Troubled regional bank First Republic said Monday that its deposits fell 40.8% to $104.5 billion in the first quarter, which saw the collapse of two other mid-sized banks and sparked fear from customers about widespread bank failures.

The deposit flight at First Republic was worse than Wall Street expected, with analysts estimating the figure at the end of the first quarter to be about $145 billion, according to the consensus estimate from FactSet’s StreetAccount. Analysts’ deposit estimates ranged from $100 billion to $206 billion, according to FactSet.

First Republic said Monday that deposit flows have since stabilized.

“Deposit activity began to stabilize beginning the week of March 27, 2023, and has remained stable through Friday, April 21, 2023. Total deposits were $102.7 billion as of April 21, 2023, down only 1.7% from March 31, 2023, primarily reflecting seasonal client tax payments that occur each April,” the release said.

The deposit figure for the end of March included $30 billion in time deposits from 11 larger banks that was announced on March 16 in an attempt to stabilize the broader banking system. If those deposits were excluded, First Republic’s deposits would have fallen by more than 50%.

“I would also like to reiterate our appreciation for the group of America’s largest banks who placed $30 billion in uninsured deposits with us, as well as for our state and federal regulators who have continued to provide us with expert support,” CEO Michael Roffler said on the earnings call.

Roffler also said that First Republic has maintained over 97% of “client relationships” from the start of the quarter despite the outflows. He did not provide further detail on that point, and took no questions on the call.

As part of its earnings release, First Republic announced that it was cutting expenses through reductions in executive compensation, condensing office space and cutting head count by 20% to 25% in the second quarter.