Silvergate Bank Reports Q1 Net Income of $1.6 MillionThursday, May 11, 2017
La Jolla-based Silvergate Bank reported first quarter net income of $1.6 million, about 16 percent below the $1.9 million the bank reported a year ago.
The bank’s total assets fell over the quarter by about 3 percent to $948.9 million from $978.1 million at the end of the prior quarter.
Silvergate also reported an increase in expenses, which totaled $6.8 million in the first quarter, about 17 percent more than the prior quarter when they totaled $5.8 million and 19 percent more than in the same quarter last year, when expenses were $5.7 million. The bank said the increase was due to strong production activity, which increased compensation expenses, and an increase in headcount as the bank expands its business banking activities.
The bank’s commercial real estate loan balances increased by 4.3 percent during the first quarter to $366.5 million from $350.8 million at Dec. 31 and by nearly 30 percent from the same time last year, when balances totaled $283 million.
While single-family residential loan balances were down about 11 percent to $401 million from $451.1 million at the end of 2016 and by about 12 percent to $456.3 million at the same time last year, commercial and industrial loans rose about 17 percent in the first quarter to $49.1 million from $40.5 million at the end of 2016 and nearly 89 percent from $25.6 million at the same quarter last year.
Silvergate, which opened in 1988, has branches in Carlsbad, Escondido, La Jolla and La Mesa and a loan production office in the Orange County city of Seal Beach.