55.7 F
San Diego
Tuesday, Mar 19, 2024
-Advertisement-

Silvergate Bank Reports $980,000 in Third-Quarter Net Income

Silvergate Bank, based in University City with four branches, reported third quarter net income of $980,000, compared to net income of $1.36 million in the like quarter of last year.

For the first nine months of this year, Silvergate reported net income of $3.4 million, compared to net income of $4.1 million for the like period of 2013.

Total assets at the bank increased 24 percent to $761.7 million as of Sept. 30. Loans held for investment doubled during the past year to Sept. 30 to $587.8 million.

The bank said the reduced net profits for the year compared to last year was due to Silvergate’s decision in the second quarter to stop selling reverse mortgage loans. The bank now retains those loans on its books.

CEO Alan Lane said he was pleased with the latest financial results. “All our lines of business are experiencing success, including our mortgage warehouse lending, commercial real estate lending, non-QM (qualified mortgage) lending and business lending so we’re hitting on all cylinders.”

Silvergate reported reduced net interest margins of 3.27 percent in the third quarter, compared to 4.42 percent for the third quarter of last year.

Loan quality remains superior with nonperforming loans to total assets ratio at 0.57 percent compared to 0.99 percent for the third quarter of last year.

Capital ratios all exceed levels to be considered well-capitalized, with total risk-based capital at 15.35 percent as of Sept. 30, compared to 17.14 percent in the year ago time frame.

Silvergate added five new employees recently, including two at a new loan production office it opened in Seal Beach.

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-
-Advertisement-