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

Rhea-AI Summary

Santa Cruz County Bank (OTC Pink: SCZC) reported a 33% increase in its quarterly dividend, raising it from $.075 to $.10 per share, payable on April 5, 2021. The bank achieved a record net income of $17.5 million for 2020, a 43% increase from the previous year. The return on average equity stood at 10.92%, and shareholders' equity rose to $168.5 million. This strong financial performance supports the bank's growth plans while rewarding shareholders.

Positive

• 33% increase in quarterly dividend to $0.10 per share.
• Record net income of $17.5 million, a 43% increase from 2019.
• Return on average equity at 10.92%.
• Shareholders' equity increased by $17.4 million to $168.5 million.

Negative

• None.

SANTA CRUZ, Calif., March 16, 2021 /PRNewswire/ -- Santa Cruz County Bank (OTC Pink: SCZC), with assets over $1.4 billion, is a top rated community bank headquartered in Santa Cruz County. Today the bank announced its Board of Directors has declared a 33% increase in the quarterly dividend rate from $.075 per share to $.10 per share. The dividend is payable on April 5, 2021 to shareholders of record as of the close of business on March 26, 2021.

Chairman William J. Hansen stated, "In recognition of our strong financial performance we are pleased to reward our shareholders with an increase in our quarterly dividend. Our record financial performance allows us to focus on capital retention, to support the Bank's growth plans, while simultaneously increasing dividends to our shareholders.

For the year ended December 31, 2020, Santa Cruz County Bank reported a record $17.5 million in net income, an increase of 43%, compared to 2019.

Return on average equity was 10.92% for the year ended December 31, 2020. The book value per share of Santa Cruz County Bank's common stock at December 31, 2020 was $43.74, compared to $39.25 as of December 31, 2019.  Shareholders' equity grew to $168.5 million, a $17.4 million increase compared to the same period in 2019.

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 eight branches–Aptos, Capitola, Cupertino, Monterey, Santa Cruz (2), 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, 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 OTC 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.

NATIONAL, STATE, AND LOCAL RATINGS AND AWARDS
Financial Management Consulting (FMC) Group: Santa Cruz County Bank has ranked in FMC's top ten banks in California for the past six years.

The Findley Reports, Inc.: The Bank has received the top ranking of Super Premier by Findley for ten consecutive years.

Bauer Financial Reports, Inc.: Santa Cruz County Bank is rated 5-star "Superior" based upon its financial performance.

The Bank ranks 8^th in the Silicon Valley for the number of SBA loans lent to Silicon Valley businesses for the SBA's 220 fiscal year.

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SOURCE Santa Cruz County Bank

FAQ

What is the new dividend amount for SCZC shareholders?

The new dividend amount for Santa Cruz County Bank (SCZC) shareholders is $0.10 per share.

When will the dividend for SCZC be paid?

The dividend for SCZC will be paid on April 5, 2021.

What are the financial results of Santa Cruz County Bank for 2020?

Santa Cruz County Bank reported a record net income of $17.5 million for 2020, a 43% increase from 2019.

What is the return on equity for SCZC?

The return on average equity for Santa Cruz County Bank (SCZC) was 10.92% for the year ended December 31, 2020.