Bank of Santa Clarita Announces Record Earnings and Deposit Growth

SANTA CLARITA, Calif.--()--Bank of Santa Clarita (BSCA) today announced record earnings for 2015, as it earned $1.22 million, representing an increase of 19% over 2014 earnings. The Bank also reported that it had a record 23% growth in deposits, from $179.9 million to $220.9 million during the year, and all of that growth was in core deposits. In addition, the Bank’s loans totaled $183.2 million at December 31, 2015, a growth of $18.1 million or 11% in 2015. Finally, the Bank continues to experience excellent credit quality in its loan portfolio, as nonaccrual loans at year-end totaled approximately $1,000, or less than 0.01% of total loans.

“The Bank’s year over year growth in deposits, loans and earnings were quite substantial and reflect the successful execution of our business strategies”

“The Bank’s year over year growth in deposits, loans and earnings were quite substantial and reflect the successful execution of our business strategies,” stated Frank Di Tomaso, Chairman and Chief Executive Officer. “This past year’s achievements are attributed to our staff’s commitment and dedication toward building a strong, locally-headquartered community bank in the Santa Clarita Valley, and to the overall vibrancy of our local economy. We are also very pleased with our sustained excellent asset quality, which results from the Bank’s historically strong underwriting standards.”

At December 31, 2015, shareholders’ equity totaled $25.5 million and the Bank’s total capital ratio was 13.62%, exceeding the “well-capitalized” level of 10% which is prescribed in the applicable capital regulations. The Bank also continues to maintain substantial liquidity positions, retaining significant balances of liquidity on its balance sheet as well as readily available collateralized borrowings and other potential sources of liquidity.

Founded in October 2004, Bank of Santa Clarita is the only full service commercial bank headquartered in the Santa Clarita Valley and is focused on the needs of the community and its businesses. We promote face-to-face interaction with our clients, which in turn leads to deeper relationships overall. The Bank provides local, experienced decision-making and the personalized service that growing businesses need on a daily basis. Bank clients have direct access to executive management and professional staff members to address their credit requirements from commercial lines of credit to SBA loans to commercial real estate and other commercial loans, and also technology-based services that include online bill-paying, remote capture depositing, check imaging and initiating online wire transfers, among other cash management facilities.

We are proud of the fact that Bank of Santa Clarita has served the Santa Clarita Valley’s residents, including individuals, small businesses and non-profit organizations, for more than ten years, and we cherish the relationships we’ve made with many of our neighbors, and invite any of those in the community who do not yet know us well to visit us, and together we can continue to build an even more vibrant community.

Bank of Santa Clarita, Corporate Headquarters
23780 Magic Mountain Parkway
Santa Clarita, California 91355
(661) 362-6000
www.bankofsantaclarita.com

FORWARD LOOKING STATEMENTS

Certain matters discussed in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to the Bank’s current expectations regarding deposit and loan growth, operating results and the strength of the local economy. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results, performance or achievements to differ materially from those expressed, suggested or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: the impact of changes in interest rates, a decline in economic conditions and increased competition among financial service providers as these factors may impact the Bank’s operating results, its ability to attract deposit and loan customers, the quality of the Bank’s earning assets and government regulation. The Bank does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.

   
BANK OF SANTA CLARITA
 
 
BALANCE SHEETS
Unaudited
 
December 31,
  2015   2014
(In thousands)
ASSETS
Cash and Due From Banks $ 5,336 $ 3,365
Interest Bearing Deposits at Other Financial Institutions 40,258 39,080
Federal Funds Sold 3,000 3,000
Investment Securities 25,118 29,415
Loans, Net 183,221 165,169
Other Assets   20,853   20,996
Total Assets $ 277,786 $ 261,025
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Interest-Bearing
Money Market, Savings and Demand $ 90,329 $ 72,745
Time   43,496   51,086
Total Interest-Bearing 133,825 123,831
Noninterest-Bearing   87,028   56,054
Total 220,853 179,885
Borrowings 30,000 55,000
Other Liabilities   1,447   2,122
Total Liabilities 252,300 237,007
Stockholders' Equity   25,486   24,018
Total Liabilities & Stockholders' Equity $ 277,786 $ 261,025
 
 
STATEMENTS OF EARNINGS
Unaudited
         
For the Three Months Ended December 31, For the Twelve Months Ended December 31,
  2015   2014     2015   2014  
Interest Income

(In thousands)

Loans $ 2,033 $ 2,015 $ 8,033 $ 8,145
Interest Bearing Deposits at Other Financial Institutions 55 43 196 159
Investment Securities 128 114 404 660
Federal Funds Sold   2   1     7   3  
Total Interest Income 2,218 2,173 8,640 8,967
Interest Expense
Interest Bearing Demand Deposits 11 8 41 35
Money Market and Savings Deposits 86 73 303 279
Time Deposits 146 176 633 754
Borrowings   91   119     343   482  
Total Interest Expense 334 376 1,320 1,550
 
Net Interest Income 1,884 1,797 7,320 7,417
Provision for Loan Losses   24   (241 )   190   (180 )

Net Interest Income after Provision for Loan Losses

1,860 2,038 7,130 7,597
Noninterest Income 195 224 915 717
Noninterest Expense   1,536   2,059     6,014   6,633  
 
Net Earnings Before Income Taxes 519 203 2,031 1,681
Income Tax Expense   212   78     810   659  
Net Earnings $ 307 $ 125   $ 1,221 $ 1,022  

Contacts

Bank of Santa Clarita
Frank Di Tomaso
Chairman of the Board of Directors and
Chief Executive Officer
(661) 362-6000

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