SCVBank Reports 2011 Results
- Solid Operating Profit
- Improving Capital Ratios
- Highly Liquid
SANTA PAULA, CA. May 1, 2012 – Santa Clara Valley Bank (SCVBank;OTC BB: SCVE.OB) today announced its 2011 financial results.
Liquidity continues to be very strong as cash and investments total $50,348,000, or 40.82% of total assets at year end.
SCVBank recorded a net profit of $431,000 for 2011 compared to a net loss of $(645,000) for 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 2011, compared to a $900,000 provision taken in 2011 during the same period.
SCVBank continues to maintain a strong capital position with a Tier 1 Leverage Ratio of 10.88%, up from 9.00% a year ago. Total risk-based capital is 19.27%, up from 15.51% in 2010.
2011 Year End Financial Results - (PDF)
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 McAdams Wright Ragen, Raymond James, and Wedbush Morgan Securities. The Bank's web site is www.SCVBank.com.
Santa Clara Valley Bank Corporate Headquarters
901 East Main Street
Santa Paula, California 93060
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.