James H. Herbert
Founder, Chairman and Co-Chief Executive Officer at First Republic Bank
Thank you, Mike. Good morning, everyone. It was another strong quarter with robust growth in loans, deposits and wealth management assets. First Republic's unique, simple client-centric business model continues to perform very well across all of our segments and our markets.
Since 1985, First Republic success has been grounded in a culture of exceptional service, taking care of each client one at a time, serving our existing clients exceptionally well, nothing has changed. It is a story of straightforward execution of our model, which results in consistent compounding, organic growth year-after-year. This quarter was not an exception.
Let me review briefly the results for the third quarter. Total loans outstanding were up 18.8% year-to-date annualized. Total deposits have grown 39% year-over-year. Wealth management assets were up 50% year-over-year to a total of more than $250 billion. This across the board organic growth drove our very strong financial performance for the quarter.
Year-over-year, total revenue has grown 30%. Net interest income was up 27% and, quite importantly, tangible book value per share increased almost 19%. The safety and soundness of the Bank continues to reflect very strong credit quality. Net charge-offs for the quarter were only $292,000, just a fraction of a basis point. Non-performing assets at quarter end were only 7 basis points of total assets. As always, we're very focused on capital and liquidity.
During the third quarter, we raised $1.2 billion of new Tier 1 capital to support our continued growth. This included common equity as well as our Series M Perpetual Preferred Stock, which was issued at our lowest dividend rate ever actually, 4%. At quarter end, our Tier 1 leverage ratio was 8.55%. Our HQLA liquidity level at quarter end was 16.7% of total average assets. This included very strong cash levels.
We continue to be focused on strengthening our communities as we have been for 36 years. For example, this month, we participated in a capital raise for the Supportive Housing Fund managed by SDS Capital Group. These funds will be used to address the homelessness challenge in California by providing additional permanent housing. Our participation in this initiative is only a modest part of our long-term focus on investing and strengthening our communities. Overall, 2021 so far has been the strong and successful year.
Now let me turn the call over to Gaye Erkan, Co-CEO and President.