Santa Cruz bank profit up nearly tenfoldJanuary 24, 2011
By Eli Segall - Silicon Valley / San Jose Business Journal
Santa Cruz County Bank on Monday posted a nearly 10-fold increase of fourth quarter profit, as deposits and loans both climbed this past year.
The Santa Cruz-based lender (OTCBB:SCZC) said it earned about $700,000 of net income for the three months ending Dec. 31, compared to $71,000 in the same period in 2009.
The value of its loan portfolio grew by 16 percent over that period, to $181.5 million from $156.5 million, and deposits climbed by 6 percent, to $253.4 million from $239.3 million.
The bank also set aside more money for possible defaults. Its "loan loss" allowance was about $3.6 million as of Dec. 31 last year, up 23 percent from $2.9 million a year earlier.
Founded in February 2004, Santa Cruz County Bank had 60 employees as of last fall. It has satellite offices in Aptos, Capitola, Scotts Valley and Watsonville.