San Diego Business Journal

Security Business Bancorp Has Profitable Half

Wednesday, July 27, 2011

Security Business Bancorp, parent of Security Business Bank of San Diego, reported unaudited net income of $194,000 for the second quarter, up from $161,000 for the like quarter of 2010.

For the half, the bank reported net income of $233,000 compared with a net profit of $173,000 in the first half of 2010.

SBB, which repaid about $6 million in federal bailout funds it received a few years ago, obtained an additional $2.8 million through another federal program aimed at boosting small business lending by community banks.

Total assets at the bank rose 11 percent to $233.7 million, while total loans increased 4 percent to $170 million.

The bank qualifies as a well-capitalized institution with a total risk-based ratio of 15.1 percent, unchanged from the same time last year.

Problem assets were below average at 2.9 percent of total assets and include a single foreclosed property valued at about $950,000.

Downtown-based SBB will open its fourth full-service office next month in Escondido, managed by Chris Burt.

— Mike Allen