Silvergate Bank reported net income of $8.7 million in 2017, the highest in the bank's history and about 7 percent higher than its 2016 total, $8.1 million.
For the fourth quarter of 2017, Silvergate reported $2.3 million in net income, which included a $1.1 million write-down spurred by tax reform legislation passed late in 2017. The bank reported net income of $2.4 million in the last quarter of 2016.
Silvergate's total assets as of the end of 2017 were $1.9 billion, compared to $978.1 million the year prior.
“The bank’s success in 2017 was due to substantial growth in noninterest bearing deposits as well as strong loan production from both our local business customers and our national residential loan originators," said Dennis Frank, the bank’s chairman.
The bank’s loans totaled $879.7 million on Dec. 31, compared to $836.1 million the same date the year prior.
At the end of 2017, deposits at the bank totaled $1.8 billion, more than double a year prior, when deposits totaled $769.9 million.
Silvergate attributed the increase in deposits to growth in the local market and in its fintech deposit initiative, which it launched a few years ago.
Reach reporter Sarah de Crescenzo at email@example.com.