A restructuring at the Bank of Santa Clarita contributed to a rise in net earnings for the financial institution.
For the first quarter ending March 31, the bank reported net earnings of $68,000 compared to the net earnings of $29,000 in the same period from the previous year.
Management said the improvement was the result of efforts to increase efficiency and streamline senior management.
The Bank of Santa Clarita had $211.4 million in assets at the close of the first quarter, a 1.4 percent increase from the $208.5 million in the first quarter 2011.
“We are pleased with our operating results, an improvement in our net interest margin, and continuing excellent asset quality, with no loan charge-offs in 2011 or 2012,” said Chairman and Chief Executive Officer Frank Di Tomaso in a prepared statement. “Looking toward the future, we believe our operating results point to a continued trend of favorable loan and deposit growth by providing high-quality banking products and services within the communities we serve.”
Mark R. Madler