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.