SCVBank Reports Continued Growth in Earnings and Loan Volume.Quarterly Net Income Increases 15% SANTA PAULA Santa Paula (săn`tə pôl`ə), city (1990 pop. 25,062), Ventura co., S Calif., on the Santa Clara River in a fertile valley that yields citrus fruits, avocados, vegetables, flowers, nursery products, and walnuts; laid out 1875, inc. , Calif. -- Santa Clara Valley
The Santa Clara Valley is a valley just south of the San Francisco Bay in Northern California in the United States. Bank (SCVBank) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :SCVE) today announced its 2006 fourth quarter and year-end financial results. The Bank reported that quarterly revenue was $1,799,679 in the fourth quarter, an increase of 42%, or $535,284, over the $1,264,395 of revenue in the fourth quarter of 2005. This increase contributed to the Bank's net income of $117,609, up from $102,189 in the previous quarter, an increase of 15%. In the fourth quarter of 2006, the Bank's loans grew to $62 million, up from $42.4 million at the previous year-end, an increase of approximately 46%. The Bank has more than $83.2 million in deposits, up from $66.3 million, or 26%, over year-end 2005 with strong growth in our core customer base. "SCVBank enjoyed a highly successful fourth quarter by virtually every measure," remarked Board Chairman Sanger Hedrick. Total revenue for 2006 was $6,242,716, which was a 36% increase over the $4,574,558 for 2005. This contributed to an increase in pretax income pretax income Reported income before the deduction of income taxes. Pretax income is sometimes considered a better measure of a firm's performance than aftertax income because taxes in one period may be influenced by activities in earlier periods. of 36%. Net income after taxes for 2006 was $300,421. "SCVBank made some significant strides in 2006 in terms of establishing a strong customer service presence in Santa Clarita Santa Clarita, city (1990 pop. 110,642), Los Angeles co., S Calif., suburb 30 mi (48 km) NW of downtown Los Angeles, on the Santa Clara River; inc. 1987. Situated in the Santa Clara valley and nearby canyons, Santa Clarita includes the former towns of Canyon Country, and solidifying so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. our market positions in Santa Paula and Fillmore, where market share is 20%," continued Hedrick. For the year, deposit accounts increased by 523 with the Valencia Branch accounting for 53% of the increase. Non-interest bearing deposits continue to be strong at 31% of the total deposits. "December was one of our best months in terms of new accounts and loans boarded. The 89 new accounts and the $6.5 million in loan commitments boarded, coupled with a strong loan pipeline, should establish a strong base for profitability in the first quarter of 2007," said President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Michael D. Hause. "Our reputation as the 'exceptional customer service bank' is growing and will continue to add shareholder value." Bank assets at year-end were $96.6 million, an increase of 29%, over the 2005 year-end level of $74.9 million. SCVBank's loan portfolio continues to perform well. For the year, loan charge-offs were only $1,400. At year-end, there were no "non-performing" loans and delinquencies were minimal. Founded in 1998, Santa Clara Valley Bank has offices in Santa Paula, Fillmore, and Valencia. Under its stock symbol of SCVE.OB, Santa Clara Valley Bank's stock is traded through Wedbush Morgan Securities, and Howe Barnes Hofer & Arnett. The Bank's web site is www.SCVBank.com. Santa Clara Valley Bank Corporate 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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, the ability to control costs and expenses, the impact of consolidation in the banking industry, financial policies of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. government, and general economic conditions. |
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