San Diego Business Journal

Assets Grow 55 Percent at Silvergate Bank

By Mike Allen Thursday, May 17, 2012

Silvergate Bank, based in La Jolla and with five offices, reported first quarter net income of $1 million compared with net income of $773,000 for the like quarter of 2011, the bank said May 15.

The bank nearly doubled its loan portfolio to $432 million as of March 31, with $74 million of that being loans held for sale. The bank, which launched a reverse mortgage lending line last year, did $419 million in residential mortgages in the quarter.

Total assets stood at $535 million at the end of March, up 55 percent from $345 million in the prior year’s first quarter.

Total deposits grew 33 percent to $330 million.

Its total risk-based capital ratio at the end of the quarter was 17.36 percent, above the 10 percent level to be considered well-capitalized, but below the 17.96 percent ratio at the end of March 2011. The bank held about $4 million in real estate on its books at the end of March. Along with noncurrent loans, the nonperforming assets make up 2 percent of total assets, up from 1.9 percent in March 2011.

Silvergate opened a new branch in Carlsbad and relocated its La Mesa office to a “more business friendly facility,” the bank said.