Second Quarter Earnings
Torrey Pines Bank continues to shine in growth and asset quality
Torrey Pines Bank, a leading, local commercial bank with offices throughout San Diego County and a subsidiary of Western Alliance Bancorporation today announced reported continued strong growth and excellent asset quality, despite the lackluster economy. As of June 30, 2008 loans grew to $607.6 million up 10.8% or $59.3 million from March 31, 2008 and by 39.6% or $172.2 million from one year ago. Deposits grew to $539.9 million, up 19.4% or $87.6 million, from March 31st. Assets as of June 30, 2008 were $755 million, up $144 million from $611 million a year ago. Non-performing assets totaled $608,000 or .08% of total assets. Net income increased 32% to $2.78 million in 2008 up from $2.11 million for the first half of 2007.*
Torrey Pines Bank grew to $755 million in assets as of June 3, 2008 from $20 million in initial capital in 2003. It became profitable in its eighth month of operation and is one of the top ten largest banks (of 109) that opened in 2003 and the largest of all California chartered banks that opened in the same year.
"We attribute our strong, continued financial success to solid practices of hiring leading executives that have worked at top performing banks, offering innovative services and personalized attention, drawing on the backing of a leader like Western Alliance and actively anticipating changes in the market," said Gary Cady, president and CEO. "Our continued, strong growth, even during the current economy, shows that we are committed to the industry and will be a major financial institution for local businesses for many years to come."
Three years ago, Torrey Pines Bank started actively lowering loan to value ratio requirements and addressing problem loans early, on its own accord in anticipation of changes in the economy. Its statistics on non-performing loans as a percent of assets and non-performing loans as a percentage of capital are extremely low-.08 and 1.3 respectively, representing strong financial health (significantly below the industry threshold of over five percent on non-performing loans as a percentage of capital potentially indicating issues with a financial institution).
Today, Torrey Pines Bank has seven offices (Carlsbad, Carmel Valley, Downtown, Golden Triangle, Kearny Mesa, La Mesa, and Symphony Towers) and over 120 employees. The bank's holding company, Western Alliance has over $5 billion in assets and is considered one of the fastest-growing financial service organizations in the nation.
Torrey Pines Bank specializes in offering business professionals big bank products and services delivered through small bank personal attention. Its resources surpass most small banks, including: the ability to provide commercial real estate loans three to five times higher than a typical bank and access to a complimentary, robust cash management platform for business banking customers and relationship bankers to assist with business needs. Additionally, non-profit organization customers are automatically enrolled in a cash back program when they open an interest bearing or non-interest bearing depository account. Torrey Pines Bank is the only community bank to receive the San Diego Society for Human Resources Management Workplace Excellence Award. It places a strong commitment to giving back to the community, with an executive office dedicated to it and a community advisory council that meets regularly.