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Bank of Santa Clarita Posts Earnings for 2013

January 31, 2014

Bank of Santa Clarita announced its results of operations for the year ended December 31, 2013 , which net earnings exceeded the amount reported by the Bank in any previous year. In a release on January 28 , the Bank noted that it reported net earnings for 2013 totaling $1,004,000 , which was 80 percent greater than the $559,000 reported for 2012. These results were largely driven by the improvement in the Bank's operating efficiency, as noninterest expenses for the 2013 totaled $5,802,000 , an improvement of $571,000 or 9 percent over those costs reflected in 2012. The Bank reported that its loan portfolio grew from $155.9 million as of December 31, 2012 to $161.9 million as of December 31, 2013 , representing an increase of 4 percent, and also reported that total deposits at the end of 2013 were $181.2 million , which represented an increase of $13.3 million or 8 percent over the amount reported a year earlier. As a result of the growth in average net interest-earning assets during 2013, the Bank's net interest income grew by 2 percent to $7.01 million . The Bank continues to experience good credit quality in its loan portfolio, as nonaccrual loans totaled approximately $903,000 or 0.56 percent of total loans as of December 31, 2013 . "This past year was highlighted by the Bank earning a record level of net income, as we achieved both solid deposit and loan growth," stated Frank Di Tomaso , Chairman and Chief Executive Officer. He continued, "We made excellent progress in achieving our 2013 goals, and we continue to take the steps necessary to achieve long-term success." At December 31, 2013 , shareholders' equity totaled $21.8 million and the Bank's total risk-based regulatory capital ratio was 13.54 percent, exceeding the "well-capitalized" level of 10 percent 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. More information: www.bankofsantaclarita.com ((Comments on this story may be sent to newsdesk@closeupmedia.com ))


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