Seacoast Commerce Bank's parent company Seacoast Commerce Banc Holdings reported $3.3 million in unaudited consolidated net income in the second quarter compared to $1.4 million in the same quarter a year ago.
The 132 percent increase occurred in the second full quarter in which the bank operated with Capital Bank, which it acquired last year, fully integrated.
Bank president and CEO Rick Sanborn said Capital Bank core deposits rose 2.4 percent and loan balances decreased 1.4 percent in the first half of 2018. Typically loan balances typically shrink by 15 percent following an acquisition, he said.
Seacoast also reported its specialty core deposits rose 11.7 percent in the second quarter. Sanborn said the bank's financial performance allowed to sell fewer loans than planned, which he called a "significant focus" for the bank. Seacoast, the nation's 16th largest SBA lender of about 3,000 approved by the U.S. Small Business Administration, has said it aims to generate and hold more SBA loans to create more predictable, recurring spread income.
Seacoast has branches in San Diego and in Orange County, and loan and deposit production offices in 11 additional states. The bank opened another deposit production office in Chicago during the second quarter.
Reach reporter Sarah de Crescenzo at firstname.lastname@example.org.