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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.40 | 1.70% | 23.91 | 22.90 | 24.69 | 24.10 | 23.595 | 23.65 | 384,786 | 00:13:27 |
For the second quarter of 2020, return on average tangible assets was 1.37%, return on average tangible shareholders' equity was 13.47%, and the efficiency ratio was 50.11%, compared to 0.11%, 0.95%, and 59.85%, respectively, in the prior quarter and 1.50%, 14.30%, and 53.48%, respectively, in the second quarter of 2019. Adjusted return on average tangible assets1 was 1.33%, adjusted return on average tangible shareholders' equity1 was 13.09%, and the adjusted efficiency ratio1 was 49.81%, compared to 0.32%, 2.86%, and 53.61%, respectively, in the prior quarter and 1.59%, 15.17%, and 51.44%, respectively, in the second quarter of 2019.
Dennis S. Hudson, III, Seacoast's Chairman and CEO, said, "Maintaining support for our customers continues to be a top priority for us in this dynamic and challenging environment. Our branches remain open for drive-thru activity and lobby appointments only, and the significant majority of our non-retail associates are working effectively from home. We continue to maintain safety standards for both customers and associates, and I am grateful to the Seacoast associates for their continued dedication to serving our customers and communities in this unprecedented time."
Charles M. Shaffer, Seacoast's President and Chief Operating Officer said, "We have had a longstanding commitment to maintaining a fortress balance sheet and strong capital levels, positioning us with a solid foundation despite the uncertainty of the economic outlook. Seacoast is committed to supporting its communities while maintaining strict underwriting standards and a robust liquidity position. Our mortgage banking and wealth teams delivered another quarter of record results, and we delivered $591 million in Paycheck Protection Program funding to our business customers. We continue to grow tangible book value per share, ending the period at $15.11, up 11% over the prior year. As circumstances evolve, we will continue to manage our balance sheet carefully and will help support the economic recovery of our communities from a position of strength."
Paycheck Protection Program ("PPP") Loans
Seacoast worked with existing customers, and later with new customers, to help businesses access the Paycheck Protection Program. Through June 30, 2020, Seacoast has funded over 5,000 loans to companies totaling $591 million with an average loan size of $116,000 and a median loan size of $43,000. Fees earned by Seacoast, net of loan-specific costs, total $17 million and are deferred and recognized as an adjustment to yield over the expected life of the loans. Seacoast recognized net fees of $4.0 million and contractual interest of $1.1 million on PPP loans in the second quarter of 2020, resulting in a yield of 4.81%. There is significant uncertainty about how borrowers will seek and qualify for forgiveness, and therefore uncertainty about the expected life of these loans and the timing of recognition of the remaining $13 million in net fees.
Financial Results
Income Statement
Balance Sheet
Asset Quality
Capital and Liquidity
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
(Amounts in thousands except per share data) | (Unaudited) | |||||||||||||||||||
Quarterly Trends | ||||||||||||||||||||
2Q'20 | 1Q'20 | 4Q'19 | 3Q'19 | 2Q'19 | ||||||||||||||||
Selected Balance Sheet Data: | ||||||||||||||||||||
Total Assets | $ | 8,084,013 | $ | 7,352,894 | $ | 7,108,511 | $ | 6,890,645 | $ | 6,824,886 | ||||||||||
Gross Loans | 5,772,052 | 5,317,208 | 5,198,404 | 4,986,289 | 4,888,139 | |||||||||||||||
Total Deposits | 6,666,783 | 5,887,499 | 5,584,753 | 5,673,141 | 5,541,209 | |||||||||||||||
Performance Measures: | ||||||||||||||||||||
Net Income | $ | 25,080 | $ | 709 | $ | 27,176 | $ | 25,605 | $ | 23,253 | ||||||||||
Net Interest Margin | 3.70 | % | 3.93 | % | 3.84 | % | 3.89 | % | 3.94 | % | ||||||||||
Average Diluted Shares Outstanding | 53,308 | 52,284 | 52,081 | 51,935 | 51,952 | |||||||||||||||
Diluted Earnings Per Share (EPS) | $ | 0.47 | $ | 0.01 | $ | 0.52 | $ | 0.49 | $ | 0.45 | ||||||||||
Return on (annualized): | ||||||||||||||||||||
Average Assets (ROA) | 1.27 | % | 0.04 | % | 1.54 | % | 1.49 | % | 1.38 | % | ||||||||||
Average Tangible Assets (ROTA) | 1.37 | 0.11 | 1.66 | 1.61 | 1.50 | |||||||||||||||
Average Tangible Common Equity (ROTCE) | 13.47 | 0.95 | 14.95 | 14.73 | 14.30 | |||||||||||||||
Tangible Common Equity to Tangible Assets2 | 10.19 | 10.68 | 11.05 | 11.05 | 10.65 | |||||||||||||||
Tangible Book Value Per Share | $ | 15.11 | $ | 14.42 | $ | 14.76 | $ | 14.30 | $ | 13.65 | ||||||||||
Efficiency Ratio | 50.11 | % | 59.85 | % | 48.36 | % | 48.62 | % | 53.48 | % | ||||||||||
Adjusted Operating Measures1: | ||||||||||||||||||||
Adjusted Net Income | $ | 25,452 | $ | 5,462 | $ | 26,837 | $ | 27,731 | $ | 25,818 | ||||||||||
Adjusted Diluted EPS | 0.48 | 0.10 | 0.52 | 0.53 | 0.50 | |||||||||||||||
Adjusted ROTA | 1.33 | % | 0.32 | % | 1.57 | % | 1.67 | % | 1.59 | % | ||||||||||
Adjusted ROTCE | 13.09 | 2.86 | 14.19 | 15.30 | 15.17 | |||||||||||||||
Adjusted Efficiency Ratio | 49.81 | 53.61 | 47.52 | 48.96 | 51.44 | |||||||||||||||
Adjusted Noninterest Expense as a Percent of Average Tangible Assets2 | 2.13 | 2.44 | 2.11 | 2.22 | 2.34 | |||||||||||||||
Other Data: | ||||||||||||||||||||
Market capitalization3 | $ | 1,081,009 | $ | 965,097 | $ | 1,574,775 | $ | 1,303,010 | $ | 1,309,158 | ||||||||||
Full-time equivalent employees | 924 | 919 | 867 | 867 | 852 | |||||||||||||||
Number of ATMs | 76 | 76 | 78 | 80 | 81 | |||||||||||||||
Full-service banking offices | 50 | 50 | 48 | 48 | 49 | |||||||||||||||
Registered online users | 117,273 | 113,598 | 109,684 | 107,241 | 104,017 | |||||||||||||||
Registered mobile devices | 108,062 | 104,108 | 99,361 | 96,384 | 92,281 | |||||||||||||||
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP | ||||||||||||||||||||
2The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders' equity less intangible assets. | ||||||||||||||||||||
3Common shares outstanding multiplied by closing bid price on last day of each period. |
Second Quarter Strategic Highlights
Capitalizing on Seacoast's Early Commitment to Digital Transformation
Driving Improvements to Operations
Fourth Street Banking Company Acquisition
OTHER INFORMATION
Conference Call InformationSeacoast will host a conference call on July 24, 2020 at 10:00 a.m. (Eastern Time) to discuss the second quarter 2020 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 774-6070 (passcode 6599 321#; host Dennis S. Hudson). Charts will be used during the conference call and may be accessed at Seacoast's website at www.SeacoastBanking.com by selecting "Presentations" under the heading "News/Events." A replay of the call will be available for one month, beginning late afternoon of July 24, 2020, by clicking here and using passcode 49804232.
Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast's website at www.SeacoastBanking.com. The link is located in the subsection "Presentations" under the heading "Investor Services." Beginning the afternoon of July 24, 2020, 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 $8.1 billion in assets and $6.7 billion in deposits as of June 30, 2020. The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through advanced banking solutions, and 50 traditional branches of its locally-branded, wholly-owned subsidiary bank, Seacoast Bank. Offices stretch from Fort 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 www.SeacoastBanking.com.
Additional InformationSeacoast has filed a registration statement on Form S-4, as amended, with the United States Securities and Exchange Commission (the "SEC") in connection with the proposed merger of Fourth Street Banking Company ("Fourth Street") with and into Seacoast and Freedom Bank with and into Seacoast Bank. The registration statement in connection with the Fourth Street merger includes a proxy statement of Fourth Street and a prospectus of Seacoast. A definitive proxy statement/prospectus has been mailed to shareholders of Fourth Street. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. WE URGE INVESTORS TO READ THE PROXY STATEMENTS/PROSPECTUSES AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE MERGERS OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENTS/PROSPECTUSES BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
Investors may obtain (when available) these documents free of charge at the SEC’s Web site (www.sec.gov). In addition, documents filed with the SEC by Seacoast will be available free of charge by contacting Investor Relations at (772) 288-6085.
Fourth Street, its directors, and executive officers and other members of management and employees may be considered participants in the solicitation of proxies in connection with the merger of the proposed merger of Fourth Street with and into Seacoast. Information regarding the participants in the proxy solicitation of Fourth Street and a description of its direct and indirect interests, by security holdings or otherwise, is contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC.
Cautionary Notice Regarding Forward-Looking Statements This press release contains "forward-looking statements" within the meaning, and protections, 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, tax law changes, new initiatives and for integration of banks that we have acquired, or expect to acquire, including FBPB and Fourth Street, as well as statements with respect to Seacoast's objectives, strategic plans, including Vision 2020, expectations and intentions and other statements that are not historical facts, any of which may be impacted by the COVID-19 pandemic and related effects on the U.S. economy. 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, assumptions, estimates and intentions about future performance 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.
All statements other than statements of historical fact could be 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", "plan", "point to", "project", "could", "intend", "target" 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 and the adverse impact of COVID-19 (economic and otherwise); governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the 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 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 and loans; 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; our ability to comply with any regulatory requirements; the effects of problems encountered by other financial institutions that adversely affect us or the banking industry; our 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 our 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 our 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; our ability to identify and address increased cybersecurity risks; inability of our risk management framework to manage risks associated with our business; dependence on key suppliers or vendors to obtain equipment or services for our business on acceptable terms; reduction in or the termination of our ability to use the mobile-based platform that is critical to our 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 us; our 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 our deferred tax assets could be reduced if estimates of future taxable income from our operations and tax planning strategies are less than currently estimated and sales of our capital stock could trigger a reduction in the amount of net operating loss carryforwards that we 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, 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 relating to the FBPB merger and Fourth Street proposed merger include, 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 risk that the merger is not completed at all; 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 mergers 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, 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.
Given the many unknowns and risks being heavily weighted to the downside, our forward-looking statements are subject to the risk that conditions will be substantially different than we are currently expecting. If efforts to contain COVID-19 are unsuccessful and restrictions on movement last into the third quarter or beyond, the recession would be much longer and much more severe. Ineffective fiscal stimulus, or an extended delay in implementing it, are also major downside risks. The deeper the recession is, and the longer it lasts, the more it will damage consumer fundamentals and sentiment. This could both prolong the recession, and/or make any recovery weaker. Similarly, the recession could damage business fundamentals. And an extended global recession due to COVID-19 would weaken the U.S. recovery. As a result, the outbreak and its consequences, including responsive measures to manage it, have had and are likely to continue to have an adverse effect, possibly materially, on our business and financial performance by adversely affecting, possibly materially, the demand and profitability of our products and services, the valuation of assets and our ability to meet the needs of our customers.
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, 2019, and our quarterly report on Form 10-Q for the quarter ended March 31, 2020 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 www.sec.gov.
FINANCIAL HIGHLIGHTS | (Unaudited) | |||||||||||||||||||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||||||||||||||||||
Quarterly Trends | Six Months Ended | |||||||||||||||||||||||||||
(Amounts in thousands, except ratios and per share data) | 2Q'20 | 1Q'20 | 4Q'19 | 3Q'19 | 2Q'19 | 2Q'20 | 2Q'19 | |||||||||||||||||||||
Summary of Earnings | ||||||||||||||||||||||||||||
Net income | $ | 25,080 | $ | 709 | $ | 27,176 | $ | 25,605 | $ | 23,253 | $ | 25,789 | $ | 45,958 | ||||||||||||||
Adjusted net income1 | 25,452 | 5,462 | 26,837 | 27,731 | 25,818 | 30,914 | 50,023 | |||||||||||||||||||||
Net interest income2 | 67,388 | 63,291 | 61,846 | 61,027 | 60,219 | 130,679 | 121,080 | |||||||||||||||||||||
Net interest margin2,3 | 3.70 | % | 3.93 | % | 3.84 | % | 3.89 | % | 3.94 | % | 3.81 | % | 3.98 | % | ||||||||||||||
Performance Ratios | ||||||||||||||||||||||||||||
Return on average assets-GAAP basis3 | 1.27 | % | 0.04 | % | 1.54 | % | 1.49 | % | 1.38 | % | 0.69 | % | 1.37 | % | ||||||||||||||
Return on average tangible assets-GAAP basis3,4 | 1.37 | 0.11 | 1.66 | 1.61 | 1.50 | 0.78 | 1.49 | |||||||||||||||||||||
Adjusted return on average tangible assets1,3,4 | 1.33 | 0.32 | 1.57 | 1.67 | 1.59 | 0.86 | 1.55 | |||||||||||||||||||||
Adjusted noninterest expense to average tangible assets1,3,4 | 2.13 | 2.44 | 2.11 | 2.22 | 2.34 | 2.26 | 2.43 | |||||||||||||||||||||
Return on average shareholders' equity-GAAP basis3 | 9.96 | 0.29 | 11.04 | 10.73 | 10.23 | 5.17 | 10.35 | |||||||||||||||||||||
Return on average tangible common equity-GAAP basis3,4 | 13.47 | 0.95 | 14.95 | 14.73 | 14.30 | 7.27 | 14.57 | |||||||||||||||||||||
Adjusted return on average tangible common equity1,3,4 | 13.09 | 2.86 | 14.19 | 15.30 | 15.17 | 8.02 | 15.14 | |||||||||||||||||||||
Efficiency ratio5 | 50.11 | 59.85 | 48.36 | 48.62 | 53.48 | 54.88 | 55.01 | |||||||||||||||||||||
Adjusted efficiency ratio1 | 49.81 | 53.61 | 47.52 | 48.96 | 51.44 | 51.68 | 53.62 | |||||||||||||||||||||
Noninterest income to total revenue (excluding securities gains/losses) | 17.00 | 18.84 | 18.30 | 19.53 | 18.93 | 17.90 | 18.19 | |||||||||||||||||||||
Tangible common equity to tangible assets4 | 10.19 | 10.68 | 11.05 | 11.05 | 10.65 | 10.19 | 10.65 | |||||||||||||||||||||
Average loan-to-deposit ratio | 88.48 | 93.02 | 90.71 | 88.35 | 87.27 | 90.59 | 88.87 | |||||||||||||||||||||
End of period loan-to-deposit ratio | 87.40 | 90.81 | 93.44 | 88.36 | 88.53 | 87.40 | 88.53 | |||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||||
Net income diluted-GAAP basis | $ | 0.47 | $ | 0.01 | $ | 0.52 | $ | 0.49 | $ | 0.45 | $ | 0.49 | $ | 0.88 | ||||||||||||||
Net income basic-GAAP basis | 0.47 | 0.01 | 0.53 | 0.50 | 0.45 | 0.49 | 0.89 | |||||||||||||||||||||
Adjusted earnings1 | 0.48 | 0.10 | 0.52 | 0.53 | 0.50 | 0.59 | 0.96 | |||||||||||||||||||||
Book value per share common | 19.45 | 18.82 | 19.13 | 18.70 | 18.08 | 19.45 | 18.08 | |||||||||||||||||||||
Tangible book value per share | 15.11 | 14.42 | 14.76 | 14.30 | 13.65 | 15.11 | 13.65 | |||||||||||||||||||||
Cash dividends declared | — | — | — | — | — | — | — | |||||||||||||||||||||
1Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. | ||||||||||||||||||||||||||||
2Calculated on a fully taxable equivalent basis using amortized cost. | ||||||||||||||||||||||||||||
3These ratios are stated on an annualized basis and are not necessarily indicative of future periods. | ||||||||||||||||||||||||||||
4The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders' equity less intangible assets. | ||||||||||||||||||||||||||||
5Defined as noninterest expense less amortization of intangibles and gains, losses, and expenses on foreclosed properties divided by net operating revenue (net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains and losses). | ||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | (Unaudited) | |||||||||||||||||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||||||||||||||||
Quarterly Trends | Six Months Ended | |||||||||||||||||||||||||
(Amounts in thousands, except per share data) | 2Q'20 | 1Q'20 | 4Q'19 | 3Q'19 | 2Q'19 | 2Q'20 | 2Q'19 | |||||||||||||||||||
Interest on securities: | ||||||||||||||||||||||||||
Taxable | $ | 7,573 | $ | 8,696 | $ | 8,500 | $ | 8,802 | $ | 8,933 | $ | 16,269 | $ | 18,052 | ||||||||||||
Nontaxable | 121 | 122 | 130 | 131 | 143 | 243 | 294 | |||||||||||||||||||
Interest and fees on loans | 64,844 | 63,440 | 62,868 | 63,092 | 62,288 | 128,284 | 124,575 | |||||||||||||||||||
Interest on federal funds sold and other investments | 684 | 734 | 788 | 800 | 873 | 1,418 | 1,791 | |||||||||||||||||||
Total Interest Income | 73,222 | 72,992 | 72,286 | 72,825 | 72,237 | 146,214 | 144,712 | |||||||||||||||||||
Interest on deposits | 1,203 | 3,190 | 3,589 | 4,334 | 4,825 | 4,393 | 8,698 | |||||||||||||||||||
Interest on time certificates | 3,820 | 4,768 | 5,084 | 6,009 | 5,724 | 8,588 | 10,683 | |||||||||||||||||||
Interest on borrowed money | 927 | 1,857 | 1,853 | 1,534 | 1,552 | 2,784 | 4,421 | |||||||||||||||||||
Total Interest Expense | 5,950 | 9,815 | 10,526 | 11,877 | 12,101 | 15,765 | 23,802 | |||||||||||||||||||
Net Interest Income | 67,272 | 63,177 | 61,760 | 60,948 | 60,136 | 130,449 | 120,910 | |||||||||||||||||||
Provision for credit losses | 7,611 | 29,513 | 4,800 | 2,251 | 2,551 | 37,124 | 3,948 | |||||||||||||||||||
Net Interest Income After Provision for Credit Losses | 59,661 | 33,664 | 56,960 | 58,697 | 57,585 | 93,325 | 116,962 | |||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||
Service charges on deposit accounts | 1,939 | 2,825 | 2,960 | 2,978 | 2,894 | 4,764 | 5,591 | |||||||||||||||||||
Interchange income | 3,187 | 3,246 | 3,387 | 3,206 | 3,405 | 6,433 | 6,806 | |||||||||||||||||||
Wealth management income | 1,719 | 1,867 | 1,579 | 1,632 | 1,688 | 3,586 | 3,141 | |||||||||||||||||||
Mortgage banking fees | 3,559 | 2,208 | 1,514 | 2,127 | 1,734 | 5,767 | 2,849 | |||||||||||||||||||
Marine finance fees | 157 | 146 | 338 | 153 | 201 | 303 | 563 | |||||||||||||||||||
SBA gains | 181 | 139 | 576 | 569 | 691 | 320 | 1,327 | |||||||||||||||||||
BOLI income | 887 | 886 | 904 | 928 | 927 | 1,773 | 1,842 | |||||||||||||||||||
Other | 2,147 | 3,352 | 2,579 | 3,197 | 2,503 | 5,499 | 4,769 | |||||||||||||||||||
13,776 | 14,669 | 13,837 | 14,790 | 14,043 | 28,445 | 26,888 | ||||||||||||||||||||
Securities gains (losses), net | 1,230 | 19 | 2,539 | (847 | ) | (466 | ) | 1,249 | (475 | ) | ||||||||||||||||
Total Noninterest Income | 15,006 | 14,688 | 16,376 | 13,943 | 13,577 | 29,694 | 26,413 | |||||||||||||||||||
Noninterest expenses: | ||||||||||||||||||||||||||
Salaries and wages | 20,226 | 23,698 | 17,263 | 18,640 | 19,420 | 43,924 | 37,926 | |||||||||||||||||||
Employee benefits | 3,379 | 4,255 | 3,323 | 2,973 | 3,195 | 7,634 | 7,401 | |||||||||||||||||||
Outsourced data processing costs | 4,059 | 4,633 | 3,645 | 3,711 | 3,876 | 8,692 | 7,721 | |||||||||||||||||||
Telephone / data lines | 791 | 714 | 651 | 603 | 893 | 1,505 | 1,704 | |||||||||||||||||||
Occupancy | 3,385 | 3,353 | 3,368 | 3,368 | 3,741 | 6,738 | 7,548 | |||||||||||||||||||
Furniture and equipment | 1,358 | 1,623 | 1,416 | 1,528 | 1,544 | 2,981 | 3,301 | |||||||||||||||||||
Marketing | 997 | 1,278 | 885 | 933 | 1,211 | 2,275 | 2,343 | |||||||||||||||||||
Legal and professional fees | 2,277 | 3,363 | 2,025 | 1,648 | 2,033 | 5,640 | 4,880 | |||||||||||||||||||
FDIC assessments | 266 | — | — | 56 | 337 | 266 | 825 | |||||||||||||||||||
Amortization of intangibles | 1,483 | 1,456 | 1,456 | 1,456 | 1,456 | 2,939 | 2,914 | |||||||||||||||||||
Foreclosed property expense and net loss/(gain) on sale | 245 | (315 | ) | 3 | 262 | (174 | ) | (70 | ) | (214 | ) | |||||||||||||||
Other | 3,933 | 3,740 | 4,022 | 3,405 | 3,468 | 7,673 | 7,750 | |||||||||||||||||||
Total Noninterest Expense | 42,399 | 47,798 | 38,057 | 38,583 | 41,000 | 90,197 | 84,099 | |||||||||||||||||||
Income Before Income Taxes | 32,268 | 554 | 35,279 | 34,057 | 30,162 | 32,822 | 59,276 | |||||||||||||||||||
Income taxes | 7,188 | (155 | ) | 8,103 | 8,452 | 6,909 | 7,033 | 13,318 | ||||||||||||||||||
Net Income | $ | 25,080 | $ | 709 | $ | 27,176 | $ | 25,605 | $ | 23,253 | $ | 25,789 | $ | 45,958 | ||||||||||||
Per share of common stock: | ||||||||||||||||||||||||||
Net income diluted | $ | 0.47 | $ | 0.01 | $ | 0.52 | $ | 0.49 | $ | 0.45 | $ | 0.49 | $ | 0.88 | ||||||||||||
Net income basic | 0.47 | 0.01 | 0.53 | 0.50 | 0.45 | 0.49 | 0.89 | |||||||||||||||||||
Cash dividends declared | — | — | — | — | — | — | — | |||||||||||||||||||
Average diluted shares outstanding | 53,308 | 52,284 | 52,081 | 51,935 | 51,952 | 52,807 | 51,998 | |||||||||||||||||||
Average basic shares outstanding | 52,985 | 51,803 | 51,517 | 51,473 | 51,446 | 52,394 | 51,403 | |||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | (Unaudited) | ||||||||||||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||||
(Amounts in thousands) | 2020 | 2020 | 2019 | 2019 | 2019 | ||||||||||||||||
Assets | |||||||||||||||||||||
Cash and due from banks | $ | 84,178 | $ | 82,111 | $ | 89,843 | $ | 106,349 | $ | 97,792 | |||||||||||
Interest bearing deposits with other banks | 440,142 | 232,763 | 34,688 | 25,911 | 61,987 | ||||||||||||||||
Total Cash and Cash Equivalents | 524,320 | 314,874 | 124,531 | 132,260 | 159,779 | ||||||||||||||||
Time deposits with other banks | 2,496 | 3,742 | 3,742 | 4,579 | 4,980 | ||||||||||||||||
Debt Securities: | |||||||||||||||||||||
Available for sale (at fair value) | 976,025 | 910,311 | 946,855 | 920,811 | 914,615 | ||||||||||||||||
Held to maturity (at amortized cost) | 227,092 | 252,373 | 261,369 | 273,644 | 287,302 | ||||||||||||||||
Total Debt Securities | 1,203,117 | 1,162,684 | 1,208,224 | 1,194,455 | 1,201,917 | ||||||||||||||||
Loans held for sale | 54,943 | 29,281 | 20,029 | 26,768 | 17,513 | ||||||||||||||||
Loans | 5,772,052 | 5,317,208 | 5,198,404 | 4,986,289 | 4,888,139 | ||||||||||||||||
Less: Allowance for credit losses | (91,250 | ) | (85,411 | ) | (35,154 | ) | (33,605 | ) | (33,505 | ) | |||||||||||
Net Loans | 5,680,802 | 5,231,797 | 5,163,250 | 4,952,684 | 4,854,634 | ||||||||||||||||
Bank premises and equipment, net | 69,041 | 71,540 | 66,615 | 67,873 | 68,738 | ||||||||||||||||
Other real estate owned | 15,847 | 14,640 | 12,390 | 13,593 | 11,043 | ||||||||||||||||
Goodwill | 212,146 | 212,085 | 205,286 | 205,286 | 205,260 | ||||||||||||||||
Other intangible assets, net | 17,950 | 19,461 | 20,066 | 21,318 | 22,672 | ||||||||||||||||
Bank owned life insurance | 127,954 | 127,067 | 126,181 | 125,277 | 125,233 | ||||||||||||||||
Net deferred tax assets | 21,404 | 19,766 | 16,457 | 17,168 | 19,353 | ||||||||||||||||
Other assets | 153,993 | 145,957 | 141,740 | 129,384 | 133,764 | ||||||||||||||||
Total Assets | $ | 8,084,013 | $ | 7,352,894 | $ | 7,108,511 | $ | 6,890,645 | $ | 6,824,886 | |||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
Noninterest demand | $ | 2,267,435 | $ | 1,703,628 | $ | 1,590,493 | $ | 1,652,927 | $ | 1,669,804 | |||||||||||
Interest-bearing demand | 1,368,146 | 1,234,193 | 1,181,732 | 1,115,455 | 1,124,519 | ||||||||||||||||
Savings | 619,251 | 554,836 | 519,152 | 528,214 | 519,732 | ||||||||||||||||
Money market | 1,232,892 | 1,124,378 | 1,108,363 | 1,158,862 | 1,172,971 | ||||||||||||||||
Other time certificates | 445,176 | 489,669 | 504,837 | 537,183 | 553,107 | ||||||||||||||||
Brokered time certificates | 572,465 | 597,715 | 472,857 | 458,418 | 268,998 | ||||||||||||||||
Time certificates of more than $250,000 | 161,418 | 183,080 | 207,319 | 222,082 | 232,078 | ||||||||||||||||
Total Deposits | 6,666,783 | 5,887,499 | 5,584,753 | 5,673,141 | 5,541,209 | ||||||||||||||||
Securities sold under agreements to repurchase | 92,125 | 64,723 | 86,121 | 70,414 | 82,015 | ||||||||||||||||
Federal Home Loan Bank borrowings | 135,000 | 265,000 | 315,000 | 50,000 | 140,000 | ||||||||||||||||
Subordinated debt | 71,225 | 71,155 | 71,085 | 71,014 | 70,944 | ||||||||||||||||
Other liabilities | 88,277 | 72,730 | 65,913 | 63,398 | 60,479 | ||||||||||||||||
Total Liabilities | 7,053,410 | 6,361,107 | 6,122,872 | 5,927,967 | 5,894,647 | ||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||
Common stock | 5,299 | 5,271 | 5,151 | 5,148 | 5,146 | ||||||||||||||||
Additional paid in capital | 811,328 | 809,533 | 786,242 | 784,661 | 782,928 | ||||||||||||||||
Retained earnings | 204,719 | 179,646 | 195,813 | 168,637 | 143,032 | ||||||||||||||||
Treasury stock | (8,037 | ) | (7,422 | ) | (6,032 | ) | (6,079 | ) | (6,137 | ) | |||||||||||
1,013,309 | 987,028 | 981,174 | 952,367 | 924,969 | |||||||||||||||||
Accumulated other comprehensive income, net | 17,294 | 4,759 | 4,465 | 10,311 | 5,270 | ||||||||||||||||
Total Shareholders' Equity | 1,030,603 | 991,787 | 985,639 | 962,678 | 930,239 | ||||||||||||||||
Total Liabilities & Shareholders' Equity | $ | 8,084,013 | $ | 7,352,894 | $ | 7,108,511 | $ | 6,890,645 | $ | 6,824,886 | |||||||||||
Common shares outstanding | 52,991 | 52,709 | 51,514 | 51,482 | 51,461 | ||||||||||||||||
CONSOLIDATED QUARTERLY FINANCIAL DATA | (Unaudited) | ||||||||||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||||||||||||||||||
(Amounts in thousands) | 2Q'20 | 1Q'20 | 4Q'19 | 3Q'19 | 2Q'19 | ||||||||||||||
Credit Analysis | |||||||||||||||||||
Net charge-offs - non-acquired loans | $ | 1,714 | $ | 1,316 | $ | 2,930 | $ | 2,106 | $ | 1,621 | |||||||||
Net charge-offs (recoveries) - acquired loans | 37 | (343 | ) | 295 | 5 | 220 | |||||||||||||
Total Net Charge-offs | 1,751 | 973 | 3,225 | 2,111 | 1,841 | ||||||||||||||
TDR valuation adjustments | $ | 21 | $ | 24 | $ | 27 | $ | 40 | $ | 27 | |||||||||
Net charge-offs to average loans - non-acquired loans | 0.12 | % | 0.10 | % | 0.23 | % | 0.17 | % | 0.13 | % | |||||||||
Net charge-offs (recoveries) to average loans - acquired loans | — | (0.03 | ) | 0.02 | — | 0.02 | |||||||||||||
Total Net Charge-offs to Average Loans | 0.12 | 0.07 | 0.25 | 0.17 | 0.15 | ||||||||||||||
Provision for credit losses - non-acquired loans | $ | 5,825 | $ | 25,688 | $ | 4,041 | $ | 2,241 | $ | 2,326 | |||||||||
Provision for credit losses - acquired loans | 1,786 | 3,825 | 759 | 10 | 225 | ||||||||||||||
Total Provision for Credit Losses | $ | 7,611 | $ | 29,513 | $ | 4,800 | $ | 2,251 | $ | 2,551 | |||||||||
Allowance for credit losses - non-acquired loans | $ | 73,587 | $ | 69,498 | $ | 34,573 | $ | 33,488 | $ | 33,393 | |||||||||
Allowance for credit losses - acquired loans | 17,663 | 15,913 | 581 | 117 | 112 | ||||||||||||||
Total Allowance for Credit Losses | $ | 91,250 | $ | 85,411 | $ | 35,154 | $ | 33,605 | $ | 33,505 | |||||||||
Non-acquired loans at end of period | $ | 4,315,892 | $ | 4,373,378 | $ | 4,317,919 | $ | 4,010,299 | $ | 3,817,358 | |||||||||
Acquired loans at end of period | 879,710 | 943,830 | 880,485 | 975,990 | 1,070,781 | ||||||||||||||
Paycheck Protection Program loans at end of period | 576,450 | — | — | — | — | ||||||||||||||
Total Loans | $ | 5,772,052 | $ | 5,317,208 | $ | 5,198,404 | $ | 4,986,289 | $ | 4,888,139 | |||||||||
Non-acquired loans allowance for credit losses to non-acquired loans at end of period | 1.71 | % | 1.59 | % | 0.80 | % | 0.84 | % | 0.87 | % | |||||||||
Total allowance for credit losses to total loans at end of period | 1.58 | 1.61 | 0.68 | 0.67 | 0.69 | ||||||||||||||
Total allowance for credit losses to total loans, excluding PPP loans | 1.76 | 1.61 | 0.68 | 0.67 | 0.69 | ||||||||||||||
Purchase discount on acquired loans at end of period | 3.29 | 3.36 | 3.83 | 3.76 | 3.76 | ||||||||||||||
End of Period | |||||||||||||||||||
Nonperforming loans - non-acquired | $ | 22,248 | $ | 17,898 | $ | 20,990 | $ | 20,400 | $ | 15,810 | |||||||||
Nonperforming loans - acquired | 7,803 | 7,684 | 5,965 | 5,644 | 6,986 | ||||||||||||||
Other real estate owned - non-acquired | 10,836 | 10,676 | 5,177 | 5,177 | 66 | ||||||||||||||
Other real estate owned - acquired | 131 | 372 | 372 | 1,574 | 1,612 | ||||||||||||||
Properties previously used in bank operations included in other real estate owned | 4,880 | 3,592 | 6,842 | 6,842 | 9,365 | ||||||||||||||
Total Nonperforming Assets | $ | 45,898 | $ | 40,222 | $ | 39,346 | $ | 39,637 | $ | 33,839 | |||||||||
Restructured loans (accruing) | $ | 10,338 | $ | 10,833 | $ | 11,100 | $ | 12,395 | $ | 14,534 | |||||||||
Nonperforming loans to loans at end of period - non-acquired | 0.52 | % | 0.41 | % | 0.49 | % | 0.51 | % | 0.41 | % | |||||||||
Nonperforming loans to loans at end of period - acquired | 0.89 | 0.81 | 0.68 | 0.58 | 0.65 | ||||||||||||||
Total Nonperforming Loans to Loans at End of Period | 0.52 | 0.48 | 0.52 | 0.52 | 0.47 | ||||||||||||||
Nonperforming assets to total assets - non-acquired | 0.47 | % | 0.44 | % | 0.46 | % | 0.47 | % | 0.37 | % | |||||||||
Nonperforming assets to total assets - acquired | 0.10 | 0.11 | 0.09 | 0.11 | 0.13 | ||||||||||||||
Total Nonperforming Assets to Total Assets | 0.57 | 0.55 | 0.55 | 0.58 | 0.50 | ||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
Loans | 2020 | 2020 | 2019 | 2019 | 2019 | ||||||||||||||
Construction and land development | $ | 298,835 | $ | 295,405 | $ | 325,113 | $ | 326,324 | $ | 379,991 | |||||||||
Commercial real estate - owner occupied | 1,076,650 | 1,082,893 | 1,034,963 | 1,025,040 | 1,005,876 | ||||||||||||||
Commercial real estate - non-owner occupied | 1,392,787 | 1,381,096 | 1,344,008 | 1,285,327 | 1,184,409 | ||||||||||||||
Residential real estate | 1,468,171 | 1,559,754 | 1,507,863 | 1,409,946 | 1,400,184 | ||||||||||||||
Commercial and financial | 757,232 | 796,038 | 778,252 | 722,286 | 701,747 | ||||||||||||||
Consumer | 201,927 | 202,022 | 208,205 | 217,366 | 215,932 | ||||||||||||||
Paycheck Protection Program | 576,450 | — | — | — | — | ||||||||||||||
Total Loans | $ | 5,772,052 | $ | 5,317,208 | $ | 5,198,404 | $ | 4,986,289 | $ | 4,888,139 | |||||||||
AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1 | (Unaudited) | ||||||||||||||||||||||||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
2Q'20 | 1Q'20 | 2Q'19 | |||||||||||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||||||||||||||||||||||||
(Amounts in thousands) | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Earning assets: | |||||||||||||||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||||||
Taxable | $ | 1,135,698 | $ | 7,573 | 2.67 | % | $ | 1,152,473 | $ | 8,696 | 3.02 | % | $ | 1,169,891 | $ | 8,933 | 3.05 | % | |||||||||||||||
Nontaxable | 19,347 | 152 | 3.14 | 19,740 | 152 | 3.09 | 24,110 | 179 | 2.96 | ||||||||||||||||||||||||
Total Securities | 1,155,045 | 7,725 | 2.68 | 1,172,213 | 8,848 | 3.02 | 1,194,001 | 9,112 | 3.05 | ||||||||||||||||||||||||
Federal funds sold and other investments | 433,626 | 684 | 0.63 | 87,924 | 734 | 3.36 | 91,481 | 873 | 3.83 | ||||||||||||||||||||||||
Loans excluding PPP loans | 5,304,381 | 59,861 | 4.54 | 5,215,234 | 63,524 | 4.90 | 4,841,751 | 62,335 | 5.16 | ||||||||||||||||||||||||
PPP loans | 424,171 | 5,068 | 4.81 | — | — | — | — | — | — | ||||||||||||||||||||||||
Total Loans | 5,728,552 | 64,929 | 4.56 | 5,215,234 | 63,524 | 4.90 | 4,841,751 | 62,335 | 5.16 | ||||||||||||||||||||||||
Total Earning Assets | 7,317,223 | 73,338 | 4.03 | 6,475,371 | 73,106 | 4.54 | 6,127,233 | 72,320 | 4.73 | ||||||||||||||||||||||||
Allowance for credit losses | (84,965 | ) | (56,931 | ) | (32,806 | ) | |||||||||||||||||||||||||||
Cash and due from banks | 103,919 | 90,084 | 91,160 | ||||||||||||||||||||||||||||||
Premises and equipment | 71,173 | 67,585 | 69,890 | ||||||||||||||||||||||||||||||
Intangible assets | 230,871 | 226,712 | 228,706 | ||||||||||||||||||||||||||||||
Bank owned life insurance | 127,386 | 126,492 | 124,631 | ||||||||||||||||||||||||||||||
Other assets | 147,395 | 126,230 | 126,180 | ||||||||||||||||||||||||||||||
Total Assets | $ | 7,913,002 | $ | 7,055,543 | $ | 6,734,994 | |||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 1,298,639 | $ | 297 | 0.09 | % | $ | 1,173,930 | $ | 834 | 0.29 | % | $ | 1,118,703 | $ | 1,150 | 0.41 | % | |||||||||||||||
Savings | 591,040 | 165 | 0.11 | 526,727 | 348 | 0.27 | 513,773 | 586 | 0.46 | ||||||||||||||||||||||||
Money market | 1,193,969 | 741 | 0.25 | 1,128,757 | 2,008 | 0.72 | 1,179,345 | 3,089 | 1.05 | ||||||||||||||||||||||||
Time deposits | 1,293,766 | 3,820 | 1.19 | 1,151,750 | 4,768 | 1.67 | 1,089,020 | 5,724 | 2.11 | ||||||||||||||||||||||||
Securities sold under agreements to repurchase | 74,717 | 34 | 0.18 | 71,065 | 167 | 0.95 | 91,614 | 355 | 1.55 | ||||||||||||||||||||||||
Federal funds purchased and Federal Home Loan Bank borrowings | 199,698 | 312 | 0.63 | 250,022 | 968 | 1.56 | 51,571 | 329 | 2.56 | ||||||||||||||||||||||||
Other borrowings | 71,185 | 581 | 3.28 | 71,114 | 722 | 4.08 | 70,903 | 868 | 4.91 | ||||||||||||||||||||||||
Total Interest-Bearing Liabilities | 4,723,014 | 5,950 | 0.51 | 4,373,365 | 9,815 | 0.90 | 4,114,929 | 12,101 | 1.18 | ||||||||||||||||||||||||
Noninterest demand | 2,097,038 | 1,625,215 | 1,646,934 | ||||||||||||||||||||||||||||||
Other liabilities | 79,855 | 62,970 | 61,652 | ||||||||||||||||||||||||||||||
Total Liabilities | 6,899,907 | 6,061,550 | 5,823,515 | ||||||||||||||||||||||||||||||
Shareholders' equity | 1,013,095 | 993,993 | 911,479 | ||||||||||||||||||||||||||||||
Total Liabilities & Equity | $ | 7,913,002 | $ | 7,055,543 | $ | 6,734,994 | |||||||||||||||||||||||||||
Cost of deposits | 0.31 | % | 0.57 | % | 0.76 | % | |||||||||||||||||||||||||||
Interest expense as a % of earning assets | 0.33 | % | 0.61 | % | 0.79 | % | |||||||||||||||||||||||||||
Net interest income as a % of earning assets | $ | 67,388 | 3.70 | % | $ | 63,291 | 3.93 | % | $ | 60,219 | 3.94 | % | |||||||||||||||||||||
1On a fully taxable equivalent basis. All yields and rates have been computed 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 | ||||||||||||||||||||||
Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | |||||||||||||||||||||
Average | Yield/ | Average | Yield/ | |||||||||||||||||||
(Amounts in thousands, except ratios) | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||
Assets | ||||||||||||||||||||||
Earning assets: | ||||||||||||||||||||||
Securities: | ||||||||||||||||||||||
Taxable | $ | 1,144,086 | $ | 16,269 | 2.84 | % | $ | 1,178,087 | $ | 18,052 | 3.06 | % | ||||||||||
Nontaxable | 19,544 | 304 | 3.11 | 25,329 | 369 | 2.91 | ||||||||||||||||
Total Securities | 1,163,630 | 16,573 | 2.85 | 1,203,416 | 18,421 | 3.06 | ||||||||||||||||
Federal funds sold and other investments | 260,775 | 1,418 | 1.09 | 91,310 | 1,791 | 3.96 | ||||||||||||||||
Loans excluding PPP loans | 5,259,808 | 123,385 | 4.72 | 4,840,406 | 124,670 | 5.19 | ||||||||||||||||
PPP loans | 212,085 | 5,068 | 4.81 | — | — | — | ||||||||||||||||
Total Loans | 5,471,893 | 128,453 | 4.72 | 4,840,406 | 124,670 | 5.19 | ||||||||||||||||
Total Earning Assets | 6,896,298 | 146,444 | 4.27 | 6,135,132 | 144,882 | 4.76 | ||||||||||||||||
Allowance for credit losses | (70,948 | ) | (32,885 | ) | ||||||||||||||||||
Cash and due from banks | 97,002 | 95,526 | ||||||||||||||||||||
Premises and equipment | 69,379 | 70,411 | ||||||||||||||||||||
Intangible assets | 228,791 | 229,382 | ||||||||||||||||||||
Bank owned life insurance | 126,939 | 124,172 | ||||||||||||||||||||
Other assets | 136,811 | 131,148 | ||||||||||||||||||||
Total Assets | $ | 7,484,272 | $ | 6,752,886 | ||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||
Interest-bearing demand | $ | 1,236,285 | $ | 1,131 | 0.18 | % | $ | 1,074,460 | $ | 1,989 | 0.37 | % | ||||||||||
Savings | 558,883 | 513 | 0.18 | 507,097 | 1,062 | 0.42 | ||||||||||||||||
Money market | 1,161,363 | 2,749 | 0.48 | 1,169,198 | 5,647 | 0.97 | ||||||||||||||||
Time deposits | 1,222,758 | 8,588 | 1.41 | 1,065,812 | 10,683 | 2.02 | ||||||||||||||||
Securities sold under agreements to repurchase | 72,891 | 201 | 0.55 | 138,065 | 905 | 1.32 | ||||||||||||||||
Federal funds purchased and Federal Home Loan Bank borrowings | 224,860 | 1,279 | 1.14 | 138,989 | 1,750 | 2.54 | ||||||||||||||||
Other borrowings | 71,149 | 1,304 | 3.69 | 70,870 | 1,766 | 5.03 | ||||||||||||||||
Total Interest-Bearing Liabilities | 4,548,189 | 15,765 | 0.70 | 4,164,491 | 23,802 | 1.15 | ||||||||||||||||
Noninterest demand | 1,861,126 | 1,629,836 | ||||||||||||||||||||
Other liabilities | 71,413 | 62,949 | ||||||||||||||||||||
Total Liabilities | 6,480,728 | 5,857,276 | ||||||||||||||||||||
Shareholders' equity | 1,003,544 | 895,610 | ||||||||||||||||||||
Total Liabilities & Equity | $ | 7,484,272 | $ | 6,752,886 | ||||||||||||||||||
Cost of deposits | 0.43 | % | 0.72 | % | ||||||||||||||||||
Interest expense as a % of earning assets | 0.46 | % | 0.78 | % | ||||||||||||||||||
Net interest income as a % of earning assets | $ | 130,679 | 3.81 | % | $ | 121,080 | 3.98 | % | ||||||||||||||
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. | ||||||||||||||||||||||
Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances. |
CONSOLIDATED QUARTERLY FINANCIAL DATA | (Unaudited) | |||||||||||||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||||
(Amounts in thousands) | 2020 | 2020 | 2019 | 2019 | 2019 | |||||||||||||||||
Customer Relationship Funding | ||||||||||||||||||||||
Noninterest demand | ||||||||||||||||||||||
Commercial | $ | 1,844,288 | $ | 1,336,352 | $ | 1,233,475 | $ | 1,314,102 | $ | 1,323,743 | ||||||||||||
Retail | 314,723 | 271,916 | 246,717 | 241,734 | 251,879 | |||||||||||||||||
Public funds | 74,674 | 71,029 | 85,122 | 65,869 | 65,822 | |||||||||||||||||
Other | 33,750 | 24,331 | 25,179 | 31,222 | 28,360 | |||||||||||||||||
Total Noninterest Demand | 2,267,435 | 1,703,628 | 1,590,493 | 1,652,927 | 1,669,804 | |||||||||||||||||
Interest-bearing demand | ||||||||||||||||||||||
Commercial | 412,846 | 349,315 | 319,993 | 342,376 | 323,818 | |||||||||||||||||
Retail | 733,772 | 671,378 | 641,762 | 622,833 | 634,099 | |||||||||||||||||
Public funds | 221,528 | 213,500 | 219,977 | 150,246 | 166,602 | |||||||||||||||||
Total Interest-Bearing Demand | 1,368,146 | 1,234,193 | 1,181,732 | 1,115,455 | 1,124,519 | |||||||||||||||||
Total transaction accounts | ||||||||||||||||||||||
Commercial | 2,257,134 | 1,685,667 | 1,553,468 | 1,656,478 | 1,647,561 | |||||||||||||||||
Retail | 1,048,495 | 943,294 | 888,479 | 864,567 | 885,978 | |||||||||||||||||
Public funds | 296,202 | 284,529 | 305,099 | 216,115 | 232,424 | |||||||||||||||||
Other | 33,750 | 24,331 | 25,179 | 31,222 | 28,360 | |||||||||||||||||
Total Transaction Accounts | 3,635,581 | 2,937,821 | 2,772,225 | 2,768,382 | 2,794,323 | |||||||||||||||||
Savings | 619,251 | 554,836 | 519,152 | 528,214 | 519,732 | |||||||||||||||||
Money market | ||||||||||||||||||||||
Commercial | 586,416 | 487,759 | 494,803 | 513,477 | 517,041 | |||||||||||||||||
Retail | 579,126 | 572,785 | 553,075 | 583,917 | 590,320 | |||||||||||||||||
Public funds | 67,350 | 63,834 | 60,485 | 61,468 | 65,610 | |||||||||||||||||
Total Money Market | 1,232,892 | 1,124,378 | 1,108,363 | 1,158,862 | 1,172,971 | |||||||||||||||||
Brokered time certificates | 572,465 | 597,715 | 472,857 | 458,418 | 268,998 | |||||||||||||||||
Other time certificates | 606,594 | 672,749 | 712,156 | 759,265 | 785,185 | |||||||||||||||||
1,179,059 | 1,270,464 | 1,185,013 | 1,217,683 | 1,054,183 | ||||||||||||||||||
Total Deposits | $ | 6,666,783 | $ | 5,887,499 | $ | 5,584,753 | $ | 5,673,141 | $ | 5,541,209 | ||||||||||||
Customer sweep accounts | $ | 92,125 | $ | 64,723 | $ | 86,121 | $ | 70,414 | $ | 82,015 | ||||||||||||
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 define or 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.
GAAP TO NON-GAAP RECONCILIATION | (Unaudited) | |||||||||||||||||||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||||||||||||||||||
Quarterly Trends | Six Months Ended | |||||||||||||||||||||||||||
(Amounts in thousands, except per share data) | 2Q'20 | 1Q'20 | 4Q'19 | 3Q'19 | 2Q'19 | 2Q'20 | 2Q'19 | |||||||||||||||||||||
Net Income | $ | 25,080 | $ | 709 | $ | 27,176 | $ | 25,605 | $ | 23,253 | $ | 25,789 | $ | 45,958 | ||||||||||||||
Total noninterest income | 15,006 | 14,688 | 16,376 | 13,943 | 13,577 | 29,694 | 26,413 | |||||||||||||||||||||
Securities (gains) losses, net | (1,230 | ) | (19 | ) | (2,539 | ) | 847 | 466 | (1,249 | ) | 475 | |||||||||||||||||
BOLI benefits on death (included in other income) | — | — | — | (956 | ) | — | — | — | ||||||||||||||||||||
Total Adjustments to Noninterest Income | (1,230 | ) | (19 | ) | (2,539 | ) | (109 | ) | 466 | (1,249 | ) | 475 | ||||||||||||||||
Total Adjusted Noninterest Income | 13,776 | 14,669 | 13,837 | 13,834 | 14,043 | 28,445 | 26,888 | |||||||||||||||||||||
Total noninterest expense | 42,399 | 47,798 | 38,057 | 38,583 | 41,000 | 90,197 | 84,099 | |||||||||||||||||||||
Merger related charges | (240 | ) | (4,553 | ) | (634 | ) | — | — | (4,793 | ) | (335 | ) | ||||||||||||||||
Amortization of intangibles | (1,483 | ) | (1,456 | ) | (1,456 | ) | (1,456 | ) | (1,456 | ) | (2,939 | ) | (2,914 | ) | ||||||||||||||
Business continuity expenses | — | (307 | ) | — | (95 | ) | — | (307 | ) | — | ||||||||||||||||||
Branch reductions and other expense initiatives | — | — | — | (121 | ) | (1,517 | ) | — | (1,725 | ) | ||||||||||||||||||
Total Adjustments to Noninterest Expense | (1,723 | ) | (6,316 | ) | (2,090 | ) | (1,672 | ) | (2,973 | ) | (8,039 | ) | (4,974 | ) | ||||||||||||||
Total Adjusted Noninterest Expense | 40,676 | 41,482 | 35,967 | 36,911 | 38,027 | 82,158 | 79,125 | |||||||||||||||||||||
Income Taxes | 7,188 | (155 | ) | 8,103 | 8,452 | 6,909 | 7,033 | 13,318 | ||||||||||||||||||||
Tax effect of adjustments | 121 | 1,544 | (110 | ) | 572 | 874 | 1,665 | 1,384 | ||||||||||||||||||||
Effect of change in corporate tax rate on deferred tax assets | — | — | — | (1,135 | ) | — | — | — | ||||||||||||||||||||
Total Adjustments to Income Taxes | 121 | 1,544 | (110 | ) | (563 | ) | 874 | 1,665 | 1,384 | |||||||||||||||||||
Adjusted Income Taxes | 7,309 | 1,389 | 7,993 | 7,889 | 7,783 | 8,698 | 14,702 | |||||||||||||||||||||
Adjusted Net Income | $ | 25,452 | $ | 5,462 | $ | 26,837 | $ | 27,731 | $ | 25,818 | $ | 30,914 | $ | 50,023 | ||||||||||||||
Earnings per diluted share, as reported | $ | 0.47 | $ | 0.01 | $ | 0.52 | $ | 0.49 | $ | 0.45 | $ | 0.49 | $ | 0.88 | ||||||||||||||
Adjusted Earnings per Diluted Share | 0.48 | 0.10 | 0.52 | 0.53 | 0.50 | 0.59 | 0.96 | |||||||||||||||||||||
Average diluted shares outstanding | 53,308 | 52,284 | 52,081 | 51,935 | 51,952 | 52,807 | 51,998 | |||||||||||||||||||||
Adjusted Noninterest Expense | $ | 40,676 | $ | 41,482 | $ | 35,967 | $ | 36,911 | $ | 38,027 | $ | 82,158 | $ | 79,125 | ||||||||||||||
Foreclosed property expense and net (loss)/gain on sale | (245 | ) | 315 | (3 | ) | (262 | ) | 174 | 70 | 214 | ||||||||||||||||||
Net Adjusted Noninterest Expense | $ | 40,431 | $ | 41,797 | $ | 35,964 | $ | 36,649 | $ | 38,201 | $ | 82,228 | $ | 79,339 | ||||||||||||||
Revenue | $ | 82,278 | $ | 77,865 | $ | 78,136 | $ | 74,891 | $ | 73,713 | $ | 160,143 | $ | 147,323 | ||||||||||||||
Total Adjustments to Revenue | (1,230 | ) | (19 | ) | (2,539 | ) | (109 | ) | 466 | (1,249 | ) | 475 | ||||||||||||||||
Impact of FTE adjustment | 116 | 114 | 86 | 79 | 83 | 230 | 170 | |||||||||||||||||||||
Adjusted Revenue on a fully taxable equivalent basis | $ | 81,163 | $ | 77,961 | $ | 75,684 | $ | 74,861 | $ | 74,262 | $ | 159,124 | $ | 147,968 | ||||||||||||||
Adjusted Efficiency Ratio | 49.81 | % | 53.61 | % | 47.52 | % | 48.96 | % | 51.44 | % | 51.68 | % | 53.62 | % | ||||||||||||||
Net Interest Income | $ | 67,272 | $ | 63,177 | $ | 61,760 | $ | 60,948 | $ | 60,136 | $ | 130,449 | $ | 120,910 | ||||||||||||||
Impact of FTE adjustment | 116 | 114 | 86 | 79 | 83 | 230 | 170 | |||||||||||||||||||||
Net Interest Income including FTE adjustment | $ | 67,388 | $ | 63,291 | $ | 61,846 | $ | 61,027 | $ | 60,219 | $ | 130,679 | $ | 121,080 | ||||||||||||||
Total noninterest income | 15,006 | 14,688 | 16,376 | 13,943 | 13,577 | 29,694 | 26,413 | |||||||||||||||||||||
Total noninterest expense | 42,399 | 47,798 | 38,057 | 38,583 | 41,000 | 90,197 | 84,099 | |||||||||||||||||||||
Pre-tax Pre-Provision Earnings | $ | 39,995 | $ | 30,181 | $ | 40,165 | $ | 36,387 | $ | 32,796 | $ | 70,176 | $ | 63,394 | ||||||||||||||
Total Adjustments to Noninterest Income | (1,230 | ) | (19 | ) | (2,539 | ) | (109 | ) | 466 | (1,249 | ) | 475 | ||||||||||||||||
Total Adjustments to Noninterest Expense | (1,723 | ) | (6,316 | ) | (2,090 | ) | (1,672 | ) | (2,973 | ) | (8,039 | ) | (4,974 | ) | ||||||||||||||
Adjusted Pre-tax Pre-Provision Earnings | $ | 40,488 | $ | 36,478 | $ | 39,716 | $ | 37,950 | $ | 36,235 | $ | 76,966 | $ | 68,843 | ||||||||||||||
Average Assets | $ | 7,913,002 | $ | 7,055,543 | $ | 6,996,214 | $ | 6,820,576 | $ | 6,734,994 | $ | 7,484,272 | $ | 6,752,886 | ||||||||||||||
Less average goodwill and intangible assets | (230,871 | ) | (226,712 | ) | (226,060 | ) | (227,389 | ) | (228,706 | ) | (228,791 | ) | (229,382 | ) | ||||||||||||||
Average Tangible Assets | $ | 7,682,131 | $ | 6,828,831 | $ | 6,770,154 | $ | 6,593,187 | $ | 6,506,288 | $ | 7,255,481 | $ | 6,523,504 | ||||||||||||||
Return on Average Assets (ROA) | 1.27 | % | 0.04 | % | 1.54 | % | 1.49 | % | 1.38 | % | 0.69 | % | 1.37 | % | ||||||||||||||
Impact of removing average intangible assets and related amortization | 0.10 | 0.07 | 0.12 | 0.12 | 0.12 | 0.09 | 0.12 | |||||||||||||||||||||
Return on Average Tangible Assets (ROTA) | 1.37 | 0.11 | 1.66 | 1.61 | 1.50 | 0.78 | 1.49 | |||||||||||||||||||||
Impact of other adjustments for Adjusted Net Income | (0.04 | ) | 0.21 | (0.09 | ) | 0.06 | 0.09 | 0.08 | 0.06 | |||||||||||||||||||
Adjusted Return on Average Tangible Assets | 1.33 | 0.32 | 1.57 | 1.67 | 1.59 | 0.86 | 1.55 | |||||||||||||||||||||
Average Shareholders' Equity | $ | 1,013,095 | $ | 993,993 | $ | 976,200 | $ | 946,670 | $ | 911,479 | $ | 1,003,544 | $ | 895,610 | ||||||||||||||
Less average goodwill and intangible assets | (230,871 | ) | (226,712 | ) | (226,060 | ) | (227,389 | ) | (228,706 | ) | (228,791 | ) | (229,382 | ) | ||||||||||||||
Average Tangible Equity | $ | 782,224 | $ | 767,281 | $ | 750,140 | $ | 719,281 | $ | 682,773 | $ | 774,753 | $ | 666,228 | ||||||||||||||
Return on Average Shareholders' Equity | 9.96 | % | 0.29 | % | 11.04 | % | 10.73 | % | 10.23 | % | 5.17 | % | 10.35 | % | ||||||||||||||
Impact of removing average intangible assets and related amortization | 3.51 | 0.66 | 3.91 | 4.00 | 4.07 | 2.10 | 4.22 | |||||||||||||||||||||
Return on Average Tangible Common Equity (ROTCE) | 13.47 | 0.95 | 14.95 | 14.73 | 14.30 | 7.27 | 14.57 | |||||||||||||||||||||
Impact of other adjustments for Adjusted Net Income | (0.38 | ) | 1.91 | (0.76 | ) | 0.57 | 0.87 | 0.75 | 0.57 | |||||||||||||||||||
Adjusted Return on Average Tangible Common Equity | 13.09 | 2.86 | 14.19 | 15.30 | 15.17 | 8.02 | 15.14 | |||||||||||||||||||||
Loan interest income excluding PPP and accretion on acquired loans | $ | 56,873 | $ | 59,237 | $ | 59,515 | $ | 59,279 | $ | 58,169 | $ | 116,110 | $ | 116,566 | ||||||||||||||
Accretion on acquired loans | 2,988 | 4,287 | 3,407 | 3,859 | 4,166 | 7,275 | 8,104 | |||||||||||||||||||||
Interest and fees on PPP loans | 5,068 | — | — | — | — | 5,068 | — | |||||||||||||||||||||
Loan interest income1 | $ | 64,929 | $ | 63,524 | $ | 62,922 | $ | 63,138 | $ | 62,335 | $ | 128,453 | $ | 124,670 | ||||||||||||||
Yield on loans excluding PPP and accretion on acquired loans | 4.31 | % | 4.57 | % | 4.63 | % | 4.76 | % | 4.82 | % | 4.44 | % | 4.86 | % | ||||||||||||||
Impact of accretion on acquired loans | 0.21 | 0.33 | 0.26 | 0.30 | 0.34 | 0.27 | 0.33 | |||||||||||||||||||||
Impact of PPP loans | 0.04 | — | — | — | — | 0.01 | — | |||||||||||||||||||||
Yield on loans | 4.56 | 4.90 | 4.89 | 5.06 | 5.16 | 4.72 | 5.19 | |||||||||||||||||||||
Net interest income excluding PPP and accretion on acquired loans | $ | 59,332 | $ | 59,004 | $ | 58,439 | $ | 57,168 | $ | 56,053 | $ | 118,336 | $ | 112,976 | ||||||||||||||
Accretion on acquired loans | 2,988 | 4,287 | 3,407 | 3,859 | 4,166 | 7,275 | 8,104 | |||||||||||||||||||||
Interest and fees on PPP loans | 5,068 | — | — | — | — | 5,068 | — | |||||||||||||||||||||
Net Interest Income1 | $ | 67,388 | $ | 63,291 | $ | 61,846 | $ | 61,027 | $ | 60,219 | $ | 130,679 | $ | 121,080 | ||||||||||||||
Net interest margin excluding accretion on acquired loans | 3.46 | % | 3.66 | % | 3.63 | % | 3.64 | % | 3.67 | % | 3.56 | % | 3.71 | % | ||||||||||||||
Impact of accretion on acquired loans | 0.16 | 0.27 | 0.21 | 0.25 | 0.27 | 0.21 | 0.27 | |||||||||||||||||||||
Impact of PPP loans | 0.08 | — | — | — | — | 0.04 | — | |||||||||||||||||||||
Net Interest Margin | 3.70 | 3.93 | 3.84 | 3.89 | 3.94 | 3.81 | 3.98 | |||||||||||||||||||||
Security interest income excluding tax equivalent adjustment | $ | 7,694 | $ | 8,818 | $ | 8,630 | $ | 8,933 | $ | 9,076 | $ | 16,512 | $ | 18,346 | ||||||||||||||
Tax equivalent adjustment on securities | 31 | 30 | 32 | 33 | 36 | 61 | 75 | |||||||||||||||||||||
Security interest income1 | $ | 7,725 | $ | 8,848 | $ | 8,662 | $ | 8,966 | $ | 9,112 | $ | 16,573 | $ | 18,421 | ||||||||||||||
Loan interest income excluding tax equivalent adjustment | $ | 64,844 | $ | 63,440 | $ | 62,868 | $ | 63,092 | $ | 62,288 | $ | 128,284 | $ | 124,575 | ||||||||||||||
Tax equivalent adjustment on loans | 85 | 84 | 54 | 46 | 47 | 169 | 95 | |||||||||||||||||||||
Loan interest income1 | $ | 64,929 | $ | 63,524 | $ | 62,922 | $ | 63,138 | $ | 62,335 | $ | 128,453 | $ | 124,670 | ||||||||||||||
Net interest income excluding tax equivalent adjustment | $ | 67,272 | $ | 63,177 | $ | 61,760 | $ | 60,948 | $ | 60,136 | $ | 130,449 | $ | 120,910 | ||||||||||||||
Tax equivalent adjustment on securities | 31 | 30 | 32 | 33 | 36 | 61 | 75 | |||||||||||||||||||||
Tax equivalent adjustment on loans | 85 | 84 | 54 | 46 | 47 | 169 | 95 | |||||||||||||||||||||
Net Interest Income1 | $ | 67,388 | $ | 63,291 | $ | 61,846 | $ | 61,027 | $ | 60,219 | $ | 130,679 | $ | 121,080 | ||||||||||||||
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. | ||||||||||||||||||||||||||||
Tracey DexterEVP, Chief Financial Officer(772) 403-0461Tracey.Dexter@seacoastbank.com
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