STUART, Fla., Jan. 27, 2015 /PRNewswire/ --
Fourth Quarter 2014 Earnings Highlights
-- Adjusted net income,((1)) (excluding merger costs and other adjustments) for the fourth quarter 2014 increased 27% to $4.2 million or $ 0.13 per diluted share, compared to $3.3 million, or $0.13 per diluted share in 3Q14. Based on GAAP, the net loss in 4Q14 was $1.5 million or ($0.05) per share, including merger charges and other adjustments. -- Fully implemented previously announced expense reductions of $1.8 million and merger savings of $5.5 million during quarter. Total impact will be realized in 1Q15 as the savings achieve full quarter effect. -- Net interest margin improved to 3.56% compared with 3.17% in preceding quarter due to loan growth, acquisition, and investment purchases.
((1)) Non-GAAP measure, see reconcilement to GAAP at end of this release.
Fourth Quarter 2014 Growth Highlights
-- Assets increased $731.5 million or 31.0% from the preceding quarter, reflecting the $683.2 million from acquisition of The BANKshares, Inc. -- Total loans increased $430.8 million or 31.0% from 3Q14. Adjusting for loans acquired, the loan portfolio grew $66.5 million, or 3.8% in the quarter and 11.8% year-over-year. -- Deposits increased $608.0 million or 33.6% from the prior quarter; excluding deposits acquired, total deposits increased $91.7 million. -- Noninterest bearing deposits grew to 30.0% of total deposits, from 25.7% one year ago.
Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF) today reported a fourth quarter 2014 net loss of $1.5 million or ($0.05) per share. Excluding merger related charges and other adjustments as described below, adjusted net income increased 27% to $4.2 million or $0.13 per diluted common share, compared to $3.3 million, or $0.13 per diluted common share in the preceding quarter and $600,000, or $0.03 per diluted common share, a year ago. The company recorded a loan loss provision of $118,000, compared to a recovery of $1.4 million in the preceding quarter and a provision of $490 thousand, a year ago.
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"The highlight of 2014 was our acquisition of The BANKshares, Inc., which closed on October 1 and expanded our presence in central Florida, particularly the greater Orlando market. This acquisition contributed $516.3 million in deposits and $364.3 million in loans to our balance sheet, and significantly boosted net interest margin in the fourth quarter. It also provides excellent opportunities for future growth in one of Florida's fastest growing markets," said Dennis S. Hudson, III, Chairman and CEO.
"Florida's economic recovery is now well established, with solid job growth, declining unemployment, and high consumer confidence fueling the improvements in our markets," Hudson continued. "We believe the Florida economy will further strengthen in 2015, as we continue to attract population inflows. Our housing markets, manufacturing base, tourism and services industries are building on current momentum, and provide a diversified base for our economy. For more information on these trends, please note the source reports sited at the end of this release."
FINANCIAL HIGHLIGHTS: Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter (Dollars in thousands, except share data) 2014 2014 2014 2014 2013 ---- ---- ---- ---- ---- Total assets $3,093,335 $2,361,813 $2,294,156 $2,315,992 $2,268,940 Loans $1,821,885 $1,391,082 $1,335,192 $1,312,456 $1,304,207 Deposits $2,416,534 $1,808,550 $1,805,537 $1,819,795 $1,806,045 Net income (loss) available to common shareholders ($1,517) $2,996 $1,918 $2,299 $588 Diluted earnings per share ($0.05) $0.12 $0.07 $0.09 $0.03 Return on average assets (0.20 %) 0.52 % 0.33 % 0.41 % 0.33 % Adjusted net income $4,179 $3,286 $2,990 $2,533 $600 available to common shareholders (1) Adjusted diluted earnings $0.13 $0.13 $0.12 $0.10 $0.03 per share (1) Adjusted return on 0.55 % 0.57 % 0.52 % 0.45 % 0.33 % average assets Average diluted shares 33,124 26,026 25,998 25,657 21,558 outstanding Pretax, pre-provision income (1) ($2,029) $3,832 $1,938 $3,013 $3,597 Adjusted pretax, pre-provision income (1) $7,464 $4,341 $3,821 $3,395 $3,617 Net interest margin 3.56 % 3.17 % 3.10 % 3.07 % 3.08 % Efficiency ratio 104.5 82.8 89.4 84.3 81.9 Adjusted efficiency ratio 74.8 80.2 82.1 83.3 82.6 Annualized core operating expenses as a percent of average assets (1) 3.19 3.24 3.27 3.26 3.29
(1) Non-GAAP measure
Management believes that the Non-GAAP measures presented facilitates the understanding of the Company's underlying operational performance and potential future prospects.
Organic Customer Growth and Acquisition Improve Low Cost Funding
-- Noninterest bearing demand deposits increased to 30.0% of total deposits compared with 28.9% for the third quarter 2014 and 25.7% for the fourth quarter of 2013, and; -- Average cost of deposits decreased to 11 basis points from third quarter's 12 basis points and compared to 14 basis points a year ago.
Core customer funding totaled $2.246 billion at December 31, 2014, a $566.9 million increase from the fourth quarter of 2013. This growth included the acquisition of The BANKShares with approximately $516.3 million in total deposits consisting of $208.4 million in demand deposits, $220.5 million in NOW, money market, and savings accounts, and $87.4 million in certificates of deposit.
"We are continuing to generate growth in low-cost customer funding as a result of stronger sales execution and return on our investments in digital access for our customers and automated and digital marketing technology in early 2014. This growth occurred despite announcing and closing six branch locations," said Hudson. "Our effort to acquire, grow, and retain profitable consumer and business customers resulted in stronger household growth in 2014. The acquisition of BANKshares increases our number of households by approximately 13%, further strengthening our customer base. We are executing improvements in the number of services per household as we focuses on cross sell execution at account opening and follow-on cross sell offerings through our automated marketing platform delivered via email, telemarketing and outbound direct mail. The growth in new households, a deepening of relationships with current households, and better retention overall is creating stronger value in our core customer franchise."
(Dollars in thousands) Fourth Quarter Fourth Quarter FourthQuarter 2014 vs 2013 2014 vs 2012 Change Change 2014 2013 2012 --- ---- ---- ---- Customer Relationship Funding Demand deposits(noninterest bearing) $725,238 $464,006 $422,833 56.3% 71.5% NOW 652,353 540,288 509,371 20.7 28.1 Money market accounts 450,172 331,184 343,915 35.9 30.9 Savings deposits 264,738 192,491 164,956 37.5 60.5 Time certificates of deposit 324,033 278,076 317,886 16.5 1.9 ------- ------- ------- Total deposits 2,416,534 1,806,045 1,758,961 33.8 37.4 Sweep repurchase agreements 153,640 151,310 136,803 1.5 12.3 Total core customer funding (1) 2,246,141 1,679,279 1,577,878 33.8 42.4 Demand deposit mix (noninterest bearing) 30.0% 25.7% 24.0% ---------------------- ---- ---- ----
(1) Total deposits and sweep repurchase agreements, excluding certificates of deposits.
Organic Loan Growth and Acquisition Improves Loan Portfolio Yield
Total loans were $1.822 billion at December 31, 2014, up $430.8 million from September 30, 2014. Excluding loans acquired totaling $364.3 million after fair value adjustments, net loans grew $66.5 million or 3.8% (15% annualized) from the third quarter.
Residential real estate mortgage loans declined to 29.4% of total loans at year end compared with 36.6% in the third quarter of 2014 and 37.0% one year earlier. New loan production and the acquisition resulted in increases in owner occupied commercial real estate loans, commercial real estate loans and commercial and financial loans and consumer loans. The overall loan portfolio yield increased to 4.67% in the fourth quarter of 2014 compared with 4.26% in the third quarter and 4.29% in the fourth quarter of 2013.
As indicated in the table below, commercial loan originations for the quarter totaled $94.7 million, an increase of $22.1 million linked quarter and $34.7 million higher than the fourth quarter a year ago. Commercial loans originated in 2014 totaled $258.0 million, an increase of $58.3 million from 2013, and $146.6 million from 2012.
(Dollars in thousands) Fourth Third Second First Fourth Quarter Quarter Quarter Quarter Quarter 2014 2014 2014 2014 2013 --- ---- ---- ---- ---- ---- Commercial pipeline $60,136 $45,534 $58,168 $29,936 $27,830 Commercial loans closed 94,719 72,630 53,250 37,386 60,037 ------ ------ ------ ------ ------ Total loan originations and pipeline $154,855 $118,164 $111,418 $67,322 $87,867 ======== ======== ======== ======= =======
-- Closed residential mortgage production totaled $57.9 million compared to $66.0 million in the third quarter and $52.4 million in the fourth quarter of 2013; and -- Consumer loan originations (inclusive of lines of credit) totaled $28.3 million compared to $24.5 million in the third quarter, and $8.5 million in the fourth quarter of 2013.
Income Statement Highlights
Net interest Income and Margin
Net interest income for the quarter totaled $24.7 million, a $7.54 million increase from the prior quarter. Net interest margin for the quarter increased to 3.56% versus 3.13% (which excludes the 4 bps of nonaccrual loan interest recoveries) in the third quarter. The acquisition of BANKshares improved the loan mix, which together with organic loan growth during the quarter contributed approximately 33 bps to the margin improvement, in line with expectations.
During the third and fourth quarters of 2014 average investment securities increased $234.9 million, or $149.5 million excluding securities acquired from the BANKshares acquisition. Funding for the increase in investments was derived from liquidity, both legacy and that acquired in the merger, and an increase in seasonal funding from our core customer deposit base. Investments added during the third and fourth quarters were primarily uncapped, floating rate, senior collateralized loan obligations (CLO) securities with average yields at static LIBOR ranging from 1.40 to 3.30% and credit support ranging from 17 to 36%. The weighted average life of these securities at December 31, 2014, was approximately 6.5 years. The deployment of liquidity and organic balance sheet growth contributed approximately 10 bps to the margin improvement in the fourth quarter.
Noninterest Income
Noninterest income (excluding security gains) increased $992,000 from September 30, 2014. This increase includes a full quarter effect of fees generated from BANKshares accounts. Bank owned life insurance investments were transferred to Seacoast as a result of the acquisition, which were added to policies directly acquired during the quarter. The addition of these investments will provide approximately $1.3 million in tax exempt revenues in 2015.
(Dollars in thousands) Fourth Third Second First Fourth Quarter Quarter Quarter Quarter Quarter 2014 2014 2014 2014 2013 --- ---- ---- ---- ---- ---- Service charges on deposit accounts $2,208 $1,753 $1,484 $1,507 $1,778 Trust income 795 817 703 671 693 Mortgage banking fees 716 825 855 661 728 Brokerage commissions and fees 417 408 410 379 461 Marine finance fees 445 281 340 254 215 Interchange income 1,603 1,452 1,514 1,403 1,394 Bank owned life insurance 252 0 0 0 0 Other deposit based EFT fees 92 70 83 98 80 Other 613 543 507 585 617 Total 7,141 6,149 5,896 5,558 5,966 Securities gains, net 108 344 0 17 0 --- --- --- --- --- $7,249 $6,493 $5,896 $5,575 $5,966 ====== ====== ====== ====== ======
Noninterest Expense
"During the quarter, we fully implemented previously announced cost reductions primarily from streamlining our core branch network, generating savings totaling $1.8 million annualized. As expected, the one-time charges were incurred in the fourth quarter and totaled approximately $4.3 million," said Bill Hahl, Chief Financial Officer. Previously announced annualized cost reductions totaling in excess of $5.5 million were also completed in the fourth quarter relating to the acquisition of BANKshares. The benefit associated with both items only partially impacted the fourth quarter. Taken together they are expected to further reduce expenses by an additional $1.1 million in the first quarter of 2015. These expected additional savings were not included in the computation of Adjusted Net Income for the current quarter.
Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter (Dollars in thousands) 2014 2014 2014 2014 2013 ---- ---- ---- ---- ---- Noninterest Expense: Salaries and wages $9,998 $7,868 $7,587 $7,412 $8,077 Employee benefits 2,461 2,049 2,081 2,182 1,568 Outsourced data processing costs 1,925 1,769 1,811 1,695 1,586 Telephone /data lines 419 313 306 293 325 Occupancy expense 2,325 1,879 1,888 1,838 1,824 Furniture and equipment expense 683 628 604 571 597 Marketing expense 1,072 717 675 813 749 Legal and professional fees 1,741 884 924 935 839 FDIC assessments 476 387 411 386 451 Amortization of intangibles 446 195 196 196 196 Other 2,863 2,155 2,317 2,063 2,414 ----- ----- ----- ----- ----- Total core operating expense (1) 24,409 18,844 18,800 18,384 18,626 Severance and organizational changes 478 328 181 212 0 Merger related charges 2,722 399 1,234 6 0 Branch closure charges and costs related to expense initiatives 4,261 68 114 0 0 Marketing and brand refresh 697 0 0 0 0 Stock compensation expense and other incentive costs related to improved outlook 1,213 0 0 0 0 Miscellaneous losses (gains) 119 (45) 144 0 190 Recovery of prior legal fees 0 0 0 0 (350) Net loss on OREO and repossessed assets 9 156 92 53 0 Asset dispositions expense 103 139 118 128 180 --- --- --- --- --- Total $34,011 $19,889 $20,683 $18,789 $18,646 ======= ======= ======= ======= =======
(1) Non-GAAP measure
Merger related charges in the fourth quarter totaled approximately $2.7 million and were primarily related to core system conversion costs, software and other contract termination charges, and investment banking fees. All charges related to the acquisition have been incurred or are not expected to be material to earnings moving forward. We also increased our accrual of long term stock compensation expense related to an improved outlook and other incentive costs related to better than expected production.
"During the quarter, we invested approximately $697,000 in marketing and other expenditures to refresh and reintroduce our brand," Hudson continued. "As a part of this brand refresh, we retooled our logo and associated signage throughout our branch network and digital platforms. All costs for this logo change and additional branding were incurred in the fourth quarter.
Income Taxes
The effective tax rate for the year was 44.4 %. Moving forward into the first quarter of 2015, this rate is expected to fall into a range of 36 to 38%, assuming no further nondeductible merger related charges are incurred, as expected. The anticipated 2015 rate reduction reflects the acquisition of the tax exempt bank owned life insurance policies in the fourth quarter of 2014 and additional tax exempt municipal securities transferred in the BANKshares acquisition.
Other Highlights
Credit Quality
Reflecting organic loan growth and the accounting treatment for the newly acquired loans, the provision for loan losses was $118,000 for the fourth quarter of 2014 versus net recoveries of $3.6 million for the first nine months of 2014. Acquired loans were recorded in accordance with ASC Topic 805. As a result, loans acquired on October 1, 2014 from BANKshares, Inc. did not have an allocation for loan losses and were recorded at fair value. Additional highlights include:
-- Nonperforming loans to total loans outstanding at the end of the fourth quarter of 1.2%, down from 2.1 % at December 31, 2013; -- Nonperforming assets to total assets declined to 0.9%, compared to 1.5% a year ago; -- The allowance for loan losses for non-acquired loans to total non-acquired loans was 1.14% at year-end compared with 1.26% in the third quarter of 2014 and 1.54% one year ago. The discount recorded for acquired loans to total acquired loans at year end was 3.56%.
Capital Ratios
Capital ratios remain healthy and well above regulatory requirements for well-capitalized institutions. Tier 1 capital ratio is estimated at 17.7% and the total risk based capital ratio was 18.6% at December 31, 2014. The tier 1 leverage ratio is estimated at 11.7% at December 31, 2014 compared to 11.3 % at September 30, 2014 and 9.6 % the prior year.
Explanation of Certain Unaudited Non-GAAP Financial Measures
This press release contains financial information determined by methods other than Generally Accepted Accounting Principles ("GAAP"). The financial highlights provide reconciliations between GAAP net income and adjusted net income, GAAP income and adjusted pretax, pre-provision income. 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. 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 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.
Reconciliation of GAAP to non-GAAP Measures. All amounts are in thousands except per share data (unaudited):
Adjusted Net Income
To better evaluate its earnings, the Company removes certain items to arrive at Adjusted net income, Adjusted pretax, pre-provision income and Adjusted diluted earnings per share (non-GAAP measures) as detailed in the table below:
Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter (Dollars in thousands) 2014 2014 2014 2014 2013 ---- ---- ---- ---- ---- Net income (loss) available to common ($1,517) $2,996 $1,918 $2,299 $588 shareholders Severance 478 328 181 212 0 Merger related charges 2,722 399 1,234 6 0 Branch closure charges and costs related to expense initiatives 4,261 68 114 0 0 Marketing and brand refresh expense 697 0 0 0 0 Stock compensation expense and other incentive costs related to improved outlook 1,213 0 0 0 0 Security losses (gains) (108) (344) 0 (17) 0 Miscellaneous losses (gains) 119 (45) 144 0 190 Recovery of prior legal fees 0 0 0 0 (350) Recovery of non- accrual loan interest 0 (192) 0 0 0 Net loss on OREO and repossessed assets 9 156 92 53 0 Asset dispositions expense 103 139 118 128 180 Effective tax rate on adjustments (3,798) (219) (811) (148) (8) ------ ---- ---- ---- --- Adjusted Net Income (1) $4,179 $3,286 $2,990 $2,533 $600 ------ ------ ------ ------ ---- Provision (recapture) for loan losses 118 (1,425) (1,444) (735) 490 Income taxes 3,167 2,480 2,275 1,597 1,265 Preferred stock dividends and accretion of discount 0 0 0 0 1,262 --- --- --- --- ----- Adjusted pretax, pre-provision income (1) $7,464 $4,341 $3,821 $3,395 $3,617 ------ ------ ------ ------ ------ Adjusted diluted earnings per share (1) $0.13 $0.13 $0.12 $0.10 $0.03 ----- ----- ----- ----- ----- Average shares outstanding 33,124 26,026 25,998 25,657 21,558 ====== ====== ====== ====== ======
(1) Non-GAAP measure
Conference Call Information
Seacoast will host a conference call on Wednesday, January 28, 2015 at 8:30 a.m. (Eastern Time) to discuss the earnings results. Investors may call in at (800) 774-6070 (passcode: 7789246; host: Dennis S. Hudson). Slides will be used during the conference call and may be accessed at Seacoast's website at SeacoastBanking.net by selecting "Presentations" under the heading "Investor Services." A replay of the call will be available for one month, the afternoon of January 28, by dialing (888) 843-7419 (domestic), using the passcode 7789246.
Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast's website at SeacoastBanking.net. The link is located in the subsection "Presentations" under the heading "Investor Services." Beginning the afternoon of January 28, 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 $3.1 billion in assets and $2.4 billion in deposits. The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through 43 traditional branches of its locally-branded wholly-owned subsidiary bank, Seacoast National Bank (including BANKshares offices), and five Accelerate Commercial Banking Centers. Offices stretch from Ft. Lauderdale, Boca Raton and West Palm Beach north through the Space Coast of Florida, into Orlando and Central Florida, and west to Okeechobee and surrounding counties.
Sources:
http://iec.ucf.edu/file.axd?file=2014%2f12%2ffl-forecast-december-2014-s.pdf
http://floridataxwatch.org/resources/pdf/EconPreview2015.pdf
http://media.floridarealtors.org/market-data/
http://floridapolitics.com/archives/2997
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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.
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, 2013, 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.
FINANCIAL HIGHLIGHTS (Unaudited) --------------------- ---------- SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES (Dollars in thousands, except share data) Three Months Ended Twelve Months Ended ---------------------------------------- ------------------ ------------------- December 31, September 30, December 31, December 31, December 31, 2014 2014 2013 2014 2013 ---- ---- ---- ---- ---- Summary of Earnings Net income (loss) $(1,517) $2,996 $1,850 $5,696 $51,989 Net income available to common shareholders (loss) (1,517) 2,996 588 5,696 47,916 Net interest income (1) 24,883 17,282 16,336 75,221 65,435 Net interest margin (1), (2) 3.56 3.17 3.08 3.25 3.15 . Performance Ratios Return on average assets-GAAP basis (2), (3), (7) (0.20)% 0.52% 0.33% 0.23% 2.38% Return on average shareholders' equity-GAAP basis (2), (3), (7) (1.89) 4.97 3.10 2.22 28.36 Return on average tangible common shareholders' equity-GAAP basis (2), (3), (4) (1.71) 5.19 3.32 2.57 28.81 Efficiency ratio (5) 104.46 82.78 81.92 91.57 80.60 Noninterest income to total revenue 22.40 26.30 26.82 24.83 27.16 Per Share Data Net income (loss) diluted-GAAP basis (6) $(0.05) $0.12 $0.03 $0.21 $2.44 Net income (loss) basic-GAAP basis (6) (0.05) 0.12 0.03 0.21 2.46 Book value per share common (6) 9.44 9.07 8.40 9.44 8.40 Tangible book value per share (6) 8.51 9.06 8.37 8.51 8.37 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 shareholder's equity less intangible assets. (5) Defined as (noninterest expense less foreclosed property expense and amortization of intangibles) divided by net operating revenue (net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains). (6) Calculated based on total shares outstanding subsequent to the 5/1 reverse stock split. (7) Excluding the income tax benefit related to the reversal of the valuation allowance for deferred tax assets and reflecting tax provisioning of $4,555 for the total year 2013, adjusted return on average assets 0.32 percent, and adjusted return on average shareholders' equity 3.85 percent, respectively. FINANCIAL HIGHLIGHTS --------------------- SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES December 31, September 30, December 31, (Dollars in thousands, except share data) 2014 2014 2013 ---------------------------------------- ---- ---- ---- Selected Financial Data Total assets $3,093,335 $2,361,813 $2,268,940 Securities available for sale (at fair value) 741,375 601,541 641,611 Securities held for investment (at amortized cost) 207,904 176,724 0 Net loans 1,804,814 1,373,511 1,284,139 Deposits 2,416,534 1,808,550 1,806,045 Total shareholders' equity 312,651 235,955 198,604 Common shareholders' equity 312,651 235,955 198,604 Average Balances (Year-to-Date) Total average assets $2,485,259 $2,299,291 $2,186,757 Less: intangible assets 8,840 428 1,104 Total average tangible assets $2,476,419 $2,298,863 $2,185,653 ---------- ---------- ---------- Total average equity $256,867 $235,837 $183,304 Less: intangible assets 8,840 428 1,104 Total average tangible equity $248,027 $235,409 $182,200 -------- -------- -------- Credit Analysis Net charge-offs (recoveries) year-to-date - non-acquired loans $(553) $(1,107) $5,224 Net charge-offs year-to-date - acquired loans 64 - - --- --- --- Total net charge-offs (recoveries) year-to-date (489) (1,107) 5,224 Net charge-offs (recoveries) to average loans (annualized) - non-acquired loans (0.04)% (0.11)% 0.41% Net charge-offs to average loans (annualized) - acquired loans 0.01 - - ---- --- --- Total net charge-offs (recoveries) to average loans (annualized) (0.03) (0.11) 0.41 Loan loss provision (recapture) year-to-date - non-acquired loans $(3,550) $(3,604) $3,188 Loan loss provision year-to-date - acquired loans 64 - - --- --- --- Total loan loss provision (recapture) year-to-date (3,486) (3,604) 3,188 Allowance to loans at end of period - non-acquired loans 1.14% 1.26% 1.54% Discount for credit losses to acquired loans at end of period 3.56 - - Nonperforming loans - non-acquired loans $18,563 $18,942 $27,672 Nonperforming loans - acquired loans 3,101 - - Other real estate owned - non-acquired 5,567 5,018 6,860 Other real estate owned - acquired 1,895 - - Total nonperforming assets $29,126 $23,960 $34,532 ------- ------- ------- Restructured loans (accruing) $24,997 $28,969 $25,137 Purchased noncredit impaired loans $332,508 $ - $ - Purchased credit impaired loans 7,814 - - Total acquired loans $340,322 $ - $ - -------- -------------------- ---------------------- Nonperforming loans to loans at end of period - non-acquired loans 1.02% 1.36% 2.12% Nonperforming loans to loans at end of period - acquired loans 0.17 - - ---- --- --- Total nonperforming loans to loans at end of period 1.19 1.36 2.12 Nonperforming assets to total assets - non-acquired 0.78% 1.01% 1.52% Nonperforming assets to total assets - acquired 0.16 - - ---- --- --- Total nonperforming assets to total assets 0.94 1.01 1.52
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) ------------------------------------------- ---------- SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES Three Months Ended Twelve Months Ended December 31, December 31, ------------ ------------ (Dollars in thousands, except per share data) 2014 2013 2014 2013 -------------------------------------------- ---- ---- ---- ---- Interest on securities: Taxable $4,728 $3,452 $15,448 $12,856 Nontaxable 182 16 211 68 Interest and fees on loans 21,070 13,924 63,586 56,971 Interest on federal funds sold and other investments 292 224 1,017 868 --- --- ----- --- Total Interest Income 26,272 17,616 80,262 70,763 Interest on deposits 297 196 864 782 Interest on time certificates 375 444 1,538 1,947 Interest on borrowed money 867 699 2,953 2,828 --- --- ----- ----- Total Interest Expense 1,539 1,339 5,355 5,557 ----- ----- ----- ----- Net Interest Income 24,733 16,277 74,907 65,206 Provision (recapture) for loan losses 118 490 (3,486) 3,188 --- --- ------ ----- Net Interest Income After Provision for Loan Losses 24,615 15,787 78,393 62,018 Noninterest income: Service charges on deposit accounts 2,208 1,778 6,952 6,711 Trust income 795 693 2,986 2,711 Mortgage banking fees 716 728 3,057 4,173 Brokerage commissions and fees 417 461 1,614 1,631 Marine finance fees 445 215 1,320 1,189 Interchange income 1,603 1,394 5,972 5,404 Other deposit based EFT fees 92 80 343 342 BOLI Income 252 0 252 0 Other 613 617 2,248 2,158 --- --- ----- ----- 7,141 5,966 24,744 24,319 Securities gains, net 108 0 469 419 --- --- --- --- Total Noninterest Income 7,249 5,966 25,213 24,738 Noninterest expenses: Salaries and wages 11,676 8,077 35,132 31,006 Employee benefits 2,461 1,568 8,773 7,327 Outsourced data processing costs 3,506 1,586 8,781 6,372 Telephone / data lines 419 325 1,331 1,253 Occupancy 6,417 1,824 12,022 7,178 Furniture and equipment 1,132 597 2,935 2,334 Marketing 1,561 749 3,974 2,339 Legal and professional fees 2,562 489 6,878 2,458 FDIC assessments 476 451 1,660 2,601 Amortization of intangibles 446 196 1,033 783 Asset dispositions expense 103 180 488 740 Net loss on other real estate owned and repossessed assets 9 0 310 1,289 Other 3,243 2,604 10,049 9,472 ----- ----- ------ ----- Total Noninterest Expenses 34,011 18,646 93,366 75,152 Income Before Income Taxes (2,147) 3,107 10,240 11,604 Income taxes (benefit) (630) 1,257 4,544 (40,385) ---- ----- ----- ------- Net Income (1,517) 1,850 5,696 51,989 Preferred stock dividends and accretion on preferred stock discount - 1,262 - 4,073 --- ----- --- ----- Net Income Available to Common Shareholders $(1,517) $588 $5,696 $47,916 ------- ---- ------ ------- Per share of common stock: Net income diluted $(0.05) $0.03 $0.21 $2.44 Net income basic (0.05) 0.03 0.21 2.46 Cash dividends declared 0.00 0.00 0.00 0.00 Average diluted shares outstanding 33,123,525 21,558,079 27,716,895 19,650,005 Average basic shares outstanding 32,888,612 21,386,775 27,538,955 19,449,560
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) ------------------------------------- ---------- SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES December 31, December 31, (Dollars in thousands, except share data) 2014 2013 ---------------------------------------- ---- ---- Assets Cash and due from banks $64,411 $48,561 Interest bearing deposits with other banks 36,128 143,063 ------ ------- Total Cash and Cash Equivalents 100,539 191,624 Securities: Available for sale (at fair value) 741,375 641,611 Held for investment (at amortized cost) 207,904 0 ------- --- Total Securities 949,279 641,611 Loans available for sale 12,078 13,832 Loans, net of deferred costs 1,821,885 1,304,207 Less: Allowance for loan losses (17,071) (20,068) ------- ------- Net Loans 1,804,814 1,284,139 Bank premises and equipment, net 45,086 34,505 Other real estate owned 7,462 6,860 Other intangible assets 7,454 718 Goodwill 23,217 0 Other assets 143,406 95,651 ------- ------ $3,093,335 $2,268,940 ---------- ---------- Liabilities and Shareholders' Equity Liabilities Deposits Demand deposits (noninterest bearing) $725,238 $464,006 NOW 652,353 540,288 Savings deposits 264,738 192,491 Money market accounts 450,172 331,184 Other time certificates 173,247 154,743 Brokered time certificates 7,034 9,776 Time certificates of $100,000 or more 143,752 113,557 ------- ------- Total Deposits 2,416,534 1,806,045 Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days 233,640 151,310 Borrowed funds 50,000 50,000 Subordinated debt 64,583 53,610 Other liabilities 15,927 9,371 ------ ----- 2,780,684 2,070,336 Shareholders' Equity Common stock 3,300 2,364 Additional paid in capital 379,249 277,290 Accumulated deficit (65,000) (70,695) Treasury stock (71) (11) --- --- 317,478 208,948 Accumulated other comprehensive (loss), net (4,827) (10,344) ------ ------- Total Shareholders' Equity 312,651 198,604 ------- ------- $3,093,335 $2,268,940 ---------- ---------- Common Shares Outstanding 33,136,592 23,637,434 Note: The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited) -------------------------------------- ---------- SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES QUARTERS -------- 2014 2013 ---- ---- (Dollars in thousands, except per share data) Fourth Third Second First Fourth -------------------------------------------- ------ ----- ------ ----- ------ Net income (loss) $(1,517) $2,996 $1,918 $2,299 $1,850 Operating Ratios Return on average assets-GAAP basis (2),(3) (0.20)% 0.52% 0.33% 0.41% 0.33% Return on average tangible assets (2),(3),(4) (0.16) 0.54 0.36 0.43 0.35 Return on average shareholders' equity-GAAP basis (2),(3) (1.89) 4.97 3.25 4.02 3.10 Efficiency ratio (5) 104.46 82.78 89.42 84.30 81.92 Noninterest income to total revenue 22.40 26.30 26.06 25.52 26.82 Net interest margin (1),(2) 3.56 3.17 3.10 3.07 3.08 Average equity to average assets 10.51 10.37 10.27 10.13 10.55 Credit Analysis Net charge-offs (recoveries) - non-acquired loans $554 $(856) $(112) $(139) $838 Net charge-offs - acquired loans 64 - - - - --- --- --- --- --- Total net charge-offs (recoveries) 618 (856) (112) (139) 838 Net charge-offs (recoveries) to average loans - non-acquired loans 0.12% (0.25)% (0.03)% (0.04)% 0.26% Net charge-offs (recoveries) to average loans - acquired loans 0.02 - - - - ---- --- --- --- --- Total net charge-offs (recoveries) to average loans 0.14 (0.25) (0.03) (0.04) 0.26 Loan loss provision (recapture) - non-acquired loans $54 $(1,425) $(1,444) $(735) $490 Loan loss provision (recapture) - acquired loans 64 - - - - --- --- --- --- --- Total loan loss provision (recapture) 118 (1,425) (1,444) (735) 490 Allowance to loans at end of period - non-acquired loans 1.14% 1.26% 1.36% 1.48% 1.54% Discount for credit losses to acquired loans at end of period 3.56% - % - % - % - % Nonperforming loans - non-acquired loans $18,563 $18,942 $21,745 $26,220 $27,672 Nonperforming loans - acquired loans 3,101 - - - - Other real estate owned - non-acquired 5,567 5,018 6,198 6,369 6,860 Other real estate owned - acquired 1,895 - - - - Total nonperforming assets $29,126 $23,960 $27,943 $32,589 $34,532 ------- ------- ------- ------- ------- Restructured loans (accruing) $24,997 $28,969 $28,157 $24,537 $25,137 Purchased noncredit impaired loans $332,508 $ - $ - $ - $ - Purchased credit impaired loans 7,814 - - - - Total acquired loans $340,322 $ - $ - $ - $ - -------- ------------------------ ---------------------- ----------------------- ------------------------ Nonperforming loans to loans at end of period - non-acquired loans 1.02% 1.36% 1.63% 2.00% 2.12% Nonperforming loans to loans at end of period - acquired loans 0.17 - - - - ---- --- --- --- --- Total nonperforming loans to loans at end of period 1.19 1.36 1.63 2.00 2.12 Nonperforming assets to total assets - non-acquired 0.78% 1.01% 1.22% 1.41% 1.52% Nonperforming assets to total assets - acquired 0.16 - - - - ---- --- --- --- --- Total nonperforming assets to total assets 0.94 1.01 1.22 1.41 1.52 Per Share Common Stock Net income (loss) diluted-GAAP basis (6) $(0.05) $0.12 $0.07 $0.09 $0.03 Net income (loss) basic-GAAP basis (6) (0.05) 0.12 0.07 0.09 0.03 Cash dividends declared (6) 0.00 0.00 0.00 0.00 0.00 Book value per share common (6) 9.44 9.07 9.02 8.79 8.40 Average Balances Total average assets $3,037,061 $2,305,799 $2,304,870 $2,286,998 $2,245,155 Less: Intangible assets 33,803 237 422 629 813 Total average tangible assets $3,003,258 $2,305,562 $2,304,448 $2,286,369 $2,244,342 ---------- ---------- ---------- ---------- ---------- Total average equity $319,233 $239,031 $236,632 $231,769 $236,950 Less: Intangible assets 33,803 237 422 629 813 Total average tangible equity $285,430 $238,794 $236,210 $231,140 $236,137 ----------------------------- -------- -------- -------- -------- -------- (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 (noninterest expense less foreclosed property expense and amortization of intangibles) divided by net operating revenue (net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains). (6) Calculated based on total shares outstanding subsequent to the 5/1 reverse stock split. December 31, December 31, SECURITIES 2014 2013 ---------- ---- ---- U.S. Treasury and U.S. Government Agencies $3,899 $100 Mortgage-backed 587,933 602,568 Collateralized loan obligations 125,225 32,179 Obligations of states and political subdivisions 24,318 6,764 ------ ----- Securities Available for Sale 741,375 641,611 ------- ------- Mortgage-backed 182,076 0 Collateralized loan obligations 25,828 0 ------ --- Securities Held for Investment 207,904 0 ------- --- Total Securities $949,279 $641,611 -------- -------- December 31, December 31, LOANS 2014 2013 ----- ---- ---- Construction and land development $87,036 $67,450 Real estate mortgage 1,524,044 1,113,128 Installment loans to individuals 52,897 44,713 Commercial and financial 157,396 78,636 Other loans 512 280 --- --- Total Loans $1,821,885 $1,304,207 ---------- ----------
AVERAGE BALANCES (Unaudited) ---------------- ---------- SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES QUARTER Percent Change vs. ------- 2014 2013 3rd Qtr 4th Qtr (Dollars in thousands) Fourth Third Second First Fourth 2014 2013 --------------------- ------ ----- ------ ----- ------ ---- ---- Assets Earning assets: Securities: Taxable $897,472 $698,274 $677,600 $653,646 $655,176 28.5% 37.0% Nontaxable 15,871 742 827 1,016 1,560 2,038.9 917.4 ------ --- --- ----- ----- Total Securities 913,343 699,016 678,427 654,662 656,736 30.7 39.1 Federal funds sold and other investments 63,690 98,711 153,410 188,048 156,823 (35.5) (59.4) Loans, net 1,794,423 1,365,978 1,338,415 1,307,796 1,293,373 31.4 38.7 --------- --------- --------- --------- --------- Total Earning Assets 2,771,456 2,163,705 2,170,252 2,150,506 2,106,932 28.1 31.5 Allowance for loan losses (18,723) (17,972) (19,784) (20,205) (20,817) 4.2 (10.1) Cash and due from banks 88,745 44,172 35,735 37,186 40,836 100.9 117.3 Premises and equipment 47,379 34,717 34,948 34,731 34,750 36.5 36.3 Other assets 148,204 81,177 83,719 84,780 83,454 82.6 77.6 ------- ------ ------ ------ ------ $3,037,061 $2,305,799 $2,304,870 $2,286,998 $2,245,155 31.7 35.3 ---------- ---------- ---------- ---------- ---------- Liabilities and Shareholders' Equity Interest-bearing liabilities: NOW $585,895 $489,138 $498,285 $507,313 $483,569 19.8% 21.2% Savings deposits 263,066 212,479 205,686 197,300 190,558 23.8 38.1 Money market accounts 457,364 339,937 336,772 330,787 332,576 34.5 37.5 Time deposits 327,327 252,179 259,325 270,215 282,543 29.8 15.9 Federal funds purchased and other short term borrowings 227,806 153,696 150,108 155,656 142,999 48.2 59.3 Other borrowings 114,560 103,610 103,610 103,610 103,610 10.6 10.6 ------- ------- ------- ------- ------- Total Interest-Bearing Liabilities 1,976,018 1,551,039 1,553,786 1,564,881 1,535,855 27.4 28.7 Demand deposits (noninterest-bearing) 728,410 506,478 505,892 481,048 462,830 43.8 57.4 Other liabilities 13,400 9,251 8,560 9,300 9,520 44.8 40.8 ------ ----- ----- ----- ----- Total Liabilities 2,717,828 2,066,768 2,068,238 2,055,229 2,008,205 31.5 35.3 Shareholders' equity 319,233 239,031 236,632 231,769 236,950 33.6 34.7 ------- ------- ------- ------- ------- $3,037,061 $2,305,799 $2,304,870 $2,286,998 $2,245,155 31.7 35.3 ---------- ---------- ---------- ---------- ---------- AVERAGE YIELDS / RATES (1) (Unaudited) --------------------------- ---------- SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES QUARTER ------- 2014 2013 (Dollars in thousands) Fourth Third Second First Fourth --------------------- ------ ----- ------ ----- ------ Assets Earning assets: Securities: Taxable 2.11% 2.09% 2.14% 2.10% 2.11% Nontaxable 7.03 7.01 6.77 6.69 6.41 ---- ---- ---- ---- ---- Total Securities 2.19 2.10 2.15 2.11 2.12 Federal funds sold and other investments 1.82 0.85 0.64 0.58 0.57 Loans, net 4.67 4.26 4.24 4.29 4.29 ---- ---- ---- ---- ---- Total Earning Assets 3.78 3.40 3.33 3.31 3.33 Liabilities and Shareholders' Equity Interest-bearing liabilities: NOW 0.08 0.07 0.08 0.08 0.08 Savings deposits 0.06 0.04 0.04 0.05 0.05 Money market accounts 0.12 0.09 0.08 0.08 0.09 Time deposits 0.45 0.58 0.60 0.61 0.62 Federal funds purchased and other short term borrowings 0.17 0.18 0.17 0.17 0.17 Other borrowings 2.67 2.43 2.43 2.44 2.44 ---- ---- ---- ---- ---- Total Interest-Bearing Liabilities 0.31 0.32 0.33 0.33 0.35 Interest expense as a % of earning assets 0.22 0.23 0.23 0.24 0.25 Net interest income as a % of earning assets 3.56 3.17 3.10 3.07 3.08 (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. ------- 2014 2013 3rd Qtr 4th Qtr (Dollars in thousands) Fourth Third Second First Fourth 2014 2013 --------------------- ------ ----- ------ ----- ------ ---- ---- Assets Earning assets: Securities: Taxable $4,728 $3,656 $3,630 $3,434 $3,452 29.3% 37.0% Nontaxable 279 13 14 17 25 2,046.2 1,016.0 --- --- --- --- --- Total Securities 5,007 3,669 3,644 3,451 3,477 36.5 44.0 Federal funds sold and other investments 292 211 246 268 224 38.4 30.4 Loans, net 21,123 14,665 14,151 13,849 13,974 44.0 51.2 ------ ------ ------ ------ ------ Total Earning Assets 26,422 18,545 18,041 17,568 17,675 42.5 49.5 Liabilities and Shareholders' Equity Interest-bearing liabilities: NOW 112 91 94 102 96 23.1 16.7 Savings deposits 42 24 23 24 26 75.0 61.5 Money market accounts 143 74 67 68 74 93.2 93.2 Time deposits 375 370 386 407 444 1.4 (15.5) Federal funds purchased and other short term borrowings 97 69 65 66 62 40.5 56.5 Other borrowings 770 635 627 624 637 21.3 20.9 --- --- --- --- --- Total Interest-Bearing Liabilities 1,539 1,263 1,262 1,291 1,339 21.9 14.9 ----- ----- ----- ----- ----- Net interest income 24,883 17,282 16,779 16,277 16,336 44.0 52.3 ------ ------ ------ ------ ------ (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 2014 2013 ---- (Dollars in thousands) Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter --------------------- -------------- ------------- -------------- ------------- -------------- Customer Relationship Funding (Period End) Demand deposits (noninterest bearing) Commercial $481,327 $301,630 $293,515 $291,221 $261,938 Retail 190,120 162,392 167,172 173,698 159,117 Public funds 41,201 39,329 33,223 34,636 32,971 Other 12,590 18,650 15,888 14,370 9,980 725,238 522,001 509,798 513,925 464,006 NOW accounts Commercial 58,173 41,131 41,423 41,281 43,241 Retail 407,653 324,690 327,762 329,226 324,583 Public funds 186,527 114,006 124,742 134,191 172,464 652,353 479,827 493,927 504,698 540,288 Total Transaction Accounts Commercial 539,500 342,761 334,938 332,501 305,179 Retail 597,773 487,082 494,934 502,924 483,700 Public funds 227,728 153,335 157,965 168,828 205,435 Other 12,590 18,650 15,888 14,370 9,980 1,377,591 1,001,828 1,003,725 1,018,623 1,004,294 Savings accounts 264,738 215,076 208,333 202,170 192,491 Money market accounts Commercial 172,417 118,385 114,662 109,158 100,601 Retail 264,725 218,376 213,927 221,762 221,062 Public funds 13,030 7,965 6,657 6,488 9,521 450,172 344,726 335,246 337,408 331,184 Time certificates of deposit 324,033 246,920 258,233 261,594 278,076 ------- Total Deposits $2,416,534 $1,808,550 $1,805,537 $1,819,795 $1,806,045 ========== ========== ========== ========== ========== Sweep repurchase agreements $153,640 $124,436 $141,662 $156,136 $151,310 ======== ======== ======== ======== ======== Total core customer funding (1) $2,246,141 $1,686,066 $1,688,966 $1,714,337 $1,679,279 ========== ========== ========== ========== ========== (1) Total deposits and sweep repurchase agreements, excluding certificates of deposits.
QUARTERLY TRENDS - LOANS AT END OF PERIOD (Dollars in Millions) -------------------------------------------------------------- SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES 2014 2013 ---- ---- 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr ------- ------- ------- ------- ------- ------- ------- ------- Installment loans to individuals Automobile and trucks $7.8 $6.6 $6.1 $6.2 $6.6 $7.1 $7.5 $7.8 Marine loans 26.2 24.4 23.3 20.8 20.2 21.3 16.7 15.4 Other 18.9 16.6 15.8 17.6 17.9 18.8 20.1 20.0 ---- ---- ---- ---- ---- ---- ---- ---- 52.9 47.6 45.2 44.6 44.7 47.2 44.3 43.2 Construction and land development to individuals Lot loans 15.5 13.3 13.1 13.3 12.9 14.7 15.5 16.6 Construction 18.2 17.0 16.7 24.4 21.3 19.7 20.7 20.8 ---- ---- ---- ---- ---- ---- ---- ---- 33.7 30.3 29.8 37.7 34.2 34.4 36.2 37.4 Residential real estate Adjustable 441.2 417.0 407.7 392.5 391.9 378.4 372.6 365.8 Fixed rate 93.9 92.2 91.0 89.8 91.1 94.7 97.5 98.2 Home equity mortgages 71.8 52.1 54.9 60.6 62.0 61.8 62.2 61.3 Home equity lines 80.0 62.0 53.2 49.7 47.7 47.7 49.1 49.3 ---- ---- ---- ---- ---- ---- ---- ---- 686.9 623.3 606.8 592.6 592.7 582.6 581.4 574.6 ----- ----- ----- ----- ----- ----- ----- ----- TOTAL CONSUMER 773.5 701.2 681.8 674.9 671.6 664.2 661.9 655.2 ----- ----- ----- ----- ----- ----- ----- ----- Commercial & financial 157.4 91.3 87.3 79.4 78.6 70.8 65.2 64.8 Construction and land development for commercial Residential Single family residences 6.8 4.8 5.1 1.8 2.0 - - - Single family land and lots 6.1 4.3 4.5 4.7 4.9 4.9 5.0 4.9 Townhomes 0.3 - 1.1 0.5 - - - - Multifamily 3.0 3.5 3.5 3.6 3.7 3.8 3.9 3.9 --- --- --- --- --- --- --- --- 16.2 12.6 14.2 10.6 10.6 8.7 8.9 8.8 Commercial Office buildings 1.6 - - - - 1.6 1.6 1.1 Retail trade 0.7 2.5 2.4 2.9 7.7 1.8 1.8 - Land 18.2 4.2 4.1 4.4 4.9 7.3 7.2 7.8 Healthcare - - - 7.1 5.4 4.7 2.9 3.3 Churches and educational facilities 2.9 1.0 1.6 1.1 3.8 4.0 2.5 1.2 Lodging 7.1 6.9 5.2 3.4 0.9 0.3 - - Convenience stores 3.2 0.3 0.1 - - - - - Industrial buildings 2.7 - - - - - - - Auto and RV dealerships 0.3 - - - - - - - Other 0.4 - - - - - - - 37.1 14.9 13.4 18.9 22.7 19.7 16.0 13.4 ---- ---- ---- ---- ---- ---- ---- ---- Total construction and land development 53.3 27.5 27.6 29.5 33.3 28.4 24.9 22.2 Commercial real estate Office buildings 235.7 127.1 122.8 120.0 118.7 118.2 112.0 112.5 Retail trade 205.5 163.4 142.8 142.0 130.6 128.9 135.5 122.2 Industrial 157.3 89.6 82.2 76.7 81.1 79.6 83.3 73.4 Healthcare 50.6 40.7 41.6 44.1 45.5 38.8 42.1 39.4 Churches and educational facilities 26.1 26.0 26.7 26.9 25.3 24.2 26.4 26.9 Recreation 3.2 3.3 3.3 2.4 2.5 2.5 2.6 2.6 Multifamily 17.4 17.0 18.7 17.2 16.8 6.2 9.5 8.5 Mobile home parks 1.7 1.7 1.7 1.8 1.9 1.9 1.9 2.0 Lodging 16.9 16.9 17.0 16.9 17.1 17.3 17.5 18.0 Restaurant 3.3 3.3 3.9 3.7 3.7 3.8 3.5 3.6 Agricultural 2.6 2.6 4.6 4.7 7.0 7.2 7.1 5.9 Convenience stores 21.2 23.3 20.9 22.0 20.8 21.0 20.2 20.2 Marina 18.5 18.6 18.5 20.6 21.3 21.5 20.9 21.1 Other 77.2 37.2 33.5 29.4 28.1 27.9 31.1 25.1 ---- ---- ---- ---- ---- ---- ---- ---- 837.2 570.7 538.2 528.4 520.4 499.0 513.6 481.4 TOTAL COMMERCIAL 1,047.9 689.5 653.1 637.3 632.3 598.2 603.7 568.4 ------- ----- ----- ----- ----- ----- ----- ----- Other 0.5 0.4 0.3 0.2 0.3 0.5 0.3 0.2 --- --- --- --- --- --- --- --- $1,821.9 $1,391.1 $1,335.2 $1,312.4 $1,304.2 $1,262.9 $1,265.9 $1,223.8 ======== ======== ======== ======== ======== ======== ======== ========
QUARTERLY TRENDS - INCREASE (DECREASE) IN LOANS BY QUARTER (Dollars in Millions) ------------------------------------------------------------------------------- SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES 2014 2013 ---- ---- 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr ------- ------- ------- ------- ------- ------- ------- ------- Installment loans to individuals Automobile and trucks $1.2 $0.5 $(0.1) $(0.4) $(0.5) $(0.4) $(0.3) $ - Marine loans 1.8 1.1 2.5 0.6 (1.1) 4.6 1.3 (3.0) Other 2.3 0.8 (1.8) (0.3) (0.9) (1.3) 0.1 (0.7) --- --- ---- ---- ---- ---- --- ---- 5.3 2.4 0.6 (0.1) (2.5) 2.9 1.1 (3.7) Construction and land development to individuals Lot loans 2.2 0.2 (0.2) 0.4 (1.8) (0.8) (1.1) (0.1) Construction 1.2 0.3 (7.7) 3.1 1.6 (1.0) (0.1) (1.4) --- --- ---- --- --- ---- ---- ---- 3.4 0.5 (7.9) 3.5 (0.2) (1.8) (1.2) (1.5) Residential real estate Adjustable 24.2 9.3 15.2 0.6 13.5 5.8 6.8 4.8 Fixed rate 1.7 1.2 1.2 (1.3) (3.6) (2.8) (0.7) (0.8) Home equity mortgages 19.7 (2.8) (5.7) (1.4) 0.2 (0.4) 0.9 3.3 Home equity lines 18.0 8.8 3.5 2.0 - (1.4) (0.2) (2.1) ---- --- --- --- --- ---- ---- ---- 63.6 16.5 14.2 (0.1) 10.1 1.2 6.8 5.2 ---- ---- ---- ---- ---- --- --- --- TOTAL CONSUMER 72.3 19.4 6.9 3.3 7.4 2.3 6.7 - ---- ---- --- --- --- --- --- --- Commercial & financial 66.1 4.0 7.9 0.8 7.8 5.6 0.4 2.9 Construction and land development for commercial Residential Single family residences 2.0 (0.3) 3.3 (0.2) 2.0 - - - Single family land and lots 1.8 (0.2) (0.2) (0.2) - (0.1) 0.1 (0.7) Townhomes 0.3 (1.1) 0.6 0.5 - - - - Multifamily (0.5) - (0.1) (0.1) (0.1) (0.1) - (0.4) ---- --- ---- ---- ---- ---- --- ---- 3.6 (1.6) 3.6 (0.0) 1.9 (0.2) 0.1 (1.1) Commercial Office buildings 1.6 - - - (1.6) - 0.5 1.1 Retail trade (1.8) 0.1 (0.5) (4.8) 5.9 - 1.8 - Land 14.0 0.1 (0.3) (0.5) (2.4) 0.1 (0.6) (1.8) Healthcare - - (7.1) 1.7 0.7 1.8 (0.4) 1.5 Churches and educational facilities 1.9 (0.6) 0.5 (2.7) (0.2) 1.5 1.3 0.7 Lodging 0.2 1.7 1.8 2.5 0.6 0.3 - - Convenience stores 2.9 0.2 0.1 - - - - - Industrial buildings 2.7 - - - - - - - Auto and RV dealerships 0.3 - - - - - - - Other 0.4 - - - - - - - 22.2 1.5 (5.5) (3.8) 3.0 3.7 2.6 1.5 ---- --- ---- ---- --- --- --- --- Total construction and land development 25.8 (0.1) (1.9) (3.8) 4.9 3.5 2.7 0.4 Commercial real estate Office buildings 108.6 4.3 2.8 1.3 0.5 6.2 (0.5) 7.8 Retail trade 42.1 20.6 0.8 11.4 1.7 (6.6) 13.3 (4.5) Industrial 67.7 7.4 5.5 (4.4) 1.5 (3.7) 9.9 0.8 Healthcare 9.9 (0.9) (2.5) (1.4) 6.7 (3.3) 2.7 (1.3) Churches and educational facilities 0.1 (0.7) (0.2) 1.6 1.1 (2.2) (0.5) (1.7) Recreation (0.1) - 0.9 (0.1) - (0.1) - (0.1) Multifamily 0.4 (1.7) 1.5 0.4 10.6 (3.3) 1.0 (0.5) Mobile home parks - - (0.1) (0.1) - - (0.1) - Lodging - (0.1) 0.1 (0.2) (0.2) (0.2) (0.5) (0.7) Restaurant - (0.6) 0.2 - (0.1) 0.3 (0.1) 0.1 Agricultural - (2.0) (0.1) (2.3) (0.2) 0.1 1.2 (0.2) Convenience stores (2.1) 2.4 (1.1) 1.2 (0.2) 0.8 - (0.3) Marina (0.1) 0.1 (2.1) (0.7) (0.2) 0.6 (0.2) (0.1) Other 40.0 3.7 4.1 1.3 0.2 (3.2) 6.0 (4.7) ---- --- --- --- --- ---- --- ---- 266.5 32.5 9.8 8.0 21.4 (14.6) 32.2 (5.4) ----- ---- --- --- ---- ----- ---- ---- TOTAL COMMERCIAL 358.4 36.4 15.8 5.0 34.1 (5.5) 35.3 (2.1) ----- ---- ---- --- ---- ---- ---- ---- Other 0.1 0.1 0.1 (0.1) (0.2) 0.2 0.1 (0.2) --- --- --- ---- ---- --- --- ---- $430.8 $55.9 $22.8 $8.2 $41.3 $(3.0) $42.1 $(2.3) ====== ===== ===== ==== ===== ===== ===== =====
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SOURCE Seacoast Banking Corporation of Florida