![]() We established a Bank-wide minimum wage in 2016 at $20 per hour, which was increased to $25 per hour in 2018 and then $30 per hour, as recently announced, in early 2021.Īmong the many benefits offered to our colleagues, approximately 39% of our workforce participates in our company-paid Student Loan PayDown (now tax-free) and College SaveUp benefits, receiving direct company contributions to either pay down existing student debt or save for future education expenses. In addition to a culture of empowerment and collaboration, colleagues are provided continual professional development and career growth opportunities, competitive compensation and comprehensive benefits. ![]() Our ability to anticipate, respond to and satisfy clients’ needs was the true source and strength of our continued strong growth and increased client satisfaction levels in 2020.įirst Republic is committed to taking excellent care of our people. Our colleagues did an extraordinary job of providing these touchpoints. During the pandemic, our clients, both long-standing and new, were searching for touchpoints of steady, reliable and truly caring partners in their lives. The power of this approach was particularly clear this past year. Our entire culture is dedicated to the daily execution of increasingly digitally enabled, high-touch client service. Our high client satisfaction level and overall success are directly attributable to our hardworking, empowered and committed colleagues. As we look to much more positive economic conditions in 2021, particularly in the second half of the year, continued strong credit quality remains a fundamental aspect of First Republic’s safety and stability.Įmpowered, Supported and Engaged Colleaguesįirst Republic has evolved into an exceptionally strong brand propelled by the passion, loyalty and referrals of its satisfied clients. Nonetheless, we added $157 million to our allowance for credit losses. Nonperforming assets were only 13 basis points at year-end. During the year, we had only $2.4 million in net charge-offs, or less than one-quarter of one basis point of average loans. The economic volatility and sharp GDP decline in early 2020 were a tremendous test and affirmation of the strength of our credit portfolio. Exceptional Credit QualityĬredit quality of the highest caliber has always been a core focus of First Republic. This team has an average age of 51 and an average First Republic tenure of 17 years (excluding our Founder, Chairman and CEO). Our extremely stable leadership team has deep expertise in our geographic markets, our business model, our clients’ needs and, most importantly, our culture. ![]() Leadership Depth and Breadthįirst Republic has been founder-led since 1985. In short, our structure is safe and aligned with our clients’ needs. We have no holding company, have a limited number of preferred banking offices, and remain focused on our core banking and wealth management offerings. Our simple corporate structure is reflective of our equally straightforward operational model. This immensely powerful compounding effect has always been the primary source of our safe, organic growth. Extraordinary service leads to low client turnover, expanded relationships, and strong referrals from these long-term and very satisfied clients. banking industry average and is above most luxury service brands. It remains more than double that of the U.S. Our most recent overall Net Promoter Score increased compared to last year’s. We continually focus on providing extraordinary client service, which we measure using the Net Promoter Score. The Growth Power of a Client Service Culture They referred their friends as new clients in even greater numbers throughout 2020. In turn, our clients continued to rate the Bank’s service very highly. These exceptionally strong results were a direct outcome of the enormous effort from our colleagues and their unwavering focus on taking care of one another and our clients, under highly stressful conditions. ![]() At the same time, amazingly enough, it was First Republic’s best year ever in terms of financial results. In 2020, we all faced a global pandemic, a transition in political leadership, social unrest, and continued market and economic volatility. Our straightforward business model has performed very well for three and a half decades through widely varying economic and geopolitical conditions, resulting in consistent profitability every year since inception. First Republic has grown organically from its initial 1985 $8.8 million de novo capitalization to become the nation’s 17th largest commercial bank by deposits and the 11th largest by market capitalization.
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