SAN DIEGO TRUST BANK POSTS 60% INCREASE IN QUARTERLY EARNINGS
Bank Reports Record 28th Consecutive Quarterly Profit
Year–to-Date Earnings Up 47% From Prior Year
Asset Quality Remains Exceptional with Zero Past Due or Non-Accrual Loans
SAN DIEGO – San Diego Trust Bank (OTC: SDBK) one of the most consistently profitable banks in the State, reported its 28th consecutive quarterly profit today. Net Income for the recently completed quarter totaled $350 thousand compared to $218 thousand for the same period last year, representing a 60% increase in earnings. Net Income for the nine months ending 9/30/11 totaled $920 thousand compared to $626 thousand for the same period last year, an increase of more than 47% compared to the previous year. San Diego Trust Bank is the only bank in the county to post a profit each and every quarter for the past seven years.
Total Assets reached $212.5 million as of 9/30/11 compared to $191.8 million as of 9/30/10, representing an 11% 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 11.5% from a year ago and stood at $179.7 million as of 9/30/11, compared to $161.2 million as of 9/30/10. Core deposits (non-interest bearing DDA and MM accounts) represented 93% of all deposits as of 9/30/11. The Bank has never held any “brokered” deposits.
“We are thrilled to once again report such strong results to our loyal shareholders, despite mixed results reported from the banking industry and the many economic headwinds that continue to plague our local and state economies” commented Michael Perry, Chairman, President and CEO. “The tremendous efforts of our entire team combined with our proven ability to adapt to the economic realities of today’s marketplace has enabled our organization to continue to outperform,” added Perry. “Our consistent profitability, exceptionally strong capital position, and substantial liquidity will allow us to continue to meet the needs of our clients while also increasing valuable market share as the community banking landscape continues to consolidate,” concluded Perry.
The Bank’s consistently strong performance has not gone unnoticed. Earlier in the year, 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”. This rating places San Diego Trust amongst the very best in its industry relative to “safety, strength, and performance” according to Findley. Last quarter, San Diego Trust Bank was recognized as one of the ten “Best Small Company’s” to work for in San Diego County by the San Diego Business Journal. And for the 21st consecutive quarter, San Diego Trust Bank was designated as a “Five-Star” institution by Bauer Financial - a feat unmatched by any other Bank in San Diego County.
Asset quality at the Bank remains exceptional with zero past due or non-accrual loans reported as of September 30, 2011. Liquidity, defined as cash, due from banks, and investment securities, was a record $163.3 Million as of 9/30/11.
As of September 30, 2011 the Bank’s Total Risk Based Capital ratio of 26.06% 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 September 30, 2011 are summarized as follows:
Well-Capitalized Standards San Diego Trust Bank
Tier 1 Leverage 5.00% 8.92%
Tier 1 Risk Based 6.00% 24.80%
Total Risk Based 10.00% 26.06%
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.