Market Overview

SCVBank Reports Third Quarter Results

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SANTA PAULA, Calif.--(BUSINESS WIRE)--

Santa Clara Valley Bank ("SCVBank") (OTCBB: SCVE) Chairman of the Board, Scott K. Rushing, today announced the Bank's 2012 third quarter results.

SCVBank recorded a net profit from operations of $157,000 for the third quarter of 2012 compared to a net profit of $140,000 for the third quarter of 2011. Year to date earnings from operations through September 2012 was $534,000 versus $384,000 for the same nine month period in 2012. The improvement in earnings in the third quarter 2012 was largely due to the improvement in noninterest income and the reduction of noninterest expenses.

A modest provision for loan losses of $75,000 was booked in the third quarter of 2012 to ensure a strong allowance for loan losses.

SCVBank continues to maintain a strong capital position with a Tier 1 Leverage Capital Ratio of 10.95%, up from 10.81% at December 31, 2011.

Liquidity continues to be very strong as cash and investments total 44% of total assets at quarter end.

President Cheryl Knight commented that stronger results reflect continued improvement in asset quality and management of expenses. She added that positive trends are expected to continue under the leadership of Paul Alexander as the Bank's Chief Credit Officer.

Founded in 1998, SCVBank currently operates three branches in Santa Paula, Fillmore, and Valencia. Under its stock symbol of SCVE.OB, SCVBank's stock is traded through McAdams Wright Ragen, Raymond James & Associates Inc., and Monroe Securities. The Bank's web site is www.SCVBank.com.

Santa Clara Valley Bank Corporation Headquarters
901 East Main Street
Santa Paula, California 93060
805 525-1999


Statements concerning future performance, developments or events concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, the effect of interest rate changes, and the ability to control costs and expenses, the impact of consolidation in the banking industry, financial policies of the United States government, and general economic conditions.

 
Santa Clara Valley Bank, N. A.
 

Balance Sheets

    Unaudited     Audited
September 30, 2012 December 31, 2011
Assets:
Cash and due from banks $ 15,648,000 $ 11,339,000
Investments 44,489,000 39,009,000
Loans 71,943,000 75,086,000
Allowance for loan losses (1,490,000 ) (1,926,000 )
Other assets   4,867,000     2,925,000  
Total Assets $ 135,457,000   $ 126,433,000  
 
Liabilities and Stockholders' Equity:
Deposits $ 113,051,000 $ 105,113,000
Borrowed Funds 6,550,000 6,550,000
Other liabilities 754,000 331,000
Stockholders' equity   15,103,000     14,439,000  
Total Liabilities and Stockholders' Equity $ 135,458,000   $ 126,433,000  
 
Book value per common share $ 7.45 $ 7.03
Common shares outstanding (end of period) 1,472,167 1,472,167
Tier 1 leverage ratio 10.95 % 10.81 %
Total risk-based capital ratio 20.58 % 18.19 %
 
For the Nine Months Ended

Statements of Income (unaudited)

September 30, 2012 September 30, 2011
Interest income $ 4,233,000 $ 4,520,000
Interest expense   411,000     572,000  
Net interest income 3,822,000 3,948,000
Provision for loan losses 75,000 -
Noninterest income 748,000 442,000
Noninterest expense   3,961,000     4,006,000  
Income (loss) before taxes 534,000 384,000
Income tax provision   -     -  
Net Income (Loss) $ 534,000 $ 384,000
Preferred stock dividends or accretion   27,000     27,000  
Net income (loss) applicable to common shares $ 507,000   $ 357,000  
Income (Loss) per common share, basic $ 0.34 $ 0.24
Return on average assets - year to date 0.55 % 0.04 %
Return on average equity - year to date 4.85 % 3.89 %
 
For the Three Months Ended

Statements of Income (unaudited)

September 30, 2012 September 30, 2011
Interest income $ 1,369,000 $ 1,442,000
Interest expense   132,000     171,000  
Net interest income 1,237,000 1,271,000
Provision for loan losses 75,000 -
Noninterest income 314,000 164,000
Noninterest expense   1,319,000     1,295,000  
Income (loss) before taxes 157,000 140,000
Income tax provision   -     -  
Net Income (Loss) $ 157,000 $ 140,000
Preferred stock dividends or accretion   9,000     9,000  
Net income (loss) applicable to common shares $ 148,000   $ 131,000  
Income (Loss) per common share, basic $ 0.10 $ 0.09
Return on average assets - 3rd quarter 0.47 % 0.43 %
Return on average equity - 3rd quarter 4.19 % 3.94 %
 

Santa Clara Valley Bank
Cheryl Knight, 805-525-1999
President & Chief Executive Officer
Fred Antrim, 805-525-1999
Senior Vice President & Chief Financial Officer



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