SCVBank reports first quarter income up sharply from a year earlier
Loans Up 13 Percent from December 2006
Santa Paula News
Published: April 27, 2007
Santa Clara Valley Bank (SCVBank;OTC BB:SCVE.OB) today announced its 2007 first quarter financial results.
Santa Clara Valley Bank (SCVBank;OTC BB:SCVE.OB) today announced its 2007 first quarter financial results.
SCVBank reported that revenue was $1,932,000 in the first quarter of 2007, an increase of 50%, or $642,000, over the $1,290,000 of revenue in the first quarter of 2006. This increased revenue contributed to the Bank’s net income for the quarter of $120,000, compared to the $49,000 earned in the same quarter of 2006, an improvement of 145%. SCVBank has chosen to early adopt FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities. As a result, the Bank recorded a marked to market gain during the first quarter of $37,000, which also contributed to the increase in net income.
Non-interest income for the quarter increased by $156,000, or 95% over the first quarter 2006, as SCVBank’s SBA loan program continued to grow. For the month of March 2007, the Bank’s efficiency ratio improved to 69.5%.
Compared to the fourth quarter, 2006, net income increased $2,000, or 2%.
In the first quarter of 2007, the Bank’s assets grew to $104.4 million, up from $96.6 million at year-end 2006, an increase of approximately 8.1%. The Bank has $91.0 million in deposits, up from $83.2 million, or 9.3%, over the same period with strong growth in our core customer base. Loans also grew from $62.0 million at year-end to $69.8 million, or 13% at March 31, 2007.
“We are very pleased with our growth for the quarter and the gains in market share, particularly in the Santa Clarita Valley which is the site of our latest branch,” said Board Chairman Sanger Hedrick. “We continue to be optimistic about the Bank’s future and the growth of our banking franchise,” stated Chairman Hedrick.
“2007 is starting off very well for SCVBank,” said Santa Clara Valley Bank President and CEO, Michael D. Hause. “The results reflect a leveraging of our strong customer relationships, with numerous referrals, predicated on the implementation of our strategy to provide an exceptional financial experience for our customers. This, of course, is implemented by our passionate team of veteran banking professionals,” continued Hause.
“Deposit growth in all branches continues to be strong with a 9.3% increase from year-end. Loan demand continues to be solid, especially in the Santa Clarita area”, stated Hause.
The Bank’s loan portfolio continues to perform well. SCVBank continues to have no non-performing loans.
“Santa Clara Valley Bank’s success is measured not only by our positive financial results, but by our ability to bring value to an increasing number of small to mid-sized businesses, professionals, and entrepreneurs. We continue to differentiate SCVBank from the competition as the Bank that stands for Service, Commitment, and Value throughout our marketplace,” said Hause.
The last stock sale was for $18.50 per share.
Founded in 1998, Santa Clara Valley Bank has offices in Santa Paula, Fillmore, and Valencia. Under its stock symbol of SCVE.OB, Santa Clara Valley Bank’s stock is traded through Wedbush Morgan Securities, Howe Barnes Hofer & Arnett, and Monroe Securities. The Bank’s web site is www.SCVBank.com.
Santa Clara Valley Bank
Corporate 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, 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.
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