- West Coast Community Bancorp (SCZC, Financial) reports strong Q1 2025 earnings of $11.7 million, or $1.10 per dilutive share, up from $3.8 million in the previous quarter.
- The Board declares an increased quarterly cash dividend of $0.20 per share, an increase of $0.01 from the prior quarter.
- Gross loans rose 3% from Q4 2024 to $2.1 billion, significantly aided by the merger with 1st Capital Bancorp.
West Coast Community Bancorp (SCZC) has announced strong financial results for the first quarter of 2025. The company reported earnings of $11.7 million, or $1.10 per dilutive share, marking a significant increase from $3.8 million in Q4 2024. This surge in earnings was driven by the successful integration of the merger with 1st Capital Bancorp and robust organic loan growth.
Key financial highlights include a 3% increase in gross loans from Q4 2024, reaching $2.1 billion, and a substantial 53% increase year-over-year. Total assets rose to $2.7 billion, bolstered by the merger, which added $603.1 million in acquired loans as of October 1, 2024.
The Board of Directors declared an increased quarterly cash dividend of $0.20 per share, representing a $0.01 increase from the previous quarter. This decision underscores the company's commitment to delivering value to its shareholders.
Despite a slight decline in the net interest margin to 5.29% from 5.38% in the previous quarter, the efficiency ratio improved to 46.48%, reflecting disciplined expense management. The company is well-capitalized, with a total risk-based capital ratio of 14.23%.
CEO Krista Snelling remarked on the strong results, highlighting continued earnings momentum driven by the efficient merger integration and steady organic loan growth. The rebranding to West Coast Community Bank effectively positions the bank for further expansion across its four-county region.
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