Annual income for Seacoast Commerce Bank’s corporate parent, Seacoast Commerce Banc Holdings, reached $5.8 million last year, up 33 percent from $4.3 million in 2014.
Seacoast released its quarterly earnings report Jan. 21, which showed fourth quarter income hit $1.6 million, nearly double 2014’s $830,000.
The bank said it closed its full service branch in Los Angeles to cut down costs, and is hoping to pay shareholder dividends this year.
Assets were up to $515 million by the end of the year, a 26 percent jump, while loans grew about 11 percent to $396 million.
The bank currently services 995 Small Business Administration loans for $702 million. About half, $317 million worth, were sold in the secondary market and are not reflected on Seacoast’s balance sheet. For the past year, Seacoast has been holding onto more SBA-guaranteed pieces of the loans it originates to grow its high-quality asset pool. It is the tenth 10th largest SBA lender in the country.