SAN DIEGO TRUST BANK FIRST QUARTER EARNINGS SOAR 66% ON SOLID GROWTH
- Bank Posts Record 26th Consecutive Quarterly Profit with First Quarter Earnings up Sharply Compared to Prior Year.
- San Diego Trust Bank is named a “Premier Performing Bank” by the Findley Companies.
SAN DIEGO – San Diego Trust Bank (OTC: SDBK) one of the most consistently profitable banks in the State, reported its 26th consecutive quarterly profit with Q1 earnings up 66% from the comparable period of a year ago. Net earnings after-tax totaled $302 thousand for the quarter ending March 31, 2011 compared to $181 thousand for the same period last year. The Bank’s earnings were 100% “core earnings” and did not include any release of loan loss reserves back into income.
Total Assets reached $202.2 million as of 3/31/11 compared to $158.4 million as of 3/31/10, representing a 28% increase 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 increased 25% from a year ago and stood at $163.6 million as of 3/31/11, compared to $130.4 million as of 3/31/10. More importantly, “core deposits” represented 91% of all deposits as of March 31, 2011. The Bank has never held any “brokered” deposits.
“We are delighted to once again report such strong results to our loyal shareholders,” commented Michael Perry, Chairman, President and CEO. “Our proven ability to adapt to ever-changing market conditions, and the tremendous efforts of our entire team, have enabled our organization to continue to generate strong results despite the many economic headwinds still plaguing our local and state economies,” he added. “We are off to a very strong start in 2011 and look forward to carrying that momentum throughout the year,” Perry concluded.
The Bank’s strong performance has not gone unnoticed. This past month, The Findley Reports, one of the most respected and well known bank research and rating firms, designated San Diego Trust Bank a “Premier Performing Bank” based on its analysis of 2010 financial results. This rating places San Diego Trust amongst the very best in its industry relative to “safety, strength, and performance” according to Findley. This marks the seventh consecutive year that San Diego Trust has been recognized by the Findley Companies for its exceptional performance.
The Bank’s asset quality continues to remain very strong with just one loan reported as “non-accrual” as of 3/31/11. This particular credit is well-secured and as such, the Bank does not foresee any meaningful loss potential. Liquidity, defined as cash, due from banks, and investment securities, was a record $149 Million as of 3/31/11.
As of March 31, 2011 the Bank’s Total Risk Based Capital ratio of 24.52% was among the highest in the nation for banks of similar size, and more than twice the amount needed to be considered “well-capitalized” by regulatory definition. San Diego Trust Bank has never applied for any tax-payer funded government assistance.
The Bank’s actual capital ratios as of March 31, 2011 are summarized as follows:
Well-Capitalized Standards San Diego Trust Bank
Tier 1 Leverage 5.00% 9.23%
Tier 1 Risk Based 6.00% 23.26%
Total Risk Based 10.00% 24.52%
San Diego Trust Bank is the only bank in San Diego County to be designated as a “Five-Star” institution by Bauer Financial for the past 19 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 Exchange under the symbol “SDBK”. For information on the company’s stock please contact our primary market maker, 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 / 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.