La Jolla-based Silvergate Bank reported that its net income had increased to $1.9 million in the first quarter.
The company reported $1.7 million the prior quarter and its total assets grew to $952.7 million, an increase of $4.5 million.
The net interest income for the first quarter was consistent with the prior quarter, coming in at $8.1 million.
Noninterest income increased to $1 million from $375,000 in the prior quarter, due to an increase in the gain on sale of loans during the quarter.
Noninterest expenses rose to $5.7 million, a $0.6 million increase from strong production activity and an increase in total employees as the bank continues to expand its business banking activities.
The bank’s total loan balance decreased 5.8 percent from Dec. 31, 2015, to $787 million. The bank also decreased its residential loan balances by a little over $50 million, selling reverse mortgage loans (totaling $46.1 million) during the first quarter and residential mortgage loans (totaling $73.3 million) in 2015 with the continued plan of replacing lower yielding reverse mortgage loans with higher yielding assets.