Sonoma Valley Bank President and Chief Administrative Officer Sean Cutting reported holding company earnings of $1,027,289 for the quarter ended March 31, 2008, compared to $1,015,898 a year ago, a gain of 1.1%. Earnings per share increased to $.46 versus $.45, a gain of 2.2% over 2007. The annualized Return on Assets was 1.39% and the annualized Return on Average Equity was 14.25%.
The Book Value for the stock at period end was $12.84. During the quarter, the company paid a thirty cent ($.30) per share cash dividend.
Sonoma Valley Bancorp, the holding company for Sonoma Valley Bank, posted total assets of $298 million at March 31, 2008, up 8.3% from $275 million one year ago. Loans reached $248 million, up 11.8% from $222 million in 2007. Although the existing loan portfolio is performing well with less than one half of 1% in non performing assets, the company elected to add $220,000 to the allowance for loan losses, leaving the reserve at 1.51% of gross loans.
Sonoma Valley Bank was not a participant in the sub-prime mortgage market, however the company is not immune to significant and rapid fluctuations in real property valuations, particularly in the Sonoma Valley. The company will continue to closely monitor the performance of the loan portfolio and the adequacy of the reserve account.
While 2008 continues to be a very challenging environment for the financial services sector, the company's strategies for growth and plans for deploying more sophisticated technology make it well-positioned to gain market share and promote continued profitability.
For the fifteenth year, Findley Reports, Inc. named Sonoma Valley Bank to its list of SUPER PREMIER PERFORMING BANKS in 2007, based upon the company's consistent earnings and strong capital position. Only 4 community banks in California have achieved this top rated status for at least 15 years. Sonoma Valley Bank was also recognized by the Community Bankers of California as one of the top 10 "Performance All-Stars" for 2007 based upon Return on Assets, Return on Equity and Efficiency Ratio for all California community banking institutions. -- Sonoma Valley Bancorp
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