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

Rhea-AI Summary

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.

Positive

• 20% increase in net income to $6.37 million for Q2 2022.
• Return on average equity of 13.77%.
• Shareholders' equity rose to $186 million, increasing by $6.94 million year-over-year.
• Increased quarterly cash dividend indicating confidence in financial health.

Negative

• None.

SANTA CRUZ, Calif., Sept. 21, 2022 /PRNewswire/ -- Santa Cruz County Bank www.sccountybank.com (OTCQX: SCZC), with assets over $1.76 billion, is a top-rated community bank headquartered in Santa Cruz County. On September 20, 2022, the Bank's Board of Directors declared an increased quarterly cash dividend of $0.125 per share. The dividend is payable on October 11, 2022 to shareholders of record as of the close of business on October 4, 2022.

Chairman William J. Hansen stated, "We are pleased to continue to reward our shareholders for their investment in our stock. In 2022, the Board of Directors of Santa Cruz County Bank have declared a 2-for-1 stock split, two increased quarterly cash dividends, and a $5 million share repurchase program."

For the quarter ended June 30, 2022, Santa Cruz County Bank reported $6.37 million in net income, a 20% increase over the same period in 2021. Return on average equity was 13.77% for the quarter ended June 30, 2022. The book value per share of Santa Cruz County Bank's common stock at June 30, 2022 was $21.73, an increase of $0.75 from the same period in 2021. Shareholders' equity grew to $186 million, an $6.94 million increase compared to the same period in 2021.

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, 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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/santa-cruz-county-bank-declares-increase-in-quarterly-cash-dividend-payment-to-shareholders-301630116.html

SOURCE Santa Cruz County Bank

FAQ

What is the dividend amount declared by Santa Cruz County Bank for October 2022?

Santa Cruz County Bank declared a quarterly cash dividend of $0.125 per share, payable on October 11, 2022.

When is the record date for the latest dividend payment by SCZC?

The record date for the latest dividend payment is October 4, 2022.

What was the net income reported by SCZC for Q2 2022?

Santa Cruz County Bank reported a net income of $6.37 million for the quarter ended June 30, 2022.

How much did shareholders' equity increase for SCZC in 2022?

Shareholders' equity increased by $6.94 million year-over-year, totaling $186 million.

What is the return on average equity reported by Santa Cruz County Bank?

The return on average equity for SCZC was 13.77% for the quarter ended June 30, 2022.