$第一共和银行(FRC)$ Credit quality still remains good, though it has started softening from the historically low level of recent quarters. The magnitude of provisions in the Q1 earnings releases will be the big swing factor for year-over-year comparisons for the group. Estimates for bank earnings have started coming down lately, with the negative revisions trend most pronounced for the regional players. For example, take a look at First Republic, which is currently expected to bring in $1.13 per share on $1.28 billion in revenues in its March quarter release on April 12th. This represents a -43.5% decline in EPS from the year-earlier level on -8.4% lower revenues. In terms of estimate revisions, First Republic’s current $1.13 per share estimate is down