Michael J. Roffler
Chief Executive Officer and President at First Republic Bank
Thank you, Jim. It was another terrific quarter of continued strong growth and financial performance. This quarter's results once again demonstrate the strength of our business model and culture and the consistency of our execution.
Let me now share a few highlights for the quarter. Year-over-year total loans outstanding were up 23%. Total deposits have also grown 23%. Wealth management assets were up 2.5%, despite the S&P 500 being down 12% over the same period. Bob will touch a bit more on this momentarily. Our growth in turn led to strong financial performance. Year-over-year total revenues have grown 23%. Net interest income has grown 24%. Earnings per share is up 11%, and importantly, tangible book value per share has increased more than 13%.
Our focus on safety and stability supports consistent service, growth and results over time. Maintaining strong capital, credit and liquidity is a fundamental part of our business model. Our credit remains very strong. Non-performing assets were only 7 basis points at quarter end, and net charge-offs were only $1.3 million during the quarter. We remain very well capitalized with a Tier 1 leverage ratio of 8.59% at quarter end.
Effective asset liability matching is another important part of our model. 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. This drives strong growth in net interest income and total revenues. We continue to make strategic investments in people, technology and new offices to further strengthen client service and drive future growth. We have invested in people by growing our colleague base by 14% year-over-year. This supports our growth and differentiated level of client service.
Looking ahead, we see great opportunities to acquire new talent in client facing and support roles. Investments in technology also support our differentiated client experience and are critical to our strategy. Earlier this year, we successfully completed our core conversion, and we now remain focused on optimizing its potential. And we also continue to invest in our office footprint, which strengthens our brand and provides an important service point for clients.
During the quarter, we opened our first banking office in the Seattle area, where we had hired a couple of wealth management teams in the past two years. We are very pleased to now offer full-service banking and wealth management in this very attractive market. We remained focused on deepening our presence in urban, coastal and highly interconnected markets like Seattle. Over the next year, we expect to open approximately four new offices across our markets. Our success and consistent performance are the result of staying true to our client service model and remaining disciplined in our execution. Overall, it was a great quarter and first half of the year.
Now, I will turn the call over to Mike Selfridge, Chief Banking Officer.