Silvergate Bank, based in University City and with five offices, reported second quarter net income of $1.37 million, down from last year’s second quarter when it had $1.46 million in net income.

For the six months, Silvergate reported net income of $2.8 million compared with $2.5 million in net income for the first half of 2012.

The bank’s loans held for investment at June 30 were $334 million, down 7 percent from the amount for the like period of last year.

Commercial loans stood at $201.5 million, up from $190.7 million for the same quarter of 2012.

Total assets were $643 million, up 15 percent from the like quarter of last year.

The bank’s mortgage lending division funded $705 million in mortgages to small mortgage banks during the quarter, and nearly $1.4 billion in the first half. The bank is also buying reverse mortgages.

Capital ratios remain above the ‘well-capitalized’ minimum standards, with total risk-based ratio at 18.08 percent, above the 17.22 percent ratio for the like quarter of 2012.

The bank celebrates its 25th anniversary next month.

— SDBJ Staff Report