Seacoast Banking Corporation Of Florida (SBCF) has reported 78.45 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $10.77 million, or $0.28 a share in the quarter, compared with $6.04 million, or $0.18 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $11.34 million, or $0.30 a share compared with $6.57 million or $0.19 a share, a year ago.
Revenue during the quarter grew 25.52 percent to $46.35 million from $36.93 million in the previous year period. Net interest income for the quarter rose 28.61 percent over the prior year period to $37.42 million. Non-interest income for the quarter rose 21.10 percent over the last year period to $9.93 million.
Seacoast Banking Corporation Of Florida has made provision of $1 million for loan losses during the quarter, up 171 percent from $0.37 million in the same period last year.
Net interest margin contracted 11 basis points to 3.56 percent in the quarter from 3.67 percent in the last year period. Efficiency ratio for the quarter improved to 62.36 percent from 72.57 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Dennis S. Hudson, III, Chairman and chief executive officer said, "We are pleased that we achieved our $1.00 adjusted EPS goal for 2016. Seacoast’s execution of our balanced growth strategy and continuing transformation drove exceptional franchise growth and performance improvement, allowing us to overcome unanticipated headwinds from a declining rate environment over much of 2016.
Liabilities outpace assets growthTotal assets stood at $4,680.93 million as on Dec. 31, 2016, up 32.42 percent compared with $3,534.78 million on Dec. 31, 2015. On the other hand, total liabilities stood at $4,245.54 million as on Dec. 31, 2016, up 33.45 percent from $3,181.33 million on Dec. 31, 2015.
Loans outpace deposit growthNet loans stood at $2,856.14 million as on Dec. 31, 2016, up 33.64 percent compared with $2,137.20 million on Dec. 31, 2015. Deposits stood at $3,523.24 million as on Dec. 31, 2016, up 23.87 percent compared with $2,844.39 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $1,148.31 million or 32.59 percent of total deposits on Dec. 31, 2016, compared with $854.45 million or 30.04 percent of total deposits on Dec. 31, 2015.
Investments stood at $1,323 million as on Dec. 31, 2016, up 33.06 percent or $328.71 million from year-ago. Shareholders equity stood at $435.40 million as on Dec. 31, 2016, up 23.18 percent or $81.94 million from year-ago.
Return on average assets moved up 25 basis points to 0.94 percent in the quarter from 0.69 percent in the last year period. At the same time, return on average equity increased 302 basis points to 9.80 percent in the quarter from 6.78 percent in the last year period.
Nonperforming assets moved up 14.72 percent or $3.59 million to $28.02 million on Dec. 31, 2016 from $24.42 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.60 percent in the quarter, down from 0.69 percent in the last year period.
Average equity to average assets ratio was 9.56 percent for the quarter, down from 10.20 percent for the previous year quarter. Book value per share was $11.45 for the quarter, up 11.27 percent or $1.16 compared to $10.29 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
