[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
Mostly cloudy
Mostly cloudy
58°F
 
Calendar
Today in
S.C.V. History
May 25
1966 - Mustang Drive-In theater opens on Soledad Canyon Road [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.

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
NASDAQ4891.42  chart +0.62%
S&P 5002089.94  chart +0.67%
STOCKS OF LOCAL INTEREST
Bank Santa Clarita9.75  chart +0.00%
Biosolar, Inc.0.154  chart -6.67%
Sierra Bancorp17.48  chart -0.63%
Cu Bancorp (ca)23.69  chart +0.13%
Enable Ipc Corp0.0011  chart +0.00%
Flextronics International Ltd.12.3375  chart -1.14%
Linn Energy, Llc0.18  chart +0.00%
Linn Co, Llc0.1197  chart +0.00%
Mannkind Corporation1.01  chart +5.21%
Mission Vly Bcp Ca8.05  chart -1.35%
Quest Diagnostics Incorporated 77.46  chart -0.21%
Tejon Ranch Co Common Stock20.72  chart -2.77%
Us Energy Initiative0.0003  chart +50.00%
Wesco Aircraft Holdings, Inc. C14.37  chart +0.91%

Apple Inc.99.245  chart +1.37%
At&t Inc.38.52  chart +0.05%
Autonation, Inc. Common Stock49.11  chart +2.33%
Best Buy Co., Inc. Common Stock31.88  chart +4.35%
Big Lots, Inc. Common Stock43.38  chart +0.09%
Barnes & Noble, Inc. Common Sto11.6216  chart +0.10%
Brady Corporation Common Stock31.08  chart +0.00%
Boston Scientific Corporation C22.425  chart -0.47%
N/a24  chart +0.00%
Cbre Group Inc Common Stock Cla29.96  chart +2.67%
Carnival Corporation Common Sto49.71  chart -1.53%
Comcast Corporation62.595  chart +0.25%
Costco Wholesale Corporation144.10  chart +1.07%
Curtiss-wright Corporation Comm82.92  chart +0.36%
Cvs Health Corporation Common S98.02  chart +0.66%
Cemex, S.a.b. De C.v. Sponsored6.59  chart +1.23%
D.r. Horton, Inc. Common Stock30.515  chart +0.11%
Walt Disney Company (the) Commo100.13  chart +0.62%
Edison International Common Sto69.55  chart -0.51%
Hyatt Hotels Corporation Class 46.06  chart +1.28%
Home Depot, Inc. (the) Common S133.66  chart +0.22%
Kb Home Common Stock13.50  chart -1.32%
Kroger Company (the) Common Sto34.99  chart -1.49%
Lennar Corporation Class A Comm45.64  chart -0.11%
Laboratory Corporation Of Ameri128.12  chart -0.03%
Linn Energy, Llc0.18  chart +0.00%
Linn Co, Llc0.1197  chart +0.00%
Lowe's Companies, Inc. Common S80.36  chart +0.95%
Marriott International66.01  chart +0.98%
Mcdonald's Corporation Common S123.25  chart -0.56%
Mitsubishi Ufj Financial Group,4.93  chart +1.44%
Netflix, Inc.99.05  chart +1.19%
Office Depot, Inc.3.44  chart +0.00%
Rite Aid Corporation Common Sto7.71  chart +1.05%
Rexford Industrial Realty, Inc.19.775  chart -0.68%
Regal Entertainment Group Class21.005  chart +0.02%
Ross Stores, Inc.53.59  chart +0.43%
Republic Services, Inc. Common 47.91  chart -0.70%
N/aN/A  chartN/A
Starbucks Corporation55.135  chart -0.55%
Smart & Final Stores, Inc. Comm15.55  chart -1.40%
Sears Holdings Corporation12.635  chart +5.56%
Six Flags Entertainment Corpora58.92  chart -0.56%
Sonova Hldg N132.10  chart +0.69%
Staples, Inc.8.49  chart +0.12%
Sunpower Corporation17.50  chart +2.70%
Target Corporation Common Stock69.085  chart +0.58%
Time Warner Cable Inc Common St209.56  chart +0.00%
Ulta Salon, Cosmetics & Fragran210.15  chart +1.72%
Walgreens Boots Alliance, Inc.77.30  chart +0.19%
Waste Connections, Inc. Common 68.40  chart -2.24%
Whole Foods Market, Inc.32.30  chart +1.96%
Waste Management, Inc. Common S60.71  chart -0.54%
Wal-mart Stores, Inc. Common St70.815  chart +0.82%
Woodward, Inc.56.955  chart +0.43%
CURRENCY CONVERTER

Latest Additions to SCVNews.com
1966 - Mustang Drive-In theater opens on Soledad Canyon Road [story]
Tonight on SCV NewsBreak, Rep. Steve Knight speaks about St. Francis Dam bill. Plus, after years of planning, construction on the Saugus High School Performing Arts Center will finally get started.
SCV NewsBreak for Tuesday, May 24, 2016
Assemblyman Scott Wilk, R-Santa Clarita, motioned a proposal in Budget Sub-4 committee to adjust the Advanced Strategic Aircraft Tax Credit by one year in order to bring the tax credit years in line with the start date of the federal contract for the Long Range Strike Bomber.
Wilk Pushes to Preserve $25 Million Aerospace Tax Credit
At the Board of Supervisors meeting, Supervisor Michael D. Antonovich presents Joey, a 3-month old Chihuahua, ready to be adopted.
Antonovich Pet of the Week (5-24-16): Joey
Boston Bruins General Manager Don Sweeney announced today, May 24, that the team has signed defenseman Kevan Miller to a four-year contract extension through the 2019-20 season at an NHL cap figure of $2.5 million per year.
Kevan Miller Signs 4 Year Deal With Bruins
The College of the Canyons Veterans Resource Center will host an exclusive Pre-Memorial Day gathering to honor all those who have served in the United States Armed Forces.
COC to Host Pre-Memorial Day Gathering for Veterans
A strong season that featured six wins, including a Pac-12 and NCAA Regional title, finished abruptly at the hands of a hot Duke team that defeated USC, 4-1, in the NCAA Championships match play quarterfinals on Tuesday (May 24) at the Eugene (Ore.) C.C.
Trojans Fall TO Duke in NCAA Championship Qualifier
After a dominant nine-inning performance on Saturday afternoon, CSUN Baseball's sophomore left-handed pitcher Kenny Rosenberg has earned Big West Conference Pitcher of the Week honors, the league office announced on Monday.
CSUN’s Rosenberg Picks Up Third Big West Pitcher of the Week Honor
The top-seeded UCLA women's golf team moved on to the NCAA match-play semifinals with a 4-0-1 victory over #8-seed Oregon on Tuesday morning at the Eugene Country Club.
UCLA Women’s Golf Moves to NCAA Match-Play
The College of the Canyons men's golf team finished second at the California Community College Athletic Association (CCCAA) State Championships, after carding a five-man, 36-hole team score of 751 at Desert Island Golf and Country Club in Rancho Mirage.
COC Men’s Golf Finishes Second at CCCAA State, Campbell Wins Individual Title
College of the Canyons sophomore first baseman Kiana Holder has been named a 2016 National Fastpitch Coaches Association (NFCA) California Junior College All-American after a season in which she batted at a .465 clip.
Kiana Holder Named an NFCA Junior College All-American
The team from award-winning landscaper Stay Green Inc. spent May 14 in a celebratory mood, for the company’s 8th annual Employee Appreciation Picnic, held at Dr. Richard H. Rioux Memorial Park in Stevenson Ranch.
Stay Green Inc. Celebrates Employees at Annual Picnic
The Los Angeles region was selected to host Super Bowl LV in 2021, the National Football League (NFL) announced today.
NFL Selects Los Angeles Region for 2021 Super Bowl
Local audiences are invited to experience the intimacy of the one-person show during the College of the Canyons theatre department’s 2016 ‘Solopalooza’ being held June 1 and 2 on the Valencia campus.
COC Invites the Public to Annual Solopalooza Concert
The College of the Canyons music department will present the annual student-produced ‘Electronica Musique & Multi-Media’ concert at 7 p.m. Wednesday, June 1, in the Santa Clarita Performing Arts Center Black Box Theater.
June 1: Annual Student-Produced Concert to Perform at the PAC
A man wanted on suspicion of murder was arrested by Santa Clarita Valley Sheriff’s Station deputies during a traffic stop Monday morning.
Man Suspected of Murder in Los Angeles Arrested in SCV
An 18-year-old man pleaded no contest for punching an elderly man who allegedly asked him to stop smoking at a park in Valencia, the Los Angeles County District Attorney’s Office said Tuesday.
18-Year-Old Pleads No Contest to Punching Elderly Man
Memorial Day weekend, one of the busiest travel weekends of the year, is the traditional start of summer and a time when more travelers and especially families will be on the go.
CHP to Conduct Maximum Enforcement Period During Memorial Day Weekend
CHP Newhall is holding an Impact Teen Driver class at the Newhall CHP office at 28648 The Old Rd in Valencia on June 6 and June 27.
CHP to Host Start Smart Teen Driving Classes in June
Crime/Public Safety Report for the Week of 05/09/16 -05/15/16
Crime Blotter: Bicycle Theft, Grand Theft Auto in Valencia
Stevenson Ranch: Crime/Public Safety Report- May 9th to May 15th
Crime Blotter: Shoplifting, Armed Robbery in Stevenson Ranch
1860 - Colonel Thomas F. Mitchell arrives in Soledad Canyon [story]
This week's events and activities from the Santa Clarita Valley Chamber of Commerce.
SCV Chamber This Week (5-23-2016)
Tonight on SCV NewsBreak, the late Duane Harte is remembered and honored Monday afternoon. Plus, families learn the importance of water safety.
SCV NewsBreak for Monday, May 23, 2016
Business Events and Training College of the Canyons SBDC Proudly assisting clients in Santa Clarita Valley, Antelope Valley, the San Fernando Valley and beyond.
Small Business Development Center Events for May 24-27
California State Senate members approved Senator Fran Pavley’s Senate Bill 999, which would require health plans to cover up to a 12-month supply of hormonal contraceptives when such a prescription is requested by a woman’s health care provider.
Senate Approves Pavley’s Hormonal Contraceptive Bill
Senator Sharon Runner, R-Antelope Valley, announced Monday her legislation benefiting veterans passed off the Senate Floor with overwhelming bipartisan support.
Senate Approves Runner’s Veteran Bill
The suicide rate in the Santa Clarita Valley has nearly doubled in the first five months of 2016 compared to the same time frame last year, prompting concern among local agencies and mental health experts.
Suicide Rate in SCV Doubles in 2016 Over 2015
The trial began this week for a Newhall man who allegedly led Santa Clarita Valley Sheriff’s Station deputies on a manhunt in February last year.
Trial Begins for Newhall Man Who Allegedly Led Deputies on Manhunt
Two people are in custody after they were accused of swapping license plates from their car with another in the Wal-Mart parking lot at Kelly Johnson Parkway in Valencia Monday morning.
2 Arrested After Swapping License Plates in Wal-Mart Parking Lot
College of the Canyons has received a three-year, approximately $1.5 million grant to expand existing programs, and implement new initiatives, that improve student success.
COC Receives Grant for Student Programs
The California Transportation Commission has adopted a five-year state transportation funding plan that cuts $754 million and delays another $755 million in highway, rail, transit, bicycle and pedestrian project spending.
State Axes Transportation Projects Due to Gas Tax Shortfall
All Santa Clarita youth, regardless of football experience level, are invited to attend this fun and exciting non-contact football fundamental skills camp at Canyon High School's Football Stadium.
June 13-15: Youth Players Invited to Cowboy Football Camp
On June 3 Roy Wiegand will again run hundreds of miles to raise money for the Michael Hoefflin Foundation for Children's Cancer.
Distance Runner Again to Raise Money for Children’s Cancer
To celebrate five years of service and stories in the Santa Clarita community, the Santa Clarita Public Library will be hosting free festivities throughout the month of June and serving birthday cake on Friday, July 1, 2016 at all of its branches.
City Libraries Celebrate 5 Years of Stories and Service
The following crimes were reported in Canyon Country the week of May 9, 2016 to May 15, 2016:
Crime Blotter: Burglary in CC-East