TORREY PINES BANK REPORTS STRONG GROWTH IN THIRD QUARTER 2009
Leading San Diego commercial bank announces increase in deposits and substantial capacity to fund new business loans and lines of credit
San Diego CA, Nov. 11, 2009 - Torrey Pines Bank, a leading local commercial bank with offices throughout San Diego County and a subsidiary of Western Alliance Bancorporation, today announced third quarter results with strong growth in deposits and an increase in net income with substantial capacity to fund business loans and lines of credit.
Torrey Pines Bank's deposits grew $51 million (6%) in the third quarter of
2009 with deposits up 63% from the same quarter last year. Total deposits for Torrey Pines Bank total $887 million. Year to date net income for Torrey Pines Bank was $6.16 million compared to $3.1 million for the same period last year, not including PartnersFirst, the Delaware-based credit card division of Torrey Pines Bank.
Torrey Pines Bank is highly capitalized, with a total risk-based capital ratio of 14.41%, substantially better than its national peer group average.
"Our continued financial success at Torrey Pines Bank amidst the current economic and toughening regulatory environment is indicative of our ability to build relationships and grow core deposits," said Gary Cady, CEO of Torrey Pines Bank. As of September 30, 2009, the Bank had a loan to deposit ratio of 76% which is a sign that "depositors are moving to quality organizations that are stable and financially sound," continued Cady. "Our strong deposit base allows our bank to be uniquely suited to meet the commercial credit needs of the local business community."
Torrey Pines Bank's parent company, Western Alliance Bancorporation, also is highly capitalized, with a total risked based capital ratio of 14.7%.
According to Cady, "In addition to our capital strength, we're fortunate to have the backing of our holding company, Western Alliance Bancorporation. It was able to raise $200 million in private capital earlier this year, representing a strong vote of confidence in our company."
Cady continued, "Despite a very difficult economic environment, our results are reflective of our ability to manage through adverse scenarios while continuing to meet the needs of San Diego businesses and professionals."
In 2003, Torrey Pines Bank was founded with $20 million in capital, a single office and seven employees. As of September 30, 2009, the bank has grown to $1.089 billion in assets from $1.025 billion in assets as of June 30, 2009, and seven strategically located offices with more than 150 full time employees. As of September 30, 2009, the bank's non-performing assets represent just 1.99% of total assets, well below the national peer group average, indicating strong credit quality and market expertise. The Bank's affinity credit card division, PartnersFirst, had a year to date net operating loss of $5.7MM, all of which was reimbursed with new capital from Western Alliance.
"At Torrey Pines Bank, we realize that our core purpose and overall success lies in addressing the needs of our customers. Today more than ever, San Diego businesses need a local bank that can provide them with the loans and lines of credit they need in order to operate efficiently. We are proud of the growth Torrey Pines Bank has achieved and the security we are able to offer," said John Maguire, president and COO of Torrey Pines Bank. "This is accomplished through stability with our employees, key strategically located branches, financial strength and a local team of professionals and decision-makers. Our management team consists of long-term residents of the area with a vested interest in the community. We appreciate the confidence and support Torrey Pines Bank receives through continued customer referrals and trust, and intend to be a long-term leader in the local banking community."
Torrey Pines Bank was recently ranked as the number one community bank SBA
504 lender for the 5th consecutive year by CDC Small Business Finance. "It's our responsiveness to loan requests with competitive product offerings that has garnered referrals from commercial brokers and customers and earned us this distinction," said Senior Vice President Steve Black, who heads up the bank's SBA department.
In spite of the general trend of lower corporate giving in this challenging economic environment, in 2009, Torrey Pines Bank gave nearly 40% more in grants to charitable causes than in 2008, with a total of $275,000 in planned contributions for 2009. Its employees contribute hundreds of hours of volunteer services. Torrey Pines Bank is the only bank in its size category to ever win the "Best Place to Work" award from the Society of Human Resources Management.
Source: Torrey Pines Bank, www.TorreyPinesBank.com
