FRC - The Silver Lining In First Republic Bank's Tough First-Quarter Earnings Report
2023-04-28 08:40:00 ET
First Republic Bank 's (NYSE: FRC) first-quarter earnings results came in worse than expected. While the headline numbers beat analyst estimates for the quarter, which had been significantly revised downward, deposits came in worse than anticipated and there still don't seem to be a lot of viable options for the bank moving forward. But there was one silver lining in the report, which may be positive for the banking sector in general.
First Republic's deposits came in worse than feared in the first quarter. Investors had known that the bank saw significant outflows during Q1, as First Republic got caught up in the chaos of the banking crisis, depositors pulled their funds, and investors sold the stock intensely. Still, the extent of the damage -- or whether or not First Republic had been able to regain some of those deposits -- was largely unknown.
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The Silver Lining In First Republic Bank's Tough First-Quarter Earnings Report