Bank of Santa Clarita announced Wednesday its results of operations for the nine months ended Sept. 30, 2013, which earnings exceeded the amount ever reported by the Bank during this three-quarter period.
The Bank, which is the only commercial bank headquartered in the Santa Clarita Valley, reported net earnings for the first three quarters of 2013 totaling $853,000, which was more than double the $305,000 reported for the first three quarters of 2012.
The Bank also reported net earnings for the third quarter of 2013 totaling $316,000, an increase of 56 percent over the $203,000 reported for the third quarter of 2012.
These results reflect the improvement in the Bank’s operating efficiency, as non-interest expenses for the first three quarters of 2013 totaled $4,303,000, an improvement of $673,000 or 14 percent over those costs reflected in the first three quarters of 2012.
The Bank reported that its loan portfolio grew from $146.5 million as of September 30, 2012 to $153.1 million as of September 30, 2013, representing an increase of 5%, and also reported that total deposits at September 30, 2013 were $176.9 million, which represented an increase of $14.9 million or 9 percent over the amount reported a year earlier.
The Bank continues to experience very good credit quality in its loan portfolio, as nonaccrual loans totaled approximately $820,000 or 0.54 percent of total loans as of September 30, 2013.
“We are pleased to report another quarter of improving results of operations, as we continue to focus on enhancing our core earnings and shareholder value,” stated Frank Di Tomaso, Chairman and Chief Executive Officer. He continued, “We also believe that this continued improvement in our performance demonstrates the Bank’s commitment to achieving both effective and meaningful growth.”
At September 30, 2013, shareholders’ equity totaled $21.6 million and the Bank’s total risk-based regulatory capital ratio was 14.03%, exceeding the “well-capitalized” level of 10 percent, 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 (www.bankofsantaclarita.com) is headquartered at 23780 Magic Mountain Parkway Santa Clarita, California 91355, (661) 362-6000.