Security First Bank announced $320,000, or $0.18 per share, in second-quarter earnings, which is up from $9,000, or $0.005 per share, in the second quarter of 2015 – more than a 35-fold increase.
“Our expenses reduced significantly in the second quarter of 2016 after our merger with SunPac came to an end,” said Steve Jones, CEO, president and CFO.
The second quarter was the bank’s best since December 2014 – which was the last quarter before it announced the SunPac merger, he said.
In the second quarter, reported assets were $105 million, a drop from $108 million a year ago. Deposits were also down – the bank handled $84 million in the 2016 second quarter, compared with $90 million in 2015.
The merger of Security First Bank and SunPac, a subsidiary of Los Angeles-based SunPac LLC, was canceled in early June when SunPac was unable to raise enough capital to cover the acquisition and extended merger.