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Bank of Santa Clarita reports record pre-tax earnings

Posted: November 5, 2011 1:55 a.m.
Updated: November 5, 2011 1:55 a.m.
 

The Bank of Santa Clarita reported record pre-tax earnings and continuing strong loan growth, on Friday, for the third quarter of 2011.

The bank reported a record level of pre-tax earnings, solid growth in loans and core deposits, an improvement in net interest margin and continuing excellent asset quality, with no charge-offs yet in 2011 and nonaccrual loans totaling only $18,000 ending Sept. 30, said James D. Hicken, president and CEO.

The Santa Clarita-based bank reported net earnings for the third quarter of 2011 totaling $184,000 as compared with $194,000 for the third quarter of 2010. It also reported a 91-percent growth in pre-tax earnings, which totaled $307,000 and $161,000 for the third quarters of 2011 and 2010, respectively.

Net earnings for the Bank of Santa Clarita totaled $158,000 and $465,000 for the nine months ended Sept. 30, 2011 and 2010, respectively, while pre-tax earnings totaled $232,000 and $306,000 for those respective periods.

As previously announced in the second quarter of 2011, the bank terminated the lease on its former headquarters early, which resulted in the accrual of $250,000 for early termination costs during the second quarter of 2011.

The bank’s current location and termination of its previous lease provides substantial cost savings over the next three years and the new physical space allows it room for future growth.

Had the bank not elected to terminate this building lease, the Bank of Santa Clarita reports it would have reported pre-tax earnings of $482,000 and $306,000 for the nine months ended Sept. 30, 2011 and 2010, respectively.

The bank reported $4.92 million in net interest income for the nine months ending Sept. 30, as compared to the $4.49 million reported for the first nine months of 2010.

It also reported a growth in deposits over the preceding twelve months as deposits totaled $149.7 million, reflecting an increase of $12.7 million or 9 percent during that time.

And the Bank of Santa Clarita said it experienced significant growth in its loan portfolio, as net loan balances totaled $140.5 million, reflecting growth of 9 percent for the first three quarters of 2011, and 14 percent compared with the prior year during the same period.

“We feel the bank continues to be well-positioned for the current environment, and remains focused on our traditional core values, which have guided us well through these challenging times,” said Hicken.

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