Bank of Santa Clarita (OTCBB: BSCA) today announced financial results for the first quarter of 2010.
Bank of Santa Clarita, the only commercial bank headquartered in the Santa Clarita Valley, reported that its earnings have continued to improve, as net earnings for the first quarter of 2010 totaled $161,000 as compared to $39,000 for the first quarter of 2009. Additionally, the Bank reported increases in both net interest income and noninterest income (primarily from deposit-related fees) for the first quarter of 2010 as compared to the first quarter of 2009, with the increases totaling $67,000, or 5%, and $63,000, or 78%, respectively.
The Bank experienced significant growth in its deposits during the quarter, with total deposits at March 31, 2010 exceeding the totals reported at December 31, 2009 and March 31, 2009, by 12% and 37%, respectively. The Bank also had an increase of 7% in total loans outstanding over the preceding twelve months.
"We are pleased with our financial results for the first quarter of 2010," said James D. Hicken, President and Chief Executive Officer. "We have continued to both strengthen the Bank's liquidity and maintain strong credit quality. Our loan portfolio continues to perform well as evidenced by a low level of nonaccrual loans which, at March 31, 2010, totaled only $23,000. In addition, the Bank's staff has done an excellent job in attracting new clients and increasing core deposits, which has had a positive impact on the Bank's balance sheet."
At March 31, 2010, shareholders' equity was $20.0 million and the Bank's total risk-based regulatory capital ratio was 15.52%, exceeding the "well-capitalized" level of 10% prescribed under regulatory requirements. The Bank also continues to maintain substantial liquidity positions, retaining significant balances of liquidity on its balance sheet as well as available collateralized borrowings and other potential sources of liquidity.
Bank of Santa Clarita, founded in 2004, is the only independent, full service commercial bank headquartered in Santa Clarita and generally serves the needs of retail consumers, small to mid-sized businesses, professionals, entrepreneurs, and high-net worth individuals. 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, 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, which services enable its clients to effectively and efficiently manage their cash and credit needs.
 |  |  |  | Bank of Santa Clarita, Corporate Headquarters |
27433 Tourney Road, Suite 150 | ||||
Santa Clarita, California 91355 | ||||
661-362-6004 | ||||
www.bankofsantaclarita.com | ||||
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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.
BANK OF SANTA CLARITA | ||||||||||||
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BALANCE SHEETS | ||||||||||||
Unaudited | ||||||||||||
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March 31, | December 31, | March 31, | ||||||||||
 | 2010 |  | 2009 |  | 2009 | |||||||
(In thousands) | ||||||||||||
ASSETS | ||||||||||||
Cash and Due From Banks | $ | 1,742 | $ | 1,789 | $ | 3,806 | ||||||
Interest Bearing Deposits at Other Financial Institutions | 19,734 | 12,558 | 4,788 | |||||||||
Federal Funds Sold | 2,855 | 123 | 7,561 | |||||||||
Investment Securities | 30,000 | 26,254 | 11,037 | |||||||||
Loans, Net | 124,615 | 123,572 | 116,106 | |||||||||
Other Assets | Â | 9,159 | Â | 9,011 | Â | 4,625 | ||||||
Total Assets | $ | 188,105 | $ | 173,307 | $ | 147,923 | ||||||
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LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
Noninterest Bearing Demand Deposits | $ | 25,425 | $ | 23,621 | $ | 29,202 | ||||||
Interest Bearing Demand Deposits | 6,472 | 6,865 | 4,974 | |||||||||
Money Market and Savings Deposits | 30,133 | 21,193 | 15,860 | |||||||||
Time Deposits | Â | 71,180 | Â | 67,733 | Â | 47,543 | ||||||
Total Deposits | 133,210 | 119,412 | 97,579 | |||||||||
Borrowings | 34,250 | 33,300 | 30,388 | |||||||||
Other Liabilities | Â | 621 | Â | 737 | Â | 692 | ||||||
Total Liabilities | 168,081 | 153,449 | 128,659 | |||||||||
Stockholders' Equity | Â | 20,024 | Â | 19,858 | Â | 19,264 | ||||||
Total Liabilities & Stockholders' Equity | $ | 188,105 | $ | 173,307 | $ | 147,923 | ||||||
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STATEMENTS OF EARNINGS | ||||||||||
Unaudited | ||||||||||
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For the Three Months Ended March 31, | ||||||||||
2010 | 2009 | |||||||||
Interest Income | (In thousands except per share amounts) | |||||||||
Loans | $ | 1,841 | $ | 1,774 | ||||||
Interest Bearing Deposits at Other Financial Institutions | 35 | 35 | ||||||||
Investment Securities | 220 | 117 | ||||||||
Federal Funds Sold | Â | 1 | Â | Â | 5 | Â | ||||
Total Interest Income | 2,097 | 1,931 | ||||||||
Interest Expense | ||||||||||
Interest Bearing Demand Deposits | 10 | 7 | ||||||||
Money Market and Savings Deposits | 37 | 28 | ||||||||
Time Deposits | 399 | 340 | ||||||||
Borrowings | Â | 169 | Â | Â | 141 | Â | ||||
Total Interest Expense | 615 | 516 | ||||||||
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Net Interest Income | 1,482 | 1,415 | ||||||||
Provision for Loan Losses | Â | 29 | Â | Â | 140 | Â | ||||
Net Interest Income after | ||||||||||
Provision for Loan Losses | 1,453 | 1,275 | ||||||||
Noninterest Income | 144 | 81 | ||||||||
Noninterest Expense | Â | 1,510 | Â | Â | 1,448 | Â | ||||
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Net Earnings (Loss) Before Income Taxes | 87 | (92 | ) | |||||||
Income Tax Benefit | Â | (74 | ) | Â | (131 | ) | ||||
Net Earnings | $ | 161 | Â | $ | 39 | Â | ||||
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Basic and Diluted Earnings Per Share | $ | 0.07 | Â | $ | 0.02 | Â |
Contacts:
Bank of Santa Clarita
James D. Hicken
President
Chief
Executive Officer
661-362-6001