NEWS
BUSINESS: Valley Community Bank reports third quarter results Bank continues to produce quality net income, CEO Loupe says Pleasanton-based Valley Community Bank, in announcing results for the third quarter, reported net gains from the sale of Small Business Administration (SBA) loans totaled over $477,000 for the quarter. “While under stressful economic times, the bank continues to produce quality net income even after larger provisions for loan losses,” said Richard P. Loupe, the bank’s chief executive officer. “Our asset quality metrics continue to improve, and the results are acceptable net earnings so far this year.”
“While not off the charts, the bank generated a return on common equity for our shareholders in the third quarter of over 5.17%,” he said. “We are proud of these results, which are a direct reflection of the quality of our loyal customers.” The bank reported net income available to common shareholders (unaudited) of $.0.13 per common share for the third quarter of 2010, compared to $0.22 per common share in the third quarter of 2009. Net interest income before provision for loan losses was $2.35
million for the quarter, a slight 1% decrease compared to the third quarter of 2009, Loupe reported. Compared to the first nine months of 2009, the bank increased its loan loss provision/expense by $625,000, or 63% for the first nine months of 2010. Total Allowance for Loan losses stood at $4.2 million or 2.50% of loans at Sept. 30, compared to $4.0 million, or 2.19% of loans at Sept. 30, 2009. Net interest margin was 4.38% for the quarter, compared to 4.24% for the same quarter of last year. According to the bank’s report,
total assets as of Sept. 30 were $209.5 million, a decrease of 3.6 % compared to Sept. 30, 2009. From September 2009-September 2010, net loans decreased 9.5% at quarter end. Much of this decrease was the result of borrowers repaying or paying down revolving lines of credit. Even though loans decreased year over year, the bank established a significant number of new commercial and personal banking relationships in 2010. Valley Community Bank contin-
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Safeway ready to build new supermarket near Fairgrounds 58,000-square-foot store will be ‘flagship’ operation for Pleasanton-based grocer BY JEB BING
Following the City Council’s approval of a new Lifestyle supermarket near the Fairgrounds and a mandatory 30-day period before permits can be issued, Safeway is putting construction plans in place to start work on its 58,000-squarefoot store early next year. Scott Trobbe, a principal partner at South Bay Construction, who currently owns the 39-acre undeveloped site that Safeway will share, said specific plans are being drafted now. Permits for the start of construction could be pulled in January with Safeway’s plan to open the store by this time next year. The Safeway store with adjoining retail and commercial stores and restaurants will be built on a 12-1/2-acre site at the at the southwest corner of Valley and Bernal avenues adjacent to the I-680 northbound off-ramp. That parcel will be acquired from South Bay Construction, which already has city approval to build up to seven four-story office buildings on the rest of the site. Safeway’s plans, which have been under consideration by city planners for more than two years, were approved unanimously by the Planning Commission and then approved in back-to-back 4-1 votes by the City Council at its meetings Oct. 19 and Nov. 16. Councilman Matt Sullivan voted against the project, contending that the new store could “suck the life” out of existing grocery stores in Pleasanton, possibly leaving employees at those stores without jobs. The only other criticism of Safeway’s plans came from Councilman Cindy McGovern, who said she was disappointed that Safeway had dropped plans to include a gas station as part of its new store development. “I’ve been asked by many just why there won’t be a gas station,” she said. “I know many who drive
to Dublin to buy gas at that Safeway and then do their shopping there.” City Manager Nelson Fialho said his staff, the Planning Commission and Safeway had agreed that a gas station at the new Bernal site just wouldn’t fit. McGovern joined with Mayor Jennifer Hosterman and others on the council to approve the project, saying it would bring new financial and shopping opportunities to Pleasanton. “This new store, here in Pleasanton where Safeway has its corporate headquarters, will be the company’s flagship store that will be continually updated with new ideas and products,” Hosterman said. Emily Wagner, Pleasanton’s director of finance, said an economic and planning study by a Berkeley consulting firm showed that 25 percent of the sales to be generated by the new store will come from shoppers using Pleasanton stores for the first time. Because of its larger size and product offerings, including large organic foods and fresh vegetables sections, the Lifestyle store also will bring back Pleasanton shoppers who now go to supermarkets outside of Pleasanton to shop, including Whole Foods in San Ramon, the survey added. The fiscal impact to Pleasanton will add $123,000 to the city’s general fund in the store’s first year of operation and $285,000 a year after that. The Safeway complex is at the southwest corner of Valley and Bernal avenues adjacent to the I-680 northbound off-ramp. It will include a bank with drive-up tellers and ATMs, a pharmacy, also with drive-up services, and restaurants. Walkways throughout the complex will connect the stores to several sit-down outdoor plazas. Driveways will be positioned along Valley Avenue, and one on Bernal will link with the Koll Cen-
ter driveway on the other side with a full-phase traffic signal to allow turns into and out of both centers in either direction. Although larger and newer than the Pleasanton Safeway at Valley and Santa Rita Road, that popular store will remain open. N
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ues to be well capitalized, Loupe said. As of Sept. 30, the bank had a Tier 1 leverage capital ratio of 11.45% and a total risk-based capital ratio of 14.73%. It continues to maintain a very strong liquidity position with more than 17% of its assets in cash and short term AAA rated investments. Valley Community Bank has branches in Pleasanton, Livermore, San Ramon and San Jose. —Jeb Bing
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Pleasanton WeeklyÊUÊDecember 3, 2010ÊU Page 7