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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

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