Torrey Pines Bank Grows Net IncomeMonday, August 27, 2012
Torrey Pines Bank reported second quarter net income of $5.1 million, up from net income of $3.7 million in the like quarter of last year.
For the first six months, the bank that is a subsidiary of Phoenix-based Western Alliance Bancorporation, reported net income of $10.6 million, compared with net income of $7.2 million for the like period of 2011.
Total loans increased 23 percent year-over-year to $1.7 billion, with a big chunk coming from TPB taking market share from some of the larger banks, said CEO Gary Cady.
“We’re picking up market share from some of the larger banks,” Cady said. “Service is a recurring theme. … We’re attracting them because of our customer service, responsiveness and decisiveness.”
Over the past two years, TPB said its business lending increased 47 percent.
Nonperforming assets as a percentage of total assets of $1.9 billion declined from 0.75 percent in the first quarter to 0.66 percent in the second quarter.
The bank that was launched in 2003 is the area’s third largest based in San Diego, behind California Bank & Trust and BofI Federal Bank.