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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, 2020
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,STUARTFL 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 classTrading Symbol(s)Name of each exchange on which registered
Common StockSBCFNasdaq 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 – 55,168,617 shares as of September 30, 2020



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)2020201920202019
Interest and fees on loans$60,487 $63,092 $188,771 $187,667 
Interest and dividends on securities7,097 8,933 23,609 27,279 
Interest on interest bearing deposits and other investments556 800 1,974 2,591 
Total Interest Income68,140 72,825 214,354 217,537 
Interest on deposits1,299 4,334 5,692 13,032 
Interest on time certificates2,673 6,009 11,261 16,692 
Interest on borrowed money665 1,534 3,449 5,955 
Total Interest Expense4,637 11,877 20,402 35,679 
Net Interest Income63,503 60,948 193,952 181,858 
Provision for credit losses(845)2,251 36,279 6,199 
Net Interest Income after Provision for Credit Losses64,348 58,697 157,673 175,659 
Noninterest income
Other income16,942 14,790 45,387 41,678 
Securities gains (losses), net4 (847)1,253 (1,322)
Total Noninterest Income (Note H)16,946 13,943 46,640 40,356 
Total Noninterest Expenses (Note H)51,674 38,583 141,871 122,682 
Income Before Income Taxes29,620 34,057 62,442 93,333 
Provision for income taxes6,992 8,452 14,025 21,770 
Net Income$22,628 $25,605 $48,417 $71,563 
Share Data
Net income per share of common stock
Diluted$0.42 $0.49 $0.91 $1.38 
Basic0.42 0.50 0.91 1.39 
Average common shares outstanding
Diluted54,301 51,935 53,325 51,996 
Basic53,978 51,473 52,926 51,426 
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)2020201920202019
Net Income$22,628 $25,605 $48,417 $71,563 
Other comprehensive income:
Unrealized gains on securities available-for-sale2,301 5,555 19,986 29,864 
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, net55 59 173 202 
Reclassification adjustment for (gains) losses included in net income(4)895 (1,097)1,538 
Provision for income taxes(423)(1,468)(4,304)(7,503)
Total other comprehensive income1,929 5,041 14,758 23,371 
Comprehensive Income$24,557 $30,646 $63,175 $94,934 
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)20202019
Assets  
Cash and due from banks$81,692 $89,843 
Interest bearing deposits with other banks227,876 34,688 
Total cash and cash equivalents309,568 124,531 
Time deposits with other banks2,247 3,742 
Debt securities:
Securities available-for-sale (at fair value)1,286,858 946,855 
Securities held-to-maturity (fair value $216,000 at September 30, 2020 and $262,213 at December 31, 2019)
207,376 261,369 
Total debt securities1,494,234 1,208,224 
Loans held for sale (at fair value)73,046 20,029 
Loans5,858,029 5,198,404 
Less: Allowance for credit losses(94,013)(35,154)
Loans, net of allowance for credit losses5,764,016 5,163,250 
Bank premises and equipment, net76,393 66,615 
Other real estate owned15,890 12,390 
Goodwill221,176 205,286 
Other intangible assets, net18,163 20,066 
Bank owned life insurance130,887 126,181 
Net deferred tax assets25,503 16,457 
Other assets156,717 141,740 
Total Assets$8,287,840 $7,108,511 
Liabilities
Deposits$6,914,843 $5,584,753 
Securities sold under agreements to repurchase, maturing within 30 days89,508 86,121 
Federal Home Loan Bank (FHLB) borrowings35,000 315,000 
Subordinated debt71,295 71,085 
Other liabilities78,853 65,913 
Total Liabilities7,189,499 6,122,872 
Shareholders' Equity
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 55,499,401 and outstanding 55,168,617 at September 30, 2020, and authorized 120,000,000, issued 51,760,617 and outstanding 51,513,733 shares at December 31, 2019
5,517 5,151 
Other shareholders' equity1,092,824 980,488 
Total Shareholders' Equity1,098,341 985,639 
Total Liabilities and Shareholders' Equity$8,287,840 $7,108,511 
 See notes to unaudited condensed consolidated financial statements.

5

Table of Contents

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
Nine Months Ended September 30,
(In thousands)20202019
Cash Flows from Operating Activities  
Net income$48,417 $71,563 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation4,531 4,899 
Amortization of premiums and discounts on securities, net2,890 1,876 
Amortization of operating lease right-of-use assets3,274 3,068 
Other amortization and accretion, net(4,402)(1,914)
Stock based compensation5,471 5,773 
Origination of loans designated for sale(378,069)(234,130)
Sale of loans designated for sale335,882 227,711 
Provision for credit losses36,279 6,199 
Deferred income taxes(6,257)4,442 
(Gains) losses on sale of securities(1,102)1,538 
Gains on sale of loans(10,585)(6,683)
Gains on sale and write-downs of other real estate owned(278)(279)
Losses on disposition of fixed assets790 506 
Bank owned life insurance death benefits (956)
Changes in operating assets and liabilities, net of effects from acquired companies:
Net increase in other assets(27,735)(1,585)
Net increase (decrease) in other liabilities9,174 (6,721)
Net cash provided by operating activities18,280 75,307 
Cash Flows from Investing Activities
Maturities and repayments of debt securities available-for-sale211,798 67,951 
Maturities and repayments of debt securities held-to-maturity53,409 30,382 
Proceeds from sale of debt securities available-for-sale96,733 122,906 
Purchases of debt securities available-for-sale(626,731)(164,451)
Maturities of time deposits with other banks1,495 3,664 
Net new loans and principal repayments(204,282)(48,600)
Purchases of loans held for investment (117,853)
Proceeds from sale of other real estate owned6,174 5,153 
Additions to other real estate owned(2,004) 
Proceeds from sale of FHLB and Federal Reserve Bank Stock37,697 46,283 
Purchase of FHLB and Federal Reserve Bank Stock(26,976)(36,093)
Net cash from bank acquisitions71,965  
Proceeds from bank owned life insurance 14,218 
Additions to bank premises and equipment(1,373)(2,254)
Net cash used in investing activities(382,095)(78,694)
 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)20202019
Cash Flows from Financing Activities  
Net increase in deposits$826,686 $495,901 
Net increase (decrease) in federal funds purchased and repurchase agreements3,387 (143,909)
Net decrease in FHLB borrowings with original maturities of three months or less(235,000)(267,000)
Repayments of FHLB borrowings with original maturities of more than three months(80,000)(63,000)
Proceeds from FHLB borrowings with original maturities of more than three months35,000  
Stock based employee benefit plans(1,221)(2,296)
Dividends paid  
Net cash provided by financing activities548,852 19,696 
Net increase in cash and cash equivalents
185,037 16,309 
Cash and cash equivalents at beginning of period124,531 115,951 
Cash and cash equivalents at end of period$309,568 $132,260 
Supplemental disclosure of cash flow information:
Cash paid during the period for interest$19,834 $35,255 
Cash paid during the period for taxes21,712 13,500 
Recognition of operating lease right-of-use assets1,887 29,430 
Recognition of operating lease liabilities1,887 33,756 
Supplemental disclosure of non-cash investing activities:
Transfer of debt securities from held-to-maturity to available-for-sale$ $52,796 
Transfers from loans to other real estate owned5,552 5,665 
Transfers from bank premises to other real estate owned1,289  
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 StockPaid-inRetainedTreasuryComprehensive 
(In thousands)SharesAmountCapitalEarningsStockIncome (Loss)Total
Balance at June 30, 202052,991 $5,299 $811,321 $204,726 $(8,037)$17,294 $1,030,603 
Comprehensive income— — — 22,628 — 1,929 24,557 
Stock based compensation expense39 — 1,948 — — — 1,948 
Common stock transactions related to stock based employee benefit plans18 6 (6)— 96 — 96 
Common stock issued for stock options1 — 16 — — — 16 
Issuance of common stock, pursuant to acquisition2,120 212 40,909 — — — 41,121 
Three months ended September 30, 20202,178 218 42,867 22,628 96 1,929 67,738 
Balance at September 30, 202055,169 $5,517 $854,188 $227,354 $(7,941)$19,223 $1,098,341 
Accumulated
Other
 Common StockPaid-inRetainedTreasuryComprehensive 
(In thousands)SharesAmountCapitalEarningsStockIncome (Loss)Total
Balance at June 30, 201951,461 $5,146 $782,928 $143,032 $(6,137)$5,270 $930,239 
Comprehensive income— — — 25,605 — 5,041 30,646 
Stock based compensation expense30 — 1,745 — — — 1,745 
Common stock transactions related to stock based employee benefit plans(9)2 (12)— 58 — 48 
Three months ended September 30, 201921 2 1,733 25,605 58 5,041 32,439 
Balance at September 30, 201951,482 $5,148 $784,661 $168,637 $(6,079)$10,311 $962,678 
Accumulated
Other
 Common StockPaid-inRetainedTreasuryComprehensive 
(In thousands)SharesAmountCapitalEarningsStockIncome (Loss)Total
Balance at December 31, 201951,514 $5,151 $786,242 $195,813 $(6,032)$4,465 $985,639 
Comprehensive income— — — 48,417 — 14,758 63,175 
Stock based compensation expense39 — 5,471 — — — 5,471 
Common stock transactions related to stock based employee benefit plans395 44 (53)— (1,909)— (1,918)
Common stock issued for stock options58 6 692 — — — 698 
Cumulative change in accounting principle upon adoption of new accounting pronouncement (See Note A - Basis of Presentation)— — — (16,876)— — (16,876)
Issuance of common stock, pursuant to acquisition3,163 316 61,836 — — — 62,152 
Nine months ended September 30, 20203,655 366 67,946 31,541 (1,909)14,758 112,702 
Balance at September 30, 202055,169 $5,517 $854,188 $227,354 $(7,941)$19,223 $1,098,341 
Accumulated
Other
 Common StockPaid-inRetainedTreasuryComprehensive 
(In thousands)SharesAmountCapitalEarningsStockIncome (Loss)Total
Balance at December 31, 201851,361 $5,136 $778,501 $97,074 $(3,384)$(13,060)$864,267 
Comprehensive income— — — 71,563 — 23,371 94,934 
Stock based compensation expense30 — 5,773 — — — 5,773 
Common stock transactions related to stock based employee benefit plans62 9 (38)— (2,695)— (2,724)
Common stock issued for stock options29 3 425 — — — 428 
Nine months ended September 30, 2019121 12 6,160 71,563 (2,695)23,371 98,411 
Balance at September 30, 201951,482 $5,148 $784,661 $168,637 $(6,079)$10,311 $962,678 
 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, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 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, 2019.
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. The Company has 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 credit losses, acquisition accounting and purchased loans, intangible assets and impairment testing, other fair value adjustments, income taxes and realization of deferred tax assets and contingent liabilities.
Adoption of new accounting pronouncements:
On January 1, 2020, the Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 326 Financial Instruments - Credit Losses ("ASC Topic 326") which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity ("HTM") debt securities. It also applies to off-balance sheet credit exposure such as loan commitments, standby letters of credit, financial guarantees and other similar instruments. In addition, ASC Topic 326 changed the accounting for impairment of available-for-sale ("AFS") debt securities.
The Company adopted ASC Topic 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for the reporting period beginning after January 1, 2020 are presented under ASC Topic 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. The following table reflects the cumulative effect of adoption:
(in thousands)December 31, 2019CECL adoption impactJanuary 1, 2020
Loans$5,198,404 $(706)$5,197,698 
Allowance for credit losses35,154 21,226 56,380 
Reserve for unfunded commitments140 1,837 1,977 
Deferred tax assets16,457 (5,481)10,976 
Retained earnings195,813 (16,876)178,937 
ASC Topic 326 introduced new definitions and criteria for categorizing purchased loans. Loans that, as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination are classified as purchased credit deteriorated ("PCD"). Acquired loans which do not meet the definition of PCD are classified by the Company as acquired Non-PCD. At the date of adoption, the Company reclassified all loans previously classified as purchased credit impaired ("PCI") to PCD, and increased the allowance by $0.7 million with a corresponding adjustment to these loans' amortized cost basis. The remaining noncredit discount on loans previously classified as PCI was $0.9 million, which will be accreted into interest income over the remaining life of the loans.
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Under CECL, the Company estimates the allowance using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit losses provide the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, loan to value ratios, borrower credit characteristics, loan seasoning or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, occupancy rates, and other macroeconomic metrics.
For loans analyzed on a collective basis, the Company has developed an allowance model based on an analysis of the probability of default ("PD") and loss given default ("LGD") to determine an expected loss by loan segment. PDs and LGDs are developed by analyzing the average historical loss migration of loans to default. The Company excludes accrued interest on loans from its determination of allowance.
The allowance estimation process also applies an economic forecast scenario over a three year forecast period. The forecast may utilize one scenario or a composite of scenarios based on management's judgment and expectations around the current and future macroeconomic outlook. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modification unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring ("TDR") will be executed with an individual borrower, or the extension or renewal options are explicitly stated in the contract and are not unconditionally under the control of the Company. For portfolio segments with a weighted average life longer than three years, the Company reverts to longer-term historical loss experience, adjusted for prepayments, to estimate losses over the remaining life of the loans within each segment.
Adjustments may be made to baseline reserves based on an assessment of internal and external influences on credit quality not fully reflected in the quantitative components of the allowance model. These influences may include elements such as changes in concentration, macroeconomic conditions, recent observable asset quality trends, staff turnover, regional market conditions, employment levels and loan growth. Based on management's assessments of these factors, the Company may apply qualitative adjustments to the allowance.
Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. Loans evaluated individually are collateral dependent and primarily secured by real estate. When management determines that foreclosure is probable, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate.
In response to the COVID-19 pandemic beginning in early 2020, rules defined in the Coronavirus Aid, Relief and Economic Security ("CARES") Act and a joint statement issued by federal regulators in consultation with FASB provide financial institutions with the option not to apply troubled debt restructure ("TDR") accounting to eligible loan modifications provided to borrowers affected by the economic impact of the COVID-19 pandemic. See Note E - Loans for information on loan modifications offered by the Company under this guidance. Outside of this guidance, a loan for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulty, is considered to be a TDR. The allowance for credit losses on a TDR is measured using the same method as all other loans held for investment, except when the value of a concession cannot be measured using a method other than the discounted cash flow method. When the value of a concession is measured using the discounted cash flow method, the allowance for credit losses is determined by discounting the expected future cash flows at the original interest rate of the loan.
The Company estimates a reserve for unfunded commitments, which is reported separately from the allowance for credit losses within other liabilities. The reserve is based upon the same quantitative and qualitative factors applied to the collectively evaluated loan portfolio.
All HTM debt securities are issued by government-sponsored entities, which are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. In addition, the credit rating on all the Company's HTM debt securities as of the date of adoption is AA+. There is no history of the government withholding or limiting support to these agencies, nor is there any indication of a change to that historical support. While the potential for default on these securities may be something greater than zero, the long history with no credit losses, the implied government guarantee of principal and interest payments and the high credit rating of the HTM portfolio provide sufficient basis for the current expectation that there is zero risk of loss if default were to occur. As a result, the Company recorded no allowance for HTM debt securities with fair value less than amortized cost basis at the date of adoption.
ASC Topic 326 amended the existing other-than-temporary-impairment guidance for AFS securities, requiring credit losses to be recorded as an allowance rather than through a permanent write-down. When evaluating AFS debt securities under ASC Topic 326, the Company has evaluated whether the decline in fair value is attributed to credit losses or other factors using both
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quantitative and qualitative analyses, including cash flow analysis, review of credit ratings, remaining payment terms, prepayment speeds and analysis of macro-economic conditions. At the date of adoption, collateralized loan obligations had unrealized losses of $1.2 million. The collateral for these securities is first lien senior secured corporate debt, and the Company holds senior tranches rated A or higher. Based on this analysis, the Company believes that the unrealized loss position for AFS debt securities at the time of adoption was the result of both broad investment type spreads and the current rate environment. Each investment is expected to recover its price depreciation over its holding period as it moves to maturity and the Company has the intent and ability to hold these securities to maturity if necessary. As a result of this evaluation, the Company concluded that no allowance was appropriate.
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). The guidance provides accounting relief to contract modifications that replace an interest rate impacted by reference rate reform (e.g. London Inter-Bank Offered Rate ("LIBOR")) with a new alternative reference rate. The guidance is applicable to investment securities, receivables, loans, debt, leases, derivatives and hedge accounting elections, and other contractual arrangements. The Company applied the guidance prospectively beginning April 1, 2020, with no material impact on its financial position, results of operations or cash flows.

Note B – Recently Issued Accounting Standards, Not Yet Adopted
None this period.

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 the three and nine months ended September 30, 2020, options to purchase 508,000 shares of the Company's common stock were anti-dilutive and, accordingly, were excluded in the computation of diluted earnings per share, compared to 492,000 shares for the three and nine months ended September 30, 2019.
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in thousands, except per share data)2020201920202019
Basic earnings per share  
Net income$22,628 $25,605 $48,417 $71,563 
Average common shares outstanding53,978 51,473 52,926 51,426 
Net income per share$0.42 $0.50