Riverside-based Security Bank of California reported solid earnings growth during the first quarter of this year.
Security Bank had a net income of $1.2 million during the quarter, a 19 percent gain compared with the first quarter of 2014, according to a statement released Tuesday by Security California Bancorp, the bank’s parent company.
Security Bank’s net income during the first quarter this year was $1.2 million, the equivalent of 21 cents per share. Total deposits were $557 million, up from $460 million year-over-year, while total assets increased to $642 million from $580 million during that time, according to the statement.
The bank, which services businesses, recently announced that it plans to a Rabobank branch in Temecula. That transaction, which is expected to be completed later this year, will include about $53 million in branch deposits but loans.
Security California Bancorp has branch offices in Riverside, Redlands, San Bernardino, Palm Desert and Orange. The company also operates a branch office in Irwindale in the San Gabriel Valley.