Seacoast Commerce Bank Announces Third Quarter 2014 Results
(firmenpresse) - SAN DIEGO, CA -- (Marketwired) -- 10/16/14 -- Seacoast Commerce Bank (OTCQB: SCCB) today announced its unaudited results of operations for the third quarter ended September 30, 2014. For the third quarter the Bank reported net income of $1.0 million, which was $751 thousand, or 300% higher than 2013 third quarter net income of $250 thousand. This was the bank''s 17th consecutive quarterly profit.
Assets reached a record $367.0 million, up $92.1 million or 33.5%; gross loans reached a record $319.1 million, up $72.4 million or 29.4%; deposits reached a record $317.0 million, up $76.3 million or 31.7%, with no wholesale or brokered deposits.
Selected highlights for the third quarter of 2014 versus the third quarter of 2013:
Asset growth of $92.1 million, or 33.5%, to a record $367.0 million;
Loan growth of $72.4 million, or 29.4%, to a record $319.1 million;
SBA loans funded of $45.9 million, down 1.7%, from $46.7 million;
SBA loans available for sale growth of $59.2 million, or 45.4%, to a record $189.1 million;
Deposit growth of $76.3 million, or 31.7%, to a record $317.0 million;
Non-Interest Bearing deposit growth of $15.0 million or 34.0%, to a record $59.2 million;
Shareholders'' Equity growth of $4.3 million, or 16.4%, to a record $30.2 million;
Loans classified as non-performing of only $2.8 million, or 0.87% of total loans;
The bank had no OREO as of September 30, 2014;
Non-performing assets to Tier 1 Capital plus ALLL (Texas Ratio) of only 8.15%;
Reserves for loan losses (ALLL) of $5.4 million was 4.12% of loans held for investment;
Reserves for loan losses (ALLL) to non-performing loans stands at 193%;
Year-to-date Return on Average Assets (ROAA) of 1.34%, up from 0.41%;
Year-to-date Return on Average Common Equity (ROACE) of 18.69%, up from 4.66%.
The Bank has always maintained capital levels well above the FDIC''s highest designation, "well capitalized," and had capital ratios at September 30, 2014 as follows:
Richard M. Sanborn, President & Chief Executive Officer, commented, "As we have stated repeatedly over the last two and one-half years, we are managing our balance sheet and income to grow our inventory of retained SBA loan guarantees, which, in the long run, will provide a more stable, consistent return for shareholders, versus selling all the SBA loans we produce each quarter. Our third quarter results show the continuation of that plan, and that is to hold as many of the SBA loan guarantees as we can, all wrapped around managing sufficient liquidity and capital. While we are pleased with our reported financial results, we are cautiously watching external factors that could have an impact on our economy, and all banks, such as our government''s inability to do their job, expected future interest rate increases, and global unrest. Feel assured, we are mindful of external risks and we feel we are prepared to handle them." Sanborn continued, "As we also previously announced, we are in the process of forming a bank holding company which we believe will provide us with greater flexibility in exercising our growth plans. We expect the holding company process to be completed sometime in the fourth quarter of this year," Sanborn concluded.
Allan W. Arendsee, Chairman of the Board, stated, "Our results thus far have been very good for the shareholders with the bank reporting an 18.7% return on average common equity, which substantially exceeds that of our peers. The board and management team are very focused on continuing to execute on our strategic plan, in a safe and sound manner, while striving to provide shareholders with a continued exceptional return on their investment," Arendsee concluded.
Seacoast Commerce Bank is a business bank headquartered in San Diego, California, with full-service branches in San Diego, Chula Vista, and Glendale, California, and production offices in San Diego, Orange County, Los Angeles, Sacramento and San Ramon, California; Phoenix, Arizona; Denver, Colorado; Las Vegas and Reno, Nevada; Portland, Oregon; Houston and Dallas, Texas; and Seattle, Washington. For more information on the bank please visit our website at or contact Richard M. Sanborn, President and Chief Executive Officer at 858-432-7001.
Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank''s business, and the intent, belief or current expectations of the Bank, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such "forward-looking" statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank''s performance and regulatory matters.
This press release contains some non-GAAP financial analysis provided to supplement information regarding the Bank''s performance, and to enhance investors'' overall understanding of such financial performance.
Contact:
Richard M. Sanborn
President & Chief Executive Officer
Phone: 858-432-7001
Email:
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Datum: 16.10.2014 - 06:00 Uhr
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