header image

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

Inside
Weather


 
Calendar
Today in
S.C.V. History
September 19
1863 - Gen. Edward F. Beale loans money to A.A. Hudson and Oliver P. Robbins to erect toll house in Newhall Pass [story]
toll house


The Bank of Santa Clarita has posted a second-quarter profit of $35,000, compared to a second-quarter loss of $56,000 one year earlier.

That might seem like a reversal of fortune, but the fact is, the 2011 figure included a one-time penalty charge of $250,000 for the early termination of the bank’s Magic Mountain Parkway headquarters lease. Without that hit, year-ago earnings would have been higher.

Total facility costs fell to $428,000 during the first six months of 2012, from $684,000 during the first six months of 2011.

Figures for 2012 were impacted by undisclosed one-time costs associated with the departure in April of bank founders Jim Hicken and Kimberly Altobello.

However, the bank saw its loan portfolio grow by 5 percent over the past year to $144 million as of June 30, while interest income increased by 8 percent year-over-year for the six months ending June 30. During that time, the bank’s interest margin – the difference between the amount of interest borrowers pay to the bank, and the amount of interest the bank pays out to depositors – improved to 3.62 percent from 3.48 percent.

Earnings for the first half of 2012 are $102,000, versus a loss of $27,000 during the first six months of 2011.

The bank released its earnings report after the close of business Tuesday.

With the one-time costs of Hicken and Altobello’s departure behind it, the bank said it “expects to benefit from the lower management-related cost structure in future periods.”

CEO Frank Di Tomaso said: “Because the current economic environment presents many challenges, the bank’s board of directors recently streamlined the bank’s executive management structure in order to stimulate basic improvements in the bank`s ability to drive innovation, accelerate profitable growth and increase both accountability and shareholder value.”

“In spite of the challenging economy, low interest rate environment and intensified competition, we are pleased with our growth in loans and deposits, and in our steady profitability,” Di Tomaso said in the earnings statement. “Our solid second quarter performance was achieved by attracting and enhancing new and existing customer relationships within our local marketplace.”

Founded in 2004, the Bank of Santa Clarita is the only independent, full-service commercial bank headquartered in the Santa Clarita Valley and serves retail consumers, small to mid-sized businesses, professionals, 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.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


Latest Additions to SCVNews.com
Valencia High School's Choir will hold a fall concert, "Broadway, Movies & Media" at 7 p.m., Thursday, Sept. 26 at 7 p.m. and Friday, Sept. 27, 7 p.m. at the Saugus High School Theatre, 21900 Centurion Way, Santa Clarita, CA 91350.
Sept. 26-27: Valencia High Choir Presents Fall Concert ‘Broadway, Movies & Media’
As my wife, Virginia, and I stroll through our magnificent city, we admire the beautiful paseos and the expansive open spaces, but what really catches our eye, is the diverse works of art at every turn.
Bill Miranda | Santa Clarita Arts, a Journey Through Creativity
The California Department of Public Health is encouraging all Californians to get vaccinated this season to protect themselves and loved ones from respiratory viruses.
CDPH: Stay Up to Date on Vaccines
The Friends of Santa Clarita Public Library in collaboration with Santa Clarita Valley Libraries will have a silent Book Auction beginning at 9 a.m. Monday, Sept. 30, through 10 a.m. on Monday, Oct. 7.
Sept. 30: Public Libraries to Host Silent Book Auctions
1863 - Gen. Edward F. Beale loans money to A.A. Hudson and Oliver P. Robbins to erect toll house in Newhall Pass [story]
toll house
The Counties of Los Angeles and San Bernardino today announced the opening of multiple joint Local Assistance Centers to assist residents impacted by the Bridge and Line Fires.
Joint Assistance Centers Open for Residents Impacted by Bridge, Line Fires
Valencia Gynecology Associates, owned by longtime Santa Clarita Valley OB-GYN physician Don Nishiguchi, MD, has joined the Henry Mayo Newhall Hospital network. 
Valencia Gynecology Assoc. Joins Henry Mayo Network
JCI Santa Clarita is proud to announce the upcoming Veteran’s Resource Fair, scheduled to take place on Sept. 21 at William S. Hart Park. 
Sept. 21: JCI Invites All Veterans to Upcoming Resource Fair
A "friendies" field tournament  is being  hosted by the Saugus Instrumental Music program, with support from Valencia High, later this month. 
Sept. 21: All Valley Showcase Comes to Valencia High
Public, member-supported 88.5 FM The SoCal Sound, Southern California’s leading Triple-A (adult album alternative) format radio station has announced the lineup for its inaugural “Year-End Bash” taking place on Saturday, Dec. 7.
Dec. 7: CSUN Owned 88.5-FM The SoCal Sound Announces “Year End Bash” Lineup featuring Ben Gibbard
The Master's University cross-country teams continued their successful 2024 campaigns with strong finishes at the BIOLA Invitational on Friday, Sept. 13 at Craig Regional Park in Fullerton, Calif.
TMU Women Win, Men Place Second at XC Invitational
Sheriff’s Department Announces New Law Enforcement Gang Policy
LASD Announces New Policy on Law Enforcement Gangs
The biology department at California State University, Northridge has stayed committed to promoting STEM research carried out by K-12 students and teachers in the Los Angeles Unified School District.
CSUN Student Research Journal Celebrates 28 Years of Inspiring Scientific Imagination
Did you know the SCVEDC has an interactive, online tool that provides themed virtual tours of the amazing features the community has to offer? 
SCVEDC Offers Virtual Business Tours of the Santa Clarita Valley
California Institute of the Arts alum and visionary filmmaker Tim Burton (Film/Video 1979) was honored with the 2,788th star on the Hollywood Walk of Fame.
CalArts Alum Tim Burton Receives Star on Hollywood Walk of Fame
1962 - Articles of incorporation filed for Golden State Memorial Hospital on Lyons Avenue [story]
Golden State Hospital
The Santa Clarita Valley Senior Center welcomes back Jim Curry for an evening concert celebrating the music of John Denver on Saturday, Oct. 5 at 5 p.m. in the Grand Ballroom at Bella Vida.
Oct. 5: SCV Senior Center Welcomes Jim Curry ‘Take Me Home’
As part of the Santa Clarita Valley Water Agency's ongoing commitment to ensuring local groundwater quality and reliability, the SCV Water recently began construction on a new treatment facility to remove perchlorate and volatile organic compounds at Well 205 in Valencia.
SCV Water Begins New Water Treatment Project in Valencia
Get ready to set sail at the Pirates SENSES Block Party, presented by the city of Santa Clarita, Thursday, Sept 19 from 7-10 p.m. on main street in Old Town Newhall.
Sept. 19: SENSES Pirate Block Party
No. 21 College of the Canyons football team knocked off No. 5 Fullerton College 29-13 on Saturday night behind a stifling defensive effort and five field goals from Luis Rodriguez.
No. 21 Canyons Knocks Off No. 5 Fullerton 29-13
Six of the seven Foothill League Varsity football teams begin league play Friday night, Sept. 20.
Foothill League Football Begins for SCV Teams
The California Institute of the Arts will present the "NAACP Santa Clarita Masquerade Ball", Friday, Oct. 4, 7-11 p.m. at 24700 McBean Parkway, Valencia, CA 91355.
Oct. 4: NAACP Santa Clarita Masquerade Ball at Cal Arts
The Los Angeles County Department of Public Health is investigating two human cases of a rare parasitic infection, Baylisascaris procyonis, also known as raccoon roundworm.
Public Health Investigating Disease Spread from Animals to Humans
1879 - First official Newhall School building erected near Walnut & Ninth streets [story]
First Newhall School
SCVNews.com