Earnings

First Republic says deposits tumbled 40% to $104.5 billion in 1Q

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First Republic Bank shares whipsaw on earnings, layoffs and plunging deposits

Troubled regional bank First Republic said Monday that its deposits fell 40.8% to $104.5 billion in the first quarter, which saw the collapse of two other mid-sized banks and sparked fear from customers about widespread bank failures.

The deposit flight at First Republic was worse than Wall Street expected, with analysts estimating the figure at the end of the first quarter to be about $145 billion, according to the consensus estimate from FactSet’s StreetAccount. Analysts’ deposit estimates ranged from $100 billion to $206 billion, according to FactSet.

First Republic said Monday that deposit flows have since stabilized.

“Deposit activity began to stabilize beginning the week of March 27,…



Source cnbc.com

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