David Heal President
17% Increase in Net Income for the Year Ending December 31, 2013
SANTA CRUZ, CA – Santa Cruz County Bank (OTCQB:SCZC), a locally owned and operated full-service community bank headquartered in Santa Cruz County, announced unaudited results for the fourth quarter and year ended December 31, 2013.
Total assets grew by $41.9 million, 12%, to $398.2 million for the year ended December 31, 2013 compared to the prior year. This included significant growth in deposits of $38.6 million, 12% over the prior year to $360.2 million. Gross loans increased $32.4 million to $258.1 million, 14% over the prior year. Noninterest- bearing deposits represented 46% of total deposits as of December 31, 2013 compared to 43% as of December 31, 2012.
David V. Heald commented, “Our solid deposit base continues to grow, allowing the Bank to meet the lending needs of businesses in our community, while building strong earning assets. We have plenty of capacity to fund more loans as demand and economic conditions improve. ”
Shareholders’ equity for the year ended December 31 , 2013 increased by $2.9 million to $32.8 million, 10%, over the prior year. Book value per share for the year ended December 31, 2013 increased 8% to $16.39 compared to $15.16 the prior year. Basic earnings per share for the year ended December 31 , 2013 increased by 14% to $1.68 as compared to $1.47 for the year ended December 31,2012.
Year Ended: December 31, 2013 Compared To December 31, 2012
Net income increased $471.7 thousand, 17%, to $3.3 million Total deposits increased $38.6 million, 12%, to $360.2 million Gross loans increased $32.4 million, 14%, to $258.1 million Total assets increased $41.9 million, 12%, to $398.2 million
David V. Heald commented, “As we celebrate our tenth year serving Santa Cruz County, we wish to thank to our customers for supporting our vision to be the local community bank of choice. Over the past decade, we have built a highly recognized financial institution for our community. In 2013, we surpassed a milestone of $400 million in assets. We anticipate strong growth in deposits, loans and earnings in 2014. Additionally, we have invested in new technology to strengthen and streamline delivery of products and services to meet the financial needs of our customers in 2014 and many years ahead.”
Santa Cruz County Bank, founded in 2004, is a locally owned and operated community bank with offices located in Aptos, Capitola, Santa Cruz, Scotts Valley and Watsonville. The Bank offers a variety of competitive deposit and lending solutions for businesses and individuals; including business loans, lines of credit, commercial real estate financing, agricultural loans, SBA and USDA government guaranteed loans, credit cards, merchant services, remote deposit capture, and online banking bill payment and cash management. For the past seven years, the Bank’s SBA Department has been recognized as a top SBA lender in Santa Cruz County for 7a and 504 loans.