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“Last week I told a joke over a Zoom meeting. It wasn’t even remotely funny.” Working remotely from home, or at least adopting a hybrid model, is something I hear about from lenders and vendors everywhere in my travels. There probably aren’t too many bankers at First Republic working from their sofas these days. Recall that First Republic, which announces earnings next Monday and continues to be mentioned by analysts despite things quieting down in the overall banking sector, received $30 billion in deposits from a group of big banks, but there was no equity. If that $30 billion is converted to equity, for example, then First Republic’s troubles are over but as it is the stock is trading at less than 20 percent of tangible book value. Those “in the know” will suggest that either a sale or a seizure is likely, probably at a discount or some set of provisions. Originating loans with 3.5% weighted average coupon in this market when you have

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