STUART, Fla., Jan. 23 /PRNewswire-FirstCall/ -- Seacoast Banking
Corporation of Florida (Nasdaq-NMS: SBCF), a bank holding company whose
principal subsidiary is Seacoast National Bank, today reported net income
totaling $1,903,000 or $0.10 diluted earnings per share ("DEPS") for the
fourth quarter of 2007, an increase of $1.6 million compared to the third
quarter 2007, but lower when compared to $5,685,000 or $0.30 DEPS for the
fourth quarter a year ago. For the year 2007, net income totaled $9.8
million, or $0.51 DEPS, compared to $23.9 million or $1.28 earned in 2006.
Excluding securities restructuring losses, earnings for the year totaled
$13.1 million or $0.68 DEPS.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050916/SEACOASTLOGO )
"This quarter our earnings continued to be impacted by the sluggish
Florida residential real estate market with growth in non performing assets
and an elevated provision for loan losses. Our deposit performance for the
quarter was strong and our revenue performance remained solid. Overhead was
essentially unchanged from the prior quarter and we are on track to
implement cost savings of approximately $3.5 million (annually) in early
2008. Our capital ratios remain strong and in fact have improved over the
past year," said Dennis S. Hudson, III, CEO of Seacoast. Seacoast ended the
year with assets of $2.4 billion up 1.3 percent over the prior year and
deposits of $2.0 billion up 5.1 percent for the year. Deposit growth during
the quarter experienced strong seasonal growth reflecting continued
strength in the Company's core deposit franchise.
In the fourth quarter loan growth slowed with a modest growth of $5.3
million on a linked quarter basis. Total loans increased $165.3 million for
the year, up 9.5 percent over the prior year. Total deposits for the year
increased by $96.3 million or 5.1 percent and during the fourth quarter
deposits increased by $131.6 million or 7.1 percent. Deposit growth during
the quarter resulted from normal seasonal deposit increases and higher
average public fund deposit balances due to credit concerns relating to the
state run municipal investment pools. It is believed that a portion of the
increased public fund deposits may ultimately be placed in investments
other than bank deposits.
Operating results for the quarter excluding the impact of the provision
for loan losses totaled approximately $4.2 million or approximately $0.22
per share down from $5.4 million or $0.28 per share for the third quarter.
Noninterest expenses were positively impacted in the third quarter with the
elimination of year to date accrued executive bonuses, incentive payouts
for senior officers and profit sharing all as a result of lower than
expected earnings performance. If the third quarter's operating results are
adjusted to include only one quarter's impact for the reversal of these
expenses, cash earnings for the fourth quarter were comparable to the prior
quarter. In addition, the Company recorded in the fourth quarter 2007,
$275,000 for its portion of the VISA litigation and settlement costs.
The net interest margin declined 23 basis points on a linked quarter
basis to 3.71 percent in the fourth quarter as a result of higher average
nonaccrual loan balances and the repricing of prime based loans as a result
of lower interest rates. Competition for deposits throughout the quarter
did not allow for the full benefit to be realized from the Federal Reserve
reducing rates by 100 basis points beginning in September 2007. In
addition, the normal seasonal increase in deposits and repurchase
agreements from municipal customers was invested in short term agencies and
Federal funds sold at lower spreads. Deposit costs were lower in the fourth
quarter and totaled 2.93 percent compared to 3.01 percent for the third
quarter of 2007. Total cost of interest bearing liabilities declined 17
basis points linked quarter to 3.71 percent and increased by 19 basis
points from 3.52 percent for the fourth quarter 2006.
Net interest income for the fourth quarter totaled $20.7 million
compared to $21.1 million earned in the third quarter and $21.8 for the
fourth quarter a year ago. Total revenue for the quarter was $26.6 million
compared to the third quarter's $27.1 million and the prior years fourth
quarter's $27.4 million (excluding gain on sale of partnership interest).
For the full year 2007 noninterest expenses totaled $77.4 million, up
6.0 percent from the prior year. Total noninterest expense in the fourth
quarter was $19.8 million, in line with guidance provided last quarter
after excluding one time costs for VISA litigation and settlement costs and
costs associated with increased problem credits. Noninterest expenses for
the quarter were lower as a result of the previously announced expense
savings totaling approximately $2.0 million for the year. The expense
reductions primarily relate to the elimination of executive bonus
compensation for the year, lower incentive payouts for senior officers and
reduced profit-sharing compensation. This action reduced compensation
expense by approximately $500,000 in the fourth quarter, and will remain in
effect until the Company produces meaningful earnings improvements. The
Company has also identified additional savings totaling approximately $3.5
million annually that it intends to implement over the next two quarters
which include consolidation of branch offices, reductions in staff and a
reduction in marketing costs and other professional fees. Therefore,
overhead is targeted to increase modestly in 2008.
Noninterest income for the fourth quarter, excluding securities and
other gains and losses, increased 4.2 percent when compared to the prior
year quarter, reflecting increased revenues from service charges on
deposits, merchant fee income and marine finance fees offset by reduced
revenues from wealth management services and mortgage banking. Noninterest
income for the year was up $1.8 million or 7.8 percent. For the year,
noninterest income related to mortgage loan production, marine loan
production, service charges on deposits and merchant fees were up and
wealth management fees were lower.
Loans placed on nonaccrual this quarter impacted net interest income.
Net interest income will continue to be impacted by increased nonaccrual
loans and OREO which may continue to grow through the first half of 2008.
The majority of the nonaccrual loans are land and acquisition and
development loans related to the residential market which are being
monitored monthly and are in the process of collection through foreclosure,
refinancing or sale. During the fourth quarter nonperforming assets
increased $21.7 million to $67.6 million. The Company's land and
acquisition and development loans related to the residential market total
approximately $299 million or 15.7 percent of total loans. Focused and
intensive monitoring over the past eighteen months resulted in a reduction
of the total exposure to this portfolio from pay downs, guarantor
performance, as well as, obtaining of additional collateral. Of the $299
million approximately $51 million of loans are classified as impaired at
year end compared to $40 million at the end of the third quarter 2007. The
valuation allowance provided for these loans at year end totaled
approximately $4 million compared to approximately $6.8 million last
quarter a decline of $2.8 million related to charge offs of applicable
loans.
Net loan charge offs for the fourth quarter 2007 totaled $4.5 million,
up $3.4 million from the third quarter 2007 and totaled $5.8 million or
0.31 percent of total loans for the full year of 2007, compared to net
recoveries of $106,000 for 2006. Nonaccrual loans and accruing loans past
due 90 days to total loans increased to 3.52 percent at December 31, 2007,
compared to 0.72 percent for the year end 2006. Nonperforming assets
totaled $67.6 million at December 31, 2007, consisting of $66.9 million in
nonperforming loans and $735,000 in other real estate owned. The allowance
for loan losses totals $21.9 million and represents 1.15 percent of year
end loans, compared to 0.86 percent in the prior year.
The Company's capital ratios all remain strong with Tier 1 capital in
excess of 10 percent and total risk based capital of approximately 12
percent at year end. The Company is well capitalized under the regulatory
framework for prompt corrective action. In addition the Company's operating
subsidiary also has strong capital ratios with all of its ratios
substantially above the required minimums required for well capitalized
banks as defined by the federal banking agencies.
Seacoast will host a conference call on Thursday, 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:
20287229; leader: Dennis S. Hudson). Charts will be used during the
conference call and may be accessed at Seacoast's website at
http://www.seacoastbanking.net by selecting Presentations under the heading
Investor Services. A replay of the call will be available beginning the
afternoon of January 24 by dialing (877) 213-9653 (domestic), using the
passcode 20287229.
Seacoast Banking Corporation of Florida has approximately $2.4 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 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, 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 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, 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, 2006 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.
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) 2007 2006 2007 2006
Summary of Earnings
Net income $1,903 $5,685 $9,765 $23,854
Net income, excluding
securities restructuring
losses (5) 1,903 5,685 13,062 23,854
Net interest income (1) 20,724 21,846 84,771 89,294
Performance Ratios
Return on average assets
(2), (3) 0.32% 0.95% 0.42% 1.03%
Return on average tangible
assets (2), (3), (4), (5) 0.36 1.01 0.61 1.08
Return on average
shareholders' equity
GAAP earnings (2), (3) 3.48 10.57 4.46 12.06
Return on average tangible
shareholders'
equity-GAAP earnings (2),
(3), (4), (5) 5.21 14.87 8.58 16.75
Net interest margin (1),
(2) 3.71 3.95 3.92 4.15
Per Share Data
Net income diluted-GAAP
earnings $0.10 $0.30 $0.51 $1.28
Net income basic-GAAP
earnings 0.10 0.30 0.52 1.30
Net income diluted-excluding
securities restructuring
losses (5) 0.10 0.30 0.68 1.28
Net income basic-excluding
securities
restructuring losses (5) 0.10 0.30 0.69 1.30
Cash dividends declared 0.16 0.16 0.64 0.61
December 31, Increase/
2007 2006 (Decrease)
Credit Analysis
Net charge-offs (recoveries) year-
to-date $5,758 $(106) n/m%
Net charge-offs (recoveries) to
average loans 0.31% (0.01)% n/m
Loan loss provision year-to-date $12,745 $3,285 288.0
Allowance to loans at end of
period 1.15% 0.86% 33.7
Nonperforming assets $67,591 $12,465 442.2
Nonperforming assets to loans and
other real estate owned at end of
period 3.56% 0.72% 394.4
Selected Financial Data
Total assets $2,419,874 $2,389,435 1.3
Securities - Trading (at fair
value) 13,913 0 n/m
Securities - Held for sale (at
fair value) 254,916 313,983 (18.8)
Securities - Held for investment
(at amortized cost) 31,900 129,958 (75.5)
Net loans 1,876,487 1,718,196 9.2
Deposits 1,987,333 1,891,018 5.1
Shareholders' equity 214,381 212,425 0.9
Book value per share 11.22 11.20 0.2
Tangible book value per share 8.26 8.18 1.0
Average shareholders' equity
to average assets 9.41% 8.55% 10.1
Average Balances (Year-to-Date)
Total Assets $2,324,209 $2,314,864 0.4
Less: Intangible assets 57,004 51,335 11.0
Total average tangible assets $2,267,205 $2,263,529 0.2
Total equity $218,728 $197,866 10.5
Less: Intangible assets 57,004 51,335 11.0
Total average tangible equity $161,724 $146,531 10.4
(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) on available for sale securities because the
unrealized gains (losses) are not included in net income.
(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) Excludes securities restructuring losses of $5,118 (or $3,297, net of
taxes) recorded in first quarter 2007.
n/m = not meaningful
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) 2007 2006 2007 2006
Interest on securities:
Taxable $3,438 $5,050 $14,812 $21,933
Nontaxable 90 92 364 298
Interest and fees on loans 33,503 31,671 133,299 114,388
Interest on federal funds
sold and other
investments 420 334 1,631 3,208
Total Interest
Income 37,451 37,147 150,106 139,827
Interest on deposits 6,540 5,642 24,300 19,184
Interest on time
certificates 7,495 6,700 29,580 21,886
Interest on borrowed money 2,778 3,024 11,757 9,717
Total Interest
Expense 16,813 15,366 65,637 50,787
Net Interest Income 20,638 21,781 84,469 89,040
Provision for loan losses 3,813 2,250 12,745 3,285
Net Interest Income
After Provision for
Loan Losses 16,825 19,531 71,724 85,755
Noninterest income:
Service charges on
deposit accounts 2,070 1,875 7,714 6,784
Trust income 627 654 2,575 2,858
Mortgage banking fees 278 337 1,409 1,131
Brokerage commissions
and fees 572 598 2,935 3,002
Marine finance fees 596 570 2,865 2,709
Debit card income 563 565 2,306 2,149
Other deposit based
EFT fees 103 114 451 421
Merchant income 676 624 2,841 2,545
Other income 474 382 1,814 1,514
5,959 5,719 24,910 23,113
Gain on sale of
partnership interest 0 1,147 0 1,147
Securities
restructuring losses 0 0 (5,118) 0
Securities gains
(losses), net 24 (73) 70 (157)
Total Noninterest
Income 5,983 6,793 19,862 24,103
Noninterest expenses:
Salaries and wages 7,747 6,479 31,575 29,146
Employee benefits 1,918 1,699 7,337 7,322
Outsourced data
processing costs 1,884 1,768 7,581 7,443
Occupancy expense 1,956 1,893 7,677 7,435
Furniture and
equipment expense 754 689 2,863 2,523
Marketing expense 707 1,564 3,075 4,359
Legal and
professional fees 1,068 863 4,070 2,792
FDIC assessments 56 121 225 325
Amortization of
intangibles 315 315 1,259 1,070
Other expense 3,387 2,782 11,761 10,630
Total Noninterest
Expenses 19,792 18,173 77,423 73,045
Income Before Income
Taxes 3,016 8,151 14,163 36,813
Provision for income taxes 1,113 2,466 4,398 12,959
Net Income $1,903 $5,685 $9,765 $23,854
Per share common stock:
Net income diluted $0.10 $0.30 $0.51 $1.28
Net income basic 0.10 0.30 0.52 1.30
Cash dividends
declared 0.16 0.16 0.64 0.61
Average diluted shares
outstanding 19,088,824 19,129,452 19,157,597 18,671,743
Average basic shares
outstanding 18,906,221 18,787,297 18,936,541 18,305,258
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
December 31, December 31,
(Dollars in thousands) 2007 2006
Assets
Cash and due from banks $50,490 $89,803
Federal funds sold and other investments 47,985 2,412
Total Cash and Cash Equivalents 98,475 92,215
Securities:
Trading (at fair value) 13,913 -
Held for sale (at fair value) 254,916 313,983
Held for investment (at amortized cost) 31,900 129,958
Total Securities $300,729 $443,941
Loans available for sale 3,660 5,888
Loans, net of unearned income 1,898,389 1,733,111
Less: Allowance for loan losses (21,902) (14,915)
Net Loans 1,876,487 1,718,196
Bank premises and equipment 40,926 37,070
Other real estate owned 735 -
Goodwill and other intangible assets 56,452 57,299
Other assets 42,410 34,826
$2,419,874 $2,389,435
Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand deposits (noninterest bearing) $327,646 $391,805
Savings deposits 1,056,025 929,444
Other time deposits 332,838 325,251
Time certificates of $100,000 or more 270,824 244,518
Total Deposits 1,987,333 1,891,018
Federal funds purchased and securities
sold under agreements to repurchase,
maturing within 30 days 88,100 206,476
Borrowed funds 65,030 26,522
Subordinated debt 53,610 41,238
Other liabilities 11,420 11,756
2,205,493 2,177,010
Shareholders' Equity
Preferred stock - -
Common stock 1,920 1,899
Additional paid in capital 90,924 88,380
Retained earnings 122,396 124,811
Treasury stock (1,193) (310)
214,047 214,780
Accumulated other comprehensive loss, net 334 (2,355)
Total Shareholders' Equity 214,381 212,425
$2,419,874 $2,389,435
Common Shares Outstanding 19,110,089 18,974,295
Note: The balance sheet at December 31, 2006 has been derived from the
audited financial statements at that date.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarters
(Dollars in thousands, 2007 Last 12
except per share data) Fourth Third Second First Months
Net income $1,903 $285 $4,808 $2,769 $9,765
Net income, excluding
securities restructuring
losses (5) 1,903 285 4,808 6,066 13,062
Operating Ratios
Return on average
assets-GAAP
earnings (2),(3) 0.32% 0.05% 0.85% 0.47% 0.42%
Return on average
tangible assets
(2),(3),(4),(5) 0.36 0.09 0.91 1.09 0.61
Return on average
shareholders' equity-
GAAP earnings (2),(3) 3.48 0.51 8.81 5.16 4.46
Return on average
tangible shareholders'
equity (2),(3),(4),(5) 5.21 1.18 12.43 15.83 8.58
Net interest margin
(1),(2) 3.71 3.94 4.09 3.92 3.92
Average equity to
average assets 9.20 9.69 9.62 9.15 9.41
Credit Analysis
Net charge-offs $4,451 $1,039 $143 $125 $5,758
Net charge-offs to
average loans 0.92% 0.22% 0.03% 0.03% 0.31%
Loan loss provision $3,813 $8,375 $1,107 $(550) $12,745
Allowance to loans at
end of period 1.15% 1.19% 0.84% 0.82%
Nonperforming assets $67,591 $45,894 $15,495 $4,088
Nonperforming assets
to loans and other
real estate owned at
end of period 3.56% 2.42% 0.85% 0.23%
Nonaccrual loans and
accruing loans 90 days
or more past due to
loans outstanding
at end of period 3.52 2.44 0.89 0.27
Per Share Common Stock
Net income diluted-
GAAP earnings $0.10 $0.01 $0.25 $0.14 $0.51
Net income basic-GAAP
earnings 0.10 0.02 0.25 0.15 0.52
Net income diluted-
excluding securities
restructuring
losses (5) 0.10 0.01 0.25 0.32 0.68
Net income basic-
excluding securities
restructuring
losses (5) 0.10 0.02 0.25 0.32 0.69
Cash dividends
declared 0.16 0.16 0.16 0.16 0.64
Book value per
share 11.23 11.20 11.32 11.34
Average Balances
Total assets $2,361,086 $2,279,036 $2,277,678 $2,379,739
Less: Intangible
assets 56,605 56,884 57,322 57,213
Total average
tangible assets $2,304,481 $2,222,152 $2,220,356 $2,322,526
Total equity $217,172 $220,868 $219,020 $217,834
Less: Intangible
assets 56,605 56,884 57,322 57,213
Total average
tangible equity $160,567 $163,984 $161,698 $160,621
(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.
(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 operating
earnings growth.
(5) Excluding securities restructuring losses of $5,118 (or $3,297, net of
taxes) recorded in the first quarter 2007.
CONSOLIDATED QUARTERLY FINANCIAL DATA
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Dollars in thousands)
December 31, December 31,
SECURITIES 2007 2006
U.S. Treasury and U.S. Government
Agencies $13,913 $-
Securities Trading 13,913 -
U.S. Treasury and U.S. Government
Agencies 30,405 94,676
Mortgage-backed 218,937 214,661
Obligations of states and political
subdivisions 2,058 2,049
Other securities 3,516 2,597
Securities Available for Sale 254,916 313,983
Mortgage-backed 25,755 123,587
Obligations of states and political
subdivisions 6,145 6,371
Securities Held for Investment 31,900 129,958
Total Securities $300,729 $443,941
December 31, December 31,
LOANS 2007 2006
Construction and land development $609,567 $571,133
Real estate mortgage 1,074,814 949,824
Instalment loans to individuals 86,362 83,428
Commercial and financial 126,695 128,101
Other loans 951 625
Total Loans $1,898,389 $1,733,111
AVERAGE BALANCES, YIELDS AND RATES (1)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2007 2006
Fourth Quarter Third Quarter Fourth Quarter
Average Yield/ Average Yield/ Average Yield/
(Dollars in thousands) Balance Rate Balance Rate Balance Rate
Assets
Earning assets:
Securities:
Taxable $263,562 5.22% $233,809 5.25% $462,628 4.37%
Nontaxable 8,168 6.46 8,216 6.33 8,409 6.47
Total
Securities 271,730 5.26 242,025 5.29 471,037 4.40
Federal funds sold
and other
investments 33,351 5.00 21,364 5.53 24,872 5.33
Loans, net 1,913,991 6.95 1,866,954 7.30 1,698,552 7.40
Total Earning
Assets 2,219,072 6.71 2,130,343 7.05 2,194,461 6.73
Allowance for loan
losses (22,607) (15,361) (12,842)
Cash and due from
banks 46,752 47,633 76,523
Premises and
equipment 40,233 39,190 36,731
Other assets 77,636 77,231 77,911
$2,361,086 $2,279,036 $2,372,784
Liabilities and Shareholders' Equity
Interest-bearing
liabilities:
NOW $77,999 2.80% $53,842 2.78% $198,610 2.10%
Savings deposits 105,789 0.71 112,323 0.71 136,410 0.71
Money market
accounts 764,200 3.01 715,885 3.15 591,740 2.92
Time deposits 616,621 4.82 629,479 4.92 581,520 4.57
Federal funds
purchased and
other short term
borrowings 132,606 3.82 127,163 4.41 154,065 4.68
Other borrowings 102,987 5.78 69,860 7.00 67,798 7.06
Total Interest-
Bearing
Liabilities 1,800,202 3.71 1,708,552 3.88 1,730,143 3.52
Demand deposits
(noninterest-bearing) 336,432 340,462 415,791
Other liabilities 7,280 9,154 13,496
Total
Liabilities 2,143,914 2,058,168 2,159,430
Shareholders'
equity 217,172 220,868 213,354
$2,361,086 $2,279,036 $2,372,784
Interest expense
as a % of earning
assets 3.01% 3.11% 2.78%
Net interest income
as a % of earning
assets 3.71 3.94 3.95
(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, President and Chief
Executive Officer of Seacoast Banking Corporation of Florida,
+1-772-288-6086, or William R. Hahl, Executive Vice President and
Chief Financial Officer, +1-772-221-2825
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