Silvergate Posts Strong First Quarter, Acquires $50 Million of Reverse Mortgages

Silvergate Bank announced this week the company recorded net income of $1.4 million during the first quarter of 2013.

During the quarter, Silvergate funded more than $663 million in single-family residential mortgage loans and reported a 13.6% increase in commercial real estate loans over the past 12 months.

“Our levels of profitability, capital, and asset quality all support our ability to continue providing our clients with the innovative products and services they have come to expect from us to help them grow their business,” said Alan J. Lane, Silvergate Bank’s president and chief executive officer.

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The San Diego, Calif.-based bank continues to be active in the reverse mortgage space, having acquired $50 million of Home Equity Conversion Mortgages (HECM) during the quarter. 

“The Bank’s capacity to accumulate and hold these loans on its balance sheet allows it to maximize its opportunities for gains on loan sales while enjoying increased interest income during the period these loans are held for sale,” said the bank in a statement.

Silvergate is also slowly starting to issue HMBS through Ginnie Mae’s program, which it became approved for in August of last year.

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