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NewsBot Date: February 14, 2007 05:00:00 AM
SBBK News Security Business Bank of San Diego Reports Robust Fourth Quarter Earnings
SAN DIEGO--(BUSINESS WIRE)--Security Business Bank of San Diego (OTCBB:SBBK) today announced its unaudited 2006 annual and fourth quarter financial results.
“We are extremely proud of our 2006 performance,” said Paul Rodeno, president and CEO of Security Business Bank. “Our ability to maintain strong margins while establishing our new Carlsbad branch is a testament to our dependable and solid growth. Further supporting our growth trajectory is the expansion of our balance sheet and earnings by 23 percent and 28 percent respectively, along with a significant spike in our loan portfolio.”
Fourth quarter and annual financial highlights include:
Total assets of $151.6 million, a substantial increase over $123.3 million at the close of the year 2005.
Annual pre-tax income rose to $2.1 million from $1.6 million in 2005.
Annual net income was $1.4 million as compared to $2.1 million for the year 2005. Because after-tax net income for 2005 was influenced by a non-recurring tax credit (to recapture a portion of start-up expenses), net income has declined.
Total deposits for December 31, 2006 were $117.7 million, a rise of 12% over December 2005.
Loans of $123.8 million show a gain of 30% from 2005 of $95.3 million.
Quarterly net income per share grew to $0.27 from $0.18 at the end of 2005’s fourth quarter.
Online cash management services, such as a remote deposit processing program launched in June 2006, have positioned Security Business Bank as a leader in offering proprietary high technology banking services to its small- and mid-sized business customers. The remote deposit processing program has become a sought-after banking service by clients seeking added convenience, seamless integration into accounting processes and simplified record keeping.
Demonstrating consistent growth since its inception in 2002, Security Business Bank operates three San Diego locations including Downtown, Carmel Valley and Carlsbad offices.
Founded by a group of respected San Diego business leaders, Security Business Bank of San Diego is filling the void created by large, out-of-state banks that currently dominate the local landscape.Security Business Bank fills this void by providing local decision-making with experienced, personalized service that growing businesses need on a daily basis.With direct access to professional staff coupled with high-tech banking services like online bill-paying, check imaging and online wire transfers, businesses can efficiently manage their cash and credit needs. For more information on the Bank, please visit our website at www.securitybusinessbank.com.
Certain statements in this release, including statements regarding the anticipated development and expansion of the bank's business, and the intent, belief or current expectations of the bank, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995).Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.
