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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Seacoast Banking Corporation of Florida | NASDAQ:SBCF | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.21 | 0.88% | 24.12 | 23.51 | 24.81 | 24.41 | 24.05 | 24.41 | 241,435 | 22:58:40 |
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Florida
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59-2260678
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(State or Other Jurisdiction of
Incorporation or Organization
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(I.R.S. Employer
Identification No.)
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815 COLORADO AVENUE,
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STUART
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FL
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34994
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(Address of Principal Executive Offices)
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(Zip Code)
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(772)
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287-4000
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(Registrant’s Telephone Number, Including Area Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock
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SBCF
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Nasdaq Global Select Market
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Large accelerated filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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PAGE #
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Three Months Ended March 31,
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||||||
(In thousands, except per share data)
|
2020
|
|
2019
|
||||
Interest and fees on loans
|
$
|
63,440
|
|
|
$
|
62,287
|
|
Interest and dividends on securities
|
8,818
|
|
|
9,270
|
|
||
Interest on interest bearing deposits and other investments
|
734
|
|
|
918
|
|
||
Total Interest Income
|
72,992
|
|
|
72,475
|
|
||
|
|
|
|
||||
Interest on deposits
|
3,190
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|
3,873
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||
Interest on time certificates
|
4,768
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|
4,959
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||
Interest on borrowed money
|
1,857
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|
|
2,869
|
|
||
Total Interest Expense
|
9,815
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|
11,701
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||
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||||
Net Interest Income
|
63,177
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|
|
60,774
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||
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|
||||
Provision for credit losses
|
29,513
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|
|
1,397
|
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||
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|
|
||||
Net Interest Income after Provision for Credit Losses
|
33,664
|
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|
59,377
|
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||
|
|
|
|
||||
Noninterest income
|
|
|
|
||||
Other income
|
14,669
|
|
|
12,845
|
|
||
Securities gains (losses), net
|
19
|
|
|
(9
|
)
|
||
Total Noninterest Income (Note H)
|
14,688
|
|
|
12,836
|
|
||
|
|
|
|
||||
Total Noninterest Expenses (Note H)
|
47,798
|
|
|
43,099
|
|
||
Income Before Income Taxes
|
554
|
|
|
29,114
|
|
||
(Benefit) provision for income taxes
|
(155
|
)
|
|
6,409
|
|
||
Net Income
|
$
|
709
|
|
|
$
|
22,705
|
|
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|
|
|
||||
Share Data
|
|
|
|
||||
Net income per share of common stock
|
|
|
|
||||
Diluted
|
$
|
0.01
|
|
|
$
|
0.44
|
|
Basic
|
0.01
|
|
|
0.44
|
|
||
Average common shares outstanding
|
|
|
|
||||
Diluted
|
52,284
|
|
|
52,039
|
|
||
Basic
|
51,803
|
|
|
51,359
|
|
|
Three Months Ended March 31,
|
||||||
(In thousands)
|
2020
|
|
2019
|
||||
Net Income
|
$
|
709
|
|
|
$
|
22,705
|
|
Other comprehensive income:
|
|
|
|
||||
Unrealized gains on securities available-for-sale
|
104
|
|
|
12,676
|
|
||
Reclassification of unrealized losses on securities transferred to available-for-sale upon adoption of new accounting pronouncement
|
—
|
|
|
(730
|
)
|
||
Amortization of unrealized losses on securities transferred to held-to-maturity, net
|
59
|
|
|
71
|
|
||
Reclassification adjustment for losses included in net income
|
95
|
|
|
87
|
|
||
Benefit (provision) for income taxes
|
36
|
|
|
(3,261
|
)
|
||
Total other comprehensive income
|
294
|
|
|
8,843
|
|
||
Comprehensive Income
|
$
|
1,003
|
|
|
$
|
31,548
|
|
|
March 31,
|
|
December 31,
|
||||
(In thousands, except share data)
|
2020
|
|
2019
|
||||
Assets
|
|
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|
|
|
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Cash and due from banks
|
$
|
82,111
|
|
|
$
|
89,843
|
|
Interest bearing deposits with other banks
|
232,763
|
|
|
34,688
|
|
||
Total cash and cash equivalents
|
314,874
|
|
|
124,531
|
|
||
|
|
|
|
||||
Time deposits with other banks
|
3,742
|
|
|
3,742
|
|
||
|
|
|
|
||||
Debt securities:
|
|
|
|
||||
Securities available-for-sale (at fair value)
|
910,311
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|
|
946,855
|
|
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Securities held-to-maturity (fair value $261,218 at March 31, 2020 and $262,213 at December 31, 2019)
|
252,373
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|
261,369
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Total debt securities
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1,162,684
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1,208,224
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Loans held for sale (at fair value)
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29,281
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|
20,029
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||
|
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|
||||
Loans
|
5,317,208
|
|
|
5,198,404
|
|
||
Less: Allowance for credit losses
|
(85,411
|
)
|
|
(35,154
|
)
|
||
Loans, net of allowance for credit losses
|
5,231,797
|
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|
5,163,250
|
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||
|
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|
|
||||
Bank premises and equipment, net
|
71,540
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|
|
66,615
|
|
||
Other real estate owned
|
14,640
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|
|
12,390
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|
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Goodwill
|
212,085
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|
|
205,286
|
|
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Other intangible assets, net
|
19,461
|
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|
20,066
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|
||
Bank owned life insurance
|
127,067
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|
|
126,181
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Net deferred tax assets
|
19,766
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|
16,457
|
|
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Other assets
|
145,957
|
|
|
141,740
|
|
||
Total Assets
|
$
|
7,352,894
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|
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$
|
7,108,511
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|
||||
Liabilities
|
|
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|
||||
Deposits
|
$
|
5,887,499
|
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$
|
5,584,753
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|
Securities sold under agreements to repurchase, maturing within 30 days
|
64,723
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|
|
86,121
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|
||
Federal Home Loan Bank (FHLB) borrowings
|
265,000
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|
|
315,000
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|
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Subordinated debt
|
71,155
|
|
|
71,085
|
|
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Other liabilities
|
72,730
|
|
|
65,913
|
|
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Total Liabilities
|
6,361,107
|
|
|
6,122,872
|
|
||
|
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|
||||
Shareholders' Equity
|
|
|
|
||||
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 53,010,413 and outstanding 52,708,726 at March 31, 2020, and authorized 120,000,000, issued 51,760,617 and outstanding 51,513,733 shares at December 31, 2019
|
5,271
|
|
|
5,151
|
|
||
Other shareholders' equity
|
986,516
|
|
|
980,488
|
|
||
Total Shareholders' Equity
|
991,787
|
|
|
985,639
|
|
||
Total Liabilities and Shareholders' Equity
|
$
|
7,352,894
|
|
|
$
|
7,108,511
|
|
|
Three Months Ended March 31,
|
||||||
(In thousands)
|
2020
|
|
2019
|
||||
Cash Flows from Operating Activities
|
|
|
|
|
|
||
Net income
|
$
|
709
|
|
|
$
|
22,705
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation
|
1,511
|
|
|
1,669
|
|
||
Amortization of premiums and discounts on securities, net
|
989
|
|
|
625
|
|
||
Amortization of operating lease right-of-use assets
|
1,274
|
|
|
1,025
|
|
||
Other amortization and accretion, net
|
(1,531
|
)
|
|
(810
|
)
|
||
Stock based compensation
|
2,000
|
|
|
2,129
|
|
||
Origination of loans designated for sale
|
(73,223
|
)
|
|
(54,034
|
)
|
||
Sale of loans designated for sale
|
66,126
|
|
|
54,813
|
|
||
Provision for credit losses
|
29,513
|
|
|
1,397
|
|
||
Deferred income taxes
|
2,207
|
|
|
1,216
|
|
||
Losses on sale of securities
|
95
|
|
|
87
|
|
||
Gains on sale of loans
|
(2,138
|
)
|
|
(1,819
|
)
|
||
Gains on sale and write-downs of other real estate owned
|
(415
|
)
|
|
(187
|
)
|
||
Losses on disposition of fixed assets
|
219
|
|
|
208
|
|
||
Changes in operating assets and liabilities, net of effects from acquired companies:
|
|
|
|
||||
Net (increase) decrease in other assets
|
(6,245
|
)
|
|
1,653
|
|
||
Net increase (decrease) in other liabilities
|
3,595
|
|
|
(10,594
|
)
|
||
Net cash provided by operating activities
|
24,686
|
|
|
20,083
|
|
||
|
|
|
|
||||
Cash Flows from Investing Activities
|
|
|
|
||||
Maturities and repayments of debt securities available-for-sale
|
82,715
|
|
|
18,261
|
|
||
Maturities and repayments of debt securities held-to-maturity
|
8,894
|
|
|
8,830
|
|
||
Proceeds from sale of debt securities available-for-sale
|
27,765
|
|
|
35,048
|
|
||
Purchases of debt securities available-for-sale
|
(74,213
|
)
|
|
—
|
|
||
Maturities of time deposits with other banks
|
—
|
|
|
69
|
|
||
Net new loans and principal repayments
|
25,154
|
|
|
(3,141
|
)
|
||
Proceeds from sale of other real estate owned
|
3,736
|
|
|
1,572
|
|
||
Proceeds from sale of FHLB and Federal Reserve Bank Stock
|
27,923
|
|
|
22,057
|
|
||
Purchase of FHLB and Federal Reserve Bank Stock
|
(26,227
|
)
|
|
(9,749
|
)
|
||
Net cash from bank acquisition
|
33,883
|
|
|
—
|
|
||
Proceeds from bank owned life insurance
|
—
|
|
|
12,378
|
|
||
Additions to bank premises and equipment
|
(570
|
)
|
|
(849
|
)
|
||
Net cash provided by investing activities
|
109,060
|
|
|
84,476
|
|
|
Three Months Ended March 31,
|
||||||
(In thousands)
|
2020
|
|
2019
|
||||
Cash Flows from Financing Activities
|
|
|
|
|
|
||
Net increase in deposits
|
$
|
129,005
|
|
|
$
|
428,338
|
|
Net decrease in federal funds purchased and repurchase agreements
|
(21,398
|
)
|
|
(66,318
|
)
|
||
Net decrease in FHLB borrowings with original maturities of three months or less
|
(170,000
|
)
|
|
(314,000
|
)
|
||
Repayments of FHLB borrowings with original maturities of more than three months
|
—
|
|
|
(63,000
|
)
|
||
Proceeds from FHLB borrowings with original maturities of more than three months
|
120,000
|
|
|
—
|
|
||
Stock based employee benefit plans
|
(1,010
|
)
|
|
(1,519
|
)
|
||
Dividends paid
|
—
|
|
|
—
|
|
||
Net cash provided by (used in) financing activities
|
56,597
|
|
|
(16,499
|
)
|
||
Net increase in cash and cash equivalents
|
190,343
|
|
|
88,060
|
|
||
Cash and cash equivalents at beginning of period
|
124,531
|
|
|
115,951
|
|
||
Cash and cash equivalents at end of period
|
$
|
314,874
|
|
|
$
|
204,011
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Cash paid during the period for interest
|
$
|
10,259
|
|
|
$
|
11,422
|
|
Cash paid during the period for taxes
|
—
|
|
|
—
|
|
||
New operating lease right-of-use assets
|
33
|
|
|
29,077
|
|
||
New operating lease liabilities
|
33
|
|
|
33,403
|
|
||
|
|
|
|
||||
Supplemental disclosure of non cash investing activities:
|
|
|
|
||||
Transfer of debt securities from held-to-maturity to available-for-sale
|
$
|
—
|
|
|
$
|
52,796
|
|
Transfers from loans to other real estate owned
|
5,571
|
|
|
430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
Other |
|
|
|||||||||||||
|
|
Common Stock
|
|
Paid-in
|
|
Retained
|
|
Treasury
|
|
Comprehensive
|
|
|
|||||||||||||||
(In thousands)
|
|
Shares
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Stock
|
|
Income (Loss)
|
|
Total
|
|||||||||||||
Balance at December 31, 2019
|
|
51,514
|
|
|
$
|
5,151
|
|
|
$
|
786,242
|
|
|
$
|
195,813
|
|
|
$
|
(6,032
|
)
|
|
$
|
4,465
|
|
|
$
|
985,639
|
|
Comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
709
|
|
|
—
|
|
|
294
|
|
|
1,003
|
|
||||||
Stock based compensation expense
|
|
—
|
|
|
—
|
|
|
2,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,000
|
|
||||||
Common stock transactions related to stock based employee benefit plans
|
|
115
|
|
|
12
|
|
|
(32
|
)
|
|
—
|
|
|
(1,390
|
)
|
|
—
|
|
|
(1,410
|
)
|
||||||
Common stock issued for stock options
|
|
37
|
|
|
4
|
|
|
396
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
400
|
|
||||||
Cumulative change in accounting principle upon adoption of new accounting pronouncement (See Note A - Basis of Presentation)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,876
|
)
|
|
—
|
|
|
—
|
|
|
(16,876
|
)
|
||||||
Issuance of common stock, pursuant to acquisition
|
|
1,043
|
|
|
104
|
|
|
20,927
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,031
|
|
||||||
Three months ended March 31, 2020
|
|
1,195
|
|
|
120
|
|
|
23,291
|
|
|
(16,167
|
)
|
|
(1,390
|
)
|
|
294
|
|
|
6,148
|
|
||||||
Balance at March 31, 2020
|
|
52,709
|
|
|
$
|
5,271
|
|
|
$
|
809,533
|
|
|
$
|
179,646
|
|
|
$
|
(7,422
|
)
|
|
$
|
4,759
|
|
|
$
|
991,787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
Other |
|
|
|||||||||||||
|
|
Common Stock
|
|
Paid-in
|
|
Retained
|
|
Treasury
|
|
Comprehensive
|
|
|
|||||||||||||||
(In thousands)
|
|
Shares
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Stock
|
|
Income (Loss)
|
|
Total
|
|||||||||||||
Balance at December 31, 2018
|
|
51,361
|
|
|
$
|
5,136
|
|
|
$
|
778,501
|
|
|
$
|
97,074
|
|
|
$
|
(3,384
|
)
|
|
$
|
(13,060
|
)
|
|
$
|
864,267
|
|
Comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,705
|
|
|
—
|
|
|
8,843
|
|
|
31,548
|
|
||||||
Stock based compensation expense
|
|
—
|
|
|
—
|
|
|
2,129
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,129
|
|
||||||
Common stock transactions related to stock based employee benefit plans
|
|
49
|
|
|
5
|
|
|
(14
|
)
|
|
—
|
|
|
(1,575
|
)
|
|
—
|
|
|
(1,584
|
)
|
||||||
Common stock issued for stock options
|
|
4
|
|
|
—
|
|
|
64
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
64
|
|
||||||
Three months ended March 31, 2019
|
|
53
|
|
|
5
|
|
|
2,179
|
|
|
22,705
|
|
|
(1,575
|
)
|
|
8,843
|
|
|
32,157
|
|
||||||
Balance at March 31, 2019
|
|
51,414
|
|
|
$
|
5,141
|
|
|
$
|
780,680
|
|
|
$
|
119,779
|
|
|
$
|
(4,959
|
)
|
|
$
|
(4,217
|
)
|
|
$
|
896,424
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
December 31, 2019
|
|
CECL adoption impact
|
|
January 1, 2020
|
||||||
Loans
|
$
|
5,198,404
|
|
|
$
|
(706
|
)
|
|
$
|
5,197,698
|
|
Allowance for credit losses
|
35,154
|
|
|
21,226
|
|
|
56,380
|
|
|||
Reserve for unfunded commitments
|
140
|
|
|
1,837
|
|
|
1,977
|
|
|||
Deferred tax assets
|
16,457
|
|
|
(5,481
|
)
|
|
10,976
|
|
|||
Retained earnings
|
195,813
|
|
|
(16,876
|
)
|
|
178,937
|
|
|
Three Months Ended March 31,
|
||||||
(Dollars in thousands, except per share data)
|
2020
|
|
2019
|
||||
Basic earnings per share
|
|
|
|
||||
Net income
|
$
|
709
|
|
|
$
|
22,705
|
|
Average common shares outstanding
|
51,803
|
|
|
51,359
|
|
||
Net income per share
|
$
|
0.01
|
|
|
$
|
0.44
|
|
|
|
|
|
||||
Diluted earnings per share
|
|
|
|
||||
Net income
|
$
|
709
|
|
|
$
|
22,705
|
|
Average common shares outstanding
|
51,803
|
|
|
51,359
|
|
||
Add: Dilutive effect of employee restricted stock and stock options
|
481
|
|
|
680
|
|
||
Average diluted shares outstanding
|
52,284
|
|
|
52,039
|
|
||
Net income per share
|
$
|
0.01
|
|
|
$
|
0.44
|
|
|
March 31, 2020
|
||||||||||||||
(In thousands)
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross Unrealized
Losses
|
|
Fair
Value
|
||||||||
Debt securities available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury securities and obligations of U.S. government agencies
|
$
|
9,296
|
|
|
$
|
287
|
|
|
$
|
—
|
|
|
$
|
9,583
|
|
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
|
608,711
|
|
|
26,760
|
|
|
(252
|
)
|
|
635,219
|
|
||||
Private mortgage-backed securities and collateralized mortgage obligations
|
52,868
|
|
|
111
|
|
|
(2,410
|
)
|
|
50,569
|
|
||||
Collateralized loan obligations
|
205,238
|
|
|
—
|
|
|
(19,509
|
)
|
|
185,729
|
|
||||
Obligations of state and political subdivisions
|
27,909
|
|
|
1,306
|
|
|
(4
|
)
|
|
29,211
|
|
||||
Totals
|
$
|
904,022
|
|
|
$
|
28,464
|
|
|
$
|
(22,175
|
)
|
|
$
|
910,311
|
|
|
|
|
|
|
|
|
|
||||||||
Debt securities held-to-maturity
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities of U.S. government sponsored entities
|
$
|
252,373
|
|
|
$
|
9,447
|
|
|
$
|
(602
|
)
|
|
$
|
261,218
|
|
Totals
|
$
|
252,373
|
|
|
$
|
9,447
|
|
|
$
|
(602
|
)
|
|
$
|
261,218
|
|
|
December 31, 2019
|
||||||||||||||
(In thousands)
|
Amortized
Cost
|
|
Gross Unrealized
Gains
|
|
Gross Unrealized
Losses
|
|
Fair
Value
|
||||||||
Debt securities available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury securities and obligations of U.S. government agencies
|
$
|
9,914
|
|
|
$
|
204
|
|
|
$
|
(4
|
)
|
|
$
|
10,114
|
|
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
|
604,934
|
|
|
5,784
|
|
|
(1,511
|
)
|
|
609,207
|
|
||||
Private mortgage-backed securities and collateralized mortgage obligations
|
56,005
|
|
|
1,561
|
|
|
(5
|
)
|
|
57,561
|
|
||||
Collateralized loan obligations
|
239,364
|
|
|
7
|
|
|
(1,153
|
)
|
|
238,218
|
|
||||
Obligations of state and political subdivisions
|
30,548
|
|
|
1,208
|
|
|
(1
|
)
|
|
31,755
|
|
||||
Totals
|
$
|
940,765
|
|
|
$
|
8,764
|
|
|
$
|
(2,674
|
)
|
|
$
|
946,855
|
|
|
|
|
|
|
|
|
|
||||||||
Debt securities held-to-maturity
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities of U.S. government sponsored entities
|
$
|
261,369
|
|
|
$
|
2,717
|
|
|
$
|
(1,873
|
)
|
|
$
|
262,213
|
|
Totals
|
$
|
261,369
|
|
|
$
|
2,717
|
|
|
$
|
(1,873
|
)
|
|
$
|
262,213
|
|
|
Held to Maturity
|
|
Available-for-Sale
|
||||||||||||
(In thousands)
|
Amortized
Cost
|
|
Fair
Value
|
|
Amortized
Cost
|
|
Fair
Value
|
||||||||
Due in less than one year
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,068
|
|
|
$
|
2,091
|
|
Due after one year through five years
|
—
|
|
|
—
|
|
|
8,374
|
|
|
8,585
|
|
||||
Due after five years through ten years
|
—
|
|
|
—
|
|
|
9,040
|
|
|
9,546
|
|
||||
Due after ten years
|
—
|
|
|
—
|
|
|
17,723
|
|
|
18,572
|
|
||||
|
—
|
|
|
—
|
|
|
37,205
|
|
|
38,794
|
|
||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
|
252,373
|
|
|
261,218
|
|
|
608,711
|
|
|
635,219
|
|
||||
Private mortgage-backed securities and collateralized mortgage obligations
|
—
|
|
|
—
|
|
|
52,868
|
|
|
50,569
|
|
||||
Collateralized loan obligations
|
—
|
|
|
—
|
|
|
205,238
|
|
|
185,729
|
|
||||
Totals
|
$
|
252,373
|
|
|
$
|
261,218
|
|
|
$
|
904,022
|
|
|
$
|
910,311
|
|
|
March 31, 2020
|
||||||||||||||||||||||
|
Less Than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
(In thousands)
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
|
37,338
|
|
|
(239
|
)
|
|
363
|
|
|
(13
|
)
|
|
37,701
|
|
|
(252
|
)
|
||||||
Private mortgage-backed securities and collateralized mortgage obligations
|
37,775
|
|
|
(2,410
|
)
|
|
—
|
|
|
—
|
|
|
37,775
|
|
|
(2,410
|
)
|
||||||
Collateralized loan obligations
|
70,314
|
|
|
(6,465
|
)
|
|
115,415
|
|
|
(13,044
|
)
|
|
185,729
|
|
|
(19,509
|
)
|
||||||
Obligations of state and political subdivisions
|
1,239
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
1,239
|
|
|
(4
|
)
|
||||||
Totals
|
$
|
146,666
|
|
|
$
|
(9,118
|
)
|
|
$
|
115,778
|
|
|
$
|
(13,057
|
)
|
|
$
|
262,444
|
|
|
$
|
(22,175
|
)
|
|
December 31, 2019
|
||||||||||||||||||||||
|
Less Than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
(In thousands)
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies
|
$
|
758
|
|
|
$
|
(4
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
758
|
|
|
$
|
(4
|
)
|
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
|
220,057
|
|
|
(1,461
|
)
|
|
104,184
|
|
|
(1,923
|
)
|
|
324,241
|
|
|
(3,384
|
)
|
||||||
Private mortgage-backed securities and collateralized mortgage obligations
|
2,978
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
2,978
|
|
|
(5
|
)
|
||||||
Collateralized loan obligations
|
88,680
|
|
|
(570
|
)
|
|
110,767
|
|
|
(583
|
)
|
|
199,447
|
|
|
(1,153
|
)
|
||||||
Obligations of state and political subdivisions
|
515
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
515
|
|
|
(1
|
)
|
||||||
Totals
|
$
|
312,988
|
|
|
$
|
(2,041
|
)
|
|
$
|
214,951
|
|
|
$
|
(2,506
|
)
|
|
$
|
527,939
|
|
|
$
|
(4,547
|
)
|
•
|
Construction and land development: Loans are extended to both commercial and consumer customers which are collateralized by and for the purpose of funding land development and construction projects, including 1-4 family residential construction, multi-family property and non-farm residential property where the primary source of repayment is from proceeds of the sale, refinancing or permanent financing of the property.
|
•
|
Commercial real estate - owner occupied: Loans are extended to commercial customers for the purpose of acquiring real estate to be occupied by the borrower's business. These loans are collateralized by the subject property and the repayment of these loans is largely dependent on the performance of the company occupying the property.
|
•
|
Commercial real estate - non owner occupied: Loans are extended to commercial customers for the purpose of acquiring commercial property where occupancy by the borrower is not their primary intent. These loans are viewed primarily as cash flow loans, collateralized by the subject property, and the repayment of these loans is largely dependent on rental income from the successful operation of the property.
|
•
|
Residential real estate: Loans are extended to consumer customers and collateralized primarily by 1-4 family residential properties and include fixed and variable mortgages, home equity mortgage and home equity lines of credit. Loans are primarily written based on conventional loan agency guidelines, including loans that exceed agency value limitations. Source of repayments may be from the occupant of the residential property or from cash flows on rental income from the successful operation of the property.
|
•
|
Commercial and financial: Loan are extended to commercial customers. The purpose of the loans can range from working capital, physical asset expansion, asset acquisition or other business purposes. Loans may be collateralized by assets owned by the borrower or the borrower's business. Commercial loans are based primarily on the historical and projected cash flow of the borrower's business and secondarily on the capacity of credit enhancements, guarantees and underlying collateral provided by the borrower.
|
•
|
Consumer: Loans are extended to consumer customers. The segment includes both installment loans and lines of credit which may be collateralized or non-collateralized.
|
|
March 31, 2020
|
||||||||||||||
(In thousands)
|
Portfolio Loans
|
|
Acquired Non PCD Loans
|
|
PCD Loans
|
|
Total
|
||||||||
Construction and land development
|
$
|
257,481
|
|
|
$
|
34,934
|
|
|
$
|
2,990
|
|
|
$
|
295,405
|
|
Commercial real estate - owner occupied
|
824,836
|
|
|
230,517
|
|
|
27,540
|
|
|
1,082,893
|
|
||||
Commercial real estate - non owner occupied
|
1,058,841
|
|
|
310,417
|
|
|
11,838
|
|
|
1,381,096
|
|
||||
Residential real estate
|
1,315,664
|
|
|
233,169
|
|
|
10,921
|
|
|
1,559,754
|
|
||||
Commercial and financial
|
721,380
|
|
|
73,134
|
|
|
1,524
|
|
|
796,038
|
|
||||
Consumer
|
195,176
|
|
|
6,478
|
|
|
368
|
|
|
202,022
|
|
||||
Totals
|
$
|
4,373,378
|
|
|
$
|
888,649
|
|
|
$
|
55,181
|
|
|
$
|
5,317,208
|
|
|
December 31, 2019
|
||||||||||||||
(In thousands)
|
Portfolio Loans
|
|
PULs
|
|
PCI Loans
|
|
Total
|
||||||||
Construction and land development
|
$
|
281,335
|
|
|
$
|
43,618
|
|
|
$
|
160
|
|
|
$
|
325,113
|
|
Commercial real estate
|
1,834,811
|
|
|
533,943
|
|
|
10,217
|
|
|
2,378,971
|
|
||||
Residential real estate
|
1,304,305
|
|
|
201,848
|
|
|
1,710
|
|
|
1,507,863
|
|
||||
Commercial and financial
|
697,301
|
|
|
80,372
|
|
|
579
|
|
|
778,252
|
|
||||
Consumer
|
200,166
|
|
|
8,039
|
|
|
—
|
|
|
208,205
|
|
||||
Totals
|
$
|
4,317,918
|
|
|
$
|
867,820
|
|
|
$
|
12,666
|
|
|
$
|
5,198,404
|
|
|
March 31, 2020
|
||||||||||||||||||||||
(In thousands)
|
Current
|
|
Accruing
30-59 Days
Past Due
|
|
Accruing
60-89 Days
Past Due
|
|
Accruing
Greater
Than
90 Days
|
|
Nonaccrual
|
|
Total
|
||||||||||||
Portfolio Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Construction and land development
|
$
|
257,459
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
22
|
|
|
$
|
257,481
|
|
Commercial real estate - owner occupied
|
818,726
|
|
|
2,842
|
|
|
—
|
|
|
618
|
|
|
2,650
|
|
|
824,836
|
|
||||||
Commercial real estate - non owner occupied
|
1,056,202
|
|
|
542
|
|
|
—
|
|
|
—
|
|
|
2,097
|
|
|
1,058,841
|
|
||||||
Residential real estate
|
1,305,898
|
|
|
2,405
|
|
|
998
|
|
|
—
|
|
|
6,363
|
|
|
1,315,664
|
|
||||||
Commercial and financial
|
709,028
|
|
|
5,098
|
|
|
1,065
|
|
|
—
|
|
|
6,189
|
|
|
721,380
|
|
||||||
Consumer
|
193,141
|
|
|
647
|
|
|
810
|
|
|
1
|
|
|
577
|
|
|
195,176
|
|
||||||
Total Portfolio Loans
|
4,340,454
|
|
|
11,534
|
|
|
2,873
|
|
|
619
|
|
|
17,898
|
|
|
4,373,378
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Acquired Non PCD Loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development
|
34,360
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
574
|
|
|
34,934
|
|
||||||
Commercial real estate - owner occupied
|
228,776
|
|
|
1,456
|
|
|
71
|
|
|
—
|
|
|
214
|
|
|
230,517
|
|
||||||
Commercial real estate - non owner occupied
|
306,959
|
|
|
2,334
|
|
|
—
|
|
|
—
|
|
|
1,124
|
|
|
310,417
|
|
||||||
Residential real estate
|
228,213
|
|
|
3,676
|
|
|
—
|
|
|
—
|
|
|
1,280
|
|
|
233,169
|
|
||||||
Commercial and financial
|
70,460
|
|
|
489
|
|
|
46
|
|
|
—
|
|
|
2,139
|
|
|
73,134
|
|
||||||
Consumer
|
6,454
|
|
|
24
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,478
|
|
||||||
Total Acquired Non PCD Loans
|
875,222
|
|
|
7,979
|
|
|
117
|
|
|
—
|
|
|
5,331
|
|
|
888,649
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
PCD Loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development
|
2,980
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
2,990
|
|
||||||
Commercial real estate - owner occupied
|
26,462
|
|
|
1,078
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27,540
|
|
||||||
Commercial real estate - non owner occupied
|
10,784
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,054
|
|
|
11,838
|
|
||||||
Residential real estate
|
9,720
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,201
|
|
|
10,921
|
|
||||||
Commercial and financial
|
709
|
|
|
727
|
|
|
—
|
|
|
—
|
|
|
88
|
|
|
1,524
|
|
||||||
Consumer
|
278
|
|
|
90
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
368
|
|
||||||
Total PCD Loans
|
50,933
|
|
|
1,895
|
|
|
—
|
|
|
—
|
|
|
2,353
|
|
|
55,181
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Loans
|
$
|
5,266,609
|
|
|
$
|
21,408
|
|
|
$
|
2,990
|
|
|
$
|
619
|
|
|
$
|
25,582
|
|
|
$
|
5,317,208
|
|
|
December 31, 2019
|
||||||||||||||||||||||
(In thousands)
|
Current
|
|
Accruing
30-59 Days
Past Due
|
|
Accruing
60-89 Days
Past Due
|
|
Accruing
Greater
Than
90 Days
|
|
Nonaccrual
|
|
Total
|
||||||||||||
Portfolio Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Construction and land development
|
$
|
276,984
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,351
|
|
|
$
|
281,335
|
|
Commercial real estate
|
1,828,629
|
|
|
1,606
|
|
|
220
|
|
|
—
|
|
|
4,356
|
|
|
1,834,811
|
|
||||||
Residential real estate
|
1,294,778
|
|
|
1,564
|
|
|
18
|
|
|
—
|
|
|
7,945
|
|
|
1,304,305
|
|
||||||
Commercial and financial
|
690,412
|
|
|
2,553
|
|
|
—
|
|
|
108
|
|
|
4,228
|
|
|
697,301
|
|
||||||
Consumer
|
199,424
|
|
|
317
|
|
|
315
|
|
|
—
|
|
|
110
|
|
|
200,166
|
|
||||||
Total Portfolio Loans
|
4,290,227
|
|
|
6,040
|
|
|
553
|
|
|
108
|
|
|
20,990
|
|
|
4,317,918
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchased Unimpaired Loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development
|
43,044
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
574
|
|
|
43,618
|
|
||||||
Commercial real estate
|
531,325
|
|
|
942
|
|
|
431
|
|
|
—
|
|
|
1,245
|
|
|
533,943
|
|
||||||
Residential real estate
|
201,159
|
|
|
277
|
|
|
—
|
|
|
—
|
|
|
412
|
|
|
201,848
|
|
||||||
Commercial and financial
|
78,705
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,667
|
|
|
80,372
|
|
||||||
Consumer
|
8,039
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,039
|
|
||||||
Total PULs
|
862,272
|
|
|
1,219
|
|
|
431
|
|
|
—
|
|
|
3,898
|
|
|
867,820
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchased Credit Impaired Loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development
|
148
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
160
|
|
||||||
Commercial real estate
|
9,298
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
919
|
|
|
10,217
|
|
||||||
Residential real estate
|
587
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,123
|
|
|
1,710
|
|
||||||
Commercial and financial
|
566
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
579
|
|
||||||
Consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total PCI Loans
|
10,599
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,067
|
|
|
12,666
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Loans
|
$
|
5,163,098
|
|
|
$
|
7,259
|
|
|
$
|
984
|
|
|
$
|
108
|
|
|
$
|
26,955
|
|
|
$
|
5,198,404
|
|
|
March 31, 2020
|
||||||||||||||
(In thousands)
|
Nonaccrual Loans With No Related Allowance
|
|
Nonaccrual Loans With an Allowance
|
|
Total Nonaccrual Loans
|
|
Allowance for Credit Losses
|
||||||||
Construction and land development
|
$
|
584
|
|
|
$
|
22
|
|
|
$
|
606
|
|
|
$
|
11
|
|
Commercial real estate - owner occupied
|
1,169
|
|
|
1,695
|
|
|
2,864
|
|
|
251
|
|
||||
Commercial real estate - non owner occupied
|
3,221
|
|
|
1,054
|
|
|
4,275
|
|
|
251
|
|
||||
Residential real estate
|
7,890
|
|
|
954
|
|
|
8,844
|
|
|
928
|
|
||||
Commercial and financial
|
3,571
|
|
|
4,845
|
|
|
8,416
|
|
|
2,624
|
|
||||
Consumer
|
36
|
|
|
541
|
|
|
577
|
|
|
238
|
|
||||
Totals
|
$
|
16,471
|
|
|
$
|
9,111
|
|
|
$
|
25,582
|
|
|
$
|
4,303
|
|
|
December 31, 2019
|
||||||||||||||
(In thousands)
|
Nonaccrual Loans With No Related Allowance
|
|
Nonaccrual Loans With an Allowance
|
|
Total Nonaccrual Loans
|
|
Allowance for Credit Losses
|
||||||||
Construction and land development
|
$
|
4,914
|
|
|
$
|
23
|
|
|
$
|
4,937
|
|
|
$
|
12
|
|
Commercial real estate
|
6,200
|
|
|
320
|
|
|
6,520
|
|
|
149
|
|
||||
Residential real estate
|
8,700
|
|
|
780
|
|
|
9,480
|
|
|
564
|
|
||||
Commercial and financial
|
3,449
|
|
|
2,459
|
|
|
5,908
|
|
|
1,622
|
|
||||
Consumer
|
39
|
|
|
71
|
|
|
110
|
|
|
37
|
|
||||
Totals
|
$
|
23,301
|
|
|
$
|
3,654
|
|
|
$
|
26,955
|
|
|
$
|
2,384
|
|
(In thousands)
|
March 31, 2020
|
December 31, 2019
|
|||||
Construction and land development
|
$
|
606
|
|
|
$
|
4,926
|
|
Commercial real estate - owner occupied
|
4,507
|
|
|
2,571
|
|
||
Commercial real estate - non owner occupied
|
4,274
|
|
|
3,152
|
|
||
Residential real estate
|
8,932
|
|
|
11,550
|
|
||
Commercial and financial
|
4,844
|
|
|
4,338
|
|
||
Consumer
|
581
|
|
|
141
|
|
||
Totals
|
$
|
23,744
|
|
|
$
|
26,678
|
|
•
|
Pass: Loans that are not problem loans or potential problem loans are considered to be pass-rated.
|
•
|
Special Mention: Loans that do not currently expose the Company to sufficient risk to warrant classification in the Substandard or Doubtful categories, but possess weaknesses that deserve management's close attention are deemed to be Special Mention.
|
•
|
Substandard: Loans with the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.
|
•
|
Substandard Impaired: Substandard loans, typically placed on nonaccrual and considered to be collateral dependent. Also includes accruing TDRs.
|
•
|
Doubtful: Loans that have all the weaknesses inherent in those classified Substandard with the added characteristic that the weakness present makes collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The principal balance of loans classified as doubtful are likely to be charged off.
|
|
March 31, 2020
|
|||||||||||||||||||||||
(In thousands)
|
2020
|
2019
|
2018
|
2017
|
2016
|
Prior
|
Revolving
|
Total
|
||||||||||||||||
Construction and Land Development
|
|
|
|
|
|
|
|
|
||||||||||||||||
Risk Ratings:
|
|
|
|
|
|
|
|
|
||||||||||||||||
Pass
|
$
|
12,458
|
|
$
|
94,108
|
|
$
|
87,137
|
|
$
|
37,337
|
|
$
|
10,678
|
|
$
|
18,562
|
|
$
|
29,733
|
|
$
|
290,013
|
|
Special Mention
|
280
|
|
691
|
|
1,470
|
|
—
|
|
—
|
|
2,191
|
|
—
|
|
4,632
|
|
||||||||
Substandard
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
32
|
|
—
|
|
32
|
|
||||||||
Substandard Impaired
|
—
|
|
—
|
|
—
|
|
—
|
|
574
|
|
154
|
|
—
|
|
728
|
|
||||||||
Doubtful
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||
Total
|
12,738
|
|
94,799
|
|
88,607
|
|
37,337
|
|
11,252
|
|
20,939
|
|
29,733
|
|
295,405
|
|
||||||||
Commercial real estate - owner occupied
|
|
|
|
|
|
|
|
|
||||||||||||||||
Risk Ratings:
|
|
|
|
|
|
|
|
|
||||||||||||||||
Pass
|
42,888
|
|
189,419
|
|
162,584
|
|
145,468
|
|
161,131
|
|
339,852
|
|
17,011
|
|
1,058,353
|
|
||||||||
Special Mention
|
202
|
|
1,633
|
|
371
|
|
—
|
|
4,471
|
|
5,147
|
|
—
|
|
11,824
|
|
||||||||
Substandard
|
—
|
|
—
|
|
—
|
|
3,805
|
|
1,070
|
|
3,335
|
|
—
|
|
8,210
|
|
||||||||
Substandard Impaired
|
—
|
|
—
|
|
—
|
|
1,451
|
|
—
|
|
2,735
|
|
—
|
|
4,186
|
|
||||||||
Doubtful1
|
—
|
|
—
|
|
—
|
|
—
|
|
320
|
|
—
|
|
—
|
|
320
|
|
||||||||
Total
|
43,090
|
|
191,052
|
|
162,955
|
|
150,724
|
|
166,992
|
|
351,069
|
|
17,011
|
|
1,082,893
|
|
||||||||
Commercial real estate - non owner occupied
|
|
|
|
|
|
|
|
|
||||||||||||||||
Risk Ratings:
|
|
|
|
|
|
|
|
|
||||||||||||||||
Pass
|
48,094
|
|
328,437
|
|
229,350
|
|
131,409
|
|
202,980
|
|
390,699
|
|
5,493
|
|
1,336,462
|
|
||||||||
Special Mention
|
—
|
|
108
|
|
5,478
|
|
5,288
|
|
15,483
|
|
6,529
|
|
—
|
|
32,886
|
|
||||||||
Substandard
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5,345
|
|
1,350
|
|
6,695
|
|
||||||||
Substandard Impaired
|
—
|
|
—
|
|
—
|
|
—
|
|
126
|
|
4,927
|
|
—
|
|
5,053
|
|
||||||||
Doubtful
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||
Total
|
48,094
|
|
328,545
|
|
234,828
|
|
136,697
|
|
218,589
|
|
407,500
|
|
6,843
|
|
1,381,096
|
|
||||||||
Residential real estate
|
|
|
|
|
|
|
|
|
||||||||||||||||
Risk Ratings:
|
|
|
|
|
|
|
|
|
||||||||||||||||
Pass
|
33,704
|
|
164,901
|
|
281,466
|
|
307,018
|
|
209,956
|
|
223,116
|
|
313,101
|
|
1,533,262
|
|
||||||||
Special Mention
|
—
|
|
25
|
|
1,414
|
|
—
|
|
1,025
|
|
570
|
|
805
|
|
3,839
|
|
||||||||
Substandard
|
—
|
|
—
|
|
—
|
|
3,763
|
|
—
|
|
2,235
|
|
1,945
|
|
7,943
|
|
||||||||
Substandard Impaired
|
—
|
|
707
|
|
—
|
|
—
|
|
—
|
|
11,990
|
|
2,013
|
|
14,710
|
|
||||||||
Doubtful
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||
Total
|
33,704
|
|
165,633
|
|
282,880
|
|
310,781
|
|
210,981
|
|
237,911
|
|
317,864
|
|
1,559,754
|
|
||||||||
Commercial and financial
|
|
|
|
|
|
|
|
|
||||||||||||||||
Risk Ratings:
|
|
|
|
|
|
|
|
|
||||||||||||||||
Pass
|
48,507
|
|
158,373
|
|
120,271
|
|
97,771
|
|
49,293
|
|
56,869
|
|
244,912
|
|
775,996
|
|
||||||||
Special Mention
|
—
|
|
1,005
|
|
263
|
|
530
|
|
363
|
|
2,505
|
|
889
|
|
5,555
|
|
||||||||
Substandard
|
—
|
|
310
|
|
106
|
|
513
|
|
675
|
|
1,922
|
|
2,351
|
|
5,877
|
|
||||||||
Substandard Impaired
|
—
|
|
—
|
|
1,224
|
|
2,076
|
|
1,080
|
|
1,167
|
|
932
|
|
6,479
|
|
||||||||
Doubtful1
|
—
|
|
518
|
|
974
|
|
293
|
|
337
|
|
—
|
|
9
|
|
2,131
|
|
||||||||
Total
|
48,507
|
|
160,206
|
|
122,838
|
|
101,183
|
|
51,748
|
|
62,463
|
|
249,093
|
|
796,038
|
|
|
March 31, 2020
|
|||||||||
(In thousands)
|
Number of Contracts
|
|
Pre-Modification Outstanding Recorded Investment
|
|
Post-Modification Outstanding Recorded Investment
|
|||||
Construction and land development
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial real estate - owner occupied
|
—
|
|
|
—
|
|
|
—
|
|
||
Commercial real estate - non owner occupied
|
—
|
|
|
—
|
|
|
—
|
|
||
Residential real estate
|
1
|
|
|
45
|
|
|
45
|
|
||
Commercial and financial
|
4
|
|
|
437
|
|
|
437
|
|
||
Consumer
|
—
|
|
|
—
|
|
|
—
|
|
||
Totals
|
5
|
|
|
$
|
482
|
|
|
$
|
482
|
|
|
|
|
|
|
|
|||||
|
March 31, 2019
|
|||||||||
(In thousands)
|
Number of Contracts
|
|
Pre-Modification Outstanding Recorded Investment
|
|
Post-Modification Outstanding Recorded Investment
|
|||||
Construction and land development
|
—
|
|
|
—
|
|
|
—
|
|
||
Commercial real estate - owner occupied
|
1
|
|
|
180
|
|
|
180
|
|
||
Commercial real estate - non owner occupied
|
—
|
|
|
—
|
|
|
—
|
|
||
Residential real estate
|
—
|
|
|
—
|
|
|
—
|
|
||
Commercial and financial
|
1
|
|
|
1,815
|
|
|
1,815
|
|
||
Consumer
|
—
|
|
|
—
|
|
|
—
|
|
||
Totals
|
2
|
|
|
1,995
|
|
|
1,995
|
|
|
Three Months Ended March 31, 2020
|
||||||||||||||||||||||||||||||
(In thousands)
|
Beginning
Balance
|
|
Impact of Adoption of ASC 326
|
|
Initial Allowance on PCD Loans Acquired During the Period
|
|
Provision
for Credit
Losses
|
|
Charge-
Offs
|
|
Recoveries
|
|
TDR
Allowance
Adjustments
|
|
Ending
Balance
|
||||||||||||||||
Construction & land development
|
$
|
1,842
|
|
|
$
|
1,479
|
|
|
$
|
48
|
|
|
$
|
1,248
|
|
|
$
|
—
|
|
|
$
|
29
|
|
|
$
|
—
|
|
|
$
|
4,646
|
|
Commercial real estate - owner occupied
|
5,361
|
|
|
80
|
|
|
207
|
|
|
(264
|
)
|
|
(44
|
)
|
|
—
|
|
|
(13
|
)
|
|
5,327
|
|
||||||||
Commercial real estate - non owner occupied
|
7,863
|
|
|
9,341
|
|
|
140
|
|
|
18,283
|
|
|
(12
|
)
|
|
28
|
|
|
—
|
|
|
35,643
|
|
||||||||
Residential real estate
|
7,667
|
|
|
5,787
|
|
|
97
|
|
|
6,260
|
|
|
(18
|
)
|
|
116
|
|
|
(10
|
)
|
|
19,899
|
|
||||||||
Commercial and financial
|
9,716
|
|
|
3,677
|
|
|
11
|
|
|
2,746
|
|
|
(1,100
|
)
|
|
420
|
|
|
—
|
|
|
15,470
|
|
||||||||
Consumer
|
2,705
|
|
|
862
|
|
|
13
|
|
|
1,240
|
|
|
(473
|
)
|
|
80
|
|
|
(1
|
)
|
|
4,426
|
|
||||||||
Totals
|
$
|
35,154
|
|
|
$
|
21,226
|
|
|
$
|
516
|
|
|
$
|
29,513
|
|
|
$
|
(1,647
|
)
|
|
$
|
673
|
|
|
$
|
(24
|
)
|
|
$
|
85,411
|
|
|
Three Months Ended March 31, 2019
|
||||||||||||||||||||||
(In thousands)
|
Beginning
Balance
|
|
Provision
for Loan
Losses
|
|
Charge-
Offs
|
|
Recoveries
|
|
TDR
Allowance
Adjustments
|
|
Ending
Balance
|
||||||||||||
Construction & land development
|
$
|
2,233
|
|
|
$
|
83
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
2,320
|
|
Commercial real estate
|
11,112
|
|
|
625
|
|
|
(16
|
)
|
|
47
|
|
|
(15
|
)
|
|
11,753
|
|
||||||
Residential real estate
|
7,775
|
|
|
(414
|
)
|
|
(36
|
)
|
|
139
|
|
|
(19
|
)
|
|
7,445
|
|
||||||
Commercial and financial
|
8,585
|
|
|
853
|
|
|
(944
|
)
|
|
79
|
|
|
—
|
|
|
8,573
|
|
||||||
Consumer
|
2,718
|
|
|
250
|
|
|
(483
|
)
|
|
247
|
|
|
(1
|
)
|
|
2,731
|
|
||||||
Totals
|
$
|
32,423
|
|
|
$
|
1,397
|
|
|
$
|
(1,479
|
)
|
|
$
|
516
|
|
|
$
|
(35
|
)
|
|
$
|
32,822
|
|
|
March 31, 2020
|
||||||||||||||||||||||
|
Individually Evaluated
|
|
Collectively Evaluated
|
|
Total
|
||||||||||||||||||
(In thousands)
|
Recorded
Investment
|
|
Associated
Allowance
|
|
Recorded
Investment
|
|
Associated
Allowance
|
|
Recorded
Investment
|
|
Associated
Allowance
|
||||||||||||
Construction & land development
|
$
|
729
|
|
|
$
|
13
|
|
|
$
|
294,676
|
|
|
$
|
4,633
|
|
|
$
|
295,405
|
|
|
$
|
4,646
|
|
Commercial real estate - owner occupied
|
4,590
|
|
|
252
|
|
|
1,078,303
|
|
|
5,075
|
|
|
1,082,893
|
|
|
5,327
|
|
||||||
Commercial real estate - non owner occupied
|
8,916
|
|
|
316
|
|
|
1,372,180
|
|
|
35,327
|
|
|
1,381,096
|
|
|
35,643
|
|
||||||
Residential real estate
|
14,661
|
|
|
1,163
|
|
|
1,545,093
|
|
|
18,736
|
|
|
1,559,754
|
|
|
19,899
|
|
||||||
Commercial and financial
|
8,618
|
|
|
2,701
|
|
|
787,420
|
|
|
12,769
|
|
|
796,038
|
|
|
15,470
|
|
||||||
Consumer
|
754
|
|
|
247
|
|
|
201,268
|
|
|
4,179
|
|
|
202,022
|
|
|
4,426
|
|
||||||
Totals
|
$
|
38,268
|
|
|
$
|
4,692
|
|
|
$
|
5,278,940
|
|
|
$
|
80,719
|
|
|
$
|
5,317,208
|
|
|
$
|
85,411
|
|
|
December 31, 2019
|
||||||||||||||||||||||
|
Individually Evaluated
|
|
Collectively Evaluated
|
|
Total
|
||||||||||||||||||
(In thousands)
|
Recorded
Investment
|
|
Associated
Allowance
|
|
Recorded
Investment
|
|
Associated
Allowance
|
|
Recorded
Investment
|
|
Associated
Allowance
|
||||||||||||
Construction & land development
|
$
|
5,217
|
|
|
$
|
14
|
|
|
$
|
319,896
|
|
|
$
|
1,828
|
|
|
$
|
325,113
|
|
|
$
|
1,842
|
|
Commercial real estate
|
20,484
|
|
|
220
|
|
|
2,358,487
|
|
|
13,004
|
|
|
2,378,971
|
|
|
13,224
|
|
||||||
Residential real estate
|
16,093
|
|
|
834
|
|
|
1,491,770
|
|
|
6,833
|
|
|
1,507,863
|
|
|
7,667
|
|
||||||
Commercial and financial
|
6,631
|
|
|
1,731
|
|
|
771,621
|
|
|
7,985
|
|
|
778,252
|
|
|
9,716
|
|
||||||
Consumer
|
337
|
|
|
59
|
|
|
207,868
|
|
|
2,646
|
|
|
208,205
|
|
|
2,705
|
|
||||||
Totals
|
$
|
48,762
|
|
|
$
|
2,858
|
|
|
$
|
5,149,642
|
|
|
$
|
32,296
|
|
|
$
|
5,198,404
|
|
|
$
|
35,154
|
|
(In thousands)
|
March 31, 2020
|
|
December 31, 2019
|
||||
Fair value of pledged securities - overnight and continuous:
|
|
|
|
||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
|
$
|
88,402
|
|
|
$
|
94,354
|
|
|
Three Months Ended March 31,
|
||||||
(In thousands)
|
2020
|
|
2019
|
||||
Noninterest income
|
|
|
|
|
|
||
Service charges on deposit accounts
|
$
|
2,825
|
|
|
$
|
2,697
|
|
Interchange income
|
3,246
|
|
|
3,401
|
|
||
Wealth management income
|
1,867
|
|
|
1,453
|
|
||
Mortgage banking fees
|
2,208
|
|
|
1,115
|
|
||
Marine finance fees
|
146
|
|
|
362
|
|
||
SBA gains
|
139
|
|
|
636
|
|
||
BOLI income
|
886
|
|
|
915
|
|
||
Other income
|
3,352
|
|
|
2,266
|
|
||
|
14,669
|
|
|
12,845
|
|
||
Securities gains (losses), net
|
19
|
|
|
(9
|
)
|
||
Total
|
$
|
14,688
|
|
|
$
|
12,836
|
|
|
|
|
|
||||
Noninterest expense
|
|
|
|
||||
Salaries and wages
|
$
|
23,698
|
|
|
$
|
18,506
|
|
Employee benefits
|
4,255
|
|
|
4,206
|
|
||
Outsourced data processing costs
|
4,633
|
|
|
3,845
|
|
||
Telephone/data lines
|
714
|
|
|
811
|
|
||
Occupancy
|
3,353
|
|
|
3,807
|
|
||
Furniture and equipment
|
1,623
|
|
|
1,757
|
|
||
Marketing
|
1,278
|
|
|
1,132
|
|
||
Legal and professional fees
|
3,363
|
|
|
2,847
|
|
||
FDIC assessments
|
—
|
|
|
488
|
|
||
Amortization of intangibles
|
1,456
|
|
|
1,458
|
|
||
Foreclosed property expense and net gain on sale
|
(315
|
)
|
|
(40
|
)
|
||
Other
|
3,740
|
|
|
4,282
|
|
||
Total
|
$
|
47,798
|
|
|
$
|
43,099
|
|
(In thousands)
|
Fair Value
Measurements
|
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
||||
Available for sale debt securities1
|
$
|
910,311
|
|
|
$
|
102
|
|
|
$
|
910,209
|
|
|
$
|
—
|
|
Loans held for sale2
|
29,281
|
|
|
—
|
|
|
29,281
|
|
|
—
|
|
||||
Loans3
|
9,105
|
|
|
—
|
|
|
1,596
|
|
|
7,509
|
|
||||
Other real estate owned4
|
14,640
|
|
|
—
|
|
|
1,321
|
|
|
13,319
|
|
||||
Equity securities5
|
6,506
|
|
|
6,506
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
December 31, 2019
|
|
|
|
|
|
|
|
||||||||
Available for sale debt securities1
|
$
|
946,855
|
|
|
$
|
100
|
|
|
$
|
946,755
|
|
|
$
|
—
|
|
Loans held for sale2
|
20,029
|
|
|
—
|
|
|
20,029
|
|
|
—
|
|
||||
Loans3
|
5,123
|
|
|
—
|
|
|
1,419
|
|
|
3,704
|
|
||||
Other real estate owned4
|
12,390
|
|
|
—
|
|
|
241
|
|
|
12,149
|
|
||||
Equity securities5
|
6,392
|
|
|
6,392
|
|
|
—
|
|
|
—
|
|
||||
1See Note D for further detail of fair value of individual investment categories.
|
|||||||||||||||
2Recurring fair value basis determined using observable market data.
|
|||||||||||||||
3See Note E. Nonrecurring fair value adjustments to loans identified as impaired reflect full or partial write-downs that are based on the loan’s observable market price or current appraised value of the collateral in accordance with ASC Topic 310.
|
|||||||||||||||
4Fair value is measured on a nonrecurring basis in accordance with ASC Topic 360.
|
|||||||||||||||
5An investment in shares of a mutual fund that invests primarily in CRA-qualified debt securities, reported at fair value in Other Assets. Recurring fair value basis is determined using market quotations.
|
(In thousands)
|
March 31, 2020
|
|
December 31, 2019
|
||||
Aggregate fair value
|
$
|
29,281
|
|
|
$
|
20,029
|
|
Contractual balance
|
28,591
|
|
|
19,445
|
|
||
Excess
|
690
|
|
|
584
|
|
(In thousands, except per share data)
|
March 13, 2020
|
||
Number of FBPB common shares outstanding
|
5,213
|
|
|
Per share exchange ratio
|
0.2000
|
|
|
Number of shares of common stock issued
|
1,043
|
|
|
Multiplied by common stock price per share on March 13, 2020
|
$
|
20.17
|
|
Value of common stock issued
|
21,031
|
|
|
Cash paid for FBPB vested stock options
|
866
|
|
|
Total purchase price
|
$
|
21,897
|
|
(In thousands)
|
Initially Measured March 13, 2020
|
||
Assets:
|
|
|
|
Cash
|
$
|
34,749
|
|
Investment securities
|
447
|
|
|
Loans
|
146,839
|
|
|
Bank premises and equipment
|
6,086
|
|
|
Core deposit intangibles
|
819
|
|
|
Goodwill
|
6,799
|
|
|
Other assets
|
1,285
|
|
|
Total assets
|
$
|
197,024
|
|
Liabilities:
|
|
||
Deposits
|
$
|
173,741
|
|
Other liabilities
|
1,386
|
|
|
Total liabilities
|
$
|
175,127
|
|
|
March 13, 2020
|
||||||
(In thousands)
|
Book Balance
|
|
Fair Value
|
||||
Loans:
|
|
|
|
|
|
||
Construction and land development
|
$
|
9,493
|
|
|
$
|
9,012
|
|
Commercial real estate - owner occupied
|
46,221
|
|
|
45,171
|
|
||
Commercial real estate - non owner occupied
|
36,268
|
|
|
35,153
|
|
||
Residential real estate
|
47,569
|
|
|
47,031
|
|
||
Commercial and financial
|
9,659
|
|
|
9,388
|
|
||
Consumer
|
1,132
|
|
|
1,084
|
|
||
Total acquired loans
|
$
|
150,342
|
|
|
$
|
146,839
|
|
(In thousands)
|
March 13, 2020
|
||
Book balance of loans at acquisition
|
$
|
43,682
|
|
Allowance for credit losses at acquisition
|
(516
|
)
|
|
Non-credit related discount
|
(128
|
)
|
|
Total PCD loans acquired
|
$
|
43,038
|
|
|
Three Months Ended
March 31, |
||||||
(In thousands, except per share amounts)
|
2020
|
|
2019
|
||||
Net interest income
|
$
|
64,614
|
|
|
$
|
62,538
|
|
Net income
|
1,172
|
|
|
22,299
|
|
||
EPS - basic
|
$
|
0.02
|
|
|
$
|
0.43
|
|
EPS - diluted
|
0.02
|
|
|
0.42
|
|
•
|
the effects of future economic and market conditions, including seasonality;
|
•
|
adverse effects due to COVID-19 on the Company and its customers, counterparties, employees, and third-party service providers, and the adverse impacts to our business, financial position, results of operations, and prospects;
|
•
|
government or regulatory responses to the COVID-19 pandemic;
|
•
|
governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve ("Federal Reserve"), as well as legislative, tax and regulatory changes;
|
•
|
changes in accounting policies, rules and practices, including the impact of the adoption of CECL;
|
•
|
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 rate sensitive assets and liabilities;
|
•
|
interest rate risks, sensitivities and the shape of the yield curve; uncertainty related to the impact of LIBOR calculations on securities, loans and debt;
|
•
|
changes in borrower credit risks and payment behaviors; changes in the availability and cost of credit and capital in the financial markets;
|
•
|
changes in the prices, values and sales volumes of residential and commercial real estate; the Company's ability to comply with any regulatory requirements;
|
•
|
the effects of problems encountered by other financial institutions that adversely affect Seacoast or the banking industry;
|
•
|
Seacoast's concentration in commercial real estate loans;
|
•
|
the failure of assumptions and estimates, as well as differences in, and changes to, economic, market and credit conditions;
|
•
|
the impact on the valuation of Seacoast's investments due to market volatility or counterparty payment risk;
|
•
|
statutory and regulatory dividend restrictions;
|
•
|
increases in regulatory capital requirements for banking organizations generally;
|
•
|
the risks of mergers, acquisitions and divestitures, including Seacoast's ability to continue to identify acquisition targets and successfully acquire desirable financial institutions;
|
•
|
changes in technology or products that may be more difficult, costly, or less effective than anticipated;
|
•
|
the Company's ability to identify and address increased cybersecurity risks;
|
•
|
inability of Seacoast's risk management framework to manage risks associated with the business;
|
•
|
dependence on key suppliers or vendors to obtain equipment or services for the business on acceptable terms;
|
•
|
reduction in or the termination of Seacoast's ability to use the mobile-based platform that is critical to the Company's business growth strategy;
|
•
|
the effects of war or other conflicts, acts of terrorism, natural disasters, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions;
|
•
|
unexpected outcomes of, and the costs associated with, existing or new litigation involving the Company;
|
•
|
Seacoast's ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions;
|
•
|
the risks that deferred tax assets could be reduced if estimates of future taxable income from operations and tax planning strategies are less than currently estimated and sales of capital stock could trigger a reduction in the amount of net operating loss carryforwards that the Company may be able to utilize for income tax purposes;
|
•
|
the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in the Company's 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;
|
•
|
the failure of assumptions underlying the establishment of reserves for possible credit losses;
|
•
|
the risks relating to the proposed Fourth Street Banking Company merger including, without limitation: the timing to consummate the proposed merger; the risk that a condition to closing of the proposed merger may not be satisfied; the diversion of management time on issues related to the proposed merger; 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 disruptions, including, without limitation, the results of difficulties in maintaining relationships with employees;
|
•
|
the inability to grow the customer and employee base;
|
•
|
increased competitive pressures and solicitations of customers by competitors;
|
•
|
the difficulties and risks inherent with entering new markets; and
|
•
|
other factors and risks described under “Risk Factors” herein and in any of the Company's subsequent reports filed with the SEC and available on its website at www.sec.gov.
|
|
|
First
|
|
Fourth
|
|
First
|
|||
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|||
|
|
2020
|
|
2019
|
|
2019
|
|||
Return on average tangible assets
|
|
0.11
|
%
|
|
1.66
|
%
|
|
1.48
|
%
|
Return on average tangible shareholders' equity
|
|
0.95
|
|
|
14.95
|
|
|
14.86
|
|
Efficiency ratio
|
|
59.85
|
|
|
48.36
|
|
|
56.55
|
|
|
|
|
|
|
|
|
|||
Adjusted return on average tangible assets1
|
|
0.32
|
%
|
|
1.57
|
%
|
|
1.50
|
%
|
Adjusted return on average tangible shareholders' equity1
|
|
2.86
|
|
|
14.19
|
|
|
15.11
|
|
Adjusted efficiency ratio1
|
|
53.61
|
|
|
47.52
|
|
|
55.81
|
|
1Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP.
|
Customer Relationship Funding
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
||||||||||
(In thousands, except ratios)
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
||||||||||
Noninterest demand
|
|
$
|
1,703,628
|
|
|
$
|
1,590,493
|
|
|
$
|
1,652,927
|
|
|
$
|
1,669,804
|
|
|
$
|
1,676,009
|
|
Interest-bearing demand
|
|
1,234,193
|
|
|
1,181,732
|
|
|
1,115,455
|
|
|
1,124,519
|
|
|
1,100,477
|
|
|||||
Money market
|
|
1,124,378
|
|
|
1,108,363
|
|
|
1,158,862
|
|
|
1,172,971
|
|
|
1,192,070
|
|
|||||
Savings
|
|
554,836
|
|
|
519,152
|
|
|
528,214
|
|
|
519,732
|
|
|
508,320
|
|
|||||
Time certificates of deposit
|
|
1,270,464
|
|
|
1,185,013
|
|
|
1,217,683
|
|
|
1,054,183
|
|
|
1,128,702
|
|
|||||
Total deposits
|
|
$
|
5,887,499
|
|
|
$
|
5,584,753
|
|
|
$
|
5,673,141
|
|
|
$
|
5,541,209
|
|
|
$
|
5,605,578
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Customer sweep accounts
|
|
$
|
64,723
|
|
|
$
|
86,121
|
|
|
$
|
70,414
|
|
|
$
|
82,015
|
|
|
$
|
148,005
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest demand deposits as % of total deposits
|
|
29
|
%
|
|
28
|
%
|
|
29
|
%
|
|
30
|
%
|
|
30
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
|
|
Fourth
|
|
First
|
||||||
|
Quarter
|
|
Quarter
|
|
Quarter
|
||||||
(In thousands)
|
2020
|
|
2019
|
|
2019
|
||||||
Service charges on deposit accounts
|
$
|
2,825
|
|
|
$
|
2,960
|
|
|
$
|
2,697
|
|
Interchange income
|
3,246
|
|
|
3,387
|
|
|
3,401
|
|
|||
Wealth management income
|
1,867
|
|
|
1,579
|
|
|
1,453
|
|
|||
Mortgage banking fees
|
2,208
|
|
|
1,514
|
|
|
1,115
|
|
|||
Marine finance fees
|
146
|
|
|
338
|
|
|
362
|
|
|||
SBA gains
|
139
|
|
|
576
|
|
|
636
|
|
|||
BOLI income
|
886
|
|
|
904
|
|
|
915
|
|
|||
Other income
|
3,352
|
|
|
2,579
|
|
|
2,266
|
|
|||
|
14,669
|
|
|
13,837
|
|
|
12,845
|
|
|||
Securities gains (losses), net
|
19
|
|
|
2,539
|
|
|
(9
|
)
|
|||
Total
|
$
|
14,688
|
|
|
$
|
16,376
|
|
|
$
|
12,836
|
|
|
|
First
|
|
Fourth
|
|
First
|
||||||
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
||||||
(In thousands)
|
|
2020
|
|
2019
|
|
2019
|
||||||
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|||
Salaries and wages
|
|
$
|
23,698
|
|
|
$
|
17,263
|
|
|
$
|
18,506
|
|
Employee benefits
|
|
4,255
|
|
|
3,323
|
|
|
4,206
|
|
|||
Outsourced data processing costs
|
|
4,633
|
|
|
3,645
|
|
|
3,845
|
|
|||
Telephone/data lines
|
|
714
|
|
|
651
|
|
|
811
|
|
|||
Occupancy
|
|
3,353
|
|
|
3,368
|
|
|
3,807
|
|
|||
Furniture and equipment
|
|
1,623
|
|
|
1,416
|
|
|
1,757
|
|
|||
Marketing
|
|
1,278
|
|
|
885
|
|
|
1,132
|
|
|||
Legal and professional fees
|
|
3,363
|
|
|
2,025
|
|
|
2,847
|
|
|||
FDIC assessments
|
|
—
|
|
|
—
|
|
|
488
|
|
|||
Amortization of intangibles
|
|
1,456
|
|
|
1,456
|
|
|
1,458
|
|
|||
Foreclosed property expense and net (gain)/loss on sale
|
|
(315
|
)
|
|
3
|
|
|
(40
|
)
|
|||
Other
|
|
3,740
|
|
|
4,022
|
|
|
4,282
|
|
|||
Total
|
|
$
|
47,798
|
|
|
$
|
38,057
|
|
|
$
|
43,099
|
|
Non-GAAP Reconciliation to GAAP
|
|
|
|
|
|
||||||
|
First
|
|
Fourth
|
|
First
|
||||||
|
Quarter
|
|
Quarter
|
|
Quarter
|
||||||
(In thousands, except per share data)
|
2020
|
|
2019
|
|
2019
|
||||||
Net income, as reported:
|
|
|
|
|
|
|
|
|
|||
Net income
|
$
|
709
|
|
|
$
|
27,176
|
|
|
$
|
22,705
|
|
|
|
|
|
|
|
||||||
Diluted earnings per share
|
$
|
0.01
|
|
|
$
|
0.52
|
|
|
$
|
0.44
|
|
|
|
|
|
|
|
||||||
Adjusted net income:
|
|
|
|
|
|
|
|
|
|||
Net income
|
$
|
709
|
|
|
$
|
27,176
|
|
|
$
|
22,705
|
|
Securities (gains) losses, net
|
(19
|
)
|
|
(2,539
|
)
|
|
9
|
|
|||
Total adjustments to revenue
|
(19
|
)
|
|
(2,539
|
)
|
|
9
|
|
|||
|
|
|
|
|
|
Merger related charges
|
(4,553
|
)
|
|
(634
|
)
|
|
(335
|
)
|
|||
Amortization of intangibles
|
(1,456
|
)
|
|
(1,456
|
)
|
|
(1,458
|
)
|
|||
Business continuity expenses
|
(307
|
)
|
|
—
|
|
|
—
|
|
|||
Branch reductions and other expense initiatives1
|
—
|
|
|
—
|
|
|
(208
|
)
|
|||
Total adjustments to noninterest expense
|
(6,316
|
)
|
|
(2,090
|
)
|
|
(2,001
|
)
|
|||
|
|
|
|
|
|
||||||
Tax effect of adjustments
|
1,544
|
|
|
(110
|
)
|
|
510
|
|
|||
Adjusted net income
|
$
|
5,462
|
|
|
$
|
26,837
|
|
|
$
|
24,205
|
|
|
|
|
|
|
|
||||||
Adjusted diluted earnings per share
|
$
|
0.10
|
|
|
$
|
0.52
|
|
|
$
|
0.47
|
|
|
|
|
|
|
|
||||||
Average Assets
|
$
|
7,055,543
|
|
|
$
|
6,996,214
|
|
|
$
|
6,770,978
|
|
Less average goodwill and intangible assets
|
(226,712
|
)
|
|
(226,060
|
)
|
|
(230,066
|
)
|
|||
Average Tangible Assets
|
$
|
6,828,831
|
|
|
$
|
6,770,154
|
|
|
$
|
6,540,912
|
|
|
|
|
|
|
|
||||||
Return on Average Assets (ROA)
|
0.04
|
%
|
|
1.54
|
%
|
|
1.36
|
%
|
|||
Impact of removing average intangible assets and related amortization
|
0.07
|
|
|
0.12
|
|
|
0.12
|
|
|||
Return on Average Tangible Assets (ROTA)
|
0.11
|
|
|
1.66
|
|
|
1.48
|
|
|||
Impact of other adjustments for Adjusted Net Income
|
0.21
|
|
|
(0.09
|
)
|
|
0.02
|
|
|||
Adjusted Return on Average Tangible Assets
|
0.32
|
|
|
1.57
|
|
|
1.50
|
|
|||
|
|
|
|
|
|
||||||
Average Shareholders' Equity
|
$
|
993,993
|
|
|
$
|
976,200
|
|
|
$
|
879,564
|
|
Less average goodwill and intangible assets
|
(226,712
|
)
|
|
(226,060
|
)
|
|
(230,066
|
)
|
|||
Average Tangible Equity
|
$
|
767,281
|
|
|
$
|
750,140
|
|
|
$
|
649,498
|
|
|
|
|
|
|
|
||||||
Return on Average Shareholders' Equity
|
0.29
|
%
|
|
11.04
|
%
|
|
10.47
|
%
|
|||
Impact of removing average intangible assets and related amortization
|
0.66
|
|
|
3.91
|
|
|
4.39
|
|
|||
Return on Average Tangible Common Equity (ROTCE)
|
0.95
|
|
|
14.95
|
|
|
14.86
|
|
|||
Impact of other adjustments for Adjusted Net Income
|
1.91
|
|
|
(0.76
|
)
|
|
0.25
|
|
|||
Adjusted Return on Average Tangible Common Equity
|
2.86
|
|
|
14.19
|
|
|
15.11
|
|
|||
|
|
|
|
|
|
||||||
Loan interest income excluding accretion on acquired loans2
|
$
|
59,237
|
|
|
$
|
59,515
|
|
|
$
|
58,397
|
|
Accretion on acquired loans
|
4,287
|
|
|
3,407
|
|
|
3,938
|
|
|||
Loan Interest Income2
|
$
|
63,524
|
|
|
$
|
62,922
|
|
|
$
|
62,335
|
|
|
|
|
|
|
|
||||||
Yield on loans excluding accretion on acquired loans2
|
4.57
|
%
|
|
4.63
|
%
|
|
4.89
|
%
|
|||
Impact of accretion on acquired loans
|
0.33
|
|
|
0.26
|
|
|
0.33
|
|
|||
Yield on Loans2
|
4.90
|
|
|
4.89
|
|
|
5.22
|
|
|||
|
|
|
|
|
|
||||||
Net interest income excluding accretion on acquired loans2
|
$
|
59,004
|
|
|
$
|
58,439
|
|
|
$
|
56,923
|
|
Accretion on acquired loans
|
4,287
|
|
|
3,407
|
|
|
3,938
|
|
|||
Net Interest Income2
|
$
|
63,291
|
|
|
$
|
61,846
|
|
|
$
|
60,861
|
|
|
|
|
|
|
|
||||||
Net interest margin excluding accretion on acquired loans2
|
3.66
|
%
|
|
3.63
|
%
|
|
3.76
|
%
|
|||
Impact of accretion on acquired loans
|
0.27
|
|
|
0.21
|
|
|
0.26
|
|
|||
Net Interest Margin2
|
3.93
|
|
|
3.84
|
|
|
4.02
|
|
|||
|
|
|
|
|
|
||||||
Loan interest income excluding tax equivalent adjustment
|
$
|
63,440
|
|
|
$
|
62,867
|
|
|
$
|
62,287
|
|
Tax equivalent adjustment to loans
|
84
|
|
|
55
|
|
|
48
|
|
|||
Loan Interest Income2
|
$
|
63,524
|
|
|
$
|
62,922
|
|
|
$
|
62,335
|
|
|
|
|
|
|
|
|
March 31, 2020
|
||||||||||||||
(In thousands)
|
Portfolio Loans
|
|
Acquired Non PCD Loans
|
|
PCD Loans
|
|
Total
|
||||||||
Construction and land development
|
$
|
257,481
|
|
|
$
|
34,934
|
|
|
$
|
2,990
|
|
|
$
|
295,405
|
|
Commercial real estate - owner occupied
|
824,836
|
|
|
230,517
|
|
|
27,540
|
|
|
1,082,893
|
|
||||
Commercial real estate - non owner occupied
|
1,058,841
|
|
|
310,417
|
|
|
11,838
|
|
|
1,381,096
|
|
||||
Residential real estate
|
1,315,664
|
|
|
233,169
|
|
|
10,921
|
|
|
1,559,754
|
|
||||
Commercial and financial
|
721,380
|
|
|
73,134
|
|
|
1,524
|
|
|
796,038
|
|
||||
Consumer
|
195,176
|
|
|
6,478
|
|
|
368
|
|
|
202,022
|
|
||||
Net Loan Balances
|
$
|
4,373,378
|
|
|
$
|
888,649
|
|
|
$
|
55,181
|
|
|
$
|
5,317,208
|
|
|
December 31, 2019
|
||||||||||||||
(In thousands)
|
Portfolio Loans
|
|
PULs
|
|
PCI Loans
|
|
Total
|
||||||||
Construction and land development
|
$
|
281,335
|
|
|
$
|
43,618
|
|
|
$
|
160
|
|
|
$
|
325,113
|
|
Commercial real estate1
|
1,834,811
|
|
|
533,943
|
|
|
10,217
|
|
|
2,378,971
|
|
||||
Residential real estate
|
1,304,305
|
|
|
201,848
|
|
|
1,710
|
|
|
1,507,863
|
|
||||
Commercial and financial
|
697,301
|
|
|
80,372
|
|
|
579
|
|
|
778,252
|
|
||||
Consumer
|
200,166
|
|
|
8,039
|
|
|
—
|
|
|
208,205
|
|
||||
Net Loan Balances
|
$
|
4,317,918
|
|
|
$
|
867,820
|
|
|
$
|
12,666
|
|
|
$
|
5,198,404
|
|
1Commercial real estate includes owner-occupied balances of $1.0 billion for December 31, 2019.
|
($ in thousands)
|
Commercial Real Estate
|
|
Construction and Land Development
|
|
Total
|
|
% of Total Loans
|
||||||
Office Building
|
$
|
694,678
|
|
|
$
|
6,278
|
|
|
$
|
700,956
|
|
|
13%
|
Retail
|
455,032
|
|
|
16,296
|
|
|
471,328
|
|
|
9%
|
|||
Industrial & Warehouse
|
356,182
|
|
|
16,104
|
|
|
372,286
|
|
|
7%
|
|||
Other Commercial Property
|
241,142
|
|
|
—
|
|
|
241,142
|
|
|
5%
|
|||
Apartment Building / Condominium
|
189,441
|
|
|
29,704
|
|
|
219,145
|
|
|
4%
|
|||
Health Care
|
187,419
|
|
|
18,267
|
|
|
205,686
|
|
|
4%
|
|||
Hotel / Motel
|
115,240
|
|
|
—
|
|
|
115,240
|
|
|
2%
|
|||
1-4 Family Residence - Individual Borrowers
|
—
|
|
|
89,544
|
|
|
89,544
|
|
|
2%
|
|||
Vacant Lot
|
—
|
|
|
77,317
|
|
|
77,317
|
|
|
1%
|
|||
Convenience Store
|
56,704
|
|
|
—
|
|
|
56,704
|
|
|
1%
|
|||
Restaurant
|
44,954
|
|
|
495
|
|
|
45,449
|
|
|
1%
|
|||
1-4 Family Residence - Spec Home
|
4,140
|
|
|
39,628
|
|
|
43,768
|
|
|
1%
|
|||
Church
|
25,563
|
|
|
—
|
|
|
25,563
|
|
|
—%
|
|||
Agriculture
|
22,251
|
|
|
—
|
|
|
22,251
|
|
|
—%
|
|||
School / Education
|
20,919
|
|
|
546
|
|
|
21,465
|
|
|
—%
|
|||
Manufacturing Building
|
18,850
|
|
|
—
|
|
|
18,850
|
|
|
—%
|
|||
Recreational Property
|
10,549
|
|
|
—
|
|
|
10,549
|
|
|
—%
|
|||
Other
|
20,925
|
|
|
1,226
|
|
|
22,151
|
|
|
—%
|
|||
Total
|
$
|
2,463,989
|
|
|
$
|
295,405
|
|
|
$
|
2,759,394
|
|
|
52%
|
|
|
March 31, 2020
|
||||||||||||||
|
|
Nonaccrual Loans
|
|
Accruing
Restructured Loans
|
||||||||||||
(In thousands)
|
|
Non-Current
|
|
Performing
|
|
Total
|
|
|||||||||
Construction & land development
|
|
$
|
573
|
|
|
$
|
33
|
|
|
$
|
606
|
|
|
$
|
121
|
|
Commercial real estate - owner occupied
|
|
1,909
|
|
|
955
|
|
|
2,864
|
|
|
110
|
|
||||
Commercial real estate - non owner occupied
|
|
2,050
|
|
|
2,225
|
|
|
4,275
|
|
|
4,519
|
|
||||
Residential real estate
|
|
1,723
|
|
|
7,121
|
|
|
8,844
|
|
|
5,860
|
|
||||
Commercial and financial
|
|
6,713
|
|
|
1,703
|
|
|
8,416
|
|
|
26
|
|
||||
Consumer
|
|
501
|
|
|
76
|
|
|
577
|
|
|
197
|
|
||||
Total
|
|
$
|
13,469
|
|
|
$
|
12,113
|
|
|
$
|
25,582
|
|
|
$
|
10,833
|
|
|
|
December 31, 2019
|
||||||||||||||
|
|
Nonaccrual Loans
|
|
Accruing
Restructured Loans
|
||||||||||||
(In thousands)
|
|
Non-Current
|
|
Performing
|
|
Total
|
|
|||||||||
Construction & land development
|
|
$
|
4,902
|
|
|
$
|
35
|
|
|
$
|
4,937
|
|
|
$
|
131
|
|
Commercial real estate
|
|
3,800
|
|
|
2,720
|
|
|
6,520
|
|
|
4,666
|
|
||||
Residential real estate
|
|
2,552
|
|
|
6,928
|
|
|
9,480
|
|
|
6,027
|
|
||||
Commercial and financial
|
|
4,674
|
|
|
1,234
|
|
|
5,908
|
|
|
27
|
|
||||
Consumer
|
|
38
|
|
|
72
|
|
|
110
|
|
|
249
|
|
||||
Total
|
|
$
|
15,966
|
|
|
$
|
10,989
|
|
|
$
|
26,955
|
|
|
$
|
11,100
|
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||
(In thousands)
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
||||||
Rate reduction
|
|
53
|
|
|
$
|
12,230
|
|
|
56
|
|
|
$
|
10,739
|
|
Maturity extended with change in terms
|
|
41
|
|
|
3,859
|
|
|
48
|
|
|
5,083
|
|
||
Chapter 7 bankruptcies
|
|
18
|
|
|
2,241
|
|
|
22
|
|
|
1,275
|
|
||
Not elsewhere classified
|
|
10
|
|
|
693
|
|
|
11
|
|
|
966
|
|
||
Total
|
|
122
|
|
|
$
|
19,023
|
|
|
137
|
|
|
$
|
18,063
|
|
|
Three Months Ended March 31, 2020
|
||||||||||||||||||||||||||||||
(In thousands)
|
Beginning
Balance
|
|
Impact of Adoption of ASC 326
|
|
Initial Impact on Allowance of PCD Loans Acquired During the Period
|
|
Provision
for Credit
Losses
|
|
Charge-
Offs
|
|
Recoveries
|
|
TDR
Allowance
Adjustments
|
|
Ending
Balance
|
||||||||||||||||
Construction & land development
|
$
|
1,842
|
|
|
$
|
1,479
|
|
|
$
|
48
|
|
|
$
|
1,248
|
|
|
$
|
—
|
|
|
$
|
29
|
|
|
$
|
—
|
|
|
$
|
4,646
|
|
Commercial real estate - owner occupied
|
5,361
|
|
|
80
|
|
|
207
|
|
|
(264
|
)
|
|
(44
|
)
|
|
—
|
|
|
(13
|
)
|
|
5,327
|
|
||||||||
Commercial real estate - non owner occupied
|
7,863
|
|
|
9,341
|
|
|
140
|
|
|
18,283
|
|
|
(12
|
)
|
|
28
|
|
|
—
|
|
|
35,643
|
|
||||||||
Residential real estate
|
7,667
|
|
|
5,787
|
|
|
97
|
|
|
6,260
|
|
|
(18
|
)
|
|
116
|
|
|
(10
|
)
|
|
19,899
|
|
||||||||
Commercial and financial
|
9,716
|
|
|
3,677
|
|
|
11
|
|
|
2,746
|
|
|
(1,100
|
)
|
|
420
|
|
|
—
|
|
|
15,470
|
|
||||||||
Consumer
|
2,705
|
|
|
862
|
|
|
13
|
|
|
1,240
|
|
|
(473
|
)
|
|
80
|
|
|
(1
|
)
|
|
4,426
|
|
||||||||
Totals
|
$
|
35,154
|
|
|
$
|
21,226
|
|
|
$
|
516
|
|
|
$
|
29,513
|
|
|
$
|
(1,647
|
)
|
|
$
|
673
|
|
|
$
|
(24
|
)
|
|
$
|
85,411
|
|
|
December 31, 2019
|
|
January 1, 2020
|
|
March 31, 2020
|
Construction & land development
|
0.57%
|
|
1.02%
|
|
1.57%
|
Commercial real estate - owner occupied
|
0.52%
|
|
0.53%
|
|
0.49%
|
Commercial real estate - non owner occupied
|
0.59%
|
|
1.28%
|
|
2.59%
|
Residential real estate
|
0.51%
|
|
0.89%
|
|
1.28%
|
Commercial and financial
|
1.25%
|
|
1.72%
|
|
1.94%
|
Consumer
|
1.30%
|
|
1.71%
|
|
2.19%
|
Totals
|
0.68%
|
|
1.08%
|
|
1.61%
|
(In thousands)
|
2020
|
|
2019
|
||||
Beginning balance at December 31, 2019 and 2018
|
$
|
985,639
|
|
|
$
|
864,267
|
|
Net income
|
709
|
|
|
22,705
|
|
||
Cumulative change in accounting principle upon adoption of new accounting pronouncement
|
(16,876
|
)
|
|
—
|
|
||
Issuance of stock pursuant to acquisition of First Bank of the Palm Beaches
|
21,031
|
|
|
—
|
|
||
Stock compensation, net of Treasury shares acquired
|
990
|
|
|
609
|
|
||
Change in other comprehensive income
|
294
|
|
|
8,843
|
|
||
Ending balance at March 31, 2020 and 2019
|
$
|
991,787
|
|
|
$
|
896,424
|
|
March 31, 2020
|
Seacoast (Consolidated)
|
|
Seacoast
Bank
|
|
Minimum to be Well- Capitalized1
|
Total Risk-Based Capital Ratio
|
16.62%
|
|
15.63%
|
|
10.00%
|
Tier 1 Capital Ratio
|
15.57%
|
|
14.58%
|
|
8.00%
|
Common Equity Tier 1 Ratio (CET1)
|
14.27%
|
|
14.58%
|
|
6.50%
|
Leverage Ratio
|
12.19%
|
|
11.67%
|
|
5.00%
|
1For subsidiary bank only
|
|
|
|
|
|
Change in Interest Rates
|
|
% Change in Projected Baseline Net Interest Income
|
||
|
1-12 months
|
|
13-24 months
|
|
|
|
|
|
|
+2.00%
|
|
5.99%
|
|
6.88%
|
+1.00%
|
|
2.69%
|
|
2.70%
|
Current
|
|
0.00%
|
|
0.00%
|
Change in Interest Rates
|
|
% Change in Economic Value of Equity
|
|
|
|
|
|
+2.00%
|
|
20.20%
|
|
+1.00%
|
|
11.10%
|
|
Current
|
|
0.00%
|
|
Exhibit 2.1 Agreement and Plan of Merger Dated January 23, 2020 by and among the Company, Seacoast Bank, Fourth Street Banking Company and Freedom Bank incorporated herein by reference from Exhibit 2.1 to the Company’s Form 8-K, filed January 29, 2020.
|
|
|
|
Exhibit 3.1.1 Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q, filed May 10, 2006.
|
|
|
|
Exhibit 3.1.2 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed December 23, 2008.
|
|
|
|
Exhibit 3.1.3 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.4 to the Company's Form S-1, filed June 22, 2009.
|
|
|
|
Exhibit 3.1.4 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company's Form 8-K, filed July 20, 2009.
|
|
|
|
Exhibit 3.1.5 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed December 3, 2009.
|
|
|
|
Exhibit 3.1.6 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K/A, filed July 14, 2010.
|
|
|
|
Exhibit 3.1.7 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed June 25, 2010.
|
|
|
|
Exhibit 3.1.8 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed June 1, 2011.
|
|
|
|
Exhibit 3.1.9 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed December 13, 2013.
|
|
|
|
Exhibit 3.1.10 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company's Form 8K, filed May 30, 2018.
|
|
|
|
Exhibit 3.2 Amended and Restated By-laws of the Company Incorporated herein by reference from Exhibit 3.2 to the Company’s Form 8-K, filed December 21, 2007.
|
|
SEACOAST BANKING CORPORATION OF FLORIDA
|
May 7, 2020
|
/s/ Dennis S. Hudson, III
|
|
Dennis S. Hudson, III
|
|
Chairman and Chief Executive Officer
|
May 7, 2020
|
/s/ Charles M. Shaffer
|
|
Charles M. Shaffer
|
|
Chief Operating Officer and Chief Financial Officer
|
1 Year Seacoast Banking Corpora... Chart |
1 Month Seacoast Banking Corpora... Chart |
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