Security First Bank in Fresno reported net earnings of $148,000, or 8 cents per share, for 2015, less than 8 percent of the profit of $2,023,000, or $1.13 per share, reported for 2014.
The difference was attributed to a one-time recognition of deferred tax assets of more than $2.3 million in 2014. The company’s assets were reported at $124 million as of the end of 2015, up from $104 million the prior year.
The bank’s board chairman, Everett Norcross, also announced that the bank is negotiating an extension of a $10.50-per-share merger agreement with SunPac Financial, a Los Angeles firm, to acquire Security First. A prior extension expired Friday. The negotiations are aimed at extending the deadline for consummation of the merger to April 27 to allow time to get the necessary regulatory approvals.
Security First Bank is traded on the OTC Pink over-the-counter board under the stock symbol SFRK. At the market’s close on Monday, the bank’s shares were priced at $9.25 per share, the same price they’ve been at since Jan. 20.