La Jolla-based Silvergate Bank on Tuesday said its annual net income rose to a record $8.1 million last year, up nearly 60 percent from $5.1 million in 2014, despite income staying flat in the fourth quarter.
Silvergate reported fourth-quarter net income of $1.7 million, the same as 2014.
Assets grew almost 10 percent to $948.2 million by the end of the year. The bank’s loan balance saw similar growth, hitting $835.5 million. Silvergate’s mortgage warehouse division continued its strong growth, funding $3.9 billion in loans compared to $2.6 billion the year before.
