Welcome!

News Feed Item

Santa Cruz County Bank Reports Earnings for the First Quarter Ended March 31, 2014

Gross loans increase 21% over prior year

SANTA CRUZ, Calif., April 17, 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 first quarter ended March 31, 2014.

Santa Cruz County Bank logo

FIRST QUARTER: MARCH 31, 2014 COMPARED TO DECEMBER 31, 2013
Net income increased $10.9 thousand or 1% to $868.5 thousand
Total deposits increased $6.1 million or 2% to $366.3 million
Gross loans increased $20.0 million or 8% to $278.2 million
Total assets increased $8.7 million or 2% to $407.3 million

YEAR TO YEAR: MARCH 31, 2014 COMPARED TO MARCH 31, 2013
Net income increased $69.5 thousand or 9% to $868.5 thousand
Total deposits increased $34.6 million or 10% to $366.3 million
Gross loans increased $47.7 million or 21% to $278.2 million
Total assets increased $40.4 million or 11% to $407.3 million

David V. Heald commented, "During the quarter we celebrated the tenth anniversary of providing financial services to our community. In the past decade we have established our mission to be the local community bank of choice and lender of choice. Our reputation as a leading lender with responsive decision making has fueled loan production and contributed to the Bank's solid quarterly earnings and continued growth in the first quarter of 2014."

Non-interest bearing deposits increased to 45% of total deposits as of March 31, 2014 compared to 41% as of March 31, 2013.

FIRST QUARTER HIGHLIGHTS:

The Bank celebrated its tenth anniversary in February.

The Bank's Board of Directors declared a special cash dividend in the amount of $0.05 per share.

The Bank was approved as a direct lender with Farmer Mac.

The Bank was named a "Super Premier" performing bank by The Findley Reports, Inc. for its 2013 financial performance.

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

Voted Best Bank in Santa Cruz County in the 2014 Good Times Readers Poll.

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: 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 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)


April 17, 2014













Change



Change


Quarter ended 3/31/14

Quarter ended 3/31/13

$

%


Quarter ended 12/31/13

$

%










Balance Sheet


















   Total assets

$ 407,261,570

$ 366,909,124

$ 40,352,446

11%


$ 398,578,084

$ 8,683,486

2%

   Gross loans

278,164,941

230,510,408

47,654,533

21%


258,128,446

20,036,495

8%

   Allowance for loan losses

5,827,129

5,292,101

535,028

10%


5,705,862

121,267

2%

   Non interest-bearing deposits

164,354,466

135,533,519

28,820,947

21%


166,021,518

(1,667,052)

-1%

   Total deposits

366,294,411

331,655,396

34,639,015

10%


360,239,748

6,054,663

2%

   Shareholders' equity

34,931,507

30,581,461

4,350,046

14%


32,776,304

2,155,203

7%

   Book value per share

$             16.35

$             15.55




$             16.40












Income Statement


















   Interest income

4,213,273

3,584,716

628,557

18%


3,975,576

237,697

6%

   Interest expense

100,574

108,221

(7,647)

-7%


98,614

1,960

2%

   Net interest income

4,112,699

3,476,495

636,204

18%


3,876,962

235,737

6%










   Provision for loan losses

187,500

150,000

37,500

25%


125,000

62,500

50%

   Non-interest income

911,283

821,240

90,043

11%


943,758

(32,475)

-3%

   Non-interest expense

3,432,396

2,860,480

571,916

20%


3,591,711

(159,315)

-4%

   Net income before taxes

1,404,086

1,287,255

116,831

9%


1,104,009

300,077

27%

   Income tax expense/(credit)

535,567

488,187

47,380

10%


246,419

289,148

117%

   Net income after taxes

$        868,519

$        799,068

69,451

9%


$        857,590

10,929

1%










BASIC EARNINGS PER SHARE

$              0.41

$              0.41




$              0.43












Ratios









   Net interest margin

4.28%

4.16%




4.08%



   Tier 1 leverage ratio

8.70%

8.59%




8.21%



 

Logo - http://photos.prnewswire.com/prnh/20140121/MM50029LOGO

SOURCE Santa Cruz County Bank

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to max...
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
China Unicom exhibit at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE FDD, TD-LTE), fixed-line broadband, ICT, data communica...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...