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Bank of Santa Clarita reports earnings

Posted: February 8, 2011 1:55 a.m.
Updated: February 8, 2011 1:55 a.m.
 

The Bank of Santa Clarita reported its net earnings for 2010 totaled $569,000 as compared to $609,000 for 2009, noting increasing core earnings, with pre-tax or core earnings for 2010 totaling $267,000, as compared to $58,000 for 2009.

The bank also reported that it experienced a strong growth in deposits during 2010, with deposits totaling $152 million at Dec. 31, 2010, reflecting growth of $33 million during the year, an increase of 27 percent. Total assets during 2010 grew by more than 20 percent to $209 million.

On Dec. 31, 2010, shareholders’ equity totaled $20.2 million the bank reported and its total risk-based regulatory capital ratio was 15.23 percent, exceeding the “well-capitalized” level of 10 percent which is prescribed in applicable capital regulations.

“We are very pleased with our operating results,” said James D. Hicken, president and CEO. “The bank demonstrated solid growth in assets and core deposits, and continued to reflect strong asset quality and improved core earnings for 2010.”

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