Well-Positioned Balance Sheet with Strong
Capital and Liquidity
Distinctive Deposit Franchise with
Granular, Longstanding Customer Base
STUART, Fla., July 27, 2023 (GLOBE NEWSWIRE) --
Seacoast Banking Corporation of Florida (“Seacoast” or the
“Company”) (NASDAQ: SBCF) today reported net income in the second
quarter of 2023 of $31.2 million, or $0.37 per diluted share,
compared to $11.8 million, or $0.15 per diluted share in the first
quarter of 2023 and $32.8 million, or $0.53 per diluted share in
the second quarter of 2022. For the six months ended June 30,
2023, net income was $43.1 million, or $0.52 per diluted share, a
decrease of 19% compared to the six months ended June 30, 2022.
Adjusted net income1 for the second
quarter of 2023 was $49.2 million, or $0.58 per diluted share,
compared to $29.2 million, or $0.36 per diluted share in the first
quarter of 2023 and $36.3 million, or $0.59 per diluted share in
the second quarter of 2022. Adjusted net income1 for the
six months ended June 30, 2023 was $78.4 million, or $0.94 per
diluted share, an increase of 24% compared to the six months ended
June 30, 2022.
For the second quarter of 2023, return on
average tangible assets was 1.06% and return on average tangible
shareholders’ equity was 12.08%, compared to 0.52% and 5.96%,
respectively, in the prior quarter, and 1.29% and 13.01%,
respectively, in the prior year quarter. Adjusted return on average
tangible assets1 in the second quarter of 2023 was 1.41%
and adjusted return on average tangible shareholders’
equity1 was 16.08%, compared to 0.90% and 10.34%,
respectively, in the prior quarter, and 1.38% and 13.97%,
respectively, in the prior year quarter. For the six months ended
June 30, 2023, return on average tangible assets was 0.80% and
return on average tangible shareholders’ equity was 9.14%, compared
to 1.07% and 10.46%, respectively, for the six months ended June
30, 2022. For the six months ended June 30, 2023, adjusted
return on average tangible assets1 was 1.16% and
adjusted return on average tangible shareholders’
equity1 was 13.32%, compared to 1.23% and 11.95%,
respectively, for the six months ended June 30, 2022.
Charles M. Shaffer, Seacoast’s Chairman and CEO
said, “Seacoast delivered another quarter of robust financial
performance, with strong adjusted earnings leading to an adjusted
return on tangible common equity of 16.1%. Our capital and
liquidity ratios were strong and our asset quality remains
excellent. During the quarter, we successfully completed the
Professional Bank conversion, wrapping up a significant period of
M&A activity that has boosted Seacoast beyond the $10 billion
asset threshold and definitively positioned the Company as
Florida’s Bank.”
Shaffer added, “Seacoast is committed to our
fortress balance sheet, with an allowance for loan losses of $159.7
million and an additional $201.8 million discount on acquired
loans, providing significant loss absorption capacity. Our second
quarter ratio of tangible common equity to tangible assets
increased to 8.53% as we moved past the initially dilutive effect
of recent acquisitions, reflecting commitment to driving
shareholder value creation.”
Shaffer concluded, “Our strategic focus for the
balance of the year will be on relationship-driven customer
acquisition and carefully managing our expense base while investing
in tactics to drive low-cost deposit growth. We believe that this
rigorous approach will support solid capital growth, produce a
broadly diversified and stable funding base, and generate increased
franchise value over the long run.”
Acquisition Update
In June 2023, we successfully completed the
integration of Professional Holding Corp. (“Professional”),
including the consolidation of five branches in the South Florida
market. Merger-related expense synergies are expected to be fully
realized in the second half of 2023. Direct merger-related costs
recorded during the second quarter of 2023 totaled
$15.6 million. We expect merger-related costs to be
insignificant in the third quarter of 2023.
Financial Results
Income Statement
- Net
income was $31.2 million, or $0.37 per diluted share, for
the second quarter of 2023 compared to net income of $11.8 million,
or $0.15 per diluted share, for the prior quarter, and $32.8
million, or $0.53 per diluted share, for the prior year quarter.
For the six months ended June 30, 2023, net income was $43.1
million, or $0.52 per diluted share, compared to
$53.3 million, or $0.86 per diluted share, for the six months
ended June 30, 2022. The results for the six months ended
June 30, 2023 included the $26.6 million day-1 provision for
credit losses on loans acquired in the Professional acquisition.
Adjusted net income1 for the second quarter of 2023 was
$49.2 million, or $0.58 per diluted share, compared to $29.2
million, or $0.36 per diluted share, for the prior quarter, and
$36.3 million, or $0.59 per diluted share, for the prior year
quarter. For the six months ended June 30, 2023, adjusted net
income1 was $78.4 million, or $0.94 per diluted share,
compared to $63.4 million, or $1.03 per diluted share, for the six
months ended June 30, 2022.
- Net
revenues were $148.5 million in the second quarter of
2023, a decrease of $5.1 million, or 3%, compared to the prior
quarter, and an increase of $49.9 million, or 51%, compared to the
prior year quarter. For the six months ended June 30, 2023,
net revenues were $302.1 million, an increase of $111.6 million, or
59%, compared to the six months ended June 30, 2022. Adjusted
revenues1 were $148.7 million in the second quarter of
2023, a decrease of $2.7 million, or 2%, compared to the prior
quarter, and an increase of $49.8 million, or 50%, compared to the
prior year quarter. For the six months ended June 30, 2023,
adjusted revenues1 were $300.1 million, an increase of
$108.8 million, or 57%, compared to the six months ended June 30,
2022.
- Pre-tax
pre-provision earnings1 were
$40.9 million in the second quarter of 2023, a decrease of 12%
compared to the first quarter of 2023 and a decrease of 4% compared
to the second quarter of 2022. Adjusted pre-tax pre-provision
earnings1 were $64.9 million in the second quarter of
2023, a decrease of 9% compared to the first quarter of 2023 and an
increase of 40% compared to the second quarter of 2022. Adjusted
pre-tax pre-provision earnings1 for the six months ended
June 30, 2023 were $135.9 million, an increase of $47.8
million, or 54%, when compared to the six months ended June 30,
2022.
- Net
interest income totaled $127.0 million in the second
quarter of 2023, a decrease of $4.2 million, or 3%, from the first
quarter of 2023 and an increase of $45.3 million, or 56%, compared
to the second quarter of 2022. When excluding accretion on acquired
loans, net interest income declined $2.4 million. Accretion on
acquired loans totaled $14.2 million in the second quarter of 2023,
$15.9 million in the first quarter of 2023, and $2.7 million in the
second quarter of 2022. For the six months ended June 30,
2023, net interest income was $258.1 million, an increase of $99.9
million, or 63%, compared to the six months ended June 30, 2022.
Accretion on acquired loans totaled $30.1 million for the six
months ended June 30, 2023, compared to $6.4 million for the six
months ended June 30, 2022.
- Net
interest margin decreased 45 basis points to 3.86% in the
second quarter of 2023 compared to 4.31% in the first quarter of
2023. The decline in the net interest margin from the prior quarter
was driven by the impact of rising rates on the competitive
environment for deposits, the continued effect of an inverted yield
curve, and lower accretion of purchase discounts on acquired loans.
Loan yields increased three basis points to 5.89%. The effect on
loan yields of accretion of purchase discounts on acquired loans in
the second quarter of 2023 was an increase of 56 basis points,
compared to an increase of 69 basis points in the first quarter of
2023. Securities yields increased 28 basis points to 3.13%,
including approximately 12 basis points of benefit from interest
rate swaps initiated in the second quarter. The cost of deposits
increased 61 basis points, from 77 basis points in the prior
quarter, to 1.38% for the second quarter of 2023.
-
Noninterest income totaled $21.6 million in the
second quarter of 2023, a decrease of $0.9 million, or 4%, compared
to the prior quarter, and an increase of $4.6 million, or 27%,
compared to the prior year quarter. For the six months ended
June 30, 2023, noninterest income was $44.0 million, an
increase of $11.7 million, or 36%, compared to the six months ended
June 30, 2022. Results for the second quarter of 2023 included the
following:
- Service charges
on deposits increased $0.3 million, or 7%, compared to the prior
quarter and $1.2 million, or 34%, year over year, including the
continued benefit of the expansion of treasury management services
to commercial customers.
- Interchange
income totaled $5.1 million in the second quarter, an increase of
$0.4 million, or 8%, when compared to the prior quarter and $0.8
million, or 19%, compared to the prior year quarter. As a reminder,
beginning in the third quarter of 2023, the Company’s interchange
income will be reduced by the requirements of the Durbin amendment,
which became effective for the Company on July 1, 2023.
- The wealth
management division continues to demonstrate notable success in
building relationships, and during the second quarter of 2023,
income increased $0.3 million, or 8%, compared to the prior quarter
and $0.5 million, or 20%, compared to the prior year quarter.
Assets under management increased by $60 million in the second
quarter of 2023, bringing total assets under management to $1.6
billion, up 36% from the prior year.
- Mortgage banking
fees totaled $0.6 million in the second quarter, an increase of
$0.2 million, or 35%, due to higher saleable production.
- Other income
decreased by $1.8 million compared to the prior quarter, primarily
the result of the recognition in the prior quarter of $2.1 million
in bank owned life insurance (“BOLI”) death benefits.
- The
provision for credit losses was a net benefit of
$0.8 million in the second quarter of 2023, compared to a provision
of $31.6 million in the first quarter of 2023 and a provision of
$0.8 million in the second quarter of 2022. The provision for
credit losses in the first quarter of 2023 included $26.6 million
in day-1 provision recorded at the acquisition of
Professional.
-
Noninterest expense was $107.9 million in the
second quarter of 2023, an increase of $0.4 million compared to the
prior quarter, and an increase of $51.7 million, or 92%, compared
to the prior year quarter. The second quarter of 2023 included
$15.6 million of merger-related expenses, compared to $17.5 million
in the prior quarter and $3.0 million in the prior year quarter.
Noninterest expense was $215.3 million for the six months ended
June 30, 2023, including $33.2 million in merger-related
charges, compared to $115.1 million in the six months ended June
30, 2022, which included $9.7 million in merger-related charges.
Changes compared to the first quarter of 2023 included:
- Salaries and
wages decreased $2.5 million to $45.2 million in the second quarter
of 2023. The second quarter of 2023 included $1.6 million in
merger-related expenses, compared to $4.2 million in the first
quarter of 2023.
- In the third
quarter of 2023, we are continuing our focus on efficiency and
streamlining operations, and in late July we executed a reduction
in the Company’s workforce by approximately 5%. The Company will
incur severance charges in a range of approximately $2.0 to $3.0
million. The resulting lower compensation expense in the third
quarter of 2023 will largely be offset by investments in marketing
expenses to drive low-cost deposit growth, and lower expense
deferral associated with slowing loan originations. As a reminder,
under the relevant accounting guidance, the Company defers the
expenses associated with the origination of new loans, and
recognizes this expense as a reduction to loan yield over the life
of the loan. We expect the full benefit of the reduction in
workforce to materialize in the fourth quarter of 2023.
- Employee
benefits decreased $1.1 million to $7.5 million in the second
quarter of 2023 as a result of higher seasonal payroll taxes
impacting the first quarter of 2023.
- Outsourced data
processing costs increased $5.7 million to $20.2 million in the
second quarter of 2023. The second quarter of 2023 included $10.9
million in merger-related expenses, compared to $6.6 million in the
first quarter of 2023. Termination penalties related to the
Professional technology contracts were recorded in the second
quarter in conjunction with the system conversion.
- Telephone and
data lines increased $0.4 million to $1.5 million in the second
quarter of 2023 reflecting the expansion of the branch
footprint.
- Legal and
professional fees decreased by $3.4 million to $4.1 million in the
second quarter of 2023, and included $1.7 million in merger-related
expenses during the second quarter of 2023 compared to $4.8 million
of merger-related expenses in the first quarter of 2023.
- Amortization of
intangibles increased by $0.9 million to $7.7 million resulting
from the first full quarter of amortization of the core deposit
intangible assets acquired from Professional. These assets are
amortized using an accelerated amortization method.
- Other
noninterest expenses increased $1.1 million to $8.3 million in the
second quarter of 2023, primarily attributed to maintaining
parallel activities and processes prior to the conversion of
Professional in June 2023.
- Seacoast
recorded $10.2 million of income tax expense in
the second quarter of 2023, compared to $2.7 million in the first
quarter of 2023, and $8.9 million in the second quarter of 2022,
with an effective tax rate of 24.6%, 18.6%, and 21.3%,
respectively. Impacts related to stock-based compensation were tax
expense of $0.3 million in the second quarter of 2023, tax benefits
of $0.2 million in the first quarter of 2023, and tax benefits of
$0.4 million in the second quarter of 2022. The first quarter of
2023 included a discrete benefit of $0.6 million related to the
BOLI distribution which, combined with lower overall pre-tax
income, resulted in a lower effective tax rate in that period.
- The efficiency
ratio was 67.34% in the second quarter of 2023, compared
to 65.43% in the first quarter of 2023 and 56.22% in the prior year
quarter. The adjusted efficiency
ratio1 was 56.44% in the
second quarter of 2023, compared to 53.10% in the first quarter of
2023 and 53.15% in the prior year quarter. The Company continues to
remain keenly focused on disciplined expense control. The increase
in the adjusted efficiency ratio primarily reflects the impact of
higher deposit rates on net interest income in the period. The
adjusted efficiency ratio1 for the six months ended
June 30, 2023 was 54.76% compared to 53.97% for the six months
ended June 30, 2022.
Balance Sheet
- At June 30,
2023, the Company had total assets of $15.0
billion and total shareholders’
equity of $2.1 billion. Book value per
share was $24.14 on June 30, 2023, compared to $24.24 on
March 31, 2023, and $21.65 on June 30, 2022. Tangible book
value per share totaled $14.24 on June 30, 2023 compared
to $14.25 on March 31, 2023 and $16.66 on June 30, 2022. Removing
the impact of the change in accumulated comprehensive income,
tangible book value per share increased by $0.20.
- Debt
securities totaled $2.6 billion on June 30, 2023, a
decrease of $129.8 million, or 5%, compared to March 31, 2023. Debt
securities include approximately $1.9 billion in securities held at
fair value and classified as available for sale. The unrealized
loss on these securities is fully reflected in the value presented
on the balance sheet. The portfolio also includes $707.8 million in
securities classified as held to maturity with a fair value of
$577.6 million. Held-to-maturity securities consist solely of
mortgage-backed securities and collateralized mortgage obligations
guaranteed by U.S. government agencies, each of which is expected
to recover any price depreciation over its holding period as the
debt securities move to maturity. The Company has significant
liquidity and available borrowing capacity and has the intent and
ability to hold these investments to maturity.
-
Loans decreased $16.5 million when compared to the
prior quarter, totaling $10.1 billion as of June 30, 2023. The
Company continues to exercise a disciplined approach to lending,
carefully underwriting loans to strict underwriting guidelines and
setting high expectations for risk adjusted returns given the
current environment.
- Loan
originations were $518.9 million in the second
quarter of 2023, a decrease of 3% compared to $536.3 million
in the first quarter of 2023.
- Commercial
originations were $317.4 million during the second quarter of
2023, compared to $321.7 million in the first quarter of 2023,
and $461.9 million in the second quarter of 2022.
- Consumer
originations in the second quarter of 2023 were $97.2 million,
compared to $110.6 million in the first quarter of 2023, and $130.8
million in the second quarter of 2022.
- Residential
loans originated for sale in the secondary market totaled $19.1
million in the second quarter of 2023, compared to $13.9 million in
the first quarter of 2023, and $42.7 million in the second quarter
of 2022.
- Closed
residential loans retained in the portfolio totaled $85.3 million
in the second quarter of 2023, compared to $90.1 million in the
first quarter of 2023, and $103.0 million in the second quarter of
2022.
-
Pipelines (loans in underwriting and approval or
approved and not yet closed) totaled $284.6 million on
June 30, 2023, a decrease of 27% from March 31, 2023, and a
decrease of 54% from June 30, 2022.
- Commercial
pipelines were $217.6 million as of June 30, 2023, a decrease of
27% from $297.4 million at March 31, 2023, and a decrease of 54%
from $476.7 million at June 30, 2022. The decline in pipeline
quarter over quarter was the result of the impact of higher rates
and a continued selective approach on new credit facilities given a
cautious economic outlook.
- Consumer
pipelines were $28.4 million as of June 30, 2023, a decrease
of $10.3 million from $38.7 million at March 31, 2023, and a
decrease of 62% from $75.5 million at June 30, 2022.
- Residential
saleable pipelines were $11.5 million as of June 30, 2023, compared
to $6.6 million at March 31, 2023, and $14.7 million at June 30,
2022. Retained residential pipelines were $27.1 million as of June
30, 2023, compared to $48.4 million at March 31, 2023, and $53.1
million at June 30, 2022.
- Total
deposits were $12.3 billion as of June 30, 2023, a
decrease of $26.4 million when compared to March 31, 2023, and an
increase of $3.1 billion, or 34%, compared to June 30, 2022.
Seacoast’s granular, longstanding deposit base is a hallmark of our
franchise, and in the current environment serves as a significant
source of strength. The Company continues to maintain balance sheet
flexibility and ended the quarter with a loan to deposit ratio of
82%.
- At June 30,
2023, transaction account balances represented 57% of overall
deposits.
- Noninterest
bearing demand deposits represent 34% of overall deposits.
- Average deposits
per banking center were $157 million at June 30, 2023 compared to
$148 million at March 31, 2023.
- Uninsured
deposits represented only 34% of overall deposit accounts as of
June 30, 2023. This includes public funds under the Florida
Qualified Public Depository program, which provides loss protection
to depositors beyond FDIC insurance limits. Excluding such
balances, the uninsured and uncollateralized deposits were 28% of
total deposits. The Company has liquidity sources including cash
and lines of credit with the Federal Reserve and Federal Home Loan
Bank that represent 155% of uninsured deposits, and 184% of
uninsured and uncollateralized deposits.
- Consumer
deposits represent 43% of overall deposit funding with an average
consumer customer balance of $23 thousand. Commercial deposits
represent 57% of overall deposit funding with an average business
customer balance of $109 thousand.
- Federal Home
Loan Bank advances totaled $160.0 million at June 30, 2023 with a
weighted average interest rate of 3.64%. In the aggregate, borrowed
funds, including FHLB advances, subordinated debt, and brokered
deposits represented only 6.6% of total liabilities as of June 30,
2023.
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 were $48.3 million at June 30,
2023. Nonperforming loans to total loans outstanding were 0.48% at
June 30, 2023, 0.50% at March 31, 2023, and 0.40% at June 30,
2022.
-
Nonperforming assets to total assets decreased to
0.37% at June 30, 2023, compared to 0.38% at March 31, 2023, and
increased from 0.27% at June 30, 2022.
-
The ratio of allowance for credit losses
to total loans was 1.58% at June 30, 2023, 1.54% at March
31, 2023, and 1.39% at June 30, 2022.
- Net
charge-offs of $0.7 million for the second quarter of 2023
compared to $3.2 million in the first quarter of 2023 and compared
to a net recovery of $0.1 million in the second quarter of 2022.
Net charge-offs for the four most recent quarters averaged
0.06%.
-
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 loan
size is $278 thousand, and the average commercial loan size is $685
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 52% and 256% of total bank-level risk-based
capital, respectively, compared to 48% and 258%, respectively, at
March 31, 2023. On a consolidated basis, construction and land
development and commercial real estate loans represent 47% and
236%, 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 June 30, 2023 of 13.9%
compared to 13.4% at March 31, 2023, and 16.8% at June 30, 2022.
The total capital ratio was 15.0%, the
common equity tier 1 capital ratio was 12.9%, and
the tier 1 leverage ratio was 10.8% at June 30,
2023. The Company is considered “well capitalized” based on
applicable U.S. regulatory capital ratio requirements.
- In April 2023,
the Company announced an increase to its common
share dividend by $0.01 to $0.18 per
share.
- Cash and
cash equivalents at June 30, 2023 totaled $727.9
million.
- Our Board of
Directors has approved a share repurchase program
of up to $100 million in shares of the Company’s common stock.
During the second quarter of 2023, 2,515 shares were repurchased
under the program at a weighted average price of $17.99 per
share.
- The Company’s
loan to deposit ratio was 82% at June 30, 2023,
providing liquidity and flexibility moving forward.
- Tangible
common equity to tangible assets was 8.53% at June 30,
2023, compared to 8.36% at March 31, 2023, and 9.74% at June 30,
2022. If all held-to-maturity securities were adjusted to fair
value, the tangible common equity ratio would have been 7.87%.
- At June 30, 2023, in addition to
$727.9 million in cash, the Company had $5.7 billion in
available borrowing capacity, including $4.7
billion in available collateralized lines of credit, $0.7 billion
of unpledged debt securities available as collateral for potential
additional borrowings, and available unsecured lines of credit of
$0.3 billion. These liquidity sources as of June 30, 2023
represented 184% of uninsured and uncollateralized deposits.
FINANCIAL HIGHLIGHTS |
|
|
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|
|
|
|
(Amounts in thousands except per share data)
|
|
|
|
|
(Unaudited) |
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Quarterly Trends |
|
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|
|
2Q’23 |
|
1Q’23 |
|
4Q’22 |
|
3Q’22 |
|
2Q’22 |
|
Selected balance sheet data: |
|
|
|
|
|
|
|
|
|
|
Gross loans |
$ |
10,117,919 |
|
|
$ |
10,134,395 |
|
|
$ |
8,144,724 |
|
|
$ |
6,690,845 |
|
|
$ |
6,541,548 |
|
|
Total deposits |
|
12,283,267 |
|
|
|
12,309,701 |
|
|
|
9,981,595 |
|
|
|
8,765,414 |
|
|
|
9,188,953 |
|
|
Total assets |
|
15,041,932 |
|
|
|
15,255,408 |
|
|
|
12,145,762 |
|
|
|
10,345,235 |
|
|
|
10,811,704 |
|
|
|
|
|
|
|
|
|
|
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|
Performance measures: |
|
|
|
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|
|
|
|
|
|
Net income |
$ |
31,249 |
|
|
$ |
11,827 |
|
|
$ |
23,927 |
|
|
$ |
29,237 |
|
|
$ |
32,755 |
|
|
Net interest margin |
|
3.86 |
% |
|
|
4.31 |
% |
|
|
4.36 |
% |
|
|
3.67 |
% |
|
|
3.38 |
% |
|
Pre-tax pre-provision earnings1 |
|
40,864 |
|
|
|
46,321 |
|
|
|
45,999 |
|
|
|
43,143 |
|
|
|
42,580 |
|
|
Average diluted shares outstanding |
|
85,536 |
|
|
|
80,717 |
|
|
|
71,374 |
|
|
|
61,961 |
|
|
|
61,923 |
|
|
Diluted earnings per share (EPS) |
$ |
0.37 |
|
|
$ |
0.15 |
|
|
$ |
0.34 |
|
|
$ |
0.47 |
|
|
$ |
0.53 |
|
|
Return on (annualized): |
|
|
|
|
|
|
|
|
|
|
Average assets (ROA) |
|
0.84 |
% |
|
|
0.34 |
% |
|
|
0.78 |
% |
|
|
1.10 |
% |
|
|
1.21 |
% |
|
Average tangible assets (ROTA)2 |
|
1.06 |
|
|
|
0.52 |
|
|
|
0.94 |
|
|
|
1.17 |
|
|
|
1.29 |
|
|
Average tangible common equity (ROTCE)2 |
|
12.08 |
|
|
|
5.96 |
|
|
|
10.36 |
|
|
|
11.53 |
|
|
|
13.01 |
|
|
Tangible common equity to tangible assets2 |
|
8.53 |
|
|
|
8.36 |
|
|
|
9.08 |
|
|
|
9.79 |
|
|
|
9.74 |
|
|
Tangible book value per share2 |
$ |
14.24 |
|
|
$ |
14.25 |
|
|
$ |
14.69 |
|
|
$ |
15.98 |
|
|
$ |
16.66 |
|
|
Efficiency ratio |
|
67.34 |
% |
|
|
65.43 |
% |
|
|
63.39 |
% |
|
|
57.13 |
% |
|
|
56.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating measures1: |
|
|
|
|
|
|
|
|
|
|
Adjusted net income |
$ |
49,203 |
|
|
$ |
29,241 |
|
|
$ |
39,926 |
|
|
$ |
32,837 |
|
|
$ |
36,327 |
|
|
Adjusted pre-tax pre-provision earnings |
|
64,856 |
|
|
|
71,081 |
|
|
|
66,649 |
|
|
|
48,989 |
|
|
|
46,397 |
|
|
Adjusted diluted EPS |
|
0.58 |
|
|
|
0.36 |
|
|
|
0.56 |
|
|
|
0.53 |
|
|
|
0.59 |
|
|
Adjusted ROTA2 |
|
1.41 |
% |
|
|
0.90 |
% |
|
|
1.36 |
% |
|
|
1.27 |
% |
|
|
1.38 |
% |
|
Adjusted ROTCE2 |
|
16.08 |
|
|
|
10.34 |
|
|
|
15.05 |
|
|
|
12.48 |
|
|
|
13.97 |
|
|
Adjusted efficiency ratio |
|
56.44 |
|
|
|
53.10 |
|
|
|
51.52 |
|
|
|
53.28 |
|
|
|
53.15 |
|
|
Net adjusted noninterest expense as a
percent of average tangible assets2 |
|
2.40 |
|
|
|
2.47 |
|
|
|
2.42 |
|
|
|
2.16 |
|
|
|
2.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other data: |
|
|
|
|
|
|
|
|
|
|
Market capitalization3 |
$ |
1,880,407 |
|
|
$ |
2,005,241 |
|
|
$ |
2,233,761 |
|
|
$ |
1,858,429 |
|
|
$ |
2,028,996 |
|
|
Full-time equivalent employees |
|
1,670 |
|
|
|
1,650 |
|
|
|
1,490 |
|
|
|
1,156 |
|
|
|
1,095 |
|
|
Number of ATMs |
|
96 |
|
|
|
97 |
|
|
|
100 |
|
|
|
79 |
|
|
|
79 |
|
|
Full-service banking offices |
|
78 |
|
|
|
83 |
|
|
|
78 |
|
|
|
58 |
|
|
|
58 |
|
|
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. |
|
OTHER INFORMATION
Conference Call Information
Seacoast will host a conference call July 28th,
2023, at 10:00 a.m. Eastern Time, to discuss the second quarter
2023 earnings results and business trends. Investors may call in
(toll-free) by dialing (800) 736-4594. 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.” Additionally, a recording of the call will
be made available to individuals shortly after the conference call
and can be accessed via a link at www.SeacoastBanking.com under the
heading “Corporate Information.” The recording 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 $15.0 billion in assets and $12.3 billion in deposits
as of June 30, 2023. Seacoast provides integrated financial
services including commercial and consumer banking, wealth
management, and mortgage services to customers at 78 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.
Tracey L. Dexter
Chief Financial Officer
Seacoast Banking Corporation of Florida
(772) 403-0461
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, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”),
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 Professional Holding Corp., or
expects to acquire, as well as statements with respect to
Seacoast’s objectives, strategic plans, 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 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 Banking
Corporation of Florida (“Seacoast” or the “Company”) or its
wholly-owned banking subsidiary, Seacoast National Bank (“Seacoast
Bank”), to be materially different from 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
impact of current and future economic and market conditions
generally (including seasonality) and in the financial services
industry, nationally and within Seacoast’s primary market areas,
including the effects of inflationary pressures, changes in
interest rates, slowdowns in economic growth, and the potential for
high unemployment rates, as well as the financial stress on
borrowers and changes to customer and client behavior and credit
risk as a result of the foregoing; potential impacts of the recent
adverse developments in the banking industry highlighted by
high-profile bank failures, including impacts on customer
confidence, deposit outflows, liquidity and the regulatory response
thereto; 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 and the
possibility that the U.S. could default on its debt obligations;
the risks of changes in interest rates on the level and composition
of deposits (as well as the cost of, and competition for,
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; changes in accounting policies, rules and
practices; changes in retail distribution strategies, customer
preferences and behavior generally and 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; the Company’s
concentration in commercial real estate loans and in real estate
collateral in Florida; Seacoast’s ability to comply with any
regulatory requirements; the effects of problems encountered by
other financial institutions that adversely affect Seacoast or the
banking industry; 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 decline in stock market prices on our fee income
from our wealth management business; 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; fraud or misconduct by internal or
external, which Seacoast may not be able to prevent, detect or
mitigate; 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, including hurricanes in the Company’s footprint, 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; risks related to
environmental, social and governance (“ESG”) matters, the scope and
pace of which could alter Seacoast’s reputation and shareholder,
associate, customer and third-party affiliations; the risks
relating to bank acquisitions including the merger with
Professional Holding Corp. including, without limitation: the
diversion of management’s time on issues related to the merger;
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;
regulatory enforcement and litigation risk; 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; and other factors and risks described under
“Risk Factors” herein and in any of the Company’s subsequent
reports filed with the SEC and available on its website at
www.sec.gov
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, 2022 and
quarterly report on Form 10-Q for the quarter ended June 30, 2023
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 |
|
|
Six Months Ended |
(Amounts in thousands, except ratios and per share
data) |
2Q’23 |
1Q’23 |
4Q’22 |
3Q’22 |
2Q’22 |
|
2Q’23 |
|
2Q’22 |
Summary of Earnings |
|
|
|
|
|
|
|
|
|
Net income |
$ |
31,249 |
|
$ |
11,827 |
|
$ |
23,927 |
|
$ |
29,237 |
|
$ |
32,755 |
|
|
$ |
43,076 |
|
|
$ |
53,343 |
|
Adjusted net income1 |
|
49,203 |
|
|
29,241 |
|
|
39,926 |
|
|
32,837 |
|
|
36,327 |
|
|
|
78,444 |
|
|
|
63,383 |
|
Net interest income2 |
|
127,153 |
|
|
131,351 |
|
|
119,858 |
|
|
88,399 |
|
|
81,764 |
|
|
|
258,504 |
|
|
|
158,403 |
|
Net interest margin2,3 |
|
3.86 |
% |
|
4.31 |
% |
|
4.36 |
% |
|
3.67 |
% |
|
3.38 |
% |
|
|
4.09 |
% |
|
|
3.32 |
% |
Pre-tax pre-provision earnings1 |
|
40,864 |
|
|
46,321 |
|
|
45,999 |
|
|
43,143 |
|
|
42,580 |
|
|
|
87,185 |
|
|
|
75,675 |
|
Adjusted pre-tax pre-provision earnings1 |
|
64,856 |
|
|
71,081 |
|
|
66,649 |
|
|
48,989 |
|
|
46,397 |
|
|
|
135,937 |
|
|
|
88,134 |
|
Performance Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets-GAAP basis3 |
|
0.84 |
% |
|
0.34 |
% |
|
0.78 |
% |
|
1.10 |
% |
|
1.21 |
% |
|
|
0.60 |
% |
|
|
1.00 |
% |
Return on average tangible assets-GAAP basis3,4 |
|
1.06 |
|
|
0.52 |
|
|
0.94 |
|
|
1.17 |
|
|
1.29 |
|
|
|
0.80 |
|
|
|
1.07 |
|
Adjusted return on average tangible assets1,3,4 |
|
1.41 |
|
|
0.90 |
|
|
1.36 |
|
|
1.27 |
|
|
1.38 |
|
|
|
1.16 |
|
|
|
1.23 |
|
Pre-tax pre-provision return on average tangible
assets1,3,4 |
|
1.33 |
|
|
1.58 |
|
|
1.69 |
|
|
1.71 |
|
|
1.66 |
|
|
|
1.45 |
|
|
|
1.51 |
|
Adjusted pre-tax pre-provision return on average tangible
assets1,3,4 |
|
1.85 |
|
|
2.18 |
|
|
2.28 |
|
|
1.89 |
|
|
1.77 |
|
|
|
2.01 |
|
|
|
1.70 |
|
Net adjusted noninterest expense to average tangible
assets1,3,4 |
|
2.40 |
|
|
2.47 |
|
|
2.42 |
|
|
2.16 |
|
|
2.00 |
|
|
|
2.44 |
|
|
|
2.00 |
|
Return on average shareholders’ equity-GAAP basis3 |
|
6.05 |
|
|
2.53 |
|
|
6.03 |
|
|
8.60 |
|
|
9.73 |
|
|
|
4.38 |
|
|
|
7.82 |
|
Return on average tangible common equity-GAAP
basis3,4 |
|
12.08 |
|
|
5.96 |
|
|
10.36 |
|
|
11.53 |
|
|
13.01 |
|
|
|
9.14 |
|
|
|
10.46 |
|
Adjusted return on average tangible common
equity1,3,4 |
|
16.08 |
|
|
10.34 |
|
|
15.05 |
|
|
12.48 |
|
|
13.97 |
|
|
|
13.32 |
|
|
|
11.95 |
|
Efficiency ratio5 |
|
67.34 |
|
|
65.43 |
|
|
63.39 |
|
|
57.13 |
|
|
56.22 |
|
|
|
66.37 |
|
|
|
59.17 |
|
Adjusted efficiency ratio1 |
|
56.44 |
|
|
53.10 |
|
|
51.52 |
|
|
53.28 |
|
|
53.15 |
|
|
|
54.76 |
|
|
|
53.97 |
|
Noninterest income to total revenue (excluding securities
gains/losses) |
|
14.63 |
|
|
14.55 |
|
|
12.84 |
|
|
15.72 |
|
|
17.45 |
|
|
|
14.59 |
|
|
|
17.30 |
|
Tangible common equity to tangible assets4 |
|
8.53 |
|
|
8.36 |
|
|
9.08 |
|
|
9.79 |
|
|
9.74 |
|
|
|
8.53 |
|
|
|
9.74 |
|
Average loan-to-deposit ratio |
|
83.48 |
|
|
82.43 |
|
|
77.67 |
|
|
73.90 |
|
|
70.60 |
|
|
|
82.98 |
|
|
|
70.92 |
|
End of period loan-to-deposit ratio |
|
82.42 |
|
|
82.35 |
|
|
81.63 |
|
|
76.35 |
|
|
71.34 |
|
|
|
82.42 |
|
|
|
71.34 |
|
Per Share Data |
|
|
|
|
|
|
|
|
|
Net income diluted-GAAP basis |
|
$ 0.37 |
|
|
$ 0.15 |
|
|
$ 0.34 |
|
|
$ 0.47 |
|
|
$ 0.53 |
|
|
|
$ 0.52 |
|
|
|
$ 0.86 |
|
Net income basic-GAAP basis |
|
0.37 |
|
|
0.15 |
|
|
0.34 |
|
|
0.48 |
|
|
0.53 |
|
|
|
0.52 |
|
|
|
0.87 |
|
Adjusted earnings1 |
|
0.58 |
|
|
0.36 |
|
|
0.56 |
|
|
0.53 |
|
|
0.59 |
|
|
|
0.94 |
|
|
|
1.03 |
|
Book value per share common |
|
24.14 |
|
|
24.24 |
|
|
22.45 |
|
|
20.95 |
|
|
21.65 |
|
|
|
24.14 |
|
|
|
21.65 |
|
Tangible book value per share |
|
14.24 |
|
|
14.25 |
|
|
14.69 |
|
|
15.98 |
|
|
16.66 |
|
|
|
14.24 |
|
|
|
16.66 |
|
Cash dividends declared |
|
0.18 |
|
|
0.17 |
|
|
0.17 |
|
|
0.17 |
|
|
0.17 |
|
|
|
0.35 |
|
|
|
0.30 |
|
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 |
|
|
Six Months Ended |
(Amounts in thousands, except per share data) |
2Q’23 |
1Q’23 |
4Q’22 |
3Q’22 |
2Q’22 |
|
2Q’23 |
|
2Q’22 |
|
|
|
|
|
|
|
|
|
|
Interest on securities: |
|
|
|
|
|
|
|
|
|
Taxable |
$ |
20,898 |
|
$ |
19,244 |
$ |
18,530 |
|
$ |
15,653 |
|
$ |
12,387 |
|
|
$ |
40,142 |
|
|
$ |
22,428 |
|
Nontaxable |
|
97 |
|
|
105 |
|
130 |
|
|
138 |
|
|
138 |
|
|
|
202 |
|
|
|
278 |
|
Interest and fees on loans |
|
148,265 |
|
|
135,168 |
|
105,322 |
|
|
73,970 |
|
|
69,307 |
|
|
|
283,433 |
|
|
|
136,425 |
|
Interest on federal funds sold and other investments |
|
5,023 |
|
|
3,474 |
|
3,127 |
|
|
1,643 |
|
|
1,917 |
|
|
|
8,497 |
|
|
|
2,850 |
|
Total Interest Income |
|
174,283 |
|
|
157,991 |
|
127,109 |
|
|
91,404 |
|
|
83,749 |
|
|
|
332,274 |
|
|
|
161,981 |
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
27,183 |
|
|
16,033 |
|
3,934 |
|
|
1,623 |
|
|
994 |
|
|
|
43,216 |
|
|
|
1,761 |
|
Interest on time certificates |
|
14,477 |
|
|
5,552 |
|
1,358 |
|
|
380 |
|
|
436 |
|
|
|
20,029 |
|
|
|
904 |
|
Interest on borrowed money |
|
5,660 |
|
|
5,254 |
|
2,108 |
|
|
1,117 |
|
|
672 |
|
|
|
10,914 |
|
|
|
1,147 |
|
Total Interest Expense |
|
47,320 |
|
|
26,839 |
|
7,400 |
|
|
3,120 |
|
|
2,102 |
|
|
|
74,159 |
|
|
|
3,812 |
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
|
126,963 |
|
|
131,152 |
|
119,709 |
|
|
88,284 |
|
|
81,647 |
|
|
|
258,115 |
|
|
|
158,169 |
|
Provision for credit losses |
|
(764 |
) |
|
31,598 |
|
14,129 |
|
|
4,676 |
|
|
822 |
|
|
|
30,834 |
|
|
|
7,378 |
|
Net Interest Income After Provision for Credit
Losses |
|
127,727 |
|
|
99,554 |
|
105,580 |
|
|
83,608 |
|
|
80,825 |
|
|
|
227,281 |
|
|
|
150,791 |
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
4,560 |
|
|
4,242 |
|
3,996 |
|
|
3,504 |
|
|
3,408 |
|
|
|
8,802 |
|
|
|
6,209 |
|
Interchange income |
|
5,066 |
|
|
4,694 |
|
4,650 |
|
|
4,138 |
|
|
4,255 |
|
|
|
9,760 |
|
|
|
8,383 |
|
Wealth management income |
|
3,318 |
|
|
3,063 |
|
2,886 |
|
|
2,732 |
|
|
2,774 |
|
|
|
6,381 |
|
|
|
5,433 |
|
Mortgage banking fees |
|
576 |
|
|
426 |
|
426 |
|
|
434 |
|
|
932 |
|
|
|
1,002 |
|
|
|
2,618 |
|
Insurance agency income |
|
1,160 |
|
|
1,101 |
|
805 |
|
|
— |
|
|
— |
|
|
|
2,261 |
|
|
|
— |
|
SBA gains |
|
249 |
|
|
322 |
|
105 |
|
|
108 |
|
|
473 |
|
|
|
571 |
|
|
|
629 |
|
BOLI income |
|
2,068 |
|
|
1,916 |
|
1,526 |
|
|
1,363 |
|
|
1,349 |
|
|
|
3,984 |
|
|
|
2,683 |
|
Other |
|
4,755 |
|
|
6,574 |
|
3,239 |
|
|
4,186 |
|
|
4,073 |
|
|
|
11,329 |
|
|
|
7,134 |
|
|
|
21,752 |
|
|
22,338 |
|
17,633 |
|
|
16,465 |
|
|
17,264 |
|
|
|
44,090 |
|
|
|
33,089 |
|
Securities (losses) gains, net |
|
(176 |
) |
|
107 |
|
18 |
|
|
(362 |
) |
|
(300 |
) |
|
|
(69 |
) |
|
|
(752 |
) |
Total Noninterest Income |
|
21,576 |
|
|
22,445 |
|
17,651 |
|
|
16,103 |
|
|
16,964 |
|
|
|
44,021 |
|
|
|
32,337 |
|
|
|
|
|
|
|
|
|
|
|
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
Salaries and wages |
|
45,155 |
|
|
47,616 |
|
45,405 |
|
|
28,420 |
|
|
28,056 |
|
|
|
92,771 |
|
|
|
56,275 |
|
Employee benefits |
|
7,472 |
|
|
8,562 |
|
5,300 |
|
|
4,074 |
|
|
4,151 |
|
|
|
16,034 |
|
|
|
9,652 |
|
Outsourced data processing costs |
|
20,222 |
|
|
14,553 |
|
9,918 |
|
|
5,393 |
|
|
6,043 |
|
|
|
34,775 |
|
|
|
12,199 |
|
Telephone / data lines |
|
1,518 |
|
|
1,081 |
|
1,185 |
|
|
973 |
|
|
908 |
|
|
|
2,599 |
|
|
|
1,641 |
|
Occupancy |
|
7,065 |
|
|
6,938 |
|
5,457 |
|
|
5,046 |
|
|
4,050 |
|
|
|
14,003 |
|
|
|
8,036 |
|
Furniture and equipment |
|
2,345 |
|
|
2,267 |
|
1,944 |
|
|
1,462 |
|
|
1,588 |
|
|
|
4,612 |
|
|
|
3,014 |
|
Marketing |
|
2,047 |
|
|
2,238 |
|
1,772 |
|
|
1,461 |
|
|
1,882 |
|
|
|
4,285 |
|
|
|
3,053 |
|
Legal and professional fees |
|
4,062 |
|
|
7,479 |
|
9,174 |
|
|
3,794 |
|
|
2,946 |
|
|
|
11,541 |
|
|
|
7,735 |
|
FDIC assessments |
|
2,116 |
|
|
1,443 |
|
889 |
|
|
760 |
|
|
699 |
|
|
|
3,559 |
|
|
|
1,488 |
|
Amortization of intangibles |
|
7,654 |
|
|
6,727 |
|
4,763 |
|
|
1,446 |
|
|
1,446 |
|
|
|
14,381 |
|
|
|
2,892 |
|
Foreclosed property expense and net (gain) loss on sale |
|
(57 |
) |
|
195 |
|
(411 |
) |
|
9 |
|
|
(968 |
) |
|
|
138 |
|
|
|
(1,132 |
) |
Provision for credit losses on unfunded commitments |
|
— |
|
|
1,239 |
|
— |
|
|
1015 |
|
|
— |
|
|
|
1,239 |
|
|
|
142 |
|
Other |
|
8,266 |
|
|
7,137 |
|
6,114 |
|
|
7,506 |
|
|
5,347 |
|
|
|
15,403 |
|
|
|
10,070 |
|
Total Noninterest Expense |
|
107,865 |
|
|
107,475 |
|
91,510 |
|
|
61,359 |
|
|
56,148 |
|
|
|
215,340 |
|
|
|
115,065 |
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
|
41,438 |
|
|
14,524 |
|
31,721 |
|
|
38,352 |
|
|
41,641 |
|
|
|
55,962 |
|
|
|
68,063 |
|
Income taxes |
|
10,189 |
|
|
2,697 |
|
7,794 |
|
|
9,115 |
|
|
8,886 |
|
|
|
12,886 |
|
|
|
14,720 |
|
Net Income |
$ |
31,249 |
|
$ |
11,827 |
$ |
23,927 |
|
$ |
29,237 |
|
$ |
32,755 |
|
|
$ |
43,076 |
|
|
$ |
53,343 |
|
|
|
|
|
|
|
|
|
|
|
Per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income diluted |
$ |
0.37 |
|
$ |
0.15 |
$ |
0.34 |
|
$ |
0.47 |
|
$ |
0.53 |
|
|
$ |
0.52 |
|
|
$ |
0.86 |
|
Net income basic |
|
0.37 |
|
|
0.15 |
|
0.34 |
|
|
0.48 |
|
|
0.53 |
|
|
|
0.52 |
|
|
|
0.87 |
|
Cash dividends declared |
|
0.18 |
|
|
0.17 |
|
0.17 |
|
|
0.17 |
|
|
0.17 |
|
|
|
0.35 |
|
|
|
0.30 |
|
|
|
|
|
|
|
|
|
|
|
Average diluted shares outstanding |
|
85,536 |
|
|
80,717 |
|
71,374 |
|
|
61,961 |
|
|
61,923 |
|
|
|
83,260 |
|
|
|
61,818 |
|
Average basic shares outstanding |
|
85,022 |
|
|
80,151 |
|
70,770 |
|
|
61,442 |
|
|
61,409 |
|
|
|
82,600 |
|
|
|
61,269 |
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(Unaudited) |
|
|
SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
(Amounts in thousands) |
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
Assets |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
164,193 |
|
|
$ |
180,607 |
|
|
$ |
120,748 |
|
|
$ |
176,463 |
|
|
$ |
363,343 |
|
Interest bearing deposits with other banks |
|
563,690 |
|
|
|
610,636 |
|
|
|
81,192 |
|
|
|
42,152 |
|
|
|
538,025 |
|
Total Cash and Cash Equivalents |
|
727,883 |
|
|
|
791,243 |
|
|
|
201,940 |
|
|
|
218,615 |
|
|
|
901,368 |
|
|
|
|
|
|
|
|
|
|
|
Time deposits with other banks |
|
2,987 |
|
|
|
3,236 |
|
|
|
3,236 |
|
|
|
4,481 |
|
|
|
4,730 |
|
|
|
|
|
|
|
|
|
|
|
Debt Securities: |
|
|
|
|
|
|
|
|
|
Available for sale (at fair value) |
|
1,916,231 |
|
|
|
2,015,967 |
|
|
|
1,871,742 |
|
|
|
1,860,734 |
|
|
|
1,800,791 |
|
Held to maturity (at amortized cost) |
|
707,812 |
|
|
|
737,911 |
|
|
|
747,408 |
|
|
|
774,706 |
|
|
|
794,785 |
|
Total Debt Securities |
|
2,624,043 |
|
|
|
2,753,878 |
|
|
|
2,619,150 |
|
|
|
2,635,440 |
|
|
|
2,595,576 |
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale |
|
5,967 |
|
|
|
2,838 |
|
|
|
3,151 |
|
|
|
1,620 |
|
|
|
14,205 |
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
10,117,919 |
|
|
|
10,134,395 |
|
|
|
8,144,724 |
|
|
|
6,690,845 |
|
|
|
6,541,548 |
|
Less: Allowance for credit losses |
|
(159,715 |
) |
|
|
(155,640 |
) |
|
|
(113,895 |
) |
|
|
(95,329 |
) |
|
|
(90,769 |
) |
Net Loans |
|
9,958,204 |
|
|
|
9,978,755 |
|
|
|
8,030,829 |
|
|
|
6,595,516 |
|
|
|
6,450,779 |
|
|
|
|
|
|
|
|
|
|
|
Bank premises and equipment, net |
|
116,959 |
|
|
|
116,522 |
|
|
|
116,892 |
|
|
|
81,648 |
|
|
|
74,784 |
|
Other real estate owned |
|
7,526 |
|
|
|
7,756 |
|
|
|
2,301 |
|
|
|
2,419 |
|
|
|
2,419 |
|
Goodwill |
|
732,910 |
|
|
|
728,396 |
|
|
|
480,319 |
|
|
|
286,606 |
|
|
|
286,606 |
|
Other intangible assets, net |
|
109,716 |
|
|
|
117,409 |
|
|
|
75,451 |
|
|
|
18,583 |
|
|
|
20,062 |
|
Bank owned life insurance |
|
293,880 |
|
|
|
292,545 |
|
|
|
237,824 |
|
|
|
209,087 |
|
|
|
207,724 |
|
Net deferred tax assets |
|
127,941 |
|
|
|
124,301 |
|
|
|
94,457 |
|
|
|
83,139 |
|
|
|
60,080 |
|
Other assets |
|
333,916 |
|
|
|
338,529 |
|
|
|
280,212 |
|
|
|
208,081 |
|
|
|
193,371 |
|
Total Assets |
$ |
15,041,932 |
|
|
$ |
15,255,408 |
|
|
$ |
12,145,762 |
|
|
$ |
10,345,235 |
|
|
$ |
10,811,704 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
Noninterest demand |
$ |
4,139,052 |
|
|
$ |
4,554,509 |
|
|
$ |
4,070,973 |
|
|
$ |
3,529,489 |
|
|
$ |
3,593,201 |
|
Interest-bearing demand |
|
2,816,656 |
|
|
|
2,676,320 |
|
|
|
2,337,590 |
|
|
|
2,170,251 |
|
|
|
2,269,148 |
|
Savings |
|
824,255 |
|
|
|
940,702 |
|
|
|
1,064,392 |
|
|
|
938,081 |
|
|
|
946,738 |
|
Money market |
|
2,859,164 |
|
|
|
2,893,128 |
|
|
|
1,985,974 |
|
|
|
1,700,737 |
|
|
|
1,911,847 |
|
Other time certificates |
|
628,036 |
|
|
|
598,483 |
|
|
|
369,389 |
|
|
|
312,840 |
|
|
|
350,571 |
|
Brokered time certificates |
|
591,503 |
|
|
|
371,392 |
|
|
|
3,798 |
|
|
|
— |
|
|
|
— |
|
Time certificates of more than $250,000 |
|
424,601 |
|
|
|
275,167 |
|
|
|
149,479 |
|
|
|
114,016 |
|
|
|
117,448 |
|
Total Deposits |
|
12,283,267 |
|
|
|
12,309,701 |
|
|
|
9,981,595 |
|
|
|
8,765,414 |
|
|
|
9,188,953 |
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
290,156 |
|
|
|
267,606 |
|
|
|
172,029 |
|
|
|
94,191 |
|
|
|
110,578 |
|
Federal Home Loan Bank borrowings |
|
160,000 |
|
|
|
385,000 |
|
|
|
150,000 |
|
|
|
— |
|
|
|
— |
|
Subordinated debt, net |
|
105,970 |
|
|
|
105,804 |
|
|
|
84,533 |
|
|
|
71,857 |
|
|
|
71,786 |
|
Other liabilities |
|
148,507 |
|
|
|
136,213 |
|
|
|
149,830 |
|
|
|
125,971 |
|
|
|
110,812 |
|
Total Liabilities |
|
12,987,900 |
|
|
|
13,204,324 |
|
|
|
10,537,987 |
|
|
|
9,057,433 |
|
|
|
9,482,129 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Common stock |
|
8,509 |
|
|
|
8,461 |
|
|
|
7,162 |
|
|
|
6,148 |
|
|
|
6,141 |
|
Additional paid in capital |
|
1,809,431 |
|
|
|
1,803,898 |
|
|
|
1,377,802 |
|
|
|
1,068,241 |
|
|
|
1,065,167 |
|
Retained earnings |
|
437,087 |
|
|
|
421,271 |
|
|
|
423,863 |
|
|
|
412,166 |
|
|
|
393,431 |
|
Treasury stock |
|
(14,171 |
) |
|
|
(13,113 |
) |
|
|
(13,019 |
) |
|
|
(11,539 |
) |
|
|
(11,632 |
) |
|
|
2,240,856 |
|
|
|
2,220,517 |
|
|
|
1,795,808 |
|
|
|
1,475,016 |
|
|
|
1,453,107 |
|
Accumulated other comprehensive (loss) income, net |
|
(186,824 |
) |
|
|
(169,433 |
) |
|
|
(188,033 |
) |
|
|
(187,214 |
) |
|
|
(123,532 |
) |
Total Shareholders’ Equity |
|
2,054,032 |
|
|
|
2,051,084 |
|
|
|
1,607,775 |
|
|
|
1,287,802 |
|
|
|
1,329,575 |
|
Total Liabilities & Shareholders’ Equity |
$ |
15,041,932 |
|
|
$ |
15,255,408 |
|
|
$ |
12,145,762 |
|
|
$ |
10,345,235 |
|
|
$ |
10,811,704 |
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
85,086 |
|
|
|
84,609 |
|
|
|
71,618 |
|
|
|
61,476 |
|
|
|
61,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED QUARTERLY FINANCIAL DATA |
|
(Unaudited) |
|
|
|
SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands) |
|
2Q’23 |
|
1Q’23 |
|
4Q’22 |
|
3Q’22 |
|
2Q’22 |
|
Credit Analysis |
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries) |
|
$ |
705 |
|
|
$ |
3,188 |
|
|
$ |
782 |
|
|
$ |
103 |
|
|
$ |
(124 |
) |
|
Net charge-offs (recoveries) to average loans |
|
|
0.03 |
% |
|
|
0.14 |
% |
|
|
0.04 |
% |
|
|
0.01 |
% |
|
|
— |
% |
|
Allowance for credit losses |
|
|
159,715 |
|
|
|
155,640 |
|
|
|
113,895 |
|
|
|
95,329 |
|
|
|
90,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-acquired loans at end of period |
|
|
6,264,044 |
|
|
|
6,048,453 |
|
|
|
5,944,194 |
|
|
|
5,653,357 |
|
|
|
5,399,923 |
|
|
Acquired loans at end of period |
|
|
3,853,875 |
|
|
|
4,085,942 |
|
|
|
2,200,530 |
|
|
|
1,037,488 |
|
|
|
1,141,625 |
|
|
Total Loans |
|
$ |
10,117,919 |
|
|
$ |
10,134,395 |
|
|
$ |
8,144,724 |
|
|
$ |
6,690,845 |
|
|
$ |
6,541,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total allowance for credit losses to total loans at end of
period |
|
|
1.58 |
|
|
|
1.54 |
|
|
|
1.40 |
|
|
|
1.42 |
|
|
|
1.39 |
|
|
Purchase discount on acquired loans at end of period |
|
|
4.98 |
|
|
|
5.02 |
|
|
|
4.25 |
|
|
|
1.81 |
|
|
|
1.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of Period |
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans |
|
$ |
48,326 |
|
|
$ |
50,787 |
|
|
$ |
28,843 |
|
|
$ |
21,464 |
|
|
$ |
26,442 |
|
|
Other real estate owned |
|
|
530 |
|
|
|
530 |
|
|
|
530 |
|
|
|
109 |
|
|
|
109 |
|
|
Properties previously used in bank operations included in other
real estate owned |
|
|
6,996 |
|
|
|
7,226 |
|
|
|
1,771 |
|
|
|
2,310 |
|
|
|
2,310 |
|
|
Total Nonperforming Assets |
|
$ |
55,852 |
|
|
$ |
58,543 |
|
|
$ |
31,144 |
|
|
$ |
23,883 |
|
|
$ |
28,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans to Loans at End of Period |
|
|
0.48 |
% |
|
|
0.50 |
% |
|
|
0.35 |
% |
|
|
0.32 |
% |
|
|
0.40 |
% |
|
Nonperforming Assets to Total Assets at End of Period |
|
|
0.37 |
|
|
|
0.38 |
|
|
|
0.26 |
|
|
|
0.23 |
|
|
|
0.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
Loans |
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
Construction and land development |
|
$ |
794,371 |
|
|
$ |
757,835 |
|
|
$ |
587,332 |
|
|
$ |
361,913 |
|
|
$ |
350,025 |
|
|
Commercial real estate - owner occupied |
|
|
1,669,369 |
|
|
|
1,652,491 |
|
|
|
1,478,302 |
|
|
|
1,253,459 |
|
|
|
1,254,343 |
|
|
Commercial real estate - non-owner occupied 1 |
|
|
3,370,211 |
|
|
|
3,412,051 |
|
|
|
2,589,774 |
|
|
|
2,107,614 |
|
|
|
1,972,540 |
|
|
Residential real estate 1 |
|
|
2,396,352 |
|
|
|
2,354,394 |
|
|
|
1,849,503 |
|
|
|
1,599,765 |
|
|
|
1,647,465 |
|
|
Commercial and financial |
|
|
1,610,895 |
|
|
|
1,650,485 |
|
|
|
1,348,636 |
|
|
|
1,182,384 |
|
|
|
1,124,771 |
|
|
Consumer |
|
|
272,082 |
|
|
|
301,740 |
|
|
|
286,587 |
|
|
|
180,416 |
|
|
|
175,201 |
|
|
Paycheck Protection Program |
|
|
4,639 |
|
|
|
5,399 |
|
|
|
4,590 |
|
|
|
5,294 |
|
|
|
17,203 |
|
|
Total Loans |
|
$ |
10,117,919 |
|
|
$ |
10,134,395 |
|
|
$ |
8,144,724 |
|
|
$ |
6,690,845 |
|
|
$ |
6,541,548 |
|
|
1 In 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
RATES 1 |
|
(Unaudited) |
|
|
|
SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q’23 |
|
1Q’23 |
|
2Q’22 |
|
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
(Amounts in thousands) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
2,673,633 |
|
|
$ |
20,898 |
|
3.13 |
% |
|
$ |
2,700,122 |
|
|
$ |
19,244 |
|
2.85 |
% |
|
$ |
2,517,879 |
|
|
$ |
12,387 |
|
1.97 |
% |
|
Nontaxable |
|
15,621 |
|
|
|
120 |
|
3.08 |
|
|
|
16,271 |
|
|
|
131 |
|
3.22 |
|
|
|
22,443 |
|
|
|
175 |
|
3.12 |
|
|
Total Securities |
|
2,689,254 |
|
|
|
21,018 |
|
3.13 |
|
|
|
2,716,393 |
|
|
|
19,375 |
|
2.85 |
|
|
|
2,540,322 |
|
|
|
12,562 |
|
1.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
|
327,433 |
|
|
|
4,313 |
|
5.28 |
|
|
|
106,778 |
|
|
|
1,294 |
|
4.91 |
|
|
|
644,144 |
|
|
|
1,281 |
|
0.80 |
|
|
Interest bearing deposits with other banks and other
investments |
|
90,783 |
|
|
|
710 |
|
3.14 |
|
|
|
178,463 |
|
|
|
2,180 |
|
4.95 |
|
|
|
46,257 |
|
|
|
636 |
|
5.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans excluding PPP loans |
|
10,096,394 |
|
|
|
148,420 |
|
5.90 |
|
|
|
9,363,873 |
|
|
|
135,329 |
|
5.86 |
|
|
|
6,454,444 |
|
|
|
68,647 |
|
4.27 |
|
|
PPP loans |
|
4,834 |
|
|
|
12 |
|
1.00 |
|
|
|
5,328 |
|
|
|
12 |
|
0.91 |
|
|
|
26,322 |
|
|
|
741 |
|
11.29 |
|
|
Total Loans |
|
10,101,228 |
|
|
|
148,432 |
|
5.89 |
|
|
|
9,369,201 |
|
|
|
135,341 |
|
5.86 |
|
|
|
6,480,766 |
|
|
|
69,388 |
|
4.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
|
13,208,698 |
|
|
|
174,473 |
|
5.30 |
|
|
|
12,370,835 |
|
|
|
158,190 |
|
5.19 |
|
|
|
9,711,489 |
|
|
|
83,867 |
|
3.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
(156,207 |
) |
|
|
|
|
|
|
(139,989 |
) |
|
|
|
|
|
|
(90,242 |
) |
|
|
|
|
|
Cash and due from banks |
|
165,625 |
|
|
|
|
|
|
|
156,235 |
|
|
|
|
|
|
|
389,695 |
|
|
|
|
|
|
Premises and equipment |
|
117,726 |
|
|
|
|
|
|
|
116,083 |
|
|
|
|
|
|
|
74,614 |
|
|
|
|
|
|
Intangible assets |
|
842,988 |
|
|
|
|
|
|
|
750,694 |
|
|
|
|
|
|
|
307,411 |
|
|
|
|
|
|
Bank owned life insurance |
|
293,251 |
|
|
|
|
|
|
|
274,517 |
|
|
|
|
|
|
|
206,839 |
|
|
|
|
|
|
Other assets including deferred tax assets |
|
415,208 |
|
|
|
|
|
|
|
419,601 |
|
|
|
|
|
|
|
240,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
14,887,289 |
|
|
|
|
|
|
$ |
13,947,976 |
|
|
|
|
|
|
$ |
10,840,518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
2,666,314 |
|
|
$ |
7,560 |
|
1.14 |
% |
|
$ |
2,452,113 |
|
|
$ |
3,207 |
|
0.53 |
% |
|
$ |
2,262,408 |
|
|
$ |
293 |
|
0.05 |
% |
|
Savings |
|
906,936 |
|
|
|
427 |
|
0.19 |
|
|
|
1,053,220 |
|
|
|
400 |
|
0.15 |
|
|
|
962,264 |
|
|
|
64 |
|
0.03 |
|
|
Money market |
|
2,806,672 |
|
|
|
19,196 |
|
2.74 |
|
|
|
2,713,224 |
|
|
|
12,426 |
|
1.86 |
|
|
|
1,938,421 |
|
|
|
637 |
|
0.13 |
|
|
Time deposits |
|
1,425,344 |
|
|
|
14,477 |
|
4.07 |
|
|
|
812,422 |
|
|
|
5,552 |
|
2.77 |
|
|
|
496,186 |
|
|
|
436 |
|
0.35 |
|
|
Securities sold under agreements to repurchase |
|
244,824 |
|
|
|
1,593 |
|
2.61 |
|
|
|
173,498 |
|
|
|
864 |
|
2.02 |
|
|
|
120,437 |
|
|
|
94 |
|
0.31 |
|
|
Federal Home Loan Bank borrowings |
|
251,596 |
|
|
|
2,272 |
|
3.62 |
|
|
|
282,444 |
|
|
|
2,776 |
|
3.99 |
|
|
|
— |
|
|
|
— |
|
— |
|
|
Subordinated debt |
|
105,861 |
|
|
|
1,795 |
|
6.80 |
|
|
|
98,425 |
|
|
|
1,614 |
|
6.65 |
|
|
|
71,740 |
|
|
|
579 |
|
3.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities |
|
8,407,547 |
|
|
|
47,320 |
|
2.26 |
|
|
|
7,585,346 |
|
|
|
26,839 |
|
1.43 |
|
|
|
5,851,456 |
|
|
|
2,103 |
|
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
4,294,251 |
|
|
|
|
|
|
|
4,334,969 |
|
|
|
|
|
|
|
3,520,700 |
|
|
|
|
|
|
Other liabilities |
|
114,962 |
|
|
|
|
|
|
|
130,616 |
|
|
|
|
|
|
|
117,794 |
|
|
|
|
|
|
Total Liabilities |
|
12,816,760 |
|
|
|
|
|
|
|
12,050,931 |
|
|
|
|
|
|
|
9,489,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
2,070,529 |
|
|
|
|
|
|
|
1,897,045 |
|
|
|
|
|
|
|
1,350,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity |
|
$14,887,289 |
|
|
|
|
|
|
|
$13,947,976 |
|
|
|
|
|
|
|
$10,840,518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of deposits |
|
|
|
|
1.38 |
% |
|
|
|
|
|
0.77 |
% |
|
|
|
|
|
0.06 |
% |
|
Interest expense as a % of earning assets |
|
|
|
|
1.44 |
% |
|
|
|
|
|
0.88 |
% |
|
|
|
|
|
0.09 |
% |
|
Net interest income as a % of earning assets |
|
|
|
$127,153 |
|
3.86 |
% |
|
|
|
|
$131,351 |
|
4.31 |
% |
|
|
|
|
$81,764 |
|
3.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
RATES
1 |
|
(Unaudited) |
|
SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2023 |
|
Six Months Ended June 30, 2022 |
|
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
(Amounts in thousands) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
2,686,804 |
|
|
$ |
40,142 |
|
2.99 |
% |
|
$ |
2,462,447 |
|
|
$ |
22,428 |
|
1.82 |
% |
|
Nontaxable |
|
15,944 |
|
|
|
251 |
|
3.15 |
|
|
|
23,238 |
|
|
|
352 |
|
3.03 |
|
|
Total Securities |
|
2,702,748 |
|
|
|
40,393 |
|
2.99 |
|
|
|
2,485,685 |
|
|
|
22,780 |
|
1.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
|
228,491 |
|
|
|
5,787 |
|
5.11 |
|
|
|
691,105 |
|
|
|
1,631 |
|
0.48 |
|
|
Interest bearing deposits with other banks and other
investments |
|
90,750 |
|
|
|
2,710 |
|
6.02 |
|
|
|
45,631 |
|
|
|
1,219 |
|
5.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans excluding PPP loans |
|
9,732,156 |
|
|
|
283,749 |
|
5.88 |
|
|
|
6,366,194 |
|
|
|
134,322 |
|
4.25 |
|
|
PPP loans |
|
5,080 |
|
|
|
24 |
|
0.95 |
|
|
|
44,024 |
|
|
|
2,264 |
|
10.37 |
|
|
Total Loans |
|
9,737,236 |
|
|
|
283,773 |
|
5.88 |
|
|
|
6,410,218 |
|
|
|
136,586 |
|
4.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
|
12,759,225 |
|
|
|
332,663 |
|
5.26 |
|
|
|
9,632,639 |
|
|
|
162,216 |
|
3.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
(148,143 |
) |
|
|
|
|
|
|
(88,862 |
) |
|
|
|
|
|
Cash and due from banks |
|
193,811 |
|
|
|
|
|
|
|
377,831 |
|
|
|
|
|
|
Premises and equipment |
|
116,909 |
|
|
|
|
|
|
|
75,241 |
|
|
|
|
|
|
Intangible assets |
|
797,096 |
|
|
|
|
|
|
|
305,875 |
|
|
|
|
|
|
Bank owned life insurance |
|
283,936 |
|
|
|
|
|
|
|
206,173 |
|
|
|
|
|
|
Other assets including deferred tax assets |
|
417,393 |
|
|
|
|
|
|
|
226,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
14,420,227 |
|
|
|
|
|
|
$ |
10,735,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
2,559,805 |
|
|
$ |
10,767 |
|
0.85 |
% |
|
$ |
2,180,351 |
|
|
$ |
483 |
|
0.04 |
% |
|
Savings |
|
979,674 |
|
|
|
827 |
|
0.17 |
|
|
|
943,908 |
|
|
|
129 |
|
0.03 |
|
|
Money market |
|
2,760,207 |
|
|
|
31,622 |
|
2.31 |
|
|
|
1,957,435 |
|
|
|
1,149 |
|
0.12 |
|
|
Time deposits |
|
1,120,576 |
|
|
|
20,029 |
|
3.60 |
|
|
|
528,255 |
|
|
|
904 |
|
0.35 |
|
|
Securities sold under agreements to repurchase |
|
209,358 |
|
|
|
2,456 |
|
2.37 |
|
|
|
119,298 |
|
|
|
133 |
|
0.22 |
|
|
Federal Home Loan Bank borrowings |
|
266,935 |
|
|
|
5,048 |
|
3.81 |
|
|
|
— |
|
|
|
— |
|
— |
|
|
Subordinated debt |
|
102,164 |
|
|
|
3,410 |
|
6.73 |
|
|
|
71,706 |
|
|
|
1,015 |
|
2.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities |
|
7,998,719 |
|
|
|
74,159 |
|
1.87 |
|
|
|
5,800,953 |
|
|
|
3,813 |
|
0.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
4,314,498 |
|
|
|
|
|
|
|
3,428,921 |
|
|
|
|
|
|
Other liabilities |
|
122,746 |
|
|
|
|
|
|
|
129,815 |
|
|
|
|
|
|
Total Liabilities |
|
12,435,963 |
|
|
|
|
|
|
|
9,359,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
1,984,264 |
|
|
|
|
|
|
|
1,375,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity |
|
$14,420,227 |
|
|
|
|
|
|
|
$10,735,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of deposits |
|
|
|
|
1.09 |
% |
|
|
|
|
|
0.06 |
% |
|
Interest expense as a % of earning assets |
|
|
|
|
1.17 |
% |
|
|
|
|
|
0.08 |
% |
|
Net interest income as a % of earning assets |
|
|
|
$258,504 |
|
4.09 |
% |
|
|
|
|
$158,403 |
|
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
|
(Amounts in thousands) |
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
|
September 30, 2022 |
|
June 30, 2022 |
|
Customer Relationship Funding |
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
|
|
|
|
|
|
|
|
|
Commercial |
$ |
3,304,761 |
|
$ |
3,622,441 |
|
$ |
3,148,778 |
|
$ |
2,827,591 |
|
$ |
2,945,445 |
|
Retail |
|
615,536 |
|
|
673,686 |
|
|
764,274 |
|
|
447,848 |
|
|
464,214 |
|
Public funds |
|
152,159 |
|
|
194,977 |
|
|
112,553 |
|
|
210,662 |
|
|
143,075 |
|
Other |
|
66,596 |
|
|
63,405 |
|
|
45,368 |
|
|
43,388 |
|
|
40,467 |
|
Total Noninterest Demand |
|
4,139,052 |
|
|
4,554,509 |
|
|
4,070,973 |
|
|
3,529,489 |
|
|
3,593,201 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
1,555,486 |
|
|
1,233,845 |
|
|
886,894 |
|
|
759,286 |
|
|
769,948 |
|
Retail |
|
1,058,993 |
|
|
1,209,664 |
|
|
1,191,192 |
|
|
1,199,112 |
|
|
1,207,698 |
|
Brokered |
|
— |
|
|
44,474 |
|
|
54,777 |
|
|
81,799 |
|
|
— |
|
Public funds |
|
202,177 |
|
|
188,337 |
|
|
204,727 |
|
|
130,054 |
|
|
291,502 |
|
Total Interest-Bearing Demand |
|
2,816,656 |
|
|
2,676,320 |
|
|
2,337,590 |
|
|
2,170,251 |
|
|
2,269,148 |
|
|
|
|
|
|
|
|
|
|
|
|
Total transaction accounts |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
4,860,247 |
|
|
4,856,286 |
|
|
4,035,672 |
|
|
3,586,877 |
|
|
3,715,393 |
|
Retail |
|
1,674,529 |
|
|
1,883,350 |
|
|
1,955,466 |
|
|
1,646,960 |
|
|
1,671,912 |
|
Brokered |
|
— |
|
|
44,474 |
|
|
54,777 |
|
|
81,799 |
|
|
— |
|
Public funds |
|
354,336 |
|
|
383,314 |
|
|
317,280 |
|
|
340,716 |
|
|
434,577 |
|
Other |
|
66,596 |
|
|
63,405 |
|
|
45,368 |
|
|
43,388 |
|
|
40,467 |
|
Total Transaction Accounts |
|
6,955,708 |
|
|
7,230,829 |
|
|
6,408,563 |
|
|
5,699,740 |
|
|
5,862,349 |
|
Savings |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
101,908 |
|
|
108,023 |
|
|
91,943 |
|
|
71,807 |
|
|
70,090 |
|
Retail |
|
722,347 |
|
|
832,679 |
|
|
972,449 |
|
|
866,274 |
|
|
876,648 |
|
Total Savings |
|
824,255 |
|
|
940,702 |
|
|
1,064,392 |
|
|
938,081 |
|
|
946,738 |
|
Money market |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
1,426,348 |
|
|
1,542,220 |
|
|
932,518 |
|
|
788,009 |
|
|
819,452 |
|
Retail |
|
1,275,721 |
|
|
1,279,712 |
|
|
984,561 |
|
|
857,914 |
|
|
914,918 |
|
Brokered |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
106,823 |
|
Public funds |
|
157,095 |
|
|
71,196 |
|
|
68,895 |
|
|
54,814 |
|
|
70,654 |
|
Total Money Market |
|
2,859,164 |
|
|
2,893,128 |
|
|
1,985,974 |
|
|
1,700,737 |
|
|
1,911,847 |
|
Brokered time certificates |
|
591,503 |
|
|
371,392 |
|
|
3,798 |
|
|
— |
|
|
— |
|
Other time certificates |
|
1,052,637 |
|
|
873,650 |
|
|
518,868 |
|
|
426,856 |
|
|
468,019 |
|
|
|
1,644,140 |
|
|
1,245,042 |
|
|
522,666 |
|
|
426,856 |
|
|
468,019 |
|
Total Deposits |
|
$ 12,283,267 |
|
|
$ 12,309,701 |
|
|
$ 9,981,595 |
|
|
$ 8,765,414 |
|
|
$ 9,188,953 |
|
|
|
|
|
|
|
|
|
|
|
|
Customer sweep accounts |
|
290,156 |
|
|
267,606 |
|
|
172,029 |
|
|
94,191 |
|
|
110,578 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
Six Months Ended |
(Amounts in thousands, except per share data) |
2Q’23 |
1Q’23 |
4Q’22 |
3Q’22 |
2Q’22 |
|
2Q’23 |
2Q’22 |
Net Income |
$ |
31,249 |
|
$ |
11,827 |
|
$ |
23,927 |
|
$ |
29,237 |
|
$ |
32,755 |
|
|
$ |
43,076 |
|
$ |
53,343 |
|
|
|
|
|
|
|
|
|
|
Total noninterest income |
|
21,576 |
|
|
22,445 |
|
|
17,651 |
|
|
16,103 |
|
|
16,964 |
|
|
|
44,021 |
|
|
32,337 |
|
Securities losses (gains), net |
|
176 |
|
|
(107 |
) |
|
(18 |
) |
|
362 |
|
|
300 |
|
|
|
69 |
|
|
752 |
|
BOLI benefits on death (included in other income) |
|
— |
|
|
(2,117 |
) |
|
— |
|
|
— |
|
|
— |
|
|
|
(2,117 |
) |
|
— |
|
Total Adjustments to Noninterest Income |
|
176 |
|
|
(2,224 |
) |
|
(18 |
) |
|
362 |
|
|
300 |
|
|
|
(2,048 |
) |
|
752 |
|
Total Adjusted Noninterest Income |
|
21,752 |
|
|
20,221 |
|
|
17,633 |
|
|
16,465 |
|
|
17,264 |
|
|
|
41,973 |
|
|
33,089 |
|
|
|
|
|
|
|
|
|
|
Total noninterest expense |
|
107,865 |
|
|
107,475 |
|
|
91,510 |
|
|
61,359 |
|
|
56,148 |
|
|
|
215,340 |
|
|
115,065 |
|
Salaries and wages |
|
(1,573 |
) |
|
(4,240 |
) |
|
(5,680 |
) |
|
— |
|
|
(652 |
) |
|
|
(5,813 |
) |
|
(3,605 |
) |
Outsourced data processing costs |
|
(10,904 |
) |
|
(6,551 |
) |
|
(2,582 |
) |
|
— |
|
|
(420 |
) |
|
|
(17,455 |
) |
|
(1,052 |
) |
Legal and professional fees |
|
(1,664 |
) |
|
(4,789 |
) |
|
(6,485 |
) |
|
(1,791 |
) |
|
(1,381 |
) |
|
|
(6,453 |
) |
|
(4,272 |
) |
Other categories |
|
(1,507 |
) |
|
(1,952 |
) |
|
(1,393 |
) |
|
(263 |
) |
|
(586 |
) |
|
|
(3,459 |
) |
|
(802 |
) |
Total merger related charges |
|
(15,648 |
) |
|
(17,532 |
) |
|
(16,140 |
) |
|
(2,054 |
) |
|
(3,039 |
) |
|
|
(33,180 |
) |
|
(9,731 |
) |
Amortization of intangibles |
|
(7,654 |
) |
|
(6,727 |
) |
|
(4,763 |
) |
|
(1,446 |
) |
|
(1,446 |
) |
|
|
(14,381 |
) |
|
(2,892 |
) |
Branch reductions and other expense initiatives |
|
(571 |
) |
|
(1,291 |
) |
|
(176 |
) |
|
(960 |
) |
|
— |
|
|
|
(1,862 |
) |
|
(74 |
) |
Total Adjustments to Noninterest Expense |
|
(23,873 |
) |
|
(25,550 |
) |
|
(21,079 |
) |
|
(4,460 |
) |
|
(4,485 |
) |
|
|
(49,423 |
) |
|
(12,697 |
) |
Total Adjusted Noninterest Expense |
|
83,992 |
|
|
81,925 |
|
|
70,431 |
|
|
56,899 |
|
|
51,663 |
|
|
|
165,917 |
|
|
102,368 |
|
|
|
|
|
|
|
|
|
|
Income Taxes |
|
10,189 |
|
|
2,697 |
|
|
7,794 |
|
|
9,115 |
|
|
8,886 |
|
|
|
12,886 |
|
|
14,720 |
|
Tax effect of adjustments |
|
6,095 |
|
|
5,912 |
|
|
5,062 |
|
|
1,222 |
|
|
1,213 |
|
|
|
12,007 |
|
|
3,409 |
|
Adjusted Income Taxes |
|
16,284 |
|
|
8,609 |
|
|
12,856 |
|
|
10,337 |
|
|
10,099 |
|
|
|
24,893 |
|
|
18,129 |
|
Adjusted Net Income |
$ |
49,203 |
|
$ |
29,241 |
|
$ |
39,926 |
|
$ |
32,837 |
|
$ |
36,327 |
|
|
$ |
78,444 |
|
$ |
63,383 |
|
|
|
|
|
|
|
|
|
|
Earnings per diluted share, as reported |
$ |
0.37 |
|
$ |
0.15 |
|
$ |
0.34 |
|
$ |
0.47 |
|
$ |
0.53 |
|
|
$ |
0.52 |
|
$ |
0.86 |
|
Adjusted Earnings per Diluted Share |
|
0.58 |
|
|
0.36 |
|
|
0.56 |
|
|
0.53 |
|
|
0.59 |
|
|
|
0.94 |
|
|
1.03 |
|
Average diluted shares outstanding |
|
85,536 |
|
|
80,717 |
|
|
71,374 |
|
|
61,961 |
|
|
61,923 |
|
|
|
83,260 |
|
|
61,818 |
|
|
|
|
|
|
|
|
|
|
Adjusted Noninterest Expense |
$ |
83,992 |
|
$ |
81,925 |
|
$ |
70,431 |
|
$ |
56,899 |
|
$ |
51,663 |
|
|
$ |
165,917 |
|
$ |
102,368 |
|
Provision for credit losses on unfunded commitments |
|
— |
|
|
(1,239 |
) |
|
— |
|
|
(1,015 |
) |
|
— |
|
|
|
(1,239 |
) |
|
(142 |
) |
Foreclosed property expense and net loss (gain) on sale |
|
57 |
|
|
(195 |
) |
|
411 |
|
|
(9 |
) |
|
968 |
|
|
|
(138 |
) |
|
1,132 |
|
Net Adjusted Noninterest Expense |
$ |
84,049 |
|
$ |
80,491 |
|
$ |
70,842 |
|
$ |
55,875 |
|
$ |
52,631 |
|
|
$ |
164,540 |
|
$ |
103,358 |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
148,539 |
|
$ |
153,597 |
|
$ |
137,360 |
|
$ |
104,387 |
|
$ |
98,611 |
|
|
$ |
302,136 |
|
$ |
190,506 |
|
Total Adjustments to Revenue |
|
176 |
|
|
(2,224 |
) |
|
(18 |
) |
|
362 |
|
|
300 |
|
|
|
(2,048 |
) |
|
752 |
|
Impact of FTE adjustment |
|
190 |
|
|
199 |
|
|
149 |
|
|
115 |
|
|
117 |
|
|
|
389 |
|
|
234 |
|
Adjusted Revenue on a fully taxable equivalent
basis |
$ |
148,905 |
|
$ |
151,572 |
|
$ |
137,491 |
|
$ |
104,864 |
|
$ |
99,028 |
|
|
$ |
300,477 |
|
$ |
191,492 |
|
Adjusted Efficiency Ratio |
|
56.44 |
% |
|
53.10 |
% |
|
51.52 |
% |
|
53.28 |
% |
|
53.15 |
% |
|
|
54.76 |
% |
|
53.97 |
% |
|
|
|
|
|
|
|
|
|
Net Interest Income |
$ |
126,963 |
|
$ |
131,152 |
|
$ |
119,709 |
|
$ |
88,284 |
|
$ |
81,647 |
|
|
$ |
258,115 |
|
$ |
158,169 |
|
Impact of FTE adjustment |
|
190 |
|
|
199 |
|
|
149 |
|
|
115 |
|
|
117 |
|
|
|
389 |
|
|
234 |
|
Net Interest Income including FTE adjustment |
$ |
127,153 |
|
$ |
131,351 |
|
$ |
119,858 |
|
$ |
88,399 |
|
$ |
81,764 |
|
|
$ |
258,504 |
|
$ |
158,403 |
|
Total noninterest income |
|
21,576 |
|
|
22,445 |
|
|
17,651 |
|
|
16,103 |
|
|
16,964 |
|
|
|
44,021 |
|
|
32,337 |
|
Total noninterest expense |
|
107,865 |
|
|
107,475 |
|
|
91,510 |
|
|
61,359 |
|
|
56,148 |
|
|
|
215,340 |
|
|
115,065 |
|
Pre-Tax Pre-Provision Earnings |
$ |
40,864 |
|
$ |
46,321 |
|
$ |
45,999 |
|
$ |
43,143 |
|
$ |
42,580 |
|
|
$ |
87,185 |
|
$ |
75,675 |
|
Total Adjustments to Noninterest Income |
|
176 |
|
|
(2,224 |
) |
|
(18 |
) |
|
362 |
|
|
300 |
|
|
|
(2,048 |
) |
|
752 |
|
Total Adjustments to Noninterest Expense |
|
(23,816 |
) |
|
(26,984 |
) |
|
(20,668 |
) |
|
(5,484 |
) |
|
(3,517 |
) |
|
|
(50,800 |
) |
|
(11,707 |
) |
Adjusted Pre-Tax Pre-Provision Earnings |
$ |
64,856 |
|
$ |
71,081 |
|
$ |
66,649 |
|
$ |
48,989 |
|
$ |
46,397 |
|
|
$ |
135,937 |
|
$ |
88,134 |
|
|
|
|
|
|
|
|
|
|
Average Assets |
$ |
14,887,289 |
|
$ |
13,947,976 |
|
$ |
12,139,856 |
|
$ |
10,585,338 |
|
$ |
10,840,518 |
|
|
$ |
14,420,227 |
|
$ |
10,735,102 |
|
Less average goodwill and intangible assets |
|
(842,988 |
) |
|
(750,694 |
) |
|
(521,412 |
) |
|
(305,935 |
) |
|
(307,411 |
) |
|
|
(797,096 |
) |
|
(305,875 |
) |
Average Tangible Assets |
$ |
14,044,301 |
|
$ |
13,197,282 |
|
$ |
11,618,444 |
|
$ |
10,279,403 |
|
$ |
10,533,107 |
|
|
$ |
13,623,131 |
|
$ |
10,429,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP TO NON-GAAP RECONCILIATION |
(Unaudited) |
|
|
|
SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES
|
|
|
|
|
|
Quarterly Trends |
|
|
Six Months Ended |
(Amounts in thousands, except per share data) |
2Q’23 |
1Q’23 |
4Q’22 |
3Q’22 |
2Q’22 |
|
2Q’23 |
2Q’22 |
Return on Average Assets (ROA) |
|
0.84 |
% |
|
0.34 |
% |
|
0.78 |
% |
|
1.10 |
% |
|
1.21 |
% |
|
|
0.60 |
% |
|
1.00 |
% |
Impact of removing average intangible assets and related
amortization |
|
0.22 |
|
|
0.18 |
|
|
0.16 |
|
|
0.07 |
|
|
0.08 |
|
|
|
0.20 |
|
|
0.07 |
|
Return on Average Tangible Assets (ROTA) |
|
1.06 |
|
|
0.52 |
|
|
0.94 |
|
|
1.17 |
|
|
1.29 |
|
|
|
0.80 |
|
|
1.07 |
|
Impact of other adjustments for Adjusted Net Income |
|
0.35 |
|
|
0.38 |
|
|
0.42 |
|
|
0.10 |
|
|
0.09 |
|
|
|
0.36 |
|
|
0.16 |
|
Adjusted Return on Average Tangible Assets |
|
1.41 |
|
|
0.09 |
|
|
1.36 |
|
|
1.27 |
|
|
1.38 |
|
|
|
1.16 |
|
|
1.23 |
|
|
|
|
|
|
|
|
|
|
Pre-Tax Pre-Provision return on Average Tangible Assets |
|
1.33 |
% |
|
1.58 |
% |
|
1.69 |
% |
|
1.71 |
% |
|
1.66 |
% |
|
|
1.45 |
% |
|
1.51 |
% |
Impact of adjustments on Pre-Tax Pre-Provision earnings |
|
0.52 |
|
|
0.60 |
|
|
0.59 |
|
|
0.18 |
|
|
0.11 |
|
|
|
0.56 |
|
|
0.19 |
|
Adjusted Pre-Tax Pre-Provision Return on Tangible
Assets |
|
1.85 |
|
|
2.18 |
|
|
2.28 |
|
|
1.89 |
|
|
1.77 |
|
|
|
2.01 |
|
|
1.70 |
|
|
|
|
|
|
|
|
|
|
Average Shareholders’ Equity |
$ |
2,070,529 |
|
$ |
1,897,045 |
|
$ |
1,573,704 |
|
$ |
1,349,475 |
|
$ |
1,350,568 |
|
|
$ |
1,984,264 |
|
$ |
1,375,413 |
|
Less average goodwill and intangible assets |
|
(842,988 |
) |
|
(750,694 |
) |
|
(521,412 |
) |
|
(305,935 |
) |
|
(307,411 |
) |
|
|
(797,096 |
) |
|
(305,875 |
) |
Average Tangible Equity |
$ |
1,227,541 |
|
$ |
1,146,351 |
|
$ |
1,052,292 |
|
$ |
1,043,540 |
|
$ |
1,043,157 |
|
|
$ |
1,187,168 |
|
$ |
1,069,538 |
|
|
|
|
|
|
|
|
|
|
Return on Average Shareholders’ Equity |
|
6.05 |
% |
|
2.53 |
% |
|
6.03 |
% |
|
8.60 |
% |
|
9.73 |
% |
|
|
4.38 |
% |
|
7.82 |
% |
Impact of removing average intangible assets and related
amortization |
|
6.03 |
|
|
3.43 |
|
|
4.33 |
|
|
2.93 |
|
|
3.28 |
|
|
|
4.76 |
|
|
2.64 |
|
Return on Average Tangible Common Equity
(ROTCE) |
|
12.08 |
|
|
5.96 |
|
|
10.36 |
|
|
11.53 |
|
|
13.01 |
|
|
|
9.14 |
|
|
10.46 |
|
Impact of other adjustments for Adjusted Net Income |
|
4.00 |
|
|
4.38 |
|
|
4.69 |
|
|
0.95 |
|
|
0.96 |
|
|
|
4.18 |
|
|
1.49 |
|
Adjusted Return on Average Tangible Common
Equity |
|
16.08 |
|
|
10.34 |
|
|
15.05 |
|
|
12.48 |
|
|
13.97 |
|
|
|
13.32 |
|
|
11.95 |
|
|
|
|
|
|
|
|
|
|
Loan interest income1 |
$ |
148,432 |
|
$ |
135,341 |
|
$ |
105,437 |
|
$ |
74,050 |
|
$ |
69,388 |
|
|
$ |
283,773 |
|
$ |
136,586 |
|
Accretion on acquired loans |
|
(14,191 |
) |
|
(15,942 |
) |
|
(9,710 |
) |
|
(2,242 |
) |
|
(2,720 |
) |
|
|
(30,133 |
) |
|
(6,437 |
) |
Loan interest income excluding accretion on acquired
loans |
$ |
134,241 |
|
$ |
119,399 |
|
$ |
95,727 |
|
$ |
71,808 |
|
$ |
66,668 |
|
|
$ |
253,640 |
|
$ |
130,149 |
|
|
|
|
|
|
|
|
|
|
Yield on loans1 |
|
5.89 |
|
|
5.86 |
|
|
5.29 |
|
|
4.45 |
|
|
4.29 |
|
|
|
5.88 |
|
|
4.30 |
|
Impact of accretion on acquired loans |
|
(0.56 |
) |
|
(0.69 |
) |
|
(0.49 |
) |
|
(0.14 |
) |
|
(0.16 |
) |
|
|
(0.63 |
) |
|
(0.21 |
) |
Yield on loans excluding accretion on acquired
loans |
|
5.33 |
% |
|
5.17 |
% |
|
4.80 |
% |
|
4.31 |
% |
|
4.13 |
% |
|
|
5.25 |
% |
|
4.09 |
% |
|
|
|
|
|
|
|
|
|
Net Interest Income1 |
$ |
127,153 |
|
$ |
131,351 |
|
$ |
119,858 |
|
$ |
88,399 |
|
$ |
81,764 |
|
|
$ |
258,504 |
|
$ |
158,403 |
|
Accretion on acquired loans |
|
(14,191 |
) |
|
(15,942 |
) |
|
(9,710 |
) |
|
(2,242 |
) |
|
(2,720 |
) |
|
|
(30,133 |
) |
|
(6,437 |
) |
Net interest income excluding accretion on acquired
loans |
$ |
112,962 |
|
$ |
115,409 |
|
$ |
110,148 |
|
$ |
86,157 |
|
$ |
79,044 |
|
|
$ |
228,371 |
|
$ |
151,966 |
|
|
|
|
|
|
|
|
|
|
Net Interest Margin |
|
3.86 |
|
|
4.31 |
|
|
4.36 |
|
|
3.67 |
|
|
3.38 |
|
|
|
4.09 |
|
|
3.32 |
|
Impact of accretion on acquired loans |
|
(0.43 |
) |
|
(0.53 |
) |
|
(0.35 |
) |
|
(0.09 |
) |
|
(0.12 |
) |
|
|
(0.48 |
) |
|
(0.14 |
) |
Net interest margin excluding accretion on acquired
loans |
|
3.43 |
% |
|
3.78 |
% |
|
4.01 |
% |
|
3.58 |
% |
|
3.26 |
% |
|
|
3.61 |
% |
|
3.18 |
% |
|
|
|
|
|
|
|
|
|
Security interest income1 |
$ |
21,018 |
|
$ |
19,375 |
|
$ |
18,694 |
|
$ |
15,827 |
|
$ |
12,562 |
|
|
$ |
40,393 |
|
$ |
22,780 |
|
Tax equivalent adjustment on securities |
|
(23 |
) |
|
(26 |
) |
|
(34 |
) |
|
(35 |
) |
|
(36 |
) |
|
|
(49 |
) |
|
(73 |
) |
Security interest income excluding tax equivalent
adjustment |
$ |
20,995 |
|
$ |
19,349 |
|
$ |
18,660 |
|
$ |
15,792 |
|
$ |
12,526 |
|
|
$ |
40,344 |
|
$ |
22,707 |
|
|
|
|
|
|
|
|
|
|
Loan interest income1 |
$ |
148,432 |
|
$ |
135,341 |
|
$ |
105,437 |
|
$ |
74,050 |
|
$ |
69,388 |
|
|
$ |
283,773 |
|
$ |
136,586 |
|
Tax equivalent adjustment on loans |
|
(167 |
) |
|
(173 |
) |
|
(115 |
) |
|
(80 |
) |
|
(81 |
) |
|
|
(340 |
) |
|
(161 |
) |
Loan interest income excluding tax equivalent
adjustment |
$ |
148,265 |
|
$ |
135,168 |
|
$ |
105,322 |
|
$ |
73,970 |
|
$ |
69,307 |
|
|
$ |
283,433 |
|
$ |
136,425 |
|
|
|
|
|
|
|
|
|
|
Net Interest Income1 |
$ |
127,153 |
|
$ |
131,351 |
|
$ |
119,858 |
|
$ |
88,399 |
|
$ |
81,764 |
|
|
$ |
258,504 |
|
$ |
158,403 |
|
Tax equivalent adjustment on securities |
|
(23 |
) |
|
(26 |
) |
|
(34 |
) |
|
(35 |
) |
|
(36 |
) |
|
|
(49 |
) |
|
(73 |
) |
Tax equivalent adjustment on loans |
|
(167 |
) |
|
(173 |
) |
|
(115 |
) |
|
(80 |
) |
|
(81 |
) |
|
|
(340 |
) |
|
(161 |
) |
Net interest income excluding tax equivalent
adjustment |
$ |
126,963 |
|
$ |
131,152 |
|
$ |
119,709 |
|
$ |
88,284 |
|
$ |
81,647 |
|
|
$ |
258,115 |
|
$ |
158,169 |
|
|
|
|
|
|
|
|
|
|
1On a fully taxable equivalent basis. All
yields and rates have been computed using amortized cost. |
|
|
Seacoast Banking Corpora... (NASDAQ:SBCF)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Seacoast Banking Corpora... (NASDAQ:SBCF)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024