STUART, Fla., April 19 /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 $3,886,000 or $0.25 diluted earnings per
share ("DEPS") for the first quarter of 2005, compared to $4,037,000 or
$0.25 DEPS for the first quarter a year ago. Cash operating earnings totaled
$4,221,000 or $0.27 DEPS for the first quarter of 2005, up $596,000 or
16.4 percent. (The Company believes that cash operating earnings excluding the
impacts of noncash interest rate swap fair value changes 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.) A total of $516,000 or $0.02 DEPS in interest rate swap losses
(noncash) were recorded in first quarter earnings versus $634,000 or
$0.02 DEPS of interest rate swap profits in the prior year's first quarter.
"Seacoast begins 2005 with quality earnings growth, a very strong balance
sheet and the people, capital, and expanded markets to allow for stronger
future performance," commented Dennis S. Hudson, III, Chief Executive Officer
of Seacoast. "Over the past few years we have expanded south into the Palm
Beach market and more recently north into the Brevard County/Melbourne area.
This expansion has provided us with greater opportunities to profitably
increase our loan portfolio and low-cost deposits which has in turn
contributed to gains in our net interest margin. With the addition of Century
National Bank on April 30, 2005, our markets will be further improved.
Entering the fast-growing Orlando area with Mike Sheffey and his team is a
logical extension of our growth plans. Furthermore, Orlando is one of only a
few markets where demographics and growth are as good as the markets we
currently serve. The Orlando MSA also provides us with an opportunity to
further expand our commercial business that complements our already strong
retail and commercial base along Florida's East Coast."
Highlights for the quarter included the following:
* Total loans increased 32.2 percent over the last twelve months and
8.7 percent on a linked quarter basis;
* Net interest income gained 31.6 percent on an annualized basis in the
first quarter;
* Total deposits increased 26.8 percent over the last twelve months and
7.6 percent on a linked quarter basis;
* Noninterest bearing deposits grew by $107 million or 41.3 percent
compared to a year earlier and total $367 million or 25 percent of total d
deposits, up from 22 percent of total deposits in 2004 and 19 percent in 2003;
* Low cost savings deposits increased $190 million over the prior year and
by $62 million in the first quarter of 2005;
* The return on average tangible equity using cash basis earnings for the
first quarter was 15.69 percent compared to 13.95 percent for the first
quarter of 2004;
* Residential mortgage production rebounded in the first quarter with a
total of $60 million in residential applications processed compared to
$42 million in the fourth quarter 2004. The real estate markets were impacted
in the fourth quarter by the direct hit from two hurricanes in September 2004;
* Mortgage banking fees were up $88,000 or 18.3 percent for the first
quarter compared to the same period in 2004;
* Asset quality remained strong with a nonperforming assets ratio of
0.11 percent compared to 0.16 percent at year-end and 0.31 percent in the
first quarter 2004; and
* Seacoast Marine originated loans totaling $42 million for the period
ended March 31, 2005, compared to $41 million in the same period for 2004.
The net interest margin for the quarter was 3.90 percent, an increase over
the 3.84 percent achieved in last year's first quarter and 3.88 percent in the
fourth quarter of 2004. The increase in the net interest margin resulted from
the repricing of interest sensitive assets, a change in earning asset mix
attributable to exceptional loan growth, and limited increases in deposit
rates and other interest sensitive liabilities.
Net interest income (tax equivalent) increased to a record $15,277,000, a
$2.8 million increase or 22.5 percent from last year's first quarter, and
increased $1.1 million or 7.9 percent when compared to fourth quarter 2004's
$14,158,000. The growing improvement in net interest income comes from the
shift in the Company's balance sheet during 2004 to a more asset sensitive
position in anticipation of higher interest rates in 2005, as well as the
growth in loans and the balance sheet as a whole. The fundamentals of the
Company remain very good and we expect that the continued loan growth and an
expanded balance sheet from the de novo branching into Palm Beach and Brevard
Counties and the Century National acquisition, will provide opportunities for
future earnings growth, including possible further margin improvements.
The cost of interest bearing deposits increased to 1.44 percent from
1.31 percent in the first quarter 2004 and 1.35 percent in the fourth quarter
2004. Average interest bearing deposits increased $97 million, representing a
9.9 percent linked quarter growth during the first quarter 2005 and were up
$187 million or 20.9 percent over the past year. Average savings, NOW and
money market balances increased $80 million or a growth of 12.6 percent over
the preceding quarter for the first three months of 2005 and average
noninterest bearing demand deposits increased $43 million or 13.9 percent over
the preceding quarter.
The growth in deposits over the past six months was favorably impacted by
insurance proceeds received by customers as a result of damage from two
hurricanes, as well as from the Company's market expansion and commercial
lending growth. In addition, the Company began offering a new money market
product in the second quarter of 2004 which attracted approximately
$42 million in the first quarter 2005 and over $140 million since inception.
Average loans outstanding increased 29 percent compared to March 31, 2004,
and the Company's loan to deposit ratio increased to 66.3 percent from
63.5 percent at first quarter end 2004. The response to the expansion into
Palm Beach County has been very positive. The addition of two full service
branches in 2005, combined with three existing offices, will further enhance
the prospects for future loan and deposit growth from this market. In August
2004, the Company entered into Brevard County with a single loan production
office and two seasoned commercial loan officers. This market contributed
$21 million in commercial loan commitments with $5 million funded in 2004.
Noninterest income, excluding interest rate swap profits and losses,
increased 13.9 percent when compared to the prior year's fourth quarter,
reflecting increased revenues from debit card interchange fees, merchant
income, investment management services, mortgage banking fees and marine
finance fees. During the first quarter 2005, noninterest income related to
mortgage loan production grew by 64 percent or $223,000 compared to the fourth
quarter of 2004. Likewise, revenues from marine loan production increased to
$698,000 or an increase of $98,000 from the prior year's fourth quarter. Both
business lines were disrupted by the two hurricanes in the fourth quarter and
have increased their prospects each month of the first quarter 2005.
Commission and fees from investment management services increased 5.1 percent
compared to first quarter 2004 and were up 12.4 percent from the fourth
quarter results for 2004. While revenues from wealth management services have
generally improved as customers return to the equity markets, it remains
challenging due to the uncertain economic environment.
Core deposit growth continued to enhance fees by increasing the customer
base and usage of check cards. During the first quarter 2005, a total of
$416,000 in interchange income was earned compared to $298,000 for the same
period in 2004.
Noninterest expenses totaled $13.3 million, an increase of 10.0 percent
from the prior year's fourth quarter and a 15.5 percent increase compared to
the first quarter 2004. The growth is attributable to increased wages,
benefits, occupancy, marketing and other overhead due to the addition of
branches and personnel in the Palm Beach and Brevard County markets, and from
higher commissions, stock awards and other incentive compensation related to
the Company's better performance. Also impacting overhead are higher
professional fees associated with the Company's external audit.
Net loan charge offs were $187,000 for the first quarter of 2005, compared
to net charge-offs of $35,000 for 2004. Loan delinquencies, nonaccruals and
the percentage of loans past due 90 days to average loans declined to
0.11 percent at March 31, 2005, compared to 0.16 percent for the fourth
quarter 2004. Nonperforming assets totaled $1,040,000, a decline from
$2,325,000 for the same quarter a year ago. The Company has maintained strong
and consistent credit quality and low net charge offs. During the quarter,
the Company provided $438,000 for loan losses and strong loan growth.
The Company announced that its newly formed Delaware unconsolidated trust
subsidiary, SBCF Capital Trust I, completed a private sale of $20,000,000 of
Floating Rate Preferred Securities on March 31, 2005. The rate on the trust
referred securities is the 3-month LIBOR rate plus 175 basis points. The
rate, which adjusts every three months, is currently 4.8425 percent per annum.
The proceeds of the offering were used to purchase subordinated debt
securities (included in other borrowings) issued by the Company which have
terms substantially similar to the trust preferred securities. The trust
preferred securities mature in thirty years, and can be called without penalty
on or after June 30, 2010. The proceeds will be used to support the purchase
of Century National Bank, to maintain capital, and for general corporate
purposes.
Seacoast will host a conference call tomorrow, April 20 at 9:00 AM
(Eastern Time) to discuss the earnings results and business trends. Investors
may call in by dialing 866-541-2081 (pass code: 11481366; moderator: Dennis S.
Hudson, III). A replay of the call will be available on April 20 by dialing
877-213-9653 (domestic), using the pass code 11481366.
Seacoast Banking Corporation of Florida has approximately $1.7 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.
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.
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 Banking Corporation of
Florida ("Seacoast" or the "Company") 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 the Company's market area
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; the failure of
assumptions underlying the establishment of reserves for possible loan losses;
the risks of mergers and acquisitions, including, without limitation, the
related costs, including integrating operations as part of these transactions,
and the failure to achieve the expected gains, revenue growth and/or expense
savings from such transactions; changes in accounting interpretations; and the
risks of possible further changes pending completion of the current audit and
review with the Company's current and prior auditors of the prior periods
during which the swap discussed herein was in effect.
All written or oral forward-looking statements attributable to the Company
are expressly qualified in their entirety by this Cautionary Notice including,
without limitation, those risks and uncertainties, described in the Company's
annual report on Form 10-K for the year ended December 31, 2004 under "Special
Cautionary Notice Regarding Forward-Looking Statements", and otherwise in the
Company's SEC reports and filings. Such reports are available upon request
from Seacoast, or from the Securities and Exchange Commission, including the
SEC's website at http://www.sec.gov.
FINANCIAL HIGHLIGHTS (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Three Months Ended
(Dollars in thousands, March 31,
except per share data) 2005 2004
Summary of Earnings
Net income (GAAP) $3,886 $4,037
Net interest rate swap
(profits) losses 335 (412)
Cash operating earnings* $4,221 $3,625
Net interest income (1) 15,277 12,467
Performance Ratios
Return on average assets
(2), (3)
Using GAAP earnings 0.94 % 1.20 %
Using cash operating
earnings* on average
tangible assets 1.02 1.08
Return on average
shareholders' equity
(2), (3)
Using GAAP earnings 14.04 15.13
Using cash operating
earnings* on average
tangible equity 15.69 13.95
Net interest margin (1), (2) 3.90 3.84
Per Share Data
Net income diluted (GAAP) $0.25 $0.25
Net interest rate swap
(profits) losses 0.02 (0.02)
Cash operating earnings*
diluted $0.27 $0.23
Net income basic (GAAP) 0.25 0.26
Cash dividends declared 0.14 0.13
March 31, Increase/
2005 2004 (Decrease)
Credit Analysis
Net charge-offs year-to-date $187 $35 434.3 %
Net charge-offs to average
loans 0.08 % 0.02 % 300.0
Loan loss provision year-to-
date $438 $150 192.0
Allowance to loans at end of
period 0.70 % 0.85 % (17.6)
Nonperforming assets $1,040 $2,325 (55.3)
Nonperforming assets to loans
and other real estate owned
at end of period 0.11 % 0.31 % (64.5)
Selected Financial Data
Total assets $1,731,808 $1,401,053 23.6
Securities - Trading (at fair
value) -- 6,079 (100.0)
Securities - Available for
Sale (at fair value) 365,831 440,696 (17.0)
Securities - Held for
Investment (at amortized
cost) 185,880 97,705 90.2
Net loans 971,246 733,528 32.4
Deposits 1,476,215 1,164,213 26.8
Shareholders' equity 109,112 107,382 1.6
Book value per share 7.04 6.93 1.6
Tangible book value per share 6.84 6.74 1.5
Average shareholders' equity
to average assets 6.69 % 7.91 % (15.4)
Average Balances
Total assets 1,677,295 1,356,357 23.7
Intangible assets 3,176 2,836 12.0
Total average tangible assets $1,674,119 $1,353,521 23.7
Total equity 112,257 107,350 4.6
Intangible assets 3,176 2,836 12.0
Total average tangible equity $109,081 $104,514 4.4
(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) because the unrealized gains (losses) are not
included in net income.
* The Company believes that cash operating earnings excluding the impacts
of noncash interest rate swap fair value changes is a better measurement of
the Company's trend in earnings growth. Net cash payments and receipts from
the interest rate swap not been material for the periods presented.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Three Months Ended
March 31,
(Dollars in thousands, except per
share data) 2005 2004
Interest on securities:
Taxable $4,970 $4,514
Nontaxable 18 28
Interest and fees on loans 14,486 11,238
Interest on federal funds sold 420 36
Total Interest Income 19,894 15,816
Interest on deposits 1,442 768
Interest on time certificates 2,413 2,143
Interest on borrowed money 795 472
Total Interest Expense 4,650 3,383
Net Interest Income 15,244 12,433
Provision for loan losses 438 150
Net Interest Income After Provision
for Loan Losses 14,806 12,283
Noninterest income:
Service charges on deposit
accounts 1,093 1,107
Trust income 583 538
Mortgage banking fees 570 482
Brokerage commissions and fees 734 715
Marine finance fees 698 763
Debit card income 416 298
Other deposit based EFT fees 121 128
Merchant Income 570 465
Interest rate swap profits
(losses) (516) 634
Other income 292 309
4,561 5,439
Securities gains (losses) 3 56
Total Noninterest Income 4,564 5,495
Noninterest expenses:
Salaries and wages 5,290 4,499
Employee benefits 1,432 1,447
Outsourced data processing 1,559 1,401
Occupancy expense 1,148 1,076
Furniture and equipment expense 515 483
Marketing expense 876 650
Legal and professional fees 541 290
FDIC assessments 44 41
Amortization of intangibles 11 0
Other expense 1,896 1,640
Total Noninterest Expenses 13,312 11,527
Income Before Income Taxes 6,058 6,251
Provision for income taxes 2,172 2,214
Net Income $3,886 $4,037
Per share common stock:
Net income diluted 0.25 $0.25
Net income basic 0.25 0.26
Cash dividends declared 0.14 0.13
Average diluted shares outstanding 15,692,505 15,842,523
Average basic shares outstanding 15,308,998 15,431,149
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
March 31, December 31, March 31,
(Dollars in thousands) 2005 2004 2004
Assets
Cash and due from banks $58,562 $44,920 $40,588
Federal funds sold and interest
bearing deposits 102,985 44,758 27,756
Securities:
Trading (at fair value) -- -- 6,079
Available for sale (at fair
value) 365,831 395,207 440,696
Held for investment (at
amortized cost) 185,880 198,551 97,705
Total Securities 551,711 593,758 544,480
Loans sold and available for sale 4,515 2,346 5,015
Loans 978,095 899,547 739,803
Less: Allowance for loan losses (6,849) (6,598) (6,275)
Net Loans 971,246 892,949 733,528
Bank premises and equipment 20,549 18,965 17,015
Other real estate owned 0 0 1,913
Other assets 22,240 18,180 30,758
$1,731,808 $1,615,876 $1,401,053
Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand deposits (noninterest
bearing) $366,772 $345,122 $259,639
Savings deposits 731,470 669,059 541,402
Other time deposits 245,140 238,188 259,190
Time certificates of $100,000
or more 132,833 120,097 103,982
Total Deposits 1,476,215 1,372,466 1,164,213
Federal funds purchased and
securities sold under
agreements to repurchase,
maturing within 30 days 76,229 86,919 81,849
Other borrowings 60,190 39,912 40,392
Other liabilities 10,062 8,367 7,217
1,622,696 1,507,664 1,293,671
Shareholders' Equity
Preferred stock -- -- --
Common stock 1,710 1,710 1,710
Additional paid in capital 26,950 26,950 26,911
Retained earnings 102,847 101,501 97,459
Restricted stock awards (3,333) (3,333) (2,478)
Treasury stock (15,514) (16,172) (15,490)
112,660 110,656 108,112
Other comprehensive income (loss) (3,548) (2,444) (730)
Total Shareholders' Equity 109,112 108,212 107,382
$1,731,808 $1,615,876 $1,401,053
Common Shares Outstanding 15,502,557 15,468,357 15,503,756
Note: The balance sheet at December 31, 2004 has been derived from the
audited financial statements at that date.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarters
2005 2004
(Dollars in thousands, except per
share data) First Fourth
Net income (GAAP) $3,886 $3,700
Net interest rate swap (profits)
losses 335 287
Cash operating earnings* 4,221 3,987
Operating Ratios
Return on average assets (GAAP)
(2),(3)
Using GAAP earnings 0.94 % 0.97 %
Using cash operating earnings*
on average tangible assets 1.02 1.04
Return on average shareholders'
equity (GAAP) (2),(3)
Using GAAP earnings 14.04 13.38
Using cash operating earnings*
on average tangible assets 15.69 14.79
Net interest margin (1),(2) 3.90 3.88
Average equity to average assets 6.69 7.22
Credit Analysis
Net charge-offs (recoveries) $187 $349
Net charge-offs (recoveries) to
average loans 0.08 % 0.16 %
Loan loss provision $438 $450
Allowance to loans at end of period 0.70 % 0.73 %
Nonperforming assets $1,040 $1,447
Nonperforming assets to loans and
other real estate owned at end of
period 0.11 % 0.16 %
Nonaccrual loans and accruing loans
90 days or more past due to loans
outstanding at end of period 0.11 0.16
Per Share Common Stock
Net income diluted (GAAP) $0.25 $0.24
Net interest rate swap (profit)
losses 0.02 0.02
Cash operating earnings* diluted $0.27 $0.26
Net income basic (GAAP) 0.25 0.24
Cash dividends declared 0.14 0.14
Book value per share 7.04 7.00
Average Balances
Total assets $1,677,295 $1,523,284
Intangible assets 3,176 2,785
Total average tangible assets $$ 1,674,119 $1,520,499
Total equity $112,257 $110,014
Intangible assets 3,176 2,785
Total average tangible equity $$ 109,081 $107,229
Quarters
(Dollars in thousands, except per 2004 Last 12
share data) Third Second Months
Net income (GAAP) $4,095 $3,090 $14,771
Net interest rate swap (profits)
losses (215) 796 1,203
Cash operating earnings* 3,880 3,886 15,974
Operating Ratios
Return on average assets (GAAP)
(2),(3)
Using GAAP earnings 1.16 % 0.89 % 0.98 %
Using cash operating
earnings* on average
tangible assets 1.10 1.12 1.07
Return on average shareholders'
equity (GAAP) (2),(3)
Using GAAP earnings 14.98 11.50 13.46
Using cash operating
earnings* on average
tangible assets 14.57 14.84 14.95
Net interest margin (1),(2) 3.97 3.84 3.89
Average equity to average assets 7.71 7.71 7.31
Credit Analysis
Net charge-offs (recoveries) $196 $(18) $714
Net charge-offs (recoveries) to
average loans 0.09 % (0.01)% 0.08 %
Loan loss provision $250 $150 $1,288
Allowance to loans at end of
period 0.76 % 0.82 %
Nonperforming assets $389 $2,557
Nonperforming assets to loans
and other real estate owned
at end of period 0.05 % 0.32 %
Nonaccrual loans and accruing
loans 90 days or more past due to
loans outstanding
at end of period 0.06 0.08
Per Share Common Stock
Net income diluted (GAAP) $0.26 $0.20 $0.95
Net interest rate swap (profit)
losses (0.01) 0.05 0.08
Cash operating earnings* diluted $0.25 $0.25 $1.03
Net income basic (GAAP) 0.27 0.20 0.96
Cash dividends declared 0.14 0.13 0.55
Book value per share 6.96 6.75
Average Balances
Total assets $1,410,111 $1,401,256
Intangible assets 2,799 2,790
Total average tangible assets $1,407,312 $1,398,466
Total equity $108,749 $108,076
Intangible assets 2,799 2,790
Total average tangible equity $105,950 $105,286
(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 ratios which may be expected for the entire year.
(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.
* The Company believes that cash operating earnings excluding the impacts
of noncash interest rate swap fair value changes is a better measurement of
the Company's trend in earnings growth. Net cash payments and receipts from
the interest rate swap not been material for the periods presented.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
March 31, December 31, March 31,
SECURITIES 2005 2004 2004
Mortgage-backed -- -- $6,079
Securities Trading -- -- 6,079
U.S. Treasury and U.S. Government
Agencies $19,408 $20,656 1,596
Mortgage-backed 338,147 366,806 433,576
Other securities 8,276 7,745 5,524
Securities Available for Sale 365,831 395,207 440,696
U.S. Treasury and U.S. Government
Agencies 4,999 4,999 4,998
Mortgage-backed 179,458 192,128 90,425
Obligations of states and political
subdivisions 1,423 1,424 2,282
Securities Held for Investment 185,880 198,551 97,705
Total Securities $551,711 $593,758 $544,480
March 31, December 31, March 31,
LOANS 2005 2004 2004
Construction and land development $299,189 $252,329 $129,177
Real estate mortgage 514,601 498,692 485,972
Installment loans to individuals 85,481 81,831 79,209
Commercial and financial 78,634 66,240 45,241
Other loans 190 455 204
Total Loans $978,095 $899,547 $739,803
AVERAGE BALANCES, YIELDS AND RATES (1) (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2005
First Quarter
Average Yield/
(Dollars in thousands) Balance Rate
Assets
Earning assets:
Securities:
Taxable $575,626 3.45 %
Nontaxable 1,423 7.87
Total Securities 577,049 3.46
Federal funds sold and other
short-term investments 69,637 2.45
Loans, net 943,326 6.24
Total Earning Assets 1,590,012 5.08
Allowance for loan losses (6,733)
Cash and due from banks 58,608
Premises and equipment 20,283
Other assets 15,125
$1,677,295
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW (including Super NOW) $98,230 0.46 %
Savings deposits 178,482 0.50
Money market accounts 436,504 1.03
Time deposits 369,402 2.65
Federal funds purchased and
securities sold
under agreements to
repurchase 84,777 1.97
Other borrowings 40,094 3.87
Total Interest-Bearing
Liabilities 1,207,489 1.56
Demand deposits (noninterest-bearing) 351,703
Other liabilities 5,846
Total Liabilities 1,565,038
Shareholders' equity 112,257
$1,677,295
Interest expense as a % of earning
assets 1.19 %
Net interest income as a % of earning
assets 3.90
2004
Fourth Quarter First Quarter
Average Yield/ Average Yield/
(Dollars in thousands) Balance Rate Balance Rate
Assets
Earning assets:
Securities:
Taxable $526,604 3.39 % $546,639 3.30 %
Nontaxable 1,409 7.38 2,182 7.88
Total Securities 528,013 3.40 548,821 3.32
Federal funds sold and other
short-term investments 47,386 1.91 15,150 0.96
Loans, net 877,153 6.09 730,308 6.14
Total Earning Assets 1,452,552 4.97 1,294,279 4.89
Allowance for loan losses (6,594) (6,200)
Cash and due from banks 45,680 36,985
Premises and equipment 18,879 16,969
Other assets 12,767 14,324
$1,523,284 $1,356,357
Liabilities and Shareholders'
Equity
Interest-bearing liabilities:
NOW (including Super NOW) $84,639 0.52 % $74,402 0.46 %
Savings deposits 166,779 0.50 159,594 0.51
Money market accounts 381,957 0.95 293,111 0.66
Time deposits 351,838 2.39 368,584 2.34
Federal funds purchased and
securities sold
under agreements to
repurchase 71,931 1.53 79,989 0.85
Other borrowings 40,028 3.59 39,962 3.04
Total Interest-Bearing
Liabilities 1,097,172 1.44 1,015,642 1.34
Demand deposits (noninterest-
bearing) 308,654 228,526
Other liabilities 7,444 4,839
Total Liabilities 1,413,270 1,249,007
Shareholders' equity 110,014 107,350
$1,523,284 $1,356,357
Interest expense as a % of earning
assets 1.09 % 1.05 %
Net interest income as a % of
earning assets 3.88 3.84
(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
CONTACT:
Dennis S. Hudson, III, President 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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