Santa Clarita bank posts results

Net earnings for financial institution are strong but down 4 percent from 2015

The Bank of Santa Clarita reported strong second quarter earnings, at the same time it recorded a decline in net earnings for the first half of this year.

Year-over-year net earnings for the first half of the year at Bank of Santa Clarita declined 4 percent, the bank reported. Earnings of $629,000 were recorded in the first six months of 2016. In the same period last year net earnings were $658,000.

The earning loss, however, is largely attributable to the increased provision required to cover the bank’s strong loan growth record this year. It reported on Thursday a significant growth in loans for the second quarter of 2016.

Loans grew 14 percent to nearly $210 million in the first half of this year. The bank’s loan portfolio increased from $173 million — or 21 percent — between June 30, 2015 and June 30 of this year.

Second quarter earnings were strong with the bank reporting a 61 percent increase over the first quarter net earnings. It reported net earnings of $388.000 for the quarter.

“Our strong performance in the first half of 2016 is a continuation of our trending asset growth,” Frank Di Tomaso, Chairman and CEO of the bank said in a statement.

Even though growth is the bank’s primary mission, it also remains focused on its bottom line, Di Tomaso said.

“Net earnings for the second quarter of 2016 were the largest total of quarterly earnings in the bank’s history,” he said.

The Bank of Santa Clarita is the only full-service commercial bank headquartered in Santa Clarita.