STUART, Fla., Oct. 18 /PRNewswire-FirstCall/ -- Seacoast Banking
Corporation of Florida (Nasdaq: SBCF), a bank holding company whose principal
subsidiary is First National Bank and Trust Company of the Treasure Coast,
today reported net income for the third quarter of 2005 totaling $5,565,000 or
$0.32 diluted earnings per share (DEPS), up 35.9 percent from $4,095,000 or
$0.26 DEPS for the third quarter a year ago. For the first nine months of
2005, net income totaled $14,926,000 or $0.90 DEPS, compared to $11,222,000 or
$0.71 DEPS for 2004, an increase of 27.4 percent.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050916/SEACOASTLOGO )
Cash operating earnings totaled $5,683,000 or $0.33 DEPS for the third
quarter of 2005, an increase of $1,803,000 or 46.5 percent over the same
period last year. Year-to-date cash operating earnings were $15,368,000, up
$3,978,000 or 34.9 percent compared to the same period last year. (The
Company believes that cash operating earnings, excluding the after-tax impacts
of noncash interest rate swap fair value changes and noncash amortization
expense, is a better measurement of the Company's trend in earnings growth.
Net cash payments and receipts from the interest rate swap have been
immaterial for the periods presented.) The Company terminated the interest
rate swap that did not qualify for hedge accounting in the second quarter of
2005.
"I am very pleased with the success achieved so far in 2005," said Dennis
S. Hudson, III, Chairman and Chief Executive Officer of Seacoast. "Strong net
interest income growth led to the increased cash operating earnings trends
this quarter. These exceptional operating results were partially achieved by
a continuation of favorable net interest margins, improved credit quality, and
the retention of customers and core deposit balances acquired in the
acquisition of Century National Bank in April this year. Our long-term
perspective shows growth in households serviced, expansion of products and
services offered, improved profitability and a record of positive asset
quality."
The Company is also pleased with the results achieved in the following
areas:
-- Net interest margin of 4.01 percent represented an increase from the
3.91 percent achieved in the second quarter of 2005, and was higher than the
third quarter 2004's results of 3.97 percent;
-- Record total revenues (net interest income and noninterest income
combined) of $68 million, up 27.3 percent for the first nine months compared
to the same period in 2004, and increased 15.7 percent annualized for the
third quarter on a linked quarter basis;
-- Asset quality remained solid with total nonperforming assets of
$325,000, or a ratio of 0.03 percent, compared to 0.05 percent at September
30, 2004, and net charge-offs as a percent of average loans of 0.02 percent
year-to-date compared to 0.04 percent for 2004;
-- Fees from investment management services grew $189,000 compared to the
third quarter 2004 or 17.5 percent;
-- Return on average tangible equity using cash operating earnings*
increased to 19.50 percent in the third quarter 2005 from 14.57 percent a year
earlier; and
-- Return on average assets using cash operating earnings* increased to
1.14 percent for the third quarter compared to 1.10 percent for 2004.
* excludes interest rate swap profits and losses and amortization of core
deposit intangible
The improved net interest margins resulted from favorable economic
conditions throughout the Company's markets which enabled loan growth to
remain strong and improvement in the mix of earning assets to continue. Net
interest income increased $1.2 million over the second quarter 2005, up
27.5 percent annualized. In addition, while interest rates have increased a
total of 275 basis points since the Fed began raising rates and 200 basis
points over the last 12 months, the Company's favorable deposit mix has
allowed average cost of deposits to remain low. The average cost for interest
bearing deposits in the third quarter 2005 increased to 1.80 percent from
1.29 percent a year earlier, while total costs of deposits, including
noninterest bearing demand deposits, increased only 30 basis points over the
prior year to 1.32 percent. Average interest bearing deposits were up
$322 million or 34.4 percent over the past year (including $181 million
acquired in the Century acquisition) and increased $33 million or 2.7 percent
linked quarter for the three months ended September 30, 2005. Noninterest
bearing demand deposits now comprise 26 percent of total deposits, up from
21 percent a year ago.
Total loans outstanding at September 30, 2005 increased 42 percent
compared to September 30, 2004, and the Company's loan to deposit ratio is
68 percent. Organic loan growth over the past 12 months totaled $252 million,
or 29 percent. With the recent addition of new markets in Orlando, expansion
into Palm Beach County with a total of five offices and the loan production
office, and planned offices for Brevard County, the Company is poised to
utilize its liquidity to continue expanding its loan portfolio. The end
result of the acquisition and expansion is a substantially improved commercial
lending footprint in new markets, all achieved with a small increase in
offices and relatively light impact on overhead. The Palm Beach County
market's outstanding loans and deposits at September 30, 2005 total
$222 million and $95 million, respectively.
Most importantly, the loan growth has not impacted credit quality. Net
charge-offs for the first nine months of 2005 totaled $167,000, compared to
$213,000 for 2004. Nonperforming loans declined as well, by $64,000, and now
total only $325,000. These outstanding results reduced the necessity for
higher provisioning for loan losses. At September 30, 2005, the mix of loans
outstanding was: 26 percent residential real estate mortgage loans,
61 percent commercial and commercial real estate, and 13 percent consumer
loans.
Noninterest income, excluding interest rate swap profits and losses,
increased 9.6 percent when compared to the prior year's third quarter,
reflecting increased revenues from service charges on deposit accounts, debit
card interchange fees, investment management services, and marine finance
fees. While revenues from wealth management services have generally improved
over the last several quarters, it remains extremely challenging due to the
uncertain national economic environment.
Noninterest expenses totaled $15.4 million, an increase of 28.1 percent
from the prior year's third quarter and a 5.2 percent increase compared to the
second quarter 2005. A substantial portion of these increases was the result
of the acquisition of Century, as well as increased wages, benefits,
occupancy, marketing and other overhead due to the addition of branches and
personnel in the Palm Beach and Brevard County markets, and from higher
commissions, stock awards and other incentive compensation related to the
Company's better performance.
Seacoast will host a conference call on Wednesday, October 19 at
10:00 a.m. (Eastern Time) to discuss the earnings results and business trends.
Investors may call in (toll-free) by dialing (800) 322-0079 (access code:
6584318; leader: Dennis Hudson). A replay of the call will be available
beginning the afternoon of October 19 by dialing (877) 519-4471 (domestic),
using the passcode 6584318.
Seacoast Banking Corporation of Florida has approximately $2.1 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.
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.
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 Banking Corporation of
Florida ("Seacoast" or the "Company") 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," "indicate," "would,"
"believe," "contemplate," "expect," "estimate," "continue," "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 the Company's market area
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; the failure of
assumptions underlying the establishment of reserves for possible loan losses;
the risks of mergers and acquisitions, including, without limitation, the
related costs, including integrating operations as part of these transactions,
and the failure to achieve the expected gains, revenue growth and/or expense
savings from such transactions; changes in accounting interpretations; and the
risks of possible further changes pending completion of the current audit and
review with the Company's current and prior auditors of the prior periods
during which the swap discussed herein was in effect.
All written or oral forward-looking statements attributable to the Company
are expressly qualified in their entirety by this Cautionary Notice including,
without limitation, those risks and uncertainties, described in the Company's
annual report on Form 10-K for the year ended December 31, 2004 under "Special
Cautionary Notice Regarding Forward-Looking Statements", and otherwise in the
Company's SEC reports and filings. Such reports are available upon request
from Seacoast, or from the Securities and Exchange Commission, including the
SEC's website at http://www.sec.gov .
FINANCIAL HIGHLIGHTS (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Three Months Ended Nine Months Ended
(Dollars in thousands, September 30, September 30,
except per share data) 2005 2004 2005 2004
Summary of Earnings
Net income (GAAP) $5,565 $4,095 $14,926 $11,222
Amoritzation of core
deposit premiums 118 -- 269 --
Net interest rate swap
(profits) losses -- (215) 173 169
Cash operating earnings* $5,683 $3,880 $15,368 $11,391
Net interest income (1) 19,091 13,498 52,235 38,749
Performance Ratios
Return on average assets
(2), (3)
Using GAAP earnings 1.09 % 1.16 % 1.06 % 1.08 %
Using cash operating
earnings* on average
tangible assets 1.14 1.10 1.10 1.10
Return on average
shareholders' equity
(2), (3)
Using GAAP earnings 14.59 14.98 14.94 13.87
Using cash operating
earnings* on average
tangible equity 19.50 14.57 18.09 14.46
Net interest margin
(1), (2) 4.01 3.97 3.94 3.90
Per Share Data
Net income diluted (GAAP) $0.32 $0.26 $0.90 $0.71
Amoritzation of core
deposit premium 0.01 -- 0.02 --
Net interest rate swap
(profits) losses -- (0.01) 0.01 0.01
Cash operating earnings*
diluted 0.33 0.25 0.93 0.72
Net income basic (GAAP) 0.33 0.27 0.92 0.73
Cash dividends declared 0.15 0.14 0.43 0.40
(1) Calculated on a fully taxable equivalent basis using amortized cost.
(2) These ratios are stated on an annualized basis and are not
necessarily indicative of future periods.
(3) The calculations of ROA and ROE do not include the mark-to-market
unrealized gains (losses) because the unrealized gains (losses) are
not included in net income.
* The Company believes that cash operating earnings excluding the
impacts of non cash interest rate swap fair value changes and
amortization of core deposit intangible is a better measurement of
the Company's trend in earnings growth. Net cash payments and
receipts from the interest rate swap have not been material for the
periods presented.
FINANCIAL HIGHLIGHTS (cont'd) (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Dollars in thousands, September 30, Increase/
except per share data) 2005 2004 (Decrease)
Credit Analysis
Net charge-offs year-to-date $167 $213 (21.6)%
Net charge-offs to average loans 0.02 % 0.04 % (50.0)
Loan loss provision year-to-date $987 $550 79.5
Allowance to loans at end of
period 0.71 % 0.76 % (6.6)
Nonperforming assets $325 $389 (16.5)
Nonperforming assets to loans
and other real estate owned at
end of period 0.03 % 0.05 % (40.0)
Selected Financial Data
Total assets $2,086,073 $1,398,056 49.2
Securities - Available for sale
(at fair value) 411,800 398,152 3.4
Securities - Held for investment
(at amortized cost ) 157,369 69,845 125.3
Net loans 1,209,276 852,676 41.8
Deposits 1,778,574 1,180,957 50.6
Shareholders' equity 149,526 107,467 39.1
Book value per share 8.76 6.96 25.9
Tangible book value per share 6.73 6.78 (0.7)
Average shareholders' equity
to average assets 7.10 % 7.78 % (8.7)
Average Balances (Year-to-Date)
Total Assets $1,881,211 $1,389,318 35.4
Less: Intangible Assets 19,945 2,808 610.3
Total average tangible assets $1,861,266 $1,386,510 34.2
Total equity $133,548 $108,061 23.6
Less: Intangible Assets 19,945 2,808 610.3
Total average tangible equity $113,603 $105,253 7.9
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Three Months Ended Nine Months Ended
(Dollars in thousands, September 30, September 30,
except per share data) 2005 2004 2005 2004
Interest on securities:
Taxable $5,593 $4,530 $16,270 $13,786
Nontaxable 15 29 51 85
Interest and fees on loans 19,560 12,480 51,394 35,007
Interest on federal funds
sold and interest bearing
deposits 899 3 2,093 66
Total Interest
Income 26,067 17,042 69,808 48,944
Interest on deposits 2,565 1,094 6,097 2,769
Interest on time
certificates 3,152 1,944 8,362 6,044
Interest on borrowed money 1,285 542 3,201 1,484
Total Interest
Expense 7,002 3,580 17,660 10,297
Net Interest Income 19,065 13,462 52,148 38,647
Provision for loan losses 280 250 987 550
Net Interest Income
After Provision for
Loan Losses 18,785 13,212 51,161 38,097
Noninterest income:
Service charges on
deposit accounts 1,356 1,201 3,695 3,402
Trust income 701 556 1,968 1,611
Mortgage banking fees 525 523 1,520 1,477
Brokerage commissions
and fees 567 523 1,935 1,909
Marine finance fees 728 640 2,262 2,397
Debit card income 441 348 1,298 997
Other deposit based
EFT fees 93 108 323 353
Merchant income 525 503 1,700 1,508
Interest rate swap
profits (losses) -- 330 (267) (260)
Other income 343 428 994 1,051
5,279 5,160 15,428 14,445
Securities gains (losses),
net 34 16 78 26
Total Noninterest
Income 5,313 5,176 15,506 14,471
Noninterest expenses:
Salaries and wages 6,123 5,004 17,053 14,112
Employee benefits 1,807 1,288 4,738 3,951
Outsourced data
processing 1,629 1,451 4,868 4,336
Occupancy expense 1,346 1,093 3,738 3,215
Furniture and
equipment expense 561 500 1,596 1,480
Marketing expense 776 582 2,505 1,835
Legal and
professional fees 650 375 1,830 1,037
FDIC assessments 65 42 169 126
Amortization of
intangibles 181 -- 414 --
Other expense 2,270 1,692 6,451 5,082
Total Noninterest
Expenses 15,408 12,027 43,362 35,174
Income Before Income
Taxes 8,690 6,361 23,305 17,394
Provision for income taxes 3,125 2,266 8,379 6,172
Net Income $5,565 $4,095 $14,926 $11,222
Per share common stock:
Net income diluted $0.32 $0.26 $0.90 $0.71
Net income basic 0.33 0.27 0.92 0.73
Cash dividends
declared 0.15 0.14 0.43 0.40
Average diluted shares
outstanding 17,283,083 15,704,794 16,566,410 15,761,390
Average basic shares
outstanding 16,856,109 15,299,443 16,175,803 15,353,792
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
September December September
30, 31, 30,
(Dollars in thousands) 2005 2004 2004
Assets
Cash and due from banks $98,478 $44,920 $39,101
Federal funds sold and interest
bearing deposits 125,769 44,758 258
Securities:
Available for sale (at fair
value) 411,800 395,207 398,152
Held for investment (at
amortized cost) 157,369 198,551 69,845
Total Securities 569,169 593,758 467,997
Loans available for sale 8,132 2,346 3,335
Loans 1,217,919 899,547 859,173
Less: Allowance for loan losses (8,643) (6,598) (6,497)
Net Loans 1,209,276 892,949 852,676
Bank premises and equipment 21,559 18,965 18,589
Intangible assets 34,546 2,774 2,791
Other assets 19,144 15,406 13,309
$2,086,073 $1,615,876 $1,398,056
Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand deposits (noninterest
bearing) $465,834 $345,122 $250,182
Savings deposits 862,944 669,059 582,255
Other time deposits 282,505 238,188 242,166
Time certificates of $100,000
or more 167,291 120,097 106,354
Total Deposits 1,778,574 1,372,466 1,180,957
Federal funds purchased and
securities sold under
agreements to repurchase,
maturing within 30 days 81,100 86,919 61,829
Other borrowings 66,175 39,912 40,047
Other liabilities 10,698 8,367 7,756
1,936,547 1,507,664 1,290,589
Shareholders' Equity
Preferred stock -- -- --
Common stock 1,710 1,710 1,710
Additional paid in capital 46,076 26,950 26,911
Retained earnings 109,015 101,501 99,958
Restricted stock awards (3,695) (3,333) (2,478)
Treasury stock (325) (16,172) (16,686)
152,781 110,656 109,415
Accumulated other comprehensive
loss (3,255) (2,444) (1,948)
Total Shareholders' Equity 149,526 108,212 107,467
$2,086,073 $1,615,876 $1,398,056
Common Shares Outstanding 17,074,287 15,468,357 15,441,560
Note: The balance sheet at December 31, 2004 has been derived from the
audited financial statements at that date.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarters
2005
(Dollars in thousands, except
per share data) Third Second First
Net income (GAAP) $5,565 $5,475 $3,886
Amortization of core deposit
premium 118 144 7
Net interest rate swap
(profits) losses -- (162) 335
Cash operating earnings* $5,683 $5,457 $4,228
Operating Ratios
Return on average assets
(2),(3)
Using GAAP earnings 1.09 % 1.13 % 0.94 %
Using cash operating
earnings* on average
tangible assets 1.14 1.14 1.03
Return on average
shareholders' equity
(2),(3)
Using GAAP earnings 14.59 16.07 14.04
Using cash operating
earnings* on average
tangible equity 19.50 18.87 15.69
Net interest margin (1),(2) 4.01 3.91 3.90
Average equity to average
assets 7.50 7.03 6.69
Credit Analysis
Net charge-offs (recoveries) $(35) $15 $187
Net charge-offs (recoveries)
to average loans (0.01)% 0.01 % 0.08 %
Loan loss provision $280 $269 $438
Allowance to loans at end of
period 0.71 % 0.73 % 0.70 %
Nonperforming assets $325 $200 $1,040
Nonperforming assets to
loans and other real estate
owned at end of period 0.03 % 0.02 % 0.11 %
Nonaccrual loans and
accruing loans 90 days or
more past due to loans
outstanding at end of period 0.03 0.02 0.11
Per Share Common Stock
Net income diluted (GAAP) $0.32 $0.33 $0.25
Amortization of core deposit
premium 0.01 0.01 --
Net interest rate swap
(profit)losses -- (0.01) 0.02
Cash operating earnings*
diluted $0.33 $0.33 $0.27
Net income basic (GAAP) 0.33 0.33 0.25
Cash dividends declared 0.15 0.14 0.14
Book value per share 8.76 8.63 7.04
Average Balances
Total Assets 2,017,521 1,945,079 1,677,295
Less: Intangible Assets 35,676 20,627 3,176
Total average tangible
assets $1,981,845 $1,924,452 $1,674,119
Total equity 151,299 136,659 112,257
Less: Intangible Assets 35,676 20,627 3,176
Total average tangible
equity $115,623 $116,032 $109,081
Quarter
2004
(Dollars in thousands, except Last 12
per share data) Fourth Months
Net income (GAAP) $3,700 $18,626
Amortization of core deposit
premium -- 269
Net interest rate swap
(profits) losses 287 460
Cash operating earnings* $3,987 $19,355
Operating Ratios
Return on average assets
(2),(3)
Using GAAP earnings 0.97 % 1.04 %
Using cash operating
earnings* on average
tangible assets 1.04 1.09
Return on average
shareholders' equity
(2),(3)
Using GAAP earnings 13.38 14.60
Using cash operating
earnings* on average
tangible equity 14.79 17.28
Net interest margin (1),(2) 3.88 3.93
Average equity to average
assets 7.22 7.13
Credit Analysis
Net charge-offs (recoveries) $349 $516
Net charge-offs (recoveries)
to average loans 0.16 % 0.05 %
Loan loss provision $450 $1,437
Allowance to loans at end of
period 0.73 %
Nonperforming assets $1,447
Nonperforming assets to
loans and other real estate
owned at end of period 0.16 %
Nonaccrual loans and
accruing loans 90 days or
more past due to loans
outstanding at end of period 0.16
Per Share Common Stock
Net income diluted (GAAP) $0.24 $1.14
Amortization of core deposit
premium -- 0.02
Net interest rate swap
(profit)losses 0.02 0.03
Cash operating earnings*
diluted $0.26 $1.19
Net income basic (GAAP) 0.24 1.15
Cash dividends declared 0.14 0.57
Book value per share 7.00
Average Balances
Total Assets 1,523,284
Less: Intangible Assets 2,785
Total average tangible
assets $1,520,499
Total equity 110,014
Less: Intangible Assets 2,785
Total average tangible
equity $107,229
(1) Calculated on a fully taxable equivalent basis using amortized cost.
(2) These ratios are stated on an annualized basis and are not
necessarily indicative of future periods.
(3) The calculations of ROA and ROE do not include the mark-to-market
unrealized gains (losses), because the unrealized gains (losses)
are not included in net income.
* The Company believes that cash operating earnings excluding the
impacts of non cash interest rate swap fair value changes and
amortization of core deposit intangible is a better measurement of the
Company's trend in earings growth. Net cash payments and receipts
from the interest rate swap have not been material for the periods
presented.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Dollars in thousands)
September December September
30, 31, 30,
SECURITIES 2005 2004 2004
U.S. Treasury and U.S. Government
Agencies 67,628 20,656 20,795
Mortgage-backed 335,876 366,806 371,523
Other securities 8,296 7,745 5,834
Securities Available for Sale 411,800 395,207 398,152
U.S. Treasury and U.S. Government
Agencies 4,999 4,999 4,999
Mortgage-backed 151,174 192,128 62,616
Obligations of states and political
subdivisions 1,196 1,424 2,230
Securities Held for Investment 157,369 198,551 69,845
Total Securities $569,169 $593,758 $467,997
September December September
30, 31, 30,
LOANS 2005 2004 2004
Construction and land development $417,249 $252,329 $171,351
Real estate mortgage 626,794 498,692 550,171
Instalment loans to individuals 87,458 81,831 81,768
Commercial and financial 86,073 66,240 55,614
Other loans 345 455 269
Total Loans $1,217,919 $899,547 $859,173
AVERAGE BALANCES, YIELDS AND RATES (1) (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2005
Third Quarter Second Quarter
Average Yield/ Average Yield/
(Dollars in thousands) Balance Rate Balance Rate
Assets
Earning assets:
Securities:
Taxable $603,477 3.71 % $633,258 3.60 %
Nontaxable 1,196 7.36 1,423 7.59
Total Securities 604,673 3.71 634,681 3.61
Federal funds sold and
other short-term
investments 107,000 3.33 106,756 2.91
Loans, net 1,175,992 6.61 1,091,628 6.38
Total Earning Assets 1,887,665 5.48 1,833,065 5.22
Allowance for loan losses (8,490) (7,778)
Cash and due from banks 67,683 63,988
Premises and equipment 21,397 21,008
Other assets 49,266 34,796
$2,017,521 $1,945,079
Liabilities and
Shareholders' Equity
Interest-bearing
liabilities:
NOW (including
Super NOW) $100,785 0.83 % $105,678 0.57 %
Savings deposits 163,675 0.51 171,715 0.50
Money market accounts 585,395 1.45 553,134 1.25
Time deposits 406,813 3.07 393,308 2.85
Federal funds purchased
and securities sold
under agreements to
repurchase 79,167 2.72 81,178 2.36
Other borrowings 64,386 4.57 60,505 4.27
Total
Interest-Bearing
Liabilities 1,400,221 1.98 1,365,518 1.76
Demand deposits
(noninterest-bearing) 455,902 434,777
Other liabilities 10,099 8,125
Total Liabilities 1,866,222 1,808,420
Shareholders' equity 151,299 136,659
$2,017,521 $1,945,079
Interest expense as a % of
earning assets 1.47 % 1.31 %
Net interest income as a % of
earning assets 4.01 3.91
2004
Third Quarter
Average Yield/
(Dollars in thousands) Balance Rate
Assets
Earning assets:
Securities:
Taxable $518,637 3.49 %
Nontaxable 2,180 8.07
Total Securities 520,817 3.51
Federal funds sold and
other short-term
investments 1,166 1.02
Loans, net 827,880 5.99
Total Earning Assets 1,349,863 5.02
Allowance for loan losses (6,420)
Cash and due from banks 34,787
Premises and equipment 18,408
Other assets 13,473
$1,410,111
Liabilities and
Shareholders' Equity
Interest-bearing
liabilities:
NOW (including
Super NOW) $70,026 0.47 %
Savings deposits 159,258 0.51
Money market accounts 358,530 0.90
Time deposits 347,337 2.23
Federal funds purchased
and securities sold
under agreements to
repurchase 68,020 1.15
Other borrowings 39,784 3.45
Total
Interest-Bearing
Liabilities 1,042,955 1.37
Demand deposits
(noninterest-bearing) 250,871
Other liabilities 7,536
Total Liabilities 1,301,362
Shareholders' equity 108,749
$1,410,111
Interest expense as a % of
earning assets 1.06 %
Net interest income as a % of
earning assets 3.97
(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 and Chief Financial Officer, +1-772-221-2825, both
of Seacoast Banking Corporation of Florida
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