Santa Cruz County Bank Declares Quarterly Cash Dividend Payment to Shareholders

Rhea-AI Summary

Santa Cruz County Bank (OTCQX: SCZC) announced a quarterly cash dividend of $0.125 per share payable on January 10, 2022, to shareholders of record on January 4, 2022. With assets exceeding $1.7 billion, the bank reported a $5.5 million net income for the quarter ending September 30, 2021, marking a 3% increase from 2020. Shareholders' equity rose to $183 million, reflecting an increase of $18.1 million compared to the previous year. The bank's return on average equity at 11.95% signifies a strong financial position.

Positive

• Quarterly cash dividend of $0.125 per share increases shareholder income.
• Net income of $5.5 million for Q3 2021, up 3% from Q3 2020.
• Shareholders' equity grew to $183 million, an increase of $18.1 million year-over-year.
• Return on average equity at 11.95% demonstrates strong financial performance.

Negative

• None.

SANTA CRUZ, Calif., Dec. 21, 2021 /PRNewswire/ -- Santa Cruz County Bank www.sccountybank.com (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 $0.125 per share. The dividend is payable on January 10, 2022 to shareholders of record as of the close of business on January 4, 2022.

Chairman William J. Hansen stated, "The Board of Directors of Santa Cruz County Bank are pleased to continue payment of a quarterly cash dividend at $0.125 per share, following the recent 10% stock dividend paid to shareholders in November 2021."

For the quarter ended September 30, 2021, Santa Cruz County Bank reported a $5.5 million in net income, a 3% increase over the same period in 2020.

Return on average equity was 11.95% for the quarter ended September 30, 2021. The book value per share of Santa Cruz County Bank's common stock at September 30, 2021 was $47.21, an increase of $4.38 from the same period in 2020. Shareholders' equity grew to $183.0 million, an $18.1 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 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, 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.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/santa-cruz-county-bank-declares-quarterly-cash-dividend-payment-to-shareholders-301449345.html

SOURCE Santa Cruz County Bank

FAQ

What is the dividend amount declared by SCZC?

Santa Cruz County Bank declared a dividend of $0.125 per share.

When is the dividend payment date for SCZC?

The dividend is payable on January 10, 2022.

What are the record dates for the SCZC dividend?

Shareholders of record as of January 4, 2022, will receive the dividend.

What is the recent net income reported by SCZC?

The bank reported a net income of $5.5 million for the quarter ending September 30, 2021.

What was the shareholders' equity for SCZC?

Shareholders' equity increased to $183 million, up $18.1 million from the previous year.