By a News Reporter-Staff News Editor at Investment Weekly News -- Santa Clara Valley Bank (SCVBank) (OTCBB: SCVE) Chairman of the Board, Leslie Cornejo, announced the Bank's 2014 second quarter results.
Board Chairman Leslie Cornejo reported that portfolio quality continues to demonstrate solid performance. Past due plus non-accrual loans achieved a record low of 0.80% of loans outstanding, with credit strength further demonstrated by just $14,693 in net losses, year-to-date 2014.
SCVBank continues to maintain a strong capital position with a Tier 1 Leverage Capital Ratio of 11.41%, up from 10.83% at December 31, 2013. Liquidity continues to be very strong as cash, interest bearing deposits at financial institutions and investments totaled 48% of total assets at quarter end.
SCVBank recorded a net loss of $2,000 for the second quarter of 2014 compared to a net loss of $1,000 for the second quarter of 2013. The year to date net loss through June 2014 was $129,000 compared to a net loss of $91,000 for the same six month period in 2013. The net losses are primarily attributable to declining loan balances.
President Cheryl Knight commented that, "Challenges remain due to weak loan demand and very low interest rates; however, loans in process have recently increased and core deposits continue to be very strong." Chairman Cornejo 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, Raymond James & Associates Inc., and Monroe Securities. The Bank's web site is www.SCVBank.com.
Santa Clara Valley Bank Corporation Headquarters901 East Main StreetSanta Paula, California 93060805-525-1999
Keywords for this news article include: Banking and Finance, Santa Clara Valley Bank.
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