<< Back to News Index

Santa Cruz County Bank reports third-quarter profit

October 31, 2009

By Jondi Gumz - Santa Cruz Sentinel

The third-quarter profit at locally owned Santa Cruz County Bank was smaller than in the second quarter, but it was a big improvement compared to a year ago, when the bank bumped up its reserve for loan losses.

Net income after taxes totaled $42,872, down from $66,243 in the second quarter, and up from a loss of $580,620 in the third quarter of 2008 when the stock market sank.

The bank set aside $402,000 for loan losses compared to $1.42 million a year ago.

Its nonperforming assets as of Sept. 30 were less than 1 percent of total assets, down from 1.1 percent as of June 30.

Deposits grew to $239.2 million, up 9 percent from the previous quarter while loans dipped to $150.1 million down 2 percent.

Citing economic stress on real estate, retail, and tourism, President and Chief Executive Officer David Heald said, "We consider economic conditions continually to determine our provisions and strategies to minimize risk and provide value for our shareholders."

The stock closed at $9.50 Friday. For most of October, it had traded at $11.

Alert: You are about to leave our site:
Santa Cruz County Bank has no control over information at any site hyperlinked to or from this site. Santa Cruz County Bank makes no representation concerning and is not responsible for the quality, content, nature, or reliability of any hyperlinked site and is providing this hyperlink to you only as a convenience. The inclusion of any hyperlink does not imply any endorsement, investigation, verification or monitoring by Santa Cruz County Bank of any information in any hyperlinked site. In no event shall Santa Cruz County Bank be responsible for your use of a hyperlinked site.

Continue to Master Card Secure Code

Cancel

Alert: You are about to leave our site:
Santa Cruz County Bank has no control over information at any site hyperlinked to or from this site. Santa Cruz County Bank makes no representation concerning and is not responsible for the quality, content, nature, or reliability of any hyperlinked site and is providing this hyperlink to you only as a convenience. The inclusion of any hyperlink does not imply any endorsement, investigation, verification or monitoring by Santa Cruz County Bank of any information in any hyperlinked site. In no event shall Santa Cruz County Bank be responsible for your use of a hyperlinked site.

Continue to Arts Collaborative on Facebook

Cancel