SANTA CRUZ, Calif.,
July 15, 2014 /PRNewswire/
-- Santa Cruz County Bank (OTCQB: SCZC), a locally owned and
operated full-service community bank headquartered in Santa Cruz County, today announced unaudited
earnings for the second quarter ended June
30, 2014.
SECOND QUARTER: JUNE 30, 2014
COMPARED TO MARCH 31, 2014
Net
income increased $152.2 thousand,
18%, to $1.0 million
Total deposits increased $32.1
million, 9%, to $398.4
million
Gross loans increased $14.9 million,
5%, to $293.0 million
Total assets increased $32.7 million,
8%, to $440.0 million
SIX-MONTHS ENDED: JUNE 30, 2014
COMPARED TO JUNE 30, 2013
Net
income increased $265.1 thousand,
16%, to $1.9 million
Total deposits increased $53.4
million, 15%, to $398.4
million
Gross loans increased $55.2 million,
23%, to $293.0 million
Total assets increased $58.8 million,
15%, to $440.0 million
David V. Heald, President and
CEO, commented, "We are pleased with our record earnings and asset
growth for the first half of the fiscal year. We achieved
double-digit growth in loans and deposits which produced improved
net interest margin and substantially better earnings. Our asset
quality remains exceptional with past due loans at a low of .05% of
total loans. With sustainable earnings, growth in countywide market
share, and exceptional quality of assets, we continue to deliver
solid returns to our shareholders."
The Bank's non-interest bearing deposits, as of June 30, 2014 compared to June 30, 2013 remained the same, at 45% of total
deposits.
SECOND QUARTER HIGHLIGHTS:
The Bank declared a $0.05
quarterly cash dividend to shareholders of record as of
June 25, 2014 and payable on
July 10, 2014.
The Bank received a 4-Star "Excellent" rating by Bauer
Financial, Inc. for its first quarter 2014 performance.
The Bank ranked 115th in American Banker Magazine's
"Top Performing 200 Community Banks and Thrifts in the United States" based upon 3-year average
return on equity for the years ending December 31, 2011, 2012 and 2013.
ABOUT SANTA CRUZ COUNTY
BANK
Santa Cruz County Bank, founded in 2004, is a locally
owned and operated community bank with offices located in
Aptos, Capitola, Santa
Cruz, Scotts Valley and
Watsonville. The Bank offers a
variety of competitive deposit and lending solutions for businesses
and individuals; including business loans, lines of credit,
commercial real estate financing, agricultural loans, SBA and USDA
government guaranteed loans, credit cards, merchant services,
remote deposit capture, and online banking bill payment and cash
management. For the past seven years, the Bank's SBA Department has
been recognized as a top SBA lender in Santa Cruz County for 7a and 504 loans.
RATINGS & AWARDS
The Findley Reports, Inc.
2012: One of eleven "Exceptional" Banks in California
2013, 2012, 2011, 2010: "Super Premier" Performing Bank
Bauer Financial Reports, Inc.
Santa Cruz County Bank has received the distinction of 4-Star
"Excellent" and 5-Star "Superior" by Bauer Financial Reports, Inc.,
for its financial performance every quarter since 2007.
American Banker Magazine
2013, 2014: Santa Cruz County Bank ranked in the "Top Performing
200 Community Banks and Thrifts in the
United States" based upon three-year average return on
equity.
Community Awards
Santa Cruz County Bank received the 2013 Volunteer Center of Santa
Cruz County "Be the Difference" Business Award for its leadership
and volunteer efforts.
2013, 2014: Santa Cruz County Bank was voted "Best Bank' in
Santa Cruz County in the Good
Times Readers poll.
This release may contain forward-looking statements that are
subject to risks and uncertainties. Such risks and uncertainties
may include but are not necessarily limited to fluctuations in
interest rates, inflation, government regulations and general
economic conditions, and competition within the business areas in
which the Bank is conducting its operations, including the real
estate market in California and
other factors beyond the Bank's control. Such risks and
uncertainties could cause results for subsequent interim periods or
for the entire year to differ materially from those indicated.
Readers should not place undue reliance on the forward-looking
statements, which reflect management's view only as of the date
hereof. The Bank undertakes no obligation to publicly revise these
forward-looking statements to reflect subsequent events or
circumstances.
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Selected Financial
Data (unaudited)
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Change
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Change
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Quarter ended
6/30/14
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Quarter ended
6/30/13
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$
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%
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Quarter ended
3/31/14
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$
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%
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Balance
Sheet
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Total
assets
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$ 439,992,414
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$ 381,152,211
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$ 58,840,203
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15%
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$ 407,261,570
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$ 32,730,844
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8%
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Gross
loans
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293,033,660
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237,841,603
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55,192,057
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23%
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278,164,942
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14,868,718
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5%
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Allowance for loan losses
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6,025,201
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5,430,183
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595,018
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11%
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5,827,129
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198,072
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3%
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Non
interest-bearing deposits
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181,035,204
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153,643,037
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27,392,167
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18%
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164,354,466
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16,680,738
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10%
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Total
deposits
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398,369,869
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344,930,572
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53,439,297
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15%
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366,294,411
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32,075,458
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9%
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Shareholders' equity
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35,869,952
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30,724,547
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5,145,405
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17%
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34,931,507
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938,445
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3%
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BOOK VALUE PER
SHARE
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$
16.79
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$
15.61
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$
16.35
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Income
Statement
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Change
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Six-months ended
6/30/14
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Six-months ended
6/30/13
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$
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%
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Interest
income
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4,453,668
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3,722,718
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730,950
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20%
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4,213,273
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240,395
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6%
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8,666,941
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7,307,434
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$ 1,359,507
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19%
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Interest
expense
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101,092
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105,812
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(4,720)
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-4%
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100,574
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518
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1%
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201,666
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214,033
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(12,367)
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-6%
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Net interest
income
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4,352,576
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3,616,906
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735,670
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20%
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4,112,699
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239,877
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6%
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8,465,275
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7,093,401
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1,371,874
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19%
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Provision for loan losses
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187,500
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150,000
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37,500
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25%
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187,500
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-
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0%
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375,000
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300,000
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75,000
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25%
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Non-interest income
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779,301
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822,688
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(43,387)
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-5%
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911,283
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(131,982)
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-14%
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1,690,584
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1,643,928
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46,656
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3%
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Non-interest expense
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3,282,676
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2,966,070
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316,606
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11%
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3,432,396
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(149,720)
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-4%
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6,715,072
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5,826,550
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888,522
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15%
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Net income before
taxes
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1,661,701
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1,323,524
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338,177
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26%
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1,404,086
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257,615
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18%
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3,065,787
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2,610,779
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455,008
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17%
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Income
tax expense
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641,013
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498,472
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142,541
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29%
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535,567
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105,446
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20%
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1,176,580
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986,659
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189,921
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19%
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Net income after
taxes
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$ 1,020,688
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$
825,052
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195,636
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24%
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$
868,519
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152,169
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18%
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$ 1,889,207
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$ 1,624,120
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265,087
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16%
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BASIC EARNINGS PER
SHARE
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$
0.48
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$
0.42
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$
0.41
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$
0.89
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$
0.83
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Ratios
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Net
interest margin
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4.31%
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4.17%
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4.28%
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Tier 1
leverage ratio
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8.62%
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8.57%
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8.70%
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Logo -
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SOURCE Santa Cruz County Bank
