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Santa Paula bank faces ongoing challenges

Posted: March 12, 2014 2:00 a.m.
Updated: March 12, 2014 2:00 a.m.
 

Santa Clara Valley Bank announced its fourth quarter earnings saying the bank had recorded $190,000 in income before taxes, compared to an income before taxes of $157,000 for the fourth quarter of 2012.

Income before taxes for 2013 was $77,000.

Due to a $227,000 writedown of deferred tax assets during the fourth quarter of 2013, the Bank’s net loss, after taxes, was $37,000.

The net loss for 2013 was $153,000.

“Challenges remain due to weak loan demand and very low interest rates,” said President Cheryl Knight. “However, returns on our high quality investment portfolio have increased recently.”

As good quality loans are funded, the financial performance of the Santa Paula-based bank will continue to strengthen, Knight said.

 

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