Banks and credit unions release Q1 earningsMay 6, 2019
SANTA CRUZ– Local banks and credit unions reach new asset records for the first quarter of 2019.
Santa Cruz County Bank announced earnings of $2.96 million. Compared to $2.5 million for the first quarter of 2018, earnings have grown by 17%.
The total assets as of March 31 are nearly $668.1 million. Assets were approximately $645.4 million at the end of March 2018.
The bank experienced a 3% growth in loans, or a $15.7 million increase from the first quarter of 2018. Deposits grew by 1%, a $5.4 million increase compared to the first quarter of 2018.
Basic earnings per share increased to $1.21 from $1.05 over the first quarter of 2018. Earnings per share measure the health and profitability of a company.
“We continue to receive recognition highlighting the strength of our bank’s sustained financial performance as evidenced by our ninth designation as a Super Premier performing bank by the Findley Reports Inc. for 2018,” said President and CEO David Heald in a press release.
The bank’s annual meeting of shareholders is at 4 p.m. May 29 at the Sesnon House at Cabrillo College, 6500 Soquel Drive, Aptos.
Santa Cruz County Bank, founded in 2004, is a locally owned and operated community bank headquartered in Santa Cruz. It operates four other county branches in Aptos, Capitola, Scotts Valley and Watsonville. The bank has received national and local recognition. It was ranked 35 out of nearly 3,000 banks nationwide for S&P Global Top 100 Best Community Banks and placed in the No. 1 rating as top bank in California in overall performance among 148 banks by Finance Management Consulting Group. Locally, it was named 2018 Business of the Year by the Santa Cruz Area Chamber and voted Best Bank by the readers of Good Times Santa Cruz for the Best of Santa Cruz County 2019 Awards for the seventh consecutive year.
Lighthouse Bank’s total assets grew to a record of $314.4 million, an increase of $45 million or 17% from the end of 2018’s first quarter.
Net income, also known as earnings, for the first quarter 2019 was $1.33 million, an increase of $295,000 or 28% from the first quarter in 2018.
Brianna Carabba, senior vice president at Lighthouse Bank, said most of the bank’s income comes from lending in the local market, including loans to customers, investment securities and other assets.
Loans increased by 4% or $9 million and deposits increased by $39.5 million or 17% year-over-year.
“We believe our commitment to our community, to conservative management practices and to maintaining excellent asset quality continues to produce excellent results for the Bank,” said CEO Lane Lawson in a press release.
Lighthouse Bank, founded in 2007, is a locally owned and operated bank with offices in Santa Cruz and Silicon Valley. Lighthouse offers deposit and lending solutions for businesses and individuals; including loans, lines of credit, construction and commercial real estate financing, SBA government guaranteed loans, credit cards, merchant services, mobile banking, remote deposit capture, and online banking bill payment and cash management. The bank’s recognition includes ranking in the “Top Ten Healthiest Banks” for three consecutive-years by depositaccounts.com and in S&P Global Market Intelligence ranking as the “Nation’s 19th Best-Performing Community Bank” for 2018 out of all U.S. banks with assets less than $3 billion.
Lighthouse Bank’s annual meeting of shareholders is at 5 p.m. May 16 at the Bank’s Santa Cruz office, 2020 N. Pacific Ave.
Bay Federal Credit Union
Bay Federal Credit Union reached $1 billion in assets on March 31. The credit union, founded in 1957, serves nearly 77,000 members and 1,200 businesses throughout Santa Cruz, Monterey and San Benito counties. The credit union offers products including home loans, auto loans, investment services, deposit accounts and credit cards.
“This is a wonderful milestone for our membership and our staff,” President and CEO of Bay Federal Carrie Birkhofer said in a prepared statement. “I am so proud of our organization and look forward to continuing our legacy of making a real difference to the people of Santa Cruz, Monterey, and San Benito counties in the years ahead.”
Santa Cruz Community Credit Union
Santa Cruz Community Credit Union did not have earnings and assets available for this report, but Marie Hoffman, chief experience officer at the credit union said housing prices continue to rise across the county.
“We have seen a steady increase in loan growth this quarter, which we can attribute to an increase in affordable home lending,” Hoffman said. She said as housing prices continue to rise across the county, Community Credit Union, which started providing services in 1977, is committed to providing affordable home loans to low-income and credit-challenged borrowers that otherwise couldn’t purchase a home here.