REVENUE UP FOR UPSTART LOCAL BANK.Byline: Daily News VALENCIA - The Bank of 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, raised revenue by 42 percent during the last three months of 2005 as the upstart bank continues to trim losses to reach profitability, 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. an earnings statement released Friday. The Valencia-based bank, opened in November 2004, reported revenue of $810,000 for the three months ending Dec. 31 - a $238,000 increase from the previous quarter. The increase continues to trim net losses, which were $313,000 for the fourth quarter, or 14 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , down $18,000 from the third quarter. The bank's net loss for 2005 - its first full year of operation - totaled $1.64 million on revenue of $1.98 million. Officials maintain the figures are consistent with most start-up Start-up The earliest stage of a new business venture. banks, and are considering expansion. Shares of the company traded at $16.50 Friday on the Over the Counter Bulletin Board. ``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,'' James D. Hicken, the bank's president and chief executive officer, said in a statement. ``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.'' Bank assets grew $7.9 million, or 14 percent during the fourth quarter. Assets totaled $62.6 million by year-end, compared to just $22.3 million the end of 2004. The bank also generated $14 million in net new loans in the fourth quarter, a 42 percent increase from the previous three months, and continues to benefit from rising interest rates, officials said. Total loans for the year was $47.4 million, compared to $6.3 million a year ago. The bank's loan loss reserve, including 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. , was $201,000 for the fourth quarter. Officials reported 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. |
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