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

SCVNews.com | Bank of Santa Clarita Posts 80% Higher 3Q Profits | 10-24-2016
Inside
Weather
Santa Clarita CA
Sunny
Sunny
63°F
 
Calendar
Today in
S.C.V. History
December 5
1938 - Supervisors award construction contract for jail at Wayside Farms in Castaic (later called Pitchess Detention Center). [story]


bankofsantalclaritaBank of Santa Clarita announced Monday that it again has achieved a record level of earnings. During the third quarter of 2016 the Bank reported net earnings of $462,000, an improvement of 19% over the Bank’s previous quarter, and an increase of 80% over the third quarter of 2015. Moreover, net earnings for the three quarters ended September 30, 2016 were $1,092,000, an improvement of 19% over the initial three quarters of 2015. The Bank noted that this improvement in 2016 is the result of several factors, most notably the large growth in loans and also the third quarter 2016 reduction in the necessary level of reserves for losses on loans, reflecting the continuing excellent credit quality within the loan portfolio.

In addition, the Bank reported significant growth in loans for 2016, as total loans grew to $205.7 million, a growth rate of 12% in the first three quarters of 2016; moreover, the Bank noted that from September 30, 2015 to September 30, 2016, its loan portfolio had increased from $180.9 million, a growth rate of 14% from the year-earlier total. As noted above, the Bank continues to have excellent credit quality in the loan portfolio, as it had no nonaccrual loans at September 30, 2016, and also for the eleventh consecutive quarter the Bank had no net loan charge-offs.

“We are beginning to realize the earnings benefits of the strong growth in assets during the first three quarters of this year,” said Chief Executive Officer Frank Di Tomaso. “In fact, this year’s operations resulted in the most profitable quarter (and also the most profitable three quarters) in the Bank’s history.” Mr. Di Tomaso added, “The positive trends in earnings and other financial measures reflect the Bank’s continued focus on high-quality asset growth, including conservative, sound underwriting practices, and also on expense control and relationship banking.”

At September 30, 2016, shareholders’ equity totaled $26.96 million and the Bank’s total capital ratio was 12.68%, exceeding the “well capitalized” level 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.

Founded in October 2004, Bank of Santa Clarita is the only full service commercial bank headquartered in the Santa Clarita Valley and is focused on the needs of the community and its businesses. We promote face-to-face interaction with our clients, which in turn leads to deeper relationships overall. 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 credit requirements, from commercial lines of credit to SBA loans to commercial real estate and other commercial loans, 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.

“We are proud of the fact that Bank of Santa Clarita has served the Santa Clarita Valley’s residents, including individuals, small businesses and non-profit organizations, for twelve years, and we cherish the relationships we’ve made with many of our neighbors, and invite any of those in the community who do not yet know us well to visit us, and together we can continue to build an even more vibrant community.”

 

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
NASDAQ5305.15  chart +0.94%
S&P 5002204.30  chart +0.56%
STOCKS OF LOCAL INTEREST
Bank Of Santa Clar Com Stk Usd011.60  chart +0.00%
Biosolar Inc Com Usd0.0001(post0.0563  chart -25.03%
Sierra Bancorp23.01  chart +0.39%
Cu Bancorp (ca)29.00  chart +4.32%
Enable Ipc Corp. Com Stk Npv0.0008  chart +14.29%
Flex Ltd. - Ordinary Shares14.56  chart +1.25%
Linn Energy Llc Unit Repstg Ltd0.1702  chart -6.48%
Linn Co Llc Com Shs Repstg Ltd 0.086  chart -3.37%
Mannkind Corporation0.5539  chart +0.71%
Mission Valley Ban Com Npv9.65  chart +2.01%
Quest Diagnostics Incorporated 88.11  chart +0.12%
Tejon Ranch Co Common Stock26.755  chart +2.94%
Us Energy Initiati Com Usd0.0010.0005  chart +0.00%
Wesco Aircraft Holdings, Inc. C14.775  chart -1.17%

Apple Inc.109.37  chart -0.48%
At&t Inc.38.775  chart +0.43%
Autonation, Inc. Common Stock45.52  chart +1.90%
Best Buy Co., Inc. Common Stock46.85  chart +2.58%
Big Lots, Inc. Common Stock51.84  chart +0.88%
Barnes & Noble, Inc. Common Sto12.55  chart +2.87%
Brady Corporation Common Stock35.95  chart +1.70%
Boston Scientific Corporation C20.735  chart +1.89%
N/a24  chart +0.00%
Cbre Group Inc Common Stock Cla30.575  chart +1.51%
Carnival Corporation Common Sto51.685  chart +2.55%
Comcast Corporation68.755  chart -0.04%
Costco Wholesale Corporation151.32  chart -0.51%
Curtiss-wright Corporation Comm102.72  chart +0.48%
Cvs Health Corporation Common S77.5853  chart -0.04%
Cemex, S.a.b. De C.v. Sponsored8.045  chart +2.75%
D.r. Horton, Inc. Common Stock27.595  chart +1.15%
Walt Disney Company (the) Commo100.2354  chart +1.76%
Edison International Common Sto69.55  chart +0.22%
Hyatt Hotels Corporation Class 54.80  chart +2.66%
Home Depot, Inc. (the) Common S129.83  chart -0.03%
Kb Home Common Stock15.405  chart +2.22%
Kroger Company (the) Common Sto32.895  chart -1.22%
Lennar Corporation Class A Comm42.49  chart +1.14%
Laboratory Corporation Of Ameri125.18  chart +0.56%
Linn Energy Llc Unit Repstg Ltd0.1702  chart -6.48%
Linn Co Llc Com Shs Repstg Ltd 0.086  chart -3.37%
Lowe's Companies, Inc. Common S72.575  chart +0.37%
Marriott International80.94  chart +2.20%
Mcdonald's Corporation Common S119.53  chart +1.09%
Mitsubishi Ufj Financial Group,6.30  chart -0.16%
Netflix, Inc.119.245  chart -1.30%
Office Depot, Inc.4.88  chart +0.83%
Rite Aid Corporation Common Sto8.06  chart +0.62%
Rexford Industrial Realty, Inc.21.995  chart +1.17%
Regal Entertainment Group Class21.95  chart +1.81%
Ross Stores, Inc.67.20  chart -0.04%
Republic Services, Inc. Common 55.20  chart -1.09%
N/aN/A  chartN/A
Starbucks Corporation57.675  chart +0.81%
Smart & Final Stores, Inc. Comm13.15  chart +0.00%
Sears Holdings Corporation11.815  chart -5.56%
Six Flags Entertainment Corpora57.32  chart -0.56%
Sonova N121.40  chart +0.08%
Staples, Inc.9.75  chart +1.14%
Sunpower Corporation7.21  chart +8.58%
Target Corporation Common Stock77.105  chart -1.07%
Time Warner Cable Inc209.56  chart +0.00%
Ulta Salon, Cosmetics & Fragran257.06  chart +1.45%
Walgreens Boots Alliance, Inc.84.9878  chart -0.14%
Waste Connections, Inc. Common 76.36  chart +0.49%
Whole Foods Market, Inc.30.78  chart +0.07%
Waste Management, Inc. Common S68.98  chart -1.27%
Wal-mart Stores, Inc. Common St70.022  chart -1.21%
Woodward, Inc.68.98  chart +0.06%
CURRENCY CONVERTER

Latest Additions to SCVNews.com
TV shows, commercials and a student project are currently being filmed in Santa Clarita this week.
Currently Filming in SCV: Germany’s Next Top Model, Fan Slam, Magic Camp
Los Angeles County Sheriff’s Department has been awarded a $1,945,000.00 grant from the California Office of Traffic Safety (OTS) for a year-long program of special enforcements and public awareness efforts to prevent traffic related deaths and injuries.
LASD Receives Grant for Special Traffic Enforcement, Crash Prevention
University of Antelope Valley Men’s (2-5, 1-0 Cal Pac) and Women’s Basketball (5-2, 1-0 Cal Pac) successfully opened up Cal Pac Conference play at La Sierra University in Riverside, CA with two huge wins in two high scoring match-ups.
UAV Basketball Dominates in Cal Pac Opener
Jean Dobre and Wendy Yamada will have the Grand Opening of their new Arthur Murray Valencia Dance Studio, Friday Dec. 9 and Saturday, Dec. 10 at 24165 Magic Mountain Parkway.
Dec. 9-10: Arthur Murray Valencia Dance Studio to Host Grand Opening
In a musical holiday extravaganza, the award-winning Hart High School Show Choir will perform “Nightmare Before Christmas” in a whole new way. Rather than bringing the performance to the stage, attendees will be led through a sequence of scenes each telling a piece of this fun holiday story. Groups of 20 will be escorted on their adventure every 20 minutes from 3 to 8 p.m. on Saturday, Dec. 10 and between 2 to 7 p.m. on Sunday, Dec. 11 at Hart High School.
Dec. 10-11: Hart Choir to Perform “Nightmare Before Christmas”
Castaic/ Val Verde Crime Report for the week of November 21, 2016 - November 27, 2016
Crime Blotter: Grand Theft in Castaic, Val Verde
1938 - Supervisors award construction contract for jail at Wayside Farms in Castaic (later called Pitchess Detention Center). [story]
1962- Actress and future Soledad Canyon big-cat rescuer Tippi Hedren, "Hitchcock's New Grace Kelly," makes cover of Look magazine for upcoming thriller, "The Birds" [story]
1887 - Prohibitionist Henry Needham purchases land in Newhall, attempts to establish "dry" colony [story]
The Latino Business Alliance will be hosting a "Posada Breakfast" on December 6, which will be an opportunity to network with others in the Santa Clarita Valley.
Dec. 6: Network with Fellow Business Owners at the Posada Breakfast
Court Appointed Special Advocates of Los Angeles, or CASA/LA, a non-profit organization that drastically improves the lives of abused and neglected foster children in LA County through trained volunteer advocates, will be hosting its first CASA Book Fair in collaboration with Barnes & Noble of Valencia December 8.
Dec. 8: CASA/LA Book Fair Fundraiser to be Held at Barnes & Noble in Valencia
The County Interim Health Officer is issuing a Cold Weather Alert due to the National Weather Service’s forecast for low temperatures.
Cold Weather Alert for Antelope Valley, L.A. County Mountain Areas
Just as people plan for retirement, the California Highway Patrol (CHP) urges them to plan for changing needs and abilities in their driving as they age.
CHP Recommends Planning for Senior Drivers
Here it is the end of the year and the culmination of a lot of programs, services and projects for us at the city
Message from the City Manager
Santa Clarita Valley firefighters handled a pair of brush fires Friday, officials said, leaving none injured and no structures threatened.
LACoFD Battle 2 Brush Fires, Both Now Under Control
Stevenson Ranch Crime Report: November 21, 2016 - November 27, 2016
Crime Blotter: Burglary, Petty Theft in Stevenson Ranch
1972 - Five wounded in Vagos biker gang shooting at Curtis & JoAnne Darcy's Acton '49er Saloon [story]
A 23-year-old woman was arrested after she attempted to flee the scene of a hit-and-run crash that left one man in the hospital with major injuries.
Motorcyclist Sustains Major Injuries in Hit-and-Run Crash
Tonight on SCV NewsBreak, Princess Cruises has agreed to plead guilty to seven charges stemming from its deliberate pollution of the seas and intentional acts to cover it up. Plus, retiring L.A. County Supervisor Michael D. Antonovich shares some inspiring words about achieving your dreams and moving forward. See these stories and more on tonight's edition of SCV NewsBreak.
SCV NewsBreak for Thursday, December 1, 2016
Pocock Brewing Co. will host their 1st Anniversary Beer Festival benefiting the Castaic and SCV Education Foundations this month.
Pocock Brewing to Host Fundraiser for Castaic, SCV Education Foundations
The Valley Industry Association will review and close the 2016 year, and formally install the 2017 Valley Industry Association Board of Directors at their upcoming meeting.
Dec. 20: VIA to Install New Board of Directors
The ALDI grocery store chain is coming to Santa Clarita this month.
Dec. 15: ALDI Grocery Store to Open in Santa Clarita
The Santa Clarita Public Libraries are providing families with plenty of occasions to embrace the spirit of the holidays through the month of December.
Santa Clarita Libraries Embrace Holiday Spirit with Family-friendly Events
The Transportation Research Board announced Thursday that Caltrans Director Malcolm Dougherty will become chair of its Executive Committee, effective January 12, 2017.
Caltrans Appoints Chair of Executive Committee
An artist named "Six" is hosting an opening reception for the installation piece "Ghost Band."
‘Ghost Band’ Art Installation Comes to ARTree
The 16 Santa Clarita Valley LDS congregations of The Church of Jesus Christ of Latter-day Saints are inviting the public to attend their annual Community Christmas Concert.
SCV Latter-day Saints Congregations Host ‘When Love Was Born’ Performance
The Southern California Football Association has announced its 2016 All-League Teams and seven players from College of the Canyons are included among the honorees from the National Division, Northern League.
SCFA Honors Seven COC Football Players
A Valencia man got the chance to participate in as a featured “Trader” in an attempt to avoid “Zonks” and win a sensational selection of prizes on the game show "Lets Make A Deal".
Valencia Man to Appear on ‘Lets Make A Deal’
Bakkavor Foods USA, Inc. is voluntarily recalling Trader Joe’s Mediterranean Hummus and Trader Joe’s White Bean & Basil Hummus with “USE BY” date codes up through and including "12/15/2016," because these products have the potential to be contaminated with Listeria monocytogenes.
Recall: Two Types of Trader Joe’s Hummus Potentially Contaminated by Listeria
The death occurred in a middle-aged man, from the northern part of Los Angeles County, who had significant pre-existing medical conditions.
First Flu Death in LA County Confirmed
Princess Cruises has announced a settlement Friday, after a three-year Department of Justice investigation to a charge the company broke environmental laws by discharging sewage illegally.
Princess Cruises to Pay Fine for Illegally Dumping Sewage
Winter holidays are a time for families and friends to get together, but that also means a greater risk for fire.
Steps to a Fire-Safe Holiday
It has been my honor to serve as your Mayor this year. The city of Santa Clarita is one of California’s best cities and it just keeps getting better and better.
Monthly Message from Mayor Bob Kellar
1929 - Saugus train robber "Buffalo" Tom Vernon apprehended in Pawnee, Okla. [story]
Tonight on SCV NewsBreak, we see how friends and family are remembering actor, Paul Walker. Plus, a firefighters and local dignitaries celebrated Fire Station 143 in Castaic today. See those stories and more on tonight's edition of SCV NewsBreak.
SCV NewsBreak for Wednesday, November 30, 2016
Two years ago, I took the oath to lead the nation’s largest Sheriff’s Department in a manner that put public trust at the core of what we do. I also made a promise to the 18,000 men and women at the Los Angeles County Sheriff’s Department (LASD) that this could, and would, be done by focusing on our future together and closing the door on the divisiveness and factions that once threatened this great organization.
Sheriff Jim McDonnell Announces New Executive Team