First Republic Bank’s reserves of cash and short-term securities plummeted 68% over the course of last year, creating a gaping shortfall to funding liabilities with a similar maturity, which surged 473%.

In a sharp reversal from a year prior, the bank held $4.1 billion in short-term investments – cash, repo, reverse repo and bonds maturing within one year – at the end of 2022. This equalled less than 16% of the $29.2 billion it reported as non-core funding liabilities – deposits above $250,000