Santa Cruz County Bank posts profitMay 3, 2016
Locally owned Santa Cruz County Bank posted a profit of $1.5 million for the quarter ending March 31, up 3 percent from the prior quarter and 20 percent from a year ago. Earnings were 69 cents per share, up from 58 cents per share a year ago.
Deposits at the 12-year-old bank grew to $472 million, up 10 percent from a year ago. Loans grew up to $375 million, up 14 percent from a year ago, with no loans past due.
Sales of SBA loans boosted non-interest income to $965,000, an increase of $387,000 more than the prior quarter when no loans were sold. Non-interest expense increased 27 percent compared to the prior quarter due to increases in the cost of employee benefits and an increase in operational losses, according to bank officials.
Return on average equity was 13.33 percent. Shareholders’ equity was $46 million, up 15 percent from a year ago. Book value per share was $21.02, increasing by $2.40 from a year ago.
The annual shareholders meeting will be at 4 p.m. May 24 at the Cabrillo College Sesnon House.