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Santa Cruz County Bank reports profitable quarter

October 19, 2011

Sentinel staff report

Santa Cruz County Bank posted a $766,600 profit for the quarter ending Sept. 30, up from $535,000 in the prior quarter and up 69 percent from a year ago.

Year-to-date earnings for the first nine months of 2011 totaled $1.8 million, up 61 percent from a year ago.

Earnings for the locally owned bank were 40 cents per share compared to 28 cents per share in the prior quarter.

Deposits topped $284 million, up 5 percent from the previous quarter, with noninterest bearing deposits totaling 39 percent, which tends to keep the cost of funds low.

Net interest margin was 4.14 percent compared to 4.3 percent a year ago.

"We reached the milestone of over $300 million in assets," said David Heald, Santa Cruz County Bank president and chief executive officer, attributing the new business to a 5-star rating by Bauer Financial in the second quarter, customer service and community sentiment for locally owned operations.

Previously, the 7-year-old bank had been rated 4 stars for 11 consecutive quarters.

Total loans surpassed $177 million, up 3 percent from the prior quarter.

Noninterest income totaled $1.1 million, up 41 percent during the quarter, while noninterest expense totaled $2.6 million, down 2 percent.

Shareholders equity increased to $25.6 million, up 2 percent during the quarter.

Heald said the bank would focus on operating efficiencies and loan growth to further improve earnings and shareholder value.

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