Seacoast Banking Corporation of Florida ("Seacoast" or the
"Company") (NASDAQ: SBCF) today reported net income in the second
quarter of 2020 of $25.1 million, or $0.47 per diluted share, up 8%
or $1.8 million year-over-year. The ratio of tangible common equity
to tangible assets was 10.19%, tangible book value per share
increased to $15.11 and Tier 1 capital increased to 16.4%.
For the second quarter of 2020, return on
average tangible assets was 1.37%, return on average tangible
shareholders' equity was 13.47%, and the efficiency ratio was
50.11%, compared to 0.11%, 0.95%, and 59.85%, respectively, in the
prior quarter and 1.50%, 14.30%, and 53.48%, respectively, in the
second quarter of 2019. Adjusted return on average tangible assets1
was 1.33%, adjusted return on average tangible shareholders'
equity1 was 13.09%, and the adjusted efficiency ratio1 was 49.81%,
compared to 0.32%, 2.86%, and 53.61%, respectively, in the prior
quarter and 1.59%, 15.17%, and 51.44%, respectively, in the second
quarter of 2019.
Dennis S. Hudson, III, Seacoast's Chairman and
CEO, said, "Maintaining support for our customers continues to be a
top priority for us in this dynamic and challenging environment.
Our branches remain open for drive-thru activity and lobby
appointments only, and the significant majority of our non-retail
associates are working effectively from home. We continue to
maintain safety standards for both customers and associates, and I
am grateful to the Seacoast associates for their continued
dedication to serving our customers and communities in this
unprecedented time."
Charles M. Shaffer, Seacoast's President and
Chief Operating Officer said, "We have had a longstanding
commitment to maintaining a fortress balance sheet and strong
capital levels, positioning us with a solid foundation despite the
uncertainty of the economic outlook. Seacoast is committed to
supporting its communities while maintaining strict underwriting
standards and a robust liquidity position. Our mortgage banking and
wealth teams delivered another quarter of record results, and we
delivered $591 million in Paycheck Protection Program funding
to our business customers. We continue to grow tangible book value
per share, ending the period at $15.11, up 11% over the prior year.
As circumstances evolve, we will continue to manage our balance
sheet carefully and will help support the economic recovery of our
communities from a position of strength."
Paycheck Protection Program ("PPP") Loans
Seacoast worked with existing customers, and
later with new customers, to help businesses access the Paycheck
Protection Program. Through June 30, 2020, Seacoast has funded over
5,000 loans to companies totaling $591 million with an average
loan size of $116,000 and a median loan size of $43,000. Fees
earned by Seacoast, net of loan-specific costs, total $17 million
and are deferred and recognized as an adjustment to yield over the
expected life of the loans. Seacoast recognized net fees of $4.0
million and contractual interest of $1.1 million on PPP loans in
the second quarter of 2020, resulting in a yield of 4.81%. There is
significant uncertainty about how borrowers will seek and qualify
for forgiveness, and therefore uncertainty about the expected life
of these loans and the timing of recognition of the remaining $13
million in net fees.
Financial Results
Income Statement
- Net income was $25.1 million, or $0.47 per
diluted share, compared to $0.7 million, or $0.01, for the prior
quarter and $23.3 million, or $0.45, for the second quarter of
2019. For the six months ended June 30, 2020, net income was
$25.8 million, or $0.49 per diluted share, compared to $46.0
million, or $0.88 for the six months ended June 30, 2019. Adjusted
net income1 was $25.5 million, or $0.48 per diluted share, compared
to $5.5 million, or $0.10, for the prior quarter and $25.8 million,
or $0.50, for the second quarter of 2019. For the six months ended
June 30, 2020, adjusted net income1 was $30.9 million, or
$0.59 per diluted share, compared to $50.0 million, or $0.96, for
the six months ended June 30, 2019.
- Net revenues were $82.3 million, an increase
of $4.4 million, or 6%, compared to the prior quarter and an
increase of $8.6 million, or 12%, compared to the second quarter of
2019. For the six months ended June 30, 2020, net revenues
were $160.1 million, an increase of $12.8 million, or 9%, compared
to the six months ended June 30, 2019. Adjusted revenues1 were
$81.0 million, an increase of $3.2 million, or 4%, from the prior
quarter and an increase of $6.9 million, or 9%, from the second
quarter of 2019. For the six months ended June 30, 2020,
adjusted revenues1 were $158.9 million, an increase of $11.1
million, or 8%, compared to the six months ended June 30,
2019.
- Net interest income totaled $67.3 million, an
increase of $4.1 million, or 6%, from the prior quarter and an
increase of $7.1 million, or 12%, from the second quarter of 2019.
For the six months ended June 30, 2020, net interest income
was $130.4 million, an increase of $9.5 million, or 8%, compared to
the six months ended June 30, 2019. During the second quarter of
2020, net interest income includes $5.1 million in interest and
fees earned on PPP loans.
- Net interest margin was 3.70% in the second
quarter of 2020, 3.93% in the first quarter of 2020, and 3.94% in
the second quarter of 2019. Compared to the first quarter of 2020,
increased liquidity levels through higher cash and cash equivalent
balances that position Seacoast conservatively for market
uncertainty resulted in 17 basis points of margin compression.
Accretion of purchase discounts on acquired loans increased net
interest margin by 16 basis points in the second quarter of 2020,
compared to 27 basis points in the first quarter of 2020 and 27
basis points in the second quarter of 2019, with the lower impact
in the second quarter of 2020 resulting from lower levels of
prepayments. The effect on net interest margin of interest and fees
earned on PPP loans was 8 basis points in the second quarter of
2020. Excluding the impact of fee accretion on acquired loans and
interest and fees earned on PPP loans, the yield on loans
contracted 26 basis points, impacted by lower market rates.
Reflecting Seacoast's continued attractive deposit franchise, the
cost of deposits decreased 26 basis points to 0.31%, the result of
higher deposit balances and lower rates paid on deposits.
- Noninterest income totaled $15.0 million, an
increase of $0.3 million, or 2%, compared to the prior quarter and
an increase of $1.4 million, or 11%, compared to the second quarter
of 2019. For the six months ended June 30, 2020, noninterest
income was $29.7 million, an increase of $3.3 million, or 12%,
compared to the six months ended June 30, 2019. Results for the
second quarter of 2020 included the following:
- Mortgage banking fees increased $1.4 million, or 61%, compared
to the first quarter of 2020 to a record $3.6 million, reflecting
continued strong demand in the residential refinance market and
strength in the Florida housing market.
- Interchange revenue declined in April but recovered to
pre-pandemic levels by June, resulting in overall results
consistent with the first quarter of 2020.
- Service charges on deposits decreased $0.9 million compared to
the first quarter of 2020 with lower NSF and overdraft fees
resulting from higher customer deposit balances.
- Seacoast's wealth management division reported a
record-breaking quarter of new production in assets under
management, with assets increasing $125.0 million in the quarter,
resulting in AUM of $707.6 million. A majority of the new assets
under management came late in the quarter, which should benefit
revenue in future periods.
- A decrease of $1.2 million in other income reflects the
recognition of $0.9 million in revenue from SBIC investments in the
first quarter of 2020 which did not recur in the second quarter of
2020, as well as fees waived to assist customers in the
pandemic.
- Gains on the sale of securities represented $1.2 million in the
second quarter of 2020, compared to negligible activity in the
first quarter of 2020 and losses of $0.5 million on securities
sales in the second quarter of 2019. Activity in the second quarter
of 2020 included prudent repositioning of investments in
collateralized lending obligation ("CLO") securities, with "A"
rated securities sold and replaced with "AAA" rated
securities.
- The provision for credit losses was $7.6
million compared to $29.5 million in the prior quarter and $2.6
million in the second quarter of 2019. In the first quarter of
2020, Seacoast adopted the new current expected credit losses
("CECL") methodology, which requires that the allowance for credit
losses reflect an estimate of the full amount of expected credit
losses in the portfolio as of the measurement date. On March 31,
2020, the ratio of allowance for credit losses to total loans was
1.61%. The estimate on June 30, 2020 which, excluding PPP loans,
totals 1.76%, builds prudent additional reserves in response to
ongoing economic uncertainty.
- Noninterest expense was $42.4 million, a
decrease of $5.4 million, or 11%, compared to the prior quarter and
an increase of $1.4 million, or 3%, from the second quarter of
2019. For the six months ended June 30, 2020, noninterest
expense was $90.2 million, an increase of $6.1 million, or 7%,
compared to the six months ended June 30, 2019. Changes from the
first quarter of 2020 consisted of the following:
- Salaries and wages decreased by $3.5 million, or 15%. The first
quarter of 2020 included $2.2 million in costs associated with the
acquisition of First Bank of the Palm Beaches ("FBPB"), and $0.3
million in bonuses for retail associates who kept critical
functions operating at full capacity through the early stages of
the pandemic. In the second quarter, higher loan production driven
by the PPP program resulted in higher deferrals of related salary
costs, in accordance with ASC 310-20, lowering costs by $2.9
million. Offsetting increases resulted from the addition of staff
from the FBPB acquisition, and temporary staffing in the customer
support center to accommodate increased call volumes associated
with the pandemic operating environment.
- Employee benefits decreased by $0.9 million, or 21%, due to the
seasonal impact on the first quarter of higher payroll taxes and
401(k) contributions, and lower health insurance costs in the
second quarter of 2020.
- Data processing costs decreased by $0.6 million. The first
quarter of 2020 included merger-related costs of $0.8 million. In
the second quarter of 2020, the Company incurred higher
lending-related costs to support the administration of the PPP
program.
- Legal and professional fees reflect a decrease of $1.1 million
attributed to merger-related costs incurred in the first quarter of
2020.
- In the second quarter of 2020, the Company utilized the
remainder of its previously issued FDIC small bank assessment
credits to offset the current period expense. FDIC assessments
expense is expected to be $0.5 million in each of the remaining
quarters of 2020.
- Seacoast recorded $7.2 million of income tax
expense in the second quarter of 2020, compared to a tax
benefit of $0.2 million in the prior quarter and income tax expense
of $6.9 million in the second quarter of 2019. Tax expense related
to stock-based compensation totaled $0.2 million in the second
quarter of 2020, compared to a tax benefit of $0.3 million in the
first quarter of 2020 and a tax benefit of $0.1 million in the
second quarter of 2019.
- Second quarter adjusted revenues1 increased 4%
compared to the prior quarter while adjusted noninterest
expense1 decreased 3%, generating 7% operating
leverage.
- The ratio of adjusted noninterest expense1 to
average tangible assets was 2.13% in the second quarter of 2020,
compared to 2.44% in the prior quarter and 2.34% in the second
quarter of 2019.
- Continuing Seacoast's commitment to careful expense management,
the efficiency ratio was 50.1% compared to 59.8%
in the prior quarter and 53.5% in the second quarter of 2019. The
adjusted efficiency ratio1 was 49.8% compared to
53.6% in the previous quarter and 51.4% in the second quarter of
2019.
Balance Sheet
- At June 30, 2020, the Company had total assets
of $8.1 billion and total shareholders'
equity of $1.0 billion. Book value per
share was $19.45, and tangible book value per
share was $15.11, compared to $18.82 and $14.42,
respectively, on March 31, 2020, and $18.08 and $13.65,
respectively, on June 30, 2019. This resulted in a year-over-year
increase in tangible book value per share of 11%.
- Debt securities totaled $1.2 billion on June
30, 2020, an increase of $40.4 million compared to March 31, 2020,
and an increase of $1.2 million from June 30, 2019. During the
quarter, $64.5 million of securities were sold resulting in a net
gain of $1.2 million. Purchases of securities during the quarter
totaled $165.0 million.
- Loans totaled $5.8 billion on June 30, 2020,
an increase of $454.8 million, or 9%, compared to March 31, 2020,
and an increase of $883.9 million, or 18%, from June 30, 2019.
Excluding PPP loans, loans outstanding declined by $121.6 million
compared to March 31, 2020.
- Seacoast originated over 5,000 loans totaling $590.7 million
through the PPP program through June 30, 2020, with an average loan
size of $116,000.
- Other loan originations were $310.8 million in the second
quarter of 2020, compared to $323.5 million in the first quarter of
2020 and $406.6 million in the second quarter of 2019.
- As anticipated, and reflecting the economic impact of the
pandemic, commercial originations during the second quarter of 2020
were $106.9 million, compared to $183.3 million in the first
quarter of 2020 and $238.1 million in the second quarter of
2019.
- Residential saleable loan originations were robust at $122.5
million in the second quarter of 2020, compared to $62.9 million in
the first quarter of 2020 and $61.4 million in the second quarter
of 2019.
- Closed residential loans retained in the portfolio totaled
$23.5 million in the second quarter of 2020, compared to $25.8
million in the first quarter of 2020 and $51.8 million in the
second quarter of 2019.
- Consumer originations in the second quarter of 2020 were $58.0
million, compared to $51.5 million in the first quarter of 2020 and
$55.4 million in the second quarter of 2019.
- Seacoast provided borrowers affected by the pandemic the
ability to defer payments of loan principal and interest for
periods ranging from three to six months. As of June 30, 2020, $1.1
billion in loans were in payment deferral status, 39% of which are
scheduled to return to regular payments in the third quarter of
2020, and 61% in the fourth quarter of 2020. During the payment
deferral period, Seacoast continues to recognize interest
income.
- Pipelines (loans in underwriting and approval
or approved and not yet closed) totaled $255.6 million on
June 30, 2020. Seacoast remains committed to maintaining
strict and careful underwriting, given the unknown impact of the
pandemic on the economy.
- Commercial pipelines were $117.0 million as of June 30, 2020,
compared to $171.1 million as of the prior quarter end and $300.2
million as of June 30, 2019. The decline in the pipeline quarter
over quarter was the result of a continued conservative approach on
new credits given the uncertain economic outlook.
- Residential saleable pipelines were $94.7 million as of June
30, 2020, compared to $75.2 million as of the prior quarter end and
$46.7 million as of June 30, 2019. The increase reflects the impact
of a vibrant refinance market and strength in the Florida housing
market. Retained residential pipelines were $13.2 million as of
June 30, 2020, compared to $11.8 million as of the prior quarter
end and $3.8 million as of June 30, 2019.
- Consumer pipelines were $30.6 million as of June 30, 2020,
compared to $29.1 million as of the prior quarter-end and $26.9
million as of June 30, 2019.
- Total deposits were $6.7 billion as of June
30, 2020, with Seacoast's strong deposit base showing an increase
of $779.3 million, or 13%, sequentially and an increase of $1.1
billion, or 20%, from the prior year with increases in transaction
and money market accounts partially offset by a decline in CDs,
highlighting a continued attractive deposit mix. Increases in
transaction and money market deposit accounts reflect customer
growth, lower overall consumer spending levels, and the impact of
government support programs enacted in the second quarter of 2020,
including PPP and individual stimulus payments.
- The overall cost of deposits declined to 31 basis points in the
second quarter of 2020 from 57 basis points in the prior quarter,
following rate cuts by the Federal Reserve in March 2020.
- Total transaction accounts increased 30% quarter-over-quarter
and, as a percentage of overall deposit funding, increased to 55%
of overall deposit funding from 50% at March 31, 2020.
- Interest-bearing deposits (interest-bearing demand, savings,
and money market deposits) increased year-over-year $403.1 million,
or 14%, to $3.2 billion, noninterest-bearing demand deposits
increased $597.6 million, or 36%, to $2.3 billion, and CDs
(excluding brokered) decreased $178.6 million, or 23%, to $606.6
million.
- On June 30, 2020, deposits per banking center were
$133 million, compared to $118 million on March 31, 2020,
and $113 million on June 30, 2019.
Asset Quality
- Nonperforming loans to total
loans outstanding were 0.52% at
June 30, 2020, 0.48% at March 31, 2020, and 0.47% at June 30,
2019.
- Nonperforming assets to total assets were
0.57% at June 30, 2020, 0.55% at March 31, 2020 and 0.50% at June
30, 2019.
- The ratio of allowance for credit
losses to total loans was 1.58% at June 30, 2020, 1.61% at
March 31, 2020, and 0.69% at June 30, 2019. The Company has
assigned no allowance for credit losses to PPP loans, as the United
States government contractually guarantees repayment. Excluding PPP
loans, the ratio of allowance for credit losses to total loans at
June 30, 2020, was 1.76%.
- Net charge-offs were $1.8 million, or 0.12%,
of average loans for the second quarter of 2020 compared to $1.0
million, or 0.07%, of average loans in the first quarter of 2020
and $1.8 million, or 0.15% of average loans in the second quarter
of 2019. Net charge-offs for the four most recent quarters averaged
0.15%.
- Portfolio diversification, in terms of asset
mix, industry, and loan type, has been a critical element of the
Company's lending strategy. Exposure across industries and
collateral types is broadly distributed. Excluding PPP loans,
Seacoast's average commercial loan size is $384,000, reflecting an
ability to maintain granularity within the overall loan
portfolio.
- The Company does not have any purchased loan
syndications, shared national credits, or mezzanine
finance.
- Since the outbreak of COVID-19, the Company has not experienced
any material increase in consumer or
commercial line utilization.
- Construction and land
development and commercial real estate
loans remain well below regulatory guidance at 34% and
188% of total bank-level risk based capital, respectively, compared
to 35% and 193% respectively, in the first quarter of 2020. On a
consolidated basis, construction and land development and
commercial real estate loans represent 32% and 176%, respectively,
of total consolidated risk-based capital.
- In this uncertain time, Seacoast will remain vigilant in
maintaining its conservative credit posture.
Capital and Liquidity
- The tier 1 capital ratio increased to 16.4%
from 15.5% at March 31, 2020, and 14.6% June 30, 2019. The
total capital ratio was 17.6% and the tier
1 leverage ratio was 11.4% at June 30, 2020.
- Tangible common equity to tangible assets was
10.19% at June 30, 2020, compared to 10.68% at March 31, 2020 and
10.65% at June 30, 2019. The decrease in the second quarter of 2020
when compared to the prior quarter was due to growth in the balance
sheet, the result of PPP loans and associated liquidity increasing
total assets.
- Cash and cash equivalents at June 30, 2020
totaled $524.3 million, an increase of $399.8 million from December
31, 2019, as Seacoast took a conservative stance at the outset of
the pandemic.
- At June 30, 2020, the Company had available unsecured lines of
credit of $135.0 million and lines of credit under lendable
collateral value of $1.4 billion. $881.7 million of debt securities
and $764.1 million in residential and commercial real estate loans
are available as collateral for potential borrowings.
1Non-GAAP measure, see “Explanation of Certain Unaudited
Non-GAAP Financial Measures" for more information and for a
reconciliation to GAAP.
| FINANCIAL HIGHLIGHTS |
|
|
|
|
|
|
|
|
| (Amounts in thousands except per share data) |
(Unaudited) |
|
|
|
Quarterly Trends |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
2Q'20 |
|
1Q'20 |
|
4Q'19 |
|
3Q'19 |
|
2Q'19 |
|
| Selected Balance Sheet Data: |
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
8,084,013 |
|
|
$ |
7,352,894 |
|
|
$ |
7,108,511 |
|
|
$ |
6,890,645 |
|
|
$ |
6,824,886 |
|
|
|
Gross Loans |
5,772,052 |
|
|
5,317,208 |
|
|
5,198,404 |
|
|
4,986,289 |
|
|
4,888,139 |
|
|
|
Total Deposits |
6,666,783 |
|
|
5,887,499 |
|
|
5,584,753 |
|
|
5,673,141 |
|
|
5,541,209 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Performance Measures: |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
25,080 |
|
|
$ |
709 |
|
|
$ |
27,176 |
|
|
$ |
25,605 |
|
|
$ |
23,253 |
|
|
|
Net Interest Margin |
3.70 |
% |
|
3.93 |
% |
|
3.84 |
% |
|
3.89 |
% |
|
3.94 |
% |
|
|
Average Diluted Shares Outstanding |
53,308 |
|
|
52,284 |
|
|
52,081 |
|
|
51,935 |
|
|
51,952 |
|
|
|
Diluted Earnings Per Share (EPS) |
$ |
0.47 |
|
|
$ |
0.01 |
|
|
$ |
0.52 |
|
|
$ |
0.49 |
|
|
$ |
0.45 |
|
|
|
Return on (annualized): |
|
|
|
|
|
|
|
|
|
|
|
Average Assets (ROA) |
1.27 |
% |
|
0.04 |
% |
|
1.54 |
% |
|
1.49 |
% |
|
1.38 |
% |
|
|
Average Tangible Assets (ROTA) |
1.37 |
|
|
0.11 |
|
|
1.66 |
|
|
1.61 |
|
|
1.50 |
|
|
|
Average Tangible Common Equity (ROTCE) |
13.47 |
|
|
0.95 |
|
|
14.95 |
|
|
14.73 |
|
|
14.30 |
|
|
|
Tangible Common Equity to Tangible Assets2 |
10.19 |
|
|
10.68 |
|
|
11.05 |
|
|
11.05 |
|
|
10.65 |
|
|
|
Tangible Book Value Per Share |
$ |
15.11 |
|
|
$ |
14.42 |
|
|
$ |
14.76 |
|
|
$ |
14.30 |
|
|
$ |
13.65 |
|
|
|
Efficiency Ratio |
50.11 |
% |
|
59.85 |
% |
|
48.36 |
% |
|
48.62 |
% |
|
53.48 |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
| Adjusted Operating Measures1: |
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income |
$ |
25,452 |
|
|
$ |
5,462 |
|
|
$ |
26,837 |
|
|
$ |
27,731 |
|
|
$ |
25,818 |
|
|
|
Adjusted Diluted EPS |
0.48 |
|
|
0.10 |
|
|
0.52 |
|
|
0.53 |
|
|
0.50 |
|
|
|
Adjusted ROTA |
1.33 |
% |
|
0.32 |
% |
|
1.57 |
% |
|
1.67 |
% |
|
1.59 |
% |
|
|
Adjusted ROTCE |
13.09 |
|
|
2.86 |
|
|
14.19 |
|
|
15.30 |
|
|
15.17 |
|
|
|
Adjusted Efficiency Ratio |
49.81 |
|
|
53.61 |
|
|
47.52 |
|
|
48.96 |
|
|
51.44 |
|
|
|
Adjusted Noninterest Expense as a Percent of Average Tangible
Assets2 |
2.13 |
|
|
2.44 |
|
|
2.11 |
|
|
2.22 |
|
|
2.34 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Other Data: |
|
|
|
|
|
|
|
|
|
|
|
Market capitalization3 |
$ |
1,081,009 |
|
|
$ |
965,097 |
|
|
$ |
1,574,775 |
|
|
$ |
1,303,010 |
|
|
$ |
1,309,158 |
|
|
|
Full-time equivalent employees |
924 |
|
|
919 |
|
|
867 |
|
|
867 |
|
|
852 |
|
|
|
Number of ATMs |
76 |
|
|
76 |
|
|
78 |
|
|
80 |
|
|
81 |
|
|
|
Full-service banking offices |
50 |
|
|
50 |
|
|
48 |
|
|
48 |
|
|
49 |
|
|
|
Registered online users |
117,273 |
|
|
113,598 |
|
|
109,684 |
|
|
107,241 |
|
|
104,017 |
|
|
|
Registered mobile devices |
108,062 |
|
|
104,108 |
|
|
99,361 |
|
|
96,384 |
|
|
92,281 |
|
|
| 1Non-GAAP measure, see “Explanation of Certain
Unaudited Non-GAAP Financial Measures" for more information and a
reconciliation to GAAP |
| 2The Company defines tangible assets as total
assets less intangible assets, and tangible common equity as total
shareholders' equity less intangible assets. |
| 3Common shares outstanding multiplied by closing
bid price on last day of each period. |
Second Quarter Strategic Highlights
Capitalizing on Seacoast's Early
Commitment to Digital Transformation
- The COVID-19 pandemic has influenced how customers interact
with Seacoast, accelerating the shift to digital for many customer
segments. While branches remain open by drive-thru or lobby
appointments, customers are also seeking the convenient security of
mobile banking. Mobile banking logins have increased 11% compared
to pre-pandemic periods, and have increased 20% compared to one
year ago.
- As the Paycheck Protection Program became available, Seacoast
was able to adapt quickly to an automated solution with an existing
technology partner to provide customers with faster access at the
application stage. To support the forgiveness process, enhancements
to the existing loan origination platform were rapidly developed,
including a customer portal, which allows documents and loan
information to be digitally uploaded directly onto the
platform.
- Substantially all non-branch staff have been working remotely
since the beginning of the pandemic. In April of 2020, Seacoast
conducted an associate survey, gaining feedback on the
organization's response to the pandemic. Of the respondents who
were working remotely, 95% stated that their productivity had
increased or stayed the same as a result of working from home.
Driving Improvements to
Operations
- During the second quarter of 2020, Seacoast's website launched
an artificial intelligence-enabled "chat-bot" tool that provides
users with answers to frequently asked questions. This interactive
self-service feature has facilitated nearly 10,000 interactions,
giving customers quick access to the information they need while
reducing call center volume and wait times.
- Low interest rates fueling refinance demand combined with a
strong Florida housing market have driven record levels of mortgage
volume. In the first quarter of 2020, Seacoast introduced digital
closing and notarization capabilities for residential mortgages
and, in the second quarter, rolled out an end-to-end
fully-electronic closing capability.
Fourth Street Banking Company
Acquisition
- Seacoast's acquisition of Fourth Street Banking Company, the
holding company for Freedom Bank of St. Petersburg, is expected to
be completed in August 2020, subject to shareholder approval and
other customary closing conditions. Freedom Bank has also been
supporting its customers in accessing the PPP program, with $55
million in PPP loans as of June 30, 2020. Loans on deferral
represent 19% of Freedom Bank's total non-PPP loans outstanding. On
June 30, 2020, Freedom Bank's total net loans were $312 million and
total deposits were $359 million.
OTHER INFORMATION
Conference Call
InformationSeacoast will host a conference call on
July 24, 2020 at 10:00 a.m. (Eastern Time) to discuss the
second quarter 2020 earnings results and business trends. Investors
may call in (toll-free) by dialing (800) 774-6070 (passcode 6599
321#; 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 July 24, 2020, by
clicking here and using passcode 49804232.
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 July 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 $8.1 billion in assets and $6.7 billion
in deposits as of June 30, 2020. The Company provides
integrated financial services including commercial and retail
banking, wealth management, and mortgage services to customers
through advanced banking solutions, and 50 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, as amended, with
the United States Securities and Exchange Commission (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 Fourth Street merger includes a proxy statement
of Fourth Street and a prospectus of Seacoast. A definitive proxy
statement/prospectus has been mailed to shareholders of 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.
Fourth Street, its directors, and executive
officers and other members of management and employees may be
considered participants in the solicitation of proxies in
connection with the merger of the proposed merger of Fourth Street
with and into Seacoast. Information regarding the participants in
the proxy solicitation of Fourth Street and a description of its
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.
Cautionary Notice Regarding
Forward-Looking Statements This 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 FBPB and Fourth Street, 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, any of which may be impacted by the COVID-19
pandemic and related effects on the U.S. economy. 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 and the adverse impact of COVID-19 (economic and
otherwise); 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, including the
impact of the adoption of CECL; 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, health
emergencies, epidemics or pandemics, 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 FBPB merger and Fourth
Street proposed merger include, without limitation: the timing to
consummate the proposed merger; the risk that a condition to
closing of the proposed merger may not be satisfied; the risk that
the merger is not completed at all; the diversion of management
time on issues related to the proposed merger; 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.
Given the many unknowns and risks being heavily
weighted to the downside, our forward-looking statements are
subject to the risk that conditions will be substantially different
than we are currently expecting. If efforts to contain COVID-19 are
unsuccessful and restrictions on movement last into the third
quarter or beyond, the recession would be much longer and much more
severe. Ineffective fiscal stimulus, or an extended delay in
implementing it, are also major downside risks. The deeper the
recession is, and the longer it lasts, the more it will damage
consumer fundamentals and sentiment. This could both prolong the
recession, and/or make any recovery weaker. Similarly, the
recession could damage business fundamentals. And an extended
global recession due to COVID-19 would weaken the U.S. recovery. As
a result, the outbreak and its consequences, including responsive
measures to manage it, have had and are likely to continue to have
an adverse effect, possibly materially, on our business and
financial performance by adversely affecting, possibly materially,
the demand and profitability of our products and services, the
valuation of assets and our ability to meet the needs of our
customers.
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, 2019, and our quarterly report on Form
10-Q for the quarter ended March 31, 2020 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 |
|
Six Months Ended |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Amounts in thousands, except ratios and per share data) |
2Q'20 |
|
1Q'20 |
|
4Q'19 |
|
3Q'19 |
|
2Q'19 |
|
2Q'20 |
|
2Q'19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
income |
$ |
25,080 |
|
|
$ |
709 |
|
|
$ |
27,176 |
|
|
$ |
25,605 |
|
|
$ |
23,253 |
|
|
$ |
25,789 |
|
|
$ |
45,958 |
|
|
| Adjusted net income1 |
25,452 |
|
|
5,462 |
|
|
26,837 |
|
|
27,731 |
|
|
25,818 |
|
|
30,914 |
|
|
50,023 |
|
|
| Net interest income2 |
67,388 |
|
|
63,291 |
|
|
61,846 |
|
|
61,027 |
|
|
60,219 |
|
|
130,679 |
|
|
121,080 |
|
|
| Net interest margin2,3 |
3.70 |
% |
|
3.93 |
% |
|
3.84 |
% |
|
3.89 |
% |
|
3.94 |
% |
|
3.81 |
% |
|
3.98 |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Performance Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average assets-GAAP basis3 |
1.27 |
% |
|
0.04 |
% |
|
1.54 |
% |
|
1.49 |
% |
|
1.38 |
% |
|
0.69 |
% |
|
1.37 |
% |
|
| Return on average tangible assets-GAAP basis3,4 |
1.37 |
|
|
0.11 |
|
|
1.66 |
|
|
1.61 |
|
|
1.50 |
|
|
0.78 |
|
|
1.49 |
|
|
| Adjusted return on average tangible assets1,3,4 |
1.33 |
|
|
0.32 |
|
|
1.57 |
|
|
1.67 |
|
|
1.59 |
|
|
0.86 |
|
|
1.55 |
|
|
| Adjusted noninterest expense to average tangible
assets1,3,4 |
2.13 |
|
|
2.44 |
|
|
2.11 |
|
|
2.22 |
|
|
2.34 |
|
|
2.26 |
|
|
2.43 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average shareholders' equity-GAAP basis3 |
9.96 |
|
|
0.29 |
|
|
11.04 |
|
|
10.73 |
|
|
10.23 |
|
|
5.17 |
|
|
10.35 |
|
|
| Return on average tangible common equity-GAAP basis3,4 |
13.47 |
|
|
0.95 |
|
|
14.95 |
|
|
14.73 |
|
|
14.30 |
|
|
7.27 |
|
|
14.57 |
|
|
| Adjusted return on average tangible common equity1,3,4 |
13.09 |
|
|
2.86 |
|
|
14.19 |
|
|
15.30 |
|
|
15.17 |
|
|
8.02 |
|
|
15.14 |
|
|
| Efficiency ratio5 |
50.11 |
|
|
59.85 |
|
|
48.36 |
|
|
48.62 |
|
|
53.48 |
|
|
54.88 |
|
|
55.01 |
|
|
| Adjusted efficiency ratio1 |
49.81 |
|
|
53.61 |
|
|
47.52 |
|
|
48.96 |
|
|
51.44 |
|
|
51.68 |
|
|
53.62 |
|
|
| Noninterest income to total revenue (excluding securities
gains/losses) |
17.00 |
|
|
18.84 |
|
|
18.30 |
|
|
19.53 |
|
|
18.93 |
|
|
17.90 |
|
|
18.19 |
|
|
| Tangible common equity to tangible assets4 |
10.19 |
|
|
10.68 |
|
|
11.05 |
|
|
11.05 |
|
|
10.65 |
|
|
10.19 |
|
|
10.65 |
|
|
| Average loan-to-deposit ratio |
88.48 |
|
|
93.02 |
|
|
90.71 |
|
|
88.35 |
|
|
87.27 |
|
|
90.59 |
|
|
88.87 |
|
|
| End of period loan-to-deposit ratio |
87.40 |
|
|
90.81 |
|
|
93.44 |
|
|
88.36 |
|
|
88.53 |
|
|
87.40 |
|
|
88.53 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income diluted-GAAP basis |
$ |
0.47 |
|
|
$ |
0.01 |
|
|
$ |
0.52 |
|
|
$ |
0.49 |
|
|
$ |
0.45 |
|
|
$ |
0.49 |
|
|
$ |
0.88 |
|
|
| Net income basic-GAAP basis |
0.47 |
|
|
0.01 |
|
|
0.53 |
|
|
0.50 |
|
|
0.45 |
|
|
0.49 |
|
|
0.89 |
|
|
| Adjusted earnings1 |
0.48 |
|
|
0.10 |
|
|
0.52 |
|
|
0.53 |
|
|
0.50 |
|
|
0.59 |
|
|
0.96 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Book value per share common |
19.45 |
|
|
18.82 |
|
|
19.13 |
|
|
18.70 |
|
|
18.08 |
|
|
19.45 |
|
|
18.08 |
|
|
| Tangible book value per share |
15.11 |
|
|
14.42 |
|
|
14.76 |
|
|
14.30 |
|
|
13.65 |
|
|
15.11 |
|
|
13.65 |
|
|
| 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 and losses). |
| |
|
|
|
| CONDENSED CONSOLIDATED STATEMENTS OF
INCOME |
|
(Unaudited) |
|
|
|
|
|
|
| SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
| |
|
| |
Quarterly
Trends |
|
Six Months
Ended |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Amounts in thousands, except per share data) |
2Q'20 |
|
1Q'20 |
|
4Q'19 |
|
3Q'19 |
|
2Q'19 |
|
2Q'20 |
|
2Q'19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest on securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
7,573 |
|
$ |
8,696 |
|
|
$ |
8,500 |
|
$ |
8,802 |
|
|
$ |
8,933 |
|
|
$ |
16,269 |
|
|
$ |
18,052 |
|
|
|
Nontaxable |
121 |
|
122 |
|
|
130 |
|
131 |
|
|
143 |
|
|
243 |
|
|
294 |
|
|
| Interest and fees on loans |
64,844 |
|
63,440 |
|
|
62,868 |
|
63,092 |
|
|
62,288 |
|
|
128,284 |
|
|
124,575 |
|
|
| Interest on federal funds sold and other investments |
684 |
|
734 |
|
|
788 |
|
800 |
|
|
873 |
|
|
1,418 |
|
|
1,791 |
|
|
|
Total Interest Income |
73,222 |
|
72,992 |
|
|
72,286 |
|
72,825 |
|
|
72,237 |
|
|
146,214 |
|
|
144,712 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest on deposits |
1,203 |
|
3,190 |
|
|
3,589 |
|
4,334 |
|
|
4,825 |
|
|
4,393 |
|
|
8,698 |
|
|
| Interest on time certificates |
3,820 |
|
4,768 |
|
|
5,084 |
|
6,009 |
|
|
5,724 |
|
|
8,588 |
|
|
10,683 |
|
|
| Interest on borrowed money |
927 |
|
1,857 |
|
|
1,853 |
|
1,534 |
|
|
1,552 |
|
|
2,784 |
|
|
4,421 |
|
|
|
Total Interest Expense |
5,950 |
|
9,815 |
|
|
10,526 |
|
11,877 |
|
|
12,101 |
|
|
15,765 |
|
|
23,802 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
67,272 |
|
63,177 |
|
|
61,760 |
|
60,948 |
|
|
60,136 |
|
|
130,449 |
|
|
120,910 |
|
|
| Provision for credit losses |
7,611 |
|
29,513 |
|
|
4,800 |
|
2,251 |
|
|
2,551 |
|
|
37,124 |
|
|
3,948 |
|
|
|
Net Interest Income After Provision for Credit
Losses |
59,661 |
|
33,664 |
|
|
56,960 |
|
58,697 |
|
|
57,585 |
|
|
93,325 |
|
|
116,962 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Service charges on deposit accounts |
1,939 |
|
2,825 |
|
|
2,960 |
|
2,978 |
|
|
2,894 |
|
|
4,764 |
|
|
5,591 |
|
|
| Interchange income |
3,187 |
|
3,246 |
|
|
3,387 |
|
3,206 |
|
|
3,405 |
|
|
6,433 |
|
|
6,806 |
|
|
| Wealth management income |
1,719 |
|
1,867 |
|
|
1,579 |
|
1,632 |
|
|
1,688 |
|
|
3,586 |
|
|
3,141 |
|
|
| Mortgage banking fees |
3,559 |
|
2,208 |
|
|
1,514 |
|
2,127 |
|
|
1,734 |
|
|
5,767 |
|
|
2,849 |
|
|
| Marine finance fees |
157 |
|
146 |
|
|
338 |
|
153 |
|
|
201 |
|
|
303 |
|
|
563 |
|
|
| SBA gains |
181 |
|
139 |
|
|
576 |
|
569 |
|
|
691 |
|
|
320 |
|
|
1,327 |
|
|
| BOLI income |
887 |
|
886 |
|
|
904 |
|
928 |
|
|
927 |
|
|
1,773 |
|
|
1,842 |
|
|
| Other |
2,147 |
|
3,352 |
|
|
2,579 |
|
3,197 |
|
|
2,503 |
|
|
5,499 |
|
|
4,769 |
|
|
| |
13,776 |
|
14,669 |
|
|
13,837 |
|
14,790 |
|
|
14,043 |
|
|
28,445 |
|
|
26,888 |
|
|
| Securities gains (losses), net |
1,230 |
|
19 |
|
|
2,539 |
|
(847 |
) |
|
(466 |
) |
|
1,249 |
|
|
(475 |
) |
|
|
Total Noninterest Income |
15,006 |
|
14,688 |
|
|
16,376 |
|
13,943 |
|
|
13,577 |
|
|
29,694 |
|
|
26,413 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and wages |
20,226 |
|
23,698 |
|
|
17,263 |
|
18,640 |
|
|
19,420 |
|
|
43,924 |
|
|
37,926 |
|
|
| Employee benefits |
3,379 |
|
4,255 |
|
|
3,323 |
|
2,973 |
|
|
3,195 |
|
|
7,634 |
|
|
7,401 |
|
|
| Outsourced data processing costs |
4,059 |
|
4,633 |
|
|
3,645 |
|
3,711 |
|
|
3,876 |
|
|
8,692 |
|
|
7,721 |
|
|
| Telephone / data lines |
791 |
|
714 |
|
|
651 |
|
603 |
|
|
893 |
|
|
1,505 |
|
|
1,704 |
|
|
| Occupancy |
3,385 |
|
3,353 |
|
|
3,368 |
|
3,368 |
|
|
3,741 |
|
|
6,738 |
|
|
7,548 |
|
|
| Furniture and equipment |
1,358 |
|
1,623 |
|
|
1,416 |
|
1,528 |
|
|
1,544 |
|
|
2,981 |
|
|
3,301 |
|
|
| Marketing |
997 |
|
1,278 |
|
|
885 |
|
933 |
|
|
1,211 |
|
|
2,275 |
|
|
2,343 |
|
|
| Legal and professional fees |
2,277 |
|
3,363 |
|
|
2,025 |
|
1,648 |
|
|
2,033 |
|
|
5,640 |
|
|
4,880 |
|
|
| FDIC assessments |
266 |
|
— |
|
|
— |
|
56 |
|
|
337 |
|
|
266 |
|
|
825 |
|
|
| Amortization of intangibles |
1,483 |
|
1,456 |
|
|
1,456 |
|
1,456 |
|
|
1,456 |
|
|
2,939 |
|
|
2,914 |
|
|
| Foreclosed property expense and net loss/(gain) on sale |
245 |
|
(315 |
) |
|
3 |
|
262 |
|
|
(174 |
) |
|
(70 |
) |
|
(214 |
) |
|
| Other |
3,933 |
|
3,740 |
|
|
4,022 |
|
3,405 |
|
|
3,468 |
|
|
7,673 |
|
|
7,750 |
|
|
|
Total Noninterest Expense |
42,399 |
|
47,798 |
|
|
38,057 |
|
38,583 |
|
|
41,000 |
|
|
90,197 |
|
|
84,099 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
32,268 |
|
554 |
|
|
35,279 |
|
34,057 |
|
|
30,162 |
|
|
32,822 |
|
|
59,276 |
|
|
| Income taxes |
7,188 |
|
(155 |
) |
|
8,103 |
|
8,452 |
|
|
6,909 |
|
|
7,033 |
|
|
13,318 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
25,080 |
|
$ |
709 |
|
|
$ |
27,176 |
|
$ |
25,605 |
|
|
$ |
23,253 |
|
|
$ |
25,789 |
|
|
$ |
45,958 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income diluted |
$ |
0.47 |
|
$ |
0.01 |
|
|
$ |
0.52 |
|
$ |
0.49 |
|
|
$ |
0.45 |
|
|
$ |
0.49 |
|
|
$ |
0.88 |
|
|
| Net income basic |
0.47 |
|
0.01 |
|
|
0.53 |
|
0.50 |
|
|
0.45 |
|
|
0.49 |
|
|
0.89 |
|
|
| Cash dividends declared |
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average diluted shares outstanding |
53,308 |
|
52,284 |
|
|
52,081 |
|
51,935 |
|
|
51,952 |
|
|
52,807 |
|
|
51,998 |
|
|
| Average basic shares outstanding |
52,985 |
|
51,803 |
|
|
51,517 |
|
51,473 |
|
|
51,446 |
|
|
52,394 |
|
|
51,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
(Unaudited) |
|
|
|
| SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
| |
|
|
|
| |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
| (Amounts in thousands) |
|
2020 |
|
2020 |
|
2019 |
|
2019 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
84,178 |
|
|
$ |
82,111 |
|
|
$ |
89,843 |
|
|
$ |
106,349 |
|
|
$ |
97,792 |
|
|
|
Interest bearing deposits with other banks |
|
440,142 |
|
|
232,763 |
|
|
34,688 |
|
|
25,911 |
|
|
61,987 |
|
|
|
Total Cash and Cash Equivalents |
|
524,320 |
|
|
314,874 |
|
|
124,531 |
|
|
132,260 |
|
|
159,779 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits with other banks |
|
2,496 |
|
|
3,742 |
|
|
3,742 |
|
|
4,579 |
|
|
4,980 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale (at fair value) |
|
976,025 |
|
|
910,311 |
|
|
946,855 |
|
|
920,811 |
|
|
914,615 |
|
|
|
Held to maturity (at amortized cost) |
|
227,092 |
|
|
252,373 |
|
|
261,369 |
|
|
273,644 |
|
|
287,302 |
|
|
|
Total Debt Securities |
|
1,203,117 |
|
|
1,162,684 |
|
|
1,208,224 |
|
|
1,194,455 |
|
|
1,201,917 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale |
|
54,943 |
|
|
29,281 |
|
|
20,029 |
|
|
26,768 |
|
|
17,513 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
5,772,052 |
|
|
5,317,208 |
|
|
5,198,404 |
|
|
4,986,289 |
|
|
4,888,139 |
|
|
|
Less: Allowance for credit losses |
|
(91,250 |
) |
|
(85,411 |
) |
|
(35,154 |
) |
|
(33,605 |
) |
|
(33,505 |
) |
|
|
Net Loans |
|
5,680,802 |
|
|
5,231,797 |
|
|
5,163,250 |
|
|
4,952,684 |
|
|
4,854,634 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Bank premises and equipment, net |
|
69,041 |
|
|
71,540 |
|
|
66,615 |
|
|
67,873 |
|
|
68,738 |
|
|
|
Other real estate owned |
|
15,847 |
|
|
14,640 |
|
|
12,390 |
|
|
13,593 |
|
|
11,043 |
|
|
|
Goodwill |
|
212,146 |
|
|
212,085 |
|
|
205,286 |
|
|
205,286 |
|
|
205,260 |
|
|
|
Other intangible assets, net |
|
17,950 |
|
|
19,461 |
|
|
20,066 |
|
|
21,318 |
|
|
22,672 |
|
|
|
Bank owned life insurance |
|
127,954 |
|
|
127,067 |
|
|
126,181 |
|
|
125,277 |
|
|
125,233 |
|
|
|
Net deferred tax assets |
|
21,404 |
|
|
19,766 |
|
|
16,457 |
|
|
17,168 |
|
|
19,353 |
|
|
|
Other assets |
|
153,993 |
|
|
145,957 |
|
|
141,740 |
|
|
129,384 |
|
|
133,764 |
|
|
|
Total Assets |
|
$ |
8,084,013 |
|
|
$ |
7,352,894 |
|
|
$ |
7,108,511 |
|
|
$ |
6,890,645 |
|
|
$ |
6,824,886 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
$ |
2,267,435 |
|
|
$ |
1,703,628 |
|
|
$ |
1,590,493 |
|
|
$ |
1,652,927 |
|
|
$ |
1,669,804 |
|
|
|
Interest-bearing demand |
|
1,368,146 |
|
|
1,234,193 |
|
|
1,181,732 |
|
|
1,115,455 |
|
|
1,124,519 |
|
|
|
Savings |
|
619,251 |
|
|
554,836 |
|
|
519,152 |
|
|
528,214 |
|
|
519,732 |
|
|
|
Money market |
|
1,232,892 |
|
|
1,124,378 |
|
|
1,108,363 |
|
|
1,158,862 |
|
|
1,172,971 |
|
|
|
Other time certificates |
|
445,176 |
|
|
489,669 |
|
|
504,837 |
|
|
537,183 |
|
|
553,107 |
|
|
|
Brokered time certificates |
|
572,465 |
|
|
597,715 |
|
|
472,857 |
|
|
458,418 |
|
|
268,998 |
|
|
|
Time certificates of more than $250,000 |
|
161,418 |
|
|
183,080 |
|
|
207,319 |
|
|
222,082 |
|
|
232,078 |
|
|
|
Total Deposits |
|
6,666,783 |
|
|
5,887,499 |
|
|
5,584,753 |
|
|
5,673,141 |
|
|
5,541,209 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
92,125 |
|
|
64,723 |
|
|
86,121 |
|
|
70,414 |
|
|
82,015 |
|
|
|
Federal Home Loan Bank borrowings |
|
135,000 |
|
|
265,000 |
|
|
315,000 |
|
|
50,000 |
|
|
140,000 |
|
|
|
Subordinated debt |
|
71,225 |
|
|
71,155 |
|
|
71,085 |
|
|
71,014 |
|
|
70,944 |
|
|
|
Other liabilities |
|
88,277 |
|
|
72,730 |
|
|
65,913 |
|
|
63,398 |
|
|
60,479 |
|
|
|
Total Liabilities |
|
7,053,410 |
|
|
6,361,107 |
|
|
6,122,872 |
|
|
5,927,967 |
|
|
5,894,647 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
5,299 |
|
|
5,271 |
|
|
5,151 |
|
|
5,148 |
|
|
5,146 |
|
|
|
Additional paid in capital |
|
811,328 |
|
|
809,533 |
|
|
786,242 |
|
|
784,661 |
|
|
782,928 |
|
|
|
Retained earnings |
|
204,719 |
|
|
179,646 |
|
|
195,813 |
|
|
168,637 |
|
|
143,032 |
|
|
|
Treasury stock |
|
(8,037 |
) |
|
(7,422 |
) |
|
(6,032 |
) |
|
(6,079 |
) |
|
(6,137 |
) |
|
| |
|
1,013,309 |
|
|
987,028 |
|
|
981,174 |
|
|
952,367 |
|
|
924,969 |
|
|
|
Accumulated other comprehensive income, net |
|
17,294 |
|
|
4,759 |
|
|
4,465 |
|
|
10,311 |
|
|
5,270 |
|
|
|
Total Shareholders' Equity |
|
1,030,603 |
|
|
991,787 |
|
|
985,639 |
|
|
962,678 |
|
|
930,239 |
|
|
|
Total Liabilities & Shareholders' Equity |
|
$ |
8,084,013 |
|
|
$ |
7,352,894 |
|
|
$ |
7,108,511 |
|
|
$ |
6,890,645 |
|
|
$ |
6,824,886 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Common shares outstanding |
|
52,991 |
|
|
52,709 |
|
|
51,514 |
|
|
51,482 |
|
|
51,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CONSOLIDATED QUARTERLY
FINANCIAL DATA |
(Unaudited) |
| SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
| |
|
| |
|
| |
|
|
|
|
|
|
|
|
|
| (Amounts in thousands) |
2Q'20 |
|
1Q'20 |
|
4Q'19 |
|
3Q'19 |
|
2Q'19 |
|
|
|
|
|
|
|
|
|
|
|
| Credit
Analysis |
|
|
|
|
|
|
|
|
|
|
Net charge-offs - non-acquired loans |
$ |
1,714 |
|
|
$ |
1,316 |
|
|
$ |
2,930 |
|
|
$ |
2,106 |
|
|
$ |
1,621 |
|
|
Net charge-offs (recoveries) - acquired loans |
37 |
|
|
(343 |
) |
|
295 |
|
|
5 |
|
|
220 |
|
|
Total Net Charge-offs |
1,751 |
|
|
973 |
|
|
3,225 |
|
|
2,111 |
|
|
1,841 |
|
| |
|
|
|
|
|
|
|
|
|
|
TDR valuation adjustments |
$ |
21 |
|
|
$ |
24 |
|
|
$ |
27 |
|
|
$ |
40 |
|
|
$ |
27 |
|
| |
|
|
|
|
|
|
|
|
|
|
Net charge-offs to average loans - non-acquired loans |
0.12 |
% |
|
0.10 |
% |
|
0.23 |
% |
|
0.17 |
% |
|
0.13 |
% |
|
Net charge-offs (recoveries) to average loans - acquired loans |
— |
|
|
(0.03 |
) |
|
0.02 |
|
|
— |
|
|
0.02 |
|
|
Total Net Charge-offs to Average Loans |
0.12 |
|
|
0.07 |
|
|
0.25 |
|
|
0.17 |
|
|
0.15 |
|
| |
|
|
|
|
|
|
|
|
|
|
Provision for credit losses - non-acquired loans |
$ |
5,825 |
|
|
$ |
25,688 |
|
|
$ |
4,041 |
|
|
$ |
2,241 |
|
|
$ |
2,326 |
|
|
Provision for credit losses - acquired loans |
1,786 |
|
|
3,825 |
|
|
759 |
|
|
10 |
|
|
225 |
|
|
Total Provision for Credit Losses |
$ |
7,611 |
|
|
$ |
29,513 |
|
|
$ |
4,800 |
|
|
$ |
2,251 |
|
|
$ |
2,551 |
|
| |
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses - non-acquired loans |
$ |
73,587 |
|
|
$ |
69,498 |
|
|
$ |
34,573 |
|
|
$ |
33,488 |
|
|
$ |
33,393 |
|
|
Allowance for credit losses - acquired loans |
17,663 |
|
|
15,913 |
|
|
581 |
|
|
117 |
|
|
112 |
|
|
Total Allowance for Credit Losses |
$ |
91,250 |
|
|
$ |
85,411 |
|
|
$ |
35,154 |
|
|
$ |
33,605 |
|
|
$ |
33,505 |
|
| |
|
|
|
|
|
|
|
|
|
|
Non-acquired loans at end of period |
$ |
4,315,892 |
|
|
$ |
4,373,378 |
|
|
$ |
4,317,919 |
|
|
$ |
4,010,299 |
|
|
$ |
3,817,358 |
|
|
Acquired loans at end of period |
879,710 |
|
|
943,830 |
|
|
880,485 |
|
|
975,990 |
|
|
1,070,781 |
|
|
Paycheck Protection Program loans at end of period |
576,450 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Total Loans |
$ |
5,772,052 |
|
|
$ |
5,317,208 |
|
|
$ |
5,198,404 |
|
|
$ |
4,986,289 |
|
|
$ |
4,888,139 |
|
| |
|
|
|
|
|
|
|
|
|
| Non-acquired loans allowance
for credit losses to non-acquired loans at end of period |
1.71 |
% |
|
1.59 |
% |
|
0.80 |
% |
|
0.84 |
% |
|
0.87 |
% |
| Total allowance for credit
losses to total loans at end of period |
1.58 |
|
|
1.61 |
|
|
0.68 |
|
|
0.67 |
|
|
0.69 |
|
| Total allowance for credit
losses to total loans, excluding PPP loans |
1.76 |
|
|
1.61 |
|
|
0.68 |
|
|
0.67 |
|
|
0.69 |
|
| Purchase discount on acquired
loans at end of period |
3.29 |
|
|
3.36 |
|
|
3.83 |
|
|
3.76 |
|
|
3.76 |
|
| |
|
|
|
|
|
|
|
|
|
| End of
Period |
|
|
|
|
|
|
|
|
|
|
Nonperforming loans - non-acquired |
$ |
22,248 |
|
|
$ |
17,898 |
|
|
$ |
20,990 |
|
|
$ |
20,400 |
|
|
$ |
15,810 |
|
|
Nonperforming loans - acquired |
7,803 |
|
|
7,684 |
|
|
5,965 |
|
|
5,644 |
|
|
6,986 |
|
|
Other real estate owned - non-acquired |
10,836 |
|
|
10,676 |
|
|
5,177 |
|
|
5,177 |
|
|
66 |
|
|
Other real estate owned - acquired |
131 |
|
|
372 |
|
|
372 |
|
|
1,574 |
|
|
1,612 |
|
|
Properties previously used in bank operations included in other
real estate owned |
4,880 |
|
|
3,592 |
|
|
6,842 |
|
|
6,842 |
|
|
9,365 |
|
|
Total Nonperforming Assets |
$ |
45,898 |
|
|
$ |
40,222 |
|
|
$ |
39,346 |
|
|
$ |
39,637 |
|
|
$ |
33,839 |
|
| |
|
|
|
|
|
|
|
|
|
|
Restructured loans (accruing) |
$ |
10,338 |
|
|
$ |
10,833 |
|
|
$ |
11,100 |
|
|
$ |
12,395 |
|
|
$ |
14,534 |
|
| |
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to loans at end of period - non-acquired |
0.52 |
% |
|
0.41 |
% |
|
0.49 |
% |
|
0.51 |
% |
|
0.41 |
% |
|
Nonperforming loans to loans at end of period - acquired |
0.89 |
|
|
0.81 |
|
|
0.68 |
|
|
0.58 |
|
|
0.65 |
|
|
Total Nonperforming Loans to Loans at End of Period |
0.52 |
|
|
0.48 |
|
|
0.52 |
|
|
0.52 |
|
|
0.47 |
|
| |
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets - non-acquired |
0.47 |
% |
|
0.44 |
% |
|
0.46 |
% |
|
0.47 |
% |
|
0.37 |
% |
|
Nonperforming assets to total assets - acquired |
0.10 |
|
|
0.11 |
|
|
0.09 |
|
|
0.11 |
|
|
0.13 |
|
|
Total Nonperforming Assets to Total Assets |
0.57 |
|
|
0.55 |
|
|
0.55 |
|
|
0.58 |
|
|
0.50 |
|
| |
|
|
|
|
|
|
|
|
|
| |
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
| Loans |
2020 |
|
2020 |
|
2019 |
|
2019 |
|
2019 |
| |
|
|
|
|
|
|
|
|
|
| Construction and land
development |
$ |
298,835 |
|
|
$ |
295,405 |
|
|
$ |
325,113 |
|
|
$ |
326,324 |
|
|
$ |
379,991 |
|
| Commercial real estate - owner
occupied |
1,076,650 |
|
|
1,082,893 |
|
|
1,034,963 |
|
|
1,025,040 |
|
|
1,005,876 |
|
| Commercial real estate -
non-owner occupied |
1,392,787 |
|
|
1,381,096 |
|
|
1,344,008 |
|
|
1,285,327 |
|
|
1,184,409 |
|
| Residential real estate |
1,468,171 |
|
|
1,559,754 |
|
|
1,507,863 |
|
|
1,409,946 |
|
|
1,400,184 |
|
| Commercial and financial |
757,232 |
|
|
796,038 |
|
|
778,252 |
|
|
722,286 |
|
|
701,747 |
|
| Consumer |
201,927 |
|
|
202,022 |
|
|
208,205 |
|
|
217,366 |
|
|
215,932 |
|
| Paycheck Protection
Program |
576,450 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Total Loans |
$ |
5,772,052 |
|
|
$ |
5,317,208 |
|
|
$ |
5,198,404 |
|
|
$ |
4,986,289 |
|
|
$ |
4,888,139 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| AVERAGE BALANCES, INTEREST INCOME AND
EXPENSES, YIELDS AND RATES 1 |
(Unaudited) |
|
| SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
2Q'20 |
|
1Q'20 |
|
2Q'19 |
|
| |
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
| (Amounts in thousands) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
1,135,698 |
|
|
$ |
7,573 |
|
|
2.67 |
% |
|
$ |
1,152,473 |
|
|
$ |
8,696 |
|
|
3.02 |
% |
|
$ |
1,169,891 |
|
|
$ |
8,933 |
|
|
3.05 |
% |
|
|
Nontaxable |
19,347 |
|
|
152 |
|
|
3.14 |
|
|
19,740 |
|
|
152 |
|
|
3.09 |
|
|
24,110 |
|
|
179 |
|
|
2.96 |
|
|
|
Total Securities |
1,155,045 |
|
|
7,725 |
|
|
2.68 |
|
|
1,172,213 |
|
|
8,848 |
|
|
3.02 |
|
|
1,194,001 |
|
|
9,112 |
|
|
3.05 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other investments |
433,626 |
|
|
684 |
|
|
0.63 |
|
|
87,924 |
|
|
734 |
|
|
3.36 |
|
|
91,481 |
|
|
873 |
|
|
3.83 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans excluding PPP loans |
5,304,381 |
|
|
59,861 |
|
|
4.54 |
|
|
5,215,234 |
|
|
63,524 |
|
|
4.90 |
|
|
4,841,751 |
|
|
62,335 |
|
|
5.16 |
|
|
|
PPP loans |
424,171 |
|
|
5,068 |
|
|
4.81 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
Total Loans |
5,728,552 |
|
|
64,929 |
|
|
4.56 |
|
|
5,215,234 |
|
|
63,524 |
|
|
4.90 |
|
|
4,841,751 |
|
|
62,335 |
|
|
5.16 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
7,317,223 |
|
|
73,338 |
|
|
4.03 |
|
|
6,475,371 |
|
|
73,106 |
|
|
4.54 |
|
|
6,127,233 |
|
|
72,320 |
|
|
4.73 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
(84,965 |
) |
|
|
|
|
|
(56,931 |
) |
|
|
|
|
|
(32,806 |
) |
|
|
|
|
|
|
Cash and due from banks |
103,919 |
|
|
|
|
|
|
90,084 |
|
|
|
|
|
|
91,160 |
|
|
|
|
|
|
|
Premises and equipment |
71,173 |
|
|
|
|
|
|
67,585 |
|
|
|
|
|
|
69,890 |
|
|
|
|
|
|
|
Intangible assets |
230,871 |
|
|
|
|
|
|
226,712 |
|
|
|
|
|
|
228,706 |
|
|
|
|
|
|
|
Bank owned life insurance |
127,386 |
|
|
|
|
|
|
126,492 |
|
|
|
|
|
|
124,631 |
|
|
|
|
|
|
|
Other assets |
147,395 |
|
|
|
|
|
|
126,230 |
|
|
|
|
|
|
126,180 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
7,913,002 |
|
|
|
|
|
|
$ |
7,055,543 |
|
|
|
|
|
|
$ |
6,734,994 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
1,298,639 |
|
|
$ |
297 |
|
|
0.09 |
% |
|
$ |
1,173,930 |
|
|
$ |
834 |
|
|
0.29 |
% |
|
$ |
1,118,703 |
|
|
$ |
1,150 |
|
|
0.41 |
% |
|
|
Savings |
591,040 |
|
|
165 |
|
|
0.11 |
|
|
526,727 |
|
|
348 |
|
|
0.27 |
|
|
513,773 |
|
|
586 |
|
|
0.46 |
|
|
|
Money market |
1,193,969 |
|
|
741 |
|
|
0.25 |
|
|
1,128,757 |
|
|
2,008 |
|
|
0.72 |
|
|
1,179,345 |
|
|
3,089 |
|
|
1.05 |
|
|
|
Time deposits |
1,293,766 |
|
|
3,820 |
|
|
1.19 |
|
|
1,151,750 |
|
|
4,768 |
|
|
1.67 |
|
|
1,089,020 |
|
|
5,724 |
|
|
2.11 |
|
|
|
Securities sold under agreements to repurchase |
74,717 |
|
|
34 |
|
|
0.18 |
|
|
71,065 |
|
|
167 |
|
|
0.95 |
|
|
91,614 |
|
|
355 |
|
|
1.55 |
|
|
|
Federal funds purchased and Federal Home Loan Bank borrowings |
199,698 |
|
|
312 |
|
|
0.63 |
|
|
250,022 |
|
|
968 |
|
|
1.56 |
|
|
51,571 |
|
|
329 |
|
|
2.56 |
|
|
|
Other borrowings |
71,185 |
|
|
581 |
|
|
3.28 |
|
|
71,114 |
|
|
722 |
|
|
4.08 |
|
|
70,903 |
|
|
868 |
|
|
4.91 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities |
4,723,014 |
|
|
5,950 |
|
|
0.51 |
|
|
4,373,365 |
|
|
9,815 |
|
|
0.90 |
|
|
4,114,929 |
|
|
12,101 |
|
|
1.18 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
2,097,038 |
|
|
|
|
|
|
1,625,215 |
|
|
|
|
|
|
1,646,934 |
|
|
|
|
|
|
|
Other liabilities |
79,855 |
|
|
|
|
|
|
62,970 |
|
|
|
|
|
|
61,652 |
|
|
|
|
|
|
|
Total Liabilities |
6,899,907 |
|
|
|
|
|
|
6,061,550 |
|
|
|
|
|
|
5,823,515 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
1,013,095 |
|
|
|
|
|
|
993,993 |
|
|
|
|
|
|
911,479 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity |
$ |
7,913,002 |
|
|
|
|
|
|
$ |
7,055,543 |
|
|
|
|
|
|
$ |
6,734,994 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of deposits |
|
|
|
|
0.31 |
% |
|
|
|
|
|
0.57 |
% |
|
|
|
|
|
0.76 |
% |
|
| Interest expense as a % of earning assets |
|
|
|
|
0.33 |
% |
|
|
|
|
|
0.61 |
% |
|
|
|
|
|
0.79 |
% |
|
| Net interest income as a % of earning assets |
|
|
$ |
67,388 |
|
|
3.70 |
% |
|
|
|
$ |
63,291 |
|
|
3.93 |
% |
|
|
|
$ |
60,219 |
|
|
3.94 |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
| |
|
|
| |
Six Months Ended June 30, 2020 |
|
Six Months Ended June 30, 2019 |
|
| |
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
| (Amounts in thousands, except
ratios) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
1,144,086 |
|
|
$ |
16,269 |
|
|
2.84 |
% |
|
$ |
1,178,087 |
|
|
$ |
18,052 |
|
|
3.06 |
% |
|
|
Nontaxable |
19,544 |
|
|
304 |
|
|
3.11 |
|
|
25,329 |
|
|
369 |
|
|
2.91 |
|
|
|
Total Securities |
1,163,630 |
|
|
16,573 |
|
|
2.85 |
|
|
1,203,416 |
|
|
18,421 |
|
|
3.06 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other investments |
260,775 |
|
|
1,418 |
|
|
1.09 |
|
|
91,310 |
|
|
1,791 |
|
|
3.96 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans excluding PPP loans |
5,259,808 |
|
|
123,385 |
|
|
4.72 |
|
|
4,840,406 |
|
|
124,670 |
|
|
5.19 |
|
|
|
PPP loans |
212,085 |
|
|
5,068 |
|
|
4.81 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
Total Loans |
5,471,893 |
|
|
128,453 |
|
|
4.72 |
|
|
4,840,406 |
|
|
124,670 |
|
|
5.19 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
6,896,298 |
|
|
146,444 |
|
|
4.27 |
|
|
6,135,132 |
|
|
144,882 |
|
|
4.76 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
(70,948 |
) |
|
|
|
|
|
(32,885 |
) |
|
|
|
|
|
|
Cash and due from banks |
97,002 |
|
|
|
|
|
|
95,526 |
|
|
|
|
|
|
|
Premises and equipment |
69,379 |
|
|
|
|
|
|
70,411 |
|
|
|
|
|
|
|
Intangible assets |
228,791 |
|
|
|
|
|
|
229,382 |
|
|
|
|
|
|
|
Bank owned life insurance |
126,939 |
|
|
|
|
|
|
124,172 |
|
|
|
|
|
|
|
Other assets |
136,811 |
|
|
|
|
|
|
131,148 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
7,484,272 |
|
|
|
|
|
|
$ |
6,752,886 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
1,236,285 |
|
|
$ |
1,131 |
|
|
0.18 |
% |
|
$ |
1,074,460 |
|
|
$ |
1,989 |
|
|
0.37 |
% |
|
|
Savings |
558,883 |
|
|
513 |
|
|
0.18 |
|
|
507,097 |
|
|
1,062 |
|
|
0.42 |
|
|
|
Money market |
1,161,363 |
|
|
2,749 |
|
|
0.48 |
|
|
1,169,198 |
|
|
5,647 |
|
|
0.97 |
|
|
|
Time deposits |
1,222,758 |
|
|
8,588 |
|
|
1.41 |
|
|
1,065,812 |
|
|
10,683 |
|
|
2.02 |
|
|
|
Securities sold under agreements to repurchase |
72,891 |
|
|
201 |
|
|
0.55 |
|
|
138,065 |
|
|
905 |
|
|
1.32 |
|
|
|
Federal funds purchased and Federal Home Loan Bank borrowings |
224,860 |
|
|
1,279 |
|
|
1.14 |
|
|
138,989 |
|
|
1,750 |
|
|
2.54 |
|
|
|
Other borrowings |
71,149 |
|
|
1,304 |
|
|
3.69 |
|
|
70,870 |
|
|
1,766 |
|
|
5.03 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities |
4,548,189 |
|
|
15,765 |
|
|
0.70 |
|
|
4,164,491 |
|
|
23,802 |
|
|
1.15 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
1,861,126 |
|
|
|
|
|
|
1,629,836 |
|
|
|
|
|
|
|
Other liabilities |
71,413 |
|
|
|
|
|
|
62,949 |
|
|
|
|
|
|
|
Total Liabilities |
6,480,728 |
|
|
|
|
|
|
5,857,276 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
1,003,544 |
|
|
|
|
|
|
895,610 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity |
$ |
7,484,272 |
|
|
|
|
|
|
$ |
6,752,886 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of deposits |
|
|
|
|
0.43 |
% |
|
|
|
|
|
0.72 |
% |
|
| Interest expense as a % of
earning assets |
|
|
|
|
0.46 |
% |
|
|
|
|
|
0.78 |
% |
|
| Net interest income as a % of
earning assets |
|
|
$ |
130,679 |
|
|
3.81 |
% |
|
|
|
$ |
121,080 |
|
|
3.98 |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
| |
|
|
|
|
| |
|
|
June
30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
| (Amounts in thousands) |
|
2020 |
|
2020 |
|
2019 |
|
2019 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Customer Relationship Funding |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
$ |
1,844,288 |
|
|
$ |
1,336,352 |
|
|
$ |
1,233,475 |
|
|
$ |
1,314,102 |
|
|
$ |
1,323,743 |
|
|
|
Retail |
|
|
314,723 |
|
|
271,916 |
|
|
246,717 |
|
|
241,734 |
|
|
251,879 |
|
|
|
Public funds |
|
|
74,674 |
|
|
71,029 |
|
|
85,122 |
|
|
65,869 |
|
|
65,822 |
|
|
|
Other |
|
|
33,750 |
|
|
24,331 |
|
|
25,179 |
|
|
31,222 |
|
|
28,360 |
|
|
|
Total Noninterest Demand |
|
2,267,435 |
|
|
1,703,628 |
|
|
1,590,493 |
|
|
1,652,927 |
|
|
1,669,804 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
412,846 |
|
|
349,315 |
|
|
319,993 |
|
|
342,376 |
|
|
323,818 |
|
|
|
Retail |
|
|
733,772 |
|
|
671,378 |
|
|
641,762 |
|
|
622,833 |
|
|
634,099 |
|
|
|
Public funds |
|
|
221,528 |
|
|
213,500 |
|
|
219,977 |
|
|
150,246 |
|
|
166,602 |
|
|
|
Total Interest-Bearing Demand |
|
1,368,146 |
|
|
1,234,193 |
|
|
1,181,732 |
|
|
1,115,455 |
|
|
1,124,519 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total transaction accounts |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
2,257,134 |
|
|
1,685,667 |
|
|
1,553,468 |
|
|
1,656,478 |
|
|
1,647,561 |
|
|
|
Retail |
|
|
1,048,495 |
|
|
943,294 |
|
|
888,479 |
|
|
864,567 |
|
|
885,978 |
|
|
|
Public funds |
|
|
296,202 |
|
|
284,529 |
|
|
305,099 |
|
|
216,115 |
|
|
232,424 |
|
|
|
Other |
|
|
33,750 |
|
|
24,331 |
|
|
25,179 |
|
|
31,222 |
|
|
28,360 |
|
|
|
Total Transaction Accounts |
|
3,635,581 |
|
|
2,937,821 |
|
|
2,772,225 |
|
|
2,768,382 |
|
|
2,794,323 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
|
619,251 |
|
|
554,836 |
|
|
519,152 |
|
|
528,214 |
|
|
519,732 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
586,416 |
|
|
487,759 |
|
|
494,803 |
|
|
513,477 |
|
|
517,041 |
|
|
|
Retail |
|
|
579,126 |
|
|
572,785 |
|
|
553,075 |
|
|
583,917 |
|
|
590,320 |
|
|
|
Public funds |
|
|
67,350 |
|
|
63,834 |
|
|
60,485 |
|
|
61,468 |
|
|
65,610 |
|
|
|
Total Money Market |
|
1,232,892 |
|
|
1,124,378 |
|
|
1,108,363 |
|
|
1,158,862 |
|
|
1,172,971 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokered time certificates |
|
572,465 |
|
|
597,715 |
|
|
472,857 |
|
|
458,418 |
|
|
268,998 |
|
|
|
Other time certificates |
|
606,594 |
|
|
672,749 |
|
|
712,156 |
|
|
759,265 |
|
|
785,185 |
|
|
| |
|
1,179,059 |
|
|
1,270,464 |
|
|
1,185,013 |
|
|
1,217,683 |
|
|
1,054,183 |
|
|
|
Total Deposits |
|
$ |
6,666,783 |
|
|
$ |
5,887,499 |
|
|
$ |
5,584,753 |
|
|
$ |
5,673,141 |
|
|
$ |
5,541,209 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Customer sweep accounts |
|
$ |
92,125 |
|
|
$ |
64,723 |
|
|
$ |
86,121 |
|
|
$ |
70,414 |
|
|
$ |
82,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Six Months
Ended |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Amounts in thousands, except per share data) |
2Q'20 |
|
1Q'20 |
|
4Q'19 |
|
3Q'19 |
|
2Q'19 |
|
2Q'20 |
|
2Q'19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
Income |
$ |
25,080 |
|
|
$ |
709 |
|
|
$ |
27,176 |
|
|
$ |
25,605 |
|
|
$ |
23,253 |
|
|
$ |
25,789 |
|
|
$ |
45,958 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total noninterest income |
15,006 |
|
|
14,688 |
|
|
16,376 |
|
|
13,943 |
|
|
13,577 |
|
|
29,694 |
|
|
26,413 |
|
|
| Securities (gains) losses, net |
(1,230 |
) |
|
(19 |
) |
|
(2,539 |
) |
|
847 |
|
|
466 |
|
|
(1,249 |
) |
|
475 |
|
|
| BOLI benefits on death (included in other income) |
— |
|
|
— |
|
|
— |
|
|
(956 |
) |
|
— |
|
|
— |
|
|
— |
|
|
|
Total Adjustments to Noninterest Income |
(1,230 |
) |
|
(19 |
) |
|
(2,539 |
) |
|
(109 |
) |
|
466 |
|
|
(1,249 |
) |
|
475 |
|
|
|
Total Adjusted Noninterest Income |
13,776 |
|
|
14,669 |
|
|
13,837 |
|
|
13,834 |
|
|
14,043 |
|
|
28,445 |
|
|
26,888 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total noninterest expense |
42,399 |
|
|
47,798 |
|
|
38,057 |
|
|
38,583 |
|
|
41,000 |
|
|
90,197 |
|
|
84,099 |
|
|
| Merger related charges |
(240 |
) |
|
(4,553 |
) |
|
(634 |
) |
|
— |
|
|
— |
|
|
(4,793 |
) |
|
(335 |
) |
|
| Amortization of intangibles |
(1,483 |
) |
|
(1,456 |
) |
|
(1,456 |
) |
|
(1,456 |
) |
|
(1,456 |
) |
|
(2,939 |
) |
|
(2,914 |
) |
|
| Business continuity expenses |
— |
|
|
(307 |
) |
|
— |
|
|
(95 |
) |
|
— |
|
|
(307 |
) |
|
— |
|
|
| Branch reductions and other expense initiatives |
— |
|
|
— |
|
|
— |
|
|
(121 |
) |
|
(1,517 |
) |
|
— |
|
|
(1,725 |
) |
|
|
Total Adjustments to Noninterest Expense |
(1,723 |
) |
|
(6,316 |
) |
|
(2,090 |
) |
|
(1,672 |
) |
|
(2,973 |
) |
|
(8,039 |
) |
|
(4,974 |
) |
|
|
Total Adjusted Noninterest Expense |
40,676 |
|
|
41,482 |
|
|
35,967 |
|
|
36,911 |
|
|
38,027 |
|
|
82,158 |
|
|
79,125 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income Taxes |
7,188 |
|
|
(155 |
) |
|
8,103 |
|
|
8,452 |
|
|
6,909 |
|
|
7,033 |
|
|
13,318 |
|
|
| Tax effect of adjustments |
121 |
|
|
1,544 |
|
|
(110 |
) |
|
572 |
|
|
874 |
|
|
1,665 |
|
|
1,384 |
|
|
| Effect of change in corporate tax rate on deferred tax
assets |
— |
|
|
— |
|
|
— |
|
|
(1,135 |
) |
|
— |
|
|
— |
|
|
— |
|
|
|
Total Adjustments to Income Taxes |
121 |
|
|
1,544 |
|
|
(110 |
) |
|
(563 |
) |
|
874 |
|
|
1,665 |
|
|
1,384 |
|
|
|
Adjusted Income Taxes |
7,309 |
|
|
1,389 |
|
|
7,993 |
|
|
7,889 |
|
|
7,783 |
|
|
8,698 |
|
|
14,702 |
|
|
|
Adjusted Net Income |
$ |
25,452 |
|
|
$ |
5,462 |
|
|
$ |
26,837 |
|
|
$ |
27,731 |
|
|
$ |
25,818 |
|
|
$ |
30,914 |
|
|
$ |
50,023 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per diluted share, as reported |
$ |
0.47 |
|
|
$ |
0.01 |
|
|
$ |
0.52 |
|
|
$ |
0.49 |
|
|
$ |
0.45 |
|
|
$ |
0.49 |
|
|
$ |
0.88 |
|
|
| Adjusted Earnings per Diluted Share |
0.48 |
|
|
0.10 |
|
|
0.52 |
|
|
0.53 |
|
|
0.50 |
|
|
0.59 |
|
|
0.96 |
|
|
| Average diluted shares outstanding |
53,308 |
|
|
52,284 |
|
|
52,081 |
|
|
51,935 |
|
|
51,952 |
|
|
52,807 |
|
|
51,998 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Noninterest Expense |
$ |
40,676 |
|
|
$ |
41,482 |
|
|
$ |
35,967 |
|
|
$ |
36,911 |
|
|
$ |
38,027 |
|
|
$ |
82,158 |
|
|
$ |
79,125 |
|
|
| Foreclosed property expense and net (loss)/gain on sale |
(245 |
) |
|
315 |
|
|
(3 |
) |
|
(262 |
) |
|
174 |
|
|
70 |
|
|
214 |
|
|
|
Net Adjusted Noninterest Expense |
$ |
40,431 |
|
|
$ |
41,797 |
|
|
$ |
35,964 |
|
|
$ |
36,649 |
|
|
$ |
38,201 |
|
|
$ |
82,228 |
|
|
$ |
79,339 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
82,278 |
|
|
$ |
77,865 |
|
|
$ |
78,136 |
|
|
$ |
74,891 |
|
|
$ |
73,713 |
|
|
$ |
160,143 |
|
|
$ |
147,323 |
|
|
| Total Adjustments to Revenue |
(1,230 |
) |
|
(19 |
) |
|
(2,539 |
) |
|
(109 |
) |
|
466 |
|
|
(1,249 |
) |
|
475 |
|
|
| Impact of FTE adjustment |
116 |
|
|
114 |
|
|
86 |
|
|
79 |
|
|
83 |
|
|
230 |
|
|
170 |
|
|
|
Adjusted Revenue on a fully taxable equivalent
basis |
$ |
81,163 |
|
|
$ |
77,961 |
|
|
$ |
75,684 |
|
|
$ |
74,861 |
|
|
$ |
74,262 |
|
|
$ |
159,124 |
|
|
$ |
147,968 |
|
|
| Adjusted Efficiency Ratio |
49.81 |
% |
|
53.61 |
% |
|
47.52 |
% |
|
48.96 |
% |
|
51.44 |
% |
|
51.68 |
% |
|
53.62 |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income |
$ |
67,272 |
|
|
$ |
63,177 |
|
|
$ |
61,760 |
|
|
$ |
60,948 |
|
|
$ |
60,136 |
|
|
$ |
130,449 |
|
|
$ |
120,910 |
|
|
| Impact of FTE adjustment |
116 |
|
|
114 |
|
|
86 |
|
|
79 |
|
|
83 |
|
|
230 |
|
|
170 |
|
|
|
Net Interest Income including FTE adjustment |
$ |
67,388 |
|
|
$ |
63,291 |
|
|
$ |
61,846 |
|
|
$ |
61,027 |
|
|
$ |
60,219 |
|
|
$ |
130,679 |
|
|
$ |
121,080 |
|
|
| Total noninterest income |
15,006 |
|
|
14,688 |
|
|
16,376 |
|
|
13,943 |
|
|
13,577 |
|
|
29,694 |
|
|
26,413 |
|
|
| Total noninterest expense |
42,399 |
|
|
47,798 |
|
|
38,057 |
|
|
38,583 |
|
|
41,000 |
|
|
90,197 |
|
|
84,099 |
|
|
|
Pre-tax Pre-Provision Earnings |
$ |
39,995 |
|
|
$ |
30,181 |
|
|
$ |
40,165 |
|
|
$ |
36,387 |
|
|
$ |
32,796 |
|
|
$ |
70,176 |
|
|
$ |
63,394 |
|
|
| Total Adjustments to Noninterest Income |
(1,230 |
) |
|
(19 |
) |
|
(2,539 |
) |
|
(109 |
) |
|
466 |
|
|
(1,249 |
) |
|
475 |
|
|
| Total Adjustments to Noninterest Expense |
(1,723 |
) |
|
(6,316 |
) |
|
(2,090 |
) |
|
(1,672 |
) |
|
(2,973 |
) |
|
(8,039 |
) |
|
(4,974 |
) |
|
|
Adjusted Pre-tax Pre-Provision Earnings |
$ |
40,488 |
|
|
$ |
36,478 |
|
|
$ |
39,716 |
|
|
$ |
37,950 |
|
|
$ |
36,235 |
|
|
$ |
76,966 |
|
|
$ |
68,843 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average Assets |
$ |
7,913,002 |
|
|
$ |
7,055,543 |
|
|
$ |
6,996,214 |
|
|
$ |
6,820,576 |
|
|
$ |
6,734,994 |
|
|
$ |
7,484,272 |
|
|
$ |
6,752,886 |
|
|
| Less average goodwill and intangible assets |
(230,871 |
) |
|
(226,712 |
) |
|
(226,060 |
) |
|
(227,389 |
) |
|
(228,706 |
) |
|
(228,791 |
) |
|
(229,382 |
) |
|
|
Average Tangible Assets |
$ |
7,682,131 |
|
|
$ |
6,828,831 |
|
|
$ |
6,770,154 |
|
|
$ |
6,593,187 |
|
|
$ |
6,506,288 |
|
|
$ |
7,255,481 |
|
|
$ |
6,523,504 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Average Assets (ROA) |
1.27 |
% |
|
0.04 |
% |
|
1.54 |
% |
|
1.49 |
% |
|
1.38 |
% |
|
0.69 |
% |
|
1.37 |
% |
|
| Impact of removing average intangible assets and related
amortization |
0.10 |
|
|
0.07 |
|
|
0.12 |
|
|
0.12 |
|
|
0.12 |
|
|
0.09 |
|
|
0.12 |
|
|
|
Return on Average Tangible Assets (ROTA) |
1.37 |
|
|
0.11 |
|
|
1.66 |
|
|
1.61 |
|
|
1.50 |
|
|
0.78 |
|
|
1.49 |
|
|
| Impact of other adjustments for Adjusted Net Income |
(0.04 |
) |
|
0.21 |
|
|
(0.09 |
) |
|
0.06 |
|
|
0.09 |
|
|
0.08 |
|
|
0.06 |
|
|
|
Adjusted Return on Average Tangible Assets |
1.33 |
|
|
0.32 |
|
|
1.57 |
|
|
1.67 |
|
|
1.59 |
|
|
0.86 |
|
|
1.55 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average Shareholders' Equity |
$ |
1,013,095 |
|
|
$ |
993,993 |
|
|
$ |
976,200 |
|
|
$ |
946,670 |
|
|
$ |
911,479 |
|
|
$ |
1,003,544 |
|
|
$ |
895,610 |
|
|
| Less average goodwill and intangible assets |
(230,871 |
) |
|
(226,712 |
) |
|
(226,060 |
) |
|
(227,389 |
) |
|
(228,706 |
) |
|
(228,791 |
) |
|
(229,382 |
) |
|
|
Average Tangible Equity |
$ |
782,224 |
|
|
$ |
767,281 |
|
|
$ |
750,140 |
|
|
$ |
719,281 |
|
|
$ |
682,773 |
|
|
$ |
774,753 |
|
|
$ |
666,228 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Average Shareholders' Equity |
9.96 |
% |
|
0.29 |
% |
|
11.04 |
% |
|
10.73 |
% |
|
10.23 |
% |
|
5.17 |
% |
|
10.35 |
% |
|
| Impact of removing average intangible assets and related
amortization |
3.51 |
|
|
0.66 |
|
|
3.91 |
|
|
4.00 |
|
|
4.07 |
|
|
2.10 |
|
|
4.22 |
|
|
|
Return on Average Tangible Common Equity
(ROTCE) |
13.47 |
|
|
0.95 |
|
|
14.95 |
|
|
14.73 |
|
|
14.30 |
|
|
7.27 |
|
|
14.57 |
|
|
| Impact of other adjustments for Adjusted Net Income |
(0.38 |
) |
|
1.91 |
|
|
(0.76 |
) |
|
0.57 |
|
|
0.87 |
|
|
0.75 |
|
|
0.57 |
|
|
|
Adjusted Return on Average Tangible Common
Equity |
13.09 |
|
|
2.86 |
|
|
14.19 |
|
|
15.30 |
|
|
15.17 |
|
|
8.02 |
|
|
15.14 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loan interest income excluding PPP and accretion on acquired
loans |
$ |
56,873 |
|
|
$ |
59,237 |
|
|
$ |
59,515 |
|
|
$ |
59,279 |
|
|
$ |
58,169 |
|
|
$ |
116,110 |
|
|
$ |
116,566 |
|
|
| Accretion on acquired loans |
2,988 |
|
|
4,287 |
|
|
3,407 |
|
|
3,859 |
|
|
4,166 |
|
|
7,275 |
|
|
8,104 |
|
|
| Interest and fees on PPP loans |
5,068 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5,068 |
|
|
— |
|
|
|
Loan interest income1 |
$ |
64,929 |
|
|
$ |
63,524 |
|
|
$ |
62,922 |
|
|
$ |
63,138 |
|
|
$ |
62,335 |
|
|
$ |
128,453 |
|
|
$ |
124,670 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Yield on loans excluding PPP and accretion on acquired
loans |
4.31 |
% |
|
4.57 |
% |
|
4.63 |
% |
|
4.76 |
% |
|
4.82 |
% |
|
4.44 |
% |
|
4.86 |
% |
|
| Impact of accretion on acquired loans |
0.21 |
|
|
0.33 |
|
|
0.26 |
|
|
0.30 |
|
|
0.34 |
|
|
0.27 |
|
|
0.33 |
|
|
| Impact of PPP loans |
0.04 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.01 |
|
|
— |
|
|
|
Yield on loans |
4.56 |
|
|
4.90 |
|
|
4.89 |
|
|
5.06 |
|
|
5.16 |
|
|
4.72 |
|
|
5.19 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income excluding PPP and accretion on acquired
loans |
$ |
59,332 |
|
|
$ |
59,004 |
|
|
$ |
58,439 |
|
|
$ |
57,168 |
|
|
$ |
56,053 |
|
|
$ |
118,336 |
|
|
$ |
112,976 |
|
|
| Accretion on acquired loans |
2,988 |
|
|
4,287 |
|
|
3,407 |
|
|
3,859 |
|
|
4,166 |
|
|
7,275 |
|
|
8,104 |
|
|
| Interest and fees on PPP loans |
5,068 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5,068 |
|
|
— |
|
|
|
Net Interest Income1 |
$ |
67,388 |
|
|
$ |
63,291 |
|
|
$ |
61,846 |
|
|
$ |
61,027 |
|
|
$ |
60,219 |
|
|
$ |
130,679 |
|
|
$ |
121,080 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest margin excluding accretion on acquired loans |
3.46 |
% |
|
3.66 |
% |
|
3.63 |
% |
|
3.64 |
% |
|
3.67 |
% |
|
3.56 |
% |
|
3.71 |
% |
|
| Impact of accretion on acquired loans |
0.16 |
|
|
0.27 |
|
|
0.21 |
|
|
0.25 |
|
|
0.27 |
|
|
0.21 |
|
|
0.27 |
|
|
| Impact of PPP loans |
0.08 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.04 |
|
|
— |
|
|
|
Net Interest Margin |
3.70 |
|
|
3.93 |
|
|
3.84 |
|
|
3.89 |
|
|
3.94 |
|
|
3.81 |
|
|
3.98 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security interest income excluding tax equivalent
adjustment |
$ |
7,694 |
|
|
$ |
8,818 |
|
|
$ |
8,630 |
|
|
$ |
8,933 |
|
|
$ |
9,076 |
|
|
$ |
16,512 |
|
|
$ |
18,346 |
|
|
| Tax equivalent adjustment on securities |
31 |
|
|
30 |
|
|
32 |
|
|
33 |
|
|
36 |
|
|
61 |
|
|
75 |
|
|
|
Security interest income1 |
$ |
7,725 |
|
|
$ |
8,848 |
|
|
$ |
8,662 |
|
|
$ |
8,966 |
|
|
$ |
9,112 |
|
|
$ |
16,573 |
|
|
$ |
18,421 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loan interest income excluding tax equivalent adjustment |
$ |
64,844 |
|
|
$ |
63,440 |
|
|
$ |
62,868 |
|
|
$ |
63,092 |
|
|
$ |
62,288 |
|
|
$ |
128,284 |
|
|
$ |
124,575 |
|
|
| Tax equivalent adjustment on loans |
85 |
|
|
84 |
|
|
54 |
|
|
46 |
|
|
47 |
|
|
169 |
|
|
95 |
|
|
|
Loan interest income1 |
$ |
64,929 |
|
|
$ |
63,524 |
|
|
$ |
62,922 |
|
|
$ |
63,138 |
|
|
$ |
62,335 |
|
|
$ |
128,453 |
|
|
$ |
124,670 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income excluding tax equivalent adjustment |
$ |
67,272 |
|
|
$ |
63,177 |
|
|
$ |
61,760 |
|
|
$ |
60,948 |
|
|
$ |
60,136 |
|
|
$ |
130,449 |
|
|
$ |
120,910 |
|
|
| Tax equivalent adjustment on securities |
31 |
|
|
30 |
|
|
32 |
|
|
33 |
|
|
36 |
|
|
61 |
|
|
75 |
|
|
| Tax equivalent adjustment on loans |
85 |
|
|
84 |
|
|
54 |
|
|
46 |
|
|
47 |
|
|
169 |
|
|
95 |
|
|
|
Net Interest Income1 |
$ |
67,388 |
|
|
$ |
63,291 |
|
|
$ |
61,846 |
|
|
$ |
61,027 |
|
|
$ |
60,219 |
|
|
$ |
130,679 |
|
|
$ |
121,080 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1On a fully
taxable equivalent basis. All yields and rates have been computed
using amortized cost. |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tracey DexterEVP, Chief Financial Officer(772)
403-0461Tracey.Dexter@seacoastbank.com
Seacoast Banking Corpora... (NASDAQ:SBCF)
Historical Stock Chart
From Mar 2024 to Apr 2024
Seacoast Banking Corpora... (NASDAQ:SBCF)
Historical Stock Chart
From Apr 2023 to Apr 2024
