BANK OF SANTA CLARITA SEES BIG GAIN IN ASSETS.

Byline: Daily News

SANTA CLARITA -- The fledgling Bank of Santa Clarita saw a 90 percent increase in assets in its third quarter over the same period a year ago, according to results released Tuesday.

The locally based bank boasted assets of $104 million when the quarter ended Sept. 30. The increase marked a 66 percent rise since Jan. 1.

During the third quarter, the bank generated $5.1 million in net new loans. Total loans increased to $75 million from $47.4 million at the beginning of the year and $33.4 at the end of 2005's third quarter.

Interest income was $1.49 million, compared with $572,000 in the third quarter of 2005. Interest income for the nine months of the year hit $3.9 million, nearly four time the number for the same period last year.

The revenue helped trim the bank's net loss for the third quarter to $136,000, an improvement from a net loss of $331,000 for the third quarter of 2005. Startup banks anticipate losses in their first years. Bank of Santa Clarita opened in October 2004.

``We are excited with our continued growth in both loans and deposits,'' said James D. Hicken, president and chief executive officer.

The two-year performance exceeded expectations, he added.

The bank, headquartered in Valencia, plans its second branch in Canyon Country.

The bank primarily serves commercial customers, focusing on small to mid-size businesses, professionals and entrepreneurs.