Seacoast Banking Corporation of Florida ("Seacoast" or the
"Company") (NASDAQ: SBCF) today reported net income in the third
quarter of 2020 of $22.6 million, or $0.42 per diluted share.
Adjusted net income1 for the third quarter of 2020 was $27.3
million, or $0.50 per diluted share. The ratio of tangible common
equity to tangible assets was 10.67%, tangible book value per share
increased to $15.57 and Tier 1 capital increased to 16.8%.
For the third quarter of 2020, return on average
tangible assets was 1.20%, return on average tangible shareholders'
equity was 11.35%, and the efficiency ratio was 61.65%, compared to
1.37%, 13.47%, and 50.11%, respectively, in the prior quarter.
Adjusted return on average tangible assets1 was 1.38%, adjusted
return on average tangible shareholders' equity1 was 13.06%, and
the adjusted efficiency ratio1 was 54.82%, compared to 1.33%,
13.09%, and 49.60%, respectively, in the prior quarter.
Dennis S. Hudson, III, Seacoast's Chairman and
CEO, said, "We delivered another quarter of disciplined
performance. Tangible book value per share grew 12% on an
annualized basis, and the tangible common equity to tangible asset
ratio increased to 10.67%. I am incredibly proud of the Seacoast
team's ability to adapt quickly, overcoming the challenges
presented by the pandemic operating environment. The team has
provided highly competitive service through our bankers, call
center, retail branches, and digital products and is consistently
winning new customer relationships."
Hudson added, "I am also excited to welcome the
Freedom Bank team and their customers to the Seacoast franchise.
St. Petersburg is an outstanding, growing business community. I
look forward to the combined organization driving growth in that
important market in the years to come."
Charles M. Shaffer, Seacoast's President and
Chief Operating Officer, said, "Our longstanding commitment to
maintaining a fortress balance sheet with robust capital levels has
positioned us with a solid foundation for operating in the pandemic
environment. We continue to support our communities while
maintaining strict underwriting standards, and carefully navigating
the economy's uncertain outlook. Our results in the quarter
highlighted innovative agility from our mortgage banking team and
continued growth in assets under management by our wealth
management group. Our focus on driving interchange income has
resulted in performance that outpaces pre-pandemic levels. We are
operating from a position of strength and are well-positioned when
compared to peers to take advantage of opportunities that will
materialize in the years ahead."
Paycheck Protection Program Impact on
the Quarter
Fees earned by Seacoast to originate Paycheck
Protection Program (“PPP”) loans, net of loan-specific costs,
totaled $17.2 million, and are deferred and recognized as an
adjustment to yield over time. At the end of the second quarter of
2020, we expected that the PPP forgiveness process would begin
quickly, with a significant proportion of loans forgiven within
nine months of origination. By the end of the third quarter of
2020, the U.S. Small Business Administration (“SBA”) had not
processed any forgiveness applications. Changes by the SBA
including streamlining of the forgiveness process are still being
considered. As a result of the SBA delays, we have changed from the
accelerated fee recognition schedule used in the second quarter of
2020, and have begun recognizing fees on a schedule aligned with
the full contractual maturity of the loans. This resulted in only
$0.2 million in PPP fees recognized in the third quarter compared
to $4.0 million in the second quarter. The uncertainty in the SBA's
forgiveness process may result in significant variability of fee
recognition in future periods. This is only a timing issue and does
not affect the total fee income Seacoast will recognize of $17.2
million. If the contractual term, rather than an accelerated term,
had been used to recognize fees since the inception of the PPP
program, PPP fee income in each of the second and third quarters of
2020 would have been $2.1 million. If early forgiveness does
not occur, we expect to recognize approximately $2.1 million in
each of the next six quarters.
Acquisition of Fourth Street Banking
Company
In August 2020, Seacoast completed the
acquisition of Fourth Street Banking Company (“Fourth Street”) and
its wholly-owned subsidiary Freedom Bank, which added $303 million
in loans and $330 million in deposits. The acquisition supports
Seacoast’s growing presence in the attractive St. Petersburg MSA.
Consolidation activities and related expenses are mostly
complete.
Financial Results
Income Statement
- Net income was $22.6 million, or $0.42 per
diluted share, compared to $25.1 million, or $0.47, for the prior
quarter. For the nine months ended September 30, 2020, net
income was $48.4 million, or $0.91 per diluted share, compared to
$71.6 million, or $1.38, for the nine months ended September 30,
2019. Adjusted net income1 was $27.3 million, or $0.50 per diluted
share, compared to $25.5 million, or $0.48, for the prior quarter.
For the nine months ended September 30, 2020, adjusted net
income1 was $58.3 million, or $1.09 per diluted share, compared to
$77.8 million, or $1.50, for the nine months ended September 30,
2019.
- Net revenues were $80.4 million, a decrease of
$1.8 million, or 2%, compared to the prior quarter. For the nine
months ended September 30, 2020, net revenues were $240.6
million, an increase of $18.4 million, or 8%, compared to the nine
months ended September 30, 2019. Adjusted revenues1 were $80.4
million, a decrease of $0.6 million, or 1%, from the prior quarter.
For the nine months ended September 30, 2020, adjusted
revenues1 were $239.3 million, an increase of $16.8 million, or 8%,
compared to the nine months ended September 30, 2019.
- Net interest income totaled $63.5 million, a
decrease of $3.8 million, or 6%, from the prior quarter. For the
nine months ended September 30, 2020, net interest income was
$194.0 million, an increase of $12.1 million, or 7%, compared to
the nine months ended September 30, 2019. During the third quarter
of 2020, net interest income included $0.2 million in fees earned
on PPP loans compared to $4.0 million in the second quarter of
2020.
- Net interest margin was 3.40% in the third
quarter of 2020, compared to 3.70% in the second quarter of 2020.
Lower yield on PPP loans reduced net interest margin by 19 basis
points in the third quarter of 2020, compared to an increase of
eight basis points in the second quarter. Accretion of purchase
discounts on acquired loans increased net interest margin by 17
basis points in the third quarter of 2020, compared to 16 basis
points in the second quarter of 2020. Excluding these items, net
interest margin declined only four basis points to 3.42%. The yield
on loans declined nine basis points, reflecting higher paydowns and
refinancings. The yield on securities declined 56 basis points,
affected by rate resets and faster prepayments as well as
additional investments of excess liquidity into securities this
quarter. These declines were partially offset by lower cost of
deposits, which decreased seven basis points, from 31 basis points
in the second quarter to 24 basis points in the third quarter. This
reflects a favorable product mix, including a higher proportion of
noninterest bearing demand deposits to total deposits. We expect
the cost of deposits to continue to decline in the fourth quarter
of 2020.
- Noninterest income totaled $16.9 million, an
increase of $1.9 million, or 13%, compared to the prior quarter.
For the nine months ended September 30, 2020, noninterest
income was $46.6 million, an increase of $6.3 million, or 16%,
compared to the nine months ended September 30, 2019. Results for
the third quarter of 2020 included the following:
- When Seacoast originates residential mortgage loans intended
for sale, they are sold at a premium to investors in the secondary
market. Mortgage banking fees increased $1.7 million, or 48%,
compared to the second quarter of 2020 to a record $5.3 million, as
Seacoast continues to capitalize on the robust residential
refinance market and strength in the Florida housing market.
Seacoast's mortgage team has adapted quickly to the heightened
demand by increasing customer service level standards with
realtors, refinance customers, and new home buyers, resulting in
stronger performance than competitors. The Company uses rate locks
with investors at the time of application, thereby eliminating
interest rate risk.
- Interchange revenue increased by $0.5 million to a record $3.7
million at September 30, 2020, reflecting the benefit of
recent growth in business banking customers and marketing targeted
at increasing spend behavior by our customers.
- Service charges on deposits increased $0.3 million compared to
the second quarter of 2020. Service charges remain lower than
pre-pandemic levels, the result of higher average deposit balances
for both business and consumer customers.
- Wealth management income increased $0.3 million to a record
$2.0 million, reflecting the benefit of continued growth in assets
under management, reaching $793 million at September 30,
2020, a 31% increase from the prior year.
- Gains on the sale of securities were negligible in the third
quarter of 2020, compared to gains of $1.2 million in the second
quarter of 2020, and losses of $0.8 million in the third quarter of
2019.
- The total ratio of allowance for credit losses to total loans
was 1.60% at September 30, 2020, compared to 1.58% at June 30,
2020. Excluding PPP loans, the ratio was 1.80% at
September 30, 2020 compared to 1.76% at June 30, 2020.
Seacoast recorded a reversal of the provision for credit
losses of $0.8 million, the result of a decline in
Seacoast-originated loan balances during the quarter, offset by an
increase related to acquired loans. An allowance for loans acquired
with indications of credit deterioration since origination is
recorded through purchase accounting with no impact on the
provision. In addition, Seacoast recorded a provision for credit
losses on unfunded commitments of $0.8 million during the third
quarter of 2020, compared to $0.2 million in the prior
quarter.
- Noninterest expense was $51.7 million, an
increase of $9.3 million, or 22%, compared to the prior quarter.
For the nine months ended September 30, 2020, noninterest
expense was $141.9 million, an increase of $19.2 million, or 16%,
compared to the nine months ended September 30, 2019. Changes from
the second quarter of 2020 consisted of the following:
- Salaries and wages increased by $2.9 million, or 14%, of which
$0.6 million was merger-related. In the second quarter of 2020,
higher loan production driven by the PPP program resulted in higher
deferrals of related salary expenses in that quarter, impacting the
quarter over quarter comparison by $2.9 million. Commission
expenses were higher due to increased production volume by the
mortgage banking group, offset by lower temporary staffing costs
associated with our call center.
- Employee benefits increased by $0.6 million, or 18%, primarily
the result of higher health insurance costs. Seacoast maintains a
self-funded health insurance plan, and low claims activity
resulting from pandemic-related restrictions in the second quarter
resulted in lower costs in the second quarter. In the third
quarter, as government-mandated restrictions on access to
healthcare providers eased, claims activity returned. We expect
claims to normalize in the coming quarter.
- Higher occupancy expenses are the result of the consolidation
of the existing St. Petersburg branch upon acquisition of Freedom
Bank. Charges include a lease termination fee of $0.3 million and
the write-off of $0.2 million in leasehold improvements. This
consolidation is expected to result in $0.5 million in ongoing
annual savings. Further consolidation activity is expected in
2021.
- Data processing costs increased by $2.1 million, or 51%,
including $1.9 million in merger-related costs associated with data
conversion.
- Furniture and equipment increased by $0.2 million, or 16%,
reflecting the impact of equipment disposals associated with the
Freedom Bank acquisition.
- Marketing expense increased by $0.5 million, or 52%, the result
of increased investment to capture the opportunity presented by
dissatisfied business customers affected by unsatisfactory PPP
execution by national banks.
- Legal and professional fees increased $0.7 million, which
included an increase of $1.1 million in merger-related costs
compared to the second quarter of 2020, partially offset by lower
legal fees in the third quarter of 2020.
- FDIC assessments increased $0.2 million, or 78%, reflecting the
return to standard assessment expense after full utilization of
previous credits.
- Provision for credit losses on unfunded commitments increased
$0.6 million, primarily associated with loan commitments acquired
from Freedom Bank.
- Other expenses increased $0.8 million, or 20%, which reflected
the impact of higher mortgage loan production-related expenses
associated with higher production volumes and higher executive
recruiting fees in the quarter.
- Seacoast recorded $7.0 million of income tax
expense in the third quarter of 2020, compared to $7.2
million in the prior quarter. Tax impacts related to stock-based
compensation were nominal each period.
- The ratio of net adjusted noninterest
expense1 to average tangible assets was 2.24% in the third
quarter of 2020, compared to 2.11% in the prior quarter. Net
adjusted noninterest expense1 in the second quarter of 2020
benefited from the impact of higher loan production driven by the
PPP program, resulting in higher deferrals of related salary
expenses.
- The efficiency ratio was 61.6% compared to
50.1% in the prior quarter. The adjusted efficiency
ratio1 was 54.8% compared to 49.6% in the prior quarter.
The efficiency ratio in the second quarter of 2020 benefited from
the impact of higher PPP fee accretion and the impact of higher
loan production driven by the PPP program, resulting in higher
deferrals of related salary expenses.
Balance Sheet
- At September 30, 2020, the Company had total
assets of $8.3 billion and total
shareholders' equity of $1.1 billion. Book
value per share was $19.91, and tangible book
value per share was $15.57, compared to $19.45 and $15.11,
respectively, on June 30, 2020. This resulted in annualized growth
in tangible book value per share of 12% compared to June 30,
2020.
- Debt securities totaled $1.5 billion on
September 30, 2020, an increase of $291.1 million compared to June
30, 2020. Purchases during the quarter were primarily in
government-sponsored mortgage-backed securities with an
average yield of 1.31%.
- Loans totaled $5.9 billion on September 30,
2020, an increase of $86.0 million, or 1%, compared to June 30,
2020. Excluding loans acquired from Freedom Bank and PPP loans
originated in the third quarter, loans outstanding declined by
$231 million compared to June 30, 2020. The decline resulted
from the Company's continuing strict underwriting and conservative
credit posture, given the economic uncertainty, combined with
lesser pipeline-building activities during the periods of
government shutdown earlier in the year, and lower demand for
credit facilities from business customers. Additionally, during the
quarter, early payoffs of loans accelerated, primarily in the
commercial real estate and residential real estate portfolios.
- The Company acquired $309.2 million in loans from Freedom
Bank, including $54.2 million in PPP loans and $35.2 million
of loans on deferred payment status.
- Other loan originations were $346.7 million in the third
quarter of 2020, compared to $901.5 million in the second quarter
of 2020.
- Commercial originations during the third quarter of 2020 were
$88.2 million, compared to $106.9 million in the second quarter of
2020. Originations in the third quarter reflect the Company's
adherence to conservative underwriting guidelines in the current
economic environment, lesser pipeline-building activities during
the periods of government shutdown earlier in the year, and lower
demand for credit facilities from business customers during the
quarter.
- Residential loans originated for sale in the secondary market
were $162.5 million in the third quarter of 2020, compared to
$122.5 million in the second quarter of 2020. The residential
lending team has adapted quickly to heightened demand and has
increased service levels to homebuyers, refinance customers, and
local real estate professionals. As a result, the Company has
recognized outsized growth in market share.
- Closed residential loans retained in the portfolio totaled
$25.4 million in the third quarter of 2020, compared to $23.5
million in the second quarter of 2020.
- Consumer originations in the third quarter of 2020 were $62.3
million, compared to $58.0 million in the second quarter of
2020.
- PPP loan originations in the third quarter of 2020 were $8.3
million, compared to $590.7 million in the second quarter of
2020.
- Seacoast provided borrowers financially impacted by the
pandemic the ability to defer payments for periods ranging from
three to six months. As of September 30, 2020, $702.7 million in
loans were in payment deferral status, 97% of which are scheduled
to resume regular payments in the fourth quarter of 2020. During
the payment deferral period, Seacoast has generally continued to
recognize interest income. An allowance for potentially
uncollectible accrued interest totaled $0.4 million as of
September 30, 2020, established with a corresponding charge to
provision for credit losses.
- Pipelines (loans in underwriting and approval
or approved and not yet closed) totaled $456.6 million on
September 30, 2020. Seacoast remains committed to maintaining
strict and careful underwriting standards, given the continuing
economic uncertainty.
- Commercial pipelines were $256.2 million as of September 30,
2020, compared to $117.0 million as of the prior quarter end.
- Residential saleable pipelines were $149.9 million as of
September 30, 2020, compared to $94.7 million as of the prior
quarter end. Retained residential pipelines were $33.4 million as
of September 30, 2020, compared to $13.2 million as of the prior
quarter end.
- Consumer pipelines were $17.1 million as of September 30, 2020,
compared to $30.6 million as of the prior quarter-end. The decrease
was the result of lower demand for HELOC products in the third
quarter of 2020 as customers are using first mortgage refinancing
as an economically beneficial alternative.
- Total deposits were $6.9 billion as of
September 30, 2020, an increase of $248.1 million, or 4%,
sequentially. The increase includes $330 million in deposits from
Freedom Bank, partially offset by lower brokered time deposits
balances.
- The overall cost of deposits declined to 24 basis points in the
third quarter of 2020 from 31 basis points in the prior quarter,
reflecting the impact of an increase in the proportion of
noninterest-bearing deposits as well as lower costs on time
deposits. We expect the cost of deposits to continue to decline in
the fourth quarter.
- Total transaction accounts increased 37% year-over-year and, as
a percentage of overall deposit funding, remained at 55%.
- Interest-bearing deposits (interest-bearing demand, savings,
and money market deposits) increased quarter-over-quarter $277.3
million, or 9%, to $3.5 billion, noninterest-bearing demand
deposits increased $133.3 million, or 6%, to $2.4 billion, and CDs
(excluding brokered) increased $28.9 million, or 5%, to $635.5
million.
- On September 30, 2020, average deposits per banking center were
$136 million, compared to $133 million on June 30, 2020,
and $118 million on September 30, 2019.
- We estimate 60% of funds from PPP originations remain in
deposit accounts at Seacoast as of the end of the quarter.
Asset Quality
- Nonperforming loans increased by $7.2 million
to $37.2 million at September 30, 2020. Of the $7.2 million
increase, $3.0 million was acquired from Freedom Bank.
Nonperforming loans to total loans outstanding were 0.64% at
September 30, 2020, 0.52% at June 30, 2020, and 0.52% at September
30, 2019.
- Nonperforming assets to total assets were
0.64% at September 30, 2020, 0.57% at June 30, 2020 and 0.58% at
September 30, 2019.
- The ratio of allowance for credit
losses to total loans was 1.60% at September 30, 2020,
1.58% at June 30, 2020, and 0.67% at September 30, 2019. The
Company has assigned no allowance for credit losses to PPP loans,
as the United States government contractually guarantees repayment.
Excluding PPP loans, the ratio of allowance for credit losses to
total loans at September 30, 2020, was 1.80%, compared to 1.76% at
June 30, 2020.
- Net charge-offs were $1.7 million, or 0.12% of
average loans for the third quarter of 2020 compared to $1.8
million, or 0.12% of average loans in the second quarter of 2020
and $2.1 million, or 0.17% of average loans in the third quarter of
2019. Net charge-offs for the four most recent quarters averaged
0.14%.
- Portfolio diversification, in terms of asset
mix, industry, and loan type, has been a critical element of the
Company's lending strategy. Exposure across industries and
collateral types is broadly distributed. Excluding PPP loans,
Seacoast's average commercial loan size is $386,000, reflecting an
ability to maintain granularity within the overall loan
portfolio.
- The Company does not have any purchased loan
syndications, shared national credits, or mezzanine
finance.
- Since the outbreak of COVID-19, the Company has not experienced
any material increase in consumer or
commercial line utilization.
- Construction and land
development and commercial real estate
loans remain well below regulatory guidance at 30% and
176% of total bank-level risk based capital, respectively, compared
to 34% and 188% respectively, in the second quarter of 2020. On a
consolidated basis, construction and land development and
commercial real estate loans represent 28% and 165%, respectively,
of total consolidated risk-based capital.
- As the trajectory of the economic recovery remains unclear as
the negative impact of COVID-19 continues and further fiscal
stimulus is uncertain, Seacoast will remain vigilant in maintaining
its conservative credit posture.
Capital and Liquidity
- The tier 1 capital ratio increased to 16.8%
from 16.4% at June 30, 2020, and 14.9% September 30, 2019. The
total capital ratio was 17.9% and the tier
1 leverage ratio was 11.9% at September 30, 2020.
- Tangible common equity to tangible assets was
10.67% at September 30, 2020, compared to 10.19% at June 30, 2020
and 11.05% at September 30, 2019.
- Cash and cash equivalents at September 30,
2020 totaled $309.6 million, an increase of $185.0 million from
December 31, 2019, as Seacoast maintained a prudent liquidity
position.
- At September 30, 2020, the Company had available unsecured
lines of credit of $135.0 million and lines of credit under
lendable collateral value of $1.7 billion. $1.2 billion of debt
securities and $646.1 million in residential and commercial real
estate loans are available as collateral for potential
borrowings.
| |
|
|
|
|
|
|
|
| FINANCIAL HIGHLIGHTS |
|
|
|
|
|
|
|
| (Amounts in thousands
except per share data) |
(Unaudited) |
| |
Quarterly Trends |
| |
|
|
|
|
|
|
|
|
|
| |
3Q'20 |
|
2Q'20 |
|
1Q'20 |
|
4Q'19 |
|
3Q'19 |
| Selected Balance Sheet Data: |
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
8,287,840 |
|
|
$ |
8,084,013 |
|
|
$ |
7,352,894 |
|
|
$ |
7,108,511 |
|
|
$ |
6,890,645 |
|
|
Gross Loans |
5,858,029 |
|
|
5,772,052 |
|
|
5,317,208 |
|
|
5,198,404 |
|
|
4,986,289 |
|
|
Total Deposits |
6,914,843 |
|
|
6,666,783 |
|
|
5,887,499 |
|
|
5,584,753 |
|
|
5,673,141 |
|
| |
|
|
|
|
|
|
|
|
|
| Performance Measures: |
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
22,628 |
|
|
$ |
25,080 |
|
|
$ |
709 |
|
|
$ |
27,176 |
|
|
$ |
25,605 |
|
|
Net Interest Margin |
3.40 |
% |
|
3.70 |
% |
|
3.93 |
% |
|
3.84 |
% |
|
3.89 |
% |
|
Average Diluted Shares Outstanding |
54,301 |
|
|
53,308 |
|
|
52,284 |
|
|
52,081 |
|
|
51,935 |
|
|
Diluted Earnings Per Share (EPS) |
$ |
0.42 |
|
|
$ |
0.47 |
|
|
$ |
0.01 |
|
|
$ |
0.52 |
|
|
$ |
0.49 |
|
|
Return on (annualized): |
|
|
|
|
|
|
|
|
|
|
Average Assets (ROA) |
1.11 |
% |
|
1.27 |
% |
|
0.04 |
% |
|
1.54 |
% |
|
1.49 |
% |
|
Average Tangible Assets (ROTA)2 |
1.20 |
|
|
1.37 |
|
|
0.11 |
|
|
1.66 |
|
|
1.61 |
|
|
Average Tangible Common Equity (ROTCE)2 |
11.35 |
|
|
13.47 |
|
|
0.95 |
|
|
14.95 |
|
|
14.73 |
|
|
Tangible Common Equity to Tangible Assets2 |
10.67 |
|
|
10.19 |
|
|
10.68 |
|
|
11.05 |
|
|
11.05 |
|
|
Tangible Book Value Per Share2 |
$ |
15.57 |
|
|
$ |
15.11 |
|
|
$ |
14.42 |
|
|
$ |
14.76 |
|
|
$ |
14.30 |
|
|
Efficiency Ratio |
61.65 |
% |
|
50.11 |
% |
|
59.85 |
% |
|
48.36 |
% |
|
48.62 |
% |
| |
|
|
|
|
|
|
|
|
|
| Adjusted Operating Measures1: |
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income |
$ |
27,336 |
|
|
$ |
25,452 |
|
|
$ |
5,462 |
|
|
$ |
26,837 |
|
|
$ |
27,731 |
|
|
Adjusted Diluted EPS |
0.50 |
|
|
0.48 |
|
|
0.10 |
|
|
0.52 |
|
|
0.53 |
|
|
Adjusted ROTA2 |
1.38 |
% |
|
1.33 |
% |
|
0.32 |
% |
|
1.57 |
% |
|
1.67 |
% |
|
Adjusted ROTCE2 |
13.06 |
|
|
13.09 |
|
|
2.86 |
|
|
14.19 |
|
|
15.30 |
|
|
Adjusted Efficiency Ratio |
54.82 |
|
|
49.60 |
|
|
53.55 |
|
|
47.52 |
|
|
48.96 |
|
|
Net Adjusted Noninterest Expense as a Percent of Average Tangible
Assets2 |
2.24 |
|
|
2.11 |
|
|
2.46 |
|
|
2.11 |
|
|
2.21 |
|
| |
|
|
|
|
|
|
|
|
|
| Other Data: |
|
|
|
|
|
|
|
|
|
|
Market capitalization3 |
$ |
994,690 |
|
|
$ |
1,081,009 |
|
|
$ |
965,097 |
|
|
$ |
1,574,775 |
|
|
$ |
1,303,010 |
|
|
Full-time equivalent employees |
968 |
|
|
924 |
|
|
919 |
|
|
867 |
|
|
867 |
|
|
Number of ATMs |
77 |
|
|
76 |
|
|
76 |
|
|
78 |
|
|
80 |
|
|
Full-service banking offices |
51 |
|
|
50 |
|
|
50 |
|
|
48 |
|
|
48 |
|
|
Registered online users |
121,620 |
|
|
117,273 |
|
|
113,598 |
|
|
109,684 |
|
|
107,241 |
|
|
Registered mobile devices |
110,241 |
|
|
108,062 |
|
|
104,108 |
|
|
99,361 |
|
|
96,384 |
|
| 1Non-GAAP measure, see “Explanation of Certain
Unaudited Non-GAAP Financial Measures" for more information and a
reconciliation to GAAP |
| 2The Company defines tangible assets as total
assets less intangible assets, and tangible common equity as total
shareholders' equity less intangible assets. |
| 3Common shares outstanding multiplied by closing
bid price on last day of each period. |
| |
Third Quarter Strategic Highlights
Capitalizing on Seacoast's Early
Commitment to Digital Transformation
- Digital adoption and usage remain strong. Registered mobile
devices have increased 14% compared to the third quarter of 2019,
while online users have increased 13% in the same time period.
Growth is coming from both consumer and business customers
utilizing the convenience of mobile and online channels.
- In 2019, Seacoast enhanced the interactive voice response (IVR)
system in our Florida-based Customer Support Center, which provides
customers with secure, self-serve options and expedites call
routing processes. This investment has provided scalability to our
operations and has elevated the customer experience with shorter
wait times and quicker access. Since the pandemic began, 50% of
callers choose to utilize the IVR for routine service and
information requests, and call center service levels remain high.
Seacoast has partnered with a leading consumer insights firm to
capture and analyze feedback from customers, which indicates a high
level of satisfaction with the call center experience.
- Approximately 50% of all deposit transactions were completed
outside of the branch network for consumer and business customers,
an increase of 9% over the same time period last year. Routine
transactions continue to migrate from the branch network to lower
cost channels.
Driving Improvements to
Operations
- As the Paycheck Protection Program begins to accelerate
processing of loan forgiveness applications, Seacoast will leverage
an automated solution aimed at streamlining the process for
customers while integrating with its existing technology
infrastructure. Customers will benefit from self-service and
banker-led loan forgiveness solutions, which our customers will be
able to choose from based on their individual needs and personal
preferences. Initial beta testing is complete and the solution is
now processing forgiveness applications.
- Early in 2020, the residential lending team quickly adapted to
heightened demand and increased service levels by leveraging the
digital origination platform and transacting fully remote closings.
Using Seacoast’s analytics-based marketing, the residential lending
team also targeted opportunities identified through digital
channels. These efforts resulted in approximately 20% of the third
quarter originations and 20% of the pipeline at period end.
Scaling and Evolving Our
Culture
Prioritizing how we lead through strategic
initiatives and streamlined decision making enables us to keep the
customer at the center of everything we do and deliver greater
value in every customer interaction.
- In July, we welcomed Austen Carroll to Seacoast as EVP, Chief
Lending Officer. In this role, Austen leads our commercial banking
division, including treasury sales and operations. Austen is a
well-known and highly regarded banker in the Southeast. Prior to
joining Seacoast, Austen served as Chief Banking Officer for Ameris
Bank where he was responsible for the oversight of core banking
activities throughout the bank's footprint including Alabama,
Florida, South Carolina and a majority of Georgia. He has achieved
great success in his prior roles and will help accelerate the
growth of our Commercial Banking business.
- In August, Richard Raiford joined the Seacoast leadership team
as EVP, Chief Credit Officer. Richard brings a wealth of
experiences from large and well-respected institutions, which will
add depth to our credit team, and position us for growth while
maintaining our commitment to rigorous underwriting and credit
monitoring standards. Prior to joining Seacoast, Richard served as
Chief Credit Officer for East West Bank, and earlier in his career
spent 28 years with JPMorgan Chase in a number of risk management,
middle-market banking and investment banking leadership roles.
David Houdeshell, who has served as Seacoast's Chief Credit Officer
since 2010, has taken on the newly created role of EVP, Director of
Credit Analytics and Policy, where he will continue to refine our
differentiated credit analytics capabilities to support Seacoast's
disciplined growth.
- In October, Daniel "Dan" Hilken joined the bank's commercial
banking team as regional market president in Central Florida. Dan
brings 30 years of banking experience, leadership, and knowledge of
the Central Florida marketplace, including from his most recent
role as the Central Florida commercial banking leader at Wells
Fargo. Dan will be focused on organic growth in this strategically
important market for Seacoast.
Fourth Street Banking Company
Acquisition
- Seacoast’s balanced growth strategy, combining organic growth
with value-creating acquisitions, continues to benefit shareholders
and provide new opportunities for associates. The purchase of
Fourth Street Banking Company, the holding company for Freedom Bank
of St. Petersburg, in the third quarter of 2020 added experienced
bankers in a growing market, further supporting sustainable,
profitable growth. The acquisition increases Seacoast’s market
share to the #2 Florida-based community bank in the attractive
Tampa MSA.
OTHER INFORMATION
Conference Call
InformationSeacoast will host a conference call on
October 28, 2020 at 10:00 a.m. (Eastern Time) to discuss the
third quarter 2020 earnings results and business trends. Investors
may call in (toll-free) by dialing (800) 774-6070 (passcode 9888
543#; 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 28, 2020, by
clicking here and using passcode 49937710.
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 "Corporate Information."
Beginning the afternoon of October 28, 2020, an archived
version of the webcast can be accessed from this same subsection of
the website. The archived webcast will be available for one
year.
About Seacoast Banking Corporation of
Florida (NASDAQ: SBCF)Seacoast Banking Corporation of
Florida is one of the largest community banks headquartered in
Florida with approximately $8.3 billion in assets and $6.9 billion
in deposits as of September 30, 2020. The Company provides
integrated financial services including commercial and retail
banking, wealth management, and mortgage services to customers
through advanced banking solutions, and 51 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 Statements This press release contains
"forward-looking statements" within the meaning, and protections,
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, including, without limitation,
statements about future financial and operating results, cost
savings, enhanced revenues, economic and seasonal conditions in our
markets, and improvements to reported earnings that may be realized
from cost controls, tax law changes, new initiatives and for
integration of banks that we have acquired, including Fourth
Street, as well as statements with respect to Seacoast's
objectives, strategic plans, including Vision 2020, expectations
and intentions and other statements that are not historical facts,
any of which may be impacted by the COVID-19 pandemic and related
effects on the U.S. economy. Actual results may differ from those
set forth in the forward-looking statements.
Forward-looking statements include statements
with respect to our beliefs, plans, objectives, goals,
expectations, anticipations, assumptions, estimates and intentions
about future performance and involve known and unknown risks,
uncertainties and other factors, which may be beyond our control,
and which may cause the actual results, performance or achievements
of Seacoast to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. You should not expect us to update any
forward-looking statements.
All statements other than statements of
historical fact could be forward-looking statements. You can
identify these forward-looking statements through our use of words
such as "may", "will", "anticipate", "assume", "should", "support",
"indicate", "would", "believe", "contemplate", "expect",
"estimate", "continue", "further", "plan", "point to", "project",
"could", "intend", "target" or other similar words and expressions
of the future. These forward-looking statements may not be realized
due to a variety of factors, including, without limitation: the
effects of future economic and market conditions, including
seasonality and the adverse impact of COVID-19 (economic and
otherwise); governmental monetary and fiscal policies, including
interest rate policies of the Board of Governors of the Federal
Reserve, as well as legislative, tax and regulatory changes
(including potential future legislation enacted as a result of the
upcoming 2020 election); changes in accounting policies, rules and
practices, including the impact of the adoption of CECL; our
participation in the PPP program; the risks of changes in interest
rates on the level and composition of deposits, loan demand,
liquidity and the values of loan collateral, securities, and
interest sensitive assets and liabilities; interest rate risks,
sensitivities and the shape of the yield curve; uncertainty related
to the impact of LIBOR calculations on securities and loans;
changes in borrower credit risks and payment behaviors; changes in
the availability and cost of credit and capital in the financial
markets; changes in the prices, values and sales volumes of
residential and commercial real estate; our ability to comply with
any regulatory requirements; the effects of problems encountered by
other financial institutions that adversely affect us or the
banking industry; our concentration in commercial real estate
loans; the failure of assumptions and estimates, as well as
differences in, and changes to, economic, market and credit
conditions; the impact on the valuation of our investments due to
market volatility or counterparty payment risk; statutory and
regulatory dividend restrictions; increases in regulatory capital
requirements for banking organizations generally; the risks of
mergers, acquisitions and divestitures, including our ability to
continue to identify acquisition targets and successfully acquire
desirable financial institutions; changes in technology or products
that may be more difficult, costly, or less effective than
anticipated; our ability to identify and address increased
cybersecurity risks; inability of our risk management framework to
manage risks associated with our business; dependence on key
suppliers or vendors to obtain equipment or services for our
business on acceptable terms; reduction in or the termination of
our ability to use the mobile-based platform that is critical to
our business growth strategy; the effects of war or other
conflicts, acts of terrorism, natural disasters, health
emergencies, epidemics or pandemics, or other catastrophic events
that may affect general economic conditions; unexpected outcomes of
and the costs associated with, existing or new litigation involving
us; our ability to maintain adequate internal controls over
financial reporting; potential claims, damages, penalties, fines
and reputational damage resulting from pending or future
litigation, regulatory proceedings and enforcement actions; the
risks that our deferred tax assets could be reduced if estimates of
future taxable income from our operations and tax planning
strategies are less than currently estimated and sales of our
capital stock could trigger a reduction in the amount of net
operating loss carryforwards that we may be able to utilize for
income tax purposes; the effects of competition from other
commercial banks, thrifts, mortgage banking firms, consumer finance
companies, credit unions, securities brokerage firms, insurance
companies, money market and other mutual funds and other financial
institutions operating in our market areas and elsewhere, including
institutions operating regionally, nationally and internationally,
together with such competitors offering banking products and
services by mail, telephone, computer and the Internet; and the
failure of assumptions underlying the establishment of reserves for
possible loan losses.
The risks relating to the Fourth Street merger
include, without limitation: unexpected transaction costs,
including the costs of integrating operations; the risks that the
businesses will not be integrated successfully or that such
integration may be more difficult, time-consuming or costly than
expected; the potential failure to fully or timely realize expected
revenues and revenue synergies, including as the result of revenues
following the mergers being lower than expected; the risk of
deposit and customer attrition; any changes in deposit mix;
unexpected operating and other costs, which may differ or change
from expectations; the risks of customer and employee loss and
business disruptions, including, without limitation, as the result
of difficulties in maintaining relationships with employees;
increased competitive pressures and solicitations of customers by
competitors; as well as the difficulties and risks inherent with
entering new markets.
Given the many unknowns and risks being heavily
weighted to the downside, our forward-looking statements are
subject to the risk that conditions will be substantially different
than we are currently expecting. If efforts to contain COVID-19 are
unsuccessful and restrictions on movement last into the fourth
quarter and beyond, the recession would be much longer and much
more severe. Ineffective fiscal stimulus, or an extended delay in
implementing it, are also major downside risks. The deeper the
recession is, and the longer it lasts, the more it will damage
consumer fundamentals and sentiment. This could both prolong the
recession, and/or make any recovery weaker. Similarly, the
recession could damage business fundamentals. And an extended
global recession due to COVID-19 would weaken the U.S. recovery. As
a result, the outbreak and its consequences, including responsive
measures to manage it, have had and are likely to continue to have
an adverse effect, possibly materially, on our business and
financial performance by adversely affecting, possibly materially,
the demand and profitability of our products and services, the
valuation of assets and our ability to meet the needs of our
customers.
All written or oral forward-looking statements
attributable to us are expressly qualified in their entirety by
this cautionary notice, including, without limitation, those risks
and uncertainties described in our annual report on Form 10-K for
the year ended December 31, 2019, and our quarterly reports on Form
10-Q for the quarters ended March 31, 2020 and June 30, 2020 under
"Special Cautionary Notice Regarding Forward-looking Statements"
and "Risk Factors", and otherwise in our SEC reports and filings.
Such reports are available upon request from the Company, or from
the Securities and Exchange Commission, including through the SEC's
Internet website at www.sec.gov.
| |
|
|
|
|
|
| FINANCIAL
HIGHLIGHTS |
(Unaudited) |
|
|
|
|
| |
|
|
|
|
|
| SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
|
|
|
|
|
| |
|
| |
Quarterly
Trends |
|
Nine Months Ended |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Amounts in thousands,
except ratios and per share data) |
3Q'20 |
|
2Q'20 |
|
1Q'20 |
|
4Q'19 |
|
3Q'19 |
|
3Q'20 |
|
3Q'19 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
$ |
22,628 |
|
|
$ |
25,080 |
|
|
$ |
709 |
|
|
$ |
27,176 |
|
|
$ |
25,605 |
|
|
$ |
48,417 |
|
|
$ |
71,563 |
|
| Adjusted net income1 |
27,336 |
|
|
25,452 |
|
|
5,462 |
|
|
26,837 |
|
|
27,731 |
|
|
58,250 |
|
|
77,754 |
|
| Net interest income2 |
63,621 |
|
|
67,388 |
|
|
63,291 |
|
|
61,846 |
|
|
61,027 |
|
|
194,300 |
|
|
182,107 |
|
| Net interest margin2,3 |
3.40 |
% |
|
3.70 |
% |
|
3.93 |
% |
|
3.84 |
% |
|
3.89 |
% |
|
3.67 |
% |
|
3.95 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Performance Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average assets-GAAP basis3 |
1.11 |
% |
|
1.27 |
% |
|
0.04 |
% |
|
1.54 |
% |
|
1.49 |
% |
|
0.84 |
% |
|
1.41 |
% |
| Return on average tangible assets-GAAP basis3,4 |
1.20 |
|
|
1.37 |
|
|
0.11 |
|
|
1.66 |
|
|
1.61 |
|
|
0.93 |
|
|
1.53 |
|
| Adjusted return on average tangible assets1,3,4 |
1.38 |
|
|
1.33 |
|
|
0.32 |
|
|
1.57 |
|
|
1.67 |
|
|
1.04 |
|
|
1.59 |
|
| Net adjusted noninterest expense to average tangible
assets1,3,4 |
2.24 |
|
|
2.11 |
|
|
2.46 |
|
|
2.11 |
|
|
2.21 |
|
|
2.26 |
|
|
2.37 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average shareholders' equity-GAAP basis3 |
8.48 |
|
|
9.96 |
|
|
0.29 |
|
|
11.04 |
|
|
10.73 |
|
|
6.32 |
|
|
10.48 |
|
| Return on average tangible common equity-GAAP basis3,4 |
11.35 |
|
|
13.47 |
|
|
0.95 |
|
|
14.95 |
|
|
14.73 |
|
|
8.71 |
|
|
14.63 |
|
| Adjusted return on average tangible common equity1,3,4 |
13.06 |
|
|
13.09 |
|
|
2.86 |
|
|
14.19 |
|
|
15.30 |
|
|
9.80 |
|
|
15.20 |
|
| Efficiency ratio5 |
61.65 |
|
|
50.11 |
|
|
59.85 |
|
|
48.36 |
|
|
48.62 |
|
|
57.15 |
|
|
52.85 |
|
| Adjusted efficiency ratio1 |
54.82 |
|
|
49.60 |
|
|
53.55 |
|
|
47.52 |
|
|
48.96 |
|
|
52.64 |
|
|
52.05 |
|
| Noninterest income to total revenue (excluding securities
gains/losses) |
21.06 |
|
|
17.00 |
|
|
18.84 |
|
|
18.30 |
|
|
19.53 |
|
|
18.96 |
|
|
18.64 |
|
| Tangible common equity to tangible assets4 |
10.67 |
|
|
10.19 |
|
|
10.68 |
|
|
11.05 |
|
|
11.05 |
|
|
10.67 |
|
|
11.05 |
|
| Average loan-to-deposit ratio |
87.83 |
|
|
88.48 |
|
|
93.02 |
|
|
90.71 |
|
|
88.35 |
|
|
89.60 |
|
|
88.70 |
|
| End of period loan-to-deposit ratio |
85.77 |
|
|
87.40 |
|
|
90.81 |
|
|
93.44 |
|
|
88.36 |
|
|
85.77 |
|
|
88.36 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income diluted-GAAP basis |
$ |
0.42 |
|
|
$ |
0.47 |
|
|
$ |
0.01 |
|
|
$ |
0.52 |
|
|
$ |
0.49 |
|
|
$ |
0.91 |
|
|
$ |
1.38 |
|
| Net income basic-GAAP basis |
0.42 |
|
|
0.47 |
|
|
0.01 |
|
|
0.53 |
|
|
0.50 |
|
|
0.91 |
|
|
1.39 |
|
| Adjusted earnings1 |
0.50 |
|
|
0.48 |
|
|
0.10 |
|
|
0.52 |
|
|
0.53 |
|
|
1.09 |
|
|
1.50 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Book value per share common |
19.91 |
|
|
19.45 |
|
|
18.82 |
|
|
19.13 |
|
|
18.70 |
|
|
19.91 |
|
|
18.70 |
|
| Tangible book value per share |
15.57 |
|
|
15.11 |
|
|
14.42 |
|
|
14.76 |
|
|
14.30 |
|
|
15.57 |
|
|
14.30 |
|
| Cash dividends declared |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1Non-GAAP measure - see "Explanation of Certain
Unaudited Non-GAAP Financial Measures" for more information and a
reconciliation to GAAP. |
|
|
| 2Calculated on a fully taxable equivalent basis
using amortized cost. |
|
|
| 3These ratios are stated on an annualized basis
and are not necessarily indicative of future periods. |
|
|
| 4The Company defines tangible assets as total
assets less intangible assets, and tangible common equity as total
shareholders' equity less intangible assets. |
|
|
| 5Defined as noninterest expense less amortization
of intangibles and gains, losses, and expenses on foreclosed
properties divided by net operating revenue (net interest income on
a fully taxable equivalent basis plus noninterest income excluding
securities gains and losses). |
| |
|
|
| |
|
|
|
|
|
|
|
|
| CONDENSED CONSOLIDATED STATEMENTS OF
INCOME |
|
(Unaudited) |
|
|
|
|
|
|
| SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
| |
|
| |
Quarterly
Trends |
|
Nine Months
Ended |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Amounts in thousands,
except per share data) |
3Q'20 |
|
2Q'20 |
|
1Q'20 |
|
4Q'19 |
|
3Q'19 |
|
3Q'20 |
|
3Q'19 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest on securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
6,972 |
|
|
$ |
7,573 |
|
|
$ |
8,696 |
|
|
$ |
8,500 |
|
|
$ |
8,802 |
|
|
$ |
23,241 |
|
|
$ |
26,854 |
|
|
Nontaxable |
125 |
|
|
121 |
|
|
122 |
|
|
130 |
|
|
131 |
|
|
368 |
|
|
425 |
|
| Fees on PPP loans |
161 |
|
|
4,010 |
|
|
— |
|
|
— |
|
|
— |
|
|
4,171 |
|
|
— |
|
| Interest on PPP loans |
1,558 |
|
|
1,058 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,616 |
|
|
— |
|
| Interest and fees on loans - excluding PPP loans |
58,768 |
|
|
59,776 |
|
|
63,440 |
|
|
62,868 |
|
|
63,092 |
|
|
181,984 |
|
|
187,667 |
|
| Interest on federal funds sold and other investments |
556 |
|
|
684 |
|
|
734 |
|
|
788 |
|
|
800 |
|
|
1,974 |
|
|
2,591 |
|
|
Total Interest Income |
68,140 |
|
|
73,222 |
|
|
72,992 |
|
|
72,286 |
|
|
72,825 |
|
|
214,354 |
|
|
217,537 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest on deposits |
1,299 |
|
|
1,203 |
|
|
3,190 |
|
|
3,589 |
|
|
4,334 |
|
|
5,692 |
|
|
13,032 |
|
| Interest on time certificates |
2,673 |
|
|
3,820 |
|
|
4,768 |
|
|
5,084 |
|
|
6,009 |
|
|
11,261 |
|
|
16,692 |
|
| Interest on borrowed money |
665 |
|
|
927 |
|
|
1,857 |
|
|
1,853 |
|
|
1,534 |
|
|
3,449 |
|
|
5,955 |
|
|
Total Interest Expense |
4,637 |
|
|
5,950 |
|
|
9,815 |
|
|
10,526 |
|
|
11,877 |
|
|
20,402 |
|
|
35,679 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
63,503 |
|
|
67,272 |
|
|
63,177 |
|
|
61,760 |
|
|
60,948 |
|
|
193,952 |
|
|
181,858 |
|
| Provision for credit losses |
(845 |
) |
|
7,611 |
|
|
29,513 |
|
|
4,800 |
|
|
2,251 |
|
|
36,279 |
|
|
6,199 |
|
|
Net Interest Income After Provision for Credit
Losses |
64,348 |
|
|
59,661 |
|
|
33,664 |
|
|
56,960 |
|
|
58,697 |
|
|
157,673 |
|
|
175,659 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Service charges on deposit accounts |
2,242 |
|
|
1,939 |
|
|
2,825 |
|
|
2,960 |
|
|
2,978 |
|
|
7,006 |
|
|
8,569 |
|
| Interchange income |
3,682 |
|
|
3,187 |
|
|
3,246 |
|
|
3,387 |
|
|
3,206 |
|
|
10,115 |
|
|
10,012 |
|
| Wealth management income |
1,972 |
|
|
1,719 |
|
|
1,867 |
|
|
1,579 |
|
|
1,632 |
|
|
5,558 |
|
|
4,773 |
|
| Mortgage banking fees |
5,283 |
|
|
3,559 |
|
|
2,208 |
|
|
1,514 |
|
|
2,127 |
|
|
11,050 |
|
|
4,976 |
|
| Marine finance fees |
242 |
|
|
157 |
|
|
146 |
|
|
338 |
|
|
152 |
|
|
545 |
|
|
715 |
|
| SBA gains |
252 |
|
|
181 |
|
|
139 |
|
|
576 |
|
|
569 |
|
|
572 |
|
|
1,896 |
|
| BOLI income |
899 |
|
|
887 |
|
|
886 |
|
|
904 |
|
|
928 |
|
|
2,672 |
|
|
2,770 |
|
| Other |
2,370 |
|
|
2,147 |
|
|
3,352 |
|
|
2,579 |
|
|
3,198 |
|
|
7,869 |
|
|
7,967 |
|
| |
16,942 |
|
|
13,776 |
|
|
14,669 |
|
|
13,837 |
|
|
14,790 |
|
|
45,387 |
|
|
41,678 |
|
| Securities gains (losses), net |
4 |
|
|
1,230 |
|
|
19 |
|
|
2,539 |
|
|
(847 |
) |
|
1,253 |
|
|
(1,322 |
) |
|
Total Noninterest Income |
16,946 |
|
|
15,006 |
|
|
14,688 |
|
|
16,376 |
|
|
13,943 |
|
|
46,640 |
|
|
40,356 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and wages |
23,125 |
|
|
20,226 |
|
|
23,698 |
|
|
17,263 |
|
|
18,640 |
|
|
67,049 |
|
|
56,566 |
|
| Employee benefits |
3,995 |
|
|
3,379 |
|
|
4,255 |
|
|
3,323 |
|
|
2,973 |
|
|
11,629 |
|
|
10,374 |
|
| Outsourced data processing costs |
6,128 |
|
|
4,059 |
|
|
4,633 |
|
|
3,645 |
|
|
3,711 |
|
|
14,820 |
|
|
11,432 |
|
| Telephone / data lines |
705 |
|
|
791 |
|
|
714 |
|
|
651 |
|
|
603 |
|
|
2,210 |
|
|
2,307 |
|
| Occupancy |
3,858 |
|
|
3,385 |
|
|
3,353 |
|
|
3,368 |
|
|
3,368 |
|
|
10,596 |
|
|
10,916 |
|
| Furniture and equipment |
1,576 |
|
|
1,358 |
|
|
1,623 |
|
|
1,416 |
|
|
1,528 |
|
|
4,557 |
|
|
4,829 |
|
| Marketing |
1,513 |
|
|
997 |
|
|
1,278 |
|
|
885 |
|
|
933 |
|
|
3,788 |
|
|
3,276 |
|
| Legal and professional fees |
3,018 |
|
|
2,277 |
|
|
3,363 |
|
|
2,025 |
|
|
1,648 |
|
|
8,658 |
|
|
6,528 |
|
| FDIC assessments |
474 |
|
|
266 |
|
|
— |
|
|
— |
|
|
56 |
|
|
740 |
|
|
881 |
|
| Amortization of intangibles |
1,497 |
|
|
1,483 |
|
|
1,456 |
|
|
1,456 |
|
|
1,456 |
|
|
4,436 |
|
|
4,370 |
|
| Foreclosed property expense and net loss/(gain) on sale |
512 |
|
|
245 |
|
|
(315 |
) |
|
3 |
|
|
262 |
|
|
442 |
|
|
48 |
|
| Provision for credit losses on unfunded commitments |
756 |
|
|
178 |
|
|
46 |
|
|
— |
|
|
— |
|
|
980 |
|
|
— |
|
| Other |
4,517 |
|
|
3,755 |
|
|
3,694 |
|
|
4,022 |
|
|
3,405 |
|
|
11,966 |
|
|
11,155 |
|
|
Total Noninterest Expense |
51,674 |
|
|
42,399 |
|
|
47,798 |
|
|
38,057 |
|
|
38,583 |
|
|
141,871 |
|
|
122,682 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
29,620 |
|
|
32,268 |
|
|
554 |
|
|
35,279 |
|
|
34,057 |
|
|
62,442 |
|
|
93,333 |
|
| Income taxes |
6,992 |
|
|
7,188 |
|
|
(155 |
) |
|
8,103 |
|
|
8,452 |
|
|
14,025 |
|
|
21,770 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
22,628 |
|
|
$ |
25,080 |
|
|
$ |
709 |
|
|
$ |
27,176 |
|
|
$ |
25,605 |
|
|
$ |
48,417 |
|
|
$ |
71,563 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income diluted |
$ |
0.42 |
|
|
$ |
0.47 |
|
|
$ |
0.01 |
|
|
$ |
0.52 |
|
|
$ |
0.49 |
|
|
$ |
0.91 |
|
|
$ |
1.38 |
|
| Net income basic |
0.42 |
|
|
0.47 |
|
|
0.01 |
|
|
0.53 |
|
|
0.50 |
|
|
0.91 |
|
|
1.39 |
|
| Cash dividends declared |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average diluted shares outstanding |
54,301 |
|
|
53,308 |
|
|
52,284 |
|
|
52,081 |
|
|
51,935 |
|
|
53,325 |
|
|
51,996 |
|
| Average basic shares outstanding |
53,978 |
|
|
52,985 |
|
|
51,803 |
|
|
51,517 |
|
|
51,473 |
|
|
52,926 |
|
|
51,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| 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) |
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2019 |
| |
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
81,692 |
|
|
$ |
84,178 |
|
|
$ |
82,111 |
|
|
$ |
89,843 |
|
|
$ |
106,349 |
|
|
Interest bearing deposits with other banks |
|
227,876 |
|
|
440,142 |
|
|
232,763 |
|
|
34,688 |
|
|
25,911 |
|
|
Total Cash and Cash Equivalents |
|
309,568 |
|
|
524,320 |
|
|
314,874 |
|
|
124,531 |
|
|
132,260 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Time deposits with other banks |
|
2,247 |
|
|
2,496 |
|
|
3,742 |
|
|
3,742 |
|
|
4,579 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Debt Securities: |
|
|
|
|
|
|
|
|
|
|
|
Available for sale (at fair value) |
|
1,286,858 |
|
|
976,025 |
|
|
910,311 |
|
|
946,855 |
|
|
920,811 |
|
|
Held to maturity (at amortized cost) |
|
207,376 |
|
|
227,092 |
|
|
252,373 |
|
|
261,369 |
|
|
273,644 |
|
|
Total Debt Securities |
|
1,494,234 |
|
|
1,203,117 |
|
|
1,162,684 |
|
|
1,208,224 |
|
|
1,194,455 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale |
|
73,046 |
|
|
54,943 |
|
|
29,281 |
|
|
20,029 |
|
|
26,768 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
5,858,029 |
|
|
5,772,052 |
|
|
5,317,208 |
|
|
5,198,404 |
|
|
4,986,289 |
|
|
Less: Allowance for credit losses |
|
(94,013 |
) |
|
(91,250 |
) |
|
(85,411 |
) |
|
(35,154 |
) |
|
(33,605 |
) |
|
Net Loans |
|
5,764,016 |
|
|
5,680,802 |
|
|
5,231,797 |
|
|
5,163,250 |
|
|
4,952,684 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Bank premises and equipment, net |
|
76,393 |
|
|
69,041 |
|
|
71,540 |
|
|
66,615 |
|
|
67,873 |
|
|
Other real estate owned |
|
15,890 |
|
|
15,847 |
|
|
14,640 |
|
|
12,390 |
|
|
13,593 |
|
|
Goodwill |
|
221,176 |
|
|
212,146 |
|
|
212,085 |
|
|
205,286 |
|
|
205,286 |
|
|
Other intangible assets, net |
|
18,163 |
|
|
17,950 |
|
|
19,461 |
|
|
20,066 |
|
|
21,318 |
|
|
Bank owned life insurance |
|
130,887 |
|
|
127,954 |
|
|
127,067 |
|
|
126,181 |
|
|
125,277 |
|
|
Net deferred tax assets |
|
25,503 |
|
|
21,404 |
|
|
19,766 |
|
|
16,457 |
|
|
17,168 |
|
|
Other assets |
|
156,717 |
|
|
153,993 |
|
|
145,957 |
|
|
141,740 |
|
|
129,384 |
|
|
Total Assets |
|
$ |
8,287,840 |
|
|
$ |
8,084,013 |
|
|
$ |
7,352,894 |
|
|
$ |
7,108,511 |
|
|
$ |
6,890,645 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
$ |
2,400,744 |
|
|
$ |
2,267,435 |
|
|
$ |
1,703,628 |
|
|
$ |
1,590,493 |
|
|
$ |
1,652,927 |
|
|
Interest-bearing demand |
|
1,385,445 |
|
|
1,368,146 |
|
|
1,234,193 |
|
|
1,181,732 |
|
|
1,115,455 |
|
|
Savings |
|
655,072 |
|
|
619,251 |
|
|
554,836 |
|
|
519,152 |
|
|
528,214 |
|
|
Money market |
|
1,457,078 |
|
|
1,232,892 |
|
|
1,124,378 |
|
|
1,108,363 |
|
|
1,158,862 |
|
|
Other time certificates |
|
457,964 |
|
|
445,176 |
|
|
489,669 |
|
|
504,837 |
|
|
537,183 |
|
|
Brokered time certificates |
|
381,028 |
|
|
572,465 |
|
|
597,715 |
|
|
472,857 |
|
|
458,418 |
|
|
Time certificates of more than $250,000 |
|
177,512 |
|
|
161,418 |
|
|
183,080 |
|
|
207,319 |
|
|
222,082 |
|
|
Total Deposits |
|
6,914,843 |
|
|
6,666,783 |
|
|
5,887,499 |
|
|
5,584,753 |
|
|
5,673,141 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
89,508 |
|
|
92,125 |
|
|
64,723 |
|
|
86,121 |
|
|
70,414 |
|
|
Federal Home Loan Bank borrowings |
|
35,000 |
|
|
135,000 |
|
|
265,000 |
|
|
315,000 |
|
|
50,000 |
|
|
Subordinated debt |
|
71,295 |
|
|
71,225 |
|
|
71,155 |
|
|
71,085 |
|
|
71,014 |
|
|
Other liabilities |
|
78,853 |
|
|
88,277 |
|
|
72,730 |
|
|
65,913 |
|
|
63,398 |
|
|
Total Liabilities |
|
7,189,499 |
|
|
7,053,410 |
|
|
6,361,107 |
|
|
6,122,872 |
|
|
5,927,967 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
5,517 |
|
|
5,299 |
|
|
5,271 |
|
|
5,151 |
|
|
5,148 |
|
|
Additional paid in capital |
|
854,188 |
|
|
811,328 |
|
|
809,533 |
|
|
786,242 |
|
|
784,661 |
|
|
Retained earnings |
|
227,354 |
|
|
204,719 |
|
|
179,646 |
|
|
195,813 |
|
|
168,637 |
|
|
Treasury stock |
|
(7,941 |
) |
|
(8,037 |
) |
|
(7,422 |
) |
|
(6,032 |
) |
|
(6,079 |
) |
| |
|
1,079,118 |
|
|
1,013,309 |
|
|
987,028 |
|
|
981,174 |
|
|
952,367 |
|
|
Accumulated other comprehensive income, net |
|
19,223 |
|
|
17,294 |
|
|
4,759 |
|
|
4,465 |
|
|
10,311 |
|
|
Total Shareholders' Equity |
|
1,098,341 |
|
|
1,030,603 |
|
|
991,787 |
|
|
985,639 |
|
|
962,678 |
|
|
Total Liabilities & Shareholders' Equity |
|
$ |
8,287,840 |
|
|
$ |
8,084,013 |
|
|
$ |
7,352,894 |
|
|
$ |
7,108,511 |
|
|
$ |
6,890,645 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Common shares outstanding |
|
55,169 |
|
|
52,991 |
|
|
52,709 |
|
|
51,514 |
|
|
51,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
CONSOLIDATED QUARTERLY FINANCIAL
DATA |
(Unaudited) |
| |
|
|
|
|
| SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES |
| |
|
| |
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands) |
3Q'20 |
|
2Q'20 |
|
1Q'20 |
|
4Q'19 |
|
3Q'19 |
| |
|
|
|
|
|
|
|
|
|
| Credit
Analysis |
|
|
|
|
|
|
|
|
|
|
Net charge-offs - non-acquired loans |
$ |
1,112 |
|
|
$ |
1,714 |
|
|
$ |
1,316 |
|
|
|
$ |
2,930 |
|
|
$ |
2,106 |
|
|
Net charge-offs (recoveries) - acquired loans |
624 |
|
|
37 |
|
|
(343 |
) |
|
|
295 |
|
|
5 |
|
|
Total Net Charge-offs |
1,736 |
|
|
1,751 |
|
|
973 |
|
|
|
3,225 |
|
|
2,111 |
|
| |
|
|
|
|
|
|
|
|
|
|
Net charge-offs to average loans - non-acquired loans |
0.08 |
% |
|
0.12 |
% |
|
0.10 |
|
% |
|
0.23 |
% |
|
0.17 |
% |
|
Net charge-offs (recoveries) to average loans - acquired loans |
0.04 |
|
|
— |
|
|
(0.03 |
) |
|
|
0.02 |
|
|
— |
|
|
Total Net Charge-offs to Average Loans |
0.12 |
|
|
0.12 |
|
|
0.07 |
|
|
|
0.25 |
|
|
0.17 |
|
| |
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses - non-acquired loans |
$ |
70,388 |
|
|
$ |
73,587 |
|
|
$ |
69,498 |
|
|
|
$ |
34,573 |
|
|
$ |
33,488 |
|
|
Allowance for credit losses - acquired loans |
23,625 |
|
|
17,663 |
|
|
15,913 |
|
|
|
581 |
|
|
117 |
|
|
Total Allowance for Credit Losses |
$ |
94,013 |
|
|
$ |
91,250 |
|
|
$ |
85,411 |
|
|
|
$ |
35,154 |
|
|
$ |
33,605 |
|
| |
|
|
|
|
|
|
|
|
|
|
Non-acquired loans at end of period |
$ |
4,157,376 |
|
|
$ |
4,315,892 |
|
|
$ |
4,373,378 |
|
|
|
$ |
4,317,919 |
|
|
$ |
4,010,299 |
|
|
Acquired loans at end of period |
1,061,853 |
|
|
879,710 |
|
|
943,830 |
|
|
|
880,485 |
|
|
975,990 |
|
|
Paycheck Protection Program loans at end of period1 |
638,800 |
|
|
576,450 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
Total Loans |
$ |
5,858,029 |
|
|
$ |
5,772,052 |
|
|
$ |
5,317,208 |
|
|
|
$ |
5,198,404 |
|
|
$ |
4,986,289 |
|
| |
|
|
|
|
|
|
|
|
|
| Non-acquired loans allowance for credit losses to non-acquired
loans at end of period |
1.69 |
% |
|
1.71 |
% |
|
1.59 |
|
% |
|
0.80 |
% |
|
0.84 |
% |
| Total allowance for credit
losses to total loans at end of period |
1.60 |
|
|
1.58 |
|
|
1.61 |
|
|
|
0.68 |
|
|
0.67 |
|
| Total allowance for credit
losses to total loans, excluding PPP loans |
1.80 |
|
|
1.76 |
|
|
1.61 |
|
|
|
0.68 |
|
|
0.67 |
|
| Purchase discount on acquired
loans at end of period |
3.01 |
|
|
3.29 |
|
|
3.36 |
|
|
|
3.83 |
|
|
3.76 |
|
| |
|
|
|
|
|
|
|
|
|
| End of
Period |
|
|
|
|
|
|
|
|
|
| Nonperforming loans |
$ |
37,230 |
|
|
$ |
30,051 |
|
|
$ |
25,582 |
|
|
|
$ |
26,955 |
|
|
$ |
26,044 |
|
| Other real estate owned |
12,299 |
|
|
10,967 |
|
|
11,048 |
|
|
|
5,549 |
|
|
6,751 |
|
| Properties previously used in bank operations included in other
real estate owned |
3,592 |
|
|
4,880 |
|
|
3,592 |
|
|
|
6,842 |
|
|
6,842 |
|
|
Total Nonperforming Assets |
$ |
53,121 |
|
|
$ |
45,898 |
|
|
$ |
40,222 |
|
|
|
$ |
39,346 |
|
|
$ |
39,637 |
|
| |
|
|
|
|
|
|
|
|
|
| Restructured loans
(accruing) |
$ |
10,190 |
|
|
$ |
10,338 |
|
|
$ |
10,833 |
|
|
|
$ |
11,100 |
|
|
$ |
12,395 |
|
| |
|
|
|
|
|
|
|
|
|
| Nonperforming Loans to Loans
at End of Period |
0.64 |
% |
|
0.52 |
% |
|
0.48 |
|
% |
|
0.52 |
% |
|
0.52 |
% |
| Nonperforming Assets to Total
Assets at End of Period |
0.64 |
|
|
0.57 |
|
|
0.55 |
|
|
|
0.55 |
|
|
0.58 |
|
| |
|
|
|
|
|
|
|
|
|
| |
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
| Loans |
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2019 |
| |
|
|
|
|
|
|
|
|
|
| Construction and land
development |
$ |
280,610 |
|
|
$ |
298,835 |
|
|
$ |
295,405 |
|
|
|
$ |
325,113 |
|
|
$ |
326,324 |
|
| Commercial real estate - owner
occupied |
1,125,460 |
|
|
1,076,650 |
|
|
1,082,893 |
|
|
|
1,034,963 |
|
|
1,025,040 |
|
| Commercial real estate -
non-owner occupied |
1,394,464 |
|
|
1,392,787 |
|
|
1,381,096 |
|
|
|
1,344,008 |
|
|
1,285,327 |
|
| Residential real estate |
1,393,396 |
|
|
1,468,171 |
|
|
1,559,754 |
|
|
|
1,507,863 |
|
|
1,409,946 |
|
| Commercial and financial |
833,083 |
|
|
757,232 |
|
|
796,038 |
|
|
|
778,252 |
|
|
722,286 |
|
| Consumer |
192,216 |
|
|
201,927 |
|
|
202,022 |
|
|
|
208,205 |
|
|
217,366 |
|
| Paycheck Protection
Program |
638,800 |
|
|
576,450 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
Total Loans |
$ |
5,858,029 |
|
|
$ |
5,772,052 |
|
|
$ |
5,317,208 |
|
|
|
$ |
5,198,404 |
|
|
$ |
4,986,289 |
|
| |
|
|
|
|
|
|
|
|
|
| 1Includes
$54 million in Paycheck Protection Program loans acquired from
Freedom Bank |
| |
| |
|
|
|
|
|
|
|
| AVERAGE BALANCES, INTEREST INCOME AND
EXPENSES, YIELDS AND RATES 1 |
(Unaudited) |
|
|
|
|
|
|
| SEACOAST
BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
3Q'20 |
|
2Q'20 |
|
3Q'19 |
| |
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
| (Amounts in
thousands) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
1,322,160 |
|
|
$ |
6,972 |
|
|
2.11 |
% |
|
$ |
1,135,698 |
|
|
$ |
7,573 |
|
|
2.67 |
% |
|
$ |
1,171,393 |
|
|
$ |
8,802 |
|
|
3.01 |
% |
|
Nontaxable |
23,570 |
|
|
157 |
|
|
2.67 |
|
|
19,347 |
|
|
152 |
|
|
3.14 |
|
|
21,194 |
|
|
164 |
|
|
3.09 |
|
|
Total Securities |
1,345,730 |
|
|
7,129 |
|
|
2.12 |
|
|
1,155,045 |
|
|
7,725 |
|
|
2.68 |
|
|
1,192,587 |
|
|
8,966 |
|
|
3.01 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other investments |
239,511 |
|
|
556 |
|
|
0.92 |
|
|
433,626 |
|
|
684 |
|
|
0.63 |
|
|
84,705 |
|
|
800 |
|
|
3.75 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans excluding PPP loans |
5,242,776 |
|
|
58,854 |
|
|
4.47 |
|
|
5,304,381 |
|
|
59,861 |
|
|
4.54 |
|
|
4,945,953 |
|
|
63,138 |
|
|
5.06 |
|
|
PPP loans |
618,088 |
|
|
1,719 |
|
|
1.11 |
|
|
424,171 |
|
|
5,068 |
|
|
4.81 |
|
|
— |
|
|
— |
|
|
— |
|
|
Total Loans |
5,860,864 |
|
|
60,573 |
|
|
4.11 |
|
|
5,728,552 |
|
|
64,929 |
|
|
4.56 |
|
|
4,945,953 |
|
|
63,138 |
|
|
5.06 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
7,446,105 |
|
|
68,258 |
|
|
3.65 |
|
|
7,317,223 |
|
|
73,338 |
|
|
4.03 |
|
|
6,223,245 |
|
|
72,904 |
|
|
4.65 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
(92,151 |
) |
|
|
|
|
|
(84,965 |
) |
|
|
|
|
|
(33,997 |
) |
|
|
|
|
|
Cash and due from banks |
138,749 |
|
|
|
|
|
|
103,919 |
|
|
|
|
|
|
88,539 |
|
|
|
|
|
|
Premises and equipment |
72,572 |
|
|
|
|
|
|
71,173 |
|
|
|
|
|
|
68,301 |
|
|
|
|
|
|
Intangible assets |
228,801 |
|
|
|
|
|
|
230,871 |
|
|
|
|
|
|
227,389 |
|
|
|
|
|
|
Bank owned life insurance |
129,156 |
|
|
|
|
|
|
127,386 |
|
|
|
|
|
|
125,249 |
|
|
|
|
|
|
Other assets |
163,658 |
|
|
|
|
|
|
147,395 |
|
|
|
|
|
|
121,850 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
8,086,890 |
|
|
|
|
|
|
$ |
7,913,002 |
|
|
|
|
|
|
$ |
6,820,576 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
1,364,947 |
|
|
$ |
330 |
|
|
0.10 |
% |
|
$ |
1,298,639 |
|
|
$ |
297 |
|
|
0.09 |
% |
|
$ |
1,116,434 |
|
|
$ |
1,053 |
|
|
0.37 |
% |
|
Savings |
648,319 |
|
|
170 |
|
|
0.10 |
|
|
591,040 |
|
|
165 |
|
|
0.11 |
|
|
522,831 |
|
|
531 |
|
|
0.40 |
|
|
Money market |
1,328,931 |
|
|
799 |
|
|
0.24 |
|
|
1,193,969 |
|
|
741 |
|
|
0.25 |
|
|
1,173,042 |
|
|
2,750 |
|
|
0.93 |
|
|
Time deposits |
1,051,316 |
|
|
2,673 |
|
|
1.01 |
|
|
1,293,766 |
|
|
3,820 |
|
|
1.19 |
|
|
1,159,272 |
|
|
6,009 |
|
|
2.06 |
|
|
Securities sold under agreements to repurchase |
90,357 |
|
|
40 |
|
|
0.18 |
|
|
74,717 |
|
|
34 |
|
|
0.18 |
|
|
75,785 |
|
|
300 |
|
|
1.57 |
|
|
Federal funds purchased and Federal Home Loan Bank borrowings |
93,913 |
|
|
181 |
|
|
0.77 |
|
|
199,698 |
|
|
312 |
|
|
0.63 |
|
|
68,804 |
|
|
414 |
|
|
2.39 |
|
|
Other borrowings |
71,258 |
|
|
444 |
|
|
2.48 |
|
|
71,185 |
|
|
581 |
|
|
3.28 |
|
|
70,969 |
|
|
820 |
|
|
4.58 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities |
4,649,041 |
|
|
4,637 |
|
|
0.40 |
|
|
4,723,014 |
|
|
5,950 |
|
|
0.51 |
|
|
4,187,137 |
|
|
11,877 |
|
|
1.13 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
2,279,584 |
|
|
|
|
|
|
2,097,038 |
|
|
|
|
|
|
1,626,269 |
|
|
|
|
|
|
Other liabilities |
96,457 |
|
|
|
|
|
|
79,855 |
|
|
|
|
|
|
60,500 |
|
|
|
|
|
|
Total Liabilities |
7,025,082 |
|
|
|
|
|
|
6,899,907 |
|
|
|
|
|
|
5,873,906 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
1,061,807 |
|
|
|
|
|
|
1,013,095 |
|
|
|
|
|
|
946,670 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity |
$ |
8,086,890 |
|
|
|
|
|
|
$ |
7,913,002 |
|
|
|
|
|
|
$ |
6,820,576 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of deposits |
|
|
|
|
0.24 |
% |
|
|
|
|
|
0.31 |
% |
|
|
|
|
|
0.73 |
% |
| Interest expense as a % of earning assets |
|
|
|
|
0.25 |
% |
|
|
|
|
|
0.33 |
% |
|
|
|
|
|
0.76 |
% |
| Net interest income as a % of earning assets |
|
|
$ |
63,621 |
|
|
3.40 |
% |
|
|
|
$ |
67,388 |
|
|
3.70 |
% |
|
|
|
$ |
61,027 |
|
|
3.89 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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, 2020 |
|
Nine Months Ended September 30, 2019 |
| |
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
| (Amounts in thousands,
except ratios) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
| |
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
1,203,877 |
|
|
$ |
23,241 |
|
|
2.57 |
% |
|
$ |
1,175,831 |
|
|
$ |
26,854 |
|
|
3.05 |
% |
|
Nontaxable |
20,895 |
|
|
461 |
|
|
2.94 |
|
|
23,935 |
|
|
533 |
|
|
2.97 |
|
|
Total Securities |
1,224,772 |
|
|
23,702 |
|
|
2.58 |
|
|
1,199,766 |
|
|
27,387 |
|
|
3.04 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other investments |
253,635 |
|
|
1,974 |
|
|
1.04 |
|
|
89,084 |
|
|
2,591 |
|
|
3.89 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Loans excluding PPP loans |
5,254,089 |
|
|
182,239 |
|
|
4.63 |
|
|
4,875,975 |
|
|
187,808 |
|
|
5.15 |
|
|
PPP loans |
348,407 |
|
|
6,787 |
|
|
2.60 |
|
|
— |
|
|
— |
|
|
— |
|
|
Total Loans |
5,602,496 |
|
|
189,026 |
|
|
4.51 |
|
|
4,875,975 |
|
|
187,808 |
|
|
5.15 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
7,080,903 |
|
|
214,702 |
|
|
4.05 |
|
|
6,164,825 |
|
|
217,786 |
|
|
4.72 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
(78,067 |
) |
|
|
|
|
|
(33,260 |
) |
|
|
|
|
|
Cash and due from banks |
111,019 |
|
|
|
|
|
|
93,171 |
|
|
|
|
|
|
Premises and equipment |
70,451 |
|
|
|
|
|
|
69,700 |
|
|
|
|
|
|
Intangible assets |
228,795 |
|
|
|
|
|
|
228,710 |
|
|
|
|
|
|
Bank owned life insurance |
127,683 |
|
|
|
|
|
|
124,535 |
|
|
|
|
|
|
Other assets |
145,827 |
|
|
|
|
|
|
128,016 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
7,686,611 |
|
|
|
|
|
|
$ |
6,775,697 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
1,279,485 |
|
|
$ |
1,461 |
|
|
0.15 |
% |
|
$ |
1,088,605 |
|
|
$ |
3,042 |
|
|
0.37 |
% |
|
Savings |
588,913 |
|
|
683 |
|
|
0.15 |
|
|
512,399 |
|
|
1,593 |
|
|
0.42 |
|
|
Money market |
1,217,627 |
|
|
3,548 |
|
|
0.39 |
|
|
1,170,494 |
|
|
8,397 |
|
|
0.96 |
|
|
Time deposits |
1,165,194 |
|
|
11,261 |
|
|
1.29 |
|
|
1,097,308 |
|
|
16,692 |
|
|
2.03 |
|
|
Securities sold under agreements to repurchase |
78,755 |
|
|
241 |
|
|
0.41 |
|
|
117,077 |
|
|
1,206 |
|
|
1.38 |
|
|
Federal funds purchased and Federal Home Loan Bank borrowings |
180,893 |
|
|
1,460 |
|
|
1.08 |
|
|
115,337 |
|
|
2,164 |
|
|
2.51 |
|
|
Other borrowings |
71,186 |
|
|
1,748 |
|
|
3.28 |
|
|
70,903 |
|
|
2,585 |
|
|
4.87 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities |
4,582,053 |
|
|
20,402 |
|
|
0.59 |
|
|
4,172,123 |
|
|
35,679 |
|
|
1.14 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
2,001,630 |
|
|
|
|
|
|
1,628,634 |
|
|
|
|
|
|
Other liabilities |
79,821 |
|
|
|
|
|
|
62,123 |
|
|
|
|
|
|
Total Liabilities |
6,663,504 |
|
|
|
|
|
|
5,862,880 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
1,023,107 |
|
|
|
|
|
|
912,817 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity |
$ |
7,686,611 |
|
|
|
|
|
|
$ |
6,775,697 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Cost of deposits |
|
|
|
|
0.36 |
% |
|
|
|
|
|
0.72 |
% |
| Interest expense as a % of earning assets |
|
|
|
|
0.38 |
% |
|
|
|
|
|
0.77 |
% |
| Net interest income as a % of earning assets |
|
|
$ |
194,300 |
|
|
3.67 |
% |
|
|
|
$ |
182,107 |
|
|
3.95 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| 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) |
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
| Customer Relationship Funding |
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
1,973,494 |
|
$ |
1,844,288 |
|
$ |
1,336,352 |
|
$ |
1,233,475 |
|
$ |
1,314,102 |
|
Retail |
|
322,559 |
|
314,723 |
|
271,916 |
|
246,717 |
|
241,734 |
|
Public funds |
|
70,371 |
|
74,674 |
|
71,029 |
|
85,122 |
|
65,869 |
|
Other |
|
34,320 |
|
33,750 |
|
24,331 |
|
25,179 |
|
31,222 |
|
Total Noninterest Demand |
|
2,400,744 |
|
2,267,435 |
|
1,703,628 |
|
1,590,493 |
|
1,652,927 |
| |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
413,513 |
|
412,846 |
|
349,315 |
|
319,993 |
|
342,376 |
|
Retail |
|
777,078 |
|
733,772 |
|
671,378 |
|
641,762 |
|
622,833 |
|
Public funds |
|
194,854 |
|
221,528 |
|
213,500 |
|
219,977 |
|
150,246 |
|
Total Interest-Bearing Demand |
|
1,385,445 |
|
1,368,146 |
|
1,234,193 |
|
1,181,732 |
|
1,115,455 |
| |
|
|
|
|
|
|
|
|
|
|
|
Total transaction accounts |
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
2,387,007 |
|
2,257,134 |
|
1,685,667 |
|
1,553,468 |
|
1,656,478 |
|
Retail |
|
1,099,637 |
|
1,048,495 |
|
943,294 |
|
888,479 |
|
864,567 |
|
Public funds |
|
265,225 |
|
296,202 |
|
284,529 |
|
305,099 |
|
216,115 |
|
Other |
|
34,320 |
|
33,750 |
|
24,331 |
|
25,179 |
|
31,222 |
|
Total Transaction Accounts |
|
3,786,189 |
|
3,635,581 |
|
2,937,821 |
|
2,772,225 |
|
2,768,382 |
| |
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
655,072 |
|
619,251 |
|
554,836 |
|
519,152 |
|
528,214 |
| |
|
|
|
|
|
|
|
|
|
|
|
Money market |
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
634,697 |
|
586,416 |
|
487,759 |
|
494,803 |
|
513,477 |
|
Retail |
|
613,532 |
|
579,126 |
|
572,785 |
|
553,075 |
|
583,917 |
|
Brokered |
|
141,808 |
|
— |
|
— |
|
— |
|
— |
|
Public funds |
|
67,041 |
|
67,350 |
|
63,834 |
|
60,485 |
|
61,468 |
|
Total Money Market |
|
1,457,078 |
|
1,232,892 |
|
1,124,378 |
|
1,108,363 |
|
1,158,862 |
| |
|
|
|
|
|
|
|
|
|
|
|
Brokered time certificates |
|
381,028 |
|
572,465 |
|
597,715 |
|
472,857 |
|
458,418 |
|
Other time certificates |
|
635,476 |
|
606,594 |
|
672,749 |
|
712,156 |
|
759,265 |
| |
|
1,016,504 |
|
1,179,059 |
|
1,270,464 |
|
1,185,013 |
|
1,217,683 |
|
Total Deposits |
|
$ |
6,914,843 |
|
$ |
6,666,783 |
|
$ |
5,887,499 |
|
$ |
5,584,753 |
|
$ |
5,673,141 |
| |
|
|
|
|
|
|
|
|
|
|
| Customer sweep accounts |
|
$ |
89,508 |
|
$ |
92,125 |
|
$ |
64,723 |
|
$ |
86,121 |
|
$ |
70,414 |
|
|
|
|
|
|
|
|
|
|
|
|
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'20 |
|
2Q'20 |
|
1Q'20 |
|
4Q'19 |
|
3Q'19 |
|
3Q'20 |
|
3Q'19 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income |
$ |
22,628 |
|
|
|
$ |
25,080 |
|
|
|
$ |
709 |
|
|
|
$ |
27,176 |
|
|
|
$ |
25,605 |
|
|
|
$ |
48,417 |
|
|
|
$ |
71,563 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total noninterest income |
16,946 |
|
|
|
15,006 |
|
|
|
14,688 |
|
|
|
16,376 |
|
|
|
13,943 |
|
|
|
46,640 |
|
|
|
40,356 |
|
|
| Securities (gains) losses, net |
(4 |
) |
|
|
(1,230 |
) |
|
|
(19 |
) |
|
|
(2,539 |
) |
|
|
847 |
|
|
|
(1,253 |
) |
|
|
1,322 |
|
|
| BOLI benefits on death (included in other income) |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(956 |
) |
|
|
— |
|
|
|
(956 |
) |
|
|
Total Adjustments to Noninterest Income |
(4 |
) |
|
|
(1,230 |
) |
|
|
(19 |
) |
|
|
(2,539 |
) |
|
|
(109 |
) |
|
|
(1,253 |
) |
|
|
366 |
|
|
|
Total Adjusted Noninterest Income |
16,942 |
|
|
|
13,776 |
|
|
|
14,669 |
|
|
|
13,837 |
|
|
|
13,834 |
|
|
|
45,387 |
|
|
|
40,722 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total noninterest expense |
51,674 |
|
|
|
42,399 |
|
|
|
47,798 |
|
|
|
38,057 |
|
|
|
38,583 |
|
|
|
141,871 |
|
|
|
122,682 |
|
|
| Merger related charges |
(4,281 |
) |
|
|
(240 |
) |
|
|
(4,553 |
) |
|
|
(634 |
) |
|
|
— |
|
|
|
(9,074 |
) |
|
|
(335 |
) |
|
| Amortization of intangibles |
(1,497 |
) |
|
|
(1,483 |
) |
|
|
(1,456 |
) |
|
|
(1,456 |
) |
|
|
(1,456 |
) |
|
|
(4,436 |
) |
|
|
(4,370 |
) |
|
| Business continuity expenses |
— |
|
|
|
— |
|
|
|
(307 |
) |
|
|
— |
|
|
|
(95 |
) |
|
|
(307 |
) |
|
|
(95 |
) |
|
| Branch reductions and other expense initiatives |
(464 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(121 |
) |
|
|
(464 |
) |
|
|
(1,846 |
) |
|
|
Total Adjustments to Noninterest Expense |
(6,242 |
) |
|
|
(1,723 |
) |
|
|
(6,316 |
) |
|
|
(2,090 |
) |
|
|
(1,672 |
) |
|
|
(14,281 |
) |
|
|
(6,646 |
) |
|
|
Total Adjusted Noninterest Expense |
45,432 |
|
|
|
40,676 |
|
|
|
41,482 |
|
|
|
35,967 |
|
|
|
36,911 |
|
|
|
127,590 |
|
|
|
116,036 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income Taxes |
6,992 |
|
|
|
7,188 |
|
|
|
(155 |
) |
|
|
8,103 |
|
|
|
8,452 |
|
|
|
14,025 |
|
|
|
21,770 |
|
|
| Tax effect of adjustments |
1,530 |
|
|
|
121 |
|
|
|
1,544 |
|
|
|
(110 |
) |
|
|
572 |
|
|
|
3,195 |
|
|
|
1,956 |
|
|
| Effect of change in corporate tax rate on deferred tax
assets |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,135 |
) |
|
|
— |
|
|
|
(1,135 |
) |
|
|
Total Adjustments to Income Taxes |
1,530 |
|
|
|
121 |
|
|
|
1,544 |
|
|
|
(110 |
) |
|
|
(563 |
) |
|
|
3,195 |
|
|
|
821 |
|
|
|
Adjusted Income Taxes |
8,522 |
|
|
|
7,309 |
|
|
|
1,389 |
|
|
|
7,993 |
|
|
|
7,889 |
|
|
|
17,220 |
|
|
|
22,591 |
|
|
|
Adjusted Net Income |
$ |
27,336 |
|
|
|
$ |
25,452 |
|
|
|
$ |
5,462 |
|
|
|
$ |
26,837 |
|
|
|
$ |
27,731 |
|
|
|
$ |
58,250 |
|
|
|
$ |
77,754 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per diluted share, as reported |
$ |
0.42 |
|
|
|
$ |
0.47 |
|
|
|
$ |
0.01 |
|
|
|
$ |
0.52 |
|
|
|
$ |
0.49 |
|
|
|
$ |
0.91 |
|
|
|
$ |
1.38 |
|
|
| Adjusted Earnings per Diluted Share |
0.50 |
|
|
|
0.48 |
|
|
|
0.10 |
|
|
|
0.52 |
|
|
|
0.53 |
|
|
|
1.09 |
|
|
|
1.50 |
|
|
| Average diluted shares outstanding |
54,301 |
|
|
|
53,308 |
|
|
|
52,284 |
|
|
|
52,081 |
|
|
|
51,935 |
|
|
|
53,325 |
|
|
|
51,996 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Noninterest Expense |
$ |
45,432 |
|
|
|
$ |
40,676 |
|
|
|
$ |
41,482 |
|
|
|
$ |
35,967 |
|
|
|
$ |
36,911 |
|
|
|
$ |
127,590 |
|
|
|
$ |
116,036 |
|
|
| Provision for credit losses on unfunded commitments |
(756 |
) |
|
|
(178 |
) |
|
|
(46 |
) |
|
|
— |
|
|
|
— |
|
|
|
(980 |
) |
|
|
— |
|
|
| Foreclosed property expense and net (loss)/gain on sale |
(512 |
) |
|
|
(245 |
) |
|
|
315 |
|
|
|
(3 |
) |
|
|
(262 |
) |
|
|
(442 |
) |
|
|
(48 |
) |
|
|
Net Adjusted Noninterest Expense |
$ |
44,164 |
|
|
|
$ |
40,253 |
|
|
|
$ |
41,751 |
|
|
|
$ |
35,964 |
|
|
|
$ |
36,649 |
|
|
|
$ |
126,168 |
|
|
|
$ |
115,988 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
80,449 |
|
|
|
$ |
82,278 |
|
|
|
$ |
77,865 |
|
|
|
$ |
78,136 |
|
|
|
$ |
74,891 |
|
|
|
$ |
240,592 |
|
|
|
$ |
222,214 |
|
|
| Total Adjustments to Revenue |
(4 |
) |
|
|
(1,230 |
) |
|
|
(19 |
) |
|
|
(2,539 |
) |
|
|
(109 |
) |
|
|
(1,253 |
) |
|
|
366 |
|
|
| Impact of FTE adjustment |
118 |
|
|
|
116 |
|
|
|
114 |
|
|
|
86 |
|
|
|
79 |
|
|
|
348 |
|
|
|
249 |
|
|
|
Adjusted Revenue on a fully taxable equivalent
basis |
$ |
80,563 |
|
|
|
$ |
81,164 |
|
|
|
$ |
77,960 |
|
|
|
$ |
75,683 |
|
|
|
$ |
74,861 |
|
|
|
$ |
239,687 |
|
|
|
$ |
222,829 |
|
|
| Adjusted Efficiency Ratio |
54.82 |
|
% |
|
49.60 |
|
% |
|
53.55 |
|
% |
|
47.52 |
|
% |
|
48.96 |
|
% |
|
52.64 |
|
% |
|
52.05 |
|
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income |
$ |
63,503 |
|
|
|
$ |
67,272 |
|
|
|
$ |
63,177 |
|
|
|
$ |
61,760 |
|
|
|
$ |
60,948 |
|
|
|
$ |
193,952 |
|
|
|
$ |
181,858 |
|
|
| Impact of FTE adjustment |
118 |
|
|
|
116 |
|
|
|
114 |
|
|
|
86 |
|
|
|
79 |
|
|
|
348 |
|
|
|
249 |
|
|
|
Net Interest Income including FTE adjustment |
$ |
63,621 |
|
|
|
$ |
67,388 |
|
|
|
$ |
63,291 |
|
|
|
$ |
61,846 |
|
|
|
$ |
61,027 |
|
|
|
$ |
194,300 |
|
|
|
$ |
182,107 |
|
|
| Total noninterest income |
16,946 |
|
|
|
15,006 |
|
|
|
14,688 |
|
|
|
16,376 |
|
|
|
13,943 |
|
|
|
46,640 |
|
|
|
40,356 |
|
|
| Total noninterest expense |
51,674 |
|
|
|
42,399 |
|
|
|
47,798 |
|
|
|
38,057 |
|
|
|
38,583 |
|
|
|
141,871 |
|
|
|
122,682 |
|
|
|
Pre-Tax Pre-Provision Earnings |
$ |
28,893 |
|
|
|
$ |
39,995 |
|
|
|
$ |
30,181 |
|
|
|
$ |
40,165 |
|
|
|
$ |
36,387 |
|
|
|
$ |
99,069 |
|
|
|
$ |
99,781 |
|
|
| Total Adjustments to Noninterest Income |
(4 |
) |
|
|
(1,230 |
) |
|
|
(19 |
) |
|
|
(2,539 |
) |
|
|
(109 |
) |
|
|
(1,253 |
) |
|
|
366 |
|
|
| Total Adjustments to Noninterest Expense |
(7,510 |
) |
|
|
(2,146 |
) |
|
|
(6,047 |
) |
|
|
(2,093 |
) |
|
|
(1,934 |
) |
|
|
(15,703 |
) |
|
|
(6,694 |
) |
|
|
Adjusted Pre-Tax Pre-Provision Earnings |
$ |
36,399 |
|
|
|
$ |
40,911 |
|
|
|
$ |
36,209 |
|
|
|
$ |
39,719 |
|
|
|
$ |
38,212 |
|
|
|
$ |
113,519 |
|
|
|
$ |
106,841 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average Assets |
$ |
8,086,890 |
|
|
|
$ |
7,913,002 |
|
|
|
$ |
7,055,543 |
|
|
|
$ |
6,996,214 |
|
|
|
$ |
6,820,576 |
|
|
|
$ |
7,686,611 |
|
|
|
$ |
6,775,697 |
|
|
| Less average goodwill and intangible assets |
(228,801 |
) |
|
|
(230,871 |
) |
|
|
(226,712 |
) |
|
|
(226,060 |
) |
|
|
(227,389 |
) |
|
|
(228,795 |
) |
|
|
(228,710 |
) |
|
|
Average Tangible Assets |
$ |
7,858,089 |
|
|
|
$ |
7,682,131 |
|
|
|
$ |
6,828,831 |
|
|
|
$ |
6,770,154 |
|
|
|
$ |
6,593,187 |
|
|
|
$ |
7,457,816 |
|
|
|
$ |
6,546,987 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Average Assets (ROA) |
1.11 |
|
% |
|
1.27 |
|
% |
|
0.04 |
|
% |
|
1.54 |
|
% |
|
1.49 |
|
% |
|
0.84 |
|
% |
|
1.41 |
|
% |
| Impact of removing average intangible assets and related
amortization |
0.09 |
|
|
|
0.10 |
|
|
|
0.07 |
|
|
|
0.12 |
|
|
|
0.12 |
|
|
|
0.09 |
|
|
|
0.12 |
|
|
|
Return on Average Tangible Assets (ROTA) |
1.20 |
|
|
|
1.37 |
|
|
|
0.11 |
|
|
|
1.66 |
|
|
|
1.61 |
|
|
|
0.93 |
|
|
|
1.53 |
|
|
| Impact of other adjustments for Adjusted Net Income |
0.18 |
|
|
|
(0.04 |
) |
|
|
0.21 |
|
|
|
(0.09 |
) |
|
|
0.06 |
|
|
|
0.11 |
|
|
|
0.06 |
|
|
|
Adjusted Return on Average Tangible Assets |
1.38 |
|
|
|
1.33 |
|
|
|
0.32 |
|
|
|
1.57 |
|
|
|
1.67 |
|
|
|
1.04 |
|
|
|
1.59 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average Shareholders' Equity |
$ |
1,061,807 |
|
|
|
$ |
1,013,095 |
|
|
|
$ |
993,993 |
|
|
|
$ |
976,200 |
|
|
|
$ |
946,670 |
|
|
|
$ |
1,023,107 |
|
|
|
$ |
912,817 |
|
|
| Less average goodwill and intangible assets |
(228,801 |
) |
|
|
(230,871 |
) |
|
|
(226,712 |
) |
|
|
(226,060 |
) |
|
|
(227,389 |
) |
|
|
(228,795 |
) |
|
|
(228,710 |
) |
|
|
Average Tangible Equity |
$ |
833,006 |
|
|
|
$ |
782,224 |
|
|
|
$ |
767,281 |
|
|
|
$ |
750,140 |
|
|
|
$ |
719,281 |
|
|
|
$ |
794,312 |
|
|
|
$ |
684,107 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Average Shareholders' Equity |
8.48 |
|
% |
|
9.96 |
|
% |
|
0.29 |
|
% |
|
11.04 |
|
% |
|
10.73 |
|
% |
|
6.32 |
|
% |
|
10.48 |
|
% |
| Impact of removing average intangible assets and related
amortization |
2.87 |
|
|
|
3.51 |
|
|
|
0.66 |
|
|
|
3.91 |
|
|
|
4.00 |
|
|
|
2.39 |
|
|
|
4.15 |
|
|
|
Return on Average Tangible Common Equity
(ROTCE) |
11.35 |
|
|
|
13.47 |
|
|
|
0.95 |
|
|
|
14.95 |
|
|
|
14.73 |
|
|
|
8.71 |
|
|
|
14.63 |
|
|
| Impact of other adjustments for Adjusted Net Income |
1.71 |
|
|
|
(0.38 |
) |
|
|
1.91 |
|
|
|
(0.76 |
) |
|
|
0.57 |
|
|
|
1.09 |
|
|
|
0.57 |
|
|
|
Adjusted Return on Average Tangible Common
Equity |
13.06 |
|
|
|
13.09 |
|
|
|
2.86 |
|
|
|
14.19 |
|
|
|
15.30 |
|
|
|
9.80 |
|
|
|
15.20 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loan interest income1 |
$ |
60,573 |
|
|
|
$ |
64,929 |
|
|
|
$ |
63,524 |
|
|
|
$ |
62,922 |
|
|
|
$ |
63,138 |
|
|
|
$ |
189,026 |
|
|
|
$ |
187,808 |
|
|
| Accretion on acquired loans |
(3,254 |
) |
|
|
(2,988 |
) |
|
|
(4,287 |
) |
|
|
(3,407 |
) |
|
|
(3,859 |
) |
|
|
(10,529 |
) |
|
|
(11,963 |
) |
|
| Interest and fees on PPP loans |
(1,719 |
) |
|
|
(5,068 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,787 |
) |
|
|
— |
|
|
|
Loan interest income excluding PPP and accretion on
acquired loans |
$ |
55,600 |
|
|
|
$ |
56,873 |
|
|
|
$ |
59,237 |
|
|
|
$ |
59,515 |
|
|
|
$ |
59,279 |
|
|
|
$ |
171,710 |
|
|
|
$ |
175,845 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Yield on loans1 |
4.11 |
|
|
|
4.56 |
|
|
|
4.90 |
|
|
|
4.89 |
|
|
|
5.06 |
|
|
|
4.51 |
|
|
|
5.15 |
|
|
| Impact of accretion on acquired loans |
(0.22 |
) |
|
|
(0.21 |
) |
|
|
(0.33 |
) |
|
|
(0.26 |
) |
|
|
(0.30 |
) |
|
|
(0.25 |
) |
|
|
(0.33 |
) |
|
| Impact of PPP loans |
0.33 |
|
|
|
(0.04 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.11 |
|
|
|
— |
|
|
|
Yield on loans excluding PPP and accretion on acquired
loans |
4.22 |
|
% |
|
4.31 |
|
% |
|
4.57 |
|
% |
|
4.63 |
|
% |
|
4.76 |
|
% |
|
4.37 |
|
% |
|
4.82 |
|
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income1 |
$ |
63,621 |
|
|
|
$ |
67,388 |
|
|
|
$ |
63,291 |
|
|
|
$ |
61,846 |
|
|
|
$ |
61,027 |
|
|
|
$ |
194,300 |
|
|
|
$ |
182,107 |
|
|
| Accretion on acquired loans |
(3,254 |
) |
|
|
(2,988 |
) |
|
|
(4,287 |
) |
|
|
(3,407 |
) |
|
|
(3,859 |
) |
|
|
(10,529 |
) |
|
|
(11,963 |
) |
|
| Interest and fees on PPP loans |
(1,719 |
) |
|
|
(5,068 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,787 |
) |
|
|
— |
|
|
|
Net interest income excluding PPP and accretion on acquired
loans |
$ |
58,648 |
|
|
|
$ |
59,332 |
|
|
|
$ |
59,004 |
|
|
|
$ |
58,439 |
|
|
|
$ |
57,168 |
|
|
|
$ |
176,984 |
|
|
|
$ |
170,144 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Margin |
3.40 |
|
|
|
3.70 |
|
|
|
3.93 |
|
|
|
3.84 |
|
|
|
3.89 |
|
|
|
3.67 |
|
|
|
3.95 |
|
|
| Impact of accretion on acquired loans |
(0.17 |
) |
|
|
(0.16 |
) |
|
|
(0.27 |
) |
|
|
(0.21 |
) |
|
|
(0.25 |
) |
|
|
(0.20 |
) |
|
|
(0.26 |
) |
|
| Impact of PPP loans |
0.19 |
|
|
|
(0.08 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.04 |
|
|
|
— |
|
|
|
Net interest margin excluding PPP and accretion on acquired
loans |
3.42 |
|
% |
|
3.46 |
|
% |
|
3.66 |
|
% |
|
3.63 |
|
% |
|
3.64 |
|
% |
|
3.51 |
|
% |
|
3.69 |
|
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security interest income1 |
$ |
7,129 |
|
|
|
$ |
7,725 |
|
|
|
$ |
8,848 |
|
|
|
$ |
8,662 |
|
|
|
$ |
8,966 |
|
|
|
$ |
23,702 |
|
|
|
$ |
27,387 |
|
|
| Tax equivalent adjustment on securities |
(32 |
) |
|
|
(31 |
) |
|
|
(30 |
) |
|
|
(32 |
) |
|
|
(33 |
) |
|
|
(93 |
) |
|
|
(108 |
) |
|
|
Security interest income excluding tax equivalent
adjustment |
$ |
7,097 |
|
|
|
$ |
7,694 |
|
|
|
$ |
8,818 |
|
|
|
$ |
8,630 |
|
|
|
$ |
8,933 |
|
|
|
$ |
23,609 |
|
|
|
$ |
27,279 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loan interest income1 |
$ |
60,573 |
|
|
|
$ |
64,929 |
|
|
|
$ |
63,524 |
|
|
|
$ |
62,922 |
|
|
|
$ |
63,138 |
|
|
|
$ |
189,026 |
|
|
|
$ |
187,808 |
|
|
| Tax equivalent adjustment on loans |
(86 |
) |
|
|
(85 |
) |
|
|
(84 |
) |
|
|
(54 |
) |
|
|
(46 |
) |
|
|
(255 |
) |
|
|
(141 |
) |
|
|
Loan interest income excluding tax equivalent
adjustment |
$ |
60,487 |
|
|
|
$ |
64,844 |
|
|
|
$ |
63,440 |
|
|
|
$ |
62,868 |
|
|
|
$ |
63,092 |
|
|
|
$ |
188,771 |
|
|
|
$ |
187,667 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income1 |
$ |
63,621 |
|
|
|
$ |
67,388 |
|
|
|
$ |
63,291 |
|
|
|
$ |
61,846 |
|
|
|
$ |
61,027 |
|
|
|
$ |
194,300 |
|
|
|
$ |
182,107 |
|
|
| Tax equivalent adjustment on securities |
(32 |
) |
|
|
(31 |
) |
|
|
(30 |
) |
|
|
(32 |
) |
|
|
(33 |
) |
|
|
(93 |
) |
|
|
(108 |
) |
|
| Tax equivalent adjustment on loans |
(86 |
) |
|
|
(85 |
) |
|
|
(84 |
) |
|
|
(54 |
) |
|
|
(46 |
) |
|
|
(255 |
) |
|
|
(141 |
) |
|
|
Net interest income excluding tax equivalent
adjustment |
$ |
63,503 |
|
|
|
$ |
67,272 |
|
|
|
$ |
63,177 |
|
|
|
$ |
61,760 |
|
|
|
$ |
60,948 |
|
|
|
$ |
193,952 |
|
|
|
$ |
181,858 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1On a fully taxable equivalent basis. All yields
and rates have been computed using amortized cost. |
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
