San Diego Business Journal

Seacoast Commerce Reports Q2 Results

By Mike Allen Thursday, July 17, 2014

Seacoast Commerce Bank, based in Rancho Bernardo and with three branches, reported second quarter net income of $501,000, double the figure for the like quarter of 2013.

Over the full year to June 30, total assets grew 44 percent to a record $356 million, while total loans increased 35 percent to $298.5 million.

Deposits were also up by 48 percent to $324 million.

Nearly all its loans are performing well; it listed $971,000 as nonperforming or 0.33 percent of total loans.

The profit pushed up the bank’s return on average assets to 1.45 percent, compared with 0.44 percent for the same quarter in 2013.

Last month, Seacoast Commerce was approved to become a member bank in the Federal Reserve Bank system. It’s also looking at forming a bank holding company in the future.