Seacoast Commerce Bank on Aug. 23 declared a quarterly cash dividend of 9 cents per share, 1 cent and 12.5 percent more than its previous quarterly payout.
The San Diego bank acquired San Juan Capistrano-based Capital Bank about 10 months ago, increasing its scale. That acquisition, as well as the tax reform measure passed at the end of 2017, were the primary factors in the bank's decision to increase its dividend, president and CEO Richard Sanborn said.
The dividend will be paid to shareholders as of Aug. 30 on Sept. 14, the bank said.
Seacoast reported net income of $3.3 million in the second quarter of 2018, 132 percent more than the same quarter a year prior.
The bank has four banking branches in San Diego and Orange counties and loan and deposit production offices in 12 states.
Seacoast Commerce Bank parent company Seacoast Commerce Banc Holdings trades on the over-the-counter market as SCBH.
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