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Security Bank of California Reports Net Income of $1,046,923 for the Nine Months Ended September 30, 2010

^{Published on 2010-10-25 16:50:22 - Market Wire}
 

RIVERSIDE, Calif.--([ BUSINESS WIRE ])--Security Bank of California, wholly owned and sole subsidiary of Security California Bancorp (OTCBB: SCAF) announced its financial results for the third quarter and the nine months ended September 30, 2010. Highlights of the banka™s performance include:

"Our area continues to exhibit a wait and see attitude, which has contributed to soft loan demand. We do see opportunities within our market however, and our recently completed capital raise will provide us with the flexibility to continue to grow our core business"

Net income of $431,283 for the third quarter and $1,046,923 for the nine months ended September 30, 2010

Total Assets stood at $336 million

Total Loans were $264.5 million

Total Deposits grew to $293.5 million

For the nine months ended September 30, 2010, the bank posted net income of $1,046,923, an increase of 562% over the net loss of $226,510 that the bank reported for the same period last year. For the quarter ended September 30, the bank earned net income of $431,283, a 216% improvement over the $136,421 reported the third quarter of 2009.

The bank, as of September 30, 2010, reported Tier 1 leverage Capital Ratio of 12.69% and a Total Risk Based Capital Ratio of 15.10%, which are well in excess of the regulatory minimums of 5% and 10% respectively for a well capitalized institution. These ratios do not include the impact of the recently completed $20 million capital raise.

During the third quarter, Security California Bancorp completed a private placement offering raising $20 million in additional capital. The company plans to utilize this capital to grow its core business and be well positioned to pursue strategic growth opportunities.

The bank continues to maintain an Allowance for Loan and Lease Losses of $5.299 million or 2.00% of gross loans outstanding as of September 30, 2010.

aWhile our market has begun to show some signs of improvement, the Inland Empire continues to struggle with the weight of unemployment and depressed property values,a commented James A. Robinson, Chairman and Chief Executive Officer. aOur area continues to exhibit a wait and see attitude, which has contributed to soft loan demand. We do see opportunities within our market however, and our recently completed capital raise will provide us with the flexibility to continue to grow our core business,a added Robinson.

Security Bank of California opened for business on June 20, 2005. The bank offers personalized services and products to businesses and individuals through its three full service offices in Riverside, San Bernardino and Redlands.

Security California Bancorp is traded on the Over the Counter Bulletin Board under the symbol: SCAF.OB.

Visit us at [ www.securitybankca.com ]

Security Bank of California
Forward Looking Statement Disclaimer -
General Form

This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank is conducting its operations, including the real estate market in California and other factors beyond the Banka™s control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect managementa™s view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.