Parent Company of Santa Cruz County Bank Reports Record Annual Earnings For 2023
SANTA CRUZ, Calif., Jan. 25, 2024 /PRNewswire/ -- West Coast Community Bancorp ("Bancorp", OTCQX: SCZC), the parent company of Santa Cruz County Bank (the "Bank"), announced unaudited record earnings for the year ended December 31, 2023 of $35.2 million, a $4.2 million or 14% increase over 2022. Basic and diluted earnings per share in 2023 improved over 2022 by $0.55 and $0.54, respectively, to $4.18 and $4.16. Unaudited earnings for the quarter ended December 31, 2023 were $8.8 million, a decrease of 3% from $9.1 million in the prior quarter and a decrease of 12% from $10.0 million in the fourth quarter of 2022. Basic and diluted earnings per share in the fourth quarter of 2023 were both $1.05, and decreased over the prior quarter by $0.04 and $0.03, respectively. Both basic and diluted earnings per share in the fourth quarter of 2023 decreased over the prior year comparative quarter by $0.13.
President and CEO, Krista Snelling commented: "We are pleased to report record net income for the year and record gross loans at year-end. Our team grew loans despite the high interest rate environment, which speaks volumes for our relationship banking model and our reputation in the industry for responsiveness and delivery. In addition, we ranked as the top SBA lender by number of loans made in the Silicon Valley region for the SBA's 2023 fiscal year.
In February, we will celebrate our 20th anniversary as a community bank. The achievements of the past two decades are attributable to our dedicated employees, longstanding community partners, and loyal clients who value placing their deposits locally for the benefit of the communities we serve."
On January 18, 2024, the Board of Directors of Bancorp declared a quarterly cash dividend of $0.17 per common share, an increase of $0.01 per share from the prior quarter, payable on February 14, 2024, to shareholders of record at the close of business on February 8, 2024.
"Our financial performance throughout 2023 allows us to sustain our delivery of dividends," said Stephen Pahl, Chairman of the Board of Directors. "Our consistent track record of increasing quarterly cash dividends is reflective of the Board's commitment to rewarding our shareholders, and our confidence in the Bank's financial performance."