Second Quarter Earnings
Torrey Pines Bank continues to shine in growth and asset quality
Torrey Pines Bank reported continued strong growth and excellent asset quality in its results for the 2nd quarter 2008: Loans grew to $607.6 million up 10.8% or $59.3 million from March 31, 2008 and up 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. Non performing assets totaled $608,000 or .08% of total assets. The bank had net income of $1.3 million down from $1.5 million in the first quarter of 2008.
“Our second quarter results are indicative of our team’s ability to build valuable relationships with customers while adhering to a prudent lending and cross-selling strategy. We continue to have the lending capacity businesses require and with a loan portfolio that holds non-performing assets at less than .08% of total assets. Customers can feel an increased sense of security doing business with Torrey Pines Bank as we continue to be well – capitalized by federal banking standards. Torrey Pines Bank will continue to expand our franchise in San Diego by serving the market with loan and deposit products. Our well capitalized position allows us to continue to look at expansion. We are well positioned to grow our market share in San Diego County by proving high levels of customer service in this especially challenging time.”
