Santa Clara Valley Bank has reported revenue of $1.9 million for the first quarter of 2008, an increase of 5% compared to $1.8 million for the same period in 2007.
Net income was $86,000 for the first quarter of 2008, compared to $98,000 for the corresponding period of 2007. Non-interest income increased to $287,000, or 59% for the first quarter of 2008, compared to the fourth quarter of 2007, as the bank’s SBA loan program provided substantial revenues.
In the first quarter of 2008, the bank’s assets grew to $108.2 million, up from $107.3 million for year-end 2007. Loans grew from $81.6 million for year-end 2007 to $83.4 million, or 2.2% at March 31, 2008. The bank holds $92.3 million in deposits, up from $91.6 million for year-end 2007. Non-interest bearing deposits comprise 33% of total deposits.
Guy Cole, chairman, said: We continue to be very optimistic about the bank’s future. The board’s long-term philosophy of building a strong banking franchise successfully continues during these challenging times unlike many other financial institutions.