Silvergate Bank, which is based in La Jolla and has four branches, reported Dec. 6 third-quarter net income of $738,000, down from $823,000 for the like period of 2010.

For the nine months, the bank reported net income of $2.28 million compared with net income of $2.17 million for the like period of 2010.

The bank said it enjoyed a big profit in the prior year’s third quarter from the sale of loans to the U.S. Small Business Administration and rental income on foreclosed rental property that it didn’t get in the most recent quarter.

The bank’s higher profit for the first nine months of the year was helped by an $800,000 decrease in provisions for loan losses.

Total assets were $434.4 million at Sept. 30, up from $384.6 million in the third quarter of last year.

The bank said it grew in assets mainly due to increases in its mortgage warehouse loans, along with other loans and investments.

Silvergate said the bank obtained $11.18 million in new capital in August through the federal government’s Small Business Lending Fund, which helped to boost its capital levels. The total risk-based ratio at Sept. 30 was 17.2 percent, above the 10 percent threshold for a well-capitalized institution.

— Mike Allen