Earnings Jump at Torrey Pines
Torrey Pines Group, parent of eight-branch Torrey Pines Bank, said its second-quarter earnings more than quadrupled to $1.26 million from the $288,000 reported for the same quarter last year. For the first six months of 1989, Torrey Pines’ profit was $2.36 million, up 135% from the $1-million profit over the same two quarters in 1988.
In a statement, bank President Edward George said the earnings “demonstrate that our strategy, adopted 18 months ago to substantially improve earnings by emphasizing the quality of our balance sheet over growth, is working.”
As of June 30, the assets of Solana Beach-based Torrey Pines Group totaled $443 million, up 7% from $413.6 million the year previous. Deposits were $409.7 million, up 8%, and total loans were $276 million, down 3.5%.