Bridge Capital Holdings of San Jose reported a double-digit rise in third-quarter profits as a result of strong loan growth.
The $790 million-asset company said last week that earnings rose 19% from a year earlier, to $2.8 million, mainly because of a 26% increase in loans, to $611 million. Its net interest margin declined 27 basis points, to 6.46%, but remained well above the industry average.
The loan-loss allowance jumped 20%, to $8 million.
The company charged off $312,000 of loans, compared with none in the same quarter last year. It also had $250,000 of loan recoveries.
Bridge Capital, which focuses on emerging technology companies in Silicon Valley and other U.S. markets, said it has limited exposure to the slowing market for housing construction.
