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Bank of Santa Clarita Announces Improving Earnings
[October 16, 2019]

Bank of Santa Clarita Announces Improving Earnings


Bank of Santa Clarita (BSCA) today announced an improvement in its earnings during the first three quarters of 2019, when it recorded net earnings of $2,559,000, representing an improvement of 7% over the first three quarters of 2018; net earnings for the third quarter of 2019 were essentially equal to the Bank's net earnings during the third quarter of 2018.

The Bank reported that it had net loans totaling $227.3 million at September 30, 2019, an increase of 2% over the total from the year-earlier date. The Bank also continues to have excellent credit quality in its loan portfolio, as it had no nonaccrual loans at September 30, 2019.

"We are satisfied with our results thus far in 2019," stated Frank Di Tomaso, Chairman and Chief Executive Officer. "So far this year we have exceeded last year's earnings by 7% despite the broader economy presenting a challenging environment as it relates to deposit and loan acquisition. That said, we believe that the local economy served by the Bank is healthy, and that the Bank is well positioned for the remainder of 2019."

At September 30, 2019, shareholders' equity totaled $36.2 million and the Bank's total capital ratio was 15.5%, significantly exceeding the "well capitalized" level prescribed in the applicable capital regulations. The Bank also continues to maintain substantial liquidity positions, retaining significant balances of liquidity on its balance sheet as well as readily available collateralized borrowings and other potential sources of liquidity.

Bank of Santa Clarita, founded in October 2004, is the only full-service commercial bank headquartered in the Santa Clarita Valley, and is focused on the needs of the community and its businesses and nonprofits. We promote face-to-face interaction with our clients, which in turn leads to deeper relationships overall. The Bank provides local, experienced decision-making and the personalized service that growing businesses and other organizations need on a daily basis. Bank clients have direct access to executive management and experienced professional staff members to address their credit requirements, from commercial lines of credit to SBA loans to commercial real estate and other commercial loans, and also technology-based services that include online bill-paying, remote capture depositing, check imaging and initiating online wire transfers, among other cash management facilities.

We are proud of the fact that Bank of Santa Clarita has served the Santa Clarita Valley's residents, including individuals, small businesses and non-profit organizations for 15 years, and we truly appreciate the relationships we've made with many of our neighbors, and invite any of those in the community who do not yet know us well to visit us, and together we can continue to build an even more vibrant and healthy community.

Bank of Santa Clarita, Corporate Headquarters
23780 Magic Mountain Parkway
Santa Clarita, California 91355
(661) 362-6000
www.bankofsantaclarita.com

FORWARD LOOKING STATEMENTS

Certain matters discussed in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to the Bank's current expectations regarding deposit and loan growth, operating results and the strength of the local economy. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results, performance or achievements to differ materially from those expressed, suggested or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: the impact of changes in interest rates, a decline in economic conditions and increased competition among financial service providers as these factors may impact the Bank's operating results, its ability to attract deposit and loan customers, the quality of the Bank's earning assets and government regulation. The Bank does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.





 
BALANCE SHEETS
Unaudited
 

September 30,

 

 

December 31,

 

 

September 30,

2019

2018

2018

(In thousands)

ASSETS
Cash and Due From Banks

$

 

20,831

$

 

4,574

$

 

5,713

Interest Bearing Deposits at Other Financial Institutions

35,005

36,000

35,339

Federal Funds Sold

106

104

103

Investment Securities

10,296

14,645

15,502

Loans, Net

227,333

229,456

223,015

Other Assets

23,062

22,630

21,557

Total Assets

$

 

316,633

$

 

307,409

$

 

301,229

 
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Interest-Bearing
Money Market, Savings and Demand

$

 

74,034

$

 

74,132

$

 

80,592

Time

81,113

58,453

60,546

Total Interest-Bearing

155,147

132,585

141,138

Noninterest-Bearing

89,097

97,435

103,722

Total

244,244

230,020

244,860

Borrowings

34,000

42,000

21,000

Other Liabilities

2,198

2,306

3,302

Total Liabilities

280,442

274,326

269,162

Stockholders' Equity

36,191

33,083

32,067

Total Liabilities & Stockholders' Equity

$

 

316,633

$

 

307,409

$

 

301,229

 

STATEMENTS OF EARNINGS
Unaudited
 

For the Three Months Ended September 30,

 

For the Nine Months Ended September 30,

2019

 

 

 

2018

 

 

 

2019

 

 

 

2018

 

Interest Income

(In thousands)

Loans

$

 

2,750

 

$

 

2,696

 

$

 

8,179

 

$

 

7,756

 

Interest Bearing Deposits at Other Financial Institutions

268

 

259

 

779

 

733

 

Investment Securities

11

 

99

 

189

 

240

 

Federal Funds Sold

-

 

-

 

2

 

2

 

Total Interest Income

3,029

 

3,054

 

9,149

 

8,731

 

Interest Expense
Interest Bearing Demand Deposits

14

 

25

 

62

 

70

 

Money Market and Savings Deposits

110

 

114

 

310

 

332

 

Time Deposits

390

 

252

 

998

 

665

 

Borrowings

185

 

173

 

783

 

630

 

Total Interest Expense

699

 

564

 

2,153

 

1,697

 

 
Net Interest Income

2,330

 

2,490

 

6,996

 

7,034

 

Provision for Loan Losses

(125

)

(50

)

(95

)

(120

)

Net Interest Income after
Provision for Loan Losses

2,455

 

2,540

 

7,091

 

7,154

 

Noninterest Income

175

 

130

 

568

 

442

 

Noninterest Expense

1,399

 

1,366

 

4,089

 

4,191

 

 
Net Earnings Before Income Taxes

1,231

 

1,304

 

3,570

 

3,405

 

Income Tax Expense

318

 

390

 

1,011

 

1,016

 

Net Earnings

$

 

913

 

$

 

914

 

$

 

2,559

 

$

 

2,389

 

 


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