SANTA CRUZ, Calif., June 22, 2023 /PRNewswire/ — Santa Cruz County Bank www.sccountybank.com (OTCQX: SCZC), with assets over $1.73 billion, is a top-rated community bank headquartered in Santa Cruz County. The Bank reported that its Board of Directors declared a quarterly cash dividend of $0.15 per share. The dividend is payable on July 13, 2023 to shareholders of record as of the close of business on July 7, 2023.
For the quarter ended March 31, 2023, Santa Cruz County Bank reported $8.9 million in net income, a 65% increase over the first quarter in 2022. Return on average tangible equity was 20.90% for the quarter ended March 31, 2023.
The Bank’s capital position significantly exceeds regulatory levels for being considered “well-capitalized” at 10.99% tier 1 capital and 14.71% total risk-based capital ratio as of March 31, 2023. Shareholders’ equity grew to $204.2 million as of March 31, 2023, and improvement of $3 million due to a decrease in the amount of after-tax unrealized losses on available for sale securities portfolio during the quarter. The adoption of the Current Expected Credit Loss (“CECL”) methodology related to our allowance for credit losses on January 1, 2023 resulted in a decrease in retained earnings by $3.3 million. The tangible book value per share of Santa Cruz County Bank’s common stock at March 31, 2023 was $20.91, an increase of $2.78 compared to March 31, 2022.
The Bank’s strong liquidity position includes $277.8 million in cash and unpledged marketable securities and $422.9 million in unused borrowing capacity at the Federal Home Loan Bank, the Federal Reserve Bank and other correspondent banks as of March 31, 2023.
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 in Aptos, Capitola, Cupertino, Monterey, Salinas, 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, asset-based lending, 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 U.S. Premier 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.
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