STUART, Fla., Oct. 26, 2017 /PRNewswire/ -- Seacoast Banking
Corporation of Florida ("Seacoast"
or "the Company") (NASDAQ: SBCF) today reported net income of
$14.2 million for the third quarter
of 2017, a 56% or $5.1 million
increase from the third quarter of 2016. Year to date net income as
of September 30, 2017 was
$29.8 million, a 62% or $11.4 million increase compared to the prior year
period. The Company reported third quarter adjusted net
income1 of $15.1 million,
representing a 37% or $4.1 million
increase from the third quarter of 2016. Year to date adjusted net
income1 was $38.1 million,
a 40% or $10.8 million increase
compared to prior year to date results.
For the third quarter 2017, return on average tangible assets
was 1.12%, return on average tangible shareholders' equity was
12.4%, and the efficiency ratio was 58.9%, compared to 0.88%,
10.9%, and 68.6%, respectively, in the third quarter of 2016.
Adjusted return on average tangible assets1 was 1.16%,
adjusted return on average tangible shareholders'
equity1 was 12.8%, and the adjusted efficiency
ratio1 was 57.7%, compared to 1.01%, 12.6%, and 63.1%,
respectively, in the third quarter of 2016.
Dennis S. Hudson, III, Seacoast's
Chairman and CEO, said "Our record third quarter results show the
investments we have made over the past two years to modernize our
banking platform and how we serve customers are resonating. We are
successfully transforming Seacoast into an integrated financial
services provider that is providing better experiences for our
customers and creating value for our shareholders."
"We continue to execute our balanced growth strategy, expanding
loans and households organically; maintaining portfolio
granularity, to manage risk; and completing disciplined, accretive
acquisitions. On October 20, we
completed the acquisition and integration of NorthStar Bank, bolstering our presence in the
attractive Tampa market, and
expect to close and integrate Palm Beach Community Bank next month,
expanding our presence into South
Florida. Both transactions are on track to perform as we
expected at announcement."
Charles M. Shaffer, Seacoast's
Chief Financial Officer and Head of Strategy, said "At our investor
day in early 2017, we laid out a vision for 2020 that showed
significant improvement in Seacoast's return on assets, return on
tangible common equity and efficiency. This quarter's
performance demonstrates that we are on track to achieve these
goals. Seacoast continues to show strong momentum in top line
revenue, while continuing to create operating leverage using the
data analytics and the digital tool set we built over the past
three years."
Guidance
The Company is reiterating its previous guidance of $1.28 to $1.32 adjusted earnings per
share1 for full year 2017.
Impact of Hurricane Irma on Third Quarter 2017
Results
In early September, the State of
Florida was preparing for the potential impact of dangerous
category 5 Hurricane Irma. This caused a full two weeks of
business interruption as a week was spent on preparation and a week
on recovery. Ultimately, the storm made landfall in the
Florida Keys as a category 4 storm and a second landfall in
Marco Island in southwest
Florida.
The impact of Hurricane Irma on the quarter was approximately
$0.01 per share. Revenue was
impacted in the form of waived service charges, slower activity in
wealth management, and delayed closings on loans. Direct
expenses totaled $0.4 million,
comprised of compensation for staff working throughout the storm to
ensure our customers had digital and web access at all times,
remote support from our backup site in Nashville, Tennessee, and recovery expenses to
bring our branch network back on-line. These direct
incremental expenses were removed from the presentation of adjusted
results.
In the days following the storm, we conducted site visits and
inquiries with commercial customers throughout our markets to help
assess potential recovery needs. We had direct conversations
with commercial customers covering 69% of the commercial portfolio,
and expect any credit-related impacts to be nominal.
Our branches and operations facilities suffered no meaningful
damage.
Third Quarter 2017 Financial Highlights
Income Statement
- Net income was $14.2
million, or $0.32 per average
common diluted share, compared to $7.7
million or $0.18 for the prior
quarter and $9.1 million or
$0.24 for the third quarter of 2016.
For the nine months ended September 30,
2017, net income was $29.8
million compared to $18.4
million for the nine months ended September 30, 2016. Adjusted net
income1 was $15.1 million,
or $0.35 per average common diluted
share, compared to $12.7 million or
$0.29 for the prior quarter and
$11.1 million or $0.29 for the third quarter of 2016. For the nine
months ended September 30, 2017,
adjusted net income1 was $38.1
million compared to $27.3
million for the nine months ended September 30, 2016.
- Net revenues were $57.2
million, an increase of $2.5
million or 5% compared to the prior quarter, and an increase
of $9.7 million or 21% from the third
quarter of 2016. For the nine months ended September 30, 2017, net revenues were
$159.9 million, an increase of
$29.9 million or 23% compared to the
nine months ended September 30, 2016.
Adjusted revenues1 were $57.2
million, an increase of $2.6
million, or 5%, from the prior quarter and an increase of
$10.0 million, or 21% from the third
quarter of 2016. For the nine months ended September 30, 2017, adjusted revenues1
were $159.9 million, an increase of
$30.7 million or 24% compared to the
nine months ended September 30,
2016.
- Net interest income totaled $45.7
million, an increase of $1.6
million or 4% from the prior quarter and an increase of
$8.3 million or 22% from the third
quarter of 2016. For the nine months ended September 30, 2017, net interest income totaled
$128.1 million, an increase of
$25.9 million or 25% compared to the
nine months ended September 30,
2016.
- Noninterest income totaled $11.4 million, an increase of $0.9 million or 9% compared to the prior quarter
and an increase of $1.4 million or
14% from the third quarter of 2016. For the nine months ended
September 30, 2017, noninterest
income totaled $31.8 million, an
increase of $4.0 million or 14%
compared to the nine months ended September
30, 2016. Mortgage banking fees increased quarter over
quarter, primarily due to a $57.7
million sale of conforming salable mortgages originated in
prior quarters, which resulted in $0.8
million in mortgage banking fee income. In addition, late in
the third quarter the Company made a $30
million investment in bank owned life insurance at a
first-year tax equivalent return of 6.2%.
- Net interest margin was 3.74% in the current quarter
compared to 3.84% in the prior quarter and 3.69% in the third
quarter of 2016. The decrease quarter over quarter was the result
of lower accretion on both securities and loans when compared to
the prior quarter, as well as higher interest expense on deposits
and borrowings.
- The provision for loan losses was $0.7 million compared to $1.4 million in the prior quarter and
$0.6 million in the third quarter of
2016, reflecting the effect of sustained positive credit trends and
lower net loan growth in the quarter.
- Noninterest expense was $34.4
million compared to $41.6
million in the prior quarter and $33.4 million in the third quarter of 2016. For
the nine months ended September 30,
2017, noninterest expense was $110.7
million compared to $100.6
million for the nine months ended September 30, 2016.
-
- Merger related charges and costs related to several branch
closures resulted in elevated expenses in the prior quarter
totaling $7.0 million, compared to
$0.4 million in the current
quarter.
- Adjusted noninterest expense1 was $32.8 million compared to $33.8 million in the prior quarter, and
$30.1 million in the third quarter of
2016. For the nine months ended September
30, 2017, adjusted noninterest expense1 was
$97.6 million compared to
$85.4 million for the nine months
ended September 30, 2016.
- Seacoast recorded a $7.9 million
income tax provision in the current quarter, compared to
$3.9 million in the prior quarter and
$4.3 million in the third quarter of
2016. Tax benefits in excess of stock-based compensation were
$137 thousand in the current quarter,
compared to $331 thousand in the
prior quarter.
- Third quarter 2017 adjusted revenues1
increased 5% compared to prior quarter, while adjusted noninterest
expense1 decreased 3%, providing 8% operating
leverage.
- The efficiency ratio was 58.9% compared to 73.9% in the
prior quarter and 68.6% in the third quarter of 2016. The adjusted
efficiency ratio1 decreased to 57.7% compared to 61.2%
in the prior quarter and 63.1% in the third quarter of 2016.
Balance Sheet
- At September 30, 2017, the
Company had total assets of $5.3
billion and total shareholders' equity of $594.4 million. Book value per share was
$13.67 and tangible book value per
share was $10.95, compared to
$13.29 and $10.55, respectively, at June 30, 2017.
- Loan production was robust across all categories,
despite the disruption of Hurricane Irma. Net loans totaled
$3.4 billion at September 30, 2017, an increase of $54.7 million or 2% compared to June 30, 2017, and an increase of $612 million or 22% from September 30, 2016. Excluding acquisitions, loans
increased $365 million or 13% from
the third quarter of 2016.
-
- Commercial originations reached a new record high of
$146 million, up 34% compared to
prior year quarter.
- Consumer and small business originations were $86.9 million during the current quarter.
- We continue to prudently manage CRE exposure. At 50% and 207%
of total risk-based capital respectively, construction and land
development and commercial real estate loan concentrations remain
well below regulatory guidance.
- Closed residential loans retained during the current quarter
were $74 million.
- Pipelines (loans in underwriting and approval or
approved and not yet closed) were $155
million in commercial, $64
million in mortgage, and $47
million in consumer and small business.
-
- Commercial pipelines increased $9.0
million, or 6%, over prior quarter and $36.0 million, or 30%, over year-ago levels.
- Mortgage pipelines were lower by $7.7
million, or 11%, from prior quarter and by $15.4 million, or 19%, compared to year-ago
levels.
- Consumer and small business decreased from prior quarter by
$2.7 million, or 5%, and were higher
than year-ago levels by $5.6 million,
or 13%.
- Total deposits were $4.1
billion as of September 30,
2017, an increase of $137
million, or 3%, compared to prior quarter and an increase of
$602 million, or 17%, from the third
quarter of 2016.
-
- Since September 30, 2016,
interest bearing deposits (interest bearing demand, savings and
money markets deposits) increased $209
million, or 11%, to $2.2
billion, noninterest bearing demand deposits increased
$116 million, or 10%, to $1.2 billion, and CDs increased $277 million, or 76%, to $643 million.
- Excluding acquired deposits, noninterest bearing deposits
increased 4% and total deposits increased 1% compared to
September 30, 2016.
- The Company's balance sheet continues to be primarily core
deposit funded. Core customer funding was $3.6 billion at September
30, 2017, flat compared to June 30,
2017 and an increase of 9% compared to September 30, 2016.
- Overall cost of deposits in the current quarter is 0.22%,
reflecting the significant value of the deposit franchise.
- Third quarter return on average assets (ROA) was 1.06%,
compared to 0.61% in the prior quarter and 0.82% from the third
quarter of 2016. Return on average tangible assets (ROTA) was
1.12%, compared to 0.66% in the prior quarter and 0.88% in the
third quarter of 2016. Adjusted ROTA1 was 1.16% compared
to 1.02% in the prior quarter and 1.01% in the third quarter of
2016.
Capital
- The common equity tier 1 capital ratio (CET1) was 12.4%,
total capital ratio was 14.8% and the tier 1 leverage ratio was
10.2% at September 30, 2017.
- Tangible common equity to tangible assets was 9.1% at
September 30, 2017, compared to 8.9%
in the prior quarter, and 8.0% one year prior.
Asset Quality
- Nonperforming loans to total loans outstanding at
September 30, 2017 decreased to 0.42%
from 0.52% at June 30, 2017 and from
0.67% as of September 30, 2016.
- Nonperforming assets to total assets declined to 0.40%
at September 30, 2017 from 0.49% at
June 30, 2017 and 0.69% one year ago.
Of the $21.5 million in nonperforming
assets, $4 million relates to five
closed branch properties held as REO.
- The ratio of allowance for loan losses to total
loans was 0.77% at September 30,
2017, 0.78% at June 30, 2017,
and 0.82% at September 30, 2016. The
ratio of allowance for loan losses to non-acquisition related loans
was 0.91% at September 30, 2017,
0.95% at June 30, 2017, and 0.98% at
September 30, 2016. The decline in
coverage in the non-acquired loan ALLL was the result of improved
credit quality and loan mix as well as another quarter of nominal
losses in this portfolio. Additionally, commercial and commercial
real estate concentration risk continues to decline as we continue
to maintain a well-diversified and granular portfolio.
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
3Q17
|
2Q17
|
1Q17
|
4Q16
|
3Q16
|
|
|
|
|
|
|
|
|
Selected Balance
Sheet Data (at period end):
|
|
|
|
|
|
|
Total Assets
|
|
$5,340,299
|
$5,281,295
|
$4,769,775
|
$4,680,932
|
$4,513,934
|
Gross Loans
|
|
|
3,384,991
|
3,330,075
|
2,973,759
|
2,879,536
|
2,769,338
|
Total Deposits
|
|
|
4,112,600
|
3,975,458
|
3,678,645
|
3,523,245
|
3,510,493
|
|
|
|
|
|
|
|
|
Performance
Measures:
|
|
|
|
|
|
|
|
Net Income
|
|
$14,216
|
$7,676
|
$7,926
|
$10,771
|
$9,133
|
Net Interest
Margin
|
|
3.74%
|
3.84%
|
3.63%
|
3.56%
|
3.69%
|
Average Diluted Shares
Outstanding (000)
|
43,792
|
43,556
|
39,499
|
38,252
|
38,170
|
Diluted Earnings Per Share
(EPS)
|
$0.32
|
$0.18
|
$0.20
|
$0.28
|
$0.24
|
Return on
(annualized):
|
|
|
|
|
|
|
|
Average Assets
(ROA)
|
1.06%
|
0.61%
|
0.68%
|
0.94%
|
0.82%
|
Average Tangible Common
Equity (ROTCE)
|
12.4
|
7.3
|
8.8
|
12.5
|
10.9
|
Efficiency
Ratio
|
|
58.9
|
73.9
|
71.1
|
62.4
|
68.6
|
|
|
|
|
|
|
|
|
Adjusted Operating
Measures 1:
|
|
|
|
|
|
|
|
Adjusted Net
Income
|
$15,145
|
$12,665
|
$10,270
|
$11,803
|
$11,061
|
Adjusted Diluted
EPS
|
|
0.35
|
0.29
|
0.26
|
0.31
|
0.29
|
Adjusted ROTA
|
|
1.16%
|
1.02%
|
0.90%
|
1.05%
|
1.01%
|
Adjusted ROTCE
|
|
12.8
|
11.2
|
10.7
|
13.1
|
12.6
|
Adjusted Efficiency
Ratio
|
57.7
|
61.2
|
64.7
|
60.8
|
63.1
|
Adjusted Noninterest
Expenses as a Percentage of Average Tangible Assets
|
|
2.50
|
2.73
|
2.71
|
2.56
|
2.76
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
Market
Capitalization
|
|
$1,039,506
|
$1,047,361
|
$976,368
|
$838,762
|
$611,824
|
Full Time Equivalent
Employees
|
|
762
|
759
|
743
|
725
|
731
|
Number of ATMs
|
|
74
|
76
|
76
|
77
|
80
|
1Non-GAAP measure, see "Explanation of Certain
Unaudited Non-GAAP Financial Measures"
Effective in the first quarter of 2017, adjusted net income and
adjusted noninterest expense exclude the effect of amortization of
acquisition-related intangibles. Prior periods have been
revised to conform with the current period presentation.
Third Quarter and Year-to-Date 2017 Strategic
Highlights
Modernizing How We Sell
- In late September, we received OCC approval to acquire both
NorthStar Bank and Palm Beach
Community Bank. The acquisition of NorthStar Bank, headquartered in Tampa, Florida, will deepen our presence in
the Tampa market and build upon
our acquisition of GulfShore Bank completed in April 2017. The acquisition of Palm Beach
Community Bank will expand our presence in the South Florida market and build upon our
acquisition of Grand Bankshares Inc., completed in July 2015. NorthStar
Bank closed on October
20th, 2017, and Palm Beach Community Bank is
expected to close in the fourth quarter of this year. Both
acquisitions are on track to perform as expected at
announcement.
- The proportion of deposit accounts opened outside of our
banking centers this quarter continues to increase, with 13.3% of
all deposit accounts this quarter opened through our website or
24/7 customer support center.
- We have made significant progress in modernizing our retail and
small business sales strategy, focusing on enhancing customer
lifetime value. We also began development on a commercial analytics
portal that will connect our commercial bankers with the analytics
and insights that we have provided our retail and small business
teams. This portal will provide daily insight into customer
behaviors, emerging customer needs, and suggested opportunities to
enhance relationship value.
- We also kicked off a project to improve our loan origination
process this quarter. This effort will extend well into 2018. Using
technology, partners, and lean process improvement we'll improve
cycle times and strengthen the customer experience.
Lowering Our Cost to Serve
- Mobile penetration increased during the quarter to more than
32% of eligible primary consumer checking customers from 29.5% in
September of last year.
- A new record 40% of checks are now deposited outside the
banking center network, compared to 35% in September of last
year.
- In the first half of 2017, we consolidated five banking center
locations. Looking forward into 2018, we expect to continue making
progress towards our previously announced goal of reducing our
branch footprint by 20% over a 24 to 36-month period.
- Customer adoption of more convenient digital channels continues
to grow. In September 2017, our
non-teller transactions made up 52% of our total transaction
volume, up from 43% two years ago. We expect this shift in customer
preference to continue to accelerate, requiring continued focus on
building a digitally integrated business model.
Driving Improvements in How Our Business
Operates
- Hurricane Irma tested our disaster recovery plans. Before the
storm, we dispatched a team of operations and IT associates to our
recovery site to Nashville,
Tennessee. This enabled us to continue to operate the bank
during and immediately following the storm to ensure our customers
had digital and web access at all times. Our back-up customer
support center provided uninterrupted, 24/7 customer service.
- We recognized our first full quarter of savings due to the
successful renegotiation of our agreement with a key technology and
digital services provider. The agreement expands digital banking
capabilities, improves service level agreements, and increases our
ability to scale.
- In August we announced the consolidation of our customer
support center in Stuart. In the
fourth quarter we'll be migrating all customer support operations
to our Orlando location which we
launched early this year. The new, expanded site supports our 24/7
customer service model and our growth strategy.
Scaling and Evolving Our Culture
- This quarter we on-boarded key talent in the areas of digital
marketing and compliance. These important additions to the Seacoast
team help position us for future growth.
- We completed our annual United Way campaign in alignment with
our Promise #4: to invest in you and your community, breaking
records three years in a row for participation and funds raised to
support our communities. We also participated in the American
Cancer Society "Making Strides Against Breast Cancer" walk across
all of our markets.
OTHER INFORMATION
Conference Call Information
Seacoast will host
a conference call on Friday, October 27,
2017 at 10:00 a.m. (Eastern
Time) to discuss the earnings results. Investors may
call in (toll-free) by dialing (888) 517-2513 (passcode: 8290 746).
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 October 27, by dialing
(888) 843-7419 and using passcode: 8290 746.
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
October 27, 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 $5.3 billion in assets and $4.1 billion in deposits as of September 30, 2017. The Company provides
integrated financial services including commercial and retail
banking, wealth management, and mortgage services to customers
through advanced banking solutions, 45 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 the adjacent
Tampa market, and west to
Okeechobee and surrounding
counties. More information about the Company is available at
SeacoastBanking.com.
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, 2016, 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.
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
June 30,
|
|
March 31,
|
|
December
31,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
|
Summary of
Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
14,216
|
|
$
7,676
|
|
$
7,926
|
|
$
10,771
|
|
$
9,133
|
|
$
29,818
|
|
$
18,431
|
|
Net interest
income (1)
|
45,903
|
|
44,320
|
|
38,377
|
|
37,628
|
|
37,735
|
|
128,600
|
|
102,885
|
|
Net interest
margin (1), (2)
|
3.74
|
%
|
3.84
|
%
|
3.63
|
%
|
3.56
|
%
|
3.69
|
%
|
3.74
|
%
|
3.67
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets-GAAP basis (2)
|
1.06
|
%
|
0.61
|
%
|
0.68
|
%
|
0.94
|
%
|
0.82
|
%
|
0.79
|
%
|
0.60
|
%
|
Return on average
tangible assets (2),(3)
|
1.12
|
|
0.66
|
|
0.74
|
|
1.00
|
|
0.88
|
|
0.85
|
|
0.65
|
|
Adjusted return on
average tangible assets (2), (3), (5)
|
1.16
|
|
1.02
|
|
0.90
|
|
1.05
|
|
1.01
|
|
1.03
|
|
0.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
shareholders' equity-GAAP basis (2)
|
9.59
|
|
5.43
|
|
6.89
|
|
9.80
|
|
8.44
|
|
7.37
|
|
6.06
|
|
Return on average
tangible shareholders' equity-GAAP basis (2),(3)
|
12.45
|
|
7.25
|
|
8.77
|
|
12.51
|
|
10.91
|
|
9.57
|
|
7.61
|
|
Adjusted return on
average tangible common equity (2), (3), (5)
|
12.80
|
|
11.22
|
|
10.74
|
|
13.14
|
|
12.56
|
|
11.65
|
|
10.59
|
|
Efficiency ratio
(4)
|
58.93
|
|
73.90
|
|
71.08
|
|
62.36
|
|
68.60
|
|
67.70
|
|
75.69
|
|
Adjusted efficiency
ratio (5)
|
57.69
|
|
61.20
|
|
64.65
|
|
60.84
|
|
63.14
|
|
60.98
|
|
65.62
|
|
Noninterest income to
total revenue
|
20.06
|
|
19.16
|
|
20.61
|
|
20.96
|
|
20.68
|
|
19.92
|
|
21.21
|
|
Average equity to
average assets
|
11.06
|
|
11.17
|
|
9.93
|
|
9.56
|
|
9.74
|
|
10.75
|
|
9.96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
diluted-GAAP basis
|
$
0.32
|
|
$
0.18
|
|
$
0.20
|
|
$
0.28
|
|
$
0.24
|
|
$
0.70
|
|
$
0.49
|
|
Net income basic-GAAP
basis
|
0.33
|
|
0.18
|
|
0.20
|
|
0.29
|
|
0.24
|
|
0.72
|
|
0.50
|
|
Adjusted earnings
(5)
|
0.35
|
|
0.29
|
|
0.26
|
|
0.31
|
|
0.29
|
|
0.90
|
|
0.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share
common
|
13.66
|
|
13.29
|
|
12.34
|
|
11.45
|
|
11.45
|
|
13.66
|
|
11.45
|
|
Tangible book value
per share
|
10.95
|
|
10.55
|
|
10.41
|
|
9.37
|
|
9.35
|
|
10.95
|
|
9.35
|
|
Cash dividends
declared
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market capitalization
(6)
|
1,039,506
|
|
1,047,361
|
|
976,368
|
|
838,762
|
|
611,824
|
|
1,039,506
|
|
611,824
|
|
Full-time equivalent
employees
|
762
|
|
759
|
|
743
|
|
725
|
|
731
|
|
762
|
|
731
|
|
Number of
ATMs
|
74
|
|
76
|
|
76
|
|
77
|
|
80
|
|
74
|
|
80
|
|
Full service banking
offices
|
45
|
|
45
|
|
46
|
|
47
|
|
47
|
|
45
|
|
47
|
|
Registered online
users
|
78,880
|
|
75,394
|
|
71,385
|
|
67,243
|
|
66,115
|
|
78,880
|
|
66,115
|
|
Registered mobile
devices
|
58,032
|
|
55,013
|
|
50,729
|
|
47,131
|
|
44,128
|
|
58,032
|
|
44,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
Company defines tangible assets as total assets less intangible
assets,
|
|
|
|
|
|
|
|
|
|
|
and tangible common
equity as total shareholders' equity less intangible
assets.
|
|
|
|
|
|
|
|
|
|
|
|
(4) Defined as
(noninterest expense less gains, losses, and expenses on foreclosed
properties) divided by net operating revenue
|
|
|
|
|
|
|
|
(net interest income on a
fully taxable equivalent basis plus noninterest income excluding
securities gains).
|
|
|
|
|
|
|
|
|
|
(5) Non-GAAP
measure - see "Explanation of Certain Unaudited Non-GAAP Financial
Measures."
|
|
|
|
|
|
|
|
|
|
(6) Common shares
outstanding multiplied by closing bid price on last day of each
period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUARTER
|
|
YTD
|
|
2017
|
|
2016
|
|
September
30,
|
|
September
30,
|
(Dollars in
thousands, except share and per share data)
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
$
8,823
|
|
$
8,379
|
|
$
8,087
|
|
$
6,880
|
|
$
6,966
|
|
$
25,289
|
|
$
19,253
|
Nontaxable
|
189
|
|
206
|
|
287
|
|
287
|
|
287
|
|
682
|
|
749
|
Interest and fees on
loans
|
40,403
|
|
38,209
|
|
31,891
|
|
32,007
|
|
31,932
|
|
110,503
|
|
87,210
|
Interest on federal
funds sold and other investments
|
664
|
|
604
|
|
510
|
|
517
|
|
429
|
|
1,778
|
|
1,152
|
Total Interest Income
|
50,079
|
|
47,398
|
|
40,775
|
|
39,691
|
|
39,614
|
|
138,252
|
|
108,364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
930
|
|
854
|
|
624
|
|
622
|
|
679
|
|
2,408
|
|
1,971
|
Interest on time
certificates
|
1,266
|
|
814
|
|
566
|
|
598
|
|
613
|
|
2,646
|
|
1,476
|
Interest on borrowed
money
|
2,134
|
|
1,574
|
|
1,420
|
|
1,046
|
|
874
|
|
5,128
|
|
2,754
|
Total Interest Expense
|
4,330
|
|
3,242
|
|
2,610
|
|
2,266
|
|
2,166
|
|
10,182
|
|
6,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
|
45,749
|
|
44,156
|
|
38,165
|
|
37,425
|
|
37,448
|
|
128,070
|
|
102,163
|
Provision for loan
losses
|
680
|
|
1,401
|
|
1,304
|
|
1,000
|
|
550
|
|
3,385
|
|
1,411
|
Net Interest Income After Provision for Loan Losses
|
45,069
|
|
42,755
|
|
36,861
|
|
36,425
|
|
36,898
|
|
124,685
|
|
100,752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit
accounts
|
2,626
|
|
2,435
|
|
2,422
|
|
2,612
|
|
2,698
|
|
7,483
|
|
7,057
|
Trust fees
|
967
|
|
917
|
|
880
|
|
969
|
|
820
|
|
2,764
|
|
2,464
|
Mortgage banking
fees
|
2,138
|
|
1,272
|
|
1,552
|
|
1,616
|
|
1,885
|
|
4,962
|
|
4,248
|
Brokerage commissions and
fees
|
351
|
|
351
|
|
377
|
|
480
|
|
463
|
|
1,079
|
|
1,564
|
Marine finance
fees
|
137
|
|
326
|
|
134
|
|
115
|
|
138
|
|
597
|
|
558
|
Interchange
income
|
2,582
|
|
2,671
|
|
2,494
|
|
2,334
|
|
2,306
|
|
7,747
|
|
6,893
|
Other deposit based EFT
fees
|
100
|
|
114
|
|
140
|
|
125
|
|
109
|
|
354
|
|
352
|
BOLI income
|
836
|
|
757
|
|
733
|
|
611
|
|
382
|
|
2,326
|
|
1,602
|
Other
|
1,744
|
|
1,624
|
|
1,173
|
|
1,060
|
|
963
|
|
4,541
|
|
2,767
|
|
11,481
|
|
10,467
|
|
9,905
|
|
9,922
|
|
9,764
|
|
31,853
|
|
27,505
|
Securities gains/(losses),
net
|
(47)
|
|
21
|
|
0
|
|
7
|
|
225
|
|
(26)
|
|
361
|
Total Noninterest Income
|
11,434
|
|
10,488
|
|
9,905
|
|
9,929
|
|
9,989
|
|
31,827
|
|
27,866
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
wages
|
15,627
|
|
18,375
|
|
15,369
|
|
12,476
|
|
14,337
|
|
49,371
|
|
41,620
|
Employee benefits
|
2,917
|
|
2,935
|
|
3,068
|
|
2,475
|
|
2,425
|
|
8,920
|
|
7,428
|
Outsourced data processing
costs
|
3,231
|
|
3,456
|
|
3,269
|
|
3,076
|
|
3,198
|
|
9,956
|
|
10,440
|
Telephone / data
lines
|
573
|
|
648
|
|
532
|
|
502
|
|
539
|
|
1,753
|
|
1,606
|
Occupancy
|
2,447
|
|
4,421
|
|
3,157
|
|
2,830
|
|
3,675
|
|
10,025
|
|
10,292
|
Furniture and
equipment
|
1,191
|
|
1,679
|
|
1,391
|
|
1,211
|
|
1,228
|
|
4,261
|
|
3,509
|
Marketing
|
1,298
|
|
1,074
|
|
922
|
|
847
|
|
780
|
|
3,294
|
|
2,786
|
Legal and professional
fees
|
2,560
|
|
3,276
|
|
2,132
|
|
2,370
|
|
2,213
|
|
7,968
|
|
7,226
|
FDIC assessments
|
548
|
|
650
|
|
570
|
|
661
|
|
517
|
|
1,768
|
|
1,704
|
Amortization of
intangibles
|
839
|
|
839
|
|
719
|
|
719
|
|
728
|
|
2,397
|
|
1,767
|
Asset dispositions
expense
|
117
|
|
136
|
|
53
|
|
84
|
|
219
|
|
306
|
|
469
|
Net loss/(gain) on other
real estate owned and repossessed assets
|
(414)
|
|
161
|
|
(346)
|
|
(161)
|
|
(96)
|
|
(599)
|
|
(348)
|
Early redemption cost for
Federal Home Loan Bank advances
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
|
1,777
|
Other
|
3,427
|
|
3,975
|
|
3,910
|
|
3,207
|
|
3,672
|
|
11,312
|
|
10,308
|
Total Noninterest Expenses
|
34,361
|
|
41,625
|
|
34,746
|
|
30,297
|
|
33,435
|
|
110,732
|
|
100,584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes
|
22,142
|
|
11,618
|
|
12,020
|
|
16,057
|
|
13,452
|
|
45,780
|
|
28,034
|
Income
taxes
|
7,926
|
|
3,942
|
|
4,094
|
|
5,286
|
|
4,319
|
|
15,962
|
|
9,603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
$
14,216
|
|
$
7,676
|
|
$
7,926
|
|
$
10,771
|
|
$
9,133
|
|
$
29,818
|
|
$
18,431
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share of common
stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
diluted
|
$
0.32
|
|
$
0.18
|
|
$
0.20
|
|
$
0.28
|
|
$
0.24
|
|
$
0.70
|
|
$
0.49
|
Net income basic
|
0.33
|
|
0.18
|
|
0.20
|
|
0.29
|
|
0.24
|
|
0.72
|
|
0.50
|
Cash dividends
declared
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted
shares outstanding
|
43,792,108
|
|
43,556,285
|
|
39,498,835
|
|
38,252,351
|
|
38,169,863
|
|
42,298,136
|
|
37,258,133
|
Average basic shares
outstanding
|
43,151,248
|
|
42,841,152
|
|
38,839,284
|
|
37,603,789
|
|
37,549,804
|
|
41,626,356
|
|
36,626,290
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE
SHEETS
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
June 30,
|
|
March 31,
|
|
December
31,
|
|
September
30,
|
(Dollars in
thousands, except share data)
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and
due from banks
|
|
$
114,621
|
|
$
88,133
|
|
133,923
|
|
$
82,520
|
|
$
89,777
|
Interest
bearing deposits with other banks
|
|
10,657
|
|
20,064
|
|
10,914
|
|
27,124
|
|
77,606
|
Total Cash and Cash Equivalents
|
|
125,278
|
|
108,197
|
|
144,837
|
|
109,644
|
|
167,383
|
|
|
|
|
|
|
|
|
|
|
|
Time
deposits with other banks
|
|
14,591
|
|
16,426
|
|
0
|
|
0
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
Available
for sale (at fair value)
|
|
996,799
|
|
1,016,744
|
|
909,275
|
|
950,503
|
|
866,613
|
Held to
maturity (at amortized cost)
|
|
374,773
|
|
397,096
|
|
379,657
|
|
372,498
|
|
392,138
|
Total Securities
|
|
1,371,572
|
|
1,413,840
|
|
1,288,932
|
|
1,323,001
|
|
1,258,751
|
|
|
|
|
|
|
|
|
|
|
|
Loans
held for sale
|
|
29,447
|
|
22,262
|
|
16,326
|
|
15,332
|
|
20,143
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
3,384,991
|
|
3,330,075
|
|
2,973,759
|
|
2,879,536
|
|
2,769,338
|
Less:
Allowance for loan losses
|
|
(26,232)
|
|
(26,000)
|
|
(24,562)
|
|
(23,400)
|
|
(22,684)
|
Net Loans
|
|
3,358,759
|
|
3,304,075
|
|
2,949,197
|
|
2,856,136
|
|
2,746,654
|
|
|
|
|
|
|
|
|
|
|
|
Bank
premises and equipment, net
|
|
57,092
|
|
56,765
|
|
58,611
|
|
58,684
|
|
59,035
|
Other
real estate owned
|
|
7,142
|
|
8,497
|
|
7,885
|
|
9,949
|
|
12,734
|
Goodwill
|
|
101,747
|
|
101,739
|
|
64,649
|
|
64,649
|
|
64,649
|
Other
intangible assets, net
|
|
16,102
|
|
16,941
|
|
13,853
|
|
14,572
|
|
15,291
|
Bank
owned life insurance
|
|
118,762
|
|
88,003
|
|
85,237
|
|
84,580
|
|
44,044
|
Net
deferred tax assets
|
|
43,951
|
|
52,195
|
|
55,834
|
|
60,818
|
|
58,848
|
Other
assets
|
|
95,856
|
|
92,355
|
|
84,414
|
|
83,567
|
|
66,402
|
Total Assets
|
|
$
5,340,299
|
|
$
5,281,295
|
|
$
4,769,775
|
|
$
4,680,932
|
|
$
4,513,934
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand
|
|
$
1,284,118
|
|
$
1,308,458
|
|
$
1,225,124
|
|
$
1,148,309
|
|
$
1,168,542
|
Interest-bearing demand
|
|
935,097
|
|
934,861
|
|
870,457
|
|
873,727
|
|
776,480
|
Savings
|
|
379,499
|
|
376,825
|
|
363,140
|
|
346,662
|
|
340,899
|
Money
market
|
|
870,788
|
|
861,119
|
|
821,606
|
|
802,697
|
|
858,931
|
Other time
certificates
|
|
155,027
|
|
155,265
|
|
153,840
|
|
159,887
|
|
166,987
|
Brokered
time certificates
|
|
281,551
|
|
149,270
|
|
66,741
|
|
7,342
|
|
8,218
|
Time
certificates of $100,000 or more
|
|
206,520
|
|
189,660
|
|
177,737
|
|
184,621
|
|
190,436
|
Total Deposits
|
|
4,112,600
|
|
3,975,458
|
|
3,678,645
|
|
3,523,245
|
|
3,510,493
|
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase
|
|
142,153
|
|
167,558
|
|
183,107
|
|
204,202
|
|
167,693
|
Federal
Home Loan Bank borrowings
|
|
389,000
|
|
395,000
|
|
302,000
|
|
415,000
|
|
305,000
|
Subordinated debt
|
|
70,451
|
|
70,381
|
|
70,311
|
|
70,241
|
|
70,171
|
Other
liabilities
|
|
31,654
|
|
95,521
|
|
33,218
|
|
32,847
|
|
25,058
|
Total Liabilities
|
|
4,745,858
|
|
4,703,918
|
|
4,267,281
|
|
4,245,535
|
|
4,078,415
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
|
4,351
|
|
4,339
|
|
4,075
|
|
3,802
|
|
3,799
|
Additional paid in capital
|
|
576,825
|
|
574,842
|
|
510,806
|
|
454,001
|
|
453,007
|
Accumulated earnings/(deficit)
|
|
16,161
|
|
1,945
|
|
(5,731)
|
|
(13,657)
|
|
(24,427)
|
Treasury
stock
|
|
(1,730)
|
|
(1,768)
|
|
(1,172)
|
|
(1,236)
|
|
(691)
|
|
|
595,607
|
|
579,358
|
|
507,978
|
|
442,910
|
|
431,688
|
Accumulated other comprehensive income/(loss), net
|
|
(1,166)
|
|
(1,981)
|
|
(5,484)
|
|
(7,513)
|
|
3,831
|
Total Shareholders' Equity
|
|
594,441
|
|
577,377
|
|
502,494
|
|
435,397
|
|
435,519
|
Total Liabilities & Shareholders' Equity
|
|
$
5,340,299
|
|
$
5,281,295
|
|
$
4,769,775
|
|
$
4,680,932
|
|
$
4,513,934
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares
Outstanding
|
|
43,512,179
|
|
43,458,973
|
|
40,715,938
|
|
38,021,835
|
|
38,025,020
|
|
|
|
|
|
|
|
|
|
|
|
Note: The
balance sheet at December 31, 2016 has been derived from the
audited financial statements at that date.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
QUARTERLY FINANCIAL DATA
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUARTERS
|
|
2017
|
|
2016
|
|
(Dollars in
thousands)
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
Analysis
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs (recoveries) - non-acquired loans
|
$
612
|
|
$
304
|
|
$
211
|
|
$
87
|
|
$
(1,411)
|
|
Net
charge-offs (recoveries) - acquired loans
|
(333)
|
|
(405)
|
|
(118)
|
|
141
|
|
(81)
|
|
Total
net charge-offs (recoveries)
|
$
279
|
|
$
(101)
|
|
$
93
|
|
$
228
|
|
$
(1,492)
|
|
|
|
|
|
|
|
|
|
|
|
|
TDR
valuation adjustments
|
$
169
|
|
$
64
|
|
$
49
|
|
$
55
|
|
$
83
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs (recoveries) to average loans - non-acquired
loans
|
0.07
|
%
|
0.04
|
%
|
0.03
|
%
|
0.01
|
%
|
(0.21)
|
%
|
Net
charge-offs (recoveries) to average loans - acquired
loans
|
(0.04)
|
|
(0.05)
|
|
(0.02)
|
|
0.02
|
|
(0.01)
|
|
Total
net charge-offs (recoveries) to average loans
|
0.03
|
|
(0.01)
|
|
0.01
|
|
0.03
|
|
(0.22)
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan
loss provision (recapture) - non-acquired loans
|
$
795
|
|
$
1,690
|
|
$
1,504
|
|
$
1,161
|
|
$
649
|
|
Loan
loss provision (recapture) - acquired loans
|
(115)
|
|
(289)
|
|
(200)
|
|
(161)
|
|
(99)
|
|
Total
loan loss provision
|
$
680
|
|
$
1,401
|
|
$
1,304
|
|
$
1,000
|
|
$
550
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses - non-acquired loans
|
$
25,822
|
|
$
25,809
|
|
$
24,487
|
|
$
23,243
|
|
$
22,225
|
|
Allowance for loan losses - acquired loans
|
410
|
|
191
|
|
75
|
|
157
|
|
459
|
|
Total
allowance for loan losses
|
$
26,232
|
|
$
26,000
|
|
$
24,562
|
|
$
23,400
|
|
$
22,684
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-acquired loans at end of period
|
$
2,837,490
|
|
$
2,722,866
|
|
$
2,572,549
|
|
$
2,425,850
|
|
$
2,272,275
|
|
Purchased noncredit impaired loans at end of
period
|
537,057
|
|
594,077
|
|
388,228
|
|
440,690
|
|
484,006
|
|
Purchased credit impaired loans at end of period
|
10,443
|
|
13,132
|
|
12,982
|
|
12,996
|
|
13,057
|
|
Total loans
|
$
3,384,990
|
|
$
3,330,075
|
|
$
2,973,759
|
|
$
2,879,536
|
|
$
2,769,338
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-acquired loans allowance for loan losses to non-acquired loans
at end of period
|
0.91
|
%
|
0.95
|
%
|
0.95
|
%
|
0.96
|
%
|
0.98
|
%
|
Total
allowance for loan losses to total loans at end of
period
|
0.77
|
|
0.78
|
|
0.83
|
|
0.81
|
|
0.82
|
|
Acquired
loans allowance for loan losses to acquired loans at end of
period
|
0.07
|
|
0.03
|
|
0.02
|
|
0.03
|
|
0.09
|
|
Discount
for credit losses to acquired loans at end of period
|
2.77
|
|
3.37
|
|
4.25
|
|
4.18
|
|
4.24
|
|
|
|
|
|
|
|
|
|
|
|
|
End of
Period
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans - non-acquired loans
|
$
10,877
|
|
$
10,541
|
|
$
10,557
|
|
$
11,023
|
|
$
10,561
|
|
Nonperforming loans - acquired loans
|
3,498
|
|
6,632
|
|
6,428
|
|
7,048
|
|
7,876
|
|
Other
real estate owned - non-acquired
|
1,748
|
|
1,748
|
|
2,790
|
|
3,041
|
|
3,681
|
|
Other
real estate owned - acquired
|
1,632
|
|
1,645
|
|
1,203
|
|
1,203
|
|
1,468
|
|
Bank
branches closed included in other real estate owned
|
3,762
|
|
5,104
|
|
3,892
|
|
5,705
|
|
7,585
|
|
Total
nonperforming assets
|
$
21,517
|
|
$
25,670
|
|
$
24,870
|
|
$
28,020
|
|
$
31,171
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured loans (accruing)
|
$
16,181
|
|
$
16,941
|
|
$
18,125
|
|
$
17,711
|
|
$
19,272
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to loans at end of period - non-acquired
loans
|
0.38
|
%
|
0.39
|
%
|
0.41
|
%
|
0.45
|
%
|
0.46
|
%
|
Nonperforming loans to loans at end of period - acquired
loans
|
0.64
|
|
1.09
|
|
1.60
|
|
1.55
|
|
1.58
|
|
Allowance for loan losses to nonperforming loans - non-acquired
loans
|
237.40
|
|
244.84
|
|
231.95
|
|
210.86
|
|
210.44
|
|
Total
nonperforming loans to loans at end of period
|
0.42
|
|
0.52
|
|
0.57
|
|
0.63
|
|
0.67
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets - non-acquired
|
0.31
|
%
|
0.33
|
%
|
0.36
|
%
|
0.42
|
%
|
0.48
|
%
|
Nonperforming assets to total assets - acquired
|
0.10
|
|
0.16
|
|
0.16
|
|
0.18
|
|
0.21
|
|
Total
nonperforming assets to total assets
|
0.40
|
|
0.49
|
|
0.52
|
|
0.60
|
|
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances
|
|
|
|
|
|
|
|
|
|
|
Total
average assets
|
$
5,316,119
|
|
$
5,082,002
|
|
$
4,699,745
|
|
$
4,572,188
|
|
$
4,420,438
|
|
Less:
Intangible assets
|
118,364
|
|
114,563
|
|
78,878
|
|
79,620
|
|
80,068
|
|
Total
average tangible assets
|
$
5,197,755
|
|
$
4,967,439
|
|
$
4,620,867
|
|
$
4,492,568
|
|
$
4,340,370
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
average equity
|
$
587,919
|
|
$
567,448
|
|
$
466,847
|
|
$
437,077
|
|
$
430,410
|
|
Less:
Intangible assets
|
118,364
|
|
114,563
|
|
78,878
|
|
79,620
|
|
80,068
|
|
Total
average tangible equity
|
$
469,555
|
|
$
452,885
|
|
$
387,969
|
|
$
357,457
|
|
$
350,342
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
June 30,
|
|
March 31,
|
|
December
31,
|
|
September
30,
|
|
LOANS
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and land
development
|
$
245,151
|
|
$
230,574
|
|
$
174,992
|
|
$
160,116
|
|
$
153,901
|
|
Commercial real
estate
|
1,478,091
|
|
1,464,068
|
|
1,354,140
|
|
1,357,592
|
|
1,293,512
|
|
Residential real
estate
|
941,169
|
|
991,144
|
|
893,674
|
|
836,787
|
|
833,413
|
|
Installment loans to
individuals
|
184,485
|
|
178,595
|
|
165,039
|
|
153,945
|
|
145,523
|
|
Commercial and
financial
|
535,457
|
|
465,138
|
|
385,189
|
|
370,589
|
|
342,502
|
|
Other
loans
|
637
|
|
556
|
|
725
|
|
507
|
|
489
|
|
Total
Loans
|
$
3,384,990
|
|
$
3,330,075
|
|
$
2,973,759
|
|
$
2,879,536
|
|
$
2,769,338
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
QUARTERLY FINANCIAL DATA
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
(Dollars in
thousands)
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer
Relationship Funding
|
|
|
|
|
|
|
|
|
|
|
Noninterest
demand
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
$
997,749
|
|
$
995,720
|
|
$
916,940
|
|
$
860,449
|
|
$
892,876
|
|
Retail
|
|
217,809
|
|
238,506
|
|
234,109
|
|
220,134
|
|
209,351
|
|
Public
funds
|
|
43,686
|
|
47,691
|
|
52,126
|
|
48,690
|
|
42,147
|
|
Other
|
|
24,874
|
|
26,541
|
|
21,949
|
|
19,036
|
|
24,168
|
|
|
|
1,284,118
|
|
1,308,458
|
|
1,225,124
|
|
1,148,309
|
|
1,168,542
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
156,176
|
|
155,178
|
|
117,629
|
|
102,320
|
|
100,824
|
|
Retail
|
|
670,705
|
|
659,906
|
|
613,121
|
|
591,808
|
|
567,286
|
|
Public
funds
|
|
108,216
|
|
119,777
|
|
139,707
|
|
179,599
|
|
108,370
|
|
|
|
935,097
|
|
934,861
|
|
870,457
|
|
873,727
|
|
776,480
|
|
|
|
|
|
|
|
|
|
|
|
|
Total transaction
accounts
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
1,153,925
|
|
1,150,898
|
|
1,034,569
|
|
962,769
|
|
993,700
|
|
Retail
|
|
888,514
|
|
898,412
|
|
847,230
|
|
811,942
|
|
776,637
|
|
Public
funds
|
|
151,902
|
|
167,468
|
|
191,833
|
|
228,289
|
|
150,517
|
|
Other
|
|
24,874
|
|
26,541
|
|
21,949
|
|
19,036
|
|
24,168
|
|
|
|
2,219,215
|
|
2,243,319
|
|
2,095,581
|
|
2,022,036
|
|
1,945,022
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
|
|
379,499
|
|
376,825
|
|
363,140
|
|
346,662
|
|
340,899
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
market
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
360,567
|
|
351,871
|
|
313,094
|
|
286,879
|
|
313,200
|
|
Retail
|
|
431,325
|
|
427,575
|
|
414,886
|
|
411,696
|
|
411,550
|
|
Public
funds
|
|
78,896
|
|
81,673
|
|
93,626
|
|
104,122
|
|
134,181
|
|
|
|
870,788
|
|
861,119
|
|
821,606
|
|
802,697
|
|
858,931
|
|
|
|
|
|
|
|
|
|
|
|
|
Time certificates of
deposit
|
|
643,098
|
|
494,195
|
|
398,318
|
|
351,850
|
|
365,641
|
Total Deposits
|
|
$
4,112,600
|
|
$
3,975,458
|
|
$
3,678,645
|
|
$
3,523,245
|
|
$
3,510,493
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer sweep
accounts
|
|
$
142,153
|
|
$
167,558
|
|
$
183,107
|
|
$
204,202
|
|
$
167,693
|
|
|
|
|
|
|
|
|
|
|
|
|
Total core customer
funding (1)
|
|
$
3,611,655
|
|
$
3,648,821
|
|
$
3,463,434
|
|
$
3,375,597
|
|
$
3,312,545
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Total deposits
and customer sweep accounts, excluding certificates of
deposits.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES,
INTEREST INCOME AND EXPENSES, YIELDS AND RATES
(1)
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
2016
|
|
Third
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
(Dollars in
thousands)
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
$
1,356,276
|
|
$
8,823
|
|
2.60%
|
|
$
1,261,017
|
|
$
8,379
|
|
2.66%
|
|
$
1,264,345
|
|
$
6,966
|
|
2.20%
|
Nontaxable
|
26,256
|
|
290
|
|
4.42
|
|
28,092
|
|
316
|
|
4.50
|
|
28,344
|
|
441
|
|
6.22
|
Total Securities
|
1,382,532
|
|
9,113
|
|
2.64
|
|
1,289,109
|
|
8,695
|
|
2.70
|
|
1,292,689
|
|
7,407
|
|
2.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
investments
|
76,773
|
|
664
|
|
3.43
|
|
72,535
|
|
604
|
|
3.34
|
|
55,465
|
|
429
|
|
3.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net
|
3,407,376
|
|
40,456
|
|
4.71
|
|
3,266,812
|
|
38,263
|
|
4.70
|
|
2,720,121
|
|
32,065
|
|
4.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets
|
4,866,681
|
|
50,233
|
|
4.10
|
|
4,628,456
|
|
47,562
|
|
4.12
|
|
4,068,275
|
|
39,901
|
|
3.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
(26,299)
|
|
|
|
|
|
(25,276)
|
|
|
|
|
|
(21,934)
|
|
|
|
|
Cash and due from
banks
|
99,864
|
|
|
|
|
|
99,974
|
|
|
|
|
|
84,592
|
|
|
|
|
Premises and
equipment
|
57,023
|
|
|
|
|
|
59,415
|
|
|
|
|
|
62,552
|
|
|
|
|
Intangible
assets
|
118,364
|
|
|
|
|
|
114,563
|
|
|
|
|
|
80,068
|
|
|
|
|
Bank owned life
insurance
|
95,759
|
|
|
|
|
|
87,514
|
|
|
|
|
|
43,860
|
|
|
|
|
Other
assets
|
104,727
|
|
|
|
|
|
117,355
|
|
|
|
|
|
103,025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
$
5,316,119
|
|
|
|
|
|
$
5,082,002
|
|
|
|
|
|
$
4,420,438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
$
927,278
|
|
$
273
|
|
0.12%
|
|
$
949,981
|
|
$
262
|
|
0.11%
|
|
$
781,620
|
|
$
151
|
|
0.08%
|
Savings
|
377,729
|
|
52
|
|
0.05
|
|
378,989
|
|
51
|
|
0.05
|
|
331,685
|
|
41
|
|
0.05
|
Money
market
|
870,166
|
|
605
|
|
0.28
|
|
868,427
|
|
541
|
|
0.25
|
|
864,228
|
|
487
|
|
0.22
|
Time
deposits
|
548,092
|
|
1,266
|
|
0.92
|
|
432,805
|
|
814
|
|
0.75
|
|
374,852
|
|
613
|
|
0.65
|
Federal funds
purchased and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
securities
sold under agreements to repurchase
|
165,160
|
|
204
|
|
0.49
|
|
174,715
|
|
194
|
|
0.45
|
|
184,170
|
|
118
|
|
0.25
|
Federal Home Loan Bank
borrowings
|
439,755
|
|
1,293
|
|
1.17
|
|
323,780
|
|
780
|
|
0.97
|
|
223,467
|
|
240
|
|
0.43
|
Other
borrowings
|
70,409
|
|
637
|
|
3.59
|
|
70,343
|
|
600
|
|
3.42
|
|
70,137
|
|
516
|
|
2.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities
|
3,398,589
|
|
4,330
|
|
0.51
|
|
3,199,040
|
|
3,242
|
|
0.41
|
|
2,830,159
|
|
2,166
|
|
0.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
demand
|
1,276,779
|
|
|
|
|
|
1,283,255
|
|
|
|
|
|
1,131,073
|
|
|
|
|
Other
liabilities
|
52,832
|
|
|
|
|
|
32,259
|
|
|
|
|
|
28,796
|
|
|
|
|
Total Liabilities
|
4,728,200
|
|
|
|
|
|
4,514,554
|
|
|
|
|
|
3,990,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
587,919
|
|
|
|
|
|
567,448
|
|
|
|
|
|
430,410
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity
|
$
5,316,119
|
|
|
|
|
|
$
5,082,002
|
|
|
|
|
|
$
4,420,438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense as a
% of earning assets
|
|
|
|
|
0.35%
|
|
|
|
|
|
0.28%
|
|
|
|
|
|
0.21%
|
Net interest income
as a % of earning assets
|
|
|
$
45,903
|
|
3.74%
|
|
|
|
$ 44,320
|
|
3.84%
|
|
|
|
$ 37,735
|
|
3.69%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES,
INTEREST INCOME AND EXPENSES, YIELDS AND RATES
(1)
|
|
|
(Unaudited)
|
|
|
|
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
2016
|
|
|
Year to
Date
|
|
Year to
Date
|
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|
(Dollars in
thousands)
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
$
1,299,128
|
|
$
25,289
|
|
2.60%
|
|
$
1,148,979
|
|
$
19,252
|
|
2.23%
|
|
Nontaxable
|
27,388
|
|
1,047
|
|
5.10
|
|
24,919
|
|
1,150
|
|
6.16
|
|
Total Securities
|
1,326,516
|
|
26,336
|
|
2.65
|
|
1,173,898
|
|
20,403
|
|
2.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other
|
|
|
|
|
|
|
|
|
|
|
|
|
investments
|
68,766
|
|
1,778
|
|
3.46
|
|
72,708
|
|
1,152
|
|
2.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net
|
3,199,408
|
|
110,668
|
|
4.62
|
|
2,500,613
|
|
87,531
|
|
4.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets
|
4,594,690
|
|
138,782
|
|
4.04
|
|
3,747,219
|
|
109,086
|
|
3.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
(25,211)
|
|
|
|
|
|
(20,564)
|
|
|
|
|
|
Cash and due from
banks
|
101,858
|
|
|
|
|
|
86,227
|
|
|
|
|
|
Premises and
equipment
|
58,401
|
|
|
|
|
|
60,927
|
|
|
|
|
|
Intangible
assets
|
104,079
|
|
|
|
|
|
62,240
|
|
|
|
|
|
Bank owned life
insurance
|
89,401
|
|
|
|
|
|
43,684
|
|
|
|
|
|
Other
assets
|
111,661
|
|
|
|
|
|
97,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
$
5,034,879
|
|
|
|
|
|
$
4,077,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
$
904,175
|
|
$
698
|
|
0.10%
|
|
$
749,089
|
|
$
467
|
|
0.08%
|
|
Savings
|
370,145
|
|
147
|
|
0.05
|
|
319,199
|
|
117
|
|
0.05
|
|
Money
market
|
847,705
|
|
1,563
|
|
0.25
|
|
781,105
|
|
1,387
|
|
0.24
|
|
Time
deposits
|
443,416
|
|
2,646
|
|
0.80
|
|
348,601
|
|
1,476
|
|
0.57
|
|
Federal funds
purchased and
|
|
|
|
|
|
|
|
|
|
|
|
|
securities
sold under agreements to repurchase
|
173,601
|
|
551
|
|
0.42
|
|
188,551
|
|
374
|
|
0.26
|
|
Federal Home Loan Bank
borrowings
|
396,610
|
|
2,775
|
|
0.94
|
|
150,862
|
|
864
|
|
0.77
|
|
Other
borrowings
|
70,342
|
|
1,802
|
|
3.43
|
|
70,062
|
|
1,516
|
|
2.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities
|
3,205,994
|
|
10,182
|
|
0.42
|
|
2,607,469
|
|
6,201
|
|
0.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
demand
|
1,248,290
|
|
|
|
|
|
1,032,475
|
|
|
|
|
|
Other
liabilities
|
39,414
|
|
|
|
|
|
31,439
|
|
|
|
|
|
Total Liabilities
|
4,493,698
|
|
|
|
|
|
3,671,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
541,181
|
|
|
|
|
|
406,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity
|
$
5,034,879
|
|
|
|
|
|
$
4,077,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense as a
% of earning assets
|
|
|
|
|
0.30%
|
|
|
|
|
|
0.22%
|
|
Net interest income
as a % of earning assets
|
|
|
$
128,600
|
|
3.74%
|
|
|
|
$
102,885
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Explanation of
Certain Unaudited Non-GAAP Financial Measures
|
|
This presentation
contains financial information determined by methods other than
Generally Accepted Accounting Principles ("GAAP"). 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 and if not provided would be requested by the investor
community. 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.
Effective in the first quarter of 2017, adjusted net income and
adjusted noninterest expense exclude the effect of amortization of
acquisition-related intangibles. Prior periods have been
revised to conform with the current period presentation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUARTER
|
|
YTD
|
|
(Dollars in
thousands except per share data)
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
September
30,
|
|
September
30,
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
|
|
$
14,216
|
|
$
7,676
|
|
$
7,926
|
|
$
10,771
|
|
$
9,133
|
|
$
29,818
|
|
$
18,431
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOLI income (benefits
upon death)
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
|
(464)
|
|
Security
gains
|
47
|
|
(21)
|
|
0
|
|
(7)
|
|
(225)
|
|
26
|
|
(361)
|
|
Total Adjustments to
Revenue
|
47
|
|
(21)
|
|
0
|
|
(7)
|
|
(225)
|
|
26
|
|
(825)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger related
charges
|
491
|
|
5,081
|
|
533
|
|
561
|
|
1,699
|
|
6,105
|
|
8,467
|
|
Amortization of
intangibles
|
839
|
|
839
|
|
719
|
|
719
|
|
728
|
|
2,397
|
|
1,767
|
|
Business continuity
expenses - Hurricane Irma
|
352
|
|
-
|
|
-
|
|
-
|
|
-
|
|
352
|
|
-
|
|
Branch reductions and
other expense initiatives
|
(127)
|
|
1,876
|
|
2,572
|
|
163
|
|
894
|
|
4,321
|
|
3,194
|
|
Early redemption cost
for FHLB advances
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
|
1,777
|
|
Total Adjustments to
Noninterest Expense
|
1,555
|
|
7,796
|
|
3,824
|
|
1,443
|
|
3,321
|
|
13,175
|
|
15,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate on
adjustments
|
(673)
|
|
(2,786)
|
|
(1,480)
|
|
(404)
|
|
(1,168)
|
|
(4,939)
|
|
(5,545)
|
|
Adjusted Net
Income
|
$
15,145
|
|
$
12,665
|
|
$
10,270
|
|
$
11,803
|
|
$
11,061
|
|
$
38,080
|
|
$
27,266
|
|
Earnings per diluted
share, as reported
|
0.32
|
|
0.18
|
|
0.20
|
|
0.28
|
|
0.24
|
|
0.70
|
|
0.49
|
|
Adjusted Earnings per
Diluted Share
|
0.35
|
|
0.29
|
|
0.26
|
|
0.31
|
|
0.29
|
|
0.90
|
|
0.73
|
|
Average shares
outstanding (000)
|
43,792
|
|
43,556
|
|
39,499
|
|
38,252
|
|
38,170
|
|
42,298
|
|
37,258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
57,183
|
|
$
54,644
|
|
$
48,070
|
|
$
47,354
|
|
$
47,437
|
|
$
159,897
|
|
$
130,029
|
|
Total Adjustments to
Revenue
|
47
|
|
(21)
|
|
0
|
|
(7)
|
|
(225)
|
|
26
|
|
(825)
|
|
Adjusted
Revenue
|
57,230
|
|
54,623
|
|
48,070
|
|
47,347
|
|
47,212
|
|
159,923
|
|
129,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense
|
34,361
|
|
41,625
|
|
34,746
|
|
30,297
|
|
33,435
|
|
110,732
|
|
100,584
|
|
Total Adjustments to
Noninterest Expense
|
1,555
|
|
7,796
|
|
3,824
|
|
1,443
|
|
3,321
|
|
13,175
|
|
15,205
|
|
Adjusted Noninterest
Expense
|
32,806
|
|
33,829
|
|
30,922
|
|
28,854
|
|
30,114
|
|
97,557
|
|
85,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Noninterest
Expense
|
32,806
|
|
33,829
|
|
30,922
|
|
28,854
|
|
30,114
|
|
97,557
|
|
85,379
|
|
Foreclosed property
expense and net (gain)/loss on sale
|
(298)
|
|
297
|
|
(293)
|
|
(78)
|
|
124
|
|
(294)
|
|
121
|
|
Net Adjusted
Noninterest Expense
|
33,104
|
|
33,532
|
|
31,215
|
|
28,932
|
|
29,990
|
|
97,851
|
|
85,258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Revenue
|
57,230
|
|
54,623
|
|
48,070
|
|
47,347
|
|
47,212
|
|
159,923
|
|
129,204
|
|
Impact of FTE
adjustment
|
154
|
|
164
|
|
211
|
|
204
|
|
287
|
|
529
|
|
722
|
|
Adjusted Revenue on a
fully taxable equivalent basis
|
57,384
|
|
54,787
|
|
48,281
|
|
47,551
|
|
47,499
|
|
160,452
|
|
129,926
|
|
Adjusted Efficiency
Ratio
|
57.7
|
%
|
61.2
|
%
|
64.7
|
%
|
60.8
|
%
|
63.1
|
%
|
61.0
|
|
65.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Assets
|
$
5,316,119
|
|
$
5,082,002
|
|
$
4,699,745
|
|
$
4,572,188
|
|
$
4,420,438
|
|
$
5,034,879
|
|
$
4,077,463
|
|
Less average goodwill
and intangible assets
|
(118,364)
|
|
(114,563)
|
|
(78,878)
|
|
(79,620)
|
|
(80,068)
|
|
(104,079)
|
|
(62,240)
|
|
Average Tangible
Assets
|
5,197,755
|
|
4,967,439
|
|
4,620,867
|
|
4,492,568
|
|
4,340,370
|
|
4,930,800
|
|
4,015,223
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average
Assets (ROA)
|
1.06
|
%
|
0.61
|
%
|
0.68
|
%
|
0.94
|
%
|
0.82
|
%
|
0.79
|
%
|
0.60
|
%
|
Impact of removing
average intangible assets and related amortization
|
0.06
|
|
0.05
|
|
0.06
|
|
0.06
|
|
0.06
|
|
0.06
|
|
0.05
|
|
Return on Tangible Average Assets (ROTA)
|
1.12
|
|
0.66
|
|
0.74
|
|
1.00
|
|
0.88
|
|
0.85
|
|
0.65
|
|
Impact of other
adjustments for Adjusted Net Income
|
0.04
|
|
0.36
|
|
0.16
|
|
0.05
|
|
0.13
|
|
0.18
|
|
0.26
|
|
Adjusted Return on Average Tangible Assets
|
1.16
|
|
1.02
|
|
0.90
|
|
1.05
|
|
1.01
|
|
1.03
|
|
0.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Shareholders'
Equity
|
$
587,919
|
|
$
567,448
|
|
$
466,847
|
|
$
437,077
|
|
$
430,410
|
|
$
541,181
|
|
$
406,084
|
|
Less average goodwill
and intangible assets
|
(118,364)
|
|
(114,563)
|
|
(78,878)
|
|
(79,620)
|
|
(80,068)
|
|
(104,079)
|
|
(62,240)
|
|
Average Tangible
Equity
|
469,555
|
|
452,885
|
|
387,969
|
|
357,457
|
|
350,342
|
|
437,102
|
|
343,844
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average
Shareholders' Equity
|
9.6
|
%
|
5.4
|
%
|
6.9
|
%
|
9.8
|
%
|
8.4
|
%
|
7.4
|
%
|
6.1
|
%
|
Impact of removing
average intangible assets and related amortization
|
2.8
|
|
1.9
|
|
1.9
|
|
2.7
|
|
2.5
|
|
2.2
|
|
1.5
|
|
Return on Average Tangible Common Equity (ROTCE)
|
12.4
|
|
7.3
|
|
8.8
|
|
12.5
|
|
10.9
|
|
9.6
|
|
7.6
|
|
Impact of other
adjustments for Adjusted Net Income
|
0.4
|
|
3.9
|
|
1.9
|
|
0.6
|
|
1.7
|
|
2.0
|
|
3.0
|
|
Adjusted Return on Average Tangible Common
Equity
|
12.8
|
|
11.2
|
|
10.7
|
|
13.1
|
|
12.6
|
|
11.6
|
|
10.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original content with
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SOURCE Seacoast Banking Corporation of Florida