The board of Santa Cruz County Bank has declared a 10% stock dividend — its first after 18 quarters of cash dividends.

It will be paid out Nov. 10 to shareholders of record as of Oct. 31.

The Santa Cruz, Calif.-based company reported net income of $2.1 million for the three quarters ended Sept. 30, up from the year-ago quarter's $1.6 million. Its efficiency ratio improved to 49.85% from 55.41% over the 12-month period.