STUART, Fla., July 25 /PRNewswire-FirstCall/ -- Seacoast Banking
Corporation of Florida (Nasdaq: SBCF), a bank holding company whose
principal subsidiary is Seacoast National Bank, announced earnings and
highlights for the quarter ending June 30, 2006, including:
* Earnings of $0.37 diluted earnings per share (DEPS) in the second
quarter of 2006, excluding $0.03 DEPS in merger and other nonrecurring
charges, up nine percent linked quarter (reported GAAP earnings of $0.34
DEPS include merger and other nonrecurring charges);
* Earnings of $0.71 DEPS for the first six months of 2006, excluding
$0.03 DEPS in merger and other nonrecurring charges, up 22 percent compared
to the $0.58 DEPS for the same period a year ago (reported GAAP earnings of
$0.68 DEPS include merger and other nonrecurring charges);
* Higher net interest margin and increased net interest income;
* Excellent credit quality;
* The successful integration of Big Lake Financial Corporation ("Big
Lake") which was acquired on April 1, 2006 and rebranding of Seacoast's
principal subsidiary; and
* A lower overhead ratio compared to prior quarter.
"The earnings momentum continued in the second quarter driven by higher
net interest income, an improved net interest margin and a better mix of
earning assets," said Seacoast Chairman and Chief Executive Officer Dennis
S. Hudson, III. "We are pleased with our progress so far this year and are
particularly pleased with the success of our integration with Big Lake this
quarter. Next quarter we will complete our planned systems integration with
our Orlando affiliate, Century National Bank. Upon completion of these
important projects we plan to bring greater focus on operating efficiency
improvements for the company as a whole."
Net income for the first half of 2006 totaled $12,876,000 or $0.71
DEPS, excluding $0.03 DEPS in merger and other nonrecurring charges, up
37.5 percent compared to $9,361,000 or $0.58 DEPS for 2005. (In 2005, the
Company had no merger and other nonrecurring charges in the second quarter
or for the first six months.) Net income (GAAP) for the first half of 2006
totaled $12,300,000 or $0.68 DEPS.
Cash operating earnings for the second quarter of 2006 totaled
$7,219,000 or $0.38 DEPS, up $1,761,000 or 32.3 percent over the same
period last year and increased $1,276,000 or 21.5 percent from the first
quarter 2006. (The Company believes that cash operating earnings, excluding
the impacts of noncash interest rate swap fair value changes, noncash
amortization expense, the one-time merger costs related to the Big Lake
acquisition, and costs associated with the name change for the Company's
primary banking subsidiary, is a better measurement of the Company's trend
in operating earnings growth. Net cash payments and receipts from the
interest rate swap have been immaterial for the periods presented.)
Taxable equivalent net interest income rose to $24,030,000, or 18.5
percent from first quarter 2006, and grew by 34.5 percent from last year's
second quarter, aided by further net interest margin expansion and strong
organic loan growth, as well as the Big Lake acquisition.
The Big Lake acquisition included loans of $204 million and deposits of
$301 million at March 31, 2006. This, together with strong growth in all
markets served by the Company, resulted in total loan growth of $466
million or 40.6 percent since June 30, 2005. At June 30, 2006, the mix of
loans outstanding was: 25 percent residential mortgage loans, 60 percent
commercial and commercial real estate loans, and 15 percent consumer loans.
The second quarter's net interest margin of 4.29 percent represented an
increase from the 3.91 percent achieved in the second quarter of 2005, and
was higher than the first quarter 2006's results of 4.16 percent. Continued
disciplined balance sheet management, including modest deposit account rate
increases, allowed the margin to climb 25 basis points over the past 6
months. Overall net interest margin was favorably impacted by approximately
8 basis points in the second quarter as a result of the application of
purchase accounting to the fixed rate loan and investment portfolios
acquired from Big Lake.
Average noninterest bearing deposits and savings deposits (excluding
certificates of deposits) in the second quarter of 2006 increased 17.9
percent from the same quarter a year ago, with a 14.2 percent
year-over-year growth in average noninterest bearing deposits. These growth
rates include the impact of the average deposits acquired from Big Lake. As
anticipated, deposit growth slowed in the markets affected by the
hurricanes that occurred in late 2004 and 2005, as insurance and other
proceeds accumulated by customers were used to repair damages. Total
average organic deposit growth for the prior twelve months increased by 5.0
percent. Average time deposits (excluding Big Lake) rose 24.6 percent, and
increased this component of deposits to 26 percent of total deposits (after
acquisition) from 24 percent a year ago. The change in deposit mix and rate
increases by the Federal Reserve totaling 200 basis points over the past
year impacted the cost of deposits, which increased to 1.99 percent in the
current quarter from 1.18 percent in the second quarter 2005.
Credit quality was outstanding in the second quarter 2006.
Nonperforming assets totaled only $588,000, or 0.04 percent of loans and
other real estate, representing a slight increase from the year-end total
of $372,000, entirely attributable to the loans acquired from Big Lake.
Second quarter 2006 net loan recoveries totaled $76,000, compared to net
loan recoveries of $80,000 for the first quarter of 2006. The Company has
maintained strong and consistent credit quality and low net charge-offs.
After a second quarter provision for loan losses of $280,000 and the
acquired Big Lake allowance for loan losses of $2.5 million, the Company's
loan loss allowance totaled $12.2 million or 0.76 percent of total loans.
Noninterest income for the quarter, excluding interest rate swap profit
(losses) and securities gains (losses), increased 22.1 percent when
compared to the second quarter 2005. Revenues from service charges on
deposit accounts, fees from electronic fund transfers, and mortgage banking
fees increased in the second quarter compared to the first quarter in 2006,
mostly as a result of the acquisition. Mortgage banking fees have been
impacted by slowing production due to rates increasing and intense
competition during the first six months of 2006. However, the new markets,
as a result of the acquisition, improved the overall production for the
Company in the second quarter and, more importantly, going forward. Marine
finance fees and fees from wealth management services were higher than the
prior year's second quarter with no current impact from the Big Lake
acquisition.
Noninterest expenses totaled $19.9 million for the second quarter of
2006, a $3.8 million increase from the previous quarter, of which $2.8
million was related to the Big Lake acquisition including $202,000 for
deposit base intangible amortization. Also included in the increase was
$304,000 in nonrecurring charges and costs associated with the principal
bank subsidiary's name change during the second quarter of 2006. Of the
$2.0 million increase in salaries and wages from the first quarter,
$526,000 was related to higher commissions and incentives associated with
costs tied directly to incremental revenue production, and $1.1 million was
Big Lake salaries and wages. The Company's overhead ratio for the second
quarter, excluding merger and other nonrecurring charges, was 61.1 percent,
compared to 62.5 percent for the first quarter of 2006.
Seacoast will host a conference call on Wednesday, July 26 at 10:00
a.m. (Eastern Time) to discuss the earnings results and business trends.
Investors may call in (toll-free) by dialing (800) 640-9765 (access code:
15092209; 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 July 26 by dialing (877)
213-9653 (domestic), using the passcode 15092209.
Seacoast Banking Corporation of Florida has over $2.4 billion in
assets. It is one of the largest independent commercial banking
organizations in Florida and is 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 the benefits of the integration and consolidation of Seacoast with
Big Lake and Century, 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," "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 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,
Big Lake and Century 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 and Century'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 Six Months Ended
(Dollars in thousands, June 30, June 30,
except per share data) 2006 2005 2006 2005
Summary of Earnings
Net income (GAAP) $6,434 $5,475 $12,300 $9,361
Merger and other
nonrecurring charges 576 -- 576 --
Earnings, excluding merger
and other nonrecurring
charges 7,010 5,475 12,876 9,361
Amortization of core deposit
premiums 209 144 286 151
Net interest rate swap
(profits) losses -- (162) -- 174
Cash operating earnings* $7,219 $5,458 $13,162 $9,686
Net interest income (1) 24,030 17,867 44,304 33,144
Performance Ratios
Return on average assets
(2), (3)
Using GAAP earnings 1.07 % 1.13 % 1.09 % 1.04 %
Using cash operating
earnings* on average
tangible assets 1.23 1.14 1.19 1.09
Return on average
shareholders' equity (2),
(3)
Using GAAP earnings 12.43 16.07 13.53 15.16
Using cash operating
earnings* on average
tangible equity 19.39 18.88 19.33 17.36
Net interest margin (1),
(2) 4.29 3.91 4.23 3.90
Per Share Data
Net income diluted (GAAP) $0.34 $0.33 $0.68 $0.58
Merger and other
nonrecurring charges 0.03 -- 0.03 --
Earnings, excluding merger
and other nonrecurring
charges 0.37 0.33 0.71 0.58
Amortization of core deposit
premium 0.01 0.01 0.01 0.01
Net interest rate swap
(profits) losses -- (0.01) -- 0.01
Cash operating earnings*
diluted $0.38 $0.33 $0.72 $0.60
Net income basic (GAAP) 0.34 0.33 0.69 0.59
Cash dividends declared 0.15 0.14 0.30 0.28
(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 noncash interest rate swap fair value changes, noncash amortization
expense and the one-time merger costs related to the Big Lake
acquisition which was completed on April 3, 2006 and costs associated
with the name change announced for the Company's primary banking
subsidiary is a better measurement of the Company's trend in operating
earnings growth. Net cash payments and receipts from the interest rate
swap have been immaterial 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) 2006 2005 (Decrease)
Credit Analysis
Net charge-offs (recoveries)
year-to-date $(156) $202 (177.2)%
Net charge-offs (recoveries) to
average loans (0.02) % 0.04 % (150.0)
Loan loss provision year-to-date $560 $707 (20.8)
Allowance to loans at end of
period 0.76 % 0.73 % 4.1
Nonperforming assets $588 $200 194.0
Nonperforming assets to loans and
other real estate owned at end of
period 0.04 % 0.02 % 100.0
Selected Financial Data
Total assets $2,415,242 $2,052,175 17.7
Securities - Held for sale (at
fair value) 367,766 461,685 (20.3)
Securities - Held for investment
(at amortized cost ) 141,734 170,573 (16.9)
Net loans 1,602,405 1,140,045 40.6
Deposits 2,028,605 1,743,895 16.3
Shareholders' equity 202,843 146,877 38.1
Book value per share 10.70 8.63 24.0
Tangible book value per share 7.68 6.53 17.6
Average shareholders' equity
to average assets 8.09 % 6.87 % 17.8
Average Balances (Year-to-Date)
Total Assets $2,267,127 $1,811,927 25.1
Less: Intangible assets 45,996 11,950 284.9
Total average tangible assets $2,221,131 $ $1,799,977 23.4
Total equity $183,306 $124,525 47.2
Less: Intangible assets 45,996 11,950 284.9
Total average tangible equity $137,310 $ $ 112,575 22.0
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) 2006 2005 2006 2005
Interest on securities:
Taxable $6,120 $5,707 $11,517 $10,677
Nontaxable 94 18 109 36
Interest and fees on loans 28,976 17,348 51,987 31,834
Interest on federal funds
sold and interest bearing
deposits 1,018 774 2,353 1,194
Total Interest
Income 36,208 23,847 65,966 43,741
Interest on deposits 4,837 2,090 8,176 3,532
Interest on time
certificates 5,206 2,797 9,298 5,210
Interest on borrowed money 2,203 1,121 4,281 1,916
Total Interest
Expense 12,246 6,008 21,755 10,658
Net Interest Income 23,962 17,839 44,211 33,083
Provision for loan losses 280 269 560 707
Net Interest Income
After Provision for
Loan Losses 23,682 17,570 43,651 32,376
Noninterest income:
Service charges on
deposit accounts 1,801 1,246 3,043 2,339
Trust income 801 684 1,513 1,267
Mortgage banking fees 331 425 540 995
Brokerage commissions
and fees 1,042 634 1,818 1,368
Marine finance fees 868 836 1,661 1,534
Debit card income 558 441 1,021 857
Other deposit based
EFT fees 102 109 199 230
Merchant income 619 605 1,298 1,175
Interest rate swap
profits (losses) 0 249 0 (267)
Other income 397 359 730 651
6,519 5,588 11,823 10,149
Securities gains (losses) (97) 41 (86) 44
Total Noninterest
Income 6,422 5,629 11,737 10,193
Noninterest expenses:
Salaries and wages 8,443 5,640 14,862 10,930
Employee benefits 1,769 1,499 3,569 2,931
Outsourced data
processing 2,180 1,680 3,929 3,239
Occupancy expense 2,062 1,244 3,595 2,392
Furniture and
equipment expense 591 520 1,127 1,035
Marketing expense 926 853 1,843 1,729
Legal and
professional fees 699 639 1,236 1,180
FDIC assessments 79 60 138 104
Amortization of
intangibles 321 222 440 233
Other expense 2,806 2,285 5,246 4,181
Total Noninterest
Expenses 19,876 14,642 35,985 27,954
Income Before Income
Taxes 10,228 8,557 19,403 14,615
Provision for income taxes 3,794 3,082 7,103 5,254
Net Income $6,434 $5,475 $12,300 $9,361
Per share common stock:
Net income diluted $0.34 $0.33 $0.68 $0.58
Net income basic 0.34 0.33 0.69 0.59
Cash dividends
declared 0.15 0.14 0.30 0.28
Average diluted shares
outstanding 19,103,077 16,706,162 18,200,400 16,202,134
Average basic shares
outstanding 18,727,475 16,345,301 17,825,416 15,830,012
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
June 30, December 31, June 30,
(Dollars in thousands) 2006 2005 2005
Assets
Cash and due from banks $70,177 $67,373 $75,949
Federal funds sold and interest
bearing deposits 100,514 153,120 116,600
Total Cash and Cash
Equivalents 170,691 220,493 192,549
Securities:
Held for sale (at fair value) 367,766 392,952 461,685
Held for investment (at
amortized cost) 141,734 150,072 170,573
Total Securities 509,500 543,024 632,258
Loans available for sale 3,362 2,440 5,887
Loans, net of unearned income 1,614,646 1,289,995 1,148,373
Less: Allowance for loan losses (12,241) (9,006) (8,328)
Net Loans 1,602,405 1,280,989 1,140,045
Bank premises and equipment 37,320 22,218 21,166
Other real estate owned 139 0 0
Goodwill and other intangible
assets 57,149 33,901 35,687
Other assets 34,676 29,109 24,583
$2,415,242 $2,132,174 $2,052,175
Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand deposits (noninterest
bearing) $488,535 $472,996 $481,206
Savings deposits 1,000,385 882,031 860,405
Other time deposits 312,209 256,484 260,757
Time certificates of $100,000
or more 227,476 172,708 141,527
Total Deposits 2,028,605 1,784,219 1,743,895
Federal funds purchased and
securities sold under
agreements to repurchase,
maturing within 30 days 104,941 96,786 87,742
Borrowed funds 26,218 45,485 43,854
Subordinated debt 41,238 41,238 20,619
Other liabilities 11,397 11,726 9,188
2,212,399 1,979,454 1,905,298
Shareholders' Equity
Preferred stock 0 0 0
Common stock 1,897 1,710 1,710
Additional paid in capital 90,998 46,258 46,169
Retained earnings 119,108 112,271 106,008
Restricted stock awards (4,001) (3,447) (3,702)
Treasury stock (121) (218) (913)
207,881 156,574 149,272
Accumulated other comprehensive
loss (5,038) (3,854) (2,395)
Total Shareholders' Equity 202,843 152,720 146,877
2,415,242 $2,132,174 $2,052,175
Common Shares Outstanding 18,958,534 17,084,315 17,023,513
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
Quarter
2006
(Dollars in thousands, except per
share data) Second First
Net income (GAAP) $6,434 $5,866
Merger and other nonrecurring charges 576 --
Earnings, excluding merger and other
nonrecurring charges 7,010 5,866
Amortization of core deposit premium 209 77
Net interest rate swap (profits)
losses -- --
Cash operating earnings* $7,219 $5,943
Operating Ratios
Return on average assets
(GAAP)(2),(3)
Using GAAP earnings 1.07 % 1.13 %
Using cash operating earnings*
on average tangible assets 1.23 1.16
Return on average shareholders'
equity (GAAP)(2),(3)
Using GAAP earnings 12.43 14.98
Using cash operating earnings*
on average tangible equity 19.39 19.25
Net interest margin (1),(2) 4.29 4.16
Average equity to average assets 8.58 7.52
Credit Analysis
Net charge-offs (recoveries) $(76) $(80)
Net charge-offs (recoveries) to
average loans (0.02) % (0.02) %
Loan loss provision $280 $280
Allowance to loans at end of
period 0.76 % 0.70 %
Nonperforming assets $588 $240
Nonperforming assets to loans and
other real estate owned at end of
period 0.04 % 0.02 %
Nonaccrual loans and accruing
loans 90 days or more past due
to loans outstanding at end of period 0.03 0.02
Per Share Common Stock
Net income diluted (GAAP) $0.34 $0.34
Merger and other nonrecurring
charges 0.03 --
Earnings, excluding merger and
other nonrecurring charges 0.37 0.34
Amortization of core deposit
premium 0.01 --
Net interest rate swap (profit)
losses -- --
Cash operating earnings* diluted $0.38 $0.34
Net income basic (GAAP) 0.34 0.35
Cash dividends declared 0.15 0.15
Book value per share 10.70 9.09
Average Balances
Total Assets $2,419,683 $2,112,876
Less: Intangible Assets 58,252 33,604
Total average tangible assets $2,361,431 $2,079,272
Total equity $207,555 $158,787
Less: Intangible assets 58,252 33,604
Total average tangible equity $149,303 $125,183
(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 noncash interest rate swap fair value changes, noncash
amortization expense and the one-time merger costs related to the Bik
Lake acquisition which was completed on April 3, 2006 and costs
associated with the name change announced for the Company's
primary banking subsidiary is a better measurement of the Company's
trend in operating earnings growth. Net cash payments and receipts
from the interest rate swap have been immaterial for the periods
presented.
Quarter
2005 Last 12
(Dollars in thousands, except per
share data) Fourth Third Months
Net income (GAAP) $5,833 $5,565 $23,698
Merger and other nonrecurring
charges -- -- 576
Earnings, excluding merger and
other nonrecurring charges 5,833 5,565 24,274
Amortization of core deposit
premium 77 118 481
Net interest rate swap (profits)
losses -- -- --
Cash operating earnings* $5,910 $5,683 $24,755
Operating Ratios
Return on average assets
(GAAP)(2),(3)
Using GAAP earnings 1.10 % 1.09 % 1.08 %
Using cash operating
earnings* on average
tangible assets 1.13 1.14 1.17
Return on average shareholders'
equity (GAAP)(2),(3)
Using GAAP earnings 14.96 14.59 13.87
Using cash operating
earnings* on average
tangible equity 19.48 19.50 19.41
Net interest margin (1),(2) 4.04 4.01 4.01
Average equity to average assets 7.35 7.50 7.77
Credit Analysis
Net charge-offs (recoveries) $(32) $(35) $(223)
Net charge-offs (recoveries) to
average loans (0.01)% (0.01)% (0.02)%
Loan loss provision $330 $280 $1,170
Allowance to loans at end of
period 0.70 % 0.71 %
Nonperforming assets $372 $325
Nonperforming assets to loans
and other real estate owned at
end of period 0.03 % 0.03 %
Nonaccrual loans and accruing
loans 90 days or more past due to
loans outstanding at end of period 0.06 0.03
Per Share Common Stock
Net income diluted (GAAP) $0.34 $0.32 $1.34
Merger and other nonrecurring
charges -- -- 0.03
Earnings, excluding merger and
other nonrecurring charges 0.34 0.32 1.37
Amortization of core deposit
premium -- 0.01 0.02
Net interest rate swap (profit)
losses -- -- --
Cash operating earnings* diluted $0.34 $0.33 $1.39
Net income basic (GAAP) 0.35 0.33 1.37
Cash dividends declared 0.15 0.15 0.60
Book value per share 8.94 8.76
Average Balances
Total Assets $2,103,978 $2,017,521
Less: Intangible Assets 34,337 35,676
Total average tangible assets $2,069,641 $1,981,845
Total equity $154,681 $151,299
Less: Intangible assets 34,337 35,676
Total average tangible equity $120,344 $115,623
(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 noncash interest rate swap fair value changes, noncash
amortization expense and the one-time merger costs related to the Bik
Lake acquisition which was completed on April 3, 2006 and costs
associated with the name change announced for the Company's
primary banking subsidiary is a better measurement of the Company's
trend in operating earnings growth. Net cash payments and receipts
from the interest rate swap have been immaterial 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 2006 2005 2005
U.S Treasury and U.S. Government
Agencies $106,266 $71,189 $78,682
Mortgage-backed 257,639 319,906 382,196
Obligations of states and
political subdivisions 2,020 0 114
Other securities 1,841 1,857 693
Securites Held for Sale 367,766 392,952 461,685
U.S. Treasury and U.S. Government
Agencies 0 5,000 4,999
Mortgage-backed 135,101 143,877 164,152
Obligations of states and
political subdivisions 6,633 1,195 1,422
Securities Held for Investment 141,734 150,072 170,573
Total Securities $509,500 $543,024 $632,258
June 30, December 31, June 30,
LOANS 2006 2005 2005
Construction and land development $511,480 $427,216 $351,457
Real estate mortgage 893,950 680,877 620,883
Instalment loans to individuals 87,408 82,942 89,791
Commercial and financial 121,330 98,653 85,746
Other loans 478 307 496
Total Loans $1,614,646 $1,289,995 $1,148,373
AVERAGE BALANCES, YIELDS AND RATES (1)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2006 2005
Second Quarter First Quarter Second Quarter
Average Yield/ Average Yield/ Average Yield/
Balance Rate Balance Rate Balance Rate
(Dollars in thousands)
Assets
Earning assets:
Securities:
Taxable $567,572 4.31 % $535,790 4.03 % $633,258 3.60%
Nontaxable 8,666 6.42 1,195 7.70 1,423 7.59
Total
Securities 576,238 4.34 536,985 4.04 634,681 3.61
Federal funds
sold and other
investments 86,260 4.73 121,592 4.45 106,756 2.91
Loans, net 1,586,597 7.33 1,318,291 7.08 1,091,628 6.38
Total
Earning
Assets 2,249,095 6.47 1,976,868 6.11 1,833,065 5.22
Allowance for loan
losses (12,059) (9,184) (7,778)
Cash and due from
banks 74,788 71,065 63,988
Premises and
equipment 32,771 23,432 21,008
Other assets 75,088 50,695 34,796
$2,419,683 $2,112,876 $1,945,079
Liabilities and
Shareholders'
Equity
Interest-bearing
liabilities:
NOW $219,871 1.54 % $138,604 0.97 % $105,678 0.57%
Savings
deposits 166,563 0.74 145,094 0.51 171,715 0.50
Money market
accounts 608,601 2.43 593,403 1.93 553,134 1.25
Time deposits 533,577 3.91 451,223 3.68 393,308 2.85
Federal funds
purchased and
other short term
borrowings 105,140 4.12 109,206 3.80 81,178 2.36
Other
borrowings 67,533 6.68 72,596 5.90 60,505 4.27
Total
Interest-
Bearing
Liabilities 1,701,285 2.89 1,510,126 2.55 1,365,518 1.76
Demand deposits
(noninterest-
bearing) 496,308 434,692 434,777
Other liabilities 14,535 9,271 8,125
Total
Liabilities 2,212,128 1,954,089 1,808,420
Shareholders' equity 207,555 158,787 136,659
$2,419,683 $2,112,876 $1,945,079
Interest expense as
a % of earning
assets 2.18% 1.95% 1.31%
Net interest income
as a % of earning
assets 4.29 4.16 3.91
(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:
NewsCom: 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 and Chief Financial Officer, +1-772-221-2825, both
of Seacoast Banking Corporation of Florida
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