Bank of Santa Clarita (OTCBB: BSCA) announced at the end of last week its financial results for the third quarter of 2008. The two-branch bank in the Santa Clarita Valley, reported improved earnings, with a net income of $50,000 compared to $7,000 at the same time last year. Net income for 2008 to date is $201,000, as compared to a $404,000 at the end of the 3rd quarter in 2007.
Bank of Santa Clarita also emphasized its high credit rating, which has become a weak spot for a many other financial institutions. The bank reported $3.9 million in net interest income for the nine months ended Sept. 30, an increase of 17 percent over the $3.33 million reported for the same period of 2007.
“Executive management is pleased with the bank’s continued performance as reflected in our third quarter results,” said James D. Hicken, bank president and CEO. “While there are significant challenges within the overall economy, we believe that Bank of Santa Clarita is well positioned to take advantage of opportunities as they occur.”
The third quarter report showed that shareholders’ equity was $18.86 million with the bank’s total risk-based regulatory capital ratio at 16.52 percent, substantially exceeding the “well-capitalized” level of 10 percent prescribed under regulatory requirements.
Bank of Santa Clarita will open its third branch during the first quarter of 2009. The 4,000-square-foot facility in Canyon Country, Calif. will be in the new The Plaza at Golden Valley shopping center. Its opening will signal an increased focus on retail customer business, as well as working with small to mid-sized companies.
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