[BSCA] – Bank of Santa Clarita announced its results of operations Monday for the second quarter and first half of 2013, which earnings exceeded the amount ever reported by the Bank during these periods.

The Bank, which is the only commercial bank headquartered in the Santa Clarita Valley, reported net earnings for the second quarter of 2013 totaling $303,000, which was more than eight times the $35,000 reported for the second quarter of 2012. The Bank also reported net earnings for the six months ending June 30, 2013 totaling $537,000, more than five times the $102,000 reported for the first half of 2012. These results reflect the improvement in the Bank’s operating efficiency, as noninterest expenses for the first half of 2013 totaled $2,842,000, an improvement of $703,000 or 20 percent as compared to the first half of 2012.

The Bank reported that its loan portfolio grew from $145.5 million as of June 30, 2012 to $152.7 million as of June 30, 2013, representing an increase of 5%, and also reported that total deposits at June 30, 2013 were $169.1 million, which represented an increase of $9.3 million or 6% during the preceding four quarters; this growth in deposits was primarily the result of an increase of $8.7 million in noninterest-bearing demand deposits.

The Bank continues to experience excellent credit quality in its loan portfolio, as nonaccrual loans totaled approximately $5,000 as of June 30, 2013, and have totaled less than $15,000 at each of the past six quarter-end dates (March 31, 2012 through June 30, 2013).

“We are pleased to report another quarter of strong operating performance, as we continue to key in on our core earnings,” stated Frank Di Tomaso, Chairman and Chief Executive Officer. He continued, “We also believe that this continued improvement in our performance demonstrates the Bank’s commitment to achieving meaningful growth and returns for our shareholders.”

At June 30, 2013, shareholders’ equity totaled $21.3 million and the Bank’s total risk-based regulatory capital ratio was 14.04%, 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.

Bank of Santa Clarita, founded in 2004, is the only independent, full service commercial bank headquartered in the Santa Clarita Valley and generally serves the needs of retail consumers, small to mid-sized businesses, professionals, entrepreneurs, and high-net worth individuals. 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 SBA and other credit requirements, 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, which services enable its clients to effectively and efficiently manage their cash and credit needs.