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First Republic Reports Third Quarter 2022 Results

Year-Over-Year Net Interest Income Rose 21%

Tangible Book Value Per Share Increased 11%

First Republic Bank (NYSE: FRC) today announced financial results for the quarter ended September 30, 2022.

“First Republic had another quarter of strong results,” said Mike Roffler, Chief Executive Officer and President. “Loans were up very nicely, and, importantly, credit quality remains excellent. This quarter’s results demonstrate the durability of our client-focused business model and service culture.”

Quarterly Highlights

Financial Results

– Year-over-year:

– Revenues were $1.5 billion, up 16.9%.

– Net interest income was $1.3 billion, up 20.6%.

– Net income was $445 million, up 20.5%.

– Diluted earnings per share of $2.21, up 15.7%.

– Tangible book value per share was $72.54, up 11.3%.

– Loan originations totaled $18.0 billion, our second best quarter ever.

– Net interest margin was 2.71%, compared to 2.80% for the prior quarter.

– Efficiency ratio was 60.3%, compared to 60.5% for the prior quarter.

Continued Capital and Credit Strength

– Tier 1 leverage ratio was 8.59%.

– Nonperforming assets were a low 6 basis points of total assets.

– Net charge-offs for the quarter were only $1 million, or less than 1 basis point of average loans.

Continued Franchise Growth

– Year-over-year:

– Loans totaled $158.8 billion, up 23.7%.

– Deposits were $172.4 billion, up 18.6%.

– Wealth management assets were $249.5 billion, down 0.9%.

– Wealth management revenues were $214 million, up 2.4%.

“Revenue and net interest income growth were strong during the third quarter,” said Olga Tsokova, Chief Financial Officer (Acting) and Chief Accounting Officer. “We’re pleased to have accessed the equity capital markets during the quarter, and we continue to maintain a very strong capital position.”

Quarterly Cash Dividend of $0.27 per Share

The Bank declared a cash dividend for the third quarter of $0.27 per share of common stock, which is payable on November 10, 2022 to shareholders of record as of October 27, 2022.

Strong Asset Quality

Credit quality remains very strong. Nonperforming assets were at a very low 6 basis points of total assets at September 30, 2022.

The provision for credit losses for the quarter was $36 million, which was primarily driven by loan growth. The Bank had modest net loan charge-offs of only $1 million for the quarter. For the first nine months of 2022, the provision for credit losses was $77 million, with net loan charge-offs of only $2 million.

Continued Book Value Growth

Book value per common share at September 30, 2022 was $73.74, up 11.0% from a year ago. Tangible book value per common share at September 30, 2022 was $72.54, up 11.3% from a year ago.

Capital Strength

The Bank’s Tier 1 leverage ratio was 8.59% at both September 30, 2022 and June 30, 2022.

During the third quarter, the Bank sold 2,587,500 new shares of common stock in an underwritten public offering, which added $402 million to common equity.

Continued Franchise Growth

Loan Originations

Loan originations were $18.0 billion for the quarter, our second best quarter ever. This was up 16.4% from the same quarter a year ago, primarily due to an increase in multifamily lending.

Single family loan originations were 39% of the total loan origination volume for the quarter and had a weighted average loan-to-value ratio of 63%. Multifamily and commercial real estate loans originated were 21% of total originations and had a weighted average loan-to-value ratio of 51%. In addition, capital call lines of credit originated were 18% of total originations.

Loans totaled $158.8 billion at September 30, 2022, up 23.7% compared to a year ago. Our loan growth was primarily due to increases in single family, multifamily, commercial real estate, stock secured and other business loans.

Investments

Total investment securities at September 30, 2022 were $31.6 billion, a slight increase compared to the prior quarter and a 30.7% increase compared to a year ago.

High-quality liquid assets, including eligible cash, totaled $27.5 billion at September 30, 2022, and represented 13.7% of quarterly average total assets.

Deposit Growth and Funding

Total deposits increased to $172.4 billion, up 18.6% compared to a year ago. Deposits were our primary source of funding at September 30, 2022, and represented 93% of our funding base.

At September 30, 2022, our deposit base consisted of 64.2% of checking deposits, 26.6% of other liquid deposits including money market checking and money marketing savings and passbooks, and 9.2% of CDs.

Other sources of funding at September 30, 2022 included short-term and long-term FHLB advances, which totaled $11.0 billion, up 42.9% compared to a year ago.

Deposits had an average rate paid of 41 basis points during the quarter, and average total funding costs were 55 basis points during the quarter.

Wealth Management

Total wealth management assets were $249.5 billion at September 30, 2022, up slightly compared to the prior quarter and down slightly compared to a year ago. The variances in wealth management assets were driven by net client inflow, partially offset by market decline. Wealth management assets at September 30, 2022 included investment management assets of $100.1 billion, brokerage assets and money market mutual funds of $130.2 billion, and trust and custody assets of $19.2 billion.

Wealth management fees, which consist of investment management, brokerage and investment, insurance, trust and foreign exchange fee income, totaled $214 million for the quarter, up 2.4% compared to last year’s third quarter. Such revenues represented 14.1% of the Bank’s total revenues for the quarter.

Investment management fees were $142 million for the quarter, down 4.6% compared to $149 million a year ago. The decrease was primarily driven by the level and mix of wealth management assets, which was impacted by adverse market conditions.

Income Statement and Key Ratios

Revenue Growth

Total revenues were $1.5 billion for the quarter, up 16.9% compared to the third quarter a year ago.

Net Interest Income Growth

Net interest income was $1.3 billion for the quarter, up 20.6% compared to the third quarter a year ago. The increase in net interest income for the quarter resulted primarily from growth in average interest-earning assets and the increase in net interest margin compared to a year ago.

Net Interest Margin

The net interest margin declined to 2.71% in the third quarter, from 2.80% in the prior quarter. The decline was due to average funding costs increasing more rapidly than the offsetting increase in the average yields on interest-earning assets.

Noninterest Income

Noninterest income was $254 million for the quarter, up 1.8% compared to the third quarter a year ago. The increase was primarily driven by higher brokerage and investment fees, partially offset by lower investment management fees.

Noninterest Expense and Efficiency Ratio

Noninterest expense was $919 million for the quarter, up 15.1% compared to the third quarter a year ago, primarily due to continued investments in our business expansion, including hiring additional colleagues to support our growth and information systems initiatives, as well as higher travel and entertainment expense due to an increase in events held in person.

The efficiency ratio was 60.3% for the quarter, compared to 61.3% for last year’s third quarter. For the first nine months of 2022, the efficiency ratio was 60.9%, compared to 62.2% for the first nine months of 2021.

Income Taxes

The Bank’s effective tax rate for the third quarter of 2022 was 21.6%, compared to 21.4% for the third quarter a year ago. The slight increase was primarily the result of lower excess tax benefits upon vesting of stock awards, partially offset by a tax refund from an amended tax return.

For the first nine months of 2022, the Bank’s effective tax rate was 22.6%, compared to 20.2% a year ago. The increase was primarily the result of lower excess tax benefits upon vesting of stock awards.

Conference Call Details

First Republic Bank’s third quarter 2022 earnings conference call is scheduled for October 14, 2022 at 7:00 a.m. PT / 10:00 a.m. ET. To access the event by telephone, please dial (888) 204-4368 and provide confirmation code 2879019 approximately 15 minutes prior to the start time (to allow time for registration). International callers should dial +1 (856) 344-9299 and provide the same confirmation code.

The call will also be broadcast live over the Internet and can be accessed in the Investor Relations section of First Republic’s website at ir.firstrepublic.com/events-calendar. To listen to the live webcast, please visit the site at least 15 minutes prior to the start time to register, download and install any necessary audio software.

For those unable to join for the live presentation, a replay of the webcast will be available for 90 days following, accessible in the Investor Relations section of First Republic Bank’s website at ir.firstrepublic.com/events-calendar.

The Bank’s press releases are available after release in the Newsroom and Investor Relations section of First Republic Bank’s website at firstrepublic.com.

About First Republic Bank

Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth management. First Republic specializes in delivering exceptional, relationship-based service and provides a complete line of products, including residential, commercial and personal loans, deposit services, and private wealth management, including investment, brokerage, insurance, trust and foreign exchange services. Services are offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach and San Diego, California; Portland, Oregon; Boston, Massachusetts; Palm Beach, Florida; Greenwich, Connecticut; New York, New York; Jackson, Wyoming; and Bellevue, Washington. First Republic is a constituent of the S&P 500 Index and KBW Nasdaq Bank Index. For more information, visit firstrepublic.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this press release that are not historical facts are hereby identified as “forward-looking statements” for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimates,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Accordingly, these statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in them.

Forward-looking statements involving such risks and uncertainties include, but are not limited to, statements regarding: projections of loans, assets, deposits, liabilities, revenues, expenses, tax liabilities, net income, capital expenditures, liquidity, dividends, capital structure, investments or other financial items; expectations regarding the banking and wealth management industries; descriptions of plans or objectives of management for future operations, products or services; forecasts of future economic conditions generally and in our market areas in particular, which may affect the ability of borrowers to repay their loans and the value of real property or other property held as collateral for such loans; our opportunities for growth and our plans for expansion (including opening new offices); expectations about the performance of any new offices; projections about the amount and the value of intangible assets; future provisions for credit losses on loans and debt securities, as well as for unfunded loan commitments; changes in nonperforming assets; expectations regarding the impact and duration of the COVID-19 pandemic (collectively referred to as “COVID-19” herein); expectations regarding our executive transitions; projections about future levels of loan originations or loan repayments; projections regarding costs, including the impact on our efficiency ratio; and descriptions of assumptions underlying or relating to any of the foregoing.

Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: significant competition to attract and retain banking and wealth management customers, from both traditional and non-traditional financial services and technology companies; our ability to recruit and retain key managers, employees and board members; natural or other disasters, including earthquakes, wildfires, pandemics or acts of terrorism affecting the markets in which we operate; the adverse effects of climate change on our business, clients and counterparties; the negative impacts and disruptions resulting from COVID-19 on our colleagues and clients, the communities we serve and the domestic and global economy, which may have an adverse effect on our business, financial position and results of operations; inflation; interest rate risk and credit risk; our ability to maintain and follow high underwriting standards; economic and market conditions, including those affecting the valuation of our investment securities portfolio and credit losses on our loans and debt securities; real estate prices generally and in our markets; our geographic and product concentrations; demand for our products and services; developments and uncertainty related to the future use and availability of some reference rates; the regulatory environment in which we operate, our regulatory compliance and future regulatory requirements, which may result in costs, fees, penalties, business restrictions, reputational harm or other adverse consequences; any future changes to regulatory capital requirements; legislative and regulatory actions affecting us and the financial services industry, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), including increased compliance costs, limitations on activities and requirements to hold additional capital, as well as changes to the Dodd-Frank Act pursuant to the Economic Growth, Regulatory Relief, and Consumer Protection Act; changes in federal, state or local tax laws; our ability to avoid litigation and its associated costs and liabilities; future Federal Deposit Insurance Corporation (“FDIC”) special assessments or changes to regular assessments; fraud, cybersecurity and privacy risks; and custom technology preferences of our customers and our ability to successfully execute on initiatives relating to enhancements of our technology infrastructure, including client-facing systems and applications. For a discussion of these and other risks and uncertainties, see First Republic’s FDIC filings, including, but not limited to, the risk factors in First Republic’s Annual Report on Form 10-K and any subsequent reports filed by First Republic with the FDIC. These filings are available in the Investor Relations section of our website.

All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Any forward-looking statements are qualified in their entirety by reference to the factors discussed throughout our public filings under the Exchange Act. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

Non-GAAP Financial Measures

Our management uses and believes that investors benefit from using certain non-GAAP measures of our financial performance, which include tangible book value per common share, return on average tangible common shareholders’ equity, and net interest income on a fully taxable-equivalent basis. Management believes that tangible book value per common share and return on average tangible common shareholders’ equity are useful additional measures to evaluate our performance and capital position without the impact of goodwill and other intangible assets and preferred stock. In addition, to facilitate relevant comparisons of net interest income from taxable and tax-exempt interest-earning assets, when calculating yields and net interest margin, we adjust interest income on tax-exempt securities and tax-advantaged loans so such amounts are fully equivalent to interest income on taxable sources. We believe that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information that is not otherwise required by GAAP or other applicable requirements. These non-GAAP financial measures should be considered in addition to, not as a substitute for, financial measures prepared in accordance with GAAP. A reconciliation of the non-GAAP calculation of the financial measure to the most comparable GAAP financial measure is presented in relevant tables in this document.

Explanatory Note

Some amounts presented within this document may not recalculate due to rounding.

CONSOLIDATED STATEMENTS OF INCOME

 

 

Quarter Ended

September 30,

Quarter Ended

June 30,

Nine Months Ended

September 30,

(in millions, except per share amounts)

2022

2021

2022

2022

2021

 

 

 

 

 

 

Interest income:

 

 

 

 

 

Loans

$

1,269

$

947

$

1,094

$

3,365

$

2,733

Investments

 

219

 

161

 

209

 

608

 

459

Cash and cash equivalents

 

27

 

5

 

11

 

43

 

11

Other

 

3

 

5

 

2

 

7

 

15

Total interest income

 

1,518

 

1,118

 

1,316

 

4,023

 

3,218

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

Deposits

 

169

 

23

 

37

 

226

 

75

Borrowings

 

80

 

43

 

33

 

137

 

149

Total interest expense

 

249

 

66

 

70

 

363

 

224

 

 

 

 

 

 

Net interest income

 

1,269

 

1,052

 

1,246

 

3,660

 

2,994

Provision for credit losses

 

36

 

34

 

31

 

77

 

35

Net interest income after provision for credit losses

 

1,233

 

1,018

 

1,215

 

3,583

 

2,959

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

Investment management fees

 

142

 

149

 

164

 

471

 

404

Brokerage and investment fees

 

34

 

23

 

33

 

89

 

55

Insurance fees

 

6

 

6

 

3

 

13

 

12

Trust fees

 

7

 

6

 

7

 

21

 

18

Foreign exchange fee income

 

25

 

26

 

25

 

73

 

64

Deposit fees

 

7

 

7

 

8

 

21

 

20

Loan and related fees

 

10

 

8

 

10

 

29

 

24

Income from investments in life insurance

 

23

 

20

 

11

 

48

 

58

Other income, net

 

 

6

 

2

 

3

 

18

Total noninterest income

 

254

 

251

 

263

 

768

 

673

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

Salaries and employee benefits

 

557

 

514

 

567

 

1,684

 

1,459

Information systems

 

124

 

91

 

114

 

345

 

263

Occupancy

 

73

 

67

 

70

 

212

 

188

Professional fees

 

31

 

27

 

27

 

81

 

74

Advertising and marketing

 

19

 

14

 

16

 

48

 

43

FDIC assessments

 

17

 

14

 

15

 

47

 

39

Other expenses

 

98

 

71

 

104

 

281

 

215

Total noninterest expense

 

919

 

798

 

913

 

2,698

 

2,281

 

 

 

 

 

 

Income before provision for income taxes

 

568

 

471

 

565

 

1,653

 

1,351

Provision for income taxes

 

123

 

101

 

132

 

374

 

273

Net income

 

445

 

370

��

433

 

1,279

 

1,078

Dividends on preferred stock

 

40

 

25

 

41

 

118

 

67

Net income available to common shareholders

$

405

$

345

$

392

$

1,161

$

1,011

 

 

 

 

 

 

Basic earnings per common share

$

2.23

$

1.94

$

2.18

$

6.44

$

5.73

Diluted earnings per common share

$

2.21

$

1.91

$

2.16

$

6.38

$

5.66

 

 

 

 

 

 

Weighted average shares—basic

 

182

 

178

 

180

 

180

 

176

Weighted average shares—diluted

 

183

 

180

 

181

 

182

 

179

CONSOLIDATED BALANCE SHEETS

 

 

As of

($ in millions)

September 30,

2022

June 30,

2022

December 31,

2021

September 30,

2021

 

 

 

 

 

ASSETS

 

 

 

 

Cash and cash equivalents

$

5,532

 

$

6,237

 

$

12,947

 

$

12,279

 

Debt securities available-for-sale

 

3,348

 

 

3,438

 

 

3,381

 

 

2,961

 

Debt securities held-to-maturity, net

 

28,247

 

 

27,710

 

 

22,292

 

 

21,193

 

Equity securities (fair value)

 

22

 

 

23

 

 

28

 

 

32

 

 

 

 

 

 

Loans:

 

 

 

 

Single family

 

94,345

 

 

89,295

 

 

76,793

 

 

73,491

 

Home equity lines of credit

 

2,801

 

 

2,699

 

 

2,584

 

 

2,429

 

Single family construction

 

1,154

 

 

1,117

 

 

993

 

 

985

 

Multifamily

 

20,364

 

 

18,346

 

 

15,966

 

 

15,417

 

Commercial real estate

 

10,039

 

 

9,182

 

 

8,531

 

 

8,486

 

Multifamily/commercial construction

 

2,089

 

 

2,019

 

 

1,927

 

 

2,064

 

Capital call lines of credit

 

9,393

 

 

10,727

 

 

10,999

 

 

9,088

 

Tax-exempt

 

3,655

 

 

3,605

 

 

3,680

 

 

3,578

 

Other business

 

4,629

 

 

4,638

 

 

3,961

 

 

3,554

 

Paycheck Protection Program ("PPP")

 

30

 

 

82

 

 

545

 

 

876

 

Stock secured

 

4,251

 

 

4,041

 

 

3,435

 

 

3,120

 

Other secured

 

3,001

 

 

2,774

 

 

2,457

 

 

2,261

 

Unsecured

 

3,016

 

 

2,994

 

 

3,085

 

 

3,026

 

Total loans

 

158,767

 

 

151,519

 

 

134,956

 

 

128,375

 

Allowance for credit losses

 

(760

)

 

(729

)

 

(694

)

 

(668

)

Loans, net

 

158,007

 

 

150,790

 

 

134,262

 

 

127,707

 

 

 

 

 

 

Investments in life insurance

 

3,409

 

 

3,340

 

 

2,650

 

 

2,628

 

Tax credit investments

 

1,285

 

 

1,304

 

 

1,220

 

 

1,181

 

Premises, equipment and leasehold improvements, net

 

483

 

 

474

 

 

454

 

 

431

 

Goodwill and other intangible assets

 

219

 

 

220

 

 

222

 

 

223

 

Other assets

 

4,557

 

 

4,372

 

 

3,631

 

 

3,936

 

Total Assets

$

205,109

 

$

197,908

 

$

181,087

 

$

172,571

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

Liabilities:

 

 

 

 

Deposits:

 

 

 

 

Noninterest-bearing checking

$

69,931

 

$

75,208

 

$

70,840

 

$

65,833

 

Interest-bearing checking

 

40,706

 

 

43,421

 

 

41,248

 

 

34,089

 

Money market checking

 

25,582

 

 

21,235

 

 

20,303

 

 

21,861

 

Money market savings and passbooks

 

20,231

 

 

18,796

 

 

16,573

 

 

15,947

 

Certificates of deposit

 

15,932

 

 

6,987

 

 

7,357

 

 

7,596

 

Total Deposits

 

172,382

 

 

165,647

 

 

156,321

 

 

145,326

 

 

 

 

 

 

Short-term FHLB advances

 

5,100

 

 

6,300

 

 

 

 

 

Long-term FHLB advances

 

5,900

 

 

4,700

 

 

3,700

 

 

7,700

 

Senior notes

 

500

 

 

499

 

 

998

 

 

998

 

Subordinated notes

 

779

 

 

779

 

 

779

 

 

779

 

Other liabilities

 

3,329

 

 

3,557

 

 

3,391

 

 

2,966

 

Total Liabilities

 

187,990

 

 

181,482

 

 

165,189

 

 

157,769

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

Preferred stock

 

3,633

 

 

3,633

 

 

3,633

 

 

2,893

 

Common stock

 

2

 

 

2

 

 

2

 

 

2

 

Additional paid-in capital

 

6,230

 

 

5,782

 

 

5,725

 

 

5,685

 

Retained earnings

 

7,591

 

 

7,236

 

 

6,569

 

 

6,242

 

Accumulated other comprehensive loss

 

(337

)

 

(227

)

 

(31

)

 

(20

)

Total Shareholders’ Equity

 

17,119

 

 

16,426

 

 

15,898

 

 

14,802

 

Total Liabilities and Shareholders’ Equity

$

205,109

 

$

197,908

 

$

181,087

 

$

172,571

 

 

Quarter Ended September 30,

Quarter Ended June 30,

 

2022

2021

2022

Average Balances, Yields and Rates

Average

Balance

Interest

Income/

Expense (1)

Yield/

Rates (2)

Average

Balance

Interest

Income/

Expense (1)

Yield/

Rates (2)

Average

Balance

Interest

Income/

Expense (1)

Yield/

Rates (2)

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

Interest-bearing deposits with banks

$

4,733

$

27

 

2.22

%

$

13,384

$

5

 

0.15

%

$

5,713

$

11

 

0.80

%

Investment securities:

 

 

 

 

 

 

 

 

 

U.S. Government-sponsored agency

securities

 

165

 

1

 

2.05

%

 

100

 

0

 

1.59

%

 

165

 

1

 

2.05

%

Agency residential and commercial MBS

 

10,642

 

59

 

2.23

%

 

6,200

 

28

 

1.84

%

 

10,667

 

56

 

2.10

%

Other residential and commercial MBS

 

20

 

0

 

2.97

%

 

28

 

1

 

2.25

%

 

22

 

0

 

2.37

%

Tax-exempt municipal securities

 

17,389

 

169

 

3.91

%

 

14,173

 

140

 

3.97

%

 

16,711

 

161

 

3.86

%

Taxable municipal securities

 

1,773

 

14

 

3.09

%

 

1,670

 

13

 

2.98

%

 

1,774

 

14

 

3.18

%

Other investment securities

 

1,440

 

11

 

2.87

%

 

1,405

 

11

 

2.86

%

 

1,440

 

10

 

2.87

%

Total investment securities

 

31,429

 

254

 

3.24

%

 

23,576

 

193

 

3.26

%

 

30,779

 

242

 

3.15

%

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

Residential real estate

 

95,588

 

701

 

2.93

%

 

74,233

 

520

 

2.80

%

 

89,358

 

620

 

2.78

%

Multifamily

 

19,139

 

171

 

3.48

%

 

15,125

 

134

 

3.49

%

 

17,480

 

153

 

3.46

%

Commercial real estate

 

9,558

 

94

 

3.84

%

 

8,357

 

82

 

3.82

%

 

8,983

 

85

 

3.77

%

Multifamily/commercial construction

 

2,062

 

26

 

5.05

%

 

2,963

 

34

 

4.54

%

 

2,004

 

24

 

4.60

%

Business

 

18,664

 

205

 

4.30

%

 

15,928

 

129

 

3.17

%

 

18,469

 

160

 

3.43

%

PPP

 

48

 

1

 

9.49

%

 

1,123

 

12

 

4.01

%

 

138

 

3

 

8.46

%

Other

 

9,957

 

77

 

3.02

%

 

8,158

 

43

 

2.06

%

 

9,628

 

56

 

2.31

%

Total loans

 

155,016

 

1,275

 

3.26

%

 

125,887

 

954

 

3.00

%

 

146,060

 

1,101

 

3.00

%

FHLB stock

 

366

 

3

 

3.26

%

 

266

 

5

 

6.99

%

 

201

 

2

 

3.40

%

Total interest-earning assets

 

191,544

 

1,559

 

3.23

%

 

163,113

 

1,157

 

2.81

%

 

182,753

 

1,356

 

2.96

%

 

 

 

 

 

 

 

 

 

 

Noninterest-earning cash

 

451

 

 

 

391

 

 

 

442

 

 

Goodwill and other intangibles

 

219

 

 

 

224

 

 

 

220

 

 

Other assets

 

8,199

 

 

 

6,891

 

 

 

7,759

 

 

Total noninterest-earning assets

 

8,869

 

 

 

7,506

 

 

 

8,421

 

 

Total Assets

$

200,413

 

 

$

170,619

 

 

$

191,174

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity:

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

Interest-bearing checking

$

41,404

 

27

 

0.26

%

$

33,642

 

1

 

0.01

%

$

41,878

 

5

 

0.05

%

Money market checking

 

21,817

 

65

 

1.19

%

 

21,861

 

6

 

0.11

%

 

20,873

 

13

 

0.25

%

Money market savings and passbooks

 

18,616

 

47

 

1.01

%

 

15,831

 

7

 

0.16

%

 

17,682

 

11

 

0.25

%

CDs

 

9,607

 

30

 

1.26

%

 

7,779

 

9

 

0.46

%

 

6,975

 

8

 

0.43

%

Total interest-bearing deposits (3)

 

91,444

 

169

 

0.74

%

 

79,113

 

23

 

0.11

%

 

87,408

 

37

 

0.17

%

 

 

 

 

 

 

 

 

 

 

Borrowings:

 

 

 

 

 

 

 

 

 

Federal funds purchased

 

371

 

2

 

2.31

%

 

0

 

0

 

0.09

%

 

186

 

0

 

0.73

%

Short-term FHLB advances

 

7,586

 

45

 

2.36

%

 

 

 

%

 

2,953

 

9

 

1.20

%

Long-term FHLB advances

 

5,308

 

21

 

1.49

%

 

8,545

 

28

 

1.29

%

 

4,097

 

11

 

1.09

%

Senior notes

 

499

 

3

 

2.15

%

 

997

 

6

 

2.42

%

 

691

��

4

 

2.38

%

Subordinated notes

 

779

 

9

 

4.68

%

 

779

 

9

 

4.68

%

 

779

 

9

 

4.68

%

Total borrowings

 

14,543

 

80

 

2.16

%

 

10,321

 

43

 

1.66

%

 

8,706

 

33

 

1.54

%

Total interest-bearing liabilities (4)

 

105,987

 

249

 

0.93

%

 

89,434

 

66

 

0.29

%

 

96,114

 

70

 

0.29

%

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing checking

 

73,851

 

 

 

64,008

 

 

 

75,411

 

 

Other noninterest-bearing liabilities

 

3,685

 

 

 

2,904

 

 

 

3,354

 

 

Total noninterest-bearing liabilities

 

77,536

 

 

 

66,912

 

 

 

78,765

 

 

 

 

 

 

 

 

 

 

 

 

Preferred shareholders’ equity

 

3,633

 

 

 

2,729

 

 

 

3,633

 

 

Common shareholders’ equity

 

13,257

 

 

 

11,544

 

 

 

12,662

 

 

Total Liabilities and Shareholders’ Equity

$

200,413

 

 

$

170,619

 

 

$

191,174

 

 

 

 

 

 

 

 

 

 

 

 

Net interest spread (5)

 

 

2.30

%

 

 

2.52

%

 

 

2.66

%

Net interest income (fully taxable-equivalent

basis) and net interest margin (6)

 

$

1,310

 

2.71

%

 

$

1,091

 

2.65

%

 

$

1,286

 

2.80

%

 

 

 

 

 

 

 

 

 

 

Reconciliation of tax-equivalent net interest income to

net interest income: (7)

 

 

 

 

 

 

 

 

Municipal securities tax-equivalent adjustment

 

(34

)

 

 

 

(31

)

 

 

 

(33

)

 

Business loans tax-equivalent adjustment

 

(7

)

 

 

 

(8

)

 

 

 

(7

)

 

Net interest income

$

1,269

 

 

 

$

1,052

 

 

 

$

1,246

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information:

 

 

 

 

 

 

 

 

 

Total deposits (interest-bearing and

noninterest-bearing)

$

165,295

$

169

 

0.41

%

$

143,121

$

23

 

0.06

%

$

162,819

$

37

 

0.09

%

Total deposits (interest-bearing and

noninterest-bearing) and borrowings

$

179,838

$

249

 

0.55

%

$

153,442

$

66

 

0.17

%

$

171,525

$

70

 

0.16

%

 

Nine Months Ended September 30,

 

2022

2021

Average Balances, Yields and Rates

Average

Balance

Interest

Income/

Expense (1)

Yield/

Rates (2)

Average

Balance

Interest

Income/

Expense (1)

Yield/

Rates (2)

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

Interest-bearing deposits with banks

$

7,238

$

43

 

0.79

%

$

12,045

$

11

 

0.12

%

Investment securities:

 

 

 

 

 

 

U.S. Government-sponsored agency securities

 

149

 

2

 

1.87

%

 

98

 

1

 

1.54

%

Agency residential and commercial MBS

 

10,156

 

154

 

2.02

%

 

5,826

 

88

 

2.01

%

Other residential and commercial MBS

 

22

 

0

 

2.43

%

 

30

 

1

 

2.04

%

Tax-exempt municipal securities

 

16,572

 

478

 

3.85

%

 

13,312

 

403

 

4.04

%

Taxable municipal securities

 

1,754

 

41

 

3.08

%

 

1,456

 

33

 

2.98

%

Other investment securities

 

1,432

 

31

 

2.86

%

 

1,073

 

23

 

2.78

%

Total investment securities

 

30,085

 

706

 

3.13

%

 

21,795

 

549

 

3.35

%

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

Residential real estate

 

89,169

 

1,888

 

2.82

%

 

69,881

 

1,480

 

2.82

%

Multifamily

 

17,644

 

464

 

3.46

%

 

14,484

 

384

 

3.50

%

Commercial real estate

 

9,061

 

261

 

3.80

%

 

8,170

 

238

 

3.84

%

Multifamily/commercial construction

 

1,999

 

72

 

4.76

%

 

2,933

 

103

 

4.63

%

Business

 

18,574

 

510

 

3.62

%

 

15,636

 

382

 

3.22

%

PPP

 

188

 

11

 

7.96

%

 

1,649

 

43

 

3.42

%

Other

 

9,551

 

180

 

2.48

%

 

7,723

 

124

 

2.12

%

Total loans

 

146,186

 

3,386

 

3.07

%

 

120,476

 

2,754

 

3.03

%

FHLB stock

 

228

 

7

 

4.02

%

 

307

 

15

 

6.51

%

Total interest-earning assets

 

183,737

 

4,142

 

2.99

%

 

154,623

 

3,329

 

2.86

%

 

 

 

 

 

 

 

Noninterest-earning cash

 

448

 

 

 

397

 

 

Goodwill and other intangibles

 

220

 

 

 

225

 

 

Other assets

 

7,704

 

 

 

6,572

 

 

Total noninterest-earning assets

 

8,372

 

 

 

7,194

 

 

Total Assets

$

192,109

 

 

$

161,817

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity:

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Interest-bearing checking

$

41,231

 

33

 

0.11

%

$

32,993

 

5

 

0.02

%

Money market checking

 

21,450

 

83

 

0.52

%

 

20,237

 

20

 

0.13

%

Money market savings and passbooks

 

18,077

 

65

 

0.48

%

 

14,760

 

19

 

0.17

%

CDs

 

7,941

 

45

 

0.76

%

 

8,075

 

31

 

0.51

%

Total interest-bearing deposits (3)

 

88,699

 

226

 

0.34

%

 

76,065

 

75

 

0.13

%

 

 

 

 

 

 

 

Borrowings:

 

 

 

 

 

 

Federal funds purchased

 

187

 

2

 

1.79

%

 

0

 

0

 

0.09

%

Short-term FHLB advances

 

3,541

 

54

 

2.04

%

 

0

 

0

 

0.15

%

Long-term FHLB advances

 

4,374

 

41

 

1.21

%

 

9,966

 

104

 

1.38

%

Senior notes

 

728

 

13

 

2.35

%

 

997

 

18

 

2.42

%

Subordinated notes

 

779

 

27

 

4.68

%

 

778

 

27

 

4.68

%

Total borrowings

 

9,609

 

137

 

1.90

%

 

11,741

 

149

 

1.69

%

Total interest-bearing liabilities (4)

 

98,308

 

363

 

0.49

%

 

87,806

 

224

 

0.34

%

 

 

 

 

 

 

 

Noninterest-bearing checking

 

73,844

 

 

 

57,961

 

 

Other noninterest-bearing liabilities

 

3,551

 

 

 

2,780

 

 

Total noninterest-bearing liabilities

 

77,395

 

 

 

60,741

 

 

 

 

 

 

 

 

 

Preferred shareholders' equity

 

3,633

 

 

 

2,281

 

 

Common shareholders' equity

 

12,773

 

 

 

10,989

 

 

Total Liabilities and Shareholders’ Equity

$

192,109

 

 

$

161,817

 

 

 

 

 

 

 

 

 

Net interest spread (5)

 

 

2.50

%

 

 

2.52

%

Net interest income (fully taxable-equivalent basis) and net interest margin (6)

 

$

3,779

 

2.73

%

 

$

3,105

 

2.67

%

 

 

 

 

 

 

 

Reconciliation of tax-equivalent net interest income to net interest

income: (7)

 

 

 

 

 

 

Municipal securities tax-equivalent adjustment

 

 

(98

)

 

 

 

(89

)

 

Business loans tax-equivalent adjustment

 

 

(21

)

 

 

 

(22

)

 

Net interest income

 

$

3,660

 

 

 

$

2,994

 

 

 

 

 

 

 

 

 

Supplemental information:

 

 

 

 

 

 

Total deposits (interest-bearing and noninterest-bearing)

$

162,543

$

226

 

0.19

%

$

134,026

$

75

 

0.07

%

Total deposits (interest-bearing and noninterest-bearing) and borrowings

$

172,152

$

363

 

0.28

%

$

145,767

$

224

 

0.20

%

 __________

Note: Certain prior period amounts have been reclassified to conform to the current period presentation.

(1)

Interest income on tax-exempt securities and loans has been adjusted to the fully taxable-equivalent basis using the statutory federal income tax rate

in effect for each respective period presented.

(2)

Yields/rates are annualized.

(3)

Refer to supplemental information in this table for average balances, interest expense and rates for total deposits (interest-bearing and noninterest-

bearing).

(4)

Refer to supplemental information in this table for average balances, interest expense and rates for total deposits (interest-bearing and noninterest-

bearing) and borrowings.

(5)

Net interest spread represents the average yield on interest-earning assets less the average rate on interest-bearing liabilities.

(6)

Net interest margin represents net interest income on a fully taxable-equivalent basis divided by total average interest-earning assets.

(7)

Fully taxable-equivalent net interest income is considered a non-GAAP financial measure, and is reconciled to GAAP net interest income in this table.

Selected Financial Data and Ratios

Quarter Ended

September 30,

Quarter Ended

June 30,

Nine Months Ended

September 30,

2022

2021

2022

2022

2021

($ in millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Data and Ratios:

 

 

 

 

 

Return on average assets (1), (2)

 

0.88

%

 

0.86

%

 

0.91

%

 

0.89

%

 

0.89

%

Return on average common shareholders’ equity (1)

 

12.12

%

 

11.87

%

 

12.43

%

 

12.16

%

 

12.30

%

Return on average tangible common shareholders’

equity (1), (3)

 

12.33

%

 

12.10

%

 

12.65

%

 

12.37

%

 

12.56

%

Average equity to average assets

 

8.43

%

 

8.37

%

 

8.52

%

 

8.54

%

 

8.20

%

Dividends per common share

$

0.27

 

$

0.22

 

$

0.27

 

$

0.76

 

$

0.64

 

Dividend payout ratio

 

12.2

%

 

11.5

%

 

12.5

%

 

11.9

%

 

11.3

%

Efficiency ratio (4)

 

60.3

%

 

61.3

%

 

60.5

%

 

60.9

%

 

62.2

%

 

 

 

 

 

 

Selected Asset Quality Ratios:

 

 

 

 

 

Net loan charge-offs

$

1.0

 

$

0.3

 

$

1.3

 

$

2.0

 

$

2.0

 

Net loan charge-offs to average total loans (1)

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

 

 

 

 

 

Selected Ratios (period-end):

 

 

 

 

 

Book value per common share

$

73.74

 

$

66.44

 

$

71.03

 

 

 

Tangible book value per common share (5)

$

72.54

 

$

65.19

 

$

69.81

 

 

 

__________

(1)

Ratios are annualized.

(2)

Return on average assets is the ratio of net income to average assets.

(3)

Refer to “Return on Average Common Shareholders’ Equity and Return on Average Tangible Common Shareholders’ Equity” table in this document for a reconciliation of this non-GAAP financial measure to the most comparable GAAP measure.

(4)

Efficiency ratio is the ratio of noninterest expense to the sum of net interest income and noninterest income.

(5)

Refer to “Book Value per Common Share and Tangible Book Value per Common Share” table in this document for a reconciliation of this non-GAAP financial measure to the most comparable GAAP measure.

Effective Tax Rate

Quarter Ended

September 30,

Quarter Ended

June 30,

Nine Months Ended

September 30,

2022

2021

2022

2022

2021

 

 

 

 

 

 

Effective tax rate, prior to excess tax benefits—stock

awards and tax refund from an amended tax return

23.3

%

23.2

%

24.0

%

23.6

%

22.5

%

Excess tax benefits—stock awards

(0.6

)

(1.8

)

(0.6

)

(0.6

)

(2.3

)

Tax refund from an amended tax return

(1.1

)

 

 

(0.4

)

 

Effective tax rate

21.6

%

21.4

%

23.4

%

22.6

%

20.2

%

Provision (Reversal of Provision) for Credit Losses

Quarter Ended

September 30,

Quarter Ended

June 30,

Nine Months Ended

September 30,

2022

2021

2022

2022

2021

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

Debt securities held-to-maturity

$

$

$

1

$

2

$

2

 

Loans

 

32

 

32

 

29

 

68

 

35

 

Unfunded loan commitments

 

4

 

2

 

1

 

7

 

(2

)

Total provision

$

36

$

34

$

31

$

77

$

35

 

Loan Originations

Quarter Ended

September 30,

Quarter Ended

June 30,

Nine Months Ended

September 30,

2022

2021

2022

2022

2021

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

Single family

$

6,999

$

6,998

$

10,638

$

26,013

$

22,562

Home equity lines of credit

 

708

 

589

 

744

 

2,141

 

1,823

Single family construction

 

385

 

283

 

540

 

1,192

 

723

Multifamily

 

2,658

 

1,199

 

2,330

 

6,697

 

3,092

Commercial real estate

 

1,141

 

725

 

816

 

2,523

 

1,497

Multifamily/commercial construction

 

410

 

356

 

492

 

1,286

 

939

Capital call lines of credit

 

3,232

 

3,129

 

3,096

 

9,348

 

9,181

Tax-exempt

 

178

 

38

 

92

 

360

 

460

Other business

 

598

 

533

 

1,078

 

2,214

 

2,079

PPP

 

 

 

 

 

725

Stock secured

 

791

 

753

 

915

 

2,842

 

2,239

Other secured

 

563

 

547

 

815

 

2,044

 

1,584

Unsecured

 

333

 

304

 

413

 

1,115

 

1,022

Total loans originated

$

17,996

$

15,454

$

21,969

$

57,775

$

47,926

 

As of

Asset Quality Information

September 30,

2022

June 30,

2022

March 31,

2022

December 31,

2021

September 30,

2021

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

Nonperforming assets:

 

 

 

 

 

Nonaccrual loans

$

120

 

$

137

 

$

140

 

$

139

 

$

127

 

Other real estate owned

 

 

 

 

 

 

 

 

 

 

Total nonperforming assets

$

120

 

$

137

 

$

140

 

$

139

 

$

127

 

 

 

 

 

 

 

Nonaccrual loans to total loans

 

0.08

%

 

0.09

%

 

0.10

%

 

0.10

%

 

0.10

%

 

 

 

 

 

 

Nonperforming assets to total assets

 

0.06

%

 

0.07

%

 

0.08

%

 

0.08

%

 

0.07

%

 

 

 

 

 

 

Accruing loans 90 days or more past due

$

 

$

 

$

 

$

 

$

 

 

 

 

 

 

 

Restructured accruing loans

$

12

 

$

12

 

$

12

 

$

13

 

$

10

 

 

 

 

 

 

 

Allowance for loan credit losses to:

 

 

 

 

 

Total loans

 

0.48

%

 

0.48

%

 

0.50

%

 

0.51

%

 

0.52

%

Nonaccrual loans

 

635.3

%

 

531.2

%

 

498.8

%

 

500.5

%

 

524.4

%

 

As of

Loan Servicing Portfolio

September 30,

2022

June 30,

2022

March 31,

2022

December 31,

2021

September 30,

2021

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

Loans serviced for investors

$

3,688

$

3,919

$

4,298

$

4,677

$

5,117

Return on Average Common Shareholders’

Equity and Return on Average Tangible

Common Shareholders’ Equity (1), (2)

Quarter Ended

September 30,

Quarter Ended

June 30,

Nine Months Ended

September 30,

2022

2021

2022

2022

2021

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

Average common shareholders’ equity (a)

$

13,257

 

$

11,544

 

$

12,662

 

$

12,773

 

$

10,989

 

Less: Average goodwill and other intangible assets

 

(219

)

 

(224

)

 

(220

)

 

(220

)

 

(225

)

Average tangible common shareholders’ equity (b)

$

13,038

 

$

11,320

 

$

12,442

 

$

12,553

 

$

10,764

 

 

 

 

 

 

 

Net income available to common shareholders (c)

$

405

 

$

345

 

$

392

 

$

1,161

 

$

1,011

 

 

 

 

 

 

 

Return on average common shareholders’

equity (c) / (a)

 

12.12

%

 

11.87

%

 

12.43

%

 

12.16

%

 

12.30

%

Return on average tangible common shareholders’

equity (c) / (b)

 

12.33

%

 

12.10

%

 

12.65

%

 

12.37

%

 

12.56

%

__________

(1)

Return on average tangible common shareholders’ equity is considered a non-GAAP financial measure, and is reconciled to GAAP return on average

common shareholders’ equity in this table.

(2)

Ratios are annualized.

Book Value per Common Share and Tangible

Book Value per Common Share (1)

As of

September 30,

2022

June 30,

2022

March 31,

2022

December 31,

2021

September 30,

2021

(in millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Total shareholders’ equity

$

17,119

 

$

16,426

 

$

16,154

 

$

15,898

 

$

14,802

 

Less: Preferred stock

 

(3,633

)

 

(3,633

)

 

(3,633

)

 

(3,633

)

 

(2,893

)

Total common shareholders’ equity (a)

 

13,486

 

 

12,793

 

 

12,521

 

 

12,265

 

 

11,909

 

Less: Goodwill and other intangible assets

 

(219

)

 

(220

)

 

(221

)

 

(222

)

 

(223

)

Total tangible common shareholders’ equity (b)

$

13,267

 

$

12,573

 

$

12,300

 

$

12,043

 

$

11,686

 

 

 

 

 

 

 

Number of shares of common stock outstanding (c)

 

183

 

 

180

 

 

180

 

 

179

 

 

179

 

 

 

 

 

 

 

Book value per common share (a) / (c)

$

73.74

 

$

71.03

 

$

69.70

 

$

68.34

 

$

66.44

 

Tangible book value per common share (b) / (c)

$

72.54

 

$

69.81

 

$

68.47

 

$

67.10

 

$

65.19

 

__________

(1)

Tangible book value per common share is considered a non-GAAP financial measure, and is reconciled to GAAP book value per common share in this

table.

Regulatory Capital Ratios and Components (1), (2)

As of

September 30,

2022 (3)

June 30,

2022

March 31,

2022

December 31,

2021

September 30,

2021

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

Capital Ratios:

 

 

 

 

 

Tier 1 leverage ratio (Tier 1 capital to average assets)

 

8.59

%

 

8.59

%

 

8.70

%

 

8.76

%

 

8.55

%

Common Equity Tier 1 capital to risk-weighted assets

 

9.28

%

 

9.15

%

 

9.48

%

 

9.65

%

 

9.81

%

Tier 1 capital to risk-weighted assets

 

11.76

%

 

11.75

%

 

12.25

%

 

12.56

%

 

12.25

%

Total capital to risk-weighted assets

 

12.81

%

 

12.82

%

 

13.37

%

 

13.72

%

 

13.45

%

 

 

 

 

 

 

Regulatory Capital:

 

 

 

 

 

Common Equity Tier 1 capital

$

13,586

 

$

12,791

 

$

12,418

 

$

12,045

 

$

11,674

 

Tier 1 capital

$

17,219

 

$

16,424

 

$

16,051

 

$

15,678

 

$

14,566

 

Total capital

$

18,755

 

$

17,924

 

$

17,521

 

$

17,124

 

$

15,994

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

Average assets

$

200,486

 

$

191,202

 

$

184,410

 

$

178,969

 

$

170,373

 

Risk-weighted assets

$

146,445

 

$

139,811

 

$

131,024

 

$

124,820

 

$

118,941

 

__________

(1)

As defined by regulatory capital rules.

(2)

Beginning in 2020, ratios and amounts reflect the Bank's election to delay the estimated impact of the Current Expected Credit Losses (“CECL”)

allowance methodology on its regulatory capital, average assets and risk-weighted assets over a five-year transition period ending December 31,

2024.

(3)

Ratios and amounts as of September 30, 2022 are preliminary.

As of

Wealth Management Assets

September 30,

2022

June 30,

2022

March 31,

2022

December 31,

2021

September 30,

2021

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

First Republic Investment Management

$

100,125

$

100,204

$

108,771

$

109,130

$

101,105

 

 

 

 

 

 

Brokerage and investment:

 

 

 

 

 

Brokerage

 

119,299

 

116,979

 

128,129

 

128,258

 

115,793

Money market mutual funds

 

10,891

 

10,510

 

18,543

 

23,673

 

18,074

Total brokerage and investment

 

130,190

 

127,489

 

146,672

 

151,931

 

133,867

 

 

 

 

 

 

Trust Company:

 

 

 

 

 

Trust

 

15,270

 

14,994

 

14,344

 

13,695

 

12,220

Custody

 

3,943

 

4,099

 

4,408

 

4,687

 

4,533

Total Trust Company

 

19,213

 

19,093

 

18,752

 

18,382

 

16,753

Total Wealth Management Assets

$

249,528

$

246,786

$

274,195

$

279,443

$

251,725

 

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