San Diego Trust Bank Posts Record Earnings
Pre-Tax Earnings Top $800 Thousand on Solid Growth
SAN DIEGO - San Diego Trust Bank (OTC BB: SDBK) announced record earnings for the quarter ending 6/30/07 as well as the first six months of the year. Despite a moderating economy, increasing pressure on margins, and the highly competitive nature of the San Diego market, the Bank has been able to consistently report increased earnings virtually each and every quarter.
Net Income before tax for the second quarter was up significantly and totaled $415 thousand compared to $336 thousand for the same period last year. Earnings before tax for the first six months of the year were up a sharp 26% and totaled $818 thousand, compared to pre-tax earnings of $649 thousand for the first six months of 2006. The Company's provision for taxes amounted to $345 thousand as of 6/30/07 whereas the Company's earnings were not fully taxable last year and as such, no comparable provision was allocated.
"Our ability to fund our loan growth entirely with "core deposits" versus high-priced CD's has enabled the Bank to maintain its margins and further enhance profitability," commented Michael Perry, Chairman, President and CEO. "We continue to track significantly ahead of plan and are very well positioned to take advantage of opportunities in the marketplace as the industry continues to consolidate," he added.
The Bank once again reported solid, double digit growth in all areas of its balance sheet. Gross Loans increased more than 27% and totaled $72.5 million as of 6/30/07 compared to $57.1 million as of 6/30/06. Total Deposits, fueled primarily by growth in non-interest checking and money market accounts, increased 12% to $77 million as of 6/30/07 compared to $68.7 million as of 6/30/06. Total Assets stood at $96.4 million as of 6/30/07 up 18% from the comparable period last year.
Asset quality remains impeccable at the Bank, with not a single loan ever reported as past due or delinquent since inception, a claim something only a handful of banks across the state can make these days. The Bank is considered "well-capitalized" by regulatory definition and has more than sufficient liquidity to fund future growth.
Founded by several of San Diego's most respected banking veterans and business leaders, San Diego Trust Bank is dedicated to the timeless principles of superior local market knowledge, unparalleled service, and building exceptional shareholder value. With over three hundred years of experience in banking San Diegans, timely local decision making, and one of the most comprehensive product lines found in the market today, San Diego Trust Bank delivers "Performance You Can Trust."
San Diego Trust Bank common stock is traded on the Over-the-Counter Bulletin Board (OTCBB) under the symbol "SDBK". For information on acquiring the company's stock please contact Mr. Richard Levenson, Senior Vice President of Western Financial Corporation at (619) 544-0260.
For more information on the Bank please visit www.sandiegotrust.com or call (619) 525-1700.
FORWARD LOOKING STATEMENTS
Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, expanded net interest margin, the ability to control costs and expenses, interest rate changes and financial policies of the United States government and general economic conditions. The Bank disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained herein to reflect future events or developments.
SAN DIEGO TRUST BANK
SELECTED FINANCIAL DATA ? UNAUDITED
(All figures in thousands)
|For the Six Months Ending:||June 30,2007||June 30,2006||% Change|
|Gross Loans||$72,514||$57,076||+ 27%|
|Total Deposits||$76,982||$68,660||+ 12%|
|Total Assets||$96,377||$81,561||+ 18%|
|Total Shareholder’s Equity||$14,312||$12,685||+13%|
|Pre-Tax Income||$ 818||$ 649||+ 26%|
|Provision for Taxes||345||1||n/a|
|Net Income after Tax||$ 473||$ 648||n/a|