SDNB profits decline: San Diego National
Bank.
by Allen, Mike
SDNB Profits Decline: San Diego National Bank reported
second-quarter net income of $4.1 million, down 29 percent from the
second quarter of 2007.
For the first six months of the year, SDNB reported net income of
$9.9 million, down 33 percent from the like period of 2007.
SDNB, a unit of Illinois-based First Bank of Oak Park, said the
decline in net profits was partly due to the downturn in the local
economy, as well as increased expenses associated with opening five
branches in the past year. It now has 26 branches.
The bank's assets as of June 30 were $2.94 billion, up 22
percent from the like period of 2007. Loans were at $2.4 billion, up 28
percent, and deposits were $2 billion, down 4 percent.
SDNB reported holding $5.9 million in nonperforming loans, or 0.2
percent of its portfolio, minuscule by any standard. That compared with
problem loans of $20.7 million at June 30, 2007.
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