EXHIBIT 99.1
To 8-K dated October 27, 2008
NEWS RELEASE
SEACOAST BANKING CORPORATION OF FLORIDA
Dennis S. Hudson, III
Chairman and Chief Executive Officer
Seacoast Banking Corporation of Florida
(772) 288-6086
William R. Hahl
Executive Vice President and
Chief Financial Officer
(772) 221-2825
SEACOAST REPORTS EARNINGS FOR THE THIRD QUARTER
STUART, FL., October 22, 2008 – Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF), today reported net income (loss) for the third quarter of 2008 totaling $(3,448,000) or $(0.18) diluted earnings per share (DEPS), compared to $285,000 or $0.01 DEPS for the third quarter a year ago. For the first nine months of 2008, net income (loss) totaled $(23,001,000) or $(1.21) DEPS, compared to $7,862,000 or $0.41 DEPS for 2007.
The Company’s capital position remains strong with a total risk-based capital ratio improving from 11.4 percent at June 30, 2008 to approximately 11.7 percent at September 30, 2008. This ratio is expected to continue to improve due to an anticipated decline in risk-based asset levels in 2008, as a result of previously discussed declines in anticipated new loan production. In recent years, the Company raised an aggregate of $52 million in new capital through three offerings of trust preferred securities, including one which was completed in mid-2007. This new capital was raised at favorable rates and the proceeds were contributed to the Company’s banking subsidiary, Seacoast National Bank, which continues to maintain strong capital levels. The Company filed a shelf registration statement during the se cond quarter this year relating to a variety of debt and equity instruments to provide future flexibility in raising capital in order to take advantage of opportunities that become available or should the need arise.
Liquidity also improved during the quarter with available funding doubling to approximately $800 million from a variety of sources at quarter end. None of the funding sources were utilized during the quarter. The Company does not currently rely on wholesale funding and maintains a diverse retail deposit base in its markets. Retail household growth improved as a result of the Company’s retail deposit program with the number of new retail relationships opened during the quarter accelerating by 25 percent over the same period in 2007.
Both the third quarter and year to date earnings were impacted by elevated nonperforming assets which reduced net interest income and produced higher net loan charge offs and legal and professional fees. The provision for loan losses for third quarter this year was $10.2 million and $58.0 million year to date. As forecasted last quarter, the provision was significantly lower than the $42.2 million provision charged to earnings for the second quarter of 2008, an indication that credit costs may have peaked in the second quarter 2008.
The Company has no exposure to loans or investments with sub-prime collateral, nor has it ever originated or purchased Alt A loans or pay option ARM loans which have recently been a cause for concern in the industry. The Company’s residential and consumer loan portfolios have performed well in light of current market conditions.
Nonperforming assets declined by $400 thousand from the second quarter of 2008 and totaled approximately $80 million. During the quarter the Company sold approximately $38 million in nonperforming loans. The sale included several larger balance residential construction and development loans. Over the past two quarters the Company has substantially reduced its exposure to large residential construction and development loans. Loans in this portfolio with balances of $4 million or greater have declined by 40.0 percent from $163.7 million or 71 percent of total risk based capital at March 31, 2008 to $98.3 million or 49 percent of total risk based capital at September 30, 2008. Of the remaining $98.3 million in larger residential construction and development loans $40.6 million are currently classified as nonperfo rming. Loans in this portfolio less than $4 million in size have an average balance of approximately $560 thousand.
“Our reduced exposure to residential construction and development loans this quarter improved our overall risk profile. We intend to further reduce these exposures in the coming quarter and these efforts should lead to improved earnings performance in future quarters”, said Dennis S. Hudson, III, Chairman and Chief Executive Officer of Seacoast. “Our efforts to address the slumping housing market began early, well ahead of the industry as a whole, and I am confident that we will be among the first to emerge from its negative effects.”
Other results for third quarter 2008:
•
Loan loss reserve increased to a strong 1.87 percent from 1.75 percent the prior quarter and 1.19 percent in the prior year’s third quarter.
•
Nonperforming assets remained stable at $80.3 million down slightly from last quarter’s total of $80.7 million.
•
Net interest income totaled $19.2 million for the third quarter, and the net interest margin was 3.57 percent.
•
Total deposits declined by less than 1 percent compared to the prior year and seasonal deposit declines for the quarter were less than in past years due to strong consumer deposit growth in core markets.
•
Acquisitions of new personal checking accounts increased by 20 percent in the third quarter compared to the same period in 2007.
•
Average cost of interest bearing liabilities totaled 2.64 percent, down 4 basis points from the second quarter of 2008.
Operating earnings pre-provision for loan losses and taxes for the quarter totaled approximately $4.3 million down from $7.1 million in the second quarter this year as a result of higher legal fees associated with the problem credits, seasonally weak noninterest income exacerbated by the economic downturn and lower net interest income caused by both negative loan growth and elevated nonaccrual loans.
Noninterest expenses totaled $19.9 million, up $873,000 from the prior year's third quarter and $660,000 from the second quarter of 2008. Legal and professional fees associated with loan collection efforts were the primary cause. Year to date noninterest expenses totaled $57.8 million compared to $57.6 million a year ago. The Company believes that it will have one more quarter of elevated legal costs before these expenses will decline. In addition, the Company has plans to continue to reduce its overhead and expects to implement cost saving measures beginning in the first quarter of 2009. The amount of these reductions will be communicated with the announcement of earnings for the full year in January 2009.
Noninterest income, excluding securities gains and losses, declined 13.1 percent when compared to the second quarter, reflecting decreased revenues from marine finance fees, mortgage banking fees and merchant income. Market uncertainty and seasonal declines were responsible for lower marine finance activities and slower mortgage originations, as well as open positions in some markets for mortgage loan originators while merchant income was impacted by a seasonally slower period and the economic slow down. The Company expects seasonal improvements in these fee income areas in the fourth quarter.
The net interest margin declined by 12 basis points to 3.57 percent in the third quarter 2008 compared to the second quarter of 2008 primarily as a result of nonperforming assets offset by lower costs for interest bearing liabilities. Interest bearing deposit costs decreased 6 basis points to 2.60 percent in the third quarter 2008 and total interest bearing liabilities decreased from 2.68 percent for the second quarter to 2.64 percent in the third quarter. Since the Federal Reserve Bank lowered rates 50 basis points on September 16, 2008, the Company has been successful in repricing many of the Company’s deposit products; therefore, future cost for deposits should be lower.
Consistent with the prior quarters’ results for 2008, loan growth in the third quarter was much slower than in the prior year with total loans outstanding decreasing year-over-year by $150.5 million, or 7.9 percent, compared with an increase of $165.3 million or 9.5 percent for the year ended December 31, 2007. Loan growth is expected to continue to be weak for the remainder of the year and the first half of 2009.
Total deposits declined by less than 1 percent at quarter end compared with the prior year. Business deposit growth was weaker than expected due to the economic slowdown and deposit declines in the Company’s Orlando region. Consumer deposit growth in most of the Company’s markets was stronger than expected. New personal checking relationships have increased as a result of a new retail deposit growth strategy which has improved market share, increased average services per household and decreased customer attrition. Since the promotion began in 2008, new household deposit balances and average services per household have each increased 16 percent compared to the same period in 2007. Total deposits, excluding the Orlando region, increased $135.6 million or 8.8% from the quarter ended Se ptember 30, 2007.
The Company will host a conference call on Thursday, October 23, 2008 at 10:00 a.m. (Eastern Time) to discuss its earnings results and business trends. Investors may call in (toll-free) by dialing (800) 640-9765 (access code: 22914100; leader: Dennis S. Hudson). A replay of the conference call will be available beginning the afternoon of October 24 by dialing (877) 213-9653 (domestic), using the passcode 22914100.
Alternatively, individuals may listen to the live webcast of the presentation by visiting the Company’s website atwww.seacoastbanking.net. The link to the live audio webcast is located in the subsectionPresentations under the headingInvestor Relations. Beginning the afternoon of October 23, 2008, an archived version of the webcast can be accessed from this same subsection of the website. This webcast will be archived and available for one year.
Seacoast Banking Corporation of Florida has approximately $2.2 billion in assets. It is one of the largest independent commercial banking organizations in Florida, headquartered on Florida’s Treasure Coast, one of the wealthiest and fastest growing areas in the nation.
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Cautionary Notice Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in our markets, and improvements to reported earnings that may be realized from cost controls and for integration of banks that we have acquired, as well as statements with respect to Seacoast’s objectives, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.
Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance or achievements of Seacoast to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. You should not expect us to update any forward-looking statements.
You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “support”, “indicate,” “would,” “believe(s),” “contemplate,” “expect(s),” “expected,” “estimate,” “continue,” “further”, “point to,” “project,” “forecasted,” “could,” “intend,” “indication” or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the effects of future economic and market conditions, including seasonality; governmental monetary and fiscal policies, as well as legislative and regulatory change s; the risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities, and interest sensitive assets and liabilities; interest rate risks, sensitivities and the shape of the yield curve; 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; and 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 busine sses 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.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2007 under “Special Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors”, and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website athttp://www.sec.gov.
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FINANCIAL HIGHLIGHTS | | (Unaudited) | | | |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | | | | | | |
| | | | | | | | | | | | |
| | | Three Months Ended | Nine Months Ended | | | |
(Dollars in thousands, | | September 30, | | September 30, | | |
except per share data) | | 2008 | | 2007 | | | | 2008 | | 2007 | |
| | | | | | | | | | | | |
Summary of Earnings | | | | | | | | | | | |
Net income (loss) | $ | (3,448) | $ | 285 | | | $ | (23,001) | $ | 7,862 | |
Net income (loss), excluding securities restructuring losses (5) | | (3,448) | | 285 | | | | (23,001) | | 11,159 | |
Net interest income (1) | | 19,186 | | 21,147 | | | | 59,982 | | 64,047 | |
| | | | | | | | | | | | |
Performance Ratios | | | | | | | | | | | |
Return on average assets-GAAP basis (2), (3) | | (0.60) | % | 0.05 | % | | | (1.32) | % | 0.45 | % |
Return on average tangible assets (2),(3), (4),(5) | | (0.58) | | 0.09 | | | | (1.32) | | 0.70 | |
| | | | | | | | | | | | |
Return on average shareholders' equity–GAAP basis (2), (3) | | (7.13) | | 0.51 | | | | (14.77) | | 4.79 | |
Return on average tangible shareholders’ equity (2),(3),(4),(5) | | (9.43) | | 1.18 | | | | (19.67) | | 9.71 | |
| | | | | | | | | | | | |
Net interest margin (1), (2) | | 3.57 | | 3.94 | | | | 3.67 | | 3.99 | |
| | | | | | | | | | | | |
Per Share Data | | | | | | | | | | | |
Net income (loss) diluted-GAAP basis | $ | (0.18) | $ | 0.01 | | | $ | (1.21) | $ | 0.41 | |
Net income (loss) basic-GAAP basis | | (0.18) | | 0.02 | | | | (1.21) | | 0.41 | |
| | | | | | | | | | | | |
Net income (loss) diluted-excluding securities restructuring losses (5) | | (0.18) | | 0.01 | | | | (1.21) | | 0.58 | |
Net income (loss) basic-excluding securities restructuring losses (5) | | (0.18) | | 0.02 | | | | (1.21) | | 0.59 | |
| | | | | | | | | | | | |
Cash dividends declared | | 0.01 | | 0.16 | | | | 0.33 | | 0.48 | |
(1) Calculated on a fully taxable equivalent basis using amortized cost.
(2) These ratios are stated on an annualized basis and are not necessarily indicative of future periods.
(3) The calculations of ROA and ROE do not include the mark-to-market unrealized gains (losses) because the unrealized gains (losses) are not included in net income (loss).
(4)
The Company believes that return on average assets and equity excluding the impacts of noncash amortization expense on intangible assets is a better measurement of the Company’s trend in earnings growth.
(5)
Excluding securities restructuring losses of $5,118 (or $3,297 net of taxes) recorded in the first quarter 2007.
FINANCIAL HIGHLIGHTS | (Unaudited) | | | | | | | |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | | |
| | | | | | | | | |
| | | | September 30, | | Increase/ |
| | | | 2008 | | 2007 | | (Decrease) |
Credit Analysis | | | | | | | | |
Net charge-offs year-to-date | | $ | 47,232 | $ | 1,307 | | 3,513.8 | % |
Net charge-offs to average loans | | | 3.41 | % | 0.10 | % | 3,310.0 | |
Loan loss provision year-to-date | | $ | 59,978 | $ | 8,932 | | 549.1 | |
Allowance to loans at end of period | | 1.87 | % | 1.19 | % | 57.1 | |
| | | | | | | | |
Nonperforming loans | | $ | 75,793 | $ | 45,654 | | 66.0 | |
Other real estate owned | | | 4,551 | | 240 | | 1,796.3 | |
Total non-performing assets | | | 80,344 | $ | 45,894 | | 75.1 | |
| | | | | | | | | |
Nonperforming assets to loans and other real estate owned at end of period | | | 4.60 | % | 2.42 | % | 90.1 | |
| | | | | | | | | |
Nonperforming assets to total assets | | | 3.61 | % | 1.98 | % | 82.3 | |
| | | | | | | | | |
Selected Financial Data | | | | | | | | |
Total assets | | $ | 2,224,614 | $ | 2,316,779 | | (4.0 | ) |
Securities – Trading (at fair value) | | | 0 | | 17,955 | | (100.0 | ) |
Securities – Available for sale (at fair value) | | | 267,661 | | 205,174 | | 30.5 | |
Securities – Held for investment (at amortized cost) | | | 29,120 | | 32,588 | | (10.6 | ) |
Net loans | | | 1,709,978 | | 1,870,574 | | (8.6 | ) |
Deposits | | | 1,838,792 | | 1,855,726 | | (0.9 | ) |
Shareholders’ equity | | | 184,449 | | 213,880 | | (13.8 | ) |
Book value per share | | | 9.59 | | 11.20 | | (14.4 | ) |
Tangible book value per share | | | 6.71 | | 8.22 | | (18.4 | ) |
Average shareholders' equity to average assets | | | 8.93 | % | 9.48 | % | (5.8 | ) |
| | | | | | | | | |
Average Balances (Year-to-Date) | | | | | | | | |
Total assets | | $ | 2,329,860 | $ | 2,311,782 | | 0.8 | |
Less: Intangible assets | | | 55,975 | | 57,138 | | (2.0 | ) |
Total average tangible assets | | $ | 2,273,885 | $ | 2,254,644 | | 0.9 | |
| | | | | | | | | |
Total equity | | $ | 208,010 | $ | 219,252 | | (5.1 | ) |
Less: Intangible assets | | | 55,975 | | 57,138 | | (2.0 | ) |
Total average tangible equity | | $ | 152,035 | $ | 162,114 | | (6.2 | ) |
| | | | | | | | | |
| | | | | | | | | |
(1) Calculated on a fully taxable equivalent basis using amortized cost.
(2) These ratios are stated on an annualized basis and are not necessarily indicative of future periods.
(3) The calculations of ROA and ROE do not include the mark-to-market unrealized gains (losses) because the unrealized gains (losses) are not included in net income (loss).
(4)
The Company believes that return on average assets and equity excluding the impacts of noncash amortization expense on intangible assets is a better measurement of the Company’s trend in earnings growth.
(5)
Excluding securities restructuring losses of $5,118 (or $3,297 net of taxes) recorded in the first quarter 2007.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
| | | Three Months Ended | Nine Months Ended |
| | | September 30, | September 30, |
(Dollars in thousands, except per share data) | 2008 | | 2007 | | 2008 | | 2007 |
| | | | | | | | | |
Interest on securities: | | | | | | | | |
Taxable | $ | 3,418 | $ | 3,069 | $ | 10,535 | $ | 11,374 |
Nontaxable | | 90 | | 88 | | 270 | | 274 |
Interest and fees on loans | 27,146 | | 34,316 | | 86,525 | | 99,796 |
Interest on federal funds sold and other investments | 322 | | 298 | | 1,074 | | 1,211 |
Total Interest Income | 30,976 | | 37,771 | | 98,404 | | 112,655 |
| | | | | | | | |
Interest on deposits | | 4,033 | | 6,261 | | 14,116 | | 17,760 |
Interest on time certificates | 6,334 | | 7,806 | | 19,463 | | 22,085 |
Interest on borrowed money | 1,492 | | 2,645 | | 5,061 | | 8,979 |
Total Interest Expense | 11,859 | | 16,712 | | 38,640 | | 48,824 |
| | | | | | | | | |
Net Interest Income | 19,117 | | 21,059 | | 59,764 | | 63,831 |
Provision for loan losses | 10,241 | | 8,375 | | 57,978 | | 8,932 |
Net Interest Income After Provision for Loan Losses | 8,876 | | 12,684 | | 1,786 | | 54,899 |
| | | | | | | | | |
Noninterest income: | | | | | | | | |
Service charges on deposit accounts | 1,894 | | 1,983 | | 5,556 | | 5,644 |
Trust income | | 597 | | 658 | | 1,770 | | 1,948 |
Mortgage banking fees | 216 | | 260 | | 934 | | 1,131 |
Brokerage commissions and fees | 452 | | 620 | | 1,650 | | 2,363 |
Marine finance fees | 371 | | 687 | | 1,986 | | 2,269 |
Debit card income | 620 | | 578 | | 1,879 | | 1,743 |
Other deposit based EFT fees | 82 | | 101 | | 276 | | 348 |
Merchant income | 510 | | 688 | | 1,912 | | 2,165 |
Other income | | 332 | | 444 | | 1,115 | | 1,340 |
| | | 5,074 | | 6,019 | | 17,078 | | 18,951 |
Securities restructuring losses | 0 | | 0 | | 0 | | (5,118) |
Securities gains, net | 0 | | 22 | | 355 | | 46 |
Total Noninterest Income | 5,074 | | 6,041 | | 17,433 | | 13,879 |
| | | | | | | | | |
Noninterest expenses: | | | | | | | | |
Salaries and wages | | 7,713 | | 7,479 | | 23,076 | | 23,828 |
Employee benefits | | 1,770 | | 1,700 | | 5,509 | | 5,419 |
Outsourced data processing costs | | 1,803 | | 1,796 | | 5,800 | | 5,697 |
Telephone / data lines | | 471 | | 460 | | 1,398 | | 1,437 |
Occupancy | | 2,112 | | 1,928 | | 6,036 | | 5,721 |
Furniture and equipment | 700 | | 758 | | 2,135 | | 2,109 |
Marketing | | 545 | | 875 | | 2,014 | | 2,368 |
Legal and professional fees | 1,687 | | 1,327 | | 3,545 | | 3,002 |
FDIC assessments | | 543 | | 55 | | 994 | | 169 |
Amortization of intangibles | | 315 | | 315 | | 944 | | 944 |
Other | | 2,241 | | 2,334 | | 6,373 | | 6,937 |
Total Noninterest Expenses | 19,900 | | 19,027 | | 57,824 | | 57,631 |
| | | | | | | | | |
Income (Loss) Before Income Taxes | (5,950 | ) | (302 | ) | (38,605 | ) | 11,147 |
Provision (benefit) for income taxes | (2,502 | ) | (587 | ) | (15,604 | ) | 3,285 |
| | | | | | | | | |
Net Income (Loss) | $ | (3,448 | ) $ | 285 | $ | (23,001 | ) $ | 7,862 |
| | | | | | | | | |
Per share common stock: | | | | | | | | |
Net income (loss) diluted | $ | (0.18 | ) $ | 0.01 | $ | (1.21 | ) $ | 0.41 |
Net income (loss) basic | | (0.18 | ) | 0.02 | | (1.21 | ) | 0.41 |
Cash dividends declared | | 0.01 | | 0.16 | | 0.33 | | 0.48 |
| | | | | | | | | |
Average diluted shares outstanding | 19,030,758 | | 19,165,880 | | 18,981,944 | | 19,180,773 |
Average basic shares outstanding | 19,030,758 | | 18,924,665 | | 18,981,944 | | 18,946,759 |
| | | | | | | | | |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
| | | | | | | | |
| | | September 30, | | December 31, | | September 30, | |
(Dollars in thousands) | | 2008 | | 2007 | | 2007 | |
| | | | | | | | |
Assets | | | | | | | |
Cash and due from banks | $ | 38,927 | $ | 50,490 | $ | 44,680 | |
Federal funds sold and other investments | | 11,256 | | 47,985 | | 6,605 | |
Total Cash and Cash Equivalents | | 50,183 | | 98,475 | | 51,285 | |
Securities: | | | | | | | |
Trading (at fair value) | | 0 | | 13,913 | | 17,955 | |
Available for sale (at fair value) | | 267,661 | | 254,916 | | 205,174 | |
Held for investment (at amortized cost) | | 29,120 | | 31,900 | | 32,588 | |
Total Securities | | 296,781 | | 300,729 | | 255,717 | |
| | | | | | | | |
Loans available for sale | | 2,701 | | 3,660 | | 1,833 | |
| | | | | | | | |
Loans, net of unearned income | | 1,742,626 | | 1,898,389 | | 1,893,114 | |
Less: Allowance for loan losses | | (32,648 | ) | (21,902) | | (22,540 | ) |
Net Loans | | 1,709,978 | | 1,876,487 | | 1,870,574 | |
| | | | | | | | |
Bank premises and equipment, net | | 43,397 | | 40,926 | | 39,180 | |
Other real estate owned | | 4,551 | | 735 | | 240 | |
Goodwill and other intangible assets | | 55,508 | | 56,452 | | 56,767 | |
Other assets | | 61,515 | | 42,410 | | 41,183 | |
| | $ | 2,224,614 | $ | 2,419,874 | $ | 2,316,779 | |
Liabilities and Shareholders’ Equity | | | | | | | |
Liabilities | | | | | | | |
Deposits | | | | | | | |
Demand deposits (noninterest bearing) | $ | 285,746 | $ | 327,646 | $ | 336,816 | |
Savings deposits | | 829,470 | | 1,056,025 | | 886,806 | |
Other time deposits | | 361,184 | | 332,838 | | 340,440 | |
Brokered time certificates | | 40,100 | | 0 | | 0 | |
Time certificates of $100,000 or more | | 322,292 | | 270,824 | | 291,664 | |
Total Deposits | | 1,838,792 | | 1,987,333 | | 1,855,726 | |
| | | | | | | | |
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days | 71,325 | | 88,100 | | 141,884 | | |
Borrowed funds | | 65,004 | | 65,030 | | 39,749 | |
Subordinated debt | | 53,610 | | 53,610 | | 53,610 | |
Other liabilities | | 11,434 | | 11,420 | | 11,930 | |
| | | 2,040,165 | | 2,205,493 | | 2,102,899 | |
| | | | | | | | |
Shareholders' Equity | | | | | | | |
Preferred stock | | 0 | | 0 | | 0 | |
Common stock | | 1,928 | | 1,920 | | 1,914 | |
Additional paid in capital | | 92,327 | | 90,924 | | 90,752 | |
Retained earnings | | 93,101 | | 122,396 | | 123,538 | |
Treasury stock | | (838 | ) | (1,193) | | (1,430 | ) |
| | | 186,518 | | 214,047 | | 214,774 | |
Accumulated other comprehensive income (loss), net | | (2,069 | ) | 334 | | (894 | ) |
Total Shareholders’ Equity | $ | 184,449 | | 214,381 | | 213,880 | |
| | $ | 2,224,614 | $ | 2,419,874 | $ | 2,316,779 | |
| | | | | | | | |
Common Shares Outstanding | | 19,229,363 | | 19,110,089 | | 19,104,027 | |
| | | | | | | | |
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited) | | | | | |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |
| | Quarters | | | |
| | 2008 | | 2007 | | | Last 12 |
(Dollars in thousands, except per share data) | Third | Second | First | | Fourth | | Months |
| | | | | | | | | | | | |
Net income (loss) | $ | (3,448 | ) $ | (21,316) | $ | 1,763 | $ | 1,903 | $ | (21,098 | ) |
| | | | | | | | | | | |
Operating Ratios | | | | | | | | | | |
Return on average assets-GAAP basis (2),(3) | (0.60 | ) % | (3.65) | % | 0.30 | % | 0.32 | % | (0.90 | )% |
Return on average tangible assets (2),(3),(4) | (0.58 | ) | (3.70) | | 0.34 | | 0.36 | | (0.89 | ) |
| | | | | | | | | | | |
Return on average shareholders' equity GAAP basis (2),(3) | (7.13 | ) | (39.79) | | 3.28 | | 3.48 | | (10.03 | ) |
Return on average tangible shareholders’ equity (2),(3),(4) | (9.43 | ) | (53.27) | | 4.95 | | 5.21 | | (13.15 | ) |
| | | | | | | | | | | |
Net interest margin (1),(2) | 3.57 | | 3.69 | | 3.74 | | 3.71 | | 3.68 | |
Average equity to average assets | 8.43 | | 9.17 | | 9.17 | | 9.20 | | 9.00 | |
| | | | | | | | | | | |
Credit Analysis | | | | | | | | | | |
Net charge-offs | $ | 9,290 | | $ | 33,541 | | $ | 4,401 | $ | 4,451 | | $ | 51,683 | |
Net charge-offs to average loans | 2.06 | % | 7.28 | % | 0.93 | % | 0.92 | % | 2.77 | % |
Loan loss provision | $ | 10,241 | $ | 42,237 | $ | 5,500 | $ | 3,813 | $ | 61,791 | |
Allowance to loans at end of period | 1.87 | % | 1.75 | % | 1.22 | % | 1.15 | % | | |
| | | | | | | | | | | |
Nonperforming loans | $ | 75,793 | $ | 76,224 | $ | 64,730 | $ | 67,834 | | | |
Other real estate owned | | 4,551 | | 4,547 | | 940 | | 735 | | | |
Nonperforming assets | | 80,344 | | 80,771 | | 65,670 | | 68,569 | | | |
Nonperforming assets to loans and other real estate owned at end of period | 4.60 | % | 4.45 | % | 3.50 | % | 3.61 | % | | |
Nonperforming assets to total assets | 3.61 | | 3.52 | | 2.74 | | 2.83 | | | |
Nonaccrual loans and accruing loans 90 days or more past due to loans outstanding at end of period | 4.42 | | 4.23 | | 3.46 | | 3.57 | | | |
| | | | | | | | | | | |
Per Share Common Stock | | | | | | | | | | |
Net income diluted-GAAP basis | $ | (0.18 | ) $ | (1.12) | $ | 0.09 | $ | 0.10 | $ | (1.11 | ) |
Net income basic-GAAP basis | (0.18 | ) | (1.12) | | 0.09 | | 0.10 | | (1.11 | ) |
| | | | | | | | | | | |
Cash dividends declared | 0.01 | | 0.16 | | 0.16 | | 0.16 | | 0.49 | |
Book value per share | | 9.59 | | | 9.90 | | 11.25 | | 11.22 | | | |
| | | | | | | | | | | |
Average Balances | | | | | | | | | | | |
Total assets | $ | 2,282,821 | $ | 2,349,749 | $ | 2,357,528 | $ | 2,361,086 | | | |
Less: Intangible assets | | 55,662 | | 55,976 | | 56,291 | | 56,605 | | | |
Total average tangible assets | $ | 2,227,159 | $ | 2,293,773 | $ | 2,301,237 | $ | 2,304,481 | | | |
| | | | | | | | &nbs p; | | | | |
Total Equity | $ | 192,469 | $ | 215,448 | $ | 216,283 | $ | 217,172 | | | |
Less: Intangible assets | | 55,662 | | 55,976 | | 56,291 | | 56,605 | | | |
Total average tangible equity | $ | 136,807 | $ | 159,472 | $ | 159,992 | $ | 160,567 | | | |
| | | | | | | | | | | | |
(1)
Calculated on a fully taxable equivalent basis using amortized cost.
(2)
These ratios are stated on an annualized basis and are not necessarily indicative of future periods.
(3)
The calculations of ROA and ROE do not include the mark-to-market unrealized gains (losses) because the unrealized gains (losses) on available for sale securities are not included in net income (loss).
(4)
The Company believes that return on average assets and equity excluding the impacts of noncash amortization expense on intangible assets is a better measurement of the Company’s trend in earnings growth.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited) (continued) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
(Dollars in thousands)
SECURITIES | | September 30, 2008 | December 31, 2007 | September 30, 2007 |
| | | | | | | | |
U.S. Treasury and U.S. Government Agencies | | $ | 0 | $ | 13,913 | $ | 17,995 |
Securities Trading | | | 0 | | 13,913 | | 17,955 |
| | | | | | | | |
U.S. Treasury and U.S. Government Agencies | | | 22,280 | | 30,405 | | 35,349 |
Mortgage-backed | | | 239,936 | | 218,937 | | 164,452 |
Obligations of states and political subdivisions | | | 1,986 | | 2,057 | | 2,117 |
Other securities | | | 3,459 | | 3,517 | | 3,256 |
Securities Available for Sale | | | 267,661 | | 254,916 | | 205,174 |
| | | | | | | | |
Mortgage-backed | | | 22,997 | | 25,755 | | 26,441 |
Obligations of states and political subdivisions | | | 6,123 | | 6,145 | | 6,147 |
Securities Held for Investment | | | 29,120 | | 31,900 | | 32,588 |
Total Securities | | $ | 296,781 | $ | 300,729 | $ | 255,717 |
| | | | | | | | |
| | | | | | | |
| | | | | | | | |
LOANS | | September 30, 2008 | December 31, 2007 | September 30, 2007 |
| | | | | | | | |
Construction and land development | | $ | 484,989 | $ | 609,567 | $ | 627,003 |
Real estate mortgage | | | 1,093,324 | | 1,074,814 | | 1,051,750 |
Installment loans to individuals | | | 88,549 | | 86,362 | | 78,641 |
Commercial and financial | | | 75,296 | | 126,695 | | 135,111 |
Other loans | | | 468 | | 951 | | 609 |
Total Loans | | $ | 1,742,626 | $ | 1,898,389 | $ | 1,893,114 |
| | | | | | | | |
AVERAGE BALANCES, YIELDS AND RATES (1) (Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |
| | | 2008 | | 2007 |
| | | Third Quarter | Second Quarter | | Third Quarter |
| | | Average | Yield/ | | Average | Yield/ | | Average | Yield/ |
(Dollars in thousands) | | Balance | Rate | | Balance | Rate | | Balance | Rate |
Assets | | | | | | | | | | |
Earning assets: | | | | | | | | | | |
Securities: | | | | | | | | | | |
Taxable | $ | 276,777 | 4.94 | % | $ | 280,623 | 5.03 | % | $ | 233,809 | 5.25 | % |
Nontaxable | | 8,151 | 6.53 | | 8,164 | 6.57 | | 8,216 | 6.33 | |
Total Securities | | 284,928 | 4.99 | | 288,787 | 5.08 | | 242,025 | 5.29 | |
| | | | | | | | | | | |
Federal funds sold and other | | | | | | | | | | |
investments | | 53,220 | 2.41 | | 64,558 | 2.83 | | 21,364 | 5.53 | |
| | | | | | | | | | | |
Loans, net | | 1,798,357 | 6.01 | | 1,854,015 | 6.12 | | 1,866,954 | 7.30 | |
| | | | | | | | | | |
Total Earning Assets | | 2,136,505 | 5.78 | | 2,207,360 | 5.89 | | 2,130,343 | 7.05 | |
| | | | | | | | | | | |
Allowance for loan losses | | (37,705 | ) | | (22,992) | | | (15,361) | | |
Cash and due from banks | | 35,788 | | | 46,057 | | | 47,633 | | |
Premises and equipment | | 43,378 | | | 42,885 | | | 39,190 | | |
Other assets | | 104,855 | | | 76,439 | | | 77,231 | | |
| | | | | | | | | | | |
| | $ | 2,282,821 | | $ | 2,349,749 | | $ | 2,279,036 | | |
| | | | | | | | | | | |
Liabilities and Shareholders' Equity | | | | | | | | | | |
Interest-bearing liabilities: | | | | | | | | | | |
NOW | $ | 72,691 | 1.65 | % | $ | 70,135 | 1.47 | % | $ | 53,842 | 2.78 | % |
Savings deposits | | 103,550 | 0.73 | | 106,277 | 0.72 | | 112,323 | 0.71 | |
Money market accounts | | 716,166 | 1.97 | | 788,389 | 1.95 | | 715,885 | 3.15 | |
Time deposits | | 691,486 | 3.64 | | 641,092 | 3.99 | | 629,479 | 4.92 | |
Federal funds purchased and other short term borrowings | | 82,730 | 1.55 | | 90,136 | 1.47 | | 127,163 | 4.41 | |
Other borrowings | | 118,705 | 3.92 | | 118,816 | 3.89 | | 69,860 | 7.00 | |
| | | | | | | | | | | |
Total Interest-Bearing Liabilities | | 1,785,328 | 2.64 | | 1,814,845 | 2.68 | | 1,708,552 | 3.88 | |
| | | | | | | | | | | |
Demand deposits (noninterest-bearing) | | 293,951 | | | 316,614 | | | 340,462 | | |
Other liabilities | | 11,073 | | | 2,842 | | | 9,154 | | |
Total Liabilities | | 2,090,352 | | | 2,134,301 | | | 2,058,168 | | |
| | | | | | | | | | | |
Shareholders' equity | | 192,469 | | | 215,448 | | | 220,868 | | |
| | | | | | | | | | | |
| | $ | 2,282,821 | | $ | 2,349,749 | | $ | 2,279,036 | | |
| | | | | | | | | | | |
Interest expense as a % of earning assets | | | 2.21 | % | | 2.21 | % | | 3.11 | % |
Net interest income as a % of earning assets | | | 3.57 | | | 3.69 | | | 3.94 | |
| | | | | | | | | | | |
(1)
On a fully taxable equivalent basis. All yields and rates have been computed on an annualized basis using amortized cost. Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.
QUARTERLY TRENDS – LOANS AT END OF PERIOD (Dollars in Millions) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
| | | 2008 | | | Nonperforming |
| | | | | | | | | |
| | | | 1st Qtr | 2nd Qtr | 3rd Qtr | | 3rd Qtr | Number |
Construction and Land Development | | | | | | | | |
Residential: | | | | | | | | |
Condominiums | >$4 million | | $ 30.6 | $ 26.3 | $ 19.6 | | - | - |
| | <$4 million | | 26.6 | 21.1 | 13.0 | | $ 2.8 | 1 |
| | | | | | | | | |
Town homes | >$4 million | | 19.4 | 17.1 | 17.1 | | 5.4 | 1 |
| | <$4 million | | 4.4 | 2.9 | 4.6 | | - | - |
| | | | | | | | | |
Single Family Residences | >$4 million | | 20.8 | 21.2 | 13.5 | | - | - |
| | <$4 million | | 35.9 | 28.3 | 23.7 | | 5.3 | 9 |
| | | | | | | | | |
Single Family Land & Lots | >$4 million | | 85.1 | 64.3 | 40.3 | | 27.4 | 4 |
| | <$4 million | | 27.0 | 30.8 | 29.9 | | 4.0 | 21 |
| | | | | | | | | |
Multifamily | >$4 million | | 7.8 | 7.8 | 7.8 | | 7.8 | 1 |
| | <$4 million | | 24.8 | 26.2 | 22.9 | | 2.3 | 1 |
| | | | | | | | | |
TOTAL | >$4 million | | 163.7 | 136.7 | 98.3 | | 40.6 | 6 |
TOTAL | <$4 million | | 119.1 | 109.3 | 94.1 | | 14.4 | 32 |
| | | | | | | | | |
GRAND TOTAL | | | $ 282.4 | $ 246.0 | $ 192.4 | | $ 55.0 | 38 |
QUARTERLY TRENDS – LOANS AT END OF PERIOD (Dollars in Millions) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
| | | | | | |
| | 2006 | | 2007 | |
| | 4th Qtr | | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | |
Construction and land development | | | | | | | |
Residential | | | | | | | |
Condominiums | $ 94.8 | | $ 84.4 | $ 74.2 | $ 72.5 | $ 60.2 | |
Townhomes | 10.4 | | 9.9 | 11.3 | 25.0 | 25.0 | |
Single family residences | 80.3 | | 100.9 | 66.6 | 63.9 | 59.0 | |
Single family land and lots | 106.3 | | 107.7 | 129.0 | 128.4 | 116.4 | |
Multifamily | 48.2 | | 48.7 | 46.6 | 33.8 | 34.5 | |
| | 340.0 | | 351.6 | 327.7 | 323.6 | 295.1 | |
| | | | | | | | |
Commercial | | | | | | | |
Office buildings | 14.1 | | 17.6 | 19.2 | 22.4 | 30.9 | |
Retail trade | 16.1 | | 12.5 | 26.4 | 50.2 | 69.0 | |
Land | 93.5 | | 93.4 | 99.4 | 86.2 | 82.6 | |
Industrial | 6.3 | | 8.9 | 13.1 | 16.9 | 13.0 | |
Healthcare | 2.0 | | 2.5 | 3.0 | 1.0 | 1.0 | |
Churches and educational facilities | 2.1 | | 1.8 | 1.9 | 1.9 | - | |
Lodging | 2.1 | | 4.8 | 11.2 | 11.2 | 11.2 | |
Convenience stores | 0.5 | | 0.5 | 1.0 | 1.4 | 1.7 | |
Marina | 2.2 | | 2.2 | 2.2 | 21.9 | 23.1 | |
Other | 0.9 | | 2.8 | 12.8 | 8.6 | 9.9 | |
| | 139.8 | | 147.0 | 190.2 | 221.7 | 242.4 | |
| | | | | | | | |
Individuals | | | | | | | |
Lot loans | 40.6 | | 40.5 | 40.0 | 40.7 | 39.4 | |
Construction | 50.7 | | 41.7 | 43.6 | 41.0 | 32.7 | |
| | 91.3 | | 82.2 | 83.6 | 81.7 | 72.1 | |
Total construction and land development | 571.1 | | 580.8 | 601.5 | 627.0 | 609.6 | |
| | | | | | | | |
Real estate mortgages | | | | | | | |
Residential real estate | | | | | | | |
Adjustable | 277.7 | | 285.4 | 298.4 | 313.0 | 319.5 | |
Fixed rate | 87.9 | | 87.9 | 87.6 | 88.1 | 87.5 | |
Home equity mortgages | 95.9 | | 97.3 | 90.0 | 90.8 | 91.4 | |
Home equity lines | 50.9 | | 51.4 | 56.6 | 55.1 | 59.1 | |
| | 512.4 | | 522.0 | 532.6 | 547.0 | 557.5 | |
| | | | | | | | |
Commercial real estate | | | | | | | |
Office buildings | 109.2 | | 113.4 | 116.1 | 125.6 | 131.7 | |
Retail trade | 50.9 | | 62.0 | 62.8 | 74.9 | 76.2 | |
Land | - | | - | - | 2.6 | 5.3 | |
Industrial | 64.3 | | 66.3 | 84.7 | 100.2 | 105.5 | |
Healthcare | 40.7 | | 40.5 | 39.7 | 33.2 | 32.4 | |
Churches and educational facilities | 32.3 | | 32.9 | 32.7 | 36.0 | 40.2 | |
Recreation | 4.4 | | 4.4 | 4.5 | 4.7 | 3.0 | |
Multifamily | 9.9 | | 8.4 | 10.4 | 11.3 | 13.8 | |
Mobile home parks | 6.0 | | 3.0 | 4.0 | 4.0 | 3.9 | |
Lodging | 19.1 | | 16.9 | 16.8 | 22.3 | 22.7 | |
Restaurant | 11.7 | | 11.2 | 9.6 | 7.2 | 8.2 | |
Agricultural | 26.1 | | 24.5 | 23.4 | 19.6 | 12.9 | |
Convenience stores | 22.0 | | 22.2 | 23.6 | 23.5 | 23.2 | |
Other | 40.8 | | 38.8 | 30.5 | 39.7 | 38.3 | |
| | 437.4 | | 444.5 | 458.8 | 504.8 | 517.3 | |
Total real estate mortgages | 949.8 | | 966.5 | 991.4 | 1,051.8 | 1,074.8 | |
| | | | | | | | |
Commercial & financial | 128.1 | | 112.1 | 139.0 | 135.1 | 126.7 | |
| | | | | | | | |
Installment loans to individuals | | | | | | | |
Automobile and trucks | 22.3 | | 23.3 | 23.6 | 24.8 | 25.0 | |
Marine loans | 32.5 | | 30.1 | 26.6 | 24.8 | 33.2 | |
Other | 28.6 | | 29.8 | 29.4 | 29.0 | 28.2 | |
| | 83.4 | | 83.2 | 79.6 | 78.6 | 86.4 | |
| | | | | | | | |
Other | 0.7 | | 0.7 | 1.6 | 0.6 | 0.9 | |
| | $1,733.1 | | $1,743.3 | $1,813.1 | $1,893.1 | $1,898.4 | |
QUARTERLY TRENDS – LOANS AT END OF PERIOD (continued) (Dollars in Millions) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
| | | 2008 |
| | | 1st Qtr | 2nd Qtr | 3rd Qtr |
Construction and land development | | | | |
Residential | | | | |
Condominiums | | $ 57.2 | $ 47.4 | $ 32.6 |
Townhomes | | 23.8 | 20.0 | 21.7 |
Single family residences | | 56.7 | 49.5 | 37.2 |
Single family land and lots | | 112.1 | 95.1 | 70.2 |
Multifamily | | 32.6 | 34.0 | 30.7 |
| | | 282.4 | 246.0 | 192.4 |
| | | | | |
Commercial | | | | |
Office buildings | | 29.1 | 31.1 | 27.8 |
Retail trade | | 60.4 | 63.6 | 68.5 |
Land | | 92.5 | 75.4 | 73.9 |
Industrial | | 16.9 | 20.8 | 20.7 |
Healthcare | | 1.0 | 1.0 | - |
Churches and educational facilities | | - | 0.1 | - |
Lodging | | - | - | - |
Convenience stores | | 1.8 | - | - |
Marina | | 26.8 | 28.9 | 30.5 |
Other | | 11.3 | 6.3 | 5.4 |
| | | 239.8 | 227.2 | 226.8 |
| | | | | |
Individuals | | | | |
Lot loans | | 39.4 | 40.0 | 38.4 |
Construction | | 32.4 | 27.1 | 27.4 |
| | | 71.8 | 67.1 | 65.8 |
Total construction and land development | | 594.0 | 540.3 | 485.0 |
| | | | | |
Real estate mortgages | | | | |
Residential real estate | | | | |
Adjustable | | 317.6 | 318.8 | 316.5 |
Fixed rate | | 89.1 | 90.2 | 93.4 |
Home equity mortgages | | 91.7 | 93.1 | 84.3 |
Home equity lines | | 56.3 | 59.4 | 59.7 |
| | | 554.7 | 561.5 | 553.9 |
| | | | | |
Commercial real estate | | | | |
Office buildings | | 144.3 | 142.3 | 143.6 |
Retail trade | | 83.8 | 93.5 | 101.6 |
Land | | - | - | 0.6 |
Industrial | | 104.3 | 93.3 | 92.2 |
Healthcare | | 39.9 | 33.6 | 31.6 |
Churches and educational facilities | | 40.2 | 36.5 | 35.6 |
Recreation | | 2.8 | 1.8 | 1.8 |
Multifamily | | 20.0 | 19.1 | 19.2 |
Mobile home parks | | 3.2 | 3.1 | 3.1 |
Lodging | | 27.9 | 28.0 | 26.7 |
Restaurant | | 8.0 | 9.0 | 8.6 |
Agricultural | | 12.4 | 9.0 | 8.7 |
Convenience stores | | 23.1 | 24.9 | 23.6 |
Other | | 40.1 | 41.6 | 42.5 |
| | | 550.0 | 535.7 | 539.4 |
Total real estate mortgages | | 1,104.7 | 1,097.2 | 1,093.3 |
| | | | | |
Commercial & financial | | 93.9 | 94.8 | 88.5 |
| | | | | |
Installment loans to individuals | | | | |
Automobile and trucks | | 24.1 | 23.0 | 21.9 |
Marine loans | | 33.3 | 25.2 | 26.0 |
Other | | 27.5 | 27.9 | 27.4 |
| | | 84.9 | 76.1 | 75.3 |
| | | | | |
Other | | 0.5 | 0.4 | 0.5 |
| | | $1,878.0 | $1,808.8 | $1,742.6 |
QUARTERLY TRENDS – INCREASE (DECREASE) IN LOANS BY QUARTER (Dollars in Millions) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
| | | | 2007 |
| | | | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr |
Construction and land development | | | | |
Residential | | | | | |
Condominiums | $ (10.4) | $ (10.2) | $ (1.7) | $ (12.3) |
Townhomes | | (0.5) | 1.4 | 13.7 | - |
Single family residences | 20.6 | (34.3) | (2.7) | (4.9) |
Single family land and lots | 1.4 | 21.3 | (0.6) | (12.0) |
Multifamily | | 0.5 | (2.1) | (12.8) | 0.7 |
| | | | 11.6 | (23.9) | (4.1) | (28.5) |
Commercial | | | | | |
Office buildings | 3.5 | 1.6 | 3.2 | 8.5 |
Retail trade | | (3.6) | 13.9 | 23.8 | 18.8 |
Land | | (0.1) | 6.0 | (13.2) | (3.6) |
Industrial | | 2.6 | 4.2 | 3.8 | (3.9) |
Healthcare | | 0.5 | 0.5 | (2.0) | - |
Churches and educational facilities | (0.3) | 0.1 | - | (1.9) |
Lodging | | 2.7 | 6.4 | - | - |
Convenience stores | - | 0.5 | 0.4 | 0.3 |
Marina | | - | - | 19.7 | 1.2 |
Other | | 1.9 | 10.0 | (4.2) | 1.3 |
| | | | 7.2 | 43.2 | 31.5 | 20.7 |
Individuals | | | | | |
Lot loans | | (0.1) | (0.5) | 0.7 | (1.3) |
Construction | (9.0) | 1.9 | (2.6) | (8.3) |
| | | | (9.1) | 1.4 | (1.9) | (9.6) |
Total construction and land development | 9.7 | 20.7 | 25.5 | (17.4) |
| | | | | | | |
Real estate mortgages | | | | |
Residential real estate | | | | |
Adjustable | | 7.7 | 13.0 | 14.6 | 6.5 |
Fixed rate | | - | (0.3) | 0.5 | (0.6) |
Home equity mortgages | 1.4 | (7.3) | 0.8 | 0.6 |
Home equity lines | 0.5 | 5.2 | (1.5) | 4.0 |
| | | | 9.6 | 10.6 | 14.4 | 10.5 |
Commercial real estate | | | | |
Office buildings | 4.2 | 2.7 | 9.5 | 6.1 |
Retail trade | | 11.1 | 0.8 | 12.1 | 1.3 |
Land | | - | - | 2.6 | 2.7 |
Industrial | | 2.0 | 18.4 | 15.5 | 5.3 |
Healthcare | | (0.2) | (0.8) | (6.5) | (0.8) |
Churches and educational facilities | 0.6 | (0.2) | 3.3 | 4.2 |
Recreation | | - | 0.1 | 0.2 | (1.7) |
Multifamily | | (1.5) | 2.0 | 0.9 | 2.5 |
Mobile home parks | (3.0) | 1.0 | - | (0.1) |
Lodging | | (2.2) | (0.1) | 5.5 | 0.4 |
Restaurant | | (0.5) | (1.6) | (2.4) | 1.0 |
Agricultural | | (1.6) | (1.1) | (3.8) | (6.7) |
Convenience stores | 0.2 | 1.4 | (0.1) | (0.3) |
Other | | (2.0) | (8.3) | 9.2 | (1.4) |
| | | | 7.1 | 14.3 | 46.0 | 12.5 |
Total real estate mortgages | 16.7 | 24.9 | 60.4 | 23.0 |
| | | | | | | |
Commercial & financial | (16.0) | 26.9 | (3.9) | (8.4) |
| | | | | | | |
Installment loans to individuals | | | | |
Automobile and trucks | 1.0 | 0.3 | 1.2 | 0.2 |
Marine loans | (2.4) | (3.5) | (1.8) | 8.4 |
Other | | 1.2 | (0.4) | (0.4) | (0.8) |
| | | | (0.2) | (3.6) | (1.0) | 7.8 |
| | | | | | | |
Other | | | - | 0.9 | (1.0) | 0.3 |
| | | | $ 10.2 | $ 69.8 | $ 80.0 | $ 5.3 |
QUARTERLY TRENDS – INCREASE (DECREASE) IN LOANS BY QUARTER (Continued) (Dollars in Millions) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
| | | | | 2008 |
| | | | | 1st Qtr | 2nd Qtr | 3rd Qtr |
Construction and land development | | | | |
Residential | | | | | |
Condominiums | | $ (3.0) | $ (9.8) | $ (14.8) |
Townhomes | | | (1.2) | (3.8) | 1.7 |
Single family residences | | (2.3) | (7.2) | (12.3) |
�� Single family land and lots | | (4.3) | (17.0) | (24.9) |
Multifamily | | | (1.9) | 1.4 | (3.3) |
| | | | | (12.7) | (36.4) | (53.6) |
Commercial | | | | | |
Office buildings | | (1.8) | 2.0 | (3.3) |
Retail trade | | | (8.6) | 3.2 | 4.9 |
Land | | | 9.9 | (17.1) | (1.5) |
Industrial | | | 3.9 | 3.9 | (0.1) |
Healthcare | | | - | - | (1.0) |
Churches and educational facilities | | - | 0.1 | (0.1) |
Lodging | | | (11.2) | - | - |
Convenience stores | | 0.1 | (1.8) | - |
Marina | | | 3.7 | 2.1 | 1.6 |
Other | | | 1.4 | (5.0) | (0.9) |
| | | | | (2.6) | (12.6) | (0.4) |
Individuals | | | | | |
Lot loans | | | - | 0.6 | (1.6) |
Construction | | (0.3) | (5.3) | 0.3 |
| | | | | (0.3) | (4.7) | (1.3) |
Total construction and land development | | (15.6) | (53.7) | (55.3) |
| | | | | | | |
Real estate mortgages | | | | |
Residential real estate | | | | |
Adjustable | | | (1.9) | 1.2 | (2.3) |
Fixed rate | | | 1.6 | 1.1 | 3.2 |
Home equity mortgages | | 0.3 | 1.4 | (8.8) |
Home equity lines | | (2.8) | 3.1 | 0.3 |
| | | | | (2.8) | 6.8 | (7.6) |
Commercial real estate | | | | |
Office buildings | | 12.6 | (2.0) | 1.3 |
Retail trade | | | 7.6 | 9.7 | 8.1 |
Land | | | (5.3) | - | 0.6 |
Industrial | | | (1.2) | (11.0) | (1.1) |
Healthcare | | | 7.5 | (6.3) | (2.0) |
Churches and educational facilities | | - | (3.7) | (0.9) |
Recreation | | | (0.2) | (1.0) | - |
Multifamily | | | 6.2 | (0.9) | 0.1 |
Mobile home parks | | (0.7) | (0.1) | - |
Lodging | | | 5.2 | 0.1 | (1.3) |
Restaurant | | | (0.2) | 1.0 | (0.4) |
Agricultural | | | (0.5) | (3.4) | (0.3) |
Convenience stores | | (0.1) | 1.8 | (1.3) |
Other | | | 1.8 | 1.5 | 0.9 |
| | | | | 32.7 | (14.3) | 3.7 |
Total real estate mortgages | | 29.9 | (7.5) | (3.9) |
| | | | | | | |
Commercial & financial | | (32.8) | 0.9 | (6.3) |
| | | | | | | |
Installment loans to individuals | | | | |
Automobile and trucks | | (0.9) | (1.1) | (1.1) |
Marine loans | | 0.1 | (8.1) | 0.8 |
Other | | | (0.7) | 0.4 | (0.5) |
| | | | | (1.5) | (8.8) | (0.8) |
| | | | | | | |
Other | | | | (0.4) | (0.1) | 0.1 |
| | | | | $(20.4) | $ (69.2) | $ (66.2) |
