Santa Clara Valley Bank NA announced unaudited earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported revenue of $2,042,000, an increase of 7.8%, or $148,000, over the $1,894,000 of revenue in the third quarter of 2008. The increase in revenues is a function of the growth in the Bank's loan portfolio and positive performance by its investment portfolio. Net interest income was $1,393,000 versus $1,264,000 for the same quarter in 2008. This represents an increase of $129,000 or 10.2%. Net loss was $97,000 compared to a net profit of $165,000 for the period a year earlier. The reduction in net income occurred primarily due to a $562,000 addition to the allowance for loan losses, as a result of loans being adversely affected by the recession and its effect on collateral values. Net loss per basic share available to common shareholders, after preferred stock dividends, was $0.13 compared to net profit of $0.15 per basic share for the same period 2008. For the nine months, the company reported net loss of $491,000 and net loss applicable to common shares of $571,000 or $0.53 per basic share on interest income of $5,381,000 compared to net income and net income applicable to common shares of $421,000 or $0.39 per basic share on interest income of $5,014,000 for the same period a year ago. Loss before taxes was $923,000 compared to income before income tax of $691,000 for the same period a year ago. Book value per common share was $10.05 compared to $10.21 for the same period a year ago. Return on average assets was negative 0.48% compared to 0.52% for the same period a year ago. Return on beginning equity was negative 5.92% compared to 5.04% for the same period a year ago.

Santa Clara Valley Bank NA reported unaudited earnings results for the second quarter and six months ended June 30, 2009. The company reported record quarterly revenue of $2,102,000 for the second quarter of 2009, an increase of 12.4%, or $232,000, over the $1,870,000 of revenue in the second quarter of 2008. The increase in revenues is a function of the growth in the Bank's loan portfolio and good management of the investment portfolio. Net interest income for the quarter was also at an all time high of $1 374,000 versus $1,193,000 for the same quarter in 2008. This represents an increase of $181,000 or 15.2%. The second quarter 2009 net interest income reflects a $153,000 increase over the first quarter 2009. For the quarter, the company reported net income applicable to common shares of $33,000. The company recorded a net profit for the second quarter 2009 of $73,000 or $0.03 per common basic share compared to a net profit of $170,000 or $0.16 per basic share for the period a year earlier. The reduction in net income occurred primarily due to a $250,000 addition to the allowance for loan losses, as a result of loans being adversely affected by the recession and its effect on collateral values. For the six month period, the company reported a loss of $394,000. This compares to a profit of $256,000 for the same period in 2008. The primary cause of the year-to-date loss was the large loan loss provision recorded in the first quarter as the recession adversely affected several loans. For the period, the company reported loss before taxes of $700,000 and net loss applicable to common shares of $434,000 or $0.40 per basic share on interest income of $3,551,000 on interest income of $3,551,000 compared to the income before taxes of $419,000 and net loss applicable to common shares of $256,000 or $0.23 per basic share on interest income of $3,328,000 for the same period year ago. Loss on average assets was 0.58% compared to the return on average assets of 0.48% for the same period year ago. Loss on beginning equity was 7.12% compared to the return on beginning equity of 4.60% for the same period year ago. The company book value per common share on June 30, 2009 was $10.02 compared to the $10.14 for the same period year ago.

Santa Clara Valley Bank NA reported unaudited earnings results for the first quarter ended March 31, 2009. For the quarter, the company reported net loss of $467,000 or $0.43 loss per basic share compared to net income of $86,000 or $0.08 per basic share for the same period a year ago. Interest income was $1,706,000 compared to $1,703,000 a year ago. Loss before taxes was $804,000 compared to income before taxes of $152,000 a year ago. Book value per common share was $9.92 compared to $10.49 a year ago. Return on average assets was negative at 1.43% compared to return on average assets of 0.32% a year ago. Return on beginning equity was negative at 16.89% compared to return on beginning equity of 3.09% a year ago. The reduction in Revenue was a function of the low interest rate environment, including the near zero interest rate received on overnight funds. Also affecting revenue was the inability to sell the guaranteed portion of SBA loans in 2009. The loss occurred primarily due to a $900,000 addition to the allowance for loan losses, as a result of several loans adversely affected by the recession and its effect on collateral values.