Seacoast Banking Corp. of Florida Reports Unaudited Consolidate Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Announces Net Charge-Offs for the Fourth Quarter Ended December 30, 2011
January 26, 2012 at 04:27 pm
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Seacoast Banking Corp. of Florida reported unaudited consolidate earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company has posted net income of $2,548,000 against net loss of $10,205,000 a year ago. Net income available to common shareholders was $1,611,000 or $0.02 diluted per share against net loss available to common shareholders was $11,142,000 or $0.12 diluted per share a year ago. Net interest income was $17,020,000 against $16,379,000 a year ago. Return on average assets-GAAP basis was 0.48% against negative return on average assets-GAAP basis was 2.01% a year ago. Return on average shareholders' equity-GAAP basis was 6.17% against negative return on average shareholders' equity-GAAP basis was 23.31% a year ago. Total interest income was $20,058,000 against $20,243,000 a year ago. EBIT was $2,548,000 against LBIT of $10,205,000 a year ago. There are many positives that confirm the company is making significant progress to improve profitability and add to long-term earnings growth. Net interest income increased, reflecting loan and deposit growth. Noninterest income increased, reflecting growth in key activities such as mortgage banking gains, and fees earned from increased households and business deposit relationships, as well as, an increase in fees from wealth management. Noninterest expenses declined significantly as a result of meaningful improvements in credit quality.
For the year, the company has posted net income of $6,667,000 against net loss of $33,203,000 a year ago. Net income available to common shareholders was $2,919,000 or $0.03 diluted per share against net loss available to common shareholders was $36,951,000 or $0.48 diluted per share a year ago. Net interest income was $67,059,000 against $66,485,000 a year ago. Return on average assets-GAAP basis was 0.32% against negative return on average assets-GAAP basis was 1.60% a year ago. Return on average shareholders' equity-GAAP basis was 4.03% against negative return on average shareholders' equity-GAAP basis was 19.30% a year ago. Book value per share common as on December 31, 2011 was $1.29 against $1.28 a year ago. Total interest income was $80,792,000 against $84,541,000 a year ago. EBIT was $6,667,000 against LBIT of $33,203,000 a year ago.
For the quarter, the company has posted net charge-offs of $3,268,000.
Seacoast Banking Corporation of Florida is a financial holding company. The Company's principal subsidiary is Seacoast National Bank (Seacoast Bank), a wholly owned national banking association. It provides integrated financial services, including commercial and consumer banking, wealth management and mortgage services to customers through online and mobile banking solutions and Seacoast Bank's network consists of over 75 traditional branches and commercial banking centers. Its loans held for investment are categorized as construction and land development, commercial real estate-owner-occupied, commercial real estate-non-owner-occupied, residential real estate, commercial and financial, and consumer and paycheck protection program. Its offices stretch from the southeast, including Fort Lauderdale, Boca Raton and Palm Beach, north along the east coast to the Daytona area, into Orlando and Central Florida and the adjacent Tampa market, and west to Okeechobee and surrounding counties.
Seacoast Banking Corp. of Florida Reports Unaudited Consolidate Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Announces Net Charge-Offs for the Fourth Quarter Ended December 30, 2011