The firm’s bottom line faced pressure from a $24.9 million pre-tax expense tied to an employee compensation program linked to the company’s stock price. Shares of the firm rose from $89.19 to $105.54 during the quarter, triggering the payout. Excluding this and other non-GAAP items, adjusted net income hit $45.7 million, or $4.27 per share.

CEO Robert S. Lowenthal attributed the results to favorable market conditions and the strongest equity market performance in six years. Wealth Management assets under management reached a record $59.4 billion, though reported pre-tax income in that division dipped 11.4% to $55.7 million. Meanwhile, Capital Markets rebounded significantly, generating $22.5 million in pre-tax income compared to a loss of $3.9 million in the prior year, bolstered by a 158.5% jump in advisory fees.