-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Vu8IHktYp25lZ4rw5DSYZfbDTKXx+eIE7945u7KNI5BBYBaa8r2pCaDqmz5x0vWJ 22QnmqYM988Jm2VT6S38Yg== 0000730708-03-000031.txt : 20030718 0000730708-03-000031.hdr.sgml : 20030718 20030718171537 ACCESSION NUMBER: 0000730708-03-000031 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030716 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030718 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEACOAST BANKING CORP OF FLORIDA CENTRAL INDEX KEY: 0000730708 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 592260678 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13660 FILM NUMBER: 03793502 BUSINESS ADDRESS: STREET 1: 815 COLORADO AVE STREET 2: P O BOX 9012 CITY: STUART STATE: FL ZIP: 34994 BUSINESS PHONE: 5612874000 MAIL ADDRESS: STREET 1: 815 COLORADO AVE STREET 2: P O BOX 9012 CITY: STUART STATE: FL ZIP: 34995 8-K 1 form8k2q.txt FORM 8K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ------------------------------ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported) July 16, 2003 SEACOAST BANKING CORPORATION OF FLORIDA ---------------------------------------------------------------- (Exact Name of Registrant as Specified in Charter) Florida 1-13660 59-2260678 - ------------------ ------------- -------------- (State or Other Jurisdiction Commission (IRS Employer of Incorporation) File Number Identification No.) 815 Colorado Avenue, Stuart, FL 34994 - ---------------------------------------- -------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (772) 287-4000 -------------- 8K - 1 of 4 SEACOAST BANKING CORPORATION OF FLORIDA Item 7. Financial Statements and Exhibits Exhibit Number Description - ----------------- ---------------------------------------------------------- 99.1 Press Release dated July 16, 2003 with respect to Seacoast Banking Corporation of Florida's financial results for the second quarter ended June 30, 2003. 99.2 Press Release dated July 18, 2003 with respect to a clarification of the Stock Split and a 30% increase in cash dividends. Item 9. Regulation FD Disclosure Seacoast Banking Corporation of Florida (the "Registrant") is furnishing the information required by Item 12 of Form 8-K, "Results of Operations and Financial Condition," under this Item 9. In a press release on July 16, 2003, the Registrant announced its financial results for the second quarter ended June 30, 2003, that the Board of Directors had voted to approve a stock split and distribute on August 15, 2003 one additional share of Seacoast common stock for every 10 shares held by shareholders of record as of the close of business on August 1,2003 and that it had increased the common stock dividend by 30%. The regular quarterly dividend after the issuance of the stock dividend will increase to $0.13 from the split adjusted $0.10 per share paid in the second quarter. The indicated annual rate will increase to $0.52. The dividend is payable on September 30, 2003 to shareholders of record on September 16, 2003. Copies of the press releases are attached hereto as Exhibit 99.1, and 99.2 and are incorporated herein by reference. On July 17, 2003, the Registrant held an investor conference call to discuss financial results for the second quarter ended June 30, 2003. All information contained herein is presented as of July 17, 2003, and the Registrant does not assume any obligation to correct or update said information in the future. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SEACOAST BANKING CORPORATION OF FLORIDA - --------------------------------------- (Registrant) Dated: July 17, 2003 By: /s/ William R. Hahl ------------------- ----------------------- Name: William R. Hahl Title: Executive Vice President & CFO EXHIBIT 99.1 NEWS RELEASE - ---------------------------- Dennis S. Hudson, III President and Chief Executive Officer Seacoast Banking Corporation of Florida (772) 288-6086 William R. Hahl Executive Vice President/ Chief Financial Officer (772) 221-2825 SEACOAST REPORTS SECOND QUARTER NET INCOME, A 1-FOR-10 STOCK SPLIT, AND A 30% INCREASE IN CASH DIVIDENDS STUART, FL., July 16, 2003 - Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF), a bank holding company whose principal subsidiary is First National Bank and Trust Company of the Treasure Coast, today announced 2003 second quarter net income of $3.550 million or $0.23 diluted earnings per share ("DEPS") compared to $3.223 or $0.21 DEPS for the first quarter of 2003 and $4.049 million or $0.26 DEPS in the year-ago quarter. The diluted earnings per share amounts reflect the impact of a 1-for-10 stock split approved by the Board of Directors which will be distributed on August 15, 2003 to shareholders of record as of the close of business on August 1, 2003. Earnings per share pre-stock split were $0.25 DEPS for the second quarter of 2003, $0.23 DEPS for the first quarter of 2003 and $0.28 DEPS in the year ago quarter. The results for first quarter 2003 and the second quarter a year ago include profits and (losses) realized from investment securities sold of ($1,157,000) or ($0.05) DEPS and $398,000 or $0.02 DEPS, respectively. For the first six months, after the effect of the stock split, net income totaled $6.773 million, or $0.43 DEPS, compared to $7.735 million and $0.49 DEPS earned in 2002. Core operating earnings, excluding investment securities gains and losses, for the first half of 2003 totaled $7.528 million or $0.48 DEPS compared to $7.450 million or $0.47 DEPS for the same period in 2002. Simultaneous with the stock split, the Board of Directors approved a 30 percent increase in the cash dividends paid on the Company's common shares. The regular quarterly dividend after the issuance of the additional shares will increase to $0.13 from the split adjusted $0.10 per share paid in the second quarter. The indicated annual rate will increase to $0.52. The dividend is payable on September 30, 2003 to shareholders of record on September 16, 2003. Fractional shares resulting from the split will be paid in cash. The Company has paid cash dividends continually since its inception and has increased cash dividends annually in all but one of the past twenty years. This year's dividend increase reflects the substantial improvement in the Company's financial performance over the past few years, its outlook for the future, and recent changes in tax law that improve the efficiency with which capital can be distributed to shareholders. "The flat core earnings growth for the second quarter and the first six months this year is attributable to both our strategic change in loan mix, which began over one year ago, from long-term fixed rate residential lending to shorter term or adjustable rate commercial and consumer lending and our reluctance to increase duration during this period of historic low interest rates. We believe that during this time of unprecedented low rates it is best to stick with successful strategies which assure earnings growth over the long run." said Dennis S. Hudson, III, President and Chief Executive Officer. "Our long-term perspective shows an increase in franchise value from households serviced, expansion of products and services offered, improved profitability, increased capital for geographic expansion and positive asset quality." Highlights for the quarter include the following: Long term fixed rate commercial and residential mortgage loans declined $91 million or 34.6% compared to the prior year, while adjustable rate mortgage loans, which are repriceable within one year, increased $24 million or 20.3%; The opening of three branches in Palm Beach County has been very successful with loan growth for the quarter of $16 million and total outstandings of $25 million at June 30, 2003. Deposits grew by over $7 million in the quarter with all but $1 million in transaction and savings accounts and now total over $14 million; Total noninterest income (excluding securities gains and losses) grew by 28.6 percent, an increase of $1,157,000 over the second quarter of 2002; Residential loan production improved to $68 million for the quarter and $153 million for the first six months compared to $34 million and $81 million for the same periods in 2002, respectively; Mortgage banking revenues increased $603,000 or 97.3 percent in the second quarter and by $1,465,000 or 104.9 percent during the first six months of 2003; Year-over-year second quarter total deposits increased $61.3 million or 6.0 percent, $28.6 million or 16.3 percent for noninterest bearing deposits and $38.7 million or 8.4% for low-cost savings and NOW accounts; Seacoast Marine originated loans totaling $47 million for the second quarter with total fees of $859,000, compared to $339,000 for the same period in 2002. Year-to-date loans originated totaled $92 million, an increase of $62 million over the first half of 2002; and The solid earnings performance over the last year has maintained our strong capital position with an average equity to asset ratio of 7.77 percent and an increase in book value per share from $6.41 to $6.63. Nonperforming assets increased $1.2 million from a year ago to $3.2 million or 0.50% of loans and other real estate owned outstanding at June 30, 2003, due to a loan totaling approximately $2 million secured with commercial real estate being placed on nonaccrual. Net charge-offs were $435,000 for the second quarter (due to the write-off of one commercial credit), compared to $280,000 for the first quarter 2003 and $8,000 for the second quarter last year. For the first six months, annualized net charge-offs as a percent of average loans totaled 0.21 percent compared to 0.03 percent a year earlier. The allowance for loan losses as a percentage of loans totaled 0.94 percent at June 30, 2003, unchanged from one year earlier. Although there was an increase in charge-offs for the first six months of 2003, management is not aware of any factors which would significantly impact the Company's credit quality. Therefore, no provision for loan losses was necessary for the second quarter and first six months of 2003. Fully taxable net interest income for the second quarter 2003 was impacted by the persistently low interest rate environment and the Company's continued desire to control its exposure to longer term residential real estate loans and other similar assets. Net interest income declined $441,000 or 3.8% from the first quarter of 2003 and $1.1 million or 8.7 percent compared to the same period in 2002. The expansion into Palm Beach County in late 2002 is beginning to gain momentum and should have greater impact on loan growth as the year progresses. Average loans declined $18.3 million from the first quarter 2003 or 2.6 percent, compared with a decline of $28.6 million or 4.0 percent during the first quarter of 2003. Commercial loans originated exceeded $82 million for the first six months of 2003. Besides the negative impact on the margin from the decline in loan portfolio during the past twelve months, continued low interest rates have resulted in higher principal payments from the Company's investment portfolio and reinvestment at lower yields. Corresponding with the Company's objective regarding asset duration, the investment portfolio's average life at June 30, 2003 was 0.84 years and would extend to 3.1 years if interest rates were to increase 100 basis points. The yield on earning assets for the second quarter totaled 5.03 percent, 36 basis points lower than the first quarter of 2003, while interest bearing liabilities declined by 10 basis points to 1.73 percent. Consistent with the strategy to remix the Company's loan portfolio, a total of $79 million of residential mortgage loans were closed in the second quarter and approximately $56 million were sold in the secondary market. In addition, the year-over-year results included: a decline in long term lower yield 1-4 family loans outstanding to 33 percent of total loans at June 30, 2003, compared to 40 percent a year earlier; consumer outstandings remained unchanged at 21 percent; and an increase in commercial/commercial real estate loans outstanding to 46 percent of total loans compared to 39 percent in 2002. Despite a challenging and uncertain economic environment, which negatively impacted revenues from the Company's investment management businesses, noninterest income (excluding securities gains and losses) increased 28.6 percent when compared to the prior year's second quarter. During the current quarter, fees related to marine loan production increased $520,000 or 153.4 percent compared to the same quarter for 2002, and added $859,000 to second quarter 2003 revenues. Brokerage commissions and fees totaled $586,000 for the second quarter, an improvement over the 2003 first quarter results of $420,000, and $570,000 in the prior year's second quarter. Trust revenues declined to $527,000 for the second quarter, compared to the prior year results of $542,000, and stand at $1,051,000 at June 30, 2003, compared to $1,139,000 for the first six months of 2002. Noninterest expenses totaled $10.8 million, an increase of 8.0 percent from the prior year's second quarter, a result of increased wages, benefits, occupancy and data processing services, primarily due to the addition of branches and personnel in the Palm Beach County market. All other noninterest expenses declined $39,000 or 1.3 percent, consistent with the Company's strong emphasis on cost controls. Seacoast will host a conference call on July 17 at 9:00 a.m. (Eastern time) to discuss the earnings results and business trends. Investors may call in by dialing 800-693-5693 (passcode: 3729324; leader: Dennis S. Hudson, III). A replay of the call will be available beginning the afternoon of July 17 by dialing 888-211-2648 (domestic), using the passcode 3729324. Seacoast Banking Corporation of Florida has approximately $1.3 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. - ------------------------------------------------------------------------------- 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. 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 Banking Corporation of Florida ("Seacoast" or the "Company") 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", "indicate", "would", "believe", "contemplate", "expect", "estimate", "continue", "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 conditions; governmental monetary and fiscal policies, as well as legislative and regulatory changes; the risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities, and interest sensitive assets and liabilities; interest rate risks and sensitivities; 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 the Company's market area 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; the failure of assumptions underlying the establishment of reserves for possible loan losses, and the risks of mergers and acquisitions, including, without limitation, the related costs, including integrating operations as part of these transactions, and the failure to achieve the expected gains, revenue growth and/or expense savings from such transactions. All written or oral forward looking statements attributable to the Company are expressly qualified in their entirety by this Cautionary Notice including, without limitation, those risks and uncertainties, described in the Company's annual report on Form 10-K for the year ended December 31, 2002 under "Special Cautionary Notice Regarding Forward Looking Statements", and otherwise in the Company's SEC reports and filings. Such reports are available upon request from Seacoast, or from the Securities and Exchange Commission, including the SEC's website at http://www.sec.gov. FINANCIAL HIGHLIGHTS (Unaudited) - ------------------------------------------------------------------------------- SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES Three Months Ended Six Months Ended (Dollars in thousands, June 30, June 30, except per share data) 2003 2002 2003 2002 - ------------------------------------------------------------------------------- Net income $ 3,550 $ 4,049 $ 6,773 $ 7,735 Core operating earnings (4) 3,557 3,805 7,528 7,450 Net interest income (1) 11,198 12,260 22,837 24,076 Performance Ratios Rturn on average assets(2),(3) 1.09% 1.33% 1.06% 1.26% Return on average shareholders'equity(2),(3) 14.08 16.76 13.58 16.18 Net interest margin(1),(2) 3.63 4.23 3.76 4.15 Per Share Data (A) Net income diluted $ 0.23 $ 0.26 $ 0.43 $ 0.49 Net income basic 0.23 0.26 0.44 0.50 Cash dividends declared 0.10 0.09 0.20 0.18 - ------------------------------------------------------------------------------- June 30, Increase/ ----------------------- (Decrease) 2003 2002 - ------------------------------------------------------------------------------- Credit Analysis Net charge-offs year-to-date $715 $ 132 441.7% Net charge-offs to average loans 0.21% 0.03% 600.0 Loan loss provision year-to-date -- -- -- Allowance to loans at end of period 0.94% 0.94% 0.0 Nonperforming assets $3,238 $1.993 62.5 Nonperforming assets to loans and other real estate owned at end of period 0.50% 0.27% 85.2 Selected Financial Data Total assets $1,320,151 $1,195,937 10.4 Securities - Trading(at fair value) 10,949 0 n/m Securities - Available for Sale (at fair value) 463,848 357,218 29.9 Securities - Held for Sale (at amortized cost) 113,720 23,809 377.6 Net loans 645,380 731,099 (11.7) Deposits 1,075,252 1,013,972 6.0 Shareholders' equity 101,570 98,507 3.1 Book value per share 6.63 6.41 3.4 Tangible book value per share 6.43 6.16 4.4 Average shareholders' equity to average assets 7.77% 7.80% (0.4) - ------------------------------------------------------------------------------- (A) Reflects a 1-for-10 stock split effective August 1, 2003. (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. (4) Net income excluding investment security gains and losses. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - ------------------------------------------------------------------------------- SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES Three Months Ended Six Months Ended June 30, June 30, ---------------------- --------------------- (Dollars in thousands, except per share data) 2003 2002 2003 2002 - ------------------------------------------------------ ---------------------- Interest on securities: Taxable $3,716 $3,816 $7,749 $7,072 Nontaxable 40 48 81 100 Interest and fees on loans 11,702 14,132 23,684 28,900 Interest on federal funds sold 20 138 41 423 ------------------------------------------------ Total Interest Income 15,478 18,134 31,555 36,495 Interest on deposits 864 1,280 1,767 2,626 Interest on time certificates 2,596 3,854 5,297 8,242 Interest on borrowed money 857 792 1,730 1,642 ------------------------------------------------ Total Interest Expense 4,317 5,926 8,794 12,510 ------------------------------------------------ Net Interest Income 11,161 12,208 22,761 23,985 Provision for loan losses 0 0 0 0 ------------------------------------------------- Net Interest Income After Provision for Loan Losses 11,161 12,208 22,761 23,985 Noninterest income: Service charges on deposit accounts 1,202 1,270 2,419 2,487 Trust income 527 542 1,051 1,139 Mortgage banking fees 1,223 620 2,861 1,396 Brokerage commissions and fees 586 570 1,006 1,113 Marine finance fees 859 339 1,666 506 Debit card income 320 252 609 475 Other deposit based EFT fees 105 90 221 191 Other income 368 350 728 709 ----------------------------------------------- 5,190 4,033 10,561 8,016 Securities gains (losses) (11) 398 (1,168) 464 ------------------------------------------------ Total Noninterest Income 5,179 4,431 9,393 8,480 Noninterest expenses: Salaries and wages 4,273 3,855 8,432 7,615 Employee benefits 1,212 1,063 2,428 2,111 Outsourced data processing 1,315 1,185 2,601 2,431 Occupancy expense 976 831 1,970 1,660 Furniture and equipment expense 427 499 926 1,034 Marketing expense 518 514 1,068 1,027 Legal and professional fees 370 455 778 780 FDIC assessments 41 44 82 87 Amortization of intangibles 63 63 126 126 Other expense 1,610 1,493 3,269 2,899 ----------------------------------------------- Total Noninterest Expenses 10,805 10,002 21,680 19,770 Income Before Income Taxes 5,535 6,637 10,474 12,695 Provision for income taxes 1,985 2,588 3,701 4,960 ---------------------------------------------- Net Income $3,550 $4,049 $6,773 $7,735 ----------------------------------------------- Per share common stock (A): Net income diluted $0.23 $0.26 $0.43 $0.49 Net income basic 0.23 0.26 0.44 0.50 Cash dividends declared 0.10 0.09 0.20 0.18 Average diluted shares outstanding 15,640,582 15,754,263 15,657,015 15,744,891 Average basic shares outstanding 15,325,412 15,393,329 15,320,819 15,400,635 ---------------------------------------------------------- (A) Reflects a 1-for-10 stock split effective August 1, 2003. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - ------------------------------------------------------------------------------- SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES June 30, December 31, June 30, (Dollars in thousands) 2003 2002 2002 - ------------------------------------------------------------------------------- Assets Cash and due from banks $37,522 $49,571 $40,634 Federal funds sold and interest bearing deposits 254 251 - Securities: Trading (at fair value) 10,949 - - Available for sale (at fair value) 463,848 466,278 357,218 Held for sale (at amortized cost) 113,720 32,181 23,809 ---------------------------------------- Total Securities 588,517 498,459 381,027 Loans sold and available for sale 13,675 13,814 13,439 Loans 651,491 688,161 738,001 Less: Allowance for loan losses (6,111) (6,826) (6,902) ---------------------------------------- Net Loans 645,380 681,335 731,099 Bank premises and equipment 16,748 16,045 15,111 Other real estate owned 50 8 119 Other assets 18,005 21,814 14,508 ---------------------------------------- $1,320,151 $1,281,297 $1,195,937 ------------------------------------------- Liabilities and Shareholders' Equity Liabilities Deposits Demand deposits (noninterest bearing) $204,599 $184,524 $175,959 Savings deposits 497,930 472,976 459,251 Other time deposits 278,281 279,255 293,072 Time certificates of $100,000 or more 94,442 93,785 85,690 ------------------------------------------- Total Deposits 1,075,252 1,030,540 1,013,972 Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days 71,919 102,967 38,498 Other borrowings 65,000 40,000 40,000 Other liabilities 6,410 7,043 4,960 ------------------------------------------- 1,218,581 1,180,550 1,097,430 Shareholders' Equity Preferred stock - - - Common stock 1,710 1,555 1,554 Additional paid in capital 26,839 26,994 26,888 Retained earnings 92,489 89,960 85,406 Treasury stock (17,800) (18,578) (17,012) ------------------------------------------- 103,238 99,931 96,836 Other comprehensive income (loss) (1,668) 816 1,671 ------------------------------------------- Total Shareholders' Equity 101,570 100,747 98,507 ------------------------------------------- $1,320,151 $1,281,297 $1,195,937 ------------------------------------------- Common Shares Outstanding 15,328,669 15,279,001 15,377,673 ------------------------------------------------------- Note: The balance sheet at December 31, 2002 has been derived from the audited financial statements at that date. CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited) - ------------------------------------------------------------------------------- SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES Quarters ----------------------------------------------------- (Dollars in thousands, 2003 2002 Last 12 except per share data) Second First Fourth Third Months - ------------------------------------------------------------------------------- Operating Ratios Return on average assets (2),(3) 1.09% 1.02% 1.32% 1.17% 1.15% Return on average shareholders' equity (2),(3) 14.08 13.07 16.24 14.19 14.40 Net interest margin (1),(2) 3.63 3.89 4.02 4.17 3.97 Average equity to average assets 7.74 7.81 8.12 8.26 7.98 Credit Analysis Net charge-offs $435 $280 $7 $69 $791 Net charge-offs to average loans 0.26% 0.16% 0.00% 0.04% 0.11% Loan loss provision $ - $ - $ - $ - $ - Allowance to loans at end of period 0.94% 0.99% 0.9% 0.95% Nonperforming assets $3,238 $1,901 $2,249 $2,454 Nonperforming assets to loans and other real estate owned at end of period 0.50 0.29 0.33 0.34 Nonaccrual loans and accruing loans 90 days or more past due to loans outstanding at end of period 0.49 0.29 0.33 0.32 Per Share Common Stock (A) Net income diluted $0.23 $0.21 $0.26 $0.22 $0.92 Net income basic 0.23 0.21 0.26 0.23 0.94 Cash dividends declared 0.10 0.10 0.10 0.09 0.39 Book value per share 6.63 6.56 6.59 6.47 ----------------------------------------------------------------------------- (A) Reflects a 1-for-10 stock split effective August 1, 2003. (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 ratios which may be expected for the entire year. (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. CONSOLIDATED QUARTERLY FINANCIAL DATA - ------------------------------------------------------------------------------- SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES - ------------------------------------------------------------------------------- June 30, December 31, June 30, SECURITIES 2003 2002 2002 - ------------------------------------------------------------------------------- Mortgage-backed $10,949 $ - $ - -------------------------------------------------- Securites Trading 10,949 - - -------------------------------------------------- U.S. Treasury and U.S. Government Agencies 6,585 2,508 2,543 Mutual funds - 292 285 Mortgage-backed 451,109 456,655 346,888 Other securities 6,154 6,823 7,502 -------------------------------------------------- Securities Available for Sale 463,848 466,278 357,218 -------------------------------------------------- U.S. Treasury and U.S. Government Agencies 4,997 $ - $ - Mortgage-backed 105,598 28,555 19,945 Obligations of states and political subdivisions 3,125 3,626 3,864 -------------------------------------------------- Securities Held for Investment 113,720 32,181 23,809 -------------------------------------------------- Total Securities $588,517 $498,459 $381,027 --------------------------------------------------- ------------------------------------------------------------------------------ June 30, December 31, June 30, LOANS 2003 2002 2002 - ------------------------------------------------------------------------------- Real estate construction $83,871 $77,909 $74,957 Real estate mortgage 444,492 478,123 527,220 Instalment loans to individuals 79,295 91,307 99,558 Commercial and financial 43,034 40,491 35,918 Other loans 799 331 348 ----------------------------------------------- Total Loans $651,491 $688,161 $738,001 ------------------------------------------------ ------------------------------------------------------------------------------ AVERAGE BALANCES, YIELDS AND RATES (1) - ------------------------------------------------------------------------------- SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES 2003 2002 ------------------------------------------------------- Second Quarter First Quarter Second Quarter ------------------------------------------------------- Average Yield/ Average Yield/ Average Yield/ (Dollars in thousands) Balance Rate Balance Rate Balance Rate - ------------------------------------------------------------------------------- Assets Earning assets: Securities: Taxable $555,142 2.68% $512,781 3.15% $ 371,208 4.11% Nontaxable 2,980 8.05 3,193 7.77 3,654 7.77 -------------------------------------------------------- Total Securities 558,122 2.71 515,974 3.17 374,862 4.15 Federal funds sold and other short-term investments 6,769 1.19 6,723 1.27 32,979 1.68 Loans, net 671,740 7.00 690,022 7.05 754,021 7.53 -------------------------------------------------------- Total Earning Assets 1,236,631 5.03 1,212,719 5.39 1,161,862 6.28 Allowance for loan losses (6,542) (6,795) (6,906) Cash and due from banks 47,638 47,048 39,336 Premises and equipment 16,339 16,122 15,111 Other assets 11,687 12,105 13,265 ---------------------------------------------------------- $1,305,753 $1,281,199 $1,222,668 ---------------------------------------------------------- Liabilities and Shareholders' Equity Interest-bearing liabilities: NOW (including Super NOW) $66,854 0.58% $67,373 0.66% $63,146 0.94% Savings deposits 150,818 0.55 148,857 0.62 151,219 0.97 Money market accounts 283,526 0.79 265,843 0.86 256,021 1.20 Time deposits 375,143 2.78 372,273 2.94 379,228 4.08 Federal funds purchased and securities sold under agreements to repurchase 62,430 0.83 78,495 0.96 54,444 1.13 Other borrowings 65,000 4.49 56,944 4.90 40,000 6.41 ---------------------------------------------------------- Total Interest- Bearing Liabilities 1,003,771 1.73 989,785 1.83 944,058 2.52 Demand deposits (noninterest-bearing) 196,451 186,613 176,869 Other liabilities 4,406 4,787 4,856 ----------------------------------------------------------- Total Liabilities 1,204,628 1,181,185 1,125,783 Shareholders' equity 101,125 100,014 96,885 ----------------------------------------------------------- $1,305,753 $1,281,199 $1,222,668 ----------------------------------------------------------- Interest expense as a % of earning assets 1.40% 1.50% 2.05% Net interest income as a % of earning assets 3.63 3.89 4.23 - ------------------------------------------------------------------------------- (1) On a fully taxable equivalent basis. All yields and rates have been computed on an annualized basis using amortized cost. Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances. - ------------------------------------------------------------------------------- Dennis S. Hudson, III President and Chief Executive Officer Seacoast Banking Corporation of Florida (772) 288-6086 William R. Hahl Executive Vice President/ Chief Financial Officer (772) 221-2825 SEACOAST CLARIFIES ANNOUNCEMENT OF A STOCK SPLIT AND A 30% INCREASE IN CASH DIVIDENDS STUART, FL., July 18, 2003 Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF), a bank holding company whose principal subsidiary is First National Bank and Trust Company of the Treasure Coast, announced on July 16, 2003 that its Board of Directors had voted to approve a stock split and distribute on August 15, 2003 one additional share of Seacoast common stock for every 10 shares held by shareholders of record as of the close of business on August 1, 2003. Cash will be paid in lieu of fractional shares that otherwise would be distributed. At the same time Seacoast announced that it had increased the common stock dividend by 30%. The regular quarterly dividend after the issuance of the stock dividend will increase to $0.13 from the split adjusted $0.10 per share paid in the second quarter. The indicated annual rate will increase to $0.52. The dividend is payable on September 30, 2003 to shareholders of record on September 16, 2003. Seacoast Banking Corporation of Florida has approximately $1.3 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. -----END PRIVACY-ENHANCED MESSAGE-----