Since 1985, First Republic's success has been grounded in colleague empowerment and a service culture of taking care of each client one at a time while operating in a very safe and sound manner.
This straightforward and personal approach has led to a very consistent organic growth for 36 years.
Total loans outstanding were up 18.9% year to date annualized.
Total deposits have grown 37% year over year.
Wealth management assets were up 55% year over year to a total of more than $240 billion.
Total revenue year over year has grown 34% and net interest income was up 27%.
Quite importantly, tangible book value per share increased 15.5% year over year.
Net charge-offs for the quarter were only $1.2 million, just a fraction of a basis point.
Nonperforming assets at quarter end were only 8 basis points of total assets.
At quarter end, our Tier 1 leverage ratio was 8.05% and our HQLA was 14.3% of total average assets during the second quarter.
For some perspective on the long-term stability of First Republic's service model, residential loans have remained steady at approximately 60% of our loan portfolio for the entire past two decades.
Each year, more than 75% of our safe organic growth comes from these sources.
Loan origination volume was $16.8 billion, our best quarter ever.
I would note that the weighted average loan-to-value ratio for all real estate loans originated during the second quarter remained conservative at 58%.
Single-family residential volume was $8.7 billion, also a record.
Refinance accounted for 49% of single-family residential volume during the second quarter.
For perspective, throughout the past 10 years across varying interest rate environments, refinance activity has always accounted for at least 40% of single-family volume.
Business loans and line commitments, excluding PPP loans, were up 27% year over year.
Capital call outstanding balances were down quarter over quarter, driven mainly by a reduction in the utilization rate from 40% to 36%.
Total deposits were up 37% from a year ago, supported by client activity, as well as a very meaningful impact from both fiscal and monetary policy.
Checking deposits increased by $5.3 billion in the second quarter and represented 68% of total deposits.
Business deposits represented 61% of total deposits, up modestly from the prior quarter.
The average rate paid on all deposits for the quarter was just 7 basis points, leading to a total funding cost of 20 basis points.
Turning to wealth management, assets under management increased to $241 billion.
This is an increase of $46 billion year to date, of which more than half was from net client inflows.
Year to date, wealth management fees were up 39% from the same period a year ago.
Revenue growth for the quarter was exceptional, up 34% year over year.
Our net interest margin for the second quarter was 2.68%.
We continue to expect our net interest margin for the full-year 2021 to be in the range of 2.65% to 2.75%.
Importantly, net interest income was up a very strong 27.5% year over year.
We are pleased with our efficiency ratio, which was 62% for the second quarter.
We continue to expect our efficiency ratio for the full-year 2021 to be in the range of 62% to 64%.
In accordance with CECL, our provision for credit loss during the quarter was $16 million, reflecting our continued loan growth.
Since CECL became effective at the start of 2020, we have added $160 million to our reserves, while only experiencing $4 million of losses.
Our effective tax rate for the second quarter was 17.4%.
These tax benefits added $0.11 to earnings per share in the second quarter.
This compares to $0.03 in the same quarter last year.
Under current tax law, we continue to expect our tax rate for the full-year 2021 to be in the range of 20% to 21%.

Summary:
Net charge-offs for the quarter were only $1.2 million, just a fraction of a basis point.
Importantly, net interest income was up a very strong 27.5% year over year.