STUART, Fla., Feb. 1, 2017 /PRNewswire/ -- Seacoast
Banking Corporation of Florida
("Seacoast" or "the Company") (NASDAQ: SBCF) today reported results
for the fourth quarter and full year 2016.
Full-year 2016 net income improved $7.1
million to $29.2 million, up 32%; and fully diluted earnings
per share increased 18% to $0.78
compared with $0.66 per diluted
common share in 2015. Adjusted net income1
increased to $37.5 million in 2016
from $25.3 million in 2015, up 48%;
and adjusted diluted earnings per share1 rose 33% to
$1.00 for the year, meeting
Seacoast's 2016 earnings target.
Fourth quarter 2016 net income totaled $10.8 million, an increase of $4.7 million, or 78%, from the same period of the
prior year; and rose $1.6 million or
18% compared with third quarter 2016 levels. Adjusted net
income1 increased $4.8
million, or 73%, from year-ago levels and $0.7 million or 7%, above the third
quarter. Diluted earnings per common share (EPS) were
$0.28 and adjusted diluted
EPS1 were $0.30 in the
fourth quarter, compared to diluted EPS of $0.18 and adjusted diluted EPS1 of
$0.19 in the fourth quarter last
year.
Seacoast announced 2017 earnings guidance with expected full
year adjusted EPS of $1.24 to $1.28
per share.
Growth and Transformation Highlights Reflect Significant
Franchise Gains
- Loans grew $723 million, or 34%,
from year-ago levels. Adjusting for acquisitions, loan growth
was $383 million, or 18%. Loans
increased $110 million sequentially,
recording a 16% annualized growth rate.
- Seacoast maintained its balanced growth focus and conservative
risk posture ending the year with commercial real estate loan
concentration levels well below regulatory guidance.
- Seacoast's customer-analytics-driven transformation continues
with debit card spend up 17% year-over-year, a new high, consumer
loans sold to existing customers up 62% and 37% of deposits made
outside the branch.
Financial Highlights Reflect Significant Efficiency
Gains
- Full year total revenues increased $35.3
million, or 25%, year-over-year to $177.4 million, reflecting significant franchise
growth. Fourth quarter revenues increased $10.1 million, or 27%, from fourth quarter 2015
levels.
- Fourth quarter efficiency ratio improved to 62.4%, down from
72.6% in the fourth quarter 2015. Adjusted efficiency
ratio1 was 60.8% an 830 basis points improvement from
fourth quarter 2015.
- Fourth quarter return on average assets (ROA) and return on
average equity (ROE) improved to 0.94% and 9.80%, up from 0.69% and
6.78%, respectively, in the fourth quarter 2015. Adjusted
ROA1 was 0.99%, a 24 basis points improvement over
fourth quarter 2015. Adjusted return on tangible common
equity1 (ROTCE) gained 420 basis points, reaching 13.1%
during the fourth quarter.
Dennis S. Hudson, III, Chairman
and CEO said, "We are pleased that we achieved our $1.00 adjusted EPS goal for 2016. Seacoast's
execution of our balanced growth strategy and continuing
transformation drove exceptional franchise growth and performance
improvement, allowing us to overcome unanticipated headwinds from a
declining rate environment over much of 2016.
"Continued analytics-driven marketing and improved sales
execution, combined with the favorable Florida economy, drove record loan
production. This produced 16% annualized growth in total
loans as compared with the third quarter of this year. We continue
to honor our lending guardrails, resulting in a balanced approach
and a well-diversified loan portfolio. Our portfolio remains
extremely granular, with low commercial real estate concentration
of approximately 214% of total capital.
"The fourth quarter also reflects the first full quarter of
benefit from our 2016 acquisitions. Organic growth, targeted
expense reduction strategies, and successful merger implementations
drove significant continued operating leverage.
Year-over-year revenues grew 27%, outpacing a twelve percent
increase in noninterest expense over the corresponding
period. Adjusted revenues,1 excluding securities
gains and a bargain purchase gain taken in Q4 2015, grew 28%,
outpacing a 14% increase in adjusted expenses1 over this
same period.
"On an annual basis, we've now moved nearly 1 million basic
check deposits out of our branch network and in to lower cost
channels like ATMs and mobile. When looking at all routine
transactions in total, our customers are increasingly choosing more
convenient channels to manage routine transactions. At this
point, we expect we'll process more routine transactions through
lower cost channels than in our branch network by July of this
year.
"One year ago, we announced our $1.00 adjusted EPS goal for 2016. This was
an aggressive target, a 33% increase from the prior year. We
achieved that goal, and exited 2016 with improved results in all
key performance measures and strong momentum in each of our
business units. Adjusted ROA1 improved 24 basis points
to 0.99% and adjusted ROTCE1 increased 420 basis points
to 13.1% during last year.
"We begin 2017 with much improved performance and on a
trajectory to outperform our peers. We will provide a broader
discussion of our strategy to deliver long-term value for our
shareholders and our three-year expectations at our upcoming
investor day on February 22, 2017,"
Hudson concluded.
FINANCIAL
HIGHLIGHTS
|
4Q16
|
3Q16
|
2Q16
|
1Q16
|
4Q15
|
(Dollars in thousands
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$4,680,932
|
$4,513,934
|
$4,381,204
|
$4,001,323
|
$3,534,780
|
|
|
|
|
|
|
|
|
Loans
|
|
|
2,879,536
|
2,769,338
|
2,616,052
|
2,455,214
|
2,156,330
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
3,523,245
|
3,510,493
|
3,501,316
|
3,222,447
|
2,844,387
|
|
|
|
|
|
|
|
|
Net Income
|
|
10,771
|
9,133
|
5,332
|
3,966
|
6,036
|
|
|
|
|
|
|
|
|
Diluted Earnings Per
Share
|
0.28
|
0.24
|
0.14
|
0.11
|
0.18
|
|
|
|
|
|
|
|
|
Return on Average
Assets
(ROA)
|
0.94%
|
0.82%
|
0.51%
|
0.44%
|
0.69%
|
Return on Average
Tangible
|
12.5
|
10.9
|
6.6
|
5.1
|
7.8
|
Common
Equity(ROTCE)1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin
|
|
3.56
|
3.69
|
3.63
|
3.68
|
3.67
|
Efficiency
Ratio
|
|
62.4
|
68.6
|
78.0
|
81.7
|
72.6
|
|
|
|
|
|
|
|
|
Pretax, Pre-provision
Income 1
|
$17,058
|
$14,002
|
$8,842
|
$6,600
|
$10,130
|
|
|
|
|
|
|
|
|
Average Diluted
Shares
|
|
|
|
|
|
Outstanding (000)
|
|
38,252
|
38,170
|
38,142
|
35,453
|
34,395
|
Adjusted Net Income
1
|
$11,337
|
$10,588
|
$8,773
|
$6,758
|
$6,569
|
Adjusted Diluted
Earnings
|
0.30
|
0.28
|
0.23
|
0.19
|
0.19
|
Per Share
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted ROA
1
|
|
0.99%
|
0.95%
|
0.84%
|
0.75%
|
0.75%
|
Adjusted ROTCE
1
|
|
13.1
|
12.6
|
10.6
|
8.5
|
8.9
|
|
|
|
|
|
|
|
|
Adjusted Efficiency
Ratio 1
|
60.8
|
63.1
|
64.8
|
69.6
|
69.1
|
Adjusted Pretax,
Pre-provision
|
$17,775
|
$16,370
|
$14,607
|
$11,082
|
$10,990
|
Income
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized
Adjusted
|
|
2.57%
|
2.78%
|
2.77%
|
3.05%
|
2.97%
|
Noninterest Expenses
as
|
|
|
|
|
|
a Percentage of
Average
|
|
|
|
|
|
Assets
1
|
|
|
|
|
|
|
Acquisitions Update
During the fourth quarter, we
announced our acquisition of GulfShore Bancshares, Inc.
("GulfShore") which accelerated our entry into the fast-growing,
business-rich Tampa market,
Florida's second largest. We look
forward to welcoming GulfShore's customers to Seacoast following
the integration, which is expected to be completed in the second
quarter of 2017.
"In Tampa, we intend to follow our Orlando playbook, which has made us a Top Ten
bank in only 20 months. In the first half of 2016, we acquired
Floridian Financial Corporation and BMO Harris' Orlando banking operations, making us the
largest Florida-based bank in
Orlando. Orlando now represents 37% of our franchise,
measured by deposits, up from virtually no presence three years
ago," Hudson said.
Florida Economic Update
"Economic indicators continue
to show strength for Florida's
economy and housing market," Hudson commented. "A
December 2016 report released by
Wells Fargo Securities Economics Group commented, 'The recently
updated state GDP data and the Quarterly Census of Employment and
Wages (QCEW) provide additional insight into Florida's recent strong economic
performance. Florida's
economy grew 2.9 percent year to year in Q2, far exceeding the
nation's 1.2 percent growth." Hudson continued, "Their
November report forecasted, 'We look for Florida's strong run of economic growth to
carry over into 2017, albeit at a slightly more modest pace.
Real GDP should grow 3.3 percent next year and nonfarm payrolls
should add around 235,000 new jobs. Homebuilding should
continue to gain momentum, as stronger jobs and income growth
boosts household formation and encourages more job seekers to move
to Florida.2
"Florida's residential real
estate market remains solid. November statistics released by
Florida REALTORS continue to show a year-over-year increase in
closed sales and median sales price, with time to contract
continuing a shortening trend. With this improvement,
however, home prices still remain well below pre-recession levels."
Hudson concluded.3
Management Update
"On January
26th, we announced that Charles M.
(Chuck) Shaffer, who is currently executive vice president
and head of community banking, was appointed chief financial
officer and head of strategy, effective March 15th. This appointment reflects our
commitment to identify and groom talent that will support the
execution of our long-term growth strategy. Having spent nearly 20
years with Seacoast, across a variety of operational and financial
roles, Chuck has the perfect complement of skills to lead
Seacoast's financial and strategic initiatives. I would also like
to thank Steve Fowle for his
invaluable contribution to Seacoast's transformation over the past
two years and wish him well in his next endeavor.
"I am also pleased to announce that we have appointed
Julie Kleffel, currently executive
vice president and head of small-business banking, to succeed Chuck
as head of community banking, which includes our small-business
unit. Julie has been a major asset in the growth of our
small-business operations and possesses the leadership qualities
that will enable her to continue to succeed in this new role,"
Hudson stated.
Conference Call and Investor Day Information
Seacoast
will host a conference call on Thursday,
February 2, 2017 at 10:00 a.m.
(Eastern Time) to discuss the earnings results.
Investors may call in (toll-free) by dialing (800)-774-6070
(passcode: 9408 151). 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 February 2, by dialing (888) 843-7419 and using
passcode: 9408 151.
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
February 2, 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.
In addition, Seacoast will host an investor day in New York on Wednesday,
February 22 from 8:00 a.m. to 12:00
p.m. Eastern Standard Time. Investors wishing to attend may
contact Debra Policino via email at
Debra.Policino@seacoastbank.com. The investor day will also be
webcast and details will be provided closer to the date.
Fourth Quarter 2016 Income Statement Highlights
Strong Organic Growth Drives Continued Net Interest Income
Improvement
Net interest income for the quarter totaled
$37.4 million, an $8.3 million, or 29%, increase from fourth
quarter 2015 levels. Net interest margin was 3.56%, down 11
basis points from the prior year. Year-over-year net interest
income improvement reflects strong organic loan growth combined
with growth from successful acquisitions in the first half of the
year. The decrease in margin reflects decreased loan yields,
reflecting the current low interest rate environment, partially
offset by improved balance sheet mix.
Net interest income was level compared to the third quarter of
2016 and net interest margin decreased 13 basis points from 3.69%
in the prior quarter. While quarter over quarter the Company
recorded strong loan growth, the decrease reflects lower purchased
loan accretion (approximately 6 basis points) combined with
the impact of wholesale leverage (approximately 5 basis points)
which improved net interest income and reduced margin.
Noninterest Income Growth Benefits from Acquisitions, Loan
Growth
Noninterest income totaled $9.9 million for the fourth quarter of 2016,
$1.7 million, or 21%, above the
$8.2 million recorded in the same
quarter of 2015. Excluding securities gains and a bargain
purchase gain taken in the fourth quarter 2015, noninterest income
totaled $9.9 million, $2.1 million, or 27%, above last year.
Significant contributors to the increase in noninterest income
include mortgage banking revenue, which increased $0.7 million, or 69%, from the year-ago period;
deposit service charges, which increased $0.4 million, or 17%; interchange income, which
increased $0.3 million, or 17%; other
income, which increased $0.5 million,
or 75%, and bank owned life insurance ("BOLI") income which
increased $0.2 million, or 54%, due
to additional purchases during the quarter.
Noninterest income excluding securities gains increased
$0.2 million from third quarter 2016
levels. Declines of $0.3
million in mortgage banking fees during the quarter were
more than offset by increases in wealth management fees, up
$0.2 million, or 13%, as a result of
customer growth, additional BOLI income, up $0.2 million, or 60%, and growth-driven increases
in transaction based services (service charges on deposits,
interchange income, other deposit fees and other fees).
Transaction-based revenue increased, in aggregate, despite the
disruption of Hurricane Matthew in October.
Noninterest Expense Growth Reflects Merger Activity
Noninterest expense increased $3.1
million from the fourth quarter of 2015, including
$1.6 million higher
compensation-related costs. Fourth quarter 2016 expenses were
impacted by $0.7 million in
acquisition and other nonrecurring expenses compared to
$1.3 million in the fourth quarter of
2015. Adjusted noninterest expense1 increased
$3.7 million from prior-year
levels. The year-over-year increase in adjusted expense
reflects ongoing costs related to the acquisitions of Floridian
Financial Group and BMO Harris' Orlando operations, including salaries and
benefits, occupancy and equipment, and data processing costs
associated with the acquisitions, and costs to support significant
organic growth and investment in the franchise. Revenues,
excluding securities gains and the bargain purchase gain recognized
in fourth quarter 2015, grew $10.3
million, or 28%, compared to prior year levels while
adjusted noninterest expense1 grew 14% primarily related
to salaries, data processing, and occupancy expenses, which
increased $1.7 million, $0.8 million, and $0.5
million, respectively.
Noninterest expense decreased $3.1
million from the third quarter 2016, partially due to a
higher level of merger expenses and other nonrecurring expenses
recorded in the third quarter. Of the salary
decrease of $1.7 million,
$0.9 million related to accrual
reversals for cash and stock compensation incentives that we
anticipate will start accruing again during first quarter
2017. Adjusted noninterest expense1 declined $1.3 million, or 4%. Contributing to the lower
adjusted noninterest expense1 during the fourth quarter
of 2016 were $1.2 million of
reductions for salary costs, occupancy, and data processing
expense.
Fourth Quarter 2016 Balance Sheet Highlights
Strong Originations Drive Loan Portfolio Even
Higher
Net loans totaled $2.88
billion, an increase of $723
million, or 34%, above the fourth quarter 2015.
Excluding acquisitions, loans increased $383
million, or 18%, above the prior year. Loans increased
$110 million or 16%, annualized, from
third quarter 2016.
Loan production continued at a record pace for a second
consecutive quarter. Commercial loan originations reached
$145 million, a record quarter and
well ahead of $80 million of
production in the fourth quarter of 2015. The commercial
pipeline (in underwriting and approval or approved and not yet
closed) totaled $89 million at
December 31, 2016.
Consumer loan and small business originations totaled
$83 million during the fourth quarter
of 2016 compared to $60 million one
year ago. Closed residential production for the quarter totaled
$119 million compared with
$60 million during the fourth quarter
2015, with a total residential pipeline of $73 million as of December
31, 2016, up from a pipeline of $30
million one year ago.
(Dollars in
thousands)
|
4Q16
|
3Q16
|
2Q16
|
1Q16
|
4Q15
|
|
|
|
|
|
|
Commercial
pipeline
|
$88,814
|
$119,394
|
$113,261
|
$97,953
|
$105,556
|
Commercial loans
closed
|
144,975
|
109,078
|
111,133
|
67,252
|
80,003
|
|
|
|
|
|
|
Residential
pipeline
|
$72,604
|
$79,379
|
$66,083
|
$57,739
|
$30,340
|
Residential loans
retained
|
74,745
|
68,748
|
64,003
|
36,335
|
24,905
|
Residential loans
sold
|
81,141
|
79,151
|
39,499
|
30,345
|
35,278
|
Credit Quality Remains Stable and Strong
The provision
for loan losses was $1.0 million for
the fourth quarter of 2016, up from $369,000 in the fourth quarter 2015 and
$550,000 recorded in the third
quarter 2016. The higher provision was the result of
strong loan growth along with net charge-offs of $283,000 during the quarter, compared to
$1.4 million in net recoveries
collected during the third quarter 2016 and $569,000 in net charge-offs in the fourth quarter
2015. The ratio of allowance for loan losses to non-acquired loans
was 0.96% as of December 31 2016, a
slight decrease from 1.00% as of September
30, 2016.
Additional highlights include:
- Nonperforming assets to total assets declined to 0.60%,
compared to 0.69% one year ago. Of $28.0
million in nonperforming assets, nine properties at a
carrying value of $5.7 million relate
to closed branch properties held as REO.
- The ratio of allowance for loan losses to nonperforming loans
stood at 106.8%, more than covering nonperforming loans.
Deposits Built on Core Customer Growth and Acquired
Deposits
Total deposits were $3.52
billion as of December 31,
2016, $679 million or 24%
above the fourth quarter 2015. Core customer funding
increased to $3.38 billion, a
$653 million or 24% increase.
Excluding acquisitions, core customer funding increased by
$143 million or 5% and total deposits
increased $13 million or 2% above the
fourth quarter 2015. Core customer funding increased
$63 million and total deposits grew
$13 million compared to the third
quarter 2016. Seacoast realized growth in deposits despite
planned decreases in high-cost acquired certificates of deposit and
significant branch consolidation. Total deposits per branch
location increased to $75 million as
of December 31, 2016, compared to
$66 million one year prior.
Aggregate noninterest demand and low cost interest-bearing
demand deposits increased $77 million
or 4% (not annualized) from the third quarter of 2016 and
$433 million or 27% from the fourth
quarter of 2015. Excluding acquired deposits, noninterest
demand deposits increased $110
million over the fourth quarter 2015. No cost demand
and interest bearing demand accounts were 57% of deposit
balances.
(Dollars in
thousands)
|
|
Fourth
Quarter
2016
|
Third
Quarter
2016
|
Second
Quarter
2016
|
|
First
Quarter
2016
|
Fourth
Quarter
2015
|
|
|
Customer
Relationship Funding
|
|
|
|
|
|
|
|
|
|
Noninterest
demand
|
|
$1,148,309
|
$1,168,542
|
$1,146,792
|
|
$1,054,069
|
$
854,447
|
|
|
Interest-bearing
demand
|
|
873,727
|
776,480
|
776,388
|
|
750,904
|
734,749
|
|
|
Money
market
|
|
802,697
|
858,931
|
860,930
|
|
741,657
|
665,353
|
|
|
Savings
|
|
346,662
|
340,899
|
330,928
|
|
313,179
|
295,851
|
|
|
Time certificates
of deposit
|
|
351,850
|
365,641
|
386,278
|
|
362,638
|
293,987
|
|
|
Total deposits
|
|
$3,523,245
|
$3,510,493
|
$3,501,316
|
|
$3,222,447
|
$2,844,387
|
|
|
Customer sweep
accounts
|
|
$204,202
|
$167,693
|
$183,387
|
|
$198,330
|
$172,005
|
|
|
Total core customer
funding
|
|
$3,375,597
|
$3,312,545
|
$3,298,425
|
|
$3,058,139
|
$2,722,405
|
|
|
Demand
deposit mix
(noninterest bearing)
|
|
32.6%
|
33.3%
|
32.8%
|
|
32.7%
|
30.0%
|
|
|
Other Highlights
Income Taxes
Seacoast recorded a $5.3 million income tax provision in the fourth
quarter of 2016, compared to $4.3
million in the third quarter of 2016 and $3.7 million in the prior year. The fourth
and third quarter 2016 tax provisions benefited from the early
adoption of ASU 2016-09, Improvements to Employee Share-Based
Payment Accounting. As a result, Seacoast recorded a benefit
of $383,000 and $418,000 for the fourth and third quarter,
respectively, adding approximately $0.01 per diluted share to each quarter.
Excluding the adoption of ASU 2016-09, the total year effective
tax rate was 35.6%, down from 37.9% in 2015, reflecting active
management of the company's tax position. Implementation of
this new accounting standard will continue to have an impact on the
effective tax rate in future periods depending on stock-based
compensation grants and their related vesting and exercise timing,
as well as stock price.
Capital Ratios Remain at Strong Levels
The common
equity tier 1 capital ratio (CET1) was 10.8%, total capital ratio
was 13.3% and the tier 1 leverage ratio was 9.2% at December 31, 2016, essentially flat with the
prior quarter as strong earnings grew capital in line with balance
sheet growth.
Tangible book value per share increased $0.02 to $9.37
while book value per share remained flat at $11.45 compared to the third quarter of
2016. Tangible common equity to assets was 7.7% at
December 31, 2016. Tangible
book value and tangible common equity ratios were impacted by
earnings strength, offset by a decrease in unrealized gains
(losses) on AFS securities.
About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)
Seacoast Banking
Corporation of Florida is one of
the largest community banks headquartered in Florida with approximately $4.7 billion in assets and $3.5 billion in deposits as of December 31, 2016. The Company provides
integrated financial services including commercial and retail
banking, wealth management, and mortgage services to customers
through advanced banking solutions, 47 traditional branches of its
locally-branded wholly-owned subsidiary bank, Seacoast Bank, and
five commercial banking centers. Offices stretch from Ft. Lauderdale, Boca
Raton and West Palm Beach
north through the Daytona Beach
area, into Orlando and
Central Florida, and west to
Okeechobee and surrounding
counties. More information about the Company is available at
SeacoastBanking.com.
1 Non-GAAP measure, see "Explanation of Certain
Unaudited Non-GAAP Financial Measures"
2
https://www08.wellsfargomedia.com/assets/pdf/commercial/insights/economics/regional-reports/fl-economic-outlook-20161101.pdf
3
http://blog.comerica.com/2016/11/15/florida-economy-gains-momentum-heading-into-2017/
Important information About the Proposed Merger and Where
to Find It
This document does not constitute an offer to sell or the
solicitation of an offer to buy any securities, or a solicitation
of any vote or approval, nor shall there be any sale of securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. Seacoast has filed
a registration statement on Form S-4 with the SEC, which includes a
preliminary proxy statement of GulfShore and a
preliminary prospectus of Seacoast regarding the proposed merger
with GulfShore into Seacoast. After the
registration statement is declared effective by the SEC, GulfShore
will deliver a definitive proxy statement to its shareholders.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY
STATEMENT/PROSPECTUS REGARDING THE PROPOSED MERGER AND OTHER
DOCUMENTS FILED BY SEACOAST WITH THE SEC CAREFULLY AND IN THEIR
ENTIRETY, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE
DOCUMENTS WHEN THEY BECOME AVAILABLE, BECAUSE THEY DO OR WILL
CONTAIN IMPORTANT INFORMATION.
Investors can obtain (when available) a free copy
of the proxy
statement/prospectus, as well as other
filings containing information about Seacoast and GulfShore, at the
SEC's website (http://www.sec.gov),
with respect to information about Seacoast, and GulfShore's
website (www.gulfshorebank.com), with respect to
information about GulfShore. Investors can also obtain these
documents, free of charge, at
http://www.seacoastbanking.com under the tab "Investor
Relations" and then under the tab "Financials/Regulatory
Filings." Copies of the proxy
statement/prospectus and any other filing
by Seacoast with the SEC can also be obtained, free of charge, by
directing a request to Investor Relations, 815 Colorado Avenue,
P.O. Box 9012, Stuart, FL 34994,
(772) 288-6085.
Seacoast, GulfShore, their respective directors and executive
officers and other members of management and employees may be
considered participants in the solicitation of proxies in
connection with the proposed merger. Information about the
directors and executive officers of Seacoast is set forth in its
proxy statement for its 2016 annual meeting of shareholders, which
was filed with the SEC on April 7,
2016, and amendments thereto, and its Current Reports on
Form 8-K. Other information regarding the participants in the proxy
solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, is contained in the
Proxy Statement/Prospectus. You may obtain free copies of
these documents as described in the preceding paragraph.
Cautionary Notice Regarding Forward-Looking
Statements
This press release contains
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, including, without limitation, statements
about future financial and operating results, cost savings,
enhanced revenues, economic and seasonal conditions in our markets,
and improvements to reported earnings that may be realized from
cost controls and for integration of banks that we have acquired,
or expect to acquire, as well as statements with respect to
Seacoast's objectives, expectations and intentions and other
statements that are not historical facts. Actual results may
differ from those set forth in the forward-looking
statements.
Forward-looking statements include statements with respect to
our beliefs, plans, objectives, goals, expectations, anticipations,
estimates and intentions, and involve known and unknown risks,
uncertainties and other factors, which may be beyond our control,
and which may cause the actual results, performance or achievements
of Seacoast to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. You should not expect us to update any
forward-looking statements.
You can identify these forward-looking statements through our
use of words such as "may," "will," "anticipate," "assume,"
"should," "support", "indicate," "would," "believe," "contemplate,"
"expect," "estimate," "continue," "further", "point to," "project,"
"could," "intend" or other similar words and expressions of the
future. These forward-looking statements may not be realized due to
a variety of factors, including, without limitation: the effects of
future economic and market conditions, including seasonality;
governmental monetary and fiscal policies, as well as legislative,
tax and regulatory changes; changes in accounting policies, rules
and practices; the risks of changes in interest rates on the level
and composition of deposits, loan demand, liquidity and the values
of loan collateral, securities, and interest sensitive assets and
liabilities; interest rate risks, sensitivities and the shape of
the yield curve; the effects of competition from other commercial
banks, thrifts, mortgage banking firms, consumer finance companies,
credit unions, securities brokerage firms, insurance companies,
money market and other mutual funds and other financial
institutions operating in our market areas and elsewhere, including
institutions operating regionally, nationally and internationally,
together with such competitors offering banking products and
services by mail, telephone, computer and the Internet; and the
failure of assumptions underlying the establishment of reserves for
possible loan losses. The risks of mergers and acquisitions,
include, without limitation: unexpected transaction costs,
including the costs of integrating operations; the risks that the
businesses will not be integrated successfully or that such
integration may be more difficult, time-consuming or costly than
expected; the potential failure to fully or timely realize expected
revenues and revenue synergies, including as the result of revenues
following the merger being lower than expected; the risk of deposit
and customer attrition; any changes in deposit mix; unexpected
operating and other costs, which may differ or change from
expectations; the risks of customer and employee loss and business
disruption, including, without limitation, as the result of
difficulties in maintaining relationships with employees; increased
competitive pressures and solicitations of customers by
competitors; as well as the difficulties and risks inherent with
entering new markets.
All written or oral forward-looking statements attributable
to us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 10-K for the
year ended December 31, 2015, under
"Special Cautionary Notice Regarding Forward-looking Statements"
and "Risk Factors", and otherwise in our SEC reports and filings.
Such reports are available upon request from the Company, or from
the Securities and Exchange Commission, including through the SEC's
Internet website at http://www.sec.gov.
Explanation of Certain Unaudited Non-GAAP Financial
Measures
The measures entitled adjusted net income; adjusted diluted
earnings per share; return on average tangible common equity;
adjusted revenue; adjusted return on assets; adjusted return on
average tangible common equity; adjusted efficiency ratio; adjusted
pre-tax, pre-provision income; annualized adjusted operating
expenses as a percent of average assets; and adjusted noninterest
expense are not measures recognized under U.S. generally accepted
accounting principles (GAAP) and therefore are considered non-GAAP
financial measures. The most comparable GAAP measures are net
income, diluted earnings per share, return on average equity,
revenues, return on average assets, return on average equity,
expenses/revenues, net income, noninterest expense as a percent of
average assets, and noninterest expense, respectively.
Management uses the 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, and if not provided
would be requested by the investor community. 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 in facilitating 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 presents
non-GAAP measures to remove or adjust for items like transaction
related merger and acquisition costs or other costs or revenue
items that are not related to the ongoing operations of the company
as well as to adjust intangible assets and intangible asset
amortization from acquired companies. The Company believes
these measures are useful to investors because removing the amount
of intangible assets and amortization thereof, and removing costs
and revenues not related to ongoing operations of the company (the
level of which may vary from company to company and from period to
period), allows investors to more easily compare the Company's
capital position and financial performance to other companies in
the industry that present similar measures. The Company also
believes that removing these items provides a more relevant measure
of the Company's financial performance from period to period. These
measures are utilized by management to assess the capital adequacy
and profitability of the Company. These disclosures should not be
considered an alternative to GAAP. The computations of adjusted net
income; adjusted diluted earnings per share; return on average
tangible common equity; adjusted revenue; adjusted return on
assets; adjusted return on average tangible common equity; adjusted
efficiency ratio; adjusted pre-tax, pre-provision income;
annualized adjusted operating expenses as a percent of average
assets; and adjusted noninterest expense and the reconciliation of
these measures are set forth in the tables below:
(Dollars in thousands
except per share data)
|
Fourth
Quarter
|
Third
Quarter
|
Second
Quarter
|
First
Quarter
|
Fourth
Quarter
|
|
2016
|
2016
|
2016
|
2016
|
2015
|
Net
income
|
$10,771
|
$9,133
|
$5,332
|
$3,966
|
$6,036
|
|
|
|
|
|
|
BOLI income (benefits
upon a death)
|
0
|
0
|
0
|
(464)
|
0
|
Security
gains
|
(7)
|
(225)
|
(47)
|
(89)
|
(1)
|
Bargain purchase
gain
|
0
|
0
|
0
|
0
|
(416)
|
Total Adjustments to
Revenue
|
(7)
|
(225)
|
(47)
|
(553)
|
(417)
|
|
|
|
|
|
|
Severance
|
165
|
287
|
464
|
306
|
187
|
Merger related
charges
|
559
|
1,628
|
2,448
|
4,038
|
1,043
|
Branch closure
charges and costs related to expense
initiative
|
0
|
678
|
1,121
|
691
|
0
|
Miscellaneous
losses
|
0
|
0
|
0
|
0
|
48
|
Early redemption cost
for FHLB advances
|
0
|
0
|
1,777
|
0
|
0
|
Total Adjustments to
Noninterest Expense
|
724
|
2,593
|
5,810
|
5,035
|
1,278
|
|
|
|
|
|
|
Effective tax rate on
adjustments
|
(152)
|
(913)
|
(2,322)
|
(1,690)
|
(328)
|
Adjusted Net
Income
|
$11,337
|
$10,588
|
$8,773
|
$6,758
|
$6,569
|
Earnings per diluted
share, as reported
|
$0.28
|
$0.24
|
$0.14
|
$0.11
|
$0.18
|
Adjusted Earnings
per Diluted Share
|
0.30
|
0.28
|
0.23
|
0.19
|
0.19
|
Average shares
outstanding (000)
|
38,252
|
38,170
|
38,142
|
35,453
|
34,395
|
|
|
|
|
|
|
Adjusted net
income
|
$11,337
|
$10,588
|
$8,773
|
$6,758
|
$6,569
|
Provision for loan
losses
|
1,000
|
550
|
662
|
199
|
369
|
Income
taxes
|
5,438
|
5,232
|
5,172
|
4,125
|
4,052
|
Adjusted Pretax,
Pre-provision Income
|
$17,775
|
$16,370
|
$14,607
|
$11,082
|
$10,990
|
Revenue
|
$47,354
|
$47,437
|
$43,651
|
$38,941
|
$37,299
|
Total adjustments to
revenue
|
(7)
|
(225)
|
(47)
|
(553)
|
(417)
|
Adjusted
Revenue
|
$47,347
|
$47,212
|
$43,604
|
$38,388
|
$36,882
|
Noninterest
Expense
|
$30,297
|
$33,435
|
$34,808
|
$32,341
|
$27,169
|
Total adjustments to
noninterest expense
|
724
|
2,593
|
5,810
|
5,035
|
1,278
|
Adjusted Noninterest
Expense
|
$29,573
|
$30,842
|
$28,998
|
$27,306
|
$25,891
|
|
Adjusted noninterest
expense
|
$29,573
|
$30,842
|
$28,998
|
$27,306
|
$25,891
|
|
Foreclosed property
expense & amortization of
intangibles
|
(641)
|
(851)
|
(553)
|
(484)
|
(324)
|
|
Net adjusted
noninterest expense
|
$28,932
|
$29,990
|
$28,445
|
$26,822
|
$25,567
|
|
Adjusted
revenue
|
$47,347
|
$47,212
|
$43,604
|
$38,388
|
$36,882
|
|
Impact of FTE
adjustment
|
204
|
287
|
308
|
127
|
117
|
|
Adjusted revenue on a
fully taxable equivalent basis
|
$47,551
|
$47,499
|
$43,912
|
$38,515
|
$36,999
|
|
Adjusted
Efficiency Ratio
|
60.84%
|
63.14%
|
64.78%
|
69.64%
|
69.10%
|
|
Return on average
assets (ROA)
|
0.94%
|
0.82%
|
0.51%
|
0.44%
|
0.69%
|
|
Impact of adjustments
for adjusted net income
|
0.05
|
0.13
|
0.33
|
0.31
|
0.06
|
|
Adjusted
Return on Average Assets
(Adjusted
ROA)
|
0.99%
|
0.95%
|
0.84%
|
0.75%
|
0.75%
|
|
|
|
|
|
|
|
|
Return on Average
Common Equity
|
9.8%
|
8.4%
|
5.2%
|
4.3%
|
6.8%
|
|
Impact of removing
average intangible assets and related amortization
|
2.7
|
2.5
|
1.4
|
0.8
|
1.0
|
|
Return on Average
Tangible Common Equity (ROTCE)
|
12.5
|
10.9
|
6.6
|
5.1
|
7.8
|
|
Impact of adjustments
for adjusted net income
|
0.6
|
1.7
|
4.0
|
3.4
|
1.1
|
|
Adjusted
Return on Average Tangible Common Equity
|
13.1%
|
12.6%
|
10.6%
|
8.5%
|
8.9%
|
|
NONINTEREST
EXPENSE
|
|
|
|
|
|
|
|
Fourth
|
Third
|
Second
|
First
|
Fourth
|
|
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
|
(Dollars in
thousands)
|
2016
|
2016
|
2016
|
2016
|
2015
|
|
Salaries and
wages
|
$12,324
|
$13,431
|
$12,769
|
$12,137
|
$10,948
|
|
Employee
benefits
|
2,475
|
2,397
|
2,476
|
2,389
|
2,178
|
|
Outsourced data
processing costs
|
3,030
|
3,223
|
2,698
|
2,488
|
2,457
|
|
Telephone / data
lines
|
502
|
539
|
539
|
529
|
412
|
|
Occupancy
expense
|
2,783
|
2,806
|
2,523
|
2,251
|
2,314
|
|
Furniture and
equipment expense
|
1,177
|
1,073
|
1,122
|
966
|
952
|
|
Marketing
expense
|
816
|
768
|
836
|
997
|
1,128
|
|
Legal and
professional fees
|
1,922
|
1,696
|
1,574
|
1,583
|
1,568
|
|
FDIC
assessments
|
661
|
517
|
643
|
544
|
551
|
|
Asset Management
Disposition
|
84
|
219
|
160
|
90
|
84
|
|
OREO & REPO
Loss/(Gain)
|
(161)
|
(96)
|
(201)
|
(51)
|
(157)
|
|
Amortization of
intangibles
|
719
|
727
|
594
|
446
|
397
|
|
Other
|
3,241
|
3,542
|
3,265
|
2,937
|
3,059
|
|
Total Adjusted
Noninterest Expense
|
29,573
|
30,842
|
28,998
|
27,306
|
25,891
|
|
Severance and
organizational changes
|
165
|
287
|
464
|
306
|
187
|
|
Legal and
professional fees for acquisition and expense
initiatives
|
559
|
1,628
|
2,448
|
4,038
|
1,043
|
|
Branch
closure
|
0
|
678
|
1,121
|
691
|
0
|
|
Miscellaneous
losses
|
0
|
0
|
0
|
0
|
48
|
|
Early redemption cost
for FHLB advances
|
0
|
0
|
1,777
|
0
|
0
|
|
Total Noninterest
Expense
|
$30,297
|
$33,435
|
$34,808
|
$32,341
|
$27,169
|
|
|
|
|
|
|
|
|
FINANCIAL
HIGHLIGHTS
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except share data)
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Summary of
Earnings
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
10,771
|
|
$
9,133
|
|
$
6,036
|
|
$
29,202
|
|
$
22,141
|
|
Net interest
income (1)
|
37,628
|
|
37,735
|
|
29,216
|
|
140,514
|
|
109,968
|
|
Net interest
margin (1), (2)
|
3.56
|
%
|
3.69
|
%
|
3.67
|
%
|
3.63
|
%
|
3.64
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Ratios
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets-GAAP basis (2), (3)
|
0.94
|
%
|
0.82
|
%
|
0.69
|
%
|
0.69
|
%
|
0.67
|
%
|
Return on average
shareholders' equity-GAAP basis (2), (3)
|
9.80
|
|
8.44
|
|
6.78
|
|
7.06
|
|
6.56
|
|
Return on average
tangible shareholders' equity-GAAP basis (2), (3), (4)
|
12.51
|
|
10.91
|
|
7.83
|
|
8.87
|
|
7.59
|
|
Efficiency ratio
(5)
|
62.36
|
|
68.60
|
|
72.57
|
|
72.13
|
|
71.58
|
|
Noninterest income to
total revenue
|
20.96
|
|
20.68
|
|
21.10
|
|
21.14
|
|
22.63
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data
|
|
|
|
|
|
|
|
|
|
|
Net income
diluted-GAAP basis
|
$
0.28
|
|
$
0.24
|
|
$
0.18
|
|
$
0.78
|
|
$
0.66
|
|
Net income basic-GAAP
basis
|
0.29
|
|
0.24
|
|
0.18
|
|
0.79
|
|
0.66
|
|
Book value per share
common
|
11.45
|
|
11.45
|
|
10.29
|
|
11.45
|
|
10.29
|
|
Tangible book value
per share
|
9.37
|
|
9.35
|
|
9.31
|
|
9.37
|
|
9.31
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) The
Company defines tangible common equity as total shareholder's
equity less intangible assets.
|
|
|
|
|
|
|
|
|
|
(5) Defined as
(noninterest expense less foreclosed property expense and
amortization of intangibles) divided by net operating
revenue (net interest
income on a fully taxable equivalent basis plus noninterest income
excluding securities gains and bargain purchase gain,
net).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
|
|
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
(Dollars in
thousands, except share data)
|
2016
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Data
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
4,680,932
|
|
$
4,513,934
|
|
$
3,534,780
|
|
|
|
|
|
Securities available
for sale (at fair value)
|
950,503
|
|
866,613
|
|
790,766
|
|
|
|
|
|
Securities held for
investment (at amortized cost)
|
372,498
|
|
392,138
|
|
203,525
|
|
|
|
|
|
Net loans
|
2,856,136
|
|
2,746,654
|
|
2,137,202
|
|
|
|
|
|
Deposits
|
3,523,245
|
|
3,510,493
|
|
2,844,387
|
|
|
|
|
|
Total shareholders'
equity
|
435,397
|
|
435,519
|
|
353,453
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances
(Year-to-Date)
|
|
|
|
|
|
|
|
|
|
|
Total average
assets
|
$
4,201,822
|
|
$
4,077,463
|
|
$
3,304,397
|
|
|
|
|
|
Less: intangible
assets
|
66,611
|
|
62,240
|
|
33,277
|
|
|
|
|
|
Total average
tangible assets
|
$
4,135,211
|
|
$
4,015,223
|
|
$
3,271,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average
equity
|
$
413,874
|
|
$
406,080
|
|
$
337,367
|
|
|
|
|
|
Less: intangible
assets
|
66,611
|
|
62,240
|
|
33,277
|
|
|
|
|
|
Total average
tangible equity
|
$
347,264
|
|
$
343,840
|
|
$
304,090
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
Analysis
|
|
|
|
|
|
|
|
|
|
|
Net (recoveries)
year-to-date - non-acquired loans
|
$
(2,040)
|
|
$
(2,182)
|
|
$
(609)
|
|
|
|
|
|
Net charge-offs
year-to-date - acquired loans
|
178
|
|
37
|
|
1,196
|
|
|
|
|
|
Total net charge-offs
(recoveries) year-to-date
|
$
(1,862)
|
|
$
(2,145)
|
|
$
587
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (recoveries) to
average loans (annualized) - non-acquired loans
|
(0.08)
|
%
|
(0.12)
|
%
|
(0.03)
|
%
|
|
|
|
|
Net charge-offs to
average loans (annualized) - acquired loans
|
0.01
|
|
0.01
|
|
0.06
|
|
|
|
|
|
Total net charge-offs
(recoveries) to average loans (annualized)
|
(0.07)
|
|
(0.11)
|
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan loss provision
(recapture) year-to-date - non-acquired loans
|
$
2,213
|
|
$
1,052
|
|
$
1,375
|
|
|
|
|
|
Loan loss provision
year-to-date - acquired loans
|
198
|
|
359
|
|
1,269
|
|
|
|
|
|
Total loan loss
provision year-to-date
|
$
2,411
|
|
$
1,411
|
|
$
2,644
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance to loans at
end of period - non-acquired loans
|
0.96
|
%
|
1.00
|
%
|
1.03
|
%
|
|
|
|
|
Discount for credit
losses to acquired loans at end of period
|
4.18
|
|
4.24
|
|
4.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans -
non-acquired loans
|
$
11,023
|
|
$
10,561
|
|
$
12,758
|
|
|
|
|
|
Nonperforming loans -
acquired loans
|
7,048
|
|
7,876
|
|
4,628
|
|
|
|
|
|
Other real estate
owned - non-acquired
|
3,041
|
|
3,681
|
|
3,699
|
|
|
|
|
|
Other real estate
owned - acquired
|
1,203
|
|
1,468
|
|
3,340
|
|
|
|
|
|
Bank branches closed
inculded in other real estate owned
|
5,705
|
|
7,585
|
|
0
|
|
|
|
|
|
Total nonperforming
assets
|
$
28,020
|
|
$
31,171
|
|
$
24,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured loans
(accruing)
|
$
17,711
|
|
$
19,272
|
|
$
19,970
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased noncredit
impaired loans
|
$
440,690
|
|
$
484,006
|
|
$
308,737
|
|
|
|
|
|
Purchased credit
impaired loans
|
12,996
|
|
13,057
|
|
12,109
|
|
|
|
|
|
Total acquired
loans
|
$
453,686
|
|
$
497,063
|
|
$
320,846
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
to loans at end of period - non-acquired loans
|
0.38
|
%
|
0.38
|
%
|
0.59
|
%
|
|
|
|
|
Nonperforming loans
to loans at end of period - acquired loans
|
0.24
|
|
0.28
|
|
0.22
|
|
|
|
|
|
Total nonperforming
loans to loans at end of period
|
0.63
|
|
0.66
|
|
0.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets
to total assets - non-acquired
|
0.42
|
%
|
0.48
|
%
|
0.47
|
%
|
|
|
|
|
Nonperforming assets
to total assets - aquired
|
0.18
|
|
0.21
|
|
0.22
|
|
|
|
|
|
Total nonperforming
assets to total assets
|
0.60
|
|
0.69
|
|
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
|
(Unaudited)
|
|
|
|
|
|
|
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
December
31,
|
(Dollars in
thousands, except per share data)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
Interest on
securities:
|
|
|
|
|
|
|
|
|
Taxable
|
|
$
6,880
|
|
$
5,312
|
|
$
26,133
|
|
$
20,341
|
Nontaxable
|
|
287
|
|
144
|
|
1,036
|
|
585
|
Interest and fees on
loans
|
|
32,007
|
|
25,184
|
|
119,217
|
|
94,469
|
Interest on federal
funds sold and other investments
|
|
517
|
|
275
|
|
1,669
|
|
1,022
|
Total Interest Income
|
|
39,691
|
|
30,915
|
|
148,055
|
|
116,417
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
|
622
|
|
598
|
|
2,593
|
|
2,085
|
Interest on time
certificates
|
|
598
|
|
265
|
|
2,074
|
|
1,228
|
Interest on borrowed
money
|
|
1,046
|
|
952
|
|
3,800
|
|
3,617
|
Total Interest Expense
|
|
2,266
|
|
1,815
|
|
8,467
|
|
6,930
|
|
|
|
|
|
|
|
|
|
Net Interest Income
|
|
37,425
|
|
29,100
|
|
139,588
|
|
109,487
|
Provision for loan
losses
|
|
1,000
|
|
369
|
|
2,411
|
|
2,644
|
Net Interest Income After Provision for Loan Losses
|
|
36,425
|
|
28,731
|
|
137,177
|
|
106,843
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
Service charges on deposit
accounts
|
|
2,612
|
|
2,229
|
|
9,669
|
|
8,563
|
Trust fees
|
|
969
|
|
791
|
|
3,433
|
|
3,132
|
Mortgage banking
fees
|
|
1,616
|
|
955
|
|
5,864
|
|
4,252
|
Brokerage commissions and
fees
|
|
480
|
|
511
|
|
2,044
|
|
2,132
|
Marine finance
fees
|
|
115
|
|
205
|
|
673
|
|
1,152
|
Interchange
income
|
|
2,334
|
|
1,989
|
|
9,227
|
|
7,684
|
Other deposit based EFT
fees
|
|
125
|
|
99
|
|
477
|
|
397
|
BOLI income
|
|
611
|
|
396
|
|
2,213
|
|
1,426
|
Gain on participated
loan
|
|
0
|
|
0
|
|
0
|
|
725
|
Other
|
|
1,060
|
|
607
|
|
3,827
|
|
2,555
|
|
|
9,922
|
|
7,782
|
|
37,427
|
|
32,018
|
Securities gains,
net
|
|
7
|
|
1
|
|
368
|
|
161
|
Bargain purchase gain,
net
|
|
0
|
|
416
|
|
0
|
|
416
|
Total Noninterest Income
|
|
9,929
|
|
8,199
|
|
37,795
|
|
32,595
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses:
|
|
|
|
|
|
|
|
|
Salaries and
wages
|
|
12,476
|
|
11,135
|
|
54,096
|
|
41,075
|
Employee benefits
|
|
2,475
|
|
2,178
|
|
9,903
|
|
9,564
|
Outsourced data processing
costs
|
|
3,076
|
|
2,455
|
|
13,516
|
|
10,150
|
Telephone / data
lines
|
|
502
|
|
412
|
|
2,108
|
|
1,797
|
Occupancy
|
|
2,830
|
|
2,314
|
|
13,122
|
|
8,744
|
Furniture and
equipment
|
|
1,211
|
|
1,000
|
|
4,720
|
|
3,434
|
Marketing
|
|
847
|
|
1,128
|
|
3,633
|
|
4,428
|
Legal and professional
fees
|
|
2,370
|
|
2,580
|
|
9,596
|
|
8,022
|
FDIC assessments
|
|
661
|
|
551
|
|
2,365
|
|
2,212
|
Amortization of
intangibles
|
|
719
|
|
397
|
|
2,486
|
|
1,424
|
Asset dispositions
expense
|
|
84
|
|
79
|
|
553
|
|
472
|
Net (gain)/loss on other
real estate owned and repossessed assets
|
|
(161)
|
|
(157)
|
|
(509)
|
|
239
|
Early redemption cost for
Federal Home Loan Bank advances
|
|
0
|
|
0
|
|
1,777
|
|
0
|
Other
|
|
3,207
|
|
3,097
|
|
13,515
|
|
12,209
|
Total Noninterest Expenses
|
|
30,297
|
|
27,169
|
|
130,881
|
|
103,770
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes
|
|
16,058
|
|
9,761
|
|
44,091
|
|
35,668
|
Income
taxes
|
|
5,286
|
|
3,725
|
|
14,889
|
|
13,527
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
10,771
|
|
$
6,036
|
|
$
29,202
|
|
$
22,141
|
|
|
|
|
|
|
|
|
|
Per share of common
stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
diluted
|
|
$
0.28
|
|
$
0.18
|
|
$
0.78
|
|
$
0.66
|
Net income basic
|
|
0.29
|
|
0.18
|
|
0.79
|
|
0.66
|
Cash dividends
declared
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
|
|
|
|
|
|
|
|
Average diluted
shares outstanding
|
|
38,252,351
|
|
34,395,373
|
|
37,508,046
|
|
33,744,171
|
Average basic shares
outstanding
|
|
37,603,789
|
|
34,115,697
|
|
36,872,007
|
|
33,495,827
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
(Unaudited)
|
|
|
|
|
|
|
|
|
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUARTER
|
|
2016
|
|
2015
|
(Dollars in
thousands, except per share data)
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
|
|
|
|
|
|
|
|
|
Interest on
securities:
|
|
|
|
|
|
|
|
|
|
Taxable
|
$
6,880
|
|
$
6,966
|
|
$
6,603
|
|
$
5,683
|
|
$
5,312
|
Nontaxable
|
287
|
|
287
|
|
299
|
|
164
|
|
144
|
Interest and fees on
loans
|
32,007
|
|
31,932
|
|
29,244
|
|
26,034
|
|
25,184
|
Interest on federal
funds sold and other investments
|
517
|
|
429
|
|
433
|
|
290
|
|
275
|
Total Interest Income
|
39,691
|
|
39,614
|
|
36,579
|
|
32,171
|
|
30,915
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
622
|
|
679
|
|
688
|
|
604
|
|
598
|
Interest on time
certificates
|
598
|
|
613
|
|
550
|
|
313
|
|
265
|
Interest on borrowed
money
|
1,046
|
|
874
|
|
848
|
|
1,032
|
|
952
|
Total Interest Expense
|
2,266
|
|
2,166
|
|
2,086
|
|
1,949
|
|
1,815
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
|
37,425
|
|
37,448
|
|
34,493
|
|
30,222
|
|
29,100
|
Provision for loan
losses
|
1,000
|
|
550
|
|
662
|
|
199
|
|
369
|
Net Interest Income After Provision for Loan Losses
|
36,425
|
|
36,898
|
|
33,831
|
|
30,023
|
|
28,731
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
Service charges on deposit
accounts
|
2,612
|
|
2,698
|
|
2,230
|
|
2,129
|
|
2,229
|
Trust fees
|
969
|
|
820
|
|
838
|
|
806
|
|
791
|
Mortgage banking
fees
|
1,616
|
|
1,885
|
|
1,364
|
|
999
|
|
955
|
Brokerage commissions and
fees
|
480
|
|
463
|
|
470
|
|
631
|
|
511
|
Marine finance
fees
|
115
|
|
138
|
|
279
|
|
141
|
|
205
|
Interchange
income
|
2,334
|
|
2,306
|
|
2,370
|
|
2,217
|
|
1,989
|
Other deposit based EFT
fees
|
125
|
|
109
|
|
116
|
|
127
|
|
99
|
BOLI income
|
611
|
|
382
|
|
379
|
|
841
|
|
396
|
Other
|
1,060
|
|
963
|
|
1,065
|
|
739
|
|
607
|
|
9,922
|
|
9,764
|
|
9,111
|
|
8,630
|
|
7,782
|
Securities gains,
net
|
7
|
|
225
|
|
47
|
|
89
|
|
1
|
Bargain purchase gain,
net
|
0
|
|
0
|
|
0
|
|
0
|
|
416
|
Total Noninterest Income
|
9,929
|
|
9,989
|
|
9,158
|
|
8,719
|
|
8,199
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses:
|
|
|
|
|
|
|
|
|
|
Salaries and
wages
|
12,476
|
|
14,337
|
|
13,884
|
|
13,399
|
|
11,135
|
Employee benefits
|
2,475
|
|
2,425
|
|
2,521
|
|
2,482
|
|
2,178
|
Outsourced data processing
costs
|
3,076
|
|
3,198
|
|
2,803
|
|
4,439
|
|
2,455
|
Telephone / data
lines
|
502
|
|
539
|
|
539
|
|
528
|
|
412
|
Occupancy
|
2,830
|
|
3,675
|
|
3,645
|
|
2,972
|
|
2,314
|
Furniture and
equipment
|
1,211
|
|
1,228
|
|
1,283
|
|
998
|
|
1,000
|
Marketing
|
847
|
|
780
|
|
957
|
|
1,049
|
|
1,128
|
Legal and professional
fees
|
2,370
|
|
2,213
|
|
2,656
|
|
2,357
|
|
2,580
|
FDIC assessments
|
661
|
|
517
|
|
643
|
|
544
|
|
551
|
Amortization of
intangibles
|
719
|
|
728
|
|
593
|
|
446
|
|
397
|
Asset dispositions
expense
|
84
|
|
219
|
|
160
|
|
90
|
|
79
|
Net gain on other real
estate owned and repossessed assets
|
(161)
|
|
(96)
|
|
(201)
|
|
(51)
|
|
(157)
|
Early redemption cost for
Federal Home Loan Bank advances
|
0
|
|
0
|
|
1,777
|
|
0
|
|
0
|
Other
|
3,207
|
|
3,672
|
|
3,548
|
|
3,088
|
|
3,097
|
Total Noninterest Expenses
|
30,297
|
|
33,435
|
|
34,808
|
|
32,341
|
|
27,169
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes
|
16,057
|
|
13,452
|
|
8,181
|
|
6,401
|
|
9,761
|
Income
taxes
|
5,286
|
|
4,319
|
|
2,849
|
|
2,435
|
|
3,725
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
$
10,771
|
|
$
9,133
|
|
$
5,332
|
|
$
3,966
|
|
$
6,036
|
|
|
|
|
|
|
|
|
|
|
Per share of common
stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
diluted
|
$
0.28
|
|
$
0.24
|
|
$
0.14
|
|
$
0.11
|
|
$
0.18
|
Net income basic
|
0.29
|
|
0.24
|
|
0.14
|
|
0.11
|
|
0.18
|
Cash dividends
declared
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
Average diluted
shares outstanding
|
38,252,351
|
|
38,169,863
|
|
38,141,550
|
|
35,452,968
|
|
34,395,373
|
Average basic shares
outstanding
|
37,603,789
|
|
37,549,804
|
|
37,470,071
|
|
34,848,875
|
|
34,115,697
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE
SHEETS
|
(Unaudited)
|
|
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
(Dollars in
thousands, except share data)
|
2016
|
|
2015
|
|
|
|
|
|
Assets
|
|
|
|
|
Cash and
due from banks
|
|
$
82,520
|
|
$
81,216
|
Interest
bearing deposits with other banks
|
27,124
|
|
54,851
|
Total Cash and Cash Equivalents
|
109,644
|
|
136,067
|
|
|
|
|
|
Securities:
|
|
|
|
|
Available
for sale (at fair value)
|
950,503
|
|
790,766
|
Held for
investment (at amortized cost)
|
372,498
|
|
203,525
|
Total Securities
|
|
1,323,001
|
|
994,291
|
|
|
|
|
|
Loans
held for sale
|
|
15,332
|
|
23,998
|
|
|
|
|
|
Loans
|
|
2,879,536
|
|
2,156,330
|
Less:
Allowance for loan losses
|
|
(23,400)
|
|
(19,128)
|
Net Loans
|
|
2,856,136
|
|
2,137,202
|
|
|
|
|
|
Bank
premises and equipment, net
|
|
58,684
|
|
54,579
|
Other
real estate owned
|
|
9,949
|
|
7,039
|
Goodwill
|
|
64,649
|
|
25,211
|
Other
intangible assets
|
|
14,572
|
|
8,594
|
Bank
owned life insurance
|
|
84,580
|
|
43,579
|
Net
deferred tax assets
|
|
60,818
|
|
60,274
|
Other
assets
|
|
83,567
|
|
43,946
|
|
|
$
4,680,932
|
|
$
3,534,780
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
Liabilities
|
|
|
|
|
Deposits
|
|
|
|
|
Noninterest demand
|
|
$
1,148,309
|
|
$
854,447
|
Interest-bearing demand
|
|
873,727
|
|
734,749
|
Savings
|
|
346,662
|
|
295,851
|
Money
market
|
|
802,697
|
|
665,353
|
Other time
certificates
|
|
159,887
|
|
153,318
|
Brokered
time certificates
|
|
7,342
|
|
9,403
|
Time
certificates of $100,000 or more
|
184,621
|
|
131,266
|
Total Deposits
|
|
3,523,245
|
|
2,844,387
|
|
|
|
|
|
Securities sold under agreements to repurchase
|
204,202
|
|
172,005
|
Federal
Home Loan Bank borrowings
|
415,000
|
|
50,000
|
Subordinated debt
|
|
70,241
|
|
69,961
|
Other
liabilities
|
|
32,847
|
|
44,974
|
|
|
4,245,535
|
|
3,181,327
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
Common
stock
|
|
3,802
|
|
3,435
|
Additional paid in capital
|
|
454,001
|
|
399,162
|
Accumulated deficit
|
|
(13,657)
|
|
(42,858)
|
Treasury
stock
|
|
(1,236)
|
|
(73)
|
|
|
442,910
|
|
359,666
|
Accumulated other comprehensive (loss), net
|
(7,513)
|
|
(6,213)
|
Total Shareholders' Equity
|
|
435,397
|
|
353,453
|
|
|
$
4,680,932
|
|
$
3,534,780
|
|
|
|
|
|
Common Shares
Outstanding
|
|
38,021,835
|
|
34,351,409
|
|
|
|
|
|
Note: The
balance sheet at December 31, 2015 has been derived from the
audited financial statements at that date.
|
|
|
|
|
|
CONSOLIDATED
QUARTERLY FINANCIAL DATA
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUARTERS
|
|
2016
|
|
2015
|
|
(Dollars in
thousands, except per share data)
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Net income
|
$
10,771
|
|
$
9,133
|
|
$
5,332
|
|
$
3,966
|
|
$
6,036
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Ratios
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets-GAAP basis (2),(3)
|
0.94
|
%
|
0.82
|
%
|
0.51
|
%
|
0.44
|
%
|
0.69
|
%
|
Return
on average tangible assets (2),(3),(4)
|
1.00
|
|
0.88
|
|
0.56
|
|
0.48
|
|
0.73
|
|
Return
on average shareholders' equity-GAAP basis (2),(3)
|
9.80
|
|
8.44
|
|
5.15
|
|
4.30
|
|
6.78
|
|
Efficiency ratio (5)
|
62.36
|
|
68.60
|
|
78.01
|
|
81.73
|
|
72.57
|
|
Noninterest income to total revenue
|
20.96
|
|
20.68
|
|
20.89
|
|
22.21
|
|
21.10
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin (1),(2)
|
3.56
|
%
|
3.69
|
%
|
3.63
|
%
|
3.68
|
%
|
3.67
|
%
|
Average
equity to average assets
|
9.56
|
|
9.74
|
|
9.91
|
|
10.30
|
|
10.20
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Analysis
Excluding Acquired Loans
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs (recoveries) - non-acquired loans
|
$
142
|
|
$
(1,328)
|
|
$
(315)
|
|
$
(539)
|
|
$
245
|
|
Net
charge-offs - acquired loans
|
141
|
|
(81)
|
|
(24)
|
|
142
|
|
324
|
|
Total
net charge-offs (recoveries)
|
$
283
|
|
$
(1,409)
|
|
$
(339)
|
|
$
(397)
|
|
$
569
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs (recoveries) to average loans - non-acquired
loans
|
0.02
|
%
|
(0.20)
|
%
|
(0.05)
|
%
|
(0.10)
|
%
|
0.05
|
%
|
Net
charge-offs to average loans - acquired loans
|
0.02
|
|
(0.01)
|
|
0.00
|
|
0.03
|
|
0.06
|
|
Toral
net charge-offs (recoveries) to average loans
|
0.04
|
|
(0.21)
|
|
(0.05)
|
|
(0.07)
|
|
0.11
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan
loss provision (recapture) - non-acquired loans
|
$
1,161
|
|
$
649
|
|
$
423
|
|
$
(20)
|
|
$
(40)
|
|
Loan
loss provision - acquired loans
|
(161)
|
|
(99)
|
|
239
|
|
219
|
|
409
|
|
Total
loan loss provision
|
$
1,000
|
|
$
550
|
|
$
662
|
|
$
199
|
|
$
369
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance to loans at end of period - non-acquired loans
|
0.96
|
%
|
1.00
|
%
|
1.01
|
%
|
1.04
|
%
|
1.03
|
%
|
Discount
for credit losses to acquired loans at end of period
|
4.18
|
|
4.24
|
|
3.96
|
|
3.79
|
|
4.24
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans - non-acquired loans
|
$
11,023
|
|
$
10,561
|
|
$
10,919
|
|
$
11,881
|
|
$
12,758
|
|
Nonperforming loans - acquired loans
|
7,048
|
|
7,876
|
|
4,360
|
|
3,707
|
|
4,628
|
|
Other
real estate owned - non-acquired
|
3,041
|
|
3,681
|
|
3,791
|
|
5,042
|
|
3,699
|
|
Other
real estate owned - acquired
|
1,203
|
|
1,468
|
|
1,644
|
|
2,415
|
|
3,340
|
|
Bank
branches closed inculded in other real estate owned
|
5,705
|
|
7,585
|
|
3,259
|
|
634
|
|
0
|
|
Total
nonperforming assets
|
$
28,020
|
|
$
31,171
|
|
$
23,973
|
|
$
23,679
|
|
$
24,425
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured
loans (accruing)
|
$
17,711
|
|
$
19,272
|
|
$
20,337
|
|
$
19,956
|
|
$
19,970
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased
noncredit impaired loans
|
$
440,690
|
|
$
484,006
|
|
$
554,519
|
|
$
558,262
|
|
$
320,349
|
|
Purchased
credit impaired loans
|
12,996
|
|
13,057
|
|
13,652
|
|
16,531
|
|
12,109
|
|
Total acquired
loans
|
$
453,686
|
|
$
497,063
|
|
$
568,171
|
|
$
574,793
|
|
$
332,458
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to loans at end of period - non-acquired
loans
|
0.38
|
%
|
0.38
|
%
|
0.42
|
%
|
0.48
|
%
|
0.59
|
%
|
Nonperforming loans to loans at end of period - acquired
loans
|
0.24
|
|
0.28
|
|
0.16
|
|
0.15
|
|
0.22
|
|
Total
nonperforming loans to loans at end of period
|
0.63
|
|
0.66
|
|
0.58
|
|
0.63
|
|
0.81
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets - non-acquired
|
0.42
|
%
|
0.48
|
%
|
0.41
|
%
|
0.44
|
%
|
0.47
|
%
|
Nonperforming assets to total assets - acquired
|
0.18
|
|
0.21
|
|
0.14
|
|
0.15
|
|
0.22
|
|
Total
nonperforming assets to total assets
|
0.60
|
|
0.69
|
|
0.55
|
|
0.59
|
|
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Common
Stock
|
|
|
|
|
|
|
|
|
|
|
Net
income diluted-GAAP basis
|
$
0.28
|
|
$
0.24
|
|
$
0.14
|
|
$
0.11
|
|
$
0.18
|
|
Net
income basic-GAAP basis
|
0.29
|
|
0.24
|
|
0.14
|
|
0.11
|
|
0.18
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
dividends declared
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
Book
value per share common
|
11.45
|
|
11.45
|
|
11.20
|
|
10.91
|
|
10.29
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances
|
|
|
|
|
|
|
|
|
|
|
Total average
assets
|
$
4,572,188
|
|
$
4,420,438
|
|
$
4,206,800
|
|
$
3,601,381
|
|
$
3,463,277
|
|
Less: Intangible
assets
|
79,677
|
|
80,068
|
|
69,449
|
|
37,006
|
|
34,457
|
|
Total average
tangible assets
|
$
4,492,512
|
|
$
4,340,370
|
|
$
4,137,351
|
|
$
3,564,375
|
|
$
3,428,820
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average
equity
|
$
437,077
|
|
$
430,410
|
|
$
416,748
|
|
$
370,816
|
|
$
353,392
|
|
Less: Intangible
assets
|
79,677
|
|
80,068
|
|
69,449
|
|
37,006
|
|
34,457
|
|
Total average
tangible equity
|
$
357,400
|
|
$
350,342
|
|
$
347,299
|
|
$
333,810
|
|
$
318,935
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculated on
a fully taxable equivalent basis using amortized
cost.
|
|
|
|
|
|
|
|
|
|
(2) These ratios
are stated on an annualized basis and are not necessarily
indicative of future periods.
|
|
|
|
|
|
|
(3) The
calculation of ROA and ROE do not include the mark-to-market
unrealized gains (losses), because the unrealized gains
(losses) are not
included in net income (loss).
|
|
|
|
|
|
|
|
|
|
|
(4) The Company
believes that return on average assets and equity excluding the
impacts of noncash amortization expense on intangible assets is a better
measurement of the Company's trend in earnings
growth.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) Defined as
(noninterest expense less foreclosed property expense and
amortization of intangibles) divided by net operating
revenue (net interest
income on a fully taxable equivalent basis plus noninterest income
excluding securities gains and bargain purchase gain,
net).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
SECURITIES
|
|
|
|
|
2016
|
|
2015
|
|
|
|
Mortgage-backed
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and
U.S. Government Agencies
|
|
|
|
|
$
12,328
|
|
$
3,911
|
|
|
|
Mortgage-backed
|
|
|
|
|
616,820
|
|
539,688
|
|
|
|
Collateralized loan
obligations
|
|
|
|
|
124,889
|
|
122,583
|
|
|
|
Obligations of states
and political subdivisions
|
|
|
|
|
62,888
|
|
39,891
|
|
|
|
Corporate and other
debt securities
|
|
|
|
|
73,861
|
|
44,273
|
|
|
|
Private commercial
mortgage backed securities
|
|
|
|
|
59,717
|
|
40,420
|
|
|
|
Securities Available for Sale
|
|
|
|
|
950,503
|
|
790,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed
|
|
|
|
|
313,576
|
|
162,225
|
|
|
|
Collateralized loan
obligations
|
|
|
|
|
41,547
|
|
41,300
|
|
|
|
Securities Held for Investment
|
|
|
|
|
355,123
|
|
203,525
|
|
|
|
Total
Securities
|
|
|
|
|
$
1,305,626
|
|
$
994,291
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
LOANS
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and land
development
|
|
|
|
|
$
160,116
|
|
$
108,787
|
|
|
|
Real estate
mortgage
|
|
|
|
|
2,194,379
|
|
1,733,163
|
|
|
|
Installment loans to
individuals
|
|
|
|
|
153,945
|
|
85,356
|
|
|
|
Commercial and
financial
|
|
|
|
|
370,589
|
|
228,517
|
|
|
|
Other
loans
|
|
|
|
|
507
|
|
507
|
|
|
|
Total
Loans
|
|
|
|
|
$
2,879,536
|
|
$
2,156,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES,
INTEREST INCOME AND EXPENSES, YIELDS AND RATES
(1)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
Fourth
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
(Dollars in
thousands)
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
$
1,251,015
|
|
$
6,880
|
|
2.20%
|
|
$
1,264,345
|
|
$
6,966
|
|
2.20%
|
|
$
924,730
|
|
$
5,312
|
|
2.30%
|
Nontaxable
|
28,589
|
|
441
|
|
6.17
|
|
28,344
|
|
441
|
|
6.22
|
|
14,932
|
|
220
|
|
5.89
|
Total Securities
|
1,279,604
|
|
7,321
|
|
2.29
|
|
1,292,689
|
|
7,407
|
|
2.29
|
|
939,662
|
|
5,532
|
|
2.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
investments
|
90,437
|
|
517
|
|
2.28
|
|
55,465
|
|
429
|
|
3.08
|
|
93,728
|
|
275
|
|
1.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net
|
2,833,895
|
|
32,056
|
|
4.50
|
|
2,720,121
|
|
32,065
|
|
4.69
|
|
2,121,053
|
|
25,224
|
|
4.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets
|
4,203,936
|
|
39,894
|
|
3.78
|
|
4,068,275
|
|
39,901
|
|
3.90
|
|
3,154,442
|
|
31,031
|
|
3.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
(22,819)
|
|
|
|
|
|
(21,934)
|
|
|
|
|
|
(19,940)
|
|
|
|
|
Cash and due from
banks
|
90,082
|
|
|
|
|
|
84,592
|
|
|
|
|
|
85,951
|
|
|
|
|
Premises and
equipment
|
59,108
|
|
|
|
|
|
62,552
|
|
|
|
|
|
55,139
|
|
|
|
|
Intangible
assets
|
79,620
|
|
|
|
|
|
80,068
|
|
|
|
|
|
34,457
|
|
|
|
|
Bank owned life
insurance
|
48,954
|
|
|
|
|
|
43,860
|
|
|
|
|
|
43,419
|
|
|
|
|
Other
assets
|
113,307
|
|
|
|
|
|
103,025
|
|
|
|
|
|
109,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
4,572,188
|
|
|
|
|
|
$
4,420,438
|
|
|
|
|
|
$
3,463,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
$
812,056
|
|
$
149
|
|
0.07%
|
|
$
781,620
|
|
$
151
|
|
0.08%
|
|
$
666,640
|
|
$
129
|
|
0.08%
|
Savings
|
343,753
|
|
44
|
|
0.05
|
|
331,685
|
|
41
|
|
0.05
|
|
292,761
|
|
39
|
|
0.05
|
Money
market
|
824,440
|
|
429
|
|
0.21
|
|
864,228
|
|
487
|
|
0.22
|
|
664,512
|
|
430
|
|
0.26
|
Time
deposits
|
360,712
|
|
598
|
|
0.66
|
|
374,852
|
|
613
|
|
0.65
|
|
299,189
|
|
265
|
|
0.35
|
Federal funds
purchased and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
securities
sold under agreements to repurchase
|
184,612
|
|
110
|
|
0.24
|
|
184,170
|
|
118
|
|
0.25
|
|
168,444
|
|
89
|
|
0.21
|
Federal Home Loan Bank
borrowings
|
339,457
|
|
392
|
|
0.46
|
|
223,467
|
|
240
|
|
0.43
|
|
50,000
|
|
405
|
|
3.21
|
Other
borrowings
|
70,197
|
|
544
|
|
3.08
|
|
70,137
|
|
516
|
|
2.93
|
|
69,927
|
|
458
|
|
2.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities
|
2,935,227
|
|
2,266
|
|
0.31
|
|
2,830,159
|
|
2,166
|
|
0.30
|
|
2,211,473
|
|
1,815
|
|
0.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
demand
|
1,167,687
|
|
|
|
|
|
1,131,073
|
|
|
|
|
|
878,709
|
|
|
|
|
Other
liabilities
|
32,197
|
|
|
|
|
|
28,796
|
|
|
|
|
|
19,703
|
|
|
|
|
Total Liabilities
|
4,135,111
|
|
|
|
|
|
3,990,028
|
|
|
|
|
|
3,109,885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
437,077
|
|
|
|
|
|
430,410
|
|
|
|
|
|
353,392
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
4,572,188
|
|
|
|
|
|
$
4,420,438
|
|
|
|
|
|
$
3,463,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense as a
% of earning assets
|
|
|
|
|
0.21%
|
|
|
|
|
|
0.21%
|
|
|
|
|
|
0.23%
|
Net interest income
as a % of earning assets
|
|
|
$
37,628
|
|
3.56%
|
|
|
|
$
37,735
|
|
3.69%
|
|
|
|
$
29,216
|
|
3.67%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) On a fully
taxable equivalent basis. All yields and rates have been
computed on an annualized basis using amortized
cost.
Fees on loans have
been included in interest on loans. Nonaccrual loans are
included in loan balances.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
QUARTERLY FINANCIAL DATA
|
|
|
|
(Unaudited)
|
|
|
|
|
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
(Dollars in
thousands)
|
|
Fourth
Quarter
|
|
Third
Quarter
|
|
Second
Quarter
|
|
First
Quarter
|
|
Fourth
Quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer
Relationship Funding (Period End)
|
|
|
|
|
|
|
|
|
|
Noninterest
demand
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
$
860,449
|
|
$
892,876
|
|
$
860,953
|
|
$
768,890
|
|
$
592,621
|
|
Retail
|
|
220,134
|
|
209,351
|
|
211,722
|
|
212,367
|
|
198,077
|
|
Public
funds
|
|
48,690
|
|
42,147
|
|
44,275
|
|
52,244
|
|
46,300
|
|
Other
|
|
19,036
|
|
24,168
|
|
29,842
|
|
20,568
|
|
17,449
|
|
|
|
1,148,309
|
|
1,168,542
|
|
1,146,792
|
|
1,054,069
|
|
854,447
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
102,320
|
|
100,824
|
|
102,105
|
|
101,767
|
|
77,500
|
|
Retail
|
|
591,808
|
|
567,286
|
|
549,301
|
|
496,846
|
|
479,056
|
|
Public
funds
|
|
179,599
|
|
108,370
|
|
124,982
|
|
152,291
|
|
178,193
|
|
|
|
873,727
|
|
776,480
|
|
776,388
|
|
750,904
|
|
734,749
|
|
|
|
|
|
|
|
|
|
|
|
|
Total transaction
accounts
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
962,769
|
|
993,700
|
|
963,058
|
|
870,657
|
|
670,121
|
|
Retail
|
|
811,942
|
|
776,637
|
|
761,023
|
|
709,213
|
|
677,133
|
|
Public
funds
|
|
228,289
|
|
150,517
|
|
169,257
|
|
204,535
|
|
224,493
|
|
Other
|
|
19,036
|
|
24,168
|
|
29,842
|
|
20,568
|
|
17,449
|
|
|
|
2,022,036
|
|
1,945,022
|
|
1,923,180
|
|
1,804,973
|
|
1,589,196
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
|
|
346,662
|
|
340,899
|
|
330,928
|
|
313,179
|
|
295,851
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
market
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
286,879
|
|
313,200
|
|
293,724
|
|
271,567
|
|
208,520
|
|
Retail
|
|
411,696
|
|
411,550
|
|
419,821
|
|
380,233
|
|
312,756
|
|
Public
funds
|
|
104,122
|
|
134,181
|
|
147,385
|
|
89,857
|
|
144,077
|
|
|
|
802,697
|
|
858,931
|
|
860,930
|
|
741,657
|
|
665,353
|
|
|
|
|
|
|
|
|
|
|
|
|
Time certificates of
deposit
|
|
351,850
|
|
365,641
|
|
386,278
|
|
362,638
|
|
293,987
|
Total Deposits
|
|
$
3,523,245
|
|
$
3,510,493
|
|
$
3,501,316
|
|
$
3,222,447
|
|
$
2,844,387
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer sweep
accounts
|
|
$
204,202
|
|
$
167,693
|
|
$
183,387
|
|
$
198,330
|
|
$
172,005
|
|
|
|
|
|
|
|
|
|
|
|
|
Total core customer
funding (1)
|
|
$
3,375,597
|
|
$
3,312,545
|
|
$
3,298,425
|
|
$
3,058,139
|
|
$
2,722,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Total deposits
and customer sweep accounts, excluding certificates of
deposits.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/seacoast-achieves-ambitious-2016-earnings-goal-and-establishes-guidance-for-2017-300400829.html
SOURCE Seacoast Banking Corporation of Florida