West Coast Community Bancorp Stock Price, News & Analysis

Santa Cruz County Bank (OTCQX: SCZC) has declared a quarterly cash dividend of $0.15 per share, payable on April 11, 2023, to shareholders recorded as of April 5, 2023. For the year ending December 31, 2022, the bank reported a record $30.9 million in net income, reflecting a 45% increase from 2021. The bank's capital position is strong, with a tier 1 capital ratio of 13.69% as of December 31, 2022. Additionally, the book value per share increased to $23.32.

Santa Cruz County Bank (OTCQX: SCZC) reported a record net income of $30.9 million for 2022, representing a 45% increase over the previous year. For Q4 2022, net income reached $10 million, up 9% from Q3 2022 and 114% from Q4 2021. Basic and diluted earnings per share improved by $1.13 year-over-year. Total assets stood at $1.74 billion, down 6% from the previous quarter but up 3% year-on-year. The bank's net interest margin increased to 4.83%, attributed to rising market interest rates. Although deposits decreased by 8% from Q3 2022, they rose 2% from the previous year. The bank's return on average equity was 20.57%, marking a strong financial position as it looks forward to growth opportunities in Monterey County.

Santa Cruz County Bank (OTCQX: SCZC) has opened a new full-service branch at 480 South Main Street, Salinas, California, enhancing its presence in Monterey County. The bank, with over $1.86 billion in assets, aims to foster community relationships through its experienced banking team. This marks the second branch in Monterey County, following the 2021 opening in downtown Monterey. President Krista Snelling expressed enthusiasm for serving the Salinas Valley and expanding the client base, while Senior Vice President Rich Aiello emphasized the team's local expertise.

Santa Cruz County Bank (OTCQX: SCZC) announced a 20% increase in its quarterly cash dividend to $0.15 per share, payable on January 9, 2023. Shareholders of record by the close of business on January 5, 2023 will receive this payment. For the quarter ending September 30, 2022, the bank reported a record $9.2 million in net income, a 67% increase year-over-year. The bank's return on average tangible equity for this period was 22.38%, and shareholders' equity reached $187.0 million.

Santa Cruz County Bank (OTCQX: SCZC) announced the appointment of Cecilia Situ as the new Executive Vice President and Chief Financial Officer on November 1, 2022. With over 20 years of experience, Situ previously held significant roles, including Senior Vice President at Bank of Marin, managing a $1.8 billion investment portfolio. Her expertise encompasses financial accounting, SEC reporting, and strategic financial planning. Situ's appointment follows the planned retirement of former CFO Vic Davis, who will assist with the transition until November 23, 2022.

Santa Cruz County Bank (OTC: SCZC) reported record results for Q3 2022, with net income of $9.2 million, a 44% increase from the previous quarter and a 67% increase year-over-year. Total assets reached $1.86 billion, reflecting a 10% rise from last year, while gross loans grew 17% to $1.23 billion. The bank's efficiency ratio improved to 36.17%, and return on average assets stood at 2.01%. The bank plans to open a new branch in Salinas, enhancing its community presence. Basic EPS increased to $1.08, showing strong profitability amid a favorable interest rate environment.

Santa Cruz County Bank (OTCQX: SCZC) announced the future retirement of Executive VP and CFO Vic Davis, who has been with the bank for 14 years. Under Davis's leadership, bank assets and liabilities grew tenfold. He previously served as CFO at San Benito Bank and has extensive community banking experience. The transition to a new CFO is expected to maintain the bank's growth trajectory and complexity in operations. As of now, the bank has over $1.7 billion in assets and operates seven branches in California.

Santa Cruz County Bank (OTCQX: SCZC) announced an increased quarterly cash dividend of $0.125 per share, payable on October 11, 2022, to shareholders on record as of October 4, 2022. The bank reported a 20% increase in net income for Q2 2022, totaling $6.37 million, with a return on average equity of 13.77%. Shareholders' equity grew to $186 million, an increase of $6.94 million year-over-year. This announcement follows a 2-for-1 stock split and a $5 million share repurchase program declared in 2022.

Santa Cruz County Bank (OTCQX: SCZC) announced a first-ever $5 million Share Repurchase Program, authorized by its Board of Directors and approved by regulatory agencies. The initiative, which allows the bank to buy back shares in open market transactions until May 20, 2023, aims to enhance shareholder value. Chairman William J. Hansen cited the bank's strong financial performance and balance sheet as justification for the program. These repurchases will ultimately reduce the number of outstanding shares, demonstrating a commitment to investors.