Press Release FOR IMMEDIATE RELEASE

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1 Press Release FOR IMMEDIATE RELEASE FIRST REPUBLIC BANK REPORTS STRONG FIRST QUARTER RESULTS Record First Quarter Loan Volume Will Initiate Cash Dividend in Second Half of 2012 San Francisco, California, April 18, 2012 First Republic Bank ( First Republic or the Bank ) (NYSE: FRC) today announced financial results for the quarter ended First Republic also announced plans to initiate a quarterly cash dividend of $0.10 per share on its common stock. Subject to declaration by First Republic s Board of Directors, the Bank expects to commence payment during the third quarter of 2012 following the release of second quarter results. We are pleased to report continued high credit quality, as well as strong earnings in the first quarter of 2012, said Jim Herbert, Chairman and Chief Executive Officer. These results point to the ability of the franchise to deliver sustainable growth and profits, even as we have continued to make significant investments. We look forward to initiating a dividend, which reflects the strength of our business and capital position. Financial Highlights - Net income was $91.8 million for the first quarter of 2012, compared to $88.8 million for last year s first quarter. Diluted earnings per share ( EPS ) were $0.67 for the first quarter of 2012 and Excluding the impact of purchase accounting, net income was $68.1 million, up 25% from last year s first quarter. On this basis, diluted EPS were $0.49, up 20% from last year s first quarter. (1) - Asset quality remains strong; nonperforming assets were only 11 basis points of total assets. - Loan originations were $3.2 billion, our highest first quarter ever. - Loans outstanding were $23.9 billion at 2012, up 3% for the quarter and 23% year over year. - Deposits were $23.3 billion at 2012, up 4% for the quarter and 16% year over year. - Wealth management assets were $22.1 billion at 2012, up 8% for the quarter and 17% year over year. (1) See non-gaap reconciliation under section Use of Non-GAAP Financial Measures. San Francisco Palo Alto Los Angeles Santa Barbara Newport Beach San Diego Portland Boston Greenwich New York 111 PINE STREET, SAN FRANCISCO, CALIFORNIA 94111, TEL (415) NYSE: FRC

2 FIRST REPUBLIC BANK PAGE 2 - Net interest margin was 4.39% for the quarter, compared to 4.53% for the prior quarter and 4.76% for last year s first quarter. - Excluding the impact of purchase accounting, the net interest margin was 3.64% for the quarter, compared to 3.55% for both the prior quarter and last year s first quarter. (1) - The efficiency ratio was 52.5% for the first quarter of 2012, compared to 50.2% for the prior quarter and 47.3% for last year s first quarter. - Excluding the impact of purchase accounting, the efficiency ratio was 59.6% for the quarter, compared to 59.9% for the prior quarter and 58.7% for last year s first quarter. (1) - Book value per share increased by 16% year over year to $20.10 per share. In the first quarter, First Republic had meaningful contributions to earnings from across the company private banking, business banking and wealth management, said Katherine AugustdeWilde, President and Chief Operating Officer. We continued to build our franchise by investing in people, offices and technology to support our future growth. Asset Quality Remains Strong The Bank s credit quality remains strong. At 2012, nonperforming assets were only 11 basis points of total assets. For the first quarter of 2012, annualized net charge-offs to average loans were 1 basis point. During the first quarter of 2012, the Bank recorded a provision for loan losses of $14.9 million. The Bank s provision for loan losses is related primarily to loans outstanding that have been originated since July 1, At 2012, the allowance related to these loans totaled $72.3 million, or 0.58% of such loans. Capital Strength The Bank s Tier 1 leverage and total risk-based capital ratios at 2012 were 9.48% and 14.47%, respectively. These ratios include the issuance of $199.5 million of 6.70% Noncumulative Perpetual Series A Preferred Stock and the redemption of the Series A preferred stock of First Republic Preferred Capital Corporation during the quarter. These activities resulted in a net increase in Tier 1 capital of $164 million. The Bank continues to exceed all current regulatory guidelines for well-capitalized institutions. Strong Book Value Growth Book value per share was $20.10 at 2012, up 16% from a year ago.

3 FIRST REPUBLIC BANK PAGE 3 Continued Franchise Development Asset growth Total assets at 2012 were $29.7 billion. During the last twelve months, loans increased $4.4 billion and investment securities increased $1.7 billion. These assets were funded primarily by deposit growth of $3.2 billion and a $2.2 billion increase in intermediate-term, fixedrate Federal Home Loan Bank ( FHLB ) advances. Loans outstanding were $23.9 billion at 2012, up 3% for the quarter and 23% from a year ago. Deposit growth strong continued mix improvement Total deposits were $23.3 billion at 2012, up 4% for the quarter and 16% from a year ago. At 2012, checking and savings accounts were 85% of total deposits, compared to 72% a year ago. Such accounts increased 36% during the last twelve months from $14.5 billion to $19.7 billion. Certificates of deposit ( CDs ) represented 15% of total deposits at 2012, a decrease from 28% a year ago. The contractual rate paid on all deposits averaged 0.40% during the first quarter of 2012, compared to 0.50% for the fourth quarter of 2011 and 0.79% during the first quarter a year ago, with the reduction in rate coming both from an improved deposit mix and lower market rates of interest. At 2012, 96% of deposits were core deposits (excluding CDs greater than $250,000 and any brokered deposits). Wealth management expands Wealth management assets were $22.1 billion at 2012, up 8% for the quarter and 17% from a year ago. Fees earned on wealth management assets, including investment advisory, trust and brokerage fees, were up 17% in the first quarter of 2012 compared to last year s first quarter. The Bank offers investment management services for individuals, endowments, businesses and 401(k) plans through First Republic Investment Management. At 2012, clients had $9.0 billion of assets under management, up 13% for the quarter and 21% from a year ago. Client assets held at First Republic Securities Company and in money market mutual funds were $8.4 billion at 2012, up 8% for the quarter and 16% from a year ago. The Bank also offers personal trust and custody services through First Republic Trust Company. At 2012, First Republic Trust Company administered $4.7 billion of trust and custody assets, up 1% for the quarter and 11% from a year ago.

4 FIRST REPUBLIC BANK PAGE 4 Mortgage banking and servicing activity The Bank sold $552 million of longer-term, fixed-rate home loans during the first quarter of 2012 and recorded gains of $3.8 million. By comparison, during the first quarter a year ago, the Bank recorded gains of $527,000, excluding $3.8 million of purchase accounting discounts on loans sold. Loans serviced for investors totaled $3.7 billion at 2012, compared to $3.8 billion at Net loan servicing fees were ($1.9) million for the first quarter of 2012, compared to ($232,000) for the first quarter a year ago, due to continued rapid loan prepayments that resulted in an increase in the amount of impairment charges on mortgage servicing rights. At March 31, 2012, the carrying value of mortgage servicing rights was $17.5 million, or 48 basis points of such loans serviced. Earnings Summary Strong revenue growth Total revenues were $313.9 million for the first quarter of 2012, compared to $314.9 million for the fourth quarter of 2011 and $285.6 million for the first quarter a year ago. Excluding the impact of purchase accounting, revenues were $267.6 million for the first quarter of 2012, compared to $220.0 million for the first quarter of 2011, a 22% increase from a year ago. On this basis, revenues were up 5% over the prior quarter. (1) Net interest income grows Net interest income was $281.3 million for the first quarter of 2012, compared to $285.5 million for the fourth quarter of 2011 and $254.5 million for the first quarter a year ago. Net interest income excluding the impact of purchase accounting (contractual net interest income) was $235.0 million for the first quarter of 2012, compared to $193.8 million for the first quarter of 2011, up 21% from a year ago. (1) The increase in contractual net interest income was primarily due to increases in the average balances of loans and investment securities and lower deposit costs. Net interest margin The Bank s net interest margin was 4.39% for the first quarter of 2012, compared to 4.53% for the fourth quarter of 2011 and 4.76% for the first quarter a year ago. Net interest margin excluding the impact of purchase accounting (contractual net interest margin) was 3.64% for the first quarter of 2012, compared to 3.55% for the fourth quarter of 2011 and the first quarter a year ago. (1) The increase in the contractual net interest margin compared to the prior quarter is due to lower average cash balances, which were invested in loans and investment securities, as well as lower deposit costs due both to market rates and a continued improvement in the deposit mix.

5 FIRST REPUBLIC BANK PAGE 5 The Bank took advantage of the lower interest rate environment to increase intermediate-term, fixedrate FHLB advances by $950 million during the first quarter of Noninterest income Noninterest income for the first quarter of 2012 was $32.6 million, compared to $29.4 million for the fourth quarter of 2011 and $31.1 million for the first quarter a year ago. The increase compared to last year s first quarter was primarily due to increases in investment advisory fees and income from investments in life insurance, partially offset by a decline in net loan servicing fees and a reduced benefit from purchase accounting. Noninterest expense Noninterest expense for the first quarter of 2012 was $164.8 million, compared to $158.0 million for the fourth quarter of 2011 and $135.0 million for the first quarter a year ago, a 22% increase year over year. Noninterest expense has grown primarily due to an increase in personnel to support loan, deposit and wealth management growth, increased occupancy costs as the Bank continues to add offices and higher technology costs. Efficiency ratio The Bank s efficiency ratio was 52.5% for the first quarter of 2012, compared to 50.2% for the fourth quarter of 2011 and 47.3% for the first quarter a year ago. Excluding the impact of purchase accounting, the Bank s efficiency ratio was 59.6% for the first quarter of 2012, compared to 59.9% for the fourth quarter of 2011 and 58.7% for the first quarter a year ago. (1) Income tax rate The Bank s effective tax rate for fiscal year 2012 is expected to be 31.0%, compared to 35.7% for fiscal year This decline in the effective tax rate results from a higher level of taxexempt securities, bank-owned life insurance, tax credit investments and tax-advantaged loans. Conference Call Details First Republic Bank s first quarter 2012 earnings conference call is scheduled for April 18, 2012 at 11:00 a.m. PDT / 2:00 p.m. EDT. To listen to the live call by telephone, please dial (877) approximately 10 minutes prior to the start time (to allow time for registration) and use conference ID # International callers should dial (480) 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 To listen to the live webcast, please visit the site at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. A replay of the call will also be available for 90 days on the website. For those unable to participate in the live presentation, a replay will be available beginning April 18, 2012, at 2:00 p.m. PDT / 5:00 p.m. EDT, through April 25, 2012, at 8:59 p.m. PDT / 11:59 p.m. EDT. To access the replay, dial (877) (U.S.) and use conference ID # International callers should

6 FIRST REPUBLIC BANK PAGE 6 dial (858) and enter the same conference ID number. The Bank s press releases are available after release on the Bank s website at About First Republic Bank First Republic Bank and its subsidiaries provide private banking, private business banking and private wealth management. Founded in 1985, First Republic specializes in exceptional, relationship-based service offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Boston, Greenwich and New York City. First Republic offers a complete line of banking products for individuals and businesses, including deposit services, as well as residential, commercial and personal loans. First Republic is a component of the S&P Total Market Index, the Wilshire 5000 Total Market Index SM, the Russell 1000, Russell 3000 and Russell Global indices and six Dow Jones indices. More information is available on the Bank s website at Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 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 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 and include statements about economic performance in our markets, growth in our loan originations and wealth management assets, and our projected tax rate. 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. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: our ability to compete for banking and wealth management customers; earthquakes and other natural disasters in our markets; changes in interest rates; our ability to maintain high underwriting standards; economic conditions in our markets; and conditions in financial markets and economic conditions generally; regulatory restrictions on our operations and current or future legislative or regulatory changes affecting the banking and investment management industries. 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 Quarterly Reports on Form 10-Q. These filings are available in the Investor Relations section of our website. All forwardlooking 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. 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.

7 FIRST REPUBLIC BANK PAGE 7 CONSOLIDATED STATEMENT OF INCOME (in thousands, except per share amounts) Interest income: Interest on loans $ 279,674 $ 268,740 $ 288,226 Interest on investments 28,859 11,988 25,338 Interest on cash equivalents 623 1,193 1,197 Total interest income 309, , ,761 Interest expense: Interest on customer deposits 14,987 21,754 17,628 Interest on FHLB advances and other borrowings 12,345 5,095 11,035 Interest on subordinated notes Total interest expense 27,888 27,427 29,224 Net interest income 281, , ,537 Provision for loan losses 14,852 7,613 16,159 Net interest income after provision for loan losses 266, , ,378 Noninterest income: Investment advisory fees 12,699 10,656 11,897 Brokerage and investment fees 2,765 2,346 2,219 Trust fees 1,773 1,726 1,729 Foreign exchange fee income 2,421 2,095 3,298 Deposit customer fees 3,281 3,642 3,169 Loan servicing fees, net (1,904) (232) (341) Loan and related fees 1, ,801 Gain on sale of loans 3,809 4, Income from investments in life insurance 5,371 3,730 4,785 Other income 947 1, Total noninterest income 32,645 31,066 29,402 Noninterest expense: Salaries and related benefits 82,507 64,221 74,352 Occupancy 19,895 16,014 18,595 Information systems 16,174 12,513 16,065 Advertising and marketing 5,962 6,309 8,567 FDIC and other deposit assessments 5,400 8,700 5,552 Professional fees 4,278 4,433 4,711 Amortization of intangibles 5,288 5,917 5,444 Tax credit investments 5,250 1,604 3,680 Other expenses 20,001 15,278 21,035 Total noninterest expense 164, , ,001 Income before provision for income taxes 134, , ,779 Provision for income taxes 41,635 52,895 49,016 Net income before noncontrolling interests 92,671 90,063 91,763 Less: Net income from noncontrolling interests 913 1,291 1,072 First Republic Bank net income 91,758 88,772 90,691 Dividends on preferred stock 2, Net income available to common stockholders $ 89,307 $ 88,772 $ 90,691 Basic earnings per common share $ 0.69 $ 0.69 $ 0.70 Diluted earnings per common share $ 0.67 $ 0.67 $ 0.68 Weighted average shares - basic 129, , ,313 Weighted average shares - diluted 133, , ,939

8 FIRST REPUBLIC BANK PAGE 8 CONSOLIDATED BALANCE SHEET As of ($ in thousands) ASSETS Cash and cash equivalents $ 1,429,286 $ 630,780 $ 2,269,977 Securities purchased under agreements to resell 12,973 4,890 10,000 Investment securities available-for-sale 682, , ,903 Investment securities held-to-maturity 2,209,463 2,097,198 1,131,257 Loans: Single family (1-4 units) 14,175,779 13,538,218 11,548,932 Home equity lines of credit 1,826,061 1,878,969 1,715,388 Commercial real estate 2,629,595 2,504,791 2,261,140 Multifamily (5+ units) 2,569,780 2,437,169 2,027,580 Single family construction 198, , ,039 Multifamily/commercial construction 110, ,885 91,065 Commercial business loans 1,799,668 1,656,795 1,206,154 Other secured 192, , ,974 Unsecured loans and lines of credit 300, , ,271 Stock secured 79, ,208 34,992 Total unpaid principal balance 23,880,978 22,819,469 19,338,535 Net unaccreted discount (455,885) (493,895) (631,366) Net deferred fees and costs 13,456 10,020 2,969 Allowance for loan losses (82,418) (68,113) (25,908) Loans, net 23,356,131 22,267,481 18,684,230 Loans held for sale 53, , ,771 Investments in life insurance 591, , ,551 Tax credit investments 389, , ,063 Prepaid expenses and other assets 695, , ,360 Premises, equipment and leasehold improvements, net 123, , ,932 Goodwill 24,604 24,604 24,604 Other intangible assets 129, , ,380 Mortgage servicing rights 17,466 17,269 20,967 Other real estate owned 4,348 3,681 1,928 Total Assets $ 29,718,987 $ 27,791,801 $ 23,575,923 LIABILITIES AND EQUITY Liabilities: Customer deposits: Noninterest-bearing accounts $ 6,275,752 $ 6,115,571 $ 3,481,238 Interest-bearing checking accounts 3,793,085 3,675,813 2,690,088 Money Market (MM) checking accounts 3,583,467 3,139,448 3,098,728 MM savings and passbooks 6,030,096 5,520,558 5,215,000 Certificates of deposit 3,572,561 4,007,869 5,543,472 Total customer deposits 23,254,961 22,459,259 20,028,526 FHLB advances 3,050,000 2,200, ,000 Subordinated notes 65,032 65,711 67,717 Debt related to variable interest entity 60,030 63,259 23,050 Other liabilities 425, , ,742 Total Liabilities 26,855,514 25,196,779 21,257,035 Equity: First Republic Bank stockholders' equity Preferred stock 199, Common stock 1,302 1,294 1,289 Additional paid-in capital 2,019,194 2,020,832 1,999,569 Retained earnings 583, , ,134 Accumulated other comprehensive income 12,895 1, Total First Republic Bank stockholders' equity 2,816,673 2,517,762 2,232,318 Noncontrolling interests 46,800 77,260 86,570 Total Equity 2,863,473 2,595,022 2,318,888 Total Liabilities and Equity $ 29,718,987 $ 27,791,801 $ 23,575,923

9 FIRST REPUBLIC BANK PAGE 9 ($ in thousands) Operating Information Loans originated $ 3,156,526 $ 1,855,220 $ 3,312,813 Loans sold $ 552,050 $ 238,797 $ 52,137 Net income to average assets (2) 1.29% 1.55% 1.30% Net income available to common stockholders to average common equity (2) 13.86% 16.35% 14.49% Efficiency ratio (3) 52.5% 47.3% 50.2% Efficiency ratio (non-gaap) (3), (4) 59.6% 58.7% 59.9% Yields/Rates (2) Cash and cash equivalents 0.27% 0.23% 0.26% Securities purchased under agreements to resell 0.09% 0.14% 0.08% Investment securities (5) 5.65% 6.26% 5.52% Loans (5) 4.88% 5.77% 5.31% Total interest-earning assets 4.81% 5.27% 4.98% Customer deposits 0.26% 0.44% 0.31% Borrowings 1.95% 2.58% 2.06% Total interest-bearing liabilities 0.44% 0.54% 0.47% Net interest spread 4.37% 4.73% 4.51% Net interest margin 4.39% 4.76% 4.53% Net interest margin (non-gaap) (4) 3.64% 3.55% 3.55% (2) Ratios are annualized. (3) Efficiency ratio is the ratio of noninterest expense to the sum of net interest income and noninterest income. (4) For a reconciliation of these ratios to the equivalent GAAP ratios, see "Use of Non-GAAP Financial Measures." (5) Yield is calculated on a tax-equivalent basis. The following table separates our loan portfolio as of 2012 between loans acquired on July 1, 2010 and loans originated since July 1, 2010: Composition of Loan Portfolio Loans acquired Loans originated Total loans at on July 1, since July 1, ($ in thousands) Single family (1-4 units) $ 6,758,871 $ 7,416,908 $ 14,175,779 Home equity lines of credit 1,219, ,622 1,826,061 Commercial real estate 1,627,780 1,001,815 2,629,595 Multifamily (5+ units) 1,143,302 1,426,478 2,569,780 Single family construction 41, , ,240 Multifamily/commercial construction 18,689 91, ,193 Commercial business loans 544,888 1,254,780 1,799,668 Other secured 87, , ,619 Unsecured loans and lines of credit 61, , ,038 Stock secured 11,785 67,220 79,005 Total unpaid principal balance 11,516,073 12,364,905 23,880,978 Net unaccreted discount (455,043) (842) (455,885) Net deferred fees and costs (7,632) 21,088 13,456 Allowance for loan losses (10,164) (72,254) (82,418) Loans, net $ 11,043,234 $ 12,312,897 $ 23,356,131

10 FIRST REPUBLIC BANK PAGE 10 As of (in thousands, except per share amounts) Book Value Number of shares of common stock outstanding 130, , ,858 Book value per common share $ $ $ Tangible book value per common share $ $ $ Capital Ratios Tier 1 leverage ratio 9.48% 8.81% 9.24% Tier 1 common equity ratio (6) 12.73% 12.84% 14.16% Tier 1 risk-based capital ratio 14.01% 13.25% 14.69% Total risk-based capital ratio 14.47% 13.65% 14.97% (6) Tier 1 common equity ratio represents common equity less goodwill and intangible assets divided by risk-weighted assets. As of ($ in millions) Assets Under Management (7) First Republic Investment Management $ 8,955 $ 7,940 $ 7,417 Brokerage and Investment: Brokerage 7,777 6,806 6,528 Money Market Mutual Funds 666 1, Total Brokerage and Investment 8,443 7,843 7,304 Trust Company: Trust 2,089 1,963 1,867 Custody 2,565 2,641 2,319 Total Trust Company 4,654 4,604 4,186 Total Wealth Management Assets 22,052 20,387 18,907 Loans serviced for investors 3,651 3,381 3,778 Total fee-based assets $ 25,703 $ 23,768 $ 22,685 (7) Assets under management are presented excluding sweep deposits. As of ($ in thousands) Asset Quality Information Nonperforming assets: Nonaccrual loans $ 27,480 $ 26,373 $ 20,999 Other real estate owned 4,348 3,681 1,928 Total nonperforming assets $ 31,828 $ 30,054 $ 22,927 Nonperforming assets to total assets 0.11% 0.11% 0.10% Accruing loans 90 days or more past due $ - $ - $ 1,517 Restructured performing loans $ 5,783 $ 6,674 $ 5,162

11 FIRST REPUBLIC BANK PAGE 11 Average Balance Sheet ($ in thousands) Assets: Cash equivalents $ 912,075 $ 2,080,705 $ 1,820,229 Securities purchased under agreements to resell 21,018 2,944 4,912 Investment securities (8) 2,958,810 1,184,071 2,671,429 Loans 22,996,300 18,703,214 21,656,992 Total interest-earning assets 26,888,203 21,970,934 26,153,562 Noninterest-earning assets 1,733,236 1,293,118 1,621,175 Total Assets $ 28,621,439 $ 23,264,052 $ 27,774,737 Liabilities and Equity: Checking $ 9,749,583 $ 6,046,086 $ 9,198,227 Money market checking and savings 9,254,760 8,169,663 8,881,723 CDs 3,759,487 5,659,053 4,502,482 Total deposits 22,763,830 19,874,802 22,582,432 FHLB advances 2,530, ,778 2,102,174 Subordinated notes 65,363 68,039 66,039 Debt related to variable interest entity 62,425 24,905 71,105 Total borrowings 2,658, ,722 2,239,318 Total interest-bearing liabilities 25,422,387 20,765,524 24,821,750 Noninterest-bearing liabilities 392, , ,236 Equity before noncontrolling interests 2,739,693 2,201,552 2,483,491 Noncontrolling interests 66,539 86,570 77,260 Total Liabilities and Equity $ 28,621,439 $ 23,264,052 $ 27,774,737 (8) Includes FHLB stock. Purchase Accounting Accretion and Amortization The following table presents the impact of purchase accounting for the periods indicated: ($ in thousands) Accretion/amortization to net interest income: Loans $ 38,153 $ 43,309 $ 48,936 Deposits 7,458 16,722 10,744 Borrowings Total $ 46,291 $ 60,688 $ 60,355 Noninterest income: Gain on sale of loans $ - $ 3,827 $ - Loan commitments 69 1, Total $ 69 $ 4,881 $ 109 Amortization to noninterest expense: Intangible assets $ 5,288 $ 5,917 $ 5,444

12 FIRST REPUBLIC BANK PAGE 12 Use of Non-GAAP Financial Measures Our accounting and reporting policies conform to generally accepted accounting principles in the United States ( GAAP ) and the prevailing practices in the banking industry. However, due to the application of purchase accounting, management uses certain non-gaap measures and ratios that exclude the impact of these items to evaluate our performance, including net income, earnings per share, net interest margin and the efficiency ratio. Our net income, earnings per share, net interest margin and efficiency ratio are significantly impacted by accretion and amortization of the fair value adjustments recorded in purchase accounting. The accretion and amortization affect our net income, earnings per share and certain operating ratios as we accrete loan discounts to interest income; accrete discounts on loan commitments to noninterest income; recognize discounts established in purchase accounting on the sale of loans, which increase gain on sale of loans; amortize premiums on liabilities such as CDs and subordinated notes to interest expense; and amortize intangible assets to noninterest expense. We believe these non-gaap measures and ratios, when taken together with the corresponding GAAP measures and ratios, provide meaningful supplemental information regarding our performance. Our management uses, and believes that investors benefit from referring to, these non-gaap measures and ratios in assessing our current operating results and related trends, and when planning and forecasting future periods. However, these non-gaap measures and ratios should be considered in addition to, not as a substitute for or preferable to, ratios prepared in accordance with GAAP. In the tables below, we have provided a reconciliation of, where applicable, the most comparable GAAP financial measures and ratios to the non-gaap financial measures and ratios used in this press release, or a reconciliation of the non-gaap calculation of the financial measure for the periods indicated: (in thousands, except per share amounts) Non-GAAP earnings Net income $ 91,758 $ 88,772 $ 90,691 Accretion / amortization added to net interest income (46,291) (60,688) (60,355) Discounts recognized in gain on sale of loans - (3,827) - Accretion added to noninterest income (69) (1,054) (109) Amortization of intangible assets 5,288 5,917 5,444 Add back tax impact of the above items 17,456 25,352 23,384 Non-GAAP net income 68,142 54,472 59,055 Dividends on preferred stock 2, Non-GAAP net income available to common stockholders $ 65,691 $ 54,472 $ 59,055 GAAP earnings per common share - diluted $ 0.67 $ 0.67 $ 0.68 Impact of purchase accounting, net of tax (0.18) (0.26) (0.24) Non-GAAP earnings per common share - diluted $ 0.49 $ 0.41 $ 0.44 Weighted average diluted common shares outstanding 133, , ,939

13 FIRST REPUBLIC BANK PAGE 13 ($ in thousands) Net interest margin Net interest income $ 281,268 $ 254,494 $ 285,537 Add: Tax-equivalent adjustment 15,043 7,365 13,231 Net interest income (tax-equivalent basis) 296, , ,768 Less: Accretion / amortization (46,291) (60,688) (60,355) Non-GAAP net interest income (tax-equivalent basis) $ 250,020 $ 201,171 $ 238,413 Average interest-earning assets $ 26,888,203 $ 21,970,934 $ 26,153,562 Add: Average unamortized loan discounts 481, , ,104 Adjusted average interest-earning assets $ 27,369,218 $ 22,633,832 $ 26,681,666 Net interest margin reported 4.39% 4.76% 4.53% Adjusted net interest margin (non-gaap) 3.64% 3.55% 3.55% ($ in thousands) Efficiency ratio Net interest income $ 281,268 $ 254,494 $ 285,537 Less: Accretion / amortization (46,291) (60,688) (60,355) Adjusted net interest income (non-gaap) $ 234,977 $ 193,806 $ 225,182 Noninterest income $ 32,645 $ 31,066 $ 29,402 Less: Accretion of discounts on loan commitments (69) (1,054) (109) Discounts recognized in gain on sale of loans - (3,827) - Adjusted noninterest income (non-gaap) $ 32,576 $ 26,185 $ 29,293 Total revenue $ 313,913 $ 285,560 $ 314,939 Total revenue (non-gaap) $ 267,553 $ 219,991 $ 254,475 Noninterest expense $ 164,755 $ 134,989 $ 158,001 Less: Intangible amortization (5,288) (5,917) (5,444) Adjusted noninterest expense (non-gaap) $ 159,467 $ 129,072 $ 152,557 Efficiency ratio 52.5% 47.3% 50.2% Efficiency ratio (non-gaap) 59.6% 58.7% 59.9% Investor Contact: Media Contact: Andrew Greenebaum / Lasse Glassen Greg Berardi Addo Communications Blue Marlin Partners (415) (310) # # # # # #

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