SCVBank Reports Third Quarter Results
SCVBank Reports Third Quarter Results
Solid Operating Profit
Improving Capital Ratios
Highly Liquid
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
KEYWORDS: United States North America California
INDUSTRY KEYWORDS:
The article SCVBank Reports Third Quarter Results originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.
