Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - SEACOAST BANKING CORP OF FLORIDA | v351325_8k.htm |
| EX-99.3 - EXHIBIT 99.3 - SEACOAST BANKING CORP OF FLORIDA | v351325_ex99-3.htm |
| EX-99.2 - EXHIBIT 99.2 - SEACOAST BANKING CORP OF FLORIDA | v351325_ex99-2.htm |
EXHIBIT 99.1
To Form 8-K dated July 29, 2013
NEWS RELEASE
SEACOAST BANKING CORPORATION OF FLORIDA
Dennis S. Hudson, III
Chairman and Chief Executive Officer
Seacoast Banking Corporation of Florida
(772) 288-6085
William R. Hahl
Executive Vice President/
Chief Financial Officer
(772) 221-2825
SEACOAST REPORTS $2.9 MILLION IN NET INCOME FOR THE QUARTER
Revenue and growth initiatives produce results
| · | Noninterest income (excluding securities gains) up 21.4 percent |
| · | Ending net loan balances up 4.1 percent compared to a year ago and were up 14.6 percent linked quarter annualized |
| · | Noninterest income to total revenue increased to 28.2 percent compared to 24.6 percent a year ago |
Expense reductions are on target
| · | Total expenses down $1.7 million or 8.1 percent for the quarter |
| · | Core expenses down 3.0 percent year to date compared to year ago |
| · | Targeting at least $7.4 million in reduced expenses for 2013 |
Investments in loan production personnel producing results
| · | Higher loan production for the quarter of $183.0 million a sequential increase of 53.3 percent |
| · | Much stronger commercial production of $68.4 million, a $31.4 million sequential increase |
| · | Consumer loan production increased $32.4 million sequentially and totaled $114.4 million |
STUART, FL., July 29, 2013 – Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF), today reported second quarter 2013 net income of $2,954,000 compared to a net loss of $2,335,000 for the same quarter last year. Net income available to common shareholders for the second quarter 2013 totaled $2,017,000 or $0.02 per diluted common share, compared with a net loss of $3,272,000 or $0.03 per diluted common share for 2012.
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“Revenue growth continued to pick up momentum during the quarter as loan production was much improved. Noninterest revenue continued to increase as core expense and total expenses declined when compared to the prior year,” said Dennis S. Hudson, III Chairman and CEO.
Growth Initiatives Build Core Earnings
| · | Total revenues, excluding securities gains for the quarter ended June 30, 2013 were $22.4 million, compared to $21.9 million for the first quarter 2013 and up $1.2 million compared to second quarter 2012. Year to date revenues were $44.4 million compared to $42.8 million a year ago; |
| · | Period-end noninterest bearing deposits totaled $468.5 million at June 30, 2013, up $74.8 million or 19.0 percent from the same quarter last year; |
| · | Second quarter average loans increased $22.1 million linked quarter or 7.1 percent annualized and were up $38.6 million year over year or a growth rate of 3.1 percent; and |
| · | Average total deposits increased $32.3 million or 1.9 percent year over year. |
Over the last several years, our focused tactical initiatives have produced strong organic core customer deposit account growth and increased core customer funding. Core customer funding totaled $1.6 billion at June 30, 2013, up $147 million from last year’s second quarter and up 27.6 percent since the second quarter 2011. In addition deposit mix continued to improve with noninterest bearing deposits increasing to almost 27 percent of total deposits at quarter end 2013.
(Dollars in thousands) | Second Quarter 2013 | Second Quarter 2012 | Second Quarter 2011 | 2013 vs 2012 Change | 2012 vs 2011 Change | |||||||||||||||
| Customer Relationship Funding | ||||||||||||||||||||
| Demand deposits (noninterest bearing) | $ | 468,517 | $ | 393,681 | $ | 321,876 | 19.0 | % | 22.3 | % | ||||||||||
| NOW | 453,069 | 420,449 | 385,640 | 7.8 | 9.0 | |||||||||||||||
| Money market accounts | 335,947 | 346,191 | 320,510 | (3.0 | ) | 8.0 | ||||||||||||||
| Savings deposits | 184,219 | 156,019 | 125,221 | 18.1 | 24.6 | |||||||||||||||
| Time certificates of deposit | 296,857 | 373,244 | 528,214 | (20.5 | ) | (29.3 | ) | |||||||||||||
| Total deposits | 1,738,609 | 1,689,584 | 1,681,461 | 2.9 | 0.5 | |||||||||||||||
| Sweep repurchase agreements | 160,934 | 139,489 | 102,827 | 15.4 | 35.7 | |||||||||||||||
| Total core customer funding (1) | 1,602,686 | 1,455,829 | 1,256,074 | 10.1 | 15.9 | |||||||||||||||
| Demand deposit mix (noninterest bearing) | 26.9 | % | 23.3 | % | 19.1 | % | ||||||||||||||
(1) Total deposits and sweep repurchase agreements, excluding certificates of deposits.
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Additional growth highlights for second quarter 2013:
| · | Interchange fees and service charges on deposit accounts grew by 20.3% and 10.4%, respectively, compared to last year’s second quarter; |
| · | Fees from wealth management services totaled $1,037,000 for the second quarter, up $175,000 or 20.3 percent compared to a year ago; and |
| · | Mortgage Banking fees increased $354,000 or 39.2 percent for the quarter compared to the second quarter a year ago. |
The following details noninterest income for the second quarter ended June 30, 2013 compared to the last four quarters:
| (Dollars in thousands) | Second Quarter 2013 | First Quarter 2013 | Fourth Quarter 2012 | Third Quarter 2012 | Second Quarter | |||||||||||||||
| Noninterest Income: | ||||||||||||||||||||
| Service charges on deposit accounts | $ | 1,641 | $ | 1,551 | $ | 1,677 | $ | 1,620 | $ | 1,487 | ||||||||||
| Trust income | 675 | 676 | 592 | 550 | 564 | |||||||||||||||
| Mortgage banking fees | 1,256 | 1,114 | 1,030 | 1,155 | 902 | |||||||||||||||
| Brokerage commissions and fees | 362 | 425 | 292 | 247 | 298 | |||||||||||||||
| Marine finance fees | 419 | 272 | 258 | 279 | 244 | |||||||||||||||
| Interchange income | 1,388 | 1,264 | 1,157 | 1,119 | 1,154 | |||||||||||||||
| Other deposit based EFT fees | 87 | 98 | 83 | 70 | 84 | |||||||||||||||
| Other | 507 | 531 | 520 | 639 | 486 | |||||||||||||||
| Total | 6,335 | 5,931 | 5,609 | 5,679 | 5,219 | |||||||||||||||
| Loss on sale of commercial loan held for sale | 0 | 0 | (1,238 | ) | 0 | 0 | ||||||||||||||
| Securities gains, net | 114 | 25 | 582 | 48 | 3,615 | |||||||||||||||
| $ | 6,449 | $ | 5,956 | $ | 4,953 | $ | 5,727 | $ | 8,834 | |||||||||||
Credit Quality Improves
| · | Net charge-offs declined to $2.0 million in the second quarter 2013 compared to $6.3 million a year ago; |
| · | Nonperforming loans totaled 2.63 percent of loans, compared with 2.88 percent last quarter and 3.97 percent one year ago; |
| · | Nonperforming assets to total assets of 1.98 percent is lower compared to 2.64 percent a year ago; |
| · | Net charge-offs as a ratio of average loans for the first six months declined to 0.57 percent compared to 1.59 percent for 2012; |
| · | Restructured loans reduced to $29.6 million down 28.1% linked quarter; and |
| · | Net loss on other real estate owned and repossessed assets declined by $297,000 or 37.6% during the second quarter year over year. |
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| (Dollars in thousands ) | Second Quarter 2013 | First Quarter 2013 | Fourth Quarter 2012 | Third Quarter 2012 | Second Quarter 2012 | |||||||||||||||
| Net charge-offs | $ | 2,027 | $ | 1,517 | $ | 2,151 | $ | 2,416 | $ | 6,275 | ||||||||||
| Net charge-offs to average loans | 0.64 | % | 0.49 | % | 0.69 | % | 0.79 | % | 2.05 | % | ||||||||||
| Loan loss provision | $ | 565 | $ | 953 | $ | 1,136 | $ | 900 | $ | 6,455 | ||||||||||
| Allowance to loans at end of period | 1.59 | % | 1.76 | % | 1.80 | % | 1.92 | % | 2.02 | % | ||||||||||
| Restructured loans (accruing) | $ | 29,612 | $ | 41,170 | $ | 41,946 | $ | 44,179 | $ | 54,842 | ||||||||||
| Nonperforming loans | $ | 33,266 | $ | 35,208 | $ | 40,955 | $ | 44,450 | $ | 48,482 | ||||||||||
| Other real estate owned | 10,063 | 10,850 | 11,887 | 8,888 | 7,219 | |||||||||||||||
| Nonperforming assets | $ | 43,329 | $ | 46,058 | $ | 52,842 | $ | 53,338 | $ | 55,701 | ||||||||||
| Nonaccrual loans and accruing loans 90 days or more past due to loans outstanding at end of period | 2.63 | % | 2.88 | % | 3.34 | % | 3.70 | % | 3.97 | % | ||||||||||
| Nonperforming assets to total assets | 1.98 | 2.09 | 2.43 | 2.56 | 2.64 | |||||||||||||||
Noninterest Expenses
Previously announced plans to reduce both core operating expenses and total expenses were fully implemented at year end which meaningfully reduced our expense structure for 2013. Total noninterest expenses fell by $1.7 million or 8.1 percent for the quarter compared with the prior year. Contributing to the decline were much lower expenses related to OREO and other asset disposition costs as overall asset quality continued to improve as well as reduced core operating expenses.
Core Operating Expenses for the quarter were reduced by $220 thousand or 1.1 percent compared with the prior year and were down $1.1 million or 3.0 percent for the first six months compared to 2012. Core operating expenses for the quarter included $585 thousand in salaries and employee benefits expense associated with investments in new lending and credit personnel related to our growth initiatives.
Noninterest expenses for the second quarter 2013 are presented below compared to the prior four quarters:
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| (Dollars in thousands) | Second Quarter 2013 | First Quarter 2013 | Fourth Quarter 2012 | Third Quarter 2012 | Second Quarter 2012 | |||||||||||||||
| Noninterest Expense: | ||||||||||||||||||||
| Salaries and wages | $ | 7,892 | $ | 7,437 | $ | 7,258 | $ | 7,442 | $ | 7,297 | ||||||||||
| Employee benefits | 1,823 | 2,223 | 1,860 | 1,924 | 1,916 | |||||||||||||||
| Outsourced data processing costs | 1,631 | 1,498 | 1,904 | 1,923 | 1,834 | |||||||||||||||
| Telephone / data lines | 325 | 285 | 293 | 299 | 297 | |||||||||||||||
| Occupancy expense | 1,775 | 1,755 | 1,896 | 1,876 | 1,818 | |||||||||||||||
| Furniture and equipment expense | 571 | 561 | 585 | 556 | 607 | |||||||||||||||
| Marketing expense | 685 | 449 | 707 | 785 | 677 | |||||||||||||||
| Legal and professional fees | 949 | 796 | 1,114 | 1,122 | 1,637 | |||||||||||||||
| FDIC assessments | 720 | 717 | 697 | 695 | 707 | |||||||||||||||
| Amortization of intangibles | 197 | 195 | 195 | 196 | 196 | |||||||||||||||
| Other | 2,512 | 2,153 | 2,428 | 2,018 | 2,314 | |||||||||||||||
| Total Core Operating Expense | 19,080 | 18,069 | 18,937 | 18,836 | 19,300 | |||||||||||||||
| Severance and organizational changes | 10 | 33 | 84 | 839 | 138 | |||||||||||||||
| Branch consolidation | 0 | 0 | 407 | 232 | 125 | |||||||||||||||
| Recovery of prior legal fees | (650 | ) | 0 | 0 | (500 | ) | 0 | |||||||||||||
| Net loss on OREO and repossessed assets | 493 | 567 | 157 | 561 | 790 | |||||||||||||||
| Asset dispositions expense | 111 | 290 | 200 | 364 | 368 | |||||||||||||||
| Total | $ | 19,044 | $ | 18,959 | $ | 19,785 | $ | 20,332 | $ | 20,721 | ||||||||||
Over the past year, we redeployed overhead into additional loan production personnel while simultaneously reducing overall operating expenses. We believe these investments are particularly important in the current low rate environment. Investments in additional lending and credit support personnel have been significant over the past year and are a critical component of our commercial and business banking growth plan. Annual salaries and benefits added to our lending and credit support teams during each of the past two years and year-to-date for 2013 are presented in the table below:
Annual Salaries and Benefits Added to Lending and Credit Support Teams
| (Dollars in thousands) | Year
to Date | Year-end | ||||||||||||||
| 2013 | 2012 | 2011 | Total | |||||||||||||
| Loan production and support personnel: | ||||||||||||||||
| Commercial | $ | 400 | $ | 2,065 | $ | 527 | ||||||||||
| Residential | 41 | 396 | 248 | |||||||||||||
| $ | 441 | $ | 2,461 | $ | 775 | $ | 3,677 | |||||||||
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As shown in the table below, total loan originations and pipeline balances have been growing over the prior four quarters and now total over $115 million for the second quarter 2013 as a result of the investments in revenue producing personnel in 2011 and 2012. Also included in the table below, are the salaries and benefits associated with new commercial loan officers and credit support personnel with tenures of six months or less for each quarter of 2013 and the last three quarters of 2012. These costs are included in core operating expenses, are significant and are considered investments that impact our efficiency in the short run.
| (Dollars in thousands) | Second Quarter 2013 | First Quarter 2013 | Fourth Quarter 2012 | Third Quarter 2012 | Second Quarter 2012 | |||||||||||||||
| Commercial pipeline | $ | 46,850 | $ | 63,842 | $ | 26,809 | $ | 45,769 | $ | 29,858 | ||||||||||
| Commercial loans closed | 68,388 | 36,973 | 49,190 | 24,628 | 21,710 | |||||||||||||||
| Total loan originations and pipeline | $ | 115,238 | $ | 100,815 | $ | 75,999 | $ | 70,397 | $ | 51,568 | ||||||||||
| Salaries and benefits, lenders and support personnel < six months | $ | 585 | $ | 538 | $ | 345 | $ | 332 | $ | 228 | ||||||||||
| Total revenues, excluding securities gains and loss on sale of commercial loan | $ | 22,449 | $ | 21,931 | $ | 21,817 | $ | 21,631 | $ | 21,226 | ||||||||||
Our revenue growth is being positively impacted with increased loan production by our investment in new loan production personnel and core operating leverage is expected to improve in the future as productivity improves.
The Company’s tier 1 capital ratio was 17.0 percent and the total risk based capital ratio was 18.3 percent at June 30, 2013. The tangible common equity ratio was 5.31 percent at June 30, 2013. Adjusting the tangible common equity ratio for the reversal of the deferred tax valuation allowance would increase the ratio to approximately 7.25 percent. Our improved earnings and lower credit risk continue to increase the likelihood that the allowance will be recovered as early as this year.
The Company will host a conference call on Monday, July 29, 2013 at 10:00 a.m. (Eastern Time) to discuss its earnings results and business trends. Investors may call in (toll-free) by dialing (888) 517-2458 (access code: 6117222; leader: Dennis S. Hudson). Charts will be used during the conference call and may be accessed at Seacoast’s website at www.seacoastbanking.net by selecting “Presentations” under the heading “Investor Services”. A replay of the conference call will be available beginning the afternoon of July 29 by dialing (888) 843-7419 (domestic), using the passcode 6117222.
Alternatively, individuals may listen to the live webcast of the presentation by visiting the Company’s website at www.seacoastbanking.net. The link to the live audio webcast is located in the subsection “Presentations” under the heading “Investor Services”. Beginning the afternoon of July 29, 2013, an archived version of the webcast can be accessed from this same subsection of the website. This webcast will be archived and available for one year.
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With over $2 billion in assets, 34 traditional branches and offering business banking loan and deposit products and services in 5 Accelerate offices fueled by the power of Seacoast National Bank, Seacoast is one of the largest community banks headquartered in Florida. Offices stretch from Broward County north through the Treasure Coast and into Orlando, and west to Okeechobee and surrounding counties.
Cautionary Notice Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning 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, ability to realized deferred tax assets, cost savings, enhanced revenues, economic and seasonal conditions in our markets, and improvements to reported earnings that may be realized from cost controls and for integration of banks that we have acquired, as well as statements with respect to Seacoast’s objectives, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.
Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance or achievements of Seacoast to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. You should not expect us to update any forward-looking statements.
You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “support”, “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “further”, “point to,” “project,” “could,” “intend” or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the effects of future economic and market conditions, including seasonality; governmental monetary and fiscal policies, as well as legislative, tax and regulatory changes; changes in accounting policies, rules and practices; the risks of changes in interest rates on the level and composition of deposits, loan demand, liquidity and the values of loan collateral, securities, and interest sensitive assets and liabilities; interest rate risks, sensitivities and the shape of the yield curve; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market areas and elsewhere, including institutions operating regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; and the failure of assumptions underlying the establishment of reserves for possible loan losses. The risks of mergers and acquisitions, include, without limitation: unexpected transaction costs, including the costs of integrating operations; the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following the merger being lower than expected; the risk of deposit and customer attrition; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruption, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets.
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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, 2012 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 http://www.sec.gov.
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| FINANCIAL HIGHLIGHTS | (Unaudited) | |
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
| (Dollars in thousands, except share data) | Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
| 2013 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
| Summary of Earnings | ||||||||||||||||||||
| Net income | $ | 2,954 | $ | 2,044 | $ | (2,335 | ) | $ | 4,998 | $ | (1,397 | ) | ||||||||
| Net income available to common shareholders | 2,017 | 1,107 | (3,272 | ) | 3,124 | (3,271 | ) | |||||||||||||
| Net interest income (1) | 16,172 | 16,055 | 16,052 | 32,227 | 32,741 | |||||||||||||||
| Net interest margin (1), (2) | 3.12 | 3.15 | 3.17 | 3.13 | 3.25 | |||||||||||||||
| Performance Ratios | ||||||||||||||||||||
| Return on average assets-GAAP basis (2), (3) | 0.54 | % | 0.38 | % | (0.44 | )% | 0.46 | % | (0.13 | )% | ||||||||||
| Return on average shareholders' equity-GAAP basis (2), (3) | 7.19 | 5.09 | (5.56 | ) | 6.15 | (1.68 | ) | |||||||||||||
| Return on average tangible common shareholders' equity-GAAP basis (2), (3), (4) | 10.37 | 7.37 | (7.91 | ) | 8.79 | (2.39 | ) | |||||||||||||
| Efficiency ratio (5) | 81.06 | 81.45 | 91.05 | 81.25 | 89.49 | |||||||||||||||
| Noninterest income to total revenue | 28.22 | 27.00 | 24.60 | 27.64 | 23.70 | |||||||||||||||
| Per Share Data | ||||||||||||||||||||
| Net income diluted-GAAP basis | $ | 0.02 | $ | 0.01 | $ | (0.03 | ) | $ | 0.03 | $ | (0.03 | ) | ||||||||
| Net income basic-GAAP basis | 0.02 | 0.01 | (0.03 | ) | 0.03 | (0.03 | ) | |||||||||||||
| Book value per share common | 1.18 | 1.24 | 1.24 | 1.18 | 1.24 | |||||||||||||||
| Tangible book value per share | 1.69 | 1.74 | 1.73 | 1.69 | 1.73 | |||||||||||||||
| Tangible common book value per share (4) | 1.17 | 1.23 | 1.22 | 1.17 | 1.22 | |||||||||||||||
| Cash dividends declared | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
| (1) | Calculated on a fully taxable equivalent basis using amortized cost. |
| (2) | These ratios are stated on an annualized basis and are not necessarily indicative of future periods. |
| (3) | The calculation of ROA and ROE do not include the mark-to-market unrealized gains (losses) because the unrealized gains (losses) are not included in net income (loss). |
| (4) | The Company defines tangible common equity as total shareholders equity less preferred stock and intangible assets. |
| (5) | Defined as (non-interest expense less foreclosed property expense and amortization of intangibles) divided by net operating revenue. |
| n/m | = not meaningful |
| FINANCIAL HIGHLIGHTS |
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
| June 30, | March 31, | June 30, | ||||||||||
| (Dollars in thousands, except share data) | 2013 | 2013 | 2012 | |||||||||
| Selected Financial Data | ||||||||||||
| Total assets | $ | 2,183,680 | $ | 2,202,049 | $ | 2,106,514 | ||||||
| Securities available for sale (at fair value) | 672,809 | 649,196 | 562,691 | |||||||||
| Net loans | 1,245,815 | 1,202,270 | 1,196,719 | |||||||||
| Deposits | 1,738,609 | 1,762,164 | 1,689,584 | |||||||||
| Total shareholders' equity | 161,248 | 166,705 | 165,453 | |||||||||
| Common shareholders' equity | 111,878 | 117,647 | 117,332 | |||||||||
| Average Balances (Year-to-Date) | ||||||||||||
| Total assets | $ | 2,173,810 | $ | 2,169,329 | $ | 2,129,949 | ||||||
| Less: intangible assets | 1,299 | 1,395 | 2,086 | |||||||||
| Total average tangible assets | $ | 2,172,511 | $ | 2,167,934 | $ | 2,127,863 | ||||||
| Total equity | $ | 163,776 | $ | 162,795 | $ | 167,665 | ||||||
| Less: intangible assets | 1,299 | 1,395 | 2,086 | |||||||||
| Total average tangible equity | $ | 162,477 | $ | 161,400 | $ | 165,579 | ||||||
| Credit Analysis | ||||||||||||
| Net charge-offs year-to-date | $ | 3,545 | $ | 1,517 | $ | 9,690 | ||||||
| Net charge-offs to average loans (annualized) | 0.57 | % | 0.49 | % | 1.59 | % | ||||||
| Loan loss provision year-to-date | $ | 1,518 | $ | 953 | $ | 8,760 | ||||||
| Allowance to loans at end of period | 1.59 | % | 1.76 | % | 2.02 | % | ||||||
| Nonperforming loans | $ | 33,266 | $ | 35,208 | $ | 48,482 | ||||||
| Other real estate owned | 10,063 | 10,850 | 7,219 | |||||||||
| Total nonperforming assets | $ | 43,329 | $ | 46,058 | $ | 55,701 | ||||||
| Restructured loans (accruing) | $ | 29,612 | $ | 41,170 | $ | 54,842 | ||||||
| Nonperforming loans to loans at end of period | 2.63 | % | 2.88 | % | 3.97 | % | ||||||
| Nonperforming assets to total assets | 1.98 | % | 2.09 | % | 2.64 | % | ||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | (Unaudited) | |
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| (Dollars in thousands, except per share data) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
| Interest on securities: | ||||||||||||||||
| Taxable | $ | 3,008 | $ | 3,309 | $ | 6,077 | $ | 7,644 | ||||||||
| Nontaxable | 18 | 23 | 150 | 47 | ||||||||||||
| Interest and fees on loans | 14,264 | 14,707 | 28,291 | 29,481 | ||||||||||||
| Interest on federal funds sold and other investments | 225 | 267 | 452 | 484 | ||||||||||||
| Total Interest Income | 17,515 | 18,306 | 34,970 | 37,656 | ||||||||||||
| Interest on deposits | 191 | 418 | 399 | 867 | ||||||||||||
| Interest on time certificates | 501 | 1,133 | 1,033 | 2,633 | ||||||||||||
| Interest on borrowed money | 708 | 748 | 1,424 | 1,507 | ||||||||||||
| Total Interest Expense | 1,400 | 2,299 | 2,856 | 5,007 | ||||||||||||
| Net Interest Income | 16,115 | 16,007 | 32,114 | 32,649 | ||||||||||||
| Provision for loan losses | 565 | 6,455 | 1,518 | 8,760 | ||||||||||||
| Net Interest Income After Provision for Loan Losses | 15,550 | 9,552 | 30,596 | 23,889 | ||||||||||||
| Noninterest income: | ||||||||||||||||
| Service charges on deposit accounts | 1,641 | 1,487 | 3,192 | 2,948 | ||||||||||||
| Trust income | 675 | 564 | 1,351 | 1,137 | ||||||||||||
| Mortgage banking fees | 1,256 | 902 | 2,370 | 1,525 | ||||||||||||
| Brokerage commissions and fees | 362 | 298 | 787 | 532 | ||||||||||||
| Marine finance fees | 419 | 244 | 691 | 574 | ||||||||||||
| Interchange income | 1,388 | 1,154 | 2,652 | 2,225 | ||||||||||||
| Other deposit based EFT fees | 87 | 84 | 185 | 183 | ||||||||||||
| Other | 507 | 486 | 1,038 | 1,032 | ||||||||||||
| 6,335 | 5,219 | 12,266 | 10,156 | |||||||||||||
| Securities gains, net | 114 | 3,615 | 139 | 6,989 | ||||||||||||
| Total Noninterest Income | 6,449 | 8,834 | 12,405 | 17,145 | ||||||||||||
| Noninterest expenses: | ||||||||||||||||
| Salaries and wages | 7,902 | 7,435 | 15,372 | 14,490 | ||||||||||||
| Employee benefits | 1,823 | 1,916 | 4,046 | 3,926 | ||||||||||||
| Outsourced data processing costs | 1,630 | 1,834 | 3,129 | 3,555 | ||||||||||||
| Telephone / data lines | 325 | 297 | 610 | 586 | ||||||||||||
| Occupancy | 1,775 | 1,943 | 3,530 | 3,825 | ||||||||||||
| Furniture and equipment | 571 | 607 | 1,132 | 1,102 | ||||||||||||
| Marketing | 685 | 677 | 1,134 | 1,603 | ||||||||||||
| Legal and professional fees | 299 | 1,637 | 1,095 | 3,413 | ||||||||||||
| FDIC assessments | 720 | 707 | 1,437 | 1,413 | ||||||||||||
| Amortization of intangibles | 196 | 196 | 392 | 397 | ||||||||||||
| Asset dispositions expense | 111 | 368 | 401 | 895 | ||||||||||||
| Net loss on other real estate owned and repossessed assets | 493 | 790 | 1,060 | 2,749 | ||||||||||||
| Other | 2,516 | 2,314 | 4,665 | 4,477 | ||||||||||||
| Total Noninterest Expenses | 19,046 | 20,721 | 38,003 | 42,431 | ||||||||||||
| Income Before Income Taxes | 2,954 | (2,335 | ) | 4,998 | (1,397 | ) | ||||||||||
| Provision for income taxes | 0 | 0 | 0 | 0 | ||||||||||||
| Net Income | 2,954 | (2,335 | ) | 4,998 | (1,397 | ) | ||||||||||
| Preferred stock dividends and accretion on preferred stock discount | 937 | 937 | 1,874 | 1,874 | ||||||||||||
| Net Income Available to Common Shareholders | $ | 2,017 | $ | (3,272 | ) | $ | 3,124 | $ | (3,271 | ) | ||||||
| Per share of common stock: | ||||||||||||||||
| Net income diluted | $ | 0.02 | $ | (0.03 | ) | $ | 0.03 | $ | (0.03 | ) | ||||||
| Net income basic | 0.02 | (0.03 | ) | 0.03 | (0.03 | ) | ||||||||||
| Cash dividends declared | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
| Average diluted shares outstanding | 94,682,401 | 94,452,317 | 94,654,394 | 94,423,611 | ||||||||||||
| Average basic shares outstanding | 93,973,256 | 93,667,231 | 93,960,270 | 93,642,680 | ||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | (Unaudited) | ||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||||
| June 30, | December 31, | June 30, | ||||||||||
| (Dollars in thousands, except share data) | 2013 | 2012 | 2012 | |||||||||
| Assets | ||||||||||||
| Cash and due from banks | $ | 33,673 | $ | 45,620 | $ | 29,333 | ||||||
| Interest bearing deposits with other banks | 106,446 | 129,367 | 190,302 | |||||||||
| Total Cash and Cash Equivalents | 140,119 | 174,987 | 219,635 | |||||||||
| Securities: | ||||||||||||
| Available for sale (at fair value) | 672,809 | 643,050 | 562,691 | |||||||||
| Held for investment (at amortized cost) | 0 | 13,818 | 17,122 | |||||||||
| Total Securities | 672,809 | 656,868 | 579,813 | |||||||||
| Loans available for sale | 26,029 | 36,021 | 11,186 | |||||||||
| Loans, net of deferred costs | 1,265,893 | 1,226,081 | 1,221,354 | |||||||||
| Less: Allowance for loan losses | (20,078 | ) | (22,104 | ) | (24,635 | ) | ||||||
| Net Loans | 1,245,815 | 1,203,977 | 1,196,719 | |||||||||
| Bank premises and equipment, net | 35,029 | 34,465 | 35,044 | |||||||||
| Other real estate owned | 10,063 | 11,887 | 7,219 | |||||||||
| Other intangible assets | 1,109 | 1,501 | 1,892 | |||||||||
| Other assets | 52,707 | 54,223 | 55,006 | |||||||||
| $ | 2,183,680 | $ | 2,173,929 | $ | 2,106,514 | |||||||
| Liabilities and Shareholders' Equity | ||||||||||||
| Liabilities | ||||||||||||
| Deposits | ||||||||||||
| Demand deposits (noninterest bearing) | $ | 468,517 | $ | 422,833 | $ | 393,681 | ||||||
| NOW | 453,069 | 509,371 | 420,449 | |||||||||
| Savings deposits | 184,219 | 164,956 | 156,019 | |||||||||
| Money market accounts | 335,947 | 343,915 | 346,191 | |||||||||
| Other time certificates | 168,710 | 182,495 | 207,062 | |||||||||
| Brokered time certificates | 9,820 | 8,203 | 7,130 | |||||||||
| Time certificates of $100,000 or more | 118,327 | 127,188 | 159,052 | |||||||||
| Total Deposits | 1,738,609 | 1,758,961 | 1,689,584 | |||||||||
| Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days | 160,934 | 136,803 | 139,489 | |||||||||
| Borrowed funds | 50,000 | 50,000 | 50,000 | |||||||||
| Subordinated debt | 53,610 | 53,610 | 53,610 | |||||||||
| Other liabilities | 19,279 | 9,009 | 8,378 | |||||||||
| 2,022,432 | 2,008,383 | 1,941,061 | ||||||||||
| Shareholders' Equity | ||||||||||||
| Preferred stock - Series A | 49,370 | 48,746 | 48,121 | |||||||||
| Common stock | 9,487 | 9,484 | 9,477 | |||||||||
| Additional paid in capital | 223,026 | 222,851 | 222,391 | |||||||||
| Accumulated deficit | (115,487 | ) | (118,611 | ) | (117,423 | ) | ||||||
| Treasury stock | (12 | ) | (62 | ) | (32 | ) | ||||||
| 166,384 | 162,408 | 162,534 | ||||||||||
| Accumulated other comprehensive gain, net | (5,136 | ) | 3,138 | 2,919 | ||||||||
| Total Shareholders' Equity | 161,248 | 165,546 | 165,453 | |||||||||
| $ | 2,183,680 | $ | 2,173,929 | $ | 2,106,514 | |||||||
| Common Shares Outstanding | 94,911,466 | 94,837,170 | 94,779,981 | |||||||||
Note: The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date.
| CONSOLIDATED QUARTERLY FINANCIAL DATA | (Unaudited) | |
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
| QUARTERS | ||||||||||||||||||||
| 2013 | 2012 | |||||||||||||||||||
| (Dollars in thousands, except per share data) | Second | First | Fourth | Third | Second | |||||||||||||||
| Net income (loss) | $ | 2,954 | $ | 2,044 | $ | 240 | $ | 447 | $ | (2,335 | ) | |||||||||
| Operating Ratios | ||||||||||||||||||||
| Return on average assets-GAAP basis (2),(3) | 0.54 | % | 0.38 | % | 0.05 | % | 0.08 | % | (0.44 | )% | ||||||||||
| Return on average tangible assets (2),(3),(4) | 0.57 | 0.41 | 0.07 | 0.11 | (0.42 | ) | ||||||||||||||
| Return on average shareholders' equity-GAAP basis (2),(3) | 7.19 | 5.09 | 0.58 | 1.09 | (5.56 | ) | ||||||||||||||
| Efficiency ratio (5) | 81.06 | 81.45 | 87.97 | 88.64 | 91.05 | |||||||||||||||
| Noninterest income to total revenue | 28.22 | 27.00 | 25.71 | 26.25 | 24.60 | |||||||||||||||
| Net interest margin (1),(2) | 3.12 | 3.15 | 3.22 | 3.17 | 3.17 | |||||||||||||||
| Average equity to average assets | 7.56 | 7.50 | 7.73 | 7.77 | 7.90 | |||||||||||||||
| Credit Analysis | ||||||||||||||||||||
| Net charge-offs | $ | 2,028 | $ | 1,517 | $ | 2,151 | $ | 2,416 | $ | 6,275 | ||||||||||
| Net charge-offs to average loans | 0.64 | % | 0.49 | % | 0.69 | % | 0.79 | % | 2.05 | % | ||||||||||
| Loan loss provision | $ | 565 | $ | 953 | $ | 1,136 | $ | 900 | $ | 6,455 | ||||||||||
| Allowance to loans at end of period | 1.59 | % | 1.76 | % | 1.80 | % | 1.92 | % | 2.02 | % | ||||||||||
| Restructured loans (accruing) | $ | 29,612 | 41,170 | 41,946 | 44,179 | 54,842 | ||||||||||||||
| Nonperforming loans | $ | 33,266 | 35,208 | 40,955 | 44,450 | 48,482 | ||||||||||||||
| Other real estate owned | 10,063 | 10,850 | 11,887 | 8,888 | 7,219 | |||||||||||||||
| Nonperforming assets | $ | 43,329 | $ | 46,058 | $ | 52,842 | $ | 53,338 | $ | 55,701 | ||||||||||
| Nonperforming loans to loans at end of period | 2.63 | % | 2.88 | % | 3.34 | % | 3.70 | % | 3.97 | % | ||||||||||
| Nonperforming assets to total assets | 1.98 | 2.09 | 2.43 | 2.56 | 2.64 | |||||||||||||||
| Per Share Common Stock | ||||||||||||||||||||
| Net income (loss) diluted-GAAP basis | $ | 0.02 | $ | 0.01 | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | |||||||
| Net income (loss) basic-GAAP basis | 0.02 | 0.01 | (0.01 | ) | (0.01 | ) | (0.03 | ) | ||||||||||||
| Cash dividends declared | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
| Book value per share common | 1.18 | 1.24 | 1.23 | 1.25 | 1.24 | |||||||||||||||
| Average Balances | ||||||||||||||||||||
| Total assets | $ | 2,178,242 | $ | 2,169,329 | $ | 2,111,986 | $ | 2,096,694 | $ | 2,133,713 | ||||||||||
| Less: Intangible assets | 1,205 | 1,395 | 1,596 | 1,793 | 1,988 | |||||||||||||||
| Total average tangible assets | $ | 2,177,037 | $ | 2,167,934 | $ | 2,110,390 | $ | 2,094,901 | $ | 2,131,725 | ||||||||||
| Total equity | $ | 164,746 | $ | 162,795 | $ | 163,341 | $ | 162,902 | $ | 168,457 | ||||||||||
| Less: Intangible assets | 1,205 | 1,395 | 1,596 | 1,793 | 1,988 | |||||||||||||||
| Total average tangible equity | $ | 163,541 | $ | 161,400 | $ | 161,745 | $ | 161,109 | $ | 166,469 | ||||||||||
| (1) | Calculated on a fully taxable equivalent basis using amortized cost. |
| (2) | These ratios are stated on an annualized basis and are not necessarily indicative of future periods. |
| (3) | The calculation of ROA and ROE do not include the mark-to-market unrealized gains (losses), because the unrealized gains (losses) are not included in net income (loss). |
| (4) | The Company believes that return on average assets and equity excluding the impacts of noncash amortization expense on intangible assets is a better measurement of the Company's trend in earnings growth. |
| (5) | Defined as (non-interest expense less foreclosed property expense and amortization of intangibles) divided by net operating revenue(net interest income on a fully taxable equivalent basis plus non-interest income excluding securities gains) |
| June 30, | December 31, | June 30, | ||||||||||
| SECURITIES | 2013 | 2012 | 2012 | |||||||||
| U.S. Treasury and U.S. Government Agencies | $ | 101 | $ | 1,707 | $ | 1,714 | ||||||
| Mortgage-backed | 631,228 | 640,445 | 560,070 | |||||||||
| Collateralized loan obligations | 32,527 | 0 | 0 | |||||||||
| Obligations of states and political subdivisions | 7,465 | 898 | 907 | |||||||||
| Other securities | 1,488 | 0 | 0 | |||||||||
| Securities Available for Sale | 672,809 | 643,050 | 562,691 | |||||||||
| Mortgage-backed | 0 | 5,965 | 8,962 | |||||||||
| Obligations of states and political subdivisions | 0 | 6,353 | 6,660 | |||||||||
| Other securities | 0 | 1,500 | 1,500 | |||||||||
| Securities Held for Investment (1) | 0 | 13,818 | 17,122 | |||||||||
| Total Securities | $ | 672,809 | $ | 656,868 | $ | 579,813 | ||||||
| (1) | Securities Held for Investment were transferred to Securities Available for Sale for more options to manage interest rate risk prospectively. |
| June 30, | December 31, | June 30, | ||||||||||
| LOANS | 2013 | 2012 | 2012 | |||||||||
| Construction and land development | $ | 61,116 | $ | 60,736 | $ | 57,228 | ||||||
| Real estate mortgage | 1,094,976 | 1,056,159 | 1,057,551 | |||||||||
| Installment loans to individuals | 44,296 | 46,930 | 50,133 | |||||||||
| Commercial and financial | 65,224 | 61,903 | 56,220 | |||||||||
| Other loans | 281 | 353 | 222 | |||||||||
| Total Loans | $ | 1,265,893 | $ | 1,226,081 | $ | 1,221,354 | ||||||
| AVERAGE BALANCES | (Unaudited) | |
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||
| QUARTER | Percent Change vs. | |||||||||||||||||||||||||||
| 2013 | 2012 | 1st Qtr | 2nd Qtr | |||||||||||||||||||||||||
| (Dollars in thousands) | Second | First | Fourth | Third | Second | 2013 | 2012 | |||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||
| Earning assets: | ||||||||||||||||||||||||||||
| Securities: | ||||||||||||||||||||||||||||
| Taxable | $ | 639,769 | $ | 646,184 | $ | 604,412 | $ | 572,328 | $ | 552,501 | (1.0 | )% | 15.8 | % | ||||||||||||||
| Nontaxable | 1,647 | 1,666 | 1,670 | 1,972 | 2,055 | (1.1 | ) | (19.8 | ) | |||||||||||||||||||
| Total Securities | 641,416 | 647,850 | 606,082 | 574,300 | 554,556 | (1.0 | ) | 15.7 | ||||||||||||||||||||
| Federal funds sold and other investments | 168,740 | 172,505 | 162,599 | 209,461 | 248,944 | (2.2 | ) | (32.2 | ) | |||||||||||||||||||
| Loans, net | 1,269,789 | 1,247,666 | 1,241,711 | 1,223,313 | 1,231,239 | 1.8 | 3.1 | |||||||||||||||||||||
| Total Earning Assets | 2,079,945 | 2,068,021 | 2,010,392 | 2,007,074 | 2,034,739 | 0.6 | 2.2 | |||||||||||||||||||||
| Allowance for loan losses | (21,515 | ) | (22,018 | ) | (23,820 | ) | (24,807 | ) | (23,677 | ) | (2.3 | ) | (9.1 | ) | ||||||||||||||
| Cash and due from banks | 34,279 | 34,706 | 39,321 | 29,227 | 31,795 | (1.2 | ) | 7.8 | ||||||||||||||||||||
| Premises and equipment | 35,121 | 34,516 | 34,566 | 35,003 | 34,197 | 1.8 | 2.7 | |||||||||||||||||||||
| Other assets | 50,412 | 54,104 | 51,527 | 50,197 | 56,659 | (6.8 | ) | (11.0 | ) | |||||||||||||||||||
| $ | 2,178,242 | $ | 2,169,329 | $ | 2,111,986 | $ | 2,096,694 | $ | 2,133,713 | 0.4 | 2.1 | |||||||||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||||||
| NOW | $ | 461,005 | $ | 474,915 | $ | 449,476 | $ | 419,007 | $ | 423,240 | (2.9 | )% | 8.9 | % | ||||||||||||||
| Savings deposits | 180,915 | 170,502 | 161,156 | 157,577 | 152,333 | 6.1 | 18.8 | |||||||||||||||||||||
| Money market accounts | 339,058 | 341,833 | 346,089 | 350,213 | 336,392 | (0.8 | ) | 0.8 | ||||||||||||||||||||
| Time deposits | 302,110 | 311,945 | 330,556 | 358,504 | 406,292 | (3.2 | ) | (25.6 | ) | |||||||||||||||||||
| Federal funds purchased and other short term borrowings | 159,847 | 160,600 | 131,628 | 140,932 | 146,510 | (0.5 | ) | 9.1 | ||||||||||||||||||||
| Other borrowings | 103,610 | 103,610 | 103,610 | 103,610 | 103,610 | 0.0 | 0.0 | |||||||||||||||||||||
| Total Interest-Bearing Liabilities | 1,546,545 | 1,563,405 | 1,522,515 | 1,529,843 | 1,568,377 | (1.1 | ) | (1.4 | ) | |||||||||||||||||||
| Demand deposits (noninterest-bearing) | 455,525 | 433,757 | 416,482 | 394,467 | 388,060 | 5.0 | 17.4 | |||||||||||||||||||||
| Other liabilities | 11,426 | 9,372 | 9,648 | 9,482 | 8,819 | 21.9 | 29.6 | |||||||||||||||||||||
| Total Liabilities | 2,013,496 | 2,006,534 | 1,948,645 | 1,933,792 | 1,965,256 | 0.3 | 2.5 | |||||||||||||||||||||
| Shareholders' equity | 164,746 | 162,795 | 163,341 | 162,902 | 168,457 | 1.2 | (2.2 | ) | ||||||||||||||||||||
| $ | 2,178,242 | $ | 2,169,329 | $ | 2,111,986 | $ | 2,096,694 | $ | 2,133,713 | 0.4 | 2.1 | |||||||||||||||||
| AVERAGE YIELDS / RATES(1) | (Unaudited) | ||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||
| QUARTER | ||||||||||||||||||||
| 2013 | 2012 | |||||||||||||||||||
| (Dollars in thousands) | Second | First | Fourth | Third | Second | |||||||||||||||
| Assets | ||||||||||||||||||||
| Earning assets: | ||||||||||||||||||||
| Securities: | ||||||||||||||||||||
| Taxable | 1.88 | % | 1.97 | % | 2.07 | % | 2.23 | % | 2.40 | % | ||||||||||
| Nontaxable | 6.57 | 6.37 | 4.31 | 6.48 | 6.81 | |||||||||||||||
| Total Securities | 1.89 | 1.98 | 2.08 | 2.24 | 2.41 | |||||||||||||||
| Federal funds sold and other investments | 0.53 | 0.54 | 0.55 | 0.46 | 0.43 | |||||||||||||||
| Loans, net | 4.52 | 4.57 | 4.64 | 4.68 | 4.81 | |||||||||||||||
| Total Earning Assets | 3.39 | 3.43 | 3.53 | 3.54 | 3.63 | |||||||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||
| NOW | 0.09 | 0.10 | 0.11 | 0.15 | 0.16 | |||||||||||||||
| Savings deposits | 0.05 | 0.06 | 0.09 | 0.11 | 0.10 | |||||||||||||||
| Money market accounts | 0.08 | 0.08 | 0.13 | 0.21 | 0.26 | |||||||||||||||
| Time deposits | 0.67 | 0.69 | 0.72 | 0.82 | 1.12 | |||||||||||||||
| Federal funds purchased and other short term borrowings | 0.18 | 0.21 | 0.23 | 0.24 | 0.25 | |||||||||||||||
| Other borrowings | 2.46 | 2.48 | 2.50 | 2.57 | 2.55 | |||||||||||||||
| Total Interest-Bearing Liabilities | 0.36 | 0.38 | 0.42 | 0.49 | 0.59 | |||||||||||||||
| Interest expense as a % of earning assets | 0.27 | 0.29 | 0.32 | 0.37 | 0.45 | |||||||||||||||
| Net interest income as a % of earning assets | 3.12 | 3.15 | 3.22 | 3.17 | 3.17 | |||||||||||||||
| (1) | On a fully taxable equivalent basis. All yields and rates have been computed on an annualized basis using amortized cost. |
Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.
| INTEREST INCOME / EXPENSE(1) | (Unaudited) | ||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||
| QUARTER | Percent Change vs. | |||||||||||||||||||||||||||
| 2013 | 2012 | 1st Qtr | 2nd Qtr | |||||||||||||||||||||||||
| (Dollars in thousands) | Second | First | Fourth | Third | Second | 2013 | 2012 | |||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||
| Earning assets: | ||||||||||||||||||||||||||||
| Securities: | ||||||||||||||||||||||||||||
| Taxable | $ | 3,008 | $ | 3,184 | $ | 3,130 | $ | 3,190 | $ | 3,309 | (5.5 | )% | (9.1 | )% | ||||||||||||||
| Nontaxable | 27 | 27 | 19 | 32 | 35 | 0.2 | (22.7 | ) | ||||||||||||||||||||
| Total Securities | 3,035 | 3,211 | 3,149 | 3,222 | 3,344 | (5.5 | ) | (9.2 | ) | |||||||||||||||||||
| Federal funds sold and other investments | 225 | 228 | 226 | 243 | 267 | (1.2 | ) | (15.8 | ) | |||||||||||||||||||
| Loans, net | 14,312 | 14,073 | 14,477 | 14,403 | 14,740 | 1.7 | (2.9 | ) | ||||||||||||||||||||
| Total Earning Assets | 17,572 | 17,512 | 17,852 | 17,868 | 18,351 | 0.3 | (4.2 | ) | ||||||||||||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||||||
| NOW | 101 | 112 | 128 | 156 | 165 | (10.0 | ) | (38.9 | ) | |||||||||||||||||||
| Savings deposits | 24 | 26 | 36 | 42 | 39 | (6.8 | ) | (38.1 | ) | |||||||||||||||||||
| Money market accounts | 67 | 70 | 111 | 182 | 214 | (4.7 | ) | (68.8 | ) | |||||||||||||||||||
| Time deposits | 501 | 532 | 598 | 738 | 1,133 | (5.7 | ) | (55.7 | ) | |||||||||||||||||||
| Federal funds purchased and other short term borrowings | 73 | 83 | 75 | 86 | 92 | (12.5 | ) | (20.7 | ) | |||||||||||||||||||
| Other borrowings | 634 | 634 | 650 | 669 | 656 | 0.0 | (3.3 | ) | ||||||||||||||||||||
| Total Interest-Bearing Liabilities | 1,400 | 1,457 | 1,598 | 1,873 | 2,299 | (3.9 | ) | (39.1 | ) | |||||||||||||||||||
| Net interest income | 16,172 | 16,055 | 16,254 | 15,995 | 16,052 | 0.7 | 0.7 | |||||||||||||||||||||
| (1) | On a fully taxable equivalent basis. Fees on loans have been included in interest on loans |
| CONSOLIDATED QUARTERLY FINANCIAL DATA | (Unaudited) |
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
| 2013 | 2012 | |||||||||||||||||||
| (Dollars in thousands) | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | |||||||||||||||
| Customer Relationship Funding (Period End) | ||||||||||||||||||||
| Demand deposits (noninterest bearing) | ||||||||||||||||||||
| Commercial | $ | 260,325 | $ | 246,849 | # | $ | 232,413 | $ | 220,225 | $ | 212,179 | |||||||||
| Retail | 163,551 | 167,515 | 153,429 | 156,329 | 156,362 | |||||||||||||||
| Public funds | 29,487 | 26,166 | 21,799 | 16,103 | 11,168 | |||||||||||||||
| Other | 15,154 | 12,613 | 15,193 | 16,488 | 13,972 | |||||||||||||||
| $ | 468,517 | $ | 453,144 | $ | 422,833 | $ | 409,145 | $ | 393,681 | |||||||||||
| NOW accounts | ||||||||||||||||||||
| Commercial | 35,714 | 39,303 | 32,701 | 33,083 | 32,989 | |||||||||||||||
| Retail | 308,390 | 307,546 | 308,633 | 296,078 | 297,581 | |||||||||||||||
| Public funds | 108,965 | 136,065 | 168,037 | 91,316 | 89,877 | |||||||||||||||
| $ | 453,069 | $ | 482,914 | $ | 509,371 | $ | 420,477 | $ | 420,448 | |||||||||||
| Total Transaction Accounts | ||||||||||||||||||||
| Commercial | 296,039 | 286,152 | 265,114 | 253,308 | 245,168 | |||||||||||||||
| Retail | 471,941 | 475,060 | 462,062 | 452,407 | 453,943 | |||||||||||||||
| Public funds | 138,452 | 162,231 | 189,836 | 107,419 | 101,045 | |||||||||||||||
| Other | 15,154 | 12,613 | 15,193 | 16,488 | 13,972 | |||||||||||||||
| $ | 921,586 | $ | 936,057 | $ | 932,205 | $ | 829,622 | $ | 814,129 | |||||||||||
| Savings accounts | 184,219 | 177,213 | 164,956 | 158,208 | 156,019 | |||||||||||||||
| Money market accounts | ||||||||||||||||||||
| Commercial | 109,938 | 111,580 | 114,965 | 122,485 | 116,440 | |||||||||||||||
| Retail | 216,370 | 220,555 | 220,601 | 216,775 | 218,177 | |||||||||||||||
| Public funds | 9,639 | 9,081 | 8,349 | 9,015 | 11,574 | |||||||||||||||
| $ | 335,947 | $ | 341,216 | $ | 343,915 | $ | 348,275 | $ | 346,191 | |||||||||||
| Time certificates of deposit | 296,857 | 307,678 | 317,886 | 343,361 | 373,244 | |||||||||||||||
| Total Deposits | $ | 1,738,611 | $ | 1,762,166 | $ | 1,758,961 | $ | 1,679,466 | $ | 1,689,584 | ||||||||||
| Sweep repurchase agreements | 160,934 | 161,678 | 136,803 | 122,393 | 139,489 | |||||||||||||||
| Total core customer funding (1) | $ | 1,602,688 | $ | 1,616,164 | $ | 1,577,878 | $ | 1,458,498 | $ | 1,455,829 | ||||||||||
| (1) Total deposits and sweep repurchase agreements, excluding certificates of deposits. |
| QUARTERLY TRENDS - LOANS AT END OF PERIOD (Dollars in Millions) | (Unaudited) |
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
| 2012 | 2013 | |||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | 1st Qtr | 2nd Qtr | |||||||||||||||||||
| Installment loans to individuals | ||||||||||||||||||||||||
| Automobile and trucks | $ | 8.2 | $ | 8.1 | $ | 8.0 | $ | 7.8 | $ | 7.8 | $ | 7.5 | ||||||||||||
| Marine loans | 21.1 | 20.8 | 23.0 | 18.4 | 15.4 | 16.7 | ||||||||||||||||||
| Other | 21.5 | 21.3 | 20.6 | 20.7 | 20.0 | 20.1 | ||||||||||||||||||
| 50.8 | 50.2 | 51.6 | 46.9 | 43.2 | 44.3 | |||||||||||||||||||
| Construction and land development to individuals | ||||||||||||||||||||||||
| Lot loans | 18.4 | 17.6 | 16.4 | 16.7 | 16.6 | 15.5 | ||||||||||||||||||
| Construction | 13.5 | 16.6 | 18.9 | 22.2 | 20.8 | 20.7 | ||||||||||||||||||
| 31.9 | 34.2 | 35.3 | 38.9 | 37.4 | 36.2 | |||||||||||||||||||
| Residential real estate | ||||||||||||||||||||||||
| Adjustable | 341.6 | 359.4 | 353.7 | 361.0 | 365.8 | 372.6 | ||||||||||||||||||
| Fixed rate | 96.2 | 95.4 | 99.7 | 99.0 | 98.2 | 97.5 | ||||||||||||||||||
| Home equity mortgages | 59.5 | 58.3 | 58.4 | 58.0 | 61.3 | 62.2 | ||||||||||||||||||
| Home equity lines | 53.0 | 50.8 | 50.6 | 51.4 | 49.3 | 49.1 | ||||||||||||||||||
| 550.3 | 563.9 | 562.4 | 569.4 | 574.6 | 581.4 | |||||||||||||||||||
| TOTAL CONSUMER | 633.0 | 648.3 | 649.3 | 655.2 | 655.2 | 661.9 | ||||||||||||||||||
| Commercial & financial | 54.6 | 56.2 | 58.2 | 61.9 | 64.8 | 65.2 | ||||||||||||||||||
| Construction and land development for commercial | ||||||||||||||||||||||||
| Residential | ||||||||||||||||||||||||
| Single family land and lots | 6.0 | 5.9 | 5.8 | 5.6 | 4.9 | 5.0 | ||||||||||||||||||
| Multifamily | 4.9 | 4.7 | 4.6 | 4.3 | 3.9 | 3.9 | ||||||||||||||||||
| 10.9 | 10.6 | 10.4 | 9.9 | 8.8 | 8.9 | |||||||||||||||||||
| Commercial | ||||||||||||||||||||||||
| Office buildings | 0.3 | - | - | - | 1.1 | 1.6 | ||||||||||||||||||
| Retail trade | - | - | - | - | - | 1.8 | ||||||||||||||||||
| Land | 9.2 | 10.7 | 9.8 | 9.6 | 7.8 | 7.2 | ||||||||||||||||||
| Healthcare | - | - | - | 1.8 | 3.3 | 2.9 | ||||||||||||||||||
| Churches and educational facilities | 0.3 | 0.3 | 0.7 | 0.5 | 1.2 | 2.5 | ||||||||||||||||||
| Convenience stores | 1.4 | 1.4 | - | - | - | - | ||||||||||||||||||
| 11.2 | 12.4 | 10.5 | 11.9 | 13.4 | 16.0 | |||||||||||||||||||
| Total construction and land development | 22.1 | 23.0 | 20.9 | 21.8 | 22.2 | 24.9 | ||||||||||||||||||
| Commercial real estate | ||||||||||||||||||||||||
| Office buildings | 118.0 | 113.4 | 102.4 | 104.7 | 112.5 | 112.0 | ||||||||||||||||||
| Retail trade | 139.3 | 128.5 | 121.1 | 126.7 | 122.2 | 135.5 | ||||||||||||||||||
| Industrial | 70.0 | 72.0 | 71.3 | 72.6 | 73.4 | 83.3 | ||||||||||||||||||
| Healthcare | 40.2 | 42.0 | 35.8 | 40.7 | 39.4 | 42.1 | ||||||||||||||||||
| Churches and educational facilities | 27.0 | 26.7 | 26.2 | 28.6 | 26.9 | 26.4 | ||||||||||||||||||
| Recreation | 3.1 | 3.1 | 2.7 | 2.7 | 2.6 | 2.6 | ||||||||||||||||||
| Multifamily | 8.8 | 8.3 | 7.8 | 9.0 | 8.5 | 9.5 | ||||||||||||||||||
| Mobile home parks | 2.1 | 2.1 | 2.1 | 2.0 | 2.0 | 1.9 | ||||||||||||||||||
| Lodging | 19.4 | 19.3 | 19.1 | 18.7 | 18.0 | 17.5 | ||||||||||||||||||
| Restaurant | 4.6 | 4.7 | 4.4 | 3.5 | 3.6 | 3.5 | ||||||||||||||||||
| Agricultural | 7.6 | 7.4 | 7.3 | 6.1 | 5.9 | 7.1 | ||||||||||||||||||
| Convenience stores | 15.5 | 15.4 | 16.6 | 20.5 | 20.2 | 20.2 | ||||||||||||||||||
| Marina | 21.6 | 21.5 | 21.4 | 21.2 | 21.1 | 20.9 | ||||||||||||||||||
| Other | 29.3 | 29.3 | 35.6 | 29.8 | 25.1 | 31.1 | ||||||||||||||||||
| 506.5 | 493.7 | 473.8 | 486.8 | 481.4 | 513.6 | |||||||||||||||||||
| TOTAL COMMERCIAL | 583.2 | 572.9 | 552.9 | 570.5 | 568.4 | 603.7 | ||||||||||||||||||
| Other | 0.2 | 0.2 | 0.3 | 0.4 | 0.2 | 0.3 | ||||||||||||||||||
| $ | 1,216.4 | $ | 1,221.4 | $ | 1,202.5 | $ | 1,226.1 | $ | 1,223.8 | $ | 1,265.9 | |||||||||||||
| QUARTERLY TRENDS - INCREASE (DECREASE) IN LOANS BY QUARTER (Dollars in Millions) (Unaudited) |
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
| 2012 | 2013 | |||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | 1st Qtr | 2nd Qtr | |||||||||||||||||||
| Installment loans to individuals | ||||||||||||||||||||||||
| Automobile and trucks | $ | (0.5 | ) | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.2 | ) | $ | - | $ | (0.3 | ) | |||||||
| Marine loans | 1.2 | (0.3 | ) | 2.2 | (4.6 | ) | (3.0 | ) | 1.3 | |||||||||||||||
| Other | (0.5 | ) | (0.2 | ) | (0.7 | ) | 0.1 | (0.7 | ) | 0.1 | ||||||||||||||
| 0.2 | (0.6 | ) | 1.4 | (4.7 | ) | (3.7 | ) | 1.1 | ||||||||||||||||
| Construction and land development to individuals | ||||||||||||||||||||||||
| Lot loans | 0.5 | (0.8 | ) | (1.2 | ) | 0.3 | (0.1 | ) | (1.1 | ) | ||||||||||||||
| Construction | 4.8 | 3.1 | 2.3 | 3.3 | (1.4 | ) | (0.1 | ) | ||||||||||||||||
| 5.3 | 2.3 | 1.1 | 3.6 | (1.5 | ) | (1.2 | ) | |||||||||||||||||
| Residential real estate | ||||||||||||||||||||||||
| Adjustable | 7.5 | 17.8 | (5.7 | ) | 7.3 | 4.8 | 6.8 | |||||||||||||||||
| Fixed rate | (0.8 | ) | (0.8 | ) | 4.3 | (0.7 | ) | (0.8 | ) | (0.7 | ) | |||||||||||||
| Home equity mortgages | (0.7 | ) | (1.2 | ) | 0.1 | (0.4 | ) | 3.3 | 0.9 | |||||||||||||||
| Home equity lines | (1.9 | ) | (2.2 | ) | (0.2 | ) | 0.8 | (2.1 | ) | (0.2 | ) | |||||||||||||
| 4.1 | 13.6 | (1.5 | ) | 7.0 | 5.2 | 6.8 | ||||||||||||||||||
| TOTAL CONSUMER | 9.6 | 15.3 | 1.0 | 5.9 | 0.0 | 6.7 | ||||||||||||||||||
| Commercial & financial | 1.5 | 1.6 | 2.0 | 3.7 | 2.9 | 0.4 | ||||||||||||||||||
| Construction and land development for commercial | ||||||||||||||||||||||||
| Residential | ||||||||||||||||||||||||
| Single family land and lots | (0.2 | ) | (0.1 | ) | (0.1 | ) | (0.2 | ) | (0.7 | ) | 0.1 | |||||||||||||
| Multifamily | (0.2 | ) | (0.2 | ) | (0.1 | ) | (0.3 | ) | (0.4 | ) | - | |||||||||||||
| (0.4 | ) | (0.3 | ) | (0.2 | ) | (0.5 | ) | (1.1 | ) | 0.1 | ||||||||||||||
| Commercial | ||||||||||||||||||||||||
| Office buildings | 0.1 | (0.3 | ) | - | - | 1.1 | 0.5 | |||||||||||||||||
| Retail trade | - | - | - | - | - | 1.8 | ||||||||||||||||||
| Land | (0.1 | ) | 1.5 | (0.9 | ) | (0.2 | ) | (1.8 | ) | (0.6 | ) | |||||||||||||
| Healthcare | - | - | - | 1.8 | 1.5 | (0.4 | ) | |||||||||||||||||
| Churches and educational facilities | 0.2 | - | 0.4 | (0.2 | ) | 0.7 | 1.3 | |||||||||||||||||
| Convenience stores | (0.3 | ) | - | (1.4 | ) | - | - | - | ||||||||||||||||
| (0.1 | ) | 1.2 | (1.9 | ) | 1.4 | 1.5 | 2.6 | |||||||||||||||||
| Total construction and land development | (0.5 | ) | 0.9 | (2.1 | ) | 0.9 | 0.4 | 2.7 | ||||||||||||||||
| Commercial real estate | ||||||||||||||||||||||||
| Office buildings | (1.6 | ) | (4.6 | ) | (11.0 | ) | 2.3 | 7.8 | (0.5 | ) | ||||||||||||||
| Retail trade | (1.3 | ) | (10.8 | ) | (7.4 | ) | 5.6 | (4.5 | ) | 13.3 | ||||||||||||||
| Industrial | (0.7 | ) | 2.0 | (0.7 | ) | 1.3 | 0.8 | 9.9 | ||||||||||||||||
| Healthcare | 1.4 | 1.8 | (6.2 | ) | 4.9 | (1.3 | ) | 2.7 | ||||||||||||||||
| Churches and educational facilities | (0.4 | ) | (0.3 | ) | (0.5 | ) | 2.4 | (1.7 | ) | (0.5 | ) | |||||||||||||
| Recreation | (0.1 | ) | - | (0.4 | ) | - | (0.1 | ) | - | |||||||||||||||
| Multifamily | (0.6 | ) | (0.5 | ) | (0.5 | ) | 1.2 | (0.5 | ) | 1.0 | ||||||||||||||
| Mobile home parks | (0.1 | ) | - | - | (0.1 | ) | - | (0.1 | ) | |||||||||||||||
| Lodging | (0.2 | ) | (0.1 | ) | (0.2 | ) | (0.4 | ) | (0.7 | ) | (0.5 | ) | ||||||||||||
| Restaurant | (0.1 | ) | 0.1 | (0.3 | ) | (0.9 | ) | 0.1 | (0.1 | ) | ||||||||||||||
| Agricultural | (1.2 | ) | (0.2 | ) | (0.1 | ) | (1.2 | ) | (0.2 | ) | 1.2 | |||||||||||||
| Convenience stores | 0.4 | (0.1 | ) | 1.2 | 3.9 | (0.3 | ) | - | ||||||||||||||||
| Marina | 0.3 | (0.1 | ) | (0.1 | ) | (0.2 | ) | (0.1 | ) | (0.2 | ) | |||||||||||||
| Other | 2.3 | - | 6.3 | (5.8 | ) | (4.7 | ) | 6.0 | ||||||||||||||||
| (1.9 | ) | (12.8 | ) | (19.9 | ) | 13.0 | (5.4 | ) | 32.2 | |||||||||||||||
| TOTAL COMMERCIAL | (0.9 | ) | (10.3 | ) | (20.0 | ) | 17.6 | (2.1 | ) | 35.3 | ||||||||||||||
| Other | (0.4 | ) | - | 0.1 | 0.1 | (0.2 | ) | 0.1 | ||||||||||||||||
| $ | 8.3 | $ | 5.0 | $ | (18.9 | ) | $ | 23.6 | $ | (2.3 | ) | $ | 42.1 | |||||||||||