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2011 Annual Report Index 2011 Annual Report index “Th e basics of good banking are simple and vary 3 Letter to Shareholders little from year to year–provide outstanding service 6 Financial Highlights to attract and retain clients, generate clean assets, keep expenses controlled and maintain asset and 8 Client Testimonials liability matching.” 54 Products and Services JAMES H. HERBERT, II 58 2011 Financial Summary Chairman and Chief Executive Offi cer (Founding) 64 Investing in Our Communities 66 Board of Directors 68 Locations Founded in 1985, First Republic Bank and its subsidiaries provide private banking, private business banking and private wealth management, including investment, trust and brokerage services. First Republic specializes in delivering exceptional relationship-based service, with a commitment to responsiveness and action. san francisco • palo alto • los angeles • santa barbara • newport beach san diego • portland • boston • greenwich • new york 3. Dear Shareholders Overall, 2011 was a very good year for First Republic. We fi rmly re-established ourselves as a publicly traded, NYSE-listed company; earned a record profi t; substantially expanded our client base; recorded signifi cant growth in both private banking and wealth management; increased our book value per share by over 17%; remained very well capitalized; and experienced minimal credit issues. In banking, particularly in these volatile times, the maintenance of strong capital and the highest quality assets is critical to the safety of depositors’ funds–our foremost concern at all times. Since our formation in 1985, First Republic has always had two key goals: 1) A strong, safe balance sheet for the protection–through all cycles–of our depositors’ funds and the preservation of shareholder value. 2) Superior service in a straightforward manner, delivered by people through- out the bank who genuinely care about our clients’ needs. In 2011 we continued to focus on these goals, which act as the foundation for all of our decision-making. We believe that over the long term, rewards go to the stable, focused and humble enterprise that provides safety, predictability, KATHERINE AUGUST-deWILDE JAMES H. HERBERT, II extraordinary service and fair value for all constituencies. Steady and predict- President and Chairman and able growth is the result. Chief Operating Offi cer Chief Executive Offi cer 4. 5. We are pleased with our fi nancial results for 2011. It was a year of records: Th e basics of good banking are simple and vary little from year to year–provide record loan volume; record earnings; record growth of wealth management outstanding service to attract and retain clients, generate clean assets, keep assets; record book value per share growth; and a record year-end enterprise expenses controlled and maintain asset and liability matching. Achieving these market valuation of over $4.0 billion. Th is was accomplished while maintaining goals will result in steady, predictable and strong earnings. We do not make very low non-performing assets. investment products, trade a proprietary book for our own account, originate derivatives, underwrite securities, or engage in many of the other more esoteric 2011 was also transformative in several respects. First was the improvement in banking activities. We do what we do well–service our clients’ basic banking our deposit mix. As a result of growth in business and wealth management related- needs, safely. First Republic has never had a loss year, and we intend to stay deposits, we were able to systematically reduce our higher-cost certifi cates of focused on these basics as we go forward. deposit. Second was the hiring of a record number of very experienced personnel who contributed to the growth and momentum of our private banking and We thank each of you for your continued support of First Republic. wealth management franchise. Th ird was the tremendous, ongoing growth in Very sincerely, business banking. Together, these added up to an extraordinary year which positions First Republic well for the future. Looking forward to 2012, we see a period of steadily improving economic JAMES H. HERBERT, II KATHERINE AUGUST-deWILDE activity in our markets. However, this is a very complicated world we all share, Chairman and President and Chief Executive Offi cer Chief Operating Offi cer and our strong predisposition is to continue to operate quite conservatively. Financial Highlights 6. 7. Financial Highlights During 2011, we were pleased with our overall Organic Growth: $ in Billions growth. Th is growth was accomplished while december 31, 2006 2007 2008 2009 2010 2011 Total Bank A ssets $ 11.6 15.8 19.7 19.9 22.4 27.8 maintaining conservative underwriting and very Total Loans $ 8.3 11.4 17.8 19.5 19.3 23.1 Total Deposits $ 8.9 11.1 12.3 17.2 19.2 22.5 low asset delinquencies. Our fi nancial results refl ect Wealth Management Assets $ 14.1 16.1 15.9 14.1 16.8 20.4 Preferred Banking Offices 43 48 55 57 56 58 a stable, consistent approach to managing the Bank 5-Year Compound Annual Growth Rate while maintaining a very strong capital position. TOTAL LOANS DEPOSITS WEALTH MANAGEMENT BANK ASSETS ASSETS Dollars in Billions Dollars in Billions Dollars in Billions Dollars in Billions Book value per share has increased at a 20% per +19% +23% +20% +8% $ 27.8 $ 23.1 $ 22.5 $ 20.4 annum rate since our recent independence on July 1, 2010. $ 11.6 $ 8.3 $ 8.9 $ 14.1 2006 - 2011 2006 - 2011 2006 - 2011 2006 - 2011 Client Testimonials 8. Client Index PAGE PAGE VENTURE CAPITALIST ARTS AND ENTERTAINMENT 10 Peter Th iel 32 John Berggruen Gallery Strength, Service and Satisfaction YACHT CLUB RESIDENTIAL LENDING 12 Great Harbor 34 Jason and Melanie Yacht Club Goins Our Clients Say It Best: RESIDENTIAL LENDING SMALL-BUSINESS OWNER 14 Anthony Graham 36 Kinson Wong and Dierdre Roff oni ARTS AND ENTERTAINMENT INDEPENDENT SCHOOL/NONPROFIT 16 Yuan Yuan Tan 38 Buckingham Browne & Nichols COUNTRY CLUB MEDICAL 18 Th e Olympic Club 40 Refl ex Clinic FINANCIAL SERVICES FOREIGN EXCHANGE 20 McGladrey 42 Alan and Vivien Hassenfeld WINERY ENTREPRENEUR 22 Schrader Cellars 44 Kevin Chou PRIVATE EQUITY INDEPENDENT SCHOOL/NONPROFIT 24 Brion Applegate 46 Th e Bishop’s School ENTREPRENEURS ENTREPRENEUR 26 Chamath Palihapitiya 48 Chris Kelly and Brigette Lau MEDICAL INVESTOR AND ENTREPRENEUR 28 Dr. Bryant A. Toth 50 Jerome and Maria Markowitz PRIVATE EQUITY 30 Jeremy Schein 10. 11. SAN FRANCISCO, CALIFORNIA Peter Th iel Entrepreneur, Investor, Philanthropist Peter Thiel first gained attention for innovations in banking and startup finance. Today he is known as the “First Republic values innovation and meets mentor of the “PayPal Mafi a,” a highly regarded group of Silicon Valley entrepreneurs, and for helping successful my varied banking needs.” companies like Facebook and Palantir Technologies scale and dominate their industries. Peter is an active venture capitalist, philanthropist, and agent for change. First Republic’s relationship-driven style is a perfect match for his entrepreneurial nature, and the Bank moves quickly to help him capitalize on opportunity. 12. 13. NANTUCKET, MASSACHUSETTS Great Harbor Yacht Club Louis V. Gerstner, Jr. Commodore, 2009-2011 Great Harbor Yacht Club is the fi rst club to be built on Nantucket in over 100 years. The club broke ground on its “When Great Harbor Yacht Club decided to recapitalize, beautiful waterfront facilities in 2004 and became fully operational in 2008. A club that truly celebrates everything First Republic stepped in with professionalism and fl exibility.” Nantucket—from its rich maritime history to its unspoiled beauty—its clubhouse is even modeled after the old Nantucket Steamship building. When the economy turned and presented many businesses with challenges, First Republic helped Great Harbor Yacht Club ensure stability with a customized loan. The Great Harbor Yacht Club is now poised to remain part of Nantucket for a long time to come. 14. 15. LOS ANGELES, CALIFORNIA Dierdre Roff oni Anthony Graham President Chief Executive Offi cer Findings, Inc. DDA Holdings, Inc. Anthony Graham and Dierdre Roffoni have a passion for fashion, design and high-touch service. When they were “At First Republic, you get access to incredible banking looking for a loan on their extraordinary home 12 years ago, First Republic expedited the process and impressed talent. Th e service we receive is just phenomenal.” the couple with its attention to detail. Since then, Anthony and Dierdre have also become business clients and still recognize that same commitment to service. First Republic has continued to impress these two savvy business owners, who know the value of time and appreciate distinctiveness in any category. 16. 17. SAN FRANCISCO, CALIFORNIA Yuan Yuan Tan Principal Dancer San Francisco Ballet Yuan Yuan Tan is one of the most acclaimed dancers in ballet. She started her training in Shanghai at the age of “I say ‘bravo’ to my bank–First Republic’s 11 and continued her studies at the prestigious John Cranko School in Stuttgart, Germany. At age 18, following performance has been extraordinary.” multiple awards in international competitions, she joined the San Francisco Ballet Company and within two years was promoted to principal dancer—then becoming the youngest principal dancer in the history of the company. The level of dedication with which she approaches her craft is the same her bankers bring to fi nancial service, because an extraordinary professional deserves nothing less. 18. 19. SAN FRANCISCO, CALIFORNIA Th e Olympic Club Brian F. Davis, 2011 Treasurer (left) Mark A. Campana, 2011 President (right) The Olympic Club, established in 1860 in one of the most beautiful parts of the world, holds the distinction of being America’s oldest athletic club. The Olympic Club has two historic clubhouses in San Francisco, the City “First Republic understands our needs… they always Clubhouse and the Lakeside Clubhouse, which has hosted the U.S.
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