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

Silvergate Bank Reports Q1 Net Income of $1.2M

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 also jumped to $953 million from $725 million reported in 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.

Total deposits grew from $444 million in the first quarter of 2014 to $535 million in the first quarter of 2015, though the latest figures failed to meet year-end 2014’s deposits of $546 million.

Noninterest income for the first quarter was $446,000 compared with $792,000 in the fourth quarter, due to Silvergate’s lack of any significant loan sales during the quarter.

Capital ratios for Tier 1 leverage and overall risk-based capital were 9.1 percent and 13.1 percent, respectively, comfortably above the minimum standards of 5 percent and 10 percent considered to be well-capitalized.

The bank’s share of nonperforming loans and assets increased slightly this quarter, but both were less than 0.7 percent and were still considered very low, according to Silvergate.

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-
-Advertisement-