California-based First Republic Bank logged net income of $90.7 million for the fourth quarter, up by 19 per cent from a year earlier. For the full year, the bank said net income was a “record” $352.1 million.

When excluding the impact of purchase accounting and one-time costs, net income rose 30 per cent year-over-year for the fourth quarter to $59.1 million. For the full year, net income excluding the effect of purchase accounting items was $222.9 million.

Noninterest expense for the quarter was $158 million, an 18 per cent increase year-over-year. The bank attributed the rise primarily to personnel growth to support expansion at its loan, deposit and wealth management operations, and to increasing occupancy and technology costs as it adds offices and invests in “efficiency and client service.”

Wealth management assets, excluding sweep account balances, were $20.4 billion at 31 December, an increase of 21 per cent for the year.

Fees earned on wealth management assets, including investment advisory, trust and brokerage fees, were up 13 per cent collectively from a year earlier, the company said.

Investment advisory fees were $11.9 million for the fourth quarter, up from $9.3 million a year earlier. Brokerage and investment fees were $2.2 million, down from $2.98 million. Trust fees were $1.7 million, down from $1.8 million.

The bank’s Tier 1 leverage and total risk-based capital ratios at year-end were 8.81 per cent and 13.65 per cent respectively.