The Bank of Santa Clarita reported record high first-quarter earnings Monday, due in large part to the reduction in the federal income tax rate.

The bank reported earnings of $609,000, a 34 percent year-over-year increase. Pre-tax earnings increased by 16 percent year-over-year.

It also reported net loans of nearly $223 million as of March 31, an 8 percent increase from the same date last year.

“Moving forward, we continue to focus our efforts on improving the bank’s profit potential while maintaining its high level of service,” Chief Executive Frank Di Tomaso said in a statement. “These strategies further enhance our ability to better serve our clients and increase our potential to generate even stronger financial results on behalf of our shareholders.

Shareholders’ equity in the company totaled $29.9 million.

Shares in the Bank of Santa Clarita rose 3 cents, or a fraction of a percent, Monday to close at $19.98 on the over-the-counter market.