FRC - Why Shares of First Republic Are Rising Ahead of Earnings Today
2023-04-24 11:48:08 ET
Shares of First Republic (NYSE: FRC) traded nearly 14% higher at one point earlier today, ahead of the bank's scheduled first-quarter earnings report, which is set to be released after the market closes today. This will most likely be the most important earnings report the bank has ever had to make. As of 11:26 a.m. ET today, shares of First Republic have pared some of those gains and are trading more than 7% higher.
First Republic has been more caught up in the recent banking crisis than the broader industry. After the collapse of Silicon Valley Bank , investors became very concerned about First Republic due to the number of uninsured deposits the bank had and the billions of unrealized losses sitting in its bond portfolio.
This made depositors nervous, and they pulled an estimated $70 billion of deposits from the bank at one point, according to The Wall Street Journal . The 11 largest banks in the U.S. also deposited $30 billion into the bank in an effort to shore up liquidity.
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Why Shares of First Republic Are Rising Ahead of Earnings Today