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EARNINGS

August 05, 1987

San Dieguito National Bancorp reported a $640,000 net loss for the six-month period ended June 30, contrasted with a $113,000 profit during the same period a year ago. The holding company for San Dieguito National Bank, which is in litigation with former president Stan Gardner, linked the loss to "past lending procedures."

"Current bank operations are profitable," President Paul Schedler said, adding: "The bank is aggressively pursuing appropriate legal processes to recover losses from various involved individuals, as well as from the bank's insurance carrier."

The bank holding company's total assets on June remained unchanged at $55 million.

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