STUART, Fla., April 25 /PRNewswire-FirstCall/ -- Seacoast Banking
Corporation of Florida (Nasdaq: SBCF), a bank holding company whose principal
subsidiary is Seacoast National Bank, reported net income totaling $6.4
million for the first quarter of 2007 compared to $5.9 million for the first
quarter of 2006. Diluted earnings per share ("DEPS") was $0.34 for the
quarter, compared to $0.34 DEPS in the first quarter of 2006.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050916/SEACOASTLOGO )
"We are pleased with our performance this quarter. Our net interest
margin stabilized as a result of improvements in funding and continued loan
growth. Deposit declines evident in the past two quarters reversed on
improved growth in noninterest bearing balances. We also successfully
collected, without loss, a large loan placed on nonaccrual in the third
quarter of 2006. Finally, we undertook more active management of our balance
sheet beginning with a repositioning of our investment portfolio that should
improve our net interest margin performance and reduce interest rate
volatility over the balance of the year", said Dennis S. Hudson, III, Chairman
and Chief Executive Officer of Seacoast.
Other highlights for the quarter included the following:
-- Loan growth slowed in the first quarter 2007 as a result of anticipated
payoffs of residential real estate construction projects with $10
million or 2.4 percent growth annualized for the quarter. Loan growth
is expected to total 8-10 percent for the full year 2007;
-- Net interest margin for the quarter declined modestly by 3 basis points
to 3.92 percent compared to the fourth quarter 2006;
-- Average earning assets increased $223 million to $2.2 billion over the
last twelve months;
-- Deposit mix remained good with noninterest bearing deposits increasing
$9.3 million during the quarter and now representing 21.2 percent of
total deposits;
-- A team was developed to manage loan syndications to assist in lowering
concentrations and to increase loan production; and
-- The Company commenced a marketing campaign in the first quarter to take
advantage of potential market disruptions with the integration and
rebranding by two of the Company's largest local Treasure Coast
competitors to a large Ohio-based institution;
Nonperforming assets declined from $12.5 million or 0.72 percent of loans
and other real estate owned at year-end 2006 to $4.1 million or 0.23 percent
at quarter end 2007. The decline is primarily related to the collection in
full of an $8 million nonaccrual loan which was reported as impaired at year-
end with a specific valuation allowance of over $1 million. The collection of
this credit and reduction in the specific allowance resulted in a recapture of
$550,000 or $0.02 DEPS for the quarter.
The Company expects future provisioning to be closely aligned with loan
growth for the following reasons: credit quality remains strong despite
slowing residential real estate markets; the Company increased the allowance
in the fourth quarter of 2006 for risks then identified with a change in
market conditions effecting Florida real estate; and other risks affecting the
Company's model for calculating the allowance were moved to more conservative
ranges based on a continuation of market conditions during the first quarter.
The Company elected to early adopt Financial Accounting Standards (FAS)
157 and 159 in the first quarter of 2007. Under the transition provisions of
FAS 159, approximately $251 million of investment securities were selected to
be reported beginning January 1, 2007 at fair value with the effect of the
remeasurement to fair value at this date as a cumulative-effect adjustment to
the opening balance of retained earnings and the changes to fair value after
that date as a component of current earnings reflected in the income
statement. A total of $365,000, net of tax, or $0.02 DEPS was reported as
trading account profits for the first quarter 2007. The cumulative-effect
adjustment reduced opening retained earnings by $3.7 million. "The elective
use of fair value accounting for financial instruments enables us to better
align the financial results of those items with their economic value and
allows for more active management of our balance sheet," commented Dennis S.
Hudson, III, Chairman and Chief Executive Officer of Seacoast.
Operating revenues (fully tax equivalent) grew in the first quarter 2007,
up $2.1 million or 8.1 percent from the prior year, primarily as a result of
the acquisition of Big Lake National Bank in the second quarter 2006.
Compared to the fourth quarter, operating revenues were up $83,000 with
improvement in noninterest income of $497,000 or 8.7 percent with increased
fees from mortgage banking activities, marine finance, and wealth management
services offset by a decrease in net interest income.
The net interest margin for the first quarter 2007 was 3.92 percent,
representing a 3 basis point decline from the 3.95 percent achieved during the
fourth quarter, and a much smaller decline than 27 basis points that occurred
during the fourth quarter 2006. The smaller decline in the net interest
margin resulted primarily from a modest increase in the cost for interest
bearing liabilities, combined with an increase in the yield on earning assets.
In addition, the margin was negatively impacted last quarter by seasonal
increases in public fund customer balances that produce spreads of less than
1.0 percent.
The cost for interest bearing deposits increased 15 basis points to 3.40
percent from 3.25 percent in the fourth quarter 2006 and was lower than the 30
basis points increase in the fourth quarter 2006 from the 2.95 percent for the
third quarter. The cost of interest bearing liabilities increased by 22 basis
points for the quarter, but only increased by one basis point in the month of
March 2007. The lower increase in rates during March 2007 for interest
bearing liabilities was attributed to a better mix of deposits, as noninterest
bearing deposits and lower cost savings deposits increased more than higher
cost time deposits and average overnight borrowings were lower during the
month. Time deposit pricing improved during the first quarter with fewer
competitors paying above market rates. The average rate for time deposits
increased 19 basis points for the first quarter 2007, compared to 34 basis
points in the fourth quarter 2006.
Net interest income on a tax equivalent basis for the first quarter
declined $414,000 or 1.9 percent from the fourth quarter, but was up $1.2
million or 5.7 percent when compared to first quarter 2006. Net interest
income and the margin for the remainder of the year will increase from the
impact of the balance sheet management decisions discussed earlier in this
release related to the adoption of FAS 159. The balance sheet restructuring
discussed earlier related to the $251 million in investment securities will
increase net interest income in the range of $550,000 to $800,000 per quarter,
but the ultimate effects will depend on decisions in the second quarter and
beyond. The pressure on the net interest margin, after the effects of the
balance sheet management activities, are likely to remain due to inversion of
the yield curve and slower noninterest bearing deposit growth compressing
interest spreads on earning assets. The Company believes that the margin will
improve in the latter half of 2007, provided loan growth reaches targeted
levels of 8 to 10 percent for the year.
Average loans for the first quarter 2007 increased 2.9 percent, or 11.6
percent linked quarter annualized compared to the fourth quarter 2006. The
increase in loans was the result of organic growth in the Company's markets
over the last 12 months. The impact of a slower housing market has impacted
the Company's loan pipelines, and it is believed that slower loan growth will
result for the remainder of 2007. The Company's expansion into Broward County
with a loan production office opening in the first quarter 2007, and
acquisition of additional loan officers for the Treasure Coast and Big Lake
markets, should result in greater loan opportunities. In addition, the
integration and rebranding of the Company's two largest community bank
competitors by a large Cleveland, Ohio based bank in March and April 2007 has
improved the Company's prospects for loan and deposit growth in the second
half of 2007.
Noninterest income, excluding securities gains (losses) and fair value
changes for the first quarter, increased as a result of better revenues from
debit card interchange fees, merchant income, and much improved mortgage
banking gains, as well as increased fees from service charges on deposit
accounts as a result of the acquisition of Big Lake National Bank, compared to
first quarter 2006. During the past several quarters, noninterest income
related to mortgage loan production has been lower due to more production
being retained in the loan portfolio. With the Company's expanded market
presence, production in the first quarter increased fee income, which also
benefited from a pick-up in mortgage refinancing activities. In addition, the
pricing on products sold was improved during the first quarter and accounted
for some of the increase in fee income. The Company expects that fee income
from mortgage banking activities will continue to be challenged due to a
slower housing market, but some of this weakness may be offset by higher
production related to refinance activities and expanded market share. While
marine finance fees were slightly lower in the first quarter compared to the
prior year, production was very good, and the Company retained more loans in
its portfolio during the first three months this year than in the prior year's
comparable period. For the total year 2006, the marine finance business was
muted due to prior years' hurricanes, higher fuel prices and insurance costs.
Recent events, including record crowds at first quarter boat shows, suggest
that 2007 may be a much better year in comparison.
Noninterest expenses in the first quarter of $18.7 million were in line
with management expectations and guidance provided in the fourth quarter
earnings release. Noninterest expenses for the quarter included added
spending related to the opening of a loan production office in Broward County,
a new branch in Brevard County, and several loan officer hires in the Treasure
Coast, Palm Beach County and Big Lake markets. It is forecasted that these
overhead additions will have positive revenue offsets beginning as early as
the third quarter of 2007. The Company has completed its review of its
processes, operations and costs. Based on this review, the Company believes
that its target for quarterly overhead to remain relatively flat in 2007 when
compared to 2006, after adjusting for the acquisition completed in the second
quarter of 2006, is achievable. Salary expenses directly related to revenue
growth could result in quarterly increases above this target for 2007. In
addition, higher marketing costs for the second quarter (and if successful,
for the third quarter as well) are expected as a result of the opportunities
for expanded growth in both loans and deposits related to the integration and
rebranding of the Company's two largest community bank competitors.
The Company has maintained strong and consistent credit quality and low
net charge-offs over the long term, and its net charge-offs have consistently
been much better than peers. Net charge-offs totaled $125,000 in the first
quarter 2007, compared to net recoveries of $80,000 a year ago. The Company's
largest nonaccrual loan at quarter-end totaled $3.0 million and is well
secured. The Company does not expect to incur any principal loss as a result
of the ultimate collection of this credit.
Seacoast will host a conference call on Thursday, April 26 at 10:00 a.m.
(Eastern Time) to discuss the earnings results and business trends. Investors
may call in (toll-free) by dialing (800) 640-9765 (access code: 17448512;
leader: Dennis S. Hudson). Charts will be used during the conference call and
may be accessed at Seacoast's website at www.seacoastbanking.net by selecting
Presentations under the heading Investor Services. A replay of the call will
be available beginning the afternoon of April 26 by dialing (877) 213-9653
(domestic), using the passcode 17448512.
Seacoast, with approximately $2.4 billion of assets, is one of the largest
independent commercial banking organizations in Florida. Seacoast has 43
offices in South and Central Florida and is headquartered on Florida's
Treasure Coast, which is one of the wealthiest and fastest growing areas in
the nation.
Cautionary Notice Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, including, without limitation, statements
about future financial and operating results, cost savings, enhanced revenues,
economic and seasonal conditions in our markets, and improvements to reported
earnings that may be realized from cost controls and for integration of banks
that we have acquired, as well as statements with respect to Seacoast's
objectives, expectations and intentions and other statements that are not
historical facts. Actual results may differ from those set forth in the
forward-looking statements.
Forward-looking statements include statements with respect to our beliefs,
plans, objectives, goals, expectations, anticipations, estimates and
intentions, and involve known and unknown risks, uncertainties and other
factors, which may be beyond our control, and which may cause the actual
results, performance or achievements of Seacoast to be materially different
from future results, performance or achievements expressed or implied by such
forward-looking statements. You should not expect us to update any forward-
looking statements.
You can identify these forward-looking statements through our use of words
such as "may," "will," "anticipate," "assume," "should," "support",
"indicate," "would," "believe," "contemplate," "expect," "estimate,"
"continue," "further", "point to," "project," "could," "intend" or other
similar words and expressions of the future. These forward-looking statements
may not be realized due to a variety of factors, including, without
limitation: the effects of future economic and market conditions, including
seasonality; governmental monetary and fiscal policies, as well as legislative
and regulatory changes; the risks of changes in interest rates on the level
and composition of deposits, loan demand, and the values of loan collateral,
securities, and interest sensitive assets and liabilities; interest rate
risks, sensitivities and the shape of the yield curve; the effects of
competition from other commercial banks, thrifts, mortgage banking firms,
consumer finance companies, credit unions, securities brokerage firms,
insurance companies, money market and other mutual funds and other financial
institutions operating in our market areas and elsewhere, including
institutions operating regionally, nationally and internationally, together
with such competitors offering banking products and services by mail,
telephone, computer and the Internet; and the failure of assumptions
underlying the establishment of reserves for possible loan losses. The risks
of mergers and acquisitions, include, without limitation: unexpected
transaction costs, including the costs of integrating operations; the risks
that the businesses will not be integrated successfully or that such
integration may be more difficult, time-consuming or costly than expected; the
potential failure to fully or timely realize expected revenues and revenue
synergies, including as the result of revenues following the merger being
lower than expected; the risk of deposit and customer attrition; any changes
in deposit mix; unexpected operating and other costs, which may differ or
change from expectations; the risks of customer and employee loss and business
disruption, including, without limitation, as the result of difficulties in
maintaining relationships with employees; increased competitive pressures and
solicitations of customers by competitors; as well as the difficulties and
risks inherent with entering new markets.
All written or oral forward-looking statements attributable to us are
expressly qualified in their entirety by this cautionary notice, including,
without limitation, those risks and uncertainties described in our annual
report on Form 10-K for the year ended December 31, 2006 under "Special
Cautionary Notice Regarding Forward-Looking Statements," and otherwise in our
SEC reports and filings. Such reports are available upon request from
Seacoast, or from the Securities and Exchange Commission, including through
the SEC's Internet website at http://www.sec.gov.
FINANCIAL HIGHLIGHTS (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Three Months Ended
(Dollars in thousands, except per share data) March 31,
2007 2006
Summary of Earnings
Net income $6,427 $5,866
Net interest income (1) 21,432 20,274
Performance Ratios
Return on average assets (2),(3) 1.10 % 1.13 %
Return on average tangible assets (2),(3),(4) 1.16 1.16
Return on average shareholders' equity (2),(3) 11.97 14.98
Return on average tangible shareholders'
equity (2),(3),(4) 16.74 19.25
Net interest margin (1),(2) 3.92 4.16
Per Share Data
Net income diluted $0.34 $0.34
Net income basic 0.34 0.35
Cash dividends declared 0.16 0.15
March 31, Increase/
2007 2006 (Decrease)
Credit Analysis
Net charge-offs (recoveries)
year-to-date $125 $(80) n/m%
Net charge-offs (recoveries)
to average loans 0.03 % (0.02)% n/m
Loan loss provision year-to-date $(550) $280 n/m
Allowance to loans at end of period 0.82 % 0.70 % 17.1
Nonperforming assets $4,088 $240 1,603.3
Nonperforming assets to loans and
other real estate owned at end
of period 0.23 % 0.02 % 1,050.0
Selected Financial Data
Total assets $2,400,428 $2,133,152 12.5
Securities - Trading (at fair
value) 250,992 - n/m
Securities - Available for
Sale (at fair value) 131,997 371,186 (64.4)
Securities - Held for Investment
(at amortized cost ) 35,746 145,507 (75.4)
Net loans 1,729,054 1,329,704 30.0
Deposits 1,889,580 1,804,490 4.7
Shareholders' equity 216,741 155,609 39.3
Book value per share 11.34 9.09 24.8
Tangible book value per share 8.33 7.14 16.7
Average shareholders' equity
to average assets 9.15 % 7.52 % 21.7
Average Balances (Year-to-Date)
Total assets $2,379,739 $2,112,876 12.6
Less: Intangible assets 57,213 33,604 70.3
Total average tangible assets $2,322,526 $2,079,272 11.7
Total equity $217,834 $158,787 37.2
Less: Intangible assets 57,213 33,604 70.3
Total average tangible equity $160,621 $125,183 28.3
(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) 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.
n/m = not meaningful
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Three Months Ended
March 31,
(Dollars in thousands, except per share data)
2007 2006
Interest on securities:
Taxable $4,739 $5,397
Nontaxable 93 15
Interest and fees on loans 32,550 23,011
Interest on federal funds sold and other
investments 251 1,335
Total Interest Income 37,633 29,758
Interest on deposits 5,562 3,339
Interest on time certificates 6,768 4,092
Interest on borrowed money 3,935 2,078
Total Interest Expense 16,265 9,509
Net Interest Income 21,368 20,249
Provision for loan losses (550) 280
Net Interest Income After Provision
for Loan Losses 21,918 19,969
Noninterest income:
Service charges on deposit accounts 1,733 1,242
Trust income 627 712
Mortgage banking fees 455 209
Brokerage commissions and fees 754 776
Marine finance fees 726 793
Debit card income 568 463
Other deposit based EFT fees 131 97
Merchant income 756 679
Trading account profits 561 -
Other 466 333
6,777 5,304
Securities gains (losses), net (2) 11
Total Noninterest Income 6,775 5,315
Noninterest expenses:
Salaries and wages 7,896 6,419
Employee benefits 1,687 1,800
Outsourced data processing costs 1,945 1,749
Occupancy 1,874 1,533
Furniture and equipment 652 536
Marketing 700 917
Legal and professional fees 832 537
FDIC assessments 58 59
Amortization of intangibles 315 119
Other 2,744 2,440
Total Noninterest Expenses 18,703 16,109
Income Before Income Taxes 9,990 9,175
Provision for income taxes 3,563 3,309
Net Income $6,427 $5,866
Per share common stock:
Net income diluted $0.34 $0.34
Net income basic 0.34 0.35
Cash dividends declared 0.16 0.15
Average diluted shares outstanding 19,154,881 17,287,693
Average basic shares outstanding 18,960,154 16,913,335
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
March 31, December 31, March 31,
(Dollars in thousands) 2007 2006 2006
Assets
Cash and due from banks $98,319 $89,803 $73,500
Federal funds sold and other
investments 1,507 2,412 119,374
Total Cash and Cash Equivalents 99,826 92,215 192,874
Securities:
Trading (at fair value) 250,992 - -
Available for sale (at fair value) 131,997 313,983 371,186
Held for investment (at
amortized cost) 35,746 129,958 145,507
Total Securities 418,735 443,941 516,693
Loans available for sale 7,662 5,888 4,791
Loans, net of unearned income 1,743,294 1,733,111 1,339,070
Less: Allowance for loan losses (14,240) (14,915) (9,366)
Net Loans 1,729,054 1,718,196 1,329,704
Bank premises and equipment, net 37,825 37,070 25,468
Other real estate owned 133 - -
Goodwill and other intangible asset 57,489 57,299 33,402
Other assets 49,704 34,826 30,220
$2,400,428 $2,389,435 $2,133,152
Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand deposits (noninterest
bearing) $401,123 $391,805 $441,139
Savings deposits 897,025 929,444 894,158
Other time deposits 331,739 325,251 276,216
Time certificates of $100,000
or more 259,693 244,518 192,977
Total Deposits 1,889,580 1,891,018 1,804,490
Federal funds purchased and
securities sold under agreements
to repurchase, maturing within
30 days 212,773 206,476 93,732
Borrowed funds 26,601 26,522 26,324
Subordinated debt 41,238 41,238 41,238
Other liabilities 13,495 11,756 11,759
2,183,687 2,177,010 1,977,543
Shareholders' Equity
Preferred stock - - -
Common stock 1,913 1,899 1,713
Additional paid in capital 93,560 91,561 46,495
Retained earnings 124,538 124,811 115,587
Restricted stock awards (3,290) (3,181) (3,446)
Treasury stock (130) (310) (149)
216,591 214,780 160,200
Accumulated other comprehensive
loss, net 150 (2,355) (4,591)
Total Shareholders' Equity 216,741 212,425 155,609
$2,400,428 $2,389,435 $2,133,152
Common Shares Outstanding 19,119,075 18,974,295 17,113,987
Note: The balance sheet at December 31, 2006 has been derived from the
audited financial statements at that date.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarters
2007 2006
(Dollars in thousands, except per share data) First Fourth
Net income $6,427 $5,685
Operating Ratios
Return on average assets (2),(3) 1.10 % 0.95 %
Return on average tangible assets (2),(3),(4) 1.16 1.01
Return on average shareholders' equity (2),(3) 11.97 10.57
Return on average tangible shareholders'
equity (2),(3),(4) 16.74 14.87
Net interest margin (1),(2) 3.92 3.95
Average equity to average assets 9.15 8.99
Credit Analysis
Net charge-offs (recoveries) $125 $27
Net charge-offs (recoveries) to average loans 0.03 % 0.01 %
Loan loss provision $(550) $2,250
Allowance to loans at end of period 0.82 % 0.86 %
Nonperforming assets $4,088 $12,465
Nonperforming assets to loans and
other real estate owned at end of
period 0.23 % 0.72 %
Nonaccrual loans and accruing loans
90 days or more past due to loans
outstanding at end of period 0.27 % 0.72 %
Per Share Common Stock
Net income diluted $0.34 $0.30
Net income basic 0.34 $0.30
Cash dividends declared 0.16 0.16
Book value per share 11.34 11.20
Average Balances
Total assets $2,379,739 $2,372,784
Less: Intangible assets 57,213 56,230
Total average tangible assets $ 2,322,526 $2,316,554
Total equity $217,834 $213,354
Less: Intangible assets 57,213 56,230
Total average tangible equity $ 160,621 $157,124
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarters
2006
(Dollars in thousands, except per Last 12
share data) Third Second Months
Net income $5,869 $6,434 $24,415
Operating Ratios
Return on average assets (2),(3) 0.99 % 1.07 % 1.03 %
Return on average tangible
assets (2),(3),(4) 1.05 1.13 1.09
Return on average shareholders'
equity (2),(3) 11.03 12.43 11.49
Return on average tangible
shareholders' equity (2),(3),(4) 15.64 17.85 16.25
Net interest margin (1),(2) 4.22 4.29 4.10
Average equity to average assets 8.98 8.58 8.92
Credit Analysis
Net charge-offs (recoveries) $23 $(76) $99
Net charge-offs (recoveries) to
average loans 0.01 % (0.02)% 0.01 %
Loan loss provision $475 $280 $2,455
Allowance to loans at end of period 0.77 % 0.76 %
Nonperforming assets $10,437 $588
Nonperforming assets to loans
and other real estate owned at
end of period 0.63 % 0.04 %
Nonaccrual loans and accruing
loans 90 days or more past due to
loans outstanding at end of period 0.71 % 0.03 %
Per Share Common Stock
Net income diluted $0.31 $0.34 $1.29
Net income basic $0.31 $0.34 1.29
Cash dividends declared 0.15 0.15 0.62
Book value per share 10.99 10.70
Average Balances
Total assets $2,350,862 $2,419,683
Less: Intangible assets 56,945 58,252
Total average tangible assets $2,293,917 $2,361,431
Total equity $211,024 $207,555
Less: Intangible assets 56,945 58,252
Total average tangible equity $154,079 $149,303
(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), 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.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
March 31, December 31, March 31,
SECURITIES 2007 2006 2006
U.S. Treasury and U.S. Government
Agencies $53,803 $- $-
Mortgage-backed 197,189 - -
Securities Trading 250,992 - -
U.S. Treasury and U.S. Government
Agencies 39,641 94,676 81,534
Mortgage-backed 87,676 214,661 288,058
Obligations of states and political
subdivisions 2,053 2,049 -
Other securities 2,627 2,597 1,594
Securities Held for Sale 131,997 313,983 371,186
U.S. Treasury and U.S. Government
Agencies - - 5,000
Mortgage-backed 29,378 123,587 139,313
Obligations of states and political
subdivisions 6,368 6,371 1,194
Securities Held for Investment 35,746 129,958 145,507
Total Securities $418,735 $443,941 $516,693
March 31, December 31, March 31,
LOANS 2007 2006 2006
Construction and land development $580,767 $571,133 $450,059
Real estate mortgage 966,488 949,824 710,396
Installment loans to individuals 83,222 83,428 77,098
Commercial and financial 112,110 128,101 101,262
Other loans 707 625 255
Total Loans $1,743,294 $1,733,111 $1,339,070
AVERAGE BALANCES, YIELDS AND RATES (1) (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2007
First Quarter
Average Yield/
(Dollars in thousands) Balance Rate
Assets
Earning assets:
Securities:
Taxable $427,743 4.43 %
Nontaxable 8,390 6.53
Total Securities 436,133 4.47
Federal funds sold and other investments 16,284 6.25
Loans, net 1,747,797 7.52
Total Earning Assets 2,200,214 6.92
Allowance for loan losses (14,973)
Cash and due from banks 77,101
Premises and equipment 37,646
Other assets 79,751
$2,379,739
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW $195,025 2.38 %
Savings deposits 130,985 0.71
Money market accounts 567,647 2.99
Time deposits 576,972 4.76
Federal funds purchased and other
short-term borrowings 225,805 4.95
Other borrowings 67,772 7.05
Total Interest-Bearing Liabilities 1,764,206 3.74
Demand deposits (noninterest-bearing) 387,299
Other liabilities 10,400
Total Liabilities 2,161,905
Shareholders' equity 217,834
$2,379,739
Interest expense as a % of earning assets 3.00 %
Net interest income as a % of earning assets 3.92
2006
Fourth Quarter First Quarter
Average Yield/ Average Yield/
(Dollars in thousands) Balance Rate Balance Rate
Assets
Earning assets:
Securities:
Taxable $462,628 4.37 % $535,790 4.03 %
Nontaxable 8,409 6.47 1,195 7.70
Total Securities 471,037 4.40 536,985 4.04
Federal funds sold and other
investments 24,872 5.33 121,592 4.45
Loans, net 1,698,552 7.40 1,318,291 7.08
Total Earning Assets 2,194,461 6.73 1,976,868 6.11
Allowance for loan losses (12,842) (9,184)
Cash and due from banks 76,523 71,065
Premises and equipment 36,731 23,432
Other assets 77,911 50,695
$2,372,784 $2,112,876
Liabilities and Shareholders'
Equity
Interest-bearing liabilities:
NOW $198,610 2.10 % $138,604 0.97 %
Savings deposits 136,410 0.71 145,094 0.51
Money market accounts 591,740 2.92 593,403 1.93
Time deposits 581,520 4.57 451,223 3.68
Federal funds purchased and
other
short-term borrowings 154,065 4.68 109,206 3.80
Other borrowings 67,798 7.06 72,596 5.90
Total Interest-Bearing
Liabilities 1,730,143 3.52 1,510,126 2.55
Demand deposits (noninterest-
bearing) 415,791 434,692
Other liabilities 13,496 9,271
Total Liabilities 2,159,430 1,954,089
Shareholders' equity 213,354 158,787
$2,372,784 $2,112,876
Interest expense as a % of earning
assets 2.78 % 1.95 %
Net interest income as a % of
earning assets 3.95 4.16
(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
Contact: Dennis S. Hudson, III, Chairman and Chief Executive Officer, Seacoast Banking Corporation of Florida, 772-288-6086; or William R. Hahl, Executive Vice President/ Chief Financial Officer, 772-221-2825, both for Seacoast Banking Corporation of Florida