San Diego-based Seacoast Commerce Bank earned $6.9 million in net income in 2016, a 19.6 percent increase over the $5.8 million it earned in 2015.
That’s according to the earnings report released Thursday by parent company Seacoast Commerce Banc Holdings.
The bank earned nearly 28 percent of that yearly net income during the fourth quarter of 2016, in which it took in $1.9 million in net income, 18.4 percent more than the $1.6 million it earned in the prior year’s final quarter.
It was Seacoast’s 26th consecutive quarterly profit.
“We are pleased with our 2016 results, especially our record loan production, and maintaining our return on equity above our balance sheet growth, which creates excess capital, enabling us to pay dividends to our shareholder,” said Richard Sanborn, president and CEO.
Seacoast has full-service banking branches in San Diego and Chula Vista and production offices in the states of California, Arizona, Colorado, Nevada, Oregon, Texas and Washington.