On the capital front, our Tier 1Leverage Ratio was 9.55% including the issuance of our new noncumulative perpetual Series B preferred. We raised, net of all redemptions, $85 million of Tier 1 capital in the quarter and through the first half of 2012 we have raised, net of redemptions, $250 million of new Tier 1 capital through two preferred stock offerings. This increase in capital is intended to support the further development of our business and its franchise.The current low interest rate environment and flatter yield curve present both challenges and opportunities for us. The average yield on our loan portfolio does continue to decline while the average cost of funds cannot decline much further, however, the low interest rates have resulted in a significant amount of home loan refinance and home purchase activity in all of our markets.
First Republic Bank's CEO Discusses Q2 2012 Results - Earnings Call Transcripts
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