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Bank of Santa Clarita breaks another record

Posted: November 6, 2013 1:11 p.m.
Updated: November 6, 2013 1:11 p.m.
 

Santa Clarita’s only locally headquartered; independent, full service commercial bank has again reported record earnings.

Earnings exceeded the amount ever reported by the Bank of Santa Clarita, the bank said in a statement to the media.

The Bank of Santa Clarita’s latest report, for third quarter of 2013, shows big earnings gains over the year before – and even bigger increases when comparing the first three quarters of this year over 2012.

The bank reported on Wednesday that it had third quarter third quarter earnings totaling $316,000, an increase of 56% over the $203,000 reported for the third quarter of 2012.

Net earnings for the first three quarters of 2013 totaling $853,000 - more than double the $305,000 reported for the first three quarters of 2012, the bank said in a statement to the media.

The strong results come as a result of the continuing improvement in the bank’s operating expenses – expenses for the first three quarters over the prior year were reduced 14 percent, or a reduction of $673,000, the bank reported.

The Bank of Santa Clarita also reported that its loan portfolio grew to $153 million as of Sept. 30, representing an increase of 5 percent over the same period in 2012.

Total deposits as of Sept. 30 were $176.9 million - an increase of $14.9 million or 9 percent over the amount reported a year earlier.

“We are pleased to report another quarter of improving results of operations, as we continue to focus on enhancing our core earnings and shareholder value,” said Frank Di Tomaso, chairman and chief executive officer.

The bank’s continued improvement demonstrates its commitment to achieving both effective and meaningful growth, Di Tomaso said.

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