On Friday, Bank of Santa Clarita announced their financial results for the third quarter of 2010. Bank of Santa Clarita is the only independent full service commercial bank headquartered in the Santa Clarita Valley, California.
The Bank reported that their net earnings for the third quarter of 2010 totaled $194,000, compared to $218,000 for the third quarter of 2009. Net earnings for the nine months ended September 30, 2010, continued to improve, with the Bank reporting $465,000, compared to $348,000 for the first nine months of 2009.
Bank of Santa Clarita also reported increasing core earnings, with pre-tax earnings for the three months ending September 30, 2010 totaling $161,000, compared to $69,000 for the third quarter of 2009. Core earnings for the nine months ended September 30, 2010 were $306,000, an improvement over the $128,000 pre-tax loss reported for the nine months ended September 30, 2009.
At September 30, 2010, shareholders’ equity totaled $20.3 million and the Bank’s total risk-based regulatory capital ratio was 16.05 percent. This exceeds the “well-capitalized” level of 10 percent which is prescribed in applicable capital regulations. Bank of Santa Clarita also continues to maintain substantial liquidity positions, retaining significant balances of liquidity on their balance sheet as well as readily available collateralized borrowings and other potential sources of liquidity.
“Our reported financial results reflect another solid quarter despite a lackluster economy,” said James D. Hicken, President and Chief Executive Officer. “We continue to focus our efforts on long-term strategies that will have a positive impact on both franchise and shareholder value. The Bank remains profitable, continues to reflect a strong capital position in excess of the well-capitalized regulatory guidelines, and maintains a well-performing loan portfolio. This position will allow the Bank to capitalize on opportunities as they may arise in the future.”
Headquartered in Santa Clarita, California, Bank of Santa Clarita generally serves the needs of retail consumers, small to mid-sized businesses, professionals, entrepreneurs, and high-net worth individuals. Founded in 2004, the Bank provides local, experienced decision-making and the personalized service that growing businesses need on a daily basis. Bank clients have direct access to executive management and professional staff members to address their SBA and other credit requirements.
Bank clients also have direct access to technology-based services. These include online bill-paying, remote capture depositing, check imaging and initiating online wire transfers, among other cash management facilities. These services enable the Bank’s clients to effectively and efficiently manage their cash and credit needs.
For more information visit: www.bankofsantaclarita.com
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