Seacoast Banking Corporation of Florida (“Seacoast” or the
"Company”) (NASDAQ: SBCF) today reported fourth quarter 2019 net
income of $27.2 million, or $0.52 per diluted share, an increase of
70%, or $11.2 million, year-over-year. For the full year 2019, net
income was $98.7 million, or $1.90 per share, an increase of 47%
year-over-year. Seacoast reported fourth quarter 2019 adjusted net
income1 of $26.8 million, or $0.52 per diluted share, an increase
of 12%, or $2.9 million, compared to the fourth quarter of 2018.
For the full year 2019, adjusted net income1 was $104.6 million, or
$2.01 per share, an increase of 32% year-over-year.
For the fourth quarter of 2019, return on
average tangible assets was 1.66%, return on average tangible
shareholders’ equity was 15.0%, and the efficiency ratio was 48.4%,
compared to 1.05%, 10.9%, and 65.8%, respectively, in the fourth
quarter of 2018. For the year ended December 31, 2019,
return on average tangible assets was 1.56%, return on average
tangible shareholders' equity was 14.7% and the efficiency ratio
was 51.7% compared to 1.20%, 14.1% and 60.0% for the year ended
December 31, 2018.
Adjusted return on average tangible assets1 was
1.57%, adjusted return on average tangible shareholders’ equity1
was 14.2%, and the adjusted efficiency ratio1 was 47.5% in the
fourth quarter of 2019, compared to 1.49%, 15.4%, and 54.2%,
respectively, in the fourth quarter of 2018. For the year
ended December 31, 2019, adjusted return on average tangible
assets1 was 1.58%, adjusted return on average tangible
shareholders' equity1 was 14.9% and the adjusted efficiency ratio1
was 50.9%, compared to 1.35%, 14.1% and 56.1% for the year ended
December 31, 2018.
Dennis S. Hudson, III, Seacoast’s Chairman and
CEO, said, "The Seacoast team closed another record year with net
income of $27.2 million for the fourth quarter and $98.7 million
for the full year 2019. We continue to generate disciplined growth
as reflected in record originations for the quarter of $587
million, while maintaining our strict underwriting guidelines and
delivering continued improvements in operating leverage."
Hudson added, "During the quarter, we announced
the upcoming acquisition of First Bank of the Palm Beaches. This
acquisition builds upon our two previous Palm Beach County
acquisitions and strengthens our presence in Florida's largest and
the nation's seventh largest MSA. We are also excited to announce
the acquisition of Fourth Street Banking Company, the holding
company for Freedom Bank of St. Petersburg. This is an exceptional
addition to our two previous acquisitions in the state's second
largest MSA. The combination of this acquisition and the First Bank
transaction will provide earnings per share accretion of more than
5% to 2021 and has minimal up front dilution to tangible book value
per share, earned back in less than two years."
Charles M. Shaffer, Seacoast’s Chief Operating
Officer and Chief Financial Officer, said, “We delivered another
quarter of consistent growth in tangible book value per share,
ending the period at $14.76, up 20% over the prior year. During the
fourth quarter, net interest margin declined only 1 basis point
excluding the impact of accretion of purchase discounts on acquired
loans, demonstrating the exceptional quality of our balance sheet
and customer franchise. This balance sheet is fortified with a
robust capital base, strong asset quality and a prudent liquidity
position. As the banking cycle continues to mature, Seacoast is
committed to maintaining its fortress balance sheet, built on
strong capital and strict credit underwriting.”
1Non-GAAP measure, see “Explanation of Certain
Unaudited Non-GAAP Financial Measures" for more information and for
a reconciliation to GAAP.
Fourth Quarter 2019 Financial
Highlights
Income Statement
- Net income was $27.2 million, or $0.52 per
diluted share, compared to $25.6 million, or $0.49, for the prior
quarter and $16.0 million, or $0.31, for the fourth quarter of
2018. For the year ended December 31, 2019, net income was
$98.7 million, or $1.90 per diluted share, compared to $67.3
million, or $1.38, for the year ended December 31, 2018.
Adjusted net income1 was $26.8 million, or $0.52 per diluted share,
compared to $27.7 million, or $0.53, for the prior quarter and
$23.9 million, or $0.47, for the fourth quarter of 2018. For the
year ended December 31, 2019, adjusted net income1 was $104.6
million, or $2.01 per diluted share, compared to $79.1 million, or
$1.62, for the year ended December 31, 2018.
- Net revenues were $78.1 million, an increase
of $3.2 million, or 4%, compared to the prior quarter, and an
increase of $5.4 million, or 7%, compared to the fourth quarter of
2018. For the year ended December 31, 2019, net revenues were
$300.4 million, an increase of $38.8 million, or 15%, compared to
the year ended December 31, 2018. Adjusted revenues1 were
$75.6 million, an increase of $0.8 million, or 1%, from the prior
quarter and an increase of $2.8 million, or 4%, from the fourth
quarter of 2018. For the year ended December 31, 2019,
adjusted revenues1 were $298.2 million, an increase of $36.3
million, or 14%, compared to the year ended December 31,
2018.
- Net interest income totaled $61.8 million, an
increase of $0.8 million, or 1%, from the prior quarter and an
increase of $1.8 million, or 3%, from the fourth quarter of 2018.
For the year ended December 31, 2019, net interest income was
$243.6 million, an increase of $32.1 million, or 15%, compared to
the year ended December 31, 2018.
- Net interest margin was 3.84% in the fourth
quarter of 2019, 3.89% in the third quarter of 2019 and 4.00% in
the fourth quarter of 2018. Quarter-over-quarter, the yield on
loans contracted 17 basis points, the yield on securities
contracted 12 basis points, and the cost of deposits decreased 12
basis points. The impact on net interest margin from accretion of
purchase discounts on acquired loans was 21 basis points in the
fourth quarter of 2019, compared to 25 basis points in the prior
quarter and 27 basis points in the fourth quarter of 2018.
Excluding the impact of accretion, the net interest margin
decreased only 1 basis point from the prior quarter and the yield
on loans contracted 13 basis points. Decreases in the yield on both
loans and securities reflect the impact of a lower interest rate
environment, affecting variable-rate portfolios and resulting in
lower add-on rates for new loans originated and securities
purchased.
- Noninterest income totaled $16.4 million, an
increase of $2.4 million, or 17%, compared to the prior quarter and
an increase of $3.7 million, or 29%, from the fourth quarter of
2018. For the year ended December 31, 2019, noninterest income
was $56.7 million, an increase of $6.7 million, or 13%, compared to
the year ended December 31, 2018. Changes in noninterest
income consisted of the following:
- After a record third quarter boosted by refinance activity,
mortgage banking fees decreased $0.6 million in the fourth quarter
to $1.5 million. For the full year, mortgage banking fees increased
$1.8 million, or 39%, to $6.5 million compared to the prior year,
reflecting our strategic focus on generating saleable volume.
- Interchange income increased $0.2 million, or 6%, in the fourth
quarter, and $1.1 million, or 9%, for the full year, the result of
increased transaction activity across a growing customer base.
- Lower other income in the fourth quarter reflects the $1.0
million BOLI death benefit recorded in the third quarter partially
offset by swap fees of $0.6 million in the fourth quarter of
2019.
- During the quarter, securities gains of $2.5 million resulted
from the opportunistic sale of $79.8 million of longer duration
bonds yielding 2.8% transacted when the 10-year treasury rate
declined early in the quarter.
- The provision for loan losses was $4.8 million
compared to $2.3 million in the prior quarter and $2.3 million in
the fourth quarter of 2018. The increase in provision primarily
reflects strong loan growth in the fourth quarter of 2019 and a
modestly higher increase in net charge-offs during the fourth
quarter when compared to the third quarter of 2019. Looking back
over the last four quarters, net charge offs were 0.16% of average
loans outstanding, in line with our expectations and reflecting
continued strong asset quality trends.
- Noninterest expense was $38.1 million, a
decrease of $0.5 million, or 1%, compared to the prior quarter and
a decrease of $11.4 million, or 23%, from the fourth quarter of
2018. For the year ended December 31, 2019, noninterest
expense was $160.7 million, a decrease of $1.5 million, or 1%,
compared to the year ended December 31, 2018. Changes from the
third quarter of 2019 in noninterest expense consisted of the
following:
- Salaries and benefits decreased $1.0 million on a combined
basis, the result of lower incentive accruals and our continued
proven success at focusing on cost control across the
franchise.
- Legal and professional fees increased $0.4 million, including
$0.6 million incurred in the fourth quarter for merger related
activities.
- Other expenses increased $0.6 million, including increases of
$0.3 million in lending-related costs to support increased
production and $0.2 million in recruiting and supporting the
onboarding of new sales talent. For the full year, other expenses
are down $2.0 million compared to 2018, reflecting our continued
focus on efficiency and streamlining operations.
- During the third quarter of 2019, the FDIC announced the
achievement of their target deposit insurance reserve ratio,
resulting in our ability to offset FDIC assessments with previously
awarded credits. The Company has remaining credits of $0.7 million,
which will be applied to future assessments if the FDIC’s reserve
ratio remains above the target threshold.
- Seacoast recorded $8.1 million in income tax
expense in the fourth quarter of 2019, compared to $8.5
million in the prior quarter and $4.9 million in the fourth quarter
of 2018. The prior quarter included net additional income tax
expense of $0.7 million resulting from the change in the Florida
corporate income tax rate.
- Year to date adjusted revenues1 increased 14%
compared to prior year while adjusted noninterest
expense1 increased 3%, generating 11% operating
leverage.
- The efficiency ratio was 48.4% compared to
48.6% in the prior quarter and 65.8% in the fourth quarter of 2018.
The adjusted efficiency ratio1 was 47.5% compared to 49.0% in the
prior quarter and 54.2% in the fourth quarter of 2018.
Balance Sheet
- At December 31, 2019, the Company had total
assets of $7.1 billion and total shareholders' equity of
$985.6 million. Book value per share was $19.13 and tangible book
value per share was $14.76, compared to $18.70 and $14.30,
respectively, at September 30, 2019 and $16.83 and $12.33,
respectively, at December 31, 2018. Year-over-year, tangible
book value per share increased 20%.
- Debt Securities totaled $1.2 billion at
December 31, 2019, an increase of $13.8 million compared to
September 30, 2019 and a decrease of $15.6 million from
December 31, 2018. During the quarter, securities gains of
$2.5 million resulted from the opportunistic sale of $79.8 million
of longer duration bonds yielding 2.8% transacted when the 10-year
treasury rate declined early in the quarter.
- Loans totaled $5.2 billion at
December 31, 2019, an increase of $212.1 million, or 4%,
compared to September 30, 2019, and an increase of $373.2 million,
or 8%, from December 31, 2018. Changes in total loans
consisted of the following:
- New loan originations of $587 million, compared to $488 million
in the prior quarter, contributed to net loan growth in the quarter
of 17% on an annualized basis. Excluding the $99.0 million
residential mortgage portfolio purchased during the quarter, net
loan growth was 9% on an annualized basis. Loans outstanding have
grown 8% year-over-year.
- Commercial originations during the fourth quarter of 2019 were
$247.0 million, a decrease of $35.2 million, or 12%, compared to
the third quarter of 2019. Excluding the purchase of a $52.1
million commercial real estate loan portfolio in the third quarter
of 2019, commercial originations increased in the fourth quarter
$16.8 million, or 7%. Compared to the fourth quarter of 2018,
commercial originations increased $87.6 million, or 55%.
- Residential loan originations were $225.1 million in the fourth
quarter of 2019, compared to $103.1 million in the third quarter of
2019 and $104.7 million in the fourth quarter of 2018. Originations
in the fourth quarter of 2019 include the opportunistic purchase of
a $99.0 million residential mortgage portfolio. Excluding that
purchase, residential loan originations increased $28.8 million, or
30%, compared to the third quarter of 2019, and $21.3 million, or
20%, compared to the fourth quarter of 2018.
- Consumer and small business originations for the fourth quarter
of 2019 were $115.0 million, an increase of 12% compared to the
third quarter of 2019 and an increase of 1% compared to the fourth
quarter of 2018.
- The Company continues to prudently manage commercial real
estate exposure. Construction and land development and commercial
real estate loans remain well below regulatory guidance at 40% and
204% of total bank-level risk based capital, respectively, compared
to 42% and 204%, respectively, in the third quarter of 2019. On a
consolidated basis, construction and land development and
commercial real estate loans represent 38% and 191%, respectively,
of total consolidated risk based capital.
- The funded balances of our top 10 and top 20 relationships
represented 21% and 39%, respectively, of total consolidated risk
based capital, compared to 22% and 37% in the fourth quarter of
2018 and 34% and 54% in the fourth quarter of 2016. Our average
commercial loan size is $365,000.
- Pipelines (loans in underwriting and approval
or approved and not yet closed) totaled $339.2 million at
December 31, 2019.
- Commercial pipelines were $256.0 million, an increase of 56%
compared to December 31, 2018. The increase year-over-year
reflects the successful addition of talent to our commercial
banking team and better execution across the franchise.
- Residential saleable pipelines were $19.0 million, an increase
of 40% compared to December 31, 2018. The year-over-year
increase reflects our continued strategic focus of generating
saleable volume and the addition of talent across the
franchise.
- Retained residential pipelines were $19.1 million, a decrease
of 37% compared to December 31, 2018. The year-over-year
decrease reflects our continued strategic focus on generating
saleable volume.
- Consumer and small business pipelines were $45.1 million, a
decrease of 16% compared to December 31, 2018.
- Total deposits were $5.6 billion as of
December 31, 2019, a decrease of $88.4 million, or 2%,
sequentially and an increase of $407.5 million, or 8%, from the
prior year.
- Overall cost of deposits declined to 61 basis points in the
fourth quarter of 2019 from 73 basis points in the prior quarter,
reflecting the impact of interest rate cuts in the second half of
2019 by the Federal Reserve. By keeping a targeted focus on
customer acquisition and a relationship-driven strategy, the
Company has successfully maintained discipline in deposit
pricing.
- Total transaction accounts increased 7% year-over-year,
reflecting continued strong growth in core customer balances, and
represent 50% of overall deposit funding.
- Interest-bearing deposits (interest-bearing demand, savings and
money market deposits) increased year-over-year $127.5 million, or
5%, to $2.8 billion, noninterest bearing demand deposits increased
$20.9 million, or 1%, to $1.6 billion, and CDs (excluding brokered)
increased $6.9 million, or 1%, to $712.2 million.
- Fourth quarter return on average tangible assets
(ROTA) was 1.66%, compared to 1.61% in the prior quarter
and 1.05% in the fourth quarter of 2018. Adjusted ROTA1 was 1.57%
compared to 1.67% in the prior quarter and 1.49% in the fourth
quarter of 2018. The decline in adjusted ROTA1 in the current
quarter reflects the impact of higher provision expense and
substantial loan growth, partially offset by higher net interest
income and lower noninterest expense.
Capital
- Fourth quarter return on average tangible common equity
(ROTCE) was 15.0%, compared to 14.7% in the prior quarter
and 10.9% in the fourth quarter of 2018. Adjusted ROTCE1 was 14.2%
compared to 15.3% in the prior quarter and 15.4% in the fourth
quarter of 2018. The decline in adjusted ROTCE1 in the fourth
quarter reflects the impact of a robust growing capital base.
- The tier 1 capital ratio was 15.0%,
total capital ratio was 15.7% and the tier
1 leverage ratio was 12.2% at December 31, 2019.
- Tangible common equity to tangible assets was
11.1% at December 31, 2019, compared to 11.1% at
September 30, 2019 and 9.7% at December 31, 2018.
Asset Quality
- Nonperforming loans to total
loans outstanding was 0.52% at
December 31, 2019, 0.52% at September 30, 2019, and 0.55%
at December 31, 2018.
- Nonperforming assets to total assets was 0.55%
at December 31, 2019, 0.58% at September 30, 2019 and
0.58% at December 31, 2018.
- The ratio of allowance for loan losses
to total loans was 0.68% at December 31, 2019, 0.67%
at September 30, 2019, and 0.67% at December 31, 2018.
The ratio of allowance for loan losses to non-acquired loans was
0.80% at December 31, 2019, 0.84% at September 30, 2019,
and 0.89% at December 31, 2018.
- Net charge-offs were $3.2 million, or 0.25%,
of average loans for the fourth quarter of 2019 compared to $2.1
million, or 0.17%, of average loans in the third quarter of 2019
and $3.7 million, or 0.32% of average loans in the fourth quarter
of 2018. Net charge-offs for the four most recent quarters averaged
0.16%, in line with our expectations for full year 2019.
| FINANCIAL HIGHLIGHTS |
|
|
|
|
|
|
|
| (Amounts in thousands
except per share data) |
(Unaudited) |
| |
Quarterly
Trends |
| |
|
|
|
|
|
|
|
|
|
| |
4Q'19 |
|
3Q'19 |
|
2Q'19 |
|
1Q'19 |
|
4Q'18 |
| Selected Balance Sheet Data: |
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
7,108,511 |
|
|
$ |
6,890,645 |
|
|
$ |
6,824,886 |
|
|
$ |
6,783,389 |
|
|
$ |
6,747,659 |
|
|
Gross Loans |
5,198,404 |
|
|
4,986,289 |
|
|
4,888,139 |
|
|
4,828,441 |
|
|
4,825,214 |
|
|
Total Deposits |
5,584,753 |
|
|
5,673,141 |
|
|
5,541,209 |
|
|
5,605,578 |
|
|
5,177,240 |
|
| |
|
|
|
|
|
|
|
|
|
| Performance Measures: |
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
27,176 |
|
|
$ |
25,605 |
|
|
$ |
23,253 |
|
|
$ |
22,705 |
|
|
$ |
15,962 |
|
|
Net Interest Margin |
3.84 |
% |
|
3.89 |
% |
|
3.94 |
% |
|
4.02 |
% |
|
4.00 |
% |
|
Average Diluted Shares Outstanding |
52,081 |
|
|
51,935 |
|
|
51,952 |
|
|
52,039 |
|
|
51,237 |
|
|
Diluted Earnings Per Share (EPS) |
$ |
0.52 |
|
|
$ |
0.49 |
|
|
$ |
0.45 |
|
|
$ |
0.44 |
|
|
$ |
0.31 |
|
|
Return on (annualized): |
|
|
|
|
|
|
|
|
|
|
Average Assets (ROA) |
1.54 |
% |
|
1.49 |
% |
|
1.38 |
% |
|
1.36 |
% |
|
0.96 |
% |
|
Average Tangible Assets (ROTA) |
1.66 |
|
|
1.61 |
|
|
1.50 |
|
|
1.48 |
|
|
1.05 |
|
|
Average Tangible Common Equity (ROTCE) |
14.95 |
|
|
14.73 |
|
|
14.30 |
|
|
14.86 |
|
|
10.94 |
|
|
Efficiency Ratio |
48.36 |
|
|
48.62 |
|
|
53.48 |
|
|
56.55 |
|
|
65.76 |
|
| |
|
|
|
|
|
|
|
|
|
| Adjusted Operating Measures1: |
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income |
$ |
26,837 |
|
|
$ |
27,731 |
|
|
$ |
25,818 |
|
|
$ |
24,205 |
|
|
$ |
23,893 |
|
|
Adjusted Diluted EPS |
0.52 |
|
|
0.53 |
|
|
0.50 |
|
|
0.47 |
|
|
0.47 |
|
|
Adjusted ROTA |
1.57 |
% |
|
1.67 |
% |
|
1.59 |
% |
|
1.50 |
% |
|
1.49 |
% |
|
Adjusted ROTCE |
14.19 |
|
|
15.30 |
|
|
15.17 |
|
|
15.11 |
|
|
15.44 |
|
|
Adjusted Efficiency Ratio |
47.52 |
|
|
48.96 |
|
|
51.44 |
|
|
55.81 |
|
|
54.19 |
|
|
Adjusted Noninterest Expense as a Percent of Average Tangible
Assets |
2.11 |
|
|
2.22 |
|
|
2.34 |
|
|
2.55 |
|
|
2.46 |
|
| |
|
|
|
|
|
|
|
|
|
| Other Data: |
|
|
|
|
|
|
|
|
|
|
Market capitalization2 |
$ |
1,574,775 |
|
|
$ |
1,303,010 |
|
|
$ |
1,309,158 |
|
|
$ |
1,354,759 |
|
|
$ |
1,336,415 |
|
|
Full-time equivalent employees |
867 |
|
|
867 |
|
|
852 |
|
|
902 |
|
|
902 |
|
|
Number of ATMs |
78 |
|
|
80 |
|
|
81 |
|
|
84 |
|
|
87 |
|
|
Full service banking offices |
48 |
|
|
48 |
|
|
49 |
|
|
50 |
|
|
51 |
|
|
Registered online users |
109,684 |
|
|
107,241 |
|
|
104,017 |
|
|
102,274 |
|
|
99,415 |
|
|
Registered mobile devices |
99,361 |
|
|
96,384 |
|
|
92,281 |
|
|
87,844 |
|
|
83,151 |
|
| 1Non-GAAP measure, see “Explanation of Certain
Unaudited Non-GAAP Financial Measures" for more information and a
reconciliation to GAAP |
| 2Common shares outstanding multiplied by closing
bid price on last day of each period |
| |
Vision 2020
Seacoast remains confident in the Company's
ability to achieve Vision 2020 targets announced in February
2017.
| |
|
Vision 2020 Targets |
|
| |
Return on Tangible Assets |
1.30% + |
|
| |
Return on Tangible Common Equity |
16% + |
|
| |
Efficiency Ratio |
Below 50% |
|
Since announcing Vision 2020 targets in
February 2017, the Company has achieved a compounded annual growth
rate in tangible book value per share of 13%, steadily building
shareholder value.
Fourth Quarter and Full Year 2019 Operating
Highlights
Modernizing How Seacoast Sells
- In 2019, interchange income increased by $1.1 million, or 9%,
compared to the prior year as Seacoast’s debit card program
surpassed $1 billion in retail sales. The Company’s debit card
program consistently performs in the top quartile of Visa partner
banks of similar size.
- Seacoast Wealth Management added approximately $140 million in
new assets under management in 2019, growing 27% year-over-year.
Growth in assets under management, industry leading products and
investments in sales and support teams throughout the footprint
resulted in a 7% increase year-over-year in wealth related
revenue.
- Seacoast has partnered with a leading consumer insights firm to
capture and analyze feedback from customers. Program implementation
and launch were completed in the third quarter of 2019, with the
objective of identifying additional customer opportunities.
Lowering Cost to Serve
- Seacoast consolidated three banking center locations in 2019,
achieving the Vision 2020 objective of reducing the footprint by
20% to meet evolving customer needs. At December 31, 2019,
deposits per banking center exceeded $116 million compared to $102
million at December 31, 2018.
Driving Improvements to Operations
- In 2019, Seacoast's continued focus on efficiency and
streamlining operations improved adjusted noninterest expenses1 as
a percent of average tangible assets to 2.11% in the fourth quarter
compared to 2.46% a year ago.
- Earlier this year, Seacoast further enhanced the interactive
voice response (IVR) system in the Florida-based Customer Support
Center. The system provides customers with secure, self-serve
options and expedites call routing processes. During the
fourth quarter of 2019, more than 215,000 routine customer service
calls were serviced solely by the IVR system. This represented 71%
of total customer service calls received. This investment should
continue to provide added scalability and elevate the customer
experience in 2020.
- Late in 2018, Seacoast launched a large-scale initiative to
implement a fully digital loan origination platform across all
business banking units. In the fourth quarter of 2019, this
platform enabled record loan originations in the commercial banking
team. The Company recognized $350,000 in annualized expense
reductions as a result of this platform implementation. This
investment should lead to further gains in operational efficiency
and banker productivity in 2020 and beyond.
Scaling and Evolving Seacoast's
Culture
- Seacoast's balanced growth strategy, combining organic growth
with value-creating acquisitions, continues to benefit shareholders
and provide new opportunities for associates. The pending
acquisitions of First Bank of the Palm Beaches and Fourth Street
Banking Company, subject to shareholder and regulatory approvals,
will add experienced bankers in two growing markets and will
further support the Company's sustainable and profitable
growth.
OTHER INFORMATION
Conference Call
InformationSeacoast will host a conference call on
January 24, 2020 at 10:00 a.m. (Eastern Time) to discuss the
fourth quarter and full year 2019 earnings results and business
trends. Investors may call in (toll-free) by dialing (888) 517-2513
(passcode: 7556 513; host: Dennis S. Hudson). Charts will be used
during the conference call and may be accessed at Seacoast's
website at www.SeacoastBanking.com by selecting "Presentations"
under the heading "News/Events." A replay of the call will be
available for one month, beginning late afternoon of
January 24, 2020 by dialing (888) 843-7419 (domestic) and
using passcode: 7556 513#.
Alternatively, individuals may listen to the
live webcast of the presentation by visiting Seacoast's website at
www.SeacoastBanking.com. The link is located in the subsection
"Presentations" under the heading "Investor Services." Beginning
the afternoon of January 24, 2020, 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.
About Seacoast Banking Corporation of
Florida (NASDAQ: SBCF)Seacoast Banking Corporation of
Florida is one of the largest community banks headquartered in
Florida with approximately $7.1 billion in assets and $5.6 billion
in deposits as of December 31, 2019. The Company provides
integrated financial services including commercial and retail
banking, wealth management, and mortgage services to customers
through advanced banking solutions, and 48 traditional branches of
its locally-branded, wholly-owned subsidiary bank, Seacoast Bank.
Offices stretch from Fort Lauderdale, Boca Raton and West Palm
Beach north through the Daytona Beach area, into Orlando and
Central Florida and the adjacent Tampa market, and west to
Okeechobee and surrounding counties. More information about the
Company is available at www.SeacoastBanking.com.
Additional InformationSeacoast
has filed a registration statement on Form S-4 with the United
States Securities and Exchange Commission (the “SEC”) in connection
with the proposed merger of First Bank of the Palm Beaches (“First
Bank”) with and into Seacoast Bank and will file a registration
statement on Form S-4 with the SEC in connection with the proposed
merger of Fourth Street Banking Company (“Fourth Street”) with and
into Seacoast and Freedom Bank with and into Seacoast Bank. The
registration statement in connection with the First Bank merger
includes a proxy statement of First Bank and a prospectus of
Seacoast and the registration statement in connection with the
Fourth Street merger will include a proxy statement of Fourth
Street and a prospectus of Seacoast. A definitive proxy
statement/prospectus will be mailed to shareholders of First Bank
and Fourth Street. This communication does not constitute an
offer to sell or the solicitation of an offer to buy any securities
or a solicitation of any vote or approval. WE URGE INVESTORS
TO READ THE PROXY STATEMENTS/PROSPECTUSES AND ANY OTHER DOCUMENTS
TO BE FILED WITH THE SEC IN CONNECTION WITH THE MERGERS OR
INCORPORATED BY REFERENCE IN THE PROXY STATEMENTS/PROSPECTUSES
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
Investors may obtain (when available) these
documents free of charge at the SEC’s Web site (www.sec.gov).
In addition, documents filed with the SEC by Seacoast will be
available free of charge by contacting Investor Relations at (772)
288-6085.
First Bank and Fourth Street, their directors,
and executive officers and other members of management and
employees may be considered participants in the solicitation of
proxies in connection with the proposed mergers of First Bank with
and into Seacoast Bank and Fourth Street with and into Seacoast.
Information regarding the participants in the proxy solicitation of
First Bank and a description of their direct and indirect
interests, by security holdings or otherwise, is contained in the
proxy statement/prospectus and other relevant materials to be filed
with the SEC. Information regarding the participants in the proxy
solicitation of Fourth Street and a description of their direct and
indirect interests, by security holdings or otherwise, will be
contained in the proxy statement/prospectus and other relevant
materials to be filed with the SEC.
Cautionary Notice Regarding
Forward-Looking StatementsThis press release contains
"forward-looking statements" within the meaning, and protections,
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, cost
savings, enhanced revenues, economic and seasonal conditions in our
markets, and improvements to reported earnings that may be realized
from cost controls, tax law changes, new initiatives and for
integration of banks that we have acquired, or expect to acquire,
including First Bank, as well as statements with respect to
Seacoast's objectives, strategic plans, including Vision 2020,
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, assumptions, estimates and intentions
about future performance 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.
All statements other than statements of
historical fact could be 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", "plan", "point to", "project",
"could", "intend", "target" 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, including
interest rate policies of the Board of Governors of the Federal
Reserve, 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;
uncertainty related to the impact of LIBOR calculations on
securities and loans; changes in borrower credit risks and payment
behaviors; changes in the availability and cost of credit and
capital in the financial markets; changes in the prices, values and
sales volumes of residential and commercial real estate; our
ability to comply with any regulatory requirements; the effects of
problems encountered by other financial institutions that adversely
affect us or the banking industry; our concentration in commercial
real estate loans; the failure of assumptions and estimates, as
well as differences in, and changes to, economic, market and credit
conditions; the impact on the valuation of our investments due to
market volatility or counterparty payment risk; statutory and
regulatory dividend restrictions; increases in regulatory capital
requirements for banking organizations generally; the risks of
mergers, acquisitions and divestitures, including our ability to
continue to identify acquisition targets and successfully acquire
desirable financial institutions; changes in technology or products
that may be more difficult, costly, or less effective than
anticipated; our ability to identify and address increased
cybersecurity risks; inability of our risk management framework to
manage risks associated with our business; dependence on key
suppliers or vendors to obtain equipment or services for our
business on acceptable terms; reduction in or the termination of
our ability to use the mobile-based platform that is critical to
our business growth strategy; the effects of war or other
conflicts, acts of terrorism, natural disasters or other
catastrophic events that may affect general economic conditions;
unexpected outcomes of, and the costs associated with, existing or
new litigation involving us; our ability to maintain adequate
internal controls over financial reporting; potential claims,
damages, penalties, fines and reputational damage resulting from
pending or future litigation, regulatory proceedings and
enforcement actions; the risks that our deferred tax assets could
be reduced if estimates of future taxable income from our
operations and tax planning strategies are less than currently
estimated and sales of our capital stock could trigger a reduction
in the amount of net operating loss carryforwards that we may be
able to utilize for income tax purposes; 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 relating to the proposed First Bank
and Fourth Street mergers include, without limitation: the timing
to consummate the proposed mergers; the risk that a condition to
closing of the proposed mergers may not be satisfied; the risk that
a regulatory approval that may be required for the proposed mergers
is not obtained or is obtained subject to conditions that are not
anticipated; the diversion of management time on issues related to
the proposed mergers; 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
mergers 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 disruptions,
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, 2018, 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 www.sec.gov.
|
FINANCIAL HIGHLIGHTS |
(Unaudited) |
|
|
|
|
|
| SEACOAST BANKING CORPORATION
OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
| |
|
|
| |
Quarterly
Trends |
|
Twelve Months Ended |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Amounts in thousands,
except ratios and per share data) |
4Q'19 |
|
3Q'19 |
|
2Q'19 |
|
1Q'19 |
|
4Q'18 |
|
4Q'19 |
|
4Q'18 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
$ |
27,176 |
|
|
$ |
25,605 |
|
|
$ |
23,253 |
|
|
$ |
22,705 |
|
|
$ |
15,962 |
|
|
$ |
98,739 |
|
|
$ |
67,275 |
|
|
| Adjusted net income1 |
26,837 |
|
|
27,731 |
|
|
25,818 |
|
|
24,205 |
|
|
23,893 |
|
|
104,591 |
|
|
79,085 |
|
|
| Net interest income2 |
61,846 |
|
|
61,027 |
|
|
60,219 |
|
|
60,861 |
|
|
60,100 |
|
|
243,953 |
|
|
211,956 |
|
|
| Net interest margin2,3 |
3.84 |
% |
|
3.89 |
% |
|
3.94 |
% |
|
4.02 |
% |
|
4.00 |
% |
|
3.92 |
% |
|
3.85 |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Performance Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average assets-GAAP basis3 |
1.54 |
% |
|
1.49 |
% |
|
1.38 |
% |
|
1.36 |
% |
|
0.96 |
% |
|
1.45 |
% |
|
1.11 |
% |
|
| Return on average tangible assets-GAAP basis3,4 |
1.66 |
|
|
1.61 |
|
|
1.50 |
|
|
1.48 |
|
|
1.05 |
|
|
1.56 |
|
|
1.20 |
|
|
| Adjusted return on average tangible assets1,3,4 |
1.57 |
|
|
1.67 |
|
|
1.59 |
|
|
1.50 |
|
|
1.49 |
|
|
1.58 |
|
|
1.35 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average shareholders' equity-GAAP basis3 |
11.04 |
|
|
10.73 |
|
|
10.23 |
|
|
10.47 |
|
|
7.65 |
|
|
10.63 |
|
|
9.08 |
|
|
| Return on average tangible common equity-GAAP basis3,4 |
14.95 |
|
|
14.73 |
|
|
14.30 |
|
|
14.86 |
|
|
10.94 |
|
|
14.72 |
|
|
12.54 |
|
|
| Adjusted return on average tangible common equity1,3,4 |
14.19 |
|
|
15.30 |
|
|
15.17 |
|
|
15.11 |
|
|
15.44 |
|
|
14.93 |
|
|
14.06 |
|
|
| Efficiency ratio5 |
48.36 |
|
|
48.62 |
|
|
53.48 |
|
|
56.55 |
|
|
65.76 |
|
|
51.71 |
|
|
59.98 |
|
|
| Adjusted efficiency ratio1 |
47.52 |
|
|
48.96 |
|
|
51.44 |
|
|
55.81 |
|
|
54.19 |
|
|
50.90 |
|
|
56.13 |
|
|
| Noninterest income to total revenue (excluding securities
gains/losses) |
18.30 |
|
|
19.53 |
|
|
18.93 |
|
|
17.45 |
|
|
17.97 |
|
|
18.56 |
|
|
19.32 |
|
|
| Tangible common equity to tangible assets4 |
11.05 |
|
|
11.05 |
|
|
10.65 |
|
|
10.18 |
|
|
9.72 |
|
|
11.05 |
|
|
9.72 |
|
|
| Average loan-to-deposit ratio |
90.71 |
|
|
88.35 |
|
|
87.27 |
|
|
90.55 |
|
|
89.14 |
|
|
89.21 |
|
|
85.85 |
|
|
| End of period loan-to-deposit ratio |
93.44 |
|
|
88.36 |
|
|
88.53 |
|
|
86.38 |
|
|
93.43 |
|
|
93.44 |
|
|
93.43 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income diluted-GAAP basis |
$ |
0.52 |
|
|
$ |
0.49 |
|
|
$ |
0.45 |
|
|
$ |
0.44 |
|
|
$ |
0.31 |
|
|
$ |
1.90 |
|
|
$ |
1.38 |
|
|
| Net income basic-GAAP basis |
0.53 |
|
|
0.50 |
|
|
0.45 |
|
|
0.44 |
|
|
0.32 |
|
|
1.92 |
|
|
1.40 |
|
|
| Adjusted earnings1 |
0.52 |
|
|
0.53 |
|
|
0.50 |
|
|
0.47 |
|
|
0.47 |
|
|
2.01 |
|
|
1.62 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Book value per share common |
19.13 |
|
|
18.70 |
|
|
18.08 |
|
|
17.44 |
|
|
16.83 |
|
|
19.13 |
|
|
16.83 |
|
|
| Tangible book value per share |
14.76 |
|
|
14.30 |
|
|
13.65 |
|
|
12.98 |
|
|
12.33 |
|
|
14.76 |
|
|
12.33 |
|
|
| Cash dividends declared |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1Non-GAAP measure - see "Explanation of Certain
Unaudited Non-GAAP Financial Measures" for more information and a
reconciliation to GAAP. |
|
|
|
| 2Calculated on a fully taxable equivalent basis
using amortized cost. |
|
|
|
| 3These ratios are stated on an annualized basis
and are not necessarily indicative of future periods. |
|
|
|
| 4The Company defines tangible assets as total
assets less intangible assets, and tangible common equity as total
shareholders' equity less |
|
|
|
| intangible assets. |
|
|
|
| 5Defined as noninterest expense less amortization
of intangibles and gains, losses, and expenses on foreclosed
properties divided by net |
|
|
|
| operating revenue (net interest income on a
fully taxable equivalent basis plus noninterest income excluding
securities gains). |
|
|
|
| |
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|
(Unaudited) |
|
|
|
|
|
|
|
| SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
| |
|
|
| |
Quarterly
Trends |
|
Twelve Months
Ended |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Amounts in thousands,
except per share data) |
4Q'19 |
|
3Q'19 |
|
2Q'19 |
|
1Q'19 |
|
4Q'18 |
|
4Q'19 |
|
4Q'18 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest on securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
8,500 |
|
|
$ |
8,802 |
|
|
$ |
8,933 |
|
|
$ |
9,119 |
|
|
$ |
9,528 |
|
|
$ |
35,354 |
|
|
$ |
37,860 |
|
|
|
Nontaxable |
130 |
|
|
131 |
|
|
143 |
|
|
151 |
|
|
200 |
|
|
555 |
|
|
884 |
|
|
| Interest and fees on loans |
62,868 |
|
|
63,092 |
|
|
62,288 |
|
|
62,287 |
|
|
59,495 |
|
|
250,535 |
|
|
199,984 |
|
|
| Interest on federal funds sold and other investments |
788 |
|
|
800 |
|
|
873 |
|
|
918 |
|
|
835 |
|
|
3,379 |
|
|
2,670 |
|
|
|
Total Interest Income |
72,286 |
|
|
72,825 |
|
|
72,237 |
|
|
72,475 |
|
|
70,058 |
|
|
289,823 |
|
|
241,398 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest on deposits |
3,589 |
|
|
4,334 |
|
|
4,825 |
|
|
3,873 |
|
|
3,140 |
|
|
16,621 |
|
|
8,763 |
|
|
| Interest on time certificates |
5,084 |
|
|
6,009 |
|
|
5,724 |
|
|
4,959 |
|
|
3,901 |
|
|
21,776 |
|
|
11,684 |
|
|
| Interest on borrowed money |
1,853 |
|
|
1,534 |
|
|
1,552 |
|
|
2,869 |
|
|
3,033 |
|
|
7,808 |
|
|
9,436 |
|
|
|
Total Interest Expense |
10,526 |
|
|
11,877 |
|
|
12,101 |
|
|
11,701 |
|
|
10,074 |
|
|
46,205 |
|
|
29,883 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
61,760 |
|
|
60,948 |
|
|
60,136 |
|
|
60,774 |
|
|
59,984 |
|
|
243,618 |
|
|
211,515 |
|
|
| Provision for loan losses |
4,800 |
|
|
2,251 |
|
|
2,551 |
|
|
1,397 |
|
|
2,342 |
|
|
10,999 |
|
|
11,730 |
|
|
|
Net Interest Income After Provision for Loan
Losses |
56,960 |
|
|
58,697 |
|
|
57,585 |
|
|
59,377 |
|
|
57,642 |
|
|
232,619 |
|
|
199,785 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Service charges on deposit accounts |
2,960 |
|
|
2,978 |
|
|
2,894 |
|
|
2,697 |
|
|
3,019 |
|
|
11,529 |
|
|
11,198 |
|
|
| Trust fees |
1,096 |
|
|
1,183 |
|
|
1,147 |
|
|
1,017 |
|
|
1,040 |
|
|
4,443 |
|
|
4,183 |
|
|
| Mortgage banking fees |
1,514 |
|
|
2,127 |
|
|
1,734 |
|
|
1,115 |
|
|
809 |
|
|
6,490 |
|
|
4,682 |
|
|
| Brokerage commissions and fees |
483 |
|
|
449 |
|
|
541 |
|
|
436 |
|
|
468 |
|
|
1,909 |
|
|
1,732 |
|
|
| Marine finance fees |
338 |
|
|
153 |
|
|
201 |
|
|
362 |
|
|
185 |
|
|
1,054 |
|
|
1,398 |
|
|
| Interchange income |
3,387 |
|
|
3,206 |
|
|
3,405 |
|
|
3,401 |
|
|
3,198 |
|
|
13,399 |
|
|
12,335 |
|
|
| BOLI income |
904 |
|
|
928 |
|
|
927 |
|
|
915 |
|
|
1,091 |
|
|
3,674 |
|
|
4,291 |
|
|
| SBA gains |
576 |
|
|
569 |
|
|
691 |
|
|
636 |
|
|
519 |
|
|
2,472 |
|
|
2,474 |
|
|
| Other |
2,579 |
|
|
3,197 |
|
|
2,503 |
|
|
2,266 |
|
|
2,810 |
|
|
10,545 |
|
|
8,352 |
|
|
| |
13,837 |
|
|
14,790 |
|
|
14,043 |
|
|
12,845 |
|
|
13,139 |
|
|
55,515 |
|
|
50,645 |
|
|
| Securities gains/(losses), net |
2,539 |
|
|
(847 |
) |
|
(466 |
) |
|
(9 |
) |
|
(425 |
) |
|
1,217 |
|
|
(623 |
) |
|
|
Total Noninterest Income |
16,376 |
|
|
13,943 |
|
|
13,577 |
|
|
12,836 |
|
|
12,714 |
|
|
56,732 |
|
|
50,022 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and wages |
17,263 |
|
|
18,640 |
|
|
19,420 |
|
|
18,506 |
|
|
22,172 |
|
|
73,829 |
|
|
71,111 |
|
|
| Employee benefits |
3,323 |
|
|
2,973 |
|
|
3,195 |
|
|
4,206 |
|
|
3,625 |
|
|
13,697 |
|
|
12,945 |
|
|
| Outsourced data processing costs |
3,645 |
|
|
3,711 |
|
|
3,876 |
|
|
3,845 |
|
|
5,809 |
|
|
15,077 |
|
|
16,374 |
|
|
| Telephone / data lines |
651 |
|
|
603 |
|
|
893 |
|
|
811 |
|
|
602 |
|
|
2,958 |
|
|
2,481 |
|
|
| Occupancy |
3,368 |
|
|
3,368 |
|
|
3,741 |
|
|
3,807 |
|
|
3,747 |
|
|
14,284 |
|
|
13,394 |
|
|
| Furniture and equipment |
1,416 |
|
|
1,528 |
|
|
1,544 |
|
|
1,757 |
|
|
2,452 |
|
|
6,245 |
|
|
6,744 |
|
|
| Marketing |
885 |
|
|
933 |
|
|
1,211 |
|
|
1,132 |
|
|
1,350 |
|
|
4,161 |
|
|
5,085 |
|
|
| Legal and professional fees |
2,025 |
|
|
1,648 |
|
|
2,033 |
|
|
2,847 |
|
|
3,668 |
|
|
8,553 |
|
|
9,961 |
|
|
| FDIC assessments |
0 |
|
|
56 |
|
|
337 |
|
|
488 |
|
|
571 |
|
|
881 |
|
|
2,195 |
|
|
| Amortization of intangibles |
1,456 |
|
|
1,456 |
|
|
1,456 |
|
|
1,458 |
|
|
1,303 |
|
|
5,826 |
|
|
4,300 |
|
|
| Foreclosed property expense and net (gain)/loss on sale |
3 |
|
|
262 |
|
|
(174 |
) |
|
(40 |
) |
|
0 |
|
|
51 |
|
|
461 |
|
|
| Other |
4,022 |
|
|
3,405 |
|
|
3,468 |
|
|
4,282 |
|
|
4,165 |
|
|
15,177 |
|
|
17,222 |
|
|
|
Total Noninterest Expense |
38,057 |
|
|
38,583 |
|
|
41,000 |
|
|
43,099 |
|
|
49,464 |
|
|
160,739 |
|
|
162,273 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
35,279 |
|
|
34,057 |
|
|
30,162 |
|
|
29,114 |
|
|
20,892 |
|
|
128,612 |
|
|
87,534 |
|
|
| Income taxes |
8,103 |
|
|
8,452 |
|
|
6,909 |
|
|
6,409 |
|
|
4,930 |
|
|
29,873 |
|
|
20,259 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
27,176 |
|
|
$ |
25,605 |
|
|
$ |
23,253 |
|
|
$ |
22,705 |
|
|
$ |
15,962 |
|
|
$ |
98,739 |
|
|
$ |
67,275 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income diluted |
$ |
0.52 |
|
|
$ |
0.49 |
|
|
$ |
0.45 |
|
|
$ |
0.44 |
|
|
$ |
0.31 |
|
|
$ |
1.90 |
|
|
$ |
1.38 |
|
|
| Net income basic |
0.53 |
|
|
0.50 |
|
|
0.45 |
|
|
0.44 |
|
|
0.32 |
|
|
1.92 |
|
|
1.40 |
|
|
| Cash dividends declared |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average diluted shares outstanding |
52,081 |
|
|
51,935 |
|
|
51,952 |
|
|
52,039 |
|
|
51,237 |
|
|
52,029 |
|
|
48,748 |
|
|
| Average basic shares outstanding |
51,517 |
|
|
51,473 |
|
|
51,446 |
|
|
51,359 |
|
|
50,523 |
|
|
51,449 |
|
|
47,969 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(Unaudited) |
|
|
|
| SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
|
|
|
|
|
| |
|
|
|
| |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
(Amounts in thousands) |
|
2019 |
|
2019 |
|
2019 |
|
2019 |
|
2018 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
89,843 |
|
|
$ |
106,349 |
|
|
$ |
97,792 |
|
|
$ |
98,270 |
|
|
$ |
92,242 |
|
|
|
Interest bearing deposits with other banks |
|
34,688 |
|
|
25,911 |
|
|
61,987 |
|
|
105,741 |
|
|
23,709 |
|
|
|
Total Cash and Cash Equivalents |
|
124,531 |
|
|
132,260 |
|
|
159,779 |
|
|
204,011 |
|
|
115,951 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits with other banks |
|
3,742 |
|
|
4,579 |
|
|
4,980 |
|
|
8,174 |
|
|
8,243 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale (at fair value) |
|
946,855 |
|
|
920,811 |
|
|
914,615 |
|
|
877,549 |
|
|
865,831 |
|
|
|
Held to maturity (at amortized cost) |
|
261,369 |
|
|
273,644 |
|
|
287,302 |
|
|
295,485 |
|
|
357,949 |
|
|
|
Total Debt Securities |
|
1,208,224 |
|
|
1,194,455 |
|
|
1,201,917 |
|
|
1,173,034 |
|
|
1,223,780 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale |
|
20,029 |
|
|
26,768 |
|
|
17,513 |
|
|
13,900 |
|
|
11,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
5,198,404 |
|
|
4,986,289 |
|
|
4,888,139 |
|
|
4,828,441 |
|
|
4,825,214 |
|
|
|
Less: Allowance for loan losses |
|
(35,154 |
) |
|
(33,605 |
) |
|
(33,505 |
) |
|
(32,822 |
) |
|
(32,423 |
) |
|
|
Net Loans |
|
5,163,250 |
|
|
4,952,684 |
|
|
4,854,634 |
|
|
4,795,619 |
|
|
4,792,791 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Bank premises and equipment, net |
|
66,615 |
|
|
67,873 |
|
|
68,738 |
|
|
70,412 |
|
|
71,024 |
|
|
|
Other real estate owned |
|
12,390 |
|
|
13,593 |
|
|
11,043 |
|
|
11,921 |
|
|
12,802 |
|
|
|
Goodwill |
|
205,286 |
|
|
205,286 |
|
|
205,260 |
|
|
205,260 |
|
|
204,753 |
|
|
|
Other intangible assets, net |
|
20,066 |
|
|
21,318 |
|
|
22,672 |
|
|
23,959 |
|
|
25,977 |
|
|
|
Bank owned life insurance |
|
126,181 |
|
|
125,277 |
|
|
125,233 |
|
|
124,306 |
|
|
123,394 |
|
|
|
Net deferred tax assets |
|
16,457 |
|
|
17,168 |
|
|
19,353 |
|
|
24,647 |
|
|
28,954 |
|
|
|
Other assets |
|
141,740 |
|
|
129,384 |
|
|
133,764 |
|
|
128,146 |
|
|
128,117 |
|
|
|
Total Assets |
|
$ |
7,108,511 |
|
|
$ |
6,890,645 |
|
|
$ |
6,824,886 |
|
|
$ |
6,783,389 |
|
|
$ |
6,747,659 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
$ |
1,590,493 |
|
|
$ |
1,652,927 |
|
|
$ |
1,669,804 |
|
|
$ |
1,676,009 |
|
|
$ |
1,569,602 |
|
|
|
Interest-bearing demand |
|
1,181,732 |
|
|
1,115,455 |
|
|
1,124,519 |
|
|
1,100,477 |
|
|
1,014,032 |
|
|
|
Savings |
|
519,152 |
|
|
528,214 |
|
|
519,732 |
|
|
508,320 |
|
|
493,807 |
|
|
|
Money market |
|
1,108,363 |
|
|
1,158,862 |
|
|
1,172,971 |
|
|
1,192,070 |
|
|
1,173,950 |
|
|
|
Other time certificates |
|
504,837 |
|
|
537,183 |
|
|
553,107 |
|
|
539,202 |
|
|
513,312 |
|
|
|
Brokered time certificates |
|
472,857 |
|
|
458,418 |
|
|
268,998 |
|
|
367,841 |
|
|
220,594 |
|
|
|
Time certificates of more than $250,000 |
|
207,319 |
|
|
222,082 |
|
|
232,078 |
|
|
221,659 |
|
|
191,943 |
|
|
|
Total Deposits |
|
5,584,753 |
|
|
5,673,141 |
|
|
5,541,209 |
|
|
5,605,578 |
|
|
5,177,240 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
86,121 |
|
|
70,414 |
|
|
82,015 |
|
|
148,005 |
|
|
214,323 |
|
|
|
Federal Home Loan Bank borrowings |
|
315,000 |
|
|
50,000 |
|
|
140,000 |
|
|
3,000 |
|
|
380,000 |
|
|
|
Subordinated debt |
|
71,085 |
|
|
71,014 |
|
|
70,944 |
|
|
70,874 |
|
|
70,804 |
|
|
|
Other liabilities |
|
65,913 |
|
|
63,398 |
|
|
60,479 |
|
|
59,508 |
|
|
41,025 |
|
|
|
Total Liabilities |
|
6,122,872 |
|
|
5,927,967 |
|
|
5,894,647 |
|
|
5,886,965 |
|
|
5,883,392 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
5,151 |
|
|
5,148 |
|
|
5,146 |
|
|
5,141 |
|
|
5,136 |
|
|
|
Additional paid in capital |
|
786,242 |
|
|
784,661 |
|
|
782,928 |
|
|
780,680 |
|
|
778,501 |
|
|
|
Retained earnings |
|
195,813 |
|
|
168,637 |
|
|
143,032 |
|
|
119,779 |
|
|
97,074 |
|
|
|
Treasury stock |
|
(6,032 |
) |
|
(6,079 |
) |
|
(6,137 |
) |
|
(4,959 |
) |
|
(3,384 |
) |
|
| |
|
981,174 |
|
|
952,367 |
|
|
924,969 |
|
|
900,641 |
|
|
877,327 |
|
|
|
Accumulated other comprehensive income/(loss), net |
|
4,465 |
|
|
10,311 |
|
|
5,270 |
|
|
(4,217 |
) |
|
(13,060 |
) |
|
|
Total Shareholders' Equity |
|
985,639 |
|
|
962,678 |
|
|
930,239 |
|
|
896,424 |
|
|
864,267 |
|
|
|
Total Liabilities & Shareholders' Equity |
|
$ |
7,108,511 |
|
|
$ |
6,890,645 |
|
|
$ |
6,824,886 |
|
|
$ |
6,783,389 |
|
|
$ |
6,747,659 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Common shares outstanding |
|
51,514 |
|
|
51,482 |
|
|
51,461 |
|
|
51,414 |
|
|
51,361 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED QUARTERLY FINANCIAL DATA |
(Unaudited) |
| SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
| |
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands) |
4Q'19 |
|
3Q'19 |
|
2Q'19 |
|
1Q'19 |
|
4Q'18 |
| |
|
|
|
|
|
|
|
|
|
| Credit
Analysis |
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries) - non-acquired loans |
$ |
2,930 |
|
|
$ |
2,106 |
|
|
$ |
1,621 |
|
|
$ |
762 |
|
|
$ |
3,693 |
|
|
Net charge-offs (recoveries) - acquired loans |
295 |
|
|
5 |
|
|
220 |
|
|
201 |
|
|
56 |
|
|
Total Net Charge-offs (Recoveries) |
3,225 |
|
|
2,111 |
|
|
1,841 |
|
|
963 |
|
|
3,749 |
|
| |
|
|
|
|
|
|
|
|
|
|
TDR valuation adjustments |
$ |
27 |
|
|
$ |
40 |
|
|
$ |
27 |
|
|
$ |
35 |
|
|
$ |
35 |
|
| |
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries) to average loans - non-acquired
loans |
0.23 |
% |
|
0.17 |
% |
|
0.13 |
% |
|
0.06 |
% |
|
0.32 |
% |
|
Net charge-offs (recoveries) to average loans - acquired loans |
0.02 |
|
|
— |
|
|
0.02 |
|
|
0.02 |
|
|
— |
|
|
Total Net Charge-offs (Recoveries) to Average
Loans |
0.25 |
|
|
0.17 |
|
|
0.15 |
|
|
0.08 |
|
|
0.32 |
|
| |
|
|
|
|
|
|
|
|
|
|
Provision for loan losses - non-acquired loans |
$ |
4,041 |
|
|
$ |
2,241 |
|
|
$ |
2,326 |
|
|
$ |
1,709 |
|
|
$ |
2,343 |
|
|
Provision for (recapture of) loan losses - acquired loans |
759 |
|
|
10 |
|
|
225 |
|
|
(312 |
) |
|
(1 |
) |
|
Total Provision for Loan Losses |
$ |
4,800 |
|
|
$ |
2,251 |
|
|
$ |
2,551 |
|
|
$ |
1,397 |
|
|
$ |
2,342 |
|
| |
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses - non-acquired loans |
$ |
34,573 |
|
|
$ |
33,488 |
|
|
$ |
33,393 |
|
|
$ |
32,715 |
|
|
$ |
31,803 |
|
|
Allowance for loan losses - acquired loans |
581 |
|
|
117 |
|
|
112 |
|
|
107 |
|
|
620 |
|
|
Total Allowance for Loan Losses |
$ |
35,154 |
|
|
$ |
33,605 |
|
|
$ |
33,505 |
|
|
$ |
32,822 |
|
|
$ |
32,423 |
|
| |
|
|
|
|
|
|
|
|
|
|
Non-acquired loans at end of period |
$ |
4,317,919 |
|
|
$ |
4,010,299 |
|
|
$ |
3,817,358 |
|
|
$ |
3,667,221 |
|
|
$ |
3,588,251 |
|
|
Purchased noncredit impaired loans at end of period |
867,819 |
|
|
962,609 |
|
|
1,057,200 |
|
|
1,147,432 |
|
|
1,222,529 |
|
|
Purchased credit impaired loans at end of period |
12,666 |
|
|
13,381 |
|
|
13,581 |
|
|
13,788 |
|
|
14,434 |
|
|
Total Loans |
$ |
5,198,404 |
|
|
$ |
4,986,289 |
|
|
$ |
4,888,139 |
|
|
$ |
4,828,441 |
|
|
$ |
4,825,214 |
|
| |
|
|
|
|
|
|
|
|
|
| Non-acquired loans allowance
for loan losses to non-acquired loans at end of period |
0.80 |
% |
|
0.84 |
% |
|
0.87 |
% |
|
0.89 |
% |
|
0.89 |
% |
| Total allowance for loan
losses to total loans at end of period |
0.68 |
|
|
0.67 |
|
|
0.69 |
|
|
0.68 |
|
|
0.67 |
|
| Purchase discount on acquired
loans at end of period |
3.83 |
|
|
3.76 |
|
|
3.76 |
|
|
3.80 |
|
|
3.86 |
|
| |
|
|
|
|
|
|
|
|
|
| End of
Period |
|
|
|
|
|
|
|
|
|
|
Nonperforming loans - non-acquired |
$ |
20,990 |
|
|
$ |
20,400 |
|
|
$ |
15,810 |
|
|
$ |
15,423 |
|
|
$ |
15,783 |
|
|
Nonperforming loans - acquired |
5,965 |
|
|
5,644 |
|
|
6,986 |
|
|
6,990 |
|
|
10,693 |
|
|
Other real estate owned - non-acquired |
5,177 |
|
|
5,177 |
|
|
66 |
|
|
831 |
|
|
386 |
|
|
Other real estate owned - acquired |
372 |
|
|
1,574 |
|
|
1,612 |
|
|
1,725 |
|
|
3,020 |
|
|
Bank branches closed included in other real estate owned |
6,842 |
|
|
6,842 |
|
|
9,365 |
|
|
9,365 |
|
|
9,396 |
|
|
Total Nonperforming Assets |
$ |
39,346 |
|
|
$ |
39,637 |
|
|
$ |
33,839 |
|
|
$ |
34,334 |
|
|
$ |
39,278 |
|
| |
|
|
|
|
|
|
|
|
|
|
Restructured loans (accruing) |
$ |
11,100 |
|
|
$ |
12,395 |
|
|
$ |
14,534 |
|
|
$ |
14,857 |
|
|
$ |
13,346 |
|
| |
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to loans at end of period - non-acquired |
0.49 |
% |
|
0.51 |
% |
|
0.41 |
% |
|
0.42 |
% |
|
0.44 |
% |
|
Nonperforming loans to loans at end of period - acquired |
0.68 |
|
|
0.58 |
|
|
0.65 |
|
|
0.60 |
|
|
0.86 |
|
|
Total Nonperforming Loans to Loans at End of Period |
0.52 |
|
|
0.52 |
|
|
0.47 |
|
|
0.46 |
|
|
0.55 |
|
| |
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets - non-acquired |
0.46 |
% |
|
0.47 |
% |
|
0.37 |
% |
|
0.38 |
% |
|
0.38 |
% |
|
Nonperforming assets to total assets - acquired |
0.09 |
|
|
0.11 |
|
|
0.13 |
|
|
0.13 |
|
|
0.20 |
|
|
Total Nonperforming Assets to Total Assets |
0.55 |
|
|
0.58 |
|
|
0.50 |
|
|
0.51 |
|
|
0.58 |
|
| |
|
|
|
|
|
|
|
|
|
| |
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
| Loans |
2019 |
|
2019 |
|
2019 |
|
2019 |
|
2018 |
| |
|
|
|
|
|
|
|
|
|
| Construction and land
development |
$ |
325,113 |
|
|
$ |
326,324 |
|
|
$ |
379,991 |
|
|
$ |
417,565 |
|
|
$ |
443,568 |
|
| Commercial real estate - owner
occupied |
1,034,963 |
|
|
1,025,040 |
|
|
1,005,876 |
|
|
989,234 |
|
|
970,181 |
|
| Commercial real estate -
non-owner occupied |
1,344,008 |
|
|
1,285,327 |
|
|
1,184,409 |
|
|
1,173,183 |
|
|
1,161,885 |
|
| Residential real estate |
1,507,863 |
|
|
1,409,946 |
|
|
1,400,184 |
|
|
1,329,166 |
|
|
1,324,377 |
|
| Consumer |
208,205 |
|
|
217,366 |
|
|
215,932 |
|
|
206,414 |
|
|
202,881 |
|
| Commercial and financial |
778,252 |
|
|
722,286 |
|
|
701,747 |
|
|
712,879 |
|
|
722,322 |
|
|
Total Loans |
$ |
5,198,404 |
|
|
$ |
4,986,289 |
|
|
$ |
4,888,139 |
|
|
$ |
4,828,441 |
|
|
$ |
4,825,214 |
|
|
|
|
|
|
|
|
|
|
|
|
| AVERAGE BALANCES, INTEREST INCOME AND
EXPENSES, YIELDS AND RATES 1 |
(Unaudited) |
|
|
|
|
|
|
|
| SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
4Q'19 |
|
3Q'19 |
|
4Q'18 |
|
| |
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
| (Amounts in
thousands) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
1,179,843 |
|
|
$ |
8,500 |
|
|
2.88 |
% |
|
$ |
1,171,393 |
|
|
$ |
8,802 |
|
|
3.01 |
% |
|
$ |
1,227,648 |
|
|
$ |
9,528 |
|
|
3.10 |
% |
|
|
Nontaxable |
20,709 |
|
|
162 |
|
|
3.13 |
|
|
21,194 |
|
|
164 |
|
|
3.09 |
|
|
29,255 |
|
|
252 |
|
|
3.45 |
|
|
|
Total Securities |
1,200,552 |
|
|
8,662 |
|
|
2.89 |
|
|
1,192,587 |
|
|
8,966 |
|
|
3.01 |
|
|
1,256,903 |
|
|
9,780 |
|
|
3.11 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
investments |
84,961 |
|
|
788 |
|
|
3.68 |
|
|
84,705 |
|
|
800 |
|
|
3.75 |
|
|
87,146 |
|
|
835 |
|
|
3.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net |
5,104,272 |
|
|
62,922 |
|
|
4.89 |
|
|
4,945,953 |
|
|
63,138 |
|
|
5.06 |
|
|
4,611,691 |
|
|
59,559 |
|
|
5.12 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
6,389,785 |
|
|
72,372 |
|
|
4.49 |
|
|
6,223,245 |
|
|
72,904 |
|
|
4.65 |
|
|
5,955,740 |
|
|
70,174 |
|
|
4.67 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
(34,072 |
) |
|
|
|
|
|
(33,997 |
) |
|
|
|
|
|
(33,864 |
) |
|
|
|
|
|
|
Cash and due from banks |
99,008 |
|
|
|
|
|
|
88,539 |
|
|
|
|
|
|
124,299 |
|
|
|
|
|
|
|
Premises and equipment |
67,485 |
|
|
|
|
|
|
68,301 |
|
|
|
|
|
|
75,120 |
|
|
|
|
|
|
|
Intangible assets |
226,060 |
|
|
|
|
|
|
227,389 |
|
|
|
|
|
|
213,713 |
|
|
|
|
|
|
|
Bank owned life insurance |
125,597 |
|
|
|
|
|
|
125,249 |
|
|
|
|
|
|
132,495 |
|
|
|
|
|
|
|
Other assets |
122,351 |
|
|
|
|
|
|
121,850 |
|
|
|
|
|
|
122,367 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
6,996,214 |
|
|
|
|
|
|
$ |
6,820,576 |
|
|
|
|
|
|
$ |
6,589,870 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
1,190,681 |
|
|
$ |
983 |
|
|
0.33 |
% |
|
$ |
1,116,434 |
|
|
$ |
1,053 |
|
|
0.37 |
% |
|
$ |
974,711 |
|
|
$ |
515 |
|
|
0.21 |
% |
|
|
Savings |
528,771 |
|
|
422 |
|
|
0.32 |
|
|
522,831 |
|
|
531 |
|
|
0.40 |
|
|
509,434 |
|
|
418 |
|
|
0.33 |
|
|
|
Money market |
1,148,453 |
|
|
2,184 |
|
|
0.75 |
|
|
1,173,042 |
|
|
2,750 |
|
|
0.93 |
|
|
1,161,599 |
|
|
2,207 |
|
|
0.75 |
|
|
|
Time deposits |
1,078,297 |
|
|
5,084 |
|
|
1.87 |
|
|
1,159,272 |
|
|
6,009 |
|
|
2.06 |
|
|
899,153 |
|
|
3,901 |
|
|
1.72 |
|
|
|
Securities sold under agreements to repurchase |
73,693 |
|
|
226 |
|
|
1.22 |
|
|
75,785 |
|
|
300 |
|
|
1.57 |
|
|
242,963 |
|
|
732 |
|
|
1.20 |
|
|
|
Federal funds purchased and Federal Home Loan Bank borrowings |
181,134 |
|
|
845 |
|
|
1.85 |
|
|
68,804 |
|
|
414 |
|
|
2.39 |
|
|
240,799 |
|
|
1,468 |
|
|
2.42 |
|
|
|
Other borrowings |
71,045 |
|
|
782 |
|
|
4.37 |
|
|
70,969 |
|
|
820 |
|
|
4.58 |
|
|
70,764 |
|
|
833 |
|
|
4.67 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities |
4,272,074 |
|
|
10,526 |
|
|
0.98 |
|
|
4,187,137 |
|
|
11,877 |
|
|
1.13 |
|
|
4,099,423 |
|
|
10,074 |
|
|
0.97 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
1,680,734 |
|
|
|
|
|
|
1,626,269 |
|
|
|
|
|
|
1,628,842 |
|
|
|
|
|
|
|
Other liabilities |
67,206 |
|
|
|
|
|
|
60,500 |
|
|
|
|
|
|
33,846 |
|
|
|
|
|
|
|
Total Liabilities |
6,020,014 |
|
|
|
|
|
|
5,873,906 |
|
|
|
|
|
|
5,762,111 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
976,200 |
|
|
|
|
|
|
946,670 |
|
|
|
|
|
|
827,759 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity |
$ |
6,996,214 |
|
|
|
|
|
|
$ |
6,820,576 |
|
|
|
|
|
|
$ |
6,589,870 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of deposits |
|
|
|
|
0.61 |
% |
|
|
|
|
|
0.73 |
% |
|
|
|
|
|
0.54 |
% |
|
| Interest expense as a % of earning assets |
|
|
|
|
0.65 |
% |
|
|
|
|
|
0.76 |
% |
|
|
|
|
|
0.67 |
% |
|
| Net interest income as a % of earning assets |
|
|
$ |
61,846 |
|
|
3.84 |
% |
|
|
|
$ |
61,027 |
|
|
3.89 |
% |
|
|
|
$ |
60,100 |
|
|
4.00 |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1On a fully taxable equivalent basis. All yields
and rates have been computed using amortized cost. |
|
|
|
|
|
| Fees on loans have been included in interest on
loans. Nonaccrual loans are included in loan balances. |
|
|
|
|
|
| AVERAGE BALANCES, INTEREST INCOME AND
EXPENSES, YIELDS AND RATES 1 |
(Unaudited) |
| SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
| |
|
|
| |
Twelve
Months Ended December 31, 2019 |
|
Twelve Months Ended
December 31, 2018 |
|
| |
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
| (Amounts in thousands,
except ratios) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
1,176,842 |
|
|
$ |
35,354 |
|
|
3.00 |
% |
|
$ |
1,299,089 |
|
|
$ |
37,860 |
|
|
2.91 |
% |
|
|
Nontaxable |
23,122 |
|
|
695 |
|
|
3.01 |
|
|
31,331 |
|
|
1,115 |
|
|
3.56 |
|
|
|
Total Securities |
1,199,964 |
|
|
36,049 |
|
|
3.00 |
|
|
1,330,420 |
|
|
38,975 |
|
|
2.93 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other |
|
|
|
|
|
|
|
|
|
|
|
|
|
investments |
88,045 |
|
|
3,379 |
|
|
3.84 |
|
|
61,048 |
|
|
2,670 |
|
|
4.37 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net |
4,933,518 |
|
|
250,730 |
|
|
5.08 |
|
|
4,112,009 |
|
|
200,194 |
|
|
4.87 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
6,221,527 |
|
|
290,158 |
|
|
4.66 |
|
|
5,503,477 |
|
|
241,839 |
|
|
4.39 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
(33,465 |
) |
|
|
|
|
|
(29,972 |
) |
|
|
|
|
|
|
Cash and due from banks |
94,643 |
|
|
|
|
|
|
114,936 |
|
|
|
|
|
|
|
Premises and equipment |
69,142 |
|
|
|
|
|
|
67,332 |
|
|
|
|
|
|
|
Intangible assets |
228,042 |
|
|
|
|
|
|
178,287 |
|
|
|
|
|
|
|
Bank owned life insurance |
124,803 |
|
|
|
|
|
|
124,452 |
|
|
|
|
|
|
|
Other assets |
126,588 |
|
|
|
|
|
|
98,823 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
6,831,280 |
|
|
|
|
|
|
$ |
6,057,335 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
1,114,334 |
|
|
$ |
4,025 |
|
|
0.36 |
% |
|
$ |
978,030 |
|
|
$ |
1,883 |
|
|
0.19 |
% |
|
|
Savings |
516,526 |
|
|
2,015 |
|
|
0.39 |
|
|
457,542 |
|
|
811 |
|
|
0.18 |
|
|
|
Money market |
1,164,938 |
|
|
10,581 |
|
|
0.91 |
|
|
1,049,900 |
|
|
6,069 |
|
|
0.58 |
|
|
|
Time deposits |
1,092,516 |
|
|
21,776 |
|
|
1.99 |
|
|
811,741 |
|
|
11,684 |
|
|
1.44 |
|
|
|
Securities sold under agreements to repurchase |
106,142 |
|
|
1,431 |
|
|
1.35 |
|
|
200,839 |
|
|
1,804 |
|
|
0.90 |
|
|
|
Federal funds purchased and Federal Home Loan Bank borrowings |
131,921 |
|
|
3,010 |
|
|
2.28 |
|
|
224,982 |
|
|
4,468 |
|
|
1.99 |
|
|
|
Other borrowings |
70,939 |
|
|
3,367 |
|
|
4.75 |
|
|
70,658 |
|
|
3,164 |
|
|
4.48 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities |
4,197,316 |
|
|
46,205 |
|
|
1.10 |
|
|
3,793,692 |
|
|
29,883 |
|
|
0.79 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
1,641,766 |
|
|
|
|
|
|
1,492,451 |
|
|
|
|
|
|
|
Other liabilities |
63,405 |
|
|
|
|
|
|
30,621 |
|
|
|
|
|
|
|
Total Liabilities |
5,902,487 |
|
|
|
|
|
|
5,316,764 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
928,793 |
|
|
|
|
|
|
740,571 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity |
$ |
6,831,280 |
|
|
|
|
|
|
$ |
6,057,335 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of deposits |
|
|
|
|
0.69 |
% |
|
|
|
|
|
0.43 |
% |
|
| Interest expense as a % of earning assets |
|
|
|
|
0.74 |
% |
|
|
|
|
|
0.54 |
% |
|
| Net interest income as a % of earning assets |
|
|
$ |
243,953 |
|
|
3.92 |
% |
|
|
|
$ |
211,956 |
|
|
3.85 |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| 1On a fully taxable equivalent basis. All yields
and rates have been computed using amortized cost. |
| Fees on loans have been included in interest on
loans. Nonaccrual loans are included in loan balances. |
|
CONSOLIDATED QUARTERLY FINANCIAL DATA |
|
|
(Unaudited) |
|
|
|
|
| SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
|
|
|
|
|
|
| |
|
|
|
|
| |
|
|
December
31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
| (Amounts in thousands) |
|
2019 |
|
2019 |
|
2019 |
|
2019 |
|
2018 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Customer Relationship Funding |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
$ |
1,233,475 |
|
|
$ |
1,314,102 |
|
|
$ |
1,323,743 |
|
|
$ |
1,298,468 |
|
|
$ |
1,217,842 |
|
|
|
Retail |
|
|
246,717 |
|
|
241,734 |
|
|
251,879 |
|
|
275,383 |
|
|
259,318 |
|
|
|
Public funds |
|
|
85,122 |
|
|
65,869 |
|
|
65,822 |
|
|
73,640 |
|
|
68,324 |
|
|
|
Other |
|
|
25,179 |
|
|
31,222 |
|
|
28,360 |
|
|
28,518 |
|
|
24,118 |
|
|
|
Total Noninterest Demand |
|
1,590,493 |
|
|
1,652,927 |
|
|
1,669,804 |
|
|
1,676,009 |
|
|
1,569,602 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
319,993 |
|
|
342,376 |
|
|
323,818 |
|
|
289,544 |
|
|
211,879 |
|
|
|
Retail |
|
|
641,762 |
|
|
622,833 |
|
|
634,099 |
|
|
646,522 |
|
|
650,490 |
|
|
|
Public funds |
|
|
219,977 |
|
|
150,246 |
|
|
166,602 |
|
|
164,411 |
|
|
151,663 |
|
|
|
Total Interest-Bearing Demand |
|
1,181,732 |
|
|
1,115,455 |
|
|
1,124,519 |
|
|
1,100,477 |
|
|
1,014,032 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total transaction accounts |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
1,553,468 |
|
|
1,656,478 |
|
|
1,647,561 |
|
|
1,588,012 |
|
|
1,429,721 |
|
|
|
Retail |
|
|
888,479 |
|
|
864,567 |
|
|
885,978 |
|
|
921,905 |
|
|
909,808 |
|
|
|
Public funds |
|
|
305,099 |
|
|
216,115 |
|
|
232,424 |
|
|
238,051 |
|
|
219,987 |
|
|
|
Other |
|
|
25,179 |
|
|
31,222 |
|
|
28,360 |
|
|
28,518 |
|
|
24,118 |
|
|
|
Total Transaction Accounts |
|
2,772,225 |
|
|
2,768,382 |
|
|
2,794,323 |
|
|
2,776,486 |
|
|
2,583,634 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
|
519,152 |
|
|
528,214 |
|
|
519,732 |
|
|
508,320 |
|
|
493,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
494,803 |
|
|
513,477 |
|
|
517,041 |
|
|
500,649 |
|
|
459,380 |
|
|
|
Retail |
|
|
553,075 |
|
|
583,917 |
|
|
590,320 |
|
|
602,378 |
|
|
607,837 |
|
|
|
Public funds |
|
|
60,485 |
|
|
61,468 |
|
|
65,610 |
|
|
89,043 |
|
|
106,733 |
|
|
|
Total Money Market |
|
1,108,363 |
|
|
1,158,862 |
|
|
1,172,971 |
|
|
1,192,070 |
|
|
1,173,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokered time certificates |
|
472,857 |
|
|
458,418 |
|
|
268,998 |
|
|
367,841 |
|
|
220,594 |
|
|
|
Other time certificates |
|
712,156 |
|
|
759,265 |
|
|
785,185 |
|
|
760,861 |
|
|
705,255 |
|
|
|
|
|
1,185,013 |
|
|
1,217,683 |
|
|
1,054,183 |
|
|
1,128,702 |
|
|
925,849 |
|
|
|
Total Deposits |
|
$ |
5,584,753 |
|
|
$ |
5,673,141 |
|
|
$ |
5,541,209 |
|
|
$ |
5,605,578 |
|
|
$ |
5,177,240 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Customer sweep accounts |
|
$ |
86,121 |
|
|
$ |
70,414 |
|
|
$ |
82,015 |
|
|
$ |
148,005 |
|
|
$ |
214,323 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Explanation of Certain Unaudited Non-GAAP Financial
Measures
This presentation contains financial information determined by
methods other than Generally Accepted Accounting Principles
(“GAAP”). Management uses these non-GAAP financial measures in its
analysis of the Company’s performance and believes these
presentations provide useful supplemental information, and a
clearer understanding of the Company’s performance. The Company
believes the non-GAAP measures enhance investors’ understanding of
the Company’s business and performance and if not provided would be
requested by the investor community. These measures are also useful
in understanding performance trends and facilitate comparisons with
the performance of other financial institutions. The limitations
associated with operating measures are the risk that persons might
disagree as to the appropriateness of items comprising these
measures and that different companies might define or calculate
these measures differently. The Company provides reconciliations
between GAAP and these non-GAAP measures. These disclosures should
not be considered an alternative to GAAP.
|
GAAP TO NON-GAAP RECONCILIATION |
|
(Unaudited) |
|
|
|
|
|
|
|
| SEACOAST
BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Quarterly Trends |
|
Twelve Months Ended |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except per share data) |
4Q'19 |
|
3Q'19 |
|
2Q'19 |
|
1Q'19 |
|
4Q'18 |
|
4Q'19 |
|
4Q'18 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
Income |
$ |
27,176 |
|
|
$ |
25,605 |
|
|
$ |
23,253 |
|
|
$ |
22,705 |
|
|
$ |
15,962 |
|
|
$ |
98,739 |
|
|
$ |
67,275 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total noninterest income |
16,376 |
|
|
13,943 |
|
|
13,577 |
|
|
12,836 |
|
|
12,714 |
|
|
56,732 |
|
|
50,022 |
|
|
| Securities (gains)/losses,
net |
(2,539 |
) |
|
847 |
|
|
466 |
|
|
9 |
|
|
425 |
|
|
(1,217 |
) |
|
623 |
|
|
| BOLI benefits on death
(included in other income) |
— |
|
|
(956 |
) |
|
— |
|
|
— |
|
|
(280 |
) |
|
(956 |
) |
|
(280 |
) |
|
|
Total Adjustments to Noninterest Income |
(2,539 |
) |
|
(109 |
) |
|
466 |
|
|
9 |
|
|
145 |
|
|
(2,173 |
) |
|
343 |
|
|
|
Total Adjusted Noninterest Income |
13,837 |
|
|
13,834 |
|
|
14,043 |
|
|
12,845 |
|
|
12,859 |
|
|
54,559 |
|
|
50,365 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total noninterest expense |
38,057 |
|
|
38,583 |
|
|
41,000 |
|
|
43,099 |
|
|
49,464 |
|
|
160,739 |
|
|
162,273 |
|
|
| Merger related charges |
(634 |
) |
|
— |
|
|
— |
|
|
(335 |
) |
|
(8,034 |
) |
|
(969 |
) |
|
(9,681 |
) |
|
| Amortization of
intangibles |
(1,456 |
) |
|
(1,456 |
) |
|
(1,456 |
) |
|
(1,458 |
) |
|
(1,303 |
) |
|
(5,826 |
) |
|
(4,300 |
) |
|
| Business continuity expenses -
hurricane events |
— |
|
|
(95 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(95 |
) |
|
— |
|
|
| Branch reductions and other
expense initiatives |
— |
|
|
(121 |
) |
|
(1,517 |
) |
|
(208 |
) |
|
(587 |
) |
|
(1,846 |
) |
|
(587 |
) |
|
|
Total Adjustments to Noninterest Expense |
(2,090 |
) |
|
(1,672 |
) |
|
(2,973 |
) |
|
(2,001 |
) |
|
(9,924 |
) |
|
(8,736 |
) |
|
(14,568 |
) |
|
|
Total Adjusted Noninterest Expense |
35,967 |
|
|
36,911 |
|
|
38,027 |
|
|
41,098 |
|
|
39,540 |
|
|
152,003 |
|
|
147,705 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income Taxes |
8,103 |
|
|
8,452 |
|
|
6,909 |
|
|
6,409 |
|
|
4,930 |
|
|
29,873 |
|
|
20,259 |
|
|
| Tax effect of adjustments |
(110 |
) |
|
572 |
|
|
874 |
|
|
510 |
|
|
2,623 |
|
|
1,846 |
|
|
3,834 |
|
|
| Taxes and tax penalties on
acquisition-related BOLI redemption |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(485 |
) |
|
— |
|
|
(485 |
) |
|
| Effect of change in corporate
tax rate on deferred tax assets |
— |
|
|
(1,135 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,135 |
) |
|
(248 |
) |
|
|
Total Adjustments to Income Taxes |
(110 |
) |
|
(563 |
) |
|
874 |
|
|
510 |
|
|
2,138 |
|
|
711 |
|
|
3,101 |
|
|
|
Adjusted Income Taxes |
7,993 |
|
|
7,889 |
|
|
7,783 |
|
|
6,919 |
|
|
7,068 |
|
|
30,584 |
|
|
23,360 |
|
|
|
Adjusted Net Income |
$ |
26,837 |
|
|
$ |
27,731 |
|
|
$ |
25,818 |
|
|
$ |
24,205 |
|
|
$ |
23,893 |
|
|
$ |
104,591 |
|
|
$ |
79,085 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per diluted share, as
reported |
$ |
0.52 |
|
|
$ |
0.49 |
|
|
$ |
0.45 |
|
|
$ |
0.44 |
|
|
$ |
0.31 |
|
|
$ |
1.90 |
|
|
$ |
1.38 |
|
|
| Adjusted Earnings per
Diluted Share |
0.52 |
|
|
0.53 |
|
|
0.50 |
|
|
0.47 |
|
|
0.47 |
|
|
2.01 |
|
|
1.62 |
|
|
| Average diluted shares
outstanding |
52,081 |
|
|
51,935 |
|
|
51,952 |
|
|
52,039 |
|
|
51,237 |
|
|
52,029 |
|
|
48,748 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Noninterest
Expense |
$ |
35,967 |
|
|
$ |
36,911 |
|
|
$ |
38,027 |
|
|
$ |
41,098 |
|
|
$ |
39,540 |
|
|
$ |
152,003 |
|
|
$ |
147,705 |
|
|
| Foreclosed property expense
and net gain/(loss) on sale |
(3 |
) |
|
(262 |
) |
|
174 |
|
|
40 |
|
|
— |
|
|
(51 |
) |
|
(460 |
) |
|
|
Net Adjusted Noninterest Expense |
$ |
35,964 |
|
|
$ |
36,649 |
|
|
$ |
38,201 |
|
|
$ |
41,138 |
|
|
$ |
39,540 |
|
|
$ |
151,952 |
|
|
$ |
147,245 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
78,136 |
|
|
$ |
74,891 |
|
|
$ |
73,713 |
|
|
$ |
73,610 |
|
|
$ |
72,698 |
|
|
$ |
300,350 |
|
|
$ |
261,537 |
|
|
| Total Adjustments to
Revenue |
(2,539 |
) |
|
(109 |
) |
|
466 |
|
|
9 |
|
|
145 |
|
|
(2,173 |
) |
|
343 |
|
|
| Impact of FTE adjustment |
87 |
|
|
79 |
|
|
83 |
|
|
87 |
|
|
116 |
|
|
336 |
|
|
441 |
|
|
|
Adjusted Revenue on a fully taxable equivalent
basis |
$ |
75,684 |
|
|
$ |
74,861 |
|
|
$ |
74,262 |
|
|
$ |
73,706 |
|
|
$ |
72,959 |
|
|
$ |
298,513 |
|
|
$ |
262,321 |
|
|
| Adjusted Efficiency Ratio |
47.52 |
% |
|
48.96 |
% |
|
51.44 |
% |
|
55.81 |
% |
|
54.19 |
% |
|
50.90 |
% |
|
56.13 |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average Assets |
$ |
6,996,214 |
|
|
$ |
6,820,576 |
|
|
$ |
6,734,994 |
|
|
$ |
6,770,978 |
|
|
$ |
6,589,870 |
|
|
$ |
6,831,280 |
|
|
$ |
6,057,335 |
|
|
| Less average goodwill and
intangible assets |
(226,060 |
) |
|
(227,389 |
) |
|
(228,706 |
) |
|
(230,066 |
) |
|
(213,713 |
) |
|
(228,042 |
) |
|
(178,287 |
) |
|
|
Average Tangible Assets |
$ |
6,770,154 |
|
|
$ |
6,593,187 |
|
|
$ |
6,506,288 |
|
|
$ |
6,540,912 |
|
|
$ |
6,376,157 |
|
|
$ |
6,603,238 |
|
|
$ |
5,879,048 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Average Assets
(ROA) |
1.54 |
% |
|
1.49 |
% |
|
1.38 |
% |
|
1.36 |
% |
|
0.96 |
% |
|
1.45 |
% |
|
1.11 |
% |
|
| Impact of removing average intangible assets and related
amortization |
0.12 |
|
|
0.12 |
|
|
0.12 |
|
|
0.12 |
|
|
0.09 |
|
|
0.11 |
|
|
0.09 |
|
|
|
Return on Average Tangible Assets (ROTA) |
1.66 |
|
|
1.61 |
|
|
1.50 |
|
|
1.48 |
|
|
1.05 |
|
|
1.56 |
|
|
1.20 |
|
|
| Impact of other adjustments
for Adjusted Net Income |
(0.09 |
) |
|
0.06 |
|
|
0.09 |
|
|
0.02 |
|
|
0.44 |
|
|
0.02 |
|
|
0.15 |
|
|
|
Adjusted Return on Average Tangible Assets |
1.57 |
|
|
1.67 |
|
|
1.59 |
|
|
1.50 |
|
|
1.49 |
|
|
1.58 |
|
|
1.35 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average Shareholders'
Equity |
$ |
976,200 |
|
|
$ |
946,670 |
|
|
$ |
911,479 |
|
|
$ |
879,564 |
|
|
$ |
827,759 |
|
|
$ |
928,793 |
|
|
$ |
740,571 |
|
|
| Less average goodwill and
intangible assets |
(226,060 |
) |
|
(227,389 |
) |
|
(228,706 |
) |
|
(230,066 |
) |
|
(213,713 |
) |
|
(228,042 |
) |
|
(178,287 |
) |
|
|
Average Tangible Equity |
$ |
750,140 |
|
|
$ |
719,281 |
|
|
$ |
682,773 |
|
|
$ |
649,498 |
|
|
$ |
614,046 |
|
|
$ |
700,751 |
|
|
$ |
562,284 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Average
Shareholders' Equity |
11.04 |
% |
|
10.73 |
% |
|
10.23 |
% |
|
10.47 |
% |
|
7.65 |
% |
|
10.63 |
% |
|
9.08 |
% |
|
| Impact of removing average intangible assets and related
amortization |
3.91 |
|
|
4.00 |
|
|
4.07 |
|
|
4.39 |
|
|
3.29 |
|
|
4.09 |
|
|
3.46 |
|
|
|
Return on Average Tangible Common Equity
(ROTCE) |
14.95 |
|
|
14.73 |
|
|
14.30 |
|
|
14.86 |
|
|
10.94 |
|
|
14.72 |
|
|
12.54 |
|
|
| Impact of other adjustments
for Adjusted Net Income |
(0.76 |
) |
|
0.57 |
|
|
0.87 |
|
|
0.25 |
|
|
4.50 |
|
|
0.21 |
|
|
1.52 |
|
|
|
Adjusted Return on Average Tangible Common
Equity |
14.19 |
|
|
15.30 |
|
|
15.17 |
|
|
15.11 |
|
|
15.44 |
|
|
14.93 |
|
|
14.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loan interest income excluding
accretion on acquired loans |
$ |
59,515 |
|
|
$ |
59,279 |
|
|
$ |
58,169 |
|
|
$ |
58,397 |
|
|
$ |
55,470 |
|
|
$ |
235,359 |
|
|
$ |
188,865 |
|
|
| Accretion on acquired
loans |
3,407 |
|
|
3,859 |
|
|
4,166 |
|
|
3,938 |
|
|
4,089 |
|
|
15,371 |
|
|
11,329 |
|
|
|
Loan interest income1 |
$ |
62,922 |
|
|
$ |
63,138 |
|
|
$ |
62,335 |
|
|
$ |
62,335 |
|
|
$ |
59,559 |
|
|
$ |
250,730 |
|
|
$ |
200,194 |
|
|
| 1On a fully
taxable equivalent basis. All yields and rates have been computed
using amortized cost. |
|
| |
|
| |
|
|
GAAP TO NON-GAAP RECONCILIATION |
|
(Unaudited) |
|
|
|
|
|
|
|
| SEACOAST
BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Quarterly Trends |
|
Twelve Months Ended |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except per share data) |
4Q'19 |
|
3Q'19 |
|
2Q'19 |
|
1Q'19 |
|
4Q'18 |
|
4Q'19 |
|
4Q'18 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Yield on loans excluding
accretion on acquired loans |
4.63 |
% |
|
4.76 |
% |
|
4.82 |
% |
|
4.89 |
% |
|
4.77 |
% |
|
4.77 |
% |
|
4.59 |
% |
|
| Impact of accretion on
acquired loans |
0.26 |
|
|
0.30 |
|
|
0.34 |
|
|
0.33 |
|
|
0.35 |
|
|
0.31 |
|
|
0.28 |
|
|
|
Yield on loans |
4.89 |
|
|
5.06 |
|
|
5.16 |
|
|
5.22 |
|
|
5.12 |
|
|
5.08 |
|
|
4.87 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income excluding
accretion on acquired loans |
$ |
58,439 |
|
|
$ |
57,168 |
|
|
$ |
56,053 |
|
|
$ |
56,923 |
|
|
$ |
56,011 |
|
|
$ |
228,582 |
|
|
$ |
200,627 |
|
|
| Accretion on acquired
loans |
3,407 |
|
|
3,859 |
|
|
4,166 |
|
|
3,938 |
|
|
4,089 |
|
|
15,371 |
|
|
11,329 |
|
|
|
Net Interest Income1 |
$ |
61,846 |
|
|
$ |
61,027 |
|
|
$ |
60,219 |
|
|
$ |
60,861 |
|
|
$ |
60,100 |
|
|
$ |
243,953 |
|
|
$ |
211,956 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest margin excluding
accretion on acquired loans |
3.63 |
% |
|
3.64 |
% |
|
3.67 |
% |
|
3.76 |
% |
|
3.73 |
% |
|
3.67 |
% |
|
3.65 |
% |
|
| Impact of accretion on
acquired loans |
0.21 |
|
|
0.25 |
|
|
0.27 |
|
|
0.26 |
|
|
0.27 |
|
|
0.25 |
|
|
0.20 |
|
|
|
Net Interest Margin |
3.84 |
|
|
3.89 |
|
|
3.94 |
|
|
4.02 |
|
|
4.00 |
|
|
3.92 |
|
|
3.85 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security interest income
excluding tax equivalent adjustment |
$ |
8,630 |
|
|
$ |
8,933 |
|
|
$ |
9,076 |
|
|
$ |
9,270 |
|
|
$ |
9,728 |
|
|
$ |
35,909 |
|
|
$ |
38,743 |
|
|
| Tax equivalent adjustment on
securities |
32 |
|
|
33 |
|
|
36 |
|
|
39 |
|
|
52 |
|
|
140 |
|
|
232 |
|
|
|
Security interest income1 |
$ |
8,662 |
|
|
$ |
8,966 |
|
|
$ |
9,112 |
|
|
$ |
9,309 |
|
|
$ |
9,780 |
|
|
$ |
36,049 |
|
|
$ |
38,975 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loan interest income excluding
tax equivalent adjustment |
$ |
62,867 |
|
|
$ |
63,091 |
|
|
$ |
62,287 |
|
|
$ |
62,287 |
|
|
$ |
59,495 |
|
|
$ |
250,532 |
|
|
$ |
199,984 |
|
|
| Tax equivalent adjustment on
loans |
55 |
|
|
47 |
|
|
48 |
|
|
48 |
|
|
64 |
|
|
198 |
|
|
210 |
|
|
|
Loan interest income1 |
$ |
62,922 |
|
|
$ |
63,138 |
|
|
$ |
62,335 |
|
|
$ |
62,335 |
|
|
$ |
59,559 |
|
|
$ |
250,730 |
|
|
$ |
200,194 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income excluding
tax equivalent adjustment |
$ |
61,759 |
|
|
$ |
60,947 |
|
|
$ |
60,135 |
|
|
$ |
60,774 |
|
|
$ |
59,984 |
|
|
$ |
243,615 |
|
|
$ |
211,514 |
|
|
| Tax equivalent adjustment on
securities |
32 |
|
|
33 |
|
|
36 |
|
|
39 |
|
|
52 |
|
|
140 |
|
|
232 |
|
|
| Tax equivalent adjustment on
loans |
55 |
|
|
47 |
|
|
48 |
|
|
48 |
|
|
64 |
|
|
198 |
|
|
210 |
|
|
|
Net Interest Income1 |
$ |
61,846 |
|
|
$ |
61,027 |
|
|
$ |
60,219 |
|
|
$ |
60,861 |
|
|
$ |
60,100 |
|
|
$ |
243,953 |
|
|
$ |
211,956 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1On a fully
taxable equivalent basis. All yields and rates have been computed
using amortized cost. |
|
Charles M. ShafferExecutive Vice PresidentChief Operating
Officer andChief Financial Officer(772)
221-7003Chuck.Shaffer@seacoastbank.com
Seacoast Banking Corpora... (NASDAQ:SBCF)
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From Mar 2024 to Apr 2024
Seacoast Banking Corpora... (NASDAQ:SBCF)
Historical Stock Chart
From Apr 2023 to Apr 2024
