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W E H O N O R I N T E G R I T Y A N D E T H I C A L B E H A V I O R.


T A B L E

O F

C O N T E N T S

Letter from Gideon Haymaker

2

Letter from Philip Rich

4

Financial Highlights

6

C L I E N T

P R O F I L E S

Christ Episcopal Church

10

Nancy Johnson

12

Florida Custom Mold

14

Florida Community Loan Fund

16

Regions Security

18

Jack Jennings & Sons, Inc.

20

QuestCom Group, Inc.

22

Bateman, Gordan & Sands, Inc.

24

Landmark Hospitals

26

I N V E S T I N G I N O U R C O M M U N I T I E S

Philip Rich, Orlando Health

30

Tim Myers, Junior Achievement

32

Jeff Tart, VITA, United Way Agency

33

Client Service Wheel

34

Products and Services

35

Consolidated Balance Sheets

36

Consolidated Statements of Earnings

37

Board and Senior Leadership

38

Advisory Boards

40

Locations 42 Values & Promise

44


L E T T E R

F R O M

T H E

C E O

Dear Shareholders and Clients We completed our eleventh year of operation during the

in 2005, the first major hurricane to make landfall

fourth quarter of 2017. Two quotes aptly summarize the

in Florida since Wilma that same year, and the first

year at Three Shores and Seaside. The first was written

category 4 hurricane to make landfall in the state since

by the late humorist and writer Sam Levenson: “Don’t

Charley in 2004.

watch the clock, do what it does. Keep going.” The financial services professionals who comprise our company have never been ones to watch the clock. Mostly what we do is work hard to serve all of our constituencies with superior service and operate a safe and sound integrated financial services company. That phrase is easy to say but harder to do. Our people go about their work diligently to achieve excellent results.

with various degrees of severity, from wind damage, flooding, and power outages, or a combination of each. Our business continuity plans and preparation served us well and, as always, adversity brought out the best, with our people pitching in to help each other in times of need. The storm stalled business momentum statewide, and we certainly felt the slowdown for a

“Keep going,” or otherwise stated, “stay on trend,”

spell. However, we finished the year strong and had our

has been our mantra for years now. We have moved

best month of earnings and growth in the history of

through the various epochs of our existence from

our company in December.

create, to develop, to grow into scale, then onto growth, earn, and risk management.

2

All of our markets, offices and people were impacted

Turning to financial performance for the year, Three Shores Bancorporation (TSB) finished the year at $1.73

We successfully completed 2017 by staying on the

billion of total assets, which was 9.4 percent higher

trend of improving absolute and relative returns while

than the prior year end. Gross loans stood at $1.29

maintaining a strong focus on growth and efficiency.

billion, which represented 13 percent growth from the

Our company is consistently profitable, credit quality

year before, and total deposits were $1.39 billion or 9

is excellent, the balance sheet is liquid with little

percent up from the end of 2016. Noninterest checking

interest rate risk, and we remain well capitalized. We

balances increased 10 percent as we continue to grow

have achieved these results by focusing on three key

core deposits associated with our operating focus. Off

priorities: respecting our people; operating a safe and

balance sheet, total committed assets under advisement

sound company; and delivering extraordinary client

grew to $640 million or 12 percent higher than the

experience.

prior year end in our asset management business.

The second quote that puts color on our year comes

From an income perspective, we stayed on trend in

from boxer Mike Tyson: “Everyone has a plan ‘til

achieving nearly four times positive operating leverage,

they get punched in the mouth.” For us, the punch

which improved both absolute and relative returns on

came during the third quarter in the form of Hurricane

invested capital. Seaside earned $20.8 million before

Irma. Irma was the most intense Atlantic hurricane

taxes for the full year 2017, which was a 38 percent

to strike the continental United States since Katrina

improvement over 2016. Consolidated net for Three


Shores after tax was $12.7 million, 41 percent higher

The good news in all of this is that earnings will improve

than the prior year. Our consolidated after-tax return on

during 2018 over and above our operating plan by the

assets was .78 percent, and return on equity was 10.43

amount of the tax savings. This will enable us to recoup

percent. As a result of this positive operating leverage, our

this charge in less than 12 months with higher after-tax

efficiency ratio improved from 66.2 percent in 2016 to

earnings going forward. Additionally, our balance sheet

61.9 percent in 2017.

is well positioned to benefit from any increases in short

These results represented the full year operating results for 2017. During the week before Christmas, Congress

interest rates by the Federal Reserve, which would also improve earnings.

approved and President Trump signed into law a historic

In short, we enter 2018 with good operating momentum

tax legislation bill that reduced corporate income taxes

and optimism regarding prospects for the economy,

effective January of 2018. As a result, we were required

which will benefit from fiscal stimulation and renewed

by Federal Accounting Standard Practices to revalue the

confidence that the rate of new regulation on businesses

Deferred Tax Asset and Deferred Tax Liability we carry

will abate.

on our balance sheet. These assets and liabilities were created during our start-up period and were locked into place during November of 2009 when we recapitalized the bank and experienced a resulting change of control due to the amount raised. We have been limited each year since the change of control in the amount we can recognize as a savings against our tax liability. As a result of the lower tax rate going forward, the value of the

As we have done for some years now, it is our pleasure to highlight in this report a small representative cross section of clients with whom we have the great pleasure and honor of enjoying a business relationship. Our clients come from many industries and backgrounds, but they all share the same ethics and demonstrate the traits to be successful in any endeavor.

asset must be lowered in relation to the future benefit.

Cheers to each of you for a healthy and prosperous 2018.

Accordingly, we took a $3.3 million charge against

I hope you enjoy reviewing this report and are as excited

earnings prior to year-end to recognize the change, which

about being a part of this company as we are.

reduced book value per share approximately 14 cents.

GIDEON T. HAYMAKER Founder and Chief Executive Officer

3


L E T T E R F R O M T H E C H I E F M A R K E T S T R AT E G I S T

What Could Possibly Go Wrong? It is early 2018, nine years into one of the longest

anticipate threats to the prosperity we are enjoying. So,

periods of economic expansion in United States history,

what could possibly go wrong? I see two primary risks

and the global economy would appear to be having a

that bear watching: interest rates (and their effect on

“Goldilocks” moment. Real GDP is expanding at a

leverage) and geopolitical risks.

solid 3.2 percent in the U.S., unemployment is at 4.1 percent, inflation remains tame, and the stock market persistently sails to new highs on the calm seas of low volatility. The new tax law will add to already high corporate earnings and should motivate muchneeded investment in plants and equipment. The world outside the United States is following suit. Europe, which struggled far longer than we did to escape the grip of the last recession, is on a growth trajectory. Unemployment in Europe, which had peaked above 12 percent, is now down to 8.7 percent. Many of the Northern European economies have achieved unemployment rates below 5 percent. Japan, which had wallowed in a deflationary coma for the better part of two decades, is also showing signs of life, with corporate profits at its larger companies advancing to new highs. A coordinated global expansion will tend to feed on itself, with growth in the larger economies fostering increased demand world-wide. For the first time in a long time, all the consensus estimates for growth in the largest economies are meaningfully positive. One prominent Wall Street economist summarizes his outlook: “This is as good as it gets.” It is not my place to take good news and make it bad— the strength of this economy is real and could prove durable for several more months, or even a couple of years. However, the economic cycle will eventually re-assert itself, and the very best results often occur in the quarters preceding a change in direction. It is part of our role, as guardians of our clients’ treasure, to 4

In the immediate aftermath of the financial crisis, overall leverage came down as private debt was reduced through bankruptcy, foreclosure, and good old-fashioned belt tightening. The principal policy responses to the crisis included public-sector absorption of private-sector debt and stimulus by way of artificially low interest rates. Government debt expanded, although at historically low interest rates, aided by a Federal Reserve that was buying most of the new government debt then being issued. Private debt, which initially contracted, has responded to the low rates by expanding again. The distribution of that debt has changed–less on real estate, more in student loans–but the overall level has increased. The U.S. consumer, whose spending comprises some 70 percent of the economy, is presently spending at a faster rate than current wage increases, with the difference showing up in lower savings rates and higher credit card debt. That cannot continue indefinitely, and all that debt is now being re-priced. If near-zero interest rates can stimulate an economy in recession, rising rates can, at some point, limit an expansion fueled by cheap debt. For geopolitical risk, look no further than the morning news. Instability on the Korean peninsula, the Indian sub-continent, the South China Sea or the Middle East remain potential sources of conflict that could derail the advance of global prosperity. Our own domestic political climate appears to be more adept at producing drama than progressing toward solutions. Economic


protectionism typically increases following a financial

Trade and tariff wars would impair growth around the

crisis, and the current wave of sovereign self-interest

globe, including here at home.

could undermine global trade compacts that have fostered much of the world’s economic advancement since the Second World War. Many of those agreements are open to criticism, but global demand creates

These threats merit our ongoing attention, but for now the sun is shining, and there is hay to be made. Best wishes for a healthy and prosperous 2018!

demand for U.S. product, and trade is its conduit.

PHILIP RICH Chief Market Strategist

5


F I N A N C I A L

Total Assets

H I G H L I G H T S

+

9%

2016–2017 Annual Percentage Increase

Total Loans

+

13%

2016–2017 Annual Percentage Increase

Total Deposits

+

9%

2016–2017 Annual Percentage Increase

Total AUM

12%

+

2016–2017 Annual Percentage Increase

6

2013 2014 2015 2016 2017

$944

$1,733

Dollars in Millions

2013 2014 2015 2016 2017

$685

$1,285

Dollars in Millions

2013 2014 2015 2016 2017

$811

$1,389

Dollars in Millions

2013 2014 2015 2016 2017

$389

Dollars in Millions

$640


7


CL IEN T PROF IL E S

8


10

Christ Episcopal Church

16

Florida Community Loan Fund

22

QuestCom Group, Inc.

12

Nancy Johnson

18

Regions Security

24

Bateman, Gordan & Sands, Inc.

14

Florida Custom Mold

20

Jack Jennings & Sons, Inc.

26

Landmark Hospitals 9


O U R

10

F O C U S

I S

O N

Y O U


CHRIST EPISCOPAL CHURCH “We value our relationship with Seaside, because the bank is local and we deal personally with their staff who are always available whenever we need them. Seaside understands what we are trying to accomplish as a church and works closely with us so we can meet our goals.”

STEVE HARRISON Rector’s Associate

Since its inception more than sixty years ago, Christ Church has grown from a small mission station to one of the great Episcopal churches in our country. This has happened as a result of the work of a continuing, extraordinary line of clergy, vestry, staff and members, who have helped generations of faithful parishioners find a meaningful place of worship. 11


NANCY JOHNSON “Seaside takes exceptional care of me and meets with me regularly, which gives me a great sense of comfort and satisfaction.�

NANCY JOHNSON Private Banking Client

Nancy Johnson has lived in Central Florida virtually all of her life. She raised her family in Winter Park and resides there today enjoying retirement, spending time with her family, and spoiling grandchildren. She also assists with activities at her church and follows the University of Florida sports teams. She enjoys interacting with all the staff at the Seaside Winter Park office and in the Investments department. 12


O U R

F O C U S

I S

O N

Y O U

13


O U R

14

F O C U S

I S

O N

Y O U


FLORIDA CUSTOM MOLD “Seaside understands me and my business. They also have the experience that big banks are lacking these days.�

MICHAEL CAVE President

Florida Custom Mold is a privately held company incorporated in 1988. It has grown from being a custom mold maker, supporting a small number of customers, to a total solutions provider, providing services such as modeling, injection molding of plastic parts as well as mold design and development. In addition, the company offers numerous secondary services such as pad printing and threaded insert installation to more than 150 clients. 15


FLORIDA COMMUNITY LOAN FUND “Seaside has been an investor in FCLF since 2014, with a banker on our Board of Directors for the last seven years, three of which were as Board Chair. Not only is Seaside an investor and involved in the leadership of FCLF, we rely on Seaside’s expertise for investment management services. We appreciate the depth and commitment of our partnership with Seaside.”

IGNACIO ESTEBAN Chief Executive Officer

TAMMY THOMAS Chief Financial Officer

Florida Community Loan Fund (FCLF) is Florida’s leading statewide Community Development Financial Institution. FCLF has financed 276 loans in Florida for $306 million, into projects totaling nearly $912 million. All projects financed by FCLF have a direct impact for lowincome people. FCLF financing has resulted in 4,645 housing units, 121 community facilities totaling 2 million square feet, 10,690 jobs created or retained, and services to 183,000 Floridians annually. 16


O U R

F O C U S

I S

O N

Y O U

17


O U R

18

F O C U S

I S

O N

Y O U


REGIONS SECURITY “Seaside has helped my businesses grow by offering unique solutions. My Client Advisor has my best interest at heart and goes above and beyond to help me make the right financial decisions. He is more than an advisor, he is like family.�

CARLOS RIVERO, JR. President & CEO

With more than 75 years of combined experience, Regions Security provides security solutions to all vertical markets, with over 300 employees, a 24/7 dispatch center, vehicle patrols and both armed and unarmed guards. Regions Security is a veteran-owned business and specialized provider of security and ancillary services. It was formed in 2010 by its President and CEO, Carlos Rivero, Jr., after serving in the U.S. Army and managing numerous security companies. 19


JACK JENNINGS & SONS, INC. “We believe the only sustainable advantage any company has is its reputation. Seaside Bank’s reputation for integrity, community and individualized service are why we will continue to turn to them for our financial needs.”

JEFFREY K. JENNINGS

TONI JENNINGS

JOHN C. JENNINGS, IV

MICHAEL J. JENNINGS

JOHN C. JENNINGS, III

Seventy years ago, Jack Jennings founded a construction company based on a commitment to quality and total client satisfaction. Three generations later, the company is still a family-owned-and-operated general contractor and construction manager that maintains its reputation and repeat clientele through a dedication to personal service. Jack Jennings & Sons’ award-winning portfolio includes commercial, mixed-use, entertainment, institutional, faith-based, multi-family and hospitality projects. 20


O U R

F O C U S

I S

O N

Y O U

21


O U R

22

F O C U S

I S

O N

Y O U


QUESTCOM GROUP, INC. “Seaside continues to be a valued partner in delivering top-line banking solutions for our growing and dynamic business.�

SCO T T F ENS T ER M ACHER President

The QuestCom Group, Inc. specializes in electrical engineering and construction services across a varied array of industries. It provides high-end electrical systems, design, and installation for public and private clients throughout the United States, Europe, and Latin America. The QuestCom Group, Inc. is dedicated to delivering the highest quality electrical systems regardless of project size or location. 23


BATEMAN, GORDAN & SANDS, INC. “Our decision to do business with Seaside is based on a simple motto: ‘Do what you say and say what you do.’ Our bankers at Seaside do exactly what they say they will do! From underwriting to closing as well as day-to-day banking, Seaside has delivered and become one of our trusted advisors.”

HOWARD NEWMAN Chief Executive Officer

Bateman, Gordon & Sands (BGS) has been managing their clients’ risk since 1947. They are an Insurance and Consulting firm dedicated to excellence and professionalism. BGS is not focused on a single line of insurance, rather they are committed to assessing their clients’ risk and providing customized solutions. They operate four distinct divisions, Business, Personal, Employee Benefits, and Marine, and employ experts in each area. The BGS team strategically applies its collective expertise to effectively manage clients’ risk through insurance products, as well as best in market services. The BGS vision is to be the leading independent insurance agency in South Florida measured by their clients, employees and the companies with whom they do business. 24


O U R

F O C U S

I S

O N

Y O U

25


O U R

26

F O C U S

I S

O N

Y O U


LANDMARK HOSPITALS “I can’t imagine a better financial institution to work with than Seaside. They took the time to understand our evolving industry and the direction we want to take. I look forward to a long and growing relationship with Seaside.”

SHAWN STRASH Chief Executive Officer

Landmark Hospitals is leading healthcare in a new direction. Renowned for their excellent patient outcomes through their growing system of critical care hospitals and inpatient rehabilitation hospitals, Landmark Hospitals provide solutions for patients who face a hospital discharge, yet still require acute medical care and/or rehabilitation. Landmark also operates and develops surgical hospitals that are leading the nation in providing high-touch, high-quality surgical care with zero infections at the lowest possible cost. Landmark Hospitals is delivering exciting new technologies and an experienced innovative management team to take on their primary task – providing their patients with the best medical care available as they continue on a journey toward healing. 27


I N V E S T I NG I N OU R COM MU N I T IE S

28


At Seaside National Bank & Trust, giving back to the communities we serve is part of who we are. Since 2006, we have consistently contributed our time, support, guidance, and money to nonprofit organizations throughout the state of Florida. We pride ourselves on being a good corporate citizen who encourages and supports our professionals’ involvement in business, civic, and social activities. Taking part in community activities, as a representative of Seaside, is a direct reflection of our values. We encourage all Seaside

3,389

community service hours volunteered

professionals to hold leadership positions within the community, selecting organizations that are personally rewarding for them, and that are consistent with Seaside’s values and the needs of our communities. Just a few of the many organizations where Seaside bankers volunteer their time: • A Gift for Teaching • Aspire Health Partners • Center for Drug-Free Living / Aspire Health Partners • Boys & Girls Club of Central Florida • Central Florida Women’s League • Elder Source • Florida Community Loan Fund • Florida United Methodist Children’s Home • Foundation for Foster Children

$46.382

million in community development lending commitments

• Goodwill Manasota • Habitat for Humanity Martin County • Junior Achievement • JA Academy Orlando • Neighborhood Lending Partners • Orlando Health Foundation • Orlando Magic Youth Foundation • Salvation Army of Orange County • Seniors First • UCP Memorial Foundation • United Way/VITA

$13.763

million in CRA eligible investments

• Visiting Nurse Foundation • Voices for Children • YMCA

29


I N V E S T I N G

30

I N

O U R

C O M M U N I T I E S


Orlando Health Philip Rich, Orlando Health Foundation Board of Directors

Philip Rich, Seaside’s Chief Market Strategist, has served on the Orlando Health Foundation Board for the past 20 years. During his long tenure he has served in many roles, including former chair of the Orlando Health Foundation Board and former chair of its Investment and Finance Committee. He is also a past Board Member of Orlando Health, Inc., and currently a member if its Finance Committee and chair of its Joint Investment Subcommittee. Dedicated to providing excellent healthcare services since 1918, Orlando Health is a $3.8 billion not-for-profit healthcare organization and community-based network of physician practices, hospitals and outpatient care centers throughout Central Florida. Orlando Health offers crucial, lifesaving services to the Central Florida community that include the only Level I (the highest level) Trauma Center in Central Florida, the only Level III (the highest level) Neonatal Intensive Care Unit in Central Florida, and a cancer program that is part of a fully integrated statewide cancer treatment and research system in association with University of Florida Health. Born more than 25 years ago from the community’s need for comprehensive medical care for children and women, the Orlando Health Foundation helped to establish Central Florida’s first freestanding children’s hospital and the only women’s hospital – Arnold Palmer Hospital for Children and Winnie Palmer Hospital for Women & Babies. Orlando Health remains committed to supporting the Central Florida community by helping to sustain the patient care services that save and improve the lives of thousands of Central Florida residents and visitors every year.

31


Junior Achievement of Central Florida Tim Myers, Central Florida Regional President, Seaside National Bank & Trust and Junior Achievement Board Member

Junior Achievement (JA) has been promoting business education since 1919. Their volunteer-delivered, kindergarten-12th grade programs foster workreadiness, entrepreneurship and financial literacy skills, and use experiential learning to inspire students to dream big and reach their potential. With the help of thousands of volunteers, students develop the skills they need to experience the realities and opportunities of work and entrepreneurship in the 21st-century global marketplace. Tim Myers has been on the Central Florida JA Board of Directors for 15 years. He is the past Board Chair and immediate past Chair of the JA Academy at Oakridge High School. He currently chairs the Development Committee and is on the Executive Committee for the Academy.

32


I N V E S T I N G

I N

O U R

C O M M U N I T I E S

Volunteer Income Tax Assistance (VITA) program, a United Way of Palm Beach agency Jeff Tart, Client Advisor, Seaside National Bank & Trust and VITA volunteer

The Volunteer Income Tax Assistance (VITA) program has been a flagship IRS initiative for more than 40 years and is designed to promote and support free tax preparation service for the underserved. Service is targeted to low-to-moderate income individuals, persons with disabilities, the elderly and limited English speaking and focuses on those who qualify for the Earned Income Tax Credit. The key factor for VITA’s success is its volunteers. Jeff Tart, a Client Advisor at Seaside, has volunteered for the past 3 years. Jeff serves as a site greeter and administrator reviewing client documentation. Prior to becoming a VITA volunteer, Jeff completed an annual compliance test provided by United Way to ensure he is proficient with the intake forms and supporting tax documentation.

33


B A N K

&

T R U S T

Investment Management Services

A M

A V AT E W E A LT

H

O M

E

RC

SE

IA

PRI

R

R

C

M

Trust Services

SO

D

U

AN

YO

P R I VAT E

CLIENT

ASIDE

L B ANK

Private/Commercial Banking

34

N

F

ICE

Personal Lending

E

T

U L

LS ER V

Commercial Real Estate Lending

Brokerage Services G

Residential Lending

EN

N A T I O N A L

M

S E A S I D E

V AD

I

ING

Deposit Services

Insurance


P R O D U C T S

Private Banking

Commercial Banking

Wealth Management

A N D

S E R V I C E S

Checking

Credit Cards

Seaside Select Checking

Residential Loans

Savings

Safe Deposit Box

Money Market Accounts

Personal Internet Banking

Certificate of Deposit

ATM Network

CDARs & ICS

Mobile Banking

Individual Retirement Accounts

Digital Deposit

Lines of Credit

Debit Cards

Loans

HSA

Business Checking

Purchasing Cards

Business Select Checking

Business Online Payroll

Business Savings

ACH Origination

Business Money Market

Wire Transfers

Certificate of Deposit

Cash Vault Services

CDARs & ICS

Courier Services

Business Lines of Credit

ACH Debit Block

Business Loans

Positive Pay

Credit Cards

Mobile Banking

Commercial Real Estate Loans

Account Reconciliation

SBA Financing

Sweep Accounts

Merchant Services

Lockbox

Business Internet Banking

Foreign Exchange

Remote Deposit Capture

Debit Cards

Fiduciary Services

Insurance

Investment Management

Capital Markets

Financial Planning

Custody Services

Estate Planning

Brokerage Services

Estate Settlement

Bill Pay Services

Retirement Plans

Annuities

Investment Consultation 35


C O N S O L I D A T E D

B A L A N C E

AT D EC EM B ER 31

Three Shores Bancorporation, Inc. Consolidated Balance Sheets (in thousands)

S H E E T S

2 017

2 016

2 015

$$ 43,389

$$ 41,413

$$ 28,405

$$ 5,425

$$ 50

$$ –

Total Cash and Cash Equivalents

$$48,814

$$41,463

$$28,405

Securities Available for Sale

$$ 276,044

$$ 281,190

$$ 227,612

Securities Held to Maturity

$$ 98,889

$$ 94,405

$$ 63,281

$$ –

$$ 2,351

$$ 3,176

$$ 1,285,030

$$ 1,138,082

$$ 969,955

$$ (12,759)

$$ (12,143)

$$ (10,570)

Assets Cash and Due from Banks Federal Funds Sold

Loans Held for Sale Loans, Gross Allowance for Loan Losses Accrued Interest Receivable

$$ 5,775

$$ 4,756

$$ 3,958

Premises and Equipment, Net

$$ 2,522

$$ 2,637

$$ 3,023

Restricted Securities

$$ 11,333

$$ 10,413

$$ 6,666

Deferred Income Taxes

$$ 7,036

$$ 11,238

$$ 9,028

Other Assets

$$ 9,876

$$ 8,810

$$ 9,193

$$ 1,732,560

$ 1,583,202

$ 1,313,727

Non-interest-bearing Demand Deposits

$$ 281,774

$$ 257,021

$$ 234,054

NOW Deposits

$$ 151,759

$$ 176,838

$$ 146,232

Money Market and Savings Deposits

$$ 738,807

$$ 621,614

$$ 519,336

Time Deposits

$$ 216,328

$$ 223,659

$$ 195,552

$ 1,388,668

$ 1,279,132

$ 1,095,174

$$ 206,239

$$ 173,847

$$ 87,705

$$ 833

$$ 715

$$ 330

$$ 3,544

$$ 3,738

$$ 5,465

Total Assets

Liabilities

Total Deposits Other Borrowings Accrued Interest Payable Official Checks Other Liabilities

Total Liabilities

$$ 5,009

$$ 10,227

$$ 10,282

$ 1,604,293

$ 1,467,659

$ 1,198,956

Stockholders’ Equity $$ 24,738

$$ 24,738

$$ 30,699

$$ 108,744

$$ 106,519

$$ 104,764

Accumulated Deficit

$$ (1,396)

$$ (11,372)

$$ (19,977)

Accumulated Other Comprehensive Loss

$$ (3,819)

$$ (4,342)

$$ (715)

$$128,267

$$115,543

$$114,771

$ 1,732,560

$ 1,583,202

$ 1,313,727

Preferred Stock Common Stock and Additional Paid-in Capital

Total Stockholders’ Equity 36

Total Liabilities & Stockholders’ Equity


Three Shores Bancorporation, Inc. and Subsidiary Consolidated Statements of Earnings (in thousands)

CONSOLIDATED STATEMENTS OF E ARNINGS

2 017

2 016

2 015

Income I N T ER E S T I N CO M E: $$ 49,708

$$ 41,570

$$ 35,189

Securities

$$ 9,108

$$ 7,430

$$ 5,672

Other

$$ 1,039

$$ 673

$$ 420

$$59,855

$$49,673

$$41,281

$$ 8,305

$$ 5,401

$$ 4,405

Loans

Total Interest Income I N T ER E S T E X PEN S E: Deposits

$$ 3,009

$$ 1,228

$$ 208

Total Interest Expense

$$11,314

$$6,629

$$4,613

Net Interest Income

$$ 48,541

$$ 43,044

$$ 36,668

$$ 666

$$ 2,313

$$ 1,325

$$47,875

$$40,731

$$35,343

Asset Advisory Services

$$ 2,857

$$ 2,658

$$ 2,461

Insurance Income

$$ 2,071

$$ 2,056

$$ 1,562

Borrowings

Provision for Loan Losses

Net Interest Income After Provision for Loan Losses N O N - I N T ER E S T I N CO M E:

Service Charges on Deposit Accounts

$$ 692

$$ 759

$$ 790

Gain on Sales of Loans Held for Sale

$$ 359

$$ 685

$$ 921

$$ 1,609

$$ 2,604

$$ 908

$$7,588

$$8,762

$$6,642

Other

Total Non-interests Income N O N - I N T ER E S T E X PEN S E S:

$$ 23,483

$$ 23,000

$$ 21,712

Occupancy and Equipment

$$ 4,534

$$ 4,472

$$ 4,512

Data Processing

$$ 1,585

$$ 2,059

$$ 1,802

FDIC Insurance Premiums

$$ 1,452

$$ 1,108

$$ 724

$$ 720

$$ 754

$$ 940

Salaries and Employee Benefits

Professional Fees Advertising Other General and Administrative

Total Non-interest Expenses Earnings Before Income Taxes Income Taxes

Net Earnings Tax Law Impact

1

Net Earnings After Tax Law Impact 1

$$ 193

$$ 186

$$ 213

$$ 3,555

$$ 3,493

$$ 2,954

$$35,522

$$35,072

$$32,857

$$ 19,941

$$ 14,421

$$ 9,128

$$ 7,269

$$ 5,413

$$ 3,452

$$12,672

$$9,008

$$5,676

$$ 3,324 $$ 9,348

Relates to write down of deferred income tax assets after the corporate federal tax rate was reduced from 35% to 21%

37


S E A S I D E

N A T I O N A L

B A N K

&

T R U S T

Board of Directors

Thomas Yochum* Chairman of the Board, Seaside National Bank & Trust

Brian Golson*

Managing Partner, Parthenon Capital Partners’ San Francisco Office

 harles “Chas” C Bailes III*

Chairman & CEO, ABC Fine Wine & Spirits

Steven Barnett Principal, Dunmore Management

Gideon Haymaker* Steve Hayworth President & CEO, Seaside National Bank & Trust

Vice Chairman, Seaside National Bank & Trust

John Cochran*

Glen Davis

Michael Fess

Toni Jennings

Thomas O’Shane*

Jack Thompson

Principal, Lovell Minnick Partners LLC

Chairman of the Board, Jack Jennings & Sons

Former President & CEO, Schuff Steel-Atlantic, Inc.

Retired Banker

Founder & Owner, Equity Partners, Inc.

Head of Financial Institutions Investments, Gapstow Capital Partners

*Three Shores Board of Directors: Thomas Yochum, Chair

John Cochran

Gideon Haymaker

Rick Walsh

Charles “Chas” Bailes III

Brian Golson

Thomas O’Shane

Ed Timberlake

Charles Valentine

Chairman, Seaside National Retired Banker Bank & Trust, Central Florida Board of Directors

38

Rick Walsh*

President, KnobHill Group


Senior Leadership

Gideon Haymaker

Nancy Elberg

Barry Griffiths

Steve Hayworth

Kevin Kilgannon

Lara Lee

Mike McMullan

Tim Myers

Philip Rich

Don Roberts

Kevin Rogers

Gary Young

President & CEO

West Florida Regional President

Director of Human Capital

Central Florida Regional President

Chief Financial Officer

Chief Market Strategist

Vice Chair, Seaside National Bank & Trust

North Florida Regional President

Chief Credit Officer

South Florida Regional President

Chief Marketing Officer

Chief Operations Officer

Seaside Insurance, Inc.

Hardy Vaughn President, Seaside Insurance, Inc.

Cindi Johnston

Director of Group Benefits, Seaside Insurance, Inc.

39


S E A S I D E

N A T I O N A L

B A N K

&

T R U S T

Central Florida Advisory Board

Mark Israel

President, Universal Engineering Sciences, Inc.

Rita Lowndes

Community Volunteer

Alex Martins

Chief Executive Officer, Orlando Magic

Tim Myers

Ed Timberlake

Don Roberts

Price Schwenck

Robert Stanell

Chris Willman

President, Seaside National Bank & Trust, Central Florida

Chairman, Seaside National Bank & Trust, Central Florida Advisory Board

North Florida Advisory Board

Ernie Bono

Retired VP, Prudential Insurance

Richard Brock Tax Partner, BDO

Jim Francis CEO, Micro-Ant

President, Seaside National Bank & Trust, North Florida

Chairman, North Florida Advisory Board

West Florida Advisory Board

Janette Carey

Co-Founder & President, Client Legal Funding

40

Brett Herman

Chief Financial Officer, MaintenX International

Paige LeMay

Chief Executive Officer, Coastal Orthopedics & Sports Medicine

Managing Principal, CS&L CPAs

President, Argentum Financial

James B. Stallings, Jr. CEO, PS27 Ventures


Southwest Florida Advisory Board

Steve Calabrese

Jimmy Dascani

Michael Frye

Edward Morton

Deborah Russell

Aysegul Timur, Ph.D

Managing Director, CRM, Inc.

Managing Director, Wasmer, Schroeder & Company

CEO, Landmark Hospital of SW Florida

Principal, Cummings & Lockwood, LLC

CCIM, CEO RE/MAX Realty Group

Todd Gates Chairman, Gates Construction

Dean, Johnson School of Business, Hodges University

41


L OCAT IONS

42


4 9

5 15 14

11

13

12

10 1

Boca Raton

2

Coral Gables

10

Sarasota

7

3

Fort Lauderdale

11

1

4

Jacksonville (Loan Production)

Seaside Plaza — Downtown Orlando

12

Stuart

5

Lake Mary

13

Tampa

6

Naples

14

Windermere

7

Palm Beach

15

Winter Park

8

Palm Beach Gardens

9

Ponte Vedra Beach

8

6

3 2

43


S E A S I D E

N A T I O N A L

B A N K

&

T R U S T

C U L T U R A L V A L U E S Seaside National Bank & Trust’s cultural values reflect our beliefs about how we conduct business. These values set the standard by which we work, but they also establish the perception of Seaside National Bank & Trust held by all of our constituents—clients, professionals, shareholders and the community.

C L I E N T F O C U S E D We honor integrity and ethical behavior. We provide innovative solutions. We maintain professional excellence and high performance standards. We recognize the value of the individual. We value individual participation and foster teamwork.

C L I E N T P R O M I S E We will get to know you, your family and your business. After we understand your needs, goals and aspirations, we will recommend product-neutral solutions. As we understand your preferences, we’ll be able to create customized solutions, anticipate your future needs and periodically reassess your current requirements as changes dictate. With a compassionate sense of urgency, we’ll provide timely, attentive and friendly service.

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