There is a large gap in First Republics loan book and deposits. They have effectively subsumed all their equity on their balance sheet, if they are forced to mark their assets at market value. The same situation that happened to SVB is true right now at First Republic. However, the Fed and JPM believe that depositors won’t run on the bank if their is sufficient liquidity with these actions. So, no they weren’t in a good place, but they’re a little more stable now. Still somewhat risky however given there is a large effective gap in liabilities and assets.