Florida | 001-13660 | 59-2260678 | ||
(State or other jurisdiction | (Commission | (IRS Employer | ||
of incorporation) | File Number | Identification No.) |
815 Colorado Avenue | ||
Stuart, Florida | 34994 | |
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
FINANCIAL HIGHLIGHTS(Unaudited) | ||||||||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
(Dollars in thousands, | June 30, | June 30, | ||||||||||||||
except per share data) | 2009 | 2008 | 2009 | 2008 | ||||||||||||
Summary of Earnings |
||||||||||||||||
Net income (loss) |
$ | (13,187 | ) | $ | (21,316 | ) | $ | (17,497 | ) | $ | (19,553 | ) | ||||
Net income (loss),
available
to common shareholders |
(14,124 | ) | (21,316 | ) | (19,821 | ) | (19,553 | ) | ||||||||
Net interest income (1) |
18,987 | 20,234 | 37,228 | 40,796 | ||||||||||||
Performance Ratios |
||||||||||||||||
Return on average
assets-GAAP basis (2),
(3) |
(2.34 | )% | (3.65 | )% | (1.54 | )% | (1.67 | )% | ||||||||
Return on average
tangible assets (2),
(3), (4) |
(2.33 | ) | (3.70 | ) | (1.54 | ) | (1.68 | ) | ||||||||
Return on average
shareholders equity-GAAP basis (2), (3) |
(25.07 | ) | (39.79 | ) | (16.77 | ) | (18.22 | ) | ||||||||
Net interest margin
(1), (2) |
3.65 | 3.69 | 3.54 | 3.71 | ||||||||||||
Per Share Data |
||||||||||||||||
Net income (loss)
diluted-GAAP basis |
$ | (0.74 | ) | $ | (1.12 | ) | $ | (1.04 | ) | $ | (1.03 | ) | ||||
Net income (loss)
basic-GAAP basis |
(0.74 | ) | (1.12 | ) | (1.04 | ) | (1.03 | ) | ||||||||
Cash dividends declared |
0 | 0.16 | 0.01 | 0.32 | ||||||||||||
June 30, | Increase/(Decrease) | |||||||||||
2009 | 2008 | |||||||||||
Credit Analysis |
||||||||||||
Net charge-offs year-to-date |
$ | 23,649 | $ | 37,942 | (37.7 | )% | ||||||
Net charge-offs to average loans |
2.89 | % | 4.07 | % | (29.0 | ) | ||||||
Loan loss provision year-to-date |
$ | 37,879 | $ | 47,737 | (20.6 | ) | ||||||
Allowance to loans at end of
period |
2.75 | % | 1.75 | % | 57.1 | |||||||
Nonperforming loans |
$ | 126,758 | $ | 76,224 | 66.3 | |||||||
Other real estate owned |
23,259 | 4,547 | 411.6 | |||||||||
Total nonperforming assets |
150,017 | 80,771 | 85.7 | |||||||||
Restructured loans (accruing) |
14,789 | 11 | n/m | |||||||||
Nonperforming assets to loans
and other real estate owned at
end of period |
9.33 | % | 4.45 | % | 109.7 | |||||||
Nonperforming assets to total
assets |
6.86 | 3.52 | 95.5 | |||||||||
Selected Financial Data |
||||||||||||
Total assets |
$ | 2,186,548 | $ | 2,296,999 | (4.8 | ) | ||||||
Securities Available for
sale (at fair value) |
337,746 | 255,798 | 32.0 | |||||||||
Securities Held for
investment (at amortized cost) |
22,299 | 29,913 | (25.5 | ) | ||||||||
Net loans |
1,540,722 | 1,777,090 | (13.3 | ) | ||||||||
Deposits |
1,756,422 | 1,890,401 | (7.1 | ) | ||||||||
Total shareholders equity |
198,368 | 190,182 | 4.3 | |||||||||
Common shareholders equity |
153,956 | 190,182 | (19.0 | ) | ||||||||
Book value per share common |
8.03 | 9.90 | (18.8 | ) | ||||||||
Tangible book value per share(5) |
7.50 | 6.99 | 7.3 | |||||||||
Tangible common equity per
share (6) |
5.19 | 6.99 | (25.8 | ) | ||||||||
Average shareholders equity to
average assets |
9.40 | % | 9.17 | % | 2.6 | |||||||
Tangible common equity to
tangible assets (6) |
4.66 | 6.00 | (22.3 | ) | ||||||||
Average Balances (Year-to-Date) |
||||||||||||
Total assets |
$ | 2,285,808 | $ | 2,353,639 | (2.9 | ) | ||||||
Less: Intangible assets |
54,874 | 56,133 | (2.2 | ) | ||||||||
Total average tangible assets |
$ | 2,230,934 | $ | 2,297,506 | (2.9 | ) | ||||||
Total equity |
$ | 214,782 | $ | 215,865 | (0.5 | ) | ||||||
Less: Intangible assets |
54,874 | 56,133 | (2.2 | ) | ||||||||
Total average tangible equity |
$ | 159,908 | $ | 159,732 | 0.1 | |||||||
(1) | Calculated on a fully taxable equivalent basis using amortized cost. | |
(2) | These ratios are stated on an annualized basis and are not necessarily indicative of future periods. | |
(3) | The calculations of ROA and ROE do not include the mark-to-market unrealized gains (losses) because the unrealized gains (losses) on available for sale securities are not included in net income (loss). | |
(4) | The Company believes the returns on average assets and equity, excluding the effects of noncash amortization expense on intangible assets, is a better measurement of the Companys trend in earnings growth. | |
(5) | Tangible book value per share is a non-GAAP financial measure. A reconciliation of tangible book value to shareholders equity is presented below. |
June 30, | ||||||||
2009 | 2008 | |||||||
Total shareholders equity |
$ | 198,368 | $ | 190,182 | ||||
Less: goodwill and intangible assets |
54,564 | 55,823 | ||||||
Tangible book value |
$ | 143,804 | $ | 134,359 | ||||
Divided by: total shares outstanding |
19,170,788 | 19,219,113 | ||||||
Tangible book value per common share |
$ | 7.50 | $ | 6.99 |
(6) | Tangible common equity per share and the ratio of tangible common equity to tangible assets are non-GAAP financial measures. A reconciliation of tangible common equity to shareholders equity and tangible assets to total assets is presented below. |
June 30, | |||||||||
2009 | 2008 | ||||||||
Total shareholders equity |
$ | 198,368 | $ | 190,182 | |||||
Less: preferred stock |
44,412 | 0 | |||||||
Less: intangible assets |
54,564 | 55,823 | |||||||
Tangible common equity |
$ | 99,392 | $ | 134,359 | |||||
Divided by: total shares outstanding |
19,170,788 | 19,219,113 | |||||||
Tangible common equity per share |
$ | 5.19 | $ | 6.99 | |||||
Total assets |
$ | 2,186,548 | $ | 2,296,999 | |||||
Less: intangible assets |
54,564 | 55,823 | |||||||
Tangible assets |
$ | 2,131,984 | $ | 2,241,176 | |||||
Tangible common equity to tangible assets |
4.66 | % | 6.00 | % |
SEACOAST BANKING CORPORATION OF FLORIDA |
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(Registrant) | ||||
Dated: August 5, 2009
|
By: | /S/ Dennis S. Hudson, III | ||
Name: | Dennis S. Hudson, III | |||
Title: | Chairman and Chief Executive Officer |