San Diego Trust Bank Profits Up Sharply
Earnings Climb $1 million on Strong Growth
SAN DIEGO - San Diego Trust Bank (OTC BB: SDBK) announced record results for the 2nd quarter of 2005, and the six months ending June 30, 2005. The Bank has generated significant growth in loans, 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 the continued acceleration of revenues and earnings.
As of June 30, 2005, the Bank reported total assets of $72.2 million, a significant increase compared to $40.4 million reported as of June 30, 2004. Total deposits, fueled primarily by growth in non-interest checking and money market accounts, more than doubled from $30.3 million as of 6/30/04 to $61.4 million as of 6/30/05. Likewise, the Company's gross loans increased significantly, totaling $46.6 million as of 6/30/05 versus $24.8 million as of 6/30/04. The Bank reported no delinquent or past due loans as of June 30,2005 and is considered "well-capitalized" by regulatory definition.
Gross revenues for the six months ending 6/30/05 soared more than 370% and totaled $1.7 million compared to just $462 thousand for the same period last year. Net earnings climbed $1 million and totaled $204 thousand for the same period, compared to a net loss of $796 thousand reported for the six months ending 6/30/04. The Company turned profitable after just eleven months of operation and has posted a profit in each successive month thereafter.
"San Diego Trust continues to perform strongly", exclaimed Richard Levenson, Senior Vice President of Western Financial Corporation, an investment banking company specializing in community banks. "To be generating this level of profitability after just six full quarters of operation, is a testament to their business plan and their ability to execute at a very high level," he further 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:||June 30, 2005||June 30, 2004|
|Net Income (loss)||204||(796)|