| September 06, 2010 | |
|
|
||
|
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 reported that net income totaled $3,063,000 for the second quarter of 2000, or $0.63 diluted earnings per share (DEPS), compared to $3,092,000 or $0.63 DEPS for the second quarter in the previous year. Net income for the first six months of 2000 totaled $6,170,000, an increase of 6.3 percent above 1999 net income of $5,803,000, and diluted earnings per share were $1.27, up 7.6 percent over 1999 earnings of $1.18 DEPS. Return on average assets increased to 1.13 percent for the first six months of 2000, compared to 1.09 percent for the same period in 1999. Return on average assets for the second quarter was 1.11 percent compared to 1.15 percent for the first quarter of 2000 and 1.13 percent for the fourth quarter of 1999. Return on average equity for the quarter was 14.45 percent compared to 15.40 percent one year ago and 14.75 percent for the first quarter of 2000. Earnings were pushed higher in the second quarter of 2000 due to continued loan growth, but were offset by the increased costs for deposits and other borrowed funds resulting from the continued Federal Reserve action to slow the economy by raising interest rates. Total average loans outstanding increased $84.5 million or 11.5 percent to $821.9 million over the past twelve months, and average earnings assets totaled $1.057 billion, an increase of $47.1 million or 4.7 percent. "We are pleased with the overall results achieved so far this year, especially in credit quality." said Dennis S. Hudson, III, President and Chief Executive Officer. We have benefited from the advantageous financial markets of the last three years and have grown our loan portfolio at a compounded rate in excess of 12 percent per year. Significantly, our excellent credit quality measures have contributed to minimal problem assets and net charge-offs and eliminated the near-term need for any substantial increases in the provision for loan losses or our loan reserves.. The net charge-off ratio remained a low 0.02 percent for the first six months of 2000 compared to 0.01 percent for the period ended June 30, 1999. In addition, the Company. s non-performing asset ratio improved to 0.34 percent compared to 0.35 percent one year earlier. The reserve for loan losses at June 30, 2000 represented 0.86 percent of average loans outstanding, compared to 0.87 percent at March 31, 2000 and 0.89 percent at June 30, 1999. The commitment made in 1999 to reduce overhead expenses and improve revenue generation resulted in lower noninterest expenses and increased noninterest income for the second quarter and first six months of 2000. Noninterest expenses when compared to the second quarter of 1999 declined $498,000 or 5.4 percent. Noninterest income, excluding security gain (losses), for the second quarter of 2000 increased $166,000 or 5.4 percent. For the first six months of 2000, noninterest expenses totaled $17.7 million, a decrease of 3.9 percent from last year. s total of $18.5 million. Revenues from brokerage commissions and fees, combined with Trust investment management services, totaled $2.8 million, an increase of $217,000 or 8.5 percent over the first six months of 1999. The financial markets during the second quarter were in turmoil as a result of an uncertain economic growth rate and a fear of further Federal Reserve action or increased inflation. These uncertainties have produced slower growth in revenues from investment products which will likely continue for the remainder of 2000. Also consistent with these uncertainties and higher interest rates, customers have shifted their deposit balances from lower interest bearing core deposits into higher yielding time deposits and other cash equivalents. Year over year interest bearing core deposits declined $2.2 million or 0.60 percent, while noninterest bearing deposits increased $8.1 million or 5.9 percent. Time deposit acquisitions have increased to $20.5 million for the second quarter compared to $11.4 million for the first quarter of 2000 and $12.3 million over the prior twelve months. Although average loan balances outstanding increased $30.3 million or 15.3 percent annualized for the second quarter, the higher cost of interest bearing liabilities, resulting from a 175-basis point increase in interest rates by the Federal Reserve, caused the Company. s net interest margin to decline from 4.24 percent in the first quarter to 4.08 percent in the second quarter. However, the decline in net interest margin resulted in a minor decrease, compared to the first quarter of this year, in net interest income (on a fully taxable equivalent basis) of $92,000. Net interest income for the quarter ended June 30, 2000 totaled $10,713,000, $378,000 or 3.4 percent lower than the same quarter in 1999, which was aided by the recovery of $95,000 in interest income from a nonperforming asset. For the six months ended June 30, 2000, net interest income totaled $21.5 million compared to $21.8 million for the first six months of 1999. Seacoast with approximately $1.1 billion in assets is the largest independent commercial 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
