San Diego Trust Bank Reports Record Earnings
Net Income Soars as Revenues Increase Three-Fold
SAN DIEGO - San Diego Trust Bank (OTC BB: SDBK) announced record results for the 3rd quarter of 2005, and the nine months ending September 30, 2005. The Bank has generated significant growth in loans, core deposits, and total assets compared to the same period last year. Such growth, combined with a strong net interest margin and prudent management of non-interest expenses, has resulted in unprecedented earnings for the company.
As of September 30, 2005, the Bank reported total assets of $78.9 million, a significant increase compared to $53.6 million reported as of September 30, 2004. Total deposits, fueled primarily by growth in non-interest checking and money market accounts, totaled $67.3 million as of 9/30/05 compared to $43.7 million as of 9/30/04. Likewise, the Company"s gross loans increased substantially, totaling $50.8 million as of 9/30/05 versus $30.2 million as of 9/30/04. The Bank reported no delinquent or past due loans as of September 30,2005 and is considered "well-capitalized" by regulatory definition.
Total revenues continue to accelerate, totaling $2.85 million for the nine months ending 9/30/05. This represents a three-fold increase compared to the $963 thousand reported for the same period last year. Net Income climbed $1.37 million and totaled $426 thousand for the nine months ended 9/30/05. The company reported a loss of $944 thousand for the comparable nine month period last year.
" could not be more proud of our entire team and the manner in which they continue to perform", commented Michael Perry, President & CEO. "To be generating this level of profitability after just seven full quarters of operation is a testament to their commitment and unwavering dedication to being the best," he further added. The Bank turned profitable after just three full quarters of operation and has posted significant increases in quarterly earnings every quarter thereafter.
"We continue to move forward in establishing quality relationships with select clientele and remain focused on enhancing shareholder value," said Perry. "We are grateful for the tremendous support provided by the community and thank our loyal shareholders for their significant contribution to our success," 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:||September 30, 2005||September 30, 2004|
|Net Income (loss)||204||(944)|