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Bank of Santa Clarita releases positive 2012 results

Latest earnings report shows that the bank’s stock jumped almost $1 per share in fourth quarter

Posted: January 30, 2013 2:00 a.m.
Updated: January 30, 2013 2:00 a.m.

The Bank of Santa Clarita released its 2012 earnings report Monday and the market reflected the positive results. Shares are up nearly one dollar per share in the past quarter.

The commercial bank reported a growth rate of 10 percent on net earnings, for the three months ending Dec. 31, 2012.

Earnings in 2012 were up as well – recorded as $559,000 year-end over $381,000 in 2011.

Also, pre-tax levels for both the fourth quarter and full year were at record levels, the bank reported. Pre-tax earnings of $887,000 in 2012 were 45 percent higher in 2012 over $274,000 in 2011.

The bank’s track record was mostly the result of growth in loans and deposits, said a spokesman for the bank.
Results for last year included nonrecurring costs, which, a spokesman for the bank says it expects to benefit from lower costs in future periods.

Shareholder equity was reported as totaling $21.4 million and the bank’s risk-based capital ratio was at 13.52 percent, exceeding the “well capitalized” ratio of 10 percent.

“In light of a challenging economic and regulatory environment, we are pleased with our fourth quarter operating results and with the year’s overall financial performance, which was marked by continued loan and deposit growth and an improvement in earnings,” said Frank D. Di Tomaso, chairman and CEO.

“We are further encouraged by the Bank’s positive momentum, as it benefits from a long-term strategic plan that focuses on investment in the franchise through enhanced products and services, exceptional customer service, and a strong commitment to our community.”

Founded in 2004, the Bank of Santa Clarita’s stock closed at $8.15 per share end of day Tuesday, after the fourth quarter and year-end results were announced. The price was up from $7.20 per share at the end of third quarter 2012.


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