San Diego Trust Bank Announces 2004 Results
Bank Posts Quarterly Profit in Record Time
SAN DIEGO - San Diego Trust Bank (OTC BB: SDBK) reported results for its first full year since commencing operations at the end of 2003. As of December 31, 2004, the Bank reported total assets of $53 million, up significantly from the $20.3 million reported as of 12/31/03. Total deposits, fueled primarily by growth in non-interest checking and money market accounts, increased more than $33 million during the year and totaled $43 million as of 12/31/04. Likewise, the Company continued to experience strong loan growth throughout the year with Gross Loans totaling $34.3 million as of December 31, 2004. This represented an increase of more than $31.5 million as compared to the $2.6 million reported as of 12/31/03.
The Bank's strong growth in loans and deposits, coupled with prudent management of non-interest expenses has led to record - setting results. In just its 4th full quarter of operation, San Diego Trust Bank reported a net profit - a feat no other independent community bank in San Diego has accomplished in recent history according to industry officials.
The Company reported a net profit of $23,000 for the fourth quarter after setting aside loan loss provisions of $49,000. The Bank's net loss for the twelve months ending 12/31/04, after provisions for loan losses of $393,000, totaled $921,000. The Company reported no delinquent or past due loans as of 12/31/04 and is considered to be "well-capitalized" by regulatory definition. "We're building this bank in a manner that is consistent with our original strategic plan and maximizes the value of our shareholder's investment," commented Michael Perry, President and CEO of the Bank. "We continue to deliver on that promise each and every day and are excited about the opportunities in front of us," he further added.
The Bank's strong performance has certainly not gone unnoticed. Since it's listing on the Over-the- Counter Bulletin Board in January of 2004, the Company's common stock has steadily climbed from it's initial price of $10.00 per share to $27.00 per share as of 12/31/04. The gain of 170% for the year ranks the Company as one of the best performing, publicly traded, bank stocks in the entire state of California for 2004.
"We're thrilled to have made such great progress, but not a single person throughout the organization is resting on the accomplishments of the past year," exclaimed Larry Willette, Chairman of the Board. "There's a lot of work ahead of us as we continue in our efforts to become the premier financial services company in San Diego and we look forward to taking this organization to the next 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.