President and CEO David V. Heald commented, “We are pleased to report another consecutive year of record earnings and continued growth in all areas of our balance sheet. Our growth has been driven by a healthy economic environment for the businesses and customers we serve as well as our reputation and commitment to serving as a financial partner to our community for the past twelve years.
We look forward to continued success in 2016 and serving the needs of our community.”
Selected financial information:
- Year Ended December 31, Change 2015 – 2014
- Balance Sheet – Total assets 2015: $513,336,864 – 2014: $459,794,882 • +12%
- Total deposits 2015: $461,234,677 – 2014: $413,986,333 • +11%
- Shareholders’ equity 2015: $44,095,023 – 2014: $38,629,400 • +14%
- Net Income 2015: $5,433,780 – 2014: $4,371,187 • +24%
Fourth Quarter Earnings
Net income of $1.5 million for the quarter ended December 31, 2015 increased 5% compared to the prior quarter and increased 14% comparing this quarter with the same quarter in 2014. Basic earnings per share increased $0.48 to $2.53, a 23% increase over the prior year.
Pretax income for the year ended December 31, 2015 was $8.9 million, an increase of $1.7 million, 24%, compared to $7.2 million for the prior year.
Basic earnings per share for the fourth quarter ended December 31, 2015 increased to $0.68 compared to $0.60 the fourth quarter of the prior year.
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Santa Cruz County Bank, founded in 2004, is a locally owned and operated community bank with offices located in Aptos, Capitola, Santa Cruz, Scotts Valley and Watsonville. Santa Cruz County Bank stock is publicly traded on the OTCQX marketplace under the stock symbol SCZC. For more information about Santa Cruz County Bank, please visit our website www.sccountybank.com.