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San Diego National posts 3% gain in earnings, pares bond holdings: bank sells off $160m in corporate bonds, resulting in $3.5m loss.

Publication: San Diego Business Journal
Publication Date: 28-AUG-06
Format: Online
Delivery: Immediate Online Access
Full Article Title: San Diego National posts 3% gain in earnings, pares bond holdings: bank sells off $160m in corporate bonds, resulting in $3.5m loss.(financial report)(Financial report)

Article Excerpt
San Diego National Bank, the area's second-largest commercial lender, reported a 3 percent up tick in earnings to $7,5 million in the second quarter. But the bank would have posted higher earnings if it hadn't sold off some corporate bond holdings.

"We took a lot of securities write-downs this year ... otherwise our earnings would have been up more," said Eric Larson, SDNB's chief financial officer.

Larson said during the first half of the...

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