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Santa Clara Valley Bank reports improved loan quality

Posted: November 6, 2013 2:11 p.m.
Updated: November 6, 2013 2:11 p.m.
 

The Santa Clara Valley Bank, based in Santa Paula, recorded a net loss from operations of $25,000 for the third quarter of 2013 compared to a net profit of $148,000 for the third quarter of 2012, the said in a press release issued Wednesday.

“Portfolio quality continues to demonstrate solid performance and loan production improvement is already apparent with record high second and third quarter new loan production,” according to Scott K. Rushing, chairman of the board, who released the bank’s third quarter results.

The bank also reported that liquidity continues to be strong as cash, interest bearing deposits at financial institutions, and investments total 48 percent of total assets at quarter-end.

"Challenges remain due to the decline in loan demand, irrational competition, and historically low interest rates, all placing pressure on interest income,” said Cheryl Knight, bank president.

But, as the bank continues to secure good, new quality loans the financial performance of the bank should strengthen, Knight said.

“Financial results are consistent with the bank’s strategic plan to hire additional lending staff to support future growth of the bank,” Rushing said.

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