SANTA CRUZ, Calif., April 23, 2015 /PRNewswire/ -- Santa Cruz County Bank (OTCQX: SCZC), a top rated and locally owned and operated full-service community bank headquartered in Santa Cruz County, today announced unaudited net income for the first quarter ended March 31, 2015 of $1.25 million, a 44% increase over the prior year. Earnings per share for the first quarter increased to $0.58 compared to $0.41 the prior year.
For the period ended March 31, 2015, the Bank's return on average equity was 12.78% and return on average assets was 1.09%. The book value per share of Santa Cruz County Bank's common stock at March 31, 2015 was $18.62 up from $16.35 for the same period in 2014. Shareholders' equity increased by $5.1 million, 15% to $40.0 million as of March 31, 2015 over the prior year.
FIRST QUARTER: MARCH 31, 2015 COMPARED TO DECEMBER 31, 2014 Total deposits increased $14.1 million or 3% to $428.1 million Gross loans increased $13.6 million or 4% to $329.2 million Total assets increased $15.3 million or 3% to $474.5 million Net income decreased $25.5 thousand or -2% to $1.25 million
YEAR TO YEAR: MARCH 31, 2015 COMPARED TO MARCH 31, 2014 Total deposits increased $61.8 million or 17% to $428.1 million Gross loans increased $51.1 million or 18% to $329.2 million Total assets increased $67.3 million or 17% to $474.5 million Net income increased $381.6 thousand or 44% to $1.25 million
The Bank's reputation as a leading lender with responsive decision making has continued to drive its loan production. For the first quarter, gross loans increased 4%, and year over year increased 18% or $51.1 million. The Bank had zero loans on non-accrual and no OREO at March 31, 2015.
David V. Heald commented, "We are very pleased to report a 44% increase in earnings over our prior year. Our superior earnings have resulted from a $51 million in growth in loans over the past 12 months. Deposits have increased 17% or $62 million, which represents a further strengthening of our market share, and pushes us over the $474 million mark in total assets."
"During the first quarter, our stock began trading on the OTCQX market. We believe this upgrade will have a positive long term impact for our stock, improving market visibility and liquidity, thus creating greater value for our shareholders."
"As the result of our continued delivery of exceptional service, strong financial performance and commitment to building value for our shareholders, our Bank was recognized locally, statewide and nationally with top rankings and awards during the first quarter. We're pleased to share the highlights of these accomplishments in this release."
FIRST QUARTER HIGHLIGHTS:
The Bank declared a $0.05 quarterly cash dividend to shareholders of record as of March 27, 2015, which was payable on April 10, 2015.
The Bank's stock commenced trading on the OTCQX, the top securities market for U.S. over-the-counter equities.
The Bank ranked 4th in overall performance among 202 California banks in 2014 by Financial Management Consulting Group and ranked 1st (lowest) in nonperforming assets.
For a fifth consecutive year, the Bank was named a "Super Premier" performing bank by The Findley Reports, Inc. for its financial performance.
The Bank received a 4-Star "Excellent" rating by Bauer Financial, Inc. for its fourth quarter 2014 performance.
For a third consecutive year, the Bank was voted #1 "Best Bank" in Santa Cruz County in the 2015 Good Times Readers' poll.
ANNUAL MEETING NOTICE The Bank will hold its Annual Meeting of Shareholders on May 21, 2015 at Seascape Resort at 4:00 p.m. Pacific Daylight Time.
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.
NATIONAL, STATE, AND LOCAL RATINGS & AWARDS
American Banker Magazine 2014, 2013: Santa Cruz County Bank ranked 115th out of 851 institutions in American Banker Magazine's "Top Performing 200 Community Banks and Thrifts in the United States" based upon three-year average return on equity.
Financial Management Consulting Group 2014: Santa Cruz County Bank ranked 4th out of 202 California banks in overall performance and ranked 1st (lowest) in non-performing assets.
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.
The Findley Reports, Inc. 2012: One of eleven "Exceptional" Banks in California 2014, 2013, 2012, 2011, 2010: "Super Premier" Performing Bank
COMMUNITY AWARDS AND RECOGNITION 2013: Volunteer Center of Santa Cruz County "Be the Difference" Business Award for leadership and volunteerism.
2015, 2014, 2013: Voted "Best Bank' by the readers of Good Times, a weekly publication with distribution throughout Santa Cruz County.
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.