SDN Bancorp, the parent company of San...
SDN Bancorp, the parent company of San Dieguito National Bank, reported a $1.3-million net loss for the year ended Dec. 31, 1987. The loss was generated by “further deterioration” of previously identified problem loans, according to SDN President Paul E. Schedler.
San Dieguito provided reserves for loan losses of $870,000 during 1987. The Encinitas-based bank also incurred $270,000 in legal and settlement expenses. An accounting change boosted the bank’s yearly net loss by $132,000.
SDN reported that non-performing loans fell to $813,000 from $1.8 million at the end of 1986.
The past year was “a thorny year where valuable financial and human resources were used to correct old problems rather than to move forward,” Schedler said.
SDN’s assets as of Dec. 31 fell to $54.5 million, down from $61.3 million a year earlier.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
