First Republic Tumbles After Deposits Plunge More Than Expected; Borrows $100BN From Fed, FHLB, JPM

• First Republic Tumbles After Deposits Plunge More Than Expected; Borrows $100BN From Fed, FHLB, JPM
  by Tyler Durden, https://www.zerohedge.com/
  Moments ago the regional bank at the forefront of the banking crisis, First Republic, whose stock crashed from $125 to $12 one month ago amid the broader banking crisis, reported its closely watched earnings. And, on the surface, they weren’t terrible: the company beat on both EPS, Net Interest Income and revenues:
  • Q1 Revenue $1.2BN, -14% Y/Y, beating the estimate of $1.12BN
  • Q1 EPS of $1.23, beating estimates of $0.72
  • Q1 Net Interest Income $923MM, -19%, but beating estimates of $889.9MM

  The balance sheet was relatively solid:
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