https://techcrunch.com/2023/04/25/first-republic-results-svb-impact/

Shares of First Republic Bank are off 29% in early-morning trading as investors digest its first-quarter earnings results, which came out yesterday after the bell. The bank reported revenue and profit above analysts’ expectations, but for investors, other concerns outweighed the good results.

Chief among those concerns is a massive decline in the bank’s deposit base. Deposits help provide a foundation for banks to lend against and therefore derive net interest income on the difference collected on loaned capital and interest paid out to depositors.