FIRST REPUBLIC BANK

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 the past 37 years, the First Republic model of client service and steady client acquisition has performed very well through all economic conditions, including periods of rising rates. The strength of the model is its long-term ability to consistently produce safe, organic growth. The recent pace of rate hikes has been more rapid than we've seen in recent cycles. Our challenge throughout this environment will be some margin compressions. but it will not be credit, client satisfaction, or household acquisition. Despite the interim rate conditions, our long-term focus always remains. Maintaining exceptional credit standards so we can focus on the future rather than the past, operating with strong levels of capital to support franchise growth as we serve existing clients and acquire new ones, steady execution of our simple, straightforward model. and always acting in the best interest of our clients while consistently delivering extraordinary and differentiated service. Through this approach, we acquire great clients who stay with us for long periods of time, grow with us, and reform more clients. This creates a unique, compounding, organic effect. The franchise remains very strong. Our client service levels are at all-time highs, and most importantly, credit continues to be exceptional. Let me turn the call over to Mike Crawford, please.