SANTA CLARITA, Calif.--(BUSINESS WIRE)--

Bank of Santa Clarita (BSCA) announced earnings for the quarter ended March 31, 2020.

Bank of Santa Clarita reported net income of $685,000 for the quarter ended March 31, 2020, compared with $658,000 for the fourth quarter ended December 31, 2019 and $758,000 for the quarter ended March 31, 2019.

In reviewing operating results for the first quarter of 2020, the Bank reported $2.2 million of interest income before provision for credit losses consistent with the prior quarter and $2.3 million for the same period last year. The Bank’s provision for credit losses was $120,000 for the first quarter compared with $55,000 for the prior quarter and $110,000 for the same period last year. In determining the appropriate level of reserves for loan losses, the Bank considered the recent events as a result of the coronavirus pandemic. Total loans, net of deferred fees and discounts, of $237.9 million at March 31, 2020 represented an increase of $2.6 million, or 1.10%, from December 31, 2019.

Frank Di Tomaso, Chairman and Chief Executive Officer commented: “While it is unknown how this pandemic will continue to unfold, and its direct impact on our customers, Bank of Santa Clarita remains focused on our commitment to our customers, our associates, and our shareholders. We developed a community outreach task force and the Bank was on the forefront offering its customers loans under Sec. 1102 of the CARES Act, the 'Paycheck Protection Plan' and continues to serve both existing and new customers. Our strong capital, liquidity, and credit quality will allow us to continue to support the communities we serve and navigate through this pandemic. I am proud of our associates and confident in our ability to succeed despite these challenges.”

At March 31, 2020, shareholders’ equity totaled $37.8 million and the Bank’s total risk-based capital ratio was 15.87%, 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 and non-profits. 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 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 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

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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