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SDN BANCORP REPORTS SECOND QUARTER RESULTS

 ENCINITAS, Calif., Aug. 27 /PRNewswire/ -- SDN Bancorp, holding company for San Dieguito National Bank, reported a 1993 second quarter net loss of $688,000, compared to net earnings of $58,000 for the second quarter of 1992. The company reported a $1,118,000 net loss for the six months ended June 30, 1993, compared to net earnings of $100,000 for the same period in 1992.
 Total assets were $65.8 million at June 30, 1993, compared to $80.2 million at Dec. 31, 1992, and $81.4 million at June 30, 1992. On the same dates respectively, total loans were $45.0 million, $54.6 million and $63.2 million while total deposits were $62.5 million, $76.2 million and $76.9 million.
 The bank recorded a $430,000 provision for loan losses during the second quarter of 1993 for a total provision of $700,000 for the six months ended June 30, 1993. The year-to-date 1993 net loss is a result of the approximately $10.0 million decrease in loans and a higher than normal provision for loan losses during the last six months.
 "The continued decrease in SDN Bancorp's assets is in accordance with our plan to reduce the size of the bank to realign our assets in relationship to our equity capital and reflects our cautious lending practices during this difficult economic time for all banks," stated Paul E. Schedler, president. SDN Bancorp is considering a number of alternatives to increase the capital of both SDN Bancorp and San Dieguito National Bank.
 The bank announced the La Costa office was closed on Aug. 20, 1993, as a part of the bank's program to improve the bank's profit potential by reducing overhead expenses. It was also announced that William F. Howell and Donald A. Klatt resigned from the board of directors for personal reasons. "Bill and Don were founding directors who will continue to be of assistance to us," stated Dr. J. Peter Fitzpatrick, chairman of the board. "We thank them for their many hours of dedicated service."
 -0- 8/27/93
 /CONTACT: Paul E. Schedler, president, of SDN Bancorp, 619-436-6888 or 800-736-7362/


CO: SDN Bancorp; San Dieguito National Bank ST: California IN: FIN SU: ERN

JL-SW -- SD004 -- 6823 08/27/93 20:24 EDT
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Publication:PR Newswire
Date:Aug 27, 1993
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