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TheStreet Open House

Security California Bancorp Grows To $486 Million In Assets

Stocks in this article: SCAF

Visit us at www.securitybankca.com

Security California BancorpSecurity Bank of CaliforniaForward Looking Statement Disclaimer -General Form

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.

Security California Bancorp & Subsidiary
Statements of Condition (Unaudited)
(In thousands)
                     
As of Growth / Change
December 31 December 31
2012 2011 $ %
Assets
Cash and due from banks $ 17,326 $ 29,008 $ (11,682 ) -40 %
Interest bearing balances with banks 28,612 22,891 5,721 25 %
Investment securities available-for-sale 109,885 54,723 55,162 101 %
 
Loans, net of unearned income 322,904 302,463 20,441 7 %
Less: Allowance for loan and lease losses (ALLL)   (5,759 )   (5,759 )   (0 ) 0 %
Net Loans 317,145 296,704 20,441 7 %
 
Premises and equipment, net 1,166 1,389 (223 ) -16 %
Accrued interest receivable 1,517 1,312 205 16 %
Other assets   10,658     6,043     4,615   76 %
 
Total Assets $ 486,309   $ 412,070   $ 74,239   18 %
 
Liabilities
Deposits:
Noninterest-bearing deposits $ 186,169 $ 149,538 $ 36,631 24 %
Interest-bearing deposits   234,280     198,281     35,999   18 %
Total deposits 420,450 347,819 72,630 21 %
Brokered deposits - - - 0 %
Other borrowings - FHLB - - - 0 %
Accrued interest and other liabilities   843     1,332     (489 ) -37 %
 
Total Liabilities 421,293 349,151 72,142 21 %
 
Shareholders' Equity   65,017     62,919     2,097   3 %
 
Total Liabilities and Shareholders' Equity $ 486,309   $ 412,070   $ 74,239   18 %
 

Security California Bancorp & Subsidiary
Statements of Income (Unaudited)
(In thousands)
                     
Year to Date Quarter to Date
December 31 December 31 December 31 December 31
2012 2011 2012 2011
 
Net interest income 16,051 14,580 4,100 3,826
 
Provision for loan and lease losses ("PLLL")   4,299     2,212   -     940
 
Net interest income
after PLLL 11,752 12,368 4,100 2,886
 
Non interest income 2,699 2,979 718 829
Non interest expense   11,612     11,084   2,542     2,917
 
Net income (loss) before taxes 2,838 4,264 2,276 797
Provision for income taxes   1,201     1,899   943     360
 
Net income (loss) after taxes $ 1,637   $ 2,365 $ 1,332   $ 437
 
% of Change from Previous Period -31 % 205 %
 

Security California Bancorp & Subsidiary
Regulatory Capital Ratios (Unaudited)
                     
As of As of
December 31 December 31 September 30 September 30
2012 2011 2012 2011
 
Total Risk Based Capital Ratio
Company 18.14 % 19.84 % 18.75 % 20.51 %
Regulatory - Well Capitalized 10.00 % 10.00 % 10.00 % 10.00 %
 
Tier 1 Risk Based Capital Ratio
Company 16.89 % 18.58 % 17.49 % 19.25 %
Regulatory - Well Capitalized 6.00 % 6.00 % 6.00 % 6.00 %
 
Tier 1 Leverage Capital Ratio
Company 13.08 % 15.35 % 13.23 % 16.22 %
Regulatory - Well Capitalized 5.00 % 5.00 % 5.00 % 5.00 %
 

Security California Bancorp & Subsidiary
Per Share Information (Unaudited)
                     
As of As of
December 31 December 31 September 30 September 30
2012 2011 2012 2011
Book Value - Common Shares
 
Outstanding Shares 5,663,276 5,638,156 5,652,776 5,638,206
Per Share $ 10.221 $ 9.894 $ 10.056 $ 9.828
 
 
Year to Date Quarter to Date
December 31 December 31 December 31 December 31
2012 2011 2012 2011
Earnings - Common Shares
 
Weighted Average Shares 5,650,261 5,635,794 5,656,885 5,638,156
Per Share $ 0.272 $ 0.328 $ 0.232 $ 0.127




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