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60.3 F
San Diego
Wednesday, May 22, 2024
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San Diego Trust Accrues More Net Income

San Diego Trust Bank reported net income before taxes of $332,000 for the third quarter, up 18 percent from the like period of 2006.

For the nine months ended Sept. 30, the bank had net income of $1.15 million, up 24 percent over the like period of 2006.

Total assets at the end of September were $99.1 million, an increase of 18 percent from the prior year, while loans rose 7 percent to $69.8 million.

In the last 18 months, the bank has been reducing its exposure to certain sectors of the real estate market, resulting in slower growth than in the past, said Chief Executive Officer Michael Perry.

San Diego Trust boasts a sterling portfolio, with not a single loan classified as being delinquent or past due since its inception in 2003, Perry said.

, Mike Allen

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