Seacoast Reports Earnings for Fourth Quarter and Year 2013
- Net income for the year totaled $52.0 million, including income tax benefit of $40.4 million from reversal of deferred tax asset allowance
- Pretax income was $3.1 million for the quarter compared to $240,000 in 2012 and $3.5 million in the prior quarter
- Loan originations up 18.8 percent for the year and totaled $563 million
STUART, Fla., Jan. 29, 2014 /PRNewswire/ -- Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF), today reported fourth quarter 2013 net income of $1,850,000 compared to $240,000 for the same quarter last year. Net income available to common shareholders for the quarter totaled $588,000 or $0.03 per diluted common share, compared with a net loss of $(697,000) or $(0.04) per diluted common share for 2012. Net income available to common shareholders for the year totaled $47.9 million or $2.44 per diluted common share, compared with a net loss of $(4.5) million or $(0.24) per diluted common share for 2012.
(Logo: http://photos.prnewswire.com/prnh/20050916/SEACOASTLOGO )
Pretax earnings for the quarter and the year were substantially improved over the prior year due to our ongoing investments in loan production personnel, digital technologies and the effects of asset quality improvements and expense management. During 2013 we reduced our total noninterest expense structure by $7.4 million or 9.0 percent while also absorbing increases in core operating expenses totaling approximately $3.7 million related to new investments including (5) new Accelerate business offices in Ft. Lauderdale, Boca Raton and Orlando as well as costs associated with faster customer adoption of our digital product offerings. Revenue growth continued to improve throughout the year as our new investments began to produce results and our legacy franchise experienced continued organic growth.
When compared with the prior quarter, pretax earnings fell 11 percent due to the recovery of interest income from a nonaccrual loan which was recovered and disclosed in the prior quarter, lower mortgage banking fees, additional investments in production personnel and year end incentive adjustments related to higher than expected production for 2013. Additional cost reductions totaling approximately $1.2 million are being implemented in first quarter 2014 and include expenses related to slower growth expected for mortgage production in 2014.
The Company's $50 million in outstanding Series A Preferred Stock was redeemed in full at year end which will increase net income available to common shareholders in 2014 and beyond. During the fourth quarter the Company also successfully raised $75 million in common equity. "These actions taken together with last quarter's recapture of our deferred tax asset strengthened capital levels, improved the quality of our capital structure and were key objectives accomplished to support our strategic growth objectives going forward," said Dennis S. Hudson, III, Chief Executive Officer.
Revenue initiatives continue to produce results
- Noninterest income (excluding securities gains) increased by 13.4 percent for the year and 6.4 percent for the quarter in spite of lower mortgage banking fees
- Ending net loan balances up 6.4 percent compared to a year ago
- Noninterest income to total revenue at year end increased to 27.2 percent compared to 24.9 percent a year ago
Expense reduction objectives for 2013 were accomplished while providing significant investments in growth initiatives
- Total noninterest expenses down $7.4 million or 9.0 percent
- Total core expenses down $2.7 million or 3.5 percent
- New investment spend (core operating expenses) totaled approximately $3.7 million for the year primarily related to revenue related personnel and build out of our digital product suite
Investments in loan production personnel producing results
- Loan production for the year totaled $563 million, up 18.8 percent compared to 2012
- Much stronger commercial production of $200 million for the year, up 80 percent or $89 million compared to 2012
- Residential loan production grew at a slower pace compared to 2012 and totaled $251 million for the year
We will continue to refine and expand our investments in our existing growth initiatives while we implement other initiatives to support continued earnings growth in 2014 and beyond.
Over the last several years, our focused tactical initiatives have produced strong organic core customer deposit account growth and increased core customer funding. Transaction accounts (demand deposits and NOW accounts) surpassed $1 billion for the first time ever this quarter. Core customer funding totaled $1.7 billion at December 31, 2013, up $101.4 million from last year's fourth quarter and up 21.1 percent since the fourth quarter 2011. In addition, deposit mix continued to improve with noninterest bearing deposits nearly 26 percent of total deposits at year end 2013 and transaction accounts increasing to over 55 percent of deposits.
2013 vs 2012 Change |
2013 vs 2011 Change |
||||||||||
(Dollars in thousands) |
Fourth Quarter 2013 |
Fourth Quarter 2012 |
Fourth Quarter 2011 |
||||||||
Customer Relationship Funding |
|||||||||||
Demand deposits (noninterest bearing) |
$ 464,006 |
$ 422,833 |
$ 328,356 |
9.7 |
% |
41.3 |
% |
||||
NOW |
540,288 |
509,371 |
469,631 |
6.1 |
15.0 |
||||||
Money market accounts |
331,184 |
343,915 |
319,152 |
(3.7) |
3.8 |
||||||
Savings deposits |
192,491 |
164,956 |
133,578 |
16.7 |
44.1 |
||||||
Time certificates of deposit |
278,076 |
317,886 |
468,024 |
(12.5) |
(40.6) |
||||||
Total deposits |
1,806,045 |
1,758,961 |
1,718,741 |
2.7 |
5.1 |
||||||
Sweep repurchase agreements |
151,310 |
136,803 |
136,252 |
10.6 |
11.1 |
||||||
Total core customer funding (1) |
1,679,279 |
1,577,878 |
1,386,969 |
6.4 |
21.1 |
||||||
Demand deposit mix (noninterest bearing) |
25.7 |
% |
24.0 |
% |
19.1 |
% |
(1) Total deposits and sweep repurchase agreements, excluding certificates of deposits.
Additional growth highlights for fourth quarter 2013:
- Interchange fees and service charges on deposit accounts grew by 20.5 percent and 6.0 percent, respectively, compared to last year's fourth quarter;
- Wealth management fees totaled $1.2 million for the fourth quarter, up $270,000 or 30.5 percent compared to a year ago;
- Net interest income totaled $16.3 million compared to $16.2 million a year ago and was lower than the linked quarter as a result of a $505,000 recovery of interest income related to nonaccrual loans in the third quarter 2013; and
- While annual mortgage banking fees increased in 2013 by $463,000 or 12.5 percent compared to a year ago, mortgage fees were $302,000 lower compared to one year earlier and $347,000 lower compared to the prior quarter, as a result of higher interest rates.
The following details noninterest income for the fourth quarter ended December 31, 2013 compared to the last four quarters:
(Dollars in thousands) |
Fourth Quarter 2013 |
Third Quarter 2013 |
Second Quarter 2013 |
First Quarter 2013 |
Fourth Quarter 2012 |
|
Service charges on deposit accounts |
$1,778 |
$1,741 |
$1,641 |
$1,551 |
$1,677 |
|
Trust income |
693 |
667 |
675 |
676 |
592 |
|
Mortgage banking fees |
728 |
1,075 |
1,256 |
1,114 |
1,030 |
|
Brokerage commissions and fees |
461 |
383 |
362 |
425 |
292 |
|
Marine finance fees |
215 |
283 |
419 |
272 |
258 |
|
Interchange income |
1,394 |
1,358 |
1,388 |
1,264 |
1,157 |
|
Other deposit based EFT fees |
80 |
77 |
87 |
98 |
83 |
|
Other |
617 |
503 |
507 |
531 |
520 |
|
Total |
5,966 |
6,087 |
6,335 |
5,931 |
5,609 |
|
Loss on sale of commercial loan held for sale |
0 |
0 |
0 |
0 |
(1,238) |
|
Securities gains, net |
0 |
280 |
114 |
25 |
582 |
|
$5,966 |
$6,367 |
$6,449 |
$5,956 |
$4,953 |
Credit Quality Improves to Pre-Crisis Levels
- Net charge-offs totaled 0.26 percent of average loans for fourth quarter, compared to 0.69 percent a year ago;
- Annual net charge-offs to average loans of 0.41 percent for 2013 was down 75 basis points compared to 2012;
- Net loss on other real estate owned and repossessed assets at December 31, 2013 declined $2.2 million from December 31, 2012 as other real estate owned was reduced by $5.0 million or 42.3 percent from 2012;
- Restructured loans reduced to $25.1 million, down $16.8 million compared to a year ago;
- Nonperforming loans totaled 2.12 percent of loans, compared with 2.27 percent last quarter and 3.34 percent one year ago; and
- Nonperforming assets to total assets declined to 1.52 percent, compared to 2.43 percent a year ago.
(Dollars in thousands ) |
Fourth Quarter 2013 |
Third Quarter 2013 |
Second Quarter 2013 |
First Quarter 2013 |
Fourth Quarter 2012 |
|||||
Net charge-offs (recoveries) |
$838 |
$842 |
$2,027 |
$1,517 |
$2,151 |
|||||
Net charge-offs (recoveries) to |
||||||||||
average loans |
0.26 |
% |
0.26 |
% |
0.64 |
% |
0.49 |
% |
0.69 |
% |
Loan loss provision |
$490 |
$1,180 |
$565 |
$953 |
$1,136 |
|||||
Allowance to loans at |
||||||||||
end of period |
1.54 |
% |
1.62 |
% |
1.59 |
% |
1.76 |
% |
1.80 |
% |
Restructured loans |
||||||||||
(accruing) |
$25,137 |
$25,509 |
$29,612 |
$41,170 |
$41,946 |
|||||
Nonperforming loans |
$27,672 |
$28,724 |
$33,266 |
$35,208 |
$40,955 |
|||||
Other real estate owned |
6,860 |
5,589 |
10,063 |
10,850 |
11,887 |
|||||
Nonperforming assets |
$34,532 |
$34,313 |
$43,329 |
$46,058 |
$52,842 |
|||||
Nonperforming loans |
||||||||||
to loans outstanding |
||||||||||
at end of period |
2.12 |
% |
2.27 |
% |
2.63 |
% |
2.88 |
% |
3.34 |
% |
Nonperforming assets to |
||||||||||
total assets |
1.52 |
1.60 |
1.98 |
2.09 |
2.43 |
Noninterest Expenses
Total noninterest expenses fell by $1.1 million or 5.8 percent for the fourth quarter compared with the prior year. Contributing to the decline were lower expenses related to OREO and other asset disposition costs as overall asset quality continued to improve as well as reduced core operating expenses. Core operating expenses for the quarter were reduced by $311,000 or 1.6 percent compared with the prior year and were down $2.7 million or 3.5 percent annually compared to 2012. One time expenses for employee incentives of $203,000 unfavorably impacted core operating expenses.
Noninterest expenses for the fourth quarter 2013 are presented below compared to the prior four quarters:
(Dollars in thousands) |
Fourth Quarter 2013 |
Third Quarter 2013 |
Second Quarter 2013 |
First Quarter 2013 |
Fourth Quarter 2012 |
|
Noninterest Expense: |
||||||
Salaries and wages |
$8,077 |
$7,533 |
$7,892 |
$7,437 |
$7,258 |
|
Employee benefits |
1,568 |
1,713 |
1,823 |
2,223 |
1,860 |
|
Outsourced data processing costs |
1,586 |
1,657 |
1,631 |
1,498 |
1,904 |
|
Telephone / data lines |
325 |
318 |
325 |
285 |
293 |
|
Occupancy expense |
1,824 |
1,824 |
1,775 |
1,755 |
1,896 |
|
Furniture and equipment expense |
597 |
605 |
571 |
561 |
585 |
|
Marketing expense |
749 |
456 |
685 |
449 |
707 |
|
Legal and professional fees |
839 |
874 |
949 |
796 |
1,114 |
|
FDIC assessments |
451 |
713 |
720 |
717 |
697 |
|
Amortization of intangibles |
196 |
195 |
197 |
195 |
195 |
|
Other |
2,414 |
2,203 |
2,512 |
2,153 |
2,428 |
|
Total Core Operating Expense |
18,626 |
18,091 |
19,080 |
18,069 |
18,937 |
|
Severance and organizational changes |
0 |
24 |
10 |
33 |
84 |
|
Branch consolidation |
0 |
0 |
0 |
0 |
407 |
|
Miscellaneous Losses |
190 |
0 |
0 |
0 |
0 |
|
Recovery of prior legal fees |
(350) |
0 |
(650) |
0 |
0 |
|
Net loss on OREO and repossessed assets |
0 |
229 |
493 |
567 |
157 |
|
Asset dispositions expense |
180 |
159 |
111 |
290 |
200 |
|
Total |
$18,646 |
$18,503 |
$19,044 |
$18,959 |
$19,785 |
Investments in new channels and digital technology
Over the past year, we redeployed a portion of our overhead savings to build out new delivery channels. We also added loan production personnel and implemented and promoted new digital products while simultaneously reducing overall operating expenses. During 2013 we incurred substantial core operating expenses associated with investment in our new Accelerate business banking channel. Through the implementation of five Accelerate locations, we continued to focus on reaching our customers in unique ways, creating a path to achieve higher customer satisfaction. The Accelerate model focuses on providing our customers with talented, results oriented staff, specializing in the small business market segment. From their tenure and market experience, our bankers are familiar with the multitude of challenges our small business customers face in their lives. This strategy allows Seacoast to build customer relationships with depth that surpasses traditional commercial lending, and opens opportunities into other areas in which we provide services. Annual salaries and benefits added to our lending and credit support teams (including the Accelerate business channel) during 2013 and each of the past two years are presented in the table below:
Annual Salaries and Benefits Added to Lending and Credit Support Teams
(Dollars in thousands) |
Year-end |
|||||
2013 |
2012 |
2011 |
Total |
|||
Loan production and support personnel: |
||||||
Commercial |
$2,254 |
$2,065 |
$527 |
|||
Residential |
487 |
396 |
248 |
|||
$2,741 |
$2,461 |
$775 |
$5,977 |
As indicated in the table below, total commercial loan originations for the fourth quarter totaled nearly $60 million as a result of the investments in the Accelerate business channel and other revenue producing personnel. Also included in the table below, are the salaries and benefits associated with new commercial loan officers and credit support personnel with tenures of six months or less for each quarter of 2013 and the final quarter of 2012. These costs are included in core operating expenses, are significant, and are considered investments that impact our efficiency in the short run.
(Dollars in thousands) |
Fourth Quarter 2013 |
Third Quarter 2013 |
Second Quarter 2013 |
First Quarter 2013 |
Fourth Quarter 2012 |
|
Commercial pipeline |
$27,830 |
$54,600 |
$46,850 |
$63,842 |
$26,809 |
|
Commercial loans closed |
$59,775 |
32,988 |
68,388 |
36,973 |
49,190 |
|
Total loan originations and pipeline |
$87,605 |
$87,588 |
$115,238 |
$100,815 |
$75,999 |
|
Salaries and benefits, lenders and support personnel < six months |
$440 |
$553 |
$585 |
$538 |
$345 |
|
Total revenues, excluding securities |
||||||
gains and loss on sale of commercial |
||||||
loan |
$22,243 |
$22,902 |
$22,449 |
$21,931 |
$21,817 |
Our successful customer growth strategy has included investments in digital delivery and products we believe have contributed to increasing core customer funding. As of December 31, 2013, nearly 43 percent of our online customers have adopted our mobile product offerings. Our mobile users grew by over 90 percent during 2013. We are concentrating on building a more integrated distribution system which will allow us to reduce our fixed costs as we further invest in technology designed to better serve our customers.
The Company's tier 1 capital ratio was 15.6 percent and the total risk based capital ratio was 16.9 percent at December 31, 2013. The tier 1 leverage ratio was 9.6 percent at December 31, 2013, reflecting the reversal of the deferred tax valuation allowance in the prior quarter and the sale of $50 million of common equity this quarter. The Company closed on the sale of an additional $25 million in common equity in January 2014 which further strengthens our capital ratios.
Seacoast will host a conference call on Thursday, January 30, 2014 at 10:00 a.m. (Eastern Time) to discuss the earnings results and business trends. Investors may call in (toll-free) by dialing (888) 517-2458 (passcode: 7789246; host: Dennis S. Hudson). Charts 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 January 30, 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 January 30, 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 December 31, 2013. 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 Broward County 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, 2012 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 |
Twelve Months Ended |
||||||||
December 31, |
September 30, |
December 31, |
December 31, |
December 31, |
||||||
2013 |
2013 |
2012 |
2013 |
2012 |
||||||
Summary of Earnings |
||||||||||
Net income (loss) |
$ 1,850 |
$ 45,141 |
$ 240 |
$ 51,989 |
$ (710) |
|||||
Net income available to common shareholders (loss) |
588 |
44,204 |
(697) |
47,916 |
(4,458) |
|||||
Net interest income (1) |
16,336 |
16,872 |
16,254 |
65,435 |
64,990 |
|||||
Net interest margin (1), (2) |
3.08 |
3.25 |
3.22 |
3.13 |
3.22 |
|||||
Performance Ratios |
||||||||||
Return on average assets-GAAP basis (2), (3), (5) |
0.33 |
% |
8.32 |
% |
0.05 |
% |
2.38 |
% |
(0.03) |
% |
Return on average shareholders' equity-GAAP basis (2), (3), (5) |
3.10 |
106.55 |
0.58 |
28.36 |
(0.01) |
|||||
Return on average tangible common shareholders' equity-GAAP basis (2), (3), (4) |
3.32 |
152.80 |
0.07 |
28.81 |
(0.43) |
|||||
Efficiency ratio (6) |
81.92 |
78.05 |
87.97 |
80.60 |
88.89 |
|||||
Noninterest income to total revenue |
26.82 |
26.58 |
25.71 |
27.16 |
24.86 |
|||||
Per Share Data |
||||||||||
Net income (loss) diluted-GAAP basis (7) |
$ 0.03 |
$ 2.31 |
$ (0.04) |
$ 2.44 |
$ (0.24) |
|||||
Net income (loss) basic-GAAP basis (7) |
0.03 |
2.35 |
(0.04) |
2.46 |
(0.24) |
|||||
Book value per share common (7) |
8.40 |
8.12 |
6.16 |
8.40 |
6.16 |
|||||
Tangible book value per share (7) |
8.37 |
10.69 |
8.65 |
8.37 |
8.65 |
|||||
Tangible common book value per share (4), (7) |
8.37 |
8.07 |
6.08 |
8.37 |
6.08 |
|||||
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 shareholders equity less preferred stock and intangible assets. |
||||||||||
(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 and $4,555 for the total year 2013, adjusted return on average assets for these periods was 0.40 percent and 0.32 percent, respectively, and adjusted return on average shareholders' equity was 5.07 percent and 3.85 percent, respectively. |
||||||||||
(6) Defined as (non-interest expense less foreclosed property expense and amortization of intangibles) divided by net operating revenue (net interest income on a fully taxable equivalent basis plus non-interest income excluding securities gains). |
||||||||||
(7) Calculated based on total shares outstanding subsequent to the 5/1 reverse stock split. |
FINANCIAL HIGHLIGHTS |
||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
||||||
December 31, |
September 30, |
December 31, |
||||
(Dollars in thousands, except share data) |
2013 |
2013 |
2012 |
|||
Selected Financial Data |
||||||
Total assets |
$ 2,268,940 |
$ 2,149,777 |
$ 2,173,929 |
|||
Securities available for sale (at fair value) |
641,611 |
650,445 |
643,050 |
|||
Securities held for investment (at amortized cost) |
0 |
0 |
13,818 |
|||
Net loans |
1,284,139 |
1,242,496 |
1,203,977 |
|||
Deposits |
1,806,045 |
1,698,910 |
1,758,961 |
|||
Total shareholders' equity |
198,604 |
203,858 |
165,546 |
|||
Common shareholders' equity |
198,604 |
154,175 |
116,800 |
|||
Average Balances (Year-to-Date) |
||||||
Total average assets |
$ 2,186,757 |
$ 2,167,077 |
$ 2,117,075 |
|||
Less: intangible assets |
1,104 |
1,202 |
1,889 |
|||
Total average tangible assets |
$ 2,185,653 |
$ 2,165,875 |
$ 2,115,186 |
|||
Total average equity |
$ 183,304 |
$ 165,226 |
$ 165,381 |
|||
Less: intangible assets |
1,104 |
1,202 |
1,889 |
|||
Total average tangible equity |
$ 182,200 |
$ 164,024 |
$ 163,492 |
|||
Credit Analysis |
||||||
Net charge-offs year-to-date |
$ 5,224 |
$ 4,386 |
$ 14,257 |
|||
Net charge-offs to average loans (annualized) |
0.41 |
% |
0.46 |
% |
1.16 |
% |
Loan loss provision year-to-date |
$ 3,188 |
$ 2,698 |
$ 10,796 |
|||
Allowance to loans at end of period |
1.54 |
% |
1.62 |
% |
1.80 |
% |
Nonperforming loans |
$ 27,672 |
$ 28,724 |
$ 40,955 |
|||
Other real estate owned |
6,860 |
5,589 |
11,887 |
|||
Total nonperforming assets |
$ 34,532 |
$ 34,313 |
$ 52,842 |
|||
Restructured loans (accruing) |
$ 25,137 |
$ 25,509 |
$ 41,946 |
|||
Nonperforming loans to loans at end of period |
2.12 |
% |
2.27 |
% |
3.34 |
% |
Nonperforming assets to total assets |
1.52 |
% |
1.60 |
% |
2.43 |
% |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
(Unaudited) |
|||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
||||||||
Three Months Ended |
Twelve Months Ended |
|||||||
December 31, |
December 31, |
|||||||
(Dollars in thousands, except per share data) |
2013 |
2012 |
2013 |
2012 |
||||
Interest on securities: |
||||||||
Taxable |
$ 3,452 |
$ 3,130 |
$ 12,856 |
$ 13,964 |
||||
Nontaxable |
16 |
12 |
68 |
80 |
||||
Interest and fees on loans |
13,924 |
14,438 |
56,971 |
58,290 |
||||
Interest on federal funds sold and other investments |
224 |
226 |
868 |
953 |
||||
Total Interest Income |
17,616 |
17,806 |
70,763 |
73,287 |
||||
Interest on deposits |
196 |
275 |
782 |
1,522 |
||||
Interest on time certificates |
444 |
598 |
1,947 |
3,969 |
||||
Interest on borrowed money |
699 |
725 |
2,828 |
2,987 |
||||
Total Interest Expense |
1,339 |
1,598 |
5,557 |
8,478 |
||||
Net Interest Income |
16,277 |
16,208 |
65,206 |
64,809 |
||||
Provision for loan losses |
490 |
1,136 |
3,188 |
10,796 |
||||
Net Interest Income After Provision for Loan Losses |
15,787 |
15,072 |
62,018 |
54,013 |
||||
Noninterest income: |
||||||||
Service charges on deposit accounts |
1,778 |
1,677 |
6,711 |
6,245 |
||||
Trust income |
693 |
592 |
2,711 |
2,279 |
||||
Mortgage banking fees |
728 |
1,030 |
4,173 |
3,710 |
||||
Brokerage commissions and fees |
461 |
292 |
1,631 |
1,071 |
||||
Marine finance fees |
215 |
258 |
1,189 |
1,111 |
||||
Interchange income |
1,394 |
1,157 |
5,404 |
4,501 |
||||
Other deposit based EFT fees |
80 |
83 |
342 |
336 |
||||
Other |
617 |
520 |
2,158 |
2,191 |
||||
5,966 |
5,609 |
24,319 |
21,444 |
|||||
Change in fair value of loan held for sale |
0 |
(1,238) |
0 |
(1,238) |
||||
Securities gains, net |
0 |
582 |
419 |
7,619 |
||||
Total Noninterest Income |
5,966 |
4,953 |
24,738 |
27,825 |
||||
Noninterest expenses: |
||||||||
Salaries and wages |
8,077 |
7,342 |
31,006 |
29,935 |
||||
Employee benefits |
1,568 |
1,860 |
7,327 |
7,710 |
||||
Outsourced data processing costs |
1,586 |
1,904 |
6,372 |
7,382 |
||||
Telephone / data lines |
325 |
293 |
1,253 |
1,178 |
||||
Occupancy |
1,824 |
2,241 |
7,178 |
8,146 |
||||
Furniture and equipment |
597 |
647 |
2,334 |
2,319 |
||||
Marketing |
749 |
707 |
2,339 |
3,095 |
||||
Legal and professional fees |
489 |
1,114 |
2,458 |
5,241 |
||||
FDIC assessments |
451 |
697 |
2,601 |
2,805 |
||||
Amortization of intangibles |
196 |
195 |
783 |
788 |
||||
Asset dispositions expense |
180 |
200 |
740 |
1,459 |
||||
Net loss on other real estate owned and repossessed assets |
0 |
157 |
1,289 |
3,467 |
||||
Other |
2,604 |
2,428 |
9,472 |
9,023 |
||||
Total Noninterest Expenses |
18,646 |
19,785 |
75,152 |
82,548 |
||||
Income Before Income Taxes |
3,107 |
240 |
11,604 |
(710) |
||||
Income taxes (benefit) |
1,257 |
0 |
(40,385) |
0 |
||||
Net Income |
1,850 |
240 |
51,989 |
(710) |
||||
Preferred stock dividends and accretion on preferred stock discount |
1,262 |
937 |
4,073 |
3,748 |
||||
Net Income Available to Common Shareholders |
$ 588 |
$ (697) |
$ 47,916 |
$ (4,458) |
||||
Per share of common stock: |
||||||||
Net income diluted |
$ 0.03 |
$ (0.04) |
$ 2.44 |
$ (0.24) |
||||
Net income basic |
0.03 |
(0.04) |
2.46 |
(0.24) |
||||
Cash dividends declared |
0.00 |
0.00 |
0.00 |
0.00 |
||||
Average diluted shares outstanding |
21,558,079 |
18,781,986 |
19,650,005 |
18,748,757 |
||||
Average basic shares outstanding |
21,386,775 |
18,781,986 |
19,449,560 |
18,748,757 |
||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
|||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
||||
December 31, |
December 31, |
|||
(Dollars in thousands, except share data) |
2013 |
2012 |
||
Assets |
||||
Cash and due from banks |
$ 48,561 |
$ 45,620 |
||
Interest bearing deposits with other banks |
143,063 |
129,367 |
||
Total Cash and Cash Equivalents |
191,624 |
174,987 |
||
Securities: |
||||
Available for sale (at fair value) |
641,611 |
643,050 |
||
Held for investment (at amortized cost) |
0 |
13,818 |
||
Total Securities |
641,611 |
656,868 |
||
Loans available for sale |
13,832 |
36,021 |
||
Loans, net of deferred costs |
1,304,207 |
1,226,081 |
||
Less: Allowance for loan losses |
(20,068) |
(22,104) |
||
Net Loans |
1,284,139 |
1,203,977 |
||
Bank premises and equipment, net |
34,505 |
34,465 |
||
Other real estate owned |
6,860 |
11,887 |
||
Other intangible assets |
718 |
1,501 |
||
Other assets |
95,651 |
54,223 |
||
$ 2,268,940 |
$ 2,173,929 |
|||
Liabilities and Shareholders' Equity |
||||
Liabilities |
||||
Deposits |
||||
Demand deposits (noninterest bearing) |
$ 464,006 |
$ 422,833 |
||
NOW |
540,288 |
509,371 |
||
Savings deposits |
192,491 |
164,956 |
||
Money market accounts |
331,184 |
343,915 |
||
Other time certificates |
154,743 |
182,495 |
||
Brokered time certificates |
9,776 |
8,203 |
||
Time certificates of $100,000 or more |
113,557 |
127,188 |
||
Total Deposits |
1,806,045 |
1,758,961 |
||
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days |
151,310 |
136,803 |
||
Borrowed funds |
50,000 |
50,000 |
||
Subordinated debt |
53,610 |
53,610 |
||
Other liabilities |
9,371 |
9,009 |
||
2,070,336 |
2,008,383 |
|||
Shareholders' Equity |
||||
Preferred stock - Series A |
0 |
48,746 |
||
Common stock |
2,364 |
1,897 |
||
Additional paid in capital |
277,290 |
230,438 |
||
Accumulated deficit |
(70,695) |
(118,611) |
||
Treasury stock |
(11) |
(62) |
||
208,948 |
162,408 |
|||
Accumulated other comprehensive gain (loss), net |
(10,344) |
3,138 |
||
Total Shareholders' Equity |
198,604 |
165,545 |
||
$ 2,268,940 |
$ 2,173,928 |
|||
Common Shares Outstanding |
23,637,434 |
18,967,434 |
||
Note: The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date. |
CONSOLIDATED QUARTERLY FINANCIAL DATA |
(Unaudited) |
|||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
||||||||||
QUARTERS |
||||||||||
2013 |
2012 |
|||||||||
(Dollars in thousands, except per share data) |
Fourth |
Third |
Second |
First |
Fourth |
|||||
Net income (loss) |
$ 1,850 |
$ 45,141 |
$ 2,954 |
$ 2,044 |
$ 240 |
|||||
Operating Ratios |
||||||||||
Return on average assets-GAAP basis (2),(3),(5) |
0.33 |
% |
8.32 |
% |
0.54 |
% |
0.38 |
% |
0.05 |
% |
Return on average tangible assets (2),(3),(4) |
0.35 |
8.34 |
0.57 |
0.41 |
0.07 |
|||||
Return on average shareholders' equity-GAAP basis (2),(3),(5) |
3.10 |
106.55 |
7.19 |
5.09 |
0.58 |
|||||
Efficiency ratio (6) |
81.92 |
78.05 |
81.05 |
81.45 |
87.97 |
|||||
Noninterest income to total revenue |
26.82 |
26.58 |
28.22 |
27.04 |
25.71 |
|||||
Net interest margin (1),(2) |
3.08 |
3.25 |
3.12 |
3.15 |
3.22 |
|||||
Average equity to average assets |
10.55 |
7.80 |
7.56 |
7.50 |
7.73 |
|||||
Credit Analysis |
||||||||||
Net charge-offs (recoveries) |
$ 838 |
$ 842 |
$ 2,027 |
$ 1,517 |
$ 2,151 |
|||||
Net charge-offs to average loans (recoveries) |
0.26 |
% |
0.26 |
% |
0.64 |
% |
0.49 |
% |
0.69 |
% |
Loan loss provision |
$ 490 |
$ 1,180 |
$ 565 |
$ 953 |
$ 1,136 |
|||||
Allowance to loans at end of period |
1.54 |
% |
1.62 |
% |
1.59 |
% |
1.76 |
% |
1.80 |
% |
Restructured loans (accruing) |
$ 25,137 |
$ 25,509 |
$ 29,612 |
$ 41,170 |
$ 41,946 |
|||||
Nonperforming loans |
$ 27,672 |
$ 28,724 |
$ 33,266 |
$ 35,208 |
$ 40,955 |
|||||
Other real estate owned |
6,860 |
5,589 |
10,063 |
10,850 |
11,887 |
|||||
Nonperforming assets |
$ 34,532 |
$ 34,313 |
$ 43,329 |
$ 46,058 |
$ 52,842 |
|||||
Nonperforming loans to loans at end of period |
2.12 |
% |
2.27 |
% |
2.63 |
% |
2.88 |
% |
3.34 |
% |
Nonperforming assets to total assets |
1.52 |
1.60 |
1.98 |
2.09 |
2.43 |
|||||
Per Share Common Stock |
||||||||||
Net income (loss) diluted-GAAP basis |
$ 0.03 |
$ 2.31 |
$ 0.11 |
$ 0.06 |
$ (0.04) |
|||||
Net income (loss) basic-GAAP basis |
0.03 |
2.35 |
0.11 |
0.06 |
$ (0.04) |
|||||
Cash dividends declared |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|||||
Book value per share common |
8.40 |
8.12 |
5.89 |
6.20 |
6.16 |
|||||
Average Balances |
||||||||||
Total average assets |
$ 2,245,155 |
$ 2,153,830 |
$ 2,178,242 |
$ 2,169,329 |
$ 2,111,986 |
|||||
Less: Intangible assets |
813 |
1,009 |
1,205 |
1,395 |
1,596 |
|||||
Total average tangible assets |
$ 2,244,342 |
$ 2,152,821 |
$ 2,177,038 |
$ 2,167,934 |
$ 2,110,390 |
|||||
Total average equity |
$ 236,950 |
$ 168,078 |
$ 164,747 |
$ 162,795 |
$ 163,341 |
|||||
Less: Intangible assets |
813 |
1,009 |
1,205 |
1,395 |
1,596 |
|||||
Total average tangible equity |
$ 236,137 |
$ 167,069 |
$ 163,541 |
$ 161,400 |
$ 161,745 |
|||||
(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 shareholders' equity for the third quarter was 0.40 percent and 5.07 percent, respectively. |
||||||||||
(6) Defined as (non-interest expense less foreclosed property expense and amortization of intangibles) divided by net operating revenue (net interest income on a fully taxable equivalent basis plus non-interest income excluding securities gains) |
||||||||||
December 31, |
December 31, |
|||||||
SECURITIES |
2013 |
2012 |
||||||
U.S. Treasury and U.S. Government Agencies |
$ 100 |
$ 1,707 |
||||||
Mortgage-backed |
602,568 |
640,445 |
||||||
Collateralized loan obligations |
32,179 |
0 |
||||||
Obligations of states and political subdivisions |
6,764 |
898 |
||||||
Securities Available for Sale |
641,611 |
643,050 |
||||||
Mortgage-backed |
0 |
5,965 |
||||||
Obligations of states and political subdivisions |
0 |
6,353 |
||||||
Other securities |
0 |
1,500 |
||||||
Securities Held for Investment (1) |
0 |
13,818 |
||||||
Total Securities |
$ 641,611 |
$ 656,868 |
||||||
(1) Securities Held for Investment were transferred to Securities Available for Sale for more options to manage interest rate risk prospectively. |
||||||||
December 31, |
December 31, |
|||||||
LOANS |
2013 |
2012 |
||||||
Construction and land development |
$ 67,450 |
$ 60,736 |
||||||
Real estate mortgage |
1,113,128 |
1,056,159 |
||||||
Installment loans to individuals |
44,713 |
46,930 |
||||||
Commercial and financial |
78,636 |
61,903 |
||||||
Other loans |
280 |
353 |
||||||
Total Loans |
$ 1,304,207 |
$ 1,226,081 |
||||||
AVERAGE BALANCES |
(Unaudited) |
||||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|||||||||||||
QUARTER |
Percent Change vs. |
||||||||||||
2013 |
2012 |
3rd Qtr |
4th Qtr |
||||||||||
(Dollars in thousands) |
Fourth |
Third |
Second |
First |
Fourth |
2013 |
2012 |
||||||
Assets |
|||||||||||||
Earning assets: |
|||||||||||||
Securities: |
|||||||||||||
Taxable |
$ 655,176 |
$ 664,103 |
$ 639,769 |
$ 646,184 |
$ 604,412 |
(1.3) |
% |
8.4 |
% |
||||
Nontaxable |
1,560 |
1,560 |
1,647 |
1,666 |
1,670 |
0.0 |
(6.6) |
||||||
Total Securities |
656,736 |
665,663 |
641,416 |
647,850 |
606,082 |
(1.3) |
8.4 |
||||||
Federal funds sold and other investments |
156,823 |
113,798 |
168,740 |
172,505 |
162,599 |
37.8 |
(3.6) |
||||||
Loans, net |
1,293,373 |
1,278,391 |
1,269,789 |
1,247,666 |
1,241,711 |
1.2 |
4.2 |
||||||
Total Earning Assets |
2,106,932 |
2,057,852 |
2,079,945 |
2,068,021 |
2,010,392 |
2.4 |
4.8 |
||||||
Allowance for loan losses |
(20,817) |
(20,206) |
(21,515) |
(22,018) |
(23,820) |
3.0 |
(12.6) |
||||||
Cash and due from banks |
40,836 |
35,810 |
34,279 |
34,706 |
39,321 |
14.0 |
3.9 |
||||||
Premises and equipment |
34,750 |
34,834 |
35,121 |
34,516 |
34,566 |
(0.2) |
0.5 |
||||||
Other assets |
83,454 |
45,540 |
50,413 |
54,104 |
51,527 |
83.3 |
62.0 |
||||||
$ 2,245,155 |
$ 2,153,830 |
$ 2,178,242 |
$ 2,169,329 |
$ 2,111,986 |
4.2 |
6.3 |
|||||||
Liabilities and Shareholders' Equity |
|||||||||||||
Interest-bearing liabilities: |
|||||||||||||
NOW |
$ 483,569 |
$ 447,350 |
$ 461,005 |
$ 474,915 |
$ 449,476 |
8.1 |
% |
7.6 |
% |
||||
Savings deposits |
190,558 |
185,918 |
180,915 |
170,502 |
161,156 |
2.5 |
18.2 |
||||||
Money market accounts |
332,576 |
336,229 |
339,058 |
341,833 |
346,089 |
(1.1) |
(3.9) |
||||||
Time deposits |
282,543 |
289,408 |
302,110 |
311,945 |
330,556 |
(2.4) |
(14.5) |
||||||
Federal funds purchased and other short term borrowings |
142,999 |
157,607 |
159,847 |
160,600 |
131,628 |
(9.3) |
8.6 |
||||||
Other borrowings |
103,610 |
103,610 |
103,610 |
103,610 |
103,610 |
0.0 |
0.0 |
||||||
Total Interest-Bearing Liabilities |
1,535,855 |
1,520,122 |
1,546,545 |
1,563,405 |
1,522,515 |
1.0 |
0.9 |
||||||
Demand deposits (noninterest-bearing) |
462,830 |
454,642 |
455,525 |
433,757 |
416,482 |
1.8 |
11.1 |
||||||
Other liabilities |
9,520 |
10,988 |
11,426 |
9,372 |
9,648 |
(13.4) |
(1.3) |
||||||
Total Liabilities |
2,008,205 |
1,985,750 |
2,013,496 |
2,006,534 |
1,948,645 |
1.1 |
3.1 |
||||||
Shareholders' equity |
236,950 |
168,078 |
164,747 |
162,795 |
163,341 |
41.0 |
45.1 |
||||||
$ 2,245,155 |
$ 2,153,830 |
$ 2,178,242 |
$ 2,169,329 |
$ 2,111,986 |
4.2 |
6.3 |
|||||||
AVERAGE YIELDS / RATES (1) |
(Unaudited) |
||||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|||||||||||||
QUARTER |
|||||||||||||
2013 |
2012 |
||||||||||||
(Dollars in thousands) |
Fourth |
Third |
Second |
First |
Fourth |
||||||||
Assets |
|||||||||||||
Earning assets: |
|||||||||||||
Securities: |
|||||||||||||
Taxable |
2.11% |
1.93% |
1.88% |
1.97% |
2.07% |
||||||||
Nontaxable |
6.41 |
6.67 |
6.55 |
6.37 |
4.31 |
||||||||
Total Securities |
2.12 |
1.95 |
1.89 |
1.98 |
2.08 |
||||||||
Federal funds sold and other investments |
0.57 |
0.67 |
0.53 |
0.54 |
0.55 |
||||||||
Loans, net |
4.29 |
4.59 |
4.52 |
4.57 |
4.64 |
||||||||
Total Earning Assets |
3.33 |
3.52 |
3.39 |
3.43 |
3.53 |
||||||||
Liabilities and Shareholders' Equity |
|||||||||||||
Interest-bearing liabilities: |
|||||||||||||
NOW |
0.08 |
0.08 |
0.09 |
0.10 |
0.11 |
||||||||
Savings deposits |
0.05 |
0.05 |
0.05 |
0.06 |
0.09 |
||||||||
Money market accounts |
0.09 |
0.08 |
0.08 |
0.08 |
0.13 |
||||||||
Time deposits |
0.62 |
0.64 |
0.67 |
0.69 |
0.72 |
||||||||
Federal funds purchased and other short term borrowings |
0.17 |
0.17 |
0.18 |
0.21 |
0.23 |
||||||||
Other borrowings |
2.44 |
2.44 |
2.45 |
2.48 |
2.50 |
||||||||
Total Interest-Bearing Liabilities |
0.35 |
0.36 |
0.36 |
0.38 |
0.42 |
||||||||
Interest expense as a % of earning assets |
0.25 |
0.26 |
0.27 |
0.29 |
0.32 |
||||||||
Net interest income as a % of earning assets |
3.08 |
3.25 |
3.12 |
3.15 |
3.22 |
||||||||
(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. |
||||||||||||
2013 |
2012 |
3rd Qtr |
4th Qtr |
||||||||||
(Dollars in thousands) |
Fourth |
Third |
Second |
First |
Fourth |
2013 |
2012 |
||||||
Assets |
|||||||||||||
Earning assets: |
|||||||||||||
Securities: |
|||||||||||||
Taxable |
$ 3,452 |
$ 3,212 |
$ 3,008 |
$ 3,184 |
$ 3,130 |
7.5 |
% |
10.4 |
% |
||||
Nontaxable |
25 |
26 |
27 |
27 |
19 |
(3.8) |
31.6 |
||||||
Total Securities |
3,477 |
3,238 |
3,035 |
3,211 |
3,149 |
7.4 |
10.4 |
||||||
Federal funds sold and other investments |
224 |
192 |
224 |
228 |
226 |
(16.7) |
(0.9) |
||||||
Loans, net |
13,974 |
14,804 |
14,312 |
14,073 |
14,477 |
(5.6) |
(3.5) |
||||||
Total Earning Assets |
17,675 |
18,234 |
17,571 |
17,512 |
17,852 |
(3.1) |
(0.9) |
||||||
Liabilities and Shareholders' Equity |
|||||||||||||
Interest-bearing liabilities: |
|||||||||||||
NOW |
96 |
93 |
100 |
112 |
128 |
3.3 |
(25.0) |
||||||
Savings deposits |
26 |
25 |
24 |
26 |
36 |
4.0 |
(27.8) |
||||||
Money market accounts |
74 |
69 |
67 |
70 |
111 |
7.2 |
(33.3) |
||||||
Time deposits |
444 |
470 |
501 |
532 |
598 |
(5.5) |
(25.8) |
||||||
Federal funds purchased and other short term borrowings |
62 |
68 |
73 |
83 |
75 |
(8.8) |
(17.3) |
||||||
Other borrowings |
637 |
637 |
634 |
634 |
650 |
(0.0) |
(2.0) |
||||||
Total Interest-Bearing Liabilities |
1,339 |
1,362 |
1,399 |
1,457 |
1,598 |
(1.7) |
(16.2) |
||||||
Net interest income |
16,336 |
16,872 |
16,172 |
16,055 |
16,254 |
(3.2) |
0.5 |
||||||
(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 |
|||||||||||
2013 |
2012 |
||||||||||
(Dollars in thousands) |
Fourth Quarter |
Third Quarter |
Second Quarter |
First Quarter |
Fourth Quarter |
||||||
Customer Relationship Funding (Period End) |
|||||||||||
Demand deposits (noninterest bearing) |
|||||||||||
Commercial |
$ 261,938 |
$ 254,373 |
$ 260,325 |
$ 246,849 |
$ 232,413 |
||||||
Retail |
159,117 |
155,281 |
163,551 |
167,516 |
153,428 |
||||||
Public funds |
32,971 |
27,002 |
29,487 |
26,166 |
21,799 |
||||||
Other |
9,980 |
16,293 |
15,154 |
12,613 |
15,193 |
||||||
464,006 |
452,949 |
468,517 |
453,144 |
422,833 |
|||||||
NOW accounts |
|||||||||||
Commercial |
43,241 |
35,029 |
35,714 |
39,303 |
32,701 |
||||||
Retail |
324,583 |
305,055 |
308,390 |
307,545 |
308,633 |
||||||
Public funds |
172,464 |
100,785 |
108,965 |
136,065 |
168,037 |
||||||
540,288 |
440,869 |
453,069 |
482,913 |
509,371 |
|||||||
Total Transaction Accounts |
|||||||||||
Commercial |
305,179 |
289,402 |
296,039 |
286,152 |
265,114 |
||||||
Retail |
483,700 |
460,336 |
471,941 |
475,061 |
462,061 |
||||||
Public funds |
205,435 |
127,787 |
138,452 |
162,231 |
189,836 |
||||||
Other |
9,980 |
16,293 |
15,154 |
12,613 |
15,193 |
||||||
1,004,294 |
893,818 |
921,586 |
936,057 |
932,204 |
|||||||
Savings accounts |
192,491 |
187,181 |
184,219 |
177,213 |
164,956 |
||||||
Money market accounts |
|||||||||||
Commercial |
100,601 |
107,767 |
109,938 |
111,580 |
114,965 |
||||||
Retail |
221,062 |
217,176 |
216,370 |
220,555 |
220,601 |
||||||
Public funds |
9,521 |
9,735 |
9,639 |
9,081 |
8,349 |
||||||
331,184 |
334,678 |
335,947 |
341,216 |
343,915 |
|||||||
Time certificates of deposit |
278,076 |
283,233 |
296,857 |
307,678 |
317,886 |
||||||
Total Deposits |
$ 1,806,045 |
$ 1,698,910 |
$ 1,738,609 |
$ 1,762,164 |
$ 1,758,961 |
||||||
Sweep repurchase agreements |
$ 151,310 |
$ 134,338 |
$ 160,934 |
$ 161,678 |
$ 136,803 |
||||||
Total core customer funding (1) |
$ 1,679,279 |
$ 1,550,015 |
$ 1,602,686 |
$ 1,616,164 |
$ 1,577,878 |
||||||
(1) Total deposits and sweep repurchase agreements, excluding certificates of deposits. |
QUARTERLY TRENDS - LOANS AT END OF PERIOD (Dollars in Millions) |
(Unaudited) |
|||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
||||||||||
2013 |
2012 |
|||||||||
4th Qtr |
3rd Qtr |
2nd Qtr |
1st Qtr |
4th Qtr |
3rd Qtr |
2nd Qtr |
1st Qtr |
|||
Installment loans to individuals |
||||||||||
Automobile and trucks |
$ 6.6 |
$ 7.1 |
$ 7.5 |
$ 7.8 |
$ 7.8 |
$ 8.0 |
$ 8.1 |
$ 8.2 |
||
Marine loans |
20.2 |
21.3 |
16.7 |
15.4 |
18.4 |
23.0 |
20.8 |
21.1 |
||
Other |
17.9 |
18.8 |
20.1 |
20.0 |
20.7 |
20.6 |
21.3 |
21.5 |
||
44.7 |
47.2 |
44.3 |
43.2 |
46.9 |
51.6 |
50.2 |
50.8 |
|||
Construction and land development to individuals |
||||||||||
Lot loans |
12.9 |
14.7 |
15.5 |
16.6 |
16.7 |
16.4 |
17.6 |
18.4 |
||
Construction |
21.3 |
19.7 |
20.7 |
20.8 |
22.2 |
18.9 |
16.6 |
13.5 |
||
34.2 |
34.4 |
36.2 |
37.4 |
38.9 |
35.3 |
34.2 |
31.9 |
|||
Residential real estate |
||||||||||
Adjustable |
391.9 |
378.4 |
372.6 |
365.8 |
361.0 |
353.7 |
359.4 |
341.6 |
||
Fixed rate |
91.1 |
94.7 |
97.5 |
98.2 |
99.0 |
99.7 |
95.4 |
96.2 |
||
Home equity mortgages |
62.0 |
61.8 |
62.2 |
61.3 |
58.0 |
58.4 |
58.3 |
59.5 |
||
Home equity lines |
47.7 |
47.7 |
49.1 |
49.3 |
51.4 |
50.6 |
50.8 |
53.0 |
||
592.7 |
582.6 |
581.4 |
574.6 |
569.4 |
562.4 |
563.9 |
550.3 |
|||
TOTAL CONSUMER |
671.6 |
664.2 |
661.9 |
655.2 |
655.2 |
649.3 |
648.3 |
633.0 |
||
Commercial & financial |
78.6 |
70.8 |
65.2 |
64.8 |
61.9 |
58.2 |
56.2 |
54.6 |
||
Construction and land development for commercial |
||||||||||
Residential |
||||||||||
Single family residences |
2.0 |
- |
- |
- |
- |
- |
- |
- |
||
Single family land and lots |
4.9 |
4.9 |
5.0 |
4.9 |
5.6 |
5.8 |
5.9 |
6.0 |
||
Multifamily |
3.7 |
3.8 |
3.9 |
3.9 |
4.3 |
4.6 |
4.7 |
4.9 |
||
10.6 |
8.7 |
8.9 |
8.8 |
9.9 |
10.4 |
10.6 |
10.9 |
|||
Commercial |
||||||||||
Office buildings |
- |
1.6 |
1.6 |
1.1 |
- |
- |
- |
0.3 |
||
Retail trade |
7.7 |
1.8 |
1.8 |
- |
- |
- |
- |
- |
||
Land |
4.9 |
7.3 |
7.2 |
7.8 |
9.6 |
9.8 |
10.7 |
9.2 |
||
Healthcare |
5.4 |
4.7 |
2.9 |
3.3 |
1.8 |
- |
- |
- |
||
Churches and educational facilities |
3.8 |
4.0 |
2.5 |
1.2 |
0.5 |
0.7 |
0.3 |
0.3 |
||
Lodging |
0.9 |
0.3 |
- |
- |
- |
- |
- |
- |
||
Convenience stores |
- |
- |
- |
- |
- |
- |
1.4 |
1.4 |
||
22.7 |
19.7 |
16.0 |
13.4 |
11.9 |
10.5 |
12.4 |
11.2 |
|||
Total construction and land development |
33.3 |
28.4 |
24.9 |
22.2 |
21.8 |
20.9 |
23.0 |
22.1 |
||
Commercial real estate |
||||||||||
Office buildings |
118.7 |
118.2 |
112.0 |
112.5 |
104.7 |
102.4 |
113.4 |
118.0 |
||
Retail trade |
130.6 |
128.9 |
135.5 |
122.2 |
126.7 |
121.1 |
128.5 |
139.3 |
||
Industrial |
81.1 |
79.6 |
83.3 |
73.4 |
72.6 |
71.3 |
72.0 |
70.0 |
||
Healthcare |
45.5 |
38.8 |
42.1 |
39.4 |
40.7 |
35.8 |
42.0 |
40.2 |
||
Churches and educational facilities |
25.3 |
24.2 |
26.4 |
26.9 |
28.6 |
26.2 |
26.7 |
27.0 |
||
Recreation |
2.5 |
2.5 |
2.6 |
2.6 |
2.7 |
2.7 |
3.1 |
3.1 |
||
Multifamily |
16.8 |
6.2 |
9.5 |
8.5 |
9.0 |
7.8 |
8.3 |
8.8 |
||
Mobile home parks |
1.9 |
1.9 |
1.9 |
2.0 |
2.0 |
2.1 |
2.1 |
2.1 |
||
Lodging |
17.1 |
17.3 |
17.5 |
18.0 |
18.7 |
19.1 |
19.3 |
19.4 |
||
Restaurant |
3.7 |
3.8 |
3.5 |
3.6 |
3.5 |
4.4 |
4.7 |
4.6 |
||
Agricultural |
7.0 |
7.2 |
7.1 |
5.9 |
6.1 |
7.3 |
7.4 |
7.6 |
||
Convenience stores |
20.8 |
21.0 |
20.2 |
20.2 |
20.5 |
16.6 |
15.4 |
15.5 |
||
Marina |
21.3 |
21.5 |
20.9 |
21.1 |
21.2 |
21.4 |
21.5 |
21.6 |
||
Other |
28.1 |
27.9 |
31.1 |
25.1 |
29.8 |
35.6 |
29.3 |
29.3 |
||
520.4 |
499.0 |
513.6 |
481.4 |
486.8 |
473.8 |
493.7 |
506.5 |
|||
TOTAL COMMERCIAL |
632.3 |
598.2 |
603.7 |
568.4 |
570.5 |
552.9 |
572.9 |
583.2 |
||
Other |
0.3 |
0.5 |
0.3 |
0.2 |
0.4 |
0.3 |
0.2 |
0.2 |
||
$ 1,304.2 |
$ 1,262.9 |
$ 1,265.9 |
$ 1,223.8 |
$ 1,226.1 |
$ 1,202.5 |
$ 1,221.4 |
$ 1,216.4 |
|||
QUARTERLY TRENDS - INCREASE (DECREASE) IN LOANS BY QUARTER (Dollars in Millions) |
(Unaudited) |
|||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
||||||||||
2013 |
2012 |
|||||||||
4th Qtr |
3rd Qtr |
2nd Qtr |
1st Qtr |
4th Qtr |
3rd Qtr |
2nd Qtr |
1st Qtr |
|||
Installment loans to individuals |
||||||||||
Automobile and trucks |
$ (0.5) |
$ (0.4) |
$ (0.3) |
$ - |
$ (0.2) |
$ (0.1) |
$ (0.1) |
$ (0.5) |
||
Marine loans |
(1.1) |
4.6 |
1.3 |
(3.0) |
(4.6) |
2.2 |
(0.3) |
1.2 |
||
Other |
(0.9) |
(1.3) |
0.1 |
(0.7) |
0.1 |
(0.7) |
(0.2) |
(0.5) |
||
(2.5) |
2.9 |
1.1 |
(3.7) |
(4.7) |
1.4 |
(0.6) |
0.2 |
|||
Construction and land development to individuals |
||||||||||
Lot loans |
(1.8) |
(0.8) |
(1.1) |
(0.1) |
0.3 |
(1.2) |
(0.8) |
0.5 |
||
Construction |
1.6 |
(1.0) |
(0.1) |
(1.4) |
3.3 |
2.3 |
3.1 |
4.8 |
||
(0.2) |
(1.8) |
(1.2) |
(1.5) |
3.6 |
1.1 |
2.3 |
5.3 |
|||
Residential real estate |
||||||||||
Adjustable |
13.5 |
5.8 |
6.8 |
4.8 |
7.3 |
(5.7) |
17.8 |
7.5 |
||
Fixed rate |
(3.6) |
(2.8) |
(0.7) |
(0.8) |
(0.7) |
4.3 |
(0.8) |
(0.8) |
||
Home equity mortgages |
0.2 |
(0.4) |
0.9 |
3.3 |
(0.4) |
0.1 |
(1.2) |
(0.7) |
||
Home equity lines |
- |
(1.4) |
(0.2) |
(2.1) |
0.8 |
(0.2) |
(2.2) |
(1.9) |
||
10.1 |
1.2 |
6.8 |
5.2 |
7.0 |
(1.5) |
13.6 |
4.1 |
|||
TOTAL CONSUMER |
7.4 |
2.3 |
6.7 |
0.0 |
5.9 |
1.0 |
15.3 |
9.6 |
||
Commercial & financial |
7.8 |
5.6 |
0.4 |
2.9 |
3.7 |
2.0 |
1.6 |
1.5 |
||
Construction and land development for commercial |
||||||||||
Residential |
||||||||||
Single family residences |
2.0 |
- |
- |
- |
- |
- |
- |
- |
||
Single family land and lots |
- |
(0.1) |
0.1 |
(0.7) |
(0.2) |
(0.1) |
(0.1) |
(0.2) |
||
Multifamily |
(0.1) |
(0.1) |
- |
(0.4) |
(0.3) |
(0.1) |
(0.2) |
(0.2) |
||
1.9 |
(0.2) |
0.1 |
(1.1) |
(0.5) |
(0.2) |
(0.3) |
(0.4) |
|||
Commercial |
||||||||||
Office buildings |
(1.6) |
- |
0.5 |
1.1 |
- |
- |
(0.3) |
0.1 |
||
Retail trade |
5.9 |
- |
1.8 |
- |
- |
- |
- |
- |
||
Land |
(2.4) |
0.1 |
(0.6) |
(1.8) |
(0.2) |
(0.9) |
1.5 |
(0.1) |
||
Healthcare |
0.7 |
1.8 |
(0.4) |
1.5 |
1.8 |
- |
- |
- |
||
Churches and educational facilities |
(0.2) |
1.5 |
1.3 |
0.7 |
(0.2) |
0.4 |
- |
0.2 |
||
Lodging |
0.6 |
0.3 |
- |
- |
- |
- |
- |
- |
||
Convenience stores |
- |
- |
- |
- |
- |
(1.4) |
- |
(0.3) |
||
3.0 |
3.7 |
2.6 |
1.5 |
1.4 |
(1.9) |
1.2 |
(0.1) |
|||
Total construction and land development |
4.9 |
3.5 |
2.7 |
0.4 |
0.9 |
(2.1) |
0.9 |
(0.5) |
||
Commercial real estate |
||||||||||
Office buildings |
0.5 |
6.2 |
(0.5) |
7.8 |
2.3 |
(11.0) |
(4.6) |
(1.6) |
||
Retail trade |
1.7 |
(6.6) |
13.3 |
(4.5) |
5.6 |
(7.4) |
(10.8) |
(1.3) |
||
Industrial |
1.5 |
(3.7) |
9.9 |
0.8 |
1.3 |
(0.7) |
2.0 |
(0.7) |
||
Healthcare |
6.7 |
(3.3) |
2.7 |
(1.3) |
4.9 |
(6.2) |
1.8 |
1.4 |
||
Churches and educational facilities |
1.1 |
(2.2) |
(0.5) |
(1.7) |
2.4 |
(0.5) |
(0.3) |
(0.4) |
||
Recreation |
- |
(0.1) |
- |
(0.1) |
- |
(0.4) |
- |
(0.1) |
||
Multifamily |
10.6 |
(3.3) |
1.0 |
(0.5) |
1.2 |
(0.5) |
(0.5) |
(0.6) |
||
Mobile home parks |
- |
- |
(0.1) |
- |
(0.1) |
- |
- |
(0.1) |
||
Lodging |
(0.2) |
(0.2) |
(0.5) |
(0.7) |
(0.4) |
(0.2) |
(0.1) |
(0.2) |
||
Restaurant |
(0.1) |
0.3 |
(0.1) |
0.1 |
(0.9) |
(0.3) |
0.1 |
(0.1) |
||
Agricultural |
(0.2) |
0.1 |
1.2 |
(0.2) |
(1.2) |
(0.1) |
(0.2) |
(1.2) |
||
Convenience stores |
(0.2) |
0.8 |
- |
(0.3) |
3.9 |
1.2 |
(0.1) |
0.4 |
||
Marina |
(0.2) |
0.6 |
(0.2) |
(0.1) |
(0.2) |
(0.1) |
(0.1) |
0.3 |
||
Other |
0.2 |
(3.2) |
6.0 |
(4.7) |
(5.8) |
6.3 |
- |
2.3 |
||
21.4 |
(14.6) |
32.2 |
(5.4) |
13.0 |
(19.9) |
(12.8) |
(1.9) |
|||
TOTAL COMMERCIAL |
34.1 |
(5.5) |
35.3 |
(2.1) |
17.6 |
(20.0) |
(10.3) |
(0.9) |
||
Other |
(0.2) |
0.2 |
0.1 |
(0.2) |
0.1 |
0.1 |
- |
(0.4) |
||
$ 41.3 |
$ (3.0) |
$ 42.1 |
$ (2.3) |
$ 23.6 |
$ (18.9) |
$ 5.0 |
$ 8.3 |
|||
SOURCE Seacoast Banking Corporation of Florida
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