Torrey Pines Group, the parent company of Torrey Pines Bank, reported that net income fell to $288,000 for the second quarter ended June 30, down from $420,000 during the previous second quarter. However, net income for the first half of 1988 rose by 37.1%, to $1 million, from $733,000 a year ago.
Torrey Pines linked the second-quarter drop to an increase in provisions for loan losses. The company set aside $680,000 for loan losses, from $480,000 during the previous second quarter. Margins were also eroded by Torrey Pines' decision to match higher certificate-of-deposit interest rates being offered by competitors.
Assets rose by 31%, to $43.5 million, from $33 million a year before. Loans rose by 27%, to $283 million, from $222.7 million a year before. Deposits rose by 37%, to $379 million, from $276 million a year before.