Seacoast Reports $0.07 Earnings Per Share; $0.12 Excluding Merger Related Charges And Other Adjustments
- Total revenues up $842,000 or 15.5 percent annualized over first quarter 2014
- Adjusted pretax, preprovision earnings up 12 percent over first quarter 2014
- Average loans outstanding up $30.6 million for the quarter or 9.4 percent annualized
- Previously announced expense reductions implemented during the second quarter; an additional $1.8 million in expense reductions announced
STUART, Fla., July 28, 2014 /PRNewswire/ -- Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF), today reported second quarter 2014 net income of $1.9 million or $0.07 per diluted common share. Excluding merger related charges and other adjustments as described below, adjusted net income was $2.9 million or $0.12 per diluted share.
Dennis S. Hudson, Chief Executive Officer commented, "Our core earnings performance this quarter continued to improve on stronger revenue growth as the strategic investments we have been making over the past year or so began to produce better momentum. Revenue growth expanded in all business lines this quarter and our credit costs fell again as the Florida economic outlook continued to strengthen. We expect to see continued growth in our revenues and earnings as we step up execution of our programs and build further momentum."
Our previously announced acquisition of BankFIRST is proceeding on schedule with closing expected to occur in early October. We received approval of the merger from our primary regulator earlier this month and expect final regulatory approval by the Federal Reserve in the coming weeks. The acquisition will create a $3 Billion Florida bank with exposure to rapidly recovering Florida markets including a significant presence in the vibrant Orlando and South Florida markets.
FINANCIAL HIGHLIGHTS: (Dollars in thousands, except share data) |
Second |
First |
Fourth |
*Third |
Second |
Total Assets |
$2,294,156 |
$2,315,992 |
$2,268,940 |
$2,149,777 |
$2,183,680 |
Loans |
$1,335,192 |
$1,312,456 |
$1,304,207 |
$1,262,912 |
$1,265,893 |
Deposits |
$1,805,537 |
$1,819,795 |
$1,806,045 |
$1,698,910 |
$1,738,609 |
Net Income Available to Common Shareholders |
$1,918 |
$2,299 |
$588 |
$44,204 |
$2,017 |
Diluted Earnings Per Share |
$0.07 |
$0.09 |
$0.03 |
$2.31 |
$0.11 |
Return on Average Assets |
0.33 % |
0.41 % |
0.33 % |
8.32 % |
0.54 % |
Adjusted Net Income Available to Common Shareholders (1) |
$2,990 |
$2,533 |
$600 |
$982 |
$1,867 |
Adjusted Diluted Earnings Per Share (1) |
$0.12 |
$0.10 |
$0.03 |
$0.05 |
$0.10 |
Adjusted Return on Average Assets |
0.52 % |
0.45 % |
0.11 % |
0.18 % |
0.34 % |
Average Diluted Shares Outstanding |
25,998 |
25,657 |
21,558 |
19,098 |
18,936 |
Net Interest Margin |
3.10 % |
3.07 % |
3.08 % |
3.25 % |
3.12 % |
Efficiency Ratio |
89.4 |
84.3 |
81.9 |
78.1 |
81.1 |
Adjusted Efficiency Ratio |
82.0 |
83.3 |
82.6 |
77.9 |
84.4 |
Annualized Core Operating Expenses as a Percent of Average Assets |
3.27 |
3.26 |
3.29 |
3.33 |
3.51 |
* |
Third quarter 2013 net income includes the reversal of the valuation allowance for deferred tax assets of $42,993. |
(1) |
Non-GAAP measure |
Adjusted Net Income
To better evaluate its earnings, the Company removes certain items to arrive at Adjusted Net Income and Adjusted Diluted earnings Per Share (non-GAAP measures) as detailed in the table below:
(Dollars in thousands) |
Second |
First |
Fourth |
Third |
Second |
Net Income Available to Common Shareholders |
$1,918 |
$2,299 |
$588 |
$44,204 |
$2,017 |
Tax benefit related to deferred tax asset recovery |
(42,993) |
||||
Severance |
181 |
212 |
0 |
24 |
10 |
Legal and professional fees for acquisition and expense initiatives |
1,348 |
6 |
0 |
0 |
0 |
Security losses (gains) |
0 |
(17) |
0 |
(280) |
(114) |
Miscellaneous losses |
144 |
0 |
190 |
0 |
0 |
Recovery of prior legal fees |
0 |
0 |
(350) |
0 |
(650) |
Recovery of non-accrual loan interest |
0 |
0 |
0 |
(505) |
0 |
Net loss on OREO and repossessed assets |
92 |
53 |
0 |
229 |
493 |
Asset dispositions expense |
118 |
128 |
180 |
159 |
111 |
Effective tax rate on adjustments |
(811) |
(148) |
(8) |
144 |
- |
Adjusted Net Income (1) |
$2,990 |
$2,533 |
$600 |
$982 |
$1,867 |
Adjusted Earnings per diluted share (1) |
$0.12 |
$0.10 |
$0.03 |
$0.05 |
$0.10 |
Average shares outstanding |
25,998 |
25,657 |
21,558 |
19,098 |
18,936 |
(1) |
Non-GAAP measure |
Strategic Investments Update
As a part of our strategy to transform the community bank business model we have made significant investments in our consumer and business banking lines while also reducing our legacy cost structure.
We are investing in enhancements to our digital platforms, customer sales and marketing processes, and additional personnel in marketing and data analytics. Year to date, operating expenses associated with these new investments total approximately $748,000 which have been absorbed in our current year operating expense structure. Total investments in these areas are projected to be approximately $1.3 million annually. These investments are helping us drive higher customer acquisition, lower customer attrition and improved revenues.
We also made very substantial investments over the past year related to the startup and support for our Accelerate business distribution platform. This new commercial banking channel is supporting our growth in metro markets. Our success with this channel has been evident in improved commercial loan growth, higher business deposits and margin improvement this quarter. Total operating expense for the Accelerate platform is expected to total approximately $4.7 million in 2014.
We are stepping up our execution around these strategic initiatives to drive increased momentum and we will begin to invest in new initiatives needed to transform the community bank business model to better meet customer needs in the world we see ahead. We continue to execute cost reductions related to our legacy cost structure. Previously announced cost initiatives implemented this year have focused on organizational restructuring, contract negotiation, and other legacy costs and have totaled $3.4 million (annualized).
Additional Legacy Cost Reductions Announced
This quarter we are announcing additional legacy cost reductions (primarily branch consolidations) we will implement in the fourth quarter of this year. Annualized gross savings are estimated at $1.8 million when fully implemented. We expect to implement substantially all of these savings late in the fourth quarter. These legacy cost reductions are in addition to the previously announced cost reductions related to our acquisition of BankFIRST. One time charges related to these new initiatives are estimated at approximately $4.0 million and will be incurred primarily in the fourth quarter of 2014.
Core Customer Growth and Digital Engagement Continues to Improve
- Average noninterest bearing demand deposits were up $50.4 million, or 11.1 percent compared with the prior year and $24.8 million, or 20.7 percent linked quarter annualized
- Ending noninterest bearing demand deposits increased to 28.2 percent of total deposits compared with 26.9 percent for the second quarter 2013
- Personal and business mobile banking users have increased 81.6 percent year over year.
Our growth in net new households continued into the summer season, a departure from historical trend. Core customer funding totaled $1.689 billion at June 30, 2014, an $86.3 million increase from the second quarter of 2013 and a $223.2 million or 16 percent increase from 2012. Growth in commercial relationships resulting from an improved local economy and our increased focus on small business in our retail stores and our Accelerate business channel has resulted in core commercial business funding (noninterest demand, NOW and money market accounts) of $449.6 million at June 30, 2014, an increase of $43.6 million or 10.7 percent year over year.
(Dollars in thousands) |
Second |
Second |
Second |
2014 vs |
2014 vs |
|||||
Customer Relationship Funding |
||||||||||
Demand deposits (noninterest bearing) |
$ 509,798 |
$ 468,517 |
$ 393,681 |
8.8 |
% |
29.5 |
% |
|||
NOW |
493,927 |
453,069 |
420,449 |
9.0 |
17.5 |
|||||
Money market accounts |
335,246 |
335,947 |
346,191 |
(0.2) |
(3.2) |
|||||
Savings deposits |
208,333 |
184,219 |
156,019 |
13.1 |
33.5 |
|||||
Time certificates of deposit |
258,233 |
296,857 |
373,244 |
(13.0) |
(30.8) |
|||||
Total deposits |
1,805,537 |
1,738,609 |
1,689,584 |
3.8 |
6.9 |
|||||
Sweep repurchase agreements |
141,662 |
160,934 |
139,489 |
(12.0) |
1.6 |
|||||
Total core customer funding (1) |
1,688,966 |
1,602,686 |
1,455,829 |
5.4 |
16.0 |
|||||
Demand deposit mix |
28.2 |
% |
26.9 |
% |
23.3 |
% |
(1) |
Total deposits and sweep repurchase agreements, excluding certificates of deposits. |
Loan Growth Improves
Total loans were $1.335 billion at June 30, 2014, up $22.7 million from March 31, 2014 due to strong closings in commercial banking and residential lending. Our prior year investments in revenue producing personnel in our Accelerate business channel have produced solid results seen in our current period loan originations and forward pipeline. As indicated in the table below, commercial loan originations for the quarter totaled $53.3 million, an increase of $15.9 million linked quarter. Growth in our commercial loan pipeline is indicative of stronger commercial loan closings into the third quarter. Closed residential production of $61.2 million produced a sequential increase of 53.9 percent, contributing to growth in mortgage banking revenue linked quarter. The mortgage banking pipeline totaled $28.3 million at June 30, 2014 compared to $26.7 million at March 31, 2014.
(Dollars in thousands) |
Second |
First |
Fourth |
Third |
Second |
|
Commercial pipeline |
$58,168 |
$29,936 |
$27,830 |
$54,600 |
$46,850 |
|
Commercial loans closed |
$53,250 |
37,386 |
60,037 |
33,727 |
68,576 |
|
Total loan originations and pipeline |
$111,418 |
$67,322 |
$87,867 |
$88,327 |
$115,426 |
Income Statement Highlights
Noninterest Income
Noninterest income increased from the prior quarter by $338,000 or 6.1 percent. New mortgage product offerings and overall improved demand in mortgage banking resulted in a $194,000 or 29.3 percent increase in mortgage banking fees from the first quarter. Interchange fees were up $111,000 or 7.9 percent linked quarter. Additionally, wealth management fees increased $63,000 linked quarter, or 6.0 percent.
(Dollars in thousands) |
Second |
First |
Fourth |
Third |
Second |
|
Service charges on deposit accounts |
$1,484 |
$1,507 |
$1,778 |
$1,741 |
$1,641 |
|
Trust income |
703 |
671 |
693 |
667 |
675 |
|
Mortgage banking fees |
855 |
661 |
728 |
1,075 |
1,256 |
|
Brokerage commissions and fees |
410 |
379 |
461 |
383 |
362 |
|
Marine finance fees |
340 |
254 |
215 |
283 |
419 |
|
Interchange income |
1,514 |
1,403 |
1,394 |
1,358 |
1,388 |
|
Other deposit based EFT fees |
83 |
98 |
80 |
77 |
87 |
|
Other |
507 |
585 |
617 |
503 |
507 |
|
Total |
5,896 |
5,558 |
5,966 |
6,087 |
6,335 |
|
Securities gains, net |
0 |
17 |
0 |
280 |
114 |
|
$5,896 |
$5,575 |
$5,966 |
$6,367 |
$6,449 |
Noninterest Expense
Total noninterest expenses increased $1.9 million from the prior quarter to $20.7 million as merger related charges for legal and professional fees of $1.2 million were incurred related to our previously announced acquisition of The BANKshares, Inc. Commissions from increased mortgage banking production and brokerage revenues were partially offset by a portion of personnel reductions from strategic cost initiatives in the second quarter. While employee benefits were $101,000 lower than the prior quarter, higher than expected healthcare claims resulted in higher than anticipated expense. We expect this trend to slow in the third and fourth quarters in line with trend for the prior year.
Previously announced expense reductions were completed in the second quarter. These reductions total $1.9 million annualized and produced a partial benefit in the second quarter. This benefit will be fully realized in the third quarter. Severance associated with this restructuring totaled $181,000 for the second quarter.
(Dollars in thousands) |
Second |
First |
Fourth |
Third |
Second |
|
Noninterest Expense: |
||||||
Salaries and wages |
$7,587 |
$7,412 |
$8,077 |
$7,533 |
$7,892 |
|
Employee benefits |
2,081 |
2,182 |
1,568 |
1,713 |
1,823 |
|
Outsourced data processing costs |
1,811 |
1,695 |
1,586 |
1,657 |
1,631 |
|
Telephone / data lines |
306 |
293 |
325 |
318 |
325 |
|
Occupancy expense |
1,888 |
1,838 |
1,824 |
1,824 |
1,775 |
|
Furniture and equipment expense |
604 |
571 |
597 |
605 |
571 |
|
Marketing expense |
675 |
813 |
749 |
456 |
685 |
|
Legal and professional fees |
924 |
935 |
839 |
874 |
949 |
|
FDIC assessments |
411 |
386 |
451 |
713 |
720 |
|
Amortization of intangibles |
196 |
196 |
196 |
195 |
197 |
|
Other |
2,317 |
2,063 |
2,414 |
2,203 |
2,512 |
|
Total Core Operating Expense |
18,800 |
18,384 |
18,626 |
18,091 |
19,080 |
|
Severance and organizational changes |
181 |
212 |
0 |
24 |
10 |
|
Legal and professional fees for acquisition and expense initiatives |
1,348 |
6 |
0 |
0 |
0 |
|
Miscellaneous losses |
144 |
0 |
190 |
0 |
0 |
|
Recovery of prior legal fees |
0 |
0 |
(350) |
0 |
(650) |
|
Net loss on OREO and repossessed assets |
92 |
53 |
0 |
229 |
493 |
|
Asset dispositions expense |
118 |
128 |
180 |
159 |
111 |
|
Total |
$20,683 |
$18,789 |
$18,646 |
$18,503 |
$19,044 |
Income Taxes
The effective tax rate for the second quarter of 2014 was higher due to merger related expenses that are not deductible for tax purposes. The effective tax rate for the second half of 2014 is expected to be approximately 40.85 percent.
Other Highlights
Credit Quality Continues to Improve
Improvements in credit quality continued during the second quarter of 2014 across all portfolios. A substantial paydown on a larger commercial loan during the quarter supported the partial reversal of a specific loan loss impairment reserve which resulted in an increased provision recapture compared with the first quarter. We expect to see continued improvement in asset quality over the balance of this year.
- Provision for loan loss recapture of $1.4 million recorded for three months ended June 30, 2014
- Net recoveries of $112,000 during the quarter compared to net charge-offs of $2.0 million one year ago;
- Nonperforming assets to total assets declined to 1.2 percent, compared to 2.0 percent a year ago.
(Dollars in thousands ) |
Second |
First |
Fourth |
Third |
Second |
|||||
Net charge-offs (recoveries) |
$(112) |
$(139) |
$838 |
$842 |
$2,027 |
|||||
Net charge-offs (recoveries) to |
||||||||||
average loans |
(0.03) |
% |
(0.04) |
% |
0.26 |
% |
0.26 |
% |
0.64 |
% |
Loan loss provision/ (recapture) |
$(1,444) |
$(735) |
$490 |
$1,180 |
$565 |
|||||
Allowance to loans at |
||||||||||
end of period |
1.36 |
% |
1.48 |
% |
1.54 |
% |
1.62 |
% |
1.59 |
% |
Restructured loans |
||||||||||
(accruing) |
$28,157 |
$24,537 |
$25,137 |
$25,509 |
$29,612 |
|||||
Nonperforming loans |
$21,745 |
$26,220 |
$27,672 |
$28,724 |
$33,266 |
|||||
Other real estate owned |
6,198 |
6,369 |
6,860 |
5,589 |
10,063 |
|||||
Nonperforming assets |
$27,943 |
$32,589 |
$34,532 |
$34,313 |
$43,329 |
|||||
Nonperforming loans |
||||||||||
to loans outstanding |
||||||||||
at end of period |
1.63 |
% |
2.00 |
% |
2.12 |
% |
2.27 |
% |
2.63 |
% |
Nonperforming assets to |
||||||||||
total assets |
1.22 |
1.41 |
1.52 |
1.60 |
1.98 |
Capital Ratios Continue to Strengthen
The Company's tier 1 capital ratio is estimated at 17.8 percent and the total risk based capital ratio at 19.1 percent at June 30, 2014. The tier 1 leverage ratio was 10.9 percent at June 30, 2014 compared with 10.6 percent at March 31, 2014 and 5.3 percent the prior year.
Seacoast will host a conference call on Tuesday, July 29, 2014 at 10:00 a.m. (Eastern Time) to discuss the earnings results. Investors may call in (toll-free) by dialing (800) 774-6070 (passcode: 7789246; host: Dennis S. Hudson). Slides will be used during the conference call and may be accessed at Seacoast's website at SeacoastBanking.net by selecting "Presentations" under the heading "Investor Services." A replay of the call will be available for one month, beginning the afternoon of July 29, by dialing (888) 843-7419 (domestic), using the passcode 7789246.
Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast's website at SeacoastBanking.net. The link is located in the subsection "Presentations" under the heading "Investor Services." Beginning the afternoon of July 29, an archived version of the webcast can be accessed from this same subsection of the website. The archived webcast will be available for one year.
Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida with approximately $2.3 billion in assets and $1.8 billion in deposits as of June 30, 2014. The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through 34 traditional branches of its locally-branded wholly-owned subsidiary bank, Seacoast National Bank, and five Accelerate offices fueled by the power of Seacoast National Bank. Offices stretch from Fort Lauderdale north through the Treasure Coast and into Orlando, and west to Okeechobee and surrounding counties.
________________________________________________________________
Cautionary Notice Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements about future financial and operating results, ability to realized deferred tax assets, cost savings, enhanced revenues, economic and seasonal conditions in our markets, and improvements to reported earnings that may be realized from cost controls and for integration of banks that we have acquired, as well as statements with respect to Seacoast's objectives, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.
Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance or achievements of Seacoast to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. You should not expect us to update any forward-looking statements.
You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "support," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "further," "point to," "project," "could," "intend" or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the effects of future economic and market conditions, including seasonality; governmental monetary and fiscal policies, as well as legislative, tax and regulatory changes; changes in accounting policies, rules and practices; the risks of changes in interest rates on the level and composition of deposits, loan demand, liquidity and the values of loan collateral, securities, and interest sensitive assets and liabilities; interest rate risks, sensitivities and the shape of the yield curve; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market areas and elsewhere, including institutions operating regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; and the failure of assumptions underlying the establishment of reserves for possible loan losses. The risks of mergers and acquisitions, include, without limitation: unexpected transaction costs, including the costs of integrating operations; the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following the merger being lower than expected; the risk of deposit and customer attrition; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruption, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2013 under "Special Cautionary Notice Regarding Forward-Looking Statements" and "Risk Factors", and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov.
FINANCIAL HIGHLIGHTS |
(Unaudited) |
|||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
||||||||||
(Dollars in thousands, except share data) |
Three Months Ended |
Six Months Ended |
||||||||
June 30, |
March 31, |
June 30, |
June 30, |
June 30, |
||||||
2014 |
2014 |
2013 |
2014 |
2013 |
||||||
Summary of Earnings |
||||||||||
Net income (loss) |
$ 1,918 |
$ 2,299 |
$ 2,954 |
$ 4,217 |
$ 4,998 |
|||||
Net income available to common shareholders (loss) |
1,918 |
2,299 |
2,017 |
4,217 |
3,124 |
|||||
Net interest income (1) |
16,779 |
16,277 |
16,172 |
33,056 |
32,227 |
|||||
Net interest margin (1), (2) |
3.10 |
3.07 |
3.12 |
3.09 |
3.13 |
|||||
. |
||||||||||
Performance Ratios |
||||||||||
Return on average assets-GAAP basis (2), (3) |
0.33 |
% |
0.41 |
% |
0.54 |
% |
0.37 |
% |
0.46 |
% |
Return on average shareholders' equity-GAAP basis (2), (3) |
3.25 |
4.02 |
7.19 |
3.63 |
6.15 |
|||||
Return on average tangible common shareholders' equity-GAAP basis (2), (3), (4) |
3.47 |
4.26 |
7.53 |
3.86 |
6.01 |
|||||
Efficiency ratio (5) |
89.42 |
84.30 |
81.05 |
86.91 |
81.25 |
|||||
Noninterest income to total revenue |
26.06 |
25.52 |
28.22 |
25.80 |
27.64 |
|||||
Per Share Data |
||||||||||
Net income (loss) diluted-GAAP basis (6) |
$ 0.07 |
$ 0.09 |
$ 0.11 |
$ 0.16 |
$ 0.17 |
|||||
Net income (loss) basic-GAAP basis (6) |
0.07 |
0.09 |
0.11 |
0.16 |
0.17 |
|||||
Book value per share common (6) |
9.02 |
8.79 |
5.89 |
9.02 |
5.89 |
|||||
Tangible book value per share (6) |
9.00 |
8.77 |
8.44 |
9.00 |
8.44 |
|||||
Tangible common book value per share (4), (6) |
9.00 |
8.77 |
5.84 |
9.00 |
5.84 |
|||||
Cash dividends declared |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|||||
(1) Calculated on a fully taxable equivalent basis using amortized cost. |
||||||||||
(2) These ratios are stated on an annualized basis and are not necessarily indicative of future periods. |
||||||||||
(3) The calculation of ROA and ROE do not include the mark-to-market unrealized gains (losses) because |
||||||||||
the unrealized gains (losses) are not included in net income (loss). |
||||||||||
(4) The Company defines tangible common equity as total shareholder's equity less preferred stock and intangible assets. |
||||||||||
(5) Defined as (noninterest expense less foreclosed property expense and amortization of intangibles) divided by net operating revenue |
||||||||||
(net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains). |
||||||||||
(6) Calculated based on total shares outstanding subsequent to the 5/1 reverse stock split. |
||||||||||
FINANCIAL HIGHLIGHTS |
||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
||||||||||
June 30, |
March 31, |
June 30, |
||||||||
(Dollars in thousands, except share data) |
2014 |
2014 |
2013 |
|||||||
Selected Financial Data |
||||||||||
Total assets |
$ 2,294,156 |
$ 2,315,992 |
$ 2,183,680 |
|||||||
Securities available for sale (at fair value) |
518,353 |
658,512 |
672,809 |
|||||||
Securities held for investment (at amortized cost) |
156,498 |
0 |
0 |
|||||||
Net loans |
1,317,052 |
1,292,984 |
1,245,815 |
|||||||
Deposits |
1,805,537 |
1,819,795 |
1,738,609 |
|||||||
Total shareholders' equity |
234,439 |
228,382 |
161,248 |
|||||||
Common shareholders' equity |
234,439 |
228,382 |
111,878 |
|||||||
Average Balances (Year-to-Date) |
||||||||||
Total average assets |
$ 2,295,983 |
$ 2,286,998 |
$ 2,173,810 |
|||||||
Less: intangible assets |
525 |
629 |
1,299 |
|||||||
Total average tangible assets |
$ 2,295,458 |
$ 2,286,369 |
$ 2,172,511 |
|||||||
Total average equity |
$ 234,214 |
$ 231,769 |
$ 163,776 |
|||||||
Less: intangible assets |
525 |
629 |
1,299 |
|||||||
Total average tangible equity |
$ 233,689 |
$ 231,140 |
$ 162,477 |
|||||||
Credit Analysis |
||||||||||
Net charge-offs (recoveries) year-to-date |
$ (251) |
$ (139) |
$ 3,544 |
|||||||
Net charge-offs (recoveries) to average loans (annualized) |
(0.04) |
% |
(0.04) |
% |
0.57 |
% |
||||
Loan loss provision (recapture) year-to-date |
$ (2,179) |
$ (735) |
$ 1,518 |
|||||||
Allowance to loans at end of period |
1.36 |
% |
1.48 |
% |
1.59 |
% |
||||
Nonperforming loans |
$ 21,745 |
$ 26,220 |
$ 33,266 |
|||||||
Other real estate owned |
6,198 |
6,369 |
10,063 |
|||||||
Total nonperforming assets |
$ 27,943 |
$ 32,589 |
$ 43,329 |
|||||||
Restructured loans (accruing) |
$ 28,157 |
$ 24,537 |
$ 29,612 |
|||||||
Nonperforming loans to loans at end of period |
1.63 |
% |
2.00 |
% |
2.63 |
% |
||||
Nonperforming assets to total assets |
1.22 |
% |
1.41 |
% |
1.98 |
% |
||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
(Unaudited) |
|||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
||||||||
Three Months Ended |
Six Months Ended |
|||||||
June 30, |
June 30, |
|||||||
(Dollars in thousands, except per share data) |
2014 |
2013 |
2014 |
2013 |
||||
Interest on securities: |
||||||||
Taxable |
$ 3,629 |
$ 3,008 |
$ 7,063 |
$ 6,192 |
||||
Nontaxable |
9 |
17 |
21 |
35 |
||||
Interest and fees on loans |
14,103 |
14,264 |
27,901 |
28,291 |
||||
Interest on federal funds sold and other investments |
246 |
224 |
514 |
452 |
||||
Total Interest Income |
17,987 |
17,513 |
35,499 |
34,970 |
||||
Interest on deposits |
184 |
191 |
378 |
399 |
||||
Interest on time certificates |
386 |
501 |
793 |
1,033 |
||||
Interest on borrowed money |
692 |
707 |
1,382 |
1,424 |
||||
Total Interest Expense |
1,262 |
1,399 |
2,553 |
2,856 |
||||
Net Interest Income |
16,725 |
16,114 |
32,946 |
32,114 |
||||
Provision (recapture) for loan losses |
(1,444) |
565 |
(2,179) |
1,518 |
||||
Net Interest Income After Provision for Loan Losses |
18,169 |
15,549 |
35,125 |
30,596 |
||||
Noninterest income: |
||||||||
Service charges on deposit accounts |
1,484 |
1,641 |
2,991 |
3,192 |
||||
Trust income |
703 |
675 |
1,374 |
1,351 |
||||
Mortgage banking fees |
855 |
1,256 |
1,516 |
2,370 |
||||
Brokerage commissions and fees |
410 |
362 |
789 |
787 |
||||
Marine finance fees |
340 |
419 |
594 |
691 |
||||
Interchange income |
1,514 |
1,388 |
2,917 |
2,652 |
||||
Other deposit based EFT fees |
83 |
87 |
181 |
185 |
||||
Other |
507 |
507 |
1,092 |
1,038 |
||||
5,896 |
6,335 |
11,454 |
12,266 |
|||||
Securities gains, net |
0 |
114 |
17 |
139 |
||||
Total Noninterest Income |
5,896 |
6,449 |
11,471 |
12,405 |
||||
Noninterest expenses: |
||||||||
Salaries and wages |
7,768 |
7,902 |
15,392 |
15,372 |
||||
Employee benefits |
2,081 |
1,823 |
4,263 |
4,046 |
||||
Outsourced data processing costs |
1,811 |
1,631 |
3,506 |
3,129 |
||||
Telephone / data lines |
306 |
325 |
599 |
610 |
||||
Occupancy |
1,888 |
1,775 |
3,726 |
3,530 |
||||
Furniture and equipment |
604 |
571 |
1,175 |
1,132 |
||||
Marketing |
675 |
685 |
1,488 |
1,134 |
||||
Legal and professional fees |
2,272 |
299 |
3,213 |
1,095 |
||||
FDIC assessments |
411 |
720 |
797 |
1,437 |
||||
Amortization of intangibles |
196 |
197 |
392 |
392 |
||||
Asset dispositions expense |
118 |
111 |
246 |
401 |
||||
Net loss on other real estate owned and repossessed assets |
92 |
493 |
145 |
1,060 |
||||
Other |
2,461 |
2,512 |
4,524 |
4,665 |
||||
Total Noninterest Expenses |
20,683 |
19,044 |
39,466 |
38,003 |
||||
Income Before Income Taxes |
3,382 |
2,954 |
7,130 |
4,998 |
||||
Income taxes (benefit) |
1,464 |
0 |
2,913 |
0 |
||||
Net Income |
1,918 |
2,954 |
4,217 |
4,998 |
||||
Preferred stock dividends and accretion on preferred stock discount |
- |
937 |
- |
1,874 |
||||
Net Income Available to Common Shareholders |
$ 1,918 |
$ 2,017 |
$ 4,217 |
$ 3,124 |
||||
Per share of common stock: |
||||||||
Net income diluted |
$ 0.07 |
$ 0.11 |
$ 0.16 |
$ 0.17 |
||||
Net income basic |
0.07 |
0.11 |
0.16 |
0.17 |
||||
Cash dividends declared |
0.00 |
0.00 |
0.00 |
0.00 |
||||
Average diluted shares outstanding |
25,998,121 |
18,936,480 |
25,828,391 |
18,930,879 |
||||
Average basic shares outstanding |
25,826,825 |
18,794,651 |
25,659,159 |
18,792,054 |
||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
|||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
||||||
June 30, |
December 31, |
June 30, |
||||
(Dollars in thousands, except share data) |
2014 |
2013 |
2013 |
|||
Assets |
||||||
Cash and due from banks |
$ 40,175 |
$ 48,561 |
$ 33,673 |
|||
Interest bearing deposits with other banks |
113,855 |
143,063 |
106,446 |
|||
Total Cash and Cash Equivalents |
154,030 |
191,624 |
140,119 |
|||
Securities: |
||||||
Available for sale (at fair value) |
518,353 |
641,611 |
672,809 |
|||
Held for investment (at amortized cost) |
156,498 |
0 |
0 |
|||
Total Securities |
674,851 |
641,611 |
672,809 |
|||
Loans available for sale |
18,129 |
13,832 |
26,029 |
|||
Loans, net of deferred costs |
1,335,192 |
1,304,207 |
1,265,893 |
|||
Less: Allowance for loan losses |
(18,140) |
(20,068) |
(20,078) |
|||
Net Loans |
1,317,052 |
1,284,139 |
1,245,815 |
|||
Bank premises and equipment, net |
34,653 |
34,505 |
35,029 |
|||
Other real estate owned |
6,198 |
6,860 |
10,063 |
|||
Other intangible assets |
326 |
718 |
1,109 |
|||
Other assets |
88,917 |
95,651 |
52,707 |
|||
$ 2,294,156 |
$ 2,268,940 |
$ 2,183,680 |
||||
Liabilities and Shareholders' Equity |
||||||
Liabilities |
||||||
Deposits |
||||||
Demand deposits (noninterest bearing) |
$ 509,798 |
$ 464,006 |
$ 468,517 |
|||
NOW |
493,927 |
540,288 |
453,069 |
|||
Savings deposits |
208,333 |
192,491 |
184,219 |
|||
Money market accounts |
335,246 |
331,184 |
335,947 |
|||
Other time certificates |
144,001 |
154,743 |
168,710 |
|||
Brokered time certificates |
8,040 |
9,776 |
9,820 |
|||
Time certificates of $100,000 or more |
106,192 |
113,557 |
118,327 |
|||
Total Deposits |
1,805,537 |
1,806,045 |
1,738,609 |
|||
Federal funds purchased and securities sold under |
||||||
agreements to repurchase, maturing within 30 days |
141,662 |
151,310 |
160,934 |
|||
Borrowed funds |
50,000 |
50,000 |
50,000 |
|||
Subordinated debt |
53,610 |
53,610 |
53,610 |
|||
Other liabilities |
8,908 |
9,371 |
19,279 |
|||
2,059,717 |
2,070,336 |
2,022,432 |
||||
Shareholders' Equity |
||||||
Preferred stock - Series A |
0 |
0 |
49,370 |
|||
Common stock |
2,599 |
2,364 |
1,898 |
|||
Additional paid in capital |
302,088 |
277,290 |
230,615 |
|||
Accumulated deficit |
(66,478) |
(70,695) |
(115,487) |
|||
Treasury stock |
(54) |
(11) |
(12) |
|||
238,155 |
208,948 |
166,384 |
||||
Accumulated other comprehensive gain (loss), net |
(3,716) |
(10,344) |
(5,136) |
|||
Total Shareholders' Equity |
234,439 |
198,604 |
161,248 |
|||
$ 2,294,156 |
$ 2,268,940 |
$ 2,183,680 |
||||
Common Shares Outstanding |
25,998,823 |
23,637,434 |
18,982,293 |
|||
Note: The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date. |
||||||
CONSOLIDATED QUARTERLY FINANCIAL DATA |
(Unaudited) |
|||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
||||||||||
QUARTERS |
||||||||||
2014 |
2013 |
|||||||||
(Dollars in thousands, except per share data) |
Second |
First |
Fourth |
Third |
Second |
|||||
Net income (loss) |
$ 1,918 |
$ 2,299 |
$ 1,850 |
$ 45,141 |
$ 2,954 |
|||||
Operating Ratios |
||||||||||
Return on average assets-GAAP basis (2),(3),(5) |
0.33 |
0.41 |
% |
0.33 |
% |
8.32 |
% |
0.54 |
% |
|
Return on average tangible assets (2),(3),(4) |
0.36 |
0.43 |
0.35 |
8.34 |
0.57 |
|||||
Return on average shareholders' equity-GAAP basis (2),(3),(5) |
3.25 |
4.02 |
3.10 |
106.55 |
7.19 |
|||||
Efficiency ratio (6) |
89.42 |
84.30 |
81.92 |
78.05 |
81.05 |
|||||
Noninterest income to total revenue |
26.06 |
25.52 |
26.82 |
26.58 |
28.22 |
|||||
Net interest margin (1),(2) |
3.10 |
3.07 |
3.08 |
3.25 |
3.12 |
|||||
Average equity to average assets |
10.27 |
10.13 |
10.55 |
7.80 |
7.56 |
|||||
Credit Analysis |
||||||||||
Net charge-offs (recoveries) |
$ (112) |
$ (139) |
$ 838 |
$ 842 |
$ 2,027 |
|||||
Net charge-offs (recoveries) to average loans |
(0.03) |
(0.04) |
% |
0.26 |
% |
0.26 |
% |
0.64 |
% |
|
Loan loss provision (recapture) |
$ (1,444) |
$ (735) |
$ 490 |
$ 1,180 |
$ 565 |
|||||
Allowance to loans at end of period |
1.36 |
1.48 |
% |
1.54 |
% |
1.62 |
% |
1.59 |
% |
|
Restructured loans (accruing) |
$ 28,157 |
$ 24,537 |
$ 25,137 |
$ 25,509 |
$ 29,612 |
|||||
Nonperforming loans |
$ 21,745 |
$ 26,220 |
$ 27,672 |
$ 28,724 |
$ 33,266 |
|||||
Other real estate owned |
6,198 |
6,369 |
6,860 |
5,589 |
10,063 |
|||||
Nonperforming assets |
$ 27,943 |
$ 32,589 |
$ 34,532 |
$ 34,313 |
$ 43,329 |
|||||
Nonperforming loans to loans at end of period |
1.63 |
2.00 |
% |
2.12 |
% |
2.27 |
% |
2.63 |
% |
|
Nonperforming assets to total assets |
1.22 |
1.41 |
1.52 |
1.60 |
1.98 |
|||||
Per Share Common Stock |
||||||||||
Net income (loss) diluted-GAAP basis (7) |
$ 0.07 |
$ 0.09 |
$ 0.03 |
$ 2.31 |
$ 0.11 |
|||||
Net income (loss) basic-GAAP basis (7) |
0.07 |
0.09 |
0.03 |
2.35 |
0.11 |
|||||
Cash dividends declared (7) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|||||
Book value per share common (7) |
9.02 |
8.79 |
8.40 |
8.12 |
5.89 |
|||||
Average Balances |
||||||||||
Total average assets |
$ 2,304,870 |
$ 2,286,998 |
$ 2,245,155 |
$ 2,153,830 |
$ 2,178,242 |
|||||
Less: Intangible assets |
422 |
629 |
813 |
1,009 |
1,205 |
|||||
Total average tangible assets |
$ 2,304,448 |
$ 2,286,369 |
$ 2,244,342 |
$ 2,152,821 |
$ 2,177,038 |
|||||
Total average equity |
$ 236,632 |
$ 231,769 |
$ 236,950 |
$ 168,078 |
$ 164,747 |
|||||
Less: Intangible assets |
422 |
629 |
813 |
1,009 |
1,205 |
|||||
Total average tangible equity |
$ 236,210 |
$ 231,140 |
$ 236,137 |
$ 167,069 |
$ 163,541 |
|||||
(1) Calculated on a fully taxable equivalent basis using amortized cost. |
||||||||||
(2) These ratios are stated on an annualized basis and are not necessarily indicative of future periods. |
||||||||||
(3) The calculation of ROA and ROE do not include the mark-to-market unrealized gains (losses), because the unrealized gains (losses) are not included in net income (loss). |
||||||||||
(4) The Company believes that return on average assets and equity excluding the impacts of noncash amortization |
||||||||||
expense on intangible assets is a better measurement of the Company's trend in earnings growth. |
||||||||||
(5) Excluding the income tax benefit related to the reversal of the valuation allowance for deferred tax assets and reflecting |
||||||||||
tax provisioning of $1,351 for the third quarter 2013, adjusted return on average assets and adjusted return on average shareholder's equity for the third quarter was 0.40 percent and 5.07 percent, respectively. |
||||||||||
(6) Defined as (noninterest expense less foreclosed property expense and amortization of intangibles) divided by net operating revenue |
||||||||||
(net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains). |
||||||||||
(7) Calculated based on total shares outstanding subsequent to the 5/1 reverse stock split. |
||||||||||
June 30, |
December 31, |
June 30, |
||||||||
SECURITIES |
2014 |
2013 |
2013 |
|||||||
U.S. Treasury and U.S. Government Agencies |
$ 100 |
$ 100 |
$ 101 |
|||||||
Mortgage-backed |
479,720 |
602,568 |
631,228 |
|||||||
Collateralized loan obligations |
32,260 |
32,179 |
32,527 |
|||||||
Obligations of states and political subdivisions |
6,273 |
6,764 |
7,465 |
|||||||
Other securities |
0 |
0 |
1,488 |
|||||||
Securities Available for Sale |
518,353 |
641,611 |
672,809 |
|||||||
Mortgage-backed |
156,498 |
0 |
0 |
|||||||
Securities Held for Investment |
156,498 |
0 |
0 |
|||||||
Total Securities |
$ 674,851 |
$ 641,611 |
$ 672,809 |
|||||||
June 30, |
December 31, |
June 30, |
||||||||
LOANS |
2014 |
2013 |
2013 |
|||||||
Construction and land development |
$ 57,393 |
$ 67,450 |
$ 61,116 |
|||||||
Real estate mortgage |
1,145,013 |
1,113,128 |
1,094,976 |
|||||||
Installment loans to individuals |
45,241 |
44,713 |
44,296 |
|||||||
Commercial and financial |
87,285 |
78,636 |
65,224 |
|||||||
Other loans |
260 |
280 |
281 |
|||||||
Total Loans |
$ 1,335,192 |
$ 1,304,207 |
$ 1,265,893 |
|||||||
AVERAGE BALANCES |
(Unaudited) |
(Unaudited) |
||||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
||||||||||||||
QUARTER |
Percent Change vs. |
|||||||||||||
2014 |
2013 |
1st Qtr |
2nd Qtr |
|||||||||||
(Dollars in thousands) |
Second |
First |
Fourth |
Third |
Second |
2014 |
2013 |
|||||||
Assets |
||||||||||||||
Earning assets: |
||||||||||||||
Securities: |
||||||||||||||
Taxable |
$ 677,600 |
$ 653,646 |
$ 655,176 |
$ 664,103 |
$ 639,769 |
3.7 |
% |
5.9 |
% |
|||||
Nontaxable |
827 |
1,016 |
1,560 |
1,560 |
1,647 |
(18.6) |
(49.8) |
|||||||
Total Securities |
678,427 |
654,662 |
656,736 |
665,663 |
641,416 |
3.6 |
5.8 |
|||||||
Federal funds sold and other |
||||||||||||||
investments |
153,410 |
188,048 |
156,823 |
113,798 |
168,740 |
(18.4) |
(9.1) |
|||||||
Loans, net |
1,338,415 |
1,307,796 |
1,293,373 |
1,278,391 |
1,269,789 |
2.3 |
5.4 |
|||||||
Total Earning Assets |
2,170,252 |
2,150,506 |
2,106,932 |
2,057,852 |
2,079,945 |
0.9 |
4.3 |
|||||||
Allowance for loan losses |
(19,784) |
(20,205) |
(20,817) |
(20,206) |
(21,515) |
(2.1) |
(8.0) |
|||||||
Cash and due from banks |
35,735 |
37,186 |
40,836 |
35,810 |
34,279 |
(3.9) |
4.2 |
|||||||
Premises and equipment |
34,948 |
34,731 |
34,750 |
34,834 |
35,121 |
0.6 |
(0.5) |
|||||||
Other assets |
83,719 |
84,780 |
83,454 |
45,540 |
50,412 |
(1.3) |
66.1 |
|||||||
$ 2,304,870 |
$ 2,286,998 |
$ 2,245,155 |
$ 2,153,830 |
$ 2,178,242 |
0.8 |
5.8 |
||||||||
Liabilities and Shareholders' Equity |
||||||||||||||
Interest-bearing liabilities: |
||||||||||||||
NOW |
$ 498,285 |
$ 507,313 |
$ 483,569 |
$ 447,350 |
$ 461,005 |
(1.8) |
% |
8.1 |
% |
|||||
Savings deposits |
205,686 |
197,300 |
190,558 |
185,918 |
180,915 |
4.3 |
13.7 |
|||||||
Money market accounts |
336,772 |
330,787 |
332,576 |
336,229 |
339,058 |
1.8 |
(0.7) |
|||||||
Time deposits |
259,325 |
270,215 |
282,543 |
289,408 |
302,110 |
(4.0) |
(14.2) |
|||||||
Federal funds purchased and |
||||||||||||||
other short term borrowings |
150,108 |
155,656 |
142,999 |
157,607 |
159,847 |
(3.6) |
(6.1) |
|||||||
Other borrowings |
103,610 |
103,610 |
103,610 |
103,610 |
103,610 |
0.0 |
0.0 |
|||||||
Total Interest-Bearing Liabilities |
1,553,786 |
1,564,881 |
1,535,855 |
1,520,122 |
1,546,545 |
(0.7) |
0.5 |
|||||||
Demand deposits (noninterest-bearing) |
505,892 |
481,048 |
462,830 |
454,642 |
455,525 |
5.2 |
11.1 |
|||||||
Other liabilities |
8,560 |
9,300 |
9,520 |
10,988 |
11,425 |
(8.0) |
(25.1) |
|||||||
Total Liabilities |
2,068,238 |
2,055,229 |
2,008,205 |
1,985,752 |
2,013,495 |
0.6 |
2.7 |
|||||||
Shareholders' equity |
236,632 |
231,769 |
236,950 |
168,078 |
164,747 |
2.1 |
43.6 |
|||||||
$ 2,304,870 |
$ 2,286,998 |
$ 2,245,155 |
$ 2,153,830 |
$ 2,178,242 |
0.8 |
5.8 |
||||||||
AVERAGE YIELDS / RATES (1) |
(Unaudited) |
|||||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
||||||||||||||
QUARTER |
||||||||||||||
2014 |
2013 |
|||||||||||||
(Dollars in thousands) |
Second |
First |
Fourth |
Third |
Second |
|||||||||
Assets |
||||||||||||||
Earning assets: |
||||||||||||||
Securities: |
||||||||||||||
Taxable |
2.14 |
% |
2.10 |
% |
2.11 |
% |
1.93 |
% |
1.88 |
% |
||||
Nontaxable |
6.77 |
6.69 |
6.41 |
6.67 |
6.55 |
|||||||||
Total Securities |
2.15 |
2.11 |
2.12 |
1.95 |
1.89 |
|||||||||
Federal funds sold and other |
||||||||||||||
investments |
0.64 |
0.58 |
0.57 |
0.67 |
0.53 |
|||||||||
Loans, net |
4.24 |
4.29 |
4.29 |
4.59 |
4.52 |
|||||||||
Total Earning Assets |
3.33 |
3.31 |
3.33 |
3.52 |
3.39 |
|||||||||
Liabilities and Shareholders' Equity |
||||||||||||||
Interest-bearing liabilities: |
||||||||||||||
NOW |
0.08 |
0.08 |
0.08 |
0.08 |
0.09 |
|||||||||
Savings deposits |
0.04 |
0.05 |
0.05 |
0.05 |
0.05 |
|||||||||
Money market accounts |
0.08 |
0.08 |
0.09 |
0.08 |
0.08 |
|||||||||
Time deposits |
0.60 |
0.61 |
0.62 |
0.64 |
0.67 |
|||||||||
Federal funds purchased and |
||||||||||||||
other short term borrowings |
0.17 |
0.17 |
0.17 |
0.17 |
0.18 |
|||||||||
Other borrowings |
2.43 |
2.44 |
2.44 |
2.44 |
2.45 |
|||||||||
Total Interest-Bearing Liabilities |
0.33 |
0.33 |
0.35 |
0.36 |
0.36 |
|||||||||
Interest expense as a % of earning assets |
0.23 |
0.24 |
0.25 |
0.26 |
0.27 |
|||||||||
Net interest income as a % of earning assets |
3.10 |
3.07 |
3.08 |
3.25 |
3.12 |
|||||||||
(1) On a fully taxable equivalent basis. All yields and rates have been computed on an annualized basis using amortized cost. Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances. |
||||||||||||||
INTEREST INCOME / EXPENSE (1) |
(Unaudited) |
|||||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
||||||||||||||
QUARTER |
Percent Change vs. |
|||||||||||||
2014 |
2013 |
1st Qtr |
2nd Qtr |
|||||||||||
(Dollars in thousands) |
Second |
First |
Fourth |
Third |
Second |
2014 |
2013 |
|||||||
Assets |
||||||||||||||
Earning assets: |
||||||||||||||
Securities: |
||||||||||||||
Taxable |
$ 3,630 |
$ 3,434 |
$ 3,452 |
$ 3,212 |
$ 3,008 |
5.7 |
% |
20.7 |
% |
|||||
Nontaxable |
14 |
17 |
25 |
26 |
27 |
(17.6) |
(48.1) |
|||||||
Total Securities |
3,644 |
3,451 |
3,477 |
3,238 |
3,035 |
5.6 |
20.1 |
|||||||
Federal funds sold and other |
||||||||||||||
investments |
246 |
268 |
224 |
192 |
224 |
8.2 |
9.8 |
|||||||
Loans, net |
14,151 |
13,849 |
13,974 |
14,804 |
14,312 |
2.2 |
(1.1) |
|||||||
Total Earning Assets |
18,041 |
17,568 |
17,675 |
18,234 |
17,571 |
2.7 |
2.7 |
|||||||
Liabilities and Shareholders' Equity |
||||||||||||||
Interest-bearing liabilities: |
||||||||||||||
NOW |
94 |
102 |
96 |
93 |
100 |
(7.8) |
(6.0) |
|||||||
Savings deposits |
23 |
24 |
26 |
25 |
24 |
(4.2) |
(4.2) |
|||||||
Money market accounts |
67 |
68 |
74 |
69 |
67 |
(1.5) |
0.0 |
|||||||
Time deposits |
386 |
407 |
444 |
470 |
501 |
(5.2) |
(23.0) |
|||||||
Federal funds purchased and |
||||||||||||||
other short term borrowings |
65 |
66 |
62 |
68 |
73 |
(1.5) |
(11.0) |
|||||||
Other borrowings |
627 |
624 |
637 |
637 |
634 |
0.5 |
(1.1) |
|||||||
Total Interest-Bearing Liabilities |
1,262 |
1,291 |
1,339 |
1,362 |
1,399 |
(2.2) |
(9.8) |
|||||||
Net interest income |
16,779 |
16,277 |
16,336 |
16,872 |
16,172 |
3.1 |
3.8 |
|||||||
(1) On a fully taxable equivalent basis. Fees on loans have been included in interest on loans. |
||||||||||||||
CONSOLIDATED QUARTERLY FINANCIAL DATA |
(Unaudited) |
||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|||||||||||
2014 |
2013 |
||||||||||
(Dollars in thousands) |
Second Quarter |
First Quarter |
Fourth Quarter |
Third Quarter |
Second Quarter |
||||||
Customer Relationship Funding (Period End) |
|||||||||||
Demand deposits (noninterest bearing) |
|||||||||||
Commercial |
$ 293,515 |
$ 291,221 |
$ 261,938 |
$ 254,373 |
$ 260,325 |
||||||
Retail |
167,172 |
173,698 |
159,117 |
155,281 |
163,551 |
||||||
Public funds |
33,223 |
34,636 |
32,971 |
27,002 |
29,487 |
||||||
Other |
15,888 |
14,370 |
9,980 |
16,293 |
15,154 |
||||||
509,798 |
513,925 |
464,006 |
452,949 |
468,517 |
|||||||
NOW accounts |
|||||||||||
Commercial |
41,423 |
41,281 |
43,241 |
35,029 |
35,714 |
||||||
Retail |
327,762 |
329,226 |
324,583 |
305,055 |
308,390 |
||||||
Public funds |
124,742 |
134,191 |
172,464 |
100,785 |
108,965 |
||||||
493,927 |
504,698 |
540,288 |
440,869 |
453,069 |
|||||||
Total Transaction Accounts |
|||||||||||
Commercial |
334,938 |
332,501 |
305,179 |
289,402 |
296,039 |
||||||
Retail |
494,934 |
502,924 |
483,700 |
460,336 |
471,941 |
||||||
Public funds |
157,965 |
168,828 |
205,435 |
127,787 |
138,452 |
||||||
Other |
15,888 |
14,370 |
9,980 |
16,293 |
15,154 |
||||||
1,003,725 |
1,018,623 |
1,004,294 |
893,818 |
921,586 |
|||||||
Savings accounts |
208,333 |
202,170 |
192,491 |
187,181 |
184,219 |
||||||
Money market accounts |
|||||||||||
Commercial |
114,662 |
109,158 |
100,601 |
107,767 |
109,938 |
||||||
Retail |
213,927 |
221,762 |
221,062 |
217,176 |
216,370 |
||||||
Public funds |
6,657 |
6,488 |
9,521 |
9,735 |
9,639 |
||||||
335,246 |
337,408 |
331,184 |
334,678 |
335,947 |
|||||||
Time certificates of deposit |
258,233 |
261,594 |
278,076 |
283,233 |
296,857 |
||||||
Total Deposits |
$ 1,805,537 |
$ 1,819,795 |
$ 1,806,045 |
$ 1,698,910 |
$ 1,738,609 |
||||||
Sweep repurchase agreements |
$ 141,662 |
$ 156,136 |
$ 151,310 |
$ 134,338 |
$ 160,934 |
||||||
Total core customer funding (1) |
$ 1,688,966 |
$ 1,714,337 |
$ 1,679,279 |
$ 1,550,015 |
$ 1,602,686 |
||||||
(1) Total deposits and sweep repurchase agreements, excluding certificates of deposits. |
QUARTERLY TRENDS - LOANS AT END OF PERIOD (Dollars in Millions) |
||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
||||||||
2014 |
2013 |
|||||||
2nd Qtr |
1st Qtr |
4th Qtr |
3rd Qtr |
2nd Qtr |
1st Qtr |
|||
Installment loans to individuals |
||||||||
Automobile and trucks |
$ 6.1 |
$ 6.2 |
$ 6.6 |
$ 7.1 |
$ 7.5 |
$ 7.8 |
||
Marine loans |
23.3 |
20.8 |
20.2 |
21.3 |
16.7 |
15.4 |
||
Other |
15.8 |
17.6 |
17.9 |
18.8 |
20.1 |
20.0 |
||
45.2 |
44.6 |
44.7 |
47.2 |
44.3 |
43.2 |
|||
Construction and land development to individuals |
||||||||
Lot loans |
13.1 |
13.3 |
12.9 |
14.7 |
15.5 |
16.6 |
||
Construction |
16.7 |
24.4 |
21.3 |
19.7 |
20.7 |
20.8 |
||
29.8 |
37.7 |
34.2 |
34.4 |
36.2 |
37.4 |
|||
Residential real estate |
||||||||
Adjustable |
407.7 |
392.5 |
391.9 |
378.4 |
372.6 |
365.8 |
||
Fixed rate |
91.0 |
89.8 |
91.1 |
94.7 |
97.5 |
98.2 |
||
Home equity mortgages |
54.9 |
60.6 |
62.0 |
61.8 |
62.2 |
61.3 |
||
Home equity lines |
53.2 |
49.7 |
47.7 |
47.7 |
49.1 |
49.3 |
||
606.8 |
592.6 |
592.7 |
582.6 |
581.4 |
574.6 |
|||
TOTAL CONSUMER |
681.8 |
674.9 |
671.6 |
664.2 |
661.9 |
655.2 |
||
Commercial & financial |
87.3 |
79.4 |
78.6 |
70.8 |
65.2 |
64.8 |
||
Construction and land development for commercial |
||||||||
Residential |
||||||||
Single family residences |
5.1 |
1.8 |
2.0 |
- |
- |
- |
||
Single family land and lots |
4.5 |
4.7 |
4.9 |
4.9 |
5.0 |
4.9 |
||
Townhomes |
1.1 |
0.5 |
- |
- |
- |
- |
||
Multifamily |
3.5 |
3.6 |
3.7 |
3.8 |
3.9 |
3.9 |
||
14.2 |
10.6 |
10.6 |
8.7 |
8.9 |
8.8 |
|||
Commercial |
||||||||
Office buildings |
- |
- |
- |
1.6 |
1.6 |
1.1 |
||
Retail trade |
2.4 |
2.9 |
7.7 |
1.8 |
1.8 |
- |
||
Land |
4.1 |
4.4 |
4.9 |
7.3 |
7.2 |
7.8 |
||
Healthcare |
- |
7.1 |
5.4 |
4.7 |
2.9 |
3.3 |
||
Churches and educational facilities |
1.6 |
1.1 |
3.8 |
4.0 |
2.5 |
1.2 |
||
Lodging |
5.2 |
3.4 |
0.9 |
0.3 |
- |
- |
||
Convenience stores |
0.1 |
- |
- |
- |
- |
- |
||
13.4 |
18.9 |
22.7 |
19.7 |
16.0 |
13.4 |
|||
Total construction and land development |
27.6 |
29.5 |
33.3 |
28.4 |
24.9 |
22.2 |
||
Commercial real estate |
||||||||
Office buildings |
122.8 |
120.0 |
118.7 |
118.2 |
112.0 |
112.5 |
||
Retail trade |
142.8 |
142.0 |
130.6 |
128.9 |
135.5 |
122.2 |
||
Industrial |
82.2 |
76.7 |
81.1 |
79.6 |
83.3 |
73.4 |
||
Healthcare |
41.6 |
44.1 |
45.5 |
38.8 |
42.1 |
39.4 |
||
Churches and educational facilities |
26.7 |
26.9 |
25.3 |
24.2 |
26.4 |
26.9 |
||
Recreation |
3.3 |
2.4 |
2.5 |
2.5 |
2.6 |
2.6 |
||
Multifamily |
18.7 |
17.2 |
16.8 |
6.2 |
9.5 |
8.5 |
||
Mobile home parks |
1.7 |
1.8 |
1.9 |
1.9 |
1.9 |
2.0 |
||
Lodging |
17.0 |
16.9 |
17.1 |
17.3 |
17.5 |
18.0 |
||
Restaurant |
3.9 |
3.7 |
3.7 |
3.8 |
3.5 |
3.6 |
||
Agricultural |
4.6 |
4.7 |
7.0 |
7.2 |
7.1 |
5.9 |
||
Convenience stores |
20.9 |
22.0 |
20.8 |
21.0 |
20.2 |
20.2 |
||
Marina |
18.5 |
20.6 |
21.3 |
21.5 |
20.9 |
21.1 |
||
Other |
33.5 |
29.4 |
28.1 |
27.9 |
31.1 |
25.1 |
||
538.2 |
528.4 |
520.4 |
499.0 |
513.6 |
481.4 |
|||
TOTAL COMMERCIAL |
653.1 |
637.3 |
632.3 |
598.2 |
603.7 |
568.4 |
||
Other |
0.3 |
0.2 |
0.3 |
0.5 |
0.3 |
0.2 |
||
$ 1,335.2 |
$ 1,312.4 |
$ 1,304.2 |
$ 1,262.9 |
$ 1,265.9 |
$ 1,223.8 |
|||
QUARTERLY TRENDS - INCREASE (DECREASE) IN LOANS BY QUARTER (Dollars in Millions) |
||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
||||||||
2014 |
2013 |
|||||||
2nd Qtr |
1st Qtr |
4th Qtr |
3rd Qtr |
2nd Qtr |
1st Qtr |
|||
Installment loans to individuals |
||||||||
Automobile and trucks |
$ (0.1) |
$ (0.4) |
$ (0.5) |
$ (0.4) |
$ (0.3) |
$ - |
||
Marine loans |
2.5 |
0.6 |
(1.1) |
4.6 |
1.3 |
(3.0) |
||
Other |
(1.8) |
(0.3) |
(0.9) |
(1.3) |
0.1 |
(0.7) |
||
0.6 |
(0.1) |
(2.5) |
2.9 |
1.1 |
(3.7) |
|||
Construction and land development to individuals |
||||||||
Lot loans |
(0.2) |
0.4 |
(1.8) |
(0.8) |
(1.1) |
(0.1) |
||
Construction |
(7.7) |
3.1 |
1.6 |
(1.0) |
(0.1) |
(1.4) |
||
(7.9) |
3.5 |
(0.2) |
(1.8) |
(1.2) |
(1.5) |
|||
Residential real estate |
||||||||
Adjustable |
15.2 |
0.6 |
13.5 |
5.8 |
6.8 |
4.8 |
||
Fixed rate |
1.2 |
(1.3) |
(3.6) |
(2.8) |
(0.7) |
(0.8) |
||
Home equity mortgages |
(5.7) |
(1.4) |
0.2 |
(0.4) |
0.9 |
3.3 |
||
Home equity lines |
3.5 |
2.0 |
- |
(1.4) |
(0.2) |
(2.1) |
||
14.2 |
(0.1) |
10.1 |
1.2 |
6.8 |
5.2 |
|||
TOTAL CONSUMER |
6.9 |
3.3 |
7.4 |
2.3 |
6.7 |
- |
||
Commercial & financial |
7.9 |
0.8 |
7.8 |
5.6 |
0.4 |
2.9 |
||
Construction and land development for commercial |
||||||||
Residential |
||||||||
Single family residences |
3.3 |
(0.2) |
2.0 |
- |
- |
- |
||
Single family land and lots |
(0.2) |
(0.2) |
- |
(0.1) |
0.1 |
(0.7) |
||
Townhomes |
0.6 |
0.5 |
- |
- |
- |
- |
||
Multifamily |
(0.1) |
(0.1) |
(0.1) |
(0.1) |
- |
(0.4) |
||
3.6 |
(0.0) |
1.9 |
(0.2) |
0.1 |
(1.1) |
|||
Commercial |
||||||||
Office buildings |
- |
- |
(1.6) |
- |
0.5 |
1.1 |
||
Retail trade |
(0.5) |
(4.8) |
5.9 |
- |
1.8 |
- |
||
Land |
(0.3) |
(0.5) |
(2.4) |
0.1 |
(0.6) |
(1.8) |
||
Healthcare |
(7.1) |
1.7 |
0.7 |
1.8 |
(0.4) |
1.5 |
||
Churches and educational facilities |
0.5 |
(2.7) |
(0.2) |
1.5 |
1.3 |
0.7 |
||
Lodging |
1.8 |
2.5 |
0.6 |
0.3 |
- |
- |
||
Convenience stores |
0.1 |
- |
- |
- |
- |
- |
||
(5.5) |
(3.8) |
3.0 |
3.7 |
2.6 |
1.5 |
|||
Total construction and land development |
(1.9) |
(3.8) |
4.9 |
3.5 |
2.7 |
0.4 |
||
Commercial real estate |
||||||||
Office buildings |
2.8 |
1.3 |
0.5 |
6.2 |
(0.5) |
7.8 |
||
Retail trade |
0.8 |
11.4 |
1.7 |
(6.6) |
13.3 |
(4.5) |
||
Industrial |
5.5 |
(4.4) |
1.5 |
(3.7) |
9.9 |
0.8 |
||
Healthcare |
(2.5) |
(1.4) |
6.7 |
(3.3) |
2.7 |
(1.3) |
||
Churches and educational facilities |
(0.2) |
1.6 |
1.1 |
(2.2) |
(0.5) |
(1.7) |
||
Recreation |
0.9 |
(0.1) |
- |
(0.1) |
- |
(0.1) |
||
Multifamily |
1.5 |
0.4 |
10.6 |
(3.3) |
1.0 |
(0.5) |
||
Mobile home parks |
(0.1) |
(0.1) |
- |
- |
(0.1) |
- |
||
Lodging |
0.1 |
(0.2) |
(0.2) |
(0.2) |
(0.5) |
(0.7) |
||
Restaurant |
0.2 |
- |
(0.1) |
0.3 |
(0.1) |
0.1 |
||
Agricultural |
(0.1) |
(2.3) |
(0.2) |
0.1 |
1.2 |
(0.2) |
||
Convenience stores |
(1.1) |
1.2 |
(0.2) |
0.8 |
- |
(0.3) |
||
Marina |
(2.1) |
(0.7) |
(0.2) |
0.6 |
(0.2) |
(0.1) |
||
Other |
4.1 |
1.3 |
0.2 |
(3.2) |
6.0 |
(4.7) |
||
9.8 |
8.0 |
21.4 |
(14.6) |
32.2 |
(5.4) |
|||
TOTAL COMMERCIAL |
15.8 |
5.0 |
34.1 |
(5.5) |
35.3 |
(2.1) |
||
Other |
0.1 |
(0.1) |
(0.2) |
0.2 |
0.1 |
(0.2) |
||
$ 22.8 |
$ 8.2 |
$ 41.3 |
$ (3.0) |
$ 42.1 |
$ (2.3) |
|||
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SOURCE Seacoast Banking Corporation of Florida
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