Bank of Santa Clarita announced Friday that for the second quarter of 2018, earnings again reached record levels, as net earnings totaled $867,000, a 91 percent growth over its earnings for the second quarter of 2017; moreover, first half 2018 earnings totaled $1,476,000, 62 percent greater than it recorded in the first half of 2017.
In reviewing operating results for the first half of 2018, the Bank reported $4,543,000 of net interest income, representing a growth of 11 percent over the first half of 2017. While a significant contributor to the Bank’s growth in net earnings was the reduction in the Federal statutory income tax rate, the Bank noted that pre-tax earnings for the first half of 2018 exceeded pre-tax earnings during 2017’s first half by 36 percent.
The Bank reported total net loans of $222.6 million at June 30, 2018, an increase of 3% over the total reported at the year-earlier date. The Bank also noted that deposits totaled $247.4 million at June 30, 2018, representing a growth rate of 4% over the year-earlier total. In addition, the Bank continues to have excellent credit quality in its loan portfolio, as it had only $12,000 of nonaccrual loans at June 30, 2018.
Frank Di Tomaso, Chairman of the Board and Chief Executive Officer, said: “We are proud to announce another quarter of record operating results, largely driven by continued healthy growth in loans and deposits, and also due to maintaining a conservative credit culture within the Bank.
“Specifically, Bank of Santa Clarita posted net earnings for the first half of 2018 totaling $1.48 million, representing a 62 percent year-over-year growth rate,” Di Tomaso said. “This strong performance is the result of our efforts to meet the banking needs of our community while positioning the Bank for the effects of increasing interest rates, and also changes in the regulatory environment.”
At June 30, 2018, shareholders’ equity totaled $31.1 million and the Bank’s total capital ratio was 13.78 percent, significantly 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 experienced 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, since 2004, and we truly appreciate 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 Clarita’s Corporate Headquarters is located at 23780 Magic Mountain Parkway, Santa Clarita 91355. Phone 661-362-6000 or visit www.bankofsantaclarita.com.