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

Rhea-AI Summary

Santa Cruz County Bank (OTCQX: SCZC) announced a 25% increase in its quarterly cash dividend, raising it from $0.10 to $0.125 per share. This dividend will be payable on July 6, 2021 to shareholders on record by June 25, 2021. For the quarter ending March 31, 2021, the bank reported a net income of $5.8 million, reflecting a 32% increase year-over-year. The bank's return on average equity stood at 13.66%, and shareholders' equity rose to $173.5 million, an increase of $18.6 million compared to the previous year.

Positive

• 25% increase in quarterly cash dividend from $0.10 to $0.125 per share.
• Net income of $5.8 million for Q1 2021, a 32% year-over-year increase.
• Return on average equity at 13.66% for Q1 2021.
• Shareholders' equity grew by $18.6 million to $173.5 million compared to Q1 2020.

Negative

• None.

SANTA CRUZ, Calif., June 15, 2021 /PRNewswire/ -- Santa Cruz County Bank (OTCQX: SCZC), with assets over $1.5 billion, is a top-rated community bank headquartered in Santa Cruz County. Today the bank announced its Board of Directors declared a 25% increase in quarterly cash dividend rate from $0.10 per share to $0.125 per share. The dividend is payable on July 6, 2021 to shareholders of record as of the close of business on June 25, 2021.

Chairman William J. Hansen stated, "We continue to reward our shareholders with another increase in our quarterly dividend. The management team and Board of Directors continue to balance capital retention while supporting our shareholders through the distribution of increasing dividends."

For the quarter ended March 31, 2021, Santa Cruz County Bank reported a record $5.8 million in net income, a 32% increase over the same period in 2020.

Return on average equity was 13.66% for the quarter ended March 31, 2021. The book value per share of Santa Cruz County Bank's common stock at March 31, 2021 was $44.95, an increase of $4.73 from the same period in 2020. Shareholders' equity grew to $173.5 million, a $18.6 million increase compared to the same period in 2020.

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 OTCQX 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

American Banker Magazine Top 200 Community Banks and Thrifts: The Bank is ranked 29^th in the Top 200 Community Banks and Thrifts in the United States based on 3-year return on average equity and 4^th in the state of California.

S&P Global Top 100 Community Banks: The Bank has ranked in the Top 100 Community Banks in the nation for performance for banks under $3 billion in assets for 5 consecutive years.

Financial Management Consulting (FMC) Group: Santa Cruz County Bank has ranked in FMC's top ten banks in California for the past 6 years.

The Findley Reports, Inc.: The Bank has received the top ranking of Super Premier by Findley for 11 consecutive years.

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

The Bank ranked 11^th in the Silicon Valley for the number of SBA loans lent to Silicon Valley businesses for the SBA's 2020 fiscal year. 

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SOURCE Santa Cruz County Bank

FAQ

What is the new dividend amount for Santa Cruz County Bank (SCZC)?

The new dividend amount is $0.125 per share, up from $0.10.

When is the dividend for SCZC payable?

The dividend is payable on July 6, 2021.

What was the net income for Santa Cruz County Bank in Q1 2021?

The net income for Q1 2021 was $5.8 million.

What was the increase in shareholders' equity for SCZC?

Shareholders' equity increased by $18.6 million to $173.5 million compared to Q1 2020.

What is the return on average equity for SCZC?

The return on average equity for Q1 2021 was 13.66%.