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Bank of Santa Clarita earnings increase

Bank says enhanced operating efficiency the reason

Posted: July 31, 2013 2:00 a.m.
Updated: July 31, 2013 2:00 a.m.
 

The Bank of Santa Clarita announced its second quarter, and mid-year, results Monday evening.

Second quarter 2013 earnings of $303,000 exceeded same period earnings in 2012 by more than eight times – up from $35,000 in the second quarter of 2012, the bank reported.

Net earnings for the six months ending June 30 totaled $537,000, more than five times the $102,000 reported for the first half of 2012, the bank issued in a statement.

Improved earnings were the resulted of enhanced operating efficiencies, the bank said.

Noninterest expenses for the first half of 2013 totaled $2,842,000, an improvement of $703,000 or 20 percent as compared to the first half of 2012, said Frank DiTomaso, the bank’s chairman and chief executive officer.

Bank of Santa Clarita also reported that its loan portfolio grew from $145.5 million as of June 30, 2012 to $152.7 million as of June 30, 2013. The portfolio growth represented a 5 percent increase.

Total deposits at June 30, 2013 were $169.1 million, which represented an increase of $9.3 million or 6 percent during the preceding four quarters, the bank said.

The growth in deposits was primarily the result of an increase of $8.7 million in noninterest-bearing demand deposits.

“We are pleased to report another quarter of strong operating performance, as we continue to key in on our core earnings,” Di Tomaso said.

“We also believe that this continued improvement in our performance demonstrates the Bank’s commitment to achieving meaningful growth and returns for our shareholders.”

The Bank of Santa Clarita, founded in 2004, is the only independent, full service commercial bank headquartered in the Santa Clarita Valley.

 

 

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