San Diego Trust Tallies Up Another Profitable QuarterTuesday, July 19, 2011
San Diego Trust Bank continued its profitability streak, racking up its 27th straight quarter of net income for the second quarter with $267,000 compared with $226,000 for the like quarter of 2010.
For the six months, the bank reported net income of $569,000, compared with $408,000 for the first half of 2010.
San Diego Trust’s assets grew 17 percent from a year earlier to $201.9 million, while loans declined by $10 million to $40 million.
CEO Mike Perry said about $8 million of the net decrease in the portfolio was the result of pay downs on lines of credit. “Our actual loan average for the quarter was $46 million, but we had about $5 million on pay downs the last day of the quarter,” he said.
Deposits increased 19 percent to $171 million from mid-2010, but were at the same level as the end of last year.
The three-office bank is sitting on gobs of capital with total risk-based capital ratio at the end of June at 26.41 percent, nearly three times the amount to qualify as a well-capitalized institution. And the bank loan portfolio held zero problem loans.
— Mike Allen