Seacoast Commerce Bank reported net income of $3.05 million in the first quarter of the year compared to $1.58 million in the first quarter of 2017, a 93 percent year-over-year increase.
The San Diego-based bank, a wholly owned subsidiary of holding company Seacoast Commerce Banc Holdings, reported its quarterly earnings on April 19. It was the bank’s first earnings report since it integrated its systems with that of Capital Bank, the San Juan Capistrano-based institution Seacoast acquired Oct. 1.
“Since then the teams have worked very hard to ensure both the Seacoast and Capital clients have the best-in-class products and services so their businesses can grow and prosper, and the results show it's working,” said Rick Sanborn, president and CEO of Seacoast. “Since the close of our acquisition six months ago, we have seen no loan balance reductions, far less than the 15 percent run-off typically experienced in acquisitions.”
Seacoast, which trades as SCBH on the OTC Markets Group’s Pink marketplace, recorded a 26.5 percent increase in earnings per share compared to the same quarter a year prior, 33 cents per share versus 26 cents per share.
The bank reported asset growth of $41.2 million and gross loan growth of $28.6 million in the first quarter. Seacoast also said it opened loan production offices in Salt Lake City, Utah, and St. Louis, Missouri, and hired more people to do specialty deposit production during the first three months of 2018.
Reach reporter Sarah de Crescenzo at email@example.com.