STUART, Fla., July 23, 2015 /PRNewswire/ --
Second Quarter 2015 Earnings Highlights
- Revenues increased $1.5 million,
or 4.5%, linked quarter to $34.5
million, and $11.9 million, or
53%, compared to Q2 2014,
- Fee income increased $1.5
million, or 21%, sequentially and $3.0 million, or 50%, year-over-year,
- Net interest margin increased 40 basis points year-over-year to
3.50%, reflecting improved balance sheet mix particularly due to
increased lending,
- Adjusted net income excluding merger costs and other
adjustments1 increased 106% to $6.2 million, or $
0.19 per diluted share, compared to $3.0 million, or $0.12 per diluted share, in Q2 2014.
1 Non-GAAP measure, see "Explanation of Certain
Unaudited Non-GAAP Financial Measures"
Second Quarter 2015 Growth Highlights
- Loans increased $83 million or
18% annualized compared to Q1 2015, and rose 45%
year-over-year. Excluding the acquisition of The BANKshares,
loans increased $238 million or 18%
compared to Q2 2014,
- Total households increased a strong 5%, annualized from Q1 and
20% compared to Q2 2014. Excluding BANKshares customers,
year-over-year household growth was 5.3%,
- Achieved record levels of business and consumer lending during
the quarter, reflecting success in Accelerate Commercial Banking,
as well as digitally-enabled marketing and cross-selling
initiatives,
- Closed the Grand Bancshares, Inc. acquisition and completed the
conversion of Grand's customers over the July 17 weekend, adding approximately
$190 million in deposits and
$121 million in gross loans in the
attractive Palm Beach market.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) today reported results
for the second quarter of 2015. Second quarter revenue rose
$1.5 million, or 4.5%, to
$34.5 million compared to
$33.0 million in the prior
quarter. Net income increased $3.9
million, or 203%, to $5.8
million, compared to the second quarter of 2014, and
decreased slightly from $5.9 million
in the first quarter 2015. The company reported $0.18 diluted net income per common share
compared with $0.07 in the second
quarter last year, and $0.18
sequentially in the first quarter of 2015.
Net income improved 177% to $11.7
million, or $0.35 per diluted
common share, for the first half of 2015 from $4.2 million, or $0.16 per diluted common share, for the first
half of 2014.
"Our strategic focus on improving profitability, investing for
growth and managing risk continues to yield consistent results, as
demonstrated by our second quarter performance," said Dennis S. Hudson, III, Chairman and CEO.
"Investments to expand our Accelerate business banking platform,
combined with increased digital marketing and cross sell efforts
company-wide, are yielding strong results that demonstrate our
value proposition and community bank approach are resonating in the
marketplace."
"With our success comes additional expense, reflecting our
growth and investment for the future," Hudson continued.
"These expenses include the addition of a receivables funding
team from First Growth Capital (FGC), volume-related commissions,
brand-based marketing in our Orlando markets and key senior management
hires."
"We look forward to sustained growth as we leverage our recent
acquisitions, most recently welcoming the customers and
customer-serving associates from Grand Bancshares, Inc., which we
successfully closed and integrated last week," Hudson
concluded.
"Revenue increases drove the improvement in Seacoast's
profitability and reflect significant organic growth, as well as
benefits from acquisition activity," said Stephen A. Fowle, Executive Vice President and
Chief Financial Officer. "We continue to produce positive
trends in loan production, fee income, and household growth,
including record loan originations and record new household growth
through the first half of the year. During the quarter, we
achieved outsized loan growth and strong fee income increases
despite a seasonally slow quarter. Net interest income, taking into
consideration an expected decrease in acquired loan accretion, also
showed significant continued momentum."
FINANCIAL
HIGHLIGHTS
(Dollars in thousands
except per share data)
|
|
2Q15
|
1Q15
|
4Q14
|
3Q14
|
2Q14
|
|
|
|
|
|
|
|
Total
Assets
|
|
$3,233,588
|
$3,231,956
|
$3,093,335
|
$2,361,813
|
$2,294,156
|
|
|
|
|
|
|
|
Loans
|
|
1,937,399
|
1,854,487
|
1,821,885
|
1,391,082
|
1,335,192
|
|
|
|
|
|
|
|
Deposits
|
|
2,605,177
|
2,609,825
|
2,416,534
|
1,808,550
|
1,805,537
|
|
|
|
|
|
|
|
Net Income (Loss)
Available to Common Shareholders
|
|
5,805
|
5,859
|
(1,517)
|
2,996
|
1,918
|
|
|
|
|
|
|
|
Diluted Earnings Per
Share
|
|
0.18
|
0.18
|
(0.05)
|
0.12
|
0.07
|
|
|
|
|
|
|
|
Return on Average
Assets
|
|
0.72 %
|
0.75 %
|
(0.20 %)
|
0.52 %
|
0.33 %
|
|
|
|
|
|
|
|
Net Interest
Margin
|
|
3.50
|
3.62
|
3.56
|
3.17
|
3.10
|
Efficiency
Ratio
|
|
68.6
|
68.3
|
104.5
|
82.8
|
89.4
|
|
|
|
|
|
|
|
Pretax, Pre-provision
Income (1)
|
|
$10,224
|
$9,832
|
($2,029)
|
$3,832
|
$1,938
|
Average Diluted
Shares
Outstanding (000)
|
|
33,234
|
33,136
|
33,124
|
26,026
|
25,998
|
Adjusted Net Income
(1)
|
|
$6,172
|
$6,177
|
$4,179
|
$3,286
|
$2,990
|
Adjusted Diluted
Earnings
Per Share (1)
|
|
0.19
|
0.19
|
0.13
|
0.13
|
0.12
|
|
|
|
|
|
|
|
Adjusted Return on
Average Assets (1)
|
|
0.77 %
|
0.79 %
|
0.55 %
|
0.57 %
|
0.52 %
|
|
|
|
|
|
|
|
Adjusted Efficiency
Ratio (1)
|
|
67.5
|
67.5
|
74.8
|
79.6
|
82.0
|
Adjusted Pretax,
Pre-provision Income (1)
|
|
$10,815
|
$10,342
|
$7,464
|
$4,341
|
$3,821
|
|
|
|
|
|
|
|
Annualized Adjusted
Core
Operating Expenses
as
a Percent of
Average
Assets (1)
|
|
2.91%
|
2.88%
|
3.13%
|
3.21%
|
3.24%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Non-GAAP measure, see "Explanation of Certain
Unaudited Non-GAAP Financial Measures"
Acquisitions Update
"Our 2014 acquisition of The
BANKshares, continues to be a home run, opening the vibrant greater
Orlando markets to us," said
Hudson. "Orlando remains one
of the strongest markets in Florida, and we remain bullish on this area
for growth and profitability."
"We are also excited to welcome the customers and
customer-service team members from Grand Bancshares, Inc., which we
successfully closed and integrated into our platform just last
week," Hudson continued. "Our acquisition strategy is complementing
our legacy banking business and is successfully adding new
customers and opening new markets, fueling robust franchise
growth."
Florida Economic Update
"Our Florida markets,
spanning much of the central Atlantic coastline and the greater
Orlando markets, are growing at
very healthy rates," said Hudson. According to the
June 2015 American Banker Magazine,
"Florida is once again outgrowing
the rest of the country, and some of its thriving community banks
are emerging as real contenders to be the next state
flagship."
"Nonfarm employment rose on a year-over-year basis in 23 of
Florida's 24 metropolitan areas
and was unchanged in one area, Homosassa Springs. The largest
gains continue to be in the Orlando (47,200 new jobs), Tampa-St
Petersburg (32,900 jobs) and Miami (27,900 jobs) metropolitan areas.
Fort Lauderdale (27,300 jobs),
West Palm Beach (15,900 jobs) and
Jacksonville (15,100 jobs) round
out Florida's big 6 metro areas,"
according to the U.S. Department of Labor and Wells Fargo
Securities, LLC.
"Our move into Orlando is going
very well, and is providing excellent opportunities for growth,"
Hudson continued. According to the Orlando Business Journal,
"It was another record quarter for Florida tourism numbers, as the Sunshine State
welcomed 28.4 million visitors in the first quarter, an increase of
6.2% over the same period a year ago. (May 15, 2015) "Visit Orlando reports
that more than 62 million people visited Orlando in 2014, marking an all-time new
record for the U.S. travel industry." (April
9, 2015) As an additional indication of the Orlando market growth, Orlando Realtors.org
reported, "A leap in "normal" transactions has boosted Orlando area home sales more than 21% over
June 2014 and to its highest number
--3,435-- since the Orlando Regional REALTOR® Association began
recording sales. In addition to skyrocketing sales, the median
price for existing homes sold in June increased 7.73%."
Income Statement Highlights
Net Interest Income and Margin, up 40 basis points from 2Q14,
Normalizes as Expected from the First Quarter
Net interest
income for the quarter totaled $25.8
million, a $9.0 million or 54%
increase from second quarter 2014 levels. Net interest income
held flat with Q1 levels despite a significant amount of excess
purchase loan accretion recognized in the first quarter.
Strong loan growth (a $55.0 million
average balance increase) helped offset the impact of reduced
purchased loan accretion. Net interest margin increased 40
basis points from prior year levels to 3.50%. Margin
decreased twelve basis points sequentially, also related to
purchased loan accretion. Purchased loan accretion for the
second quarter is near expected levels, although the timing of such
loan accretion is expected to be unpredictable.
Noninterest Income Boosted by New Account Growth
Noninterest income increased $3.0
million or 50% from a year ago to $8.8 million and $1.5
million or 21% above the first quarter of 2015.
Year-over-year growth in all categories of service fee income
reflects strength in customer acquisition and cross sell, as well
as benefits of the successful BANKshares customer
integration. Linked-quarter noninterest income improvement
was fueled by continued household growth. Service charges on
deposit accounts increased $113,000
and interchange income grew $296,000
from the first quarter of 2015. Marine finance fees also grew
$295,000 or 150% from the first
quarter. Adjusting for the gain on a participated loan of
$725,000 during the quarter, fee
income increased $813,000 or 11%.
Accounting treatment for $725,000 of discount accreted from the
participated loan required this income to be included in other
operating income rather than taken through the margin.
Noninterest Expense Increases from Core Growth and
Acquisition
Seacoast's efficiency ratio improved to 68.6%
in the second quarter of 2015 from 89.4% during the prior
year. This decrease is related to improved operating
leverage, as strong revenue growth significantly outpaced
expenses.
Noninterest expense increased $3.6
million or 17% from prior year levels and $1.1 million or 5% from the first quarter
2015. Year-over-year expense increases reflect the
acquisition of The BANKshares, offset by planned expense reduction
initiatives. Linked quarter increases reflect investment in
our franchise, and variable expenses related to a strong quarter of
production. Notable increases include: the acquisition of FGC
during the second quarter 2015 which contributed approximately
$351,000 in expense;
production-driven commission expense which added approximately
$375,000; marketing expense focused
on customer acquisition and for corporate branding in BANKshare's
Orlando footprint which
contributed $250,000 to the
increase.
Merger related expenses totaled $337,000 in the second quarter 2015 compared to
$275,000 in the first quarter of 2015
and $1.2 million in the second
quarter 2014.
Balance Sheet Highlights
Year-over-Year Deposit Growth Reflects Marketing Wins and
Successful Acquisitions
Total deposits increased 44.3% to
$2.61 billion at June 30, 2015, from year ago levels. Core
customer funding increased to $2.47
billion at June 30, 2015, a
$781.0 million increase from the
second quarter of 2014. Noninterest demand deposits grew
$15.1 million, or 1.9% from the first
quarter and $298.6 million or 58.6%
from the second quarter of 2014. As a result, noninterest
demand deposits increased to 31.0% of total deposits, up from 28.2%
one year ago. Excluding the acquisition, core customer
funding increased by $333.6 million
or 19.8% from one year ago and total deposits increased
$283.3 million or 15.7% from one year
ago. A 5% linked quarter household growth rate was offset by
seasonal deposit balance decreases.
(Dollars in
thousands)
|
Second
Quarter
2015
|
|
First
Quarter
2015
|
|
Fourth Quarter
2014
|
Third Quarter
2014
|
Second Quarter
2014
|
|
Customer Relationship
Funding
|
|
|
|
|
|
|
|
|
Noninterest demand
|
$ 808,429
|
|
$ 793,336
|
|
$ 725,238
|
$ 522,001
|
$ 509,798
|
|
Interest-bearing
demand
|
599,268
|
|
634,854
|
|
652,353
|
479,827
|
493,927
|
|
Money
market
|
621,973
|
|
596,600
|
|
450,172
|
344,726
|
335,246
|
|
Savings
|
282,588
|
|
272,963
|
|
264,738
|
215,076
|
208,333
|
|
Time certificates of
deposit
|
292,919
|
|
312,072
|
|
324,033
|
246,920
|
258,233
|
|
Total deposits
|
2,605,177
|
|
2,609,825
|
|
2,416,534
|
1,808,550
|
1,805,537
|
|
Customer sweep
accounts
|
157,676
|
|
170,023
|
|
153,640
|
124,436
|
141,662
|
|
Total core customer
funding (1)
|
2,469,934
|
|
2,467,776
|
|
2,246,141
|
1,686,066
|
1,688,966
|
|
Demand deposit
mix
(noninterest
bearing)
|
31.0%
|
|
30.4%
|
|
30.0%
|
28.9%
|
28.2%
|
|
(1) Total deposits and
customer sweep accounts, excluding time certificates of
deposit.
Loan Growth and Pipelines at Trailing-Four-Quarter
Highs
Total loans were $1.94
billion at June 30, 2015, up
$602.2 million from a year ago.
Excluding loans acquired in the BANKshares transaction, loans
increased $237.9 million or 17.8%
from the prior year's second quarter.
Commercial loan originations for the quarter were a strong
$85.8 million, increasing
$24.5 million or 39.9% over the first
quarter and $32.6 million or 61.2%
over the second quarter 2014. The commercial pipeline (in
underwriting and approval or approved and not yet closed) totaled
$108.5 million at June 30, 2015, yet again the highest in the
trailing four quarters.
Closed residential production totaled $81.8 million compared to $55.8 million in the first quarter and
$61.2 million in the second quarter
of 2014. The residential pipeline continued to climb, totaling
$53.9 million at June 30, 2015 compared to $48.5 million at March 31,
2014 and $28.3 million one
year ago. Consumer loan and small business originations (inclusive
of lines of credit) totaled $55.3
million in the second quarter of 2015 compared to
$38.9 in the first quarter and
$18.0 million one year ago.
(Dollars in
thousands)
|
|
2Q 15
|
1Q15
|
4Q14
|
3Q14
|
2Q14
|
|
|
|
|
|
|
|
Commercial
pipeline
|
|
$108,538
|
$82,143
|
$60,136
|
$45,534
|
$58,168
|
Commercial loans
closed
|
|
85,815
|
61,357
|
94,719
|
72,630
|
53,250
|
Total Commercial loan
originations and pipeline
|
|
$194,353
|
$143,500
|
$154,855
|
$118,164
|
$111,418
|
|
|
|
|
|
|
|
Residential
pipeline
|
|
$53,902
|
$48,485
|
$21,351
|
$22,588
|
$28,345
|
Residential loans
retained
|
|
45,596
|
23,951
|
31,598
|
31,781
|
33,203
|
Residential loans
sold
|
|
36,182
|
31,896
|
26,336
|
34,228
|
27,994
|
Total Residential
loan originations and pipeline
|
|
$135,680
|
$104,332
|
$79,285
|
$88,597
|
$89,542
|
Other Highlights
Credit Quality Maintains Strong Trends
The provision
for loan losses increased to $855,000
for the second quarter of 2015, up from a $1.4 million recapture in the second quarter 2014
and a $422,000 or 97% increase from
$433,000 recorded in the first
quarter 2015. The second quarter provision is attributable to
strong loan growth during the quarter. The allowance for loan
losses for non-acquired loans was 1.10% of total loans, compared to
1.13% in the first quarter 2015.
Additional highlights include:
- Nonperforming loans to total loans outstanding at the end of
the second quarter was 1.0%, down from 1.6% at June 30, 2014;
- Nonperforming assets to total assets declined to 0.8%, compared
to 1.2% a year ago.
Capital Ratios Continue to Improve from Earnings
Momentum
Tangible book value and book value per share each
increased by $0.13 per share from the
prior quarter to $8.87 and
$9.84, respectively at the end of the
second quarter. Average tangible common equity to assets was
a strong 9.24% for the second quarter 2015.
Conference Call Information
Seacoast will host a
conference call on Friday, July 24,
2015 at 1:00 p.m. (Eastern
Time) to discuss the earnings results. Investors may
call in (toll-free) by dialing (888) 517-2513 (passcode: 7789246;
host: Dennis S. Hudson). Slides will
be used during the conference call and may be accessed at
Seacoast's website at SeacoastBanking.com by selecting
"Presentations" under the heading "Investor Services." A
replay of the call will be available for one month, beginning late
afternoon of July 24, 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.com.
The link is located in the subsection "Presentations" under the
heading "Investor Services." Beginning the afternoon of
July 24, 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 $3.2 billion in assets and $2.6 billion in deposits as of June 30, 2015. The Company provides integrated
financial services including commercial and retail banking, wealth
management, and mortgage services to customers through advanced
banking solutions, 44 traditional branches of its locally-branded
wholly-owned subsidiary bank, Seacoast Bank, and five commercial
banking centers. Offices stretch from Ft.
Lauderdale, Boca Raton and
West Palm Beach north through the
Space Coast of Florida, into
Orlando and Central Florida, and west to Okeechobee and surrounding counties. More
information about the Company is available at
SeacoastBanking.com.
Sources:
http://www.americanbanker.com/magazine/2015-06-01-1074530-1.html
https://www08.wellsfargomedia.com/downloads/pdf/com/insights/economics/regional-reports/FL_Employment_07172015.pdf
http://www.floridatoday.com/story/news/local/2015/05/15/record-tourism-numbers-sunshine-state/27367565/
http://www.bizjournals.com/orlando/blog/2015/04/orlando-becomes-first-destination-to-surpass-60m.html
http://www.orlandorealtors.org/resource/resmgr/docs_market_pulse/MarketPulse072015.html
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, 2014, 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.
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.
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:
(Dollars in
thousands except per share data)
|
|
Second
Quarter
2015
|
First
Quarter
2015
|
Fourth
Quarter
2014
|
Third
Quarter
2014
|
Second
Quarter
2014
|
|
|
|
|
|
|
|
Net income
|
|
$5,805
|
$5,859
|
($1,517)
|
$2,996
|
$1,918
|
Severance
|
|
29
|
12
|
478
|
328
|
181
|
Merger related
charges
|
|
337
|
275
|
2,722
|
399
|
1,234
|
Branch closure
charges and costs related to expense initiatives
|
|
0
|
0
|
4,261
|
68
|
114
|
Marketing and brand
refresh expense
|
|
0
|
0
|
697
|
0
|
0
|
Stock compensation
expense and other incentive costs related to improved
outlook
|
|
0
|
0
|
1,213
|
0
|
0
|
Security
(gains)
|
|
0
|
0
|
(108)
|
(344)
|
0
|
Miscellaneous losses
(gains)
|
|
0
|
0
|
119
|
(45)
|
144
|
Recovery of
nonaccrual loan interest
|
|
0
|
0
|
0
|
(192)
|
0
|
Net loss on OREO and
repossessed assets
|
|
53
|
81
|
9
|
156
|
92
|
Asset dispositions
expense
|
|
173
|
143
|
103
|
139
|
118
|
Effective tax rate on
adjustments
|
|
(225)
|
(193)
|
(3,798)
|
(219)
|
(811)
|
Adjusted Net Income
(1)
|
|
6,172
|
6,177
|
4,179
|
3,286
|
2,990
|
Provision (recapture)
for loan losses
|
|
855
|
433
|
118
|
(1,425)
|
(1,444)
|
Income
taxes
|
|
3,788
|
3,732
|
3,167
|
2,480
|
2,275
|
Adjusted pretax,
pre-provision income (1)
|
|
$10,815
|
$10,342
|
$7,464
|
$4,341
|
$3,821
|
Adjusted earnings per
diluted share (1)
|
|
$0.19
|
$0.19
|
$0.13
|
$0.13
|
$0.12
|
Average shares
outstanding (000)
|
|
33,234
|
33,136
|
33,124
|
26,026
|
25,998
|
(1) Non-GAAP measure
FINANCIAL
HIGHLIGHTS
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except share data)
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
March 31,
|
|
June 30,
|
|
June
30,
|
|
June 30,
|
|
|
2015
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Summary of
Earnings
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
5,805
|
|
$ 5,859
|
|
$
1,918
|
|
$
11,664
|
|
$
4,217
|
|
Net interest
income (1)
|
25,788
|
|
25,834
|
|
16,779
|
|
51,622
|
|
33,056
|
|
Net interest
margin (1), (2)
|
3.50
|
|
3.62
|
|
3.10
|
|
3.56
|
|
3.09
|
|
|
|
|
|
|
|
|
|
|
.
|
|
Performance
Ratios
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets-GAAP basis (2), (3)
|
0.72
|
%
|
0.75
|
%
|
0.33
|
%
|
0.74
|
%
|
0.37
|
%
|
Return on average
shareholders' equity-GAAP basis (2), (3)
|
7.13
|
|
7.42
|
|
3.25
|
|
7.27
|
|
3.63
|
|
Return on average
tangible shareholders' equity-GAAP basis (2), (3), (4)
|
8.20
|
|
8.51
|
|
3.47
|
|
8.35
|
|
3.86
|
|
Efficiency ratio
(5)
|
68.57
|
|
68.33
|
|
89.42
|
|
68.45
|
|
86.91
|
|
Noninterest income to
total revenue
|
25.63
|
|
22.13
|
|
26.06
|
|
23.92
|
|
25.80
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
diluted-GAAP basis
|
$
0.18
|
|
$
0.18
|
|
$
0.07
|
|
$
0.35
|
|
$
0.16
|
|
Net income (loss)
basic-GAAP basis
|
0.18
|
|
0.18
|
|
0.07
|
|
0.35
|
|
0.16
|
|
Book value per share
common
|
9.84
|
|
9.71
|
|
9.02
|
|
9.84
|
|
9.02
|
|
Tangible book value
per share
|
8.87
|
|
8.74
|
|
9.00
|
|
8.87
|
|
9.00
|
|
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) Defined 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).
|
|
|
|
|
|
|
|
|
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
March 31,
|
|
June 30,
|
|
|
(Dollars in
thousands, except share data)
|
2015
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Data
|
|
|
|
|
|
|
|
Total
assets
|
$ 3,233,588
|
|
$ 3,231,956
|
|
$ 2,294,156
|
|
|
Securities available
for sale (at fair value)
|
762,086
|
|
730,232
|
|
518,353
|
|
|
Securities held for
investment (at amortized cost)
|
214,777
|
|
223,061
|
|
156,498
|
|
|
Net loans
|
1,918,608
|
|
1,836,766
|
|
1,317,052
|
|
|
Deposits
|
2,605,177
|
|
2,609,825
|
|
1,805,537
|
|
|
Total shareholders'
equity
|
326,856
|
|
321,844
|
|
234,439
|
|
|
|
|
|
|
|
|
|
|
Average Balances
(Year-to-Date)
|
|
|
|
|
|
|
|
Total average
assets
|
$ 3,188,334
|
|
$ 3,151,132
|
|
$ 2,295,983
|
|
|
Less: intangible
assets
|
31,707
|
|
31,221
|
|
525
|
|
|
Total average
tangible assets
|
$ 3,156,627
|
|
$ 3,119,911
|
|
$ 2,295,458
|
|
|
|
|
|
|
|
|
|
|
Total average
equity
|
$
323,359
|
|
$ 320,346
|
|
$ 234,214
|
|
|
Less: intangible
assets
|
31,707
|
|
31,221
|
|
525
|
|
|
Total average
tangible equity
|
$
291,652
|
|
$ 289,125
|
|
$ 233,689
|
|
|
|
|
|
|
|
|
|
|
Credit
Analysis
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries) year-to-date - non-acquired loans
|
$
(621)
|
|
$
(263)
|
|
$
(251)
|
|
|
Net charge-offs
year-to-date - acquired loans
|
189
|
|
46
|
|
-
|
|
|
Total net charge-offs
(recoveries) year-to-date
|
$
(432)
|
|
$
(217)
|
|
$
(251)
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries) to average loans (annualized) - non-acquired
loans
|
(0.07)
|
%
|
(0.06)
|
%
|
(0.04)
|
%
|
|
Net charge-offs to
average loans (annualized) - acquired loans
|
0.02
|
|
0.01
|
|
-
|
|
|
Total net charge-offs
(recoveries) to average loans (annualized)
|
(0.05)
|
|
(0.05)
|
|
(0.04)
|
|
|
|
|
|
|
|
|
|
|
Loan loss provision
(recapture) year-to-date - non-acquired loans
|
$
563
|
|
$
292
|
|
$
(2,179)
|
|
|
Loan loss provision
year-to-date - acquired loans
|
725
|
|
141
|
|
-
|
|
|
Total loan loss
provision (recapture) year-to-date
|
$
1,288
|
|
$
433
|
|
$
(2,179)
|
|
|
|
|
|
|
|
|
|
|
Allowance to loans at
end of period - non-acquired loans
|
1.10
|
%
|
1.13
|
%
|
1.36
|
%
|
|
Discount for credit
losses to acquired loans at end of period
|
3.32
|
|
3.56
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans -
non-acquired loans
|
$
15,054
|
|
$ 16,860
|
|
$
21,745
|
|
|
Nonperforming loans -
acquired loans
|
4,543
|
|
4,196
|
|
-
|
|
|
Other real estate
owned - non-acquired
|
4,855
|
|
4,738
|
|
6,198
|
|
|
Other real estate
owned - acquired
|
1,053
|
|
1,431
|
|
-
|
|
|
Total nonperforming
assets
|
$
25,505
|
|
$ 27,225
|
|
$
27,943
|
|
|
|
|
|
|
|
|
|
|
Restructured loans
(accruing)
|
$
23,441
|
|
$ 23,847
|
|
$
28,157
|
|
|
|
|
|
|
|
|
|
|
Purchased noncredit
impaired loans
|
$
275,964
|
|
$ 296,839
|
|
$
-
|
|
|
Purchased credit
impaired loans
|
6,562
|
|
7,119
|
|
-
|
|
|
Total acquired
loans
|
$
282,526
|
|
$ 303,958
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
to loans at end of period - non-acquired loans
|
0.78
|
%
|
0.91
|
%
|
1.63
|
%
|
|
Nonperforming loans
to loans at end of period - acquired loans
|
0.23
|
|
0.23
|
|
-
|
|
|
Total nonperforming
loans to loans at end of period
|
1.01
|
|
1.14
|
|
1.63
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets
to total assets - non-acquired
|
0.62
|
%
|
0.67
|
%
|
1.22
|
%
|
|
Nonperforming assets
to total assets - acquired
|
0.17
|
|
0.17
|
|
-
|
|
|
Total nonperforming
assets to total assets
|
0.79
|
|
0.84
|
|
1.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
|
(Unaudited)
|
|
|
|
|
|
|
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
|
|
June 30,
|
(Dollars in
thousands, except per share data)
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Interest on
securities:
|
|
|
|
|
|
|
|
|
Taxable
|
|
$
4,977
|
|
$
3,629
|
|
$
9,875
|
|
$
7,063
|
Nontaxable
|
|
147
|
|
9
|
|
297
|
|
21
|
Interest and fees on
loans
|
|
21,988
|
|
14,103
|
|
44,009
|
|
27,901
|
Interest on federal
funds sold and other investments
|
|
249
|
|
246
|
|
498
|
|
514
|
Total Interest Income
|
|
27,361
|
|
17,987
|
|
54,679
|
|
35,499
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
|
524
|
|
184
|
|
925
|
|
378
|
Interest on time
certificates
|
|
321
|
|
386
|
|
668
|
|
793
|
Interest on borrowed
money
|
|
850
|
|
692
|
|
1,710
|
|
1,382
|
Total Interest Expense
|
|
1,695
|
|
1,262
|
|
3,303
|
|
2,553
|
|
|
|
|
|
|
|
|
|
Net Interest Income
|
|
25,666
|
|
16,725
|
|
51,376
|
|
32,946
|
Provision (recapture)
for loan losses
|
|
855
|
|
(1,444)
|
|
1,288
|
|
(2,179)
|
Net Interest Income After Provision for Loan Losses
|
|
24,811
|
|
18,169
|
|
50,088
|
|
35,125
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
Service charges on deposit
accounts
|
|
2,115
|
|
1,484
|
|
4,117
|
|
2,991
|
Trust fees
|
|
759
|
|
703
|
|
1,560
|
|
1,374
|
Mortgage banking
fees
|
|
1,032
|
|
855
|
|
2,120
|
|
1,516
|
Brokerage commissions and
fees
|
|
576
|
|
410
|
|
1,017
|
|
789
|
Marine finance
fees
|
|
492
|
|
340
|
|
689
|
|
594
|
Interchange
income
|
|
2,033
|
|
1,514
|
|
3,770
|
|
2,917
|
Other deposit based EFT
fees
|
|
96
|
|
83
|
|
210
|
|
181
|
BOLI income
|
|
334
|
|
0
|
|
664
|
|
0
|
Gain on participated
loan
|
|
725
|
|
0
|
|
725
|
|
0
|
Other
|
|
684
|
|
507
|
|
1,282
|
|
1,092
|
|
|
8,846
|
|
5,896
|
|
16,154
|
|
11,454
|
Securities gains,
net
|
|
0
|
|
0
|
|
0
|
|
17
|
Total Noninterest Income
|
|
8,846
|
|
5,896
|
|
16,154
|
|
11,471
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses:
|
|
|
|
|
|
|
|
|
Salaries and
wages
|
|
9,301
|
|
7,768
|
|
18,090
|
|
15,392
|
Employee benefits
|
|
2,541
|
|
2,081
|
|
4,956
|
|
4,263
|
Outsourced data processing
costs
|
|
2,234
|
|
1,811
|
|
4,418
|
|
3,506
|
Telephone / data
lines
|
|
443
|
|
306
|
|
939
|
|
599
|
Occupancy
|
|
2,011
|
|
1,888
|
|
4,034
|
|
3,726
|
Furniture and
equipment
|
|
819
|
|
604
|
|
1,551
|
|
1,175
|
Marketing
|
|
1,226
|
|
675
|
|
2,201
|
|
1,488
|
Legal and professional
fees
|
|
1,590
|
|
2,272
|
|
3,253
|
|
3,213
|
FDIC assessments
|
|
520
|
|
411
|
|
1,109
|
|
797
|
Amortization of
intangibles
|
|
315
|
|
196
|
|
630
|
|
392
|
Asset dispositions
expense
|
|
173
|
|
118
|
|
316
|
|
246
|
Net loss on other real
estate owned and repossessed assets
|
|
53
|
|
92
|
|
134
|
|
145
|
Other
|
|
3,062
|
|
2,461
|
|
5,843
|
|
4,524
|
Total Noninterest Expenses
|
|
24,288
|
|
20,683
|
|
47,474
|
|
39,466
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes
|
|
9,369
|
|
3,382
|
|
18,768
|
|
7,130
|
Income
taxes
|
|
3,564
|
|
1,464
|
|
7,104
|
|
2,913
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
5,805
|
|
$
1,918
|
|
$ 11,664
|
|
$
4,217
|
|
|
|
|
|
|
|
|
|
Per share of common
stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
diluted
|
|
$
0.18
|
|
$
0.07
|
|
$
0.35
|
|
$
0.16
|
Net income basic
|
|
0.18
|
|
0.07
|
|
0.35
|
|
0.16
|
Cash dividends
declared
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
|
|
|
|
|
|
|
|
Average diluted
shares outstanding
|
|
33,233,508
|
|
25,998,121
|
|
33,184,764
|
|
25,828,391
|
Average basic shares
outstanding
|
|
32,978,006
|
|
25,826,825
|
|
32,971,670
|
|
25,659,159
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
(Unaudited)
|
|
|
|
|
|
|
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUARTER
|
|
2015
|
|
2014
|
(Dollars in
thousands)
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
|
|
|
|
|
|
|
|
|
Interest on
securities:
|
|
|
|
|
|
|
|
|
|
Taxable
|
$
4,977
|
|
$
4,898
|
|
$ 4,728
|
|
$ 3,657
|
|
$ 3,629
|
Nontaxable
|
147
|
|
150
|
|
182
|
|
8
|
|
9
|
Interest and fees on
loans
|
21,988
|
|
22,021
|
|
21,070
|
|
14,615
|
|
14,103
|
Interest on federal
funds sold and other investments
|
249
|
|
249
|
|
292
|
|
211
|
|
246
|
Total Interest Income
|
27,361
|
|
27,318
|
|
26,272
|
|
18,491
|
|
17,987
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
524
|
|
401
|
|
297
|
|
189
|
|
184
|
Interest on time
certificates
|
321
|
|
347
|
|
375
|
|
370
|
|
386
|
Interest on borrowed
money
|
850
|
|
860
|
|
867
|
|
704
|
|
692
|
Total Interest Expense
|
1,695
|
|
1,608
|
|
1,539
|
|
1,263
|
|
1,262
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
|
25,666
|
|
25,710
|
|
24,733
|
|
17,228
|
|
16,725
|
Provision (recapture)
for loan losses
|
855
|
|
433
|
|
118
|
|
(1,425)
|
|
(1,444)
|
Net Interest Income After Provision for Loan Losses
|
24,811
|
|
25,277
|
|
24,615
|
|
18,653
|
|
18,169
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
Service charges on deposit
accounts
|
2,115
|
|
2,002
|
|
2,208
|
|
1,753
|
|
1,484
|
Trust fees
|
759
|
|
801
|
|
795
|
|
817
|
|
703
|
Mortgage banking
fees
|
1,032
|
|
1,088
|
|
716
|
|
825
|
|
855
|
Brokerage commissions and
fees
|
576
|
|
441
|
|
417
|
|
408
|
|
410
|
Marine finance
fees
|
492
|
|
197
|
|
445
|
|
281
|
|
340
|
Interchange
income
|
2,033
|
|
1,737
|
|
1,603
|
|
1,452
|
|
1,514
|
Other deposit based EFT
fees
|
96
|
|
114
|
|
92
|
|
70
|
|
83
|
BOLI income
|
334
|
|
330
|
|
252
|
|
0
|
|
0
|
Gain on participated
loan
|
725
|
|
0
|
|
0
|
|
0
|
|
0
|
Other
|
684
|
|
598
|
|
613
|
|
543
|
|
507
|
|
8,846
|
|
7,308
|
|
7,141
|
|
6,149
|
|
5,896
|
Securities gains,
net
|
0
|
|
0
|
|
108
|
|
344
|
|
0
|
Total Noninterest Income
|
8,846
|
|
7,308
|
|
7,249
|
|
6,493
|
|
5,896
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses:
|
|
|
|
|
|
|
|
|
|
Salaries and
wages
|
9,301
|
|
8,789
|
|
11,676
|
|
8,064
|
|
7,768
|
Employee benefits
|
2,541
|
|
2,415
|
|
2,461
|
|
2,049
|
|
2,081
|
Outsourced data processing
costs
|
2,234
|
|
2,184
|
|
3,506
|
|
1,769
|
|
1,811
|
Telephone / data
lines
|
443
|
|
496
|
|
419
|
|
313
|
|
306
|
Occupancy
|
2,011
|
|
2,023
|
|
2,325
|
|
1,879
|
|
1,888
|
Furniture and
equipment
|
819
|
|
732
|
|
732
|
|
628
|
|
604
|
Marketing
|
1,226
|
|
975
|
|
1,163
|
|
925
|
|
675
|
Legal and professional
fees
|
1,590
|
|
1,663
|
|
2,555
|
|
1,103
|
|
2,272
|
FDIC assessments
|
520
|
|
589
|
|
476
|
|
387
|
|
411
|
Amortization of
intangibles
|
315
|
|
315
|
|
446
|
|
195
|
|
196
|
Asset dispositions
expense
|
173
|
|
143
|
|
103
|
|
139
|
|
118
|
Branch closures and new
branding
|
0
|
|
0
|
|
4,958
|
|
0
|
|
0
|
Net loss on other real
estate owned and repossessed assets
|
53
|
|
81
|
|
9
|
|
156
|
|
92
|
Other
|
3,062
|
|
2,781
|
|
3,182
|
|
2,282
|
|
2,461
|
Total Noninterest Expenses
|
24,288
|
|
23,186
|
|
34,011
|
|
19,889
|
|
20,683
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes
|
9,369
|
|
9,399
|
|
(2,147)
|
|
5,257
|
|
3,382
|
Income
taxes
|
3,564
|
|
3,540
|
|
(630)
|
|
2,261
|
|
1,464
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
$
5,805
|
|
$
5,859
|
|
$ (1,517)
|
|
$ 2,996
|
|
$ 1,918
|
|
|
|
|
|
|
|
|
|
|
Per share of common
stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
diluted
|
$
0.18
|
|
$
0.18
|
|
$ (0.05)
|
|
$
0.12
|
|
$
0.07
|
Net income basic
|
0.18
|
|
0.18
|
|
(0.05)
|
|
0.12
|
|
0.07
|
Cash dividends
declared
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
Average diluted
shares outstanding
|
33,233,508
|
|
33,135,618
|
|
33,123,525
|
|
26,025,693
|
|
25,998,121
|
Average basic shares
outstanding
|
32,978,006
|
|
32,971,444
|
|
32,888,612
|
|
25,887,591
|
|
25,826,825
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE
SHEETS
|
(Unaudited)
|
|
|
|
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
June 30,
|
(Dollars in
thousands, except share data)
|
2015
|
|
2014
|
|
2014
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Cash and
due from banks
|
|
$
86,904
|
|
$
64,411
|
|
$
40,175
|
Interest
bearing deposits with other banks
|
7,844
|
|
36,128
|
|
113,855
|
Total Cash and Cash Equivalents
|
94,748
|
|
100,539
|
|
154,030
|
|
|
|
|
|
|
|
Securities:
|
|
|
|
|
|
|
Available
for sale (at fair value)
|
762,086
|
|
741,375
|
|
518,353
|
Held for
investment (at amortized cost)
|
214,777
|
|
207,904
|
|
156,498
|
Total Securities
|
|
976,863
|
|
949,279
|
|
674,851
|
|
|
|
|
|
|
|
Loans
available for sale
|
|
19,656
|
|
12,078
|
|
18,129
|
|
|
|
|
|
|
|
Loans,
net of deferred costs
|
|
1,937,399
|
|
1,821,885
|
|
1,335,192
|
Less:
Allowance for loan losses
|
|
(18,791)
|
|
(17,071)
|
|
(18,140)
|
Net Loans
|
|
1,918,608
|
|
1,804,814
|
|
1,317,052
|
|
|
|
|
|
|
|
Bank
premises and equipment, net
|
|
50,028
|
|
45,086
|
|
34,653
|
Other
real estate owned
|
|
5,908
|
|
7,462
|
|
6,198
|
Other
intangible assets
|
|
6,824
|
|
7,454
|
|
326
|
Goodwill
|
|
25,211
|
|
25,309
|
|
0
|
Bank
owned life insurance
|
|
36,291
|
|
35,679
|
|
0
|
Other
assets
|
|
99,451
|
|
105,635
|
|
88,917
|
|
|
$
3,233,588
|
|
$
3,093,335
|
|
$
2,294,156
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
Noninterest demand
|
|
$
808,429
|
|
$
725,238
|
|
$
509,798
|
Interest-bearing demand
|
|
599,268
|
|
652,353
|
|
493,927
|
Savings
|
|
282,588
|
|
264,738
|
|
208,333
|
Money
market
|
|
621,973
|
|
450,172
|
|
335,246
|
Other time
certificates
|
|
158,091
|
|
173,247
|
|
144,001
|
Brokered
time certificates
|
|
8,237
|
|
7,034
|
|
8,040
|
Time
certificates of $100,000 or more
|
126,591
|
|
143,752
|
|
106,192
|
Total Deposits
|
|
2,605,177
|
|
2,416,534
|
|
1,805,537
|
|
|
|
|
|
|
|
Federal
funds purchased and securities sold under
|
|
|
|
|
|
agreements to
repurchase, maturing within 30 days
|
172,676
|
|
233,640
|
|
141,662
|
Borrowed funds
|
|
50,000
|
|
50,000
|
|
50,000
|
Subordinated debt
|
|
64,670
|
|
64,583
|
|
53,610
|
Other liabilities
|
|
14,209
|
|
15,927
|
|
8,908
|
|
|
2,906,732
|
|
2,780,684
|
|
2,059,717
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
Common stock
|
|
3,300
|
|
3,300
|
|
2,599
|
Additional paid in capital
|
|
380,553
|
|
379,249
|
|
302,088
|
Accumulated deficit
|
|
(53,336)
|
|
(65,000)
|
|
(66,478)
|
Treasury stock
|
|
(64)
|
|
(71)
|
|
(54)
|
|
|
330,453
|
|
317,478
|
|
238,155
|
Accumulated other comprehensive (loss), net
|
(3,597)
|
|
(4,827)
|
|
(3,716)
|
Total Shareholders' Equity
|
|
326,856
|
|
312,651
|
|
234,439
|
|
|
$
3,233,588
|
|
$
3,093,335
|
|
$
2,294,156
|
|
|
|
|
|
|
|
Common Shares
Outstanding
|
|
33,220,511
|
|
33,136,592
|
|
25,998,823
|
|
|
|
|
|
|
|
Note: The
balance sheet at December 31, 2014 has been derived from the
audited financial statements at that date.
|
|
CONSOLIDATED
QUARTERLY FINANCIAL DATA
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUARTERS
|
|
2015
|
|
2014
|
|
(Dollars in
thousands, except per share data)
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
Net income
(loss)
|
$
5,805
|
|
$
5,859
|
|
$
(1,517)
|
|
$
2,996
|
|
$
1,918
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Ratios
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets-GAAP basis (2),(3)
|
0.72
|
%
|
0.75
|
%
|
(0.20)
|
%
|
0.52
|
%
|
0.33
|
%
|
Return
on average tangible assets (2),(3),(4)
|
0.75
|
|
0.79
|
|
(0.16)
|
|
0.54
|
|
0.36
|
|
Return
on average shareholders' equity-GAAP basis (2),(3)
|
7.13
|
|
7.42
|
|
(1.89)
|
|
4.97
|
|
3.25
|
|
Efficiency ratio (5)
|
68.57
|
|
68.33
|
|
104.46
|
|
82.78
|
|
89.42
|
|
Noninterest income to total revenue
|
25.63
|
|
22.13
|
|
22.40
|
|
26.30
|
|
26.06
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin (1),(2)
|
3.50
|
|
3.62
|
|
3.56
|
|
3.17
|
|
3.10
|
|
Average
equity to average assets
|
10.12
|
|
10.17
|
|
10.51
|
|
10.37
|
|
10.27
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Analysis
Excluding Acquired Loans
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs (recoveries) - non-acquired loans
|
$
(358)
|
|
$
(263)
|
|
$
618
|
|
$
(856)
|
|
$
(112)
|
|
Net
charge-offs - acquired loans
|
143
|
|
46
|
|
-
|
|
-
|
|
-
|
|
Total
net charge-offs (recoveries)
|
$
(215)
|
|
$
(217)
|
|
$
618
|
|
$
(856)
|
|
$
(112)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs (recoveries) to average loans - non-acquired
loans
|
(0.08)
|
%
|
(0.06)
|
%
|
0.14
|
%
|
(0.25)
|
%
|
(0.03)
|
%
|
Net
charge-offs (recoveries) to average loans - acquired
loans
|
0.03
|
|
0.01
|
|
-
|
|
-
|
|
-
|
|
Total
net charge-offs (recoveries) to average loans
|
(0.05)
|
|
(0.05)
|
|
0.14
|
|
(0.25)
|
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan
loss provision (recapture) - non-acquired loans
|
$
271
|
|
$
292
|
|
$
54
|
|
$
(1,425)
|
|
$
(1,444)
|
|
Loan
loss provision (recapture) - acquired loans
|
584
|
|
141
|
|
64
|
|
-
|
|
-
|
|
Total
loan loss provision (recapture)
|
$
855
|
|
$
433
|
|
$
118
|
|
$
(1,425)
|
|
$
(1,444)
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance to loans at end of period - non-acquired loans
|
1.10
|
%
|
1.13
|
%
|
1.14
|
%
|
1.26
|
%
|
1.36
|
%
|
Discount
for credit losses to acquired loans at end of period
|
3.32
|
|
3.56
|
|
3.56
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans - non-acquired loans
|
$
15,054
|
|
$
16,860
|
|
$
18,563
|
|
$
18,942
|
|
$
21,745
|
|
Nonperforming loans - acquired loans
|
4,543
|
|
4,196
|
|
2,577
|
|
-
|
|
-
|
|
Other
real estate owned - non-acquired
|
4,855
|
|
4,738
|
|
5,567
|
|
5,018
|
|
6,198
|
|
Other
real estate owned - acquired
|
1,053
|
|
1,431
|
|
1,895
|
|
-
|
|
-
|
|
Total
nonperforming assets
|
$
25,505
|
|
$
27,225
|
|
$
28,602
|
|
$
23,960
|
|
$
27,943
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured
loans (accruing)
|
$
23,441
|
|
$
23,847
|
|
$
24,997
|
|
$
28,969
|
|
$
28,157
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased
noncredit impaired loans
|
$
275,964
|
|
$
296,839
|
|
$ 326,066
|
|
$
-
|
|
$
-
|
|
Purchased
credit impaired loans
|
6,562
|
|
7,119
|
|
7,814
|
|
-
|
|
-
|
|
Total acquired
loans
|
$
282,526
|
|
$
303,958
|
|
$ 333,880
|
|
$
-
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to loans at end of period - non-acquired
loans
|
0.78
|
%
|
0.91
|
%
|
1.02
|
%
|
1.36
|
%
|
1.63
|
%
|
Nonperforming loans to loans at end of period - acquired
loans
|
0.23
|
|
0.23
|
|
0.14
|
|
-
|
|
-
|
|
Total
nonperforming loans to loans at end of period
|
1.01
|
|
1.14
|
|
1.16
|
|
1.36
|
|
1.63
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets - non-acquired
|
0.62
|
%
|
0.67
|
%
|
0.78
|
%
|
1.01
|
%
|
1.22
|
%
|
Nonperforming assets to total assets - acquired
|
0.17
|
|
0.17
|
|
0.14
|
|
-
|
|
-
|
|
Total
nonperforming assets to total assets
|
0.79
|
|
0.84
|
|
0.92
|
|
1.01
|
|
1.22
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Common
Stock
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) diluted-GAAP basis
|
$
0.18
|
|
$
0.18
|
|
$
(0.05)
|
|
$
0.12
|
|
$
0.07
|
|
Net
income (loss) basic-GAAP basis
|
0.18
|
|
0.18
|
|
(0.05)
|
|
0.12
|
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
dividends declared
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
Book
value per share common
|
9.84
|
|
9.71
|
|
9.44
|
|
9.07
|
|
9.02
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances
|
|
|
|
|
|
|
|
|
|
|
Total average
assets
|
$
3,225,127
|
|
$ 3,151,132
|
|
$ 3,037,061
|
|
$ 2,305,799
|
|
$ 2,304,870
|
|
Less: Intangible
assets
|
32,188
|
|
31,221
|
|
33,803
|
|
237
|
|
422
|
|
Total average
tangible assets
|
$
3,192,939
|
|
$ 3,119,911
|
|
$ 3,003,258
|
|
$ 2,305,562
|
|
$ 2,304,448
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average
equity
|
$
326,338
|
|
$
320,346
|
|
$ 319,233
|
|
$
239,031
|
|
$
236,632
|
|
Less: Intangible
assets
|
32,188
|
|
31,221
|
|
33,803
|
|
237
|
|
422
|
|
Total average
tangible equity
|
$
294,150
|
|
$
289,125
|
|
$ 285,430
|
|
$
238,794
|
|
$
236,210
|
|
|
|
|
|
|
|
|
|
|
|
|
(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).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
June 30,
|
|
SECURITIES
|
|
|
|
|
2015
|
|
2014
|
|
2014
|
|
U.S. Treasury and
U.S. Government Agencies
|
|
|
|
|
$
3,843
|
|
$
3,899
|
|
$
100
|
|
Mortgage-backed
|
|
|
|
|
558,561
|
|
587,933
|
|
479,720
|
|
Collateralized loan
obligations
|
|
|
|
|
124,241
|
|
125,225
|
|
32,260
|
|
Obligations of states
and political subdivisions
|
|
|
|
|
22,873
|
|
24,318
|
|
6,273
|
|
Corporates
|
|
|
|
|
24,213
|
|
0
|
|
0
|
|
CMBS
|
|
|
|
|
20,587
|
|
0
|
|
0
|
|
Other
|
|
|
|
|
7,768
|
|
0
|
|
0
|
|
Securities Available for Sale
|
|
|
|
|
762,086
|
|
741,375
|
|
518,353
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed
|
|
|
|
|
173,477
|
|
182,076
|
|
156,498
|
|
Collateralized loan
obligations
|
|
|
|
|
41,300
|
|
25,828
|
|
0
|
|
Securities Held for Investment
|
|
|
|
|
214,777
|
|
207,904
|
|
156,498
|
|
Total
Securities
|
|
|
|
|
$
976,863
|
|
$
949,279
|
|
$
674,851
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
June 30,
|
|
LOANS
|
|
|
|
|
2015
|
|
2014
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and land
development
|
|
|
|
|
$
95,178
|
|
$
87,036
|
|
$
57,393
|
|
Real estate
mortgage
|
|
|
|
|
1,588,105
|
|
1,524,044
|
|
1,145,013
|
|
Installment loans to
individuals
|
|
|
|
|
62,913
|
|
52,897
|
|
45,241
|
|
Commercial and
financial
|
|
|
|
|
190,325
|
|
157,396
|
|
87,285
|
|
Other
loans
|
|
|
|
|
878
|
|
512
|
|
260
|
|
Total
Loans
|
|
|
|
|
$ 1,937,399
|
|
$ 1,821,885
|
|
$ 1,335,192
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES,
INTEREST INCOME AND EXPENSES, YIELDS AND RATES
(1)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
Second
Quarter
|
|
First
Quarter
|
|
Second
Quarter
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
(Dollars in
thousands)
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
$
957,374
|
|
$
4,977
|
|
2.08%
|
|
$ 939,015
|
|
$ 4,898
|
|
2.09%
|
|
$ 677,600
|
|
$ 3,630
|
|
2.14%
|
Nontaxable
|
15,311
|
|
225
|
|
5.87
|
|
15,617
|
|
230
|
|
5.89
|
|
827
|
|
14
|
|
6.77
|
Total Securities
|
972,685
|
|
5,202
|
|
2.14
|
|
954,632
|
|
5,128
|
|
2.15
|
|
678,427
|
|
3,644
|
|
2.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
investments
|
79,031
|
|
249
|
|
1.26
|
|
92,934
|
|
249
|
|
1.09
|
|
153,410
|
|
246
|
|
0.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net
|
1,904,011
|
|
22,032
|
|
4.64
|
|
1,848,965
|
|
22,065
|
|
4.84
|
|
1,338,415
|
|
14,151
|
|
4.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets
|
2,955,727
|
|
27,483
|
|
3.73
|
|
2,896,531
|
|
27,442
|
|
3.84
|
|
2,170,252
|
|
18,041
|
|
3.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
(18,247)
|
|
|
|
|
|
(17,385)
|
|
|
|
|
|
(19,784)
|
|
|
|
|
Cash and due from
banks
|
71,858
|
|
|
|
|
|
63,689
|
|
|
|
|
|
35,735
|
|
|
|
|
Premises and
equipment
|
49,275
|
|
|
|
|
|
46,605
|
|
|
|
|
|
34,948
|
|
|
|
|
Intangible
assets
|
32,188
|
|
|
|
|
|
31,221
|
|
|
|
|
|
422
|
|
|
|
|
Bank owned life
insurance
|
36,111
|
|
|
|
|
|
35,793
|
|
|
|
|
|
0
|
|
|
|
|
Other
assets
|
98,215
|
|
|
|
|
|
94,678
|
|
|
|
|
|
83,297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
3,225,127
|
|
|
|
|
|
$ 3,151,132
|
|
|
|
|
|
$ 2,304,870
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
$
612,433
|
|
$
110
|
|
0.07%
|
|
$ 628,480
|
|
$ 117
|
|
0.08%
|
|
$ 498,285
|
|
$
94
|
|
0.08%
|
Savings
|
279,354
|
|
41
|
|
0.06
|
|
268,041
|
|
39
|
|
0.06
|
|
205,686
|
|
23
|
|
0.04
|
Money
market
|
607,271
|
|
373
|
|
0.25
|
|
519,526
|
|
245
|
|
0.19
|
|
336,772
|
|
67
|
|
0.08
|
Time
deposits
|
303,802
|
|
321
|
|
0.42
|
|
318,343
|
|
347
|
|
0.44
|
|
259,325
|
|
386
|
|
0.60
|
Federal funds
purchased and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
short term borrowings
|
168,068
|
|
77
|
|
0.18
|
|
212,123
|
|
98
|
|
0.19
|
|
150,108
|
|
65
|
|
0.17
|
Other
borrowings
|
114,649
|
|
773
|
|
2.70
|
|
114,606
|
|
762
|
|
2.70
|
|
103,610
|
|
627
|
|
2.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Interest-Bearing Liabilities
|
2,085,577
|
|
1,695
|
|
0.33
|
|
2,061,119
|
|
1,608
|
|
0.32
|
|
1,553,786
|
|
1,262
|
|
0.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
demand
|
795,707
|
|
|
|
|
|
753,620
|
|
|
|
|
|
505,892
|
|
|
|
|
Other
liabilities
|
17,505
|
|
|
|
|
|
16,047
|
|
|
|
|
|
8,560
|
|
|
|
|
Total
Liabilities
|
2,898,789
|
|
|
|
|
|
2,830,786
|
|
|
|
|
|
2,068,238
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
326,338
|
|
|
|
|
|
320,346
|
|
|
|
|
|
236,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
3,225,127
|
|
|
|
|
|
$ 3,151,132
|
|
|
|
|
|
$ 2,304,870
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense as a
% of earning assets
|
|
|
|
|
0.23%
|
|
|
|
|
|
0.23%
|
|
|
|
|
|
0.23%
|
Net interest income
as a % of earning assets
|
|
|
$ 25,788
|
|
3.50%
|
|
|
|
$ 25,834
|
|
3.62%
|
|
|
|
$ 16,779
|
|
3.10%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
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|
|
|
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|
|
|
|
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|
(1) On a fully
taxable equivalent basis. All yields and rates have been
computed on an annualized basis using amortized
cost.
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|
|
|
|
|
|
|
|
Fees on loans have
been included in interest on loans. Nonaccrual loans are
included in loan balances.
|
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|
|
|
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|
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|
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CONSOLIDATED
QUARTERLY FINANCIAL DATA
|
|
|
|
(Unaudited)
|
|
|
|
|
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
(Dollars in
thousands)
|
|
Second
Quarter
|
|
First
Quarter
|
|
Fourth
Quarter
|
|
Third
Quarter
|
|
Second
Quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer
Relationship Funding (Period End)
|
|
|
|
|
|
|
|
|
|
Noninterest
demand
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
$
561,742
|
|
$
546,876
|
|
$
481,327
|
|
$
301,630
|
|
$
293,515
|
|
Retail
|
|
180,484
|
|
191,262
|
|
190,120
|
|
162,392
|
|
167,172
|
|
Public
funds
|
|
47,913
|
|
38,529
|
|
41,201
|
|
39,329
|
|
33,223
|
|
Other
|
|
18,290
|
|
16,669
|
|
12,590
|
|
18,650
|
|
15,888
|
|
|
|
808,429
|
|
793,336
|
|
725,238
|
|
522,001
|
|
509,798
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
60,411
|
|
66,532
|
|
58,173
|
|
41,131
|
|
41,423
|
|
Retail
|
|
410,601
|
|
416,766
|
|
407,653
|
|
324,690
|
|
327,762
|
|
Public
funds
|
|
128,256
|
|
151,556
|
|
186,527
|
|
114,006
|
|
124,742
|
|
|
|
599,268
|
|
634,854
|
|
652,353
|
|
479,827
|
|
493,927
|
|
|
|
|
|
|
|
|
|
|
|
|
Total transaction
accounts
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
622,153
|
|
613,408
|
|
539,500
|
|
342,761
|
|
334,938
|
|
Retail
|
|
591,085
|
|
608,028
|
|
597,773
|
|
487,082
|
|
494,934
|
|
Public
funds
|
|
176,169
|
|
190,085
|
|
227,728
|
|
153,335
|
|
157,965
|
|
Other
|
|
18,290
|
|
16,669
|
|
12,590
|
|
18,650
|
|
15,888
|
|
|
|
1,407,697
|
|
1,428,190
|
|
1,377,591
|
|
1,001,828
|
|
1,003,725
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
|
|
282,588
|
|
272,963
|
|
264,738
|
|
215,076
|
|
208,333
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
market
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
191,061
|
|
185,668
|
|
172,417
|
|
118,385
|
|
114,662
|
|
Retail
|
|
272,853
|
|
274,203
|
|
264,725
|
|
218,376
|
|
213,927
|
|
Public
funds
|
|
158,059
|
|
136,729
|
|
13,030
|
|
7,965
|
|
6,657
|
|
|
|
621,973
|
|
596,600
|
|
450,172
|
|
344,726
|
|
335,246
|
|
|
|
|
|
|
|
|
|
|
|
|
Time certificates of
deposit
|
|
292,919
|
|
312,072
|
|
324,033
|
|
246,920
|
|
258,233
|
Total Deposits
|
|
$
2,605,177
|
|
$
2,609,825
|
|
$ 2,416,534
|
|
$ 1,808,550
|
|
$ 1,805,537
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer sweep
accounts
|
|
$
157,676
|
|
$
170,023
|
|
$
153,640
|
|
$
124,436
|
|
$
141,662
|
|
|
|
|
|
|
|
|
|
|
|
|
Total core customer
funding (1)
|
|
$
2,469,934
|
|
$
2,467,776
|
|
$ 2,246,141
|
|
$ 1,686,066
|
|
$ 1,688,966
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Total deposits
and customer sweep accounts, excluding certificates of
deposits.
|
|
|
|
|
|
|
Logo -
http://photos.prnewswire.com/prnh/20141218/165377LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/seacoast-q2-net-income-rises-more-than-200-year-over-year-to-58-million-or-018-per-share-300118105.html
SOURCE Seacoast Banking Corporation of Florida