SANTA CLARITA, Calif.--(BUSINESS WIRE)--Bank of Santa Clarita (OTCBB: BSCA) today announced its results of operations for the first quarter of 2015. Net earnings were at a record level for the Bank, totaling $347,000, an increase of nearly 40% over $248,000 earned in the first quarter of 2014. The Bank also reported that its loans totaled $167.6 million at quarter-end, an increase of $9.3 million or 6% over the year-earlier date. In addition, the Bank continues to experience excellent credit quality in its loan portfolio, as nonaccrual loans as of quarter-end totaled approximately $1,000, or less than 0.01% of total loans.
“We are pleased with this quarter’s record operating results, which continues a trend of consecutive quarterly profitability for the Bank,” stated Frank Di Tomaso, Chairman and Chief Executive Officer. He continued, “We are also encouraged by the improvement in the economy, which will tend to support our momentum in growing both loans and core deposits, while maintaining strong credit lending practices, which are key drivers to our overall profitability.”
At March 31, 2015, shareholders’ equity totaled $24.5 million and the Bank’s total risk-based regulatory capital ratio was 14.11%, 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
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|
|March 31,||December 31,||March 31,|
|Cash and Due From Banks||$||6,493||$||3,365||$||3,100|
|Interest Bearing Deposits at Other Financial Institutions||40,123||39,080||35,399|
|Federal Funds Sold||3,000||3,000||2,000|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Money Market, Savings and Demand||$||76,859||$||72,745||$||65,904|
|Total Liabilities & Stockholders' Equity||$||266,447||$||261,025||$||248,906|
|STATEMENTS OF EARNINGS|
|For the Three Months Ended March 31,|
|Interest Income||(In thousands)|
|Interest Bearing Deposits at Other Financial Institutions||45||37|
|Fed Funds Sold||2||-|
|Total Interest Income||2,207||2,242|
|Money Market, Savings and Interest-Bearing Demand||82||77|
|Total Interest Expense||355||396|
|Net Interest Income||1,852||1,846|
|Provision for Loan Losses||32||-|
|Net Interest Income after|
|Provision for Loan Losses||1,820||1,846|
|Net Earnings Before Income Taxes||561||429|
|Income Tax Expense||214||181|