Bank of Santa Clarita Announces Continued Improvement in Earnings

SANTA CLARITA, Calif.--()--Bank of Santa Clarita (OTCBB: BSCA) today announced its results of operations for the third quarter of 2014. For the third quarter of 2014 the Bank reported net earnings of $341,000, 8% greater than the amount reported in the third quarter of 2013, and the second-greatest quarterly net earnings ever recorded by the Bank; moreover, pre-tax earnings for the third quarter totaled $572,000, which total was the greatest quarterly pre-tax earnings ever recorded by the Bank. The Bank also reported year-to-date net earnings of $897,000, 5% higher than the amount reported in the first three quarters of 2013.

The Bank reported that its loans totaled $164.8 million at quarter-end, an increase of $11.7 million or 8% from the September 30, 2013 total. In addition, total deposits increased $3.9 million over the total at September 30, 2013; however core deposits increased $8.6 million or 6% over core deposit balances from the year-earlier date.

The Bank continues to experience very good credit quality in its loan portfolio, as nonaccrual loans totaled approximately $858,000 or 0.52% of total loans as of September 30, 2014.

Frank Di Tomaso, Chairman and CEO, stated, “We are very pleased to report to our stakeholders our strong operating results and continuing improvement in profitability. We remain enthused by the steady growth in our assets and the continued increase in business activity year over year. The Bank’s growth in loans and core deposits are positive indicators. We believe our controlled growth strategy has allowed us to continue to produce consistent earnings, while maintaining sound asset quality.”

At September 30, 2014, shareholders’ equity totaled $23.7 million and the Bank’s total risk-based regulatory capital ratio was 13.85%, 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 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 our 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 is celebrating its 10-Year Anniversary this month, and we truly cherish the relationships we’ve made with many of our neighbors, including individuals, businesses and local non-profits, and invite any of those in the community who do not yet know us well to visit us, and together we can build an even better 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
 
September 30, December 31, September 30,
2014 2013 2013
(In thousands)
ASSETS
Cash and Due From Banks $ 8,277 $ 3,142 $ 4,580
Interest Bearing Deposits at Other Financial Institutions 54,476 32,162 32,128
Federal Funds Sold 2,000 2,000 900
Investment Securities 29,829 34,580 33,692
Loans, Net 164,785 161,888 153,127
Other Assets   20,675   16,614   15,987
Total Assets $ 280,042 $ 250,386 $ 240,414
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest Bearing Demand Deposits $ 59,730 $ 53,390 $ 51,968
Interest Bearing Demand Deposits 9,225 12,409 11,386
Money Market and Savings Deposits 59,780 56,917 53,207
Time Deposits   52,020   58,457   60,330
Total Deposits 180,755 181,173 176,891
Borrowings 74,000 46,000 40,500
Other Liabilities   1,607   1,448   1,379
Total Liabilities 256,362 228,621 218,770
Stockholders' Equity   23,680   21,765   21,644
Total Liabilities & Stockholders' Equity $ 280,042 $ 250,386 $ 240,414
 
STATEMENTS OF EARNINGS
Unaudited
       
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2014 2013 2014   2013  
Interest Income (In thousands except per share amounts)
Loans $ 2,165 $ 1,960 $ 6,130 $ 5,683
Interest Bearing Deposits at Other Financial Institutions 39 30 117 78
Investment Securities 115 207 547 558
Federal Funds Sold  

-

  -   1   1  
Total Interest Income 2,319 2,197 6,795 6,320
Interest Expense
Interest Bearing Demand Deposits 8 7 27 23
Money Market and Savings Deposits 72 58 206 161
Time Deposits 178 209 578 637
Borrowings   125   80   364   297  
Total Interest Expense 383 354 1,175 1,118
 
Net Interest Income 1,936 1,843 5,620 5,202
Provision for Loan Losses  

-

  15   61   (5 )

Net Interest Income after Provision for Loan Losses

1,936 1,828 5,559 5,207
Noninterest Income 190 112 493 448
Noninterest Expense   1,554   1,461   4,574   4,303  
 
Net Earnings Before Income Taxes 572 479 1,478 1,352
Income Tax Expense   231   163   581   499  
Net Earnings $ 341 $ 316 $ 897 $ 853  
 
Basic Earnings Per Share $ 0.15 $ 0.14 $ 0.40 $ 0.38  
Diluted Earnings Per Share $ 0.15 $ 0.14 $ 0.40 $ 0.38  

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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