Torrey Pines Bank Marks Anniversary with Continued Growth
Leading San Diego commercial bank announces income and deposit growth and improved efficiency, holds strong to philosophy of prudent banking practices
Torrey Pines Bank, a leading local commercial bank with offices throughout San Diego County and a subsidiary of Western Alliance Bancorporation, today announced that it is marking its seventh anniversary, on the heels of a positive first quarter in 2010.
In only a few years, Torrey Pines Bank has been acknowledged as a local leader. Among its accolades, the bank has been recognized as the number one community bank SBA 504 lender for five consecutive years, a Peak Performance Award winner by the National University School of Business & Management, and the only bank in its size category to win the “Best Place to Work” award from the Society of Human Resources Management.
Founded in 2003 with $20 million in capital, a single office and seven employees, Torrey Pines Bank today has over $1 billion in assets, seven strategically located offices (in Carlsbad, Carmel Valley, Downtown, Golden Triangle, Kearny Mesa, La Mesa and Symphony Towers) and more than 150 full-time employees. First quarter 2010 results announced by the bank include:
- Year-to-date net income of $589 thousand (gross of losses incurred by discontinued operations), up $1.216 million from fourth quarter 2009.
- Total risk-based capital ratio of 14.34% and Tier 1 Leverage ratio of 10.92%. As of March 31, 2010, the bank grew to $1.19 billion in assets, up from $919 million in assets as of March 31, 2009, an increase of 29% year-over-year.
- Deposits at $1 billion as of March 31, 2010, up from $931 million at 12/31/09. Year-to-year deposits grew 25%, from $831 million as of March 31, 2009. The bank’s deposit mix is favorable with DDA accounts up 95% year over year, resulting in a strong liquidity position. Torrey Pines Bank’s excess liquidity enables the bank to further leverage ?he heightened demand from entrepreneurs and businesses in need of loans to grow their enterprises.
- Loans at $822 million, up from $819 million in fourth quarter 2009, and $695 million in first quarter of 2009, an increase of 18% year-over-year.
- Discontinued operations at a year-to-date loss of $935 thousand. Year-to-date consolidated loss for the commercial bank and discontinued operations was $346 thousand.
"We have experienced exciting and challenging times in the industry since starting Torrey Pines Bank seven years ago," said Gary Cady, CEO of Torrey Pines Bank. “Through it all, we have maintained an unfaltering focus on serving the needs of local small and middle market businesses and have upheld the prudent and conservative banking practices, for which we have become known. We believe this dedication has resulted in increased opportunities to serve the needs of our community and loyal customer base, as was illustrated by the bank’s organic assets and deposits growing at a rate greater than any other locally based community bank. As the local banking industry continues to consolidate, we look forward to remaining an attractive alternative to large banks that are more transaction oriented and small community banks that cannot meet the elevated credit and cash management needs of business owners looking to grow."
Cady pointed to specific measures leading to the bank’s success:
- Actively managing its loan portfolio. Non-performing assets represent an admirable level at 2.42% of total assets, which is down from 2.60% at the end of fourth quarter 2009.
- Increasing Total Risked Based Capital and Tier 1 Leveraged Capital levels from 2009 year end.
- Hiring key personnel including veteran relationship bankers in its branch network and support to its credit administration team, which enables the bank to continue to meet the needs of its customers and prospects in a timely manner. Senior management has an average of 27 years in the industry and the majority are long-term local residents with a personal stake in its economic welfare.
- Developing educational tools for small business owners, such as its Aventine Network and Business Bootcamp series, which include guidance and advice on issues ranging from commercial real estate expert tips, cyber crime, identity theft and fraud prevention to online and offline marketing strategies.
- Responding to the needs of its community by infusing significant cash contributions even as other corporate citizens have retracted their philanthropic efforts in this time of economic hardship. In April, Torrey Pines Bank gave over $65,000, more than double its previous year’s contribution, to 60+ local organizations as part of its cash back program. Additionally, the bank donated over $275,000 to charitable causes in 2009, and its employees contribute hundreds of hours of in-kind professional services under the bank’s corporate philanthropy and volunteer program for its customers.
With the backing of its parent company Western Alliance, Torrey Pines Bank is able to offer business owners additional reassurance with up to five times more FDIC insurance and commercial real estate loans three to five times higher than at a stand alone community bank. Customers have access to a relationship banker, business and personal deposit accounts, equipment financing and other value-added services.
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 pers?nal 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.
About Western Alliance Bancorporation
Western Alliance Bancorporation is the parent company of Bank of Nevada, Alliance Bank of Arizona, Torrey Pines Bank, First Independent Bank of Nevada, Alta Alliance Bank and Premier Trust. These dynamic companies provide a broad array of banking, trust, investment and mortgage services to clients in Nevada, Arizona and California. Staffed with experienced financial professionals, these organizations deliver a broader product array and larger credit capacity than community banks, yet are empowered to be more responsive to customers’ needs than larger institutions.