The bank, however, added factors from consumer behavior to rate policies at the Federal Reserve to a list of uncertainties that could impact its forecast.

First Republic Bank was sold to JPMorgan on May 1.

“Our government invited us and others to step up, and we did,” Jamie Dimon, chairman and CEO of JPMorgan Chase, said in a statement. “Our financial strength, capabilities and business model allowed us to develop a bid to execute the transaction in a way to minimize costs to the Deposit Insurance Fund.”

First Republic’s collapse followed that of California’s Silicon Valley Bank on March 10 and days later, New York City-based Signature Bank.

JPMorgan reported total revenue during the first quarter of $38.3 billion, a 25% increase over year-ago levels. Earnings-per-share of $4.10 marked a 56% increase over first quarter 2022.

“The U.S. economy continues to be on generally healthy footings — consumers are still spending and have strong balance sheets, and businesses are in good shape,” Dimon said. “However, the storm clouds that we have been monitoring for the past year remain on the horizon, and the banking industry turmoil adds to these risks.”

The collapse of Silicon Valley Bank in California and the forced marriage between Swiss investment bank UBS and troubled Credit Suisse stoked fears of a global crisis in the financial sector. Banks had faced pressure in part from aggressive rate hikes from the Federal Reserve that undermined the strength of their long-term investments.

The heads of the various Federal Reserve districts, however, say this is not a repeat of the collapse of Lehman Brothers and the broader subprime mortgage crisis that triggered the so-called Great Recession during the mid-2000s.

“The banking situation is distinct from 2008 as it has involved far fewer financial players and fewer issues that need to be resolved, but financial conditions will likely tighten as lenders become more conservative, and we do not know if this will slow consumer spending,” Dimon stressed earlier this year.