Security Business Bank of San Diego reported first quarter net income of $117,000, up 28.5 percent from the $91,000 profit it made in the like quarter of 2010.
Total assets grew to $231.2 million, up 14.6 percent from the prior year’s first quarter, but loans were up only 1.9 percent to $163.4 million.
CEO Paul Rodeno said borrowers that received credit are small businesses that are growing and profitable, and come from the services and manufacturing sectors. “It’s a combination of SBA loans and direct loans,” he said.
The bank also cut in half its nonperforming assets from the end of last year to $3.97 million, or 1.72 percent of its total assets. That compared to $8 million or 3.58 percent of its total assets as of Dec. 31.
The problem assets include one foreclosed property in Escondido valued at $993,000.
Capital remains well above the threshold to be considered well-capitalized with total risk-based capital at 15.6 percent.
— Mike Allen