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SCVBank Reports SecondQuarter 2014Results
By Anonymous — Monday, July 28th, 2014
• Strong Credit Quality and Core Deposits SANTA PAULA, CA. – Santa Clara Valley Bank (SCVBank;OTC BB: SCVE) Chairman of the Board, Leslie Cornejo, today announced the Bank's 2014 second quarter results. Board Chairman Leslie Cornejo reported that portfolio quality continues to demonstrate solid performance.Past due plus non-accrual loans achieved a record low of 0.80% of loans outstanding, with credit strength further demonstrated by just $14,693 in net losses, year-to-date 2014. SCVBank continues to maintain a strong capital position with a Tier 1 Leverage Capital Ratio of 11.41%, up from 10.83% at December 31, 2013. Liquidity continues to be very strong as cash, interest bearing deposits at financial institutions and investments totaled 48% of total assets at quarter end. SCVBank recorded anet loss of $2,000 for thesecond quarter of 2014 compared to a net loss of $1,000 for the second quarter of 2013. The year to date net loss through June 2014 was $129,000 compared to a net loss of $91,000 for the same six month period in 2013. The net losses are primarily attributable to declining loan balances. President Cheryl Knight commented that, "Challenges remain due to weak loan demand and very low interest rates; however, loans in process have recently increased and core deposits continue to be very strong.” Chairman Cornejo added that, “The bank continues to seek good quality business and commercial real estate loans in Ventura County and North Los Angeles County. As good quality loans are funded, the financial performance of SCVBank will continue to strengthen.” Founded in 1998, SCVBank currently operates three branches in Santa Paula, Fillmore, and Valencia. Executive and Loan Offices are located at 866 East Main Street, Santa Paula, Ca. Under its stock symbol of SCVE, 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 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. |
