San Diego-based Seacoast Commerce Bank (OTC: SCCB) has reported a net income of $501,000 in the second quarter ended June 30, which was $251,000 higher than 2013 second quarter net income of $250,000.
This was the bank's 16th consecutive quarterly profit.
Assets reached a record $356.4 million, up $109.1 million or 44.1 percent; gross loans reached a record $298.5 million, up $77.9 million or 35.3 percent; deposits reached a record $323.8 million, up $105.2 million or 48.1 percent, with no wholesale or brokered deposits.
"In anticipation of our continued growth, the Board of Directors has made the decision to file an application with the Federal Reserve to form a bank holding company, which will give us greater flexibility when it comes to raising additional capital for the bank to support future growth,” said Richard M. Sanborn, president and CEO. “We expect the holding company process to be completed sometime in the fourth quarter of this year.”