Seacoast Banking Corp. of Florida Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2014
January 28, 2015 at 03:42 am IST
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Seacoast Banking Corp. of Florida reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total interest income of $26.272 million compared to $17.616 million a year ago. Net interest income was $24.733 million compared to $16.277 million a year ago. Loss before income taxes was $2.147 million compared to income before income taxes of $3.107 million a year ago. Net loss available to common shareholders was $1.517 million or $0.05 per diluted share compared to net income available to common shareholders of $0.588 million or $0.03 per diluted share a year ago. Return on average assets was 0.20% compared to 0.33% a year ago. Negative return on average shareholders' equity was 1.89% compared to return on average shareholders' equity of 3.10% a year ago. Adjusted net income increased 27% to $4.2 million or $0.13 per diluted share, compared to $3.3 million, or $0.13 per diluted share in third quarter 2014.
For the year, the company reported total interest income of $80.262 million compared to $70.763 million a year ago. Net interest income was $74.907 million compared to $65.206 million a year ago. Income before income taxes was $10.240 million compared to $11.604 million a year ago. Net income available to common shareholders was $5.696 million or $0.21 per diluted share compared to $47.916 million or $2.44 per diluted share a year ago. Book value per common share was $9.44 as on December 31, 2014 compared to $8.40 as on December 31, 2013 a year ago. Tangible book value per share was $8.51 as on December 31, 2014 compared to $8.37 as on December 31, 2013 a year ago. Return on average assets was 0.23% compared to 2.38% a year ago. Return on average shareholders' equity was 2.22% compared to 28.36% a year ago.
For the quarter, the company recorded net charge-offs of $618,000 compared to $838,000 a year ago.
Seacoast Banking Corporation of Florida is a financial holding company. The Company's principal subsidiary is Seacoast National Bank (Seacoast Bank), a wholly owned national banking association. It provides integrated financial services, including commercial and consumer banking, wealth management and mortgage services to customers through online and mobile banking solutions and Seacoast Bank's network consists of over 75 traditional branches and commercial banking centers. Its loans held for investment are categorized as construction and land development, commercial real estate-owner-occupied, commercial real estate-non-owner-occupied, residential real estate, commercial and financial, and consumer and paycheck protection program. Its offices stretch from the southeast, including Fort Lauderdale, Boca Raton and Palm Beach, north along the east coast to the Daytona area, into Orlando and Central Florida and the adjacent Tampa market, and west to Okeechobee and surrounding counties.
Seacoast Banking Corp. of Florida Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2014