Equilibrium states of large layered neural networks with differentiable activation function and a single, linear output unit are investigated using the replica formalism. The quenched free energy of a student network with a very large number of hidden units learning a rule of perfectly matching complexity is calculated analytically. The system undergoes a first order phase transition from unspecialized to specialized student configurations at a critical size of the training set. Computer simulations of learning by stochastic gradient descent from a fixed training set demonstrate that the equilibrium results describe quantitatively the plateau states which occur in practical training procedures at sufficiently small but finite learning rates.