– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Disciplined Loan Growth, Strong Deposit Growth, and Rising Net Interest Margin Highlight Q1 Results
Well-Positioned Balance Sheet with Strong Capital and Liquidity
STUART, Fla., April 28, 2022 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported net income in the first quarter of 2022 of $20.6 million, or $0.33 per diluted share, which includes merger-related costs and a $5.1 million increase in the provision for credit losses associated with acquisition activity during the quarter. First quarter 2022 results represent a decrease of 43% compared to the fourth quarter of 2021, and a decrease of 39% compared to the first quarter of 2021. Adjusted net income1 for the first quarter of 2022 was $27.1 million, or $0.44 per diluted share, which includes the $5.1 million increase in the provision for credit losses associated with acquisition activity. First quarter 2022 adjusted results represent a decrease of 27% compared to the fourth quarter of 2021, and a decrease of 24% compared to the first quarter of 2021. At March 31, 2022, the ratio of tangible common equity to tangible assets was 9.89%, and tangible book value per share was $17.12. A decline in the value of the available for sale securities portfolio driven by rising interest rates during the period impacted the ratio of tangible common equity to tangible assets by 56 basis points and impacted tangible book value per share by $1.07.
For the first quarter of 2022, return on average tangible assets was 0.85%, return on average tangible shareholders' equity was 8.02%, and the efficiency ratio was 62.33%, compared to 1.51%, 14.29%, and 53.70%, respectively, in the prior quarter, and 1.70%, 15.62%, and 53.21%, respectively, in the prior year quarter. Adjusted return on average tangible assets1 in the first quarter of 2022 was 1.06%, adjusted return on average tangible shareholders' equity1 was 10.01%, and the adjusted efficiency ratio1 was 54.86%, compared to 1.49%, 14.11%, and 53.43%, respectively, in the prior quarter, and 1.75%, 16.01%, and 51.99%, respectively, in the prior year quarter.
Charles M. Shaffer, Seacoast's Chairman and CEO, said, “Seacoast’s investments in high-performing commercial banking talent across Florida drove disciplined organic loan growth this quarter and a material increase in the late-stage pipeline entering the second quarter. With broad expectations for rising rates, we believe that Seacoast’s asset-sensitive balance sheet and ample liquidity position us well for growth and the continued expansion of net interest margin, which increased nine basis points during the first quarter of 2022, and rose 14 basis points excluding the effects of PPP and accretion on acquired loans.”
“In the first quarter of 2022, we established a new market presence in Naples, Sarasota, and Jacksonville, and announced the proposed acquisition of Apollo Bancshares, Inc., bringing us five locations in Miami-Dade County. We believe that this expansion into some of the best banking markets in the United States will lead to strong franchise value creation in the coming years,” Shaffer added.
Acquisitions Update
On January 3, 2022, the Company completed the acquisitions of Sabal Palm Bancorp, Inc. (“Sabal Palm”) in Sarasota, and Business Bank of Florida Corp. (“BBFC”) in Brevard County, which added a combined $367.9 million in loans, $562.3 million in deposits, and a $5.1 million provision for credit losses at acquisition. Consolidation activities for BBFC, including system conversion, are substantially complete. System conversion for Sabal Palm is planned early in the second quarter of 2022.
On March 29, 2022, the Company announced its proposed acquisition of Apollo Bancshares, Inc. (“Apollo”). The transaction, which is expected to close early in the fourth quarter of 2022, will expand the Company’s presence in Miami-Dade County, which is part of the Miami-Fort Lauderdale-Pompano Beach MSA, Florida’s largest MSA and the 8th largest in the nation. Apollo operates five branches across Miami-Dade County with deposits of approximately $947 million and loans of $705 million as of March 31, 2022.
Financial Results
Income Statement
Capital and Liquidity
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'22 | 4Q'21 | 3Q'21 | 2Q'21 | 1Q'21 | ||||||||||||||||
| Selected Balance Sheet Data: | ||||||||||||||||||||
| Total Assets | $ | 10,904,817 | $ | 9,681,433 | $ | 9,893,498 | $ | 9,316,833 | $ | 8,811,820 | ||||||||||
| Gross Loans | 6,451,217 | 5,925,029 | 5,905,884 | 5,437,049 | 5,661,492 | |||||||||||||||
| Total Deposits | 9,243,768 | 8,067,589 | 8,334,172 | 7,836,436 | 7,385,749 | |||||||||||||||
| Performance Measures: | ||||||||||||||||||||
| Net Income | $ | 20,588 | $ | 36,330 | $ | 22,944 | $ | 31,410 | $ | 33,719 | ||||||||||
| Net Interest Margin | 3.25 | % | 3.16 | % | 3.22 | % | 3.23 | % | 3.51 | % | ||||||||||
| Average Diluted Shares Outstanding | 61,704 | 59,016 | 57,645 | 55,901 | 55,992 | |||||||||||||||
| Diluted Earnings Per Share (EPS) | $ | 0.33 | $ | 0.62 | $ | 0.40 | $ | 0.56 | $ | 0.60 | ||||||||||
| Return on (annualized): | ||||||||||||||||||||
| Average Assets (ROA) | 0.79 | % | 1.43 | % | 0.93 | % | 1.40 | % | 1.61 | % | ||||||||||
| Average Tangible Assets (ROTA)2 | 0.85 | 1.51 | 1.00 | 1.48 | 1.70 | |||||||||||||||
| Average Tangible Common Equity (ROTCE)2 | 8.02 | 14.29 | 9.56 | 13.88 | 15.62 | |||||||||||||||
| Tangible Common Equity to Tangible Assets2 | 9.89 | 11.09 | 10.62 | 10.43 | 10.71 | |||||||||||||||
| Tangible Book Value Per Share2 | $ | 17.12 | $ | 17.84 | $ | 17.52 | $ | 17.08 | $ | 16.62 | ||||||||||
| Efficiency Ratio | 62.33 | % | 53.70 | % | 59.55 | % | 54.93 | % | 53.21 | % | ||||||||||
| Adjusted Operating Measures1: | ||||||||||||||||||||
| Adjusted Net Income | $ | 27,056 | $ | 36,854 | $ | 29,350 | $ | 33,251 | $ | 35,497 | ||||||||||
| Adjusted Diluted EPS | 0.44 | 0.62 | 0.51 | 0.59 | 0.63 | |||||||||||||||
| Adjusted ROTA2 | 1.06 | % | 1.49 | % | 1.23 | % | 1.52 | % | 1.75 | % | ||||||||||
| Adjusted ROTCE2 | 10.01 | 14.11 | 11.72 | 14.27 | 16.01 | |||||||||||||||
| Adjusted Efficiency Ratio | 54.86 | 53.43 | 51.50 | 53.49 | 51.99 | |||||||||||||||
| Net Adjusted Noninterest Expense as a Percent of Average Tangible Assets2 | 1.99 | 1.96 | 1.95 | 1.98 | 2.16 | |||||||||||||||
| Other Data: | ||||||||||||||||||||
| Market capitalization3 | $ | 2,144,586 | $ | 2,070,465 | $ | 1,972,784 | $ | 1,893,141 | $ | 2,003,866 | ||||||||||
| Full-time equivalent employees | 1,066 | 989 | 995 | 946 | 953 | |||||||||||||||
| Number of ATMs | 79 | 75 | 72 | 75 | 75 | |||||||||||||||
| Full-service banking offices | 58 | 54 | 52 | 48 | 48 | |||||||||||||||
| 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. | ||||||||||||||||||||
First Quarter 2022 Strategic Highlights
Capitalizing on Seacoast’s Commitment to Digital Transformation
Driving Sustainable Growth and Expanding our Footprint
Scaling and Evolving Our Culture
OTHER INFORMATION
Conference Call InformationSeacoast will host a conference call on April 29, 2022 at 10:00 a.m. (Eastern Time) to discuss the first quarter 2022 earnings results and business trends. Investors may call in (toll-free) by dialing (866) 374-5140 (passcode: 9139 5012; host: Charles Shaffer). Charts will be used during the conference call and may be accessed at Seacoast's website at www.SeacoastBanking.com by selecting "Presentations" under the heading "News/Events." A replay of the call will be available for one month, beginning late afternoon on April 29, 2022, and can be accessed via a link at www.SeacoastBanking.com under the heading “Corporate Information,” using the passcode EV00133935.
Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast's website at www.SeacoastBanking.com. The link is located under the heading “Corporate Information.” Beginning late afternoon on April 29, 2022, an archived version of the webcast can be accessed from this same subsection of the website. The archived webcast will be available for one year.
About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)Seacoast Banking Corporation of Florida (NASDAQ: SBCF) is one of the largest community banks headquartered in Florida with approximately $10.9 billion in assets and $9.2 billion in deposits as of March 31, 2022. Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at over 50 full-service branches across Florida, and through advanced mobile and online banking solutions. Seacoast National Bank is the wholly-owned subsidiary bank of Seacoast Banking Corporation of Florida. For more information about Seacoast, visit www.SeacoastBanking.com.
Cautionary Notice Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in the Company’s markets, and improvements to reported earnings that may be realized from cost controls, tax law changes, new initiatives and for integration of banks that the Company has acquired, or expects to acquire, including Apollo Bancshares, Inc., as well as statements with respect to Seacoast's objectives, strategic plans, expectations and intentions and other statements that are not historical facts, any of which may be impacted by the COVID-19 pandemic and any variants thereof and related effects on the U.S. economy. Actual results may differ from those set forth in the forward-looking statements.
Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates and intentions about future performance and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance or achievements of Seacoast to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. You should not expect the Company to update any forward-looking statements.
All statements other than statements of historical fact could be forward-looking statements. You can identify these forward-looking statements through the use of words such as "may", "will", "anticipate", "assume", "should", "support", "indicate", "would", "believe", "contemplate", "expect", "estimate", "continue", "further", "plan", "point to", "project", "could", "intend", "target" or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the effects of future economic and market conditions, including seasonality; the adverse impact of COVID-19 (economic and otherwise) on the Company and its customers, counterparties, employees, and third-party service providers, and the adverse impacts to our business, financial position, results of operations and prospects; government or regulatory responses to the COVID-19 pandemic; governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes, including those that impact the money supply and inflation; changes in accounting policies, rules and practices, including the impact of the adoption of the current expected credit losses (“CECL”) methodology; the risks of changes in interest rates on the level and composition of deposits, loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities; interest rate risks, sensitivities and the shape of the yield curve; uncertainty related to the impact of LIBOR calculations on securities, loans and debt; changes in borrower credit risks and payment behaviors including as a result of the financial impact of COVID-19; changes in retail distribution strategies, customer preferences and behavior (including as a result of economic factors); changes in the availability and cost of credit and capital in the financial markets; changes in the prices, values and sales volumes of residential and commercial real estate; our ability to comply with any regulatory requirements; the effects of problems encountered by other financial institutions that adversely affect Seacoast or the banking industry; the Company’s concentration in commercial real estate loans and in real estate collateral in Florida; inaccuracies or other failures from the use of models, including the failure of assumptions and estimates, as well as differences in, and changes to, economic, market and credit conditions; the impact on the valuation of Seacoast’s investments due to market volatility or counterparty payment risk; statutory and regulatory dividend restrictions; increases in regulatory capital requirements for banking organizations generally; the risks of mergers, acquisitions and divestitures, including Seacoast’s ability to continue to identify acquisition targets, successfully acquire and integrate desirable financial institutions and realize expected revenues and revenue synergies; changes in technology or products that may be more difficult, costly, or less effective than anticipated; the Company’s ability to identify and address increased cybersecurity risks, including as a result of employees working remotely; inability of Seacoast’s risk management framework to manage risks associated with the Company’s business; dependence on key suppliers or vendors to obtain equipment or services for the business on acceptable terms, including the impact of supply chain disruptions; reduction in or the termination of Seacoast’s ability to use the online- or mobile-based platform that is critical to the Company’s business growth strategy; the effects of war or other conflicts, including the impacts related to or resulting from Russia’s military action in Ukraine, acts of terrorism, natural disasters, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions; unexpected outcomes of and the costs associated with, existing or new litigation involving the Company, including as a result of the Company’s participation in the Paycheck Protection Program (“PPP”); Seacoast’s ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions; the risks that deferred tax assets could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated and sales of capital stock could trigger a reduction in the amount of net operating loss carryforwards that the Company may be able to utilize for income tax purposes; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in the Company’s market areas and elsewhere, including institutions operating regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; the failure of assumptions underlying the establishment of reserves for possible credit losses.
The risks relating to the proposed Apollo Bancshares, Inc. merger include, without limitation, failure to obtain the approval of shareholders of Apollo Bancshares, Inc. and Apollo Bank in connection with the merger; the timing to consummate the proposed merger; the risk that a condition to the closing of the proposed merger may not be satisfied; the risk that a regulatory approval that may be required for the proposed merger is not obtained or is obtained subject to conditions that are not anticipated; the parties' ability to achieve the synergies and value creation contemplated by the proposed merger; the parties' ability to promptly and effectively integrate the businesses of Seacoast and Apollo Bancshares, Inc., including unexpected transaction costs, the costs of integrating operations, severance, professional fees and other expenses; the diversion of management time on issues related to the merger; the failure to consummate or any delay in consummating the merger for other reasons; changes in laws or regulations; the risks of customer and employee loss and business disruption, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers and employees by competitors; and the difficulties and risks inherent with entering new markets.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in the Company’s annual report on Form 10-K for the year ended December 31, 2021 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'22 | 4Q'21 | 3Q'21 | 2Q'21 | 1Q'21 | ||||||||||
| Summary of Earnings | |||||||||||||||
| Net income | $ | 20,588 | $ | 36,330 | $ | 22,944 | $ | 31,410 | $ | 33,719 | |||||
| Adjusted net income1 | 27,056 | 36,854 | 29,350 | 33,251 | 35,497 | ||||||||||
| Net interest income2 | 76,639 | 72,412 | 71,455 | 65,933 | 66,741 | ||||||||||
| Net interest margin2,3 | 3.25 | % | 3.16 | % | 3.22 | % | 3.23 | % | 3.51 | % | |||||
| Performance Ratios | |||||||||||||||
| Return on average assets-GAAP basis3 | 0.79 | % | 1.43 | % | 0.93 | % | 1.40 | % | 1.61 | % | |||||
| Return on average tangible assets-GAAP basis3,4 | 0.85 | 1.51 | 1.00 | 1.48 | 1.70 | ||||||||||
| Adjusted return on average tangible assets1,3,4 | 1.06 | 1.49 | 1.23 | 1.52 | 1.75 | ||||||||||
| Net adjusted noninterest expense to average tangible assets1,3,4 | 1.99 | 1.96 | 1.95 | 1.98 | 2.16 | ||||||||||
| Return on average shareholders' equity-GAAP basis3 | 5.96 | 11.06 | 7.29 | 10.76 | 12.03 | ||||||||||
| Return on average tangible common equity-GAAP basis3,4 | 8.02 | 14.29 | 9.56 | 13.88 | 15.62 | ||||||||||
| Adjusted return on average tangible common equity1,3,4 | 10.01 | 14.11 | 11.72 | 14.27 | 16.01 | ||||||||||
| Efficiency ratio5 | 62.33 | 53.70 | 59.55 | 54.93 | 53.21 | ||||||||||
| Adjusted efficiency ratio1 | 54.86 | 53.43 | 51.50 | 53.49 | 51.99 | ||||||||||
| Noninterest income to total revenue (excluding securities gains/ losses) | 17.14 | 20.89 | 21.09 | 18.94 | 21.07 | ||||||||||
| Tangible common equity to tangible assets4 | 9.89 | 11.09 | 10.62 | 10.43 | 10.71 | ||||||||||
| Average loan-to-deposit ratio | 71.25 | 70.29 | 69.97 | 74.13 | 81.39 | ||||||||||
| End of period loan-to-deposit ratio | 70.01 | 73.84 | 71.46 | 69.93 | 77.48 | ||||||||||
| Per Share Data | |||||||||||||||
| Net income diluted-GAAP basis | $ | 0.33 | $ | 0.62 | $ | 0.40 | $ | 0.56 | $ | 0.60 | |||||
| Net income basic-GAAP basis | 0.34 | 0.62 | 0.40 | 0.57 | 0.61 | ||||||||||
| Adjusted earnings1 | 0.44 | 0.62 | 0.51 | 0.59 | 0.63 | ||||||||||
| Book value per share common | 22.15 | 22.40 | 22.12 | 21.33 | 20.89 | ||||||||||
| Tangible book value per share | 17.12 | 17.84 | 17.52 | 17.08 | 16.62 | ||||||||||
| Cash dividends declared | 0.13 | 0.13 | 0.13 | 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'22 | 4Q'21 | 3Q'21 | 2Q'21 | 1Q'21 | |||||||||||||||
| Interest on securities: | ||||||||||||||||||||
| Taxable | $ | 10,041 | $ | 8,574 | $ | 7,775 | $ | 6,559 | $ | 6,298 | ||||||||||
| Nontaxable | 140 | 139 | 143 | 147 | 148 | |||||||||||||||
| Fees on PPP loans | 1,373 | 3,011 | 5,218 | 3,877 | 5,390 | |||||||||||||||
| Interest on PPP loans | 150 | 341 | 699 | 1,251 | 1,496 | |||||||||||||||
| Interest and fees on loans - excluding PPP loans | 65,595 | 61,049 | 58,507 | 55,220 | 55,412 | |||||||||||||||
| Interest on federal funds sold and other investments | 933 | 828 | 867 | 709 | 586 | |||||||||||||||
| Total Interest Income | 78,232 | 73,942 | 73,209 | 67,763 | 69,330 | |||||||||||||||
| Interest on deposits | 767 | 711 | 849 | 980 | 1,065 | |||||||||||||||
| Interest on time certificates | 468 | 494 | 583 | 524 | 1,187 | |||||||||||||||
| Interest on borrowed money | 475 | 448 | 453 | 457 | 468 | |||||||||||||||
| Total Interest Expense | 1,710 | 1,653 | 1,885 | 1,961 | 2,720 | |||||||||||||||
| Net Interest Income | 76,522 | 72,289 | 71,324 | 65,802 | 66,610 | |||||||||||||||
| Provision for credit losses | 6,556 | (3,942 | ) | 5,091 | (4,855 | ) | (5,715 | ) | ||||||||||||
| Net Interest Income After Provision for Credit Losses | 69,966 | 76,231 | 66,233 | 70,657 | 72,325 | |||||||||||||||
| Noninterest income: | ||||||||||||||||||||
| Service charges on deposit accounts | 2,801 | 2,606 | 2,495 | 2,338 | 2,338 | |||||||||||||||
| Interchange income | 4,128 | 4,135 | 4,131 | 4,145 | 3,820 | |||||||||||||||
| Wealth management income | 2,659 | 2,356 | 2,562 | 2,387 | 2,323 | |||||||||||||||
| Mortgage banking fees | 1,686 | 2,030 | 2,550 | 2,977 | 4,225 | |||||||||||||||
| Marine finance fees | 191 | 147 | 152 | 177 | 189 | |||||||||||||||
| SBA gains | 156 | 200 | 812 | 232 | 287 | |||||||||||||||
| BOLI income | 1,334 | 1,295 | 1,128 | 872 | 859 | |||||||||||||||
| Other | 2,870 | 6,316 | 5,228 | 2,249 | 3,744 | |||||||||||||||
| 15,825 | 19,085 | 19,058 | 15,377 | 17,785 | ||||||||||||||||
| Securities losses, net | (452 | ) | (379 | ) | (30 | ) | (55 | ) | (114 | ) | ||||||||||
| Total Noninterest Income | 15,373 | 18,706 | 19,028 | 15,322 | 17,671 | |||||||||||||||
| Noninterest expenses: | ||||||||||||||||||||
| Salaries and wages | 28,219 | 25,005 | 27,919 | 22,966 | 21,393 | |||||||||||||||
| Employee benefits | 5,501 | 4,763 | 4,177 | 3,953 | 4,980 | |||||||||||||||
| Outsourced data processing costs | 6,156 | 5,165 | 5,610 | 4,676 | 4,468 | |||||||||||||||
| Telephone / data lines | 733 | 790 | 810 | 838 | 785 | |||||||||||||||
| Occupancy | 3,986 | 3,500 | 3,541 | 3,310 | 3,789 | |||||||||||||||
| Furniture and equipment | 1,426 | 1,403 | 1,567 | 1,166 | 1,254 | |||||||||||||||
| Marketing | 1,171 | 1,060 | 1,353 | 1,002 | 1,168 | |||||||||||||||
| Legal and professional fees | 4,789 | 2,461 | 4,151 | 2,182 | 2,582 | |||||||||||||||
| FDIC assessments | 789 | 713 | 651 | 515 | 526 | |||||||||||||||
| Amortization of intangibles | 1,446 | 1,304 | 1,306 | 1,212 | 1,211 | |||||||||||||||
| Foreclosed property expense and net (gain) loss on sale | (164 | ) | (175 | ) | 66 | (90 | ) | (65 | ) | |||||||||||
| Provision for credit losses on unfunded commitments | 142 | — | 133 | — | — | |||||||||||||||
| Other | 4,723 | 4,274 | 3,984 | 4,054 | 4,029 | |||||||||||||||
| Total Noninterest Expense | 58,917 | 50,263 | 55,268 | 45,784 | 46,120 | |||||||||||||||
| Income Before Income Taxes | 26,422 | 44,674 | 29,993 | 40,195 | 43,876 | |||||||||||||||
| Income taxes | 5,834 | 8,344 | 7,049 | 8,785 | 10,157 | |||||||||||||||
| Net Income | $ | 20,588 | $ | 36,330 | $ | 22,944 | $ | 31,410 | $ | 33,719 | ||||||||||
| Per share of common stock: | ||||||||||||||||||||
| Net income diluted | $ | 0.33 | $ | 0.62 | $ | 0.40 | $ | 0.56 | $ | 0.60 | ||||||||||
| Net income basic | 0.34 | 0.62 | 0.40 | 0.57 | 0.61 | |||||||||||||||
| Cash dividends declared | 0.13 | 0.13 | 0.13 | 0.13 | — | |||||||||||||||
| Average diluted shares outstanding | 61,704 | 59,016 | 57,645 | 55,901 | 55,992 | |||||||||||||||
| Average basic shares outstanding | 61,127 | 58,462 | 57,148 | 55,421 | 55,271 | |||||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | (Unaudited) | |||||||||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||||||||||
(Amounts in thousands) | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and due from banks | $ | 351,128 | $ | 238,750 | $ | 199,460 | $ | 97,468 | $ | 89,123 | ||||||||||
| Interest bearing deposits with other banks | 871,387 | 498,979 | 1,028,235 | 1,351,377 | 890,202 | |||||||||||||||
| Total Cash and Cash Equivalents | 1,222,515 | 737,729 | 1,227,695 | 1,448,845 | 979,325 | |||||||||||||||
| Time deposits with other banks | 5,975 | — | 750 | 750 | 750 | |||||||||||||||
| Debt Securities: | ||||||||||||||||||||
| Available for sale (at fair value) | 1,706,619 | 1,644,319 | 1,546,155 | 1,322,776 | 1,051,396 | |||||||||||||||
| Held to maturity (at amortized cost) | 747,004 | 638,640 | 526,502 | 493,467 | 512,307 | |||||||||||||||
| Total Debt Securities | 2,453,623 | 2,282,959 | 2,072,657 | 1,816,243 | 1,563,703 | |||||||||||||||
| Loans held for sale | 20,615 | 31,791 | 49,597 | 42,793 | 60,924 | |||||||||||||||
| Loans | 6,451,217 | 5,925,029 | 5,905,884 | 5,437,049 | 5,661,492 | |||||||||||||||
| Less: Allowance for credit losses | (89,838 | ) | (83,315 | ) | (87,823 | ) | (81,127 | ) | (86,643 | ) | ||||||||||
| Net Loans | 6,361,379 | 5,841,714 | 5,818,061 | 5,355,922 | 5,574,849 | |||||||||||||||
| Bank premises and equipment, net | 74,617 | 72,404 | 71,250 | 69,392 | 70,385 | |||||||||||||||
| Other real estate owned | 11,567 | 13,618 | 13,628 | 12,804 | 15,549 | |||||||||||||||
| Goodwill | 286,606 | 252,154 | 252,154 | 221,176 | 221,176 | |||||||||||||||
| Other intangible assets, net | 21,549 | 14,845 | 16,153 | 14,106 | 15,382 | |||||||||||||||
| Bank owned life insurance | 206,375 | 205,041 | 193,747 | 158,506 | 132,634 | |||||||||||||||
| Net deferred tax assets | 47,222 | 27,321 | 24,187 | 21,839 | 24,497 | |||||||||||||||
| Other assets | 192,774 | 201,857 | 153,619 | 154,457 | 152,646 | |||||||||||||||
| Total Assets | $ | 10,904,817 | $ | 9,681,433 | $ | 9,893,498 | $ | 9,316,833 | $ | 8,811,820 | ||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Deposits | ||||||||||||||||||||
| Noninterest demand | $ | 3,522,700 | $ | 3,075,534 | $ | 3,086,466 | $ | 2,952,160 | $ | 2,685,247 | ||||||||||
| Interest-bearing demand | 2,253,562 | 1,890,212 | 1,845,165 | 1,763,884 | 1,647,935 | |||||||||||||||
| Savings | 937,839 | 895,019 | 834,309 | 811,516 | 768,362 | |||||||||||||||
| Money market | 1,999,027 | 1,651,881 | 1,951,639 | 1,807,190 | 1,671,179 | |||||||||||||||
| Other time certificates | 397,491 | 404,601 | 437,973 | 335,370 | 373,297 | |||||||||||||||
| Brokered time certificates | — | — | 20,000 | 20,000 | 93,500 | |||||||||||||||
| Time certificates of more than $250,000 | 133,149 | 150,342 | 158,620 | 146,316 | 146,229 | |||||||||||||||
| Total Deposits | 9,243,768 | 8,067,589 | 8,334,172 | 7,836,436 | 7,385,749 | |||||||||||||||
| Securities sold under agreements to repurchase | 120,922 | 121,565 | 105,548 | 119,973 | 109,171 | |||||||||||||||
| Subordinated debt | 71,716 | 71,646 | 71,576 | 71,506 | 71,436 | |||||||||||||||
| Other liabilities | 112,126 | 109,897 | 91,682 | 106,571 | 90,115 | |||||||||||||||
| Total Liabilities | 9,548,532 | 8,370,697 | 8,602,978 | 8,134,486 | 7,656,471 | |||||||||||||||
| Shareholders' Equity | ||||||||||||||||||||
| Common stock | 6,124 | 5,850 | 5,835 | 5,544 | 5,529 | |||||||||||||||
| Additional paid in capital | 1,062,462 | 963,851 | 959,644 | 862,598 | 858,688 | |||||||||||||||
| Retained earnings | 371,192 | 358,598 | 329,918 | 314,584 | 290,420 | |||||||||||||||
| Treasury stock | (10,459 | ) | (10,569 | ) | (10,146 | ) | (10,180 | ) | (8,693 | ) | ||||||||||
| 1,429,319 | 1,317,730 | 1,285,251 | 1,172,546 | 1,145,944 | ||||||||||||||||
| Accumulated other comprehensive income, net | (73,034 | ) | (6,994 | ) | 5,269 | 9,801 | 9,405 | |||||||||||||
| Total Shareholders' Equity | 1,356,285 | 1,310,736 | 1,290,520 | 1,182,347 | 1,155,349 | |||||||||||||||
| Total Liabilities & Shareholders' Equity | $ | 10,904,817 | $ | 9,681,433 | $ | 9,893,498 | $ | 9,316,833 | $ | 8,811,820 | ||||||||||
Common shares outstanding | 61,239 | 58,504 | 58,349 | 55,436 | 55,294 |
| CONSOLIDATED QUARTERLY FINANCIAL DATA | (Unaudited) | |||||||||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||||||||||
| (Amounts in thousands) | 1Q'22 | 4Q'21 | 3Q'21 | 2Q'21 | 1Q'21 | |||||||||||||||
| Credit Analysis | ||||||||||||||||||||
| Net charge-offs - non-acquired loans | $ | 72 | $ | 541 | $ | 198 | $ | 214 | $ | 292 | ||||||||||
| Net charge-offs - acquired loans | 7 | 29 | 1,234 | 441 | 78 | |||||||||||||||
| Total Net Charge-offs | 79 | 570 | 1,432 | 655 | 370 | |||||||||||||||
| Net charge-offs to average loans - non-acquired loans | — | % | 0.04 | % | 0.01 | % | 0.02 | % | 0.02 | % | ||||||||||
| Net charge-offs to average loans - acquired loans | — | — | 0.09 | 0.03 | 0.01 | |||||||||||||||
| Total Net Charge-offs to Average Loans | — | 0.04 | 0.10 | 0.05 | 0.03 | |||||||||||||||
| Allowance for credit losses - non-acquired loans | $ | 67,261 | $ | 64,710 | $ | 64,740 | $ | 64,525 | $ | 66,523 | ||||||||||
| Allowance for credit losses - acquired loans | 22,577 | 18,605 | 23,083 | 16,602 | 20,120 | |||||||||||||||
| Total Allowance for Credit Losses | $ | 89,838 | $ | 83,315 | $ | 87,823 | $ | 81,127 | $ | 86,643 | ||||||||||
| Non-acquired loans at end of period | $ | 5,169,973 | $ | 4,860,171 | $ | 4,608,801 | $ | 4,290,622 | $ | 4,208,911 | ||||||||||
| Acquired loans at end of period | 1,241,988 | 973,751 | 1,106,481 | 782,315 | 870,928 | |||||||||||||||
| Paycheck Protection Program loans at end of period | 39,256 | 91,107 | 190,602 | 364,112 | 581,653 | |||||||||||||||
| Total Loans | $ | 6,451,217 | $ | 5,925,029 | $ | 5,905,884 | $ | 5,437,049 | $ | 5,661,492 | ||||||||||
| Non-acquired loans allowance for credit losses to non-acquired loans at end of period | 1.30 | % | 1.33 | % | 1.40 | % | 1.50 | % | 1.58 | % | ||||||||||
| Total allowance for credit losses to total loans at end of period | 1.39 | 1.41 | 1.49 | 1.49 | 1.53 | |||||||||||||||
| Total allowance for credit losses to total loans, excluding PPP loans | 1.40 | 1.43 | 1.54 | 1.60 | 1.71 | |||||||||||||||
| Purchase discount on acquired loans at end of period | 1.89 | 2.27 | 2.27 | 2.98 | 2.93 | |||||||||||||||
| End of Period | ||||||||||||||||||||
| Nonperforming loans | $ | 26,209 | $ | 30,598 | $ | 32,612 | $ | 32,920 | $ | 35,328 | ||||||||||
| Other real estate owned | 9,256 | 12,223 | 11,843 | 11,019 | 10,836 | |||||||||||||||
| Properties previously used in bank operations included in other real estate owned | 2,310 | 1,395 | 1,785 | 1,785 | 4,713 | |||||||||||||||
| Total Nonperforming Assets | $ | 37,775 | $ | 44,216 | $ | 46,240 | $ | 45,724 | $ | 50,877 | ||||||||||
| Accruing troubled debt restructures (TDRs) | $ | 4,454 | $ | 3,917 | $ | 4,047 | $ | 4,037 | $ | 4,067 | ||||||||||
| Nonperforming Loans to Loans at End of Period | 0.41 | % | 0.52 | % | 0.55 | % | 0.61 | % | 0.62 | % | ||||||||||
| Nonperforming Assets to Total Assets at End of Period | 0.35 | 0.46 | 0.47 | 0.49 | 0.58 | |||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
| Loans | 2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||
| Construction and land development | $ | 259,421 | $ | 230,824 | $ | 227,459 | $ | 234,347 | $ | 227,117 | ||||||||||
| Commercial real estate - owner occupied | 1,284,515 | 1,197,774 | 1,201,336 | 1,127,640 | 1,133,085 | |||||||||||||||
| Commercial real estate - non-owner occupied | 1,966,150 | 1,736,439 | 1,673,587 | 1,412,439 | 1,438,365 | |||||||||||||||
| Residential real estate | 1,599,645 | 1,425,354 | 1,467,329 | 1,226,536 | 1,246,549 | |||||||||||||||
| Commercial and financial | 1,132,506 | 1,069,356 | 982,552 | 900,206 | 860,813 | |||||||||||||||
| Consumer | 169,724 | 174,175 | 163,019 | 171,769 | 173,910 | |||||||||||||||
| Paycheck Protection Program | 39,256 | 91,107 | 190,602 | 364,112 | 581,653 | |||||||||||||||
| Total Loans | $ | 6,451,217 | $ | 5,925,029 | $ | 5,905,884 | $ | 5,437,049 | $ | 5,661,492 | ||||||||||
| AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1 | (Unaudited) | |||||||||||||||||||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||||||||||||||||||||
| 1Q'22 | 4Q'21 | 1Q'21 | ||||||||||||||||||||||||||||
| Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||||||||||||||||||||||
| (Amounts in thousands) | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||||
| Earning Assets: | ||||||||||||||||||||||||||||||
| Securities: | ||||||||||||||||||||||||||||||
| Taxable | $ | 2,406,399 | $ | 10,041 | 1.67 | % | $ | 2,198,517 | $ | 8,574 | 1.56 | % | $ | 1,550,457 | $ | 6,298 | 1.62 | % | ||||||||||||
| Nontaxable | 24,042 | 177 | 2.94 | 24,664 | 176 | 2.85 | 25,932 | 187 | 2.89 | |||||||||||||||||||||
| Total Securities | 2,430,441 | 10,218 | 1.68 | 2,223,181 | 8,750 | 1.57 | 1,576,389 | 6,485 | 1.65 | |||||||||||||||||||||
| Federal funds sold | 738,588 | 350 | 0.19 | 878,875 | 337 | 0.15 | 293,506 | 74 | 0.10 | |||||||||||||||||||||
| Other investments | 44,999 | 583 | 5.25 | 34,992 | 491 | 5.57 | 83,838 | 512 | 2.48 | |||||||||||||||||||||
| Loans excluding PPP loans | 6,276,964 | 65,675 | 4.24 | 5,804,149 | 61,135 | 4.18 | 5,149,642 | 55,504 | 4.37 | |||||||||||||||||||||
| PPP loans | 61,923 | 1,523 | 9.98 | 136,942 | 3,352 | 9.71 | 609,733 | 6,886 | 4.58 | |||||||||||||||||||||
| Total Loans | 6,338,887 | 67,198 | 4.30 | 5,941,091 | 64,487 | 4.31 | 5,759,375 | 62,390 | 4.39 | |||||||||||||||||||||
| Total Earning Assets | 9,552,915 | 78,349 | 3.33 | 9,078,139 | 74,065 | 3.24 | 7,713,108 | 69,461 | 3.65 | |||||||||||||||||||||
| Allowance for credit losses | (87,467 | ) | (88,484 | ) | (91,735 | ) | ||||||||||||||||||||||||
| Cash and due from banks | 365,835 | 359,287 | 255,685 | |||||||||||||||||||||||||||
| Premises and equipment | 75,876 | 72,148 | 74,272 | |||||||||||||||||||||||||||
| Intangible assets | 304,321 | 267,692 | 237,323 | |||||||||||||||||||||||||||
| Bank owned life insurance | 205,500 | 195,169 | 132,079 | |||||||||||||||||||||||||||
| Other assets | 211,536 | 177,431 | 164,622 | |||||||||||||||||||||||||||
| Total Assets | $ | 10,628,516 | $ | 10,061,382 | $ | 8,485,354 | ||||||||||||||||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||||||||
| Interest-bearing demand | $ | 2,097,383 | $ | 190 | 0.04 | % | $ | 1,960,083 | $ | 183 | 0.04 | % | $ | 1,600,490 | $ | 258 | 0.07 | % | ||||||||||||
| Savings | 925,348 | 65 | 0.03 | 866,257 | 63 | 0.03 | 722,274 | 137 | 0.08 | |||||||||||||||||||||
| Money market | 1,976,660 | 512 | 0.11 | 1,851,275 | 465 | 0.10 | 1,609,938 | 670 | 0.17 | |||||||||||||||||||||
| Time deposits | 560,681 | 468 | 0.34 | 595,230 | 494 | 0.33 | 711,320 | 1,187 | 0.68 | |||||||||||||||||||||
| Securities sold under agreements to repurchase | 118,146 | 39 | 0.13 | 106,691 | 30 | 0.11 | 112,834 | 41 | 0.15 | |||||||||||||||||||||
| Other borrowings | 71,670 | 436 | 2.47 | 71,600 | 418 | 2.32 | 71,390 | 427 | 2.43 | |||||||||||||||||||||
| Total Interest-Bearing Liabilities | 5,749,888 | 1,710 | 0.12 | 5,451,136 | 1,653 | 0.12 | 4,828,246 | 2,720 | 0.23 | |||||||||||||||||||||
| Noninterest demand | 3,336,121 | 3,179,798 | 2,432,038 | |||||||||||||||||||||||||||
| Other Liabilities | 141,972 | 126,762 | 88,654 | |||||||||||||||||||||||||||
| Total Liabilities | 9,227,981 | 8,757,696 | 7,348,938 | |||||||||||||||||||||||||||
| Shareholders' equity | 1,400,535 | 1,303,686 | 1,136,416 | |||||||||||||||||||||||||||
| Total Liabilities & Equity | $ | 10,628,516 | $ | 10,061,382 | $ | 8,485,354 | ||||||||||||||||||||||||
| Cost of deposits | 0.06 | % | 0.06 | % | 0.13 | % | ||||||||||||||||||||||||
| Interest expense as a % of earning assets | 0.07 | % | 0.07 | % | 0.14 | % | ||||||||||||||||||||||||
| Net interest income as a % of earning assets | $ | 76,639 | 3.25 | % | $ | 72,412 | 3.16 | % | $ | 66,741 | 3.51 | % | ||||||||||||||||||
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, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||
| Customer Relationship Funding | ||||||||||||||
| Noninterest demand | ||||||||||||||
| Commercial | $ | 2,939,595 | $ | 2,477,111 | $ | 2,535,922 | $ | 2,431,928 | $ | 2,189,564 | ||||
| Retail | 458,809 | 458,626 | 416,779 | 401,988 | 379,257 | |||||||||
| Public funds | 86,419 | 107,523 | 84,337 | 88,057 | 83,315 | |||||||||
| Other | 37,877 | 32,274 | 49,428 | 30,187 | 33,111 | |||||||||
| Total Noninterest Demand | 3,522,700 | 3,075,534 | 3,086,466 | 2,952,160 | 2,685,247 | |||||||||
| Interest-bearing demand | ||||||||||||||
| Commercial | 610,109 | 497,466 | 554,366 | 545,797 | 497,047 | |||||||||
| Retail | 1,392,490 | 1,144,635 | 1,069,668 | 958,619 | 895,853 | |||||||||
| Public funds | 250,963 | 248,111 | 221,131 | 259,468 | 255,035 | |||||||||
| Total Interest-Bearing Demand | 2,253,562 | 1,890,212 | 1,845,165 | 1,763,884 | 1,647,935 | |||||||||
| Total transaction accounts | ||||||||||||||
| Commercial | 3,549,704 | 2,974,577 | 3,090,288 | 2,977,725 | 2,686,611 | |||||||||
| Retail | 1,851,299 | 1,603,261 | 1,486,447 | 1,360,607 | 1,275,110 | |||||||||
| Public funds | 337,382 | 355,634 | 305,468 | 347,525 | 338,350 | |||||||||
| Other | 37,877 | 32,274 | 49,428 | 30,187 | 33,111 | |||||||||
| Total Transaction Accounts | 5,776,262 | 4,965,746 | 4,931,631 | 4,716,044 | 4,333,182 | |||||||||
| Savings | 937,839 | 895,019 | 834,309 | 811,516 | 768,362 | |||||||||
| Money market | ||||||||||||||
| Commercial | 856,117 | 732,639 | 827,901 | 787,894 | 692,537 | |||||||||
| Retail | 931,702 | 840,054 | 834,628 | 737,554 | 701,453 | |||||||||
| Brokered | 126,168 | 8,007 | 196,548 | 187,023 | 197,389 | |||||||||
| Public funds | 85,040 | 71,181 | 92,562 | 94,719 | 79,800 | |||||||||
| Total Money Market | 1,999,027 | 1,651,881 | 1,951,639 | 1,807,190 | 1,671,179 | |||||||||
| Brokered time certificates | — | — | 20,000 | 20,000 | 93,500 | |||||||||
| Other time certificates | 530,640 | 554,943 | 596,593 | 481,686 | 519,526 | |||||||||
| 530,640 | 554,943 | 616,593 | 501,686 | 613,026 | ||||||||||
| Total Deposits | $ | 9,243,768 | $ | 8,067,589 | $ | 8,334,172 | $ | 7,836,436 | $ | 7,385,749 | ||||
| Customer sweep accounts | $ | 120,922 | $ | 121,565 | $ | 105,548 | $ | 119,973 | $ | 109,171 | ||||
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'22 | 4Q'21 | 3Q'21 | 2Q'21 | 1Q'21 | ||||||||||
| Net Income | $ | 20,588 | $ | 36,330 | $ | 22,944 | $ | 31,410 | $ | 33,719 | |||||
| Total noninterest income | 15,373 | 18,706 | 19,028 | 15,322 | 17,671 | ||||||||||
| Securities losses (gains), net | 452 | 379 | 30 | 55 | 114 | ||||||||||
| Gain on sale of domain name (included in other income) | — | (755 | ) | — | — | — | |||||||||
| Total Adjustments to Noninterest Income | 452 | (376 | ) | 30 | 55 | 114 | |||||||||
| Total Adjusted Noninterest Income | 15,825 | 18,330 | 19,058 | 15,377 | 17,785 | ||||||||||
| Total noninterest expense | 58,917 | 50,263 | 55,268 | 45,784 | 46,120 | ||||||||||
| Merger related charges | (6,692 | ) | (482 | ) | (6,281 | ) | (509 | ) | (581 | ) | |||||
| Amortization of intangibles | (1,446 | ) | (1,304 | ) | (1,306 | ) | (1,212 | ) | (1,211 | ) | |||||
| Branch reductions and other expense initiatives | (74 | ) | (168 | ) | (870 | ) | (663 | ) | (449 | ) | |||||
| Total Adjustments to Noninterest Expense | (8,212 | ) | (1,954 | ) | (8,457 | ) | (2,384 | ) | (2,241 | ) | |||||
| Total Adjusted Noninterest Expense | 50,705 | 48,309 | 46,811 | 43,400 | 43,879 | ||||||||||
| Income Taxes | 5,834 | 8,344 | 7,049 | 8,785 | 10,157 | ||||||||||
| Tax effect of adjustments | 2,196 | 280 | 2,081 | 598 | 577 | ||||||||||
| Effect of change in corporate tax rate on deferred tax assets | — | 774 | — | — | — | ||||||||||
| Total Adjustments to Income Taxes | 2,196 | 1,054 | 2,081 | 598 | 577 | ||||||||||
| Adjusted Income Taxes | 8,030 | 9,398 | 9,130 | 9,383 | 10,734 | ||||||||||
| Adjusted Net Income | $ | 27,056 | $ | 36,854 | $ | 29,350 | $ | 33,251 | $ | 35,497 | |||||
| Earnings per diluted share, as reported | $ | 0.33 | $ | 0.62 | $ | 0.40 | $ | 0.56 | $ | 0.60 | |||||
| Adjusted Earnings per Diluted Share | 0.44 | 0.62 | 0.51 | 0.59 | 0.63 | ||||||||||
| Average diluted shares outstanding | 61,704 | 59,016 | 57,645 | 55,901 | 55,992 | ||||||||||
| Adjusted Noninterest Expense | $ | 50,705 | $ | 48,309 | $ | 46,811 | $ | 43,400 | $ | 43,879 | |||||
| Provision for credit losses on unfunded commitments | (142 | ) | — | (133 | ) | — | — | ||||||||
| Foreclosed property expense and net gain / (loss) on sale | 164 | 175 | (66 | ) | 90 | 65 | |||||||||
| Net Adjusted Noninterest Expense | $ | 50,727 | $ | 48,484 | $ | 46,612 | $ | 43,490 | $ | 43,944 | |||||
| Revenue | $ | 91,895 | $ | 90,995 | $ | 90,352 | $ | 81,124 | $ | 84,281 | |||||
| Total Adjustments to Revenue | 452 | (376 | ) | 30 | 55 | 114 | |||||||||
| Impact of FTE adjustment | 117 | 123 | 131 | 131 | 131 | ||||||||||
| Adjusted Revenue on a fully taxable equivalent basis | $ | 92,464 | $ | 90,742 | $ | 90,513 | $ | 81,310 | $ | 84,526 | |||||
| Adjusted Efficiency Ratio | 54.86 | % | 53.43 | % | 51.50 | % | 53.49 | % | 51.99 | % | |||||
| Net Interest Income | $ | 76,522 | $ | 72,289 | $ | 71,324 | $ | 65,802 | $ | 66,610 | |||||
| Impact of FTE adjustment | 117 | 123 | 131 | 131 | 131 | ||||||||||
| Net Interest Income including FTE adjustment | $ | 76,639 | $ | 72,412 | $ | 71,455 | $ | 65,933 | $ | 66,741 | |||||
| Total noninterest income | 15,373 | 18,706 | 19,028 | 15,322 | 17,671 | ||||||||||
| Total noninterest expense | 58,917 | 50,263 | 55,268 | 45,784 | 46,120 | ||||||||||
| Pre-Tax Pre-Provision Earnings | $ | 33,095 | $ | 40,855 | $ | 35,215 | $ | 35,471 | $ | 38,292 | |||||
| Total Adjustments to Noninterest Income | 452 | (376 | ) | 30 | 55 | 114 | |||||||||
| Total Adjustments to Noninterest Expense | (8,190 | ) | (1,779 | ) | (8,656 | ) | (2,294 | ) | (2,176 | ) | |||||
| Adjusted Pre-Tax Pre-Provision Earnings | $ | 41,737 | $ | 42,258 | $ | 43,901 | $ | 37,820 | $ | 40,582 | |||||
| Average Assets | $ | 10,628,516 | $ | 10,061,382 | $ | 9,753,734 | $ | 9,025,846 | $ | 8,485,354 | |||||
| Less average goodwill and intangible assets | (304,321 | ) | (267,692 | ) | (254,980 | ) | (235,964 | ) | (237,323 | ) | |||||
| Average Tangible Assets | $ | 10,324,195 | $ | 9,793,690 | $ | 9,498,754 | $ | 8,789,882 | $ | 8,248,031 | |||||
| Return on Average Assets (ROA) | 0.79 | % | 1.43 | % | 0.93 | % | 1.40 | % | 1.61 | % | |||||
| Impact of removing average intangible assets and related amortization | 0.06 | 0.08 | 0.07 | 0.08 | 0.09 | ||||||||||
| Return on Average Tangible Assets (ROTA) | 0.85 | 1.51 | 1.00 | 1.48 | 1.70 | ||||||||||
| Impact of other adjustments for Adjusted Net Income | 0.21 | (0.02 | ) | 0.23 | 0.04 | 0.05 | |||||||||
| Adjusted Return on Average Tangible Assets | 1.06 | 1.49 | 1.23 | 1.52 | 1.75 | ||||||||||
| GAAP TO NON-GAAP RECONCILIATION | (Unaudited) | |||||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||||||
| Quarterly Trends | ||||||||||||||||
| (Amounts in thousands, except per share data) | 1Q'22 | 4Q'21 | 3Q'21 | 2Q'21 | 1Q'21 | |||||||||||
| Average Shareholders' Equity | $ | 1,400,535 | $ | 1,303,686 | $ | 1,248,547 | $ | 1,170,395 | $ | 1,136,416 | ||||||
| Less average goodwill and intangible assets | (304,321 | ) | (267,692 | ) | (254,980 | ) | (235,964 | ) | (237,323 | ) | ||||||
| Average Tangible Equity | $ | 1,096,214 | $ | 1,035,994 | $ | 993,567 | $ | 934,431 | $ | 899,093 | ||||||
| Return on Average Shareholders' Equity | 5.96 | % | 11.06 | % | 7.29 | % | 10.76 | % | 12.03 | % | ||||||
| Impact of removing average intangible assets and related amortization | 2.06 | 3.23 | 2.27 | 3.12 | 3.59 | |||||||||||
| Return on Average Tangible Common Equity (ROTCE) | 8.02 | 14.29 | 9.56 | 13.88 | 15.62 | |||||||||||
| Impact of other adjustments for Adjusted Net Income | 1.99 | (0.18 | ) | 2.16 | 0.39 | 0.39 | ||||||||||
| Adjusted Return on Average Tangible Common Equity | 10.01 | 14.11 | 11.72 | 14.27 | 16.01 | |||||||||||
| Loan interest income1 | $ | 67,198 | $ | 64,487 | $ | 64,517 | $ | 60,440 | $ | 62,390 | ||||||||||
| Accretion on acquired loans | (3,717 | ) | (3,520 | ) | (3,483 | ) | (2,886 | ) | (2,868 | ) | ||||||||||
| Interest and fees on PPP loans | (1,523 | ) | (3,352 | ) | (5,917 | ) | (5,127 | ) | (6,886 | ) | ||||||||||
| Loan interest income excluding PPP and accretion on acquired loans | $ | 61,958 | $ | 57,615 | $ | 55,117 | $ | 52,427 | $ | 52,636 | ||||||||||
| Yield on loans1 | 4.30 | 4.31 | 4.49 | 4.33 | 4.39 | |||||||||||||||
| Impact of accretion on acquired loans | (0.24 | ) | (0.24 | ) | (0.24 | ) | (0.21 | ) | (0.20 | ) | ||||||||||
| Impact of PPP loans | (0.06 | ) | (0.13 | ) | (0.22 | ) | 0.01 | (0.04 | ) | |||||||||||
| Yield on loans excluding PPP and accretion on acquired loans | 4.00 | % | 3.94 | % | 4.03 | % | 4.13 | % | 4.15 | % | ||||||||||
| Net Interest Income1 | $ | 76,639 | $ | 72,412 | $ | 71,455 | $ | 65,933 | $ | 66,741 | ||||||||||
| Accretion on acquired loans | (3,717 | ) | (3,520 | ) | (3,483 | ) | (2,886 | ) | (2,868 | ) | ||||||||||
| Interest and fees on PPP loans | (1,523 | ) | (3,352 | ) | (5,917 | ) | (5,127 | ) | (6,886 | ) | ||||||||||
| Net interest income excluding PPP and accretion on acquired loans | $ | 71,399 | $ | 65,540 | $ | 62,055 | $ | 57,920 | $ | 56,987 | ||||||||||
| Net Interest Margin | 3.25 | 3.16 | 3.22 | 3.23 | 3.51 | |||||||||||||||
| Impact of accretion on acquired loans | (0.15 | ) | (0.15 | ) | (0.15 | ) | (0.14 | ) | (0.15 | ) | ||||||||||
| Impact of PPP loans | (0.05 | ) | (0.10 | ) | (0.18 | ) | (0.06 | ) | (0.11 | ) | ||||||||||
| Net interest margin excluding PPP and accretion on acquired loans | 3.05 | % | 2.91 | % | 2.89 | % | 3.03 | % | 3.25 | % | ||||||||||
| Security interest income1 | $ | 10,218 | $ | 8,750 | $ | 7,956 | $ | 6,745 | $ | 6,485 | |||||||||||
| Tax equivalent adjustment on securities | (37 | ) | (37 | ) | (38 | ) | (39 | ) | (39 | ) | |||||||||||
| Security interest income excluding tax equivalent adjustment | $ | 10,181 | $ | 8,713 | $ | 7,918 | $ | 6,706 | $ | 6,446 | |||||||||||
| Loan interest income1 | $ | 67,198 | $ | 64,487 | $ | 64,517 | $ | 60,440 | $ | 62,390 | |||||||||||
| Tax equivalent adjustment on loans | (80 | ) | (86 | ) | (93 | ) | (92 | ) | (92 | ) | |||||||||||
| Loan interest income excluding tax equivalent adjustment | $ | 67,118 | $ | 64,401 | $ | 64,424 | $ | 60,348 | $ | 62,298 | |||||||||||
| Net Interest Income1 | $ | 76,639 | $ | 72,412 | $ | 71,455 | $ | 65,933 | $ | 66,741 | |||||||||||
| Tax equivalent adjustment on securities | (37 | ) | (37 | ) | (38 | ) | (39 | ) | (39 | ) | |||||||||||
| Tax equivalent adjustment on loans | (80 | ) | (86 | ) | (93 | ) | (92 | ) | (92 | ) | |||||||||||
| Net interest income excluding tax equivalent adjustment | $ | 76,522 | $ | 72,289 | $ | 71,324 | $ | 65,802 | $ | 66,610 | |||||||||||
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
Дисциплинированный Рост Кредитов, Сильный Рост Депозитов и Растущая Чистая Процентная Маржа Подчеркивают Результаты Первого квартала
Хорошо сбалансированный баланс с сильным Капиталом и Ликвидностью
СТЮАРТ, Флорида, 28 апреля 2022 г. (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida ("Seacoast" или "Компания") (NASDAQ: SBCF) сегодня сообщила о чистой прибыли в первом квартале 2022 г. в размере 20,6 млн долл., или 0,33 долл. на разводненную акцию, которая включает расходы, связанные со слиянием, и Увеличение резерва на покрытие кредитных убытков, связанных с деятельностью по приобретению в течение квартала, на 5,1 млн. долл. Результаты первого квартала 2022 года представляют собой снижение на 43% по сравнению с четвертым кварталом 2021 года и снижение на 39% по сравнению с первым кварталом 2021 года. Скорректированная чистая доходность1 за первый квартал 2022 года составила 27,1 млн долларов, или 0,44 доллара на разводненную акцию, что включает увеличение резерва на покрытие кредитных убытков, связанных с деятельностью по приобретению, на 5,1 млн долларов. Скорректированные результаты за первый квартал 2022 года представляют собой снижение на 27% по сравнению с четвертым кварталом 2021 года и снижение на 24% по сравнению с первым кварталом 2021 года. По состоянию на 31 марта 2022 года отношение материального обыкновенного капитала к материальным активам составляло 9,89%, а материальная балансовая стоимость на акцию составляла 17,12 доллара США. Снижение стоимости портфеля ценных бумаг, имеющихся в наличии для продажи, вызванное ростом процентных ставок в течение периода, повлияло на соотношение материального обыкновенного капитала к материальным активам на 56 базисных пунктов и повлияло на балансовую стоимость одной акции на 1,07 доллара США.
За первый квартал 2022 года рентабельность средних материальных активов составила 0,85%, рентабельность среднего материального акционерного капитала составила 8,02%, а коэффициент эффективности составил 62,33% по сравнению с 1,51%, 14,29% и 53,70% соответственно в предыдущем квартале и 1,70%, 15,62%, и 53,21%, соответственно, в квартале предыдущего года. Скорректированная доходность средних материальных активов1 в первом квартале 2022 года составила 1,06%, скорректированная доходность среднего материального акционерного капитала1 составила 10,01%, а скорректированный коэффициент эффективности1 составил 54,86% по сравнению с 1,49%, 14,11% и 53,43% соответственно в предыдущем квартале и 1,75%, 16,01% и 51,99%, соответственно, в квартале предыдущего года.
Чарльз М. Шаффер, председатель и главный исполнительный директор Seacoast, сказал: “Инвестиции Seacoast в высокоэффективные коммерческие банковские таланты по всей Флориде привели к дисциплинированному органическому росту кредитования в этом квартале и существенному увеличению сроков ввода во второй квартал. Учитывая широкие ожидания в отношении повышения ставок, мы считаем, что баланс Seacoast, чувствительный к активам, и достаточная ликвидность обеспечивают нам хорошие позиции для роста и дальнейшего увеличения чистой процентной маржи, которая увеличилась на девять базисных пунктов в течение первого квартала 2022 года и выросла на 14 базисных пунктов без учета влияния ППС и увеличения приобретенных ссуды.”
“В первом квартале 2022 года мы установили новое присутствие на рынке в Неаполе, Сарасоте и Джексонвилле и объявили о предполагаемом приобретении Apollo Bancshares, Inc., в результате чего у нас появилось пять филиалов в округе Майами-Дейд. Мы считаем, что эта экспансия на некоторые из лучших банковских рынков в Соединенных Штатах приведет к значительному увеличению стоимости франшизы в ближайшие годы”, - добавил Шаффер.
Обновление информации о приобретениях
3 января 2022 года Компания завершила приобретение Sabal Palm Bancorp, Inc. (“Сабал Палм”) в Сарасоте и Business Bank of Florida Corp. (“BBFC”) в округе Бревард, который добавил в общей сложности 367,9 млн долларов в виде кредитов, 562,3 млн долларов в виде депозитов и 5,1 млн долларов в виде резерва на возможные потери по кредитам при приобретении. Консолидационные мероприятия для BBFC, включая преобразование системы, в основном завершены. Преобразование системы для Sabal Palm запланировано на начало второго квартала 2022 года.
29 марта 2022 года Компания объявила о предполагаемом приобретении Apollo Bancshares, Inc. (“Аполлон”). Сделка, которая, как ожидается, завершится в начале четвертого квартала 2022 года, расширит присутствие Компании в округе Майами-Дейд, который является частью MSA Майами-Форт-Лодердейл-Помпано-Бич, крупнейшего MSA Флориды и 8-го по величине в стране. Apollo управляет пятью филиалами по всему округу Майами-Дейд с депозитами на сумму около 947 миллионов долларов и кредитами на сумму 705 миллионов долларов по состоянию на 31 марта 2022 года.
Финансовые результаты
справка о доходе
Капитал и Ликвидность
1 Показатель, не относящийся к GAAP, см. “Объяснение некоторых неаудированных финансовых показателей, не относящихся к GAAP" для получения дополнительной информации и сверки с GAAP.
| FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
| (Amounts in thousands except per share data) | (Unaudited) | |||||||||||||||||||
| Quarterly Trends | ||||||||||||||||||||
| 1Q'22 | 4Q'21 | 3Q'21 | 2Q'21 | 1Q'21 | ||||||||||||||||
| Selected Balance Sheet Data: | ||||||||||||||||||||
| Total Assets | $ | 10,904,817 | $ | 9,681,433 | $ | 9,893,498 | $ | 9,316,833 | $ | 8,811,820 | ||||||||||
| Gross Loans | 6,451,217 | 5,925,029 | 5,905,884 | 5,437,049 | 5,661,492 | |||||||||||||||
| Total Deposits | 9,243,768 | 8,067,589 | 8,334,172 | 7,836,436 | 7,385,749 | |||||||||||||||
| Performance Measures: | ||||||||||||||||||||
| Net Income | $ | 20,588 | $ | 36,330 | $ | 22,944 | $ | 31,410 | $ | 33,719 | ||||||||||
| Net Interest Margin | 3.25 | % | 3.16 | % | 3.22 | % | 3.23 | % | 3.51 | % | ||||||||||
| Average Diluted Shares Outstanding | 61,704 | 59,016 | 57,645 | 55,901 | 55,992 | |||||||||||||||
| Diluted Earnings Per Share (EPS) | $ | 0.33 | $ | 0.62 | $ | 0.40 | $ | 0.56 | $ | 0.60 | ||||||||||
| Return on (annualized): | ||||||||||||||||||||
| Average Assets (ROA) | 0.79 | % | 1.43 | % | 0.93 | % | 1.40 | % | 1.61 | % | ||||||||||
| Average Tangible Assets (ROTA)2 | 0.85 | 1.51 | 1.00 | 1.48 | 1.70 | |||||||||||||||
| Average Tangible Common Equity (ROTCE)2 | 8.02 | 14.29 | 9.56 | 13.88 | 15.62 | |||||||||||||||
| Tangible Common Equity to Tangible Assets2 | 9.89 | 11.09 | 10.62 | 10.43 | 10.71 | |||||||||||||||
| Tangible Book Value Per Share2 | $ | 17.12 | $ | 17.84 | $ | 17.52 | $ | 17.08 | $ | 16.62 | ||||||||||
| Efficiency Ratio | 62.33 | % | 53.70 | % | 59.55 | % | 54.93 | % | 53.21 | % | ||||||||||
| Adjusted Operating Measures1: | ||||||||||||||||||||
| Adjusted Net Income | $ | 27,056 | $ | 36,854 | $ | 29,350 | $ | 33,251 | $ | 35,497 | ||||||||||
| Adjusted Diluted EPS | 0.44 | 0.62 | 0.51 | 0.59 | 0.63 | |||||||||||||||
| Adjusted ROTA2 | 1.06 | % | 1.49 | % | 1.23 | % | 1.52 | % | 1.75 | % | ||||||||||
| Adjusted ROTCE2 | 10.01 | 14.11 | 11.72 | 14.27 | 16.01 | |||||||||||||||
| Adjusted Efficiency Ratio | 54.86 | 53.43 | 51.50 | 53.49 | 51.99 | |||||||||||||||
| Net Adjusted Noninterest Expense as a Percent of Average Tangible Assets2 | 1.99 | 1.96 | 1.95 | 1.98 | 2.16 | |||||||||||||||
| Other Data: | ||||||||||||||||||||
| Market capitalization3 | $ | 2,144,586 | $ | 2,070,465 | $ | 1,972,784 | $ | 1,893,141 | $ | 2,003,866 | ||||||||||
| Full-time equivalent employees | 1,066 | 989 | 995 | 946 | 953 | |||||||||||||||
| Number of ATMs | 79 | 75 | 72 | 75 | 75 | |||||||||||||||
| Full-service banking offices | 58 | 54 | 52 | 48 | 48 | |||||||||||||||
| 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. | ||||||||||||||||||||
Стратегические моменты Первого квартала 2022 года
Извлекая выгоду из приверженности Seacoast цифровой трансформации
Стимулирование устойчивого роста и расширение нашего присутствия
Масштабирование и развитие Нашей Культуры
дополнительная информация
Информация о конференц-звонке 29 апреля 2022 года в 10:00 по восточному времени на побережье состоится телефонная конференция, на которой будут обсуждены результаты прибыли за первый квартал 2022 года и тенденции в бизнесе. Инвесторы могут позвонить (звонок бесплатный) по номеру (866) 374-5140 (код доступа: 9139 5012; ведущий: Чарльз Шаффер). Диаграммы будут использоваться во время телефонной конференции, и с ними можно ознакомиться на веб-сайте Seacoast по адресу www.SeacoastBanking.com выбрав "Презентации" в разделе "Новости/События". Повтор звонка будет доступен в течение одного месяца, начиная с позднего вечера 29 апреля 2022 года, и к нему можно получить доступ по ссылке на www.SeacoastBanking.com в разделе “Корпоративная информация”, используя пароль EV00133935.
В качестве альтернативы отдельные лица могут прослушать прямую веб-трансляцию презентации, посетив веб-сайт Seacoast по адресу www.SeacoastBanking.com . Ссылка находится под заголовком “Корпоративная информация”. Начиная с позднего вечера 29 апреля 2022 года, доступ к архивной версии веб-трансляции можно получить из этого же подраздела веб-сайта. Архивная веб-трансляция будет доступна в течение одного года.
О компании Seacoast Banking Corporation of Florida (NASDAQ: SBC)Seacoast Banking Corporation of Florida (NASDAQ: SBC) - один из крупнейших общественных банков со штаб-квартирой во Флориде с активами примерно в 10,9 миллиарда долларов и депозитами в 9,2 миллиарда долларов по состоянию на 31 марта 2022 года. Seacoast предоставляет комплексные финансовые услуги, включая коммерческие и потребительские банковские услуги, управление капиталом и ипотечные услуги клиентам в более чем 50 филиалах с полным спектром услуг по всей Флориде, а также с помощью передовых мобильных и онлайн-банковских решений. Seacoast National Bank является полностью принадлежащим дочерним банком Seacoast Banking Corporation of Florida. Для получения дополнительной информации о Seacoast посетите www.SeacoastBanking.com .
Предостерегающее Уведомление Относительно Прогнозных Заявлений
Этот пресс-релиз содержит “прогнозные заявления” по смыслу и защите раздела 27A Закона о ценных бумагах 1933 года и Раздела 21E Закона о ценных бумагах и биржах 1934 года, включая, помимо прочего, заявления о будущих финансовых и операционных результатах, экономии средств, увеличении доходов, экономических и сезонных условиях на рынках Компании и улучшения отчетной прибыли, которые могут быть достигнуты за счет контроля затрат, изменений налогового законодательства, новых инициатив и интеграции банков, которые Компания приобрела или планирует приобрести, включая Apollo Bancshares, Inc., а также заявления в отношении целей Seacoast, стратегических планы, ожидания и намерения, а также другие заявления, которые не являются историческими фактами, на любое из которых может повлиять пандемия COVID-19 и любые ее варианты и связанные с этим последствия для экономики США. Фактические результаты могут отличаться от результатов, изложенных в прогнозных заявлениях.
Прогнозные заявления включают заявления в отношении убеждений, планов, целей, задач, ожиданий, ожиданий, предположений, оценок и намерений Компании относительно будущих результатов и включают известные и неизвестные риски, неопределенности и другие факторы, которые могут находиться вне контроля Компании и которые могут привести к фактическим результатам, результаты или достижения Seacoast будут существенно отличаться от будущих результатов, результатов или достижений, выраженных или подразумеваемых в таких прогнозных заявлениях. Вам не следует ожидать, что Компания обновит какие-либо прогнозные заявления.
Все заявления, кроме заявлений об исторических фактах, могут быть прогнозными заявлениями. Вы можете идентифицировать эти прогнозные заявления с помощью таких слов, как "может", "будет", "предвидеть", "предполагать", "должен", "поддерживать", "указывать", "хотел бы", "полагать", "обдумывать", "ожидать", "оценить", "продолжить", "далее", "планировать", "указать на", "проект", "мог бы", "намереваться", "цель" или другие подобные слова и выражения будущего. Эти прогнозные заявления не могут быть реализованы из-за целого ряда факторов, в том числе, но не ограничиваясь: последствия в будущем экономические и рыночные условия, в том числе и сезонность; негативное воздействие COVID-19 (экономические и иные) о компании и ее клиентов, контрагентов, сотрудников и сторонних поставщиков услуг, и отрицательное воздействие на наш бизнес, финансовое положение, результаты операций и экономические перспективы; государственных или регулирующих ответы на COVID-19 пандемией; государственной денежно-кредитной и налогово-бюджетной политики, в том числе процентных ставок правила Совета управляющих Федеральной резервной системы, а также законодательных, налоговых и регуляторных изменений, в том числе и те, которые оказывают влияние денежной массы и инфляции; изменения в учетной политике, правила и практики, в том числе последствия принятия текущих ожидаемых кредитных убытков (“CECL”) методология; риски изменения процентных ставок на уровень и состав вкладов, кредитов спроса, ликвидности и ценности обеспечения кредита, ценных бумаг и процентных ставок активов и обязательств, чувствительных; процентные риски, особенности и формы кривой доходности; неопределенности, связанные с воздействием ЛИБОР расчеты по ценным бумагам, кредитам и долгам; изменения заемщиком кредитного риска и оплаты поведения, в том числе в результате финансовых последствиях COVID-19; изменения в розничной торговой стратегии, потребительских предпочтений и поведения (в том числе в результате экономические факторы); изменение наличии и стоимости кредитных ресурсов и капитала на финансовых рынках; изменения цен, стоимости и объемов продаж жилой и коммерческой недвижимости; наши возможности для соблюдения нормативных требований; последствия проблемы, с которыми сталкиваются другие финансовые учреждения, которые негативно влияют на берегу моря или банковской сфере; компании концентрацию в коммерческую недвижимость кредиты и залоговую недвижимость в штате Флорида; неточности или другие ошибки с использованием моделей, в том числе несостоятельность предположений и оценок, а также различия и изменения, экономические, рыночные и кредитные условия; влияние на оценку моря инвестиций из-за волатильности рынка или контрагентом платы за риск; законодательные и нормативные ограничения дивидендов; увеличение регулятивного капитала требования к банковской организации в целом; риски слияний, приобретений и поглощений, в том числе морское побережье в возможности продолжать определять цели приобретения, успешного приобретения и интеграции желаемых финансовых институтов и понять, ожидаемая выручка и прибыль взаимодействия; изменения в технологии или продукты, которые могут быть более трудным, затратным или менее эффективным, чем предполагалось; способность компании выявлять и устранять повышенную кибербезопасность риски, в том числе в результате сотрудники, работающие удаленно; невозможность Приморского управления рисками основы управления рисками, связанных с деятельностью общества; зависимость от ключевых поставщиков или производителей для получения оборудования или услуг для бизнеса на приемлемых условиях, включая воздействие на цепочки поставок, перебои; уменьшение или прекращение побережье способность использовать онлайн - и мобильные платформы, что имеет решающее значение для компании по бизнес-стратегия роста; последствия войны или других конфликтов, в том числе последствий, связанных с или в результате российской военной операции в Украине, террористические акты, стихийные бедствия, чрезвычайные ситуации в области здравоохранения, эпидемии или пандемии, или другие катастрофические события, которые могут повлиять на общие экономические условия; неожиданные результаты и затраты, связанные с существующим или новым судебных споров с участием компании, в том числе в результате участия компании в зарплате защиты программы (“ГЧП”); побережье в обеспечении надлежащего внутреннего контроля над финансовой отчетностью; возможных претензий, убытков, штрафов, пени и репутационный ущерб от предстоящих или будущих судебных разбирательств, регулирования производства и исполнительных действий; риски, отложенных налоговых активов, может быть уменьшена, если оценки будущей налогооблагаемой прибыли от деятельности компании и налоговое планирование стратегий меньше, чем предполагается в настоящее время, а продажи основного капитала может спровоцировать снижение суммы чистых операционных убытков к переносу, который компании могут использовать для целей налогообложения доходов; влияние конкуренции со стороны других коммерческих банков, сберегательных касс, ипотечных банковских фирмы, финансовые компании, кредитные организации, небанковские финансовые технологии поставщиков, брокерских фирм, страховых компаний, рынок денег и других паевых инвестиционных фондов и других финансовых институтов, действующих на рынке и других районов, в том числе учреждений, действующих на региональном, национальном и международном уровне, вместе с такими конкурентами, предлагая банковские продукты и услуги по почте, телефон, компьютер и интернет; отказ от предположений, лежащих в основе создания резервов на возможные потери по ссудам.
Риски, связанные с предлагаемым Аполлон резерва на возможные потери, Инк. слияния включают, без ограничения, неспособность получить одобрение акционеров Аполлона резерва на возможные потери, Инк. и Аполлон банка в связи со слиянием; сроки подтвердить, что присоединение; риск того, что условие для закрытия предлагаемого слияния не могут быть удовлетворены; риск того, что нормативные утверждения, которые могут потребоваться для предполагаемого объединения не получено или получено при соблюдении условий, которые не предусмотрены; стороны' умение добиваться синергии и создания стоимости предусмотрено, что присоединение; сторон, умение оперативно и эффективно интегрироваться в бизнес моря, и Аполлона резерва на возможные потери, Инк. в том числе неожиданные трансакционные издержки, затраты на интеграцию операций, выходного пособия, профессиональные сборы и прочие расходы; утечки тайм-менеджмент по вопросам, связанным с присоединением; отказ подтвердить или любые задержки с подведением итогов слияния для других причин; изменения в законодательстве или нормативных актах; риски клиентов и сотрудников убытков и ущерба, включая, но не ограничиваясь, в результате трудности в поддержании отношений с работниками; возрастающее конкурентное давление и навязывание услуг от клиентов и сотрудников, конкурентов; и трудности и риски, связанные с выходом на новые рынки.
Все письменные или устные заявления прогнозного характера, относящиеся к нам, прямо квалифицируются в полном объеме в этом предупреждающем уведомлении, включая, помимо прочего, те риски и неопределенности, которые описаны в годовом отчете Компании по форме 10-K за год, закончившийся 31 декабря 2021 года, в разделе "Специальное предостерегающее уведомление о прогнозных Заявления" и "Факторы риска", а также в других отчетах и заявках SEC Компании. Такие отчеты доступны по запросу Компании или Комиссии по ценным бумагам и биржам, в том числе через интернет-сайт SEC по адресу 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'22 | 4Q'21 | 3Q'21 | 2Q'21 | 1Q'21 | ||||||||||
| Summary of Earnings | |||||||||||||||
| Net income | $ | 20,588 | $ | 36,330 | $ | 22,944 | $ | 31,410 | $ | 33,719 | |||||
| Adjusted net income1 | 27,056 | 36,854 | 29,350 | 33,251 | 35,497 | ||||||||||
| Net interest income2 | 76,639 | 72,412 | 71,455 | 65,933 | 66,741 | ||||||||||
| Net interest margin2,3 | 3.25 | % | 3.16 | % | 3.22 | % | 3.23 | % | 3.51 | % | |||||
| Performance Ratios | |||||||||||||||
| Return on average assets-GAAP basis3 | 0.79 | % | 1.43 | % | 0.93 | % | 1.40 | % | 1.61 | % | |||||
| Return on average tangible assets-GAAP basis3,4 | 0.85 | 1.51 | 1.00 | 1.48 | 1.70 | ||||||||||
| Adjusted return on average tangible assets1,3,4 | 1.06 | 1.49 | 1.23 | 1.52 | 1.75 | ||||||||||
| Net adjusted noninterest expense to average tangible assets1,3,4 | 1.99 | 1.96 | 1.95 | 1.98 | 2.16 | ||||||||||
| Return on average shareholders' equity-GAAP basis3 | 5.96 | 11.06 | 7.29 | 10.76 | 12.03 | ||||||||||
| Return on average tangible common equity-GAAP basis3,4 | 8.02 | 14.29 | 9.56 | 13.88 | 15.62 | ||||||||||
| Adjusted return on average tangible common equity1,3,4 | 10.01 | 14.11 | 11.72 | 14.27 | 16.01 | ||||||||||
| Efficiency ratio5 | 62.33 | 53.70 | 59.55 | 54.93 | 53.21 | ||||||||||
| Adjusted efficiency ratio1 | 54.86 | 53.43 | 51.50 | 53.49 | 51.99 | ||||||||||
| Noninterest income to total revenue (excluding securities gains/ losses) | 17.14 | 20.89 | 21.09 | 18.94 | 21.07 | ||||||||||
| Tangible common equity to tangible assets4 | 9.89 | 11.09 | 10.62 | 10.43 | 10.71 | ||||||||||
| Average loan-to-deposit ratio | 71.25 | 70.29 | 69.97 | 74.13 | 81.39 | ||||||||||
| End of period loan-to-deposit ratio | 70.01 | 73.84 | 71.46 | 69.93 | 77.48 | ||||||||||
| Per Share Data | |||||||||||||||
| Net income diluted-GAAP basis | $ | 0.33 | $ | 0.62 | $ | 0.40 | $ | 0.56 | $ | 0.60 | |||||
| Net income basic-GAAP basis | 0.34 | 0.62 | 0.40 | 0.57 | 0.61 | ||||||||||
| Adjusted earnings1 | 0.44 | 0.62 | 0.51 | 0.59 | 0.63 | ||||||||||
| Book value per share common | 22.15 | 22.40 | 22.12 | 21.33 | 20.89 | ||||||||||
| Tangible book value per share | 17.12 | 17.84 | 17.52 | 17.08 | 16.62 | ||||||||||
| Cash dividends declared | 0.13 | 0.13 | 0.13 | 0.13 | — | ||||||||||
1 Показатель, не относящийся к GAAP - см. "Объяснение некоторых неаудированных финансовых показателей, не относящихся к GAAP" для получения дополнительной информации и сверки с GAAP.2 Рассчитан на полностью налогооблагаемой эквивалентной основе с использованием амортизированной стоимости.3 Эти коэффициенты указаны в годовом исчислении и не обязательно указывают на будущие периоды.4 Компания определяет материальные активы как совокупные активы за вычетом нематериальных активов, а материальный обыкновенный капитал - как совокупный акционерный капитал за вычетом нематериальных активов.5 Определяется как незаинтересованные расходы за вычетом амортизации нематериальных активов, а также прибыли, убытки и расходы по конфискованному имуществу, деленные на чистый операционный доход (чистый процентный доход на полностью налогооблагаемой эквивалентной основе плюс незаинтересованные доход без учета прибылей и убытков по ценным бумагам).
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | (Unaudited) | |||||||||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||||||||||
| Quarterly Trends | ||||||||||||||||||||
| (Amounts in thousands, except per share data) | 1Q'22 | 4Q'21 | 3Q'21 | 2Q'21 | 1Q'21 | |||||||||||||||
| Interest on securities: | ||||||||||||||||||||
| Taxable | $ | 10,041 | $ | 8,574 | $ | 7,775 | $ | 6,559 | $ | 6,298 | ||||||||||
| Nontaxable | 140 | 139 | 143 | 147 | 148 | |||||||||||||||
| Fees on PPP loans | 1,373 | 3,011 | 5,218 | 3,877 | 5,390 | |||||||||||||||
| Interest on PPP loans | 150 | 341 | 699 | 1,251 | 1,496 | |||||||||||||||
| Interest and fees on loans - excluding PPP loans | 65,595 | 61,049 | 58,507 | 55,220 | 55,412 | |||||||||||||||
| Interest on federal funds sold and other investments | 933 | 828 | 867 | 709 | 586 | |||||||||||||||
| Total Interest Income | 78,232 | 73,942 | 73,209 | 67,763 | 69,330 | |||||||||||||||
| Interest on deposits | 767 | 711 | 849 | 980 | 1,065 | |||||||||||||||
| Interest on time certificates | 468 | 494 | 583 | 524 | 1,187 | |||||||||||||||
| Interest on borrowed money | 475 | 448 | 453 | 457 | 468 | |||||||||||||||
| Total Interest Expense | 1,710 | 1,653 | 1,885 | 1,961 | 2,720 | |||||||||||||||
| Net Interest Income | 76,522 | 72,289 | 71,324 | 65,802 | 66,610 | |||||||||||||||
| Provision for credit losses | 6,556 | (3,942 | ) | 5,091 | (4,855 | ) | (5,715 | ) | ||||||||||||
| Net Interest Income After Provision for Credit Losses | 69,966 | 76,231 | 66,233 | 70,657 | 72,325 | |||||||||||||||
| Noninterest income: | ||||||||||||||||||||
| Service charges on deposit accounts | 2,801 | 2,606 | 2,495 | 2,338 | 2,338 | |||||||||||||||
| Interchange income | 4,128 | 4,135 | 4,131 | 4,145 | 3,820 | |||||||||||||||
| Wealth management income | 2,659 | 2,356 | 2,562 | 2,387 | 2,323 | |||||||||||||||
| Mortgage banking fees | 1,686 | 2,030 | 2,550 | 2,977 | 4,225 | |||||||||||||||
| Marine finance fees | 191 | 147 | 152 | 177 | 189 | |||||||||||||||
| SBA gains | 156 | 200 | 812 | 232 | 287 | |||||||||||||||
| BOLI income | 1,334 | 1,295 | 1,128 | 872 | 859 | |||||||||||||||
| Other | 2,870 | 6,316 | 5,228 | 2,249 | 3,744 | |||||||||||||||
| 15,825 | 19,085 | 19,058 | 15,377 | 17,785 | ||||||||||||||||
| Securities losses, net | (452 | ) | (379 | ) | (30 | ) | (55 | ) | (114 | ) | ||||||||||
| Total Noninterest Income | 15,373 | 18,706 | 19,028 | 15,322 | 17,671 | |||||||||||||||
| Noninterest expenses: | ||||||||||||||||||||
| Salaries and wages | 28,219 | 25,005 | 27,919 | 22,966 | 21,393 | |||||||||||||||
| Employee benefits | 5,501 | 4,763 | 4,177 | 3,953 | 4,980 | |||||||||||||||
| Outsourced data processing costs | 6,156 | 5,165 | 5,610 | 4,676 | 4,468 | |||||||||||||||
| Telephone / data lines | 733 | 790 | 810 | 838 | 785 | |||||||||||||||
| Occupancy | 3,986 | 3,500 | 3,541 | 3,310 | 3,789 | |||||||||||||||
| Furniture and equipment | 1,426 | 1,403 | 1,567 | 1,166 | 1,254 | |||||||||||||||
| Marketing | 1,171 | 1,060 | 1,353 | 1,002 | 1,168 | |||||||||||||||
| Legal and professional fees | 4,789 | 2,461 | 4,151 | 2,182 | 2,582 | |||||||||||||||
| FDIC assessments | 789 | 713 | 651 | 515 | 526 | |||||||||||||||
| Amortization of intangibles | 1,446 | 1,304 | 1,306 | 1,212 | 1,211 | |||||||||||||||
| Foreclosed property expense and net (gain) loss on sale | (164 | ) | (175 | ) | 66 | (90 | ) | (65 | ) | |||||||||||
| Provision for credit losses on unfunded commitments | 142 | — | 133 | — | — | |||||||||||||||
| Other | 4,723 | 4,274 | 3,984 | 4,054 | 4,029 | |||||||||||||||
| Total Noninterest Expense | 58,917 | 50,263 | 55,268 | 45,784 | 46,120 | |||||||||||||||
| Income Before Income Taxes | 26,422 | 44,674 | 29,993 | 40,195 | 43,876 | |||||||||||||||
| Income taxes | 5,834 | 8,344 | 7,049 | 8,785 | 10,157 | |||||||||||||||
| Net Income | $ | 20,588 | $ | 36,330 | $ | 22,944 | $ | 31,410 | $ | 33,719 | ||||||||||
| Per share of common stock: | ||||||||||||||||||||
| Net income diluted | $ | 0.33 | $ | 0.62 | $ | 0.40 | $ | 0.56 | $ | 0.60 | ||||||||||
| Net income basic | 0.34 | 0.62 | 0.40 | 0.57 | 0.61 | |||||||||||||||
| Cash dividends declared | 0.13 | 0.13 | 0.13 | 0.13 | — | |||||||||||||||
| Average diluted shares outstanding | 61,704 | 59,016 | 57,645 | 55,901 | 55,992 | |||||||||||||||
| Average basic shares outstanding | 61,127 | 58,462 | 57,148 | 55,421 | 55,271 | |||||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | (Unaudited) | |||||||||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||||||||||
(Amounts in thousands) | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and due from banks | $ | 351,128 | $ | 238,750 | $ | 199,460 | $ | 97,468 | $ | 89,123 | ||||||||||
| Interest bearing deposits with other banks | 871,387 | 498,979 | 1,028,235 | 1,351,377 | 890,202 | |||||||||||||||
| Total Cash and Cash Equivalents | 1,222,515 | 737,729 | 1,227,695 | 1,448,845 | 979,325 | |||||||||||||||
| Time deposits with other banks | 5,975 | — | 750 | 750 | 750 | |||||||||||||||
| Debt Securities: | ||||||||||||||||||||
| Available for sale (at fair value) | 1,706,619 | 1,644,319 | 1,546,155 | 1,322,776 | 1,051,396 | |||||||||||||||
| Held to maturity (at amortized cost) | 747,004 | 638,640 | 526,502 | 493,467 | 512,307 | |||||||||||||||
| Total Debt Securities | 2,453,623 | 2,282,959 | 2,072,657 | 1,816,243 | 1,563,703 | |||||||||||||||
| Loans held for sale | 20,615 | 31,791 | 49,597 | 42,793 | 60,924 | |||||||||||||||
| Loans | 6,451,217 | 5,925,029 | 5,905,884 | 5,437,049 | 5,661,492 | |||||||||||||||
| Less: Allowance for credit losses | (89,838 | ) | (83,315 | ) | (87,823 | ) | (81,127 | ) | (86,643 | ) | ||||||||||
| Net Loans | 6,361,379 | 5,841,714 | 5,818,061 | 5,355,922 | 5,574,849 | |||||||||||||||
| Bank premises and equipment, net | 74,617 | 72,404 | 71,250 | 69,392 | 70,385 | |||||||||||||||
| Other real estate owned | 11,567 | 13,618 | 13,628 | 12,804 | 15,549 | |||||||||||||||
| Goodwill | 286,606 | 252,154 | 252,154 | 221,176 | 221,176 | |||||||||||||||
| Other intangible assets, net | 21,549 | 14,845 | 16,153 | 14,106 | 15,382 | |||||||||||||||
| Bank owned life insurance | 206,375 | 205,041 | 193,747 | 158,506 | 132,634 | |||||||||||||||
| Net deferred tax assets | 47,222 | 27,321 | 24,187 | 21,839 | 24,497 | |||||||||||||||
| Other assets | 192,774 | 201,857 | 153,619 | 154,457 | 152,646 | |||||||||||||||
| Total Assets | $ | 10,904,817 | $ | 9,681,433 | $ | 9,893,498 | $ | 9,316,833 | $ | 8,811,820 | ||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Deposits | ||||||||||||||||||||
| Noninterest demand | $ | 3,522,700 | $ | 3,075,534 | $ | 3,086,466 | $ | 2,952,160 | $ | 2,685,247 | ||||||||||
| Interest-bearing demand | 2,253,562 | 1,890,212 | 1,845,165 | 1,763,884 | 1,647,935 | |||||||||||||||
| Savings | 937,839 | 895,019 | 834,309 | 811,516 | 768,362 | |||||||||||||||
| Money market | 1,999,027 | 1,651,881 | 1,951,639 | 1,807,190 | 1,671,179 | |||||||||||||||
| Other time certificates | 397,491 | 404,601 | 437,973 | 335,370 | 373,297 | |||||||||||||||
| Brokered time certificates | — | — | 20,000 | 20,000 | 93,500 | |||||||||||||||
| Time certificates of more than $250,000 | 133,149 | 150,342 | 158,620 | 146,316 | 146,229 | |||||||||||||||
| Total Deposits | 9,243,768 | 8,067,589 | 8,334,172 | 7,836,436 | 7,385,749 | |||||||||||||||
| Securities sold under agreements to repurchase | 120,922 | 121,565 | 105,548 | 119,973 | 109,171 | |||||||||||||||
| Subordinated debt | 71,716 | 71,646 | 71,576 | 71,506 | 71,436 | |||||||||||||||
| Other liabilities | 112,126 | 109,897 | 91,682 | 106,571 | 90,115 | |||||||||||||||
| Total Liabilities | 9,548,532 | 8,370,697 | 8,602,978 | 8,134,486 | 7,656,471 | |||||||||||||||
| Shareholders' Equity | ||||||||||||||||||||
| Common stock | 6,124 | 5,850 | 5,835 | 5,544 | 5,529 | |||||||||||||||
| Additional paid in capital | 1,062,462 | 963,851 | 959,644 | 862,598 | 858,688 | |||||||||||||||
| Retained earnings | 371,192 | 358,598 | 329,918 | 314,584 | 290,420 | |||||||||||||||
| Treasury stock | (10,459 | ) | (10,569 | ) | (10,146 | ) | (10,180 | ) | (8,693 | ) | ||||||||||
| 1,429,319 | 1,317,730 | 1,285,251 | 1,172,546 | 1,145,944 | ||||||||||||||||
| Accumulated other comprehensive income, net | (73,034 | ) | (6,994 | ) | 5,269 | 9,801 | 9,405 | |||||||||||||
| Total Shareholders' Equity | 1,356,285 | 1,310,736 | 1,290,520 | 1,182,347 | 1,155,349 | |||||||||||||||
| Total Liabilities & Shareholders' Equity | $ | 10,904,817 | $ | 9,681,433 | $ | 9,893,498 | $ | 9,316,833 | $ | 8,811,820 | ||||||||||
Common shares outstanding | 61,239 | 58,504 | 58,349 | 55,436 | 55,294 |
| CONSOLIDATED QUARTERLY FINANCIAL DATA | (Unaudited) | |||||||||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||||||||||
| (Amounts in thousands) | 1Q'22 | 4Q'21 | 3Q'21 | 2Q'21 | 1Q'21 | |||||||||||||||
| Credit Analysis | ||||||||||||||||||||
| Net charge-offs - non-acquired loans | $ | 72 | $ | 541 | $ | 198 | $ | 214 | $ | 292 | ||||||||||
| Net charge-offs - acquired loans | 7 | 29 | 1,234 | 441 | 78 | |||||||||||||||
| Total Net Charge-offs | 79 | 570 | 1,432 | 655 | 370 | |||||||||||||||
| Net charge-offs to average loans - non-acquired loans | — | % | 0.04 | % | 0.01 | % | 0.02 | % | 0.02 | % | ||||||||||
| Net charge-offs to average loans - acquired loans | — | — | 0.09 | 0.03 | 0.01 | |||||||||||||||
| Total Net Charge-offs to Average Loans | — | 0.04 | 0.10 | 0.05 | 0.03 | |||||||||||||||
| Allowance for credit losses - non-acquired loans | $ | 67,261 | $ | 64,710 | $ | 64,740 | $ | 64,525 | $ | 66,523 | ||||||||||
| Allowance for credit losses - acquired loans | 22,577 | 18,605 | 23,083 | 16,602 | 20,120 | |||||||||||||||
| Total Allowance for Credit Losses | $ | 89,838 | $ | 83,315 | $ | 87,823 | $ | 81,127 | $ | 86,643 | ||||||||||
| Non-acquired loans at end of period | $ | 5,169,973 | $ | 4,860,171 | $ | 4,608,801 | $ | 4,290,622 | $ | 4,208,911 | ||||||||||
| Acquired loans at end of period | 1,241,988 | 973,751 | 1,106,481 | 782,315 | 870,928 | |||||||||||||||
| Paycheck Protection Program loans at end of period | 39,256 | 91,107 | 190,602 | 364,112 | 581,653 | |||||||||||||||
| Total Loans | $ | 6,451,217 | $ | 5,925,029 | $ | 5,905,884 | $ | 5,437,049 | $ | 5,661,492 | ||||||||||
| Non-acquired loans allowance for credit losses to non-acquired loans at end of period | 1.30 | % | 1.33 | % | 1.40 | % | 1.50 | % | 1.58 | % | ||||||||||
| Total allowance for credit losses to total loans at end of period | 1.39 | 1.41 | 1.49 | 1.49 | 1.53 | |||||||||||||||
| Total allowance for credit losses to total loans, excluding PPP loans | 1.40 | 1.43 | 1.54 | 1.60 | 1.71 | |||||||||||||||
| Purchase discount on acquired loans at end of period | 1.89 | 2.27 | 2.27 | 2.98 | 2.93 | |||||||||||||||
| End of Period | ||||||||||||||||||||
| Nonperforming loans | $ | 26,209 | $ | 30,598 | $ | 32,612 | $ | 32,920 | $ | 35,328 | ||||||||||
| Other real estate owned | 9,256 | 12,223 | 11,843 | 11,019 | 10,836 | |||||||||||||||
| Properties previously used in bank operations included in other real estate owned | 2,310 | 1,395 | 1,785 | 1,785 | 4,713 | |||||||||||||||
| Total Nonperforming Assets | $ | 37,775 | $ | 44,216 | $ | 46,240 | $ | 45,724 | $ | 50,877 | ||||||||||
| Accruing troubled debt restructures (TDRs) | $ | 4,454 | $ | 3,917 | $ | 4,047 | $ | 4,037 | $ | 4,067 | ||||||||||
| Nonperforming Loans to Loans at End of Period | 0.41 | % | 0.52 | % | 0.55 | % | 0.61 | % | 0.62 | % | ||||||||||
| Nonperforming Assets to Total Assets at End of Period | 0.35 | 0.46 | 0.47 | 0.49 | 0.58 | |||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
| Loans | 2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||
| Construction and land development | $ | 259,421 | $ | 230,824 | $ | 227,459 | $ | 234,347 | $ | 227,117 | ||||||||||
| Commercial real estate - owner occupied | 1,284,515 | 1,197,774 | 1,201,336 | 1,127,640 | 1,133,085 | |||||||||||||||
| Commercial real estate - non-owner occupied | 1,966,150 | 1,736,439 | 1,673,587 | 1,412,439 | 1,438,365 | |||||||||||||||
| Residential real estate | 1,599,645 | 1,425,354 | 1,467,329 | 1,226,536 | 1,246,549 | |||||||||||||||
| Commercial and financial | 1,132,506 | 1,069,356 | 982,552 | 900,206 | 860,813 | |||||||||||||||
| Consumer | 169,724 | 174,175 | 163,019 | 171,769 | 173,910 | |||||||||||||||
| Paycheck Protection Program | 39,256 | 91,107 | 190,602 | 364,112 | 581,653 | |||||||||||||||
| Total Loans | $ | 6,451,217 | $ | 5,925,029 | $ | 5,905,884 | $ | 5,437,049 | $ | 5,661,492 | ||||||||||
| AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1 | (Unaudited) | |||||||||||||||||||||||||||||
| Seacoast Banking Corporation of Florida AND SUBSIDIARIES | ||||||||||||||||||||||||||||||
| 1Q'22 | 4Q'21 | 1Q'21 | ||||||||||||||||||||||||||||
| Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||||||||||||||||||||||
| (Amounts in thousands) | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||||
| Earning Assets: | ||||||||||||||||||||||||||||||
| Securities: | ||||||||||||||||||||||||||||||
| Taxable | $ | 2,406,399 | $ | 10,041 | 1.67 | % | $ | 2,198,517 | $ | 8,574 | 1.56 | % | $ | 1,550,457 | $ | 6,298 | 1.62 | % | ||||||||||||
| Nontaxable | 24,042 | 177 | 2.94 | 24,664 | 176 | 2.85 | 25,932 | 187 | 2.89 | |||||||||||||||||||||
| Total Securities | 2,430,441 | 10,218 | 1.68 | 2,223,181 | 8,750 | 1.57 | 1,576,389 | 6,485 | 1.65 | |||||||||||||||||||||
| Federal funds sold | 738,588 | 350 | 0.19 | 878,875 | 337 | 0.15 | 293,506 | 74 | 0.10 | |||||||||||||||||||||
| Other investments | 44,999 | 583 | 5.25 | 34,992 | 491 | 5.57 | 83,838 | 512 | 2.48 | |||||||||||||||||||||
| Loans excluding PPP loans | 6,276,964 | 65,675 | 4.24 | 5,804,149 | 61,135 | 4.18 | 5,149,642 | 55,504 | 4.37 | |||||||||||||||||||||
| PPP loans | 61,923 | 1,523 | 9.98 | 136,942 | 3,352 | 9.71 | 609,733 | 6,886 | 4.58 | |||||||||||||||||||||
| Total Loans | 6,338,887 | 67,198 | 4.30 | 5,941,091 | 64,487 | 4.31 | 5,759,375 | 62,390 | 4.39 | |||||||||||||||||||||
| Total Earning Assets | 9,552,915 | 78,349 | 3.33 | 9,078,139 | 74,065 | 3.24 | 7,713,108 | 69,461 | 3.65 | |||||||||||||||||||||
| Allowance for credit losses | (87,467 | ) | (88,484 | ) | (91,735 | ) | ||||||||||||||||||||||||
| Cash and due from banks | 365,835 | 359,287 | 255,685 | |||||||||||||||||||||||||||
| Premises and equipment | 75,876 | 72,148 | 74,272 | |||||||||||||||||||||||||||
| Intangible assets | 304,321 | 267,692 | 237,323 | |||||||||||||||||||||||||||
| Bank owned life insurance | 205,500 | 195,169 | 132,079 | |||||||||||||||||||||||||||
| Other assets | 211,536 | 177,431 | 164,622 | |||||||||||||||||||||||||||
| Total Assets | $ | 10,628,516 | $ | 10,061,382 | $ | 8,485,354 | ||||||||||||||||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||||||||
| Interest-bearing demand | $ | 2,097,383 | $ | 190 | 0.04 | % | $ | 1,960,083 | $ | 183 | 0.04 | % | $ | 1,600,490 | $ | 258 | 0.07 | % | ||||||||||||
| Savings | 925,348 | 65 | 0.03 | 866,257 | 63 | 0.03 | 722,274 | 137 | 0.08 | |||||||||||||||||||||
| Money market | 1,976,660 | 512 | 0.11 | 1,851,275 | 465 | 0.10 | 1,609,938 | 670 | 0.17 | |||||||||||||||||||||
| Time deposits | 560,681 | 468 | 0.34 | 595,230 | 494 | 0.33 | 711,320 | 1,187 | 0.68 | |||||||||||||||||||||
| Securities sold under agreements to repurchase | 118,146 | 39 | 0.13 | 106,691 | 30 | 0.11 | 112,834 | 41 | 0.15 | |||||||||||||||||||||
| Other borrowings | 71,670 | 436 | 2.47 | 71,600 | 418 | 2.32 | 71,390 | 427 | 2.43 | |||||||||||||||||||||
| Total Interest-Bearing Liabilities | 5,749,888 | 1,710 | 0.12 | 5,451,136 | 1,653 | 0.12 | 4,828,246 | 2,720 | 0.23 | |||||||||||||||||||||
| Noninterest demand | 3,336,121 | 3,179,798 | 2,432,038 | |||||||||||||||||||||||||||
| Other Liabilities | 141,972 | 126,762 | 88,654 | |||||||||||||||||||||||||||
| Total Liabilities | 9,227,981 | 8,757,696 | 7,348,938 | |||||||||||||||||||||||||||
| Shareholders' equity | 1,400,535 | 1,303,686 | 1,136,416 | |||||||||||||||||||||||||||
| Total Liabilities & Equity | $ | 10,628,516 | $ | 10,061,382 | $ | 8,485,354 | ||||||||||||||||||||||||
| Cost of deposits | 0.06 | % | 0.06 | % | 0.13 | % | ||||||||||||||||||||||||
| Interest expense as a % of earning assets | 0.07 | % | 0.07 | % | 0.14 | % | ||||||||||||||||||||||||
| Net interest income as a % of earning assets | $ | 76,639 | 3.25 | % | $ | 72,412 | 3.16 | % | $ | 66,741 | 3.51 | % | ||||||||||||||||||
1 На полностью налогооблагаемой эквивалентной основе. Все доходности и ставки были рассчитаны с использованием амортизированной стоимости. Комиссии по кредитам были включены в проценты по кредитам. Неаккредитованные кредиты включаются в остатки по кредитам.
| CONSOLIDATED QUARTERLY FINANCIAL DATA | (Unaudited) | |||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||||
(Amounts in thousands) | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||
| Customer Relationship Funding | ||||||||||||||
| Noninterest demand | ||||||||||||||
| Commercial | $ | 2,939,595 | $ | 2,477,111 | $ | 2,535,922 | $ | 2,431,928 | $ | 2,189,564 | ||||
| Retail | 458,809 | 458,626 | 416,779 | 401,988 | 379,257 | |||||||||
| Public funds | 86,419 | 107,523 | 84,337 | 88,057 | 83,315 | |||||||||
| Other | 37,877 | 32,274 | 49,428 | 30,187 | 33,111 | |||||||||
| Total Noninterest Demand | 3,522,700 | 3,075,534 | 3,086,466 | 2,952,160 | 2,685,247 | |||||||||
| Interest-bearing demand | ||||||||||||||
| Commercial | 610,109 | 497,466 | 554,366 | 545,797 | 497,047 | |||||||||
| Retail | 1,392,490 | 1,144,635 | 1,069,668 | 958,619 | 895,853 | |||||||||
| Public funds | 250,963 | 248,111 | 221,131 | 259,468 | 255,035 | |||||||||
| Total Interest-Bearing Demand | 2,253,562 | 1,890,212 | 1,845,165 | 1,763,884 | 1,647,935 | |||||||||
| Total transaction accounts | ||||||||||||||
| Commercial | 3,549,704 | 2,974,577 | 3,090,288 | 2,977,725 | 2,686,611 | |||||||||
| Retail | 1,851,299 | 1,603,261 | 1,486,447 | 1,360,607 | 1,275,110 | |||||||||
| Public funds | 337,382 | 355,634 | 305,468 | 347,525 | 338,350 | |||||||||
| Other | 37,877 | 32,274 | 49,428 | 30,187 | 33,111 | |||||||||
| Total Transaction Accounts | 5,776,262 | 4,965,746 | 4,931,631 | 4,716,044 | 4,333,182 | |||||||||
| Savings | 937,839 | 895,019 | 834,309 | 811,516 | 768,362 | |||||||||
| Money market | ||||||||||||||
| Commercial | 856,117 | 732,639 | 827,901 | 787,894 | 692,537 | |||||||||
| Retail | 931,702 | 840,054 | 834,628 | 737,554 | 701,453 | |||||||||
| Brokered | 126,168 | 8,007 | 196,548 | 187,023 | 197,389 | |||||||||
| Public funds | 85,040 | 71,181 | 92,562 | 94,719 | 79,800 | |||||||||
| Total Money Market | 1,999,027 | 1,651,881 | 1,951,639 | 1,807,190 | 1,671,179 | |||||||||
| Brokered time certificates | — | — | 20,000 | 20,000 | 93,500 | |||||||||
| Other time certificates | 530,640 | 554,943 | 596,593 | 481,686 | 519,526 | |||||||||
| 530,640 | 554,943 | 616,593 | 501,686 | 613,026 | ||||||||||
| Total Deposits | $ | 9,243,768 | $ | 8,067,589 | $ | 8,334,172 | $ | 7,836,436 | $ | 7,385,749 | ||||
| Customer sweep accounts | $ | 120,922 | $ | 121,565 | $ | 105,548 | $ | 119,973 | $ | 109,171 | ||||
Объяснение некоторых Неаудированных Финансовых показателей, Не относящихся к ОПБУ
Данная презентация содержит финансовую информацию, определенную методами, отличными от общепринятых принципов бухгалтерского учета (“GAAP”). Руководство использует эти финансовые показатели, не относящиеся к GAAP, в своем анализе результатов деятельности Компании и считает, что эти презентации предоставляют полезную дополнительную информацию и дают более четкое представление о результатах деятельности Компании. Компания считает, что меры, не относящиеся к GAAP, улучшают понимание инвесторами бизнеса и результатов деятельности Компании, и, если они не будут предоставлены, будут запрошены сообществом инвесторов. Эти показатели также полезны для понимания тенденций в показателях и облегчают сравнение с показателями других финансовых учреждений. Ограничения, связанные с операционными мерами, заключаются в риске того, что люди могут не согласиться относительно целесообразности элементов, составляющих эти меры, и что разные компании могут определять или рассчитывать эти меры по-разному. Компания обеспечивает сверку между GAAP и этими показателями, не относящимися к GAAP. Такое раскрытие информации не следует рассматривать в качестве альтернативы ОПБУ.
| GAAP TO NON-GAAP RECONCILIATION | (Unaudited) | ||||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||||||||||||||
| Quarterly Trends | |||||||||||||||
| (Amounts in thousands, except per share data) | 1Q'22 | 4Q'21 | 3Q'21 | 2Q'21 | 1Q'21 | ||||||||||
| Net Income | $ | 20,588 | $ | 36,330 | $ | 22,944 | $ | 31,410 | $ | 33,719 | |||||
| Total noninterest income | 15,373 | 18,706 | 19,028 | 15,322 | 17,671 | ||||||||||
| Securities losses (gains), net | 452 | 379 | 30 | 55 | 114 | ||||||||||
| Gain on sale of domain name (included in other income) | — | (755 | ) | — | — | — | |||||||||
| Total Adjustments to Noninterest Income | 452 | (376 | ) | 30 | 55 | 114 | |||||||||
| Total Adjusted Noninterest Income | 15,825 | 18,330 | 19,058 | 15,377 | 17,785 | ||||||||||
| Total noninterest expense | 58,917 | 50,263 | 55,268 | 45,784 | 46,120 | ||||||||||
| Merger related charges | (6,692 | ) | (482 | ) | (6,281 | ) | (509 | ) | (581 | ) | |||||
| Amortization of intangibles | (1,446 | ) | (1,304 | ) | (1,306 | ) | (1,212 | ) | (1,211 | ) | |||||
| Branch reductions and other expense initiatives | (74 | ) | (168 | ) | (870 | ) | (663 | ) | (449 | ) | |||||
| Total Adjustments to Noninterest Expense | (8,212 | ) | (1,954 | ) | (8,457 | ) | (2,384 | ) | (2,241 | ) | |||||
| Total Adjusted Noninterest Expense | 50,705 | 48,309 | 46,811 | 43,400 | 43,879 | ||||||||||
| Income Taxes | 5,834 | 8,344 | 7,049 | 8,785 | 10,157 | ||||||||||
| Tax effect of adjustments | 2,196 | 280 | 2,081 | 598 | 577 | ||||||||||
| Effect of change in corporate tax rate on deferred tax assets | — | 774 | — | — | — | ||||||||||
| Total Adjustments to Income Taxes | 2,196 | 1,054 | 2,081 | 598 | 577 | ||||||||||
| Adjusted Income Taxes | 8,030 | 9,398 | 9,130 | 9,383 | 10,734 | ||||||||||
| Adjusted Net Income | $ | 27,056 | $ | 36,854 | $ | 29,350 | $ | 33,251 | $ | 35,497 | |||||
| Earnings per diluted share, as reported | $ | 0.33 | $ | 0.62 | $ | 0.40 | $ | 0.56 | $ | 0.60 | |||||
| Adjusted Earnings per Diluted Share | 0.44 | 0.62 | 0.51 | 0.59 | 0.63 | ||||||||||
| Average diluted shares outstanding | 61,704 | 59,016 | 57,645 | 55,901 | 55,992 | ||||||||||
| Adjusted Noninterest Expense | $ | 50,705 | $ | 48,309 | $ | 46,811 | $ | 43,400 | $ | 43,879 | |||||
| Provision for credit losses on unfunded commitments | (142 | ) | — | (133 | ) | — | — | ||||||||
| Foreclosed property expense and net gain / (loss) on sale | 164 | 175 | (66 | ) | 90 | 65 | |||||||||
| Net Adjusted Noninterest Expense | $ | 50,727 | $ | 48,484 | $ | 46,612 | $ | 43,490 | $ | 43,944 | |||||
| Revenue | $ | 91,895 | $ | 90,995 | $ | 90,352 | $ | 81,124 | $ | 84,281 | |||||
| Total Adjustments to Revenue | 452 | (376 | ) | 30 | 55 | 114 | |||||||||
| Impact of FTE adjustment | 117 | 123 | 131 | 131 | 131 | ||||||||||
| Adjusted Revenue on a fully taxable equivalent basis | $ | 92,464 | $ | 90,742 | $ | 90,513 | $ | 81,310 | $ | 84,526 | |||||
| Adjusted Efficiency Ratio | 54.86 | % | 53.43 | % | 51.50 | % | 53.49 | % | 51.99 | % | |||||
| Net Interest Income | $ | 76,522 | $ | 72,289 | $ | 71,324 | $ | 65,802 | $ | 66,610 | |||||
| Impact of FTE adjustment | 117 | 123 | 131 | 131 | 131 | ||||||||||
| Net Interest Income including FTE adjustment | $ | 76,639 | $ | 72,412 | $ | 71,455 | $ | 65,933 | $ | 66,741 | |||||
| Total noninterest income | 15,373 | 18,706 | 19,028 | 15,322 | 17,671 | ||||||||||
| Total noninterest expense | 58,917 | 50,263 | 55,268 | 45,784 | 46,120 | ||||||||||
| Pre-Tax Pre-Provision Earnings | $ | 33,095 | $ | 40,855 | $ | 35,215 | $ | 35,471 | $ | 38,292 | |||||
| Total Adjustments to Noninterest Income | 452 | (376 | ) | 30 | 55 | 114 | |||||||||
| Total Adjustments to Noninterest Expense | (8,190 | ) | (1,779 | ) | (8,656 | ) | (2,294 | ) | (2,176 | ) | |||||
| Adjusted Pre-Tax Pre-Provision Earnings | $ | 41,737 | $ | 42,258 | $ | 43,901 | $ | 37,820 | $ | 40,582 | |||||
| Average Assets | $ | 10,628,516 | $ | 10,061,382 | $ | 9,753,734 | $ | 9,025,846 | $ | 8,485,354 | |||||
| Less average goodwill and intangible assets | (304,321 | ) | (267,692 | ) | (254,980 | ) | (235,964 | ) | (237,323 | ) | |||||
| Average Tangible Assets | $ | 10,324,195 | $ | 9,793,690 | $ | 9,498,754 | $ | 8,789,882 | $ | 8,248,031 | |||||
| Return on Average Assets (ROA) | 0.79 | % | 1.43 | % | 0.93 | % | 1.40 | % | 1.61 | % | |||||
| Impact of removing average intangible assets and related amortization | 0.06 | 0.08 | 0.07 | 0.08 | 0.09 | ||||||||||
| Return on Average Tangible Assets (ROTA) | 0.85 | 1.51 | 1.00 | 1.48 | 1.70 | ||||||||||
| Impact of other adjustments for Adjusted Net Income | 0.21 | (0.02 | ) | 0.23 | 0.04 | 0.05 | |||||||||
| Adjusted Return on Average Tangible Assets | 1.06 | 1.49 | 1.23 | 1.52 | 1.75 | ||||||||||
| GAAP TO NON-GAAP RECONCILIATION | (Unaudited) | |||||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||||||
| Quarterly Trends | ||||||||||||||||
| (Amounts in thousands, except per share data) | 1Q'22 | 4Q'21 | 3Q'21 | 2Q'21 | 1Q'21 | |||||||||||
| Average Shareholders' Equity | $ | 1,400,535 | $ | 1,303,686 | $ | 1,248,547 | $ | 1,170,395 | $ | 1,136,416 | ||||||
| Less average goodwill and intangible assets | (304,321 | ) | (267,692 | ) | (254,980 | ) | (235,964 | ) | (237,323 | ) | ||||||
| Average Tangible Equity | $ | 1,096,214 | $ | 1,035,994 | $ | 993,567 | $ | 934,431 | $ | 899,093 | ||||||
| Return on Average Shareholders' Equity | 5.96 | % | 11.06 | % | 7.29 | % | 10.76 | % | 12.03 | % | ||||||
| Impact of removing average intangible assets and related amortization | 2.06 | 3.23 | 2.27 | 3.12 | 3.59 | |||||||||||
| Return on Average Tangible Common Equity (ROTCE) | 8.02 | 14.29 | 9.56 | 13.88 | 15.62 | |||||||||||
| Impact of other adjustments for Adjusted Net Income | 1.99 | (0.18 | ) | 2.16 | 0.39 | 0.39 | ||||||||||
| Adjusted Return on Average Tangible Common Equity | 10.01 | 14.11 | 11.72 | 14.27 | 16.01 | |||||||||||
| Loan interest income1 | $ | 67,198 | $ | 64,487 | $ | 64,517 | $ | 60,440 | $ | 62,390 | ||||||||||
| Accretion on acquired loans | (3,717 | ) | (3,520 | ) | (3,483 | ) | (2,886 | ) | (2,868 | ) | ||||||||||
| Interest and fees on PPP loans | (1,523 | ) | (3,352 | ) | (5,917 | ) | (5,127 | ) | (6,886 | ) | ||||||||||
| Loan interest income excluding PPP and accretion on acquired loans | $ | 61,958 | $ | 57,615 | $ | 55,117 | $ | 52,427 | $ | 52,636 | ||||||||||
| Yield on loans1 | 4.30 | 4.31 | 4.49 | 4.33 | 4.39 | |||||||||||||||
| Impact of accretion on acquired loans | (0.24 | ) | (0.24 | ) | (0.24 | ) | (0.21 | ) | (0.20 | ) | ||||||||||
| Impact of PPP loans | (0.06 | ) | (0.13 | ) | (0.22 | ) | 0.01 | (0.04 | ) | |||||||||||
| Yield on loans excluding PPP and accretion on acquired loans | 4.00 | % | 3.94 | % | 4.03 | % | 4.13 | % | 4.15 | % | ||||||||||
| Net Interest Income1 | $ | 76,639 | $ | 72,412 | $ | 71,455 | $ | 65,933 | $ | 66,741 | ||||||||||
| Accretion on acquired loans | (3,717 | ) | (3,520 | ) | (3,483 | ) | (2,886 | ) | (2,868 | ) | ||||||||||
| Interest and fees on PPP loans | (1,523 | ) | (3,352 | ) | (5,917 | ) | (5,127 | ) | (6,886 | ) | ||||||||||
| Net interest income excluding PPP and accretion on acquired loans | $ | 71,399 | $ | 65,540 | $ | 62,055 | $ | 57,920 | $ | 56,987 | ||||||||||
| Net Interest Margin | 3.25 | 3.16 | 3.22 | 3.23 | 3.51 | |||||||||||||||
| Impact of accretion on acquired loans | (0.15 | ) | (0.15 | ) | (0.15 | ) | (0.14 | ) | (0.15 | ) | ||||||||||
| Impact of PPP loans | (0.05 | ) | (0.10 | ) | (0.18 | ) | (0.06 | ) | (0.11 | ) | ||||||||||
| Net interest margin excluding PPP and accretion on acquired loans | 3.05 | % | 2.91 | % | 2.89 | % | 3.03 | % | 3.25 | % | ||||||||||
| Security interest income1 | $ | 10,218 | $ | 8,750 | $ | 7,956 | $ | 6,745 | $ | 6,485 | |||||||||||
| Tax equivalent adjustment on securities | (37 | ) | (37 | ) | (38 | ) | (39 | ) | (39 | ) | |||||||||||
| Security interest income excluding tax equivalent adjustment | $ | 10,181 | $ | 8,713 | $ | 7,918 | $ | 6,706 | $ | 6,446 | |||||||||||
| Loan interest income1 | $ | 67,198 | $ | 64,487 | $ | 64,517 | $ | 60,440 | $ | 62,390 | |||||||||||
| Tax equivalent adjustment on loans | (80 | ) | (86 | ) | (93 | ) | (92 | ) | (92 | ) | |||||||||||
| Loan interest income excluding tax equivalent adjustment | $ | 67,118 | $ | 64,401 | $ | 64,424 | $ | 60,348 | $ | 62,298 | |||||||||||
| Net Interest Income1 | $ | 76,639 | $ | 72,412 | $ | 71,455 | $ | 65,933 | $ | 66,741 | |||||||||||
| Tax equivalent adjustment on securities | (37 | ) | (37 | ) | (38 | ) | (39 | ) | (39 | ) | |||||||||||
| Tax equivalent adjustment on loans | (80 | ) | (86 | ) | (93 | ) | (92 | ) | (92 | ) | |||||||||||
| Net interest income excluding tax equivalent adjustment | $ | 76,522 | $ | 72,289 | $ | 71,324 | $ | 65,802 | $ | 66,610 | |||||||||||
1 На полностью налогооблагаемой эквивалентной основе. Все доходности и ставки были рассчитаны с использованием амортизированной стоимости.
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