Bank of Santa Clarita today announced its operating results Monday, which included net first quarter earnings exceeding the amount reported in any first quarter of the Bank’s more than eight-year history. The Bank, which is the only commercial bank headquartered in the Santa Clarita Valley, reported net earnings for the three months ending March 31, 2013 totaling $234,000, more than triple the $68,000 reported for the first quarter of 2012.
The Bank also reported total deposits of $175.4 million as of March 31, 2013, which represented a growth of $7.5 million during the first quarter of 2013, which growth included an increase of $8.8 million in noninterest-bearing demand deposits. As compared to March 31, 2012, the Bank’s total deposits grew $27.0 million or 18.2%, and over that four-quarter period the Bank’s noninterest-bearing demand deposits grew 32.9% to a total of $58.0 million. The Bank’s net loan portfolio totaled $151.9 million as of March 31, 2013, representing a growth of $10.2 million or 7.2% from the $141.7 million reported as of March 31, 2012.
The Bank continues to experience excellent credit quality in its loan portfolio, as nonaccrual loans have totaled less than $15,000 at each of the past five quarter-end dates (March 31, 2012 through March 31, 2013).
“We are pleased with this quarter’s positive operating results,” stated Frank Di Tomaso, Chairman and Chief Executive Officer. He continued, “Over the course of the past year, we re-evaluated the organization’s array of offered products and services and also its business initiatives, and developed strategies to improve the Bank’s profit potential while maintaining its high level of service. With these strategies now implemented, we have the ability to offer more products and services to our clients and also the potential to generate even stronger financial results on behalf of our shareholders as we move forward.”
At March 31, 2013, shareholders’ equity totaled $21.5 million and the Bank’s total risk-based regulatory capital ratio was 13.89%, 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.
Bank of Santa Clarita, founded in 2004, is the only independent, full service commercial bank headquartered in the Santa Clarita Valley and generally serves the needs of retail consumers, small to mid-sized businesses, professionals, entrepreneurs, and high-net worth individuals. 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 SBA and other credit requirements, 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, which services enable its clients to effectively and efficiently manage their cash and credit needs.
Bank of Santa Clarita Reports 3-fold Earnings Increase
