Security Business Bancorp Reports Strong Capital and Continued Profitability
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http://www.businesswire.com/news/home/20091102005454/en
SAN DIEGO--(Business Wire)--
Security Business Bancorp (OTCBB:SBBC) and its operating subsidiary, Security
Business Bank of San Diego, released its unaudited 2009 third-quarter financial
results showing profitability and an increase in core deposits.
"Good liquidity, strong core deposits, solid capitalization and a five-star
ranking from ratings firm BauerFinancial are testament to the bank`s continued
financial health during this past quarter," said Paul Rodeno, president and CEO
of Security Business Bancorp.
"As a trusted resource to many of San Diego`s small and midsized enterprises, we
are helping a diverse group of entrepreneurial companies grow and, in turn,
supporting our region`s economic recovery," continued Rodeno.
Third-quarter financial highlights include:
* Total assets of $207.5 million.
* Strong core deposits of $150.5 million or 90.8% of deposits.
* Total loans of $158.9 million, with an allowance for loan loss of 1.82% up
from 1.29% in third-quarter 2008.
* A risk-based capital ratio of 15.2% compared to 12.4% in third-quarter 2008.
* Quarterly net income after tax of $112,000 or $0.06 per diluted share.
Since its founding in 2002, Security Business Bank
(www.securitybusinessbank.com) has built a reputation for providing its small
and mid-sized business customers with financial innovation, access to management
and superior client service. The bank has redefined the business banking
experience through its "Executive at Every Level" program, which fosters local
decision-making, employee empowerment and community specialization. Security
Business Bank is an operating subsidiary of Security Business Bancorp, a bank
holding company established in 2008 to support the bank`s continued growth.
Security Business Bank operates three San Diego locations including Downtown,
Carmel Valley and Carlsbad offices.
Certain statements in this release, including statements regarding the
anticipated development and expansion of the bank's business, and the intent,
belief or current expectations of the bank, its directors or its officers, are
"forward-looking" statements (as such term is defined in the Private Securities
Litigation Reform Act of 1995). Because such statements are subject to risks and
uncertainties, actual results may differ materially from those expressed or
implied by such forward-looking statements.
Security Business Bank of San Diego
Financial Highlights (Unaudited)
September 30, 2009
(Amounts in thousands)
As of September 30,
2009 2008
Balance Sheet Results:
Total Assets $ 207,452 $ 214,875
Loans Held for Investment $ 140,772 $ 155,767
Loans Held for Sale $ 18,151 $ 17,299
Total Loans $ 158,922 $ 173,065
Allowance for Loan Loss -$2,563 -$2,010
Core Deposits $ 150,515 $ 149,895
Total Shareholders' Equity $ 26,835 $ 20,137
Loans to Deposits 95.9 % 99.3 %
Core Deposits to Total Deposits 90.8 % 86.0 %
Allowance for Loan Losses to Loans 1.82 % 1.29 %
Equity to Assets 12.9 % 9.4 %
Total risk-based capital ratio 15.2 % 12.4 %
Ending Book Value per Share $ 15.07 $ 11.32
Ending Tangible Book Value per Share $ 11.81 $ 11.32
3rd Quarter Operating Results
Net Interest Income $ 2,096 $ 2,264
Provision for Loan Loss 300 760
Non-interest Income 213 219
Non-interest Expense 1,819 1,789
Income Before Taxes $ 190 -$66
Income Tax Expense 79 -45
Net Income $ 112 -$21
Return on Average Assets 0.22 % -0.04 %
Return on Average Equity 1.67 % -0.39 %
Return on Average Common Equity 2.13 % 3.37 %
Net Interest Margin 4.31 % 4.69 %
Efficiency Ratio 78.8 % 72.2 %
Net Income per Share - Basic $ 0.06 -$0.01
Net Income per Share - Diluted $ 0.06 -$0.01
Ending Shares Outstanding 1,780,918 1,779,244
Year-to-Date Operating Results
Net Interest Income $ 6,343 $ 6,579
Provision for loan loss 460 1,000
Non-interest Income 644 695
Non-interest Expense 5,615 5,388
Income Before Taxes $ 912 $ 890
Income Tax Expense 359 228
Net Income $ 554 $ 659
Return on Average Assets 0.36 % 0.44 %
Return on Average Equity 2.81 % 4.14 %
Return on Average Common Equity 5.30 % 4.93 %
Net Interest Margin 4.35 % 4.77 %
Efficiency Ratio 80.4 % 74.1 %
Net Income per Share - Basic $ 0.31 $ 0.37
Net Income per Share - Diluted $ 0.31 $ 0.36
Ending Shares Outstanding 1,780,918 1,779,244
Security Business Bancorp
Paul Rodeno, 619-237-4801
prodeno@securitybusinessbank.com
or
Melissa Dennis, 760-930-8973
melissa@teamoutsmart.com
Copyright Business Wire 2009
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