Bank of Santa Clarita reports record earnings

Bank of Santa Clarita CEO and Executive Chairman Frank Di Tomaso stands in the bank's Magic Mountain Parkway branch on Jan. 13. KATHARINE LOTZE/SIgnal. 01132016

Bank of Santa Clarita reported record earnings for the first half of 2017, with net earnings up 40 percent to $909,000 from the same period a year ago.

The bank reported that total loans grew to $215.2 million during the first half of 2017, and continues to have excellent credit quality in its loan portfolio, as it had no nonaccrual loans at June 30, 2017. In reviewing first half 2017 earnings, the bank reported a year over year growth in net interest income of 4 percent, as well as improvements in both noninterest income and noninterest expenses

“At the mid-point of 2017, our results demonstrate an upward trend of loan growth, improved operating efficiency and strong earnings,” said Frank D. Di Tomaso, chairman and chief executive officer. “Additionally, the bank’s asset quality metrics continue to be strong, as evidenced by the Bank having no nonaccrual loans at quarter end.”

At June 30, 2017, shareholders’ equity totaled $28.2 million and the bank’s total capital ratio was 12.77 percent, exceeding the “well capitalized” level prescribed in the 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.

Founded in 2004, Bank of Santa Clarita is the only full service commercial bank headquartered in the Santa Clarita Valley.

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