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

SCVNews.com | Record Earnings for Bank of Santa Clarita | 01-28-2014
Inside
Weather
Santa Clarita CA
Cloudy
Cloudy
55°F
 
Calendar
Today in
S.C.V. History
January 26
1990 - "Duplicates" premieres at L.A. Phil; concerto by CalArts Music School dean Mel Powell wins Pulitzer Prize [story]


bankofsantalclaritaBank of Santa Clarita announced its results of operations Tuesday for the year ended December 31, 2013, which net earnings exceeded the amount reported by the Bank in any previous year.

The Bank, which is the only commercial bank headquartered in the Santa Clarita Valley, reported net earnings for 2013 totaling $1,004,000, which was 80% greater than the $559,000 reported for 2012. These results were largely driven by the improvement in the Bank’s operating efficiency, as noninterest expenses for the 2013 totaled $5,802,000, an improvement of $571,000 or 9% over those costs reflected in 2012.

The Bank reported that its loan portfolio grew from $155.9 million as of December 31, 2012 to $161.9 million as of December 31, 2013, representing an increase of 4%, and also reported that total deposits at the end of 2013 were $181.2 million, which represented an increase of $13.3 million or 8% over the amount reported a year earlier. As a result of the growth in average net interest-earning assets during 2013, the Bank’s net interest income grew by 2% to $7.01 million.

The Bank continues to experience good credit quality in its loan portfolio, as nonaccrual loans totaled approximately $903,000 or 0.56% of total loans as of December 31, 2013.

“This past year was highlighted by the Bank earning a record level of net income, as we achieved both solid deposit and loan growth,” stated Frank Di Tomaso, Chairman and Chief Executive Officer. He continued, “We made excellent progress in achieving our 2013 goals, and we continue to take the steps necessary to achieve long-term success.”

At December 31, 2013, shareholders’ equity totaled $21.8 million and the Bank’s total risk-based regulatory capital ratio was 13.54%, 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, Corporate Headquarters23780 Magic Mountain ParkwaySanta 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
December 31,
2013 2012
(In thousands)
ASSETS
Cash and Due From Banks $ 3,142 $ 3,635
Interest Bearing Deposits at Other Financial Institutions 32,162 25,852
Federal Funds Sold 2,000 2,000
Investment Securities 34,580 32,195
Loans, Net 161,888 155,925
Other Assets 16,614 13,710
Total Assets $ 250,386 $ 233,317
LIABILITIES AND STOCKHOLDERS’ EQUITY
Noninterest Bearing Demand Deposits $ 53,390 $ 49,232
Interest Bearing Demand Deposits 12,409 7,861
Money Market and Savings Deposits 56,917 50,349
Time Deposits 58,457 60,422
Total Deposits 181,173 167,864
Borrowings 46,000 42,000
Other Liabilities 1,448 2,047
Total Liabilities 228,621 211,911
Stockholders’ Equity 21,765 21,406
Total Liabilities and Stockholders’ Equity $ 250,386 $ 233,317
BANK OF SANTA CLARITA
STATEMENTS OF EARNINGS
Unaudited
For the Three Months Ended December 31, For the Twelve Months Ended December 31,
2013 2012 2013 2012
Interest Income (In thousands except per share amounts)
Loans $ 1,909 $ 1,958 $ 7,592 $ 7,792
Interest Bearing Deposits at Other Financial Institutions 36 23 114 77
Investment Securities 231 193 789 821
Federal Funds Sold - - 2 2
Total Interest Income 2,176 2,174 8,497 8,692
Interest Expense
Interest Bearing Demand Deposits 8 7 31 26
Money Market and Savings Deposits 71 47 232 200
Time Deposits 214 227 852 947
Borrowings 75 158 372 645
Total Interest Expense 368 439 1,487 1,818
Net Interest Income 1,808 1,735 7,010 6,874
Provision for Loan Losses 189 114 184 235
Net Interest Income after
Provision for Loan Losses 1,619 1,621 6,826 6,639
Noninterest Income 122 201 570 621
Noninterest Expense 1,499 1,397 5,802 6,373
Net Earnings Before Income Taxes 242 425 1,594 887
Income Tax Expense 91 171 590 328
Net Earnings $ 151 $ 254 $ 1,004 $ 559
Basic Earnings Per Share $ 0.07 $ 0.11 $ 0.45 $ 0.25
Diluted Earnings Per Share $ 0.07 $ 0.11 $ 0.45 $ 0.25

SOURCE: Bank of Santa Clarita

Bank of Santa ClaritaFrank Di TomasoChairman of the Board of Directors andChief Executive Officer(661) 362-6000

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.

Comments are closed.

LOCAL BUSINESS LINKS
LOCAL BUSINESS HEADLINES
FINANCIALS OF LOCAL INTEREST
MARKETS & METALS
NASDAQ4771.764  chart +0.29%
S&P 5002057.09  chart +0.26%
STOCKS OF LOCAL INTEREST
Bank Santa Clarit9.25  chart +0.54%
Biosolar, Inc.0.10  chart +0.00%
Sierra Bancorp16.39  chart +0.55%
Cu Bancorp (ca)21.14  chart +1.93%
Enable Ipc Corp0.0053  chart +0.00%
Flextronics Inter11.04  chart +0.36%
Linn Energy, Llc10.14  chart +7.30%
Linn Co, Llc10.10  chart +7.45%
Mannkind Corporat6.06  chart +5.39%
Mission Vly Bcp C6.29  chart +3.11%
Quest Diagnostics71.55  chart +0.93%
Tejon Ranch Co Co26.37  chart +1.27%
Us Energy Initiat0.0016  chart -11.11%
Wesco Aircraft Ho13.14  chart +0.00%

Apple Inc.113.10  chart +0.11%
At&t Inc.33.18  chart -0.57%
Autonation, Inc. 59.91  chart +0.84%
Best Buy Co., Inc35.83  chart +2.34%
Big Lots, Inc. Co47.45  chart +1.48%
Barnes & Noble, I24.40  chart +1.37%
Brady Corporation27.32  chart +1.00%
Boston Scientific14.96  chart +0.81%
Brookfield Reside24.15  chart +0.25%
Cbre Group Inc Co33.27  chart +0.97%
Carnival Corporat46.76  chart +0.82%
Comcast Corporati56.69  chart +0.67%
Costco Wholesale 142.905  chart +0.60%
Curtiss-wright Co67.70  chart -0.98%
Cvs Health Corpor101.01  chart +0.39%
Cemex, S.a.b. De 9.63  chart +1.26%
D.r. Horton, Inc.24.38  chart +5.54%
Walt Disney Compa94.97  chart +0.26%
Edison Internatio68.34  chart -0.07%
Hyatt Hotels Corp58.05  chart +0.05%
Home Depot, Inc. 106.36  chart +0.94%
Kb Home Common St12.42  chart +1.80%
Kroger Company (t68.92  chart +1.41%
Lennar Corporatio44.89  chart +2.65%
Laboratory Corpor117.19  chart -0.09%
Linn Energy, Llc10.14  chart +7.30%
Linn Co, Llc10.10  chart +7.45%
Lowe's Companies,70.44  chart +1.05%
Marriott Internat79.415  chart +1.15%
Mcdonald's Corpor90.67  chart +1.24%
Mitsubishi Ufj Fi5.33  chart +1.52%
Netflix, Inc.446.56  chart +2.08%
Office Depot, Inc8.00  chart +2.30%
Regal Entertainme21.10  chart +1.74%
Republic Services41.28  chart +0.66%
Radioshack Corpor0.3456  chart +3.35%
Starbucks Corpora88.12  chart -0.11%
Sears Holdings Co35.17  chart +2.99%
Six Flags Enterta43.79  chart +1.30%
Sonova Hldg N122.10  chart +0.16%
Staples, Inc.16.87  chart +0.48%
Sunpower Corporat25.33  chart +2.82%
Supervalu Inc. Co10.30  chart +1.78%
Safeway Inc. Comm35.10  chart -0.54%
Target Corporatio75.25  chart -0.05%
Time Warner Cable145.07  chart +0.63%
Ulta Salon, Cosme136.08  chart +0.55%
Wag0.00  chartN/A
Waste Connections44.38  chart +0.96%
Whole Foods Marke53.49  chart +0.58%
Waste Management,53.21  chart +0.40%
Wal-mart Stores, 88.63  chart +0.14%
Woodward, Inc.45.81  chart +0.99%
CURRENCY CONVERTER

Latest Additions to SCVNews.com
Tonight on SCV NewsBreak: More than 100 kids turned out at the new Santa Clarita Little League for a baseball clinic put on by Los Angeles Dodgers greats Reggie Smith and Bill Russell.
SCV NewsBreak for Monday, January 26, 2015
Mark Bradford, a graduate of California Institute of the Arts in Valencia, was one of seven artists to be honored with the U.S. Department of State's 2014 Medal of the Arts. The ceremony was held Wednesday.
CalArts Alum One of 7 Artists Honored by State Department
News and events from the Santa Clarita Valley Chamber of Commerce.
SCV Chamber This Week (1-26-2015)
The appointment marks the return of Kreimann to the Office of the Assessor, which he temporarily headed in 2012.
Kreimann Returns to Assessor’s Office as Chief Deputy
Henry Mayo Hospital hosted a four-hour-long conference Saturday morning that focused on concussions, their treatment, and the future of diagnosing them.
Henry Mayo Promotes Awareness of Head Injuries
Too many stray dogs and cats roam neighborhoods without safe and caring homes - but they aren't the only pets that are filling up our rescues.
Different Kind of Pet Problem | Commentary by Abigail DeSesa
Over 100 kids turned out at the new Santa Clarita Little League for a baseball clinic put on by Los Angeles Dodgers greats Reggie Smith and Bill Russell.
Former Dodgers Put On Baseball Clinic for Little Leaguers
Canyon Cowboys sophomore quarterback Miles Fallin has been named to the CalHiSports.com All-State Sophomore Second Team.
Canyon’s Fallin Named All-State Quarterback
Hart Indians punter Andrew Nielsen was named to the CalHiSports.com All-State Junior Second Team.
Hart’s Nielsen Named All-State Punter
After a tragic diving accident left her a quadriplegic at 17, Mrs. Tada fought through two years of rehabilitation, emerging with new skills and a fresh determination to help others.
Feb. 9: Author, Disabled Advocate Joni Eareckson Tada to Speak at Trinity
This February the California State University system will again partner with African American churches across California for CSU Super Sunday in an effort to improve educational outcomes for historically underserved populations
CSU Collaborates with African American Churches to Boost College Access
Along with a curriculum about aviation, officials with SCVi and Southern California Soaring Academy gave seventh and eighth-graders the opportunity to get up close to a personal with a glider Monday morning.
SCVi Students ‘Charter’ a Glider
The College of the Canyons Employee Training Institute’s mission to increase the global competitiveness of regional employers through the development of highly trained and productive workers was advanced with a two-year $468,551 contract awarded by the California Employee Training Panel on Jan. 22.
COC Employee Training Institute Receives 2-Year Contract Extension
Deputies are searching for a criminal who attacked a Valencia resident inside his home Friday, robbed him and fled.
Suspect Sought in Home-Invasion Mugging
Valencia, Zone 5 Public Safety and Crime Prevention Information Snapshot for the week of 01/12/2015 to 01/18/2015
Blotter: Thefts, Commercial Burglaries in Valencia
When the MRCA took over Mentryville in 1995-96, it was agreed the buildings were to be restored so the public could tour them and they would be protected from the ravages of misuse and decay. So now, two decades later, we are still waiting to get those tours started, and instead of preserving the historic character of the buildings, the MRCA is allowing them to be hammered and nailed and poked and prodded by film crews.
Desecrating a Landmark
1990 - "Duplicates" premieres at L.A. Phil; concerto by CalArts Music School dean Mel Powell wins Pulitzer Prize [story]
A friend of a mother whose baby was found dead Saturday created an online fundraiser for the victim’s family.
Fund Established to Pay for Baby’s Funeral
John Palladino, longtime Friendly Valley resident and pioneering recording engineer-producer at top Hollywood studios like Capitol, died Dec. 20 at age 94.
John Palladino, Pioneer Recording Engineer-Producer, Dies at 94
Helen Hunt Jackson's 1882 visit preceded the 1884 publication of her novel, "Ramona," which romanticized California's old Spanish days and sparked a massive westward migration as tourists from the Midwest and East Coast sought out the places Jackson described.
Jan. 31: Reenactment of ‘Ramona’ Author’s Visit to Camulos
One macabre site that haunts me still is the walk I made through the catacombs of Paris. These ossuaries hold the remains of about 6 million people. It has the reputation of being the world’s largest grave. It has been a tourist attraction in Paris since 1874.
The Black Death
1915 - Death of pre-Mentry oilman & San Francisquito vintner Ramon Perea [story]
Sharon Runner will face no opposition in the special election for California’s 21st Senate District, as she was the only candidate to file for the seat.
SCV’s Once and Future Senator: Sharon Runner
The father of a 3-week-old baby girl reported missing Friday evening has been booked on a murder charge after deputies discovered the child's body in a Newhall parking lot Saturday morning.
Baby Found Dead; Dad Arrested for Murder (Video)