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Seacoast Reports $2.3 Million In Net Income For The Quarter

-- Net income for the quarter increased 24 percent linked quarter and was up 12 percent year over year resulting from lower credit costs and expense management

-- Earnings per share was up 50 percent to $.09 compared with $.06 in 2013

-- Pretax income was $3.7 million for the quarter compared to $2.0 million in 2013 and $3.1 million in the prior quarter


News provided by

Seacoast Banking Corporation of Florida

Apr 24, 2014, 04:56 ET

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STUART, Fla., April 24, 2014 /PRNewswire/ -- Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF), today reported first quarter 2014 net income available to common shareholders of $2.3 million or $0.09 per diluted common share, compared with $1.1 million, or $.06 per diluted common share for 2013. The income resulted from improved earnings and redemption of the company's preferred stock outstanding on December 31, 2013. Seacoast's pretax income for the first quarter of $3.7 million was up 83.4 percent compared to a year ago, while net income was $2.3 million compared to $2.0 million for the same quarter last year.  There was no tax provision in the prior period due to the impact of the valuation allowance for the company's deferred tax assets which was subsequently fully recovered in the third quarter of 2013.

The improved earnings for the quarter reflect growth in customer deposit and loan relationships, improved credit costs and reduced core operating expenses which were offset by lower mortgage banking revenue and severance costs associated with cost reductions announced in the prior quarter. Additional spending related to customer growth initiatives and increased customer adoption of new digital products were also absorbed during the quarter.

Customer Relationship Growth Improves

  • Average noninterest bearing demand deposits were up $47.3 million, or 10.9 percent compared with the prior year and $18.2 million, or 15.6 percent linked quarter annualized
  • Ending noninterest bearing demand deposits increased to 28.2 percent of total deposits compared with 22.7 percent for the first quarter 2012
  • Ending net loan balances increased by 7.5 percent, or $90.7 million compared to first quarter 2013, and $8.8 million linked quarter

Additional Cost Reductions Announced

As previously announced, we implemented annual cost reductions totaling $1.4 million late in the first quarter which resulted in severance expense totaling $212,000 for the quarter.  We have identified and are currently implementing an additional $1.9 million in cost reductions to better align our expense structure as we continue making the investments needed to drive sustainable long term customer growth. We expect our core operating expenses to fall below $17.9 million per quarter when these reductions are fully absorbed starting in the third quarter.  

Innovation Driving Growth

During the quarter spending for new digital products, increased digital adoption and new personnel in marketing and data analytics totaled approximately $860,000 annualized, which we expect to grow to approximately $1.3 million annualized by year end.  Growth in new households continued to accelerate with net new households produced during the quarter more than doubling over the same period in the prior year.  As of quarter end, 47 percent of our online customers have adopted our mobile product offerings.  The total number of services utilized by our retail customers increased to an average of 3.4 per household, primarily due to an increase in debit card activation, direct deposit and mobile banking users.  We continue to focus on helping our customers discover more convenient ways to manage their financial lives while we also work to reduce our legacy fixed costs.

Acquisition Announced

Seacoast also announced today it has entered into a definitive agreement to acquire The BANKshares, Inc., a commercial bank headquartered in Winter Park, Florida, with $656 million in assets.  Information concerning the merger is contained in a press release separately issued concurrent with this first quarter earnings release.  Seacoast Chairman and CEO Dennis Hudson will discuss the merits of the acquisition during tomorrow's previously scheduled earnings conference call.  Dial in instructions are provided below.            

"We see enormous opportunities for growth in our markets and throughout Florida. Community banking will continue to be impacted by the transformation in customer convenience that is effecting banks of all sizes.  We are working to position Seacoast to grow and prosper as consumers and businesses alike are quickly discovering new and more convenient ways to access and manage their financial lives.  We see opportunities to capitalize on these new growth opportunities as we add key personnel in our Central and South Florida markets," said Dennis S. Hudson III, Chairman and Chief Executive Officer. "Over the past year we have invested significant resources to support this changing environment while cutting legacy costs, which will ultimately be significantly reduced resulting in further improvements to our operating leverage."

Additional detailed information concerning the quarter is presented below. 

Deposit Growth Continues:

Our customer relationship strategy continues to produce low cost funding with retail and business households, which will prove particularly valuable as interest rates increase in the future and result in higher core revenues from both wider margins and increased usage of electronic and digital payment options. Deposit mix continued to improve in the first quarter with noninterest bearing demand deposits increasing to 28.2 percent of total deposits at the end of the first quarter, from 22.7 percent two years earlier. The improved deposit mix resulted in lower total interest expense, which declined $166,000 year over year.

(Dollars in thousands)

First

Quarter

2014


First
Quarter

2013


First
Quarter

2012


2014 vs
2013
Change


2014 vs
2012
Change


Customer Relationship Funding











      Demand deposits

      (noninterest bearing)

$  513,925


$  453,144


$  394,532


13.4

%

30.3

%

      NOW

504,698


482,913


436,712


4.5


15.6


      Money market accounts

337,408


341,216


330,409


(1.1)


2.1


      Savings deposits

202,170


177,213


148,068


14.1


36.5


      Time certificates of deposit

261,594


307,678


427,738


(15.0)


(38.8)


            Total deposits

1,819,795


1,762,164


1,737,459


3.3


4.7


      Sweep repurchase agreements

156,136


161,678


149,316


(3.4)


4.6


      Total core customer funding (1)

1,714,337


1,616,164


1,459,037


6.1


17.5


 Demand deposit mix

(noninterest bearing)

28.2

%

25.7

%

22.7

%





(1)   Total deposits and sweep repurchase agreements, excluding certificates of deposits.

Credit Quality now at Pre-Crisis Levels:

  • Restructured loans reduced to $24.5 million, down $16.6 million compared to a year ago;
  • Nonperforming loans totaled 2.0 percent of loans, compared with 2.1 percent last quarter and 2.9 percent one year ago; and
  • Nonperforming assets to total assets declined to 1.4 percent, compared to 2.1 percent a year ago.

(Dollars in thousands )

First  Quarter

2014


Fourth Quarter

2013


   Third  Quarter

2013


Second Quarter

2013


First Quarter

2013













Net charge-offs
(recoveries)

$(139)


$838


$842


$2,027


$1,517


Net charge-offs
(recoveries) to











    average loans

(0.04)

%

0.26

%

0.26

%

0.64

%

0.49

%

Loan loss provision

$(735)


$490


$1,180


$565


$953


Allowance to loans at











     end of period

1.48

%

1.54

%

1.62

%

1.59

%

1.76

%












Restructured loans











    (accruing)

$24,537


$25,137


$25,509


$29,612


$41,170













Nonperforming loans

$26,220


$27,672


$28,724


$33,266


$35,208


Other real estate owned

6,369


6,860


5,589


10,063


10,850


 Nonperforming assets

$32,589


$34,532


$34,313


$43,329


$46,058













Nonperforming loans











    to loans outstanding











    at end of period

2.00

%

2.12

%

2.27

%

2.63

%

2.88

%












 Nonperforming assets to











     total assets

1.41


1.52


1.60


1.98


2.09


Noninterest Income:

Noninterest income fell short of the prior quarter by 6.8 percent primarily due to a decline in mortgage banking fees as a result of lower mortgage demand and lower service charges on deposits resulting from seasonally higher average balances.  Both items were also impacted by two fewer days in the first quarter compared to the fourth quarter. Interchange fees were up by 11.0 percent, or $139,000 compared to the same period last year due to higher usage and increased customers.

(Dollars in thousands)


First
Quarter
2014

Fourth
Quarter
2013

Third
Quarter
2013

Second
Quarter
2013

First
Quarter
2013








Service charges on deposit accounts


$1,507

$1,778

$1,741

$1,641

$1,551

Trust income


671

693

667

675

676

Mortgage banking fees


661

728

1,075

1,256

1,114

Brokerage commissions and fees


379

461

383

362

425

Marine finance fees


254

215

283

419

272

Interchange income


1,403

1,394

1,358

1,388

1,264

Other deposit based EFT fees


98

80

77

87

98

Other


585

617

503

507

531

     Total


5,558

5,966

6,087

6,335

5,931








Securities gains, net


17

0

280

114

25



$5,575

$5,966

$6,367

$6,449

$5,956

Noninterest Expenses:

Total noninterest expenses of $18.8 million decreased by $176,000, or 0.9 percent compared with the same period last year. Contributing to the reduction in expenses were lower costs in salaries and wages as a result of ongoing expense management, as well as, lower commissions in mortgage banking and wealth fees, year over year. Partially offsetting the reduction in costs were higher levels of marketing expense, up 81.1 percent from first quarter 2013, due to continued focus on expanding the Seacoast brand, digital communications, and building organic growth.

Persistent emphasis on expense reduction resulted in the successful implementation of first quarter cost savings totaling $1.4 million annually. These savings were the result of negotiations with our current vendors for competitive pricing, changes to the organizational structure, and the termination of regulatory agreements and requirements. Our focus remains on building our customer franchise and increasing our loan production, while investing in resources to support revenue growth. Further second quarter cost saving initiatives, forecasted at $1.9 million annually, have been identified and are currently being implemented. These continued efforts in cost management will increase our efficiency through the reduction of legacy costs and other operational expense.   

 

(Dollars in thousands)


First Quarter

 2014

Fourth Quarter

 2013

Third Quarter

 2013

Second Quarter

 2013

First Quarter

2013

Noninterest Expense:














Salaries and wages


$7,412

$8,077

$7,533

$7,892

$7,437

Employee benefits


2,182

1,568

1,713

1,823

2,223

Outsourced data processing costs


1,695

1,586

1,657

1,631

1,498

Telephone / data lines


293

325

318

325

285

Occupancy expense


1,838

1,824

1,824

1,775

1,755

Furniture and equipment expense


571

597

605

571

561

Marketing expense


813

749

456

685

449

Legal and professional fees


941

839

874

949

796

FDIC assessments


386

451

713

720

717

Amortization of intangibles


196

196

195

197

195

Other


2,063

2,414

2,203

2,512

2,153

   Total Core Operating Expense


18,390

18,626

18,091

19,080

18,069








Severance and organizational changes


 

212

 

0

24

10

33

Branch consolidation


0

0

0

0

0

Miscellaneous Losses


0

190

0

0

0

Recovery of prior legal fees


0

(350)

0

(650)

0

Net loss on OREO and repossessed assets


53

0

229

493

567

Asset dispositions expense


128

180

159

111

290

   Total


$18,783

$18,646

$18,503

$19,044

$18,959

During the first quarter of 2014, we slowed the growth rate for investments in commercial loan production personnel compared to the prior two years. Our prior year's commercial banking expansion included three Accelerate offices in the Orlando MSA. For the first quarter, 2014, total commercial loan balances outstanding increased $69 million, or 12.1 percent compared to the prior year. Ending consumer loan balances at first quarter 2014 increased by 3.0 percent year over year, with residential loan balances increasing $18 million, or 3.1 percent.

The Company's tier 1 capital ratio is estimated at 17.5 percent and the total risk based capital ratio at 18.7 percent at March 31, 2014.  The tier 1 leverage ratio was 10.6 percent at March 31, 2014. The Company closed on the sale of an additional $25 million in common equity in January 2014 related to the fourth quarter capital raise, which has further strengthened our capital ratios during the quarter.

Seacoast will host a conference call on Friday, April 25, 2014 at 9:30 a.m. (Eastern Time) to discuss the earnings results, business trends and the acquisition of BANKshares, Inc.  Investors may call in (toll-free) by dialing (888) 517-2458 (passcode: 7789246; host: Dennis S. Hudson).  Slides will be used during the conference call and may be accessed at Seacoast's website at SeacoastBanking.net by selecting "Presentations" under the heading "Investor Services."  A replay of the call will be available for one month, beginning the afternoon of April 25, by dialing (888) 843-7419 (domestic), using the passcode 7789246.

Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast's website at SeacoastBanking.net.  The link is located in the subsection "Presentations" under the heading "Investor Services."  Beginning the afternoon of April 25, 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.   

Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida with approximately $2.3 billion in assets and $1.8 billion in deposits as of March 31, 2014.  The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through 34 traditional branches of its locally-branded wholly-owned subsidiary bank, Seacoast National Bank, and five Accelerate offices fueled by the power of Seacoast National Bank.  Offices stretch from Fort Lauderdale north through the Treasure Coast and into Orlando, and west to Okeechobee and surrounding counties.

________________________________________________________________

Cautionary Notice Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements about future financial and operating results, ability to realized deferred tax assets, cost savings, enhanced revenues, economic and seasonal conditions in our markets, and improvements to reported earnings that may be realized from cost controls and for integration of banks that we have acquired, as well as statements with respect to Seacoast's objectives, expectations and intentions and other statements that are not historical facts.  Actual results may differ from those set forth in the forward-looking statements.

Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance or achievements of Seacoast to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. You should not expect us to update any forward-looking statements. 

You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "support", "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "further", "point to," "project," "could," "intend" or other similar words and expressions of the future.  These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the effects of future economic and market conditions, including seasonality; governmental monetary and fiscal policies, as well as legislative, tax and regulatory changes; changes in accounting policies, rules and practices; the risks of changes in interest rates on the level and composition of deposits, loan demand, liquidity and the values of loan collateral, securities, and interest sensitive assets and liabilities; interest rate risks, sensitivities and the shape of the yield curve; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market areas and elsewhere, including institutions operating regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; and the failure of assumptions underlying the establishment of reserves for possible loan losses.  The risks of mergers and acquisitions, include, without limitation: unexpected transaction costs, including the costs of integrating operations; the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following the merger being lower than expected; the risk of deposit and customer attrition; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruption, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2013 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)


04/24/14


SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES














(Dollars in thousands, except share data)

Three Months Ended



March 31,


December 31,


March 31,



2014


2013


2013


Summary of Earnings







Net income (loss)

$          2,299


$          1,850


$         2,044


Net income available to common shareholders (loss)

2,299


588


1,107


Net interest income  (1)

16,277


16,336


16,055


Net interest margin  (1), (2)

3.07


3.08


3.15









Performance Ratios







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

0.41

%

0.33

%

0.38

%

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

4.02


3.10


5.09


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

4.26


3.32


4.45


Efficiency ratio (5)

84.30


81.92


81.45


Noninterest income to total revenue

25.52


26.82


27.04









Per Share Data







Net income (loss) diluted-GAAP basis (6)

$            0.09


$            0.03


$           0.06


Net income (loss) basic-GAAP basis (6)

0.09


0.03


0.06


Book value per share common (6)

8.79


8.40


6.20


Tangible book value per share (6)

8.77


8.37


8.70


Tangible common book value per share (4), (6)

8.77


8.37


6.15


Cash dividends declared

0.00


0.00


0.00
















(1)  Calculated on a fully taxable equivalent basis using amortized cost.

(2)  These ratios are stated on an annualized basis and are not necessarily indicative of future periods.


(3)  The calculation of ROA and ROE do not include the mark-to-market unrealized gains (losses) because


       the unrealized gains (losses) are not included in net income (loss).


(4)  The Company defines tangible common equity as total shareholder's equity less preferred stock and 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).


(6) Calculated based on total shares outstanding subsequent to the 5/1 reverse stock split.









FINANCIAL  HIGHLIGHTS 







SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES


















March 31,


December 31,


March 31,


(Dollars in thousands, except share data)

2014


2013


2013









Selected Financial Data







Total assets 

$  2,315,992


$  2,268,940


$ 2,202,049


Securities available for sale (at fair value)

658,512


641,611


649,196


Net loans

1,292,984


1,284,139


1,202,270


Deposits 

1,819,795


1,806,045


1,762,164


Total shareholders' equity  

228,382


198,604


166,705


Common shareholders' equity

228,382


198,604


117,647









Average Balances (Year-to-Date)







Total average assets

$  2,286,998


$  2,186,757


$ 2,169,329


Less: intangible assets

629


1,104


1,395


Total average tangible assets

$  2,286,369


$  2,185,653


$ 2,167,934









Total average equity

$      231,769


$     183,304


$    162,795


Less: intangible assets

629


1,104


1,395


Total average tangible equity

$      231,140


$     182,200


$    161,400









Credit Analysis







Net charge-offs year-to-date

$           (139)


$          5,224


$         1,517


Net charge-offs to average loans (annualized)

(0.04)

%

0.41

%

0.49

%

Loan loss provision year-to-date

$           (735)


$          3,188


$            953


Allowance to loans at end of period

1.48

%

1.54

%

1.76

%








Nonperforming loans

$        26,220


$       27,672


$       35,208


Other real estate owned

6,369


6,860


10,850


Total nonperforming assets

$        32,589


$       34,532


$       46,058









Restructured loans (accruing)

$        24,537


$       25,137


$       41,170
















Nonperforming loans to loans at end of period

2.00

%

2.12

%

2.88

%








Nonperforming assets to total assets

1.41

%

1.52

%

2.09

%








CONDENSED CONSOLIDATED STATEMENTS OF INCOME


(Unaudited)

04/24/14

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES












Three Months Ended




March 31,


(Dollars in thousands, except per share data)

2014


2013








Interest on securities:





     Taxable


$        3,434


$         3,184


     Nontaxable

12


18


Interest and fees on loans

13,798


14,027


Interest on federal funds sold and other investments

268


228


         Total Interest Income

17,512


17,457








Interest on deposits

194


208


Interest on time certificates

407


532


Interest on borrowed money

690


717


         Total Interest Expense

1,291


1,457








         Net Interest Income

16,221


16,000


Provision for loan losses

(735)


953


         Net Interest Income After Provision for Loan Losses

16,956


15,047








Noninterest income:





     Service charges on deposit accounts

1,507


1,551


     Trust income

671


676


     Mortgage banking fees

661


1,114


     Brokerage commissions and fees

379


425


     Marine finance fees

254


272


     Interchange income

1,403


1,264


     Other deposit based EFT fees

98


98


     Other


585


531




5,558


5,931


     Securities gains, net

17


25


         Total Noninterest Income

5,575


5,956








Noninterest expenses:





     Salaries and wages

7,624


7,470


     Employee benefits

2,182


2,223


     Outsourced data processing costs

1,695


1,498


     Telephone / data lines

293


285


     Occupancy 

1,838


1,755


     Furniture and equipment 

571


561


     Marketing 

813


449


     Legal and professional fees

941


796


     FDIC assessments

386


717


     Amortization of intangibles

196


195


     Asset dispositions expense

128


290


     Net loss on other real estate owned and repossessed assets

53


567


     Other 


2,063


2,153


         Total Noninterest Expenses

18,783


18,959








         Income Before Income Taxes

3,748


2,044


Income taxes (benefit)

1,449


0








         Net Income

2,299


2,044


Preferred stock dividends and accretion on preferred stock discount

-


937


         Net Income Available to Common Shareholders

$        2,299


$         1,107








Per share of common stock:











     Net income diluted

$          0.09


$           0.06


     Net income basic

0.09


0.06


     Cash dividends declared

0.00


0.00








Average diluted shares outstanding

25,656,775


18,925,215


Average basic shares outstanding

25,489,630


18,789,428








CONDENSED CONSOLIDATED BALANCE SHEETS          

(Unaudited)




04/24/14

SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES












March 31,


December 31,


March 31,

(Dollars in thousands, except share data)

2014


2013


2013








Assets







   Cash and due from banks

$        44,984


$       48,561


$       34,982

   Interest bearing deposits with other banks

173,794


143,063


192,069

            Total  Cash and Cash Equivalents

218,778


191,624


227,051








   Securities:






        Available for sale (at fair value)

658,512


641,611


649,196








   Loans available for sale

11,038


13,832


24,206








   Loans, net of deferred costs

1,312,456


1,304,207


1,223,810

   Less: Allowance for loan losses

(19,472)


(20,068)


(21,540)

            Net Loans

1,292,984


1,284,139


1,202,270








   Bank premises and equipment, net

35,057


34,505


34,620

   Other real estate owned

6,369


6,860


10,850

   Other intangible assets

522


718


1,305

   Other assets

92,732


95,651


52,551



$  2,315,992


$  2,268,940


$ 2,202,049








Liabilities and Shareholders' Equity






Liabilities






   Deposits






        Demand deposits (noninterest bearing)

$     513,925


$     464,006


$    453,144

        NOW

504,698


540,288


482,913

        Savings deposits 

202,170


192,491


177,213

        Money market accounts

337,408


331,184


341,216

        Other time certificates

148,971


154,743


175,934

        Brokered time certificates

9,619


9,776


10,169

        Time certificates of $100,000 or more

103,004


113,557


121,575

            Total Deposits

1,819,795


1,806,045


1,762,164








   Federal funds purchased and securities sold under






       agreements to repurchase, maturing within 30 days

156,136


151,310


161,678

    Borrowed funds

50,000


50,000


50,000

    Subordinated debt

53,610


53,610


53,610

    Other liabilities

8,069


9,371


7,892



2,087,610


2,070,336


2,035,344








Shareholders' Equity






    Preferred stock - Series A

0


0


49,058

    Common stock

2,599


2,364


9,485

    Additional paid in capital

301,918


277,290


222,940

    Accumulated deficit

(68,396)


(70,695)


(117,504)

    Treasury stock

(39)


(11)


(25)



236,082


208,948


163,954

    Accumulated other comprehensive gain (loss), net

(7,700)


(10,344)


2,751

            Total Shareholders' Equity

228,382


198,604


166,705



$  2,315,992


$  2,268,940


$ 2,202,049








Common Shares Outstanding

25,984,488


23,637,434


18,970,005








Note:  The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date.








CONSOLIDATED QUARTERLY FINANCIAL  DATA



(Unaudited)






04/24/14


SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES






















QUARTERS


2014


2013


(Dollars in thousands, except per share data)

First


Fourth


Third


Second


First


Net income (loss)

$          2,299


$         1,850


$        45,141


$          2,954


$         2,044













Operating Ratios











   Return on average assets-GAAP basis (2),(3),(5)

0.41

%

0.33

%

8.32

%

0.54

%

0.38

%

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

0.43


0.35


8.34


0.57


0.41


   Return on average shareholders' equity-GAAP basis (2),(3),(5)

4.02


3.10


106.55


7.19


5.09


   Efficiency ratio (6)

84.30


81.92


78.05


81.05


81.45


   Noninterest income to total revenue

25.52


26.82


26.58


28.22


27.04













   Net interest margin (1),(2)

3.07


3.08


3.25


3.12


3.15


   Average equity to average assets

10.13


10.55


7.80


7.56


7.50













Credit Analysis











   Net charge-offs (recoveries)

$           (139)


$            838


$             842


$          2,027


$         1,517


   Net charge-offs to average loans (recoveries)

(0.04)

%

0.26

%

0.26

%

0.64

%

0.49

%

   Loan loss provision

$           (735)


$            490


$          1,180


$             565


$            953


   Allowance to loans at end of period

1.48

%

1.54

%

1.62

%

1.59

%

1.76

%












  Restructured loans (accruing)

$        24,537


$       25,137


$        25,509


$        29,612


$       41,170













   Nonperforming loans

$        26,220


$       27,672


$        28,724


$        33,266


$       35,208


   Other real estate owned

6,369


6,860


5,589


10,063


10,850


   Nonperforming assets

$        32,589


$       34,532


$        34,313


$        43,329


$       46,058













   Nonperforming loans to loans at end of period

2.00

%

2.12

%

2.27

%

2.63

%

2.88

%

   Nonperforming assets to total assets

1.41


1.52


1.60


1.98


2.09













Per Share Common Stock











   Net income (loss) diluted-GAAP basis (7)

$            0.09


$           0.03


$            2.31


$            0.11


$           0.06


   Net income (loss) basic-GAAP basis (7)

0.09


0.03


2.35


0.11


0.06













   Cash dividends declared (7)

0.00


0.00


0.00


0.00


0.00


   Book value per share common (7)

8.79


8.40


8.12


5.89


6.20













Average Balances











Total average assets

$  2,286,998


$ 2,245,155


$  2,153,830


$   2,178,242


$ 2,169,329


Less: Intangible assets

629


813


1,009


1,205


1,395


Total average tangible assets

$  2,286,369


$ 2,244,342


$  2,152,821


$   2,177,038


$ 2,167,934













Total average equity

$     231,769


$    236,950


$     168,078


$      164,747


$    162,795


Less: Intangible assets

629


813


1,009


1,205


1,395


Total average tangible equity

$     231,140


$    236,137


$     167,069


$      163,541


$    161,400













(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) Excluding the income tax benefit related to the reversal of the valuation allowance for deferred tax assets and reflecting




      tax provisioning  of $1,351 for the third quarter 2013, adjusted return on average assets and adjusted return on average shareholder's


      equity for the third quarter was 0.40 percent and 5.07 percent, respectively.




(6) 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).






(7) Calculated based on total shares outstanding subsequent to the 5/1 reverse stock split.










































March 31,


December 31,


March 31,


SECURITIES 





2014


2013


2013













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





$             100


$             100


$         1,202


Mortgage-backed





619,951


602,568


638,571


Collateralized loan obligations





32,215


32,179


-


Obligations of states and political subdivisions





6,246


6,764


7,885


Other securities





-


-


1,538


   Securities Available for Sale





$     658,512


$      641,611


$    649,196





























March 31,


December 31,


March 31,


LOANS





2014


2013


2013













Construction and land development





$        67,197


$        67,450


$       62,851


Real estate mortgage





1,121,027


1,113,128


1,052,766


Installment loans to individuals





44,601


44,713


43,248


Commercial and financial





79,401


78,636


64,752


Other loans





230


280


193


       Total Loans





$  1,312,456


$   1,304,207


$ 1,223,810
























AVERAGE BALANCES 

(Unaudited)







04/24/14




SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES






















QUARTER


Percent Change vs.



2014


2013


4th Qtr


1st Qtr


(Dollars in thousands)

First


Fourth

Third

Second

First


2013


2013














Assets












Earning assets:












    Securities:












         Taxable

$      653,646


$    655,176

$    664,103

$    639,769

$    646,184


(0.2)

%

1.2

%

         Nontaxable 

1,016


1,560

1,560

1,647

1,666


(34.9)


(39.0)


                   Total Securities

654,662


656,736

665,663

641,416

647,850


(0.3)


1.1














    Federal funds sold and other












         investments

188,048


156,823

113,798

168,740

172,505


19.9


9.0














    Loans,  net

1,307,796


1,293,373

1,278,391

1,269,789

1,247,666


1.1


4.8














                  Total Earning Assets

2,150,506


2,106,932

2,057,852

2,079,945

2,068,021


2.1


4.0














Allowance for loan losses

(20,205)


(20,817)

(20,206)

(21,515)

(22,018)


(2.9)


(8.2)


Cash and due from banks

37,186


40,836

35,810

34,279

34,706


(8.9)


7.1


Premises and equipment

34,731


34,750

34,834

35,121

34,516


(0.1)


0.6


Other assets

84,780


83,454

45,540

50,412

54,104


1.6


56.7















$  2,286,998


$ 2,245,155

$ 2,153,830

$ 2,178,242

$ 2,169,329


1.9


5.4














Liabilities and Shareholders' Equity












Interest-bearing liabilities:












      NOW

$      507,313


$    483,569

$    447,350

$    461,005

$    474,915


4.9

%

6.8

%

      Savings deposits 

197,300


190,558

185,918

180,915

170,502


3.5


15.7


      Money market accounts 

330,787


332,576

336,229

339,058

341,833


(0.5)


(3.2)


      Time deposits

270,215


282,543

289,408

302,110

311,945


(4.4)


(13.4)


      Federal funds purchased and 












        other short term borrowings

155,656


142,999

157,607

159,847

160,600


8.9


(3.1)


      Other borrowings

103,610


103,610

103,610

103,610

103,610


0.0


0.0














                     Total Interest-Bearing Liabilities

1,564,881


1,535,855

1,520,122

1,546,545

1,563,405


1.9


0.1














Demand deposits (noninterest-bearing)

481,048


462,830

454,642

455,525

433,757


3.9


10.9


Other liabilities

9,300


9,520

10,988

11,425

9,372


(2.3)


(0.8)


                     Total Liabilities 

2,055,229


2,008,205

1,985,752

2,013,495

2,006,534


2.3


2.4














Shareholders' equity

231,769


236,950

168,078

164,747

162,795


(2.2)


42.4















$  2,286,998


$ 2,245,155

$ 2,153,830

$ 2,178,242

$ 2,169,329


1.9


5.4






























































AVERAGE YIELDS / RATES  (1) 









(Unaudited)


SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES






















QUARTER







2014


2013






(Dollars in thousands)

First


Fourth 

Third

Second 

First


















Assets












Earning assets:












    Securities:












         Taxable

2.10%


2.11%

1.93%

1.88%

1.97%






         Nontaxable 

6.69


6.41

6.67

6.55

6.37






                   Total Securities

2.11


2.12

1.95

1.89

1.98


















    Federal funds sold and other












         investments

0.58


0.57

0.67

0.53

0.54


















    Loans,  net

4.29


4.29

4.59

4.52

4.57


















                  Total Earning Assets

3.31


3.33

3.52

3.39

3.43


















Liabilities and Shareholders' Equity












Interest-bearing liabilities:












      NOW 

0.08


0.08

0.08

0.09

0.10






      Savings deposits 

0.05


0.05

0.05

0.05

0.06






      Money market accounts 

0.08


0.09

0.08

0.08

0.08






      Time deposits

0.61


0.62

0.64

0.67

0.69






      Federal funds purchased and 












        other short term borrowings

0.17


0.17

0.17

0.18

0.21






      Other borrowings

2.44


2.44

2.44

2.45

2.48


















                     Total Interest-Bearing Liabilities

0.33


0.35

0.36

0.36

0.38


















Interest expense as a % of earning assets  

0.24


0.25

0.26

0.27

0.29






Net interest income as a % of earning assets  

3.07


3.08

3.25

3.12

3.15


















(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.











































INTEREST INCOME / EXPENSE (1) 








(Unaudited)



SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES






















QUARTER


Percent Change vs.



2014


2013


4th Qtr


1st Qtr


(Dollars in thousands)

First


Fourth

Third

Second

First 


2013


2013














Assets












Earning assets:












    Securities:












         Taxable

$          3,434


$         3,452

$         3,212

$         3,008

$         3,184


(0.5)

%

7.9

%

         Nontaxable 

17


25

26

27

27


(32.0)


(37.0)


                   Total Securities

3,451


3,477

3,238

3,035

3,211


(0.7)


7.5














    Federal funds sold and other












         investments

268


224

192

224

228


(19.6)


17.5














    Loans,  net

13,849


13,974

14,804

14,312

14,073


(0.9)


(1.6)














                  Total Earning Assets

17,568


17,675

18,234

17,571

17,512


(0.6)


0.3














Liabilities and Shareholders' Equity












Interest-bearing liabilities:












      NOW 

102


96

93

100

112


6.3


(8.9)


      Savings deposits 

24


26

25

24

26


(7.7)


(7.7)


      Money market accounts 

68


74

69

67

70


(8.1)


(2.9)


      Time deposits

407


444

470

501

532


(8.3)


(23.4)


      Federal funds purchased and 












        other short term borrowings

66


62

68

73

83


6.5


(20.5)


      Other borrowings

624


637

637

634

634


(2.0)


(1.6)














                     Total Interest-Bearing Liabilities

1,291


1,339

1,362

1,399

1,457


(3.6)


(11.4)














Net interest income  

16,277


16,336

16,872

16,172

16,055


(0.4)


1.4














(1) On a fully taxable equivalent basis. Fees on loans have been included in interest on loans.




















CONSOLIDATED QUARTERLY FINANCIAL  DATA

(Unaudited)




04/24/14

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES






















2014


2013

(Dollars in thousands)

First Quarter


Fourth Quarter


Third Quarter


Second Quarter


First Quarter













Customer Relationship Funding (Period End)










      Demand deposits (noninterest bearing)











Commercial

$       291,221


$       261,938


$     254,373


$         260,325


$     246,849


Retail


173,698


159,117


155,281


163,551


167,516


Public funds

34,636


32,971


27,002


29,487


26,166


Other


14,370


9,980


16,293


15,154


12,613




513,925


464,006


452,949


468,517


453,144













      NOW accounts











Commercial

41,281


43,241


35,029


35,714


39,303


Retail


329,226


324,583


305,055


308,390


307,545


Public funds

134,191


172,464


100,785


108,965


136,065




504,698


540,288


440,869


453,069


482,913













      Total Transaction Accounts











Commercial

332,501


305,179


289,402


296,039


286,152


Retail


502,924


483,700


460,336


471,941


475,061


Public funds

168,828


205,435


127,787


138,452


162,231


Other


14,370


9,980


16,293


15,154


12,613




1,018,623


1,004,294


893,818


921,586


936,057













      Savings accounts

202,170


192,491


187,181


184,219


177,213













      Money market accounts











Commercial

109,158


100,601


107,767


109,938


111,580


Retail


221,762


221,062


217,176


216,370


220,555


Public funds

6,488


9,521


9,735


9,639


9,081




337,408


331,184


334,678


335,947


341,216













      Time certificates of deposit

261,594


278,076


283,233


296,857


307,678

            Total Deposits

$    1,819,795


$    1,806,045


$  1,698,910


$     1,738,609


$  1,762,164













      Sweep repurchase agreements

$       156,136


$       151,310


$     134,338


$         160,934


$     161,678













      Total core customer funding (1)

$    1,714,337


$    1,679,279


$  1,550,015


$     1,602,686


$  1,616,164

























(1) Total deposits and sweep repurchase agreements, excluding certificates of deposits.













QUARTERLY TRENDS - LOANS AT END OF PERIOD (Dollars in Millions)

04/24/14

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES












2014


2013



1st Qtr


 4th Qtr 

3rd Qtr

2nd Qtr

1st Qtr

Installment loans to individuals







      Automobile and trucks

$          6.2


$          6.6

$          7.1

$          7.5

$             7.8

      Marine loans

20.8


20.2

21.3

16.7

15.4

      Other


17.6


17.9

18.8

20.1

20.0



44.6


44.7

47.2

44.3

43.2

Construction and land development to individuals







      Lot loans

13.3


12.9

14.7

15.5

16.6

      Construction

24.4


21.3

19.7

20.7

20.8



37.7


34.2

34.4

36.2

37.4

Residential real estate







      Adjustable

392.5


391.9

378.4

372.6

365.8

      Fixed rate

89.8


91.1

94.7

97.5

98.2

      Home equity mortgages

60.6


62.0

61.8

62.2

61.3

      Home equity lines

49.7


47.7

47.7

49.1

49.3



592.6


592.7

582.6

581.4

574.6









TOTAL CONSUMER

674.9


671.6

664.2

661.9

655.2









Commercial & financial

79.4


78.6

70.8

65.2

64.8









Construction and land development for commercial







   Residential







      Single family residences

1.8


2.0

-

-

-

      Single family land and lots

4.7


4.9

4.9

5.0

4.9

      Townhomes

0.5


-

-

-

-

      Multifamily

3.6


3.7

3.8

3.9

3.9



10.6


10.6

8.7

8.9

8.8

   Commercial







      Office buildings

-


-

1.6

1.6

1.1

      Retail trade

2.9


7.7

1.8

1.8

-

      Land


4.4


4.9

7.3

7.2

7.8

      Healthcare

7.1


5.4

4.7

2.9

3.3

      Churches and educational facilities

1.1


3.8

4.0

2.5

1.2

      Lodging

3.4


0.9

0.3

-

-



18.9


22.7

19.7

16.0

13.4









   Total construction and land development

29.5


33.3

28.4

24.9

22.2









Commercial real estate







      Office buildings

120.0


118.7

118.2

112.0

112.5

      Retail trade

142.0


130.6

128.9

135.5

122.2

      Industrial

76.7


81.1

79.6

83.3

73.4

      Healthcare

44.1


45.5

38.8

42.1

39.4

      Churches and educational facilities

26.9


25.3

24.2

26.4

26.9

      Recreation

2.4


2.5

2.5

2.6

2.6

      Multifamily

17.2


16.8

6.2

9.5

8.5

      Mobile home parks

1.8


1.9

1.9

1.9

2.0

      Lodging

16.9


17.1

17.3

17.5

18.0

      Restaurant

3.7


3.7

3.8

3.5

3.6

      Agricultural

4.7


7.0

7.2

7.1

5.9

      Convenience stores

22.0


20.8

21.0

20.2

20.2

      Marina


20.6


21.3

21.5

20.9

21.1

      Other


29.4


28.1

27.9

31.1

25.1



528.4


520.4

499.0

513.6

481.4









TOTAL COMMERCIAL

637.3


632.3

598.2

603.7

568.4









Other


0.2


0.3

0.5

0.3

0.2



$   1,312.4


$   1,304.2

$   1,262.9

$   1,265.9

$      1,223.8









QUARTERLY TRENDS - INCREASE (DECREASE) IN LOANS BY QUARTER (Dollars in Millions)

04/24/14

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES















2014


2013






1st Qtr


 4th Qtr 

3rd Qtr

2nd Qtr

1st Qtr




Installment loans to individuals










      Automobile and trucks

$         (0.4)


$         (0.5)

$         (0.4)

$         (0.3)

$            -




      Marine loans

0.6


(1.1)

4.6

1.3

(3.0)




      Other


(0.3)


(0.9)

(1.3)

0.1

(0.7)






(0.1)


(2.5)

2.9

1.1

(3.7)




Construction and land development to individuals










      Lot loans

0.4


(1.8)

(0.8)

(1.1)

(0.1)




      Construction

3.1


1.6

(1.0)

(0.1)

(1.4)






3.5


(0.2)

(1.8)

(1.2)

(1.5)




Residential real estate










      Adjustable

0.6


13.5

5.8

6.8

4.8




      Fixed rate

(1.3)


(3.6)

(2.8)

(0.7)

(0.8)




      Home equity mortgages

(1.4)


0.2

(0.4)

0.9

3.3




      Home equity lines

2.0


-

(1.4)

(0.2)

(2.1)






(0.1)


10.1

1.2

6.8

5.2















TOTAL CONSUMER

3.3


7.4

2.3

6.7

-















Commercial & financial

0.8


7.8

5.6

0.4

2.9















Construction and land development for commercial










   Residential










      Single family residences

(0.2)


2.0

-

-

-




      Single family land and lots

(0.2)


-

(0.1)

0.1

(0.7)




      Townhomes

0.5


-

-

-

-




      Multifamily

(0.1)


(0.1)

(0.1)

-

(0.4)






(0.0)


1.9

(0.2)

0.1

(1.1)




   Commercial










      Office buildings

-


(1.6)

-

0.5

1.1




      Retail trade

(4.8)


5.9

-

1.8

-




      Land


(0.5)


(2.4)

0.1

(0.6)

(1.8)




      Healthcare

1.7


0.7

1.8

(0.4)

1.5




      Churches and educational facilities

(2.7)


(0.2)

1.5

1.3

0.7




      Lodging

2.5


0.6

0.3

-

-






(3.8)


3.0

3.7

2.6

1.5















   Total construction and land development

(3.8)


4.9

3.5

2.7

0.4















Commercial real estate










      Office buildings

1.3


0.5

6.2

(0.5)

7.8




      Retail trade

11.4


1.7

(6.6)

13.3

(4.5)




      Industrial

(4.4)


1.5

(3.7)

9.9

0.8




      Healthcare

(1.4)


6.7

(3.3)

2.7

(1.3)




      Churches and educational facilities

1.6


1.1

(2.2)

(0.5)

(1.7)




      Recreation

(0.1)


-

(0.1)

-

(0.1)




      Multifamily

0.4


10.6

(3.3)

1.0

(0.5)




      Mobile home parks

(0.1)


-

-

(0.1)

-




      Lodging

(0.2)


(0.2)

(0.2)

(0.5)

(0.7)




      Restaurant

-


(0.1)

0.3

(0.1)

0.1




      Agricultural

(2.3)


(0.2)

0.1

1.2

(0.2)




      Convenience stores

1.2


(0.2)

0.8

-

(0.3)




      Marina


(0.7)


(0.2)

0.6

(0.2)

(0.1)




      Other


1.3


0.2

(3.2)

6.0

(4.7)






8.0


21.4

(14.6)

32.2

(5.4)















TOTAL COMMERCIAL

5.0


34.1

(5.5)

35.3

(2.1)















Other


(0.1)


(0.2)

0.2

0.1

(0.2)






$          8.2


$        41.3

$         (3.0)

$        42.1

$         (2.3)















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SOURCE Seacoast Banking Corporation of Florida

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