logo
Share SHARE
FONT-SIZE Plus   Neg

Correction: Santa Cruz County Bank Q1 Profit Rises On Lower Loan Loss Provisions

Recasting Story to Give Year-over-Year Comparisons

Santa Cruz County Bank (SCZC.OB), Wednesday, reported a higher profit for the first quarter, as net interest income rose 8 percent and provision for loan losses reduced by 48 percent from the prior year.

The Santa Cruz, California-based company reported a first-quarter net profit of about $574 thousands or $0.30 per basic share, compared to $454 thousands or $0.24 per basic share last year. However, sequentially, net profit was down 15 percent.

Net interest income for the quarter grew 8 percent to $3.25 million from $3.02 million in the prior-year quarter. Meanwhile, provision for loan losses declined 22 percent to $300 thousands.

For the quarter, total non-interest income fell 40 percent to $527 thousands from $882 thousands in the prior-year quarter.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Apple Inc. (AAPL) has scheduled its annual hardware event on Wednesday, September 7, when the tech giant is expected to unveil the most-awaited smartphone of the year-- iPhone 7. Apple has sent out invitation to the media and published the event on its website with a simple title "See you on the 7th." Although,... Starbucks Corp. (SBUX) has opened its first outlet on the island of Trinidad, as the coffee giant continues its Caribbean expansion. The new store is now open in San Fernando, Trinidad's SouthPark Entertainment Complex. Starbucks opened its first store in the Caribbean region in San Juan, Puerto... Conroe, Texas-based Country Fresh LLC., is recalling 30,000 cases of various fresh-cut vegetable products, due to a potential contamination of Listeria. The contamination was discovered during a routine sample taken at a retail store by the Georgia Department of Agriculture, which revealed the finished...
comments powered by Disqus
Follow RTT