FIRST REPUBLIC BANK (FRC) Q3 2022 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings and welcome to the First Republic Bank's third quarter 2022 earnings conference call. Today's conference is being recorded. During today's call, the lines will be in a listen-only mode. Following the presentation, the conference will be open for questions. To join the queue, please press star 1 on your telephone keypad at any point during the call. I would now like to turn the call over to Mike Ionelli, Vice President and Director of Investor Relations. Please go ahead. Thank you and welcome to First Republic Bank's third quarter 2022 conference call. Speaking today will be Jim Herbert, Founder and Executive Chairman, Mike Roffler, CEO and President, Mike Selfridge, Chief Banking Officer, Bob Thornton, President, Private Wealth Management, and Olga Sokova, Chief Accounting Officer and Acting Chief Financial Officer. Before I hand the call over to Jim, Please note that we may make forward-looking statements during today's call that are subject to risks, uncertainties, and assumptions. For a more complete discussion of the risks and uncertainties that could cause actual results to differ materially from any forward-looking statements, see the bank's FDIC filings, including the Form 8-K filed today, all available on the bank's website. And now I'd like to turn the call over to Jim Herbert. Thank you, Mike. Good morning, everyone. It was a strong quarter for First Republic, reflecting the continued strength of our long-term client-centric business model. Let me take a moment to provide some perspective on current economic and rate environment. In the last six months of this year, the Fed has rapidly and aggressively raised interest rates to slow the economy and to fight inflation. Just since our last call, the Fed funds rate has increased 150 basis points. Over...