STUART, Fla., Oct. 23 /PRNewswire-FirstCall/ -- Seacoast Banking
Corporation of Florida (Nasdaq: SBCF), today reported net income for the
third quarter of 2007 totaling $285,000 or $0.01 diluted earnings per share
(DEPS), compared to $5,869,000 or $0.31 DEPS for the third quarter a year
ago. For the first nine months of 2007, net income totaled $7,862,000 or
$0.41 DEPS, compared to $18,169,000 or $0.98 DEPS for 2006. Earnings for
the quarter were impacted by higher credit costs primarily related to
residential development loans. The provision for loan losses totaled $8.4
million which reduced DEPS by $ 0.27 for the quarter.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050916/SEACOASTLOGO )
"Sales activity for new residential real estate product continued to
soften over the summer months in Florida after improving somewhat earlier
in the year. We have continued to carefully and formally monitor, on a
monthly basis, all credit relationships having exposure to the residential
market. This quarter we classified as nonperforming several credit
relationships that are either currently experiencing, or in the near term
are likely to experience, cash flow difficulties. In those instances, we
have performed a collateral evaluation (including the potential effects of
existing sales contract cancellations) in response to recent changes in the
market value for residential real estate and, as appropriate, have
established valuation reserves," said Dennis S. Hudson, III Chairman and
Chief Executive Officer of Seacoast.
Operating results for the quarter, excluding the impact of the
provision for loan losses, totaled approximately $5.1 million or cash
earnings of approximately $0.27 per share. Noninterest expenses were
impacted by the previously announced implementation of expense savings
totaling approximately $1.5 million in the quarter, which were offset with
higher nonrecurring expenses totaling approximately $1.0 million related to
other professional fees, severance and employee recruitment costs. The
expense reductions primarily relate to the elimination of executive bonus
compensation for the year, lower incentive payouts for senior officers and
reduced profit-sharing compensation, all as a result of lower than expected
earnings performance. These savings will reduce compensation expense by
approximately $500,000 in the fourth quarter, and will remain in effect
until the Company produces meaningful earnings improvements. Noninterest
expenses are expected to total approximately $19 million in the fourth
quarter. The Company has also identified additional savings totaling
approximately $3.5 million annually that it intends to implement over the
next two quarters involving the consolidation of branch offices, reductions
in staff and a reduction in marketing costs and other professional fees.
Included in the results for the first nine months was the impact of the
restructuring of the Company's investment portfolio; therefore, net income,
excluding securities restructuring losses, totaled $11.16 million for the
nine months of 2007 or $0.58 DEPS.
Net interest income totaled $21.1 million for the quarter, a decline of
$321,000 compared with the second quarter of 2007. The decline was
primarily due to increased levels of nonperforming assets. The net interest
margin declined by 15 basis points to 3.94 percent in the third quarter
2007 compared to the second quarter of 2007, primarily as a result of
higher nonperforming assets and increased costs for interest bearing
liabilities. Interest bearing deposit costs increased 10 basis points to
3.69 percent in the third quarter 2007, and total interest bearing
liabilities increased from 3.79 percent for the second quarter to 3.88
percent in the third quarter. Since the Fed lowered rates 50 basis points
on September 18, 2007, many of the Company's deposit products have
repriced; therefore, future cost for interest bearing deposits should
improve.
Interest bearing deposits declined $14.4 million over the past year and
increased $4.4 million linked quarter for the three months ended September
30, 2007. Noninterest bearing demand deposits declined $15.9 million in the
third quarter, consistent with past seasonal growth patterns experienced in
many of the Company's markets, and now comprise 18 percent of total
deposits, down from 19 percent last quarter. Past growth in deposits
related to seasonal improvements in the fourth and first quarters would
suggest improved growth rates compared to the third quarter of 2007.
Total loans outstanding at September 30, 2007 increased 14.3 percent
compared to September 30, 2006. With the addition of the new office in
Broward County and increased lenders in the Orlando and Brevard County
markets, the Company believes it can continue to grow its loan portfolio by
approximately 10 percent over the next twelve months as a result of the
improved commercial lending capacity. The Broward County market's
outstanding loans and deposits at September 30, 2007 totaled $49 million
and $13 million, respectively. In addition, the commercial loan pipelines
totaled $61 million for Broward and $94 million for Brevard/Orlando.
Noninterest income, excluding securities gains and losses, increased
8.0 percent when compared to the prior year's third quarter, reflecting
increased revenues primarily from service charges on deposit accounts and
marine finance fees. Noninterest income declined by $705,000 or 10.4
percent when compared with the second quarter, due to reduced mortgage
production and expected seasonally lower brokerage and marine fees.
Noninterest expenses totaled $19 million, up $140,000 from the prior
year's third quarter. The Company previously announced that it would
eliminate executive bonuses and lower incentive payouts and reduce profit-
sharing as a result of lower earnings performance so far in 2007. These
cost reductions totaled approximately $1.5 million for the quarter and are
expected to save the Company about $500,000 in the fourth quarter.
Seacoast will host a conference call on Wednesday, October 24 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:
19349003; 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 October 24 by dialing (877) 213-9653 (domestic), using the
passcode 19349003.
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, 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 Nine Months Ended
(Dollars in thousands, September 30, September 30,
except per share data) 2007 2006 2007 2006
Summary of Earnings
Net income $ 285 $5,869 $ 7,862 $18,169
Net income, excluding securities
restructuring losses (5) 285 5,869 11,159 18,169
Net interest income (1) 21,147 23,144 64,047 67,448
Performance Ratios
Return on average assets-GAAP
earnings (2), (3) 0.05% 0.99% 0.45% 1.06%
Return on average tangible
assets (2), (3), (4), (5) 0.09 1.05 0.70 1.11
Return on average shareholders'
equity-GAAP earnings (2), (3) 0.51 11.03 4.79 12.61
Return on average tangible
shareholders' equity (2), (3),
(4), (5) 1.18 15.64 9.71 17.45
Net interest margin (1), (2) 3.94 4.22 3.99 4.22
Per Share Data
Net income diluted-GAAP earnings $ 0.01 $0.31 $ 0.41 $0.98
Net income basic-GAAP earnings 0.02 0.31 0.41 1.00
Net income diluted-excluding
securities restructuring
losses (5) 0.01 0.31 0.58 0.98
Net income basic-excluding
securities restructuring
losses (5) 0.02 0.31 0.59 1.00
Cash dividends declared 0.16 0.15 0.48 0.45
September 30, Increase/
2007 2006 (Decrease)
Credit Analysis
Net charge-offs (recoveries) year-to-date $ 1,307 $ (133) n/m%
Net charge-offs (recoveries) to average
loans 0.10% (0.01)% n/m
Loan loss provision year-to-date $ 8,932 $ 1,035 763.0
Allowance to loans at end of period 1.19% 0.77% 54.5
Nonperforming assets $ 45,894 $ 10,437 339.7
Nonperforming assets to loans and other
real estate owned at end of period 2.42% 0.63% 284.1
Selected Financial Data
Total assets $ 2,316,779 $ 2,351,297 (1.5)
Securities - Trading (at fair value) 17,955 0 n/m
Securities - Available for sale
(at fair value) 205,174 345,971 (40.7)
Securities - Held for investment
(at amortized cost) 32,588 137,197 (76.2)
Net loans 1,870,574 1,643,368 13.8
Deposits 1,855,726 1,957,893 (5.2)
Shareholders' equity 213,880 208,560 2.6
Book value per share 11.20 10.99 1.9
Tangible book value per share 8.22 8.02 2.6
Average shareholders' equity
to average assets 9.48% 8.39% 13.0
Average Balances (Year-to-Date)
Total assets $2,311,782 $2,295,345 0.7
Less: Intangible assets 57,138 49,686 15.0
Total average tangible assets $2,254,644 $2,245,659 0.4
Total equity $219,252 $192,647 13.8
Less: Intangible assets 57,138 49,686 15.0
Total average tangible equity $162,114 $142,961 13.4
(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 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 Nine Months Ended
(Dollars in thousands, September 30, September 30,
except per share data) 2007 2006 2007 2006
Interest on securities:
Taxable $3,069 $5,366 $11,374 $16,883
Nontaxable 88 97 274 206
Interest and fees on loans 34,316 30,730 99,796 82,717
Interest on federal funds
sold and other investments 298 521 1,211 2,874
Total Interest Income 37,771 36,714 112,655 102,680
Interest on deposits 6,261 5,366 17,760 13,542
Interest on time certificates 7,806 5,888 22,085 15,186
Interest on borrowed money 2,645 2,412 8,979 6,693
Total Interest Expense 16,712 13,666 48,824 35,421
Net Interest Income 21,059 23,048 63,831 67,259
Provision for loan losses 8,375 475 8,932 1,035
Net Interest Income
After Provision for
Loan Losses 12,684 22,573 54,899 66,224
Noninterest income:
Service charges on
deposit accounts 1,983 1,866 5,644 4,909
Trust income 658 691 1,948 2,204
Mortgage banking fees 260 254 1,131 794
Brokerage commissions
and fees 620 586 2,363 2,404
Marine finance fees 687 478 2,269 2,139
Debit card income 578 563 1,743 1,584
Other deposit based
EFT fees 101 108 348 307
Merchant income 688 623 2,165 1,921
Other 444 402 1,340 1,132
6,019 5,571 18,951 17,394
Securities
restructuring losses 0 0 (5,118) 0
Securities gains
(losses), net 22 2 46 (84)
Total Noninterest Income 6,041 5,573 13,879 17,310
Noninterest expenses:
Salaries and wages 7,479 7,805 23,828 22,667
Employee benefits 1,700 2,054 5,419 5,623
Outsourced data
processing costs 1,796 1,746 5,697 5,675
Occupancy 1,928 1,947 5,721 5,542
Furniture and equipment 758 707 2,109 1,834
Marketing 875 952 2,368 2,795
Legal and
professional fees 1,327 693 3,002 1,929
FDIC assessments 55 66 169 204
Amortization of
intangibles 315 315 944 755
Other 2,794 2,602 8,374 7,848
Total Noninterest
Expenses 19,027 18,887 57,631 54,872
Income (Loss) Before
Income Taxes (302) 9,259 11,147 28,662
Provision for income taxes (587) 3,390 3,285 10,493
Net Income $285 $5,869 $7,862 $18,169
Per share common stock:
Net income diluted $0.01 $0.31 $0.41 $0.98
Net income basic 0.02 0.31 0.41 1.00
Cash dividends declared 0.16 0.15 0.48 0.45
Average diluted shares
outstanding 19,165,880 19,141,484 19,180,773 18,517,508
Average basic shares
outstanding 18,924,665 18,767,257 18,946,759 18,142,813
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
September 30, December 31, September 30,
(Dollars in thousands) 2007 2006 2006
Assets
Cash and due from banks $44,680 $89,803 $80,249
Federal funds sold and other
investments 6,605 2,412 14,096
Total Cash and Cash Equivalents 51,285 92,215 94,345
Securities:
Trading (at fair value) 17,955 - -
Available for sale (at fair value) 205,174 313,983 345,971
Held for investment
(at amortized cost) 32,588 129,958 137,197
Total Securities 255,717 443,941 483,168
Loans available for sale 1,833 5,888 3,516
Loans, net of unearned income 1,893,114 1,733,111 1,656,061
Less: Allowance for loan losses (22,540) (14,915) (12,693)
Net Loans 1,870,574 1,718,196 1,643,368
Bank premises and equipment, net 39,180 37,070 36,400
Other real estate owned 240 - -
Goodwill and other intangible assets 56,767 57,299 56,394
Other assets 41,183 34,826 34,106
$2,316,779 $2,389,435 $2,351,297
Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand deposits (noninterest
bearing) $336,816 $391,805 $424,624
Savings deposits 886,806 929,444 944,190
Other time deposits 340,440 325,251 334,713
Time certificates of $100,000 or
more 291,664 244,518 254,366
Total Deposits 1,855,726 1,891,018 1,957,893
Federal funds purchased and securities
sold under agreements to repurchase,
maturing within 30 days 141,884 206,476 104,179
Borrowed funds 39,749 26,522 26,516
Subordinated debt 53,610 41,238 41,238
Other liabilities 11,930 11,756 12,911
2,102,899 2,177,010 2,142,737
Shareholders' Equity
Preferred stock - - -
Common stock 1,914 1,899 1,899
Additional paid in capital 90,752 88,380 87,311
Retained earnings 123,538 124,811 122,145
Treasury stock (1,430) (310) (90)
214,774 214,780 211,265
Accumulated other comprehensive
loss, net (894) (2,355) (2,705)
Total Shareholders' Equity 213,880 212,425 208,560
$2,316,779 $2,389,435 $2,351,297
Common Shares Outstanding 19,104,027 18,974,295 18,980,329
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
(Dollars in thousands, except 2007
per share data) Third Second First
Net income $285 $4,808 $2,769
Net income, excluding
securities restructuring losses (5) 285 4,808 6,066
Operating Ratios
Return on average assets -
GAAP earnings (2),(3) 0.05 % 0.85 % 0.47 %
Return on average tangible
assets (2), (3), (4), (5) 0.09 0.91 1.09
Return on average
shareholders' equity-GAAP
earnings (2),(3) 0.51 8.81 5.16
Return on average tangible
shareholders' equity (2),
(3), (4), (5) 1.18 12.43 15.83
Net interest margin (1),(2) 3.94 4.09 3.92
Average equity to average assets 9.69 9.62 9.15
Credit Analysis
Net charge-offs $1,039 $143 $125
Net charge-offs to average loans 0.22 % 0.03 % 0.03 %
Loan loss provision $8,375 $1,107 $(550)
Allowance to loans at end of
period 1.19 % 0.84 % 0.82 %
Nonperforming assets $45,894 $15,495 $4,088
Nonperforming assets to
loans and other real estate
owned at end of period 2.42 % 0.85 % 0.23 %
Nonaccrual loans and
accruing loans 90 days or more
past due to loans outstanding
at end of period 2.44 0.89 0.27
Per Share Common Stock
Net income diluted-GAAP earnings $0.01 $0.25 $0.14
Net income basic-GAAP earnings 0.02 0.25 0.15
Net income diluted-excluding
securities restructuring
losses (5) 0.01 0.25 0.32
Net income basic-excluding
securities restructuring
losses (5) 0.02 0.25 0.32
Cash dividends declared 0.16 0.16 0.16
Book value per share 11.20 11.32 11.34
Average Balances
Total assets $2,279,036 $2,277,678 $2,379,739
Less: Intangible assets 56,884 57,322 57,213
Total average tangible assets $2,222,152 $2,220,356 $2,322,526
Total equity $220,868 $219,020 $217,834
Less: Intangible assets 56,884 57,322 57,213
Total average tangible equity $163,984 $161,698 $160,621
Quarters
2006 Last 12
(Dollars in thousands, except per share data) Fourth Months
Net income $5,685 $13,547
Net income, excluding securities
restructuring losses (5) 5,685 16,844
Operating Ratios
Return on average assets - GAAP
earnings (2), (3) 0.95 % 0.58 %
Return on average tangible assets
(2), (3), (4), (5) 1.01 0.78
Return on average shareholders'
equity-GAAP earnings (2), (3) 10.57 6.22
Return on average tangible
shareholders' equity (2), (3), (4), (5) 14.87 10.98
Net interest margin (1), (2) 3.95 3.98
Average equity to average assets 8.99 9.36
Credit Analysis
Net charge-offs $27 $1,334
Net charge-offs to average loans 0.01 % 0.08 %
Loan loss provision $2,250 $11,182
Allowance to loans at end of period 0.86 %
Nonperforming assets $12,465
Nonperforming assets to loans and
other real estate owned at end of period 0.72 %
Nonaccrual loans and accruing
loans 90 days or more past due to loans
outstanding at end of period 0.72
Per Share Common Stock
Net income diluted-GAAP earnings $0.30 $0.70
Net income basic-GAAP earnings $0.30 0.72
Net income diluted-excluding
securities restructuring losses (5) 0.30 0.88
Net income basic-excluding
securities restructuring losses (5) 0.30 0.89
Cash dividends declared 0.16 0.64
Book value per share 11.20
Average Balances
Total assets $2,372,784
Less: Intangible assets 56,230
Total average tangible assets $2,316,554
Total equity $213,354
Less: Intangible assets 56,230
Total average tangible equity $157,124
(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
September 30, December 31, September 30,
SECURITIES 2007 2006 2006
U.S. Treasury and U.S. Government
Agencies $17,955 $- $-
Securities Trading 17,955 - -
U.S. Treasury and U.S. Government
Agencies 35,349 94,676 103,219
Mortgage-backed 164,452 214,661 238,389
Obligations of states and political
subdivisions 2,117 2,049 2,066
Other securities 3,256 2,597 2,297
Securities - Available for Sale 205,174 313,983 345,971
Mortgage-backed 26,441 123,587 130,567
Obligations of states and political
subdivisions 6,147 6,371 6,630
Securities Held for Investment 32,588 129,958 137,197
Total Securities $255,717 $443,941 $483,168
September 30, December 31, September 30,
LOANS 2007 2006 2006
Construction and land development $627,003 $571,133 $542,601
Real estate mortgage 1,051,750 949,824 911,630
Installment loans to individuals 78,641 83,428 83,235
Commercial and financial 135,111 128,101 117,738
Other loans 609 625 857
Total Loans $1,893,114 $1,733,111 $1,656,061
AVERAGE BALANCES, YIELDS AND RATES (1)(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2007
Third Quarter Second Quarter
Average Yield/ Average Yield/
(Dollars in thousands) Balance Rate Balance Rate
Assets
Earning assets:
Securities:
Taxable $233,809 5.25% $267,308 5.34%
Nontaxable 8,216 6.33 8,323 6.58
Total Securities 242,025 5.29 275,631 5.37
Federal funds sold and other
investments 21,364 5.53 48,140 5.52
Loans, net 1,866,954 7.30 1,783,156 7.41
Total Earning Assets 2,130,343 7.05 2,106,927 7.10
Allowance for loan losses (15,361) (14,358)
Cash and due from banks 47,633 70,274
Premises and equipment 39,190 38,445
Other assets 77,231 76,390
$2,279,036 $2,277,678
Liabilities and Shareholders'
Equity
Interest-bearing liabilities:
NOW $53,842 2.78% $170,588 2.61%
Savings deposits 112,323 0.71 121,159 0.71
Money market accounts 715,885 3.15 591,403 3.13
Time deposits 629,479 4.92 617,905 4.88
Federal funds purchased and
other short-term
borrowings 127,163 4.41 110,123 4.40
Other borrowings 69,860 7.00 67,816 7.04
Total Interest-Bearing
Liabilities 1,708,552 3.88 1,678,994 3.79
Demand deposits
(noninterest-bearing) 340,462 370,953
Other liabilities 9,154 8,711
Total Liabilities 2,058,168 2,058,658
Shareholders' equity 220,868 219,020
$2,279,036 $2,277,678
Interest expense as a % of
earning assets 3.11% 3.02%
Net interest income as a % of
earning assets 3.94 4.09
AVERAGE BALANCES, YIELDS AND RATES (1)(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2006
Third Quarter
Average Yield/
(Dollars in thousands) Balance Rate
Assets
Earning assets:
Securities:
Taxable $493,810 4.35 %
Nontaxable 8,654 6.61
Total Securities 502,464 4.39
Federal funds sold and other investments 38,832 5.32
Loans, net 1,634,263 7.47
Total Earning Assets 2,175,559 6.71
Allowance for loan losses (12,363)
Cash and due from banks 74,680
Premises and equipment 37,162
Other assets 75,824
$2,350,862
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW $208,948 1.72 %
Savings deposits 149,323 0.69
Money market accounts 603,133 2.76
Time deposits 552,589 4.23
Federal funds purchased and
other short-term borrowings 107,401 4.42
Other borrowings 67,572 7.14
Total Interest-Bearing Liabilities 1,688,966 3.21
Demand deposits (noninterest-bearing) 439,379
Other liabilities 11,493
Total Liabilities 2,139,838
Shareholders' equity 211,024
$2,350,862
Interest expense as a % of earning assets 2.49 %
Net interest income as a % of earning assets 4.22
(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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