SCVBank Reports Second Quarter 2013 Results

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SCVBank Reports Second Quarter 2013 Results

  • Continued Improvement in Loan Quality
  • 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 2013 second quarter results.

Board Chairman Scott Rushing reported that portfolio quality continues to demonstrate solid performance with a low level of past due loans to total loans of just 1.18% at the end of the second quarter of 2013, an all time low since pre-recession. President Cheryl Knight commented that "a good quality loan portfolio will enable the bank to focus more resources on the origination of good quality loans in our local community, leading to growth and enhanced earnings."


SCVBank recorded a net loss from operations of $1,000 for the second quarter of 2013 compared to a net profit of $196,000 for the second quarter of 2012. The increase in expenses in 2013 is primarily due to the hiring of additional loan officers and loan support staff. Chairman Rushing stated that "the results are consistent with the bank's strategic plan to hire additional lending staff to support future growth of the bank.Results are already apparent with second quarter new loan production representing the highest level in the most recent six quarters." Ms. Knight added that "the bank is always seeking good quality loans and, while historically low interest rates remain a challenge, as new quality loans are funded, the financial performance of SCVBank should strengthen."

SCVBank continues to maintain a strong capital position with a Tier 1 Leverage Capital Ratio of 11.06%, up from 10.68% at December 31, 2012.

Liquidity continues to be very strong as cash and investments total 50% of total assets at quarter end.

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

UnauditedAudited
June 30, 2013December 31, 2012
Assets:
Cash and due from banks$14,621,000$16,186,000
Investments52,033,00049,408,000
Loans64,746,00068,998,000
Allowance for loan losses(1,244,000)(1,407,000)
Other assets 3,602,000  3,801,000 
Total Assets$133,758,000 $136,986,000 
 
Liabilities and Stockholders' Equity:
Deposits$113,293,000$114,972,000
Borrowed Funds5,600,0006,550,000
Other liabilities472,000434,000
Stockholders' equity 14,393,000  15,030,000 
Total Liabilities and Stockholders' Equity$133,758,000 $136,986,000 
 
Book value per common share$6.97$7.40
Common shares outstanding (end of period)1,472,1671,472,167
Tier 1 leverage ratio11.06%10.68%
Total risk-based capital ratio22.09%21.25%
 
For the Three Months Ended

Statements of Income (unaudited)

June 30, 2013June 30, 2012
Interest income$1,219,000$1,473,000
Interest expense 98,000  136,000 
Net interest income1,121,0001,337,000
Provision for loan losses--
Noninterest income268,000211,000
Noninterest expense 1,390,000  1,352,000 
Income (loss) before taxes(1,000)196,000
Income tax provision -  - 
Net Income (Loss)$(1,000)$196,000
Preferred stock dividends or accretion 9,000  9,000 
Net income (loss) applicable to common shares$(10,000)$187,000 
Income (Loss) per common share, basic($0.01)$0.13
Return on average assets-0.01%0.60%
Return on average equity-0.03%5.31%
 
Year to date through

Statements of Income (unaudited)

June 30, 2013June 30, 2012
Interest income$2,456,000$2,880,000
Interest expense 214,000  279,000 
Net interest income2,242,0002,601,000
Provision for loan losses--
Noninterest income474,000419,000
Noninterest expense 2,807,000  2,643,000 
Income (loss) before taxes(91,000)377,000
Income tax provision -  - 
Net Income (Loss)$(91,000)$377,000
Preferred stock dividends or accretion 9,000  9,000 
Net income (loss) applicable to common shares$(100,000)$368,000 
Income (Loss) per common share, basic$14,721,670.00$2,897,098.70
Return on average assets-0.14%0.58%
Return on average equity-1.24%5.11%
 



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

KEYWORDS:   United States  North America  California

INDUSTRY KEYWORDS:

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