[BSCA] – Bank of Santa Clarita announced its results of operations for the third quarter of 2014 on Wednesday.
For the third quarter of 2014 the Bank reported net earnings of $341,000, 8 percent greater than the amount reported in the third quarter of 2013, and the second-greatest quarterly net earnings ever recorded by the Bank; moreover, pre-tax earnings for the third quarter totaled $572,000, which total was the greatest quarterly pre-tax earnings ever recorded by the Bank. The Bank also reported year-to-date net earnings of $897,000, 5 percent higher than the amount reported in the first three quarters of 2013.
The Bank reported that its loans totaled $164.8 million at quarter-end, an increase of $11.7 million or 8% from the September 30, 2013 total. In addition, total deposits increased $3.9 million over the total at September 30, 2013; however core deposits increased $8.6 million or 6% over core deposit balances from the year-earlier date.
The Bank continues to experience very good credit quality in its loan portfolio, as nonaccrual loans totaled approximately $858,000 or 0.52% of total loans as of September 30, 2014.
Frank Di Tomaso, Chairman and CEO, stated, “We are very pleased to report to our stakeholders our strong operating results and continuing improvement in profitability. We remain enthused by the steady growth in our assets and the continued increase in business activity year over year. The Bank’s growth in loans and core deposits are positive indicators. We believe our controlled growth strategy has allowed us to continue to produce consistent earnings, while maintaining sound asset quality.”
At September 30, 2014, shareholders’ equity totaled $23.7 million and the Bank’s total risk-based regulatory capital ratio was 13.85%, 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.
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