San Diego Trust Bank Reports Record 2005 Earnings
Net Income Climbs More Than $1.5 Million as Bank Continues to Outperform
SAN DIEGO - San Diego Trust Bank (OTC BB: SDBK) announced record results for the year ending 12/31/05. The Bank continues to achieve superior results, generating significant growth in loans, core deposits, and total assets compared to last year. Such growth, combined with a strong net interest margin and prudent management of non-interest expenses, has resulted in significantly increased earnings for the company.
After just two years of operations, the Bank reported total assets of $83.5 million, a significant increase compared to $53 million reported as of December 31, 2004. Total deposits, fueled primarily by growth in non-interest checking and money market accounts, totaled $71.6 million as of 12/31/05 compared to $43.1 million as of 12/31/04. Likewise, the Company's gross loans increased substantially, totaling $54.6 million as of 12/31/05 versus $34.3 million as of December 31, 2004. The Bank has reported no delinquencies or past due loans since inception and is considered "well-capitalized" by regulatory definition.
Total revenues increased substantially, totaling $4.2 million for the year ending 12/31/05. This represents more than a 150% increase compared to the $1.6 million reported for the same period last year. Net Income soared more than $1.5 million and totaled $645 thousand for the year ending 12/31/05 compared to a loss of $921 thousand recorded in the Bank's first year of operation.
"I am extremely proud of our entire team and the manner in which they continue to execute," commented Michael Perry, President & CEO. "For a bank to be generating this level of profitability after just two years is rather uncommon and a testament to their collective efforts," he further added. The Bank turned profitable after just 3 full quarters of operation and has posted significant increases in earnings each successive month thereafter.
"The results generated this past year have truly exceeded our expectations and we are excited about the opportunities ahead of us," said Larry Willette, the Bank's Chairman. "We continue to diligently move forward with the implementation of our strategic plan and remain focused on further enhancing the value of our shareholder's investment," he added.
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."
For more information on the Bank please visit www.sandiegotrust.com or call (619) 525-1700.
CONTACT: Michael Perry
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:||December 31, 2005||December 31, 2004|
|Net Income (loss)||$645||$(921)|