The Ventura County-based Santa Clara Valley Bank posted third-quarter net profits of $140,000 after the close of trading Thursday, up from $60,000 in profits for the same period year ago.
Bank officials attributed the improvement to reduced expenses in the set-aside for loan losses.
For the nine-month period ending Sept. 30, the bank posted $384,000 in profits versus a net loss of $346,000 for the first nine months of 2010.
Improved credit conditions allowed them to make no loan loss provision during 2011, compared to a $900,000 provision taken in 2010. Charge-offs from January to September 2011 totaled $279,000, versus $1.585 million for the same period a year ago.
Officials said the bank maintains a strong capital position with a Tier 1 Leverage Ratio of 11 percent, up from 9.09 percent a year ago. Total risk-based capital is 19.03 percent, up from 14.81 percent in September 2010.
SCV Bank is headquartered in Santa Paula. It operates three branch offices, one each in Santa Paula, Fillmore, and on Citrus Street in Valencia. It is unrelated to the Valencia-based Bank of Santa Clarita.