[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
Santa Clarita CA
Today in
S.C.V. History
October 13
1876 - Town of Newhall founded at Bouquet Junction (moved 2 years later to present location) [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


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.

December 31,
2013 2012
(In thousands)
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
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
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.

NASDAQ4796.61  chart -0.87%
S&P 5002003.69  chart -0.68%
Bank Santa Clarita9.40  chart +0.00%
Biosolar, Inc.0.2299  chart +4.50%
Sierra Bancorp16.15  chart -0.86%
Cu Bancorp (ca)22.12  chart -1.03%
Enable Ipc Corp0.0029  chart +0.00%
Flextronics International Ltd.11.13  chart -0.54%
Linn Energy, Llc2.86  chart -0.35%
Linn Co, Llc2.91  chart -0.68%
Mannkind Corporation2.94  chart -3.29%
Mission Vly Bcp Ca7.15  chart +0.00%
Quest Diagnostics Incorporated 63.00  chart -0.57%
Tejon Ranch Co Common Stock22.75  chart -2.94%
Us Energy Initiative0.0005  chart +0.00%
Wesco Aircraft Holdings, Inc. C12.30  chart -3.45%

Apple Inc.111.79  chart +0.17%
At&t Inc.33.22  chart -0.24%
Autonation, Inc. Common Stock59.97  chart -1.27%
Best Buy Co., Inc. Common Stock37.04  chart -0.32%
Big Lots, Inc. Common Stock49.01  chart -1.03%
Barnes & Noble, Inc. Common Sto12.65  chart -1.40%
Brady Corporation Common Stock21.39  chart -3.56%
Boston Scientific Corporation C16.73  chart -1.24%
N/a24  chart +0.00%
Cbre Group Inc Common Stock Cla33.39  chart +0.15%
Carnival Corporation Common Sto49.87  chart -0.97%
Comcast Corporation60.16  chart -0.18%
Costco Wholesale Corporation152.28  chart -0.88%
Curtiss-wright Corporation Comm66.46  chart -1.03%
Cvs Health Corporation Common S102.05  chart -0.99%
Cemex, S.a.b. De C.v. Sponsored7.73  chart +0.26%
D.r. Horton, Inc. Common Stock30.42  chart -1.65%
Walt Disney Company (the) Commo106.59  chart +0.23%
Edison International Common Sto63.56  chart -0.05%
Hyatt Hotels Corporation Class 50.87  chart -2.72%
Home Depot, Inc. (the) Common S121.61  chart -0.24%
Kb Home Common Stock14.58  chart -1.35%
Kroger Company (the) Common Sto37.44  chart -1.99%
Lennar Corporation Class A Comm50.80  chart -0.76%
Laboratory Corporation Of Ameri111.10  chart -1.33%
Linn Energy, Llc2.86  chart -0.35%
Linn Co, Llc2.91  chart -0.68%
Lowe's Companies, Inc. Common S72.97  chart -1.14%
Marriott International - Class 75.28  chart -1.48%
Mcdonald's Corporation Common S103.38  chart +0.14%
Mitsubishi Ufj Financial Group,6.32  chart -2.32%
Netflix, Inc.109.73  chart -3.28%
Office Depot, Inc.6.51  chart -1.06%
Rexford Industrial Realty, Inc.14.72  chart +0.14%
Regal Entertainment Group Class19.57  chart -0.46%
Ross Stores, Inc.49.45  chart -2.14%
Republic Services, Inc. Common 43.24  chart -0.85%
N/aN/A  chartN/A
Starbucks Corporation60.16  chart -0.63%
Smart & Final Stores, Inc. Comm16.42  chart -3.01%
Sears Holdings Corporation25.17  chart -0.98%
Six Flags Entertainment Corpora48.33  chart -0.33%
Sonova Hldg N128.50  chart +0.00%
Staples, Inc.12.03  chart -1.31%
Sunpower Corporation24.50  chart -0.97%
Supervalu Inc. Common Stock7.46  chart -3.99%
N/aN/A  chartN/A
Target Corporation Common Stock78.96  chart -0.32%
Time Warner Cable Inc Common St187.92  chart +0.67%
Ulta Salon, Cosmetics & Fragran163.85  chart -1.34%
Waste Connections, Inc. Common 51.28  chart -0.83%
Whole Foods Market, Inc.33.24  chart -1.22%
Waste Management, Inc. Common S53.06  chart -0.66%
Wal-mart Stores, Inc. Common St66.73  chart -0.30%
Woodward, Inc.44.27  chart -2.79%

Latest Additions to SCVNews.com
The Institute for Sustainability will work to spread awareness to California State University, Northridge students, faculty and staff about topics such as solar energy, how food choices impact the environment and the importance of avoiding pesticides, during its annual Campus Sustainability Day on Tuesday, Oct. 20.
Oct. 20: Sustainability Day at #CSUN to Spread Environmental Awareness
The Valencia High School Marching Band will host a night of music and pageantry Thursday, Nov. 12, at Valencia’s Paul Priesz Stadium.
Nov. 12: Valencia Vikings Host Marching Band Field Show Competition
The West Ranch Girls volleyball team will take on Valencia High and the girls will go pink for the event. There will be a pink carpet entrance, special giveaways, "Claw out Cancer" shirts for sale, prizes, a huge pink airstream trailer and a food truck.
Oct. 20: West Ranch Girls Volleyball to ‘Claw Out Cancer’
The magic and fun of Mardi Gras will come to LARC Ranch on Sunday as the nonprofit organization’s annual fundraiser takes on a carnival atmosphere, with the proceeds benefiting programs and services for developmentally disabled adults, as well as LARC’s efforts to deal with an ongoing water crisis.
Oct. 18: Carnival Fun for the Whole Family at LARC Ranch
On Sept. 23, the individual pictured here used a stolen checks to pay for services she received from a Valencia business, Santa Clarita sheriff's officials say.
Wanted: Woman Accused of Using Stolen Checks
Hart High School kicker Anderw Nielsen has been nominated for the Kohl's National Kicker of the Week after an outstanding performance against rival Canyon on October 9, 2015.
Hart Kicker Andrew Nielsen Nominated For Kohl’s National Kicker Of The Week
1876 - Town of Newhall founded at Bouquet Junction (moved 2 years later to present location) [story]
College of the Canyons will be hosting its biannual Job & Career Fair with various companies featuring new job openings for Santa Clarita residents looking to gain experience in their field of interest.
Oct. 14: Job & Career Fair at COC
Tihs week's events and activities from the Santa Clarita Valley Chamber of Commerce.
SCV Chamber This Week (10-12-2015)
After long studies and all of the landslides identified, the county gave the OK for the project to begin. In the process of preparing the earth for the new expansion, they scraped the base of the mountain with their goliath machinery, and the mountain gave way.
Protected Ridge? | Commentary by Steve Lee
Tonight on SCV NewsBreak, about 10,000 people flocked to Hart Park for the 15th Annual Bowwows & Meows Pet Fair. Plus, the Salem Witch Trials are coming to Santa Clarita's Senior Center next week. Click the link to see those stories and more on tonight's edition of SCV NewsBreak.
SCV NewsBreak for Monday, October 12, 2015
Want to learn how your current job can help you out in the TV & Film business? America’s Job Center of California will host a Lifton Institute of Media Arts & Sciences training recruitment on Friday, Oct. 16, and the College of the Canyons University Center.
Oct. 16: Learn About a Career in TV, Film at Castaic institute
The first of three public hearings being held by the Board of Trustees of the Santa Clarita Community College District to receive public input and testimony regarding proposed trustee areas is scheduled for Tuesday evening.
First Public Hearing Tuesday on COC Election Boundaries
The City of Santa Clarita, in partnership with College of the Canyons and the L.A. County Department of Public Health will be hosting a FREE flu vaccination clinic on Friday, Oct. 30, at the COC Valencia campus.
Oct. 30: Get a Free Flu Shot at COC
The so-called ABLE program protects people who need government help, such as medical care, from being destitute to qualify for benefits. Instead, they can put aside extra funds to pay for a variety of needed expenses, such as medical and dental care, housing and education.
Now, Disabled Persons Needn’t Be Broke to Qualify for Benefits
The Salem witch trials have come to epitomize mass hysteria and the episode has become a prism through which we have sought to understand modern day "witch hunts."
Oct. 22: Salem Witch Trials at SCV Senior Center
The Santa Clarita Philharmonic is offering an exciting opportunity to join an organization with an outstanding track record of bringing quality classical music to the Santa Clarita Valley.
Santa Clarita Philharmonic Seeks New Musicians, Esp. Strings
The measure prohibits a corporation from closing a franchise business unless there has been a substantial violation of the contract. It also allows franchisees to keep the equity they invested in the event of termination and sell the business to a new qualified owner.
Wilk Bill Slays Corporate Dragon, Protects Franchise Biz Owners
Marc Winger, who retired earlier this year after more than 17 years at the helm of the Newhall School District, was hired last week as one of two interim superintendents in Glendale, where school board members are searching for a permanent officeholder.
Winger, Ex-Newhall, to Co-Lead Glendale Unified
On August 3, Feinstein sent a letter to President Obama requesting he use his authority under the Antiquities Act to designate three new national monuments: Mojave Trails, Sand to Snow and Castle Mountains.
Feinstein Proposes 3 SoCal National Monuments; Meet Tues. in Palm Springs
I was at my sister’s home in Happy Valley, and as I was driving toward Lyons Avenue, sure enough I had a young gentleman pass me on Valley Street very much exceeding the speed limit and blowing through the stop sign at 8th Street. Daylight. Dry conditions. Weekend. Kids all over the place.
Speed Demon
1915 - Name of Surrey post office & town changed (back) to Saugus [story]
President Obama loves to convene “commissions” and “committees” of these “knowledgeable” people - and then totally ignore them. By his own admission, he almost never reads his NSA briefings. When he read something about ISIS gaining ground, orders were given to dumb down the reports so Americans would not know how these guys operated.
Click Three Times
The four candidates who are vying for two seats on the Newhall County Water Board faced off Saturday in a forum hosted by KHTS AM-1220, SCVTV, The Signal and COC Cougar News.
Candidates Spar in Newhall Water Board Forum