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Republic First’s securities portfolio lost over $400m in 2024

Fair-value losses on non-agency RMBS holdings accelerated as rate cut expectations dimmed

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Republic First Bank collapsed as a result of steep losses on fixed rate assets in its securities portfolio, which far exceeded its total equity of $197 million. 

The Philadelphia-based regional lender disclosed fair-value losses at the end of 2023 of 16.8%, or roughly $425 million, on its securities portfolio, which had an amortised cost of $2.54 billion.

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