West Coast Community Bancorp, Parent Company of Santa Cruz County Bank, Reports Earnings
SANTA CRUZ, Calif., April 23, 2024 /PRNewswire/ -- West Coast Community Bancorp ("Bancorp", OTCQX: SCZC), the parent company of Santa Cruz County Bank (the "Bank"), announced unaudited earnings for the first quarter ended March 31, 2024. Net income for the quarter was $9.3 million, an increase of 5% both from $8.8 million in the prior quarter and $8.9 million in the quarter ended March 31, 2023. Basic and diluted earnings per share in the first quarter of 2024 were $1.11 and $1.10 and increased over the prior quarter by $0.06 and $0.05, respectively. Basic and diluted earnings per share in the first quarter of 2024 also increased over the prior year comparative quarter by $0.06 and $0.05, respectively.
President and CEO, Krista Snelling commented: "Once again, our entire team is to be congratulated for our consistently strong financial performance. For a 12th consecutive year, we were voted Best Bank in Santa Cruz County by Good Times readers. In addition to reporting over $9.3 million in income for the quarter, which is the second highest earnings in our history, we recorded significant improvement in the reduction of nonperforming loans to under $90 thousand or 0.01% of total loans."
On April 20, 2024, the Board of Directors of Bancorp declared a quarterly cash dividend of $0.17 per common share, payable on May 13, 2024, to shareholders of record at the close of business on May 7, 2024.