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Bank of Santa Clarita Reports Earnings for 2010

^{Published on 2011-02-04 05:35:49 - Market Wire}
 

SANTA CLARITA, Calif.--([ BUSINESS WIRE ])--Bank of Santa Clarita (OTCBB: BSCA) today announced financial results for 2010.

"The Bank demonstrated solid growth in assets and core deposits, and continued to reflect strong asset quality and improved core earnings for 2010."

Bank of Santa Clarita, the only commercial bank headquartered in the Santa Clarita Valley, reported that its net earnings for 2010 totaled $569,000 as compared to $609,000 for 2009, noting increasing core earnings, with pre-tax or core earnings for 2010 totaling $267,000, as compared to $58,000 for 2009.

The Bank has experienced a strong growth in deposits during 2010, with deposits totaling $152 million at December 31, 2010, reflecting growth of $33 million during the year, an increase of 27%. This 2010 deposit growth included nearly $17 million of non-interest bearing demand deposits, representing a growth rate for such deposits of more than 70%. Money market deposits and certificates of deposit also grew significantly during 2010, at growth rates of 45% and 9%, respectively. More than 70% of the Banka™s growth in deposits was in the form of core deposits. The Bank also noted that during 2010 its total assets grew by more than 20% to $209 million.

aWe are very pleased with our operating results,a said James D. Hicken, President and Chief Executive Officer. aThe Bank demonstrated solid growth in assets and core deposits, and continued to reflect strong asset quality and improved core earnings for 2010.a Mr. Hicken stated, aWe feel the Bank is well positioned for the current environment. We continue to remain focused on our traditional core values which have guided us well through these challenging times.a

At December 31, 2010, shareholdersa™ equity totaled $20.2 million and the Banka™s total risk-based regulatory capital ratio was 15.23%, exceeding the awell-capitalizeda level of 10% which is prescribed in 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 2004, is the only independent, full service commercial bank headquartered in the Santa Clarita Valley 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.

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 Banka™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 Banka™s operating results, its ability to attract deposit and loan customers, the quality of the Banka™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.