The Bank of Santa Clarita reported it achieved a record level of earnings again, during 2016, with net earnings of $1.367 million.
Earnings were up 12 percent over 2015, with record level growth reported in both total loans and total deposits for the year.
“We are pleased to report another year of record earnings,” said Frank Di Tomaso, chairman and CEO.
“We increased our total revenues by way of growth in loans, deposits and client relationships, and kept our overall expenses in-check, which resulted in yet another favorable year in earnings.”
The trends have positioned the bank to expect further strengthening of its overall performance in the coming year, he said.
Total loans for the year grew to $209.4 million, a growth rate of 14 percent, and also reached record levels, the bank reported.
Deposits, in total, reached $245.9 million, also a record, it said.
Growth in both loans and deposits were cited as a key factor in the bank reporting year over year growth in net interest income of $749,000.
The bank also decided to close a little-used branch, deciding that its contribution to bank operations and earnings did not warrant the continued usage of that site.
“We are pleased to report another year of record earnings,” Di Tomaso said.
“We increased our total revenues by way of growth in loans, deposits and client relationships, and kept our overall expenses in-check, which resulted in yet another favorable year in earnings. These trends have positioned us well, and as we look to the new year we expect to further strengthen our overall performance.”
At Dec. 31, 2016, shareholders’ equity totaled $27.1 million and the bank’s total capital ratio was 12.86 percent, exceeding the “well capitalized” level prescribed in banking regulations, the bank reported last week.
Founded in October 2004, Bank of Santa Clarita is the only full service commercial bank headquartered in the Santa Clarita Valley.