Seacoast Banking Corporation of Florida (SBCF) has reported 99.85 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $7.93 million, or $0.20 a share in the quarter, compared with $3.97 million, or $0.11 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $10.27 million, or $0.20 a share compared with $7.05 million or $0.26 a share, a year ago.
Revenue during the quarter grew 20.71 percent to $46.77 million from $38.74 million in the previous year period. Net interest income for the quarter rose 26.28 percent over the prior year period to $38.16 million. Non-interest income for the quarter rose 13.60 percent over the last year period to $9.90 million.
Seacoast Banking Corporation Of Florida has made provision of $1.30 million for loan losses during the quarter, up 555.28 percent from $0.20 million in the same period last year.
Net interest margin contracted 5 basis points to 3.63 percent in the quarter from 3.68 percent in the last year period. Efficiency ratio for the quarter improved to 71.08 percent from 81.73 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Dennis S. Hudson, III, Seacoast’s Chairman and Chief executive officer, said “We sustained our prior year momentum during the first quarter, with robust loan pipelines, interchange and household growth reaching record levels, as we continued initiatives to become more efficient as the year progresses.”
For fiscal year 2017, the company expects diluted earnings per share to be in the range of $1.28 to $1.32 on adjusted basis.
Assets outpace liabilities growth
Total assets stood at $4,769.78 million as on Mar. 31, 2017, up 19.20 percent compared with $4,001.32 million on Mar. 31, 2016. On the other hand, total liabilities stood at $4,267.28 million as on Mar. 31, 2017, up 18.95 percent from $3,587.54 million on Mar. 31, 2016. Loans outpace deposit growth
Net loans stood at $2,949.20 million as on Mar. 31, 2017, up 21.09 percent compared with $2,435.49 million on Mar. 31, 2016. Deposits stood at $3,678.64 million as on Mar. 31, 2017, up 14.16 percent compared with $3,222.45 million on Mar. 31, 2016. Noninterest-bearing deposit liabilities were $1,225.12 million or 33.30 percent of total deposits on Mar. 31, 2017, compared with $1,054.07 million or 32.71 percent of total deposits on Mar. 31, 2016.
Investments stood at $1,288.93 million as on Mar. 31, 2017, up 16.81 percent or $185.52 million from year-ago. Shareholders equity stood at $502.49 million as on Mar. 31, 2017, up 21.44 percent or $88.71 million from year-ago.
Return on average assets moved up 24 basis points to 0.68 percent in the quarter from 0.44 percent in the last year period. At the same time, return on average equity increased 259 basis points to 6.89 percent in the quarter from 4.30 percent in the last year period.
Nonperforming assets moved up 5.03 percent or $1.19 million to $24.87 million on Mar. 31, 2017 from $23.68 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.52 percent in the quarter, down from 0.59 percent in the last year period.
Average equity to average assets ratio was 9.93 percent for the quarter, down from 10.30 percent for the previous year quarter. Book value per share was $12.34 for the quarter, up 13.11 percent or $1.43 compared to $10.91 for the same period last year.
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