You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: Speaking today will be Jim Herbert, the bank's founder, chairman, and co-CEO; Gaye Erkan, co-CEO and president; and Mike Roffler, chief financial officer.
All are available on the bank's website.
It was another very strong quarter with robust growth in loans, deposits and wealth management assets.
Our client-centric business model is continuing to perform very well across all of our segments and all of our geographic markets.
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.
The growth is not predicated on mergers or acquisitions.
Let me review for a moment the results of the second quarter.
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.
This across-the-board, very organic growth drove our strong financial performance.
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.
The safety and soundness of the First Republic franchise continues to reflect our strong credit quality.
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.
We remain, as always, focused on capital and liquidity.
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.
This included higher-than-normal cash levels.
Our clients remain very active as the reopening of our urban coastal markets takes hold.
This is particularly evident in the strong growth of single-family home loans during the quarter and so far this year.
As represented -- this growth represented a substantial portion of the quarter's total loan activities, including both purchase and refinance.
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.
This is a very safe asset class, particularly with our stringent underwriting standards and is a key to us attracting new households.
During the second quarter, we opened our first banking offices in Hudson Yards.
Clients are responding well to our presence in the area and foot traffic has been actually quite good.
Our other new markets, including Palm Beach and Jackson Wyoming, continue to perform very well.
Overall, it's been a strong and successful first half of 2021.
Before turning the call to Gaye, I would like to take a moment to congratulate her on her appointment as co-CEO.
Gaye has been an inviable contributor to our performance, and I'm really delighted to continue our successful partnership at this new level.
Working together, we intend to ensure the consistency of First Republic's culture, which is particularly important as we emerge from the pandemic.
I'm honored to be appointed co-CEO and continue to serve this truly special organization alongside you and our leadership team.
We will work hard to keep scaling our people-first culture, with an unwavering focus on safety and soundness and doing more of what we do best, delivering exceptional service to our clients.
I'm excited about opportunities ahead and look forward to continue to work with all of our extraordinary colleagues at First Republic.
Turning to our earnings results, it was a terrific quarter that reflects our continued focus on safe, sound, organic growth.
Our top priority as an organization is taking care of our exceptional colleagues and empowering them to provide unparalleled client service.
Our client satisfaction results and exceptionally low client attrition, which, in turn, fuels our growth through repeat business and client referrals.
Happy people lead to happy clients, and the more happy clients we have, the more repeat business we do and the more client referrals we get.
Each year, more than 75% of our safe organic growth comes from these sources.
Over the past several years, we have continued to make strategic investments in technology and risk infrastructure.
These investments allow us to scale our service model, while keeping our bank safe and sound.
Our digital and tech investments are geared toward minimizing transactional time to create more time to build further trust and deepen relationships with clients and to serve our communities.
Let me now provide some additional comments about the quarter.
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.
A large percentage of refinance activity continues to come from clients with loans at other institutions, which provides us with great opportunities for new client acquisition.
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.
Turning to business banking.
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%.
This is in line with our historic utilization range of mid-30s to low 40s.
In terms of funding, it was an exceptional quarter.
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.
We continue to maintain a diversified deposit funding base.
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.
The strength of our integrated model continues to attract very high-quality teams.
Our second-quarter results demonstrate the power of our service model and the dedication of our exceptional colleagues.
Our strong second-quarter results reflect the consistency of our business model.
Revenue growth for the quarter was exceptional, up 34% year over year.
This was driven by strong organic growth across the franchise, including loans, deposits and wealth management assets.
Our net interest margin for the second quarter was 2.68%.
This includes the impact of our elevated cash position from fiscal and monetary policy, which has resulted in significant deposit growth.
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.
This is due to the robust growth in earning assets and a stable net interest margin.
We are pleased with our efficiency ratio, which was 62% for the second quarter.
Our expense growth remains proportionate to our revenue growth as we continue to invest in the franchise to deliver outstanding client service.
I would note that our 2020 Net Promoter Score actually increased from the prior year.
We continue to expect our efficiency ratio for the full-year 2021 to be in the range of 62% to 64%.
Let me talk for a moment about CECL, which has been in place for six quarters now.
CECL's formulaic guidelines take into account our loan growth, loan mix and historic credit performance.
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.
Turning to the tax rate.
Our effective tax rate for the second quarter was 17.4%.
The decline in the tax rate from the prior quarter was due to increased tax benefits resulting from stock awards vesting during the second quarter.
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%.
Overall, this was a great quarter in the first half of the year.
Our time-tested quite straightforward business model remains very focused on delivering the highest possible level of client service, doing only what we do best and operating very safely and soundly.
And it continues to work quite well.
Now we'd be delighted to take any questions.

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q2 revenue $1.2 billion versus refinitiv ibes estimate of $1.18 billion.
net interest income $1.0 billion for quarter, up 27.5% compared to q2 a year ago.

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