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Security California Bancorp Reports Record Earnings up Significantly over 2009 Results

^{Published on 2011-01-28 13:21:25 - Market Wire}
 

RIVERSIDE, Calif.--([ BUSINESS WIRE ])--Security California Bancorp (aCompanya) (OTCBB: SCAF) announced 2010 earnings of $1.2 million, an increase of 154% over the $2.1 million loss reported in 2009. Diluted earnings per share for the year ended December 31, 2010, totaled $0.197 per share, up from a loss of $0.857 per share in the prior year.

"Our earnings growth reflects a lower level of credit losses, and solid growth in each of our markets: Riverside, San Bernardino and Redlands, and a continued enhancement of our fortress balance sheet."

2010 fourth quarter earnings were $153,775, a significant increase over the $1.9 million loss reported in fourth quarter of 2009.

aWe are pleased to report record earnings for 2010,a said James A. Robinson, Chairman and CEO. aOur earnings growth reflects a lower level of credit losses, and solid growth in each of our markets: Riverside, San Bernardino and Redlands, and a continued enhancement of our fortress balance sheet.a

As of December 31, 2010, the bank reached $338.5 million in Assets, $280.5 million in Loans and $290.3 million in deposits, each demonstrating growth over December 31, 2009 levels. The Banka™s overall asset quality remains strong. Nonperforming loans stand at $5.8 million, and the bank maintains an Allowance for Loan Losses at 2.00% of total loans. aOur clients have, for the most part, weathered the economic storm that has gripped our nation for the past two years,a commented Robinson, aand we are excited about the opportunities that are beginning to appear, albeit slowly, within our marketsa. aWe have and will continue to maintain a strong credit discipline, our focus on building strong relationships with our clients, in markets that our team understands. And our strong balance sheet clearly positions us for growth,a added Robinson.

In September of 2010, the Company raised $20 million in additional capital to help position itself to take advantage of those opportunities. aNot only did the additional capital increase our Total Risk Based Capital to in excess of twice the regulatory minimum for a well capitalized institution, it validated the investment communitya™s confidence of our franchise and the opportunities that our region represents,a said Robinson.

Security California Bancorp
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.