FRC - First Republic Bank Q1 beat on strong credit quality loan originations

First Republic Bank (NYSE:FRC) Q1 results topped Wall Street expectations as credit quality remains strong and loan originations "were our best ever," said Mike Roffler, CEO and President.  Q1 loan originations were a record $17.81B, up from $15.72B in Q1 2021, primarily due to increases in single family and multifamily lending. Interest income of $1.18B in Q1 rose from $1.02B in the same period a year ago, driven by growth in average interest-earning assets. Total wealth management assets of $274.19B rose from $218.93B in the year-ago period.  Deposits of $162.1B in Q1 vs. $156.32B in Q1 a year ago. Loans totaled $141.3B compared with $118.08B in Q1 2021.  The bank's Tier 1 leverage ratio was 8.70% at the end of March compared with 8.32% in Q1 2021.  Q1 tangible book value per share of $68.47 vs. $59.58 in the year-ago quarter.  Q1 efficiency ratio of 62.0% edged down from 63.5% in

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First Republic Bank Q1 beat on strong credit quality, loan originations