[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
Fog
Fog
57°F
 
Calendar
Today in
S.C.V. History
December 10
1941 - Three days after Pearl Harbor attack, 165th and 185th Infantry Regiments assigned to Saugus; Edison power substation guarded 24/7 [timeline]


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.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


LOCAL BUSINESS LINKS
LOCAL BUSINESS HEADLINES
FINANCIALS OF LOCAL INTEREST
MARKETS & METALS
NASDAQ5444.50  chart +0.50%
S&P 5002259.53  chart +0.59%
STOCKS OF LOCAL INTEREST
Bank Of Santa Clar Com Stk Usd011.60  chart +0.00%
Biosolar Inc Com Usd0.0001(post0.0615  chart -21.05%
Sierra Bancorp24.88  chart +3.54%
Cu Bancorp (ca)31.95  chart -0.31%
Enable Ipc Corp. Com Stk Npv0.0006  chart +0.00%
Flex Ltd. - Ordinary Shares14.76  chart -0.54%
Linn Energy Llc Unit Repstg Ltd0.175  chart +4.79%
Linn Co Llc Com Shs Repstg Ltd 0.078  chart +2.63%
Mannkind Corporation0.6464  chart -0.09%
Mission Valley Ban Com Npv10.91  chart -0.82%
Quest Diagnostics Incorporated 91.14  chart +1.63%
Tejon Ranch Co Common Stock27.80  chart +0.87%
Us Energy Initiati Com Usd0.0010.0005  chart +25.00%
Wesco Aircraft Holdings, Inc. C15.40  chart -0.96%

Apple Inc.113.95  chart +1.63%
At&t Inc.40.38  chart -0.07%
Autonation, Inc. Common Stock48.97  chart -1.82%
Best Buy Co., Inc. Common Stock49.00  chart -0.63%
Big Lots, Inc. Common Stock54.88  chart -1.12%
Barnes & Noble, Inc. Common Sto13.10  chart -0.38%
Brady Corporation Common Stock39.45  chart +1.81%
Boston Scientific Corporation C20.81  chart +0.97%
N/a24  chart +0.00%
Cbre Group Inc Common Stock Cla32.79  chart -0.46%
Carnival Corporation Common Sto53.34  chart +0.79%
Comcast Corporation69.45  chart +0.32%
Costco Wholesale Corporation159.70  chart +1.34%
Curtiss-wright Corporation Comm105.95  chart -0.87%
Cvs Health Corporation Common S80.13  chart +2.59%
Cemex, S.a.b. De C.v. Sponsored8.77  chart -1.79%
D.r. Horton, Inc. Common Stock28.86  chart -2.14%
Walt Disney Company (the) Commo104.86  chart +1.43%
Edison International Common Sto69.97  chart +0.76%
Hyatt Hotels Corporation Class 56.51  chart -0.16%
Home Depot, Inc. (the) Common S133.39  chart +0.65%
Kb Home Common Stock17.21  chart -0.29%
Kroger Company (the) Common Sto34.78  chart +1.73%
Lennar Corporation Class A Comm44.83  chart -1.84%
Laboratory Corporation Of Ameri127.79  chart +0.57%
Linn Energy Llc Unit Repstg Ltd0.175  chart +4.79%
Linn Co Llc Com Shs Repstg Ltd 0.078  chart +2.63%
Lowe's Companies, Inc. Common S74.69  chart -0.73%
Marriott International83.55  chart +0.07%
Mcdonald's Corporation Common S121.26  chart +0.67%
Mitsubishi Ufj Financial Group,6.67  chart +1.21%
Netflix, Inc.122.88  chart -0.29%
Office Depot, Inc.5.11  chart -1.35%
Rite Aid Corporation Common Sto8.44  chart +3.56%
Rexford Industrial Realty, Inc.23.01  chart +0.22%
Regal Entertainment Group Class21.79  chart -0.18%
Ross Stores, Inc.67.62  chart -0.12%
Republic Services, Inc. Common 56.52  chart +0.14%
N/aN/A  chartN/A
Starbucks Corporation58.75  chart +0.17%
Smart & Final Stores, Inc. Comm13.40  chart +0.00%
Sears Holdings Corporation11.93  chart -6.50%
Six Flags Entertainment Corpora59.15  chart +0.10%
Sonova N118.80  chart +2.06%
Staples, Inc.10.01  chart +0.10%
Sunpower Corporation7.65  chart +0.79%
Target Corporation Common Stock77.39  chart -0.58%
Time Warner Cable Inc209.56  chart +0.00%
Ulta Salon, Cosmetics & Fragran251.14  chart -0.85%
Walgreens Boots Alliance, Inc.86.39  chart +2.50%
Waste Connections, Inc. Common 79.11  chart +3.24%
Whole Foods Market, Inc.32.04  chart +1.07%
Waste Management, Inc. Common S70.02  chart -0.06%
Wal-mart Stores, Inc. Common St70.08  chart -0.37%
Woodward, Inc.70.07  chart -1.09%
CURRENCY CONVERTER

Latest Additions to SCVNews.com
1941 - Three days after Pearl Harbor attack, 165th and 185th Infantry Regiments assigned to Saugus; Edison power substation guarded 24/7 [timeline]
Tonight on SCV NewsBreak, Newhall County Water District board members are now facing a recall effort in what appears to be a retaliatory move due to recent merger discussions. Plus, Senator Scott Wilk introduced a bill that aims to take CEMEX through the public appeals process should the federal government allow it to move forward. Check out these stories and more tonight on SCV NewsBreak.
SCV NewsBreak for Friday, December 9, 2016
Detectives from the Los Angeles County Sheriff’s Department’s Missing Person Detail are seeking the public’s help in locating 88-year-old Ruben Aritria Johnson.
88-Year-Old Missing, LASD Asking for Help
Join Santa Clarita Transit this holiday season for a festive tour of some of our city’s best displays of holiday décor. This December, Santa Clarita Transit will host a Holiday Light Tour on board our classic wood trolley and local Dial-A-Ride vehicles.
Dec. 16-17: City to Host Holiday Light Tour
Two men were charged with Attempted Human Trafficking of a Minor and Pandering of a Minor on Friday after they were arrested by Human Trafficking Bureau detectives.
Human Trafficking Task Force Nets Two Suspects Accused of Trafficking Minors
Continuing the push to rebuild and maintain California’s infrastructure, the California Transportation Commission has today allocated $236 million to 40 transportation projects that will alleviate traffic delays, repair aging roads and bridges and encourage bicycling and walking.
State Transportation Commission Funds $236 Million to Fix Traffic, Repair Roads
The city of Santa Clarita has been recognized by the High Desert Branch of the American Public Works Association with an award for “Best Improvement for Public Safety” for the Lost Canyon Road Bridge widening project.
Lost Canyon Bridge Widening Project Named Best Improvement for Public Safety
Senator Scott Wilk, R-Antelope Valley, introduced Senate Bill 57 that would compel CEMEX to go through the state public appeals process if the federal government determines that CEMEX can move forward with its mega-mine in Soledad Canyon.
Wilk Bill Aims to Send CEMEX through Public Appeals Process
Enjoy cookies with Santa at NorthPark Community Church on December 18 from 2 - 4 p.m.
Dec. 18: Cookies with Santa at Northpark Community Church
Stretches of Interstate 5 will be closed near Magic Mountain Parkway.
Dec. 12 – 16: CalTrans Set to Close Portions of I-5 near Magic Mountain Parkway
On December 17 and 18 at the College of the Canyons Performing Arts Center, the Santa Clarita Ballet Company presents a community tradition, The Nutcracker.
Dec 17-18: COC PAC to Present The Nutcracker
It is a great time to purchase your 2017 sport fishing license.
The Time is Now to Buy Your Sport Fishing License
A bipartisan measure backed by Representative Steve Knight (CA-25) to bring drought relief to California passed the House of Representatives Thursday. With the bill’s passage, Congress is poised to deliver much-needed relief to the Golden State’s ongoing water crisis.
Drought Relief Measure Passes House
Next time you plan on donating to a charity make sure the money is going to the right cause and not into a crook's pocket.
Thieves Targeting Good Samaritans in Charity Scam
Detectives from the Los Angeles County Sheriff's Department's Missing Person Detail are seeking the public's help in locating 62-year-old Peter Hamilton.
LASD Searching for Man Missing Since September
Up to the day of the election, most people I encountered repeatedly expressed being overly saturated with the campaign videos, the repetitious verbiage, the negative trouncing, polls, unrelenting television commercials, main-stream media’s biased reporting, mailers, political taking heads.
The Left’s Non-acceptance
Crime Information and Public Safety Report for Canyon Country (West )-Zone 7 for the week of November 21, 2016 - November 27, 2016
Crime Blotter: Thefts in Canyon Country West
Crime Information and Public Safety Report for Canyon Country-East for the week of November 21, 2016 - November 27, 2016
Crime Blotter: Burglaries in Canyon Country East
1983 - U.S. release of John Carpenter's "Christine;" blew up fake gas station in Valencia [watch scene (R)]
Tonight on SCV NewsBreak, students at Peachland Elementary School will be enjoying new upgrades in their school. Plus, a new exhibit by the ArTree is coming to SCV. Check out these stories and more on tonight's edition of SCV NewsBreak.
SCV NewsBreak for Thursday, December 8, 2016
Newhall School officials celebrated the unveiling of millions of dollars in upgrades from Measure E at Peachland Elementary this week.
Peachland Elementary Unveils Improvements Funded by Measure E
Stay Green Inc. continued its award-winning ways this Fall, bringing home three Trophy Awards from the California Landscape Contractors Association (CLCA) annual gala, in recognition of excellence in landscaping and maintenance, and one of the first place awards went to the company for "Medium HOA Maintenance: Milestone Community Association, Santa Clarita Valley".
Stay Green Earns Trio of State Awards
Valencia High School Choir will be hosting their 11th Annual Holiday Boutique on December 9 and 10, with items like holiday decor, gourmet foods, clothing, and childrens' items on sale.
Dec. 9, 10: VHS Choir Hosts Holiday Boutique
Returning to Main Street this Thursday, December 8, is one of Thursdays@Newhall’s favorite events, Note by Note.
Thursdays @ Newhall Brings Live Music to Main Street
California Attorney General Kamala D. Harris today announced that California, along with 42 other states and the District of Columbia, has reached a $19.5 million agreement with biopharmaceutical company Bristol-Myers Squibb over allegations that the company illegally marketed the popular atypical antipsychotic drug Abilify.
AG Harris, 42 Other Generals, D.C., Announce $19.5 Million Settlement with Pharmaceutical Company
The California State University Office of the Chancellor announced today that 17 of its 23 campuses have earned Integrated Program Grants from the California Commission on Teacher Credentialing to develop four-year teacher preparation programs.
CSU Garners New Grant Funding to  Expand Four-Year Teacher Preparation Programs
This holiday season, while you’re busy decorating, cooking, and wrapping gifts, remember to watch out for holiday temptations for your pets.
Tips to Keep Pets Safe from Holiday Hazards
The Los Angeles County Department of Public Health--Public Health--offers these useful tips for keeping in good health and positive spirits during this holiday season. These tips provide simple yet powerful actions people can do to help make the holiday season healthier and more enjoyable.
Simple Tips for a Healthy Holiday Season
1941 - Julius Dietzmann family of Castaic arrested as German enemy aliens [story]
Enjoy the smooth sound of the Senior Center Silvertones and Musicians, under the direction of John Swinford, performing your favorite and most festive holiday tunes.
Dec. 22: Silvertone Holiday Concert Comes to SCV Senior Center
A family is mourning the loss of two people who died in separate incidents in November.
Family Mourns the Loss of Father, Daughter
The California Department of Water Resources has announced its initial water allocation to deliver 20 percent of contracted supplies for the State Water Project in 2017.
CLWA Announces 20 Percent Allocation for State Water Project
Trinity Classical Academy students will be performing Christmas songs for the Atria Senior Living residents on Wednesday.
Trinity Students to Perform Christmas Songs for Seniors
Santa Clarita's Encore Chorale, a nonprofit musical arts program for seniors, invites adults 55 and older to join the Spring 2017 semester.
Seniors Invited to Join SCV Encore Chorale
One-of-a-kind gifts, like this decorative tile by artist Cathy Akers, will be on sale at CalArts’ Holiday Pop-up Market.
Dec. 15: CalArts Hosts Holiday Pop-up Market