News
EARNINGS CLIMB AT SAN DIEGO TRUST BANK
Net Income Rises 13% Over Prior Quarter
Bank Records 18th Consecutive Quarterly Profit
SAN DIEGO – San Diego Trust Bank (OTC BB: SDBK) known for its consistently solid performance, announced a double-digit increase in earnings for the period ended March 31,2009 as compared to results in the prior quarter. The Bank recorded its 18th consecutive quarter of profitability and generated net earnings after-tax of $126 thousand for the quarter ending 3/31/09, compared to earnings of $112 thousand during the fourth quarter of 2008. Total Assets stood at a record $116.7 million and deposits also hit a new all-time high of $95 million, up 8% from the prior quarter.
“I am pleased to be able to report to our loyal shareholders that we continue to generate meaningful earnings despite the severe economic downturn plaguing our economy,” commented Michael Perry, Chairman, President and CEO. “Our strong capital position, excess liquidity, and consistent earnings, have provided San Diego Trust with a huge strategic advantage as clients seek a “safe haven” amidst all the turmoil in the industry these days,” Perry added. “We continue to gain market share and are uniquely positioned to capitalize on various opportunities in our market as consolidation in our industry accelerates throughout the year,” he concluded.
Highlights of the company’s first quarter performance include:
· Net Income after-tax climbed 13% compared to the previous quarter and totaled $126 thousand.
· Total Assets increased to a record $116.7 million.
· Total Deposits increased to a record $95 million with core deposits representing 85% of all deposits. The Bank has no brokered deposits.
· Asset Quality remains exceptional with not a single loan loss incurred since inception.
· Capital Ratios significantly exceed those required to be considered “well-capitalized”.
· Recognized as the only “5-Star”, independent, publicly traded community bank in all of San Diego County, by Bauer Financial, Inc.
According to FDIC data, San Diego Trust Bank ranks as one of the most consistently profitable banks in not just the County, but the entire State of California over the past five years. Just as impressive is the fact that the Bank has had no loan losses since inception more than five years ago – a claim very few banks across the nation can make these days.
As of March 31, 2009 the Bank’s Total Risk Based capital ratio of 17.49% was well in excess of the current regulatory definition of 10% for a well-capitalized institution. The Bank has never invested in preferred stock of any entity, including Freddie Mac or Fannie Mae, and as such its capital position is not impaired in any way.
The Bank’s actual capital ratios as of 3/31/09 are summarized as follows:
Well-Capitalized San Diego Trust Bank
Regulatory Standards As of 3/31/09
Leverage 5.00% 13.89%
Tier 1 Risk Based 6.00% 16.22%
Total Risk Based 10.00% 17.49%
San Diego Trust Bank did not apply for any Federal bail-out funds under the much maligned TARP program.
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 four 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.”
San Diego Trust Bank common stock is traded on the Over-the-Counter Bulletin Board (OTCBB) under the symbol “SDBK”. For information on the company’s stock please contact Mr. Richard Levenson, President of Western Financial Corporation at (619) 544-0260.
For more information on the Bank please visit www.sandiegotrust.com or call (619) 525-1700.
For bank rating information please refer to www.bauerfinancial.com
Bank contact: Michael Perry
(619) 525-1727
mperry@sandiegotrust.com
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.
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