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
The Justice Department has initiated a probe to find out if airlines are colluding to limit seating capacity in order to benefit from higher airfares. Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud has pledged to give away his entire wealth amounting to $32 billion for charity. He said the fund will be utilized for cultural understanding, develop communities, empower women, enable youth, provide vital disaster relief and create a more tolerant and accepting world. Toyota accepted the resignation of its Chief Communications Officer Julie Hamp, following her arrest in Japan for allegedly mailing banned painkillers to her address in Japan from U.S.
comments powered by Disqus
Follow RTT