Bank of Santa Clarita reported unaudited earnings results for the first quarter ended March 31, 2016. For the quarter, total interest income was $2,253,000 against $2,207,000 a year ago. Net interest income was $1,876,000 against $1,852,000 a year ago.

Net earnings before income taxes were $386,000 against $561,000 a year ago. Net earnings were $241,000 against $347,000 a year ago. This reduction in earnings is largely attributable to the reported provision for loan losses, which provision is related to the Bank's growth in loans noted above (and is not related either to charge-offs recorded or to any deterioration of credit quality in the portfolio), and the accounting rules that require that an allowance for losses be provided for the loan portfolio, including any growth in that portfolio; for the ninth consecutive quarter the Bank has had negative net charge-offs (wherein recoveries of previously charged-off amounts exceeded that quarter's charge-offs, if any).