Michael J. Roffler
Chief Executive Officer, President and Board Member at First Republic Bank
Thank you very much, Jim. It is an honor and privilege to serve as First Republic's CEO. We have many opportunities in front of us and I look forward to partnering with Jim, the Board of Directors, our leadership team and our colleagues to continue the growth and success of First Republic.
Now let me turn to this quarter's results. As Jim mentioned, it was a terrific first quarter across the board. Loans, deposits and wealth management assets were all up significantly from last year. In terms of loan originations, this was our best quarter ever. At the same time, credit quality remained very strong. Non-performing assets were only eight basis points at quarter end, and we actually had net recoveries during the quarter. Exceptionally strong credit has been a hallmark of First Republic since our founding and it will continue to be going forward. We are pleased to raise our quarterly dividend for the 11th consecutive year.
The consistency of our dividend is indicative of our strength and stability and our continued positive outlook. Year-over-year, total loans outstanding were up 19.7%, total deposits have grown 27%, and wealth management assets were up 25%. This strong growth in turn led to strong financial performance. Year-over-year, total revenues have grown 23%, net interest income is up 22%, while net income was up 20%, and tangible book value per share has increased more than 14%. Importantly, our Tier 1 capital was up 26%. As you recall, we added $2.8 billion of net new capital in 2021 in anticipation of our growth.
In addition to the strong financial performance during the quarter, we also successfully completed our core conversion, the largest technology project in the Bank's history. Strategically, our new core system lays the foundation for continued growth by further enabling digital banking innovation, driving the scalability of the entire enterprise in support of our bankers and wealth professionals, and enhancing client customization and security. As important, the system strengthens our regulatory and operational infrastructure as we continue to grow. The core conversion was a true team effort that points to the highly collaborative nature of First Republic.
I want to thank all of our colleagues for a job very well done. While this major effort is behind us, we continue to invest in technology to serve our clients and empower our colleagues. During the quarter, we also released our 2021 Net Promoter Score or NPS, an independent measure of client satisfaction. We are very pleased that our overall NPS increased by six points to 79, our highest level ever and significantly higher than the U.S. banking industry average of 34.
Our consistently high scores increased across every region, every line of business, and every generation of clients. Additionally, the more clients do with us, the more satisfied they are. For clients who consider us their primary Bank or Lead Bank, our NPS increased to 88, the highest level ever. Quite importantly, nearly two-thirds of our clients now consider us their Lead Bank. Our improved NPS even during the pandemic demonstrates the strengths of our -- the strength of our client-centric model under challenging conditions is a testament to the dedication of our team and the effectiveness of our technology investment in recent years. It is clear that the more challenging the environment, the more client service is valued. As we look ahead to the rising rate environment, First Republic remains well positioned. Our balance sheet is strong and our service model continues to thrive. Demand for client service is not cyclical. Overall, it was a great quarter.
Now I'll turn the call over to Mike Selfridge, Chief Banking Officer.
