Silvergate Bank posts USD 980,000 of 3Q14 net income.
M2 EQUITYBITES-November 5, 2014--Silvergate Bank posts USD 980,000 of 3Q14 net income
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6 November 2014 - California-based Silvergate Bank has posted 3Q14 net income of USD 980,000 and nine-month net income of USD 3.43m.
The bank's total assets increased to USD 761.8m and equity grew to USD 73.9m. The bank's ratios of nonperforming loans to total loans and nonperforming assets to total assets both remained low but increased slightly to 0.65% and 0.57%, respectively.
Total assets at the end of 3Q14 increased to USD 761.8m, up USD 27.67m due to increased balances in commercial real estate loans, multi-family real estate loans, and single-family mortgage loans.
The bank's net interest income for 3Q14 was USD 5.97m, compared to USD 5.48m for the prior quarter and USD 6.91m in the third quarter of last year.
Silvergate Bank's net interest margin for 3Q14 was 3.27%, compared to 3.18% for 2Q14, and 4.39% for 3Q13.
Net interest margin improved over the prior quarter due to growth in the Bank's average interest earning assets.
Find out more at www.silvergatebank.com.
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|Publication:||M2 EquityBites (EQB)|
|Article Type:||Financial report|
|Date:||Nov 5, 2014|
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