Full Year 2019 Highlights
Net income for the full year of $14.6 million, up $1.7 million, or 13.1%
Earnings per share of $1.51, up $0.14, or 10.2%
Return on Average Tangible Common Equity of 16.41%
Return on Average Assets of 1.34%
Asset growth of $91.2 million, or 8.8%, to $1.1 billion
Gross loan growth of $67.4 million, or 7.7%, to $945.5 million
Deposit growth of $149.6 million, or 18.5%, to $958.4 million
Non-interest bearing deposit growth of $124.7 million, or 35.6%, to $475.7 million
Non-interest bearing deposits represent 49.6% of total deposits
Specialty deposit growth of $169.6 million, or 28.6%, to $762.8 million
SBA loan production growth of $47.6 million, or 18.6%, to $303.7 million
Retained SBA guaranteed loan growth of $48.4 million, or 12.0%, to $450.1 million
Opened our 5th full-service branch, in Las Vegas, Nevada
Hired one new deposit business development officer
Hired five new SBA business development officers
Became the 10th largest SBA lender in the nation according to the SBA with $320.7 million in FY 2019 loan approvals, up 9.6% over 2018 approvals
SAN DIEGO, CA / ACCESSWIRE / January 16, 2020 / Seacoast Commerce Banc Holdings (OTC PINK:SCBH) ('Company'), the holding company of Seacoast Commerce Bank ('Bank'), reported consolidated unaudited net income for 2019 of $14.6 million, or $1.51 per share, compared with net income of $12.9 million, or $1.37 per share, for 2018, a 13.1% increase. For the fourth quarter of 2019, the Company reported net income of $3.8 million, compared to net income of $3.1 million for the fourth quarter of 2018, a 23.6% increase. The Company's 2019 full year return on average tangible common equity (ROATCE) and return on average assets (ROAA) were 16.41% and 1.34%, respectively, versus 16.99% and 1.33%, respectively, for 2018.
Richard M. Sanborn, President & Chief Executive Officer, commented, 'As with previous years, 2019 was a continuation of our past consistent performance with excellent results across all our business lines. Our specialty deposit group had an exceptional year, growing our core deposits by $170 million, or 28.6%, to $763 million in specialty deposit balances. Our SBA group increased loan production by 18.6%, booking $303 million in new SBA loans, while our commercial banking team added an additional $84 million in loan fundings, resulting in a combined $388 million in loans provided to small businesses. Our strategy of originating and holding variable-rate SBA loans, and funding those loans with low-cost core deposits, 50% of which are non-interest bearing, continues to result in superior operating metrics for the Company. We feel confident that in the current rate and economic cycle that we are positioned well to outperform our peers and deliver superior returns for our shareholders.'
Allan W. Arendsee, Chairman of the Board, stated, 'While 2019 had its external challenges with economic uncertainty, rate cuts, and global unrest, the Seacoast team performed exceptionally well, as always. Our financial performance continues to be not only consistent, but also well above peers. We have always strived to do the right thing better than anyone else, and always in a safe and sound manner. The Board of Directors fully believes that the strategies we have been implementing are the right strategies to drive the company's growth and profitability in a way that provides an exemplary return to our shareholders.'