Security First Bank in Fresno reported a profit of $24,473, or 1.4 cents per share, for the first quarter of 2016. That’s down compared to the first quarter of 2015, when the bank had a profit of $67,354 or 3.8 cents per share.
In its earnings report issued Wednesday, the company reported that the lower income figure reflected one-time charges of $480,000 related to a proposed merger with Los Angeles-based SunPac Financial Inc. and for severance. The two companies also announced that they have extended their merger agreement for another month, to May 27.
The bank’s assets amounted to $112 million as of March 31, down from $115 million a year earlier. Deposits for the first quarter were also lower, at $92 million compared to $95 million for 2015’s first quarter.
The Security First-SunPac Financial merger, first announced by the boards of the two companies more than a year ago, continues to await approval by regulators with the California Department of Business Oversight and the Federal Deposit Insurance Corp. The Security First board approved the merger in May.
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SunPac is a subsidiary of SunPac LLC. The company is offering $10.50 per share of Security First stock for the merger as a means of gaining an operating bank infrastructure to launch a new bank in the L.A. market and expand operations in Fresno. The two firms originally anticipated state and federal approval for the deal by mid-2015, and the merger agreement has been extended several times since then.
Security First Bank is traded on the OTC Pink over-the-counter board under the stock symbol SFRK. As of Wednesday’s market close, the stock price was quoted at $7.41 per share, unchanged since April 7, when 1,700 shares last changed hands.