Net income in Q4 2010 was affected by expenses related to the initial public offering, amounting to $5.1 million after tax. If impacts of purchase accounting and IPO-related costs are excluded, the net income figures are $54.5 million for the first quarter of 2011, and $45.3 million for the prior quarter.

Wealth management assets grew 12 per cent over the first quarter, and stood at $18.9 billion at 31 March 2011.

First Republic Investment Management, part of the group’s wealth management division, recorded client assets under management of $7.4 billion at the end of the quarter. This represents a 14 per cent increase consecutively.

First Republic Trust Company, also within the firm’s private wealth offering, administered $4.2 billion of trust and custody assets at 31 March, up by 9 per cent since the end of December.

The bank has been notable lately for the fast pace at which it has seemed to expand its staff and office base. Last month, for instance, it made a number of hires in California, adding to its St Helena and Santa Barbara offices, and also opened up a second office in Menlo Park.

It currently focuses on the following markets: San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Boston, Greenwich and New York City.