Silvergate bank this week announced fourth quarter and annual earnings, citing ongoing reverse mortgage purchase and funding leading to its performance.
The La Jolla, Calif.-based bank saw quarterly net income of $2.5 million and 2012 net income of $7.4 million, noting among its company highlights the acquisition and funding of $238.9 million in reverse mortgage loans over the course of the year.
“We are pleased to report that Silvergate Bank’s 2012 earnings were the highest in our history, and represented our 15th consecutive year of profitable operations,” said Alan Lane, the bank’s president and chief executive officer.
Silvergate does not originate reverse mortgage, but serves as a correspondent buyer of the loans. The company received approval to issue reverse mortgage securities in 2012 and has since issued two HMBS pools, according to data compiled by New View Advisors.
Written by Elizabeth Ecker