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SDN BANCORP REPORTS THIRD QUARTER RESULTS

 SDN BANCORP REPORTS THIRD QUARTER RESULTS
 ENCINITAS, Calif., Nov. 13 /PRNewswire/ -- SDN Bancorp


(OTC: Pink sheets), holding company for San Dieguito National Bank, reported a $44,000 net loss for the third quarter of 1991 compared to a $117,000 net profit for the comparable three-month period in 1990. The net loss for the nine months ended Sept. 30, 1991, was $1,002,000.
 As previously reported, San Dieguito National Bank recorded a special $1,000,000 addition to the reserve for potential loan losses in the second quarter of 1991. In addition, losses from normal operations were anticipated as a part of the bank's expansion strategy, which included opening a new office in Carlsbad Village and expanded services in the La Costa office, together with estimated lower interest income due to decreases in the prime lending rate.
 Total assets were $87.0 million at Sept. 30, 1991, compared to $80.5 million at Dec. 31, 1990 (an 8.1 percent increase) and $78.9 million at Sept. 30, 1990 (a 10.3 percent increase). Total loans continued to increase to $66.8 million at Sept. 30, 1991, a 13.2 percent increase from a year ago. Total deposits increased to $82.4 million at Sept. 30, 1991, a 13.0 percent increase compared to Sept. 30, 1990. San Dieguito National Bank's risk-based capital ratio is 7.7 percent at Sept. 30, 1991, which is above the regulatory minimum.
 "San Dieguito National Bank continues to experience good growth and loan demand primarily from the success of our recent expansion in Carlsbad," stated Paul E. Schedler, president. "These are difficult times for banks; however, we look forward to the challenges and opportunities in 1992."
 San Dieguito National Bank is an independent community bank organized 11 years ago by local businessmen and women. The bank is headquartered in Encinitas with additional offices in La Costa and Carlsbad Village.
 -0- 11/13/91
 /CONTACT: Paul E. Schedler, president of SDN Bancorp, 619-436-6888 or 800-736-7362/ CO: SDN Bancorp ST: California IN: FIN SU: ERN KJ-CH -- SD003 -- 3924 11/13/91 12:00 EST
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Publication:PR Newswire
Date:Nov 13, 1991
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