Bank of Santa Clarita announced its results of operations for the first quarter of 2015 on Thursday. Net earnings were at a record level for the Bank, totaling $347,000, an increase of nearly 40% over $248,000 earned in the first quarter of 2014.

The Bank also reported that its loans totaled $167.6 million at quarter-end, an increase of $9.3 million or 6% over the year-earlier date. In addition, the Bank continues to experience excellent credit quality in its loan portfolio, as nonaccrual loans as of quarter-end totaled approximately $1,000, or less than 0.01% of total loans.

“We are pleased with this quarter’s record operating results, which continues a trend of consecutive quarterly profitability for the Bank,” stated Frank Di Tomaso, Chairman and Chief Executive Officer. He continued, “We are also encouraged by the improvement in the economy, which will tend to support our momentum in growing both loans and core deposits, while maintaining strong credit lending practices, which are key drivers to our overall profitability.”

At March 31, 2015, shareholders’ equity totaled $24.5 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 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 more than ten 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.