Bank of Santa Clarita (BSCA) announced that it again has achieved a record level of earnings during the first quarter of 2017. The Bank reported net earnings of $454,000, an improvement of 88% over the Bank’s first quarter 2016 earnings, and the greatest quarterly net earnings in the Bank’s history.
The Bank reported that during the first quarter of 2017, both total loans and total deposits declined from their respective year-end 2016 totals, with loans declining 1.7% and deposits declining 0.4%; however, the Bank noted that total loans and deposits were 4% and 15%, respectively, greater than those totals as of a year earlier (March 31, 2016). In addition, the Bank continues to have excellent credit quality in its loan portfolio, as it had no nonaccrual loans at March 31, 2017.
In reviewing first quarter 2017 earnings, the Bank reported a year over year growth in first quarter net interest income of $156,000, or 8%, as well as an improvement in noninterest income of $43,000 (27%).
“We are very pleased to report a continuing trend of growth in net earnings, to another record quarterly level,” said Frank Di Tomaso, Chairman and Chief Executive Officer. “We increased our total revenues, which resulted in another quarterly increase in total net earnings.”
At March 31, 2017, shareholders’ equity totaled $27.7 million and the Bank’s total capital ratio was 12.81%, 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.
The California Department of Transportation has scheduled full freeway closures on the northbound and southbound State Rout 14 / Antelope Valley Freeway between Technology Drive in Palmdale and Avenue A in Lancaster.
On Saturday, the Los Angeles County Sheriff's Department celebrated 78 young men and women who completed a 14-week “Scouts of America - Learning for life,” Certified Sheriff’s Explorer Academy at S.T.A.R.S. Center in Whittier.
Raising the Curtain Foundation, through their Grand Ovation program, honored Jim Sudik and Paco Vela on Thursday, June 1 by naming the dressing rooms at the Newhall Family Theatre for the Performing Arts after the duo.
By now you have no doubt heard about the waste hauler transition coming to the city of Santa Clarita. Beginning July 1, all residents in our city will begin the process of switching over to Burrtec Waste Industries for their trash service.
California State Assemblywoman Pilar Schiavo (D-Chatsworth) successfully passed eight bills off the Assembly Floor, bringing her total number of bills now in the Senate to 11. Notably, more than half of her bills received bipartisan support.
In collaboration with the Saugus Unified School District, the city of Santa Clarita is excited to announce playground construction plans for Northbridge Park. The project aims to provide recreational space for Charles Helmers Elementary School students and the surrounding Northbridge community. Construction is scheduled to begin this summer.
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