Bank of Santa Clarita Announces Growing Profitability

SANTA CLARITA, Calif.--()--Bank of Santa Clarita (BSCA) today announced that it again has achieved a record level of earnings during the first half of 2017. The Bank reported net earnings of $909,000, an improvement of more than 40% over the Bank’s earnings during the first half of 2016, and the largest first-half net earnings in the Bank’s history.

“What is particularly notable about this year’s operating performance is our earnings, which are up 40% from the same period last year.”

The Bank reported that total loans grew to $215.2 million during the first half of 2017, and continues to have excellent credit quality in its loan portfolio, as it had no nonaccrual loans at June 30, 2017. In reviewing first half 2017 earnings, the Bank reported a year over year growth in net interest income of 4%, as well as improvements in both noninterest income and noninterest expenses.

“At the mid-point of 2017, our results demonstrate an upward trend of loan growth, improved operating efficiency and strong earnings. Additionally, the Bank’s asset quality metrics continue to be strong, as evidenced by the Bank having no nonaccrual loans at quarter end,” said Frank D. Di Tomaso, Chairman and Chief Executive Officer. “What is particularly notable about this year’s operating performance is our earnings, which are up 40% from the same period last year.”

At June 30, 2017, shareholders’ equity totaled $28.2 million and the Bank’s total capital ratio was 12.77%, exceeding the “well capitalized” level 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 twelve 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 and healthy 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
 
June 30, December 31, June 30,
  2017   2016   2016
(In thousands)
ASSETS
Cash and Due From Banks $ 5,631 $ 6,068 $ 11,121
Interest Bearing Deposits at Other Financial Institutions 56,405 33,813 48,140
Federal Funds Sold 3,000 3,000 3,000
Investment Securities 17,307 20,837 23,292
Loans, Net 215,218 209,346 209,527
Other Assets   22,153   20,527   20,727
Total Assets $ 319,714 $ 293,591 $ 315,807
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Interest-Bearing
Money Market, Savings and Demand $ 95,254 $ 97,336 $ 88,308
Time 60,406 62,257 46,099
Total Interest-Bearing 155,660 159,593 134,407
Noninterest-Bearing   82,339   86,356   78,238
Total 237,999 245,949 212,645
Borrowings 51,000 19,000 75,500
Other Liabilities   2,522   1,545   1,160
Total Liabilities 291,521 266,494 289,305
Stockholders' Equity   28,193   27,097   26,502
Total Liabilities & Stockholders' Equity $ 319,714 $ 293,591 $ 315,807
 
 
STATEMENTS OF EARNINGS
Unaudited
 
For the Three Months Ended June 30, For the Six Months Ended June 30,
  2017   2016   2017   2016
(In thousands)
Interest Income
Loans $ 2,265 $ 2,276 $ 4,503 $ 4,320
Interest Bearing Deposits at Other Financial Institutions 177 110 321 202
Investment Securities 78 124 146 239
Federal Funds Sold   8   4   14   7
Total Interest Income 2,528 2,514 4,984 4,768
Interest Expense
Interest Bearing Demand Deposits 16 11 33 23
Money Market and Savings Deposits 112 101 217 198
Time Deposits 182 186 353 332
Borrowings   154   152   285   274
Total Interest Expense 464 450 888 827
 
Net Interest Income 2,064 2,064 4,096 3,941
Provision for Loan Losses   109   135   69   305

Net Interest Income after provision for Loan Losses

1,955

1,929

4,027

3,636

Noninterest Income 196 200 397 356
Noninterest Expense   1,375   1,471   2,877   2,948
 
Net Earnings Before Income Taxes 776 658 1,547 1,044
Income Tax Expense   322   270   638   415
Net Earnings $ 454 $ 388 $ 909 $ 629

Contacts

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

Recent Stories

  • Bank of Santa Clarita Announces Growth in Profitability
    April 26, 2017
    SANTA CLARITA, Calif.--(EON: Enhanced Online News)--Bank of Santa Clarita (BSCA) today announced that it again has achieved a record level of earnings during the first quarter of 2017. The Bank rep... more »
  • Bank of Santa Clarita Announces Record Profitability
    January 31, 2017
    SANTA CLARITA, Calif.--(EON: Enhanced Online News)--Bank of Santa Clarita (BSCA) today announced that it again has achieved a record level of earnings during 2016. The Bank reported net earnings of... more »
  • Bank of Santa Clarita Announces Record Earnings
    October 24, 2016
    SANTA CLARITA, Calif.--(EON: Enhanced Online News)--Bank of Santa Clarita (BSCA) today announced that it again has achieved a record level of earnings. During the third quarter of 2016 the Bank rep... more »
RSS feed for Bank of Santa Clarita

Bank of Santa Clarita