San Diego Trust Bank Posts Strong Second Quarter Results
Bank Performance Continues to Exceed Expectations - Assets Top $40 million
SAN DIEGO - San Diego Trust Bank (OTC BB: SDBK) reported results for its second full quarter of operations since opening late last year. As of June 30, 2004, the Bank reported total assets of $40.4 million, up significantly from the $27.2 million reported in the previous quarter. Total deposits, fueled primarily by growth in non-interest checking and money market accounts, increased more than $13.5 million during the quarter, and totaled $30.3 million as of 6/30/04. Loan growth continued to accelerate during the quarter, with more than $13 million in loans funded during the past ninety days. Gross Loans totaled $24.8 million as of June 30th, well ahead of plan.
"The community has embraced our unique style of doing business and we are very pleased with the progress made to date," commented Michael Perry, President and CEO. "We are off to a strong start and continue to move forward in our endeavor to become the "premier" community bank in our market, thus further enhancing the value of our shareholders' investment," Perry added.
The company recorded an operating loss of $215,000 for the second quarter ending 6/30/04, which represented a significant decrease from the loss of $305,000 posted in the previous quarter. Net operating losses for the first six months of the year totaled $520,000, well short of the company's projected net operating loss of $648,000. Net operating income (loss) is defined as net income after operations, but before loan loss provisions. The Bank's net loss for the six months ending 6/30/04, after provisions for loan losses of $276,000, was also less than projected at $796,000.
Richard Levenson of Western Financial Corporation, a San Diego investment banking firm specializing in community banks, is not all that surprised by the company's success to date. "San Diego Trust has a very talented and experienced team and their performance reflects such," stated Levenson. "The Bank has exceeded expectations from day one and has quickly established a notable presence in the San Diego market," 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.
Certain statements in this press release, including statements regarding the anticipated expansion of the Bank's business, and the intent, belief, or current expectations of the Bank, its directors or its officers are "forward-looking", statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the local economy, the Bank's performance, regulatory matters and those discussed in filings by the Bank with various regulatory agencies.
CONTACT: Michael Perry