STUART, Fla., April 25 /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 $5,866,000 or $0.34
diluted earnings per share ("DEPS") for the first quarter of 2006, compared
to $3,886,000 or $0.25 DEPS for the first quarter a year ago. Cash
operating earnings* totaled $5,943,000 or $0.34 DEPS for the first quarter
of 2006, up $1,715,000 or 40.6 percent over first quarter 2005. A total of
$335,000 or $0.02 DEPS in interest rate swap losses (noncash) were recorded
in first quarter 2005 earnings.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050916/SEACOASTLOGO )
"We begin the year 2006 with strong performance and a continuation of
many of the trends that became apparent in the outstanding results produced
last year. Our focused expansion into high growth markets, continued growth
in loans and our low cost deposit funding have strongly positioned us for
continued growth in the year ahead," commented Dennis S. Hudson, III, Chief
Executive Officer of Seacoast.
"Our entry into the Orlando market one year ago has proven to be
particularly successful. Each month following our closing last April has
produced revenue improvements as well as stable management of overhead.
Loan and deposit growth over the past year was 11% and 21%, respectively.
Our team in Orlando is to be congratulated for producing outstanding
results."
"This month we are pleased to announce the completion of our
acquisition of Big Lake Financial Corporation ("Big Lake"), which added
$206 million in loans and $298 million in deposits. Big Lake extends our
footprint west into contiguous markets we feel will benefit in the future
from the inevitable growth that is beginning to spill over from Florida's
coastal areas. On a pro forma basis, this 100% stock transaction brings
total assets at the end of the quarter to over $2.5 billion and our market
capitalization to over $500 million for the first time. Our combination
with Big Lake complements our long history of low cost deposit funding,
with over 30% of its deposits in noninterest bearing accounts. We expect
the transaction to be slightly accretive to earnings immediately and more
accretive in the future as we work to build on their success in the lake
region and rationalize our combined overhead."
Highlights for the quarter included the following:
-- Total loans increased 36.9 percent over the last twelve months and
15.2 percent annualized on a linked quarter basis;
-- Net interest margin increased 12 basis points to 4.16 percent from
the fourth quarter of 2005, and was higher than the first quarter 2005's
results of 3.90 percent;
-- Net interest income was up $5.0 million or 32.7 percent when
compared to the first quarter last year;
-- Total deposits increased 22.2 percent over the last twelve months
and 4.5 percent annualized on a linked quarter basis;
-- The Fed raised interest rates 200 basis points over the last twelve
months; however, the cost for interest bearing deposits increased only 83
basis points to 2.27 percent, and the cost of all deposits was up 62 basis
points to 1.71 percent;
-- Noninterest bearing deposits grew by $74 million or 20.3 percent
compared to a year earlier and comprise 24.4 percent of total deposits,
nearly the same as the 24.8 percent of total deposits in first quarter
2005;
-- The return on average tangible equity, using cash operating
earnings, for the first quarter was 19.25 percent compared to 15.72 percent
for the first quarter of 2005;
-- Asset quality remained strong with a nonperforming assets ratio of
0.02 percent compared to 0.03 percent at year-end and 0.11 percent in the
first quarter 2005; and
-- Seacoast Marine originated loans totaling $47 million for the period
ended March 31, 2006, compared to $42 million in the same period for 2005.
The net interest margin for the quarter was 4.16 percent, an increase
over the 3.90 percent achieved in last year's first quarter. The increase
in the net interest margin is consistent with expectations and resulted
from the repricing of interest sensitive assets, a change in earning asset
mix attributable to loan growth, and limited increases in deposit rates and
other interest sensitive liabilities.
Net interest income (tax equivalent) increased to a record $20.3
million, a $5.0 million increase or 32.7 percent from last year's first
quarter, and was up 4.2 percent annualized from the fourth quarter 2005
with the growth in average earning assets for the first quarter 2006 at
only an annualized rate of approximately 1 percent. The main cause for the
slower growth was that organic deposit growth was offset by a seasonal
outflow of funds, particularly related to public funds.
Loan and deposit growth is expected to continue to be aided by de novo
branching into Palm Beach County and this year in Brevard County, as well
as further success in the Orlando market. Since the acquisition of Century
National Bank in April 2005, the Orlando market added $65 million in
deposits and $12 million in loans.
The cost of interest bearing deposits increased to 2.27 percent from
1.44 percent in the first quarter 2005 and 2.05 percent in the fourth
quarter 2005. Average interest bearing deposits balances outstanding for
the first quarter 2006 were flat with the fourth quarter of 2005 and were
up $246 million or 22.7 percent over the past year. Likewise, average
noninterest bearing demand deposits were nearly the same for the first
quarter of 2006 compared to the fourth quarter 2005, but were up $83
million or 23.6 percent compared to the prior year.
Average loans outstanding increased 39.7 percent compared to first
quarter 2005, and the Company's loan to deposit ratio increased to 74
percent at March 31, 2006 from 66 percent at first quarter-end 2005. The
Company's expansion into Palm Beach and Brevard counties over the past two
years has allowed for greater loan opportunities. Over the past twelve
months 41.8 percent of total loan growth has been produced in these
markets. The addition of two full service branches in 2006 and 2007 in
Brevard County and the opening of the Palm Beach County headquarters in May
2006 will further enhance the prospects for future loan and deposit growth
from these markets.
Noninterest income increased 13.7 percent annualized when compared to
the prior year's fourth quarter, reflecting increased revenues from debit
card interchange fees, merchant income, and investment management services.
During the fourth quarter 2005 and first quarter 2006, noninterest income
related to mortgage loan production declined on lower volumes and more
production being retained in the loan portfolio. Total outstanding
residential loan balances have increased 17.3 percent over the past two
quarters. The Company expects that fee income from mortgage banking
activities will continue to be challenged in year-over-year comparisons due
to a slowing housing market. Commissions and fees from investment
management services increased 13.0 percent compared to first quarter 2005
and were up 20.8 percent on a linked quarter basis from the fourth quarter
2005. Over the long term, we expect fees from wealth management services to
grow at a rate of approximately 10 percent per year.
The annual growth in core deposits over the last twelve months has
increased service charges on deposits and fees from the usage of check
cards by increasing both the retail and commercial customer base. During
the first quarter 2006, revenues earned on deposit accounts totaled
$1,802,000 compared to $1,630,000 for the same period in 2005.
Noninterest expenses totaled $16.1 million, an increase of 9.4 percent
annualized from the prior year's fourth quarter and a 21.0 percent increase
compared to the first quarter 2005. The Company's overhead efficiency ratio
for the first quarter 2006 was 63.0 percent compared to last year's ratio
of 65.5 percent, as investments in additional branches and personnel in the
Palm Beach and Brevard County markets has begun to produce additional
revenues as well as the improved profitability in the Orlando market.
The Company has maintained strong and consistent credit quality and low
net charge-offs. Net loan recoveries of $80,000 were recorded for the first
quarter of 2006, compared to net charge-offs of $187,000 for 2005. Loan
delinquencies, nonaccruals and the percentage of loans past due 90 days to
average loans declined to 0.02 percent at March 31, 2006, compared to 0.06
percent for the fourth quarter 2005. Nonperforming assets totaled $240,000,
a decline from $1,040,000 for the same quarter a year ago. During the
quarter, the Company provided $280,000 for loan losses compared to $438,000
in 2005.
Seacoast will host a conference call tomorrow, April 26, at 10:00 AM
(Eastern Time) to discuss the earnings results and business trends.
Investors may call in (toll-free) by dialing (800) 640-9765 (access code:
14297091; 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 April 26 by dialing (877)
213-9653 (domestic), using the passcode 14297091.
Seacoast Banking Corporation of Florida has approximately $2.5 billion
in assets. It is one of the largest independent commercial banking
organizations in Florida, with offices from Orlando to Palm Beach,
including some of the wealthiest and fasted growing areas of the nation.
* The Company believes that cash operating earnings excluding the aftertax
impacts of noncash interest rate swap fair value changes and 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
not been material for the periods presented.
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 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; 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, 2005 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
(Dollars in thousands, March 31,
except per share data) 2006 2005
Summary of Earnings
Net income (GAAP) $5,866 $3,886
Amortization of core deposit
premium 77 7
Net interest rate swap
(profits) losses -- 335
Cash operating earnings* $5,943 $4,228
Net interest income (1) 20,274 15,277
Performance Ratios
Return on average assets (2), (3)
Using GAAP earnings 1.13 % 0.94 %
Using cash operating earnings* on average
tangible assets 1.16 1.02
Return on average shareholders' equity (2), (3)
Using GAAP earnings 14.98 14.04
Using cash operating earnings* on average
tangible equity 19.25 15.72
Net interest margin (1), (2) 4.16 3.90
Per Share Data
Net income diluted (GAAP) $0.34 $0.25
Amortization of core deposit premium -- --
Net interest rate swap (profits) losses -- 0.02
Cash operating earnings* diluted $0.34 $0.27
Net income basic (GAAP) 0.35 0.25
Cash dividends declared 0.15 0.14
March 31, Increase/
2006 2005 (Decrease)
Credit Analysis
Net charge-offs (recoveries)
year-to-date $(80) $187 (142.8)%
Net charge-offs (recoveries)
to average loans (0.02)% 0.08 % (125.0)
Loan loss provision year-to-date $280 $438 (36.1)
Allowance to loans at end of
period 0.70 % 0.70 % 0.0
Nonperforming assets $240 $1,040 (76.9)
Nonperforming assets to loans
and other real estate owned at
end of period 0.02 % 0.11 % (81.8)
Selected Financial Data
Total assets $2,133,152 $1,731,808 23.2
Securities - Held for Sale (at
fair value) 371,186 359,517 3.2
Securities - Held for
Investment (at amortized cost) 145,507 185,880 (21.7)
Net loans 1,329,704 971,246 36.9
Deposits 1,804,490 1,476,215 22.2
Shareholders' equity 155,609 109,112 42.6
Book value per share 9.09 7.04 29.1
Tangible book value per share 7.14 6.84 4.4
Average shareholders' equity
to average assets 7.52 % 6.69 % 12.4
Average Balances (Year-to-Date)
Total assets 2,112,876 1,677,295 26.0
Intangible assets 33,604 3,176 958.1
Total average tangible assets $2,079,272 $1,674,119 24.2
Total equity 158,787 112,257 41.4
Intangible assets 33,604 3,176 958.1
Total average tangible equity $125,183 $109,081 14.8
(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 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.
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) 2006 2005
Interest on securities:
Taxable $5,397 $4,970
Nontaxable 15 18
Interest and fees on loans 23,011 14,486
Interest on federal funds sold and
other investments 1,335 420
Total Interest Income 29,758 19,894
Interest on deposits 3,339 1,442
Interest on time certificates 4,092 2,413
Interest on borrowed money 2,078 795
Total Interest Expense 9,509 4,650
Net Interest Income 20,249 15,244
Provision for loan losses 280 438
Net Interest Income After Provision
for Loan Losses 19,969 14,806
Noninterest income:
Service charges on deposit accounts 1,242 1,093
Trust income 712 583
Mortgage banking fees 209 570
Brokerage commissions and fees 776 734
Marine finance fees 793 698
Debit card income 463 416
Other deposit based EFT fees 97 121
Merchant Income 679 570
Interest rate swap profits
(losses) -- (516)
Other income 333 292
5,304 4,561
Securities gains (losses) 11 3
Total Noninterest Income 5,315 4,564
Noninterest expenses:
Salaries and wages 6,419 5,290
Employee benefits 1,800 1,432
Outsourced data processing 1,749 1,559
Occupancy expense 1,533 1,148
Furniture and equipment 536 515
Marketing 917 876
Legal and professional fees 537 541
FDIC assessments 59 44
Amortization of intangibles 119 11
Other 2,440 1,896
Total Noninterest Expenses 16,109 13,312
Income Before Income Taxes 9,175 6,058
Provision for income taxes 3,309 2,172
Net Income $5,866 $3,886
Per share common stock:
Net income diluted $0.34 $0.25
Net income basic 0.35 0.25
Cash dividends declared 0.15 0.14
Average diluted shares outstanding 17,287,693 15,692,505
Average basic shares outstanding 16,913,335 15,308,998
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
March 31, December 31, March 31,
(Dollars in thousands) 2006 2005 2005
Assets
Cash and due from banks $73,500 $67,373 $58,562
Federal funds sold and interest
bearing deposits 119,374 153,120 102,985
Total Cash and Cash
Equivalents 192,874 220,493 161,547
Securities:
Available for sale (at fair
value) 371,186 392,952 359,517
Held for investment (at
amortized cost) 145,507 150,072 185,880
Total Securities 516,693 543,024 545,397
Loans available for sale 4,791 2,440 4,515
Loans, net of unearned income 1,339,070 1,289,995 978,095
Less: Allowance for loan losses (9,366) (9,006) (6,849)
Net Loans 1,329,704 1,280,989 971,246
Bank premises and equipment, net 25,468 22,218 20,549
Goodwill and other intangible
assets 33,402 33,901 3,155
Other assets 30,220 29,109 25,399
$2,133,152 $2,132,174 $1,731,808
Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand deposits (noninterest
bearing) $441,139 $472,996 $366,772
Savings deposits 894,158 882,031 731,470
Other time deposits 276,216 256,484 245,140
Time certificates of $100,000
or more 192,977 172,708 132,833
Total Deposits 1,804,490 1,784,219 1,476,215
Federal funds purchased and
securities sold under
agreements to repurchase,
maturing within 30 days 93,732 96,786 76,229
Borrowed funds 26,324 45,485 39,571
Subordinated debt 41,238 41,238 20,619
Other liabilities 11,759 11,726 10,062
1,977,543 1,979,454 1,622,696
Shareholders' Equity
Preferred stock -- -- --
Common stock 1,713 1,710 1,710
Additional paid in capital 46,495 46,258 27,018
Retained earnings 115,587 112,271 102,779
Restricted stock awards (3,446) (3,447) (3,333)
Treasury stock (149) (218) (15,514)
160,200 156,574 112,660
Accumulated other comprehensive
loss, net (4,591) (3,854) (3,548)
Total Shareholders' Equity 155,609 152,720 109,112
$2,133,152 $2,132,174 $1,731,808
Common Shares Outstanding 17,113,987 17,084,315 15,502,557
Note: The balance sheet at December 31, 2005 has been derived from the
audited financial statements at that date.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarters
2006 2005
(Dollars in thousands,
except per share data) First Fourth Third
Net income (GAAP) $5,866 $5,833 $5,565
Amortization of core
deposit premium 77 77 118
Net interest rate swap
(profits) losses -- -- --
Cash operating earnings* $5,943 $5,910 $5,683
Operating Ratios
Return on average
assets (GAAP) (2),(3)
Using GAAP earnings 1.13 % 1.10 % 1.09 %
Using cash operating
earnings* on average
tangible assets 1.16 1.13 1.14
Return on average
shareholders' equity
(GAAP) (2), (3)
Using GAAP earnings 14.98 14.96 14.59
Using cash operating
earnings* on average
tangible equity 19.25 19.48 19.50
Net interest margin (1), (2) 4.16 4.04 4.01
Average equity to average
assets 7.52 7.35 7.50
Credit Analysis
Net charge-offs
(recoveries) $(80) $(32) $(35)
Net charge-offs
(recoveries) to
average loans (0.02)% (0.01)% (0.01)%
Loan loss provision $280 $330 $280
Allowance to loans at
end of period 0.70 % 0.70 % 0.71 %
Nonperforming assets $240 $372 $325
Nonperforming assets
to loans and other
real estate owned
at end of period 0.02 % 0.03 % 0.03 %
Nonaccrual loans and
accruing loans 90 days
or more past due to loans
outstanding at end of
period 0.02 0.06 0.03
Per Share Common Stock
Net income diluted
(GAAP) $0.34 $0.34 $0.32
Amortization of core
deposit premium -- -- 0.01
Net interest rate swap
(profit) losses -- -- --
Cash operating
earnings* diluted $0.34 $0.34 $0.33
Net income basic
(GAAP) 0.35 0.35 0.33
Cash dividends
declared 0.15 0.15 0.15
Book value per share 9.09 8.94 8.76
Average Balances
Total assets $2,112,876 $2,103,978 $2,017,521
Intangible assets 33,604 34,337 35,676
Total average tangible
assets $2,079,272 $2,069,641 $1,981,845
Total equity $158,787 $154,681 $151,299
Intangible assets 33,604 34,337 35,676
Total average tangible
equity $125,183 $120,344 $115,623
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarters
(Dollars in thousands, except per 2005 Last 12
share data) Second Months
Net income (GAAP) $5,475 $22,739
Amortization of core deposit premium 144 416
Net interest rate swap (profits)
losses (162) (162)
Cash operating earnings* $5,457 $22,993
Operating Ratios
Return on average assets (GAAP)
(2), (3)
Using GAAP earnings 1.13 % 1.11 %
Using cash operating earnings*
on average tangible assets 1.14 1.14
Return on average shareholders'
equity (GAAP) (2),(3)
Using GAAP earnings 16.07 15.12
Using cash operating earnings*
on average tangible equity 18.88 19.28
Net interest margin (1), (2) 3.91 4.03
Average equity to average assets 7.03 7.35
Credit Analysis
Net charge-offs (recoveries) $15 $(132)
Net charge-offs (recoveries) to
average loans 0.01 % (0.01)%
Loan loss provision $269 $1,159
Allowance to loans at end of
period 0.73 %
Nonperforming assets $200
Nonperforming assets to loans and
other real estate owned at end of
period 0.02 %
Nonaccrual loans and accruing
loans 90 days or more past due to
loans outstanding at end of period 0.02
Per Share Common Stock
Net income diluted (GAAP) $0.33 $1.33
Amortization of core deposit
premium 0.01 0.02
Net interest rate swap (profit)
losses (0.01) (0.01)
Cash operating earnings* diluted $0.33 $1.34
Net income basic (GAAP) 0.33 1.36
Cash dividends declared 0.14 0.59
Book value per share 8.63
Average Balances
Total assets $1,945,079
Intangible assets 20,627
Total average tangible assets $1,924,452
Total equity $136,659
Intangible assets 20,627
Total average tangible equity $116,032
(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
aftertax impacts 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 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 2006 2005 2005
U.S. Treasury and U.S. Government
Agencies $81,534 71,189 $19,408
Mortgage-backed 288,058 319,906 338,147
Other securities 1,594 1,857 1,962
Securities Held for Sale 371,186 392,952 359,517
U.S. Treasury and U.S. Government
Agencies 5,000 5,000 4,999
Mortgage-backed 139,313 143,877 179,458
Obligations of states and political
subdivisions 1,194 1,195 1,423
Securities Held for Investment 145,507 150,072 185,880
Total Securities $516,693 $543,024 $545,397
March 31, December 31, March 31,
LOANS 2006 2005 2005
Construction and land development $450,059 $427,216 $299,189
Real estate mortgage 710,396 680,877 514,601
Installment loans to individuals 77,098 82,942 85,481
Commercial and financial 101,262 98,653 78,634
Other loans 255 307 190
Total Loans $1,339,070 $1,289,995 $978,095
AVERAGE BALANCES, YIELDS AND RATES (1) (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2006
First Quarter
Average Yield/
(Dollars in thousands) Balance Rate
Assets
Earning assets:
Securities:
Taxable $535,790 4.03 %
Nontaxable 1,195 7.70
Total Securities 536,985 4.04
Federal funds sold and other
investments 121,592 4.45
Loans, net 1,318,291 7.08
Total Earning Assets 1,976,868 6.11
Allowance for loan losses (9,184)
Cash and due from banks 71,065
Premises and equipment 23,432
Other assets 50,695
$2,112,876
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW $138,604 0.97 %
Savings deposits 145,094 0.51
Money market accounts 593,403 1.93
Time deposits 451,223 3.68
Federal funds purchased and
securities sold under agreements to
repurchase 109,206 3.80
Other borrowings 72,596 5.90
Total Interest-Bearing
Liabilities 1,510,126 2.55
Demand deposits (noninterest-bearing) 434,692
Other liabilities 9,271
Total Liabilities 1,954,089
Shareholders' equity 158,787
$2,112,876
Interest expense as a % of earning
assets 1.95 %
Net interest income as a % of earning
assets 4.16
(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) (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2005
Fourth Quarter First Quarter
Average Yield/ Average Yield/
(Dollars in thousands) Balance Rate Balance Rate
Assets
Earning assets:
Securities:
Taxable $567,382 3.86 % $575,626 3.45 %
Nontaxable 1,196 7.69 1,423 7.87
Total Securities 568,578 3.87 577,049 3.46
Federal funds sold and other
investments 154,144 3.94 69,637 2.45
Loans, net 1,249,461 6.85 943,326 6.24
Total Earning Assets 1,972,183 5.76 1,590,012 5.08
Allowance for loan losses (8,800) (6,733)
Cash and due from banks 70,150 58,608
Premises and equipment 21,674 20,283
Other assets 48,771 15,125
$2,103,978 $1,677,295
Liabilities and Shareholders'
Equity
Interest-bearing liabilities:
NOW $137,457 0.89 % $98,230 0.46 %
Savings deposits 152,807 0.51 178,482 0.50
Money market accounts 589,275 1.68 436,504 1.03
Time deposits 449,657 3.41 369,402 2.65
Federal funds purchased and
securities sold under
agreements to
repurchase 94,719 3.25 84,777 1.97
Other borrowings 72,504 5.02 40,094 3.87
Total Interest-Bearing
Liabilities 1,496,419 2.27 1,207,489 1.56
Demand deposits (noninterest-
bearing) 442,534 351,703
Other liabilities 10,344 5,846
Total Liabilities 1,949,297 1,565,038
Shareholders' equity 154,681 112,257
$2,103,978 $1,677,295
Interest expense as a % of earning
assets 1.72 % 1.19 %
Net interest income as a % of
earning assets 4.04 3.90
(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, Chief Financial Officer, +1-772-221-2825, both of
Seacoast Banking Corporation of Florida
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