[News Release] – Bank of Santa Clarita (BSCA) on Thursday announced its results of operations for the first quarter of 2014, which included net earnings of $248,000, representing a growth of 6% in the amount reported over the amount recorded in the first quarter of 2013. The Bank, which is the only commercial bank headquartered in the Santa Clarita Valley, also reported that net interest income for the first quarter of 2014 totaling $1.8 million was the greatest quarterly amount reported by the Bank.
The Bank reported that its quarter-end total loans were $158.3 million, an increase from the March 31, 2013 total of $151.9 million of $6.4 million or 4%. In addition, deposits totaled $186.8 million at March 31, 2014, an increase of $11.4 million or 6% over the year-earlier date, more than 90% of which increase was comprised of core deposits. Included in the growth in deposits was an increase of $4.9 million (or 8%) in noninterest-bearing demand deposit account balances.
The Bank continues to experience very good credit quality in its loan portfolio, as nonaccrual loans totaled approximately $887,000 or 0.56% of total loans as of March 31, 2014.
“We are pleased with this quarter’s positive operating results,” stated Frank Di Tomaso, Chairman and Chief Executive Officer. “This was accomplished through the hard work and effort of our staff and also the support of our community.”
He continued, “Moving forward, we continue to focus our efforts on developing strategies to improve the Bank’s profit potential while maintaining its high level of service. These strategies further enhance our ability to better serve our clients and increase our potential to generate even stronger financial results on behalf of our shareholders.”
At March 31, 2014, shareholders’ equity totaled $22.0 million and the Bank’s total risk-based regulatory capital ratio was 14.11%, exceeding the “well-capitalized” level of 10% 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.
Founded in 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 our 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 later this year Bank of Santa Clarita will celebrate its 10-Year Anniversary, and we truly value the relationships we’ve made with many of our neighbors, including individuals, businesses and local non-profits, and invite any of those in the community who do not yet know us well to visit us, and together we can build an even better community.
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