Santa Cruz County Bank reports profitable quarterOctober 14, 2010
Sentinel Staff Report
Santa Cruz County Bank reported a profitable third quarter, with net income of $452,881, compared to $369,149 for the quarter that ended June 30 and $42,872 a year ago.
The quarter resulted in year-to-date net income of $1.1 million, a record for the locally owned bank, which opened in 2004.
"This accomplishment highlights the keen focus of our board and management on earnings achievement through strategic measures," David Heald, president and chief executive officer.
Heald said the bank "remains highly liquid due to strong deposit growth."
Deposits grew to $265.2 million, an increase of 5 percent for the quarter and up 11 percent from a year ago.
Loans grew to $166.8 million, an increase of less than 1 percent for the quarter and up 11 percent from a year ago.
Shareholders' equity increased to $21 million, up $504,101 from the prior quarter and up $1.5 million from a year ago.
The bank increased its allowance for loan losses to $3.5 million, up from $3.3 million in the prior quarter and $2.9 million a year ago.