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Santa Cruz bank profit up nearly tenfold

January 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.

   

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