Santa Cruz County Bank Reports Record High of Over $400 Million in Assets, Earnings for the Third Quarter Ended September 30, 2013

SANTA CRUZ, Calif., Oct. 21, 2013 /PRNewswire/ -- Santa Cruz County Bank (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, 2013.

(Logo: http://photos.prnewswire.com/prnh/20130118/SF44947LOGO)

THIRD QUARTER: SEPTEMBER 30, 2013 COMPARED TO JUNE 30, 2013
Net income increased $5.2 thousand, 1%, to $830.3 thousand
Total deposits increased $21.2 million, 6%, to $366.1 million
Gross loans increased $2.1 million, 1%, to $240.0 million
Total assets increased $22.0 million, 6%, to $403.1 million

NINE-MONTHS ENDED: SEPTEMBER 30, 2013 COMPARED TO SEPTEMBER 30, 2012
Net income increased $463.1 thousand, 23%, to $2.5 million
Total deposits increased $46.7 million, 15%, to $366.1 million
Gross loans increased $33.3 million, 16%, to $240.0 million
Total assets increased $51.1 million, 15%, to $403.1 million

David V. Heald commented, "This quarter we achieved a milestone of over $400 million in total assets. This accomplishment demonstrates our commitment to deliver products and services that meet the needs of our community. The community's loyalty and support of Santa Cruz County Bank resulted in double-digit percentage increases over the prior year in net income, deposits, loans and assets for each quarter this year."

Non-interest bearing deposits continue to increase and represent 48% of total deposits as of September 30, 2013 compared to 44% as of September 30, 2012.

THIRD QUARTER HIGHLIGHTS:
The Bank declared a $0.05 cash dividend to shareholders of record as of September 27, 2013 and payable October 10, 2013.       

The Bank received a 4-Star "Excellent" rating by Bauer Financial, Inc. for its first quarter 2013 performance.

As of June 30, 2013 FDIC data, the Bank ranked fifth in overall deposit market share in its primary marketplace, Santa Cruz County.

The Bank hired Jon Sisk as Senior Vice President and Director of Real Estate and Construction Lending.

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
2012, 2011 – "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
May 2013 - Santa Cruz County Bank ranked 103rd out of 851 institutions in American Banker Magazine's "Top Performing 200 Community Banks and Thrifts in the United States" based upon 3-year average return on equity.

Santa Cruz County Bank's common stock is listed Over the Counter (OTCQB) under the stock symbol SCZC.

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)




September 30, 2013


























Change




Change


Quarter ended 9/30/13

Quarter ended 9/30/12

$

%


Quarter ended 9/30/13

Quarter ended 6/30/13

$

%

BALANCE SHEET




















Total assets

$ 403,100,870

$ 352,000,974

$ 51,099,896

15%


$ 403,100,870

$ 381,152,211

$ 21,948,659

6%

Gross loans

239,981,790

206,707,859

33,273,931

16%


239,981,790

237,841,603

2,140,187

1%

Allowance for loan losses

5,484,181

4,846,966

637,215

13%


5,484,181

5,430,183

53,998

1%

Non interest-bearing deposits

174,943,138

141,955,724

32,987,414

23%


174,943,138

153,643,037

21,300,101

14%

Total deposits

366,084,545

319,347,043

46,737,502

15%


366,084,545

344,930,572

21,153,973

6%

Shareholders' equity

31,597,089

29,119,860

2,477,229

9%


31,597,089

30,724,547

872,542

3%











BOOK VALUE PER SHARE

$            15.94

$            14.81




$            15.94

$            15.61













INCOME STATEMENT








Change







Nine-months ended 9/30/13

Nine-months ended 9/30/12

$

%

Interest income

3,823,746

3,448,191

375,555

11%


11,131,180

10,225,170

$      906,010

9%

Interest expense

101,119

110,482

(9,363)

-8%


315,152

351,681

(36,529)

-10%

   Net interest income

3,722,627

3,337,709

384,918

12%


10,816,028

9,873,489

942,539

10%











Provision for loan losses

62,500

194,000

(131,500)

-68%


362,500

794,000

(431,500)

-54%

Non-interest income

742,264

784,767

(42,503)

-5%


2,386,192

1,884,290

501,902

27%

Non-interest expense

3,068,670

2,720,724

347,946

13%


8,895,220

7,848,575

1,046,645

13%

   Net income before taxes

1,333,721

1,207,752

125,969

10%


3,944,500

3,115,204

829,296

27%

Income tax expense

503,434

423,093

80,341

19%


1,490,093

1,123,858

366,235

33%

   Net income after taxes

$        830,287

$        784,659

45,628

6%


$     2,454,407

$     1,991,346

463,061

23%











BASIC EARNINGS PER SHARE

$              0.42

$              0.40




$              1.25

$              1.04













RATIOS










Net interest margin

3.94%

4.11%








Tier 1 leverage ratio

8.15%

8.34%








 

SOURCE Santa Cruz County Bank



RELATED LINKS
http://www.sccountybank.com

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