STUART, Fla., Jan. 23 /PRNewswire-FirstCall/ -- Seacoast Banking
Corporation of Florida (Nasdaq: SBCF), a bank holding company whose principal
subsidiary is First National Bank and Trust Company of the Treasure Coast,
today reported net income totaling $5,833,000 or $0.34 diluted earnings per
share ("DEPS") for the fourth quarter of 2005, compared to $3,700,000 or $0.24
for the fourth quarter a year ago. For the year 2005, net income totaled
$20.8 million, or $1.24 DEPS, an increase of 30.5 percent from $0.95 DEPS
earned in 2004.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050916/SEACOASTLOGO )
Cash operating earnings per diluted share was $1.27 for the year, up
29.6 percent from the annual results for 2004. (The Company believes that
cash operating earnings, which excludes the after tax impact of noncash
interest rate swap fair value changes and noncash amortization expense, is a
better measurement of the Company's trend in earnings growth. Net cash
payments and receipts from the interest rate swap have been immaterial for the
periods presented. The Company terminated the interest rate swap that did not
qualify for hedge accounting under FAS 133 in the second quarter of 2005.)
"Our fourth quarter results benefited from the positive impacts of
continued growth including particularly robust loan production, which
increased net interest income and produced continued margin expansion. We
finished the year with strong operating results and significant momentum,
which we believe will continue to produce benefits helpful in meeting
potential interest rate and other economic challenges in the coming year,"
commented Dennis S. Hudson, III, Chairman and Chief Executive Officer.
"Seacoast ended 2005 with excellent credit quality, positive trends for all
loan portfolio segments, and a growing customer base with commercial account
additions particularly strong."
Highlights for the fourth quarter 2005 include:
* Net income was $0.34 DEPS, up 41.7 percent over 2004;
* Return on average assets (ROA) was 1.10 percent, compared to fourth
quarter 2004 ROA of 0.97 percent;
* Return on average equity remained strong at 14.96 percent versus
13.38 percent in the same quarter in 2004, and return on average tangible
equity using cash operating earnings totaled 19.48 percent for the fourth
quarter, up from 14.79 percent last year;
* Net interest margin of 4.04 percent which represented an increase from
the 4.01 percent achieved in the third quarter of 2005, and was higher than
the fourth quarter 2004's result of 3.88 percent;
* Loan outstandings for the fourth quarter totaled $1.290 billion,
increasing 23.7 percent annualized from the third quarter 2005 and up
$390 million or 43.4 percent from December 31, 2004;
* While the Fed raised interest rates 200 basis points over the last
twelve months, the cost for interest bearing deposits increased only 70 basis
points to 2.05 percent;
* Compared to the third quarter, average interest bearing deposits
increased $48.1 million or 3.8 percent;
* Fees from investment management services grew $60,000 compared to the
fourth quarter 2004, or 5.1 percent, and were up 9.4 percent for the full
year;
* Nonperforming assets to loans and other real estate owned totaled
0.03 percent, a decline from 0.16 percent for 2004;
Growth in the balance sheet and a favorable overall change in earning
asset mix resulting from the intended transformation of the loan portfolio
continue to produce solid growth in net interest income and the margin. Loans
now comprise 64.7 percent of earning assets, up from 58.5 percent a year
earlier, with floating rate assets comprising 34.0 percent at year-end 2005
compared to 22.1 percent a year earlier. Net interest income increased
$972,000 or 5.1 percent on a linked quarter basis in the fourth quarter, and
20.4 percent annualized. For the full year, net interest income totaled
$72.2 million, up $19.4 million or 36.8 percent.
Positively impacting the full year's results was the Company's acquisition
of Century National Bank ("Century") on April 30, 2005, which added
$107 million in loans and $304 million in deposits. Century's deposit mix
remains favorable with 35.8 percent of deposits comprised of noninterest
bearing demand deposits at year end, reflecting continued success in the
Orlando market. Increases in short-term interest rates and continued growth
have resulted in strong margin expansion at Century.
While interest rates have increased a total of 325 basis points since the
Fed began raising rates, the Company's overall deposit mix has allowed average
cost of deposits to remain low. Total cost of deposits, including noninterest
bearing demand deposits, increased only 51 basis points over the prior year to
1.54 percent. Average interest bearing deposits were up $344 million or 34.9
percent over the past year and increased $48 million or 3.8 percent linked
quarter for the three months ended December 31, 2005. Ending noninterest
bearing demand deposits now comprise 26.5 percent of total deposits, up from
25.1 percent a year ago. Total deposits increased to $1.784 billion or 30
percent from the prior year-end.
The Company's loan-to-deposit ratio, currently 72.3 percent, is up from
65.5 percent in the prior year. Continued favorable economic conditions and
loan growth may allow for further increase in the loan-to-deposit ratio and an
improvement in the net interest margin during 2006.
The Company's expansion into Palm Beach County with a total of 5 offices,
the loan production office for Brevard County, and the acquisition of Century
National in Orlando has contributed to overall loan growth, as well as an
improved loan mix and lending capacity over the past twelve months. Total
loans outstanding in these new markets grew to $396 million at year end. This
market expansion has provided the Company with greater opportunities to
profitably grow the loan portfolio and low-cost deposits, which has in turn
contributed to gains in net interest income and the margin.
In November 2005, the Company signed a definitive merger agreement to
acquire Big Lake Financial Corporation. Big Lake, headquartered in
Okeechobee, Florida, will add approximately $312 million in assets, $200
million in loans and $286 million in deposits, as well as nine offices in six
Central Florida counties where it is the region's largest community bank.
This acquisition is expected to be slightly accretive to earnings without any
cost reductions or revenue enhancements.
Noninterest expenses totaled $15.7 million, an increase of 8.6 percent
annualized from the third quarter 2005. The fourth quarter overhead ratio
improved to 62.6 percent from the third quarter's 63.2 percent and the prior
year's ratio of 65.0 percent. The growth in full year noninterest expenses is
a result of increased wages, benefits, occupancy, marketing and other overhead
due to the addition of branches and personnel in the Palm Beach and Brevard
County markets, the acquisition of Century, as well as higher commissions,
stock awards and other incentive compensation related to the Company's
improved performance. Salary and wages for the most recent quarter were
impacted by additional expenses related to the Company assisting employees in
dealing with their individual losses as a result of Hurricane Wilma, which
affected the Company's Treasure Coast market in October. This added
approximately $180,000 to salary and wages in the fourth quarter. Also
impacting the most recent quarter was higher stock-based incentive costs
related to improved performance in the Orlando market.
Noninterest income, excluding securities gains and losses and profits and
losses on the interest rate swap, increased 8.5 percent for the year. This
growth was led by service charges on deposit accounts, debit card and other
EFT transactions which grew 13.6 percent, with lower growth for the year in
revenues from mortgage banking operations, marine finance fees and investment
management services. While mortgage banking production totaled $206 million
in 2005 compared to $224 million in 2004, more of the production was retained
in the bank's loan portfolio and not sold which reduced mortgage banking
revenues. The marine finance division was impacted by higher energy costs and
the hurricanes during the year which significantly disrupted sales
opportunities at major boat shows in the Florida market. Mortgage banking
fees were particularly soft in the most recent quarter due to lower production
while Marine fees improved to a record $806,000.
Net charge-offs for the year 2005 totaled $135,000, compared to $562,000
for 2004. Nonperforming loans declined as well, by $1,075,000, and now total
only $372,000. Improvement in credit quality continued to positively impact
the loan loss provision for both the year and quarter.
Seacoast will host a conference call on Tuesday, January 24 at 10:00 a.m.
(Eastern Time) to discuss the earnings results and business trends. Investors
may call in (toll-free) by dialing (800) 640-9765 (access code: 13662120;
leader: Dennis Hudson). Charts will be used during the conference call and
may be accessed at Seacoast's website at http://www.seacoastbanking.net under
"Presentations". A replay of the call will be available beginning the
afternoon of January 24 by dialing (877) 213-9653 (domestic), using the
passcode 13662120.
Seacoast Banking Corporation of Florida has approximately $2.1 billion in
assets. It is one of the largest independent commercial banking organizations
in Florida, headquartered on Florida's Treasure Coast, one of the wealthiest
and fastest growing areas in the nation.
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 the benefits and timing of the merger between Seacoast and Big Lake,
including future financial and operating results, cost savings, enhanced
revenues, and accretion to reported earnings that may be realized from the
merger, as well as statements with respect to Seacoast's and Big Lake's plans,
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," "indicate," "would,"
"believe," "contemplate," "expect," "estimate," "continue," "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
conditions; governmental monetary and fiscal policies, as well as legislative
and regulatory changes; the risks of changes in interest rates on the level
and composition of deposits, loan demand, and the values of loan collateral,
securities, and interest sensitive assets and liabilities; interest rate risks
and sensitivities; 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 of Seacoast and Big Lake 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; the risk
of obtaining necessary governmental approvals of the merger on the proposed
terms and schedule; the potential failure of Big Lake's shareholders to
approve the merger; increased competitive pressures and solicitations of Big
Lake's customers by competitors; as well as the difficulties and risks
inherent with entering the Central Florida market.
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, 2004 under "Special
Cautionary Notice Regarding Forward-Looking Statements," and otherwise in our
SEC reports and filings. Such reports are available upon request from
Seacoast, or from the Securities and Exchange Commission, including through
the SEC's Internet website at http://www.sec.gov .
Other Important Information About this Press Release
Big Lake's shareholders are urged to read the proxy statement/prospectus
regarding the proposed transaction when it becomes available, because it will
contain important information about Seacoast, Big Lake and the proposed
transaction. Big Lake's shareholders will be able to obtain a free copy of
the proxy statement/prospectus, as well as other filings containing
information about Seacoast and Big Lake, without charge, at the SEC's Internet
website at http://www.sec.gov . Copies of the proxy statement/prospectus and
the filings with the SEC that will be incorporated by reference into, or
otherwise referred to in, the proxy statement/prospectus can also be obtained,
without charge, by directing a written request to Seacoast Banking Corporation
of Florida, 815 Colorado Avenue, Stuart, Florida 34994, Attention: Office of
the Secretary, or to Big Lake Financial Corporation, 1409 South Parrott
Avenue, Okeechobee, Florida 34974, Attention: President.
This press release does not constitute an offer to sell, or a solicitation
of an offer to buy, shares of Seacoast's common stock, or the solicitation of
any proxies from Big Lake's shareholders.
FINANCIAL HIGHLIGHTS (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Three Months Ended Twelve Months Ended
(Dollars in thousands, December 31, December 31,
except per share data) 2005 2004 2005 2004
Summary of Earnings
Net income (GAAP) $5,833 $3,700 $20,759 $14,922
Amoritzation of core
deposit premiums 77 -- 346 --
Net interest rate swap
(profits) losses -- 287 173 456
Cash operating earnings* $5,910 $3,987 $21,278 $15,378
Net interest income (1) 20,062 14,158 72,297 52,907
Performance Ratios
Return on average assets
(2), (3)
Using GAAP earnings 1.10 % 0.97 % 1.07 % 1.05 %
Using cash operating
earnings* on average
tangible assets 1.13 1.04 1.11 1.08
Return on average
shareholders' equity (2),
(3)
Using GAAP earnings 14.96 13.38 14.95 13.75
Using cash operating
earnings* on average
tangible equity 19.48 14.79 18.45 14.54
Net interest margin (1),(2) 4.04 3.88 3.97 3.89
Per Share Data
Net income diluted (GAAP) $0.34 $0.24 $1.24 $0.95
Amoritzation of core
deposit premium -- -- 0.02 --
Net interest rate swap
(profits) losses -- 0.02 0.01 0.03
Cash operating earnings*
diluted 0.34 0.26 1.27 0.98
Net income basic (GAAP) 0.35 0.24 1.27 0.97
Cash dividends declared 0.15 0.14 0.58 0.54
(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 calculations 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.
* The Company believes that cash operating earnings excluding the
impacts of non cash interest rate swap fair value changes
and amortization of core deposit intangible is a better measurement of
the Company's trend in earnings growth. Net cash payments and receipts
from the interest rate swap have not been material for the periods
presented.
FINANCIAL HIGHLIGHTS (cont'd)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Dollars in thousands, December 31, Increase/
except per share data) 2005 2004 (Decrease)
Credit Analysis
Net charge-offs year-to-date $135 $562 (76.0)%
Net charge-offs to average loans 0.01 % 0.07 % (85.7)
Loan loss provision year-to-date $1,317 $1,000 31.7
Allowance to loans at end of
period 0.70 % 0.73 % (4.1)
Nonperforming assets $372 $1,447 (74.3)
Nonperforming assets to loans
and other real estate owned at
end of period 0.03 % 0.16 % (81.3)
Selected Financial Data
Total assets $2,132,174 $1,615,876 32.0
Securities - Available for sale
(at fair value) 401,152 395,207 1.5
Securities - Held for investment
(at amortized cost ) 150,072 198,551 (24.4)
Net loans 1,280,989 892,949 43.5
Deposits 1,784,219 1,372,466 30.0
Shareholders' equity 152,720 108,212 41.1
Book value per share 8.94 7.00 27.7
Tangible book value per share 6.95 6.85 1.5
Average shareholders' equity
to average assets 7.17 % 7.63 % (6.0)
Average Balances (Year-to-Date)
Total Assets $1,937,361 $1,422,992 36.1
Less: Intangible Assets 23,573 2,802 741.3
Total average tangible assets $1,913,788 $1,420,190 34.8
Total equity $138,875 $108,552 27.9
Less: Intangible Assets 23,573 2,802 741.3
Total average tangible equity $115,302 $105,750 9.0
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) 2005 2004 2005 2004
Interest on securities:
Taxable $5,482 $4,459 $21,752 $18,245
Nontaxable 15 18 66 103
Interest and fees on loans 21,564 13,404 72,958 48,411
Interest on federal funds
sold and interest bearing
deposits 1,531 227 3,624 293
Total Interest Income 28,592 18,108 98,400 67,052
Interest on deposits 2,998 1,228 9,095 3,997
Interest on time
certificates 3,863 2,115 12,225 8,159
Interest on borrowed money 1,694 638 4,895 2,122
Total Interest Expense 8,555 3,981 26,215 14,278
Net Interest Income 20,037 14,127 72,185 52,774
Provision for loan losses 330 450 1,317 1,000
Net Interest Income
After Provision for
Loan Losses 19,707 13,677 70,868 51,774
Noninterest income:
Service charges on
deposit accounts 1,327 1,077 5,022 4,479
Trust income 605 639 2,573 2,250
Mortgage banking fees 290 347 1,810 1,824
Brokerage commissions
and fees 627 533 2,562 2,442
Marine finance fees 806 600 3,068 2,997
Debit card income 416 347 1,714 1,344
Other deposit based
EFT fees 94 123 417 476
Merchant income 530 454 2,230 1,962
Interest rate swap
profits (losses) -- (441) (267) (701)
Other income 394 338 1,388 1,389
5,089 4,017 20,517 18,462
Securities gains (losses),
net 50 18 128 44
Total Noninterest
Income 5,139 4,035 20,645 18,506
Noninterest expenses:
Salaries and wages 6,730 5,007 23,783 19,119
Employee benefits 1,575 1,080 6,313 5,031
Outsourced data
processing 1,609 1,380 6,477 5,716
Occupancy expense 1,388 1,014 5,126 4,229
Furniture and
equipment expense 525 439 2,121 1,919
Marketing expense 689 630 3,194 2,465
Legal and
professional fees 765 806 2,595 1,843
FDIC assessments 56 45 225 171
Amortization of
intangibles 119 -- 533 --
Other expense 2,282 1,706 8,733 6,788
Total Noninterest
Expenses 15,738 12,107 59,100 47,281
Income Before Income
Taxes 9,108 5,605 32,413 22,999
Provision for income taxes 3,275 1,905 11,654 8,077
Net Income $5,833 $3,700 $20,759 $14,922
Per share common stock:
Net income diluted $0.34 $0.24 $1.24 $0.95
Net income basic 0.35 0.24 1.27 0.97
Cash dividends
declared 0.15 0.14 0.58 0.54
Average diluted shares
outstanding 17,287,715 15,697,957 16,749,386 15,745,445
Average basic shares
outstanding 16,883,719 15,281,941 16,361,196 15,335,731
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Dollars in thousands, December 31, December 31,
except per share data) 2005 2004
Assets
Cash and due from banks $67,373 $44,920
Federal funds sold and interest
bearing deposits 153,120 44,758
Securities:
Available for sale (at fair
value) 401,152 395,207
Held for investment (at
amortized cost) 150,072 198,551
Total Securities 551,224 593,758
Loans available for sale 2,440 2,346
Loans 1,289,995 899,547
Less: Allowance for loan losses (9,006) (6,598)
Net Loans 1,280,989 892,949
Bank premises and equipment 22,218 18,965
Intangible assets 33,973 2,774
Other assets 20,837 15,406
$2,132,174 $1,615,876
Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand deposits (noninterest
bearing) $472,996 $345,122
Savings deposits 882,031 669,059
Other time deposits 256,484 238,188
Time certificates of $100,000
or more 172,708 120,097
Total Deposits 1,784,219 1,372,466
Federal funds purchased and
securities sold under
agreements to repurchase,
maturing within 30 days 96,786 86,919
Other borrowings 86,723 39,912
Other liabilities 11,726 8,367
1,979,454 1,507,664
Shareholders' Equity
Preferred stock -- --
Common stock 1,710 1,710
Additional paid in capital 46,116 26,950
Retained earnings 112,413 101,501
Restricted stock awards (3,447) (3,333)
Treasury stock (218) (16,172)
156,574 110,656
Accumulated other comprehensive loss (3,854) (2,444)
Total Shareholders'
Equity 152,720 108,212
$2,132,174 $1,615,876
Common Shares Outstanding 17,084,315 15,468,357
Note: The balance sheet at December 31, 2004 has been derived from the
audited financial statements at that date.
CONSOLIDATED QUARTERLY FINANCIAL DATA
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarters
2005
(Dollars in thousands, except per
share data) Fourth Third
Net income (GAAP) $5,833 $5,565
Amortization of core deposit premium 77 118
Net interest rate swap (profits)
losses -- --
Cash operating earnings* $5,910 $5,683
Operating Ratios
Return on average assets (2),(3)
Using GAAP earnings 1.10 % 1.09 %
Using cash operating earnings*
on average tangible assets 1.13 1.14
Return on average shareholders'
equity (2),(3)
Using GAAP earnings 14.96 14.59
Using cash operating earnings*
on average tangible equity 19.48 19.50
Net interest margin (1),(2) 4.04 4.01
Average equity to average assets 7.35 7.50
Credit Analysis
Net charge-offs (recoveries) $(32) $(35)
Net charge-offs (recoveries) to
average loans (0.01)% (0.01)%
Loan loss provision $330 $280
Allowance to loans at end of
period 0.70 % 0.71 %
Nonperforming assets $372 $325
Nonperforming assets to loans and
other real estate owned at end of
period 0.03 % 0.03 %
Nonaccrual loans and accruing
loans 90 days or more past due to
loans outstanding at end of period 0.06 0.03
Per Share Common Stock
Net income diluted (GAAP) $0.34 $0.32
Amortization of core deposit
premium -- 0.01
Net interest rate swap
(profit)losses -- --
Cash operating earnings* diluted $0.34 $0.33
Net income basic (GAAP) 0.35 0.33
Cash dividends declared 0.15 0.15
Book value per share 8.94 8.76
Average Balances
Total Assets 2,103,978 2,017,521
Less: Intangible Assets 34,337 35,676
Total average tangible assets $2,069,641 $1,981,845
Total equity 154,681 151,299
Less: Intangible Assets 34,337 35,676
Total average tangible equity $120,344 $115,623
(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 calculations 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.
* The Company believes that cash operating earnings excluding the impacts
of non cash interest rate swap fair value changes
and amortization of core deposit intangible is a better measurement of
the Company's trend in earings growth. Net cash
payments and receipts from the interest rate swap have not been material
for the periods presented.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarters
2005
(Dollars in thousands, except per Last 12
share data) Second First Months
Net income (GAAP) $5,475 $3,886 $20,759
Amortization of core deposit
premium 144 7 346
Net interest rate swap (profits)
losses (162) 335 173
Cash operating earnings* $5,457 $4,228 $21,278
Operating Ratios
Return on average assets
(2),(3)
Using GAAP earnings 1.13 % 0.94 % 1.07 %
Using cash operating
earnings* on average
tangible assets 1.14 1.03 1.11
Return on average
shareholders' equity (2),(3)
Using GAAP earnings 16.07 14.08 14.95
Using cash operating
earnings* on average
tangible equity 18.87 15.69 18.45
Net interest margin (1),(2) 3.91 3.90 3.97
Average equity to average
assets 7.03 6.69 7.17
Credit Analysis
Net charge-offs (recoveries) $15 $187 $135
Net charge-offs (recoveries)
to average loans 0.01 % 0.08 % 0.01 %
Loan loss provision $269 $438 $1,317
Allowance to loans at end of
period 0.73 % 0.70 %
Nonperforming assets $200 $1,040
Nonperforming assets to loans
and other real estate owned at
end of period 0.02 % 0.11 %
Nonaccrual loans and accruing
loans 90 days or more past due
to loans outstanding at end of
period 0.02 0.11
Per Share Common Stock
Net income diluted (GAAP) $0.33 $0.25 $1.24
Amortization of core deposit
premium 0.01 -- 0.02
Net interest rate swap
(profit)losses (0.01) 0.02 0.01
Cash operating earnings*
diluted $0.33 $0.27 $1.27
Net income basic (GAAP) 0.33 0.25 $1.26
Cash dividends declared 0.14 0.14 0.58
Book value per share 8.63 7.04
Average Balances
Total Assets 1,945,079 1,677,295
Less: Intangible Assets 20,627 3,176
Total average tangible assets $1,924,452 $1,674,119
Total equity 136,659 112,257
Less: Intangible Assets 20,627 3,176
Total average tangible equity $116,032 $109,081
(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 calculations 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.
* The Company believes that cash operating earnings excluding the impacts
of non cash interest rate swap fair value changes and amortization of
core deposit intangible is a better measurement of the Company's trend
in earings growth. Net cash payments and receipts from the interest
rate swap have not been material for the periods presented.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Dollars in thousands)
December 31, December 31,
SECURITIES 2005 2004
U.S. Treasury and U.S. Government
Agencies 71,189 20,656
Mortgage-backed 319,906 366,806
Other securities 10,057 7,745
Securities Available for Sale 401,152 395,207
U.S. Treasury and U.S. Government
Agencies 5,000 4,999
Mortgage-backed 143,877 192,128
Obligations of states and political
subdivisions 1,195 1,424
Securities Held for Investment 150,072 198,551
Total Securities $551,224 $593,758
December 31, December 31,
LOANS 2005 2004
Construction and land development $427,440 $252,329
Real estate mortgage 680,653 498,692
Instalment loans to individuals 82,942 81,831
Commercial and financial 98,653 66,240
Other loans 307 455
Total Loans $1,289,995 $899,547
AVERAGE BALANCES, YIELDS AND RATES (1)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2005
Fourth Quarter Third Quarter
Average Yield/ Average Yield/
(Dollars in thousands) Balance Rate Balance Rate
Assets
Earning assets:
Securities:
Taxable $567,382 3.86 % $603,477 3.71 %
Nontaxable 1,196 7.69 1,196 7.36
Total Securities 568,578 3.87 604,673 3.71
Federal funds sold and other
short-term investments 154,144 3.94 107,000 3.33
Loans, net 1,249,461 6.85 1,175,992 6.61
Total Earning Assets 1,972,183 5.76 1,887,665 5.48
Allowance for loan losses (8,800) (8,490)
Cash and due from banks 70,150 67,683
Premises and equipment 21,674 21,397
Other assets 48,771 49,266
$2,103,978 $2,017,521
Liabilities and Shareholders'
Equity
Interest-bearing liabilities:
NOW (including Super NOW) $137,457 0.89 % $125,211 0.67 %
Savings deposits 152,807 0.51 163,675 0.51
Money market accounts 589,275 1.68 585,395 1.45
Time deposits 449,657 3.41 406,813 3.07
Federal funds purchased and
securities sold under
agreements to repurchase 94,719 3.25 79,167 2.72
Other borrowings 72,504 5.02 64,386 4.57
Total Interest-Bearing
Liabilities 1,496,419 2.27 1,424,647 1.95
Demand deposits (noninterest-
bearing) 442,534 431,476
Other liabilities 10,344 10,099
Total Liabilities 1,949,297 1,866,222
Shareholders' equity 154,681 151,299
$2,103,978 $2,017,521
Interest expense as a % of
earning assets 1.72 % 1.47 %
Net interest income as a % of
earning assets 4.04 4.01
(1) On a fully taxable equivalent basis. All yields and rates have been
computed on an annualized basis using amortized cost.
Fees on loans have been included in interest on loans. Nonaccrual
loans are included in loan balances.
AVERAGE BALANCES, YIELDS AND RATES (1)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2004
Fourth Quarter
Average Yield/
(Dollars in thousands) Balance Rate
Assets
Earning assets:
Securities:
Taxable $526,604 3.39 %
Nontaxable 1,409 7.38
Total Securities 528,013 3.40
Federal funds sold and other
short-term investments 47,386 1.91
Loans, net 877,153 6.09
Total Earning Assets 1,452,552 4.97
Allowance for loan losses (6,594)
Cash and due from banks 45,680
Premises and equipment 18,879
Other assets 12,767
$1,523,284
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW (including Super NOW) $84,639 0.52 %
Savings deposits 166,779 0.50
Money market accounts 381,957 0.95
Time deposits 351,838 2.39
Federal funds purchased and
securities sold under
agreements to repurchase 71,931 1.53
Other borrowings 40,028 3.59
Total Interest-Bearing
Liabilities 1,097,172 1.44
Demand deposits (noninterest-bearing) 308,654
Other liabilities 7,444
Total Liabilities 1,413,270
Shareholders' equity 110,014
$1,523,284
Interest expense as a % of
earning assets 1.09 %
Net interest income as a % of
earning assets 3.88
(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.
SOURCE Seacoast Banking Corporation of Florida
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Related links:
http://www.seacoastbanking.net
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20050916/SEACOASTLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Dennis S. Hudson, III, Chairman and Chief
Executive Officer, +1-772-288-6086, or William R. Hahl, Executive
Vice President and Chief Financial Officer, +1-772-221-2825, both
of Seacoast Banking Corporation of Florida
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