Bank of Santa Clarita Announces Record Profitability

SANTA CLARITA, Calif.--()--Bank of Santa Clarita (BSCA) today announced record profitability for the first half of 2015 as it earned $658,000, which is the best two-quarter performance in the Bank’s history, exceeding the net income reported in the first half of 2014 by more than 18%. The Bank reported that its loans totaled $173.0 million at June 30, 2015, a growth of $7.9 million or 5% in the first half of 2015. In addition, the Bank saw an increase in total deposits from $179.9 million to $183.6 million, which included an increase of $6.8 million or 12.1% in noninterest-bearing balances. Finally, the Bank continues to experience very good credit quality in its loan portfolio, as nonaccrual loans as of quarter-end totaled approximately $255,000, or less than 0.15% of total loans.

“We are very pleased with our second quarter operating results, as the Bank posted a continuing upward trend in net earnings. Additionally, we remain intensely focused on growing loans and core deposits to increase net interest income,” stated Frank Di Tomaso, Chairman and Chief Executive Officer. He continued, “As we look ahead, our priorities remain focused on strengthening our core business lines, efficiently growing revenues and managing operating costs, meeting regulatory requirements, and producing improving returns for our shareholders.”

At June 30, 2015, shareholders’ equity totaled $24.8 million and the Bank’s total capital ratio was 13.97%, 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
 
June 30, December 31,
  2015   2014
(In thousands)
ASSETS
Cash and Due From Banks $ 7,148 $ 3,365
Interest Bearing Deposits at Other Financial Institutions 40,166 39,080
Federal Funds Sold 3,000 3,000
Investment Securities 27,559 29,415
Loans, Net 173,023 165,169
Other Assets   19,390   20,996
Total Assets $ 270,286 $ 261,025
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Interest-Bearing
Money Market, Savings and Demand $ 72,695 $ 72,745
Time 48,080 51,086
Total Interest-Bearing 120,775 123,831
Noninterest-Bearing   62,813   56,054
Total 183,588 179,885
Borrowings 60,000 55,000
Other Liabilities   1,897   2,122
Total Liabilities 245,485 237,007
Stockholders' Equity   24,801   24,018
Total Liabilities & Stockholders' Equity $ 270,286 $ 261,025
 
STATEMENTS OF EARNINGS        
Unaudited
 
For the Three Months Ended June 30, For the Six Months Ended June 30,
  2015   2014   2015   2014
Interest Income (In thousands except per share amounts)
Loans $ 1,944 $ 1,990 $ 3,985 $ 3,964
Interest Bearing Deposits at Other Financial Institutions 48 41 93 78
Investment Securities 100 201 219 432
Federal Funds Sold   2   1   4   1
Total Interest Income 2,094 2,233 4,301 4,475
Interest Expense
Interest Bearing Demand Deposits 10 9 19 19
Money Market and Savings Deposits 71 66 144 134
Time Deposits 166 195 336 400
Borrowings   72   126   175   238
Total Interest Expense 319 396 674 791
 
Net Interest Income 1,775 1,837 3,627 3,684
Provision for Loan Losses   48   61   80   61

Net Interest Income after Provision for Loan Losses

1,727 1,776 3,547 3,623
Noninterest Income 338 157 517 303
Noninterest Expense   1,544   1,456   2,982   3,020
 
Net Earnings Before Income Taxes 521 477 1,082 906
Income Tax Expense   210   169   424   350
Net Earnings $ 311 $ 308 $ 658 $ 556

Contacts

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

Contacts

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