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Santa Paula bank profits are up

Posted: August 2, 2012 2:00 a.m.
Updated: August 2, 2012 2:00 a.m.
 

Santa Clara Valley Bank of Santa Paula announced its second quarter results Wednesday.

The bank, founded in 1998, recorded a net profit from operations of $196,000 for the second quarter of 2012, compared to a net profit of $122,000 for the second quarter of 2011.

Year-to-date earnings through June 2012 were $377,000, compared to $262,000 for the same six-month period in 2011. The bank reported that the improvement in earnings in the second quarter 2012 was largely due to the improvement in non-interest income and the reduction of non-interest expenses.

The bank maintains a strong capital position with a Tier 1 leverage capital ratio of 11.08 percent, up from 10.81 percent a year ago, said a bank spokesperson. Liquidity continues to be strong as cash and investments total 41 percent of total assets at the end of the quarter.

The stronger results reflect continued improvement in asset quality and management of expenses, said Cheryl Knight, president of SCV Bank.

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