San Diego Business Journal

Seacoast Commerce Bank Reports Unaudited Net Earnings for 2011

Thursday, January 26, 2012

Seacoast Commerce Bank, with a single office in Chula Vista, reported unaudited 2011 net income of $2.3 million, compared with net income of $326,000 for 2010, in a report released Jan. 25.

For the fourth quarter, the bank said it generated net income of $711,000 compared with net income of $1.3 million for the like quarter of 2010. It was the sixth consecutive quarter that the bank had net profits.

Total assets grew 35 percent to $149.6 million, while loans were $89.2 million, basically flat from the prior year.

Small Business Administration loans funded during the year were $104 million, up 5 percent. Seacoast said it was the top SBA lender based in San Diego in the local district, and No. 18 in the nation.

The bank is carrying one foreclosed property on its books valued at $1 million, but said it is well-secured.

Total risk-based capital ratio at the end of December was 22.68 percent, above the 10 percent ratio to be considered well-capitalized.

— Mike Allen