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Security California Bancorp Reported Solid Earnings, Significantly over 2010 Results

^{Published on 2011-04-21 17:00:48 - Market Wire}
 

RIVERSIDE, Calif.--([ BUSINESS WIRE ])--Security California Bancorp (aCompanya) (OTCBB: SCAF) and its sole subsidiary, Security Bank of California (aBanka), reported their consolidated earnings for the first quarter ended March 31, 2011. The Company reported net income of $593,747 or 8.6 cents per share, a significant improvement of $395,144 or 199% over the $198,603 or 3.0 cents per share reported for the same period last year.

"While the economy continues its recovery, albeit slower than any of us would like, we are confident that our business model, continued strong risk management and strategic focus will position us to take advantage of the opportunities that will accompany this regiona™s economic growth"

Highlights of the Companya™s performance for the first quarter of 2011, when compared to the first quarter of 2010, are as follows:

Total Assets grew to $357 million, an increase of 16% or $49 million

Total Deposits grew 10% to $289 million, an increase of $26 million

Total Loans grew by $23 million to $285 million, an increase of 9%

Total Risk Based Capital remained strong at 20.88%

aThe Company delivered a solid performance during the first quarter,a observed James A. Robinson, Chairman and CEO of the Bank and the Bank Holding Company. aWhile our region continues to feel the impact of a prolonged economic recovery, our relationship centric strategy of working closely with our clients continues to provide us with a strong foundation for our continued growth.

aWhile the economy continues its recovery, albeit slower than any of us would like, we are confident that our business model, continued strong risk management and strategic focus will position us to take advantage of the opportunities that will accompany this regiona™s economic growth,a added Robinson.

Security Bank of California opened for business on June 20, 2005. It was founded by several prominent Inland Empire business leaders who shared a common vision that a bank should make decisions based on local knowledge and expertise and be committed to the continued growth of the area. The Bank offers personalized services and products to businesses and individuals through its three full service branch offices in Riverside, San Bernardino and Redlands.

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

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.