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.”
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.
The Los Angeles County Board of Supervisors unanimously approved a motion by Supervisor Kathryn Barger to improve access to mental health treatment in the county by adopting a two-year pilot program to procure up to 500 more beds for those in need of care.
The Los Angeles County Department of Animal Care and Control and the Society for the Prevention of Cruelty to Animals Los Angeles inspected pet stores on Tuesday for compliance with California laws regarding pet shops.
College of the Canyons officials announced Tuesday they plan to refund $31 million of a recent outstanding general obligation bond, saving taxpayers $8.3 million over the next two decades, according to COC.
After more than two and a half years as the Santa Clarita Valley’s “top cop,” county officials confirmed Wednesday morning that SCV Sheriff’s Station Capt. Robert Lewis is being promoted again — to commander.
The Lancaster JetHawks on Wednesday praised the newly created Save Minor League Baseball Task Force that has been organized by members of Congress to prevent Major League Baseball from eliminating 42 minor league franchises, nearly one-quarter of all minor league teams around the country.
A 6-cent-per-square-foot parcel tax or "911 tax" to aid the Los Angeles County Fire Department in hiring more firefighters and paramedics and replacing safety gear and life-saving rescue equipment, has been unanimously approved by the Board of Supervisors to be added to the March 2020 ballot for voters to decide.
A woman identified as both the injured mother of two young girls killed in a single-car crash in Stevenson Ranch last month and as the driver in that crash has been released from Henry Mayo Newhall Hospital.
RIVERSIDE, Calif. — No. 3 College of the Canyons had its quest for a state championship come to a halt as the Cougars suffered a 68-21 loss to No. 1 Riverside City College in the Southern California Championship Game on Saturday at Wheelock Stadium.
College of the Canyons refunded $31 million of outstanding general obligation bond debt. The district’s taxpayers will have cash flow savings of $8.3 million over the next 23 years. This represents an overall savings of 12.96 percent of the bonds that were refunded.
As the year approaches its end, Santa Clarita City Council is reviewing multiple projects the city is ready to move forward with, including the $6 million Vista Canyon transit center and the Tesoro del Valle annexation area.
To honor the community spirit and support of those affected by the Nov. 14 shooting at Saugus High School, the SCV Scholarship Foundation (SCVSF) has established “Saugus Strong” awards at all 11 high schools served by the Foundation.
The city of Santa Clarita was ranked in the top five percent of fiscally healthy cities on a new interactive website posted by the California State Auditor that compares the fiscal health of 470 cities based on 10 financial indicators.
On Friday, Nov. 22, former employees of Santa Clara Waste Water Company (SCWWC) — operations manager Gus Baker and facility manager Mark Avila — were sentenced in Superior Court of Ventura County, California.
(CN) – Floundering in the polls and hindered by infighting and campaign missteps, California Senator Kamala Harris announced Tuesday she is dropping her upstart presidential bid due to a lack of funding.