PR Newswire
STUART, Fla., April 25, 2017
STUART, Fla., April 25, 2017 /PRNewswire/ -- Seacoast Banking Corporation of Florida ("Seacoast" or "the Company") (NASDAQ: SBCF) today reported net income of $7.9 million for the first quarter of 2017, a 100% or $4.0 million increase from the first quarter of 2016. The company reported first quarter adjusted net income1 of $10.3 million, representing a 46% or $3.2 million increase year-over-year.
Dennis S. Hudson, III, Seacoast's Chairman and CEO, said "We sustained our prior year momentum during the first quarter, with robust loan pipelines, interchange and household growth reaching record levels, as we continued initiatives to become more efficient as the year progresses."
"We incurred certain expenses in the first quarter 2017, notably higher than the fourth quarter last year, that position us well for the balance of this fiscal year. We also successfully completed a public offering of 2.7 million shares during the first quarter, generating net proceeds of $55.7 million and situating us to sustain our strong organic growth and make selective acquisitions. On April 7, we closed the GulfShore Bank acquisition, extending our proven integration strategy into the attractive Tampa market."
Notable Items Affecting First Quarter 2017 Results
Certain items during first quarter 2017, aggregating $3.6 million in noninterest expense, were significant in comparison to fourth quarter 2016, and position the Company for much stronger performance looking forward.
Guidance
The Company's previous baseline adjusted diluted earnings per share guidance of $1.24 to $1.28 remains unchanged. The Company has updated its definition of adjusted net income to exclude the effect of the amortization of acquisition related intangibles. Updating its guidance for this new definition and the greater number of shares in issue following the Company's capital raise, the Company has revised its 2017 expected adjusted diluted earnings per share guidance to $1.28 to $1.32.
First Quarter 2017 Financial Highlights
Income Statement
Balance Sheet
Capital
Asset Quality
FINANCIAL HIGHLIGHTS | | | | | | ||
(Dollars in thousands, except per share data) | 1Q17 | 4Q16 | 3Q16 | 2Q16 | 1Q16 | ||
| | | | | | | |
Selected Balance Sheet Data (at period end): | | | | | | | |
Total Assets | | $4,769,775 | $4,680,932 | $4,513,934 | $4,381,204 | $4,001,323 | |
Gross Loans | | | 2,973,759 | 2,879,536 | 2,769,338 | 2,616,052 | 2,455,214 |
Total Deposits | | | 3,678,645 | 3,523,245 | 3,510,493 | 3,501,316 | 3,222,447 |
| | | | | | | |
Performance Measures: | | | | | | | |
Net Income | | $7,926 | $10,771 | $9,133 | $5,332 | $3,966 | |
Net Interest Margin | | 3.63% | 3.56% | 3.69% | 3.63% | 3.68% | |
Average Diluted Shares Outstanding (000) | 39,499 | 38,252 | 38,170 | 38,142 | 35,453 | ||
Diluted Earnings Per Share (EPS) | $0.20 | $0.28 | $0.24 | $0.14 | $0.11 | ||
Return on (annualized): | | | | | | | |
Average Assets (ROA) | 0.68% | 0.94% | 0.82% | 0.51% | 0.44% | ||
Average Tangible Assets (ROTA) | 0.74 | 1.00 | 0.88 | 0.56 | 0.48 | ||
Average Tangible Common Equity (ROTCE) | 8.77 | 12.51 | 10.91 | 6.62 | 5.13 | ||
Efficiency Ratio | | 71.08 | 62.36 | 68.60 | 78.01 | 81.73 | |
| | | | | | | |
Adjusted Operating Measures1: | | | | | | | |
Adjusted Net Income | $10,270 | $11,803 | $11,060 | $9,156 | $7,049 Werbung Mehr Nachrichten zur Seacoast Banking Aktie kostenlos abonnieren
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