CORRECTING and REPLACING Bank of Santa Clarita Announces its Results for the Fourth Quarter and Full

CORRECTING and REPLACING Bank of Santa Clarita Announces its Results for the Fourth Quarter and Full Year 2012

SANTA CLARITA, Calif.--(BUSINESS WIRE)-- In the Bank of Santa Clarita's Statements of Earnings, the Basic and Diluted Earnings Per Share for the Three Months Ened December 31, 2012 should read $0.11, and For the Twelve Months Ended December 31, 2012 should read $0.25.

The corrected release reads:


BANK OF SANTA CLARITA ANNOUNCES ITS RESULTS FOR THE FOURTH QUARTER AND FULL YEAR 2012

Bank of Santa Clarita (OTCBB: BSCA) today announced its operating results for the fourth quarter and full year 2012.

Bank of Santa Clarita, the only commercial bank headquartered in the Santa Clarita Valley, reported net earnings for the three months ending December 31, 2012 totaling $254,000, which represented a growth rate of more than 10% over the $223,000 reported for the fourth quarter of 2011.

Year-to-date net earnings for the years ended December 31, 2012 and 2011 were $559,000 and $381,000, respectively. The Bank also reported that 2012 pre-tax earnings, both for the fourth quarter and the full year, were at record levels, as pre-tax earnings for 2012, totaling $887,000, exceeded the $613,000 recorded in 2011 by $274,000, or approximately 45%. These totals for 2012 include the nonrecurring costs announced earlier in 2012, and the Bank expects to benefit from the resulting lower cost structure in future periods.

The Bank's net loan portfolio totaling $154.4 million as of December 31, 2012, grew $18.9 million or 14.0% from the $135.5 million reported as of December 31, 2011. The Bank also reported a growth in deposits of $17.3 million or 11.5% during 2012, which growth included an increase of $5.9 million or 13.7% in noninterest bearing demand deposits.

Largely resulting from the growth in loans and deposits (and particularly the growth in noninterest bearing deposits noted above), the Bank's net interest income for the year ended December 31, 2012 increased $239,000 or 3.6% over the amount recorded in 2011, as the Bank has seen the overall effective cost of deposits in 2012 decline to 0.75%, as compared to 1.04% for 2011. The Bank's 2012 earnings also benefited from the 2011 facility lease termination, as total facilities and other fixed asset-related costs declined to $868,000 in 2012 from $1,318,000 in 2011, an improvement of 34%.

The Bank continues to experience excellent credit quality in its loan portfolio, as nonaccrual loans totaled $6,000 at December 31, 2012, as compared to $16,000 at December 31, 2011 and $18,000 at December 31, 2010.

"In light of a challenging economic and regulatory environment, we are pleased with our fourth quarter operating results and with the year's overall financial performance, which was marked by continued loan and deposit growth and an improvement in earnings," stated Frank D. Di Tomaso, Chairman and Chief Executive Officer. Mr. Di Tomaso continued, "We are further encouraged by the Bank's positive momentum, as it benefits from a long-term strategic plan that focuses on investment in the franchise through enhanced products and services, exceptional customer service, and a strong commitment to our community."

At December 31, 2012, shareholders' equity totaled $21.4 million and the Bank's total risk-based regulatory capital ratio was 13.52%, exceeding the "well-capitalized" level of 10% which is prescribed in applicable capital regulations. The Bank also continues to maintain substantial liquidity positions, retaining significant balances of liquidity on its balance sheet as well as readily available collateralized borrowings and other potential sources of liquidity.

Bank of Santa Clarita, founded in 2004, is the only independent, full service commercial bank headquartered in the Santa Clarita Valley and generally serves the needs of retail consumers, small to mid-sized businesses, professionals, entrepreneurs, and high-net worth individuals. The Bank provides local, experienced decision-making and the personalized service that growing businesses need on a daily basis. Bank clients have direct access to executive management and professional staff members to address their SBA and other credit requirements, and also technology-based services that include online bill-paying, remote capture depositing, check imaging and initiating online wire transfers, among other cash management facilities, which services enable its clients to effectively and efficiently manage their cash and credit needs.

Bank of Santa Clarita, Corporate Headquarters
23780 Magic Mountain Parkway
Santa Clarita, California 91355
(661) 362-6000
www.bankofsantaclarita.com

FORWARD-LOOKING STATEMENTS

Certain matters discussed in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to the Bank's current expectations regarding deposit and loan growth, operating results and the strength of the local economy. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results, performance or achievements to differ materially from those expressed, suggested or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: the impact of changes in interest rates, a decline in economic conditions and increased competition among financial service providers as these factors may impact the Bank's operating results, its ability to attract deposit and loan customers, the quality of the Bank's earning assets and government regulation. The Bank does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.

BANK OF SANTA CLARITA

BALANCE SHEETS

Unaudited

December 31,

2012

2011

(In thousands)

ASSETS

Cash and Due From Banks

$

3,635

$

4,033

Interest Bearing Deposits at Other Financial Institutions

25,852

22,928

Federal Funds Sold

2,000

1,855

Investment Securities

32,195

32,757

Loans, Net

154,406

135,480

Other Assets

13,710

11,433

Total Assets

$

231,798

$

208,486

LIABILITIES AND STOCKHOLDERS' EQUITY

Noninterest Bearing Demand Deposits

$

49,232

$

43,308

Interest Bearing Demand Deposits

7,861

7,493

Money Market and Savings Deposits

50,349

34,087

Time Deposits

60,422

65,643

Total Deposits

167,864

150,531

Borrowings

42,000

36,500

Other Liabilities

528

698

Total Liabilities

210,392

187,729

Stockholders' Equity

21,406

20,757

Total Liabilities and Stockholders' Equity

$

231,798

$

208,486

STATEMENTS OF EARNINGS

Unaudited

For the Three Months

Ended December 31,

For the Twelve Months

Ended December 31,

2012

2011

2012

2011

(In thousands except per share amounts)

Interest Income

Loans

$

1,958

$

1,943

$

7,792

$

7,664

Interest Bearing Deposits at Other Financial Institutions

23

20

77

73

Investment Securities

193

252

821

1,086

Federal Funds Sold

-

-

2

2

Total Interest Income

2,174

2,215

8,692

8,825

Interest Expense

Interest Bearing Demand Deposits

7

7

26

27

Money Market and Savings Deposits

47

46

200

206

Time Deposits

227

284

947

1,305

Borrowings

158

160

645

652

Total Interest Expense

439

497

1,818

2,190

Net Interest Income

1,735

1,718

6,874

6,635

Provision for Loan Losses

114

(66

)

235

50

Net Interest Income after Provision for Loan Losses

1,621

1,784

6,639

6,585

Noninterest Income

201

136

621

659

Noninterest Expense

1,397

1,540

6,373

6,631

Net Earnings Before Income Taxes

425

380

887

613

Income Tax Expense

171

157

328

232

Net Earnings

$

254

$

223

$

559

$

381

Basic and Diluted Earnings Per Share

$

0.11

$

0.10

$

0.25

$

0.17



Bank of Santa Clarita
Frank Di Tomaso
Chairman of the Board of Directors and
Chief Executive Officer
(661) 362-6000

KEYWORDS: United States North America California

INDUSTRY KEYWORDS:

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