WEST COAST COMMTY BANCP - SCZC STOCK NEWS

West Coast Community Bancorp, parent company of Santa Cruz County Bank (OTCQX: SCZC), reported net income of $8.2 million for Q3 2024, consistent with the prior quarter but down from $9.1 million in Q3 2023. Year-to-date earnings were $25.7 million, down from $26.3 million in 2023, primarily due to $772,000 in merger-related expenses. Key metrics include a net interest margin of 4.92%, an efficiency ratio of 43.65%, and a return on average assets of 1.94% (excluding merger costs). The merger with 1st Capital Bank, completed on October 1, 2024, is expected to increase assets to nearly $2.8 billion. The Board declared a $0.18 per share dividend, up $0.01 from the prior quarter. Total assets were $1.80 billion, and deposits increased to $1.53 billion. Gross loans grew to $1.39 billion, led by construction loans. Nonaccrual loans were $2.4 million. The allowance for credit losses was $23.1 million. The bank's liquidity and capital ratios remain strong.

West Coast Community Bancorp (OTCQX: SCZC), parent company of Santa Cruz County Bank, announced significant changes to its Board of Directors. Thomas N. Griffin, a founding director, retired effective September 30, 2024, after over 20 years of service. During his tenure, the bank's assets grew from $13.2 million to $1.8 billion. Wayne Doiguchi, with over 40 years of Bay Area banking experience, has been appointed as a new director.

Key milestones during Griffin's service included the merger with Lighthouse Bank in 2019, expansion into Monterey County and Silicon Valley, and the recent merger with 1st Capital Bancorp. Doiguchi, formerly a director at California Bank of Commerce and CEO of Pan Pacific Bank, brings extensive commercial banking expertise to assist in developing the organization into a premier California banking franchise.

West Coast Community Bancorp (OTCQX: SCZC) and 1st Capital Bancorp have successfully completed their merger on October 1, 2024. The merged entity will operate under a new brand, West Coast Community Bank, starting in the second quarter of 2025. Kurt J. Gollnick and Daniel R. Hightower, M.D., former leaders of 1st Capital Bancorp, have joined the boards of Bancorp and Bank.

The merger creates one of the largest community banks on the Central Coast, with total assets of approximately $2.8 billion. Each share of 1st Capital Bancorp common stock was converted into 0.36 shares of Bancorp common stock. The combined bank aims to leverage its increased scale and lending capacity to serve larger business relationships while maintaining its community focus.

Systems conversion is expected to complete in mid-December. The merger is anticipated to enhance the bank's ability to invest in advanced technology and products while maintaining exceptional client service standards.

West Coast Community Bancorp (OTCQX: SCZC) and 1st Capital Bancorp (OTCQX: FISB) have received shareholder approval for their merger. The transaction, expected to close on October 1, 2024, has also obtained all necessary regulatory approvals. Based on June 30, 2024 financial results, the combined entity will have approximately $2.8 billion in total assets and banking branches in four Central Coast California counties.

Krista Snelling, President and CEO of West Coast Community Bancorp and Santa Cruz County Bank, expressed excitement about the merger's progress and its potential to enhance technology and services for clients throughout the West Coast. The merger will combine Santa Cruz County Bank's strengths as a top-rated, full-service community bank with 1st Capital Bank's focus on commercial enterprises, professionals, and real estate investors along the Central Coast region of California.

West Coast Community Bancorp (OTCQX: SCZC), parent company of Santa Cruz County Bank, reported $8.2 million in net income for Q2 2024, down from $9.3 million in Q1 2024 and $8.3 million in Q2 2023. Despite a slight dip, the net income for the first half of 2024 was $17.5 million, up 2% year-over-year. Key metrics include a 4.98% net interest margin and a 1.98% return on average assets, with efficiency ratio below 44%.

The company announced a quarterly cash dividend of $0.17 per share, payable on August 12, 2024. Major events include the planned merger with 1st Capital Bancorp expected to close in Q4 2024. The company earned top national rankings, including 50th in American Banker Magazine's Top 100 Community Banks under $2 billion and 12th in ICBA's Top-Performing Banks over $1 billion.

Financial highlights for Q2 2024 include $1.71 billion in total assets, $1.43 billion in deposits, and $1.39 billion in gross loans, an increase of $8.3 million from the prior quarter. The company's liquidity position remains strong with a liquidity ratio of 11.7%.

West Coast Community Bancorp (OTCQX: SCZC), holding company for Santa Cruz County Bank, announced the results of its annual election of directors. A total of 6,628,756 shares (79% of issued and outstanding shares) were represented and voted. All director nominees were elected with support ranging from 86% to 95%. Crowe LLP was ratified as the Bank's independent public accounting firm for 2024, with 99.51% votes in favor. The 2024 Equity Compensation Plan was approved with 91.59% votes in favor. Post-meeting, the board set the number of directors for the next year at eight.

Santa Cruz County Bank, with assets over $1.7 billion, has welcomed Natalie E. Taaffe as Senior Vice President, Senior Relationship Manager. Taaffe brings 38 years of industry experience, specializing in construction real estate lending. She will be serving clients in the Greater Bay Area from the Bank's Cupertino office in Silicon Valley.

West Coast Community Bancorp, the parent company of Santa Cruz County Bank, reported unaudited earnings for the first quarter ended March 31, 2024. Net income was $9.3 million, a 5% increase from the prior quarter and the same period in 2023. The company declared a quarterly cash dividend of $0.17 per common share. Financial highlights included a decrease in total assets to $1.71 billion, a decrease in deposits to $1.46 billion, and a decrease in gross loans to $1.38 billion. Nonperforming loans were reduced to $90 thousand or 0.01% of total loans. The company's liquidity position and capital ratios remained strong. Net interest margin was 4.86%, return on average assets was 2.14%, and efficiency ratio was 42.81%. Tangible book value per share increased to $25.05. Noninterest income was $1.0 million, and noninterest expense was $9.1 million. The loan portfolio mix showed a decrease in various loan categories. Shareholders' equity increased to $238.1 million.

West Coast Community Bancorp, the parent company of Santa Cruz County Bank, announced record earnings for the year ended December 31, 2023, with a $35.2 million net income, a 14% increase over 2022. The Board declared a quarterly cash dividend of $0.17 per common share, an increase of $0.01 per share from the prior quarter, payable on February 14, 2024, to shareholders of record at the close of business on February 8, 2024.