Seacoast Banking Corp. of Florida Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2015; Provides Earnings Guidance for the Year 2016
January 28, 2016 at 09:17 pm
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Seacoast Banking Corp. of Florida reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported total interest income of $30.915 million compared to $26.272 million a year ago. Net interest income was $29.100 million compared to $24.733 million a year ago. Income before income taxes was $9.761 million compared to loss before income taxes of $2.147 million a year ago. Net income was $6.036 million or $0.18 per basic and diluted share compared to net loss of $1.517 million or $0.05 per basic and diluted share a year ago. Return on average assets was 0.69% compared to negative return on average assets of 0.20% a year ago. Return on average tangible common equity was 7.80% compared to negative return on average tangible common equity of 1.7% a year ago. Adjusted net income of $6.520 million or $0.19 per diluted share, compared to $4.179 million, or $0.13 per diluted share a year ago. Adjusted ROA was 0.75% compared to 0.55% a year ago. Adjusted ROTCE was 8.4% compared to 6.2% a year ago. Adjusted pretax, pre-provision income was $10,193,000 compared to $7,464,000 a year ago. Return on average shareholders' equity was 6.78% compared to negative return on average shareholders' equity 1.89% a year ago. Return on average tangible shareholders' equity was 7.83% compared to negative return on average tangible shareholders' equity of 1.71% a year ago.
For the year, the company reported net interest income of $109.968 million compared to $75.221 million a year ago. Net income was $22.141 million or $0.66 per basic and diluted share compared to $5.696 million or $0.21 per basic and diluted share a year ago. Return on average assets was 0.67% compared to 0.23% a year ago. Return on average shareholders' equity was 6.56% compared to 2.22% a year ago. Return on average tangible shareholders' equity was 7.59% compared to 2.57% a year ago. Book value per share common share as at December 31, 2015 was $10.29 compared to $9.44 a year ago. Tangible book value per share common share as at December 31, 2015 was $9.31 compared to $8.51 a year ago. Total interest income was $116.417 million compared to $80.262 million a year ago. Income before income taxes was $35.668 million compared to $10.240 million a year ago. Adjusted net income increased to $25.3 million, or $0.75 per diluted share, in 2015 from $13.0 million, or $0.47 per diluted share, in 2014.
For the quarter, the company recorded net charge-offs of $569,000 compared to $618,000 a year ago.
For the year 2016, the company expects adjusted diluted EPS target of $1.00.
Seacoast Banking Corporation of Florida is a financial holding company. The Company's principal subsidiary is Seacoast National Bank (Seacoast Bank), a wholly owned national banking association. It provides integrated financial services, including commercial and consumer banking, wealth management and mortgage services to customers through online and mobile banking solutions and Seacoast Bank's network consists of over 75 traditional branches and commercial banking centers. Its loans held for investment are categorized as construction and land development, commercial real estate-owner-occupied, commercial real estate-non-owner-occupied, residential real estate, commercial and financial, and consumer and paycheck protection program. Its offices stretch from the southeast, including Fort Lauderdale, Boca Raton and Palm Beach, north along the east coast to the Daytona area, into Orlando and Central Florida and the adjacent Tampa market, and west to Okeechobee and surrounding counties.
Seacoast Banking Corp. of Florida Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2015; Provides Earnings Guidance for the Year 2016