PR Newswire
STUART, Fla., July 27, 2017
STUART, Fla., July 27, 2017 /PRNewswire/ -- Seacoast Banking Corporation of Florida ("Seacoast" or "the Company") (NASDAQ: SBCF) today reported net income of $7.7 million for the second quarter of 2017, a 44% or $2.3 million increase from the second quarter of 2016. Year to date net income as of June 30, 2017 was $15.6 million, a 68% or $6.3 million increase compared to the prior year period. The Company reported second quarter adjusted net income1 of $12.7 million, representing a 38% or $3.5 million increase from the second quarter of 2016. Year to date adjusted net income1 was $22.9 million, a 42% or $6.7 million increase compared to prior year to date results.
For the second quarter 2017, return on average tangible assets was 0.66%, return on average tangible shareholders' equity was 7.25%, and the efficiency ratio was 73.90%, compared to 0.56%, 6.62%, and 78.01%, respectively, in the second quarter of 2016. Adjusted return on average tangible assets1 was 1.02%, adjusted return on average tangible shareholders' equity1 was 11.22%, and the adjusted efficiency ratio1 was 61.20%, compared to 0.89%, 10.60%, and 64.78%, respectively, in the second quarter of 2016.
Dennis S. Hudson, III, Seacoast's Chairman and CEO, said "Our commitment to organic growth is producing continued consumer and small business loan growth, with a robust sales pipeline and expansion in households and customers, as we follow our credit guardrails and maintain loan granularity. Our loan growth is matched with continued execution of sound, accretive acquisitions that allow us to implement our proven integration playbook and strengthen our footprint in important Florida markets."
"Our investments over the last six months have helped put Seacoast in a position to successfully execute our Vision 2020 plan, based on modernizing how we sell while lowering our cost-to-serve. The signs of progress are already evident as we boost transactions outside the branch and provide a heightened level of banking convenience through mobile adoption."
Guidance
The Company is reiterating its previous guidance of $1.28 to $1.32 adjusted diluted earnings per share1 for full year 2017.
Notable Items Affecting Second Quarter 2017 Results
As Seacoast continues to scale and invest in its Vision 2020 objectives, certain items, many of which were introduced last quarter, aggregated to $8.2 million in noninterest expense in the second quarter.
Second Quarter 2017 Financial Highlights
Income Statement
Balance Sheet
Capital
Asset Quality
FINANCIAL HIGHLIGHTS | | | | | | ||
(Dollars in thousands, except per share data) | 2Q17 | 1Q17 | 4Q16 | 3Q16 | 2Q16 | ||
| | | | | | | |
Selected Balance Sheet Data (at period end): | | | | | | | |
Total Assets | | $5,281,295 | $4,769,775 | $4,680,932 | $4,513,934 | $4,381,204 | |
Gross Loans | | | 3,330,075 | 2,973,759 | 2,879,536 | 2,769,338 | 2,616,052 |
Total Deposits | | | 3,975,458 | 3,678,645 | 3,523,245 | 3,510,493 | 3,501,316 |
| | | | | | | |
Performance Measures: | | | | | | | |
Net Income | | $7,676 | $7,926 | $10,771 | $9,133 | $5,332 | |
Net Interest Margin | | 3.84% | 3.63% | 3.56% | 3.69% | 3.63% | |
Average Diluted Shares Outstanding (000) | 43,556 | 39,499 | 38,252 | 38,170 | 38,142 | ||
Diluted Earnings Per Share (EPS) | $0.18 | $0.20 | $0.28 | $0.24 | $0.14 | ||
Return on (annualized): | | | | | | | |
Average Assets (ROA) | 0.61% | 0.68% | 0.94% | 0.82% | 0.51% | ||
Average Tangible Common Equity (ROTCE) | 7.25 | 8.77 | 12.51 | 10.91 | 6.62 | ||
Efficiency Ratio | | 73.90 | 71.08 | 62.36 | 68.60 | 78.01 | |
| | | | | | | |
Adjusted Operating Measures1: | | | | | | | |
Adjusted Net Income | $12,665 | $10,270 | $11,803 | $11,061 | $9,156 | ||
Adjusted Diluted EPS | | 0.29 Werbung Mehr Nachrichten zur Seacoast Banking Aktie kostenlos abonnieren
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