Bank of Santa Clarita announced record profitability Thursday for the first three quarters of 2015 as it earned $914,000, which is the best nine-month performance in the bank’s history. The Bank also reported that its loans totaled $180.9 million at September 30, 2015, a growth of $15.8 million or 9.5% in the first three quarters of 2015.
In addition, the Bank had a 6.8% increase in total deposits, from $179.9 million to $192.2 million for the first three quarters of 2015; also during that period the Bank reported an increase of $18.6 million or 33.2% in noninterest-bearing deposit balances. Finally, 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.
“The continuing successful execution of our business strategies has resulted in another quarter of very strong loan growth, continuing excellent asset quality and a focused effort on gathering commercial deposits. Additionally, we continue to benefit from the solid growth seen in our local economy, and we enjoy being a great resource to both our clients and prospective clients in the community we serve,” stated Frank Di Tomaso, Chairman and Chief Executive Officer. He concluded, “We remain committed to our strategy of building the business for the long-term benefit of all of the Bank’s stakeholders.“
At September 30, 2015, shareholders’ equity totaled $25.3 million and the Bank’s total capital ratio was 13.69%, 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.
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