As they hit the checkered flag, that’s Robert Horsman in San Diego National Bank’s Thunderbird stock car crossing the line first with a 2.02 return on assets and claiming the top 2003 RB Award. Last year, SDNB was No. 2 at 1.64; and in 2000, No. 1.

Although President Horsman says the lending market has “stalled in the last couple of months,” SDNB is coming off 2002 with better than 10 percent increases in both assets and deposits.

Horsman recently hired Dino D’Auria from Comerica Bank to head up commercial lending and says he’s looking for a few good lenders to assist his new senior veep.

“The problem is the expertise; it’s hard to find guys that know the market anymore,” Horsman says.

SDNB is locally operated, but has a big brother owner in Chicago-based FBOP Holding Co. Accordingly, Horsman says his bank is competing for deals with Wells Fargo, BofA, California Bank & Trust, and U.S. Bank, which still contains most of the assets of the former Peninsula and Scripps banks, and Bank of Commerce. But many of those former banks’ talented staff have moved on.

Looking over his shoulder at the de novos, Horsman says he isn’t surprised at the flurry of new bank openings. “A lot of these came out of banks that were successful, and they ‘get it.’ These guys are good community bankers who have identified a market,” he says. But because they all had the same good idea, “I’m beginning to think there’s too many.”

He also understands the risks of de novos. “The loans are going to be small and if they trip up even on a small loan, it could eradicate the whole year’s earnings.”

Not that he’s gloating. “It took us 15 years to get to $200 million in assets,” Horsman says. “Last year, we grew $248 million.”