[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather
Santa Clarita CA
Mostly clear
Mostly clear
45°F
 
Calendar
Today in
S.C.V. History
April 8
1874 - Work completed at Lyon's Station (now Eternal Valley) on first version of Pioneer Oil Refinery [story]
Pioneer Oil Refinery


Bank of Santa Clarita announced Friday that for the second quarter of 2018, earnings again reached record levels, as net earnings totaled $867,000, a 91 percent growth over its earnings for the second quarter of 2017; moreover, first half 2018 earnings totaled $1,476,000, 62 percent greater than it recorded in the first half of 2017.

In reviewing operating results for the first half of 2018, the Bank reported $4,543,000 of net interest income, representing a growth of 11 percent over the first half of 2017. While a significant contributor to the Bank’s growth in net earnings was the reduction in the Federal statutory income tax rate, the Bank noted that pre-tax earnings for the first half of 2018 exceeded pre-tax earnings during 2017’s first half by 36 percent.

The Bank reported total net loans of $222.6 million at June 30, 2018, an increase of 3% over the total reported at the year-earlier date. The Bank also noted that deposits totaled $247.4 million at June 30, 2018, representing a growth rate of 4% over the year-earlier total. In addition, the Bank continues to have excellent credit quality in its loan portfolio, as it had only $12,000 of nonaccrual loans at June 30, 2018.

Frank Di Tomaso, Chairman of the Board and Chief Executive Officer, said: “We are proud to announce another quarter of record operating results, largely driven by continued healthy growth in loans and deposits, and also due to maintaining a conservative credit culture within the Bank.

“Specifically, Bank of Santa Clarita posted net earnings for the first half of 2018 totaling $1.48 million, representing a 62 percent year-over-year growth rate,” Di Tomaso said. “This strong performance is the result of our efforts to meet the banking needs of our community while positioning the Bank for the effects of increasing interest rates, and also changes in the regulatory environment.”

Bank of Santa Clarita logo

At June 30, 2018, shareholders’ equity totaled $31.1 million and the Bank’s total capital ratio was 13.78 percent, significantly 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 experienced 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, since 2004, and we truly appreciate 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 Clarita’s Corporate Headquarters is located at 23780 Magic Mountain Parkway, Santa Clarita 91355. Phone 661-362-6000 or visit www.bankofsantaclarita.com.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


Latest Additions to SCVNews.com
1874 - Work completed at Lyon's Station (now Eternal Valley) on first version of Pioneer Oil Refinery [story]
Pioneer Oil Refinery
According to Fire Department officials, 32 personnel currently have been tested. Of those tested, 12 LACFD personnel have been confirmed as being COVID-19 positive.
L.A. County Fire Dept.: 32 Personnel Tested, 12 Have COVID-19
Saugus High School and its Principal Vince Ferry has won the Best Leadership Program Award from Teen Truth, a national organization with a mission to build school culture and empower student voice in every aspect of education.
Saugus High Principal Vince Ferry Wins Best Leadership Award
Los Angeles County will activate a new drive-through, appointment-only COVID-19 testing site at College of the Canyons on Wednesday morning, April 8.
COVID-19 Drive-Thru Testing Center Opens Wednesday at COC
The sliver of optimism comes with a dose of reality for California’s nearly 40 million residents who are trapped in their homes for the foreseeable future: It will likely be the beginning of June, not May, before there is even a chance of easing the restrictions.
Data Show California’s Stay-at-Home Order Flattening Curve, But Lockdown Likely Until June
The Santa Clarita Valley Chamber of Commerce announced Tuesday the launch of its new weekly "@Lunch With…" virtual lunchtime series, which is designed to bring the business community together for engaging and insightful conversations on current local issues and topics with recognized community leaders.
Chamber Launches Virtual Luncheon Program
County Public Health has identified 6,910 cases across all areas of L.A. County, including 169 deaths. At least 139 cases have been reported for the Santa Clarita Valley.
L.A. County Tuesday: 22 New Deaths; 550 New Cases; Min. 139 Cases in SCV
College of the Canyons is a major hub of activity in the Santa Clarita Valley.
Registration Now Open for COC’s Free Personal, Professional Learning Classes
My colleagues on the front line face an opponent in this war that is unknown. There are no curative tools to fight against it, communications are limited because the virus is poorly understood, and options are variable because of unpredictability.
Covid-PTSD | Doctor’s Diary with Dr. Gene Dorio
Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced Monday that the firm has completed the sale of an absolute triple-net ground lease for a new construction, single-tenant Circle K convenience store and gas station located at 24010 Copper Hill Drive in Valencia.
New Construction Circle K in Valencia Sold for $4M
Update as of 12:50 p.m., Tuesday, April 7: Santa Clarita-based Princess Cruises announced that disembarkation will continue (Tuesday), with an additional nine domestic charter flights scheduled. All charters were arranged by Princess Cruises. Guests requiring shoreside medical care have been disembarked and are being treated at local and regional hospitals.
Passengers Begin to Disembark Coral Princess
The County of Los Angeles is committed to providing residents and their families with important resources throughout the COVID-19 crisis that address financial stressors.
Financial Resources Available to County Residents, Employers During Crisis
The Los Angeles County Department of Workforce Development, Aging and Community Services (WDACS), with support of the Los Angeles County Board of Supervisors, announced Tuesday that the LA County Employer Assistance Grant Fund will be launched on Wednesday, April 8.
County Launches $500K Employer Assistance Fund; Webinar to Provide Guidance
One person died in a head-on collision early Tuesday morning on Sierra Highway in Agua Dulce.
One Person Dead After Head-on Collision in Agua Dulce
On the heels of the announcement that students will remain out of school for the remainder of the academic year due to the current public health crisis, the Los Angeles County Department of Children and Family Services (DCFS) is calling on residents to help ensure that children remain safe.
Community Urged to be Voice of Children as Concern for Child Safety Rises
An employee at Los Angeles County Probation’s Barry J. Nidorf Juvenile Hall in Sylmar has tested positive for COVID-19.
County Confirms 2nd COVID-19 Case at Sylmar Juvenile Hall
1860 - Los Angeles Star (newspaper) reports string of Army wagons from Fort Tejon traversing Newhall Pass [story]
Fort Tejon
Two more members of the College of the Canyons community have been diagnosed with coronavirus. These are the second and third cases of coronavirus connected to the college.
COC Reports 2nd, 3rd COVID-19 Cases
To date, the Public Health Department has identified 6,360 cases across all areas of L.A. County, including 147 deaths. A minimum of 1 death and 132 cases — and as many as 144 cases — have occurred in the Santa Clarita Valley.
L.A. County Monday: 6,360 Cases, Min. 132 in SCV; Suggests No Shopping This Week
Governor Gavin Newsom on Monday announced the establishment of the Los Angeles Surge Hospital, a temporary facility in L.A. that will expand access to additional beds and expand ICU capacity for patients who contract COVID-19.
State, County, Healthcare Groups to Open ‘Los Angeles Surge Hospital’
Out of an abundance of caution and to prevent the spread of #coronavirus (#COVID-19), all L.A. County parks will be closed on Sunday, April 12
All County Parks Closed Easter Sunday
California now has had a total of 14,336 confirmed cases and 343 deaths due to the COVID-19 pandemic, the state Department of Public Health announced Monday.
California Monday: 14,336 Cases, 343 Deaths
Because of the recent rainfall, Los Angeles County Health Officer Muntu Davis, MD, MPH, has extended a beach advisory through Thursday at 7 a.m.
Beach Advisory in Effect Through Thursday
After seeing all my patients, I talked to the administrator at one of the homes who said the facility had no extra masks, gowns or shoe coverings.
A Scary Nursing Home | Doctor’s Diary with Dr. Gene Dorio
%d bloggers like this: