Bank of Santa Clarita’s third-quarter earnings totaled $914,000, representing a 71 percent growth year-over-year, the company announced Thursday.
Additionally, net earnings for the first three quarters of 2018 reached $2.39 million, a 65 percent hike from the same period a year ago.
The Santa Clarita-based bank reported total net loans of $223 million as of Sept. 3, an increase of 4 percent over the total reported in 2017. Deposits on Sept. 30 totaled $245 million, an increase of 2 percent over 2017. In addition, the bank continues to have excellent credit quality in its loan portfolio, as it had only $11,000 of nonaccrual loans.
“Bank of Santa Clarita’s continued solid earnings growth this quarter coupled with the effects of the 2017 tax reform legislation have enabled us to post record earnings through the first three quarters of 2018, which improvements have been further supported by favorable economic conditions and through the hard work of our team,” Chief Executive Frank Di Tomaso said in a statement. “That said, we remain focused on asset quality in light of the rising interest rate environment, flattening yield curve and the realities of an unusually long economic recovery.”
Shares of Bank of Santa Clarita (BSCA) closed Friday down 10 cents, or a fraction of a percent, to $20.90 on the over-the-counter market.