First Republic Bank (NYSE: FRC) today announced financial results for the quarter ended March 31, 2017. "First Republic had a strong quarter, including record first quarter loan volume and continued excellent credit quality," said Jim Herbert, Chairman and CEO. "We also successfully accessed the capital markets twice during the quarter, contributing to a year-over-year increase in regulatory capital of 31%." Quarterly Highlights Financial Results - Year-over-year: - Revenues were $601.1 million, up 15.7%. - Net interest income was $499.7 million, up 17.8%. - Net income was $176.8 million, up 12.2%. - Diluted earnings per share ("EPS") of $1.01, up 8.6%. - Tangible book value per share was $37.16, up 19.7%. - Loan originations totaled $5.6 billion, our strongest first quarter ever, up 17.5%. - Net interest margin was 3.13%, compared to 3.16% for the prior quarter. The prior quarter included a special FHLB dividend equal to 3 basis points. - Efficiency ratio was 63.0%, reflecting the seasonal increase in payroll taxes and benefits. Continued Capital and Credit Strength - Common Equity Tier 1 ratio was 11.15%. - Total regulatory capital has grown 31.3% from a year ago. - Increased quarterly dividend to $0.17 per share in April 2017. - Nonperforming assets remained very low at 7 basis points of total assets. - Net charge-offs were less than 1 basis point of average loans. Continued Franchise Development - Loans, excluding loans held for sale, totaled $53.9 billion, up 18.8% from a year ago. - Deposits were $61.2 billion, up 20.2% from a year ago. - Wealth management assets were $90.1 billion, up 22.8% from a year ago. - Wealth management revenues were $78.0 million, up 13.2% from a year ago. "Revenue, loans, deposits and wealth management assets grew strongly across the board," said Mike Roffler, Chief Financial Officer. "We're very pleased with the 18% year-over-year growth in net interest income and the 20% growth in tangible book value per share."