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Santa Cruz County Bank tops $500M in assets

July 21, 2015

By Jondi Gumz - Santa Cruz Sentinel 

SANTA CRUZ -- Santa Cruz County Bank posted a profit of $1.35 million for the quarter ending June 30, up 32 percent from the prior quarter and up 8 percent from a year ago.

The 11-year-old locally owned bank topped $500 million in assets, up 5 percent for the quarter and up 14 percent from a year ago.

“Reaching a half-billion dollars in asset size marks the achievement of a long-term strategic vision for our company,” said David Heald, president and chief executive officer, who’s been with the bank since it opened.

Deposits totaled $452 million, up 6 percent for the quarter and up 14 percent from a year ago.

Gross loans totaled $337 million, up $7.8 million from the prior quarter, a 2 percent increase, and up 15 percent from a year ago.

Reflecting new loans, the loan loss allowance totaled $6.8 million, up 4 percent from the prior quarter and up 13 percent from a year ago.

The bank made $34.8 million in loan commitments and had $22.3 million in loan payoffs during the quarter.

Both real estate and construction loans are up and the bank reported financing businesses in a variety of sectors: health/veterinary and medical industry, nonprofits, wineries, transportation and agriculture.

More haulers are getting financing to buy new trucks and fleets to comply with new federal rules to reduce emissions of greenhouse gases.

El Pajaro Community Development Corp. got a $2 million loan guaranteed by the U.S. Department of Agriculture to buy the former tofu manufacturing plant at 412 Riverside Drive, Watsonville, which has been operating for two years as a commercial kitchen for food startups.

Derek Rupp, the former Google executive chef-turned-owner of Pleasure Pizza, got a loan last year to finance a third location in downtown Santa Cruz at 1415 Pacific Ave. In five years, he’s grown his business to 58 employees, with 11 employees at the downtown location redone by local interior designer Mimi Snowden and her husband Bob Snowden.

“I saw the potential,” Rupp said, complimenting Santa Cruz County Bank staff. “It was a lot of work, but they walked me through the process.”

Santa Cruz County Bank ranks 16th — with 16 loans for $10.5 million — among 92 lenders in the 14-county San Francisco district of the U.S. Small Business Administration and 38th among 226 SBA lenders in the state with 25 loans for $23.4 million, according to Mary Anne Carson, the bank’s senior vice president and marketing director.

The bank’s noninterest income totaled $1.1 million, up 16 percent from the last quarter and up 35 percent from a year ago, primarily due to gains from SBA loan sales, which Heald said is part of the business plan.

Its efficiency rating, expenses as a percentage of revenue, is 58.92 percent; 50 percent is considered optimal.

Shareholders’ equity totaled $41 million, up 3 percent for the quarter and up 15 percent from a year ago.

Earnings were 63 cents per share for the quarter vs. 48 cents a year ago.

Book value of the bank’s stock was $19.18 as of June 30, up from $16.79 a year ago.

Bauer Financial rated Santa Cruz County Bank four stars, next to the top rating.

 

 

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