Net income for Seacoast Commerce Bank corporate parent Seacoast Commerce Banc Holdings was nearly $1.78 million in the second quarter of 2016, a 30.4 percent increase compared to the second quarter of 2015.
The San Diego-based bank released its quarterly earnings report July 18, which showed a 16.2 percent year-over-year increase in assets, to nearly $538.63 million.
Loans grew to $409.1 million, a year-over-year increase of 8.5 percent, according to the report.
In June, the company for the first time paid a cash dividend to its shareholders.
The bank currently services 1,060 Small Business Administration loans for $755 million. Close to half, $357 million worth, were sold in the secondary market and are not reflected on Seacoast’s balance sheet.
Seacoast Commerce Bank is the 10th-largest SBA lender in the country.