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Bank of Santa Clarita reports 2013 earnings

Posted: January 28, 2014 6:24 p.m.
Updated: January 28, 2014 6:24 p.m.
 

Net earnings for 2013 at the Bank of Santa Clarita totaled more than $1 million, 80 percent greater than the $559,000 reported for 2012, the bank announced Tuesday.

The net earnings report of $1,004,000 was largely driven by improvement in the bank’s operating efficiency, the bank announced.

Noninterest expenses totaled $5.8 million in 2013, down 9 percent or $571,000 over the costs recorded in 2012.

The bank also reported that its loan portfolio grew from $155.9 million as of Dec. 31 to $161.9 million, representing an increase of 4 percent.

Total deposits at the end of 2013 were $181.2 million, representing an increase of $13.3 million or 8 percent over the amount reported a year earlier.

“This past year was highlighted by the bank earning a record level of net income, as we achieved both solid deposit and loan growth,” said Frank Di Tomaso, chairman and CEO for the bank.

“We made excellent progress in achieving our 2013 goals, and we continue to take the steps necessary to achieve long-term success,” Di Tomaso said.

At as of year-end, shareholders’ equity totaled $21.8 million, according to the bank.

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