TORREY PINES BANK INCREASES LENDING TO SMALL BUSINESSES, FOCUSES ON EXCELLENCE IN MANAGEMENT AND CUSTOMER SERVICE IN THIRD QUARTER 2011
California community bank announces steady financial and regional growth
San Diego CA, November 14, 2011 - Torrey Pines Bank, a leading commercial bank in California and an affiliate of Western Alliance Bancorporation, today announced strong earnings in the third quarter of 2011, indicating continued growth in lending, deposits, net income, and revenue. The community-focused bank attributes positive earnings and sustained growth to excellence in management and customer service.
In third quarter 2011, net income reached $4.9 million, up $1.5 million or 44% when compared to third quarter 2010, and $1.2 million or 32% up from second quarter 2011. The bank’s cumulative net income over the last four quarters reached $14.7 million, resulting in a 0.95% Return on Average Assets.
In 2011 total revenue grew to $20.7 million, up from $19.7 million in the second quarter (or 5%) and $58.7 million to date. Pre-tax, pre-credit income was $10.7 million in the third quarter of 2011, up $3.7 million or 53% year over year. Pre-tax, pre-credit return on average assets (ROAA) improved to 2.7% from 2.1% from the same quarter last year.
Torrey Pines Bank’s loans grew to $1.2 billion, an increase of $223 million, or 22%, from the same quarter last year. Over the same period, deposits grew to $1.4 billion, which is an increase of $167 million, or 14%, from third quarter 2010.
The bank also announced that non-performing assets represent just 0.73% of total assets, as of September 30, 2011. This figure has been steadily declining from 0.83% on March 31, 2011, indicating extraordinary credit quality and market expertise. Over the past four fiscal quarters, non-performing assets have never exceeded 1.3%, and are on a steady decline, which is indicative of a consistently strong loan portfolio.
Additionally, Tier I Risked Based capital ratio is at 10.24%. All capital levels exceed FDIC requirements.
In 2003, Torrey Pines Bank started with $20 million in initial capital and a single office with seven employees. As of September 30, 2011, the bank has $1.6 billion in assets, 11 offices, and 200 full-time employees. Recently, Torrey Pines Bank opened a new loan production office in Walnut Creek, California. The bank plans to open a new full-service office in Beverly Hills during the first quarter of 2012.
“Contrary to the general sentiment that banks are not currently meeting the needs of borrowers, we are proud to announce that we are growing, lending to local businesses, and helping them to stimulate the regional economies we serve through job creation and growth,” said Gary Cady, CEO. “We pride ourselves on maintaining the prudent banking practices and fundamentals that have led to our success, and are happy to repeatedly hear from customers that Torrey Pines Bank is a welcome change. We will continue to provide exceptional, hands-on service, and access to experienced local bankers with a vested interest in the communities we represent.”
Torrey Pines Bank has been ranked as San Diego County’s number one community bank SBA 504 lender for six consecutive years. With the support of its holding company, Western Alliance Bancorporation, the bank can offer clients commercial real estate loans three to five times higher than other community banks. Not-for-profit customers also can benefit from the bank’s program for 501 (c) 3 organizations including higher yields and unlimited FDIC insurance on deposit account types.
Since its inception, Torrey Pines Bank has donated more than $1 million to charitable causes. The bank was a recipient of the Peak Performance Award presented by National University School of Business (2008). Torrey Pines Bank was also named Most Admired San Diego Company by SDMetro and Development Partner of the Year by the San Diego Housing Federation earlier this year.
As part of its continued efforts to support local businesses, the bank will hold its next educational Aventine Network seminar on 401(K) Plan Fees and Compliance: Best Practices for Fiduciaries on November 16 at 11:30 a.m. at The Hyatt Regency La Jolla at Aventine.
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. |
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