California-based First Republic Bank logged net income of $97.9 million for the second quarter 2012, compared to $84.8 million for the same quarter a year before.

Noninterest expense for the quarter was $171.6 million, compared to $138.8 million a year earlier.

Wealth management assets were $23.3 billion at June 30, 2012, up 6 per cent for the quarter. Fees earned on wealth management assets, including investment advisory, trust and brokerage fees, were up 25 per cent year-over-year in the second quarter of 2012, the firm said.

Investment advisory fees were $14.7 million in the second quarter, up from $11.8 million a year earlier. Brokerage and investment fees were $2.7 million, up from $2.2 million. Trust fees were $2.2 million, up from $1.7 million.

At June 30, the bank recorded $9.9 billion of client assets under management, up 11 per cent for the quarter. Its trust company, First Republic Trust Company, administered $4.9 billion of trust and custody assets at quarter-end, up 6 per cent.

The Bank’s Tier 1 leverage and total risk-based capital ratios at June 30, 2012 were 9.55 per cent and 14.17 per cent respectively.