San Diego-based Security Business Bancorp was formed by a group of area business leaders whose goal was to bring local decision-making, community specialization, and personalized service to business banking. The company’s particular focus is developing products and services to meet the needs of small to medium-sized businesses.
The company and its operating subsidiary, Security Business Bank of San Diego, today announced its unaudited 2011 second quarter earnings. It has had a banner year to date. Among the positive second quarter highlights for Security Business Bancorp are core deposits growth of 13.9 percent to $185.1 million, assets growth of 10.9 percent to $233.7 million and a rise in net income of 34.8 percent.
During the past quarter, Security Business Bancorp was approved to participate in the U.S. Treasury’s Small Business Lending Fund. This particular fund was established to stimulate lending to small businesses and supporting economic expansion by providing capital to qualified community banks. Participation in this fund helped increase its loan level to $169.8 million, up 4.2 percent. Allowance for loan losses was maintained at 2.10 percent of loans.
In addition, the company’s risk-based capital ratio remained unchanged at a strong 15.1 percent. For more information on Security Business Bancorp, please visit the company’s website at www.securitybusinessbank.com
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