Michael J. Roffler
Chief Executive Officer, President and Board Member at First Republic Bank
Thanks, Jim. 2022 was a terrific year with record loan growth, record loan origination volume, record revenue and record earnings per share. Let me begin by covering some key results for the year. Total loans were -- outstanding were up 24%. Total deposits have grown 13%. Wealth management assets were down only 3%, while the S&P 500 was down more than 19% over the same period. This strong growth in turn has led to strong financial performance. Year-over-year, total revenues have grown 17%. Net interest income has grown 17%. Earnings per share has grown 7%. And importantly, tangible book value per share has increased 11% during the year.
As we look to a more challenging year ahead, we remain well positioned to deliver safe, strong growth through the consistent execution of our service-focused culture and business model. We remain very well capitalized as a result of raising capital methodically and opportunistically over time. Our Tier 1 leverage ratio was 8.51% at quarter end. Credit quality remains excellent. Net charge-offs for the fourth quarter were less than $1 million. For the entire year, net charge-offs were less than $3 million or less than one-fifth of a single basis point of average loans.
Non-performing assets ended the year at only five basis points of total assets. As Jim mentioned, this is one of our best levels ever. We do not stretch on credit quality to deliver loan growth. Our growth is driven by consistent execution of exceptional client service, one client at a time each and every day. Today, we released the results of our 2022 Net Promoter Score survey, our client satisfaction scorecard. We are pleased to have achieved a record high score of 80. This is an increase from last year's score, which was also a record at the time. At the same time, client satisfaction has declined for the overall banking industry.
In 2022, the Net Promoter Score for the U.S. banking industry declined to only 31. Our service-focused model is truly differentiated even more so during challenging and disruptive environments. During 2022, we also continued to make thoughtful investments that support service excellence and growth. We expanded into the Seattle area by opening our first banking location in the market. We brought on 13 new wealth manager teams, one of our best recruiting years ever. And we successfully upgraded our core banking system, the largest technology project we've ever undertaken.
As Jim mentioned, since mid-November, we've been operating with a challenging yield curve. To help us navigate the margin pressure in the near-term, we continue to moderate our expense growth. At the same time, we remain focused on the long-term and continue to leverage our reputation of exceptional service to drive new business and grow total households. Our focus on service drives our growth as clients stay with us, do more with us and refer their friends and colleagues. In fact, during 2022 and driven by our highest ever level of client satisfaction, total households increased a very strong 15%. This is nearly double the growth rate of the prior year. Over time, this growth compounds continuing to deliver shareholder value and consistent profitability as it has for 37 years since our founding. Overall, 2022 was a very strong year for First Republic.
Now I'd like to turn the call over to Mike Selfridge, Chief Banking Officer.