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SCV Bank declares Q2 loss

Posted: July 28, 2014 1:00 p.m.
Updated: July 28, 2014 1:00 p.m.
 

Santa Clara Valley Bank released its second quarter results Monday, reporting a net loss of $2,000 for the period.

The year to date net loss through June 2014 was $129,000 compared to a net loss of $91,000 for the same six month period in 2013. According to the bank, the net losses are primarily attributable to declining loan balances.

"Challenges remain due to weak loan demand and very low interest rates; however, loans in process have recently increased and core deposits continue to be very strong,” said President Cheryl Knight.

The loan portfolio quality, however, continues to demonstrate solid performance, said Board Chairman Leslie Cornejo.

The Santa Paula-based bank reported year-to-date net losses of $14,693. Past due plus non-accrual loans achieved a record low of 0.80 percent of loans outstanding.

“The bank continues to seek good quality business and commercial real estate loans in Ventura County and North Los Angeles County,” Cornejo said. “As good quality loans are funded, the financial performance of SCVBank will continue to strengthen.”

Earlier this month, Santa Clara Valley Bank agreed to be sold for $15.3 million to Sierra Bancorp, holding company for Bank of the Sierra in the San Joaquin Valley.

At the time of the announcement Sierra Bancorp CEO James Holly said that Santa Clara Valley Bank’s market was very similar to the region it already served.

Holly added that he believed Sierra Bancorp could serve the commercial and residential communities of Ventura, Oxnard and Santa Clarita.

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