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Bank of Santa Clarita Assets Up 33 Percent

Posted: February 21, 2008 6:33 p.m.
Updated: April 23, 2008 5:04 a.m.
 
Bank of Santa Clarita announced assets of $144.1 million at Dec. 31, 2007, which is a 33 percent increase from 2006, when total assets were $108.6 million.

In 2007, the bank generated $35 million in net new loans. Total net loans at the end of 2007 increased to $121.4 million from $86.3 million at Dec. 31, 2006, which is an increase of 41 percent.

Deposits at the end of 2007 were $110.3 million compared to $88 million at the end of 2006, representing an increase of 25 percent.

Bank of Santa Clarita reported that interest income was $8.2 million at the end of 2007, which is an increase of $2.7 million or 48 percent over the $5.6 million interest income reported at the end of 2006.

This increased revenue trimmed the bank's net loss for 2007 to $331,000, an improvement of $261,000 or 44 percent from a net loss of $592,000 in 2006.

In a statement, James D. Hicken, president and chief executive officer for Bank of Santa Clarita said, "We are very pleased with our continued improvement in quarterly profitability as reflected through our third and fourth quarter results despite a challenging economic environment. The bank is tracking against budget and we look forward to continued profitability in 2008. The bank's loan portfolio continues to perform soundly which reflects management's conservative nature. To date, 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."

Net income for 2007 was reduced by both the provision for loan losses of $395,000 and Stock option expense of $85,000 which is pursuant to the requirement of SFAS 123 (r) "Share-Based Payments."

Bank of Santa Clarita is an independent full-service bank that serves the needs of small to mid-sized businesses, professionals, entrepreneurs and high net worth individuals.

The company's corporate headquarters are located at 27443 Tourney Road, Suite 150 in Valencia, and more information can be found at www.bankofsantaclarita.com.

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