Seacoast Banking Corp. of Florida Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2012
January 25, 2013 at 02:39 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, 2012. For the quarter, the company reported total interest income of $17.806 million compared to $20.058 million a year ago. Net interest income was $16.208 million compared to $16.974 million a year ago. Income before income taxes was $240,000 compared to $2.548 million a year ago. Net loss available to common shareholders was $697,000 or $0.01 per diluted share compared to net income available to common shareholders of $1.611 million or $0.02 per diluted share a year ago. Return on average assets was 0.05% compared to 0.48% a year ago. Return on average shareholders equity was 0.58% compared to 6.17% a year ago.
For the year, the company reported total interest income of $73.287 million compared to $80.792 million a year ago. Net interest income was $64.809 million compared to $66.839 million a year ago. Loss before income taxes was $710,000 compared to income before income taxes of $6.667 million a year ago. Net loss available to common shareholders was $4.458 million or $0.05 per diluted share compared to net income available to common shareholders of $2.919 million or $0.03 per diluted share a year ago. Book value per common share was $1.23 as on December 31, 2012 compared to $1.29 as on December 31, 2011 a year ago. Negative return on average assets was 0.03% compared return on average assts of 0.32% a year ago. Negative return on average shareholders equity was 0.43% compared return on average shareholders equity was 4.03% a year ago.
Seacoast Banking Corp. of Florida announced net charge-offs for the fourth quarter ended December 31, 2012. For the quarter, the company announced net charge-offs of $2,151,000.
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, 2012; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2012