Bank of Santa Clarita Reports 4th Quarter Results for 2005; Bank Growth and Expansion Up 181 Percent From December 2004.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, , Calif. -- In 4th Quarter 2005 BALANCE SHEET table, under December December: see month. 31, 2005 TOTAL ASSETS should read 62,567 (sted 60,649) and December 31, 2004 TOTAL ASSETS should read 22,269 (sted 21,699). Also, in 4th Quarter 2005 INCOME STATEMENT, under December 31, 2005 Net Interest Income after Provision for Loan Losses should read 508 (sted 507) and under December 31, 2005 Non-interest Income should read 37 (sted 38). The corrected release reads: BANK OF SANTA CLARITA REPORTS 4TH QUARTER RESULTS FOR 2005 Bank Growth and Expansion Up 181 Percent From December 2004 Bank of Santa Clarita (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BSCA BSCA Brazil Specialty Coffee Association BSCA Brussels South Charleroi Airport BSCA British Schools' Cycling Association BSCA Belgian Sheepdog Club of America, Inc. BSCA Board of Service Contract Appeals BSCA Bachelor of Science in Customs Administration ) today announced financial results for the 4th quarter of 2005. Bank of Santa Clarita today announced asset growth of $7.9 million or a 14 percent increase for the quarter ending December 31, 2005. Total assets at December 31, 2005 increased to $62.6 million versus $54.7 million at September September: see month. 30, 2005 and $22.3 million at December 31, 2004. During the 4th quarter 2005, the Bank generated $14 million in net new loans which represents a 42 percent increase over the 3rd quarter 2005. Total loans at December 31, 2005 increased to $47.4 million from $33.4 million at September 30, 2005 and $6.3 million at December 31, 2004. The Bank reported that quarterly revenue was over $810,000 in the 4th quarter of 2005, an increase of 42% or $238,000 over the $572,000 of revenue in the 3rd quarter of 2005. This increased revenue trimmed the Bank's net loss for the 4th quarter to $313,000, down from the $331,000 for the 3rd quarter of 2005. The Bank's loan loss reserve, including the provision for unfunded loan commitments Unfunded loan commitments are those commitments made by a Financial institution that are contractual obligations for future funding. They should not be confused with Letters of credit which require certain trigger events before funding is needed. , continues to be a significant impact to the Bank's results as $201,000 was recorded for the 4th quarter of 2005, reflecting the Bank's continued proactive and conservative approach to credit risk. The Bank had no non-performing or delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. loans at December 31, 2005. The 4th quarter results also reflect non-recurring employee severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs and an adjustment to the Bank's accounting method for lease expense. Total revenue for the 12 months ending December 31, 2005 exceeded $1,980,000, which has continued to increase each of the first three quarters. Additionally, the Bank continues to benefit from the rise in interest rates. Continuing its trend towards profitability, the Bank's operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. are consistent with other start-up Start-up The earliest stage of a new business venture. banks. The Bank's net loss for the 12 months ending December 31, 2005, which represents the Bank's first full year of operations, totaled $1,640,000 as compared to a loss of $797,000 for the previous year which consisted of approximately two months of operations plus a pre-opening organizational period. "We have great momentum now and our growth and earnings are expected to continue as we invest in our people, products and services and the community in which we operate expands." said Bank of Santa Clarita President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. D. Hicken. "Bank of Santa Clarita's success is reflective Refers to light hitting an opaque surface such as a printed page or mirror and bouncing back. See reflective media and reflective LCD. of the dynamic and growing community in which we operate; the expertise and service orientation of our staff and the tremendous support of our shareholders and clients." said Hicken. "We are continuing to look for future branch locations within the Santa Clarita Valley The Santa Clarita Valley is the valley of the Santa Clara River in Southern California. It stretches through Los Angeles County and Ventura County. Its main population center is the city of Santa Clarita. The valley was part of the 48,612-acre (19,672. that will allow us to better serve the banking needs of our entire community." Founded by a group of respected Santa Clarita business leaders, Bank of Santa Clarita is filling the void created by large, out-of-area banks that currently dominate the local landscape. Bank of Santa Clarita provides local experienced decision-making decision-making, n the process of coming to a conclusion or making a judgment. decision-making, evidence-based, n a type of informal decision-making that combines clinical expertise, patient concerns, and evidence gathered from and personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. service that growing businesses need on a daily basis. With direct access to executive management and professional staff, coupled with high-tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. banking services like online bill-paying, check imaging and online wire transfers, businesses can efficiently manage their cash and credit needs.
Bank of Santa Clarita Corporate Headquarters
27441 Tourney Road, Suite 125
Santa Clarita, California 91355
661-362-6004
www.bankofsantaclarita.com
Certain statements in this letter, including statements regarding the anticipated development and expansion of the Bank's business, and the intent, belief or current expectations of the Bank, its directors or its officers, are "forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. " statements (as such term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. .
4th Quarter 2005
BALANCE SHEET
Unaudited - 000's omitted
December 31, 2005 2004
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Assets
Cash and Due From Banks $ 1,918 $ 570
Federal Funds Sold $ 10,770 $ 14,435
Investment Securities $ 990 $ 0
Loans (Net) $ 47,439 $ 6,276
Bank Premises and Equipment and
other assets $ 1,450 $ 988
---------- ----------
TOTAL ASSETS $ 62,567 $ 22,269
========== ==========
Liabilities & Shareholders' Equity
Non-interest Bearing Demand Deposits $ 17,463 $ 4,837
Interest Bearing Demand Deposits $ 3,339 $ 1,186
Money Market and Savings Deposits $ 7,031 $ 2,205
Time Deposits $ 14,569 $ 1,074
---------- ----------
Total Deposits $ 42,402 $ 9,302
Other Borrowed Money $ 516 $ 0
Other Liabilities $ 671 $ 84
---------- ----------
Total Liabilities $ 43,589 $ 9,386
Shareholders' Equity $ 18,978 $ 12,883
---------- ----------
TOTAL LIABILITIES &
SHAREHOLDERS' EQUITY $ 62,567 $ 22,269
========== ==========
INCOME STATEMENT
Unaudited - 000's omitted
December 31, 2005 (a) 2004 (b)
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Interest Income
Loans $ 667 $ 15
Investment Securities $ 10 $ 0
Federal Funds Sold $ 133 $ 99
-------- --------
Total Interest Income $ 810 $ 114
Interest Expense
Interest Bearing Demand Deposits $ 4 $ 0
Money Market and Savings Accounts $ 20 $ 2
Time Deposits $ 98 $ 1
Other Borrowed Money $ 3 $ 0
-------- --------
Total Interest Expense $ 125 $ 3
Net Interest Income $ 685 $ 111
Provision for Loan Losses $ 177 $ 80
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Net Interest Income after
Provision for Loan Losses $ 508 $ 31
Non-interest Income $ 37 $ 3
Non-interest Expense $ 858 $ 831
-------- --------
Operating Loss $ (313) $ (797)
Income Taxes $ 0 $ 0
-------- --------
NET LOSS $ (313) $ (797)
======== ========
Basic Loss Per Share $ (0.14) $ (0.58)
(a) For the quarter ended December 31, 2005
(b) From October 27, 2003 (date of organization) to December 31, 2004
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