SEACOAST ANNOUNCES RECORD EARNINGS FOR 2000
Download Financial Information
in PDF Format
STUART, FL -- Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCFA),
a bank holding company whose subsidiary is First National Bank and Trust Company
of the Treasure Coast, today announced net income for the year of $12.1 million,
or $2.51 diluted earnings per share (DEPS), up from $2.40 DEPS in 1999. In the
fourth quarter, reported net income totaled $2.9 million, or $0.62 DEPS, compared
to $3.0 million and $0.62 DEPS earned in the fourth quarter of 1999.
Noninterest income totaled $13.2 million for the year 2000, up 8.2 percent from
$12.1 million for 1999. For the fourth quarter noninterest income totaled $3.3
million, up 3.8 percent from $3.1 million for the same quarter in 1999. The
improvement in noninterest income in the year and quarter was largely due to
increased fees collected from electronic funds transfer (debit card revenue),
loan sales, and trust and investment management services. Noninterest expense
totaled $8.6 million for the fourth quarter 2000, down one percent from the
same period in 1999. Fully taxable net interest income was $10.5 million for
the fourth quarter of 2000, compared to $10.7 million in the fourth quarter
of 1999, or a decrease of 1.8 percent.
For the full year 2000, return on average assets (ROA) was 1.09 percent and
return on average equity (ROE) was 14.09 percent. ROA and ROE for the quarter
were 1.05 percent and 13.40 percent, respectively, compared with 1.13 percent
and 14.56 percent, respectively, for the fourth quarter of 1999.
“We had a very positive year in 2000 and managed our businesses to record
earnings, while sustaining stellar credit quality which will place us in a strong
position to counter a possible near-term slowing of the economy”, stated
Dennis S. Hudson, III, President and Chief Executive Officer. “Furthermore,
a slowing in economic growth and a reduction in interest rates in 2001 could
counteract the margin pressures that were felt in 2000.”
Other highlights for the fourth quarter and the year were as follows:
- Deposit and loan growth was strong, despite rising interest rates, with
deposits increasing by 5.6 percent and loans by 8.6 percent for 2000; comparable
results for 1999 were increases of 0.1 percent and 10.9 percent, respectively;
- Higher yield consumer and commercial loans were up 16 percent and 19 percent,
respectively, from year-end 1999, while lower yielding residential loan growth
was up only 5 percent;
- Most importantly, loan growth was achieved while credit quality remained
strong as evidenced by the low net charge-offs to average loans of 0.03 percent
for the year; and nonperforming assets at the end of 2000 totaled $2.4 million
or 0.29 percent of loans and other real estate;
- Noninterest bearing deposit accounts increased $19.2 million or 13.7 percent
compared to prior year-end;
- Noninterest expenses declined $1.1 million or 3.1 percent during 2000, the
result of lower incentive pay earned, a smaller work force, reduced health
care costs and lower professional fees;
- During 2000 the company began a new division to originate loans to consumers
for the purchase of marine yachts. This expansion produced $42.5 million in
loans, of which $16.3 million was added to the loan portfolio and the remainder
sold for $361,000 in fee income.
The net interest margin for the fourth quarter was 3.93 percent, up three basis
points from the third quarter. Fully taxable net interest income totaled $42,373,000
for the year, down 2.5 percent from the full year in 1999. Cost of funds rose
to 4.58 percent, or seven basis points, from 4.51 percent in the third quarter
of 2000 and increased 82 basis points when compared to the fourth quarter of
1999. Current and prospective Fed easing of interest rates will lead to an eventual
reversal of the increase to the Company’s cost of funds.
During 2000 the company’s average shareholders’ equity to asset ratio
increased to 7.76 percent from 7.57 percent in 1999. The company repurchased approximately
125,000 shares of its common stock during 2000, resulting in a 1.9 percent reduction
in the average shares outstanding for the year;
Seacoast, with assets of approximately $1.2 billion, is the largest independent
bank headquartered on Florida's Treasure Coast, one of the wealthiest areas in
Florida and among the fastest growing in the nation.
“Safe Harbor” Statement under the Private Securities
Litigation Reform Act of 1995: Statements in this press release regarding Seacoast’s
business which are not historical facts are “forward-looking statements”
that involve risks and uncertainties.
For a discussion of such risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking statements, see
“Special Cautionary Notice Regarding Forward-Looking Statements” in
the company’s most recent Annual Report on Form 10-K.
|
