Silvergate Bank in La Jolla, California (CA)

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Silvergate Bank
GeneralFDIC Certificate #: 27330
Status: Active
Federal Reserve ID: 1216826
Bank Holding Company (Regulatory Top Holder): Silvergate Capital Corporation (RSSDID: 3695667, Location: La Jolla, CA)
Date Established: August 26, 1988
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 6 (Domestic: 6, Interstate: No)
OTS Docket #: 14732
FDIC's unique #: 39584
Numeric code: 21
Regulator: FDIC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
Insured commercial Banks: Yes
FDIC Insured: Yes
Deposit Insurance Fund member: Yes
Ownership Type: Non-Stock
FFIEC Call Report 31 Filer: No
State Chartered: Yes
Subchapter S Corporations: No
Asset Concentration Hierarchy: Commercial Lending Specialization
Date of Deposit Insurance: August 26, 1988
Last Structure Change Effective Date: Febuary 28, 2009
Last Structure Change Process Date: December 04, 2009
Last Data Update: December 04, 2009
Data Source Date: April 05, 2012
LocationAddress: 4275 Executive Square, Suite800, La Jolla, CA 92037
County: San Diego
Quarterly Banking Profile Region: San Francisco
FDIC Geographic Region: San Francisco
FDIC Supervisory Region: San Francisco
FDIC Field Office: Orange
Office of the Comptroller the Currency (OCC) District: Midwest
Office of Thrift Supervision Region: Western
Metropolitan Statistical Area (MSA): San Diego, CA (#7320)
Core Based Statistical Area (CBSA): San Diego-Carlsbad-San Marcos, CA (#41740)
CBSA Metro Statistical Area: San Diego-Carlsbad-San Marcos, CA (#41740)
History of ChangesChange in Entity Type
Financial SummaryTotal assets: $470.5 mil
Equity capital: $63.8 mil
Deposits held in domestic offices: $282.6 mil
Return on assets (ROA): 0.78% ($3.7 mil)
Quarterly return on assets: 0.71% ($3.3 mil)
Return on Equity (ROE): 6.62% ($4.2 mil)
Quarterly return on equity: 5.54% ($3.5 mil)
Net income: $3.1 mil
Quarterly Net income: $0.8 mil
Pretax return on assets: 1.33% ($6,257.3 mil)
Quarterly Pretax return on assets: 1.21% ($5,692.8 mil)

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)
(Dollar figures in thousands)
Total employees (full-time equivalent)72
Total assets$470,476
Cash and due from depository institutions$23,438
Interest-bearing balances$21,163
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$354,267
Loan loss allowance $4,028
Trading account assets$0
Bank premises and fixed assets$1,276
Other real estate owned$3,793
Goodwill and other intangibles$152
All other assets$11,319
Life insurance assets$470,476
Total liabilities and capital$406,703
Total liabilities$282,645
Total deposits$251,115
Interest-bearing deposits$282,645
Deposits held in domestic offices$82
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$121,890
Other borrowed funds $0
Subordinated debt $2,168
All other liabilities $63,773
Total equity capital$63,773
Total bank equity capital$63,773
Perpetual preferred stock$0
Common stock$0
Undivided profits $18,402
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $17,085
Income earned, not collected on loans $10,528
Earning assets $0
Long-term assets (5+ years) $1,599
Average Assets, year-to-date $451,661
Average Assets, quarterly $57,600
Volatile liabilities $395,795
Insider loans $452,414
FHLB advances $359,331
Loans and leases held for sale $411,431
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $63,756
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $22,039
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $20,194
Total interest expense $4,346
Net interest income $15,848
Provision for loan and lease losses $825
Total noninterest income $1,181
Fiduciary activities $0
Service charges on deposit accounts $38
Trading account gains & fees $0
Additional noninterest income $1,143
Total noninterest expense $11,319
Salaries and employee benefits $6,983
Premises and equipment expense $1,118
Additional noninterest expense $3,218
Pre-tax net operating income $4,885
Securities gains (losses) $369
Applicable income taxes $2,170
Income before extraordinary items $3,084
Extraordinary gains - net $0
Net income attributable to bank $3,084
Net charge-offs $0
Cash dividends $3,084
Sale, conversion, retirement of capital stock, net $979
Net operating income $0
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.36%
Cost of funding earning assets 1.15%
Net interest margin 4.20%
Noninterest income to earning assets 0.31%
Noninterest expense to earning assets 3.00%
Net operating income to assets 0.72%
Return on assets (ROA) 0.78%
Pretax return on assets 1.33%
Return on equity (ROE) 6.62%
Retained earnings to average equity (YTD only) 6.62%
Net charge-offs to loans 0.34%
Credit loss provision to net charge-offs 84.27%
Efficiency ratio5.83%
Assets per employee$66,469
Cash dividends to net income (YTD only)6.53%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 1.12%
Noncurrent assets plus other real estate owned to assets 38.26%
Noncurrent loans to loans 3.04%
Net loans and leases to deposits2.94%
Net loans and leases to core deposits 125.34%
Equity capital to assets 127.76%
Core capital (leverage) ratio 13.55%
Tier 1 risk-based capital ratio 15.50%
Total risk-based capital ratio 17.74%
Average assets$19
Average earning assets$395,795
Average equity $46,618
Average loans $376,951
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6 California Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
039584Silvergate Bank4275 Executive Square, Suite800, La Jolla, CA 92037August 26, 1988Full Service Brick and Mortar
1359284La Mesa Branch8211 La Mesa Boulevard, La Mesa, CA 91941January 16, 2001Full Service Brick and Mortar
2258613Lancaster Branch539 West Lancaster Boulevard, Lancaster, CA 93534May 28, 1982Full Service Brick and Mortar
3258622Riverside Branch3692 Sunnyside Drive, Riverside, CA 92506July 06, 1987Full Service Brick and Mortar
4516694La Jolla4250 Executive Square Suite 100, La Jolla, CA 92037August 26, 1988Full Service Brick and Mortar
5520804Escondido Branch128 North Broadway, Escondido, CA 92025June 13, 2011Full Service Brick and Mortar
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