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

Rhea-AI Summary

Santa Cruz County Bank (OTCQX:SCZC) announced a quarterly cash dividend of $0.11 per share, marking a 22% increase, payable on July 11, 2022. The bank reported $5.4 million in net income for Q1 2022, up 15% compared to the prior quarter. With assets exceeding $1.7 billion, shareholders' equity rose to $182.9 million. The book value per share increased to $21.42, reflecting growth of $0.99 year-over-year.

Positive

• Quarterly cash dividend increased by 22% to $0.11 per share.
• Net income for Q1 2022 rose to $5.4 million, a 15% increase from the previous quarter.
• Shareholders' equity increased by $9.4 million year-over-year to $182.9 million.
• Book value per share increased to $21.42 from $20.43 in the same period last year.

Negative

• None.

SANTA CRUZ, Calif., June 22, 2022 /PRNewswire/ -- Santa Cruz County Bank (OTCQX:SCZC), with assets over $1.7 billion, is a top-rated community bank headquartered in Santa Cruz County. Today the bank announced that its Board of Directors declared a quarterly cash dividend of $0.11 per share. The dividend is payable on July 11, 2022 to shareholders of record as of the close of business on July 7, 2022.

Chairman William J. Hansen stated, "The Board of Directors of Santa Cruz County Bank are pleased to announce an increase to the quarterly cash dividend paid to our shareholders. The new increased dividend will be $0.11 per share and will be payable on July 11, 2022. We are pleased to reward our investors with a 22% dividend increase."

For the quarter ended March 31, 2022, Santa Cruz County Bank reported $5.4 million in net income, a 15% increase over the prior quarter.

Return on tangible equity was 13.69% for the quarter ended March 31, 2022. The book value per share of Santa Cruz County Bank's common stock at March 31, 2022 was $21.42 an increase of $0.99 from the same period in 2021. Shareholders' equity grew to $182.9 million, a $9.4 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 located 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, asset-based 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. 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 dividend amount declared by Santa Cruz County Bank (SCZC)?

The dividend amount declared is $0.11 per share.

When will the dividend for SCZC be paid?

The dividend will be paid on July 11, 2022.

What is the date of record for the SCZC dividend?

The date of record is July 7, 2022.

What was the net income reported by Santa Cruz County Bank for Q1 2022?

The net income for Q1 2022 was $5.4 million.

How much did shareholders' equity increase for Santa Cruz County Bank?

Shareholders' equity increased by $9.4 million to $182.9 million.