EXHIBIT 99.1
To 8-K dated July 18, 2005
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 RECORD EARNINGS
OF $5.5 MILLION OR $0.33 PER SHARE
FOR THE SECOND QUARTER
STUART, FL., July 18, 2005 – 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 $5,475,000 for the second quarter of 2005, or $0.33 diluted earnings per share (DEPS), compared to $3,090,000 or $0.20 DEPS for the second quarter a year ago, a 65.0 percent increase in DEPS. Net income for the first half of 2005 totaled $9,361,000 or $0.58 DEPS, up 31.3 percent compared to $7,127,000 or $0.45 DEPS for 2004. Cash operating earnings totaled $5,457,000 or $0.33 DEPS for the second quarter of 2005, up $1,571,000 or 40.4 percent over the same period last year and up $1,228,000 or 29.0 percent over the first quarter of 2005. (The Company believes that cash operating earnings ex cluding the impacts of noncash interest rate swap fair value changes and noncash amortization expense is a better measurement of the Company’s trend in earnings growth. Net cash payments and receipts from the interest rate swap have been immaterial for the periods presented.) A total of $249,000 or $0.01 DEPS in interest rate swap profits (noncash) were recorded in second quarter earnings versus $1,224,000 or $0.05 DEPS of interest rate swap losses (non cash) in the prior year’s second quarter.
During the quarter, the Company terminated the interest rate swap that did not qualify for hedge accounting under FAS 133. As a result, future quarterly earnings should not be impacted by profits or losses on interest rate swaps.
“We are pleased to announce an extremely successful second quarter and the continued positive growth dynamics established in 2004,” commented Dennis S. Hudson, III, Chief Executive Officer of Seacoast. “Our record operating results were achieved through a continuation of net interest income growth, favorable noninterest income sources, and improved credit quality.” Mr. Hudson further noted that “the merger with Century National Bank on April 30, 2005 has produced favorable earnings accretion so far. The integration is going smoothly and balance sheet growth is ahead of goal despite the intense competition in the Orlando market that includes regional banks, as well as ‘de novo’ start ups.”
Net interest income increased to $17,867,000 or 17.0 percent from first quarter 2005 and grew by 39.8 percent from last year’s second quarter due to strong organic growth and the acquisition.
The Century acquisition included loans of $107 million and deposits of $304 million at April 30, 2005. This, together with strong growth in all markets served by the Company, resulted in loan growth of $359 million or 45.5 percent since June 30, 2004. At June 30, 2005, the mix of loans outstanding was: 26 percent residential real estate mortgage loans, 60 percent commercial and commercial real estate, and 14 percent consumer loans.
Net interest margin of 3.91 percent represented an increase from the 3.84 percent achieved in the second quarter of 2004, and was higher than the first quarter 2005’s results of 3.90 percent. The improved net interest margin resulted from loan growth and growth in low-cost and no-cost core deposits. Negatively impacting net interest margin for the quarter were lower yields associated with the assets acquired from Century. The net interest margin on the earning assets acquired was 3.23 percent for the quarter. These asset yields have steadily improved over the past six months, along with those for the Company as a whole, as the Federal Reserve has increased short-term interest rates. Loan yields increased from 5.97 percent in the second quarter of 2004 to 6.38 percent in the current quarter.
Average savings deposits (excluding certificates of deposits) and noninterest bearing deposits have increased 54.2 percent from the prior year quarter, including 72.2 percent year-over-year growth in average noninterest bearing deposits. This growth also includes average deposits from Century and the impacts from the proceeds of insurance and other claims as a result of the hurricane damage in the Company’s markets which occurred in September 2004. As anticipated, deposit growth slowed in the markets impacted by the hurricanes as funds accumulated by customers were used to repair damages.
Due to rate increases by the Federal Reserve totaling 200 basis points, the cost for interest bearing deposits increased to 1.60 percent in the current quarter from 1.24 percent in the second quarter 2004. Average interest bearing deposits increased $299 million or 32.3 percent during the second quarter 2005 compared to one year ago. The increase in average interest bearing deposits, in addition to Century, included the effect of a new money market product, which was $104 million higher in the second quarter 2005 than in the same quarter in 2004. The average rate paid on this product for June 2005 was 2.02 percent.
Noninterest income, excluding interest rate swap profit and losses and securities gains (losses), increased 5.2 percent when compared to the first quarter 2005. While revenues from service charges on deposit accounts, marine finance fees and fees from electronic fund transfers increased, fees from wealth management services and mortgage banking were flat and down, respectively. Fees from the production of mortgage products are subject to intense competition, as well as the Company’s appetite to portfolio longer term residential mortgages. In addition, a growing portion of production has been for residential construction loans which are not available to be sold currently. During the second quarter 2005, $60 million in residential applications were processed compared to $60 million in the first quarter 2005 and $ 67 million in the second quarter 2004.
Strong core deposit growth has enhanced fees by increasing the customer base and usage of check cards. During the second quarter 2005, a total of $550,000 in EFT income was earned, compared to $468,000 for the same period in 2004. Service charges on deposit accounts increased $152,000 or 13.9 percent for the second quarter compared to a year ago, also reflecting the addition of Century which accounted for $28,000 of the increase.
Net loan charge offs were $15,000 for the second quarter of 2005, compared to net recoveries of $18,000 for 2004. Loan delinquencies, nonaccruals and the percentage of loans past due 90 days to average loans declined to 0.02 percent at June 30, 2005, compared to 0.32 percent for the second quarter 2004. Nonperforming assets totaled $200,000, a decline from $2,557,000 for the same quarter a year ago. The Company has maintained strong and consistent credit quality and low net charge offs. During the quarter, the Company provided $269,000 for loan losses and loan growth.
Noninterest expenses totaled $14.6 million, up $1.3 million from the first quarter 2005, of which $919,000 was related to Century including $206,000 for deposit base intangible amortization. The increase in noninterest expenses from the prior year’s second quarter is the result of increased wages, benefits, occupancy and data processing services, primarily due to the addition of branches and personnel, as well as higher commissions and incentives related to the Company’s improved performance.
The Company is also pleased with the results achieved in the following areas:
•
Cash operating earnings* per diluted share increased $0.08 DEPS or 32 percent for the second quarter 2005 compared to a year ago;
•
Return on average tangible equity using cash operating earnings* increased to 18.87 percent in the second quarter 2005 from 14.84 percent a year earlier;
•
Return on average assets using cash operating earnings* increased to 1.14 percent for the second quarter compared to 1.12 percent for 2004;
•
Noninterest bearing deposits improved to 28 percent of total deposits, up from 21 percent a year ago;
•
Average equity to average assets was 6.87 percent compared to 7.81 percent one year earlier;
•
A total of $228 million in commercial loans which will fund over the next 12 to 18 months were originated in the first six months of 2005, compared to $147 million originated during the first six months in 2004; and
•
Seacoast Marine approved loans totaling $44 million for the three months ended June 30, 2005, compared to $52 million in the same period for 2004.
Seacoast will host a conference call on Tuesday, July 19 at 11:00 a.m. (Eastern Time) to discuss the earnings results and business trends. Investors may call in (toll-free) by dialing (866) 297-6315 (access code: 12172388; leader: Dennis S. Hudson, III). A replay of the call will be available beginning the afternoon of July 19 by dialing (877) 213-9653 (domestic), using the passcode 12172388.
Seacoast Banking Corporation of Florida has over $2.0 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.
(continued)
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Seacoast’s business which are not historical facts are “forward-looking statements” that involve risks and uncertainties.
For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Special Cautionary Notice Regarding Forward-Looking Statements” in the company’s most recent Annual Report on Form 10-K.
- continued -
FINANCIAL HIGHLIGHTS | (Unaudited) | |||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
(Dollars in thousands, | June 30, | June 30, | ||||||||||
except per share data) | 2005 | 2004 | 2005 | 2004 | ||||||||
Summary of Earnings | ||||||||||||
Net income (GAAP) | $ 5,475 | $ | 3,090 | $ 9,361 | $ | 7,127 | ||||||
Amortization of core deposit premium | 144 | -- | 151 | -- | ||||||||
Net interest rate swap (profits) losses | (162 | ) | 796 | 174 | 384 | |||||||
Cash operating earnings* | 5,457 | 3,886 | 9,686 | 7,511 | ||||||||
Net interest income (1) | 17,867 | 12,784 | 33,144 | 25,251 | ||||||||
Performance Ratios | ||||||||||||
Return on average assets (2), (3) | ||||||||||||
Using GAAP earnings | 1.13 | % | 0.89 | % | 1.04 | % | 1.04 | % | ||||
Using cash operating earnings* on average tangible assets | 1.14 | 1.12 | 1.09 | 1.10 | ||||||||
Return on average | ||||||||||||
shareholders' equity (2), (3) | ||||||||||||
Using GAAP earnings | 16.07 | 11.50 | 15.16 | 13.31 | ||||||||
Using cash operating earnings* on average tangible equity | 18.87 | 14.84 | 17.35 | 14.40 | ||||||||
Net interest margin (1), (2) | 3.91 | 3.84 | 3.90 | 3.86 | ||||||||
Per Share Data | ||||||||||||
Net income diluted (GAAP) | $ 0.33 | $ | 0.20 | $ 0.58 | $ | 0.45 | ||||||
Amortization of core deposit premium | 0.01 | -- | 0.01 | -- | ||||||||
Net interest rate swap (profits) losses | (0.01 | ) | 0.05 | 0.01 | 0.02 | |||||||
Cash operating earnings* diluted | 0.33 | 0.25 | 0.60 | 0.47 | ||||||||
Net income basic (GAAP) | 0.33 | 0.20 | 0.59 | 0.46 | ||||||||
Cash dividends declared | 0.14 | 0.13 | 0.28 | 0.26 |
(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 calculations 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.
*
The Company believes that cash operating earnings excluding the impacts of noncash interest rate swap fair value changes and amortization of core deposit intangible is a better measurement of the Company’s trend in earnings growth. Net cash payments and receipts from the interest rate swap have not been material for the periods presented.
FINANCIAL HIGHLIGHTS | (Unaudited) | ||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||||||||||
June 30, | Increase/ | ||||||||||
2005 | 2004 | (Decrease) | |||||||||
Credit Analysis | |||||||||||
Net charge-offs year-to-date | $ | 202 | $ | 17 | n/m | % | |||||
Net charge-offs to average loans | 0.04 | % | -- | % | n/m | % | |||||
Loan loss provision year-to-date | 707 | 300 | 135.7 | ||||||||
Allowance to loans at end of period | 0.73 | % | 0.82 |
| (11.0 | ) | |||||
Nonperforming assets | $ | 200 | $ | 2,557 | (92.2 | ) | |||||
Nonperforming assets to loans and other | |||||||||||
real estate owned at end of period | 0.02 | % | 0.32 | % | (93.8 | ) | |||||
Selected Financial Data | |||||||||||
Total assets | $ | 2,052,175 | $ | 1,428,315 | 43.7 | ||||||
Securities – Trading (at fair value) | -- | 1,080 | (100.0 | ) | |||||||
Securities – Available for sale (at fair value) | 468,648 | 477,754 | (1.9 | ) | |||||||
Securities – Held for investment (at amortized cost) | 170,573 | 76,656 | 122.5 | ||||||||
Net loans | 1,140,045 | 782,901 | 45.6 | ||||||||
Deposits | 1,743,895 | 1,188,549 | 46.7 | ||||||||
Shareholders' equity | 146,877 | 104,329 | 40.8 | ||||||||
Book value per share | 8.63 | 6.75 | 27.9 | ||||||||
Tangible book value per share | 6.53 | 6.57 | (0.6 | ) | |||||||
Average shareholders' equity | |||||||||||
to average assets | 6.87 | % | 7.81 | % | (12.0 | ) | |||||
Average Balances (Year-to-Date) | |||||||||||
Total assets | $ | 1,811,927 | $ | 1,378,807 | 31.4 | ||||||
Intangible assets | 11,950 | 2,813 | 324.8 | ||||||||
Total average tangible assets | $ | 1,799,977 | $ | 1,375,994 | 30.8 | ||||||
Total equity | $ | 124,525 | $ | 107,713 | 15.6 | ||||||
Intangible assets | 11,950 | 2,813 | 324.8 | ||||||||
Total average tangible equity | $ | 112,575 | $ | 104,900 | 7.3 | ||||||
n/m = not meaningful
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
(Dollars in thousands, except per share data) | 2005 | 2004 | 2005 | 2004 | ||||||||
Interest on securities: | ||||||||||||
Taxable | $ | 5,707 | $ | 4,742 | $ | 10,677 | $ | 9,256 | ||||
Nontaxable | 18 | 28 | 36 | 56 | ||||||||
Interest and fees on loans | 17,348 | 11,289 | 31,834 | 22,527 | ||||||||
Interest on federal funds sold and interest bearing deposits | 774 | 27 | 1,194 | 63 | ||||||||
Total Interest Income | 23,847 | 16,086 | 43,741 | 31,902 | ||||||||
| ||||||||||||
Interest on deposits | 2,090 | 907 | 3,532 | 1,675 | ||||||||
Interest on time certificates | 2,797 | 1,957 | 5,210 | 4,100 | ||||||||
Interest on borrowed money | 1,121 | 470 | 1,916 | 942 | ||||||||
Total Interest Expense | 6,008 | 3,334 | 10,658 | 6,717 | ||||||||
Net Interest Income | 17,839 | 12,752 | 33,083 | 25,185 | ||||||||
Provision for loan losses | 269 | 150 | 707 | 300 | ||||||||
Net Interest Income After Provision for Loan Losses | 17,570 | 12,602 | 32,376 | 24,885 | ||||||||
Noninterest income: | ||||||||||||
Service charges on deposit accounts | 1,246 | 1,094 | 2,339 | 2,201 | ||||||||
Trust income | 684 | 517 | 1,267 | 1,055 | ||||||||
Mortgage banking fees | 425 | 472 | 995 | 954 | ||||||||
Brokerage commissions and fees | 634 | 671 | 1,368 | 1,386 | ||||||||
Marine finance fees | 836 | 994 | 1,534 | 1,757 | ||||||||
Debit card income | 441 | 351 | 857 | 649 | ||||||||
Other deposit based EFT fees | 109 | 117 | 230 | 245 | ||||||||
Merchant income | 605 | 540 | 1,175 | 1,005 | ||||||||
Interest rate swap profits (losses) | 249 | (1,224 | ) | (267 | ) | (590) | ||||||
Other income | 359 | 314 | 651 | 623 | ||||||||
5,588 | 3,846 | 10,149 | 9,285 | |||||||||
Securities gains (losses) | 41 | (46 | ) | 44 | 10 | |||||||
Total Noninterest Income | 5,629 | 3,800 | 10,193 | 9,295 | ||||||||
Noninterest expenses: | ||||||||||||
Salaries and wages | 5,640 | 4,609 | 10,930 | 9,108 | ||||||||
Employee benefits | 1,499 | 1,216 | 2,931 | 2,663 | ||||||||
Outsourced data processing | 1,680 | 1,484 | 3,239 | 2,885 | ||||||||
Occupancy expense | 1,244 | 1,046 | 2,392 | 2,122 | ||||||||
Furniture and equipment expense | 520 | 497 | 1,035 | 980 | ||||||||
Marketing expense | 853 | 603 | 1,729 | 1,253 | ||||||||
Legal and professional fees | 639 | 372 | 1,180 | 662 | ||||||||
FDIC assessments | 60 | 43 | 104 | 84 | ||||||||
Amortization of intangibles | 222 | -- | 233 | -- | ||||||||
Other expense | 2,285 | 1,750 | 4,181 | 3,390 | ||||||||
Total Noninterest Expenses | 14,642 | 11,620 | 27,954 | 23,147 | ||||||||
Income Before Income Taxes | 8,557 | 4,782 | 14,615 | 11,033 | ||||||||
Provision for income taxes | 3,082 | 1,692 | 5,254 | 3,906 | ||||||||
Net Income | $ | 5,475 | $ | 3,090 | $ | 9,361 | $ | 7,127 | ||||
Per share common stock: | ||||||||||||
Net income diluted | $ | 0.33 | $ | 0.20 | $ | 0.58 | $ | 0.45 | ||||
Net income basic | 0.33 | 0.20 | 0.59 | 0.46 | ||||||||
Cash dividends declared | 0.14 | 0.13 | 0.28 | 0.26 | ||||||||
Average diluted shares outstanding | 16,706,162 | 15,737,475 | 16,202,134 | 15,789,999 | ||||||||
Average basic shares outstanding | 16,345,301 | 15,331,382 | 15,830,012 | 15,381,266 | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
June 30, | December 31, | June 30, | ||||||||
(Dollars in thousands) | 2005 | 2004 | 2004 | |||||||
Assets | ||||||||||
Cash and due from banks | $ | 75,949 | $ | 44,920 | $ | 48,633 | ||||
Federal funds sold and interest bearing deposits | 116,600 | 44,758 | 257 | |||||||
Securities: |
|
|
| |||||||
Trading (at fair value) | -- | -- | 1,080 | |||||||
Available for sale (at fair value) | 468,648 | 395,207 | 477,754 | |||||||
Held for sale (at amortized cost) | 170,573 | 198,551 | 76,656 | |||||||
Total Securities | 639,221 | 593,758 | 555,490 | |||||||
Loans available for sale | 5,887 | 2,346 | 3,901 | |||||||
Loans | 1,148,373 | 899,547 | 789,344 | |||||||
Less: Allowance for loan losses | (8,328 | ) | (6,598 | ) | (6,443) | |||||
Net Loans | 1,140,045 | 892,949 | 782,901 | |||||||
Bank premises and equipment | 21,166 | 18,965 | 18,119 | |||||||
Other real estate owned | -- | -- | 1,913 | |||||||
Intangible assets | 35,788 | 2,774 | 2,805 | |||||||
Other assets | 17,519 | 15,406 | 14,296 | |||||||
$ | 2,052,175 | $ | 1,615,876 | $ | 1,428,315 | |||||
Liabilities and Shareholders’ Equity | ||||||||||
Liabilities | ||||||||||
Deposits | ||||||||||
Demand deposits (noninterest bearing) | $ | 481,206 | $ | 345,122 | $ | 251,775 | ||||
Savings deposits | 860,405 | 669,059 | 587,539 | |||||||
Other time deposits | 260,757 | 238,188 | 245,899 | |||||||
Time certificates of $100,000 or more | 141,527 | 120,097 | 103,336 | |||||||
Total Deposits | 1,743,895 | 1,372,466 | 1,188,549 | |||||||
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days | 87,742 | 86,919 | 78,829 | |||||||
Other borrowings | 64,473 | 39,912 | 39,781 | |||||||
Other liabilities | 9,188 | 8,367 | 16,827 | |||||||
1,905,298 | 1,507,664 | 1,323,986 | ||||||||
Shareholders' Equity | ||||||||||
Preferred stock | -- | -- | -- | |||||||
Common stock | 1,860 | 1,710 | 1,710 | |||||||
Additional paid in capital | 45,927 | 26,950 | 26,911 | |||||||
Retained earnings | 106,100 | 101,501 | 98,442 | |||||||
Restricted stock awards | (3,702 | ) | (3,333 | ) | (2,478) | |||||
Treasury stock | (913 | ) | (16,172 | ) | (16,258) | |||||
149,272 | 110,656 | 108,327 | ||||||||
Accumulated other comprehensive loss | (2,395 | ) | (2,444 | ) | (3,998) | |||||
Total Shareholders’ Equity | 146,877 | 108,212 | 104,329 | |||||||
$ | 2,052,175 | $ | 1,615,876 | $ | 1,428,315 | |||||
Common Shares Outstanding | 17,023,513 | 15,468,357 | 15,463,808 | |||||||
Note: The balance sheet at December 31, 2004 has been derived from the audited financial statements at that date.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited) | |||||||||||||||||||||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||||||||||||||||||||||||||||
Quarters | |||||||||||||||||||||||||||||
2005 | 2004 | Last 12 | |||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | Second | First | Fourth | Third | Months | ||||||||||||||||||||||||
Net income (GAAP) | $ | 5,475 | $ | 3,886 | $ | 3,700 | $ | 4,095 | $ | 17,156 | |||||||||||||||||||
Amortization of core deposit premium | 144 | 7 | -- | -- | 151 | ||||||||||||||||||||||||
Net income rate swap (profits) losses | (162 | ) | 335 | 287 | (215) | 245 | |||||||||||||||||||||||
Cash operating earnings* | $ | 5,457 | $ | 4,228 | $ | 3,987 | $ | 3,880 | $ | 17,552 | |||||||||||||||||||
Operating Ratios | |||||||||||||||||||||||||||||
Return on average assets (GAAP) (2),(3) | |||||||||||||||||||||||||||||
Using GAAP earnings | 1.13 | % | 0.94 | % | 0.97 | % | 1.16 | % | 1.05 | % | |||||||||||||||||||
Using cash operating earnings* on average tangible assets | 1.14 | 1.02 | 1.04 | 1.10 | 1.08 | ||||||||||||||||||||||||
Return on average shareholders' equity (GAAP) (2),(3) | |||||||||||||||||||||||||||||
Using GAAP earnings | 16.07 | 14.04 | 13.38 | 14.98 | 14.68 | ||||||||||||||||||||||||
Using cash operating earnings* on average tangible equity | 18.87 | 15.69 | 14.79 | 14.57 | 16.02 | ||||||||||||||||||||||||
Net interest margin (1),(2) | 3.91 | 3.90 | 3.88 | 3.97 | 3.91 | ||||||||||||||||||||||||
Average equity to average assets | 7.03 | 6.69 | 7.22 | 7.71 | 7.14 | ||||||||||||||||||||||||
Credit Analysis | |||||||||||||||||||||||||||||
Net charge-offs | $ | 15 | $ | 187 | $ | 349 | $ | 196 | $ | 747 | |||||||||||||||||||
Net charge-offs to average loans | 0.01 | % | 0.08 | % | 0.16 | % | 0.09 | % | 0.08 | % | |||||||||||||||||||
Loan loss provision | $ | 269 | $ | 438 | $ | 450 | $ | 250 | $ | 1,407 | |||||||||||||||||||
Allowance to loans at end of period | 0.73 | % | 0.70 | % | 0.73 | % | 0.76 | % | |||||||||||||||||||||
Nonperforming assets | $ | 200 | $ | 1,040 | $ | 1,447 | $ | 389 | |||||||||||||||||||||
Nonperforming assets to loans and other real estate owned at end of period | 0.02 | % | 0.11 | % | 0.16 | % | 0.05 | % | |||||||||||||||||||||
Nonaccrual loans and accruing loans 90 days or more past due to loans outstanding at end of period | 0.02 | 0.11 | 0.16 | 0.06 | |||||||||||||||||||||||||
Per Share Common Stock | |||||||||||||||||||||||||||||
Net income diluted (GAAP) | $ | 0.33 | $ | 0.25 | $ | 0.24 | $ | 0.26 | $ | 1.08 | |||||||||||||||||||
Amortization of core deposit premium | 0.01 | -- | -- | -- | 0.01 | ||||||||||||||||||||||||
Net interest rate swap (profit) losses | (0.01 | ) | 0.02 | 0.02 | (0.01 | ) | 0.02 | ||||||||||||||||||||||
Cash operating earnings* diluted | $ | 0.33 | $ | 0.27 | $ | 0.26 | $ | 0.25 | $ | 1.11 | |||||||||||||||||||
Net income basic (GAAP) | $ | 0.33 | $ | 0.25 | $ | 0.24 | $ | 0.27 | $ | 1.09 | |||||||||||||||||||
Cash dividends declared | 0.14 | 0.14 | 0.14 | 0.14 | 0.56 | ||||||||||||||||||||||||
Book value per share | 8.63 | 7.04 | 7.00 |
| 6.96 | ||||||||||||||||||||||||
Average Balances | |||||||||||||||||||||||||||||
Total assets | $ | 1,945,079 | $ | 1,677,295 | $ | 1,523,284 | $ | 1,410,111 | |||||||||||||||||||||
Intangible assets | 20,627 | 3,176 | 2,785 | 2,799 | |||||||||||||||||||||||||
Total average tangible assets | $ | 1,924,452 | $ | 1,674,119 | $ | 1,520,499 | $ | 1,407,312 | |||||||||||||||||||||
Total equity | $ | 136,659 | $ | 112,257 | $ | 110,014 | $ | 108,749 | |||||||||||||||||||||
Intangible assets | 20,627 | 3,176 | 2,785 | 2,799 | |||||||||||||||||||||||||
Total average tangible equity | $ | 116,032 | $ | 109,081 | $ | 107,229 | $ | 105,950 | |||||||||||||||||||||
(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 calculations 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.
*
The Company believes that cash operating earnings excluding the impacts of noncash interest rate swap fair value changes and amortization of core deposit intangible is a better measurement of the Company’s trend in earnings growth. Net cash payments and receipts from the interest rate swap have not been material for the periods presented.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited) (continued) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
(Dollars in thousands)
SECURITIES | June 30, 2005 | December 31, 2004 | June 30, 2004 | |||||||||
Mortgage-backed | $ | -- | $ | -- | $ | 1,080 | ||||||
Securities Trading | -- | -- | 1,080 | |||||||||
U.S. Treasury and U. S. Government Agencies | 78,682 | 20,656 | 20,527 | |||||||||
Mortgage-backed | 382,196 | 366,806 | 451,601 | |||||||||
Other securities | 7,770 | 7,745 | 5,626 | |||||||||
Securities Available for Sale | 468,648 | 395,207 | 477,754 | |||||||||
U.S. Treasury and U. S. Government Agencies | 4,999 | 4,999 | 4,998 | |||||||||
Mortgage-backed | 164,152 | 192,128 | 69,427 | |||||||||
Obligations of states and political subdivisions | 1,422 | 1,424 | 2,231 | |||||||||
Securities Held for Investment | 170,573 | 198,551 | 76,656 | |||||||||
Total Securities | $ | 639,221 | $ | 593,758 | $ | 555,490 | ||||||
LOANS | June 30, 2005 | December 31, 2004 |
| June 30, 2004 | ||||||||
Construction and land development | $ | 351,457 | $ | 252,329 | $ | 147,780 | ||||||
Real estate mortgage | 620,883 | 498,692 | 516,025 | |||||||||
Installment loans to individuals | 89,791 | 81,831 | 78,529 | |||||||||
Commercial and financial | 85,746 | 66,240 | 46,751 | |||||||||
Other loans | 496 | 455 | 259 | |||||||||
Total Loans | $ | 1,148,373 | $ | 899,547 | $ | 789,344 | ||||||
AVERAGE BALANCES, YIELDS AND RATES (Unaudited) | |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
2005 | 2004 | ||||||||||||||
Second Quarter | First Quarter | Second Quarter | |||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||||||
(Dollars in thousands) | Balance | Rate | Balance | Rate | Balance | Rate | |||||||||
Assets | |||||||||||||||
Earning assets: | |||||||||||||||
Securities: | |||||||||||||||
Taxable | $ | 633,258 | 3.60 | % | $ | 575,626 | 3.45 | % | $ | 562,030 | 3.37 | % | |||
Nontaxable | 1,423 | 7.59 | 1,423 | 7.87 | 2,181 | 7.89 | |||||||||
Total Securities | 634,681 | 3.61 | 577,049 | 3.46 | 564,211 | 3.39 | |||||||||
Federal funds sold and other | |||||||||||||||
short-term investments | 106,756 | 2.91 | 69,637 | 2.45 | 11,219 | 0.97 | |||||||||
Loans, net | 1,091,628 | 6.38 | 943,326 | 6.24 | 762,092 | 5.97 | |||||||||
| |||||||||||||||
Total Earning Assets | 1,833,065 | 5.22 | 1,590,012 | 5.08 | 1,337,522 | 4.85 | |||||||||
Allowance for loan losses | (7,778 | ) | (6,733 | ) | (6,339 | ) | |||||||||
Cash and due from banks | 63,988 | 58,608 | 38,348 | ||||||||||||
Premises and equipment | 21,008 | 20,283 | 17,365 | ||||||||||||
Other assets | 34,796 | 15,125 | 14,360 | ||||||||||||
$ | 1,945,079 | 1,677,295 | $ | 1,401,256 | |||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||
Interest-bearing liabilities: | |||||||||||||||
NOW (including Super NOW) | $ | 105,678 | 0.57 | % | $ | 98,230 | 0.46 | % | $ | 78,409 | 0.46 | % | |||
Savings deposits | 171,715 | 0.50 | 178,482 | 0.50 | 162,803 | 0.51 | |||||||||
Money market accounts | 553,134 | 1.25 | 436,504 | 1.03 | 326,922 | 0.75 | |||||||||
Time deposits | 393,308 | 2.85 | 369,402 | 2.65 | 357,155 | 2.20 | |||||||||
Federal funds purchased and securities sold under agreements to repurchase | 81,178 | 2.36 | 84,777 | 1.97 | 69,184 | 0.84 | |||||||||
Other borrowings | 60,505 | 4.27 | 40,094 | 3.87 | 39,926 | 3.27 | |||||||||
Total Interest-Bearing Liabilities | 1,365,518 | 1.76 | 1,207,489 | 1.56 | 1,034,399 | 1.30 | |||||||||
Demand deposits (noninterest-bearing) | 434,777 | 351,703 | 252,435 | ||||||||||||
Other liabilities | 8,125 | 5,846 | 6,346 | ||||||||||||
Total Liabilities | 1,808,420 | 1,565,038 | 1,293,180 | ||||||||||||
Shareholders' equity | 136,659 | 112,257 | 108,076 | ||||||||||||
$ | 1,945,079 | 1,677,295 | 1,401,256 | ||||||||||||
Interest expense as a % of earning assets | 1.31 | % | 1.19 | % | 1.00 | % | |||||||||
Net interest income as a % of earning assets | 3.91 | 3.90 | 3.84 | ||||||||||||
(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.