This supports our growth and differentiated level of client service. We have invested in people by growing our colleague base by 14% year over year. We continue to make strategic investments in people, technology, and new offices to further strengthen client service and drive future growth. This drives strong growth in net interest income and total revenues.
We have always focused on delivering a stable net interest margin through all environments as we do more business with clients and grow our earning assets. Effective asset-liability matching is another important part of our model. We remain very well capitalized with a Tier 1 leverage ratio of 8.59% at quarter end. Nonperforming assets were only seven basis points at quarter end, and net charge-offs were only $1.3 million during the quarter. Maintaining strong capital, credit, and liquidity is a fundamental part of our business model. Our focus on safety and stability supports consistent service, growth, and results over time. Earnings per share is up 11%.Īnd importantly, tangible book value per share has increased more than 13%. Year over year, total revenues have grown 23%. Our growth in turn led to strong financial performance. Bob will touch a bit more on this momentarily. Wealth management assets were up 2.5%, despite the S&P 500 being down 12% over the same period. Year over year, total loans outstanding were up 23%. Let me now share a few highlights for the quarter. This quarter's results once again demonstrate the strength of our business model and culture and the consistency of our execution. It was another terrific quarter of continued strong growth and financial performance. Mike Roffler - President and Chief Executive Officer Now let me turn the call over to Mike Roffler, CEO. This has once again driven our excellent performance during this most recent quarter, and we're well-positioned to go ahead in the current conditions. In fact, during time of broader economic uncertainty, our holistic client-centric service is even more valued by our clients.Īnd during these times, we often see our new client household acquisition rate increase as it is currently doing. Our model and our culture have proven to be very successful long term through all economic cycles. For example, since the year 2000, our net charge-offs have been only 1/10 of those of the top 50 banks. This focus has produced steady, long-term results, strong capital, and exceptional credit quality throughout the bank's history.
For a more complete discussion of the risks and uncertainties that could cause actual results to differ materially from any forward-looking statements, see the bank's FDIC filings, including the Form 8-K filed today, all available on the bank's website.
Before I hand the call over to Jim, please note that we may make forward-looking statements during today's call that are subject to risks, uncertainties, and assumptions. Speaking today will be Jim Herbert, founder and executive chairman Mike Roffler, CEO and president Mike Selfridge, chief banking officer Bob Thornton, president, private wealth management and Olga Tsokova, chief accounting officer and acting chief financial officer. Thank you, and welcome to First Republic Bank's second quarter 2022 conference call. Mike Ioanilli - Vice President and Director of Investor Relations I would now like to turn the call over to Mike Ioanilli, vice president and director of investor relations. Greetings, and welcome to First Republic Bank's second quarter 2022 earnings conference call. (FRIM), which manages investments for individuals and institutions money market mutual fund activities through third-party providers and the brokerage activities of First Republic Securities Company, LLC (FRSC) and its foreign exchange activities conducted on behalf of clients.First Republic Bank ( FRC 1.69%) Q2 2022 Earnings Call Jul 14, 2022, 10:00 a.m. The principal business activities of the Wealth Management segment include the investment management activities of First Republic Investment Management, Inc. The principal business activities of the Commercial Banking segment are gathering deposits, originating and servicing loans and investing in investment securities. It operates through two segments: Commercial Banking and Wealth Management. The Bank specializes in providing services, including private banking, private business banking, real estate lending and wealth management services, inclu ding trust and custody services, to clients in selected metropolitan areas in the United States. First Republic Bank (the Bank) is a commercial bank and trust company.
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