Seacoast Banking Corporation of Florida ("Seacoast" or the
"Company") (NASDAQ: SBCF) today reported net income in the fourth
quarter of 2020 of $29.3 million, or $0.53 per diluted share, an
increase of 30% compared to the third quarter of 2020. Adjusted net
income1 for the fourth quarter of 2020 was $30.7 million, or $0.55
per diluted share, an increase of 12% compared to the third quarter
of 2020. The ratio of tangible common equity to tangible assets was
11.01%, tangible book value per share increased to $16.16 and Tier
1 capital increased to 17.4%. For the full year 2020, net income
was $77.8 million, or $1.44 per diluted share, compared to $98.7
million, or $1.90 per diluted share, in 2019. For the full year
2020, adjusted net income1 was $89.0 million, or $1.65 per diluted
share, compared to $104.6 million, or $2.01 per diluted share, in
2019.
For the fourth quarter of 2020, return on
average tangible assets was 1.49%, return on average tangible
shareholders' equity was 13.87%, and the efficiency ratio was
48.23%, compared to 1.20%, 11.35%, and 61.65%, respectively, in the
prior quarter. For the year ended December 31, 2020, return on
average tangible assets was 1.08%, return on average tangible
shareholder's equity was 10.10% and the efficiency ratio was 54.84%
compared to 1.56%, 14.72% and 51.71%, respectively, for the year
ended December 31, 2019.
Adjusted return on average tangible assets1 in
the fourth quarter of 2020 was 1.50%, adjusted return on average
tangible shareholders' equity1 was 14.00%, and the adjusted
efficiency ratio1 was 48.75%, compared to 1.38%, 13.06%, and
54.82%, respectively, in the prior quarter. For the year ended
December 31, 2020, adjusted return on average tangible assets1
was 1.17%, adjusted return on average tangible shareholder's
equity1 was 10.93% and the adjusted efficiency ratio1 was 51.63%
compared to 1.58%, 14.93% and 50.90%, respectively, for the year
ended December 31, 2019.
Dennis S. Hudson, Seacoast's Executive Chairman,
said, "We wrapped up an unprecedented year with strong performance
in the fourth quarter. We continued to generate disciplined growth
and delivered continued improvements in operating leverage. I am
extremely proud of our team's performance this year as they
successfully navigated the effects of the pandemic and continued to
produce excellent results, ending 2020 with fourth quarter earnings
exceeding the same quarter in the prior year, including achieving
an efficiency ratio below 50%. Looking back over my time as CEO
here at Seacoast, I am reminded of the many occasions our team has
risen to the challenges of the day, which helped create an
organization and culture that continues to grow stronger and more
resilient. This team and our fortress balance sheet will continue
to support the successful execution of our strategic priorities in
2021 and beyond under Chuck's capable leadership."
Charles M. Shaffer, Seacoast's President and
CEO, said, "We continue to steadily build shareholder value through
consistent growth in our tangible book value per share, which ended
the period at $16.16, an increase of 15% during the quarter on an
annualized basis. The tangible common equity ratio of 11% supports
our ability to deploy capital for organic growth and opportunistic
acquisitions. Seacoast is committed to maintaining its fortress
balance sheet, built around strong capital and strict credit
underwriting. Our goal remains to continue increasing market share
in a disciplined manner by cultivating value-creating
relationships, improving digital customer experiences, and driving
greater productivity across the franchise by delivering products
and services to our markets more efficiently than our
competitors."
1Non-GAAP measure, see "Explanation of Certain
Unaudited Non-GAAP Financial Measures" for more information and for
a reconciliation to GAAP.
Financial Results
Income Statement
- Net
income was $29.3 million, or $0.53 per diluted share for
the fourth quarter of 2020, compared to $22.6 million, or $0.42,
for the prior quarter. For the year ended December 31, 2020,
net income was $77.8 million, or $1.44 per diluted share, compared
to $98.7 million, or $1.90, for the year ended December 31, 2019.
Adjusted net income1 was $30.7 million, or $0.55 per diluted share
for the fourth quarter of 2020, compared to $27.3 million, or
$0.50, for the prior quarter. For the year ended December 31,
2020, adjusted net income1 was $89.0 million, or $1.65 per diluted
share, compared to $104.6 million, or $2.01, for the year ended
December 31, 2019.
- Net
revenues were $83.7 million in the fourth quarter of 2020,
an increase of $3.3 million, or 4%, compared to the prior quarter.
For the year ended December 31, 2020, net revenues were $324.3
million, an increase of $24.0 million, or 8%, compared to the year
ended December 31, 2019. Adjusted revenues1 were $83.7 million in
the fourth quarter of 2020, an increase of $3.3 million, or 4%,
from the prior quarter. For the year ended December 31, 2020,
adjusted revenues1 were $323.1 million, an increase of $24.9
million, or 8%, compared to the year ended December 31, 2019.
- Net
interest income totaled $68.8 million in the fourth
quarter of 2020, an increase of $5.3 million, or 8%, from the prior
quarter. For the year ended December 31, 2020, net interest
income was $262.7 million, an increase of $19.1 million, or 8%,
compared to the year ended December 31, 2019. During the fourth
quarter of 2020, net interest income included $5.2 million in
interest and fees earned on Paycheck Protection Program ("PPP")
loans compared to $1.7 million in the third quarter of 2020. Lower
PPP loan fees in the third quarter resulted from a calculation
change to align fee recognition with the contractual maturity of
the loans. Loan forgiveness began in the fourth quarter of 2020,
resulting in accelerated recognition of $1.5 million in PPP
loan fees. The remaining $9.5 million in deferred PPP loan fees
will be recognized over the loans' remaining contractual maturity
or, if sooner, as loans are forgiven.
- Net
interest margin was 3.59% in the fourth quarter of 2020,
compared to 3.40% in the third quarter of 2020. PPP loans
negatively affected the net interest margin by one basis point in
the fourth quarter of 2020. In the third quarter of 2020, which was
impacted by a change in the fee recognition schedule, PPP loans
negatively affected net interest margin by 19 basis points.
Accretion of purchase discounts on acquired loans increased net
interest margin by 23 basis points in the fourth quarter of 2020,
compared to 17 basis points in the third quarter. Excluding these
items, net interest margin declined five basis points to 3.37%. The
yield on loans, excluding PPP and accretion of purchase discount,
increased one basis point. The yield on securities declined 39
basis points, reflecting continued interest rate resets, elevated
prepayments and additional deployment of excess liquidity into
securities in the fourth quarter. The cost of deposits decreased
five basis points, from 24 basis points in the third quarter to 19
basis points in the fourth quarter, reflecting our continued
repricing down of interest-bearing deposits and time deposits.
-
Noninterest income totaled $14.9 million in the
fourth quarter of 2020, a decrease of $2.0 million, or 12%,
compared to the prior quarter. For the year ended December 31,
2020, noninterest income was $61.6 million, an increase of $4.8
million, or 9%, compared to the year ended December 31, 2019.
Results for the fourth quarter of 2020 included the following:
- Mortgage banking
fees were $3.6 million, compared to a record $5.3 million in the
prior quarter. Low interest rates continued to fuel refinance
demand in the fourth quarter, though at lower levels than in the
prior quarter, while the Florida housing market remains strong and
continues to benefit from the inflow of new residents and
businesses.
- Interchange
revenue was $3.6 million, compared to a record $3.7 million in the
third quarter of 2020. In 2020, Seacoast customers used their debit
cards at an accelerated pace, driving record interchange results
for the year that exceeded pre-pandemic levels.
- Service charges
on deposits increased $0.2 million compared to the third 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 was $1.9 million compared to a record $2.0
million in the third quarter of 2020. A determined and consistent
focus on building new relationships and providing exceptional
service continues to generate growth in assets under management,
with a 33% increase from prior year to $870 million at
December 31, 2020. Most of the fourth quarter new production
came late in the quarter, so the benefit will be reflected fully in
our 2021 financial results.
- Seacoast
recorded a provision for credit losses of $1.9
million in the fourth quarter of 2020, compared to a $0.8 million
reversal in the prior quarter. The ratio of allowance for credit
losses to total loans was 1.62% at December 31, 2020, compared
to 1.60% at September 30, 2020. Excluding PPP loans, the ratio was
1.79% at December 31, 2020, compared to 1.80% at September 30,
2020.
-
Noninterest expense was $43.7 million in the
fourth quarter of 2020, a decrease of $8.0 million, or 15%,
compared to the prior quarter. For the year ended December 31,
2020, noninterest expense was $185.6 million, an increase of $24.8
million, or 15%, compared to the year ended December 31, 2019.
Changes from the third quarter of 2020 consisted of the following:
- Salaries and
wages decreased by $1.6 million, or 7%. In the fourth quarter,
accelerated commercial loan production resulted in higher deferrals
of related salary costs, in accordance with ASC 310-20. This was
partially offset by $0.3 million in severance related to a targeted
staff reduction. The third quarter included $0.6 million in
expenses associated with the acquisition of Freedom Bank.
- Data processing
costs decreased by $1.9 million, or 31%, the result of Freedom Bank
merger-related costs incurred in the third quarter.
- Lower occupancy
expenses reflect charges in the third quarter of 2020 associated
with the consolidation of one branch location. Three additional
branch consolidations are expected in the first quarter of
2021.
- Furniture and
equipment decreased by $0.3 million, or 16%, reflecting the impact
of equipment disposals associated with the Freedom Bank acquisition
completed during the third quarter.
- Marketing
expense decreased by $0.5 million, or 31%, the result of higher
expenses in the third quarter associated with a marketing
campaign.
- Legal and
professional fees decreased by $2.5 million, or 83% from the third
quarter. Third quarter 2020 results include $1.3 million in
merger-related costs. The remainder of the decrease in the fourth
quarter relates to the one-time recovery of certain legal expenses
incurred during 2020.
- Foreclosed
property expense increased in the fourth quarter of 2020 by $1.3
million, largely the result of write-downs on two properties upon
receipt of updated valuations.
- A release of
reserves for unfunded commitments resulted in a benefit of $0.8
million in the fourth quarter and reflects the impact of an
improved economic outlook in specific loan segments associated with
the reserve. Since the outbreak of COVID-19, the Company has not
experienced any material increases in line utilization by its
customers.
- Other expenses
decreased by $0.6 million, or 14%, with comparably higher mortgage
loan production-related expenses and higher executive recruiting
fees in the third quarter.
- Seacoast
recorded $8.8 million of income tax expense in the
fourth quarter of 2020, compared to $7.0 million in the prior
quarter. Tax impacts related to stock-based compensation were
nominal each period.
- Adjusted
revenues1 in the fourth quarter of 2020 increased 4%
compared to the prior quarter while adjusted noninterest
expense1 decreased 8%, generating 12% operating
leverage.
- The ratio of
net adjusted noninterest
expense1 to average tangible assets was
2.00% in the fourth quarter of 2020, compared to 2.24% in the prior
quarter. Net adjusted noninterest expense1 in the fourth quarter of
2020 reflects the impact of increased commercial loan production,
resulting in higher deferrals of related origination expenses.
- The efficiency
ratio was 48.2% compared to 61.6% in the prior quarter.
The adjusted efficiency ratio1
was 48.8% compared to 54.8% in the prior quarter, reflecting the
benefit of higher PPP fee accretion, a continued focus on
disciplined expense control, and strong commercial loan production,
resulting in higher deferrals of loan production related salary
expenses.
Balance Sheet
- At December 31,
2020, the Company had total assets of $8.3 billion
and total shareholders' equity of
$1.1 billion. Book value per share was $20.46, and
tangible book value per share was $16.16, compared
to $19.91 and $15.57, respectively, on September 30, 2020. This
reflects annualized growth in tangible book value per share of
15%.
- Debt
securities totaled $1.6 billion on December 31, 2020, an
increase of $88.4 million compared to September 30, 2020. Purchases
during the quarter were primarily in government-sponsored
mortgage-backed securities with an average yield of 1.43%.
-
Loans totaled $5.7 billion on December 31, 2020, a
decrease of $122.7 million, or 2%, compared to September 30, 2020.
The decrease includes $71.8 million in PPP loan forgiveness in the
fourth quarter of 2020. Seacoast continues to maintain strict
underwriting and an overall conservative credit posture.
- Loan
originations were $541.0 million in the fourth quarter of 2020,
compared to $346.7 million in the third quarter of 2020, an
increase of 56%. • Commercial originations during
the fourth quarter of 2020 were $277.4 million, compared to $88.2
million in the third quarter of 2020. Seacoast continues to
maintain conservative underwriting guidelines in the current
economic environment, while extending credit to well-qualified
customers. • Residential loans originated for sale
in the secondary market were $161.6 million in the fourth quarter
of 2020, compared to $162.5 million in the third quarter of 2020.
The residential lending team's continued focus on high-quality
service levels to homebuyers, refinance customers, and local real
estate professionals has allowed them to capitalize on a strong
Florida housing market throughout the year.
• Closed residential loans retained in the portfolio
totaled $54.5 million in the fourth quarter of 2020, compared to
$25.4 million in the third quarter of 2020.
• Consumer originations in the fourth quarter of 2020
were $47.5 million, compared to $62.3 million in the third quarter
of 2020.• Since the beginning of the pandemic, Seacoast has
supported financially impacted borrowers by providing loan
accommodations including the ability to defer payments. As of
December 31, 2020, loans with payment accommodations totaled $74.1
million, or 1% of total loans excluding PPP, compared to $702.7
million, or 13%, at September 30, 2020.
-
Pipelines (loans in underwriting and approval or
approved and not yet closed) totaled $302.0 million on
December 31, 2020, a decrease of 34% from the third quarter of
2020.
- Commercial
pipelines were $166.7 million as of December 31, 2020, compared to
$256.2 million as of the prior quarter end, in line with a seasonal
trend of slower volumes in the first quarter.
- Residential
saleable pipelines were $92.0 million as of December 31, 2020,
compared to $149.9 million as of the prior quarter end. Retained
residential pipelines were $25.1 million as of December 31, 2020,
compared to $33.4 million as of the prior quarter end. The declines
quarter-over-quarter reflect a slowing refinance market.
- Consumer
pipelines were $18.2 million as of December 31, 2020, compared to
$17.1 million as of the prior quarter-end.
- Total
deposits were $6.9 billion as of December 31, 2020, an
increase of $17.7 million, compared to September 30, 2020.
- The overall cost
of deposits declined to 19 basis points in the fourth quarter of
2020 from 24 basis points in the prior quarter.
- Total
transaction account balances increased 39% year-over-year and, as a
percentage of overall deposit funding, remained at 56%.
- Interest-bearing
deposits (interest-bearing demand, savings, and money market
deposits) increased $314.0 million, or 9%, quarter-over-quarter to
$3.8 billion, noninterest-bearing demand deposits decreased $111.0
million, or 5%, to $2.3 billion, and CDs (excluding brokered)
decreased $38.1 million, or 6%, to $597.3 million.
- As of December
31, 2020, deposits per banking center were $136 million,
compared to $116 million on December 31, 2019.
Asset Quality
-
Nonperforming loans decreased by $0.8 million to
$36.1 million at December 31, 2020. Nonperforming loans to total
loans outstanding were 0.63% at December 31, 2020, 0.63% at
September 30, 2020, and 0.52% at December 31, 2019.
-
Nonperforming assets to total assets decreased by
five basis points to 0.59% at December 31, 2020, compared to 0.64%
at September 30, 2020 and 0.55% at December 31, 2019.
-
The ratio of allowance for credit losses
to total loans was 1.62% at December 31, 2020, 1.60% at
September 30, 2020, and 0.68% at December 31, 2019. The Company has
assigned no allowance for credit losses to PPP loans, as the United
States government contractually guarantees repayment for such
loans. Excluding PPP loans, the ratio of allowance for credit
losses to total loans at December 31, 2020, was 1.79%, compared to
1.80% at September 30, 2020.
- Net
charge-offs were $3.1 million, or 0.21% of average loans
for the fourth quarter of 2020 compared to $1.7 million, or 0.12%
of average loans in the third quarter of 2020 and $3.2 million, or
0.25% of average loans in the fourth quarter of 2019. Charge-offs
in the fourth quarter of 2020 were primarily from a small number of
commercial loans, none of which individually exceeded $0.6 million.
Net charge-offs for the four most recent quarters averaged
0.13%.
-
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 $399,000, 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 26% and 169% of total bank-level risk based
capital, respectively, compared to 30% and 176% respectively, in
the third quarter of 2020. On a consolidated basis, construction
and land development and commercial real estate loans represent 24%
and 157%, 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 in 2021.
Capital and Liquidity
- The tier
1 capital ratio increased to 17.4% from 16.8% at September
30, 2020, and 15.0% December 31, 2019. The total capital
ratio was 18.5% and the tier 1 leverage
ratio was 11.9% at December 31, 2020.
- Tangible
common equity to tangible assets was 11.01% at December
31, 2020, compared to 10.67% at September 30, 2020 and 11.05% at
December 31, 2019.
- Cash and
cash equivalents at December 31, 2020 totaled $404.1
million, an increase of $279.6 million from December 31, 2019, as
Seacoast maintained a prudent liquidity position.
- At December 31, 2020, the Company
had available unsecured lines of credit of $135.0 million and lines
of credit under lendable collateral value of $1.8 billion. $1.2
billion of debt securities and $733.3 million in residential and
commercial real estate loans are available as collateral for
potential borrowings.
FINANCIAL
HIGHLIGHTS |
|
|
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|
|
(Amounts in thousands except per share data) |
(Unaudited) |
|
Quarterly Trends |
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|
|
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|
|
|
4Q'20 |
|
3Q'20 |
|
2Q'20 |
|
1Q'20 |
|
4Q'19 |
Selected Balance Sheet
Data: |
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
8,342,392 |
|
|
$ |
8,287,840 |
|
|
$ |
8,084,013 |
|
|
$ |
7,352,894 |
|
|
$ |
7,108,511 |
|
Gross Loans |
5,735,349 |
|
|
5,858,029 |
|
|
5,772,052 |
|
|
5,317,208 |
|
|
5,198,404 |
|
Total Deposits |
6,932,561 |
|
|
6,914,843 |
|
|
6,666,783 |
|
|
5,887,499 |
|
|
5,584,753 |
|
|
|
|
|
|
|
|
|
|
|
Performance Measures: |
|
|
|
|
|
|
|
|
|
Net Income |
$ |
29,347 |
|
|
$ |
22,628 |
|
|
$ |
25,080 |
|
|
$ |
709 |
|
|
$ |
27,176 |
|
Net Interest Margin |
3.59 |
% |
|
3.40 |
% |
|
3.70 |
% |
|
3.93 |
% |
|
3.84 |
% |
Average Diluted Shares Outstanding |
55,739 |
|
|
54,301 |
|
|
53,308 |
|
|
52,284 |
|
|
52,081 |
|
Diluted Earnings Per Share (EPS) |
$ |
0.53 |
|
|
$ |
0.42 |
|
|
$ |
0.47 |
|
|
$ |
0.01 |
|
|
$ |
0.52 |
|
Return on (annualized): |
|
|
|
|
|
|
|
|
|
Average Assets (ROA) |
1.39 |
% |
|
1.11 |
% |
|
1.27 |
% |
|
0.04 |
% |
|
1.54 |
% |
Average Tangible Assets (ROTA)2 |
1.49 |
|
|
1.20 |
|
|
1.37 |
|
|
0.11 |
|
|
1.66 |
|
Average Tangible Common Equity (ROTCE)2 |
13.87 |
|
|
11.35 |
|
|
13.47 |
|
|
0.95 |
|
|
14.95 |
|
Tangible Common Equity to Tangible Assets2 |
11.01 |
|
|
10.67 |
|
|
10.19 |
|
|
10.68 |
|
|
11.05 |
|
Tangible Book Value Per Share2 |
$ |
16.16 |
|
|
$ |
15.57 |
|
|
$ |
15.11 |
|
|
$ |
14.42 |
|
|
$ |
14.76 |
|
Efficiency Ratio |
48.23 |
% |
|
61.65 |
% |
|
50.11 |
% |
|
59.85 |
% |
|
48.36 |
% |
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Measures1: |
|
|
|
|
|
|
|
|
|
Adjusted Net Income |
$ |
30,700 |
|
|
$ |
27,336 |
|
|
$ |
25,452 |
|
|
$ |
5,462 |
|
|
$ |
26,837 |
|
Adjusted Diluted EPS |
0.55 |
|
|
0.50 |
|
|
0.48 |
|
|
0.10 |
|
|
0.52 |
|
Adjusted ROTA2 |
1.50 |
% |
|
1.38 |
% |
|
1.33 |
% |
|
0.32 |
% |
|
1.57 |
% |
Adjusted ROTCE2 |
14.00 |
|
|
13.06 |
|
|
13.09 |
|
|
2.86 |
|
|
14.19 |
|
Adjusted Efficiency Ratio |
48.75 |
|
|
54.82 |
|
|
49.60 |
|
|
53.55 |
|
|
47.52 |
|
Net Adjusted Noninterest Expense as a Percent of Average Tangible
Assets2 |
2.00 |
|
|
2.24 |
|
|
2.11 |
|
|
2.46 |
|
|
2.11 |
|
|
|
|
|
|
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|
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Other Data: |
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Market capitalization3 |
$ |
1,626,913 |
|
|
$ |
994,690 |
|
|
$ |
1,081,009 |
|
|
$ |
965,097 |
|
|
$ |
1,574,775 |
|
Full-time equivalent employees |
965 |
|
|
968 |
|
|
924 |
|
|
919 |
|
|
867 |
|
Number of ATMs |
77 |
|
|
77 |
|
|
76 |
|
|
76 |
|
|
78 |
|
Full-service banking offices |
51 |
|
|
51 |
|
|
50 |
|
|
50 |
|
|
48 |
|
Registered online users |
123,615 |
|
|
121,620 |
|
|
117,273 |
|
|
113,598 |
|
|
109,684 |
|
Registered mobile devices |
115,129 |
|
|
110,241 |
|
|
108,062 |
|
|
104,108 |
|
|
99,361 |
|
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. |
|
Fourth Quarter Strategic Highlights
- For the third
consecutive year, Seacoast has been recognized as one of
Fortune Magazine's 100 Fastest-Growing Companies.
As the only financial institution headquartered in Florida to earn
a spot on the prestigious list, this distinction is a direct
reflection of the remarkable job the Seacoast team has done serving
customers, implementing technological improvements, and executing
our balanced growth strategy.
- Seacoast's
successful combination of organic growth with value-creating
acquisitions continued to benefit shareholders and associates in
2020 with the acquisitions of First Bank of Palm Beaches and
Freedom Bank. Both acquisitions added experienced bankers while
expanding our presence in attractive growth markets, further
supporting sustainable, profitable growth.
• Capitalizing on Seacoast's Early
Commitment to Digital Transformation
- Digital adoption
and usage remain strong. Registered mobile devices have increased
16% in 2020, and online users have increased 13%. Growth is coming
from both consumer and business customers utilizing the convenience
of mobile and online channels.
- Approximately
51% of all deposit transactions were completed outside of the
branch network during 2020, an increase of 11% compared to 2019.
Routine transactions continue to migrate from the branch network to
lower cost channels.
- Seacoast and its
customers are benefiting from our automated PPP forgiveness
solution that streamlines the process for clients while integrating
with Seacoast's existing technology infrastructure. In the fourth
quarter of 2020, $71.8 million in loan forgiveness was processed.
In January 2021, the Company began accepting applications for the
re-opening of the PPP lending program on our fully digital
origination platform. As of January 27, the Company had received
approximately 1,500 applications for $170 million under the
latest round of PPP.
- As customer
preferences change, Seacoast continues to evolve its branch
footprint by redirecting capacity into attractive growth markets.
In alignment with this strategy, we expect to consolidate three
additional branch locations in the first quarter of 2021.
Scaling and Evolving Our
Culture
- Seacoast’s
"Manager Excellence" training program was recently recognized by
American Banker, which named Seacoast one of 2020's Best
Banks to Work For. Providing first-time managers and
emerging leaders with skill development and ongoing support creates
an environment for our associates to recognize and pursue rewarding
career opportunities.
- The Company
continues to recruit and acquire strong commercial banking talent.
During the fourth quarter of 2020, Seacoast welcomed a team of
commercial bankers and credit talent from Wells Fargo in Central
Florida. Additionally, in early January 2021, the Company hired Ron
York as Treasury Management Executive, formerly with First Horizon
Bank.
OTHER INFORMATION
Conference Call
InformationSeacoast will host a conference call on
January 29, 2021 at 10:00 a.m. (Eastern Time) to discuss the
fourth quarter and year end 2020 earnings results and business
trends. Investors may call in (toll-free) by dialing (800) 774-6070
(passcode 5585 590#; host Chuck Shaffer). Charts will be used
during the conference call and may be accessed at Seacoast's
website at www.SeacoastBanking.com by selecting "Presentations"
under the heading "News/Events." A replay of the call will be
available for one month, beginning late afternoon of
January 29, 2021, by clicking here and using passcode
50062311.
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 January 29, 2021, 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 December 31, 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, as well as statements
with respect to Seacoast's objectives, strategic plans,
expectations and intentions and other statements that are not
historical facts, any of which may be impacted by the COVID-19
pandemic and related effects on the U.S. economy. Actual results
may differ from those set forth in the forward-looking
statements.
Forward-looking statements include statements
with respect to our beliefs, plans, objectives, goals,
expectations, anticipations, assumptions, estimates and intentions
about future performance and involve known and unknown risks,
uncertainties and other factors, which may be beyond our control,
and which may cause the actual results, performance or achievements
of Seacoast to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. You should not expect us to update any
forward-looking statements.
All statements other than statements of
historical fact could be forward-looking statements. You can
identify these forward-looking statements through our use of words
such as "may", "will", "anticipate", "assume", "should", "support",
"indicate", "would", "believe", "contemplate", "expect",
"estimate", "continue", "further", "plan", "point to", "project",
"could", "intend", "target" or other similar words and expressions
of the future. These forward-looking statements may not be realized
due to a variety of factors, including, without limitation: the
effects of future economic and market conditions, including
seasonality and the adverse impact of COVID-19 (economic and
otherwise); governmental monetary and fiscal policies, including
interest rate policies of the Board of Governors of the Federal
Reserve, as well as legislative, tax and regulatory changes;
changes in accounting policies, rules and practices, including the
impact of the adoption of CECL; our participation in
the Paycheck Protection Program ("PPP"); 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; changing
retail distribution strategies, customer preferences and behavior;
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; inaccuracies or other failures from the use of
models, including 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.
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 2021 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, June 30, 2020 and
September 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 |
|
Twelve Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except ratios and per share data) |
4Q'20 |
|
3Q'20 |
|
2Q'20 |
|
1Q'20 |
|
4Q'19 |
|
4Q'20 |
|
4Q'19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of
Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
29,347 |
|
|
$ |
22,628 |
|
|
$ |
25,080 |
|
|
$ |
709 |
|
|
$ |
27,176 |
|
|
$ |
77,764 |
|
|
$ |
98,739 |
|
Adjusted net income1 |
30,700 |
|
|
27,336 |
|
|
25,452 |
|
|
5,462 |
|
|
26,837 |
|
|
88,950 |
|
|
104,591 |
|
Net interest income2 |
68,903 |
|
|
63,621 |
|
|
67,388 |
|
|
63,291 |
|
|
61,846 |
|
|
263,203 |
|
|
243,953 |
|
Net interest margin2,3 |
3.59 |
% |
|
3.40 |
% |
|
3.70 |
% |
|
3.93 |
% |
|
3.84 |
% |
|
3.65 |
% |
|
3.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets-GAAP
basis3 |
1.39 |
% |
|
1.11 |
% |
|
1.27 |
% |
|
0.04 |
% |
|
1.54 |
% |
|
0.99 |
% |
|
1.45 |
% |
Return on average tangible
assets-GAAP basis3,4 |
1.49 |
|
|
1.20 |
|
|
1.37 |
|
|
0.11 |
|
|
1.66 |
|
|
1.08 |
|
|
1.56 |
|
Adjusted return on average
tangible assets1,3,4 |
1.50 |
|
|
1.38 |
|
|
1.33 |
|
|
0.32 |
|
|
1.57 |
|
|
1.17 |
|
|
1.58 |
|
Net adjusted noninterest
expense to average tangible assets1,3,4 |
2.00 |
|
|
2.24 |
|
|
2.11 |
|
|
2.46 |
|
|
2.11 |
|
|
2.19 |
|
|
2.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
shareholders' equity-GAAP basis3 |
10.51 |
|
|
8.48 |
|
|
9.96 |
|
|
0.29 |
|
|
11.04 |
|
|
7.44 |
|
|
10.63 |
|
Return on average tangible
common equity-GAAP basis3,4 |
13.87 |
|
|
11.35 |
|
|
13.47 |
|
|
0.95 |
|
|
14.95 |
|
|
10.10 |
|
|
14.72 |
|
Adjusted return on average
tangible common equity1,3,4 |
14.00 |
|
|
13.06 |
|
|
13.09 |
|
|
2.86 |
|
|
14.19 |
|
|
10.93 |
|
|
14.93 |
|
Efficiency ratio5 |
48.23 |
|
|
61.65 |
|
|
50.11 |
|
|
59.85 |
|
|
48.36 |
|
|
54.84 |
|
|
51.71 |
|
Adjusted efficiency
ratio1 |
48.75 |
|
|
54.82 |
|
|
49.60 |
|
|
53.55 |
|
|
47.52 |
|
|
51.63 |
|
|
50.90 |
|
Noninterest income to total
revenue (excluding securities gains/losses) |
17.85 |
|
|
21.06 |
|
|
17.00 |
|
|
18.84 |
|
|
18.30 |
|
|
18.68 |
|
|
18.56 |
|
Tangible common equity to
tangible assets4 |
11.01 |
|
|
10.67 |
|
|
10.19 |
|
|
10.68 |
|
|
11.05 |
|
|
11.01 |
|
|
11.05 |
|
Average loan-to-deposit
ratio |
84.48 |
|
|
87.83 |
|
|
88.48 |
|
|
93.02 |
|
|
90.71 |
|
|
88.20 |
|
|
89.21 |
|
End of period loan-to-deposit
ratio |
83.72 |
|
|
85.77 |
|
|
87.40 |
|
|
90.81 |
|
|
93.44 |
|
|
83.72 |
|
|
93.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income diluted-GAAP
basis |
$ |
0.53 |
|
|
$ |
0.42 |
|
|
$ |
0.47 |
|
|
$ |
0.01 |
|
|
$ |
0.52 |
|
|
$ |
1.44 |
|
|
$ |
1.90 |
|
Net income basic-GAAP
basis |
0.53 |
|
|
0.42 |
|
|
0.47 |
|
|
0.01 |
|
|
0.53 |
|
|
1.45 |
|
|
1.92 |
|
Adjusted earnings1 |
0.55 |
|
|
0.50 |
|
|
0.48 |
|
|
0.10 |
|
|
0.52 |
|
|
1.65 |
|
|
2.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share
common |
20.46 |
|
|
19.91 |
|
|
19.45 |
|
|
18.82 |
|
|
19.13 |
|
|
20.46 |
|
|
19.13 |
|
Tangible book value per
share |
16.16 |
|
|
15.57 |
|
|
15.11 |
|
|
14.42 |
|
|
14.76 |
|
|
16.16 |
|
|
14.76 |
|
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 |
|
Twelve Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except per share data) |
4Q'20 |
|
3Q'20 |
|
2Q'20 |
|
1Q'20 |
|
4Q'19 |
|
4Q'20 |
|
4Q'19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
6,477 |
|
|
$ |
6,972 |
|
|
$ |
7,573 |
|
|
$ |
8,696 |
|
|
$ |
8,500 |
|
|
$ |
29,718 |
|
|
$ |
35,354 |
|
Nontaxable |
86 |
|
|
125 |
|
|
121 |
|
|
122 |
|
|
130 |
|
|
454 |
|
|
555 |
|
Fees on PPP loans |
3,603 |
|
|
161 |
|
|
4,010 |
|
|
— |
|
|
— |
|
|
7,774 |
|
|
— |
|
Interest on PPP loans |
1,585 |
|
|
1,558 |
|
|
1,058 |
|
|
— |
|
|
— |
|
|
4,201 |
|
|
— |
|
Interest and fees on loans -
excluding PPP loans |
60,407 |
|
|
58,768 |
|
|
59,776 |
|
|
63,440 |
|
|
62,868 |
|
|
242,391 |
|
|
250,535 |
|
Interest on federal funds sold
and other investments |
523 |
|
|
556 |
|
|
684 |
|
|
734 |
|
|
788 |
|
|
2,497 |
|
|
3,379 |
|
Total Interest Income |
72,681 |
|
|
68,140 |
|
|
73,222 |
|
|
72,992 |
|
|
72,286 |
|
|
287,035 |
|
|
289,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
1,228 |
|
|
1,299 |
|
|
1,203 |
|
|
3,190 |
|
|
3,589 |
|
|
6,920 |
|
|
16,621 |
|
Interest on time
certificates |
2,104 |
|
|
2,673 |
|
|
3,820 |
|
|
4,768 |
|
|
5,084 |
|
|
13,365 |
|
|
21,776 |
|
Interest on borrowed
money |
558 |
|
|
665 |
|
|
927 |
|
|
1,857 |
|
|
1,853 |
|
|
4,007 |
|
|
7,808 |
|
Total Interest Expense |
3,890 |
|
|
4,637 |
|
|
5,950 |
|
|
9,815 |
|
|
10,526 |
|
|
24,292 |
|
|
46,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
68,791 |
|
|
63,503 |
|
|
67,272 |
|
|
63,177 |
|
|
61,760 |
|
|
262,743 |
|
|
243,618 |
|
Provision for credit
losses |
1,900 |
|
|
(845 |
) |
|
7,611 |
|
|
29,513 |
|
|
4,800 |
|
|
38,179 |
|
|
10,999 |
|
Net Interest Income After Provision for Credit
Losses |
66,891 |
|
|
64,348 |
|
|
59,661 |
|
|
33,664 |
|
|
56,960 |
|
|
224,564 |
|
|
232,619 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit
accounts |
2,423 |
|
|
2,242 |
|
|
1,939 |
|
|
2,825 |
|
|
2,960 |
|
|
9,429 |
|
|
11,529 |
|
Interchange income |
3,596 |
|
|
3,682 |
|
|
3,187 |
|
|
3,246 |
|
|
3,387 |
|
|
13,711 |
|
|
13,399 |
|
Wealth management income |
1,949 |
|
|
1,972 |
|
|
1,719 |
|
|
1,867 |
|
|
1,579 |
|
|
7,507 |
|
|
6,352 |
|
Mortgage banking fees |
3,646 |
|
|
5,283 |
|
|
3,559 |
|
|
2,208 |
|
|
1,514 |
|
|
14,696 |
|
|
6,490 |
|
Marine finance fees |
145 |
|
|
242 |
|
|
157 |
|
|
146 |
|
|
338 |
|
|
690 |
|
|
1,053 |
|
SBA gains |
113 |
|
|
252 |
|
|
181 |
|
|
139 |
|
|
576 |
|
|
685 |
|
|
2,472 |
|
BOLI income |
889 |
|
|
899 |
|
|
887 |
|
|
886 |
|
|
904 |
|
|
3,561 |
|
|
3,674 |
|
Other |
2,187 |
|
|
2,370 |
|
|
2,147 |
|
|
3,352 |
|
|
2,579 |
|
|
10,056 |
|
|
10,546 |
|
|
14,948 |
|
|
16,942 |
|
|
13,776 |
|
|
14,669 |
|
|
13,837 |
|
|
60,335 |
|
|
55,515 |
|
Securities gains (losses),
net |
(18 |
) |
|
4 |
|
|
1,230 |
|
|
19 |
|
|
2,539 |
|
|
1,235 |
|
|
1,217 |
|
Total Noninterest Income |
14,930 |
|
|
16,946 |
|
|
15,006 |
|
|
14,688 |
|
|
16,376 |
|
|
61,570 |
|
|
56,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and wages |
21,490 |
|
|
23,125 |
|
|
20,226 |
|
|
23,698 |
|
|
17,263 |
|
|
88,539 |
|
|
73,829 |
|
Employee benefits |
3,915 |
|
|
3,995 |
|
|
3,379 |
|
|
4,255 |
|
|
3,323 |
|
|
15,544 |
|
|
13,697 |
|
Outsourced data processing
costs |
4,233 |
|
|
6,128 |
|
|
4,059 |
|
|
4,633 |
|
|
3,645 |
|
|
19,053 |
|
|
15,077 |
|
Telephone / data lines |
774 |
|
|
705 |
|
|
791 |
|
|
714 |
|
|
651 |
|
|
2,984 |
|
|
2,958 |
|
Occupancy |
3,554 |
|
|
3,858 |
|
|
3,385 |
|
|
3,353 |
|
|
3,368 |
|
|
14,150 |
|
|
14,284 |
|
Furniture and equipment |
1,317 |
|
|
1,576 |
|
|
1,358 |
|
|
1,623 |
|
|
1,416 |
|
|
5,874 |
|
|
6,245 |
|
Marketing |
1,045 |
|
|
1,513 |
|
|
997 |
|
|
1,278 |
|
|
885 |
|
|
4,833 |
|
|
4,161 |
|
Legal and professional
fees |
509 |
|
|
3,018 |
|
|
2,277 |
|
|
3,363 |
|
|
2,025 |
|
|
9,167 |
|
|
8,553 |
|
FDIC assessments |
528 |
|
|
474 |
|
|
266 |
|
|
— |
|
|
— |
|
|
1,268 |
|
|
881 |
|
Amortization of
intangibles |
1,421 |
|
|
1,497 |
|
|
1,483 |
|
|
1,456 |
|
|
1,456 |
|
|
5,857 |
|
|
5,826 |
|
Foreclosed property expense
and net loss/(gain) on sale |
1,821 |
|
|
512 |
|
|
245 |
|
|
(315 |
) |
|
3 |
|
|
2,263 |
|
|
51 |
|
Provision for credit losses on
unfunded commitments |
(795 |
) |
|
756 |
|
|
178 |
|
|
46 |
|
|
— |
|
|
185 |
|
|
— |
|
Other |
3,869 |
|
|
4,517 |
|
|
3,755 |
|
|
3,694 |
|
|
4,022 |
|
|
15,835 |
|
|
15,177 |
|
Total Noninterest Expense |
43,681 |
|
|
51,674 |
|
|
42,399 |
|
|
47,798 |
|
|
38,057 |
|
|
185,552 |
|
|
160,739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
38,140 |
|
|
29,620 |
|
|
32,268 |
|
|
554 |
|
|
35,279 |
|
|
100,582 |
|
|
128,612 |
|
Income taxes |
8,793 |
|
|
6,992 |
|
|
7,188 |
|
|
(155 |
) |
|
8,103 |
|
|
22,818 |
|
|
29,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
29,347 |
|
|
$ |
22,628 |
|
|
$ |
25,080 |
|
|
$ |
709 |
|
|
$ |
27,176 |
|
|
$ |
77,764 |
|
|
$ |
98,739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share of common
stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income diluted |
$ |
0.53 |
|
|
$ |
0.42 |
|
|
$ |
0.47 |
|
|
$ |
0.01 |
|
|
$ |
0.52 |
|
|
$ |
1.44 |
|
|
$ |
1.90 |
|
Net income basic |
0.53 |
|
|
0.42 |
|
|
0.47 |
|
|
0.01 |
|
|
0.53 |
|
|
1.45 |
|
|
1.92 |
|
Cash dividends declared |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted shares
outstanding |
55,739 |
|
|
54,301 |
|
|
53,308 |
|
|
52,284 |
|
|
52,081 |
|
|
53,930 |
|
|
52,029 |
|
Average basic shares
outstanding |
55,219 |
|
|
53,978 |
|
|
52,985 |
|
|
51,803 |
|
|
51,517 |
|
|
53,502 |
|
|
51,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
(Amounts in thousands) |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
86,630 |
|
|
$ |
81,692 |
|
|
$ |
84,178 |
|
|
$ |
82,111 |
|
|
$ |
89,843 |
|
Interest bearing deposits with other banks |
|
317,458 |
|
|
227,876 |
|
|
440,142 |
|
|
232,763 |
|
|
34,688 |
|
Total Cash and Cash Equivalents |
|
404,088 |
|
|
309,568 |
|
|
524,320 |
|
|
314,874 |
|
|
124,531 |
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits with other banks |
|
750 |
|
|
2,247 |
|
|
2,496 |
|
|
3,742 |
|
|
3,742 |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Securities: |
|
|
|
|
|
|
|
|
|
|
Available for sale (at fair value) |
|
1,398,157 |
|
|
1,286,858 |
|
|
976,025 |
|
|
910,311 |
|
|
946,855 |
|
Held to maturity (at amortized cost) |
|
184,484 |
|
|
207,376 |
|
|
227,092 |
|
|
252,373 |
|
|
261,369 |
|
Total Debt Securities |
|
1,582,641 |
|
|
1,494,234 |
|
|
1,203,117 |
|
|
1,162,684 |
|
|
1,208,224 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale |
|
68,890 |
|
|
73,046 |
|
|
54,943 |
|
|
29,281 |
|
|
20,029 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
5,735,349 |
|
|
5,858,029 |
|
|
5,772,052 |
|
|
5,317,208 |
|
|
5,198,404 |
|
Less: Allowance for credit losses |
|
(92,733 |
) |
|
(94,013 |
) |
|
(91,250 |
) |
|
(85,411 |
) |
|
(35,154 |
) |
Net Loans |
|
5,642,616 |
|
|
5,764,016 |
|
|
5,680,802 |
|
|
5,231,797 |
|
|
5,163,250 |
|
|
|
|
|
|
|
|
|
|
|
|
Bank premises and equipment, net |
|
75,117 |
|
|
76,393 |
|
|
69,041 |
|
|
71,540 |
|
|
66,615 |
|
Other real estate owned |
|
12,750 |
|
|
15,890 |
|
|
15,847 |
|
|
14,640 |
|
|
12,390 |
|
Goodwill |
|
221,176 |
|
|
221,176 |
|
|
212,146 |
|
|
212,085 |
|
|
205,286 |
|
Other intangible assets, net |
|
16,745 |
|
|
18,163 |
|
|
17,950 |
|
|
19,461 |
|
|
20,066 |
|
Bank owned life insurance |
|
131,776 |
|
|
130,887 |
|
|
127,954 |
|
|
127,067 |
|
|
126,181 |
|
Net deferred tax assets |
|
23,629 |
|
|
25,503 |
|
|
21,404 |
|
|
19,766 |
|
|
16,457 |
|
Other assets |
|
162,214 |
|
|
156,717 |
|
|
153,993 |
|
|
145,957 |
|
|
141,740 |
|
Total Assets |
|
$ |
8,342,392 |
|
|
$ |
8,287,840 |
|
|
$ |
8,084,013 |
|
|
$ |
7,352,894 |
|
|
$ |
7,108,511 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
$ |
2,289,787 |
|
|
$ |
2,400,744 |
|
|
$ |
2,267,435 |
|
|
$ |
1,703,628 |
|
|
$ |
1,590,493 |
|
Interest-bearing demand |
|
1,566,069 |
|
|
1,385,445 |
|
|
1,368,146 |
|
|
1,234,193 |
|
|
1,181,732 |
|
Savings |
|
689,179 |
|
|
655,072 |
|
|
619,251 |
|
|
554,836 |
|
|
519,152 |
|
Money market |
|
1,556,370 |
|
|
1,457,078 |
|
|
1,232,892 |
|
|
1,124,378 |
|
|
1,108,363 |
|
Other time certificates |
|
425,878 |
|
|
457,964 |
|
|
445,176 |
|
|
489,669 |
|
|
504,837 |
|
Brokered time certificates |
|
233,815 |
|
|
381,028 |
|
|
572,465 |
|
|
597,715 |
|
|
472,857 |
|
Time certificates of more than $250,000 |
|
171,463 |
|
|
177,512 |
|
|
161,418 |
|
|
183,080 |
|
|
207,319 |
|
Total Deposits |
|
6,932,561 |
|
|
6,914,843 |
|
|
6,666,783 |
|
|
5,887,499 |
|
|
5,584,753 |
|
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
119,609 |
|
|
89,508 |
|
|
92,125 |
|
|
64,723 |
|
|
86,121 |
|
Federal Home Loan Bank borrowings |
|
— |
|
|
35,000 |
|
|
135,000 |
|
|
265,000 |
|
|
315,000 |
|
Subordinated debt |
|
71,365 |
|
|
71,295 |
|
|
71,225 |
|
|
71,155 |
|
|
71,085 |
|
Other liabilities |
|
88,455 |
|
|
78,853 |
|
|
88,277 |
|
|
72,730 |
|
|
65,913 |
|
Total Liabilities |
|
7,211,990 |
|
|
7,189,499 |
|
|
7,053,410 |
|
|
6,361,107 |
|
|
6,122,872 |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
|
Common stock |
|
5,524 |
|
|
5,517 |
|
|
5,299 |
|
|
5,271 |
|
|
5,151 |
|
Additional paid in capital |
|
856,092 |
|
|
854,188 |
|
|
811,328 |
|
|
809,533 |
|
|
786,242 |
|
Retained earnings |
|
256,701 |
|
|
227,354 |
|
|
204,719 |
|
|
179,646 |
|
|
195,813 |
|
Treasury stock |
|
(8,285 |
) |
|
(7,941 |
) |
|
(8,037 |
) |
|
(7,422 |
) |
|
(6,032 |
) |
|
|
1,110,032 |
|
|
1,079,118 |
|
|
1,013,309 |
|
|
987,028 |
|
|
981,174 |
|
Accumulated other comprehensive income, net |
|
20,370 |
|
|
19,223 |
|
|
17,294 |
|
|
4,759 |
|
|
4,465 |
|
Total Shareholders' Equity |
|
1,130,402 |
|
|
1,098,341 |
|
|
1,030,603 |
|
|
991,787 |
|
|
985,639 |
|
Total Liabilities & Shareholders' Equity |
|
$ |
8,342,392 |
|
|
$ |
8,287,840 |
|
|
$ |
8,084,013 |
|
|
$ |
7,352,894 |
|
|
$ |
7,108,511 |
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
55,243 |
|
|
55,169 |
|
|
52,991 |
|
|
52,709 |
|
|
51,514 |
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED QUARTERLY FINANCIAL DATA |
(Unaudited) |
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands) |
4Q'20 |
|
3Q'20 |
|
2Q'20 |
|
1Q'20 |
|
4Q'19 |
|
|
|
|
|
|
|
|
|
|
Credit
Analysis |
|
|
|
|
|
|
|
|
|
Net charge-offs - non-acquired loans |
$ |
3,028 |
|
|
$ |
1,112 |
|
|
$ |
1,714 |
|
|
$ |
1,316 |
|
|
|
$ |
2,930 |
|
Net charge-offs (recoveries) - acquired loans |
99 |
|
|
624 |
|
|
37 |
|
|
(343 |
) |
|
|
295 |
|
Total Net Charge-offs |
3,127 |
|
|
1,736 |
|
|
1,751 |
|
|
973 |
|
|
|
3,225 |
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to average loans - non-acquired loans |
0.20 |
% |
|
0.08 |
% |
|
0.12 |
% |
|
0.10 |
|
% |
|
0.23 |
% |
Net charge-offs (recoveries) to average loans - acquired loans |
0.01 |
|
|
0.04 |
|
|
— |
|
|
(0.03 |
) |
|
|
0.02 |
|
Total Net Charge-offs to Average Loans |
0.21 |
|
|
0.12 |
|
|
0.12 |
|
|
0.07 |
|
|
|
0.25 |
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses - non-acquired loans |
$ |
69,786 |
|
|
$ |
70,388 |
|
|
$ |
73,587 |
|
|
$ |
69,498 |
|
|
|
$ |
34,573 |
|
Allowance for credit losses - acquired loans |
22,947 |
|
|
23,625 |
|
|
17,663 |
|
|
15,913 |
|
|
|
581 |
|
Total Allowance for Credit Losses |
$ |
92,733 |
|
|
$ |
94,013 |
|
|
$ |
91,250 |
|
|
$ |
85,411 |
|
|
|
$ |
35,154 |
|
|
|
|
|
|
|
|
|
|
|
Non-acquired loans at end of period |
$ |
4,196,205 |
|
|
$ |
4,157,376 |
|
|
$ |
4,315,892 |
|
|
$ |
4,373,378 |
|
|
|
$ |
4,317,919 |
|
Acquired loans at end of period |
972,183 |
|
|
1,061,853 |
|
|
879,710 |
|
|
943,830 |
|
|
|
880,485 |
|
Paycheck Protection Program loans at end of period1 |
566,961 |
|
|
638,800 |
|
|
576,450 |
|
|
— |
|
|
|
— |
|
Total Loans |
$ |
5,735,349 |
|
|
$ |
5,858,029 |
|
|
$ |
5,772,052 |
|
|
$ |
5,317,208 |
|
|
|
$ |
5,198,404 |
|
|
|
|
|
|
|
|
|
|
|
Non-acquired loans allowance
for credit losses to non-acquired loans at end of period |
1.66 |
% |
|
1.69 |
% |
|
1.71 |
% |
|
1.59 |
|
% |
|
0.80 |
% |
Total allowance for credit
losses to total loans at end of period |
1.62 |
|
|
1.60 |
|
|
1.58 |
|
|
1.61 |
|
|
|
0.68 |
|
Total allowance for credit
losses to total loans, excluding PPP loans |
1.79 |
|
|
1.80 |
|
|
1.76 |
|
|
1.61 |
|
|
|
0.68 |
|
Purchase discount on acquired
loans at end of period |
2.86 |
|
|
3.01 |
|
|
3.29 |
|
|
3.36 |
|
|
|
3.83 |
|
|
|
|
|
|
|
|
|
|
|
End of
Period |
|
|
|
|
|
|
|
|
|
Nonperforming loans |
$ |
36,110 |
|
|
$ |
36,897 |
|
|
$ |
30,051 |
|
|
$ |
25,582 |
|
|
|
$ |
26,955 |
|
Other real estate owned |
10,182 |
|
|
12,299 |
|
|
10,967 |
|
|
11,048 |
|
|
|
5,549 |
|
Properties previously used in
bank operations included in other real estate owned |
2,569 |
|
|
3,592 |
|
|
4,880 |
|
|
3,592 |
|
|
|
6,842 |
|
Total Nonperforming Assets |
$ |
48,861 |
|
|
$ |
52,788 |
|
|
$ |
45,898 |
|
|
$ |
40,222 |
|
|
|
$ |
39,346 |
|
|
|
|
|
|
|
|
|
|
|
Accruing troubled debt
restructures (TDRs) |
$ |
4,182 |
|
|
$ |
10,190 |
|
|
$ |
10,338 |
|
|
$ |
10,833 |
|
|
|
$ |
11,100 |
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans to Loans
at End of Period |
0.63 |
% |
|
0.63 |
% |
|
0.52 |
% |
|
0.48 |
|
% |
|
0.52 |
% |
Nonperforming Assets to Total
Assets at End of Period |
0.59 |
|
|
0.64 |
|
|
0.57 |
|
|
0.55 |
|
|
|
0.55 |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
Loans |
2020 |
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
Construction and land
development |
$ |
245,108 |
|
|
$ |
280,610 |
|
|
$ |
298,835 |
|
|
$ |
295,405 |
|
|
|
$ |
325,113 |
|
Commercial real estate - owner
occupied |
1,141,310 |
|
|
1,125,460 |
|
|
1,076,650 |
|
|
1,082,893 |
|
|
|
1,034,963 |
|
Commercial real estate -
non-owner occupied |
1,395,854 |
|
|
1,394,464 |
|
|
1,392,787 |
|
|
1,381,096 |
|
|
|
1,344,008 |
|
Residential real estate |
1,342,628 |
|
|
1,393,396 |
|
|
1,468,171 |
|
|
1,559,754 |
|
|
|
1,507,863 |
|
Commercial and financial |
854,753 |
|
|
833,083 |
|
|
757,232 |
|
|
796,038 |
|
|
|
778,252 |
|
Consumer |
188,735 |
|
|
192,216 |
|
|
201,927 |
|
|
202,022 |
|
|
|
208,205 |
|
Paycheck Protection
Program |
566,961 |
|
|
638,800 |
|
|
576,450 |
|
|
— |
|
|
|
— |
|
Total Loans |
$ |
5,735,349 |
|
|
$ |
5,858,029 |
|
|
$ |
5,772,052 |
|
|
$ |
5,317,208 |
|
|
|
$ |
5,198,404 |
|
|
|
|
|
|
|
|
|
|
|
13Q'20 includes
$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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q'20 |
|
3Q'20 |
|
4Q'19 |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
(Amounts in thousands) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
1,496,536 |
|
|
$ |
6,477 |
|
|
1.73 |
% |
|
$ |
1,322,160 |
|
|
$ |
6,972 |
|
|
2.11 |
% |
|
$ |
1,179,843 |
|
|
$ |
8,500 |
|
|
2.88 |
% |
Nontaxable |
25,943 |
|
|
109 |
|
|
1.68 |
|
|
23,570 |
|
|
157 |
|
|
2.67 |
|
|
20,709 |
|
|
162 |
|
|
3.13 |
|
Total Securities |
1,522,479 |
|
|
6,586 |
|
|
1.73 |
|
|
1,345,730 |
|
|
7,129 |
|
|
2.12 |
|
|
1,200,552 |
|
|
8,662 |
|
|
2.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other investments |
197,379 |
|
|
523 |
|
|
1.05 |
|
|
239,511 |
|
|
556 |
|
|
0.92 |
|
|
84,961 |
|
|
788 |
|
|
3.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans excluding PPP loans |
5,276,224 |
|
|
60,497 |
|
|
4.56 |
|
|
5,242,776 |
|
|
58,854 |
|
|
4.47 |
|
|
5,104,272 |
|
|
62,922 |
|
|
4.89 |
|
PPP loans |
629,855 |
|
|
5,187 |
|
|
3.28 |
|
|
618,088 |
|
|
1,719 |
|
|
1.11 |
|
|
— |
|
|
— |
|
|
— |
|
Total Loans |
5,906,079 |
|
|
65,684 |
|
|
4.42 |
|
|
5,860,864 |
|
|
60,573 |
|
|
4.11 |
|
|
5,104,272 |
|
|
62,922 |
|
|
4.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
7,625,937 |
|
|
72,793 |
|
|
3.80 |
|
|
7,446,105 |
|
|
68,258 |
|
|
3.65 |
|
|
6,389,785 |
|
|
72,372 |
|
|
4.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
(93,148 |
) |
|
|
|
|
|
(92,151 |
) |
|
|
|
|
|
(34,072 |
) |
|
|
|
|
Cash and due from banks |
235,519 |
|
|
|
|
|
|
138,749 |
|
|
|
|
|
|
99,008 |
|
|
|
|
|
Premises and equipment |
76,001 |
|
|
|
|
|
|
72,572 |
|
|
|
|
|
|
67,485 |
|
|
|
|
|
Intangible assets |
238,631 |
|
|
|
|
|
|
228,801 |
|
|
|
|
|
|
226,060 |
|
|
|
|
|
Bank owned life insurance |
131,208 |
|
|
|
|
|
|
129,156 |
|
|
|
|
|
|
125,597 |
|
|
|
|
|
Other assets |
162,248 |
|
|
|
|
|
|
163,658 |
|
|
|
|
|
|
122,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
8,376,396 |
|
|
|
|
|
|
$ |
8,086,890 |
|
|
|
|
|
|
$ |
6,996,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
1,458,299 |
|
|
$ |
249 |
|
|
0.07 |
% |
|
$ |
1,364,947 |
|
|
$ |
330 |
|
|
0.10 |
% |
|
$ |
1,190,681 |
|
|
$ |
983 |
|
|
0.33 |
% |
Savings |
672,864 |
|
|
166 |
|
|
0.10 |
|
|
648,319 |
|
|
170 |
|
|
0.10 |
|
|
528,771 |
|
|
422 |
|
|
0.32 |
|
Money market |
1,523,960 |
|
|
813 |
|
|
0.21 |
|
|
1,328,931 |
|
|
799 |
|
|
0.24 |
|
|
1,148,453 |
|
|
2,184 |
|
|
0.75 |
|
Time deposits |
911,091 |
|
|
2,104 |
|
|
0.92 |
|
|
1,051,316 |
|
|
2,673 |
|
|
1.01 |
|
|
1,078,297 |
|
|
5,084 |
|
|
1.87 |
|
Securities sold under agreements to repurchase |
101,665 |
|
|
42 |
|
|
0.16 |
|
|
90,357 |
|
|
40 |
|
|
0.18 |
|
|
73,693 |
|
|
226 |
|
|
1.22 |
|
Federal funds purchased and Federal Home Loan Bank
borrowings |
15,978 |
|
|
80 |
|
|
1.99 |
|
|
93,913 |
|
|
181 |
|
|
0.77 |
|
|
181,134 |
|
|
845 |
|
|
1.85 |
|
Other borrowings |
71,321 |
|
|
436 |
|
|
2.43 |
|
|
71,258 |
|
|
444 |
|
|
2.48 |
|
|
71,045 |
|
|
782 |
|
|
4.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities |
4,755,178 |
|
|
3,890 |
|
|
0.33 |
|
|
4,649,041 |
|
|
4,637 |
|
|
0.40 |
|
|
4,272,074 |
|
|
10,526 |
|
|
0.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
2,424,523 |
|
|
|
|
|
|
2,279,584 |
|
|
|
|
|
|
1,680,734 |
|
|
|
|
|
Other liabilities |
85,622 |
|
|
|
|
|
|
96,458 |
|
|
|
|
|
|
67,206 |
|
|
|
|
|
Total Liabilities |
7,265,323 |
|
|
|
|
|
|
7,025,083 |
|
|
|
|
|
|
6,020,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
1,111,073 |
|
|
|
|
|
|
1,061,807 |
|
|
|
|
|
|
976,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity |
$ |
8,376,396 |
|
|
|
|
|
|
$ |
8,086,890 |
|
|
|
|
|
|
$ |
6,996,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of deposits |
|
|
|
|
0.19 |
% |
|
|
|
|
|
0.24 |
% |
|
|
|
|
|
0.61 |
% |
Interest expense as a % of earning assets |
|
|
|
|
0.20 |
% |
|
|
|
|
|
0.25 |
% |
|
|
|
|
|
0.65 |
% |
Net
interest income as a % of earning assets |
|
|
$ |
68,903 |
|
|
3.59 |
% |
|
|
|
$ |
63,621 |
|
|
3.40 |
% |
|
|
|
$ |
61,846 |
|
|
3.84 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
Twelve Months Ended December 31, 2020 |
|
Twelve Months Ended December 31, 2019 |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
(Amounts in thousands, except ratios) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
1,277,441 |
|
|
$ |
29,718 |
|
|
2.33 |
% |
|
$ |
1,176,842 |
|
|
$ |
35,354 |
|
|
3.00 |
% |
Nontaxable |
22,164 |
|
|
570 |
|
|
2.57 |
|
|
23,122 |
|
|
695 |
|
|
3.01 |
|
Total Securities |
1,299,605 |
|
|
30,288 |
|
|
2.33 |
|
|
1,199,964 |
|
|
36,049 |
|
|
3.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other investments |
239,494 |
|
|
2,497 |
|
|
1.04 |
|
|
88,045 |
|
|
3,379 |
|
|
3.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans excluding PPP loans |
5,259,653 |
|
|
242,736 |
|
|
4.62 |
|
|
4,933,518 |
|
|
250,730 |
|
|
5.08 |
|
PPP loans |
419,154 |
|
|
11,974 |
|
|
2.86 |
|
|
— |
|
|
— |
|
|
— |
|
Total Loans |
5,678,807 |
|
|
254,710 |
|
|
4.49 |
|
|
4,933,518 |
|
|
250,730 |
|
|
5.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
7,217,906 |
|
|
287,495 |
|
|
3.98 |
|
|
6,221,527 |
|
|
290,158 |
|
|
4.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
(81,858 |
) |
|
|
|
|
|
(33,465 |
) |
|
|
|
|
Cash and due from banks |
142,314 |
|
|
|
|
|
|
94,643 |
|
|
|
|
|
Premises and equipment |
71,846 |
|
|
|
|
|
|
69,142 |
|
|
|
|
|
Intangible assets |
231,267 |
|
|
|
|
|
|
228,042 |
|
|
|
|
|
Bank owned life insurance |
128,569 |
|
|
|
|
|
|
124,803 |
|
|
|
|
|
Other assets |
149,956 |
|
|
|
|
|
|
126,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
7,860,000 |
|
|
|
|
|
|
$ |
6,831,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
1,324,433 |
|
|
$ |
1,710 |
|
|
0.13 |
% |
|
$ |
1,114,334 |
|
|
$ |
4,025 |
|
|
0.36 |
% |
Savings |
610,015 |
|
|
849 |
|
|
0.14 |
|
|
516,526 |
|
|
2,015 |
|
|
0.39 |
|
Money market |
1,294,629 |
|
|
4,361 |
|
|
0.34 |
|
|
1,164,938 |
|
|
10,581 |
|
|
0.91 |
|
Time deposits |
1,101,321 |
|
|
13,365 |
|
|
1.21 |
|
|
1,092,516 |
|
|
21,776 |
|
|
1.99 |
|
Securities sold under agreements to repurchase |
84,514 |
|
|
283 |
|
|
0.33 |
|
|
106,142 |
|
|
1,431 |
|
|
1.35 |
|
Federal funds purchased and Federal Home Loan Bank
borrowings |
139,439 |
|
|
1,540 |
|
|
1.10 |
|
|
131,921 |
|
|
3,010 |
|
|
2.28 |
|
Other borrowings |
71,220 |
|
|
2,184 |
|
|
3.07 |
|
|
70,939 |
|
|
3,367 |
|
|
4.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities |
4,625,571 |
|
|
24,292 |
|
|
0.53 |
|
|
4,197,316 |
|
|
46,205 |
|
|
1.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
2,107,931 |
|
|
|
|
|
|
1,641,766 |
|
|
|
|
|
Other liabilities |
81,279 |
|
|
|
|
|
|
63,405 |
|
|
|
|
|
Total Liabilities |
6,814,781 |
|
|
|
|
|
|
5,902,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
1,045,219 |
|
|
|
|
|
|
928,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity |
$ |
7,860,000 |
|
|
|
|
|
|
$ |
6,831,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of deposits |
|
|
|
|
0.32 |
% |
|
|
|
|
|
0.69 |
% |
Interest expense as a % of earning assets |
|
|
|
|
0.34 |
% |
|
|
|
|
|
0.74 |
% |
Net
interest income as a % of earning assets |
|
|
$ |
263,203 |
|
|
3.65 |
% |
|
|
|
$ |
243,953 |
|
|
3.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
(Amounts in thousands) |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
Customer Relationship
Funding |
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
1,821,361 |
|
|
$ |
1,973,494 |
|
|
$ |
1,844,288 |
|
|
$ |
1,336,352 |
|
|
$ |
1,233,475 |
|
Retail |
|
350,783 |
|
|
322,559 |
|
|
314,723 |
|
|
271,916 |
|
|
246,717 |
|
Public funds |
|
90,973 |
|
|
70,371 |
|
|
74,674 |
|
|
71,029 |
|
|
85,122 |
|
Other |
|
26,670 |
|
|
34,320 |
|
|
33,750 |
|
|
24,331 |
|
|
25,179 |
|
Total Noninterest Demand |
|
2,289,787 |
|
|
2,400,744 |
|
|
2,267,435 |
|
|
1,703,628 |
|
|
1,590,493 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
454,909 |
|
|
413,513 |
|
|
412,846 |
|
|
349,315 |
|
|
319,993 |
|
Retail |
|
839,958 |
|
|
777,078 |
|
|
733,772 |
|
|
671,378 |
|
|
641,762 |
|
Public funds |
|
271,202 |
|
|
194,854 |
|
|
221,528 |
|
|
213,500 |
|
|
219,977 |
|
Total Interest-Bearing Demand |
|
1,566,069 |
|
|
1,385,445 |
|
|
1,368,146 |
|
|
1,234,193 |
|
|
1,181,732 |
|
|
|
|
|
|
|
|
|
|
|
|
Total transaction accounts |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
2,276,270 |
|
|
2,387,007 |
|
|
2,257,134 |
|
|
1,685,667 |
|
|
1,553,468 |
|
Retail |
|
1,190,741 |
|
|
1,099,637 |
|
|
1,048,495 |
|
|
943,294 |
|
|
888,479 |
|
Public funds |
|
362,175 |
|
|
265,225 |
|
|
296,202 |
|
|
284,529 |
|
|
305,099 |
|
Other |
|
26,670 |
|
|
34,320 |
|
|
33,750 |
|
|
24,331 |
|
|
25,179 |
|
Total Transaction Accounts |
|
3,855,856 |
|
|
3,786,189 |
|
|
3,635,581 |
|
|
2,937,821 |
|
|
2,772,225 |
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
689,179 |
|
|
655,072 |
|
|
619,251 |
|
|
554,836 |
|
|
519,152 |
|
|
|
|
|
|
|
|
|
|
|
|
Money market |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
611,623 |
|
|
634,697 |
|
|
586,416 |
|
|
487,759 |
|
|
494,803 |
|
Retail |
|
661,311 |
|
|
613,532 |
|
|
579,126 |
|
|
572,785 |
|
|
553,075 |
|
Brokered |
|
196,616 |
|
|
141,808 |
|
|
— |
|
|
— |
|
|
— |
|
Public funds |
|
86,820 |
|
|
67,041 |
|
|
67,350 |
|
|
63,834 |
|
|
60,485 |
|
Total Money Market |
|
1,556,370 |
|
|
1,457,078 |
|
|
1,232,892 |
|
|
1,124,378 |
|
|
1,108,363 |
|
|
|
|
|
|
|
|
|
|
|
|
Brokered time certificates |
|
233,815 |
|
|
381,028 |
|
|
572,465 |
|
|
597,715 |
|
|
472,857 |
|
Other time certificates |
|
597,341 |
|
|
635,476 |
|
|
606,594 |
|
|
672,749 |
|
|
712,156 |
|
|
|
831,156 |
|
|
1,016,504 |
|
|
1,179,059 |
|
|
1,270,464 |
|
|
1,185,013 |
|
Total Deposits |
|
$ |
6,932,561 |
|
|
$ |
6,914,843 |
|
|
$ |
6,666,783 |
|
|
$ |
5,887,499 |
|
|
$ |
5,584,753 |
|
|
|
|
|
|
|
|
|
|
|
|
Customer sweep accounts |
|
$ |
119,609 |
|
|
$ |
89,508 |
|
|
$ |
92,125 |
|
|
$ |
64,723 |
|
|
$ |
86,121 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Twelve Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except per share data) |
4Q'20 |
|
3Q'20 |
|
2Q'20 |
|
1Q'20 |
|
4Q'19 |
|
4Q'20 |
|
4Q'19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
29,347 |
|
|
|
$ |
22,628 |
|
|
|
$ |
25,080 |
|
|
|
$ |
709 |
|
|
|
$ |
27,176 |
|
|
|
$ |
77,764 |
|
|
|
$ |
98,739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest income |
14,930 |
|
|
|
16,946 |
|
|
|
15,006 |
|
|
|
14,688 |
|
|
|
16,376 |
|
|
|
61,570 |
|
|
|
56,732 |
|
|
Securities (gains) losses,
net |
18 |
|
|
|
(4 |
) |
|
|
(1,230 |
) |
|
|
(19 |
) |
|
|
(2,539 |
) |
|
|
(1,235 |
) |
|
|
(1,217 |
) |
|
BOLI benefits on death
(included in other income) |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(956 |
) |
|
Total Adjustments to Noninterest Income |
18 |
|
|
|
(4 |
) |
|
|
(1,230 |
) |
|
|
(19 |
) |
|
|
(2,539 |
) |
|
|
(1,235 |
) |
|
|
(2,173 |
) |
|
Total Adjusted Noninterest Income |
14,948 |
|
|
|
16,942 |
|
|
|
13,776 |
|
|
|
14,669 |
|
|
|
13,837 |
|
|
|
60,335 |
|
|
|
54,559 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest expense |
43,681 |
|
|
|
51,674 |
|
|
|
42,399 |
|
|
|
47,798 |
|
|
|
38,057 |
|
|
|
185,552 |
|
|
|
160,739 |
|
|
Merger related charges |
— |
|
|
|
(4,281 |
) |
|
|
(240 |
) |
|
|
(4,553 |
) |
|
|
(634 |
) |
|
|
(9,074 |
) |
|
|
(969 |
) |
|
Amortization of
intangibles |
(1,421 |
) |
|
|
(1,497 |
) |
|
|
(1,483 |
) |
|
|
(1,456 |
) |
|
|
(1,456 |
) |
|
|
(5,857 |
) |
|
|
(5,826 |
) |
|
Business continuity
expenses |
— |
|
|
|
— |
|
|
|
— |
|
|
|
(307 |
) |
|
|
— |
|
|
|
(307 |
) |
|
|
(95 |
) |
|
Branch reductions and other
expense initiatives |
(354 |
) |
|
|
(464 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(818 |
) |
|
|
(1,846 |
) |
|
Total Adjustments to Noninterest Expense |
(1,775 |
) |
|
|
(6,242 |
) |
|
|
(1,723 |
) |
|
|
(6,316 |
) |
|
|
(2,090 |
) |
|
|
(16,056 |
) |
|
|
(8,736 |
) |
|
Total Adjusted Noninterest Expense |
41,906 |
|
|
|
45,432 |
|
|
|
40,676 |
|
|
|
41,482 |
|
|
|
35,967 |
|
|
|
169,496 |
|
|
|
152,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Taxes |
8,793 |
|
|
|
6,992 |
|
|
|
7,188 |
|
|
|
(155 |
) |
|
|
8,103 |
|
|
|
22,818 |
|
|
|
29,873 |
|
|
Tax effect of adjustments |
440 |
|
|
|
1,530 |
|
|
|
121 |
|
|
|
1,544 |
|
|
|
(110 |
) |
|
|
3,635 |
|
|
|
1,846 |
|
|
Effect of change in corporate
tax rate on deferred tax assets |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,135 |
) |
|
Total Adjustments to Income Taxes |
440 |
|
|
|
1,530 |
|
|
|
121 |
|
|
|
1,544 |
|
|
|
(110 |
) |
|
|
3,635 |
|
|
|
711 |
|
|
Adjusted Income Taxes |
9,233 |
|
|
|
8,522 |
|
|
|
7,309 |
|
|
|
1,389 |
|
|
|
7,993 |
|
|
|
26,453 |
|
|
|
30,584 |
|
|
Adjusted Net Income |
$ |
30,700 |
|
|
|
$ |
27,336 |
|
|
|
$ |
25,452 |
|
|
|
$ |
5,462 |
|
|
|
$ |
26,837 |
|
|
|
$ |
88,950 |
|
|
|
$ |
104,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per diluted share, as
reported |
$ |
0.53 |
|
|
|
$ |
0.42 |
|
|
|
$ |
0.47 |
|
|
|
$ |
0.01 |
|
|
|
$ |
0.52 |
|
|
|
$ |
1.44 |
|
|
|
$ |
1.90 |
|
|
Adjusted Earnings per
Diluted Share |
0.55 |
|
|
|
0.50 |
|
|
|
0.48 |
|
|
|
0.10 |
|
|
|
0.52 |
|
|
|
1.65 |
|
|
|
2.01 |
|
|
Average diluted shares
outstanding |
55,739 |
|
|
|
54,301 |
|
|
|
53,308 |
|
|
|
52,284 |
|
|
|
52,081 |
|
|
|
53,930 |
|
|
|
52,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Noninterest
Expense |
$ |
41,906 |
|
|
|
$ |
45,432 |
|
|
|
$ |
40,676 |
|
|
|
$ |
41,482 |
|
|
|
$ |
35,967 |
|
|
|
$ |
169,496 |
|
|
|
$ |
152,003 |
|
|
Provision for credit losses on
unfunded commitments |
795 |
|
|
|
(756 |
) |
|
|
(178 |
) |
|
|
(46 |
) |
|
|
— |
|
|
|
(185 |
) |
|
|
— |
|
|
Foreclosed property expense
and net (loss)/gain on sale |
(1,821 |
) |
|
|
(512 |
) |
|
|
(245 |
) |
|
|
315 |
|
|
|
(3 |
) |
|
|
(2,263 |
) |
|
|
(51 |
) |
|
Net Adjusted Noninterest Expense |
$ |
40,880 |
|
|
|
$ |
44,164 |
|
|
|
$ |
40,253 |
|
|
|
$ |
41,751 |
|
|
|
$ |
35,964 |
|
|
|
$ |
167,048 |
|
|
|
$ |
151,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
83,721 |
|
|
|
$ |
80,449 |
|
|
|
$ |
82,278 |
|
|
|
$ |
77,865 |
|
|
|
$ |
78,136 |
|
|
|
$ |
324,313 |
|
|
|
$ |
300,350 |
|
|
Total Adjustments to
Revenue |
18 |
|
|
|
(4 |
) |
|
|
(1,230 |
) |
|
|
(19 |
) |
|
|
(2,539 |
) |
|
|
(1,235 |
) |
|
|
(2,173 |
) |
|
Impact of FTE adjustment |
112 |
|
|
|
118 |
|
|
|
116 |
|
|
|
114 |
|
|
|
86 |
|
|
|
460 |
|
|
|
335 |
|
|
Adjusted Revenue on a fully taxable equivalent
basis |
$ |
83,851 |
|
|
|
$ |
80,563 |
|
|
|
$ |
81,164 |
|
|
|
$ |
77,960 |
|
|
|
$ |
75,683 |
|
|
|
$ |
323,538 |
|
|
|
$ |
298,512 |
|
|
Adjusted Efficiency Ratio |
48.75 |
|
% |
|
54.82 |
|
% |
|
49.60 |
|
% |
|
53.55 |
|
% |
|
47.52 |
|
% |
|
51.63 |
|
% |
|
50.90 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
$ |
68,791 |
|
|
|
$ |
63,503 |
|
|
|
$ |
67,272 |
|
|
|
$ |
63,177 |
|
|
|
$ |
61,760 |
|
|
|
$ |
262,743 |
|
|
|
$ |
243,618 |
|
|
Impact of FTE adjustment |
112 |
|
|
|
118 |
|
|
|
116 |
|
|
|
114 |
|
|
|
86 |
|
|
|
460 |
|
|
|
335 |
|
|
Net Interest Income including FTE adjustment |
$ |
68,903 |
|
|
|
$ |
63,621 |
|
|
|
$ |
67,388 |
|
|
|
$ |
63,291 |
|
|
|
$ |
61,846 |
|
|
|
$ |
263,203 |
|
|
|
$ |
243,953 |
|
|
Total noninterest income |
14,930 |
|
|
|
16,946 |
|
|
|
15,006 |
|
|
|
14,688 |
|
|
|
16,376 |
|
|
|
61,570 |
|
|
|
56,732 |
|
|
Total noninterest expense |
43,681 |
|
|
|
51,674 |
|
|
|
42,399 |
|
|
|
47,798 |
|
|
|
38,057 |
|
|
|
185,552 |
|
|
|
160,739 |
|
|
Pre-Tax Pre-Provision Earnings |
$ |
40,152 |
|
|
|
$ |
28,893 |
|
|
|
$ |
39,995 |
|
|
|
$ |
30,181 |
|
|
|
$ |
40,165 |
|
|
|
$ |
139,221 |
|
|
|
$ |
139,946 |
|
|
Total Adjustments to
Noninterest Income |
18 |
|
|
|
(4 |
) |
|
|
(1,230 |
) |
|
|
(19 |
) |
|
|
(2,539 |
) |
|
|
(1,235 |
) |
|
|
(2,173 |
) |
|
Total Adjustments to
Noninterest Expense |
(2,801 |
) |
|
|
(7,510 |
) |
|
|
(2,146 |
) |
|
|
(6,047 |
) |
|
|
(2,093 |
) |
|
|
(18,504 |
) |
|
|
(8,787 |
) |
|
Adjusted Pre-Tax Pre-Provision Earnings |
$ |
42,971 |
|
|
|
$ |
36,399 |
|
|
|
$ |
40,911 |
|
|
|
$ |
36,209 |
|
|
|
$ |
39,719 |
|
|
|
$ |
156,490 |
|
|
|
$ |
146,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Assets |
$ |
8,376,396 |
|
|
|
$ |
8,086,890 |
|
|
|
$ |
7,913,002 |
|
|
|
$ |
7,055,543 |
|
|
|
$ |
6,996,214 |
|
|
|
$ |
7,860,000 |
|
|
|
$ |
6,831,280 |
|
|
Less average goodwill and
intangible assets |
(238,631 |
) |
|
|
(228,801 |
) |
|
|
(230,871 |
) |
|
|
(226,712 |
) |
|
|
(226,060 |
) |
|
|
(231,267 |
) |
|
|
(228,042 |
) |
|
Average Tangible Assets |
$ |
8,137,765 |
|
|
|
$ |
7,858,089 |
|
|
|
$ |
7,682,131 |
|
|
|
$ |
6,828,831 |
|
|
|
$ |
6,770,154 |
|
|
|
$ |
7,628,733 |
|
|
|
$ |
6,603,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average Assets
(ROA) |
1.39 |
|
% |
|
1.11 |
|
% |
|
1.27 |
|
% |
|
0.04 |
|
% |
|
1.54 |
|
% |
|
0.99 |
|
% |
|
1.45 |
|
% |
Impact of removing average
intangible assets and related amortization |
0.10 |
|
|
|
0.09 |
|
|
|
0.10 |
|
|
|
0.07 |
|
|
|
0.12 |
|
|
|
0.09 |
|
|
|
0.11 |
|
|
Return on Average Tangible Assets (ROTA) |
1.49 |
|
|
|
1.20 |
|
|
|
1.37 |
|
|
|
0.11 |
|
|
|
1.66 |
|
|
|
1.08 |
|
|
|
1.56 |
|
|
Impact of other adjustments
for Adjusted Net Income |
0.01 |
|
|
|
0.18 |
|
|
|
(0.04 |
) |
|
|
0.21 |
|
|
|
(0.09 |
) |
|
|
0.09 |
|
|
|
0.02 |
|
|
Adjusted Return on Average Tangible Assets |
1.50 |
|
|
|
1.38 |
|
|
|
1.33 |
|
|
|
0.32 |
|
|
|
1.57 |
|
|
|
1.17 |
|
|
|
1.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Shareholders'
Equity |
$ |
1,111,073 |
|
|
|
$ |
1,061,807 |
|
|
|
$ |
1,013,095 |
|
|
|
$ |
993,993 |
|
|
|
$ |
976,200 |
|
|
|
$ |
1,045,219 |
|
|
|
$ |
928,793 |
|
|
Less average goodwill and
intangible assets |
(238,631 |
) |
|
|
(228,801 |
) |
|
|
(230,871 |
) |
|
|
(226,712 |
) |
|
|
(226,060 |
) |
|
|
(231,267 |
) |
|
|
(228,042 |
) |
|
Average Tangible Equity |
$ |
872,442 |
|
|
|
$ |
833,006 |
|
|
|
$ |
782,224 |
|
|
|
$ |
767,281 |
|
|
|
$ |
750,140 |
|
|
|
$ |
813,952 |
|
|
|
$ |
700,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average
Shareholders' Equity |
10.51 |
|
% |
|
8.48 |
|
% |
|
9.96 |
|
% |
|
0.29 |
|
% |
|
11.04 |
|
% |
|
7.44 |
|
% |
|
10.63 |
|
% |
Impact of removing average
intangible assets and related amortization |
3.36 |
|
|
|
2.87 |
|
|
|
3.51 |
|
|
|
0.66 |
|
|
|
3.91 |
|
|
|
2.66 |
|
|
|
4.09 |
|
|
Return on Average Tangible Common Equity
(ROTCE) |
13.87 |
|
|
|
11.35 |
|
|
|
13.47 |
|
|
|
0.95 |
|
|
|
14.95 |
|
|
|
10.10 |
|
|
|
14.72 |
|
|
Impact of other adjustments
for Adjusted Net Income |
0.13 |
|
|
|
1.71 |
|
|
|
(0.38 |
) |
|
|
1.91 |
|
|
|
(0.76 |
) |
|
|
0.83 |
|
|
|
0.21 |
|
|
Adjusted Return on Average Tangible Common
Equity |
14.00 |
|
|
|
13.06 |
|
|
|
13.09 |
|
|
|
2.86 |
|
|
|
14.19 |
|
|
|
10.93 |
|
|
|
14.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan interest income1 |
$ |
65,684 |
|
|
|
$ |
60,573 |
|
|
|
$ |
64,929 |
|
|
|
$ |
63,524 |
|
|
|
$ |
62,922 |
|
|
|
$ |
254,710 |
|
|
|
$ |
250,730 |
|
|
Accretion on acquired
loans |
(4,448 |
) |
|
|
(3,254 |
) |
|
|
(2,988 |
) |
|
|
(4,287 |
) |
|
|
(3,407 |
) |
|
|
(14,977 |
) |
|
|
(15,370 |
) |
|
Interest and fees on PPP
loans |
(5,187 |
) |
|
|
(1,719 |
) |
|
|
(5,068 |
) |
|
|
— |
|
|
|
— |
|
|
|
(11,974 |
) |
|
|
— |
|
|
Loan interest income excluding PPP and accretion on
acquired loans |
$ |
56,049 |
|
|
|
$ |
55,600 |
|
|
|
$ |
56,873 |
|
|
|
$ |
59,237 |
|
|
|
$ |
59,515 |
|
|
|
$ |
227,759 |
|
|
|
$ |
235,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on loans1 |
4.42 |
|
|
|
4.11 |
|
|
|
4.56 |
|
|
|
4.90 |
|
|
|
4.89 |
|
|
|
4.49 |
|
|
|
5.08 |
|
|
Impact of accretion on
acquired loans |
(0.30 |
) |
|
|
(0.22 |
) |
|
|
(0.21 |
) |
|
|
(0.33 |
) |
|
|
(0.26 |
) |
|
|
(0.27 |
) |
|
|
(0.31 |
) |
|
Impact of PPP loans |
0.11 |
|
|
|
0.33 |
|
|
|
(0.04 |
) |
|
|
— |
|
|
|
— |
|
|
|
0.11 |
|
|
|
— |
|
|
Yield on loans excluding PPP and accretion on acquired
loans |
4.23 |
|
% |
|
4.22 |
|
% |
|
4.31 |
|
% |
|
4.57 |
|
% |
|
4.63 |
|
% |
|
4.33 |
|
% |
|
4.77 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income1 |
$ |
68,903 |
|
|
|
$ |
63,621 |
|
|
|
$ |
67,388 |
|
|
|
$ |
63,291 |
|
|
|
$ |
61,846 |
|
|
|
$ |
263,203 |
|
|
|
$ |
243,953 |
|
|
Accretion on acquired
loans |
(4,448 |
) |
|
|
(3,254 |
) |
|
|
(2,988 |
) |
|
|
(4,287 |
) |
|
|
(3,407 |
) |
|
|
(14,977 |
) |
|
|
(15,370 |
) |
|
Interest and fees on PPP
loans |
(5,187 |
) |
|
|
(1,719 |
) |
|
|
(5,068 |
) |
|
|
— |
|
|
|
— |
|
|
|
(11,974 |
) |
|
|
— |
|
|
Net interest income excluding PPP and accretion on acquired
loans |
$ |
59,268 |
|
|
|
$ |
58,648 |
|
|
|
$ |
59,332 |
|
|
|
$ |
59,004 |
|
|
|
$ |
58,439 |
|
|
|
$ |
236,252 |
|
|
|
$ |
228,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin |
3.59 |
|
|
|
3.40 |
|
|
|
3.70 |
|
|
|
3.93 |
|
|
|
3.84 |
|
|
|
3.65 |
|
|
|
3.92 |
|
|
Impact of accretion on
acquired loans |
(0.23 |
) |
|
|
(0.17 |
) |
|
|
(0.16 |
) |
|
|
(0.27 |
) |
|
|
(0.21 |
) |
|
|
(0.21 |
) |
|
|
(0.25 |
) |
|
Impact of PPP loans |
0.01 |
|
|
|
0.19 |
|
|
|
(0.08 |
) |
|
|
— |
|
|
|
— |
|
|
|
0.03 |
|
|
|
— |
|
|
Net interest margin excluding PPP and accretion on acquired
loans |
3.37 |
|
% |
|
3.42 |
|
% |
|
3.46 |
|
% |
|
3.66 |
|
% |
|
3.63 |
|
% |
|
3.47 |
|
% |
|
3.67 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security interest income1 |
$ |
6,586 |
|
|
|
$ |
7,129 |
|
|
|
$ |
7,725 |
|
|
|
$ |
8,848 |
|
|
|
$ |
8,662 |
|
|
|
$ |
30,288 |
|
|
|
$ |
36,049 |
|
|
Tax equivalent adjustment on
securities |
(23 |
) |
|
|
(32 |
) |
|
|
(31 |
) |
|
|
(30 |
) |
|
|
(32 |
) |
|
|
(116 |
) |
|
|
(140 |
) |
|
Security interest income excluding tax equivalent
adjustment |
$ |
6,563 |
|
|
|
$ |
7,097 |
|
|
|
$ |
7,694 |
|
|
|
$ |
8,818 |
|
|
|
$ |
8,630 |
|
|
|
$ |
30,172 |
|
|
|
$ |
35,909 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan interest income1 |
$ |
65,684 |
|
|
|
$ |
60,573 |
|
|
|
$ |
64,929 |
|
|
|
$ |
63,524 |
|
|
|
$ |
62,922 |
|
|
|
$ |
254,710 |
|
|
|
$ |
250,730 |
|
|
Tax equivalent adjustment on
loans |
(89 |
) |
|
|
(86 |
) |
|
|
(85 |
) |
|
|
(84 |
) |
|
|
(54 |
) |
|
|
(344 |
) |
|
|
(195 |
) |
|
Loan interest income excluding tax equivalent
adjustment |
$ |
65,595 |
|
|
|
$ |
60,487 |
|
|
|
$ |
64,844 |
|
|
|
$ |
63,440 |
|
|
|
$ |
62,868 |
|
|
|
$ |
254,366 |
|
|
|
$ |
250,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income1 |
$ |
68,903 |
|
|
|
$ |
63,621 |
|
|
|
$ |
67,388 |
|
|
|
$ |
63,291 |
|
|
|
$ |
61,846 |
|
|
|
$ |
263,203 |
|
|
|
$ |
243,953 |
|
|
Tax equivalent adjustment on
securities |
(23 |
) |
|
|
(32 |
) |
|
|
(31 |
) |
|
|
(30 |
) |
|
|
(32 |
) |
|
|
(116 |
) |
|
|
(140 |
) |
|
Tax equivalent adjustment on
loans |
(89 |
) |
|
|
(86 |
) |
|
|
(85 |
) |
|
|
(84 |
) |
|
|
(54 |
) |
|
|
(344 |
) |
|
|
(195 |
) |
|
Net interest income excluding tax equivalent
adjustment |
$ |
68,791 |
|
|
|
$ |
63,503 |
|
|
|
$ |
67,272 |
|
|
|
$ |
63,177 |
|
|
|
$ |
61,760 |
|
|
|
$ |
262,743 |
|
|
|
$ |
243,618 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1On a fully
taxable equivalent basis. All yields and rates have been computed
using amortized cost. |
|
Contact:
Chuck Shaffer772-221-7003
Seacoast Banking Corpora... (NASDAQ:SBCF)
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From Aug 2024 to Sep 2024
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