San Diego National Bank reported a net profit of $5.79 million in its first quarter, down 25 percent from the like quarter of 2007.
The bank said the decrease was due in part to the downturn in the local economy, as well as increased expenses caused by the opening of new branches in Poway, Temecula and Mission Hills in the last six months.
The bank reported nonperforming loans went from zero in the first quarter of last year to $1.48 million at March 31.
Total assets were $2.7 billion, up by 10 percent from last year’s first quarter, while loans were at $2.1 billion, up 12 percent for the same quarter last year.
The bank, a unit of First Bank of Oak Park in Illinois, plans to open its 25th branch in Scripps Ranch May 19.
, Mike Allen