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RIVERSIDE: Security Bank shows 3Q net income gain

RIVERSIDE: Security Bank shows 3Q net income gain

RIVERSIDE: Security Bank shows 3Q net income gain

 Security Bank of California executives, from left Ernest Hwang, director and president, Michael Vanderpool, chief operating officer, and James Robinson, chairman and chief executive of Security California Bancorp, as they spoke on the future of banking on Sept. 21, 2010. The photo was taken in an office of the company’s Riverside headquarters.

Security Bank of California executives, from left Ernest Hwang, director and president, Michael Vanderpool, chief operating officer, and James Robinson, chairman and chief executive of Security California Bancorp, as they spoke on the future of banking on Sept. 21, 2010. The photo was taken in an office of the company’s Riverside headquarters.

COURTESY OF PAUL ALVAREZ , COURTESY OF PAUL ALVAREZ

The parent company of Security Bank of California reported net income of $ 1.36 million, or 23 cents per share, for the third quarter of the year, according to a new report.

Released Thursday, Security Bank’s financial earnings report says net income for the July-through-September period was up 31 percent from net income of $ 1.04 million, or 18 cents per share, for the same quarter in 2014.

“We are pleased to deliver one of the most profitable quarters in our history,” said James Robinson, chairman and chief executive of Security California Bancorp of Riverside.

The commercial bank, set to merge with Pacific Premier Bancorp, also reported total loans of $ 477 million for the period ending Sept. 30. That’s up 16 percent from $ 411 million for the third quarter of 2014, according to the Security Bank earnings report.

Security Bank, with offices in Riverside, San Bernardino, Redlands, Orange and Palm Desert as well as a newly acquired Murrieta/Temecula branch, said total deposits were $ 648 million, up 26 percent from $ 514 million as of Sept. 30, 2014.

Total assets were $ 733 million, up 21 percent from $ 607 million in the third quarter of 2014, according to the financial earnings report. Total nonperforming assets were $ 4.7 million, or 0.64 percent of total assets, at the close of the third period.

Deposit growth was attributed to new client relationships and the Murrieta/Temecula acquisition bringing Security $ 40 million in deposits. Total loans held by Security Bank rose as the result of growth in commerce, construction and commercial real estate, the report said.

Security Bancorp signed an agreement Sept. 30 to merge with Pacific Premier Bancorp.

“We are very excited about our pending merger,” Robinson said in a statement accompanying Security’s financial earnings report. It will offer clients greater borrowing capacity and a broader suite of products and services, he said.

Premier serves small and middle-market clients in Los Angeles, Orange, Riverside, San Bernardino and San Diego counties. It has 16 full-service branches, in Corona, Encinitas, Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, Riverside, San Bernardino, San Diego and Seal Beach.

Contact the writer: 951-368-9423 or dgruszecki@pe.com

Press Enterprise : Real Estate