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Bank of Santa Clarita posts Q2 gains compared to 2011

Posted: August 2, 2012 2:00 a.m.
Updated: August 2, 2012 2:00 a.m.

The Bank of Santa Clarita reported its 2012 second-quarter earnings Wednesday.

Net earnings for the second quarter of 2012 totaled $35,000 as compared to net losses of $56,000 for the same period in 2011, said Walt Purdy, senior vice president and CFO for the bank.

Net earnings for the six months in 2012 totaled $102,000 as compared to a net loss of $27,000 for the same six months in 2011, Purdy said.

Results for 2012 reflect one-time costs associated with the bank’s management restructuring following the departure of two of the bank’s top executives, James Hicken and Kimberly Altobello.

The bank incurred net losses in 2011, in part, when it terminated its lease, to the tune of $250,000, at the bank’s former headquarters on Tourney Road. The bank relocated its main branch in 2011 to a more central location, population and traffic-wise, on Magic Mountain Parkway and Citrus Street.

Net interest income increased $251,000, or 8 percent, more than the amount recorded in the first half of 2011.

The bank reported its 2012 net loan portfolio totaled $144 million as of June 30, grown $6.3 million — or 5 percent — from the balance recorded June 30, 2011.

The bank’s Board of Directors recently streamlined the bank’s executive management structure in order to stimulate basic improvements in the bank`s ability to drive innovation, accelerate profitable growth and increase both accountability and shareholder value, said Frank Di Tomaso, chairman and CEO.

“In spite of the challenging economy, low interest rate environment and intensified competition, we are pleased with our growth in loans and deposits, and in our steady profitability,” Di Tomaso said. “Our solid second quarter performance was achieved by attracting and enhancing new and existing customer relationships within our local marketplace.”

Stock sold for $7.05 per share at close of trading Wednesday, which was up from $7 per share on Monday.


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