16 Oct 2019, 23 GMT+10
Third Quarter 2019 Highlights
SAN DIEGO, CA / ACCESSWIRE / October 16, 2019 / Seacoast Commerce Banc Holdings (OTCPK:SCBH) ('Company'), the holding company of Seacoast Commerce Bank ('Bank'), today reported unaudited consolidated net income for the third quarter ended September 30, 2019, of $3.7 million versus 2018 third quarter unaudited consolidated net income of $3.5 million, a 6.1% increase. On a per share basis, net income increased 5.3% to $0.38 per share versus $0.35 per share in 2018. Additionally, the Company reported third quarter return on average tangible common equity (ROATCE) of 16.17% and return on average assets (ROAA) of 1.33%, compared to 17.81% and 1.46% for the third quarter of 2018 respectively.
Richard M. Sanborn, President & Chief Executive Officer, commented, 'The third quarter of 2019 was a continuation of our past consistent results with strong financial metrics across all our business lines. Our 2019 plan called for the expansion of our SBA loan production team and our specialty deposit team, with branch expansion into Nevada, which is all well underway. So far this year we have added one deposit and three SBA business development offices, and our Las Vegas branch is fully licensed to operate with an expected mid-November opening date. As previously mentioned, we had a significant inflow of 1031 deposits at the end of the second quarter, which we expected to run off in the third quarter. As a result, third quarter 1031 deposits decreased $137.8 million, which was offset by growth in other specialty deposits of $56.6 million. This transition goes along with our plan of focusing on property-management company deposits, which characteristically are more stable and lower cost. Our unique banking model of focusing on specialty lending and deposit platforms continues to be strong financially, and a compelling model that is allowing us to continually post superior financial results.'
Allan W. Arendsee, Chairman of the Board, stated, 'The Board of Directors is pleased with the Company's third quarter performance and our expectations for the remainder of the year. While we realize there are headwinds in the economy, we believe in our plan, which provides tremendous operating flexibility. Our balance sheet is strong as is our capital position and our income producing capabilities. As always, the Board of Directors believes that the right plan is in place to continue providing shareholders with an exceptional return on their investment over the long-term.'
Quarterly Financial highlights (in millions):
|09/30/2019||06/30/2019||09/30/2018||09/30 Change||% Change|
Consolidated Net Income
Earnings Per Share (Diluted)
Bank Net Interest Margin
Bank Efficiency Ratio
Specialty Division quarter-to-date results (in millions):
SBA Loan Production
SBA 7(a) Guaranteed Loan Sales
Percent of Guaranteed Loan Sales
SBA Guaranteed Loan Inventory
Commercial Loan Production
1031 Exchange Deposits
Property Management Deposits
Association Management Deposits
Selected highlights for third-quarter 2019 versus third-quarter 2018:
Balance Sheet Metrics
Income Statement Metrics
The Bank has always maintained capital levels well above the regulatory highest designation, 'well capitalized', and had capital ratios at September 30, 2019, as follows:
Capital Ratios as of Sept. 30, 2019
|Company||Bank||'Well Capitalized' Level|
Tier 1 Leverage Ratio:
Common Equity Tier 1 Ratio:
Tier 1 Risk-Based Capital Ratio:
Total Risk-Based Capital Ratio:
As reported by the U.S. Small Business Administration ('SBA') for their fiscal year ending September 30, 2019, Seacoast Commerce Bank was the 10th largest SBA lender in the nation, out of over 3,000 financial institutions that are approved as an SBA lender. SBA rankings are based on total dollars approved with Seacoast having $320.7 million approved, up 9.6% over 2018.
About Seacoast Commerce Banc Holdings: Seacoast Commerce Banc Holdings is a bank holding company with one wholly-owned banking subsidiary, Seacoast Commerce Bank. Both the holding company and the bank are headquartered in San Diego, California, with the Bank having four full-service banking branches in San Diego and Orange County, California, and loan and deposit production offices throughout Arizona, California, Colorado, Georgia, Illinois, Indiana, Massachusetts, Nevada, North Carolina, Oregon, Texas, Utah, Virginia and Washington. For more information on Seacoast Commerce Banc Holdings or Seacoast Commerce Bank, please visit www.scbholdings.com or www.sccombank.com, or contact Richard M. Sanborn, President and Chief Executive Officer at 858-432-7001, or firstname.lastname@example.org.
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. 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.
Seacoast Commerce Banc Holdings
Selected Financial Data
Consolidated and Unaudited (000)
|For the Quarters Ended||% Change|
|09/30/2019||06/30/2019||09/30/2018||09/30 - 09/30|
Balance Sheet Items
Total Gross Loans
SBA Loans Available for Sale (Memo Only)
Non-Interest DDA (Memo Only)
Bank Shareholders' Equity (Memo Only)
Income Statement Items
Total Interest Income
Total Interest Expense
Net Interest Income
Provision for Loan Losses
Non-Interest Income (excluding gains)
Gain on Sale Income
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