San Diego Business Journal

San Diego Trust Bank Reports Soaring Profits

Tuesday, January 31, 2012

San Diego Trust Bank reported Jan. 30 that its fourth-quarter net income more than doubled to $692,000, compared with $333,000 for the like quarter of 2010.

For the full year, the bank reported net income grew 69 percent to $1.61 million.

The three-office bank said it has registered ever-increasing profit in the past two years, and basically tripled its profit since 2009.

San Diego Trust’s board of directors declared a 3 percent stock dividend to shareholders of record as of March 31 for the second consecutive year.

Total assets were flat, finishing the year at $213 million, compared to $203 million in the prior year.

The bank said its capital ratios are among the highest in the nation, with risk-based capital at 26.85 percent, nearly three times the 10 percent amount to be considered “well-capitalized.”

Mike Allen