Bucking the trend of banks posting losses, the Bank of Santa Clarita today reported a slight profit of $50,000 for the first quarter of 2008. Assets increased 14 percent, to $134.6 million, over the first quarter of the previous year. Total net loans for the quarter grew to $114.6 million, an increase of 18 percent over the first quarter of 2007; while interest income also increased 18 percent to $2.1 million in the same period. The bank started operations in 2004 and now has two branches with a third coming later in the year, It is the only community bank headquartered in the Santa Clarita Valley. CEO and President James D. Hicken attributed the positive performance to conservative underwriting and lack of involvement in the single-family mortgage market.
