Goldman Sachs reported what seemed like a good first quarter, but analysts were more concerned about the bank’s future than the past three months. They peppered the chief financial officer with questions about impending regulations, and investors sent Goldman’s stock down even as other banks rose.

By the numbers, it was a decent quarter. Profit rose 5 percent and revenue was up 1 percent. Both beat analysts’ expectations. Bond underwriting soared 69 percent as issuers rushed to take advantage of low interest rates and a hearty appetite for corporate debt among investors. CEO Lloyd Blankfein described the results as “generally solid.”

Goldman’s leaders sounded a cautious tone on a conference call with analysts, however. They said investors were still nervous about the economy and that the bank would continue to focus on controlling costs.

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