San Diego Trust Bank reported net income of $768,000 for 2007, compared with net earnings of $1.25 million in 2006, although the prior year’s profits weren’t fully taxable.
Pretax earnings for 2007 were $1.3 million, up 6.6 percent from 2006, the bank said in its report Jan. 23.
Total assets rose 12 percent to $106 million at Dec. 31, while total loans increased 8.5 percent to $71.2 million. Deposits rose 11.6 percent to $90.6 million.
Chief Executive Officer Mike Perry said the bank’s results were achieved despite a slowing economy, a slumping real estate market and increased pressure on margins.
Asset quality for the four-year bank remains impeccable with not a single delinquency or past due credit on its books.
Since the beginning of the year, San Diego Trust’s stock, traded as SDBK on the Over the Counter Bulletin Board, has been hammered, along with every bank stock. It most recently declined $4 from its Jan. 2 price to close at $24 on Jan. 22. Its 52-week high was $34.50.
, Mike Allen