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Numbers improve for Santa Cruz County Bank but still down from a year ago

July 23, 2009

By Jennifer Pittman - Santa Cruz Sentinel

Santa Cruz County Bank reported Tuesday that loans, assets and deposits have all climbed from a year ago in the second quarter despite continued challenges in the economy. But, while net income nearly tripled from the previous quarter, it dropped from a year ago in the same quarter.

"The bank continues to progress positively in a particularly precarious time," said David Heald, chief executive officer and president. "We continue to grow our bank's balance sheet organically through core deposits and new relationships."

Gross loans jumped to more than $153.13 million, compared to $129.88 million a year ago. Deposits climbed to $218.7 million compared to $170.52 million a year ago. Assets climbed 26 percent to $241.16 million. Net interest income was $2.48 million for the second quarter that ended June 30, compared to $2.3 million in the first quarter and $1.99 million a year ago.

Net income was $66,243 for the quarter ended June 30, up from the $22,509 in the first quarter, but down from a year ago when the bank posted $195,239 in net income. A significant portion of the year-over-year difference was due to an FDIC special assessment in May on all insured banks to rebuild its Deposit Insurance Fund. For Santa Cruz County Bank, the tab was a hefty $111,211. Bank officials say an additional special assessment of up to 5 basis points may come later in the year, but it's not known how much that will cost.

The bank also noted that it received a four-star "Excellent" Bauer Financial Rating based on its first quarter performance. It is the fifth consecutive quarter that the bank has received a four- or five-star rating.

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