STUART, Fla., April 28, 2016 /PRNewswire/ --
First Quarter 2016 Earnings Highlights
- Adjusted revenues1 increased $5.9 million, or 18% year-over-year, to
$38.9 million; and increased
$2.0 million, or 5% (not annualized),
from fourth quarter 2015 levels.
- Net interest income improved $4.5
million, or 18% year-over-year, as organic loan growth was
supplemented by successful acquisitions.
- Net interest margin increased year-over-year and
sequentially to 3.68%.
- Adjusted net income1 increased 10% to
$6.8 million compared to $6.2 million in the first quarter 2015.
First Quarter 2016 Growth Highlights
- Integration of Floridian Financial Group, Inc. was
successfully completed during March, 2016, adding 3,400 households
and locations in the Orlando and
Daytona Beach markets.
- Seacoast continues to leverage organic growth capabilities
in acquired franchises. BankFirst and Grand continue to show strong
annualized growth of 7%, surpassing solid 4% growth rate for
Seacoast's legacy franchise.
- Core deposit growth continues to accelerate. Demand deposits
grew 14% (not annualized) during the quarter, 7% excluding acquired
deposits. Demand deposits represent more than 56% of total deposits
and non-interest bearing checking accounts now comprise nearly 33%
of deposits.
2016 Guidance
- Seacoast reaffirms 2016 adjusted diluted EPS target of
$1.00.
Seacoast Banking Corporation of Florida ("Seacoast" or "the Company") (NASDAQ:
SBCF) today reported results for the first quarter of
2016.
Seacoast reported first quarter net income of $3.2 million, compared to $5.9 million in the first quarter last year.
During the period, Seacoast closed the previously announced
acquisition of Floridian Financial Group, Inc. and results for the
quarter include $5.5 million in
charges taken in conjunction with the acquisition. Adjusted
net income, including adjustments for Floridian expenses and other
non-core items1 increased $605,000 to $6.8
million, a 10% increase from year-ago levels, and increased
$262,000, or 4% (not annualized),
from the prior quarter. Diluted earnings per common share
(EPS) were $0.09 and adjusted diluted
EPS1 were $0.19, unchanged
compared to the first quarter last year and the prior
quarter.
Dennis S. Hudson, III, Chairman
and CEO said, "Our first quarter results demonstrate the impact of
our digital transformation strategy, successful integration of
recent acquisitions and disciplined loan growth. While our earnings
were close to our expectations for the quarter, they do not fully
reflect the profitability we expect over the balance of this
year. The near-term drivers for our anticipated improved
earnings are cost reductions, primarily related to branch
consolidations, as well as revenue improvement resulting from these
acquisitions and continued strong organic growth.
We expect to achieve a substantial portion of the cost savings
from the integration of Floridian Bank and previously announced
legacy branch consolidations during the second quarter. The
remaining cost savings from Floridian and substantially all of the
synergies related to the BMO Harris integration will be realized
during the third quarter. These in-market acquisitions, together
with organic and acquisition-related revenue growth, are expected
to drive substantial earnings improvements throughout the balance
of the year.
At year end we anticipate that Seacoast's average deposits per
branch network-wide will have increased to almost $80 million compared to $65 million at year end 2015. This
improvement in efficiency will be enabled, in part, by our ongoing
digital transformation and is a meaningful part of our path to
achieving our earnings target for 2016.
We will continue to implement our digital strategy, which is
enabling us to add new households, both organically and in our
recently acquired banks; driving cross sells of services to
existing customers; and transforming our business model, by
providing us with opportunities to reduce our more-expensive legacy
cost structure. Improvements this quarter include an increase
in deposits made outside the branch to 31%, compared to 23% in the
first quarter of 2015; an increase in consumer loans opened outside
the branch to 19%, compared to 13% during the first quarter last
year; and an increase in new deposit accounts opened outside the
branch to 12%, compared to 5% in last year's first quarter.
Customer satisfaction continued at high levels, showing our ability
to move customers to lower-cost distribution channels while further
building customer engagement," Hudson said.
Hudson added, "We believe that continued execution of Seacoast's
strategy, including investing in important initiatives, reducing
expenses and executing on the right acquisition opportunities, will
continue to produce improved results for shareholders. We
have affirmed our adjusted diluted earnings per share1
target of $1.00 for 2016."
FINANCIAL
HIGHLIGHTS (Dollars in
thousands except per share data)
|
|
1Q16
|
4Q15
|
3Q15
|
2Q15
|
1Q15
|
|
|
|
|
|
|
|
Total
Assets
|
|
$4,000,543
|
$3,534,780
|
$3,378,108
|
$3,233,588
|
$3,231,956
|
|
|
|
|
|
|
|
Loans
|
|
2,455,214
|
2,156,330
|
2,099,447
|
1,937,399
|
1,854,487
|
|
|
|
|
|
|
|
Deposits
|
|
3,222,447
|
2,844,387
|
2,742,296
|
2,605,177
|
2,609,825
|
|
|
|
|
|
|
|
Net Income
|
|
3,186
|
6,036
|
4,441
|
5,805
|
5,859
|
|
|
|
|
|
|
|
Diluted Earnings Per
Share
|
|
0.09
|
0.18
|
0.13
|
0.18
|
0.18
|
|
|
|
|
|
|
|
Return on Average
Assets (ROA)
|
|
0.36%
|
0.69%
|
0.52%
|
0.72%
|
0.75%
|
Return on Average
Tangible
Common Equity (ROTCE)
|
|
4.2
|
7.8
|
5.9
|
8.2
|
8.5
|
|
|
|
|
|
|
|
Net Interest
Margin
|
|
3.68
|
3.67
|
3.75
|
3.50
|
3.62
|
Efficiency
Ratio
|
|
85.0
|
72.6
|
76.3
|
68.6
|
68.3
|
|
|
|
|
|
|
|
Pretax, Pre-provision
Income (1)
|
|
$5,331
|
$10,130
|
$8,126
|
$10,224
|
$9,832
|
Average Diluted
Shares
Outstanding
(000)
|
|
35,453
|
34,395
|
34,194
|
33,234
|
33,136
|
Adjusted Net Income
(1)
|
|
$6,782
|
$6,520
|
$6,433
|
$6,172
|
$6,177
|
Adjusted Diluted
Earnings
Per
Share (1)
|
|
0.19
|
0.19
|
0.19
|
0.19
|
0.19
|
|
|
|
|
|
|
|
Adjusted ROA
(1)
|
|
0.76%
|
0.75%
|
0.76%
|
0.77%
|
0.79%
|
Adjusted ROTCE
(1)
|
|
8.5
|
8.4
|
8.5
|
8.7
|
9.0
|
|
|
|
|
|
|
|
Adjusted Efficiency
Ratio (1)
|
|
69.9
|
69.1
|
68.2
|
67.5
|
67.5
|
Adjusted Pretax,
Pre-provision
Income (1)
|
|
$11,120
|
$10,913
|
$11,328
|
$10,815
|
$10,342
|
|
|
|
|
|
|
|
Annualized
Adjusted
Operating Expenses as
a
Percent of Average
Assets (1)
|
|
3.08%
|
2.93%
|
3.03%
|
2.91%
|
2.88%
|
|
|
|
|
|
|
|
Acquisitions Update
Hudson noted, "We are pleased to have completed our acquisition
and flawless conversion of Floridian late in the first
quarter. We now look forward to serving our new customers and
expanded communities as we execute on savings opportunities,
eliminating redundant functions and consolidating branch locations
over the next six months. Our customer service model,
combining convenience with customer analytics technology, has
enabled us to drive accelerated levels of cross sell and revenue
while growing households at an even faster rate in our acquired
markets.
"Our success in Orlando and
Palm Beach counties, where we
acquired BankFirst and Grand Bank, continues," Hudson stated.
"Household growth remains very strong and cross sell statistics
outpace growth in our legacy markets. Banking services for
Grand and BankFirst customers increased at a 20% annualized rate
compared to an 11% rate in our legacy franchise.
"As we welcome the new customers from Floridian, we look forward
to completing our acquisition of BMO Harris' Orlando banking operations and welcoming more
than 8,000 customers late in the second quarter of this year,
subject to customary closing conditions. This acquisition
will further solidify our status in Orlando, propelling us to a top-10 position in
this market," Hudson concluded.
Florida Economic Update
"The strong Florida economy
continues to amplify our success," said Hudson. "Florida's first quarter job growth, as
reported by ADP, continues to outpace the nation. Florida's
job growth rate in the first quarter exceeded national growth rate
by 50% (with Florida growing 3%
vs. a 2% national rate), continuing recent strength in Florida job
creation."
"Additionally, the Comerica Florida Economic Activity Index
increased for the 22nd consecutive month in January. Almost all of
the index components were positive for the month, indicating
broad-based gains in the state economy. Only hotel occupancy dipped
in January. The state economy is clearly accelerating and we expect
to see ongoing growth for Florida
over the remainder of this year…House prices and house construction
are firming up. The state is also seeing increased net migration as
baby boomer retirement increases. A recent Census Bureau report
shows Florida metro areas among
the fastest growing in the U.S."
First Quarter 2016 Income Statement Highlights
Organic Growth Drives Net Interest Income Increases, Merger
Activity Portends Further Gains
Net interest income for the quarter totaled $30.3 million, a $4.5
million or 18% increase from first quarter 2015
levels. Net interest margin expanded to 3.68%, a six basis
point increase from the prior year. Year-over-year net
interest income and margin increases reflect successful organic
growth combined with improved balance sheet mix. Acquisition
activity also contributed to net interest income gains as Seacoast
welcomed customers from Floridian and continued to grow
relationships with customers of other recent acquisitions.
These factors more than offset a decrease in excess purchased loan
fee accretion recorded in the first quarter 2015 (approximately
9-10 basis points of excess margin).
Net interest income increased $1.1
million and net interest margin increased one basis point,
from 3.67% in the prior quarter. The improvement was built
through continued growth and improved balance sheet mix, and offset
the negative impact of a shorter number of days in the
quarter. Each day impacts net interest income by
approximately $340,000.
Noninterest Income Growth Driven by Franchise Growth
Noninterest income excluding securities gains, totaled
$8.6 million for the first quarter of
2016. Included in this figure is $464,000 in unanticipated non-taxable income
related to the Bank's investment in bank owned life insurance
(BOLI). Excluding securities gains and unanticipated BOLI income,
adjusted noninterest income1 was $8.2 million for the first quarter, an increase
of $859,000 or 12% from the first
quarter 2015. Strong increases in interchange income and
deposit service charges, up 28% and 6%, respectively, reflect
intentional customer analytics-driven cross sell combined with
strong household growth and customer engagement. Analytics
enabled cross sell has driven the number of households with debit
cards from no growth in 2013 to more than 16% growth last year,
excluding acquisitions. Increases in trust and brokerage
businesses offset decreases in marine and mortgage banking
revenues.
Adjusted noninterest income increased $385,000 or 5% (not annualized) from fourth
quarter 2015 levels. Strength in interchange and trust and
brokerage income contributed to this linked-quarter gain.
Noninterest Expense Reflects Merger Activity and Other
Investment in Seacoast Strategy
Noninterest expense increased $10.4
million from the first quarter of 2015, largely driven by
$5.5 million in expense related to
the acquisition of Floridian on March
11, 2016. Adjusted noninterest expense1
increased $4.4 million from
prior-year levels. The year-over-year increase in adjusted
expense reflects ongoing costs related to the 2015 acquisitions of
FGC and Grand Bankshares. Additionally, expenses reflect
support of organic growth of and investment in the franchise.
Larger drivers include added salary and benefits related to
additional headcount, largely from acquisition activity, decreased
deferred loan origination costs and increased incentives.
Noninterest expense increased $6.4
million from the fourth quarter, 2015. Excluding
merger related charges and other one-time items, adjusted
noninterest expense1 grew $1.3
million. Increased salary and benefit costs
($1.4 million) were primarily related
to the negative impact of typical first quarter seasonality, such
as higher employer 401(k) matching costs, incentive-related costs
and certain employer-paid taxes; as well as to decreased deferred
origination costs.
Adjustments to expenses for the first quarter 2016 relate
largely to the Floridian acquisition ($5.5
million) including plans to consolidate five locations over
the next two quarters. This acquisition will provide an IRR
of near 20% or above and is immediately accretive to EPS, excluding
transaction costs. One time charges were also taken for the
planned closing of four legacy Seacoast branches in slower-growth,
central Florida ($0.7 million) which is expected to result in
annual savings of approximately $1
million.
First Quarter 2016 Balance Sheet Highlights
Strong Originations and Acquisition Activity Continue Loan
Portfolio Build
Total loans were $2.46 billion at
March 31, 2016, an increase of
$601 million or 32% from a year
ago. Excluding acquired loans, loans increased $208 million or 11% from the prior year's first
quarter. Loans increased $299
million or 14% (not annualized) from fourth quarter
levels. Adjusted for the acquisition, loans increased
$23 million or 1.9% from prior
quarter levels, reflecting strong originations offset by sizable
levels of pay downs during the first quarter.
Despite a seasonally slow quarter, loan production continued a
strong pace across all business lines. Commercial loan
originations for the quarter exceeded $67
million with the commercial pipeline (in underwriting and
approval or approved and not yet closed) totaling $98 million at March 31,
2016, ahead of prior-year levels. Consumer loan and
small business originations (inclusive of lines of credit) totaled
$53 million in the first quarter of
2016 compared to $39 million one year
ago.
Closed residential production for the quarter totaled
$67 million compared with
$56 million during the first quarter
2015, with a total residential pipeline of $58 million at March 31,
2016 up from $49 million one
year ago.
(Dollars in
thousands)
|
|
1Q16
|
4Q15
|
3Q15
|
2Q15
|
1Q15
|
|
|
|
|
|
|
|
Commercial
pipeline
|
|
$97,953
|
$105,556
|
$104,915
|
$108,538
|
$82,143
|
Commercial loans
closed
|
|
67,252
|
80,003
|
71,823
|
85,815
|
61,357
|
Total Commercial loan
originations and pipeline
|
|
$165,205
|
$185,559
|
$176,738
|
$194,353
|
$143,500
|
|
|
|
|
|
|
|
Residential
pipeline
|
|
$57,739
|
$30,340
|
$37,958
|
$53,902
|
$48,485
|
Residential loans
retained
|
|
36,335
|
24,905
|
36,027
|
45,596
|
23,951
|
Residential loans
sold
|
|
30,345
|
35,278
|
37,996
|
36,182
|
31,896
|
Total Residential
loan originations and pipeline
|
|
$124,419
|
$90,523
|
$111,981
|
$135,680
|
$104,332
|
Credit Quality Remains Stable and Strong
The provision for loan losses was $199,000 for the first quarter of 2016, down from
$433,000 in the first quarter 2015
and $369,000 recorded in the fourth
quarter 2015. The decrease in provision was driven by strong
credit metrics, including $397,000 in
net recoveries collected during the quarter, partially offsetting
the impact of continued loan growth. The ratio of allowance for
loan losses to non-acquired loans rose to 1.04% as of March 31 2016, as slight increase from 1.03% as
of December 31, 2015.
Additional highlights include:
- Nonperforming loans to total loans outstanding at the end of
the first quarter decreased to 0.63%, down from 1.14% as of
March 31, 2015;
- Nonperforming assets to total assets also declined to 0.59%,
compared to 0.84% one year ago.
Deposits Built on Core Customer Growth and Acquired Deposits
and Reflect Seasonal Public Funds Trends
Total deposits increased 23% to $3.22
billion at March 31, 2016,
from year ago levels. Core customer funding increased to
$3.06 billion at March 31, 2016, a $590
million, or 24% increase from the first quarter of
2015. Excluding acquisitions, core customer funding increased
by $176 million or 7% from one year
ago and total deposits increased $100
million or 4% from one year ago. Total deposits grew
$378 million or 13% (not annualized)
and core customer funding increased $336
million or 12% (not annualized) compared to the prior
quarter. Excluding acquired deposits, total deposits
increased $54 million or 2% (not
annualized) from fourth quarter levels. First quarter 2016
deposit growth is impacted by a reduced focus on, and seasonal
decreases in public fund balances, which decreased by $74 million during the quarter.
Noninterest demand deposits grew $200
million or 23% from the fourth quarter of 2015 and
$261 million or 33% from the first
quarter of 2105. Excluding acquired deposits, noninterest
demand deposits increased $112
million, or 13% from the fourth quarter 2015.
Noninterest demand deposits increased to a strong 33% of total
deposits.
(Dollars in
thousands)
|
|
First
Quarter
2016
|
Fourth
Quarter
2015
|
Third Quarter 2015
|
Second
Quarter
2015
|
First
Quarter
2015
|
Customer Relationship
Funding
|
|
|
|
|
|
|
Noninterest
demand
|
|
$ 1,054,069
|
$ 854,447
|
$ 869,877
|
$ 808,429
|
$ 793,336
|
Interest-bearing
demand
|
|
750,904
|
734,749
|
618,344
|
599,268
|
634,854
|
Money
market
|
|
741,657
|
665,353
|
660,632
|
621,973
|
596,600
|
Savings
|
|
313,179
|
295,851
|
286,810
|
282,588
|
272,963
|
Time certificates of
deposit
|
|
362,638
|
293,987
|
306,633
|
292,919
|
312,072
|
Total deposits
|
|
$3,222,447
|
$2,844,387
|
$2,742,296
|
$2,605,177
|
$2,609,825
|
Customer sweep
accounts
|
|
$198,330
|
$172,005
|
$148,607
|
$157,676
|
$170,023
|
Total core customer
funding (2)
|
|
$
3,058,139
|
$
2,722,405
|
$
2,584,270
|
$
2,469,934
|
$
2,467,776
|
Demand deposit
mix
(noninterest bearing)
|
|
32.7%
|
30.0%
|
31.7%
|
31.0%
|
30.4%
|
(2)Total deposits
and customer sweep accounts, excluding time certificates of
deposit.
|
Other Highlights
Capital Ratios Remain Strong
Capital ratios remain healthy and well above regulatory
requirements for well-capitalized institutions. The common
equity tier 1 capital ratio (CET1) is estimated at 12.0% and the
total capital ratio is estimated at 14.6% at March 31, 2016. The tier 1 leverage ratio
is estimated at 10.9% at March 31,
2016. Ratios are down slightly as earnings during the first
quarter were offset by merger activity.
Tangible book value per share increased $0.41 to $9.15
while book value per share increased $1.18 to $10.89
compared to the first quarter of 2015. Average tangible
common equity to assets was a strong 9.4% at March 31, 2016.
Conference Call Information
Seacoast will host
a conference call on Friday, April 29,
2016 at 10:00 a.m. (Eastern
Time) to discuss the earnings results. Investors may
call in (toll-free) by dialing (800) 697-5978 (passcode: 7908 524).
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 April 29, by dialing
(888) 843-7419 and using passcode: 7908 524.
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
April 29, 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.
____________________
1 Non-GAAP measure, see "Explanation of Certain
Unaudited Non-GAAP Financial Measures"
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 $4.0 billion in assets and $3.2 billion in deposits as of March 31, 2016. The Company provides integrated
financial services including commercial and retail banking, wealth
management, and mortgage services to customers through advanced
banking solutions, 53 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
Daytona Beach area, into
Orlando and Central Florida, and west to Okeechobee and surrounding counties. More
information about the Company is available at
SeacoastBanking.com.
Sources:
http://blog.comerica.com/2016/03/29/comerica-banks-florida-index-sees-broad-based-gains/
http://www.adpemploymentreport.com
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, 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, or expect to acquire,
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, 2015, 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)
|
First
Quarter
|
Fourth
Quarter
|
Third
Quarter
|
Second
Quarter
|
First
Quarter
|
2016
|
2015
|
2015
|
2015
|
2015
|
|
|
|
|
|
|
|
$3,186
|
$6,036
|
$4,441
|
$5,805
|
$5,859
|
Net income
(loss)
|
Severance
|
306
|
187
|
98
|
29
|
12
|
|
5,307
|
1,043
|
2,692
|
337
|
275
|
Merger related
charges
|
Bargain purchase
gain
|
0
|
-416
|
0
|
0
|
0
|
|
691
|
0
|
0
|
0
|
0
|
Branch closure
charges and costs related
to expense initiatives
|
Other
|
0
|
0
|
121
|
0
|
0
|
Security
(gains)
|
-89
|
-1
|
-160
|
0
|
0
|
Miscellaneous
losses
|
0
|
48
|
112
|
0
|
0
|
Net loss on OREO and
repossessed assets
|
-51
|
-157
|
262
|
53
|
81
|
Asset dispositions
expense
|
90
|
79
|
77
|
173
|
143
|
Boli
Income
|
-464
|
0
|
0
|
0
|
0
|
Effective tax rate on
adjustments
|
-2,194
|
-299
|
-1,210
|
-225
|
-193
|
|
6,782
|
6,520
|
6,433
|
6,172
|
6,177
|
Adjusted Net Income
(1)
|
Provision for loan
losses
|
199
|
369
|
987
|
855
|
433
|
Income
taxes
|
4,139
|
4,024
|
3,908
|
3,788
|
3,732
|
Adjusted pretax,
pre-provision income (1)
|
$11,120
|
$10,913
|
$11,328
|
$10,815
|
$10,342
|
Adjusted earnings per
diluted share (1)
|
$0.19
|
$0.19
|
$0.19
|
$0.19
|
$0.19
|
Average shares
outstanding (000)
|
35,453
|
34,395
|
34,194
|
33,234
|
33,136
|
|
|
|
|
|
|
FINANCIAL
HIGHLIGHTS
|
|
|
(Unaudited)
|
|
04/26/16
|
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except share data)
|
Three Months
Ended
|
|
|
March
31,
|
|
December
31,
|
|
March 31,
|
|
|
2016
|
|
2015
|
|
2015
|
|
Summary of
Earnings
|
|
|
|
|
|
|
Net income
|
$
3,186
|
|
$ 6,036
|
|
$
5,859
|
|
Net interest
income (1)
|
30,349
|
|
29,216
|
|
25,834
|
|
Net interest
margin (1), (2)
|
3.68
|
|
3.67
|
|
3.62
|
|
|
|
|
|
|
|
|
Performance
Ratios
|
|
|
|
|
|
|
Return on average
assets-GAAP basis (2), (3)
|
0.36
|
%
|
0.69
|
%
|
0.75
|
%
|
Return on average
shareholders' equity-GAAP basis (2), (3)
|
3.46
|
|
6.78
|
|
7.42
|
|
Return on average
tangible shareholders' equity-GAAP basis (2), (3), (4)
|
4.19
|
|
7.83
|
|
8.51
|
|
Efficiency ratio
(5)
|
84.98
|
|
72.57
|
|
68.33
|
|
Noninterest income to
total revenue
|
22.21
|
|
21.10
|
|
22.13
|
|
|
|
|
|
|
|
|
Per Share
Data
|
|
|
|
|
|
|
Net income
diluted-GAAP basis
|
$0.09
|
|
$
0.18
|
|
$
0.18
|
|
Net income basic-GAAP
basis
|
0.09
|
|
0.18
|
|
0.18
|
|
Book value per share
common
|
10.89
|
|
10.29
|
|
9.71
|
|
Tangible book value
per share
|
9.15
|
|
9.31
|
|
8.74
|
|
Cash dividends
declared
|
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 and bargain
purchase
gain,
net).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
March 31,
|
|
(Dollars in
thousands, except share data)
|
2016
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
Selected Financial
Data
|
|
|
|
|
|
|
Total
assets
|
$ 4,000,543
|
|
$ 3,534,780
|
|
$ 3,231,956
|
|
Securities available
for sale (at fair value)
|
905,182
|
|
790,766
|
|
730,232
|
|
Securities held for
investment (at amortized cost)
|
198,231
|
|
203,525
|
|
223,061
|
|
Net loans
|
2,435,490
|
|
2,137,202
|
|
1,836,766
|
|
Deposits
|
3,222,447
|
|
2,844,387
|
|
2,609,825
|
|
Total shareholders'
equity
|
413,008
|
|
353,453
|
|
321,844
|
|
|
|
|
|
|
|
|
Average Balances
(Year-to-Date)
|
|
|
|
|
|
|
Total average
assets
|
$ 3,601,381
|
|
$ 3,304,397
|
|
$ 3,151,132
|
|
Less: intangible
assets
|
37,006
|
|
33,277
|
|
31,221
|
|
Total average
tangible assets
|
$ 3,564,375
|
|
$ 3,271,120
|
|
$ 3,119,911
|
|
|
|
|
|
|
|
|
Total average
equity
|
$
370,816
|
|
$ 337,367
|
|
$ 320,346
|
|
Less: intangible
assets
|
37,006
|
|
33,277
|
|
31,221
|
|
Total average
tangible equity
|
$
333,810
|
|
$ 304,090
|
|
$ 289,125
|
|
|
|
|
|
|
|
|
Credit
Analysis
|
|
|
|
|
|
|
Net (recoveries)
year-to-date - non-acquired loans
|
$
(539)
|
|
$
(609)
|
|
$
(263)
|
|
Net charge-offs
year-to-date - acquired loans
|
142
|
|
1,196
|
|
46
|
|
Total net charge-offs
(recoveries) year-to-date
|
$
(397)
|
|
$
587
|
|
$
(217)
|
|
|
|
|
|
|
|
|
Net (recoveries) to
average loans (annualized) - non-acquired loans
|
(0.10)
|
%
|
(0.03)
|
%
|
(0.06)
|
%
|
Net charge-offs to
average loans (annualized) - acquired loans
|
0.03
|
|
0.06
|
|
0.01
|
|
Total net charge-offs
(recoveries) to average loans (annualized)
|
(0.07)
|
|
0.03
|
|
(0.05)
|
|
|
|
|
|
|
|
|
Loan loss provision
(recapture) year-to-date - non-acquired loans
|
$
(20)
|
|
$ 1,375
|
|
$
292
|
|
Loan loss provision
year-to-date - acquired loans
|
219
|
|
1,269
|
|
141
|
|
Total loan loss
provision year-to-date
|
$
199
|
|
$ 2,644
|
|
$
433
|
|
|
|
|
|
|
|
|
Allowance to loans at
end of period - non-acquired loans
|
1.04
|
%
|
1.03
|
%
|
1.13
|
%
|
Discount for credit
losses to acquired loans at end of period
|
3.79
|
|
4.24
|
|
3.56
|
|
|
|
|
|
|
|
|
Nonperforming loans -
non-acquired loans
|
$
11,881
|
|
$ 12,758
|
|
$
16,860
|
|
Nonperforming loans -
acquired loans
|
3,707
|
|
4,628
|
|
4,196
|
|
Other real estate
owned - non-acquired
|
5,676
|
|
3,699
|
|
4,738
|
|
Other real estate
owned - acquired
|
2,415
|
|
3,340
|
|
1,431
|
|
Total nonperforming
assets
|
$
23,679
|
|
$ 24,425
|
|
$
27,225
|
|
|
|
|
|
|
|
|
Restructured loans
(accruing)
|
$
19,956
|
|
$ 19,970
|
|
$
23,847
|
|
|
|
|
|
|
|
|
Purchased noncredit
impaired loans
|
$
558,262
|
|
$ 320,349
|
|
$ 293,124
|
|
Purchased credit
impaired loans
|
16,531
|
|
12,109
|
|
7,119
|
|
Total acquired
loans
|
$
574,793
|
|
$ 332,458
|
|
$ 300,243
|
|
|
|
|
|
|
|
|
Nonperforming loans
to loans at end of period - non-acquired loans
|
0.48
|
%
|
0.59
|
%
|
0.91
|
%
|
Nonperforming loans
to loans at end of period - acquired loans
|
0.15
|
|
0.22
|
|
0.23
|
|
Total nonperforming
loans to loans at end of period
|
0.63
|
|
0.81
|
|
1.14
|
|
|
|
|
|
|
|
|
Nonperforming assets
to total assets - non-acquired
|
0.44
|
%
|
0.47
|
%
|
0.67
|
%
|
Nonperforming assets
to total assets - acquired
|
0.15
|
|
0.22
|
|
0.17
|
|
Total nonperforming
assets to total assets
|
0.59
|
|
0.69
|
|
0.84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
|
(Unaudited)
|
|
|
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March 31,
|
(Dollars in
thousands, except per share data)
|
|
2016
|
|
2015
|
|
|
|
|
|
Interest on
securities:
|
|
|
|
|
Taxable
|
|
$
5,683
|
|
$
4,898
|
Nontaxable
|
|
164
|
|
150
|
Interest and fees on
loans
|
|
26,034
|
|
22,021
|
Interest on federal
funds sold and other investments
|
|
290
|
|
249
|
Total Interest Income
|
|
32,171
|
|
27,318
|
|
|
|
|
|
Interest on
deposits
|
|
604
|
|
401
|
Interest on time
certificates
|
|
313
|
|
347
|
Interest on borrowed
money
|
|
1,032
|
|
860
|
Total Interest Expense
|
|
1,949
|
|
1,608
|
|
|
|
|
|
Net Interest Income
|
|
30,222
|
|
25,710
|
Provision for loan
losses
|
|
199
|
|
433
|
Net Interest Income After Provision for Loan Losses
|
|
30,023
|
|
25,277
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
Service charges on deposit
accounts
|
|
2,129
|
|
2,002
|
Trust fees
|
|
806
|
|
801
|
Mortgage banking
fees
|
|
999
|
|
1,088
|
Brokerage commissions and
fees
|
|
631
|
|
441
|
Marine finance
fees
|
|
141
|
|
197
|
Interchange
income
|
|
2,217
|
|
1,737
|
Other deposit based EFT
fees
|
|
127
|
|
114
|
BOLI income
|
|
841
|
|
330
|
Other
|
|
739
|
|
598
|
|
|
8,630
|
|
7,308
|
Securities gains,
net
|
|
89
|
|
0
|
Total Noninterest Income
|
|
8,719
|
|
7,308
|
|
|
|
|
|
Noninterest
expenses:
|
|
|
|
|
Salaries and
wages
|
|
14,668
|
|
8,789
|
Employee benefits
|
|
2,482
|
|
2,415
|
Outsourced data processing
costs
|
|
4,439
|
|
2,184
|
Telephone / data
lines
|
|
528
|
|
496
|
Occupancy
|
|
2,972
|
|
2,023
|
Furniture and
equipment
|
|
998
|
|
732
|
Marketing
|
|
1,049
|
|
975
|
Legal and professional
fees
|
|
2,357
|
|
1,663
|
FDIC assessments
|
|
544
|
|
589
|
Amortization of
intangibles
|
|
446
|
|
315
|
Asset dispositions
expense
|
|
90
|
|
143
|
Net (gain)/loss on other
real estate owned and repossessed assets
|
|
(51)
|
|
81
|
Other
|
|
3,088
|
|
2,781
|
Total Noninterest Expenses
|
|
33,610
|
|
23,186
|
|
|
|
|
|
Income Before Income Taxes
|
|
5,132
|
|
9,399
|
Income
taxes
|
|
1,946
|
|
3,540
|
|
|
|
|
|
Net Income
|
|
$
3,186
|
|
$
5,859
|
|
|
|
|
|
Per share of common
stock:
|
|
|
|
|
|
|
|
|
|
Net income
diluted
|
|
$
0.09
|
|
$
0.18
|
Net income basic
|
|
0.09
|
|
0.18
|
Cash dividends
declared
|
|
0.00
|
|
0.00
|
|
|
|
|
|
Average diluted
shares outstanding
|
|
35,452,968
|
|
33,135,618
|
Average basic shares
outstanding
|
|
34,848,875
|
|
32,971,444
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
|
(Unaudited)
|
|
|
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUARTER
|
|
2016
|
|
2015
|
(Dollars in
thousands)
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
|
|
|
|
|
|
|
|
Interest on
securities:
|
|
|
|
|
|
|
|
|
|
Taxable
|
$
5,683
|
|
$
5,312
|
|
$ 5,154
|
|
$ 4,977
|
|
$ 4,898
|
Nontaxable
|
164
|
|
144
|
|
144
|
|
147
|
|
150
|
Interest and fees on
loans
|
26,034
|
|
25,184
|
|
25,276
|
|
21,988
|
|
22,021
|
Interest on federal
funds sold and other investments
|
290
|
|
275
|
|
249
|
|
249
|
|
249
|
Total Interest Income
|
32,171
|
|
30,915
|
|
30,823
|
|
27,361
|
|
27,318
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
604
|
|
598
|
|
562
|
|
524
|
|
401
|
Interest on time
certificates
|
313
|
|
265
|
|
295
|
|
321
|
|
347
|
Interest on borrowed
money
|
1,032
|
|
952
|
|
955
|
|
850
|
|
860
|
Total Interest Expense
|
1,949
|
|
1,815
|
|
1,812
|
|
1,695
|
|
1,608
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
|
30,222
|
|
29,100
|
|
29,011
|
|
25,666
|
|
25,710
|
Provision for loan
losses
|
199
|
|
369
|
|
987
|
|
855
|
|
433
|
Net Interest Income After Provision for Loan Losses
|
30,023
|
|
28,731
|
|
28,024
|
|
24,811
|
|
25,277
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
Service charges on deposit
accounts
|
2,129
|
|
2,229
|
|
2,217
|
|
2,115
|
|
2,002
|
Trust fees
|
806
|
|
791
|
|
781
|
|
759
|
|
801
|
Mortgage banking
fees
|
999
|
|
955
|
|
1,177
|
|
1,032
|
|
1,088
|
Brokerage commissions and
fees
|
631
|
|
511
|
|
604
|
|
576
|
|
441
|
Marine finance
fees
|
141
|
|
205
|
|
258
|
|
492
|
|
197
|
Interchange
income
|
2,217
|
|
1,989
|
|
1,925
|
|
2,033
|
|
1,737
|
Other deposit based EFT
fees
|
127
|
|
99
|
|
88
|
|
96
|
|
114
|
BOLI income
|
841
|
|
396
|
|
366
|
|
334
|
|
330
|
Gain on participated
loan
|
0
|
|
0
|
|
0
|
|
725
|
|
0
|
Other
|
739
|
|
607
|
|
666
|
|
684
|
|
598
|
|
8,630
|
|
7,782
|
|
8,082
|
|
8,846
|
|
7,308
|
Securities gains,
net
|
89
|
|
1
|
|
160
|
|
0
|
|
0
|
Bargain purchase gain,
net
|
0
|
|
416
|
|
0
|
|
0
|
|
0
|
Total Noninterest Income
|
8,719
|
|
8,199
|
|
8,242
|
|
8,846
|
|
7,308
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses:
|
|
|
|
|
|
|
|
|
|
Salaries and
wages
|
14,668
|
|
11,135
|
|
11,850
|
|
9,301
|
|
8,789
|
Employee benefits
|
2,482
|
|
2,178
|
|
2,430
|
|
2,541
|
|
2,415
|
Outsourced data processing
costs
|
4,439
|
|
2,455
|
|
3,277
|
|
2,234
|
|
2,184
|
Telephone / data
lines
|
528
|
|
412
|
|
446
|
|
443
|
|
496
|
Occupancy
|
2,972
|
|
2,314
|
|
2,396
|
|
2,011
|
|
2,023
|
Furniture and
equipment
|
998
|
|
1,000
|
|
883
|
|
819
|
|
732
|
Marketing
|
1,049
|
|
1,128
|
|
1,099
|
|
1,226
|
|
975
|
Legal and professional
fees
|
2,357
|
|
2,580
|
|
2,189
|
|
1,590
|
|
1,663
|
FDIC assessments
|
544
|
|
551
|
|
552
|
|
520
|
|
589
|
Amortization of
intangibles
|
446
|
|
397
|
|
397
|
|
315
|
|
315
|
Asset dispositions
expense
|
90
|
|
79
|
|
77
|
|
173
|
|
143
|
Net (gain)/loss on other
real estate owned and repossessed assets
|
(51)
|
|
(157)
|
|
262
|
|
53
|
|
81
|
Other
|
3,088
|
|
3,097
|
|
3,269
|
|
3,062
|
|
2,781
|
Total Noninterest Expenses
|
33,610
|
|
27,169
|
|
29,127
|
|
24,288
|
|
23,186
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes
|
5,132
|
|
9,761
|
|
7,139
|
|
9,369
|
|
9,399
|
Income
taxes
|
1,946
|
|
3,725
|
|
2,698
|
|
3,564
|
|
3,540
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
$
3,186
|
|
$
6,036
|
|
$ 4,441
|
|
$ 5,805
|
|
$ 5,859
|
|
|
|
|
|
|
|
|
|
|
Per share of common
stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
diluted
|
$
0.09
|
|
$
0.18
|
|
$
0.13
|
|
$
0.18
|
|
$
0.18
|
Net income basic
|
0.09
|
|
0.18
|
|
0.13
|
|
0.18
|
|
0.18
|
Cash dividends
declared
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
Average diluted
shares outstanding
|
35,452,968
|
|
34,395,373
|
|
34,193,540
|
|
33,233,508
|
|
33,135,618
|
Average basic shares
outstanding
|
34,848,875
|
|
34,115,697
|
|
33,907,178
|
|
32,978,006
|
|
32,971,444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE
SHEETS
|
|
(Unaudited)
|
|
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
March 31,
|
(Dollars in
thousands, except share data)
|
2016
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Cash and
due from banks
|
|
$
113,178
|
|
$
81,216
|
|
$
65,097
|
Interest
bearing deposits with other banks
|
35,450
|
|
54,851
|
|
134,832
|
Total Cash and Cash Equivalents
|
148,628
|
|
136,067
|
|
199,929
|
|
|
|
|
|
|
|
Securities:
|
|
|
|
|
|
|
Available
for sale (at fair value)
|
905,182
|
|
790,766
|
|
730,232
|
Held for
investment (at amortized cost)
|
198,231
|
|
203,525
|
|
223,061
|
Total Securities
|
|
1,103,413
|
|
994,291
|
|
953,293
|
|
|
|
|
|
|
|
Loans
held for sale
|
|
19,867
|
|
23,998
|
|
18,851
|
|
|
|
|
|
|
|
Loans
|
|
2,455,214
|
|
2,156,330
|
|
1,854,487
|
Less:
Allowance for loan losses
|
|
(19,724)
|
|
(19,128)
|
|
(17,721)
|
Net Loans
|
|
2,435,490
|
|
2,137,202
|
|
1,836,766
|
|
|
|
|
|
|
|
Bank
premises and equipment, net
|
|
61,416
|
|
54,579
|
|
48,189
|
Other
real estate owned
|
|
8,091
|
|
7,039
|
|
6,169
|
Goodwill
|
|
54,416
|
|
25,211
|
|
25,222
|
Other
intangible assets
|
|
11,524
|
|
8,594
|
|
7,139
|
Bank
owned life insurance
|
|
43,417
|
|
43,579
|
|
35,983
|
Net
deferred tax assets
|
|
67,049
|
|
60,274
|
|
61,467
|
Other
assets
|
|
47,232
|
|
43,946
|
|
38,948
|
|
|
$
4,000,543
|
|
$
3,534,780
|
|
$
3,231,956
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
Noninterest demand
|
|
$
1,054,069
|
|
$
854,447
|
|
$
793,336
|
Interest-bearing demand
|
|
750,904
|
|
734,749
|
|
634,854
|
Savings
|
|
313,179
|
|
295,851
|
|
272,963
|
Money
market
|
|
741,657
|
|
665,353
|
|
596,600
|
Other time
certificates
|
|
164,388
|
|
153,318
|
|
166,905
|
Brokered
time certificates
|
|
11,062
|
|
9,403
|
|
7,985
|
Time
certificates of $100,000 or more
|
187,188
|
|
131,266
|
|
137,182
|
Total Deposits
|
|
3,222,447
|
|
2,844,387
|
|
2,609,825
|
|
|
|
|
|
|
|
Federal
funds purchased and securities sold under
|
|
|
|
|
|
agreements to
repurchase, maturing within 30 days
|
198,330
|
|
172,005
|
|
170,023
|
Borrowed funds
|
|
50,000
|
|
50,000
|
|
50,000
|
Subordinated debt
|
|
70,031
|
|
69,961
|
|
64,627
|
Other liabilities
|
|
46,727
|
|
44,974
|
|
15,637
|
|
|
3,587,535
|
|
3,181,327
|
|
2,910,112
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
Common stock
|
|
3,792
|
|
3,435
|
|
3,300
|
Additional paid in capital
|
|
450,389
|
|
399,162
|
|
379,740
|
Accumulated deficit
|
|
(39,672)
|
|
(42,858)
|
|
(59,140)
|
Treasury stock
|
|
(88)
|
|
(73)
|
|
(83)
|
|
|
414,421
|
|
359,666
|
|
323,817
|
Accumulated other comprehensive (loss), net
|
(1,413)
|
|
(6,213)
|
|
(1,973)
|
Total Shareholders' Equity
|
|
413,008
|
|
353,453
|
|
321,844
|
|
|
$
4,000,543
|
|
$
3,534,780
|
|
$
3,231,956
|
|
|
|
|
|
|
|
Common Shares
Outstanding
|
|
37,922,250
|
|
34,351,409
|
|
33,136,152
|
|
|
|
|
|
|
|
Note: The
balance sheet at December 31, 2015 has been derived from the
audited financial statements at that date.
|
|
CONSOLIDATED
QUARTERLY FINANCIAL DATA
|
|
(Unaudited)
|
|
|
|
|
|
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUARTERS
|
|
2016
|
|
2015
|
(Dollars in
thousands, except per share data)
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Net income
|
$
3,186
|
|
$
6,036
|
|
$
4,441
|
|
$
5,805
|
|
$
5,859
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Ratios
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets-GAAP basis (2),(3)
|
0.36
|
%
|
0.69
|
%
|
0.52
|
%
|
0.72
|
%
|
0.75
|
%
|
Return
on average tangible assets (2),(3),(4)
|
0.39
|
|
0.73
|
|
0.56
|
|
0.75
|
|
0.79
|
|
Return
on average shareholders' equity-GAAP basis (2),(3)
|
3.46
|
|
6.78
|
|
5.05
|
|
7.13
|
|
7.42
|
|
Efficiency ratio (5)
|
84.98
|
|
72.57
|
|
76.29
|
|
68.57
|
|
68.33
|
|
Noninterest income to total revenue
|
22.21
|
|
21.10
|
|
21.79
|
|
25.63
|
|
22.13
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin (1),(2)
|
3.68
|
|
3.67
|
|
3.75
|
|
3.50
|
|
3.62
|
|
Average
equity to average assets
|
10.30
|
|
10.20
|
|
10.34
|
|
10.12
|
|
10.17
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Analysis
Excluding Acquired Loans
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs (recoveries) - non-acquired loans
|
$
(539)
|
|
$
245
|
|
$
(233)
|
|
$
(358)
|
|
$
(263)
|
|
Net
charge-offs - acquired loans
|
142
|
|
324
|
|
683
|
|
143
|
|
46
|
|
Total
net charge-offs (recoveries)
|
$
(397)
|
|
$
569
|
|
$
450
|
|
$
(215)
|
|
$
(217)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs (recoveries) to average loans - non-acquired
loans
|
(0.10)
|
%
|
0.05
|
%
|
(0.04)
|
%
|
(0.08)
|
%
|
(0.06)
|
%
|
Net
charge-offs to average loans - acquired loans
|
0.03
|
|
0.06
|
|
0.12
|
|
0.03
|
|
0.01
|
|
Total
net charge-offs (recoveries) to average loans
|
(0.07)
|
|
0.11
|
|
0.08
|
|
(0.05)
|
|
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan
loss provision (recapture) - non-acquired loans
|
$
(20)
|
|
$
(40)
|
|
$
852
|
|
$
271
|
|
$
292
|
|
Loan
loss provision - acquired loans
|
219
|
|
409
|
|
135
|
|
584
|
|
141
|
|
Total
loan loss provision
|
$
199
|
|
$
369
|
|
$
987
|
|
$
855
|
|
$
433
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance to loans at end of period - non-acquired loans
|
1.04
|
%
|
1.03
|
%
|
1.11
|
%
|
1.10
|
%
|
1.13
|
%
|
Discount
for credit losses to acquired loans at end of period
|
3.79
|
|
4.24
|
|
4.13
|
|
3.32
|
|
3.56
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans - non-acquired loans
|
$
11,881
|
|
$
12,758
|
|
$
14,474
|
|
$
15,054
|
|
$
16,860
|
|
Nonperforming loans - acquired loans
|
3,707
|
|
4,628
|
|
2,636
|
|
4,543
|
|
4,196
|
|
Other
real estate owned - non-acquired
|
5,676
|
|
3,699
|
|
4,183
|
|
4,855
|
|
4,738
|
|
Other
real estate owned - acquired
|
2,415
|
|
3,340
|
|
3,250
|
|
1,053
|
|
1,431
|
|
Total
nonperforming assets
|
$
23,679
|
|
$
24,425
|
|
$
24,543
|
|
$
25,505
|
|
$
27,225
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured
loans (accruing)
|
$
19,956
|
|
$
19,970
|
|
$
20,543
|
|
$
23,441
|
|
$
23,847
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased
noncredit impaired loans
|
$
558,262
|
|
$
320,349
|
|
$
355,739
|
|
$
284,978
|
|
$
293,124
|
|
Purchased
credit impaired loans
|
16,531
|
|
12,109
|
|
12,673
|
|
6,562
|
|
7,119
|
|
Total acquired
loans
|
$
574,793
|
|
$
332,458
|
|
$
368,412
|
|
$
291,540
|
|
$
300,243
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to loans at end of period - non-acquired
loans
|
0.48
|
%
|
0.59
|
%
|
0.69
|
%
|
0.78
|
%
|
0.91
|
%
|
Nonperforming loans to loans at end of period - acquired
loans
|
0.15
|
|
0.22
|
|
0.12
|
|
0.23
|
|
0.23
|
|
Total
nonperforming loans to loans at end of period
|
0.63
|
|
0.81
|
|
0.81
|
|
1.01
|
|
1.14
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets - non-acquired
|
0.44
|
%
|
0.47
|
%
|
0.55
|
%
|
0.62
|
%
|
0.67
|
%
|
Nonperforming assets to total assets - acquired
|
0.15
|
|
0.22
|
|
0.18
|
|
0.17
|
|
0.17
|
|
Total
nonperforming assets to total assets
|
0.59
|
|
0.69
|
|
0.73
|
|
0.79
|
|
0.84
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Common
Stock
|
|
|
|
|
|
|
|
|
|
|
Net
income diluted-GAAP basis
|
$
0.09
|
|
$
0.18
|
|
$
0.13
|
|
$
0.18
|
|
$
0.18
|
|
Net
income basic-GAAP basis
|
0.09
|
|
0.18
|
|
0.13
|
|
0.18
|
|
0.18
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
dividends declared
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
Book
value per share common
|
10.89
|
|
10.29
|
|
10.20
|
|
9.84
|
|
9.71
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances
|
|
|
|
|
|
|
|
|
|
|
Total average
assets
|
$
3,601,381
|
|
$ 3,463,277
|
|
$
3,373,858
|
|
$ 3,225,127
|
|
$ 3,151,132
|
|
Less: Intangible
assets
|
37,006
|
|
34,457
|
|
35,185
|
|
32,188
|
|
31,221
|
|
Total average
tangible assets
|
$
3,564,375
|
|
$ 3,428,820
|
|
$
3,338,673
|
|
$ 3,192,939
|
|
$ 3,119,911
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average
equity
|
$
370,816
|
|
$
353,392
|
|
$
348,901
|
|
$
326,338
|
|
$
320,346
|
|
Less: Intangible
assets
|
37,006
|
|
34,457
|
|
35,185
|
|
32,188
|
|
31,221
|
|
Total average
tangible equity
|
$
333,810
|
|
$
318,935
|
|
$
313,716
|
|
$
294,150
|
|
$
289,125
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 and bargain purchase gain, net).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
March 31,
|
|
SECURITIES
|
|
|
|
|
2016
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and
U.S. Government Agencies
|
|
|
|
|
$
13,998
|
|
$
3,911
|
|
$
3,863
|
|
Mortgage-backed
|
|
|
|
|
620,840
|
|
539,688
|
|
575,905
|
|
Collateralized loan
obligations
|
|
|
|
|
121,168
|
|
122,583
|
|
126,376
|
|
Obligations of states
and political subdivisions
|
|
|
|
|
59,520
|
|
39,891
|
|
24,088
|
|
Corporate and other
debt securities
|
|
|
|
|
46,172
|
|
44,273
|
|
0
|
|
Private commercial
mortgage backed securities
|
|
|
|
|
43,484
|
|
40,420
|
|
0
|
|
Securities Available for Sale
|
|
|
|
|
905,182
|
|
790,766
|
|
730,232
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed
|
|
|
|
|
156,842
|
|
162,225
|
|
181,762
|
|
Collateralized loan
obligations
|
|
|
|
|
41,389
|
|
41,300
|
|
41,299
|
|
Securities Held for Investment
|
|
|
|
|
198,231
|
|
203,525
|
|
223,061
|
|
Total
Securities
|
|
|
|
|
$
1,103,413
|
|
$
994,291
|
|
$
953,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
March 31,
|
|
LOANS
|
|
|
|
|
2016
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and land
development
|
|
|
|
|
$
147,594
|
|
$
108,787
|
|
$
100,341
|
|
Real estate
mortgage
|
|
|
|
|
1,934,194
|
|
1,733,163
|
|
1,532,522
|
|
Installment loans to
individuals
|
|
|
|
|
95,183
|
|
85,356
|
|
57,239
|
|
Commercial and
financial
|
|
|
|
|
277,775
|
|
228,517
|
|
164,050
|
|
Other
loans
|
|
|
|
|
468
|
|
507
|
|
335
|
|
Total
Loans
|
|
|
|
|
$
2,455,214
|
|
$ 2,156,330
|
|
$ 1,854,487
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES,
INTEREST INCOME AND EXPENSES, YIELDS AND RATES
(1)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
First
Quarter
|
|
Fourth
Quarter
|
|
First
Quarter
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
(Dollars in
thousands)
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
$
996,301
|
|
$
5,683
|
|
2.28%
|
|
$ 924,730
|
|
$ 5,312
|
|
2.30%
|
|
$ 939,015
|
|
$ 4,898
|
|
2.09%
|
Nontaxable
|
17,929
|
|
251
|
|
5.60
|
|
14,932
|
|
220
|
|
5.89
|
|
15,617
|
|
230
|
|
5.89
|
Total Securities
|
1,014,230
|
|
5,934
|
|
2.34
|
|
939,662
|
|
5,532
|
|
2.35
|
|
954,632
|
|
5,128
|
|
2.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
investments
|
52,213
|
|
290
|
|
2.23
|
|
93,728
|
|
275
|
|
1.16
|
|
92,934
|
|
249
|
|
1.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net
|
2,246,773
|
|
26,074
|
|
4.67
|
|
2,121,053
|
|
25,224
|
|
4.72
|
|
1,848,965
|
|
22,065
|
|
4.84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets
|
3,313,216
|
|
32,298
|
|
3.92
|
|
3,154,442
|
|
31,031
|
|
3.90
|
|
2,896,531
|
|
27,442
|
|
3.84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
(19,558)
|
|
|
|
|
|
(19,940)
|
|
|
|
|
|
(17,385)
|
|
|
|
|
Cash and due from
banks
|
81,947
|
|
|
|
|
|
85,951
|
|
|
|
|
|
63,689
|
|
|
|
|
Premises and
equipment
|
57,062
|
|
|
|
|
|
55,139
|
|
|
|
|
|
46,605
|
|
|
|
|
Intangible
assets
|
37,006
|
|
|
|
|
|
34,457
|
|
|
|
|
|
31,221
|
|
|
|
|
Bank owned life
insurance
|
43,647
|
|
|
|
|
|
43,419
|
|
|
|
|
|
35,793
|
|
|
|
|
Other
assets
|
88,061
|
|
|
|
|
|
109,809
|
|
|
|
|
|
94,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
3,601,381
|
|
|
|
|
|
$ 3,463,277
|
|
|
|
|
|
$ 3,151,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
$
710,083
|
|
$
155
|
|
0.09%
|
|
$ 666,640
|
|
$ 129
|
|
0.08%
|
|
$ 628,480
|
|
$ 117
|
|
0.08%
|
Savings
|
303,207
|
|
37
|
|
0.05
|
|
292,761
|
|
39
|
|
0.05
|
|
268,041
|
|
39
|
|
0.06
|
Money
market
|
667,466
|
|
412
|
|
0.25
|
|
664,512
|
|
430
|
|
0.26
|
|
519,526
|
|
245
|
|
0.19
|
Time
deposits
|
304,401
|
|
313
|
|
0.41
|
|
299,189
|
|
265
|
|
0.35
|
|
318,343
|
|
347
|
|
0.44
|
Federal funds
purchased and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
short term borrowings
|
193,036
|
|
135
|
|
0.28
|
|
168,444
|
|
89
|
|
0.21
|
|
212,123
|
|
98
|
|
0.19
|
Other
borrowings
|
119,987
|
|
897
|
|
3.01
|
|
119,927
|
|
863
|
|
2.85
|
|
114,606
|
|
762
|
|
2.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities
|
2,298,180
|
|
1,949
|
|
0.34
|
|
2,211,473
|
|
1,815
|
|
0.33
|
|
2,061,119
|
|
1,608
|
|
0.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
demand
|
906,231
|
|
|
|
|
|
878,709
|
|
|
|
|
|
753,620
|
|
|
|
|
Other
liabilities
|
26,154
|
|
|
|
|
|
19,703
|
|
|
|
|
|
16,047
|
|
|
|
|
Total Liabilities
|
3,230,565
|
|
|
|
|
|
3,109,885
|
|
|
|
|
|
2,830,786
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
370,816
|
|
|
|
|
|
353,392
|
|
|
|
|
|
320,346
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
3,601,381
|
|
|
|
|
|
$ 3,463,277
|
|
|
|
|
|
$ 3,151,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense as a
% of earning assets
|
|
|
|
|
0.24%
|
|
|
|
|
|
0.23%
|
|
|
|
|
|
0.23%
|
Net interest income
as a % of earning assets
|
|
|
$ 30,349
|
|
3.68%
|
|
|
|
$ 29,216
|
|
3.67%
|
|
|
|
$ 25,834
|
|
3.62%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
(Dollars in
thousands)
|
|
First
Quarter
|
|
Fourth
Quarter
|
|
Third
Quarter
|
|
Second
Quarter
|
|
First
Quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer
Relationship Funding (Period End)
|
|
|
|
|
|
|
|
|
|
Noninterest
demand
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
$
768,890
|
|
$
592,621
|
|
$
619,960
|
|
$
561,742
|
|
$
546,876
|
|
Retail
|
|
212,367
|
|
198,077
|
|
182,381
|
|
180,484
|
|
191,262
|
|
Public
funds
|
|
52,244
|
|
46,300
|
|
47,765
|
|
47,913
|
|
38,529
|
|
Other
|
|
20,568
|
|
17,449
|
|
19,771
|
|
18,290
|
|
16,669
|
|
|
|
1,054,069
|
|
854,447
|
|
869,877
|
|
808,429
|
|
793,336
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
101,767
|
|
77,500
|
|
69,037
|
|
60,411
|
|
66,532
|
|
Retail
|
|
496,846
|
|
479,056
|
|
443,022
|
|
410,601
|
|
416,766
|
|
Public
funds
|
|
152,291
|
|
178,193
|
|
106,285
|
|
128,256
|
|
151,556
|
|
|
|
750,904
|
|
734,749
|
|
618,344
|
|
599,268
|
|
634,854
|
|
|
|
|
|
|
|
|
|
|
|
|
Total transaction
accounts
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
870,657
|
|
670,121
|
|
688,997
|
|
622,153
|
|
613,408
|
|
Retail
|
|
709,213
|
|
677,133
|
|
625,403
|
|
591,085
|
|
608,028
|
|
Public
funds
|
|
204,535
|
|
224,493
|
|
154,050
|
|
176,169
|
|
190,085
|
|
Other
|
|
20,568
|
|
17,449
|
|
19,771
|
|
18,290
|
|
16,669
|
|
|
|
1,804,973
|
|
1,589,196
|
|
1,488,221
|
|
1,407,697
|
|
1,428,190
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
|
|
313,179
|
|
295,851
|
|
286,810
|
|
282,588
|
|
272,963
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
market
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
271,567
|
|
208,520
|
|
225,629
|
|
191,061
|
|
185,668
|
|
Retail
|
|
380,233
|
|
312,756
|
|
306,138
|
|
272,853
|
|
274,203
|
|
Public
funds
|
|
89,857
|
|
144,077
|
|
128,865
|
|
158,059
|
|
136,729
|
|
|
|
741,657
|
|
665,353
|
|
660,632
|
|
621,973
|
|
596,600
|
|
|
|
|
|
|
|
|
|
|
|
|
Time certificates of
deposit
|
|
362,638
|
|
293,987
|
|
306,633
|
|
292,919
|
|
312,072
|
Total Deposits
|
|
$
3,222,447
|
|
$
2,844,387
|
|
$ 2,742,296
|
|
$ 2,605,177
|
|
$ 2,609,825
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer sweep
accounts
|
|
$
198,330
|
|
$
172,005
|
|
$
148,607
|
|
$
157,676
|
|
$
170,023
|
|
|
|
|
|
|
|
|
|
|
|
|
Total core customer
funding (1)
|
|
$
3,058,139
|
|
$
2,722,405
|
|
$ 2,584,270
|
|
$ 2,469,934
|
|
$ 2,467,776
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Total deposits
and customer sweep accounts, excluding certificates of
deposits.
|
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/seacoast-banking-reports-first-quarter-2016-results-300259740.html
SOURCE Seacoast Banking Corporation of Florida