First Republic Bank’s stock nearly halved in value Tuesday, one day after the lender reported an exodus of deposits in the first quarter.
from 11 rival lenders on March 16, as the government and private sector sought to head off a broader banking crisis.
“Anecdotally, we hear that the volatility with deposits is not nearly the same as what it was” immediately afterin March, said Mark Hamrick, senior economic analyst at Bankrate, a consumer-finance data provider. On First Republic’s earnings call Monday evening, CEO Mike Roffler sought to reassure investors that the worst bleeding was over. “Beginning the week of March 27, our deposits stabilized and they have remained stable since that time,” he said.
“Most are now less concerned about future outflows,” Goldman noted, although some banks warned that their industry isn’t completely out of the woods.
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