Torrey Pines Group reported that net income...

Torrey Pines Group reported that net income rose by 129.1% to $717,000 for the first quarter ended March 31, up from $313,000 the previous first quarter. Edward S. George, Torrey Pines president and chief executive, tied the increase to strong loan growth and improved operating efficiencies.

Total assets rose by 25.1% to $377 million, up from $301 million a year ago. Deposits rose by 25.7% to $348 million, up from $277 million during the same quarter a year ago. Total loans rose 28.6% to $263 million, up from $205 million during the previous first quarter.

Torrey Pines operates Torrey Pines Bank and Torrey Pines Equity Corp., a mortgage banking firm.