Bank of Santa Clarita Announces Improving Earnings

Bank of Santa Clarita (BSCA) today announced an improvement in its earnings during the first three quarters of 2019, when it recorded net earnings of $2,559,000, representing an improvement of 7% over the first three quarters of 2018; net earnings for the third quarter of 2019 were essentially equal to the Bank’s net earnings during the third quarter of 2018.

The Bank reported that it had net loans totaling $227.3 million at September 30, 2019, an increase of 2% over the total from the year-earlier date. The Bank also continues to have excellent credit quality in its loan portfolio, as it had no nonaccrual loans at September 30, 2019.

"We are satisfied with our results thus far in 2019," stated Frank Di Tomaso, Chairman and Chief Executive Officer. "So far this year we have exceeded last year’s earnings by 7% despite the broader economy presenting a challenging environment as it relates to deposit and loan acquisition. That said, we believe that the local economy served by the Bank is healthy, and that the Bank is well positioned for the remainder of 2019."

At September 30, 2019, shareholders’ equity totaled $36.2 million and the Bank’s total capital ratio was 15.5%, significantly 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.

Bank of Santa Clarita, founded in October 2004, is the only full-service commercial bank headquartered in the Santa Clarita Valley, and is focused on the needs of the community and its businesses and nonprofits. We promote face-to-face interaction with our clients, which in turn leads to deeper relationships overall. The Bank provides local, experienced decision-making and the personalized service that growing businesses and other organizations need on a daily basis. Bank clients have direct access to executive management and experienced professional staff members to address their credit requirements, from commercial lines of credit to SBA loans to commercial real estate and other commercial loans, 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.

We are proud of the fact that Bank of Santa Clarita has served the Santa Clarita Valley’s residents, including individuals, small businesses and non-profit organizations for 15 years, and we truly appreciate the relationships we’ve made with many of our neighbors, and invite any of those in the community who do not yet know us well to visit us, and together we can continue to build an even more vibrant and healthy community.

Bank of Santa Clarita, Corporate Headquarters
23780 Magic Mountain Parkway
Santa Clarita, California 91355
(661) 362-6000
www.bankofsantaclarita.com

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

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