For the half, the bank reported net income of $233,000 compared with a net profit of $173,000 in the first half of 2010.
SBB, which repaid about $6 million in federal bailout funds it received a few years ago, obtained an additional $2.8 million through another federal program aimed at boosting small business lending by community banks.
Total assets at the bank rose 11 percent to $233.7 million, while total loans increased 4 percent to $170 million.
The bank qualifies as a well-capitalized institution with a total risk-based ratio of 15.1 percent, unchanged from the same time last year.
Problem assets were below average at 2.9 percent of total assets and include a single foreclosed property valued at about $950,000.
Downtown-based SBB will open its fourth full-service office next month in Escondido, managed by Chris Burt.
RTTNews) - Rightnow Technologies Inc. (RNOW: News ) Wednesday reported net income for the second quarter of $0.2 million or $0.01 per share, dropping from $1.4 million or $0.04 per share in the year-ago quarter.
Non-GAAP net income for the quarter was $5.4 million or $0.15 per share, compared to non-GAAP net income of $3.2 million or $0.09 per share in the year-ago quarter.
On average, seventeen analysts polled by Thomson Reuters expected earnings of $0.12 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter grew 26 percent to $54.8 million from $43.5 million in the year-ago quarter. Sixteen Street analysts had a consensus revenue estimate of $54.1 million for the quarter.
Recurring revenue increased 31 percent to $45.4 million from $34.7 million in the second quarter of 2010.
Non-GAAP operating margin increased 200 basis points from last year to 11 percent.
Current software backlog was $152 million, an increase of 43 percent from last year.
Greg Gianforte, CEO and founder, said," Our accelerating growth rate is allowing us to further expand our sales capacity and raise our expectations for recurring revenue growth in 2011."
Looking ahead to the third quarter, net income is expected to be approximately breakeven per share. Third quarter non-GAAP net income is expected to be about $0.15 per share. Total revenue for the third quarter is expected to be approximately $57 million. The Street currently expects earnings of $0.15 per share for the third quarter on revenues of $57.6 million.
For the full year, the company expects net income of about $0.08 per share.
Non-GAAP net income for the full year is expected to be about $0.58 per share. The company raised its recurring revenue growth expectation for the full year to 27 percent from 24 percent. Total revenue is expected to be about $226 million. The Street currently expect full-year earnings of $0.56 per share on revenues of $226.5 million.
The adjusted income guidance excludes stock-based compensation, amortization of acquired intangible assets, and amortization of debt issuance, and a foreign currency gain related to the Q-go acquisition,
Bozeman, Montana-headquartered Rightnow Technologies provides cloud-based customer experience software products and services.
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