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Bank of Santa Clarita reports strong growth

Second quarter shows strong turnaround from $202,000 loss last year

Posted: July 24, 2008 1:38 a.m.
Updated: September 24, 2008 5:03 a.m.

Net income for the Bank of Santa Clarita for the six months ended June 30, improved to $151,000 from a net loss of $412,000 when compared to the same period of 2007.

 

Bank of Santa Clarita reported last week that its net income grew to $102,000 during the second quarter ending June 30.

Additionally, net income for the six months ended June 30 improved to $151,000 from a net loss of $412,000 when compared to the same period of 2007.

The increase marks a strong change from the second quarter of 2007 when the locally-based bank reported a net loss of $202,000.

In the statement from the bank released July 16, the bank reported that net interest income increased 20 percent to $1.32 million for the second quarter, as compared to the $1.10 million reported for the second quarter of 2007.

"Executive management continues to be pleased with both the growth and development of the bank as reflected in our second quarter results," said James D. Hicken, president and chief executive officer of Bank of Santa Clarita, in a statement. "The bank is reporting continued growth in quarterly profitability, and we are confident that our progress will continue despite the current economic challenges seen within the overall financial services sector."

He continued to explain that the bank's loan portfolio is performing well and noted, "The bank does not make sub-prime loans or traditional single family mortgage loans nor has it invested in any mortgage-backed securities, which are backed by such loans."

During the second quarter of 2008, the bank, which was founded in 2004 and has its corporate headquarters stationed on Tourney Road in Valencia, created a Small Business Administration Lending Unit, which provides SBA financing products for its clients.

With one location on Soledad Canyon Road in Canyon Country, Bank of Santa Clarita is planning to open a 4,000-square-foot retail banking office in The Plaza at Golden Valley, a new retail center located off of Highway 14.

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