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Bank of Santa Clarita’s assets increase

Figure is 14 percent higher than last year.

Posted: May 2, 2008 1:52 a.m.
Updated: July 3, 2008 5:02 a.m.
 
Bank of Santa Clarita reported assets of $134.6 million for the first quarter of 2008.

The figure comes as a 14 percent increase when compared to March 31, 2007.

Total net loans at March 31 increased to $114.6 million compared to $96.8 million, showing an 18 percent change.

Deposits at the end of the first quarter were $101 million compared to $98.1 million last year, an increase of 3 percent.

The bank reports that interest income increased 18 percent and was $2.1 million for the first quarter.
The first quarter of 2007 showed interest income of $1.8 million.

The bank's net income for the first quarter was $50,000, compared to a net loss of $210,000 for the first quarter of 2007.

In a statement, James Hicken, president and chief executive officer, said, "Executive management is pleased with the results of the first quarter of 2008.

The bank continues to reflect quarterly profitability and we are confident our progress will continue despite the current economic challenges. The bank's loan portfolio continues to perform satisfactorily, which reflects management's conservative underwriting.

Bank of Santa Clarita has not been involved in originating single family mortgages and as such has not been impacted by the turmoil in the related credit markets."

Bank of Santa Clarita plans to open a 4,000-square-foot Golden Valley office in Canyon Country during the fourth quarter of 2008. The office will be located in the Plaza at Golden Valley, a 620,000-square-foot retail center located off of Highway 14.

For more information about Bank of Santa Clarita, visit www.bankofsantaclarita.com.

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