BANK'S ASSETS SOARED IN '06.Byline: Daily News SANTA CLARITA Santa Clarita, city (1990 pop. 110,642), Los Angeles co., S Calif., suburb 30 mi (48 km) NW of downtown Los Angeles, on the Santa Clara River; inc. 1987. Situated in the Santa Clara valley and nearby canyons, Santa Clarita includes the former towns of Canyon Country, -- Bank of Santa Clarita's assets grew 73 percent in 2006, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. report issued Wednesday Wednesday: see week. . Assets grew to $108.6 million compared with $62.6 million at the end of 2005. Also during the year, the bank generated $38.9 million in net new loans, an 82percent increase, and boasted a doubling of deposits to $88 million. Revenue from interest income was $5.6 million, which helped trim losses to $592,000 compared with more than $1 million the previous year. The losses are in part because of start-up Start-up The earliest stage of a new business venture. costs for the three-year-old bank. "We are very pleased to report our progress to date, which includes both double- and triple-digit growth in loans and deposits, respectively," said James D. Hicken, president and chief executive officer. "While we reported a loss for the year, it represented a significant improvement from the previous year and well within our expectations." Expenditures included the bank's first year of recording a stock option expense of $216,616; and charges related to expanding the staff from 19 to 30. The bank, with offices in Valencia and Canyon Country, specializes in serving small to mid-size businesses. |
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