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SECURITIES AND EXCHANGE COMMISSION
þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITES EXCHANGE ACT OF 1934 |
Florida | 59-2260678 | |
(State or Other Jurisdiction of Incorporation or | (I.R.S. Employer Identification No.) | |
Organization | ||
815 COLORADO AVENUE, STUART FL | 34994 | |
(Address of Principal Executive Offices) | (Zip Code) |
Large Accelerated Filero | Accelerated Filero | Non-Accelerated Filerþ | Small Reporting Companyo |
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56-71 | ||||||||
72 | ||||||||
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72 | ||||||||
72 | ||||||||
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Exhibit 31.1 | ||||||||
Exhibit 31.2 | ||||||||
Exhibit 32.1 | ||||||||
Exhibit 32.2 |
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September 30, | December 31, | |||||||
(Dollars in thousands, except share amounts) | 2010 | 2009 | ||||||
ASSETS | ||||||||
Cash and due from banks | $ | 27,833 | $ | 32,200 | ||||
Interest bearing deposits with other banks | 173,409 | 182,900 | ||||||
Total cash and cash equivalents | 201,242 | 215,100 | ||||||
Securities: | ||||||||
Available for sale (at fair value) | 426,931 | 393,648 | ||||||
Held for investment (fair values: $23,720 at September 30, 2010 and $17,210 at December 31, 2009) | 23,500 | 17,087 | ||||||
TOTAL SECURITIES | 450,431 | 410,735 | ||||||
Loans held for sale | 7,799 | 18,412 | ||||||
Loans | 1,263,346 | 1,397,503 | ||||||
Less: Allowance for loan losses | (38,447 | ) | (45,192 | ) | ||||
NET LOANS | 1,224,899 | 1,352,311 | ||||||
Bank premises and equipment, net | 36,689 | 38,932 | ||||||
Other real estate owned | 32,406 | 25,385 | ||||||
Other intangible assets | 3,348 | 4,121 | ||||||
Other assets | 57,591 | 86,319 | ||||||
$ | 2,014,405 | $ | 2,151,315 | |||||
LIABILITIES | ||||||||
Deposits | $ | 1,637,030 | $ | 1,779,434 | ||||
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days | 62,522 | 105,673 | ||||||
Borrowed funds | 50,000 | 50,000 | ||||||
Subordinated debt | 53,610 | 53,610 | ||||||
Other liabilities | 31,648 | 10,663 | ||||||
1,834,810 | 1,999,380 |
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Seacoast Banking Corporation of Florida and Subsidiaries
September 30, | December 31, | |||||||
(Dollars in thousands, except share amounts) | 2010 | 2009 | ||||||
SHAREHOLDERS’ EQUITY | ||||||||
Preferred stock, authorized 4,000,000 shares, par value $0.10 per share, issued and outstanding 2,000 shares of Series A | 45,936 | 44,999 | ||||||
Warrant for purchase of shares of common stock at $6.36 per share | 3,123 | 3,123 | ||||||
Common stock, par value $0.10 per share, authorized 300,000,000 shares, issued 93,452,779 and outstanding 93,452,708 shares at September 30, 2010, and issued 58,921,668 and outstanding 58,867,229 shares at December 31, 2009 | 9,345 | 5,887 | ||||||
Other shareholders’ equity | 121,191 | 97,926 | ||||||
TOTAL SHAREHOLDERS’ EQUITY | 179,595 | 151,935 | ||||||
$ | 2,014,405 | $ | 2,151,315 | |||||
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Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(Dollars in thousands, except per share data) | 2010 | 2009 | 2010 | 2009 | ||||||||||||
Interest and fees on loans | $ | 17,181 | $ | 20,836 | $ | 52,951 | $ | 65,634 | ||||||||
Interest and dividends on securities | 3,405 | 4,349 | 10,584 | 12,728 | ||||||||||||
Interest on interest bearing deposits and other investments | 252 | 163 | 763 | 420 | ||||||||||||
TOTAL INTEREST INCOME | 20,838 | 25,348 | 64,298 | 78,782 | ||||||||||||
Interest on deposits | 3,590 | 5,416 | 12,141 | 19,597 | ||||||||||||
Interest on borrowed money | 787 | 881 | 2,266 | 3,040 | ||||||||||||
TOTAL INTEREST EXPENSE | 4,377 | 6,297 | 14,407 | 22,637 | ||||||||||||
NET INTEREST INCOME | 16,461 | 19,051 | 49,891 | 56,145 | ||||||||||||
Provision for loan losses | 8,866 | 45,374 | 27,705 | 83,253 | ||||||||||||
NET INTEREST INCOME (LOSS) AFTER PROVISION FOR LOAN LOSSES | 7,595 | (26,323 | ) | 22,186 | (27,108 | ) | ||||||||||
Noninterest income | ||||||||||||||||
Other income | 4,801 | 4,627 | 13,962 | 14,414 | ||||||||||||
Securities gains, net | 210 | 1,425 | 3,687 | 3,211 | ||||||||||||
TOTAL NONINTEREST INCOME | 5,011 | 6,052 | 17,649 | 17,625 | ||||||||||||
Noninterest expenses | ||||||||||||||||
Goodwill impairment | 0 | 0 | 0 | 49,813 | ||||||||||||
Other noninterest expenses | 20,244 | 20,506 | 62,833 | 61,066 | ||||||||||||
TOTAL NONINTEREST EXPENSES | 20,244 | 20,506 | 62,833 | 110,879 | ||||||||||||
LOSS BEFORE INCOME TAXES | (7,638 | ) | (40,777 | ) | (22,998 | ) | (120,362 | ) | ||||||||
Benefit for income taxes | 0 | 0 | 0 | (11,825 | ) | |||||||||||
NET LOSS | (7,638 | ) | (40,777 | ) | (22,998 | ) | (108,537 | ) | ||||||||
Preferred stock dividends and accretion of preferred stock discount | 937 | 937 | 2,811 | 2,811 | ||||||||||||
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS | $ | (8,575 | ) | $ | (41,714 | ) | $ | (25,809 | ) | $ | (111,348 | ) | ||||
PER SHARE COMMON STOCK: | ||||||||||||||||
Net loss diluted | $ | (0.09 | ) | $ | (1.21 | ) | $ | (0.36 | ) | $ | (4.58 | ) | ||||
Net loss basic | (0.09 | ) | (1.21 | ) | (0.36 | ) | (4.58 | ) | ||||||||
Cash dividends declared | 0.00 | 0.00 | 0.00 | 0.01 | ||||||||||||
Average shares outstanding — diluted | 93,388,715 | 34,571,200 | 70,878,230 | 24,299,915 | ||||||||||||
Average shares outstanding — basic | 93,388,715 | 34,571,200 | 70,878,230 | 24,299,915 |
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Nine Months Ended | ||||||||
September 30, | ||||||||
(Dollars in thousands) | 2010 | 2009 | ||||||
(Decrease) increase in cash and cash equivalents | ||||||||
Cash flows from operating activities | ||||||||
Interest received | $ | 64,729 | $ | 78,178 | ||||
Fees and commissions received | 14,166 | 14,508 | ||||||
Interest paid | (13,827 | ) | (22,716 | ) | ||||
Cash paid to suppliers and employees | (52,558 | ) | (55,110 | ) | ||||
Income taxes received (paid) | 20,785 | (14 | ) | |||||
Origination of loans held for sale | (125,507 | ) | (129,233 | ) | ||||
Proceeds from loans held for sale | 137,125 | 125,541 | ||||||
Net change in other assets | (1,694 | ) | 562 | |||||
Net cash provided by operating activities | 43,219 | 11,716 | ||||||
Cash flows from investing activities | ||||||||
Maturities of securities available for sale | 95,092 | 74,683 | ||||||
Maturities of securities held for investment | 4,487 | 8,589 | ||||||
Proceeds from sale of securities available for sale | 102,069 | 56,663 | ||||||
Proceeds from sale of securities held for investment | 5,452 | 0 | ||||||
Purchases of securities available for sale | (201,088 | ) | (147,506 | ) | ||||
Purchase of securities held for investment | (16,313 | ) | 0 | |||||
Net new loans and principal repayments | 66,161 | 70,514 | ||||||
Proceeds from sale of loans | 16,401 | 10,755 | ||||||
Proceeds from the sale of other real estate owned | 7,090 | 3,105 | ||||||
Proceeds from sale of Federal Home Loan Bank and Federal Reserve Bank stock | 2,311 | 181 | ||||||
Purchase of Federal Home Loan Bank and Federal Reserve Bank stock | 0 | (1,276 | ) | |||||
Additions to bank premises and equipment | (435 | ) | (666 | ) | ||||
Net cash provided by investing activities | 81,227 | 75,042 | ||||||
Cash flows from financing activities | ||||||||
Net decrease in deposits | (142,404 | ) | (49,142 | ) | ||||
Net decrease in federal funds purchased and repurchase agreements | (43,151 | ) | (88,699 | ) | ||||
Issuance of common stock, net of related expenses | 47,098 | 70,466 | ||||||
Stock based employee benefit plans | 153 | 160 | ||||||
Dividends paid | 0 | (580 | ) | |||||
Net cash used in financing activities | (138,304 | ) | (67,795 | ) | ||||
Net (decrease) increase in cash and cash equivalents | (13,858 | ) | 18,963 | |||||
Cash and cash equivalents at beginning of period | 215,100 | 151,192 | ||||||
Cash and cash equivalents at end of period | $ | 201,242 | $ | 170,155 | ||||
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Seacoast Banking Corporation of Florida and Subsidiaries
Nine Months Ended | ||||||||
September 30, | ||||||||
(Dollars in thousands) | 2010 | 2009 | ||||||
Reconciliation of net loss to net cash provided by operating activities | ||||||||
Net loss | $ | (22,998 | ) | $ | (108,537 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Goodwill impairment | 0 | 49,813 | ||||||
Depreciation | 2,336 | 2,637 | ||||||
Amortization (accretion) of premiums and discounts on securities, net | 157 | (1,193 | ) | |||||
Other amortization and accretion | 199 | 822 | ||||||
Change in loans held for sale, net | 11,618 | (3,692 | ) | |||||
Provision for loan losses | 27,705 | 83,253 | ||||||
Gains on sale of securities | (3,687 | ) | (3,211 | ) | ||||
Gains on sale of loans | (163 | ) | (67 | ) | ||||
Losses on sale and write-downs of other real estate owned | 4,767 | 2,264 | ||||||
(Gains) losses on disposition of fixed assets | (31 | ) | 8 | |||||
Change in interest receivable | 848 | 710 | ||||||
Change in interest payable | 580 | (79 | ) | |||||
Change in prepaid expenses | 2,963 | 502 | ||||||
Change in accrued taxes | 21,591 | (10,909 | ) | |||||
Change in other assets | (1,694 | ) | 562 | |||||
Change in other liabilities | (972 | ) | (1,167 | ) | ||||
Net cash provided by operating activities | $ | 43,219 | $ | 11,716 | ||||
Supplemental disclosures of non-cash investing activities: | ||||||||
Fair value adjustment to available for sale securities | $ | 4,910 | $ | 4,004 | ||||
Transfer of loans to other real estate owned | 16,725 | 27,278 | ||||||
Transfer from loans to loans available for sale | 1,005 | 0 | ||||||
Transfer from other assets to other real estate owned | 1,676 | 0 | ||||||
Transfer from bank premises and equipment to other real estate owned | 377 | 0 | ||||||
Purchase of securities under trade date accounting | 20,956 | 0 |
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• | A schedule of the activity in the allowance for loan losses from the beginning of the reporting period to the end of the reporting period on a portfolio segment basis, with the ending balance further disaggregated on the basis of the whether the allowance is a general allowance or based on specific loans; |
• | For each disaggregated ending balance, the related recorded balance in loans; |
• | The nonaccrual status of loans by class; and |
• | Impaired loans by class. |
• | Credit quality indicators of loans at the end of the reporting period by class; |
• | The aging of past due loans at the end of the reporting period by class; |
• | The nature and extent of troubled debt restructurings that occurred during the period by class and their effect on the allowance for loan losses; |
• | The nature and extent of loans modified as a result of troubled debt restructurings within the previous 12 months that defaulted during the reporting period by class, and their effect on the allowance for loan losses; and |
• | Significant purchases and sales of loans during the reporting period disaggregated by portfolio segment. |
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Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(Dollars in thousands, except per share data) | 2010 | 2009 | 2010 | 2009 | ||||||||||||
Basic: | ||||||||||||||||
Net loss available to common shareholders | $ | (8,575 | ) | $ | (41,714 | ) | $ | (25,809 | ) | $ | (111,348 | ) | ||||
Average shares outstanding | 93,388,715 | 34,571,200 | 70,878,230 | 24,299,915 | ||||||||||||
Basic EPS | $ | (0.09 | ) | $ | (1.21 | ) | $ | (0.36 | ) | $ | (4.58 | ) | ||||
Diluted: | ||||||||||||||||
Net loss available to common shareholders | $ | (8,575 | ) | $ | (41,714 | ) | $ | (25,809 | ) | $ | (111,348 | ) | ||||
Average shares outstanding | 93,388,715 | 34,571,200 | 70,878,230 | 24,299,915 | ||||||||||||
Diluted EPS | $ | (0.09 | ) | $ | (1.21 | ) | $ | (0.36 | ) | $ | (4.58 | ) | ||||
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Quoted Prices | ||||||||||||||||
in Active | Significant | |||||||||||||||
Markets for | Other | Significant | ||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||
Fair Value | Assets | Inputs | Inputs | |||||||||||||
(Dollars in thousands) | Measurements | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
September 30, 2010 | ||||||||||||||||
Available for sale securities (3) | $ | 426,931 | $ | — | $ | 426,931 | $ | — | ||||||||
Loans held for sale | 7,799 | — | 7,799 | — | ||||||||||||
Loans (1) | 40,374 | — | 8,143 | 32,231 | ||||||||||||
Other real estate owned (2) | 32,406 | — | 1,244 | 31,162 | ||||||||||||
Long-lived assets held for sale (2) | 1,676 | — | 1,676 | — | ||||||||||||
September 30, 2009 | ||||||||||||||||
Available for sale securities (3) | $ | 342,742 | $ | — | $ | 342,742 | $ | — | ||||||||
Loans held for sale | 5,857 | — | 5,857 | — | ||||||||||||
Loans (1) | 121,762 | — | 17,707 | 104,055 | ||||||||||||
Other real estate owned (2) | 26,819 | — | 26,819 | — | ||||||||||||
Long-lived assets held for sale (2) | — | — | — | — |
(1) | See Note F. Nonrecurring fair value adjustments to loans identified as impaired reflect full or partial write-downs that are based on the loan’s observable market price or current appraised value of the collateral in accordance with ASC 310. | |
(2) | Fair value is measured on a nonrecurring basis in accordance with ASC 360. | |
(3) | See Note J for further detail of fair value of individual investment categories. |
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September 30, 2010 | ||||||||
Carrying | ||||||||
(Dollars in thousands) | Value | Fair Value | ||||||
Financial Assets | ||||||||
Cash and cash equivalents | $ | 201,242 | $ | 201,242 | ||||
Securities | 450,431 | 450,651 | ||||||
Loans, net | 1,224,899 | 1,260,829 | ||||||
Loans held for sale | 7,799 | 7,799 | ||||||
Financial Liabilities | ||||||||
Deposit liabilities | 1,637,030 | 1,647,365 | ||||||
Borrowings | 112,522 | 117,659 | ||||||
Subordinated debt | 53,610 | 17,200 |
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2010 | 2009 | |||||||||||||||
Recorded | Valuation | Recorded | Valuation | |||||||||||||
(Dollars in thousands) | Investment | Allowance | Investment | Allowance | ||||||||||||
Impaired loans without an allowance | $ | 49,190 | $ | 0 | $ | 59,755 | $ | 0 | ||||||||
Impaired loans with an allowance | 84,749 | 11,618 | 110,335 | 16,533 | ||||||||||||
$ | 133,939 | $ | 11,618 | $ | 170,090 | $ | 16,533 | |||||||||
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September 30, 2010 | ||||||||||||||||
Gross | Gross | Gross | ||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||||
(In thousands) | ||||||||||||||||
SECURITIES AVAILABLE FOR SALE | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities | $ | 4,196 | $ | 30 | $ | — | $ | 4,226 | ||||||||
Mortgage-backed securities of Government Sponsored Entities | 127,844 | 1,573 | (164 | ) | 129,253 | |||||||||||
Collateralized mortgage obligations of Government Sponsored Entities | 192,701 | 5,650 | — | 198,351 | ||||||||||||
Private collateralized mortgage obligations | 89,336 | 1,878 | (904 | ) | 90,310 | |||||||||||
Obligations of state and political subdivisions | 1,638 | 118 | — | 1,756 | ||||||||||||
Other | 3,035 | — | — | 3,035 | ||||||||||||
$ | 418,750 | $ | 9,249 | $ | (1,068 | ) | $ | 426,931 | ||||||||
SECURITIES HELD FOR INVESTMENT | ||||||||||||||||
Collateralized mortgage obligations of Government Sponsored Entities | $ | 16,313 | $ | 29 | $ | — | $ | 16,342 | ||||||||
Private collateralized mortgage obligations | 4,439 | 85 | — | 4,524 | ||||||||||||
Obligations of state and political subdivisions | 2,748 | 109 | (3 | ) | 2,854 | |||||||||||
$ | 23,500 | $ | 223 | $ | (3 | ) | $ | 23,720 | ||||||||
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December 31, 2009 | ||||||||||||||||
Gross | Gross | Gross | ||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||||
(In thousands) | ||||||||||||||||
SECURITIES AVAILABLE FOR SALE | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities | $ | 3,689 | $ | 2 | $ | (3 | ) | $ | 3,688 | |||||||
Mortgage-backed securities of Government Sponsored Entities | 60,154 | 719 | (325 | ) | 60,548 | |||||||||||
Collateralized mortgage obligations of Government Sponsored Entities | 250,762 | 5,219 | (733 | ) | 255,248 | |||||||||||
Private collateralized mortgage obligations | 70,719 | 569 | (2,220 | ) | 69,068 | |||||||||||
Obligations of state and political subdivisions | 2,021 | 49 | (7 | ) | 2,063 | |||||||||||
Other | 3,033 | — | — | 3,033 | ||||||||||||
$ | 390,378 | $ | 6,558 | $ | (3,288 | ) | $ | 393,648 | ||||||||
SECURITIES HELD FOR INVESTMENT | ||||||||||||||||
Collateralized mortgage obligations of Government Sponsored Entities | $ | 288 | $ | 1 | $ | — | $ | 289 | ||||||||
Private collateralized mortgage obligations | 12,565 | 73 | (1 | ) | 12,637 | |||||||||||
Obligations of state and political subdivisions | 4,234 | 55 | (5 | ) | 4,284 | |||||||||||
$ | 17,087 | $ | 129 | $ | (6 | ) | $ | 17,210 | ||||||||
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Held for Investment | Available for Sale | |||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||
Cost | Value | Cost | Value | |||||||||||||
(In thousands) | ||||||||||||||||
Due in less than one year | $ | — | $ | — | $ | 2,498 | $ | 2,499 | ||||||||
Due after one year through five years | 453 | 461 | 1,698 | 1,727 | ||||||||||||
Due after five years through ten years | 2,295 | 2,393 | 1,638 | 1,756 | ||||||||||||
Due after ten years | — | — | — | — | ||||||||||||
2,748 | 2,854 | 5,834 | 5,982 | |||||||||||||
Mortgage-backed securities of Government Sponsored Entities | — | — | 127,844 | 129,253 | ||||||||||||
Collateralized mortgage obligations of Government Sponsored Entities | 16,313 | 16,342 | 192,701 | 198,351 | ||||||||||||
Private collateralized mortgage obligations | 4,439 | 4,524 | 89,336 | 90,310 | ||||||||||||
No contractual maturity | — | — | 3,035 | 3,035 | ||||||||||||
$ | 23,500 | $ | 23,720 | $ | 418,750 | $ | 426,931 | |||||||||
September 30, 2010 | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Mortgage-backed securities of Government Sponsored Entities | $ | 31,725 | $ | (164 | ) | $ | — | $ | — | $ | 31,725 | $ | (164 | ) | ||||||||||
Private collateralized mortgage obligations | 28,545 | (183 | ) | 14,888 | (721 | ) | 43,433 | (904 | ) | |||||||||||||||
Obligations of state and political subdivisions | 270 | (2 | ) | 101 | (1 | ) | 371 | (3 | ) | |||||||||||||||
Total temporarily impaired securities | $ | 60,540 | $ | (349 | ) | $ | 14,989 | $ | (722 | ) | $ | 75,529 | $ | (1,071 | ) | |||||||||
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December 31, 2009 | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities | $ | 2,489 | $ | (3 | ) | $ | — | $ | — | $ | 2,489 | $ | (3 | ) | ||||||||||
Mortgage-backed securities of Government Sponsored Entities | 32,519 | (325 | ) | — | — | 32,519 | (325 | ) | ||||||||||||||||
Collateralized mortgage obligations of Government Sponsored Entities | 57,438 | (733 | ) | — | — | 57,438 | (733 | ) | ||||||||||||||||
Private collateralized mortgage obligations | 18,211 | (115 | ) | 18,498 | (2,106 | ) | 36,709 | (2,221 | ) | |||||||||||||||
Obligations of state and political subdivisions | — | — | 1,542 | (12 | ) | 1,542 | (12 | ) | ||||||||||||||||
Total temporarily impaired securities | $ | 110,657 | $ | (1,176 | ) | $ | 20,040 | $ | (2,118 | ) | $ | 130,697 | $ | (3,294 | ) | |||||||||
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Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(Dollars in thousands) | 2010 | 2009 | 2010 | 2009 | ||||||||||||
Net loss | $ | (7,638 | ) | $ | (40,777 | ) | $ | (22,998 | ) | $ | (108,537 | ) | ||||
Unrealized gains (losses) on securities available for sale (net of tax) | 942 | 2,851 | 4,762 | 3,497 | ||||||||||||
Net reclassification adjustment | (153 | ) | (908 | ) | (1,747 | ) | (1,047 | ) | ||||||||
Comprehensive loss | $ | (6,849 | ) | $ | (38,834 | ) | $ | (19,983 | ) | $ | (106,087 | ) | ||||
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• | the allowance and the provision for loan losses; | ||
• | the fair value and other than temporary impairment of securities; | ||
• | realization of deferred tax assets; and | ||
• | contingent liabilities. |
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Net Interest | Net Interest | |||||||
Income | Margin | |||||||
(Dollars in thousands) | (tax equivalent) | (tax equivalent) | ||||||
Third quarter 2009 | $ | 19,101 | 3.74 | |||||
Fourth quarter 2009 | 17,518 | 3.37 | ||||||
First quarter 2010 | 17,288 | 3.48 | ||||||
Second quarter 2010 | 16,286 | 3.27 | ||||||
Third quarter 2010 | 16,532 | 3.35 |
Third | Second | First | Fourth | Third | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||
2010 | 2010 | 2010 | 2009 | 2009 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Non-taxable interest income | $ | 138 | $ | 135 | $ | 148 | $ | 145 | $ | 105 | ||||||||||
Tax Rate | 35 | % | 35 | % | 35 | % | 35 | % | 35 | % | ||||||||||
Net interest income (TE) | $ | 16,532 | $ | 16,286 | $ | 17,288 | $ | 17,518 | $ | 19,101 | ||||||||||
Total net interest income (not TE) | 16,461 | 16,217 | 17,213 | 17,444 | 19,051 | |||||||||||||||
Net interest margin (TE) | 3.35 | % | 3.27 | % | 3.48 | % | 3.37 | % | 3.74 | % | ||||||||||
Net interest margin (not TE) | 3.33 | 3.25 | 3.46 | 3.35 | 3.73 |
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3rd | 2nd | 1st | 4th | 3rd | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||
2010 | 2010 | 2010 | 2009 | 2009 | ||||||||||||||||
Yield | 4.23 | % | 4.22 | % | 4.52 | % | 4.51 | % | 4.98 | % |
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3rd | 2nd | 1st | 4th | 3rd | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||
2010 | 2010 | 2010 | 2009 | 2009 | ||||||||||||||||
Rate | 1.09 | % | 1.17 | % | 1.25 | % | 1.38 | % | 1.50 | % |
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(Dollars in Millions)
2010 | ||||||||||||||||||||||||||||||
2009 | 2010 | Nonperforming | ||||||||||||||||||||||||||||
3rd Qtr | 4th Qtr | 1st Qtr | 2nd Qtr | 3rd Qtr | 3rd Qtr | No. | ||||||||||||||||||||||||
Residential Construction and Land Development Condominiums | >$4 mil | $ | 5.3 | $ | — | $ | — | $ | — | $ | — | $ | — | — | ||||||||||||||||
<$4 mil | 3.7 | 6.1 | 0.9 | 0.9 | 0.9 | 0.9 | 1 | |||||||||||||||||||||||
Town homes | >$4 mil | — | — | — | — | — | — | — | ||||||||||||||||||||||
<$4 mil | — | — | — | — | — | — | — | |||||||||||||||||||||||
Single Family Residences | >$4 mil | — | — | — | — | — | — | — | ||||||||||||||||||||||
<$4 mil | 7.1 | 4.1 | 3.9 | 3.6 | 3.8 | 0.3 | 4 | |||||||||||||||||||||||
Single Family Land & Lots | >$4 mil | 5.9 | 5.9 | 5.9 | 5.9 | — | — | — | ||||||||||||||||||||||
<$4 mil | 19.5 | 16.6 | 15.7 | 9.6 | 10.3 | 3.5 | 11 | |||||||||||||||||||||||
Multifamily | >$4 mil | 6.6 | 6.6 | 6.6 | 4.3 | — | — | — | ||||||||||||||||||||||
<$4 mil | 9.5 | 8.3 | 8.1 | 8.2 | 6.3 | 1.0 | 2 | |||||||||||||||||||||||
TOTAL | >$4 mil | 17.8 | 12.5 | 12.5 | 10.2 | — | — | — | ||||||||||||||||||||||
TOTAL | <$4 mil | 39.8 | 35.1 | 28.6 | 22.3 | 21.3 | 5.7 | 18 | ||||||||||||||||||||||
GRAND TOTAL | $ | 57.6 | $ | 47.6 | $ | 41.1 | $ | 32.5 | $ | 21.3 | $ | 5.7 | 18 | |||||||||||||||||
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3rd Qtr | 2nd Qtr | 3rd Qtr | ||||||||||
(Dollars in thousands) | 2010 | 2010 | 2009 | |||||||||
Service charges on deposits | $ | 1,511 | $ | 1,452 | $ | 1,732 | ||||||
Trust income | 500 | 491 | 517 | |||||||||
Mortgage banking fees | 654 | 464 | 337 | |||||||||
Brokerage commissions and fees | 306 | 257 | 326 | |||||||||
Marine finance fees | 330 | 310 | 249 | |||||||||
Debit card income | 810 | 822 | 674 | |||||||||
Other deposit-based EFT fees | 71 | 82 | 73 | |||||||||
Merchant income | 322 | 413 | 371 | |||||||||
Other income | 297 | 310 | 348 | |||||||||
Total | $ | 4,801 | $ | 4,601 | $ | 4,627 | ||||||
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Seacoast | Seacoast | Minimum to be | ||||||||||
(Consolidated) | National | Well Capitalized* | ||||||||||
September 30, 2010: | ||||||||||||
Tier 1 capital ratio | 17.11 | % | 15.54 | % | 6 | % | ||||||
Total risk-based capital ratio | 18.38 | % | 16.81 | % | 10 | % | ||||||
Tier 1 leverage ratio | 10.53 | % | 9.56 | % | 5 | % |
* | For subsidiary bank only |
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Sept. 30, | Dec. 31, | Sept. 30, | ||||||||||
(In thousands) | 2010 | 2009 | 2009 | |||||||||
Commercial real estate | $ | 603,628 | $ | 709,285 | $ | 770,814 | ||||||
Residential real estate | 553,260 | 562,660 | 600,773 | |||||||||
Commercial and financial | 53,982 | 61,058 | 65,954 | |||||||||
Consumer | 52,192 | 64,024 | 66,739 | |||||||||
Other loans | 284 | 476 | 286 | |||||||||
Total | $ | 1,263,346 | $ | 1,397,503 | $ | 1,504,566 | ||||||
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September 30 | 2010 | 2009 | ||||||||||||||||||||||
(In millions) | Funded | Unfunded | Total | Funded | Unfunded | Total | ||||||||||||||||||
Construction and land development* | ||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||
Condominiums | $ | 0.9 | $ | — | $ | 0.9 | $ | 9.0 | $ | 0.2 | $ | 9.2 | ||||||||||||
Town homes | — | — | — | — | — | — | ||||||||||||||||||
Single Family Residences | 3.8 | 0.7 | 4.5 | 7.1 | 1.4 | 8.5 | ||||||||||||||||||
Single Family Land & Lots | 10.3 | 0.1 | 10.4 | 25.4 | 0.4 | 25.8 | ||||||||||||||||||
Multifamily | 6.3 | — | 6.3 | 16.1 | — | 16.1 | ||||||||||||||||||
21.3 | 0.8 | 22.1 | 57.6 | 2.0 | 59.6 | |||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Office buildings | — | — | — | 13.8 | 0.6 | 14.4 | ||||||||||||||||||
Retail trade | — | — | — | 23.0 | 0.9 | 23.9 | ||||||||||||||||||
Land | 35.1 | 0.1 | 35.2 | 50.8 | 0.9 | 51.7 | ||||||||||||||||||
Industrial | 0.3 | — | 0.3 | 8.2 | 0.4 | 8.6 | ||||||||||||||||||
Healthcare | — | — | — | 4.8 | 1.5 | 6.3 | ||||||||||||||||||
Churches & educational Facilities | — | — | — | — | — | — | ||||||||||||||||||
Lodging | — | — | — | — | — | — | ||||||||||||||||||
Convenience Stores | — | — | — | — | — | — | ||||||||||||||||||
Marina | — | — | — | 28.1 | 0.2 | 28.3 | ||||||||||||||||||
Other | — | — | — | — | — | — | ||||||||||||||||||
35.4 | 0.1 | 35.5 | 128.7 | 4.5 | 133.2 | |||||||||||||||||||
56.7 | 0.9 | 57.6 | 186.3 | 6.5 | 192.8 | |||||||||||||||||||
Individuals: | ||||||||||||||||||||||||
Lot loans | 26.3 | — | 26.3 | 30.7 | — | 30.7 | ||||||||||||||||||
Construction | 9.1 | 7.4 | 16.5 | 11.1 | 6.8 | 17.9 | ||||||||||||||||||
�� | ||||||||||||||||||||||||
35.4 | 7.4 | 42.8 | 41.8 | 6.8 | 48.6 | |||||||||||||||||||
Total | $ | 92.1 | $ | 8.3 | $ | 100.4 | $ | 228.1 | $ | 13.3 | $ | 241.4 | ||||||||||||
* | Reassessment of collateral assigned to a particular loan over time may result in amounts being reassigned to a more appropriate loan type representing the loan’s intended purpose, and for comparison purposes prior period amounts have been restated to reflect the change. |
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September 30 | 2010 | 2009 | ||||||||||||||||||||||
(In millions) | Funded | Unfunded | Total | Funded | Unfunded | Total | ||||||||||||||||||
Office buildings | $ | 122.9 | $ | 1.0 | $ | 123.9 | $ | 144.2 | $ | 1.5 | $ | 145.7 | ||||||||||||
Retail trade | 152.0 | — | 152.0 | 151.4 | — | 151.4 | ||||||||||||||||||
Industrial | 79.8 | 1.1 | 80.9 | 89.3 | 2.0 | 91.3 | ||||||||||||||||||
Healthcare | 29.0 | — | 29.0 | 25.4 | 0.6 | 26.0 | ||||||||||||||||||
Churches and educational facilities | 29.4 | — | 29.4 | 30.8 | 0.1 | 30.9 | ||||||||||||||||||
Recreation | 2.9 | 0.1 | 3.0 | 3.3 | 0.5 | 3.8 | ||||||||||||||||||
Multifamily | 23.2 | — | 23.2 | 35.1 | 0.7 | 35.8 | ||||||||||||||||||
Mobile home parks | 2.6 | — | 2.6 | 5.6 | — | 5.6 | ||||||||||||||||||
Lodging | 22.1 | — | 22.1 | 25.6 | — | 25.6 | ||||||||||||||||||
Restaurant | 4.5 | — | 4.5 | 5.0 | — | 5.0 | ||||||||||||||||||
Agriculture | 10.7 | 0.4 | 11.1 | 12.0 | 1.2 | 13.2 | ||||||||||||||||||
Convenience Stores | 18.9 | — | 18.9 | 22.8 | — | 22.8 | ||||||||||||||||||
Marina | 22.1 | — | 22.1 | 5.9 | — | 5.9 | ||||||||||||||||||
Other | 26.8 | 0.3 | 27.1 | 28.1 | 0.5 | 28.6 | ||||||||||||||||||
Total | $ | 546.9 | $ | 2.9 | $ | 549.8 | $ | 584.5 | $ | 7.1 | $ | 591.6 | ||||||||||||
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Sept. 30, | December 31, | December 31, | December 31, | |||||||||||||
2010 | 2009 | 2008 | 2007 | |||||||||||||
Performing | $ | 113,822 | $ | 145,797 | $ | 374,241 | $ | 592,408 | ||||||||
Performing TDR* | 28,395 | 31,152 | — | — | ||||||||||||
Nonaccrual | 25,186 | 28,525 | 14,873 | 5,152 | ||||||||||||
Total | $ | 167,403 | $ | 205,474 | $ | 389,114 | $ | 597,560 | ||||||||
Top 10 Customer Loan Relationships | $ | 157,119 | $ | 173,162 | $ | 228,800 | $ | 266,702 |
* | TDR = Troubled debt restructures |
Sept. 30, | December 31, | December 31, | December 31, | |||||||||||||
2010 | 2009 | 2008 | 2007 | |||||||||||||
Construction & Land Development Loans to Total Risk Based Capital | 44 | % | 81 | % | 206 | % | 265 | % | ||||||||
CRE Loans to Total Risk Based Capital | 217 | % | 274 | % | 389 | % | 390 | % |
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% of Total | ||||||||
Construction | ||||||||
and Land Development | ||||||||
Loans | ||||||||
Florida County | 2010 | 2009 | ||||||
Palm Beach | 42.9 | 24.6 | ||||||
Indian River | 16.2 | 11.9 | ||||||
St. Lucie | 10.9 | 13.8 | ||||||
Martin | 8.1 | 4.6 | ||||||
Brevard | 6.5 | 9.3 | ||||||
Okeechobee | 4.6 | 1.7 | ||||||
Collier | 4.4 | 1.6 | ||||||
Orange | 1.7 | 3.4 | ||||||
Charlotte | 1.6 | 0.5 | ||||||
Lake | 1.3 | 0.3 | ||||||
Hendry | 1.2 | 0.8 | ||||||
Marion | 0.4 | 1.0 | ||||||
Highlands | 0.0 | 8.4 | ||||||
Miami-Dade | 0.0 | 8.2 | ||||||
Volusia | 0.0 | 6.7 | ||||||
Broward | 0.0 | 2.7 | ||||||
Pinellas | 0.0 | 0.3 | ||||||
Other | 0.2 | 0.2 | ||||||
Total | 100.0 | 100.0 | ||||||
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Nine Months Ended | September 30, 2010 | September 30, 2009 | ||||||||||||||||||||||
Charge- | Charge- | |||||||||||||||||||||||
(In thousands) | Offs | Recoveries | Net | Offs | Recoveries | Net | ||||||||||||||||||
Commercial real estate | $ | 26,837 | $ | 958 | $ | 25,879 | $ | 47,625 | $ | 590 | $ | 47,035 | ||||||||||||
Residential real estate | 5,862 | 568 | 5,294 | 12,669 | 157 | 12,512 | ||||||||||||||||||
Commercial & financial | 402 | 336 | 66 | 1,879 | 81 | 1,798 | ||||||||||||||||||
Consumer | 3,441 | 230 | 3,211 | 2,628 | 182 | 2,446 | ||||||||||||||||||
Total | $ | 36,542 | $ | 2,092 | $ | 34,450 | $ | 64,801 | $ | 1,010 | $ | 63,791 | ||||||||||||
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Nonaccrual Loans | Accruing | |||||||||||||||
September 30, 2010 | Non- | Per- | Restructured | |||||||||||||
(In thousands) | Current | forming | Total | Loans | ||||||||||||
Construction & land development | ||||||||||||||||
Residential | $ | 5,564 | $ | 159 | $ | 5,723 | $ | 2,501 | ||||||||
Commercial | 23,634 | — | 23,634 | 486 | ||||||||||||
Individuals | 1,752 | 177 | 1,929 | 3,165 | ||||||||||||
30,950 | 336 | 31,286 | 6,152 | |||||||||||||
Residential real estate mortgages | 11,496 | 3,271 | 14,767 | 21,040 | ||||||||||||
Commercial real estate mortgages | 8,552 | 9,423 | 17,975 | 36,484 | ||||||||||||
Real estate loans | 50,998 | 13,030 | 64,028 | 63,676 | ||||||||||||
Commercial and financial | 286 | 4,671 | 4,957 | — | ||||||||||||
Consumer | 56 | 478 | 534 | 727 | ||||||||||||
$ | 51,340 | $ | 18,179 | $ | 69,519 | $ | 64,403 | |||||||||
2010 | 2009 | |||||||||||||||
(Dollars in thousands) | Number | Amount | Number | Amount | ||||||||||||
Rate reduction | 72 | $ | 21,638 | 60 | $ | 20,834 | ||||||||||
Maturity extended with change in terms | 126 | 56,277 | 130 | 38,221 | ||||||||||||
Forgiveness of principal | 2 | 2,576 | — | — | ||||||||||||
Payment structure changed to allow for interest only payments | 1 | 408 | — | — | ||||||||||||
Not elsewhere classified | 10 | 6,410 | 1 | 277 | ||||||||||||
211 | $ | 87,309 | 191 | $ | 59,332 | |||||||||||
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• | to manage exposure to interest rate risk (derivatives); and | ||
• | to facilitate customers’ funding needs or risk management objectives (commitments to extend credit and standby letters of credit). |
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• | the effects of future economic and market conditions, including seasonality; | |
• | governmental monetary and fiscal policies, as well as legislative, tax and regulatory changes; | |
• | legislative and regulatory changes, including changes in banking, securities and tax laws and regulations and their application by our regulators, and changes in the scope and cost of FDIC insurance and other coverage; | |
• | changes in accounting policies, rules and practices; | |
• | the risks of changes in interest rates on the level and composition of deposits, loan demand, liquidity and the values of loan collateral, securities, and interest sensitive assets and liabilities; interest rate risks, sensitivities and the shape of the yield curve; |
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• | the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market areas and elsewhere, including institutions operating regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; | |
• | the failure of assumptions underlying the establishment of reserves for possible loan losses; | |
• | the risks of mergers and acquisitions, include, without limitation, unexpected transaction costs, including the costs of integrating operations; the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; | |
• | the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following the merger being lower than expected; | |
• | the risk of deposit and customer attrition; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; | |
• | the risks of customer and employee loss and business disruption, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets; and | |
• | other risks and uncertainties described herein and in our annual report on Form 10-K for the year ended December 31, 2009 and otherwise in our Securities and Exchange Commission, or “SEC”, reports and filings. |
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• | We expect to face increased regulation of our industry, including as a result of proposed regulatory reform initiatives by the U.S. government. Compliance with such regulations may increase our costs and limit our ability to pursue business opportunities. |
• | Market developments, government programs and the winding down of various government programs may continue to adversely affect consumer confidence levels and may cause adverse changes in borrower behaviors and payment rates, resulting in further increases in delinquencies and default rates, which could affect our loan charge-offs and our provisions for credit losses. |
• | Our ability to assess the creditworthiness of our customers or to estimate the values of our assets and collateral for loans will be reduced if the models and approaches we use become less predictive of future behaviors, valuations, assumptions or estimates. We estimate losses inherent in our credit exposure, the adequacy of our allowance for loan losses and the values of certain assets by using estimates based on difficult, subjective, and complex judgments, including estimates as to the effects of economic conditions and how these economic conditions might affect the ability of our borrowers to repay their loans or the value of assets. |
• | Our ability to borrow from other financial institutions on favorable terms or at all, or to raise capital, could be adversely affected by further disruptions in the capital markets or other events, including, among other things, deterioration in investor expectations and changes in the FDIC’s resolution authority or practices. |
• | Failures of other depository institutions in our markets and increasing consolidation of financial services companies as a result of current market conditions could increase our deposits and assets, necessitating additional capital, and may have unexpected adverse effects upon our ability to compete effectively. |
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• | ensuring that incentive compensation for senior executives does not encourage unnecessary and excessive risks that threaten the value of the financial institution; |
• | required clawback of any bonus or incentive compensation paid to a senior executive based on statements of earnings, gains or other criteria that are later proven to be materially inaccurate; |
• | prohibition on making golden parachute payments to senior executives; and |
• | agreement not to deduct for tax purposes executive compensation in excess of $500,000 for each senior executive. |
• | a prohibition on making any golden parachute payment to a senior executive officer or any of our next five most highly compensated employees; |
• | a prohibition on any compensation plan that would encourage manipulation of the reported earnings to enhance the compensation of any of its employees; and |
• | a prohibition of the five highest paid executives from receiving or accruing any bonus, retention award or incentive compensation, or bonus except for long-term restricted stock with a value not greater than one-third of the total amount of annual compensation of the employee receiving the stock. |
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• | risks of unknown or contingent liabilities; | ||
• | unanticipated costs and delays; | ||
• | risks that acquired new businesses do not perform consistent with our growth and profitability expectations; | ||
• | risks of entering new markets or product areas where we have limited experience; | ||
• | risks that growth will strain our infrastructure, staff, internal controls and management, which may require additional personnel, time and expenditures; | ||
• | exposure to potential asset quality issues with acquired institutions; | ||
• | difficulties, expenses and delays of integrating the operations and personnel of acquired institutions, and start-up delays and costs of other expansion activities; | ||
• | potential disruptions to our business; | ||
• | possible loss of key employees and customers of acquired institutions; | ||
• | potential short-term decreases in profitability; and | ||
• | diversion of our management’s time and attention from our existing operations and business. |
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• | any authorization or issuance of shares ranking senior to the Series A Preferred Stock; |
• | any amendment to the rights of the Series A Preferred Stock so as to adversely affect the rights, preferences, privileges or voting power of the Series A Preferred Stock; or |
• | consummation of any merger, share exchange or similar transaction unless the shares of Series A Preferred Stock remain outstanding, or if we are not the surviving entity in such transaction, are converted into or exchanged for preference securities of the surviving entity and the shares of Series A Preferred Stock remaining outstanding or such preference securities have such rights, preferences, privileges and voting power as are not materially less favorable to the holders than the rights, preferences, privileges and voting power of the shares of Series A Preferred Stock. Holders of Series A Preferred Stock could block the foregoing transitions, even where considered desirable by, or in the best interests of, holders of our common stock. |
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Financial services legislative and regulatory reforms may have a significant impact on our businesses and results of operations.
Enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations that may be issued by U.S. regulators implementing such legislation (as well as actions that may be taken by legislatures and regulatory bodies in other countries) could limit our ability to pursue business opportunities we might otherwise consider engaging in, impose additional costs on us, result in significant loss of revenue, impact the value of assets we hold, establish more stringent capital, liquidity and leverage requirements, or otherwise significantly adversely affect our businesses.
In addition, increased regulatory focus on consumer protection practices have resulted in changes in certain of the Company’s practices, have increased costs of compliance and, for certain businesses, reduced income.
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Maximum | ||||||||||||||||
Total | Total Number of | Number of | ||||||||||||||
Number of | Shares Purchased | Shares that May | ||||||||||||||
Shares | Average Price | as Part of Public | yet be Purchased | |||||||||||||
Period | Purchased | Paid Per Share | Announced Plan* | Under the Plan | ||||||||||||
1/1/10 to 1/31/10 | 0 | $ | 0 | 668,657 | 156,343 | |||||||||||
2/1/10 to 2/28/10 | 0 | 0 | 668,657 | 156,343 | ||||||||||||
3/1/10 to 3/31/10 | 0 | 0 | 668,657 | 156,343 | ||||||||||||
Total — 1st Quarter | 0 | 0 | 668,657 | 156,343 | ||||||||||||
4/1/10 to 4/30/10 | 0 | 0 | 668,657 | 156,343 | ||||||||||||
5/1/10 to 5/31/10 | 0 | 0 | 668,657 | 156,343 | ||||||||||||
6/1/10 to 6/30/10 | 0 | 0 | 668,657 | 156,343 | ||||||||||||
Total — 2nd Quarter | 0 | 0 | 668,657 | 156,343 | ||||||||||||
7/1/10 to 7/31/10 | 0 | 0 | 668,657 | 156,343 | ||||||||||||
8/1/10 to 8/31/10 | 0 | 0 | 668,657 | 156,343 | ||||||||||||
9/1/10 to 9/30/10 | 0 | 0 | 668,657 | 156,343 | ||||||||||||
Total — 3rd Quarter | 0 | 0 | 668,657 | 156,343 | ||||||||||||
* | The plan to purchase equity securities totaling 825,000 was approved on September 18, 2001, with no expiration date. |
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Exhibit 31.1 | Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
Exhibit 31.2 | Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
Exhibit 32.1 | Statement of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
Exhibit 32.2 | Statement of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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SEACOAST BANKING CORPORATION OF FLORIDA | ||||
November 9, 2010 | /s/ Dennis S. Hudson, III | |||
Chairman & Chief Executive Officer | ||||
November 9, 2010 | /s/ William R. Hahl | |||
Executive Vice President & Chief Financial Officer |
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