The two-branch Bank of Santa Clarita posted first-quarter earnings Thursday of $68,000, up from the prior year quarter’s $29,000.
The announcement came after the close of business Thursday. The bank said the 2012 figures “reflect costs associated with the bank’s management restructuring.”
It said it “expects to benefit from the lower management structure in future periods.”
Early last week the bank announced the sudden departure of its founding president, James D. Hicken. His executive vice president, Kimberly Altobello, also is no longer with the bank.
“Because the economic environment presents many challenges, the board of directors recently streamlined senior management to ensure that it will be more efficient, will be more cost-effective and will enhance the bank’s flexibility to respond quickly for growth, both organically and externally,” chairman and acting CEO Frank Di Tomaso said in Thursday’s statement.
The statement said the bank’s loan portfolio grew by 8 percent year over year, to $9.8 million. Interest income grew by 9 percent to $1.7 million as the bank increased its lending profit margin to 3.53 percent from 3.33 percent a year earlier.
The bank also drove down the cost of deposits by cutting the overall rate of interest paid to depositors to 0.82 percent from 1.18 percent.
Nonperforming loans totaled just $13,000 as of March 31, versus $16,000 on Dec. 30 and $61,000 a year ago.
“Looking toward the future, we believe our operating results point to a continued trend of favorable loan and deposit growth by providing high-quality banking products and services within the communities we serve,” Di Tomaso said.
Founded in 2004, the Bank of Santa Clarita is the SCV’s only locally headquartered bank, serving individual consumers, businesses, entrepreneurs and high-net worth individuals.