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March 28
1934 - Bouquet Canyon Reservoir, replacement for ill-fated St. Francis Dam & reservoir, begins to fill with water [story]
Bouquet Reservoir


Bank of Santa Clarita has announced that it again has achieved a record level of earnings during 2016. The Bank reported net earnings of $1.367 million, an improvement of 12.0% over the Bank’s 2015 earnings. The Bank noted that this improvement in 2016 was the result of several factors, most notably the growth to record levels for both total loans and total deposits.

As noted above, the Bank reported record levels of loans and deposits at the end of 2016, as total loans grew to $209.4 million, a growth rate of 14%; moreover, the Bank noted that total deposits were also at a record level at December 31, 2016, totaling $245.9 million, which equates to a growth of 11.4% during the year. As noted above, the Bank continues to have excellent credit quality in the loan portfolio, as it had no nonaccrual loans at December 31, 2016, and also for the third consecutive year the Bank had no net loan charge-offs.

In reviewing 2016 earnings, the Bank reported that the growth in loans and deposits was the key factor in the Bank reporting a year over year growth in net interest income of $749,000, or 10.2%. In addition, following an analysis of the remaining operations and utility of a leased site that had been a Bank branch, but which had been utilized for other administrative purposes during the past year, the Bank concluded that its contribution to Bank operations and earnings did not warrant the continued usage of that site. As a result, the Bank recorded a non-recurring charge for the remaining payments due under the lease as well as the remaining book value of the associated furniture and fixtures, which total amounted to a pre-tax charge to earnings of approximately $379,000, which is included in the determination of net earnings as noted above, and which is the primary reason for the reported increase in noninterest expenses.

“We are pleased to report another year of record earnings,” said Frank Di Tomaso, Chairman and Chief Executive Officer. “We increased our total revenues by way of growth in loans, deposits and client relationships, and kept our overall expenses in-check, which resulted in yet another favorable year in earnings. These trends have positioned us well, and as we look to the new year we expect to further strengthen our overall performance.”

At December 31, 2016, shareholders’ equity totaled $27.1 million and the Bank’s total capital ratio was 12.86%, 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.

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