Bank of Santa Clarita Reports Second Quarter
2010 Results with Continuing Strong Earnings and
July 29, 2010 01:49 PM Eastern Daylight Time
SANTA CLARITA, Calif.--(EON: Enhanced Online News)--Bank of Santa Clarita (OTCBB: BSCA) today
announced financial results for the second quarter of 2010.
Bank of Santa Clarita, the only commercial bank headquartered in the Santa Clarita Valley, reported that its earnings
continue to improve, as net earnings for the second quarter of 2010 totaled $111,000 as compared to $90,000 for
the second quarter of 2009. Net earnings for the six months ended June 30, 2010 have significantly improved, with
the Bank reporting $271,000 as compared to $129,000 for the first six months of 2009. The Bank also reported
increasing core earnings, with pre-tax earnings for the three- and six-month periods ending June 30, 2010 totaling
$59,000 and $144,000, respectively, as compared to pre-tax losses of $106,000 and $198,000 for the respective
periods of 2009.
The Bank has experienced a significant growth in deposits, with total deposits of $131 million at June 30, 2010
exceeding the $119 million at December 31, 2009 and the $105 million at June 30, 2009, by $12 million or 10%,
and $26 million or 25%, respectively.
“We are pleased to report our financial results for the second quarter of 2010,” said James D. Hicken, President and
Chief Executive Officer. “We continue to remain profitable during this difficult economic time and will continue to
focus on maintaining the strong liquidity and credit quality that the Bank has experienced to date. Our loan portfolio
is performing well as evidenced by a very low level of nonaccrual loans, totaling only $49,000 at June 30, 2010. In
addition, the Bank continues to attract many new clients as a result of our positive financial performance and recent
At June 30, 2010, shareholders’ equity was $20.2 million and the Bank’s total risk-based regulatory capital ratio
was 15.86%, exceeding the “well-