SAN LUIS OBISPO, Calif., Dec. 5, 2008 (GLOBE NEWSWIRE) -- San Luis Trust Bank (OTCBB:SNLS) today announced that projected year-end earnings will be approximately $1.8 million. President and CEO Brad Lyon stated, "While the drop from 2007 is significant, we are so pleased that we continue to earn money in this difficult economic environment." The $1.8 million in earnings places the Bank in the top 25% tier level of its California Bank peers. The Bank continues to be designated as "well-capitalized" by the federal regulators, the highest possible designation.
Mr. Lyon added, "While we are dealing with a fair number of troubled loans, due to aggressive forward planning, our capital and loan loss reserves are strong and we believe sufficient to buffer against potential loan charge-offs. The current drop in interest rates has enabled the Bank to lower its cost of funds and increase interest margins. Given the credit crunch, the local real estate downturn and the current Wall Street financial crisis, our 2008 performance has been solid and we look forward to continued solid performance and returns into 2009."
For more information on San Luis Trust Bank, visit www.sanluistrustbank.com.
Statements concerning future performance, developments or events concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, the effect of interest rate changes, the ability to control costs and expenses, the impact of consolidation in the banking industry, financial policies of the United States government and general economic conditions.