Santa Cruz County Bank Declares Increase in Quarterly Cash Dividend Payment to Shareholders

Rhea-AI Summary

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.

Positive

• Quarterly cash dividend increased by 20% to $0.15 per share.
• Record net income of $9.2 million for Q3 2022, up 67% from 2021.
• Return on average tangible equity at 22.38% for Q3 2022.
• Shareholders' equity increased to $187.0 million.

Negative

• None.

SANTA CRUZ, Calif., Dec. 21, 2022 /PRNewswire/ -- Santa Cruz County Bank (OTCQX: SCZC), with assets over $1.86 billion, is a top-rated community bank headquartered in Santa Cruz County. The Bank reported that its Board of Directors declared an increase in the quarterly cash dividend to $0.15 per share. The dividend is payable on January 9, 2023 to shareholders of record as of the close of business on January 5, 2023.

Chairman William J. Hansen stated, "We are pleased to announce an increase to the quarterly cash dividend paid to our shareholders. The new increased dividend will be $0.15 per share and will be payable on January 9, 2023. Earlier this year the Board of Directors declared a 2-for-1 stock split and a $5 million share repurchase program. We are pleased to reward our investors with a 20% dividend increase."

For the quarter ended September 30, 2022, Santa Cruz County Bank reported a record $9.2 million in net income, a 67% increase over the same period in 2021.

Return on average tangible equity was 22.38% for the quarter ended September 30, 2022. The book value per share of Santa Cruz County Bank's common stock at September 30, 2022 was $22.06, an increase of 3% from the same period in 2021. Shareholders' equity grew to $187.0 million as of September 30, 2022.

ABOUT SANTA CRUZ COUNTY BANK

Santa Cruz County Bank was founded in 2004. It is a top-rated, locally-owned and operated, full-service community bank headquartered in Santa Cruz, California. The Bank has branches in Aptos, Capitola, Cupertino, Monterey, Salinas, Santa Cruz, Scotts Valley and Watsonville. Santa Cruz County Bank is distinguished from "big banks" by its relationship-based service, problem-solving focus and direct access to decision makers. The Bank is a leading SBA lender in Santa Cruz County and Silicon Valley and a top USDA lender in the state of California. As a full-service bank, Santa Cruz County Bank offers competitive deposit and lending solutions for businesses and individuals; including business loans, lines of credit, commercial real estate financing, construction lending, agricultural loans, SBA and USDA government guaranteed loans, asset-based lending, credit cards, merchant services, remote deposit capture, mobile and online banking, bill payment and treasury management. True to its community roots, Santa Cruz County Bank has supported regional well-being by actively participating in and donating to local not-for-profit organizations.

Santa Cruz County Bank stock is publicly traded on the OTCQX U.S. Premier marketplace under the symbol SCZC. Stock purchase orders may be placed online, through a brokerage firm, or through Market Makers listed in the Investor Relations section of the bank's website. For more information about Santa Cruz County Bank, visit www.sccountybank.com.

This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank is conducting its operations, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

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SOURCE Santa Cruz County Bank

FAQ

What is the new dividend amount for SCZC shareholders?

The new quarterly cash dividend for SCZC shareholders is $0.15 per share.

When will the dividend for SCZC be paid?

The dividend will be paid on January 9, 2023, to shareholders of record as of January 5, 2023.

How much was the increase in the quarterly dividend for SCZC?

The quarterly dividend was increased by 20%.

What was Santa Cruz County Bank's net income for the last quarter?

Santa Cruz County Bank reported a net income of $9.2 million for the quarter ended September 30, 2022.

What was the return on equity for Santa Cruz County Bank?

The return on average tangible equity was 22.38% for the quarter ended September 30, 2022.