Record profit at Santa Cruz County BankOctober 21, 2016
Santa Cruz County Bank posted a record-breaking third quarter, setting new marks for profit, assets and deposits. Profit totaled $1.63 million for the third quarter ending Sept. 30, up 18 percent compared to a year ago. Year-to-date net income as of Sept. 30 was $4.66 million, up 17 percent. Assets totaled $578.2 million, growing $54.6 million over the year. Deposits grew to $521.2 million, up 4 percent from June 30 and up 10 percent over the year. Loans decreased by $507,000 over the quarter due to loan sales, seasonal lines of credit and reductions in construction loans due to payoffs; compared to a year ago, loans grew to $384 million, up 12 percent. Book value per share after dividends was $22.41, up from $19.71 a year ago. Earnings per share increased from 64 cents to 75 cents, up 17 percent from a year ago. The bank’s efficiency ratio was 55.41 percent. “Solid growth in deposits placed in quality earning assets sets us on pace for another record year in growth and earnings,” said David Heald, Santa Cruz County Bank president and CEO.