Security Business Bank of San Diego said Jan. 28 that it had un-audited net income of $1.6 million in 2007, up 14 percent from $1.4 million in 2006.
The downtown-based bank with three offices said total assets rose 22 percent during the year to $185 million. Total loans grew 20 percent to $148.5 million, while deposits increased 30 percent to $152.7 million.
Chief Executive Officer Paul Rodeno said the bank boosted its non-interest-bearing deposits by 52 percent to $60 million, and grew its business loans by 49 percent to nearly $49 million.
The bank reported zero nonperforming loans as of year-end.
, Mike Allen