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SCVBank Reports Third Quarter 2013 Results

  • Continued Improvement in Loan Quality
  • Improving Capital Ratios
  • Highly Liquid

SANTA PAULA, CA. November 5, 2013 – Santa Clara Valley Bank (SCVBank; OTC BB: SCVE) Chairman of the Board, Scott K. Rushing, today announced the Bank's 2013 second quarter results.

Board Chairman Scott Rushing reported that portfolio quality continues to demonstrate solid performance and loan production improvement is already apparent with record high second and third quarter new loan production.

SCVBank recorded a net loss from operations of $25,000 for the third quarter of 2013 compared to a net profit of $148,000 for the third quarter of 2012. SCVBank continues to maintain a strong capital position with a Tier 1 Leverage Capital Ratio of 10.95%, up from 10.68% at December 31, 2012. Liquidity continues to be very strong as cash, interest bearing deposits at financial institutions, and investments total 48% of total assets at quarter end.

President Cheryl Knight commented that, "challenges remain due to the decline in loan demand, irrational competition, and historically low interest rates, all placing pressure on interest income.” Chairman Rushing stated that, “financial results are consistent with the bank’s strategic plan to hire additional lending staff to support future growth of the bank”. Ms. Knight added that, “the bank continues to seek good quality loans. As new quality loans are funded, the financial performance of SCVBank should strengthen.”

PDF Third Quarter 2013 Financial Results - (PDF)

Founded in 1998, SCVBank currently operates three branches in Santa Paula, Fillmore, and Valencia. Under its stock symbol of SCVE.OB, 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
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, 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.

 
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