Significant Expansion in Net Interest
Margin and Net Interest Income Highlight Q3
Results
Well-Positioned Balance Sheet with Strong
Capital and Liquidity
STUART, Fla., Oct. 27, 2022 (GLOBE NEWSWIRE) --
Seacoast Banking Corporation of Florida ("Seacoast" or the
"Company") (NASDAQ: SBCF) today reported net income in the third
quarter of 2022 of $29.2 million, or $0.47 per diluted share. Third
quarter 2022 net income decreased 11% compared to the second
quarter of 2022 due to higher provision for credit losses resulting
from changes in economic forecast factors, and additional coverage
for estimated economic impacts from Hurricane Ian. Third quarter
2022 net income increased 27% compared to the third quarter of
2021. Adjusted net income1 for the third quarter of 2022
was $32.8 million, or $0.53 per diluted share. Third quarter 2022
adjusted net income1 decreased 10% compared to the
second quarter of 2022 due to a higher provision for credit losses.
Third quarter 2022 adjusted net income1 increased 12%
compared to the third quarter of 2021. Pre-tax pre-provision
earnings1 were $43.1 million in the third quarter of
2022, an increase of 1% compared to the second quarter of 2022 and
23% compared to the third quarter of 2021. Adjusted pre-tax
pre-provision earnings1 were $49.0 million in the third
quarter of 2022, an increase of 6% compared to the second quarter
of 2022 and 12% compared to the third quarter of 2021.
At September 30, 2022, the ratio of tangible
common equity to tangible assets increased to 9.79%, and tangible
book value per share was $15.98. A decline in the value of the
available for sale securities portfolio, driven by rising interest
rates during the first three quarters of 2022, negatively impacted
the ratio of tangible common equity to tangible assets by 159 basis
points and negatively impacted tangible book value per share by
$2.93 compared to December 31, 2021.
For the third quarter of 2022, return on average
tangible assets was 1.17%, return on average tangible shareholders'
equity was 11.53%, and the efficiency ratio was 57.13%, compared to
1.29%, 13.01%, and 56.22%, respectively, in the prior quarter, and
1.00%, 9.56%, and 59.55%, respectively, in the prior year quarter.
Adjusted return on average tangible assets1 in the third
quarter of 2022 was 1.27%, adjusted return on average tangible
shareholders' equity1 was 12.48%, and the adjusted
efficiency ratio1 was 53.28%, compared to 1.38%, 13.97%,
and 53.15%, respectively, in the prior quarter, and 1.23%, 11.72%,
and 51.50%, respectively, in the prior year quarter.
Charles M. Shaffer, Seacoast's Chairman and CEO,
said, "Seacoast’s team delivered another solid quarter, highlighted
by a significant increase in the net interest margin and net
interest income, disciplined growth in loan outstandings, and
continued strong asset quality metrics. In addition, quarter over
quarter, adjusted pre-tax pre-provision earnings of $49.0 million
improved 6%, driven by a material increase in net interest
income."
Shaffer added, "We continue to operate the
company with a robust balance sheet, fortified by a tangible common
equity ratio of 9.79%, which increased over the prior quarter
despite rising interest rates that impacted accumulated
comprehensive income. We saw continued improvements in already
strong credit quality metrics, and the allowance for credit losses
totals $95.3 million, with an additional $19.1 million in purchase
discount on acquired loans. This provides meaningful loss
absorption capacity which, when aggregated, represents 1.71% of
loans outstanding. Seacoast’s balance sheet is supported by one of
the best customer franchises in the industry, delivering low-cost
funding and liquidity. We closed the quarter with a loan to deposit
ratio of 76% which, looking forward, allows remix of the balance
sheet to higher-yielding earning assets to support continued growth
in net interest income."
Shaffer concluded, "I would like to thank all
Seacoast associates for focusing on quickly recovering from
Hurricane Ian and assisting our customers after the storm passed.
All Seacoast branch offices were open within a few days, and the
team rapidly pivoted and completed the Apollo and Drummond
acquisitions. The team showed remarkable commitment and resilience
in the face of a significant weather event, and I am very proud of
all involved."
Acquisitions Update
Seacoast’s balanced growth strategy, combining
organic growth with value-creating acquisitions, continues to
benefit shareholders and expand the franchise across Florida.
On October 7, 2022, the Company completed the
previously announced acquisition of Apollo Bancshares, Inc.
(“Apollo”), which added approximately $718 million in loans and
$857 million in deposits, and will provide expansion into
Miami-Dade county, one of the fastest growing and most dynamic
markets in the United States. System conversion activities were
completed immediately after the closing of the transaction.
Also on October 7, 2022, the Company completed
the previously announced acquisition of Drummond Banking Company
(“Drummond”), providing Seacoast with an entry point into
Gainesville, Ocala, and surrounding markets adding low-cost core
deposits and diversified business lines. At the closing date,
Drummond had approximately $590 million in loans and $882 million
in deposits, providing a strong core deposit base, which highlights
depository relationships that will provide a stable funding source
for future loan growth and higher margins in a rising rate
environment. Full integration and system conversion activities are
expected to be completed in the first quarter of 2023.
On August 8, 2022, the Company announced its
proposed acquisition of Professional Holding Corp. (“Professional”)
(NASDAQ: PFHD), the sixth largest bank headquartered in South
Florida. The transaction, which is expected to close in the first
quarter of 2023, will increase market share in Miami-Dade, Broward,
and Palm Beach counties. Full integration and system conversion
activities are expected to be completed late in the second quarter
of 2023.
In the first quarter of 2022, Seacoast completed
the acquisitions of Sabal Palm Bancorp, Inc. (“Sabal Palm”) in
Sarasota and Business Bank of Florida Corp. (“BBFC”) in Brevard
County, which collectively added a combined $368 million in loans
and $562 million in deposits. Integration activities, including
system conversion, were completed in the first quarter of 2022 for
BBFC and in the second quarter of 2022 for Sabal Palm.
Update on Hurricane
Ian
In late September, communities across our
corporate footprint were impacted by Hurricane Ian. We maintained
uninterrupted digital and telephone access for our customers and,
having experienced minimal impacts to our branch properties, we
fully reopened to serve our communities shortly after the storm had
passed. Recovery efforts in many areas continue and the full
impacts on people and businesses in the most hard-hit regions are
not fully known. In light of these uncertainties, the Company added
$2.1 million to the provision for credit losses.
Financial Results
Income Statement
- Net
income was $29.2 million, or $0.47 per diluted share, for
the third quarter of 2022 compared to net income of $32.8 million,
or $0.53 per diluted share, for the prior quarter, and $22.9
million, or $0.40 per diluted share, for the prior year quarter.
For the nine months ended September 30, 2022, net income was $82.6
million, or $1.33 per diluted share, compared to $88.1 million, or
$1.56 per diluted share, for the nine months ended September 30,
2021. The current year-to-date results included $12.1 million in
provision for credit losses, including $5.1 million in the first
quarter of 2022 recorded for loans acquired in the Sabal Palm and
BBFC transactions, and additional coverage for potential impacts
from Hurricane Ian. Prior year-to-date results included the
reversal of provision for credit losses of $5.5 million, reflecting
improvement at the time in post-COVID economic indicators. Adjusted
net income1 for the third quarter of 2022 was $32.8
million, or $0.53 per diluted share. This compares to $36.3
million, or $0.59 per diluted share, for the prior quarter, and
$29.4 million, or $0.51 per diluted share, for the prior year
quarter. For the nine months ended September 30, 2022, adjusted net
income1 was $96.2 million, or $1.56 per diluted share,
compared to $98.1 million, or $1.74 per diluted share, for the nine
months ended September 30, 2021.
- Net
revenues were $104.4 million in the third quarter of 2022,
an increase of $5.8 million, or 6%, compared to the prior quarter,
and an increase of $14.0 million, or 16%, compared to the prior
year quarter. For the nine months ended September 30, 2022, net
revenues were $294.9 million, an increase of $39.1 million, or 15%,
compared to the nine months ended September 30, 2021. Adjusted
revenues1 were $104.7 million in the third quarter of
2022, an increase of $5.8 million, or 6%, compared to the prior
quarter, and an increase of $14.4 million, or 16%, compared to the
prior year quarter. For the nine months ended September 30, 2022,
adjusted revenues1 were $296.0 million, an increase of
$40.1 million, or 16%, compared to the nine months ended September
30, 2021.
- On an adjusted
basis, pre-tax pre-provision earnings1
were $49.0 million, an increase of 6% compared to the second
quarter of 2022 and an increase of 12% compared to the third
quarter of 2021.
- Net
interest income totaled $88.3 million in the third quarter
of 2022, an increase of $6.6 million, or 8%, from the second
quarter of 2022 and an increase of $17.0 million, or 24%, compared
to the third quarter of 2021. For the nine months ended September
30, 2022, net interest income was $246.5 million, an increase of
$42.7 million, or 21%, compared to the nine months ended September
30, 2021.
- Net
interest margin increased 29 basis points to 3.67% in the
third quarter of 2022 compared to 3.38% in the second quarter of
2022. Excluding the effects of PPP and accretion on acquired loans,
net interest margin increased 33 basis points to 3.57% in the third
quarter of 2022 from 3.24% in the second quarter of 2022.
Securities yields increased 38 basis points to 2.36%, and loan
yields increased 16 basis points to 4.45%. The effect on net
interest margin of accretion of purchase discounts on acquired
loans in the third quarter of 2022 was nine basis points. The cost
of deposits increased three basis points to nine basis points for
the third quarter of 2022 compared to six basis points in the prior
quarter.
-
Noninterest income totaled $16.1 million in the
third quarter of 2022, a decrease of $0.9 million, or 5%, compared
to the prior quarter, and a decrease of $2.9 million, or 15%,
compared to the prior year quarter. For the nine months ended
September 30, 2022, noninterest income was $48.4 million, a
decrease of $3.6 million, or 7%, compared to the nine months ended
September 30, 2021. Results for the third quarter of 2022 included
the following:
- Service charges
on deposits, which increased $0.1 million compared to the prior
quarter and $1.0 million year over year, continue to benefit from
growth in commercial deposit relationships.
- Despite the
impact of market declines, the wealth management division has
demonstrated continued success in building relationships, and
during the third quarter of 2022, we transitioned $100.0 million in
customer deposit outstandings to assets under management in our
wealth division.
- Mortgage banking
fees continue to be impacted by the overall slowdown attributed to
significant increases in mortgage rates and low inventory levels,
declining $0.5 million compared to the prior quarter.
- Other income
increased by $0.2 million in the third quarter of 2022, compared to
the prior quarter, with increases in SBIC investment income offset
by lower loan-swap related income.
- The Company
recognized $0.4 million in securities losses in the third quarter
of 2022, compared to $0.3 million in the second quarter of 2022 and
nominal losses in the third quarter of 2021. Losses in each period
represent mark to market adjustment on the Company’s CRA-qualified
mutual fund.
- The
provision for credit losses was $4.7 million in
the third quarter of 2022, compared to $0.8 million in the prior
quarter. The increase reflects loan growth, along with changes in
economic forecast factors, and losses that may result from the
impact of Hurricane Ian on our borrowers.
-
Noninterest expense was $61.4 million in the third
quarter of 2022, an increase of $5.2 million, or 9%, compared to
the prior quarter, and an increase of $6.1 million, or 11%,
compared to the prior year quarter. Of the increase, $2.6 million
was unique to the quarter, including the provision for unfunded
commitments, recruiting, and project-related expenses that are not
expected to recur. Noninterest expense was $176.4 million for the
nine months ended September 30, 2022, compared to
$147.2 million in the nine months ended September 30, 2021.
Changes from the second quarter of 2022 included the following:
- Salaries and
wages increased $0.4 million to $28.4 million in the third quarter
of 2022. During the third quarter the Company had the opportunity
to invest in a team of well-seasoned C&I focused commercial
bankers, treasury officers, and credit officers in North Florida,
complementing our acquisition of Drummond and further expanding our
reach in Ocala and Gainesville. Additionally, we expanded our
commercial banking team in West and Central Florida, adding a
significant number of bankers in these markets. Lastly, we
hired numerous support and treasury roles supporting the Company's
successful strategy of banking middle market operating
companies.
- Outsourced data
processing costs decreased by $0.7 million in the third quarter of
2022, primarily attributed to merger related conversion costs
incurred in the second quarter of 2022.
- Occupancy costs
increased quarter over quarter as a result of the Company acquiring
two branch properties that it had previously leased. The resulting
write-offs of lease assets of $0.9 million impacted occupancy
expense during the quarter, with ongoing expected annual savings of
$0.3 million in net occupancy expense on these branches.
- Legal and
professional fees increased by $0.8 million to $3.8 million in the
third quarter of 2022, reflecting higher merger-related expenses
and professional fees on a project that was completed.
- The prior
quarter included a $1.0 million gain on sale of an OREO property.
No OREO sale activity occurred in the third quarter.
- Other expenses
increased by $2.2 million, primarily reflecting higher
merger-related expenses and higher recruiting costs.
- A $1.0 million
provision for credit losses on unfunded commitments reflects
modeled results of changes in economic factors.
- Seacoast
recorded $9.1 million of income tax expense in the
third quarter of 2022, compared to $8.9 million in the second
quarter of 2022 and $7.0 million in the third quarter of 2021. The
second quarter of 2022 included a $1.0 million refund of Florida
corporate income tax paid in prior periods. Tax benefits related to
stock-based compensation totaled $0.2 million in the third
quarter of 2022, $0.4 million in the second quarter of 2022,
and $0.3 million in the third quarter of 2021.
- The ratio of
net adjusted noninterest
expense1 to average tangible
assets was 2.16% in the third quarter of 2022, compared to 2.00% in
the second quarter of 2022 and 1.95% in the third quarter of 2021.
The increase in the ratio was primarily driven by a decline in
total assets from the prior quarter.
- The efficiency
ratio was 57.13% in the third quarter of 2022, compared to
56.22% in the second quarter of 2022 and 59.55% in the prior year
quarter. The adjusted efficiency
ratio1 was 53.28% in the third
quarter of 2022, compared to 53.15% in the second quarter of 2022
and 51.50% in the prior year quarter. The Company continues to
remain keenly focused on disciplined expense control.
Balance Sheet
- At September 30,
2022, the Company had total assets of $10.3
billion and total shareholders'
equity of $1.3 billion. Book value per
share was $20.95 on September 30, 2022, compared to $21.65
on June 30, 2022, and $22.12 on September 30, 2021.
Tangible book value per share totaled $15.98 on
September 30, 2022 compared to $16.66 on June 30, 2022 and $17.52
on September 30, 2021. A continued decline in the value of the
available for sale securities portfolio driven by rising interest
rates negatively impacted tangible book value per share by $2.93
when compared to December 31, 2021.
- Debt
securities totaled $2.6 billion on September 30, 2022, an
increase of $39.9 million, or 2%, compared to June 30, 2022.
Purchases during the third quarter of 2022 totaled $199.6 million,
consisting primarily of agency-issued securities at an average
yield of 3.81%. The Company continues to take a prudent and
disciplined approach to reinvest its excess liquidity.
-
Loans totaled $6.7 billion on September 30, 2022,
an increase of $149.3 million compared to June 30, 2022. Excluding
PPP, loans outstanding grew 10% on an annualized basis. The Company
continues to exercise a disciplined approach to loan growth,
carefully underwriting loans to strict underwriting
guidelines.
- Loan
originations were $554.7 million in the third quarter
of 2022, a decrease of 24% compared to $734.0 million in the
second quarter of 2022. The weighted average add-on rate for loan
outstandings increased to 5.50% by the end of the third quarter.
- Commercial
originations were $340.4 million during the third quarter of
2022, compared to $461.9 million in the second quarter of
2022, and $331.6 million in the third quarter of 2021.
- Consumer
originations in the third quarter of 2022 were $128.6 million,
compared to $126.5 million in the second quarter of 2022 and $66.4
million in the third quarter of 2021. The increase from the prior
year is primarily the result of consumer lending teams that joined
the Company in late 2021.
- Residential
loans originated for sale in the secondary market totaled $16.4
million in the third quarter of 2022, compared to $42.7 million in
the second quarter of 2022 and $95.1 million in the third quarter
of 2021.
- Closed
residential loans retained in the portfolio totaled $69.3 million
in the third quarter of 2022, compared to $103.0 million in the
second quarter of 2022, and $250.8 million in the third quarter of
2021.
-
Pipelines (loans in underwriting and approval or
approved and not yet closed) totaled $641.4 million on
September 30, 2022, an increase of 3% from June 30, 2022 and
an increase of 34% from September 30, 2021.
- Commercial
pipelines were $530.4 million as of September 30, 2022, an increase
of 11% from $476.7 million at June 30, 2022, and an increase of 44%
from $368.9 million at September 30, 2021. The Company continues to
focus on generating disciplined growth in full relationships,
including credit facilities, deposit relationships, and wealth
opportunities.
- Consumer
pipelines were $43.7 million as of September 30, 2022, a
decrease of 42% from $75.5 million at June 30, 2022, and an
increase of 41% from $31.0 million at September 30, 2021. The
decline in the consumer pipeline is the result of higher rates
slowing consumer loan demand.
- Residential
saleable pipelines were $6.6 million as of September 30, 2022,
compared to $14.7 million at June 30, 2022, and $42.8 million at
September 30, 2021. Retained residential pipelines were $60.7
million as of September 30, 2022, compared to $53.1 million at June
30, 2022, and $35.4 million at September 30, 2021.
- Total
deposits were $8.8 billion as of September 30, 2022, a
decrease of $423.5 million, or 5%, compared to June 30, 2022, and
an increase of $431.2 million, or 5%, compared to September 30,
2021. The decline in deposits from the prior quarter included
$100 million in transfers to wealth AUM, a $110 million decline in
public funds moving to the state’s investment program, a $41
million decline in time deposits, and a $25 million decline in
brokered deposits. The Company has continued to manage deposit
pricing lower than competitors, and with an average loan-to-deposit
ratio of 74% during the quarter, has maintained balance sheet
flexibility supporting expansion of the net interest margin.
- At September 30,
2022, the percentage of total transaction account balances to
overall deposit funding increased to 65%, which continues to
support the Company’s ability to maintain a consistently low cost
of deposits.
- Average
noninterest demand account balances increased from the second
quarter of 2022, overcoming a typical summer seasonal decline.
- The overall cost
of deposits increased three basis points from the prior
quarter.
Asset Quality
- Credit
metrics remain strong with charge-offs, non-accruals, and
criticized assets at historically low levels. The Company remains
diligent in its monitoring of these metrics, as well as changes in
the broader economic environment.
-
Nonperforming loans decreased by $5.0 million to
$21.5 million at September 30, 2022. Nonperforming loans to total
loans outstanding were 0.32% at September 30, 2022, 0.40% at June
30, 2022, and 0.55% at September 30, 2021.
-
Nonperforming assets to total assets declined to
0.23% at September 30, 2022, compared to 0.27% at June 30, 2022,
and 0.47% at September 30, 2021.
-
The ratio of allowance for credit losses
to total loans was 1.42% at September 30, 2022, 1.39% at
June 30, 2022, and 1.49% at September 30, 2021. Excluding PPP
loans, the ratio of allowance for credit losses to total loans at
September 30, 2022 was 1.43%, compared to 1.39% at June 30, 2022,
and 1.54% at September 30, 2021.
- Net
charge-offs of $0.1 million for the third quarter of 2022
compared to net recoveries of $0.1 million in the second quarter of
2022 and net charge-offs of $1.4 million in the third quarter of
2021. Net charge-offs for the four most recent quarters averaged
0.01%.
-
Portfolio diversification, in terms of asset mix,
industry, and loan type, has been a critical element of the
Company's lending strategy. Exposure across industries and
collateral types is broadly distributed. Seacoast's average
commercial loan size is $589 thousand, reflecting an ability to
maintain granularity within the overall loan portfolio.
-
Construction and land development
and commercial real estate loans remain well below
regulatory guidance at 30% and 191% of total bank-level risk-based
capital, respectively, compared to 29% and 192% respectively, at
June 30, 2022. On a consolidated basis, construction and land
development and commercial real estate loans represent 28% and
175%, respectively, of total consolidated risk-based
capital.
Capital and
Liquidity
- The Company
continues to operate with a fortress balance sheet, with a
tier 1 capital ratio at September 30, 2022, of
16.5% compared to 16.8% at June 30, 2022, and 17.7% at September
30, 2021. The total capital ratio was 17.5% and
the tier 1 leverage ratio was 12.1% at September
30, 2022.
- Cash and
cash equivalents at September 30, 2022 totaled $218.6
million, with decreases from the prior quarter resulting from loan
growth, more modest deployment of liquidity in investments in the
securities portfolio, and deposit outflows.
- Tangible common equity to
tangible assets was 9.79% at September 30, 2022, compared
to 9.74% at June 30, 2022, and 10.62% at September 30, 2021.
Declines in the value of available for sale securities due to
rising interest rates in 2022 negatively impacted equity year to
date by $180.2 million.
- At September 30, 2022, the Company
had available unsecured lines of credit of $165.0
million and lines of credit under lendable collateral value of $2.1
billion. Additionally, $2.1 billion of debt securities and
$959.3 million of residential and commercial real estate loans are
available as collateral for potential borrowings.
1Non-GAAP measure, see “Explanation of Certain
Unaudited Non-GAAP Financial Measures" for more information and for
a reconciliation to GAAP.
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FINANCIAL
HIGHLIGHTS |
|
|
|
|
|
|
|
(Amounts in thousands except per share data) |
(Unaudited) |
|
Quarterly Trends |
|
|
|
|
|
|
|
|
|
|
|
3Q'22 |
|
2Q'22 |
|
1Q'22 |
|
4Q'21 |
|
3Q'21 |
Selected balance sheet
data: |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
10,345,235 |
|
|
$ |
10,811,704 |
|
|
$ |
10,904,817 |
|
|
$ |
9,681,433 |
|
|
$ |
9,893,498 |
|
Gross loans |
|
6,690,845 |
|
|
|
6,541,548 |
|
|
|
6,451,217 |
|
|
|
5,925,029 |
|
|
|
5,905,884 |
|
Total deposits |
|
8,765,414 |
|
|
|
9,188,953 |
|
|
|
9,243,768 |
|
|
|
8,067,589 |
|
|
|
8,334,172 |
|
|
|
|
|
|
|
|
|
|
|
Performance measures: |
|
|
|
|
|
|
|
|
|
Net income |
$ |
29,237 |
|
|
$ |
32,755 |
|
|
$ |
20,588 |
|
|
$ |
36,330 |
|
|
$ |
22,944 |
|
Net interest margin |
|
3.67 |
% |
|
|
3.38 |
% |
|
|
3.25 |
% |
|
|
3.16 |
% |
|
|
3.22 |
% |
Pre-tax pre-provision earnings1 |
|
43,143 |
|
|
|
42,580 |
|
|
|
33,095 |
|
|
|
40,855 |
|
|
|
35,215 |
|
Average diluted shares outstanding |
|
61,961 |
|
|
|
61,923 |
|
|
|
61,704 |
|
|
|
59,016 |
|
|
|
57,645 |
|
Diluted earnings per share (EPS) |
$ |
0.47 |
|
|
$ |
0.53 |
|
|
$ |
0.33 |
|
|
$ |
0.62 |
|
|
$ |
0.40 |
|
Return on (annualized): |
|
|
|
|
|
|
|
|
|
Average assets (ROA) |
|
1.10 |
% |
|
|
1.21 |
% |
|
|
0.79 |
% |
|
|
1.43 |
% |
|
|
0.93 |
% |
Average tangible assets (ROTA)2 |
|
1.17 |
|
|
|
1.29 |
|
|
|
0.85 |
|
|
|
1.51 |
|
|
|
1.00 |
|
Average tangible common equity (ROTCE)2 |
|
11.53 |
|
|
|
13.01 |
|
|
|
8.02 |
|
|
|
14.29 |
|
|
|
9.56 |
|
Tangible common equity to tangible assets2 |
|
9.79 |
|
|
|
9.74 |
|
|
|
9.90 |
|
|
|
11.09 |
|
|
|
10.62 |
|
Tangible book value per share2 |
$ |
15.98 |
|
|
$ |
16.66 |
|
|
$ |
17.12 |
|
|
$ |
17.84 |
|
|
$ |
17.52 |
|
Efficiency ratio |
|
57.13 |
% |
|
|
56.22 |
% |
|
|
62.33 |
% |
|
|
53.70 |
% |
|
|
59.55 |
% |
|
|
|
|
|
|
|
|
|
|
Adjusted operating
measures1: |
|
|
|
|
|
|
|
|
|
Adjusted net income |
$ |
32,837 |
|
|
$ |
36,327 |
|
|
$ |
27,056 |
|
|
$ |
36,854 |
|
|
$ |
29,350 |
|
Adjusted pre-tax pre-provision earnings |
$ |
48,989 |
|
|
$ |
46,397 |
|
|
$ |
41,737 |
|
|
$ |
42,258 |
|
|
$ |
43,901 |
|
Adjusted diluted EPS |
|
0.53 |
|
|
|
0.59 |
|
|
|
0.44 |
|
|
|
0.62 |
|
|
|
0.51 |
|
Adjusted ROTA2 |
|
1.27 |
% |
|
|
1.38 |
% |
|
|
1.06 |
% |
|
|
1.49 |
% |
|
|
1.23 |
% |
Adjusted ROTCE2 |
|
12.48 |
|
|
|
13.97 |
|
|
|
10.01 |
|
|
|
14.11 |
|
|
|
11.72 |
|
Adjusted efficiency ratio |
|
53.28 |
|
|
|
53.15 |
|
|
|
54.86 |
|
|
|
53.43 |
|
|
|
51.50 |
|
Net adjusted noninterest expense as a percent of average tangible
assets2 |
|
2.16 |
|
|
|
2.00 |
|
|
|
1.99 |
|
|
|
1.96 |
|
|
|
1.95 |
|
|
|
|
|
|
|
|
|
|
|
Other data: |
|
|
|
|
|
|
|
|
|
Market capitalization3 |
$ |
1,858,429 |
|
|
$ |
2,028,996 |
|
|
$ |
2,144,586 |
|
|
$ |
2,070,465 |
|
|
$ |
1,972,784 |
|
Full-time equivalent employees |
|
1,156 |
|
|
|
1,095 |
|
|
|
1,066 |
|
|
|
989 |
|
|
|
995 |
|
Number of ATMs |
|
79 |
|
|
|
79 |
|
|
|
79 |
|
|
|
75 |
|
|
|
72 |
|
Full-service banking offices |
|
58 |
|
|
|
58 |
|
|
|
58 |
|
|
|
54 |
|
|
|
52 |
|
1Non-GAAP measure, see “Explanation of
Certain Unaudited Non-GAAP Financial Measures" for more information
and a reconciliation to GAAP. |
2The Company defines tangible assets as
total assets less intangible assets, and tangible common equity as
total shareholders' equity less intangible assets. |
3Common shares outstanding multiplied by
closing bid price on last day of each period. |
|
Third Quarter 2022 Strategic
Highlights
Capitalizing on
Seacoast’s Commitment to Digital Transformation
- During the third
quarter, Seacoast launched several new digital banking features by
building an even more competitive digital experience while
positioning the bank to scale across the state. The addition of an
online account opening functionality streamlines account opening
for customers and enhanced fraud protection tools for both
businesses and consumers provides additional safeguards.
- Seacoast’s
online banking features are now available in both English and
Spanish, supporting customer preferences and enhancing our ability
to bring relationship-based banking to markets across the
state.
Driving Sustainable Growth and Expanding
our Footprint
- As the Company
continues its focus on building the leading commercial bank in
Florida, Chris Rolle and Brannon Fitch, previously Regional
Presidents in West and North Florida, respectively, have taken on
new roles as South Group President and North Group President,
responsible for leading the commercial banking teams in their
respective markets.
- During the
quarter, the Company recruited a well-seasoned and successful
C&I focused commercial banking team in North Florida,
complementing the Drummond acquisition, and expanding its reach
into Ocala and Gainesville. The Company also expanded its
commercial banking team in West and Central Florida. Additionally,
well-seasoned successful treasury talent was added to the franchise
in multiple markets, supporting the Company’s successful strategy
of banking middle market operating companies.
- The Company
completed the acquisition of Apollo Bancshares, Inc. on October 7,
2022, adding meaningful scale in Miami-Dade county and a
growth-oriented team with deep local relationships. The technology
conversion went extremely well, and the Miami-Dade county team is
now fully focused on growing the franchise.
- Also on October
7, 2022, the Company completed the acquisition of Drummond
Bancshares, Inc. Drummond is a 32 year-old institution with a
seasoned, consistently profitable franchise. Its low-cost core
deposits are driven by deep customer loyalty, and the acquisition
adds presence in the rapidly growing North Florida market. As of
September 30, 2022, Drummond’s demand deposits represented 78% of
its total deposits.
- The upcoming
acquisition of Professional Holding Corp. expands the Company’s
presence in the tri-county South Florida area, with a
relationship-driven team focused on local businesses. The
acquisition will further enhance Seacoast’s branch network and add
scarcity value in a robust banking market.
Scaling and Evolving Our
Culture
- Seacoast has
been recognized by the Human Rights Foundation for the third
consecutive year, earning a perfect score for Workplace Equality in
the 2022 Corporate Equality index.
- For the second
year in a row, Seacoast is thrilled to be named one of the Orlando
Business Journal's 2022 Best Places to Work, which highlights our
commitment to employees’ well-being, as well as our numerous
diversity and inclusion initiatives.
OTHER INFORMATION
Conference Call Information
Seacoast will host a conference call on October 28, 2022 at
10:00 a.m. (Eastern Time) to discuss the third quarter 2022
earnings results and business trends. Investors may call in
(toll-free) by dialing (866) 374-5140 (passcode: 6944 8197#; host:
Charles Shaffer). Charts will be used during the conference call
and may be accessed at Seacoast's website at
www.SeacoastBanking.com by selecting "Presentations" under the
heading "News/Events." A replay of the call will be available for
one month, beginning late afternoon on October 28, 2022, and
can be accessed via a link at www.SeacoastBanking.com under the
heading “Corporate Information,” using the passcode EV00136823.
Alternatively, individuals may listen to the
live webcast of the presentation by visiting Seacoast's website at
www.SeacoastBanking.com. The link is located under the heading
“Corporate Information.” Beginning late afternoon on
October 28, 2022, an archived version of the webcast can be
accessed from this same subsection of the website. The archived
webcast will be available for one year.
About Seacoast Banking Corporation of
Florida (NASDAQ: SBCF)
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) is one of
the largest community banks headquartered in Florida with
approximately $10.3 billion in assets and $8.8 billion in deposits
as of September 30, 2022. Seacoast provides integrated
financial services including commercial and consumer banking,
wealth management, and mortgage services to customers at over 50
full-service branches across Florida, and through advanced mobile
and online banking solutions. Seacoast National Bank is the
wholly-owned subsidiary bank of Seacoast Banking Corporation of
Florida. For more information about Seacoast, visit
www.SeacoastBanking.com.
Additional Information
Seacoast has filed a registration statement on
Form S-4 with the United States Securities and Exchange Commission
(the "SEC") in connection with the proposed merger of Professional
Holding Corp. and Professional Bank with and into Seacoast and
Seacoast National Bank, respectively. The registration statement in
connection with the merger includes a proxy statement of
Professional Holding Corp. and a prospectus of Seacoast. This
communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval. WE URGE INVESTORS TO READ THE PROXY
STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS TO BE FILED WITH THE
SEC IN CONNECTION WITH THE MERGERS OR INCORPORATED BY REFERENCE IN
THE PROXY STATEMENT/PROSPECTUS BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION.
Investors may obtain these documents free of
charge at the SEC’s website (www.sec.gov). In addition, documents
filed with the SEC by Seacoast will be available free of charge by
contacting Investor Relations at (772) 288-6085.
Professional Holding Corp. and Professional
Bank, their directors, executive officers, other members of
management, and employees may be considered participants in the
solicitation of proxies in connection with the proposed mergers
with and into Seacoast and Seacoast National Bank. Information
regarding the participants in the proxy solicitation of
Professional Holding Corp. and a description of its direct and
indirect interests, by security holdings or otherwise, is contained
in the proxy statement/prospectus and other relevant materials to
be filed with the SEC.
Cautionary Notice Regarding
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning, and protections, 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 the
Company’s markets, and improvements to reported earnings that may
be realized from cost controls, tax law changes, new initiatives
and for integration of banks that the Company has acquired,
including Apollo Bancshares, Inc. and Drummond Banking Company, or
expects to acquire, including Professional Holding Corp. as well as
statements with respect to Seacoast's objectives, strategic plans,
expectations and intentions and other statements that are not
historical facts, any of which may be impacted by the COVID-19
pandemic and any variants thereof and related effects on the U.S.
economy. Actual results may differ from those set forth in the
forward-looking statements.
Forward-looking statements include
statements with respect to the Company’s beliefs, plans,
objectives, goals, expectations, anticipations, assumptions,
estimates and intentions about future performance and involve known
and unknown risks, uncertainties and other factors, which may be
beyond the Company’s 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 the Company to update any forward-looking
statements.
All statements other than statements of
historical fact could be forward-looking statements. You can
identify these forward-looking statements through the use of words
such as "may", "will", "anticipate", "assume", "should", "support",
"indicate", "would", "believe", "contemplate", "expect",
"estimate", "continue", "further", "plan", "point to", "project",
"could", "intend", "target" 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, and the risk of economic recession; the adverse impact
of COVID-19 (economic and otherwise) on the Company and its
customers, counterparties, employees, and third-party service
providers, and the adverse impacts to our business, financial
position, results of operations and prospects; government or
regulatory responses to the COVID-19 pandemic; governmental
monetary and fiscal policies, including interest rate policies of
the Board of Governors of the Federal Reserve, as well as
legislative, tax and regulatory changes, including those that
impact the money supply and inflation; changes in accounting
policies, rules and practices, including the impact of the adoption
of the current expected credit losses (“CECL”) methodology; the
risks of changes in interest rates on the level and composition of
deposits, loan demand, liquidity and the values of loan collateral,
securities, and interest rate sensitive assets and liabilities;
interest rate risks, sensitivities and the shape of the yield
curve; uncertainty related to the impact of LIBOR calculations on
securities, loans and debt; changes in borrower credit risks and
payment behaviors including as a result of the financial impact of
COVID-19; changes in retail distribution strategies, customer
preferences and behavior (including as a result of economic
factors); changes in the availability and cost of credit and
capital in the financial markets; changes in the prices, values and
sales volumes of residential and commercial real estate; our
ability to comply with any regulatory requirements; the effects of
problems encountered by other financial institutions that adversely
affect Seacoast or the banking industry; the Company’s
concentration in commercial real estate loans and in real estate
collateral in Florida; inaccuracies or other failures from the use
of models, including the failure of assumptions and estimates, as
well as differences in, and changes to, economic, market and credit
conditions; the impact on the valuation of Seacoast’s investments
due to market volatility or counterparty payment risk, as well as
the effect of a fall in stock market prices on our fee income from
our brokerage and wealth management businesses; statutory and
regulatory dividend restrictions; increases in regulatory capital
requirements for banking organizations generally; the risks of
mergers, acquisitions and divestitures, including Seacoast’s
ability to continue to identify acquisition targets, successfully
acquire and integrate desirable financial institutions and realize
expected revenues and revenue synergies; changes in technology or
products that may be more difficult, costly, or less effective than
anticipated; the Company’s ability to identify and address
increased cybersecurity risks, including as a result of employees
working remotely; inability of Seacoast’s risk management framework
to manage risks associated with the Company’s business; dependence
on key suppliers or vendors to obtain equipment or services for the
business on acceptable terms, including the impact of supply chain
disruptions; reduction in or the termination of Seacoast’s ability
to use the online- or mobile-based platform that is critical to the
Company’s business growth strategy; the effects of war or other
conflicts, including the impacts related to or resulting from
Russia’s military action in Ukraine, acts of terrorism, natural
disasters, health emergencies, epidemics or pandemics, or other
catastrophic events that may affect general economic conditions;
unexpected outcomes of and the costs associated with, existing or
new litigation involving the Company, including as a result of the
Company’s participation in the Paycheck Protection Program (“PPP”);
Seacoast’s ability to maintain adequate internal controls over
financial reporting; potential claims, damages, penalties, fines
and reputational damage resulting from pending or future
litigation, regulatory proceedings and enforcement actions; the
risks that deferred tax assets could be reduced if estimates of
future taxable income from the Company’s operations and tax
planning strategies are less than currently estimated and sales of
capital stock could trigger a reduction in the amount of net
operating loss carryforwards that the Company may be able to
utilize for income tax purposes; the effects of competition from
other commercial banks, thrifts, mortgage banking firms, consumer
finance companies, credit unions, non-bank financial technology
providers, securities brokerage firms, insurance companies, money
market and other mutual funds and other financial institutions
operating in the Company’s 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; the failure
of assumptions underlying the establishment of reserves for
possible credit losses.
The risks relating to the mergers of Apollo
Bancshares, Inc., Drummond Banking Company and Professional Holding
Corp. includes, without limitation: the diversion of management's
time on issues related to the mergers; 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 mergers 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 disruptions, 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 the Company’s annual
report on Form 10-K for the year ended December 31, 2021 and
quarterly reports on Form 10-Q for the quarters ended March 31,
2022 and June 30, 2022 under "Special Cautionary Notice Regarding
Forward-Looking Statements" and "Risk Factors", and otherwise in
the Company’s SEC reports and filings. Such reports are available
upon request from the Company, or from the Securities and Exchange
Commission, including through the SEC's Internet website at
www.sec.gov.
|
|
|
|
|
|
|
FINANCIAL HIGHLIGHTS |
(Unaudited) |
|
|
|
|
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
Quarterly Trends |
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except ratios and per share
data) |
3Q'22 |
|
2Q'22 |
|
1Q'22 |
|
4Q'21 |
|
3Q'21 |
|
3Q'22 |
|
3Q'21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
29,237 |
|
|
$ |
32,755 |
|
|
$ |
20,588 |
|
|
$ |
36,330 |
|
|
$ |
22,944 |
|
|
$ |
82,580 |
|
|
$ |
88,073 |
|
Adjusted net income1 |
|
32,837 |
|
|
|
36,327 |
|
|
|
27,056 |
|
|
|
36,854 |
|
|
|
29,350 |
|
|
|
96,220 |
|
|
|
98,098 |
|
Net
interest income2 |
|
88,399 |
|
|
|
81,764 |
|
|
|
76,639 |
|
|
|
72,412 |
|
|
|
71,455 |
|
|
|
246,802 |
|
|
|
204,129 |
|
Net
interest margin2,3 |
|
3.67 |
% |
|
|
3.38 |
% |
|
|
3.25 |
% |
|
|
3.16 |
% |
|
|
3.22 |
% |
|
|
3.44 |
% |
|
|
3.32 |
% |
Pre-tax pre-provision earnings1 |
|
43,143 |
|
|
|
42,580 |
|
|
|
33,095 |
|
|
|
40,855 |
|
|
|
35,215 |
|
|
|
118,818 |
|
|
|
108,978 |
|
Adjusted pre-tax pre-provision earnings1 |
|
48,989 |
|
|
|
46,397 |
|
|
|
41,737 |
|
|
|
42,258 |
|
|
|
43,901 |
|
|
|
137,123 |
|
|
|
122,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets-GAAP basis3 |
|
1.10 |
% |
|
|
1.21 |
% |
|
|
0.79 |
% |
|
|
1.43 |
% |
|
|
0.93 |
% |
|
|
1.03 |
% |
|
|
1.29 |
% |
Return on average tangible assets-GAAP basis3,4 |
|
1.17 |
|
|
|
1.29 |
|
|
|
0.85 |
|
|
|
1.51 |
|
|
|
1.00 |
|
|
|
1.11 |
|
|
|
1.37 |
|
Adjusted return on average tangible assets1,3,4 |
|
1.27 |
|
|
|
1.38 |
|
|
|
1.06 |
|
|
|
1.49 |
|
|
|
1.23 |
|
|
|
1.24 |
|
|
|
1.48 |
|
Net
adjusted noninterest expense to average tangible
assets1,3,4 |
|
2.16 |
|
|
|
2.00 |
|
|
|
1.99 |
|
|
|
1.96 |
|
|
|
1.95 |
|
|
|
2.05 |
|
|
|
2.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average shareholders' equity-GAAP basis3 |
|
8.60 |
|
|
|
9.73 |
|
|
|
5.96 |
|
|
|
11.06 |
|
|
|
7.29 |
|
|
|
8.08 |
|
|
|
9.93 |
|
Return on average tangible common equity-GAAP
basis3,4 |
|
11.53 |
|
|
|
13.01 |
|
|
|
8.02 |
|
|
|
14.29 |
|
|
|
9.56 |
|
|
|
10.82 |
|
|
|
12.89 |
|
Adjusted return on average tangible common
equity1,3,4 |
|
12.48 |
|
|
|
13.97 |
|
|
|
10.01 |
|
|
|
14.11 |
|
|
|
11.72 |
|
|
|
12.13 |
|
|
|
13.91 |
|
Efficiency ratio5 |
|
57.13 |
|
|
|
56.22 |
|
|
|
62.33 |
|
|
|
53.70 |
|
|
|
59.55 |
|
|
|
58.45 |
|
|
|
55.99 |
|
Adjusted efficiency ratio1 |
|
53.28 |
|
|
|
53.15 |
|
|
|
54.86 |
|
|
|
53.43 |
|
|
|
51.50 |
|
|
|
53.73 |
|
|
|
52.29 |
|
Noninterest income to total revenue (excluding securities
gains/losses) |
|
15.72 |
|
|
|
17.45 |
|
|
|
17.14 |
|
|
|
20.89 |
|
|
|
21.09 |
|
|
|
16.74 |
|
|
|
20.40 |
|
Tangible common equity to tangible assets4 |
|
9.79 |
|
|
|
9.74 |
|
|
|
9.89 |
|
|
|
11.09 |
|
|
|
10.62 |
|
|
|
9.79 |
|
|
|
10.62 |
|
Average loan-to-deposit ratio |
|
73.90 |
|
|
|
70.60 |
|
|
|
71.25 |
|
|
|
70.29 |
|
|
|
69.97 |
|
|
|
71.92 |
|
|
|
74.86 |
|
End
of period loan-to-deposit ratio |
|
76.35 |
|
|
|
71.34 |
|
|
|
70.01 |
|
|
|
73.84 |
|
|
|
71.46 |
|
|
|
76.35 |
|
|
|
71.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income diluted-GAAP basis |
$ |
0.47 |
|
|
$ |
0.53 |
|
|
$ |
0.33 |
|
|
$ |
0.62 |
|
|
$ |
0.40 |
|
|
$ |
1.33 |
|
|
$ |
1.56 |
|
Net
income basic-GAAP basis |
|
0.48 |
|
|
|
0.53 |
|
|
|
0.34 |
|
|
|
0.62 |
|
|
|
0.40 |
|
|
|
1.35 |
|
|
|
1.57 |
|
Adjusted earnings1 |
|
0.53 |
|
|
|
0.59 |
|
|
|
0.44 |
|
|
|
0.62 |
|
|
|
0.51 |
|
|
|
1.56 |
|
|
|
1.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book
value per share common |
|
20.95 |
|
|
|
21.65 |
|
|
|
22.15 |
|
|
|
22.40 |
|
|
|
22.12 |
|
|
|
20.95 |
|
|
|
22.12 |
|
Tangible book value per share |
|
15.98 |
|
|
|
16.66 |
|
|
|
17.12 |
|
|
|
17.84 |
|
|
|
17.52 |
|
|
|
15.98 |
|
|
|
17.52 |
|
Cash
dividends declared |
|
0.17 |
|
|
|
0.17 |
|
|
|
0.13 |
|
|
|
0.13 |
|
|
|
0.13 |
|
|
|
0.47 |
|
|
|
0.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Non-GAAP measure - see "Explanation of
Certain Unaudited Non-GAAP Financial Measures" for more information
and a reconciliation to GAAP. |
|
|
2Calculated on a fully taxable equivalent
basis using amortized cost. |
|
|
3These ratios are stated on an annualized
basis and are not necessarily indicative of future
periods. |
|
|
4The Company defines tangible assets as
total assets less intangible assets, and tangible common equity as
total shareholders' equity less intangible assets. |
|
|
5Defined as noninterest expense less
amortization of intangibles and gains, losses, and expenses on
foreclosed properties divided by net operating revenue (net
interest income on a fully taxable equivalent basis plus
noninterest income excluding securities gains and
losses). |
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
(Unaudited) |
|
|
|
|
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
Quarterly Trends |
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except per share data) |
3Q'22 |
|
2Q'22 |
|
1Q'22 |
|
4Q'21 |
|
3Q'21 |
|
3Q'22 |
|
3Q'21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
15,653 |
|
|
$ |
12,387 |
|
|
$ |
10,041 |
|
|
$ |
8,574 |
|
|
$ |
7,775 |
|
|
$ |
38,081 |
|
|
$ |
20,632 |
|
Nontaxable |
|
138 |
|
|
|
138 |
|
|
|
140 |
|
|
|
139 |
|
|
|
143 |
|
|
|
416 |
|
|
|
438 |
|
Fees
on PPP loans |
|
295 |
|
|
|
676 |
|
|
|
1,373 |
|
|
|
3,011 |
|
|
|
5,218 |
|
|
|
2,344 |
|
|
|
14,485 |
|
Interest on PPP loans |
|
25 |
|
|
|
65 |
|
|
|
150 |
|
|
|
341 |
|
|
|
699 |
|
|
|
240 |
|
|
|
3,446 |
|
Interest and fees on loans - excluding PPP loans |
|
73,650 |
|
|
|
68,566 |
|
|
|
65,595 |
|
|
|
61,049 |
|
|
|
58,507 |
|
|
|
207,811 |
|
|
|
169,139 |
|
Interest on federal funds sold and other investments |
|
1,643 |
|
|
|
1,917 |
|
|
|
933 |
|
|
|
828 |
|
|
|
867 |
|
|
|
4,493 |
|
|
|
2,162 |
|
Total Interest Income |
|
91,404 |
|
|
|
83,749 |
|
|
|
78,232 |
|
|
|
73,942 |
|
|
|
73,209 |
|
|
|
253,385 |
|
|
|
210,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
1,623 |
|
|
|
994 |
|
|
|
767 |
|
|
|
711 |
|
|
|
849 |
|
|
|
3,384 |
|
|
|
2,894 |
|
Interest on time certificates |
|
380 |
|
|
|
436 |
|
|
|
468 |
|
|
|
494 |
|
|
|
583 |
|
|
|
1,284 |
|
|
|
2,294 |
|
Interest on borrowed money |
|
1,117 |
|
|
|
672 |
|
|
|
475 |
|
|
|
448 |
|
|
|
453 |
|
|
|
2,264 |
|
|
|
1,378 |
|
Total Interest Expense |
|
3,120 |
|
|
|
2,102 |
|
|
|
1,710 |
|
|
|
1,653 |
|
|
|
1,885 |
|
|
|
6,932 |
|
|
|
6,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
|
88,284 |
|
|
|
81,647 |
|
|
|
76,522 |
|
|
|
72,289 |
|
|
|
71,324 |
|
|
|
246,453 |
|
|
|
203,736 |
|
Provision for credit losses |
|
4,676 |
|
|
|
822 |
|
|
|
6,556 |
|
|
|
(3,942 |
) |
|
|
5,091 |
|
|
|
12,054 |
|
|
|
(5,479 |
) |
Net Interest Income After Provision for Credit
Losses |
|
83,608 |
|
|
|
80,825 |
|
|
|
69,966 |
|
|
|
76,231 |
|
|
|
66,233 |
|
|
|
234,399 |
|
|
|
209,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
3,504 |
|
|
|
3,408 |
|
|
|
2,801 |
|
|
|
2,606 |
|
|
|
2,495 |
|
|
|
9,713 |
|
|
|
7,171 |
|
Interchange income |
|
4,138 |
|
|
|
4,255 |
|
|
|
4,128 |
|
|
|
4,135 |
|
|
|
4,131 |
|
|
|
12,521 |
|
|
|
12,096 |
|
Wealth management income |
|
2,732 |
|
|
|
2,774 |
|
|
|
2,659 |
|
|
|
2,356 |
|
|
|
2,562 |
|
|
|
8,165 |
|
|
|
7,272 |
|
Mortgage banking fees |
|
434 |
|
|
|
932 |
|
|
|
1,686 |
|
|
|
2,030 |
|
|
|
2,550 |
|
|
|
3,052 |
|
|
|
9,752 |
|
Marine finance fees |
|
209 |
|
|
|
312 |
|
|
|
191 |
|
|
|
147 |
|
|
|
152 |
|
|
|
712 |
|
|
|
518 |
|
SBA
gains |
|
108 |
|
|
|
473 |
|
|
|
156 |
|
|
|
200 |
|
|
|
812 |
|
|
|
737 |
|
|
|
1,331 |
|
BOLI
income |
|
1,363 |
|
|
|
1,349 |
|
|
|
1,334 |
|
|
|
1,295 |
|
|
|
1,128 |
|
|
|
4,046 |
|
|
|
2,859 |
|
Other |
|
3,977 |
|
|
|
3,761 |
|
|
|
2,870 |
|
|
|
6,316 |
|
|
|
5,228 |
|
|
|
10,608 |
|
|
|
11,221 |
|
|
|
16,465 |
|
|
|
17,264 |
|
|
|
15,825 |
|
|
|
19,085 |
|
|
|
19,058 |
|
|
|
49,554 |
|
|
|
52,220 |
|
Securities losses, net |
|
(362 |
) |
|
|
(300 |
) |
|
|
(452 |
) |
|
|
(379 |
) |
|
|
(30 |
) |
|
|
(1,114 |
) |
|
|
(199 |
) |
Total Noninterest Income |
|
16,103 |
|
|
|
16,964 |
|
|
|
15,373 |
|
|
|
18,706 |
|
|
|
19,028 |
|
|
|
48,440 |
|
|
|
52,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and wages |
|
28,420 |
|
|
|
28,056 |
|
|
|
28,219 |
|
|
|
25,005 |
|
|
|
27,919 |
|
|
|
84,695 |
|
|
|
72,278 |
|
Employee benefits |
|
4,074 |
|
|
|
4,151 |
|
|
|
5,501 |
|
|
|
4,763 |
|
|
|
4,177 |
|
|
|
13,726 |
|
|
|
13,110 |
|
Outsourced data processing costs |
|
5,393 |
|
|
|
6,043 |
|
|
|
6,156 |
|
|
|
5,165 |
|
|
|
5,610 |
|
|
|
17,592 |
|
|
|
14,754 |
|
Telephone / data lines |
|
973 |
|
|
|
908 |
|
|
|
733 |
|
|
|
790 |
|
|
|
810 |
|
|
|
2,614 |
|
|
|
2,433 |
|
Occupancy |
|
5,046 |
|
|
|
4,050 |
|
|
|
3,986 |
|
|
|
3,500 |
|
|
|
3,541 |
|
|
|
13,082 |
|
|
|
10,640 |
|
Furniture and equipment |
|
1,462 |
|
|
|
1,588 |
|
|
|
1,426 |
|
|
|
1,403 |
|
|
|
1,567 |
|
|
|
4,476 |
|
|
|
3,987 |
|
Marketing |
|
1,461 |
|
|
|
1,882 |
|
|
|
1,171 |
|
|
|
1,060 |
|
|
|
1,353 |
|
|
|
4,514 |
|
|
|
3,523 |
|
Legal
and professional fees |
|
3,794 |
|
|
|
2,946 |
|
|
|
4,789 |
|
|
|
2,461 |
|
|
|
4,151 |
|
|
|
11,529 |
|
|
|
8,915 |
|
FDIC
assessments |
|
760 |
|
|
|
699 |
|
|
|
789 |
|
|
|
713 |
|
|
|
651 |
|
|
|
2,248 |
|
|
|
1,692 |
|
Amortization of intangibles |
|
1,446 |
|
|
|
1,446 |
|
|
|
1,446 |
|
|
|
1,304 |
|
|
|
1,306 |
|
|
|
4,338 |
|
|
|
3,729 |
|
Foreclosed property expense and net (gain) loss on sale |
|
9 |
|
|
|
(968 |
) |
|
|
(164 |
) |
|
|
(175 |
) |
|
|
66 |
|
|
|
(1,123 |
) |
|
|
(89 |
) |
Provision for credit losses on unfunded commitments |
|
1,015 |
|
|
|
— |
|
|
|
142 |
|
|
|
— |
|
|
|
133 |
|
|
|
1,157 |
|
|
|
133 |
|
Other |
|
7,506 |
|
|
|
5,347 |
|
|
|
4,723 |
|
|
|
4,274 |
|
|
|
3,984 |
|
|
|
17,576 |
|
|
|
12,067 |
|
Total Noninterest Expense |
|
61,359 |
|
|
|
56,148 |
|
|
|
58,917 |
|
|
|
50,263 |
|
|
|
55,268 |
|
|
|
176,424 |
|
|
|
147,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
|
38,352 |
|
|
|
41,641 |
|
|
|
26,422 |
|
|
|
44,674 |
|
|
|
29,993 |
|
|
|
106,415 |
|
|
|
114,064 |
|
Income taxes |
|
9,115 |
|
|
|
8,886 |
|
|
|
5,834 |
|
|
|
8,344 |
|
|
|
7,049 |
|
|
|
23,835 |
|
|
|
25,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
29,237 |
|
|
$ |
32,755 |
|
|
$ |
20,588 |
|
|
$ |
36,330 |
|
|
$ |
22,944 |
|
|
$ |
82,580 |
|
|
$ |
88,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per
share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income diluted |
$ |
0.47 |
|
|
$ |
0.53 |
|
|
$ |
0.33 |
|
|
$ |
0.62 |
|
|
$ |
0.40 |
|
|
$ |
1.33 |
|
|
$ |
1.56 |
|
Net
income basic |
|
0.48 |
|
|
|
0.53 |
|
|
|
0.34 |
|
|
|
0.62 |
|
|
|
0.40 |
|
|
|
1.35 |
|
|
|
1.57 |
|
Cash
dividends declared |
|
0.17 |
|
|
|
0.17 |
|
|
|
0.13 |
|
|
|
0.13 |
|
|
|
0.13 |
|
|
|
0.47 |
|
|
|
0.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted shares outstanding |
|
61,961 |
|
|
|
61,923 |
|
|
|
61,704 |
|
|
|
59,016 |
|
|
|
57,645 |
|
|
|
61,867 |
|
|
|
56,441 |
|
Average basic shares outstanding |
|
61,442 |
|
|
|
61,409 |
|
|
|
61,127 |
|
|
|
58,462 |
|
|
|
57,148 |
|
|
|
61,327 |
|
|
|
55,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
(Amounts in thousands) |
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
176,463 |
|
|
$ |
363,343 |
|
|
$ |
351,128 |
|
|
$ |
238,750 |
|
|
$ |
199,460 |
|
Interest bearing deposits with other banks |
|
|
42,152 |
|
|
|
538,025 |
|
|
|
871,387 |
|
|
|
498,979 |
|
|
|
1,028,235 |
|
Total Cash and Cash Equivalents |
|
|
218,615 |
|
|
|
901,368 |
|
|
|
1,222,515 |
|
|
|
737,729 |
|
|
|
1,227,695 |
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits with other banks |
|
|
4,481 |
|
|
|
4,730 |
|
|
|
5,975 |
|
|
|
— |
|
|
|
750 |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Securities: |
|
|
|
|
|
|
|
|
|
|
Available for sale (at fair value) |
|
|
1,860,734 |
|
|
|
1,800,791 |
|
|
|
1,706,619 |
|
|
|
1,644,319 |
|
|
|
1,546,155 |
|
Held to maturity (at amortized cost) |
|
|
774,706 |
|
|
|
794,785 |
|
|
|
747,004 |
|
|
|
638,640 |
|
|
|
526,502 |
|
Total Debt Securities |
|
|
2,635,440 |
|
|
|
2,595,576 |
|
|
|
2,453,623 |
|
|
|
2,282,959 |
|
|
|
2,072,657 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale |
|
|
1,620 |
|
|
|
14,205 |
|
|
|
20,615 |
|
|
|
31,791 |
|
|
|
49,597 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
6,690,845 |
|
|
|
6,541,548 |
|
|
|
6,451,217 |
|
|
|
5,925,029 |
|
|
|
5,905,884 |
|
Less: Allowance for credit losses |
|
|
(95,329 |
) |
|
|
(90,769 |
) |
|
|
(89,838 |
) |
|
|
(83,315 |
) |
|
|
(87,823 |
) |
Net Loans |
|
|
6,595,516 |
|
|
|
6,450,779 |
|
|
|
6,361,379 |
|
|
|
5,841,714 |
|
|
|
5,818,061 |
|
|
|
|
|
|
|
|
|
|
|
|
Bank premises and equipment, net |
|
|
81,648 |
|
|
|
74,784 |
|
|
|
74,617 |
|
|
|
72,404 |
|
|
|
71,250 |
|
Other real estate owned |
|
|
2,419 |
|
|
|
2,419 |
|
|
|
11,567 |
|
|
|
13,618 |
|
|
|
13,628 |
|
Goodwill |
|
|
286,606 |
|
|
|
286,606 |
|
|
|
286,606 |
|
|
|
252,154 |
|
|
|
252,154 |
|
Other intangible assets, net |
|
|
18,583 |
|
|
|
20,062 |
|
|
|
21,549 |
|
|
|
14,845 |
|
|
|
16,153 |
|
Bank owned life insurance |
|
|
209,087 |
|
|
|
207,724 |
|
|
|
206,375 |
|
|
|
205,041 |
|
|
|
193,747 |
|
Net deferred tax assets |
|
|
83,139 |
|
|
|
60,080 |
|
|
|
47,222 |
|
|
|
27,321 |
|
|
|
24,187 |
|
Other assets |
|
|
208,081 |
|
|
|
193,371 |
|
|
|
192,774 |
|
|
|
201,857 |
|
|
|
153,619 |
|
Total Assets |
|
$ |
10,345,235 |
|
|
$ |
10,811,704 |
|
|
$ |
10,904,817 |
|
|
$ |
9,681,433 |
|
|
$ |
9,893,498 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
$ |
3,529,489 |
|
|
$ |
3,593,201 |
|
|
$ |
3,522,700 |
|
|
$ |
3,075,534 |
|
|
$ |
3,086,466 |
|
Interest-bearing demand |
|
|
2,170,251 |
|
|
|
2,269,148 |
|
|
|
2,253,562 |
|
|
|
1,890,212 |
|
|
|
1,845,165 |
|
Savings |
|
|
938,081 |
|
|
|
946,738 |
|
|
|
937,839 |
|
|
|
895,019 |
|
|
|
834,309 |
|
Money market |
|
|
1,700,737 |
|
|
|
1,911,847 |
|
|
|
1,999,027 |
|
|
|
1,651,881 |
|
|
|
1,951,639 |
|
Other time certificates |
|
|
312,840 |
|
|
|
350,571 |
|
|
|
397,491 |
|
|
|
404,601 |
|
|
|
437,973 |
|
Brokered time certificates |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20,000 |
|
Time certificates of more than $250,000 |
|
|
114,016 |
|
|
|
117,448 |
|
|
|
133,149 |
|
|
|
150,342 |
|
|
|
158,620 |
|
Total Deposits |
|
|
8,765,414 |
|
|
|
9,188,953 |
|
|
|
9,243,768 |
|
|
|
8,067,589 |
|
|
|
8,334,172 |
|
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
|
94,191 |
|
|
|
110,578 |
|
|
|
120,922 |
|
|
|
121,565 |
|
|
|
105,548 |
|
Subordinated debt |
|
|
71,857 |
|
|
|
71,786 |
|
|
|
71,716 |
|
|
|
71,646 |
|
|
|
71,576 |
|
Other liabilities |
|
|
125,971 |
|
|
|
110,812 |
|
|
|
112,126 |
|
|
|
109,897 |
|
|
|
91,682 |
|
Total Liabilities |
|
|
9,057,433 |
|
|
|
9,482,129 |
|
|
|
9,548,532 |
|
|
|
8,370,697 |
|
|
|
8,602,978 |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
6,148 |
|
|
|
6,141 |
|
|
|
6,124 |
|
|
|
5,850 |
|
|
|
5,835 |
|
Additional paid in capital |
|
|
1,068,241 |
|
|
|
1,065,167 |
|
|
|
1,062,462 |
|
|
|
963,851 |
|
|
|
959,644 |
|
Retained earnings |
|
|
412,166 |
|
|
|
393,431 |
|
|
|
371,192 |
|
|
|
358,598 |
|
|
|
329,918 |
|
Treasury stock |
|
|
(11,539 |
) |
|
|
(11,632 |
) |
|
|
(10,459 |
) |
|
|
(10,569 |
) |
|
|
(10,146 |
) |
|
|
|
1,475,016 |
|
|
|
1,453,107 |
|
|
|
1,429,319 |
|
|
|
1,317,730 |
|
|
|
1,285,251 |
|
Accumulated other comprehensive (loss) income, net |
|
|
(187,214 |
) |
|
|
(123,532 |
) |
|
|
(73,034 |
) |
|
|
(6,994 |
) |
|
|
5,269 |
|
Total Shareholders' Equity |
|
|
1,287,802 |
|
|
|
1,329,575 |
|
|
|
1,356,285 |
|
|
|
1,310,736 |
|
|
|
1,290,520 |
|
Total Liabilities & Shareholders'
Equity |
|
$ |
10,345,235 |
|
|
$ |
10,811,704 |
|
|
$ |
10,904,817 |
|
|
$ |
9,681,433 |
|
|
$ |
9,893,498 |
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
61,476 |
|
|
|
61,410 |
|
|
|
61,239 |
|
|
|
58,504 |
|
|
|
58,349 |
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED QUARTERLY FINANCIAL DATA |
(Unaudited) |
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands) |
3Q'22 |
|
2Q'22 |
|
1Q'22 |
|
4Q'21 |
|
3Q'21 |
|
|
|
|
|
|
|
|
|
|
Credit
Analysis |
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries) - non-acquired loans |
$ |
129 |
|
|
$ |
(75 |
) |
|
$ |
72 |
|
|
$ |
541 |
|
|
$ |
198 |
|
Net charge-offs (recoveries) - acquired loans |
|
(26 |
) |
|
|
(49 |
) |
|
|
7 |
|
|
|
29 |
|
|
|
1,234 |
|
Total Net Charge-offs (Recoveries) |
|
103 |
|
|
|
(124 |
) |
|
|
79 |
|
|
|
570 |
|
|
|
1,432 |
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries) to average loans - non-acquired
loans |
|
0.01 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.04 |
% |
|
|
0.01 |
% |
Net charge-offs (recoveries) to average loans - acquired loans |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.09 |
|
Total Net Charge-offs (Recoveries) to Average
Loans |
|
0.01 |
|
|
|
— |
|
|
|
— |
|
|
|
0.04 |
|
|
|
0.10 |
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses - non-acquired loans |
$ |
82,980 |
|
|
$ |
70,215 |
|
|
$ |
67,261 |
|
|
$ |
64,710 |
|
|
$ |
64,740 |
|
Allowance for credit losses - acquired loans |
|
12,349 |
|
|
|
20,554 |
|
|
|
22,577 |
|
|
|
18,605 |
|
|
|
23,083 |
|
Total Allowance for Credit Losses |
$ |
95,329 |
|
|
$ |
90,769 |
|
|
$ |
89,838 |
|
|
$ |
83,315 |
|
|
$ |
87,823 |
|
|
|
|
|
|
|
|
|
|
|
Non-acquired loans at end of period |
$ |
5,651,741 |
|
|
$ |
5,389,405 |
|
|
$ |
5,169,973 |
|
|
$ |
4,860,171 |
|
|
$ |
4,608,801 |
|
Acquired loans at end of period |
|
1,033,810 |
|
|
|
1,134,940 |
|
|
|
1,241,988 |
|
|
|
973,751 |
|
|
|
1,106,481 |
|
Paycheck Protection Program loans at end of period |
|
5,294 |
|
|
|
17,203 |
|
|
|
39,256 |
|
|
|
91,107 |
|
|
|
190,602 |
|
Total Loans |
$ |
6,690,845 |
|
|
$ |
6,541,548 |
|
|
$ |
6,451,217 |
|
|
$ |
5,925,029 |
|
|
$ |
5,905,884 |
|
|
|
|
|
|
|
|
|
|
|
Non-acquired loans allowance
for credit losses to non-acquired loans at end of period |
|
1.47 |
% |
|
|
1.30 |
% |
|
|
1.30 |
% |
|
|
1.33 |
% |
|
|
1.40 |
% |
Total allowance for credit
losses to total loans at end of period |
|
1.42 |
|
|
|
1.39 |
|
|
|
1.39 |
|
|
|
1.41 |
|
|
|
1.49 |
|
Total allowance for credit
losses to total loans, excluding PPP loans |
|
1.43 |
|
|
|
1.39 |
|
|
|
1.40 |
|
|
|
1.43 |
|
|
|
1.54 |
|
Purchase discount on acquired
loans at end of period |
|
1.81 |
|
|
|
1.84 |
|
|
|
1.89 |
|
|
|
2.27 |
|
|
|
2.27 |
|
|
|
|
|
|
|
|
|
|
|
End of
Period |
|
|
|
|
|
|
|
|
|
Nonperforming loans |
$ |
21,464 |
|
|
$ |
26,442 |
|
|
$ |
26,209 |
|
|
$ |
30,598 |
|
|
$ |
32,612 |
|
Other real estate owned |
|
109 |
|
|
|
109 |
|
|
|
9,256 |
|
|
|
12,223 |
|
|
|
11,843 |
|
Properties previously used in
bank operations included in other real estate owned |
|
2,310 |
|
|
|
2,310 |
|
|
|
2,310 |
|
|
|
1,395 |
|
|
|
1,785 |
|
Total Nonperforming Assets |
$ |
23,883 |
|
|
$ |
28,861 |
|
|
$ |
37,775 |
|
|
$ |
44,216 |
|
|
$ |
46,240 |
|
|
|
|
|
|
|
|
|
|
|
Accruing troubled debt
restructures (TDRs) |
$ |
4,149 |
|
|
$ |
4,022 |
|
|
$ |
4,454 |
|
|
$ |
3,917 |
|
|
$ |
4,047 |
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans to Loans
at End of Period |
|
0.32 |
% |
|
|
0.40 |
% |
|
|
0.41 |
% |
|
|
0.52 |
% |
|
|
0.55 |
% |
Nonperforming Assets to Total
Assets at End of Period |
|
0.23 |
|
|
|
0.27 |
|
|
|
0.35 |
|
|
|
0.46 |
|
|
|
0.47 |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
Loans |
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
Construction and land
development |
$ |
361,913 |
|
|
$ |
350,025 |
|
|
$ |
259,421 |
|
|
$ |
230,824 |
|
|
$ |
227,459 |
|
Commercial real estate - owner
occupied |
|
1,253,459 |
|
|
|
1,254,343 |
|
|
|
1,284,515 |
|
|
|
1,197,774 |
|
|
|
1,201,336 |
|
Commercial real estate -
non-owner occupied1 |
|
2,107,614 |
|
|
|
1,972,540 |
|
|
|
1,966,150 |
|
|
|
1,736,439 |
|
|
|
1,673,587 |
|
Residential real
estate1 |
|
1,599,765 |
|
|
|
1,647,465 |
|
|
|
1,599,645 |
|
|
|
1,425,354 |
|
|
|
1,467,329 |
|
Commercial and financial |
|
1,182,384 |
|
|
|
1,124,771 |
|
|
|
1,132,506 |
|
|
|
1,069,356 |
|
|
|
982,552 |
|
Consumer |
|
180,416 |
|
|
|
175,201 |
|
|
|
169,724 |
|
|
|
174,175 |
|
|
|
163,019 |
|
Paycheck Protection
Program |
|
5,294 |
|
|
|
17,203 |
|
|
|
39,256 |
|
|
|
91,107 |
|
|
|
190,602 |
|
Total Loans |
$ |
6,690,845 |
|
|
$ |
6,541,548 |
|
|
$ |
6,451,217 |
|
|
$ |
5,925,029 |
|
|
$ |
5,905,884 |
|
|
|
|
|
|
|
|
|
|
|
1In
3Q'22, $100 million in loans to commercial borrowers collateralized
by residential properties were reclassified from "Residential real
estate" to "Commercial real estate - non-owner occupied." |
AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND
RATES1 |
(Unaudited) |
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q'22 |
|
2Q'22 |
|
3Q'21 |
(Amounts in thousands) |
Average
Balance |
|
Interest |
|
Yield/
Rate |
|
Average
Balance |
|
Interest |
|
Yield/
Rate |
|
Average
Balance |
|
Interest |
|
Yield/
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
2,665,104 |
|
|
$ |
15,653 |
|
2.35 |
% |
|
$ |
2,517,879 |
|
|
$ |
12,387 |
|
1.97 |
% |
|
$ |
1,971,520 |
|
|
$ |
7,775 |
|
1.58 |
% |
Nontaxable |
|
22,064 |
|
|
|
174 |
|
3.15 |
|
|
|
22,443 |
|
|
|
175 |
|
3.12 |
|
|
|
25,311 |
|
|
|
181 |
|
2.86 |
|
Total Securities |
|
2,687,168 |
|
|
|
15,827 |
|
2.36 |
|
|
|
2,540,322 |
|
|
|
12,562 |
|
1.98 |
|
|
|
1,996,831 |
|
|
|
7,956 |
|
1.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
|
203,815 |
|
|
|
1,062 |
|
2.07 |
|
|
|
644,144 |
|
|
|
1,281 |
|
0.80 |
|
|
|
1,056,691 |
|
|
|
406 |
|
0.15 |
|
Other investments |
|
45,193 |
|
|
|
581 |
|
5.10 |
|
|
|
46,257 |
|
|
|
636 |
|
5.51 |
|
|
|
35,306 |
|
|
|
461 |
|
5.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans excluding PPP loans |
|
6,597,828 |
|
|
|
73,730 |
|
4.43 |
|
|
|
6,454,444 |
|
|
|
68,647 |
|
4.27 |
|
|
|
5,422,350 |
|
|
|
58,600 |
|
4.29 |
|
PPP loans |
|
10,114 |
|
|
|
320 |
|
12.54 |
|
|
|
26,322 |
|
|
|
741 |
|
11.29 |
|
|
|
281,724 |
|
|
|
5,917 |
|
8.33 |
|
Total Loans |
|
6,607,942 |
|
|
|
74,050 |
|
4.45 |
|
|
|
6,480,766 |
|
|
|
69,388 |
|
4.29 |
|
|
|
5,704,074 |
|
|
|
64,517 |
|
4.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
|
9,544,118 |
|
|
|
91,520 |
|
3.80 |
|
|
|
9,711,489 |
|
|
|
83,867 |
|
3.46 |
|
|
|
8,792,902 |
|
|
|
73,340 |
|
3.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
(91,348 |
) |
|
|
|
|
|
|
(90,242 |
) |
|
|
|
|
|
|
(88,412 |
) |
|
|
|
|
Cash and due from banks |
|
331,947 |
|
|
|
|
|
|
|
389,695 |
|
|
|
|
|
|
|
386,781 |
|
|
|
|
|
Premises and equipment |
|
76,357 |
|
|
|
|
|
|
|
74,614 |
|
|
|
|
|
|
|
70,667 |
|
|
|
|
|
Intangible assets |
|
305,935 |
|
|
|
|
|
|
|
307,411 |
|
|
|
|
|
|
|
254,980 |
|
|
|
|
|
Bank owned life insurance |
|
208,193 |
|
|
|
|
|
|
|
206,839 |
|
|
|
|
|
|
|
164,879 |
|
|
|
|
|
Other assets |
|
210,136 |
|
|
|
|
|
|
|
240,712 |
|
|
|
|
|
|
|
171,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
10,585,338 |
|
|
|
|
|
|
$ |
10,840,518 |
|
|
|
|
|
|
$ |
9,753,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
2,215,899 |
|
|
$ |
757 |
|
0.14 |
% |
|
$ |
2,262,408 |
|
|
$ |
293 |
|
0.05 |
% |
|
$ |
1,891,092 |
|
|
$ |
219 |
|
0.05 |
% |
Savings |
|
944,128 |
|
|
|
65 |
|
0.03 |
|
|
|
962,264 |
|
|
|
64 |
|
0.03 |
|
|
|
842,018 |
|
|
|
65 |
|
0.03 |
|
Money market |
|
1,806,014 |
|
|
|
802 |
|
0.18 |
|
|
|
1,938,421 |
|
|
|
637 |
|
0.13 |
|
|
|
1,860,386 |
|
|
|
565 |
|
0.12 |
|
Time deposits |
|
445,840 |
|
|
|
380 |
|
0.34 |
|
|
|
496,186 |
|
|
|
436 |
|
0.35 |
|
|
|
572,661 |
|
|
|
583 |
|
0.40 |
|
Securities sold under agreements to repurchase |
|
111,902 |
|
|
|
309 |
|
1.10 |
|
|
|
120,437 |
|
|
|
94 |
|
0.31 |
|
|
|
120,507 |
|
|
|
35 |
|
0.12 |
|
Other borrowings |
|
71,810 |
|
|
|
808 |
|
4.46 |
|
|
|
71,740 |
|
|
|
579 |
|
3.24 |
|
|
|
71,530 |
|
|
|
418 |
|
2.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities |
|
5,595,593 |
|
|
|
3,121 |
|
0.22 |
|
|
|
5,851,456 |
|
|
|
2,103 |
|
0.14 |
|
|
|
5,358,194 |
|
|
|
1,885 |
|
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
3,529,844 |
|
|
|
|
|
|
|
3,520,700 |
|
|
|
|
|
|
|
2,985,582 |
|
|
|
|
|
Other liabilities |
|
110,426 |
|
|
|
|
|
|
|
117,794 |
|
|
|
|
|
|
|
161,411 |
|
|
|
|
|
Total Liabilities |
|
9,235,863 |
|
|
|
|
|
|
|
9,489,950 |
|
|
|
|
|
|
|
8,505,187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
1,349,475 |
|
|
|
|
|
|
|
1,350,568 |
|
|
|
|
|
|
|
1,248,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity |
$ |
10,585,338 |
|
|
|
|
|
|
$ |
10,840,518 |
|
|
|
|
|
|
$ |
9,753,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of deposits |
|
|
|
|
0.09 |
% |
|
|
|
|
|
0.06 |
% |
|
|
|
|
|
0.07 |
% |
Interest expense as a % of
earning assets |
|
|
|
|
0.13 |
% |
|
|
|
|
|
0.09 |
% |
|
|
|
|
|
0.09 |
% |
Net interest income as a % of
earning assets |
|
|
$ |
88,399 |
|
3.67 |
% |
|
|
|
$ |
81,764 |
|
3.38 |
% |
|
|
|
$ |
71,455 |
|
3.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1On a fully taxable equivalent basis. All
yields and rates have been computed using amortized cost. |
|
|
|
|
Fees on loans have been included in interest on loans.
Nonaccrual loans are included in loan balances. |
|
|
|
|
AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND
RATES1 |
(Unaudited) |
SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2022 |
|
Nine Months Ended September 30, 2021 |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
(Amounts in thousands, except ratios) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
2,530,742 |
|
|
$ |
38,081 |
|
2.01 |
% |
|
$ |
1,718,671 |
|
|
$ |
20,632 |
|
1.60 |
% |
Nontaxable |
|
22,842 |
|
|
|
526 |
|
3.07 |
|
|
|
25,606 |
|
|
|
554 |
|
2.88 |
|
Total Securities |
|
2,553,584 |
|
|
|
38,607 |
|
2.02 |
|
|
|
1,744,277 |
|
|
|
21,186 |
|
1.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
|
526,890 |
|
|
|
2,693 |
|
0.68 |
|
|
|
725,013 |
|
|
|
706 |
|
0.13 |
|
Other investments |
|
45,483 |
|
|
|
1,800 |
|
5.29 |
|
|
|
75,826 |
|
|
|
1,456 |
|
2.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans excluding PPP loans |
|
6,444,253 |
|
|
|
208,052 |
|
4.32 |
|
|
|
5,222,629 |
|
|
|
169,417 |
|
4.34 |
|
PPP loans |
|
32,597 |
|
|
|
2,584 |
|
10.60 |
|
|
|
464,397 |
|
|
|
17,930 |
|
5.16 |
|
Total Loans |
|
6,476,850 |
|
|
|
210,636 |
|
4.35 |
|
|
|
5,687,026 |
|
|
|
187,347 |
|
4.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
|
9,602,807 |
|
|
|
253,736 |
|
3.53 |
|
|
|
8,232,142 |
|
|
|
210,695 |
|
3.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
(89,700 |
) |
|
|
|
|
|
|
(88,717 |
) |
|
|
|
|
Cash and due from banks |
|
362,369 |
|
|
|
|
|
|
|
323,693 |
|
|
|
|
|
Premises and equipment |
|
75,617 |
|
|
|
|
|
|
|
71,644 |
|
|
|
|
|
Intangible assets |
|
305,895 |
|
|
|
|
|
|
|
242,820 |
|
|
|
|
|
Bank owned life insurance |
|
206,854 |
|
|
|
|
|
|
|
143,601 |
|
|
|
|
|
Other assets |
|
220,790 |
|
|
|
|
|
|
|
167,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
10,684,632 |
|
|
|
|
|
|
$ |
9,092,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
2,192,331 |
|
|
$ |
1,240 |
|
0.08 |
% |
|
$ |
1,728,985 |
|
|
$ |
712 |
|
0.06 |
% |
Savings |
|
943,982 |
|
|
|
194 |
|
0.03 |
|
|
|
785,447 |
|
|
|
320 |
|
0.05 |
|
Money market |
|
1,906,407 |
|
|
|
1,951 |
|
0.14 |
|
|
|
1,736,519 |
|
|
|
1,862 |
|
0.14 |
|
Time deposits |
|
500,482 |
|
|
|
1,284 |
|
0.34 |
|
|
|
605,269 |
|
|
|
2,294 |
|
0.51 |
|
Securities sold under agreements to repurchase |
|
116,805 |
|
|
|
442 |
|
0.51 |
|
|
|
116,304 |
|
|
|
112 |
|
0.13 |
|
Other borrowings |
|
71,741 |
|
|
|
1,823 |
|
3.40 |
|
|
|
71,460 |
|
|
|
1,266 |
|
2.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities |
|
5,731,751 |
|
|
|
6,934 |
|
0.16 |
|
|
|
5,043,984 |
|
|
|
6,566 |
|
0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
3,462,931 |
|
|
|
|
|
|
|
2,741,115 |
|
|
|
|
|
Other liabilities |
|
123,279 |
|
|
|
|
|
|
|
122,329 |
|
|
|
|
|
Total Liabilities |
|
9,317,961 |
|
|
|
|
|
|
|
7,907,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
1,366,672 |
|
|
|
|
|
|
|
1,185,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity |
$ |
10,684,632 |
|
|
|
|
|
|
$ |
9,092,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of deposits |
|
|
|
|
0.07 |
% |
|
|
|
|
|
0.09 |
% |
Interest expense as a % of
earning assets |
|
|
|
|
0.10 |
% |
|
|
|
|
|
0.11 |
% |
Net interest income as a % of
earning assets |
|
|
$ |
246,802 |
|
3.44 |
% |
|
|
|
$ |
204,129 |
|
3.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1On a fully taxable equivalent basis. All
yields and rates have been computed using amortized cost. |
Fees on loans
have been included in interest on loans. Nonaccrual loans are
included in loan balances. |
CONSOLIDATED QUARTERLY FINANCIAL DATA |
(Unaudited) |
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
(Amounts in thousands) |
|
2022 |
|
2022 |
|
2022 |
|
2021 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
Customer Relationship Funding |
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
2,827,591 |
|
$ |
2,945,445 |
|
$ |
2,939,595 |
|
$ |
2,477,111 |
|
$ |
2,535,922 |
Retail |
|
|
447,848 |
|
|
464,214 |
|
|
458,809 |
|
|
458,626 |
|
|
416,779 |
Public funds |
|
|
210,662 |
|
|
143,075 |
|
|
86,419 |
|
|
107,523 |
|
|
84,337 |
Other |
|
|
43,388 |
|
|
40,467 |
|
|
37,877 |
|
|
32,274 |
|
|
49,428 |
Total Noninterest Demand |
|
|
3,529,489 |
|
|
3,593,201 |
|
|
3,522,700 |
|
|
3,075,534 |
|
|
3,086,466 |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
759,286 |
|
|
769,948 |
|
|
610,109 |
|
|
497,466 |
|
|
554,366 |
Retail |
|
|
1,199,112 |
|
|
1,207,698 |
|
|
1,392,490 |
|
|
1,144,635 |
|
|
1,069,668 |
Brokered |
|
|
81,799 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Public funds |
|
|
130,054 |
|
|
291,502 |
|
|
250,963 |
|
|
248,111 |
|
|
221,131 |
Total Interest-Bearing Demand |
|
|
2,170,251 |
|
|
2,269,148 |
|
|
2,253,562 |
|
|
1,890,212 |
|
|
1,845,165 |
|
|
|
|
|
|
|
|
|
|
|
Total transaction accounts |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
3,586,877 |
|
|
3,715,393 |
|
|
3,549,704 |
|
|
2,974,577 |
|
|
3,090,288 |
Retail |
|
|
1,646,960 |
|
|
1,671,912 |
|
|
1,851,299 |
|
|
1,603,261 |
|
|
1,486,447 |
Public funds |
|
|
340,716 |
|
|
434,577 |
|
|
337,382 |
|
|
355,634 |
|
|
305,468 |
Other |
|
|
43,388 |
|
|
40,467 |
|
|
37,877 |
|
|
32,274 |
|
|
49,428 |
Total Transaction Accounts |
|
|
5,617,941 |
|
|
5,862,349 |
|
|
5,776,262 |
|
|
4,965,746 |
|
|
4,931,631 |
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
|
938,081 |
|
|
946,738 |
|
|
937,839 |
|
|
895,019 |
|
|
834,309 |
|
|
|
|
|
|
|
|
|
|
|
Money market |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
788,009 |
|
|
819,452 |
|
|
856,117 |
|
|
732,639 |
|
|
827,901 |
Retail |
|
|
857,914 |
|
|
914,918 |
|
|
931,702 |
|
|
840,054 |
|
|
834,628 |
Brokered |
|
|
— |
|
|
106,823 |
|
|
126,168 |
|
|
8,007 |
|
|
196,548 |
Public funds |
|
|
54,814 |
|
|
70,654 |
|
|
85,040 |
|
|
71,181 |
|
|
92,562 |
Total Money Market |
|
|
1,700,737 |
|
|
1,911,847 |
|
|
1,999,027 |
|
|
1,651,881 |
|
|
1,951,639 |
|
|
|
|
|
|
|
|
|
|
|
Brokered time certificates |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
20,000 |
Other time certificates |
|
|
426,856 |
|
|
468,019 |
|
|
530,640 |
|
|
554,943 |
|
|
596,593 |
|
|
|
426,856 |
|
|
468,019 |
|
|
530,640 |
|
|
554,943 |
|
|
616,593 |
Total Deposits |
|
$ |
8,683,615 |
|
$ |
9,188,953 |
|
$ |
9,243,768 |
|
$ |
8,067,589 |
|
$ |
8,334,172 |
|
|
|
|
|
|
|
|
|
|
|
Customer sweep accounts |
|
$ |
94,191 |
|
$ |
110,578 |
|
$ |
120,922 |
|
$ |
121,565 |
|
$ |
105,548 |
|
|
|
|
|
|
|
|
|
|
|
Explanation of Certain Unaudited Non-GAAP Financial
Measures
This presentation contains financial information
determined by methods other than Generally Accepted Accounting
Principles (“GAAP”). Management uses these non-GAAP financial
measures in its analysis of the Company’s performance and believes
these presentations provide useful supplemental information, and a
clearer understanding of the Company’s performance. The Company
believes the non-GAAP measures enhance investors’ understanding of
the Company’s business and performance and if not provided would be
requested by the investor community. These measures are also useful
in understanding performance trends and facilitate comparisons with
the performance of other financial institutions. The limitations
associated with operating measures are the risk that persons might
disagree as to the appropriateness of items comprising these
measures and that different companies might define or calculate
these measures differently. The Company provides reconciliations
between GAAP and these non-GAAP measures. These disclosures should
not be considered an alternative to GAAP.
GAAP TO NON-GAAP RECONCILIATION |
(Unaudited) |
|
SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Trends |
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except per share data) |
3Q'22 |
|
2Q'22 |
|
1Q'22 |
|
4Q'21 |
|
3Q'21 |
|
3Q'22 |
|
3Q'21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
29,237 |
|
|
$ |
32,755 |
|
|
$ |
20,588 |
|
|
$ |
36,330 |
|
|
$ |
22,944 |
|
|
$ |
82,580 |
|
|
$ |
88,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
noninterest income |
|
16,103 |
|
|
|
16,964 |
|
|
|
15,373 |
|
|
|
18,706 |
|
|
|
19,028 |
|
|
|
48,440 |
|
|
|
52,021 |
|
Securities losses (gains), net |
|
362 |
|
|
|
300 |
|
|
|
452 |
|
|
|
379 |
|
|
|
30 |
|
|
|
1,114 |
|
|
|
199 |
|
Gain
on sale of domain name (included in other income) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(755 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total Adjustments to Noninterest Income |
|
362 |
|
|
|
300 |
|
|
|
452 |
|
|
|
(376 |
) |
|
|
30 |
|
|
|
1,114 |
|
|
|
199 |
|
Total Adjusted Noninterest Income |
|
16,465 |
|
|
|
17,264 |
|
|
|
15,825 |
|
|
|
18,330 |
|
|
|
19,058 |
|
|
|
49,554 |
|
|
|
52,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
noninterest expense |
|
61,359 |
|
|
|
56,148 |
|
|
|
58,917 |
|
|
|
50,263 |
|
|
|
55,268 |
|
|
|
176,424 |
|
|
|
147,172 |
|
Merger related charges |
|
(2,054 |
) |
|
|
(3,039 |
) |
|
|
(6,692 |
) |
|
|
(482 |
) |
|
|
(6,281 |
) |
|
|
(11,785 |
) |
|
|
(7,371 |
) |
Amortization of intangibles |
|
(1,446 |
) |
|
|
(1,446 |
) |
|
|
(1,446 |
) |
|
|
(1,304 |
) |
|
|
(1,306 |
) |
|
|
(4,338 |
) |
|
|
(3,729 |
) |
Branch reductions and other expense initiatives |
|
(960 |
) |
|
|
— |
|
|
|
(74 |
) |
|
|
(168 |
) |
|
|
(870 |
) |
|
|
(1,034 |
) |
|
|
(1,982 |
) |
Total Adjustments to Noninterest Expense |
|
(4,460 |
) |
|
|
(4,485 |
) |
|
|
(8,212 |
) |
|
|
(1,954 |
) |
|
|
(8,457 |
) |
|
|
(17,157 |
) |
|
|
(13,082 |
) |
Total Adjusted Noninterest Expense |
|
56,899 |
|
|
|
51,663 |
|
|
|
50,705 |
|
|
|
48,309 |
|
|
|
46,811 |
|
|
|
159,267 |
|
|
|
134,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Taxes |
|
9,115 |
|
|
|
8,886 |
|
|
|
5,834 |
|
|
|
8,344 |
|
|
|
7,049 |
|
|
|
23,835 |
|
|
|
25,991 |
|
Tax
effect of adjustments |
|
1,222 |
|
|
|
1,213 |
|
|
|
2,196 |
|
|
|
280 |
|
|
|
2,081 |
|
|
|
4,631 |
|
|
|
3,256 |
|
Effect of change in corporate tax rate on deferred tax assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
774 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total Adjustments to Income Taxes |
|
1,222 |
|
|
|
1,213 |
|
|
|
2,196 |
|
|
|
1,054 |
|
|
|
2,081 |
|
|
|
4,631 |
|
|
|
3,256 |
|
Adjusted Income Taxes |
|
10,337 |
|
|
|
10,099 |
|
|
|
8,030 |
|
|
|
9,398 |
|
|
|
9,130 |
|
|
|
28,466 |
|
|
|
29,247 |
|
Adjusted Net Income |
$ |
32,837 |
|
|
$ |
36,327 |
|
|
$ |
27,056 |
|
|
$ |
36,854 |
|
|
$ |
29,350 |
|
|
$ |
96,220 |
|
|
$ |
98,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per diluted share, as reported |
$ |
0.47 |
|
|
$ |
0.53 |
|
|
$ |
0.33 |
|
|
$ |
0.62 |
|
|
$ |
0.40 |
|
|
$ |
1.33 |
|
|
$ |
1.56 |
|
Adjusted Earnings per Diluted Share |
|
0.53 |
|
|
|
0.59 |
|
|
|
0.44 |
|
|
|
0.62 |
|
|
|
0.51 |
|
|
|
1.56 |
|
|
|
1.74 |
|
Average diluted shares outstanding |
|
61,961 |
|
|
|
61,923 |
|
|
|
61,704 |
|
|
|
59,016 |
|
|
|
57,645 |
|
|
|
61,867 |
|
|
|
56,441 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Noninterest Expense |
$ |
56,899 |
|
|
$ |
51,663 |
|
|
$ |
50,705 |
|
|
$ |
48,309 |
|
|
$ |
46,811 |
|
|
$ |
159,267 |
|
|
$ |
134,090 |
|
Provision for credit losses on unfunded commitments |
|
(1,015 |
) |
|
|
— |
|
|
|
(142 |
) |
|
|
— |
|
|
|
(133 |
) |
|
|
(1,157 |
) |
|
|
(133 |
) |
Foreclosed property expense and net gain / (loss) on sale |
|
(9 |
) |
|
|
968 |
|
|
|
164 |
|
|
|
175 |
|
|
|
(66 |
) |
|
|
1,123 |
|
|
|
89 |
|
Net Adjusted Noninterest Expense |
$ |
55,875 |
|
|
$ |
52,631 |
|
|
$ |
50,727 |
|
|
$ |
48,484 |
|
|
$ |
46,612 |
|
|
$ |
159,233 |
|
|
$ |
134,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
104,387 |
|
|
$ |
98,611 |
|
|
$ |
91,895 |
|
|
$ |
90,995 |
|
|
$ |
90,352 |
|
|
$ |
294,893 |
|
|
$ |
255,757 |
|
Total
Adjustments to Revenue |
|
362 |
|
|
|
300 |
|
|
|
452 |
|
|
|
(376 |
) |
|
|
30 |
|
|
|
1,114 |
|
|
|
199 |
|
Impact of FTE adjustment |
|
115 |
|
|
|
117 |
|
|
|
117 |
|
|
|
123 |
|
|
|
131 |
|
|
|
349 |
|
|
|
393 |
|
Adjusted Revenue on a fully taxable equivalent
basis |
$ |
104,864 |
|
|
$ |
99,028 |
|
|
$ |
92,464 |
|
|
$ |
90,742 |
|
|
$ |
90,513 |
|
|
$ |
296,356 |
|
|
$ |
256,349 |
|
Adjusted Efficiency Ratio |
|
53.28 |
% |
|
|
53.15 |
% |
|
|
54.86 |
% |
|
|
53.43 |
% |
|
|
51.50 |
% |
|
|
53.73 |
% |
|
|
52.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Interest Income |
$ |
88,284 |
|
|
$ |
81,647 |
|
|
$ |
76,522 |
|
|
$ |
72,289 |
|
|
$ |
71,324 |
|
|
$ |
246,453 |
|
|
$ |
203,736 |
|
Impact of FTE adjustment |
|
115 |
|
|
|
117 |
|
|
|
117 |
|
|
|
123 |
|
|
|
131 |
|
|
|
349 |
|
|
|
393 |
|
Net Interest Income including FTE adjustment |
$ |
88,399 |
|
|
$ |
81,764 |
|
|
$ |
76,639 |
|
|
$ |
72,412 |
|
|
$ |
71,455 |
|
|
$ |
246,802 |
|
|
$ |
204,129 |
|
Total
noninterest income |
|
16,103 |
|
|
|
16,964 |
|
|
|
15,373 |
|
|
|
18,706 |
|
|
|
19,028 |
|
|
|
48,440 |
|
|
|
52,021 |
|
Total
noninterest expense |
|
61,359 |
|
|
|
56,148 |
|
|
|
58,917 |
|
|
|
50,263 |
|
|
|
55,268 |
|
|
|
176,424 |
|
|
|
147,172 |
|
Pre-Tax Pre-Provision Earnings |
$ |
43,143 |
|
|
$ |
42,580 |
|
|
$ |
33,095 |
|
|
$ |
40,855 |
|
|
$ |
35,215 |
|
|
$ |
118,818 |
|
|
$ |
108,978 |
|
Total
Adjustments to Noninterest Income |
|
362 |
|
|
|
300 |
|
|
|
452 |
|
|
|
(376 |
) |
|
|
30 |
|
|
|
1,114 |
|
|
|
199 |
|
Total
Adjustments to Noninterest Expense |
|
(5,484 |
) |
|
|
(3,517 |
) |
|
|
(8,190 |
) |
|
|
(1,779 |
) |
|
|
(8,656 |
) |
|
|
(17,191 |
) |
|
|
(13,126 |
) |
Adjusted Pre-Tax Pre-Provision Earnings |
$ |
48,989 |
|
|
$ |
46,397 |
|
|
$ |
41,737 |
|
|
$ |
42,258 |
|
|
$ |
43,901 |
|
|
$ |
137,123 |
|
|
$ |
122,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Assets |
$ |
10,585,338 |
|
|
$ |
10,840,518 |
|
|
$ |
10,628,516 |
|
|
$ |
10,061,382 |
|
|
$ |
9,753,734 |
|
|
$ |
10,684,632 |
|
|
$ |
9,092,958 |
|
Less
average goodwill and intangible assets |
|
(305,935 |
) |
|
|
(307,411 |
) |
|
|
(304,321 |
) |
|
|
(267,692 |
) |
|
|
(254,980 |
) |
|
|
(305,895 |
) |
|
|
(242,820 |
) |
Average Tangible Assets |
$ |
10,279,403 |
|
|
$ |
10,533,107 |
|
|
$ |
10,324,195 |
|
|
$ |
9,793,690 |
|
|
$ |
9,498,754 |
|
|
$ |
10,378,737 |
|
|
$ |
8,850,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average Assets (ROA) |
|
1.10 |
% |
|
|
1.21 |
% |
|
|
0.79 |
% |
|
|
1.43 |
% |
|
|
0.93 |
% |
|
|
1.03 |
% |
|
|
1.29 |
% |
Impact of removing average intangible assets and related
amortization |
|
0.07 |
|
|
|
0.08 |
|
|
|
0.06 |
|
|
|
0.08 |
|
|
|
0.07 |
|
|
|
0.08 |
|
|
|
0.08 |
|
Return on Average Tangible Assets (ROTA) |
|
1.17 |
|
|
|
1.29 |
|
|
|
0.85 |
|
|
|
1.51 |
|
|
|
1.00 |
|
|
|
1.11 |
|
|
|
1.37 |
|
Impact of other adjustments for Adjusted Net Income |
|
0.10 |
|
|
|
0.09 |
|
|
|
0.21 |
|
|
|
(0.02 |
) |
|
|
0.23 |
|
|
|
0.13 |
|
|
|
0.11 |
|
Adjusted Return on Average Tangible Assets |
|
1.27 |
|
|
|
1.38 |
|
|
|
1.06 |
|
|
|
1.49 |
|
|
|
1.23 |
|
|
|
1.24 |
|
|
|
1.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Shareholders' Equity |
$ |
1,349,475 |
|
|
$ |
1,350,568 |
|
|
$ |
1,400,535 |
|
|
$ |
1,303,686 |
|
|
$ |
1,248,547 |
|
|
$ |
1,366,672 |
|
|
$ |
1,185,530 |
|
Less
average goodwill and intangible assets |
|
(305,935 |
) |
|
|
(307,411 |
) |
|
|
(304,321 |
) |
|
|
(267,692 |
) |
|
|
(254,980 |
) |
|
|
(305,895 |
) |
|
|
(242,820 |
) |
Average Tangible Equity |
$ |
1,043,540 |
|
|
$ |
1,043,157 |
|
|
$ |
1,096,214 |
|
|
$ |
1,035,994 |
|
|
$ |
993,567 |
|
|
$ |
1,060,777 |
|
|
$ |
942,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average Shareholders' Equity |
|
8.60 |
% |
|
|
9.73 |
% |
|
|
5.96 |
% |
|
|
11.06 |
% |
|
|
7.29 |
% |
|
|
8.08 |
% |
|
|
9.93 |
% |
Impact of removing average intangible assets and related
amortization |
|
2.93 |
|
|
|
3.28 |
|
|
|
2.06 |
|
|
|
3.23 |
|
|
|
2.27 |
|
|
|
2.74 |
|
|
|
2.96 |
|
Return on Average Tangible Common Equity
(ROTCE) |
|
11.53 |
|
|
|
13.01 |
|
|
|
8.02 |
|
|
|
14.29 |
|
|
|
9.56 |
|
|
|
10.82 |
|
|
|
12.89 |
|
Impact of other adjustments for Adjusted Net Income |
|
0.95 |
|
|
|
0.96 |
|
|
|
1.99 |
|
|
|
(0.18 |
) |
|
|
2.16 |
|
|
|
1.31 |
|
|
|
1.02 |
|
Adjusted Return on Average Tangible Common
Equity |
|
12.48 |
|
|
|
13.97 |
|
|
|
10.01 |
|
|
|
14.11 |
|
|
|
11.72 |
|
|
|
12.13 |
|
|
|
13.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan
interest income1 |
$ |
74,050 |
|
|
$ |
69,388 |
|
|
$ |
67,198 |
|
|
$ |
64,487 |
|
|
$ |
64,517 |
|
|
$ |
210,636 |
|
|
$ |
187,347 |
|
Accretion on acquired loans |
|
(2,242 |
) |
|
|
(2,720 |
) |
|
|
(3,717 |
) |
|
|
(3,520 |
) |
|
|
(3,483 |
) |
|
|
(8,679 |
) |
|
|
(9,237 |
) |
Interest and fees on PPP loans |
|
(320 |
) |
|
|
(741 |
) |
|
|
(1,523 |
) |
|
|
(3,352 |
) |
|
|
(5,917 |
) |
|
|
(2,584 |
) |
|
|
(17,930 |
) |
Loan interest income excluding PPP and accretion on
acquired loans |
$ |
71,488 |
|
|
$ |
65,927 |
|
|
$ |
61,958 |
|
|
$ |
57,615 |
|
|
$ |
55,117 |
|
|
$ |
199,373 |
|
|
$ |
160,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield
on loans1 |
|
4.45 |
|
|
|
4.29 |
|
|
|
4.30 |
|
|
|
4.31 |
|
|
|
4.49 |
|
|
|
4.35 |
|
|
|
4.40 |
|
Impact of accretion on acquired loans |
|
(0.14 |
) |
|
|
(0.16 |
) |
|
|
(0.24 |
) |
|
|
(0.24 |
) |
|
|
(0.24 |
) |
|
|
(0.18 |
) |
|
|
(0.21 |
) |
Impact of PPP loans |
|
(0.01 |
) |
|
|
(0.03 |
) |
|
|
(0.06 |
) |
|
|
(0.13 |
) |
|
|
(0.22 |
) |
|
|
(0.03 |
) |
|
|
(0.09 |
) |
Yield on loans excluding PPP and accretion on acquired
loans |
|
4.30 |
% |
|
|
4.10 |
% |
|
|
4.00 |
% |
|
|
3.94 |
% |
|
|
4.03 |
% |
|
|
4.14 |
% |
|
|
4.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Interest Income1 |
$ |
88,399 |
|
|
$ |
81,764 |
|
|
$ |
76,639 |
|
|
$ |
72,412 |
|
|
$ |
71,455 |
|
|
$ |
246,802 |
|
|
$ |
204,129 |
|
Accretion on acquired loans |
|
(2,242 |
) |
|
|
(2,720 |
) |
|
|
(3,717 |
) |
|
|
(3,520 |
) |
|
|
(3,483 |
) |
|
|
(8,679 |
) |
|
|
(9,237 |
) |
Interest and fees on PPP loans |
|
(320 |
) |
|
|
(741 |
) |
|
|
(1,523 |
) |
|
|
(3,352 |
) |
|
|
(5,917 |
) |
|
|
(2,584 |
) |
|
|
(17,930 |
) |
Net interest income excluding PPP and accretion on acquired
loans |
$ |
85,837 |
|
|
$ |
78,303 |
|
|
$ |
71,399 |
|
|
$ |
65,540 |
|
|
$ |
62,055 |
|
|
$ |
235,539 |
|
|
$ |
176,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Interest Margin |
|
3.67 |
|
|
|
3.38 |
|
|
|
3.25 |
|
|
|
3.16 |
|
|
|
3.22 |
|
|
|
3.44 |
|
|
|
3.32 |
|
Impact of accretion on acquired loans |
|
(0.09 |
) |
|
|
(0.12 |
) |
|
|
(0.15 |
) |
|
|
(0.15 |
) |
|
|
(0.15 |
) |
|
|
(0.12 |
) |
|
|
(0.15 |
) |
Impact of PPP loans |
|
(0.01 |
) |
|
|
(0.02 |
) |
|
|
(0.05 |
) |
|
|
(0.10 |
) |
|
|
(0.18 |
) |
|
|
(0.03 |
) |
|
|
(0.12 |
) |
Net interest margin excluding PPP and accretion on acquired
loans |
|
3.57 |
% |
|
|
3.24 |
% |
|
|
3.05 |
% |
|
|
2.91 |
% |
|
|
2.89 |
% |
|
|
3.29 |
% |
|
|
3.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security interest income1 |
$ |
15,827 |
|
|
$ |
12,562 |
|
|
$ |
10,218 |
|
|
$ |
8,750 |
|
|
$ |
7,956 |
|
|
$ |
38,607 |
|
|
$ |
21,186 |
|
Tax
equivalent adjustment on securities |
|
(35 |
) |
|
|
(36 |
) |
|
|
(37 |
) |
|
|
(37 |
) |
|
|
(38 |
) |
|
|
(108 |
) |
|
|
(116 |
) |
Security interest income excluding tax equivalent
adjustment |
$ |
15,792 |
|
|
$ |
12,526 |
|
|
$ |
10,181 |
|
|
$ |
8,713 |
|
|
$ |
7,918 |
|
|
$ |
38,499 |
|
|
$ |
21,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan
interest income1 |
$ |
74,050 |
|
|
$ |
69,388 |
|
|
$ |
67,198 |
|
|
$ |
64,487 |
|
|
$ |
64,517 |
|
|
$ |
210,636 |
|
|
$ |
187,347 |
|
Tax
equivalent adjustment on loans |
|
(80 |
) |
|
|
(81 |
) |
|
|
(80 |
) |
|
|
(86 |
) |
|
|
(93 |
) |
|
|
(241 |
) |
|
|
(277 |
) |
Loan interest income excluding tax equivalent
adjustment |
$ |
73,970 |
|
|
$ |
69,307 |
|
|
$ |
67,118 |
|
|
$ |
64,401 |
|
|
$ |
64,424 |
|
|
$ |
210,395 |
|
|
$ |
187,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Interest Income1 |
$ |
88,399 |
|
|
$ |
81,764 |
|
|
$ |
76,639 |
|
|
$ |
72,412 |
|
|
$ |
71,455 |
|
|
$ |
246,802 |
|
|
$ |
204,129 |
|
Tax
equivalent adjustment on securities |
|
(35 |
) |
|
|
(36 |
) |
|
|
(37 |
) |
|
|
(37 |
) |
|
|
(38 |
) |
|
|
(108 |
) |
|
|
(116 |
) |
Tax
equivalent adjustment on loans |
|
(80 |
) |
|
|
(81 |
) |
|
|
(80 |
) |
|
|
(86 |
) |
|
|
(93 |
) |
|
|
(241 |
) |
|
|
(277 |
) |
Net interest income excluding tax equivalent
adjustment |
$ |
88,284 |
|
|
$ |
81,647 |
|
|
$ |
76,522 |
|
|
$ |
72,289 |
|
|
$ |
71,324 |
|
|
$ |
246,453 |
|
|
$ |
203,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1On a fully taxable equivalent basis. All
yields and rates have been computed using amortized cost. |
Tracey L. Dexter
Chief Financial Officer
Seacoast Banking Corporation of Florida
(772) 403-0461
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