Seacoast Banking Corporation of Florida ("Seacoast" or the
"Company") (NASDAQ: SBCF) today reported net income in the first
quarter of 2023 of $11.8 million, or $0.15 per diluted share,
including $17.5 million in combined merger-related costs for the
acquisitions of both Drummond Banking Company (“Drummond”) and
Professional Holding Corp. (“Professional”). Adjusted net income1
for the first quarter of 2023 was $29.2 million, or $0.36 per
diluted share. The first quarter results included recording a day-1
provision for credit losses of $26.6 million upon the acquisition
of Professional Holding Corp.
Pre-tax pre-provision earnings1 were $46.3
million in the first quarter of 2023, an increase of 1% compared to
the fourth quarter of 2022 and an increase of 40% compared to the
first quarter of 2022. Adjusted pre-tax pre-provision earnings1
were $71.1 million in the first quarter of 2023, an increase of 7%
compared to the fourth quarter of 2022 and an increase of 70%
compared to the first quarter of 2022.
Charles M. Shaffer, Seacoast's Chairman and CEO
said, "Seacoast delivered another quarter of strong financial
performance, with continued solid growth in pre-tax pre-provision
earnings. We closed on our acquisition of Professional, increasing
Seacoast’s market share in the attractive and fast-growing South
Florida market.”
Shaffer added, “Recent events in the banking
industry nationally emphasize the importance of Seacoast’s strong
deposit franchise, disciplined credit and conservative balance
sheet principles. Over our 96-year history, Seacoast has focused on
executing a balanced growth strategy that emphasizes a
relationship-driven approach to customer acquisition. This, in
turn, has produced a granular and diverse loan portfolio and a
broadly diversified and stable funding base. We today serve more
than 270,000 customers in a wide variety of segments and
industries, including consumers, small businesses, middle market
operating companies, municipalities, and other governmental
entities.”
"We have never chased transactional business and
have instead, carefully constructed our balance sheet by building
strong customer relationships and avoiding lending or deposit
concentrations. Our relationship-focused strategy is supported by a
robust balance sheet. Our common equity tier 1 ratio was 12.80% at
March 31, 2023, and the ratio of tangible common equity to tangible
assets was 8.4%. Even after adjusting all held-to-maturity
securities to fair value, our tangible common equity to tangible
assets ratio is a very strong 7.8%. Our liquidity position is also
strong with a loan-to-deposit ratio of 82%, allowing balance sheet
flexibility as we move forward."
"Seacoast will maintain its commitment to our
fortress balance sheet, demonstrating resilience while continuing
to serve our customers and generating value for our shareholders
over the long term," Shaffer concluded.
Acquisitions
Update
On January 31, 2023, the Company acquired
Professional, the sixth largest bank headquartered in South
Florida. Direct merger-related costs totaled $8.1 million, the
day-1 provision for credit losses on loans was $26.6 million, and
the day-1 provision for credit losses on unfunded commitments was
$1.0 million. Full integration and system conversion activities are
expected to be completed late in the second quarter of 2023, and
merger-related expense synergies are expected to be realized
starting in the third quarter of 2023.
In February 2023, we successfully completed the
integration of Drummond, which was acquired in October 2022,
incurring conversion-related costs of $9.5 million in the first
quarter of 2023.
Financial
Results
Income
Statement
- Net
income was $11.8 million, or $0.15 per diluted share, for
the first quarter of 2023 compared to net income of $23.9 million,
or $0.34 per diluted share, for the prior quarter, and $20.6
million, or $0.33 per diluted share, for the prior year quarter.
The first quarter 2023 results included $26.6 million in provision
for credit losses on loans acquired in the Professional
acquisition. Adjusted net income1 for the first quarter of 2023 was
$29.2 million, or $0.36 per diluted share, compared to $39.9
million, or $0.56 per diluted share, for the prior quarter, and
$27.1 million, or $0.44 per diluted share, for the prior year
quarter.
- Net
revenues were $153.6 million in the first quarter of 2023,
an increase of $16.2 million, or 12%, compared to the prior
quarter, and an increase of $61.7 million, or 67%, compared to the
prior year quarter. Adjusted revenues1 were $151.4 million in the
first quarter of 2023, an increase of $14.0 million, or 10%,
compared to the prior quarter, and an increase of $59.0 million, or
64%, compared to the prior year quarter.
- On an adjusted
basis, pre-tax pre-provision earnings1 were $71.1
million, an increase of 7% compared to the fourth quarter of 2022
and an increase of 70% compared to the first quarter of 2022.
- Net
interest income totaled $131.2 million in the first
quarter of 2023, an increase of $11.4 million, or 10%, from the
fourth quarter of 2022 and an increase of $54.6 million, or 71%,
compared to the first quarter of 2022.
-
Net interest
margin decreased only five basis points to 4.31%
in the first quarter of 2023 compared to 4.36% in the fourth
quarter of 2022. The decline in the net interest margin from the
prior quarter was driven by the continued effect of an inverted
yield curve, and additional excess liquidity added to the balance
sheet late in the quarter. Securities yields increased eight basis
points to 2.85%, and loan yields increased 57 basis points to
5.86%. The cost of deposits increased to 77 basis points for the
first quarter of 2023 compared to 21 basis points in the prior
quarter. The effect on net interest margin of accretion on purchase
discounts on acquired loans in the first quarter of 2023 was 53
basis points, compared to 35 basis points in the fourth quarter of
2022.
-
Noninterest income totaled $22.4 million in the
first quarter of 2023, an increase of $4.8 million, or 27%,
compared to the prior quarter, and an increase of $7.1 million, or
46%, compared to the prior year quarter. Results for the first
quarter of 2023 included the following:
- Service charges
on deposits increased $0.2 million, or 6%, compared to the prior
quarter and $1.4 million, or 51%, year over year, reflecting the
benefit of an expanded deposit base including from
acquisitions.
- The wealth
management division continues to demonstrate notable success in
building relationships, and during the first quarter of 2023,
income increased $0.2 million, or 6%, compared to the prior quarter
and $0.4 million, or 15%, compared to the prior year quarter. The
group added another $123 million in assets under management in the
first quarter of 2023, bringing overall total assets under
management to $1.5 billion, up 24% from the prior year.
- Insurance agency
income increased $0.3 million, or 37% compared to the prior
quarter. The Company acquired a commercial insurance agency during
the fourth quarter of 2022 in conjunction with the acquisition of
Drummond, adding another source of noninterest income.
- Other income
increased by $3.3 million compared to the prior quarter, including
$2.1 million in bank owned life insurance (“BOLI”) death benefits,
an increase of $0.4 million in SBIC income, and an increase of $0.3
million in loan swap-related income. The BOLI death benefits were
removed from the presentation of adjusted results.
- The
provision for credit losses was $31.6 million in
the first quarter of 2023, compared to $14.1 million in the fourth
quarter of 2022 and $6.6 million in the first quarter of 2022.
Contributing to the provision in each quarter was an increase
related to loans acquired through bank acquisitions, representing
$26.6 million, $15.0 million, and $5.1 million, respectively. The
provision for credit losses in the first quarter of 2023 on the
Professional acquisition is in line with the allowance coverage
rate expected at the announcement of the transaction.
-
Noninterest expense was $107.5 million in the
first quarter of 2023, an increase of $16.0 million, or 17%,
compared to the prior quarter, and an increase of $48.6 million, or
82%, compared to the prior year quarter. The first quarter of 2023
included $17.5 million of merger-related expenses, compared to
$16.1 million in the prior quarter and $6.7 million in the prior
year quarter. Changes compared to the fourth quarter of 2022
included:
- Salaries and
wages increased $2.2 million to $47.6 million in the first quarter
of 2023. The first quarter of 2023 included $4.2 million in
merger-related expenses, compared to $5.7 million in the fourth
quarter of 2022. Excluding merger-related expenses, the increase in
the first quarter of 2023 is the result of the net addition of
branch locations and associates, as well as new bankers and
operational staff associated with the acquisitions.
- Employee benefits
increased $3.3 million to $8.6 million in the first quarter of
2023, reflecting higher seasonal payroll taxes, 401(k)
contributions and healthcare-related costs attributed to higher
headcount.
- Outsourced data
processing costs increased $4.6 million to $14.6 million in the
first quarter of 2023. The first quarter of 2023 included $6.6
million in merger-related expenses, compared to $2.6 million in the
fourth quarter of 2022.
- Occupancy,
telephone and data lines, and furniture and equipment expenses
collectively increased $1.7 million to $10.3 million in the first
quarter of 2023, reflecting the expansion of the footprint across
Florida.
- Legal and
professional fees decreased by $1.7 million to $7.5 million in the
first quarter of 2023, and included $4.8 million in merger-related
expenses during the first quarter of 2023 and $6.5 million in the
fourth quarter of 2022.
- Amortization of
intangibles increased by $2.0 million with the addition of $48.9
million in core deposit intangible assets from the acquisition of
Professional. These assets will be amortized using an accelerated
amortization method.
- Provision for
credit losses on unfunded commitments includes $1.0 million
associated with the acquisition of Professional.
- Seacoast recorded
$2.7 million of income tax expense in the first
quarter of 2023, compared to $7.8 million in the fourth quarter of
2022, and $5.8 million in the first quarter of 2022, with an
effective tax rate of 18.6%, 24.6% and 22.1%, respectively. 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 when
compared to prior quarters. Tax benefits related to stock-based
compensation totaled $0.2 million in the first quarter of 2023,
$0.2 million in the fourth quarter of 2022, and $0.5 million in the
first quarter of 2022. The presentation of adjusted results
excludes the discrete benefit associated with BOLI, and applies an
incremental tax rate of 25.3% on adjusted expenses. The resulting
effective tax rate on adjusted net income1 is 22.7%.
- The ratio of
net adjusted noninterest expense1
to average tangible assets was 2.47% in the first quarter of 2023,
compared to 2.42% in the fourth quarter of 2022 and 1.99% in the
first quarter of 2022. The increase in the ratio reflects
additional costs carried prior to full integration of recent
acquisitions, which will occur in the second quarter of 2023. We
expect the benefit of merger-related expense synergies to be fully
reflected beginning in the third quarter of 2023.
- The
efficiency ratio was 65.43% in the first quarter
of 2023, compared to 63.39% in the fourth quarter of 2022 and
62.33% in the prior year quarter. The adjusted efficiency
ratio1 was 53.10% in the first quarter of
2023, compared to 51.52% in the fourth quarter of 2022 and 54.86%
in the prior year quarter. The Company continues to remain keenly
focused on disciplined expense control and expects to benefit from
merger-related expense synergies beginning in the third quarter of
2023.
Balance Sheet
- At March 31, 2023, the Company had total
assets of $15.3 billion and total shareholders'
equity of $2.1 billion. Book value per
share was $24.24 on March 31, 2023, compared to $22.45 on
December 31, 2022, and $22.15 on March 31, 2022.
Tangible book
value per share
totaled $14.25 on March 31, 2023 compared to $14.69 on December 31,
2022 and $17.12 on March 31, 2022.
- Debt securities
totaled $2.8 billion on March 31, 2023, an increase of $134.7
million, or 5%, compared to December 31, 2022. Debt securities
include approximately $2.0 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 $738 million in securities
classified as held to maturity with a fair value of $618.8 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 totaled
$10.1 billion on March 31, 2023, an increase of $2.0 billion
compared to December 31, 2022. The increase includes loans acquired
of $2.0 billion from Professional. The Company continues to
exercise a disciplined approach to lending, carefully underwriting
loans to strict underwriting guidelines. Removing the loans
acquired with the Professional transaction, loans outstanding
increased $13 million compared to December 31, 2022.
- Loan originations were $485.2
million in the first quarter of 2023, a decrease of 25% compared to
$649.2 million in the fourth quarter of 2022.
- Commercial
originations were $321.7 million during the first quarter of 2023,
compared to $489.6 million in the fourth quarter of 2022, and
$373.0 million in the first quarter of 2022.
- Consumer
originations in the first quarter of 2023 were $59.5 million,
compared to $74.6 million in the fourth quarter of 2022, and $79.0
million in the first quarter of 2022.
- Residential loans
originated for sale in the secondary market totaled $13.9 million
in the first quarter of 2023, compared to $10.7 million in the
fourth quarter of 2022, and $51.2 million in the first quarter of
2022.
- Closed
residential loans retained in the portfolio totaled $90.1 million
in the first quarter of 2023, compared to $74.3 million in the
fourth quarter of 2022, and $175.5 million in the first quarter of
2022.
-
Pipelines (loans in underwriting and approval or
approved and not yet closed) totaled $364.0 million on March 31,
2023, a decrease of 20% from December 31, 2022, and a decrease of
54% from March 31, 2022.
- Commercial
pipelines were $297.4 million as of March 31, 2023, a decrease of
25% from $395.7 million at December 31, 2022, and a decrease of 52%
from $619.5 million at March 31, 2022. The decline in pipeline
quarter over quarter was the result of the impact of higher rates
on new production volumes and a more selective approach on new
credit facilities given a cautious economic outlook.
- Consumer
pipelines were $11.6 million as of March 31, 2023, a decrease of
68% from $36.6 million at December 31, 2022, and a decrease of 81%
from $61.6 million at March 31, 2022. We expect consumer demand to
be lower moving forward as a result of higher rates.
- Residential
saleable pipelines were $6.6 million as of March 31, 2023, compared
to $4.2 million at December 31, 2022, and $25.7 million at March
31, 2022. Retained residential pipelines were $48.4 million as of
March 31, 2023, compared to $17.1 million at December 31, 2022, and
$88.0 million at March 31, 2022. We have seen an increase in
pipelines in residential lending during the first quarter of 2023
as a result of mortgage rates moving lower in conjunction with a
declining 10-year Treasury rate.
- Total
deposits were $12.3 billion as of March 31, 2023, an
increase of $2.3 billion, or 23%, compared to December 31, 2022,
and an increase of $3.1 billion, or 33%, compared to March 31,
2022. The increase in the first quarter of 2023 includes $2.1
billion in deposits from the acquisition of Professional.Seacoast’s
granular, longstanding deposit base is a hallmark of our franchise,
and in the current environment its stability serves as a
significant source of strength. The Company has continued to manage
deposit pricing lower than competitors, and with an average
loan-to-deposit ratio of 82% during the quarter, maintains balance
sheet flexibility.
- Excluding the
deposits acquired through the Professional acquisition, deposits
outstanding increased $295.0 million during the quarter.
- At March 31,
2023, transaction account balances represented 59% of overall
deposits, which continues to aid the Company’s ability to maintain
a consistently low cost of deposits.
- The overall cost
of deposits increased 56 basis points from the prior quarter to 77
basis points. The increase is a result of the Professional
acquisition and an increasingly competitive market for
deposits.
- Noninterest
bearing demand deposits represent 37% of overall deposits. This is
amongst the upper quartile in the industry.
- Average deposits
per banking center were $148 million at March 31, 2023 compared to
$128 million at December 31, 2022.
- Net organic
customer growth in the month of March 2023 was at the highest level
since 2020.
- Uninsured
deposits represented only 36% of overall deposit accounts. 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 32% 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 141% of
uninsured deposits, and 163% of uninsured and uncollateralized
deposits.
- Consumer deposits
represent 40% of overall deposit funding with an average consumer
customer balance of $22 thousand. Commercial deposits represent 60%
of overall deposit funding with an average business customer
balance of $101 thousand.
- During the first
quarter of 2023, approximately $100 million in customer deposits
migrated to customer sweep accounts.
- The Company
increased borrowings to bolster its liquidity
position during the quarter. Federal Home Loan Bank advances
totaled $385.0 million at March 31, 2023 with a weighted average
interest rate of 4.26%. Also during the first quarter of 2023,
Seacoast assumed subordinated debt in the acquisition of
Professional, with an outstanding principal amount of $25.0 million
and estimated fair value of $21.1 million. The acquired debt
carries a fixed interest rate of 3.375% until 2027, and thereafter
converts to a floating rate note until maturity in 2032.
- In the aggregate,
borrowed funds, including FHLB advances, subordinated debt, and
brokered deposits represent only 6.9% of total liabilities as of
March 31, 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 $50.8 million at March
31, 2023. Nonperforming loans to total loans outstanding were 0.50%
at March 31, 2023, 0.35% at December 31, 2022, and 0.41% at March
31, 2022.
-
Nonperforming assets to total assets increased to
0.38% at March 31, 2023, compared to 0.26% at December 31, 2022,
and 0.35% at March 31, 2022. During the first quarter of 2023, $5.5
million in former branch properties were transferred into other
real estate owned as a result of branch consolidation.
- The
ratio of allowance for credit losses to total loans was
1.54% at March 31, 2023, 1.40% at December 31, 2022, and 1.39% at
March 31, 2022. The increase in the allowance was primarily the
result of the Professional acquisition and is in line with the
coverage rate expected at the announcement of the transaction.
- Net
charge-offs of $3.2 million for the first quarter of 2023
compared to $0.8 million in the fourth quarter of 2022 and $0.1
million in the first quarter of 2022. Net charge-offs for the four
most recent quarters averaged 0.05%.
- 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 $289 thousand,
and the average commercial loan size is $717 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 48% and 258% of total bank-level risk-based
capital, respectively, compared to 45% and 230%, respectively, at
December 31, 2022. On a consolidated basis, construction and land
development and commercial real estate loans represent 44% 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 March 31, 2023, of 13.8%
compared to 14.8% at December 31, 2022, and 16.8% at March 31,
2022. The total capital ratio was 15.0%, the
common equity tier 1 capital ratio was 12.8%, and
the tier 1 leverage ratio was 11.7% at March 31,
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 March 31, 2023 totaled $791.2
million.
- Our Board of
Directors has approved a share repurchase program
of up to $100 million in shares of the Company’s common stock. No
shares were repurchased during the quarter, and 100% of the shares
pursuant to the program remain available.
- The Company’s
loan to deposit ratio was 82% at March 31, 2023,
providing liquidity and flexibility moving forward.
- Tangible
common equity to tangible assets was 8.36% at March 31,
2023, compared to 9.08% at December 31, 2022, and 9.89% at March
31, 2022. If all held-to-maturity securities were adjusted to fair
value, the tangible common equity ratio would have been 7.77%.
- At March 31,
2023, in addition to $0.8 billion in cash, the Company had $5.6
billion in available borrowing capacity, including
$4.6 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 March 31,
2023 represented 163% of uninsured and uncollateralized
deposits.
1Non-GAAP measure, see “Explanation of Certain Unaudited
Non-GAAP Financial Measures" for more information and for a
reconciliation to GAAP.
|
|
FINANCIAL HIGHLIGHTS |
|
(Amounts in thousands except per share data) |
(Unaudited) |
|
Quarterly Trends |
|
1Q'23 |
4Q'22 |
3Q'22 |
2Q'22 |
1Q'22 |
Selected
balance sheet data: |
|
|
|
|
|
Total assets |
$ |
15,255,408 |
|
$ |
12,145,762 |
|
$ |
10,345,235 |
|
$ |
10,811,704 |
|
$ |
10,904,817 |
|
Gross loans |
|
10,134,395 |
|
|
8,144,724 |
|
|
6,690,845 |
|
|
6,541,548 |
|
|
6,451,217 |
|
Total deposits |
|
12,309,701 |
|
|
9,981,595 |
|
|
8,765,414 |
|
|
9,188,953 |
|
|
9,243,768 |
|
Performance measures: |
|
|
|
|
|
Net income |
$ |
11,827 |
|
$ |
23,927 |
|
$ |
29,237 |
|
$ |
32,755 |
|
$ |
20,588 |
|
Net interest margin |
|
4.31 |
% |
|
4.36 |
% |
|
3.67 |
% |
|
3.38 |
% |
|
3.25 |
% |
Pre-tax pre-provision earnings1 |
|
46,321 |
|
|
45,999 |
|
|
43,143 |
|
|
42,580 |
|
|
33,095 |
|
Average diluted shares outstanding |
|
80,717 |
|
|
71,374 |
|
|
61,961 |
|
|
61,923 |
|
|
61,704 |
|
Diluted earnings per share (EPS) |
$ |
0.15 |
|
$ |
0.34 |
|
$ |
0.47 |
|
$ |
0.53 |
|
$ |
0.33 |
|
Return on (annualized): |
|
|
|
|
|
Average assets (ROA) |
|
0.34 |
% |
|
0.78 |
% |
|
1.10 |
% |
|
1.21 |
% |
|
0.79 |
% |
Average tangible assets (ROTA)2 |
|
0.52 |
|
|
0.94 |
|
|
1.17 |
|
|
1.29 |
|
|
0.85 |
|
Average tangible common equity |
|
5.96 |
|
|
10.36 |
|
|
11.53 |
|
|
13.01 |
|
|
8.02 |
|
Tangible common equity to tangible assets2 |
|
8.36 |
|
|
9.08 |
|
|
9.79 |
|
|
9.74 |
|
|
9.89 |
|
Tangible book value per share2 |
$ |
14.25 |
|
$ |
14.69 |
|
$ |
15.98 |
|
$ |
16.66 |
|
$ |
17.12 |
|
Efficiency ratio |
|
65.43 |
% |
|
63.39 |
% |
|
57.13 |
% |
|
56.22 |
% |
|
62.33 |
% |
Adjusted
operating measures1: |
|
|
|
|
|
Adjusted net income |
$ |
29,241 |
|
$ |
39,926 |
|
$ |
32,837 |
|
$ |
36,327 |
|
$ |
27,056 |
|
Adjusted pre-tax pre-provision earnings |
|
71,081 |
|
|
66,649 |
|
|
48,989 |
|
|
46,397 |
|
|
41,737 |
|
Adjusted diluted EPS |
|
0.36 |
|
|
0.56 |
|
|
0.53 |
|
|
0.59 |
|
|
0.44 |
|
Adjusted ROTA2 |
|
0.90 |
% |
|
1.36 |
% |
|
1.27 |
% |
|
1.38 |
% |
|
1.06 |
% |
Adjusted ROTCE2 |
|
10.34 |
|
|
15.05 |
|
|
12.48 |
|
|
13.97 |
|
|
10.01 |
|
Adjusted efficiency ratio |
|
53.10 |
|
|
51.52 |
|
|
53.28 |
|
|
53.15 |
|
|
54.86 |
|
Net adjusted noninterest expense as a percent of average
tangible assets2 |
|
2.47 |
|
|
2.42 |
|
|
2.16 |
|
|
2.00 |
|
|
1.99 |
|
Other data: |
Market capitalization3 |
$ |
2,005,241 |
|
$ |
2,233,761 |
|
$ |
1,858,429 |
|
$ |
2,028,996 |
|
$ |
2,144,586 |
|
Full-time equivalent employees |
|
1,650 |
|
|
1,490 |
|
|
1,156 |
|
|
1,095 |
|
|
1,066 |
|
Number of ATMs |
|
97 |
|
|
100 |
|
|
79 |
|
|
79 |
|
|
79 |
|
Full-service banking offices |
|
83 |
|
|
78 |
|
|
58 |
|
|
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 InformationSeacoast will
host a conference call April 28th, 2023 at 10:00 a.m. Eastern Time,
to discuss the first quarter 2023 earnings results and business
trends. Investors may call in (toll-free) by dialing (800)
949-8476. 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 $15.3
billion in assets and $12.3 billion in deposits as of March 31,
2023. Seacoast provides integrated financial services including
commercial and consumer banking, wealth management, and mortgage
services to customers at over 80 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. DexterChief Financial OfficerSeacoast
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
future results, performance or achievements expressed or implied by
such forward-looking statements. You should not expect the Company
to update any forward-looking statements.
All statements other than statements of
historical fact could be forward-looking statements. You can
identify these forward-looking statements through the use of words
such as "may", "will", "anticipate", "assume", "should", "support",
"indicate", "would", "believe", "contemplate", "expect",
"estimate", "continue", "further", "plan", "point to", "project",
"could", "intend", "target" or other similar words and expressions
of the future. These forward- looking statements may not be
realized due to a variety of factors, including, without
limitation: the 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 (including
the velocity of loan repayment) 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 parties, 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 the merger with
Professional Holding Corp. include, 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.
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 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 |
(Amounts in thousands, except ratios and per share data) |
1Q'23 |
4Q'22 |
3Q'22 |
2Q'22 |
1Q'22 |
Summary of Earnings |
|
|
|
|
|
Net income |
$ |
11,827 |
|
$ |
23,927 |
|
$ |
29,237 |
|
$ |
32,755 |
|
$ |
20,588 |
|
Adjusted net
income1 |
|
29,241 |
|
|
39,926 |
|
|
32,837 |
|
|
36,327 |
|
|
27,056 |
|
Net interest
income2 |
|
131,351 |
|
|
119,858 |
|
|
88,399 |
|
|
81,764 |
|
|
76,639 |
|
Net interest
margin2,3 |
|
4.31 |
% |
|
4.36 |
% |
|
3.67 |
% |
|
3.38 |
% |
|
3.25 |
% |
Pre-tax
pre-provision earnings1 |
|
46,321 |
|
|
45,999 |
|
|
43,143 |
|
|
42,580 |
|
|
33,095 |
|
Adjusted
pre-tax pre-provision earnings1 |
|
71,081 |
|
|
66,649 |
|
|
48,989 |
|
|
46,397 |
|
|
41,737 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets-GAAP basis3 |
|
0.34 |
% |
|
0.78 |
% |
|
1.10 |
% |
|
1.21 |
% |
|
0.79 |
% |
Return on
average tangible assets-GAAP basis3,4 |
|
0.52 |
|
|
0.94 |
|
|
1.17 |
|
|
1.29 |
|
|
0.85 |
|
Adjusted
return on average tangible assets1,3,4 |
|
0.90 |
|
|
1.36 |
|
|
1.27 |
|
|
1.38 |
|
|
1.06 |
|
Pre-tax
pre-provision return on average tangible assets1,3,4 |
|
1.58 |
|
|
1.69 |
|
|
1.71 |
|
|
1.66 |
|
|
1.34 |
|
Adjusted
pre-tax pre-provision return on average tangible assets1,3,4 |
|
2.18 |
|
|
2.28 |
|
|
1.89 |
|
|
1.77 |
|
|
1.64 |
|
Net adjusted
noninterest expense to average tangible assets1,3,4 |
|
2.47 |
|
|
2.42 |
|
|
2.16 |
|
|
2.00 |
|
|
1.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average shareholders' equity-GAAP basis3 |
|
2.53 |
|
|
6.03 |
|
|
8.60 |
|
|
9.73 |
|
|
5.96 |
|
Return on
average tangible common equity-GAAP basis3,4 |
|
5.96 |
|
|
10.36 |
|
|
11.53 |
|
|
13.01 |
|
|
8.02 |
|
Adjusted
return on average tangible common equity1,3,4 |
|
10.34 |
|
|
15.05 |
|
|
12.48 |
|
|
13.97 |
|
|
10.01 |
|
Efficiency
ratio5 |
|
65.43 |
|
|
63.39 |
|
|
57.13 |
|
|
56.22 |
|
|
62.33 |
|
Adjusted
efficiency ratio1 |
|
53.10 |
|
|
51.52 |
|
|
53.28 |
|
|
53.15 |
|
|
54.86 |
|
Noninterest
income to total revenue (excluding securities gains/losses) |
|
14.55 |
|
|
12.84 |
|
|
15.72 |
|
|
17.45 |
|
|
17.14 |
|
Tangible
common equity to tangible assets4 |
|
8.36 |
|
|
9.08 |
|
|
9.79 |
|
|
9.74 |
|
|
9.89 |
|
Average
loan-to-deposit ratio |
|
82.43 |
|
|
77.67 |
|
|
73.90 |
|
|
70.60 |
|
|
71.25 |
|
End of
period loan-to-deposit ratio |
|
82.35 |
|
|
81.63 |
|
|
76.35 |
|
|
71.34 |
|
|
70.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per
Share Data |
|
|
|
|
|
Net income
diluted-GAAP basis |
$ |
0.15 |
|
$ |
0.34 |
|
$ |
0.47 |
|
$ |
0.53 |
|
$ |
0.33 |
|
Net income
basic-GAAP basis |
|
0.15 |
|
|
0.34 |
|
|
0.48 |
|
|
0.53 |
|
|
0.34 |
|
Adjusted
earnings1 |
|
0.36 |
|
|
0.56 |
|
|
0.53 |
|
|
0.59 |
|
|
0.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
per share common |
|
24.24 |
|
|
22.45 |
|
|
20.95 |
|
|
21.65 |
|
|
22.15 |
|
Tangible
book value per share |
|
14.25 |
|
|
14.69 |
|
|
15.98 |
|
|
16.66 |
|
|
17.12 |
|
Cash dividends declared |
|
0.17 |
|
|
0.17 |
|
|
0.17 |
|
|
0.17 |
|
|
0.13 |
|
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 |
(Amounts in thousands, except per share data) |
1Q'23 |
|
4Q'22 |
|
3Q'22 |
|
2Q'22 |
|
1Q'22 |
Interest on securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
19,244 |
|
|
$ |
18,530 |
|
|
$ |
15,653 |
|
|
$ |
12,387 |
|
|
$ |
10,041 |
|
Nontaxable |
|
105 |
|
|
|
130 |
|
|
|
138 |
|
|
|
138 |
|
|
|
140 |
|
Interest and
fees on loans |
|
135,168 |
|
|
|
105,322 |
|
|
|
73,970 |
|
|
|
69,307 |
|
|
|
67,118 |
|
Interest on
federal funds sold and other investments |
|
3,474 |
|
|
|
3,127 |
|
|
|
1,643 |
|
|
|
1,917 |
|
|
|
933 |
|
Total Interest Income |
|
157,991 |
|
|
|
127,109 |
|
|
|
91,404 |
|
|
|
83,749 |
|
|
|
78,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits |
|
16,033 |
|
|
|
3,934 |
|
|
|
1,623 |
|
|
|
994 |
|
|
|
767 |
|
Interest on
time certificates |
|
5,552 |
|
|
|
1,358 |
|
|
|
380 |
|
|
|
436 |
|
|
|
468 |
|
Interest on
borrowed money |
|
5,254 |
|
|
|
2,108 |
|
|
|
1,117 |
|
|
|
672 |
|
|
|
475 |
|
Total Interest Expense |
|
26,839 |
|
|
|
7,400 |
|
|
|
3,120 |
|
|
|
2,102 |
|
|
|
1,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
|
131,152 |
|
|
|
119,709 |
|
|
|
88,284 |
|
|
|
81,647 |
|
|
|
76,522 |
|
Provision
for credit losses |
|
31,598 |
|
|
|
14,129 |
|
|
|
4,676 |
|
|
|
822 |
|
|
|
6,556 |
|
Net Interest Income After Provision for Credit
Losses |
|
99,554 |
|
|
|
105,580 |
|
|
|
83,608 |
|
|
|
80,825 |
|
|
|
69,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
Service
charges on deposit accounts |
|
4,242 |
|
|
|
3,996 |
|
|
|
3,504 |
|
|
|
3,408 |
|
|
|
2,801 |
|
Interchange
income |
|
4,694 |
|
|
|
4,650 |
|
|
|
4,138 |
|
|
|
4,255 |
|
|
|
4,128 |
|
Wealth
management income |
|
3,063 |
|
|
|
2,886 |
|
|
|
2,732 |
|
|
|
2,774 |
|
|
|
2,659 |
|
Mortgage
banking fees |
|
426 |
|
|
|
426 |
|
|
|
434 |
|
|
|
932 |
|
|
|
1,686 |
|
Insurance
agency income |
|
1,101 |
|
|
|
805 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
SBA
gains |
|
322 |
|
|
|
105 |
|
|
|
108 |
|
|
|
473 |
|
|
|
156 |
|
BOLI
income |
|
1,916 |
|
|
|
1,526 |
|
|
|
1,363 |
|
|
|
1,349 |
|
|
|
1,334 |
|
Other |
|
6,574 |
|
|
|
3,239 |
|
|
|
4,186 |
|
|
|
4,073 |
|
|
|
3,061 |
|
|
|
22,338 |
|
|
|
17,633 |
|
|
|
16,465 |
|
|
|
17,264 |
|
|
|
15,825 |
|
Securities
gains (losses), net |
|
107 |
|
|
|
18 |
|
|
|
(362 |
) |
|
|
(300 |
) |
|
|
(452 |
) |
Total Noninterest Income |
|
22,445 |
|
|
|
17,651 |
|
|
|
16,103 |
|
|
|
16,964 |
|
|
|
15,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses: |
|
|
|
|
|
|
|
|
|
Salaries and
wages |
|
47,616 |
|
|
|
45,405 |
|
|
|
28,420 |
|
|
|
28,056 |
|
|
|
28,219 |
|
Employee
benefits |
|
8,562 |
|
|
|
5,300 |
|
|
|
4,074 |
|
|
|
4,151 |
|
|
|
5,501 |
|
Outsourced
data processing costs |
|
14,553 |
|
|
|
9,918 |
|
|
|
5,393 |
|
|
|
6,043 |
|
|
|
6,156 |
|
Telephone /
data lines |
|
1,081 |
|
|
|
1,185 |
|
|
|
973 |
|
|
|
908 |
|
|
|
733 |
|
Occupancy |
|
6,938 |
|
|
|
5,457 |
|
|
|
5,046 |
|
|
|
4,050 |
|
|
|
3,986 |
|
Furniture
and equipment |
|
2,267 |
|
|
|
1,944 |
|
|
|
1,462 |
|
|
|
1,588 |
|
|
|
1,426 |
|
Marketing |
|
2,238 |
|
|
|
1,772 |
|
|
|
1,461 |
|
|
|
1,882 |
|
|
|
1,171 |
|
Legal and
professional fees |
|
7,479 |
|
|
|
9,174 |
|
|
|
3,794 |
|
|
|
2,946 |
|
|
|
4,789 |
|
FDIC
assessments |
|
1,443 |
|
|
|
889 |
|
|
|
760 |
|
|
|
699 |
|
|
|
789 |
|
Amortization
of intangibles |
|
6,727 |
|
|
|
4,763 |
|
|
|
1,446 |
|
|
|
1,446 |
|
|
|
1,446 |
|
Foreclosed
property expense and net loss (gain) on sale |
|
195 |
|
|
|
(411 |
) |
|
|
9 |
|
|
|
(968 |
) |
|
|
(164 |
) |
Provision
for credit losses on unfunded commitments |
|
1,239 |
|
|
|
— |
|
|
|
1015 |
|
|
|
— |
|
|
|
142 |
|
Other |
|
7,137 |
|
|
|
6,114 |
|
|
|
7,506 |
|
|
|
5,347 |
|
|
|
4,723 |
|
Total Noninterest Expense |
|
107,475 |
|
|
|
91,510 |
|
|
|
61,359 |
|
|
|
56,148 |
|
|
|
58,917 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
|
14,524 |
|
|
|
31,721 |
|
|
|
38,352 |
|
|
|
41,641 |
|
|
|
26,422 |
|
Income
taxes |
|
2,697 |
|
|
|
7,794 |
|
|
|
9,115 |
|
|
|
8,886 |
|
|
|
5,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
11,827 |
|
|
$ |
23,927 |
|
|
$ |
29,237 |
|
|
$ |
32,755 |
|
|
$ |
20,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share of
common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
diluted |
$ |
0.15 |
|
|
$ |
0.34 |
|
|
$ |
0.47 |
|
|
$ |
0.53 |
|
|
$ |
0.33 |
|
Net income
basic |
|
0.15 |
|
|
|
0.34 |
|
|
|
0.48 |
|
|
|
0.53 |
|
|
|
0.34 |
|
Cash
dividends declared |
|
0.17 |
|
|
|
0.17 |
|
|
|
0.17 |
|
|
|
0.17 |
|
|
|
0.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
diluted shares outstanding |
|
80,717 |
|
|
|
71,374 |
|
|
|
61,961 |
|
|
|
61,923 |
|
|
|
61,704 |
|
Average basic shares outstanding |
|
80,151 |
|
|
|
70,770 |
|
|
|
61,442 |
|
|
|
61,409 |
|
|
|
61,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
March
31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
(Amounts in thousands) |
2023 |
|
2022 |
|
2022 |
|
2022 |
|
2022 |
Assets |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
180,607 |
|
|
$ |
120,748 |
|
|
$ |
176,463 |
|
|
$ |
363,343 |
|
|
$ |
351,128 |
|
Interest bearing deposits with other banks |
|
610,636 |
|
|
|
81,192 |
|
|
|
42,152 |
|
|
|
538,025 |
|
|
|
871,387 |
|
Total Cash and Cash Equivalents |
|
791,243 |
|
|
|
201,940 |
|
|
|
218,615 |
|
|
|
901,368 |
|
|
|
1,222,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits with other banks |
|
3,236 |
|
|
|
3,236 |
|
|
|
4,481 |
|
|
|
4,730 |
|
|
|
5,975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Securities: |
|
|
|
|
|
|
|
|
|
Available for sale (at fair value) |
|
2,015,967 |
|
|
|
1,871,742 |
|
|
|
1,860,734 |
|
|
|
1,800,791 |
|
|
|
1,706,619 |
|
Held to maturity (at amortized cost) |
|
737,911 |
|
|
|
747,408 |
|
|
|
774,706 |
|
|
|
794,785 |
|
|
|
747,004 |
|
Total Debt Securities |
|
2,753,878 |
|
|
|
2,619,150 |
|
|
|
2,635,440 |
|
|
|
2,595,576 |
|
|
|
2,453,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale |
|
2,838 |
|
|
|
3,151 |
|
|
|
1,620 |
|
|
|
14,205 |
|
|
|
20,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
10,134,395 |
|
|
|
8,144,724 |
|
|
|
6,690,845 |
|
|
|
6,541,548 |
|
|
|
6,451,217 |
|
Less: Allowance for credit losses |
|
(155,640 |
) |
|
|
(113,895 |
) |
|
|
(95,329 |
) |
|
|
(90,769 |
) |
|
|
(89,838 |
) |
Net Loans |
|
9,978,755 |
|
|
|
8,030,829 |
|
|
|
6,595,516 |
|
|
|
6,450,779 |
|
|
|
6,361,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank premises and equipment, net |
|
116,522 |
|
|
|
116,892 |
|
|
|
81,648 |
|
|
|
74,784 |
|
|
|
74,617 |
|
Other real estate owned |
|
7,756 |
|
|
|
2,301 |
|
|
|
2,419 |
|
|
|
2,419 |
|
|
|
11,567 |
|
Goodwill |
|
728,396 |
|
|
|
480,319 |
|
|
|
286,606 |
|
|
|
286,606 |
|
|
|
286,606 |
|
Other intangible assets, net |
|
117,409 |
|
|
|
75,451 |
|
|
|
18,583 |
|
|
|
20,062 |
|
|
|
21,549 |
|
Bank owned life insurance |
|
292,545 |
|
|
|
237,824 |
|
|
|
209,087 |
|
|
|
207,724 |
|
|
|
206,375 |
|
Net deferred tax assets |
|
124,301 |
|
|
|
94,457 |
|
|
|
83,139 |
|
|
|
60,080 |
|
|
|
47,222 |
|
Other assets |
|
338,529 |
|
|
|
280,212 |
|
|
|
208,081 |
|
|
|
193,371 |
|
|
|
192,774 |
|
Total Assets |
$ |
15,255,408 |
|
|
$ |
12,145,762 |
|
|
$ |
10,345,235 |
|
|
$ |
10,811,704 |
|
|
$ |
10,904,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
Noninterest demand |
$ |
4,554,509 |
|
|
$ |
4,070,973 |
|
|
$ |
3,529,489 |
|
|
$ |
3,593,201 |
|
|
$ |
3,522,700 |
|
Interest-bearing demand |
|
2,676,320 |
|
|
|
2,337,590 |
|
|
|
2,170,251 |
|
|
|
2,269,148 |
|
|
|
2,253,562 |
|
Savings |
|
940,702 |
|
|
|
1,064,392 |
|
|
|
938,081 |
|
|
|
946,738 |
|
|
|
937,839 |
|
Money market |
|
2,893,128 |
|
|
|
1,985,974 |
|
|
|
1,700,737 |
|
|
|
1,911,847 |
|
|
|
1,999,027 |
|
Other time certificates |
|
598,483 |
|
|
|
369,389 |
|
|
|
312,840 |
|
|
|
350,571 |
|
|
|
397,491 |
|
Brokered time certificates |
|
371,392 |
|
|
|
3,798 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Time certificates of more than $250,000 |
|
275,167 |
|
|
|
149,479 |
|
|
|
114,016 |
|
|
|
117,448 |
|
|
|
133,149 |
|
Total Deposits |
|
12,309,701 |
|
|
|
9,981,595 |
|
|
|
8,765,414 |
|
|
|
9,188,953 |
|
|
|
9,243,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
267,606 |
|
|
|
172,029 |
|
|
|
94,191 |
|
|
|
110,578 |
|
|
|
120,922 |
|
Federal Home Loan Bank borrowings |
|
385,000 |
|
|
|
150,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Subordinated debt, net |
|
105,804 |
|
|
|
84,533 |
|
|
|
71,857 |
|
|
|
71,786 |
|
|
|
71,716 |
|
Other liabilities |
|
136,213 |
|
|
|
149,830 |
|
|
|
125,971 |
|
|
|
110,812 |
|
|
|
112,126 |
|
Total Liabilities |
|
13,204,324 |
|
|
|
10,537,987 |
|
|
|
9,057,433 |
|
|
|
9,482,129 |
|
|
|
9,548,532 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Common stock |
|
8,461 |
|
|
|
7,162 |
|
|
|
6,148 |
|
|
|
6,141 |
|
|
|
6,124 |
|
Additional paid in capital |
|
1,803,898 |
|
|
|
1,377,802 |
|
|
|
1,068,241 |
|
|
|
1,065,167 |
|
|
|
1,062,462 |
|
Retained earnings |
|
421,271 |
|
|
|
423,863 |
|
|
|
412,166 |
|
|
|
393,431 |
|
|
|
371,192 |
|
Treasury stock |
|
(13,113 |
) |
|
|
(13,019 |
) |
|
|
(11,539 |
) |
|
|
(11,632 |
) |
|
|
(10,459 |
) |
|
|
2,220,517 |
|
|
|
1,795,808 |
|
|
|
1,475,016 |
|
|
|
1,453,107 |
|
|
|
1,429,319 |
|
Accumulated other comprehensive (loss) income, net |
|
(169,433 |
) |
|
|
(188,033 |
) |
|
|
(187,214 |
) |
|
|
(123,532 |
) |
|
|
(73,034 |
) |
Total Shareholders' Equity |
|
2,051,084 |
|
|
|
1,607,775 |
|
|
|
1,287,802 |
|
|
|
1,329,575 |
|
|
|
1,356,285 |
|
Total Liabilities & Shareholders' Equity |
$ |
15,255,408 |
|
|
$ |
12,145,762 |
|
|
$ |
10,345,235 |
|
|
$ |
10,811,704 |
|
|
$ |
10,904,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
84,609 |
|
|
|
71,618 |
|
|
|
61,476 |
|
|
|
61,410 |
|
|
|
61,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED QUARTERLY FINANCIAL DATA |
|
(Unaudited) |
SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands) |
|
1Q'23 |
|
4Q'22 |
|
3Q'22 |
|
2Q'22 |
|
1Q'22 |
Credit Analysis |
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries) |
|
$ |
3,188 |
|
|
$ |
782 |
|
|
$ |
103 |
|
|
$ |
(124 |
) |
|
$ |
79 |
|
Net
charge-offs (recoveries) to average loans |
|
|
0.14 |
% |
|
|
0.04 |
% |
|
|
0.01 |
% |
|
|
— |
% |
|
|
— |
% |
Allowance
for Credit Losses |
|
|
155,640 |
|
|
|
113,895 |
|
|
|
95,329 |
|
|
|
90,769 |
|
|
|
89,838 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-acquired
loans at end of period |
|
|
6,048,453 |
|
|
|
5,944,194 |
|
|
|
5,653,357 |
|
|
|
5,399,923 |
|
|
|
5,199,110 |
|
Acquired
loans at end of period |
|
|
4,085,942 |
|
|
|
2,200,530 |
|
|
|
1,037,488 |
|
|
|
1,141,625 |
|
|
|
1,252,107 |
|
Total Loans |
|
$ |
10,134,395 |
|
|
$ |
8,144,724 |
|
|
$ |
6,690,845 |
|
|
$ |
6,541,548 |
|
|
$ |
6,451,217 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
allowance for credit losses to total loans at end of period |
|
|
1.54 |
|
|
|
1.40 |
|
|
|
1.42 |
|
|
|
1.39 |
|
|
|
1.39 |
|
Purchase
discount on acquired loans at end of period |
|
|
5.02 |
|
|
|
4.25 |
|
|
|
1.81 |
|
|
|
1.84 |
|
|
|
1.89 |
|
|
|
|
|
|
|
|
|
|
|
|
End
of Period |
|
|
|
|
|
|
|
|
|
|
Nonperforming loans |
|
$ |
50,787 |
|
|
$ |
28,843 |
|
|
$ |
21,464 |
|
|
$ |
26,442 |
|
|
$ |
26,209 |
|
Other real
estate owned |
|
|
530 |
|
|
|
530 |
|
|
|
109 |
|
|
|
109 |
|
|
|
9,256 |
|
Properties previously used in bank operations included in other
real estate owned |
|
7,226 |
|
|
|
1,771 |
|
|
|
2,310 |
|
|
|
2,310 |
|
|
|
2,310 |
|
Total Nonperforming Assets |
|
$ |
58,543 |
|
|
$ |
31,144 |
|
|
$ |
23,883 |
|
|
$ |
28,861 |
|
|
$ |
37,775 |
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans to Loans at End of Period |
|
|
0.50 |
% |
|
|
0.35 |
% |
|
|
0.32 |
% |
|
|
0.40 |
% |
|
|
0.41 |
% |
Nonperforming Assets to Total Assets at End of Period |
|
|
0.38 |
|
|
|
0.26 |
|
|
|
0.23 |
|
|
|
0.27 |
|
|
|
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
Loans |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
|
2022 |
Construction and land development |
|
$ |
757,835 |
|
|
$ |
587,332 |
|
|
$ |
361,913 |
|
|
$ |
350,025 |
|
|
$ |
259,421 |
|
Commercial real estate - owner occupied |
|
|
1,652,491 |
|
|
|
1,478,302 |
|
|
|
1,253,459 |
|
|
|
1,254,343 |
|
|
|
1,284,515 |
|
Commercial real estate - non-owner occupied1 |
|
|
3,412,051 |
|
|
|
2,589,774 |
|
|
|
2,107,614 |
|
|
|
1,972,540 |
|
|
|
1,966,150 |
|
Residential real estate1 |
|
|
2,354,394 |
|
|
|
1,849,503 |
|
|
|
1,599,765 |
|
|
|
1,647,465 |
|
|
|
1,599,645 |
|
Commercial and financial |
|
|
1,650,485 |
|
|
|
1,348,636 |
|
|
|
1,182,384 |
|
|
|
1,124,771 |
|
|
|
1,132,506 |
|
Consumer |
|
|
301,740 |
|
|
|
286,587 |
|
|
|
180,416 |
|
|
|
175,201 |
|
|
|
169,724 |
|
Paycheck Protection Program |
|
|
5,399 |
|
|
|
4,590 |
|
|
|
5,294 |
|
|
|
17,203 |
|
|
|
39,256 |
|
Total Loans |
|
$ |
10,134,395 |
|
|
$ |
8,144,724 |
|
|
$ |
6,690,845 |
|
|
$ |
6,541,548 |
|
|
$ |
6,451,217 |
|
1In 3Q'22, $100
million in loans to commercial borrowers collateralized by
residential properties were reclassified from "Residential real
estate" to "Commercial real estate - non-owner occupied." |
|
|
|
AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND
RATES1 |
(Unaudited) |
SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q'23 |
|
4Q'22 |
|
1Q'22 |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
(Amounts in thousands) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
2,700,122 |
|
|
$ |
19,244 |
|
2.85 |
% |
|
$ |
2,680,813 |
|
|
$ |
18,530 |
|
2.76 |
% |
|
$ |
2,406,399 |
|
|
$ |
10,041 |
|
1.67 |
% |
Nontaxable |
|
16,271 |
|
|
|
131 |
|
3.22 |
|
|
|
20,246 |
|
|
|
164 |
|
3.24 |
|
|
|
24,042 |
|
|
|
177 |
|
2.94 |
|
Total Securities |
|
2,716,393 |
|
|
|
19,375 |
|
2.85 |
|
|
|
2,701,059 |
|
|
|
18,694 |
|
2.77 |
|
|
|
2,430,441 |
|
|
|
10,218 |
|
1.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
|
106,778 |
|
|
|
1,294 |
|
4.91 |
|
|
|
155,815 |
|
|
|
1,410 |
|
3.59 |
|
|
|
738,588 |
|
|
|
350 |
|
0.19 |
|
Interest bearing deposits with other banks and other
investments |
|
178,463 |
|
|
|
2,180 |
|
4.95 |
|
|
|
141,179 |
|
|
|
1,717 |
|
4.83 |
|
|
|
44,999 |
|
|
|
583 |
|
5.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans excluding PPP loans |
|
9,363,873 |
|
|
|
135,329 |
|
5.86 |
|
|
|
7,905,843 |
|
|
|
105,398 |
|
5.29 |
|
|
|
6,276,964 |
|
|
|
65,675 |
|
4.24 |
|
PPP loans |
|
5,328 |
|
|
|
12 |
|
0.91 |
|
|
|
4,886 |
|
|
|
39 |
|
3.19 |
|
|
|
61,923 |
|
|
|
1,523 |
|
9.98 |
|
Total Loans |
|
9,369,201 |
|
|
|
135,341 |
|
5.86 |
|
|
|
7,910,729 |
|
|
|
105,437 |
|
5.29 |
|
|
|
6,338,887 |
|
|
|
67,198 |
|
4.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
|
12,370,835 |
|
|
|
158,190 |
|
5.19 |
|
|
|
10,908,782 |
|
|
|
127,258 |
|
4.63 |
|
|
|
9,552,915 |
|
|
|
78,349 |
|
3.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
(139,989 |
) |
|
|
|
|
|
|
(109,509 |
) |
|
|
|
|
|
|
(87,467 |
) |
|
|
|
|
Cash and due from banks |
|
156,235 |
|
|
|
|
|
|
|
137,839 |
|
|
|
|
|
|
|
365,835 |
|
|
|
|
|
Premises and equipment |
|
116,083 |
|
|
|
|
|
|
|
115,095 |
|
|
|
|
|
|
|
75,876 |
|
|
|
|
|
Intangible assets |
|
750,694 |
|
|
|
|
|
|
|
521,412 |
|
|
|
|
|
|
|
304,321 |
|
|
|
|
|
Bank owned life insurance |
|
274,517 |
|
|
|
|
|
|
|
237,062 |
|
|
|
|
|
|
|
205,500 |
|
|
|
|
|
Other assets including deferred tax assets |
|
419,601 |
|
|
|
|
|
|
|
329,175 |
|
|
|
|
|
|
|
211,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
13,947,976 |
|
|
|
|
|
|
$ |
12,139,856 |
|
|
|
|
|
|
$ |
10,628,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
2,452,113 |
|
|
$ |
3,207 |
|
0.53 |
% |
|
$ |
2,303,324 |
|
|
$ |
1,859 |
|
0.32 |
% |
|
$ |
2,097,383 |
|
|
$ |
190 |
|
0.04 |
% |
Savings |
|
1,053,220 |
|
|
|
400 |
|
0.15 |
|
|
|
1,126,540 |
|
|
|
203 |
|
0.07 |
|
|
|
925,348 |
|
|
|
65 |
|
0.03 |
|
Money market |
|
2,713,224 |
|
|
|
12,426 |
|
1.86 |
|
|
|
1,980,870 |
|
|
|
1,872 |
|
0.37 |
|
|
|
1,976,660 |
|
|
|
512 |
|
0.11 |
|
Time deposits |
|
812,422 |
|
|
|
5,552 |
|
2.77 |
|
|
|
500,441 |
|
|
|
1,358 |
|
1.08 |
|
|
|
560,681 |
|
|
|
468 |
|
0.34 |
|
Securities sold under agreements to |
|
173,498 |
|
|
|
864 |
|
2.02 |
|
|
|
134,709 |
|
|
|
544 |
|
1.6 |
|
|
|
118,146 |
|
|
|
39 |
|
0.13 |
|
repurchase |
Federal Home Loan Bank borrowings |
|
282,444 |
|
|
|
2,776 |
|
3.99 |
|
|
|
40,712 |
|
|
|
330 |
|
3.22 |
|
|
|
— |
|
|
|
— |
|
— |
|
Subordinated debt |
|
98,425 |
|
|
|
1,614 |
|
6.65 |
|
|
|
83,534 |
|
|
|
1,234 |
|
5.86 |
|
|
|
71,670 |
|
|
|
436 |
|
2.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities |
|
7,585,346 |
|
|
|
26,839 |
|
1.43 |
|
|
|
6,170,130 |
|
|
|
7,400 |
|
0.48 |
|
|
|
5,749,888 |
|
|
|
1,710 |
|
0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
4,334,969 |
|
|
|
|
|
|
|
4,273,922 |
|
|
|
|
|
|
|
3,336,121 |
|
|
|
|
|
Other liabilities |
|
130,616 |
|
|
|
|
|
|
|
122,100 |
|
|
|
|
|
|
|
141,972 |
|
|
|
|
|
Total Liabilities |
|
12,050,931 |
|
|
|
|
|
|
|
10,566,152 |
|
|
|
|
|
|
|
9,227,981 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
1,897,045 |
|
|
|
|
|
|
|
1,573,704 |
|
|
|
|
|
|
|
1,400,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity |
$ |
13,947,976 |
|
|
|
|
|
|
$ |
12,139,856 |
|
|
|
|
|
|
$ |
10,628,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
deposits |
|
|
|
|
0.77 |
% |
|
|
|
|
|
0.21 |
% |
|
|
|
|
|
0.06 |
% |
Interest
expense as a % of earning assets |
|
|
|
|
0.88 |
% |
|
|
|
|
|
0.27 |
% |
|
|
|
|
|
0.07 |
% |
Net interest
income as a % of earning assets |
|
|
$ |
131,351 |
|
4.31 |
% |
|
|
|
$ |
119,858 |
|
4.36 |
% |
|
|
|
$ |
76,639 |
|
3.25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
March 31, 2023 |
|
December 31, 2022 |
|
September 30, 2022 |
|
June 30, 2022 |
|
March 31, 2022 |
Customer Relationship Funding |
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
|
|
|
|
|
|
|
|
Commercial |
$ |
3,622,441 |
|
|
$ |
3,148,778 |
|
|
$ |
2,827,591 |
|
|
$ |
2,945,445 |
|
|
$ |
2,939,595 |
|
Retail |
|
673,686 |
|
|
|
764,274 |
|
|
|
447,848 |
|
|
|
464,214 |
|
|
|
458,809 |
|
Public funds |
|
194,977 |
|
|
|
112,553 |
|
|
|
210,662 |
|
|
|
143,075 |
|
|
|
86,419 |
|
Other |
|
63,405 |
|
|
|
45,368 |
|
|
|
43,388 |
|
|
|
40,467 |
|
|
|
37,877 |
|
Total Noninterest Demand |
|
4,554,509 |
|
|
|
4,070,973 |
|
|
|
3,529,489 |
|
|
|
3,593,201 |
|
|
|
3,522,700 |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
|
|
|
|
|
|
|
|
Commercial |
|
1,233,845 |
|
|
|
886,894 |
|
|
|
759,286 |
|
|
|
769,948 |
|
|
|
610,109 |
|
Retail |
|
1,209,664 |
|
|
|
1,191,192 |
|
|
|
1,199,112 |
|
|
|
1,207,698 |
|
|
|
1,392,490 |
|
Brokered |
|
44,474 |
|
|
|
54,777 |
|
|
|
81,799 |
|
|
|
— |
|
|
|
— |
|
Public funds |
|
188,337 |
|
|
|
204,727 |
|
|
|
130,054 |
|
|
|
291,502 |
|
|
|
250,963 |
|
Total Interest-Bearing Demand |
|
2,676,320 |
|
|
|
2,337,590 |
|
|
|
2,170,251 |
|
|
|
2,269,148 |
|
|
|
2,253,562 |
|
|
|
|
|
|
|
|
|
|
|
Total transaction accounts |
|
|
|
|
|
|
|
|
|
Commercial |
|
4,856,286 |
|
|
|
4,035,672 |
|
|
|
3,586,877 |
|
|
|
3,715,393 |
|
|
|
3,549,704 |
|
Retail |
|
1,883,350 |
|
|
|
1,955,466 |
|
|
|
1,646,960 |
|
|
|
1,671,912 |
|
|
|
1,851,299 |
|
Brokered |
|
44,474 |
|
|
|
54,777 |
|
|
|
81,799 |
|
|
|
— |
|
|
|
— |
|
Public funds |
|
383,314 |
|
|
|
317,280 |
|
|
|
340,716 |
|
|
|
434,577 |
|
|
|
337,382 |
|
Other |
|
63,405 |
|
|
|
45,368 |
|
|
|
43,388 |
|
|
|
40,467 |
|
|
|
37,877 |
|
Total Transaction Accounts |
|
7,230,829 |
|
|
|
6,408,563 |
|
|
|
5,699,740 |
|
|
|
5,862,349 |
|
|
|
5,776,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
|
|
|
|
|
|
|
|
Commercial |
|
108,023 |
|
|
|
91,943 |
|
|
|
71,807 |
|
|
|
70,090 |
|
|
|
68,909 |
|
Retail |
|
832,679 |
|
|
|
972,449 |
|
|
|
866,274 |
|
|
|
876,648 |
|
|
|
868,930 |
|
Total Savings |
|
940,702 |
|
|
|
1,064,392 |
|
|
|
938,081 |
|
|
|
946,738 |
|
|
|
937,839 |
|
Money market |
|
|
|
|
|
|
|
|
|
Commercial |
|
1,542,220 |
|
|
|
932,518 |
|
|
|
788,009 |
|
|
|
819,452 |
|
|
|
856,117 |
|
Retail |
|
1,279,712 |
|
|
|
984,561 |
|
|
|
857,914 |
|
|
|
914,918 |
|
|
|
931,702 |
|
Brokered |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
106,823 |
|
|
|
126,168 |
|
Public funds |
|
71,196 |
|
|
|
68,895 |
|
|
|
54,814 |
|
|
|
70,654 |
|
|
|
85,040 |
|
Total Money Market |
|
2,893,128 |
|
|
|
1,985,974 |
|
|
|
1,700,737 |
|
|
|
1,911,847 |
|
|
|
1,999,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokered time certificates |
|
371,392 |
|
|
|
3,798 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other time certificates |
|
873,650 |
|
|
|
518,868 |
|
|
|
426,856 |
|
|
|
468,019 |
|
|
|
530,640 |
|
|
|
1,245,042 |
|
|
|
522,666 |
|
|
|
426,856 |
|
|
|
468,019 |
|
|
|
530,640 |
|
Total Deposits |
$ |
12,309,701 |
|
|
$ |
9,981,595 |
|
|
$ |
8,765,414 |
|
|
$ |
9,188,953 |
|
|
$ |
9,243,768 |
|
|
|
|
|
|
|
|
|
|
|
Customer
sweep accounts |
|
267,606 |
|
|
|
172,029 |
|
|
|
94,191 |
|
|
|
110,578 |
|
|
|
120,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
(Amounts in thousands, except per share data) |
1Q'23 |
4Q'22 |
3Q'22 |
2Q'22 |
1Q'22 |
Net Income |
$ |
11,827 |
|
$ |
23,927 |
|
$ |
29,237 |
|
$ |
32,755 |
|
$ |
20,588 |
|
Total
noninterest income |
|
22,445 |
|
|
17,651 |
|
|
16,103 |
|
|
16,964 |
|
|
15,373 |
|
Securities
losses (gains), net |
|
(107 |
) |
|
(18 |
) |
|
362 |
|
|
300 |
|
|
452 |
|
BOLI
benefits on death (included in other income) |
|
(2,117 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total Adjustments to Noninterest Income |
|
(2,224 |
) |
|
(18 |
) |
|
362 |
|
|
300 |
|
|
452 |
|
Total Adjusted Noninterest Income |
|
20,221 |
|
|
17,633 |
|
|
16,465 |
|
|
17,264 |
|
|
15,825 |
|
Total
noninterest expense |
|
107,475 |
|
|
91,510 |
|
|
61,359 |
|
|
56,148 |
|
|
58,917 |
|
Salaries and wages |
|
(4,240 |
) |
|
(5,680 |
) |
|
— |
|
|
(652 |
) |
|
(2,953 |
) |
Outsourced data processing costs |
|
(6,551 |
) |
|
(2,582 |
) |
|
— |
|
|
(420 |
) |
|
(632 |
) |
Legal and professional fees |
|
(4,789 |
) |
|
(6,485 |
) |
|
(1,791 |
) |
|
(1,381 |
) |
|
(2,883 |
) |
Other categories |
|
(1,952 |
) |
|
(1,393 |
) |
|
(263 |
) |
|
(586 |
) |
|
(224 |
) |
Total merger
related charges |
|
(17,532 |
) |
|
(16,140 |
) |
|
(2,054 |
) |
|
(3,039 |
) |
|
(6,692 |
) |
Amortization
of intangibles |
|
(6,727 |
) |
|
(4,763 |
) |
|
(1,446 |
) |
|
(1,446 |
) |
|
(1,446 |
) |
Branch
reductions and other expense initiatives |
|
(1,291 |
) |
|
(176 |
) |
|
(960 |
) |
|
— |
|
|
(74 |
) |
Total Adjustments to Noninterest Expense |
|
(25,550 |
) |
|
(21,079 |
) |
|
(4,460 |
) |
|
(4,485 |
) |
|
(8,212 |
) |
Total Adjusted Noninterest Expense |
|
81,925 |
|
|
70,431 |
|
|
56,899 |
|
|
51,663 |
|
|
50,705 |
|
Income
Taxes |
|
2,697 |
|
|
7,794 |
|
|
9,115 |
|
|
8,886 |
|
|
5,834 |
|
Tax effect
of adjustments |
|
5,912 |
|
|
5,062 |
|
|
1,222 |
|
|
1,213 |
|
|
2,196 |
|
Adjusted Income Taxes |
|
8,609 |
|
|
12,856 |
|
|
10,337 |
|
|
10,099 |
|
|
8,030 |
|
Adjusted Net Income |
$ |
29,241 |
|
$ |
39,926 |
|
$ |
32,837 |
|
$ |
36,327 |
|
$ |
27,056 |
|
Earnings per
diluted share, as reported |
$ |
0.15 |
|
$ |
0.34 |
|
$ |
0.47 |
|
$ |
0.53 |
|
$ |
0.33 |
|
Adjusted Earnings per Diluted Share |
|
0.36 |
|
|
0.56 |
|
|
0.53 |
|
|
0.59 |
|
|
0.44 |
|
Average
diluted shares outstanding |
|
80,717 |
|
|
71,374 |
|
|
61,961 |
|
|
61,923 |
|
|
61,704 |
|
Adjusted
Noninterest Expense |
$ |
81,925 |
|
$ |
70,431 |
|
$ |
56,899 |
|
$ |
51,663 |
|
$ |
50,705 |
|
Provision
for credit losses on unfunded commitments |
|
(1,239 |
) |
|
— |
|
|
(1,015 |
) |
|
— |
|
|
(142 |
) |
Foreclosed
property expense and net loss (gain) on sale |
|
(195 |
) |
|
411 |
|
|
(9 |
) |
|
968 |
|
|
164 |
|
Net Adjusted Noninterest Expense |
$ |
80,491 |
|
$ |
70,842 |
|
$ |
55,875 |
|
$ |
52,631 |
|
$ |
50,727 |
|
Revenue |
$ |
153,597 |
|
$ |
137,360 |
|
$ |
104,387 |
|
$ |
98,611 |
|
$ |
91,895 |
|
Total
Adjustments to Revenue |
|
(2,224 |
) |
|
(18 |
) |
|
362 |
|
|
300 |
|
|
452 |
|
Impact of
FTE adjustment |
|
199 |
|
|
149 |
|
|
115 |
|
|
117 |
|
|
117 |
|
Adjusted Revenue on a fully taxable equivalent
basis |
$ |
151,572 |
|
$ |
137,491 |
|
$ |
104,864 |
|
$ |
99,028 |
|
$ |
92,464 |
|
Adjusted
Efficiency Ratio |
|
53.10 |
% |
|
51.52 |
% |
|
53.28 |
% |
|
53.15 |
% |
|
54.86 |
% |
Net Interest
Income |
$ |
131,152 |
|
$ |
119,709 |
|
$ |
88,284 |
|
$ |
81,647 |
|
$ |
76,522 |
|
Impact of
FTE adjustment |
|
199 |
|
|
149 |
|
|
115 |
|
|
117 |
|
|
117 |
|
Net Interest Income including FTE adjustment |
$ |
131,351 |
|
$ |
119,858 |
|
$ |
88,399 |
|
$ |
81,764 |
|
$ |
76,639 |
|
Total
noninterest income |
|
22,445 |
|
|
17,651 |
|
|
16,103 |
|
|
16,964 |
|
|
15,373 |
|
Total
noninterest expense |
|
107,475 |
|
|
91,510 |
|
|
61,359 |
|
|
56,148 |
|
|
58,917 |
|
Pre-Tax Pre-Provision Earnings |
$ |
46,321 |
|
$ |
45,999 |
|
$ |
43,143 |
|
$ |
42,580 |
|
$ |
33,095 |
|
Total
Adjustments to Noninterest Income |
|
(2,224 |
) |
|
(18 |
) |
|
362 |
|
|
300 |
|
|
452 |
|
Total
Adjustments to Noninterest Expense |
|
(26,984 |
) |
|
(20,668 |
) |
|
(5,484 |
) |
|
(3,517 |
) |
|
(8,190 |
) |
Adjusted Pre-Tax Pre-Provision Earnings |
$ |
71,081 |
|
$ |
66,649 |
|
$ |
48,989 |
|
$ |
46,397 |
|
$ |
41,737 |
|
Average
Assets |
$ |
13,947,976 |
|
$ |
12,139,856 |
|
$ |
10,585,338 |
|
$ |
10,840,518 |
|
$ |
10,628,516 |
|
Less average
goodwill and intangible assets |
|
(750,694 |
) |
|
(521,412 |
) |
|
(305,935 |
) |
|
(307,411 |
) |
|
(304,321 |
) |
Average Tangible Assets |
$ |
13,197,282 |
|
$ |
11,618,444 |
|
$ |
10,279,403 |
|
$ |
10,533,107 |
|
$ |
10,324,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP TO NON-GAAP RECONCILIATION |
(Unaudited) |
SEACOAST
BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
Quarterly Trends |
(Amounts in thousands, except per share data) |
1Q'23 |
4Q'22 |
3Q'22 |
2Q'22 |
1Q'22 |
Return on Average Assets (ROA) |
|
0.34 |
% |
|
0.78 |
% |
|
1.10 |
% |
|
1.21 |
% |
|
0.79 |
% |
Impact of
removing average intangible assets and related amortization |
|
0.18 |
|
|
0.16 |
|
|
0.07 |
|
|
0.08 |
|
|
0.06 |
|
Return on Average Tangible Assets (ROTA) |
|
0.52 |
|
|
0.94 |
|
|
1.17 |
|
|
1.29 |
|
|
0.85 |
|
Impact of
other adjustments for Adjusted Net Income |
|
0.38 |
|
|
0.42 |
|
|
0.10 |
|
|
0.09 |
|
|
0.21 |
|
Adjusted Return on Average Tangible Assets |
|
0.09 |
|
|
1.36 |
|
|
1.27 |
|
|
1.38 |
|
|
1.06 |
|
Pre-Tax
Pre-Provision return on Average Tangible Assets |
|
1.58 |
% |
|
1.69 |
% |
|
1.71 |
% |
|
1.66 |
% |
|
1.34 |
% |
Impact of
adjustments on Pre-Tax Pre-Provision earnings |
|
0.60 |
|
|
0.59 |
|
|
0.18 |
|
|
0.11 |
|
|
0.30 |
|
Adjusted Pre-Tax Pre-Provision Return on Tangible
Assets |
|
2.18 |
|
|
2.28 |
|
|
1.89 |
|
|
1.77 |
|
|
1.64 |
|
Average
Shareholders' Equity |
$ |
1,897,045 |
|
$ |
1,573,704 |
|
$ |
1,349,475 |
|
$ |
1,350,568 |
|
$ |
1,400,535 |
|
Less average
goodwill and intangible assets |
|
(750,694 |
) |
|
(521,412 |
) |
|
(305,935 |
) |
|
(307,411 |
) |
|
(304,321 |
) |
Average Tangible Equity |
$ |
1,146,351 |
|
$ |
1,052,292 |
|
$ |
1,043,540 |
|
$ |
1,043,157 |
|
$ |
1,096,214 |
|
Return on
Average Shareholders' Equity |
|
2.53 |
% |
|
6.03 |
% |
|
8.60 |
% |
|
9.73 |
% |
|
5.96 |
% |
Impact of
removing average intangible assets and related amortization |
|
3.43 |
|
|
4.33 |
|
|
2.93 |
|
|
3.28 |
|
|
2.06 |
|
Return on Average Tangible Common Equity
(ROTCE) |
|
5.96 |
|
|
10.36 |
|
|
11.53 |
|
|
13.01 |
|
|
8.02 |
|
Impact of
other adjustments for Adjusted Net Income |
|
4.38 |
|
|
4.69 |
|
|
0.95 |
|
|
0.96 |
|
|
1.99 |
|
Adjusted Return on Average Tangible Common
Equity |
|
10.34 |
|
|
15.05 |
|
|
12.48 |
|
|
13.97 |
|
|
10.01 |
|
Loan
interest income1 |
$ |
135,341 |
|
$ |
105,437 |
|
$ |
74,050 |
|
$ |
69,388 |
|
$ |
67,198 |
|
Accretion on
acquired loans (15,942) |
|
(15,942 |
) |
|
(9,710 |
) |
|
(2,242 |
) |
|
(2,720 |
) |
|
(3,717 |
) |
Loan interest income excluding accretion on acquired
loans |
$ |
119,399 |
|
$ |
95,727 |
|
$ |
71,808 |
|
$ |
66,668 |
|
$ |
63,481 |
|
Yield on
loans1 |
|
5.86 |
|
|
5.29 |
|
|
4.45 |
|
|
4.29 |
|
|
4.30 |
|
Impact of
accretion on acquired loans |
|
(0.69 |
) |
|
(0.49 |
) |
|
(0.14 |
) |
|
(0.16 |
) |
|
(0.24 |
) |
Yield on loans excluding accretion on acquired
loans |
|
5.17 |
% |
|
4.80 |
% |
|
4.31 |
% |
|
4.13 |
% |
|
4.06 |
% |
Net Interest
Income1 |
$ |
131,351 |
|
$ |
119,858 |
|
$ |
88,399 |
|
$ |
81,764 |
|
$ |
76,639 |
|
Accretion on
acquired loans |
|
(15,942 |
) |
|
(9,710 |
) |
|
(2,242 |
) |
|
(2,720 |
) |
|
(3,717 |
) |
Net interest income excluding accretion on acquired
loans |
$ |
115,409 |
|
$ |
110,148 |
|
$ |
86,157 |
|
$ |
79,044 |
|
$ |
72,922 |
|
Net Interest
Margin |
|
4.31 |
|
|
4.36 |
|
|
3.67 |
|
|
3.38 |
|
|
3.25 |
|
Impact of
accretion on acquired loans |
|
(0.53 |
) |
|
(0.35 |
) |
|
(0.09 |
) |
|
(0.12 |
) |
|
(0.15 |
) |
Net interest margin excluding accretion on acquired
loans |
|
3.78 |
% |
|
4.01 |
% |
|
3.58 |
% |
|
3.26 |
% |
|
3.10 |
% |
Security
interest income1 |
$ |
19,375 |
|
$ |
18,694 |
|
$ |
15,827 |
|
$ |
12,562 |
|
$ |
10,218 |
|
Tax
equivalent adjustment on securities |
|
(26 |
) |
|
(34 |
) |
|
(35 |
) |
|
(36 |
) |
|
(37 |
) |
Security interest income excluding tax equivalent
adjustment |
$ |
19,349 |
|
$ |
18,660 |
|
$ |
15,792 |
|
$ |
12,526 |
|
$ |
10,181 |
|
Loan
interest income1 |
$ |
135,341 |
|
$ |
105,437 |
|
$ |
74,050 |
|
$ |
69,388 |
|
$ |
67,198 |
|
Tax
equivalent adjustment on loans |
|
(173 |
) |
|
(115 |
) |
|
(80 |
) |
|
(81 |
) |
|
(80 |
) |
Loan interest income excluding tax equivalent
adjustment |
$ |
135,168 |
|
$ |
105,322 |
|
$ |
73,970 |
|
$ |
69,307 |
|
$ |
67,118 |
|
Net Interest
Income1 |
$ |
131,351 |
|
$ |
119,858 |
|
$ |
88,399 |
|
$ |
81,764 |
|
$ |
76,639 |
|
Tax
equivalent adjustment on securities |
|
(26 |
) |
|
(34 |
) |
|
(35 |
) |
|
(36 |
) |
|
(37 |
) |
Tax
equivalent adjustment on loans |
|
(173 |
) |
|
(115 |
) |
|
(80 |
) |
|
(81 |
) |
|
(80 |
) |
Net interest income excluding tax equivalent
adjustment |
$ |
131,152 |
|
$ |
119,709 |
|
$ |
88,284 |
|
$ |
81,647 |
|
$ |
76,522 |
|
|
|
|
|
|
|
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