San Diego Trust Bank, with one office in Bankers Hill, reported net income of $63,000 for the first quarter, up from $23,000 in the fourth quarter. Total assets at the bank that opened in late 2003 nearly doubled to $59.4 million from the same period a year ago, while total deposits tripled to $48.8 million.
Total loans were $41 million compared to $11.4 million in the same period in 2004. It held no delinquent or past due loans and remained well capitalized.
“We doubled the size of the bank, and our net interest margin has increased, but we’ve only added one person to bring the total to 14,” said Chief Executive Officer Mike Perry.