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Tuesday, Mar 19, 2024
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Silvergate Bank Posts Q2 Net Income of $1.7 Million

La Jolla-based Silvergate Bank said Monday it took in $1.7 million in net income in the second quarter of the this year, down 45 percent from the same quarter last year when it earned $3.1 million.

Net income in the three-month stretch that ended June 30 was also less than the bank’s first quarter net income of $1.9 million.

So far this year, the bank has reported net income totaling $3.6 million. That’s less than it earned in the first six months of 2015 when the bank took in $4.2 million, according to Silvergate. However, the total for the first two quarters of 2015 included a one-time gain of $1.1 million, the bank said.

Assets at the bank rose to $979.6 million in the second quarter, up from $952.7 million in the first quarter, the bank reported. Deposits as of June 30 totaled $720.8 million, up 11.7 percent over last quarter and 14.5 percent over last year.

Overall loan balances at Silvergate were up by $30.5 million in the second quarter to $817.5 million, the bank said.

Loan balances for commercial real estate were up nearly 14 percent over the previous quarter, at $317.7 million, and by about 54 percent over last year.

Residential loan balances, at $327.1 million, were up by about 9 percent from the first quarter but down by about 23 percent from last year.

Silvergate added to its allowance for loan losses during the quarter. The provision totaled $497,000, up from $322,000 in the first quarter. That was in response to “strong loan growth” and expansion of commercial lending, the bank said.

Income not from interest was $652,000, significantly down from last year’s $2.5 million due to fewer loan sales, the bank said. Expenses were up, which the bank attributed in part to an increase in staffing as it expands its business banking activities.

Silvergate Bank, a subsidiary of Silvergate Capital Corp., has branches in La Jolla, Carlsbad, Escondido and La Mesa and a loan production office in Orange County.

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