“Deposit growth in the Valencia Branch continues to be strong. Since our Grand Opening in February, deposits already exceed $11 million; loan demand has also been robust”, stated CEO Hause. SBA income will improve in the third quarter, as several SBA loans are ready to be booked.SCVBank’s loan portfolio continues to perform well. As of 6/30/06, problem loans comprise less than 1/2 of 1 percent of total loans, and delinquent loans are minuscule.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 Crowell Weedon and Company and Wedbush Morgan Securities. The Bank’s web site is www.SCVBank.com.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. Additional information on these and other factors that could affect financial results are included in filings with the Office of the Comptroller of the Currency, Washington, D.C.
Santa Clara Valley Bank continues strong growth in second quarter
July 21, 2006
Santa Paula News
Santa Clara Valley Bank (SCVBank) President/CEO Michael D. Hause announced that the Bank experienced continued strong growth in both deposits and loans during the second quarter of 2006.
Santa Clara Valley Bank (SCVBank) President/CEO Michael D. Hause announced that the Bank experienced continued strong growth in both deposits and loans during the second quarter of 2006. During the quarter deposits increased $2.9 million or 4%, while loans increased $2.9 million or 6%. Assets increased by $6.1 million or 7%, ending the period at $91.4 million.Pre-tax income for the second quarter was $89,203, up from $56,263 in the first quarter of 2006. The quarterly pre-tax profit reflected an increase of $1,513 over the same period in 2005.“The Board is gratified that pre-tax earnings for the quarter exceeded the previous year’s pre-tax income, considering that the opening of our Valencia Branch didn’t occur till the third quarter, 2005. This indicates that the Bank is experiencing satisfactory revenue growth to cover our new 4,000 square foot facility in the Valencia Town Center”, stated Board Chairman Sanger Hedrick.Net profit after taxes for the quarter was $31,737 or $0.03 per share. For the same period in 2005, net earnings were $86,889 or $0.12 per share. The decrease occurred as the Bank is recording additional income tax expense now that all tax benefits have been fully realized in prior years.At quarter end SCVBank’s assets totaled $91.4 million, a 26% increase year over year. Deposits also grew significantly, up 22% during the 12 month period. Loans totaled $52.7 million as of 6/30/06, representing a 33% increase year over year.
