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FIRST REPUBLIC BANK It's a privilege to serve you PRESS RELEASE FOR IMMEDIATE RELEASE FIRST REPUBLIC REPORTS FIRST QUARTER 2021 RESULTS Revenues Increased 24 % Year - Over - Year Tangible Book Value Per Share Increased 14.5 % Year - Over - Year 10 % Quarterly Dividend Increase Marks 10th Consecutive Year of Dividend Increases San Francisco , California , April 14 , 2021 – First Republic Bank ( NYSE : FRC ) today announced financial results for the quarter ended March 31 , 2021 . " First Republic is off to a very strong start in 2021 , driven by strong growth in loans , deposits and wealth management assets , ” said Jim Herbert , Founder , Chairman and CEO . “ Our client - centric business model continues to perform very well . " Quarterly Highlights Financial Results - Year - over - year : Revenues were $ 1.1 billion , up 23.8 % . Net interest income was $ 938.8 million , up 24.8 % . Net income was $ 334.8 million , up 53.1 % . Diluted earnings per share of $ 1.79 , up 49.2 % . Tangible book value per share was $ 59.98 , up 14.5 % . Loan originations totaled $ 15.7 billion , our strongest first quarter ever . Net interest margin was 2.67 % , compared to 2.73 % for the prior quarter . Efficiency ratio was 63.5 % for both the first quarter of 2021 and 2020 . Increased quarterly dividend by 10 % to $ 0.22 per share . Continued Capital and Credit Strength - Tier 1 leverage ratio was 8.32 % . - Nonperforming assets were at a low 11 basis points of total assets . Net charge - offs were only $ 487,000 , or less than 1 basis point of average loans . Continued Franchise Development - Year - over - year : Loans totaled $ 118.1 billion , up 23.9 % , excluding loans held for sale . - Deposits were $ 127.9 billion , up 36.5 % . Wealth management assets were $ 218.9 billion , up 58.8 % . Wealth management revenues were $ 159.6 million , up 18.7 % . San Francisco Palo Alto Los Angeles • Santa Barbara • Newport Beach • San Diego • Portland • Boston • Palm Beach • Greenwich New York • Jackson 111 PINE STREET , SAN FRANCISCO , CALIFORNIA 94111 , TEL ( 415 ) 392-1400 OR ( 800 ) 392-1400 , FAX ( 415 ) 392-1413 NYSE : FRC FIRSTREPUBLIC.COM MEMBER FDIC AND EQUAL HOUSING LENDER A