Santa Cruz County Bank Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015
January 25, 2016 at 04:30 pm
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Santa Cruz County Bank reported unaudited earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported interest income of $5,117,338 compared to $4,546,180 a year ago. Net interest income was $5,000,743 compared to $4,438,918 a year ago. Net income before taxes was $2,314,282 compared to $2,114,054 a year ago. Net income after taxes was $1,453,432 or $0.68 per diluted share compared to $1,275,667 or $0.60 per diluted share a year ago. Return on average assets was 1.09% compared to 1.09% a year ago. Return on average shareholders' equity was 13.29% compared to 13.31% a year ago.
For the year, the company reported interest income of $19,929,666 compared to $17,670,588 a year ago. Net interest income was $19,471,701 compared to $17,254,292 a year ago. Net income before taxes was $8,890,763 compared to $7,154,674 a year ago. Net income after taxes was $5,433,780 or $2.53 per diluted share compared to $4,371,187 or $2.05 per diluted share a year ago. Book value per share was $20.47 compared to $18.04 a year ago.
West Coast Community Bancorp is the Holding Company for Santa Cruz County Bank (the Bank), its wholly owned subsidiary. The Bank is an SBA lender in Santa Cruz County and Silicon Valley and a USDA lender in the state of California. As a full-service bank, Santa Cruz County Bank offers competitive deposit and lending solutions for businesses and individuals, including business loans, lines of credit, commercial real estate financing, construction lending, agricultural loans, SBA and USDA government guaranteed loans, asset-based lending, credit cards, merchant services, remote deposit capture, mobile and online banking, bill payment and treasury management. Its personal banking products include checking accounts, savings and certificates of deposits (CDs), individual retirement accounts (IRAs), health savings accounts and additional services. The Bank has branches in Aptos, Capitola, Cupertino, Monterey, Salinas, Santa Cruz, Scotts Valley, and Watsonville.