Bank’s earnings rise 51 percent

first_img 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREWalnut’s Malik Khouzam voted Southern California Boys Athlete of the Week Revenue during the first nine months totaled more than $1.23 million. “Bank of Santa Clarita’s success is measured not only by our positive financial results, but by our ability to bring value to an increasing number of small to midsize businesses in the Santa Clarita Valley,” Hicken said. “I expect that during the months ahead, we should continue to see positive interest in the bank and the services we provide.” The bank recently concluded a successful secondary offering that raised more than $8.2 million. The California Department of Financial Institutions has approved the bank’s request for an amendment of the offering to $7.7 million. VALENCIA – The Bank of Santa Clarita posted third-quarter earnings of $600,000, a 51 percent increase from the previous quarter, officials said Wednesday. The locally held bank, which opened nearly a year ago, said higher revenues over the three-month period ending Sept. 30 trimmed net operating loss for the quarter to $331,000, down from the $458,000 from the second quarter. The losses are consistent with other start-up banks, officials said. “The bank continued to make impressive gains during the third quarter and this sharp increase in earnings positions the bank to reach profitability at an aggressive pace,” James D. Hicken, the bank’s president and chief executive officer, said in a statement. Bank assets totaled $54.7 million, up from $22.3 million at the beginning of the year. The bank has more than $34.1 million in deposits, up from $9.3 million over the same period. Loans also grew from $6.4 million $33.9 million. last_img

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