[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

SCVNews.com | Bank of Santa Clarita Posts Higher 1Q Profits | 04-19-2012
Santa Clarita CA
Today in
S.C.V. History
August 22
1891 - Future First Lady Lou Henry (Hoover), 17, poses for photo at R.E. Nickel's Acton store [story]

The two-branch Bank of Santa Clarita posted first-quarter earnings Thursday of $68,000, up from the prior year quarter’s $29,000.

The announcement came after the close of business Thursday. The bank said the 2012 figures “reflect costs associated with the bank’s management restructuring.”

It said it “expects to benefit from the lower management structure in future periods.”

Early last week the bank announced the sudden departure of its founding president, James D. Hicken. His executive vice president, Kimberly Altobello, also is no longer with the bank.

“Because the economic environment presents many challenges, the board of directors recently streamlined senior management to ensure that it will be more efficient, will be more cost-effective and will enhance the bank’s flexibility to respond quickly for growth, both organically and externally,” chairman and acting CEO Frank Di Tomaso said in Thursday’s statement.

The statement said the bank’s loan portfolio grew by 8 percent year over year, to $9.8 million. Interest income grew by 9 percent to $1.7 million as the bank increased its lending profit margin to 3.53 percent from 3.33 percent a year earlier.

The bank also drove down the cost of deposits by cutting the overall rate of interest paid to depositors to 0.82 percent from 1.18 percent.

Nonperforming loans totaled just $13,000 as of March 31, versus $16,000 on Dec. 30 and $61,000 a year ago.

“Looking toward the future, we believe our operating results point to a continued trend of favorable loan and deposit growth by providing high-quality banking products and services within the communities we serve,” Di Tomaso said.

Founded in 2004, the Bank of Santa Clarita is the SCV’s only locally headquartered bank, serving individual consumers, businesses, entrepreneurs and high-net worth individuals.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.


You can be the first one to leave a comment.

Leave a Comment

NASDAQ6276.3765  chart +1.02%
S&P 5002445.00  chart +0.68%
Bank Santa Clarita18.00  chart +0.00%
Biosolar Inc Com Usd0.0001(post0.0382  chart -4.50%
Sierra Bancorp25.28  chart +1.24%
Cu Bancorp (ca)35.35  chart +1.14%
Enable Ipc Corp. Com Stk Npv0.001  chart +0.00%
Flex Ltd. - Ordinary Shares15.64  chart +0.71%
N/aN/A  chartN/A
N/aN/A  chartN/A
Mannkind Corporation1.40  chart -0.71%
Mission Vly Bcp Ca13.82  chart +0.00%
Quest Diagnostics Incorporated106.23  chart +1.17%
Tejon Ranch Co19.93  chart -0.30%
Us Energy Initiative0.0005  chart +25.00%
Wesco Aircraft Holdings, Inc.8.075  chart +2.22%

Apple Inc.159.2101  chart +1.27%
At&t Inc.37.7754  chart +0.52%
Autonation, Inc.42.20  chart -0.59%
Best Buy Co., Inc.61.20  chart +1.24%
Big Lots, Inc.50.32  chart +2.51%
Barnes & Noble, Inc.7.45  chart +1.36%
Brady Corporation32.80  chart -1.20%
Boston Scientific Corporation26.905  chart +0.06%
N/a24  chart +0.00%
Cbre Group Inc Class A35.69  chart +0.51%
Carnival Corporation68.5054  chart +0.01%
Comcast Corporation41.0694  chart +0.66%
Costco Wholesale Corporation159.085  chart +1.28%
Curtiss-wright Corporation95.12  chart +0.51%
Cvs Health Corporation78.195  chart +0.71%
Cemex, S.a.b. De C.v. Sponsored9.205  chart +0.27%
D.r. Horton, Inc.35.3742  chart -1.13%
Walt Disney Company (the)101.92  chart +0.74%
Edison International80.04  chart +0.33%
Hyatt Hotels Corporation Class 57.395  chart +1.96%
Home Depot, Inc. (the)150.079  chart +0.59%
Kb Home22.11  chart -1.03%
Kroger Company (the)23.007  chart +1.76%
Lennar Corporation Class A51.55  chart -1.07%
Laboratory Corporation Of Ameri154.589  chart +0.55%
N/aN/A  chartN/A
N/aN/A  chartN/A
Lowe's Companies, Inc.75.11  chart +1.71%
Marriott International100.78  chart +2.06%
Mcdonald's Corporation159.34  chart +0.62%
Mitsubishi Ufj Financial Group,6.105  chart -0.08%
Netflix, Inc.168.15  chart +0.83%
Office Depot, Inc.4.135  chart +1.60%
Rite Aid Corporation2.255  chart +0.22%
Rexford Industrial Realty, Inc.28.875  chart -0.26%
Regal Entertainment Group Class14.50  chart -0.82%
Ross Stores, Inc.58.985  chart +0.73%
Republic Services, Inc.64.39  chart +0.37%
N/aN/A  chartN/A
Starbucks Corporation54.24  chart +2.05%
Smart & Final Stores, Inc.7.35  chart +1.38%
Sears Holdings Corporation8.97  chart +4.91%
Six Flags Entertainment Corpora53.16  chart -0.13%
Sonova N163.80  chart +2.63%
Staples, Inc.10.19  chart +0.00%
Sunpower Corporation8.88  chart +0.45%
Target Corporation56.55  chart -0.02%
Time Warner Cable Inc209.56  chart -0.21%
Ulta Beauty, Inc.235.20  chart +0.42%
Walgreens Boots Alliance, Inc.81.66  chart +1.32%
Waste Connections, Inc.64.14  chart +0.08%
Whole Foods Market, Inc.41.75  chart +0.05%
Waste Management, Inc.75.905  chart +0.48%
Wal-mart Stores, Inc.80.075  chart +0.46%
Woodward, Inc.67.53  chart -0.01%

Latest Additions to SCVNews.com
1891 - Future First Lady Lou Henry (Hoover), 17, poses for photo at R.E. Nickel's Acton store [story]
Deputies from the Santa Clarita Valley Sheriff’s Station responded to a possible burglary call at a warehouse in the 29000 block of Avenue Sherman in Valencia Monday morning.
SCV Deputies Investigate Reported Valencia Warehouse Burglary
Tonight on SCV NewsBreak, a once-in-a-century solar experience took place Monday. Plus, on Saturday, dozens of people gathered in Newhall to celebrate the legacy of the old Saugus Speedway, its racers and its crew. Watch these stories and more on tonight's edition of SCV NewsBreak.
SCV NewsBreak for Monday, August 21, 2017
The 28th Annual Fine Art Show & Gala presented by the Santa Clarita Artists Association and the county of Los Angeles takes over Hart Hall on Saturday afternoon, October 14.
October 14: SCAA, County’s 28th Annual Art Classic at Hart Park
Organizers of the city of Santa Clarita's quarterly photo contest are now accepting entries for the fall 2017 competition.
City Opens Entries for Fall 2017 Photo Contest
The Santa Clarita Valley Boys & Girls Club invites everyone who shares a special connection with the club to the Alumni BBQ on Saturday afternoon, September 9.
September 9: Boys & Girls Club Alumni & Friends BBQ
Comedian and magician Fritz Coleman brings his stand-up show to Santa Clarita with an intimate, one-time performance at the Keyboard Galleria Music Center on Saturday, August 26.
August 26: Comic Fritz Coleman Stands Up at Keyboard Galleria
Deputies from the Santa Clarita Valley Sheriff's Station issued 38 traffic citations Friday and arrested a Newhall man on a parole violation warrant on Saturday.
Deputies Cite Speeders, Arrest Parolee
Lancaster JetHawks right-handed pitcher Jesus Tinoco has been named the California League Pitcher of the Week for August 14-20, 2017.
JetHawks’ Tinoco Named Cal League Pitcher of the Week
The Los Angeles Dodgers have acquired outfielder Curtis Granderson and cash considerations from the New York Mets in exchange for a player to be named later or cash considerations.
Dodgers Aqcuire Outfielder Curtis Granderson from Mets
The TMU Mustangs' women's volleyball home opener proved to be exactly what the doctor ordered as the hosts dispatched Lewis & Clark State College (ID) in straight sets 25-19, 25-22, 25-17.
Lady Mustangs Dispatch Lewis & Clark in Straight Sets
The Master's University's men's soccer team inaugurated their 2017 season with a 5-0 win over Northwest of Washington on Reese Field Saturday afternoon.
TMU Men’s Soccer Blanks Northwest in Season Opener
The Master’s University women’s soccer team’s 2017 record improved to 2-0 after beating the No. 8 ranked Northwest University Eagles 3-1 on Saturday morning at Reese Field.
TMU Women’s Soccer Team Grounds Eagles 3-1 Saturday
CalArtians Mathieu Libman (Film/Video BFA 19) and Aram Sarkisian (Film/Video BFA 17) are among the seven finalists for Student Academy Awards in the Animation category.
Two CalArtians Named 2017 Student Academy Awards Finalists
Western singer and songwriter John Zipperer headlines the next episode of "SCVTV Presents The OutWest Concert Series" at The MAIN in Old Town Newhall the evening of Friday, August 25.
August 25: John Zipperer Headlines ‘SCVTV Presents The OutWest Concert Series’
The Lancaster JetHawks clinched a franchise-record sixth consecutive winning season with their 71st victory, a 7-2 win over the Inland Empire 66ers, on Sunday afternoon at San Manuel Stadium.
JetHawks Sweep Sixers Sunday, Secure Winning Season
The Santa Clarita Valley Sheriff’s Station and the city of Santa Clarita launch the “Heads Up” campaign this week to combat distracted driving and increase pedestrian safety.
City, Sheriff’s Station Launch ‘Heads Up’ Safety Campaign
An 18-year-old man from Lancaster surrendered to the Santa Clarita Valley Sheriff’s Station’s Special Victims Unit Monday morning in connection with an alleged sexual assault earlier this month on College of the Canyons' Valencia campus.
Suspect Arrested in Alleged COC Sexual Assault
The Lancaster JetHawks scored seven runs in the fifth inning, propelling themselves to a 9-4 win over the Inland Empire 66ers on Saturday night at San Manuel Stadium.
Seven-Run Fifth Inning Carries JetHawks to Win Saturday
Hundreds of drivers were screened in a DUI checkpoint in Stevenson Ranch Friday night, but no arrests were made, CHP officials said.
CHP DUI Checkpoint Screens Hundreds of Drivers
1961 - CalArts grad (MFA '92) and marine biologist Stephen Hillenburg, creator of Spongebob SquarePants, born in Oklahoma; developed prototype for Spongebob while studying at CalArts in 1989. Estimated net worth in 2012: $90 million [story]
The Santa Clarita Public Library invites residents to view the total solar eclipse on Monday, August 21 at the Old Town Newhall Library starting at 10 a.m.
August 21: Solar Eclipse Viewing at Newhall Library
1967 - New Town of Valencia dedicated; homes sell for $25,000 [story]
1879 - Newhall civic leader Charles Henry Kingsburry born in Missouri [story]
Alerted by a concerned citizen Friday, Santa Clarita Valley Sheriff's Station deputies once again rescued dogs the owner left in a car with the windows rolled up and no water.
Deputies Break Window, Rescue Dogs Locked in Car
40 oz. to Freedom arrives in Santa Clarita as part of its anniversary tour at Concerts in the Park at Central Park on Saturday, August 19, with showtime at 7 p.m.
August 19: 40 Oz. to Freedom Rocks Central Park
Two local environmental groups filed a complaint in L.A. Superior Court Thursday regarding the approved plan to provide water to the Newhall Ranch development, set to break ground in 2018.
Environmental Groups File Complaint Against Newhall Ranch Water Plan
County Supervisor Kathryn Barger has provided $143,000 in funding to extend the season of youth and adult swim programs offered at the Castaic Aquatic Center through October 31.
Castaic Aquatic Center Programs Extended to October 31
Tonight on SCV NewsBreak, Los Angeles County firefighters and government leaders welcomed back the Super Scoopers Friday morning. Plus, the Old Town Newhall Library helped get the community ready for it as well by handing out free eclipse viewing glasses. Watch these stories and more on tonight's edition of SCV NewsBreak.
SCV NewsBreak for Friday, August 18, 2017
CalArts alumna Audrey Chan (Art MFA 07) will host a free, all-ages interactive arts workshop in Little Tokyo on Saturday and Sunday, August 19 and 20, as part of the Japanese American Cultural & Community Center’s 2017 Nisei Week activities.
August 19-20: Nisei Week Arts Workshop with CalArts Alum Audrey Chan
Habitat for Humanity SFV/SCV is honored to have received a $25,000 grant from the Disabled Veterans National Foundation, which will fund trauma workshops.
Habitat for Humanity Receives $25K Grant from Disabled Veterans
Here are agenda highlights for the next meeting of the Los Angeles County Board of Supervisors, set for Tuesday, August 22, starting at 9:30 a.m..
August 22: Board of Supervisors Meeting Agenda
Ashley Olivier, a student worker at the Santa Clarita Valley Sheriff's Station, summited Mt. Whitney with her dad, a lieutenant at LASD's Monterey Park station.
SCV Sheriff’s Station Student Worker, LASD Dad Top Mt. Whitney
Looking to enter the win column for the first time in 2017 on day two of the Summer Slam volleyball tournament, the TMU Mustangs squared off against 11th-ranked Eastern Oregon but lost in straight sets.
Mountaineers Spike Mustangs at Summer Slam
Caltrans has released "Rail and the California Economy," a research report investigating how the state’s vast passenger and freight rail system contribute to California’s economy, as well as an overview of opportunities for rail to address the state’s needs and challenges in the future.
New Report Details Rail Role in State Economy
The Master’s University women’s soccer team soared to a 7-0 victory over the visiting Eagles from Sierra Nevada College Thursday.
Lady Mustangs Soccer Win Opener 7-0