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Santa Cruz County Bank Reports Record Earnings for the Third Quarter Ended September 30, 2014

2014-10-21 19:57 ET - News Release

Net income growth of 26% over prior year to date

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.

Santa Cruz County Bank logo.

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.

 



Selected Financial Data (unaudited)










Change



Change







Quarter ended 9/30/14

Quarter ended 9/30/13

$

%


Quarter ended 6/30/14

$

%




















Balance Sheet




























Total assets

$ 457,158,173

$ 403,100,870

$ 54,057,303

13%


$ 439,992,414

$ 17,165,759

4%






Gross loans

296,683,465

239,981,790

56,701,675

24%


293,033,660

3,649,805

1%






Allowance for loan losses

6,213,113

5,484,181

728,932

13%


6,025,201

187,912

3%






Non interest-bearing deposits

193,884,773

174,943,138

18,941,635

11%


181,035,204

12,849,569

7%






Total deposits

413,930,091

366,084,545

47,845,546

13%


398,369,869

15,560,222

4%






Shareholders' equity

37,147,917

31,597,089

5,550,828

18%


35,869,952

1,277,965

4%




















BOOK VALUE PER SHARE

$            17.38

$            15.94




$            16.79






















Income Statement












Change











Nine-months ended 9/30/14

Nine-months ended 9/30/13

$

%

Interest income

4,457,467

3,823,746

633,721

17%


4,453,668

3,799

0%


13,124,408

11,131,180

$ 1,993,228

18%

Interest expense

107,368

101,119

6,249

6%


101,092

6,276

6%


309,034

315,152

(6,118)

-2%

Net interest income

4,350,099

3,722,627

627,472

17%


4,352,576

(2,477)

0%


12,815,374

10,816,028

1,999,346

18%















Provision for loan losses

187,500

62,500

125,000

200%


187,500

-

0%


562,500

362,500

200,000

55%

Non-interest income

938,444

742,264

196,180

26%


779,301

159,143

20%


2,629,028

2,386,192

242,836

10%

Non-interest expense

3,126,210

3,068,670

57,540

2%


3,282,676

(156,466)

-5%


9,841,282

8,895,220

946,062

11%

Net income before taxes

1,974,833

1,333,721

641,112

48%


1,661,701

313,132

19%


5,040,620

3,944,500

1,096,120

28%

Income tax expense

768,520

503,434

265,086

53%


641,013

127,507

20%


1,945,100

1,490,093

455,007

31%

Net income after taxes

$     1,206,313

$        830,287

376,026

45%


$     1,020,688

185,625

18%


$   3,095,520

$   2,454,407

641,113

26%















BASIC EARNINGS PER SHARE

$              0.57

$              0.42




$              0.48




$            1.46

$            1.25

















Ratios














Net interest margin

3.93%

3.94%




4.31%




4.17%

4.09%



Tier 1 leverage ratio

8.26%

8.15%




8.62%






















 

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SOURCE Santa Cruz County Bank

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