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Santa Cruz County Bank posts profit, record deposits

July 27, 2016

Locally owned Santa Cruz County Bank posted profit of $1.526 million for the quarter ending June 30, up 2 percent from March 31 and up 13 percent from a year ag.

The 12-year-old bank reported deposits totaled a record $502.9 million, up 7 percent from March 30 and up 11 percent from 11 percent from a year ago. Total assets grew to $558 million.

Loans totaled $384.6 million, up 14 percent from a year ago. Allowance for loan losses of $7.7 million represents a 13 percent increase from a year ago; the bank reported no loans past due.

Net interest income was $5.3 million, up 8 percent from a year ago, but down 2 percent from the prior quarter, which the bank attributed to loans paid off being replaced by loans with lower yields. Net interest margin was 4.12 percent compared to 4.26 percent a year ago and 4.31 percent for the prior quarter.

Shareholders’ equity totaled $47.5 million, up 15 percent from a year ago. Earnings were 70 cents per share, up from 63 cents per share a year ago.

Book value per share was $21.70 up from $19.18 a year ago.

Return on average equity was 13.06 percent.

Bauer Financial Reports Inc. rated Santa Cruz County Bank as Five-Star “Superior” for the quarter ending March 31. Financial Management Consulting Group ranked Santa Cruz County Bank second in overall performance among 185 California banks in 2015.

 

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