July 28, 2014 3:11 PM ET

Banks

Company Overview of Silvergate Bank

Company Overview

Silvergate Bank, a state chartered bank, provides banking products and services for individuals and businesses in California. Its deposit products include checking, savings, money market, and certificates of deposit accounts. The company’s lending portfolio includes business, commercial real estate, government assisted, and specialty loans. It also provides online banking and bill payment, mobile banking, eStatements, debit cards, ATM, and other customer services; and cash management services, including office deposit, merchant card processing, automated clearing house, and lockbox and remittance services. Silvergate Bank was formerly known as Silvergate Thrift And Loan Company and changed i...

4275 Executive Square

Suite 800

La Jolla, CA 92037-1492

United States

Founded in 1988

Phone:

858-362-3303

Fax:

858-362-6333

Key Executives for Silvergate Bank

Chief Executive Officer
Age: 52
Chief Financial Officer
Chairman
Age: 58
Vice Chairman
Senior Vice President and Enterprise Risk Manager
Compensation as of Fiscal Year 2014.

Silvergate Bank Key Developments

Silvergate Bank Reports Earnings Results for the First Quarter Ended March 31, 2014

Silvergate Bank reported earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported net income of $943,000, compared to $1.39 million for the same quarter ended March 31, 2013. Net interest income was $4.65 million, compared to $5.37 million for the same quarter ended March 31, 2013. Income before taxes was $1.52 million, compared to $2.31 million for the same quarter ended March 31, 2013.

Silvergate Bank Announces Unaudited Financial Results for the First Quarter Ended March 31, 2014

Silvergate Bank announced unaudited financial results for the first quarter ended March 31, 2014. For the quarter, the company reported net interest income of $4,655,000 against $5,371,000 a year ago. In the continued low interest rate environment, yields on average earning assets decreased from the two prior periods, resulting in interest earned on both loans and investments declining to a greater degree in the first quarter than reductions in interest paid on total deposits and borrowings compared to the prior periods. Income before taxes was $1,517,000 against $2,312,000 a year ago. Net income was $943,000 against $1,393,000 a year ago, with these declines mainly due to the first quarter's lower level of net interest income than in the two prior comparative periods. Return on average assets was 0.61% against 0.86% a year ago. Return on average equity was 5.30% against 7.86% a year ago.

Silvergate Bank Appoints Dino D'auria as its New Executive Vice President and Chief Banking Officer

Silvergate Bank announced the appointment of Dino D'Auria as its new executive vice president and chief banking officer. D'Auria, who will work out of Silvergate Bank's headquarters in La Jolla, brings over 25 years of banking experience to his new position. Most recently, D'Auria was president of the commercial banking group of a mid-sized West Coast bank where he achieved a number of milestones in loan and deposit growth while reorganizing operations, opening offices and recruiting new bankers.

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Recent Private Companies Transactions

Type
Date
Target
Private Placement
June 12, 2014
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Merger/Acquisition
December 30, 2013
Silvergate Bank, Deposits and Branch Facility of Lancaster Regional Office, California
 

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