Business & Finance
Business and Finance
Business and Finance
Fri, October 28, 2011
Thu, October 27, 2011 
SANTA PAULA, Calif.--([ BUSINESS WIRE ])--Santa Clara Valley Bank (SCVBank) (OTCBB: SCVE) today announced its 2011 third quarter results (unaudited, except where noted).
"We attribute this reduction in charge offs to the hard work of our loan staff to improve the overall quality of our loan portfolio."
SCVBank recorded a net profit of $140,000 for the third quarter of 2011 compared to a net profit of $60,000 for the third quarter of 2010. Net profit for the nine month period ending September 30, 2011 was $384,000 versus a net loss of $(346,000) for the same nine month period in 2010. This improvement in earnings was largely due to the reduction in the provision for loan loss expense. Due to improved credit conditions there was no loan loss provision taken in the first nine months of 2011, compared to a $900,000 provision taken in 2011 during the same period.
Net loan charge-offs for the first nine months of 2011 totaled $279,000 as compared to $1,585,000 for the same nine month period in 2010. Interim CEO and Chairman of the Board Ralph De Leon noted, aWe attribute this reduction in charge offs to the hard work of our loan staff to improve the overall quality of our loan portfolio.a
SCVBank continues to maintain a strong capital position with a Tier 1 Leverage Ratio of 11.00%, up from 9.09% a year ago. Total risk-based capital is 19.03%, up from 14.81% last September.
Liquidity continues to be very strong as cash and investments total $55,345,000, or 42.67% 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, SCVBankas stock is traded through McAdams Wright Ragen, Howe Barnes Hofer & Arnett, and Monroe Securities. The Bankas web site is [ www.SCVBank.com ].
| Santa Clara Valley Bank Corporation Headquarters | ||||
| 901 East Main Street | ||||
| Santa Paula, California 93060 | ||||
| 805 525-7847 | ||||
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, 2011 | December 31, 2010 | |||||||||
| Assets: | ||||||||||
| Cash and due from banks | $ | 6,219,000 | $ | 3,089,000 | ||||||
| Investments | 49,126,000 | 45,500,000 | ||||||||
| Loans | 73,141,000 | 85,254,000 | ||||||||
| Allowance for loan losses | (2,276,000 | ) | (2,555,000 | ) | ||||||
| Other assets | 3,496,000 | 5,132,000 | ||||||||
| Total Assets | $ | 129,706,000 | $ | 136,420,000 | ||||||
| Liabilities and Stockholders' Equity: | ||||||||||
| Deposits | $ | 108,143,000 | $ | 114,166,000 | ||||||
| Borrowed Funds | 6,550,000 | 8,550,000 | ||||||||
| Other liabilities | 388,000 | 1,742,000 | ||||||||
| Stockholders' equity | 14,625,000 | 11,962,000 | ||||||||
| Total Liabilities and Stockholders' Equity | $ | 129,706,000 | $ | 136,420,000 | ||||||
| For the Nine Months Ended | ||||||||||
Statements of Income(unaudited) | September 30, 2011 | September 30, 2010 | ||||||||
| Interest income | $ | 4,520,000 | $ | 4,942,000 | ||||||
| Interest expense | 572,000 | 939,000 | ||||||||
| Net interest income | 3,948,000 | 4,003,000 | ||||||||
| Provision for loan losses | - | 900,000 | ||||||||
| Noninterest income | 442,000 | 512,000 | ||||||||
| Noninterest expense | 4,006,000 | 3,960,000 | ||||||||
| Income (loss) before taxes | 384,000 | (345,000 | ) | |||||||
| Income tax provision | - | 1,000 | ||||||||
| Net Income (Loss) | $ | 384,000 | $ | (346,000 | ) | |||||
| Preferred stock dividend | - | (40,000 | ) | |||||||
| Net income (loss) applicable to common shares | $ | 384,000 | $ | (386,000 | ) | |||||
| Income (Loss) per common share, basic | $ | 0.26 | ($0.31 | ) | ||||||
| For the Three Months Ended September 30, | ||||||||||
| 2011 | 2010 | |||||||||
| Quarterly net income | $ | 140,000 | $ | 60,000 | ||||||
| Preferred stock dividend | - | - | ||||||||
| Quarterly net income applicable to common shares | $ | 140,000 | $ | 60,000 | ||||||
| Book value per common share | $ | 7.15 | $ | 6.96 | ||||||
| Common shares outstanding (end of period) | 1,472,167 | 1,442,167 | ||||||||
| Return on average assets - year to date | 0.40 | % | -0.33 | % | ||||||
| Return on average equity - year to date | 3.89 | % | -3.70 | % | ||||||
| Tier 1 leverage ratio | 11.00 | % | 9.09 | % | ||||||
| Tier 1 risked-based capital ratio | 17.99 | % | 13.72 | % | ||||||
| Total risk-based capital ratio | 19.03 | % | 14.81 | % | ||||||
