San Diego Business Journal

San Diego Trust Reports 60 Percent Increase in Quarterly Profit

Friday, April 13, 2012

San Diego Trust Bank reported April 12 first-quarter net income of $484,000, up 60 percent from the net income of $302,000 for the like quarter of 2011.

The 9-year-old bank said it is the only community bank in the county to make a profit in every quarter for the past seven and a half years.

Total assets for the three-office bank were $218 million as of March 31, up 8 percent from the like quarter of last year.

Loans were flat at $41.8 million compared with $42.3 million in the prior year. CEO Mike Perry said the payoffs and pay downs on loans have been greater than loan originations, and demand for credit continues to be minimal.

Deposits stood at $173.5 million, up 6 percent from the same quarter of 2011. The vast majority of the deposits, 95 percent, were core deposits that include non-interest bearing direct accounts and money market accounts, which do pay interest, the bank said.

San Diego Trust held no problem loans on its books, and reported total risk-based capital of 26.28 percent, or more than double the 10 percent standard to be considered a well-capitalized institution.

— Mike Allen