SCVBank Reports Fourth Quarter 2013 Results
- Continued Improvement in Loan Quality
- Strong Capital Ratios
- Highly Liquid
SANTA PAULA, CA. March 7, 2014 – Santa Clara Valley Bank (SCVBank;OTC BB: SCVE) Chairman of the Board, Scott K. Rushing, today announced the Bank's 2013 fourth quarter results.
Board Chairman Scott Rushing reported that portfolio quality continues to demonstrate solid performance with increasing loan production.
SCVBank recorded a $190,000 income before taxes for the fourth quarter of 2013 compared to an income before taxes of $157,000 for the fourth quarter of 2012. Income before taxes for 2013 was $77,000.
Due to a $227,000 writedown of deferred tax assets during the fourth quarter of 2013, the Bank's net loss, after taxes, was $37,000. The net loss for 2013 was $153,000.
SCVBank continues to maintain a strong capital position with a Tier 1 Leverage Capital Ratio of 10.84%, 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 45% of total assets at year end.
President Cheryl Knight commented that, "challenges remain due to weak loan demand and very low interest rates, leading to margin compression and lower income; however, returns on our high quality investment portfolio have increased recently. Core deposits compare favorably with other similar banks.” Chairman Rushing 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,