COAST CITIES — San Diego Trust Bank reported its 31st consecutive quarterly profit with year-to-date earnings up 61 percent from the comparable period of a year ago. Net earnings after-tax for the six months ending June 30, 2012 totaled $916 thousand compared to $569 thousand for the same period last year.Net Income for the second quarter of 2012 totaled $432 thousand compared to $267 thousand for the same period last year. The bank’s ability to report such strong earnings resulted from an increase in earning assets coupled with a decrease in operating expenses compared to the previous year.
Total Assets reached $216.6 million as of June 30, 2012 compared to $201.9 million as of June 30, 2011, representing a 7.3 percent 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 5 percent from a year ago and stood at $180.5 million as of June 30, 2012, compared to $171.4 million. Core deposits (non-interest bearing DDA and MM accounts) represented 97 percent of all deposits as of June 30, 2012. The bank has never held any “brokered” deposits.
“We are delighted to once again report such strong results to our loyal shareholders, despite the great amount of uncertainty that continues to loom over the economy” said Chairman, President and Chief Executive Officer Michael Perry. “The tremendous efforts of our entire team combined with our proven ability to adapt to ever-changing market conditions, has enabled our organization to continue to prosper in spite of the lackluster economic environment. Our consistent profitability, exceptionally strong capital position, and substantial liquidity allows us to meet the needs of our clients while also increasing valuable market share as other community banks continue to merge out of existence.”
Earlier in the year, The Findley Reports, a bank research and rating firm, designated San Diego Trust Bank a “Premier Performing Bank” based on its analysis of 2011 financial results. This rating places San Diego Trust amongst the very best in its industry relative to “safety, strength, and performance” according to Findley.
This past month, San Diego Trust Bank was recognized as one of the “Best Small Company’s” to work for in San Diego County by the San Diego Business Journal. This is the second year in a row that the Bank has been recognized by the journal. And for the 24th 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 June 30, 2012. Liquidity, defined as cash, due from banks, and investment securities, was a record $173.9 million as of June 30, 2012.
As of June 30, 2012, the Bank’s Total Risk Based Capital ratio of 27.22 percent 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 taxpayer funded government assistance.
For more information on the Bank please visit sandiegotrust.com or call (619) 525-1700. For bank rating information, refer to bauerfinancial.com.