SANTA CRUZ, Calif., July 18, 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 second quarter ended June 30, 2013.
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SECOND QUARTER: JUNE 30, 2013 COMPARED TO MARCH 31, 2013
Net income increased $25.9 thousand, 3%, to $825.1 thousand
Total deposits increased $13.3 million, 4%, to $344.9 million
Gross loans increased $7.3 million, 3%, to $237.8 million
Total assets increased $14.2 million, 4%, to $381.2 million
SIX-MONTHS ENDED: JUNE 30, 2013 COMPARED TO JUNE 30, 2012
Net income increased $417.4 thousand, 35%, to $1.6 million
Total deposits increased $34.8 million, 11%, to $344.9 million
Gross loans increased $34.4 million, 17%, to $237.8 million
Total assets increased $39.8 million, 12%, to $381.2 million
David V. Heald commented, "Our strong second quarter results demonstrate successful implementation of key strategic initiatives to grow earning assets. Our capacity to increase earnings while experiencing an overall decline in yield on earning assets is primarily the result of shifting more earning assets into higher yielding loans. Our ability to increase loans by 17% over the prior year also demonstrates the Bank's commitment to support small business owners and the economic vitality of our community. We are proud to be an important economic partner in the success of our clients."
Non-interest bearing deposits continue to increase and represent 45% of total deposits as of June 30, 2013 compared to 40% as of June 30, 2012.
SECOND QUARTER HIGHLIGHTS:
The Bank declared a $0.05 cash dividend to shareholders of record as of June 28, 2013 and payable July 10, 2013.
The Bank ranked 103rd in American Banker Magazine's "Top Performing 200 Community Banks and Thrifts in the United States" based upon 3-year average return on equity for the years ending December 31, 2010, 2011 and 2012. A total of 851 institutions were included in this rating.
The Bank received a 4-Star "Excellent" rating by Bauer Financial, Inc. for its first quarter 2013 performance.
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 in American Banker Magazine's "Top 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) | |||||||||
June 30, 2013 | |||||||||
Change | Change | ||||||||
Quarter ended 6/30/13 | Quarter ended 6/30/12 | $ | % | Quarter ended 6/30/13 | Quarter ended 3/31/13 | $ | % | ||
BALANCE SHEET | |||||||||
Total assets | $ 381,152,211 | $ 341,348,260 | $ 39,803,951 | 12% | $ 381,152,211 | $ 366,909,124 | $ 14,243,087 | 4% | |
Gross loans | 237,841,603 | 203,427,244 | 34,414,359 | 17% | 237,841,603 | 230,510,408 | 7,331,195 | 3% | |
Allowance for loan losses | 5,430,183 | 4,599,602 | 830,581 | 18% | 5,430,183 | 5,292,101 | 138,082 | 3% | |
Non interest-bearing deposits | 153,643,037 | 123,890,923 | 29,752,114 | 24% | 153,643,037 | 135,533,519 | 18,109,518 | 13% | |
Total deposits | 344,930,572 | 310,083,603 | 34,846,969 | 11% | 344,930,572 | 331,655,396 | 13,275,176 | 4% | |
Shareholders' equity | 30,724,547 | 27,769,566 | 2,954,981 | 11% | 30,724,547 | 30,581,461 | 143,086 | 0% | |
BOOK VALUE PER SHARE | $ 15.61 | $ 14.43 | $ 15.61 | $ 15.55 | |||||
INCOME STATEMENT | Change | ||||||||
Six-months ended 6/30/13 | Six-months ended 6/30/12 | $ | % | ||||||
Interest income | 3,722,718 | 3,409,862 | 312,856 | 9% | 7,307,434 | 6,776,978 | $ 530,456 | 8% | |
Interest expense | 105,812 | 120,303 | (14,491) | -12% | 214,033 | 241,199 | (27,166) | -11% | |
Net interest income | 3,616,906 | 3,289,559 | 327,347 | 10% | 7,093,401 | 6,535,779 | 557,622 | 9% | |
Provision for loan losses | 150,000 | 300,000 | (150,000) | -50% | 300,000 | 600,000 | (300,000) | -50% | |
Non-interest income | 822,688 | 572,654 | 250,034 | 44% | 1,643,928 | 1,099,523 | 544,405 | 50% | |
Non-interest expense | 2,966,070 | 2,566,367 | 399,703 | 16% | 5,826,550 | 5,127,850 | 698,700 | 14% | |
Net income before taxes | 1,323,524 | 995,846 | 327,678 | 33% | 2,610,779 | 1,907,452 | 703,327 | 37% | |
Income tax expense | 498,472 | 362,643 | 135,829 | 37% | 986,659 | 700,765 | 285,894 | 41% | |
Net income after taxes | $ 825,052 | $ 633,203 | 191,849 | 30% | $ 1,624,120 | $ 1,206,687 | 417,433 | 35% | |
BASIC EARNINGS PER SHARE | $ 0.42 | $ 0.33 | $ 0.83 | $ 0.63 | |||||
RATIOS | |||||||||
Net interest margin | 4.17% | 4.28% | |||||||
Tier 1 leverage ratio | 8.57% | 8.42% | |||||||
SOURCE Santa Cruz County Bank
