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Thursday, Mar 28, 2024
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Special Assessment Cuts Into Security Business Bancorp Profit

Security Business Bancorp, parent of Security Business Bank of San Diego, reported Aug. 6 second quarter net income of $209,000, down from $276,000 in net income for the like quarter of 2008.

For the first half, SBB reported net income of $412,000, compared to $585,000 for the same period of 2008.

CEO Paul Rodeno said a special assessment by the Federal Deposit Insurance Corp. of $115,000 was the primary cause for the reduced profits.

He pointed out the bank’s strong liquidity, and its total risk based capital ratio of 15.2 percent, greater than the 10 percent minimum to be considered well-capitalized, as factors helping to attract new clients.

Total assets at the three-office bank rose to $216 million, up 3 percent from the same period of 2008, while loans were flat at $167.8 million.

Problem loans at the bank were $2.3 million as of June 30, or 1.4 percent of total loans.

, Mike Allen

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