EXHIBIT 99.1
NEWS RELEASE
Dennis S. Hudson, III
President and Chief Executive Officer
Seacoast Banking Corporation of Florida
(772) 288-6086
William R. Hahl
Executive Vice President/
Chief Financial Officer
(772) 221-2825
SEACOAST REPORTS FOURTH QUARTER AND YEAR END RESULTS
STUART, FL., January 14, 2004 – Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF), a bank holding company whose principal subsidiary is First National Bank and Trust Company of the Treasure Coast, today reported net income totaling $3,828,000 or $0.24 diluted earnings per share (“DEPS”) for the fourth quarter of 2003, an increase of $413,000 or 12.1 percent compared to the third quarter 2003, but slightly lower when compared to $4,044,000 or $0.26 DEPS for the fourth quarter a year ago. For the year 2003, net income totaled $14.0 million, or $0.89 DEPS, compared to $15.3 million or $0.97 earned in 2002.
“This quarter proved to be an important one for Seacoast. The results produced begin to demonstrate the improved earnings power that can be created as we continue to transform our loan portfolio and expand our fee based lending businesses, commented Dennis S. Hudson, III, Chief Executive Officer of Seacoast. “Our strategy continues to be one of focus on long-term quality growth, consistently superior credit management and increased shareholder value.”
The year long momentum in loan production was uninterrupted in the fourth quarter, as evidenced by the continued growth in commercial real estate, residential and consumer loans. In the fourth quarter total loans outstanding increased $44.7 million or an annualized 26.9 percent when compared to the third quarter 2003. Total loans increased to $709 million, 3.0 percent over the prior year. Loan growth earlier in the year was impacted by heavy prepayments as interest rates declined.
The net interest margin improved each month of the fourth quarter with December’s margin increasing to nearly 4.0 percent. The net interest margin for the fourth quarter increased 38 basis points over the third quarter and totaled 3.82 percent compared to 4.02 percent for the same quarter last year. The improvement in the net interest margin was impacted by increased asset yields as a result of a steeper yield curve and an improvement in loan mix as well as growth in the loans outstanding.
Other highlights for the quarter included the following:
•
Return on average assets for the fourth quarter improved to 1.14 percent compared to 1.04 percent for the third quarter and 1.07 percent for the entire year of 2003;
•
The return on average equity for the fourth quarter was 14.46 percent compared to 13.27 percent the third quarter of 2003 and 13.73 percent for this year;
•
Average equity to average assets remained strong at 7.82 percent compared to 7.99 percent one year earlier;
•
Residential mortgage production was exceptional with a total of $261 million in residential applications processed for the year and $52 million for the fourth quarter;
•
Average fourth quarter noninterest bearing deposits increased $38 million or 20.9 percent for the year;
•
Total deposits increased $99 million or 9.6 percent for the year; and
•
Seacoast Marine originated loans totaling $184 million for the period ended December 31, 2003, compared to $92 million in 2002.
Net interest income (on a tax equivalent basis) increased to $12,253,000 or 5.2 percent from fourth quarter 2002 and grew in the third quarter 2003 by $1,423,000 or 13.1 percent. The improvement in net interest income comes from the growth in our balance sheet and the favorable overall change in earning asset mix, as well as the growth in low cost and no cost deposits. Interest bearing deposit costs declined eight basis points from September 2003 to year end. In addition, noninterest bearing deposits increased 26.3 percent over the prior year and now comprise 21 percent of total deposits, up from 18 percent for 2002. The cost of interest bearing deposits at year end 2003 declined to 1.35 percent from 2.01 percent in the fourth quarter 2002. Interest bearing deposits increased $50.5 million, or 6.0 percent over the past twelve months. Lower cost savings, NOW and money market balances increased $54.4 million or 11.5 percent.
Prospects for future margin improvement remain positive, as a result of increased loan and core deposit growth as the Treasure Coast continues to grow, as well as our expansion into Palm Beach County. The Company is the Treasure Coast’s most convenient bank with 25 branch locations, more than any of its competitors, and ranks second in size with over $1.1 billion in total deposits. The Company is close to surpassing Wachovia’s $1.2 billion in deposits which would rank Seacoast the largest bank in the fast growing Treasure Coast market.
The response to the expansion into Palm Beach County has been very positive. The addition of three full service branches in 2003, combined with a strong loan production team, has resulted in over $55 million in loans outstanding and a loan pipeline of $67 million in this new market. The acquisition of Palm Beach County’s two largest community banks by large out-of-market competitors in 2002 and the announcement in October 2003 of the opening of a new campus in north Palm Beach of the internationally recognized Scripps Research Institute has enhanced the prospects for future loan and deposit growth from this market.
Noninterest income, excluding securities gains and losses, increased 15.2 percent when compared to the prior year, reflecting reduced revenues from investment management services, offset by increased revenues from mortgage banking and marine lending. During the fourth quarter 2003, noninterest income related to mortgage loan production declined to $464,000 compared with $1,098,000 earned in the third quarter of 2003. Likewise, revenues from marine loan production decreased to $592,000 from $903,000 in the third quarter. Both business lines were impacted by higher interest rates in the fourth quarter, the Company retaining more loans in its portfolio, and the seasonality in demand for these products. The future for production of residential mortgages looks favorable as the housing market on the Treasure Coast is predicted to strengthen further in 2004. General impr ovements in the national economy and continued improvement in the equity markets could help boost revenues from Seacoast Marine and from investment management in 2004. Revenues from investment management improved in the fourth quarter and were up slightly from a year ago.
Total noninterest expense in the fourth quarter was $10.3 million, up 1.6 percent from the fourth quarter of 2002. The fourth quarter last year included higher commissions and incentive compensation related to last year’s revenue and earnings growth year over year. For the full year of 2003, total noninterest expense was $42.6 million, up 7.1 percent from last year’s fourth quarter. Noninterest expenses in 2004 will be impacted by the opening of two additional offices in Palm Beach County later in the year, a planned loan production office in Brevard County and potentially higher levels of incentive based compensation expense.
Core deposit growth continued to enhance fees by increasing the customer base and usage of check cards. During 2003, a total of $1,169,000 in interchange income was earned compared to $980,000 for the same period in 2002. The growth rate of these fees was negatively impacted in 2003 as a result of VISA and MasterCard agreeing to reduce check card interchange fees beginning in August 2003. The negative impacts have been nearly offset with the growth in the cardholder base and transaction volumes.
Net loan charge offs were $666,000 for the year in 2003, compared to net charge-offs of $208,000 for 2002. Net recoveries of $20,000 were collected in the fourth quarter 2003. Loan delinquencies, nonaccruals and the percentage of loans past due 90 days to average loans declined to 0.16 percent at December 31, 2003, compared to 0.33 percent for the year end 2002. Nonperforming assets totaled $3,045,000 at December 31, 2003, consisting of $1.1 million in nonperforming loans and $2.0 million in other real estate owned, an increase from the $2,249,000 in 2002. All the nonperforming assets are secured by assets with fair values believed to be in excess of carrying value and no significant losses should be incurred.
The allowance for loan losses totaled $6.2 million, representing 565 percent of nonperforming loans. The allowance as a percentage of total loans was 0.87 percent compared to 0.99 percent in the prior year. The Company’s net charge-offs and nonperforming asset levels have historically been much better than industry averages. Although the Company experienced meaningful commercial/commercial real estate loan growth in the past quarter, the Company’s historically low charge-offs in these portfolios, improved credit quality, and the modest year over year loan growth has not required an addition to the allowance this year. Further, while it is believed that loan growth is likely to continue, the size of any future provision for loan losses is not expected to meaningfully impact quarterly earnings results.
Seacoast management will host a conference call on January 15 at 9:00 a.m. (Eastern time) to discuss the earnings results and business trends. Investors may call in by dialing 866-246-6870 (passcode: 3968770; leader: Dennis Hudson). Six charts will be used during the conference call and may be accessed at Seacoast’s website atwww.seacoastbanking.net under “Presentations”. A replay of the call will be available beginning the afternoon of January 16 by dialing 888-211-2648 (domestic), using the passcode 3968770.
Seacoast Banking Corporation of Florida has approximately $1.3 billion in assets. It is one of the largest independent commercial banking organizations in Florida, headquartered on Florida’s Treasure Coast, one of the wealthiest and fastest growing areas in the nation.
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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.
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 Banking Corporation of Florida ("Seacoast" or the "Company") 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”, “indicate”, “would”, “believe”, “contemplate”, “expect”, “estimate”, “continue”, “point to”, “project”, “predicted”, “prospects”, “could”, “intend”, “believed” 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 conditions; governmental monetary and fiscal policies, as well as legislative and regulatory changes; the risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, s ecurities, and interest sensitive assets and liabilities; interest rate risks and sensitivities; 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 the Company's market area 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; the failure of assumptions underlying the establishment of reserves for possible loan losses, and the risks of mergers and acquisitions, including, without limitation, the related costs, including integrating operations as part of these transactions, and the failure to achieve the expected gains, revenue growth and/or expense savings from such transactions.
All written or oral forward looking statements attributable to the Company are expressly qualified in their entirety by this Cautionary Notice including, without limitation, those risks and uncertainties, described in the Company's annual report on Form 10-K for the year ended December 31, 2002 under “Special Cautionary Notice Regarding Forward Looking Statements”, and otherwise in the Company's SEC reports and filings. Such reports are available upon request from Seacoast, or from the Securities and Exchange Commission, including the SEC’s website at http://www.sec.gov.
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FINANCIAL HIGHLIGHTS (Unaudited) | ||||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||
(Dollars in thousands, | December 31, | December 31, | ||||||||||
except per share data) | 2003 | 2002 | 2003 | 2002 | ||||||||
Summary of Earnings | ||||||||||||
Net income | $ 3,828 | $ 4,044 | $ 14,016 | $ 15,286 | ||||||||
Core operating income (4) | 3,828 | 4,043 | 14,787 | 15,005 | ||||||||
Net interest income (1) | 12,253 | 11,648 | 45,920 | 47,603 | ||||||||
Performance Ratios | ||||||||||||
Return on average assets (2), (3) | 1.14 | % | 1.32 | % | 1.07 | % | 1.26 | % | ||||
Return on average | ||||||||||||
shareholders' equity (2), (3) | 14.46 | 16.24 | 13.73 | 15.75 | ||||||||
Net interest margin (1), (2) | 3.82 | 4.02 | 3.69 | 4.13 | ||||||||
Per Share Data (A) | ||||||||||||
Net income diluted | $ 0.24 | $ 0.26 | $ 0.89 | $ 0.97 | ||||||||
Net income basic | 0.25 | 0.26 | 0.91 | 1.00 | ||||||||
Cash dividends declared | 0.13 | 0.10 | 0.46 | 0.37 | ||||||||
December 31, | Increase/ | |||||||||||
2003 | 2002 | (Decrease) | ||||||||||
Credit Analysis | ||||||||||||
Net charge-offs year-to-date | $ 666 | $ 208 | 220.2 | % | ||||||||
Net charge-offs to average loans | 0.10 | % | 0.03 | % | 233.3 | |||||||
Loan loss provision year-to-date | $ -- | $ -- | -- | |||||||||
Allowance to loans at end of period | 0.87 | % | 0.99 | % | (12.1 | ) | ||||||
Nonperforming assets | $ 3,045 | $ 2,249 | 35.4 | |||||||||
Nonperforming assets to loans and other | ||||||||||||
real estate owned at end of period | 0.43 | % | 0.33 | % | 30.3 | |||||||
Selected Financial Data | ||||||||||||
Total assets | $ 1,353,823 | $1,281,297 | 5.7 | |||||||||
Securities – Available for Sale (at fair value) | 484,223 | 466,278 | 3.8 | |||||||||
Securities – Held for Sale (at amortized cost) | 80,866 | 32,181 | 151.3 | |||||||||
Net loans | 702,632 | 681,335 | 3.1 | |||||||||
Deposits | 1,129,642 | 1,030,540 | 9.6 | |||||||||
Shareholders' equity | 104,084 | 100,747 | 3.3 | |||||||||
Book value per share (A) | 6.71 | 6.59 | 1.8 | |||||||||
Tangible book value per share (A) | 6.53 | 6.37 | 2.5 | |||||||||
Average shareholders' equity | ||||||||||||
to average assets | 7.82 | % | 7.99 | % | (2.1 | ) | ||||||
(A) Reflects 10% stock dividend paid as a stock split effective August 1, 2003.
(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) Net income excluding investment security gains and losses.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
Three Months Ended | Twelve Months Ended | |||||||||||
December 31, | December 31, | |||||||||||
(Dollars in thousands, except per share data) | 2003 | 2002 | 2003 | 2002 | ||||||||
Interest on securities: | ||||||||||||
Taxable | $ | 4,624 | $ | 3,588 | $ | 16,054 | $ | 14,274 | ||||
Nontaxable | 28 | 47 | 147 | 195 | ||||||||
Interest and fees on loans | 11,260 | 12,919 | 45,941 | 55,462 | ||||||||
Interest on federal funds sold | 11 | 60 | 70 | 526 | ||||||||
Total Interest Income | 15,923 | 16,614 | 62,212 | 70,457 | ||||||||
| ||||||||||||
Interest on deposits | 769 | 1,060 | 3,295 | 4,947 | ||||||||
Interest on time certificates | 2,215 | 3,181 | 9,892 | 14,949 | ||||||||
Interest on borrowed money | 719 | 769 | 3,250 | 3,139 | ||||||||
Total Interest Expense | 3,703 | 5,010 | 16,437 | 23,035 | ||||||||
Net Interest Income | 12,220 | 11,604 | 45,775 | 47,422 | ||||||||
Provision for loan losses | 0 | 0 | 0 | 0 | ||||||||
Net Interest Income After Provision for Loan Losses | 12,220 | 11,604 | 45,775 | 47,422 | ||||||||
Noninterest income: | ||||||||||||
Service charges on deposit accounts | 1,209 | 1,297 | 4,907 | 5,105 | ||||||||
Trust income | 498 | 503 | 2,043 | 2,177 | ||||||||
Mortgage banking fees | 464 | 1,338 | 4,423 | 3,364 | ||||||||
Brokerage commissions and fees | 493 | 469 | 1,863 | 2,045 | ||||||||
Marine finance fees | 592 | 713 | 3,161 | 1,408 | ||||||||
Debit card income | 259 | 252 | 1,169 | 980 | ||||||||
Other deposit based EFT fees | 114 | 97 | 441 | 376 | ||||||||
Other income | 354 | 335 | 1,429 | 1,419 | ||||||||
3,983 | 5,004 | 19,436 | 16,874 | |||||||||
Securities gains (losses) | 0 | 2 | (1,172 | ) | 457 | |||||||
Total Noninterest Income | 3,983 | 5,006 | 18,264 | 17,331 | ||||||||
Noninterest expenses: | ||||||||||||
Salaries and wages | 3,995 | 4,206 | 16,641 | 15,761 | ||||||||
Employee benefits | 1,044 | 1,129 | 4,595 | 4,304 | ||||||||
Outsourced data processing | 1,297 | 1,181 | 5,265 | 4,795 | ||||||||
Occupancy expense | 1,009 | 874 | 3,956 | 3,365 | ||||||||
Furniture and equipment expense | 362 | 452 | 1,739 | 1,989 | ||||||||
Marketing expense | 559 | 511 | 2,119 | 2,036 | ||||||||
Legal and professional fees | 219 | 391 | 1,336 | 1,538 | ||||||||
FDIC assessments | 37 | 42 | 163 | 173 | ||||||||
Amortization of intangibles | 0 | 63 | 150 | 252 | ||||||||
Foreclosed and repossessed asset management and disposition | 167 | (95 | ) | 182 | (45) | |||||||
Other expense | 1,575 | 1,345 | 6,466 | 5,622 | ||||||||
Total Noninterest Expenses | 10,264 | 10,099 | 42,612 | 39,790 | ||||||||
Income Before Income Taxes | 5,939 | 6,511 | 21,427 | 24,963 | ||||||||
Provision for income taxes | 2,111 | 2,467 | 7,411 | 9,677 | ||||||||
Net Income | $ | 3,828 | $ | 4,044 | $ | 14,016 | $ | 15,286 | ||||
Per share common stock (A): | ||||||||||||
Net income diluted | $ | 0.24 | $ | 0.26 | $ | 0.89 | $ | 0.97 | ||||
Net income basic | 0.25 | 0.26 | 0.91 | 1.00 | ||||||||
Cash dividends declared | 0.13 | 0.10 | 0.46 | 0.37 | ||||||||
Average diluted shares outstanding | 15,733,587 | 15,672,714 | 15,667,015 | 15,717,893 | ||||||||
Average basic shares outstanding | 15,370,615 | 15,281,699 | 15,334,765 | 15,350,353 | ||||||||
(A) Reflects 10% stock dividend paid as a stock split effective August 1, 2003.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
December 31, | December 31, | |||
(Dollars in thousands) | 2003 |
| 2002 | |
Assets | ||||
Cash and due from banks | $ | 44,928 | $ | 49,571 |
Federal funds sold and interest bearing deposits | 255 | 251 | ||
Securities: |
| |||
Available for sale (at fair value) | 484,223 | 466,278 | ||
Held for sale (at amortized cost) | 80,866 | 32,181 | ||
Total Securities | 565,089 | 498,459 | ||
Loans sold and available for sale | 5,403 | 13,814 | ||
Loans | 708,792 | 688,161 | ||
Less: Allowance for loan losses | (6,160) | (6,826) | ||
Net Loans | 702,632 | 681,335 | ||
Bank premises and equipment | 16,847 | 16,045 | ||
Other real estate owned | 1,954 | 8 | ||
Other assets | 16,715 | 21,814 | ||
$ | 1,353,823 | $ | 1,281,297 | |
Liabilities and Shareholders’ Equity | ||||
Liabilities | ||||
Deposits | ||||
Demand deposits (noninterest bearing) | $ | 233,087 | $ | 184,524 |
Savings deposits | 527,400 | 472,976 | ||
Other time deposits | 262,904 | 279,255 | ||
Time certificates of $100,000 or more | 106,251 | 93,785 | ||
Total Deposits | 1,129,642 | 1,030,540 | ||
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days | 74,158 | 102,967 | ||
Other borrowings | 40,000 | 40,000 | ||
Other liabilities | 5,939 | 7,043 | ||
1,249,739 | 1,180,550 | |||
Shareholders' Equity | ||||
Preferred stock | -- | -- | ||
Common stock | 1,710 | 1,555 | ||
Additional paid in capital | 26,911 | 26,994 | ||
Retained earnings | 95,336 | 89,960 | ||
Treasury stock | (17,297) | (18,578) | ||
106,660 | 99,931 | |||
Other comprehensive income (loss) | (2,576) | 816 | ||
Total Shareholders’ Equity | 104,084 | 100,747 | ||
$ | 1,353,823 | $ | 1,281,297 | |
Common Shares Outstanding | 15,503,626 | 15,279,001 | ||
Note: The balance sheet at December 31, 2002 has been derived from the audited financial statements at that date.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited) SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||||||||||||||||||||
Quarters | |||||||||||||||||||||
2003 | |||||||||||||||||||||
(Dollars in thousands, except per share data) | Fourth | Third | Second | First | |||||||||||||||||
Operating Ratios | |||||||||||||||||||||
Return on average assets (2),(3) | 1.14 | % | 1.04 | % | 1.09 | % | 1.02 | ||||||||||||||
% | Return on average shareholders' equity (2),(3) | 14.46 | 13.27 | 14.08 | 13.07 | ||||||||||||||||
Net interest margin (1),(2) | 3.82 | 3.44 | 3.63 | 3.89 | |||||||||||||||||
Average equity to average assets | 7.87 | 7.84 | 7.74 | 7.81 | |||||||||||||||||
Credit Analysis | |||||||||||||||||||||
Net charge-offs | $ (20 | ) | $ (29 | ) | $ 435 | $ 280 | |||||||||||||||
Net charge-offs to average loans | (0.01 | )% | (0.02 | )% | 0.26 | % | 0.16 | ||||||||||||||
% | Loan loss provision | $ -- | $ -- | $ -- | $ -- | ||||||||||||||||
Allowance to loans at end of period | 0.87 | % | 0.92 | % | 0.94 | % | 0.99 | ||||||||||||||
% | Nonperforming assets | $ 3,045 | $ 3,225 | $ 3,238 | $ 1,901 | ||||||||||||||||
Nonperforming assets to loans and other real estate owned at end of period | 0.43 | % | 0.48 | % | 0.50 | % | 0.29 | ||||||||||||||
% | Nonaccrual loans and accruing loans 90 days or more past due to loans outstanding at end of period | 0.16 | 0.18 | 0.49 | 0.29 | ||||||||||||||||
Per Share Common Stock (A) | |||||||||||||||||||||
Net income diluted | $ 0.24 | $ 0.22 | $ 0.23 | $ 0.21 | |||||||||||||||||
Net income basic | 0.25 | 0.22 | 0.23 | 0.21 | |||||||||||||||||
Cash dividends declared | 0.13 | 0.13 | 0.10 | 0.10 | |||||||||||||||||
Book value per share | 6.71 | 6.75 | 6.63 |
| 6.56 | ||||||||||||||||
(A) Reflects 10% stock dividend paid as a stock split effective August 1, 2003.
(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 ratios which may be expected for the entire year.
(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.
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CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited) (continued) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
(Dollars in thousands)
SECURITIES | December 31, 2003 | December 31, 2002 | |||
U.S. Treasury and U. S. Government Agencies | $ | 1,002 | $ | 2,508 | |
Mutual funds | 0 | 292 | |||
Mortgage-backed | 477,018 | 456,655 | |||
Other securities | 6,203 | 6,823 | |||
Securities Available for Sale | 484,223 | 466,278 | |||
U.S. Treasury and U. S. Government Agencies | 4,998 | 0 | |||
Mortgage-backed | 73,585 | 28,555 | |||
Obligations of states and political subdivisions | 2,283 | 3,626 | |||
Securities Held for Investment | 80,866 | 32,181 | |||
Total Securities | $ | 565,089 | $ | 498,459 | |
LOANS | December 31, 2003 | December 31, 2002 | |||
Real estate construction | $ | 107,315 | $ | 77,909 | |
Real estate mortgage | 470,391 | 478,123 | |||
Installment loans to individuals | 84,512 | 91,307 | |||
Commercial and financial | 46,310 | 40,491 | |||
Other loans | 264 | 331 | |||
Total Loans | $ | 708,792 | $ | 688,161 | |
AVERAGE BALANCES, YIELDS AND RATES (Unaudited) | |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
2003 | 2002 | |||||||||||
Fourth Quarter | Third Quarter | Fourth Quarter | ||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||||
(Dollars in thousands) | Balance | Rate | Balance | Rate | Balance | Rate | ||||||
Assets | ||||||||||||
Earning assets: | ||||||||||||
Securities: | ||||||||||||
Taxable | $ | 576,859 | 3.21% | $ | 575,915 | 2.56% | $ | 411,457 | 3.49 | % | ||
Nontaxable | 2,183 | 7.88 | 2,924 | 7.93 | 3,505 | 7.99 | ||||||
Total Securities | 579,042 | 3.22 | 578,839 | 2.58 | 414,962 | 3.53 | ||||||
Federal funds sold and other | ||||||||||||
short-term investments | 4,649 | 0.94 | 7,265 | 0.98 | 17,001 | 1.40 | ||||||
Loans, net | 689,353 | 6.49 | 662,425 | 6.60 | 718,650 | 7.14 | ||||||
| ||||||||||||
Total Earning Assets | 1,273,044 | 4.97 | 1,248,529 | 4.69 | 1,150,613 | 5.74 | ||||||
Allowance for loan losses | (6,177 | ) | (6,123 | ) | (6,817 | ) | ||||||
Cash and due from banks | 36,116 | 31,240 | 44,982 | |||||||||
Premises and equipment | 16,781 | 16,858 | 16,161 | |||||||||
Other assets | 14,056 | 11,472 | 12,357 | |||||||||
$ | 1,333,820 | $ | 1,301,976 | $ | 1,217,296 | |||||||
Liabilities and Shareholders' Equity | ||||||||||||
Interest-bearing liabilities: | ||||||||||||
NOW (including Super NOW) | $ | 70,682 | 0.47% | $ | 61,928 | 0.47% | $ | 61,321 | 0.77 | % | ||
Savings deposits | 157,089 | 0.51 | 154,759 | 0.51 | 145,226 | 0.80 | ||||||
Money market accounts | 292,293 | 0.66 | 290,248 | 0.67 | 254,627 | 1.01 | ||||||
Time deposits | 359,342 | 2.45 | 365,558 | 2.58 | 376,043 | 3.36 | ||||||
Federal funds purchased and securities sold under agreements to repurchase | 68,718 | 0.77 | 50,596 | 0.60 | 54,876 | 0.88 | ||||||
Other borrowings | 56,576 | 4.11 | 65,000 | 4.43 | 40,000 | 6.42 | ||||||
Total Interest-Bearing Liabilities | 1,004,700 | 1.46 | 988,089 | 1.58 | 932,093 | 2.13 | ||||||
Demand deposits (noninterest-bearing) | 218,489 | 205,740 | 180,763 | |||||||||
Other liabilities | 5,633 | 6,069 | 5,637 | |||||||||
Total Liabilities | 1,228,822 | 1,199,898 | 1,118,493 | |||||||||
Shareholders' equity | 104,998 | 102,078 | 98,803 | |||||||||
$ | 1,333,820 | $ | 1,301,976 | $ | 1,217,296 | |||||||
Interest expense as a % of earning assets | 1.15% | 1.25% | 1.73 | % | ||||||||
Net interest income as a % of earning assets | 3.82 | 3.44 | 4.02 | |||||||||
(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.
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