Silvergate Bank, La Jolla, Calif., said its warehouse lending program funded over 1,000 residential mortgage loans totaling $267 million in the second quarter.
The program has been in existence since April 2009 and, including its activities in July, has now provided over $2 billion in cumulative fundings.
For the first quarter of this year, Silvergate funded over 700 loans in the total amount of $199 million, bringing its total for the first six months of the year to $466 million.
Total assets at the bank were $359 million as of June 30, up from $345 as of March 31 but down from $371 million at the end of last year. The bank said the decline from year-end 2010 was due to reduced balances of mortgage warehouse loans attributable to lower seasonal loan funding patterns and more rapid loan turnover. However, Silvergate said it was able to increase the balance of its mortgage warehouse loans during the second quarter.
