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Santa Cruz County Bank Reports Record Earnings for the First Quarter 2018
We are pleased to announce record unaudited net income for the first quarter ended March 31, 2018 of $2.5 million. This represents the best quarter in the bank’s history, an increase of 199% compared to the prior quarter and an increase of 35% comparing this quarter with the same quarter in 2017. For the quarter, basic earnings per share increased $0.26 to $1.04, a 33% increase over the first quarter in 2017.
Pretax income for the quarter ended March 31, 2018 was $3.6 million, an increase of $483 thousand, 16%, compared to $3.1 million for the quarter ended March 31, 2017.
First Quarter Financial Highlights:
- Net interest margin of 4.47%
- First quarter return on average assets and equity of 1.62% and 17.43%, respectively
- Well capitalized with a total risk based capital ratio of 12.87%
- Continued exceptional credit quality with no loans on non-accrual or past due
- 11% growth in loans, $47.6 million increase over the first quarter of 2017
- 7% growth in deposits, $39.1 million increase over the first quarter of 2017
- Basic earnings per share increased to $1.04 from $0.78 over the first quarter of 2017
- Book value per share after dividends increased by $2.83 or 13%, to $24.61 over the first quarter of 2017
President and CEO David V. Heald commented, “We are extremely pleased with the Bank’s first quarter results. Continued top financial performance is the consequence of cumulative years of Board and Management focus on building our Bank to meet and exceed financial objectives centered on shareholder value. We continue to be recognized by our industry as best in class for performance and by our community for our service and commitment to meeting the diverse needs of the businesses and individuals in our market area.”
To view the entire First Quarter 2018 Press Release and for more information on Santa Cruz County Bank’s performance, please visit our Investor Relations page, which includes quarterly and annual financial reports dating back to 2004.
Super Premier Performing Bank Designation
The Findley Reports, Inc. recently designated Santa Cruz County Bank as a Super Premier Performing Bank for an 8th consecutive year based on 2017 financial performance. For a bank to achieve the Super Premier performance rating it must meet four key performance ratios established by Findley Reports, Inc.. Super Premier is the highest rating level established by Findley Reports, Inc. Santa Cruz County Bank met the four criteria at a high level of performance: growth, return on beginning equity, net operating income as a percentage of average assets and loan losses as a percentage of gross loans. The Findley Reports, Inc. has been recognizing the financial performance of banking institutions in California and the Western United States for over fifty years. Findley Reports named Santa Cruz County Bank as one of 11 “exceptional banks” in California in 2012.
Bank in Top 100 Community Banks Ranking
We are pleased to report Santa Cruz County Bank is ranked 63rd in the country out of at least 3,000 banks under $1 billion in assets, based upon 2017 performance. This is the second consecutive year Santa Cruz County Bank has ranked in the Top 100 Community Banks, by S&P Global.
Santa Cruz County Bank Voted “Best Bank”!
For a sixth consecutive year, Santa Cruz County Bank has been voted “Best Bank” in the Good Times "Best Of Santa Cruz County" annual poll. Thank you to all Good Times readers and customers who cast their vote for us!
Bank receives Al Smith Friend of Agriculture award
Santa Cruz County Bank was recently recognized with the 2018 Al Smith Friend of Agriculture award at the National Agriculture Day Luncheon, presented by the Santa Cruz County Farm Bureau and Agri-Culture. This award is presented annually to an individual, business, or organization that is not directly involved in the production of agriculture, yet supports the industry in other ways. The Bank has played a role in supporting this important business sector in our community through lending, donations to support agricultural education and volunteerism.
Santa Cruz County Bank wins 2017 Reader’s Choice Award
For the fourth consecutive year, Santa Cruz County Bank has been voted “Best Bank” in the Santa Cruz Sentinel “Reader’s Choice Award” annual poll. Thank you to all the Sentinel readers and customers who cast their vote for us!
Bank Announces New Headquarters, Future Relocation
We are excited to announce the signing of a 20-year lease for our future new headquarters at 75 River Street in downtown Santa Cruz. The Bank’s future headquarters will combine its current downtown Santa Cruz branch and Administrative offices into one location. First built in 1996 as a branch of Salinas Valley Savings and Loan, the building at 75 River Street has a long history as a location for financial institutions. The new location is a highly visible gateway to downtown Santa Cruz at the corner of River and Water Streets. The 14,000 plus square foot location will undergo modernization and tenant improvements prior to occupancy, which is anticipated in the summer of 2018.
President and CEO, David Heald stated, “We look forward to providing many new conveniences for our existing clients and those who join us in the future, along with better parking and visibility. We take pride in serving our clients, and this move to a cornerstone building in downtown Santa Cruz symbolizes the value we place in the community we serve.”
10% Stock Dividend Declaration
The Board of Directors of Santa Cruz County Bank declared a 10% stock dividend payable on November 10, 2017 to shareholders of record as of the close of business on October 31, 2017. This is the first stock dividend declared, which follows eighteen consecutive quarterly cash dividends.
David V. Heald, President and CEO, stated, “It is extremely satisfying for our Board to declare this stock dividend, which follows the announcement of another record quarter and year to date earnings through the third quarter of 2017. We remain committed to rewarding our shareholders for their investment with consistent returns and strong financial performance.”
For information about Santa Cruz County Bank stock, please visit our Investor Relations page.
Learn more about Mobile Payments
Paying in stores, within apps, and on websites has never been easier, safer, or more private with your Santa Cruz County Bank debit card(s). You already use your phone for just about everything. Now you can pay with it, too because your Santa Cruz County Bank debit card(s) are now compatible with Apple Pay, Android Pay and Samsung Pay. Use your Santa Cruz County Bank debit card that's stored in your mobile wallet for payment at millions of stores around the world, wherever contactless payments are accepted.
Ready to Start? Here's how: Simply load your Santa Cruz County Bank card in your Mobile Wallet on your smartphone or smartwatch for easy and secure purchases!
For more information, view Mobile Wallet FAQ
Santa Cruz County Bank is a 5-Star “Superior” Rated Bank
Santa Cruz County Bank is rated a 5-Star “Superior” bank by Bauer Financial, Inc. based upon its financial performance for the quarter ending December 31, 2017. 5-Star is the highest rating determined by Bauer Financial. Bauer Financial has been reporting on and analyzing the performance of U.S. banks and credit unions since 1983. For more information on Bauer Financial, Inc. visit www.bauerfinancial.com. Santa Cruz County Bank has ranked as a 4-Star “Excellent” and 5-Star “Superior” bank every quarter in the history of our ratings from Bauer Financial.
Our new mobile app lets you control your card usage and spending on the go! CardValet gives you real-time notifications whenever your card is used. If you lose or misplace your card, simply lock your card to disable it and unlock to enable, all with a few taps on your smartphone. CardValet allows you to control spending and safeguard against fraud. All this protection within one simple app - your card, on your terms. For more information on CardValet and how to download the app, click here.
Bank Announces Change in Board Appointments
At its Annual Meeting of Shareholders, Santa Cruz County Bank announced the appointment of director and vice-chairman, William J. Hansen, as board chairman. Mr. Hansen will succeed founding board chairman, George Gallucci, who will continue serving on the board.
Mr. Hansen, President and CEO of Hansen Insurance Agency and owner of Pacific Coast Development, has served as vice-chairman of the board of directors since the bank’s inception. Mr. Hansen, a founding director of the bank, has served as chairman of the Loan Committee since the banks inception and currently serves on the Audit, Compensation and Executive committees.
Succeeding Mr. Hansen as vice-chairman of the board is David V. Heald, President and CEO of Santa Cruz County Bank, who is also a founding director of the bank. The bank’s board composition remains the same with a total of seven directors, six of whom are founding directors.
“It has been an honor to serve as chairman for the past 13 years, but the time to step aside is while you are able to be the one to say, ‘it is time for me to step aside’. It has been tremendously gratifying to help steer the bank to become one of the most successful and well respected financial institutions in the industry. I look forward to continued service on the board in the years ahead,” stated George Gallucci.
Incoming Chairman William J. Hansen stated, “I am honored and look forward to serving as chairman of the board of Santa Cruz County Bank. On behalf of the entire board, I want to thank George Gallucci for his leadership as chairman for all these years. The Bank has become one of the finest financial institutions in the country over the past thirteen years and shareholders can rest assured we will work to continue exceptional growth and financial performance in the years ahead.”
Top 200 Best Performing Banks
We are thrilled to announce for a fourth consecutive year, Santa Cruz County Bank has ranked in American Banker Magazine’s Top 200 Best Performing Community Banks and Thrifts in the United States. Our Bank ranked 24th out of 669 institutions with less than $2 billion in assets that were included in the nationwide ranking. The ranking, based upon 3-year average return on equity from 2014-2016, also places Santa Cruz County Bank 6th California out of a total of 24 California banks that made the Top 200 list.
Santa Cruz County Bank Named Industry Top Performer in National Community Bank Rankings
ICBA Independent Banker, published by the Independent Community Bankers of America (ICBA) has recognized the Bank as an ICBA industry top performer in its May issue. Santa Cruz County Bank’s recognition is based on the strength of its competitive banking services and operational efficiencies throughout 2015, which resulted in its rank of 22nd for return on average equity of 13.15%.
“Santa Cruz County Bank is delighted to be recognized as an ICBA top performer,” said David V. Heald, president and CEO. “As a proud member of the Santa Cruz County community, we credit our loyal, local customers and dedicated employees for our success. We look forward to serving the unique needs of our community and helping it grow and prosper in the years to come.”
“Whether serving rural, suburban or large metropolitan areas, community banks operate with a focus on their customers and communities,” said Chris Lorence, ICBA’s executive vice president and chief marketing officer. “Santa Cruz County Bank knows their local market and thrives because they stay true to the principles of community banking while showcasing drive, ingenuity and community commitment. Santa Cruz County Bank demonstrates integrity, enthusiasm and inventiveness in the financial industry, and for that reason ICBA is proud to recognize this community bank and its employees for their outstanding efforts.”
This year’s ICBA top-performers rankings underscore the importance of focusing on serving customers and communities, first and foremost. Delivering superior service, following disciplined pricing models, and supporting their local communities and neighborhoods are trends among those community banks recognized within the rankings. These community banks featured stick to well-known industry fundamentals, while embracing the changing industry landscape.
As part of its annual performance rankings of its member institutions, ICBA pulled year-end FDIC call report earnings data to identify the 25 community banks with the highest return on average assets (ROAA) and return on average equity (ROAE) ratios for all of 2015. Both Subchapter C corporation and Subchapter S corporation institutions in six asset-size categories were recognized.
To see this year’s ICBA top-performers listings, read the article “The Best of the Best” on ICBA Independent Banker’s website at www.independentbanker.org.
Santa Cruz County Bank receives United Way Corporate Spirit Award
The United Way of Santa Cruz County has honored Santa Cruz County Bank with the Community Builder Corporate Spirit Award. This award recognizes the Bank’s development of successful strategies that encourage employees to give, advocate, volunteer and promote United Way-led community solutions. United Way of Santa Cruz County states, "Santa Cruz County Bank is being recognized for its longstanding partnership with the United Way through its workplace campaign efforts, service on the United Way board, involvement in the Emerging Leaders Circle, and participation in volunteer efforts such as Make A Difference Day and Stuff the Bus."
The Bank dedicates this award to its employees, who are tireless community champions. Thank you Team SCCB! To read more about the Bank's community involvement, click here.