STUART, Fla., July 25 /PRNewswire-FirstCall/ -- Seacoast Banking
Corporation of Florida (Nasdaq: SBCF), a bank holding company whose
principal subsidiary is Seacoast National Bank, today announced 2007 second
quarter net income of $4.81 million or $0.25 diluted earnings per share
("DEPS") compared to $6.43 million or $0.34 DEPS for the second quarter of
2006.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050916/SEACOASTLOGO )
For the first six months, net income totaled $7.58 million or $0.39
DEPS, compared to $12.30 million and $0.68 DEPS earned in 2006. Core
operating earnings, excluding investment securities gains and losses,
totaled $10.87 million for the first half of 2007 or $0.57 DEPS, compared
to $12.30 million or $0.68 DEPS for the same period in 2006.
"The reduced core earnings growth for the second quarter is
attributable to an increase in the provision for loan losses and higher
overhead as a result of our investment in people and processes which will
allow for continued strong loan and deposit growth. The Company has also
experienced slowing revenue growth due to an unfavorable yield curve and
the continued drag resulting from the unwinding of the residential real
estate bubble. We believe that during this time of economic adjustment, it
is best to stick with successful strategies which assure future earnings
growth over many years," said Dennis S. Hudson, III, Chairman and Chief
Executive Officer.
"Our long-term perspective shows an increase in franchise value from
growth in households serviced, enhancement of products and services
offered, expansion in attractive markets and continued solid asset quality.
As a result of our expansion activities and opportunities created by
acquisition disruptions in our core markets, revenue producing personnel
were added during the second quarter. While we can expect to continue to
feel the effects of slowing economic conditions in South Florida over the
remainder of this year, the activities we are undertaking to further
develop our franchise are expected to produce meaningful improvements in
earnings in 2008 and beyond."
Other significant items during the first half of 2007 included:
-- A team of bankers in Broward County Florida was added and they have
already garnered $3 million in deposits, closed $11 million in
commercial lines and added $90 million to the Company's loan pipelines;
-- Three commercial lenders joined the Treasure Coast market team. Two of
the lenders were formerly with the largest community bank competitor
that was recently acquired by National City. They have built their
loan pipelines and should have funded loan balances in the second half
of 2007;
-- Total noninterest income excluding securities transactions grew by 9.4
percent over the first six months of 2007 compared to the same period
in 2006;
-- Mortgage banking revenues increased $331,000 in the first half of 2007
compared to the first six months of 2006, but with higher mortgage
interest rates, production for the second half of 2007 may slow;
-- The Company engaged a nationally recognized bank consulting firm to
assist the board and management with strategic planning and overhead
ratio improvement through revenue generation;
-- Second quarter average interest bearing deposits increased 8.3 percent
annualized; however, negative changes in mix resulted as higher cost
money market and time deposits grew at a higher rate;
-- Loan growth increased during the second quarter as anticipated. Total
loans at June 30, 2007 were up $80 million or 9.2 percent annualized
for the first six months. Commercial loan production for the second
quarter totaled $151 million, compared to $76 million in the first
quarter and $106 million for the second quarter of 2006. With the
added lending capabilities, management expects loan growth to be at the
high end of the Company's projected 8-10 percent range for the full
twelve months; and
-- Net interest income (fully tax equivalent) totaled $21.5 million for
the second quarter, up slightly from the first quarter on a $93 million
smaller average earning asset base of $2.1 billion. As predicted, the
net interest margin improved to 4.09 percent for the second quarter as
a result of the investment portfolio restructuring announced in the
first quarter 2007.
Nonperforming assets increased $14.9 million from a year ago and $3
million from year-end to $15.5 million or 0.85 percent of loans and other
real estate owned outstanding at June 30, 2007. The increase this quarter
consisted of several loans secured with real estate. As indicated last
quarter, nonperforming loan balances will experience variability over the
next few quarters. Net charge-offs remained low at $143,000 for the second
quarter, compared to $125,000 for the first quarter 2007. For the first six
months, annualized net charge-offs as a percent of average loans totaled
0.03 percent compared to recoveries of (0.02) percent a year earlier. The
allowance for loan losses as a percentage of loans totaled 0.84 percent at
June 30, 2007, compared to 0.76 percent one year earlier.
The provision for loan losses totaled $1.1 million, primarily as a
result of the increased loan growth as noted above, as well as increased
risk related to current market conditions.
Fully taxable net interest income for the second quarter 2007 was
impacted by a smaller balance sheet as total deposit growth slowed as a
result of normal seasonal trends and lower average balances for commercial
customers that reduced noninterest bearing balances. In addition, the
increase in nonaccrual loans reduced the yield on average loans by
approximately 8 basis points, while the cost of interest bearing deposits
was up 19 basis points to 3.59 percent due to growth in higher cost deposit
products. As a result of the investment portfolio restructuring last
quarter, the yield on average earning assets increased 18 basis points and
the cost of total interest bearing liabilities increased by 5 basis points.
This resulted in net interest margin increasing by 17 basis points to 4.09
percent from the first quarter 2007. However, with the smaller balance
sheet, net interest income increased only $36,000 compared to the first
quarter when average earning assets were $93 million higher. While net
interest income is expected to grow during the remainder of the year due to
loan growth, it is likely that the spread earned on the additional volumes
will be lower than the second quarter's net interest margin given a
continued inverted yield curve.
During the second quarter, investments for the future were made by
expanding into Ft. Lauderdale/Broward County, Florida, with the acquisition
of a team of bankers from a successful nonpublic depository institution.
This overhead added a total of approximately $260,000 in expenses in the
second quarter. Other lending personnel additions increased salaries and
wages by approximately $100,000 in the second quarter. The added overhead
caused the Company's overhead ratio to increase to 69.5 percent in the
second quarter and is expected to remain at this level for the remainder of
2007. The added capabilities will allow us to produce more revenues and
continue our growth and, if successful, will move the overhead ratio lower
in 2008 as a result of greater revenue growth. A similar strategy was
utilized when the Company entered the Palm Beach County market in late
2002. The group of bankers deployed was successful in building a franchise
in that market consisting of $370 million in loans at June 30, 2007 and
funding totaling $92 million.
During the current quarter, fees related to marine loan production
increased $130,000 or 18 percent compared to the first quarter for 2007,
and added $856,000 to second quarter 2007 revenues. Brokerage commissions
and fees totaled $989,000 for the second quarter, an improvement over the
2007 first quarter results of $754,000. Trust revenues increased to
$663,000 for the second quarter, but were lower compared to the prior
year's results of $801,000, and stand at $1,290,000 at June 30, 2007,
compared to $1,513,000 for the first six months of 2006. Trust income in
2006 included fees related to estate management services for which there
were no comparable fees so far in 2007.
Seacoast will host a conference call on Thursday, 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:
18327742; leader: Dennis S. Hudson). Charts will be used during the
conference call and may be accessed at Seacoast's website at
http://www.seacoastbanking.net by selecting Presentations under the heading
Investor Services. A replay of the call will be available beginning the
afternoon of July 26 by dialing (877) 213-9653 (domestic), using the
passcode 18327742.
Seacoast, with approximately $2.3 billion in assets, is one of the
largest independent commercial banking organizations in Florida. Seacoast
has 43 offices in South and Central Florida and is headquartered on
Florida's Treasure Coast, which is 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, 2006 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) 2007 2006 2007 2006
Summary of Earnings
Net income $4,808 $6,434 $7,577 $12,300
Net income, excluding
securities
restructuring losses
(5) 4,808 6,434 10,874 12,300
Net interest income (1) 21,468 24,030 42,900 44,304
Performance Ratios
Return on average
assets-GAAP earnings
(2), (3) 0.85 % 1.07 % 0.66 % 1.09 %
Return on average
tangible assets (2),
(3), (4), (5) 0.91 1.13 1.00 1.14
Return on average
shareholders' equity-
GAAP earnings (2), (3) 8.81 12.43 7.00 13.53
Return on average
tangible shareholders'
equity (2), (3), (4),
(5) 12.43 17.85 14.12 18.48
Net interest margin
(1), (2) 4.09 4.29 4.01 4.23
Per Share Data
Net income diluted-GAAP
earnings $0.25 $0.34 $0.39 $0.68
Net income basic-GAAP
earnings 0.25 0.34 0.40 0.69
Net income diluted-
excluding securities
restructuring losses
(5) 0.25 0.34 0.57 0.68
Net income basic-
excluding securities
restructuring losses
(5) 0.25 0.34 0.57 0.69
Cash dividends declared 0.16 0.15 0.32 0.30
June 30, Increase/
2007 2006 (Decrease)
Credit Analysis
Net charge-offs
(recoveries) year-to-
date $268 $(156) n/m
Net charge-offs
(recoveries) to
average loans 0.03 % (0.02)% n/m
Loan loss provision
year-to-date $557 $560 (0.5)%
Allowance to loans at
end of period 0.84 % 0.76 % 10.5
Nonperforming assets $15,495 $588 2,535.2
Nonperforming assets to
loans and other
real estate owned at
end of period 0.85 % 0.04 % 2,025.0
Selected Financial Data
Total assets $2,260,173 $2,415,242 (6.4)
Securities - Trading
(at fair value) 26,690 0 n/m
Securities - Available
for sale (at fair
value) 183,132 367,766 (50.2)
Securities - Held for
investment (at
amortized cost ) 33,863 141,734 (76.1)
Net loans 1,797,883 1,602,405 12.2
Deposits 1,867,191 2,028,605 (8.0)
Shareholders' equity 217,071 202,843 7.0
Book value per share 11.32 10.70 5.8
Tangible book value per
share 8.35 7.68 8.6
Average shareholders'
equity to average assets 9.38 % 8.09 % 15.9
Average Balances (Year-
to-Date)
Total assets $2,328,427 $2,267,127 2.7
Less: Intangible
assets 57,268 45,996 24.5
Total average tangible
assets $2,271,159 $2,221,131 2.3
Total equity $218,430 $183,306 19.2
Less: Intangible
assets 57,268 45,996 24.5
Total average tangible
equity $161,162 $137,310 17.4
(1) Calculated on a fully taxable equivalent basis.
(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.
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) 2007 2006 2007 2006
Interest on
securities:
Taxable $3,566 $6,120 $8,305 $11,517
Nontaxable 93 94 186 109
Interest and fees
on loans 32,930 28,976 65,480 51,987
Interest on
federal funds
sold and other
investments 662 1,018 913 2,353
Total Interest
Income 37,251 36,208 74,884 65,966
Interest on
deposits 5,937 4,837 11,499 8,176
Interest on time
certificates 7,511 5,206 14,279 9,298
Interest on
borrowed money 2,399 2,203 6,334 4,281
Total Interest
Expense 15,847 12,246 32,112 21,755
Net Interest
Income 21,404 23,962 42,772 44,211
Provision for loan
losses 1,107 280 557 560
Net Interest
Income After
Provision for
Loan Losses 20,297 23,682 42,215 43,651
Noninterest
income:
Service
charges on
deposit
accounts 1,928 1,801 3,661 3,043
Trust income 663 801 1,290 1,513
Mortgage
banking fees 416 331 871 540
Brokerage
commissions
and fees 989 1,042 1,743 1,818
Marine
finance fees 856 868 1,582 1,661
Debit card
income 597 558 1,165 1,021
Other deposit
based EFT
fees 116 102 247 199
Merchant
income 721 619 1,477 1,298
Other 430 397 896 730
6,716 6,519 12,932 11,823
Securities
restructuring
losses 0 0 (5,118) 0
Securities
gains
(losses),
net 26 (97) 24 (86)
Total
Noninterest
Income 6,742 6,422 7,838 11,737
Noninterest
expenses:
Salaries and
wages 8,453 8,443 16,349 14,862
Employee
benefits 2,032 1,769 3,719 3,569
Outsourced
data
processing
costs 1,956 2,180 3,901 3,929
Occupancy 1,919 2,062 3,793 3,595
Furniture and
equipment 699 591 1,351 1,127
Marketing 793 926 1,493 1,843
Legal and
professional
fees 843 699 1,675 1,236
FDIC
assessments 56 79 114 138
Amortization
of intangibles 314 321 629 440
Other 2,836 2,806 5,580 5,246
Total
Noninterest
Expenses 19,901 19,876 38,604 35,985
Income
Before
Income
Taxes 7,138 10,228 11,449 19,403
Provision for
income taxes 2,330 3,794 3,872 7,103
Net Income $4,808 $6,434 $7,577 $12,300
Per share common
stock:
Net income
diluted $0.25 $0.34 $0.39 $0.68
Net income
basic 0.25 0.34 0.40 0.69
Cash
dividends
declared 0.16 0.15 0.32 0.30
Average diluted
shares
outstanding 19,221,438 19,103,077 19,188,343 18,200,400
Average basic
shares
outstanding 18,955,848 18,727,475 18,957,989 17,825,416
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
June 30, December 31, June 30,
(Dollars in thousands) 2007 2006 2006
Assets
Cash and due from banks $66,067 $89,803 $70,177
Federal funds sold and other
investments 15,190 2,412 100,514
Total Cash and Cash
Equivalents 81,257 92,215 170,691
Securities:
Trading (at fair value) 26,690 0 0
Available for sale (at fair
value) 183,132 313,983 367,766
Held for investment (at
amortized cost) 33,863 129,958 141,734
Total Securities 243,685 443,941 509,500
Loans available for sale 4,204 5,888 3,362
Loans, net of unearned income 1,813,087 1,733,111 1,614,646
Less: Allowance for loan losses (15,204) (14,915) (12,241)
Net Loans 1,797,883 1,718,196 1,602,405
Bank premises and equipment, net 38,688 37,070 37,320
Other real estate owned 288 - 139
Goodwill and other intangible
assets 57,019 57,299 57,149
Other assets 37,149 34,826 34,676
$2,260,173 $2,389,435 $2,415,242
Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand deposits (noninterest
bearing) $352,702 $391,805 $488,535
Savings deposits 885,851 929,444 1,000,385
Other time deposits 345,047 325,251 312,209
Time certificates of $100,000
or more 283,591 244,518 227,476
Total Deposits 1,867,191 1,891,018 2,028,605
Federal funds purchased and
securities sold under
agreements to repurchase,
maturing within 30 days 96,927 206,476 104,941
Borrowed funds 14,521 26,522 26,218
Subordinated debt 53,610 41,238 41,238
Other liabilities 10,853 11,756 11,397
2,043,102 2,177,010 2,212,399
Shareholders' Equity
Preferred stock - - -
Common stock 1,914 1,899 1,897
Additional paid in capital 90,748 88,380 86,997
Retained earnings 126,293 124,811 119,108
Treasury stock (34) (310) (121)
218,921 214,780 207,881
Accumulated other comprehensive
loss, net (1,850) (2,355) (5,038)
Total Shareholders' Equity 217,071 212,425 202,843
$2,260,173 $2,389,435 $2,415,242
Common Shares Outstanding 19,172,239 18,974,295 18,958,534
Note: The balance sheet at December 31, 2006 has been derived from the
audited financial statements at that date.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarters
2007
(Dollars in thousands, except per
share data) Second First
Net income $4,808 $2,769
Net income, excluding securities
restructuring losses (5) 4,808 6,066
Operating Ratios
Return on average assets -GAAP
earnings (2),(3) 0.85 % 0.47 %
Return on average tangible assets
(2), (3), (4), (5) 0.91 1.09
Return on average shareholders'
equity-GAAP earnings (2),(3) 8.81 5.16
Return on average tangible
shareholders' equity (2), (3),
(4), (5) 12.43 15.83
Net interest margin (1),(2) 4.09 3.92
Average equity to average assets 9.62 9.15
Credit Analysis
Net charge-offs $143 $125
Net charge-offs to average loans 0.03 % 0.03 %
Loan loss provision $1,107 $(550)
Allowance to loans at end of
period 0.84 % 0.82 %
Nonperforming assets $15,495 $4,088
Nonperforming assets to loans and
other real estate owned at end of
period 0.85 % 0.23 %
Nonaccrual loans and accruing
loans 90 days or more past due to
loans outstanding at end of period 0.89 0.27 %
Per Share Common Stock
Net income diluted-GAAP earnings $0.25 $0.14
Net income basic-GAAP earnings 0.25 0.15
Net income diluted-excluding
securities restructuring losses
(5) 0.25 0.32
Net income basic-excluding
securities restructuring losses
(5) 0.25 0.32
Cash dividends declared 0.16 0.16
Book value per share 11.32 11.34
Average Balances
Total assets $2,277,678 $2,379,739
Less: Intangible assets 57,322 57,213
Total average tangible assets $2,220,356 $2,322,526
Total equity $219,020 $217,834
Less: Intangible assets 57,322 57,213
Total average tangible equity $161,698 $160,621
Quarters
(Dollars in thousands, except per 2006 Last 12
share data) Fourth Third Months
Net income $5,685 $5,869 $19,131
Net income, excluding securities
restructuring losses (5) 5,685 5,869 22,428
Operating Ratios
Return on average assets -GAAP
earnings (2),(3) 0.95 % 0.99 % 0.82 %
Return on average tangible
assets (2), (3), (4), (5) 1.01 1.05 1.02
Return on average
shareholders' equity-GAAP
earnings (2),(3) 10.57 11.03 8.89
Return on average tangible
shareholders' equity (2),
(3), (4), (5) 14.87 15.64 14.68
Net interest margin (1),(2) 3.95 4.22 4.05
Average equity to average
assets 8.99 8.98 9.18
Credit Analysis
Net charge-offs $27 $23 $318
Net charge-offs to average
loans 0.01 % 0.01 % 0.02 %
Loan loss provision $2,250 $475 $3,282
Allowance to loans at end of
period 0.86 % 0.77 %
Nonperforming assets $12,465 $10,437
Nonperforming assets to loans
and other
real estate owned at end
of period 0.72 % 0.63 %
Nonaccrual loans and accruing
loans 90
days or more past due to
loans outstanding
at end of period 0.72 % 0.71 %
Per Share Common Stock
Net income diluted-GAAP
earnings $0.30 $0.31 $1.00
Net income basic-GAAP earnings 0.30 $0.31 1.01
Net income diluted-excluding
securities restructuring
losses (5) 0.30 0.31 1.18
Net income basic-excluding
securities restructuring
losses (5) 0.30 0.31 1.18
Cash dividends declared 0.16 0.15 0.63
Book value per share 11.20 10.99
Average Balances
Total assets $2,372,784 $2,350,862
Less: Intangible assets 56,230 56,945
Total average tangible assets $2,316,554 $2,293,917
Total equity $213,354 $211,024
Less: Intangible assets 56,230 56,945
Total average tangible equity $157,124 $154,079
(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 operating
earnings growth.
(5) Excluding securities restructuring losses of $5,118 (or $3,297, net
of taxes) recorded in the first quarter 2007.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
June 30, December 31, June 30,
SECURITIES 2007 2006 2006
U.S. Treasury and U.S. Government
Agencies $26,690 $- $-
Securities - Trading 26,690 - -
U.S. Treasury and U.S. Government
Agencies 35,044 94,676 106,266
Mortgage-backed 143,325 214,661 257,639
Obligations of states and political
subdivisions 2,071 2,049 2,020
Other securities 2,692 2,597 1,841
Securities - Available for Sale 183,132 313,983 367,766
Mortgage-backed 27,693 123,587 135,101
Obligations of states and political
subdivisions 6,170 6,371 6,633
Securities - Held for Investment 33,863 129,958 141,734
Total Securities $243,685 $443,941 $509,500
June 30, December 31, June 30,
LOANS 2007 2006 2006
Construction and land development $601,552 $571,133 $511,480
Real estate mortgage 991,320 949,824 893,950
Installment loans to individuals 79,616 83,428 87,408
Commercial and financial 139,014 128,101 121,330
Other loans 1,585 625 478
Total Loans $1,813,087 $1,733,111 $1,614,646
AVERAGE BALANCES, YIELDS AND RATES (1)(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2007
Second Quarter First Quarter
Average Yield/ Average Yield/
(Dollars in thousands) Balance Rate Balance Rate
Assets
Earning assets:
Securities:
Taxable $267,308 5.34 % $427,743 4.43 %
Nontaxable 8,323 6.58 8,390 6.53
Total Securities 275,631 5.37 436,133 4.47
Federal funds sold and other
investments 48,140 5.52 16,284 6.25
Loans, net 1,783,156 7.41 1,747,797 7.52
Total Earning Assets 2,106,927 7.10 2,200,214 6.92
Allowance for loan losses (14,358) (14,973)
Cash and due from banks 70,274 77,101
Premises and equipment 38,445 37,646
Other assets 76,390 79,751
$2,277,678 $2,379,739
Liabilities and Shareholders'
Equity
Interest-bearing liabilities:
NOW $170,588 2.61 % $195,025 2.38 %
Savings deposits 121,159 0.71 130,985 0.71
Money market accounts 591,403 3.13 567,647 2.99
Time deposits 617,905 4.88 576,972 4.76
Federal funds purchased
and other short-term
borrowings 110,123 4.40 225,805 4.95
Other borrowings 67,816 7.04 67,772 7.05
Total Interest-Bearing
Liabilities 1,678,994 3.79 1,764,206 3.74
Demand deposits (noninterest-
bearing) 370,953 387,299
Other liabilities 8,711 10,400
Total Liabilities 2,058,658 2,161,905
Shareholders' equity 219,020 217,834
$2,277,678 $2,379,739
Interest expense as a % of
earning assets 3.02 % 3.00 %
Net interest income as a % of
earning assets 4.09 3.92
2006
Second Quarter
Average Yield/
(Dollars in thousands) Balance Rate
Assets
Earning assets:
Securities:
Taxable $567,572 4.31 %
Nontaxable 8,666 6.42
Total Securities 576,238 4.34
Federal funds sold and other
investments 86,260 4.73
Loans, net 1,586,597 7.33
Total Earning Assets 2,249,095 6.47
Allowance for loan losses (12,059)
Cash and due from banks 74,788
Premises and equipment 32,771
Other assets 75,088
$2,419,683
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW $219,871 1.54 %
Savings deposits 166,563 0.74
Money market accounts 608,601 2.43
Time deposits 533,577 3.91
Federal funds purchased and
other
short-term borrowings 105,140 4.12
Other borrowings 67,533 6.68
Total Interest-Bearing
Liabilities 1,701,285 2.89
Demand deposits (noninterest-bearing) 496,308
Other liabilities 14,535
Total Liabilities 2,212,128
Shareholders' equity 207,555
$2,419,683
Interest expense as a % of earning
assets 2.18 %
Net interest income as a % of earning
assets 4.29
(1) On a fully taxable equivalent basis. All yields and rates have been
computed on an annualized basis using amortized cost.
Fees on loans have been included in interest on loans. Nonaccrual
loans are included in loan balances.
SOURCE Seacoast Banking Corporation of Florida
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Related links:
http://www.seacoastbanking.net
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20050916/SEACOASTLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Dennis S. Hudson, III, Chairman and Chief
Executive Officer, +1-772-288-6086, or William R. Hahl, Executive
Vice President-Chief Financial Officer, +1-772-221-2825, both of
Seacoast Banking Corporation of Florida
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