STUART, Fla., Oct. 22, 2015 /PRNewswire/ --
Third Quarter 2015 Earnings Highlights
- Revenues increased $2.6 million
to a record $37.1 million, or 7.5%
compared to Q2 2015, and $13.7
million, or 59% compared to Q3 2014.
- Net interest margin increased 58 basis points year-over-year to
3.75% and net interest income improved $11.8
million or 69%, reflecting organic growth and acquisition
activity.
- Adjusted net income excluding merger costs and other
adjustments1 increased 96% to $6.4 million, or $
0.19 per diluted share, compared to $3.3 million, or $0.13 per diluted share, in Q3 2014.
Third Quarter 2015 Growth Highlights
- Loans increased $162 million or
8% compared to Q2 2015, and rose 51% year-over-year. Excluding
acquisitions, loans increased $58
million or 3% compared to Q2 2015 and $227 million or 16% from Q3 2014.
- Total households increased a strong 4% (not annualized)
compared to Q2 2015 and 23% compared to Q3 2014. Excluding
acquisition, household growth accelerated to 6% (annualized) over
Q2 levels.
- Seacoast closed the Grand Bankshares, Inc. acquisition and
completed the conversion of Grand's customers over the July 17 weekend, adding approximately
$188 million in deposits and
$112 million in gross loans in the
attractive Palm Beach market with
minimal customer attrition.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) today reported results
for the third quarter of 2015. Third quarter revenue rose
$2.6 million, or 7.5%, to
$37.1 million compared to
$34.5 million in the prior
quarter. Net income increased $1.4
million, or 48%, to $4.4
million, compared to the third quarter of 2014, and adjusted
net income1 increased $3.1
million or 96% from year-ago levels. Diluted earnings
per common share were $0.13 and
adjusted diluted earnings per common share1 were
$0.19 in the third quarter compared
with $0.13 in the third quarter of
2014 and $0.19 in the second quarter
of 2015.
Net income improved 123% to $16.1
million, or $0.48 per diluted
common share, for the first three quarters of 2015 from
$7.2 million, or $0.28 per diluted common share, for the first
three quarters of 2014.
Dennis S. Hudson, III, Chairman
and CEO said, "We continue to build momentum, growing our top-line
and improving earnings and profitability while investing for the
future and managing risk. Our balanced expansion strategy,
combining strong organic growth with strategic acquisitions in
attractive Florida markets,
positions Seacoast for continued success."
"As we strengthen our franchise, we have invested for the
future, especially in high quality employees. This quarter's
expenses reflect the first full quarter with our receivables
funding team from First Growth Capital (FGC), nearly a full quarter
of Grand Bankshares in Palm Beach,
and new hires to support organic revenue initiatives," continued
Hudson. "We look forward to considerable positive impact from
these investments in succeeding quarters."
"In addition to successfully integrating Palm Beach-based Grand Bankshares during the
third quarter," Hudson said, "we recently announced an agreement to
purchase BMO Harris Bank's Orlando
banking franchise, including retail and business banking employees
and customers. This acquisition builds on our 2014
acquisition of BankFIRST and makes us a Top-10 bank in the
attractive Orlando market, adding
nearly 8,500 additional households. We look forward to
welcoming these customers in early 2016."
FINANCIAL
HIGHLIGHTS
|
|
3Q15
|
2Q15
|
1Q15
|
4Q14
|
3Q14
|
(Dollars in thousands
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$3,378,108
|
$3,233,588
|
$3,231,956
|
$3,093,335
|
$2,361,813
|
|
|
|
|
|
|
|
Loans
|
|
2,099,447
|
1,937,399
|
1,854,487
|
1,821,885
|
1,391,082
|
|
|
|
|
|
|
|
Deposits
|
|
2,742,296
|
2,605,177
|
2,609,825
|
2,416,534
|
1,808,550
|
|
|
|
|
|
|
|
Net Income (Loss)
Available to Common Shareholders
|
|
4,441
|
5,805
|
5,859
|
(1,517)
|
2,996
|
|
|
|
|
|
|
|
Diluted Earnings Per
Share
|
|
0.13
|
0.18
|
0.18
|
(0.05)
|
0.12
|
|
|
|
|
|
|
|
Return on Average
Assets
|
|
0.52 %
|
0.72 %
|
0.75 %
|
(0.20 %)
|
0.52 %
|
|
|
|
|
|
|
|
Net Interest
Margin
|
|
3.75
|
3.50
|
3.62
|
3.56
|
3.17
|
Efficiency
Ratio
|
|
76.3
|
68.6
|
68.3
|
104.5
|
82.8
|
|
|
|
|
|
|
|
Pretax, Pre-provision
Income (1)
|
|
$8,126
|
$10,224
|
$9,832
|
($2,029)
|
$3,832
|
Average Diluted
Shares
Outstanding (000)
|
|
34,194
|
33,234
|
33,136
|
33,124
|
26,026
|
Adjusted Net Income
(1)
|
|
$6,433
|
$6,172
|
$6,177
|
$4,179
|
$3,286
|
Adjusted Diluted
Earnings
Per Share (1)
|
|
0.19
|
0.19
|
0.19
|
0.13
|
0.13
|
|
|
|
|
|
|
|
Adjusted Return on
Average Assets (1)
|
|
0.76 %
|
0.77 %
|
0.79 %
|
0.55 %
|
0.57 %
|
|
|
|
|
|
|
|
Adjusted Efficiency
Ratio (1)
|
|
68.2
|
67.5
|
67.5
|
74.8
|
79.6
|
Adjusted Pretax,
Pre-provision Income (1)
|
|
$11,328
|
$10,815
|
$10,342
|
$7,464
|
$4,341
|
|
|
|
|
|
|
|
Annualized Adjusted
Core Operating Expenses
as a Percent of
Average Assets (1)
|
|
3.03%
|
2.91%
|
2.88%
|
3.13%
|
3.21%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions Update
Hudson noted that, "Seacoast
continued to benefit from acquisitions integrated during the last
four quarters. Our acquisition of Grand Bankshares on July 17 doubled our existing share in the
attractive Palm Beach County
market and made us the third-largest Florida-based bank doing business there."
Nearly a year after completing our acquisition, customer metrics
for Winter Park-based BankFIRST
are extremely encouraging. Household growth for former BankFIRST
customers was 7.5% annualized and cross-sell, the number of
products used by each household, increased at a 9.4% annualized
rate.
Florida Economic Update
"We continue to enjoy the
tailwinds of a strong regional economy, with data showing that
Florida is significantly
outperforming the nation," said Hudson.
Wells Fargo's Economics Group,
in its report titled "Florida's
Economy Continues to See Solid Job
Gains" stated, "On a year-over-year basis, nonfarm
employment has risen a solid 3.3 percent throughout Florida, reflecting an increase of 261,500
jobs. The nation as a whole reported a gain of 2.1 percent over the
year. Florida's year-to-year job
gains have exceeded the nation every month since April 2012."
The report noted that Florida's
unemployment rate dropped 0.2 percentage points to 5.3% in August
with the steepest declines in areas hard hit by the housing slump
and now recovering nicely.
The future also looks promising. In its "Southeast Florida 3rd Quarter 2015 Market
Outlook", PNC Financial Services Group stated that, "…Southeast
Florida's economy will be an above-average performer in 2015 and
2016. A strengthening global economy will sustain trade and
investment while rising real disposable income nationally will
boost tourism." The article continued, "Longer term, strong
population growth, well-developed infrastructure and deep
international linkages will give the region a higher trend rate of
economic growth."
Income Statement Highlights
Core Loan Growth and Acquisition Fuel Net Interest Income and
Margin Expansion
Net interest income for the quarter totaled
$29.0 million, an $11.8 million or 68% increase from third quarter
2014 levels. Net interest margin expanded to 3.75%, a 58
basis point, or an 18% increase from the prior year.
Year-over-year net interest income and margin increases reflect
acquisition activity, core deposit and loan growth, and the
strategic investment of excess liquidity.
Net interest income increased $3.3
million or 13% and net interest margin expanded 25 basis
points or 7% from 3.50% in the prior quarter. Linked quarter
results reflect an improved balance sheet mix and acquisition
activity. In addition, net interest income benefited from
excess purchased loan accretion recognized from early loan payoffs,
contributing approximately 10 basis points in margin to the
quarter.
Noninterest Income
Noninterest income excluding
security gains, totaled $8.1 million
for the third quarter, an increase of $1.9
million or 31% from a year ago. Year-over-year growth in all
categories of service fee income reflects strength in customer
acquisition and cross sell, as well as benefits from acquisition
activity.
Noninterest income declined from the prior quarter's
$8.8 million, the result of a
$725,000 gain on a participated loan
included in noninterest income in the second quarter.
Excluding the gain on the participated loan, noninterest income was
down slightly. A strong quarter for mortgage banking
fees and wealth management was offset by seasonal volatility in
marine lending fees.
Noninterest Expense Increases from Acquisition and
Investments in Franchise
Noninterest expense increased
$9.2 million or 46% from the third
quarter 2014. Year-over-year expense increases reflect the
acquisitions of The BANKshares, FGC and Grand Bankshares, merger
related expenses and other one-time expenses totaling $3.0 million in the third quarter compared to
$0.6 million in the prior year, and
additional investments to promote organic growth.
Noninterest expense increased $4.8
million or 20% from the prior quarter. Excluding
merger related charges and other one-time items, noninterest
expenses grew $2.1 million or
9%. A significant amount of this increase is related to
nearly a full quarter's operating expense impact from the Grand
Bankshares acquisition. Other areas of investment in the franchise
include: a full quarter's expense related to the acquisition of FGC
during the second quarter 2015 which contributed approximately
$309,000 in additional expense,
production-driven commission and incentive expense which added
approximately $352,000, core legal
and professional fees that typically vary from quarter to quarter
totaling $396,000, and marketing
expense focused on customer acquisition and corporate brand
awareness surrounding the Grand Bankshares Palm Beach footprint
which contributed $133,000 to the
increase.
Seacoast's efficiency ratio was 76.3%, improving from 82.8% in
the prior year. This decrease is related to improved
operating leverage, as strong revenue growth outpaced expenses
offset by a significant amount of merger related costs.
Seacoast's adjusted efficiency ratio1 was 68.2%, a 14%
improvement from the 79.6% one year ago and a slight increase from
67.5% in the second quarter 2015.
____________________________
1 Non-GAAP measure, see "Explanation of Certain
Unaudited Non-GAAP Financial Measures"
Balance Sheet Highlights
Deposit Growth Reflects Success of Core Customer Increase and
Acquisitions
Total deposits increased 51.6% to $2.74 billion at September
30, 2015, from year ago levels. Core customer funding
increased to $2.58 billion at
September 30, 2015, an $898.2 million increase from the third quarter of
2014. Excluding acquisitions, core customer funding increased
by $292.6 million or 17.4% from one
year ago and total deposits increased $229.0
million or 12.7% from one year ago. Excluding Grand
Bankshares, core customer funding decreased $45.5 million compared to the prior quarter,
entirely due to seasonal declines in public funds.
Noninterest demand deposits grew $61.4
million, or 7.6% from the second quarter and $347.9 million or 66.6% from the third quarter of
2014. Noninterest demand deposits increased to 31.7% of total
deposits, up from 28.9% one year ago.
(Dollars in
thousands)
|
Third
Quarter
2015
|
|
Second
Quarter
2015
|
First
Quarter
2015
|
|
Fourth
Quarter
2014
|
Third
Quarter
2014
|
|
Customer Relationship
Funding
|
|
|
|
|
|
|
|
|
Noninterest demand
|
$ 869,877
|
|
$ 808,429
|
$ 793,336
|
|
$ 725,238
|
$ 522,001
|
|
Interest-bearing
demand
|
618,344
|
|
599,268
|
634,854
|
|
652,353
|
479,827
|
|
Money
market
|
660,632
|
|
621,973
|
596,600
|
|
450,172
|
344,726
|
|
Savings
|
286,810
|
|
282,588
|
272,963
|
|
264,738
|
215,076
|
|
Time certificates of
deposit
|
306,633
|
|
292,919
|
312,072
|
|
324,033
|
246,920
|
|
Total deposits
|
2,742,296
|
|
2,605,177
|
2,609,825
|
|
2,416,534
|
1,808,550
|
|
Customer sweep
accounts
|
148,607
|
|
157,676
|
170,023
|
|
153,640
|
124,436
|
|
Total core customer
funding (1)
|
$
2,584,270
|
|
$
2,469,934
|
$
2,467,776
|
|
$
2,246,141
|
$
1,686,066
|
|
Demand deposit
mix
(noninterest
bearing)
|
31.7%
|
|
31.0%
|
30.4%
|
|
30.0%
|
28.9%
|
|
(1)
Total deposits and customer sweep accounts, excluding time
certificates of deposit.
|
Loans Up Substantially from Acquisition and Strong Core
Growth
Total loans were $2.10
billion at September 30, 2015,
an increase of $708 million or 51%
from a year ago. Excluding acquired loans, loans increased
$227 million or 16% from the prior
year's third quarter.
Commercial loan originations for the quarter were $71.8 million with the commercial pipeline (in
underwriting and approval or approved and not yet closed) totaling
a strong $104.9 million at
September 30, 2015 only slightly
below second quarter levels and well in excess of recent
history. Consumer loan and small business originations
(inclusive of lines of credit) totaled $51.1
million in the third quarter of 2015 compared to
$55.3 million in the second quarter
and $24.5 million one year ago.
Along with this strong loan growth, the portfolio continued to
build granularity, with solid industry diversification. The
average commercial and small business loan originated in the first
three quarters of 2015 totaled only $278,000.
Closed residential production totaled $74.0 million compared with $66.0 million a year ago, with a total
residential pipeline of $38.0 million
at September 30, 2015 versus a
pipeline of $22.6 million one year
ago.
(Dollars in
thousands)
|
|
3Q 15
|
2Q 15
|
1Q15
|
4Q14
|
3Q14
|
|
|
|
|
|
|
|
Commercial
pipeline
|
|
$104,915
|
$108,538
|
$82,143
|
$60,136
|
$45,534
|
Commercial loans
closed
|
|
71,823
|
85,815
|
61,357
|
94,719
|
72,630
|
Total Commercial loan
originations and pipeline
|
|
$176,738
|
$194,353
|
$143,500
|
$154,855
|
$118,164
|
|
|
|
|
|
|
|
Residential
pipeline
|
|
$37,958
|
$53,902
|
$48,485
|
$21,351
|
$22,588
|
Residential loans
retained
|
|
36,027
|
45,596
|
23,951
|
31,598
|
31,781
|
Residential loans
sold
|
|
37,996
|
36,182
|
31,896
|
26,336
|
34,228
|
Total Residential
loan originations and pipeline
|
|
$111,981
|
$135,680
|
$104,332
|
$79,285
|
$88,597
|
Other Highlights
Credit Quality Remains Stable with Growth Trends
The
provision for loan losses increased to $987,000 for the third quarter of 2015, up from a
$1.4 million recapture in the third
quarter 2014 and a $132,000 or 15%
increase from $855,000 recorded in
the second quarter 2015. The third quarter provision is
attributable to loan growth during the quarter and was also
impacted by $655,000 related to a
single purchased credit impaired loan performing below our initial
expectations. The allowance for loan losses for non-acquired
loans was 1.11% of total loans, compared to 1.10% in the second
quarter 2015.
Additional highlights include:
- Nonperforming loans to total loans outstanding at the end of
the third quarter was 0.8%, down from 1.4% at September 30, 2014;
- Nonperforming assets to total assets declined to 0.7%, compared
to 1.0% a year ago.
Capital Ratios Continue to Improve from Earnings
Momentum
Capital ratios remain healthy and well above
regulatory requirements for well-capitalized institutions.
The common equity tier 1 capital ratio (CET1) is estimated at 12.9%
and the total capital ratio is estimated at 15.5% at September 30, 2015. The tier 1 leverage
ratio is estimated at 10.6% at September 30,
2015 compared to 10.1% at June 30,
2015.
Tangible book value increased $0.31 per share to $9.18 and book value per share increased
$0.36 to $10.20 at September 30,
2015, versus the prior quarter. Average tangible
common equity to assets was a strong 9.40% for the third quarter
2015.
Conference Call Information
Seacoast will host a
conference call on Friday, October 23,
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 October 23, 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
October 23, 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 $3.4 billion in assets and $2.7 billion in deposits as of September 30, 2015. The Company provides
integrated financial services including commercial and retail
banking, wealth management, and mortgage services to customers
through advanced banking solutions, 43 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:
https://www08.wellsfargomedia.com/downloads/pdf/com/insights/economics/regional-reports/FL_Employment_09182015.pdf
http://www.fsfoa.org/documents/PNCMarketOutlook.pdf
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)
|
|
Third
Quarter
2015
|
Second
Quarter
2015
|
First
Quarter
2015
|
Fourth
Quarter
2014
|
Third
Quarter
2014
|
|
|
|
|
|
|
|
Net income
|
|
$4,441
|
$5,805
|
$5,859
|
($1,517)
|
$2,996
|
Severance
|
|
98
|
29
|
12
|
478
|
328
|
Merger related
charges
|
|
2,692
|
337
|
275
|
2,722
|
399
|
Branch closure
charges and costs related to expense initiatives
|
|
121
|
0
|
0
|
4,261
|
68
|
Marketing and brand
refresh expense
|
|
0
|
0
|
0
|
697
|
0
|
Stock compensation
expense and other incentive costs related to improved
outlook
|
|
0
|
0
|
0
|
1,213
|
0
|
Security
(gains)
|
|
(160)
|
0
|
0
|
(108)
|
(344)
|
Miscellaneous losses
(gains)
|
|
112
|
0
|
0
|
119
|
(45)
|
Recovery of
nonaccrual loan interest
|
|
0
|
0
|
0
|
0
|
(192)
|
Net loss on OREO and
repossessed assets
|
|
262
|
53
|
81
|
9
|
156
|
Asset dispositions
expense
|
|
77
|
173
|
143
|
103
|
139
|
Effective tax rate on
adjustments
|
|
(1,210)
|
(225)
|
(193)
|
(3,798)
|
(219)
|
Adjusted Net Income
(1)
|
|
6,433
|
6,172
|
6,177
|
4,179
|
3,286
|
Provision (recapture)
for loan losses
|
|
987
|
855
|
433
|
118
|
(1,425)
|
Income
taxes
|
|
3,908
|
3,788
|
3,732
|
3,167
|
2,480
|
Adjusted pretax,
pre-provision income (1)
|
|
$11,328
|
$10,815
|
$10,342
|
$7,464
|
$4,341
|
Adjusted earnings per
diluted share (1)
|
|
$0.19
|
$0.19
|
$0.19
|
$0.13
|
$0.13
|
Average shares
outstanding (000)
|
|
34,194
|
33,234
|
33,136
|
33,124
|
26,026
|
FINANCIAL
HIGHLIGHTS
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except share data)
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
June 30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
2015
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Summary of
Earnings
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
4,441
|
|
$ 5,805
|
|
$ 2,996
|
|
$
16,105
|
|
$ 7,213
|
|
Net interest
income (1)
|
29,130
|
|
25,788
|
|
17,282
|
|
80,752
|
|
50,338
|
|
Net interest
margin (1), (2)
|
3.75
|
|
3.50
|
|
3.17
|
|
3.62
|
|
3.11
|
|
|
|
|
|
|
|
|
|
|
.
|
|
Performance
Ratios
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets-GAAP basis (2), (3)
|
0.52
|
%
|
0.72
|
%
|
0.52
|
%
|
0.66
|
%
|
0.42
|
%
|
Return on average
shareholders' equity-GAAP basis (2), (3)
|
5.05
|
|
7.13
|
|
4.97
|
|
6.49
|
|
4.09
|
|
Return on average
tangible shareholders' equity-GAAP basis (2), (3), (4)
|
5.94
|
|
8.20
|
|
5.19
|
|
7.50
|
|
4.31
|
|
Efficiency ratio
(5)
|
76.29
|
|
68.57
|
|
82.78
|
|
71.23
|
|
85.49
|
|
Noninterest income to
total revenue
|
21.79
|
|
25.63
|
|
26.30
|
|
23.16
|
|
25.97
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data
|
|
|
|
|
|
|
|
|
|
|
Net income
diluted-GAAP basis
|
$
0.13
|
|
$
0.18
|
|
$
0.12
|
|
$
0.48
|
|
$
0.28
|
|
Net income basic-GAAP
basis
|
0.13
|
|
0.18
|
|
0.12
|
|
0.48
|
|
0.28
|
|
Book value per share
common
|
10.20
|
|
9.84
|
|
9.07
|
|
10.20
|
|
9.07
|
|
Tangible book value
per share
|
9.18
|
|
8.87
|
|
9.06
|
|
9.18
|
|
9.06
|
|
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.
|
(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).
|
|
|
|
|
|
|
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
June 30,
|
|
September
30,
|
|
(Dollars in
thousands, except share data)
|
2015
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Selected Financial
Data
|
|
|
|
|
|
|
Total
assets
|
$ 3,378,108
|
|
$ 3,233,588
|
|
$ 2,361,813
|
|
Securities available
for sale (at fair value)
|
728,161
|
|
762,086
|
|
601,541
|
|
Securities held for
investment (at amortized cost)
|
209,047
|
|
214,777
|
|
176,724
|
|
Net loans
|
2,080,119
|
|
1,918,608
|
|
1,373,511
|
|
Deposits
|
2,742,296
|
|
2,605,177
|
|
1,808,550
|
|
Total shareholders'
equity
|
350,280
|
|
326,856
|
|
235,955
|
|
|
|
|
|
|
|
|
Average Balances
(Year-to-Date)
|
|
|
|
|
|
|
Total average
assets
|
$ 3,250,855
|
|
$ 3,188,334
|
|
$ 2,299,291
|
|
Less: intangible
assets
|
32,879
|
|
31,707
|
|
428
|
|
Total average
tangible assets
|
$ 3,217,976
|
|
$ 3,156,627
|
|
$ 2,298,863
|
|
|
|
|
|
|
|
|
Total average
equity
|
$
331,966
|
|
$ 323,359
|
|
$ 235,837
|
|
Less: intangible
assets
|
32,879
|
|
31,707
|
|
428
|
|
Total average
tangible equity
|
$
299,087
|
|
$ 291,652
|
|
$ 235,409
|
|
|
|
|
|
|
|
|
Credit
Analysis
|
|
|
|
|
|
|
Net charge-offs
(recoveries) year-to-date - non-acquired loans
|
$
(854)
|
|
$
(621)
|
|
$
(1,107)
|
|
Net charge-offs
year-to-date - acquired loans
|
872
|
|
189
|
|
-
|
|
Total net charge-offs
(recoveries) year-to-date
|
$
18
|
|
$
(432)
|
|
$
(1,107)
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries) to average loans (annualized) - non-acquired
loans
|
(0.06)
|
%
|
(0.07)
|
%
|
(0.11)
|
%
|
Net charge-offs to
average loans (annualized) - acquired loans
|
0.06
|
|
0.02
|
|
-
|
|
Total net charge-offs
(recoveries) to average loans (annualized)
|
0.00
|
|
(0.05)
|
|
(0.11)
|
|
|
|
|
|
|
|
|
Loan loss provision
(recapture) year-to-date - non-acquired loans
|
$
1,415
|
|
$
563
|
|
$
(3,604)
|
|
Loan loss provision
year-to-date - acquired loans
|
860
|
|
725
|
|
-
|
|
Total loan loss
provision (recapture) year-to-date
|
$
2,275
|
|
$ 1,288
|
|
$
(3,604)
|
|
|
|
|
|
|
|
|
Allowance to loans at
end of period - non-acquired loans
|
1.11
|
%
|
1.10
|
%
|
1.26
|
%
|
Discount to
acquired loans at end of period
|
4.13
|
|
3.32
|
|
-
|
|
|
|
|
|
|
|
|
Nonperforming loans -
non-acquired loans
|
$
14,474
|
|
$ 15,054
|
|
$
18,942
|
|
Nonperforming loans -
acquired loans
|
2,636
|
|
4,543
|
|
-
|
|
Other real estate
owned - non-acquired
|
4,183
|
|
4,855
|
|
5,018
|
|
Other real estate
owned - acquired
|
3,250
|
|
1,053
|
|
-
|
|
Total nonperforming
assets
|
$
24,543
|
|
$ 25,505
|
|
$
23,960
|
|
|
|
|
|
|
|
|
Restructured loans
(accruing)
|
$
20,543
|
|
$ 23,441
|
|
$
28,969
|
|
|
|
|
|
|
|
|
Purchased noncredit
impaired loans
|
$
347,262
|
|
$ 275,964
|
|
$
-
|
|
Purchased credit
impaired loans
|
12,673
|
|
6,562
|
|
-
|
|
Total acquired
loans
|
$
359,935
|
|
$ 282,526
|
|
$
-
|
|
|
|
|
|
|
|
|
Nonperforming loans
to loans at end of period - non-acquired loans
|
0.69
|
%
|
0.78
|
%
|
1.36
|
%
|
Nonperforming loans
to loans at end of period - acquired loans
|
0.12
|
|
0.23
|
|
-
|
|
Total nonperforming
loans to loans at end of period
|
0.81
|
|
1.01
|
|
1.36
|
|
|
|
|
|
|
|
|
Nonperforming assets
to total assets - non-acquired
|
0.55
|
%
|
0.62
|
%
|
1.01
|
%
|
Nonperforming assets
to total assets - acquired
|
0.18
|
|
0.17
|
|
-
|
|
Total nonperforming
assets to total assets
|
0.73
|
|
0.79
|
|
1.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
|
(Unaudited)
|
|
|
|
|
|
|
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
(Dollars in
thousands, except per share data)
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Interest on
securities:
|
|
|
|
|
|
|
|
|
Taxable
|
|
$
5,154
|
|
$
3,657
|
|
$ 15,029
|
|
$
10,720
|
Nontaxable
|
|
144
|
|
8
|
|
441
|
|
29
|
Interest and fees on
loans
|
|
25,276
|
|
14,615
|
|
69,285
|
|
42,516
|
Interest on federal
funds sold and other investments
|
|
249
|
|
211
|
|
747
|
|
725
|
Total Interest Income
|
|
30,823
|
|
18,491
|
|
85,502
|
|
53,990
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
|
562
|
|
189
|
|
1,487
|
|
567
|
Interest on time
certificates
|
|
295
|
|
370
|
|
963
|
|
1,163
|
Interest on borrowed
money
|
|
955
|
|
704
|
|
2,665
|
|
2,086
|
Total Interest Expense
|
|
1,812
|
|
1,263
|
|
5,115
|
|
3,816
|
|
|
|
|
|
|
|
|
|
Net Interest Income
|
|
29,011
|
|
17,228
|
|
80,387
|
|
50,174
|
Provision (recapture)
for loan losses
|
|
987
|
|
(1,425)
|
|
2,275
|
|
(3,604)
|
Net Interest Income After Provision for Loan Losses
|
28,024
|
|
18,653
|
|
78,112
|
|
53,778
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
Service charges on deposit
accounts
|
|
2,217
|
|
1,753
|
|
6,334
|
|
4,744
|
Trust fees
|
|
781
|
|
817
|
|
2,341
|
|
2,191
|
Mortgage banking
fees
|
|
1,177
|
|
825
|
|
3,297
|
|
2,341
|
Brokerage commissions and
fees
|
|
604
|
|
408
|
|
1,621
|
|
1,197
|
Marine finance
fees
|
|
258
|
|
281
|
|
947
|
|
875
|
Interchange
income
|
|
1,925
|
|
1,452
|
|
5,695
|
|
4,369
|
Other deposit based EFT
fees
|
|
88
|
|
70
|
|
298
|
|
251
|
BOLI income
|
|
366
|
|
0
|
|
1,030
|
|
0
|
Gain on participated
loan
|
|
0
|
|
0
|
|
725
|
|
0
|
Other
|
|
666
|
|
543
|
|
1,948
|
|
1,635
|
|
|
8,082
|
|
6,149
|
|
24,236
|
|
17,603
|
Securities gains,
net
|
|
160
|
|
344
|
|
160
|
|
361
|
Total Noninterest Income
|
|
8,242
|
|
6,493
|
|
24,396
|
|
17,964
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses:
|
|
|
|
|
|
|
|
|
Salaries and
wages
|
|
11,850
|
|
8,064
|
|
29,940
|
|
23,456
|
Employee benefits
|
|
2,430
|
|
2,049
|
|
7,386
|
|
6,312
|
Outsourced data processing
costs
|
|
3,277
|
|
1,769
|
|
7,695
|
|
5,275
|
Telephone / data
lines
|
|
446
|
|
313
|
|
1,385
|
|
912
|
Occupancy
|
|
2,396
|
|
1,879
|
|
6,430
|
|
5,605
|
Furniture and
equipment
|
|
883
|
|
628
|
|
2,434
|
|
1,803
|
Marketing
|
|
1,099
|
|
925
|
|
3,300
|
|
2,413
|
Legal and professional
fees
|
|
2,189
|
|
1,103
|
|
5,442
|
|
4,316
|
FDIC assessments
|
|
552
|
|
387
|
|
1,661
|
|
1,184
|
Amortization of
intangibles
|
|
397
|
|
195
|
|
1,027
|
|
587
|
Asset dispositions
expense
|
|
77
|
|
139
|
|
393
|
|
385
|
Net loss on other real
estate owned and repossessed assets
|
262
|
|
156
|
|
396
|
|
301
|
Other
|
|
3,269
|
|
2,282
|
|
9,112
|
|
6,806
|
Total Noninterest
Expenses
|
|
29,127
|
|
19,889
|
|
76,601
|
|
59,355
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes
|
|
7,139
|
|
5,257
|
|
25,907
|
|
12,387
|
Income
taxes
|
|
2,698
|
|
2,261
|
|
9,802
|
|
5,174
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
4,441
|
|
$
2,996
|
|
$ 16,105
|
|
$
7,213
|
|
|
|
|
|
|
|
|
|
Per share of common
stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
diluted
|
|
$
0.13
|
|
$
0.12
|
|
$
0.48
|
|
$
0.28
|
Net income basic
|
|
0.13
|
|
0.12
|
|
0.48
|
|
0.28
|
Cash dividends
declared
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
|
|
|
|
|
|
|
|
Average diluted
shares outstanding
|
|
34,193,540
|
|
26,025,693
|
|
33,524,718
|
|
25,894,881
|
Average basic shares
outstanding
|
|
33,907,178
|
|
25,887,591
|
|
33,286,933
|
|
25,736,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
(Unaudited)
|
|
|
|
|
|
|
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUARTER
|
|
2015
|
|
2014
|
(Dollars in
thousands)
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
|
|
|
|
|
|
|
|
|
Interest on
securities:
|
|
|
|
|
|
|
|
|
|
Taxable
|
$
5,154
|
|
$
4,977
|
|
$ 4,898
|
|
$ 4,728
|
|
$ 3,657
|
Nontaxable
|
144
|
|
147
|
|
150
|
|
182
|
|
8
|
Interest and fees on
loans
|
25,276
|
|
21,988
|
|
22,021
|
|
21,070
|
|
14,615
|
Interest on federal
funds sold and other investments
|
249
|
|
249
|
|
249
|
|
292
|
|
211
|
Total Interest Income
|
30,823
|
|
27,361
|
|
27,318
|
|
26,272
|
|
18,491
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
562
|
|
524
|
|
401
|
|
297
|
|
189
|
Interest on time
certificates
|
295
|
|
321
|
|
347
|
|
375
|
|
370
|
Interest on borrowed
money
|
955
|
|
850
|
|
860
|
|
867
|
|
704
|
Total Interest Expense
|
1,812
|
|
1,695
|
|
1,608
|
|
1,539
|
|
1,263
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
|
29,011
|
|
25,666
|
|
25,710
|
|
24,733
|
|
17,228
|
Provision (recapture)
for loan losses
|
987
|
|
855
|
|
433
|
|
118
|
|
(1,425)
|
Net Interest Income After
Provision for Loan Losses
|
28,024
|
|
24,811
|
|
25,277
|
|
24,615
|
|
18,653
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
Service charges on deposit
accounts
|
2,217
|
|
2,115
|
|
2,002
|
|
2,208
|
|
1,753
|
Trust fees
|
781
|
|
759
|
|
801
|
|
795
|
|
817
|
Mortgage banking
fees
|
1,177
|
|
1,032
|
|
1,088
|
|
716
|
|
825
|
Brokerage commissions and
fees
|
604
|
|
576
|
|
441
|
|
417
|
|
408
|
Marine finance
fees
|
258
|
|
492
|
|
197
|
|
445
|
|
281
|
Interchange
income
|
1,925
|
|
2,033
|
|
1,737
|
|
1,603
|
|
1,452
|
Other deposit based EFT
fees
|
88
|
|
96
|
|
114
|
|
92
|
|
70
|
BOLI income
|
366
|
|
334
|
|
330
|
|
252
|
|
0
|
Gain on participated
loan
|
0
|
|
725
|
|
0
|
|
0
|
|
0
|
Other
|
666
|
|
684
|
|
598
|
|
613
|
|
543
|
|
8,082
|
|
8,846
|
|
7,308
|
|
7,141
|
|
6,149
|
Securities gains, net
|
160
|
|
0
|
|
0
|
|
108
|
|
344
|
Total Noninterest Income
|
8,242
|
|
8,846
|
|
7,308
|
|
7,249
|
|
6,493
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses:
|
|
|
|
|
|
|
|
|
|
Salaries and
wages
|
11,850
|
|
9,301
|
|
8,789
|
|
11,676
|
|
8,064
|
Employee benefits
|
2,430
|
|
2,541
|
|
2,415
|
|
2,461
|
|
2,049
|
Outsourced data processing
costs
|
3,277
|
|
2,234
|
|
2,184
|
|
3,506
|
|
1,769
|
Telephone / data
lines
|
446
|
|
443
|
|
496
|
|
419
|
|
313
|
Occupancy
|
2,396
|
|
2,011
|
|
2,023
|
|
2,325
|
|
1,879
|
Furniture and
equipment
|
883
|
|
819
|
|
732
|
|
732
|
|
628
|
Marketing
|
1,099
|
|
1,226
|
|
975
|
|
1,163
|
|
925
|
Legal and professional
fees
|
2,189
|
|
1,590
|
|
1,663
|
|
2,555
|
|
1,103
|
FDIC assessments
|
552
|
|
520
|
|
589
|
|
476
|
|
387
|
Amortization of
intangibles
|
397
|
|
315
|
|
315
|
|
446
|
|
195
|
Asset dispositions
expense
|
77
|
|
173
|
|
143
|
|
103
|
|
139
|
Branch closures and
branding
|
0
|
|
0
|
|
0
|
|
4,958
|
|
0
|
Net loss on other real
estate owned and repossessed assets
|
262
|
|
53
|
|
81
|
|
9
|
|
156
|
Other
|
3,269
|
|
3,062
|
|
2,781
|
|
3,182
|
|
2,282
|
Total Noninterest Expenses
|
29,127
|
|
24,288
|
|
23,186
|
|
34,011
|
|
19,889
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes
|
7,139
|
|
9,369
|
|
9,399
|
|
(2,147)
|
|
5,257
|
Income
taxes
|
2,698
|
|
3,564
|
|
3,540
|
|
(630)
|
|
2,261
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
$
4,441
|
|
$
5,805
|
|
$ 5,859
|
|
$ (1,517)
|
|
$ 2,996
|
|
|
|
|
|
|
|
|
|
|
Per share of common
stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
diluted
|
$
0.13
|
|
$
0.18
|
|
$
0.18
|
|
$ (0.05)
|
|
$
0.12
|
Net income basic
|
0.13
|
|
0.18
|
|
0.18
|
|
(0.05)
|
|
0.12
|
Cash dividends
declared
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
Average diluted
shares outstanding
|
34,193,540
|
|
33,233,508
|
|
33,135,618
|
|
33,123,525
|
|
26,025,693
|
Average basic shares
outstanding
|
33,907,178
|
|
32,978,006
|
|
32,971,444
|
|
32,888,612
|
|
25,887,591
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE
SHEETS
|
(Unaudited)
|
|
|
|
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
September
30,
|
(Dollars in
thousands, except share data)
|
2015
|
|
2014
|
|
2014
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Cash and
due from banks
|
|
$
69,650
|
|
$
64,411
|
|
$
39,934
|
Interest
bearing deposits with other banks
|
30,991
|
|
36,128
|
|
18,962
|
Total Cash and Cash Equivalents
|
100,641
|
|
100,539
|
|
58,896
|
|
|
|
|
|
|
|
Securities:
|
|
|
|
|
|
|
Available
for sale (at fair value)
|
728,161
|
|
741,375
|
|
601,541
|
Held for
investment (at amortized cost)
|
209,047
|
|
207,904
|
|
176,724
|
Total Securities
|
|
937,208
|
|
949,279
|
|
778,265
|
|
|
|
|
|
|
|
Loans
available for sale
|
|
16,738
|
|
12,078
|
|
18,484
|
|
|
|
|
|
|
|
Loans,
net of deferred costs
|
|
2,099,447
|
|
1,821,885
|
|
1,391,082
|
Less:
Allowance for loan losses
|
|
(19,328)
|
|
(17,071)
|
|
(17,571)
|
Net Loans
|
|
2,080,119
|
|
1,804,814
|
|
1,373,511
|
|
|
|
|
|
|
|
Bank
premises and equipment, net
|
|
54,900
|
|
45,086
|
|
34,809
|
Other
real estate owned
|
|
7,433
|
|
7,462
|
|
5,018
|
Other
intangible assets
|
|
8,991
|
|
7,454
|
|
130
|
Goodwill
|
|
25,864
|
|
25,309
|
|
0
|
Bank
owned life insurance
|
|
43,251
|
|
35,679
|
|
0
|
Other
assets
|
|
102,963
|
|
105,635
|
|
92,700
|
|
|
$
3,378,108
|
|
$
3,093,335
|
|
$
2,361,813
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
Noninterest demand
|
|
$
869,877
|
|
$
725,238
|
|
$
522,001
|
Interest-bearing demand
|
|
618,344
|
|
652,353
|
|
479,827
|
Savings
|
|
286,810
|
|
264,738
|
|
215,076
|
Money
market
|
|
660,632
|
|
450,172
|
|
344,726
|
Other time
certificates
|
|
163,028
|
|
173,247
|
|
138,595
|
Brokered
time certificates
|
|
8,323
|
|
7,034
|
|
7,025
|
Time
certificates of $100,000 or more
|
135,282
|
|
143,752
|
|
101,300
|
Total Deposits
|
|
2,742,296
|
|
2,416,534
|
|
1,808,550
|
|
|
|
|
|
|
|
Federal
funds purchased and securities sold under
|
|
|
|
|
|
agreements to
repurchase, maturing within 30 days
|
148,607
|
|
233,640
|
|
204,436
|
Borrowed funds
|
|
50,000
|
|
50,000
|
|
50,000
|
Subordinated debt
|
|
69,891
|
|
64,583
|
|
53,610
|
Other liabilities
|
|
17,034
|
|
15,927
|
|
9,262
|
|
|
3,027,828
|
|
2,780,684
|
|
2,125,858
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
Common stock
|
|
3,435
|
|
3,300
|
|
2,600
|
Additional paid in capital
|
|
398,067
|
|
379,249
|
|
302,346
|
Accumulated deficit
|
|
(48,894)
|
|
(65,000)
|
|
(63,482)
|
Treasury stock
|
|
(38)
|
|
(71)
|
|
(216)
|
|
|
352,570
|
|
317,478
|
|
241,248
|
Accumulated other comprehensive (loss), net
|
(2,290)
|
|
(4,827)
|
|
(5,293)
|
Total Shareholders' Equity
|
|
350,280
|
|
312,651
|
|
235,955
|
|
|
$
3,378,108
|
|
$
3,093,335
|
|
$
2,361,813
|
|
|
|
|
|
|
|
Common Shares
Outstanding
|
|
34,346,456
|
|
33,136,592
|
|
26,027,634
|
|
|
|
|
|
|
|
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)
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Net income
(loss)
|
$
4,441
|
|
$
5,805
|
|
$
5,859
|
|
$
(1,517)
|
|
$
2,996
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Ratios
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets-GAAP basis (2),(3)
|
0.52
|
%
|
0.72
|
%
|
0.75
|
%
|
(0.20)
|
%
|
0.52
|
%
|
Return
on average tangible assets (2),(3),(4)
|
0.56
|
|
0.75
|
|
0.79
|
|
(0.16)
|
|
0.54
|
|
Return
on average shareholders' equity-GAAP basis (2),(3)
|
5.05
|
|
7.13
|
|
7.42
|
|
(1.89)
|
|
4.97
|
|
Efficiency ratio (5)
|
76.29
|
|
68.57
|
|
68.33
|
|
104.46
|
|
82.78
|
|
Noninterest income to total revenue
|
21.79
|
|
25.63
|
|
22.13
|
|
22.40
|
|
26.30
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin (1),(2)
|
3.75
|
|
3.50
|
|
3.62
|
|
3.56
|
|
3.17
|
|
Average
equity to average assets
|
10.34
|
|
10.12
|
|
10.17
|
|
10.51
|
|
10.37
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Analysis
Excluding Acquired Loans
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs (recoveries) - non-acquired loans
|
$
(233)
|
|
$
(358)
|
|
$
(263)
|
|
$
618
|
|
$
(856)
|
|
Net
charge-offs - acquired loans
|
683
|
|
143
|
|
46
|
|
-
|
|
-
|
|
Total
net charge-offs (recoveries)
|
$
450
|
|
$
(215)
|
|
$
(217)
|
|
$
618
|
|
$
(856)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs (recoveries) to average loans - non-acquired
loans
|
(0.04)
|
%
|
(0.08)
|
%
|
(0.06)
|
%
|
0.14
|
%
|
(0.25)
|
%
|
Net
charge-offs (recoveries) to average loans - acquired
loans
|
0.12
|
|
0.03
|
|
0.01
|
|
-
|
|
-
|
|
Total
net charge-offs (recoveries) to average loans
|
0.08
|
|
(0.05)
|
|
(0.05)
|
|
0.14
|
|
(0.25)
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan
loss provision (recapture) - non-acquired loans
|
$
852
|
|
$
271
|
|
$
292
|
|
$
54
|
|
$
(1,425)
|
|
Loan
loss provision (recapture) - acquired loans
|
135
|
|
584
|
|
141
|
|
64
|
|
-
|
|
Total
loan loss provision (recapture)
|
$
987
|
|
$
855
|
|
$
433
|
|
$
118
|
|
$
(1,425)
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance to loans at end of period - non-acquired loans
|
1.11
|
%
|
1.10
|
%
|
1.13
|
%
|
1.14
|
%
|
1.26
|
%
|
Discount
for credit losses to acquired loans at end of period
|
4.13
|
|
3.32
|
|
3.56
|
|
3.56
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans - non-acquired loans
|
$
14,474
|
|
$
15,054
|
|
$
16,860
|
|
$
18,563
|
|
$
18,942
|
|
Nonperforming loans - acquired loans
|
2,636
|
|
4,543
|
|
4,196
|
|
2,577
|
|
-
|
|
Other
real estate owned - non-acquired
|
4,183
|
|
4,855
|
|
4,738
|
|
5,567
|
|
5,018
|
|
Other
real estate owned - acquired
|
3,250
|
|
1,053
|
|
1,431
|
|
1,895
|
|
-
|
|
Total
nonperforming assets
|
$
24,543
|
|
$
25,505
|
|
$
27,225
|
|
$
28,602
|
|
$
23,960
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured
loans (accruing)
|
$
20,543
|
|
$
23,441
|
|
$
23,847
|
|
$
24,997
|
|
$
28,969
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased
noncredit impaired loans
|
$
347,262
|
|
$
275,964
|
|
$
296,839
|
|
$
326,066
|
|
$
-
|
|
Purchased
credit impaired loans
|
12,673
|
|
6,562
|
|
7,119
|
|
7,814
|
|
-
|
|
Total acquired
loans
|
$
359,935
|
|
$
282,526
|
|
$
303,958
|
|
$
333,880
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to loans at end of period - non-acquired
loans
|
0.69
|
%
|
0.78
|
%
|
0.91
|
%
|
1.02
|
%
|
1.36
|
%
|
Nonperforming loans to loans at end of period - acquired
loans
|
0.12
|
|
0.23
|
|
0.23
|
|
0.14
|
|
-
|
|
Total
nonperforming loans to loans at end of period
|
0.81
|
|
1.01
|
|
1.14
|
|
1.16
|
|
1.36
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets - non-acquired
|
0.55
|
%
|
0.62
|
%
|
0.67
|
%
|
0.78
|
%
|
1.01
|
%
|
Nonperforming assets to total assets - acquired
|
0.18
|
|
0.17
|
|
0.17
|
|
0.14
|
|
-
|
|
Total
nonperforming assets to total assets
|
0.73
|
|
0.79
|
|
0.84
|
|
0.92
|
|
1.01
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Common
Stock
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) diluted-GAAP basis
|
$
0.13
|
|
$
0.18
|
|
$
0.18
|
|
$
(0.05)
|
|
$
0.12
|
|
Net
income (loss) basic-GAAP basis
|
0.13
|
|
0.18
|
|
0.18
|
|
(0.05)
|
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
dividends declared
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
Book
value per share common
|
10.20
|
|
9.84
|
|
9.71
|
|
9.44
|
|
9.07
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances
|
|
|
|
|
|
|
|
|
|
|
Total average
assets
|
$
3,373,858
|
|
$ 3,225,127
|
|
$
3,151,132
|
|
$ 3,037,061
|
|
$ 2,305,799
|
|
Less: Intangible
assets
|
35,185
|
|
32,188
|
|
31,221
|
|
33,803
|
|
237
|
|
Total average
tangible assets
|
$
3,338,673
|
|
$ 3,192,939
|
|
$
3,119,911
|
|
$ 3,003,258
|
|
$ 2,305,562
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average
equity
|
$
348,901
|
|
$
326,338
|
|
$
320,346
|
|
$
319,233
|
|
$
239,031
|
|
Less: Intangible
assets
|
35,185
|
|
32,188
|
|
31,221
|
|
33,803
|
|
237
|
|
Total average
tangible equity
|
$
313,716
|
|
$
294,150
|
|
$
289,125
|
|
$
285,430
|
|
$
238,794
|
|
|
|
|
|
|
|
|
|
|
|
|
(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).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
September
30,
|
|
SECURITIES
|
|
|
|
|
2015
|
|
2014
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and
U.S. Government Agencies
|
|
|
|
|
$
3,929
|
|
$
3,899
|
|
$
100
|
|
Mortgage-backed
|
|
|
|
|
488,803
|
|
587,933
|
|
473,681
|
|
Collateralized loan
obligations
|
|
|
|
|
123,447
|
|
125,225
|
|
121,500
|
|
Obligations of states
and political subdivisions
|
|
|
|
|
33,037
|
|
24,318
|
|
6,260
|
|
Corporates
|
|
|
|
|
32,155
|
|
0
|
|
0
|
|
CMBS
|
|
|
|
|
39,027
|
|
0
|
|
0
|
|
Other
|
|
|
|
|
7,763
|
|
0
|
|
0
|
|
Securities Available for Sale
|
|
|
|
|
728,161
|
|
741,375
|
|
601,541
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed
|
|
|
|
|
167,747
|
|
182,076
|
|
176,724
|
|
Collateralized loan
obligations
|
|
|
|
|
41,300
|
|
25,828
|
|
0
|
|
Securities Held for Investment
|
|
|
|
|
209,047
|
|
207,904
|
|
176,724
|
|
Total
Securities
|
|
|
|
|
$
937,208
|
|
$
949,279
|
|
$
778,265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
September
30,
|
|
LOANS
|
|
|
|
|
2015
|
|
2014
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and land
development
|
|
|
|
|
$
96,036
|
|
$
87,036
|
|
$
57,851
|
|
Real estate
mortgage
|
|
|
|
|
1,714,120
|
|
1,524,044
|
|
1,193,924
|
|
Installment loans to
individuals
|
|
|
|
|
78,472
|
|
52,897
|
|
47,645
|
|
Commercial and
financial
|
|
|
|
|
210,335
|
|
157,396
|
|
91,300
|
|
Other
loans
|
|
|
|
|
484
|
|
512
|
|
362
|
|
Total
Loans
|
|
|
|
|
$
2,099,447
|
|
$ 1,821,885
|
|
$ 1,391,082
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES,
INTEREST INCOME AND EXPENSES, YIELDS AND RATES
(1)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
Third
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
(Dollars in
thousands)
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
$
966,764
|
|
$
5,154
|
|
2.13%
|
|
$ 957,374
|
|
$ 4,977
|
|
2.08%
|
|
$ 698,274
|
|
$ 3,656
|
|
2.09%
|
Nontaxable
|
14,982
|
|
220
|
|
5.87
|
|
15,311
|
|
225
|
|
5.87
|
|
742
|
|
13
|
|
7.01
|
Total Securities
|
981,746
|
|
5,374
|
|
2.19
|
|
972,685
|
|
5,202
|
|
2.14
|
|
699,016
|
|
3,669
|
|
2.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
investments
|
42,083
|
|
249
|
|
2.35
|
|
79,031
|
|
249
|
|
1.26
|
|
98,711
|
|
211
|
|
0.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net
|
2,060,326
|
|
25,319
|
|
4.88
|
|
1,904,011
|
|
22,032
|
|
4.64
|
|
1,365,978
|
|
14,665
|
|
4.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets
|
3,084,155
|
|
30,942
|
|
3.98
|
|
2,955,727
|
|
27,483
|
|
3.73
|
|
2,163,705
|
|
18,545
|
|
3.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
(19,294)
|
|
|
|
|
|
(18,247)
|
|
|
|
|
|
(17,972)
|
|
|
|
|
Cash and due from
banks
|
70,292
|
|
|
|
|
|
71,858
|
|
|
|
|
|
44,172
|
|
|
|
|
Premises and
equipment
|
54,436
|
|
|
|
|
|
49,275
|
|
|
|
|
|
34,717
|
|
|
|
|
Intangible
assets
|
35,185
|
|
|
|
|
|
32,188
|
|
|
|
|
|
237
|
|
|
|
|
Bank owned life
insurance
|
41,934
|
|
|
|
|
|
36,111
|
|
|
|
|
|
0
|
|
|
|
|
Other
assets
|
107,150
|
|
|
|
|
|
98,215
|
|
|
|
|
|
80,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
3,373,858
|
|
|
|
|
|
$ 3,225,127
|
|
|
|
|
|
$ 2,305,799
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
$
621,365
|
|
$
116
|
|
0.07%
|
|
$ 612,433
|
|
$ 110
|
|
0.07%
|
|
$ 489,138
|
|
$
91
|
|
0.07%
|
Savings
|
285,410
|
|
39
|
|
0.05
|
|
279,354
|
|
41
|
|
0.06
|
|
212,479
|
|
24
|
|
0.04
|
Money
market
|
637,840
|
|
407
|
|
0.25
|
|
607,271
|
|
373
|
|
0.25
|
|
339,937
|
|
74
|
|
0.09
|
Time
deposits
|
308,184
|
|
295
|
|
0.38
|
|
303,802
|
|
321
|
|
0.42
|
|
252,179
|
|
370
|
|
0.58
|
Federal funds
purchased and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
short term borrowings
|
183,494
|
|
112
|
|
0.24
|
|
168,068
|
|
77
|
|
0.18
|
|
153,696
|
|
69
|
|
0.18
|
Other
borrowings
|
118,961
|
|
843
|
|
2.81
|
|
114,649
|
|
773
|
|
2.70
|
|
103,610
|
|
635
|
|
2.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities
|
2,155,254
|
|
1,812
|
|
0.33
|
|
2,085,577
|
|
1,695
|
|
0.33
|
|
1,551,039
|
|
1,263
|
|
0.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
demand
|
849,468
|
|
|
|
|
|
795,707
|
|
|
|
|
|
506,478
|
|
|
|
|
Other
liabilities
|
20,235
|
|
|
|
|
|
17,505
|
|
|
|
|
|
9,251
|
|
|
|
|
Total Liabilities
|
3,024,957
|
|
|
|
|
|
2,898,789
|
|
|
|
|
|
2,066,768
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
348,901
|
|
|
|
|
|
326,338
|
|
|
|
|
|
239,031
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
3,373,858
|
|
|
|
|
|
$ 3,225,127
|
|
|
|
|
|
$ 2,305,799
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense as a
% of earning assets
|
|
|
|
|
0.23%
|
|
|
|
|
|
0.23%
|
|
|
|
|
|
0.23%
|
Net interest income
as a % of earning assets
|
|
|
$ 29,130
|
|
3.75%
|
|
|
|
$ 25,788
|
|
3.50%
|
|
|
|
$ 17,282
|
|
3.17%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
QUARTERLY FINANCIAL DATA
|
|
|
|
(Unaudited)
|
|
|
|
|
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
(Dollars in
thousands)
|
|
Third
Quarter
|
|
Second
Quarter
|
|
First
Quarter
|
|
Fourth
Quarter
|
|
Third
Quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer
Relationship Funding (Period End)
|
|
|
|
|
|
|
|
|
|
Noninterest
demand
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
$
619,960
|
|
$
561,742
|
|
$
546,876
|
|
$
481,327
|
|
$
301,630
|
|
Retail
|
|
182,381
|
|
180,484
|
|
191,262
|
|
190,120
|
|
162,392
|
|
Public
funds
|
|
47,765
|
|
47,913
|
|
38,529
|
|
41,201
|
|
39,329
|
|
Other
|
|
19,771
|
|
18,290
|
|
16,669
|
|
12,590
|
|
18,650
|
|
|
|
869,877
|
|
808,429
|
|
793,336
|
|
725,238
|
|
522,001
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
69,037
|
|
60,411
|
|
66,532
|
|
58,173
|
|
41,131
|
|
Retail
|
|
443,022
|
|
410,601
|
|
416,766
|
|
407,653
|
|
324,690
|
|
Public
funds
|
|
106,285
|
|
128,256
|
|
151,556
|
|
186,527
|
|
114,006
|
|
|
|
618,344
|
|
599,268
|
|
634,854
|
|
652,353
|
|
479,827
|
|
|
|
|
|
|
|
|
|
|
|
|
Total transaction
accounts
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
688,997
|
|
622,153
|
|
613,408
|
|
539,500
|
|
342,761
|
|
Retail
|
|
625,403
|
|
591,085
|
|
608,028
|
|
597,773
|
|
487,082
|
|
Public
funds
|
|
154,050
|
|
176,169
|
|
190,085
|
|
227,728
|
|
153,335
|
|
Other
|
|
19,771
|
|
18,290
|
|
16,669
|
|
12,590
|
|
18,650
|
|
|
|
1,488,221
|
|
1,407,697
|
|
1,428,190
|
|
1,377,591
|
|
1,001,828
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
|
|
286,810
|
|
282,588
|
|
272,963
|
|
264,738
|
|
215,076
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
market
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
225,629
|
|
191,061
|
|
185,668
|
|
172,417
|
|
118,385
|
|
Retail
|
|
306,138
|
|
272,853
|
|
274,203
|
|
264,725
|
|
218,376
|
|
Public
funds
|
|
128,865
|
|
158,059
|
|
136,729
|
|
13,030
|
|
7,965
|
|
|
|
660,632
|
|
621,973
|
|
596,600
|
|
450,172
|
|
344,726
|
|
|
|
|
|
|
|
|
|
|
|
|
Time certificates of
deposit
|
|
306,633
|
|
292,919
|
|
312,072
|
|
324,033
|
|
246,920
|
Total Deposits
|
|
$
2,742,296
|
|
$
2,605,177
|
|
$ 2,609,825
|
|
$ 2,416,534
|
|
$ 1,808,550
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer sweep
accounts
|
|
$
148,607
|
|
$
157,676
|
|
$
170,023
|
|
$
153,640
|
|
$
124,436
|
|
|
|
|
|
|
|
|
|
|
|
|
Total core customer
funding (1)
|
|
$
2,584,270
|
|
$
2,469,934
|
|
$ 2,467,776
|
|
$ 2,246,141
|
|
$ 1,686,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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-q3-net-income-rises-more-than-48-year-over-year-to-44-million-300164996.html
SOURCE Seacoast Banking Corporation of Florida