Five Point Holdings
Five Point Holdings, owner and developer of Newhall Ranch and other mixed-use master-planned communities in coastal California, reported second quarter 2017 financial results on Aug. 10.
“We are pleased to release our first earnings report as a public company,” said Emile Haddad, Five Point’s chairman and CEO, in a statement. “We are in the early stages of realizing the full potential of our unique properties in San Francisco, Los Angeles and Orange Counties. We remain focused on the continued execution of our strategy to generate significant cash flow from our assets following many years of planning, approvals of our entitlements and capital investment.”
Revenues increased by $6.0 million, or 83.5 percent, to $13.2 million for the three months ended June 30, 2017, from $7.2 million for the three months ended June 30, 2016. The consolidated net loss for the quarter was $24.3 million. $14.5 million, or just under 60 percent of the loss, was allocated to the company’s non-controlling interests, resulting in a $9.8 million loss attributable to the company.
In May, the company completed an initial public offering and private placement raised $420 million in net cash proceeds, before offering expenses. Five Point reported cash and cash equivalents of $514 million at June 30, 2017. In April, it secured a $50 million unsecured revolving line of credit, all of which was available at June 30, 2017.
In July, the California Department of Fish and Wildlife re-approved the Resource and Conservation Plans and the Los Angeles County Board of Supervisors re-approved Landmark Village and Mission Village at Newhall Ranch. And in August, Five Point acquired a 75 percent equity interest for $107 million in a venture that acquired the Broadcom campus at Great Park Neighborhoods in Orange County.
Bank of Santa Clarita
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 on July 27 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 CEO, in a statement. “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.
Wesco Aircraft Holdings
Wesco Aircraft Holdings Inc, Valencia-based provider of comprehensive supply chain management services to the global aerospace industry, Aug. 8 announced results for its fiscal 2017 third quarter ended June 30, 2017.
The company reported net sales of $363.9 million, down 3.0 percent, and a net loss of $229.6 million, or $2.32 per diluted share.
“Our fiscal 2017 third quarter results were poor and well below our capabilities, reflecting both execution issues and volume declines at certain key customers,” said CEO Todd Renehan in a statement.
“As we have previously disclosed, we are addressing execution issues through initiatives focused on improving profitable growth and margins; procurement and inventory management; customer service and on-time delivery; and efficiency and costs. While we are working hard on these initiatives, they will take time to complete, and their impact is not reflected in our latest results. Despite these internal issues, our customers continue to recognize Wesco’s value proposition, renewing long-term contracts and awarding new business.”
Mission Valley Bank
Mission Valley Bancorp reported net income of $2.2 million for the first half of 2017, which the company said is its strongest-ever mid-year results.
“I am pleased to share that Mission Valley Bancorp has once again achieved a record high for the first half of the year, reaching net income of $2,213,000, a 38.05 percent increase over the $1,603,000 reported at June 30, 2016,” president & CEO Tamara Gurney said in a statement on July 28. “Our continued steady earnings reflect our ongoing dedication to maintaining our course of controlled growth and profitability.”
The Sun Valley-based bank holding company reported solid results across all business units, Gurney said, resulting in an increase in earnings per share to $0.67 as of June 30, 2017, up 40.0 percent from the $0.48 reported at June 30, 2016.
“Mission Valley is a relationship driven, community based business bank,” Gurney said. “We have built an extraordinary team and culture, dedicated to ensuring that we do what is right for our clients, our shareholders and the communities we serve. The combination of a sound, diversified balance sheet, solid capital base, and strong team, steer our course of steady and controlled growth throughout 2017 and beyond.”
