STUART, Fla., July 24 /PRNewswire-FirstCall/ -- Seacoast Banking
Corporation of Florida (Nasdaq: SBCF) (the "Company") today reported that
the Company's net loss for the quarter ended June 30, 2008 totaled $21.3
million, or $1.12 per share, compared with net income of $4,808,000 or
$0.25 per diluted share one year earlier. The total loss for the first six
months of 2008 totals $19.6 million or $1.03 per share, compared with net
income of $7,577,000 or $0.39 in the first six months of 2007.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050916/SEACOASTLOGO )
The Company's capital position remains strong with a total risk-based
capital ratio of approximately 11.52 percent at June 30, 2008. This ratio
is expected to increase due to an anticipated decline in risk-based asset
levels in 2008, as a result of previously discussed declines in anticipated
new loan production.
Earnings for the quarter were impacted by higher credit costs as the
Company substantially reduced the carrying value of certain residential
development and land loans and significantly increased its reserve for loan
losses. In light of current conditions, asset quality remains strong in the
Company's other loan portfolios. The significant actions taken at quarter
end will strengthen the Company's ability to reduce the level of non
performing assets in the future. Earnings are expected to return to
profitability in the coming quarter and for the second half of the year.
In recent years, the Company raised an aggregate of $52 million in new
capital through three offerings of trust preferred securities, including
one which was completed in mid 2007. 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 there is presently no plan to raise additional
capital, the Company filed a shelf registration statement during this
quarter 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.
Liquidity remains strong with a total of $480 million in funding
available from a variety of sources at quarter end. The Company does not
rely on wholesale funding and maintains a diverse retail deposit base in
its markets. The Company's deposit base comprises 90% of total funding
sources for the Company.
"While there was a significant improvement during the quarter in the
volume of residential real estate transactions in our markets, which is
encouraging, much of the improvement came from distress sales which
continue to weigh on valuations. We believe these recent transactions may
have negatively impacted values associated with land parcels that secure
many of our non-performing assets which are now moving closer to
liquidation. As a result we substantially reduced the carrying value of a
number of larger residential land exposures including several that were
added as nonperforming assets at quarter-end. Furthermore, we significantly
increased our reserve for loan losses as a result of the weaker market
conditions," said Dennis S. Hudson, III, Chairman and Chief Executive
Officer. "We were among the first to recognize the housing deterioration in
Florida that began in mid 2006 with an initial reserve build that occurred
in the final quarter of that year. Since that time, we have committed
significant resources to aggressively manage and quantify our exposure,
which has provided us with a realistic and timely understanding of evolving
market conditions. We now believe we are entering the home stretch, and we
will hopefully be among the first banks to show improvement."
The Company has no exposure to loans or investments with sub-prime
collateral, nor has it ever originated or purchased Alt A loans or option
ARM loans which have recently been a cause for concern in the industry. The
Company's residential and consumer loan portfolios should continue to
perform well in light of current market conditions.
The Company anticipates that it will pay a de minimis cash dividend to
shareholders in the third quarter which will further strengthen its capital
position during this period of economic uncertainty. Going forward, the
cash dividend will not be increased until earnings improve. Should credit
costs begin to moderate as currently anticipated, and should financial
share price valuations remain depressed, the Company may consider share
repurchases at a later date as an alternative to increasing the cash
dividend and as a way to increase shareholder value.
Excluding the impact of credit costs, core earnings (net income before
the provision for loan losses and after taxes) for the second quarter of
2008 totaled $4.6 million, or approximately $0.24 per share, compared with
$5.1 million or $0.27 per share for the first quarter of 2008. The
Company's net interest margin remained stable at 3.69 percent, compared
with 3.74 percent in the first quarter of 2008.
"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 one of the
most valuable core deposit franchises in the state of Florida. 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 Mr. Hudson. "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. We will continue to evaluate our cost structure in light of market
conditions in order to maintain stable core earnings".
Other results for second quarter 2008:
-- Capital ratios remained strong with Tier 1 capital of 10.27 percent,
total risk based capital at 11.52 percent, and average equity to average
assets at 9.17 percent.
-- Loan loss reserve increased to a strong 1.75 percent from 1.22
percent the prior quarter and 0.84 percent in the prior year.
-- Net interest income remained stable at $20.2 million for the second
quarter, and the net interest margin was nearly unchanged at 3.69 percent.
-- Net noninterest expense (noninterest expense minus noninterest
income) grew by $876,000 linked quarter, primarily as a result of one-time
benefits recorded in the first quarter 2008 related to redemption of VISA,
Inc. shares and an increased FDIC premium expense in the second quarter.
-- Retail interest bearing savings and transaction deposits increased
$22.3 million, up 16.0 percent annualized from the first quarter 2008.
-- Average deposits on the Treasure Coast increased 5.8 percent, while
total average deposits grew over $50 million or 2.7 percent compared to
second quarter a year ago.
-- Average cost of interest bearing liabilities totaled 2.68 percent,
down 58 basis points from the first quarter of 2008.
Nonperforming assets increased by $15 million compared to the end of
the first quarter of 2008. The majority of the increase in nonperforming
assets is land and acquisition and development loans related to residential
real estate. The Company does not anticipate that the levels of
nonperforming assets will increase substantially in the coming quarter. The
carrying value of nonperforming loans reflects management's evaluation of
the current conditions affecting real estate values and market conditions
at the end of the second quarter 2008.
The Company increased loan loss reserves as a result of the continued
weakness in loans related to residential development and, during the second
quarter of 2008, provided $8.7 million in excess of net charge-offs to the
allowance for loan losses, which now totals 1.75 percent of total loans
outstanding. Net loan charge-offs totaled $33.5 million in the second
quarter and $37.9 million year-to-date.
The net interest margin for the second quarter of 2008 of 3.69 percent
was 5 basis points lower compared to the first quarter of 2008, and down 40
basis points year-over-year. Net interest income declined by approximately
$300,000, totaling $20.2 million for the second quarter when compared to
the first quarter of 2008, and was lower by $1.2 million compared to the
second quarter of 2007. The stable net interest margin was achieved in
spite of the negative impacts from nonperforming assets, and benefited from
lower cost of interest bearing liabilities and improving deposit mix. The
margin was also affected by lower loan demand, with average total loans for
the second quarter 2008 down $43.6 million linked-quarter and $60.0 million
versus fourth quarter 2007.
Noninterest expenses were up $556,000 in the second quarter of 2008
compared to the first quarter as a result of higher FDIC insurance
premiums, as the Company's credit for prior premiums has all been fully
applied to this year's assessments. Also in the first quarter, the Company
reversed an accrual for VISA litigation settlement claims resulting in
lower expenses. Without the impact of these items, total overhead
expenditures were nearly unchanged quarter-to-quarter. Salaries wages and
benefit expenses were lower by $818,000 on reduced headcount and lower
accruals for incentive payments due to lower revenues generated from wealth
management and weak commercial lending production. These savings were
offset by increased marketing costs to support the Company's retail core
deposit growth activities and a full quarter's cost for new branches opened
during the first half of the year. Year-to-date expenses are $680,000, or
1.8 percent lower than the same period in 2007. Management believes that
total noninterest expenses for 2008 will not vary significantly from the
prior year.
Consistent with the first quarter's results for 2008, loan growth in
the second quarter was much slower than in the prior year with total loans
outstanding decreasing year-over-year by $4.3 million, or 0.2 percent,
compared with an increase of $165.3 million, or 9.5 percent for the year
ended December 31, 2007. Loan growth is expected to continue to be weak for
the remainder of the year and the first half of 2009. Total deposits
year-over-year increased by $23.2 million, or 1.2 percent.
Average deposits for the second quarter of 2008 increased $9.2 million
linked-quarter, compared to a $12.3 million increase in the first quarter
of 2008. Deposit growth in the second quarter, which historically
experiences a seasonal decline, was stronger than expected due to retail
deposit growth. The Company instituted a focused retail deposit growth
strategy earlier in the year, which has improved the promoted retail
customer deposit account growth with these deposits increasing by $75
million in the second quarter 2008. Since the promotion began in February
2008, the Company believes it has increased its market share during this
period of off-season slow growth. In addition, the Company's customer base
includes local municipalities and governmental agencies that maintain
significantly higher balances from November through April each year. This
factor caused ending deposit balances on a linked-quarter basis to decline
by $55.3 million.
Total noninterest income, excluding securities gains and losses, was
lower in the second quarter compared to the first quarter, primarily as the
result of income received from the redemption of Visa, Inc shares totaling
$305,000. Year-over-year noninterest income for the six months ended June
30, 2008, excluding securities gains and losses, decreased $928,000, with
$662,000 of this difference caused by lower securities brokerage revenue
and the remainder due to lower consumer fees from merchant income and
mortgage banking fees, all as a result of the real estate driven economic
recession. Marine finance fees improved in both the second quarter and on a
year-to-date basis. While overall transaction levels are lower, the Company
has gained market share as a result of tighter credit limiting the ability
of some competitors to handle transactions. Mortgage banking fees were
nearly unchanged from the first quarter, in spite of the uncertainties of
the mortgage markets and tighter credit standards. While recent conditions
have improved modestly, market conditions remain unfavorable for increased
revenue generation this year as a result of lower transaction volume.
The Company will host a conference call on Friday, July 25, 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) 640-9765 (access
code: 22174773; 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 July 25 by dialing (877) 213-9653 (domestic),
using the passcode 22174773.
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 July 25, 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 $2.3 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 (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) 2008 2007 2008 2007
Summary of Earnings
Net income (loss) $(21,316) $4,808 $(19,553) $7,577
Net income (loss), excluding
securities restructuring
losses (5) (21,316) 4,808 (19,553) 10,874
Net interest income (1) 20,234 21,468 40,796 42,900
Performance Ratios
Return on average assets-
GAAP basis (2), (3) (3.65) % 0.85 % (1.67) % 0.66 %
Return on average tangible
assets (2), (3), (4), (5) (3.70) 0.91 (1.68) 1.00
Return on average
shareholders' equity-GAAP
basis (2), (3) (39.79) 8.81 (18.22) 7.00
Return on average tangible
shareholders' equity (2),
(3), (4), (5) (53.27) 12.43 (24.13) 14.12
Net interest margin (1),
(2) 3.69 4.09 3.71 4.01
Per Share Data
Net income (loss) diluted-
GAAP basis $(1.12) $0.25 $(1.03) $0.39
Net income (loss) basic-GAAP
basis (1.12) 0.25 (1.03) 0.40
Net income (loss) diluted-
excluding securities
restructuring losses (5) (1.12) 0.25 (1.03) 0.57
Net income (loss) basic-
excluding securities
restructuring losses (5) (1.12) 0.25 (1.03) 0.57
Cash dividends declared 0.16 0.16 0.32 0.32
June 30, Increase/
2008 2007 (Decrease)
Credit Analysis
Net charge-offs year-to-date $37,942 $268 14,057.5 %
Net charge-offs to average loans 4.07 % 0.03 % 13,466.7
Loan loss provision year-to-date $47,737 $557 8,470.4
Allowance to loans at end of
period 1.75 % 0.84 % 108.3
Nonperforming assets $80,771 $15,495 421.3
Nonperforming assets to loans and
other real estate owned at end of
period 4.45 % 0.85 % 423.5
Selected Financial Data
Total assets $2,296,999 $2,260,173 1.6
Securities - Trading (at fair
value) 0 26,690 (100.0)
Securities - Available for sale
(at fair value) 255,798 183,132 39.7
Securities - Held for investment
(at amortized cost) 29,913 33,863 (11.7)
Net loans 1,777,090 1,797,883 (1.2)
Deposits 1,890,401 1,867,191 1.2
Shareholders' equity 190,182 217,071 (12.4)
Book value per share 9.90 11.32 (12.5)
Tangible book value per share 6.97 8.35 (16.5)
Average shareholders' equity
to average assets 9.17 % 9.38 % (2.2)
Average Balances (Year-to-Date)
Total assets $2,353,639 $2,328,427 1.1
Less: Intangible assets 56,133 57,268 (2.0)
Total average tangible assets $2,297,506 $2,271,159 1.2
Total equity $215,865 $218,430 (1.2)
Less: Intangible assets 56,133 57,268 (2.0)
Total average tangible equity $159,732 $161,162 (0.9)
(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 (loss).
(4) The Company believes that return on average assets and equity
excluding the impacts of noncash amortization expense on intangible assets
is a better measurement of the Company's trend in earnings growth.
(5) Excludes securities restructuring losses of $5,118 (or $3,297, net
of taxes) recorded in first quarter 2007.
n/m = not meaningful
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Three Months Ended Six Months Ended
June 30, June 30,
(Dollars in
thousands, except
per share data) 2008 2007 2008 2007
Interest on
securities:
Taxable $3,531 $3,566 $7,117 $8,305
Nontaxable 90 93 180 186
Interest and fees
on loans 28,197 32,930 59,379 65,480
Interest on
federal funds
sold and other
investments 455 662 752 913
Total Interest
Income 32,273 37,251 67,428 74,884
Interest on
deposits 4,278 5,937 10,083 11,499
Interest on time
certificates 6,356 7,511 13,129 14,279
Interest on
borrowed money 1,477 2,399 3,569 6,334
Total Interest
Expense 12,111 15,847 26,781 32,112
Net Interest
Income 20,162 21,404 40,647 42,772
Provision for loan
losses 42,237 1,107 47,737 557
Net Interest
Income (Loss)
After Provision
for Loan Losses (22,075) 20,297 (7,090) 42,215
Noninterest
income:
Service
charges on
deposit
accounts 1,812 1,928 3,662 3,661
Trust income 591 663 1,173 1,290
Mortgage
banking fees 350 416 718 871
Brokerage
commissions
and fees 515 989 1,198 1,743
Marine
finance fees 930 856 1,615 1,582
Debit card
income 648 597 1,259 1,165
Other deposit
based EFT
fees 86 116 194 247
Merchant
income 667 721 1,402 1,477
Other 243 430 783 896
5,842 6,716 12,004 12,932
Securities
restructuring
losses 0 0 0 (5,118)
Securities
gains
(losses),
net 355 26 355 24
Total
Noninterest
Income 6,197 6,742 12,359 7,838
Noninterest
expenses:
Salaries and
wages 7,428 8,453 15,363 16,349
Employee
benefits 1,714 2,032 3,739 3,719
Outsourced
data
processing
costs 1,983 1,956 3,997 3,901
Telephone /
data lines 489 494 927 977
Occupancy 2,081 1,919 3,924 3,793
Furniture and
equipment 747 699 1,435 1,351
Marketing 871 793 1,469 1,493
Legal and
professional
fees 932 843 1,858 1,675
FDIC
assessments 392 56 451 114
Amortization
of
intangibles 314 314 629 629
Other 2,289 2,342 4,132 4,603
Total
Noninterest
Expenses 19,240 19,901 37,924 38,604
Income
(Loss)
Before
Income
Taxes (35,118) 7,138 (32,655) 11,449
Provision
(benefit) for
income taxes (13,802) 2,330 (13,102) 3,872
Net Income
(Loss) $(21,316) $4,808 $(19,553) $7,577
Per share common
stock:
Net income
(loss)
diluted $(1.12) $0.25 $(1.03) $0.39
Net income
(loss) basic (1.12) 0.25 (1.03) 0.40
Cash
dividends
declared 0.16 0.16 0.32 0.32
Average diluted
shares
outstanding 18,986,163 19,221,438 18,957,269 19,188,343
Average basic
shares
outstanding 18,986,163 18,955,848 18,957,269 18,957,989
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
June 30, December 31, June 30,
(Dollars in thousands) 2008 2007 2007
Assets
Cash and due from banks $45,495 $50,490 $66,067
Federal funds sold and other
investments 24,792 47,985 15,190
Total Cash and Cash
Equivalents 70,287 98,475 81,257
Securities:
Trading (at fair value) 0 13,913 26,690
Available for sale (at fair
value) 255,798 254,916 183,132
Held for investment (at
amortized cost) 29,913 31,900 33,863
Total Securities 285,711 300,729 243,685
Loans available for sale 3,643 3,660 4,204
Loans, net of unearned income 1,808,787 1,898,389 1,813,087
Less: Allowance for loan losses (31,697) (21,902) (15,204)
Net Loans 1,777,090 1,876,487 1,797,883
Bank premises and equipment, net 42,888 40,926 38,688
Other real estate owned 4,547 735 288
Goodwill and other intangible
assets 55,823 56,452 57,019
Other assets 57,010 42,410 37,149
$2,296,999 $2,419,874 $2,260,173
Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand deposits (noninterest
bearing) $313,577 $327,646 $352,702
Savings deposits 938,645 1,056,025 885,851
Other time deposits 354,268 332,838 345,047
Time certificates of $100,000
or more 283,911 270,824 283,591
Total Deposits 1,890,401 1,987,333 1,867,191
Federal funds purchased and
securities sold under
agreements to repurchase,
maturing within 30 days 86,830 88,100 96,927
Borrowed funds 65,083 65,030 14,521
Subordinated debt 53,610 53,610 53,610
Other liabilities 10,893 11,420 10,853
2,106,817 2,205,493 2,043,102
Shareholders' Equity
Preferred stock 0 0 0
Common stock 1,928 1,920 1,914
Additional paid in capital 92,120 90,924 90,748
Retained earnings 96,741 122,396 126,293
Treasury stock (964) (1,193) (34)
189,825 214,047 218,921
Accumulated other comprehensive
gain (loss), net 357 334 (1,850)
Total Shareholders' Equity 190,182 214,381 217,071
$2,296,999 $2,419,874 $2,260,173
Common Shares Outstanding 19,219,113 19,110,089 19,172,239
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarters
(Dollars in thousands, 2008 2007 Last 12
except per share data) Second First Fourth Third Months
Net income (loss) $(21,316) $1,763 $1,903 $ 285 $(17,365)
Operating Ratios
Return on average
assets -GAAP basis
(2),(3) (3.65)% 0.30% 0.32% 0.05% (0.74)%
Return on average
tangible assets
(2), (3), (4) (3.70) 0.34 0.36 0.09 (0.73)
Return on average
shareholders'
equity-GAAP
basis (2),(3) (39.79) 3.28 3.48 0.51 (7.98)
Return on average
tangible shareholders'
equity (2), (3), (4) (53.27) 4.95 5.21 1.18 (10.28)
Net interest margin
(1),(2) 3.69 3.74 3.71 3.94 3.77
Average equity to
average assets 9.17 9.17 9.20 9.69 9.31
Credit Analysis
Net charge-offs $ 33,541 $4,401 $4,451 $1,039 $43,432
Net charge-offs to
average loans 7.28% 0.93% 0.92% 0.22% 2.31%
Loan loss provision $ 42,237 $5,500 $3,813 $8,375 $59,925
Allowance to loans at
end of period 1.75% 1.22% 1.15% 1.19%
Nonperforming
assets $ 80,771 $65,670 $68,569 $45,894
Nonperforming assets
to loans and other
real estate owned at
end of period 4.45% 3.50% 3.61% 2.42%
Nonaccrual loans and
accruing loans 90 days
or more past due to
loans outstanding
at end of period 4.23 3.46% 3.57% 2.44%
Per Share Common Stock
Net income (loss)
diluted-GAAP basis $(1.12) $0.09 $0.10 $0.01 $(0.92)
Net income (loss)
basic-GAAP basis (1.12) 0.09 0.10 $0.02 (0.91)
Cash dividends declared 0.16 0.16 0.16 0.16 0.64
Book value per share 9.90 11.25 11.22 11.20
Average Balances
Total assets $2,349,749 $2,357,528 $2,361,086 $2,279,036
Less: Intangible
assets 55,976 56,291 56,605 56,884
Total average
tangible assets $2,293,773 $2,301,237 $2,304,481 $2,222,152
Total equity $215,448 $216,283 $217,172 $ 220,868
Less: Intangible assets 55,976 56,291 56,605 56,884
Total average tangible
equity $159,472 $159,992 $160,567 $ 163,984
(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 (loss).
(4) The Company believes that return on average assets and equity
excluding the impacts of noncash amortization expense on intangible assets
is a better measurement of the Company's trend in operating earnings
growth.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
June 30, December 31, June 30,
SECURITIES 2008 2007 2007
U.S. Treasury and U.S. Government
Agencies $0 $13,913 $26,690
Securities - Trading 0 13,913 26,690
U.S. Treasury and U.S. Government
Agencies 22,452 30,405 35,044
Mortgage-backed 227,977 218,937 143,325
Obligations of states and political
subdivisions 2,033 2,057 2,071
Other securities 3,336 3,517 2,692
Securities - Available for Sale 255,798 254,916 183,132
Mortgage-backed 23,772 25,755 27,693
Obligations of states and political
subdivisions 6,141 6,145 6,170
Securities - Held for Investment 29,913 31,900 33,863
Total Securities $285,711 $300,729 $243,685
June 30, December 31, June 30,
LOANS 2008 2007 2007
Construction and land development $540,283 $609,567 $601,552
Real estate mortgage 1,097,232 1,074,814 991,320
Installment loans to individuals 76,098 86,362 79,616
Commercial and financial 94,812 126,695 139,014
Other loans 362 951 1,585
Total Loans $1,808,787 $1,898,389 $1,813,087
AVERAGE BALANCES, YIELDS AND RATES (1) (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2008
Second Quarter First Quarter
Average Yield/ Average Yield/
(Dollars in thousands) Balance Rate Balance Rate
Assets
Earning assets:
Securities:
Taxable $280,623 5.03 % $280,487 5.11 %
Nontaxable 8,164 6.57 8,166 6.51
Total Securities 288,787 5.08 288,653 5.15
Federal funds sold and other
investments 64,558 2.83 26,311 4.54
Loans, net 1,854,015 6.12 1,897,625 6.62
Total Earning Assets 2,207,360 5.89 2,212,589 6.40
Allowance for loan losses (22,992) (22,563)
Cash and due from banks 46,057 46,614
Premises and equipment 42,885 42,029
Other assets 76,439 78,859
$2,349,749 $2,357,528
Liabilities and Shareholders'
Equity
Interest-bearing liabilities:
NOW $70,135 1.47 % $65,752 2.41 %
Savings deposits 106,277 0.72 104,591 0.70
Money market accounts 788,389 1.95 818,920 2.57
Time deposits 641,092 3.99 600,704 4.53
Federal funds purchased
and other
short-term borrowings 90,136 1.47 103,541 2.45
Other borrowings 118,816 3.89 118,839 4.94
Total Interest-Bearing
Liabilities 1,814,845 2.68 1,812,347 3.26
Demand deposits (noninterest-
bearing) 316,614 323,363
Other liabilities 2,842 5,535
Total Liabilities 2,134,301 2,141,245
Shareholders' equity 215,448 216,283
$2,349,749 $2,357,528
Interest expense as a % of
earning assets 2.21 % 2.67 %
Net interest income as a % of
earning assets 3.69 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
Second Quarter
Average Yield/
(Dollars in thousands) Balance Rate
Assets
Earning assets:
Securities:
Taxable $267,308 5.34 %
Nontaxable 8,323 6.58
Total Securities 275,631 5.37
Federal funds sold and other
investments 48,140 5.52
Loans, net 1,783,156 7.41
Total Earning Assets 2,106,927 7.10
Allowance for loan losses (14,358)
Cash and due from banks 70,274
Premises and equipment 38,445
Other assets 76,390
$2,277,678
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW $170,588 2.61 %
Savings deposits 121,159 0.71
Money market accounts 591,403 3.13
Time deposits 617,905 4.88
Federal funds purchased
and other
short-term borrowings 110,123 4.40
Other borrowings 67,816 7.04
Total Interest-Bearing
Liabilities 1,678,994 3.79
Demand deposits (noninterest-bearing) 370,953
Other liabilities 8,711
Total Liabilities 2,058,658
Shareholders' equity 219,020
$2,277,678
Interest expense as a % of earning
assets 3.02 %
Net interest income as a % of earning
assets 4.09
(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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