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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
 
 
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020
OR

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to __________________.
Commission File No. 0-13660
 
Seacoast Banking Corporation of Florida
(Exact Name of Registrant as Specified in its Charter)
 
 
Florida
 
59-2260678
 
 
(State or Other Jurisdiction of
Incorporation or Organization
 
(I.R.S. Employer
Identification No.)
 
815 COLORADO AVENUE,
STUART
FL
 
34994
(Address of Principal Executive Offices)
 
(Zip Code)
 
(772)
287-4000
 
(Registrant’s Telephone Number, Including Area Code)
 
 
 
 
Securities registered pursuant to Section 12(b) of the Act:  
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
 
Common Stock
SBCF
Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.            Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                            Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer
Accelerated filer

Non-accelerated filer
Smaller reporting company
 
 
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Common Stock, $0.10 Par Value – 52,708,726 shares as of March 31, 2020
 
 
 



INDEX
 SEACOAST BANKING CORPORATION OF FLORIDA
 
 
PAGE #
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2


Part I. FINANCIAL INFORMATION
Item 1. Financial Statements

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
 
 
Three Months Ended March 31,
(In thousands, except per share data)
2020
 
2019
Interest and fees on loans
$
63,440

 
$
62,287

Interest and dividends on securities
8,818

 
9,270

Interest on interest bearing deposits and other investments
734

 
918

Total Interest Income
72,992

 
72,475

 
 
 
 
Interest on deposits
3,190

 
3,873

Interest on time certificates
4,768

 
4,959

Interest on borrowed money
1,857

 
2,869

Total Interest Expense
9,815

 
11,701

 
 
 
 
Net Interest Income
63,177

 
60,774

 
 
 
 
Provision for credit losses
29,513

 
1,397

 
 
 
 
Net Interest Income after Provision for Credit Losses
33,664

 
59,377

 
 
 
 
Noninterest income
 
 
 
Other income
14,669

 
12,845

Securities gains (losses), net
19

 
(9
)
Total Noninterest Income (Note H)
14,688

 
12,836

 
 
 
 
Total Noninterest Expenses (Note H)
47,798

 
43,099

Income Before Income Taxes
554

 
29,114

(Benefit) provision for income taxes
(155
)
 
6,409

Net Income
$
709

 
$
22,705

 
 
 
 
Share Data
 
 
 
Net income per share of common stock
 
 
 
Diluted
$
0.01

 
$
0.44

Basic
0.01

 
0.44

Average common shares outstanding
 
 
 
Diluted
52,284

 
52,039

Basic
51,803

 
51,359

See notes to unaudited condensed consolidated financial statements.
 



3


SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
 
Three Months Ended March 31,
(In thousands)
2020
 
2019
Net Income
$
709

 
$
22,705

Other comprehensive income:
 
 
 
Unrealized gains on securities available-for-sale
104

 
12,676

Reclassification of unrealized losses on securities transferred to available-for-sale upon adoption of new accounting pronouncement

 
(730
)
Amortization of unrealized losses on securities transferred to held-to-maturity, net
59

 
71

Reclassification adjustment for losses included in net income
95

 
87

Benefit (provision) for income taxes
36

 
(3,261
)
Total other comprehensive income
294

 
8,843

Comprehensive Income
$
1,003


$
31,548

See notes to unaudited condensed consolidated financial statements.

 



4


SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
 
March 31,
 
December 31,
(In thousands, except share data)
2020
 
2019
Assets
 

 
 

Cash and due from banks
$
82,111

 
$
89,843

Interest bearing deposits with other banks
232,763

 
34,688

Total cash and cash equivalents
314,874

 
124,531

 
 
 
 
Time deposits with other banks
3,742

 
3,742

 
 
 
 
Debt securities:
 
 
 
Securities available-for-sale (at fair value)
910,311

 
946,855

Securities held-to-maturity (fair value $261,218 at March 31, 2020 and $262,213 at December 31, 2019)
252,373

 
261,369

Total debt securities
1,162,684

 
1,208,224

 
 
 
 
Loans held for sale (at fair value)
29,281

 
20,029

 
 
 
 
Loans
5,317,208

 
5,198,404

Less: Allowance for credit losses
(85,411
)
 
(35,154
)
Loans, net of allowance for credit losses
5,231,797

 
5,163,250

 
 
 
 
Bank premises and equipment, net
71,540

 
66,615

Other real estate owned
14,640

 
12,390

Goodwill
212,085

 
205,286

Other intangible assets, net
19,461

 
20,066

Bank owned life insurance
127,067

 
126,181

Net deferred tax assets
19,766

 
16,457

Other assets
145,957

 
141,740

Total Assets
$
7,352,894

 
$
7,108,511

 
 
 
 
Liabilities
 
 
 
Deposits
$
5,887,499

 
$
5,584,753

Securities sold under agreements to repurchase, maturing within 30 days
64,723

 
86,121

Federal Home Loan Bank (FHLB) borrowings
265,000

 
315,000

Subordinated debt
71,155

 
71,085

Other liabilities
72,730

 
65,913

Total Liabilities
6,361,107

 
6,122,872

 
 
 
 
Shareholders' Equity
 
 
 
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 53,010,413 and outstanding 52,708,726 at March 31, 2020, and authorized 120,000,000, issued 51,760,617 and outstanding 51,513,733 shares at December 31, 2019
5,271

 
5,151

Other shareholders' equity
986,516

 
980,488

Total Shareholders' Equity
991,787

 
985,639

Total Liabilities and Shareholders' Equity
$
7,352,894

 
$
7,108,511

 See notes to unaudited condensed consolidated financial statements.


5


SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
 
Three Months Ended March 31,
(In thousands)
2020
 
2019
Cash Flows from Operating Activities
 

 
 

Net income
$
709

 
$
22,705

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation
1,511

 
1,669

Amortization of premiums and discounts on securities, net
989

 
625

Amortization of operating lease right-of-use assets
1,274

 
1,025

Other amortization and accretion, net
(1,531
)
 
(810
)
Stock based compensation
2,000

 
2,129

Origination of loans designated for sale
(73,223
)
 
(54,034
)
Sale of loans designated for sale
66,126

 
54,813

Provision for credit losses
29,513

 
1,397

Deferred income taxes
2,207

 
1,216

Losses on sale of securities
95

 
87

Gains on sale of loans
(2,138
)
 
(1,819
)
Gains on sale and write-downs of other real estate owned
(415
)
 
(187
)
Losses on disposition of fixed assets
219

 
208

Changes in operating assets and liabilities, net of effects from acquired companies:
 
 
 
Net (increase) decrease in other assets
(6,245
)
 
1,653

Net increase (decrease) in other liabilities
3,595

 
(10,594
)
Net cash provided by operating activities
24,686

 
20,083

 
 
 
 
Cash Flows from Investing Activities
 
 
 
Maturities and repayments of debt securities available-for-sale
82,715

 
18,261

Maturities and repayments of debt securities held-to-maturity
8,894

 
8,830

Proceeds from sale of debt securities available-for-sale
27,765

 
35,048

Purchases of debt securities available-for-sale
(74,213
)
 

Maturities of time deposits with other banks

 
69

Net new loans and principal repayments
25,154

 
(3,141
)
Proceeds from sale of other real estate owned
3,736

 
1,572

Proceeds from sale of FHLB and Federal Reserve Bank Stock
27,923

 
22,057

Purchase of FHLB and Federal Reserve Bank Stock
(26,227
)
 
(9,749
)
Net cash from bank acquisition
33,883

 

Proceeds from bank owned life insurance

 
12,378

Additions to bank premises and equipment
(570
)
 
(849
)
Net cash provided by investing activities
109,060

 
84,476

 See notes to unaudited condensed consolidated financial statements.

 

6


SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

 
Three Months Ended March 31,
(In thousands)
2020
 
2019
Cash Flows from Financing Activities
 

 
 

Net increase in deposits
$
129,005

 
$
428,338

Net decrease in federal funds purchased and repurchase agreements
(21,398
)
 
(66,318
)
Net decrease in FHLB borrowings with original maturities of three months or less
(170,000
)
 
(314,000
)
Repayments of FHLB borrowings with original maturities of more than three months

 
(63,000
)
Proceeds from FHLB borrowings with original maturities of more than three months
120,000

 

Stock based employee benefit plans
(1,010
)
 
(1,519
)
Dividends paid

 

Net cash provided by (used in) financing activities
56,597

 
(16,499
)
Net increase in cash and cash equivalents
190,343

 
88,060

Cash and cash equivalents at beginning of period
124,531

 
115,951

Cash and cash equivalents at end of period
$
314,874

 
$
204,011

 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
Cash paid during the period for interest
$
10,259

 
$
11,422

Cash paid during the period for taxes

 

New operating lease right-of-use assets
33

 
29,077

New operating lease liabilities
33

 
33,403

 
 
 
 
Supplemental disclosure of non cash investing activities:
 
 
 
Transfer of debt securities from held-to-maturity to available-for-sale
$

 
$
52,796

Transfers from loans to other real estate owned
5,571

 
430

See notes to unaudited condensed consolidated financial statements.
 

7


SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
Other
 
 
 
 
Common Stock
 
Paid-in
 
Retained
 
Treasury
 
Comprehensive
 
 
(In thousands)
 
Shares
 
Amount
 
Capital
 
Earnings
 
Stock
 
Income (Loss)
 
Total
Balance at December 31, 2019
 
51,514

 
$
5,151

 
$
786,242

 
$
195,813

 
$
(6,032
)
 
$
4,465

 
$
985,639

Comprehensive income
 

 

 

 
709

 

 
294

 
1,003

Stock based compensation expense
 

 

 
2,000

 

 

 

 
2,000

Common stock transactions related to stock based employee benefit plans
 
115

 
12

 
(32
)
 

 
(1,390
)
 

 
(1,410
)
Common stock issued for stock options
 
37

 
4

 
396

 

 

 

 
400

Cumulative change in accounting principle upon adoption of new accounting pronouncement (See Note A - Basis of Presentation)
 

 

 

 
(16,876
)
 

 

 
(16,876
)
Issuance of common stock, pursuant to acquisition
 
1,043

 
104

 
20,927

 

 

 

 
21,031

Three months ended March 31, 2020
 
1,195

 
120

 
23,291

 
(16,167
)
 
(1,390
)
 
294

 
6,148

Balance at March 31, 2020
 
52,709

 
$
5,271

 
$
809,533

 
$
179,646

 
$
(7,422
)
 
$
4,759

 
$
991,787

 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
Other
 
 
 
 
Common Stock
 
Paid-in
 
Retained
 
Treasury
 
Comprehensive
 
 
(In thousands)
 
Shares
 
Amount
 
Capital
 
Earnings
 
Stock
 
Income (Loss)
 
Total
Balance at December 31, 2018
 
51,361

 
$
5,136

 
$
778,501

 
$
97,074

 
$
(3,384
)
 
$
(13,060
)
 
$
864,267

Comprehensive income
 

 

 

 
22,705

 

 
8,843

 
31,548

Stock based compensation expense
 

 

 
2,129

 

 

 

 
2,129

Common stock transactions related to stock based employee benefit plans
 
49

 
5

 
(14
)
 

 
(1,575
)
 

 
(1,584
)
Common stock issued for stock options
 
4

 

 
64

 

 

 

 
64

Three months ended March 31, 2019
 
53

 
5

 
2,179

 
22,705

 
(1,575
)
 
8,843

 
32,157

Balance at March 31, 2019
 
51,414

 
$
5,141

 
$
780,680

 
$
119,779

 
$
(4,959
)
 
$
(4,217
)
 
$
896,424

 See notes to unaudited condensed consolidated financial statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


8


SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note A – Basis of Presentation
Basis of Presentation: The accompanying unaudited condensed consolidated financial statements of Seacoast Banking Corporation of Florida and its subsidiaries (the "Company") have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period amounts have been reclassified to conform to the current period presentation.
Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 or any other period. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.
Use of Estimates: The preparation of these condensed consolidated financial statements requires management to make judgments in the application of certain of its accounting policies that involve significant estimates and assumptions. The Company has established policies and control procedures that are intended to ensure valuation methods are well controlled and applied consistently from period to period. These estimates and assumptions, which may materially affect the reported amounts of certain assets, liabilities, revenues and expenses, are based on information available as of the date of the financial statements, and changes in this information over time and the use of revised estimates and assumptions could materially affect amounts reported in subsequent financial statements. Specific areas, among others, requiring the application of management’s estimates include determination of the allowance for credit losses, acquisition accounting and purchased loans, intangible assets and impairment testing, other fair value adjustments, income taxes and realization of deferred tax assets and contingent liabilities.
Adoption of new accounting pronouncements:
On January 1, 2020, the Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 326 Financial Instruments - Credit Losses ("ASC Topic 326") which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity ("HTM") debt securities. It also applies to off-balance sheet credit exposure such as loan commitments, standby letters of credit, financial guarantees and other similar instruments. In addition, ASC Topic 326 changed the accounting for impairment of available-for-sale ("AFS") debt securities.
The Company adopted ASC Topic 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for the reporting period beginning after January 1, 2020 are presented under ASC Topic 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The following table reflects the cumulative effect of adoption:
(in thousands)
December 31, 2019
 
CECL adoption impact
 
January 1, 2020
Loans
$
5,198,404

 
$
(706
)
 
$
5,197,698

Allowance for credit losses
35,154

 
21,226

 
56,380

Reserve for unfunded commitments
140

 
1,837

 
1,977

Deferred tax assets
16,457

 
(5,481
)
 
10,976

Retained earnings
195,813

 
(16,876
)
 
178,937


ASC Topic 326 introduced new definitions and criteria for categorizing purchased loans. Loans that, as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination are classified as purchased credit deteriorated ("PCD"). Acquired loans which do not meet the definition of PCD are classified by the Company as acquired non-PCD. At the date of adoption, the Company reclassified all loans previously classified as purchased credit impaired ("PCI") to PCD, and increased the allowance by $0.7 million with a corresponding adjustment to these loans' amortized cost basis. The remaining noncredit discount on loans previously classified as PCI was $0.9 million, which will be accreted into interest income over the remaining life of the loans.

9


Under CECL, the Company estimates the allowance using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit losses provide the basis for estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, loan to value ratios, borrower credit characteristics, loan seasoning or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, occupancy rates, and other macroeconomic metrics.
For loans analyzed on a collective basis, the Company has developed an allowance model based on an analysis of probability of default ("PD") and loss given default ("LGD") to determine an expected loss by loan segment. PDs and LGDs are developed by analyzing the average historical loss migration of loans to default. The Company excludes accrued interest on loans from its determination of allowance.
The allowance estimation process also applies an economic forecast scenario over a three year forecast period. The forecast may utilize one scenario or a composite of scenarios based on management's judgment and expectations around the current and future macroeconomic outlook. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modification unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring ("TDR") will be executed with an individual borrower, or the extension or renewal options are explicitly stated in the contract and are not unconditionally under the control of the Company. For portfolio segments with a weighted average life longer than three years, the Company reverts to longer term historical loss experience, adjusted for prepayments, to estimate losses over the remaining life of the loans within each segment.
Adjustments may be made to baseline reserves based on an assessment of internal and external influences on credit quality not fully reflected in the quantitative components of the allowance model. These influences may include elements such as changes in concentration, macroeconomic conditions, recent observable asset quality trends, staff turnover, regional market conditions, employment levels and loan growth. Based upon management's assessments of these factors, the Company may apply qualitative adjustments to the allowance.
Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. Loans evaluated individually are collateral dependent and primarily secured by real estate. When management determines that foreclosure is probable, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate.
A loan for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulty, is considered to be a TDR. The allowance for credit losses on a TDR is measured using the same method as all other loans held for investment, except when the value of a concession cannot be measured using a method other than the discounted cash flow method. When the value of a concession is measured using the discounted cash flow method, the allowance for credit losses is determining by discounting the expected future cash flows at the original interest rate of the loan.
The Company estimates a reserve for unfunded commitments, which is reported separately from the allowance for credit losses within other liabilities. The reserve is based upon the same quantitative and qualitative factors applied to the collectively evaluated loan portfolio.
All HTM debt securities are issued by government sponsored entities, which are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. In addition, the credit rating on all the Company's HTM debt securities as of the date of adoption is AA+. There is no history of the government withholding or limiting support to these agencies, nor is there any indication of change to that historical support. While the potential for default on these securities may be something greater than zero, the long history with no credit losses, the implied government guarantee of principal and interest payments and the high credit rating of the HTM portfolio provide sufficient basis for the current expectation that there is zero risk of loss if default were to occur. As a result, the Company recorded no allowance for HTM debt securities with a fair value less than amortized cost basis at the date of adoption.
ASC Topic 326 amended the existing other-than-temporary-impairment guidance for AFS securities, requiring credit losses to be recorded as an allowance rather than through a permanent write-down. When evaluating AFS debt securities under ASC Topic 326, the Company has evaluated whether the decline in fair value is attributed to credit losses or other factors using both quantitative and qualitative analyses, including cash flow analysis, review of credit ratings, remaining payment terms, prepayment speeds and analysis of macro-economic conditions. At the date of adoption, collateralized loan obligations had unrealized losses of $1.2 million. The collateral for these securities is first lien senior secured corporate debt, and the Company holds senior tranches rated A or higher. Based on this analysis, the Company believes that the unrealized loss position for AFS debt securities at the time of adoption was the result of both broad investment type spreads and the current rate environment. Each investment is expected to

10


recover its price depreciations over its holding period as it moves to maturity and the Company has the intent and ability to hold these securities to maturity if necessary. As a result of this evaluation, the Company concluded that no allowance was appropriate.

Note B – Recently Issued Accounting Standards, Not Yet Adopted
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). The guidance provides accounting relief for contract modifications that replace an interest rate impacted by reference rate reform (e.g., London Inter-bank Offered Rate ("LIBOR")) with a new alternative reference rate. The guidance is applicable to investment securities, receivables, loans, debt, leases, derivatives and hedge accounting elections and other contractual arrangements. The Company applied the guidance prospectively beginning April 1, 2020, and expects no material impact on its financial position, results of operations or cash flows.

Note C – Earnings per Share
Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the period.
For the three months ended March 31, 2020, options to purchase 489,000 shares were antidilutive and, accordingly, were excluded in the computation of diluted earnings per share, compared to 487,000 shares for the three months ended March 31, 2019.
 
Three Months Ended March 31,
(Dollars in thousands, except per share data)
2020
 
2019
Basic earnings per share
 
 
 
Net income
$
709

 
$
22,705

Average common shares outstanding
51,803

 
51,359

Net income per share
$
0.01

 
$
0.44

 
 
 
 
Diluted earnings per share
 
 
 
Net income
$
709

 
$
22,705

Average common shares outstanding
51,803

 
51,359

Add: Dilutive effect of employee restricted stock and stock options
481

 
680

Average diluted shares outstanding
52,284

 
52,039

Net income per share
$
0.01

 
$
0.44




11


Note D – Securities
The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at March 31, 2020 and December 31, 2019 are summarized as follows:
 
March 31, 2020
(In thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross Unrealized
Losses
 
Fair
Value
Debt securities available-for-sale
 

 
 

 
 

 
 

U.S. Treasury securities and obligations of U.S. government agencies
$
9,296

 
$
287

 
$

 
$
9,583

Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
608,711

 
26,760

 
(252
)
 
635,219

Private mortgage-backed securities and collateralized mortgage obligations
52,868

 
111

 
(2,410
)
 
50,569

Collateralized loan obligations
205,238

 

 
(19,509
)
 
185,729

Obligations of state and political subdivisions
27,909

 
1,306

 
(4
)
 
29,211

Totals
$
904,022

 
$
28,464


$
(22,175
)

$
910,311

 
 
 
 
 
 
 
 
Debt securities held-to-maturity
 
 
 
 
 
 
 
Mortgage-backed securities of U.S. government sponsored entities
$
252,373

 
$
9,447

 
$
(602
)
 
$
261,218

Totals
$
252,373


$
9,447


$
(602
)

$
261,218

 
December 31, 2019
(In thousands)
Amortized
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Fair
Value
Debt securities available-for-sale
 

 
 

 
 

 
 

U.S. Treasury securities and obligations of U.S. government agencies
$
9,914

 
$
204

 
$
(4
)
 
$
10,114

Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
604,934

 
5,784

 
(1,511
)
 
609,207

Private mortgage-backed securities and collateralized mortgage obligations
56,005

 
1,561

 
(5
)
 
57,561

Collateralized loan obligations
239,364

 
7

 
(1,153
)
 
238,218

Obligations of state and political subdivisions
30,548

 
1,208

 
(1
)
 
31,755

Totals
$
940,765

 
$
8,764

 
$
(2,674
)
 
$
946,855

 
 
 
 
 
 
 
 
Debt securities held-to-maturity
 
 
 
 
 
 
 
Mortgage-backed securities of U.S. government sponsored entities
$
261,369

 
$
2,717

 
$
(1,873
)
 
$
262,213

Totals
$
261,369

 
$
2,717

 
$
(1,873
)
 
$
262,213


Proceeds from sales of securities during the three months ended March 31, 2020 and 2019 were $27.8 million and $35.0 million, respectively. Included in "Securities gains (losses), net" for the three months ended March 31, 2020 are gross gains of $0.1 million and gross losses of $0.2 million, and gross gains of $0.2 million and gross losses of $0.3 million for the three months ended March 31, 2019. Also included in “Securities gains (losses), net” is an increase of $0.1 million for each of the three months ended March 31, 2020 and 2019 in the value of an investment in shares of a mutual fund that invests primarily in CRA-qualified debt securities.
At March 31, 2020, debt securities with a fair value of $319.2 million were pledged primarily as collateral for public deposits and secured borrowings.

12


The amortized cost and fair value of debt securities held-to-maturity and available-for-sale at March 31, 2020, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
 
Held to Maturity
 
Available-for-Sale
(In thousands)
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Due in less than one year
$

 
$

 
$
2,068

 
$
2,091

Due after one year through five years

 

 
8,374

 
8,585

Due after five years through ten years

 

 
9,040

 
9,546

Due after ten years

 

 
17,723

 
18,572

 

 

 
37,205

 
38,794

Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
252,373

 
261,218

 
608,711

 
635,219

Private mortgage-backed securities and collateralized mortgage obligations

 

 
52,868

 
50,569

Collateralized loan obligations

 

 
205,238

 
185,729

Totals
$
252,373

 
$
261,218

 
$
904,022

 
$
910,311


The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flows analyses, or using observable market data. The tables below indicate, at March 31, 2020, the fair value of available-for-sale debt securities with unrealized losses for which no allowance for credit losses has been recorded, and at December 31, 2019, the fair value of available-for-sale and held-to-maturity debt securities with unrealized losses for which no allowance has been recorded.
 
March 31, 2020
 
Less Than 12 Months
 
12 Months or Longer
 
Total
(In thousands)
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
37,338

 
(239
)
 
363

 
(13
)
 
37,701

 
(252
)
Private mortgage-backed securities and collateralized mortgage obligations
37,775

 
(2,410
)
 

 

 
37,775

 
(2,410
)
Collateralized loan obligations
70,314

 
(6,465
)
 
115,415

 
(13,044
)
 
185,729

 
(19,509
)
Obligations of state and political subdivisions
1,239

 
(4
)
 

 

 
1,239

 
(4
)
Totals
$
146,666

 
$
(9,118
)
 
$
115,778

 
$
(13,057
)
 
$
262,444

 
$
(22,175
)

13


 
December 31, 2019
 
Less Than 12 Months
 
12 Months or Longer
 
Total
(In thousands)
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
U.S. Treasury securities and obligations of U.S. government agencies
$
758

 
$
(4
)
 
$

 
$

 
$
758

 
$
(4
)
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
220,057

 
(1,461
)
 
104,184

 
(1,923
)
 
324,241

 
(3,384
)
Private mortgage-backed securities and collateralized mortgage obligations
2,978

 
(5
)
 

 

 
2,978

 
(5
)
Collateralized loan obligations
88,680

 
(570
)
 
110,767

 
(583
)
 
199,447

 
(1,153
)
Obligations of state and political subdivisions
515

 
(1
)
 

 

 
515

 
(1
)
Totals
$
312,988

 
$
(2,041
)
 
$
214,951

 
$
(2,506
)
 
$
527,939

 
$
(4,547
)

At March 31, 2020, the Company had $19.5 million in unrealized losses in uncapped 3-month LIBOR floating rate collateralized loan obligations ("CLOs") having a fair value of $185.7 million. CLOs are special purpose vehicles and those in which the Company has invested acquire nearly all first lien, broadly syndicated corporate loans across a diversified band of industries while providing support to senior tranche investors. As of March 31, 2020, the Company held 29 total positions of which 23 positions with a fair value of $164.6 million, or 88%, are in AAA/AA tranches, and six positions with a fair value of $21.1 million, or 12%, are in A rated tranches, with average credit support of 31% and 18%, respectively. The Company evaluates the securities for potential credit losses by modeling expected loan level defaults, recoveries, and prepayments for each CLO security. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2020, no allowance for credit losses has been recorded.
At March 31, 2020, the Company had $2.4 million of unrealized losses on private label residential and commercial mortgage-backed securities and collateralized mortgage obligations having a fair value of $37.8 million. The collateral underlying these mortgage investments is primarily residential real estate. The securities have average credit support of 16% and low loan to value ratios. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2020, no allowance for credit losses has been recorded.
All HTM debt securities are issued by government sponsored entities, which are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. In addition, the credit rating on all HTM debt securities is AA+. While the potential for default on these securities may be something greater than zero, the long history with no credit losses, the implied government guarantee of principal and interest payments and the high credit rating of the HTM portfolio provide sufficient basis for the current expectation that there is no risk of loss if default were to occur. Despite the emergence of significant market changes and increasing degrees of uncertainty in the U.S. economy late in the first quarter of 2020, there has to date been no specific impact on the agencies or changes in the nature or quality of the guarantee they provide. As a result, as of March 31, 2020, no allowance for credit losses has been recorded.
Included in other assets at March 31, 2020 is $42.8 million of Federal Home Loan Bank and Federal Reserve Bank stock stated at par value. The Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of these cost method investment securities. Also included in other assets is a $6.5 million investment in a CRA-qualified mutual fund carried at fair value. Accrued interest receivable on AFS and HTM debt securities of $3.4 million and $0.6 million at March 31, 2020, respectively, and $3.8 million and $0.6 million at December 31, 2019, respectively, is also included in other assets.
The Company holds 11,330 shares of Visa Class B stock, which following resolution of Visa litigation will be converted to Visa Class A shares. Under the current conversion ratio that became effective September 27, 2019, the Company would receive 1.6228 shares of Class A stock for each share of Class B stock for a total of 18,386 shares of Visa Class A stock. The ownership of Visa stock is related to prior ownership in Visa's network, while Visa operated as a cooperative and is recorded on the Company's financial records at zero basis.

14


Note E – Loans
Loans held for investment are categorized into the following segments:
Construction and land development: Loans are extended to both commercial and consumer customers which are collateralized by and for the purpose of funding land development and construction projects, including 1-4 family residential construction, multi-family property and non-farm residential property where the primary source of repayment is from proceeds of the sale, refinancing or permanent financing of the property.
Commercial real estate - owner occupied: Loans are extended to commercial customers for the purpose of acquiring real estate to be occupied by the borrower's business. These loans are collateralized by the subject property and the repayment of these loans is largely dependent on the performance of the company occupying the property.
Commercial real estate - non owner occupied: Loans are extended to commercial customers for the purpose of acquiring commercial property where occupancy by the borrower is not their primary intent. These loans are viewed primarily as cash flow loans, collateralized by the subject property, and the repayment of these loans is largely dependent on rental income from the successful operation of the property.
Residential real estate: Loans are extended to consumer customers and collateralized primarily by 1-4 family residential properties and include fixed and variable mortgages, home equity mortgage and home equity lines of credit. Loans are primarily written based on conventional loan agency guidelines, including loans that exceed agency value limitations. Source of repayments may be from the occupant of the residential property or from cash flows on rental income from the successful operation of the property.
Commercial and financial: Loan are extended to commercial customers. The purpose of the loans can range from working capital, physical asset expansion, asset acquisition or other business purposes. Loans may be collateralized by assets owned by the borrower or the borrower's business. Commercial loans are based primarily on the historical and projected cash flow of the borrower's business and secondarily on the capacity of credit enhancements, guarantees and underlying collateral provided by the borrower.
Consumer: Loans are extended to consumer customers. The segment includes both installment loans and lines of credit which may be collateralized or non-collateralized.
The following tables present net loan balances by segment as of:
 
March 31, 2020
(In thousands)
Portfolio Loans
 
Acquired Non PCD Loans
 
PCD Loans
 
Total
Construction and land development
$
257,481

 
$
34,934

 
$
2,990

 
$
295,405

Commercial real estate - owner occupied
824,836

 
230,517

 
27,540

 
1,082,893

Commercial real estate - non owner occupied
1,058,841

 
310,417

 
11,838

 
1,381,096

Residential real estate
1,315,664

 
233,169

 
10,921

 
1,559,754

Commercial and financial
721,380

 
73,134

 
1,524

 
796,038

Consumer
195,176

 
6,478

 
368

 
202,022

Totals
$
4,373,378

 
$
888,649

 
$
55,181

 
$
5,317,208

 
December 31, 2019
(In thousands)
Portfolio Loans
 
PULs
 
PCI Loans
 
Total
Construction and land development
$
281,335

 
$
43,618

 
$
160

 
$
325,113

Commercial real estate
1,834,811

 
533,943

 
10,217

 
2,378,971

Residential real estate
1,304,305

 
201,848

 
1,710

 
1,507,863

Commercial and financial
697,301

 
80,372

 
579

 
778,252

Consumer
200,166

 
8,039

 

 
208,205

Totals
$
4,317,918

 
$
867,820

 
$
12,666

 
$
5,198,404


In the first quarter of 2020, the Company completed the acquisition of First Bank of the Palm Beaches, adding PCD loans of $43.0 million and Non PCD loans of $103.8 million. See additional discussion in Note L - Business Combinations. The amortized cost

15


basis of portfolio loans as of March 31, 2020 and December 31, 2019 includes net deferred costs of $20.9 million and $19.9 million, respectively. At March 31, 2020, the remaining fair value adjustments on acquired loans was $32.9 million, or 3.4% of the outstanding acquired loan balances, which consisted of $1.0 million on PCD loans and $31.9 million on acquired non-PCD loans. At December 31, 2019, the remaining fair value adjustments for PUL loans was $34.9 million, or 3.8% of the acquired loan balances. These amounts are accreted into interest income over the remaining lives of the related loans on a level yield basis. Accrued interest receivable is included within Other Assets and was $15.2 million and $14.9 million at March 31, 2020 and December 31, 2019, respectively.
The following tables present the status of net loan balances as of:
 
March 31, 2020
(In thousands)
Current
 
Accruing
30-59 Days
Past Due
 
Accruing
60-89 Days
Past Due
 
Accruing
Greater
Than
90 Days
 
Nonaccrual
 
Total
Portfolio Loans
 

 
 

 
 

 
 

 
 

 
 

Construction and land development
$
257,459

 
$

 
$

 
$

 
$
22

 
$
257,481

Commercial real estate - owner occupied
818,726

 
2,842

 

 
618

 
2,650

 
824,836

Commercial real estate - non owner occupied
1,056,202

 
542

 

 

 
2,097

 
1,058,841

Residential real estate
1,305,898

 
2,405

 
998

 

 
6,363

 
1,315,664

Commercial and financial
709,028

 
5,098

 
1,065

 

 
6,189

 
721,380

Consumer
193,141

 
647

 
810

 
1

 
577

 
195,176

Total Portfolio Loans
4,340,454

 
11,534

 
2,873

 
619

 
17,898

 
4,373,378

 
 
 
 
 
 
 
 
 
 
 
 
Acquired Non PCD Loans
 
 
 
 
 
 
 
 
 
 
 
Construction and land development
34,360

 

 

 

 
574

 
34,934

Commercial real estate - owner occupied
228,776

 
1,456

 
71

 

 
214

 
230,517

Commercial real estate - non owner occupied
306,959

 
2,334

 

 

 
1,124

 
310,417

Residential real estate
228,213

 
3,676

 

 

 
1,280

 
233,169

Commercial and financial
70,460

 
489

 
46

 

 
2,139

 
73,134

Consumer
6,454

 
24

 

 

 

 
6,478

 Total Acquired Non PCD Loans
875,222

 
7,979

 
117

 

 
5,331

 
888,649

 
 
 
 
 
 
 
 
 
 
 
 
PCD Loans
 
 
 
 
 
 
 
 
 
 
 
Construction and land development
2,980

 

 

 

 
10

 
2,990

Commercial real estate - owner occupied
26,462

 
1,078

 

 

 

 
27,540

Commercial real estate - non owner occupied
10,784

 

 

 

 
1,054

 
11,838

Residential real estate
9,720

 

 

 

 
1,201

 
10,921

Commercial and financial
709

 
727

 

 

 
88

 
1,524

Consumer
278

 
90

 

 

 

 
368

Total PCD Loans
50,933

 
1,895

 

 

 
2,353

 
55,181

 
 
 
 
 
 
 
 
 
 
 
 
Total Loans
$
5,266,609

 
$
21,408

 
$
2,990

 
$
619

 
$
25,582

 
$
5,317,208

 

16


 
December 31, 2019
(In thousands)
Current
 
Accruing
30-59 Days
Past Due
 
Accruing
60-89 Days
Past Due
 
Accruing
Greater
Than
90 Days
 
Nonaccrual
 
Total
Portfolio Loans
 

 
 

 
 
 
 

 
 

 
 

Construction and land development
$
276,984

 
$

 
$

 
$

 
$
4,351

 
$
281,335

Commercial real estate
1,828,629

 
1,606

 
220

 

 
4,356

 
1,834,811

Residential real estate
1,294,778

 
1,564

 
18

 

 
7,945

 
1,304,305

Commercial and financial
690,412

 
2,553

 

 
108

 
4,228

 
697,301

Consumer
199,424

 
317

 
315

 

 
110

 
200,166

 Total Portfolio Loans
4,290,227

 
6,040

 
553

 
108

 
20,990

 
4,317,918

 
 
 
 
 
 
 
 
 
 
 
 
Purchased Unimpaired Loans
 
 
 
 
 
 
 
 
 
 
 
Construction and land development
43,044

 

 

 

 
574

 
43,618

Commercial real estate
531,325

 
942

 
431

 

 
1,245

 
533,943

Residential real estate
201,159

 
277

 

 

 
412

 
201,848

Commercial and financial
78,705

 

 

 

 
1,667

 
80,372

Consumer
8,039

 

 

 

 

 
8,039

 Total PULs
862,272

 
1,219

 
431

 

 
3,898

 
867,820

 
 
 
 
 
 
 
 
 
 
 
 
Purchased Credit Impaired Loans
 
 
 
 
 
 
 
 
 
 
 
Construction and land development
148

 

 

 

 
12

 
160

Commercial real estate
9,298

 

 

 

 
919

 
10,217

Residential real estate
587

 

 

 

 
1,123

 
1,710

Commercial and financial
566

 

 

 

 
13

 
579

Consumer

 

 

 

 

 

 Total PCI Loans
10,599

 

 

 

 
2,067

 
12,666

 
 
 
 
 
 
 
 
 
 
 
 
Total Loans
$
5,163,098

 
$
7,259

 
$
984

 
$
108

 
$
26,955

 
$
5,198,404


All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cost-recovery method. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The Company recognized $0.3 million in interest income on nonaccrual loans during each of the three months ended March 31, 2020 and 2019. The following tables present net balances of loans on nonaccrual status and the related allowance for credit losses, if any, as of:
 
March 31, 2020
(In thousands)
Nonaccrual Loans With No Related Allowance
 
Nonaccrual Loans With an Allowance
 
Total Nonaccrual Loans
 
Allowance for Credit Losses
Construction and land development
$
584

 
$
22

 
$
606

 
$
11

Commercial real estate - owner occupied
1,169

 
1,695

 
2,864

 
251

Commercial real estate - non owner occupied
3,221

 
1,054

 
4,275

 
251

Residential real estate
7,890

 
954

 
8,844

 
928

Commercial and financial
3,571

 
4,845

 
8,416

 
2,624

Consumer
36

 
541

 
577

 
238

Totals
$
16,471

 
$
9,111

 
$
25,582

 
$
4,303


17


 
December 31, 2019
(In thousands)
Nonaccrual Loans With No Related Allowance
 
Nonaccrual Loans With an Allowance
 
Total Nonaccrual Loans
 
Allowance for Credit Losses
Construction and land development
$
4,914

 
$
23

 
$
4,937

 
$
12

Commercial real estate
6,200

 
320

 
6,520

 
149

Residential real estate
8,700

 
780

 
9,480

 
564

Commercial and financial
3,449

 
2,459

 
5,908

 
1,622

Consumer
39

 
71

 
110

 
37

Totals
$
23,301

 
$
3,654

 
$
26,955

 
$
2,384


Collateral Dependent Loans

Loans are considered collateral dependent when the repayment, based on the Company's assessment as of the reporting date, is expected to be provided substantially through the operation or sale of the underlying collateral and there are no other available and reliable sources of repayment. The following table presents collateral dependent loans as of:

(In thousands)
March 31, 2020
December 31, 2019
Construction and land development
$
606

 
$
4,926

Commercial real estate - owner occupied
4,507

 
2,571