Seacoast Banking Corporation of Florida (“Seacoast” or the
"Company”) (NASDAQ: SBCF) today reported third quarter 2019 net
income of $25.6 million, or $0.49 per diluted share, up 57% or $9.3
million year-over-year. Seacoast reported third quarter 2019
adjusted net income1 of $27.7 million, or $0.53 per diluted share,
an increase of 57% or $10.1 million compared to the third quarter
of 2018.
For the third quarter of 2019, return on average
tangible assets was 1.61%, return on average tangible shareholders’
equity was 14.7%, and the efficiency ratio was 48.6%, compared to
1.50%, 14.3% and 53.5%, respectively, in the prior quarter and
1.18%, 12.0%, and 57.0%, respectively, in the third quarter of
2018. Adjusted return on average tangible assets1 was 1.67%,
adjusted return on average tangible shareholders’ equity1 was
15.3%, and the adjusted efficiency ratio1 was 49.0%, compared to
1.59%, 15.2%, and 51.4%, respectively, in the prior quarter, and
1.22%, 12.4%, and 56.3%, respectively, in the third quarter of
2018.
Dennis S. Hudson, III, Seacoast’s Chairman and
CEO, said, "During the third quarter, Seacoast reported a
record $25.6 million in net income. Both our mortgage and
commercial banking units showed continued momentum in the quarter,
with robust loan originations generating disciplined growth in loan
outstandings and a new record in mortgage banking fees. We are
generating this growth and improving our operating leverage, all
while delivering a highly disciplined credit portfolio."
Charles M. Shaffer, Seacoast’s Chief Operating
Officer and Chief Financial Officer, said, “We continue to steadily
build shareholder value through consistent growth in our tangible
book value per share, ending the period at $14.30, an increase of
19% compared to one year prior. Year to date, we have generated 11%
operating leverage, with adjusted revenues1 increasing 18%, and
adjusted noninterest expense1 increasing 7%, in spite of a
more challenging interest rate environment. Despite two reductions
in the Federal Reserve overnight rate and a declining 10-year
treasury rate, our net interest margin, excluding the discount on
purchased loans, decreased only 3 basis points, a testament to the
high quality balance sheet we continue to cultivate. This balance
sheet is fortified with a robust capital base, strong asset
quality, and a prudent liquidity position. We ended the quarter
with a tangible common equity ratio of 11.1% supporting our ability
to deploy capital for organic growth and opportunistic
acquisitions. As the banking and economic cycle continues to
mature, Seacoast is committed to maintaining its fortress balance
sheet, built around strong capital and strict credit
underwriting.”
1Non-GAAP measure, see “Explanation of Certain
Unaudited Non-GAAP Financial Measures" for more information and for
a reconciliation to GAAP.
Third Quarter 2019 Financial
Highlights
Income Statement
- Net income was
$25.6 million, or $0.49 per diluted share, compared to $23.3
million, or $0.45, for the prior quarter and $16.3 million, or
$0.34, for the third quarter of 2018. For the nine months ended
September 30, 2019, net income was $71.6 million, or $1.38 per
diluted share, compared to $51.3 million, or $1.07, for the nine
months ended September 30, 2018. Adjusted net income1 was
$27.7 million, or $0.53 per diluted share, compared to $25.8
million, or $0.50, for the prior quarter and $17.6 million, or
$0.37, for the third quarter of 2018. For the nine months ended
September 30, 2019, adjusted net income1 was $77.8 million, or
$1.50 per diluted share, compared to $55.2 million, or $1.15, for
the nine months ended September 30, 2018.
- Net revenues were
$74.9 million, an increase of $1.2 million, or 2%, compared to the
prior quarter, and an increase of $11.0 million, or 17%, compared
to the third quarter of 2018. For the nine months ended
September 30, 2019, net revenues were $222.2 million, an
increase of $33.4 million, or 18%, compared to the nine months
ended September 30, 2018. Adjusted revenues1 were $74.8
million, an increase of $0.6 million, or 1%, from the prior quarter
and an increase of $10.9 million, or 17%, from the third quarter of
2018. For the nine months ended September 30, 2019, adjusted
revenues1 were $222.6 million, an increase of $33.5 million, or
18%, compared to the nine months ended September 30,
2018.
- Net interest
income totaled $60.9 million, an increase of $0.8 million,
or 1%, from the prior quarter and an increase of $9.4 million, or
18%, from the third quarter of 2018. For the nine months ended
September 30, 2019, net interest income was $181.9 million, an
increase of $30.3 million, or 20%, compared to the nine months
ended September 30, 2018.
- Net interest
margin was 3.89% in the third quarter of 2019, 3.94% in
the second quarter of 2019 and 3.82% in the third quarter of 2018.
Quarter-over-quarter, the yield on loans contracted 10 basis
points, the yield on securities contracted 4 basis points, and the
cost of deposits decreased 3 basis points. The impact on net
interest margin from accretion of purchase discounts on acquired
loans was 25 basis points in the third quarter of 2019, compared to
27 basis points in the prior quarter and 18 basis points in the
third quarter of 2018. The Federal Reserve reduced the overnight
rate twice by 25 basis points during the third quarter and the
10-year treasury rate fell by approximately 30 basis points,
resulting in lower new earning asset yields and further declines in
our variable rate earning asset portfolios. This was partially
offset by our success in lowering the cost of funding, the result
of our focus on maintaining deposit pricing discipline.
- Noninterest income
totaled $13.9 million, an increase of $0.4 million, or 3%, compared
to the prior quarter and an increase of $1.7 million, or 13%, from
the third quarter of 2018. For the nine months ended
September 30, 2019, noninterest income was $40.4 million, an
increase of $3.0 million, or 8%, compared to the nine months ended
September 30, 2018. Changes in noninterest income from the
second quarter of 2019 consisted of the following:
- Mortgage banking fees increased by $0.4 million, reflecting the
combination of increased refinance activity due to lower long term
rates and a greater focus on generating saleable volume.
- Interchange income decreased by $0.2 million, reflecting lower
customer activity as a result of Hurricane Dorian.
- Other noninterest income includes a $1.0 million BOLI death
benefit.
- During the quarter, $49.6 million of securities were sold with
an average yield of 1.85%, resulting in a loss of $0.9 million.
These funds were reinvested at an average yield of 2.65%.
- The provision for loan
losses was $2.3 million compared to $2.6 million in the
prior quarter and $5.8 million in the third quarter of 2018.
- Noninterest
expense was $38.6 million, a decrease of $2.4 million, or
6%, compared to the prior quarter, the result of our proven success
at disciplined cost control, and an increase of $1.2 million, or
3%, from the third quarter of 2018. For the nine months ended
September 30, 2019, noninterest expense was $122.7 million, an
increase of $9.9 million, or 9%, compared to the nine months ended
September 30, 2018. Changes from the second quarter of 2019 in
noninterest expense consisted of the following:
- Salaries and wages decreased by $0.8 million. The second
quarter's results included $1.1 million of one-time severance costs
associated with the previously announced expense reduction
initiative. Offsetting in the current quarter were additional
incentives aligned with driving continued earnings growth.
- Our continued proactive focus on efficiency and streamlining
operations resulted in an additional $1.4 million in operating
expense reductions from several expense categories, including $0.4
million in occupancy, $0.4 million in legal and professional fees,
$0.3 million in telephone and data lines and $0.3 million in
marketing.
- During the third quarter, the FDIC announced the achievement of
their target deposit insurance reserve ratio, resulting in our
ability to apply previously awarded credits to our deposit
insurance assessment. This resulted in $0.3 million in lower FDIC
assessment expense for the quarter. The Company has remaining
credits of $1.2 million, which will be applied to future
assessments if the FDIC’s reserve ratio remains above the target
threshold.
- In late August, communities across our footprint prepared for
the potential landfall of Hurricane Dorian. To ensure the safety of
our associates and customers and to maintain uninterrupted digital
and telephone access for our customers, we executed on our business
continuity plans, transitioned operational activities to our backup
facility, and closed our branches and corporate offices for one
business day. Florida was ultimately spared a direct hit and
our expenses, which were limited to preparing physical locations
and to standing up the offsite operations hub, totaled $0.1
million.
- Seacoast recorded $8.5 million in
income tax expense in the third quarter of 2019,
compared to $6.9 million in the prior quarter and $4.4 million in
the third quarter of 2018. In September 2019, the State of Florida
announced a reduction in the corporate income tax rate from 5.5% to
4.458% for the years 2019, 2020 and 2021. This change resulted in
additional income tax expense of $1.1 million upon the write down
of deferred tax assets affected by the change, offset by a $0.4
million benefit upon adjusting the year-to-date provision to the
new statutory tax rate. Tax benefits related to stock-based
compensation were negligible in the third quarter of 2019, compared
to $0.1 million in the prior quarter and $0.4 million in the third
quarter of 2018.
- Year to date adjusted
revenues1 increased 18% compared to prior year while
adjusted noninterest expense1 increased 7%,
generating 11% operating leverage.
- The efficiency
ratio was 48.6% compared to 53.5% in the prior quarter and
57.0% in the third quarter of 2018. The adjusted efficiency ratio1
was 49.0% compared to 51.4% in the prior quarter and 56.3% in the
third quarter of 2018. The reduction in both ratios was the outcome
of our continued focus on streamlining operations, in combination
with driving top-line revenue growth.
Balance Sheet
- At September 30, 2019, the
Company had total assets of $6.9 billion and total
shareholders' equity of $962.7 million. Book value per share was
$18.70 and tangible book value per share was $14.30, compared to
$18.08 and $13.65, respectively, at June 30, 2019 and $15.50
and $12.01, respectively, at September 30, 2018.
Year-over-year, tangible book value per share increased 19%,
evidencing our commitment to building shareholder value.
- Debt securities
totaled $1.2 billion at September 30, 2019, a decrease of $7.5
million compared to the prior quarter and a decrease of $96.1
million from September 30, 2018. During the quarter, $49.6
million of securities were sold, with an average yield of 1.85%,
resulting in a loss of $0.9 million. Purchases of securities during
the quarter totaled $77.0 million at an average yield of
2.65%.
- Loans totaled $5.0
billion at September 30, 2019, an increase of $98.2 million,
or 2.0%, compared to the prior quarter, and an increase of $927.0
million, or 23%, from September 30, 2018. Changes in total
loans consisted of the following:
- New loan originations of $488 million, compared to $407 million
in the prior quarter, resulted in net loan growth in the quarter of
8% on an annualized basis. Excluding the impact of the First Green
acquisition in October 2018, loan outstandings have grown 7%
year-over-year.
- Commercial originations during the third quarter of 2019 were
$282.2 million, an increase of $125.3 million, or 80%, compared to
the second quarter of 2019 and an increase of $151.2 million, or
115%, compared to the third quarter of 2018. Increases in loan
production reflect the addition of business bankers across the
Company's footprint, solid execution by the legacy banking team,
and higher customer loan demand due to lower long term interest
rates. The third quarter of 2019 results include the opportunistic
purchase of a $52.1 million commercial real estate loan
portfolio.
- Closed residential loans retained in the portfolio for the
third quarter of 2019 were $22.4 million, down 57% from the second
quarter of 2019 and down 72% from the third quarter of 2018. Closed
residential loans sold for the third quarter of 2019 were $80.8
million, up 32% from the second quarter of 2019 and up 45% from the
third quarter of 2018.
- Consumer and small business originations for the third quarter
of 2019 were $103.1 million, a decrease of 24% compared to the
second quarter of 2019 and a decrease of 18% compared to the third
quarter of 2018.
- We continue to manage carefully the Company's exposure to
commercial real estate. Construction and land development and
commercial real estate loans remain well below regulatory guidance
at 42% and 204% of total bank-level risk based capital,
respectively, down from 51% and 205%, respectively, in the second
quarter of 2019. On a consolidated basis, construction and land
development and commercial real estate loans represent 39% and
191%, respectively, of total consolidated risk based capital.
- The funded balances of our top 10 and top 20 relationships
represented 19% and 33%, respectively, of total consolidated risk
based capital, down from 21% and 38% compared to the third quarter
of 2018 and down from 32% and 53% compared to the third quarter of
2016. Our largest committed exposure totals $30 million and our
average commercial loan size is $350,000.
- Pipelines (loans
in underwriting and approval or approved and not yet closed)
increased over the prior quarter, totaling $504.6 million as of
September 30, 2019.
- Commercial pipelines were $359.7 million, an increase of 38%
sequentially and 83% compared to the prior year.
- Retained residential pipelines were $43.4 million,
significantly higher than the prior quarter, the result of a test
launch of a correspondent mortgage banking channel focused on
acquiring mass affluent, affluent and ultra-high net worth Florida
customers.
- Saleable residential pipelines were $35.1 million, a decrease
of 25% sequentially and an increase of 94% compared to the prior
year. The decrease in the saleable pipeline from the prior quarter
reflects slowing refinance activity late in the quarter.
- Consumer and small business pipelines were $66.3 million, an
increase of 1% sequentially and an increase of 11% compared to the
prior year.
- Total deposits
were $5.7 billion as of September 30, 2019, an increase of
$131.9 million, or 2%, sequentially and an increase of $1.0
billion, or 22%, from the prior year.
- Interest-bearing deposits (interest-bearing demand, savings and
money market deposits) increased year-over-year $400.7 million, or
17%, to $2.8 billion, noninterest bearing demand deposits increased
$164.2 million, or 11%, to $1.7 billion, and CDs increased $464.7
million, or 62%, to $1.2 billion.
- Third quarter balances reflect an increase from the prior
quarter of $189.4 million in brokered deposits. We continue to
actively manage our mix of brokered deposits and advances from the
Federal Home Loan Bank to obtain the most advantageous rates.
- Overall cost of deposits decreased to 73 basis points from 76
basis points in the prior quarter, reflecting the impact of the
Federal Reserve's interest rate cuts and our focus on maintaining
deposit pricing discipline.
- Third quarter return on
average tangible assets (ROTA) was 1.61%, compared to
1.50% in the prior quarter and 1.18% in the third quarter of 2018.
Adjusted ROTA1 was 1.67% compared to 1.59% in the prior quarter and
1.22% in the third quarter of 2018.
Capital
- Third quarter return on
average tangible common equity (ROTCE) was 14.7%, compared
to 14.3% in the prior quarter and 12.0% in the third quarter of
2018. Adjusted ROTCE1 was 15.3% compared to 15.2% in the prior
quarter and 12.4% in the third quarter of 2018.
- The tier 1 capital
ratio was 14.9%, total capital ratio was
15.5% and the tier 1 leverage ratio was 12.0% at
September 30, 2019.
- Tangible common equity to
tangible assets was 11.1% at September 30, 2019,
compared to 10.7% at June 30, 2019 and 9.9% at September 30,
2018.
Asset Quality
- Nonperforming loans to
total loans outstanding
was 0.52% at September 30, 2019, 0.47% at June 30, 2019,
and 0.64% at September 30, 2018.
- Nonperforming assets to
total assets was 0.58% at September 30, 2019, 0.50%
at June 30, 2019 and 0.52% at September 30, 2018.
Nonperforming assets increased by $5.8 million to $39.6 million in
the third quarter of 2019, primarily the result of five customer
relationships moving to nonperforming status, all of which are
either fully collateralized or previously written down to
realizable values.
- The ratio
of allowance for loan losses to total loans was 0.67% at
September 30, 2019, 0.69% at June 30, 2019, and 0.83% at
September 30, 2018. The ratio of allowance for loan losses to
non-acquired loans was 0.84% at September 30, 2019, 0.87% at
June 30, 2019, and 0.98% at September 30, 2018.
- Net charge-offs
were $2.1 million or 0.17% of average loans for the third quarter
of 2019 compared to $1.8 million, or 0.15% of average loans in the
prior quarter.
| FINANCIAL
HIGHLIGHTS |
(Unaudited) |
| (Amounts in
thousands except per share data) |
|
|
|
|
|
|
|
|
|
|
Quarterly Trends |
| |
|
|
|
|
|
|
|
|
|
| |
3Q'19 |
|
2Q'19 |
|
1Q'19 |
|
4Q'18 |
|
3Q'18 |
| Selected Balance Sheet
Data: |
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
6,890,645 |
|
|
$ |
6,824,886 |
|
|
$ |
6,783,389 |
|
|
$ |
6,747,659 |
|
|
$ |
5,930,934 |
|
|
Gross Loans |
4,986,289 |
|
|
4,888,139 |
|
|
4,828,441 |
|
|
4,825,214 |
|
|
4,059,323 |
|
|
Total Deposits |
5,673,141 |
|
|
5,541,209 |
|
|
5,605,578 |
|
|
5,177,240 |
|
|
4,643,510 |
|
| |
|
|
|
|
|
|
|
|
|
| Performance Measures: |
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
25,605 |
|
|
$ |
23,253 |
|
|
$ |
22,705 |
|
|
$ |
15,962 |
|
|
$ |
16,322 |
|
|
Net Interest Margin |
3.89 |
% |
|
3.94 |
% |
|
4.02 |
% |
|
4.00 |
% |
|
3.82 |
% |
|
Average Diluted Shares Outstanding |
51,935 |
|
|
51,952 |
|
|
52,039 |
|
|
51,237 |
|
|
48,029 |
|
|
Diluted Earnings Per Share (EPS) |
$ |
0.49 |
|
|
$ |
0.45 |
|
|
$ |
0.44 |
|
|
$ |
0.31 |
|
|
$ |
0.34 |
|
|
Return on (annualized): |
|
|
|
|
|
|
|
|
|
|
Average Assets (ROA) |
1.49 |
% |
|
1.38 |
% |
|
1.36 |
% |
|
0.96 |
% |
|
1.10 |
% |
|
Average Tangible Assets (ROTA) |
1.61 |
|
|
1.50 |
|
|
1.48 |
|
|
1.05 |
|
|
1.18 |
|
|
Average Tangible Common Equity (ROTCE) |
14.73 |
|
|
14.30 |
|
|
14.86 |
|
|
10.94 |
|
|
12.04 |
|
|
Efficiency Ratio |
48.62 |
|
|
53.48 |
|
|
56.55 |
|
|
65.76 |
|
|
57.04 |
|
| |
|
|
|
|
|
|
|
|
|
| Adjusted Operating
Measures1: |
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income |
$ |
27,731 |
|
|
$ |
25,818 |
|
|
$ |
24,205 |
|
|
$ |
23,893 |
|
|
$ |
17,626 |
|
|
Adjusted Diluted EPS |
0.53 |
|
|
0.50 |
|
|
0.47 |
|
|
0.47 |
|
|
0.37 |
|
|
Adjusted ROTA |
1.67 |
% |
|
1.59 |
% |
|
1.50 |
% |
|
1.49 |
% |
|
1.22 |
% |
|
Adjusted ROTCE |
15.30 |
|
|
15.17 |
|
|
15.11 |
|
|
15.44 |
|
|
12.43 |
|
|
Adjusted Efficiency Ratio |
48.96 |
|
|
51.44 |
|
|
55.81 |
|
|
54.19 |
|
|
56.29 |
|
|
Adjusted Noninterest Expenses as a |
|
|
|
|
|
|
|
|
|
|
Percent of Average Tangible Assets |
2.22 |
|
|
2.34 |
|
|
2.55 |
|
|
2.46 |
|
|
2.48 |
|
| |
|
|
|
|
|
|
|
|
|
| Other Data: |
|
|
|
|
|
|
|
|
|
|
Market capitalization2 |
$ |
1,303,010 |
|
|
$ |
1,309,158 |
|
|
$ |
1,354,759 |
|
|
$ |
1,336,415 |
|
|
$ |
1,380,275 |
|
|
Full-time equivalent employees |
867 |
|
|
852 |
|
|
902 |
|
|
902 |
|
|
835 |
|
|
Number of ATMs |
80 |
|
|
81 |
|
|
84 |
|
|
87 |
|
|
86 |
|
|
Full service banking offices |
48 |
|
|
49 |
|
|
50 |
|
|
51 |
|
|
49 |
|
|
Registered online users |
107,241 |
|
|
104,017 |
|
|
102,274 |
|
|
99,415 |
|
|
94,400 |
|
|
Registered mobile devices |
96,384 |
|
|
92,281 |
|
|
87,844 |
|
|
83,151 |
|
|
73,300 |
|
| 1Non-GAAP
measure, see “Explanation of Certain Unaudited Non-GAAP Financial
Measures" for more information and a reconciliation to GAAP |
| 2Common shares
outstanding multiplied by closing bid price on last day of each
period |
| |
Vision 2020
We remain confident in our ability to achieve
our Vision 2020 targets announced in February 2017.
|
|
Vision 2020 Targets |
|
Return on Tangible Assets |
1.30% + |
|
Return on Tangible Common Equity |
16% + |
|
Efficiency Ratio |
Below 50% |
Since announcing our Vision 2020 targets in
February 2017, we have achieved a compounded annual growth rate in
tangible book value per share of 13%, steadily building shareholder
value.
Third Quarter Operating Highlights
Modernizing How We Sell
- During the quarter the Company
achieved record commercial and residential loan originations and
pipelines are strong entering the fourth quarter.
- Late in the quarter, the Company
began testing a correspondent mortgage banking channel focused on
acquiring mass affluent, affluent, and ultra-high net worth Florida
customers. Our objective is to acquire customers using this channel
and expand the value of these high quality relationships using data
driven analytics.
- Seacoast has partnered with a
leading consumer insights firm to capture and analyze feedback from
our customers. Program implementation and launch were completed in
the third quarter, with the objective of identifying additional
customer opportunities.
Lowering Our Cost to Serve
- In the third quarter of 2019,
average deposits per banking center exceeded $118.2 million, up
from $94.8 million during the same period last year.
- Seacoast consolidated one banking
center location in the third quarter of 2019, in addition to the
two locations consolidated earlier this year.
- Seacoast has reduced its physical
footprint by 20% to meet the evolving needs of customers in the
most cost-effective manner. This reduction was achieved ahead of
plan due to successful M&A and the repositioning of the banking
center network in strategic growth markets.
Driving Improvements in How Our Business
Operates
- Earlier this year Seacoast further
enhanced its interactive voice response (IVR) system in its
Florida-based Customer Support Center. The system provides
customers with additional secure, self-serve options
and expedited call routing processes. This investment provides
added scalability and elevates the customer experience.
- Late last year Seacoast launched a
large-scale initiative to implement a fully digital loan
origination platform across all business banking units.
Implementation and launch were completed in the second quarter and
full conversion from the legacy system was completed in the third
quarter. This investment should lead to further gains in
operational efficiency and banker productivity in 2020 and
beyond.
Scaling and Evolving Our
Culture
- Seacoast continues to invest in
business bankers. In the third quarter Seacoast on-boarded three
new bankers, 18 year to date, in order to fully support the strong
markets we serve. Seacoast has a robust pipeline of talent entering
the fourth quarter of 2019 and will continue to opportunistically
add top-tier bankers in the Tampa and South Florida markets.
OTHER INFORMATION
Conference Call
InformationSeacoast will host a conference call on
October 25, 2019 at 10:00 a.m. (Eastern Time) to discuss the
third quarter 2019 earnings results and business trends. Investors
may call in (toll-free) by dialing (888) 517-2513 (passcode: 6648
701; 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 October 25, 2019 by
dialing (888) 843-7419 (domestic) and using passcode: 6648
701#.
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 October 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 $6.9 billion in assets and $5.7 billion
in deposits as of September 30, 2019. The Company provides
integrated financial services including commercial and retail
banking, wealth management, and mortgage services to customers
through advanced banking solutions, and 48 traditional branches of
its locally-branded, wholly-owned subsidiary bank, Seacoast Bank.
Offices stretch from Fort Lauderdale, Boca Raton and West Palm
Beach north through the Daytona Beach area, into Orlando and
Central Florida and the adjacent Tampa market, and west to
Okeechobee and surrounding counties. More information about the
Company is available at www.SeacoastBanking.com.
Cautionary Notice Regarding
Forward-Looking StatementsThis press release contains
"forward-looking statements" within the meaning, and protections,
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, including, without limitation,
statements about future financial and operating results, cost
savings, enhanced revenues, economic and seasonal conditions in our
markets, and improvements to reported earnings that may be realized
from cost controls, tax law changes, new initiatives and for
integration of banks that we have acquired, or expect to acquire,
as well as statements with respect to Seacoast's objectives,
strategic plans, including Vision 2020, expectations and intentions
and other statements that are not historical facts. Actual results
may differ from those set forth in the forward-looking
statements.
Forward-looking statements include statements
with respect to our beliefs, plans, objectives, goals,
expectations, anticipations, assumptions, estimates and intentions
about future performance and involve known and unknown risks,
uncertainties and other factors, which may be beyond our control,
and which may cause the actual results, performance or achievements
of Seacoast to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. You should not expect us to update any
forward-looking statements.
All statements other than statements of
historical fact could be forward-looking statements. You can
identify these forward-looking statements through our use of words
such as "may", "will", "anticipate", "assume", "should", "support",
"indicate", "would", "believe", "contemplate", "expect",
"estimate", "continue", "further", "plan", "point to", "project",
"could", "intend", "target" or other similar words and expressions
of the future. These forward-looking statements may not be realized
due to a variety of factors, including, without limitation: the
effects of future economic and market conditions, including
seasonality; governmental monetary and fiscal policies, including
interest rate policies of the Board of Governors of the Federal
Reserve, as well as legislative, tax and regulatory changes;
changes in accounting policies, rules and practices; the risks of
changes in interest rates on the level and composition of deposits,
loan demand, liquidity and the values of loan collateral,
securities, and interest sensitive assets and liabilities; interest
rate risks, sensitivities and the shape of the yield curve;
uncertainty related to the impact of LIBOR calculations on
securities and loans; changes in borrower credit risks and payment
behaviors; changes in the availability and cost of credit and
capital in the financial markets; changes in the prices, values and
sales volumes of residential and commercial real estate; our
ability to comply with any regulatory requirements; the effects of
problems encountered by other financial institutions that adversely
affect us or the banking industry; our concentration in commercial
real estate loans; the failure of assumptions and estimates, as
well as differences in, and changes to, economic, market and credit
conditions; the impact on the valuation of our investments due to
market volatility or counterparty payment risk; statutory and
regulatory dividend restrictions; increases in regulatory capital
requirements for banking organizations generally; the risks of
mergers, acquisitions and divestitures, including our ability to
continue to identify acquisition targets and successfully acquire
desirable financial institutions; changes in technology or products
that may be more difficult, costly, or less effective than
anticipated; our ability to identify and address increased
cybersecurity risks; inability of our risk management framework to
manage risks associated with our business; dependence on key
suppliers or vendors to obtain equipment or services for our
business on acceptable terms; reduction in or the termination of
our ability to use the mobile-based platform that is critical to
our business growth strategy; the effects of war or other
conflicts, acts of terrorism, natural disasters or other
catastrophic events that may affect general economic conditions;
unexpected outcomes of, and the costs associated with, existing or
new litigation involving us; our ability to maintain adequate
internal controls over financial reporting; potential claims,
damages, penalties, fines and reputational damage resulting from
pending or future litigation, regulatory proceedings and
enforcement actions; the risks that our deferred tax assets could
be reduced if estimates of future taxable income from our
operations and tax planning strategies are less than currently
estimated and sales of our capital stock could trigger a reduction
in the amount of net operating loss carryforwards that we may be
able to utilize for income tax purposes; the effects of competition
from other commercial banks, thrifts, mortgage banking firms,
consumer finance companies, credit unions, securities brokerage
firms, insurance companies, money market and other mutual funds and
other financial institutions operating in our market areas and
elsewhere, including institutions operating regionally, nationally
and internationally, together with such competitors offering
banking products and services by mail, telephone, computer and the
Internet; and the failure of assumptions underlying the
establishment of reserves for possible loan losses.
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
Operating Officerand Chief Financial Officer(772)
221-7003Chuck.Shaffer@seacoastbank.com
| FINANCIAL
HIGHLIGHTS |
(Unaudited) |
|
|
|
|
| SEACOAST BANKING CORPORATION
OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
| |
|
| |
Quarterly
Trends |
|
Nine Months Ended |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Amounts in thousands,
except ratios and per share data) |
3Q'19 |
|
2Q'19 |
|
1Q'19 |
|
4Q'18 |
|
3Q'18 |
|
3Q'19 |
|
3Q'18 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
income |
$ |
25,605 |
|
|
$ |
23,253 |
|
|
$ |
22,705 |
|
|
$ |
15,962 |
|
|
$ |
16,322 |
|
|
$ |
71,563 |
|
|
$ |
51,313 |
|
| Adjusted net income1 |
27,731 |
|
|
25,818 |
|
|
24,205 |
|
|
23,893 |
|
|
17,626 |
|
|
77,754 |
|
|
55,192 |
|
| Net interest income2 |
61,027 |
|
|
60,219 |
|
|
60,861 |
|
|
60,100 |
|
|
51,709 |
|
|
182,107 |
|
|
151,856 |
|
| Net interest margin2,3 |
3.89 |
% |
|
3.94 |
% |
|
4.02 |
% |
|
4.00 |
% |
|
3.82 |
% |
|
3.95 |
% |
|
3.79 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Performance Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average assets-GAAP basis3 |
1.49 |
% |
|
1.38 |
% |
|
1.36 |
% |
|
0.96 |
% |
|
1.10 |
% |
|
1.41 |
% |
|
1.17 |
% |
| Return on average tangible assets-GAAP basis3,4 |
1.61 |
|
|
1.50 |
|
|
1.48 |
|
|
1.05 |
|
|
1.18 |
|
|
1.53 |
|
|
1.25 |
|
| Adjusted return on average tangible assets1,3,4 |
1.67 |
|
|
1.59 |
|
|
1.50 |
|
|
1.49 |
|
|
1.22 |
|
|
1.59 |
|
|
1.29 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average shareholders' equity-GAAP basis3 |
10.73 |
|
|
10.23 |
|
|
10.47 |
|
|
7.65 |
|
|
8.89 |
|
|
10.48 |
|
|
9.65 |
|
| Return on average tangible common equity-GAAP basis3,4 |
14.73 |
|
|
14.30 |
|
|
14.86 |
|
|
10.94 |
|
|
12.04 |
|
|
14.63 |
|
|
13.14 |
|
| Adjusted return on average tangible common equity1,3,4 |
15.30 |
|
|
15.17 |
|
|
15.11 |
|
|
15.44 |
|
|
12.43 |
|
|
15.20 |
|
|
13.54 |
|
| Efficiency ratio5 |
48.62 |
|
|
53.48 |
|
|
56.55 |
|
|
65.76 |
|
|
57.04 |
|
|
52.85 |
|
|
57.75 |
|
| Adjusted efficiency ratio1 |
48.96 |
|
|
51.44 |
|
|
55.81 |
|
|
54.19 |
|
|
56.29 |
|
|
52.05 |
|
|
56.88 |
|
| Noninterest income to total revenue (excluding securities
losses) |
19.53 |
|
|
18.93 |
|
|
17.45 |
|
|
17.97 |
|
|
19.31 |
|
|
18.64 |
|
|
19.84 |
|
| Tangible common equity to tangible assets4 |
11.05 |
|
|
10.65 |
|
|
10.18 |
|
|
9.72 |
|
|
9.85 |
|
|
11.05 |
|
|
9.85 |
|
| Average loan-to-deposit ratio |
88.35 |
|
|
87.27 |
|
|
90.55 |
|
|
89.14 |
|
|
86.25 |
|
|
88.70 |
|
|
84.62 |
|
| End of period loan-to-deposit ratio |
88.36 |
|
|
88.53 |
|
|
86.38 |
|
|
93.43 |
|
|
87.77 |
|
|
88.36 |
|
|
87.77 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income diluted-GAAP basis |
$ |
0.49 |
|
|
$ |
0.45 |
|
|
$ |
0.44 |
|
|
$ |
0.31 |
|
|
$ |
0.34 |
|
|
$ |
1.38 |
|
|
$ |
1.07 |
|
| Net income basic-GAAP basis |
0.50 |
|
|
0.45 |
|
|
0.44 |
|
|
0.32 |
|
|
0.35 |
|
|
1.39 |
|
|
1.09 |
|
| Adjusted earnings1 |
0.53 |
|
|
0.50 |
|
|
0.47 |
|
|
0.47 |
|
|
0.37 |
|
|
1.50 |
|
|
1.15 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Book value per share common |
18.70 |
|
|
18.08 |
|
|
17.44 |
|
|
16.83 |
|
|
15.50 |
|
|
18.70 |
|
|
15.50 |
|
| Tangible book value per share |
14.30 |
|
|
13.65 |
|
|
12.98 |
|
|
12.33 |
|
|
12.01 |
|
|
14.30 |
|
|
12.01 |
|
| Cash dividends declared |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1Non-GAAP measure -
see "Explanation of Certain Unaudited Non-GAAP Financial Measures"
for more information and a reconciliation to GAAP. |
|
|
| 2Calculated on a
fully taxable equivalent basis using amortized cost. |
|
|
| 3These ratios are
stated on an annualized basis and are not necessarily indicative of
future periods. |
|
|
| 4The Company
defines tangible assets as total assets less intangible assets, and
tangible common equity as total shareholders' equity
less intangible assets. |
| 5Defined as
noninterest expense less amortization of intangibles and gains,
losses, and expenses on foreclosed properties divided by
net operating revenue (net interest income on a fully taxable
equivalent basis plus noninterest income excluding securities
gains). |
| |
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|
(Unaudited) |
|
|
|
|
|
|
| SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
|
|
|
|
|
|
|
| |
|
| |
Quarterly
Trends |
|
Nine Months
Ended |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Amounts in thousands,
except per share data) |
3Q'19 |
|
2Q'19 |
|
1Q'19 |
|
4Q'18 |
|
3Q'18 |
|
3Q'19 |
|
3Q'18 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest on securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
8,802 |
|
|
$ |
8,933 |
|
|
$ |
9,119 |
|
|
$ |
9,528 |
|
|
$ |
9,582 |
|
|
$ |
26,854 |
|
|
$ |
28,332 |
|
|
Nontaxable |
131 |
|
|
143 |
|
|
151 |
|
|
200 |
|
|
225 |
|
|
425 |
|
|
684 |
|
| Interest and fees on loans |
63,092 |
|
|
62,288 |
|
|
62,287 |
|
|
59,495 |
|
|
48,713 |
|
|
187,667 |
|
|
140,489 |
|
| Interest on federal funds sold and other investments |
800 |
|
|
873 |
|
|
918 |
|
|
835 |
|
|
634 |
|
|
2,591 |
|
|
1,835 |
|
|
Total Interest Income |
72,825 |
|
|
72,237 |
|
|
72,475 |
|
|
70,058 |
|
|
59,154 |
|
|
217,537 |
|
|
171,340 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest on deposits |
4,334 |
|
|
4,825 |
|
|
3,873 |
|
|
3,140 |
|
|
2,097 |
|
|
13,032 |
|
|
5,623 |
|
| Interest on time certificates |
6,009 |
|
|
5,724 |
|
|
4,959 |
|
|
3,901 |
|
|
2,975 |
|
|
16,692 |
|
|
7,783 |
|
| Interest on borrowed money |
1,534 |
|
|
1,552 |
|
|
2,869 |
|
|
3,033 |
|
|
2,520 |
|
|
5,955 |
|
|
6,403 |
|
|
Total Interest Expense |
11,877 |
|
|
12,101 |
|
|
11,701 |
|
|
10,074 |
|
|
7,592 |
|
|
35,679 |
|
|
19,809 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
60,948 |
|
|
60,136 |
|
|
60,774 |
|
|
59,984 |
|
|
51,562 |
|
|
181,858 |
|
|
151,531 |
|
| Provision for loan losses |
2,251 |
|
|
2,551 |
|
|
1,397 |
|
|
2,342 |
|
|
5,774 |
|
|
6,199 |
|
|
9,388 |
|
|
Net Interest Income After Provision for Loan
Losses |
58,697 |
|
|
57,585 |
|
|
59,377 |
|
|
57,642 |
|
|
45,788 |
|
|
175,659 |
|
|
142,143 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Service charges on deposit accounts |
2,978 |
|
|
2,894 |
|
|
2,697 |
|
|
3,019 |
|
|
2,833 |
|
|
8,569 |
|
|
8,179 |
|
| Trust fees |
1,183 |
|
|
1,147 |
|
|
1,017 |
|
|
1,040 |
|
|
1,083 |
|
|
3,347 |
|
|
3,143 |
|
| Mortgage banking fees |
2,127 |
|
|
1,734 |
|
|
1,115 |
|
|
809 |
|
|
1,135 |
|
|
4,976 |
|
|
3,873 |
|
| Brokerage commissions and fees |
449 |
|
|
541 |
|
|
436 |
|
|
468 |
|
|
444 |
|
|
1,426 |
|
|
1,264 |
|
| Marine finance fees |
152 |
|
|
201 |
|
|
362 |
|
|
185 |
|
|
194 |
|
|
715 |
|
|
1,213 |
|
| Interchange income |
3,206 |
|
|
3,405 |
|
|
3,401 |
|
|
3,198 |
|
|
3,119 |
|
|
10,012 |
|
|
9,137 |
|
| BOLI income |
928 |
|
|
927 |
|
|
915 |
|
|
1,091 |
|
|
1,078 |
|
|
2,770 |
|
|
3,200 |
|
| SBA gains |
569 |
|
|
691 |
|
|
636 |
|
|
519 |
|
|
473 |
|
|
1,896 |
|
|
1,955 |
|
| Other |
3,198 |
|
|
2,503 |
|
|
2,266 |
|
|
2,810 |
|
|
1,980 |
|
|
7,967 |
|
|
5,542 |
|
| |
14,790 |
|
|
14,043 |
|
|
12,845 |
|
|
13,139 |
|
|
12,339 |
|
|
41,678 |
|
|
37,506 |
|
| Securities losses, net |
(847 |
) |
|
(466 |
) |
|
(9 |
) |
|
(425 |
) |
|
(48 |
) |
|
(1,322 |
) |
|
(198 |
) |
|
Total Noninterest Income |
13,943 |
|
|
13,577 |
|
|
12,836 |
|
|
12,714 |
|
|
12,291 |
|
|
40,356 |
|
|
37,308 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and wages |
18,640 |
|
|
19,420 |
|
|
18,506 |
|
|
22,172 |
|
|
17,129 |
|
|
56,566 |
|
|
48,939 |
|
| Employee benefits |
2,973 |
|
|
3,195 |
|
|
4,206 |
|
|
3,625 |
|
|
3,205 |
|
|
10,374 |
|
|
9,320 |
|
| Outsourced data processing costs |
3,711 |
|
|
3,876 |
|
|
3,845 |
|
|
5,809 |
|
|
3,493 |
|
|
11,432 |
|
|
10,565 |
|
| Telephone / data lines |
603 |
|
|
893 |
|
|
811 |
|
|
602 |
|
|
624 |
|
|
2,307 |
|
|
1,879 |
|
| Occupancy |
3,368 |
|
|
3,741 |
|
|
3,807 |
|
|
3,747 |
|
|
3,214 |
|
|
10,916 |
|
|
9,647 |
|
| Furniture and equipment |
1,528 |
|
|
1,544 |
|
|
1,757 |
|
|
2,452 |
|
|
1,367 |
|
|
4,829 |
|
|
4,292 |
|
| Marketing |
933 |
|
|
1,211 |
|
|
1,132 |
|
|
1,350 |
|
|
1,139 |
|
|
3,276 |
|
|
3,735 |
|
| Legal and professional fees |
1,648 |
|
|
2,033 |
|
|
2,847 |
|
|
3,668 |
|
|
2,019 |
|
|
6,528 |
|
|
6,293 |
|
| FDIC assessments |
56 |
|
|
337 |
|
|
488 |
|
|
571 |
|
|
431 |
|
|
881 |
|
|
1,624 |
|
| Amortization of intangibles |
1,456 |
|
|
1,456 |
|
|
1,458 |
|
|
1,303 |
|
|
1,004 |
|
|
4,370 |
|
|
2,997 |
|
| Foreclosed property expense and net (gain)/loss on sale |
262 |
|
|
(174 |
) |
|
(40 |
) |
|
— |
|
|
(136 |
) |
|
48 |
|
|
461 |
|
| Other |
3,405 |
|
|
3,468 |
|
|
4,282 |
|
|
4,165 |
|
|
3,910 |
|
|
11,155 |
|
|
13,057 |
|
|
Total Noninterest Expense |
38,583 |
|
|
41,000 |
|
|
43,099 |
|
|
49,464 |
|
|
37,399 |
|
|
122,682 |
|
|
112,809 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
34,057 |
|
|
30,162 |
|
|
29,114 |
|
|
20,892 |
|
|
20,680 |
|
|
93,333 |
|
|
66,642 |
|
| Income taxes |
8,452 |
|
|
6,909 |
|
|
6,409 |
|
|
4,930 |
|
|
4,358 |
|
|
21,770 |
|
|
15,329 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
25,605 |
|
|
$ |
23,253 |
|
|
$ |
22,705 |
|
|
$ |
15,962 |
|
|
$ |
16,322 |
|
|
$ |
71,563 |
|
|
$ |
51,313 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income diluted |
$ |
0.49 |
|
|
$ |
0.45 |
|
|
$ |
0.44 |
|
|
$ |
0.31 |
|
|
$ |
0.34 |
|
|
$ |
1.38 |
|
|
$ |
1.07 |
|
| Net income basic |
0.50 |
|
|
0.45 |
|
|
0.44 |
|
|
0.32 |
|
|
0.35 |
|
|
1.39 |
|
|
1.09 |
|
| Cash dividends declared |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average diluted shares outstanding |
51,935 |
|
|
51,952 |
|
|
52,039 |
|
|
51,237 |
|
|
48,029 |
|
|
51,996 |
|
|
47,903 |
|
| Average basic shares outstanding |
51,473 |
|
|
51,446 |
|
|
51,359 |
|
|
50,523 |
|
|
47,205 |
|
|
51,426 |
|
|
47,108 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(Unaudited) |
|
|
| SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
|
|
|
|
| |
|
| |
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
(Amounts in thousands) |
2019 |
|
2019 |
|
2019 |
|
2018 |
|
2018 |
| |
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
106,349 |
|
|
$ |
97,792 |
|
|
$ |
98,270 |
|
|
$ |
92,242 |
|
|
$ |
101,920 |
|
|
Interest bearing deposits with other banks |
25,911 |
|
|
61,987 |
|
|
105,741 |
|
|
23,709 |
|
|
3,174 |
|
|
Total Cash and Cash Equivalents |
132,260 |
|
|
159,779 |
|
|
204,011 |
|
|
115,951 |
|
|
105,094 |
|
| |
|
|
|
|
|
|
|
|
|
|
Time deposits with other banks |
4,579 |
|
|
4,980 |
|
|
8,174 |
|
|
8,243 |
|
|
9,813 |
|
| |
|
|
|
|
|
|
|
|
|
|
Debt Securities: |
|
|
|
|
|
|
|
|
|
|
Available for sale (at fair value) |
920,811 |
|
|
914,615 |
|
|
877,549 |
|
|
865,831 |
|
|
923,206 |
|
|
Held to maturity (at amortized cost) |
273,644 |
|
|
287,302 |
|
|
295,485 |
|
|
357,949 |
|
|
367,387 |
|
|
Total Debt Securities |
1,194,455 |
|
|
1,201,917 |
|
|
1,173,034 |
|
|
1,223,780 |
|
|
1,290,593 |
|
| |
|
|
|
|
|
|
|
|
|
|
Loans held for sale |
26,768 |
|
|
17,513 |
|
|
13,900 |
|
|
11,873 |
|
|
16,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
4,986,289 |
|
|
4,888,139 |
|
|
4,828,441 |
|
|
4,825,214 |
|
|
4,059,323 |
|
|
Less: Allowance for loan losses |
(33,605 |
) |
|
(33,505 |
) |
|
(32,822 |
) |
|
(32,423 |
) |
|
(33,865 |
) |
|
Net Loans |
4,952,684 |
|
|
4,854,634 |
|
|
4,795,619 |
|
|
4,792,791 |
|
|
4,025,458 |
|
| |
|
|
|
|
|
|
|
|
|
|
Bank premises and equipment, net |
67,873 |
|
|
68,738 |
|
|
70,412 |
|
|
71,024 |
|
|
63,531 |
|
|
Other real estate owned |
13,593 |
|
|
11,043 |
|
|
11,921 |
|
|
12,802 |
|
|
4,715 |
|
|
Goodwill |
205,286 |
|
|
205,260 |
|
|
205,260 |
|
|
204,753 |
|
|
148,555 |
|
|
Other intangible assets, net |
21,318 |
|
|
22,672 |
|
|
23,959 |
|
|
25,977 |
|
|
16,508 |
|
|
Bank owned life insurance |
125,277 |
|
|
125,233 |
|
|
124,306 |
|
|
123,394 |
|
|
122,561 |
|
|
Net deferred tax assets |
17,168 |
|
|
19,353 |
|
|
24,647 |
|
|
28,954 |
|
|
25,822 |
|
|
Other assets |
129,384 |
|
|
133,764 |
|
|
128,146 |
|
|
128,117 |
|
|
102,112 |
|
|
Total Assets |
$ |
6,890,645 |
|
|
$ |
6,824,886 |
|
|
$ |
6,783,389 |
|
|
$ |
6,747,659 |
|
|
$ |
5,930,934 |
|
| |
|
|
|
|
|
|
|
|
|
| Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
$ |
1,652,927 |
|
|
$ |
1,669,804 |
|
|
$ |
1,676,009 |
|
|
$ |
1,569,602 |
|
|
$ |
1,488,689 |
|
|
Interest-bearing demand |
1,115,455 |
|
|
1,124,519 |
|
|
1,100,477 |
|
|
1,014,032 |
|
|
912,891 |
|
|
Savings |
528,214 |
|
|
519,732 |
|
|
508,320 |
|
|
493,807 |
|
|
451,958 |
|
|
Money market |
1,158,862 |
|
|
1,172,971 |
|
|
1,192,070 |
|
|
1,173,950 |
|
|
1,036,940 |
|
|
Other time certificates |
537,183 |
|
|
553,107 |
|
|
539,202 |
|
|
513,312 |
|
|
411,208 |
|
|
Brokered time certificates |
458,418 |
|
|
268,998 |
|
|
367,841 |
|
|
220,594 |
|
|
192,182 |
|
|
Time certificates of more than $250,000 |
222,082 |
|
|
232,078 |
|
|
221,659 |
|
|
191,943 |
|
|
149,642 |
|
|
Total Deposits |
5,673,141 |
|
|
5,541,209 |
|
|
5,605,578 |
|
|
5,177,240 |
|
|
4,643,510 |
|
| |
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
70,414 |
|
|
82,015 |
|
|
148,005 |
|
|
214,323 |
|
|
189,035 |
|
|
Federal Home Loan Bank borrowings |
50,000 |
|
|
140,000 |
|
|
3,000 |
|
|
380,000 |
|
|
261,000 |
|
|
Subordinated debt |
71,014 |
|
|
70,944 |
|
|
70,874 |
|
|
70,804 |
|
|
70,734 |
|
|
Other liabilities |
63,398 |
|
|
60,479 |
|
|
59,508 |
|
|
41,025 |
|
|
33,824 |
|
|
Total Liabilities |
5,927,967 |
|
|
5,894,647 |
|
|
5,886,965 |
|
|
5,883,392 |
|
|
5,198,103 |
|
| |
|
|
|
|
|
|
|
|
|
| Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
Common stock |
5,148 |
|
|
5,146 |
|
|
5,141 |
|
|
5,136 |
|
|
4,727 |
|
|
Additional paid in capital |
784,661 |
|
|
782,928 |
|
|
780,680 |
|
|
778,501 |
|
|
668,711 |
|
|
Retained earnings |
168,637 |
|
|
143,032 |
|
|
119,779 |
|
|
97,074 |
|
|
81,112 |
|
|
Treasury stock |
(6,079 |
) |
|
(6,137 |
) |
|
(4,959 |
) |
|
(3,384 |
) |
|
(2,854 |
) |
| |
952,367 |
|
|
924,969 |
|
|
900,641 |
|
|
877,327 |
|
|
751,696 |
|
|
Accumulated other comprehensive income/(loss), net |
10,311 |
|
|
5,270 |
|
|
(4,217 |
) |
|
(13,060 |
) |
|
(18,865 |
) |
|
Total Shareholders' Equity |
962,678 |
|
|
930,239 |
|
|
896,424 |
|
|
864,267 |
|
|
732,831 |
|
|
Total Liabilities & Shareholders' Equity |
$ |
6,890,645 |
|
|
$ |
6,824,886 |
|
|
$ |
6,783,389 |
|
|
$ |
6,747,659 |
|
|
$ |
5,930,934 |
|
| |
|
|
|
|
|
|
|
|
|
| Common shares outstanding |
51,482 |
|
|
51,461 |
|
|
51,414 |
|
|
51,361 |
|
|
47,270 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED QUARTERLY FINANCIAL DATA |
(Unaudited) |
| SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
| |
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands) |
3Q'19 |
|
2Q'19 |
|
1Q'19 |
|
4Q'18 |
|
3Q'18 |
| |
|
|
|
|
|
|
|
|
|
| Credit
Analysis |
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries) - non-acquired loans |
$ |
2,106 |
|
|
$ |
1,621 |
|
|
$ |
762 |
|
|
$ |
3,693 |
|
|
$ |
800 |
|
|
Net charge-offs (recoveries) - acquired loans |
5 |
|
|
220 |
|
|
201 |
|
|
56 |
|
|
(3 |
) |
|
Total Net Charge-offs (Recoveries) |
2,111 |
|
|
1,841 |
|
|
963 |
|
|
3,749 |
|
|
797 |
|
| |
|
|
|
|
|
|
|
|
|
|
TDR valuation adjustments |
$ |
40 |
|
|
$ |
27 |
|
|
$ |
35 |
|
|
$ |
35 |
|
|
$ |
36 |
|
| |
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries) to average loans - non-acquired
loans |
0.17 |
% |
|
0.13 |
% |
|
0.06 |
% |
|
0.32 |
% |
|
0.08 |
% |
|
Net charge-offs (recoveries) to average loans - acquired loans |
— |
|
|
0.02 |
|
|
0.02 |
|
|
— |
|
|
— |
|
|
Total Net Charge-offs (Recoveries) to Average
Loans |
0.17 |
|
|
0.15 |
|
|
0.08 |
|
|
0.32 |
|
|
0.08 |
|
| |
|
|
|
|
|
|
|
|
|
|
Provision for loan losses - non-acquired loans |
$ |
2,241 |
|
|
$ |
2,326 |
|
|
$ |
1,709 |
|
|
$ |
2,343 |
|
|
$ |
5,640 |
|
|
Provision for (recapture of) loan losses - acquired loans |
10 |
|
|
225 |
|
|
(312 |
) |
|
(1 |
) |
|
134 |
|
|
Total Provision for Loan Losses |
$ |
2,251 |
|
|
$ |
2,551 |
|
|
$ |
1,397 |
|
|
$ |
2,342 |
|
|
$ |
5,774 |
|
| |
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses - non-acquired loans |
$ |
33,488 |
|
|
$ |
33,393 |
|
|
$ |
32,715 |
|
|
$ |
31,803 |
|
|
$ |
33,188 |
|
|
Allowance for loan losses - acquired loans |
117 |
|
|
112 |
|
|
107 |
|
|
620 |
|
|
677 |
|
|
Total Allowance for Loan Losses |
$ |
33,605 |
|
|
$ |
33,505 |
|
|
$ |
32,822 |
|
|
$ |
32,423 |
|
|
$ |
33,865 |
|
| |
|
|
|
|
|
|
|
|
|
|
Non-acquired loans at end of period |
$ |
4,010,299 |
|
|
$ |
3,817,358 |
|
|
$ |
3,667,221 |
|
|
$ |
3,588,251 |
|
|
$ |
3,383,571 |
|
|
Purchased noncredit impaired loans at end of period |
962,609 |
|
|
1,057,200 |
|
|
1,147,432 |
|
|
1,222,529 |
|
|
662,701 |
|
|
Purchased credit impaired loans at end of period |
13,381 |
|
|
13,581 |
|
|
13,788 |
|
|
14,434 |
|
|
13,051 |
|
|
Total Loans |
$ |
4,986,289 |
|
|
$ |
4,888,139 |
|
|
$ |
4,828,441 |
|
|
$ |
4,825,214 |
|
|
$ |
4,059,323 |
|
| |
|
|
|
|
|
|
|
|
|
| Non-acquired loans allowance
for loan losses to non-acquired loans at end of period |
0.84 |
% |
|
0.87 |
% |
|
0.89 |
% |
|
0.89 |
% |
|
0.98 |
% |
| Total allowance for loan
losses to total loans at end of period |
0.67 |
|
|
0.69 |
|
|
0.68 |
|
|
0.67 |
|
|
0.83 |
|
| Purchase discount on acquired
loans at end of period |
3.76 |
|
|
3.76 |
|
|
3.80 |
|
|
3.86 |
|
|
2.25 |
|
| |
|
|
|
|
|
|
|
|
|
| End of
Period |
|
|
|
|
|
|
|
|
|
|
Nonperforming loans - non-acquired |
$ |
20,400 |
|
|
$ |
15,810 |
|
|
$ |
15,423 |
|
|
$ |
15,783 |
|
|
$ |
18,998 |
|
|
Nonperforming loans - acquired |
5,644 |
|
|
6,986 |
|
|
6,990 |
|
|
10,693 |
|
|
7,142 |
|
|
Other real estate owned - non-acquired |
5,177 |
|
|
66 |
|
|
831 |
|
|
386 |
|
|
418 |
|
|
Other real estate owned - acquired |
1,574 |
|
|
1,612 |
|
|
1,725 |
|
|
3,020 |
|
|
1,203 |
|
|
Bank branches closed included in other real estate owned |
6,842 |
|
|
9,365 |
|
|
9,365 |
|
|
9,396 |
|
|
3,094 |
|
|
Total Nonperforming Assets |
$ |
39,637 |
|
|
$ |
33,839 |
|
|
$ |
34,334 |
|
|
$ |
39,278 |
|
|
$ |
30,855 |
|
| |
|
|
|
|
|
|
|
|
|
|
Restructured loans (accruing) |
$ |
12,395 |
|
|
$ |
14,534 |
|
|
$ |
14,857 |
|
|
$ |
13,346 |
|
|
$ |
13,797 |
|
| |
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to loans at end of period - non-acquired |
0.51 |
% |
|
0.41 |
% |
|
0.42 |
% |
|
0.44 |
% |
|
0.56 |
% |
|
Nonperforming loans to loans at end of period - acquired |
0.58 |
|
|
0.65 |
|
|
0.60 |
|
|
0.86 |
|
|
1.06 |
|
|
Total Nonperforming Loans to Loans at End of Period |
0.52 |
|
|
0.47 |
|
|
0.46 |
|
|
0.55 |
|
|
0.64 |
|
| |
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets - non-acquired |
0.47 |
% |
|
0.37 |
% |
|
0.38 |
% |
|
0.38 |
% |
|
0.38 |
% |
|
Nonperforming assets to total assets - acquired |
0.11 |
|
|
0.13 |
|
|
0.13 |
|
|
0.20 |
|
|
0.14 |
|
|
Total Nonperforming Assets to Total Assets |
0.58 |
|
|
0.50 |
|
|
0.51 |
|
|
0.58 |
|
|
0.52 |
|
| |
|
|
|
|
|
|
|
|
|
| |
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
| Loans |
2019 |
|
2019 |
|
2019 |
|
2018 |
|
2018 |
| |
|
|
|
|
|
|
|
|
|
| Construction and land
development |
$ |
326,324 |
|
|
$ |
379,991 |
|
|
$ |
417,565 |
|
|
$ |
443,568 |
|
|
$ |
376,257 |
|
| Commercial real estate - owner
occupied |
1,025,040 |
|
|
1,005,876 |
|
|
989,234 |
|
|
970,181 |
|
|
829,368 |
|
| Commercial real estate -
non-owner occupied |
1,285,327 |
|
|
1,184,409 |
|
|
1,173,183 |
|
|
1,161,885 |
|
|
897,331 |
|
| Residential real estate |
1,409,946 |
|
|
1,400,184 |
|
|
1,329,166 |
|
|
1,324,377 |
|
|
1,152,640 |
|
| Consumer |
217,366 |
|
|
215,932 |
|
|
206,414 |
|
|
202,881 |
|
|
192,772 |
|
| Commercial and financial |
722,286 |
|
|
701,747 |
|
|
712,879 |
|
|
722,322 |
|
|
610,955 |
|
|
Total Loans |
$ |
4,986,289 |
|
|
$ |
4,888,139 |
|
|
$ |
4,828,441 |
|
|
$ |
4,825,214 |
|
|
$ |
4,059,323 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| AVERAGE
BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES
1 |
(Unaudited) |
|
|
|
|
|
|
| SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
3Q'19 |
|
2Q'19 |
|
3Q'18 |
| |
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
(Amounts in thousands) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
1,171,393 |
|
|
$ |
8,802 |
|
|
3.01 |
% |
|
$ |
1,169,891 |
|
|
$ |
8,933 |
|
|
3.05 |
% |
|
$ |
1,284,774 |
|
|
$ |
9,582 |
|
|
2.98 |
% |
|
Nontaxable |
21,194 |
|
|
164 |
|
|
3.09 |
|
|
24,110 |
|
|
179 |
|
|
2.96 |
|
|
31,411 |
|
|
283 |
|
|
3.60 |
|
|
Total Securities |
1,192,587 |
|
|
8,966 |
|
|
3.01 |
|
|
1,194,001 |
|
|
9,112 |
|
|
3.05 |
|
|
1,316,185 |
|
|
9,865 |
|
|
3.00 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other investments |
84,705 |
|
|
800 |
|
|
3.75 |
|
|
91,481 |
|
|
873 |
|
|
3.83 |
|
|
51,255 |
|
|
634 |
|
|
4.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net |
4,945,953 |
|
|
63,138 |
|
|
5.06 |
|
|
4,841,751 |
|
|
62,335 |
|
|
5.16 |
|
|
4,008,527 |
|
|
48,802 |
|
|
4.83 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
6,223,245 |
|
|
72,904 |
|
|
4.65 |
|
|
6,127,233 |
|
|
72,320 |
|
|
4.73 |
|
|
5,375,967 |
|
|
59,301 |
|
|
4.38 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
(33,997 |
) |
|
|
|
|
|
(32,806 |
) |
|
|
|
|
|
(29,259 |
) |
|
|
|
|
|
Cash and due from banks |
88,539 |
|
|
|
|
|
|
91,160 |
|
|
|
|
|
|
110,929 |
|
|
|
|
|
|
Premises and equipment |
68,301 |
|
|
|
|
|
|
69,890 |
|
|
|
|
|
|
63,771 |
|
|
|
|
|
|
Intangible assets |
227,389 |
|
|
|
|
|
|
228,706 |
|
|
|
|
|
|
165,534 |
|
|
|
|
|
|
Bank owned life insurance |
125,249 |
|
|
|
|
|
|
124,631 |
|
|
|
|
|
|
121,952 |
|
|
|
|
|
|
Other assets |
121,850 |
|
|
|
|
|
|
126,180 |
|
|
|
|
|
|
94,433 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
6,820,576 |
|
|
|
|
|
|
$ |
6,734,994 |
|
|
|
|
|
|
$ |
5,903,327 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
1,116,434 |
|
|
$ |
1,053 |
|
|
0.37 |
% |
|
$ |
1,118,703 |
|
|
$ |
1,150 |
|
|
0.41 |
% |
|
$ |
939,527 |
|
|
$ |
426 |
|
|
0.18 |
% |
|
Savings |
522,831 |
|
|
531 |
|
|
0.40 |
|
|
513,773 |
|
|
586 |
|
|
0.46 |
|
|
444,935 |
|
|
170 |
|
|
0.15 |
|
|
Money market |
1,173,042 |
|
|
2,750 |
|
|
0.93 |
|
|
1,179,345 |
|
|
3,089 |
|
|
1.05 |
|
|
1,031,960 |
|
|
1,501 |
|
|
0.58 |
|
|
Time deposits |
1,159,272 |
|
|
6,009 |
|
|
2.06 |
|
|
1,089,020 |
|
|
5,724 |
|
|
2.11 |
|
|
779,608 |
|
|
2,975 |
|
|
1.51 |
|
|
Federal funds purchased and securities sold under agreements to
repurchase |
75,785 |
|
|
300 |
|
|
1.57 |
|
|
91,614 |
|
|
355 |
|
|
1.55 |
|
|
204,097 |
|
|
463 |
|
|
0.90 |
|
|
Federal Home Loan Bank borrowings |
68,804 |
|
|
414 |
|
|
2.39 |
|
|
51,571 |
|
|
329 |
|
|
2.56 |
|
|
222,315 |
|
|
1,228 |
|
|
2.19 |
|
|
Other borrowings |
70,969 |
|
|
820 |
|
|
4.58 |
|
|
70,903 |
|
|
868 |
|
|
4.91 |
|
|
70,694 |
|
|
829 |
|
|
4.65 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities |
4,187,137 |
|
|
11,877 |
|
|
1.13 |
|
|
4,114,929 |
|
|
12,101 |
|
|
1.18 |
|
|
3,693,136 |
|
|
7,592 |
|
|
0.82 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
1,626,269 |
|
|
|
|
|
|
1,646,934 |
|
|
|
|
|
|
1,451,751 |
|
|
|
|
|
|
Other liabilities |
60,500 |
|
|
|
|
|
|
61,652 |
|
|
|
|
|
|
30,150 |
|
|
|
|
|
|
Total Liabilities |
5,873,906 |
|
|
|
|
|
|
5,823,515 |
|
|
|
|
|
|
5,175,037 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
946,670 |
|
|
|
|
|
|
911,479 |
|
|
|
|
|
|
728,290 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity |
$ |
6,820,576 |
|
|
|
|
|
|
$ |
6,734,994 |
|
|
|
|
|
|
$ |
5,903,327 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of deposits |
|
|
|
|
0.73 |
% |
|
|
|
|
|
0.76 |
% |
|
|
|
|
|
0.43 |
% |
| Interest expense as a % of
earning assets |
|
|
|
|
0.76 |
% |
|
|
|
|
|
0.79 |
% |
|
|
|
|
|
0.56 |
% |
| Net interest income as a % of
earning assets |
|
|
$ |
61,027 |
|
|
3.89 |
% |
|
|
|
$ |
60,219 |
|
|
3.94 |
% |
|
|
|
$ |
51,709 |
|
|
3.82 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1On a fully
taxable equivalent basis. All yields and rates have been computed
using amortized cost. |
|
|
|
|
| Fees on loans
have been included in interest on loans. Nonaccrual loans are
included in loan balances. |
|
|
|
|
| |
|
|
|
|
| AVERAGE
BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES
1 |
(Unaudited) |
| SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
| |
|
| |
Nine Months Ended September 30, 2019 |
|
Nine Months Ended September 30, 2018 |
| |
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
(Amounts in thousands, except ratios) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
| |
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
1,175,831 |
|
|
$ |
26,854 |
|
|
3.05 |
% |
|
$ |
1,323,164 |
|
|
$ |
28,332 |
|
|
2.85 |
% |
|
Nontaxable |
23,935 |
|
|
533 |
|
|
2.97 |
|
|
32,031 |
|
|
863 |
|
|
3.59 |
|
|
Total Securities |
1,199,766 |
|
|
27,387 |
|
|
3.04 |
|
|
1,355,195 |
|
|
29,195 |
|
|
2.87 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other investments |
89,084 |
|
|
2,591 |
|
|
3.89 |
|
|
52,253 |
|
|
1,835 |
|
|
4.70 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net |
4,875,975 |
|
|
187,808 |
|
|
5.15 |
|
|
3,943,617 |
|
|
140,635 |
|
|
4.77 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
6,164,825 |
|
|
217,786 |
|
|
4.72 |
|
|
5,351,065 |
|
|
171,665 |
|
|
4.29 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
(33,260 |
) |
|
|
|
|
|
(28,660 |
) |
|
|
|
|
|
Cash and due from banks |
93,171 |
|
|
|
|
|
|
111,781 |
|
|
|
|
|
|
Premises and equipment |
69,700 |
|
|
|
|
|
|
64,708 |
|
|
|
|
|
|
Intangible assets |
228,710 |
|
|
|
|
|
|
166,348 |
|
|
|
|
|
|
Bank owned life insurance |
124,535 |
|
|
|
|
|
|
121,742 |
|
|
|
|
|
|
Other assets |
128,016 |
|
|
|
|
|
|
90,888 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
6,775,697 |
|
|
|
|
|
|
$ |
5,877,872 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
1,088,605 |
|
|
$ |
3,042 |
|
|
0.37 |
% |
|
$ |
979,148 |
|
|
$ |
1,368 |
|
|
0.19 |
% |
|
Savings |
512,399 |
|
|
1,593 |
|
|
0.42 |
|
|
440,054 |
|
|
392 |
|
|
0.12 |
|
|
Money market |
1,170,494 |
|
|
8,397 |
|
|
0.96 |
|
|
1,012,259 |
|
|
3,863 |
|
|
0.51 |
|
|
Time deposits |
1,097,308 |
|
|
16,692 |
|
|
2.03 |
|
|
782,283 |
|
|
7,783 |
|
|
1.33 |
|
|
Federal funds purchased and securities sold under agreements to
repurchase |
117,077 |
|
|
1,206 |
|
|
1.38 |
|
|
186,643 |
|
|
1,071 |
|
|
0.77 |
|
|
Federal Home Loan Bank borrowings |
115,337 |
|
|
2,164 |
|
|
2.51 |
|
|
219,652 |
|
|
2,999 |
|
|
1.83 |
|
|
Other borrowings |
70,903 |
|
|
2,585 |
|
|
4.87 |
|
|
70,623 |
|
|
2,333 |
|
|
4.42 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities |
4,172,123 |
|
|
35,679 |
|
|
1.14 |
|
|
3,690,662 |
|
|
19,809 |
|
|
0.72 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
1,628,634 |
|
|
|
|
|
|
1,446,488 |
|
|
|
|
|
|
Other liabilities |
62,123 |
|
|
|
|
|
|
29,533 |
|
|
|
|
|
|
Total Liabilities |
5,862,880 |
|
|
|
|
|
|
5,166,683 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
912,817 |
|
|
|
|
|
|
711,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity |
$ |
6,775,697 |
|
|
|
|
|
|
$ |
5,877,872 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Cost of deposits |
|
|
|
|
0.72 |
% |
|
|
|
|
|
0.38 |
% |
| Interest expense as a % of
earning assets |
|
|
|
|
0.77 |
% |
|
|
|
|
|
0.49 |
% |
| Net interest income as a % of
earning assets |
|
|
$ |
182,107 |
|
|
3.95 |
% |
|
|
|
$ |
151,856 |
|
|
3.79 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
|
|
|
|
| |
|
| |
September
30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
| (Amounts in thousands) |
2019 |
|
2019 |
|
2019 |
|
2018 |
|
2018 |
| |
|
|
|
|
|
|
|
|
|
| Customer Relationship Funding |
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
|
|
|
|
|
|
|
|
|
Commercial |
$ |
1,314,102 |
|
|
$ |
1,323,743 |
|
|
$ |
1,298,468 |
|
|
$ |
1,217,842 |
|
|
$ |
1,182,018 |
|
|
Retail |
241,734 |
|
|
251,879 |
|
|
275,383 |
|
|
259,318 |
|
|
233,472 |
|
|
Public funds |
65,869 |
|
|
65,822 |
|
|
73,640 |
|
|
68,324 |
|
|
42,474 |
|
|
Other |
31,222 |
|
|
28,360 |
|
|
28,518 |
|
|
24,118 |
|
|
30,725 |
|
|
Total Noninterest Demand |
1,652,927 |
|
|
1,669,804 |
|
|
1,676,009 |
|
|
1,569,602 |
|
|
1,488,689 |
|
| |
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
|
|
|
|
|
|
|
|
|
Commercial |
342,376 |
|
|
323,818 |
|
|
289,544 |
|
|
211,879 |
|
|
167,865 |
|
|
Retail |
622,833 |
|
|
634,099 |
|
|
646,522 |
|
|
650,490 |
|
|
655,429 |
|
|
Public funds |
150,246 |
|
|
166,602 |
|
|
164,411 |
|
|
151,663 |
|
|
89,597 |
|
|
Total Interest-Bearing Demand |
1,115,455 |
|
|
1,124,519 |
|
|
1,100,477 |
|
|
1,014,032 |
|
|
912,891 |
|
| |
|
|
|
|
|
|
|
|
|
|
Total transaction accounts |
|
|
|
|
|
|
|
|
|
|
Commercial |
1,656,478 |
|
|
1,647,561 |
|
|
1,588,012 |
|
|
1,429,721 |
|
|
1,349,883 |
|
|
Retail |
864,567 |
|
|
885,978 |
|
|
921,905 |
|
|
909,808 |
|
|
888,901 |
|
|
Public funds |
216,115 |
|
|
232,424 |
|
|
238,051 |
|
|
219,987 |
|
|
132,071 |
|
|
Other |
31,222 |
|
|
28,360 |
|
|
28,518 |
|
|
24,118 |
|
|
30,725 |
|
|
Total Transaction Accounts |
2,768,382 |
|
|
2,794,323 |
|
|
2,776,486 |
|
|
2,583,634 |
|
|
2,401,580 |
|
| |
|
|
|
|
|
|
|
|
|
|
Savings |
528,214 |
|
|
519,732 |
|
|
508,320 |
|
|
493,807 |
|
|
451,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market |
|
|
|
|
|
|
|
|
|
|
Commercial |
513,477 |
|
|
517,041 |
|
|
500,649 |
|
|
459,380 |
|
|
423,304 |
|
|
Retail |
583,917 |
|
|
590,320 |
|
|
602,378 |
|
|
607,837 |
|
|
524,415 |
|
|
Public funds |
61,468 |
|
|
65,610 |
|
|
89,043 |
|
|
106,733 |
|
|
89,221 |
|
|
Total Money Market |
1,158,862 |
|
|
1,172,971 |
|
|
1,192,070 |
|
|
1,173,950 |
|
|
1,036,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokered time certificates |
458,418 |
|
|
268,998 |
|
|
367,841 |
|
|
220,594 |
|
|
192,182 |
|
|
Other time certificates |
759,265 |
|
|
785,185 |
|
|
760,861 |
|
|
705,255 |
|
|
560,850 |
|
|
|
1,217,683 |
|
|
1,054,183 |
|
|
1,128,702 |
|
|
925,849 |
|
|
753,032 |
|
|
Total Deposits |
$ |
5,673,141 |
|
|
$ |
5,541,209 |
|
|
$ |
5,605,578 |
|
|
$ |
5,177,240 |
|
|
$ |
4,643,510 |
|
| |
|
|
|
|
|
|
|
|
|
| Customer sweep accounts |
$ |
70,414 |
|
|
$ |
82,015 |
|
|
$ |
148,005 |
|
|
$ |
214,323 |
|
|
$ |
189,035 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Explanation of Certain Unaudited Non-GAAP Financial
Measures
This presentation contains financial information
determined by methods other than Generally Accepted Accounting
Principles (“GAAP”). Management uses these non-GAAP financial
measures in its analysis of the Company’s performance and believes
these presentations provide useful supplemental information, and a
clearer understanding of the Company’s performance. The Company
believes the non-GAAP measures enhance investors’ understanding of
the Company’s business and performance and if not provided would be
requested by the investor community. These measures are also useful
in understanding performance trends and facilitate comparisons with
the performance of other financial institutions. The limitations
associated with operating measures are the risk that persons might
disagree as to the appropriateness of items comprising these
measures and that different companies might define or calculate
these measures differently. The Company provides reconciliations
between GAAP and these non-GAAP measures. These disclosures should
not be considered an alternative to GAAP.
|
GAAP TO NON-GAAP RECONCILIATION |
|
(Unaudited) |
|
|
|
|
|
|
| SEACOAST
BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Quarterly Trends |
|
Nine Months Ended |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except per share data) |
3Q'19 |
|
2Q'19 |
|
1Q'19 |
|
4Q'18 |
|
3Q'18 |
|
3Q'19 |
|
3Q'18 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
25,605 |
|
|
$ |
23,253 |
|
|
$ |
22,705 |
|
|
$ |
15,962 |
|
|
$ |
16,322 |
|
|
$ |
71,563 |
|
|
$ |
51,313 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total noninterest income |
13,943 |
|
|
13,577 |
|
|
12,836 |
|
|
12,714 |
|
|
12,291 |
|
|
40,356 |
|
|
37,308 |
|
| Securities losses, net |
847 |
|
|
466 |
|
|
9 |
|
|
425 |
|
|
48 |
|
|
1,322 |
|
|
198 |
|
| BOLI benefits on death
(included in other income) |
(956 |
) |
|
— |
|
|
— |
|
|
(280 |
) |
|
— |
|
|
(956 |
) |
|
— |
|
|
Total Adjustments to Noninterest Income |
(109 |
) |
|
466 |
|
|
9 |
|
|
145 |
|
|
48 |
|
|
366 |
|
|
198 |
|
|
Total Adjusted Noninterest Income |
13,834 |
|
|
14,043 |
|
|
12,845 |
|
|
12,859 |
|
|
12,339 |
|
|
40,722 |
|
|
37,506 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total noninterest expense |
38,583 |
|
|
41,000 |
|
|
43,099 |
|
|
49,464 |
|
|
37,399 |
|
|
122,682 |
|
|
112,809 |
|
| Merger related charges |
— |
|
|
— |
|
|
(335 |
) |
|
(8,034 |
) |
|
(482 |
) |
|
(335 |
) |
|
(1,647 |
) |
| Amortization of
intangibles |
(1,456 |
) |
|
(1,456 |
) |
|
(1,458 |
) |
|
(1,303 |
) |
|
(1,004 |
) |
|
(4,370 |
) |
|
(2,997 |
) |
| Business continuity expenses -
hurricane events |
(95 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(95 |
) |
|
— |
|
| Branch reductions and other
expense initiatives |
(121 |
) |
|
(1,517 |
) |
|
(208 |
) |
|
(587 |
) |
|
— |
|
|
(1,846 |
) |
|
— |
|
|
Total Adjustments to Noninterest Expense |
(1,672 |
) |
|
(2,973 |
) |
|
(2,001 |
) |
|
(9,924 |
) |
|
(1,486 |
) |
|
(6,646 |
) |
|
(4,644 |
) |
|
Total Adjusted Noninterest Expense |
36,911 |
|
|
38,027 |
|
|
41,098 |
|
|
39,540 |
|
|
35,913 |
|
|
116,036 |
|
|
108,165 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income Taxes |
8,452 |
|
|
6,909 |
|
|
6,409 |
|
|
4,930 |
|
|
4,358 |
|
|
21,770 |
|
|
15,329 |
|
| Tax effect of adjustments |
572 |
|
|
874 |
|
|
510 |
|
|
2,623 |
|
|
230 |
|
|
1,956 |
|
|
1,211 |
|
| Taxes and tax penalties on
acquisition-related BOLI redemption |
— |
|
|
— |
|
|
— |
|
|
(485 |
) |
|
— |
|
|
— |
|
|
— |
|
| Effect of change in corporate
tax rate on deferred tax assets |
(1,135 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,135 |
) |
|
(248 |
) |
|
Total Adjustments to Income Taxes |
(563 |
) |
|
874 |
|
|
510 |
|
|
2,138 |
|
|
230 |
|
|
821 |
|
|
963 |
|
|
Adjusted Income Taxes |
7,889 |
|
|
7,783 |
|
|
6,919 |
|
|
7,068 |
|
|
4,588 |
|
|
22,591 |
|
|
16,292 |
|
|
Adjusted Net Income |
$ |
27,731 |
|
|
$ |
25,818 |
|
|
$ |
24,205 |
|
|
$ |
23,893 |
|
|
$ |
17,626 |
|
|
$ |
77,754 |
|
|
$ |
55,192 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per diluted share, as
reported |
$ |
0.49 |
|
|
$ |
0.45 |
|
|
$ |
0.44 |
|
|
$ |
0.31 |
|
|
$ |
0.34 |
|
|
$ |
1.38 |
|
|
$ |
1.07 |
|
| Adjusted Earnings per
Diluted Share |
0.53 |
|
|
0.50 |
|
|
0.47 |
|
|
0.47 |
|
|
0.37 |
|
|
1.50 |
|
|
1.15 |
|
| Average diluted shares
outstanding |
51,935 |
|
|
51,952 |
|
|
52,039 |
|
|
51,237 |
|
|
48,029 |
|
|
51,996 |
|
|
47,903 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Noninterest
Expense |
$ |
36,911 |
|
|
$ |
38,027 |
|
|
$ |
41,098 |
|
|
$ |
39,540 |
|
|
$ |
35,913 |
|
|
$ |
116,036 |
|
|
$ |
108,165 |
|
| Foreclosed property expense
and net gain/(loss) on sale |
(262 |
) |
|
174 |
|
|
40 |
|
|
— |
|
|
137 |
|
|
(48 |
) |
|
(460 |
) |
|
Net Adjusted Noninterest Expense |
$ |
36,649 |
|
|
$ |
38,201 |
|
|
$ |
41,138 |
|
|
$ |
39,540 |
|
|
$ |
36,050 |
|
|
$ |
115,988 |
|
|
$ |
107,705 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
74,891 |
|
|
$ |
73,713 |
|
|
$ |
73,610 |
|
|
$ |
72,698 |
|
|
$ |
63,853 |
|
|
$ |
222,214 |
|
|
$ |
188,839 |
|
| Total Adjustments to
Revenue |
(109 |
) |
|
466 |
|
|
9 |
|
|
145 |
|
|
48 |
|
|
366 |
|
|
198 |
|
| Impact of FTE adjustment |
79 |
|
|
83 |
|
|
87 |
|
|
116 |
|
|
147 |
|
|
249 |
|
|
325 |
|
|
Adjusted Revenue on a fully taxable equivalent
basis |
$ |
74,861 |
|
|
$ |
74,262 |
|
|
$ |
73,706 |
|
|
$ |
72,959 |
|
|
$ |
64,048 |
|
|
$ |
222,829 |
|
|
$ |
189,362 |
|
| Adjusted Efficiency Ratio |
48.96 |
% |
|
51.44 |
% |
|
55.81 |
% |
|
54.19 |
% |
|
56.29 |
% |
|
52.05 |
% |
|
56.88 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average Assets |
$ |
6,820,576 |
|
|
$ |
6,734,994 |
|
|
$ |
6,770,978 |
|
|
$ |
6,589,870 |
|
|
$ |
5,903,327 |
|
|
$ |
6,775,697 |
|
|
$ |
5,877,872 |
|
| Less average goodwill and
intangible assets |
(227,389 |
) |
|
(228,706 |
) |
|
(230,066 |
) |
|
(213,713 |
) |
|
(165,534 |
) |
|
(228,710 |
) |
|
(166,348 |
) |
|
Average Tangible Assets |
$ |
6,593,187 |
|
|
$ |
6,506,288 |
|
|
$ |
6,540,912 |
|
|
$ |
6,376,157 |
|
|
$ |
5,737,793 |
|
|
$ |
6,546,987 |
|
|
$ |
5,711,524 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Average Assets
(ROA) |
1.49 |
% |
|
1.38 |
% |
|
1.36 |
% |
|
0.96 |
% |
|
1.10 |
% |
|
1.41 |
% |
|
1.17 |
% |
| Impact of removing average intangible assets and related
amortization |
0.12 |
|
|
0.12 |
|
|
0.12 |
|
|
0.09 |
|
|
0.08 |
|
|
0.12 |
|
|
0.08 |
|
|
Return on Average Tangible Assets (ROTA) |
1.61 |
|
|
1.50 |
|
|
1.48 |
|
|
1.05 |
|
|
1.18 |
|
|
1.53 |
|
|
1.25 |
|
| Impact of other adjustments
for Adjusted Net Income |
0.06 |
|
|
0.09 |
|
|
0.02 |
|
|
0.44 |
|
|
0.04 |
|
|
0.06 |
|
|
0.04 |
|
|
Adjusted Return on Average Tangible Assets |
1.67 |
|
|
1.59 |
|
|
1.50 |
|
|
1.49 |
|
|
1.22 |
|
|
1.59 |
|
|
1.29 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average Shareholders'
Equity |
$ |
946,670 |
|
|
$ |
911,479 |
|
|
$ |
879,564 |
|
|
$ |
827,759 |
|
|
$ |
728,290 |
|
|
$ |
912,817 |
|
|
$ |
711,189 |
|
| Less average goodwill and
intangible assets |
(227,389 |
) |
|
(228,706 |
) |
|
(230,066 |
) |
|
(213,713 |
) |
|
(165,534 |
) |
|
(228,710 |
) |
|
(166,348 |
) |
|
Average Tangible Equity |
$ |
719,281 |
|
|
$ |
682,773 |
|
|
$ |
649,498 |
|
|
$ |
614,046 |
|
|
$ |
562,756 |
|
|
$ |
684,107 |
|
|
$ |
544,841 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Average
Shareholders' Equity |
10.73 |
% |
|
10.23 |
% |
|
10.47 |
% |
|
7.65 |
% |
|
8.89 |
% |
|
10.48 |
% |
|
9.65 |
% |
| Impact of removing average intangible assets and related
amortization |
4.00 |
|
|
4.07 |
|
|
4.39 |
|
|
3.29 |
|
|
3.15 |
|
|
4.15 |
|
|
3.49 |
|
|
Return on Average Tangible Common Equity
(ROTCE) |
14.73 |
|
|
14.30 |
|
|
14.86 |
|
|
10.94 |
|
|
12.04 |
|
|
14.63 |
|
|
13.14 |
|
| Impact of other adjustments
for Adjusted Net Income |
0.57 |
|
|
0.87 |
|
|
0.25 |
|
|
4.50 |
|
|
0.39 |
|
|
0.57 |
|
|
0.40 |
|
|
Adjusted Return on Average Tangible Common
Equity |
15.30 |
|
|
15.17 |
|
|
15.11 |
|
|
15.44 |
|
|
12.43 |
|
|
15.20 |
|
|
13.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loan interest income excluding
accretion on acquired loans |
$ |
59,279 |
|
|
$ |
58,169 |
|
|
$ |
58,397 |
|
|
$ |
55,470 |
|
|
$ |
46,349 |
|
|
$ |
175,845 |
|
|
$ |
133,395 |
|
| Accretion on acquired
loans |
3,859 |
|
|
4,166 |
|
|
3,938 |
|
|
4,089 |
|
|
2,453 |
|
|
11,963 |
|
|
7,240 |
|
|
Loan interest income1 |
$ |
63,138 |
|
|
$ |
62,335 |
|
|
$ |
62,335 |
|
|
$ |
59,559 |
|
|
$ |
48,802 |
|
|
$ |
187,808 |
|
|
$ |
140,635 |
|
| 1On a fully
taxable equivalent basis. All yields and rates have been computed
using amortized cost. |
| |
|
GAAP TO NON-GAAP RECONCILIATION |
|
(Unaudited) |
|
|
|
|
|
|
| SEACOAST
BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Quarterly Trends |
|
Nine Months Ended |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except per share data) |
3Q'19 |
|
2Q'19 |
|
1Q'19 |
|
4Q'18 |
|
3Q'18 |
|
3Q'19 |
|
3Q'18 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Yield on loans excluding
accretion on acquired loans |
4.76 |
% |
|
4.82 |
% |
|
4.89 |
% |
|
4.77 |
% |
|
4.59 |
% |
|
4.82 |
% |
|
4.52 |
% |
| Impact of accretion on
acquired loans |
0.30 |
|
|
0.34 |
|
|
0.33 |
|
|
0.35 |
|
|
0.24 |
|
|
0.33 |
|
|
0.25 |
|
|
Yield on loans |
5.06 |
|
|
5.16 |
|
|
5.22 |
|
|
5.12 |
|
|
4.83 |
|
|
5.15 |
|
|
4.77 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income excluding
accretion on acquired loans |
$ |
57,168 |
|
|
$ |
56,053 |
|
|
$ |
56,923 |
|
|
$ |
56,011 |
|
|
$ |
49,256 |
|
|
$ |
170,144 |
|
|
$ |
144,616 |
|
| Accretion on acquired
loans |
3,859 |
|
|
4,166 |
|
|
3,938 |
|
|
4,089 |
|
|
2,453 |
|
|
11,963 |
|
|
7,240 |
|
|
Net Interest Income1 |
$ |
61,027 |
|
|
$ |
60,219 |
|
|
$ |
60,861 |
|
|
$ |
60,100 |
|
|
$ |
51,709 |
|
|
$ |
182,107 |
|
|
$ |
151,856 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest margin excluding
accretion on acquired loans |
3.64 |
% |
|
3.67 |
% |
|
3.76 |
% |
|
3.73 |
% |
|
3.64 |
% |
|
3.69 |
% |
|
3.61 |
% |
| Impact of accretion on
acquired loans |
0.25 |
|
|
0.27 |
|
|
0.26 |
|
|
0.27 |
|
|
0.18 |
|
|
0.26 |
|
|
0.18 |
|
|
Net Interest Margin |
3.89 |
|
|
3.94 |
|
|
4.02 |
|
|
4.00 |
|
|
3.82 |
|
|
3.95 |
|
|
3.79 |
|
| 1On a fully
taxable equivalent basis. All yields and rates have been computed
using amortized cost. |
Seacoast Banking Corpora... (NASDAQ:SBCF)
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From Mar 2024 to Apr 2024
Seacoast Banking Corpora... (NASDAQ:SBCF)
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From Apr 2023 to Apr 2024
