SAN DIEGO TRUST BANK EARNINGS CLIMB 60% ON RECORD GROWTH
Total Assets Grow 46% and Reach Record High of $172 Million
Q2 Earnings Climb 60% as Bank Posts Record 23rd Consecutive Quarterly Profit
Bank is Designated as a “5-Star” Institution for the 16th Consecutive Quarter by Bauer Financial
New Pt. Loma Regional Banking Office on track to open next month
SAN DIEGO – San Diego Trust Bank (OTCBB: SDBK), one of the most consistently profitable banks in the State, reported its 23rd consecutive quarterly profit with Q2 earnings up 60% from the comparable period of a year ago. Net earnings after-tax totaled $226 thousand for the quarter ending June 30, 2010 compared to $141 thousand for the same period last year. Earnings for the first six months of 2010 totaled $408 thousand compared to $267 thousand for the first six months of 2009 representing an increase of more than 52% compared to the prior year.
Total Assets reached a record $172.4 million, up 46% from the prior year’s figures as more and more San Diegan’s sought to align themselves with one of the most well-capitalized and consistently profitable banks in all of California. Total Deposits also reached a new all-time high of $143.5 million as of 6/30/10, compared to $100.9 million a year ago. Core deposits (DDA and money market accounts) represented 85% of all deposits as of June 30, 2010. The Bank has never held any “brokered” deposits.
“We are thrilled to be able report such strong results to our stakeholders in light of the continued turmoil in the banking industry and the challenges still facing our local and national economies,” commented Michael Perry, Chairman, President and CEO. “Our fortress-like balance sheet, coupled with our consistent profitability, and exceptional customer service have enabled us to gain valuable market share over the past twelve months as other banks struggle to return to profitability, consolidate their operations, or fail altogether,” he added. “We’re excited about the many opportunities in our market and look forward to opening our newest office in Pt. Loma next month,” Perry concluded.
Recent turmoil in the industry has left a noticeable void in the Pt. Loma market and San Diego Trust has assembled an exceptionally well-known and experienced team to handle the needs of that particular market. This is a natural extension for San Diego Trust considering the significant ties to that community through its Board, management team, and numerous founding shareholders, many of whom were once associated with the former Peninsula Bank which was headquartered in Pt. Loma.
San Diego Trust Bank’s capital ratios are among the highest in the nation and more than twice the amount needed to be considered “well-capitalized” by regulatory definition. As of 6/30/10 the Bank’s Total Risk-Based Capital Ratio was 22.36%. 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 6/30/10 are summarized as follows:
Well-Capitalized Standards San Diego Trust Bank
Tier 1 Leverage 5.00% 9.95%
Tier 1 Risk Based 6.00% 21.10%
Total Risk Based 10.00% 22.36%
San Diego Trust Bank did not apply for any taxpayer funded bail-out funds under the much maligned TARP program. The Bank’s liquidity position has never been stronger with more than $115 million in cash and securities available for sale as of June 30, 2010.
San Diego Trust Bank is the only bank in San Diego County to be designated as a “5-Star” institution by Bauer Financial for the past 16 consecutive quarters.
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
Chairman, President and CEO
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.