Reverse mortgage newcomer Silvergate Bank, recorded its highest earnings ever on Wednesday, posting $3.08 million in net income for the year ended December 31. The company cited held-for-sale reverse mortgages as one of its key financial drivers during the period.
“We are pleased to report that in 2011 Silvergate Bank surpassed its record earnings the prior year (2010), while also registering several other achievements that reflect our efforts to strategically grow our San Diego County service platform,” said Alan J. Lane, the bank’s president and chief executive officer. “We are particularly pleased by this performance in the face of continuing economic and real estate market challenges.”
The company highlighted the launch into reverse mortgages in 2011, and noted the financial contribution those closed reverse mortgage loans.
“The largest factor in the Bank’s asset growth was increased balances in several loan categories, especially mortgage warehouse loans and held-for-sale reverse mortgage loans,” the company reported.
Written by Elizabeth Ecker