Bank of Santa Clarita Again Reports Record Levels of Earnings

Bank of Santa Clarita (BSCA) today announced that for the fourth quarter and full year of 2018, Bank earnings continue at record levels, as net earnings for the quarter totaled $795,000, more than doubling its earnings for the fourth quarter of 2017; moreover, net earnings for 2018 totaled $3,184,000, 73.5% greater than it recorded in 2017.

In reviewing operating results for 2018, the Bank reported $9,481,000 of net interest income, representing a growth of 10.8% over 2017. While a significant contributor to the Bank’s year-over-year growth in net earnings was the reduction in the Federal statutory income tax rate, the Bank noted that pre-tax earnings for 2018 totaled $4,509,000, and exceeded pre-tax earnings for 2017 by 29.7%.

The Bank reported total net loans of $229.5 million at December 31, 2018, an increase of 3.5% over the total reported at the end of 2017.

"We once again are very pleased to report our most profitable year in the Bank’s history, recording a return on beginning-of-the-year equity of 10.9%,” said Frank Di Tomaso, the Bank’s Chairman and Chief Executive Officer. "Further, we are proud to remain a safe, strong bank, and I commend our team of banking professionals for its commitment to serve our clients, community and shareholders with excellence, which has always been the key driver of our success.”

At December 31, 2018, shareholders’ equity totaled $33.1 million and the Bank’s total capital ratio was 14.48%, 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 2004, is the only full-service commercial bank headquartered in the Santa Clarita Valley, and is focused on meeting the banking needs of the community and its businesses. 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 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 banking 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 fourteen 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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