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Bank of SC reports quarterly net earnings

Posted: July 22, 2009 10:12 p.m.
Updated: July 23, 2009 4:55 a.m.
 
The Bank of Santa Clarita on Wednesday reported lower net earnings in the second quarter of this year compared to last, but it showed growth in its loan portfolio and net interest income.

The only Santa Clarita-headquartered bank reported second-quarter net earnings of $90,000 compared to last year's $102,000.

It reported year-over-year increases in net interest income amounting to $124,000 and $308,000 for three- and six-month periods that ended June 30, compared to the same periods last year.

"During the quarter, our net interest margin continued to improve, which is reflective of management's effort to position the bank for today's interest rate environment," said James D. Hicken, president and chief executive officer.

"We are very pleased to note the loan portfolio growth during the second quarter, and to report that the bank's loan portfolio continues to be performing very well," Hicken said.

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