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Monday, Mar 18, 2024
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Silvergate Bank Reports Q1 Net Income of $1.2 million

La Jolla-based Silvergate Bank reported first quarter net income of $1.2 million, up from the $943,000 announced during the like quarter last year.

For the quarter ending March 31, Silvergate’s total assets jumped to $953 million from $725 million reported in the first quarter of 2014. The nearly $90 million spike from year-end 2014’s total assets of $865 million was due to higher balances in mortgage warehouse and other residential loans, according to CEO Alan Lane.

“We continued to see strong growth in our residential lending activities, as both home purchase and refinance activity picked up in the first quarter,” Lane said. “We’re investing the revenue generated by these activities to further expand our business banking market share and provide innovative, valued services to our core client base.”

While net income grew since last year, the $1.2 million for the first quarter dropped below the $1.7 million reported in the fourth quarter of 2014. The bank’s net interest margin grew from 3.12 percent last year to 3.33 percent, attributable to growth in higher-yielding loans, Lane said.

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