La Jolla-based Silvergate Bank reported fourth-quarter net income of $2.4 million, up 41 percent from $1.7 million in the final quarter of 2015.
That contributed to 2016 earnings of $8.1 million, the same as in 2015 — the highest in the bank’s history.
Earnings in 2015 were bolstered by a one-time gain of $1.1 million from an asset sale, the bank said.
CEO Alan Lane said it was the bank’s 19th consecutive year of profitability.
“We did this while simultaneously making a very substantial investment in technology that will allow Silvergate to expand our products and services to our business customers,” Lane said.
Dennis Frank, bank chairman, attributed the successful year in large part to strong loan production.
“The bank experienced record growth in our residential lending activity as we continued to focus on expanding the partnerships that we’ve developed with both our local business customers and our national residential loan originators,” Frank said.
