SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) July 16, 2003
SEACOAST BANKING CORPORATION OF FLORIDA
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(Exact Name of Registrant as Specified in Charter)
Florida 1-13660 59-2260678
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(State or Other Jurisdiction Commission (IRS Employer
of Incorporation) File Number Identification No.)
815 Colorado Avenue, Stuart, FL 34994
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (772) 287-4000
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8K - 1 of 4
SEACOAST BANKING CORPORATION OF FLORIDA
Item 7. Financial Statements and Exhibits
Exhibit Number Description
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99.1 Press Release dated July 16, 2003 with respect to Seacoast
Banking Corporation of Florida's financial results for the
second quarter ended June 30, 2003.
99.2 Press Release dated July 18, 2003 with respect to a
clarification of the Stock Split and a 30% increase in cash
dividends.
Item 9. Regulation FD Disclosure
Seacoast Banking Corporation of Florida (the "Registrant") is furnishing the
information required by Item 12 of Form 8-K, "Results of Operations and
Financial Condition," under this Item 9.
In a press release on July 16, 2003, the Registrant announced its financial
results for the second quarter ended June 30, 2003, that the Board of Directors
had voted to approve a stock split and distribute on August 15, 2003 one
additional share of Seacoast common stock for every 10 shares held by
shareholders of record as of the close of business on August 1,2003 and that it
had increased the common stock dividend by 30%. The regular quarterly dividend
after the issuance of the stock dividend will increase to $0.13 from the split
adjusted $0.10 per share paid in the second quarter. The indicated annual rate
will increase to $0.52. The dividend is payable on September 30, 2003 to
shareholders of record on September 16, 2003. Copies of the press releases are
attached hereto as Exhibit 99.1, and 99.2 and are incorporated herein by
reference.
On July 17, 2003, the Registrant held an investor conference call to discuss
financial results for the second quarter ended June 30, 2003. All information
contained herein is presented as of July 17, 2003, and the Registrant does not
assume any obligation to correct or update said information in the future.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SEACOAST BANKING CORPORATION OF FLORIDA
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(Registrant)
Dated: July 17, 2003 By: /s/ William R. Hahl
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Name: William R. Hahl
Title: Executive Vice President & CFO
EXHIBIT 99.1
NEWS RELEASE
---------------------------- Dennis S. Hudson, III
President and Chief Executive Officer
Seacoast Banking Corporation of Florida
(772) 288-6086
William R. Hahl
Executive Vice President/
Chief Financial Officer
(772) 221-2825
SEACOAST REPORTS SECOND QUARTER NET INCOME,
A 1-FOR-10 STOCK SPLIT, AND
A 30% INCREASE IN CASH DIVIDENDS
STUART, FL., July 16, 2003 - Seacoast Banking Corporation of Florida
(NASDAQ-NMS: SBCF), a bank holding company whose principal subsidiary is First
National Bank and Trust Company of the Treasure Coast, today announced 2003
second quarter net income of $3.550 million or $0.23 diluted earnings per share
("DEPS") compared to $3.223 or $0.21 DEPS for the first quarter of 2003 and
$4.049 million or $0.26 DEPS in the year-ago quarter. The diluted earnings per
share amounts reflect the impact of a 1-for-10 stock split approved by the Board
of Directors which will be distributed on August 15, 2003 to shareholders of
record as of the close of business on August 1, 2003.
Earnings per share pre-stock split were $0.25 DEPS for the second quarter of
2003, $0.23 DEPS for the first quarter of 2003 and $0.28 DEPS in the year ago
quarter. The results for first quarter 2003 and the second quarter a year ago
include profits and (losses) realized from investment securities sold of
($1,157,000) or ($0.05) DEPS and $398,000 or $0.02 DEPS, respectively.
For the first six months, after the effect of the stock split, net income
totaled $6.773 million, or $0.43 DEPS, compared to $7.735 million and $0.49 DEPS
earned in 2002. Core operating earnings, excluding investment securities gains
and losses, for the first half of 2003 totaled $7.528 million or $0.48 DEPS
compared to $7.450 million or $0.47 DEPS for the same period in 2002.
Simultaneous with the stock split, the Board of Directors approved a 30 percent
increase in the cash dividends paid on the Company's common shares. The regular
quarterly dividend after the issuance of the additional shares will increase to
$0.13 from the split adjusted $0.10 per share paid in the second quarter. The
indicated annual rate will increase to $0.52. The dividend is payable on
September 30, 2003 to shareholders of record on September 16, 2003. Fractional
shares resulting from the split will be paid in cash. The Company has paid cash
dividends continually since its inception and has increased cash dividends
annually in all but one of the past twenty years. This year's dividend increase
reflects the substantial improvement in the Company's financial performance over
the past few years, its outlook for the future, and recent changes in tax law
that improve the efficiency with which capital can be distributed to
shareholders.
"The flat core earnings growth for the second quarter and the first six months
this year is attributable to both our strategic change in loan mix, which began
over one year ago, from long-term fixed rate residential lending to shorter term
or adjustable rate commercial and consumer lending and our reluctance to
increase duration during this period of historic low interest rates. We believe
that during this time of unprecedented low rates it is best to stick with
successful strategies which assure earnings growth over the long run." said
Dennis S. Hudson, III, President and Chief Executive Officer. "Our long-term
perspective shows an increase in franchise value from households serviced,
expansion of products and services offered, improved profitability, increased
capital for geographic expansion and positive asset quality."
Highlights for the quarter include the following:
Long term fixed rate commercial and residential mortgage loans declined $91
million or 34.6% compared to the prior year, while adjustable rate mortgage
loans, which are repriceable within one year, increased $24 million or
20.3%;
The opening of three branches in Palm Beach County has been very successful
with loan growth for the quarter of $16 million and total outstandings of
$25 million at June 30, 2003. Deposits grew by over $7 million in the
quarter with all but $1 million in transaction and savings accounts and now
total over $14 million;
Total noninterest income (excluding securities gains and losses) grew by
28.6 percent, an increase of $1,157,000 over the second quarter of 2002;
Residential loan production improved to $68 million for the quarter and
$153 million for the first six months compared to $34 million and $81
million for the same periods in 2002, respectively;
Mortgage banking revenues increased $603,000 or 97.3 percent in the second
quarter and by $1,465,000 or 104.9 percent during the first six months of
2003;
Year-over-year second quarter total deposits increased $61.3 million or 6.0
percent, $28.6 million or 16.3 percent for noninterest bearing deposits and
$38.7 million or 8.4% for low-cost savings and NOW accounts;
Seacoast Marine originated loans totaling $47 million for the second
quarter with total fees of $859,000, compared to $339,000 for the same
period in 2002. Year-to-date loans originated totaled $92 million, an
increase of $62 million over the first half of 2002; and
The solid earnings performance over the last year has maintained our strong
capital position with an average equity to asset ratio of 7.77 percent and
an increase in book value per share from $6.41 to $6.63.
Nonperforming assets increased $1.2 million from a year ago to $3.2 million or
0.50% of loans and other real estate owned outstanding at June 30, 2003, due to
a loan totaling approximately $2 million secured with commercial real estate
being placed on nonaccrual. Net charge-offs were $435,000 for the second quarter
(due to the write-off of one commercial credit), compared to $280,000 for the
first quarter 2003 and $8,000 for the second quarter last year. For the first
six months, annualized net charge-offs as a percent of average loans totaled
0.21 percent compared to 0.03 percent a year earlier. The allowance for loan
losses as a percentage of loans totaled 0.94 percent at June 30, 2003, unchanged
from one year earlier. Although there was an increase in charge-offs for the
first six months of 2003, management is not aware of any factors which would
significantly impact the Company's credit quality. Therefore, no provision for
loan losses was necessary for the second quarter and first six months of 2003.
Fully taxable net interest income for the second quarter 2003 was impacted by
the persistently low interest rate environment and the Company's continued
desire to control its exposure to longer term residential real estate loans and
other similar assets. Net interest income declined $441,000 or 3.8% from the
first quarter of 2003 and $1.1 million or 8.7 percent compared to the same
period in 2002.
The expansion into Palm Beach County in late 2002 is beginning to gain momentum
and should have greater impact on loan growth as the year progresses. Average
loans declined $18.3 million from the first quarter 2003 or 2.6 percent,
compared with a decline of $28.6 million or 4.0 percent during the first quarter
of 2003. Commercial loans originated exceeded $82 million for the first six
months of 2003.
Besides the negative impact on the margin from the decline in loan portfolio
during the past twelve months, continued low interest rates have resulted in
higher principal payments from the Company's investment portfolio and
reinvestment at lower yields. Corresponding with the Company's objective
regarding asset duration, the investment portfolio's average life at June 30,
2003 was 0.84 years and would extend to 3.1 years if interest rates were to
increase 100 basis points.
The yield on earning assets for the second quarter totaled 5.03 percent, 36
basis points lower than the first quarter of 2003, while interest bearing
liabilities declined by 10 basis points to 1.73 percent.
Consistent with the strategy to remix the Company's loan portfolio, a total of
$79 million of residential mortgage loans were closed in the second quarter and
approximately $56 million were sold in the secondary market. In addition, the
year-over-year results included: a decline in long term lower yield 1-4 family
loans outstanding to 33 percent of total loans at June 30, 2003, compared to 40
percent a year earlier; consumer outstandings remained unchanged at 21 percent;
and an increase in commercial/commercial real estate loans outstanding to 46
percent of total loans compared to 39 percent in 2002.
Despite a challenging and uncertain economic environment, which negatively
impacted revenues from the Company's investment management businesses,
noninterest income (excluding securities gains and losses) increased 28.6
percent when compared to the prior year's second quarter.
During the current quarter, fees related to marine loan production increased
$520,000 or 153.4 percent compared to the same quarter for 2002, and added
$859,000 to second quarter 2003 revenues. Brokerage commissions and fees totaled
$586,000 for the second quarter, an improvement over the 2003 first quarter
results of $420,000, and $570,000 in the prior year's second quarter. Trust
revenues declined to $527,000 for the second quarter, compared to the prior year
results of $542,000, and stand at $1,051,000 at June 30, 2003, compared to
$1,139,000 for the first six months of 2002.
Noninterest expenses totaled $10.8 million, an increase of 8.0 percent from the
prior year's second quarter, a result of increased wages, benefits, occupancy
and data processing services, primarily due to the addition of branches and
personnel in the Palm Beach County market. All other noninterest expenses
declined $39,000 or 1.3 percent, consistent with the Company's strong emphasis
on cost controls.
Seacoast will host a conference call on July 17 at 9:00 a.m. (Eastern time) to
discuss the earnings results and business trends. Investors may call in by
dialing 800-693-5693 (passcode: 3729324; leader: Dennis S. Hudson, III). A
replay of the call will be available beginning the afternoon of July 17 by
dialing 888-211-2648 (domestic), using the passcode 3729324.
Seacoast Banking Corporation of Florida has approximately $1.3 billion in
assets. It is one of the largest independent commercial banking organizations in
Florida, headquartered on Florida's Treasure Coast, one of the wealthiest and
fastest growing areas in the nation.
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This press release contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934.
Forward-looking statements include statements with respect to our beliefs,
plans, objectives, goals, expectations, anticipations, estimates and intentions,
and involve known and unknown risks, uncertainties and other factors, which may
be beyond our control, and which may cause the actual results, performance or
achievements of Seacoast Banking Corporation of Florida ("Seacoast" or the
"Company") to be materially different from future results, performance or
achievements expressed or implied by such forward-looking statements. You should
not expect us to update any forward-looking statements.
You can identify these forward-looking statements through our use of words such
as "may", "will", "anticipate", "assume", "should", "indicate", "would",
"believe", "contemplate", "expect", "estimate", "continue", "point to",
"project", "could", "intend" or other similar words and expressions of the
future. These forward-looking statements may not be realized due to a variety of
factors, including, without limitation: the effects of future economic
conditions; governmental monetary and fiscal policies, as well as legislative
and regulatory changes; the risks of changes in interest rates on the level and
composition of deposits, loan demand, and the values of loan collateral,
securities, and interest sensitive assets and liabilities; interest rate risks
and sensitivities; the effects of competition from other commercial banks,
thrifts, mortgage banking firms, consumer finance companies, credit unions,
securities brokerage firms, insurance companies, money market and other mutual
funds and other financial institutions operating in the Company's market area
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 loan losses,
and the risks of mergers and acquisitions, including, without limitation, the
related costs, including integrating operations as part of these transactions,
and the failure to achieve the expected gains, revenue growth and/or expense
savings from such transactions.
All written or oral forward looking statements attributable to the Company 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, 2002 under "Special
Cautionary Notice Regarding Forward Looking Statements", and otherwise in the
Company's SEC reports and filings. Such reports are available upon request from
Seacoast, or from the Securities and Exchange Commission, including the SEC's
website at http://www.sec.gov.
FINANCIAL HIGHLIGHTS (Unaudited)
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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Three Months Ended Six Months Ended
(Dollars in thousands, June 30, June 30,
except per share data) 2003 2002 2003 2002
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Net income $ 3,550 $ 4,049 $ 6,773 $ 7,735
Core operating earnings (4) 3,557 3,805 7,528 7,450
Net interest income (1) 11,198 12,260 22,837 24,076
Performance Ratios
Rturn on average assets(2),(3) 1.09% 1.33% 1.06% 1.26%
Return on average
shareholders'equity(2),(3) 14.08 16.76 13.58 16.18
Net interest margin(1),(2) 3.63 4.23 3.76 4.15
Per Share Data (A)
Net income diluted $ 0.23 $ 0.26 $ 0.43 $ 0.49
Net income basic
0.23 0.26 0.44 0.50
Cash dividends declared 0.10 0.09 0.20 0.18
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June 30, Increase/
----------------------- (Decrease)
2003 2002
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Credit Analysis
Net charge-offs year-to-date $715 $ 132 441.7%
Net charge-offs to average loans 0.21% 0.03% 600.0
Loan loss provision year-to-date -- -- --
Allowance to loans at end of period 0.94% 0.94% 0.0
Nonperforming assets $3,238 $1.993 62.5
Nonperforming assets to loans and other
real estate owned at end of period 0.50% 0.27% 85.2
Selected Financial Data
Total assets $1,320,151 $1,195,937 10.4
Securities - Trading(at fair value) 10,949 0 n/m
Securities - Available for Sale
(at fair value) 463,848 357,218 29.9
Securities - Held for Sale
(at amortized cost) 113,720 23,809 377.6
Net loans 645,380 731,099 (11.7)
Deposits 1,075,252 1,013,972 6.0
Shareholders' equity 101,570 98,507 3.1
Book value per share 6.63 6.41 3.4
Tangible book value per share 6.43 6.16 4.4
Average shareholders' equity
to average assets 7.77% 7.80% (0.4)
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(A) Reflects a 1-for-10 stock split effective August 1, 2003.
(1) Calculated on a fully taxable equivalent basis using amortized cost. (2)
These ratios are stated on an annualized basis and are not necessarily
indicative of future periods.
(3) The calculation of ROA and ROE do not include the mark-to-market unrealized
gains (losses) because the unrealized gains (losses) are not included in
net income.
(4) Net income excluding investment security gains and losses.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Three Months Ended Six Months Ended
June 30, June 30,
---------------------- ---------------------
(Dollars in thousands,
except per share data) 2003 2002 2003 2002
------------------------------------------------------ ----------------------
Interest on securities:
Taxable $3,716 $3,816 $7,749 $7,072
Nontaxable 40 48 81 100
Interest and fees on loans 11,702 14,132 23,684 28,900
Interest on federal funds sold 20 138 41 423
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Total Interest Income 15,478 18,134 31,555 36,495
Interest on deposits 864 1,280 1,767 2,626
Interest on time certificates 2,596 3,854 5,297 8,242
Interest on borrowed money 857 792 1,730 1,642
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Total Interest Expense 4,317 5,926 8,794 12,510
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Net Interest Income 11,161 12,208 22,761 23,985
Provision for loan losses 0 0 0 0
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Net Interest Income
After Provision for
Loan Losses 11,161 12,208 22,761 23,985
Noninterest income:
Service charges on deposit
accounts 1,202 1,270 2,419 2,487
Trust income 527 542 1,051 1,139
Mortgage banking fees 1,223 620 2,861 1,396
Brokerage commissions and
fees 586 570 1,006 1,113
Marine finance fees 859 339 1,666 506
Debit card income 320 252 609 475
Other deposit based EFT fees 105 90 221 191
Other income 368 350 728 709
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5,190 4,033 10,561 8,016
Securities gains (losses) (11) 398 (1,168) 464
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Total Noninterest Income 5,179 4,431 9,393 8,480
Noninterest expenses:
Salaries and wages 4,273 3,855 8,432 7,615
Employee benefits 1,212 1,063 2,428 2,111
Outsourced data processing 1,315 1,185 2,601 2,431
Occupancy expense 976 831 1,970 1,660
Furniture and equipment
expense 427 499 926 1,034
Marketing expense 518 514 1,068 1,027
Legal and professional fees 370 455 778 780
FDIC assessments 41 44 82 87
Amortization of intangibles 63 63 126 126
Other expense 1,610 1,493 3,269 2,899
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Total Noninterest Expenses 10,805 10,002 21,680 19,770
Income Before Income Taxes 5,535 6,637 10,474 12,695
Provision for income taxes 1,985 2,588 3,701 4,960
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Net Income $3,550 $4,049 $6,773 $7,735
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Per share common stock (A):
Net income diluted $0.23 $0.26 $0.43 $0.49
Net income basic 0.23 0.26 0.44 0.50
Cash dividends declared 0.10 0.09 0.20 0.18
Average diluted shares
outstanding 15,640,582 15,754,263 15,657,015 15,744,891
Average basic shares
outstanding 15,325,412 15,393,329 15,320,819 15,400,635
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(A) Reflects a 1-for-10 stock split effective August 1, 2003.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
June 30, December 31, June 30,
(Dollars in thousands) 2003 2002 2002
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Assets
Cash and due from banks $37,522 $49,571 $40,634
Federal funds sold and
interest bearing deposits 254 251 -
Securities:
Trading (at fair value) 10,949 - -
Available for sale
(at fair value) 463,848 466,278 357,218
Held for sale
(at amortized cost) 113,720 32,181 23,809
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Total Securities 588,517 498,459 381,027
Loans sold and available for sale 13,675 13,814 13,439
Loans 651,491 688,161 738,001
Less: Allowance for loan losses (6,111) (6,826) (6,902)
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Net Loans 645,380 681,335 731,099
Bank premises and equipment 16,748 16,045 15,111
Other real estate owned 50 8 119
Other assets 18,005 21,814 14,508
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$1,320,151 $1,281,297 $1,195,937
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Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand deposits (noninterest
bearing) $204,599 $184,524 $175,959
Savings deposits 497,930 472,976 459,251
Other time deposits 278,281 279,255 293,072
Time certificates of $100,000
or more 94,442 93,785 85,690
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Total Deposits 1,075,252 1,030,540 1,013,972
Federal funds purchased and
securities sold under agreements
to repurchase, maturing within
30 days 71,919 102,967 38,498
Other borrowings 65,000 40,000 40,000
Other liabilities 6,410 7,043 4,960
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1,218,581 1,180,550 1,097,430
Shareholders' Equity
Preferred stock - - -
Common stock 1,710 1,555 1,554
Additional paid in capital 26,839 26,994 26,888
Retained earnings 92,489 89,960 85,406
Treasury stock (17,800) (18,578) (17,012)
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103,238 99,931 96,836
Other comprehensive income (loss) (1,668) 816 1,671
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Total Shareholders' Equity 101,570 100,747 98,507
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$1,320,151 $1,281,297 $1,195,937
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Common Shares Outstanding 15,328,669 15,279,001 15,377,673
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Note: The balance sheet at December 31, 2002 has been derived from the audited
financial statements at that date.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarters
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(Dollars in thousands, 2003 2002 Last 12
except per share data) Second First Fourth Third Months
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Operating Ratios
Return on average
assets (2),(3) 1.09% 1.02% 1.32% 1.17% 1.15%
Return on average
shareholders' equity
(2),(3) 14.08 13.07 16.24 14.19 14.40
Net interest margin
(1),(2) 3.63 3.89 4.02 4.17 3.97
Average equity to
average assets 7.74 7.81 8.12 8.26 7.98
Credit Analysis
Net charge-offs $435 $280 $7 $69 $791
Net charge-offs to average
loans 0.26% 0.16% 0.00% 0.04% 0.11%
Loan loss provision $ - $ - $ - $ - $ -
Allowance to loans at end of
period 0.94% 0.99% 0.9% 0.95%
Nonperforming assets $3,238 $1,901 $2,249 $2,454
Nonperforming assets to loans
and other real estate owned
at end of period 0.50 0.29 0.33 0.34
Nonaccrual loans and accruing
loans 90 days or more past
due to loans outstanding
at end of period 0.49 0.29 0.33 0.32
Per Share Common Stock (A)
Net income diluted $0.23 $0.21 $0.26 $0.22 $0.92
Net income basic 0.23 0.21 0.26 0.23 0.94
Cash dividends declared 0.10 0.10 0.10 0.09 0.39
Book value per share 6.63 6.56 6.59 6.47
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(A) Reflects a 1-for-10 stock split effective August 1, 2003. (1) Calculated
on a fully taxable equivalent basis using amortized cost.
(2) These ratios are stated on an annualized basis and are not necessarily
indicative of ratios which may be expected for the entire year.
(3) The calculation of ROA and ROE do not include the mark-to-market
unrealized gains (losses), because the unrealized gains (losses) are not
included in net income.
CONSOLIDATED QUARTERLY FINANCIAL DATA
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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
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June 30, December 31, June 30,
SECURITIES 2003 2002 2002
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Mortgage-backed $10,949 $ - $ -
--------------------------------------------------
Securites Trading 10,949 - -
--------------------------------------------------
U.S. Treasury and U.S.
Government Agencies 6,585 2,508 2,543
Mutual funds - 292 285
Mortgage-backed 451,109 456,655 346,888
Other securities 6,154 6,823 7,502
--------------------------------------------------
Securities Available
for Sale 463,848 466,278 357,218
--------------------------------------------------
U.S. Treasury and U.S.
Government Agencies 4,997 $ - $ -
Mortgage-backed 105,598 28,555 19,945
Obligations of states and
political subdivisions 3,125 3,626 3,864
--------------------------------------------------
Securities Held for
Investment 113,720 32,181 23,809
--------------------------------------------------
Total Securities $588,517 $498,459 $381,027
---------------------------------------------------
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June 30, December 31, June 30,
LOANS 2003 2002 2002
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Real estate construction
$83,871 $77,909 $74,957
Real estate mortgage 444,492 478,123 527,220
Instalment loans to individuals 79,295 91,307 99,558
Commercial and financial 43,034 40,491 35,918
Other loans 799 331 348
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Total Loans $651,491 $688,161 $738,001
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AVERAGE BALANCES, YIELDS AND RATES (1)
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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2003 2002
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Second Quarter First Quarter Second Quarter
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Average Yield/ Average Yield/ Average Yield/
(Dollars in thousands) Balance Rate Balance Rate Balance Rate
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Assets
Earning assets:
Securities:
Taxable $555,142 2.68% $512,781 3.15% $ 371,208 4.11%
Nontaxable 2,980 8.05 3,193 7.77 3,654 7.77
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Total Securities 558,122 2.71 515,974 3.17 374,862 4.15
Federal funds sold and
other short-term
investments 6,769 1.19 6,723 1.27 32,979 1.68
Loans, net 671,740 7.00 690,022 7.05 754,021 7.53
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Total Earning
Assets 1,236,631 5.03 1,212,719 5.39 1,161,862 6.28
Allowance for loan
losses (6,542) (6,795) (6,906)
Cash and due from banks 47,638 47,048 39,336
Premises and equipment 16,339 16,122 15,111
Other assets 11,687 12,105 13,265
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$1,305,753 $1,281,199 $1,222,668
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Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW (including
Super NOW) $66,854 0.58% $67,373 0.66% $63,146 0.94%
Savings deposits 150,818 0.55 148,857 0.62 151,219 0.97
Money market accounts 283,526 0.79 265,843 0.86 256,021 1.20
Time deposits 375,143 2.78 372,273 2.94 379,228 4.08
Federal funds
purchased and
securities sold under
agreements to
repurchase 62,430 0.83 78,495 0.96 54,444 1.13
Other borrowings 65,000 4.49 56,944 4.90 40,000 6.41
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Total Interest-
Bearing
Liabilities 1,003,771 1.73 989,785 1.83 944,058 2.52
Demand deposits
(noninterest-bearing) 196,451 186,613 176,869
Other liabilities 4,406 4,787 4,856
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Total Liabilities 1,204,628 1,181,185 1,125,783
Shareholders' equity 101,125 100,014 96,885
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$1,305,753 $1,281,199 $1,222,668
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Interest expense as
a % of earning assets 1.40% 1.50% 2.05%
Net interest income as
a % of earning assets 3.63 3.89 4.23
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(1) On a fully taxable equivalent basis. All yields and rates have been
computed on an annualized basis using amortized cost. Fees on loans have
been included in interest on loans. Nonaccrual loans are included in loan
balances.
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Dennis S. Hudson, III
President and Chief Executive Officer
Seacoast Banking Corporation of Florida
(772) 288-6086
William R. Hahl
Executive Vice President/
Chief Financial Officer
(772) 221-2825
SEACOAST CLARIFIES ANNOUNCEMENT OF A STOCK SPLIT
AND A 30% INCREASE IN CASH DIVIDENDS
STUART, FL., July 18, 2003 Seacoast Banking Corporation of Florida (NASDAQ-NMS:
SBCF), a bank holding company whose principal subsidiary is First National Bank
and Trust Company of the Treasure Coast, announced on July 16, 2003 that its
Board of Directors had voted to approve a stock split and distribute on August
15, 2003 one additional share of Seacoast common stock for every 10 shares held
by shareholders of record as of the close of business on August 1, 2003. Cash
will be paid in lieu of fractional shares that otherwise would be distributed.
At the same time Seacoast announced that it had increased the common stock
dividend by 30%. The regular quarterly dividend after the issuance of the stock
dividend will increase to $0.13 from the split adjusted $0.10 per share paid in
the second quarter. The indicated annual rate will increase to $0.52. The
dividend is payable on September 30, 2003 to shareholders of record on September
16, 2003.
Seacoast Banking Corporation of Florida has approximately $1.3 billion in
assets. It is one of the largest independent commercial banking organizations in
Florida, headquartered on Florida's Treasure Coast, one of the wealthiest and
fastest growing areas in the nation.