Seacoast Reports Full Year and Fourth Quarter 2015 Results

Full Year 2015 EPS Rose 214% to $0.66

Double-Digit Loan Growth Drove Fourth Quarter Adjusted EPS(1) to $0.19, Compared With $0.13 in Q4 2014

28 Jan, 2016, 16:17 ET from Seacoast Banking Corporation of Florida

STUART, Fla., Jan. 28, 2016 /PRNewswire/ --

Fourth Quarter 2015 Earnings Highlights

  • Adjusted revenues increased $5.0 million or 16% year-over-year to $36.9 million
  • Net interest margin increased eleven basis points year-over-year to 3.67%.
  • Net interest income improved $4.4 million or 18% largely due to organic loan growth.
  • Adjusted net income1 increased 56% to $6.5 million or $0.19 per diluted share, compared to $4.2 million or $0.13 per diluted share in the fourth quarter 2014. 
  • Adjusted return on tangible common equity improved to 8.4% from 6.2% year-over-year.

Fourth Quarter 2015 Growth Highlights

  • Loans increased $57 million or 3% not annualized, compared to third quarter 2015 and rose 18% year-over-year.  Excluding acquisitions, loans increased $218 million or 12% above year-ago levels.
  • Strategic initiatives continue to pay off.  Excluding acquisitions, households grew 5% year-over-year and consumer loans originated outside the branch hit a record 26% during the fourth quarter.   
  • Successful integration of Grand Bank and BankFIRST franchises resulted in net household growth by the third month as opposed to net attrition typical for acquisitions.

2016 Guidance

  • Seacoast provided 2016 adjusted diluted EPS target of $1.00.

Seacoast Banking Corporation of Florida (NASDAQ: SBCF) today reported results for the fourth quarter and full year 2015.

Fourth quarter 2015 net income increased to $6.0 million compared to a net loss of $1.5 million reported in the same period of the prior year. Adjusted net income1 increased $2.3 million, or 56%, from year-ago levels.  Diluted earnings per common share (EPS) were $0.18 and adjusted diluted EPS1 were $0.19 in the fourth quarter, compared to adjusted diluted EPS of $0.13 in the fourth quarter of 2014 and $0.19 in the third quarter of 2015.

Dennis S. Hudson, III, Chairman and CEO said, "Our sustained execution of Seacoast's balanced growth strategy produced another quarter of strong results, measured by increases in loans, deposits and households.  The combination of organic and acquired growth in 2015 and our  significant operating leverage led to nearly 60% growth in core EPS, reinforcing our conviction that our continued execution of Seacoast's long-term strategy positions us well to produce strong results for shareholders."

Seacoast's earnings improvement reflected continued strong business growth and execution of digital and other strategic initiatives, supplemented by successful acquisitions.  Fourth quarter net income included a $416,000 bargain purchase gain from the acquisition of the Grand Bankshares, arising from unanticipated recoveries and resulting valuation adjustments to loans and other real estate owned (OREO) realized in the fourth quarter.

Full-year 2015 net income improved $16.4 million to $22.2 million and fully diluted earnings per share increased 214% to $0.66 compared with $0.21 per diluted common share in 2014.  Adjusted net income1 increased to $25.3 million, or $0.75 per diluted share, in 2015 from $13.0 million, or $0.47 per diluted share, in 2014.

Hudson added, "We believe that community banking is undergoing a revolution and we plan to be at the forefront of refining the user experience to the benefit of our customers. Exiting the Great Recession, we recognized that a fundamental shift in community banking had taken place, and we began to invest for a new future.  We introduced Seacoast's Accelerate commercial banking model in 2011, and in 2013 began to invest in analytics, digital servicing capabilities and digital marketing talent and technology.  These investments in our future  drove our 16% revenue growth in 2015, with loans increasing at a 12% organic rate and households rising 5% year-over-year.

"Seacoast is building a fully integrated distribution platform across all channels to provide our customers with the ability to choose their path of convenience to satisfy their banking needs.  In 2015, we rolled out integrated digital marketing, automated cross sell, and deeper customer analytics which are creating shareholder value as we move forward.  Additionally, we are making trade-offs by reinvesting a portion of the cost savings related to consolidating branch locations and more efficient business processes into new and innovative ways to serve and grow our customer base.  In 2015, we fully absorbed incremental costs needed to support better channel integration including the expansion of our 24/7 call center, that now originates over 10% of our deposit relationships and almost 30% of our consumer loan production.  Looking forward, we expect our digital and phone based channels to expand dramatically.

"As our upgraded technology platform enabled us to effectively adapt to changes in consumer banking behavior, we were able to close three branches during 2015 with minimal customer impact; in fact household growth continued to accelerate during the year.  We are currently in the process of consolidating an additional four legacy locations in the first half of 2016.

"While we remained disciplined in executing an organic-growth focused strategy, our recent acquisitions have boosted our growth trajectory. Our convenient service model and enhanced product offerings, especially digital banking, allowed us to grow our acquired banks' households and further cross-sell additional products to our newly acquired customers. Specifically, our recently acquired BankFIRST (Orlando) and Grand Bankshares (Palm Beach County) franchises attained net household growth within three months of acquisition, and Orlando increased households at a rate above 7% in 2015."

Hudson concluded, "We look to 2016 with confidence as we continue to execute on our long term strategy, investing in important initiatives, managing expenses and executing on the right acquisition opportunities.  As a result, we have provided an adjusted diluted EPS outlook target of $1.00 for the year.  We look forward to discussing this goal with shareholders on our Q4 earnings call."

FINANCIAL HIGHLIGHTS

(Dollars in thousands except per share data)

4Q15

3Q15

2Q15

1Q15

4Q14

Total Assets

$3,534,780

$3,378,108

$3,233,588

$3,231,956

$3,093,335

Loans

2,156,330

2,099,447

1,937,399

1,854,487

1,821,885

Deposits

2,844,387

2,742,296

2,605,177

2,609,825

2,416,534

Net Income (Loss)

6,036

4,441

5,805

5,859

(1,517)

Diluted Earnings Per Share   

0.18

0.13

0.18

0.18

(0.05)

Return on Average Assets (ROA)

0.69%

0.52%

0.72%

0.75%

(0.20%)

Return on Average Tangible   

     Common Equity (ROTCE)

7.8

5.9

8.2

8.5

(1.7)

Net Interest Margin

3.67

3.75

3.50

3.62

3.56

Efficiency Ratio

72.6

76.3

68.6

68.3

104.5

Pretax, Pre-provision Income (1)

$10,130

$8,126

$10,224

$9,832

($2,029)

 

Average Diluted Shares

     Outstanding (000)

34,395

34,194

33,234

33,136

33,124

Adjusted Net Income (1)

$6,520

$6,433

$6,172

$6,177

$4,179

Adjusted Diluted Earnings  

     Per Share (1)

0.19

0.19

0.19

0.19

0.13

Adjusted ROA (1)

0.75%

0.76%

0.77%

0.79%

0.55%

Adjusted ROTCE (1)

8.4

8.5

8.7

9.0

6.2

Adjusted Efficiency Ratio (1)

69.1

68.2

67.5

67.5

74.8

Adjusted Pretax, Pre-provision        

     Income (1)

$10,913

$11,328

$10,815

$10,342

$7,464

Annualized Adjusted

     Operating Expenses as  

     a Percent of Average

     Assets (1)

2.93%

3.03%

2.91%

2.88%

3.13%

Acquisitions Update

Hudson noted, "We continue to be encouraged by results from our recent acquisitions.  In Orlando, we achieved growth levels in excess of our already-strong franchise growth rate as we delivered our service and product offerings to the BankFIRST customer base.  Acquisitions in the asset-based lending space and in demographically-strong Palm Beach County have helped us further propel growth.  We are pleased with our ability to execute against our commitments.

"We look forward to welcoming more than 5,000 customers of Floridian Bankshares and nearly 9,000 customers from BMO Harris' Orlando banking operations in the first part of 2016.  We are pleased to announce that we have received regulatory approval for both of these transactions and expect to close the Floridian acquisition late in the first quarter and the BMO Harris branch purchase late in the second quarter, subject in both instances to customary closing conditions."

Florida Economic Update

"The strong Florida economy continues to amplify our success," said Hudson.

Wells Fargo Securities Group's December 18, 2015 report titled, "Florida Employment Update: November 2015" stated, "Florida's economy is firing on all cylinders…Florida added a nation-leading 35,200 jobs in November, which marks the largest monthly job gain for the Sunshine State since May 2010.  On a year-to-date basis, nonfarm employment has risen 3.0 percent, resulting in a net gain of 239,600 jobs."

Comerica Bank's Comerica Economic Insights report dated January 5, 2016 stated, "Our Florida Economic Activity Index increased again in October, for the 19th consecutive month.  Most components of the index were positive in October.  Only state exports and housing starts were negative for the month.  The Florida economy is firmly re-established as a growth leader for the U.S….we see no reason for the positive trend to change in the near term."

Fourth Quarter 2015 Income Statement Highlights

Balance Sheet Mix, Driven by Growth in Relationship Customers and Improved Yields, Fuel Net Interest Income and Margin Expansion

Net interest income for the quarter totaled $29.1 million, a $4.4 million or 18% increase from fourth quarter 2014 levels.  Net interest margin expanded to 3.67%, an eleven basis point increase from the prior year.  Year-over-year net interest income and margin increases reflect improvement in rate and balance sheet mix, largely due to growth in customer relationships.

Net interest income increased $0.1 million and net interest margin decreased eight basis points from 3.75% in the prior quarter.  Linked quarter results reflect an accelerated level of purchase loan accretion in the third quarter of 2015 that contributed approximately 10 basis points of margin during that quarter.  Strong loan growth and improved core yields more than compensated for a decrease in purchased loan accretion.  Fourth quarter results included essentially no excess  purchased loan accretion.

Noninterest Income Growth Reflects Increases in Households

Noninterest income excluding securities gains and the bargain purchase gain, totaled $7.8 million for the fourth quarter, an increase of $641,000 or 9% from a year ago. Most categories of service fee income showed year-over-year growth with interchange income up a strong 24%, indicating continued strength in customer acquisition and cross sell and benefits from acquisition activity. 

Noninterest income, excluding securities gains and the bargain purchase gain related to the Grand Bankshares acquisition, decreased $300,000 from third quarter 2015 levels.  Strength in interchange income and smaller increases in many other categories were offset by decreases in mortgage banking, brokerage and marine income, which were negatively impacted by low activity during the holiday season. 

As mentioned previously, fourth quarter net income included a $416,000 bargain purchase gain from the acquisition of the Grand Bankshares, arising from unanticipated recoveries and resulting valuation adjustments to loans and other real estate owned (OREO) realized in the fourth quarter.

Noninterest Expense Continues to Show Strong Operating Leverage and Investment in Seacoast Strategy

Noninterest expense decreased $6.8 million from the fourth quarter 2014.  Prior year expenses reflected significant non-recurring costs related to the acquisition of The BANKshares on October 1, 2014 and other one-time costs.  Adjusted noninterest expense1 increased $1.6 million from prior-year levels.  The year-over-year increase in adjusted expense reflects ongoing costs related to the acquisitions of FGC and Grand Bankshares, particularly in added salary and benefits, which increased $666,000 or 5%, and occupancy and furniture and equipment costs, which increased $265,000 or 9%.  Increases also reflect variable costs related to strong organic franchise growth, particularly in data processing costs, which increased $588,000 or 31%, an investment made to further the company's strategy.    

Noninterest expense decreased $2.0 million from the third quarter, 2015.  Excluding merger related charges and other one-time items, adjusted noninterest expense1 grew $200,000, or less than 1%.  Increases in occupancy ($108,000) and data processing costs ($178,000) were partially offset by decreases in salary and benefits ($110,000).  These fluctuations represent normal expense volatility.

Seacoast's efficiency ratio was 72.6% in fourth quarter of 2015, down from 104.5% in the fourth quarter of 2014 and below 76.3% in the third quarter of 2015.  Adjusted1, the efficiency ratio decreased to 69.3% in the fourth quarter of 2015 from 74.8% in the fourth quarter of 2014 and up slightly from 68.2% in the third quarter of 2015.  Linked-quarter increase was impacted by the significant amount of accelerated purchased loan accretion recorded in the third quarter of 2015, whereas fourth quarter results included essentially no excess purchased loan accretion. 

Fourth Quarter 2015 Balance Sheet Highlights

Deposit Growth Reflects Success of Core Customer Increase and Acquisitions Total deposits increased 18% to $2.84 billion at December 31, 2015, from year ago levels.  Core customer funding increased to $2.72 billion at December 31, 2015, a $476 million, or 21% increase from the fourth quarter of 2014.  Excluding acquisitions, core customer funding increased by $286 million or 13% from one year ago and total deposits increased $239 million or 10% from one year ago.  Total deposits grew $102 million or 4% (not annualized) and core customer funding increased $138 million or 5% (not annualized) compared to the prior quarter.  Linked-quarter increases were largely due to normal seasonal growth in public funds.

Noninterest demand deposits grew $129.2 million, or 18% from the fourth quarter of 2014 and remained at a strong 30.0% of total deposits.

(Dollars in thousands)

Fourth

Quarter

2015

Third

Quarter

2015

Second

Quarter

2015

First  Quarter

2015

Fourth

Quarter

2014

Customer Relationship Funding

      Noninterest demand 

$  854,447

$  869,877

$  808,429

$  793,336

$  725,238

      Interest-bearing demand

734,749

618,344

599,268

634,854

652,353

      Money market

665,353

660,632

621,973

596,600

450,172

      Savings

295,851

286,810

282,588

272,963

264,738

      Time certificates of deposit

293,987

306,633

292,919

312,072

324,033

            Total deposits

$2,844,387

$2,742,296

$2,605,177

$2,609,825

$2,416,534

      Customer sweep accounts

$172,005

$148,607

$157,676

$170,023

$153,640

      Total core customer funding (2)

$ 2,722,405

$ 2,584,270

$ 2,469,934

$ 2,467,776

$ 2,246,141

      Demand deposit mix

      (noninterest bearing)

30.0%

31.7%

31.0%

30.4%

30.0%

(2)

Total deposits and customer sweep accounts, excluding time certificates of deposit.

Loans Up Substantially from Acquisition and Strong Core Growth

Total loans were $2.16 billion at December 31, 2015, an increase of $334 million or 18% from a year ago.  Excluding acquired loans, loans increased $218 million or 12% from the prior year's fourth quarter.  Loans increased a strong $57 million or 3% (not annualized) from third quarter levels.

Loan growth continued across all business lines.  Commercial loan originations for the quarter were $80 million with the commercial pipeline (in underwriting and approval or approved and not yet closed) totaling a strong $106 million at December 31, 2015 increasing from prior quarter and well in excess of recent history.  Consumer loan and small business originations (inclusive of lines of credit) totaled $54 million in the fourth quarter of 2015 compared to $28 million one year ago.

Closed residential production for the quarter totaled $60.2 million compared with $57.9 million a year ago, with a total residential pipeline of $30.3 million at December 31, 2015 up from $21.4 million one year ago.

(Dollars in thousands)

4Q15

3Q15

2Q15

1Q15

4Q14

Commercial pipeline

$105,556

$104,915

$108,538

$82,143

$60,136

Commercial loans closed

80,003

71,823

85,815

61,357

94,719

Total Commercial loan originations and pipeline

$185,559

$176,738

$194,353

$143,500

$154,855

Residential pipeline

$30,340

$37,958

$53,902

$48,485

$21,351

Residential loans retained

24,905

36,027

45,596

23,951

31,598

Residential loans sold

35,278

37,996

36,182

31,896

26,336

Total Residential loan originations and pipeline

$90,523

$111,981

$135,680

$104,332

$79,285

Other Highlights

Credit Quality Remains Stable with Growth Trends The provision for loan losses was $369,000 for the fourth quarter of 2015, up from $118,000 in the fourth quarter 2014 and below $987,000 recorded in the third quarter 2015.  The fourth quarter provision reflects continued strong credit metrics, offset by continued loan growth.  The third quarter provision was also impacted by $655,000 related to a single purchased credit impaired loan performing below our initial expectations.  The allowance for loan losses for non-acquired loans was 1.03% of total loans, compared to 1.11% in the third quarter 2015.

Additional highlights include:

  • Nonperforming loans to total loans outstanding at the end of the fourth quarter remained at a clean 0.8%, down from 1.2% at year-end 2014;
  • Nonperforming assets to total assets declined to 0.7%, compared to 0.9% a year ago.

Capital Ratios Continue to Improve from Earnings Momentum Capital ratios remain healthy and well above regulatory requirements for well-capitalized institutions.  The common equity tier 1 capital ratio (CET1) is estimated at 13.3% and the total capital ratio is estimated at 16.0% at December 31, 2015.  The tier 1 leverage ratio is estimated at 10.7% at December 31, 2015.

Tangible book value per share increased $0.13 to $9.31 and book value per share increased $0.09 to $10.29 at December 31, 2015, as earnings more than offset decreases in AFS securities valuation at the end of the 2015 year.  Average tangible common equity to assets was a strong 9.3% at December 31, 2015. 

Conference Call Information Seacoast will host a conference call on Friday, January 29, 2016 at 10:00 a.m. (Eastern Time) to discuss the earnings results.  Investors may call in (toll-free) by dialing (888) 517-2513 (passcode: 7021 952; host: Dennis S. Hudson). Slides will be used during the conference call and may be accessed at Seacoast's website at SeacoastBanking.com by selecting "Presentations" under the heading "Investor Services."  A replay of the call will be available for one month, beginning late afternoon of January 29, by dialing (888) 843-7419 (domestic), using the passcode 7021 952.

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 January 29, 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.   

1

Non-GAAP measure, see "Explanation of Certain Unaudited Non-GAAP Financial Measures"

About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)
Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida with approximately $3.5 billion in assets and $2.8 billion in deposits as of December 31, 2015. The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through advanced banking solutions, 43 traditional branches of its locally-branded wholly-owned subsidiary bank, Seacoast Bank, and five commercial banking centers. Offices stretch from Ft. Lauderdale, Boca Raton and West Palm Beach north through the Space Coast of Florida, into Orlando and Central Florida, and west to Okeechobee and surrounding counties. More information about the Company is available at SeacoastBanking.com.

Sources: 

https://www08.wellsfargomedia.com/assets/pdf/commercial/insights/economics/regional-reports/fl-employment-20151218.pdf
http://blog.comerica.com/2016/01/05/comerica-banks-florida-index-continues-solid-gains/

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, 2014, under "Special Cautionary Notice Regarding Forward-looking Statements" and "Risk Factors", and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at  http://www.sec.gov.

Important information for Investors and Shareholders
Seacoast has filed a registration statement on Form S-4 and amendments thereto containing a definitive Proxy Statement/Prospectus with the SEC regarding the proposed merger with Floridian into Seacoast.  On or about January 22, 2016, this Proxy Statement/Prospectus was mailed to Floridian 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 a free copy of the Proxy Statement/Prospectus, as well as other filings containing information about Seacoast and Floridian, at the SEC's website (http://www.sec.gov), with respect to information about Seacoast, and Floridian's website (www.floridianbank.com), with respect to information about Floridian.  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, Floridian, 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 transaction. Information about the directors and executive officers of Seacoast is set forth in its proxy statement for its 2015 annual meeting of shareholders, which was filed with the SEC on April 7, 2015 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.

Explanation of Certain Unaudited Non-GAAP Financial Measures

This press release contains financial information determined by methods other than Generally Accepted Accounting Principles ("GAAP").  The financial highlights provide reconciliations between GAAP net income and adjusted net income, GAAP income and adjusted pretax, pre-provision income. Management uses these non-GAAP financial measures in its analysis of the Company's performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company's performance. The Company believes the non-GAAP measures enhance investors' understanding of the Company's business and performance. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might calculate these measures differently. The Company provides reconciliations between GAAP and these non-GAAP measures. These disclosures should not be considered an alternative to GAAP. 

To better evaluate its earnings, the Company removes certain items to arrive at adjusted net income, adjusted pretax, pre-provision income and adjusted diluted earnings per share (non-GAAP measures) as detailed in the table below:

(Dollars in thousands except per share data)


Fourth Quarter

 2015

Third Quarter

 2015

Second Quarter

 2015

First Quarter

 2015

Fourth Quarter

 2014








  

Net income


$6,036

$4,441

$5,805

$5,859

($1,517)

Severance


187

98

29

12

478

 

Merger related charges


1,043

2,692

337

275

2,722

Bargain purchase gain


(416)

0

0

0

0

 

Branch closure charges and costs related to expense initiatives


0

121

0

0

4,261

Marketing and brand refresh expense


0

0

0

0

697

 

Stock compensation expense and other incentive costs related to improved outlook


0

0

0

0

1,213

Securities (gains)


(1)

(160)

0

0

(108)

Miscellaneous losses


48

112

0

0

119

Net loss on OREO and repossessed assets


(157)

262

53

81

9

Asset dispositions expense


79

77

173

143

103

Effective tax rate on adjustments


(299)

(1,210)

(225)

(193)

(3,798)

 

Adjusted Net Income (1)


6,520

6,433

6,172

6,177

4,179

Provision for loan losses


369

987

855

433

118

Income taxes


4,024

3,908

3,788

3,732

3,167

Adjusted pretax, pre-provision income (1)


$10,913

$11,328

$10,815

$10,342

$7,464

Adjusted earnings per diluted share (1)


$0.19

$0.19

$0.19

$0.19

$0.13

Average shares outstanding (000)


34,395

34,194

33,234

33,136

33,124

          (1)     Non-GAAP measure







 

 

FINANCIAL  HIGHLIGHTS 



(Unaudited)


01/26/16






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,



2015


2015


2014


2015


2014


Summary of Earnings











Net income (loss)

$             6,036


$         4,441


$          (1,517)


$           22,141


$           5,696


Net interest income  (1)

29,216


29,130


24,883


109,968


75,221


Net interest margin  (1), (2)

3.67


3.75


3.56


3.64


3.25











.


Performance Ratios











Return on average assets-GAAP basis (2), (3)

0.69

%

0.52

%

(0.20)

%

0.67

%

0.23

%

Return on average shareholders' equity-GAAP basis (2), (3)

6.78


5.05


(1.89)


6.56


2.22


Return on average tangible shareholders' equity-GAAP basis (2), (3), (4)

7.83


5.94


(1.71)


7.59


2.57


Efficiency ratio (5)

72.57


76.29


104.46


71.58


91.57


Noninterest income to total revenue

21.10


21.79


22.40


22.63


24.83













Per Share Data











Net income (loss) diluted-GAAP basis

$               0.18


$            0.13


$            (0.05)


$               0.66


$              0.21


Net income (loss) basic-GAAP basis

0.18


0.13


(0.05)


0.66


0.21


Book value per share common

10.29


10.20


9.44


10.29


9.44


Tangible book value per share

9.31


9.18


8.51


9.31


8.51


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)

2015


2015


2014

















Selected Financial Data











Total assets 

$     3,534,780


$  3,378,108


$    3,093,335






Securities available for sale (at fair value)

790,766


728,161


741,375






Securities held for investment (at amortized cost)

203,525


209,047


207,904






Net loans

2,137,202


2,080,119


1,804,814






Deposits 

2,844,387


2,742,296


2,416,534






Total shareholders' equity  

353,453


350,280


312,651

















Average Balances (Year-to-Date)











Total average assets

$     3,304,397


$  3,250,855


$    2,485,259






Less: intangible assets

33,277


32,879


8,840






Total average tangible assets

$     3,271,120


$  3,217,976


$    2,476,419

















Total average equity

$        337,367


$     331,966


$       256,867






Less: intangible assets

33,277


32,879


8,840






Total average tangible equity

$        304,090


$     299,087


$       248,027

















Credit Analysis











Net charge-offs (recoveries) year-to-date - non-acquired loans

$              (609)


$           (854)


$             (489)






Net charge-offs year-to-date - acquired loans

1,196


872


-






Total net charge-offs (recoveries) year-to-date

$                587


$               18


$             (489)

















Net charge-offs (recoveries) to average loans (annualized) - non-acquired loans

(0.03)

%

(0.06)

%

(0.03)

%





Net charge-offs to average loans (annualized) - acquired loans

0.06


0.06


-






Total net charge-offs (recoveries) to average loans (annualized)

0.03


0.00


(0.03)

















Loan loss provision (recapture) year-to-date - non-acquired loans

$             1,375


$         1,415


$          (3,550)






Loan loss provision year-to-date - acquired loans

1,269


860


64






Total loan loss provision (recapture) year-to-date

$             2,644


$         2,275


$          (3,486)

















Allowance to loans at end of period - non-acquired loans

1.03

%

1.11

%

1.14

%





Discount for credit losses to acquired loans at end of period

4.24


4.13


3.56

















Nonperforming loans - non-acquired loans

$           12,758


$       14,474


$         18,563






Nonperforming loans - acquired loans

4,628


2,636


2,577






Other real estate owned - non-acquired 

3,699


4,183


5,567






Other real estate owned - acquired 

3,340


3,250


1,895






Total nonperforming assets 

$           24,425


$       24,543


$         28,602

















Restructured loans (accruing)

$           19,970


$       20,543


$         24,997

















Purchased noncredit impaired loans

$        308,737


$     347,262


$       332,508






Purchased credit impaired loans

12,109


12,673


7,814






Total acquired loans

$        320,846


$     359,935


$       340,322

















Nonperforming loans to loans at end of period - non-acquired loans

0.59

%

0.69

%

1.02

%





Nonperforming loans to loans at end of period - acquired loans

0.22


0.12


0.14






Total nonperforming loans to loans at end of period

0.81


0.81


1.16

















Nonperforming assets to total assets - non-acquired 

0.47

%

0.55

%

0.78

%





Nonperforming assets to total assets - acquired 

0.22


0.18


0.14






Total nonperforming assets to total assets

0.69


0.73


0.92







































 

 

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)


2015


2014


2015


2014










Interest on securities:









     Taxable


$           5,312


$          4,728


$      20,341


$          15,448

     Nontaxable


144


182


585


211

Interest and fees on loans


25,184


21,070


94,469


63,586

Interest on federal funds sold and other investments


275


292


1,022


1,017

         Total Interest Income


30,915


26,272


116,417


80,262










Interest on deposits


598


297


2,085


864

Interest on time certificates


265


375


1,228


1,538

Interest on borrowed money


952


867


3,617


2,953

         Total Interest Expense


1,815


1,539


6,930


5,355










         Net Interest Income


29,100


24,733


109,487


74,907

Provision (recapture) for loan losses


369


118


2,644


(3,486)

         Net Interest Income After Provision for Loan Losses


28,731


24,615


106,843


78,393










Noninterest income:









     Service charges on deposit accounts


2,229


2,208


8,563


6,952

     Trust fees


791


795


3,132


2,986

     Mortgage banking fees


955


716


4,252


3,057

     Brokerage commissions and fees


511


417


2,132


1,614

     Marine finance fees


205


445


1,152


1,320

     Interchange income


1,989


1,603


7,684


5,972

     Other deposit based EFT fees


99


92


397


343

     BOLI income


396


252


1,426


252

     Gain on participated loan


0


0


725


0

     Other


607


613


2,555


2,248



7,782


7,141


32,018


24,744

     Securities gains, net


1


108


161


469

     Bargain purchase gain, net


416


0


416


0

         Total Noninterest Income


8,199


7,249


32,595


25,213










Noninterest expenses:









     Salaries and wages


11,135


11,676


41,075


35,132

     Employee benefits


2,178


2,461


9,564


8,773

     Outsourced data processing costs


2,455


3,506


10,150


8,781

     Telephone / data lines


412


419


1,797


1,331

     Occupancy


2,314


2,325


8,744


7,930

     Furniture and equipment


1,000


732


3,434


2,535

     Marketing


1,128


1,163


4,428


3,576

     Legal and professional fees


2,580


2,555


8,022


6,871

     FDIC assessments


551


476


2,212


1,660

     Amortization of intangibles


397


446


1,424


1,033

     Asset dispositions expense


79


103


472


488

     Branch closures and branding


0


4,958


0


4,958

     Net (gain)/loss on other real estate owned and repossessed assets


(157)


9


239


310

     Other


3,097


3,182


12,209


9,988

         Total Noninterest Expenses


27,169


34,011


103,770


93,366










         Income (Loss) Before Income Taxes


9,761


(2,147)


35,668


10,240

Income taxes


3,725


(630)


13,527


4,544










         Net Income (Loss)


$           6,036


$        (1,517)


$      22,141


$            5,696










Per share of common stock:


















     Net income (loss) diluted


$             0.18


$          (0.05)


$           0.66


$              0.21

     Net income (loss) basic


0.18


(0.05)


0.66


0.21

     Cash dividends declared


0.00


0.00


0.00


0.00










Average diluted shares outstanding


34,395,373


33,123,525


33,744,171


27,716,895

Average basic shares outstanding


34,115,697


32,888,612


33,495,827


27,538,955










 

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME


(Unaudited)







SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES




















QUARTER


2015


2014

(Dollars in thousands)

Fourth


Third


Second


First


Fourth











Interest on securities:










     Taxable

$        5,312


$            5,154


$        4,977


$        4,898


$        4,728

     Nontaxable

144


144


147


150


182

Interest and fees on loans

25,184


25,276


21,988


22,021


21,070

Interest on federal funds sold and other investments

275


249


249


249


292

         Total Interest Income

30,915


30,823


27,361


27,318


26,272











Interest on deposits

598


562


524


401


297

Interest on time certificates

265


295


321


347


375

Interest on borrowed money

952


955


850


860


867

         Total Interest Expense

1,815


1,812


1,695


1,608


1,539











         Net Interest Income

29,100


29,011


25,666


25,710


24,733

Provision (recapture) for loan losses

369


987


855


433


118

         Net Interest Income After Provision for Loan Losses

28,731


28,024


24,811


25,277


24,615











Noninterest income:










     Service charges on deposit accounts

2,229


2,217


2,115


2,002


2,208

     Trust fees

791


781


759


801


795

     Mortgage banking fees

955


1,177


1,032


1,088


716

     Brokerage commissions and fees

511


604


576


441


417

     Marine finance fees

205


258


492


197


445

     Interchange income

1,989


1,925


2,033


1,737


1,603

     Other deposit based EFT fees

99


88


96


114


92

     BOLI income

396


366


334


330


252

     Gain on participated loan

0


0


725


0


0

     Other

607


666


684


598


613


7,782


8,082


8,846


7,308


7,141

     Securities gains, net

1


160


0


0


108

     Bargain purchase gain, net

416


0


0


0


0

         Total Noninterest Income

8,199


8,242


8,846


7,308


7,249











Noninterest expenses:










     Salaries and wages

11,135


11,850


9,301


8,789


11,676

     Employee benefits

2,178


2,430


2,541


2,415


2,461

     Outsourced data processing costs

2,455


3,277


2,234


2,184


3,506

     Telephone / data lines

412


446


443


496


419

     Occupancy

2,314


2,396


2,011


2,023


2,325

     Furniture and equipment

1,000


883


819


732


732

     Marketing

1,128


1,099


1,226


975


1,163

     Legal and professional fees

2,580


2,189


1,590


1,663


2,555

     FDIC assessments

551


552


520


589


476

     Amortization of intangibles

397


397


315


315


446

     Asset dispositions expense

79


77


173


143


103

     Branch closures and branding

0


0


0


0


4,958

     Net (gain)/loss on other real estate owned and repossessed assets

(157)


262


53


81


9

     Other

3,097


3,269


3,062


2,781


3,182

         Total Noninterest Expenses

27,169


29,127


24,288


23,186


34,011











         Income (Loss) Before Income Taxes

9,761


7,139


9,369


9,399


(2,147)

Income taxes

3,725


2,698


3,564


3,540


(630)











         Net Income (Loss)

$        6,036


$            4,441


$        5,805


$        5,859


$      (1,517)











Per share of common stock:




















     Net income (loss) diluted

$           0.18


$               0.13


$          0.18


$          0.18


$        (0.05)

     Net income (loss) basic

0.18


0.13


0.18


0.18


(0.05)

     Cash dividends declared

0.00


0.00


0.00


0.00


0.00











Average diluted shares outstanding

34,395,373


34,193,540


33,233,508


33,135,618


33,123,525

Average basic shares outstanding

34,115,697


33,907,178


32,978,006


32,971,444


32,888,612











 

 

CONDENSED CONSOLIDATED BALANCE SHEETS         

(Unaudited)




SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES












December 31,


December 31,


(Dollars in thousands, except share data)

2015


2014








Assets






   Cash and due from banks


$               81,216


$               64,411


   Interest bearing deposits with other banks

54,851


36,128


            Total  Cash and Cash Equivalents

136,067


100,539








   Securities:






        Available for sale (at fair value)

790,766


741,375


        Held for investment (at amortized cost)

203,525


207,904


            Total Securities


994,291


949,279








   Loans available for sale


23,998


12,078








   Loans, net of deferred costs


2,156,330


1,821,885


   Less: Allowance for loan losses


(19,128)


(17,071)


            Net Loans


2,137,202


1,804,814








   Bank premises and equipment, net


54,579


45,086


   Other real estate owned


7,039


7,462


   Other intangible assets


8,594


7,454


   Goodwill


25,211


25,309


   Bank owned life insurance


43,579


35,679


   Other assets


104,220


105,635




$          3,534,780


$          3,093,335








Liabilities and Shareholders' Equity





Liabilities






   Deposits






        Noninterest demand


$             854,447


$             725,238


        Interest-bearing demand


734,749


652,353


        Savings


295,851


264,738


        Money market


665,353


450,172


        Other time certificates


153,318


173,247


        Brokered time certificates


9,403


7,034


        Time certificates of $100,000 or more

131,266


143,752


            Total Deposits


2,844,387


2,416,534








   Federal funds purchased and securities sold under





       agreements to repurchase, maturing within 30 days

172,005


233,640


    Borrowed funds


50,000


50,000


    Subordinated debt


69,961


64,583


    Other liabilities


44,974


15,927




3,181,327


2,780,684








Shareholders' Equity






    Common stock


3,435


3,300


    Additional paid in capital


399,162


379,249


    Accumulated deficit


(42,858)


(65,000)


    Treasury stock


(73)


(71)




359,666


317,478


    Accumulated other comprehensive (loss), net

(6,213)


(4,827)


            Total Shareholders' Equity


353,453


312,651




$          3,534,780


$          3,093,335








Common Shares Outstanding


34,351,409


33,136,592








Note:  The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date.

 

 

CONSOLIDATED QUARTERLY FINANCIAL DATA





(Unaudited)






SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES






















QUARTERS


2015


2014

(Dollars in thousands, except per share data)

Fourth


Third


Second


First


Fourth

Net income (loss)

$                     6,036


$              4,441


$               5,805


$            5,859


$            (1,517)













Operating Ratios











   Return on average assets-GAAP basis (2),(3)

0.69

%

0.52

%

0.72

%

0.75

%

(0.20)

%

   Return on average tangible assets (2),(3),(4)

0.73


0.56


0.75


0.79


(0.16)


   Return on average shareholders' equity-GAAP basis (2),(3)

6.78


5.05


7.13


7.42


(1.89)


   Efficiency ratio (5)

72.57


76.29


68.57


68.33


104.46


   Noninterest income to total revenue

21.10


21.79


25.63


22.13


22.40













   Net interest margin (1),(2)

3.67


3.75


3.50


3.62


3.56


   Average equity to average assets

10.20


10.34


10.12


10.17


10.51













Credit Analysis Excluding Acquired Loans











   Net charge-offs (recoveries) - non-acquired loans

$                        245


$               (233)


$                 (358)


$              (263)


$                 618


   Net charge-offs - acquired loans

324


683


143


46


-


   Total net charge-offs (recoveries)

$                        569


$                 450


$                 (215)


$              (217)


$                 618













   Net charge-offs (recoveries) to average loans - non-acquired loans

0.05

%

(0.04)

%

(0.08)

%

(0.06)

%

0.14

%

   Net charge-offs (recoveries) to average loans - acquired loans

0.06


0.12


0.03


0.01


-


   Total net charge-offs (recoveries) to average loans

0.11


0.08


(0.05)


(0.05)


0.14













   Loan loss provision (recapture) - non-acquired loans

$                        (40)


$                 852


$                   271


$                292


$                   54


   Loan loss provision (recapture) - acquired loans

409


135


584


141


64


   Total loan loss provision (recapture)

$                        369


$                 987


$                   855


$                433


$                 118













   Allowance to loans at end of period - non-acquired loans

1.03

%

1.11

%

1.10

%

1.13

%

1.14

%

   Discount for credit losses to acquired loans at end of period

4.24


4.13


3.32


3.56


3.56













   Nonperforming loans - non-acquired loans

$                  12,758


$            14,474


$             15,054


$          16,860


$           18,563


   Nonperforming loans - acquired loans

4,628


2,636


4,543


4,196


2,577


   Other real estate owned - non-acquired

3,699


4,183


4,855


4,738


5,567


   Other real estate owned - acquired

3,340


3,250


1,053


1,431


1,895


   Total nonperforming assets

$                  24,425


$            24,543


$             25,505


$          27,225


$           28,602













  Restructured loans (accruing)

$                  19,970


$            20,543


$             23,441


$          23,847


$           24,997













  Purchased noncredit impaired loans

$                308,737


$          347,262


$           275,964


$        296,839


$         326,066


  Purchased credit impaired loans

12,109


12,673


6,562


7,119


7,814


  Total acquired loans

$                320,846


$          359,935


$           282,526


$        303,958


$         333,880













   Nonperforming loans to loans at end of period - non-acquired loans

0.59

%

0.69

%

0.78

%

0.91

%

1.02

%

   Nonperforming loans to loans at end of period - acquired loans

0.22


0.12


0.23


0.23


0.14


   Total nonperforming loans to loans at end of period

0.81


0.81


1.01


1.14


1.16













   Nonperforming assets to total assets - non-acquired

0.47

%

0.55

%

0.62

%

0.67

%

0.78

%

   Nonperforming assets to total assets - acquired

0.22


0.18


0.17


0.17


0.14


   Total nonperforming assets to total assets

0.69


0.73


0.79


0.84


0.92













Per Share Common Stock











   Net income (loss) diluted-GAAP basis

$                       0.18


$                0.13


$                  0.18


$               0.18


$              (0.05)


   Net income (loss) basic-GAAP basis

0.18


0.13


0.18


0.18


(0.05)













   Cash dividends declared

0.00


0.00


0.00


0.00


0.00


   Book value per share common

10.29


10.20


9.84


9.71


9.44













Average Balances











Total average assets

$             3,463,277


$      3,373,858


$        3,225,127


$     3,151,132


$      3,037,061


Less: Intangible assets

34,457


35,185


32,188


31,221


33,803


Total average tangible assets

$             3,428,820


$      3,338,673


$        3,192,939


$     3,119,911


$      3,003,258













Total average equity

$                353,392


$          348,901


$           326,338


$        320,346


$         319,233


Less: Intangible assets

34,457


35,185


32,188


31,221


33,803


Total average tangible equity

$                318,935


$          313,716


$           294,150


$        289,125


$         285,430













(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





2015


2014















U.S. Treasury and U.S. Government Agencies





$               3,911


$            3,899




Mortgage-backed





539,688


587,933




Collateralized loan obligations





122,583


125,225




Obligations of states and political subdivisions





39,891


24,318




Corporates





35,532


0




CMBS





40,420


0




Other





8,741


0




   Securities Available for Sale





790,766


741,375















Mortgage-backed





162,225


182,076




Collateralized loan obligations





41,300


25,828




   Securities Held for Investment





203,525


207,904




       Total Securities





$           994,291


$        949,279










































December 31,


December 31,




LOANS





2015


2014















Construction and land development





$           108,787


$          87,036




Real estate mortgage





1,733,163


1,524,044




Installment loans to individuals





85,356


52,897




Commercial and financial





228,517


157,396




Other loans





507


512




       Total Loans





$        2,156,330


$     1,821,885















 

 

AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES (1)


(Unaudited)











SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


































2015


2014


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

$         924,730


$        5,312


2.30%


$       966,764


$      5,154


2.13%


$      897,472


$    4,728


2.11%

         Nontaxable

14,932


220


5.89


14,982


220


5.87


15,871


279


7.03

                   Total Securities

939,662


5,532


2.35


981,746


5,374


2.19


913,343


5,007


2.19



















    Federal funds sold and other


















         investments

93,728


275


1.16


42,083


249


2.35


63,690


292


1.82



















    Loans,  net

2,121,053


25,224


4.72


2,060,326


25,319


4.88


1,794,423


21,123


4.67



















                  Total Earning Assets

3,154,442


31,031


3.90


3,084,155


30,942


3.98


2,771,456


26,422


3.78



















Allowance for loan losses

(19,940)






(19,294)






(18,723)





Cash and due from banks

85,951






70,292






88,745





Premises and equipment

55,139






54,436






47,379





Intangible assets

34,457






35,185






33,803





Bank owned life insurance

43,419






41,934






24,417





Other assets

109,809






107,150






89,984
























$      3,463,277






$    3,373,858






$   3,037,061























Liabilities and Shareholders' Equity


















Interest-bearing liabilities:


















      Interest-bearing demand

$         666,640


$           129


0.08%


$       621,365


$         116


0.07%


$      585,895


$        112


0.08%

      Savings

292,761


39


0.05


285,410


39


0.05


263,066


42


0.06

      Money market

664,512


430


0.26


637,840


407


0.25


457,364


143


0.12

      Time deposits

299,189


265


0.35


308,184


295


0.38


327,327


375


0.45

      Federal funds purchased and


















        other short term borrowings

168,444


89


0.21


183,494


112


0.24


227,806


97


0.17

      Other borrowings

119,927


863


2.85


118,961


843


2.81


114,560


770


2.67



















                     Total Interest-Bearing Liabilities

2,211,473


1,815


0.33


2,155,254


1,812


0.33


1,976,018


1,539


0.31



















Noninterest demand

878,709






849,468






728,410





Other liabilities

19,703






20,235






13,400





                     Total Liabilities

3,109,885






3,024,957






2,717,828























Shareholders' equity

353,392






348,901






319,233
























$      3,463,277






$    3,373,858






$   3,037,061























Interest expense as a % of earning assets 





0.23%






0.23%






0.22%

Net interest income as a % of earning assets 



$      29,216


3.67%




$    29,130


3.75%




$  24,883


3.56%





































(1) On a fully taxable equivalent basis.  All yields and rates have been computed on an annualized basis using amortized cost.









      Fees on loans have been included in interest on loans.  Nonaccrual loans are included in loan balances.











 

 

CONSOLIDATED QUARTERLY FINANCIAL  DATA




(Unaudited)





SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES






















2015


2014

(Dollars in thousands)


Fourth Quarter


Third Quarter


Second Quarter


First Quarter


Fourth Quarter













Customer Relationship Funding (Period End)










      Noninterest demand












Commercial


$            592,621


$           619,960


$         561,742


$          546,876


$         481,327


Retail


198,077


182,381


180,484


191,262


190,120


Public funds


46,300


47,765


47,913


38,529


41,201


Other


17,449


19,771


18,290


16,669


12,590




854,447


869,877


808,429


793,336


725,238













      Interest-bearing demand












Commercial


77,500


69,037


60,411


66,532


58,173


Retail


479,056


443,022


410,601


416,766


407,653


Public funds


178,193


106,285


128,256


151,556


186,527




734,749


618,344


599,268


634,854


652,353













      Total transaction accounts












Commercial


670,121


688,997


622,153


613,408


539,500


Retail


677,133


625,403


591,085


608,028


597,773


Public funds


224,493


154,050


176,169


190,085


227,728


Other


17,449


19,771


18,290


16,669


12,590




1,589,196


1,488,221


1,407,697


1,428,190


1,377,591













      Savings


295,851


286,810


282,588


272,963


264,738













      Money market












Commercial


208,520


225,629


191,061


185,668


172,417


Retail


312,756


306,138


272,853


274,203


264,725


Public funds


144,077


128,865


158,059


136,729


13,030




665,353


660,632


621,973


596,600


450,172













      Time certificates of deposit


293,987


306,633


292,919


312,072


324,033

            Total Deposits


$         2,844,387


$        2,742,296


$      2,605,177


$       2,609,825


$      2,416,534













      Customer sweep accounts


$            172,005


$           148,607


$         157,676


$          170,023


$         153,640













      Total core customer funding (1)


$         2,722,405


$        2,584,270


$      2,469,934


$       2,467,776


$      2,246,141

























(1) Total deposits and customer sweep accounts, excluding certificates of deposits.







 

 

SOURCE Seacoast Banking Corporation of Florida



RELATED LINKS

http://www.seacoastbanking.net