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Bank Of Santa Clarita Announces Its Results For The Fourth Quarter And Full Year 2012

Stocks in this article: BSCA

In the Bank of Santa Clarita's Statements of Earnings, the Basic and Diluted Earnings Per Share for the Three Months Ened December 31, 2012 should read $0.11, and For the Twelve Months Ended December 31, 2012 should read $0.25.

The corrected release reads:

BANK OF SANTA CLARITA ANNOUNCES ITS RESULTS FOR THE FOURTH QUARTER AND FULL YEAR 2012

Bank of Santa Clarita (OTCBB: BSCA) today announced its operating results for the fourth quarter and full year 2012.

Bank of Santa Clarita, the only commercial bank headquartered in the Santa Clarita Valley, reported net earnings for the three months ending December 31, 2012 totaling $254,000, which represented a growth rate of more than 10% over the $223,000 reported for the fourth quarter of 2011.

Year-to-date net earnings for the years ended December 31, 2012 and 2011 were $559,000 and $381,000, respectively. The Bank also reported that 2012 pre-tax earnings, both for the fourth quarter and the full year, were at record levels, as pre-tax earnings for 2012, totaling $887,000, exceeded the $613,000 recorded in 2011 by $274,000, or approximately 45%. These totals for 2012 include the nonrecurring costs announced earlier in 2012, and the Bank expects to benefit from the resulting lower cost structure in future periods.

The Bank’s net loan portfolio totaling $154.4 million as of December 31, 2012, grew $18.9 million or 14.0% from the $135.5 million reported as of December 31, 2011. The Bank also reported a growth in deposits of $17.3 million or 11.5% during 2012, which growth included an increase of $5.9 million or 13.7% in noninterest bearing demand deposits.

Largely resulting from the growth in loans and deposits (and particularly the growth in noninterest bearing deposits noted above), the Bank’s net interest income for the year ended December 31, 2012 increased $239,000 or 3.6% over the amount recorded in 2011, as the Bank has seen the overall effective cost of deposits in 2012 decline to 0.75%, as compared to 1.04% for 2011. The Bank’s 2012 earnings also benefited from the 2011 facility lease termination, as total facilities and other fixed asset-related costs declined to $868,000 in 2012 from $1,318,000 in 2011, an improvement of 34%.

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