SDBK..Earnings..$12.25
San Diego Trust Bank Q3 Earnings Climb 48% over Prior Year
Business Wire - Oct 13 at 09:08 NONE
Company Symbols: NASDAQ-OTCBB:SDBK
Bank Posts Record 20th Consecutive Quarterly Profit
Total Assets Grow 22% and Reach Record High of $130 Million
SAN DIEGO--(BUSINESS WIRE)-- San Diego Trust Bank (OTCBB: SDBK) known for its consistently solid performance, reported its 20th consecutive quarterly profit with Q3 earnings up 48% from the comparable period of a year ago. Net earnings after-tax totaled $166 thousand for the quarter ending September 30, 2009 compared to $112 thousand for the same period last year.
The Bank reported year-to-date Net Income of $434 thousand compared to $412 thousand last year despite having to absorb more than a three-fold increase in FDIC insurance premiums and a special assessment which was levied against the entire industry earlier this year. The Bank's FDIC Insurance premium expense was $136 thousand for the nine months ending 9/30/09 compared to just $43 thousand for the comparable period last year.
"The Bank's ability to report increased earnings despite the significant increase in deposit insurance premiums this past year is a testament to the strength of our core earnings and the efforts of our entire team," commented Michael Perry, Chairman, President and CEO. "We continue to be on track for one of our best years ever as individuals and businesses alike recognize the strength and stability of our institution and seek a 'safe-haven' in the continued turmoil in the banking industry," Perry continued.
Total Assets stood at a record $130.8 million, up 22% from the prior year's figures. Total Deposits also reached a new all-time high of $109 million as of 9/30/09, compared to $88 million a year ago. Core deposits (DDA and money market accounts) represented 85% of all deposits as of 9/30/09. The Bank has never held any "brokered" deposits.
As of September 30, 2009 the Bank's Tier 1 Risk Based capital ratio of 20.15% was among the highest in the nation and more than three times the amount needed to be considered "well-capitalized" by regulatory definition. The Bank has never invested in preferred stock of any entity, including Freddie Mac or Fannie Mae, and as such its capital position is not impaired in any way.
The Bank's actual capital ratios as of 9/30/09 are summarized as follows:
Well-Capitalized San Diego Trust Bank
Regulatory Standards As of 9/30/09
Tier 1 Leverage 5.00 % 12.74 %
Tier 1 Risk Based 6.00 % 20.15 %
Total Risk Based 10.00 % 21.41 %
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