BRIEF: Torrey Pines Bank reports strong earnings
WAL | Quote | Chart | News | PowerRating -- Torrey Pines Bank said Wednesday its net income for the first three quarters doubled to $6.2 million.
The unit of San Diego-based Western Alliance Bancorp said deposits grew 63 percent compared with the third quarter a year ago to $887 million. Torrey Pines operates seven offices in San Diego County.
For the first three quarters of the year, the bank said its credit-card operating loss was $5.7 million.
Torrey Pines' risk-based capital ratio is 14.41 percent, it said, "substantially better" than its peer banks.
"That's a pretty good risk-based capital ratio," said Tony Cherin, professor of finance at San Diego State University.
Cherin also said Torrey Pines has a strong capital base and that it is not unusual for a bank to be losing money these days in their credit card portfolio.
The challenge for Torrey Pines and other small business banks is to make loans where the risk profile is "pretty darn good," Cherin said.
Torrey Pines was founded in 2003 with $20 million in capital; its assets now total $1.1 billion, the company reports.
Call staff writer Jeff Rowe at 760-740-5417.
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