Well-Positioned Balance Sheet with
Organic Deposit Growth Highlights Third Quarter Results
Adjusted net income1 for the third quarter of 2023 was
Pre-tax pre-provision earnings1 were
For the third quarter of 2023, return on average tangible assets was 1.04% and return on average tangible shareholders' equity was 11.90%, compared to 1.06% and 12.08%, respectively, in the prior quarter, and 1.17% and 11.53%, respectively, in the prior year quarter. Adjusted return on average tangible assets1 in the third quarter of 2023 was 1.12% and adjusted return on average tangible shareholders' equity1 was 12.79%, compared to 1.41% and 16.08%, respectively, in the prior quarter, and 1.27% and 12.48%, respectively, in the prior year quarter. For the nine months ended
Shaffer added, “We continue to maintain strong credit quality, with non-performing loans declining from the prior quarter. Our balance sheet remains robust, with a Tier 1 capital ratio of 13.9% as of
Shaffer concluded, "Given the backdrop of an inverted yield curve and slowing economic conditions, we are managing overhead carefully and completed our previously announced reduction in force late in the third quarter. We will continue to position the Company prudently and manage overhead appropriately for the current operating environment.”
Financial Results
Income Statement
- Net income was
$31.4 million , or$0.37 per diluted share, for the third quarter of 2023 compared to net income of$31.2 million , or$0.37 per diluted share, for the prior quarter, and$29.2 million , or$0.47 per diluted share, for the prior year quarter. For the nine months endedSeptember 30, 2023 , net income was$74.5 million , or$0.89 per diluted share, compared to$82 .6 million, or$1.33 per diluted share, for the nine months endedSeptember 30, 2022 . The results for the nine months endedSeptember 30, 2023 included the$26 .6 million day-1 provision for credit losses on loans acquired in theProfessional Bank acquisition. Adjusted net income1 for the third quarter of 2023 was$39.7 million , or$0.46 per diluted share, compared to$49.2 million , or$0.58 per diluted share, for the prior quarter, and$32.8 million , or$0.53 per diluted share, for the prior year quarter. For the nine months endedSeptember 30, 2023 , adjusted net income1 was$118.2 million , or$1.41 per diluted share, compared to$96.2 million , or$1.56 per diluted share, for the nine months endedSeptember 30, 2022 . - Net revenues were
$137.1 million in the third quarter of 2023, a decrease of$11.4 million , or 8%, compared to the prior quarter, and an increase of$32.7 million , or 31%, compared to the prior year quarter. For the nine months endedSeptember 30, 2023 , net revenues were$439.2 million , an increase of$144.3 million , or 49%, compared to the nine months endedSeptember 30, 2022 . Adjusted revenues1 were$137.5 million in the third quarter of 2023, a decrease of$11.2 million , or 8%, compared to the prior quarter, and an increase of$32.7 million , or 31%, compared to the prior year quarter. For the nine months endedSeptember 30, 2023 , adjusted revenues1 were$437.6 million , an increase of$141.6 million , or 48%, compared to the nine months endedSeptember 30, 2022 . - Pre-tax pre-provision earnings1 were
$43.4 million in the third quarter of 2023, an increase of 6% compared to the second quarter of 2023 and an increase of 1% compared to the third quarter of 2022. Pre-tax pre-provision earnings1 for the nine months endedSeptember 30, 2023 were$130.6 million , an increase of$11.7 million , or 10%, when compared to the nine months endedSeptember 30, 2022 . Adjusted pre-tax pre-provision earnings1 were$54.8 million in the third quarter of 2023, a decrease of 15% compared to the second quarter of 2023 and an increase of 12% compared to the third quarter of 2022. Adjusted pre-tax pre-provision earnings1 for the nine months endedSeptember 30, 2023 were$190.7 million , an increase of$53.6 million , or 39%, when compared to the nine months endedSeptember 30, 2022 - Net interest income totaled
$119.3 million in the third quarter of 2023, a decrease of$7.7 million , or 6%, from the second quarter of 2023 and an increase of$31.0 million , or 35%, compared to the third quarter of 2022. During the third quarter of 2023, higher interest expense on deposits was driven by higher rates, including new requirements by theFlorida Bar Association for higher rates on certain trust accounts, and by changes in product mix. These were partially offset by higher interest income on securities and loans. Accretion on acquired loans totaled$14.8 million in the third quarter of 2023,$14.6 million in the second quarter of 2023, and$2.2 million in the third quarter of 2022. For the nine months endedSeptember 30, 2023 , net interest income was$377.4 million , an increase of$131.0 million , or 53%, compared to the nine months endedSeptember 30, 2022 . Accretion on acquired loans totaled$45.4 million for the nine months endedSeptember 30, 2023 , compared to$8.7 million for the nine months endedSeptember 30, 2022 . - Net interest margin decreased 29 basis points to 3.57% in the third quarter of 2023 compared to 3.86% in the second quarter of 2023. Loan yields were 5.93%, up four basis points from the prior quarter, and reflected an increase of 148 basis points compared to the prior year quarter. The effect on loan yields of accretion of purchase discounts on acquired loans was an increase of 59 basis points in the third quarter of 2023, an increase of 58 basis points in the second quarter of 2023 and an increase of 14 basis points in the third quarter of 2022. Securities yields increased 19 basis points to 3.32%, compared to 3.13% in the prior quarter. The cost of deposits increased 41 basis points, from 1.38% in the prior quarter, to 1.79% for the third quarter of 2023.
- Noninterest income totaled
$17.8 million in the third quarter of 2023, a decrease of$3.8 million , or 18%, compared to the prior quarter, and an increase of$1.7 million , or 10%, compared to the prior year quarter. Of the$3.8 million decrease in the third quarter of 2023,$3.4 million resulted from the impact of the Durbin amendment, which became effective for Seacoast onJuly 1, 2023 , and limits network interchange fees earned on debit card transactions. Also in the third quarter of 2023, changes in the interest rate environment resulted in losses of$0.4 million recognized as a result of declines in the value of investments in mutual funds holding CRA-qualified debt securities. - The provision for credit losses was
$2.7 million in the third quarter of 2023, compared to a net benefit of$0.8 million in the second quarter of 2023 and a provision of$4.7 million in the third quarter of 2022. - Noninterest expense was
$93.9 million in the third quarter of 2023, a decrease of$14.0 million , or 13%, compared to the prior quarter, and an increase of$32.6 million , or 53%, compared to the prior year quarter. Noninterest expense was$309.3 million for the nine months endedSeptember 30, 2023 , compared to$176.4 million in the nine months endedSeptember 30, 2022 . Changes compared to the second quarter of 2023 included:- During the third quarter of 2023, the Company completed its reduction in force, reducing headcount by 6%, and consolidated a branch location.
- Salaries and wages increased
$1.3 million to$46.4 million in the third quarter of 2023. The third quarter of 2023 included$3 .2 million in severance-related expenses arising from the Company’s reduction in workforce. This compares to$1 .6 million in merger-related expenses in the second quarter of 2023. - Outsourced data processing costs decreased
$11.5 million , or 57%, to$8.7 million in the third quarter of 2023. Included in the second quarter of 2023 were$10.9 million in merger-related expenses. - Telephone/data lines decreased
$0.1 million to$1.4 million and furniture and equipment decreased$0.3 million to$2.1 million in the third quarter of 2023. - Marketing decreased
$0.2 million to$1.9 million in the third quarter of 2023. Marketing expenses are expected to be higher in the fourth quarter of 2023. - Occupancy costs decreased
$0.7 million to$6.3 million in the third quarter of 2023 reflecting branch consolidation and cost synergies from recent acquisitions, including one additional branch consolidation in July. - Legal and professional fees decreased
$1.4 million to$2.7 million in the third quarter of 2023, with$1.7 million of merger-related expenses incurred in the second quarter of 2023. - Other noninterest expenses decreased
$1.1 million to$7.2 million in the third quarter of 2023, the benefit of acquisition-related cost synergies.
- Seacoast recorded
$9.1 million of income tax expense in the third quarter of 2023, compared to$10.2 million in the second quarter of 2023, and$9.1 million in the third quarter of 2022. - The efficiency ratio was 62.60% in the third quarter of 2023, compared to 67.34% in the second quarter of 2023 and 57.13% in the prior year quarter. The adjusted efficiency ratio1 was 60.19% in the third quarter of 2023, compared to 56.44% in the second quarter of 2023 and 53.28% in the prior year quarter. The Company continues to remain keenly focused on disciplined expense control. The increase in the adjusted efficiency ratio in the third quarter of 2023 reflects the impact of higher deposit rates, including the first full quarter of the Florida Bar Association’s change to rates required to be paid on certain trust accounts, and the first time impact of the Durbin Amendment on interchange income. The adjusted efficiency ratio1 for the nine months ended
September 30, 2023 was 56.47% compared to 53.73% for the nine months endedSeptember 30, 2022 .
Balance Sheet
- At
September 30, 2023 , the Company had total assets of$14.8 billion and total shareholders' equity of$2.0 billion . Book value per share was$24.06 onSeptember 30, 2023 , compared to$24.14 onJune 30, 2023 , and$20.95 onSeptember 30, 2022 . Tangible book value per share totaled$14.26 onSeptember 30, 2023 compared to$14.24 onJune 30, 2023 and$15.98 onSeptember 30, 2022 . Removing the impact of the change in accumulated comprehensive income, tangible book value per share would have been higher by$0.30 , reaching$14.56 , an increase of 8% on an annualized basis. - Debt securities totaled
$2.5 billion onSeptember 30, 2023 , a decrease of$90.8 million , or 3%, compared toJune 30, 2023 . Debt securities include approximately$1.8 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$691.4 million in securities classified as held to maturity with a fair value of$537.2 million . Held-to-maturity securities consist solely of mortgage-backed securities and collateralized mortgage obligations guaranteed byU.S. government agencies, each of which is expected to recover any price depreciation over its holding period as the debt securities move to maturity. The Company has significant liquidity and available borrowing capacity and has the intent and ability to hold these investments to maturity. - Loans decreased
$106.7 million when compared to the prior quarter, totaling$10.0 billion as ofSeptember 30, 2023 . Loan originations were$244 .6 million in the third quarter of 2023, a decrease of 53% compared to$518 .9 million in the second quarter of 2023. New add on yields were near 8% during the third quarter of 2023. The Company continues to exercise a disciplined approach to lending, carefully underwriting loans to strict underwriting guidelines and setting high expectations for risk adjusted returns given the current environment. - Loan pipelines (loans in underwriting and approval or approved and not yet closed) totaled
$353.0 million onSeptember 30, 2023 , an increase of 24% fromJune 30, 2023 , and a decrease of 43% fromSeptember 30, 2022 .- Commercial pipelines were
$300.8 million as ofSeptember 30, 2023 , an increase of 38% from$217.6 million atJune 30, 2023 , and a decrease of 43% from$530.4 million atSeptember 30, 2022 . - Consumer pipelines were
$24.5 million as ofSeptember 30, 2023 , a decrease of$4.0 million from$28.4 million atJune 30, 2023 , and a decrease of 44% from$43.7 million atSeptember 30, 2022 . - Residential saleable pipelines were
$6.8 million as ofSeptember 30, 2023 , compared to$11.5 million atJune 30, 2023 , and$6.6 million atSeptember 30, 2022 . Retained residential pipelines were$20.9 million as ofSeptember 30, 2023 , compared to$27.1 million atJune 30, 2023 , and$60.7 million atSeptember 30, 2022 .
- Commercial pipelines were
- Total deposits were
$12.1 billion as ofSeptember 30, 2023 , a decrease of$175.4 million when compared toJune 30, 2023 , and an increase of$3.3 billion , or 38%, compared toSeptember 30, 2022 . Excluding the paydown in brokered balances, total deposits increased$108 .1 million, or 3.7% annualized, during the third quarter of 2023. Seacoast’s granular, longstanding deposit base is a hallmark of our franchise, and in the current economic environment serves as a significant source of strength.- During the third quarter of 2023, the Company grew organic deposits 3.7% annualized and used the proceeds to pay down brokered deposits and FHLB borrowings, bolstering the balance sheet and supporting the net interest margin.
- At
September 30, 2023 , transaction account balances represented 55% of overall deposits. - Noninterest demand deposits are a peer-leading 32% of overall deposits.
- The Company benefits from a granular deposit franchise, with the top ten depositors representing only 3% of total deposits.
- Average deposits per banking center were $157 million at
September 30, 2023 , unchanged from the prior quarter. - Uninsured deposits represented only 34% of overall deposit accounts as of
September 30, 2023 . This includes public funds under theFlorida Qualified Public Depository program, which provides loss protection to depositors beyondFDIC insurance limits. Excluding such balances, the uninsured and uncollateralized deposits were 29% of total deposits. The Company has liquidity sources including cash and lines of credit with theFederal Reserve andFederal Home Loan Bank that represent 154% of uninsured deposits, and 182% of uninsured and uncollateralized deposits. - Consumer deposits represent 43% of overall deposit funding with an average consumer customer balance of $24 thousand. Commercial deposits represent 57% of overall deposit funding with an average business customer balance of $111 thousand.
- Year over year, the Company increased its deposit market share from #18 in 2022 to #15 in 2023.
Federal Home Loan Bank advances totaled$110.0 million atSeptember 30, 2023 with a weighted average interest rate of 2.88%. In the aggregate, borrowed funds, including FHLB advances, subordinated debt and brokered deposits represented only 4.1% of total liabilities as ofSeptember 30, 2023 . During the third quarter of 2023, the Company paid down$333.4 million in FHLB advances and brokered deposits.
Asset Quality
- Net charge-offs of
$12.7 million during the third quarter of 2023 included the complete charge-off of an$11 .3 million acquired loan. The charge-off had no impact on earnings or capital, as the Company expected and fully reserved for the loss at acquisition through purchase accounting. - Credit metrics remain strong with 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
$41.5 million atSeptember 30, 2023 , a decline from$48 .3 million atJune 30, 2023 . Nonperforming loans to total loans outstanding were 0.41% atSeptember 30, 2023 , 0.48% atJune 30, 2023 , and 0.32% atSeptember 30, 2022 . - Nonperforming assets to total assets decreased to 0.33% at
September 30, 2023 , compared to 0.37% atJune 30, 2023 , and increased from 0.23% atSeptember 30, 2022 . - The ratio of allowance for credit losses to total loans was 1.49% at
September 30, 2023 , 1.58% atJune 30, 2023 , and 1.42% atSeptember 30, 2022 . The impact of the full charge-off of an$11 .3 million acquired loan was partially offset by a build of allowance relating to macroeconomic outlook. - 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
$306 thousand , and the average commercial loan size is$683 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 51% and 248% of total bank-level risk-based capital, respectively, compared to 52% and 256%, respectively, at
June 30, 2023 . On a consolidated basis, construction and land development and commercial real estate loans represent 48% and 234%, 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
September 30, 2023 of 13.9% compared to 13.5% atJune 30, 2023 , and 16.5% atSeptember 30, 2022 . The Total capital ratio was 15.0%, the Common Equity Tier 1 capital ratio was 13.3%, and the Tier 1 leverage ratio was 10.6% atSeptember 30, 2023 . The Company is considered “well capitalized” based on applicableU.S. regulatory capital ratio requirements. - Cash and cash equivalents at
September 30, 2023 totaled$696.0 million . - The Company’s loan to deposit ratio was 83% at
September 30, 2023 , providing liquidity and flexibility moving forward. - Tangible common equity to tangible assets was 8.68% at
September 30, 2023 , compared to 8.53% atJune 30, 2023 , and 9.79% atSeptember 30, 2022 . If all held-to-maturity securities were adjusted to fair value, the tangible common equity ratio would have been 7.89%. - At
September 30, 2023 , in addition to$696.0 million in cash, the Company had$5 .7 billion in available borrowing capacity, including$4.8 billion in available collateralized lines of credit,$0 .6 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 ofSeptember 30, 2023 represented 182% of uninsured and uncollateralized deposits. - In
September 2023 ,Kroll Bond Rating Agency (“KBRA”) affirmed Seacoast’s senior unsecured debt rating (BBB+) and subordinated debt rating (BBB), with a “Stable” outlook for all long-term ratings. - Under its share repurchase program, the Company is authorized to purchase up to
$100 million of its shares of outstanding common stock.
Recognition
- In
October 2023 , Seacoast was recognized among Fortune’s Best Workplaces for Women for 2023. Seacoast sets a leading example by fostering inclusivity, empowering women, and creating a workplace where every individual can reach their full potential. - Seacoast has been Certified™ by Great Place To Work® for 2023. As the global authority on workplace culture, Great Place To Work® brings 30 years of groundbreaking research and data to recognize workplaces that create the conditions for an overwhelmingly positive employee experience.
- Seacoast earned recognition from the
South Florida Business Journal and theOrlando Business Journal as one of 2023’s Best Places to Work and has received similar honors the past two years from American Banker.
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 | |||||||||||||||||||
3Q'23 | 2Q'23 | 1Q'23 | 4Q'22 | 3Q'22 | |||||||||||||||
Selected balance sheet data: | |||||||||||||||||||
Gross loans | $ | 10,011,186 | $ | 10,117,919 | $ | 10,134,395 | $ | 8,144,724 | $ | 6,690,845 | |||||||||
Total deposits | 12,107,834 | 12,283,267 | 12,309,701 | 9,981,595 | 8,765,414 | ||||||||||||||
Total assets | 14,823,007 | 15,041,932 | 15,255,408 | 12,145,762 | 10,345,235 | ||||||||||||||
Performance measures: | |||||||||||||||||||
Net income | $ | 31,414 | $ | 31,249 | $ | 11,827 | $ | 23,927 | $ | 29,237 | |||||||||
Net interest margin | 3.57 | % | 3.86 | % | 4.31 | % | 4.36 | % | 3.67 | % | |||||||||
Pre-tax pre-provision earnings1 | 43,383 | 40,864 | 46,321 | 45,999 | 43,143 | ||||||||||||||
Average diluted shares outstanding | 85,666 | 85,536 | 80,717 | 71,374 | 61,961 | ||||||||||||||
Diluted earnings per share (EPS) | $ | 0.37 | $ | 0.37 | $ | 0.15 | $ | 0.34 | $ | 0.47 | |||||||||
Return on (annualized): | |||||||||||||||||||
Average assets (ROA) | 0.84 | % | 0.84 | % | 0.34 | % | 0.78 | % | 1.10 | % | |||||||||
Average tangible assets (ROTA)2 | 1.04 | 1.06 | 0.52 | 0.94 | 1.17 | ||||||||||||||
Average tangible common equity (ROTCE)2 | 11.90 | 12.08 | 5.96 | 10.36 | 11.53 | ||||||||||||||
Tangible common equity to tangible assets2 | 8.68 | 8.53 | 8.36 | 9.08 | 9.79 | ||||||||||||||
Tangible book value per share2 | $ | 14.26 | $ | 14.24 | $ | 14.25 | $ | 14.69 | $ | 15.98 | |||||||||
Efficiency ratio | 62.60 | % | 67.34 | % | 65.43 | % | 63.39 | % | 57.13 | % | |||||||||
Adjusted operating measures1: | |||||||||||||||||||
Adjusted net income | $ | 39,737 | $ | 49,203 | $ | 29,241 | $ | 39,926 | $ | 32,837 | |||||||||
Adjusted pre-tax pre-provision earnings | 54,806 | 64,856 | 71,081 | 66,649 | 48,989 | ||||||||||||||
Adjusted diluted EPS | 0.46 | 0.58 | 0.36 | 0.56 | 0.53 | ||||||||||||||
Adjusted ROTA2 | 1.12 | % | 1.41 | % | 0.90 | % | 1.36 | % | 1.27 | % | |||||||||
Adjusted ROTCE2 | 12.79 | 16.08 | 10.34 | 15.05 | 12.48 | ||||||||||||||
Adjusted efficiency ratio | 60.19 | 56.44 | 53.10 | 51.52 | 53.28 | ||||||||||||||
Net adjusted noninterest expense as a percent of average tangible assets2 | 2.34 | 2.40 | 2.47 | 2.42 | 2.16 | ||||||||||||||
Other data: | |||||||||||||||||||
Market capitalization3 | $ | 1,869,891 | $ | 1,880,407 | $ | 2,005,241 | $ | 2,233,761 | $ | 1,858,429 | |||||||||
Full-time equivalent employees | 1,570 | 1,670 | 1,650 | 1,490 | 1,156 | ||||||||||||||
Number of ATMs | 97 | 96 | 97 | 100 | 79 | ||||||||||||||
Full-service banking offices | 77 | 78 | 83 | 78 | 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
About
Chief Financial Officer
(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, 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
All statements other than statements of historical fact could be forward-looking statements. You can identify these forward-looking statements through the use of words such as "may", "will", "anticipate", "assume", "should", "support", "indicate", "would", "believe", "contemplate", "expect", "estimate", "continue", "further", "plan", "point to", "project", "could", "intend", "target" or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of inflationary pressures, changes in interest rates, slowdowns in economic growth, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing; potential impacts of the recent adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; governmental monetary and fiscal policies, including interest rate policies of the
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
FINANCIAL HIGHLIGHTS | (Unaudited) | ||||||||||||||||||||||
SEACOAST BANKING CORPORATION OF | |||||||||||||||||||||||
Quarterly Trends | Nine Months Ended | ||||||||||||||||||||||
(Amounts in thousands, except ratios and per share data) | 3Q'23 | 2Q'23 | 1Q'23 | 4Q'22 | 3Q'22 | 3Q'23 | 3Q'22 | ||||||||||||||||
Summary of Earnings | |||||||||||||||||||||||
Net income | $ | 31,414 | $ | 31,249 | $ | 11,827 | $ | 23,927 | $ | 29,237 | $ | 74,490 | $ | 82,580 | |||||||||
Adjusted net income1 | 39,737 | 49,203 | 29,241 | 39,926 | 32,837 | 118,181 | 96,220 | ||||||||||||||||
Net interest income2 | 119,505 | 127,153 | 131,351 | 119,858 | 88,399 | 378,009 | 246,803 | ||||||||||||||||
Net interest margin2,3 | 3.57 | % | 3.86 | % | 4.31 | % | 4.36 | % | 3.67 | % | 3.91 | % | 3.44 | % | |||||||||
Pre-tax pre-provision earnings1 | 43,383 | 40,864 | 46,321 | 45,999 | 43,143 | 130,568 | 118,819 | ||||||||||||||||
Adjusted pre-tax pre-provision earnings1 | 54,806 | 64,856 | 71,081 | 66,649 | 48,989 | 190,743 | 137,124 | ||||||||||||||||
Performance Ratios | |||||||||||||||||||||||
Return on average assets-GAAP basis3 | 0.84 | % | 0.84 | % | 0.34 | % | 0.78 | % | 1.10 | % | 0.68 | % | 1.03 | % | |||||||||
Return on average tangible assets-GAAP basis3,4 | 1.04 | 1.06 | 0.52 | 0.94 | 1.17 | 0.88 | 1.11 | ||||||||||||||||
Adjusted return on average tangible assets1,3,4 | 1.12 | 1.41 | 0.90 | 1.36 | 1.27 | 1.15 | 1.24 | ||||||||||||||||
Pre-tax pre-provision return on average tangible assets1,3,4 | 1.38 | 1.33 | 1.58 | 1.69 | 1.71 | 1.43 | 1.57 | ||||||||||||||||
Adjusted pre-tax pre-provision return on average tangible assets1,3,4 | 1.55 | 1.85 | 2.18 | 2.28 | 1.89 | 1.85 | 1.77 | ||||||||||||||||
Net adjusted noninterest expense to average tangible assets1,3,4 | 2.34 | 2.40 | 2.47 | 2.42 | 2.16 | 2.40 | 2.05 | ||||||||||||||||
Return on average shareholders' equity-GAAP basis3 | 6.01 | 6.05 | 2.53 | 6.03 | 8.60 | 4.94 | 8.08 | ||||||||||||||||
Return on average tangible common equity-GAAP basis3,4 | 11.90 | 12.08 | 5.96 | 10.36 | 11.53 | 10.09 | 10.82 | ||||||||||||||||
Adjusted return on average tangible common equity1,3,4 | 12.79 | 16.08 | 10.34 | 15.05 | 12.48 | 13.14 | 12.13 | ||||||||||||||||
Efficiency ratio5 | 62.60 | 67.34 | 65.43 | 63.39 | 57.13 | 65.19 | 58.45 | ||||||||||||||||
Adjusted efficiency ratio1 | 60.19 | 56.44 | 53.10 | 51.52 | 53.28 | 56.47 | 53.73 | ||||||||||||||||
Noninterest income to total revenue (excluding securities gains/losses) | 13.22 | 14.63 | 14.55 | 12.84 | 15.72 | 14.16 | 16.74 | ||||||||||||||||
Tangible common equity to tangible assets4 | 8.68 | 8.53 | 8.36 | 9.08 | 9.79 | 8.68 | 9.79 | ||||||||||||||||
Average loan-to-deposit ratio | 82.63 | 83.48 | 82.43 | 77.67 | 73.90 | 82.86 | 71.92 | ||||||||||||||||
End of period loan-to-deposit ratio | 82.71 | 82.42 | 82.35 | 81.63 | 76.35 | 82.71 | 76.35 | ||||||||||||||||
Per Share Data | |||||||||||||||||||||||
Net income diluted-GAAP basis | $ | 0.37 | $ | 0.37 | $ | 0.15 | $ | 0.34 | $ | 0.47 | $ | 0.89 | $ | 1.33 | |||||||||
Net income basic-GAAP basis | 0.37 | 0.37 | 0.15 | 0.34 | 0.48 | 0.89 | 1.35 | ||||||||||||||||
Adjusted earnings1 | 0.46 | 0.58 | 0.36 | 0.56 | 0.53 | 1.41 | 1.56 | ||||||||||||||||
Book value per share common | 24.06 | 24.14 | 24.24 | 22.45 | 20.95 | 24.06 | 20.95 | ||||||||||||||||
Tangible book value per share | 14.26 | 14.24 | 14.25 | 14.69 | 15.98 | 14.26 | 15.98 | ||||||||||||||||
Cash dividends declared | 0.18 | 0.18 | 0.17 | 0.17 | 0.17 | 0.53 | 0.47 | ||||||||||||||||
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 | ||||||||||||||||||||||||||
Quarterly Trends | Nine Months Ended | |||||||||||||||||||||||||
(Amounts in thousands, except per share data) | 3Q'23 | 2Q'23 | 1Q'23 | 4Q'22 | 3Q'22 | 3Q'23 | 3Q'22 | |||||||||||||||||||
Interest on securities: | ||||||||||||||||||||||||||
Taxable | $ | 21,401 | $ | 20,898 | $ | 19,244 | $ | 18,530 | $ | 15,653 | $ | 61,543 | $ | 38,081 | ||||||||||||
Nontaxable | 97 | 97 | 105 | 130 | 138 | 299 | 416 | |||||||||||||||||||
Interest and fees on loans | 149,871 | 148,265 | 135,168 | 105,322 | 73,970 | 433,304 | 210,395 | |||||||||||||||||||
Interest on federal funds sold and other investments | 8,477 | 5,023 | 3,474 | 3,127 | 1,643 | 16,974 | 4,493 | |||||||||||||||||||
Total Interest Income | 179,846 | 174,283 | 157,991 | 127,109 | 91,404 | 512,120 | 253,385 | |||||||||||||||||||
Interest on deposits | 38,396 | 27,183 | 16,033 | 3,934 | 1,623 | 81,612 | 3,384 | |||||||||||||||||||
Interest on time certificates | 16,461 | 14,477 | 5,552 | 1,358 | 380 | 36,490 | 1,284 | |||||||||||||||||||
Interest on borrowed money | 5,683 | 5,660 | 5,254 | 2,108 | 1,117 | 16,597 | 2,264 | |||||||||||||||||||
Total Interest Expense | 60,540 | 47,320 | 26,839 | 7,400 | 3,120 | 134,699 | 6,932 | |||||||||||||||||||
Net Interest Income | 119,306 | 126,963 | 131,152 | 119,709 | 88,284 | 377,421 | 246,453 | |||||||||||||||||||
Provision for credit losses | 2,694 | (764 | ) | 31,598 | 14,129 | 4,676 | 33,528 | 12,054 | ||||||||||||||||||
Net Interest Income After Provision for Credit Losses | 116,612 | 127,727 | 99,554 | 105,580 | 83,608 | 343,893 | 234,399 | |||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||
Service charges on deposit accounts | 4,648 | 4,560 | 4,242 | 3,996 | 3,504 | 13,450 | 9,713 | |||||||||||||||||||
Interchange income | 1,684 | 5,066 | 4,694 | 4,650 | 4,138 | 11,444 | 12,521 | |||||||||||||||||||
Wealth management income | 3,138 | 3,318 | 3,063 | 2,886 | 2,732 | 9,519 | 8,165 | |||||||||||||||||||
Mortgage banking fees | 410 | 576 | 426 | 426 | 434 | 1,412 | 3,052 | |||||||||||||||||||
Insurance agency income | 1,183 | 1,160 | 1,101 | 805 | — | 3,444 | — | |||||||||||||||||||
SBA gains | 613 | 249 | 322 | 105 | 108 | 1,184 | 737 | |||||||||||||||||||
BOLI income | 2,197 | 2,068 | 1,916 | 1,526 | 1,363 | 6,181 | 4,046 | |||||||||||||||||||
Other | 4,307 | 4,755 | 6,574 | 3,239 | 4,186 | 15,636 | 11,320 | |||||||||||||||||||
18,180 | 21,752 | 22,338 | 17,633 | 16,465 | 62,270 | 49,554 | ||||||||||||||||||||
Securities (losses) gains, net | (387 | ) | (176 | ) | 107 | 18 | (362 | ) | (456 | ) | (1,114 | ) | ||||||||||||||
Total Noninterest Income | 17,793 | 21,576 | 22,445 | 17,651 | 16,103 | 61,814 | 48,440 | |||||||||||||||||||
Noninterest expenses: | ||||||||||||||||||||||||||
Salaries and wages | 46,431 | 45,155 | 47,616 | 45,405 | 28,420 | 139,202 | 84,695 | |||||||||||||||||||
Employee benefits | 7,206 | 7,472 | 8,562 | 5,300 | 4,074 | 23,240 | 13,726 | |||||||||||||||||||
Outsourced data processing costs | 8,714 | 20,222 | 14,553 | 9,918 | 5,393 | 43,489 | 17,592 | |||||||||||||||||||
Telephone / data lines | 1,409 | 1,518 | 1,081 | 1,185 | 973 | 4,008 | 2,614 | |||||||||||||||||||
Occupancy | 6,349 | 7,065 | 6,938 | 5,457 | 5,046 | 20,352 | 13,082 | |||||||||||||||||||
Furniture and equipment | 2,052 | 2,345 | 2,267 | 1,944 | 1,462 | 6,664 | 4,476 | |||||||||||||||||||
Marketing | 1,876 | 2,047 | 2,238 | 1,772 | 1,461 | 6,161 | 4,514 | |||||||||||||||||||
Legal and professional fees | 2,679 | 4,062 | 7,479 | 9,174 | 3,794 | 14,220 | 11,529 | |||||||||||||||||||
2,258 | 2,116 | 1,443 | 889 | 760 | 5,817 | 2,248 | ||||||||||||||||||||
Amortization of intangibles | 7,457 | 7,654 | 6,727 | 4,763 | 1,446 | 21,838 | 4,338 | |||||||||||||||||||
Foreclosed property expense and net loss (gain) on sale | 274 | (57 | ) | 195 | (411 | ) | 9 | 412 | (1,123 | ) | ||||||||||||||||
Provision for credit losses on unfunded commitments | — | — | 1,239 | — | 1,015 | 1,239 | 1,157 | |||||||||||||||||||
Other | 7,210 | 8,266 | 7,137 | 6,114 | 7,506 | 22,613 | 17,576 | |||||||||||||||||||
Total Noninterest Expense | 93,915 | 107,865 | 107,475 | 91,510 | 61,359 | 309,255 | 176,424 | |||||||||||||||||||
Income Before Income Taxes | 40,490 | 41,438 | 14,524 | 31,721 | 38,352 | 96,452 | 106,415 | |||||||||||||||||||
Income taxes | 9,076 | 10,189 | 2,697 | 7,794 | 9,115 | 21,962 | 23,835 | |||||||||||||||||||
Net Income | $ | 31,414 | $ | 31,249 | $ | 11,827 | $ | 23,927 | $ | 29,237 | $ | 74,490 | $ | 82,580 | ||||||||||||
Per share of common stock: | ||||||||||||||||||||||||||
Net income diluted | $ | 0.37 | $ | 0.37 | $ | 0.15 | $ | 0.34 | $ | 0.47 | $ | 0.89 | $ | 1.33 | ||||||||||||
Net income basic | 0.37 | 0.37 | 0.15 | 0.34 | 0.48 | 0.89 | 1.35 | |||||||||||||||||||
Cash dividends declared | 0.18 | 0.18 | 0.17 | 0.17 | 0.17 | 0.53 | 0.47 | |||||||||||||||||||
Average diluted shares outstanding | 85,666 | 85,536 | 80,717 | 71,374 | 61,961 | 83,993 | 61,867 | |||||||||||||||||||
Average basic shares outstanding | 85,142 | 85,022 | 80,151 | 70,770 | 61,442 | 83,457 | 61,327 | |||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | (Unaudited) | |||||||||||||||||||
SEACOAST BANKING CORPORATION OF | ||||||||||||||||||||
(Amounts in thousands) | 2023 | 2023 | 2023 | 2022 | 2022 | |||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from banks | $ | 182,036 | $ | 164,193 | $ | 180,607 | $ | 120,748 | $ | 176,463 | ||||||||||
Interest bearing deposits with other banks | 513,946 | 563,690 | 610,636 | 81,192 | 42,152 | |||||||||||||||
Total Cash and Cash Equivalents | 695,982 | 727,883 | 791,243 | 201,940 | 218,615 | |||||||||||||||
Time deposits with other banks | 4,357 | 2,987 | 3,236 | 3,236 | 4,481 | |||||||||||||||
Available for sale (at fair value) | 1,841,845 | 1,916,231 | 2,015,967 | 1,871,742 | 1,860,734 | |||||||||||||||
Held to maturity (at amortized cost) | 691,404 | 707,812 | 737,911 | 747,408 | 774,706 | |||||||||||||||
2,533,249 | 2,624,043 | 2,753,878 | 2,619,150 | 2,635,440 | ||||||||||||||||
Loans held for sale | 2,979 | 5,967 | 2,838 | 3,151 | 1,620 | |||||||||||||||
Loans | 10,011,186 | 10,117,919 | 10,134,395 | 8,144,724 | 6,690,845 | |||||||||||||||
Less: Allowance for credit losses | (149,661 | ) | (159,715 | ) | (155,640 | ) | (113,895 | ) | (95,329 | ) | ||||||||||
Net Loans | 9,861,525 | 9,958,204 | 9,978,755 | 8,030,829 | 6,595,516 | |||||||||||||||
Bank premises and equipment, net | 115,749 | 116,959 | 116,522 | 116,892 | 81,648 | |||||||||||||||
Other real estate owned | 7,216 | 7,526 | 7,756 | 2,301 | 2,419 | |||||||||||||||
731,970 | 732,910 | 728,396 | 480,319 | 286,606 | ||||||||||||||||
Other intangible assets, net | 102,397 | 109,716 | 117,409 | 75,451 | 18,583 | |||||||||||||||
Bank owned life insurance | 296,763 | 293,880 | 292,545 | 237,824 | 209,087 | |||||||||||||||
Net deferred tax assets | 131,602 | 127,941 | 124,301 | 94,457 | 83,139 | |||||||||||||||
Other assets | 339,218 | 333,916 | 338,529 | 280,212 | 208,081 | |||||||||||||||
Total Assets | $ | 14,823,007 | $ | 15,041,932 | $ | 15,255,408 | $ | 12,145,762 | $ | 10,345,235 | ||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Deposits | ||||||||||||||||||||
Noninterest demand | $ | 3,868,132 | $ | 4,139,052 | $ | 4,554,509 | $ | 4,070,973 | $ | 3,529,489 | ||||||||||
Interest-bearing demand | 2,800,152 | 2,816,656 | 2,676,320 | 2,337,590 | 2,170,251 | |||||||||||||||
Savings | 721,558 | 824,255 | 940,702 | 1,064,392 | 938,081 | |||||||||||||||
Money market | 3,143,897 | 2,859,164 | 2,893,128 | 1,985,974 | 1,700,737 | |||||||||||||||
Other time certificates | 821,406 | 628,036 | 598,483 | 369,389 | 312,840 | |||||||||||||||
Brokered time certificates | 307,963 | 591,503 | 371,392 | 3798 | — | |||||||||||||||
Time certificates of more than | 444,726 | 424,601 | 275,167 | 149,479 | 114,016 | |||||||||||||||
Total Deposits | 12,107,834 | 12,283,267 | 12,309,701 | 9,981,595 | 8,765,414 | |||||||||||||||
Securities sold under agreements to repurchase | 276,450 | 290,156 | 267,606 | 172,029 | 94,191 | |||||||||||||||
110,000 | 160,000 | 385,000 | 150000 | — | ||||||||||||||||
Subordinated debt, net | 106,136 | 105,970 | 105,804 | 84,533 | 71,857 | |||||||||||||||
Other liabilities | 174,193 | 148,507 | 136,213 | 149,830 | 125,971 | |||||||||||||||
Total Liabilities | 12,774,613 | 12,987,900 | 13,204,324 | 10,537,987 | 9,057,433 | |||||||||||||||
Shareholders' Equity | ||||||||||||||||||||
Common stock | 8,515 | 8,509 | 8,461 | 7,162 | 6,148 | |||||||||||||||
Additional paid in capital | 1,813,068 | 1,809,431 | 1,803,898 | 1,377,802 | 1,068,241 | |||||||||||||||
Retained earnings | 453,117 | 437,087 | 421,271 | 423,863 | 412,166 | |||||||||||||||
(14,035 | ) | (14,171 | ) | (13,113 | ) | (13,019 | ) | (11,539 | ) | |||||||||||
2,260,665 | 2,240,856 | 2,220,517 | 1,795,808 | 1,475,016 | ||||||||||||||||
Accumulated other comprehensive (loss) income, net | (212,271 | ) | (186,824 | ) | (169,433 | ) | (188,033 | ) | (187,214 | ) | ||||||||||
Total Shareholders' Equity | 2,048,394 | 2,054,032 | 2,051,084 | 1,607,775 | 1,287,802 | |||||||||||||||
Total Liabilities & Shareholders' Equity | $ | 14,823,007 | $ | 15,041,932 | $ | 15,255,408 | $ | 12,145,762 | $ | 10,345,235 | ||||||||||
Common shares outstanding | 85,150 | 85,086 | 84,609 | 71,618 | 61,476 |
CONSOLIDATED QUARTERLY FINANCIAL DATA | (Unaudited) | ||||||||||||||||||||
SEACOAST BANKING CORPORATION OF | |||||||||||||||||||||
(Amounts in thousands) | 3Q'23 | 2Q'23 | 1Q'23 | 4Q'22 | 3Q'22 | ||||||||||||||||
Credit Analysis | |||||||||||||||||||||
Net charge-offs (recoveries) | $ | 12,748 | $ | 705 | $ | 3,188 | $ | 782 | $ | 103 | |||||||||||
Net charge-offs (recoveries) to average loans | 0.50 | % | 0.03 | % | 0.14 | % | 0.04 | % | 0.0001 | ||||||||||||
Allowance for credit losses | 149,661 | 159,715 | 155,640 | 113,895 | 95,329 | ||||||||||||||||
Non-acquired loans at end of period | 6,343,121 | 6,264,044 | 6,048,453 | 5,944,194 | 5,653,357 | ||||||||||||||||
Acquired loans at end of period | 3,668,065 | 3,853,875 | 4,085,942 | 2,200,530 | 1,037,488 | ||||||||||||||||
Total Loans | $ | 10,011,186 | $ | 10,117,919 | $ | 10,134,395 | $ | 8,144,724 | $ | 6,690,845 | |||||||||||
Total allowance for credit losses to total loans at end of period | 1.49 | 1.58 | 1.54 | 1.40 | 1.42 | ||||||||||||||||
Purchase discount on acquired loans at end of period | 4.86 | 4.98 | 5.02 | 4.25 | 1.81 | ||||||||||||||||
End of Period | |||||||||||||||||||||
Nonperforming loans | $ | 41,508 | $ | 48,326 | $ | 50,787 | $ | 28,843 | $ | 21,464 | |||||||||||
Other real estate owned | 221 | 530 | 530 | 530 | 109 | ||||||||||||||||
Properties previously used in bank operations included in other real estate owned | 6,995 | 6,996 | 7,226 | 1,771 | 2,310 | ||||||||||||||||
Total Nonperforming Assets | $ | 48,724 | $ | 55,852 | $ | 58,543 | $ | 31,144 | $ | 23,883 | |||||||||||
Nonperforming Loans to Loans at End of Period | 0.41 | % | 0.48 | % | 0.50 | % | 0.35 | % | 0.32 | % | |||||||||||
Nonperforming Assets to Total Assets at End of Period | 0.33 | 0.37 | 0.38 | 0.26 | 0.23 | ||||||||||||||||
Loans | 2023 | 2023 | 2023 | 2022 | 2022 | ||||||||||||||||
Construction and land development | $ | 793,736 | $ | 794,371 | $ | 757,835 | $ | 587,332 | $ | 361,913 | |||||||||||
Commercial real estate - owner occupied | 1,675,881 | 1,669,369 | 1,652,491 | 1,478,302 | 1,253,459 | ||||||||||||||||
Commercial real estate - non-owner occupied | 3,285,974 | 3,370,211 | 3,412,051 | 2,589,774 | 2,107,614 | ||||||||||||||||
Residential real estate | 2,418,903 | 2,396,352 | 2,354,394 | 1,849,503 | 1,599,765 | ||||||||||||||||
Commercial and financial | 1,584,050 | 1,610,895 | 1,650,485 | 1,348,636 | 1,182,384 | ||||||||||||||||
Consumer | 248,540 | 272,082 | 301,740 | 286,587 | 180,416 | ||||||||||||||||
Paycheck Protection Program | 4,102 | 4,639 | 5,399 | 4,590 | 5,294 | ||||||||||||||||
Total Loans | $ | 10,011,186 | $ | 10,117,919 | $ | 10,134,395 | $ | 8,144,724 | $ | 6,690,845 | |||||||||||
AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1 | (Unaudited) | |||||||||||||||||||||||||||||
SEACOAST BANKING CORPORATION OF | ||||||||||||||||||||||||||||||
3Q'23 | 2Q'23 | 3Q'22 | ||||||||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||||||||||||||||||||||
(Amounts in thousands) | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||
Earning assets: | ||||||||||||||||||||||||||||||
Securities: | ||||||||||||||||||||||||||||||
Taxable | $ | 2,575,002 | $ | 21,401 | 3.32 | % | $ | 2,673,633 | $ | 20,898 | 3.13 | % | $ | 2,665,104 | $ | 15,653 | 2.35 | % | ||||||||||||
Nontaxable | 15,280 | 119 | 3.11 | 15,621 | 120 | 3.08 | 22,064 | 174 | 3.15 | |||||||||||||||||||||
2,590,282 | 21,520 | 3.32 | 2,689,254 | 21,018 | 3.13 | 2,687,168 | 15,827 | 2.36 | ||||||||||||||||||||||
Federal funds sold | 547,576 | 7,415 | 5.37 | 327,433 | 4,313 | 5.28 | 203,815 | 1,062 | 2.07 | |||||||||||||||||||||
Interest bearing deposits with other banks and other investments | 90,039 | 1,062 | 4.68 | 90,783 | 710 | 3.14 | 45,193 | 581 | 5.10 | |||||||||||||||||||||
Loans excluding PPP loans | 10,039,270 | 150,037 | 5.93 | 10,096,394 | 148,420 | 5.90 | 6,597,828 | 73,730 | 4.43 | |||||||||||||||||||||
PPP loans | 4,341 | 11 | 1.01 | 4,834 | 12 | 1.00 | 10,114 | 320 | 12.54 | |||||||||||||||||||||
Total Loans | 10,043,611 | 150,048 | 5.93 | 10,101,228 | 148,432 | 5.89 | 6,607,942 | 74,050 | 4.45 | |||||||||||||||||||||
Total Earning Assets | 13,271,508 | 180,045 | 5.38 | 13,208,698 | 174,473 | 5.30 | 9,544,118 | 91,520 | 3.80 | |||||||||||||||||||||
Allowance for credit losses | (158,440 | ) | (156,207 | ) | (91,348 | ) | ||||||||||||||||||||||||
Cash and due from banks | 168,931 | 165,625 | 331,947 | |||||||||||||||||||||||||||
Premises and equipment | 116,704 | 117,726 | 76,357 | |||||||||||||||||||||||||||
Intangible assets | 839,787 | 842,988 | 305,935 | |||||||||||||||||||||||||||
Bank owned life insurance | 295,272 | 293,251 | 208,193 | |||||||||||||||||||||||||||
Other assets including deferred tax assets | 372,241 | 415,208 | 210,136 | |||||||||||||||||||||||||||
Total Assets | $ | 14,906,003 | $ | 14,887,289 | $ | 10,585,338 | ||||||||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 2,804,243 | $ | 15,013 | 2.12 | % | $ | 2,666,314 | $ | 7,560 | 1.14 | % | $ | 2,215,899 | $ | 757 | 0.14 | % | ||||||||||||
Savings | 770,503 | 465 | 0.24 | 906,936 | 427 | 0.19 | 944,128 | 65 | 0.03 | |||||||||||||||||||||
Money market | 2,972,495 | 22,918 | 3.06 | 2,806,672 | 19,196 | 2.74 | 1,806,014 | 802 | 0.18 | |||||||||||||||||||||
Time deposits | 1,619,572 | 16,461 | 4.03 | 1,425,344 | 14,477 | 4.07 | 445,840 | 380 | 0.34 | |||||||||||||||||||||
Securities sold under agreements to repurchase | 327,711 | 2,876 | 3.48 | 244,824 | 1,593 | 2.61 | 111,902 | 309 | 1.10 | |||||||||||||||||||||
111,087 | 888 | 3.17 | 251,596 | 2,272 | 3.62 | — | — | — | ||||||||||||||||||||||
Subordinated debt | 106,036 | 1,919 | 7.18 | 105,861 | 1,795 | 6.80 | 71,810 | 808 | 4.46 | |||||||||||||||||||||
Total Interest-Bearing Liabilities | 8,711,647 | 60,540 | 2.76 | 8,407,547 | 47,320 | 2.26 | 5,595,593 | 3,121 | 0.22 | |||||||||||||||||||||
Noninterest demand | 3,987,761 | 4,294,251 | 3,529,844 | |||||||||||||||||||||||||||
Other liabilities | 133,846 | 114,962 | 110,426 | |||||||||||||||||||||||||||
Total Liabilities | 12,833,254 | 12,816,760 | 9,235,863 | |||||||||||||||||||||||||||
Shareholders' equity | 2,072,747 | 2,070,529 | 1,349,475 | |||||||||||||||||||||||||||
Total Liabilities & Equity | $ | 14,906,003 | $ | 14,887,289 | $ | 10,585,338 | ||||||||||||||||||||||||
Cost of deposits | 1.79 | % | 1.38 | % | 0.09 | % | ||||||||||||||||||||||||
Interest expense as a % of earning assets | 1.81 | % | 1.44 | % | 0.13 | % | ||||||||||||||||||||||||
Net interest income as a % of earning assets | $ | 119,505 | 3.57 | % | $ | 127,153 | 3.86 | % | $ | 88,399 | 3.67 | % | ||||||||||||||||||
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. | ||||||||||||||||||||||||||||||
Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances. |
AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1 | (Unaudited) | |||||||||||||||||||
SEACOAST BANKING CORPORATION OF | ||||||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||||
Average | Yield/ | Average | Yield/ | |||||||||||||||||
(Amounts in thousands) | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||
Assets | ||||||||||||||||||||
Earning assets: | ||||||||||||||||||||
Securities: | ||||||||||||||||||||
Taxable | $ | 2,649,127 | $ | 61,543 | 3.10 | % | $ | 2,530,742 | $ | 38,081 | 2.01 | % | ||||||||
Nontaxable | 15,721 | 370 | 3.14 | 22,842 | 526 | 3.07 | ||||||||||||||
2,664,848 | 61,913 | 3.10 | 2,553,584 | 38,607 | 2.02 | |||||||||||||||
Federal funds sold | 336,022 | 12,444 | 4.95 | 526,890 | 2,693 | 0.68 | ||||||||||||||
Interest bearing deposits with other banks and other investments | 90,511 | 4,530 | 6.69 | 45,483 | 1,801 | 5.29 | ||||||||||||||
Loans excluding PPP loans | 9,835,653 | 433,786 | 5.90 | 6,444,253 | 208,052 | 4.32 | ||||||||||||||
PPP loans | 4,831 | 35 | 0.97 | 32,597 | 2,584 | 10.60 | ||||||||||||||
Total Loans | 9,840,484 | 433,821 | 5.89 | 6,476,850 | 210,636 | 4.35 | ||||||||||||||
Total Earning Assets | 12,931,865 | 512,708 | 5.30 | 9,602,807 | 253,737 | 3.53 | ||||||||||||||
Allowance for credit losses | (151,613 | ) | (89,700 | ) | ||||||||||||||||
Cash and due from banks | 185,426 | 362,369 | ||||||||||||||||||
Premises and equipment | 116,840 | 75,617 | ||||||||||||||||||
Intangible assets | 811,483 | 305,895 | ||||||||||||||||||
Bank owned life insurance | 287,756 | 206,854 | ||||||||||||||||||
Other assets including deferred tax assets | 402,175 | 220,790 | ||||||||||||||||||
Total Assets | $ | 14,583,932 | $ | 10,684,632 | ||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||
Interest-bearing demand | $ | 2,642,180 | $ | 25,780 | 1.30 | % | $ | 2,192,331 | $ | 1,240 | 0.08 | % | ||||||||
Savings | 909,184 | 1,292 | 0.19 | 943,982 | 194 | 0.03 | ||||||||||||||
Money market | 2,831,747 | 54,540 | 2.58 | 1,906,407 | 1,951 | 0.14 | ||||||||||||||
Time deposits | 1,288,736 | 36,490 | 3.79 | 500,482 | 1,284 | 0.34 | ||||||||||||||
Securities sold under agreements to repurchase | 249,242 | 5,333 | 2.86 | 116,805 | 442 | 0.51 | ||||||||||||||
214,415 | 5,936 | 3.70 | — | — | — | |||||||||||||||
Subordinated debt | 103,469 | 5,328 | 6.88 | 71,741 | 1,823 | 3.40 | ||||||||||||||
Total Interest-Bearing Liabilities | 8,238,973 | 134,699 | 2.19 | 5,731,748 | 6,934 | 0.16 | ||||||||||||||
Noninterest demand | 4,204,389 | 3,462,931 | ||||||||||||||||||
Other liabilities | 126,479 | 123,281 | ||||||||||||||||||
Total Liabilities | 12,569,841 | 9,317,960 | ||||||||||||||||||
Shareholders' equity | 2,014,083 | 1,366,672 | ||||||||||||||||||
Total Liabilities & Equity | $ | 14,583,932 | $ | 10,684,632 | ||||||||||||||||
Cost of deposits | 1.33 | % | 0.07 | % | ||||||||||||||||
Interest expense as a % of earning assets | 1.39 | % | 0.10 | % | ||||||||||||||||
Net interest income as a % of earning assets | $ | 378,009 | 3.91 | % | $ | 246,803 | 3.44 | % | ||||||||||||
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 | |||||||||||||||
(Amounts in thousands) | |||||||||||||||
Customer Relationship Funding | |||||||||||||||
Noninterest demand | |||||||||||||||
Commercial | $ | 3,089,488 | $ | 3,304,761 | $ | 3,622,441 | $ | 3,148,778 | $ | 2,827,591 | |||||
Retail | 570,727 | 615,536 | 673,686 | 764,274 | 447,848 | ||||||||||
Public funds | 134,649 | 152,159 | 194,977 | 112,553 | 210,662 | ||||||||||
Other | 73,268 | 66,596 | 63,405 | 45,368 | 43,388 | ||||||||||
Total Noninterest Demand | 3,868,132 | 4,139,052 | 4,554,509 | 4,070,973 | 3,529,489 | ||||||||||
Interest-bearing demand | |||||||||||||||
Commercial | 1,618,755 | 1,555,486 | 1,233,845 | 886,894 | 759,286 | ||||||||||
Retail | 994,224 | 1,058,993 | 1,209,664 | 1,191,192 | 1,199,112 | ||||||||||
Brokered | — | — | 44,474 | 54,777 | 81,799 | ||||||||||
Public funds | 187,173 | 202,177 | 188,337 | 204,727 | 130,054 | ||||||||||
Total Interest-Bearing Demand | 2,800,152 | 2,816,656 | 2,676,320 | 2,337,590 | 2,170,251 | ||||||||||
Total transaction accounts | |||||||||||||||
Commercial | 4,708,243 | 4,860,247 | 4,856,286 | 4,035,672 | 3,586,877 | ||||||||||
Retail | 1,564,951 | 1,674,529 | 1,883,350 | 1,955,466 | 1,646,960 | ||||||||||
Brokered | — | — | 44,474 | 54,777 | 81,799 | ||||||||||
Public funds | 321,822 | 354,336 | 383,314 | 317,280 | 340,716 | ||||||||||
Other | 73,268 | 66,596 | 63,405 | 45,368 | 43,388 | ||||||||||
Total Transaction Accounts | 6,668,284 | 6,955,708 | 7,230,829 | 6,408,563 | 5,699,740 | ||||||||||
Savings | |||||||||||||||
Commercial | 79,731 | 101,908 | 108,023 | 91,943 | 71,807 | ||||||||||
Retail | 641,827 | 722,347 | 832,679 | 972,449 | 866,274 | ||||||||||
Total Savings | 721,558 | 824,255 | 940,702 | 1,064,392 | 938,081 | ||||||||||
Money market | |||||||||||||||
Commercial | 1,625,455 | 1,426,348 | 1,542,220 | 932,518 | 788,009 | ||||||||||
Retail | 1,362,390 | 1,275,721 | 1,279,712 | 984,561 | 857,914 | ||||||||||
Public funds | 156,052 | 157,095 | 71,196 | 68,895 | 54,814 | ||||||||||
Total Money Market | 3,143,897 | 2,859,164 | 2,893,128 | 1,985,974 | 1,700,737 | ||||||||||
Brokered time certificates | 307,963 | 591,503 | 371,392 | 3798 | — | ||||||||||
Other time certificates | 1,266,132 | 1,052,637 | 873,650 | 518,868 | 426,856 | ||||||||||
1,574,095 | 1,644,140 | 1,245,042 | 522,666 | 426,856 | |||||||||||
Total Deposits | $ | 12,107,834 | $ | 12,283,267 | $ | 12,309,701 | $ | 9,981,595 | $ | 8,765,414 | |||||
Customer sweep accounts | 276,450 | 290,156 | 267,606 | 172,029 | 94,191 |
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 | ||||||||||||||||||||||
Quarterly Trends | Nine Months Ended | |||||||||||||||||||||
(Amounts in thousands, except per share data) | 3Q'23 | 2Q'23 | 1Q'23 | 4Q'22 | 3Q'22 | 3Q'23 | 3Q'22 | |||||||||||||||
Net Income | $ | 31,414 | $ | 31,249 | $ | 11,827 | $ | 23,927 | $ | 29,237 | $ | 74,490 | $ | 82,580 | ||||||||
Total noninterest income | 17,793 | 21,576 | 22,445 | 17,651 | 16,103 | 61,814 | 48,440 | |||||||||||||||
Securities losses (gains), net | 387 | 176 | (107 | ) | (18 | ) | 362 | 456 | 1114 | |||||||||||||
BOLI benefits on death (included in other income) | — | — | (2,117 | ) | — | — | (2,117 | ) | — | |||||||||||||
Total Adjustments to Noninterest Income | 387 | 176 | (2,224 | ) | (18 | ) | 362 | (1,661 | ) | 1,114 | ||||||||||||
Total Adjusted Noninterest Income | 18,180 | 21,752 | 20,221 | 17,633 | 16,465 | 60,153 | 49,554 | |||||||||||||||
Total noninterest expense | 93,915 | 107,865 | 107,475 | 91,510 | 61,359 | 309,255 | 176,424 | |||||||||||||||
Salaries and wages | — | (1,573 | ) | (4,240 | ) | (5,680 | ) | — | (5,813 | ) | (3,605 | ) | ||||||||||
Outsourced data processing costs | — | (10,904 | ) | (6,551 | ) | (2,582 | ) | — | (17,455 | ) | (1,052 | ) | ||||||||||
Legal and professional fees | — | (1,664 | ) | (4,789 | ) | (6,485 | ) | (1,791 | ) | (6,453 | ) | (6,055 | ) | |||||||||
Other categories | — | (1,507 | ) | (1,952 | ) | (1,393 | ) | (263 | ) | (3,459 | ) | (1,073 | ) | |||||||||
Total merger related charges | — | (15,648 | ) | (17,532 | ) | (16,140 | ) | (2,054 | ) | (33,180 | ) | (11,785 | ) | |||||||||
Amortization of intangibles | (7,457 | ) | (7,654 | ) | (6,727 | ) | (4,763 | ) | (1,446 | ) | (21,838 | ) | (4,338 | ) | ||||||||
Branch reductions and other expense initiatives | (3,305 | ) | (571 | ) | (1,291 | ) | (176 | ) | (960 | ) | (5,167 | ) | (1,034 | ) | ||||||||
Total Adjustments to Noninterest Expense | (10,762 | ) | (23,873 | ) | (25,550 | ) | (21,079 | ) | (4,460 | ) | (60,185 | ) | (17,157 | ) | ||||||||
Total Adjusted Noninterest Expense | 83,153 | 83,992 | 81,925 | 70,431 | 56,899 | 249,070 | 159,267 | |||||||||||||||
Income Taxes | 9,076 | 10,189 | 2,697 | 7,794 | 9,115 | 21,962 | 23,835 | |||||||||||||||
Tax effect of adjustments | 2,826 | 6,095 | 5,912 | 5,062 | 1,222 | 14,833 | 4,631 | |||||||||||||||
Adjusted Income Taxes | 11,902 | 16,284 | 8,609 | 12,856 | 10,337 | 36,795 | 28,466 | |||||||||||||||
Adjusted Net Income | $ | 39,737 | $ | 49,203 | $ | 29,241 | $ | 39,926 | $ | 32,837 | $ | 118,181 | $ | 96,220 | ||||||||
Earnings per diluted share, as reported | $ | 0.37 | $ | 0.37 | $ | 0.15 | $ | 0.34 | $ | 0.47 | $ | 0.89 | $ | 1.33 | ||||||||
Adjusted Earnings per Diluted Share | 0.46 | 0.58 | 0.36 | 0.56 | 0.53 | 1.41 | 1.56 | |||||||||||||||
Average diluted shares outstanding | 85,666 | 85,536 | 80,717 | 71,374 | 61,961 | 83,993 | 61,867 | |||||||||||||||
Adjusted Noninterest Expense | $ | 83,153 | $ | 83,992 | $ | 81,925 | $ | 70,431 | $ | 56,899 | $ | 249,070 | $ | 159,267 | ||||||||
Provision for credit losses on unfunded commitments | — | — | (1,239 | ) | — | (1,015 | ) | (1,239 | ) | (1,157 | ) | |||||||||||
Foreclosed property expense and net loss (gain) on sale | (274 | ) | 57 | (195 | ) | 411 | (9 | ) | (412 | ) | 1,123 | |||||||||||
Net Adjusted Noninterest Expense | $ | 82,879 | $ | 84,049 | $ | 80,491 | $ | 70,842 | $ | 55,875 | $ | 247,419 | $ | 159,233 | ||||||||
Revenue | $ | 137,099 | $ | 148,539 | $ | 153,597 | $ | 137,360 | $ | 104,387 | $ | 439,235 | $ | 294,893 | ||||||||
Total Adjustments to Revenue | 387 | 176 | (2224 | ) | (18 | ) | 362 | (1,661 | ) | 1,114 | ||||||||||||
Impact of FTE adjustment | 199 | 190 | 199 | 149 | 115 | 588 | 350 | |||||||||||||||
Adjusted Revenue on a fully taxable equivalent basis | $ | 137,685 | $ | 148,905 | $ | 151,572 | $ | 137,491 | $ | 104,864 | $ | 438,162 | $ | 296,357 | ||||||||
Adjusted Efficiency Ratio | 60.19 | % | 56.44 | % | 53.10 | % | 51.52 | % | 53.28 | % | 56.47 | % | 53.73 | % | ||||||||
Net Interest Income | $ | 119,306 | $ | 126,963 | $ | 131,152 | $ | 119,709 | $ | 88,284 | $ | 377,421 | $ | 246,453 | ||||||||
Impact of FTE adjustment | 199 | 190 | 199 | 149 | 115 | 588 | 350 | |||||||||||||||
Net Interest Income including FTE adjustment | $ | 119,505 | $ | 127,153 | $ | 131,351 | $ | 119,858 | $ | 88,399 | $ | 378,009 | $ | 246,803 | ||||||||
Total noninterest income | 17,793 | 21,576 | 22,445 | 17,651 | 16,103 | 61,814 | 48,440 | |||||||||||||||
Total noninterest expense | 93,915 | 107,865 | 107,475 | 91,510 | 61,359 | 309,255 | 176,424 | |||||||||||||||
Pre-Tax Pre-Provision Earnings | $ | 43,383 | $ | 40,864 | $ | 46,321 | $ | 45,999 | $ | 43,143 | $ | 130,568 | $ | 118,819 | ||||||||
Total Adjustments to Noninterest Income | 387 | 176 | (2224 | ) | (18 | ) | 362 | (1,661 | ) | 1,114 | ||||||||||||
Total Adjustments to Noninterest Expense | (11,036 | ) | (23,816 | ) | (26,984 | ) | (20,668 | ) | (5,484 | ) | (61,836 | ) | (17,191 | ) | ||||||||
Adjusted Pre-Tax Pre-Provision Earnings | $ | 54,806 | $ | 64,856 | $ | 71,081 | $ | 66,649 | $ | 48,989 | $ | 190,743 | $ | 137,124 | ||||||||
Average Assets | $ | 14,906,003 | $ | 14,887,289 | $ | 13,947,976 | $ | 12,139,856 | $ | 10,585,338 | $ | 14,583,932 | $ | 10,684,632 | ||||||||
Less average goodwill and intangible assets | (839,787 | ) | (842,988 | ) | (750,694 | ) | (521,412 | ) | (305,935 | ) | (811,483 | ) | (305,895 | ) | ||||||||
Average Tangible Assets | $ | 14,066,216 | $ | 14,044,301 | $ | 13,197,282 | $ | 11,618,444 | $ | 10,279,403 | $ | 13,772,449 | $ | 10,378,737 | ||||||||
Return on Average Assets (ROA) | 0.84 | % | 0.84 | % | 0.34 | % | 0.78 | % | 1.10 | % | 0.68 | % | 1.03 | % | ||||||||
Impact of removing average intangible assets and related amortization | 0.20 | 0.22 | 0.18 | 0.16 | 0.07 | 0.20 | 0.08 | |||||||||||||||
Return on Average Tangible Assets (ROTA) | 1.04 | 1.06 | 0.52 | 0.94 | 1.17 | 0.88 | 1.11 | |||||||||||||||
Impact of other adjustments for Adjusted Net Income | 0.08 | 0.35 | 0.38 | 0.42 | 0.10 | 0.27 | 0.13 | |||||||||||||||
Adjusted Return on Average Tangible Assets | 1.12 | 1.41 | 0.90 | 1.36 | 1.27 | 1.15 | 1.24 | |||||||||||||||
Pre-Tax Pre-Provision return on Average Tangible Assets | 1.38 | % | 1.33 | % | 1.58 | % | 1.69 | % | 1.71 | % | 1.43 | % | 1.57 | % | ||||||||
Impact of adjustments on Pre-Tax Pre-Provision earnings | 0.17 | 0.52 | 0.60 | 0.59 | 0.18 | 0.42 | 0.20 | |||||||||||||||
Adjusted Pre-Tax Pre-Provision Return on Tangible Assets | 1.55 | 1.85 | 2.18 | 2.28 | 1.89 | 1.85 | 1.77 | |||||||||||||||
Average Shareholders' Equity | $ | 2,072,747 | $ | 2,070,529 | $ | 1,897,045 | $ | 1,573,704 | $ | 1,349,475 | $ | 2,014,083 | $ | 1,366,672 | ||||||||
Less average goodwill and intangible assets | (839,787 | ) | (842,988 | ) | (750,694 | ) | (521,412 | ) | (305,935 | ) | (811,483 | ) | (305,895 | ) | ||||||||
Average Tangible Equity | $ | 1,232,960 | $ | 1,227,541 | $ | 1,146,351 | $ | 1,052,292 | $ | 1,043,540 | $ | 1,202,600 | $ | 1,060,777 | ||||||||
Return on Average Shareholders' Equity | 6.01 | % | 6.05 | % | 2.53 | % | 6.03 | % | 8.60 | % | 4.94 | % | 8.08 | % | ||||||||
Impact of removing average intangible assets and related amortization | 5.89 | 6.03 | 3.43 | 4.33 | 2.93 | 5.15 | 2.74 | |||||||||||||||
Return on Average Tangible Common Equity (ROTCE) | 11.90 | 12.08 | 5.96 | 10.36 | 11.53 | 10.09 | 10.82 | |||||||||||||||
Impact of other adjustments for Adjusted Net Income | 0.89 | 4.00 | 4.38 | 4.69 | 0.95 | 3.05 | 1.31 | |||||||||||||||
Adjusted Return on Average Tangible Common Equity | 12.79 | 16.08 | 10.34 | 15.05 | 12.48 | 13.14 | 12.13 | |||||||||||||||
Loan interest income1 | $ | 150,048 | $ | 148,432 | $ | 135,341 | $ | 105,437 | $ | 74,050 | $ | 433,821 | $ | 210,636 | ||||||||
Accretion on acquired loans | (14,843 | ) | (14,580 | ) | (15,942 | ) | (9,710 | ) | (2,242 | ) | (45,365 | ) | (8,679 | ) | ||||||||
Loan interest income excluding accretion on acquired loans | $ | 135,205 | $ | 133,852 | $ | 119,399 | $ | 95,727 | $ | 71,808 | $ | 388,456 | $ | 201,957 | ||||||||
Yield on loans1 | 5.93 | 5.89 | 5.86 | 5.29 | 4.45 | 5.89 | 4.35 | |||||||||||||||
Impact of accretion on acquired loans | (0.59 | ) | (0.58 | ) | (0.69 | ) | (0.49 | ) | (0.14 | ) | (0.61 | ) | (0.18 | ) | ||||||||
Yield on loans excluding accretion on acquired loans | 5.34 | % | 5.31 | % | 5.17 | % | 4.80 | % | 4.31 | % | 5.28 | % | 4.17 | % | ||||||||
Net Interest Income1 | $ | 119,505 | $ | 127,153 | $ | 131,351 | $ | 119,858 | $ | 88,399 | $ | 378,009 | $ | 246,803 | ||||||||
Accretion on acquired loans | (14,843 | ) | (14,580 | ) | (15,942 | ) | (9,710 | ) | (2,242 | ) | (45,365 | ) | (8,679 | ) | ||||||||
Net interest income excluding accretion on acquired loans | $ | 104,662 | $ | 112,573 | $ | 115,409 | $ | 110,148 | $ | 86,157 | $ | 332,644 | $ | 238,124 | ||||||||
Net Interest Margin | 3.57 | 3.86 | 4.31 | 4.36 | 3.67 | 3.91 | 3.44 | |||||||||||||||
Impact of accretion on acquired loans | (0.44 | ) | (0.44 | ) | (0.53 | ) | (0.35 | ) | (0.09 | ) | (0.47 | ) | (0.12 | ) | ||||||||
Net interest margin excluding accretion on acquired loans | 3.13 | % | 3.42 | % | 3.78 | % | 4.01 | % | 3.58 | % | 3.44 | % | 3.32 | % | ||||||||
Security interest income1 | $ | 21,520 | $ | 21,018 | $ | 19,375 | $ | 18,694 | $ | 15,827 | $ | 61,913 | $ | 38,607 | ||||||||
Tax equivalent adjustment on securities | (22 | ) | (23 | ) | (26 | ) | (34 | ) | (35 | ) | (71 | ) | (109 | ) | ||||||||
Security interest income excluding tax equivalent adjustment | $ | 21,498 | $ | 20,995 | $ | 19,349 | $ | 18,660 | $ | 15,792 | $ | 61,842 | $ | 38,498 | ||||||||
Loan interest income1 | $ | 150,048 | $ | 148,432 | $ | 135,341 | $ | 105,437 | $ | 74,050 | $ | 433,821 | $ | 210,636 | ||||||||
Tax equivalent adjustment on loans | (177 | ) | (167 | ) | (173 | ) | (115 | ) | (80 | ) | (517 | ) | (241 | ) | ||||||||
Loan interest income excluding tax equivalent adjustment | $ | 149,871 | $ | 148,265 | $ | 135,168 | $ | 105,322 | $ | 73,970 | $ | 433,304 | $ | 210,395 | ||||||||
Net Interest Income1 | $ | 119,505 | $ | 127,153 | $ | 131,351 | $ | 119,858 | $ | 88,399 | $ | 378,009 | $ | 246,803 | ||||||||
Tax equivalent adjustment on securities | (22 | ) | (23 | ) | (26 | ) | (34 | ) | (35 | ) | (71 | ) | (109 | ) | ||||||||
Tax equivalent adjustment on loans | (177 | ) | (167 | ) | (173 | ) | (115 | ) | (80 | ) | (517 | ) | (241 | ) | ||||||||
Net interest income excluding tax equivalent adjustment | $ | 119,306 | $ | 126,963 | $ | 131,152 | $ | 119,709 | $ | 88,284 | $ | 377,421 | $ | 246,453 | ||||||||
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. |
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