Net Income Increased 26% Year-Over-Year
to $22.7 Million
Seacoast Banking Corporation of Florida (“Seacoast” or “the
Company”) (NASDAQ: SBCF) today reported first quarter 2019 net
income of $22.7 million, or $0.44 per share, up 26% or $4.7 million
year-over-year. Seacoast reported first quarter 2019 adjusted net
income1 of $24.2 million, or $0.47 per share, an increase of $4.9
million compared to the first quarter of 2018. First quarter 2019
results reflect the acquisition of First Green Bancorp, Inc., which
closed on October 19, 2018.
For the first quarter of 2019, return on average
tangible assets was 1.48%, return on average tangible shareholders’
equity was 14.9%, and the efficiency ratio was 56.6%, compared to
1.05%, 10.9% and 65.8%, respectively, in the prior quarter and
1.34%, 14.4%, and 57.8%, respectively, in the first quarter of
2018. Adjusted return on average tangible assets1 was 1.50%,
adjusted return on average tangible shareholders’ equity1 was
15.1%, and the adjusted efficiency ratio1 was 55.8%, compared to
1.49%, 15.4%, and 54.2%, respectively, in the prior quarter, and
1.38%, 14.8%, and 57.1%, respectively, in the first quarter of
2018.
Dennis S. Hudson, III, Seacoast’s Chairman and
CEO, said, “Seacoast’s balanced growth strategy, combining organic
growth with value-creating acquisitions, continues to benefit our
shareholders. We had an outstanding quarter of customer acquisition
and deposit growth, with pipelines increasing in all loan
categories, reflecting our strong fundamentals and position in
attractive markets. The underlying strength of our customer
franchise and the value of our unique combination of customer
analytics, marketing automation, and experienced bankers in growing
urban markets situates us well to deliver sustainable, profitable
growth.”
Charles M. Shaffer, Seacoast’s Chief Financial
Officer, said, “Our first quarter 2019 results demonstrate a
continued focus on strong financial performance, disciplined credit
underwriting, and increasing levels of liquidity. We continue to
build a balance sheet that is supported by a robust customer
franchise, with an ending loan to deposit ratio of 86%, providing
ample room for expansion of loans which reinforces our net interest
margin. We will also take proactive additional expense reduction
measures during the second quarter of 2019 that we expect will
result in an annual pre-tax expense reduction of approximately $10
million. These initiatives, our quarter-end tangible common equity
ratio of 10.2%, increasing levels of liquidity and a healthy
balance sheet support our ability to deploy capital for continued
organic growth and disciplined opportunistic acquisitions."
First Quarter 2019 Financial
Highlights
Income Statement
- Net income was
$22.7 million, or $0.44 per diluted share, compared to $16.0
million or $0.31 for the prior quarter and $18.0 million or $0.38
for the first quarter of 2018. Adjusted net income1 was $24.2
million, or $0.47 per diluted share, compared to $23.9 million or
$0.47 for the prior quarter and $19.3 million or $0.40 for the
first quarter of 2018.
- Net revenues were
$73.6 million, an increase of $0.9 million or 1% compared to the
prior quarter, and an increase of $11.6 million or 19% compared to
the first quarter of 2018. Adjusted revenues1 were $73.6 million,
an increase of $0.8 million, or 1%, from the prior quarter and an
increase of $11.5 million, or 18%, from the first quarter of
2018.
- Net interest
income totaled $60.8 million, an increase of $0.8 million
or 1% from the prior quarter and an increase of $11.0 million or
22% from the first quarter of 2018. The increase quarter over
quarter was despite a flattening yield curve and two fewer days in
the quarter.
- Net interest
margin was 4.02% in the first quarter of 2019, 4.00% in
the fourth quarter of 2018 and 3.80% in the first quarter of 2018.
Quarter over quarter, the yield on loans expanded 10 basis points,
the yield on securities contracted 4 basis points, and the cost of
deposits increased 13 basis points. The impact on net interest
margin from accretion of purchase discounts on acquired loans was
26 basis points in the first quarter of 2019, 1 basis point below
the prior quarter. The net interest margin continues to benefit
from positive remixing of earning assets as well as actions taken
to reduce reliance on Federal Home Loan Bank advances and migrate
funding towards lower rate deposit balances.
- Noninterest income
totaled $12.8 million, an increase of $0.1 million or 1% compared
to the prior quarter and an increase of $0.5 million or 4% from the
first quarter of 2018. Sequentially, service charges on deposits
declined by $0.3 million, the result of fewer business days in the
first quarter, which was offset by mortgage banking fees which
increased $0.3 million, the result of a successful introduction of
new saleable residential mortgage products and a focus on
generating saleable volume. SBA and marine-related fees improved
modestly, the result of higher volumes in both units. Interchange
income increased $0.2 million, sequentially, while wealth-related
fees were down modestly, the result of lower equity valuations.
Other income declined primarily due to the prior quarter benefiting
from a $0.3 million bank owned life insurance ("BOLI") payout. The
decline in BOLI-related income was the result of the cancellation
of low yielding policies acquired in the First Green acquisition.
Finally, securities losses were lower by $0.4 million
sequentially.
- The provision for loan
losses was $1.4 million compared to $2.3 million in the
prior quarter and $1.1 million in the first quarter of 2018.
- Noninterest
expense was $43.1 million, a decrease of $6.4 million or
13% compared to the prior quarter and an increase of $5.9 million
or 16% from the first quarter of 2018. During the fourth quarter of
2018, the Company integrated the operations of First Green,
recording $8.0 million in merger related charges. Noninterest
expense in the first quarter included:
- Lower salaries and wage expenses were offset by increases in
employee benefits associated with higher seasonal payroll taxes and
401(k) plan contributions, typical of the first quarter.
- We hired 10 business bankers in Fort Lauderdale and Tampa,
augmenting the 10 business bankers hired in the fourth
quarter.
- As required by existing accounting guidance, we defer the net
costs of loan originations. Such deferrals were lower quarter over
quarter due to lower loan production, resulting in higher
noninterest expense.
- Two previously ongoing projects in risk management and lending
operations were accelerated that will support the scaling of our
business, resulting in higher professional fees in the quarter. We
launched our small business direct loan origination platform ahead
of schedule and will launch our digital commercial origination
platform in June.
- The quarter included merger related charges of $0.3 million due
to the First Green acquisition and one banking center consolidation
charge totaling $0.2 million.
- Looking forward, during the second quarter of 2019, our
continued focus on efficiency and streamlining operations will
result in a reduction of approximately 50 full time equivalent
employees. While the Company will incur severance charges of
approximately $1.5 million, this in combination with other expense
initiatives, including two more banking center closures, will
result in approximately a $10 million annual pre-tax expense
reduction.
- Seacoast recorded $6.4 million in
income tax expense in the first quarter of 2019,
compared to $4.9 million in the prior quarter and $5.8 million in
the first quarter of 2018. Tax benefits related to stock-based
compensation were $0.6 million in the first quarter of 2019 and
$0.4 million in the fourth quarter of 2018. Taxes in the fourth
quarter of 2018 also included $0.5 million in additional expenses
associated with the redemption of First Green's BOLI policies,
which was removed from the presentation of adjusted results.
- Adjusted revenues1
increased 18% compared to prior year while adjusted
noninterest expense1 increased 15%, generating 3%
operating leverage.
- The efficiency
ratio was 56.6% compared to 65.8% in the prior quarter and
57.8% in the first quarter of 2018. The adjusted efficiency ratio1
was 55.8% compared to 54.2% in the prior quarter and 57.1% in the
first quarter of 2018. The increase quarter over quarter in the
adjusted efficiency ratio, was primarily the result of a return of
seasonal 401(k) and payroll tax expenses.
Balance Sheet
- At March 31, 2019, the Company
had total assets of $6.8 billion and total
shareholders' equity of $896.4 million. Book value per share
was $17.44 and tangible book value per share was $12.98, compared
to $16.83 and $12.33, respectively, at December 31, 2018 and
$14.94 and $11.39, respectively, at March 31, 2018.
Year-over-year, tangible book value per share increased 14%.
- Debt securities
totaled $1.2 billion at March 31, 2019, a decrease of $50.7
million compared to the prior quarter and a decrease of $210.6
million from March 31, 2018. The decrease included the sale of
$35.0 million of certain low yielding securities, which resulted in
a loss of $0.1 million in the first quarter of 2019. In addition,
in connection with the adoption of new accounting guidance in
January 2019, the Company elected to transfer securities with an
aggregate amortized cost basis of $53.5 million and fair value of
$52.8 million from the held-to-maturity designation to
available-for-sale.
- Loans totaled $4.8
billion at March 31, 2019, an increase of $3.2 million
compared to the prior quarter, and an increase of $931.3 million or
24% from March 31, 2018.
- Consumer and small business originations for the first quarter
of 2019 were $118.5 million, an increase of 4% compared to the
fourth quarter of 2018 and an increase of 20% compared to the first
quarter of 2018.
- Commercial originations during the first quarter of 2019 were
$109.1 million, a decrease of 32% compared to the fourth quarter of
2018 and 11% compared to the first of quarter 2018, largely a
reflection of seasonal trends.
- We continue to prudently manage commercial real estate
exposure. Construction and land development and commercial real
estate loans remain well below regulatory guidance at 57% and 216%
of total risk based capital, respectively, down from 63% and 227%,
respectively, in the fourth quarter of 2018.
- Closed residential loans retained in the portfolio for the
first quarter of 2019 were $49.6 million, down 32% from the fourth
quarter of 2018 and down 37% from the first quarter of 2018. This
is consistent with the Residential Lending team's emphasis on
generating saleable volume.
- Pipelines (loans
in underwriting and approval or approved and not yet closed)
remained strong, totaling $290.2 million.
- Consumer and small business pipelines were $67.6 million, an
increase of 26% sequentially and 34% compared to the prior
year.
- Commercial pipelines were $177.3 million, an increase of 8%
sequentially and 44% compared to the prior year.
- Residential pipelines were $45.3 million, an increase of 4%
sequentially and a decrease of 36% compared to the prior year.
- Total deposits
were $5.6 billion as of March 31, 2019, an increase of $428.3
million, or 8%, sequentially and an increase of $886.0 million, or
19%, from the prior year.
- Interest-bearing deposits (interest-bearing demand, savings and
money market deposits) increased year-over-year $312.4 million, or
13%, to $2.8 billion, noninterest bearing demand deposits increased
$187.7 million, or 13%, to $1.7 billion, and CDs increased $385.9
million, or 52%, to $1.1 billion.
- Total deposits grew 16% on an annualized basis during the
quarter, excluding the favorable impact of $76 million of customer
sweep repurchase agreements migrating to interest-bearing deposits
and the acquisition of $147 million of brokered CDs.
- During the quarter, noninterest bearing demand deposits grew
27% on an annualized basis.
- Overall cost of deposits increased to 67 basis points, due in
part to a strategic shift in funding from FHLB advances to brokered
deposits. This shift impacted the cost of deposits by 3 basis
points, but reduced the overall cost of funding.
- First quarter return on
average tangible assets (ROTA) was 1.48%, compared to
1.05% in the prior quarter and 1.34% in the first quarter of 2018.
Adjusted ROTA1 was 1.50% compared to 1.49% in the prior quarter and
1.38% in the first quarter of 2018.
Capital
- First quarter return on average tangible common equity
(ROTCE) was 14.86%, compared to 10.94% in the prior
quarter and 14.41% in the first quarter of 2018. Adjusted ROTCE1
was 15.11% compared to 15.44% in the prior quarter and 14.82% in
the first quarter of 2018.
- The common equity tier 1 capital ratio (CET1)
was 14.3%, total capital ratio was 15.0% and the tier 1 leverage
ratio was 11.2% at March 31, 2019.
- Tangible common equity to tangible assets was
10.18% at March 31, 2019, compared to 9.72% at December 31,
2018 and 9.33% at March 31, 2018.
Asset Quality
- Nonperforming loans to
total loans outstanding
was 0.46% at March 31, 2019, 0.55% at December 31, 2018,
and 0.50% at March 31, 2018.
- Nonperforming assets to
total assets was 0.51% at March 31, 2019, 0.58% at
December 31, 2018 and 0.50% at March 31, 2018.
Nonperforming assets decreased $4.9 million in the first quarter of
2019, attributed primarily to the payoff of a $3.0 million acquired
residential real estate loan.
- The ratio
of allowance for loan losses to total loans was 0.68% at
March 31, 2019, 0.67% at December 31, 2018, and 0.72% at
March 31, 2018. The ratio of allowance for loan losses to
non-acquired loans was 0.89% at March 31, 2019, 0.89% at
December 31, 2018, and 0.90% at March 31, 2018.
- Net charge-offs
were $1.0 million or 0.08% of average loans for the first quarter
of 2019 compared to $3.7 million in the prior quarter.
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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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1Q'19 |
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4Q'18 |
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3Q'18 |
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2Q'18 |
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1Q'18 |
Selected Balance Sheet
Data: |
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Total Assets |
$ |
6,783,389 |
|
|
$ |
6,747,659 |
|
|
$ |
5,930,934 |
|
|
$ |
5,922,681 |
|
|
$ |
5,903,101 |
|
Gross
Loans |
4,828,441 |
|
|
4,825,214 |
|
|
4,059,323 |
|
|
3,974,016 |
|
|
3,897,125 |
|
Total
Deposits |
5,605,578 |
|
|
5,177,240 |
|
|
4,643,510 |
|
|
4,697,440 |
|
|
4,719,543 |
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Performance
Measures: |
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Net
Income |
$ |
22,705 |
|
|
$ |
15,962 |
|
|
$ |
16,322 |
|
|
$ |
16,964 |
|
|
$ |
18,027 |
|
Net
Interest Margin |
4.02 |
% |
|
4.00 |
% |
|
3.82 |
% |
|
3.77 |
% |
|
3.80 |
% |
Average
Diluted Shares Outstanding |
52,039 |
|
|
51,237 |
|
|
48,029 |
|
|
47,974 |
|
|
47,688 |
|
Diluted
Earnings Per Share (EPS) |
$ |
0.44 |
|
|
$ |
0.31 |
|
|
$ |
0.34 |
|
|
$ |
0.35 |
|
|
$ |
0.38 |
|
Return on
(annualized): |
|
|
|
|
|
|
|
|
|
Average
Assets (ROA) |
1.36 |
% |
|
0.96 |
% |
|
1.10 |
% |
|
1.16 |
% |
|
1.25 |
% |
Average
Return on Tangible Assets (ROTA) |
1.48 |
|
|
1.05 |
|
|
1.18 |
|
|
1.24 |
|
|
1.34 |
|
Average
Tangible Common Equity (ROTCE) |
14.86 |
|
|
10.94 |
|
|
12.04 |
|
|
13.08 |
|
|
14.41 |
|
Efficiency Ratio |
56.55 |
|
|
65.76 |
|
|
57.04 |
|
|
58.41 |
|
|
57.80 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Measures1: |
|
|
|
|
|
|
|
|
|
Adjusted
Net Income |
$ |
24,205 |
|
|
$ |
23,893 |
|
|
$ |
17,626 |
|
|
$ |
18,268 |
|
|
$ |
19,298 |
|
Adjusted
Diluted EPS |
0.47 |
|
|
0.47 |
|
|
0.37 |
|
|
0.38 |
|
|
0.40 |
|
Adjusted
ROTA |
1.50 |
% |
|
1.49 |
% |
|
1.22 |
% |
|
1.28 |
% |
|
1.38 |
% |
Adjusted
ROTCE |
15.11 |
|
|
15.44 |
|
|
12.43 |
|
|
13.49 |
|
|
14.82 |
|
Adjusted
Efficiency Ratio |
55.81 |
|
|
54.19 |
|
|
56.29 |
|
|
57.31 |
|
|
57.05 |
|
Adjusted
Noninterest Expenses as a |
|
|
|
|
|
|
|
|
|
Percent
of Average Tangible Assets |
2.55 |
|
|
2.46 |
|
|
2.48 |
|
|
2.57 |
|
|
2.55 |
|
|
|
|
|
|
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Other Data: |
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Market
capitalization2 |
$ |
1,354,759 |
|
|
$ |
1,336,415 |
|
|
$ |
1,380,275 |
|
|
$ |
1,489,411 |
|
|
$ |
1,243,644 |
|
Full-time
equivalent employees |
902 |
|
|
902 |
|
|
835 |
|
|
826 |
|
|
814 |
|
Number of
ATMs |
84 |
|
|
87 |
|
|
86 |
|
|
87 |
|
|
86 |
|
Full
service banking offices |
50 |
|
|
51 |
|
|
49 |
|
|
49 |
|
|
49 |
|
Registered online users |
102,274 |
|
|
99,415 |
|
|
94,400 |
|
|
92,107 |
|
|
91,636 |
|
Registered mobile devices |
87,844 |
|
|
83,151 |
|
|
73,300 |
|
|
69,038 |
|
|
65,336 |
|
|
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% |
|
First Quarter Operating
Highlights
Modernizing How We Sell
- In the first quarter, we completed
a pilot program for automated fulfillment of small business loan
products. The pilot was limited to a select group of products, and
offers auto-decisioning and digitized onboarding. Once fully
implemented, this technology will significantly reduce the cost to
originate small business loans to current customers, while
maintaining our strict credit underwriting culture.
Lowering Our Cost to Serve
- We consolidated one banking center
location in the first quarter of 2019 in alignment with our Vision
2020 objective of reducing our footprint to meet the evolving needs
of our customers. We expect a six-month payback period, and
recorded $0.2 million in associated expenses. We have two
additional banking center consolidations planned in the second
quarter of 2019. We expect negligible customer impact given the
proximity to other banking centers and increased usage of digital
channels by these customers.
- At March 31, 2019, average deposits
per banking center exceeded $112 million, up from $96 million at
March 31, 2018.
- During the second quarter of 2019,
our continued focus on efficiency and streamlining operations will
result in a reduction of approximately 50 full time equivalent
employees. While the Company will incur severance charges of
approximately $1.5 million, this in combination with other expense
initiatives, including two more banking center closures, will
result in approximately a $10 million annual pre-tax expense
reduction.
Driving Improvements in How Our Business
Operates
- Late in 2018, we launched a
large-scale initiative to implement a fully digital loan
origination platform across all business banking units. This
follows the successful rollout of our fully digital mortgage
banking origination platform. This investment should provide
financial returns through a significant improvement in efficiency
and banker productivity in 2020 and beyond.
Scaling and Evolving Our
Culture
- We continue to invest in
business bankers. In the first quarter of 2019 we on-boarded 10 new
business bankers in order to fully support the strong markets we
serve and to advance our growth and operating leverage objectives.
We have a robust pipeline of talent as we enter the second quarter
of 2019 and will continue to opportunistically add top-tier bankers
in both the Fort Lauderdale and Tampa markets.
- In the first quarter of 2019,
Seacoast Bank’s 401(k) plan was recognized as a Best in Class
401(k) Plan for 2019 by PLANSPONSOR magazine. Associate
participation in the 401(k) plan and Seacoast's contribution match
differentiates us from industry peers.
1Non-GAAP measure, see “Explanation of Certain
Unaudited Non-GAAP Financial Measures”
OTHER INFORMATION
Conference Call
InformationSeacoast will host a conference call on
April 26, 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: 6617 843; 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 April 26, 2019 by
dialing (888) 843-7419 (domestic) and using passcode: 6617
843#.
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 April 26, 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 $6.8 billion in assets and $5.6 billion
in deposits as of March 31, 2019. The Company provides
integrated financial services including commercial and retail
banking, wealth management, and mortgage services to customers
through advanced banking solutions, and 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.
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, assumptions, estimates and intentions
about future performance and involve known and unknown risks,
uncertainties and other factors, which may be beyond our control,
and which may cause the actual results, performance or achievements
of Seacoast to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. You should not expect us to update any
forward-looking statements.
All statements other than statements of
historical fact could be forward-looking statements. You can
identify these forward-looking statements through our use of words
such as “may”, “will”, “anticipate”, “assume”, “should”, “support”,
“indicate”, “would”, “believe”, “contemplate”, “expect”,
“estimate”, “continue”, “further”, “plan”, “point to”, “project”,
“could”, “intend”, “target” or other similar words and expressions
of the future. These forward-looking statements may not be realized
due to a variety of factors, including, without limitation: the
effects of future economic and market conditions, including
seasonality; governmental monetary and fiscal policies, including
interest rate policies of the Board of Governors of the Federal
Reserve, as well as legislative, tax and regulatory changes;
changes in accounting policies, rules and practices; the risks of
changes in interest rates on the level and composition of deposits,
loan demand, liquidity and the values of loan collateral,
securities, and interest sensitive assets and liabilities; interest
rate risks, sensitivities and the shape of the yield curve; 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 dividends restrictions; increases in regulatory capital
requirements for banking organizations generally; the risks of
mergers, acquisitions and divestitures, including our ability to
continue to identify acquisition targets and successfully acquire
desirable financial institutions; changes in technology or products
that may be more difficult, costly, or less effective than
anticipated; our ability to identify and address increased
cybersecurity risks; inability of our risk management framework to
manage risks associated with our business; dependence on key
suppliers or vendors to obtain equipment or services for our
business on acceptable terms; reduction in or the termination of
our ability to use the mobile-based platform that is critical to
our business growth strategy; the effects of war or other
conflicts, acts of terrorism, natural disasters or other
catastrophic events that may affect general economic conditions;
unexpected outcomes of, and the costs associated with, existing or
new litigation involving us; our ability to maintain adequate
internal controls over financial reporting; potential claims,
damages, penalties, fines and reputational damage resulting from
pending or future litigation, regulatory proceedings and
enforcement actions; the risks that our deferred tax assets could
be reduced if estimates of future taxable income from our
operations and tax planning strategies are less than currently
estimated and sales of our capital stock could trigger a reduction
in the amount of net operating loss carryforwards that we may be
able to utilize for income tax purposes; the effects of competition
from other commercial banks, thrifts, mortgage banking firms,
consumer finance companies, credit unions, securities brokerage
firms, insurance companies, money market and other mutual funds and
other financial institutions operating in our market areas and
elsewhere, including institutions operating regionally, nationally
and internationally, together with such competitors offering
banking products and services by mail, telephone, computer and the
Internet; and the failure of assumptions underlying the
establishment of reserves for possible loan losses.
All written or oral forward-looking statements
attributable to us are expressly qualified in their entirety by
this cautionary notice, including, without limitation, those risks
and uncertainties described in our annual report on Form 10-K for
the year ended December 31, 2018, under “Special Cautionary Notice
Regarding Forward-looking Statements” and “Risk Factors”, and
otherwise in our SEC reports and filings. Such reports are
available upon request from the Company, or from the Securities and
Exchange Commission, including through the SEC's Internet website
at www.sec.gov.
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 |
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands,
except ratios and per share data) |
1Q'19 |
|
4Q'18 |
|
3Q'18 |
|
2Q'18 |
|
1Q'18 |
|
|
|
|
|
|
|
|
|
|
Summary of Earnings |
|
|
|
|
|
|
|
|
|
Net income |
$ |
22,705 |
|
|
$ |
15,962 |
|
|
$ |
16,322 |
|
|
$ |
16,964 |
|
|
$ |
18,027 |
|
Adjusted net income1 |
24,205 |
|
|
23,893 |
|
|
17,626 |
|
|
18,268 |
|
|
19,298 |
|
Net interest income2 |
60,861 |
|
|
60,100 |
|
|
51,709 |
|
|
50,294 |
|
|
49,853 |
|
Net interest margin2,3 |
4.02 |
% |
|
4.00 |
% |
|
3.82 |
% |
|
3.77 |
% |
|
3.80 |
% |
|
|
|
|
|
|
|
|
|
|
Performance Ratios |
|
|
|
|
|
|
|
|
|
Return on average assets-GAAP basis3 |
1.36 |
% |
|
0.96 |
% |
|
1.10 |
% |
|
1.16 |
% |
|
1.25 |
% |
Return on average tangible assets-GAAP
basis3,4 |
1.48 |
|
|
1.05 |
|
|
1.18 |
|
|
1.24 |
|
|
1.34 |
|
Adjusted return on average tangible
assets1,3,4 |
1.50 |
|
|
1.49 |
|
|
1.22 |
|
|
1.28 |
|
|
1.38 |
|
|
|
|
|
|
|
|
|
|
|
Return on average shareholders' equity-GAAP
basis3 |
10.47 |
|
|
7.65 |
|
|
8.89 |
|
|
9.59 |
|
|
10.52 |
|
Return on average tangible common equity-GAAP
basis3,4 |
14.86 |
|
|
10.94 |
|
|
12.04 |
|
|
13.08 |
|
|
14.41 |
|
Adjusted return on average tangible common
equity1,3,4 |
15.11 |
|
|
15.44 |
|
|
12.43 |
|
|
13.49 |
|
|
14.82 |
|
Efficiency ratio5 |
56.55 |
|
|
65.76 |
|
|
57.04 |
|
|
58.41 |
|
|
57.80 |
|
Adjusted efficiency ratio1 |
55.81 |
|
|
54.19 |
|
|
56.29 |
|
|
57.31 |
|
|
57.05 |
|
Noninterest income to total revenue |
17.45 |
|
|
17.97 |
|
|
19.31 |
|
|
20.28 |
|
|
19.95 |
|
Tangible common equity to tangible assets4 |
10.18 |
|
|
9.72 |
|
|
9.85 |
|
|
9.56 |
|
|
9.33 |
|
Average loan-to-deposit ratio |
90.55 |
|
|
89.14 |
|
|
86.25 |
|
|
83.51 |
|
|
84.10 |
|
End of period loan-to-deposit ratio |
86.38 |
|
|
93.43 |
|
|
87.77 |
|
|
84.91 |
|
|
83.02 |
|
|
|
|
|
|
|
|
|
|
|
Per Share Data |
|
|
|
|
|
|
|
|
|
Net income diluted-GAAP basis |
$ |
0.44 |
|
|
$ |
0.31 |
|
|
$ |
0.34 |
|
|
$ |
0.35 |
|
|
$ |
0.38 |
|
Net income basic-GAAP basis |
0.44 |
|
|
0.32 |
|
|
0.35 |
|
|
0.36 |
|
|
0.38 |
|
Adjusted earnings1 |
0.47 |
|
|
0.47 |
|
|
0.37 |
|
|
0.38 |
|
|
0.40 |
|
|
|
|
|
|
|
|
|
|
|
Book value per share common |
17.44 |
|
|
16.83 |
|
|
15.50 |
|
|
15.18 |
|
|
14.94 |
|
Tangible book value per share |
12.98 |
|
|
12.33 |
|
|
12.01 |
|
|
11.67 |
|
|
11.39 |
|
Cash dividends declared |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Non-GAAP measure - see “Explanation
of Certain Unaudited Non-GAAP Financial Measures.” |
2Calculated on a fully taxable
equivalent basis using amortized cost. |
3These ratios are stated on an
annualized basis and are not necessarily indicative of future
periods. |
4The Company defines tangible assets
as total assets less intangible assets, and tangible common equity
as total shareholders' equity less intangible assets. |
5Defined as (noninterest expense
less amortization of intangibles and gains, losses, and expenses on
foreclosed properties) divided by net operating revenue (net
interest income on a fully taxable equivalent basis plus
noninterest income excluding securities gains). |
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|
(Unaudited) |
|
|
SEACOAST BANKING CORPORATION OF
FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
Quarterly
Trends |
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands,
except per share data) |
1Q'19 |
|
4Q'18 |
|
3Q'18 |
|
2Q'18 |
|
1Q'18 |
|
|
|
|
|
|
|
|
|
|
Interest on securities: |
|
|
|
|
|
|
|
|
|
Taxable |
$ |
9,119 |
|
|
$ |
9,528 |
|
|
$ |
9,582 |
|
|
$ |
9,389 |
|
|
$ |
9,361 |
|
Nontaxable |
151 |
|
|
200 |
|
|
225 |
|
|
216 |
|
|
243 |
|
Interest and fees on loans |
62,287 |
|
|
59,495 |
|
|
48,713 |
|
|
46,519 |
|
|
45,257 |
|
Interest on federal funds sold and other
investments |
918 |
|
|
835 |
|
|
634 |
|
|
585 |
|
|
616 |
|
Total Interest
Income |
72,475 |
|
|
70,058 |
|
|
59,154 |
|
|
56,709 |
|
|
55,477 |
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
3,873 |
|
|
3,140 |
|
|
2,097 |
|
|
1,988 |
|
|
1,538 |
|
Interest on time certificates |
4,959 |
|
|
3,901 |
|
|
2,975 |
|
|
2,629 |
|
|
2,179 |
|
Interest on borrowed money |
2,869 |
|
|
3,033 |
|
|
2,520 |
|
|
1,885 |
|
|
1,998 |
|
Total Interest
Expense |
11,701 |
|
|
10,074 |
|
|
7,592 |
|
|
6,502 |
|
|
5,715 |
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income |
60,774 |
|
|
59,984 |
|
|
51,562 |
|
|
50,207 |
|
|
49,762 |
|
Provision for loan losses |
1,397 |
|
|
2,342 |
|
|
5,774 |
|
|
2,529 |
|
|
1,085 |
|
Net Interest Income After
Provision for Loan Losses |
59,377 |
|
|
57,642 |
|
|
45,788 |
|
|
47,678 |
|
|
48,677 |
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
2,697 |
|
|
3,019 |
|
|
2,833 |
|
|
2,674 |
|
|
2,672 |
|
Trust fees |
1,017 |
|
|
1,040 |
|
|
1,083 |
|
|
1,039 |
|
|
1,021 |
|
Mortgage banking fees |
1,115 |
|
|
809 |
|
|
1,135 |
|
|
1,336 |
|
|
1,402 |
|
Brokerage commissions and fees |
436 |
|
|
468 |
|
|
444 |
|
|
461 |
|
|
359 |
|
Marine finance fees |
362 |
|
|
185 |
|
|
194 |
|
|
446 |
|
|
573 |
|
Interchange income |
3,401 |
|
|
3,198 |
|
|
3,119 |
|
|
3,076 |
|
|
2,942 |
|
BOLI income |
915 |
|
|
1,091 |
|
|
1,078 |
|
|
1,066 |
|
|
1,056 |
|
SBA gains |
636 |
|
|
519 |
|
|
473 |
|
|
748 |
|
|
734 |
|
Other |
2,266 |
|
|
2,810 |
|
|
1,980 |
|
|
1,923 |
|
|
1,639 |
|
|
12,845 |
|
|
13,139 |
|
|
12,339 |
|
|
12,769 |
|
|
12,398 |
|
Securities losses, net |
(9 |
) |
|
(425 |
) |
|
(48 |
) |
|
(48 |
) |
|
(102 |
) |
Total Noninterest
Income |
12,836 |
|
|
12,714 |
|
|
12,291 |
|
|
12,721 |
|
|
12,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
Salaries and wages |
18,506 |
|
|
22,172 |
|
|
17,129 |
|
|
16,429 |
|
|
15,381 |
|
Employee benefits |
4,206 |
|
|
3,625 |
|
|
3,205 |
|
|
3,034 |
|
|
3,081 |
|
Outsourced data processing costs |
3,845 |
|
|
5,809 |
|
|
3,493 |
|
|
3,393 |
|
|
3,679 |
|
Telephone / data lines |
811 |
|
|
602 |
|
|
624 |
|
|
643 |
|
|
612 |
|
Occupancy |
3,807 |
|
|
3,747 |
|
|
3,214 |
|
|
3,316 |
|
|
3,117 |
|
Furniture and equipment |
1,757 |
|
|
2,452 |
|
|
1,367 |
|
|
1,468 |
|
|
1,457 |
|
Marketing |
1,132 |
|
|
1,350 |
|
|
1,139 |
|
|
1,344 |
|
|
1,252 |
|
Legal and professional fees |
2,847 |
|
|
3,668 |
|
|
2,019 |
|
|
2,301 |
|
|
1,973 |
|
FDIC assessments |
488 |
|
|
571 |
|
|
431 |
|
|
595 |
|
|
598 |
|
Amortization of intangibles |
1,458 |
|
|
1,303 |
|
|
1,004 |
|
|
1,004 |
|
|
989 |
|
Foreclosed property expense and net (gain)/loss
on sale |
(40 |
) |
|
— |
|
|
(136 |
) |
|
405 |
|
|
192 |
|
Other |
4,282 |
|
|
4,165 |
|
|
3,910 |
|
|
4,314 |
|
|
4,833 |
|
Total Noninterest
Expense |
43,099 |
|
|
49,464 |
|
|
37,399 |
|
|
38,246 |
|
|
37,164 |
|
|
|
|
|
|
|
|
|
|
|
Income Before Income
Taxes |
29,114 |
|
|
20,892 |
|
|
20,680 |
|
|
22,153 |
|
|
23,809 |
|
Income taxes |
6,409 |
|
|
4,930 |
|
|
4,358 |
|
|
5,189 |
|
|
5,782 |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
22,705 |
|
|
$ |
15,962 |
|
|
$ |
16,322 |
|
|
$ |
16,964 |
|
|
$ |
18,027 |
|
|
|
|
|
|
|
|
|
|
|
Per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income diluted |
$ |
0.44 |
|
|
$ |
0.31 |
|
|
$ |
0.34 |
|
|
$ |
0.35 |
|
|
$ |
0.38 |
|
Net income basic |
0.44 |
|
|
0.32 |
|
|
0.35 |
|
|
0.36 |
|
|
0.38 |
|
Cash dividends declared |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Average diluted shares outstanding |
52,039 |
|
|
51,237 |
|
|
48,029 |
|
|
47,974 |
|
|
47,688 |
|
Average basic shares outstanding |
51,359 |
|
|
50,523 |
|
|
47,205 |
|
|
47,165 |
|
|
46,952 |
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(Unaudited) |
|
|
SEACOAST BANKING CORPORATION OF
FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
(Amounts
in thousands) |
|
2019 |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks |
|
$ |
98,270 |
|
|
$ |
92,242 |
|
|
$ |
101,920 |
|
|
$ |
123,927 |
|
|
$ |
129,065 |
|
Interest bearing deposits with
other banks |
|
105,741 |
|
|
23,709 |
|
|
3,174 |
|
|
7,594 |
|
|
6,794 |
|
Total Cash and Cash
Equivalents |
|
204,011 |
|
|
115,951 |
|
|
105,094 |
|
|
131,521 |
|
|
135,859 |
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits with other banks |
|
8,174 |
|
|
8,243 |
|
|
9,813 |
|
|
10,562 |
|
|
12,553 |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Securities: |
|
|
|
|
|
|
|
|
|
|
Available for sale (at fair
value) |
|
877,549 |
|
|
865,831 |
|
|
923,206 |
|
|
954,906 |
|
|
982,958 |
|
Held to maturity (at amortized
cost) |
|
295,485 |
|
|
357,949 |
|
|
367,387 |
|
|
382,137 |
|
|
400,647 |
|
Total Debt
Securities |
|
1,173,034 |
|
|
1,223,780 |
|
|
1,290,593 |
|
|
1,337,043 |
|
|
1,383,605 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale |
|
13,900 |
|
|
11,873 |
|
|
16,172 |
|
|
14,707 |
|
|
20,887 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
4,828,441 |
|
|
4,825,214 |
|
|
4,059,323 |
|
|
3,974,016 |
|
|
3,897,125 |
|
Less: Allowance for loan
losses |
|
(32,822 |
) |
|
(32,423 |
) |
|
(33,865 |
) |
|
(28,924 |
) |
|
(28,118 |
) |
Net Loans |
|
4,795,619 |
|
|
4,792,791 |
|
|
4,025,458 |
|
|
3,945,092 |
|
|
3,869,007 |
|
|
|
|
|
|
|
|
|
|
|
|
Bank premises and equipment,
net |
|
70,412 |
|
|
71,024 |
|
|
63,531 |
|
|
63,991 |
|
|
64,577 |
|
Other real estate owned |
|
11,921 |
|
|
12,802 |
|
|
4,715 |
|
|
8,417 |
|
|
10,288 |
|
Goodwill |
|
205,260 |
|
|
204,753 |
|
|
148,555 |
|
|
148,555 |
|
|
148,555 |
|
Other intangible assets, net |
|
23,959 |
|
|
25,977 |
|
|
16,508 |
|
|
17,319 |
|
|
18,246 |
|
Bank owned life insurance |
|
124,306 |
|
|
123,394 |
|
|
122,561 |
|
|
121,602 |
|
|
120,654 |
|
Net deferred tax assets |
|
24,647 |
|
|
28,954 |
|
|
25,822 |
|
|
26,021 |
|
|
24,427 |
|
Other assets |
|
128,146 |
|
|
128,117 |
|
|
102,112 |
|
|
97,851 |
|
|
94,443 |
|
Total Assets |
|
$ |
6,783,389 |
|
|
$ |
6,747,659 |
|
|
$ |
5,930,934 |
|
|
$ |
5,922,681 |
|
|
$ |
5,903,101 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
$ |
1,676,009 |
|
|
$ |
1,569,602 |
|
|
$ |
1,488,689 |
|
|
$ |
1,463,652 |
|
|
$ |
1,488,261 |
|
Interest-bearing demand |
|
1,100,477 |
|
|
1,014,032 |
|
|
912,891 |
|
|
976,281 |
|
|
1,015,054 |
|
Savings |
|
508,320 |
|
|
493,807 |
|
|
451,958 |
|
|
444,736 |
|
|
437,878 |
|
Money market |
|
1,192,070 |
|
|
1,173,950 |
|
|
1,036,940 |
|
|
1,023,170 |
|
|
1,035,531 |
|
Other time certificates |
|
539,202 |
|
|
513,312 |
|
|
411,208 |
|
|
413,643 |
|
|
410,108 |
|
Brokered time certificates |
|
367,841 |
|
|
220,594 |
|
|
192,182 |
|
|
228,602 |
|
|
184,405 |
|
Time certificates of more than
$250,000 |
|
221,659 |
|
|
191,943 |
|
|
149,642 |
|
|
147,356 |
|
|
148,306 |
|
Total
Deposits |
|
5,605,578 |
|
|
5,177,240 |
|
|
4,643,510 |
|
|
4,697,440 |
|
|
4,719,543 |
|
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to
repurchase |
|
148,005 |
|
|
214,323 |
|
|
189,035 |
|
|
200,050 |
|
|
173,249 |
|
Federal Home Loan Bank
borrowings |
|
3,000 |
|
|
380,000 |
|
|
261,000 |
|
|
205,000 |
|
|
208,000 |
|
Subordinated debt |
|
70,874 |
|
|
70,804 |
|
|
70,734 |
|
|
70,664 |
|
|
70,591 |
|
Other liabilities |
|
59,508 |
|
|
41,025 |
|
|
33,824 |
|
|
33,364 |
|
|
29,857 |
|
Total
Liabilities |
|
5,886,965 |
|
|
5,883,392 |
|
|
5,198,103 |
|
|
5,206,518 |
|
|
5,201,240 |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
Common stock |
|
5,141 |
|
|
5,136 |
|
|
4,727 |
|
|
4,716 |
|
|
4,698 |
|
Additional paid in capital |
|
780,680 |
|
|
778,501 |
|
|
668,711 |
|
|
665,885 |
|
|
663,727 |
|
Retained earnings |
|
119,779 |
|
|
97,074 |
|
|
81,112 |
|
|
64,790 |
|
|
47,825 |
|
Treasury stock |
|
(4,959 |
) |
|
(3,384 |
) |
|
(2,854 |
) |
|
(2,884 |
) |
|
(2,279 |
) |
|
|
900,641 |
|
|
877,327 |
|
|
751,696 |
|
|
732,507 |
|
|
713,971 |
|
Accumulated other comprehensive
loss, net |
|
(4,217 |
) |
|
(13,060 |
) |
|
(18,865 |
) |
|
(16,344 |
) |
|
(12,110 |
) |
Total Shareholders'
Equity |
|
896,424 |
|
|
864,267 |
|
|
732,831 |
|
|
716,163 |
|
|
701,861 |
|
Total Liabilities &
Shareholders' Equity |
|
$ |
6,783,389 |
|
|
$ |
6,747,659 |
|
|
$ |
5,930,934 |
|
|
$ |
5,922,681 |
|
|
$ |
5,903,101 |
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
51,414 |
|
|
51,361 |
|
|
47,270 |
|
|
47,163 |
|
|
46,983 |
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED QUARTERLY FINANCIAL DATA |
(Unaudited) |
SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts
in thousands) |
1Q'19 |
|
4Q'18 |
|
3Q'18 |
|
2Q'18 |
|
1Q'18 |
|
|
|
|
|
|
|
|
|
|
Credit
Analysis |
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries) - non-acquired loans |
$ |
762 |
|
|
$ |
3,693 |
|
|
$ |
800 |
|
|
$ |
1,715 |
|
|
$ |
117 |
|
Net
charge-offs (recoveries) - acquired loans |
201 |
|
|
56 |
|
|
(3 |
) |
|
(25 |
) |
|
(116 |
) |
Total Net Charge-offs (Recoveries) |
963 |
|
|
3,749 |
|
|
797 |
|
|
1,690 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
TDR
valuation adjustments |
$ |
35 |
|
|
$ |
35 |
|
|
$ |
36 |
|
|
$ |
33 |
|
|
$ |
88 |
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs (recoveries) to average loans - non-acquired loans |
0.06 |
% |
|
0.32 |
% |
|
0.08 |
% |
|
0.17 |
% |
|
0.01 |
% |
Net
charge-offs (recoveries) to average loans - acquired loans |
0.02 |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.01 |
) |
Total Net Charge-offs (Recoveries) to Average
Loans |
0.08 |
|
|
0.32 |
|
|
0.08 |
|
|
0.17 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Provision
for loan losses - non-acquired loans |
$ |
1,709 |
|
|
$ |
2,343 |
|
|
$ |
5,640 |
|
|
$ |
2,591 |
|
|
$ |
1,383 |
|
Provision
for (recapture of) loan losses - acquired loans |
(312 |
) |
|
(1 |
) |
|
134 |
|
|
(62 |
) |
|
(298 |
) |
Total Provision for Loan Losses |
$ |
1,397 |
|
|
$ |
2,342 |
|
|
$ |
5,774 |
|
|
$ |
2,529 |
|
|
$ |
1,085 |
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses - non-acquired loans |
$ |
32,715 |
|
|
$ |
31,803 |
|
|
$ |
33,188 |
|
|
$ |
28,384 |
|
|
$ |
27,541 |
|
Allowance
for loan losses - acquired loans |
107 |
|
|
620 |
|
|
677 |
|
|
540 |
|
|
577 |
|
Total Allowance for Loan Losses |
$ |
32,822 |
|
|
$ |
32,423 |
|
|
$ |
33,865 |
|
|
$ |
28,924 |
|
|
$ |
28,118 |
|
|
|
|
|
|
|
|
|
|
|
Non-acquired loans at end of period |
$ |
3,667,221 |
|
|
$ |
3,588,251 |
|
|
$ |
3,383,571 |
|
|
$ |
3,221,569 |
|
|
$ |
3,063,618 |
|
Purchased
noncredit impaired loans at end of period |
1,147,432 |
|
|
1,222,529 |
|
|
662,701 |
|
|
739,232 |
|
|
819,814 |
|
Purchased
credit impaired loans at end of period |
13,788 |
|
|
14,434 |
|
|
13,051 |
|
|
13,215 |
|
|
13,693 |
|
Total Loans |
$ |
4,828,441 |
|
|
$ |
4,825,214 |
|
|
$ |
4,059,323 |
|
|
$ |
3,974,016 |
|
|
$ |
3,897,125 |
|
|
|
|
|
|
|
|
|
|
|
Non-acquired loans
allowance for loan losses to non-acquired loans at end of
period |
0.89 |
% |
|
0.89 |
% |
|
0.98 |
% |
|
0.88 |
% |
|
0.90 |
% |
Total allowance for
loan losses to total loans at end of period |
0.68 |
|
|
0.67 |
|
|
0.83 |
|
|
0.73 |
|
|
0.72 |
|
Purchase discount on
acquired loans at end of period |
3.80 |
|
|
3.86 |
|
|
2.25 |
|
|
2.31 |
|
|
2.32 |
|
|
|
|
|
|
|
|
|
|
|
End of
Period |
|
|
|
|
|
|
|
|
|
Nonperforming loans - non-acquired |
$ |
15,423 |
|
|
$ |
15,783 |
|
|
$ |
18,998 |
|
|
$ |
19,578 |
|
|
$ |
12,628 |
|
Nonperforming loans - acquired |
6,990 |
|
|
10,693 |
|
|
7,142 |
|
|
6,624 |
|
|
6,711 |
|
Other
real estate owned - non-acquired |
831 |
|
|
386 |
|
|
418 |
|
|
354 |
|
|
2,246 |
|
Other
real estate owned - acquired |
1,725 |
|
|
3,020 |
|
|
1,203 |
|
|
4,969 |
|
|
4,969 |
|
Bank
branches closed included in other real estate owned |
9,365 |
|
|
9,396 |
|
|
3,094 |
|
|
3,094 |
|
|
3,073 |
|
Total Nonperforming Assets |
$ |
34,334 |
|
|
$ |
39,278 |
|
|
$ |
30,855 |
|
|
$ |
34,619 |
|
|
$ |
29,627 |
|
|
|
|
|
|
|
|
|
|
|
Restructured loans (accruing) |
$ |
14,857 |
|
|
$ |
13,346 |
|
|
$ |
13,797 |
|
|
$ |
14,241 |
|
|
$ |
14,777 |
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to loans at end of period - non-acquired |
0.42 |
% |
|
0.44 |
% |
|
0.56 |
% |
|
0.61 |
% |
|
0.41 |
% |
Nonperforming loans to loans at end of period - acquired |
0.60 |
|
|
0.86 |
|
|
1.06 |
|
|
0.88 |
|
|
0.81 |
|
Total Nonperforming Loans to Loans at End of
Period |
0.46 |
|
|
0.55 |
|
|
0.64 |
|
|
0.66 |
|
|
0.50 |
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets - non-acquired |
0.38 |
% |
|
0.38 |
% |
|
0.38 |
% |
|
0.39 |
% |
|
0.30 |
% |
Nonperforming assets to total assets - acquired |
0.13 |
|
|
0.20 |
|
|
0.14 |
|
|
0.19 |
|
|
0.20 |
|
Total Nonperforming Assets to Total Assets |
0.51 |
|
|
0.58 |
|
|
0.52 |
|
|
0.58 |
|
|
0.50 |
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
Loans |
2019 |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
Construction and land
development |
$ |
417,565 |
|
|
$ |
443,568 |
|
|
$ |
376,257 |
|
|
$ |
359,070 |
|
|
$ |
374,244 |
|
Commercial real estate
- owner occupied |
989,234 |
|
|
970,181 |
|
|
829,368 |
|
|
812,306 |
|
|
796,898 |
|
Commercial real estate
- non-owner occupied |
1,173,183 |
|
|
1,161,885 |
|
|
897,331 |
|
|
888,989 |
|
|
848,341 |
|
Residential real
estate |
1,329,166 |
|
|
1,324,377 |
|
|
1,152,640 |
|
|
1,103,946 |
|
|
1,065,152 |
|
Consumer |
206,414 |
|
|
202,881 |
|
|
192,772 |
|
|
190,835 |
|
|
195,788 |
|
Commercial and
financial |
712,879 |
|
|
722,322 |
|
|
610,955 |
|
|
618,870 |
|
|
616,702 |
|
Total Loans |
$ |
4,828,441 |
|
|
$ |
4,825,214 |
|
|
$ |
4,059,323 |
|
|
$ |
3,974,016 |
|
|
$ |
3,897,125 |
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND
RATES 1 |
(Unaudited) |
|
|
|
|
|
|
SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q'19 |
|
4Q'18 |
|
1Q'18 |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
(Amounts
in thousands) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
1,186,374 |
|
|
$ |
9,119 |
|
|
3.07 |
% |
|
$ |
1,227,648 |
|
|
$ |
9,528 |
|
|
3.10 |
% |
|
$ |
1,361,277 |
|
|
$ |
9,361 |
|
|
2.75 |
% |
Nontaxable |
26,561 |
|
|
190 |
|
|
2.86 |
|
|
29,255 |
|
|
252 |
|
|
3.45 |
|
|
32,640 |
|
|
307 |
|
|
3.76 |
|
Total Securities |
1,212,935 |
|
|
9,309 |
|
|
3.07 |
|
|
1,256,903 |
|
|
9,780 |
|
|
3.11 |
|
|
1,393,917 |
|
|
9,668 |
|
|
2.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
funds sold and other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
investments |
91,136 |
|
|
918 |
|
|
4.09 |
|
|
87,146 |
|
|
835 |
|
|
3.80 |
|
|
56,173 |
|
|
616 |
|
|
4.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans,
net |
4,839,046 |
|
|
62,335 |
|
|
5.22 |
|
|
4,611,691 |
|
|
59,559 |
|
|
5.12 |
|
|
3,872,369 |
|
|
45,284 |
|
|
4.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
6,143,117 |
|
|
72,562 |
|
|
4.79 |
|
|
5,955,740 |
|
|
70,174 |
|
|
4.67 |
|
|
5,322,459 |
|
|
55,568 |
|
|
4.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses |
(32,966 |
) |
|
|
|
|
|
(33,864 |
) |
|
|
|
|
|
(27,469 |
) |
|
|
|
|
Cash and
due from banks |
99,940 |
|
|
|
|
|
|
124,299 |
|
|
|
|
|
|
113,899 |
|
|
|
|
|
Premises
and equipment |
70,938 |
|
|
|
|
|
|
75,120 |
|
|
|
|
|
|
65,932 |
|
|
|
|
|
Intangible assets |
230,066 |
|
|
|
|
|
|
213,713 |
|
|
|
|
|
|
167,136 |
|
|
|
|
|
Bank
owned life insurance |
123,708 |
|
|
|
|
|
|
132,495 |
|
|
|
|
|
|
122,268 |
|
|
|
|
|
Other
assets |
136,175 |
|
|
|
|
|
|
122,367 |
|
|
|
|
|
|
87,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
6,770,978 |
|
|
|
|
|
|
$ |
6,589,870 |
|
|
|
|
|
|
$ |
5,851,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
1,029,726 |
|
|
$ |
839 |
|
|
0.33 |
% |
|
$ |
974,711 |
|
|
$ |
515 |
|
|
0.21 |
% |
|
$ |
1,001,672 |
|
|
$ |
450 |
|
|
0.18 |
% |
Savings |
500,347 |
|
|
477 |
|
|
0.39 |
|
|
509,434 |
|
|
418 |
|
|
0.33 |
|
|
435,433 |
|
|
104 |
|
|
0.10 |
|
Money
market |
1,158,939 |
|
|
2,557 |
|
|
0.89 |
|
|
1,161,599 |
|
|
2,207 |
|
|
0.75 |
|
|
976,498 |
|
|
984 |
|
|
0.41 |
|
Time
deposits |
1,042,346 |
|
|
4,959 |
|
|
1.93 |
|
|
899,153 |
|
|
3,901 |
|
|
1.72 |
|
|
776,807 |
|
|
2,179 |
|
|
1.14 |
|
Federal
funds purchased and securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
sold
under agreements to repurchase |
185,032 |
|
|
550 |
|
|
1.21 |
|
|
242,963 |
|
|
732 |
|
|
1.20 |
|
|
175,982 |
|
|
274 |
|
|
0.63 |
|
Federal
Home Loan Bank borrowings |
227,378 |
|
|
1,421 |
|
|
2.53 |
|
|
240,799 |
|
|
1,468 |
|
|
2.42 |
|
|
276,389 |
|
|
1,030 |
|
|
1.51 |
|
Other
borrowings |
70,836 |
|
|
898 |
|
|
5.14 |
|
|
70,764 |
|
|
833 |
|
|
4.67 |
|
|
70,550 |
|
|
694 |
|
|
3.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities |
4,214,604 |
|
|
11,701 |
|
|
1.13 |
|
|
4,099,423 |
|
|
10,074 |
|
|
0.97 |
|
|
3,713,331 |
|
|
5,715 |
|
|
0.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
1,612,548 |
|
|
|
|
|
|
1,628,842 |
|
|
|
|
|
|
1,413,967 |
|
|
|
|
|
Other
liabilities |
64,262 |
|
|
|
|
|
|
33,846 |
|
|
|
|
|
|
29,150 |
|
|
|
|
|
Total Liabilities |
5,891,414 |
|
|
|
|
|
|
5,762,111 |
|
|
|
|
|
|
5,156,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
879,564 |
|
|
|
|
|
|
827,759 |
|
|
|
|
|
|
695,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity |
$ |
6,770,978 |
|
|
|
|
|
|
$ |
6,589,870 |
|
|
|
|
|
|
$ |
5,851,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of deposits |
|
|
|
|
0.67 |
% |
|
|
|
|
|
0.54 |
% |
|
|
|
|
|
0.33 |
% |
Interest expense as a %
of earning assets |
|
|
|
|
0.77 |
% |
|
|
|
|
|
0.67 |
% |
|
|
|
|
|
0.44 |
% |
Net interest income as
a % of earning assets |
|
|
$ |
60,861 |
|
|
4.02 |
% |
|
|
|
$ |
60,100 |
|
|
4.00 |
% |
|
|
|
$ |
49,853 |
|
|
3.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
March
31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
(Amounts in thousands) |
|
2019 |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
Customer Relationship Funding |
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
1,298,468 |
|
|
$ |
1,217,842 |
|
|
$ |
1,182,018 |
|
|
$ |
1,154,225 |
|
|
$ |
1,163,119 |
|
Retail |
|
275,383 |
|
|
259,318 |
|
|
233,472 |
|
|
236,838 |
|
|
252,055 |
|
Public funds |
|
73,640 |
|
|
68,324 |
|
|
42,474 |
|
|
44,182 |
|
|
49,014 |
|
Other |
|
28,518 |
|
|
24,118 |
|
|
30,725 |
|
|
28,407 |
|
|
24,073 |
|
Total Noninterest
Demand |
|
1,676,009 |
|
|
1,569,602 |
|
|
1,488,689 |
|
|
1,463,652 |
|
|
1,488,261 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
289,544 |
|
|
211,879 |
|
|
167,865 |
|
|
181,646 |
|
|
164,359 |
|
Retail |
|
646,522 |
|
|
650,490 |
|
|
655,429 |
|
|
681,615 |
|
|
700,262 |
|
Public funds |
|
164,411 |
|
|
151,663 |
|
|
89,597 |
|
|
113,020 |
|
|
150,433 |
|
Total Interest-Bearing
Demand |
|
1,100,477 |
|
|
1,014,032 |
|
|
912,891 |
|
|
976,281 |
|
|
1,015,054 |
|
|
|
|
|
|
|
|
|
|
|
|
Total transaction accounts |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
1,588,012 |
|
|
1,429,721 |
|
|
1,349,883 |
|
|
1,335,871 |
|
|
1,327,478 |
|
Retail |
|
921,905 |
|
|
909,808 |
|
|
888,901 |
|
|
918,453 |
|
|
952,317 |
|
Public funds |
|
238,051 |
|
|
219,987 |
|
|
132,071 |
|
|
157,202 |
|
|
199,447 |
|
Other |
|
28,518 |
|
|
24,118 |
|
|
30,725 |
|
|
28,407 |
|
|
24,073 |
|
Total Transaction
Accounts |
|
2,776,486 |
|
|
2,583,634 |
|
|
2,401,580 |
|
|
2,439,933 |
|
|
2,503,315 |
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
508,320 |
|
|
493,807 |
|
|
451,958 |
|
|
444,736 |
|
|
437,878 |
|
|
|
|
|
|
|
|
|
|
|
|
Money market |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
500,649 |
|
|
459,380 |
|
|
423,304 |
|
|
408,005 |
|
|
410,527 |
|
Retail |
|
602,378 |
|
|
607,837 |
|
|
524,415 |
|
|
522,783 |
|
|
522,882 |
|
Public funds |
|
89,043 |
|
|
106,733 |
|
|
89,221 |
|
|
92,382 |
|
|
102,122 |
|
Total Money
Market |
|
1,192,070 |
|
|
1,173,950 |
|
|
1,036,940 |
|
|
1,023,170 |
|
|
1,035,531 |
|
|
|
|
|
|
|
|
|
|
|
|
Brokered time certificates |
|
367,841 |
|
|
220,594 |
|
|
192,182 |
|
|
228,602 |
|
|
184,405 |
|
Other time certificates |
|
760,861 |
|
|
705,255 |
|
|
560,850 |
|
|
560,999 |
|
|
558,414 |
|
|
|
1,128,702 |
|
|
925,849 |
|
|
753,032 |
|
|
789,601 |
|
|
742,819 |
|
Total
Deposits |
|
$ |
5,605,578 |
|
|
$ |
5,177,240 |
|
|
$ |
4,643,510 |
|
|
$ |
4,697,440 |
|
|
$ |
4,719,543 |
|
|
|
|
|
|
|
|
|
|
|
|
Customer sweep accounts |
|
$ |
148,005 |
|
|
$ |
214,323 |
|
|
$ |
189,035 |
|
|
$ |
200,050 |
|
|
$ |
173,249 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
(Amounts
in thousands, except per share data) |
1Q'19 |
|
4Q'18 |
|
3Q'18 |
|
2Q'18 |
|
1Q'18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income |
$ |
22,705 |
|
|
$ |
15,962 |
|
|
$ |
16,322 |
|
|
$ |
16,964 |
|
|
$ |
18,027 |
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
income |
12,836 |
|
|
12,714 |
|
|
12,291 |
|
|
12,721 |
|
|
12,296 |
|
Securities losses,
net |
9 |
|
|
425 |
|
|
48 |
|
|
48 |
|
|
102 |
|
BOLI benefits on death
(included in other income) |
— |
|
|
(280 |
) |
|
— |
|
|
— |
|
|
— |
|
Total
Adjustments to Noninterest Income |
9 |
|
|
145 |
|
|
48 |
|
|
48 |
|
|
102 |
|
Total Adjusted Noninterest Income |
12,845 |
|
|
12,859 |
|
|
12,339 |
|
|
12,769 |
|
|
12,398 |
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense |
43,099 |
|
|
49,464 |
|
|
37,399 |
|
|
38,246 |
|
|
37,164 |
|
Merger related
charges |
(335 |
) |
|
(8,034 |
) |
|
(482 |
) |
|
(695 |
) |
|
(470 |
) |
Amortization of
intangibles |
(1,458 |
) |
|
(1,303 |
) |
|
(1,004 |
) |
|
(1,004 |
) |
|
(989 |
) |
Branch reductions and
other expense initiatives |
(208 |
) |
|
(587 |
) |
|
— |
|
|
— |
|
|
— |
|
Total
Adjustments to Noninterest Expense |
(2,001 |
) |
|
(9,924 |
) |
|
(1,486 |
) |
|
(1,699 |
) |
|
(1,459 |
) |
Total Adjusted Noninterest Expense |
41,098 |
|
|
39,540 |
|
|
35,913 |
|
|
36,547 |
|
|
35,705 |
|
|
|
|
|
|
|
|
|
|
|
Income Taxes |
6,409 |
|
|
4,930 |
|
|
4,358 |
|
|
5,189 |
|
|
5,782 |
|
Tax effect of
adjustments |
510 |
|
|
2,623 |
|
|
230 |
|
|
443 |
|
|
538 |
|
Taxes and tax penalties
on acquisition-related BOLI redemption |
— |
|
|
(485 |
) |
|
— |
|
|
— |
|
|
— |
|
Effect of change in
corporate tax rate |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(248 |
) |
Total
Adjustments to Income Taxes |
510 |
|
|
2,138 |
|
|
230 |
|
|
443 |
|
|
290 |
|
Adjusted Income Taxes |
6,919 |
|
|
7,068 |
|
|
4,588 |
|
|
5,632 |
|
|
6,072 |
|
Adjusted Net Income |
$ |
24,205 |
|
|
$ |
23,893 |
|
|
$ |
17,626 |
|
|
$ |
18,268 |
|
|
$ |
19,298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per diluted
share, as reported |
$ |
0.44 |
|
|
$ |
0.31 |
|
|
$ |
0.34 |
|
|
$ |
0.35 |
|
|
$ |
0.38 |
|
Adjusted
Earnings per Diluted Share |
0.47 |
|
|
0.47 |
|
|
0.37 |
|
|
0.38 |
|
|
0.40 |
|
Average diluted shares
outstanding |
52,039 |
|
|
51,237 |
|
|
48,029 |
|
|
47,974 |
|
|
47,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Noninterest
Expense |
$ |
41,098 |
|
|
$ |
39,540 |
|
|
$ |
35,913 |
|
|
$ |
36,547 |
|
|
$ |
35,705 |
|
Foreclosed property
expense and net gain/(loss) on sale |
40 |
|
|
— |
|
|
137 |
|
|
(405 |
) |
|
(192 |
) |
Net Adjusted Noninterest Expense |
$ |
41,138 |
|
|
$ |
39,540 |
|
|
$ |
36,050 |
|
|
$ |
36,142 |
|
|
$ |
35,513 |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
73,610 |
|
|
$ |
72,698 |
|
|
$ |
63,853 |
|
|
$ |
62,928 |
|
|
$ |
62,058 |
|
Total Adjustments to
Revenue |
9 |
|
|
145 |
|
|
48 |
|
|
48 |
|
|
102 |
|
Impact of FTE
adjustment |
87 |
|
|
116 |
|
|
147 |
|
|
87 |
|
|
91 |
|
Adjusted Revenue on a fully taxable equivalent
basis |
$ |
73,706 |
|
|
$ |
72,959 |
|
|
$ |
64,048 |
|
|
$ |
63,063 |
|
|
$ |
62,251 |
|
Adjusted Efficiency
Ratio |
55.81 |
% |
|
54.19 |
% |
|
56.29 |
% |
|
57.31 |
% |
|
57.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Assets |
$ |
6,770,978 |
|
|
$ |
6,589,870 |
|
|
$ |
5,903,327 |
|
|
$ |
5,878,035 |
|
|
$ |
5,851,688 |
|
Less average goodwill
and intangible assets |
(230,066 |
) |
|
(213,713 |
) |
|
(165,534 |
) |
|
(166,393 |
) |
|
(167,136 |
) |
Average Tangible Assets |
$ |
6,540,912 |
|
|
$ |
6,376,157 |
|
|
$ |
5,737,793 |
|
|
$ |
5,711,642 |
|
|
$ |
5,684,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average
Assets (ROA) |
1.36 |
% |
|
0.96 |
% |
|
1.10 |
% |
|
1.16 |
% |
|
1.25 |
% |
Impact of removing
average intangible assets and related amortization |
0.12 |
|
|
0.09 |
|
|
0.08 |
|
|
0.08 |
|
|
0.09 |
|
Return on Average Tangible Assets (ROTA) |
1.48 |
|
|
1.05 |
|
|
1.18 |
|
|
1.24 |
|
|
1.34 |
|
Impact of other
adjustments for Adjusted Net Income |
0.02 |
|
|
0.44 |
|
|
0.04 |
|
|
0.04 |
|
|
0.04 |
|
Adjusted Return on Average Tangible Assets |
1.50 |
|
|
1.49 |
|
|
1.22 |
|
|
1.28 |
|
|
1.38 |
|
|
|
|
|
|
|
|
|
|
|
Average Shareholders' Equity |
$ |
879,564 |
|
|
$ |
827,759 |
|
|
$ |
728,290 |
|
|
$ |
709,674 |
|
|
$ |
695,240 |
|
Less average goodwill
and intangible assets |
(230,066 |
) |
|
(213,713 |
) |
|
(165,534 |
) |
|
(166,393 |
) |
|
(167,136 |
) |
Average Tangible Equity |
$ |
649,498 |
|
$ |
614,046 |
|
|
$ |
562,756 |
|
|
$ |
543,281 |
|
|
$ |
528,104 |
|
|
|
|
|
|
|
|
|
|
|
Return on Average
Shareholders' Equity |
10.47 |
% |
|
7.65 |
% |
|
8.89 |
% |
|
|
9.59 |
% |
|
|
10.52 |
% |
Impact of removing
average intangible assets and related amortization |
4.39 |
|
|
3.29 |
|
|
3.15 |
|
|
3.49 |
|
|
3.89 |
|
Return on Average Tangible Common Equity
(ROTCE) |
14.86 |
|
|
10.94 |
|
|
12.04 |
|
|
13.08 |
|
|
14.41 |
|
Impact of other
adjustments for Adjusted Net Income |
0.25 |
|
|
4.50 |
|
|
0.39 |
|
|
0.41 |
|
|
0.41 |
|
Adjusted Return on Average Tangible Common
Equity |
15.11 |
|
|
15.44 |
|
|
12.43 |
|
|
13.49 |
|
|
14.82 |
|
|
|
|
|
|
|
|
|
|
|
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