San Diego Business Journal

Seacoast Commerce Reports Q3 Net Income of $1.5 Million

By Michael Lipkin Thursday, October 22, 2015
   

Third-quarter net income for Seacoast Commerce Banc Holdings, the parent company for Seacoast Commerce Bank, hit $1.5 million, the bank said Thursday, up from $1 million last year.

The bank’s assets, loans, Small Business Administration loans held for sale and deposits continued their record rise for the quarter ending in September. Seacoast had $520 million in assets, $384 million in loans, $261 million in SBA loans held for sale and $471 million in deposits.

The bank currently services 950 SBA loans for $664 million. A little less than half, $293 million, have been sold on the secondary market and are not reflected on Seacoast’s balance sheet. Seacoast has been seeking to retain more SBA-guaranteed pieces of the loans it originates as a means to hold onto more saleable loans.

“Our ‘hold strategy’ is driving our income statement results where we had a 33% increase in year-to-date core net-interest income, before any gain-on-sale of loans income,” CEO Richard Sanborn said. “It has always been our focus to grow our balance sheet with high-quality assets that can provide a consistent, predictable, re-occurring income stream."