EXHIBIT 99.1
To 8-K dated October 18, 2005
NEWS RELEASE
Dennis S. Hudson, III
Chairman and Chief Executive Officer
Seacoast Banking Corporation of Florida
(772) 288-6086
William R. Hahl
Executive Vice President and
Chief Financial Officer
(772) 221-2825
SEACOAST REPORTS INCREASED
EARNINGS FOR THE THIRD QUARTER
STUART, FL., October 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 for the third quarter of 2005 totaling $5,565,000 or $0.32 diluted earnings per share (DEPS), up 35.9 percent from $4,095,000 or $0.26 DEPS for the third quarter a year ago. For the first nine months of 2005, net income totaled $14,926,000 or $0.90 DEPS, compared to $11,222,000 or $0.71 DEPS for 2004, an increase of 27.4 percent.
Cash operating earnings totaled $5,683,000 or $0.33 DEPS for the third quarter of 2005, an increase of $1,803,000 or 46.5 percent over the same period last year. Year-to-date cash operating earnings were $15,368,000, up $3,978,000 or 34.9 percent compared to the same period last year. (The Company believes that cash operating earnings, excluding the after tax 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.) The Company terminated the interest rate swap that did not qualify for hedge accounting in the second quarter of 2005.
“I am very pleased with the success achieved so far in 2005”, said Dennis S. Hudson, III, Chairman and Chief Executive Officer of Seacoast. “Strong net interest income growth led to the increased cash operating earnings trends this quarter. These exceptional operating results were partially achieved by a continuation of favorable net interest margins, improved credit quality, and the retention of customers and core deposit balances acquired in the acquisition of Century National Bank in April this year. Our long term perspective shows growth in households serviced, expansion of products and services offered, improved profitability and a record of positive asset quality.”
The Company is also pleased with the results achieved in the following areas:
•
Net interest margin of 4.01 percent represented an increase from the 3.91 percent achieved in the second quarter of 2005, and was higher than the third quarter 2004’s results of 3.97 percent;
•
Record total revenues (net interest income and noninterest income combined) of $68 million, up 27.3 percent for the first nine months compared to the same period in 2004, and increased 15.7 percent annualized for the third quarter on a linked quarter basis;
•
Asset quality remained solid with total nonperforming assets of $325,000, or a ratio of 0.03 percent, compared to 0.05 percent at September 30, 2004, and net charge-offs as a percent of average loans of 0.02 percent year-to-date compared to 0.04 percent for 2004;
•
Fees from investment management services grew $189,000 compared to the third quarter 2004 or 17.5 percent;
•
Return on average tangible equity using cash operating earnings* increased to 19.50 percent in the third quarter 2005 from 14.57 percent a year earlier; and
•
Return on average assets using cash operating earnings* increased to 1.14 percent for the third quarter compared to 1.10 percent for 2004.
The improved net interest margins resulted from favorable economic conditions throughout the Company’s markets which enabled loan growth to remain strong and improvement in the mix of earning assets to continue. Net interest income increased $1.2 million over the second quarter 2005, up 27.5 percent annualized. In addition, while interest rates have increased a total of 275 basis points since the Fed began raising rates and 200 basis points over the last 12 months, the Company’s favorable deposit mix has allowed average cost of deposits to remain low. The average cost for interest bearing deposits in the third quarter 2005 increased to 1.80 percent from 1.29 percent a year earlier, while total costs of deposits, including noninterest bearing demand deposits, increased only 30 basis points over the prior year to 1.32 percent. Average interest bearing deposits were up $322 million or 34.4 percent over the past year (including $181 million acquired in the Century acquisition) and increased $33 million or 2.7 percent linked quarter for the three months ended September 30, 2005. Noninterest bearing demand deposits now comprise 26 percent of total deposits, up from 21 percent a year ago.
Total loans outstanding at September 30, 2005 increased 42 percent compared to September 30, 2004, and the Company’s loan to deposit ratio is 68 percent. Organic loan growth over the past 12 months totaled $252 million, or 29 percent. With the recent addition of new markets in Orlando, expansion into Palm Beach County with a total of five offices and the loan production office, and planned offices for Brevard County, the Company is poised to utilize its liquidity to continue expanding its loan portfolio. The end result of the acquisition and expansion is a substantially improved commercial lending footprint in new markets, all achieved with a small increase in offices and relatively light impact on overhead. The Palm Beach County market’s outstanding loans and deposits at September 30, 2005 total $222 mill ion and $95 million, respectively.
Most importantly, the loan growth has not impacted credit quality. Net charge-offs for the first nine months of 2005 totaled $167,000, compared to $213,000 for 2004. Nonperforming loans declined as well, by $64,000, and now total only $325,000. These outstanding results reduced the necessity for higher provisioning for loan losses. At September 30, 2005, the mix of loans outstanding was: 26 percent residential real estate mortgage loans, 61 percent commercial and commercial real estate, and 13 percent consumer loans.
Noninterest income, excluding interest rate swap profits and losses, increased 9.6 percent when compared to the prior year’s third quarter, reflecting increased revenues from service charges on deposit accounts, debit card interchange fees, investment management services, and marine finance fees. While revenues from wealth management services have generally improved over the last several quarters, it remains extremely challenging due to the uncertain national economic environment.
Noninterest expenses totaled $15.4 million, an increase of 28.1 percent from the prior year's third quarter and a 5.2 percent increase compared to the second quarter 2005. A substantial portion of these increases was the result of the acquisition of Century, as well as increased wages, benefits, occupancy, marketing and other overhead due to the addition of branches and personnel in the Palm Beach and Brevard County markets, and from higher commissions, stock awards and other incentive compensation related to the Company's better performance.
Seacoast will host a conference call on Wednesday, October 19 at 10:00 a.m. (Eastern Time) to discuss the earnings results and business trends. Investors may call in (toll-free) by dialing (800) 322-0079 (access code: 6584318; leader: Dennis Hudson). A replay of the call will be available beginning the afternoon of October 19 by dialing (877) 519-4471 (domestic), using the passcode 6584318.
Seacoast Banking Corporation of Florida has approximately $2.1 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", "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 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, securities, and intere st 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; 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; changes in accounting interpretations; and the risks of possible further changes pending comp letion of the current audit and review with the Company’s current and prior auditors of the prior periods during which the swap discussed herein was in effect.
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, 2004 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 athttp://www.sec.gov.
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FINANCIAL HIGHLIGHTS | (Unaudited) | ||||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
(Dollars in thousands, | September 30, | September 30, | |||||||||||
except per share data) | 2005 | 2004 | 2005 | 2004 | |||||||||
Summary of Earnings | |||||||||||||
Net income (GAAP) | $ 5,565 | $ | 4,095 | $ | 14,926 | $ | 11,222 | ||||||
Amortization of core deposit premium | 118 | -- | 269 | -- | |||||||||
Net interest rate swap (profits) losses | -- | (215 | ) | 173 | 169 | ||||||||
Cash operating earnings* | $ 5,683 | $ | 3,880 | $ | 15,368 | $ | 11,391 | ||||||
Net interest income (1) | 19,091 | 13,498 | 52,235 | 38,749 | |||||||||
Performance Ratios | |||||||||||||
Return on average assets (2), (3) | |||||||||||||
Using GAAP earnings | 1.09 | % | 1.16 | % | 1.06 | % | 1.08 | % | |||||
Using cash operating earnings* on average tangible assets | 1.14 | 1.10 | 1.10 | 1.10 | |||||||||
Return on average | |||||||||||||
shareholders' equity (2), (3) | |||||||||||||
Using GAAP earnings | 14.59 | 14.98 | 14.94 | 13.87 | |||||||||
Using cash operating earnings* on average tangible equity | 19.50 | 14.57 | 18.09 | 14.46 | |||||||||
Net interest margin (1), (2) | 4.01 | 3.97 | 3.94 | 3.90 | |||||||||
Per Share Data | |||||||||||||
Net income diluted (GAAP) | $ 0.32 | $ | 0.26 | $ | 0.90 | $ | 0.71 | ||||||
Amortization of core deposit premium | 0.01 | -- | 0.02 | -- | |||||||||
Net interest rate swap (profits) losses | -- | (0.01 | ) | 0.01 | 0.01 | ||||||||
Cash operating earnings* diluted | $ 0.33 | $ | 0.25 | $ | 0.93 | $ | 0.72 | ||||||
Net income basic (GAAP) | 0.33 | 0.27 | 0.92 | 0.73 | |||||||||
Cash dividends declared | 0.15 | 0.14 | 0.43 | 0.40 |
(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 | |||||||||||
September 30, | Increase/ | ||||||||||
2005 | 2004 | (Decrease) | |||||||||
Credit Analysis | |||||||||||
Net charge-offs year-to-date | $ | 167 | $ | 213 | (21.6 | ) | |||||
Net charge-offs to average loans | 0.02 | % | 0.04 | % | (50.0 | ) | |||||
Loan loss provision year-to-date | $ | 987 | $ | 550 | 79.5 | ||||||
Allowance to loans at end of period | 0.71 | % | 0.76 | % | (6.6 | ) | |||||
Nonperforming assets | $ | 325 | $ | 389 | (16.5 | ) | |||||
Nonperforming assets to loans and other | |||||||||||
real estate owned at end of period | 0.03 | % | 0.05 | % | (40.0 | ) | |||||
Selected Financial Data | |||||||||||
Total assets | $ | 2,086,073 | $ | 1,398,056 | 49.2 | ||||||
Securities – Available for sale (at fair value) | 411,800 | 398,152 | 3.4 | ||||||||
Securities – Held for investment (at amortized cost) | 157,369 | 69,845 | 125.3 | ||||||||
Net loans | 1,209,276 | 852,676 | 41.8 | ||||||||
Deposits | 1,778,574 | 1,180,957 | 50.6 | ||||||||
Shareholders' equity | 149,526 | 107,467 | 39.1 | ||||||||
Book value per share | 8.76 | 6.96 | 25.9 | ||||||||
Tangible book value per share | 6.73 | 6.78 | (0.7 | ) | |||||||
Average shareholders' equity | |||||||||||
to average assets | 7.10 | % | 7.78 | % | (8.7 | ) | |||||
Average Balances (Year-to-Date) | |||||||||||
Total assets | $ | 1,881,211 | $ | 1,389,318 | 35.4 | ||||||
Less: Intangible assets | 19,945 | 2,808 | 610.3 | ||||||||
Total average tangible assets | $ | 1,861,266 | $ | 1,386,510 | 34.2 | ||||||
Total equity | $ | 133,548 | $ | 108,061 | 23.6 | ||||||
Less: Intangible assets | 19,945 | 2,808 | 610.3 | ||||||||
Total average tangible equity | $ | 113,603 | $ | 105,253 | 7.9 | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
Three Months Ended | Nine months Ended | |||||||||||
September 30, | September 30, | |||||||||||
(Dollars in thousands, except per share data) | 2005 | 2004 | 2005 | 2004 | ||||||||
Interest on securities: | ||||||||||||
Taxable | $ | 5,593 | $ | 4,530 | $ | 16,270 | $ | 13,786 | ||||
Nontaxable | 15 | 29 | 51 | 85 | ||||||||
Interest and fees on loans | 19,560 | 12,480 | 51,394 | 35,007 | ||||||||
Interest on federal funds sold and interest bearing deposits | 899 | 3 | 2,093 | 66 | ||||||||
Total Interest Income | 26,067 | 17,042 | 69,808 | 48,944 | ||||||||
| ||||||||||||
Interest on deposits | 2,565 | 1,094 | 6,097 | 2,769 | ||||||||
Interest on time certificates | 3,152 | 1,944 | 8,362 | 6,044 | ||||||||
Interest on borrowed money | 1,285 | 542 | 3,201 | 1,484 | ||||||||
Total Interest Expense | 7,002 | 3,580 | 17,660 | 10,297 | ||||||||
Net Interest Income | 19,065 | 13,462 | 52,148 | 38,647 | ||||||||
Provision for loan losses | 280 | 250 | 987 | 550 | ||||||||
Net Interest Income After Provision for Loan Losses | 18,785 | 13,212 | 51,161 | 38,097 | ||||||||
Noninterest income: | ||||||||||||
Service charges on deposit accounts | 1,356 | 1,201 | 3,695 | 3,402 | ||||||||
Trust income | 701 | 556 | 1,968 | 1,611 | ||||||||
Mortgage banking fees | 525 | 523 | 1,520 | 1,477 | ||||||||
Brokerage commissions and fees | 567 | 523 | 1,935 | 1,909 | ||||||||
Marine finance fees | 728 | 640 | 2,262 | 2,397 | ||||||||
Debit card income | 441 | 348 | 1,298 | 997 | ||||||||
Other deposit based EFT fees | 93 | 108 | 323 | 353 | ||||||||
Merchant income | 525 | 503 | 1,700 | 1,508 | ||||||||
Interest rate swap profits (losses) | 0 | 330 | (267 | ) | (260) | |||||||
Other income | 343 | 428 | 994 | 1,051 | ||||||||
5,279 | 5,160 | 15,428 | 14,445 | |||||||||
Securities gains (losses), net | 34 | 16 | 78 | 26 | ||||||||
Total Noninterest Income | 5,313 | 5,176 | 15,506 | 14,471 | ||||||||
Noninterest expenses: | ||||||||||||
Salaries and wages | 6,123 | 5,004 | 17,053 | 14,112 | ||||||||
Employee benefits | 1,807 | 1,288 | 4,738 | 3,951 | ||||||||
Outsourced data processing | 1,629 | 1,451 | 4,868 | 4,336 | ||||||||
Occupancy expense | 1,346 | 1,093 | 3,738 | 3,215 | ||||||||
Furniture and equipment expense | 561 | 500 | 1,596 | 1,480 | ||||||||
Marketing expense | 776 | 582 | 2,505 | 1,835 | ||||||||
Legal and professional fees | 650 | 375 | 1,830 | 1,037 | ||||||||
FDIC assessments | 65 | 42 | 169 | 126 | ||||||||
Amortization of intangibles | 181 | -- | 414 | -- | ||||||||
Other expense | 2,270 | 1,692 | 6,451 | 5,082 | ||||||||
Total Noninterest Expenses | 15,408 | 12,027 | 43,362 | 35,174 | ||||||||
Income Before Income Taxes | 8,690 | 6,361 | 23,305 | 17,394 | ||||||||
Provision for income taxes | 3,125 | 2,266 | 8,379 | 6,172 | ||||||||
Net Income | $ | 5,565 | $ | 4,095 | $ | 14,926 | $ | 11,222 | ||||
Per share common stock: | ||||||||||||
Net income diluted | $ | 0.32 | $ | 0.26 | $ | 0.90 | $ | 0.71 | ||||
Net income basic | 0.33 | 0.27 | 0.92 | 0.73 | ||||||||
Cash dividends declared | 0.15 | 0.14 | 0.43 | 0.40 | ||||||||
Average diluted shares outstanding | 17,283,083 | 15,704,794 | 16,566,410 | 15,761,390 | ||||||||
Average basic shares outstanding | 16,856,109 | 15,299,443 | 16,175,803 | 15,353,792 | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
September 30, | December 31, | September 30, | |||||||||
(Dollars in thousands) | 2005 | 2004 | 2004 | ||||||||
Assets | |||||||||||
Cash and due from banks | $ | 98,478 | $ | 44,920 | $ | 39,101 | |||||
Federal funds sold and interest bearing deposits | 125,769 | 44,758 | 258 | ||||||||
Securities: |
|
|
| ||||||||
Available for sale (at fair value) | 411,800 | 395,207 | 398,152 | ||||||||
Held for investment (at amortized cost) | 157,369 | 198,551 | 69,845 | ||||||||
Total Securities | 569,169 | 593,758 | 467,997 | ||||||||
Loans available for sale | 8,132 | 2,346 | 3,335 | ||||||||
Loans | 1,217,919 | 899,547 | 859,173 | ||||||||
Less: Allowance for loan losses | (8,643 | ) | (6,598 | ) | (6,497) | ||||||
Net Loans | 1,209,276 | 892,949 | 852,676 | ||||||||
Bank premises and equipment | 21,559 | 18,965 | 18,589 | ||||||||
Intangible assets | 34,546 | 2,774 | 2,791 | ||||||||
Other assets | 19,144 | 15,406 | 13,309 | ||||||||
$ | 2,086,073 | $ | 1,615,876 | $ | 1,398,056 | ||||||
Liabilities and Shareholders’ Equity | |||||||||||
Liabilities | |||||||||||
Deposits | |||||||||||
Demand deposits (noninterest bearing) | $ | 465,834 | $ | 345,122 | $ | 250,182 | |||||
Savings deposits | 862,944 | 669,059 | 582,255 | ||||||||
Other time deposits | 282,505 | 238,188 | 242,166 | ||||||||
Time certificates of $100,000 or more | 167,291 | 120,097 | 106,354 | ||||||||
Total Deposits | 1,778,574 | 1,372,466 | 1,180,957 | ||||||||
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days | 81,100 | 86,919 | 61,829 | ||||||||
Other borrowings | 66,175 | 39,912 | 40,047 | ||||||||
Other liabilities | 10,698 | 8,367 | 7,756 | ||||||||
1,936,547 | 1,507,664 | 1,290,589 | |||||||||
Shareholders' Equity | |||||||||||
Preferred stock | -- | -- | -- | ||||||||
Common stock | 1,710 | 1,710 | 1,710 | ||||||||
Additional paid in capital | 46,076 | 26,950 | 26,911 | ||||||||
Retained earnings | 109,015 | 101,501 | 99,958 | ||||||||
Restricted stock awards | (3,695 | ) | (3,333 | ) | (2,478) | ||||||
Treasury stock | (325 | ) | (16,172 | ) | (16,686) | ||||||
152,781 | 110,656 | 109,415 | |||||||||
Accumulated other comprehensive loss | (3,255 | ) | (2,444 | ) | (1,948) | ||||||
Total Shareholders’ Equity | 149,526 | 108,212 | 107,467 | ||||||||
$ | 2,086,073 | $ | 1,615,876 | $ | 1,398,056 | ||||||
Common Shares Outstanding | 17,074,287 | 15,468,357 | 15,441,560 | ||||||||
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) | Third | Second | First | Fourth | Months | ||||||||||||||||||||||||||
Net income (GAAP) | $ | 5,565 | $ | 5,475 | $ | 3,886 | $ | 3,700 | $ | 18,626 | |||||||||||||||||||||
Amortization of core deposit premium | 118 | 144 | 7 | -- | 269 | ||||||||||||||||||||||||||
Net income rate swap (profits) losses | -- | (162 | ) | 335 | 287 | 460 | |||||||||||||||||||||||||
Cash operating earnings* | $ | 5,683 | $ | 5,457 | $ | 4,228 | $ | 3,987 | $ | 19,355 | |||||||||||||||||||||
Operating Ratios | |||||||||||||||||||||||||||||||
Return on average assets (GAAP) (2),(3) | |||||||||||||||||||||||||||||||
Using GAAP earnings | 1.09 | % | 1.13 | % | 0.94 | % | 0.97 | % | 1.04 | % | |||||||||||||||||||||
Using cash operating earnings* on average tangible assets | 1.14 | 1.14 | 1.03 | 1.04 | 1.09 | ||||||||||||||||||||||||||
Return on average shareholders' equity (GAAP) (2),(3) | |||||||||||||||||||||||||||||||
Using GAAP earnings | 14.59 | 16.07 | 14.04 | 13.38 | 14.60 | ||||||||||||||||||||||||||
Using cash operating earnings* on average tangible equity | 19.50 | 18.87 | 15.69 | 14.79 | 17.28 | ||||||||||||||||||||||||||
Net interest margin (1),(2) | 4.01 | 3.91 | 3.90 | 3.88 | 3.93 | ||||||||||||||||||||||||||
Average equity to average assets | 7.50 | 7.03 | 6.69 | 7.22 | 7.13 | ||||||||||||||||||||||||||
Credit Analysis | |||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | $ | (35 | ) | $ | 15 | $ | 187 | $ | 349 | $ | 516 | ||||||||||||||||||||
Net charge-offs (recoveries) to average loans | (0.01 | )% | 0.01 | % | 0.08 | % | 0.16 | % | 0.05 | % | |||||||||||||||||||||
Loan loss provision | $ | 280 | $ | 269 | $ | 438 | $ | 450 | $ | 1,437 | |||||||||||||||||||||
Allowance to loans at end of period | 0.71 | % | 0.73 | % | 0.70 | % | 0.73 | % | |||||||||||||||||||||||
Nonperforming assets | $ | 325 | $ | 200 | $ | 1,040 | $ | 1,447 | |||||||||||||||||||||||
Nonperforming assets to loans and other real estate owned at end of period | 0.03 | % | 0.02 | % | 0.11 | % | 0.16 | % | |||||||||||||||||||||||
Nonaccrual loans and accruing loans 90 days or more past due to loans outstanding at end of period | 0.03 | 0.02 | 0.11 | 0.16 | |||||||||||||||||||||||||||
Per Share Common Stock | |||||||||||||||||||||||||||||||
Net income diluted (GAAP) | $ | 0.32 | $ | 0.33 | $ | 0.25 | $ | 0.24 | $ | 1.14 | |||||||||||||||||||||
Amortization of core deposit premium | 0.01 | 0.01 | -- | -- | 0.02 | ||||||||||||||||||||||||||
Net interest rate swap (profit) losses | -- | (0.01 | ) | 0.02 | 0.02 | 0.03 | |||||||||||||||||||||||||
Cash operating earnings* diluted | $ | 0.33 | $ | 0.33 | $ | 0.27 | $ | 0.26 | $ | 1.19 | |||||||||||||||||||||
Net income basic (GAAP) | $ | 0.33 | $ | 0.33 | $ | 0.25 | $ | 0.24 | $ | 1.15 | |||||||||||||||||||||
Cash dividends declared | 0.15 | 0.14 | 0.14 | 0.14 | 0.57 | ||||||||||||||||||||||||||
Book value per share | 8.76 | 8.63 | 7.04 |
| 7.00 | ||||||||||||||||||||||||||
Average Balances | |||||||||||||||||||||||||||||||
Total assets | $ | 2,017,521 | $ | 1,945,079 | $ | 1,677,295 | $ | 1,523,284 | |||||||||||||||||||||||
Less: Intangible assets | 35,676 | 20,627 | 3,176 | 2,785 | |||||||||||||||||||||||||||
Total average tangible assets | $ | 1,981,845 | $ | 1,924,452 | $ | 1,674,119 | $ | 1,520,499 | |||||||||||||||||||||||
Total equity | $ | 151,299 | $ | 136,659 | $ | 112,257 | $ | 110,014 | |||||||||||||||||||||||
Less: Intangible assets | 35,676 | 20,627 | 3,176 | 2,785 | |||||||||||||||||||||||||||
Total average tangible equity | $ | 115,623 | $ | 116,032 | $ | 109,081 | $ | 107,229 | |||||||||||||||||||||||
(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 | September 30, 2005 | December 31, 2004 | September 30, 2004 | |||||||||||
U.S. Treasury and U. S. Government Agencies | $ | 67,628 | $ | 20,656 | $ | 20,795 | ||||||||
Mortgage-backed | 335,876 | 366,806 | 371,523 | |||||||||||
Other securities | 8,296 | 7,745 | 5,834 | |||||||||||
Securities Available for Sale | 411,800 | 395,207 | 398,152 | |||||||||||
&n bsp; | ||||||||||||||
U.S. Treasury and U. S. Government Agencies | 4,999 | 4,999 | 4,999 | |||||||||||
Mortgage-backed | 151,174 | 192,128 | 62,616 | |||||||||||
Obligations of states and political subdivisions | 1,196 | 1,424 | 2,230 | |||||||||||
Securities Held for Investment | 157,369 | 198,551 | 69,845 | |||||||||||
Total Securities | $ | 569,169 | $ | 593,758 | $ | 467,997 | ||||||||
LOANS | September 30, 2005 | December 31, 2004 |
| September 30, 2004 | ||||||||||
Construction and land development | $ | 417,249 | $ | 252,329 | $ | 171,351 | ||||||||
Real estate mortgage | 626,794 | 498,692 | 550,171 | |||||||||||
Installment loans to individuals | 87,458 | 81,831 | 81,768 | |||||||||||
Commercial and financial | 86,073 | 66,240 | 55,614 | |||||||||||
Other loans | 345 | 455 | 269 | |||||||||||
Total Loans | $ | 1,217,919 | $ | 899,547 | $ | 859,173 | ||||||||
AVERAGE BALANCES, YIELDS AND RATES (Unaudited) | |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
2005 | 2004 | ||||||||||||||
Third Quarter | Second Quarter | Third Quarter | |||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||||||
(Dollars in thousands) | Balance | Rate | Balance | Rate | Balance | Rate | |||||||||
Assets | |||||||||||||||
Earning assets: | |||||||||||||||
Securities: | |||||||||||||||
Taxable | $ | 603,477 | 3.71 | % | $ | 633,258 | 3.60 | % | $ | 518,637 | 3.49 | % | |||
Nontaxable | 1,196 | 7.36 | 1,423 | 7.59 | 2,180 | 8.07 | |||||||||
Total Securities | 604,673 | 3.71 | 634,681 | 3.61 | 520,817 | 3.51 | |||||||||
Federal funds sold and other | |||||||||||||||
short-term investments | 107,000 | 3.33 | 106,756 | 2.91 | 1,166 | 1.02 | |||||||||
Loans, net | 1,175,992 | 6.61 | 1,091,628 | 6.38 | 827,880 | 5.99 | |||||||||
| |||||||||||||||
Total Earning Assets | 1,887,665 | 5.48 | 1,833,065 | 5.22 | 1,349,863 | 5.02 | |||||||||
Allowance for loan losses | (8,490 | ) | (7,778 | ) | (6,420 | ) | |||||||||
Cash and due from banks | 67,683 | 63,988 | 34,787 | ||||||||||||
Premises and equipment | 21,397 | 21,008 | 18,408 | ||||||||||||
Other assets | 49,266 | 34,796 | 13,473 | ||||||||||||
$ | 2,017,521 | 1,945,079 | $ | 1,410,111 | |||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||
Interest-bearing liabilities: | |||||||||||||||
NOW (including Super NOW) | $ | 100,785 | 0.83 | % | $ | 105,678 | 0.57 | % | $ | 70,026 | 0.47 | % | |||
Savings deposits | 163,675 | 0.51 | 171,715 | 0.50 | 159,258 | 0.51 | |||||||||
Money market accounts | 585,395 | 1.45 | 553,134 | 1.25 | 358,530 | 0.90 | |||||||||
Time deposits | 406,813 | 3.07 | 393,308 | 2.85 | 347,337 | 2.23 | |||||||||
Federal funds purchased and securities sold under agreements to repurchase | 79,167 | 2.72 | 81,178 | 2.36 | 68,020 | 1.15 | |||||||||
Other borrowings | 64,386 | 4.57 | 60,505 | 4.27 | 39,784 | 3.45 | |||||||||
Total Interest-Bearing Liabilities | 1,400,221 | 1.98 | 1,365,518 | 1.76 | 1,042,955 | 1.37 | |||||||||
Demand deposits (noninterest-bearing) | 455,902 | 434,777 | 250,871 | ||||||||||||
Other liabilities | 10,099 | 8,125 | 7,536 | ||||||||||||
Total Liabilities | 1,866,222 | 1,808,420 | 1,301,362 | ||||||||||||
Shareholders' equity | 151,299 | 136,659 | 108,749 | ||||||||||||
$ | 2,017,521 | 1,945,079 | 1,410,111 | ||||||||||||
Interest expense as a % of earning assets | 1.47 | % | 1.31 | % | 1.06 | % | |||||||||
Net interest income as a % of earning assets | 4.01 | 3.91 | 3.97 | ||||||||||||
(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.