Bank of Santa Clarita Reports First Quarter Results for 2006; Bank Continues to Build Momentum as Assets Grow 39 Percent for the First Quarter of 2006.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. -- 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 First Quarter of 2006. Bank of Santa Clarita today announced asset growth of $24.4 million or a 39 percent increase for the Quarter ending March 31, 2006. Total assets at March 31, 2006 increased to $87.0 million versus $62.6 million at December December: see month. 31, 2005 and $31.2 million at March 31, 2005. During the First Quarter 2006, the Bank generated $12 million in net new loans which represents a 25 percent increase over the 4th Quarter 2005. Total loans at March 31, 2006 increased to $59.3 million from $47.4 million at December 31, 2005 and $15.7 million at March 31, 2005. The Bank reported that interest income was $1,026,000 in the First Quarter of 2006, an increase of 27% or $216,000 over the $810,000 in the Fourth Quarter of 2005. This increased revenue trimmed the Bank's net loss for the First Quarter to $134,000, down from $313,000 for the Fourth Quarter of 2005. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. included a total of $110,000 in provision for losses on loans and unfunded commitments. This resulted in an allowance for loan losses of 1.25% of total loans and unfunded commitments. 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 March 31, 2006. Additionally, as required by the Statement of Financial Accounting Standards (SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System ) No.123R related to previously issued stock options, the Bank incurred a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. for the First Quarter to compensation expense in the amount of $50,000. 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. "We continue to build momentum and our growth 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 our expanded presence in 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. and the high level of service we provide our clients," 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 D. Hicken. "We are pleased with the diversity of our client base and the positive response of our community," said Hicken. "We are also excited about our future office in Canyon Country, which has received Regulatory approval and is expected to open during the First Quarter of 2007. This will allow us to better serve the banking needs of the Santa Clarita Valley." Bank of Santa Clarita is a premier, independent full service Bank that serves the needs of small to mid-sized businesses, professionals, entrepreneurs and high net worth individuals. 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. Clients have direct access to executive management and professional staff, coupled with technology-based services that include, but are not limited to online bill-paying, check imaging and online wire transfers which enable businesses to efficiently manage their cash and credit needs.
Bank of Santa Clarita Corporate Headquarters
27443 Tourney Road, Suite 150
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" 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. .
1st Quarter 2006
BALANCE SHEETS
Unaudited - 000's omitted
March 31, 2006 2005
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Assets
Cash and Due From Banks $ 2,086 $ 1,981
Federal Funds Sold $18,690 $12,415
Investment Securities $ 4,995 $ 0
Loans (Net) $59,276 $15,673
Bank Premises and Equipment and Other Assets $ 1,903 $ 1,101
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TOTAL ASSETS $86,950 $31,170
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Liabilities & Shareholders' Equity
Non-interest Bearing Demand Deposits $19,410 $ 8,435
Interest Bearing Demand Deposits $ 3,997 $ 1,891
Money Market and Savings Deposits $ 8,447 $ 3,802
Time Deposits $34,922 $ 4,515
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Total Deposits $66,776 $18,643
Other Borrowed Money $ 566 $ 0
Other Liabilities $ 604 $ 183
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Total Liabilities $67,946 $18,826
Shareholders' Equity $19,004 $12,344
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TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $86,950 $31,170
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1st Quarter 2006
INCOME STATEMENTS
Unaudited - 000's omitted
Quarter Ended March 31, 2006 2005
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Interest Income
Loans $ 867 $ 151
Investment Securities $ 14 $ 0
Federal Funds Sold $ 145 $ 71
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Total Interest Income $1,026 $ 222
Interest Expense
Interest Bearing Demand Deposits $ 12 $ 1
Money Market and Savings Accounts $ 27 $ 4
Time Deposits $ 218 $ 18
Other Borrowed Money $ 4 $ 0
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Total Interest Expense $ 261 $ 23
Net Interest Income $ 765 $ 199
Provision for Loan Losses $ 149 $ 119
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Net Interest Income after
Provision for Loan Losses $ 616 $ 80
Non-interest Income $ 34 $ 13
Non-interest Expense $ 784 $ 631
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Operating Loss $ (134) $ (538)
Income Taxes $ 0 $ (1)
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NET LOSS $ (134) $ (539)
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Basic Loss Per Share $(0.06) $(0.39)
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