Bank of Santa Clarita reports second-quarter earnings decline

Thu. July 23, 2009; Posted: 04:48 PM

Jul 23, 2009 (Daily News - McClatchy-Tribune Information Services via COMTEX) -- BSCA | Quote | Chart | News | PowerRating -- Bank of Santa Clarita reported second-quarter earnings Wednesday of $90,000, compared with $102,000 a year earlier.

The earnings decline resulted from a loan loss provision, operating expenses at a new branch and a special assessment from the Federal Deposit Insurance Corp., said James D. Hicken, the bank's president and chief executive officer.

During the second quarter, the bank said, its loan portfolio increased by $8 million, or 7 percent. As a result, it set aside $134,000 as a loan loss provision.

The bank also said that its interest income increased to $1.4 million in the second quarter from $1.3 million in the year earlier.

"We are very pleased (about) the loan portfolio growth during the second quarter and... that the bank's loan portfolio continues to be performing very well," Hicken said.

The second-quarter results also include a special assessment levied against all banks by the FDIC to help the agency replenish its deposit insurance fund. The bank's share was $67,000, Hicken said.

During the first quarter, the bank opened its third branch, and second-quarter results include $150,000 in expenses related to the endeavor.

For the year's first six months, the bank said, it earned $129,000, down from $151,000 in the first half of 2008.

Interest income was $2.9 million versus $2.6 million a year earlier.

To see more of the Daily News, or to subscribe to the newspaper, go to
http://www.dailynews.com. Copyright (c) 2009, Daily News, Los Angeles
Distributed by McClatchy-Tribune Information Services. For reprints, email
tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax
to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave.,
Suite 303, Glenview, IL 60025, USA.

For full details for BSCA click here.

More News: Market Updates | Stock Alerts | All Trading News | Stock Index

Archives

Feedback

Email Article Link

Close X

RELATED SITES

Please call 1-213-955-5858 ext. 1

Tax Relief Bank Levy Wage Garnishment

Disclaimer:

The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302

All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.