Bank of Santa Clarita Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2013
The bank reported net earnings for 2013 totaling $1,004,000 or $0.45 basic and diluted earnings per share, which was 80% greater than the $559,000 or $0.25 basic and diluted earnings per share reported for 2012. These results were largely driven by the improvement in the bank's operating efficiency, as noninterest expenses for the 2013 totaled $5,802,000, an improvement of $571,000 or 9% over those costs reflected in 2012. As a result of the growth in average net interest-earning assets during 2013, the bank's net interest income grew by 2% to $7,010,000 against $6,874,000 last year. Net earnings before income taxes were $1,594,000 against $887,000 for the comparable period last year. Net interest income after provision for loan losses was $6,826,000 against $6,639,000 last year. Total interest income was $8,497,000 against $8,692,000 last year. Net interest income was $7,010,000 against $6,874,000 last year.