Full-Year Net Income Increased 57%
Year-Over-Year to $67.3 Million
Seacoast Banking Corporation of Florida (“Seacoast” or “the
Company”) (NASDAQ: SBCF) today reported fourth quarter 2018 net
income of $16.0 million, or $0.31 per share, up 22% or $2.9 million
year-over-year. For the full-year 2018, net income was $67.3
million, or $1.38 per share, up 57% year-over-year. Seacoast
reported fourth quarter adjusted net income1 of $23.9 million, or
$0.47 per share, increasing $6.6 million compared to fourth quarter
2017. For the full year 2018, adjusted net income1 was $79.1
million, or $1.62 per share, a 42% increase year-over-year.
For the fourth quarter 2018, return on average
tangible assets was 1.05%, return on average tangible shareholders’
equity was 10.9%, and the efficiency ratio was 65.8%, compared to
1.18%, 12.0% and 57.0%, respectively, in the prior quarter and
0.97%, 10.7%, and 64.0%, respectively, in the fourth quarter of
2017. Adjusted return on average tangible assets1 was 1.49%,
adjusted return on average tangible shareholders’ equity1 was
15.4%, and the adjusted efficiency ratio1 was 54.2%, compared to
1.22%, 12.4%, and 56.3%, respectively, in the prior quarter, and
1.23%, 13.5%, and 52.6%, respectively, in the fourth quarter of
2017.
Dennis S. Hudson, III, Seacoast’s Chairman and
CEO, said, “Seacoast’s outstanding performance in 2018 demonstrates
the continued success of our balanced growth strategy, with
consistent organic growth augmented by prudent and well-integrated
acquisitions. Our focused efforts to position our franchise in
attractive Florida markets, among the fastest-growing markets in
the United States, combined with our unique customer analytics
capabilities, helped us to deliver another year of robust
shareholder returns as we remained on-track to achieve our Vision
2020 goals."
Hudson added, "I would like to personally thank
our associates for their dedication and hard work in 2018, and I am
very excited to carry our momentum into 2019 as we build on our
position as Florida’s bank of choice."
Charles M. Shaffer, Seacoast’s Chief Financial
Officer, said, “We successfully allocated capital towards accretive
opportunities in 2018, resulting in an 11% increase year-over-year
in tangible book value per share to $12.33, despite the
initial dilutive effect of integrating First Green Bancorp in the
fourth quarter. Our disciplined approach to credit, liquidity, and
expense management combined with accretive acquisitions has driven
operating leverage and margin expansion while maintaining the
granularity and quality of our loan portfolio."
Completion of the Acquisition of First
Green Bancorp
On October 19, 2018, we completed the
acquisition of First Green Bancorp, Inc., which added $631 million
in loans and $624 million in deposits. The acquisition continues
our expansion into the attractive Orlando, Daytona and Fort
Lauderdale markets. All expense consolidation activities are
largely complete.
Fourth Quarter 2018 Financial
Highlights
Income Statement
- Net income was
$16.0 million, or $0.31 per diluted share, compared to $16.3
million or $0.34 for the prior quarter and $13.0 million or $0.28
for the fourth quarter of 2017. For the year ended
December 31, 2018, net income was $67.3 million compared to
$42.9 million for the year ended December 31, 2017. Adjusted
net income1 was $23.9 million, or $0.47 per diluted share, compared
to $17.6 million or $0.37 for the prior quarter and $17.3 million
or $0.37 for the fourth quarter of 2017. For the year ended
December 31, 2018, adjusted net income1 was $78.6 million
compared to $55.3 million for the year ended December 31,
2017.
- Net revenues were
$72.7 million, an increase of $8.8 million or 14% compared to the
prior quarter, and a decrease of $2.2 million or 3% compared to the
fourth quarter of 2017. For the year ended December 31, 2018,
net revenues were $261.5 million, an increase of $26.8 million or
11% compared to the year ended December 31, 2017. The fourth
quarter of 2017 included a gain of $15.2 million on the sale of
Visa class B shares. Adjusted revenues1 were $73.1 million, an
increase of $9.2 million, or 14%, from the prior quarter and an
increase of $13.5 million, or 23% from the fourth quarter of 2017.
For the year ended December 31, 2018, adjusted revenues1 were
$262.2 million, an increase of $42.6 million or 19% compared to the
year ended December 31, 2017.
- Net interest
income totaled $60.0 million, an increase of $8.4 million
or 14% from the prior quarter and an increase of $11.8 million or
24% from the fourth quarter of 2017. For the year ended
December 31, 2018, net interest income totaled $211.5 million,
an increase of $35.2 million or 20% compared to the year ended
December 31, 2017.
- Net interest
margin was 4.00% in the current quarter compared to 3.82%
in the prior quarter and 3.71% in the fourth quarter of 2017.
Quarter over quarter, the yield on loans expanded 29 basis points,
the yield on securities expanded 11 basis points, and the cost of
deposits increased 11 basis points. The cost of deposits excluding
First Green increased approximately 6 basis points sequentially.
The impact on net interest margin from accretion of purchase
discounts on acquired loans was 27 basis points in the current
quarter, compared to 18 basis points in the prior quarter and 22
basis points in the fourth quarter of 2017. Removing accretion on
acquired loans, the net interest margin expanded 9 basis
points.
- Noninterest income
totaled $12.7 million, an increase of $0.4 million or 3% compared
to the prior quarter and a decrease of $13.9 million or 52% from
the fourth quarter of 2017. For the year ended December 31,
2018, noninterest income totaled $50.0 million, 14% lower than the
year ended December 31, 2017. The fourth quarter of 2017
included a gain of $15.2 million on the sale of Visa class B
shares. Sequentially, increases in other income, service charges on
deposits, and interchange income were partially offset by a decline
in mortgage banking fees and securities losses. Service charges on
deposits and interchange income benefited from the First Green
acquisition and continued customer acquisition and engagement.
Other income increased quarter over quarter, the result of
increased fee income in SBA, a bank owned life insurance (BOLI)
payout, increased SBIC investment income, and higher other
miscellaneous customer related fees associated with the acquisition
of First Green. Partially offsetting, mortgage banking fees
declined quarter over quarter, the result of continued tight
inventory levels and increasing customer demand for new home
construction.
- The provision for loan
losses was $2.3 million compared to $5.8 million in the
prior quarter and $2.3 million in the fourth quarter of 2017.
- Noninterest
expense was $49.5 million, an increase of $12.1 million or
32% compared to the prior quarter and an increase of $10.3 million
or 26% from the fourth quarter of 2017. For the year ended
December 31, 2018, noninterest expense was $162.3 million
compared to $149.9 million for the year ended December 31,
2017. Fourth quarter included $8.0 million in merger related
charges and $0.6 million in expenses associated with branch
reductions and other expense initiatives. During the quarter, the
company integrated the First Green acquisition, began consolidation
on a legacy Seacoast branch location, and recorded severance
expense associated with a reduction in force initiative. The
company continued to make investments in talent to scale the
organization, including 10 new C&I small business and
commercial bankers, and additional personnel in our risk and
compliance functions. The company accrued $0.8 million for a
discretionary bonus for second level leadership given the
successful execution of the First Green integration, all while
driving expense reduction and growth initiatives. As a percentage
of average tangible assets, adjusted noninterest expense1 in the
current quarter was 2.46% compared to 2.48% for the prior quarter,
reflecting our continued objective of driving operating leverage
and efficiency into the organization. Merger related charges and
expenses associated with the branch reduction and expense
initiatives are removed from the presentation of adjusted
results.
- Seacoast recorded $4.9 million in
income tax expense in the current quarter,
compared to $4.4 million in the prior quarter and $20.4 million in
the fourth quarter of 2017. Taxes included additional expense of
$0.5 million associated with the redemption of First Green's BOLI
policies. Tax benefits related to stock-based compensation were
$0.4 million in the current quarter, consistent with the prior
quarter. The tax impact associated with redemption of First Green’s
BOLI policies was removed from the presentation of adjusted
results.
- Full year adjusted
revenues1 increased 19% compared to prior
year while adjusted noninterest
expense1 increased 14%, providing 5%
operating leverage.
- The efficiency
ratio was 65.8% compared to 57.0% in the prior quarter and
64.0% in the fourth quarter of 2017. The adjusted efficiency ratio1
was 54.2% compared to 56.3% in the prior quarter and 52.6% in the
fourth quarter of 2017.
Balance Sheet
- At December 31, 2018, the
Company had total assets of $6.7 billion and total
shareholders' equity of $864 million. Book value per share
was $16.83 and tangible book value per share was $12.33, compared
to $15.50 and $12.01, respectively, at September 30, 2018 and
$14.70 and $11.15, respectively, at December 31, 2017.
Year-over-year, tangible book value per share increased 11%.
- Debt Securities
totaled $1.2 billion at December 31, 2018, a decrease of $67
million compared to prior quarter and a decrease of $143 million
from December 31, 2017. The decrease included the sale of $32
million of certain low yielding securities, which resulted in a
loss of $0.4 million in the current quarter.
- Loans totaled $4.8
billion at December 31, 2018, an increase of $766 million
compared to the prior quarter, and an increase of $1.0 billion or
26% from December 31, 2017. Seacoast ended the year with
record originations of $1.5 billion, attributed to continued
innovation in analytics technology and our continued expansion into
the fast growing markets of Tampa, Orlando, and South Florida.
Excluding the impact of First Green in the fourth quarter, loans
increased $134 million or 13% annualized in the current quarter
compared to third quarter, and $376 million or 10% from
December 31, 2017.
- Record commercial originations during the fourth quarter of
2018 were $159 million, an increase of 22% compared to third
quarter of 2018. Originations for the year ended December 31, 2018
were $553 million, an increase of 15% compared to the year ended
2017.
- Consumer and small business originations for the fourth quarter
of 2018 were $53 million, a decrease of 10% compared to the third
quarter of 2018. Originations for the year ended December 31, 2018
were $443 million, an increase of 25% compared to the year ended
2017.
- We continue to prudently manage commercial real estate
exposure. Construction and land development and commercial real
estate loans remain well below regulatory guidance at 63% and 227%
of total risk based capital, respectively.
- Closed residential loans retained for the fourth quarter of
2018 were $73 million, down 7% from the third quarter of 2018.
Residential loans retained for the year ended December 31, 2018
were $306 million, a decrease of 2% compared to the year ended
2017.
- Pipelines (loans
in underwriting and approval or approved and not yet closed)
remained strong, totaling $261.2 million.
- Commercial pipelines were $164 million, a decrease of 17%
sequentially and an increase of 38% compared to the prior
year. The decline sequentially is in line with previous year
seasonal trends.
- Consumer and small business pipelines were $53 million, a
decrease of 10% sequentially and an increase of 38% compared to the
prior year. The decline sequentially is in line with previous year
seasonal trends.
- Residential pipelines were $44 million, a decrease of 26%
sequentially and a decrease of 11% compared to the prior year.
- Total deposits
were $5.2 billion as of December 31, 2018, an increase of $534
million sequentially and an increase of $585 million, or 13%, from
the prior year.
- Interest bearing deposits (interest bearing demand, savings and
money market deposits) increased year-over-year $265 million, or
11%, to $2.7 billion, noninterest bearing demand deposits increased
$169 million, or 12%, to $1.6 billion, and CDs increased $150
million, or 19%, to $926 million.
- The Company’s balance sheet continues to be primarily core
deposit funded. Core customer funding was $4.5 billion at
December 31, 2018, an increase of 9% compared to
September 30, 2018 and an increase of 11% compared to
December 31, 2017.
- Overall cost of deposits remains low at 54 basis points, an
increase of 11 basis points from the prior quarter. The cost of
deposits on Seacoast’s legacy franchise excluding First Green
increased approximately 6 basis points sequentially.
- Fourth quarter return on
average tangible assets (ROTA) was 1.05%, compared to
1.18% in the prior quarter and 0.97% in the fourth quarter of 2017.
Adjusted ROTA1 was 1.49% compared to 1.22% in the prior quarter and
1.23% in the fourth quarter of 2017.
Capital
- Fourth quarter return on average tangible common equity
(ROTCE) was 10.94%, compared to 12.04% in the prior
quarter and 10.69% in the fourth quarter of 2017. Adjusted ROTCE1
was 15.44% compared to 12.43% in the prior quarter and 13.49% in
the fourth quarter of 2017.
- The common equity tier 1 capital ratio (CET1)
was 13.1%, total capital ratio was 15.5% and the tier 1 leverage
ratio was 11.3% at December 31, 2018.
- Tangible common equity to tangible assets was
9.72% at December 31, 2018, compared to 9.85% at
September 30, 2018, and 9.27% at December 31, 2017.
Asset Quality
- Nonperforming loans to
total loans outstanding
was 0.44% at December 31, 2018, 0.56% at September 30,
2018, and 0.43% at December 31, 2017.
- Nonperforming assets to
total assets was 0.58% at December 31, 2018, 0.52% at
September 30, 2018 and 0.47% at December 31, 2017.
Nonperforming assets increased $8.4 million, attributed primarily
to four former First Green branches valued at $6.3
million.
- The ratio
of allowance for loan losses to total loans was 0.67% at
December 31, 2018, 0.83% at September 30, 2018, and 0.71%
at December 31, 2017. The ratio of allowance for loan losses
to non-acquired loans was 0.89% at December 31, 2018, 0.98% at
September 30, 2018, and 0.90% at December 31, 2017. The
decrease in coverage sequentially on the non-acquired portfolio is
the result of a $3.0 million charge-off of a single impaired loan,
which resulted in a change of 9 basis points.
- Net charge-offs
were $3.7 million, including $3.0 million on a single impaired
loan, or 0.32% for the current quarter compared to $0.8 million in
the prior quarter. Net charge-offs for the four most recent
quarters averaged 0.16%.
FINANCIAL
HIGHLIGHTS |
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(Unaudited) |
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(Amounts in
thousands except per share data) |
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Quarterly Trends |
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4Q'18 |
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3Q'18 |
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2Q'18 |
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1Q'18 |
|
4Q'17 |
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Selected Balance Sheet
Data: |
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Total Assets |
$ |
6,747,659 |
|
$ |
5,930,934 |
|
$ |
5,922,681 |
|
$ |
5,903,101 |
|
$ |
5,810,129 |
|
Gross Loans |
4,825,214 |
|
4,059,323 |
|
3,974,016 |
|
3,897,125 |
|
3,817,377 |
|
Total Deposits |
5,177,240 |
|
4,643,510 |
|
4,697,440 |
|
4,719,543 |
|
4,592,720 |
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Performance
Measures: |
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Net Income |
$ |
15,962 |
|
$ |
16,322 |
|
$ |
16,963 |
|
$ |
18,027 |
|
$ |
13,047 |
|
Net Interest
Margin |
4.00 |
% |
3.82 |
% |
3.77 |
% |
3.80 |
% |
3.71 |
% |
Average Diluted Shares
Outstanding |
51,237 |
|
48,029 |
|
47,974 |
|
47,688 |
|
46,473 |
|
Diluted Earnings Per
Share (EPS) |
$ |
0.31 |
|
$ |
0.34 |
|
$ |
0.35 |
|
$ |
0.38 |
|
$ |
0.28 |
|
Return on
(annualized): |
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|
|
|
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|
|
|
|
Average Assets
(ROA) |
0.96 |
% |
1.10 |
% |
1.16 |
% |
1.25 |
% |
0.91 |
% |
Average Return on
Tangible Assets (ROTA) |
1.18 |
|
1.24 |
|
1.34 |
|
0.97 |
|
1.12 |
|
Average Tangible Common
Equity (ROTCE) |
10.94 |
|
12.04 |
|
13.08 |
|
14.41 |
|
10.69 |
|
Efficiency Ratio |
65.76 |
|
57.04 |
|
58.41 |
|
57.80 |
|
63.95 |
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Adjusted Operating
Measures1: |
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Adjusted Net
Income |
$ |
23,893 |
|
$ |
17,626 |
|
$ |
18,268 |
|
$ |
19,298 |
|
$ |
17,261 |
|
Adjusted Diluted
EPS |
0.47 |
|
0.37 |
|
0.38 |
|
0.40 |
|
0.37 |
|
Adjusted ROTA |
1.49 |
% |
1.22 |
% |
1.28 |
% |
1.38 |
% |
1.23 |
% |
Adjusted ROTCE |
15.44 |
|
12.43 |
|
13.49 |
|
14.82 |
|
13.49 |
|
Adjusted Efficiency
Ratio |
54.19 |
|
56.29 |
|
57.31 |
|
57.05 |
|
52.55 |
|
Adjusted Noninterest
Expenses as a |
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Percent of
Average Tangible Assets |
2.46 |
|
2.48 |
|
2.57 |
|
2.55 |
|
2.24 |
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Other Data |
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Market
capitalization2 |
$ |
1,336,415 |
|
$ |
1,380,275 |
|
$ |
1,489,411 |
|
$ |
1,243,644 |
|
$ |
1,182,796 |
|
Full-time equivalent
employees |
902 |
|
835 |
|
826 |
|
814 |
|
805 |
|
Number of ATMs |
87 |
|
86 |
|
87 |
|
86 |
|
85 |
|
Full service banking
offices |
51 |
|
49 |
|
49 |
|
49 |
|
51 |
|
Registered online
users |
99,415 |
|
94,400 |
|
92,107 |
|
91,636 |
|
83,881 |
|
Registered mobile
devices |
83,151 |
|
73,300 |
|
69,038 |
|
65,336 |
|
62,516 |
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1Non-GAAP measure, see “Explanation of Certain Unaudited
Non-GAAP Financial Measures”2Common shares outstanding multiplied
by closing bid price on last day of each period
Vision 2020
We remain confident in our ability to achieve
our Vision 2020 targets announced in 2017.
|
Vision 2020 Targets |
Return on Tangible Assets |
1.30% + |
Return on Tangible Common Equity |
16% + |
Efficiency Ratio |
Below 50% |
|
|
Fourth Quarter Strategic Highlights
Modernizing How We Sell
- Achieved record aggregate Small
Business and Commercial Banking loan originations of $209 million
during the quarter while also acquiring over $70 million in Small
Business and Commercial Banking deposits due to our targeted
approach to customer acquisition and relationship-driven
strategy.
Lowering Our Cost to Serve
- Consolidated five banking center locations in the fourth
quarter in conjunction with the acquisition of First Green Bank and
in alignment with our Vision 2020 objective of reducing our
footprint to meet the evolving demands of our customers. Late in
the fourth quarter we announced an additional legacy banking center
consolidation with an expected six month payback period, recording
a $0.2 million one-time expense.
- At year end, average deposits per banking center exceeded $102
million. Deposits have increased 187% since 2013 while the number
of banking centers has increased 50% over the same period.
- New digital service enhancements launched during the quarter
include mobile approval capability for wire transfers, same day
ACH, and card controls, providing even greater digital access for
our customers.
Driving Improvements in How Our Business
Operates
- In the third quarter, we launched a large-scale initiative to
implement a fully-digital loan origination platform across all
business units. This follows our successful rollout of our
fully-digital mortgage banking origination platform. We expect this
investment will lead to significant improvement in efficiency and
banker productivity in 2020 and beyond.
- We are targeting a $7 million expense reduction in 2019 which
will be reinvested to expand the number of bankers in Tampa and
South Florida, install a fully-digital loan origination platform,
and develop digital direct fulfillment for small business lending.
We expect these investments to support growth and greater operating
leverage in 2020 and beyond. At year-end we had initiated 70% of
the 2019 expense reductions resulting in a $0.4 million one-time
expense in the fourth quarter.
Scaling and Evolving Our
Culture
- We continue to invest in business
bankers. In the fourth quarter we on-boarded 10 new C&I small
business and commercial bankers (excluding First Green Bank
associates) in order to adequately cover the markets we serve and
to support growth and operating leverage objectives.
- Each year Seacoast associates make
their voices heard through a survey that measures key drivers of
associate engagement. In 2018, our overall engagement score reached
84%, up from 81% in the previous year. In addition, 89% of
associates understand Seacoast's long-term strategy and 93%
understand the importance of their role to the success of the
organization.
OTHER INFORMATION
Conference Call
InformationSeacoast will host a conference call on Friday,
January 25, 2019 at 10:00 a.m. (Eastern Time) to discuss the
earnings results and business trends. Investors may call in
(toll-free) by dialing (888) 424-8151 (passcode: 9965 703; host:
Dennis S. Hudson). Charts will be used during the conference call
and may be accessed at Seacoast's website at
www.SeacoastBanking.com by selecting "Presentations" under the
heading "News/Events." A replay of the call will be available for
one month, beginning late afternoon of January 25, 2019 by dialing
(888) 843-7419 (domestic) and using passcode: 9965 703#.
Alternatively, individuals may listen to the
live webcast of the presentation by visiting Seacoast's website at
www.SeacoastBanking.com. The link is located in the subsection
"Presentations" under the heading "Investor Services." Beginning
the afternoon of January 25, 2019, 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 $6.7 billion in assets and $5.2 billion
in deposits as of December 31, 2018. The Company provides
integrated financial services including commercial and retail
banking, wealth management, and mortgage services to customers
through advanced banking solutions, 51 traditional branches of its
locally-branded wholly-owned subsidiary bank, Seacoast Bank, and
seven commercial banking centers. Offices stretch from Ft.
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.
Cautionary Notice Regarding
Forward-Looking StatementsThis press release contains
"forward-looking statements" within the meaning, and protections,
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, including, without limitation,
statements about future financial and operating results, cost
savings, enhanced revenues, economic and seasonal conditions in our
markets, and improvements to reported earnings that may be realized
from cost controls, tax law changes, and for integration of banks
that we have acquired, or expect to acquire, as well as statements
with respect to Seacoast's objectives, strategic plans, including
Vision 2020, expectations and intentions and other statements that
are not historical facts. Actual results may differ from those set
forth in the forward-looking statements.
Forward-looking statements include statements
with respect to our beliefs, plans, objectives, goals,
expectations, anticipations, estimates and intentions, and involve
known and unknown risks, uncertainties and other factors, which may
be beyond our control, and which may cause the actual results,
performance or achievements of Seacoast to be materially different
from future results, performance or achievements expressed or
implied by such forward-looking statements. You should not expect
us to update any forward-looking statements.
You can identify these forward-looking
statements through our use of words such as "may," "will,"
"anticipate," "assume," "should," "support", "indicate," "would,"
"believe," "contemplate," "expect," "estimate," "continue,"
"further", "point to," "project," "could," "intend" or other
similar words and expressions of the future. These forward-looking
statements may not be realized due to a variety of factors,
including, without limitation: the effects of future economic and
market conditions, including seasonality; governmental monetary and
fiscal policies, as well as legislative, tax and regulatory
changes; changes in accounting policies, rules and practices; the
risks of changes in interest rates on the level and composition of
deposits, loan demand, liquidity and the values of loan collateral,
securities, and interest sensitive assets and liabilities; interest
rate risks, sensitivities and the shape of the yield curve; the
effects of competition from other commercial banks, thrifts,
mortgage banking firms, consumer finance companies, credit unions,
securities brokerage firms, insurance companies, money market and
other mutual funds and other financial institutions operating in
our market areas and elsewhere, including institutions operating
regionally, nationally and internationally, together with such
competitors offering banking products and services by mail,
telephone, computer and the Internet; and the failure of
assumptions underlying the establishment of reserves for possible
loan losses. The risks of mergers and acquisitions, include,
without limitation: unexpected transaction costs, including the
costs of integrating operations; the risks that the businesses will
not be integrated successfully or that such integration may be more
difficult, time-consuming or costly than expected; the potential
failure to fully or timely realize expected revenues and revenue
synergies, including as the result of revenues following the merger
being lower than expected; the risk of deposit and customer
attrition; any changes in deposit mix; unexpected operating and
other costs, which may differ or change from expectations; the
risks of customer and employee loss and business disruption,
including, without limitation, as the result of difficulties in
maintaining relationships with employees; increased competitive
pressures and solicitations of customers by competitors; as well as
the difficulties and risks inherent with entering new markets.
All written or oral forward-looking statements
attributable to us are expressly qualified in their entirety by
this cautionary notice, including, without limitation, those risks
and uncertainties described in our annual report on Form 10-K for
the year ended December 31, 2017, 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.
Charles M. ShafferExecutive Vice PresidentChief
Financial Officer(772) 221-7003Chuck.Shaffer@seacoastbank.com
FINANCIAL HIGHLIGHTS |
(Unaudited) |
|
|
|
|
|
SEACOAST BANKING CORPORATION OF
FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
Quarterly Trends |
|
Twelve Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts
in thousands, except ratios and per share data) |
4Q'18 |
|
3Q'18 |
|
2Q'18 |
|
1Q'18 |
|
4Q'17 |
|
4Q'18 |
|
4Q'17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of
Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
15,962 |
|
$ |
16,322 |
|
$ |
16,964 |
|
$ |
18,027 |
|
$ |
13,047 |
|
67,275 |
|
42,865 |
|
Adjusted net
income(1) |
23,893 |
|
17,626 |
|
18,268 |
|
19,298 |
|
17,261 |
|
78,600 |
|
55,341 |
|
Net interest
income(2) |
60,100 |
|
51,709 |
|
50,294 |
|
49,853 |
|
48,402 |
|
211,956 |
|
177,002 |
|
Net interest
margin(2)(3) |
4.00 |
% |
3.82 |
% |
3.77 |
% |
3.80 |
% |
3.71 |
% |
|
3.85 |
% |
|
3.73 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets-GAAP basis(3) |
0.96 |
% |
1.10 |
% |
|
1.16 |
% |
|
1.25 |
% |
0.91 |
% |
|
1.11 |
% |
|
0.82 |
% |
Return on average
tangible assets-GAAP basis(3)(4) |
1.05 |
|
1.18 |
|
1.24 |
|
1.34 |
|
0.97 |
|
1.20 |
|
0.88 |
|
Adjusted return on
average tangible assets(1)(3)(4) |
1.49 |
|
1.22 |
|
1.28 |
|
1.38 |
|
1.23 |
|
1.34 |
|
1.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
shareholders' equity-GAAP basis(3) |
7.65 |
|
8.89 |
|
9.59 |
|
10.52 |
|
7.87 |
|
9.08 |
|
7.51 |
|
Return on average
tangible shareholders' equity-GAAP basis(3)(4) |
10.94 |
|
12.04 |
|
13.08 |
|
14.41 |
|
10.69 |
|
12.54 |
|
9.90 |
|
Adjusted return on
average tangible common equity(1)(3)(4) |
15.44 |
|
12.43 |
|
13.49 |
|
14.82 |
|
13.49 |
|
13.98 |
|
12.17 |
|
Efficiency
ratio(5) |
65.76 |
|
57.04 |
|
58.41 |
|
57.80 |
|
63.95 |
|
59.99 |
|
66.68 |
|
Adjusted efficiency
ratio(1) |
54.19 |
|
56.29 |
|
57.31 |
|
57.05 |
|
52.55 |
|
56.13 |
|
58.69 |
|
Noninterest income to
total revenue |
17.97 |
|
19.31 |
|
20.28 |
|
19.95 |
|
35.49 |
|
19.32 |
|
24.88 |
|
Tangible common equity
to tangible assets(4) |
9.72 |
|
9.85 |
|
9.56 |
|
9.33 |
|
9.27 |
|
9.72 |
|
9.27 |
|
Loan-to-deposit
ratio |
89.14 |
|
86.25 |
|
83.51 |
|
84.10 |
|
82.54 |
|
85.85 |
|
83.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income diluted-GAAP
basis |
$ |
0.31 |
|
$ |
0.34 |
|
$ |
0.35 |
|
$ |
0.38 |
|
$ |
0.28 |
|
$ |
1.38 |
|
$ |
0.99 |
|
Net income basic-GAAP
basis |
0.32 |
|
0.35 |
|
0.36 |
|
0.38 |
|
0.29 |
|
1.40 |
|
1.01 |
|
Adjusted
earnings(1) |
0.47 |
|
0.37 |
|
0.38 |
|
0.40 |
|
0.37 |
|
1.62 |
|
1.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share
common |
16.83 |
|
15.50 |
|
15.18 |
|
14.94 |
|
14.70 |
|
16.83 |
|
14.70 |
|
Tangible book value per
share |
12.33 |
|
12.01 |
|
11.67 |
|
11.39 |
|
11.15 |
|
12.33 |
|
11.15 |
|
Cash dividends
declared |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Non-GAAP measure - see “Explanation of Certain Unaudited
Non-GAAP Financial Measures." |
(2)Calculated on a fully taxable equivalent basis using amortized
cost. |
(3)These
ratios are stated on an annualized basis and are not necessarily
indicative of future periods. |
(4)The
Company defines tangible assets as total assets less intangible
assets, and tangible common equity as total shareholders'
equity less intangible assets. |
(5)Defined
as (noninterest expense less amortization of intangibles and gains,
losses, and expenses on foreclosed properties) divided by net
operating revenue (net interest income on a fully taxable
equivalent basis plus noninterest income excluding securities
gains). |
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME |
|
(Unaudited) |
|
|
|
|
|
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
Quarterly Trends |
|
Twelve Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts
in thousands, except per share data) |
4Q'18 |
|
3Q'18 |
|
2Q'18 |
|
1Q'18 |
|
4Q'17 |
|
4Q'18 |
|
4Q'17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
9,528 |
|
|
$ |
9,582 |
|
|
$ |
9,389 |
|
|
$ |
9,361 |
|
|
$ |
9,153 |
|
|
$ |
37,860 |
|
|
$ |
34,442 |
|
Nontaxable |
200 |
|
|
225 |
|
|
216 |
|
|
243 |
|
|
231 |
|
|
884 |
|
|
913 |
|
Interest and fees on
loans |
59,495 |
|
|
48,713 |
|
|
46,519 |
|
|
45,257 |
|
|
43,322 |
|
|
199,984 |
|
|
153,825 |
|
Interest on federal
funds sold and other investments |
835 |
|
|
634 |
|
|
585 |
|
|
616 |
|
|
638 |
|
|
2,670 |
|
|
2,416 |
|
Total Interest Income |
70,058 |
|
|
59,154 |
|
|
56,709 |
|
|
55,477 |
|
|
53,344 |
|
|
241,398 |
|
|
191,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits |
3,140 |
|
|
2,097 |
|
|
1,988 |
|
|
1,538 |
|
|
1,246 |
|
|
8,763 |
|
|
3,654 |
|
Interest on time
certificates |
3,901 |
|
|
2,975 |
|
|
2,629 |
|
|
2,179 |
|
|
2,032 |
|
|
11,684 |
|
|
4,678 |
|
Interest on borrowed
money |
3,033 |
|
|
2,520 |
|
|
1,885 |
|
|
1,998 |
|
|
1,840 |
|
|
9,436 |
|
|
6,968 |
|
Total Interest Expense |
10,074 |
|
|
7,592 |
|
|
6,502 |
|
|
5,715 |
|
|
5,118 |
|
|
29,883 |
|
|
15,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
59,984 |
|
|
51,562 |
|
|
50,207 |
|
|
49,762 |
|
|
48,226 |
|
|
211,515 |
|
|
176,296 |
|
Provision for loan
losses |
2,342 |
|
|
5,774 |
|
|
2,529 |
|
|
1,085 |
|
|
2,263 |
|
|
11,730 |
|
|
5,648 |
|
Net Interest Income After Provision for Loan
Losses |
57,642 |
|
|
45,788 |
|
|
47,678 |
|
|
48,677 |
|
|
45,963 |
|
|
199,785 |
|
|
170,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts |
3,019 |
|
|
2,833 |
|
|
2,674 |
|
|
2,672 |
|
|
2,566 |
|
|
11,198 |
|
|
10,049 |
|
Trust fees |
1,040 |
|
|
1,083 |
|
|
1,039 |
|
|
1,021 |
|
|
941 |
|
|
4,183 |
|
|
3,705 |
|
Mortgage banking
fees |
809 |
|
|
1,135 |
|
|
1,336 |
|
|
1,402 |
|
|
1,487 |
|
|
4,682 |
|
|
6,449 |
|
Brokerage commissions
and fees |
468 |
|
|
444 |
|
|
461 |
|
|
359 |
|
|
273 |
|
|
1,732 |
|
|
1,352 |
|
Marine finance
fees |
185 |
|
|
194 |
|
|
446 |
|
|
573 |
|
|
313 |
|
|
1,398 |
|
|
910 |
|
Interchange income |
3,198 |
|
|
3,119 |
|
|
3,076 |
|
|
2,942 |
|
|
2,836 |
|
|
12,335 |
|
|
10,583 |
|
BOLI income |
1,091 |
|
|
1,078 |
|
|
1,066 |
|
|
1,056 |
|
|
1,100 |
|
|
4,291 |
|
|
3,426 |
|
Other |
3,329 |
|
|
2,453 |
|
|
2,671 |
|
|
2,373 |
|
|
1,861 |
|
|
10,826 |
|
|
6,756 |
|
|
13,139 |
|
|
12,339 |
|
|
12,769 |
|
|
12,398 |
|
|
11,377 |
|
|
50,645 |
|
|
43,230 |
|
Gain on sale of VISA
stock |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
15,153 |
|
|
— |
|
|
15,153 |
|
Securities
gains/(losses), net |
(425 |
) |
|
(48 |
) |
|
(48 |
) |
|
(102 |
) |
|
112 |
|
|
(623 |
) |
|
86 |
|
Total Noninterest Income |
12,714 |
|
|
12,291 |
|
|
12,721 |
|
|
12,296 |
|
|
26,642 |
|
|
50,022 |
|
|
58,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and wages |
22,172 |
|
|
17,129 |
|
|
16,429 |
|
|
15,381 |
|
|
16,321 |
|
|
71,111 |
|
|
65,692 |
|
Employee benefits |
3,625 |
|
|
3,205 |
|
|
3,034 |
|
|
3,081 |
|
|
2,812 |
|
|
12,945 |
|
|
11,732 |
|
Outsourced data
processing costs |
5,809 |
|
|
3,493 |
|
|
3,393 |
|
|
3,679 |
|
|
4,160 |
|
|
16,374 |
|
|
14,116 |
|
Telephone / data
lines |
602 |
|
|
624 |
|
|
643 |
|
|
612 |
|
|
538 |
|
|
2,481 |
|
|
2,291 |
|
Occupancy |
3,747 |
|
|
3,214 |
|
|
3,316 |
|
|
3,117 |
|
|
3,265 |
|
|
13,394 |
|
|
13,290 |
|
Furniture and
equipment |
2,452 |
|
|
1,367 |
|
|
1,468 |
|
|
1,457 |
|
|
1,806 |
|
|
6,744 |
|
|
6,067 |
|
Marketing |
1,350 |
|
|
1,139 |
|
|
1,344 |
|
|
1,252 |
|
|
1,490 |
|
|
5,085 |
|
|
4,784 |
|
Legal and professional
fees |
3,668 |
|
|
2,019 |
|
|
2,301 |
|
|
1,973 |
|
|
3,054 |
|
|
9,961 |
|
|
11,022 |
|
FDIC assessments |
571 |
|
|
431 |
|
|
595 |
|
|
598 |
|
|
558 |
|
|
2,195 |
|
|
2,326 |
|
Amortization of
intangibles |
1,303 |
|
|
1,004 |
|
|
1,004 |
|
|
989 |
|
|
964 |
|
|
4,300 |
|
|
3,361 |
|
Foreclosed property
expense and net (gain)/loss on sale |
— |
|
|
(136 |
) |
|
405 |
|
|
192 |
|
|
(7 |
) |
|
461 |
|
|
(300 |
) |
Other |
4,165 |
|
|
3,910 |
|
|
4,314 |
|
|
4,833 |
|
|
4,223 |
|
|
17,222 |
|
|
15,535 |
|
Total Noninterest Expense |
49,464 |
|
|
37,399 |
|
|
38,246 |
|
|
37,164 |
|
|
39,184 |
|
|
162,273 |
|
|
149,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
20,892 |
|
|
20,680 |
|
|
22,153 |
|
|
23,809 |
|
|
33,421 |
|
|
87,534 |
|
|
79,201 |
|
Income taxes |
4,930 |
|
|
4,358 |
|
|
5,189 |
|
|
5,782 |
|
|
20,374 |
|
|
20,259 |
|
|
36,336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
15,962 |
|
|
$ |
16,322 |
|
|
$ |
16,964 |
|
|
$ |
18,027 |
|
|
$ |
13,047 |
|
|
$ |
67,275 |
|
|
$ |
42,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share of common
stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income diluted |
$ |
0.31 |
|
|
$ |
0.34 |
|
|
$ |
0.35 |
|
|
$ |
0.38 |
|
|
$ |
0.28 |
|
|
$ |
1.38 |
|
|
$ |
0.99 |
|
Net income basic |
0.32 |
|
|
0.35 |
|
|
0.36 |
|
|
0.38 |
|
|
0.29 |
|
|
1.40 |
|
|
1.01 |
|
Cash dividends
declared |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted shares
outstanding |
51,237 |
|
|
48,029 |
|
|
47,974 |
|
|
47,688 |
|
|
46,473 |
|
|
48,748 |
|
|
43,350 |
|
Average basic shares
outstanding |
50,523 |
|
|
47,205 |
|
|
47,165 |
|
|
46,952 |
|
|
45,541 |
|
|
47,969 |
|
|
42,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
(Unaudited) |
|
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
(Amounts
in thousands) |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
Cash and
due from banks |
|
$ |
92,242 |
|
|
$ |
101,920 |
|
|
$ |
123,927 |
|
|
$ |
129,065 |
|
|
$ |
104,039 |
|
Interest
bearing deposits with other banks |
|
23,709 |
|
|
3,174 |
|
|
7,594 |
|
|
6,794 |
|
|
5,465 |
|
Total Cash and Cash Equivalents |
|
115,951 |
|
|
105,094 |
|
|
131,521 |
|
|
135,859 |
|
|
109,504 |
|
|
|
|
|
|
|
|
|
|
|
|
Time
deposits with other banks |
|
8,243 |
|
|
9,813 |
|
|
10,562 |
|
|
12,553 |
|
|
12,553 |
|
|
|
|
|
|
|
|
|
|
|
|
Debt
Securities: |
|
|
|
|
|
|
|
|
|
|
Available
for sale (at fair value) |
|
865,831 |
|
|
923,206 |
|
|
954,906 |
|
|
982,958 |
|
|
949,460 |
|
Held to
maturity (at amortized cost) |
|
357,949 |
|
|
367,387 |
|
|
382,137 |
|
|
400,647 |
|
|
416,863 |
|
Total Debt Securities |
|
1,223,780 |
|
|
1,290,593 |
|
|
1,337,043 |
|
|
1,383,605 |
|
|
1,366,323 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans
held for sale |
|
11,873 |
|
|
16,172 |
|
|
14,707 |
|
|
20,887 |
|
|
24,306 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
4,825,214 |
|
|
4,059,323 |
|
|
3,974,016 |
|
|
3,897,125 |
|
|
3,817,377 |
|
Less:
Allowance for loan losses |
|
(32,423 |
) |
|
(33,865 |
) |
|
(28,924 |
) |
|
(28,118 |
) |
|
(27,122 |
) |
Net Loans |
|
4,792,791 |
|
|
4,025,458 |
|
|
3,945,092 |
|
|
3,869,007 |
|
|
3,790,255 |
|
|
|
|
|
|
|
|
|
|
|
|
Bank
premises and equipment, net |
|
71,024 |
|
|
63,531 |
|
|
63,991 |
|
|
64,577 |
|
|
66,883 |
|
Other
real estate owned |
|
12,802 |
|
|
4,715 |
|
|
8,417 |
|
|
10,288 |
|
|
7,640 |
|
Goodwill |
|
204,753 |
|
|
148,555 |
|
|
148,555 |
|
|
148,555 |
|
|
147,578 |
|
Other
intangible assets, net |
|
25,977 |
|
|
16,508 |
|
|
17,319 |
|
|
18,246 |
|
|
19,099 |
|
Bank
owned life insurance |
|
123,394 |
|
|
122,561 |
|
|
121,602 |
|
|
120,654 |
|
|
123,981 |
|
Net
deferred tax assets |
|
28,954 |
|
|
25,822 |
|
|
26,021 |
|
|
24,427 |
|
|
25,417 |
|
Other
assets |
|
128,117 |
|
|
102,112 |
|
|
97,851 |
|
|
94,443 |
|
|
116,590 |
|
Total Assets |
|
$ |
6,747,659 |
|
|
$ |
5,930,934 |
|
|
$ |
5,922,681 |
|
|
$ |
5,903,101 |
|
|
$ |
5,810,129 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
$ |
1,569,602 |
|
|
$ |
1,488,689 |
|
|
$ |
1,463,652 |
|
|
$ |
1,488,261 |
|
|
$ |
1,400,227 |
|
Interest-bearing demand |
|
1,014,032 |
|
|
912,891 |
|
|
976,281 |
|
|
1,015,054 |
|
|
1,050,755 |
|
Savings |
|
493,807 |
|
|
451,958 |
|
|
444,736 |
|
|
437,878 |
|
|
434,346 |
|
Money
market |
|
1,173,950 |
|
|
1,036,940 |
|
|
1,023,170 |
|
|
1,035,531 |
|
|
931,458 |
|
Other
time certificates |
|
513,312 |
|
|
411,208 |
|
|
413,643 |
|
|
410,108 |
|
|
414,277 |
|
Brokered
time certificates |
|
220,594 |
|
|
192,182 |
|
|
228,602 |
|
|
184,405 |
|
|
217,385 |
|
Time
certificates of more than $250,000 |
|
191,943 |
|
|
149,642 |
|
|
147,356 |
|
|
148,306 |
|
|
144,272 |
|
Total Deposits |
|
5,177,240 |
|
|
4,643,510 |
|
|
4,697,440 |
|
|
4,719,543 |
|
|
4,592,720 |
|
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
214,323 |
|
|
189,035 |
|
|
200,050 |
|
|
173,249 |
|
|
216,094 |
|
Federal
Home Loan Bank borrowings |
|
380,000 |
|
|
261,000 |
|
|
205,000 |
|
|
208,000 |
|
|
211,000 |
|
Subordinated debt |
|
70,804 |
|
|
70,734 |
|
|
70,664 |
|
|
70,591 |
|
|
70,521 |
|
Other
liabilities |
|
41,025 |
|
|
33,824 |
|
|
33,364 |
|
|
29,857 |
|
|
30,130 |
|
Total Liabilities |
|
5,883,392 |
|
|
5,198,103 |
|
|
5,206,518 |
|
|
5,201,240 |
|
|
5,120,465 |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
|
Common
stock |
|
5,136 |
|
|
4,727 |
|
|
4,716 |
|
|
4,698 |
|
|
4,693 |
|
Additional paid in capital |
|
778,501 |
|
|
668,711 |
|
|
665,885 |
|
|
663,727 |
|
|
661,632 |
|
Retained
earnings |
|
97,074 |
|
|
81,112 |
|
|
64,790 |
|
|
47,825 |
|
|
29,914 |
|
Treasury
stock |
|
(3,384 |
) |
|
(2,854 |
) |
|
(2,884 |
) |
|
(2,279 |
) |
|
(2,359 |
) |
|
|
877,327 |
|
|
751,696 |
|
|
732,507 |
|
|
713,971 |
|
|
693,880 |
|
Accumulated other comprehensive loss, net |
|
(13,060 |
) |
|
(18,865 |
) |
|
(16,344 |
) |
|
(12,110 |
) |
|
(4,216 |
) |
Total Shareholders' Equity |
|
864,267 |
|
|
732,831 |
|
|
716,163 |
|
|
701,861 |
|
|
689,664 |
|
Total Liabilities & Shareholders' Equity |
|
$ |
6,747,659 |
|
|
$ |
5,930,934 |
|
|
$ |
5,922,681 |
|
|
$ |
5,903,101 |
|
|
$ |
5,810,129 |
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding |
|
51,361 |
|
|
47,270 |
|
|
47,163 |
|
|
46,983 |
|
|
46,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED QUARTERLY FINANCIAL DATA |
(Unaudited) |
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Trends |
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts
in thousands, except ratios) |
4Q'18 |
|
3Q'18 |
|
2Q'18 |
|
1Q'18 |
|
4Q'17 |
|
|
|
|
|
|
|
|
|
|
|
|
Credit
Analysis |
|
|
|
|
|
|
|
|
|
|
Net
charge-offs (recoveries) - non-acquired loans |
$ |
3,693 |
|
|
$ |
800 |
|
|
$ |
1,715 |
|
|
$ |
117 |
|
|
$ |
1,475 |
|
Net
charge-offs (recoveries) - acquired loans |
56 |
|
|
(3 |
) |
|
(25 |
) |
|
(116 |
) |
|
|
(139 |
) |
Total Net Charge-offs (Recoveries) |
3,749 |
|
|
797 |
|
|
1,690 |
|
|
1 |
|
|
|
1,336 |
|
|
|
|
|
|
|
|
|
|
|
|
TDR
valuation adjustments |
$ |
35 |
|
|
$ |
36 |
|
|
$ |
33 |
|
|
$ |
88 |
|
|
$ |
37 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs (recoveries) to average loans - non-acquired loans |
0.32 |
% |
|
0.08 |
% |
|
0.17 |
% |
|
0.01 |
% |
|
|
0.16 |
% |
Net
charge-offs (recoveries) to average loans - acquired loans |
— |
|
|
— |
|
|
— |
|
|
(0.01 |
) |
|
|
(0.02 |
) |
Total Net Charge-offs (Recoveries) to Average
Loans |
0.32 |
|
|
0.08 |
|
|
0.17 |
|
|
0.00 |
|
|
|
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for loan losses - non-acquired loans |
$ |
2,343 |
|
|
$ |
5,640 |
|
|
$ |
2,591 |
|
|
$ |
1,383 |
|
|
$ |
2,053 |
|
Provision
for (recapture of) loan losses - acquired loans |
(1 |
) |
|
134 |
|
|
(62 |
) |
|
(298 |
) |
|
|
210 |
|
Total Provision for Loan Losses |
$ |
2,342 |
|
|
$ |
5,774 |
|
|
$ |
2,529 |
|
|
$ |
1,085 |
|
|
$ |
2,263 |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses - non-acquired loans |
$ |
31,803 |
|
|
$ |
33,188 |
|
|
$ |
28,384 |
|
|
$ |
27,541 |
|
|
$ |
26,363 |
|
Allowance
for loan losses - acquired loans |
620 |
|
|
677 |
|
|
540 |
|
|
577 |
|
|
|
759 |
|
Total Allowance for Loan Losses |
$ |
32,423 |
|
|
$ |
33,865 |
|
|
$ |
28,924 |
|
|
$ |
28,118 |
|
|
$ |
27,122 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-acquired loans at end of period |
$ |
3,588,251 |
|
|
$ |
3,383,571 |
|
|
$ |
3,221,569 |
|
|
$ |
3,063,618 |
|
|
$ |
2,922,609 |
|
Purchased
noncredit impaired loans at end of period |
1,222,529 |
|
|
662,701 |
|
|
739,232 |
|
|
819,814 |
|
|
|
877,351 |
|
Purchased
credit impaired loans at end of period |
14,434 |
|
|
13,051 |
|
|
13,215 |
|
|
13,693 |
|
|
|
17,417 |
|
Total Loans |
$ |
4,825,214 |
|
|
$ |
4,059,323 |
|
|
$ |
3,974,016 |
|
|
$ |
3,897,125 |
|
|
$ |
3,817,377 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-acquired loans
allowance for loan losses to non-acquired loans at end of
period |
0.89 |
% |
|
0.98 |
% |
|
0.88 |
% |
|
0.90 |
% |
|
|
0.90 |
% |
Total allowance for
loan losses to total loans at end of period |
0.67 |
|
|
0.83 |
|
|
0.73 |
|
|
0.72 |
|
|
|
0.71 |
|
Acquired loans
allowance for loan losses to acquired loans at end of period |
0.05 |
|
|
0.10 |
|
|
0.07 |
|
|
0.07 |
|
|
|
0.08 |
|
Discount for credit
losses to acquired loans at end of period |
3.86 |
|
|
2.25 |
|
|
2.31 |
|
|
2.32 |
|
|
|
2.33 |
|
|
|
|
|
|
|
|
|
|
|
|
End of
Period |
|
|
|
|
|
|
|
|
|
|
Nonperforming loans - non-acquired |
$ |
15,783 |
|
|
$ |
18,998 |
|
|
$ |
19,578 |
|
|
$ |
12,628 |
|
|
$ |
12,569 |
|
Nonperforming loans - acquired |
10,693 |
|
|
7,142 |
|
|
6,624 |
|
|
6,711 |
|
|
|
6,955 |
|
Other
real estate owned - non-acquired |
386 |
|
|
418 |
|
|
354 |
|
|
2,246 |
|
|
|
2,246 |
|
Other
real estate owned - acquired |
3,020 |
|
|
1,203 |
|
|
4,969 |
|
|
4,969 |
|
|
|
1,632 |
|
Bank
branches closed included in other real estate owned |
9,396 |
|
|
3,094 |
|
|
3,094 |
|
|
3,073 |
|
|
|
3,762 |
|
Total Nonperforming Assets |
$ |
39,278 |
|
|
$ |
30,855 |
|
|
$ |
34,619 |
|
|
$ |
29,627 |
|
|
$ |
27,164 |
|
|
|
|
|
|
|
|
|
|
|
|
Restructured loans (accruing) |
$ |
13,346 |
|
|
$ |
13,797 |
|
|
$ |
14,241 |
|
|
$ |
14,777 |
|
|
$ |
15,559 |
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to loans at end of period - non-acquired |
0.44 |
% |
|
0.56 |
% |
|
0.61 |
% |
|
0.41 |
% |
|
0.43 |
% |
Nonperforming loans to loans at end of period - acquired |
0.86 |
|
|
1.06 |
|
|
0.88 |
|
|
0.81 |
|
|
|
0.78 |
|
Total Nonperforming Loans to Loans at End of
Period |
0.55 |
|
|
0.64 |
|
|
0.66 |
|
|
0.50 |
|
|
|
0.51 |
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets - non-acquired |
0.38 |
% |
|
0.38 |
% |
|
0.39 |
% |
|
0.30 |
% |
|
0.32 |
% |
Nonperforming assets to total assets - acquired |
0.20 |
|
|
0.14 |
|
|
0.19 |
|
|
0.20 |
|
|
|
0.15 |
|
Total Nonperforming Assets to Total Assets |
0.58 |
|
|
0.52 |
|
|
0.58 |
|
|
0.50 |
|
|
|
0.47 |
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances |
|
|
|
|
|
|
|
|
|
|
Total
average assets |
$ |
6,589,870 |
|
|
$ |
5,903,327 |
|
|
$ |
5,878,035 |
|
|
$ |
5,851,688 |
|
|
$ |
5,716,230 |
|
Less:
intangible assets |
213,713 |
|
|
165,534 |
|
|
166,393 |
|
|
167,136 |
|
|
|
149,432 |
|
Total Average Tangible Assets |
$ |
6,376,157 |
|
|
$ |
5,737,793 |
|
|
$ |
5,711,642 |
|
|
$ |
5,684,552 |
|
|
$ |
5,566,798 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
average equity |
$ |
827,759 |
|
|
$ |
728,290 |
|
|
$ |
709,674 |
|
|
$ |
695,240 |
|
|
$ |
657,100 |
|
Less:
intangible assets |
213,713 |
|
|
165,534 |
|
|
166,393 |
|
|
167,136 |
|
|
|
149,432 |
|
Total Average Tangible Equity |
$ |
614,046 |
|
|
$ |
562,756 |
|
|
$ |
543,281 |
|
|
$ |
528,104 |
|
|
$ |
507,668 |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
Loans |
2018 |
|
2018 |
|
2018 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
Construction and land
development |
$ |
443,568 |
|
|
$ |
376,257 |
|
|
$ |
359,070 |
|
|
$ |
374,244 |
|
|
$ |
343,125 |
|
Commercial real estate
- owner occupied |
970,181 |
|
|
829,368 |
|
|
812,306 |
|
|
796,898 |
|
|
|
791,408 |
|
Commercial real estate
- non-owner occupied |
1,161,885 |
|
|
897,331 |
|
|
888,989 |
|
|
848,341 |
|
|
|
848,584 |
|
Residential real
estate |
1,324,377 |
|
|
1,152,640 |
|
|
1,103,946 |
|
|
1,065,152 |
|
|
|
1,038,810 |
|
Consumer |
202,881 |
|
|
192,772 |
|
|
190,835 |
|
|
195,788 |
|
|
|
189,436 |
|
Commercial and
financial |
722,322 |
|
|
610,955 |
|
|
618,870 |
|
|
616,702 |
|
|
|
606,014 |
|
Total Loans |
$ |
4,825,214 |
|
|
$ |
4,059,323 |
|
|
$ |
3,974,016 |
|
|
$ |
3,897,125 |
|
|
$ |
3,817,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND
RATES (1) |
(Unaudited) |
|
|
|
|
|
|
|
SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q'18 |
|
3Q'18 |
|
4Q'17 |
|
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
(Amounts
in thousands, except ratios) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
1,227,648 |
|
|
$ |
9,528 |
|
|
3.10 |
% |
$ |
1,284,774 |
|
|
$ |
9,582 |
|
|
2.98 |
% |
$ |
1,369,921 |
|
|
$ |
9,153 |
|
|
2.67 |
% |
Nontaxable |
29,255 |
|
|
252 |
|
|
3.45 |
|
31,411 |
|
|
283 |
|
|
3.60 |
|
31,282 |
|
|
354 |
|
|
4.53 |
|
Total Securities |
1,256,903 |
|
|
9,780 |
|
|
3.11 |
|
1,316,185 |
|
|
9,865 |
|
|
3.00 |
|
1,401,203 |
|
|
9,507 |
|
|
2.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
funds sold and other investments |
87,146 |
|
|
835 |
|
|
3.80 |
|
51,255 |
|
|
634 |
|
|
4.91 |
|
79,025 |
|
|
638 |
|
|
3.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans,
net |
4,611,691 |
|
|
59,559 |
|
|
5.12 |
|
4,008,527 |
|
|
48,802 |
|
|
4.83 |
|
3,691,344 |
|
|
43,375 |
|
|
4.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
5,955,740 |
|
|
70,174 |
|
|
4.67 |
|
5,375,967 |
|
|
59,301 |
|
|
4.38 |
|
5,171,572 |
|
|
53,520 |
|
|
4.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses |
(33,864 |
) |
|
|
|
|
|
(29,259 |
) |
|
|
|
|
|
(26,298 |
) |
|
|
|
|
|
Cash and
due from banks |
124,299 |
|
|
|
|
|
|
110,929 |
|
|
|
|
|
|
121,109 |
|
|
|
|
|
|
Premises
and equipment |
75,120 |
|
|
|
|
|
|
63,771 |
|
|
|
|
|
|
64,121 |
|
|
|
|
|
|
Intangible assets |
213,713 |
|
|
|
|
|
|
165,534 |
|
|
|
|
|
|
149,432 |
|
|
|
|
|
|
Bank
owned life insurance |
132,495 |
|
|
|
|
|
|
121,952 |
|
|
|
|
|
|
123,272 |
|
|
|
|
|
|
Other
assets |
122,367 |
|
|
|
|
|
|
94,433 |
|
|
|
|
|
|
113,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
6,589,870 |
|
|
|
|
|
|
$ |
5,903,327 |
|
|
|
|
|
|
$ |
5,716,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
974,711 |
|
|
$ |
515 |
|
|
0.21 |
% |
$ |
939,527 |
|
|
$ |
426 |
|
|
0.18 |
% |
$ |
976,295 |
|
|
$ |
367 |
|
|
0.15 |
% |
Savings |
509,434 |
|
|
418 |
|
|
0.33 |
|
444,935 |
|
|
170 |
|
|
0.15 |
|
431,124 |
|
|
94 |
|
|
0.09 |
|
Money
market |
1,161,599 |
|
|
2,207 |
|
|
0.75 |
|
1,031,960 |
|
|
1,501 |
|
|
0.58 |
|
929,914 |
|
|
785 |
|
|
0.33 |
|
Time
deposits |
899,153 |
|
|
3,901 |
|
|
1.72 |
|
779,608 |
|
|
2,975 |
|
|
1.51 |
|
761,720 |
|
|
2,032 |
|
|
1.06 |
|
Federal
funds purchased and securities sold under agreements to
repurchase |
242,963 |
|
|
732 |
|
|
1.20 |
|
204,097 |
|
|
463 |
|
|
0.90 |
|
166,006 |
|
|
231 |
|
|
0.55 |
|
Federal
Home Loan Bank borrowings |
240,799 |
|
|
1,468 |
|
|
2.42 |
|
222,315 |
|
|
1,228 |
|
|
2.19 |
|
320,380 |
|
|
968 |
|
|
1.20 |
|
Other
borrowings |
70,764 |
|
|
833 |
|
|
4.67 |
|
70,694 |
|
|
829 |
|
|
4.65 |
|
70,480 |
|
|
641 |
|
|
3.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities |
4,099,423 |
|
|
10,074 |
|
|
0.97 |
|
3,693,136 |
|
|
7,592 |
|
|
0.82 |
|
3,655,919 |
|
|
5,118 |
|
|
0.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
1,628,842 |
|
|
|
|
|
|
1,451,751 |
|
|
|
|
|
|
1,373,403 |
|
|
|
|
|
|
Other
liabilities |
33,846 |
|
|
|
|
|
|
30,150 |
|
|
|
|
|
|
29,808 |
|
|
|
|
|
|
Total Liabilities |
5,762,111 |
|
|
|
|
|
|
5,175,037 |
|
|
|
|
|
|
5,059,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
827,759 |
|
|
|
|
|
|
728,290 |
|
|
|
|
|
|
657,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity |
$ |
6,589,870 |
|
|
|
|
|
|
$ |
5,903,327 |
|
|
|
|
|
|
$ |
5,716,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of deposits |
|
|
|
|
0.54 |
% |
|
|
|
|
0.43 |
% |
|
|
|
|
0.29 |
% |
Interest expense as a %
of earning assets |
|
|
|
|
0.67 |
% |
|
|
|
|
0.56 |
% |
|
|
|
|
0.39 |
% |
Net interest income as
a % of earning assets |
|
|
$ |
60,100 |
|
|
4.00 |
% |
|
|
$ |
51,709 |
|
|
3.82 |
% |
|
|
$ |
48,402 |
|
|
3.71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)On a
fully taxable equivalent basis. All yields and rates have
been computed using amortized cost. |
|
|
|
|
|
Fees on
loans have been included in interest on loans. Nonaccrual loans are
included in loan balances. |
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND
RATES (1) |
(Unaudited) |
|
|
|
SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2018 |
|
2017 |
|
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
(Amounts
in thousands, except ratios) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
1,299,089 |
|
|
$ |
37,860 |
|
|
2.91 |
% |
$ |
1,316,972 |
|
|
$ |
34,442 |
|
|
2.62 |
% |
Nontaxable |
31,331 |
|
|
1,115 |
|
|
3.56 |
|
28,369 |
|
|
1,401 |
|
|
4.94 |
|
Total Securities |
1,330,420 |
|
|
38,975 |
|
|
2.93 |
|
1,345,341 |
|
|
35,843 |
|
|
2.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
funds sold and other investments |
61,048 |
|
|
2,670 |
|
|
4.37 |
|
71,352 |
|
|
2,416 |
|
|
3.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans,
net |
4,112,009 |
|
|
200,194 |
|
|
4.87 |
|
3,323,403 |
|
|
154,043 |
|
|
4.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
5,503,477 |
|
|
241,839 |
|
|
4.39 |
|
4,740,096 |
|
|
192,302 |
|
|
4.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses |
(29,972 |
) |
|
|
|
|
|
(25,485 |
) |
|
|
|
|
|
Cash and
due from banks |
114,936 |
|
|
|
|
|
|
106,710 |
|
|
|
|
|
|
Premises
and equipment |
67,332 |
|
|
|
|
|
|
59,842 |
|
|
|
|
|
|
Intangible assets |
178,287 |
|
|
|
|
|
|
115,511 |
|
|
|
|
|
|
Bank
owned life insurance |
124,452 |
|
|
|
|
|
|
97,939 |
|
|
|
|
|
|
Other
assets |
98,823 |
|
|
|
|
|
|
112,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
6,057,335 |
|
|
|
|
|
|
$ |
5,206,617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
978,030 |
|
|
$ |
1,883 |
|
|
0.19 |
% |
$ |
922,353 |
|
|
$ |
1,065 |
|
|
0.12 |
% |
Savings |
457,542 |
|
|
811 |
|
|
0.18 |
|
385,515 |
|
|
241 |
|
|
0.06 |
|
Money
market |
1,049,900 |
|
|
6,069 |
|
|
0.58 |
|
868,427 |
|
|
2,348 |
|
|
0.27 |
|
Time
deposits |
811,741 |
|
|
11,684 |
|
|
1.44 |
|
523,646 |
|
|
4,678 |
|
|
0.89 |
|
Federal
funds purchased and securities sold under agreements to
repurchase |
200,839 |
|
|
1,804 |
|
|
0.90 |
|
171,686 |
|
|
781 |
|
|
0.45 |
|
Federal
Home Loan Bank borrowings |
224,982 |
|
|
4,468 |
|
|
1.99 |
|
377,396 |
|
|
3,744 |
|
|
0.99 |
|
Other
borrowings |
70,658 |
|
|
3,164 |
|
|
4.48 |
|
70,377 |
|
|
2,443 |
|
|
3.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities |
3,793,692 |
|
|
29,883 |
|
|
0.79 |
|
3,319,400 |
|
|
15,300 |
|
|
0.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
1,492,451 |
|
|
|
|
|
|
1,279,825 |
|
|
|
|
|
|
Other
liabilities |
30,621 |
|
|
|
|
|
|
36,993 |
|
|
|
|
|
|
Total Liabilities |
5,316,764 |
|
|
|
|
|
|
4,636,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
740,571 |
|
|
|
|
|
|
570,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity |
$ |
6,057,335 |
|
|
|
|
|
|
$ |
5,206,617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of deposits |
|
|
|
|
0.43 |
% |
|
|
|
|
0.21 |
% |
Interest expense as a %
of earning assets |
|
|
|
|
0.54 |
% |
|
|
|
|
0.32 |
% |
Net interest income as
a % of earning assets |
|
|
$ |
211,956 |
|
|
3.85 |
% |
|
|
$ |
177,002 |
|
|
3.73 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED QUARTERLY FINANCIAL
DATA |
|
|
(Unaudited) |
|
|
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
(Amounts in
thousands) |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
Customer Relationship
Funding |
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
1,217,842 |
|
|
$ |
1,182,018 |
|
|
$ |
1,154,225 |
|
|
$ |
1,163,119 |
|
|
$ |
1,073,539 |
|
Retail |
|
259,318 |
|
|
233,472 |
|
|
236,838 |
|
|
252,055 |
|
|
253,454 |
|
Public
funds |
|
68,324 |
|
|
42,474 |
|
|
44,182 |
|
|
49,014 |
|
|
50,837 |
|
Other |
|
24,118 |
|
|
30,725 |
|
|
28,407 |
|
|
24,073 |
|
|
22,397 |
|
Total Noninterest Demand |
|
1,569,602 |
|
|
1,488,689 |
|
|
1,463,652 |
|
|
1,488,261 |
|
|
1,400,227 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
211,879 |
|
|
167,865 |
|
|
181,646 |
|
|
164,359 |
|
|
157,272 |
|
Retail |
|
650,490 |
|
|
655,429 |
|
|
681,615 |
|
|
700,262 |
|
|
702,616 |
|
Public
funds |
|
151,663 |
|
|
89,597 |
|
|
113,020 |
|
|
150,433 |
|
|
190,867 |
|
Total Interest-Bearing Demand |
|
1,014,032 |
|
|
912,891 |
|
|
976,281 |
|
|
1,015,054 |
|
|
1,050,755 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
transaction accounts |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
1,429,721 |
|
|
1,349,883 |
|
|
1,335,871 |
|
|
1,327,478 |
|
|
1,230,811 |
|
Retail |
|
909,808 |
|
|
888,901 |
|
|
918,453 |
|
|
952,317 |
|
|
956,070 |
|
Public
funds |
|
219,987 |
|
|
132,071 |
|
|
157,202 |
|
|
199,447 |
|
|
241,704 |
|
Other |
|
24,118 |
|
|
30,725 |
|
|
28,407 |
|
|
24,073 |
|
|
22,397 |
|
Total Transaction Accounts |
|
2,583,634 |
|
|
2,401,580 |
|
|
2,439,933 |
|
|
2,503,315 |
|
|
2,450,982 |
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
493,807 |
|
|
451,958 |
|
|
444,736 |
|
|
437,878 |
|
|
434,346 |
|
|
|
|
|
|
|
|
|
|
|
|
Money
market |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
459,380 |
|
|
423,304 |
|
|
408,005 |
|
|
410,527 |
|
|
375,471 |
|
Retail |
|
607,837 |
|
|
524,415 |
|
|
522,783 |
|
|
522,882 |
|
|
471,086 |
|
Public
funds |
|
106,733 |
|
|
89,221 |
|
|
92,382 |
|
|
102,122 |
|
|
84,901 |
|
Total Money Market |
|
1,173,950 |
|
|
1,036,940 |
|
|
1,023,170 |
|
|
1,035,531 |
|
|
931,458 |
|
|
|
|
|
|
|
|
|
|
|
|
Brokered
time certificates |
|
220,594 |
|
|
192,182 |
|
|
228,602 |
|
|
184,405 |
|
|
217,385 |
|
Other
time certificates |
|
705,255 |
|
|
560,850 |
|
|
560,999 |
|
|
558,414 |
|
|
558,549 |
|
|
|
925,849 |
|
|
753,032 |
|
|
789,601 |
|
|
742,819 |
|
|
775,934 |
|
Total Deposits |
|
$ |
5,177,240 |
|
|
$ |
4,643,510 |
|
|
$ |
4,697,440 |
|
|
$ |
4,719,543 |
|
|
$ |
4,592,720 |
|
|
|
|
|
|
|
|
|
|
|
|
Customer sweep
accounts |
|
$ |
214,323 |
|
|
$ |
189,035 |
|
|
$ |
200,050 |
|
|
$ |
173,249 |
|
|
$ |
216,094 |
|
|
|
|
|
|
|
|
|
|
|
|
Total core customer
funding(1) |
|
$ |
4,465,714 |
|
|
$ |
4,079,513 |
|
|
$ |
4,107,889 |
|
|
$ |
4,149,973 |
|
|
$ |
4,032,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Total
deposits and customer sweep accounts, excluding certificates of
deposit. |
|
|
|
|
|
|
|
|
|
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 calculate these
measures differently. The Company provides reconciliations between
GAAP and these non-GAAP measures. These disclosures should not be
considered an alternative to GAAP.
GAAP TO NON-GAAP RECONCILIATION |
|
(Unaudited) |
|
|
|
|
|
|
SEACOAST BANKING CORPORATION OF
FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Trends |
|
|
Twelve Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts
in thousands, except per share data) |
4Q'18 |
|
3Q'18 |
|
2Q'18 |
|
1Q'18 |
|
4Q'17 |
|
4Q'18 |
|
4Q'17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
15,962 |
|
|
$ |
16,322 |
|
|
$ |
16,964 |
|
|
$ |
18,027 |
|
|
$ |
13,047 |
|
|
$ |
67,275 |
|
|
$ |
42,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of VISA
stock |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(15,153 |
) |
|
— |
|
|
(15,153 |
) |
Securities
(gains)/losses, net |
425 |
|
|
48 |
|
|
48 |
|
|
102 |
|
|
(112 |
) |
|
623 |
|
|
(86 |
) |
BOLI benefits on death
(included in other income) |
(280 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(280 |
) |
|
— |
|
Total
Adjustments to Revenue |
145 |
|
|
48 |
|
|
48 |
|
|
102 |
|
|
(15,265 |
) |
|
343 |
|
|
(15,239 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger related
charges |
8,034 |
|
|
482 |
|
|
695 |
|
|
470 |
|
|
6,817 |
|
|
9,681 |
|
|
12,922 |
|
Amortization of
intangibles |
1,303 |
|
|
1,004 |
|
|
1,004 |
|
|
989 |
|
|
963 |
|
|
4,300 |
|
|
3,360 |
|
Business continuity
expenses - Hurricane Irma |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
352 |
|
Branch reductions and
other expense initiatives |
587 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
587 |
|
|
4,321 |
|
Total
Adjustments to Noninterest Expense |
9,924 |
|
|
1,486 |
|
|
1,699 |
|
|
1,459 |
|
|
7,780 |
|
|
14,568 |
|
|
20,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax effect of
adjustments |
(2,623 |
) |
|
(230 |
) |
|
(443 |
) |
|
(538 |
) |
|
3,147 |
|
|
(3,834 |
) |
|
(1,792 |
) |
Taxes and tax penalties
on acquisition-related BOLI redemption |
485 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
485 |
|
|
— |
|
Effect of change in
corporate tax rate |
— |
|
|
— |
|
|
— |
|
|
248 |
|
|
8,552 |
|
|
248 |
|
|
8,552 |
|
Adjusted Net
Income |
$ |
23,893 |
|
|
$ |
17,626 |
|
|
$ |
18,268 |
|
|
$ |
19,298 |
|
|
$ |
17,261 |
|
|
$ |
78,600 |
|
|
$ |
55,341 |
|
Earnings per diluted
share, as reported |
0.31 |
|
|
0.34 |
|
|
0.35 |
|
|
0.38 |
|
|
0.28 |
|
|
1.38 |
|
|
0.99 |
|
Adjusted earnings per
diluted share |
0.47 |
|
|
0.37 |
|
|
0.38 |
|
|
0.40 |
|
|
0.37 |
|
|
1.62 |
|
|
1.28 |
|
Average shares
outstanding |
51,237 |
|
|
48,029 |
|
|
47,974 |
|
|
47,688 |
|
|
46,473 |
|
|
48,748 |
|
|
43,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
72,698 |
|
|
63,853 |
|
|
62,928 |
|
|
62,058 |
|
|
74,868 |
|
|
261,537 |
|
|
234,765 |
|
Total adjustments to
revenue |
145 |
|
|
48 |
|
|
48 |
|
|
102 |
|
|
(15,265 |
) |
|
343 |
|
|
(15,239 |
) |
Adjusted
Revenue |
72,843 |
|
|
63,901 |
|
|
62,976 |
|
|
62,160 |
|
|
59,603 |
|
|
261,880 |
|
|
219,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense |
49,464 |
|
|
37,399 |
|
|
38,246 |
|
|
37,164 |
|
|
39,184 |
|
|
162,273 |
|
|
149,916 |
|
Total adjustments to
noninterest expense |
9,924 |
|
|
1,486 |
|
|
1,699 |
|
|
1,459 |
|
|
7,780 |
|
|
14,568 |
|
|
20,955 |
|
Adjusted
Noninterest Expense |
39,540 |
|
|
35,913 |
|
|
36,547 |
|
|
35,705 |
|
|
31,404 |
|
|
147,705 |
|
|
128,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted noninterest
expense |
39,540 |
|
|
35,913 |
|
|
36,547 |
|
|
35,705 |
|
|
31,404 |
|
|
147,705 |
|
|
128,961 |
|
Foreclosed property
expense and net (gain)/loss on sale |
— |
|
|
(137 |
) |
|
405 |
|
|
192 |
|
|
(7 |
) |
|
461 |
|
|
(302 |
) |
Net Adjusted
Noninterest Expense |
39,540 |
|
|
36,050 |
|
|
36,142 |
|
|
35,513 |
|
|
31,411 |
|
|
147,244 |
|
|
129,263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted revenue |
72,843 |
|
|
63,901 |
|
|
62,976 |
|
|
62,160 |
|
|
59,603 |
|
|
261,880 |
|
|
219,526 |
|
Impact of FTE
adjustment |
116 |
|
|
147 |
|
|
87 |
|
|
91 |
|
|
174 |
|
|
441 |
|
|
706 |
|
Adjusted revenue on a
fully taxable equivalent basis |
72,959 |
|
|
64,048 |
|
|
63,063 |
|
|
62,251 |
|
|
59,777 |
|
|
262,321 |
|
|
220,232 |
|
Adjusted
Efficiency Ratio |
54.19 |
% |
|
56.29 |
% |
|
57.31 |
% |
|
57.15 |
% |
|
52.65 |
% |
|
56.13 |
% |
|
58.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
$ |
6,589,870 |
|
|
$ |
5,903,327 |
|
|
$ |
5,878,035 |
|
|
$ |
5,851,688 |
|
|
$ |
5,716,230 |
|
|
$ |
6,057,335 |
|
|
$ |
5,206,617 |
|
Less average goodwill
and intangible assets |
(213,713 |
) |
|
(165,534 |
) |
|
(166,393 |
) |
|
(167,136 |
) |
|
(149,432 |
) |
|
(178,287 |
) |
|
(115,511 |
) |
Average
Tangible Assets |
$ |
6,376,157 |
|
|
$ |
5,737,793 |
|
|
$ |
5,711,642 |
|
|
$ |
5,684,552 |
|
|
$ |
5,566,798 |
|
|
$ |
5,879,048 |
|
|
$ |
5,091,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (ROA) |
0.96 |
% |
|
1.10 |
% |
|
1.16 |
% |
|
1.25 |
% |
|
0.91 |
% |
|
1.11 |
% |
|
0.82 |
% |
Impact of removing
average intangible assets and related amortization |
0.09 |
|
|
0.08 |
|
|
0.08 |
|
|
0.09 |
|
|
0.06 |
|
|
0.09 |
|
|
0.09 |
|
Return on
Tangible Average Assets (ROTA) |
1.05 |
|
|
1.18 |
|
|
1.24 |
|
|
1.34 |
|
|
0.97 |
|
|
1.20 |
|
|
0.91 |
|
Impact of other
adjustments for adjusted net income |
0.44 |
|
|
0.04 |
|
|
0.04 |
|
|
0.04 |
|
|
0.26 |
|
|
0.14 |
|
|
0.18 |
|
Adjusted Return
on Average Tangible Assets |
1.49 |
|
|
1.22 |
|
|
1.28 |
|
|
1.38 |
|
|
1.23 |
|
|
1.34 |
|
|
1.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity |
$ |
827,759 |
|
|
$ |
728,290 |
|
|
$ |
709,674 |
|
|
$ |
695,240 |
|
|
$ |
657,100 |
|
|
$ |
740,571 |
|
|
$ |
570,399 |
|
Less average goodwill
and intangible assets |
(213,713 |
) |
|
(165,534 |
) |
|
(166,393 |
) |
|
(167,136 |
) |
|
(149,432 |
) |
|
(178,287 |
) |
|
(115,511 |
) |
Average
Tangible Equity |
$ |
614,046 |
|
|
$ |
562,756 |
|
|
$ |
543,281 |
|
|
$ |
528,104 |
|
|
$ |
507,668 |
|
|
$ |
562,284 |
|
|
$ |
454,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
shareholders' equity |
7.7 |
% |
|
8.9 |
% |
|
9.6 |
% |
|
10.5 |
% |
|
7.9 |
% |
|
9.1 |
% |
|
7.5 |
% |
Impact of removing
average intangible assets and related amortization |
3.2 |
|
|
3.1 |
|
|
3.5 |
|
|
3.9 |
|
|
2.8 |
|
|
3.4 |
|
|
2.7 |
|
Return on
Average Tangible Common Equity (ROTCE) |
10.9 |
|
|
12.0 |
|
|
13.1 |
|
|
14.4 |
|
|
10.7 |
|
|
12.5 |
|
|
10.2 |
|
Impact of other
adjustments for adjusted net income |
4.5 |
|
|
0.4 |
|
|
0.4 |
|
|
0.4 |
|
|
2.8 |
|
|
1.5 |
|
|
2.0 |
|
Adjusted Return
on Average Tangible Common Equity |
15.4 |
|
|
12.4 |
|
|
13.5 |
|
|
14.8 |
|
|
13.5 |
|
|
14.0 |
|
|
12.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Seacoast Banking Corpora... (NASDAQ:SBCF)
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Seacoast Banking Corpora... (NASDAQ:SBCF)
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