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Santa Cruz County Bank Q3 income $835 thousand

Christian Fernsby |
Santa Cruz County Bank announced unaudited earnings for the third quarter ended September 30, 2021.

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Noninterest income for the quarter ended September 30, 2021 was $835 thousand compared to $1.3 million for the same period last year with the difference concentrated in gains on SBA loans sold, which was $431 thousand in the third quarter of 2020 versus none for the same period in 2021.

Noninterest income in the third quarter 2021 was down $749 thousand from Q2 2021 with most of the variance again concentrated within gains on SBA loans sold.

In the third quarter 2021, management elected to curtail SBA loan sales, increase loan balances and deploy liquidity.

Noninterest expense at $7.3 million for the quarter ended September 30, 2021 was $91 thousand or 1.2% less than prior quarter but increased 17% or $1.07 million compared to the same period last year.

The year over year increase is due to multiple factors including headcount increases to support our asset growth, fully staffing and equipping our branch in Monterey, initial staffing and associated expense for expansion into Salinas and increase in our reserve for unfunded commitments, which is related to our loan growth.


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