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Bank of Santa Clarita reports strong Q1 earnings

Posted: April 24, 2013 5:45 p.m.
Updated: April 24, 2013 5:45 p.m.
 

The Bank of Santa Clarita released its first quarter earnings report this week.

Net earnings exceeded the amount recorded in any first quarter of the bank’s nearly nine-year history, bank officials reported.

The bank reported net earnings totaling $234,000, more than triple the $68,000 reported for the first quarter of 2012.

The bank also reported total deposits of $175.4 million, representing a growth of $7.5 million during the first quarter of 2013. Compared to the same period in 2012, the bank’s total deposits grew $27.0 million or 18.2 percent.

Its net loan portfolio totaled $151.9 million in the first quarter – a growth of $10.2 million or 7.2 percent from the $141.7 million reported in the first quarter of 2012.

"Over the course of the past year, we re-evaluated the organization’s array of offered products and services and also its business initiatives, and developed strategies to improve the bank’s profit potential while maintaining its high level of service, said Frank Di Tomaso, chairman and CEO.

The moves allow the bank to offer more products and services to clients, along with the potential to generate even stronger financial results for shareholders, Di Tomaso said.

As of March 31, the bank reported shareholders’ equity totaled $21.5 million and the bank’s total risk-based regulatory capital ratio was 13.89 percent, exceeding the "well-capitalized" level of 10 percent prescribed by regulators.

 

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