SAN LUIS OBISPO, Calif., April 12, 2007 (PRIME NEWSWIRE) -- San Luis Trust Bank (OTCBB:SNLS) announced diluted earnings of $0.25 per share for the first quarter of 2007 on net income of $1.1 million. First quarter earnings were down when compared to 2006 first quarter net income of $1.5 million.
CEO Brad Lyon attributed the drop in earnings to a fantastic first quarter in 2006, aided by several one-time income enhancements, and increased staffing costs during the first quarter in 2007. Despite the drop in first quarter income, the Bank is still on target to earn its budgeted $4.3 million.
CEO Lyon commented, "Given the decline in both the local construction sector and real estate market, projecting year-end net income of $4.3 million, is very acceptable."
Total assets increased to $260.7 million as of March 31, 2007 compared to $255.7 million as of March 31, 31, 2006.
For more information on San Luis Trust Bank, visit www.sanluistrustbank.com.