Loans continued to grow at a solid pace. During the quarter, loan volume increased by $4.5 million. Loans grew from $62.0 million at year-end 2006 to $78.8 million at September 30, 2007, up 27%.In the third quarter of 2007, the Bank’s assets grew to $100.7 million, up from $96.6 million at year-end 2006, an increase of approximately 4.3%. Earlier in the year, SCVBank chose to implement FAS 159. In doing so, the Bank was able to facilitate the sale of securities allowing the Bank to improve liquidity and eliminate high rate brokered CD’s, therefore enhancing its net interest margin. At quarter end, non-interest bearing deposit comprised 29% of the deposit total.In the fourth quarter, the Bank will be rolling out its remote deposit capture program. This product will allow small businesses to deposit daily receipts conveniently and efficiently from their office. Implementation of the new service will allow SCVBank to increase deposits by expanding marketing opportunities to new customers and existing loan customers.The last sale of the Bank’s common stock was for $15.00 per share.
SCVBank Reports Year-To-Date Income Up
October 24, 2007
Over 141% From Year Earlier
Santa Paula News
Santa Clara Valley Bank (SCVBank;OTC BB:SCVE.OB) today announced its 2007 third quarter financial results.
Santa Clara Valley Bank (SCVBank;OTC BB:SCVE.OB) today announced its 2007 third quarter financial results.SCVBank reported that revenue was $1,903,000 in the third quarter of 2007, an increase of 12%, or $205,000, over the $1,698,000 of revenue in the third quarter of 2006. This increased revenue contributed to the Bank’s net income for the quarter of $181,000, compared to the $102,000 earned in the same quarter of 2006, an improvement of 77%.Compared to the second quarter 2007, net income increased $41,000, or 29%. Year-to-date net income is $441,000 versus $183,000 in 2006, a 141% increase. The Bank’s net interest margin increased to 4.6%.For the nine months ended September 30, 2007, noninterest income increased to $777,000, a $220,000 improvement compared to the same period in 2006.Amidst severe problems in the mortgage market, SCVBank’s loan portfolio exhibits strong performance, with minimal delinquencies. “SCVBank holds zero non-performing loans, and a minimal percentage of problem loans, due in large part to management’s commitment to a strong credit culture”, reported Charles Elliott, Executive Vice President & Chief Credit Officer. “For the first nine months of 2007, loan losses have been nil, a significant accomplishment in the current economic environment,” Elliott continued. SCVBank does not originate or hold single family mortgages and therefore is not impacted by the trouble in the subprime mortgage arena.
