So I think with that, I will introduce Jim Herbert, Chairman and CEO. We also have with us, Mollie Richardson, Director of Investor Relations, and a number of other professionals that we will hear from today about the bank. So I think we will get a very good perspective of what the story is all about.
We will have a 5 to 10-minute presentation from Jim. We will go into a fireside chat format and then we will break it into Q&A.
Okay, great. Thank you very much. Thank you all for being here. I will be brief on my opening comments and try to get to a fireside chat and some of the other people here with me because that really is the story.First Republic has been built on service. It's a repetitive franchise. It works on word-of-mouth. One client has a good experience, tells a friend of like-kind and we pick up another client. Basic growth rate of the bank has been about 20% for a long time. You can look back five year, 10 year, 15 year increments. It's not because we reached to do that, our credit standards are very high and you will see that in some of the slides and we can talk about that. It's because the service provided by individuals is so unusually good that people stay with us. We have very low attrition, and they like it enough to tell their friends. On the average, our core business is home lending, larger home lending. It has been for a long time. I started the bank in 1980, in Sunnyvale, California, stumbled in the jumbo home lending when rates were 20%. Now they are minus a decimal, and we haven’t got to zero yet but we are trying and it worked, and I am sure that 84 it’s probably just an 85, and home lending has been one of the cores of the business from the beginning.