Santa Cruz County Bank Declares Quarterly Cash Dividend Payment to Shareholders

Rhea-AI Summary

Santa Cruz County Bank (OTCQX: SCZC) has declared a quarterly cash dividend of $0.125 per share, payable on October 12, 2021, to shareholders of record as of September 30, 2021. For the quarter ending June 30, 2021, the bank reported a $5.3 million net income, marking a 40% increase year-over-year. The return on average equity stood at 11.97%, while shareholders' equity grew to $178.6 million. Book value per share increased to $46.15, up $4.68 from the previous year.

Positive

• Net income increased by 40% year-over-year, totaling $5.3 million.
• Return on average equity was 11.97%, indicating strong profitability.
• Shareholders' equity rose to $178.6 million, an increase of $18.9 million from the prior year.
• Book value per share improved to $46.15, reflecting solid financial growth.

Negative

• None.

SANTA CRUZ, Calif., Sept. 21, 2021 /PRNewswire/ -- Santa Cruz County Bank www.sccountybank.com (OTCQX:SCZC), with assets over $1.6 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 October 12, 2021 to shareholders of record as of the close of business on September 30, 2021.

For the quarter ended June 30, 2021, Santa Cruz County Bank reported a $5.3 million in net income, a 40% increase over the same period in 2020.

Return on average equity was 11.97% for the quarter ended June 30, 2021. The book value per share of Santa Cruz County Bank's common stock at June 30, 2021 was $46.15, an increase of $4.68 from the same period in 2020. Shareholders' equity grew to $178.6 million, a $18.9 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.

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SOURCE Santa Cruz County Bank

FAQ

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

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

When will the dividend be paid to shareholders of SCZC?

The dividend will be paid on October 12, 2021, to shareholders of record as of September 30, 2021.

What was the net income for Santa Cruz County Bank for the quarter ended June 30, 2021?

The net income for the quarter ended June 30, 2021, was $5.3 million, a 40% increase compared to the same quarter in 2020.

How did shareholder equity change compared to last year?

Shareholder equity increased to $178.6 million, up $18.9 million from the same period last year.