SANTA CRUZ, Calif.,
Oct. 21, 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 third quarter ended September 30, 2014. The Bank's net income
increased by 18% over the prior quarter to a record of $1.2 million and increased by 26% to a record of
$3.1 million for the nine-month
period compared to the same nine-month period the prior year.
THIRD QUARTER: SEPTEMBER 30,
2014 COMPARED TO JUNE 30,
2014
Net income increased $185.6 thousand, 18%, to $1.2 million
Total deposits increased $15.6
million, 4%, to $413.9
million
Gross loans increased $3.6 million,
1%, to $296.7 million
Total assets increased $17.2 million,
4%, to $457.2 million
NINE-MONTHS ENDED: SEPTEMBER 30,
2014 COMPARED TO SEPTEMBER 30,
2013
Net income increased $641.1thousand, 26%, to $3.1 million
Total deposits increased $47.8
million, 13%, to $413.9
million
Gross loans increased $56.7 million,
24%, to $296.7 million
Total assets increased $54.1 million,
13%, to $457.2 million
David V. Heald, President and
CEO, commented, "We are pleased to announce a significant increase
in our earnings for the quarter and year over year. The Bank's
Board of Directors and Management have built sustainable growth in
earnings, assets, loans and deposits while controlling expenses,
resulting in greater value for our shareholders. We look forward to
reporting another solid year of growth."
The Bank's non-interest bearing deposits, as of September 30, 2014 were 47% of total deposits as
compared to 45% as of June 30,
2014.
THIRD QUARTER HIGHLIGHTS:
The Bank declared a $0.05
quarterly cash dividend to shareholders of record as of
September 25, 2014 and payable on
October 10, 2014.
The Bank received a 4-Star "Excellent" rating by Bauer
Financial, Inc. for its second quarter 2014 performance.
As of June 30, 2014 FDIC data, the
Bank ranked 5th in overall county wide deposit market
share out of a total of 13 banks operating in Santa Cruz County.
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
9/30/14
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Quarter ended
9/30/13
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$
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%
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Quarter ended
6/30/14
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$
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%
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Balance
Sheet
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Total
assets
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$ 457,158,173
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$ 403,100,870
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$ 54,057,303
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13%
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$ 439,992,414
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$ 17,165,759
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4%
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Gross
loans
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296,683,465
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239,981,790
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56,701,675
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24%
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293,033,660
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3,649,805
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1%
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Allowance for loan
losses
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6,213,113
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5,484,181
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728,932
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13%
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6,025,201
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187,912
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3%
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Non interest-bearing
deposits
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193,884,773
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174,943,138
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18,941,635
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11%
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181,035,204
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12,849,569
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7%
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Total
deposits
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413,930,091
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366,084,545
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47,845,546
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13%
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398,369,869
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15,560,222
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4%
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Shareholders'
equity
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37,147,917
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31,597,089
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5,550,828
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18%
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35,869,952
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1,277,965
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4%
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BOOK VALUE PER
SHARE
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$
17.38
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$
15.94
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$
16.79
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Income
Statement
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Change
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Nine-months ended
9/30/14
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Nine-months ended
9/30/13
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$
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%
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Interest
income
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4,457,467
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3,823,746
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633,721
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17%
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4,453,668
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3,799
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0%
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13,124,408
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11,131,180
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$ 1,993,228
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18%
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Interest
expense
|
107,368
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101,119
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6,249
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6%
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|
101,092
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6,276
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6%
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|
309,034
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315,152
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(6,118)
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-2%
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Net interest
income
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4,350,099
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3,722,627
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627,472
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17%
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4,352,576
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(2,477)
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0%
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|
12,815,374
|
10,816,028
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1,999,346
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18%
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Provision for loan
losses
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187,500
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62,500
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125,000
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200%
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187,500
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-
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0%
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562,500
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362,500
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200,000
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55%
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Non-interest
income
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938,444
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742,264
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196,180
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26%
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|
779,301
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159,143
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20%
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2,629,028
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2,386,192
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242,836
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10%
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Non-interest
expense
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3,126,210
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3,068,670
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57,540
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2%
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|
3,282,676
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(156,466)
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-5%
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|
9,841,282
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8,895,220
|
946,062
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11%
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Net income before
taxes
|
1,974,833
|
1,333,721
|
641,112
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48%
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|
1,661,701
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313,132
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19%
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|
5,040,620
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3,944,500
|
1,096,120
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28%
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Income tax
expense
|
768,520
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503,434
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265,086
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53%
|
|
641,013
|
127,507
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20%
|
|
1,945,100
|
1,490,093
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455,007
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31%
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Net income after
taxes
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$
1,206,313
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$
830,287
|
376,026
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45%
|
|
$
1,020,688
|
185,625
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18%
|
|
$
3,095,520
|
$
2,454,407
|
641,113
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26%
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|
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BASIC EARNINGS PER
SHARE
|
$
0.57
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$
0.42
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|
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|
$
0.48
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|
|
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$
1.46
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$
1.25
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Ratios
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Net interest
margin
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3.93%
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3.94%
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4.31%
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4.17%
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4.09%
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Tier 1 leverage
ratio
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8.26%
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8.15%
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|
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8.62%
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SOURCE Santa Cruz County Bank