Santa Cruz County Bank Declares Quarterly Cash Dividend Payment to Shareholders

Rhea-AI Summary

Santa Cruz County Bank (OTC Pink: SCZC), with assets nearing $1.4 billion, has declared a quarterly cash dividend of $0.075 per share, payable on October 12, 2020, to shareholders recorded by September 30, 2020. For the quarter ending June 30, 2020, the bank reported $3.8 million in net income, marking a 16% increase year-over-year. The return on average equity was 9.65%, and shareholders' equity rose by $84.9 million compared to the previous year.

Positive

• Quarterly cash dividend of $0.075 per share to be paid on October 12, 2020.
• Reported net income of $3.8 million for Q2 2020, up 16% year-over-year.
• Return on average equity at 9.65% for Q2 2020.
• Shareholders' equity grew by $84.9 million compared to the same period in 2019.

Negative

• None.

SANTA CRUZ, Calif., Sept. 15, 2020 /PRNewswire/ -- Santa Cruz County Bank (OTC Pink: SCZC), with assets of nearly $1.4 billion, is a top rated community bank headquartered in Santa Cruz County. Today the bank announced its Board of Directors' declaration of a quarterly cash dividend in the amount of $0.075 per share. The dividend is payable on October 12, 2020 to shareholders of record as of the close of business on September 30, 2020.

For the quarter ended June 30, 2020, Santa Cruz County Bank reported $3.8 million in net income, an increase of 16%, compared to the second quarter of 2019. Return on average equity was 9.65% for the quarter ended June 30, 2020. The book value per share of Santa Cruz County Bank's common stock at June 30, 2020 was $41.47, compared to $30.48 as of June 30, 2019. Shareholders' equity grew to $159.7 million, an $84.9 million increase compared to the same period in 2019. This significant growth was accelerated by the Bank's merger with Lighthouse Bank in the fourth quarter of 2019.

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 seven branches–Aptos, Capitola, Cupertino, Santa Cruz (2), Scotts Valley, Watsonville and a new branch set to open in Monterey in early 2021. 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 OTC 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
Financial Management Consulting (FMC) Group: Santa Cruz County Bank has ranked in FMC's top ten banks in California for the past five years.

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

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

The Bank ranks 4^th in the Silicon Valley for the number of SBA loans lent to Silicon Valley businesses for the SBA's 2019 fiscal year.

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SOURCE Santa Cruz County Bank

FAQ

What is the dividend amount for SCZC?

The dividend amount for SCZC is $0.075 per share.

When is the dividend payment date for SCZC?

The dividend payment date for SCZC is October 12, 2020.

What was the net income for Santa Cruz County Bank in Q2 2020?

Santa Cruz County Bank reported a net income of $3.8 million for Q2 2020.

How much did the shareholders' equity increase for SCZC in 2020?

Shareholders' equity increased by $84.9 million compared to the same period in 2019.

What is the return on average equity for SCZC in Q2 2020?

The return on average equity for SCZC in Q2 2020 was 9.65%.