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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) announced a quarterly cash dividend of $0.09 per share, payable on April 4, 2022, to shareholders of record by March 29, 2022. This dividend follows a recent 2-for-1 stock split increasing the number of shares from approximately 4.27 million to over 8.5 million. The Bank reported a 21% increase in net income for the twelve months ending December 31, 2021, totaling $21.3 million, marking a strong performance.
Santa Cruz County Bank (OTCQX: SCZC), headquartered in Santa Cruz, California, announced a 2-for-1 stock split on March 14, 2022, for shareholders of record as of March 3, 2022. This marks the bank's first stock split, increasing outstanding shares from approximately 4.25 million to over 8.5 million. Chairman William J. Hansen stated the split aims to enhance market liquidity. The bank reported a 21% rise in net income for 2021, reaching $21.3 million, compared to $17.6 million in 2020.
Santa Cruz County Bank (OTCQX:SCZC), with assets exceeding $1.7 billion, announces the appointment of Paul Happach as Senior Vice President and Product and Digital Transformation Manager. Happach, who has 24 years of banking experience, previously worked at Pacific Mercantile Bank and Rabobank, focusing on online banking and e-channel products. His expertise in project management and digital transformation is anticipated to enhance the Bank's offerings. The Bank operates multiple branches and is recognized for its community-focused services, including being a leading SBA lender in the region.
Santa Cruz County Bank (OTCQX: SCZC) reported record net income of $21.3 million for 2021, marking a 21% increase from the prior year. Fourth quarter net income was $4.7 million. Total assets grew to $1.701 billion, a 20% increase year-over-year, driven by 25% growth in deposits and 21% growth in gross loans. Basic earnings per share rose to $1.11 for Q4 and $5.01 for 2021. Despite a slight decline in net interest margin to 3.78%, the bank maintains strong credit quality with minimal nonaccrual loans. The bank plans to open a new branch in Salinas by Q3 2022.
Santa Cruz County Bank (OTCQX: SCZC) announced a quarterly cash dividend of $0.125 per share payable on January 10, 2022, to shareholders of record on January 4, 2022. With assets exceeding $1.7 billion, the bank reported a $5.5 million net income for the quarter ending September 30, 2021, marking a 3% increase from 2020. Shareholders' equity rose to $183 million, reflecting an increase of $18.1 million compared to the previous year. The bank's return on average equity at 11.95% signifies a strong financial position.
Santa Cruz County Bank (OTCQX: SCZC) has appointed Shamara van der Voort as the new Chief Operations Officer effective October 26, 2021. With 25 years of banking experience, her expertise includes improving operational efficiency and enhancing customer service. Previously, she held leadership roles in operations and client experience at Pacific Mercantile Bank. Ms. van der Voort aims to leverage her skills to strengthen the bank's reputation and community impact, as noted by President and CEO Krista Snelling.
Santa Cruz County Bank (OTCQX: SCZC) declared a 10% stock dividend payable on November 8, 2021, to shareholders of record as of October 26, 2021. The bank reported a net income of $16.6 million for the nine months ended September 30, 2021, a 23% increase from $13.5 million in the same period last year. With assets of $1.70 billion, the bank continues to enhance shareholder value through strong financial performance.
Santa Cruz County Bank (OTCQX: SCZC) reported record earnings of $16.6 million for the nine months ending September 30, 2021, marking a 23% increase year-over-year. As of the same date, the bank's assets reached $1.70 billion, up 18%, while total gross loans (excluding PPP) rose by 26% to $1.05 billion. Net income for Q3 2021 was $5.5 million, slightly up from Q2 and Q3 2020. Basic earnings per share increased to $1.42 for Q3 2021. However, noninterest income declined to $835,000, primarily due to reduced gains on SBA loans sold.
Santa Cruz County Bank (OTCQX: SCZC) has declared a quarterly cash dividend of $0.125 per share, payable on October 12, 2021, to shareholders of record as of September 30, 2021. For the quarter ending June 30, 2021, the bank reported a $5.3 million net income, marking a 40% increase year-over-year. The return on average equity stood at 11.97%, while shareholders' equity grew to $178.6 million. Book value per share increased to $46.15, up $4.68 from the previous year.
Santa Cruz County Bank (OTCQX: SCZC) reported a net income of $5.3 million for Q2 2021, a 40% increase from Q2 2020. Year-to-date earnings reached a record $11.1 million, up 36% year-over-year. Total assets grew by 18% to $1.63 billion, with deposits increasing by 25% to $1.43 billion. The bank experienced a 15% increase in gross loans year-over-year. Despite a slight decrease in the net interest margin to 4.07%, the bank maintained strong credit quality with only $98 thousand in nonaccrual loans.
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