Santa Clara Valley Bank Chairman Scott K. Rushing announced the Bank’s 2012 third quarter results Thursday.
SCVBank recorded a net profit from operations of $157,000 for the third quarter of 2012 compared to a net profit of $140,000 for the third quarter of 2011. Year to date earnings from operations through September 2012 was $534,000 versus $384,000 for the same nine month period in 2012. The improvement in earnings in the third quarter 2012 was largely due to the improvement in noninterest income and the reduction of noninterest expenses.
A modest provision for loan losses of $75,000 was booked in the third quarter of 2012 to ensure a strong allowance for loan losses.
SCVBank continues to maintain a strong capital position with a Tier 1 Leverage Capital Ratio of 10.95%, up from 10.81% at December 31, 2011.
Liquidity continues to be very strong as cash and investments total 44% of total assets at quarter end.
President Cheryl Knight commented that stronger results reflect continued improvement in asset quality and management of expenses. She added that positive trends are expected to continue under the leadership of Paul Alexander as the Bank’s Chief Credit Officer.
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.
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