First Republic Bank : Fourth Quarter 2020 Basel III Regulatory Capital Disclosures

February 26, 2021 at 09:38 pm EST

FIRST REPUBLIC BANK

Basel III Regulatory Capital Disclosures

December 31, 2020

TABLE OF CONTENTS

Glossary of Acronyms and Terms . . . . . . . . . ...............................................

1.	Introduction . . . . . . . . . . . . . . . . . . . . . . . ...............................................	4
2.	Capital Structure . . . . . . . . . . . . . . . . . . . . ...............................................	5
3.	Capital Adequacy . . . . . . . . . . . . . . . . . . . ...............................................	7
4.	Capital Conservation Buffer . . . . . . . . . . . ...............................................	9
5.	Credit Risk .. . . . . . . . . . . . . . . . . . . . . . . ...............................................	9
6.	Counterparty Credit Risk-Related Exposures ............................................	14
7.	Credit Risk Mitigation . . . . . . . . . . . . . . . ...............................................	15
8.	Securitization . . . . . . . . . . . . . . . . . . . . . . ...............................................	16
9.	Equity Exposures not Subject to Market Risk Capital Rule .................................	16
17
18
19

10. Interest Rate Risk for Non-Trading Activities ........................................... Information Regarding Forward-Looking Statements ........................................ Exhibit A: Cross-Reference Table . . . . . . . . ...............................................

GLOSSARY OF ACRONYMS AND TERMS

The following listing provides a reference to common acronyms and terms used throughout this report:

ACL . . . . . . . . . . . . . . .	Allowance for Credit Losses
AOCI . . . . . . . . . . . . . .	Accumulated Other Comprehensive Income
ASC . . . . . . . . . . . . . . . .	Accounting Standards Codification
Board . . . . . . . . . . . . . .	Board of Directors
CECL . . . . . . . . . . . . . .	Current Expected Credit Losses
CET1 . . . . . . . . . . . . . . .	Common Equity Tier 1
COVID-19 . . . . . . . . . .	COVID-19 Pandemic
Dodd-Frank Act . . . . . .	Dodd-Frank Wall Street Reform and Consumer Protection Act
DTA . . . . . . . . . . . . . . .	Deferred Tax Asset
FDIC . . . . . . . . . . . . . . .	Federal Deposit Insurance Corporation
FHLB . . . . . . . . . .. . . .	Federal Home Loan Bank
GAAP . . . . . . . . . . . . . .	Accounting Principles Generally Accepted in the United States of America
GSE . . . . . . . . . . . . . . . .	Government-Sponsored Enterprise
HVCRE . . . . . . . . . . . .	High Volatility Commercial Real Estate
LIHTC . . . . . . . . .. . . .	Low Income Housing Tax Credit
MBS . . . . . . . . . . . . . . .	Mortgage-Backed Securities
MSR . . . . . . . . . . . . . . .	Mortgage Servicing Right
PPP . . . . . . . . . . . . . . . .	SBA's Paycheck Protection Program
PSE . . . . . . . . . . . .. . . .	Public Sector Entity
RWA . . . . . . . . . . . . . . .	Risk-Weighted Asset
SBA . . . . . . . . . . . . . . . .	U.S. Small Business Administration
Simplifications Rule . .	Simplifications to the Capital Rule Pursuant to the Economic Growth and Regulatory Paperwork Reduction Act
of 1996
SPE . . . . . . . . . . . .. . . .	Special Purpose Entity
SSFA . . . . . . . . . . . . . . .	Simplified Supervisory Formula Approach
3

1. Introduction

Explanatory Note

As used throughout this document, the terms "First Republic," the "Bank," "we," "our" and "us" mean, except as the context indicates otherwise, First Republic Bank, a California-chartered commercial bank including all of its subsidiaries.

For references to disclosures contained within this report and in the Bank's other regulatory disclosures and public filings, refer to "Exhibit A: Cross-Reference Table." Included in Exhibit A are references to the Bank's Annual Report on Form 10-K for the year ended December 31, 2020 ("2020 Form 10-K"), and the Bank's Consolidated Reports of Condition and Income as of December 31, 2020 ("12/31/2020 Call Report").

Company Overview

Founded in 1985, First Republic Bank is a California-chartered commercial bank and trust company headquartered in San Francisco with deposits insured by the FDIC. First Republic and its subsidiaries offer private banking, private business banking and private wealth management, including investment, trust and brokerage services. First Republic specializes in delivering exceptional, relationship-based service and offers a complete line of products, including residential, commercial and personal loans, deposit services, and wealth management. As of December 31, 2020, we had total assets of $142.5 billion, total deposits of $114.9 billion, total equity of $11.8 billion and wealth management assets under management or administration of $194.5 billion.

As of December 31, 2020, we provided our services through 92 offices, of which 80are licensed deposit-taking offices primarily in the following areas: 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; and Jackson, Wyoming. We have 12 offices that offer exclusively lending, wealth management or trust services. We have been continuously headquartered in San Francisco since our inception.

Basis of Consolidation

The basis of consolidation used for regulatory reporting is the same as that used under GAAP. There are no subsidiaries that are deconsolidated or deducted from total capital.

See "Basis of Presentation and Organization" in Note 1, "Summary of Significant Accounting Policies" in "Item 8. Financial Statements and Supplementary Data" in the 2020 Form 10-K for more information on the basis of consolidation.

Restrictions on the Transfer of Funds or Regulatory Capital

There are no material restrictions or other major impediments on transfer of funds or total capital within the consolidated group.

Capital of Insurance Subsidiaries

The Bank does not have any insurance subsidiaries.

Compliance with Capital Requirements

As of December 31, 2020, First Republic had capital levels in excess of the minimum regulatory capital requirements and met all capital ratio requirements to be "well-capitalized" under the prompt corrective action requirements currently in effect. For further detail on capital ratios, see Note 23, "Regulatory Capital" in "Item 8. Financial Statements and Supplementary Data" in the 2020 Form 10-K. At December 31, 2020, each regulated subsidiary met all capital requirements to which it was subject.

2. Capital Structure

Common equity (i.e., common stock, capital surplus, and retained earnings) is the primary component of the Bank's capital structure. Common equity allows for the absorption of losses on an ongoing basis and is available for this purpose. Further, common equity allows for the conservation of resources during periods of stress, as it provides First Republic with discretion on the amount and timing of dividends and other distributions. Regulators and rating agencies also include forms of capital other than common equity (e.g., preferred stock and subordinated debt) in their calculations of capital adequacy. Such forms of capital are included in the Bank's Tier 1 capital and Total capital.

The terms and conditions of the Bank's capital instruments are described in the following sections of the Bank's 2020 Form 10-K:

• CET1 capital - Common stock terms and conditions are described in Note 18, "Common Stock and Stock Plans" in "Item 8. Financial Statements and Supplementary Data."
• Additional Tier 1 capital - Preferred stock terms and conditions are described in Note 17, "Preferred Stock" in "Item 8. Financial Statements and Supplementary Data."
• Tier 2 capital - Subordinated notes terms and conditions are described in Note 13, "Borrowings" in "Item 8. Financial Statements and Supplementary Data."

Beginning in the first quarter of 2020, the Bank adopted the CECL methodology under ASC 326, "Financial Instruments-Credit Losses," in which the ACL reflects expected credit losses over the life of loans and held-to-maturity debt securities, and incorporates macroeconomic forecasts as well as historical loss rates.

Effective beginning the first quarter of 2020, the Bank elected to adopt the regulatory capital relief from the impact of COVID-19 and application of the CECL methodology under ASC 326 ("CECL Capital Rule"). The CECL Capital Rule allows the Bank to delay the estimated impact of CECL on its regulatory capital over a five-year transition period ending December 31, 2024.

During the second quarter of 2020, the Simplifications Rule that was issued in July 2019 became effective. The Simplifications Rule requires the Bank to assign a 250% risk weight to MSRs or temporary difference DTAs not deducted from CET1 capital.

The following table presents the components of First Republic's regulatory capital:

Table 2.1: Capital Structure

December 31,
($ in thousands)	2020
Shareholders' equity:
Preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	1,545,000
Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1,741
Additional paid-in capital (surplus) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	4,834,172
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	5,346,355
AOCI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	23,378
Shareholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	11,750,646
CECL Capital Rule retained earnings adjustments (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	43,353
CET1 capital adjustments and deductions:
Preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(1,545,000)
Goodwill and other intangible assets, net of deferred taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(203,997)
DTAs that arise from net operating loss and tax credit carryforwards, net of deferred tax liabilities . . . . . . . . . . . . . . . . . . .	(126,754)
AOCI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(23,378)
CET1 capital . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	9,894,870
Preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1,545,000
Additional Tier 1 capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1,545,000
Tier 1 capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	11,439,870
Tier 2 capital instruments-subordinated notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	778,313
Qualifying ACL (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	669,499
CECL Capital Rule ACL adjustments (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(45,338)
Tier 2 capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1,402,474
Total risk-based capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	12,842,344
__________

(1) In accordance with the CECL Capital Rule, the Bank elected to delay the estimated impact of CECL on its regulatory capital over a five-year transition period ending December 31, 2024. Amounts as of December 31, 2020 have been adjusted to exclude the following impacts attributed to the adoption of CECL: decreases in retained earnings and increases in ACL on loans, held-to-maturity debt securities and unfunded loan commitments.
(2) Includes the ACL on loans, held-to-maturity debt securities and unfunded loan commitments.

3. Capital Adequacy

The Bank is committed to maintaining a robust capital planning process. The objectives of the Bank's capital planning process are to (a) establish and refine capital goals, (b) determine appropriate capital targets and composition of capital, (c) make decisions about capital actions, and (d) maintain contingency capital plans. The Bank begins its capital planning process with its annual business planning process, including a rolling, multi-year projection of its balance sheet, income statement and key operating and capital ratios based on the current and expected state of the economy and the Bank's expected growth and investment plans.

The business plan allows the Bank to project a baseline case and thereby estimate balance sheet growth, expected earnings and capital resources under expected business conditions.

As described in "Item 1. Business-Supervision and Regulation-Stress Testing" in our 2020 Form 10-K, the Bank is not currently subject to the Dodd-Frank Act company-run stress testing requirements. Nevertheless, in the normal course of operations, the Bank periodically performs internal capital stress tests in order to (a) translate risk measures into estimates of potential losses over one or more stress scenarios, (b) define available capital resources under one or more stress scenarios and (c) bring together estimates of losses and capital resources under one or more stress scenarios to assess the combined impact on capital adequacy in relation to the Bank's business plans and stated goals for the level and composition of capital and proposed capital actions.

The Bank's Board and senior management utilize internal capital stress testing to better understand the loss-absorption capabilities of the Bank's capital base and to better plan the Bank's capital actions, including new capital issuances and the payment of cash dividends on its common stock. In analyzing the Bank's performance and capital adequacy under stress, the Bank analyzes quarterly projected capital ratios under one or more economic scenarios and compares the results to projected capital ratios under its business plan.

In its capital adequacy assessment, the Bank also incorporates current and pending regulatory requirements, factors in material risks, and builds in appropriate capital buffers to manage against the impact of what we believe to be reasonably foreseeable sources of uncertainty and we seek to ensure adequate capital under stressful conditions. All assessments of capital adequacy are informed by current and relevant analysis and are subject to challenge by senior management and the Board and to regulatory oversight.

The Bank maintains internal controls governing its business planning and capital adequacy assessment processes. Such controls include appropriate policies and procedures, change control processes, model validation, comprehensive documentation, and review by internal audit. The primary objective of such controls and governance procedures is to provide a consistent, thoughtful, transparent, and reviewed process for (a) generating a baseline set of business projections, and (b) estimating hypothetical losses and capital levels under one or more stress scenarios.

First Republic is not subject to the Market Risk requirements (the "Market Risk Capital Rule") under subpart F of the rules issued by the federal banking agencies implementing the Basel Committee on Banking Supervision's capital framework (the "Basel III Capital Rules").

For additional information related to capital requirements, see "Capital Requirements" in "Item 1. Business- Supervision and Regulation" in our 2020 Form 10-K and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations-Capital Resources" in our 2020 Form 10-K. First Republic Bank is the top tier parent company of our corporate group and has no bank holding company or any depository institution subsidiaries.

The following table presents RWAs by exposure types:

Table 3.1: Basel III Standardized Approach RWAs

December 31,
($ in thousands)	2020
On-balance sheet assets:
Exposures to sovereign entities (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	37,625
Exposures to depository institutions, foreign banks, and credit unions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	55,993
Exposures to PSEs (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	7,575,106
Exposures to GSEs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	535,805
Corporate exposures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	32,932,245
Residential mortgage exposures (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	32,688,431
Statutory multifamily mortgages and pre-sold construction loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	501,933
HVCRE loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	505,657
Past due loans (3) .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	106,487
Other loans . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	8,585,624
Other assets (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	5,194,189
Securitization exposures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	26,436
Equity exposures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1,725,917
Off-balance sheet exposures:
Loan commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	11,399,636
Letters of credit .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	382,722
All other off-balance sheet liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	30,232
Derivative contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	37,451
Total Standardized Approach RWAs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	102,321,489
__________
(1) Represents exposures to the U.S. Government and U.S. Government agencies.
(2) Represents exposures to U.S. states and political subdivisions.
(3) Includes loans that are 90 days or more past due or on nonaccrual status.

(4) In accordance with the CECL Capital Rule, the Bank elected to delay the estimated impact of CECL on its RWAs over a five-year transition period ending

December 31, 2024. Amount as of December 31, 2020 has been adjusted to exclude the impact of increases in DTAs attributed to the adoption of CECL.

The following table presents the Bank's risk-based capital ratios:

Table 3.2: Capital Ratios

December 31,
2020 (1)
CET1 capital . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	9.67 %
Tier 1 capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	11.18 %
Total capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	12.55 %
__________

(1) (1) As of December 31, 2020, the Bank's election of regulatory capital relief under the CECL Capital Rule resulted in a 4 bps increase in the CET1 capital ratio and the Tier 1 capital ratio, and no impact on the Total capital ratio.

4. Capital Conservation Buffer

A "capital conservation buffer" of 2.5% of RWAs is also required under the Basel III Capital Rules. The capital conservation buffer is designed to absorb losses during periods of economic stress. Banking institutions with a CET1 capital ratio above the minimum requirement but below the capital conservation buffer will face constraints on dividends, equity repurchases and compensation based on the amount of the shortfall and "eligible retained income" (that is, the greater of net income for the four calendar quarters preceding the current calendar quarter, net of any distributions and associated tax effects not already reflected in net income, and the average of net income over the preceding four quarters).

The capital conservation buffer of a banking organization is the lowest of the following three ratios:

• CET1 capital ratio minus its minimum CET1 capital ratio;
• Tier 1 capital ratio minus its minimum Tier 1 capital ratio; and
• Total capital ratio minus its minimum Total capital ratio.

The following table presents the capital conservation buffer calculations for the Bank:

December 31, 2020

Capital

Minimum Capital	Conservation
Capital Ratios	Ratios	Buffer
CET1 capital . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	9.67 %	4.50 %	5.17 %
Tier 1 capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	11.18 %	6.00 %	5.18 %
Total capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	12.55 %	8.00 %	4.55 %

As of December 31, 2020, the Bank's capital conservation buffer was 4.55%, which exceeded the minimum requirement of 2.5%.

There were no limitations on the Bank's distributions or discretionary bonus payments resulting from the capital conservation buffer framework. As of December 31, 2020, the Bank's eligible retained income was $866.7 million.

5. Credit Risk

Loans

The following credit risk policies are described in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations-Asset Quality," "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations-Critical Accounting Policies and the Impact of Accounting Estimates," Note 1, "Summary of Significant Accounting Policies" and Note 4, "Loans and Allowance for Credit Losses" in "Item 8. Financial Statements and Supplementary Data" in the 2020 Form 10-K:

• Policy for determining past due or delinquency status
• Policy for placing loans on nonaccrual status
• Policy for returning loans to accrual status
• Definition of and policy for identifying individually assessed loans
• Methodology for estimating ACL
• Policy for charging off uncollectible amounts

The majority of the Bank's loan portfolio is secured by real estate. A decline in real estate values can negatively impact our ability to recover our investment should the borrower become delinquent. We safeguard against this risk by rarely exceeding a loan-to-value ratio of 80% with respect to real estate lending. Discussion of the Bank's credit risk management process is presented in "Item 1. Business-Lending Activities-Underwriting" and "Item 1. Business-Lending Activities- Credit Risk Management" in the 2020 Form 10-K.

The following table presents the geographical distribution of total loan commitments. The location is based on the property address for real estate secured loans and the borrower's primary address for other loans.

Table 5.1: Total Loan Commitment by Geographic Location

December 31, 2020

Percent of Total Commitment


Unpaid
Principal
($ in thousands)	Balance
Residential real estate
Single family (1) . . . . . . . . . . . .	$ 61,148,859
Home equity lines of credit . . .	2,417,078
Single family construction . . .	791,376
Total residential real estate . .	64,357,313
Income property
Multifamily . . . . . . . . . . . . . . .	13,785,103
Commercial real estate . . . . . .	8,026,232
Multifamily/commercial
construction . . . . . . . . . . . . .	2,040,945
Total income property . . . . .	23,852,280
Business
Capital call lines of credit . . . .	8,157,975
Tax-exempt . . . . . . . . . . . . . . .	3,368,277
Other business . . . . . . . . . . . . .	3,345,520
PPP . . . . . . . . . . . . . . . . . . . . .	1,865,864
Total business . . . . . . . . . . . .	16,737,636
Other
Stock secured . . . . . . . . . . . . .	2,514,076
Other secured . . . . . . . . . . . . .	1,818,577
Unsecured . . . . . . . . . . . . . . . .	3,109,297
Total other . . . . . . . . . . . . . .	7,441,950
Total . . . . . . . . . . . . . . . . . . .
-----
(1) Includes loans held for sale.

$112,389,179 $ 31,585,574

New
San	York	Los	San
Unfunded	Total	Francisco	Metro	Angeles	Boston	Diego
Commitment	Commitment	Bay Area	Area	Area	Area	Area	Other	Total
$ 61,148,859	17.1 %	8.1 %	8.0 %	4.2 %	1.3 %	3.8 %	42.5 %
8,396,937	2.7	0.7	1.2	0.6	0.2	0.4	5.8
1,535,335	0.3	0.2	0.3	0.0	0.0	0.1	0.9
71,081,131	20.1	9.0	9.5	4.8	1.5	4.3	49.2
14,147,914	3.9	1.9	2.0	0.4	0.8	0.7	9.7
8,347,663	2.4	1.1	1.2	0.2	0.2	0.7	5.8
3,586,545	0.4	0.3	1.1	0.1	0.1	0.5	2.5
26,082,122	6.7	3.3	4.3	0.7	1.1	1.9	18.0
20,536,983	5.2	4.1	1.3	1.2	0.1	2.4	14.3
3,722,217	0.7	0.5	0.7	0.3	0.2	0.2	2.6
6,271,484	1.8	0.8	0.6	0.3	0.2	0.6	4.3
1,865,864	0.7	0.2	0.2	0.1	0.0	0.1	1.3
32,396,548	8.4	5.6	2.8	1.9	0.5	3.3	22.5
6,893,234	1.2	0.6	0.9	0.4	0.2	1.6	4.9
3,610,178	0.5	1.0	0.1	0.4	0.0	0.6	2.6
3,911,540	0.9	0.7	0.5	0.2	0.1	0.4	2.8
14,414,952	2.6	2.3	1.5	1.0	0.3	2.6	10.3
$143,974,753	37.8 %	20.2 %	18.1 %	8.4 %	3.4 %	12.1 %	100.0 %
10


$	-
5,979,859
743,959
6,723,818
362,811
321,431
1,545,600
2,229,842
12,379,008
353,940
2,925,964
-
15,658,912
4,379,158
1,791,601
802,243
6,973,002

As of December 31, 2020, the total ACL on loans was $635.0 million, of which $584.5 million and $50.5 million were the total ACL on non-individually assessed loans and individually assessed loans, respectively.

The following table presents the geographical distribution of the Bank's individually assessed loans and ACL on individually assessed loans:

Table 5.2: Individually Assessed Loans by Geographic Location and ACL on Individually Assessed Loans

December 31, 2020

($ in thousands)San Francisco Bay Area

New York

Metro Area

Los Angeles

AreaBoston AreaSan Diego

AreaOther

TotalIndividually Assessed Loans with No Related Allowance

Single family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Home equity lines of credit . . . . . . . . . . . . . . . . . . . Commercial real estate . . . . . . . . . . . . . . . . . . . . . . . Multifamily/commercial construction . . . . . . . . . . . Other business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unsecured . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13,868 5,256 - - 2,819 - 21,943

25,610 13,010 - - - - 38,620

21,626 5,365 -

$ 7,231 543 -

4,254 1,001 -

5,746

$ 78,335
1,536 26,711 5,699 5,699
57,661 - - - 57,661 714 - - - 3,533
- 85,366
192 - - 192
7,966
5,255
- 12,981 172,131
  Individually Assessed Loans with Related Allowance Single family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Home equity lines of credit . . . . . . . . . . . . . . . . . . . Multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Commercial real estate . . . . . . . . . . . . . . . . . . . . . . . Multifamily/commercial construction . . . . . . . . . . . Tax-exempt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other secured . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unsecured . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total individually assessed loans . . . . . . . . . . . . . $
  111,614
  125,358
  7,264
  11,823
  1,597
  46,978
  40,772 -
  18,325
  130,895 6,860 - 25,055
  63,379 1,051 - -
  5,234
- 21,818 458,298
132 - 27,130 - - 48,575
2,206
28,883 115,241
8,392
8,000 -
- 18,973 - - - 26,973 - - - - 8,392
  28,145 -
  8,609
- 3,569 1,990
3,511
250
-
2,868 -
8,818
14,423
10,076
3,181
2,150
206,602
237,027
195,678
69,601
12,590
20,899 66,080 6,091 9,852 6,163 44,811 83,854 805,352
228,545
ACL on individually assessed loans . . . $
11,238
$ $
275,647
18,779
$ $
281,044
10,833
$ $
77,567
3,398
$ $
17,845
742
$ $
96,835 5,484
$ 977,483
$ 50,474

The following table presents the geographical distribution of past due loans:

Table 5.3: Past Due Loans by Geographic Location

($ in thousands)

30 - 89 Days Past Due Residential real estate

Single family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Home equity lines of credit . . . . . . . . . . . . . . . . . . . Total residential real estate . . . . . . . . . . . . . . . . . .

Income property

Commercial real estate . . . . . . . . . . . . . . . . . . . . . . .

Business

Other business . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other

Other secured . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Unsecured . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

90 Days or More Past Due

Residential real estate

Single family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Home equity lines of credit . . . . . . . . . . . . . . . . . . . Total residential real estate . . . . . . . . . . . . . . . . . .

Income property

Commercial real estate . . . . . . . . . . . . . . . . . . . . . . .

Multifamily/commercial construction . . . . . . . . . . . Total income property . . . . . . . . . . . . . . . . . . . . . .

Business

Other business . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other

Other secured . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Unsecured . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total Past Due Loans . . . . . . . . . . . . . . . . . . . . .

December 31, 2020

San Francisco Bay Area

New York

Metro Area

Los Angeles

AreaBoston AreaSan Diego

AreaOther

2,351 101 2,452

10,046 664 10,710

14,779 2,168 16,947

727 400 1,127

- - -

$ 2,662
- $ 30,565
  - 3,333 2,662 33,898
  2,203
  -
  4,402
  -
  -
  1,163 7,768
  48
  -
  10
  -
  -
  - 58
  433 145 578 5,281
  21 248 269 10,979
  - 126 126 21,485
  - 192 192 1,319
  - - - -
  2,436 2,890 - 711 2,436 3,601 6,261 45,325
  3,841 1,113 4,954
  26,053 10,395 36,448
  7,253 276 7,529
  - - -
  - 1,001 1,001
  502 37,649 - 12,785 502 50,434
  - - -
  - - -
  726 57,843 58,569
  - - -
  - - -
  - - 726
  - - 57,843
  - - 58,569
  685
  -
  13
  -
  -
  - 698
  -
  23 -
  -
  - - - -
  - - - 1,001 1,001
  - - 23
    148
    980
  - - 1,128
    148
    23
    980
  - - 1,151
  -
  5,787
  36,471
  67,091
  502 110,852
  $
  11,068
  $
  47,450
  $
  88,576
  - $ 1,319
  $
$ 6,763

$ 156,177

The following table presents the remaining contractual maturities of loans and unfunded loan commitments:

Table 5.4: Remaining Contractual Maturities of Loans and Unfunded Loan Commitments

December 31, 2020

Total

($ in thousands)

Loans (unpaid principal balance) (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . Unfunded loan commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1 Year or Less

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ -----

(1) Includes loans held for sale.

13,240,283 18,672,996 31,913,279

>1 to 5 Years

$ $

11,579,873 5,989,809 17,569,682

> 5 Years

$ $

87,569,023

6,922,769 31,585,574

94,491,792

Total

$ 112,389,179
$ 143,974,753

The following table presents information for business, multifamily and commercial real estate loans by industry or property type. For information on other loan categories, refer to Note 4, "Loans and Allowance for Credit Losses" in "Item 8. Financial Statements and Supplementary Data" in the 2020 Form 10-K.

Table 5.5: Business, Multifamily and Commercial Real Estate Loans: Total Commitment by Industry or Property Type and Amortized Cost in

Past Due, Nonaccrual and Individually Assessed Loans by Industry or Property Type

December 31, 2020

Individually Assessed Loans

Amortized Cost

30 - 89

($ in thousands) Business

Total Commitment

Days Past Due

90 Days or More PastTotal Amortized

DueNonaccrual

CostWith No AllowanceWith AllowanceRelated Allowance

Private Equity/

Venture Capital Funds . . . . . . . .

20,781,850

Schools/Non-profit Organizations Investment Firms . . . . . . . . . . . . . . Real Estate Related Entities . . . . . Professional Service Firms . . . . . . Aviation/Marine . . . . . . . . . . . . . . Vineyards/Wine . . . . . . . . . . . . . . .

4,674,110

1,273,598

995,962

543,680

406,228

259,385

- - - 6 10 - -

Clubs and Membership

Organizations . . . . . . . . . . . . . . .

228,916

Entertainment Industry . . . . . . . . . Other . . . . . . . . . . . . . . . . . . . . . . . Total excluding PPP . . . . . . . . . . PPP . . . . . . . . . . . . . . . . . . . . . . Total including PPP . . . . . . . .

116,752

1,250,203

30,530,684

1,865,864

32,396,548

- - 42 58 - 58

- - - - - - - - 13 685 698 -

$ 1,044 - - 1,778 919 - - -
$
6,643
12,397 -
3,974
4,614 -
3,838
-
13
188
780
46,351
- $ 1,043 - - 1,776 701 - - - 13 -
  $
  5,600
  - $ 280
    12,397 780
    -
    -
    2,198 141
    3,913 305
    - 3,838
    - 175
    - 192 - 44
    - 46,351 2,747
4,534 -
78,005 -
- 3,533 74,472 4,489
-
- $ 698
$ 4,534
$
78,005
- $ 3,533
  $
  - 74,472
  -
  - $ 4,489
    Multifamily and
    Commercial Real Estate
    Multifamily . . . . . . . . . . . . . . . . . . Mixed Use . . . . . . . . . . . . . . . . . . . Office . . . . . . . . . . . . . . . . . . . . . . . Retail . . . . . . . . . . . . . . . . . . . . . . . Warehouse/Industrial . . . . . . . . . . Hotel . . . . . . . . . . . . . . . . . . . . . . . Healthcare Facility . . . . . . . . . . . . Restaurant . . . . . . . . . . . . . . . . . . . Other . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . .
    $
    14,147,914
    $
    -
    $
    - 2,137,867 5,565
    2,109,270 1,887,285
    - -
    - 933,259 2,203
    - - - - -
    $
    - - - 1,200 -
    $
    48,575
    $
    5,066
    15,556
    - - -
    $
    48,575
  - $ 9,403
    5,066 431
    15,556 641
    29,802
    5,699 24,103 1,205
    2,957
    404,691
    201,577
    123,261
    550,453
    - - - -
    - - 726 -
    - - 1,120 -
    60,076 -
    3,546
    3,937
    - - - - -
    2,957 113 60,076 2,870
    -
    -
    3,546 333 3,937 197
    $ 22,495,577
    - $ 7,768
    - $ 726
$ 2,320

169,515

$ 5,699

$ 163,816

$ 15,193

For additional information on loans and unfunded loan commitments, as well as the related ACL, refer to Note 4, "Loans and Allowance for Credit Losses" in "Item 8. Financial Statements and Supplementary Data" in the 2020 Form 10-K.

Investment Securities

The Bank adopted ASC 326 effective January 1, 2020. Under ASC 326, an ACL is recorded on held-to-maturity debt securities, and represents the portion of the amortized cost, excluding interest receivable, that the Bank does not expect to collect over the securities' contractual life. The Bank also evaluates available-for-sale debt securities that experienced a decline in fair value below amortized cost for credit impairment.

For information on credit exposures related to investment securities, refer to Note 3, "Investment Securities and Allowance for Credit Losses" in "Item 8. Financial Statements and Supplementary Data" in the 2020 Form 10-K.

6. Counterparty Credit Risk-Related Exposures

The Bank has exposure to various counterparties and routinely executes transactions with the Bank's clients and counterparties in the financial services industry, including commercial banks, brokers, dealers and investment banks. Such transactions may expose the Bank to credit risk in the event of a default by a counterparty. In addition, the Bank's credit risk may be increased in the event that any collateral that the Bank holds cannot be realized upon or is liquidated at prices not sufficient to recover the full amount of the credit or derivative exposure due to the Bank. The Bank posts collateral to certain counterparties to secure exposures to those counterparties. These collateral agreements do not require that additional collateral be posted in the event that the Bank experiences a deterioration in its creditworthiness. In accordance with internal policy on limitations on counterparty exposures, the Bank evaluates its collateral positions on a regular basis as part of its ongoing monitoring of counterparty exposures.

Foreign Exchange Contracts

The Bank has freestanding derivative assets and liabilities, which consist of foreign exchange contracts executed with clients in which the Bank offsets the client exposure with a financial institution counterparty. The Bank does not retain significant foreign exchange risk. The Bank does retain credit risk, both to the client and the financial institution counterparty, which is evaluated and managed by the Bank in the normal course of its operations. In addition, the Bank has foreign exchange contracts associated with client deposits denominated in various foreign currencies. Management does not currently anticipate non-performance by any of the counterparties.

Counterparties in foreign exchange derivative contracts are either First Republic clients or financial institution counterparties. The Bank is exposed to the risk that the client or financial institution counterparty will not fulfill its transaction obligations. Such credit risk is not significant and is typically addressed by establishing a credit limit for the client or financial institution.

Client credit limits are based primarily on credit guidelines established and monitored by the Bank and take into account the client's outstanding debt and general creditworthiness, and collateral held by the Bank. Financial institution counterparty credit risk is managed through credit, contract and settlement limits established and monitored by the Bank. To mitigate this risk, the Bank enters into master netting and bilateral collateral agreements with certain counterparties. These agreements allow the Bank to settle its derivative contracts with such counterparties on a net basis and to offset the net derivative exposure against the related collateral in the event of default. Daily collateral management activities are performed by the Bank in accordance with bilateral netting agreements. Currently, the primary form of collateral related to foreign exchange contracts with clients and financial institution counterparties is cash.

Interest Rate Contracts

The Bank originates certain mortgage loans with the intention of selling these loans to investors. The Bank enters into commitments to originate the loans whereby the interest rate on the loan paid by the borrower is set prior to funding ("interest rate lock commitments"). Such interest rate lock commitments are accounted for as freestanding derivative instruments that do not qualify as hedges. However, the interest rate exposure is economically hedged by the forward loan sale commitment to the investor. Credit risk associated with these interest rate contracts is nominal.

The following table presents the Bank's over-the-counter derivatives:

Table 6.1: Over-the-Counter Derivatives

December 31, 2020

Notional or Contractual

Net Unsecured Credit

($ in thousands)

Amount (1)

Fair Value (1)

Exposure (2)

Foreign exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . Interest rate contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total over-the-counter derivatives . . . . . . . . . . . . . . . . . . __________

$ $

3,139,118 55,635 3,194,753

$ $

74,820 - 74,820

$ $

23,713 - 23,713

(1) Excludes written options and spot contracts for regulatory capital purposes.
(2) Represents the amount of credit exposure that is reduced due to the netting of offsetting positive and negative exposures where a valid master netting agreement exists, and collateral is held.

Collateral Held

With respect to the Bank's counterparty credit risk, the primary form of collateral is cash. At December 31, 2020, the fair value of cash collateral accepted by the Bank as part of foreign exchange derivative activities was $38.0 million.

7. Credit Risk Mitigation

The Bank uses various strategies to mitigate counterparty credit risk, including establishing credit risk appetite measures and setting internal policy limits on acceptable levels of exposure to each counterparty, although there can be no assurance that these strategies will be successful under all circumstances. The Bank also obtains collateral from derivatives counterparties to manage overall credit risk. Refer to Section 6, "Counterparty Credit Risk-Related Exposures-Collateral Held" within this document for discussion of collateral related to derivative counterparties.

Beginning in April 2020, the Bank became a lender under the PPP. PPP loans are 100% guaranteed by the SBA and receive a zero percent risk weight.

In addition, certain exposures within the Bank's investment securities portfolios are issued or guaranteed by the U.S. Government, U.S. Government agencies or U.S. Government-sponsored agencies. The following table presents the investment securities and loan exposures that are covered by guarantees and the RWA amounts associated with such exposures:

Table 7.1: Exposures Covered by Guarantees

December 31, 2020

Exposure

($ in thousands)

Amount (1) RWA Amount

Debt securities available-for-sale:

Agency residential MBS (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,091,159 $ 217,619

Agency commercial MBS (2) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

714,509 48,076

Debt securities held-to-maturity:

U.S. Government-sponsored agency securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Agency residential MBS (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Agency commercial MBS (2) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

50,000 10,000

1,300,551 260,110

Loans:

PPP (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . __________

2,487,782 1,841,376 7,485,377

- - 535,805

(1) Since the Bank has made the AOCI opt-out election, the available-for-sale exposure amount for purposes of risk weighting is the carrying value of the security less any unrealized gain on the exposure plus any unrealized loss on the exposure included in AOCI.
(2) Issued or guaranteed by U.S. Government agencies or U.S. Government-sponsored agencies.
(3) Guaranteed by the SBA.

8. Securitization

During the second quarter of 2020, the Bank sold $300.1 million of originated single family loans through a securitization ("2020 Securitization") in which the Bank was the sponsor. In connection with its loan sales through the securitization, the Bank retained a portion of the investment securities issued in the securitization, which consist of non-agency residential MBS. As of December 31, 2020, these securitization exposures totaled $13.5 million.

In addition to the securitization exposures from the 2020 Securitization, as of December 31, 2020, the Bank had securitization exposures related to other investments in non-agency residential MBS created by third parties, which totaled $20.6 million.

Securitization exposures can involve various types of risk, including, but not limited to credit risk and market risk. Information regarding the performance of the underlying credit exposures and relevant market data is evaluated and monitored by the Bank at least quarterly.

For all securitization exposures, the Bank calculates the regulatory capital requirements in accordance with the SSFA to determine the risk-weighting for these assets, which considers the seniority of the Bank's investments in the securitization structure and risk factors inherent in the underlying assets.

The following table presents the Bank's securitization exposures by risk weight range for the non-agency residential MBS:

Table 8.1: Securitization Exposures by Risk Weight Range

December 31, 2020

On-Balance Sheet

($ in thousands)

Exposure (1)

RWA Amount (SSFA)Capital Requirement (2)

0% through 100% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Greater than 100% through 1,250% . . . . . . . . . . . . . . .

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . __________

$ $

29,435 4,588 34,023

$ $

6,937 $ 555

19,499 1,560

26,436 $ 2,115

(1) Since the Bank has made the AOCI opt-out election, the available-for-sale exposure amount for purposes of risk weighting is the carrying value of the security less any net unrealized gain on the exposure plus any net unrealized loss on the exposure included in AOCI.
(2) Calculated by multiplying the RWA amount by the total risk-based capital ratio of 8%, which represents the minimum to be adequately capitalized.

9. Equity Exposures not Subject to Market Risk Capital Rule

The Bank's equity exposures, which are not subject to the Market Risk Capital Rule, include the following investments:

FHLB stock: FHLB stock is redeemable at par and recorded at cost, which approximates fair value. FHLB stock is a statutory investment required by regulation as part of FHLB membership.

LIHTC investments: LIHTC investments are accounted for using a proportional amortization method, whereby the initial cost of the Bank's LIHTC investments is amortized over the life of the investment. Under the proportional amortization method, amortization expense recognized in each period is based on the amount of tax credits and other tax benefits for the period as a percentage of expected total tax credits and other tax benefits of the investment. Amortization expense is presented as a component of provision for income taxes on the statement of income. Such investments are designed to generate a return primarily through the realization of federal tax credits.

Investments in mutual funds and marketable equity securities: Mutual funds and marketable equity securities have readily determinable fair values and are recorded at fair value, with changes in fair value recognized in earnings.

Other investments: Other investments consist of equity investments without readily determinable fair values. These investments are accounted for under the equity method or at cost less impairment, adjusted for observable price changes ofthe same or similar investment. Equity method investments are recorded at cost and subsequently adjusted for allocated earnings or losses, as well as for cash distributions. Such investments are periodically evaluated for impairment.

Latent revaluation gains and losses are unrealized gains and losses, which are not recognized in the Bank's balance sheets or statements of income and comprehensive income. Since the carrying value of the Bank's equity method investments and non-marketable equity securities approximates their fair value, management believes that any unrealized latent revaluation gains or losses that may exist are immaterial.

Investments in separate account life insurance: Investments in separate account life insurance are initially recorded at cost and the carrying value of the investment is subsequently adjusted quarterly to its cash surrender value. The Bank recognizes the resulting income or loss in noninterest income. The carrying amount of investments in separate account life insurance reflects the total cash surrender value of each policy, which approximates fair value.

The following table presents the RWA amount and capital requirements for the Bank's equity exposures:

Table 9.1: Equity Exposures by Type and Risk Weight

December 31, 2020

Non-Publicly

Publicly

($ in thousands)

Traded Exposures (1)

Traded Exposures (1)RWA AmountCapital Requirements (2)

Simple Risk-Weight Approach: (3)

20% risk weight:

FHLB stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 100% risk weight:

LIHTC investments . . . . . . . . . . . . . . . . . . . . . . . . . . . Marketable equity securities . . . . . . . . . . . . . . . . . . . . Other investments . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other Risk-Weighting Approaches: (4)

Investments in separate account life insurance . . . . . . Mutual funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ __________

354,339 1,131,905 - 68,141 88,574 - 1,642,959

70,868 $ 5,669

- 2,446 -

1,131,905 90,552

2,446 196

68,141 5,451

- 18,120 20,566

448,933 35,915

3,624 290

1,725,917

138,073

(1) For non-publicly traded exposures, the amount represents cost. For publicly traded exposures, the amount represents fair value.
(2) Calculated by multiplying the RWA by the total risk-based capital ratio of 8%, which represents the minimum to be adequately capitalized.
(3) The Bank applies the simple risk-weight approach to equity exposures that are not mutual funds or other investment funds.
(4) The Bank applies the full look-through, simple modified look-through or alternative modified look-through approach to equity exposures that are mutual funds and other investment funds.

There were no net realized gains or losses arising from sales of marketable equity securities for the quarter ended December 31, 2020.

10. Interest Rate Risk for Non-Trading Activities

See "Interest Rate Risk Management" in "Item 7A. Quantitative and Qualitative Disclosures About Market Risk" in the 2020 Form 10-K for information on interest rate risk for non-trading activities.

Information Regarding Forward-Looking Statements

This document and our 2020 Form 10-K contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this document and our 2020 Form 10-K 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. Our actual results could differ materially from those expressed or anticipated in such forward-looking statements as a result of risks and uncertainties more fully described under "Item 1A. Risk Factors" in our 2020 Form 10-K.

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, as well as amortization of recorded amounts; 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 COVID-19; 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 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; 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, such as the London Interbank Offered Rate and the 11th District Monthly Weighted Average Cost of Funds Index, as well as other alternative reference rates; the regulatory environment in which we operate, our regulatory compliance and future regulatory requirements; any future changes to regulatory capital requirements; legislative and regulatory actions affecting us and the financial services industry, such as 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; our ability to avoid litigation and its associated costs and liabilities; future 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 "Item 1A. Risk Factors" in our 2020 Form 10-K and any subsequent reports filed by First Republic under the Exchange Act. 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 in our 2020 Form 10-K and our other 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.

Exhibit A: Cross-Reference Table

Disclosure Requirement	Disclosure Location	Basel III Regulatory Capital Disclosures Page	Form 10-K Page
Table 1 - Scope of Application
Qualitative Disclosures
(a)	The name of the top corporate entity in the group to which subpart D of this part applies.	Basel III Regulatory Capital Disclosures: 1. Introduction 2020 Form 10-K: - Item 1. Business-General - Item 8. Financial Statements and Supplementary Data: Note 1. Summary of Significant Accounting Policies	4	7 132
(b)	A brief description of the differences in the basis for consolidating entities for accounting and regulatory purposes, with a description of those entities:	Not applicable. The Bank does not have a difference in the basis of consolidation for accounting and regulatory purposes. Basel III Regulatory Capital Disclosures: 1. Introduction	4
(1) That are fully consolidated;
(2) That are deconsolidated and deducted from total capital;
(3) For which the total capital requirement is deducted; and
(4) That are neither consolidated nor deducted (for example, where the investment in the entity is assigned a risk weight in accordance with this subpart).
(c)	Any restrictions, or other major impediments, on transfer of funds or total capital within the group.	Basel III Regulatory Capital Disclosures: 1. Introduction	4
Quantitative Disclosures
(d)	The aggregate amount of surplus capital of insurance subsidiaries included in the total capital of the consolidated group.	Not applicable. The Bank does not have insurance subsidiaries. Basel III Regulatory Capital Disclosures: 1. Introduction	4
(e)	The aggregate amount by which actual total capital is less than the minimum total capital requirement in all subsidiaries, with total capital requirements and the name(s) of the subsidiaries with such deficiencies.	Not applicable. Actual total capital exceeds the minimum total capital requirements. Basel III Regulatory Capital Disclosures: 1. Introduction	4
Table 2 - Capital Structure
Qualitative Disclosures
(a)	Summary information on the terms and conditions of the main features of all regulatory capital instruments.	Basel III Regulatory Capital Disclosures: 2. Capital Structure 2020 Form 10-K: - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations-Capital Resources - Item 8. Financial Statements and Supplementary Data: Note 13. Borrowings Note 17. Preferred Stock Note 18. Common Stock and Stock Plans Note 23. Regulatory Capital	5	122-124 177-178 188-189 190 201
Disclosure Requirement	Disclosure Location	Basel III Regulatory Capital Disclosures Page	Form 10-K Page
Table 2 - Capital Structure (continued)
Quantitative Disclosures
(b)	The amount of CET1 capital, with separate disclosure of:	Basel III Regulatory Capital Disclosures: Table 2.1: Capital Structure 2020 Form 10-K: - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations-Capital Resources 12/31/2020 Call Report: - Schedule RC-R	6	122-124
(1) Common stock and related surplus;
(2) Retained earnings;
(3) Common equity minority interest;
(4) AOCI; and
(5) Regulatory adjustments and deductions made to CET1 capital.
(c)	The amount of Tier 1 capital, with separate disclosure of:
(1) Additional Tier 1 capital elements, including additional Tier 1 capital instruments and Tier 1 minority interest not included in CET1 capital; and
(2) Regulatory adjustments and deductions made to Tier 1 capital.
(d)	The amount of Total capital, with separate disclosure of:
(1) Tier 2 capital elements, including Tier 2 capital instruments and Total capital minority interest not included in Tier 1 capital; and
(2) Regulatory adjustments and deductions made to Total capital.
Table 3 - Capital Adequacy
Qualitative Disclosures
(a)	A summary discussion of the FDIC-supervised institution's approach to assessing the adequacy of its capital to support current and future activities.	Basel III Regulatory Capital Disclosures: 3. Capital Adequacy 2020 Form 10-K: - Item 1. Business-Supervision and Regulation-Capital Requirements - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations-Capital Resources	7	19-20 122-124
Quantitative Disclosures
(b)	RWAs for:	Basel III Regulatory Capital Disclosures: Table 3.1: Basel III Standardized Approach RWAs 12/31/2020 Call Report: - Schedule RC-R	8
(1) Exposures to sovereign entities;
(2) Exposures to certain supranational entities and multilateral development banks;
(3) Exposures to depository institutions, foreign banks, and credit unions;
(4) Exposures to PSEs;
(5) Corporate exposures;
(6) Residential mortgage exposures;
(7) Statutory multifamily mortgages and pre-sold construction loans;
(8) HVCRE exposures;
(9) Past due loans;
(10) Other assets;
(11) Cleared transactions;
(12) Default fund contributions;
(13) Unsettled transactions;
(14) Securitization exposures; and
(15) Equity exposures.
(c)	Standardized market RWAs as calculated under subpart F of this part.	Not applicable. The Bank is not subject to Subpart F (Market Risk Capital Rule) requirements. Basel III Regulatory Capital Disclosures: 3. Capital Adequacy	7
Disclosure Requirement	Disclosure Location	Basel III Regulatory Capital Disclosures Page	Form 10-K Page
Table 3 - Capital Adequacy (continued)
(d)	CET1, Tier 1 and total risk-based capital ratios:	Basel III Regulatory Capital Disclosures: Table 3.2: Capital Ratios 2020 Form 10-K: - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations-Capital Resources - Item 8. Financial Statements and Supplementary Data: Note 23. Regulatory Capital 12/31/2020 Call Report: - Schedule RC-R	8	124 201
(1) For the top consolidated group; and
(2) For each depository institution subsidiary.	Not applicable. The Bank's subsidiaries are not depository institutions. Basel III Regulatory Capital Disclosures: 3. Capital Adequacy	7
(e)	Total standardized RWAs.	Basel III Regulatory Capital Disclosures: Table 3.1: Basel III Standardized Approach RWAs 2020 Form 10-K: - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations-Capital Resources - Item 8. Financial Statements and Supplementary Data: Note 23. Regulatory Capital 12/31/2020 Call Report: - Schedule RC-R	8	123 201
Table 4 - Capital Conservation Buffer
Quantitative Disclosures
(a)	At least quarterly, the FDIC-supervised institution must calculate and publicly disclose the capital conservation buffer as described under § 324.11.	Basel III Regulatory Capital Disclosures: 4. Capital Conservation Buffer 2020 Form 10-K: - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations-Capital Resources - Item 8. Financial Statements and Supplementary Data: Note 23. Regulatory Capital 12/31/2020 Call Report: - Schedule RC-R	9	124 201
(b)	At least quarterly, the FDIC-supervised institution must calculate and publicly disclose the eligible retained income of the FDIC-supervised institution, as described under § 324.11.	Basel III Regulatory Capital Disclosures: 4. Capital Conservation Buffer	9
(c)	At least quarterly, the FDIC-supervised institution must calculate and publicly disclose any limitations it has on distributions and discretionary bonus payments resulting from the capital conservation buffer framework described under § 324.11, including the maximum payout amount for the quarter.	Basel III Regulatory Capital Disclosures: 4. Capital Conservation Buffer	9

Disclosure Requirement

Disclosure LocationBasel III Regulatory

Capital Disclosures

PageForm 10-K Page

Table 5 - Credit Risk

Qualitative Disclosures

(a) The general qualitative disclosure requirement with respect Basel III Regulatory Capital Disclosures: to credit risk (excluding counterparty credit risk disclosed in accordance with Table 6 to § 324.63), including the:

5. Credit Risk-Loans

5. Credit Risk-Investment Securities

2020 Form 10-K: (1) Policy for determining past due or delinquency status;

- Item 1. Business-Underwriting

(2) Policy for placing loans on nonaccrual;
- Item 1. Business-Credit Risk Management
- Item 7. Management's Discussion and Analysis of
(3) Policy for returning loans to accrual status;

Financial Condition and Results of Operations-Balance

Sheet Analysis-Asset Quality

(4) Definition of and policy for identifying individually assessed loans (for financial accounting purposes);

- Item 7. Management's Discussion and Analysis of

Financial Condition and Results of Operations-Balance (5) Description of the methodology that the FDIC-supervised institution uses to estimate its allowance for loan and lease losses (ALLL) or adjusted allowance for credit losses (AACL), as applicable, including statistical methods used where applicable;

(6) Policy for charging-off uncollectible amounts; and

(7) Discussion of the FDIC-supervised institution's credit risk management policy.

Sheet Analysis-Allowance for Credit Losses on Loans - Item 8. Financial Statements and Supplementary Data:

Note 1. Summary of Significant Accounting Policies

Note 3. Investment Securities and Allowance for Credit Losses

Note 4. Loans and Allowance for Credit Losses

9 13

10-11 11

107

110 135-136 145-146 159-161

Quantitative Disclosures

(b)Total credit risk exposures and average credit risk exposures, after accounting offsets in accordance with GAAP, without taking into account the effects of credit risk mitigation techniques (for example, collateral and netting not permitted under GAAP), over the period categorized by major types of credit exposure. For example, FDIC-supervised institutions could use categories similar to that used for financial statement purposes. Such categories might include, for instance:

Basel III Regulatory Capital Disclosures:

Table 5.1: Total Loan Commitment by Geographic Location

2020 Form 10-K:

- Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations-Results of Operations-Net Interest Income and Net Interest Margin -Yields/Rates

- Item 7. Management's Discussion and Analysis of

Sheet Analysis-Investments

(1) Loans, off-balance sheet commitments, and other non-derivative off-balance sheet exposures;

(2) Debt securities; and

Financial Condition and Results of Operations-Balance

- Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations-Balance Sheet Analysis-Loan Portfolio

- Item 8. Financial Statements and Supplementary Data:

Note 3. Investment Securities and Allowance for Credit Losses

Note 4. Loans and Allowance for Credit Losses

12/31/2020 Call Report:

- Schedule RC-B
- Schedule RC-C
- Schedule RC-L

71-73

90-91

92-107

141-150 150-167

(3) OTC derivatives.

Not applicable. Credit risk exposures related to OTC derivatives are not significant.

(c)Geographic distribution of exposures, categorized in significant areas by major types of credit exposure.

Basel III Regulatory Capital Disclosures:

Table 5.1: Total Loan Commitment by Geographic Location

2020 Form 10-K:

- Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations-Balance Sheet Analysis-Loan Portfolio

(d)Industry or counterparty type distribution of exposures, categorized by major types of credit exposure.

Basel III Regulatory Capital Disclosures:

- Table 5.1: Total Loan Commitment by Geographic Location

- Table 5.5: Business, Multifamily and Commercial Real Estate Loans: Total Commitment by Industry or Property Type and Amortized Cost in Past Due, Nonaccrual and Individually Assessed Loans by Industry or Property Type

12/31/2020 Call Report:

- Schedule RC-B
- Schedule RC-C
- Schedule RC-L

Disclosure Requirement	Disclosure Location	Basel III Regulatory Capital Disclosures Page	Form 10-K Page
Table 5 - Credit Risk (continued)
(e)	By major industry or counterparty type:
(1) Amount of individually assessed loans for which there was a related allowance under GAAP;	Basel III Regulatory Capital Disclosures: - Table 5.2: Individually Assessed Loans by Geographic Location and ACL on Individually Assessed Loans - Table 5.5: Business, Multifamily and Commercial Real Estate Loans: Total Commitment by Industry or Property Type and Amortized Cost in Past Due, Nonaccrual and Individually Assessed Loans by Industry or Property Type 2020 Form 10-K: - Item 8. Financial Statements and Supplementary Data: Note 4. Loans and Allowance for Credit Losses	11 13	152, 154
(2) Amount of individually assessed loans for which there was no related allowance under GAAP;
(3) Amount of loans past due 90 days and on nonaccrual;
(4) Amount of loans past due 90 days and still accruing;
(5) The balance in the ALLL or AACL, as applicable, at the end of each period, disaggregated on the basis of the FDIC-supervised institution's impairment method. To disaggregate the information required on the basis of impairment methodology, an entity shall separately disclose the amounts based on the requirements in GAAP; and	Basel III Regulatory Capital Disclosures: 5. Credit Risk-Loans 2020 Form 10-K: - Item 8. Financial Statements and Supplementary Data: Note 4. Loans and Allowance for Credit Losses 12/31/2020 Call Report: - Schedule RI-C	11	159, 162
(6) Charge-offs during the period.	2020 Form 10-K: - Item 8. Financial Statements and Supplementary Data: Note 4. Loans and Allowance for Credit Losses 12/31/2020 Call Report: - Schedule RI-B	162
(f)	Amount of individually assessed loans and, if available, the amount of past due loans categorized by significant geographic areas including, if practical, the amounts of allowances related to each geographical area, further categorized as required by GAAP.	Basel III Regulatory Capital Disclosures: - Table 5.2: Individually Assessed Loans by Geographic Location and ACL on Individually Assessed Loans - Table 5.3: Past Due Loans by Geographic Location	11 12
(g)	Reconciliation of changes in ALLL or AACL, as applicable.	2020 Form 10-K: - Item 8. Financial Statements and Supplementary Data: Note 4. Loans and Allowance for Credit Losses 12/31/2020 Call Report: - Schedule RI-B	162
(h)	Remaining contractual maturity delineation (for example, one year or less) of the whole portfolio, categorized by credit exposure.	Basel III Regulatory Capital Disclosures: Table 5.4: Remaining Contractual Maturities of Loans and Unfunded Loan Commitments 2020 Form 10-K: - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations-Balance Sheet Analysis-Investments - Item 8. Financial Statements and Supplementary Data: Note 3. Investment Securities and Allowance for Credit Losses 12/31/2020 Call Report: - Schedule RC-B	12	91 149
Disclosure Requirement	Disclosure Location	Basel III Regulatory Capital Disclosures Page	Form 10-K Page
Table 6 - Counterparty Credit Risk-Related Exposures
Qualitative Disclosures
(a)	The general qualitative disclosure requirement with respect to over-the-counter derivatives, eligible margin loans, and repo-style transactions, including a discussion of:	Basel III Regulatory Capital Disclosures: 6. Counterparty Credit Risk-Related Exposures 2020 Form 10-K: - Item 8. Financial Statements and Supplementary Data: Note 14. Derivative Financial Instruments	14	179
(1) The methodology used to assign credit limits for counterparty credit exposures;
(2) Policies for securing collateral, valuing and managing collateral, and establishing credit reserves;
(3) The primary types of collateral taken; and
(4) The impact of the amount of collateral the FDIC-supervised institution would have to provide given a deterioration in the FDIC-supervised institution's own creditworthiness.	Not applicable. Collateral agreements do not require that additional collateral be posted in the event that the Bank experiences a deterioration in its creditworthiness. Basel III Regulatory Capital Disclosures: 6. Counterparty Credit Risk-Related Exposures	14
Quantitative Disclosures
(b)	Gross positive fair value of contracts, collateral held (including type, for example, cash, government securities), and net unsecured credit exposure. An FDIC-supervised institution also must disclose the notional value of credit derivative hedges purchased for counterparty credit risk protection and the distribution of current credit exposure by exposure type.	Basel III Regulatory Capital Disclosures: Table 6.1: Over-the-Counter Derivatives 6. Counterparty Credit Risk-Related Exposures 2020 Form 10-K: - Item 8. Financial Statements and Supplementary Data: Note 14. Derivative Financial Instruments	15 15	179-180
(c)	Notional amount of purchased and sold credit derivatives, segregated between use for the FDIC-supervised institution's own credit portfolio and in its intermediation activities, including the distribution of the credit derivative products used, categorized further by protection bought and sold within each product group.	Not applicable. The Bank does not have credit derivatives.
Table 7 - Credit Risk Mitigation
Qualitative Disclosures
(a)	The general qualitative disclosure requirement with respect to credit risk mitigation, including:	Basel III Regulatory Capital Disclosures: 7. Credit Risk Mitigation 2020 Form 10-K: - Item 8. Financial Statements and Supplementary Data: Note 14. Derivative Financial Instruments	15	179
(1) Policies and processes for collateral valuation and management;
(2) A description of the main types of collateral taken by the FDIC-supervised institution;
(3) The main types of guarantors/credit derivative counterparties and their creditworthiness; and
(4) Information about (market or credit) risk concentrations with respect to credit risk mitigation.
Quantitative Disclosures
(b)	For each separately disclosed credit risk portfolio, the total exposure that is covered by eligible financial collateral, and after the application of haircuts.	Basel III Regulatory Capital Disclosures: 6. Counterparty Credit Risk-Related Exposures	15
(c)	For each separately disclosed portfolio, the total exposure that is covered by guarantees/credit derivatives and the RWA amount associated with that exposure.	Basel III Regulatory Capital Disclosures: Table 7.1: Exposures Covered by Guarantees	15
Disclosure Requirement	Disclosure Location	Basel III Regulatory Capital Disclosures Page	Form 10-K Page
Table 8 - Securitization
Qualitative Disclosures
(a)	The general qualitative disclosure requirement with respect to a securitization (including synthetic securitizations), including a discussion of:	Basel III Regulatory Capital Disclosures: 8. Securitization	16
(1) The FDIC-supervised institution's objectives for securitizing assets, including the extent to which these activities transfer credit risk of the underlying exposures away from the FDIC-supervised institution to other entities and including the type of risks assumed and retained with resecuritization activity;
(2) The nature of the risks (e.g. liquidity risk) inherent in the securitized assets;
(3) The roles played by the FDIC-supervised institution in the securitization process and an indication of the extent of the FDIC-supervised institution's involvement in each of them;
(4) The processes in place to monitor changes in the credit and market risk of securitization exposures including how those processes differ for resecuritization exposures;
(5) The FDIC-supervised institution's policy for mitigating the credit risk retained through securitization and resecuritization exposures; and	Not applicable. The Bank does not mitigate the credit risk retained through securitization and resecuritization exposures.
(6) The risk-based capital approaches that the FDIC-supervised institution follows for its securitization exposures including the type of securitization exposure to which each approach applies.	Basel III Regulatory Capital Disclosures: 8. Securitization	16
(b)	A list of:	Basel III Regulatory Capital Disclosures: 8. Securitization	16
(1) The type of securitization SPEs that the FDIC-supervised institution, as sponsor, uses to securitize third-party exposures. The FDIC-supervised institution must indicate whether it has exposure to these SPEs, either on-or off- balance sheet; and
(2) Affiliated entities:
(i) That the FDIC-supervised institution manages or advises; and
(ii) That invest either in the securitization exposures that the FDIC-supervised institution has securitized or in securitization SPEs that the FDIC-supervised institution sponsors.
(c)	Summary of the FDIC-supervised institution's accounting policies for securitization activities, including:	Not applicable to the Bank during Q4 2020.
(1) Whether the transactions are treated as sales or financings;
(2) Recognition of gain-on-sale;
(3) Methods and key assumptions applied in valuing retained or purchased interests;
(4) Changes in methods and key assumptions from the previous period for valuing retained interests and impact of the changes;
(5) Treatment of synthetic securitizations;
(6) How exposures intended to be securitized are valued and whether they are recorded under subpart D of this part; and
(7) Policies for recognizing liabilities on the balance sheet for arrangements that could require the FDIC-supervised institution to provide financial support for securitized assets.
(d)	An explanation of significant changes to any quantitative information since the last reporting period.

Disclosure Requirement

Disclosure LocationBasel III Regulatory

Capital Disclosures

PageForm 10-K Page

Table 8 - Securitization (continued)

Quantitative Disclosures

(e)The total outstanding exposures securitized by the FDIC-supervised institution in securitizations that meet the operational criteria provided in § 324.41 (categorized into traditional and synthetic securitizations), by exposure type, separately for securitizations of third-party exposures for which the bank acts only as sponsor.

Basel III Regulatory Capital Disclosures:

Table 8.1: Securitization Exposures by Risk Weight Range

(f)For exposures securitized by the FDIC-supervised institution in securitizations that meet the operational criteria in § 324.41:

(1) Amount of securitized assets that are individually assessed/past due categorized by exposure type; and

(2) Losses recognized by the FDIC-supervised institution during the current period categorized by exposure type.

Not applicable to the Bank during Q4 2020.

(g)The total amount of outstanding exposures intended to be securitized categorized by exposure type.

Not applicable. The Bank has no outstanding exposures intended to be securitized.

(h)Aggregate amount of:

Basel III Regulatory Capital Disclosures:

8. Securitization

(1) On-balance sheet securitization exposures retained or purchased categorized by exposure type; and

Table 8.1: Securitization Exposures by Risk Weight Range

16 16

(2) Off-balance sheet securitization exposures categorized by exposure type.

Not applicable. The Bank does not have any off-balance sheet securitization exposures.

(i)

(1) Aggregate amount of securitization exposures retained or purchased and the associated capital requirements for these exposures, categorized between securitization and resecuritization exposures, further categorized into a meaningful number of risk weight bands and by risk-based capital approach (e.g., SSFA); and

Basel III Regulatory Capital Disclosures:

Table 8.1: Securitization Exposures by Risk Weight Range

(2) Aggregate amount disclosed separately by type of underlying exposure in the pool of any: (i) After-tax gain-on-sale on a securitization that has been deducted from CET1; and (ii) Credit-enhancing interest-only strip that is assigned a 1,250 percent risk weight.

Not applicable. The Bank does not have any such securitization exposures.

(j)Summary of current year's securitization activity, including the amount of exposures securitized (by exposure type), and recognized gain or loss on sale by exposure type.

Basel III Regulatory Capital Disclosures: 8. Securitization

(k)Aggregate amount of resecuritization exposures retained or purchased categorized according to: (1) Exposures to which credit risk mitigation is applied and those not applied; and (2) Exposures to guarantors categorized according to guarantor creditworthiness categories or guarantor name.

Not applicable. The Bank does not have any resecuritization exposures.

Disclosure Requirement	Disclosure Location	Basel III Regulatory Capital Disclosures Page	Form 10-K Page
Table 9 - Equity Exposures not Subject to Market Risk Capital Rules
Qualitative Disclosures
(a)	The general qualitative disclosure requirement with respect to equity risk for equities not subject to subpart F of this part, including:	Basel III Regulatory Capital Disclosures: 9. Equity Exposures not Subject to Market Risk Capital Rule	16-17
(1) Differentiation between holdings on which capital gains are expected and those taken under other objectives including for relationship and strategic reasons; and
(2) Discussion of important policies covering the valuation of and accounting for equity holdings not subject to subpart F of this part. This includes the accounting techniques and valuation methodologies used, including key assumptions and practices affecting valuation as well as significant changes in these practices.
Quantitative Disclosures
(b)	Value disclosed on the balance sheet of investments, as well as the fair value of those investments; for securities that are publicly traded, a comparison to publicly-quoted share values where the share price is materially different from fair value.	Basel III Regulatory Capital Disclosures: Table 9.1: Equity Exposures by Type and Risk Weight 12/31/2020 Call Report: - Schedule RC-F - Schedule RC-R	17
(c)	The types and nature of investments, including the amount that is:
(1) Publicly traded; and
(2) Non-publicly traded.
(d)	The cumulative realized gains (losses) arising from sales and liquidations in the reporting period.	Basel III Regulatory Capital Disclosures: 9. Equity Exposures not Subject to Market Risk Capital Rule	17
(e)	(1) Total unrealized gains (losses).	Not applicable. There are no unrealized gains (losses) included in Tier 1 or Tier 2 capital related to publicly traded equity exposures.
(2) Total latent revaluation gains (losses).	Not applicable. Any latent revaluation gains or losses that may exist are immaterial. Basel III Regulatory Capital Disclosures: 9. Equity Exposures not Subject to Market Risk Capital Rule	17
(3) Any amounts of the above included in Tier 1 or Tier 2 capital.	Not applicable. There are no unrealized gains (losses) included in Tier 1 or Tier 2 capital related to publicly traded equity exposures.
(f)	Capital requirements categorized by appropriate equity groupings, consistent with the FDIC-supervised institution's methodology, as well as the aggregate amounts and the type of equity investments subject to any supervisory transition regarding regulatory capital requirements.	Basel III Regulatory Capital Disclosures: Table 9.1: Equity Exposures by Type and Risk Weight	17
Table 10 - Interest Rate Risk for Non-Trading Activities
Qualitative Disclosures
(a)	The general qualitative disclosure requirement, including the nature of interest rate risk for non-trading activities and key assumptions, including assumptions regarding loan prepayments and behavior of non-maturity deposits, and frequency of measurement of interest rate risk for non-trading activities.	2020 Form 10-K: - Item 7A. Quantitative and Qualitative Disclosures About Market Risk	125-127
Quantitative Disclosures
(b)	The increase (decline) in earnings or economic value (or relevant measure used by management) for upward and downward rate shocks according to management's method for measuring interest rate risk for non-trading activities, categorized by currency (as appropriate).	2020 Form 10-K: - Item 7A. Quantitative and Qualitative Disclosures About Market Risk	127

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First Republic Bank published this content on 26 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 February 2021 02:37:05 UTC.

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