Bank of Santa Clarita has achieved a record level of earnings during the first half of 2017, reporting net earnings of $909,000, an improvement of more than 40 percent over the bank’s earnings during the first half of 2016, and the largest first-half net earnings in the bank’s history.

The bank reported that total loans grew to $215.2 million during the first half of 2017, and continues to have excellent credit quality in its loan portfolio, as it had no nonaccrual loans at June 30, 2017. In reviewing first half 2017 earnings, the bank reported a year over year growth in net interest income of 4%, as well as improvements in both noninterest income and noninterest expenses.

“At the mid-point of 2017, our results demonstrate an upward trend of loan growth, improved operating efficiency and strong earnings. Additionally, the Bank’s asset quality metrics continue to be strong, as evidenced by the bank having no nonaccrual loans at quarter end,” said Frank D. Di Tomaso, Chairman and Chief Executive Officer. “What is particularly notable about this year’s operating performance is our earnings, which are up 40% from the same period last year.”

At June 30, 2017, shareholders’ equity totaled $28.2 million and the Bank’s total capital ratio was 12.77%, 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.

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 12 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 and healthy community.

Bank of Santa Claritais corporate headquarters is at 23780 Magic Mountain Parkway, Santa Clarita, California 91355. Phone 661-362-6000 or visit www.bankofsantaclarita.com.

A table of the unaudited balance sheet follows: