EXHIBIT 99.1
To Form 8-K dated July 23, 2015
NEWS RELEASE
SEACOAST BANKING CORPORATION OF FLORIDA
CONTACT:
Stephen Fowle, EVP and CFO
(772) 463-8977
steve.fowle@seacoastbank.com
Seacoast Q2 Net Income Rises More Than 200% Year-over-Year to $5.8 Million, or $0.18 per Share
Favorable Results Reflect Continued Revenue Growth from Accelerate Commercial Banking and Expanded Customer Acquisition, Cross-Selling and Efficiency Initiatives
Second Quarter 2015 Earnings Highlights
| · | Revenues increased $1.5 million, or 4.5%, linked quarter to $34.5 million, and $11.9 million, or 53%, compared to Q2 2014, |
| · | Fee income increased $1.5 million, or 21%, sequentially and $3.0 million, or 50%, year-over-year, |
| · | Net interest margin increased 40 basis points year-over-year to 3.50%, reflecting improved balance sheet mix particularly due to increased lending, |
| · | Adjusted net income excluding merger costs and other adjustments1 increased 106% to $6.2 million, or $ 0.19 per diluted share, compared to $3.0 million, or $0.12 per diluted share, in Q2 2014. |
Second Quarter 2015 Growth Highlights
| · | Loans increased $83 million or 18% annualized compared to Q1 2015, and rose 45% year-over-year. Excluding the acquisition of The BANKshares, loans increased $238 million or 18% compared to Q2 2014, |
| · | Total households increased a strong 5%, annualized from Q1 and 20% compared to Q2 2014. Excluding BANKshares customers, year-over-year household growth was 5.3%, |
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures”
| · | Achieved record levels of business and consumer lending during the quarter, reflecting success in Accelerate Commercial Banking, as well as digitally-enabled marketing and cross-selling initiatives. |
| · | Closed the Grand Bancshares, Inc. acquisition and completed the conversion of Grand’s customers over the July 17 weekend, adding approximately $190 million in deposits and $121 million in gross loans in the attractive Palm Beach market. |
STUART, Fla., July 23, 2015 /PRNewswire/ — Seacoast Banking Corporation of Florida (NASDAQ: SBCF) today reported results for the second quarter of 2015. Second quarter revenue rose $1.5 million, or 4.5%, to $34.5 million compared to $33.0 million in the prior quarter. Net income increased $3.9 million, or 203%, to $5.8 million, compared to the second quarter of 2014, and decreased slightly from $5.9 million in the first quarter 2015. The company reported $0.18 diluted net income per common share compared with $0.07 in the second quarter last year, and $0.18 sequentially in the first quarter of 2015.
Net income improved 177% to $11.7 million, or $0.35 per diluted common share, for the first half of 2015 from $4.2 million, or $0.16 per diluted common share, for the first half of 2014.
“Our strategic focus on improving profitability, investing for growth and managing risk continues to yield consistent results, as demonstrated by our second quarter performance,” said Dennis S. Hudson, III, Chairman and CEO. “Investments to expand our Accelerate business banking platform, combined with increased digital marketing and cross sell efforts company-wide, are yielding strong results that demonstrate our value proposition and community bank approach are resonating in the marketplace.”
“With our success comes additional expense, reflecting our growth and investment for the future,” Hudson continued. “These expenses include the addition of a receivables funding team from First Growth Capital (FGC), volume-related commissions, brand-based marketing in our Orlando markets and key senior management hires.”
“We look forward to sustained growth as we leverage our recent acquisitions, most recently welcoming the customers and customer-serving associates from Grand Bancshares, Inc., which we successfully closed and integrated last week,” Hudson concluded.
“Revenue increases drove the improvement in Seacoast’s profitability and reflect significant organic growth, as well as benefits from acquisition activity,” said Stephen A. Fowle, Executive Vice President and Chief Financial Officer. “We continue to produce positive trends in loan production, fee income, and household growth, including record loan originations and record new household growth through the first half of the year. During the quarter, we achieved outsized loan growth and strong fee income increases despite a seasonally slow quarter. Net interest income, taking into consideration an expected decrease in acquired loan accretion, also showed significant continued momentum.”
FINANCIAL HIGHLIGHTS
(Dollars in thousands except per share data) | | 2Q15 | | | 1Q15 | | | 4Q14 | | | 3Q14 | | | 2Q14 | |
| | | | | | | | | | | | | | | | |
| Total Assets | | $ | 3,233,588 | | | $ | 3,231,956 | | | $ | 3,093,335 | | | $ | 2,361,813 | | | $ | 2,294,156 | |
| | | | | | | | | | | | | | | | | | | | | |
| Loans | | | 1,937,399 | | | | 1,854,487 | | | | 1,821,885 | | | | 1,391,082 | | | | 1,335,192 | |
| | | | | | | | | | | | | | | | | | | | | |
| Deposits | | | 2,605,177 | | | | 2,609,825 | | | | 2,416,534 | | | | 1,808,550 | | | | 1,805,537 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net Income (Loss) Available to Common Shareholders | | | 5,805 | | | | 5,859 | | | | (1,517 | ) | | | 2,996 | | | | 1,918 | |
| | | | | | | | | | | | | | | | | | | | | |
| Diluted Earnings Per Share | | | 0.18 | | | | 0.18 | | | | (0.05 | ) | | | 0.12 | | | | 0.07 | |
| | | | | | | | | | | | | | | | | | | | | |
| Return on Average Assets | | | 0.72 | % | | | 0.75 | % | | | (0.20 | %) | | | 0.52 | % | | | 0.33 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Net Interest Margin | | | 3.50 | | | | 3.62 | | | | 3.56 | | | | 3.17 | | | | 3.10 | |
| Efficiency Ratio | | | 68.6 | | | | 68.3 | | | | 104.5 | | | | 82.8 | | | | 89.4 | |
| | | | | | | | | | | | | | | | | | | | | |
| Pretax, Pre-provision Income (1) | | $ | 10,224 | | | $ | 9,832 | | | ($ | 2,029 | ) | | $ | 3,832 | | | $ | 1,938 | |
| Average Diluted Shares Outstanding (000) | | | 33,234 | | | | 33,136 | | | | 33,124 | | | | 26,026 | | | | 25,998 | |
| Adjusted Net Income (1) | | $ | 6,172 | | | $ | 6,177 | | | $ | 4,179 | | | $ | 3,286 | | | $ | 2,990 | |
| Adjusted Diluted Earnings Per Share (1) | | | 0.19 | | | | 0.19 | | | | 0.13 | | | | 0.13 | | | | 0.12 | |
| | | | | | | | | | | | | | | | | | | | | |
| Adjusted Return on Average Assets (1) | | | 0.77 | % | | | 0.79 | % | | | 0.55 | % | | | 0.57 | % | | | 0.52 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Adjusted Efficiency Ratio (1) | | | 67.5 | | | | 67.5 | | | | 74.8 | | | | 79.6 | | | | 82.0 | |
| Adjusted Pretax, Pre-provision Income (1) | | $ | 10,815 | | | $ | 10,342 | | | $ | 7,464 | | | $ | 4,341 | | | $ | 3,821 | |
| | | | | | | | | | | | | | | | | | | | | |
| Annualized Adjusted Core Operating Expenses as a Percent of Average Assets (1) | | | 2.91 | % | | | 2.88 | % | | | 3.13 | % | | | 3.21 | % | | | 3.24 | % |
Acquisitions Update
“Our 2014 acquisition of The BANKshares, continues to be a home run, opening the vibrant greater Orlando markets to us,” said Hudson. “Orlando remains one of the strongest markets in Florida, and we remain bullish on this area for growth and profitability.”
“We are also excited to welcome the customers and customer-service team members from Grand Bancshares, Inc., which we successfully closed and integrated into our platform just last week,” Hudson continued. “Our acquisition strategy is complementing our legacy banking business and is successfully adding new customers and opening new markets, fueling robust franchise growth.”
Florida Economic Update
“Our Florida markets, spanning much of the central Atlantic coastline and the greater Orlando markets, are growing at very healthy rates,” said Hudson. According to the June 2015 American Banker Magazine, “Florida is once again outgrowing the rest of the country, and some of its thriving community banks are emerging as real contenders to be the next state flagship.”
“Nonfarm employment rose on a year-over-year basis in 23 of Florida’s 24 metropolitan areas and was unchanged in one area, Homosassa Springs. The largest gains continue to be in the Orlando (47,200 new jobs), Tampa-St Petersburg (32,900 jobs) and Miami (27,900 jobs) metropolitan areas. Fort Lauderdale (27,300 jobs), West Palm Beach (15,900 jobs) and Jacksonville (15,100 jobs) round out Florida’s big 6 metro areas,” according to the U.S. Department of Labor and Wells Fargo Securities, LLC.
“Our move into Orlando is going very well, and is providing excellent opportunities for growth,” Hudson continued. According to the Orlando Business Journal, “It was another record quarter for Florida tourism numbers, as the Sunshine State welcomed 28.4 million visitors in the first quarter, an increase of 6.2% over the same period a year ago. (May 15, 2015) “Visit Orlando reports that more than 62 million people visited Orlando in 2014, marking an all-time new record for the U.S. travel industry.” (April 9, 2015) As an additional indication of the Orlando market growth, Orlando Realtors.org reported, “A leap in "normal" transactions has boosted Orlando area home sales more than 21% over June 2014 and to its highest number —3,435— since the Orlando Regional REALTOR® Association began recording sales. In addition to skyrocketing sales, the median price for existing homes sold in June increased 7.73%.”
Income Statement Highlights
Net Interest Income and Margin, up 40 basis points from 2Q14, Normalizes as Expected from the First Quarter
Net interest income for the quarter totaled $25.8 million, a $9.0 million or 54% increase from second quarter 2014 levels. Net interest income held flat with Q1 levels despite a significant amount of excess purchase loan accretion recognized in the first quarter. Strong loan growth (a $55.0 million average balance increase) helped offset the impact of reduced purchased loan accretion. Net interest margin increased 40 basis points from prior year levels to 3.50%. Margin decreased twelve basis points sequentially, also related to purchased loan accretion. Purchased loan accretion for the second quarter is near expected levels, although the timing of such loan accretion is expected to be unpredictable.
Noninterest Income Boosted by New Account Growth
Noninterest income increased $3.0 million or 50% from a year ago to $8.8 million and $1.5 million or 21% above the first quarter of 2015. Year-over-year growth in all categories of service fee income reflects strength in customer acquisition and cross sell, as well as benefits of the successful BANKshares customer integration. Linked-quarter noninterest income improvement was fueled by continued household growth. Service charges on deposit accounts increased $113,000 and interchange income grew $296,000 from the first quarter of 2015. Marine finance fees also grew $295,000 or 150% from the first quarter. Adjusting for the gain on a participated loan of $725,000 during the quarter, fee income increased $813,000 or 11%. Accounting treatment for $725,000 of discount accreted from the participated loan required this income to be included in other operating income rather than taken through the margin.
Noninterest Expense Increases from Core Growth and Acquisition
Seacoast’s efficiency ratio improved to 68.6% in the second quarter of 2015 from 89.4% during the prior year. This decrease is related to improved operating leverage, as strong revenue growth significantly outpaced expenses.
Noninterest expense increased $3.6 million or 17% from prior year levels and $1.1 million or 5% from the first quarter 2015. Year-over-year expense increases reflect the acquisition of The BANKshares, offset by planned expense reduction initiatives. Linked quarter increases reflect investment in our franchise, and variable expenses related to a strong quarter of production. Notable increases include: the acquisition of FGC during the second quarter 2015 which contributed approximately $351,000 in expense; production-driven commission expense which added approximately $375,000; marketing expense focused on customer acquisition and for corporate branding in BANKshare’s Orlando footprint which contributed $250,000 to the increase.
Merger related expenses totaled $337,000 in the second quarter 2015 compared to $275,000 in the first quarter of 2015 and $1.2 million in the second quarter 2014.
Balance Sheet Highlights
Year-over-Year Deposit Growth Reflects Marketing Wins and Successful Acquisitions
Total deposits increased 44.3% to $2.61 billion at June 30, 2015, from year ago levels. Core customer funding increased to $2.47 billion at June 30, 2015, a $781.0 million increase from the second quarter of 2014. Noninterest demand deposits grew $15.1 million, or 1.9% from the first quarter and $298.6 million or 58.6% from the second quarter of 2014. As a result, noninterest demand deposits increased to 31.0% of total deposits, up from 28.2% one year ago. Excluding the acquisition, core customer funding increased by $333.6 million or 19.8% from one year ago and total deposits increased $283.3 million or 15.7% from one year ago. A 5% linked quarter household growth rate was offset by seasonal deposit balance decreases.
| (Dollars in thousands) | | Second Quarter 2015 | | | First
Quarter 2015 | | | Fourth Quarter 2014 | | | Third Quarter 2014 | | | Second Quarter 2014 | |
| Customer Relationship Funding | | | | | | | | | | | | | | | | | | | | |
| Noninterest demand | | $ | 808,429 | | | $ | 793,336 | | | $ | 725,238 | | | $ | 522,001 | | | $ | 509,798 | |
| Interest-bearing demand | | | 599,268 | | | | 634,854 | | | | 652,353 | | | | 479,827 | | | | 493,927 | |
| Money market | | | 621,973 | | | | 596,600 | | | | 450,172 | | | | 344,726 | | | | 335,246 | |
| Savings | | | 282,588 | | | | 272,963 | | | | 264,738 | | | | 215,076 | | | | 208,333 | |
| Time certificates of deposit | | | 292,919 | | | | 312,072 | | | | 324,033 | | | | 246,920 | | | | 258,233 | |
| Total deposits | | | 2,605,177 | | | | 2,609,825 | | | | 2,416,534 | | | | 1,808,550 | | | | 1,805,537 | |
| Customer sweep accounts | | | 157,676 | | | | 170,023 | | | | 153,640 | | | | 124,436 | | | | 141,662 | |
| Total core customer funding (1) | | | 2,469,934 | | | | 2,467,776 | | | | 2,246,141 | | | | 1,686,066 | | | | 1,688,966 | |
| Demand deposit mix (noninterest bearing) | | | 31.0 | % | | | 30.4 | % | | | 30.0 | % | | | 28.9 | % | | | 28.2 | % |
| (1) | Total deposits and customer sweep accounts, excluding time certificates of deposit. |
Loan Growth and Pipelines at Trailing-Four-Quarter Highs
Total loans were $1.94 billion at June 30, 2015, up $602.2 million from a year ago. Excluding loans acquired in the BANKshares transaction, loans increased $237.9 million or 17.8% from the prior year’s second quarter.
Commercial loan originations for the quarter were a strong $85.8 million, increasing $24.5 million or 39.9% over the first quarter and $32.6 million or 61.2% over the second quarter 2014. The commercial pipeline (in underwriting and approval or approved and not yet closed) totaled $108.5 million at June 30, 2015, yet again the highest in the trailing four quarters.
Closed residential production totaled $81.8 million compared to $55.8 million in the first quarter and $61.2 million in the second quarter of 2014. The residential pipeline continued to climb, totaling $53.9 million at June 30, 2015 compared to $48.5 million at March 31, 2014 and $28.3 million one year ago. Consumer loan and small business originations (inclusive of lines of credit) totaled $55.3 million in the second quarter of 2015 compared to $38.9 in the first quarter and $18.0 million one year ago.
| (Dollars in thousands) | | 2Q 15 | | | 1Q15 | | | 4Q14 | | | 3Q14 | | | 2Q14 | |
| | | | | | | | | | | | | | | | |
| Commercial pipeline | | $ | 108,538 | | | $ | 82,143 | | | $ | 60,136 | | | $ | 45,534 | | | $ | 58,168 | |
| Commercial loans closed | | | 85,815 | | | | 61,357 | | | | 94,719 | | | | 72,630 | | | | 53,250 | |
| Total Commercial loan originations and pipeline | | $ | 194,353 | | | $ | 143,500 | | | $ | 154,855 | | | $ | 118,164 | | | $ | 111,418 | |
| | | | | | | | | | | | | | | | | | | | | |
| Residential pipeline | | $ | 53,902 | | | $ | 48,485 | | | $ | 21,351 | | | $ | 22,588 | | | $ | 28,345 | |
| Residential loans retained | | | 45,596 | | | | 23,951 | | | | 31,598 | | | | 31,781 | | | | 33,203 | |
| Residential loans sold | | | 36,182 | | | | 31,896 | | | | 26,336 | | | | 34,228 | | | | 27,994 | |
| Total Residential loan originations and pipeline | | $ | 135,680 | | | $ | 104,332 | | | $ | 79,285 | | | $ | 88,597 | | | $ | 89,542 | |
Other Highlights
Credit Quality Maintains Strong Trends
The provision for loan losses increased to $855,000 for the second quarter of 2015, up from a $1.4 million recapture in the second quarter 2014 and a $422,000 or 97% increase from $433,000 recorded in the first quarter 2015. The second quarter provision is attributable to strong loan growth during the quarter. The allowance for loan losses for non-acquired loans was 1.10% of total loans, compared to 1.13% in the first quarter 2015.
Additional highlights include:
| · | Nonperforming loans to total loans outstanding at the end of the second quarter was 1.0%, down from 1.6% at June 30, 2014; |
| · | Nonperforming assets to total assets declined to 0.8%, compared to 1.2% a year ago. |
Capital Ratios Continue to Improve from Earnings Momentum
Tangible book value and book value per share each increased by $0.13 per share from the prior quarter to $8.87 and $9.84, respectively at the end of the second quarter. Average tangible common equity to assets was a strong 9.24% for the second quarter 2015.
Conference Call Information
Seacoast will host a conference call on Friday, July 24, 2015 at 1:00 p.m. (Eastern Time) to discuss the earnings results. Investors may call in (toll-free) by dialing (888) 517-2513 (passcode: 7789246; host: Dennis S. Hudson). Slides will be used during the conference call and may be accessed at Seacoast's website at SeacoastBanking.com by selecting "Presentations" under the heading "Investor Services." A replay of the call will be available for one month, beginning late afternoon of July 24, by dialing (888) 843-7419 (domestic), using the passcode 7789246.
Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast's website at SeacoastBanking.com. The link is located in the subsection "Presentations" under the heading "Investor Services." Beginning the afternoon of July 24, an archived version of the webcast can be accessed from this same subsection of the website. The archived webcast will be available for one year.
About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)
Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida with approximately $3.2 billion in assets and $2.6 billion in deposits as of June 30, 2015. The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through advanced banking solutions, 44 traditional branches of its locally-branded wholly-owned subsidiary bank, Seacoast Bank, and five commercial banking centers. Offices stretch from Ft. Lauderdale, Boca Raton and West Palm Beach north through the Space Coast of Florida, into Orlando and Central Florida, and west to Okeechobee and surrounding counties. More information about the Company is available at SeacoastBanking.com.
Sources:
http://www.americanbanker.com/magazine/2015-06-01-1074530-1.html
https://www08.wellsfargomedia.com/downloads/pdf/com/insights/economics/regional-reports/FL_Employment_07172015.pdf
http://www.floridatoday.com/story/news/local/2015/05/15/record-tourism-numbers-sunshine-state/27367565/
http://www.bizjournals.com/orlando/blog/2015/04/orlando-becomes-first-destination-to-surpass-60m.html
http://www.orlandorealtors.org/resource/resmgr/docs_market_pulse/MarketPulse072015.html
Cautionary Notice Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements about future financial and operating results, ability to realized deferred tax assets, cost savings, enhanced revenues, economic and seasonal conditions in our markets, and improvements to reported earnings that may be realized from cost controls and for integration of banks that we have acquired, as well as statements with respect to Seacoast's objectives, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.
Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance or achievements of Seacoast to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. You should not expect us to update any forward-looking statements.
You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "support", "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "further", "point to," "project," "could," "intend" or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the effects of future economic and market conditions, including seasonality; governmental monetary and fiscal policies, as well as legislative, tax and regulatory changes; changes in accounting policies, rules and practices; the risks of changes in interest rates on the level and composition of deposits, loan demand, liquidity and the values of loan collateral, securities, and interest sensitive assets and liabilities; interest rate risks, sensitivities and the shape of the yield curve; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market areas and elsewhere, including institutions operating regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; and the failure of assumptions underlying the establishment of reserves for possible loan losses. The risks of mergers and acquisitions, include, without limitation: unexpected transaction costs, including the costs of integrating operations; the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following the merger being lower than expected; the risk of deposit and customer attrition; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruption, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2014, under "Special Cautionary Notice Regarding Forward-looking Statements" and "Risk Factors", and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov.
Explanation of Certain Unaudited Non-GAAP Financial Measures
This press release contains financial information determined by methods other than Generally Accepted Accounting Principles ("GAAP"). The financial highlights provide reconciliations between GAAP net income and adjusted net income, GAAP income and adjusted pretax, pre-provision income. Management uses these non-GAAP financial measures in its analysis of the Company's performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company's performance. The Company believes the non-GAAP measures enhance investors' understanding of the Company's business and performance. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might calculate these measures differently. The Company provides reconciliations between GAAP and these non-GAAP measures. These disclosures should not be considered an alternative to GAAP.
To better evaluate its earnings, the Company removes certain items to arrive at djusted 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) | | Second Quarter 2015 | | | First Quarter 2015 | | | Fourth Quarter 2014 | | | Third Quarter 2014 | | | Second Quarter 2014 | |
| | | | | | | | | | | | | | | | |
| Net income | | $ | 5,805 | | | $ | 5,859 | | | ($ | 1,517 | ) | | $ | 2,996 | | | $ | 1,918 | |
| Severance | | | 29 | | | | 12 | | | | 478 | | | | 328 | | | | 181 | |
| Merger related charges | | | 337 | | | | 275 | | | | 2,722 | | | | 399 | | | | 1,234 | |
| Branch closure charges and costs related to expense initiatives | | | 0 | | | | 0 | | | | 4,261 | | | | 68 | | | | 114 | |
| Marketing and brand refresh expense | | | 0 | | | | 0 | | | | 697 | | | | 0 | | | | 0 | |
| Stock compensation expense and other incentive costs related to improved outlook | | | 0 | | | | 0 | | | | 1,213 | | | | 0 | | | | 0 | |
| Security (gains) | | | 0 | | | | 0 | | | | (108 | ) | | | (344 | ) | | | 0 | |
| Miscellaneous losses (gains) | | | 0 | | | | 0 | | | | 119 | | | | (45 | ) | | | 144 | |
| Recovery of nonaccrual loan interest | | | 0 | | | | 0 | | | | 0 | | | | (192 | ) | | | 0 | |
| Net loss on OREO and repossessed assets | | | 53 | | | | 81 | | | | 9 | | | | 156 | | | | 92 | |
| Asset dispositions expense | | | 173 | | | | 143 | | | | 103 | | | | 139 | | | | 118 | |
| Effective tax rate on adjustments | | | (225 | ) | | | (193 | ) | | | (3,798 | ) | | | (219 | ) | | | (811 | ) |
| Adjusted Net Income (1) | | | 6,172 | | | | 6,177 | | | | 4,179 | | | | 3,286 | | | | 2,990 | |
| Provision (recapture) for loan losses | | | 855 | | | | 433 | | | | 118 | | | | (1,425 | ) | | | (1,444 | ) |
| Income taxes | | | 3,788 | | | | 3,732 | | | | 3,167 | | | | 2,480 | | | | 2,275 | |
| Adjusted pretax, pre-provision income (1) | | $ | 10,815 | | | $ | 10,342 | | | $ | 7,464 | | | $ | 4,341 | | | $ | 3,821 | |
| Adjusted earnings per diluted share (1) | | $ | 0.19 | | | $ | 0.19 | | | $ | 0.13 | | | $ | 0.13 | | | $ | 0.12 | |
| Average shares outstanding (000) | | | 33,234 | | | | 33,136 | | | | 33,124 | | | | 26,026 | | | | 25,998 | |
| FINANCIAL HIGHLIGHTS | (Unaudited) | | 07/28/15 |
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | | | |
| (Dollars in thousands, except share data) | | | |
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | March 31, | | | June 30, | | | June 30, | | | June 30, | |
| | | 2015 | | | 2015 | | | 2014 | | | 2015 | | | 2014 | |
| Summary of Earnings | | | | | | | | | | | | | | | | | | | | |
| Net income (loss) | | $ | 5,805 | | | $ | 5,859 | | | $ | 1,918 | | | $ | 11,664 | | | $ | 4,217 | |
| Net interest income (1) | | | 25,788 | | | | 25,834 | | | | 16,779 | | | | 51,622 | | | | 33,056 | |
| Net interest margin (1), (2) | | | 3.50 | | | | 3.62 | | | | 3.10 | | | | 3.56 | | | | 3.09 | |
| | | | | | | | | | | | | | | | | | | | . | |
| Performance Ratios | | | | | | | | | | | | | | | | | | | | |
| Return on average assets-GAAP basis (2), (3) | | | 0.72 | % | | | 0.75 | % | | | 0.33 | % | | | 0.74 | % | | | 0.37 | % |
| Return on average shareholders' equity-GAAP basis (2), (3) | | | 7.13 | | | | 7.42 | | | | 3.25 | | | | 7.27 | | | | 3.63 | |
| Return on average tangible shareholders' equity-GAAP basis (2), (3), (4) | | | 8.20 | | | | 8.51 | | | | 3.47 | | | | 8.35 | | | | 3.86 | |
| Efficiency ratio (5) | | | 68.57 | | | | 68.33 | | | | 89.42 | | | | 68.45 | | | | 86.91 | |
| Noninterest income to total revenue | | | 25.63 | | | | 22.13 | | | | 26.06 | | | | 23.92 | | | | 25.80 | |
| | | | | | | | | | | | | | | | | | | | | |
| Per Share Data | | | | | | | | | | | | | | | | | | | | |
| Net income (loss) diluted-GAAP basis | | $ | 0.18 | | | $ | 0.18 | | | $ | 0.07 | | | $ | 0.35 | | | $ | 0.16 | |
| Net income (loss) basic-GAAP basis | | | 0.18 | | | | 0.18 | | | | 0.07 | | | | 0.35 | | | | 0.16 | |
| Book value per share common | | | 9.84 | | | | 9.71 | | | | 9.02 | | | | 9.84 | | | | 9.02 | |
| Tangible book value per share | | | 8.87 | | | | 8.74 | | | | 9.00 | | | | 8.87 | | | | 9.00 | |
| Cash dividends declared | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| (1) | Calculated on a fully taxable equivalent basis using amortized cost. |
| (2) | These ratios are stated on an annualized basis and are not necessarily indicative of future periods. |
| (3) | The calculation of ROA and ROE do not include the mark-to-market unrealized gains (losses) because the unrealized gains (losses) are not included in net income (loss). |
| (4) | The Company defines tangible common equity as total shareholder's equity less intangible assets. |
| (5) | Defined as (noninterest expense less foreclosed property expense and amortization of intangibles) divided by net operating revenue (net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains). |
| FINANCIAL HIGHLIGHTS |
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
| | | June 30, | | | March 31, | | | June 30, | |
| (Dollars in thousands, except share data) | | 2015 | | | 2015 | | | 2014 | |
| | | | | | | | | | |
| Selected Financial Data | | | | | | | | | | | | |
| Total assets | | $ | 3,233,588 | | | $ | 3,231,956 | | | $ | 2,294,156 | |
| Securities available for sale (at fair value) | | | 762,086 | | | | 730,232 | | | | 518,353 | |
| Securities held for investment (at amortized cost) | | | 214,777 | | | | 223,061 | | | | 156,498 | |
| Net loans | | | 1,918,608 | | | | 1,836,766 | | | | 1,317,052 | |
| Deposits | | | 2,605,177 | | | | 2,609,825 | | | | 1,805,537 | |
| Total shareholders' equity | | | 326,856 | | | | 321,844 | | | | 234,439 | |
| | | | | | | | | | | | | |
| Average Balances (Year-to-Date) | | | | | | | | | | | | |
| Total average assets | | $ | 3,188,334 | | | $ | 3,151,132 | | | $ | 2,295,983 | |
| Less: intangible assets | | | 31,707 | | | | 31,221 | | | | 525 | |
| Total average tangible assets | | $ | 3,156,627 | | | $ | 3,119,911 | | | $ | 2,295,458 | |
| | | | | | | | | | | | | |
| Total average equity | | $ | 323,359 | | | $ | 320,346 | | | $ | 234,214 | |
| Less: intangible assets | | | 31,707 | | | | 31,221 | | | | 525 | |
| Total average tangible equity | | $ | 291,652 | | | $ | 289,125 | | | $ | 233,689 | |
| | | | | | | | | | | | | |
| Credit Analysis | | | | | | | | | | | | |
| Net charge-offs (recoveries) year-to-date - non-acquired loans | | $ | (621 | ) | | $ | (263 | ) | | $ | (251 | ) |
| Net charge-offs year-to-date - acquired loans | | | 189 | | | | 46 | | | | - | |
| Total net charge-offs (recoveries) year-to-date | | $ | (432 | ) | | $ | (217 | ) | | $ | (251 | ) |
| | | | | | | | | | | | | |
| Net charge-offs (recoveries) to average loans (annualized) - non-acquired loans | | | (0.07 | )% | | | (0.06 | )% | | | (0.04 | )% |
| Net charge-offs to average loans (annualized) - acquired loans | | | 0.02 | | | | 0.01 | | | | - | |
| Total net charge-offs (recoveries) to average loans (annualized) | | | (0.05 | ) | | | (0.05 | ) | | | (0.04 | ) |
| | | | | | | | | | | | | |
| Loan loss provision (recapture) year-to-date - non-acquired loans | | $ | 563 | | | $ | 292 | | | $ | (2,179 | ) |
| Loan loss provision year-to-date - acquired loans | | | 725 | | | | 141 | | | | - | |
| Total loan loss provision (recapture) year-to-date | | $ | 1,288 | | | $ | 433 | | | $ | (2,179 | ) |
| | | | | | | | | | | | | |
| Allowance to loans at end of period - non-acquired loans | | | 1.10 | % | | | 1.13 | % | | | 1.36 | % |
| Discount for credit losses to acquired loans at end of period | | | 3.32 | | | | 3.56 | | | | - | |
| | | | | | | | | | | | | |
| Nonperforming loans - non-acquired loans | | $ | 15,054 | | | $ | 16,860 | | | $ | 21,745 | |
| Nonperforming loans - acquired loans | | | 4,543 | | | | 4,196 | | | | - | |
| Other real estate owned - non-acquired | | | 4,855 | | | | 4,738 | | | | 6,198 | |
| Other real estate owned - acquired | | | 1,053 | | | | 1,431 | | | | - | |
| Total nonperforming assets | | $ | 25,505 | | | $ | 27,225 | | | $ | 27,943 | |
| | | | | | | | | | | | | |
| Restructured loans (accruing) | | $ | 23,441 | | | $ | 23,847 | | | $ | 28,157 | |
| | | | | | | | | | | | | |
| Purchased noncredit impaired loans | | $ | 275,964 | | | $ | 296,839 | | | $ | - | |
| Purchased credit impaired loans | | | 6,562 | | | | 7,119 | | | | - | |
| Total acquired loans | | $ | 282,526 | | | $ | 303,958 | | | $ | - | |
| | | | | | | | | | | | | |
| Nonperforming loans to loans at end of period - non-acquired loans | | | 0.78 | % | | | 0.91 | % | | | 1.63 | % |
| Nonperforming loans to loans at end of period - acquired loans | | | 0.23 | | | | 0.23 | | | | - | |
| Total nonperforming loans to loans at end of period | | | 1.01 | | | | 1.14 | | | | 1.63 | |
| | | | | | | | | | | | | |
| Nonperforming assets to total assets - non-acquired | | | 0.62 | % | | | 0.67 | % | | | 1.22 | % |
| Nonperforming assets to total assets - aquired | | | 0.17 | | | | 0.17 | | | | - | |
| Total nonperforming assets to total assets | | | 0.79 | | | | 0.84 | | | | 1.22 | |
| 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) | | 2015 | | | 2014 | | | 2015 | | | 2014 | |
| | | | | | | | | | | | | |
| Interest on securities: | | | | | | | | | | | | | | | | |
| Taxable | | $ | 4,977 | | | $ | 3,629 | | | $ | 9,875 | | | $ | 7,063 | |
| Nontaxable | | | 147 | | | | 9 | | | | 297 | | | | 21 | |
| Interest and fees on loans | | | 21,988 | | | | 14,103 | | | | 44,009 | | | | 27,901 | |
| Interest on federal funds sold and other investments | | | 249 | | | | 246 | | | | 498 | | | | 514 | |
| Total Interest Income | | | 27,361 | | | | 17,987 | | | | 54,679 | | | | 35,499 | |
| | | | | | | | | | | | | | | | | |
| Interest on deposits | | | 524 | | | | 184 | | | | 925 | | | | 378 | |
| Interest on time certificates | | | 321 | | | | 386 | | | | 668 | | | | 793 | |
| Interest on borrowed money | | | 850 | | | | 692 | | | | 1,710 | | | | 1,382 | |
| Total Interest Expense | | | 1,695 | | | | 1,262 | | | | 3,303 | | | | 2,553 | |
| | | | | | | | | | | | | | | | | |
| Net Interest Income | | | 25,666 | | | | 16,725 | | | | 51,376 | | | | 32,946 | |
| Provision (recapture) for loan losses | | | 855 | | | | (1,444 | ) | | | 1,288 | | | | (2,179 | ) |
| Net Interest Income After Provision for Loan Losses | | | 24,811 | | | | 18,169 | | | | 50,088 | | | | 35,125 | |
| | | | | | | | | | | | | | | | | |
| Noninterest income: | | | | | | | | | | | | | | | | |
| Service charges on deposit accounts | | | 2,115 | | | | 1,484 | | | | 4,117 | | | | 2,991 | |
| Trust fees | | | 759 | | | | 703 | | | | 1,560 | | | | 1,374 | |
| Mortgage banking fees | | | 1,032 | | | | 855 | | | | 2,120 | | | | 1,516 | |
| Brokerage commissions and fees | | | 576 | | | | 410 | | | | 1,017 | | | | 789 | |
| Marine finance fees | | | 492 | | | | 340 | | | | 689 | | | | 594 | |
| Interchange income | | | 2,033 | | | | 1,514 | | | | 3,770 | | | | 2,917 | |
| Other deposit based EFT fees | | | 96 | | | | 83 | | | | 210 | | | | 181 | |
| BOLI income | | | 334 | | | | 0 | | | | 664 | | | | 0 | |
| Gain on participated loan | | | 725 | | | | 0 | | | | 725 | | | | 0 | |
| Other | | | 684 | | | | 507 | | | | 1,282 | | | | 1,092 | |
| | | | 8,846 | | | | 5,896 | | | | 16,154 | | | | 11,454 | |
| Securities gains, net | | | 0 | | | | 0 | | | | 0 | | | | 17 | |
| Total Noninterest Income | | | 8,846 | | | | 5,896 | | | | 16,154 | | | | 11,471 | |
| | | | | | | | | | | | | | | | | |
| Noninterest expenses: | | | | | | | | | | | | | | | | |
| Salaries and wages | | | 9,301 | | | | 7,768 | | | | 18,090 | | | | 15,392 | |
| Employee benefits | | | 2,541 | | | | 2,081 | | | | 4,956 | | | | 4,263 | |
| Outsourced data processing costs | | | 2,234 | | | | 1,811 | | | | 4,418 | | | | 3,506 | |
| Telephone / data lines | | | 443 | | | | 306 | | | | 939 | | | | 599 | |
| Occupancy | | | 2,011 | | | | 1,888 | | | | 4,034 | | | | 3,726 | |
| Furniture and equipment | | | 819 | | | | 604 | | | | 1,551 | | | | 1,175 | |
| Marketing | | | 1,226 | | | | 675 | | | | 2,201 | | | | 1,488 | |
| Legal and professional fees | | | 1,590 | | | | 2,272 | | | | 3,253 | | | | 3,213 | |
| FDIC assessments | | | 520 | | | | 411 | | | | 1,109 | | | | 797 | |
| Amortization of intangibles | | | 315 | | | | 196 | | | | 630 | | | | 392 | |
| Asset dispositions expense | | | 173 | | | | 118 | | | | 316 | | | | 246 | |
| | | | | | | | | | | | | | | | | |
| Net loss on other real estate owned and repossessed assets | | | 53 | | | | 92 | | | | 134 | | | | 145 | |
| Other | | | 3,062 | | | | 2,461 | | | | 5,843 | | | | 4,524 | |
| Total Noninterest Expenses | | | 24,288 | | | | 20,683 | | | | 47,474 | | | | 39,466 | |
| | | | | | | | | | | | | | | | | |
| Income Before Income Taxes | | | 9,369 | | | | 3,382 | | | | 18,768 | | | | 7,130 | |
| Income taxes | | | 3,564 | | | | 1,464 | | | | 7,104 | | | | 2,913 | |
| | | | | | | | | | | | | | | | | |
| Net Income | | $ | 5,805 | | | $ | 1,918 | | | $ | 11,664 | | | $ | 4,217 | |
| | | | | | | | | | | | | | | | | |
| Per share of common stock: | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Net income diluted | | $ | 0.18 | | | $ | 0.07 | | | $ | 0.35 | | | $ | 0.16 | |
| Net income basic | | | 0.18 | | | | 0.07 | | | | 0.35 | | | | 0.16 | |
| Cash dividends declared | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | | | | | | | | | | | | | |
| Average diluted shares outstanding | | | 33,233,508 | | | | 25,998,121 | | | | 33,184,764 | | | | 25,828,391 | |
| Average basic shares outstanding | | | 32,978,006 | | | | 25,826,825 | | | | 32,971,670 | | | | 25,659,159 | |
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | (Unaudited) |
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |
| | | QUARTER | |
| | | 2015 | | | 2014 | |
| (Dollars in thousands) | | Second | | | First | | | Fourth | | | Third | | | Second | |
| | | | | | | | | | | | | | | | |
| Interest on securities: | | | | | | | | | | | | | | | | | | | | |
| Taxable | | $ | 4,977 | | | $ | 4,898 | | | $ | 4,728 | | | $ | 3,657 | | | $ | 3,629 | |
| Nontaxable | | | 147 | | | | 150 | | | | 182 | | | | 8 | | | | 9 | |
| Interest and fees on loans | | | 21,988 | | | | 22,021 | | | | 21,070 | | | | 14,615 | | | | 14,103 | |
| Interest on federal funds sold and other investments | | | 249 | | | | 249 | | | | 292 | | | | 211 | | | | 246 | |
| Total Interest Income | | | 27,361 | | | | 27,318 | | | | 26,272 | | | | 18,491 | | | | 17,987 | |
| | | | | | | | | | | | | | | | | | | | | |
| Interest on deposits | | | 524 | | | | 401 | | | | 297 | | | | 189 | | | | 184 | |
| Interest on time certificates | | | 321 | | | | 347 | | | | 375 | | | | 370 | | | | 386 | |
| Interest on borrowed money | | | 850 | | | | 860 | | | | 867 | | | | 704 | | | | 692 | |
| Total Interest Expense | | | 1,695 | | | | 1,608 | | | | 1,539 | | | | 1,263 | | | | 1,262 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net Interest Income | | | 25,666 | | | | 25,710 | | | | 24,733 | | | | 17,228 | | | | 16,725 | |
| Provision (recapture) for loan losses | | | 855 | | | | 433 | | | | 118 | | | | (1,425 | ) | | | (1,444 | ) |
| Net Interest Income After Provision for Loan Losses | | | 24,811 | | | | 25,277 | | | | 24,615 | | | | 18,653 | | | | 18,169 | |
| | | | | | | | | | | | | | | | | | | | | |
| Noninterest income: | | | | | | | | | | | | | | | | | | | | |
| Service charges on deposit accounts | | | 2,115 | | | | 2,002 | | | | 2,208 | | | | 1,753 | | | | 1,484 | |
| Trust fees | | | 759 | | | | 801 | | | | 795 | | | | 817 | | | | 703 | |
| Mortgage banking fees | | | 1,032 | | | | 1,088 | | | | 716 | | | | 825 | | | | 855 | |
| Brokerage commissions and fees | | | 576 | | | | 441 | | | | 417 | | | | 408 | | | | 410 | |
| Marine finance fees | | | 492 | | | | 197 | | | | 445 | | | | 281 | | | | 340 | |
| Interchange income | | | 2,033 | | | | 1,737 | | | | 1,603 | | | | 1,452 | | | | 1,514 | |
| Other deposit based EFT fees | | | 96 | | | | 114 | | | | 92 | | | | 70 | | | | 83 | |
| BOLI income | | | 334 | | | | 330 | | | | 252 | | | | 0 | | | | 0 | |
| Gain on Participated Loan | | | 725 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| Other | | | 684 | | | | 598 | | | | 613 | | | | 543 | | | | 507 | |
| | | | 8,846 | | | | 7,308 | | | | 7,141 | | | | 6,149 | | | | 5,896 | |
| Securities gains, net | | | 0 | | | | 0 | | | | 108 | | | | 344 | | | | 0 | |
| Total Noninterest Income | | | 8,846 | | | | 7,308 | | | | 7,249 | | | | 6,493 | | | | 5,896 | |
| | | | | | | | | | | | | | | | | | | | | |
| Noninterest expenses: | | | | | | | | | | | | | | | | | | | | |
| Salaries and wages | | | 9,301 | | | | 8,789 | | | | 11,676 | | | | 8,064 | | | | 7,768 | |
| Employee benefits | | | 2,541 | | | | 2,415 | | | | 2,461 | | | | 2,049 | | | | 2,081 | |
| Outsourced data processing costs | | | 2,234 | | | | 2,184 | | | | 3,506 | | | | 1,769 | | | | 1,811 | |
| Telephone / data lines | | | 443 | | | | 496 | | | | 419 | | | | 313 | | | | 306 | |
| Occupancy | | | 2,011 | | | | 2,023 | | | | 2,325 | | | | 1,879 | | | | 1,888 | |
| Furniture and equipment | | | 819 | | | | 732 | | | | 732 | | | | 628 | | | | 604 | |
| Marketing | | | 1,226 | | | | 975 | | | | 1,163 | | | | 925 | | | | 675 | |
| Legal and professional fees | | | 1,590 | | | | 1,663 | | | | 2,555 | | | | 1,103 | | | | 2,272 | |
| FDIC assessments | | | 520 | | | | 589 | | | | 476 | | | | 387 | | | | 411 | |
| Amortization of intangibles | | | 315 | | | | 315 | | | | 446 | | | | 195 | | | | 196 | |
| Asset dispositions expense | | | 173 | | | | 143 | | | | 103 | | | | 139 | | | | 118 | |
| Branch closures and branding | | | 0 | | | | 0 | | | | 4,958 | | | | 0 | | | | 0 | |
| Net loss on other real estate owned and repossessed assets | | | 53 | | | | 81 | | | | 9 | | | | 156 | | | | 92 | |
| Other | | | 3,062 | | | | 2,781 | | | | 3,182 | | | | 2,282 | | | | 2,461 | |
| Total Noninterest Expenses | | | 24,288 | | | | 23,186 | | | | 34,011 | | | | 19,889 | | | | 20,683 | |
| | | | | | | | | | | | | | | | | | | | | |
| Income Before Income Taxes | | | 9,369 | | | | 9,399 | | | | (2,147 | ) | | | 5,257 | | | | 3,382 | |
| Income taxes | | | 3,564 | | | | 3,540 | | | | (630 | ) | | | 2,261 | | | | 1,464 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net Income | | $ | 5,805 | | | $ | 5,859 | | | $ | (1,517 | ) | | $ | 2,996 | | | $ | 1,918 | |
| | | | | | | | | | | | | | | | | | | | | |
| Per share of common stock: | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Net income diluted | | $ | 0.18 | | | $ | 0.18 | | | $ | (0.05 | ) | | $ | 0.12 | | | $ | 0.07 | |
| Net income basic | | | 0.18 | | | | 0.18 | | | | (0.05 | ) | | | 0.12 | | | | 0.07 | |
| Cash dividends declared | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | |
| Average diluted shares outstanding | | | 33,233,508 | | | | 33,135,618 | | | | 33,123,525 | | | | 26,025,693 | | | | 25,998,121 | |
| Average basic shares outstanding | | | 32,978,006 | | | | 32,971,444 | | | | 32,888,612 | | | | 25,887,591 | | | | 25,826,825 | |
| CONDENSED CONSOLIDATED BALANCE SHEETS | (Unaudited) |
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |
| | | June 30, | | | December 31, | | | June 30, | |
| (Dollars in thousands, except share data) | | 2015 | | | 2014 | | | 2014 | |
| | | | | | | | | | |
| Assets | | | | | | | | | | | | |
| Cash and due from banks | | $ | 86,904 | | | $ | 64,411 | | | $ | 40,175 | |
| Interest bearing deposits with other banks | | | 7,844 | | | | 36,128 | | | | 113,855 | |
| Total Cash and Cash Equivalents | | | 94,748 | | | | 100,539 | | | | 154,030 | |
| | | | | | | | | | | | | |
| Securities: | | | | | | | | | | | | |
| Available for sale (at fair value) | | | 762,086 | | | | 741,375 | | | | 518,353 | |
| Held for investment (at amortized cost) | | | 214,777 | | | | 207,904 | | | | 156,498 | |
| Total Securities | | | 976,863 | | | | 949,279 | | | | 674,851 | |
| | | | | | | | | | | | | |
| Loans available for sale | | | 19,656 | | | | 12,078 | | | | 18,129 | |
| | | | | | | | | | | | | |
| Loans, net of deferred costs | | | 1,937,399 | | | | 1,821,885 | | | | 1,335,192 | |
| Less: Allowance for loan losses | | | (18,791 | ) | | | (17,071 | ) | | | (18,140 | ) |
| Net Loans | | | 1,918,608 | | | | 1,804,814 | | | | 1,317,052 | |
| | | | | | | | | | | | | |
| Bank premises and equipment, net | | | 50,028 | | | | 45,086 | | | | 34,653 | |
| Other real estate owned | | | 5,908 | | | | 7,462 | | | | 6,198 | |
| Other intangible assets | | | 6,824 | | | | 7,454 | | | | 326 | |
| Goodwill | | | 25,211 | | | | 25,309 | | | | 0 | |
| Bank owned life insurance | | | 36,291 | | | | 35,679 | | | | 0 | |
| Other assets | | | 99,451 | | | | 105,635 | | | | 88,917 | |
| | | $ | 3,233,588 | | | $ | 3,093,335 | | | $ | 2,294,156 | |
| | | | | | | | | | | | | |
| Liabilities and Shareholders' Equity | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | |
| Deposits | | | | | | | | | | | | |
| Noninterest demand | | $ | 808,429 | | | $ | 725,238 | | | $ | 509,798 | |
| Interest-bearing demand | | | 599,268 | | | | 652,353 | | | | 493,927 | |
| Savings | | | 282,588 | | | | 264,738 | | | | 208,333 | |
| Money market | | | 621,973 | | | | 450,172 | | | | 335,246 | |
| Other time certificates | | | 158,091 | | | | 173,247 | | | | 144,001 | |
| Brokered time certificates | | | 8,237 | | | | 7,034 | | | | 8,040 | |
| Time certificates of $100,000 or more | | | 126,591 | | | | 143,752 | | | | 106,192 | |
| Total Deposits | | | 2,605,177 | | | | 2,416,534 | | | | 1,805,537 | |
| | | | | | | | | | | | | |
| Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days | | | 172,676 | | | | 233,640 | | | | 141,662 | |
| Borrowed funds | | | 50,000 | | | | 50,000 | | | | 50,000 | |
| Subordinated debt | | | 64,670 | | | | 64,583 | | | | 53,610 | |
| Other liabilities | | | 14,209 | | | | 15,927 | | | | 8,908 | |
| | | | 2,906,732 | | | | 2,780,684 | | | | 2,059,717 | |
| | | | | | | | | | | | | |
| Shareholders' Equity | | | | | | | | | | | | |
| Common stock | | | 3,300 | | | | 3,300 | | | | 2,599 | |
| Additional paid in capital | | | 380,553 | | | | 379,249 | | | | 302,088 | |
| Accumulated deficit | | | (53,336 | ) | | | (65,000 | ) | | | (66,478 | ) |
| Treasury stock | | | (64 | ) | | | (71 | ) | | | (54 | ) |
| | | | 330,453 | | | | 317,478 | | | | 238,155 | |
| Accumulated other comprehensive (loss), net | | | (3,597 | ) | | | (4,827 | ) | | | (3,716 | ) |
| Total Shareholders' Equity | | | 326,856 | | | | 312,651 | | | | 234,439 | |
| | | $ | 3,233,588 | | | $ | 3,093,335 | | | $ | 2,294,156 | |
| | | | | | | | | | | | | |
| Common Shares Outstanding | | | 33,220,511 | | | | 33,136,592 | | | | 25,998,823 | |
Note: The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date.
| CONSOLIDATED QUARTERLY FINANCIAL DATA | (Unaudited) |
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |
| | | QUARTERS | |
| | | 2015 | | | 2014 | |
| (Dollars in thousands, except per share data) | | Second | | | First | | | Fourth | | | Third | | | Second | |
| Net income (loss) | | $ | 5,805 | | | $ | 5,859 | | | $ | (1,517 | ) | | $ | 2,996 | | | $ | 1,918 | |
| | | | | | | | | | | | | | | | | | | | | |
| Operating Ratios | | | | | | | | | | | | | | | | | | | | |
| Return on average assets-GAAP basis (2),(3) | | | 0.72 | % | | | 0.75 | % | | | (0.20 | )% | | | 0.52 | % | | | 0.33 | % |
| Return on average tangible assets (2),(3),(4) | | | 0.75 | | | | 0.79 | | | | (0.16 | ) | | | 0.54 | | | | 0.36 | |
| Return on average shareholders' equity-GAAP basis (2),(3) | | | 7.13 | | | | 7.42 | | | | (1.89 | ) | | | 4.97 | | | | 3.25 | |
| Efficiency ratio (5) | | | 68.57 | | | | 68.33 | | | | 104.46 | | | | 82.78 | | | | 89.42 | |
| Noninterest income to total revenue | | | 25.63 | | | | 22.13 | | | | 22.40 | | | | 26.30 | | | | 26.06 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net interest margin (1),(2) | | | 3.50 | | | | 3.62 | | | | 3.56 | | | | 3.17 | | | | 3.10 | |
| Average equity to average assets | | | 10.12 | | | | 10.17 | | | | 10.51 | | | | 10.37 | | | | 10.27 | |
| | | | | | | | | | | | | | | | | | | | | |
| Credit Analysis Excluding Acquired Loans | | | | | | | | | | | | | | | | | | | | |
| Net charge-offs (recoveries) - non-acquired loans | | $ | (358 | ) | | $ | (263 | ) | | $ | 618 | | | $ | (856 | ) | | $ | (112 | ) |
| Net charge-offs - acquired loans | | | 143 | | | | 46 | | | | - | | | | - | | | | - | |
| Total net charge-offs (recoveries) | | $ | (215 | ) | | $ | (217 | ) | | $ | 618 | | | $ | (856 | ) | | $ | (112 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net charge-offs (recoveries) to average loans - non-acquired loans | | | (0.08 | )% | | | (0.06 | )% | | | 0.14 | % | | | (0.25 | )% | | | (0.03 | )% |
| Net charge-offs (recoveries) to average loans - acquired loans | | | 0.03 | | | | 0.01 | | | | - | | | | - | | | | - | |
| Toral net charge-offs (recoveries) to average loans | | | (0.05 | ) | | | (0.05 | ) | | | 0.14 | | | | (0.25 | ) | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Loan loss provision (recapture) - non-acquired loans | | $ | 271 | | | $ | 292 | | | $ | 54 | | | $ | (1,425 | ) | | $ | (1,444 | ) |
| Loan loss provision (recapture) - acquired loans | | | 584 | | | | 141 | | | | 64 | | | | - | | | | - | |
| Total loan loss provision (recapture) | | $ | 855 | | | $ | 433 | | | $ | 118 | | | $ | (1,425 | ) | | $ | (1,444 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Allowance to loans at end of period - non-acquired loans | | | 1.10 | % | | | 1.13 | % | | | 1.14 | % | | | 1.26 | % | | | 1.36 | % |
| Discount for credit losses to acquired loans at end of period | | | 3.32 | | | | 3.56 | | | | 3.56 | | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | |
| Nonperforming loans - non-acquired loans | | $ | 15,054 | | | $ | 16,860 | | | $ | 18,563 | | | $ | 18,942 | | | $ | 21,745 | |
| Nonperforming loans - acquired loans | | | 4,543 | | | | 4,196 | | | | 2,577 | | | | - | | | | - | |
| Other real estate owned - non-acquired | | | 4,855 | | | | 4,738 | | | | 5,567 | | | | 5,018 | | | | 6,198 | |
| Other real estate owned - acquired | | | 1,053 | | | | 1,431 | | | | 1,895 | | | | - | | | | - | |
| Total nonperforming assets | | $ | 25,505 | | | $ | 27,225 | | | $ | 28,602 | | | $ | 23,960 | | | $ | 27,943 | |
| | | | | | | | | | | | | | | | | | | | | |
| Restructured loans (accruing) | | $ | 23,441 | | | $ | 23,847 | | | $ | 24,997 | | | $ | 28,969 | | | $ | 28,157 | |
| | | | | | | | | | | | | | | | | | | | | |
| Purchased noncredit impaired loans | | $ | 275,964 | | | $ | 296,839 | | | $ | 326,066 | | | $ | - | | | $ | - | |
| Purchased credit impaired loans | | | 6,562 | | | | 7,119 | | | | 7,814 | | | | - | | | | - | |
| Total acquired loans | | $ | 282,526 | | | $ | 303,958 | | | $ | 333,880 | | | $ | - | | | $ | - | |
| | | | | | | | | | | | | | | | | | | | | |
| Nonperforming loans to loans at end of period - non-acquired loans | | | 0.78 | % | | | 0.91 | % | | | 1.02 | % | | | 1.36 | % | | | 1.63 | % |
| Nonperforming loans to loans at end of period - acquired loans | | | 0.23 | | | | 0.23 | | | | 0.14 | | | | - | | | | - | |
| Total nonperforming loans to loans at end of period | | | 1.01 | | | | 1.14 | | | | 1.16 | | | | 1.36 | | | | 1.63 | |
| | | | | | | | | | | | | | | | | | | | | |
| Nonperforming assets to total assets - non-acquired | | | 0.62 | % | | | 0.67 | % | | | 0.78 | % | | | 1.01 | % | | | 1.22 | % |
| Nonperforming assets to total assets - acquired | | | 0.17 | | | | 0.17 | | | | 0.14 | | | | - | | | | - | |
| Total nonperforming assets to total assets | | | 0.79 | | | | 0.84 | | | | 0.92 | | | | 1.01 | | | | 1.22 | |
| | | | | | | | | | | | | | | | | | | | | |
| Per Share Common Stock | | | | | | | | | | | | | | | | | | | | |
| Net income (loss) diluted-GAAP basis | | $ | 0.18 | | | $ | 0.18 | | | $ | (0.05 | ) | | $ | 0.12 | | | $ | 0.07 | |
| Net income (loss) basic-GAAP basis | | | 0.18 | | | | 0.18 | | | | (0.05 | ) | | | 0.12 | | | | 0.07 | |
| | | | | | | | | | | | | | | | | | | | | |
| Cash dividends declared | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| Book value per share common | | | 9.84 | | | | 9.71 | | | | 9.44 | | | | 9.07 | | | | 9.02 | |
| | | | | | | | | | | | | | | | | | | | | |
| Average Balances | | | | | | | | | | | | | | | | | | | | |
| Total average assets | | $ | 3,225,127 | | | $ | 3,151,132 | | | $ | 3,037,061 | | | $ | 2,305,799 | | | $ | 2,304,870 | |
| Less: Intangible assets | | | 32,188 | | | | 31,221 | | | | 33,803 | | | | 237 | | | | 422 | |
| Total average tangible assets | | $ | 3,192,939 | | | $ | 3,119,911 | | | $ | 3,003,258 | | | $ | 2,305,562 | | | $ | 2,304,448 | |
| | | | | | | | | | | | | | | | | | | | | |
| Total average equity | | $ | 326,338 | | | $ | 320,346 | | | $ | 319,233 | | | $ | 239,031 | | | $ | 236,632 | |
| Less: Intangible assets | | | 32,188 | | | | 31,221 | | | | 33,803 | | | | 237 | | | | 422 | |
| Total average tangible equity | | $ | 294,150 | | | $ | 289,125 | | | $ | 285,430 | | | $ | 238,794 | | | $ | 236,210 | |
| (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). |
| CONSOLIDATED QUARTERLY FINANCIAL DATA | (Unaudited) |
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |
| | | June 30, | | | December 31, | | | June 30, | |
| SECURITIES | | 2015 | | | 2014 | | | 2014 | |
| | | | | | | | | | |
| U.S. Treasury and U.S. Government Agencies | | $ | 3,843 | | | $ | 3,899 | | | $ | 100 | |
| Mortgage-backed | | | 558,561 | | | | 587,933 | | | | 479,720 | |
| Collateralized loan obligations | | | 124,241 | | | | 125,225 | | | | 32,260 | |
| Obligations of states and political subdivisions | | | 22,873 | | | | 24,318 | | | | 6,273 | |
| Corporates | | | 24,213 | | | | 0 | | | | 0 | |
| CMBS | | | 20,587 | | | | 0 | | | | 0 | |
| Other | | | 7,768 | | | | 0 | | | | 0 | |
| Securities Available for Sale | | | 762,086 | | | | 741,375 | | | | 518,353 | |
| | | | | | | | | | | | | |
| Mortgage-backed | | | 173,477 | | | | 182,076 | | | | 156,498 | |
| Collateralized loan obligations | | | 41,300 | | | | 25,828 | | | | 0 | |
| Securities Held for Investment | | | 214,777 | | | | 207,904 | | | | 156,498 | |
| Total Securities | | $ | 976,863 | | | $ | 949,279 | | | $ | 674,851 | |
| | | June 30, | | | December 31, | | | June 30, | |
| LOANS | | 2015 | | | 2014 | | | 2014 | |
| | | | | | | | | | |
| Construction and land development | | $ | 95,178 | | | $ | 87,036 | | | $ | 57,393 | |
| Real estate mortgage | | | 1,588,105 | | | | 1,524,044 | | | | 1,145,013 | |
| Installment loans to individuals | | | 62,913 | | | | 52,897 | | | | 45,241 | |
| Commercial and financial | | | 190,325 | | | | 157,396 | | | | 87,285 | |
| Other loans | | | 878 | | | | 512 | | | | 260 | |
| Total Loans | | $ | 1,937,399 | | | $ | 1,821,885 | | | $ | 1,335,192 | |
| AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES(1) | (Unaudited) |
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |
| | | 2015 | | | 2014 | | | | | | | |
| | | Second Quarter | | | First Quarter | | | Second Quarter | |
| | | Average | | | | | | Yield/ | | | Average | | | | | | Yield/ | | | Average | | | | | | Yield/ | |
| (Dollars in thousands) | | Balance | | | Interest | | | Rate | | | Balance | | | Interest | | | Rate | | | Balance | | | Interest | | | Rate | |
| Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Taxable | | $ | 957,374 | | | $ | 4,977 | | | | 2.08 | % | | $ | 939,015 | | | $ | 4,898 | | | | 2.09 | % | | $ | 677,600 | | | $ | 3,630 | | | | 2.14 | % |
| Nontaxable | | | 15,311 | | | | 225 | | | | 5.87 | | | | 15,617 | | | | 230 | | | | 5.89 | | | | 827 | | | | 14 | | | | 6.77 | |
| Total Securities | | | 972,685 | | | | 5,202 | | | | 2.14 | | | | 954,632 | | | | 5,128 | | | | 2.15 | | | | 678,427 | | | | 3,644 | | | | 2.15 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Federal funds sold and other investments | | | 79,031 | | | | 249 | | | | 1.26 | | | | 92,934 | | | | 249 | | | | 1.09 | | | | 153,410 | | | | 246 | | | | 0.64 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Loans, net | | | 1,904,011 | | | | 22,032 | | | | 4.64 | | | | 1,848,965 | | | | 22,065 | | | | 4.84 | | | | 1,338,415 | | | | 14,151 | | | | 4.24 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Earning Assets | | | 2,955,727 | | | | 27,483 | | | | 3.73 | | | | 2,896,531 | | | | 27,442 | | | | 3.84 | | | | 2,170,252 | | | | 18,041 | | | | 3.33 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Allowance for loan losses | | | (18,247 | ) | | | | | | | | | | | (17,385 | ) | | | | | | | | | | | (19,784 | ) | | | | | | | | |
| Cash and due from banks | | | 71,858 | | | | | | | | | | | | 63,689 | | | | | | | | | | | | 35,735 | | | | | | | | | |
| Premises and equipment | | | 49,275 | | | | | | | | | | | | 46,605 | | | | | | | | | | | | 34,948 | | | | | | | | | |
| Intangible assets | | | 32,188 | | | | | | | | | | | | 31,221 | | | | | | | | | | | | 422 | | | | | | | | | |
| Bank owned life insurance | | | 36,111 | | | | | | | | | | | | 35,793 | | | | | | | | | | | | 0 | | | | | | | | | |
| Other assets | | | 98,215 | | | | | | | | | | | | 94,678 | | | | | | | | | | | | 83,297 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 3,225,127 | | | | | | | | | | | $ | 3,151,132 | | | | | | | | | | | $ | 2,304,870 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Liabilities and Shareholders' Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest-bearing demand | | $ | 612,433 | | | $ | 110 | | | | 0.07 | % | | $ | 628,480 | | | $ | 117 | | | | 0.08 | % | | $ | 498,285 | | | $ | 94 | | | | 0.08 | % |
| Savings | | | 279,354 | | | | 41 | | | | 0.06 | | | | 268,041 | | | | 39 | | | | 0.06 | | | | 205,686 | | | | 23 | | | | 0.04 | |
| Money market | | | 607,271 | | | | 373 | | | | 0.25 | | | | 519,526 | | | | 245 | | | | 0.19 | | | | 336,772 | | | | 67 | | | | 0.08 | |
| Time deposits | | | 303,802 | | | | 321 | | | | 0.42 | | | | 318,343 | | | | 347 | | | | 0.44 | | | | 259,325 | | | | 386 | | | | 0.60 | |
| Federal funds purchased and other short term borrowings | | | 168,068 | | | | 77 | | | | 0.18 | | | | 212,123 | | | | 98 | | | | 0.19 | | | | 150,108 | | | | 65 | | | | 0.17 | |
| Other borrowings | | | 114,649 | | | | 773 | | | | 2.70 | | | | 114,606 | | | | 762 | | | | 2.70 | | | | 103,610 | | | | 627 | | | | 2.43 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Interest-Bearing Liabilities | | | 2,085,577 | | | | 1,695 | | | | 0.33 | | | | 2,061,119 | | | | 1,608 | | | | 0.32 | | | | 1,553,786 | | | | 1,262 | | | | 0.33 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Noninterest demand | | | 795,707 | | | | | | | | | | | | 753,620 | | | | | | | | | | | | 505,892 | | | | | | | | | |
| Other liabilities | | | 17,505 | | | | | | | | | | | | 16,047 | | | | | | | | | | | | 8,560 | | | | | | | | | |
| Total Liabilities | | | 2,898,789 | | | | | | | | | | | | 2,830,786 | | | | | | | | | | | | 2,068,238 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shareholders' equity | | | 326,338 | | | | | | | | | | | | 320,346 | | | | | | | | | | | | 236,632 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 3,225,127 | | | | | | | | | | | $ | 3,151,132 | | | | | | | | | | | $ | 2,304,870 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest expense as a % of earning assets | | | | | | | | | | | 0.23 | % | | | | | | | | | | | 0.23 | % | | | | | | | | | | | 0.23 | % |
| Net interest income as a % of earning assets | | | | | | $ | 25,788 | | | | 3.50 | % | | | | | | $ | 25,834 | | | | 3.62 | % | | | | | | $ | 16,779 | | | | 3.10 | % |
| (1) | On a fully taxable equivalent basis. All yields and rates have been computed on an annualized basis using amortized cost. |
Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.
| CONSOLIDATED QUARTERLY FINANCIAL DATA | (Unaudited) |
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |
| | | 2015 | | | 2014 | |
| (Dollars in thousands) | | Second Quarter | | | First Quarter | | | Fourth Quarter | | | Third Quarter | | | Second Quarter | |
| | | | | | | | | | | | | | | | |
| Customer Relationship Funding (Period End) | | | | | | | | | | | | | | | | | | | | |
| Noninterest demand | | | | | | | | | | | | | | | | | | | | |
| Commercial | | $ | 561,742 | | | $ | 546,876 | | | $ | 481,327 | | | $ | 301,630 | | | $ | 293,515 | |
| Retail | | | 180,484 | | | | 191,262 | | | | 190,120 | | | | 162,392 | | | | 167,172 | |
| Public funds | | | 47,913 | | | | 38,529 | | | | 41,201 | | | | 39,329 | | | | 33,223 | |
| Other | | | 18,290 | | | | 16,669 | | | | 12,590 | | | | 18,650 | | | | 15,888 | |
| | | | 808,429 | | | | 793,336 | | | | 725,238 | | | | 522,001 | | | | 509,798 | |
| | | | | | | | | | | | | | | | | | | | | |
| Interest-bearing demand | | | | | | | | | | | | | | | | | | | | |
| Commercial | | | 60,411 | | | | 66,532 | | | | 58,173 | | | | 41,131 | | | | 41,423 | |
| Retail | | | 410,601 | | | | 416,766 | | | | 407,653 | | | | 324,690 | | | | 327,762 | |
| Public funds | | | 128,256 | | | | 151,556 | | | | 186,527 | | | | 114,006 | | | | 124,742 | |
| | | | 599,268 | | | | 634,854 | | | | 652,353 | | | | 479,827 | | | | 493,927 | |
| | | | | | | | | | | | | | | | | | | | | |
| Total transaction accounts | | | | | | | | | | | | | | | | | | | | |
| Commercial | | | 622,153 | | | | 613,408 | | | | 539,500 | | | | 342,761 | | | | 334,938 | |
| Retail | | | 591,085 | | | | 608,028 | | | | 597,773 | | | | 487,082 | | | | 494,934 | |
| Public funds | | | 176,169 | | | | 190,085 | | | | 227,728 | | | | 153,335 | | | | 157,965 | |
| Other | | | 18,290 | | | | 16,669 | | | | 12,590 | | | | 18,650 | | | | 15,888 | |
| | | | 1,407,697 | | | | 1,428,190 | | | | 1,377,591 | | | | 1,001,828 | | | | 1,003,725 | |
| | | | | | | | | | | | | | | | | | | | | |
| Savings | | | 282,588 | | | | 272,963 | | | | 264,738 | | | | 215,076 | | | | 208,333 | |
| | | | | | | | | | | | | | | | | | | | | |
| Money market | | | | | | | | | | | | | | | | | | | | |
| Commercial | | | 191,061 | | | | 185,668 | | | | 172,417 | | | | 118,385 | | | | 114,662 | |
| Retail | | | 272,853 | | | | 274,203 | | | | 264,725 | | | | 218,376 | | | | 213,927 | |
| Public funds | | | 158,059 | | | | 136,729 | | | | 13,030 | | | | 7,965 | | | | 6,657 | |
| | | | 621,973 | | | | 596,600 | | | | 450,172 | | | | 344,726 | | | | 335,246 | |
| | | | | | | | | | | | | | | | | | | | | |
| Time certificates of deposit | | | 292,919 | | | | 312,072 | | | | 324,033 | | | | 246,920 | | | | 258,233 | |
| Total Deposits | | $ | 2,605,177 | | | $ | 2,609,825 | | | $ | 2,416,534 | | | $ | 1,808,550 | | | $ | 1,805,537 | |
| | | | | | | | | | | | | | | | | | | | | |
| Customer sweep accounts | | $ | 157,676 | | | $ | 170,023 | | | $ | 153,640 | | | $ | 124,436 | | | $ | 141,662 | |
| | | | | | | | | | | | | | | | | | | | | |
| Total core customer funding (1) | | $ | 2,469,934 | | | $ | 2,467,776 | | | $ | 2,246,141 | | | $ | 1,686,066 | | | $ | 1,688,966 | |
(1) Total deposits and customer sweep accounts, excluding certificates of deposits.
