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Santa Cruz County Bank Reports Outstanding Year to Date Performance and Record Earnings for the Second Quarter Ended June 30, 2014

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SOURCE Santa Cruz County Bank

Record Quarterly Net Income Over $1 Million

SANTA CRUZ, Calif., July 15, 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 second quarter ended June 30, 2014.

Santa Cruz County Bank logo.

SECOND QUARTER: JUNE 30, 2014 COMPARED TO MARCH 31, 2014
Net income increased $152.2 thousand, 18%, to $1.0 million  
Total deposits increased $32.1 million, 9%, to $398.4 million
Gross loans increased $14.9 million, 5%, to $293.0 million
Total assets increased $32.7 million, 8%, to $440.0 million

SIX-MONTHS ENDED: JUNE 30, 2014 COMPARED TO JUNE 30, 2013
Net income increased $265.1 thousand, 16%, to $1.9 million
Total deposits increased $53.4 million, 15%, to $398.4 million
Gross loans increased $55.2 million, 23%, to $293.0 million
Total assets increased $58.8 million, 15%, to $440.0 million

David V. Heald, President and CEO, commented, "We are pleased with our record earnings and asset growth for the first half of the fiscal year. We achieved double-digit growth in loans and deposits which produced improved net interest margin and substantially better earnings. Our asset quality remains exceptional with past due loans at a low of .05% of total loans. With sustainable earnings, growth in countywide market share, and exceptional quality of assets, we continue to deliver solid returns to our shareholders."

The Bank's non-interest bearing deposits, as of June 30, 2014 compared to June 30, 2013 remained the same, at 45% of total deposits.  

SECOND QUARTER HIGHLIGHTS:

The Bank declared a $0.05 quarterly cash dividend to shareholders of record as of June 25, 2014 and payable on July 10, 2014.

The Bank received a 4-Star "Excellent" rating by Bauer Financial, Inc. for its first quarter 2014 performance.

The Bank ranked 115th 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, 2011, 2012 and 2013.

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 6/30/14

Quarter ended 6/30/13

$

%


Quarter ended 3/31/14

$

%




















Balance Sheet




























   Total assets

$ 439,992,414

$ 381,152,211

$ 58,840,203

15%


$ 407,261,570

$ 32,730,844

8%






   Gross loans

293,033,660

237,841,603

55,192,057

23%


278,164,942

14,868,718

5%






   Allowance for loan losses

6,025,201

5,430,183

595,018

11%


5,827,129

198,072

3%






   Non interest-bearing deposits

181,035,204

153,643,037

27,392,167

18%


164,354,466

16,680,738

10%






   Total deposits

398,369,869

344,930,572

53,439,297

15%


366,294,411

32,075,458

9%






   Shareholders' equity

35,869,952

30,724,547

5,145,405

17%


34,931,507

938,445

3%




















BOOK VALUE PER SHARE

$            16.79

$            15.61




$            16.35






















Income Statement












Change











Six-months ended 6/30/14

Six-months ended 6/30/13

$

%

   Interest income

4,453,668

3,722,718

730,950

20%


4,213,273

240,395

6%


8,666,941

7,307,434

$ 1,359,507

19%

   Interest expense

101,092

105,812

(4,720)

-4%


100,574

518

1%


201,666

214,033

(12,367)

-6%

      Net interest income

4,352,576

3,616,906

735,670

20%


4,112,699

239,877

6%


8,465,275

7,093,401

1,371,874

19%















   Provision for loan losses

187,500

150,000

37,500

25%


187,500

-

0%


375,000

300,000

75,000

25%

   Non-interest income

779,301

822,688

(43,387)

-5%


911,283

(131,982)

-14%


1,690,584

1,643,928

46,656

3%

   Non-interest expense

3,282,676

2,966,070

316,606

11%


3,432,396

(149,720)

-4%


6,715,072

5,826,550

888,522

15%

      Net income before taxes

1,661,701

1,323,524

338,177

26%


1,404,086

257,615

18%


3,065,787

2,610,779

455,008

17%

   Income tax expense

641,013

498,472

142,541

29%


535,567

105,446

20%


1,176,580

986,659

189,921

19%

      Net income after taxes

$     1,020,688

$        825,052

195,636

24%


$        868,519

152,169

18%


$ 1,889,207

$ 1,624,120

265,087

16%















BASIC EARNINGS PER SHARE

$              0.48

$              0.42




$              0.41




$          0.89

$          0.83































Ratios














   Net interest margin

4.31%

4.17%




4.28%








   Tier 1 leverage ratio

8.62%

8.57%




8.70%








 

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