Santa Clara Valley Bank (SCVBank; OTC BB: SCVE.OB) today announced its 2006 third quarter financial results.
In the third quarter of 2006, the Bank’s assets grew to $96.1 million, up from $74.9 million at year-end 2005, an increase of approximately 28%. The bank has $83.1 million in deposits, up from $66.3 million, or 25%, over the same period with strong growth in our core customer base. Loans also grew from $42.4 million at year-end to $56.7 million, or 34%, at September 30, 2006.
“We are very pleased with our growth for the year particularly in the Santa Clarita Valley which is the site of our latest branch,” said Board Chairman Sanger Hedrick. “We continue to be optimistic about the Bank’s future and the growth of our banking franchise,” continued Chairman Hedrick.
The Bank reported that quarterly revenue was over $1,697,721 in the third quarter of 2006, an increase of 47%, or $544,103, over the $1,153,618 of revenue in the third quarter of 2005. This increased revenue contributed to the Bank’s net income for the quarter of $102,189, up from the $67,655 for the same quarter of 2005. Compared to the previous quarter’s net income of $31,737, net income for this quarter was up 322%.
Total revenue on a year-to-date basis totaled $4,443,037, which was a 34% increase over the $3,310,164 posted at September 30, 2005.
“The Bank made some impressive gains during the third quarter,” said Santa Clara Valley Bank President and CEO, Michael D. Hause. “I credit our terrific group of banking professionals who provide the best banking products and service levels while operating in this very competitive environment. As we look to increase our market share, we expect that interest in our bank and the services we provide will continue to grow in the local communities we serve,” continued Hause.
“Deposit growth in the Valencia Branch continues to be strong. Since our Grand Opening in February, deposits already exceed $13 million; loan demand has also been robust”, stated Hause.
The Bank’s loan portfolio continues to perform well. As of September 30, 2006, SCVBank held no non-performing loans.
“Santa Clara Valley Bank’s success is measured not only by our positive financial results, but by our ability to bring value to an increasing number of small to mid-sized businesses in the markets we serve. I expect that during the year ahead, interest in the Bank and the services we provide will multiply as we expand throughout our marketplace,” said Hause.
Founded in 1998, Santa Clara Valley Bank has offices in Santa Paula, Fillmore, and . Under its stock symbol of SCVE.OB, Santa Clara Valley Bank’s stock is traded through Crowell Weedon and Company, Wedbush Morgan Securities, and Howe Barnes Hofer & Arnett. The Bank’s web site is www.SCVBank.com.