Seacoast Banking Corp. of Florida Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2013
January 29, 2014 at 09:01 pm
Share
Seacoast Banking Corp. of Florida reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total interest income of $17.616 million compared to $17.806 million a year ago. Net interest income was $16.277 million compared to $16.208 million a year ago. Income before income taxes was $3.107 million compared to $0.240 million a year ago. Net income available to common shareholders was $0.588 million or $0.03 per diluted share compared to net loss available to common shareholders of $0.697 million or $0.04 per diluted share a year ago. Return on average assets was 0.33% compared to 0.05% a year ago. Return on average shareholders' equity was 3.10% compared to 0.58% a year ago.
For the year, the company reported total interest income of $70.763 million compared to $73.287 million a year ago. Net interest income was $65.206 million compared to $64.809 million a year ago. Income before income taxes was $11.604 million compared to loss before income taxes of $0.710 million a year ago. Net income available to common shareholders was $47.916 million or $2.44 per diluted share compared to net loss available to common shareholders of $4.458 million or $0.24 per diluted share a year ago. Book value per common share was $8.40 as on December 31, 2013 compared to $6.16 as on December 31, 2012 a year ago. Return on average assets was 2.38% compared negative return on average assets of 0.03% a year ago. Return on average shareholders' equity was 28.87% compared negative return on average shareholders' equity of 0.43% a year ago.
For the quarter, the company recorded net charge-offs of $838,000 compared to $2,151,000 a year ago.
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, 2013; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2013