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Security California Bancorp Reports Year to Date Earnings of $1,927,586

^{Published on 2011-10-21 16:21:05 - Market Wire}
 

RIVERSIDE, Calif.--([ BUSINESS WIRE ])--Security California Bancorp (aCompanya) (OTCBB: SCAF) and its wholly owned subsidiary, Security Bank of California (aBanka), announced its earnings for the third quarter of 2011. For the three months quarter ended September 30, 2011, the Company reported net income of $715,254 or 0.074 cents per share, an increase of 66% or $285,110 over the $430,144 reported for the third quarter of 2010.

"Our Bank is well capitalized and well positioned to take advantage of the opportunities that will arise within our markets"

For the nine months ended September 30, 2011, the Company posted net income of $1,927,586 or 0.251 cents per share, an 87% or $898,530 improvement over the $1,029,056 reported for the first nine months of 2010.

As of September 30, 2011, the Company reported Total Assets of $397.6 million, Total Loans of $298 million and Total deposits of $333.8 million, which reflects increases of 18% in Assets, 13% in Loans and 21% in Deposits, when compared to the same period last year.

aWhile the region continues on its slow recovery, the Bank remains committed to meeting the business banking needs of the communities we serve,a commented James A. Robinson, Chairman and Chief Executive Officer of the Bank and the Bank Holding Company. aGiven the ongoing uncertainties that our region faces, we have continued to prudently add to our loan loss reserves this year, which underscores our strong performance.a

The Companya™s Total Allowance for Loan and Lease Losses stood at $5.828 million as of September 30, 2011, which represents 1.96% of the Companya™s Total Loans. As of September 30, 2011, the Companya™s Texas Ratio stood at 11.67%.

aOur Bank is well capitalized and well positioned to take advantage of the opportunities that will arise within our markets,a added Mr. Robinson. aOur new loan production office in Irwindale, which is slated to open in November, is one of those opportunities.a

The Company reported a Tier 1 Leverage Capital Ratio of 16.22% and a Total Risk Based Capital Ratio of 20.51%, as of September 30, 2011, which are well in excess of the regulatory minimums of 5% and 10% respectively for a well capitalized financial institution.

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. It previously announced plans to open a Loan Production Office in Irwindale in the fourth quarter of 2011.

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

Visit us at [ www.securitybankca.com ]

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.