Net income at the bank overall was $76 million in the fourth quarter compared with $66.4 million for the prior quarter, according to First Republic’s first earnings report since it went public in December. Net income for the six months ending 31 December was $142.4 million.

The bank’s wealth management business includes First Republic Securities Company (FRSC), First Republic Trust Company and First Republic Investment Management (FRIM).

FRIM had $6.5 billion of assets under management, up 22 per cent from the prior year. In the fourth quarter, investment advisory fees were $9.3 million, up 11 per cent compared with the third quarter.

Assets at FRSC were $7.2 billion at year-end, a 24 per cent increase compared with the prior year. In the fourth quarter fees from brokerage activities were $3 million, up 39 per cent compared with the third quarter.

First Republic Trust Company administered $4.1 billion of trust and custody assets, a 14 per cent increase compared with the prior year. Fees from trust services were $1.8 million in the fourth quarter, up 40 per cent from the third quarter.

First Republic Bank raised a net $109.8 million via its initial public offering last month.