SANTA CRUZ - Santa Cruz County Bank posted a record $1.2 million profit for the quarter ending Sept. 30, up 26 percent from the prior quarter and up 45 percent from a year ago.
David Heald, the bank's president and CEO, attributed the results to "sustainable growth in earnings, assets, loans and deposits while controlling expenses."
Loans totaled $297 million, up 1 percent from the prior quarter and up 24 percent from a year ago. That growth reflected $15.5 million in loan payoffs.
The 10-year-old locally owned bank made $41.7 million in loan commitments during the quarter, and funded $28.4 million.
Heald said the commitments included $22 million in commercial and industrial loans, largely in agriculture, a special focus for the bank along with wineries, and in hospitality.