Santa Cruz County Bank profit jumps 45%July 15, 2011
By Eli Segall - Silicon Valley / San Jose Business Journal
Santa Cruz County Bank on Monday posted a 45 percent jump in quarterly profit.
The Santa Cruz-based lender (OTCBB:SCZC) said it earned roughly $535,000 of net income, or 28 cents per share, for the quarter ending June 30. That compares to roughly $369,000, or 22 cents per share, during the same period a year earlier.
The value of its loan portfolio rose by 3 percent this past year, to $172 million as of June 30 from $167 million a year earlier, and its deposits climbed by 7 percent during that period, to $271 million from $253 million.
The bank did not immediately disclose the makeup of its loan portfolio, such as the totals for commercial and industrial lending or real estate deals.
Altogether, its assets rose by 7 percent this past year, to $299 million from $280 million.
Founded in February 2004, the bank had 62 employees as of this spring. It has five branches, all of which are in Santa Cruz County.