First Republic Bank (NYSE:FRC) Q4 2022 Earnings Call Transcript

David Smith: I had a question about the wealth management team profitability. You’ve been having a lot of the teams there lately, both last year and even in the first few weeks of this year, historically, how long is it before you start tend to see these teams reach the runway profitability? How long does it kind of take to wrap up there?

Mike Selfridge: Yes. It’s actually relatively quick, usually within a year to 18 months. And that’s really a function of fact that the teams we hired generally have a lot of traction with their clients. And then also we’re getting the deposit benefit from those teams as well, which has been quite successful.

David Smith: Got it. Thank you.

Operator: And that concludes today’s question-and-answer session. At this time, I will turn the conference back to Mike Roffler, for any additional or closing remarks.

Mike Roffler: Thank you, everyone for joining us on today’s call. We’re optimistic about the future and continue to look forward to the year ahead. Have a wonderful weekend.

Operator: This concludes today’s call. Thank you for your participation. You may now disconnect.