Santa Cruz County Bank announced that its second quarter net income had improved significantly from Q1, but that it was still only one-third of what it was in Q2 of 2008.
Santa Cruz County Bank announced that its second quarter net income had improved significantly from Q1, but that it was still only one-third of what it was in Q2 of 2008. The decline is largely attributed to an FDIC special assessment fee on all insured banks to rebuild its Deposit Insurance Fund. The SCCB paid $111,211, causing net income to drop to $66,243. In Q2 of 2008, net income was $195,239.
Despite this disparity, the bank also announced that gross loans, deposits and assets had all increased over the past year, and that net interest income was $2.48 million, compared to $1.99 million last year. CEO and President Donald Heald commented that “The bank continues to progress positively in a particularly precarious time.” Read more at the Santa Cruz Sentinel.
