STUART, Fla., July 18 /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 $5,475,000 for the second quarter of 2005,
or $0.33 diluted earnings per share (DEPS), compared to $3,090,000 or $0.20
DEPS for the second quarter a year ago, a 65.0 percent increase in DEPS. Net
income for the first half of 2005 totaled $9,361,000 or $0.58 DEPS, up 31.3
percent compared to $7,127,000 or $0.45 DEPS for 2004. Cash operating
earnings totaled $5,457,000 or $0.33 DEPS for the second quarter of 2005, up
$1,571,000 or 40.4 percent over the same period last year and up $1,228,000 or
29.0 percent over the first quarter of 2005. (The Company believes that cash
operating earnings excluding the 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 been immaterial for the periods presented.) A total
of $249,000 or $0.01 DEPS in interest rate swap profits (noncash) were
recorded in second quarter earnings versus $1,224,000 or $0.05 DEPS of
interest rate swap losses (noncash) in the prior year's second quarter.
During the quarter, the Company terminated the interest rate swap that did
not qualify for hedge accounting under FAS 133. As a result, future quarterly
earnings should not be impacted by profits or losses on interest rate swaps.
"We are pleased to announce an extremely successful second quarter and the
continued positive growth dynamics established in 2004," commented Dennis S.
Hudson, III, Chief Executive Officer of Seacoast. "Our record operating
results were achieved through a continuation of net interest income growth,
favorable noninterest income sources, and improved credit quality." Mr.
Hudson further noted that "the merger with Century National Bank on April 30,
2005 has produced favorable earnings accretion so far. The integration is
going smoothly and balance sheet growth is ahead of goal despite the intense
competition in the Orlando market that includes regional banks, as well as 'de
novo' start ups."
Net interest income increased to $17,867,000 or 17.0 percent from first
quarter 2005 and grew by 39.8 percent from last year's second quarter due to
strong organic growth and the acquisition.
The Century acquisition included loans of $107 million and deposits of
$304 million at April 30, 2005. This, together with strong growth in all
markets served by the Company, resulted in loan growth of $359 million or
45.5 percent since June 30, 2004. At June 30, 2005, the mix of loans
outstanding was: 26 percent residential real estate mortgage loans, 60
percent commercial and commercial real estate, and 14 percent consumer loans.
Net interest margin of 3.91 percent represented an increase from the 3.84
percent achieved in the second quarter of 2004, and was higher than the first
quarter 2005's results of 3.90 percent. The improved net interest margin
resulted from loan growth and growth in low-cost and no-cost core deposits.
Negatively impacting net interest margin for the quarter were lower yields
associated with the assets acquired from Century. The net interest margin on
the earning assets acquired was 3.23 percent for the quarter. These asset
yields have steadily improved over the past six months, along with those for
the Company as a whole, as the Federal Reserve has increased short-term
interest rates. Loan yields increased from 5.97 percent in the second quarter
of 2004 to 6.38 percent in the current quarter.
Average savings deposits (excluding certificates of deposits) and
noninterest bearing deposits have increased 54.2 percent from the prior year
quarter, including 72.2 percent year-over-year growth in average noninterest
bearing deposits. This growth also includes average deposits from Century and
the impacts from the proceeds of insurance and other claims as a result of the
hurricane damage in the Company's markets which occurred in September 2004.
As anticipated, deposit growth slowed in the markets impacted by the
hurricanes as funds accumulated by customers were used to repair damages.
Due to rate increases by the Federal Reserve totaling 200 basis points,
the cost for interest bearing deposits increased to 1.60 percent in the
current quarter from 1.24 percent in the second quarter 2004. Average
interest bearing deposits increased $299 million or 32.3 percent during the
second quarter 2005 compared to one year ago. The increase in average
interest bearing deposits, in addition to Century, included the effect of a
new money market product, which was $104 million higher in the second quarter
2005 than in the same quarter in 2004. The average rate paid on this product
for June 2005 was 2.02 percent.
Noninterest income, excluding interest rate swap profit and losses and
securities gains (losses), increased 5.2 percent when compared to the first
quarter 2005. While revenues from service charges on deposit accounts, marine
finance fees and fees from electronic fund transfers increased, fees from
wealth management services and mortgage banking were flat and down,
respectively. Fees from the production of mortgage products are subject to
intense competition, as well as the Company's appetite to portfolio longer
term residential mortgages. In addition, a growing portion of production has
been for residential construction loans which are not available to be sold
currently. During the second quarter 2005, $60 million in residential
applications were processed compared to $60 million in the first quarter 2005
and $67 million in the second quarter 2004.
Strong core deposit growth has enhanced fees by increasing the customer
base and usage of check cards. During the second quarter 2005, a total of
$550,000 in EFT income was earned, compared to $468,000 for the same period in
2004. Service charges on deposit accounts increased $152,000 or 13.9 percent
for the second quarter compared to a year ago, also reflecting the addition of
Century which accounted for $28,000 of the increase.
Net loan charge offs were $15,000 for the second quarter of 2005, compared
to net recoveries of $18,000 for 2004. Loan delinquencies, nonaccruals and
the percentage of loans past due 90 days to average loans declined to 0.02
percent at June 30, 2005, compared to 0.32 percent for the second quarter
2004. Nonperforming assets totaled $200,000, a decline from $2,557,000 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 $269,000 for loan losses and loan growth.
Noninterest expenses totaled $14.6 million, up $1.3 million from the first
quarter 2005, of which $919,000 was related to Century including $206,000 for
deposit base intangible amortization. The increase in noninterest expenses
from the prior year's second quarter is the result of increased wages,
benefits, occupancy and data processing services, primarily due to the
addition of branches and personnel, as well as higher commissions and
incentives related to the Company's improved performance.
The Company is also pleased with the results achieved in the following
areas:
-- Cash operating earnings* per diluted share increased $0.08 DEPS or 32
percent for the second quarter 2005 compared to a year ago;
-- Return on average tangible equity using cash operating earnings*
increased to 18.87 percent in the second quarter 2005 from 14.84 percent a
year earlier;
-- Return on average assets using cash operating earnings* increased to
1.14 percent for the second quarter compared to 1.12 percent for 2004;
-- Noninterest bearing deposits improved to 28 percent of total deposits,
up from 21 percent a year ago;
-- Average equity to average assets was 6.87 percent compared to 7.81
percent one year earlier;
-- A total of $228 million in commercial loans which will fund over the
next 12 to 18 months were originated in the first six months of 2005, compared
to $147 million originated during the first six months in 2004; and
-- Seacoast Marine approved loans totaling $44 million for the three
months ended June 30, 2005, compared to $52 million in the same period for
2004.
* excludes interest rate swap profits and losses and amortization of core
deposit intangible
Seacoast will host a conference call on Tuesday, July 19 at 11:00 a.m.
(Eastern Time) to discuss the earnings results and business trends. Investors
may call in (toll-free) by dialing (866) 297-6315 (access code: 12172388;
leader: Dennis S. Hudson, III). A replay of the call will be available
beginning the afternoon of July 19 by dialing (877) 213-9653 (domestic), using
the passcode 12172388.
Seacoast Banking Corporation of Florida has over $2.0 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.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: Statements in this press release regarding Seacoast's business which
are not historical facts are "forward-looking statements" that involve risks
and uncertainties.
For a discussion of such risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking statements, see
"Special Cautionary Notice Regarding Forward-Looking Statements" in the
company's most recent Annual Report on Form 10-K.
FINANCIAL HIGHLIGHTS (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Three Months Ended Six Months Ended
(Dollars in thousands, June 30, June 30,
except per share data) 2005 2004 2005 2004
Summary of Earnings
Net income (GAAP) $5,475 $3,090 $9,361 $7,127
Amoritzation of core deposit
premiums 144 -- 151 --
Net interest rate swap
(profits) losses (162) 796 174 384
Cash operating earnings* $5,457 $3,886 $9,686 $7,511
Net interest income (1) 17,867 12,784 33,144 25,251
Performance Ratios
Return on average assets
(2), (3)
Using GAAP earnings 1.13% 0.89% 1.04 1.04%
Using cash operating
earnings*
on average tangible assets 1.14 1.12 1.09 1.10
Return on average
shareholders' equity (2),
(3)
Using GAAP earnings 16.07 11.50 15.16 13.31
Using cash operating
earnings* on average
tangible equity 18.87 14.84 17.35 14.40
Net interest margin (1), (2) 3.91 3.84 3.90 3.86
Per Share Data
Net income diluted (GAAP) $0.33 $0.20 $0.58 $0.45
Amoritzation of core deposit
premium 0.01 -- 0.01 --
Net interest rate swap
(profits) losses (0.01) 0.05 0.01 0.02
Cash operating earnings*
diluted 0.33 0.25 0.60 0.47
Net income basic (GAAP) 0.33 0.20 0.59 0.46
Cash dividends declared 0.14 0.13 0.28 0.26
(1) Calculated on a fully taxable equivalent basis using amortized cost.
(2) These ratios are stated on an annualized basis and are not
necessarily indicative of future periods.
(3) The calculations of ROA and ROE do not include the mark-to-market
unrealized gains (losses) because the unrealized gains (losses) are
not included in net income.
* The Company believes that cash operating earnings excluding the
impacts of non cash interest rate swap fair value changes
and amortization of core deposit intangible is a better measurement of
the Company's trend in earnings growth. Net cash
payments and receipts from the interest rate swap have not been
material for the periods presented.
FINANCIAL HIGHLIGHTS (cont'd) (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Dollars in thousands, June 30, Increase/
except per share data) 2005 2004 (Decrease)
Credit Analysis
Net charge-offs year-to-date $202 $17 n/m%
Net charge-offs to average loans 0.04% --% n/m
Loan loss provision year-to-date $707 $300 135.7
Allowance to loans at end of
period 0.73% 0.82% (11.0)
Nonperforming assets $200 $2,557 (92.2)
Nonperforming assets to loans and
other real estate owned at end of
period 0.02% 0.32% (93.8)
Selected Financial Data
Total assets $2,052,175 $1,428,315 43.7
Securities - Trading (at fair
value) -- 1,080 (100.0)
Securities - Available for sale
(at fair value) 468,648 477,754 (1.9)
Securities - Held for investment
(at amortized cost ) 170,573 76,656 122.5
Net loans 1,140,045 782,901 45.6
Deposits 1,743,895 1,188,549 46.7
Shareholders' equity 146,877 104,329 40.8
Book value per share 8.63 6.75 27.9
Tangible book value per share 6.53 6.57 (0.6)
Average shareholders' equity
to average assets 6.87 7.81% (12.0)
Average Balances (Year-to-Date)
Total Assets $1,811,927 $1,378,807 31.4
Intangible assets 11,950 2,813 324.8
Total average tangible assets $1,799,977 $1,375,994 30.8
Total equity $124,525 $107,713 15.6
Intangible assets 11,950 2,813 324.8
Total average tangible equity $112,575 $104,900 7.3
n/m = not meaningful
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Three Months Ended Six Months Ended
(Dollars in thousands, June 30, June 30,
except per share data) 2005 2004 2005 2004
Interest on securities:
Taxable $5,707 $4,742 $10,677 $9,256
Nontaxable 18 28 36 56
Interest and fees on loans 17,348 11,289 31,834 22,527
Interest on federal funds
sold and interest bearing
deposits 774 27 1,194 63
Total Interest
Income 23,847 16,086 43,741 31,902
Interest on deposits 2,090 907 3,532 1,675
Interest on time
certificates 2,797 1,957 5,210 4,100
Interest on borrowed money 1,121 470 1,916 942
Total Interest
Expense 6,008 3,334 10,658 6,717
Net Interest Income 17,839 12,752 33,083 25,185
Provision for loan losses 269 150 707 300
Net Interest Income
After Provision for
Loan Losses 17,570 12,602 32,376 24,885
Noninterest income:
Service charges on
deposit accounts 1,246 1,094 2,339 2,201
Trust income 684 517 1,267 1,055
Mortgage banking fees 425 472 995 954
Brokerage commissions
and fees 634 671 1,368 1,386
Marine finance fees 836 994 1,534 1,757
Debit card income 441 351 857 649
Other deposit based
EFT fees 109 117 230 245
Merchant income 605 540 1,175 1,005
Interest rate swap
profits (losses) 249 (1,224) (267) (590)
Other income 359 314 651 623
5,588 3,846 10,149 9,285
Securities gains (losses) 41 (46) 44 10
Total Noninterest
Income 5,629 3,800 10,193 9,295
Noninterest expenses:
Salaries and wages 5,640 4,609 10,930 9,108
Employee benefits 1,499 1,216 2,931 2,663
Outsourced data
processing 1,680 1,484 3,239 2,885
Occupancy expense 1,244 1,046 2,392 2,122
Furniture and
equipment expense 520 497 1,035 980
Marketing expense 853 603 1,729 1,253
Legal and
professional fees 639 372 1,180 662
FDIC assessments 60 43 104 84
Amortization of
intangibles 222 -- 233 --
Other expense 2,285 1,750 4,181 3,390
Total Noninterest
Expenses 14,642 11,620 27,954 23,147
Income Before Income
Taxes 8,557 4,782 14,615 11,033
Provision for income taxes 3,082 1,692 5,254 3,906
Net Income $5,475 $3,090 $9,361 $7,127
Per share common stock:
Net income diluted $0.33 $0.20 $0.58 $0.45
Net income basic 0.33 0.20 0.59 0.46
Cash dividends
declared 0.14 0.13 0.28 0.26
Average diluted shares
outstanding 16,706,162 15,737,475 16,202,134 15,789,999
Average basic shares
outstanding 16,345,301 15,331,382 15,830,012 15,381,266
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
June 30, December 31, June 30,
(Dollars in thousands) 2005 2004 2004
Assets
Cash and due from banks $75,949 $44,920 $48,633
Federal funds sold and interest
bearing deposits 116,600 44,758 257
Securities:
Trading (at fair value) -- -- 1,080
Available for sale (at fair
value) 468,648 395,207 477,754
Held for sale (at amortized
cost) 170,573 198,551 76,656
Total Securities 639,221 593,758 555,490
Loans available for sale 5,887 2,346 3,901
Loans 1,148,373 899,547 789,344
Less: Allowance for loan losses (8,328) (6,598) (6,443)
Net Loans 1,140,045 892,949 782,901
Bank premises and equipment 21,166 18,965 18,119
Other real estate owned -- -- 1,913
Intangible assets 35,788 2,774 2,805
Other assets 17,519 15,406 14,296
$2,052,175 $1,615,876 $1,428,315
Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand deposits (noninterest
bearing) $481,206 $345,122 $251,775
Savings deposits 860,405 669,059 587,539
Other time deposits 260,757 238,188 245,899
Time certificates of $100,000
or more 141,527 120,097 103,336
Total Deposits 1,743,895 1,372,466 1,188,549
Federal funds purchased and
securities sold under
agreements to repurchase,
maturing within 30 days 87,742 86,919 78,829
Other borrowings 64,473 39,912 39,781
Other liabilities 9,188 8,367 16,827
1,905,298 1,507,664 1,323,986
Shareholders' Equity
Preferred stock -- -- --
Common stock 1,860 1,710 1,710
Additional paid in capital 45,927 26,950 26,911
Retained earnings 106,100 101,501 98,442
Restricted stock awards (3,702) (3,333) (2,478)
Treasury stock (913) (16,172) (16,258)
149,272 110,656 108,327
Accumulated other comprehensive
loss (2,395) (2,444) (3,998)
Total Shareholders' Equity 146,877 108,212 104,329
$2,052,175 $1,615,876 $1,428,315
Common Shares Outstanding 17,023,513 15,468,357 15,463,808
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
(Dollars in thousands, except per
share data) Second First
Net income (GAAP) $5,475 $3,886
Amortization of core deposit premium 144 7
Net interest rate swap (profits)
losses (162) 335
Cash operating earnings* $5,457 $4,228
Operating Ratios
Return on average assets (2),(3)
Using GAAP earnings 1.13% 0.94%
Using cash operating earnings*
on average tangible assets 1.14 1.02
Return on average shareholders'
equity (2),(3)
Using GAAP earnings 16.07 14.04
Using cash operating earnings*
on average tangible equity 18.87 15.69
Net interest margin (1), (2) 3.91 3.90
Average equity to average assets 7.03 6.69
Credit Analysis
Net charge-offs $15 $187
Net charge-offs to average loans 0.01% 0.08%
Loan loss provision $269 $438
Allowance to loans at end of
period 0.73% 0.70%
Nonperforming assets $200 $1,040
Nonperforming assets to loans and
other real estate owned at end of
period 0.02% 0.11%
Nonaccrual loans and accruing
loans 90 days or more past due to loans
outstanding at end of period 0.02 0.11
Per Share Common Stock
Net income diluted (GAAP) $0.33 $0.25
Amortization of core deposit
premium 0.01 --
Net interest rate swap
(profit)losses (0.01) 0.02
Cash operating earnings* diluted $0.33 $0.27
Net income basic (GAAP) 0.33 0.25
Cash dividends declared 0.14 0.14
Book value per share 8.63 7.04
Average Balances
Total Assets 1,945,079 1,677,295
Intangible Assets 20,627 3,176
Total average tangible assets $1,924,452 $1,674,119
Total equity 136,659 112,257
Intangible assets 20,627 3,176
Total average tangible equity $116,032 $109,081
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarters
2004
(Dollars in thousands, except per
share data) Fourth Third
Net income (GAAP) $3,700 $4,095
Amortization of core deposit premium -- --
Net interest rate swap (profits)
losses 287 (215)
Cash operating earnings* $3,987 $3,880
Operating Ratios
Return on average assets (2),(3)
Using GAAP earnings 0.97% 1.16%
Using cash operating earnings*
on average tangible assets 1.04 1.10
Return on average shareholders'
equity (2),(3)
Using GAAP earnings 13.38 14.98
Using cash operating earnings*
on average tangible equity 14.79 14.57
Net interest margin (1),(2) 3.88 3.97
Average equity to average assets 7.22 7.71
Credit Analysis
Net charge-offs $349 $196
Net charge-offs to average loans 0.16% 0.09%
Loan loss provision $450 $250
Allowance to loans at end of
period 0.73% 0.76%
Nonperforming assets $1,447 $389
Nonperforming assets to loans and
other real estate owned at end of
period 0.16% 0.05%
Nonaccrual loans and accruing
loans 90 days or more past due to loans
outstanding at end of period 0.16 0.06
Per Share Common Stock
Net income diluted (GAAP) $0.24 $0.26
Amortization of core deposit
premium -- --
Net interest rate swap
(profit)losses 0.02 (0.01)
Cash operating earnings* diluted $0.26 $0.25
Net income basic (GAAP) 0.24 0.27
Cash dividends declared 0.14 0.14
Book value per share 7.00 6.96
Average Balances
Total Assets 1,523,284 1,410,111
Intangible Assets 2,785 2,799
Total average tangible assets $1,520,499 $1,407,312
Total equity 110,014 108,749
Intangible assets 2,785 2,799
Total average tangible equity $107,229 $105,950
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Last 12
(Dollars in thousands, except per Months
share data)
Net income (GAAP) $17,156
Amortization of core deposit premium 151
Net interest rate swap (profits)
losses 245
Cash operating earnings* $17,552
Operating Ratios
Return on average assets (2),(3)
Using GAAP earnings 1.05%
Using cash operating earnings*
on average tangible assets 1.08
Return on average shareholders'
equity (2),(3)
Using GAAP earnings 14.68
Using cash operating earnings*
on average tangible equity 16.02
Net interest margin (1),(2) 3.91
Average equity to average assets 7.14
Credit Analysis
Net charge-offs $747
Net charge-offs to average loans 0.08%
Loan loss provision $1,407
Allowance to loans at end of period
Nonperforming assets
Nonperforming assets to loans and
other real estate owned at end of
period
Nonaccrual loans and accruing loans 90
days or more past due to loans
outstanding
at end of period
Per Share Common Stock
Net income diluted (GAAP) $1.08
Amortization of core deposit
premium 0.01
Net interest rate swap
(profit)losses 0.02
Cash operating earnings* diluted $1.11
Net income basic (GAAP) 1.09
Cash dividends declared 0.56
Book value per share
Average Balances
Total Assets
Intangible Assets
Total average tangible assets
Total equity
Intangible assets
Total average tangible equity
(1) Calculated on a fully taxable equivalent basis using amortized cost.
(2) These ratios are stated on an annualized basis and are not necessarily
indicative of future periods.
(3) The calculations of ROA and ROE do not include the mark-to-market
unrealized gains (losses), because the unrealized gains (losses) are not
included in net income.
* The Company believes that cash operating earnings excluding the impacts
of non cash interest rate swap fair value changes and amortization of core
deposit intangible is a better measurement of the Company's trend in earnings
growth. Net cash payments and receipts from the interest rate swap have not
been material for the periods presented.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Dollars in thousands)
June 30, December 31, June 30,
SECURITIES 2005 2004 2004
Mortgage-backed $-- $-- $1,080
Securities Trading -- -- 1,080
U.S. Treasury and U.S. Government
Agencies 78,682 20,656 20,527
Mortgage-backed 382,196 366,806 451,601
Other securities 7,770 7,745 5,626
Securities Available for Sale 468,648 395,207 477,754
U.S. Treasury and U.S. Government
Agencies 4,999 4,999 4,998
Mortgage-backed 164,152 192,128 69,427
Obligations of states and political
subdivisions 1,422 1,424 2,231
Securities Held for Investment 170,573 198,551 76,656
Total Securities $639,221 $593,758 $555,490
June 30, December 31, June 30,
LOANS 2005 2004 2004
Construction and land development $351,457 $252,329 $147,780
Real estate mortgage 620,883 498,692 516,025
Instalment loans to individuals 89,791 81,831 78,529
Commercial and financial 85,746 66,240 46,751
Other loans 496 455 259
Total Loans $1,148,373 $899,547 $789,344
AVERAGE BALANCES, YIELDS AND RATES (1) (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2005
Second Quarter First Quarter
Average Yield/ Average Yield/
(Dollars in thousands) Balance Rate Balance Rate
Assets
Earning assets:
Securities:
Taxable $633,258 3.60% $575,626 3.45%
Nontaxable 1,423 7.59 1,423 7.87
Total Securities 634,681 3.61 577,049 3.46
Federal funds sold and other
short-term investments 106,756 2.91 69,637 2.45
Loans, net 1,091,628 6.38 943,326 6.24
Total Earning Assets 1,833,065 5.22 1,590,012 5.08
Allowance for loan losses (7,778) (6,733)
Cash and due from banks 63,988 58,608
Premises and equipment 21,008 20,283
Other assets 34,796 15,125
$1,945,079 $1,677,295
Liabilities and Shareholders'
Equity
Interest-bearing liabilities:
NOW (including
Super NOW) $105,678 0.57% $98,230 0.46%
Savings deposits 171,715 0.50 178,482 0.50
Money market accounts 553,134 1.25 436,504 1.03
Time deposits 393,308 2.85 369,402 2.65
Federal funds purchased
and securities sold
under agreements to
repurchase 81,178 2.36 84,777 1.97
Other borrowings 60,505 4.27 40,094 3.87
Total Interest-Bearing
Liabilities 1,365,518 1.76 1,207,489 1.56
Demand deposits (noninterest-
bearing) 434,777 351,703
Other liabilities 8,125 5,846
Total Liabilities 1,808,420 1,565,038
Shareholders' equity 136,659 112,257
$1,945,079 $1,677,295
Interest expense as a % of
earning assets 1.31% 1.19%
Net interest income as a % of
earning assets 3.91 3.90
AVERAGE BALANCES, YIELDS AND RATES (1) (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2004
Second Quarter
Average Yield/
(Dollars in thousands) Balance Rate
Assets
Earning assets:
Securities:
Taxable $562,030 3.37%
Nontaxable 2,181 7.89
Total Securities 564,211 3.39
Federal funds sold and other
short-term investments 11,219 0.97
Loans, net 762,092 5.97
Total Earning Assets 1,337,522 4.85
Allowance for loan losses (6,339)
Cash and due from banks 38,348
Premises and equipment 17,365
Other assets 14,360
$1,401,256
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW (including Super NOW) $78,409 0.46%
Savings deposits 162,803 0.51
Money market accounts 326,922 0.75
Time deposits 357,155 2.20
Federal funds purchased and
securities sold
under agreements to
repurchase 69,184 0.84
Other borrowings 39,926 3.27
Total Interest-Bearing
Liabilities 1,034,399 1.30
Demand deposits (noninterest-bearing) 252,435
Other liabilities 6,346
Total Liabilities 1,293,180
Shareholders' equity 108,076
$1,401,256
Interest expense as a % of earning
assets 1.00%
Net interest income as a % of earning
assets 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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