RIVERSIDE, Calif., Oct. 22, 2015 (GLOBE NEWSWIRE) — Security California Bancorp (OTCBB:SCAF), the parent company of Security Bank of California, reported net income of $1.369 million, or 23 cents per share, for the third quarter of 2015, an increase of 31% from net income of $1.049 million, or 18 cents per share, for the third quarter of 2014.
For the nine months ended September 30, 2015, the Company reported net income of $3.879 million, or 66 cents per share, an increase of 34% from net income of $2.906 million, or 50 cents per share, for the same period in 2014.
Third Quarter 2015 Year-Over-Year Highlights
- Total loans were $477 million, an increase of 16%
- Total deposits were $648 million, an increase of 26%
- Total assets were $733 million, an increase of 21%
“We are pleased to deliver one of the most profitable quarters in our history, with our net income increasing by 31% over the same period last year,” said James A. Robinson, Chairman and CEO of Security California Bancorp. “We are very excited about our pending merger with Pacific Premier Bancorp. We believe the combination of our two banks will result in a powerful commercial banking force in Southern California with a strong presence in the Inland Empire. We look forward to continuing to provide our customers with the same level of exceptional service they have come to expect from Security Bank, while giving them the greater borrowing capacity and broader suite of products and services that Pacific Premier can offer.”
Third Quarter 2015 Summary Results
Net Interest Income and Net Interest Margin
Net interest income for the third quarter of 2015 was $6.2 million, an increase of 17% from $5.3 million in the third quarter of 2014. The increase in net interest income was primarily driven by growth in total loans outstanding.
Net interest margin was 3.54% in the third quarter of 2015, a decrease of 12 basis points from the prior quarter. The decrease in net interest margin was primarily attributable to a larger percentage of earning assets being invested in the securities portfolio.
Non-interest Income
Non-interest income for the third quarter of 2015 was $953,000, an increase of 28% from $745,000 in the same quarter of the prior year. The increase in non-interest income was primarily attributable to higher gains on sales of SBA loans.
Non-interest Expense
Non-interest expense was $4.7 million for the third quarter of 2015, an increase of 16% from $4.0 million in the year-ago period. The increase in non-interest expense was primarily due to premises and personnel expense added through the acquisition of the new Temecula/Murrieta branch, as well as $319,000 in merger-related expense.
Balance Sheet
Total Assets
Total assets were $733 million at September 30, 2015, an increase of 21% from $607 million at September 30, 2014, driven by strong growth in both loans and deposits.
Total Loans
Total loans were $477 million at September 30, 2015, an increase of 16% from $411 million at September 30, 2014. The increase in total loans was primarily driven by growth in the commercial and industrial, commercial real estate, and construction portfolios.
Total Deposits
Total deposits were $648 million at September 30, 2015, an increase of 26% from $514 million at September 30, 2014. The increase in total deposits was driven by the addition of new client relationships, as well as approximately $40 million in deposits added through the acquisition of the new Temecula/Murrieta branch.
Asset Quality
Total non-performing assets were $4.7 million, or 0.64% of total assets, at September 30, 2015, compared with $5.1 million, or 0.76% of total assets, at June 30, 2015.
At September 30, 2015, total non-accrual loans were $4.7 million, or 0.99% of total loans, compared with $5.1 million, or 1.08% of total loans, at June 30, 2015.
During the third quarter of 2015, the Company had $62,000 in net recoveries, compared with net recoveries of $33,000 in the second quarter of 2015.
The Company recorded a provision for loan losses of $76,000 in the third quarter of 2015 to reflect the growth in the loan portfolio. The allowance for loan losses as a percentage of gross loans was 1.54% at September 30, 2015, unchanged from 1.54% at June 30, 2015.
Capital
Security California Bancorp remained well capitalized as of September 30, 2015. All of the Company’s capital ratios exceeded minimum regulatory standards for “well capitalized” institutions. As of September 30, 2015, the Company’s Tier 1 leverage ratio was 11.00%, the Tier 1 risk-based capital ratio was 14.10%, and the Total risk-based ratio was 15.35%, compared with the regulatory minimum standards of 4%, 6% and 8%, respectively.
About Security California Bancorp and Security Bank of California
Security California Bancorp is the parent of Security Bank of California and is traded on the Over the Counter Bulletin Board (“OTCBB”) under the symbol SCAF.OB. Through its full service offices in Riverside, San Bernardino, Redlands, Orange, Palm Desert, and Murrieta/Temecula, Security Bank of California is a full service community bank, focusing on providing banking services for businesses, their owners and families, and successful individuals. The bank also has a Loan Production Office (“LPO”) in Irwindale. To learn more about the bank’s products and services, call 951-368-2265 or visit the company’s Web site at www.securitybankca.com.
Pacific Premier Bancorp, Inc. Merger Announcement
On September 30, 2015, Pacific Premier Bancorp, Inc., a Delaware corporation (“PPBI”), and Security California Bancorp entered into an Agreement and Plan of Reorganization (the “Merger Agreement”) pursuant to which the Company will be merged with and into PPBI, immediately followed by the merger of the Company’s wholly-owned bank subsidiary, Security Bank of California, with and into Pacific Premier Bank, the wholly-owned bank subsidiary of PPBI. Pacific Premier Bank is a business bank primarily focused on serving small and middle market business in the counties of Los Angeles, Orange, Riverside, San Bernardino and San Diego, California. Pacific Premier Bank offers a diverse range of lending products including commercial, commercial real estate, construction, residential warehouse and SBA loans, as well as specialty banking products for homeowners associations and franchise lending nationwide. Pacific Premier Bank serves its customers through its 16 full-service depository branches in Southern California located in the cities of Corona, Encinitas, Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, Riverside, San Bernardino, San Diego, Seal Beach and Tustin.
Forward Looking Statements
This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank is conducting its operations, including the real estate market in California and other factors beyond the Bank’s control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management’s view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
Notice to Security California Bancorp and Pacific Premier Bancorp, Inc. Shareholders
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed acquisition of Security California Bancorp by PPBI, a registration statement on Form S-4 will be filed with the Securities and Exchange Commission (“SEC”) by PPBI. The registration statement will contain a joint proxy statement/prospectus to be distributed to the shareholders of Security California Bancorp and PPBI in connection with their vote on the acquisition. SHAREHOLDERS OF SECURITY CALIFORNIA BANCORP AND PPBI ARE ENCOURAGED TO READ THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE JOINT PROXY STATEMENT/PROSPECTUS THAT WILL BE PART OF THE REGISTRATION STATEMENT, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION. The final joint proxy statement/prospectus will be mailed to shareholders of Security California Bancorp and PPBI. Investors and security holders will be able to obtain the documents free of charge at the SEC’s website, www.sec.gov. In addition, documents filed with the SEC by PPBI will be available free of charge by (1) accessing the PPBI’s website at www.ppbi.com under the “Investor Relations” link and then under the heading “SEC Filings,” (2) writing PPBI at 17901 Von Karman Avenue, Suite 1200, Irvine, CA 92614, Attention: Investor Relations or (3) writing Security California Bancorp at 3403 Tenth Street, Suite 830, Riverside, CA 92501, Attention: Corporate Secretary.
The directors, executive officers and certain other members of management and employees of PPBI may be deemed to be participants in the solicitation of proxies in respect of the proposed acquisition. Information about the directors and executive officers of PPBI is included in the proxy statement for its 2015 annual meeting of shareholders, which was filed with the SEC on April 27, 2015. The directors, executive officers and certain other members of management and employees of Security California Bancorp may also be deemed to be participants in the solicitation of proxies in favor of the acquisition from the shareholders of Security California Bancorp. Information about the directors and executive officers of Security California Bancorp will be included in the joint proxy statement/prospectus for the acquisition. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the joint proxy statement/prospectus regarding the proposed acquisition when it becomes available. Free copies of this document may be obtained as described in the preceding paragraph.
Security California Bancorp and Subsidiaries | |||||
Consolidated Income Statements (Unaudited) | |||||
(Dollars in Thousands) | |||||
Three months ended | Nine months ended | ||||
9/30/2015 | 6/30/2015 | 9/30/2014 | 9/30/2015 | 9/30/2014 | |
INTEREST INCOME | |||||
Loans, with fees | $ 5,805 | $ 5,525 | $ 4,900 | $ 16,368 | $ 14,041 |
Deposit with banks | 30 | 30 | 23 | 86 | 67 |
Investment securities | 830 | 683 | 766 | 2,213 | 2,474 |
Total interest income | 6,664 | 6,238 | 5,688 | 18,667 | 16,583 |
INTEREST EXPENSE | |||||
Deposits | 495 | 420 | 392 | 1,307 | 1,084 |
Other | 4 | 8 | 9 | 18 | 38 |
Total interest expense | 499 | 428 | 401 | 1,325 | 1,122 |
Net interest income | 6,165 | 5,810 | 5,287 | 17,343 | 15,461 |
Provision for loan losses | 76 | 234 | 164 | 129 | 841 |
Net income after provision for loan losses | 6,089 | 5,575 | 5,123 | 17,213 | 14,620 |
NON INTEREST INCOME | |||||
Service charges on deposits | 275 | 251 | 228 | 780 | 715 |
Gain on sale of securities | 10 | 69 | 3 | 103 | 54 |
SBA gains on sales and fees | 538 | 548 | 331 | 1,378 | 1,162 |
Other | 130 | 245 | 182 | 501 | 536 |
Total non interest income | 953 | 1,113 | 745 | 2,762 | 2,467 |
NON INTEREST EXPENSE | |||||
Salaries & benefits | 2,785 | 2,728 | 2,541 | 8,194 | 7,686 |
Premises & equipment | 525 | 469 | 427 | 1,445 | 1,356 |
Other | 1,390 | 1,240 | 1,068 | 3,701 | 3,032 |
Total non interest expense | 4,701 | 4,436 | 4,036 | 13,341 | 12,073 |
Net income before taxes | 2,341 | 2,252 | 1,832 | 6,635 | 5,013 |
Provision for income tax | 972 | 934 | 782 | 2,756 | 2,107 |
NET INCOME | $ 1,369 | $ 1,319 | $ 1,049 | $ 3,879 | $ 2,906 |
EARNINGS PER SHARE | |||||
Diluted earning per share | $ 0.23 | $ 0.23 | $ 0.18 | $ 0.66 | $ 0.50 |
Average outstanding common shares | 5,768,061 | 5,670,916 | 5,670,174 | 6,039,257 | 5,670,174 |
PERFORMANCE INDICATORS | |||||
Return on average assets | 0.76% | 0.81% | 0.71% | 0.78% | 0.68% |
Return on average equity | 7.08% | 7.20% | 6.12% | 7.00% | 5.88% |
Efficiency ratio | 66.13% | 64.73% | 66.94% | 66.70% | 67.55% |
Security California Bancorp & Subsidiaries | |||||
Consolidated Balance Sheets (Unaudited) | |||||
(Dollars in thousands) | |||||
As of | |||||
9/30/2015 | 06/30/15 | 03/31/15 | 12/31/14 | 09/30/14 | |
ASSETS | |||||
Cash & due from banks | $ 13,448 | $ 10,227 | $ 12,554 | $ 13,730 | $ 12,097 |
Interest bearing deposits with banks | 26,482 | 35,628 | 30,285 | 37,012 | 35,523 |
Investment Securities | 204,766 | 142,367 | 136,486 | 137,323 | 138,272 |
Loans: | |||||
Commercial & Industrial | 174,634 | 177,425 | 168,128 | 157,447 | 157,448 |
Real Estate – Commercial | 248,940 | 239,830 | 240,923 | 220,757 | 213,281 |
Real Estate – Construction | 23,321 | 23,662 | 18,439 | 14,509 | 12,350 |
Real Estate – Consumer | 25,203 | 21,809 | 22,382 | 23,747 | 22,579 |
Other | 4,606 | 4,964 | 4,578 | 5,051 | 5,087 |
Total | 476,704 | 467,690 | 454,450 | 421,512 | 410,745 |
Allowance for loan losses | (7,344) | (7,206) | (6,939) | (6,680) | (6,454) |
Loans, net | 469,360 | 460,484 | 447,511 | 414,832 | 404,291 |
Premises & equipment | 5,343 | 4,002 | 4,003 | 4,075 | 3,821 |
Accrued interest | 2,030 | 1,861 | 1,784 | 1,716 | 1,721 |
Other assets | 11,716 | 10,414 | 9,208 | 9,554 | 11,175 |
TOTAL ASSETS | $ 733,145 | $ 664,982 | $ 641,831 | $ 618,242 | $ 606,900 |
LIABILITIES | |||||
Deposits: | |||||
Demand non interest bearing | $ 276,931 | $ 247,984 | $ 239,620 | $ 232,187 | $ 217,237 |
Demand interest bearing | 24,035 | 25,659 | 42,519 | 29,737 | 21,427 |
Money market & savings | 228,015 | 198,472 | 172,673 | 171,322 | 180,813 |
Time certificate | 118,714 | 101,018 | 101,852 | 92,534 | 94,925 |
Total deposits | 647,695 | 573,133 | 556,665 | 525,780 | 514,402 |
Other borrowings | 4,500 | 18,300 | 11,000 | 19,000 | 22,000 |
Accrued interest & other liabilities | 1,910 | 634 | 1,312 | 2,495 | 2,199 |
Total Liabilities | 654,106 | 592,068 | 568,976 | 547,275 | 538,601 |
SHAREHOLDERS’ EQUITY | |||||
Preferred stock | 7,133 | 7,133 | 7,133 | 7,133 | 7,133 |
Common stock | 60,189 | 56,626 | 56,616 | 56,607 | 56,596 |
Retained earnings | 12,204 | 10,835 | 9,516 | 8,326 | 7,082 |
Accumulated other comprehensive income | (487) | (1,680) | (411) | (1,098) | (2,513) |
Total Shareholders’ Equity | 79,039 | 72,915 | 72,855 | 70,967 | 68,299 |
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY | $ 733,145 | $ 664,982 | $ 641,831 | $ 618,242 | $ 606,900 |
CAPITAL ADEQUACY | |||||
Tier 1 leverage ratio | 11.00% | 11.31% | 11.69% | 11.84% | 11.95% |
Tier 1 risk-based capital ratio | 14.10% | 13.93% | 13.93% | 14.77% | 14.89% |
Total risk-based capital ratio | 15.35% | 15.18% | 15.18% | 16.02% | 16.15% |
Tangible Equity / Tangible Total Assets | 10.68% | 10.93% | 11.31% | 11.44% | 11.21% |
Outstanding common shares | 6,039,257 | 5,670,916 | 5,670,916 | 5,670,916 | 5,670,916 |
Book value (total equity) per common share | $ 13.09 | $ 12.86 | $ 12.85 | $ 12.51 | $ 12.04 |
Security California Bancorp & Subsidiaries | ||||||
Consolidated Average Balance Sheets and Yield Data (Unaudited) | ||||||
(Dollars in thousands) | ||||||
Three months ended – 2015 | ||||||
September 30 | June 30 | |||||
Yields | Interest | Yields | Interest | |||
Average | or | Income/ | Average | or | Income/ | |
Balance | Rates | Expense | Balance | Rates | Expense | |
ASSETS | ||||||
Interest earning assets | ||||||
Loans, with fees | $ 470,987 | 4.89% | $ 5,805 | $ 461,734 | 4.80% | $ 5,525 |
Interest bearing with banks | 38,184 | 0.31% | 30 | 35,193 | 0.34% | 30 |
Investment securities | 183,457 | 1.81% | 830 | 139,150 | 1.96% | 683 |
Total interest earning assets | 692,628 | 3.82% | $ 6,664 | 636,076 | 3.93% | $ 6,238 |
Non interest earning assets | ||||||
Cash & due from banks | 12,317 | 11,887 | ||||
All other assets | 8,369 | 6,710 | ||||
Total non interest earning assets | 20,686 | 18,597 | ||||
TOTAL ASSETS | $ 713,314 | $ 654,674 | ||||
LIABILITIES & SHAREHOLDERS’ EQUITY | ||||||
Interest bearing liabilities | ||||||
Deposits | ||||||
Demand interest bearing | $ 25,598 | 0.14% | $ 9 | $ 29,765 | 0.14% | $ 10 |
Money market & savings | 216,628 | 0.51% | 276 | 186,753 | 0.52% | 242 |
Time certificate | 112,969 | 0.74% | 211 | 101,087 | 0.67% | 168 |
Other borrowings | 7,524 | 0.20% | 4 | 15,766 | 0.19% | 8 |
Total interest bearing liabilities | 362,719 | 0.55% | $ 499 | 333,371 | 0.51% | $ 428 |
Non interest bearing liabilities | ||||||
Demand deposits | 272,149 | 247,360 | ||||
Accrued interest & other liabilities | 1,736 | 514 | ||||
Total non interest bearing liabilities | 273,884 | 247,873 | ||||
Shareholders’ equity | 76,711 | 73,429 | ||||
TOTAL LIABILITIES & SHAREHOLDERS’S EQUITY | $ 713,314 | $ 654,674 | ||||
NIM and NET INTEREST INCOME | 3.54% | $ 6,165 | 3.66% | $ 5,810 |
Security California Bancorp & Subsidiaries | ||||||
Consolidated Average Balance Sheets and Yield Data (Unaudited) | ||||||
(Dollars in thousands) | ||||||
Three months ended September 30, | ||||||
2015 | 2014 | |||||
Yields | Interest | Yields | Interest | |||
Average | or | Income/ | Average | or | Income/ | |
Balance | Rates | Expense | Balance | Rates | Expense | |
ASSETS | ||||||
Interest earning assets | ||||||
Loans, with fees | $ 470,987 | 4.89% | $ 5,805 | $ 402,385 | 4.83% | $ 4,900 |
Interest bearing with banks | 38,184 | 0.31% | 30 | 25,227 | 0.36% | 23 |
Investment securities | 183,457 | 1.81% | 830 | 144,694 | 2.12% | 766 |
Total interest earning assets | 692,628 | 3.82% | $ 6,664 | 572,307 | 3.95% | $ 5,688 |
Non interest earning assets | ||||||
Cash & due from banks | 12,317 | 10,783 | ||||
All other assets | 8,369 | 6,824 | ||||
Total non interest earning assets | 20,686 | 17,607 | ||||
TOTAL ASSETS | $ 713,314 | $ 589,914 | ||||
LIABILITIES & SHAREHOLDERS’ EQUITY | ||||||
Interest bearing liabilities | ||||||
Deposits | ||||||
Demand interest bearing | $ 25,598 | 0.14% | $ 9 | $ 21,835 | 0.14% | $ 8 |
Money market & savings | 216,628 | 0.51% | $ 276 | 166,958 | 0.54% | 228 |
Time certificate | 112,969 | 0.74% | $ 211 | 93,727 | 0.66% | 156 |
Other borrowings | 7,524 | 0.20% | $ 4 | 27,180 | 0.13% | 9 |
Total interest bearing liabilities | 362,719 | 0.55% | $ 499 | 309,699 | 0.51% | $ 401 |
Non interest bearing liabilities | ||||||
Demand deposits | 272,149 | 210,248 | ||||
Accrued interest & other liabilities | 1,736 | 1,985 | ||||
Total non interest bearing liabilities | 273,884 | 212,233 | ||||
Shareholders’ equity | 76,711 | 67,982 | ||||
TOTAL LIABILITIES & SHAREHOLDERS’S EQUITY | $ 713,314 | $ 589,914 | ||||
NIM and NET INTEREST INCOME | 3.54% | $ 6,165 | 3.67% | $ 5,287 |
Security California Bancorp & Subsidiaries | ||||||
Consolidated Average Balance Sheets and Yield Data (Unaudited) | ||||||
(Dollars in thousands) | ||||||
Nine months ended September 30, | ||||||
2015 | 2014 | |||||
Yields | Interest | Yields | Interest | |||
Average | or | Income/ | Average | or | Income/ | |
Balance | Rates | Expense | Balance | Rates | Expense | |
ASSETS | ||||||
Interest earning assets | ||||||
Loans, with fees | $ 455,855 | 4.80% | $ 16,368 | $ 387,641 | 4.84% | $ 14,041 |
Interest bearing with banks | 35,632 | 0.32% | 86 | 22,323 | 0.41% | 67 |
Investment securities | 152,845 | 1.93% | 2,213 | 146,085 | 2.26% | 2,474 |
Total interest earning assets | 644,333 | 3.87% | $ 18,667 | 556,050 | 3.99% | $ 16,583 |
Non interest earning assets | ||||||
Cash & due from banks | 11,857 | 10,519 | ||||
All other assets | 7,247 | 7,794 | ||||
Total non interest earning assets | 19,104 | 18,313 | ||||
TOTAL ASSETS | $ 663,437 | $ 574,363 | ||||
LIABILITIES & SHAREHOLDERS’ EQUITY | ||||||
Interest bearing liabilities | ||||||
Deposits | ||||||
Demand interest bearing | $ 30,389 | 0.14% | $ 33 | $ 19,279 | 0.14% | $ 20 |
Money market & savings | 191,801 | 0.51% | 735 | 158,448 | 0.52% | 619 |
Time certificate | 104,447 | 0.69% | 539 | 91,386 | 0.65% | 445 |
Other borrowings | 13,065 | 0.18% | 18 | 38,644 | 0.13% | 38 |
Total interest bearing liabilities | 339,703 | 0.52% | $ 1,325 | 307,757 | 0.49% | $ 1,122 |
Non interest bearing liabilities | ||||||
Demand deposits | 248,249 | 199,010 | ||||
Accrued interest & other liabilities | 1,421 | 1,557.83 | ||||
Total non interest bearing liabilities | 249,670 | 200,567 | ||||
Shareholders’ equity | 74,065 | 66,039 | ||||
TOTAL LIABILITIES & SHAREHOLDERS’S EQUITY | $ 663,437 | $ 574,363 | ||||
NIM and NET INTEREST INCOME | 3.60% | $ 17,343 | 3.72% | $ 15,461 |
Security California Bancorp & Subsidiaries | |||||
Consolidated Asset Quality and Credit Data (Unaudited) | |||||
(Dollars in thousands) | |||||
As of | |||||
09/30/15 | 06/30/15 | 03/31/15 | 12/31/14 | 09/30/14 | |
TOTAL ASSETS | 733,145 | 664,982 | 641,831 | 618,242 | 606,900 |
GROSS LOANS | 476,704 | 467,690 | 454,450 | 421,512 | 410,745 |
ALLOWANCE FOR LOAN LOSSES | |||||
Beginning of period | $ 7,207 | $ 6,939 | $ 6,680 | $ 6,454 | $ 6,160 |
Quarterly movement: | |||||
Provision for loan losses | 76 | 234 | (181) | 99 | 164 |
Charge-offs | (35) | (20) | (176) | — | — |
Recoveries | 97 | 53 | 616 | 127 | 130 |
End of period | $ 7,344 | $ 7,207 | $ 6,939 | $ 6,680 | $ 6,454 |
NON PERFORMING ASSETS | |||||
Loans accounted for on a non-accrual basis | $ 4,698 | $ 5,050 | $ 4,994 | $ 5,169 | 5,261 |
Loans with principal and/or interest contractually past due 90 days and still accruing interest | — | — | — | — | — |
Non performing loans | 4,698 | 5,050 | 4,994 | 5,169 | 5,261 |
Other real estate owned | — | — | — | — | — |
Non performing assets | 4,698 | 5,050 | 4,994 | 5,169 | 5,261 |
Loans restructured and in compliance with modified terms | 1,206 | 1,975 | 1,298 | 563 | 659 |
Non performing assets and restructured loans | $ 5,903 | $ 7,025 | $ 6,292 | $ 5,732 | $ 5,920 |
Non Performing Loans by Asset Type | |||||
Commercial & Industrial | $ 3,751 | $ 3,916 | $ 3,935 | $ 4,093 | $ 4,162 |
SBA | 95 | 272 | 179 | 185 | 193 |
Consumer | 852 | 862 | 880 | 891 | 906 |
Other | — | — | — | — | — |
Total non performing loans by asset type | $ 4,698 | $ 5,050 | $ 4,994 | $ 5,169 | $ 5,261 |
ASSET QUALITY | |||||
Allowance for loan losses / gross loans | 1.54% | 1.54% | 1.53% | 1.58% | 1.57% |
Allowance for loan losses / non performing loans | 156.35% | 142.71% | 138.95% | 129.24% | 122.67% |
Non performing assets / total assets | 0.64% | 0.76% | 0.78% | 0.84% | 0.87% |
Non performing loans /gross loans | 0.99% | 1.08% | 1.10% | 1.23% | 1.28% |
Net quarterly charge-offs / gross loans | -0.01% | 0.00% | -0.04% | 0.00% | 0.00% |
CONTACT: Tony Rossi Financial Profiles for Security California Bancorp (310) 622-8221 [email protected] Thomas M. Ferrer EVP & Chief Financial Officer (951) 368-2268 [email protected]