Silvergate Bank in La Jolla more than doubled its net income from $3.1 million in 2011 to $7.4 million in 2012 – its highest annual total since its founding in 1988.
Assets grew 45 percent to $684.3 million, partly due to a 25 percent rise in real estate loans. Deposits jumped 74 percent to $490.5 million.
Silvergate, which targets small businesses, also cut its past-due loans and foreclosed properties from 3 percent of assets in 2011 to less than 1 percent in 2012.
On a quarterly basis, net income tripled from $801,000 in the fourth quarter of 2011 to $2.5 million in the same period of 2012.
4275 Executive Sq. Ste., 800
La Jolla, CA 92037
Executive Editor George Chamberlin speaks with Alan Lane, president and CEO of Silvergate Bank, about Lane's view on post-recession hesitancy in the financial industry and the bank's strategy for financing small businesses.