San Diego Trust Bank Announces Record 2012 Financial Results

San Diego Trust Bank (OTC: SDBK), one of the most consistently profitable banks in the State, reported its audited financial results for the year ended December, 31, 2012. The Bank recorded its 33rd consecutive quarterly profit with full-year, pre-tax earnings of $2.37 Million compared to $1.87 Million in the previous year representing a 27% increase from the prior year. The tax provision for the year ended December 31, 2012 totaled $553 thousand compared to $257 thousand in the prior year resulting in After–Tax Earnings of $1.82 million for the year ended December 31, 2012, compared to $1.61 million in the prior year. The increase in taxes was the result of more income being derived from fully-taxable investment securities in 2012 than in the prior year. The Bank’s ability to report such consistent earnings resulted from the continued growth in assets in addition to lower loan costs and decreases in operating expenses compared to previous periods.

Selected highlights for 2012 include the following:
  • Pre-tax earnings climbed 27% and totaled $2.37 Million compared to $1.87 Million in the previous year;
  • After tax earnings increased 13% and totaled $1.82 Million compared to $1.61 Million in the previous year;
  • Basic Earnings Per Share increased to $.84 in 2012 compared to $.75 in 2011;
  • Total Risk Based Capital of 29.70% was among the highest in the nation and almost three times the amount needed to be considered “well-capitalized” by regulatory definition;
  • Asset Quality remains exceptional with no past due or non-accrual loans as of December 31, 2012;
  • Bank was recognized as one of San Diego’s “Ten Best Small Companies” to work for in 2012 for the second year in a row;
  • Designated a “5-Star” Institution by Bauer Financial for the 26 th Consecutive Quarter;
  • Recognized by the Findley Companies as a “Premier Performing Bank”

Total Assets stood at $242 million as of December 31, 2012 compared to $213.5 million as of December 31, 2011 representing a 13.3% increase from the prior year-end. Total Deposits increased to $187.9 million at year-end 2012 compared to $168.5 million at year end 2011 with Core Deposits (non-interest bearing DDA and MM accounts) representing 97% of all deposits. The Bank has never held any “brokered” deposits.