Santa Clara Valley Bank (SCVE.OB) Posts Q1 Financial Results, Optimistic Outlook Despite Negative Economic Environment
Santa Clara Valley Bank (SCVBank) today posted its 2010 first quarter financial results, noting an expanding customer base despite the nation’s bleak banking outlook. SCVBank reported net interest income at $1,344,000 for the first quarter of 2010, an increase of 10 percent, or $124,000, over the $1,220,000 reported in the first quarter of 2009. The bank attributes the increase primarily to higher priced funding sources that were replaced by lower costing deposits. SCVBank posted a net loss for the first quarter of ($181,000) compared to a net loss of ($467,000) for the period a year earlier. The net loss in…