ValuEngine TM

The Leader in Stock Valuation and Forecasting

RATING AND FORECAST REPORT

Company Name: FIRST REP BK SF
Ticker: FRCB

Jul. 30, 2023

TABLE OF CONTENTS

• Data Summary 1
• ValuEngine Recommendation 1
• Forecast Analysis 1
• Price and Recommendation History 1
• ValuEngine Evaluation & Rankings 2
• Comparison to Industry 2
• Comparison with Peers 3
• Analyst Opinions 4
• EPS Consensus Expectations 4
• Business Summary 4
• Annual Financials 5
• Quarterly Financials 7
• ValuEngine Service Descriptions 9
• ValuEngine's Methodology 10

www.valuengine.com
ValuEngine Inc., PO Box 399, Melbourne, FL 32902, U.S.A. support@valuengine.com Tel: (321) 325-0519
 Rating and Forecast Report ValuEngine
ValuEngineInc TM

FIRST REP BK SF (OTC: FRCB) Report Date: Jul 30, 2023

DATA SUMMARY
Sector: Finance Industry: Banks-West
Last Close: $0.34 Trade Date: Jul 28, 2023 1-Yr Forecast: 19.41% Valuation: -75.00%
Trailing P/E: 0.07 Market Cap (bil): 0.06 EPS Growth: -119.60% P/S Ratio: 0.01
M/B Ratio: 0.00 Volatility: 167.53% Sharpe Ratio: -0.62 Beta: 1.06
Forward Dividend: $1.08 Dividend Yield: 317.65% 52-Wk High: $171.09 52-Wk Low: $0.16
Avg Volume: 12794093 Shares Outs(mil): 179.65

VALUENGINE RECOMMENDATION
NEGATIVE NEUTRAL POSITIVE ValuEngine recommendation covers more than 5000
underperform match outperform companies. The recommendations are based on the
proprietary ValuEngine one-year forecast return model output
ValuEngine for each individual equity. ValuEngine's Five-Engine rating
Rating stocks have an averaged annual return of 16.02% since 2002.

FORECAST ANALYSIS
Target Price Exp. Return The predictive variables used in Valuengine's forecast model
1-Month $0.35 1.59% include both proprietary and well-established variables derived
3-Month $0.32 -4.49% from credible financial studies and publications. We use a
distinct forecasting model for each time horizon and apply the
6-Month $0.30 -13.14%
most advanced statistical/econometric techniques to ensure
1-Year $0.41 19.41%
that our stock return forecasts are as reliable as possible.
2-Year $0.25 -25.15% Click for more information on ValuEngine's models.
3-Year $0.22 -35.95%

PRICE AND RECOMMENDATION HISTORY

Market Price Volume Buy Hold Sell Most Recent
Recommendation Changes
$ 2 0 0. 0 0
Jul 25, 2023
$ 1 5 0. 0 0 Upgrade to Hold
Jul 21, 2023
$ 1 0 0. 0 0 Upgrade to Sell
$50.00
Jul 20, 2023
Downgrade to Strong Sell
$0.00

50 Past Performance
Last One Month -54.60%
25 Last Three Month -90.31%
(Mil.)

0
Last Six Month -99.76%
Last One Year
Jan-19 Jan-20 Jan-21 Jan-22 Jan-23

CONTACT VALUENGINE
ValuEngine Inc. ValuEngine's fundamentally-based, quant-derived research is now
PO Box 399 available to private investors. ValuEngine's research will enhance
Melbourne, FL 32902 your ability to evaluate individual stocks, manage your portfolio and
(321) 325-0519 (T) allocate capital for maximum returns. ValuEngine currently covers
support@valuengine.com @5500 US equities as well as most major Canadian stocks.
www.ValuEngine.com

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 Rating and Forecast Report ValuEngine
ValuEngineInc TM

FIRST REP BK SF (OTC: FRCB) Report Date: Jul 30, 2023

VALUENGINE EVALUATION & RANKINGS

Value Rank Just as important as the percentages shown for our predictive
1-Yr Forecast 19.41% 97 variables for each stock is the way they are ranked against
Valuation -75.00% 99 @7000 stocks in our database. This is sometimes confusing
P/E Ratio 0.07 100 to newcomers to ValuEngine. Each of these quantitative
measurements is ranked on a scale of 1 to 100. Generally the
Market Cap 0.06B 25
higher the ranking, the more positive the influence each
EPS Growth -119.60% 2
measurement has on the overall attractiveness of the stock.
5-Yr Avg Return -103.41% 6 In other words a high rank is always better. For example:
Volatility 167.53% 4 Forecast rank 97: 3% of stocks have higher forecast returns.
Sharpe Ratio -0.62 16 Valuation rank 99: 1% of stocks are more undervalued.
P/S Ratio 0.01 100 P/E rank 100: 0% of stocks have lower P/E ratios.
M/B Ratio 0.00 100 Size rank 25: 75% of stocks have higher market capitalization.
Surprise 20.10% 77 Volatility rank 4: 96% of stocks have less volatility.
Beta 1.06 36

COMPARISON TO INDUSTRY
1-Yr Forecast Rank EPS Growth Rank
FRCB 19.41% 97 FRCB -119.60% 2

Industry -7.39% 18 Industry -18.98% 19

Sector -1.97% 39 Sector 20.24% 39

* * * * * *

1-Yr Momentum Rank 5-Yr Avg Return Rank

FRCB FRCB -103.41% 6
Industry -11.05% 37 Industry -6.44% 42
Sector 0.34% 48 Sector -3.91% 54
S&P 500 12.52% 72 S&P 500 3.05% 71
* * * * * *

Valuation Rank P/S Ratio Rank

FRCB -75.00% 99 FRCB 0.01 100
Industry -7.38% 66 Industry 2.11 49
Sector 6.65% 54 Sector 4.33 45
* * * * * *

P/E Ratio Rank M/B Ratio Rank

FRCB 0.07 100 FRCB 0.00 100
Industry 12.54 83 Industry 1.44 66
Sector 12.98 73 Sector 2.16 65
* * * * * *

Market Cap (bil.) Rank Surprise Rank

FRCB 0.06 25 FRCB 20.10% 77
Industry 1.19 49 Industry 4.97% 45
Sector 7.56 51 Sector -6.02% 48
* * * * * *

Volatility Rank SharpeRatio Rank

FRCB 167.53% 4 FRCB -0.62 16
Industry 38.92% 56 Industry -0.21 40
Sector 36.51% 58 Sector -0.08 52
S&P 500 19.24% 77 S&P 500 0.16 75
* * * * * *

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 Rating and Forecast Report ValuEngine
ValuEngineInc TM

FIRST REP BK SF (OTC: FRCB) Report Date: Jul 30, 2023

COMPARISON WITH PEERS

Return Forecast : Expected Return
Ticker Company Name VE Rating 1-Mon 3-Mon 6-Mon 1-Yr 2-Yr 3-Yr
FRCB FIRST REP BK SF 4 1.59% -4.49% -13.14% 19.41% -25.15% -35.95%
FNWB FIRST NW BANCRP 2 -1.04% -3.63% -6.21% -12.46% -0.94% -12.34%
CWBC COMM WEST BNCSH 2 -0.62% -2.85% -5.20% -7.49% 2.89% 0.49%
FFNW FIRST FINL NW 2 -0.59% -3.37% -6.31% -7.14% 2.13% -6.91%
SIVBQ SVB FINL GP 4 1.10% -4.27% -12.63% 13.23% -30.43% -45.45%

1-Yr Forecast Rank EPS Growth Rank

FRCB 19.41% 97 FRCB -119.60% 2

FNWB -12.46% 4 FNWB -33.72% 8

CWBC -7.49% 11 CWBC -15.50% 16

FFNW -7.14% 12 FFNW -8.55% 21

SIVBQ 13.23% 93 SIVBQ -16.04% 15

1-Yr Momentum Rank 5-Yr Avg Return Rank

FRCB 97 FRCB -103.41% 6

FNWB -18.25% 24 FNWB -6.78% 38

CWBC -5.65% 38 CWBC 0.58% 65

FFNW -22.10% 21 FFNW -10.81% 33

SIVBQ SIVBQ -126.47% 4

Valuation Rank P/S Ratio Rank

FRCB -75.00% 99 FRCB 0.01 100

FNWB FNWB 1.35 60

CWBC CWBC 2.19 45
FFNW -5.18% 70 FFNW 1.63 55
SIVBQ -75.00% 97 SIVBQ 0.00 100
P/E Ratio Rank M/B Ratio Rank
FRCB 0.07 100 FRCB 0.00 100
FNWB 7.89 88 FNWB 0.85 80
CWBC 10.49 80 CWBC 1.06 72
FFNW 10.33 81 FFNW 0.70 85
SIVBQ 0.02 100 SIVBQ
Market Cap (bil.) Rank Surprise Rank
FRCB 0.06 25 FRCB 20.10% 77
FNWB 0.13 34 FNWB 10.96% 66
CWBC 0.12 33 CWBC 3.07% 46
FFNW 0.11 32 FFNW -4.21% 30
SIVBQ 0.02 15 SIVBQ 3.61% 48
Volatility Rank SharpeRatio Rank
FRCB 167.53% 4 FRCB -0.62 16
FNWB 34.62% 53 FNWB -0.20 39
CWBC 35.42% 52 CWBC 0.02 64
FFNW 25.18% 66 FFNW -0.43 23
SIVBQ 263.61% 1 SIVBQ -0.48 20

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 Rating and Forecast Report ValuEngine
ValuEngineInc TM

FIRST REP BK SF (OTC: FRCB) Report Date: Jul 30, 2023

ANALYST OPINIONS

Hold Strong Buy: 2 Recommendation Mean Trend

The mean recommendation was calculated Buy: 0 Three Month Ago: 3.27
from the numbers provided by Zacks.
Hold: 7 Two Month Ago: 3.20
Current Mean: 3.20
Sell: 0 One Month Ago: 3.20
Number of Analyst: 10
Strong Sell: 1 Current: 3.20

EPS CONSENSUS EXPECTATIONS

Quarter 202306 202309 202312 202403 202406 Quarterly EPS Trend
Mean $-0.37 $-0.24 $-0.24 $-0.25 $-0.24
# of Estimates 1 1 1 1 1 $2.00
High $-0.37 $-0.24 $-0.24 $-0.25 $-0.24 $1.50
Low $-0.37 $-0.24 $-0.24 $-0.25 $-0.24 $1.00
Same Qtr Last Yr $2.16 $2.21 $1.88 $1.23 $-0.37 $0.50
% Growth -117.13 -110.86 -112.77 -120.33 35.14 $0.00
-----------------------------------------------
Qtr/Year/LTG 202306 202309 2023 2024 LTG

06
09
12
03
06
09
12
03
06
2022
2022
2022
2023
2023
2023
2023
2024
2024
Mean - Current $-0.37 $-0.24 $0.51 $-1.00
Mean - 7 Days Ago $-0.37 $-0.24 $0.51 $-1.00
Mean - 30 Days Ago $-0.37 $-0.24 $0.51 $-1.00
Mean - 60 Days Ago $-0.37 $-0.24 $0.51 $-1.00
Mean - 90 Days Ago $-0.92 $-0.71 $-0.12 $-0.40
-----------------------------------------------
Annual EPS Trend
Year/LTG 2023 2024 2025 2026 LTG
Mean $0.51 $-1.00 $7.50
# of Estimates 1 1 0 0 0
High $0.51 $-1.00 $5.00
Low $0.51 $-1.00
Previous Year $8.25 $0.51 $-1.00 $2.50
% Growth -93.82 -296.08
$0.00
-----------------------------------------------
Quarter 202206 202209 202212 202303
2022

2023

2024

Estimated EPS $2.05 $2.19 $1.82 $0.72

Actual EPS $2.16 $2.21 $1.88 $1.23
Difference $0.11 $0.02 $0.06 $0.51
% Surprise 5.37 0.91 3.30 70.83

BUSINESS SUMMARY
Sorry. No business summary available.

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 Rating and Forecast Report ValuEngine
ValuEngineInc TM

FIRST REP BK SF (OTC: FRCB) Report Date: Jul 30, 2023

ANNUAL FINANCIALS (All numbers in millions)

Balance Sheet 201512 201612 201712 201812 201912 202012 202112 202212
Cash 1131 2108 2297 2811 1700 5095 12947 4283
Marketable Securities
Receivables 43823 51702 62474 75426 90301 111931 134262 166084
Inventory 48.68 407.22 87.69 98.99 23.30 20.68 1.00
Raw Materials
Work in Progress
Finished Goods
Notes Receivable
Other Current Assets
Total Current Assets 45002 54217 64859 78336 92024 117047 147210 170367
Property, Plant & Equipment
Accumulated Depreciation
Net Property, Plant & Equipment 172.00 207.59 296.19 332.48 386.84 403.48 454.00 483.00
Investment & Advances 12627 17552 21014 18669 20985 21723 29571 36537
Other non-current Assets
Deferred Charges
Intangibles 362.55 377.98 356.36 328.44 235.27 227.51 222.00 218.00
Deposits & other assets 817.41 923.22 1255 1539 2633 3101 3630 5034
TOTAL ASSETS 58981 73278 87781 99205 116264 142502 181087 212639

Notes Payable 100.00 100.00 100.00 100.00 800.00

Accounts Payable 47893 58602 68919 79063 90133 114929 156321 176437
Current Portion of Long-term Debt
Current Portion of Capital Leases
Accrued Expenses
Income Taxes Payable
Other Current Liabilities
Total Current Liabilities 47993 58702 69019 79163 90933 114929 156321 176437
Mortgages
Deferred Charges (taxes/income)
Convertible Debt
Long Term Debt 4427 6711 9972 10374 13476 13529 5477 15279
Non-Current Capital Leases
Other Long-Term Liabilities 855.33 955.43 971.69 990.28 2004 2293 3391 3477
TOTAL LIABILITIES 53276 66369 79962 90527 106413 130752 165189 195193
Minority Interest (liabilities)
Preferred Stock 989.52 1140 990.00 940.00 1145 1545 3633 3633
Common Stock, Net 1.46 1.54 1.61 1.65 1.69 1.74 2.00 2.00
Capital Surplus 2770 3302 3779 4024 4215 4834 5725 6256
Retained Earnings 1950 2460 3052 3731 4484 5346 6569 7886
Treasury Stock
Other Liabilities -5.22 6.33 -3.84 -19.38 5.13 23.38 -31.00 -331.00
SHAREHOLDERS' EQUITY 5706 6909 7818 8678 9851 11751 15898 17446
TOTAL LIABILITES & SHAREHOLDERS 58981 73278 87781 99205 116264 142502 181087 212639

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 Rating and Forecast Report ValuEngine
ValuEngineInc TM

FIRST REP BK SF (OTC: FRCB) Report Date: Jul 30, 2023

ANNUAL FINANCIALS (All numbers in millions)

Income Statement 201512 201612 201712 201812 201912 202012 202112 202212
Net Sales or Revenues 1989 2376 2912 3575 4157 4507 5305 6753
Cost of Goods Sold 61.07 73.76 134.78 290.04 500.56 276.08 95.00 654.00
Gross Profit 1928 2302 2777 3285 3656 4231 5210 6099
Research & Development Expense
Selling, General, & Admin. Expense 1129 1359 1679 1993 2208 2583 3206 3724
Income Before Deprec.,Depletion,Amort. 798.78 942.54 1098 1292 1448 1648 2004 2375
Depreciation,Depletion,Amortization 21.76 25.00 20.62
Non-Operating Income
Interest Expense 86.35 89.94 165.36 240.46 314.76 314.04 176.00 234.00
Pretax Income 690.66 827.59 912.20 1052 1133 1334 1828 2141
Provision for Income Taxes 168.52 154.16 154.54 197.91 202.91 269.81 350.00 476.00
Minority Interest
Investment Gains (Losses)
Other Income
Income Before Extraordinaries & Disc 522.14 673.42 757.66 853.83 930.33 1064 1478 1665
Extraordinary Items & Discontinued
Net Income 522.14 673.42 757.66 853.83 930.33 1064 1478 1665

EPS - Basic, net 3.27 4.07 4.44 4.89 5.25 5.85 7.78 8.32
EPS - Diluted, net 3.18 3.93 4.31 4.81 5.20 5.81 7.68 8.25
EPS - Diluted, before non-recurring items 3.02 3.93 4.31 4.81 5.20 5.81 7.68 8.25

Cash Flow Statement 201512 201612 201712 201812 201912 202012 202112 202212
Net Income (Cash Flow) 522.14 673.42 757.66 853.83 930.33 1064 1478 1665
Depreciation,Depletion,Amortization-CF 26.86 56.12 91.95 114.36 137.64 166.08 184.00 192.00
Net Increase (decrease) in 17.43 62.97 21.54 71.59 -233.46 -942.68 -714.00 -1938
Cash from (used in) Discontinued
Other Adjustments - Net 24.61 59.96 140.97 71.43 104.01 243.71 256.00 333.00
Net Cash from (used by) Operating 591.05 852.48 1012 1111 938.51 531.26 1204 252.00
(increase) Decrease in Prop,Plant,& -52.71 -86.74 -166.70 -133.88 -167.94 -148.67 -198.00 -197.00
Acquisition/disposition of subsidiaires,othr -115.14 -31.80 29.26
Increase (decrease) in investments -3725 -4477 -3346 2673 -1863 250.77 -6429 -6506
Other Cash inflow from investment -6381 -8735 -10972 -13601 -15033 -21957 -22516 -32102
Net Cash from (used by) invesment -10274 -13331 -14484 -11062 -17035 -21855 -29143 -38805
Issuance (purchase) of equity shares 532.26 681.11 363.72 153.67 381.27 931.96 2844 436.00
Issuance (repayment) of debt securities -1175 1900 3285 400.00 3100 51.50 -8055 3100
Increase (decrease) in bank & other -6.39 383.62 -25.97 700.00 -800.00 6700
Payment of dividends & other cash -143.36 -163.54 -165.58 -175.57 -177.16 -197.49 -254.00 -348.00
Other cash from (used by) financing 10789 10654 10204 10087 10981 24733 41256 20001
Net Cash from (used by) Financing 9997 13455 13661 10465 14985 24719 35791 29889

Effect of Exchange Rate Changes on

Net Change in Cash & Cash Equivalents 313.96 976.61 189.29 514.14 -1112 3395 7852 -8664
Cash & Equivalents at beginning of year 817.15 1131 2108 2297 2811 1700 5095 12947
Cash & Equivalents at year end 1131 2108 2297 2811 1700 5095 12947 4283

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 Rating and Forecast Report ValuEngine
ValuEngineInc TM

FIRST REP BK SF (OTC: FRCB) Report Date: Jul 30, 2023

QUARTERLY FINANCIALS (All numbers in millions)

Balance Sheet 202106 202109 202112 202203 202206 202209 202212 202303
Cash 7877 12279 12947 7756 6237 5532 4283 13159
Marketable Securities
Receivables 122480 127707 134262 140612 150790 158007 166084 172509
Inventory 3.17 3.78 1.00
Raw Materials
Work in Progress
Finished Goods
Notes Receivable
Other Current Assets
Total Current Assets 130360 139990 147210 148368 157027 163539 170367 185668
Property, Plant & Equipment
Accumulated Depreciation
Net Property, Plant & Equipment 418.73 430.67 454.00 467.00 474.00 483.00 483.00 488.00
Investment & Advances 26723 27993 29571 34215 35815 36311 36537 40254
Other non-current Assets
Deferred Charges
Intangibles 224.50 223.18 222.00 221.00 220.00 219.00 218.00 193.00
Deposits & other assets 3921 3933 3630 3850 4372 4557 5034 6341
TOTAL ASSETS 161647 172571 181087 187121 197908 205109 212639 232944

Notes Payable 100.00 100.00 100.00 100.00 800.00

Accounts Payable 134657 145326 156321 162060 165647 172382 176437 104474
Current Portion of Long-term Debt
Current Portion of Capital Leases
Accrued Expenses
Income Taxes Payable
Other Current Liabilities
Total Current Liabilities 134657 145326 156321 162060 171947 177482 176437 184839
Mortgages
Deferred Charges (taxes/income)
Convertible Debt
Long Term Debt 10776 9476 5477 5478 5978 7179 15279 26304
Non-Current Capital Leases
Other Long-Term Liabilities 2939 2966 3391 3429 3557 3329 3477 3811
TOTAL LIABILITIES 148372 157769 165189 170967 181482 187990 195193 214954
Minority Interest (liabilities)
Preferred Stock 2143 2893 3633 3633 3633 3633 3633 3633
Common Stock, Net 1.77 1.79 2.00 2.00 2.00 2.00 2.00 2.00
Capital Surplus 5204 5685 5725 5763 5782 6230 6256 6585
Retained Earnings 5937 6242 6569 6893 7236 7591 7886 8065
Treasury Stock
Other Liabilities -10.38 -19.85 -31.00 -137.00 -227.00 -337.00 -331.00 -295.00
SHAREHOLDERS' EQUITY 13275 14802 15898 16154 16426 17119 17446 17990
TOTAL LIABILITES & SHAREHOLDERS 161647 172571 181087 187121 197908 205109 212639 232944

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 Rating and Forecast Report ValuEngine
ValuEngineInc TM

FIRST REP BK SF (OTC: FRCB) Report Date: Jul 30, 2023

QUARTERLY FINANCIALS (All numbers in millions)

Income Statement 202106 202109 202112 202203 202206 202209 202212 202303
Net Sales or Revenues 1305 1368 1414 1440 1579 1772 1962 2183
Cost of Goods Sold 24.10 22.41 20.92 20.00 37.00 169.00 428.00 555.00
Gross Profit 1281 1346 1394 1420 1542 1603 1534 1628
Research & Development Expense
Selling, General, & Admin. Expense 765.65 832.56 902.00 876.00 944.00 955.00 949.00 843.00
Income Before Deprec.,Depletion,Amort. 514.86 513.06 491.62 544.00 598.00 648.00 585.00 785.00
Depreciation,Depletion,Amortization 13.25 -13.25 25.00
Non-Operating Income
Interest Expense 50.04 42.98 27.37 24.00 33.00 80.00 97.00 419.00
Pretax Income 451.57 470.09 477.50 520.00 565.00 568.00 488.00 341.00
Provision for Income Taxes 78.46 100.40 77.13 119.00 132.00 123.00 102.00 72.00
Minority Interest
Investment Gains (Losses)
Other Income
Income Before Extraordinaries & Disc 373.11 369.69 400.00 401.00 433.00 445.00 386.00 269.00
Extraordinary Items & Discontinued
Net Income 373.11 369.69 400.00 401.00 433.00 445.00 386.00 269.00

EPS - Basic, net 1.98 1.94 2.05 2.03 2.18 2.23 1.89 1.24
EPS - Diluted, net 1.95 1.91 2.02 2.00 2.16 2.21 1.88 1.23
EPS - Diluted, before non-recurring items 1.95 1.91 2.02 2.00 2.16 2.21 1.88 1.23

Cash Flow Statement 202103 202106 202109 202112 202203 202206 202209 202212
Net Income (Cash Flow) 334.83 707.94 1078 1478 401.00 834.00 1279 1665
Depreciation,Depletion,Amortization-CF 42.78 91.71 140.12 184.00 51.00 100.00 148.00 192.00
Net Increase (decrease) in -902.40 -1217 -1164 -714.00 -587.00 -1027 -1445 -1938
Cash from (used in) Discontinued
Other Adjustments - Net 56.40 101.10 169.37 256.00 145.00 209.00 246.00 333.00
Net Cash from (used by) Operating -468.38 -316.08 222.82 1204 10.00 116.00 228.00 252.00
(increase) Decrease in Prop,Plant,& -45.81 -90.26 -137.81 -198.00 -55.00 -104.00 -152.00 -197.00
Acquisition/disposition of subsidiaires,othr
Increase (decrease) in investments -2732 -3932 -5197 -6429 -4414 -5983 -6494 -6506
Other Cash inflow from investment -5546 -10606 -15900 -22516 -6389 -16637 -23954 -32102
Net Cash from (used by) invesment -8323 -14629 -21235 -29143 -10858 -22724 -30600 -38805
Issuance (purchase) of equity shares 921.14 928.38 2114 2844 12.00 20.00 429.00 436.00
Issuance (repayment) of debt securities -1250 -2755 -4055 -8055 500.00 1700 3100
Increase (decrease) in bank & other 6300 5100 6700
Payment of dividends & other cash -54.23 -117.83 -181.45 -254.00 -77.00 -167.00 -257.00 -348.00
Other cash from (used by) financing 12969 19671 30320 41256 5722 9245 15985 20001
Net Cash from (used by) Financing 12586 17727 28197 35791 5657 15898 22957 29889

Effect of Exchange Rate Changes on

Net Change in Cash & Cash Equivalents 3795 2782 7185 7852 -5191 -6710 -7415 -8664
Cash & Equivalents at beginning of year 807.88 817.15 1131 2108 2297 2811 1700 5095
Cash & Equivalents at year end 8889 7877 12279 12947 7756 6237 5532 4283

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 Rating and Forecast Report ValuEngine
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FIRST REP BK SF (OTC: FRCB) Report Date: Jul 30, 2023

VALUENGINE SERVICE DESCRIPTIONS

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 Rating and Forecast Report ValuEngine
ValuEngineInc TM

FIRST REP BK SF (OTC: FRCB) Report Date: Jul 30, 2023

VALUENGINE'S METHODOLOGY
ValuEngine's research combines the most advanced academic concepts with real world Wall Street practice. The result is state-of-
the-art fair market valuation and price forecasting technologies.
ValuEngine's stock valuation employs a sophisticated, three-factor approach. Fundamental variables, such as a company's trailing
12-month Earnings-Per-Share (EPS), the analyst consensus estimate of the company's future 12-month EPS, and the 30-year
Treasury yield, are all used to create a more accurate reflection of a company's fair value. Together with eleven additional
variables, ValuEngine paints a detailed picture of a company's fair value, represented by the model price.
ValuEngine's stock forecasts capture several important tendencies that
stock prices consistently exhibit over six time horizons to ensure
forecasts are established relative to a stock's proper peer groups.
Advanced statistical/econometric techniques are used to run thousands
of simulations estimating the probability of a double in stock price, as well
as the probability of meeting and exceeding any given portfolio or stock
investment target.
VE Engine Rating is an assessment of a stock's overall attractiveness. It
is based on the one year forecast target price, which is the final evolution
of VE's equity modeling. On average, only 2 percent of ValuEngine's
5,500 stocks under coverage achieve a 5 rating. 5 and 4 rated stocks are
expected to outperform the overall markets, 3 rated to roughly match
market performance, and 2 and 1 rated are expected to underperform.
For additional information about ValuEngine's financial research and
financial modeling, please click www.valuengine.com

DISCLOSURES
ValuEngine offers equity recommendations and related return estimates to investors and their advisors. It uses a three-class Buy-
Hold-Sell rating system. This is a consolidated version of the firm's five class rating system: most favorable and favorable ratings
are buys; neutral ratings are holds and the categories unfavorable and most unfavorable are sells.
STOCK RATINGS: The terms below are used to rate a stock's 12-month performance:
1. Buy: Expected to outperform the SP500 producing above average returns.
2. Hold: Expected to perform in line with the SP500 with average returns.
3. Sell: Expected to underperform the SP500 producing below-average returns.
ValuEngine does not offer brokerage or investment banking services. ValuEngine adheres to professional standards and abides by
formal codes of ethics that put the interests of clients ahead of their own. The following are specific disclosures made by
ValuEngine with regards to this research report:
1. ValuEngine, Inc. does not make a market in this security.
2. ValuEngine, Inc. has not received compensation from the companies discussed above in the last 12 months.
3. ValuEngine has not managed or co-managed a public offering for any companies in the above report in the last 12 months.
4. None of ValuEngine's management, the analysts involved, nor a member of the research analyst's household serves as an
officer, director or advisory board member of the companies discussed in this report.
5. The research analyst over this company or members of his/her household do not have a financial interest in these
companies discussed in this report.
6. ValuEngine, Inc. or its affiliates do not beneficially own 1% or more of any class of common equity securities of the subject
companies.
7. Each research analyst primarily responsible for the content of this research report, in whole or in part, certifies that with
respect to each security or issuer that the analyst covered in this report: a). all of the views expressed accurately reflect his
or her personal views about those securities or issuers; and b). no part of his or her compensation was, is, or will be, directly
or indirectly, related to the specific recommendations or views expressed by that research analyst in the research report.

DISCLAIMERS
This communication is issued by ValuEngine, Inc. This is not a personal recommendation, nor an offer to buy or sell nor a
solicitation to buy or sell any securities, investment products or other financial instruments or services. This material is distributed
for general informational and educational purposes only and is not intended to constitute legal, tax, accounting or investment
advice. The information contained herein accurately reflects the opinion of ValuEngine at the time the report was released. The
opinions of ValuEngine are subject to change at any time without notice and without obligation of notification. No warranty is made
as to the accuracy of the information contained herein. The statements in this document shall not be considered as an objective or
independent explanation of the matters. Please note that this document (a) has not been prepared in accordance with legal
requirements designed to promote the independence of investment research, and (b) is not subject to any prohibition on dealing
ahead of the dissemination or publication of investment research. Intended for recipient only and not for further distribution without
the consent of ValuEngine Inc.
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