Seacoast Reports First Quarter 2023 Results
Well-Positioned
Strong Deposit Franchise with Granular, Longstanding Customer Base
Completes Acquisition of Professional Holding Corp.
STUART, Fla., April 27, 2023 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported net income in the first quarter of 2023 of
Pre-tax pre-provision earnings1 were
Charles M. Shaffer, Seacoast's Chairman and CEO said, "Seacoast delivered another quarter of strong financial performance, with continued solid growth in pre-tax pre-provision earnings. We closed on our acquisition of Professional, increasing Seacoast’s market share in the attractive and fast-growing South Florida market.”
Shaffer added, “Recent events in the banking industry nationally emphasize the importance of Seacoast’s strong deposit franchise, disciplined credit and conservative balance sheet principles. Over our 96-year history, Seacoast has focused on executing a balanced growth strategy that emphasizes a relationship-driven approach to customer acquisition. This, in turn, has produced a granular and diverse loan portfolio and a broadly diversified and stable funding base. We today serve more than 270,000 customers in a wide variety of segments and industries, including consumers, small businesses, middle market operating companies, municipalities, and other governmental entities.”
"We have never chased transactional business and have instead, carefully constructed our balance sheet by building strong customer relationships and avoiding lending or deposit concentrations. Our relationship-focused strategy is supported by a robust balance sheet. Our common equity tier 1 ratio was
"Seacoast will maintain its commitment to our fortress balance sheet, demonstrating resilience while continuing to serve our customers and generating value for our shareholders over the long term," Shaffer concluded.
Acquisitions Update
On January 31, 2023, the Company acquired Professional, the sixth largest bank headquartered in South Florida. Direct merger-related costs totaled
In February 2023, we successfully completed the integration of Drummond, which was acquired in October 2022, incurring conversion-related costs of
Financial Results
Income Statement
- Net income was
$11.8 million , or$0.15 per diluted share, for the first quarter of 2023 compared to net income of$23.9 million , or$0.34 per diluted share, for the prior quarter, and$20.6 million , or$0.33 per diluted share, for the prior year quarter. The first quarter 2023 results included$26.6 million in provision for credit losses on loans acquired in the Professional acquisition. Adjusted net income1 for the first quarter of 2023 was$29.2 million , or$0.36 per diluted share, compared to$39.9 million , or$0.56 per diluted share, for the prior quarter, and$27.1 million , or$0.44 per diluted share, for the prior year quarter. - Net revenues were
$153.6 million in the first quarter of 2023, an increase of$16.2 million , or12% , compared to the prior quarter, and an increase of$61.7 million , or67% , compared to the prior year quarter. Adjusted revenues1 were$151.4 million in the first quarter of 2023, an increase of$14.0 million , or10% , compared to the prior quarter, and an increase of$59.0 million , or64% , compared to the prior year quarter. - On an adjusted basis, pre-tax pre-provision earnings1 were
$71.1 million , an increase of7% compared to the fourth quarter of 2022 and an increase of70% compared to the first quarter of 2022. - Net interest income totaled
$131.2 million in the first quarter of 2023, an increase of$11.4 million , or10% , from the fourth quarter of 2022 and an increase of$54.6 million , or71% , compared to the first quarter of 2022. - Net interest margin decreased only five basis points to
4.31% in the first quarter of 2023 compared to4.36% in the fourth quarter of 2022. The decline in the net interest margin from the prior quarter was driven by the continued effect of an inverted yield curve, and additional excess liquidity added to the balance sheet late in the quarter. Securities yields increased eight basis points to2.85% , and loan yields increased 57 basis points to5.86% . The cost of deposits increased to 77 basis points for the first quarter of 2023 compared to 21 basis points in the prior quarter. The effect on net interest margin of accretion on purchase discounts on acquired loans in the first quarter of 2023 was 53 basis points, compared to 35 basis points in the fourth quarter of 2022. - Noninterest income totaled
$22.4 million in the first quarter of 2023, an increase of$4.8 million , or27% , compared to the prior quarter, and an increase of$7.1 million , or46% , compared to the prior year quarter. Results for the first quarter of 2023 included the following:- Service charges on deposits increased
$0.2 million , or6% , compared to the prior quarter and$1.4 million , or51% , year over year, reflecting the benefit of an expanded deposit base including from acquisitions. - The wealth management division continues to demonstrate notable success in building relationships, and during the first quarter of 2023, income increased
$0.2 million , or6% , compared to the prior quarter and$0.4 million , or15% , compared to the prior year quarter. The group added another$123 million in assets under management in the first quarter of 2023, bringing overall total assets under management to$1.5 billion , up24% from the prior year. - Insurance agency income increased
$0.3 million , or37% compared to the prior quarter. The Company acquired a commercial insurance agency during the fourth quarter of 2022 in conjunction with the acquisition of Drummond, adding another source of noninterest income. - Other income increased by
$3.3 million compared to the prior quarter, including$2.1 million in bank owned life insurance (“BOLI”) death benefits, an increase of$0.4 million in SBIC income, and an increase of$0.3 million in loan swap-related income. The BOLI death benefits were removed from the presentation of adjusted results.
- Service charges on deposits increased
- The provision for credit losses was
$31.6 million in the first quarter of 2023, compared to$14.1 million in the fourth quarter of 2022 and$6.6 million in the first quarter of 2022. Contributing to the provision in each quarter was an increase related to loans acquired through bank acquisitions, representing$26.6 million ,$15.0 million , and$5.1 million , respectively. The provision for credit losses in the first quarter of 2023 on the Professional acquisition is in line with the allowance coverage rate expected at the announcement of the transaction.
- Noninterest expense was
$107.5 million in the first quarter of 2023, an increase of$16.0 million , or17% , compared to the prior quarter, and an increase of$48.6 million , or82% , compared to the prior year quarter. The first quarter of 2023 included$17.5 million of merger-related expenses, compared to$16.1 million in the prior quarter and$6.7 million in the prior year quarter. Changes compared to the fourth quarter of 2022 included:- Salaries and wages increased
$2.2 million to$47.6 million in the first quarter of 2023. The first quarter of 2023 included$4.2 million in merger-related expenses, compared to$5.7 million in the fourth quarter of 2022. Excluding merger-related expenses, the increase in the first quarter of 2023 is the result of the net addition of branch locations and associates, as well as new bankers and operational staff associated with the acquisitions. - Employee benefits increased
$3.3 million to$8.6 million in the first quarter of 2023, reflecting higher seasonal payroll taxes, 401(k) contributions and healthcare-related costs attributed to higher headcount. - Outsourced data processing costs increased
$4.6 million to$14.6 million in the first quarter of 2023. The first quarter of 2023 included$6.6 million in merger-related expenses, compared to$2.6 million in the fourth quarter of 2022. - Occupancy, telephone and data lines, and furniture and equipment expenses collectively increased
$1.7 million to$10.3 million in the first quarter of 2023, reflecting the expansion of the footprint across Florida. - Legal and professional fees decreased by
$1.7 million to$7.5 million in the first quarter of 2023, and included$4.8 million in merger-related expenses during the first quarter of 2023 and$6.5 million in the fourth quarter of 2022. - Amortization of intangibles increased by
$2.0 million with the addition of$48.9 million in core deposit intangible assets from the acquisition of Professional. These assets will be amortized using an accelerated amortization method. - Provision for credit losses on unfunded commitments includes
$1.0 million associated with the acquisition of Professional.
- Salaries and wages increased
- Seacoast recorded
$2.7 million of income tax expense in the first quarter of 2023, compared to$7.8 million in the fourth quarter of 2022, and$5.8 million in the first quarter of 2022, with an effective tax rate of18.6% ,24.6% and22.1% , respectively. The first quarter of 2023 included a discrete benefit of$0.6 million related to the BOLI distribution which, combined with lower overall pre-tax income, resulted in a lower effective tax rate when compared to prior quarters. Tax benefits related to stock-based compensation totaled$0.2 million in the first quarter of 2023,$0.2 million in the fourth quarter of 2022, and$0.5 million in the first quarter of 2022. The presentation of adjusted results excludes the discrete benefit associated with BOLI, and applies an incremental tax rate of25.3% on adjusted expenses. The resulting effective tax rate on adjusted net income1 is22.7% . - The ratio of net adjusted noninterest expense1 to average tangible assets was
2.47% in the first quarter of 2023, compared to2.42% in the fourth quarter of 2022 and1.99% in the first quarter of 2022. The increase in the ratio reflects additional costs carried prior to full integration of recent acquisitions, which will occur in the second quarter of 2023. We expect the benefit of merger-related expense synergies to be fully reflected beginning in the third quarter of 2023. - The efficiency ratio was
65.43% in the first quarter of 2023, compared to63.39% in the fourth quarter of 2022 and62.33% in the prior year quarter. The adjusted efficiency ratio1 was53.10% in the first quarter of 2023, compared to51.52% in the fourth quarter of 2022 and54.86% in the prior year quarter. The Company continues to remain keenly focused on disciplined expense control and expects to benefit from merger-related expense synergies beginning in the third quarter of 2023.
Balance Sheet
- At March 31, 2023, the Company had total assets of
$15.3 billion and total shareholders' equity of$2.1 billion . Book value per share was$24.24 on March 31, 2023, compared to$22.45 on December 31, 2022, and$22.15 on March 31, 2022. Tangible book value per share totaled$14.25 on March 31, 2023 compared to$14.69 on December 31, 2022 and$17.12 on March 31, 2022.
- Debt securities totaled
$2.8 billion on March 31, 2023, an increase of$134.7 million , or5% , compared to December 31, 2022. Debt securities include approximately$2.0 billion in securities held at fair value and classified as available for sale. The unrealized loss on these securities is fully reflected in the value presented on the balance sheet. The portfolio also includes$738 million in securities classified as held to maturity with a fair value of$618.8 million . Held-to-maturity securities consist solely of mortgage-backed securities and collateralized mortgage obligations guaranteed by U.S. government agencies, each of which is expected to recover any price depreciation over its holding period as the debt securities move to maturity. The Company has significant liquidity and available borrowing capacity and has the intent and ability to hold these investments to maturity.
- Loans totaled
$10.1 billion on March 31, 2023, an increase of$2.0 billion compared to December 31, 2022. The increase includes loans acquired of$2.0 billion from Professional. The Company continues to exercise a disciplined approach to lending, carefully underwriting loans to strict underwriting guidelines. Removing the loans acquired with the Professional transaction, loans outstanding increased$13 million compared to December 31, 2022.
- Loan originations were
$485.2 million in the first quarter of 2023, a decrease of25% compared to$649.2 million in the fourth quarter of 2022.- Commercial originations were
$321.7 million during the first quarter of 2023, compared to$489.6 million in the fourth quarter of 2022, and$373.0 million in the first quarter of 2022. - Consumer originations in the first quarter of 2023 were
$59.5 million , compared to$74.6 million in the fourth quarter of 2022, and$79.0 million in the first quarter of 2022. - Residential loans originated for sale in the secondary market totaled
$13.9 million in the first quarter of 2023, compared to$10.7 million in the fourth quarter of 2022, and$51.2 million in the first quarter of 2022. - Closed residential loans retained in the portfolio totaled
$90.1 million in the first quarter of 2023, compared to$74.3 million in the fourth quarter of 2022, and$175.5 million in the first quarter of 2022.
- Commercial originations were
- Pipelines (loans in underwriting and approval or approved and not yet closed) totaled
$364.0 million on March 31, 2023, a decrease of20% from December 31, 2022, and a decrease of54% from March 31, 2022.- Commercial pipelines were
$297.4 million as of March 31, 2023, a decrease of25% from$395.7 million at December 31, 2022, and a decrease of52% from$619.5 million at March 31, 2022. The decline in pipeline quarter over quarter was the result of the impact of higher rates on new production volumes and a more selective approach on new credit facilities given a cautious economic outlook. - Consumer pipelines were
$11.6 million as of March 31, 2023, a decrease of68% from$36.6 million at December 31, 2022, and a decrease of81% from$61.6 million at March 31, 2022. We expect consumer demand to be lower moving forward as a result of higher rates. - Residential saleable pipelines were
$6.6 million as of March 31, 2023, compared to$4.2 million at December 31, 2022, and$25.7 million at March 31, 2022. Retained residential pipelines were$48.4 million as of March 31, 2023, compared to$17.1 million at December 31, 2022, and$88.0 million at March 31, 2022. We have seen an increase in pipelines in residential lending during the first quarter of 2023 as a result of mortgage rates moving lower in conjunction with a declining 10-year Treasury rate.
- Commercial pipelines were
- Total deposits were
$12.3 billion as of March 31, 2023, an increase of$2.3 billion , or23% , compared to December 31, 2022, and an increase of$3.1 billion , or33% , compared to March 31, 2022. The increase in the first quarter of 2023 includes$2.1 billion in deposits from the acquisition of Professional.
Seacoast’s granular, longstanding deposit base is a hallmark of our franchise, and in the current environment its stability serves as a significant source of strength. The Company has continued to manage deposit pricing lower than competitors, and with an average loan-to-deposit ratio of82% during the quarter, maintains balance sheet flexibility.- Excluding the deposits acquired through the Professional acquisition, deposits outstanding increased
$295.0 million during the quarter. - At March 31, 2023, transaction account balances represented
59% of overall deposits, which continues to aid the Company’s ability to maintain a consistently low cost of deposits. - The overall cost of deposits increased 56 basis points from the prior quarter to 77 basis points. The increase is a result of the Professional acquisition and an increasingly competitive market for deposits.
- Noninterest bearing demand deposits represent
37% of overall deposits. This is amongst the upper quartile in the industry. - Average deposits per banking center were
$148 million at March 31, 2023 compared to$128 million at December 31, 2022. - Net organic customer growth in the month of March 2023 was at the highest level since 2020.
- Uninsured deposits represented only
36% of overall deposit accounts. This includes public funds under the Florida Qualified Public Depository program, which provides loss protection to depositors beyond FDIC insurance limits. Excluding such balances, the uninsured and uncollateralized deposits were32% of total deposits. The Company has liquidity sources including cash and lines of credit with the Federal Reserve and Federal Home Loan Bank that represent141% of uninsured deposits, and163% of uninsured and uncollateralized deposits. - Consumer deposits represent
40% of overall deposit funding with an average consumer customer balance of$22 thousand . Commercial deposits represent60% of overall deposit funding with an average business customer balance of$101 thousand . - During the first quarter of 2023, approximately
$100 million in customer deposits migrated to customer sweep accounts.
- Excluding the deposits acquired through the Professional acquisition, deposits outstanding increased
- The Company increased borrowings to bolster its liquidity position during the quarter. Federal Home Loan Bank advances totaled
$385.0 million at March 31, 2023 with a weighted average interest rate of4.26% . Also during the first quarter of 2023, Seacoast assumed subordinated debt in the acquisition of Professional, with an outstanding principal amount of$25.0 million and estimated fair value of$21.1 million . The acquired debt carries a fixed interest rate of3.375% until 2027, and thereafter converts to a floating rate note until maturity in 2032.- In the aggregate, borrowed funds, including FHLB advances, subordinated debt, and brokered deposits represent only
6.9% of total liabilities as of March 31, 2023.
- In the aggregate, borrowed funds, including FHLB advances, subordinated debt, and brokered deposits represent only
Asset Quality
- Credit metrics remain strong with charge-offs, non-accruals, and criticized assets at historically low levels. The Company remains diligent in its monitoring of these metrics, as well as changes in the broader economic environment.
- Nonperforming loans were
$50.8 million at March 31, 2023. Nonperforming loans to total loans outstanding were0.50% at March 31, 2023,0.35% at December 31, 2022, and0.41% at March 31, 2022. - Nonperforming assets to total assets increased to
0.38% at March 31, 2023, compared to0.26% at December 31, 2022, and0.35% at March 31, 2022. During the first quarter of 2023,$5.5 million in former branch properties were transferred into other real estate owned as a result of branch consolidation. - The ratio of allowance for credit losses to total loans was
1.54% at March 31, 2023,1.40% at December 31, 2022, and1.39% at March 31, 2022. The increase in the allowance was primarily the result of the Professional acquisition and is in line with the coverage rate expected at the announcement of the transaction.
- Net charge-offs of
$3.2 million for the first quarter of 2023 compared to$0.8 million in the fourth quarter of 2022 and$0.1 million in the first quarter of 2022. Net charge-offs for the four most recent quarters averaged0.05% . - Portfolio diversification, in terms of asset mix, industry, and loan type, has been a critical element of the Company's lending strategy. Exposure across industries and collateral types is broadly distributed. Seacoast's average loan size is
$289 thousand , and the average commercial loan size is$717 thousand , reflecting an ability to maintain granularity within the overall loan portfolio. - Construction and land development and commercial real estate loans remain well below regulatory guidance at
48% and258% of total bank-level risk-based capital, respectively, compared to45% and230% , respectively, at December 31, 2022. On a consolidated basis, construction and land development and commercial real estate loans represent44% and236% , respectively, of total consolidated risk-based capital.
Capital and Liquidity
- The Company continues to operate with a fortress balance sheet, with a tier 1 capital ratio at March 31, 2023, of
13.8% compared to14.8% at December 31, 2022, and16.8% at March 31, 2022. The total capital ratio was15.0% , the common equity tier 1 capital ratio was12.8% , and the tier 1 leverage ratio was11.7% at March 31, 2023. The Company is considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements. - In April 2023, the Company announced an increase to its common share dividend by
$0.01 t o$0.18 per share. - Cash and cash equivalents at March 31, 2023 totaled
$791.2 million . - Our Board of Directors has approved a share repurchase program of up to
$100 million in shares of the Company’s common stock. No shares were repurchased during the quarter, and100% of the shares pursuant to the program remain available. - The Company’s loan to deposit ratio was
82% at March 31, 2023, providing liquidity and flexibility moving forward. - Tangible common equity to tangible assets was
8.36% at March 31, 2023, compared to9.08% at December 31, 2022, and9.89% at March 31, 2022. If all held-to-maturity securities were adjusted to fair value, the tangible common equity ratio would have been7.77% . - At March 31, 2023, in addition to
$0.8 billion in cash, the Company had$5.6 billion in available borrowing capacity, including$4.6 billion in available collateralized lines of credit,$0.7 billion of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of$0.3 billion . These liquidity sources as of March 31, 2023 represented163% of uninsured and uncollateralized deposits.
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
| FINANCIAL HIGHLIGHTS | |||||||||||||||
| (Amounts in thousands except per share data) | (Unaudited) | ||||||||||||||
| Quarterly Trends | |||||||||||||||
| 1Q'23 | 4Q'22 | 3Q'22 | 2Q'22 | 1Q'22 | |||||||||||
| Selected balance sheet data: | |||||||||||||||
| Total assets | $ | 15,255,408 | $ | 12,145,762 | $ | 10,345,235 | $ | 10,811,704 | $ | 10,904,817 | |||||
| Gross loans | 10,134,395 | 8,144,724 | 6,690,845 | 6,541,548 | 6,451,217 | ||||||||||
| Total deposits | 12,309,701 | 9,981,595 | 8,765,414 | 9,188,953 | 9,243,768 | ||||||||||
| Performance measures: | |||||||||||||||
| Net income | $ | 11,827 | $ | 23,927 | $ | 29,237 | $ | 32,755 | $ | 20,588 | |||||
| Net interest margin | 4.31 | % | 4.36 | % | 3.67 | % | 3.38 | % | 3.25 | % | |||||
| Pre-tax pre-provision earnings1 | 46,321 | 45,999 | 43,143 | 42,580 | 33,095 | ||||||||||
| Average diluted shares outstanding | 80,717 | 71,374 | 61,961 | 61,923 | 61,704 | ||||||||||
| Diluted earnings per share (EPS) | $ | 0.15 | $ | 0.34 | $ | 0.47 | $ | 0.53 | $ | 0.33 | |||||
| Return on (annualized): | |||||||||||||||
| Average assets (ROA) | 0.34 | % | 0.78 | % | 1.10 | % | 1.21 | % | 0.79 | % | |||||
| Average tangible assets (ROTA)2 | 0.52 | 0.94 | 1.17 | 1.29 | 0.85 | ||||||||||
| Average tangible common equity | 5.96 | 10.36 | 11.53 | 13.01 | 8.02 | ||||||||||
| Tangible common equity to tangible assets2 | 8.36 | 9.08 | 9.79 | 9.74 | 9.89 | ||||||||||
| Tangible book value per share2 | $ | 14.25 | $ | 14.69 | $ | 15.98 | $ | 16.66 | $ | 17.12 | |||||
| Efficiency ratio | 65.43 | % | 63.39 | % | 57.13 | % | 56.22 | % | 62.33 | % | |||||
| Adjusted operating measures1: | |||||||||||||||
| Adjusted net income | $ | 29,241 | $ | 39,926 | $ | 32,837 | $ | 36,327 | $ | 27,056 | |||||
| Adjusted pre-tax pre-provision earnings | 71,081 | 66,649 | 48,989 | 46,397 | 41,737 | ||||||||||
| Adjusted diluted EPS | 0.36 | 0.56 | 0.53 | 0.59 | 0.44 | ||||||||||
| Adjusted ROTA2 | 0.90 | % | 1.36 | % | 1.27 | % | 1.38 | % | 1.06 | % | |||||
| Adjusted ROTCE2 | 10.34 | 15.05 | 12.48 | 13.97 | 10.01 | ||||||||||
| Adjusted efficiency ratio | 53.10 | 51.52 | 53.28 | 53.15 | 54.86 | ||||||||||
| Net adjusted noninterest expense as a percent of average tangible assets2 | 2.47 | 2.42 | 2.16 | 2.00 | 1.99 | ||||||||||
| Other data: | |||||||||||||||
| Market capitalization3 | $ | 2,005,241 | $ | 2,233,761 | $ | 1,858,429 | $ | 2,028,996 | $ | 2,144,586 | |||||
| Full-time equivalent employees | 1,650 | 1,490 | 1,156 | 1,095 | 1,066 | ||||||||||
| Number of ATMs | 97 | 100 | 79 | 79 | 79 | ||||||||||
| Full-service banking offices | 83 | 78 | 58 | 58 | 58 | ||||||||||
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP.
2The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders' equity less intangible assets.
3Common shares outstanding multiplied by closing bid price on last day of each period.
OTHER INFORMATION
Conference Call Information
Seacoast will host a conference call April 28th, 2023 at 10:00 a.m. Eastern Time, to discuss the first quarter 2023 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 949-8476. Charts will be used during the conference call and may be accessed at Seacoast’s website at www.SeacoastBanking.com by selecting “Presentations” under the heading “News/Events.” Additionally, a recording of the call will be made available to individuals shortly after the conference call and can be accessed via a link at www.SeacoastBanking.com under the heading “Corporate Information.” The recording will be available for one year.
About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) is one of the largest community banks headquartered in Florida with approximately
Tracey L. Dexter
Chief Financial Officer
Seacoast Banking Corporation of Florida
(772) 403-0461
Cautionary Notice Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in the Company’s markets, and improvements to reported earnings that may be realized from cost controls, tax law changes, new initiatives and for integration of banks that the Company has acquired, including Professional Holding Corp., or expects to acquire, as well as statements with respect to Seacoast's objectives, strategic plans, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.
Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates and intentions about future performance and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance or achievements of Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) or its wholly-owned banking subsidiary, Seacoast National Bank (“Seacoast Bank”), to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. You should not expect the Company to update any forward-looking statements.
All statements other than statements of historical fact could be forward-looking statements. You can identify these forward-looking statements through the use of words such as "may", "will", "anticipate", "assume", "should", "support", "indicate", "would", "believe", "contemplate", "expect", "estimate", "continue", "further", "plan", "point to", "project", "could", "intend", "target" or other similar words and expressions of the future. These forward- looking statements may not be realized due to a variety of factors, including, without limitation: the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of inflationary pressures, changes in interest rates, slowdowns in economic growth, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior (including the velocity of loan repayment) and credit risk as a result of the foregoing; potential impacts of the recent adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes, including those that impact the money supply and inflation and the possibility that the U.S. could default on its debt obligations; the risks of changes in interest rates on the level and composition of deposits (as well as the cost of, and competition for, deposits), loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities; interest rate risks, sensitivities and the shape of the yield curve; changes in accounting policies, rules and practices; changes in retail distribution strategies, customer preferences and behavior generally and as a result of economic factors; changes in the availability and cost of credit and capital in the financial markets; changes in the prices, values and sales volumes of residential and commercial real estate; the Company’s concentration in commercial real estate loans and in real estate collateral in Florida; Seacoast’s ability to comply with any regulatory requirements; the effects of problems encountered by other financial institutions that adversely affect Seacoast or the banking industry; inaccuracies or other failures from the use of models, including the failure of assumptions and estimates, as well as differences in, and changes to, economic, market and credit conditions; the impact on the valuation of Seacoast’s investments due to market volatility or counterparty payment risk, as well as the effect of a decline in stock market prices on our fee income from our wealth management business; statutory and regulatory dividend restrictions; increases in regulatory capital requirements for banking organizations generally; the risks of mergers, acquisitions and divestitures, including Seacoast’s ability to continue to identify acquisition targets, successfully acquire and integrate desirable financial institutions and realize expected revenues and revenue synergies; changes in technology or products that may be more difficult, costly, or less effective than anticipated; the Company’s ability to identify and address increased cybersecurity risks; fraud or misconduct by internal or external parties, which Seacoast may not be able to prevent, detect or mitigate; inability of Seacoast’s risk management framework to manage risks associated with the Company’s business; dependence on key suppliers or vendors to obtain equipment or services for the business on acceptable terms, including the impact of supply chain disruptions; reduction in or the termination of Seacoast’s ability to use the online- or mobile-based platform that is critical to the Company’s business growth strategy; the effects of war or other conflicts, including the impacts related to or resulting from Russia’s military action in Ukraine, acts of terrorism, natural disasters, including hurricanes in the Company’s footprint, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions; unexpected outcomes of and the costs associated with, existing or new litigation involving the Company, including as a result of the Company’s participation in the Paycheck Protection Program (“PPP”); Seacoast’s ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions; the risks that deferred tax assets could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated and sales of capital stock could trigger a reduction in the amount of net operating loss carryforwards that the Company may be able to utilize for income tax purposes; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in the Company’s market areas and elsewhere, including institutions operating regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; the failure of assumptions underlying the establishment of reserves for possible credit losses; risks related to environmental, social and governance (“ESG”) matters, the scope and pace of which could alter Seacoast’s reputation and shareholder, associate, customer and third-party affiliations.
The risks relating to the merger with Professional Holding Corp. include, without limitation: the diversion of management's time on issues related to the merger; unexpected transaction costs, including the costs of integrating operations; the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following the mergers being lower than expected; the risk of deposit and customer attrition; regulatory enforcement and litigation risk; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruptions, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in the Company’s annual report on Form 10-K for the year ended December 31, 2022 under "Special Cautionary Notice Regarding Forward- Looking Statements" and "Risk Factors", and otherwise in the Company’s SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at www.sec.gov.
| FINANCIAL HIGHLIGHTS | (Unaudited) | ||||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||||||||||||||
| Quarterly Trends | |||||||||||||||
| (Amounts in thousands, except ratios and per share data) | 1Q'23 | 4Q'22 | 3Q'22 | 2Q'22 | 1Q'22 | ||||||||||
| Summary of Earnings | |||||||||||||||
| Net income | $ | 11,827 | $ | 23,927 | $ | 29,237 | $ | 32,755 | $ | 20,588 | |||||
| Adjusted net income1 | 29,241 | 39,926 | 32,837 | 36,327 | 27,056 | ||||||||||
| Net interest income2 | 131,351 | 119,858 | 88,399 | 81,764 | 76,639 | ||||||||||
| Net interest margin2,3 | 4.31 | % | 4.36 | % | 3.67 | % | 3.38 | % | 3.25 | % | |||||
| Pre-tax pre-provision earnings1 | 46,321 | 45,999 | 43,143 | 42,580 | 33,095 | ||||||||||
| Adjusted pre-tax pre-provision earnings1 | 71,081 | 66,649 | 48,989 | 46,397 | 41,737 | ||||||||||
| Performance Ratios | |||||||||||||||
| Return on average assets-GAAP basis3 | 0.34 | % | 0.78 | % | 1.10 | % | 1.21 | % | 0.79 | % | |||||
| Return on average tangible assets-GAAP basis3,4 | 0.52 | 0.94 | 1.17 | 1.29 | 0.85 | ||||||||||
| Adjusted return on average tangible assets1,3,4 | 0.90 | 1.36 | 1.27 | 1.38 | 1.06 | ||||||||||
| Pre-tax pre-provision return on average tangible assets1,3,4 | 1.58 | 1.69 | 1.71 | 1.66 | 1.34 | ||||||||||
| Adjusted pre-tax pre-provision return on average tangible assets1,3,4 | 2.18 | 2.28 | 1.89 | 1.77 | 1.64 | ||||||||||
| Net adjusted noninterest expense to average tangible assets1,3,4 | 2.47 | 2.42 | 2.16 | 2.00 | 1.99 | ||||||||||
| Return on average shareholders' equity-GAAP basis3 | 2.53 | 6.03 | 8.60 | 9.73 | 5.96 | ||||||||||
| Return on average tangible common equity-GAAP basis3,4 | 5.96 | 10.36 | 11.53 | 13.01 | 8.02 | ||||||||||
| Adjusted return on average tangible common equity1,3,4 | 10.34 | 15.05 | 12.48 | 13.97 | 10.01 | ||||||||||
| Efficiency ratio5 | 65.43 | 63.39 | 57.13 | 56.22 | 62.33 | ||||||||||
| Adjusted efficiency ratio1 | 53.10 | 51.52 | 53.28 | 53.15 | 54.86 | ||||||||||
| Noninterest income to total revenue (excluding securities gains/losses) | 14.55 | 12.84 | 15.72 | 17.45 | 17.14 | ||||||||||
| Tangible common equity to tangible assets4 | 8.36 | 9.08 | 9.79 | 9.74 | 9.89 | ||||||||||
| Average loan-to-deposit ratio | 82.43 | 77.67 | 73.90 | 70.60 | 71.25 | ||||||||||
| End of period loan-to-deposit ratio | 82.35 | 81.63 | 76.35 | 71.34 | 70.01 | ||||||||||
| Per Share Data | |||||||||||||||
| Net income diluted-GAAP basis | $ | 0.15 | $ | 0.34 | $ | 0.47 | $ | 0.53 | $ | 0.33 | |||||
| Net income basic-GAAP basis | 0.15 | 0.34 | 0.48 | 0.53 | 0.34 | ||||||||||
| Adjusted earnings1 | 0.36 | 0.56 | 0.53 | 0.59 | 0.44 | ||||||||||
| Book value per share common | 24.24 | 22.45 | 20.95 | 21.65 | 22.15 | ||||||||||
| Tangible book value per share | 14.25 | 14.69 | 15.98 | 16.66 | 17.12 | ||||||||||
| Cash dividends declared | 0.17 | 0.17 | 0.17 | 0.17 | 0.13 | ||||||||||
| 1Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. 2Calculated on a fully taxable equivalent basis using amortized cost. 3These ratios are stated on an annualized basis and are not necessarily indicative of future periods. 4The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders' equity less intangible assets. 5Defined as noninterest expense less amortization of intangibles and gains, losses, and expenses on foreclosed properties divided by net operating revenue (net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains and losses). | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | (Unaudited) | ||||||||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||||||||||||||||||
| Quarterly Trends | |||||||||||||||||||
| (Amounts in thousands, except per share data) | 1Q'23 | 4Q'22 | 3Q'22 | 2Q'22 | 1Q'22 | ||||||||||||||
| Interest on securities: | |||||||||||||||||||
| Taxable | $ | 19,244 | $ | 18,530 | $ | 15,653 | $ | 12,387 | $ | 10,041 | |||||||||
| Nontaxable | 105 | 130 | 138 | 138 | 140 | ||||||||||||||
| Interest and fees on loans | 135,168 | 105,322 | 73,970 | 69,307 | 67,118 | ||||||||||||||
| Interest on federal funds sold and other investments | 3,474 | 3,127 | 1,643 | 1,917 | 933 | ||||||||||||||
| Total Interest Income | 157,991 | 127,109 | 91,404 | 83,749 | 78,232 | ||||||||||||||
| Interest on deposits | 16,033 | 3,934 | 1,623 | 994 | 767 | ||||||||||||||
| Interest on time certificates | 5,552 | 1,358 | 380 | 436 | 468 | ||||||||||||||
| Interest on borrowed money | 5,254 | 2,108 | 1,117 | 672 | 475 | ||||||||||||||
| Total Interest Expense | 26,839 | 7,400 | 3,120 | 2,102 | 1,710 | ||||||||||||||
| Net Interest Income | 131,152 | 119,709 | 88,284 | 81,647 | 76,522 | ||||||||||||||
| Provision for credit losses | 31,598 | 14,129 | 4,676 | 822 | 6,556 | ||||||||||||||
| Net Interest Income After Provision for Credit Losses | 99,554 | 105,580 | 83,608 | 80,825 | 69,966 | ||||||||||||||
| Noninterest income: | |||||||||||||||||||
| Service charges on deposit accounts | 4,242 | 3,996 | 3,504 | 3,408 | 2,801 | ||||||||||||||
| Interchange income | 4,694 | 4,650 | 4,138 | 4,255 | 4,128 | ||||||||||||||
| Wealth management income | 3,063 | 2,886 | 2,732 | 2,774 | 2,659 | ||||||||||||||
| Mortgage banking fees | 426 | 426 | 434 | 932 | 1,686 | ||||||||||||||
| Insurance agency income | 1,101 | 805 | — | — | — | ||||||||||||||
| SBA gains | 322 | 105 | 108 | 473 | 156 | ||||||||||||||
| BOLI income | 1,916 | 1,526 | 1,363 | 1,349 | 1,334 | ||||||||||||||
| Other | 6,574 | 3,239 | 4,186 | 4,073 | 3,061 | ||||||||||||||
| 22,338 | 17,633 | 16,465 | 17,264 | 15,825 | |||||||||||||||
| Securities gains (losses), net | 107 | 18 | (362 | ) | (300 | ) | (452 | ) | |||||||||||
| Total Noninterest Income | 22,445 | 17,651 | 16,103 | 16,964 | 15,373 | ||||||||||||||
| Noninterest expenses: | |||||||||||||||||||
| Salaries and wages | 47,616 | 45,405 | 28,420 | 28,056 | 28,219 | ||||||||||||||
| Employee benefits | 8,562 | 5,300 | 4,074 | 4,151 | 5,501 | ||||||||||||||
| Outsourced data processing costs | 14,553 | 9,918 | 5,393 | 6,043 | 6,156 | ||||||||||||||
| Telephone / data lines | 1,081 | 1,185 | 973 | 908 | 733 | ||||||||||||||
| Occupancy | 6,938 | 5,457 | 5,046 | 4,050 | 3,986 | ||||||||||||||
| Furniture and equipment | 2,267 | 1,944 | 1,462 | 1,588 | 1,426 | ||||||||||||||
| Marketing | 2,238 | 1,772 | 1,461 | 1,882 | 1,171 | ||||||||||||||
| Legal and professional fees | 7,479 | 9,174 | 3,794 | 2,946 | 4,789 | ||||||||||||||
| FDIC assessments | 1,443 | 889 | 760 | 699 | 789 | ||||||||||||||
| Amortization of intangibles | 6,727 | 4,763 | 1,446 | 1,446 | 1,446 | ||||||||||||||
| Foreclosed property expense and net loss (gain) on sale | 195 | (411 | ) | 9 | (968 | ) | (164 | ) | |||||||||||
| Provision for credit losses on unfunded commitments | 1,239 | — | 1015 | — | 142 | ||||||||||||||
| Other | 7,137 | 6,114 | 7,506 | 5,347 | 4,723 | ||||||||||||||
| Total Noninterest Expense | 107,475 | 91,510 | 61,359 | 56,148 | 58,917 | ||||||||||||||
| Income Before Income Taxes | 14,524 | 31,721 | 38,352 | 41,641 | 26,422 | ||||||||||||||
| Income taxes | 2,697 | 7,794 | 9,115 | 8,886 | 5,834 | ||||||||||||||
| Net Income | $ | 11,827 | $ | 23,927 | $ | 29,237 | $ | 32,755 | $ | 20,588 | |||||||||
| Per share of common stock: | |||||||||||||||||||
| Net income diluted | $ | 0.15 | $ | 0.34 | $ | 0.47 | $ | 0.53 | $ | 0.33 | |||||||||
| Net income basic | 0.15 | 0.34 | 0.48 | 0.53 | 0.34 | ||||||||||||||
| Cash dividends declared | 0.17 | 0.17 | 0.17 | 0.17 | 0.13 | ||||||||||||||
| Average diluted shares outstanding | 80,717 | 71,374 | 61,961 | 61,923 | 61,704 | ||||||||||||||
| Average basic shares outstanding | 80,151 | 70,770 | 61,442 | 61,409 | 61,127 | ||||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | (Unaudited) | ||||||||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
| (Amounts in thousands) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||||||||||||
| Assets | |||||||||||||||||||
| Cash and due from banks | $ | 180,607 | $ | 120,748 | $ | 176,463 | $ | 363,343 | $ | 351,128 | |||||||||
| Interest bearing deposits with other banks | 610,636 | 81,192 | 42,152 | 538,025 | 871,387 | ||||||||||||||
| Total Cash and Cash Equivalents | 791,243 | 201,940 | 218,615 | 901,368 | 1,222,515 | ||||||||||||||
| Time deposits with other banks | 3,236 | 3,236 | 4,481 | 4,730 | 5,975 | ||||||||||||||
| Debt Securities: | |||||||||||||||||||
| Available for sale (at fair value) | 2,015,967 | 1,871,742 | 1,860,734 | 1,800,791 | 1,706,619 | ||||||||||||||
| Held to maturity (at amortized cost) | 737,911 | 747,408 | 774,706 | 794,785 | 747,004 | ||||||||||||||
| Total Debt Securities | 2,753,878 | 2,619,150 | 2,635,440 | 2,595,576 | 2,453,623 | ||||||||||||||
| Loans held for sale | 2,838 | 3,151 | 1,620 | 14,205 | 20,615 | ||||||||||||||
| Loans | 10,134,395 | 8,144,724 | 6,690,845 | 6,541,548 | 6,451,217 | ||||||||||||||
| Less: Allowance for credit losses | (155,640 | ) | (113,895 | ) | (95,329 | ) | (90,769 | ) | (89,838 | ) | |||||||||
| Net Loans | 9,978,755 | 8,030,829 | 6,595,516 | 6,450,779 | 6,361,379 | ||||||||||||||
| Bank premises and equipment, net | 116,522 | 116,892 | 81,648 | 74,784 | 74,617 | ||||||||||||||
| Other real estate owned | 7,756 | 2,301 | 2,419 | 2,419 | 11,567 | ||||||||||||||
| Goodwill | 728,396 | 480,319 | 286,606 | 286,606 | 286,606 | ||||||||||||||
| Other intangible assets, net | 117,409 | 75,451 | 18,583 | 20,062 | 21,549 | ||||||||||||||
| Bank owned life insurance | 292,545 | 237,824 | 209,087 | 207,724 | 206,375 | ||||||||||||||
| Net deferred tax assets | 124,301 | 94,457 | 83,139 | 60,080 | 47,222 | ||||||||||||||
| Other assets | 338,529 | 280,212 | 208,081 | 193,371 | 192,774 | ||||||||||||||
| Total Assets | $ | 15,255,408 | $ | 12,145,762 | $ | 10,345,235 | $ | 10,811,704 | $ | 10,904,817 | |||||||||
| Liabilities and Shareholders' Equity | |||||||||||||||||||
| Liabilities | |||||||||||||||||||
| Deposits | |||||||||||||||||||
| Noninterest demand | $ | 4,554,509 | $ | 4,070,973 | $ | 3,529,489 | $ | 3,593,201 | $ | 3,522,700 | |||||||||
| Interest-bearing demand | 2,676,320 | 2,337,590 | 2,170,251 | 2,269,148 | 2,253,562 | ||||||||||||||
| Savings | 940,702 | 1,064,392 | 938,081 | 946,738 | 937,839 | ||||||||||||||
| Money market | 2,893,128 | 1,985,974 | 1,700,737 | 1,911,847 | 1,999,027 | ||||||||||||||
| Other time certificates | 598,483 | 369,389 | 312,840 | 350,571 | 397,491 | ||||||||||||||
| Brokered time certificates | 371,392 | 3,798 | — | — | — | ||||||||||||||
| Time certificates of more than | 275,167 | 149,479 | 114,016 | 117,448 | 133,149 | ||||||||||||||
| Total Deposits | 12,309,701 | 9,981,595 | 8,765,414 | 9,188,953 | 9,243,768 | ||||||||||||||
| Securities sold under agreements to repurchase | 267,606 | 172,029 | 94,191 | 110,578 | 120,922 | ||||||||||||||
| Federal Home Loan Bank borrowings | 385,000 | 150,000 | — | — | — | ||||||||||||||
| Subordinated debt, net | 105,804 | 84,533 | 71,857 | 71,786 | 71,716 | ||||||||||||||
| Other liabilities | 136,213 | 149,830 | 125,971 | 110,812 | 112,126 | ||||||||||||||
| Total Liabilities | 13,204,324 | 10,537,987 | 9,057,433 | 9,482,129 | 9,548,532 | ||||||||||||||
| Shareholders' Equity | |||||||||||||||||||
| Common stock | 8,461 | 7,162 | 6,148 | 6,141 | 6,124 | ||||||||||||||
| Additional paid in capital | 1,803,898 | 1,377,802 | 1,068,241 | 1,065,167 | 1,062,462 | ||||||||||||||
| Retained earnings | 421,271 | 423,863 | 412,166 | 393,431 | 371,192 | ||||||||||||||
| Treasury stock | (13,113 | ) | (13,019 | ) | (11,539 | ) | (11,632 | ) | (10,459 | ) | |||||||||
| 2,220,517 | 1,795,808 | 1,475,016 | 1,453,107 | 1,429,319 | |||||||||||||||
| Accumulated other comprehensive (loss) income, net | (169,433 | ) | (188,033 | ) | (187,214 | ) | (123,532 | ) | (73,034 | ) | |||||||||
| Total Shareholders' Equity | 2,051,084 | 1,607,775 | 1,287,802 | 1,329,575 | 1,356,285 | ||||||||||||||
| Total Liabilities & Shareholders' Equity | $ | 15,255,408 | $ | 12,145,762 | $ | 10,345,235 | $ | 10,811,704 | $ | 10,904,817 | |||||||||
| Common shares outstanding | 84,609 | 71,618 | 61,476 | 61,410 | 61,239 | ||||||||||||||
| CONSOLIDATED QUARTERLY FINANCIAL DATA | (Unaudited) | |||||||||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||||||||||
| (Amounts in thousands) | 1Q'23 | 4Q'22 | 3Q'22 | 2Q'22 | 1Q'22 | |||||||||||||||
| Credit Analysis | ||||||||||||||||||||
| Net charge-offs (recoveries) | $ | 3,188 | $ | 782 | $ | 103 | $ | (124 | ) | $ | 79 | |||||||||
| Net charge-offs (recoveries) to average loans | 0.14 | % | 0.04 | % | 0.01 | % | — | % | — | % | ||||||||||
| Allowance for Credit Losses | 155,640 | 113,895 | 95,329 | 90,769 | 89,838 | |||||||||||||||
| Non-acquired loans at end of period | 6,048,453 | 5,944,194 | 5,653,357 | 5,399,923 | 5,199,110 | |||||||||||||||
| Acquired loans at end of period | 4,085,942 | 2,200,530 | 1,037,488 | 1,141,625 | 1,252,107 | |||||||||||||||
| Total Loans | $ | 10,134,395 | $ | 8,144,724 | $ | 6,690,845 | $ | 6,541,548 | $ | 6,451,217 | ||||||||||
| Total allowance for credit losses to total loans at end of period | 1.54 | 1.40 | 1.42 | 1.39 | 1.39 | |||||||||||||||
| Purchase discount on acquired loans at end of period | 5.02 | 4.25 | 1.81 | 1.84 | 1.89 | |||||||||||||||
| End of Period | ||||||||||||||||||||
| Nonperforming loans | $ | 50,787 | $ | 28,843 | $ | 21,464 | $ | 26,442 | $ | 26,209 | ||||||||||
| Other real estate owned | 530 | 530 | 109 | 109 | 9,256 | |||||||||||||||
| Properties previously used in bank operations included in other real estate owned | 7,226 | 1,771 | 2,310 | 2,310 | 2,310 | |||||||||||||||
| Total Nonperforming Assets | $ | 58,543 | $ | 31,144 | $ | 23,883 | $ | 28,861 | $ | 37,775 | ||||||||||
| Nonperforming Loans to Loans at End of Period | 0.50 | % | 0.35 | % | 0.32 | % | 0.40 | % | 0.41 | % | ||||||||||
| Nonperforming Assets to Total Assets at End of Period | 0.38 | 0.26 | 0.23 | 0.27 | 0.35 | |||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
| Loans | 2023 | 2022 | 2022 | 2022 | 2022 | |||||||||||||||
| Construction and land development | $ | 757,835 | $ | 587,332 | $ | 361,913 | $ | 350,025 | $ | 259,421 | ||||||||||
| Commercial real estate - owner occupied | 1,652,491 | 1,478,302 | 1,253,459 | 1,254,343 | 1,284,515 | |||||||||||||||
| Commercial real estate - non-owner occupied1 | 3,412,051 | 2,589,774 | 2,107,614 | 1,972,540 | 1,966,150 | |||||||||||||||
| Residential real estate1 | 2,354,394 | 1,849,503 | 1,599,765 | 1,647,465 | 1,599,645 | |||||||||||||||
| Commercial and financial | 1,650,485 | 1,348,636 | 1,182,384 | 1,124,771 | 1,132,506 | |||||||||||||||
| Consumer | 301,740 | 286,587 | 180,416 | 175,201 | 169,724 | |||||||||||||||
| Paycheck Protection Program | 5,399 | 4,590 | 5,294 | 17,203 | 39,256 | |||||||||||||||
| Total Loans | $ | 10,134,395 | $ | 8,144,724 | $ | 6,690,845 | $ | 6,541,548 | $ | 6,451,217 | ||||||||||
| 1In 3Q'22, | ||||||||||||||||||||
| AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES1 | (Unaudited) | ||||||||||||||||||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||||||||||||||||||||||||||||
| 1Q'23 | 4Q'22 | 1Q'22 | |||||||||||||||||||||||||||
| Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||||||||||||||||||||
| (Amounts in thousands) | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||
| Earning assets: | |||||||||||||||||||||||||||||
| Securities: | |||||||||||||||||||||||||||||
| Taxable | $ | 2,700,122 | $ | 19,244 | 2.85 | % | $ | 2,680,813 | $ | 18,530 | 2.76 | % | $ | 2,406,399 | $ | 10,041 | 1.67 | % | |||||||||||
| Nontaxable | 16,271 | 131 | 3.22 | 20,246 | 164 | 3.24 | 24,042 | 177 | 2.94 | ||||||||||||||||||||
| Total Securities | 2,716,393 | 19,375 | 2.85 | 2,701,059 | 18,694 | 2.77 | 2,430,441 | 10,218 | 1.68 | ||||||||||||||||||||
| Federal funds sold | 106,778 | 1,294 | 4.91 | 155,815 | 1,410 | 3.59 | 738,588 | 350 | 0.19 | ||||||||||||||||||||
| Interest bearing deposits with other banks and other investments | 178,463 | 2,180 | 4.95 | 141,179 | 1,717 | 4.83 | 44,999 | 583 | 5.25 | ||||||||||||||||||||
| Loans excluding PPP loans | 9,363,873 | 135,329 | 5.86 | 7,905,843 | 105,398 | 5.29 | 6,276,964 | 65,675 | 4.24 | ||||||||||||||||||||
| PPP loans | 5,328 | 12 | 0.91 | 4,886 | 39 | 3.19 | 61,923 | 1,523 | 9.98 | ||||||||||||||||||||
| Total Loans | 9,369,201 | 135,341 | 5.86 | 7,910,729 | 105,437 | 5.29 | 6,338,887 | 67,198 | 4.3 | ||||||||||||||||||||
| Total Earning Assets | 12,370,835 | 158,190 | 5.19 | 10,908,782 | 127,258 | 4.63 | 9,552,915 | 78,349 | 3.33 | ||||||||||||||||||||
| Allowance for credit losses | (139,989 | ) | (109,509 | ) | (87,467 | ) | |||||||||||||||||||||||
| Cash and due from banks | 156,235 | 137,839 | 365,835 | ||||||||||||||||||||||||||
| Premises and equipment | 116,083 | 115,095 | 75,876 | ||||||||||||||||||||||||||
| Intangible assets | 750,694 | 521,412 | 304,321 | ||||||||||||||||||||||||||
| Bank owned life insurance | 274,517 | 237,062 | 205,500 | ||||||||||||||||||||||||||
| Other assets including deferred tax assets | 419,601 | 329,175 | 211,536 | ||||||||||||||||||||||||||
| Total Assets | $ | 13,947,976 | $ | 12,139,856 | $ | 10,628,516 | |||||||||||||||||||||||
| Liabilities and Shareholders' Equity | |||||||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||||
| Interest-bearing demand | $ | 2,452,113 | $ | 3,207 | 0.53 | % | $ | 2,303,324 | $ | 1,859 | 0.32 | % | $ | 2,097,383 | $ | 190 | 0.04 | % | |||||||||||
| Savings | 1,053,220 | 400 | 0.15 | 1,126,540 | 203 | 0.07 | 925,348 | 65 | 0.03 | ||||||||||||||||||||
| Money market | 2,713,224 | 12,426 | 1.86 | 1,980,870 | 1,872 | 0.37 | 1,976,660 | 512 | 0.11 | ||||||||||||||||||||
| Time deposits | 812,422 | 5,552 | 2.77 | 500,441 | 1,358 | 1.08 | 560,681 | 468 | 0.34 | ||||||||||||||||||||
| Securities sold under agreements to | 173,498 | 864 | 2.02 | 134,709 | 544 | 1.6 | 118,146 | 39 | 0.13 | ||||||||||||||||||||
| repurchase | |||||||||||||||||||||||||||||
| Federal Home Loan Bank borrowings | 282,444 | 2,776 | 3.99 | 40,712 | 330 | 3.22 | — | — | — | ||||||||||||||||||||
| Subordinated debt | 98,425 | 1,614 | 6.65 | 83,534 | 1,234 | 5.86 | 71,670 | 436 | 2.47 | ||||||||||||||||||||
| Total Interest-Bearing Liabilities | 7,585,346 | 26,839 | 1.43 | 6,170,130 | 7,400 | 0.48 | 5,749,888 | 1,710 | 0.12 | ||||||||||||||||||||
| Noninterest demand | 4,334,969 | 4,273,922 | 3,336,121 | ||||||||||||||||||||||||||
| Other liabilities | 130,616 | 122,100 | 141,972 | ||||||||||||||||||||||||||
| Total Liabilities | 12,050,931 | 10,566,152 | 9,227,981 | ||||||||||||||||||||||||||
| Shareholders' equity | 1,897,045 | 1,573,704 | 1,400,535 | ||||||||||||||||||||||||||
| Total Liabilities & Equity | $ | 13,947,976 | $ | 12,139,856 | $ | 10,628,516 | |||||||||||||||||||||||
| Cost of deposits | 0.77 | % | 0.21 | % | 0.06 | % | |||||||||||||||||||||||
| Interest expense as a % of earning assets | 0.88 | % | 0.27 | % | 0.07 | % | |||||||||||||||||||||||
| Net interest income as a % of earning assets | $ | 131,351 | 4.31 | % | $ | 119,858 | 4.36 | % | $ | 76,639 | 3.25 | % | |||||||||||||||||
| 1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. | |||||||||||||||||||||||||||||
| Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances. | |||||||||||||||||||||||||||||
| CONSOLIDATED QUARTERLY FINANCIAL DATA | (Unaudited) | ||||||||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||||||||||||||||||
| (Amounts in thousands) | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | ||||||||||||||
| Customer Relationship Funding | |||||||||||||||||||
| Noninterest demand | |||||||||||||||||||
| Commercial | $ | 3,622,441 | $ | 3,148,778 | $ | 2,827,591 | $ | 2,945,445 | $ | 2,939,595 | |||||||||
| Retail | 673,686 | 764,274 | 447,848 | 464,214 | 458,809 | ||||||||||||||
| Public funds | 194,977 | 112,553 | 210,662 | 143,075 | 86,419 | ||||||||||||||
| Other | 63,405 | 45,368 | 43,388 | 40,467 | 37,877 | ||||||||||||||
| Total Noninterest Demand | 4,554,509 | 4,070,973 | 3,529,489 | 3,593,201 | 3,522,700 | ||||||||||||||
| Interest-bearing demand | |||||||||||||||||||
| Commercial | 1,233,845 | 886,894 | 759,286 | 769,948 | 610,109 | ||||||||||||||
| Retail | 1,209,664 | 1,191,192 | 1,199,112 | 1,207,698 | 1,392,490 | ||||||||||||||
| Brokered | 44,474 | 54,777 | 81,799 | — | — | ||||||||||||||
| Public funds | 188,337 | 204,727 | 130,054 | 291,502 | 250,963 | ||||||||||||||
| Total Interest-Bearing Demand | 2,676,320 | 2,337,590 | 2,170,251 | 2,269,148 | 2,253,562 | ||||||||||||||
| Total transaction accounts | |||||||||||||||||||
| Commercial | 4,856,286 | 4,035,672 | 3,586,877 | 3,715,393 | 3,549,704 | ||||||||||||||
| Retail | 1,883,350 | 1,955,466 | 1,646,960 | 1,671,912 | 1,851,299 | ||||||||||||||
| Brokered | 44,474 | 54,777 | 81,799 | — | — | ||||||||||||||
| Public funds | 383,314 | 317,280 | 340,716 | 434,577 | 337,382 | ||||||||||||||
| Other | 63,405 | 45,368 | 43,388 | 40,467 | 37,877 | ||||||||||||||
| Total Transaction Accounts | 7,230,829 | 6,408,563 | 5,699,740 | 5,862,349 | 5,776,262 | ||||||||||||||
| Savings | |||||||||||||||||||
| Commercial | 108,023 | 91,943 | 71,807 | 70,090 | 68,909 | ||||||||||||||
| Retail | 832,679 | 972,449 | 866,274 | 876,648 | 868,930 | ||||||||||||||
| Total Savings | 940,702 | 1,064,392 | 938,081 | 946,738 | 937,839 | ||||||||||||||
| Money market | |||||||||||||||||||
| Commercial | 1,542,220 | 932,518 | 788,009 | 819,452 | 856,117 | ||||||||||||||
| Retail | 1,279,712 | 984,561 | 857,914 | 914,918 | 931,702 | ||||||||||||||
| Brokered | — | — | — | 106,823 | 126,168 | ||||||||||||||
| Public funds | 71,196 | 68,895 | 54,814 | 70,654 | 85,040 | ||||||||||||||
| Total Money Market | 2,893,128 | 1,985,974 | 1,700,737 | 1,911,847 | 1,999,027 | ||||||||||||||
| Brokered time certificates | 371,392 | 3,798 | — | — | — | ||||||||||||||
| Other time certificates | 873,650 | 518,868 | 426,856 | 468,019 | 530,640 | ||||||||||||||
| 1,245,042 | 522,666 | 426,856 | 468,019 | 530,640 | |||||||||||||||
| Total Deposits | $ | 12,309,701 | $ | 9,981,595 | $ | 8,765,414 | $ | 9,188,953 | $ | 9,243,768 | |||||||||
| Customer sweep accounts | 267,606 | 172,029 | 94,191 | 110,578 | 120,922 | ||||||||||||||
Explanation of Certain Unaudited Non-GAAP Financial Measures
This presentation contains financial information determined by methods other than Generally Accepted Accounting Principles (“GAAP”). Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance. The Company believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance and if not provided would be requested by the investor community. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might define or calculate these measures differently. The Company provides reconciliations between GAAP and these non-GAAP measures. These disclosures should not be considered an alternative to GAAP.
| GAAP TO NON-GAAP RECONCILIATION | (Unaudited) | ||||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||||||||||||||
| Quarterly Trends | |||||||||||||||
| (Amounts in thousands, except per share data) | 1Q'23 | 4Q'22 | 3Q'22 | 2Q'22 | 1Q'22 | ||||||||||
| Net Income | $ | 11,827 | $ | 23,927 | $ | 29,237 | $ | 32,755 | $ | 20,588 | |||||
| Total noninterest income | 22,445 | 17,651 | 16,103 | 16,964 | 15,373 | ||||||||||
| Securities losses (gains), net | (107 | ) | (18 | ) | 362 | 300 | 452 | ||||||||
| BOLI benefits on death (included in other income) | (2,117 | ) | — | — | — | — | |||||||||
| Total Adjustments to Noninterest Income | (2,224 | ) | (18 | ) | 362 | 300 | 452 | ||||||||
| Total Adjusted Noninterest Income | 20,221 | 17,633 | 16,465 | 17,264 | 15,825 | ||||||||||
| Total noninterest expense | 107,475 | 91,510 | 61,359 | 56,148 | 58,917 | ||||||||||
| Salaries and wages | (4,240 | ) | (5,680 | ) | — | (652 | ) | (2,953 | ) | ||||||
| Outsourced data processing costs | (6,551 | ) | (2,582 | ) | — | (420 | ) | (632 | ) | ||||||
| Legal and professional fees | (4,789 | ) | (6,485 | ) | (1,791 | ) | (1,381 | ) | (2,883 | ) | |||||
| Other categories | (1,952 | ) | (1,393 | ) | (263 | ) | (586 | ) | (224 | ) | |||||
| Total merger related charges | (17,532 | ) | (16,140 | ) | (2,054 | ) | (3,039 | ) | (6,692 | ) | |||||
| Amortization of intangibles | (6,727 | ) | (4,763 | ) | (1,446 | ) | (1,446 | ) | (1,446 | ) | |||||
| Branch reductions and other expense initiatives | (1,291 | ) | (176 | ) | (960 | ) | — | (74 | ) | ||||||
| Total Adjustments to Noninterest Expense | (25,550 | ) | (21,079 | ) | (4,460 | ) | (4,485 | ) | (8,212 | ) | |||||
| Total Adjusted Noninterest Expense | 81,925 | 70,431 | 56,899 | 51,663 | 50,705 | ||||||||||
| Income Taxes | 2,697 | 7,794 | 9,115 | 8,886 | 5,834 | ||||||||||
| Tax effect of adjustments | 5,912 | 5,062 | 1,222 | 1,213 | 2,196 | ||||||||||
| Adjusted Income Taxes | 8,609 | 12,856 | 10,337 | 10,099 | 8,030 | ||||||||||
| Adjusted Net Income | $ | 29,241 | $ | 39,926 | $ | 32,837 | $ | 36,327 | $ | 27,056 | |||||
| Earnings per diluted share, as reported | $ | 0.15 | $ | 0.34 | $ | 0.47 | $ | 0.53 | $ | 0.33 | |||||
| Adjusted Earnings per Diluted Share | 0.36 | 0.56 | 0.53 | 0.59 | 0.44 | ||||||||||
| Average diluted shares outstanding | 80,717 | 71,374 | 61,961 | 61,923 | 61,704 | ||||||||||
| Adjusted Noninterest Expense | $ | 81,925 | $ | 70,431 | $ | 56,899 | $ | 51,663 | $ | 50,705 | |||||
| Provision for credit losses on unfunded commitments | (1,239 | ) | — | (1,015 | ) | — | (142 | ) | |||||||
| Foreclosed property expense and net loss (gain) on sale | (195 | ) | 411 | (9 | ) | 968 | 164 | ||||||||
| Net Adjusted Noninterest Expense | $ | 80,491 | $ | 70,842 | $ | 55,875 | $ | 52,631 | $ | 50,727 | |||||
| Revenue | $ | 153,597 | $ | 137,360 | $ | 104,387 | $ | 98,611 | $ | 91,895 | |||||
| Total Adjustments to Revenue | (2,224 | ) | (18 | ) | 362 | 300 | 452 | ||||||||
| Impact of FTE adjustment | 199 | 149 | 115 | 117 | 117 | ||||||||||
| Adjusted Revenue on a fully taxable equivalent basis | $ | 151,572 | $ | 137,491 | $ | 104,864 | $ | 99,028 | $ | 92,464 | |||||
| Adjusted Efficiency Ratio | 53.10 | % | 51.52 | % | 53.28 | % | 53.15 | % | 54.86 | % | |||||
| Net Interest Income | $ | 131,152 | $ | 119,709 | $ | 88,284 | $ | 81,647 | $ | 76,522 | |||||
| Impact of FTE adjustment | 199 | 149 | 115 | 117 | 117 | ||||||||||
| Net Interest Income including FTE adjustment | $ | 131,351 | $ | 119,858 | $ | 88,399 | $ | 81,764 | $ | 76,639 | |||||
| Total noninterest income | 22,445 | 17,651 | 16,103 | 16,964 | 15,373 | ||||||||||
| Total noninterest expense | 107,475 | 91,510 | 61,359 | 56,148 | 58,917 | ||||||||||
| Pre-Tax Pre-Provision Earnings | $ | 46,321 | $ | 45,999 | $ | 43,143 | $ | 42,580 | $ | 33,095 | |||||
| Total Adjustments to Noninterest Income | (2,224 | ) | (18 | ) | 362 | 300 | 452 | ||||||||
| Total Adjustments to Noninterest Expense | (26,984 | ) | (20,668 | ) | (5,484 | ) | (3,517 | ) | (8,190 | ) | |||||
| Adjusted Pre-Tax Pre-Provision Earnings | $ | 71,081 | $ | 66,649 | $ | 48,989 | $ | 46,397 | $ | 41,737 | |||||
| Average Assets | $ | 13,947,976 | $ | 12,139,856 | $ | 10,585,338 | $ | 10,840,518 | $ | 10,628,516 | |||||
| Less average goodwill and intangible assets | (750,694 | ) | (521,412 | ) | (305,935 | ) | (307,411 | ) | (304,321 | ) | |||||
| Average Tangible Assets | $ | 13,197,282 | $ | 11,618,444 | $ | 10,279,403 | $ | 10,533,107 | $ | 10,324,195 | |||||
| GAAP TO NON-GAAP RECONCILIATION | (Unaudited) | ||||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||||||||||||||
| Quarterly Trends | |||||||||||||||
| (Amounts in thousands, except per share data) | 1Q'23 | 4Q'22 | 3Q'22 | 2Q'22 | 1Q'22 | ||||||||||
| Return on Average Assets (ROA) | 0.34 | % | 0.78 | % | 1.10 | % | 1.21 | % | 0.79 | % | |||||
| Impact of removing average intangible assets and related amortization | 0.18 | 0.16 | 0.07 | 0.08 | 0.06 | ||||||||||
| Return on Average Tangible Assets (ROTA) | 0.52 | 0.94 | 1.17 | 1.29 | 0.85 | ||||||||||
| Impact of other adjustments for Adjusted Net Income | 0.38 | 0.42 | 0.10 | 0.09 | 0.21 | ||||||||||
| Adjusted Return on Average Tangible Assets | 0.09 | 1.36 | 1.27 | 1.38 | 1.06 | ||||||||||
| Pre-Tax Pre-Provision return on Average Tangible Assets | 1.58 | % | 1.69 | % | 1.71 | % | 1.66 | % | 1.34 | % | |||||
| Impact of adjustments on Pre-Tax Pre-Provision earnings | 0.60 | 0.59 | 0.18 | 0.11 | 0.30 | ||||||||||
| Adjusted Pre-Tax Pre-Provision Return on Tangible Assets | 2.18 | 2.28 | 1.89 | 1.77 | 1.64 | ||||||||||
| Average Shareholders' Equity | $ | 1,897,045 | $ | 1,573,704 | $ | 1,349,475 | $ | 1,350,568 | $ | 1,400,535 | |||||
| Less average goodwill and intangible assets | (750,694 | ) | (521,412 | ) | (305,935 | ) | (307,411 | ) | (304,321 | ) | |||||
| Average Tangible Equity | $ | 1,146,351 | $ | 1,052,292 | $ | 1,043,540 | $ | 1,043,157 | $ | 1,096,214 | |||||
| Return on Average Shareholders' Equity | 2.53 | % | 6.03 | % | 8.60 | % | 9.73 | % | 5.96 | % | |||||
| Impact of removing average intangible assets and related amortization | 3.43 | 4.33 | 2.93 | 3.28 | 2.06 | ||||||||||
| Return on Average Tangible Common Equity (ROTCE) | 5.96 | 10.36 | 11.53 | 13.01 | 8.02 | ||||||||||
| Impact of other adjustments for Adjusted Net Income | 4.38 | 4.69 | 0.95 | 0.96 | 1.99 | ||||||||||
| Adjusted Return on Average Tangible Common Equity | 10.34 | 15.05 | 12.48 | 13.97 | 10.01 | ||||||||||
| Loan interest income1 | $ | 135,341 | $ | 105,437 | $ | 74,050 | $ | 69,388 | $ | 67,198 | |||||
| Accretion on acquired loans (15,942) | (15,942 | ) | (9,710 | ) | (2,242 | ) | (2,720 | ) | (3,717 | ) | |||||
| Loan interest income excluding accretion on acquired loans | $ | 119,399 | $ | 95,727 | $ | 71,808 | $ | 66,668 | $ | 63,481 | |||||
| Yield on loans1 | 5.86 | 5.29 | 4.45 | 4.29 | 4.30 | ||||||||||
| Impact of accretion on acquired loans | (0.69 | ) | (0.49 | ) | (0.14 | ) | (0.16 | ) | (0.24 | ) | |||||
| Yield on loans excluding accretion on acquired loans | 5.17 | % | 4.80 | % | 4.31 | % | 4.13 | % | 4.06 | % | |||||
| Net Interest Income1 | $ | 131,351 | $ | 119,858 | $ | 88,399 | $ | 81,764 | $ | 76,639 | |||||
| Accretion on acquired loans | (15,942 | ) | (9,710 | ) | (2,242 | ) | (2,720 | ) | (3,717 | ) | |||||
| Net interest income excluding accretion on acquired loans | $ | 115,409 | $ | 110,148 | $ | 86,157 | $ | 79,044 | $ | 72,922 | |||||
| Net Interest Margin | 4.31 | 4.36 | 3.67 | 3.38 | 3.25 | ||||||||||
| Impact of accretion on acquired loans | (0.53 | ) | (0.35 | ) | (0.09 | ) | (0.12 | ) | (0.15 | ) | |||||
| Net interest margin excluding accretion on acquired loans | 3.78 | % | 4.01 | % | 3.58 | % | 3.26 | % | 3.10 | % | |||||
| Security interest income1 | $ | 19,375 | $ | 18,694 | $ | 15,827 | $ | 12,562 | $ | 10,218 | |||||
| Tax equivalent adjustment on securities | (26 | ) | (34 | ) | (35 | ) | (36 | ) | (37 | ) | |||||
| Security interest income excluding tax equivalent adjustment | $ | 19,349 | $ | 18,660 | $ | 15,792 | $ | 12,526 | $ | 10,181 | |||||
| Loan interest income1 | $ | 135,341 | $ | 105,437 | $ | 74,050 | $ | 69,388 | $ | 67,198 | |||||
| Tax equivalent adjustment on loans | (173 | ) | (115 | ) | (80 | ) | (81 | ) | (80 | ) | |||||
| Loan interest income excluding tax equivalent adjustment | $ | 135,168 | $ | 105,322 | $ | 73,970 | $ | 69,307 | $ | 67,118 | |||||
| Net Interest Income1 | $ | 131,351 | $ | 119,858 | $ | 88,399 | $ | 81,764 | $ | 76,639 | |||||
| Tax equivalent adjustment on securities | (26 | ) | (34 | ) | (35 | ) | (36 | ) | (37 | ) | |||||
| Tax equivalent adjustment on loans | (173 | ) | (115 | ) | (80 | ) | (81 | ) | (80 | ) | |||||
| Net interest income excluding tax equivalent adjustment | $ | 131,152 | $ | 119,709 | $ | 88,284 | $ | 81,647 | $ | 76,522 | |||||
| 1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. | |||||||||||||||
