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Local bank reports first-quarter profits

Earnings dip $10K over same period last year

Posted: May 5, 2009 9:33 p.m.
Updated: May 6, 2009 4:55 a.m.
 

Bank of Santa Clarita Tuesday reported earnings for the first quarter of 2009 of $39,000 as compared to first quarter 2008 earnings of $49,000.

The Bank reported a year-over-year increase in its net interest margin of $184,000, as net interest income totaled $1.42 million for the first quarter of 2009, a 15-percent improvement over the $1.23 million recorded in the first quarter of 2008, according to a company news release.

The bank opened its third full-service branch in March, located in the Plaza at Golden Valley. This office is intended to serve retail consumers as well as small businesses, and is the bank’s first branch to focus on retail consumer banking. First-quarter results include approximately $50,000 of new branch start-up costs, which the bank expects to recoup in the future, the news release said.

“Executive management is pleased with the Bank’s results for the first quarter of 2009, which were well within budget and the Bank’s strategic plan,” said James D. Hicken, president and CEO. “Banks are operating in an increasingly challenging environment today and we believe that Bank of Santa Clarita is properly positioned to take advantage of opportunities as our competitors experience difficulties.

“For our part, we have elected to prudently increase our loan-loss provision for the first quarter by $140,000, or 1.35 percent of total loans compared with 1.21 percent at Dec. 31, 2008,” Hicken added. “That said, the bank’s credit quality remains very high with nominal nonperforming assets.”

The bank continues to maintain substantial liquidity positions, retaining significant balances of on-balance sheet liquidity as well as available collateralized borrowings and other potential sources of liquidity.

Bank of Santa Clarita, founded in 2004, is the only independent, full-service community bank headquartered in Santa Clarita. It generally serves the needs of retail consumers, small to mid-sized businesses, professionals, entrepreneurs and high-net worth individuals.

 

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