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December 16
1902 - Hi Jolly (Hadji Ali), Gen. E.F. Beale's Syrian camel driver, dies at Quartzsite, Ariz. [story]


Bank of Santa Clarita logoBank of Santa Clarita has achieved a record level of earnings during the first half of 2017, reporting net earnings of $909,000, an improvement of more than 40 percent over the bank’s earnings during the first half of 2016, and the largest first-half net earnings in the bank’s history.

The bank reported that total loans grew to $215.2 million during the first half of 2017, and continues to have excellent credit quality in its loan portfolio, as it had no nonaccrual loans at June 30, 2017. In reviewing first half 2017 earnings, the bank reported a year over year growth in net interest income of 4%, as well as improvements in both noninterest income and noninterest expenses.

“At the mid-point of 2017, our results demonstrate an upward trend of loan growth, improved operating efficiency and strong earnings. Additionally, the Bank’s asset quality metrics continue to be strong, as evidenced by the bank having no nonaccrual loans at quarter end,” said Frank D. Di Tomaso, Chairman and Chief Executive Officer. “What is particularly notable about this year’s operating performance is our earnings, which are up 40% from the same period last year.”

At June 30, 2017, shareholders’ equity totaled $28.2 million and the Bank’s total capital ratio was 12.77%, 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 more than 12 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 and healthy community.

Bank of Santa Claritais corporate headquarters is at 23780 Magic Mountain Parkway, Santa Clarita, California 91355. Phone 661-362-6000 or visit www.bankofsantaclarita.com.

A table of the unaudited balance sheet follows:

BANK OF SANTA CLARITA
BALANCE SHEETS
Unaudited
June 30, December 31, June 30,
2017 2016 2016
(In thousands)
ASSETS
Cash and Due From Banks $ 5,631 $ 6,068 $ 11,121
Interest Bearing Deposits at Other Financial Institutions 56,405 33,813 48,140
Federal Funds Sold 3,000 3,000 3,000
Investment Securities 17,307 20,837 23,292
Loans, Net 215,218 209,346 209,527
Other Assets 22,153 20,527 20,727
Total Assets $ 319,714 $ 293,591 $ 315,807
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Interest-Bearing
Money Market, Savings and Demand $ 95,254 $ 97,336 $ 88,308
Time 60,406 62,257 46,099
Total Interest-Bearing 155,660 159,593 134,407
Noninterest-Bearing 82,339 86,356 78,238
Total 237,999 245,949 212,645
Borrowings 51,000 19,000 75,500
Other Liabilities 2,522 1,545 1,160
Total Liabilities 291,521 266,494 289,305
Stockholders’ Equity 28,193 27,097 26,502
Total Liabilities & Stockholders’ Equity $ 319,714 $ 293,591 $ 315,807
STATEMENTS OF EARNINGS
Unaudited
For the Three Months Ended June 30, For the Six Months Ended June 30,
2017 2016 2017 2016
(In thousands)
Interest Income
Loans $ 2,265 $ 2,276 $ 4,503 $ 4,320
Interest Bearing Deposits at Other Financial Institutions 177 110 321 202
Investment Securities 78 124 146 239
Federal Funds Sold 8 4 14 7
Total Interest Income 2,528 2,514 4,984 4,768
Interest Expense
Interest Bearing Demand Deposits 16 11 33 23
Money Market and Savings Deposits 112 101 217 198
Time Deposits 182 186 353 332
Borrowings 154 152 285 274
Total Interest Expense 464 450 888 827
Net Interest Income 2,064 2,064 4,096 3,941
Provision for Loan Losses 109 135 69 305

Net Interest Income after provision for Loan Losses

1,955

1,929

4,027

3,636

Noninterest Income 196 200 397 356
Noninterest Expense 1,375 1,471 2,877 2,948
Net Earnings Before Income Taxes 776 658 1,547 1,044
Income Tax Expense 322 270 638 415
Net Earnings $ 454 $ 388 $ 909 $ 629
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