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Thursday, Oct 6, 2022
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Security Business Bancorp Takes $1M Loss for 2010

Security Business Bancorp, parent of Security Business Bank of San Diego, reported Feb. 24 a 2010 fourth quarter net loss of $815,000, compared with a net loss of $230,000 for the like quarter of 2009.

For the full year, SBB reported a net loss of $1 million, compared with a net profit of $118,000 in 2009.

CEO Paul Rodeno said the bank was “a little late to the party,” meaning it sustained heavier losses last year instead of in 2009 when many of its peers took their lumps.

During the year, SBB had to increase its loan loss reserves by $2.75 million as its nonperforming assets increased to about $8 million. That represented 3.58 percent of its total assets of $224.8 million, compared with 2.92 percent in nonperforming assets at the end of 2009.

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Despite the loss, SBB’s capital ratios aren’t in danger since it enjoys $5.8 million in federal bank bailout funding. As of the end of the year, it posted 14.8 percent in total risk-based capital, above the 10 percent needed to be considered well-capitalized.

The bank grew total assets 14 percent to $224.8 million, and deposits by 24 percent to $179 million. Loans increased only 5 percent to $173 million.

Rodeno said SBB will continue growing this year, and plans to open another branch in Escondido later in the year.

— Mike Allen

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