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SBCF > SEC Filings for SBCF > Form 8-K on 12-Nov-2013All Recent SEC Filings

Show all filings for SEACOAST BANKING CORP OF FLORIDA | Request a Trial to NEW EDGAR Online Pro

Form 8-K for SEACOAST BANKING CORP OF FLORIDA


12-Nov-2013

Results of Operations and Financial Condition


Item 2.02 Results of Operations and Financial Condition.

2013 third quarter results

This Current Report on Form 8-K is being filed to make corrections in certain information in the Company's earnings release for the three and nine months ended September 30, 2013 filed as Exhibit 99.1 on Form 8-k on October 30, 2013 and in its prospectus supplement filed with the U.S. Securities and Exchange Commission on November 7, 2013.

After the close of the third quarter 2013, it was determined that certain cash payments received from a borrower in connection with a prior troubled debt restructuring that were recorded as loan loss recoveries were not in accordance with general accepted accounting principles and have now been recorded as principal reductions to other related loans. The current loans to this borrower and its related parties are performing. These recoveries have now been excluded from the determination of the allowance for loan losses resulting in an increase in the provision for loan losses of approximately $1.2 million for the third quarter 2013. This adjustment to the provision for loan losses impacted the Company's third quarter financial results.

As a result, Seacoast updates previously reported financial results for the quarter ended September 30, 2013, which included the following:

Pre-tax income-Income before income taxes increased to $3.5 million for the third quarter of 2013, up 20.7% from $2.9 million in the second quarter of 2013, and up from $447,000 in the third quarter of 2012.

Net income-Seacoast reported net income available to common shareholders of $44.2 million for the third quarter of 2013, compared to net income available to common shareholders of $2.0 million for the second quarter of 2013, and a net loss of $490,000 for the third quarter of 2012. Diluted net income per common share for the third quarter of 2013 was $0.46, compared to diluted net income per common share of $0.02 for the second quarter of 2013, and a loss of $0.01 for the third quarter of 2012. The third quarter of 2013 results included an income tax benefit of $41.6 million relating to the reversal of the valuation allowance of our net deferred tax assets.

Credit quality-Total credit costs were $1,588,000 for the third quarter of 2013, compared to $1.2 million for the second quarter of 2013 and $1.8 million for the third quarter of 2012. Total credit costs consist of provision for loan losses plus other credit costs, which consist of losses on other real estate owned, and charges related to other loans held for sale. Net charge-offs were $842,000 or 0.26% annualized for the third quarter of 2013, compared to $2.0 million or 0.64% annualized for the second quarter of 2013 and $2.4 million or 0.79% annualized for the third quarter of 2012. Non-performing loan inflows were $2.0 million in the third quarter of 2013, down from $2.9 million in the second quarter of 2013 and $14.5 million in the third quarter of 2012. Non-performing loans were $28.7 million at September 30, 2013, down $4.6 million, or 13.8%, from the second quarter of 2013 and down $15.8 million, or 35.5%, from the third quarter of 2012. Total non-performing assets were $34.3 million at September 30, 2013, down $9.0 million, or 20.8%, from the second quarter of 2013 and down $19.0 million, or 35.6%, from the third quarter of 2012. The nonperforming assets to total assets ratio declined to 1.60% at September 30, 2013, compared to 1.98% at June 30, 2013, and 2.56% at September 30, 2012.

Loan growth-Total loans were $1.26 billion at September 30, 2013, a $36.8 million increase from the fourth quarter of 2012 and a $60.4 million increase from the third quarter of 2012.

Net interest income-Net interest income for the third quarter of 2013 was $16.8 million, compared to $16.1 million for the second quarter of 2013 and $16.0 million for the third quarter of 2012. The net interest margin in the third quarter of 2013 was 3.25%, up thirteen basis points from the second quarter of 2013 and 8 basis points from the third quarter of 2012.

Balance sheet-At September 30, 2013, total assets were $2.15 billion, total deposits were $1.70 billion and total shareholders' equity was $203.86 million.

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