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Despite economy, SCV Bank doing well

Sees $8.8M growth in third quarter of 2008

Posted: October 27, 2008 11:55 a.m.
Updated: December 26, 2008 5:00 a.m.
 
The economy is weakening, but Santa Clarita Valley Bank is growing.

SCV Bank announced its 2008 third quarter financial results which show loan growth at $8.8 million and deposit increases of $4.9 million. The loan growth consisted primarily of commercial real estate loans, according to SCV Bank.

"The Bank is in a very strong capital position," CEO Michael Hause said. "We expect to continue to grow in the fourth quarter as customers continue to call on SCV Bank for their loan deposit needs."

As a five-star bank, depositors moved assets to SCV Bank from several troubled banks. The bank's FDIC insurance, which goes up to $50 million dollars, is also an effective program for many depositors, according to bank officials.

"Our increasing income in 2008 is a testament to the strength and conservative nature of SCV Bank," Chairman Guy Cole said. "The board's oversight and conservative nature continues to ensure our long-term success."

For the nine-month period ending Sept. 30, SCV Bank's net income was $421,000, or 39 cents per share, an increase of 46 percent compared to $288,000, or 27 cents per share, for the same period a year earlier.

SCV Bank reported that net income was $165,000 in the third quarter of 2008, a decrease of 8 percent, compared to the $180,000 of net income reported in the same quarter of 2007.

The bank's assets grew to $113.7 million $107.3 million in 2008. Loans grew from $81.6 million to $92.9 million. The bank holds $96.7 million in deposits, up from $91.6 million at the end of 2007.

"We are happy with the quality of our loan portfolio, although the current economic conditions are beginning to put pressure on some of our SBA loan customers," Hause said. "It will be difficult to continue to operate without a loan charge-off with the current condition of the economy."

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