STUART, Fla., March 23 /PRNewswire-FirstCall/ -- Seacoast Banking Corporation of Florida (Nasdaq-NMS: SBCF) ("the Company") today announced revised earnings for the fourth quarter and full year ended December 31, 2009, resulting from a $2 million increase in the Company's provision for loan losses. Revised net loss available to common shareholders for the fourth quarter of 2009 was $39.1 million, or $0.73 per share, compared to previously reported net loss available to common shareholders of $37.1 million, or $0.69 per share for the fourth quarter of 2009. Revised net loss available to common shareholders for the full year 2009 was $150.4 million, or $4.74 per share, compared to previously reported net earnings of $148.4 million, or $4.68 per share for the full year 2009.
Subsequent to the Company's earnings release on January 28, 2010 (the "January Earnings Release") and before the filing of its 2009 annual report on Form 10-K, the Company recorded an additional $2.0 million in provision for loan losses for the fourth quarter and full year ended December 31, 2009. The increase in the provision for loan losses was related to the Company's consideration of new information that was obtained after the Company was appointed lead bank in February 2010 related to one loan participation. The prior lead bank could not provide the Company with the appraisal which had purportedly supported the fair value as of December 31, 2009. Following the January Earnings Release, the Company completed its own analysis of the value of the real estate securing this loan participation. The Company increased the allowance for loan losses to reflect its updated fair value of the collateral, less estimated selling costs.
As a result of these changes, the Company's total provision for loan losses increased from $39.5 million to $41.5 million for the fourth quarter of 2009 and increased from $122.8 million to $124.8 million for the full year 2009. The Company's allowance for loan losses at December 31, 2009 increased from $43.2 million to $45.2 million.
The Company has included updated financial tables in this press release to reflect the revised financial information described herein.
Seacoast Banking Corporation of Florida has approximately $2.2 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.
Cautionary Notice Regarding Forward-Looking Statements
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, including, without limitation, statements about future financial and operating results, ability to realized deferred tax assets, cost savings, enhanced revenues, economic and seasonal conditions in our markets, and improvements to reported earnings that may be realized from cost controls and for integration of banks that we have acquired, as well as statements with respect to Seacoast's objectives, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.
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 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," "support", "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "further", "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 and market conditions, including seasonality; governmental monetary and fiscal policies, as well as legislative, tax and regulatory changes; changes in accounting policies, rules and practices; the risks of changes in interest rates on the level and composition of deposits, loan demand, liquidity and the values of loan collateral, securities, and interest sensitive assets and liabilities; interest rate risks, sensitivities and the shape of the yield curve; 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 our market areas 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; and the failure of assumptions underlying the establishment of reserves for possible loan losses. The risks of mergers and acquisitions, include, without limitation: unexpected transaction costs, including the costs of integrating operations; the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following the merger being lower than expected; the risk of deposit and customer attrition; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruption, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2008 and in our quarterly report on Form 10-Q/A for the period ending September 30, 2009 under "Special Cautionary Notice Regarding Forward-Looking Statements" and "Risk Factors", and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov/.
FINANCIAL HIGHLIGHTS (Unaudited) ------------------------------------------------------------------------- SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES Three Months Ended Twelve Months Ended December 31, December 31, (Dollars in thousands, -------------------- -------------------- except share data) 2009 2008 2009 2008 ------------------------------------------------------------------------- Results of Operations Net interest income $17,444 $17,467 $73,589 $77,231 Provision for loan losses 41,514 30,656 124,767 88,634 Noninterest income: Securities gains 2,188 - 5,399 355 Other 4,601 4,830 19,015 22,241 Noninterest expenses 20,868 20,733 131,747 78,890 Loss before income taxes (38,149) (29,092) (158,511) (67,697) Income tax benefit - (6,496) (11,825) (22,100) Net loss (38,149) (22,596) (146,686) (45,597) Net loss available to common shareholders (39,086) (22,679) (150,434) (45,712) Net interest income (1) 17,518 17,535 73,847 77,517 Performance Ratios Return on average assets-GAAP basis (2), (3) (6.91)% (3.99)% (6.58)% (1.97)% Return on average tangible assets (2), (3), (4) (6.89) (4.05) (4.37) (1.99) Return on average shareholders' equity-GAAP basis (2), (3) (84.51) (45.92) (73.79) (22.25) Net interest margin (1), (2) 3.37 3.32 3.55 3.58 Per Share Data Net loss diluted-GAAP basis $(0.73) $(1.19) $(4.74) $(2.41) Net loss basic-GAAP basis (0.73) (1.19) (4.74) (2.41) Cash dividends declared - 0.01 0.01 0.34 Weighted average shares outstanding - diluted and basic 53,790,905 19,044,853 31,733,260 18,997,757 Shares outstanding at period end 58,867,229 19,171,779 58,867,229 19,171,779 FINANCIAL HIGHLIGHTS (cont'd) (Unaudited) ------------------------------------------------------------------------- SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES Quarter Ended December 31, Year Ended December 31, (Dollars in thousands, ------------------------ ----------------------- except share data) 2009 2008 2009 2008 ------------------------------------------------------------------------- Credit Analysis Net charge-offs $45,172 $33,916 $108,963 $81,148 Net charge-offs to average loans 12.12% 7.76% 6.86% 4.45% Loan loss provision $41,514 $30,656 $124,767 $88,634 Allowance to loans at end of period 3.23% 1.75% 3.23% 1.75% Nonperforming loans $97,876 $86,970 $97,876 $86,970 OREO 25,385 5,035 25,385 5,035 -------- ------- -------- ------- Total non- performing assets $123,261 $92,005 $123,261 $92,005 -------- ------- -------- ------- Restructured loans (accruing) $57,433 $12,616 $57,433 $12,616 Nonperforming assets to loans and other real estate owned at end of period 8.66% 5.47% 8.66% 5.47% Nonperforming assets to total assets 5.73 3.97 5.73 3.97 Selected Financial Data Total assets $2,151,315 $2,314,436 $2,151,315 $2,314,436 Securities available for sale (at fair value) 393,648 318,030 393,648 318,030 Securities held for investment (at amortized cost) 17,087 27,871 17,087 27,871 Net loans 1,354,311 1,647,340 1,354,311 1,647,340 Allowance for loan losses 45,192 29,388 45,192 29,388 Deposits 1,779,434 1,810,441 1,779,434 1,810,441 Total shareholders' equity 151,935 216,001 151,935 216,001 Common shareholders' equity 106,936 172,214 106,936 172,214 Book value per share common 1.82 11.27 1.82 11.27 Tangible book value per share 2.51 8.39 2.51 8.39 Tangible common book value per share (5) 1.75 6.10 1.75 6.10 Average shareholders' equity to average assets 8.18% 8.68% 8.92% 8.87% Tangible common equity to tangible assets (5), (6) 4.79 5.18 4.79 5.18 Average Balances Total assets $2,189,699 $2,255,036 $2,228,418 $2,311,052 Less: intangible assets 4,274 55,346 29,446 55,817 ---------- ---------- ---------- ---------- Total average tangible assets $2,185,425 $2,199,690 $2,198,972 $2,255,235 ---------- ---------- ---------- ---------- Total equity $179,093 $195,770 $198,798 $204,933 Less: intangible assets 4,274 55,346 29,446 55,817 Total average tangible equity $174,819 $140,424 $169,352 $149,116 -------- -------- -------- -------- (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 (loss). (4) The Company believes that return on average assets and equity excluding the impacts of noncash amortization expense on intangible assets is a better measurement of the Company's trend in earnings growth. (5) The Company defines tangible common equity as total shareholders equity less preferred stock and intangible assets. (6) The ratio of tangible common equity to tangible assets is a non- GAAP ratio used by the investment community to measure capital adequacy.
Seacoast Banking Corporation of Florida
CONTACT: Dennis S. Hudson, III, Chairman and Chief Executive Officer,
Seacoast Banking Corporation of Florida, +1-772-288-6085, or William R. Hahl,
Executive Vice President/Chief Financial Officer, +1-772-221-2825
Web Site: http://www.seacoastbanking.net/
