SEACOAST BANKING CORPORATION OF FLORIDA STUART, Fla., Jan. 28, 2016 /PRNewswire/ --
Fourth Quarter 2015 Earnings Highlights
-- Adjusted revenues increased $5.0 million or 16% year-over-year to $36.9
million.
-- Net interest margin increased eleven basis points year-over-year to
3.67%.
-- Net interest income improved $4.4 million or 18% largely due to organic
loan growth.
-- Adjusted net income(1) increased 56% to $6.5 million or $0.19 per
diluted share, compared to $4.2 million or $0.13 per diluted share in
the fourth quarter 2014.
-- Adjusted return on tangible common equity improved to 8.4% from 6.2%
year-over-year.
Fourth Quarter 2015 Growth Highlights
-- Loans increased $57 million or 3% not annualized, compared to third
quarter 2015 and rose 18% year-over-year. Excluding acquisitions, loans
increased $218 million or 12% above year-ago levels.
-- Strategic initiatives continue to pay off. Excluding acquisitions,
households grew 5% year-over-year and consumer loans originated outside
the branch hit a record 26% during the fourth quarter.
-- Successful integration of Grand Bank and BankFIRST franchises resulted
in net household growth by the third month as opposed to net attrition
typical for acquisitions.
2016 Guidance
-- Seacoast provided 2016 adjusted diluted EPS target of $1.00.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) today reported results for the fourth quarter and full year 2015.
Fourth quarter 2015 net income increased to $6.0 million compared to a net loss of $1.5 million reported in the same period of the prior year. Adjusted net income(1) increased $2.3 million, or 56%, from year-ago levels. Diluted earnings per common share (EPS) were $0.18 and adjusted diluted EPS(1) were $0.19 in the fourth quarter, compared to adjusted diluted EPS of $0.13 in the fourth quarter of 2014 and $0.19 in the third quarter of 2015.
Dennis S. Hudson, III, Chairman and CEO said, "Our sustained execution of Seacoast's balanced growth strategy produced another quarter of strong results, measured by increases in loans, deposits and households. The combination of organic and acquired growth in 2015 and our significant operating leverage led to nearly 60% growth in core EPS, reinforcing our conviction that our continued execution of Seacoast's long-term strategy positions us well to produce strong results for shareholders."
Seacoast's earnings improvement reflected continued strong business growth and execution of digital and other strategic initiatives, supplemented by successful acquisitions. Fourth quarter net income included a $416,000 bargain purchase gain from the acquisition of the Grand Bankshares, arising from unanticipated recoveries and resulting valuation adjustments to loans and other real estate owned (OREO) realized in the fourth quarter.
Full-year 2015 net income improved $16.4 million to $22.2 million and fully diluted earnings per share increased 214% to $0.66 compared with $0.21 per diluted common share in 2014. Adjusted net income(1) 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.
Hudson added, "We believe that community banking is undergoing a revolution and we plan to be at the forefront of refining the user experience to the benefit of our customers. Exiting the Great Recession, we recognized that a fundamental shift in community banking had taken place, and we began to invest for a new future. We introduced Seacoast's Accelerate commercial banking model in 2011, and in 2013 began to invest in analytics, digital servicing capabilities and digital marketing talent and technology. These investments in our future drove our 16% revenue growth in 2015, with loans increasing at a 12% organic rate and households rising 5% year-over-year.
"Seacoast is building a fully integrated distribution platform across all channels to provide our customers with the ability to choose their path of convenience to satisfy their banking needs. In 2015, we rolled out integrated digital marketing, automated cross sell, and deeper customer analytics which are creating shareholder value as we move forward. Additionally, we are making trade-offs by reinvesting a portion of the cost savings related to consolidating branch locations and more efficient business processes into new and innovative ways to serve and grow our customer base. In 2015, we fully absorbed incremental costs needed to support better channel integration including the expansion of our 24/7 call center, that now originates over 10% of our deposit relationships and almost 30% of our consumer loan production. Looking forward, we expect our digital and phone based channels to expand dramatically.
"As our upgraded technology platform enabled us to effectively adapt to changes in consumer banking behavior, we were able to close three branches during 2015 with minimal customer impact; in fact household growth continued to accelerate during the year. We are currently in the process of consolidating an additional four legacy locations in the first half of 2016.
"While we remained disciplined in executing an organic-growth focused strategy, our recent acquisitions have boosted our growth trajectory. Our convenient service model and enhanced product offerings, especially digital banking, allowed us to grow our acquired banks' households and further cross-sell additional products to our newly acquired customers. Specifically, our recently acquired BankFIRST (Orlando) and Grand Bankshares (Palm Beach County) franchises attained net household growth within three months of acquisition, and Orlando increased households at a rate above 7% in 2015."
Hudson concluded, "We look to 2016 with confidence as we continue to execute on our long term strategy, investing in important initiatives, managing expenses and executing on the right acquisition opportunities. As a result, we have provided an adjusted diluted EPS outlook target of $1.00 for the year. We look forward to discussing this goal with shareholders on our Q4 earnings call."
FINANCIAL HIGHLIGHTS 4Q15 3Q15 2Q15 1Q15 4Q14
(Dollars in thousands except per share data)
Total Assets $3,534,780 $3,378,108 $3,233,588 $3,231,956 $3,093,335
Loans 2,156,330 2,099,447 1,937,399 1,854,487 1,821,885
Deposits 2,844,387 2,742,296 2,605,177 2,609,825 2,416,534
Net Income (Loss) 6,036 4,441 5,805 5,859 (1,517)
Diluted Earnings Per Share 0.18 0.13 0.18 0.18 (0.05)
Return on Average Assets (ROA) 0.69% 0.52% 0.72% 0.75% (0.20%)
Return on Average Tangible 7.8 5.9 8.2 8.5 (1.7)
Common Equity (ROTCE)
Net Interest Margin 3.67 3.75 3.50 3.62 3.56
Efficiency Ratio 72.6 76.3 68.6 68.3 104.5
Pretax, Pre-provision Income (1) $10,130 $8,126 $10,224 $9,832 ($2,029)
34,395 34,194 33,234 33,136 33,124
Average Diluted Shares
Outstanding (000)
Adjusted Net Income (1) $6,520 $6,433 $6,172 $6,177 $4,179
Adjusted Diluted Earnings 0.19 0.19 0.19 0.19 0.13
Per Share (1)
Adjusted ROA (1) 0.75% 0.76% 0.77% 0.79% 0.55%
Adjusted ROTCE (1) 8.4 8.5 8.7 9.0 6.2
Adjusted Efficiency Ratio (1) 69.1 68.2 67.5 67.5 74.8
Adjusted Pretax, Pre-provision $10,913 $11,328 $10,815 $10,342 $7,464
Income (1)
Annualized Adjusted 2.93% 3.03% 2.91% 2.88% 3.13%
Operating Expenses as
a Percent of Average
Assets (1)
Acquisitions Update
Hudson noted, "We continue to be encouraged by results from our recent acquisitions. In Orlando, we achieved growth levels in excess of our already-strong franchise growth rate as we delivered our service and product offerings to the BankFIRST customer base. Acquisitions in the asset-based lending space and in demographically-strong Palm Beach County have helped us further propel growth. We are pleased with our ability to execute against our commitments.
"We look forward to welcoming more than 5,000 customers of Floridian Bankshares and nearly 9,000 customers from BMO Harris' Orlando banking operations in the first part of 2016. We are pleased to announce that we have received regulatory approval for both of these transactions and expect to close the Floridian acquisition late in the first quarter and the BMO Harris branch purchase late in the second quarter, subject in both instances to customary closing conditions."
Florida Economic Update
"The strong Florida economy continues to amplify our success," said Hudson.
Wells Fargo Securities Group's December 18, 2015 report titled, "Florida Employment Update: November 2015" stated, "Florida's economy is firing on all cylinders...Florida added a nation-leading 35,200 jobs in November, which marks the largest monthly job gain for the Sunshine State since May 2010. On a year-to-date basis, nonfarm employment has risen 3.0 percent, resulting in a net gain of 239,600 jobs."
Comerica Bank's Comerica Economic Insights report dated January 5, 2016 stated, "Our Florida Economic Activity Index increased again in October, for the 19(th) consecutive month. Most components of the index were positive in October. Only state exports and housing starts were negative for the month. The Florida economy is firmly re-established as a growth leader for the U.S....we see no reason for the positive trend to change in the near term."
Fourth Quarter 2015 Income Statement Highlights
Balance Sheet Mix, Driven by Growth in Relationship Customers and Improved Yields, Fuel Net Interest Income and Margin Expansion
Net interest income for the quarter totaled $29.1 million, a $4.4 million or 18% increase from fourth quarter 2014 levels. Net interest margin expanded to 3.67%, an eleven basis point increase from the prior year. Year-over-year net interest income and margin increases reflect improvement in rate and balance sheet mix, largely due to growth in customer relationships.
Net interest income increased $0.1 million and net interest margin decreased eight basis points from 3.75% in the prior quarter. Linked quarter results reflect an accelerated level of purchase loan accretion in the third quarter of 2015 that contributed approximately 10 basis points of margin during that quarter. Strong loan growth and improved core yields more than compensated for a decrease in purchased loan accretion. Fourth quarter results included essentially no excess purchased loan accretion.
Noninterest Income Growth Reflects Increases in Households
Noninterest income excluding securities gains and the bargain purchase gain, totaled $7.8 million for the fourth quarter, an increase of $641,000 or 9% from a year ago. Most categories of service fee income showed year-over-year growth with interchange income up a strong 24%, indicating continued strength in customer acquisition and cross sell and benefits from acquisition activity.
Noninterest income, excluding securities gains and the bargain purchase gain related to the Grand Bankshares acquisition, decreased $300,000 from third quarter 2015 levels. Strength in interchange income and smaller increases in many other categories were offset by decreases in mortgage banking, brokerage and marine income, which were negatively impacted by low activity during the holiday season.
As mentioned previously, fourth quarter net income included a $416,000 bargain purchase gain from the acquisition of the Grand Bankshares, arising from unanticipated recoveries and resulting valuation adjustments to loans and other real estate owned (OREO) realized in the fourth quarter.
Noninterest Expense Continues to Show Strong Operating Leverage and Investment in Seacoast Strategy
Noninterest expense decreased $6.8 million from the fourth quarter 2014. Prior year expenses reflected significant non-recurring costs related to the acquisition of The BANKshares on October 1, 2014 and other one-time costs. Adjusted noninterest expense(1) increased $1.6 million from prior-year levels. The year-over-year increase in adjusted expense reflects ongoing costs related to the acquisitions of FGC and Grand Bankshares, particularly in added salary and benefits, which increased $666,000 or 5%, and occupancy and furniture and equipment costs, which increased $265,000 or 9%. Increases also reflect variable costs related to strong organic franchise growth, particularly in data processing costs, which increased $588,000 or 31%, an investment made to further the company's strategy.
Noninterest expense decreased $2.0 million from the third quarter, 2015. Excluding merger related charges and other one-time items, adjusted noninterest expense(1) grew $200,000, or less than 1%. Increases in occupancy ($108,000) and data processing costs ($178,000) were partially offset by decreases in salary and benefits ($110,000). These fluctuations represent normal expense volatility.
Seacoast's efficiency ratio was 72.6% in fourth quarter of 2015, down from 104.5% in the fourth quarter of 2014 and below 76.3% in the third quarter of 2015. Adjusted(1), the efficiency ratio decreased to 69.3% in the fourth quarter of 2015 from 74.8% in the fourth quarter of 2014 and up slightly from 68.2% in the third quarter of 2015. Linked-quarter increase was impacted by the significant amount of accelerated purchased loan accretion recorded in the third quarter of 2015, whereas fourth quarter results included essentially no excess purchased loan accretion.
Fourth Quarter 2015 Balance Sheet Highlights
Deposit Growth Reflects Success of Core Customer Increase and Acquisitions
Total deposits increased 18% to $2.84 billion at December 31, 2015, from year ago levels. Core customer funding increased to $2.72 billion at December 31, 2015, a $476 million, or 21% increase from the fourth quarter of 2014. Excluding acquisitions, core customer funding increased by $286 million or 13% from one year ago and total deposits increased $239 million or 10% from one year ago. Total deposits grew $102 million or 4% (not annualized) and core customer funding increased $138 million or 5% (not annualized) compared to the prior quarter. Linked-quarter increases were largely due to normal seasonal growth in public funds.
Noninterest demand deposits grew $129.2 million, or 18% from the fourth quarter of 2014 and remained at a strong 30.0% of total deposits.
(Dollars in thousands) Fourth Third Second First Fourth
Quarter
Quarter Quarter Quarter Quarter
2015
2015 2015 2015 2014
--- ---- ---- ---- ----
Customer Relationship Funding
Noninterest demand $854,447 $869,877 $808,429 $793,336 $725,238
Interest-bearing demand 734,749 618,344 599,268 634,854 652,353
Money market 665,353 660,632 621,973 596,600 450,172
Savings 295,851 286,810 282,588 272,963 264,738
Time certificates of deposit 293,987 306,633 292,919 312,072 324,033
------- ------- ------- ------- -------
Total deposits $2,844,387 $2,742,296 $2,605,177 $2,609,825 $2,416,534
========== ========== ========== ========== ==========
Customer sweep accounts $172,005 $148,607 $157,676 $170,023 $153,640
======== ======== ======== ======== ========
Total core customer funding (2) $2,722,405 $2,584,270 $2,469,934 $2,467,776 $2,246,141
========== ========== ========== ========== ==========
Demand deposit mix
(noninterest bearing) 30.0% 31.7% 31.0% 30.4% 30.0%
==================== ==== ==== ==== ==== ====
Total deposits and customer sweep accounts, excluding time certificates of deposit.
(2)
Loans Up Substantially from Acquisition and Strong Core Growth
Total loans were $2.16 billion at December 31, 2015, an increase of $334 million or 18% from a year ago. Excluding acquired loans, loans increased $218 million or 12% from the prior year's fourth quarter. Loans increased a strong $57 million or 3% (not annualized) from third quarter levels.
Loan growth continued across all business lines. Commercial loan originations for the quarter were $80 million with the commercial pipeline (in underwriting and approval or approved and not yet closed) totaling a strong $106 million at December 31, 2015 increasing from prior quarter and well in excess of recent history. Consumer loan and small business originations (inclusive of lines of credit) totaled $54 million in the fourth quarter of 2015 compared to $28 million one year ago.
Closed residential production for the quarter totaled $60.2 million compared with $57.9 million a year ago, with a total residential pipeline of $30.3 million at December 31, 2015 up from $21.4 million one year ago.
(Dollars in thousands) 4Q15 3Q15 2Q15 1Q15 4Q14
--------------------- ---- ---- ---- ---- ----
Commercial pipeline $105,556 $104,915 $108,538 $82,143 $60,136
Commercial loans closed 80,003 71,823 85,815 61,357 94,719
------ ------ ------ ------ ------
Total Commercial loan originations and pipeline $185,559 $176,738 $194,353 $143,500 $154,855
======== ======== ======== ======== ========
Residential pipeline $30,340 $37,958 $53,902 $48,485 $21,351
Residential loans retained 24,905 36,027 45,596 23,951 31,598
Residential loans sold 35,278 37,996 36,182 31,896 26,336
------ ------ ------ ------ ------
Total Residential loan originations and pipeline $90,523 $111,981 $135,680 $104,332 $79,285
======= ======== ======== ======== =======
Other Highlights
Credit Quality Remains Stable with Growth Trends
The provision for loan losses was $369,000 for the fourth quarter of 2015, up from $118,000 in the fourth quarter 2014 and below $987,000 recorded in the third quarter 2015. The fourth quarter provision reflects continued strong credit metrics, offset by continued loan growth. The third quarter provision was also impacted by $655,000 related to a single purchased credit impaired loan performing below our initial expectations. The allowance for loan losses for non-acquired loans was 1.03% of total loans, compared to 1.11% in the third quarter 2015.
Additional highlights include:
-- Nonperforming loans to total loans outstanding at the end of the fourth
quarter remained at a clean 0.8%, down from 1.2% at year-end 2014;
-- Nonperforming assets to total assets declined to 0.7%, compared to 0.9%
a year ago.
Capital Ratios Continue to Improve from Earnings Momentum
Capital ratios remain healthy and well above regulatory requirements for well-capitalized institutions. The common equity tier 1 capital ratio (CET1) is estimated at 13.3% and the total capital ratio is estimated at 16.0% at December 31, 2015. The tier 1 leverage ratio is estimated at 10.7% at December 31, 2015.
Tangible book value per share increased $0.13 to $9.31 and book value per share increased $0.09 to $10.29 at December 31, 2015, as earnings more than offset decreases in AFS securities valuation at the end of the 2015 year. Average tangible common equity to assets was a strong 9.3% at December 31, 2015.
Conference Call Information
Seacoast will host a conference call on Friday, January 29, 2016 at 10:00 a.m. (Eastern Time) to discuss the earnings results. Investors may call in (toll-free) by dialing (888) 517-2513 (passcode: 7021 952; host: Dennis S. Hudson). Slides will be used during the conference call and may be accessed at Seacoast's website at SeacoastBanking.com by selecting "Presentations" under the heading "Investor Services." A replay of the call will be available for one month, beginning late afternoon of January 29, by dialing (888) 843-7419 (domestic), using the passcode 7021 952.
Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast's website at SeacoastBanking.com. The link is located in the subsection "Presentations" under the heading "Investor Services." Beginning the afternoon of January 29, 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.
Non-GAAP
measure,
see
"Explanation
of Certain
Unaudited
Non-GAAP
Financial
1 Measures"
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 $3.5 billion in assets and $2.8 billion in deposits as of December 31, 2015. The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through advanced banking solutions, 43 traditional branches of its locally-branded wholly-owned subsidiary bank, Seacoast Bank, and five 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. More information about the Company is available at SeacoastBanking.com.
Sources:
https://www08.wellsfargomedia.com/assets/pdf/commercial/insights/economics/regional-reports/fl-employment-20151218.pdf
http://blog.comerica.com/2016/01/05/comerica-banks-florida-index-continues-solid-gains/
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, 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, or expect to acquire, 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, 2014, 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.
Important information for Investors and Shareholders
Seacoast has filed a registration statement on Form S-4 and amendments thereto containing a definitive Proxy Statement/Prospectus with the SEC regarding the proposed merger with Floridian into Seacoast. On or about January 22, 2016, this Proxy Statement/Prospectus was mailed to Floridian shareholders. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED MERGER AND OTHER DOCUMENTS FILED BY SEACOAST WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS WHEN THEY BECOME AVAILABLE, BECAUSE THEY DO OR WILL CONTAIN IMPORTANT INFORMATION.
Investors can obtain a free copy of the Proxy Statement/Prospectus, as well as other filings containing information about Seacoast and Floridian, at the SEC's website (http://www.sec.gov), with respect to information about Seacoast, and Floridian's website (www.floridianbank.com), with respect to information about Floridian. Investors can also obtain these documents, free of charge, at http://www.seacoastbanking.com under the tab "Investor Relations" and then under the tab "Financials/Regulatory Filings." Copies of the Proxy Statement/Prospectus and any other filing by Seacoast with the SEC can also be obtained, free of charge, by directing a request to Investor Relations, 815 Colorado Avenue, P.O. Box 9012, Stuart, FL 34994, (772) 288-6085.
Seacoast, Floridian, their respective directors and executive officers and other members of management and employees may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of Seacoast is set forth in its proxy statement for its 2015 annual meeting of shareholders, which was filed with the SEC on April 7, 2015 and its Current Reports on Form 8-K. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the Proxy Statement/Prospectus. You may obtain free copies of these documents as described in the preceding paragraph.
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.
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 except per share data) 2015 2015 2015 2015 2014
---- ---- ---- ---- ----
$6,036 $4,441 $5,805 $5,859 ($1,517)
Net income
Severance 187 98 29 12 478
1,043 2,692 337 275 2,722
Merger related charges
Bargain purchase gain (416) 0 0 0 0
0 121 0 0 4,261
Branch closure charges and costs related to expense initiatives
Marketing and brand refresh expense 0 0 0 0 697
0 0 0 0 1,213
Stock compensation expense and other incentive costs related to improved outlook
Securities (gains) (1) (160) 0 0 (108)
Miscellaneous losses 48 112 0 0 119
Net loss on OREO and repossessed assets (157) 262 53 81 9
Asset dispositions expense 79 77 173 143 103
Effective tax rate on adjustments (299) (1,210) (225) (193) (3,798)
---- ------ ---- ---- ------
6,520 6,433 6,172 6,177 4,179
Adjusted Net Income (1)
Provision for loan losses 369 987 855 433 118
Income taxes 4,024 3,908 3,788 3,732 3,167
----- ----- ----- ----- -----
Adjusted pretax, pre-provision income (1) $10,913 $11,328 $10,815 $10,342 $7,464
------- ------- ------- ------- ------
Adjusted earnings per diluted share (1) $0.19 $0.19 $0.19 $0.19 $0.13
----- ----- ----- ----- -----
Average shares outstanding (000) 34,395 34,194 33,234 33,136 33,124
====== ====== ====== ====== ======
(1) Non-GAAP measure
FINANCIAL HIGHLIGHTS (Unaudited) 01/26/16
--------------------- ---------- --------
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,
2015 2015 2014 2015 2014
---- ---- ---- ---- ----
Summary of Earnings
Net income (loss) $6,036 $4,441 $(1,517) $22,141 $5,696
Net interest income (1) 29,216 29,130 24,883 109,968 75,221
Net interest margin (1), (2) 3.67 3.75 3.56 3.64 3.25
.
Performance Ratios
Return on average assets-GAAP basis (2), (3) 0.69% 0.52% (0.20)% 0.67% 0.23%
Return on average shareholders' equity-GAAP basis (2), (3) 6.78 5.05 (1.89) 6.56 2.22
Return on average tangible shareholders' equity-GAAP basis (2), (3), (4) 7.83 5.94 (1.71) 7.59 2.57
Efficiency ratio (5) 72.57 76.29 104.46 71.58 91.57
Noninterest income to total revenue 21.10 21.79 22.40 22.63 24.83
Per Share Data
Net income (loss) diluted-GAAP basis $0.18 $0.13 $(0.05) $0.66 $0.21
Net income (loss) basic-GAAP basis 0.18 0.13 (0.05) 0.66 0.21
Book value per share common 10.29 10.20 9.44 10.29 9.44
Tangible book value per share 9.31 9.18 8.51 9.31 8.51
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.
(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 and bargain purchase gain, net).
FINANCIAL HIGHLIGHTS
---------------------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
December 31, September 30, December 31,
(Dollars in thousands, except share data) 2015 2015 2014
---------------------------------------- ---- ---- ----
Selected Financial Data
Total assets $3,534,780 $3,378,108 $3,093,335
Securities available for sale (at fair value) 790,766 728,161 741,375
Securities held for investment (at amortized cost) 203,525 209,047 207,904
Net loans 2,137,202 2,080,119 1,804,814
Deposits 2,844,387 2,742,296 2,416,534
Total shareholders' equity 353,453 350,280 312,651
Average Balances (Year-to-Date)
Total average assets $3,304,397 $3,250,855 $2,485,259
Less: intangible assets 33,277 32,879 8,840
Total average tangible assets $3,271,120 $3,217,976 $2,476,419
---------- ---------- ----------
Total average equity $337,367 $331,966 $256,867
Less: intangible assets 33,277 32,879 8,840
Total average tangible equity $304,090 $299,087 $248,027
-------- -------- --------
Credit Analysis
Net charge-offs (recoveries) year-to-date - non-acquired loans $(609) $(854) $(489)
Net charge-offs year-to-date - acquired loans 1,196 872 -
----- --- ---
Total net charge-offs (recoveries) year-to-date $587 $18 $(489)
Net charge-offs (recoveries) to average loans (annualized) - non-acquired loans (0.03)% (0.06)% (0.03)%
Net charge-offs to average loans (annualized) - acquired loans 0.06 0.06 -
---- ---- ---
Total net charge-offs (recoveries) to average loans (annualized) 0.03 0.00 (0.03)
Loan loss provision (recapture) year-to-date - non-acquired loans $1,375 $1,415 $(3,550)
Loan loss provision year-to-date - acquired loans 1,269 860 64
----- --- ---
Total loan loss provision (recapture) year-to-date $2,644 $2,275 $(3,486)
Allowance to loans at end of period - non-acquired loans 1.03% 1.11% 1.14%
Discount for credit losses to acquired loans at end of period 4.24 4.13 3.56
Nonperforming loans - non-acquired loans $12,758 $14,474 $18,563
Nonperforming loans - acquired loans 4,628 2,636 2,577
Other real estate owned - non-acquired 3,699 4,183 5,567
Other real estate owned - acquired 3,340 3,250 1,895
Total nonperforming assets $24,425 $24,543 $28,602
------- ------- -------
Restructured loans (accruing) $19,970 $20,543 $24,997
Purchased noncredit impaired loans $308,737 $347,262 $332,508
Purchased credit impaired loans 12,109 12,673 7,814
Total acquired loans $320,846 $359,935 $340,322
-------- -------- --------
Nonperforming loans to loans at end of period - non-acquired loans 0.59% 0.69% 1.02%
Nonperforming loans to loans at end of period - acquired loans 0.22 0.12 0.14
---- ---- ----
Total nonperforming loans to loans at end of period 0.81 0.81 1.16
Nonperforming assets to total assets - non-acquired 0.47% 0.55% 0.78%
Nonperforming assets to total assets - acquired 0.22 0.18 0.14
---- ---- ----
Total nonperforming assets to total assets 0.69 0.73 0.92
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) 2015 2014 2015 2014
-------------------------------------------- ---- ---- ---- ----
Interest on securities:
Taxable $5,312 $4,728 $20,341 $15,448
Nontaxable 144 182 585 211
Interest and fees on loans 25,184 21,070 94,469 63,586
Interest on federal funds sold and other investments 275 292 1,022 1,017
--- --- ----- -----
Total Interest Income 30,915 26,272 116,417 80,262
Interest on deposits 598 297 2,085 864
Interest on time certificates 265 375 1,228 1,538
Interest on borrowed money 952 867 3,617 2,953
--- --- ----- -----
Total Interest Expense 1,815 1,539 6,930 5,355
----- ----- ----- -----
Net Interest Income 29,100 24,733 109,487 74,907
Provision (recapture) for loan losses 369 118 2,644 (3,486)
--- --- ----- ------
Net Interest Income After Provision for Loan Losses 28,731 24,615 106,843 78,393
Noninterest income:
Service charges on deposit accounts 2,229 2,208 8,563 6,952
Trust fees 791 795 3,132 2,986
Mortgage banking fees 955 716 4,252 3,057
Brokerage commissions and fees 511 417 2,132 1,614
Marine finance fees 205 445 1,152 1,320
Interchange income 1,989 1,603 7,684 5,972
Other deposit based EFT fees 99 92 397 343
BOLI income 396 252 1,426 252
Gain on participated loan 0 0 725 0
Other 607 613 2,555 2,248
--- --- ----- -----
7,782 7,141 32,018 24,744
Securities gains, net 1 108 161 469
Bargain purchase gain, net 416 0 416 0
--- --- --- ---
Total Noninterest Income 8,199 7,249 32,595 25,213
Noninterest expenses:
Salaries and wages 11,135 11,676 41,075 35,132
Employee benefits 2,178 2,461 9,564 8,773
Outsourced data processing costs 2,455 3,506 10,150 8,781
Telephone / data lines 412 419 1,797 1,331
Occupancy 2,314 2,325 8,744 7,930
Furniture and equipment 1,000 732 3,434 2,535
Marketing 1,128 1,163 4,428 3,576
Legal and professional fees 2,580 2,555 8,022 6,871
FDIC assessments 551 476 2,212 1,660
Amortization of intangibles 397 446 1,424 1,033
Asset dispositions expense 79 103 472 488
Branch closures and branding 0 4,958 0 4,958
Net (gain)/loss on other real estate owned and repossessed assets (157) 9 239 310
Other 3,097 3,182 12,209 9,988
----- ----- ------ -----
Total Noninterest Expenses 27,169 34,011 103,770 93,366
Income (Loss) Before Income Taxes 9,761 (2,147) 35,668 10,240
Income taxes 3,725 (630) 13,527 4,544
----- ---- ------ -----
Net Income (Loss) $6,036 $(1,517) $22,141 $5,696
------ ------- ------- ------
Per share of common stock:
Net income (loss) diluted $0.18 $(0.05) $0.66 $0.21
Net income (loss) basic 0.18 (0.05) 0.66 0.21
Cash dividends declared 0.00 0.00 0.00 0.00
Average diluted shares outstanding 34,395,373 33,123,525 33,744,171 27,716,895
Average basic shares outstanding 34,115,697 32,888,612 33,495,827 27,538,955
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
------------------------------------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
QUARTER
-------
2015 2014
---- ----
(Dollars in thousands) Fourth Third Second First Fourth
--------------------- ------ ----- ------ ----- ------
Interest on securities:
Taxable $5,312 $5,154 $4,977 $4,898 $4,728
Nontaxable 144 144 147 150 182
Interest and fees on loans 25,184 25,276 21,988 22,021 21,070
Interest on federal funds sold and other investments 275 249 249 249 292
--- --- --- --- ---
Total Interest Income 30,915 30,823 27,361 27,318 26,272
Interest on deposits 598 562 524 401 297
Interest on time certificates 265 295 321 347 375
Interest on borrowed money 952 955 850 860 867
--- --- --- --- ---
Total Interest Expense 1,815 1,812 1,695 1,608 1,539
----- ----- ----- ----- -----
Net Interest Income 29,100 29,011 25,666 25,710 24,733
Provision (recapture) for loan losses 369 987 855 433 118
--- --- --- --- ---
Net Interest Income After Provision for Loan Losses 28,731 28,024 24,811 25,277 24,615
Noninterest income:
Service charges on deposit accounts 2,229 2,217 2,115 2,002 2,208
Trust fees 791 781 759 801 795
Mortgage banking fees 955 1,177 1,032 1,088 716
Brokerage commissions and fees 511 604 576 441 417
Marine finance fees 205 258 492 197 445
Interchange income 1,989 1,925 2,033 1,737 1,603
Other deposit based EFT fees 99 88 96 114 92
BOLI income 396 366 334 330 252
Gain on participated loan 0 0 725 0 0
Other 607 666 684 598 613
--- --- --- --- ---
7,782 8,082 8,846 7,308 7,141
Securities gains, net 1 160 0 0 108
Bargain purchase gain, net 416 0 0 0 0
--- --- --- --- ---
Total Noninterest Income 8,199 8,242 8,846 7,308 7,249
Noninterest expenses:
Salaries and wages 11,135 11,850 9,301 8,789 11,676
Employee benefits 2,178 2,430 2,541 2,415 2,461
Outsourced data processing costs 2,455 3,277 2,234 2,184 3,506
Telephone / data lines 412 446 443 496 419
Occupancy 2,314 2,396 2,011 2,023 2,325
Furniture and equipment 1,000 883 819 732 732
Marketing 1,128 1,099 1,226 975 1,163
Legal and professional fees 2,580 2,189 1,590 1,663 2,555
FDIC assessments 551 552 520 589 476
Amortization of intangibles 397 397 315 315 446
Asset dispositions expense 79 77 173 143 103
Branch closures and branding 0 0 0 0 4,958
Net (gain)/loss on other real estate owned and repossessed assets (157) 262 53 81 9
Other 3,097 3,269 3,062 2,781 3,182
----- ----- ----- ----- -----
Total Noninterest Expenses 27,169 29,127 24,288 23,186 34,011
Income (Loss) Before Income Taxes 9,761 7,139 9,369 9,399 (2,147)
Income taxes 3,725 2,698 3,564 3,540 (630)
----- ----- ----- ----- ----
Net Income (Loss) $6,036 $4,441 $5,805 $5,859 $(1,517)
------ ------ ------ ------ -------
Per share of common stock:
Net income (loss) diluted $0.18 $0.13 $0.18 $0.18 $(0.05)
Net income (loss) basic 0.18 0.13 0.18 0.18 (0.05)
Cash dividends declared 0.00 0.00 0.00 0.00 0.00
Average diluted shares outstanding 34,395,373 34,193,540 33,233,508 33,135,618 33,123,525
Average basic shares outstanding 34,115,697 33,907,178 32,978,006 32,971,444 32,888,612
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
------------------------------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
December 31, December 31,
(Dollars in thousands, except share data) 2015 2014
---------------------------------------- ---- ----
Assets
Cash and due from banks $81,216 $64,411
Interest bearing deposits with other banks 54,851 36,128
------ ------
Total Cash and Cash Equivalents 136,067 100,539
Securities:
Available for sale (at fair value) 790,766 741,375
Held for investment (at amortized cost) 203,525 207,904
------- -------
Total Securities 994,291 949,279
Loans available for sale 23,998 12,078
Loans, net of deferred costs 2,156,330 1,821,885
Less: Allowance for loan losses (19,128) (17,071)
------- -------
Net Loans 2,137,202 1,804,814
Bank premises and equipment, net 54,579 45,086
Other real estate owned 7,039 7,462
Other intangible assets 8,594 7,454
Goodwill 25,211 25,309
Bank owned life insurance 43,579 35,679
Other assets 104,220 105,635
------- -------
$3,534,780 $3,093,335
---------- ----------
Liabilities and Shareholders' Equity
Liabilities
Deposits
Noninterest demand $854,447 $725,238
Interest-bearing demand 734,749 652,353
Savings 295,851 264,738
Money market 665,353 450,172
Other time certificates 153,318 173,247
Brokered time certificates 9,403 7,034
Time certificates of $100,000 or more 131,266 143,752
------- -------
Total Deposits 2,844,387 2,416,534
Federal funds purchased and securities sold under
agreements to repurchase, maturing within 30 days 172,005 233,640
Borrowed funds 50,000 50,000
Subordinated debt 69,961 64,583
Other liabilities 44,974 15,927
------ ------
3,181,327 2,780,684
Shareholders' Equity
Common stock 3,435 3,300
Additional paid in capital 399,162 379,249
Accumulated deficit (42,858) (65,000)
Treasury stock (73) (71)
--- ---
359,666 317,478
Accumulated other comprehensive (loss), net (6,213) (4,827)
------ ------
Total Shareholders' Equity 353,453 312,651
------- -------
$3,534,780 $3,093,335
---------- ----------
Common Shares Outstanding 34,351,409 33,136,592
Note: The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
------------------------------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
QUARTERS
--------
2015 2014
---- ----
(Dollars in thousands, except per share data) Fourth Third Second First Fourth
-------------------------------------------- ------ ----- ------ ----- ------
Net income (loss) $6,036 $4,441 $5,805 $5,859 $(1,517)
Operating Ratios
Return on average assets-GAAP basis (2),(3) 0.69% 0.52% 0.72% 0.75% (0.20)%
Return on average tangible assets (2),(3),(4) 0.73 0.56 0.75 0.79 (0.16)
Return on average shareholders' equity-GAAP basis (2),(3) 6.78 5.05 7.13 7.42 (1.89)
Efficiency ratio (5) 72.57 76.29 68.57 68.33 104.46
Noninterest income to total revenue 21.10 21.79 25.63 22.13 22.40
Net interest margin (1),(2) 3.67 3.75 3.50 3.62 3.56
Average equity to average assets 10.20 10.34 10.12 10.17 10.51
Credit Analysis Excluding Acquired Loans
Net charge-offs (recoveries) - non-acquired loans $245 $(233) $(358) $(263) $618
Net charge-offs - acquired loans 324 683 143 46 -
--- --- --- --- ---
Total net charge-offs (recoveries) $569 $450 $(215) $(217) $618
Net charge-offs (recoveries) to average loans - non-acquired loans 0.05% (0.04)% (0.08)% (0.06)% 0.14%
Net charge-offs (recoveries) to average loans - acquired loans 0.06 0.12 0.03 0.01 -
---- ---- ---- ---- ---
Total net charge-offs (recoveries) to average loans 0.11 0.08 (0.05) (0.05) 0.14
Loan loss provision (recapture) - non-acquired loans $(40) $852 $271 $292 $54
Loan loss provision (recapture) - acquired loans 409 135 584 141 64
--- --- --- --- ---
Total loan loss provision (recapture) $369 $987 $855 $433 $118
Allowance to loans at end of period - non-acquired loans 1.03% 1.11% 1.10% 1.13% 1.14%
Discount for credit losses to acquired loans at end of period 4.24 4.13 3.32 3.56 3.56
Nonperforming loans - non-acquired loans $12,758 $14,474 $15,054 $16,860 $18,563
Nonperforming loans - acquired loans 4,628 2,636 4,543 4,196 2,577
Other real estate owned - non-acquired 3,699 4,183 4,855 4,738 5,567
Other real estate owned - acquired 3,340 3,250 1,053 1,431 1,895
Total nonperforming assets $24,425 $24,543 $25,505 $27,225 $28,602
------- ------- ------- ------- -------
Restructured loans (accruing) $19,970 $20,543 $23,441 $23,847 $24,997
Purchased noncredit impaired loans $308,737 $347,262 $275,964 $296,839 $326,066
Purchased credit impaired loans 12,109 12,673 6,562 7,119 7,814
Total acquired loans $320,846 $359,935 $282,526 $303,958 $333,880
-------- -------- -------- -------- --------
Nonperforming loans to loans at end of period - non-acquired loans 0.59% 0.69% 0.78% 0.91% 1.02%
Nonperforming loans to loans at end of period - acquired loans 0.22 0.12 0.23 0.23 0.14
---- ---- ---- ---- ----
Total nonperforming loans to loans at end of period 0.81 0.81 1.01 1.14 1.16
Nonperforming assets to total assets - non-acquired 0.47% 0.55% 0.62% 0.67% 0.78%
Nonperforming assets to total assets - acquired 0.22 0.18 0.17 0.17 0.14
---- ---- ---- ---- ----
Total nonperforming assets to total assets 0.69 0.73 0.79 0.84 0.92
Per Share Common Stock
Net income (loss) diluted-GAAP basis $0.18 $0.13 $0.18 $0.18 $(0.05)
Net income (loss) basic-GAAP basis 0.18 0.13 0.18 0.18 (0.05)
Cash dividends declared 0.00 0.00 0.00 0.00 0.00
Book value per share common 10.29 10.20 9.84 9.71 9.44
Average Balances
Total average assets $3,463,277 $3,373,858 $3,225,127 $3,151,132 $3,037,061
Less: Intangible assets 34,457 35,185 32,188 31,221 33,803
Total average tangible assets $3,428,820 $3,338,673 $3,192,939 $3,119,911 $3,003,258
---------- ---------- ---------- ---------- ----------
Total average equity $353,392 $348,901 $326,338 $320,346 $319,233
Less: Intangible assets 34,457 35,185 32,188 31,221 33,803
Total average tangible equity $318,935 $313,716 $294,150 $289,125 $285,430
----------------------------- -------- -------- -------- -------- --------
(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 and bargain purchase gain, net).
December 31, December 31,
SECURITIES 2015 2014
---------- ---- ----
U.S. Treasury and U.S. Government Agencies $3,911 $3,899
Mortgage-backed 539,688 587,933
Collateralized loan obligations 122,583 125,225
Obligations of states and political subdivisions 39,891 24,318
Corporates 35,532 0
CMBS 40,420 0
Other 8,741 0
----- ---
Securities Available for Sale 790,766 741,375
------- -------
Mortgage-backed 162,225 182,076
Collateralized loan obligations 41,300 25,828
------ ------
Securities Held for Investment 203,525 207,904
------- -------
Total Securities $994,291 $949,279
-------- --------
December 31, December 31,
LOANS 2015 2014
----- ---- ----
Construction and land development $108,787 $87,036
Real estate mortgage 1,733,163 1,524,044
Installment loans to individuals 85,356 52,897
Commercial and financial 228,517 157,396
Other loans 507 512
--- ---
Total Loans $2,156,330 $1,821,885
---------- ----------
AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES (1) (Unaudited)
------------------------------------------------------------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2015 2014
---- ----
Fourth Quarter Third Quarter Fourth Quarter
-------------- ------------- --------------
Average Yield/ Average Yield/ Average Yield/
(Dollars in thousands) Balance Interest Rate Balance Interest Rate Balance Interest Rate
--------------------- ------- -------- ---- ------- -------- ---- ------- -------- ----
Assets
Earning assets:
Securities:
Taxable $924,730 $5,312 2.30% $966,764 $5,154 2.13% $897,472 $4,728 2.11%
Nontaxable 14,932 220 5.89 14,982 220 5.87 15,871 279 7.03
------ --- ---- ------ --- ---- ------ --- ----
Total Securities 939,662 5,532 2.35 981,746 5,374 2.19 913,343 5,007 2.19
Federal funds sold and other
investments 93,728 275 1.16 42,083 249 2.35 63,690 292 1.82
Loans, net 2,121,053 25,224 4.72 2,060,326 25,319 4.88 1,794,423 21,123 4.67
--------- ------ ---- --------- ------ ---- --------- ------ ----
Total Earning Assets 3,154,442 31,031 3.90 3,084,155 30,942 3.98 2,771,456 26,422 3.78
Allowance for loan losses (19,940) (19,294) (18,723)
Cash and due from banks 85,951 70,292 88,745
Premises and equipment 55,139 54,436 47,379
Intangible assets 34,457 35,185 33,803
Bank owned life insurance 43,419 41,934 24,417
Other assets 109,809 107,150 89,984
------- ------- ------
$3,463,277 $3,373,858 $3,037,061
---------- ---------- ----------
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand $666,640 $129 0.08% $621,365 $116 0.07% $585,895 $112 0.08%
Savings 292,761 39 0.05 285,410 39 0.05 263,066 42 0.06
Money market 664,512 430 0.26 637,840 407 0.25 457,364 143 0.12
Time deposits 299,189 265 0.35 308,184 295 0.38 327,327 375 0.45
Federal funds purchased and
other short term borrowings 168,444 89 0.21 183,494 112 0.24 227,806 97 0.17
Other borrowings 119,927 863 2.85 118,961 843 2.81 114,560 770 2.67
------- --- ---- ------- --- ---- ------- --- ----
Total Interest-Bearing Liabilities 2,211,473 1,815 0.33 2,155,254 1,812 0.33 1,976,018 1,539 0.31
Noninterest demand 878,709 849,468 728,410
Other liabilities 19,703 20,235 13,400
------ ------ ------
Total Liabilities 3,109,885 3,024,957 2,717,828
Shareholders' equity 353,392 348,901 319,233
------- ------- -------
$3,463,277 $3,373,858 $3,037,061
---------- ---------- ----------
Interest expense as a % of earning assets 0.23% 0.23% 0.22%
Net interest income as a % of earning assets $29,216 3.67% $29,130 3.75% $24,883 3.56%
------- ------- -------
(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.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
-------------------------------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2015 2014
---- ----
(Dollars in thousands) Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter
--------------------- -------------- ------------- -------------- ------------- --------------
Customer Relationship Funding (Period End)
Noninterest demand
Commercial $592,621 $619,960 $561,742 $546,876 $481,327
Retail 198,077 182,381 180,484 191,262 190,120
Public funds 46,300 47,765 47,913 38,529 41,201
Other 17,449 19,771 18,290 16,669 12,590
854,447 869,877 808,429 793,336 725,238
Interest-bearing demand
Commercial 77,500 69,037 60,411 66,532 58,173
Retail 479,056 443,022 410,601 416,766 407,653
Public funds 178,193 106,285 128,256 151,556 186,527
734,749 618,344 599,268 634,854 652,353
Total transaction accounts
Commercial 670,121 688,997 622,153 613,408 539,500
Retail 677,133 625,403 591,085 608,028 597,773
Public funds 224,493 154,050 176,169 190,085 227,728
Other 17,449 19,771 18,290 16,669 12,590
1,589,196 1,488,221 1,407,697 1,428,190 1,377,591
Savings 295,851 286,810 282,588 272,963 264,738
Money market
Commercial 208,520 225,629 191,061 185,668 172,417
Retail 312,756 306,138 272,853 274,203 264,725
Public funds 144,077 128,865 158,059 136,729 13,030
665,353 660,632 621,973 596,600 450,172
Time certificates of deposit 293,987 306,633 292,919 312,072 324,033
-------
Total Deposits $2,844,387 $2,742,296 $2,605,177 $2,609,825 $2,416,534
========== ========== ========== ========== ==========
Customer sweep accounts $172,005 $148,607 $157,676 $170,023 $153,640
======== ======== ======== ======== ========
Total core customer funding (1) $2,722,405 $2,584,270 $2,469,934 $2,467,776 $2,246,141
========== ========== ========== ========== ==========
(1) Total deposits and customer sweep accounts, excluding certificates of deposits.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/seacoast-reports-full-year-and-fourth-quarter-2015-results-300211721.html
SOURCE Seacoast Banking Corporation of Florida
