TORREY PINES BANK CONTINUES TO LEND, SUPPORTING LOCAL BUSINESSES, REPORTS NET INTEREST INCOME, DEPOSITS, ASSETS GROWTH
-- California community bank maintains focus on providing businesses with loans, products, and services to help
them expand and grow, create jobs, grow local economies --
SAN DIEGO, August 21, 2012 - Torrey Pines Bank, a leading business bank in California and an
affiliate of Western Alliance Bancorporation, today announced a continued increase in business loans
to area businesses, as well as an increase in deposits, assets and net interest income in the second
quarter of 2012. Total revenue and pre-tax, pre-provision earnings remained consistent, and net income
decreased slightly as a result of higher loan loss provisions to support loan growth.
Loans grew to $1.4 billion in second quarter 2012, an increase of $89 million, or 7%, from first quarter
2012. They grew by $250 million or 23% year over year.
"Independent businesses are our country's backbone. We remain committed to helping business
owners and executives create jobs and stimulate the local economies in all of the markets that we serve.
While general sentiment may suggest that banks aren't lending, at Torrey Pines Bank, we have grown
business loans by 47% in the past two years alone. We are proud to be a strong, local resource and
attribute our success to having the resources our clients need to grow, and a team of local experts
recognized for their knowledge and attention to customer service. We continue to be an attractive
alternative for customers looking for guidance on growing their business," said Gary Cady, CEO.
Total deposits grew to $1.6 billion, an increase of $62 million, or 4%, from first quarter 2012. Deposits
grew by $210 million or 15% year over year.
Return on assets for the second quarter 2012 was 1.13%, slightly down from 1.28% in the first quarter
2012, but up from 0.95% from the same quarter last year. Total revenue remained the same, at $22.4
million, from first quarter 2012 to second quarter 2012. It increased by $2.8 million (or 14.2%) from
second quarter 2011.
Non-performing assets (NPAs) represent a mere 0.66% of total assets, as of the second quarter 2012.
NPAs decreased from .75% in first quarter 2012 and have never exceeded 0.83% over the past six
quarters, indicating a consistently strong loan portfolio. Tier One risk-based capital ratio is at 9.38%,
and all of the bank's capital levels exceed FDIC requirements for well-capitalized status.
For second quarter 2012, the bank reports that net income from continuing operations reached $5.3
million, down $0.5 million or 9% from the first quarter 2012 and up $1.1 million or 27% year over
year.
Pre-tax, pre-provision earnings of $11.4 million in second quarter 2012 were up $20 thousand (.2%),
from first quarter 2012. They were up $1.7 million (or 17%) from second quarter 2011. Pre-tax preprovision
operating return on average assets was at 2.54% compared to 2.63% for first quarter 2012. It
remained about the same year over year.
The bank started in 2003 with $20 million in initial capital and a single office with seven employees.
Today, it has $1.9 billion in assets, 12 full service offices, one loan production office and 228 full-time
employees. In addition to its financial growth, the community bank also recently announced Larry
Fountain has joined the bank as division president for the San Francisco Bay Area and the opening of a
new office in Beverly Hills.
"Our partnership with Torrey Pines Bank has been beneficial and rewarding. I appreciate doing
business with them because I believe they understand our business and objectives. It makes a
difference that we share some of the same values such as excellence, quality and giving back to the
community," said Tom Gildred, CEO of Emerald Textiles, and Ernst & Young "2012 Entrepreneur of
the Year" award winner.
Torrey Pines Bank was recently 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." The ranking, based upon 2011 year-end financials, further validates
its leadership position.
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 atwww.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 is also able to offer commercial real estate loans three to
five times higher than other community banks, given the support of its holding company, Western
Alliance Bancorporation, with more than $7 billion in assets and bank operations in Arizona, California
and Nevada. 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 San Diego Metro and Development Partner of the Year by the San Diego Housing
Federation in 2011.
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