the global head, candace tse, thank you. we will tell you what to watch and our stock of the our. this is bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things like changing tax rates, exemption certificates or filing returns. avalarahhh ahhh ahhh ahhh jon: this is bloomberg markets. time for our stock of the hour. first republic soaring ahead of earnings putting a spotlight on deposit close and funding cost expectations. we focused so much on first republic that receive a $30 billion of fresh cash from u.s. big banks, stemming from the turmoil we saw a few weeks ago. kriti: shares positive ahead of those reports, by 11%. who better to break it all down in hermann chan, who has been all over the regional bank story from day one and he joins us in studio. is it all about deposits? hermann: we expect declines in the first quarter and deposits. what was the pace of deposits in those outflows moderate toward the end of the quarter and are they growing like a some of the banks we are seeing in april? we just pointed to western alliance that mention