SEACOAST BANKING CORPORATION OF FLORIDA STUART, Fla., Jan. 27, 2015 /PRNewswire/ --
Fourth Quarter 2014 Earnings Highlights
-- Adjusted net income,((1)) (excluding merger costs and other adjustments)
for the fourth quarter 2014 increased 27% to $4.2 million or $ 0.13 per
diluted share, compared to $3.3 million, or $0.13 per diluted share in
3Q14. Based on GAAP, the net loss in 4Q14 was $1.5 million or ($0.05)
per share, including merger charges and other adjustments.
-- Fully implemented previously announced expense reductions of $1.8
million and merger savings of $5.5 million during quarter. Total impact
will be realized in 1Q15 as the savings achieve full quarter effect.
-- Net interest margin improved to 3.56% compared with 3.17% in preceding
quarter due to loan growth, acquisition, and investment purchases.
((1)) Non-GAAP measure, see reconcilement to GAAP at end of this release.
Fourth Quarter 2014 Growth Highlights
-- Assets increased $731.5 million or 31.0% from the preceding quarter,
reflecting the $683.2 million from acquisition of The BANKshares, Inc.
-- Total loans increased $430.8 million or 31.0% from 3Q14. Adjusting for
loans acquired, the loan portfolio grew $66.5 million, or 3.8% in the
quarter and 11.8% year-over-year.
-- Deposits increased $608.0 million or 33.6% from the prior quarter;
excluding deposits acquired, total deposits increased $91.7 million.
-- Noninterest bearing deposits grew to 30.0% of total deposits, from 25.7%
one year ago.
Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF) today reported a fourth quarter 2014 net loss of $1.5 million or ($0.05) per share. Excluding merger related charges and other adjustments as described below, adjusted net income increased 27% to $4.2 million or $0.13 per diluted common share, compared to $3.3 million, or $0.13 per diluted common share in the preceding quarter and $600,000, or $0.03 per diluted common share, a year ago. The company recorded a loan loss provision of $118,000, compared to a recovery of $1.4 million in the preceding quarter and a provision of $490 thousand, a year ago.
http://photos.prnewswire.com/prnvar/20141218/165377LOGO
"The highlight of 2014 was our acquisition of The BANKshares, Inc., which closed on October 1 and expanded our presence in central Florida, particularly the greater Orlando market. This acquisition contributed $516.3 million in deposits and $364.3 million in loans to our balance sheet, and significantly boosted net interest margin in the fourth quarter. It also provides excellent opportunities for future growth in one of Florida's fastest growing markets," said Dennis S. Hudson, III, Chairman and CEO.
"Florida's economic recovery is now well established, with solid job growth, declining unemployment, and high consumer confidence fueling the improvements in our markets," Hudson continued. "We believe the Florida economy will further strengthen in 2015, as we continue to attract population inflows. Our housing markets, manufacturing base, tourism and services industries are building on current momentum, and provide a diversified base for our economy. For more information on these trends, please note the source reports sited at the end of this release."
FINANCIAL HIGHLIGHTS: Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter
(Dollars in thousands, except share
data) 2014 2014 2014 2014 2013
---- ---- ---- ---- ----
Total assets $3,093,335 $2,361,813 $2,294,156 $2,315,992 $2,268,940
Loans $1,821,885 $1,391,082 $1,335,192 $1,312,456 $1,304,207
Deposits $2,416,534 $1,808,550 $1,805,537 $1,819,795 $1,806,045
Net income (loss) available to
common shareholders ($1,517) $2,996 $1,918 $2,299 $588
Diluted earnings per share ($0.05) $0.12 $0.07 $0.09 $0.03
Return on average assets (0.20 %) 0.52 % 0.33 % 0.41 % 0.33 %
Adjusted net income $4,179 $3,286 $2,990 $2,533 $600
available to common
shareholders (1)
Adjusted diluted earnings $0.13 $0.13 $0.12 $0.10 $0.03
per share (1)
Adjusted return on 0.55 % 0.57 % 0.52 % 0.45 % 0.33 %
average assets
Average diluted shares 33,124 26,026 25,998 25,657 21,558
outstanding
Pretax, pre-provision income (1) ($2,029) $3,832 $1,938 $3,013 $3,597
Adjusted pretax, pre-provision
income (1) $7,464 $4,341 $3,821 $3,395 $3,617
Net interest margin 3.56 % 3.17 % 3.10 % 3.07 % 3.08 %
Efficiency ratio 104.5 82.8 89.4 84.3 81.9
Adjusted efficiency ratio 74.8 80.2 82.1 83.3 82.6
Annualized core operating expenses
as a percent of average assets
(1) 3.19 3.24 3.27 3.26 3.29
(1) Non-GAAP measure
Management believes that the Non-GAAP measures presented facilitates the understanding of the Company's underlying operational performance and potential future prospects.
Organic Customer Growth and Acquisition Improve Low Cost Funding
-- Noninterest bearing demand deposits increased to 30.0% of total deposits
compared with 28.9% for the third quarter 2014 and 25.7% for the fourth
quarter of 2013, and;
-- Average cost of deposits decreased to 11 basis points from third
quarter's 12 basis points and compared to 14 basis points a year ago.
Core customer funding totaled $2.246 billion at December 31, 2014, a $566.9 million increase from the fourth quarter of 2013. This growth included the acquisition of The BANKShares with approximately $516.3 million in total deposits consisting of $208.4 million in demand deposits, $220.5 million in NOW, money market, and savings accounts, and $87.4 million in certificates of deposit.
"We are continuing to generate growth in low-cost customer funding as a result of stronger sales execution and return on our investments in digital access for our customers and automated and digital marketing technology in early 2014. This growth occurred despite announcing and closing six branch locations," said Hudson. "Our effort to acquire, grow, and retain profitable consumer and business customers resulted in stronger household growth in 2014. The acquisition of BANKshares increases our number of households by approximately 13%, further strengthening our customer base. We are executing improvements in the number of services per household as we focuses on cross sell execution at account opening and follow-on cross sell offerings through our automated marketing platform delivered via email, telemarketing and outbound direct mail. The growth in new households, a deepening of relationships with current households, and better retention overall is creating stronger value in our core customer franchise."
(Dollars in thousands) Fourth Quarter Fourth Quarter FourthQuarter 2014 vs 2013 2014 vs 2012
Change Change
2014 2013 2012
--- ---- ---- ----
Customer Relationship
Funding
Demand
deposits(noninterest
bearing) $725,238 $464,006 $422,833 56.3% 71.5%
NOW 652,353 540,288 509,371 20.7 28.1
Money market accounts 450,172 331,184 343,915 35.9 30.9
Savings deposits 264,738 192,491 164,956 37.5 60.5
Time certificates of
deposit 324,033 278,076 317,886 16.5 1.9
------- ------- -------
Total deposits 2,416,534 1,806,045 1,758,961 33.8 37.4
Sweep repurchase
agreements 153,640 151,310 136,803 1.5 12.3
Total core customer
funding (1) 2,246,141 1,679,279 1,577,878 33.8 42.4
Demand deposit mix
(noninterest bearing) 30.0% 25.7% 24.0%
---------------------- ---- ---- ----
(1) Total deposits and sweep repurchase agreements, excluding certificates of deposits.
Organic Loan Growth and Acquisition Improves Loan Portfolio Yield
Total loans were $1.822 billion at December 31, 2014, up $430.8 million from September 30, 2014. Excluding loans acquired totaling $364.3 million after fair value adjustments, net loans grew $66.5 million or 3.8% (15% annualized) from the third quarter.
Residential real estate mortgage loans declined to 29.4% of total loans at year end compared with 36.6% in the third quarter of 2014 and 37.0% one year earlier. New loan production and the acquisition resulted in increases in owner occupied commercial real estate loans, commercial real estate loans and commercial and financial loans and consumer loans. The overall loan portfolio yield increased to 4.67% in the fourth quarter of 2014 compared with 4.26% in the third quarter and 4.29% in the fourth quarter of 2013.
As indicated in the table below, commercial loan originations for the quarter totaled $94.7 million, an increase of $22.1 million linked quarter and $34.7 million higher than the fourth quarter a year ago. Commercial loans originated in 2014 totaled $258.0 million, an increase of $58.3 million from 2013, and $146.6 million from 2012.
(Dollars in thousands) Fourth Third Second First Fourth
Quarter Quarter Quarter Quarter Quarter
2014 2014 2014 2014 2013
--- ---- ---- ---- ---- ----
Commercial pipeline $60,136 $45,534 $58,168 $29,936 $27,830
Commercial loans closed 94,719 72,630 53,250 37,386 60,037
------ ------ ------ ------ ------
Total loan originations and pipeline $154,855 $118,164 $111,418 $67,322 $87,867
======== ======== ======== ======= =======
-- Closed residential mortgage production totaled $57.9 million compared to
$66.0 million in the third quarter and $52.4 million in the fourth
quarter of 2013; and
-- Consumer loan originations (inclusive of lines of credit) totaled $28.3
million compared to $24.5 million in the third quarter, and $8.5 million
in the fourth quarter of 2013.
Income Statement Highlights
Net interest Income and Margin
Net interest income for the quarter totaled $24.7 million, a $7.54 million increase from the prior quarter. Net interest margin for the quarter increased to 3.56% versus 3.13% (which excludes the 4 bps of nonaccrual loan interest recoveries) in the third quarter. The acquisition of BANKshares improved the loan mix, which together with organic loan growth during the quarter contributed approximately 33 bps to the margin improvement, in line with expectations.
During the third and fourth quarters of 2014 average investment securities increased $234.9 million, or $149.5 million excluding securities acquired from the BANKshares acquisition. Funding for the increase in investments was derived from liquidity, both legacy and that acquired in the merger, and an increase in seasonal funding from our core customer deposit base. Investments added during the third and fourth quarters were primarily uncapped, floating rate, senior collateralized loan obligations (CLO) securities with average yields at static LIBOR ranging from 1.40 to 3.30% and credit support ranging from 17 to 36%. The weighted average life of these securities at December 31, 2014, was approximately 6.5 years. The deployment of liquidity and organic balance sheet growth contributed approximately 10 bps to the margin improvement in the fourth quarter.
Noninterest Income
Noninterest income (excluding security gains) increased $992,000 from September 30, 2014. This increase includes a full quarter effect of fees generated from BANKshares accounts. Bank owned life insurance investments were transferred to Seacoast as a result of the acquisition, which were added to policies directly acquired during the quarter. The addition of these investments will provide approximately $1.3 million in tax exempt revenues in 2015.
(Dollars in thousands) Fourth Third Second First Fourth
Quarter Quarter Quarter Quarter Quarter
2014 2014 2014 2014 2013
--- ---- ---- ---- ---- ----
Service charges on deposit accounts $2,208 $1,753 $1,484 $1,507 $1,778
Trust income 795 817 703 671 693
Mortgage banking fees 716 825 855 661 728
Brokerage commissions and fees 417 408 410 379 461
Marine finance fees 445 281 340 254 215
Interchange income 1,603 1,452 1,514 1,403 1,394
Bank owned life insurance 252 0 0 0 0
Other deposit based EFT fees 92 70 83 98 80
Other 613 543 507 585 617
Total 7,141 6,149 5,896 5,558 5,966
Securities gains, net 108 344 0 17 0
--- --- --- --- ---
$7,249 $6,493 $5,896 $5,575 $5,966
====== ====== ====== ====== ======
Noninterest Expense
"During the quarter, we fully implemented previously announced cost reductions primarily from streamlining our core branch network, generating savings totaling $1.8 million annualized. As expected, the one-time charges were incurred in the fourth quarter and totaled approximately $4.3 million," said Bill Hahl, Chief Financial Officer. Previously announced annualized cost reductions totaling in excess of $5.5 million were also completed in the fourth quarter relating to the acquisition of BANKshares. The benefit associated with both items only partially impacted the fourth quarter. Taken together they are expected to further reduce expenses by an additional $1.1 million in the first quarter of 2015. These expected additional savings were not included in the computation of Adjusted Net Income for the current quarter.
Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter
(Dollars in
thousands) 2014 2014 2014 2014 2013
---- ---- ---- ---- ----
Noninterest
Expense:
Salaries and wages $9,998 $7,868 $7,587 $7,412 $8,077
Employee benefits 2,461 2,049 2,081 2,182 1,568
Outsourced data
processing costs 1,925 1,769 1,811 1,695 1,586
Telephone /data
lines 419 313 306 293 325
Occupancy expense 2,325 1,879 1,888 1,838 1,824
Furniture and
equipment expense 683 628 604 571 597
Marketing expense 1,072 717 675 813 749
Legal and
professional fees 1,741 884 924 935 839
FDIC assessments 476 387 411 386 451
Amortization of
intangibles 446 195 196 196 196
Other 2,863 2,155 2,317 2,063 2,414
----- ----- ----- ----- -----
Total core
operating expense
(1) 24,409 18,844 18,800 18,384 18,626
Severance and
organizational
changes
478 328 181 212 0
Merger related
charges 2,722 399 1,234 6 0
Branch closure
charges and costs
related to expense
initiatives 4,261 68 114 0 0
Marketing and brand
refresh 697 0 0 0 0
Stock compensation
expense and other
incentive costs
related to
improved outlook 1,213 0 0 0 0
Miscellaneous
losses (gains) 119 (45) 144 0 190
Recovery of prior
legal fees 0 0 0 0 (350)
Net loss on OREO
and repossessed
assets 9 156 92 53 0
Asset dispositions
expense 103 139 118 128 180
--- --- --- --- ---
Total $34,011 $19,889 $20,683 $18,789 $18,646
======= ======= ======= ======= =======
(1) Non-GAAP measure
Merger related charges in the fourth quarter totaled approximately $2.7 million and were primarily related to core system conversion costs, software and other contract termination charges, and investment banking fees. All charges related to the acquisition have been incurred or are not expected to be material to earnings moving forward. We also increased our accrual of long term stock compensation expense related to an improved outlook and other incentive costs related to better than expected production.
"During the quarter, we invested approximately $697,000 in marketing and other expenditures to refresh and reintroduce our brand," Hudson continued. "As a part of this brand refresh, we retooled our logo and associated signage throughout our branch network and digital platforms. All costs for this logo change and additional branding were incurred in the fourth quarter.
Income Taxes
The effective tax rate for the year was 44.4 %. Moving forward into the first quarter of 2015, this rate is expected to fall into a range of 36 to 38%, assuming no further nondeductible merger related charges are incurred, as expected. The anticipated 2015 rate reduction reflects the acquisition of the tax exempt bank owned life insurance policies in the fourth quarter of 2014 and additional tax exempt municipal securities transferred in the BANKshares acquisition.
Other Highlights
Credit Quality
Reflecting organic loan growth and the accounting treatment for the newly acquired loans, the provision for loan losses was $118,000 for the fourth quarter of 2014 versus net recoveries of $3.6 million for the first nine months of 2014. Acquired loans were recorded in accordance with ASC Topic 805. As a result, loans acquired on October 1, 2014 from BANKshares, Inc. did not have an allocation for loan losses and were recorded at fair value. Additional highlights include:
-- Nonperforming loans to total loans outstanding at the end of the fourth
quarter of 1.2%, down from 2.1 % at December 31, 2013;
-- Nonperforming assets to total assets declined to 0.9%, compared to 1.5%
a year ago;
-- The allowance for loan losses for non-acquired loans to total
non-acquired loans was 1.14% at year-end compared with 1.26% in the
third quarter of 2014 and 1.54% one year ago. The discount recorded for
acquired loans to total acquired loans at year end was 3.56%.
Capital Ratios
Capital ratios remain healthy and well above regulatory requirements for well-capitalized institutions. Tier 1 capital ratio is estimated at 17.7% and the total risk based capital ratio was 18.6% at December 31, 2014. The tier 1 leverage ratio is estimated at 11.7% at December 31, 2014 compared to 11.3 % at September 30, 2014 and 9.6 % the prior year.
Explanation of Certain Unaudited Non-GAAP Financial Measures
This press release contains financial information determined by methods other than Generally Accepted Accounting Principles ("GAAP"). The financial highlights provide reconciliations between GAAP net income and adjusted net income, GAAP income and adjusted pretax, pre-provision income. 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. 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.
Reconciliation of GAAP to non-GAAP Measures. All amounts are in thousands except per share data (unaudited):
Adjusted Net Income
To better evaluate its earnings, the Company removes certain items to arrive at Adjusted net income, Adjusted pretax, pre-provision income and Adjusted diluted earnings per share (non-GAAP measures) as detailed in the table below:
Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter
(Dollars in
thousands) 2014 2014 2014 2014 2013
---- ---- ---- ---- ----
Net income (loss)
available to
common ($1,517) $2,996 $1,918 $2,299 $588
shareholders
Severance 478 328 181 212 0
Merger related
charges 2,722 399 1,234 6 0
Branch closure
charges and costs
related to expense
initiatives 4,261 68 114 0 0
Marketing and brand
refresh expense 697 0 0 0 0
Stock compensation
expense and other
incentive costs
related to
improved outlook 1,213 0 0 0 0
Security losses
(gains) (108) (344) 0 (17) 0
Miscellaneous
losses (gains) 119 (45) 144 0 190
Recovery of prior
legal fees 0 0 0 0 (350)
Recovery of non-
accrual loan
interest 0 (192) 0 0 0
Net loss on OREO
and repossessed
assets 9 156 92 53 0
Asset dispositions
expense 103 139 118 128 180
Effective tax rate
on adjustments (3,798) (219) (811) (148) (8)
------ ---- ---- ---- ---
Adjusted Net Income
(1) $4,179 $3,286 $2,990 $2,533 $600
------ ------ ------ ------ ----
Provision
(recapture) for
loan losses 118 (1,425) (1,444) (735) 490
Income taxes 3,167 2,480 2,275 1,597 1,265
Preferred stock
dividends and
accretion of
discount 0 0 0 0 1,262
--- --- --- --- -----
Adjusted pretax,
pre-provision
income (1) $7,464 $4,341 $3,821 $3,395 $3,617
------ ------ ------ ------ ------
Adjusted diluted
earnings per share
(1) $0.13 $0.13 $0.12 $0.10 $0.03
----- ----- ----- ----- -----
Average shares
outstanding 33,124 26,026 25,998 25,657 21,558
====== ====== ====== ====== ======
(1) Non-GAAP measure
Conference Call Information
Seacoast will host a conference call on Wednesday, January 28, 2015 at 8:30 a.m. (Eastern Time) to discuss the earnings results. Investors may call in at (800) 774-6070 (passcode: 7789246; host: Dennis S. Hudson). Slides will be used during the conference call and may be accessed at Seacoast's website at SeacoastBanking.net by selecting "Presentations" under the heading "Investor Services." A replay of the call will be available for one month, the afternoon of January 28, by dialing (888) 843-7419 (domestic), using the passcode 7789246.
Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast's website at SeacoastBanking.net. The link is located in the subsection "Presentations" under the heading "Investor Services." Beginning the afternoon of January 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 $3.1 billion in assets and $2.4 billion in deposits. The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through 43 traditional branches of its locally-branded wholly-owned subsidiary bank, Seacoast National Bank (including BANKshares offices), and five Accelerate Commercial Banking Centers. Offices stretch from Ft. Lauderdale, Boca Raton and West Palm Beach north through the Space Coast of Florida, into Orlando and Central Florida, and west to Okeechobee and surrounding counties.
Sources:
http://iec.ucf.edu/file.axd?file=2014%2f12%2ffl-forecast-december-2014-s.pdf
http://floridataxwatch.org/resources/pdf/EconPreview2015.pdf
http://media.floridarealtors.org/market-data/
http://floridapolitics.com/archives/2997
______________________________________________________________
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, ability to realized deferred tax assets, 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, 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, 2013, 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 share data) Three Months Ended Twelve Months Ended
---------------------------------------- ------------------ -------------------
December 31, September 30, December 31, December 31, December 31,
2014 2014 2013 2014 2013
---- ---- ---- ---- ----
Summary of Earnings
Net income (loss) $(1,517) $2,996 $1,850 $5,696 $51,989
Net income available to common shareholders (loss) (1,517) 2,996 588 5,696 47,916
Net interest income (1) 24,883 17,282 16,336 75,221 65,435
Net interest margin (1), (2) 3.56 3.17 3.08 3.25 3.15
.
Performance Ratios
Return on average assets-GAAP basis (2), (3), (7) (0.20)% 0.52% 0.33% 0.23% 2.38%
Return on average shareholders' equity-GAAP basis (2), (3), (7) (1.89) 4.97 3.10 2.22 28.36
Return on average tangible common shareholders' equity-GAAP basis (2), (3), (4) (1.71) 5.19 3.32 2.57 28.81
Efficiency ratio (5) 104.46 82.78 81.92 91.57 80.60
Noninterest income to total revenue 22.40 26.30 26.82 24.83 27.16
Per Share Data
Net income (loss) diluted-GAAP basis (6) $(0.05) $0.12 $0.03 $0.21 $2.44
Net income (loss) basic-GAAP basis (6) (0.05) 0.12 0.03 0.21 2.46
Book value per share common (6) 9.44 9.07 8.40 9.44 8.40
Tangible book value per share (6) 8.51 9.06 8.37 8.51 8.37
Cash dividends declared 0.00 0.00 0.00 0.00 0.00
(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 calculation of ROA and ROE do not include the mark-to-market unrealized gains (losses) because
the unrealized gains (losses) are not included in net income (loss).
(4) The Company defines tangible common equity as total shareholder's equity less intangible assets.
(5) 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).
(6) Calculated based on total shares outstanding subsequent to the 5/1 reverse stock split.
(7) Excluding the income tax benefit related to the reversal of the valuation allowance for deferred tax assets and reflecting
tax provisioning of $4,555 for the total year 2013, adjusted return on average assets 0.32 percent, and adjusted return
on average shareholders' equity 3.85 percent, respectively.
FINANCIAL HIGHLIGHTS
---------------------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
December 31, September 30, December 31,
(Dollars in thousands, except share data) 2014 2014 2013
---------------------------------------- ---- ---- ----
Selected Financial Data
Total assets $3,093,335 $2,361,813 $2,268,940
Securities available for sale (at fair value) 741,375 601,541 641,611
Securities held for investment (at amortized cost) 207,904 176,724 0
Net loans 1,804,814 1,373,511 1,284,139
Deposits 2,416,534 1,808,550 1,806,045
Total shareholders' equity 312,651 235,955 198,604
Common shareholders' equity 312,651 235,955 198,604
Average Balances (Year-to-Date)
Total average assets $2,485,259 $2,299,291 $2,186,757
Less: intangible assets 8,840 428 1,104
Total average tangible assets $2,476,419 $2,298,863 $2,185,653
---------- ---------- ----------
Total average equity $256,867 $235,837 $183,304
Less: intangible assets 8,840 428 1,104
Total average tangible equity $248,027 $235,409 $182,200
-------- -------- --------
Credit Analysis
Net charge-offs (recoveries) year-to-date - non-acquired loans $(553) $(1,107) $5,224
Net charge-offs year-to-date - acquired loans 64 - -
--- --- ---
Total net charge-offs (recoveries) year-to-date (489) (1,107) 5,224
Net charge-offs (recoveries) to average loans (annualized) - non-acquired loans (0.04)% (0.11)% 0.41%
Net charge-offs to average loans (annualized) - acquired loans 0.01 - -
---- --- ---
Total net charge-offs (recoveries) to average loans (annualized) (0.03) (0.11) 0.41
Loan loss provision (recapture) year-to-date - non-acquired loans $(3,550) $(3,604) $3,188
Loan loss provision year-to-date - acquired loans 64 - -
--- --- ---
Total loan loss provision (recapture) year-to-date (3,486) (3,604) 3,188
Allowance to loans at end of period - non-acquired loans 1.14% 1.26% 1.54%
Discount for credit losses to acquired loans at end of period 3.56 - -
Nonperforming loans - non-acquired loans $18,563 $18,942 $27,672
Nonperforming loans - acquired loans 3,101 - -
Other real estate owned - non-acquired 5,567 5,018 6,860
Other real estate owned - acquired 1,895 - -
Total nonperforming assets $29,126 $23,960 $34,532
------- ------- -------
Restructured loans (accruing) $24,997 $28,969 $25,137
Purchased noncredit impaired loans $332,508 $ - $ -
Purchased credit impaired loans 7,814 - -
Total acquired loans $340,322 $ - $ -
-------- -------------------- ----------------------
Nonperforming loans to loans at end of period - non-acquired loans 1.02% 1.36% 2.12%
Nonperforming loans to loans at end of period - acquired loans 0.17 - -
---- --- ---
Total nonperforming loans to loans at end of period 1.19 1.36 2.12
Nonperforming assets to total assets - non-acquired 0.78% 1.01% 1.52%
Nonperforming assets to total assets - acquired 0.16 - -
---- --- ---
Total nonperforming assets to total assets 0.94 1.01 1.52
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
------------------------------------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
(Dollars in thousands, except per share data) 2014 2013 2014 2013
-------------------------------------------- ---- ---- ---- ----
Interest on securities:
Taxable $4,728 $3,452 $15,448 $12,856
Nontaxable 182 16 211 68
Interest and fees on loans 21,070 13,924 63,586 56,971
Interest on federal funds sold and other investments 292 224 1,017 868
--- --- ----- ---
Total Interest Income 26,272 17,616 80,262 70,763
Interest on deposits 297 196 864 782
Interest on time certificates 375 444 1,538 1,947
Interest on borrowed money 867 699 2,953 2,828
--- --- ----- -----
Total Interest Expense 1,539 1,339 5,355 5,557
----- ----- ----- -----
Net Interest Income 24,733 16,277 74,907 65,206
Provision (recapture) for loan losses 118 490 (3,486) 3,188
--- --- ------ -----
Net Interest Income After Provision for Loan Losses 24,615 15,787 78,393 62,018
Noninterest income:
Service charges on deposit accounts 2,208 1,778 6,952 6,711
Trust income 795 693 2,986 2,711
Mortgage banking fees 716 728 3,057 4,173
Brokerage commissions and fees 417 461 1,614 1,631
Marine finance fees 445 215 1,320 1,189
Interchange income 1,603 1,394 5,972 5,404
Other deposit based EFT fees 92 80 343 342
BOLI Income 252 0 252 0
Other 613 617 2,248 2,158
--- --- ----- -----
7,141 5,966 24,744 24,319
Securities gains, net 108 0 469 419
--- --- --- ---
Total Noninterest Income 7,249 5,966 25,213 24,738
Noninterest expenses:
Salaries and wages 11,676 8,077 35,132 31,006
Employee benefits 2,461 1,568 8,773 7,327
Outsourced data processing costs 3,506 1,586 8,781 6,372
Telephone / data lines 419 325 1,331 1,253
Occupancy 6,417 1,824 12,022 7,178
Furniture and equipment 1,132 597 2,935 2,334
Marketing 1,561 749 3,974 2,339
Legal and professional fees 2,562 489 6,878 2,458
FDIC assessments 476 451 1,660 2,601
Amortization of intangibles 446 196 1,033 783
Asset dispositions expense 103 180 488 740
Net loss on other real estate owned and repossessed assets 9 0 310 1,289
Other 3,243 2,604 10,049 9,472
----- ----- ------ -----
Total Noninterest Expenses 34,011 18,646 93,366 75,152
Income Before Income Taxes (2,147) 3,107 10,240 11,604
Income taxes (benefit) (630) 1,257 4,544 (40,385)
---- ----- ----- -------
Net Income (1,517) 1,850 5,696 51,989
Preferred stock dividends and accretion on preferred stock discount - 1,262 - 4,073
--- ----- --- -----
Net Income Available to Common Shareholders $(1,517) $588 $5,696 $47,916
------- ---- ------ -------
Per share of common stock:
Net income diluted $(0.05) $0.03 $0.21 $2.44
Net income basic (0.05) 0.03 0.21 2.46
Cash dividends declared 0.00 0.00 0.00 0.00
Average diluted shares outstanding 33,123,525 21,558,079 27,716,895 19,650,005
Average basic shares outstanding 32,888,612 21,386,775 27,538,955 19,449,560
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
------------------------------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
December 31, December 31,
(Dollars in thousands, except share data) 2014 2013
---------------------------------------- ---- ----
Assets
Cash and due from banks $64,411 $48,561
Interest bearing deposits with other banks 36,128 143,063
------ -------
Total Cash and Cash Equivalents 100,539 191,624
Securities:
Available for sale (at fair value) 741,375 641,611
Held for investment (at amortized cost) 207,904 0
------- ---
Total Securities 949,279 641,611
Loans available for sale 12,078 13,832
Loans, net of deferred costs 1,821,885 1,304,207
Less: Allowance for loan losses (17,071) (20,068)
------- -------
Net Loans 1,804,814 1,284,139
Bank premises and equipment, net 45,086 34,505
Other real estate owned 7,462 6,860
Other intangible assets 7,454 718
Goodwill 23,217 0
Other assets 143,406 95,651
------- ------
$3,093,335 $2,268,940
---------- ----------
Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand deposits (noninterest bearing) $725,238 $464,006
NOW 652,353 540,288
Savings deposits 264,738 192,491
Money market accounts 450,172 331,184
Other time certificates 173,247 154,743
Brokered time certificates 7,034 9,776
Time certificates of $100,000 or more 143,752 113,557
------- -------
Total Deposits 2,416,534 1,806,045
Federal funds purchased and securities sold under
agreements to repurchase, maturing within 30 days 233,640 151,310
Borrowed funds 50,000 50,000
Subordinated debt 64,583 53,610
Other liabilities 15,927 9,371
------ -----
2,780,684 2,070,336
Shareholders' Equity
Common stock 3,300 2,364
Additional paid in capital 379,249 277,290
Accumulated deficit (65,000) (70,695)
Treasury stock (71) (11)
--- ---
317,478 208,948
Accumulated other comprehensive (loss), net (4,827) (10,344)
------ -------
Total Shareholders' Equity 312,651 198,604
------- -------
$3,093,335 $2,268,940
---------- ----------
Common Shares Outstanding 33,136,592 23,637,434
Note: The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
-------------------------------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
QUARTERS
--------
2014 2013
---- ----
(Dollars in thousands, except per share data) Fourth Third Second First Fourth
-------------------------------------------- ------ ----- ------ ----- ------
Net income (loss) $(1,517) $2,996 $1,918 $2,299 $1,850
Operating Ratios
Return on average assets-GAAP basis (2),(3) (0.20)% 0.52% 0.33% 0.41% 0.33%
Return on average tangible assets (2),(3),(4) (0.16) 0.54 0.36 0.43 0.35
Return on average shareholders' equity-GAAP basis (2),(3) (1.89) 4.97 3.25 4.02 3.10
Efficiency ratio (5) 104.46 82.78 89.42 84.30 81.92
Noninterest income to total revenue 22.40 26.30 26.06 25.52 26.82
Net interest margin (1),(2) 3.56 3.17 3.10 3.07 3.08
Average equity to average assets 10.51 10.37 10.27 10.13 10.55
Credit Analysis
Net charge-offs (recoveries) - non-acquired loans $554 $(856) $(112) $(139) $838
Net charge-offs - acquired loans 64 - - - -
--- --- --- --- ---
Total net charge-offs (recoveries) 618 (856) (112) (139) 838
Net charge-offs (recoveries) to average loans - non-acquired loans 0.12% (0.25)% (0.03)% (0.04)% 0.26%
Net charge-offs (recoveries) to average loans - acquired loans 0.02 - - - -
---- --- --- --- ---
Total net charge-offs (recoveries) to average loans 0.14 (0.25) (0.03) (0.04) 0.26
Loan loss provision (recapture) - non-acquired loans $54 $(1,425) $(1,444) $(735) $490
Loan loss provision (recapture) - acquired loans 64 - - - -
--- --- --- --- ---
Total loan loss provision (recapture) 118 (1,425) (1,444) (735) 490
Allowance to loans at end of period - non-acquired loans 1.14% 1.26% 1.36% 1.48% 1.54%
Discount for credit losses to acquired loans at end of period 3.56% - % - % - % - %
Nonperforming loans - non-acquired loans $18,563 $18,942 $21,745 $26,220 $27,672
Nonperforming loans - acquired loans 3,101 - - - -
Other real estate owned - non-acquired 5,567 5,018 6,198 6,369 6,860
Other real estate owned - acquired 1,895 - - - -
Total nonperforming assets $29,126 $23,960 $27,943 $32,589 $34,532
------- ------- ------- ------- -------
Restructured loans (accruing) $24,997 $28,969 $28,157 $24,537 $25,137
Purchased noncredit impaired loans $332,508 $ - $ - $ - $ -
Purchased credit impaired loans 7,814 - - - -
Total acquired loans $340,322 $ - $ - $ - $ -
-------- ------------------------ ---------------------- ----------------------- ------------------------
Nonperforming loans to loans at end of period - non-acquired loans 1.02% 1.36% 1.63% 2.00% 2.12%
Nonperforming loans to loans at end of period - acquired loans 0.17 - - - -
---- --- --- --- ---
Total nonperforming loans to loans at end of period 1.19 1.36 1.63 2.00 2.12
Nonperforming assets to total assets - non-acquired 0.78% 1.01% 1.22% 1.41% 1.52%
Nonperforming assets to total assets - acquired 0.16 - - - -
---- --- --- --- ---
Total nonperforming assets to total assets 0.94 1.01 1.22 1.41 1.52
Per Share Common Stock
Net income (loss) diluted-GAAP basis (6) $(0.05) $0.12 $0.07 $0.09 $0.03
Net income (loss) basic-GAAP basis (6) (0.05) 0.12 0.07 0.09 0.03
Cash dividends declared (6) 0.00 0.00 0.00 0.00 0.00
Book value per share common (6) 9.44 9.07 9.02 8.79 8.40
Average Balances
Total average assets $3,037,061 $2,305,799 $2,304,870 $2,286,998 $2,245,155
Less: Intangible assets 33,803 237 422 629 813
Total average tangible assets $3,003,258 $2,305,562 $2,304,448 $2,286,369 $2,244,342
---------- ---------- ---------- ---------- ----------
Total average equity $319,233 $239,031 $236,632 $231,769 $236,950
Less: Intangible assets 33,803 237 422 629 813
Total average tangible equity $285,430 $238,794 $236,210 $231,140 $236,137
----------------------------- -------- -------- -------- -------- --------
(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 calculation of ROA and ROE do not include the mark-to-market unrealized gains (losses), because the unrealized gains (losses)
are not included in net income (loss).
(4) The Company believes that return on average assets and equity excluding the impacts of noncash amortization
expense on intangible assets is a better measurement of the Company's trend in earnings growth.
(5) 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).
(6) Calculated based on total shares outstanding subsequent to the 5/1 reverse stock split.
December 31, December 31,
SECURITIES 2014 2013
---------- ---- ----
U.S. Treasury and U.S. Government Agencies $3,899 $100
Mortgage-backed 587,933 602,568
Collateralized loan obligations 125,225 32,179
Obligations of states and political subdivisions 24,318 6,764
------ -----
Securities Available for Sale 741,375 641,611
------- -------
Mortgage-backed 182,076 0
Collateralized loan obligations 25,828 0
------ ---
Securities Held for Investment 207,904 0
------- ---
Total Securities $949,279 $641,611
-------- --------
December 31, December 31,
LOANS 2014 2013
----- ---- ----
Construction and land development $87,036 $67,450
Real estate mortgage 1,524,044 1,113,128
Installment loans to individuals 52,897 44,713
Commercial and financial 157,396 78,636
Other loans 512 280
--- ---
Total Loans $1,821,885 $1,304,207
---------- ----------
AVERAGE BALANCES (Unaudited)
---------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
QUARTER Percent Change vs.
-------
2014 2013 3rd Qtr 4th Qtr
(Dollars in thousands) Fourth Third Second First Fourth 2014 2013
--------------------- ------ ----- ------ ----- ------ ---- ----
Assets
Earning assets:
Securities:
Taxable $897,472 $698,274 $677,600 $653,646 $655,176 28.5% 37.0%
Nontaxable 15,871 742 827 1,016 1,560 2,038.9 917.4
------ --- --- ----- -----
Total Securities 913,343 699,016 678,427 654,662 656,736 30.7 39.1
Federal funds sold and other
investments 63,690 98,711 153,410 188,048 156,823 (35.5) (59.4)
Loans, net 1,794,423 1,365,978 1,338,415 1,307,796 1,293,373 31.4 38.7
--------- --------- --------- --------- ---------
Total Earning Assets 2,771,456 2,163,705 2,170,252 2,150,506 2,106,932 28.1 31.5
Allowance for loan losses (18,723) (17,972) (19,784) (20,205) (20,817) 4.2 (10.1)
Cash and due from banks 88,745 44,172 35,735 37,186 40,836 100.9 117.3
Premises and equipment 47,379 34,717 34,948 34,731 34,750 36.5 36.3
Other assets 148,204 81,177 83,719 84,780 83,454 82.6 77.6
------- ------ ------ ------ ------
$3,037,061 $2,305,799 $2,304,870 $2,286,998 $2,245,155 31.7 35.3
---------- ---------- ---------- ---------- ----------
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW $585,895 $489,138 $498,285 $507,313 $483,569 19.8% 21.2%
Savings deposits 263,066 212,479 205,686 197,300 190,558 23.8 38.1
Money market accounts 457,364 339,937 336,772 330,787 332,576 34.5 37.5
Time deposits 327,327 252,179 259,325 270,215 282,543 29.8 15.9
Federal funds purchased and
other short term borrowings 227,806 153,696 150,108 155,656 142,999 48.2 59.3
Other borrowings 114,560 103,610 103,610 103,610 103,610 10.6 10.6
------- ------- ------- ------- -------
Total Interest-Bearing Liabilities 1,976,018 1,551,039 1,553,786 1,564,881 1,535,855 27.4 28.7
Demand deposits (noninterest-bearing) 728,410 506,478 505,892 481,048 462,830 43.8 57.4
Other liabilities 13,400 9,251 8,560 9,300 9,520 44.8 40.8
------ ----- ----- ----- -----
Total Liabilities 2,717,828 2,066,768 2,068,238 2,055,229 2,008,205 31.5 35.3
Shareholders' equity 319,233 239,031 236,632 231,769 236,950 33.6 34.7
------- ------- ------- ------- -------
$3,037,061 $2,305,799 $2,304,870 $2,286,998 $2,245,155 31.7 35.3
---------- ---------- ---------- ---------- ----------
AVERAGE YIELDS / RATES (1) (Unaudited)
--------------------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
QUARTER
-------
2014 2013
(Dollars in thousands) Fourth Third Second First Fourth
--------------------- ------ ----- ------ ----- ------
Assets
Earning assets:
Securities:
Taxable 2.11% 2.09% 2.14% 2.10% 2.11%
Nontaxable 7.03 7.01 6.77 6.69 6.41
---- ---- ---- ---- ----
Total Securities 2.19 2.10 2.15 2.11 2.12
Federal funds sold and other
investments 1.82 0.85 0.64 0.58 0.57
Loans, net 4.67 4.26 4.24 4.29 4.29
---- ---- ---- ---- ----
Total Earning Assets 3.78 3.40 3.33 3.31 3.33
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW 0.08 0.07 0.08 0.08 0.08
Savings deposits 0.06 0.04 0.04 0.05 0.05
Money market accounts 0.12 0.09 0.08 0.08 0.09
Time deposits 0.45 0.58 0.60 0.61 0.62
Federal funds purchased and
other short term borrowings 0.17 0.18 0.17 0.17 0.17
Other borrowings 2.67 2.43 2.43 2.44 2.44
---- ---- ---- ---- ----
Total Interest-Bearing Liabilities 0.31 0.32 0.33 0.33 0.35
Interest expense as a % of earning assets 0.22 0.23 0.23 0.24 0.25
Net interest income as a % of earning assets 3.56 3.17 3.10 3.07 3.08
(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.
INTEREST INCOME / EXPENSE (1) (Unaudited)
----------------------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
QUARTER Percent Change vs.
-------
2014 2013 3rd Qtr 4th Qtr
(Dollars in thousands) Fourth Third Second First Fourth 2014 2013
--------------------- ------ ----- ------ ----- ------ ---- ----
Assets
Earning assets:
Securities:
Taxable $4,728 $3,656 $3,630 $3,434 $3,452 29.3% 37.0%
Nontaxable 279 13 14 17 25 2,046.2 1,016.0
--- --- --- --- ---
Total Securities 5,007 3,669 3,644 3,451 3,477 36.5 44.0
Federal funds sold and other
investments 292 211 246 268 224 38.4 30.4
Loans, net 21,123 14,665 14,151 13,849 13,974 44.0 51.2
------ ------ ------ ------ ------
Total Earning Assets 26,422 18,545 18,041 17,568 17,675 42.5 49.5
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW 112 91 94 102 96 23.1 16.7
Savings deposits 42 24 23 24 26 75.0 61.5
Money market accounts 143 74 67 68 74 93.2 93.2
Time deposits 375 370 386 407 444 1.4 (15.5)
Federal funds purchased and
other short term borrowings 97 69 65 66 62 40.5 56.5
Other borrowings 770 635 627 624 637 21.3 20.9
--- --- --- --- ---
Total Interest-Bearing Liabilities 1,539 1,263 1,262 1,291 1,339 21.9 14.9
----- ----- ----- ----- -----
Net interest income 24,883 17,282 16,779 16,277 16,336 44.0 52.3
------ ------ ------ ------ ------
(1) On a fully taxable equivalent basis. Fees on loans have been included in interest on loans
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
-------------------------------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2014 2013
----
(Dollars in thousands) Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter
--------------------- -------------- ------------- -------------- ------------- --------------
Customer Relationship Funding (Period End)
Demand deposits (noninterest bearing)
Commercial $481,327 $301,630 $293,515 $291,221 $261,938
Retail 190,120 162,392 167,172 173,698 159,117
Public funds 41,201 39,329 33,223 34,636 32,971
Other 12,590 18,650 15,888 14,370 9,980
725,238 522,001 509,798 513,925 464,006
NOW accounts
Commercial 58,173 41,131 41,423 41,281 43,241
Retail 407,653 324,690 327,762 329,226 324,583
Public funds 186,527 114,006 124,742 134,191 172,464
652,353 479,827 493,927 504,698 540,288
Total Transaction Accounts
Commercial 539,500 342,761 334,938 332,501 305,179
Retail 597,773 487,082 494,934 502,924 483,700
Public funds 227,728 153,335 157,965 168,828 205,435
Other 12,590 18,650 15,888 14,370 9,980
1,377,591 1,001,828 1,003,725 1,018,623 1,004,294
Savings accounts 264,738 215,076 208,333 202,170 192,491
Money market accounts
Commercial 172,417 118,385 114,662 109,158 100,601
Retail 264,725 218,376 213,927 221,762 221,062
Public funds 13,030 7,965 6,657 6,488 9,521
450,172 344,726 335,246 337,408 331,184
Time certificates of deposit 324,033 246,920 258,233 261,594 278,076
-------
Total Deposits $2,416,534 $1,808,550 $1,805,537 $1,819,795 $1,806,045
========== ========== ========== ========== ==========
Sweep repurchase agreements $153,640 $124,436 $141,662 $156,136 $151,310
======== ======== ======== ======== ========
Total core customer funding (1) $2,246,141 $1,686,066 $1,688,966 $1,714,337 $1,679,279
========== ========== ========== ========== ==========
(1) Total deposits and sweep repurchase agreements, excluding certificates of deposits.
QUARTERLY TRENDS - LOANS AT END OF PERIOD (Dollars in Millions)
--------------------------------------------------------------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2014 2013
---- ----
4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
------- ------- ------- ------- ------- ------- ------- -------
Installment loans to individuals
Automobile and trucks $7.8 $6.6 $6.1 $6.2 $6.6 $7.1 $7.5 $7.8
Marine loans 26.2 24.4 23.3 20.8 20.2 21.3 16.7 15.4
Other 18.9 16.6 15.8 17.6 17.9 18.8 20.1 20.0
---- ---- ---- ---- ---- ---- ---- ----
52.9 47.6 45.2 44.6 44.7 47.2 44.3 43.2
Construction and land development to individuals
Lot loans 15.5 13.3 13.1 13.3 12.9 14.7 15.5 16.6
Construction 18.2 17.0 16.7 24.4 21.3 19.7 20.7 20.8
---- ---- ---- ---- ---- ---- ---- ----
33.7 30.3 29.8 37.7 34.2 34.4 36.2 37.4
Residential real estate
Adjustable 441.2 417.0 407.7 392.5 391.9 378.4 372.6 365.8
Fixed rate 93.9 92.2 91.0 89.8 91.1 94.7 97.5 98.2
Home equity mortgages 71.8 52.1 54.9 60.6 62.0 61.8 62.2 61.3
Home equity lines 80.0 62.0 53.2 49.7 47.7 47.7 49.1 49.3
---- ---- ---- ---- ---- ---- ---- ----
686.9 623.3 606.8 592.6 592.7 582.6 581.4 574.6
----- ----- ----- ----- ----- ----- ----- -----
TOTAL CONSUMER 773.5 701.2 681.8 674.9 671.6 664.2 661.9 655.2
----- ----- ----- ----- ----- ----- ----- -----
Commercial & financial 157.4 91.3 87.3 79.4 78.6 70.8 65.2 64.8
Construction and land development for commercial
Residential
Single family residences 6.8 4.8 5.1 1.8 2.0 - - -
Single family land and lots 6.1 4.3 4.5 4.7 4.9 4.9 5.0 4.9
Townhomes 0.3 - 1.1 0.5 - - - -
Multifamily 3.0 3.5 3.5 3.6 3.7 3.8 3.9 3.9
--- --- --- --- --- --- --- ---
16.2 12.6 14.2 10.6 10.6 8.7 8.9 8.8
Commercial
Office buildings 1.6 - - - - 1.6 1.6 1.1
Retail trade 0.7 2.5 2.4 2.9 7.7 1.8 1.8 -
Land 18.2 4.2 4.1 4.4 4.9 7.3 7.2 7.8
Healthcare - - - 7.1 5.4 4.7 2.9 3.3
Churches and educational facilities 2.9 1.0 1.6 1.1 3.8 4.0 2.5 1.2
Lodging 7.1 6.9 5.2 3.4 0.9 0.3 - -
Convenience stores 3.2 0.3 0.1 - - - - -
Industrial buildings 2.7 - - - - - - -
Auto and RV dealerships 0.3 - - - - - - -
Other 0.4 - - - - - - -
37.1 14.9 13.4 18.9 22.7 19.7 16.0 13.4
---- ---- ---- ---- ---- ---- ---- ----
Total construction and land development 53.3 27.5 27.6 29.5 33.3 28.4 24.9 22.2
Commercial real estate
Office buildings 235.7 127.1 122.8 120.0 118.7 118.2 112.0 112.5
Retail trade 205.5 163.4 142.8 142.0 130.6 128.9 135.5 122.2
Industrial 157.3 89.6 82.2 76.7 81.1 79.6 83.3 73.4
Healthcare 50.6 40.7 41.6 44.1 45.5 38.8 42.1 39.4
Churches and educational facilities 26.1 26.0 26.7 26.9 25.3 24.2 26.4 26.9
Recreation 3.2 3.3 3.3 2.4 2.5 2.5 2.6 2.6
Multifamily 17.4 17.0 18.7 17.2 16.8 6.2 9.5 8.5
Mobile home parks 1.7 1.7 1.7 1.8 1.9 1.9 1.9 2.0
Lodging 16.9 16.9 17.0 16.9 17.1 17.3 17.5 18.0
Restaurant 3.3 3.3 3.9 3.7 3.7 3.8 3.5 3.6
Agricultural 2.6 2.6 4.6 4.7 7.0 7.2 7.1 5.9
Convenience stores 21.2 23.3 20.9 22.0 20.8 21.0 20.2 20.2
Marina 18.5 18.6 18.5 20.6 21.3 21.5 20.9 21.1
Other 77.2 37.2 33.5 29.4 28.1 27.9 31.1 25.1
---- ---- ---- ---- ---- ---- ---- ----
837.2 570.7 538.2 528.4 520.4 499.0 513.6 481.4
TOTAL COMMERCIAL 1,047.9 689.5 653.1 637.3 632.3 598.2 603.7 568.4
------- ----- ----- ----- ----- ----- ----- -----
Other 0.5 0.4 0.3 0.2 0.3 0.5 0.3 0.2
--- --- --- --- --- --- --- ---
$1,821.9 $1,391.1 $1,335.2 $1,312.4 $1,304.2 $1,262.9 $1,265.9 $1,223.8
======== ======== ======== ======== ======== ======== ======== ========
QUARTERLY TRENDS - INCREASE (DECREASE) IN LOANS BY QUARTER (Dollars in Millions)
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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2014 2013
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4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
------- ------- ------- ------- ------- ------- ------- -------
Installment loans to individuals
Automobile and trucks $1.2 $0.5 $(0.1) $(0.4) $(0.5) $(0.4) $(0.3) $ -
Marine loans 1.8 1.1 2.5 0.6 (1.1) 4.6 1.3 (3.0)
Other 2.3 0.8 (1.8) (0.3) (0.9) (1.3) 0.1 (0.7)
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5.3 2.4 0.6 (0.1) (2.5) 2.9 1.1 (3.7)
Construction and land development to individuals
Lot loans 2.2 0.2 (0.2) 0.4 (1.8) (0.8) (1.1) (0.1)
Construction 1.2 0.3 (7.7) 3.1 1.6 (1.0) (0.1) (1.4)
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3.4 0.5 (7.9) 3.5 (0.2) (1.8) (1.2) (1.5)
Residential real estate
Adjustable 24.2 9.3 15.2 0.6 13.5 5.8 6.8 4.8
Fixed rate 1.7 1.2 1.2 (1.3) (3.6) (2.8) (0.7) (0.8)
Home equity mortgages 19.7 (2.8) (5.7) (1.4) 0.2 (0.4) 0.9 3.3
Home equity lines 18.0 8.8 3.5 2.0 - (1.4) (0.2) (2.1)
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63.6 16.5 14.2 (0.1) 10.1 1.2 6.8 5.2
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TOTAL CONSUMER 72.3 19.4 6.9 3.3 7.4 2.3 6.7 -
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Commercial & financial 66.1 4.0 7.9 0.8 7.8 5.6 0.4 2.9
Construction and land development for commercial
Residential
Single family residences 2.0 (0.3) 3.3 (0.2) 2.0 - - -
Single family land and lots 1.8 (0.2) (0.2) (0.2) - (0.1) 0.1 (0.7)
Townhomes 0.3 (1.1) 0.6 0.5 - - - -
Multifamily (0.5) - (0.1) (0.1) (0.1) (0.1) - (0.4)
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3.6 (1.6) 3.6 (0.0) 1.9 (0.2) 0.1 (1.1)
Commercial
Office buildings 1.6 - - - (1.6) - 0.5 1.1
Retail trade (1.8) 0.1 (0.5) (4.8) 5.9 - 1.8 -
Land 14.0 0.1 (0.3) (0.5) (2.4) 0.1 (0.6) (1.8)
Healthcare - - (7.1) 1.7 0.7 1.8 (0.4) 1.5
Churches and educational facilities 1.9 (0.6) 0.5 (2.7) (0.2) 1.5 1.3 0.7
Lodging 0.2 1.7 1.8 2.5 0.6 0.3 - -
Convenience stores 2.9 0.2 0.1 - - - - -
Industrial buildings 2.7 - - - - - - -
Auto and RV dealerships 0.3 - - - - - - -
Other 0.4 - - - - - - -
22.2 1.5 (5.5) (3.8) 3.0 3.7 2.6 1.5
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Total construction and land development 25.8 (0.1) (1.9) (3.8) 4.9 3.5 2.7 0.4
Commercial real estate
Office buildings 108.6 4.3 2.8 1.3 0.5 6.2 (0.5) 7.8
Retail trade 42.1 20.6 0.8 11.4 1.7 (6.6) 13.3 (4.5)
Industrial 67.7 7.4 5.5 (4.4) 1.5 (3.7) 9.9 0.8
Healthcare 9.9 (0.9) (2.5) (1.4) 6.7 (3.3) 2.7 (1.3)
Churches and educational facilities 0.1 (0.7) (0.2) 1.6 1.1 (2.2) (0.5) (1.7)
Recreation (0.1) - 0.9 (0.1) - (0.1) - (0.1)
Multifamily 0.4 (1.7) 1.5 0.4 10.6 (3.3) 1.0 (0.5)
Mobile home parks - - (0.1) (0.1) - - (0.1) -
Lodging - (0.1) 0.1 (0.2) (0.2) (0.2) (0.5) (0.7)
Restaurant - (0.6) 0.2 - (0.1) 0.3 (0.1) 0.1
Agricultural - (2.0) (0.1) (2.3) (0.2) 0.1 1.2 (0.2)
Convenience stores (2.1) 2.4 (1.1) 1.2 (0.2) 0.8 - (0.3)
Marina (0.1) 0.1 (2.1) (0.7) (0.2) 0.6 (0.2) (0.1)
Other 40.0 3.7 4.1 1.3 0.2 (3.2) 6.0 (4.7)
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266.5 32.5 9.8 8.0 21.4 (14.6) 32.2 (5.4)
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TOTAL COMMERCIAL 358.4 36.4 15.8 5.0 34.1 (5.5) 35.3 (2.1)
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Other 0.1 0.1 0.1 (0.1) (0.2) 0.2 0.1 (0.2)
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$430.8 $55.9 $22.8 $8.2 $41.3 $(3.0) $42.1 $(2.3)
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/seacoast-banking-generates-organic-loan-growth-of-12-in-2014-acquisition-and-growth-expands-net-interest-margin-39-bps-and-boosts-core-profitability-300026659.html
SOURCE Seacoast Banking Corporation of Florida
