Saratoga Bancorp, the parent company of Saratoga National Bank, reported a leap in earnings for the quarter ending Dec. 31, 1995, and for the 1995 fiscal year.
Quarterly earnings hit $299,000, 89 percent above the total for the same quarter in 1994. The company netted $881,000 between December 1994 and December 1995, about 81 cents per share. The earnings for the year were 34 percent higher than those recorded in the previous 12 months.
The big jump in earnings was the result of numerous new loans and an increase in assets, said Mary Rourke, senior vice president of Saratoga National Bank.
The company's assets now total about $101 million, 15 percent more than it had last year. The bank is owed $37 million in loans, up 12 percent from the previous year. The bank's deposits, about $75 million, also rose. They were up 1 percent.
At the end of the year, Saratoga Bancorp paid shareholders two dividends, each 5 cents a share. On March 29, shareholders will receive a 712-cents-per-share cash dividend, which represents a 50 percent increase over the dividends paid in March and September of 1995.
Saratoga National Bank operates offices in Saratoga, Los Gatos and San Jose.
This article appeared in the Saratoga News, February 21, 1996.
©1996 Metro Publishing, Inc. All rights reserved