STUART, Fla., April 28 /PRNewswire-FirstCall/ -- Seacoast Banking
Corporation of Florida (Nasdaq: SBCF) (the "Company"), a bank holding
company whose principal subsidiary is Seacoast National Bank, today
reported net income totaling $1,763,000 for the first quarter of 2008,
compared with net income of $1,903,000 in the fourth quarter of 2007 and
$2,769,000 in the first quarter of 2007. Diluted earnings per share totaled
$0.09 for the first quarter of 2008, compared with $0.10 in the fourth
quarter of 2007 and $0.14 in the first quarter of 2007. Earning results for
the first quarter of 2008 continued to reflect elevated credit costs.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050916/SEACOASTLOGO )
Excluding the impact of credit costs, core earnings (net income less
provision for loan losses after taxes) for the first quarter of 2008
totaled $5.2 million, or approximately $0.27 per share, up from $4.3
million or $0.23 per share for the fourth quarter of 2007. The Company's
net interest margin increased slightly on a linked quarter basis at 3.74
percent, compared with 3.71 percent for the fourth quarter of 2007, and
expense reductions previously communicated are on target with a $1,108,000
or 5.6 percent reduction in noninterest expenses compared to the fourth
quarter of 2007.
"Our core earnings (before credit costs) remained stable despite very
challenging market conditions. These results reflect our relationship-based
growth strategy that has for many years produced what has become a valuable
core deposit franchise, including increased fee-based revenues and diverse,
locally-based small business and consumer loan growth. This strategy
continues to serve us well in the current environment, as it has allowed us
to avoid the impacts of costly wholesale funding and maintain a strong
liquidity position," said Dennis S. Hudson, III, Chairman and CEO. The
fundamentals of our business model remain very much in place and should
continue to produce solid underlying earnings support as we proceed through
the current credit cycle."
The Company's capital position remains strong with a total risk-based
capital ratio of 12.3 percent at March 31, 2008, compared to 11.7 percent
one year earlier. This ratio is expected to increase due to an anticipated
decline in risk-based asset levels in 2008. In 2005, in connection with
higher asset growth rates (including acquisitions), the Company raised an
aggregate of $41 million of new capital through two offerings of trust
preferred securities and, as conditions in residential real estate markets
began to deteriorate, in mid-2007 raised an additional $12 million in new
capital through a third issue of trust preferred securities. This new
capital was raised at favorable rates and the proceeds were contributed to
the Company's banking subsidiary, Seacoast National Bank, which continues
to maintain strong capital levels. Although we do not presently plan to
raise additional capital, the Company anticipates filing a shelf
registration statement relating to a variety of debt and equity instruments
to provide future flexibility in raising capital in order to take advantage
of opportunities that become available or should the need arise.
Nonperforming assets were approximately $3 million lower at the end of
the first quarter of 2008, compared with year-end 2007, but were up $62
million year-over-year. The majority of the nonperforming assets are land
and acquisition and development loans related to residential real estate,
which loans are being monitored monthly and are in the process of
collection through foreclosure, refinancing or sale. The Company believes
it was among the first banks to recognize the change in market conditions
in mid-2006 and has benefited from the early identification of
deteriorating loans and potential problems. This early monitoring resulted
in a smaller exposure to residential housing development loans as a result
of additional equity added by developers, guarantor performance, and
obtaining of additional collateral.
Nonaccrual loans and loans past due 90 days or more as a percent of
loans outstanding at March 31, 2008 was 3.46 percent, 11 basis points lower
than year-end 2007, but higher than the 0.27 percent at March 31, 2007. The
Company has never originated sub-prime, Alt A, Option ARM or any negative
amortizing residential loans. Past due loans in the Company's residential,
home equity, and consumer portfolios as a percent of loans outstanding
remain lower than the national and state averages. The Company has a total
of $3.6 million in residential loans included in nonaccrual loans that are
in the process of foreclosure.
The Company increased loan loss reserves as a result of the continued
weakness in loans related to residential development and, during the first
quarter of 2008, added $5.5 million to the allowance for loan losses, which
now totals 1.22 percent of total loans outstanding. Net loan charge-offs
totaled $4.4 million, or 0.93 percent of average loans for the first
quarter of 2008, compared with 0.92 percent for the fourth quarter of 2007.
The net interest margin for the first quarter of 2008 of 3.74 percent
was up 3 basis points from the fourth quarter of 2007, although lower by 18
basis points year-over-year. Net interest income declined modestly,
totaling $20.6 million in the first quarter of 2008, compared to $20.7
million in the fourth quarter of 2007. The improvement in net interest
margin is a result of lower costs for interest bearing liabilities,
improved deposit mix and reduced nonaccrual loans. Offsetting these
positives was weaker loan demand, with total loans at the end of the first
quarter 2008 down approximately $20 million compared to year-end 2007.
Noninterest expenses were positively impacted in the first quarter of
2008 by expense reductions related to consolidation of branch offices,
reductions in staff, and reductions in marketing costs and other
professional fees. Expenses were down $1.1 million on a linked quarter
basis, or 5.6 percent. Part of the reduction was caused by the accrual of
$130,000 during the fourth quarter of 2007 for the Company's portion of
certain Visa(R) litigation and settlement costs, which was reversed in the
first quarter of 2008 as a result of Visa's successful initial public
offering. Year-over-year quarterly expenses were nearly unchanged; however,
legal expenses year-over-year were up $94,000, an 11.3 percent increase
related to legal costs for nonperforming assets. Employee benefits were up
$338,000 year-over-year as a result of lower health care claims experience
in the Company's self-funded plan during the first quarter of 2007. Health
care claims for the entire year of 2008 are not expected to increase
significantly compared to 2007. Management believes that total noninterest
expenses for 2008 will not vary significantly from the prior year.
In the first quarter of 2008, loan growth slowed, with total loans
outstanding increasing year-over-year by $134.7 million, or 7.7 percent,
compared with an increase of $165.3 million for the year ended December 31,
2007, up 9.5 percent over the prior year. Loan growth is expected to
continue to slow over the next six months, or until market conditions begin
to improve. Total deposits year-over-year increased by $56.2 million, or
3.0 percent. Average deposits for the first quarter of 2008 increased by
$12.3 million compared to the fourth quarter of 2007. It is expected that
average deposits will decline in the next few months as a result of normal
seasonality, which causes increased average customer deposit balances
during the fourth and first quarters, which then typically decline
beginning in March. The Company instituted a focused retail deposit growth
plan in February 2008, which improved retail customer deposit account
growth over the past two months, and has focused its commercial lenders on
growing low cost commercial deposits as well. This combined deposit growth
is expected to offset seasonal deposit declines in customer average account
balances which normally occur during the second and third quarters.
Noninterest income for the first quarter of 2008, excluding securities
gains and losses, increased 3.4 percent when compared to the fourth quarter
of 2007, reflecting increased revenues from wealth management services,
mortgage banking, merchant fee income and marine finance fees, offset by
lower revenues from service charges on deposits. Year-over-year noninterest
income, excluding securities gains and losses, was down a modest $54,000 or
0.9 percent. Mortgage banking fees have improved recently due to an
increase in loan applications and closings during the first quarter of 2008
compared with the fourth quarter of 2007 as interest rates declined. The
favorable conditions have resulted in improved market share. Should
conditions remain favorable, the Company may experience further growth in
mortgage banking fees in 2008. In addition, $305,000 was recognized in
noninterest income in the first quarter of 2008 related to the redemption
of Visa, Inc. shares as a result of their initial public offering.
The Company will host a conference call on Tuesday, April 29, 2008 at
10:00 a.m. (Eastern Time) to discuss its earnings results and business
trends. Investors may call in (toll-free) by dialing (800) 559-9370 (access
code: 21289181; leader: Dennis S. Hudson). Charts will be used during the
conference call and may be accessed at the Company's website at
http://www.seacoastbanking.net by selecting Presentations under the heading
Investor Services. A replay of the conference call will be available
beginning the afternoon of April 29 by dialing (877) 213-9653 (domestic),
using the passcode 21289181.
Alternatively, individuals may listen to the live webcast of the
presentation by visiting the Company's website at http://www.seacoastbanking.net .
The link to the live audio webcast is located in the subsection
Presentations under the heading Investor Relations. Beginning the afternoon
of April 29, 2008, an archived version of the webcast can be accessed from
this same subsection of the website. This webcast will be archived and
available for one year.
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, 2007 under "Special
Cautionary Notice Regarding Forward-Looking Statements" and "Risk Factors",
and otherwise in our SEC reports and filings. Such reports are available
upon request from the Company, or from the Securities and Exchange
Commission, including through the SEC's Internet website at
http://www.sec.gov .
FINANCIAL HIGHLIGHTS
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Three Months Ended
(Dollars in thousands, March 31,
except per share data) 2008 2007
Summary of Earnings
Net income $1,763 $2,769
Net income, excluding securities
restructuring losses (5) 1,763 6,066
Net interest income (1) 20,562 21,432
Performance Ratios
Return on average assets-GAAP
earnings (2), (3) 0.30 % 0.47 %
Return on average tangible assets
(2), (3), (4), (5) 0.34 1.09
Return on average shareholders'
equity-GAAP earnings (2), (3) 3.28 5.16
Return on average tangible
shareholders' equity (2), (3), (4), (5) 4.95 15.83
Net interest margin (1), (2) 3.74 3.92
Per Share Data
Net income diluted-GAAP earnings $0.09 $0.14
Net income basic-GAAP earnings 0.09 0.15
Net income diluted-excluding
securities restructuring losses (5) 0.09 0.32
Net income basic-excluding securities
restructuring losses (5) 0.09 0.32
Cash dividends declared 0.16 0.16
(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.
FINANCIAL HIGHLIGHTS (cont'd) (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Dollars in thousands, March 31, Increase/
except per share data) 2008 2007 (Decrease)
Credit Analysis
Net charge-offs (recoveries)
year-to-date $4,401 $125 3,420.8 %
Net charge-offs (recoveries) to
average loans 0.93 % 0.03 % 3,000.0
Loan loss provision year-to-date $5,500 $(550) n/m
Allowance to loans at end of
period 1.22 % 0.82 % 48.8
Nonperforming assets $65,670 $4,088 1,506.4
Nonperforming assets to loans
and other real estate owned at
end of period 3.50 % 0.23 % 1,421.7
Selected Financial Data
Total assets $2,393,357 $2,398,407 (0.2)
Securities - Trading (at fair
value) 8,994 0 n/m
Securities - Available for sale
(at fair value) 254,395 297,438 (14.5)
Securities - Held for investment
(at amortized cost) 31,061 121,297 (74.4)
Net loans 1,854,968 1,729,054 7.3
Deposits 1,945,738 1,889,580 3.0
Shareholders' equity 214,953 216,741 (0.8)
Book value per share 11.25 11.34 (0.8)
Tangible book value per share 8.31 8.33 (0.2)
Average shareholders' equity
to average assets 9.17 % 9.15 % 0.2
Average Balances (Year-to-Date)
Total Assets $2,357,528 $2,379,739 (0.9)
Less: Intangible assets 56,291 57,213 (1.6)
Total average tangible assets $2,301,237 $2,322,526 (0.9)
Total equity $216,283 $217,834 (0.7)
Less: Intangible assets 56,291 57,213 (1.6)
Total average tangible equity $159,992 $160,621 (0.4)
n/m = not meaningful
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) 2008 2007
Interest on securities:
Taxable $3,586 $4,739
Nontaxable 90 93
Interest and fees on loans 31,182 32,550
Interest on federal funds sold and
other investments 297 251
Total Interest Income 35,155 37,633
Interest on deposits 5,805 5,562
Interest on time certificates 6,773 6,768
Interest on borrowed money 2,092 3,935
Total Interest Expense 14,670 16,265
Net Interest Income 20,485 21,368
Provision for loan losses 5,500 (550)
Net Interest Income After
Provision for Loan Losses 14,985 21,918
Noninterest income:
Service charges on deposit
accounts 1,850 1,733
Trust income 582 627
Mortgage banking fees 368 455
Brokerage commissions and fees 683 754
Marine finance fees 685 726
Debit card income 611 568
Other deposit based EFT fees 108 131
Merchant income 735 756
Other 540 466
6,162 6,216
Securities restructuring losses 0 (5,118)
Securities gains (losses), net 0 (2)
Total Noninterest Income 6,162 1,096
Noninterest expenses:
Salaries and wages 7,935 7,896
Employee benefits 2,025 1,687
Outsourced data processing
costs 2,014 1,945
Telephone / data lines 438 483
Occupancy 1,843 1,874
Furniture and equipment 688 652
Marketing 598 700
Legal and professional fees 926 832
FDIC assessments 59 58
Amortization of intangibles 315 315
Other 1,843 2,261
Total Noninterest Expenses 18,684 18,703
Income Before Income Taxes 2,463 4,311
Provision for income taxes 700 1,542
Net Income $1,763 $2,769
Per share of common stock:
Net income diluted $0.09 $0.14
Net income basic 0.09 0.15
Cash dividends declared 0.16 0.16
Average diluted shares outstanding 19,046,420 19,154,881
Average basic shares outstanding 18,928,375 18,960,154
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Dollars in thousands, except share March 31, December 31, March 31,
amounts) 2008 2007 2007
Assets
Cash and due from banks $64,287 $50,490 $98,319
Federal funds sold and other
investments 35,217 47,985 1,507
Total Cash and Cash
Equivalents 99,504 98,475 99,826
Securities:
Trading (at fair value) 8,994 13,913 -
Available for sale
(at fair value) 254,395 254,916 297,438
Held for investment (at
amortized cost) 31,061 31,900 121,297
Total Securities $294,450 $300,729 $418,735
Loans held for sale 3,889 3,660 7,662
Loans, net of unearned income 1,877,968 1,898,389 1,743,294
Less: Allowance for loan losses (23,000) (21,902) (14,240)
Net Loans 1,854,968 1,876,487 1,729,054
Bank premises and equipment, net 42,403 40,926 37,825
Other real estate owned 940 735 133
Goodwill and other intangible
assets 56,137 56,452 57,489
Other assets 41,066 42,410 47,683
$2,393,357 $2,419,874 $2,398,407
Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand deposits (noninterest
bearing) $329,626 $327,646 $401,123
Savings deposits 986,794 1,056,025 897,025
Other time deposits 341,293 332,838 331,739
Time certificates of $100,000
or more 288,025 270,824 259,693
Total Deposits 1,945,738 1,987,333 1,889,580
Federal funds purchased and
securities sold under
agreements to repurchase,
maturing within 30 days 94,895 88,100 212,773
Borrowed funds 65,307 65,030 26,601
Subordinated debt 53,610 53,610 41,238
Other liabilities 18,854 11,420 11,474
2,178,404 2,205,493 2,181,666
Shareholders' Equity
Preferred stock - - -
Common stock 1,919 1,920 1,913
Additional paid in capital 91,288 90,924 90,270
Retained earnings 121,127 122,396 124,538
Treasury stock (1,134) (1,193) (130)
213,200 214,047 216,591
Accumulated other comprehensive
income, net 1,753 334 150
Total Shareholders' Equity 214,953 214,381 216,741
$2,393,357 $2,419,874 $2,398,407
Common Shares Outstanding 19,114,879 19,110,089 19,119,075
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Dollars in thousands, QUARTERS
except per 2008 2007 Last 12
share data) First Fourth Third Second Months
Net income $1,763 $1,903 $285 $4,808 $8,759
Operating Ratios
Return on average
assets-GAAP
earnings (2),(3) 0.30 % 0.32 % 0.05 % 0.85 % 0.38 %
Return on average
tangible
assets (2),(3),(4) 0.34 0.36 0.09 0.91 0.42
Return on average
shareholders'
equity-GAAP
earnings (2),(3) 3.28 3.48 0.51 8.81 4.01
Return on average
tangible
shareholders'
equity (2),(3),(4) 4.95 5.21 1.18 12.43 5.93
Net interest
margin (1),(2) 3.74 3.71 3.94 4.09 3.87
Average equity
to average
assets 9.17 9.20 9.69 9.62 9.42
Credit Analysis
Net
charge-offs $4,401 $4,451 $1,039 $143 $10,034
Net charge-offs
to average
loans 0.93 % 0.92 % 0.22 % 0.03 % 0.54 %
Loan loss
provision $5,500 $3,813 $8,375 $1,107 $18,795
Allowance to
loans at end
of period 1.22 % 1.15 % 1.19 % 0.84 %
Nonperforming
assets $65,670 $68,569 $45,894 $15,495
Nonperforming
assets to loans
and other real
estate owned at
end of period 3.50 % 3.61 % 2.42 % 0.85 %
Nonaccrual loans
and accruing
loans 90 days or
more past due
to loans
outstanding at
end of period 3.46 3.57 2.44 0.89
Per Share Common Stock
Net income
diluted-GAAP
earnings $0.09 $0.10 $0.01 $0.25 $0.45
Net income
basic-GAAP
earnings 0.09 0.10 0.02 0.25 0.46
Cash dividends
declared 0.16 0.16 0.16 0.16 0.64
Book value
per share 11.25 11.22 11.20 11.32
Average Balances
Total
assets $2,357,528 $2,361,086 $2,279,036 $2,277,678
Less:
Intangible
assets 56,291 56,605 56,884 57,322
Total average
tangible
assets $2,301,237 $2,304,481 $2,222,152 $2,220,356
Total
equity $216,283 $217,172 $220,868 $219,020
Less:
Intangible
assets 56,291 56,605 56,884 57,322
Total
average
tangible
equity $159,992 $160,567 $163,984 $161,698
(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 earnings
growth.
CONSOLIDATED QUARTERLY FINANCIAL DATA
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Dollars in thousands)
March 31, December 31, March 31,
SECURITIES 2008 2007 2007
U.S. Treasury and U.S. Government
Agencies $8,994 $13,913 $-
Securities Trading 8,994 13,913 -
U.S. Treasury and U.S. Government
Agencies 22,699 30,405 93,443
Mortgage-backed 226,498 218,937 199,315
Obligations of states and political
subdivisions 2,072 2,057 2,053
Other securities 3,126 3,517 2,627
Securities Available for Sale 254,395 254,916 297,438
Mortgage-backed 24,918 25,755 114,929
Obligations of states and political
subdivisions 6,143 6,145 6,368
Securities Held for Investment 31,061 31,900 121,297
Total Securities $294,450 $300,729 $418,735
March 31, December 31, March 31,
LOANS 2008 2007 2007
Construction and land development $593,992 $609,567 $580,767
Real estate mortgage 1,104,675 1,074,814 966,488
Instalment loans to individuals 84,926 86,362 83,222
Commercial and financial 93,933 126,695 112,110
Other loans 442 951 707
Total Loans $1,877,968 $1,898,389 $1,743,294
AVERAGE BALANCES, YIELDS AND RATES (1) (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2008
First Quarter
Average Yield/
(Dollars in thousands) Balance Rate
Assets
Earning assets:
Securities:
Taxable $280,487 5.11 %
Nontaxable 8,166 6.51
Total Securities 288,653 5.15
Federal funds sold and other
investments 26,311 4.54
Loans, net 1,897,625 6.62
Total Earning Assets 2,212,589 6.40
Allowance for loan losses (22,563)
Cash and due from banks 46,614
Premises and equipment 42,029
Other assets 78,859
$2,357,528
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW $65,752 2.41 %
Savings deposits 104,591 0.70
Money market accounts 818,920 2.57
Time deposits 600,704 4.53
Federal funds purchased and
other short term borrowings 103,541 2.45
Other borrowings 118,839 4.94
Total Interest-Bearing
Liabilities 1,812,347 3.26
Demand deposits (noninterest-bearing) 323,363
Other liabilities 5,535
Total Liabilities 2,141,245
Shareholders' equity 216,283
$2,357,528
Interest expense as a % of earning
assets 2.67 %
Net interest income as a % of earning
assets 3.74
(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
2007
Fourth Quarter First Quarter
Average Yield/ Average Yield/
(Dollars in thousands) Balance Rate Balance Rate
Assets
Earning assets:
Securities:
Taxable $263,562 5.22 % $427,743 4.43 %
Nontaxable 8,168 6.46 8,390 6.53
Total Securities 271,730 5.26 436,133 4.47
Federal funds sold and other
investments 33,351 5.00 16,284 6.25
Loans, net 1,913,991 6.95 1,747,797 7.52
Total Earning Assets 2,219,072 6.71 2,200,214 6.92
Allowance for loan losses (22,607) (14,973)
Cash and due from banks 46,752 77,101
Premises and equipment 40,233 37,646
Other assets 77,636 79,751
$2,361,086 $2,379,739
Liabilities and Shareholders'
Equity
Interest-bearing liabilities:
NOW $77,999 2.80 % $195,025 2.38 %
Savings deposits 105,789 0.71 130,985 0.71
Money market accounts 764,200 3.01 567,647 2.99
Time deposits 616,621 4.82 576,972 4.76
Federal funds purchased
and other short term
borrowings 132,606 3.82 225,805 4.95
Other borrowings 102,987 5.78 67,772 7.05
Total Interest-Bearing
Liabilities 1,800,202 3.71 1,764,206 3.74
Demand deposits (noninterest-
bearing) 336,432 387,299
Other liabilities 7,280 10,400
Total Liabilities 2,143,914 2,161,905
Shareholders' equity 217,172 217,834
$2,361,086 $2,379,739
Interest expense as a % of
earning assets 3.01 % 3.00 %
Net interest income as a % of
earning assets 3.71 3.92
(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, +1-772-288-6085, William R. Hahl, Executive
Vice President-Chief Financial Officer, +1-772-221-2825, both of
Seacoast Banking Corporation of Florida
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