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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.
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.
Santa Cruz County Bank (OTCQX: SCZC) announced the future retirement of Executive VP and CFO Vic Davis, who has been with the bank for 14 years. Under Davis's leadership, bank assets and liabilities grew tenfold. He previously served as CFO at San Benito Bank and has extensive community banking experience. The transition to a new CFO is expected to maintain the bank's growth trajectory and complexity in operations. As of now, the bank has over $1.7 billion in assets and operates seven branches in California.
Santa Cruz County Bank (OTCQX: SCZC) announced an increased quarterly cash dividend of $0.125 per share, payable on October 11, 2022, to shareholders on record as of October 4, 2022. The bank reported a 20% increase in net income for Q2 2022, totaling $6.37 million, with a return on average equity of 13.77%. Shareholders' equity grew to $186 million, an increase of $6.94 million year-over-year. This announcement follows a 2-for-1 stock split and a $5 million share repurchase program declared in 2022.
Santa Cruz County Bank (OTCQX: SCZC) announced a first-ever $5 million Share Repurchase Program, authorized by its Board of Directors and approved by regulatory agencies. The initiative, which allows the bank to buy back shares in open market transactions until May 20, 2023, aims to enhance shareholder value. Chairman William J. Hansen cited the bank's strong financial performance and balance sheet as justification for the program. These repurchases will ultimately reduce the number of outstanding shares, demonstrating a commitment to investors.
Santa Cruz County Bank (OTC: SCZC) reported record financial results for Q2 2022, with net income of $6.37 million, an 18% increase from Q1 2022 and a 20% year-over-year growth. Assets reached $1.76 billion, representing an 8% increase from the previous year. Gross loans rose 19% to $1.19 billion, while deposits grew 9% to $1.56 billion. The bank's net interest margin was 3.90%, slightly down from 4.07% year-on-year. The launch of a new Asset-Based Lending Division aims to diversify offerings and enhance growth prospects.
Santa Cruz County Bank (OTCQX:SCZC) announced a quarterly cash dividend of $0.11 per share, marking a 22% increase, payable on July 11, 2022. The bank reported $5.4 million in net income for Q1 2022, up 15% compared to the prior quarter. With assets exceeding $1.7 billion, shareholders' equity rose to $182.9 million. The book value per share increased to $21.42, reflecting growth of $0.99 year-over-year.
Santa Cruz County Bank (OTCQX: SCZC) announced the appointment of Randy Lagomarsino as Vice President and Senior Relationship Manager for its Silicon Valley region. Based in Cupertino, he brings 17 years of banking experience, having held key positions at major financial institutions including Wells Fargo and US Bank. His expertise in sales and lending is expected to enhance the bank's business development efforts in the Greater Bay Area. Executive Vice President Jon Sisk expressed confidence in Lagomarsino's alignment with the bank's relationship-focused mission.
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