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San Luis Trust Bank Q1 earnings down

San Luis Trust Bank has reported earnings of $1.03 million for the first quarter of 2008, compared to $1.08 million for the corresponding period of 2007.

The bank said that it remains highly capitalized, with $30.4 million in equity capital, and is considered to be ‘well-capitalized’ by the federal regulators. Further, the bank’s loan loss reserves exceeded $3.4 million, representing a 1.50% reserve ratio compared to gross loans.

The bank said that its net interest margins have increased during 2008, which will allow the bank to increase its tier-2 capital position beyond the budgeted totals. The funding strategies implemented during the first quarter of 2008 will enable the bank to keep deposit costs down and perform well into 2011.

The bank’s CEO Brad Lyon stated that strong capital positions and an active senior management and board of directors will be vital in monitoring and analyzing potential real estate issues during 2008.

Mr Lyon added: The bank remains optimistic in meeting its performance targets for 2008. The real estate environment continues to present both challenges and opportunities for the bank.