TORREY PINES BANK ANNOUNCES SOLID PERFORMANCE, CONTINUED GROWTH IN FOURTH QUARTER
-- California community bank reaches $2 billion in assets, increases lending and deposits; maintains focus on
offering local businesses solutions to address their unique needs through breadth of offerings, personalized
attention from experienced area bankers with vested interest in local communities --
SAN DIEGO, March 4, 2013 - Torrey Pines Bank, a leading business bank in California and an
affiliate of Western Alliance Bancorporation, today announced that it closed out a year of solid
performance, with increases in revenue, loans and deposits and continued improvement in asset quality
in the fourth quarter 2012
Torrey Pines Bank currently has $2 billion in assets, 12 full service offices, and 233 full-time
employees since starting almost ten years ago in 2003, with $20 million in initial capital and a single
office with seven employees.
The bank also reported:
- Total revenue was $23.3 million in fourth quarter 2012, an increase of $384,000 or 1.7% from
third quarter 2012 and of $1.6 million or 7.6% year over year.
- Loans grew to $1.5 billion in fourth quarter 2012, by $77.6 million, or 5.4%, from third quarter
2012. Loans grew by $158 million or 12% year over year. Torrey Pines Bank has grown
business loans by 39% in the past two years alone.
- Total deposits grew to $1.7 billion in fourth quarter 2012, an increase of $65 million, or 4.1%,
from third quarter 2012. Deposits grew by $263 million or 18.5% year over year.
- Total assets for fourth quarter 2012 were $2 billion, increasing by $131 million or 7% from
third quarter 2012, and increasing significantly by $291.4 million or 16.9% year over year.
- Net income from continuing operations was $5.2 million in fourth quarter 2012. This is down
$1.2 million or 19% from third quarter 2012 and down $.7 million or 12% for fourth quarter
2011, partially due to higher loan growth resulting in corresponding allowances for loan loss
provisions.
- Operating net income for the year of $22.7 million is up $3.2 million or 16% from 2011.
- Return on assets for the fourth quarter 2012 was 1.67%, (excluding discontinued operations) up
from 1.3% in the third quarter 2012, and up 27 basis points from fourth quarter 2011. Return on
assets for 2012 (excluding discontinued operations) was 1.19% up from 1.16% in 2011.
- Non-performing assets (NPAs) represent 0.47% of total assets, as of the fourth quarter 2012.
NPAs decreased from 0.7% in third quarter 2012 and decreased from .73% year over year. They
have never exceeded 0.83% over the past eight quarters, indicating a consistently strong loan
portfolio.
- The bank has a strong capital position; Tier One risk-based capital ratio is at 9.05%.
“2012 has been a year of solid performance for Torrey Pines Bank. We appreciate the support and
opportunity to earn our clients’ business and trust. We will continue to strive to provide the personal
attention, industry insights and access to a breadth of products to help businesses make the best
financial decisions at each stage of their business. We look forward to another great year of continued
success and to continuing to focus on what we do best -- working with the local business community to
help businesses and people thrive,” said Gary Cady, CEO, Torrey Pines Bank.
In 2012, Torrey Pines Bank opened its Beverly Hills office; announced the hiring of Division President
Larry Fountain for the Bay Area, as well as other key, customer-focused executives in the region, Los
Angeles, and San Diego. The bank gave over $290,000 to not-for-profit organizations such as The
American Red Cross for Hurricane Sandy Relief, Korean Churches Community Development, The San
Diego Symphony, SAY San Diego, The American Heart Association, The YMCA and many others.
The bank draws on the support of Western Alliance Bancorporation, a $7.4 billion regional bank
holding company with operations in Arizona, California and Nevada. Torrey Pines Bank was
recognized by industry-rating agency, The Findley Reports, for achieving ‘Super Premier Performance’
classification, the agency’s highest rating in its “Findley Reports on Financial Institutions.”
About Torrey Pines Bank
Torrey Pines Bank is a California-chartered commercial bank, providing commercial and financial
services to small and middle market businesses, and personal banking services to proprietors,
employees, executives and consumers desiring a personal banking relationship. Information about
products and services offered by Torrey Pines Bank is available at www.torreypinesbank.com.
In addition to being ranked San Diego County’s number one community bank SBA 504 lender for
seven consecutive years, Torrey Pines Bank was a recipient of the Peak Performance Award presented
by National University School of Business (2008); named Most Admired San Diego Company by San
Diego Metro and Development Partner of the Year by the San Diego Housing Federation in 2011. The
bank’s CEO, Gary Cady, is a San Diego Business Journal 2012 Most Admired CEO Award Winner.
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