San Diego Trust Bank earning show record growth

SAN DIEGO — San Diego Trust Bank reported its unaudited results for the fourth quarter as well as the full year ending Dec. 31, 2010. The bank reported its 25th consecutive quarterly profit with record fourth-quarter earnings up 68 percent from the comparable period of a year ago. Net earnings after-tax totaled $333,000 for the quarter ended Dec. 31, 2010, compared to $198,000 for the same period last year.
For the 12 months ending Dec. 31, 2010, the bank reported net income of $959,000 compared to $632,000 in the previous year despite all the costs incurred in opening their third full-service branch, which is located in the Pt. Loma community of San Diego. This represented a 52-percent increase over prior year results.
The bank’s earnings were 100 percent “core earnings” and did not include any release of loan loss reserves back into income.
Selected highlights for the fourth quarter 2010 and full year:
— Total deposits increased more than $54 million and totaled $171 million as of Dec. 31, 2010, an increase of more than 46 percent from the prior year.
— Liquidity, defined as cash, due from banks, and investment securities, was a record $144 million as of Dec. 31, 2010.
— Fourth-quarter earnings represented the bank’s 25th consecutive quarterly profit.
— New Point Loma office turned profitable within six months of opening.
— Designated “5-Star” Institution by Bauer Financial for the 16th consecutive quarter.
“We are delighted to be able to report such strong results to our loyal shareholders,” said Chairman, President and CEO Michael Perry. “We have not wavered from our original strategic plan and remain committed to responsibly building the finest community bank in San Diego. We recognize and appreciate the tremendous support so many San Diegan’s throughout the county have shown, and will continue to put forth our very best on their behalf.”
Total assets climbed to a record $203 million, up 33.7 percent from the prior year’s figure of $152 million. Total deposits climbed $54 million and also reached a new all-time high of $171 million as of Dec. 31, 2010, up 46 percent compared to $117 million a year ago. Core deposits (DDA and money market accounts) accounted for 91 percent of all deposits as of Dec. 31, 2010. The bank has never held any “brokered” deposits.
Gross loans totaled $50 million as of Dec. 31, 2010, compared to $54.9 million as of Dec. 31, 2009, as demand for credit remained tepid due to the sluggish economic environment. Asset quality continues to remain very strong with just one loan reported as “non-accrual” as of Dec. 31, 2010.
As of Dec. 31, 2010, the bank’s total risk based capital of 22.51 percent was among the highest in the nation, and more than twice the amount needed to be considered “well-capitalized” by regulatory definition. San Diego Trust Bank has never applied for any government assistance, including the now infamous TARP program.
For more information on the bank, visit or call (619) 525-1700. For bank rating information, refer to


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