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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
 
 
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019
OR

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to __________________.
Commission File No. 0-13660
 
Seacoast Banking Corporation of Florida
(Exact Name of Registrant as Specified in its Charter)
 
 
Florida
 
59-2260678
 
 
(State or Other Jurisdiction of
Incorporation or Organization
 
(I.R.S. Employer
Identification No.)
 
815 COLORADO AVENUE,
STUART
FL
 
34994
(Address of Principal Executive Offices)
 
(Zip Code)
 
(772)
287-4000
 
(Registrant’s Telephone Number, Including Area Code)
 
 
 
 
Securities registered pursuant to Section 12(b) of the Act:  
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
 
Common Stock
SBCF
Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.            Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                            Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer
Accelerated filer

Non-accelerated filer  
Smaller reporting company
 
 
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Common Stock, $0.10 Par Value – 51,482,029 shares as of September 30, 2019
 
 
 



INDEX
 
SEACOAST BANKING CORPORATION OF FLORIDA
 
 
 
PAGE #
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2

Table of Contents


Part I. FINANCIAL INFORMATION
Item 1. Financial Statements

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(In thousands, except per share data)
2019
 
2018
 
2019
 
2018
Interest and fees on loans
$
63,092

 
$
48,713

 
$
187,667

 
$
140,489

Interest and dividends on securities
8,933

 
9,807

 
27,279

 
29,016

Interest on interest bearing deposits and other investments
800

 
634

 
2,591

 
1,835

Total Interest Income
72,825

 
59,154

 
217,537

 
171,340

 
 
 
 
 
 
 
 
Interest on deposits
4,334

 
2,097

 
13,032

 
5,623

Interest on time certificates
6,009

 
2,975

 
16,692

 
7,783

Interest on borrowed money
1,534

 
2,520

 
5,955

 
6,403

Total Interest Expense
11,877

 
7,592

 
35,679

 
19,809

 
 
 
 
 
 
 
 
Net Interest Income
60,948

 
51,562

 
181,858

 
151,531

 
 
 
 
 
 
 
 
Provision for loan losses
2,251

 
5,774

 
6,199

 
9,388

 
 
 
 
 
 
 
 
Net Interest Income after Provision for Loan Losses
58,697

 
45,788

 
175,659

 
142,143

 
 
 
 
 
 
 
 
Noninterest income
 
 
 
 
 
 
 
Other income
14,790

 
12,339

 
41,678

 
37,506

Securities losses, net
(847
)
 
(48
)
 
(1,322
)
 
(198
)
Total Noninterest Income (Note I)
13,943

 
12,291

 
40,356

 
37,308

 
 
 
 
 
 
 
 
Total Noninterest Expenses (Note I)
38,583

 
37,399

 
122,682

 
112,809

Income Before Income Taxes
34,057

 
20,680

 
93,333

 
66,642

Provision for income taxes
8,452

 
4,358

 
21,770

 
15,329

Net Income
$
25,605

 
$
16,322

 
$
71,563

 
$
51,313

 
 
 
 
 
 
 
 
Share Data
 
 
 
 
 
 
 
Net income per share of common stock
 
 
 
 
 
 
 
Diluted
$
0.49

 
$
0.34

 
$
1.38

 
$
1.07

Basic
0.50

 
0.35

 
1.39

 
1.09

Average common shares outstanding
 
 
 
 
 
 
 
Diluted
51,935

 
48,029

 
51,996

 
47,903

Basic
51,473

 
47,205

 
51,426

 
47,108

See notes to unaudited condensed consolidated financial statements.
 



3

Table of Contents


SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(In thousands)
2019
 
2018
 
2019
 
2018
Net Income
$
25,605

 
$
16,322

 
$
71,563

 
$
51,313

Other comprehensive income (loss):
 
 
 
 
 
 
 
Unrealized gains (losses) on securities available for sale
5,555

 
(3,548
)
 
29,864

 
(20,564
)
Reclassification of unrealized losses on securities transferred to available for sale upon adoption of new accounting pronouncement

 

 
(730
)
 

Amortization of unrealized losses on securities transferred to held to maturity, net
59

 
108

 
202

 
442

Reclassification adjustment for losses included in net income
895

 

 
1,538

 

(Provision) benefit for income taxes
(1,468
)
 
919

 
(7,503
)
 
5,358

Total other comprehensive income (loss)
5,041

 
(2,521
)
 
23,371

 
(14,764
)
Comprehensive Income
$
30,646


$
13,801

 
$
94,934

 
$
36,549

See notes to unaudited condensed consolidated financial statements.

 



4

Table of Contents


SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
 
September 30,
 
December 31,
(In thousands, except share data)
2019
 
2018
Assets
 

 
 

Cash and due from banks
$
106,349

 
$
92,242

Interest bearing deposits with other banks
25,911

 
23,709

Total cash and cash equivalents
132,260

 
115,951

 
 
 
 
Time deposits with other banks
4,579

 
8,243

 
 
 
 
Debt securities:
 
 
 
Securities available for sale (at fair value)
920,811

 
865,831

Securities held to maturity (fair value $276,069 at September 30, 2019 and $349,895 at December 31, 2018)
273,644

 
357,949

Total debt securities
1,194,455

 
1,223,780

 
 
 
 
Loans held for sale (at fair value)
26,768

 
11,873

 
 
 
 
Loans
4,986,289

 
4,825,214

Less: Allowance for loan losses
(33,605
)
 
(32,423
)
Loans, net of allowance for loan losses
4,952,684

 
4,792,791

 
 
 
 
Bank premises and equipment, net
67,873

 
71,024

Other real estate owned
13,593

 
12,802

Goodwill
205,286

 
204,753

Other intangible assets, net
21,318

 
25,977

Bank owned life insurance
125,277

 
123,394

Net deferred tax assets
17,168

 
28,954

Other assets
129,384

 
128,117

Total Assets
$
6,890,645

 
$
6,747,659

 
 
 
 
Liabilities
 
 
 
Deposits
$
5,673,141

 
$
5,177,240

Securities sold under agreements to repurchase, maturing within 30 days
70,414

 
214,323

Federal Home Loan Bank (FHLB) borrowings
50,000

 
380,000

Subordinated debt
71,014

 
70,804

Other liabilities
63,398

 
41,025

Total Liabilities
5,927,967

 
5,883,392

 
 
 
 
Shareholders' Equity
 
 
 
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 51,730,773 and outstanding 51,482,029 at September 30, 2019, and authorized 120,000,000, issued 51,514,734 and outstanding 51,361,079 shares at December 31, 2018
5,148

 
5,136

Other shareholders' equity
957,530

 
859,131

Total Shareholders' Equity
962,678

 
864,267

Total Liabilities and Shareholders' Equity
$
6,890,645

 
$
6,747,659

 See notes to unaudited condensed consolidated financial statements.


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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
 
Nine Months Ended September 30,
(In thousands)
2019
 
2018
Cash Flows from Operating Activities
 

 
 

Net income
$
71,563

 
$
51,313

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation
4,899

 
4,691

Amortization of premiums and discounts on securities, net
1,876

 
2,567

Amortization of operating lease right-of-use assets
3,068

 

Other amortization and accretion, net
(1,914
)
 
185

Stock based compensation
5,773

 
5,603

Origination of loans designated for sale
(234,130
)
 
(225,929
)
Sale of loans designated for sale
227,711

 
239,316

Provision for loan losses
6,199

 
9,388

Deferred income taxes
4,442

 
5,675

    Losses on sale of securities
1,538

 

Gains on sale of loans
(6,683
)
 
(7,752
)
Gains on sale and write-downs of other real estate owned
(279
)
 
(12
)
Losses on disposition of fixed assets
506

 
216

Bank owned life insurance death benefits
(956
)
 

Changes in operating assets and liabilities, net of effects from acquired companies:
 
 
 
Net increase in other assets
(1,585
)
 
(4,052
)
Net (decrease) increase in other liabilities
(6,721
)
 
3,644

Net cash provided by operating activities
75,307

 
84,853

 
 
 
 
Cash Flows from Investing Activities
 
 
 
Maturities and repayments of debt securities available for sale
67,951

 
107,728

Maturities and repayments of debt securities held to maturity
30,382

 
48,945

    Proceeds from sale of debt securities available for sale
122,906

 

Purchases of debt securities available for sale
(164,451
)
 
(104,650
)
Maturities of time deposits with other banks
3,664

 
2,740

Net new loans and principal repayments
(48,600
)
 
(225,570
)
Purchases of loans held for investment
(117,853
)
 
(19,541
)
Proceeds from sale of other real estate owned
5,153

 
9,260

Proceeds from sale of FHLB and Federal Reserve Bank Stock
46,283

 
28,751

Purchase of FHLB and Federal Reserve Bank Stock
(36,093
)
 
(33,681
)
Proceeds from sale of Visa Class B Stock

 
21,333

Proceeds from bank owned life insurance
14,218

 
4,232

Additions to bank premises and equipment
(2,254
)
 
(3,557
)
Net cash used in investing activities
(78,694
)
 
(164,010
)
 See notes to unaudited condensed consolidated financial statements.

 

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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

 
Nine Months Ended September 30,
(In thousands)
2019
 
2018
Cash Flows from Financing Activities
 

 
 

Net increase in deposits
$
495,901

 
$
50,790

Net decrease in federal funds purchased and repurchase agreements
(143,909
)
 
(27,059
)
Net decrease in FHLB borrowings with original maturities of three months or less
(267,000
)
 
(10,000
)
Repayments of FHLB borrowings with original maturities of more than three months
(63,000
)
 

Proceeds from FHLB borrowings with original maturities of more than three months

 
60,000

Stock based employee benefit plans
(2,296
)
 
1,016

Dividends paid

 

Net cash provided by financing activities
19,696

 
74,747

Net increase (decrease) in cash and cash equivalents
16,309

 
(4,410
)
Cash and cash equivalents at beginning of period
115,951

 
109,504

Cash and cash equivalents at end of period
$
132,260

 
$
105,094

 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
Cash paid during the period for interest
$
35,255

 
$
18,952

Cash paid during the period for taxes
13,500

 
9,200

New operating lease right-of-use assets
29,430

 

New operating lease liabilities
33,756

 

 
 
 
 
Supplemental disclosure of non cash investing activities:
 
 
 
Transfer of debt securities from held to maturity to available for sale
$
52,796

 
$

Transfers from loans to other real estate owned
5,665

 
4,271

Transfers from bank premises to other real estate owned

 
2,052

See notes to unaudited condensed consolidated financial statements.
 

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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
Other
 
 
 
 
Common Stock
 
Paid-in
 
Retained
 
Treasury
 
Comprehensive
 
 
(In thousands)
 
Shares
 
Amount
 
Capital
 
Earnings
 
Stock
 
Income (Loss)
 
Total
Balance at June 30, 2019
 
51,461

 
$
5,146

 
$
782,928

 
$
143,032

 
$
(6,137
)
 
$
5,270

 
$
930,239

Comprehensive income
 

 

 

 
25,605

 

 
5,041

 
30,646

Stock based compensation expense
 
30

 

 
1,745

 

 

 

 
1,745

Common stock transactions related to stock based employee benefit plans
 
(9
)
 
2

 
(12
)
 

 
58

 

 
48

Three months ended September 30, 2019
 
21

 
2

 
1,733

 
25,605

 
58

 
5,041

 
32,439

Balance at September 30, 2019
 
51,482

 
$
5,148

 
$
784,661

 
$
168,637

 
$
(6,079
)
 
$
10,311

 
$
962,678

 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
Other
 
 
 
 
Common Stock
 
Paid-in
 
Retained
 
Treasury
 
Comprehensive
 
 
(In thousands)
 
Shares
 
Amount
 
Capital
 
Earnings
 
Stock
 
Income (Loss)
 
Total
Balance at June 30, 2018
 
47,164

 
$
4,716

 
$
665,885

 
$
64,790

 
$
(2,884
)
 
$
(16,344
)
 
$
716,163

Comprehensive income
 

 

 

 
16,322

 

 
(2,521
)
 
13,801

Stock based compensation expense
 
32

 

 
1,980

 

 

 

 
1,980

Common stock transactions related to stock based employee benefit plans
 
1

 
3

 
(9
)
 

 
30

 

 
24

Common stock issued for stock options
 
73

 
8

 
855

 

 

 

 
863

Three months ended September 30, 2018
 
106

 
11

 
2,826

 
16,322

 
30

 
(2,521
)
 
16,668

Balance at September 30, 2018
 
47,270

 
$
4,727

 
$
668,711

 
$
81,112

 
$
(2,854
)
 
$
(18,865
)
 
$
732,831

 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
Other
 
 
 
 
Common Stock
 
Paid-in
 
Retained
 
Treasury
 
Comprehensive
 
 
(In thousands)
 
Shares
 
Amount
 
Capital
 
Earnings
 
Stock
 
Income (Loss)
 
Total
Balance at December 31, 2018
 
51,361

 
$
5,136

 
$
778,501

 
$
97,074

 
$
(3,384
)
 
$
(13,060
)
 
$
864,267

Comprehensive income
 

 

 

 
71,563

 

 
23,371

 
94,934

Stock based compensation expense
 
30

 

 
5,773

 

 

 

 
5,773

Common stock transactions related to stock based employee benefit plans
 
62

 
9

 
(38
)
 

 
(2,695
)
 

 
(2,724
)
Common stock issued for stock options
 
29

 
3

 
425

 

 

 

 
428

Nine months ended September 30, 2019
 
121

 
12

 
6,160

 
71,563

 
(2,695
)
 
23,371

 
98,411

Balance at September 30, 2019
 
51,482

 
$
5,148

 
$
784,661

 
$
168,637

 
$
(6,079
)
 
$
10,311

 
$
962,678

 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
Other
 
 
 
 
Common Stock
 
Paid-in
 
Retained
 
Treasury
 
Comprehensive
 
 
(In thousands)
 
Shares
 
Amount
 
Capital
 
Earnings
 
Stock
 
Income (Loss)
 
Total
Balance at December 31, 2017
 
46,918

 
$
4,693

 
$
661,632

 
$
29,914

 
$
(2,359
)
 
$
(4,216
)
 
$
689,664

Comprehensive income
 

 

 

 
51,313

 

 
(14,764
)
 
36,549

Reclassification of unrealized losses on equity investment upon adoption of new accounting pronouncement
 

 

 

 
(115
)
 

 
115

 

Stock based compensation expense
 
32

 

 
5,602

 

 

 

 
5,602

Common stock transactions related to stock based employee benefit plans
 
(2
)
 
20

 
(22
)
 

 
(495
)
 

 
(497
)
Common stock issued for stock options
 
322

 
14

 
1,499

 

 

 

 
1,513

Nine months ended September 30, 2018
 
352

 
34

 
7,079

 
51,198

 
(495
)
 
(14,649
)
 
43,167

Balance at September 30, 2018
 
47,270

 
$
4,727

 
$
668,711

 
$
81,112

 
$
(2,854
)
 
$
(18,865
)
 
$
732,831

 See notes to unaudited condensed consolidated financial statements.

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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

 
Note A – Basis of Presentation
 
Basis of Presentation: The accompanying unaudited condensed consolidated financial statements of Seacoast Banking Corporation of Florida and its subsidiaries (the "Company") have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period amounts have been reclassified to conform to the current period presentation.

Operating results for the nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 or any other period. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.
 
Adoption of new accounting pronouncements: On January 1, 2019, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-02, “Leases”, and all the related amendments (collectively, Accounting Standards Codification “ASC” Topic 842) through a cumulative-effect adjustment.

The new guidance requires a lessee to recognize at the transition date right-of-use assets ("ROUA") and lease liabilities for all operating leases. Upon adoption, the Company recognized ROUAs of $29 million and lease liabilities of $33 million. Operating lease liabilities are measured based on the present value of lease payments over the lease term. At the transition date, ROUA was determined by adjusting lease liabilities for the carrying balances of deferred rent under ASC Topic 840 Leases, cease-use liabilities under ASC Topic 420 Exit or Disposal Cost Obligations, and assets and liabilities recognized under ASC Topic 805 Business Combinations for acquired operating leases, which aggregated to $4 million.

We determine if an arrangement is a lease at the inception of a lease. ROUAs represent our right to use the underlying asset and lease liabilities represent our obligation to make lease payments for the lease term. Operating lease ROUAs and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the appropriate term and information available at commencement date in determining the present value of lease payments. The lease term may include options to extend the lease when it is reasonably certain that we will exercise that option. ROUAs and operating lease liabilities are reported in Other Assets and Other Liabilities, respectively, in the Consolidated Balance Sheet. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

The Company elected certain practical expedients offered by the FASB for all classes of leased assets. As a result, the Company has not reassessed whether existing contracts are or contain leases, nor has the Company reassessed the classification of existing leases. The Company elected not to separate lease and non-lease components and instead accounts for them as a single lease component. The Company also elected to exclude short-term leases from the recognition of ROUAs and lease liabilities. Therefore, if the lease term is equal to or less than twelve months (including the renewal options that we are reasonably certain to exercise) and we are not reasonably certain to exercise any available purchase options in the lease, we do not apply the new lease accounting guidance for those leases. The Company did not elect the hindsight practical expedient, which allows entities to use hindsight when determining lease term and impairment of ROUAs.
On January 1, 2019, we adopted ASU 2017-12 “Derivatives and Hedging" (Topic 815): Targeted Improvements to Accounting for Hedging Activities. Upon adoption, we reclassified certain debt securities from held to maturity to available for sale. The following table summarizes the impact:
 
 
January 1, 2019
(In thousands)
 
Amortized Cost
 
Net Unrealized Gain (Loss) Reflected in OCI
 
Fair Value
Private mortgage-backed securities and collateralized mortgage obligations
 
$
21,526

 
$
147

 
$
21,673

Collateralized loan obligations
 
32,000

 
(877
)
 
31,123

Totals
 
$
53,526

 
$
(730
)
 
$
52,796



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Use of Estimates: The preparation of these condensed consolidated financial statements requires management to make judgments in the application of certain of its accounting policies that involve significant estimates and assumptions. We have established policies and control procedures that are intended to ensure valuation methods are well controlled and applied consistently from period to period. These estimates and assumptions, which may materially affect the reported amounts of certain assets, liabilities, revenues and expenses, are based on information available as of the date of the financial statements, and changes in this information over time and the use of revised estimates and assumptions could materially affect amounts reported in subsequent financial statements. Specific areas, among others, requiring the application of management’s estimates include determination of the allowance for loan losses, acquisition accounting and purchased loans, intangible assets and impairment testing, other fair value adjustments, other than temporary impairment of securities, income taxes and realization of deferred tax assets and contingent liabilities.
Note B – Recently Issued Accounting Standards, Not Yet Adopted

The following provides a brief description of accounting standards that have been issued but are not yet adopted that could have a material effect on the Company's financial statements:

ASU 2016-13, Financial Instruments –Credit Losses (Topic 326)
Description
In June 2016, FASB issued guidance to replace the incurred loss model with an expected loss model, which is referred to as the current expected credit loss (CECL) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables and held to maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (i.e. loan commitments, standby letters of credit, financial guarantees and other similar instruments).
Date of Adoption
This amendment is effective for SEC registrants that are not Smaller Reporting Companies, including the Company, for reporting periods beginning after December 15, 2019, including interim periods within that reporting period.
Effect on the Consolidated Financial Statements
The Company continues to validate and refine the credit loss estimation techniques and related processes that have been developed under the direction of the Company's transition oversight committee. Updates to business processes and the documentation of accounting policy decisions are ongoing. A validation of the CECL model has been completed by a third party and the the Company is currently conducting parallel runs of the CECL model process. The Company expects to recognize an increase in the allowance for credit losses upon adoption, which will be recorded as a one-time cumulative adjustment to retained earnings at the adoption date, January 1, 2020. The magnitude of the increase, however, has not yet been determined.
The expected increase is primarily attributed to the impact of the new guidance on the Company’s acquired loan portfolio. For loans currently classified as purchased unimpaired (“PUL”), the CECL standard requires a reserve for expected credit losses to be established regardless of the impact of a purchase discount on the amortized cost basis. The accounting for existing PUL purchase discounts and premiums is not affected by the standard, and these will continue to accrete into interest income over the remaining lives of the loans on a level yield basis. Existing purchased credit impaired (“PCI”) loans will be classified as purchased credit deteriorated (“PCD”) loans and a reserve for expected credit losses will be established.
The impact at adoption will be influenced by the outcome of our continuing review of the model, assumptions, methodologies and judgments, and by the loan portfolio composition and by macroeconomic conditions and forecasts at the adoption date. Additionally, the CECL model could produce higher volatility in the quarterly provision for credit losses than our current reserve process.
The Company does not expect adoption of the standard to materially impact its held to maturity debt security portfolio, which is comprised of securities guaranteed either explicitly or implicitly by government sponsored entities. While available for sale (“AFS”) securities are not subject to the CECL allowance requirement, the new guidance requires the Company to record an allowance for AFS securities in an unrealized loss position if a portion of the unrealized loss is credit related. The Company does not expect a material impact to AFS securities upon adoption.


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ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill
Description
In January 2017, the FASB amended the existing guidance to simplify the goodwill impairment measurement test by eliminating Step 2. The amendment requires the Company to perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the fair value. Additionally, an entity should consider the tax effects from any tax deductible goodwill on the carrying amount when measuring the impairment loss.
Date of Adoption
This amendment is effective for public business entities for reporting periods beginning after December 15, 2019, including interim periods within that reporting period. Early adoption is permitted on annual goodwill impairment tests performed after January 1, 2017.
Effect on the Consolidated Financial Statements
The impact to the Company's consolidated financial statements from the adoption of this pronouncement is not expected to be material.


Note C – Earnings per Share
 
Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the period.

For both the three and nine months ended September 30, 2019, options to purchase 492,000 shares were antidilutive in each period and, accordingly, were excluded in the computation of diluted earnings per share, compared to 481,000 and 412,000 shares, respectively, for the three and nine months ended September 30, 2018.
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(Dollars in thousands, except per share data)
2019
 
2018
 
2019
 
2018
Basic earnings per share
 
 
 
 
 
 
 
Net income
$
25,605

 
$
16,322

 
$
71,563

 
$
51,313

Average common shares outstanding
51,473

 
47,205

 
51,426

 
47,108

Net income per share
$
0.50

 
$
0.35

 
$
1.39

 
$
1.09

 
 
 
 
 
 
 
 
Diluted earnings per share
 
 
 
 
 
 
 
Net income
$
25,605

 
$
16,322

 
$
71,563

 
$
51,313

Average common shares outstanding
51,473

 
47,205

 
51,426

 
47,108

Add: Dilutive effect of employee restricted stock and stock options
462

 
824

 
570

 
795

Average diluted shares outstanding
51,935

 
48,029

 
51,996

 
47,903

Net income per share
$
0.49

 
$
0.34