San Diego Trust Bank Reports 60% Increase in Quarterly EarningsMonday, October 17, 2011
San Diego Trust Bank reported Oct. 17 net income for the third quarter was $350,000, compared with $218,000 for the same quarter last year, an increase of 60 percent.
It was the 28th consecutive quarterly profit for the bank.
Net income for the nine months was $920,000, compared with $626,000 for the like period of 2010, up 47 percent.
Total assets grew to $212.5 million, compared with $191.8 million at the same quarter of 2010.
As of Sept. 30, San Diego Trust held a Tier 1 leverage capital ratio of 8.92 percent, nearly double the minimum required for a well-capitalized bank, and 26.06 percent in total risk-based capital, more than double the 10 percent to be regarded as well-capitalized.
The bank also said it held zero problem loans.
— Mike Allen