Santa Cruz County Bank reported unaudited earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net interest income of $6,801,766 compared to $5,626,889 a year ago. Net income before taxes was $3,655,441 compared to $3,037,999 a year ago. Net income after taxes was $845,804 compared to $1,835,090 a year ago. The decreases were due to $1.5 million in additional tax expense arising from the one time revaluation of deferred tax assets. Basic earnings per share was $0.35 compared to $0.84 a year ago. Basic earnings per share for the fourth quarter decreased due to the impact of the increase in income tax expense for the fiscal year. Book value per share was $23.64 compared to $23.15 a year ago. For the year, the company reported net interest income of $25,521,979 compared to $21,755,466 a year ago. The improvement year over year of 17% or $3.8 million, was driven by a continued focus on building high quality earning assets through loan production. Net income before taxes was $13,437,564 compared to $10,703,010 a year ago. Net income after taxes was $6,758,398 compared to $6,491,464 a year ago. Most of the improvement is located within interest income, which climbed $4 million, due primarily to growth in the loan portfolio combined with rising rates. Basic earnings per share was $2.80 compared to 2.98 a year ago. Earnings per share for the year were also impacted by the 10% stock dividend granted to shareholders of record as of October 31, 2017. For the year ended December 31, 2017, the Bank's return on average equity was 12.27% and return on average assets was 1.11%. The book value per share of Santa Cruz County Bank's common stock at December 31, 2017 was $23.64, up from $23.15 for the same period in 2016.