WEST COAST COMMTY BANCP - SCZC STOCK NEWS

Santa Cruz County Bank (OTCQX: SCZC) reported a strong performance for Q1 2023. Net income reached $8.9 million, reflecting a 65% increase year-over-year but a 11% decrease from the previous quarter. The bank's gross loans hit a record $1.3 billion, up 15% compared to Q1 2022, while total assets reached $1.73 billion. Despite a 4% decline in deposits, driven by large depositors' business cycles, liquidity remains robust with a primary liquidity ratio of 16.1%. Earnings per share improved by $0.42 year-over-year but fell $0.13 from the previous quarter. The bank maintains a solid credit quality with nonaccrual loans at 0.20% of gross loans. Santa Cruz County Bank was also ranked #6 among community banks in the nation by S&P Global Market Intelligence, marking its sixth consecutive year in the Top 100.

Santa Cruz County Bank (OTCQX: SCZC) has announced the appointment of Michael Davis Luong as Vice President and Senior Relationship Manager for the Silicon Valley region, effective April 19, 2023. Based in Cupertino, Luong will focus on new business acquisition, lending, and business development in the Greater Bay Area. He brings 18 years of banking experience, previously serving in significant roles at Meriwest Credit Union and Silicon Valley Bank, where he managed a commercial real estate portfolio exceeding $500 million. Jon Sisk, Executive Vice President, expressed enthusiasm for Luong's expertise in commercial lending and business development, indicating potential growth for the bank in the region.

Santa Cruz County Bank (OTCQX: SCZC) has declared a quarterly cash dividend of $0.15 per share, payable on April 11, 2023, to shareholders recorded as of April 5, 2023. For the year ending December 31, 2022, the bank reported a record $30.9 million in net income, reflecting a 45% increase from 2021. The bank's capital position is strong, with a tier 1 capital ratio of 13.69% as of December 31, 2022. Additionally, the book value per share increased to $23.32.

Santa Cruz County Bank (OTCQX: SCZC) reported a record net income of $30.9 million for 2022, representing a 45% increase over the previous year. For Q4 2022, net income reached $10 million, up 9% from Q3 2022 and 114% from Q4 2021. Basic and diluted earnings per share improved by $1.13 year-over-year. Total assets stood at $1.74 billion, down 6% from the previous quarter but up 3% year-on-year. The bank's net interest margin increased to 4.83%, attributed to rising market interest rates. Although deposits decreased by 8% from Q3 2022, they rose 2% from the previous year. The bank's return on average equity was 20.57%, marking a strong financial position as it looks forward to growth opportunities in Monterey County.

Santa Cruz County Bank (OTCQX: SCZC) has opened a new full-service branch at 480 South Main Street, Salinas, California, enhancing its presence in Monterey County. The bank, with over $1.86 billion in assets, aims to foster community relationships through its experienced banking team. This marks the second branch in Monterey County, following the 2021 opening in downtown Monterey. President Krista Snelling expressed enthusiasm for serving the Salinas Valley and expanding the client base, while Senior Vice President Rich Aiello emphasized the team's local expertise.

Santa Cruz County Bank (OTCQX: SCZC) announced a 20% increase in its quarterly cash dividend to $0.15 per share, payable on January 9, 2023. Shareholders of record by the close of business on January 5, 2023 will receive this payment. For the quarter ending September 30, 2022, the bank reported a record $9.2 million in net income, a 67% increase year-over-year. The bank's return on average tangible equity for this period was 22.38%, and shareholders' equity reached $187.0 million.

Santa Cruz County Bank (OTCQX: SCZC) announced the appointment of Cecilia Situ as the new Executive Vice President and Chief Financial Officer on November 1, 2022. With over 20 years of experience, Situ previously held significant roles, including Senior Vice President at Bank of Marin, managing a $1.8 billion investment portfolio. Her expertise encompasses financial accounting, SEC reporting, and strategic financial planning. Situ's appointment follows the planned retirement of former CFO Vic Davis, who will assist with the transition until November 23, 2022.

Santa Cruz County Bank (OTC: SCZC) reported record results for Q3 2022, with net income of $9.2 million, a 44% increase from the previous quarter and a 67% increase year-over-year. Total assets reached $1.86 billion, reflecting a 10% rise from last year, while gross loans grew 17% to $1.23 billion. The bank's efficiency ratio improved to 36.17%, and return on average assets stood at 2.01%. The bank plans to open a new branch in Salinas, enhancing its community presence. Basic EPS increased to $1.08, showing strong profitability amid a favorable interest rate environment.