WEST COAST COMMTY BANCP - SCZC STOCK NEWS

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Santa Cruz County Bank (OTCQX: SCZC) is a premier, community-focused financial institution headquartered in Santa Cruz, California. Founded in 2004, the Bank has grown to manage assets worth $1.75 billion as of June 30, 2023. With branches in Aptos, Capitola, Cupertino, Monterey, Salinas, Santa Cruz, Scotts Valley, and Watsonville, the Bank serves clients with a relationship-based approach, offering easy access to decision-makers and specialized problem-solving services.

As a full-service bank, Santa Cruz County Bank provides a comprehensive array of banking services for businesses and individuals. These include competitive deposit and lending solutions such as business loans, commercial real estate financing, construction lending, asset-based lending, agricultural loans, SBA and USDA government-guaranteed loans, and more. Additionally, the Bank offers credit cards, merchant services, remote deposit capture, mobile and online banking, bill payment, and treasury management.

Renowned for its outstanding service, the Bank is a leading SBA lender in Santa Cruz County and Silicon Valley, and a top USDA lender in California. Recently, the Bank reported unaudited earnings for the quarter ended June 30, 2023. Key financial highlights include a net income of $8.3 million, marking a 31% increase compared to the same quarter in the previous year.

President and CEO Krista Snelling stated, "For the second quarter, the Bank's gross loans (excluding PPP) once again set a quarterly record. Our return on average assets of 1.94% and net interest margin of 4.93% remain strong, despite market interest rate pressure which drove the Bank's cost of funds higher by 40 basis points during the second quarter to 78 basis points. We remain focused on balancing profitability with credit quality and enterprise risk management while providing an exceptional and efficient client experience."

The liquidity position of the Bank remains robust, with on-balance sheet liquidity totaling $267.4 million and an available borrowing capacity of $381.2 million. The Bank has a diversified investment portfolio containing U.S. Treasury bonds, securities issued by U.S. Government-sponsored agencies, and SBA loans, which reduce credit or liquidity risks. Shareholders’ equity increased to $208.2 million, driven by strong earnings and strategic stock repurchases.

Santa Cruz County Bank has received multiple accolades, including being listed in American Banker Magazine’s Top 200 Community Banks & Thrifts in the U.S. based on a 3-year return on average equity. The Bank continues to participate actively in regional well-being by supporting local not-for-profit organizations.