San Diego Trust Bank (OTC: SDBK) has 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 -- a 27 percent increase from the prior year.
The tax provision for the year ended Dec. 31, 2012 totaled $553,000 compared to $257,000 in the prior year, resulting in after-tax earnings of $1.82 million for the year, 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.
The bank’s basic earnings per share increased to 84 cents in 2012 compared to 75 cents in 2011.
The bank reported its total risk-based capital of 29.7 percent was among the highest in the nation and almost three times the amount needed to be considered “well-capitalized” by regulatory definition.
San Diego Trust Bank had $242 million in total assets as of Dec. 31, 2012 compared to $213.5 million as of Dec. 31, 2011, representing a 13.3 percent 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.
“We are once again pleased to be able to report such results to our shareholders despite the many challenges our industry faces, including continued pressure on margins, lackluster economic growth, and the increased regulatory burden,” commented Michael Perry, bank chairman, president and CEO in a statement.
The bank also reported it had no past due or non-accrual loans as of the end of last year.