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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 |
STUART, Fla., July 27, 2017 /PRNewswire/ -- Seacoast Banking Corporation of Florida ("Seacoast" or "the Company") (NASDAQ: SBCF) today reported net income of $7.7 million for the second quarter of 2017, a 44% or $2.3 million increase from the second quarter of 2016. Year to date net income as of June 30, 2017 was $15.6 million, a 68% or $6.3 million increase compared to the prior year period. The Company reported second quarter adjusted net income1 of $12.7 million, representing a 38% or $3.5 million increase from the second quarter of 2016. Year to date adjusted net income1 was $22.9 million, a 42% or $6.7 million increase compared to prior year to date results.
For the second quarter 2017, return on average tangible assets was 0.66%, return on average tangible shareholders' equity was 7.25%, and the efficiency ratio was 73.90%, compared to 0.56%, 6.62%, and 78.01%, respectively, in the second quarter of 2016. Adjusted return on average tangible assets1 was 1.02%, adjusted return on average tangible shareholders' equity1 was 11.22%, and the adjusted efficiency ratio1 was 61.20%, compared to 0.89%, 10.60%, and 64.78%, respectively, in the second quarter of 2016.
Dennis S. Hudson, III, Seacoast's Chairman and CEO, said "Our commitment to organic growth is producing continued consumer and small business loan growth, with a robust sales pipeline and expansion in households and customers, as we follow our credit guardrails and maintain loan granularity. Our loan growth is matched with continued execution of sound, accretive acquisitions that allow us to implement our proven integration playbook and strengthen our footprint in important Florida markets."
"Our investments over the last six months have helped put Seacoast in a position to successfully execute our Vision 2020 plan, based on modernizing how we sell while lowering our cost-to-serve. The signs of progress are already evident as we boost transactions outside the branch and provide a heightened level of banking convenience through mobile adoption."
Guidance
The Company is reiterating its previous guidance of $1.28 to $1.32 adjusted diluted earnings per share1 for full year 2017.
Notable Items Affecting Second Quarter 2017 Results
As Seacoast continues to scale and invest in its Vision 2020 objectives, certain items, many of which were introduced last quarter, aggregated to $8.2 million in noninterest expense in the second quarter.
Second Quarter 2017 Financial Highlights
Income Statement
Balance Sheet
Capital
Asset Quality
FINANCIAL HIGHLIGHTS |
|||||||
(Dollars in thousands, except per share data) |
2Q17 |
1Q17 |
4Q16 |
3Q16 |
2Q16 | ||
Selected Balance Sheet Data (at period end): |
|||||||
Total Assets |
$5,281,295 |
$4,769,775 |
$4,680,932 |
$4,513,934 |
$4,381,204 | ||
Gross Loans |
3,330,075 |
2,973,759 |
2,879,536 |
2,769,338 |
2,616,052 | ||
Total Deposits |
3,975,458 |
3,678,645 |
3,523,245 |
3,510,493 |
3,501,316 | ||
Performance Measures: |
|||||||
Net Income |
$7,676 |
$7,926 |
$10,771 |
$9,133 |
$5,332 | ||
Net Interest Margin |
3.84% |
3.63% |
3.56% |
3.69% |
3.63% | ||
Average Diluted Shares Outstanding (000) |
43,556 |
39,499 |
38,252 |
38,170 |
38,142 | ||
Diluted Earnings Per Share (EPS) |
$0.18 |
$0.20 |
$0.28 |
$0.24 |
$0.14 | ||
Return on (annualized): |
|||||||
Average Assets (ROA) |
0.61% |
0.68% |
0.94% |
0.82% |
0.51% | ||
Average Tangible Common Equity (ROTCE) |
7.25 |
8.77 |
12.51 |
10.91 |
6.62 | ||
Efficiency Ratio |
73.90 |
71.08 |
62.36 |
68.60 |
78.01 | ||
Adjusted Operating Measures1: |
|||||||
Adjusted Net Income |
$12,665 |
$10,270 |
$11,803 |
$11,061 |
$9,156 | ||
Adjusted Diluted EPS |
0.29 |
0.26 |
0.31 |
0.29 |
0.24 | ||
Adjusted ROTA |
1.02% |
0.90% |
1.05% |
1.01% |
0.89% | ||
Adjusted ROTCE |
11.22 |
10.74 |
13.14 |
12.56 |
10.60 | ||
Adjusted Efficiency Ratio |
61.20 |
64.65 |
60.84 |
63.14 |
64.78 | ||
Adjusted Noninterest Expenses as a Percentage of Average Tangible |
2.73 |
2.71 |
2.56 |
2.76 |
2.76 | ||
Other Data |
|||||||
Market Capitalization |
$1,047,361 |
$976,368 |
$838,762 |
$611,824 |
$617,007 | ||
Full Time Equivalent Employees |
759 |
743 |
725 |
731 |
784 | ||
Number of ATMs |
76 |
76 |
77 |
80 |
85 | ||
Full Service Banking Offices |
45 |
46 |
47 |
47 |
57 | ||
Registered Online Users |
75,394 |
71,385 |
67,243 |
66,115 |
61,634 | ||
Registered Mobile Users |
55,013 |
50,729 |
47,131 |
44,128 |
38,619 |
1Non-GAAP measure, see "Explanation of Certain Unaudited Non-GAAP Financial Measures" |
Second Quarter and Year-to-Date 2017 Strategic Highlights
Modernizing How We Sell
Lowering Our Cost to Serve
Driving Improvements in How Our Business Operates
Scaling and Evolving Our Culture
1Non-GAAP measure, see "Explanation of Certain Unaudited Non-GAAP Financial Measures"
Effective in the first quarter of 2017, adjusted net income and adjusted noninterest expense exclude the effect of amortization of acquisition-related intangibles. Prior periods have been revised to conform with the current period presentation.
2Excluded from the calculation of Adjusted Noninterest Expense, a Non-GAAP measure. See "Explanation of Certain Unaudited Non-GAAP Financial Measures."
OTHER INFORMATION
Conference Call Information
Seacoast will host a conference call on Friday, July 28, 2017 at 10:00 a.m. (Eastern Time) to discuss the earnings results. Investors may call in (toll-free) by dialing (888) 517-2458 (passcode: 9982 916). 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 July 28, by dialing (888) 843-7419 and using passcode: 9982 916.
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 July 28, an archived version of the webcast can be accessed from this same subsection of the website. The archived webcast will be available for one year.
About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)
Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida with approximately $5.3 billion in assets and $4.0 billion in deposits as of June 30, 2017. The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through advanced banking solutions, 45 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 Daytona Beach area, into Orlando and Central Florida and the adjacent Tampa market, and west to Okeechobee and surrounding counties. More information about the Company is available at SeacoastBanking.com.
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, 2016, under "Special Cautionary Notice Regarding Forward-looking Statements" and "Risk Factors", and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov.
FINANCIAL HIGHLIGHTS |
(Unaudited) |
|||||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
||||||||||||||
(Dollars in thousands, except per share data) |
Three Months Ended |
Six Months Ended |
||||||||||||
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
June 30, |
June 30, |
||||||||
2017 |
2017 |
2016 |
2016 |
2016 |
2017 |
2016 |
||||||||
Summary of Earnings |
||||||||||||||
Net income |
$ 7,676 |
$ 7,926 |
$ 10,771 |
$ 9,133 |
$ 5,332 |
$ 15,602 |
$ 9,298 |
|||||||
Net interest income (1) |
44,320 |
38,377 |
37,628 |
37,735 |
34,801 |
82,697 |
65,150 |
|||||||
Net interest margin (1), (2) |
3.84 |
% |
3.63 |
% |
3.56 |
% |
3.69 |
% |
3.63 |
% |
3.74 |
% |
3.65 |
% |
Performance Ratios |
||||||||||||||
Return on average assets-GAAP basis (2) |
0.61 |
% |
0.68 |
% |
0.94 |
% |
0.82 |
% |
0.51 |
% |
0.64 |
% |
0.48 |
% |
Return on average tangible assets (2),(3) |
0.66 |
0.74 |
1.00 |
0.88 |
0.56 |
0.70 |
0.52 |
|||||||
Adjusted return on average tangible assets (2), (3), (5) |
1.02 |
0.90 |
1.05 |
1.01 |
0.89 |
0.96 |
0.85 |
|||||||
Return on average shareholders' equity-GAAP basis (2) |
5.43 |
6.89 |
9.80 |
8.44 |
5.15 |
6.08 |
4.75 |
|||||||
Return on average tangible shareholders' equity-GAAP basis (2),(3) |
7.25 |
8.77 |
12.51 |
10.91 |
6.62 |
7.94 |
5.89 |
|||||||
Adjusted return on average tangible common equity (2), (3), (5) |
11.22 |
10.74 |
13.14 |
12.56 |
10.60 |
11.00 |
9.57 |
|||||||
Efficiency ratio (4) |
73.90 |
71.08 |
62.36 |
68.60 |
78.01 |
72.58 |
79.76 |
|||||||
Adjusted efficiency ratio (5) |
61.20 |
64.65 |
60.84 |
63.14 |
64.78 |
62.82 |
67.04 |
|||||||
Noninterest income to total revenue |
19.16 |
20.61 |
20.96 |
20.68 |
20.89 |
19.84 |
21.52 |
|||||||
Average equity to average assets |
11.17 |
9.93 |
9.56 |
9.74 |
9.91 |
10.58 |
10.09 |
|||||||
Per Share Data |
||||||||||||||
Net income diluted-GAAP basis |
$ 0.18 |
$ 0.20 |
$ 0.28 |
$ 0.24 |
$ 0.14 |
$ 0.38 |
$ 0.25 |
|||||||
Net income basic-GAAP basis |
0.18 |
0.20 |
0.29 |
0.24 |
0.14 |
0.38 |
0.26 |
|||||||
Adjusted earnings (5) |
0.29 |
0.26 |
0.31 |
0.29 |
0.24 |
0.55 |
0.44 |
|||||||
Book value per share common |
13.29 |
12.34 |
11.45 |
11.45 |
11.20 |
13.29 |
11.20 |
|||||||
Tangible book value per share |
10.55 |
10.41 |
9.37 |
9.35 |
9.08 |
10.55 |
9.08 |
|||||||
Cash dividends declared |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|||||||
Other Data |
||||||||||||||
Market capitalization (6) |
1,047,361 |
976,368 |
838,762 |
611,824 |
617,007 |
1,047,361 |
617,007 |
|||||||
Full-time equivalent employees |
759 |
743 |
725 |
731 |
784 |
759 |
784 |
|||||||
Number of ATMs |
76 |
76 |
77 |
80 |
85 |
76 |
85 |
|||||||
Full service banking offices |
45 |
46 |
47 |
47 |
57 |
45 |
57 |
|||||||
Registered online users |
75,394 |
71,385 |
67,243 |
66,115 |
61,634 |
75,394 |
61,634 |
|||||||
Registered mobile devices |
55,013 |
50,729 |
47,131 |
44,128 |
38,619 |
55,013 |
38,619 |
|||||||
(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 Company defines average tangible assets as total assets less intangible assets, |
||||||||||||||
and tangible common equity as total shareholders' equity less intangible assets. |
||||||||||||||
(4) 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). |
||||||||||||||
(5) Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures." |
||||||||||||||
(6) Common shares outstanding multiplied by closing bid price on last day of each period. |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
(Unaudited) |
||||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|||||||||||||
QUARTER |
YTD | ||||||||||||
2017 |
2016 |
June 30, |
June 30, | ||||||||||
(Dollars in thousands, except share and per share data) |
Second |
First |
Fourth |
Third |
Second |
2017 |
2016 | ||||||
Interest on securities: |
|||||||||||||
Taxable |
$ 8,379 |
$ 8,087 |
$ 6,880 |
$ 6,966 |
$ 6,603 |
$ 16,466 |
$ 12,286 | ||||||
Nontaxable |
206 |
287 |
287 |
287 |
299 |
493 |
463 | ||||||
Interest and fees on loans |
38,209 |
31,891 |
32,007 |
31,932 |
29,244 |
70,100 |
55,278 | ||||||
Interest on federal funds sold and other investments |
604 |
510 |
517 |
429 |
433 |
1,114 |
723 | ||||||
Total Interest Income |
47,398 |
40,775 |
39,691 |
39,614 |
36,579 |
88,173 |
68,750 | ||||||
Interest on deposits |
854 |
624 |
622 |
679 |
688 |
1,478 |
1,292 | ||||||
Interest on time certificates |
814 |
566 |
598 |
613 |
550 |
1,380 |
863 | ||||||
Interest on borrowed money |
1,574 |
1,420 |
1,046 |
874 |
848 |
2,994 |
1,880 | ||||||
Total Interest Expense |
3,242 |
2,610 |
2,266 |
2,166 |
2,086 |
5,852 |
4,035 | ||||||
Net Interest Income |
44,156 |
38,165 |
37,425 |
37,448 |
34,493 |
82,321 |
64,715 | ||||||
Provision for loan losses |
1,401 |
1,304 |
1,000 |
550 |
662 |
2,705 |
861 | ||||||
Net Interest Income After Provision for Loan Losses |
42,755 |
36,861 |
36,425 |
36,898 |
33,831 |
79,616 |
63,854 | ||||||
Noninterest income: |
|||||||||||||
Service charges on deposit accounts |
2,435 |
2,422 |
2,612 |
2,698 |
2,230 |
4,857 |
4,359 | ||||||
Trust fees |
917 |
880 |
969 |
820 |
838 |
1,797 |
1,644 | ||||||
Mortgage banking fees |
1,272 |
1,552 |
1,616 |
1,885 |
1,364 |
2,824 |
2,363 | ||||||
Brokerage commissions and fees |
351 |
377 |
480 |
463 |
470 |
728 |
1,101 | ||||||
Marine finance fees |
326 |
134 |
115 |
138 |
279 |
460 |
420 | ||||||
Interchange income |
2,671 |
2,494 |
2,334 |
2,306 |
2,370 |
5,165 |
4,587 | ||||||
Other deposit based EFT fees |
114 |
140 |
125 |
109 |
116 |
254 |
243 | ||||||
BOLI income |
757 |
733 |
611 |
382 |
379 |
1,490 |
1,220 | ||||||
Other |
1,624 |
1,173 |
1,060 |
963 |
1,065 |
2,797 |
1,804 | ||||||
10,467 |
9,905 |
9,922 |
9,764 |
9,111 |
20,372 |
17,741 | |||||||
Securities gains, net |
21 |
0 |
7 |
225 |
47 |
21 |
136 | ||||||
Total Noninterest Income |
10,488 |
9,905 |
9,929 |
9,989 |
9,158 |
20,393 |
17,877 | ||||||
Noninterest expenses: |
|||||||||||||
Salaries and wages |
18,375 |
15,369 |
12,476 |
14,337 |
13,884 |
33,744 |
27,283 | ||||||
Employee benefits |
2,935 |
3,068 |
2,475 |
2,425 |
2,521 |
6,003 |
5,003 | ||||||
Outsourced data processing costs |
3,456 |
3,269 |
3,076 |
3,198 |
2,803 |
6,725 |
7,242 | ||||||
Telephone / data lines |
648 |
532 |
502 |
539 |
539 |
1,180 |
1,067 | ||||||
Occupancy |
4,421 |
3,157 |
2,830 |
3,675 |
3,645 |
7,578 |
6,617 | ||||||
Furniture and equipment |
1,679 |
1,391 |
1,211 |
1,228 |
1,283 |
3,070 |
2,281 | ||||||
Marketing |
1,074 |
922 |
847 |
780 |
957 |
1,996 |
2,006 | ||||||
Legal and professional fees |
3,276 |
2,132 |
2,370 |
2,213 |
2,656 |
5,408 |
5,013 | ||||||
FDIC assessments |
650 |
570 |
661 |
517 |
643 |
1,220 |
1,187 | ||||||
Amortization of intangibles |
839 |
719 |
719 |
728 |
593 |
1,558 |
1,039 | ||||||
Asset dispositions expense |
136 |
53 |
84 |
219 |
160 |
189 |
250 | ||||||
Net loss/(gain) on other real estate owned and repossessed assets |
161 |
(346) |
(161) |
(96) |
(201) |
(185) |
(252) | ||||||
Early redemption cost for Federal Home Loan Bank advances |
0 |
0 |
0 |
0 |
1,777 |
0 |
1,777 | ||||||
Other |
3,975 |
3,910 |
3,207 |
3,672 |
3,548 |
7,885 |
6,636 | ||||||
Total Noninterest Expenses |
41,625 |
34,746 |
30,297 |
33,435 |
34,808 |
76,371 |
67,149 | ||||||
Income Before Income Taxes |
11,618 |
12,020 |
16,057 |
13,452 |
8,181 |
23,638 |
14,582 | ||||||
Income taxes |
3,942 |
4,094 |
5,286 |
4,319 |
2,849 |
8,036 |
5,284 | ||||||
Net Income |
$ 7,676 |
$ 7,926 |
$ 10,771 |
$ 9,133 |
$ 5,332 |
$ 15,602 |
$ 9,298 | ||||||
Per share of common stock: |
|||||||||||||
Net income diluted |
$ 0.18 |
$ 0.20 |
$ 0.28 |
$ 0.24 |
$ 0.14 |
$ 0.38 |
$ 0.25 | ||||||
Net income basic |
0.18 |
0.20 |
0.29 |
0.24 |
0.14 |
0.38 |
0.26 | ||||||
Cash dividends declared |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 | ||||||
Average diluted shares outstanding |
43,556,285 |
39,498,835 |
38,252,351 |
38,169,863 |
38,141,550 |
41,538,769 |
36,797,259 | ||||||
Average basic shares outstanding |
42,841,152 |
38,839,284 |
37,603,789 |
37,549,804 |
37,470,071 |
40,851,273 |
36,159,473 | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|||||||||||
June 30, |
March 31, |
December 31, |
September 30, |
June 30, | |||||||
(Dollars in thousands, except share data) |
2017 |
2017 |
2016 |
2016 |
2016 | ||||||
Assets |
|||||||||||
Cash and due from banks |
$ 88,133 |
$ 133,923 |
$ 82,520 |
$ 89,777 |
$ 113,028 | ||||||
Interest bearing deposits with other banks |
36,490 |
10,914 |
27,124 |
77,606 |
13,774 | ||||||
Total Cash and Cash Equivalents |
124,623 |
144,837 |
109,644 |
167,383 |
126,802 | ||||||
Securities: |
|||||||||||
Available for sale (at fair value) |
1,016,744 |
909,275 |
950,503 |
866,613 |
923,560 | ||||||
Held to maturity (at amortized cost) |
397,096 |
379,657 |
372,498 |
392,138 |
401,570 | ||||||
Total Securities |
1,413,840 |
1,288,932 |
1,323,001 |
1,258,751 |
1,325,130 | ||||||
Loans held for sale |
22,262 |
16,326 |
15,332 |
20,143 |
20,075 | ||||||
Loans |
3,330,075 |
2,973,759 |
2,879,536 |
2,769,338 |
2,616,052 | ||||||
Less: Allowance for loan losses |
(26,000) |
(24,562) |
(23,400) |
(22,684) |
(20,725) | ||||||
Net Loans |
3,304,075 |
2,949,197 |
2,856,136 |
2,746,654 |
2,595,327 | ||||||
Bank premises and equipment, net |
56,765 |
58,611 |
58,684 |
59,035 |
63,817 | ||||||
Other real estate owned |
8,497 |
7,885 |
9,949 |
12,734 |
8,694 | ||||||
Goodwill |
101,739 |
64,649 |
64,649 |
64,649 |
64,123 | ||||||
Other intangible assets, net |
16,941 |
13,853 |
14,572 |
15,291 |
16,154 | ||||||
Bank owned life insurance |
88,003 |
85,237 |
84,580 |
44,044 |
43,729 | ||||||
Net deferred tax assets |
52,195 |
55,834 |
60,818 |
58,848 |
62,648 | ||||||
Other assets |
92,355 |
84,414 |
83,567 |
66,402 |
54,705 | ||||||
Total Assets |
$ 5,281,295 |
$ 4,769,775 |
$ 4,680,932 |
$ 4,513,934 |
$ 4,381,204 | ||||||
Liabilities and Shareholders' Equity |
|||||||||||
Liabilities |
|||||||||||
Deposits |
|||||||||||
Noninterest demand |
$ 1,308,458 |
$ 1,225,124 |
$ 1,148,309 |
$ 1,168,542 |
$ 1,146,792 | ||||||
Interest-bearing demand |
934,861 |
870,457 |
873,727 |
776,480 |
776,388 | ||||||
Savings |
376,825 |
363,140 |
346,662 |
340,899 |
330,928 | ||||||
Money market |
861,119 |
821,606 |
802,697 |
858,931 |
860,930 | ||||||
Other time certificates |
155,265 |
153,840 |
159,887 |
166,987 |
172,816 | ||||||
Brokered time certificates |
149,270 |
66,741 |
7,342 |
8,218 |
9,216 | ||||||
Time certificates of $100,000 or more |
189,660 |
177,737 |
184,621 |
190,436 |
204,246 | ||||||
Total Deposits |
3,975,458 |
3,678,645 |
3,523,245 |
3,510,493 |
3,501,316 | ||||||
Securities sold under agreements to repurchase |
167,558 |
183,107 |
204,202 |
167,693 |
183,387 | ||||||
Federal Home Loan Bank borrowings |
395,000 |
302,000 |
415,000 |
305,000 |
151,000 | ||||||
Subordinated debt |
70,381 |
70,311 |
70,241 |
70,171 |
70,101 | ||||||
Other liabilities |
95,521 |
33,218 |
32,847 |
25,058 |
49,971 | ||||||
Total Liabilities |
4,703,918 |
4,267,281 |
4,245,535 |
4,078,415 |
3,955,775 | ||||||
Shareholders' Equity |
|||||||||||
Common stock |
4,339 |
4,075 |
3,802 |
3,799 |
3,799 | ||||||
Additional paid in capital |
574,842 |
510,806 |
454,001 |
453,007 |
451,542 | ||||||
Accumulated earnings/(deficit) |
1,945 |
(5,731) |
(13,657) |
(24,427) |
(33,560) | ||||||
Treasury stock |
(1,768) |
(1,172) |
(1,236) |
(691) |
(482) | ||||||
579,358 |
507,978 |
442,910 |
431,688 |
421,299 | |||||||
Accumulated other comprehensive income/(loss), net |
(1,981) |
(5,484) |
(7,513) |
3,831 |
4,130 | ||||||
Total Shareholders' Equity |
577,377 |
502,494 |
435,397 |
435,519 |
425,429 | ||||||
Total Liabilities & Shareholders' Equity |
$ 5,281,295 |
$ 4,769,775 |
$ 4,680,932 |
$ 4,513,934 |
$ 4,381,204 | ||||||
Common Shares Outstanding |
43,458,973 |
40,715,938 |
38,021,835 |
38,025,020 |
37,993,013 | ||||||
Note: The balance sheet at December 31, 2016 has been derived from the audited financial statements at that date. |
CONSOLIDATED QUARTERLY FINANCIAL DATA |
(Unaudited) |
|||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
||||||||||
QUARTERS | ||||||||||
2017 |
2016 |
|||||||||
(Dollars in thousands) |
Second |
First |
Fourth |
Third |
Second |
|||||
Credit Analysis |
||||||||||
Net charge-offs (recoveries) - non-acquired loans |
$ 368 |
$ 260 |
$ 142 |
$ (1,328) |
$ (315) |
|||||
Net charge-offs (recoveries) - acquired loans |
(405) |
(118) |
141 |
(81) |
(24) |
|||||
Total net charge-offs (recoveries) |
$ (37) |
$ 142 |
$ 283 |
$ (1,409) |
$ (339) |
|||||
Net charge-offs (recoveries) to average loans - non-acquired loans |
0.05 |
% |
0.04 |
% |
0.02 |
% |
(0.20) |
% |
(0.05) |
% |
Net charge-offs (recoveries) to average loans - acquired loans |
(0.05) |
(0.02) |
0.02 |
(0.01) |
0.00 |
|||||
Total net charge-offs (recoveries) to average loans |
0.00 |
0.02 |
0.04 |
(0.21) |
(0.05) |
|||||
Loan loss provision (recapture) - non-acquired loans |
$ 1,690 |
$ 1,504 |
$ 1,161 |
$ 649 |
$ 423 |
|||||
Loan loss provision (recapture) - acquired loans |
(289) |
(200) |
(161) |
(99) |
239 |
|||||
Total loan loss provision |
$ 1,401 |
$ 1,304 |
$ 1,000 |
$ 550 |
$ 662 |
|||||
Allowance for loan losses - non-acquired loans |
$ 25,809 |
$ 24,487 |
$ 23,243 |
$ 22,225 |
$ 20,248 |
|||||
Allowance for loan losses - acquired loans |
191 |
75 |
157 |
459 |
477 |
|||||
Total allowance for loan losses |
$ 26,000 |
$ 24,562 |
$ 23,400 |
$ 22,684 |
$ 20,725 |
|||||
Non-acquired loans at end of period |
$ 2,722,866 |
$ 2,572,549 |
$ 2,425,850 |
$ 2,272,275 |
$ 2,047,881 |
|||||
Purchased noncredit impaired loans at end of period |
594,077 |
388,228 |
440,690 |
484,006 |
554,519 |
|||||
Purchased credit impaired loans at end of period |
13,132 |
12,982 |
12,996 |
13,057 |
13,652 |
|||||
Total loans |
$ 3,330,075 |
$ 2,973,759 |
$ 2,879,536 |
$ 2,769,338 |
$ 2,616,052 |
|||||
Non-acquired loans allowance for loan losses to non-acquired loans at end of period |
0.95 |
% |
0.95 |
% |
0.96 |
% |
0.98 |
% |
0.99 |
% |
Acquired loans allowance for loan losses to acquired loans at end of period |
0.03 |
0.02 |
0.03 |
0.09 |
0.08 |
|||||
Discount for credit losses to acquired loans at end of period |
3.37 |
4.25 |
4.18 |
4.24 |
3.96 |
|||||
End of Period |
||||||||||
Nonperforming loans - non-acquired loans |
$ 10,541 |
$ 10,557 |
$ 11,023 |
$ 10,561 |
$ 10,919 |
|||||
Nonperforming loans - acquired loans |
6,632 |
6,428 |
7,048 |
7,876 |
4,360 |
|||||
Other real estate owned - non-acquired |
1,748 |
2,790 |
3,041 |
3,681 |
3,791 |
|||||
Other real estate owned - acquired |
1,645 |
1,203 |
1,203 |
1,468 |
1,644 |
|||||
Bank branches closed included in other real estate owned |
5,104 |
3,892 |
5,705 |
7,585 |
3,259 |
|||||
Total nonperforming assets |
$ 25,670 |
$ 24,870 |
$ 28,020 |
$ 31,171 |
$ 23,973 |
|||||
Restructured loans (accruing) |
$ 16,941 |
$ 18,125 |
$ 17,711 |
$ 19,272 |
$ 20,337 |
|||||
Nonperforming loans to loans at end of period - non-acquired loans |
0.32 |
% |
0.36 |
% |
0.38 |
% |
0.38 |
% |
0.42 |
% |
Nonperforming loans to loans at end of period - acquired loans |
0.20 |
0.22 |
0.24 |
0.28 |
0.16 |
|||||
Total nonperforming loans to loans at end of period |
0.52 |
0.57 |
0.62 |
0.66 |
0.58 |
|||||
Nonperforming assets to total assets - non-acquired |
0.33 |
% |
0.36 |
% |
0.42 |
% |
0.48 |
% |
0.41 |
% |
Nonperforming assets to total assets - acquired |
0.16 |
0.16 |
0.18 |
0.21 |
0.14 |
|||||
Total nonperforming assets to total assets |
0.49 |
0.52 |
0.60 |
0.69 |
0.55 |
|||||
Average Balances |
||||||||||
Total average assets |
$ 5,082,002 |
$ 4,699,745 |
$ 4,572,188 |
$ 4,420,438 |
$ 4,206,800 |
|||||
Less: Intangible assets |
114,563 |
78,878 |
79,620 |
80,068 |
69,449 |
|||||
Total average tangible assets |
$ 4,967,439 |
$ 4,620,867 |
$ 4,492,568 |
$ 4,340,370 |
$ 4,137,351 |
|||||
Total average equity |
$ 567,448 |
$ 466,847 |
$ 437,077 |
$ 430,410 |
$ 416,748 |
|||||
Less: Intangible assets |
114,563 |
78,878 |
79,620 |
80,068 |
69,449 |
|||||
Total average tangible equity |
$ 452,885 |
$ 387,969 |
$ 357,457 |
$ 350,342 |
$ 347,299 |
|||||
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
||||||
LOANS |
2017 |
2017 |
2016 |
2016 |
2016 |
|||||
Construction and land development |
$ 230,574 |
$ 174,992 |
$ 160,116 |
$ 153,901 |
$ 142,387 |
|||||
Commercial real estate |
1,464,068 |
1,354,140 |
1,357,592 |
1,293,512 |
1,239,508 |
|||||
Residential real estate |
991,144 |
893,674 |
836,787 |
833,413 |
794,321 |
|||||
Installment loans to individuals |
178,595 |
165,039 |
153,945 |
145,523 |
115,513 |
|||||
Commercial and financial |
465,138 |
385,189 |
370,589 |
342,502 |
323,466 |
|||||
Other loans |
556 |
725 |
507 |
489 |
857 |
|||||
Total Loans |
$ 3,330,075 |
$ 2,973,759 |
$ 2,879,536 |
$ 2,769,338 |
$ 2,616,052 |
|||||
CONSOLIDATED QUARTERLY FINANCIAL DATA |
(Unaudited) |
||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|||||||||||
June 30, |
March 31, |
December 31, |
September 30, |
June 30, | |||||||
(Dollars in thousands) |
2017 |
2017 |
2016 |
2016 |
2016 | ||||||
Customer Relationship Funding |
|||||||||||
Noninterest demand |
|||||||||||
Commercial |
$ 995,720 |
$ 916,940 |
$ 860,449 |
$ 892,876 |
$ 860,953 | ||||||
Retail |
238,506 |
234,109 |
220,134 |
209,351 |
211,722 | ||||||
Public funds |
47,691 |
52,126 |
48,690 |
42,147 |
44,275 | ||||||
Other |
26,541 |
21,949 |
19,036 |
24,168 |
29,842 | ||||||
1,308,458 |
1,225,124 |
1,148,309 |
1,168,542 |
1,146,792 | |||||||
Interest-bearing demand |
|||||||||||
Commercial |
155,178 |
117,629 |
102,320 |
100,824 |
102,105 | ||||||
Retail |
659,906 |
613,121 |
591,808 |
567,286 |
549,301 | ||||||
Public funds |
119,777 |
139,707 |
179,599 |
108,370 |
124,982 | ||||||
934,861 |
870,457 |
873,727 |
776,480 |
776,388 | |||||||
Total transaction accounts |
|||||||||||
Commercial |
1,150,898 |
1,034,569 |
962,769 |
993,700 |
963,058 | ||||||
Retail |
898,412 |
847,230 |
811,942 |
776,637 |
761,023 | ||||||
Public funds |
167,468 |
191,833 |
228,289 |
150,517 |
169,257 | ||||||
Other |
26,541 |
21,949 |
19,036 |
24,168 |
29,842 | ||||||
2,243,319 |
2,095,581 |
2,022,036 |
1,945,022 |
1,923,180 | |||||||
Savings |
376,825 |
363,140 |
346,662 |
340,899 |
330,928 | ||||||
Money market |
|||||||||||
Commercial |
351,871 |
313,094 |
286,879 |
313,200 |
293,724 | ||||||
Retail |
427,575 |
414,886 |
411,696 |
411,550 |
419,821 | ||||||
Public funds |
81,673 |
93,626 |
104,122 |
134,181 |
147,385 | ||||||
861,119 |
821,606 |
802,697 |
858,931 |
860,930 | |||||||
Time certificates of deposit |
494,195 |
398,318 |
351,850 |
365,641 |
386,278 | ||||||
Total Deposits |
$ 3,975,458 |
$ 3,678,645 |
$ 3,523,245 |
$ 3,510,493 |
$ 3,501,316 | ||||||
Customer sweep accounts |
$ 167,558 |
$ 183,107 |
$ 204,202 |
$ 167,693 |
$ 183,387 | ||||||
Total core customer funding (1) |
$ 3,648,821 |
$ 3,463,434 |
$ 3,375,597 |
$ 3,312,545 |
$ 3,298,425 | ||||||
(1) Total deposits and customer sweep accounts, excluding certificates of deposits. |
AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES (1) |
(Unaudited) |
||||||||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|||||||||||||||||
2017 |
2016 | ||||||||||||||||
Second Quarter |
First Quarter |
Second Quarter | |||||||||||||||
Average |
Yield/ |
Average |
Yield/ |
Average |
Yield/ | ||||||||||||
(Dollars in thousands) |
Balance |
Interest |
Rate |
Balance |
Interest |
Rate |
Balance |
Interest |
Rate | ||||||||
Assets |
|||||||||||||||||
Earning assets: |
|||||||||||||||||
Securities: |
|||||||||||||||||
Taxable |
$ 1,261,017 |
$ 8,379 |
2.66% |
$ 1,279,246 |
$ 8,087 |
2.53% |
$ 1,185,022 |
$ 6,603 |
2.23% | ||||||||
Nontaxable |
28,092 |
316 |
4.50 |
27,833 |
441 |
6.34 |
28,445 |
459 |
6.45 | ||||||||
Total Securities |
1,289,109 |
8,695 |
2.70 |
1,307,079 |
8,528 |
2.61 |
1,213,468 |
7,062 |
2.33 | ||||||||
Federal funds sold and other |
|||||||||||||||||
investments |
72,535 |
604 |
3.34 |
56,771 |
510 |
3.64 |
110,636 |
433 |
1.57 | ||||||||
Loans, net |
3,266,812 |
38,263 |
4.70 |
2,918,665 |
31,949 |
4.44 |
2,532,533 |
29,392 |
4.67 | ||||||||
Total Earning Assets |
4,628,456 |
47,562 |
4.12 |
4,282,515 |
40,987 |
3.88 |
3,856,637 |
36,887 |
3.85 | ||||||||
Allowance for loan losses |
(25,276) |
(24,036) |
(20,185) |
||||||||||||||
Cash and due from banks |
99,974 |
105,803 |
92,159 |
||||||||||||||
Premises and equipment |
59,415 |
58,783 |
63,149 |
||||||||||||||
Intangible assets |
114,563 |
78,878 |
69,449 |
||||||||||||||
Bank owned life insurance |
87,514 |
84,811 |
43,542 |
||||||||||||||
Other assets |
117,355 |
112,991 |
102,049 |
||||||||||||||
Total Assets |
$ 5,082,002 |
$ 4,699,745 |
$ 4,206,800 |
||||||||||||||
Liabilities and Shareholders' Equity |
|||||||||||||||||
Interest-bearing liabilities: |
|||||||||||||||||
Interest-bearing demand |
$ 949,981 |
$ 262 |
0.11% |
$ 834,244 |
$ 163 |
0.08% |
$ 755,206 |
$ 161 |
0.09% | ||||||||
Savings |
378,989 |
51 |
0.05 |
353,452 |
44 |
0.05 |
322,567 |
39 |
0.05 | ||||||||
Money market |
868,427 |
541 |
0.25 |
803,795 |
417 |
0.21 |
810,709 |
488 |
0.24 | ||||||||
Time deposits |
432,805 |
814 |
0.75 |
347,143 |
566 |
0.66 |
366,263 |
550 |
0.60 | ||||||||
Federal funds purchased and |
|||||||||||||||||
securities sold under agreements to repurchase |
174,715 |
194 |
0.45 |
181,102 |
153 |
0.34 |
195,802 |
129 |
0.26 | ||||||||
Federal Home Loan Bank borrowings |
323,780 |
780 |
0.97 |
426,144 |
702 |
0.67 |
171,011 |
215 |
0.51 | ||||||||
Other borrowings |
70,343 |
600 |
3.42 |
70,273 |
565 |
3.26 |
70,064 |
504 |
2.89 | ||||||||
Total Interest-Bearing Liabilities |
3,199,040 |
3,242 |
0.41 |
3,016,153 |
2,610 |
0.35 |
2,691,622 |
2,086 |
0.31 | ||||||||
Noninterest demand |
1,283,255 |
1,183,813 |
1,059,039 |
||||||||||||||
Other liabilities |
32,259 |
32,932 |
39,391 |
||||||||||||||
Total Liabilities |
4,514,554 |
4,232,898 |
3,790,052 |
||||||||||||||
Shareholders' equity |
567,448 |
466,847 |
416,748 |
||||||||||||||
Total Liabilities & Equity |
$ 5,082,002 |
$ 4,699,745 |
$ 4,206,800 |
||||||||||||||
Interest expense as a % of earning assets |
0.28% |
0.25% |
0.22% | ||||||||||||||
Net interest income as a % of earning assets |
$ 44,320 |
3.84% |
$ 38,377 |
3.63% |
$ 34,801 |
3.63% | |||||||||||
(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. |
AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES (1) |
(Unaudited) |
||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|||||||||||
2017 |
2016 | ||||||||||
Year to Date |
Year to Date | ||||||||||
Average |
Yield/ |
Average |
Yield/ | ||||||||
(Dollars in thousands) |
Balance |
Interest |
Rate |
Balance |
Interest |
Rate | |||||
Assets |
|||||||||||
Earning assets: |
|||||||||||
Securities: |
|||||||||||
Taxable |
$ 1,270,081 |
$ 16,466 |
2.59% |
$ 1,090,662 |
$ 12,286 |
2.25% | |||||
Nontaxable |
27,963 |
757 |
5.41 |
23,187 |
710 |
6.12 | |||||
Total Securities |
1,298,044 |
17,223 |
2.65 |
1,113,849 |
12,996 |
2.33 | |||||
Federal funds sold and other |
|||||||||||
investments |
64,697 |
1,114 |
3.47 |
81,425 |
723 |
1.79 | |||||
Loans, net |
3,093,700 |
70,212 |
4.58 |
2,389,653 |
55,466 |
4.67 | |||||
Total Earning Assets |
4,456,441 |
88,549 |
4.01 |
3,584,927 |
69,185 |
3.88 | |||||
Allowance for loan losses |
(24,658) |
(19,872) |
|||||||||
Cash and due from banks |
102,872 |
87,053 |
|||||||||
Premises and equipment |
59,101 |
60,106 |
|||||||||
Intangible assets |
96,819 |
53,228 |
|||||||||
Bank owned life insurance |
86,170 |
43,594 |
|||||||||
Other assets |
115,184 |
95,055 |
|||||||||
Total Assets |
$ 4,891,929 |
$ 3,904,091 |
|||||||||
Liabilities and Shareholders' Equity |
|||||||||||
Interest-bearing liabilities: |
|||||||||||
Interest-bearing demand |
$ 892,432 |
$ 425 |
0.10% |
$ 732,645 |
$ 316 |
0.09% | |||||
Savings |
366,291 |
95 |
0.05 |
312,887 |
76 |
0.05 | |||||
Money market |
836,289 |
958 |
0.23 |
739,087 |
900 |
0.24 | |||||
Time deposits |
390,211 |
1,380 |
0.71 |
335,332 |
863 |
0.52 | |||||
Federal funds purchased and |
|||||||||||
securities sold under agreements to repurchase |
177,891 |
347 |
0.39 |
190,765 |
256 |
0.27 | |||||
Federal Home Loan Bank borrowings |
374,680 |
1,482 |
0.80 |
114,160 |
624 |
1.10 | |||||
Other borrowings |
70,308 |
1,165 |
3.34 |
70,025 |
1,000 |
2.87 | |||||
Total Interest-Bearing Liabilities |
3,108,102 |
5,852 |
0.38 |
2,494,901 |
4,035 |
0.33 | |||||
Noninterest demand |
1,233,809 |
982,635 |
|||||||||
Other liabilities |
32,593 |
32,773 |
|||||||||
Total Liabilities |
4,374,504 |
3,510,309 |
|||||||||
Shareholders' equity |
517,425 |
393,782 |
|||||||||
Total Liabilities & Equity |
$ 4,891,929 |
$ 3,904,091 |
|||||||||
Interest expense as a % of earning assets |
0.26% |
0.23% | |||||||||
Net interest income as a % of earning assets |
$ 82,697 |
3.74% |
$ 65,150 |
3.65% | |||||||
(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. |
Explanation of Certain Unaudited Non-GAAP Financial Measures |
This presentation contains financial information determined by methods other than Generally Accepted Accounting Principles ("GAAP"). 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 and if not provided would be requested by the investor community. 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. |
QUARTER |
YTD |
|||||||||||||
(Dollars in thousands except per share data) |
Second |
First |
Fourth |
Third |
Second |
June 30, |
June 30, |
|||||||
2017 |
2017 |
2016 |
2016 |
2016 |
2017 |
2016 |
||||||||
$ 7,676 |
$ 7,926 |
$ 10,771 |
$ 9,133 |
$ 5,332 |
$ 15,602 |
$ 9,298 |
||||||||
Net income |
||||||||||||||
BOLI income (benefits upon death) |
0 |
0 |
0 |
0 |
0 |
0 |
(464) |
|||||||
Security gains |
(21) |
0 |
(7) |
(225) |
(47) |
(21) |
(136) |
|||||||
Total Adjustments to Revenue |
(21) |
0 |
(7) |
(225) |
(47) |
(21) |
(600) |
|||||||
Merger related charges |
5,081 |
533 |
561 |
1,699 |
2,446 |
5,614 |
6,768 |
|||||||
Amortization of intangibles |
839 |
719 |
719 |
728 |
593 |
1,558 |
1,039 |
|||||||
Branch reductions and other expense initiatives |
1,876 |
2,572 |
163 |
894 |
1,587 |
4,448 |
2,300 |
|||||||
Early redemption cost for FHLB advances |
0 |
0 |
0 |
0 |
1,777 |
0 |
1,777 |
|||||||
Total Adjustments to Noninterest Expense |
7,796 |
3,824 |
1,443 |
3,321 |
6,403 |
11,620 |
11,884 |
|||||||
Effective tax rate on adjustments |
(2,786) |
(1,480) |
(404) |
(1,168) |
(2,532) |
(4,266) |
(4,377) |
|||||||
Adjusted Net Income |
$ 12,665 |
$ 10,270 |
$ 11,803 |
$ 11,061 |
$ 9,156 |
$ 22,935 |
$ 16,205 |
|||||||
Earnings per diluted share, as reported |
0.18 |
0.20 |
0.28 |
0.24 |
0.14 |
0.38 |
0.25 |
|||||||
Adjusted Earnings per Diluted Share |
0.29 |
0.26 |
0.31 |
0.29 |
0.24 |
0.55 |
0.44 |
|||||||
Average shares outstanding (000) |
43,556 |
39,499 |
38,252 |
38,170 |
38,142 |
41,543 |
36,797 |
|||||||
Revenue |
$ 54,644 |
$ 48,070 |
$ 47,354 |
$ 47,437 |
$ 43,651 |
$ 102,714 |
$ 82,592 |
|||||||
Total Adjustments to Revenue |
(21) |
0 |
(7) |
(225) |
(47) |
(21) |
(600) |
|||||||
Adjusted Revenue |
54,623 |
48,070 |
47,347 |
47,212 |
43,604 |
102,693 |
81,992 |
|||||||
Noninterest Expense |
41,625 |
34,746 |
30,297 |
33,435 |
34,808 |
76,371 |
67,149 |
|||||||
Total Adjustments to Noninterest Expense |
7,796 |
3,824 |
1,443 |
3,321 |
6,403 |
11,620 |
11,884 |
|||||||
Adjusted Noninterest Expense |
33,829 |
30,922 |
28,854 |
30,114 |
28,405 |
64,751 |
55,265 |
|||||||
Adjusted Noninterest Expense |
33,829 |
30,922 |
28,854 |
30,114 |
28,405 |
64,751 |
55,265 |
|||||||
Foreclosed property expense and net (gain)/loss on sale |
297 |
(293) |
(78) |
124 |
(41) |
4 |
(3) |
|||||||
Net Adjusted Noninterest Expense |
33,532 |
31,215 |
28,932 |
29,990 |
28,446 |
64,747 |
55,268 |
|||||||
Adjusted Revenue |
54,623 |
48,070 |
47,347 |
47,212 |
43,604 |
102,693 |
81,992 |
|||||||
Impact of FTE adjustment |
164 |
211 |
204 |
287 |
308 |
375 |
435 |
|||||||
Adjusted Revenue on a fully taxable equivalent basis |
54,787 |
48,281 |
47,551 |
47,499 |
43,912 |
103,068 |
82,427 |
|||||||
Adjusted Efficiency Ratio |
61.20 |
% |
64.65 |
% |
60.84 |
% |
63.14 |
% |
64.78 |
% |
62.82 |
67.05 |
% | |
Average Assets |
$ 5,082,002 |
$ 4,699,745 |
$ 4,572,188 |
$ 4,420,438 |
$ 4,206,800 |
$ 4,891,929 |
$ 3,904,091 |
|||||||
Less average goodwill and intangible assets |
(114,563) |
(78,878) |
(79,620) |
(80,068) |
(69,449) |
(96,819) |
(53,228) |
|||||||
Average Tangible Assets |
4,967,439 |
4,620,867 |
4,492,568 |
4,340,370 |
4,137,351 |
4,795,110 |
3,850,863 |
|||||||
Return on Average Assets (ROA) |
0.61 |
% |
0.68 |
% |
0.94 |
% |
0.82 |
% |
0.51 |
% |
0.64 |
% |
0.48 |
% |
Impact of removing average intangible assets and related amortization |
0.05 |
0.06 |
0.06 |
0.06 |
0.05 |
0.06 |
0.04 |
|||||||
Return on Tangible Average Assets (ROTA) |
0.66 |
0.74 |
1.00 |
0.88 |
0.56 |
0.70 |
0.52 |
|||||||
Impact of other adjustments for Adjusted Net Income |
0.36 |
0.16 |
0.05 |
0.13 |
0.33 |
0.26 |
0.33 |
|||||||
Adjusted Return on Average Tangible Assets |
1.02 |
0.90 |
1.05 |
1.01 |
0.89 |
0.96 |
0.85 |
|||||||
Average Shareholders' Equity |
$ 567,448 |
$ 466,847 |
$ 437,077 |
$ 430,410 |
$ 416,748 |
$ 517,425 |
$ 393,782 |
|||||||
Less average goodwill and intangible assets |
(114,563) |
(78,878) |
(79,620) |
(80,068) |
(69,449) |
(96,819) |
(53,228) |
|||||||
Average Tangible Equity |
452,885 |
387,969 |
357,457 |
350,342 |
347,299 |
420,606 |
340,554 |
|||||||
Return on Average Shareholders' Equity |
5.4 |
% |
6.9 |
% |
9.8 |
% |
8.4 |
% |
5.1 |
% |
6.1 |
% |
4.7 |
% |
Impact of removing average intangible assets and related amortization |
1.9 |
1.9 |
2.7 |
2.5 |
1.5 |
1.8 |
1.2 |
|||||||
Return on Average Tangible Common Equity (ROTCE) |
7.3 |
8.8 |
12.5 |
10.9 |
6.6 |
7.9 |
5.9 |
|||||||
Impact of other adjustments for Adjusted Net Income |
3.9 |
1.9 |
0.6 |
1.7 |
4.0 |
3.1 |
3.7 |
|||||||
Adjusted Return on Average Tangible Common Equity |
11.2 |
10.7 |
13.1 |
12.6 |
10.6 |
11.0 |
9.6 |
View original content with multimedia:http://www.prnewswire.com/news-releases/seacoast-reports-second-quarter-2017-results-300495693.html
SOURCE Seacoast Banking Corporation of Florida
Copyright 2017 PR Newswire
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