EXHIBIT 99.1
To Form 8-K dated April 23, 2009
NEWS RELEASE
SEACOAST BANKING CORPORATION OF FLORIDA
Dennis S. Hudson, III
Chairman and Chief Executive Officer
Seacoast Banking Corporation of Florida
(772) 288-6085
William R. Hahl
Executive Vice President/
Chief Financial Officer
(772) 221-2825
SEACOAST REPORTS RESULTS FOR
FIRST QUARTER 2009
STUART, FL., April 23, 2009 – Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF), a bank holding company whose principal subsidiary is Seacoast National Bank, today reported a first quarter 2009 net loss of $4.8 million compared to a net loss of $22.6 million for the fourth quarter of 2008. Including the impact of preferred stock of $937,000, the net loss applicable to common shareholders was $5.7 million or $0.30 per average common diluted share for the first quarter, compared to a net loss of $22.7 million or $1.19 per average common diluted share for the fourth quarter of 2008. Credit costs which were improved over the final quarter of 2008 remained high, while core earnings increased significantly due to reduced deposit costs, margin improvements, improved residential mortgage production and reductions in expenses.
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Other significant metrics for the first quarter 2009 include:
• | The estimated total risk based capital ratio was 14.0 percent, unchanged from year end 2008; |
• | Tangible common equity to risk weighted assets was 7.08 percent unchanged from year end 2008; |
• | Liquidity remains strong and stable, supported by a diverse local retail and commercial deposit base, no overnight borrowings and over $800 million in excess liquidity sources available at March 31, 2009; |
• | Loan loss reserves increased to 1.99 percent compared to 1.22 percent at the end of the first quarter 2008; |
• | Total revenues were $22.9 million in the first quarter, up $976,000 or 17.8 percent annualized compared to the fourth quarter 2008; |
• | Residential mortgage applications increased by 121 percent from the fourth quarter of 2008 and 85 percent from the same quarter one year ago; |
• | A total of 2,581 new personal checking accounts were opened in the first quarter 2009, an increase of 30.9 percent compared to the fourth quarter 2008 and 11.3 percent increase over the results for the first quarter 2008; |
• | Average cost of deposits for the first quarter totaled 1.79 percent, down 34 basis points from the fourth quarter of 2008. |
“We are beginning to see some signs of stability for residential real estate in our markets. Transactions have increased and inventories are headed down, despite the continued large volume of foreclosures. Most importantly, home prices are now showing some signs of firming in our markets and have achieved pricing levels associated with affordability last seen prior to
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the housing bubble,” said Dennis S. Hudson, III, Chairman and Chief Executive Officer. “While we made real progress this quarter with improved core earnings, we continued to experience relatively high levels of credit stress, which will likely continue for a while as the economy finds a bottom.”
Nonaccruing loans grew by $22.4 million from year end to $109.4 million or 6.7 percent of loans outstanding, in part due to stressed market conditions and also a ramping up of efforts to pursue troubled debt restructures with commercial and retail mortgage borrowers during the quarter. The Company will pursue loan restructures in selected cases where we expect to achieve better liquidation values than may be expected through other traditional collection activities. During the quarter, the Company also worked with retail mortgage customers, when possible, to achieve lower payment structures in an effort to avoid foreclosure. A total of 93 applications were received seeking restructured mortgages compared to 37 in the fourth quarter 2008. Troubled debt restructurings are part of the Company’s lo ss mitigation activities and can include rate reductions, payment extensions and principal deferment. Company policy requires troubled debt restructures be classified as nonaccrual loans until (under certain circumstances) performance can be verified (typically six months). Troubled debt restructures included in nonperforming loans totaled $32.9 million at March 31, 2009, of which $24.0 million were current in accordance with restructured terms. At March 31, 2009, nonaccruing loans which totaled of $109.4 million have been written down by approximately $49.5 million or 31 percent of their original loan balance (including specific impairment reserves).
The unprecedented housing market decline and its impacts in Florida have for some time affected the Company’s performance. Over the past two years, the Company has aggressively reduced its exposures to loan product types most exposed to the housing market decline. For
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example, residential construction and land development loans which peaked at 20.2 percent of loans in the first quarter of 2007 have been reduced to 3.6 percent of loans (excluding loans classified as nonaccrual) as of March 31, 2009. Other loan product types have been reduced as well, including commercial construction loans. These reduced exposures have resulted from timely and aggressive collection efforts, charge-offs and the sale of distressed loan assets. Loan sales over the past two years have totaled $119 million at an average price of approximately 64 percent of outstanding balances sold. These activities, undertaken early in the housing downturn, resulted in high levels of charge-offs, but have in turn achieved a substantial reduction in risk to further valuation declines. Th e cumulative loan charge-off rate since the beginning of 2007 is calculated in the table below:
(Dollars in thousands) | ||
Cumulative charge-offs since 1/1/07 | $104,754* | |
Gross loan balance, 12/31/06 | $1,733,111 | |
Cumulative charge-off rate since 1/1/07 | 6.04% | |
*Including specific loan loss allowances at March 31, 2009 |
Going forward, we anticipate loan sales will likely play a lesser role in connection with our loss mitigation efforts as we shift our focus to other strategies, including troubled debt restructures, where appropriate, for smaller commercial and consumer borrowers.
Operating earnings (before the provision for loan losses and income taxes) excluding one-time severance payments of $242,000 for the first quarter of 2009 totaled approximately $4.1 million, up from the $2.5 million earned in the fourth quarter 2008 which excludes one-time expenses totaling approximately $900,000. This improvement results from increased net interest income as a result of lower costs for deposits and other interest bearing liabilities, and decreased
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noninterest expenses the result of the implemented overhead reductions announced at year end.
Net interest income (on a tax equivalent basis) was $18.2 million, up $706,000 or 16.1 percent annualized from the fourth quarter 2008. The increase is a result of lower deposit costs and lower rates paid on all interest bearing liabilities, partially offset by a decline in loans, lower loan yields and higher nonperforming loans. The net interest margin increased 12 basis points and totaled 3.44 percent compared to the fourth quarter 2008.
Noninterest income, excluding securities gains and losses totaled $4.8 million, up $269,000 or 6.0 percent linked quarter on improved mortgage banking fees, merchant income, marine finance fees, debit card and deposit based EFT income. The revenues from these sources were partially offset by weaker revenues from wealth management, and with the economy in recession and unemployment increasing, the Company expects fees from this business to remain weak until the economy begins to improve.
Noninterest expenses totaled $19.1 million, down $1.3 million compared to the fourth quarter 2008. Total noninterest expenses, excluding legal and FDIC insurance premiums, declined approximately $859,000 or 4.9 percent, versus comparable noninterest expense amount for the first quarter of 2008. As a result of loan sales last year and the decline in the number of loans in litigation, the Company announced last quarter it believed legal costs would be lower in 2009. Legal costs remained elevated in the first quarter, but were modestly lower compared to the fourth quarter 2008. Salaries and benefits (excluding one time severance payments) for the first quarter 2009 declined $1.5 million or 15.4 percent from a year ago. Further overhead reductions are projected and should provide additional earning’s benefit going forward in the range of $1.3 to $1.5 million.
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The Company’s retail core deposit focus has produced strong growth in core deposit customer relationships when compared to the prior year’s and last quarter’s results, and has resulted in increased balances which offset planned certificates of deposit runoff in the first quarter 2009. The improved deposit mix and lower rates paid on interest bearing deposits during the first quarter reduced the overall cost of deposits to 2.11 percent, 39 basis points lower than in the fourth quarter 2008.
Lower interest rates and increased emphasis on residential lending significantly increased this quarter’s mortgage originations and mortgage banking fees. A total of 383 applications were taken in the first quarter 2009 for total loans of $92 million, an increase of 210 applications and $54 million of loans from the fourth quarter. Closed mortgage loans totaled $38 million for the quarter, $15 million higher than in the fourth quarter 2008. A total of $20.5 million of residential mortgage loans were sold in the first quarter 2009, which increased mortgage banking income by $315,000 or 171.2 percent compared with the fourth quarter 2008, and a $131,000 or 35.6 percent increase over the same period in 2008.
While total deposits at quarter end March 31, 2009 were up slightly from year end 2008, the mix of deposits improved with certificates of deposits declining $28 million, other lower cost interest bearing deposits (“core”) increasing $25 million or 12.5 percent annualized, and demand deposits increasing $7 million or 9.5 percent annualized compared to the fourth quarter 2008. The average cost of core deposits during the first quarter was 1.10 percent, down 43 basis points from the fourth quarter. Certificate of deposit rates paid were also lower compared to the fourth quarter and totaled 3.25 percent during the first quarter, a decline of 34 basis points. The average cost of total interest liabilities was down 47 basis points compared to the fourth quarter at 2.05 percent.
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Average deposits totaled $1.81 billion for the first quarter 2009, $30 million lower compared to the fourth quarter 2008, due to the shifting of public fund customer deposit balances in late December to sweep repurchase agreements. Total average deposits plus sweep repurchase agreements totaled $1.96 billion during the first quarter-end 2009, up $39 million or 8.2 percent annualized compared to the fourth quarter. Average deposits declined $103 million or 5.4 percent compared to the same period in 2008 as a result of deposit declines in the Company’s central Florida region resulting from slower economic growth affecting the second half of 2008. Average noninterest bearing deposits totaled $274.4 for the first quarter 2009, nearly unchanged from the fourth quarter 2008, but a decline of $49.0 million compared to the same period in 2008. As a result of the low interest rate environment, customers have deposited more funds into certificates of deposit, while maintaining lower average balances in savings and other liquid deposit products that pay no interest or a lower interest rate. This has been partially offset by our successful retail core deposit strategy implemented in early 2008. As reported throughout 2008, the Company has experienced strong growth in core deposit customer relationships. Total new bank households are up 20.7 percent annualized compared to the fourth quarter 2008. New personal checking relationships have increased as a result of the retail deposit growth strategy, which has improved market share, increased average services per household and decreased customer attrition. New personal checking household deposit balances for the first quarter increased $27 million or 7 percent linked quarter and average services per household have increased b y 14 percent compared to a year ago.
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Seacoast will host a conference call on Friday, April 24, 2009 at 9:30 a.m. (Eastern Time) to discuss the earnings results and business trends. Investors may call in (toll-free) by dialing (866) 712-7678 (access code: 5861577; leader: Dennis S. Hudson). Charts will be used during the conference call and may be accessed at Seacoast’s website atwww.seacoastbanking.net by selecting “Presentations” under the heading “Investor Services”. A replay of the call will be available for one month, beginning the afternoon of April 24, by dialing (877) 213-9653 (domestic), using the passcode 5861577. Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast’s website atwww.seacoastbanking.net. The link is located in the subsection “Presentations” under the heading “Investor Services”. Beginning the afternoon of April 24, 2009, an archived version of the webcast can be accessed from this same subsection of the website. The archived webcast will be available for one year.
Seacoast Banking Corporation of Florida has approximately $2.3 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.
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.
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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,” “contemplate,” “expect,” “estimate,” “continue,” “further”, “point to,” “project,” “could,” “intend” 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, tax and regulatory changes; changes in accounting policies, rules and practices; the risks of ch anges 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; 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 businesses wil l 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, 2008 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 | |||||||||||||||||
(Dollars in thousands, | March 31, | ||||||||||||||||
except per share data) | 2009 | 2008 | |||||||||||||||
Summary of Earnings | |||||||||||||||||
Net income (loss) | $ | (4,760) | $ | 1,763 | |||||||||||||
Net income (loss) available to common shareholders | (5,697) | 1,763 | |||||||||||||||
Net interest income (1) | 18,241 | 20,562 | |||||||||||||||
Performance Ratios | |||||||||||||||||
Return on average assets-GAAP basis (2),(3) | (0.83) | % | 0.30 | % | |||||||||||||
Return on average tangible assets (2),(3),(4) | (0.82) | 0.34 | |||||||||||||||
Return on average shareholders' equity–GAAP basis (2), (3) | (8.83) | 3.28 | |||||||||||||||
Net interest margin (1),(2) | 3.44 | 3.74 | |||||||||||||||
Per Share Data | |||||||||||||||||
Net income (loss) diluted-GAAP basis | $ | (0.30) | $ | 0.09 | |||||||||||||
Net income (loss) basic-GAAP basis | (0.30) | 0.09 | |||||||||||||||
Cash dividends declared | 0.01 | 0.16 |
(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.
(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.
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FINANCIAL HIGHLIGHTS (cont’d) | (Unaudited) | |||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||
March 31, | Increase/ | |||||||||||
(Dollars in thousands, except per share data) | 2009 | 2008 | (Decrease) | |||||||||
Credit Analysis | ||||||||||||
Net charge-offs year-to-date | $ | 8,540 | $ | 4,401 | 94.0 | % | ||||||
Net charge-offs to average loans | 2.07 | % | 0.93 | % | 122.6 | |||||||
Loan loss provision year-to-date | $ | 11,652 | $ | 5,500 | 111.9 | |||||||
Allowance to loans at end of period | 1.99 | % | 1.22 | % | 63.1 | |||||||
Nonperforming loans | $ | 109,381 | $ | 64,730 | 69.0 | |||||||
Other real estate owned | 12,684 | 940 | 1,249.7 | |||||||||
Total nonperforming assets | $ | 122,065 | $ | 65,670 | 85.9 | |||||||
Restructured loans (accruing) | $ | 3,309 | $ | 11 | n/m | |||||||
Nonperforming assets to loans and other real estate owned at end of period | 7.42 | % | 3.50 | % | 112.0 | |||||||
Nonperforming assets to total assets | 5.29 | % | 2.74 | % | 93.1 | |||||||
Selected Financial Data | ||||||||||||
Total assets | $ | 2,308,933 | $ | 2,393,357 | (3.5) | |||||||
Securities – trading (at fair value) | 0 | 8,994 | (100.0) | |||||||||
Securities – available for sale (at fair value) | 349,181 | 254,395 | 37.3 | |||||||||
Securities – held for investment (at amortized cost) | 26,655 | 31,061 | (14.2) | |||||||||
Net loans | 1,600,077 | 1,854,968 | (13.7) | |||||||||
Deposits | 1,814,308 | 1,945,738 | (6.8) | |||||||||
Total shareholders’ equity | 213,706 | 214,953 | (0.6) | |||||||||
Common shareholders’ equity | 169,606 | 214,953 | (21.1) | |||||||||
Book value per share common | 8.86 | 11.25 | (21.2) | |||||||||
Tangible book value per share | 8.29 | 8.31 | (0.2) | |||||||||
Tangible common book value per share | 5.99 | 8.31 | (27.9) | |||||||||
Average shareholders’ equity to average assets | 9.45 | % | 9.17 | % | 3.1 | |||||||
Tangible common equity to tangible assets | 5.09 | 6.80 | (25.1) | |||||||||
Average Balances (Year-to-Date) | ||||||||||||
Total assets | $ | 2,313,125 | $ | 2,357,528 | (1.9) | |||||||
Less: intangible assets | 55,033 | 56,291 | (2.2) | |||||||||
Total average tangible assets | $ | 2,258,093 | $ | 2,301,237 | (1.9) | |||||||
Total equity | $ | 218,609 | $ | 216,283 | 1.1 | |||||||
Less: intangible assets | 55,033 | 56,291 | (2.2) | |||||||||
Total average tangible equity | $ | 163,577 | $ | 159,992 | 2.2 | |||||||
n/m = not meaningful
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
Three Months Ended | |||||||||||
March 31, | |||||||||||
(Dollars in thousands, except per share data) | 2009 | 2008 | |||||||||
Interest on securities: | |||||||||||
Taxable | $ | 3,920 | $ | 3,586 | |||||||
Nontaxable | 84 | 90 | |||||||||
Interest and fees on loans | 23,160 | 31,182 | |||||||||
Interest on federal funds sold and other investments | 148 | 297 | |||||||||
Total Interest Income | 27,312 | 35,155 | |||||||||
| |||||||||||
Interest on deposits | 2,229 | 5,805 | |||||||||
Interest on time certificates | 5,758 | 6,773 | |||||||||
Interest on borrowed money | 1,151 | 2,092 | |||||||||
Total Interest Expense | 9,138 | 14,670 | |||||||||
Net Interest Income | 18,174 | 20,485 | |||||||||
Provision for loan losses | 11,652 | 5,500 | |||||||||
Net Interest Income After Provision for Loan Losses | 6,522 | 14,985 | |||||||||
Noninterest income: | |||||||||||
Service charges on deposit accounts | 1,585 | 1,850 | |||||||||
Trust income | 558 | 582 | |||||||||
Mortgage banking fees | 499 | 368 | |||||||||
Brokerage commissions and fees | 381 | 683 | |||||||||
Marine finance fees | 345 | 685 | |||||||||
Debit card income | 608 | 611 | |||||||||
Other deposit based EFT fees | 94 | 108 | |||||||||
Merchant income | 536 | 735 | |||||||||
Other | 150 | 540 | |||||||||
Total Noninterest Income | 4,756 | 6,162 | |||||||||
Noninterest expenses: | |||||||||||
Salaries and wages | 6,888 | 7,935 | |||||||||
Employee benefits | 1,782 | 2,025 | |||||||||
Outsourced data processing costs | 1,891 | 2,014 | |||||||||
Telephone / data lines | 484 | 438 | |||||||||
Occupancy | 2,154 | 1,843 | |||||||||
Furniture and equipment | 651 | 688 | |||||||||
Marketing | 488 | 598 | |||||||||
Legal and professional fees | 1,392 | 926 | |||||||||
FDIC assessments | 877 | 59 | |||||||||
Amortization of intangibles | 315 | 315 | |||||||||
Other | 2,187 | 1,843 | |||||||||
Total Noninterest Expenses | 19,109 | 18,684 | |||||||||
Income (Loss) Before Income Taxes | (7,831) | 2,463 | |||||||||
Provision (benefit) for income taxes | (3,071) | 700 | |||||||||
Net Income (Loss) | (4,760) | 1,763 | |||||||||
Preferred stock dividends and accretion on preferred stock discount | 937 | 0 | |||||||||
Net Income (Loss) Available to Common | |||||||||||
Shareholders | $ | (5,697) | $ | 1,763 | |||||||
Per share of common stock: | |||||||||||
Net income (loss) diluted | $ | (0.30) | $ | 0.09 | |||||||
Net income (loss) basic | (0.30) | 0.09 | |||||||||
Cash dividends declared | 0.01 | 0.16 | |||||||||
Average diluted shares outstanding | 19,069,437 | 19,046,420 | |||||||||
Average basic shares outstanding | 19,069,437 | 18,928,375 | |||||||||
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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
March 31, | December 31, | March 31, | ||||||
(Dollars in thousands, except share amounts) | 2009 | 2008 | 2008 | |||||
Assets | �� | |||||||
Cash and due from banks | $ | 39,260 | $ | 46,002 | $ | 64,287 | ||
Federal funds sold | 4,919 | 4,605 | 35,217 | |||||
Interest bearing deposits with other banks | 105,312 | 100,585 | 0 | |||||
Total Cash and Cash Equivalents | 149,491 | 151,192 | 99,504 | |||||
Securities: | ||||||||
Trading (at fair value) | 0 | 0 | 8,994 | |||||
Available for sale (at fair value) | 349,181 | 318,030 | 254,395 | |||||
Held for investment (at amortized cost) | 26,655 | 27,871 | 31,061 | |||||
Total Securities | 375,836 | 345,901 | 294,450 | |||||
Loans available for sale | 8,196 | 2,165 | 3,889 | |||||
Loans, net of unearned income | 1,632,577 | 1,676,728 | 1,877,968 | |||||
Less: allowance for loan losses | (32,500 | ) | (29,388 | ) | (23,000) | |||
Net Loans | 1,600,077 | 1,647,340 | 1,854,968 | |||||
Bank premises and equipment, net | 43,685 | 44,122 | 42,403 | |||||
Other real estate owned | 12,684 | 5,035 | 940 | |||||
Goodwill and other intangible assets | 54,879 | 55,193 | 56,137 | |||||
Other assets | 64,085 | 63,488 | 41,066 | |||||
$ | 2,308,933 | $ | 2,314,436 | $ | 2,393,357 | |||
Liabilities and Shareholders’ Equity | ||||||||
Liabilities | ||||||||
Deposits | ||||||||
Demand deposits (noninterest bearing) | $ | 281,809 | $ | 275,262 | $ | 329,626 | ||
Savings deposits | 827,251 | 802,201 | 986,794 | |||||
Other time deposits | 335,251 | 326,473 | 341,293 | |||||
Brokered time deposits | 72,872 | 100,463 | 0 | |||||
Time certificates of $100,000 or more | 297,125 | 306,042 | 288,025 | |||||
Total Deposits | 1,814,308 | 1,810,441 | 1,945,738 | |||||
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days | 152,947 | 157,496 | 94,895 | |||||
Borrowed funds | 65,239 | 65,302 | ||||||
Subordinated debt | 53,610 | 53,610 | 53,610 | |||||
Other liabilities | 9,123 | 11,586 | 18,854 | |||||
2,095,227 | 2,098,435 | 2,178,404 | ||||||
Shareholders' Equity | ||||||||
Preferred stock | 44,100 | 43,787 | 0 | |||||
Common stock | 1,915 | 1,928 | 1,919 | |||||
Additional paid in capital | 100,005 | 99,788 | 91,288 | |||||
Retained earnings | 64,625 | 70,278 | 121,127 | |||||
Treasury stock | (1,824 | ) | (1,839 | ) | (1,134) | |||
208,821 | 213,942 | 213,200 | ||||||
Accumulated other comprehensive income, net | 4,885 | 2,059 | 1,753 | |||||
Total Shareholders’ Equity | 213,706 | 216,001 | 214,953 | |||||
$ | 2,308,933 | $ | 2,314,436 | $ | 2,393,357 | |||
Common Shares Outstanding | 19,149,828 | 19,171,779 | 19,114,879 | |||||
Note: The balance sheet at December 31, 2008 has been derived from the audited financial statements at that date.
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CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited) | ||||||||||||||||||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||||||||||||||||
Quarters | ||||||||||||||||||||||||||
2009 | 2008 | Last 12 | ||||||||||||||||||||||||
(Dollars in thousands, except per share data) | First | Fourth | Third | Second | Months | |||||||||||||||||||||
Net loss | $ (4,760) | $ | (22,596) | $ | (3,448) | $ | (21,316) | $ | (52,120) | |||||||||||||||||
Operating Ratios | ||||||||||||||||||||||||||
Return on average assets-GAAP basis (2),(3) | (0.83) | % | (3.99) | % | (0.60) | % | (3.65) | % | (2.27) | % | ||||||||||||||||
Return on average tangible assets (2),(3),(4) | (0.82) | (4.05) | (0.58) | (3.70) | (2.29) | |||||||||||||||||||||
Return on average shareholders' equity- GAAP basis (2),(3) | (8.83) | (45.92) | (7.13) | (39.79) | (25.37) | |||||||||||||||||||||
Net interest margin (1),(2) | 3.44 | 3.32 | 3.57 | 3.69 | 3.50 | |||||||||||||||||||||
Average equity to average assets | 9.45 | 8.68 | 8.43 | 9.17 | 8.93 | |||||||||||||||||||||
Credit Analysis | ||||||||||||||||||||||||||
Net charge-offs | $ 8,540 | $ | 33,916 | $ | 9,290 | $ | 33,541 | $ | 85,287 | |||||||||||||||||
Net charge-offs to average loans | 2.07 | % | 7.76 | % | 2.06 | % | 7.28 | % | 4.83 | % | ||||||||||||||||
Loan loss provision | $ 11,652 | $ | 30,656 | $ | 10,241 | $ | 42,237 | $ | 94,786 | |||||||||||||||||
Allowance to loans at end of period | 1.99 | % | 1.75 | % | 1.87 | % | 1.75 | % | ||||||||||||||||||
Restructured Loans (accruing) | $ 3,309 | $ | 12,616 | $ | 10 | $ | 11 |
| ||||||||||||||||||
Nonperforming loans | $ 109,381 | $ | 86,970 | $ | 75,793 | $ | 76,224 |
| ||||||||||||||||||
Other real estate owned | 12,684 | 5,035 | 4,551 | 4,547 | ||||||||||||||||||||||
Nonperforming assets | $ 122,065 | $ | 92,005 | $ | 80,344 | $ | 80,771 | |||||||||||||||||||
Nonperforming assets to loans and other real estate owned at end of period | 7.42 | % | 5.47 | % | 4.60 | % | 4.45 | % | ||||||||||||||||||
Nonperforming assets to total assets | 5.29 | 3.97 | 3.61 | 3.52 | ||||||||||||||||||||||
Nonaccrual loans and accruing loans 90 days or more past due to loans outstanding at end of period | 6.97 | 5.30 | 4.42 | 4.23 | ||||||||||||||||||||||
Per Share Common Stock | ||||||||||||||||||||||||||
Net income (loss) diluted-GAAP basis | $ (0.30) | $ | (1.19) | $ | (0.18) | $ | (1.12) | $ | (2.79) | |||||||||||||||||
Net income (loss) basic-GAAP basis | (0.30) | (1.19) | (0.18) | (1.12) | (2.79) | |||||||||||||||||||||
Cash dividends declared | 0.01 | 0.01 | 0.01 | 0.16 | 0.19 | |||||||||||||||||||||
Book value per share common | 8.86 | 8.98 | 9.59 | 9.90 | ||||||||||||||||||||||
Average Balances | $ | 2,313,125 | $ | 2,255,036 | $ | 2,282,821 | $ | 2,349,749 | ||||||||||||||||||
Total assets | $2,313,125 | $ | 2,255,036 | $ | 2,282,821 | $ | 2,349,749 | |||||||||||||||||||
Less: Intangible assets | 55,033 | 55,346 | 55,662 | 55,976 | ||||||||||||||||||||||
Total average tangible assets | 2,258,093 | 2,199,690 | $ | 2,227,159 | $ | 2,293,773 | ||||||||||||||||||||
Total equity | $ | 218,609 | $ | 195,770 | $ | 192,469 | $ | 215,448 | ||||||||||||||||||
Less: Intangible assets | 55,033 | 55,346 | 55,662 | 55,976 | ||||||||||||||||||||||
Total average tangible equity | $ | 163,576 | $ | 140,424 | $ | 136,807 | $ | 159,472 |
(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.
(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.
14
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited) (continued) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
(Dollars in thousands)
SECURITIES | March 31, 2009 | December 31, 2008 | March 31, 2008 | |||||
U.S. Treasury and U.S. Government Agencies | $ | 0 | $ | 0 | $ | 8,994 | ||
Securities Trading | 0 | 0 | 8,994 | |||||
U.S. Treasury and U.S. Government Agencies | 21,143 | 22,380 | 22,699 | |||||
Mortgage-backed | 322,787 | 290,423 | 226,498 | |||||
Obligations of states and political subdivisions | 2,046 | 2,070 | 2,072 | |||||
Other securities | 3,205 | 3,157 | 3,126 | |||||
Securities Available for Sale | 349,181 | 318,030 | 254,395 | |||||
Mortgage-backed | 21,033 | 22,248 | 24,918 | |||||
Obligations of states and political subdivisions | 5,622 | 5,623 | 6,143 | |||||
Securities Held for Investment | 26,655 | 27,871 | 31,061 | |||||
Total Securities | $ | 375,836 | $ | 345,901 | $ | 294,450 | ||
LOANS | March 31, 2009 | December 31, 2008 | March 31, 2008 | |||||
Construction and land development | $ | 368,832 | $ | 395,243 | $ | 593,992 | ||
Real estate mortgage | 1,116,616 | 1,125,465 | 1,104,675 | |||||
Installment loans to individuals | 71,440 | 72,908 | 84,926 | |||||
Commercial and financial | 75,448 | 82,765 | 93,933 | |||||
Other loans | 241 | 347 | 442 | |||||
Total Loans | $ | 1,632,577 | $ | 1,676,728 | $ | 1,877,968 |
15
AVERAGE BALANCES, YIELDS AND RATES (1) (Unaudited) | |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
2009 | 2008 | ||||||||||
First Quarter | Fourth Quarter | First Quarter | |||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||
(Dollars in thousands) | Balance | Rate | Balance | Rate | Balance | Rate | |||||
Assets | |||||||||||
Earning assets: | |||||||||||
Securities: | |||||||||||
Taxable | $ 351,286 | 4.46 | % | $ 299,410 | 4.89 | % | $ 280,487 | 5.11 | % | ||
Nontaxable | 7,646 | 6.59 | 7,886 | 5.93 | 8,166 | 6.51 | |||||
Total Securities | 358,932 | 4.51 | 307,296 | 4.92 | 288,653 | 5.15 | |||||
Federal funds sold and other | |||||||||||
investments | 121,633 | 0.49 | 55,101 | 1.09 | 26,311 | 4.54 | |||||
Loans, net | 1,670,353 | 5.63 | 1,737,896 | 5.68 | 1,897,625 | 6.62 | |||||
| |||||||||||
Total Earning Assets | 2,150,918 | 5.16 | 2,100,293 | 5.45 | 2,212,589 | 6.40 | |||||
Allowance for loan losses | (31,392) | (31,489) | (22,563) | ||||||||
Cash and due from banks | 33,665 | 36,743 | 46,614 | ||||||||
Premises and equipment | 44,128 | 44,121 | 42,029 | ||||||||
Other assets | 115,806 | 105,368 | 78,859 | ||||||||
Liabilities and Shareholders' Equity | $ 2,313,125 | $2,255,036 | $ | 2,357,528 | |||||||
Interest-bearing liabilities: | |||||||||||
NOW | $ 53,373 | 0.57 | % | $ 56,161 | 1.23 | % | 65,752 | 2.41 | % | ||
Savings deposits | 99,712 | 0.56 | 99,155 | 0.64 | 104,591 | 0.70 | |||||
Money market accounts | 664,946 | 1.23 | 670,094 | 1.69 | 818,920 | 2.57 | |||||
Time deposits | 718,008 | 3.25 | 737,906 | 3.59 | 600,704 | 4.53 | |||||
Federal funds purchased and other short term borrowings | 154,185 | 0.49 | 88,253 | 0.83 | 103,541 | 2.45 | |||||
Other borrowings | 118,894 | 3.28 | 118,697 | 4.01 | 118,839 | 4.94 | |||||
Total Interest-Bearing Liabilities | 1,809,118 | 2.05 | 1,770,266 | 2.52 | 1,812,347 | 3.26 | |||||
Demand deposits (noninterest-bearing) | 274,363 | 276,759 | 323,363 | ||||||||
Other liabilities | 11,035 | 12,241 | 5,535 | ||||||||
Total Liabilities | 2,094,516 | 2,059,266 | 2,141,245 | ||||||||
Shareholders' equity | 218,609 | 195,770 | 216,283 | ||||||||
$2,313,125 | $ | 2,255,036 | $ | 2,357,528 | |||||||
Interest expense as a % of earning assets | 1.72 | % | 2.12 | % | 2.67 | % | |||||
Net interest income as a % of earning assets | 3.44 | 3.32 | 3.74 |
(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.
16
QUARTERLY TRENDS – LOANS AT END OF PERIOD (Unaudited) (Dollars in Millions) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
2009 | Nonperforming | |||||||||||
1st Qtr | 1st Qtr | Number | ||||||||||
Construction and Land Development | ||||||||||||
Residential: | ||||||||||||
Condominiums | >$4 million | $ 8.4 | - | - | ||||||||
<$4 million | 7.9 | $ 2.4 | 1 | |||||||||
Town homes | >$4 million | - | - | - | ||||||||
<$4 million | 4.2 | 3.9 | 2 | |||||||||
Single Family Residences | >$4 million | 6.6 | - | - | ||||||||
<$4 million | 13.9 | 5.7 | 9 | |||||||||
Single Family Land & Lots | >$4 million | 21.8 | 21.8 | 3 | ||||||||
<$4 million | 29.6 | 12.4 | 17 | |||||||||
Multifamily | >$4 million | 7.8 | 7.8 | 1 | ||||||||
<$4 million | 17.0 | 4.1 | 5 | |||||||||
TOTAL | >$4 million | 44.6 | 29.6 | 4 | ||||||||
TOTAL | <$4 million | 72.6 | 28.5 | 34 | ||||||||
GRAND TOTAL | $117.2 |
| $58.1 | 38 | ||||||||
17
QUARTERLY TRENDS – LOANS AT END OF PERIOD (Unaudited) (Dollars in Millions) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
2008 | ||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | |||||
Construction and Land Development | ||||||||
Residential: | ||||||||
Condominiums | >$4 million | $ 30.6 | $ 26.3 | $ 19.6 | $ 8.6 | |||
<$4 million | 26.6 | 21.1 | 13.0 | 8.8 | ||||
Town homes | >$4 million | 19.4 | 17.1 | 17.1 | - | |||
<$4 million | 4.4 | 2.9 | 4.6 | 6.1 | ||||
Single Family Residences | >$4 million | 20.8 | 21.2 | 13.5 | 11.9 | |||
<$4 million | 35.9 | 28.3 | 23.7 | 14.9 | ||||
Single Family Land & Lots | >$4 million | 85.1 | 64.3 | 40.3 | 22.1 | |||
<$4 million | 27.0 | 30.8 | 29.9 | 30.7 | ||||
Multifamily | >$4 million | 7.8 | 7.8 | 7.8 | 7.8 | |||
<$4 million | 24.8 | 26.2 | 22.9 | 19.0 | ||||
TOTAL | >$4 million | 163.7 | 136.7 | 98.3 | 50.4 | |||
TOTAL | <$4 million | 118.7 | 109.3 | 94.1 | 79.5 | |||
GRAND TOTAL | $282.4 | $246.0 | $192.4 | $129.9 | ||||
18
QUARTERLY TRENDS – LOANS AT END OF PERIOD (Unaudited) (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 | |||||||
19
QUARTERLY TRENDS – LOANS AT END OF PERIOD (continued) (Unaudited) (Dollars in Millions) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
2008 | 2009 | ||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | 1st Qtr | |||
Construction and land development | |||||||
Residential | |||||||
Condominiums | $ 57.2 | $ 47.4 | $ 32.6 | $ 17.4 | $ 16.3 | ||
Townhomes | 23.8 | 20.0 | 21.7 | 6.1 | 4.2 | ||
Single family residences | 56.7 | 49.5 | 37.2 | 26.8 | 20.5 | ||
Single family land and lots | 112.1 | 95.1 | 70.2 | 52.8 | 51.4 | ||
Multifamily | 32.6 | 34.0 | 30.7 | 26.8 | 24.8 | ||
282.4 | 246.0 | 192.4 | 129.9 | 117.2 | |||
Commercial | |||||||
Office buildings | 29.1 | 31.1 | 27.8 | 17.3 | 17.4 | ||
Retail trade | 60.4 | 63.6 | 68.5 | 68.7 | 70.0 | ||
Land | 92.5 | 75.4 | 73.9 | 73.3 | 60.9 | ||
Industrial | 16.9 | 20.8 | 20.7 | 13.3 | 9.0 | ||
Healthcare | 1.0 | 1.0 | - | - | 5.7 | ||
Churches and educational facilities | - | 0.1 | - | - | - | ||
Lodging | - | - | - | - | 0.6 | ||
Convenience stores | 1.8 | - | - | - | - | ||
Marina | 26.8 | 28.9 | 30.5 | 30.7 | 31.6 | ||
Other | 11.3 | 6.3 | 5.4 | 6.0 | 6.2 | ||
239.8 | 227.2 | 226.8 | 209.3 | 201.4 | |||
Individuals | |||||||
Lot loans | 39.4 | 40.0 | 38.4 | 35.7 | 34.0 | ||
Construction | 32.4 | 27.1 | 27.4 | 20.3 | 16.2 | ||
71.8 | 67.1 | 65.8 | 56.0 | 50.2 | |||
Total construction and land development | 594.0 | 540.3 | 485.0 | 395.2 | 368.8 | ||
Real estate mortgages | |||||||
Residential real estate | |||||||
Adjustable | 317.6 | 318.8 | 316.5 | 329.0 | 333.1 | ||
Fixed rate | 89.1 | 90.2 | 93.4 | 95.5 | 90.8 | ||
Home equity mortgages | 91.7 | 93.1 | 84.3 | 84.8 | 85.5 | ||
Home equity lines | 56.3 | 59.4 | 59.7 | 58.5 | 60.3 | ||
554.7 | 561.5 | 553.9 | 567.8 | 569.7 | |||
Commercial real estate | |||||||
Office buildings | 144.3 | 142.3 | 143.6 | 146.4 | 140.6 | ||
Retail trade | 83.8 | 93.5 | 101.6 | 111.9 | 109.1 | ||
Land | - | - | 0.6 | - | - | ||
Industrial | 104.3 | 93.3 | 92.2 | 94.7 | 95.3 | ||
Healthcare | 39.9 | 33.6 | 31.6 | 29.2 | 28.3 | ||
Churches and educational facilities | 40.2 | 36.5 | 35.6 | 35.2 | 34.8 | ||
Recreation | 2.8 | 1.8 | 1.8 | 1.7 | 1.7 | ||
Multifamily | 20.0 | 19.1 | 19.2 | 27.2 | 27.2 | ||
Mobile home parks | 3.2 | 3.1 | 3.1 | 3.0 | 3.0 | ||
Lodging | 27.9 | 28.0 | 26.7 | 26.6 | 26.3 | ||
Restaurant | 8.0 | 9.0 | 8.6 | 6.2 | 6.1 | ||
Agricultural | 12.4 | 9.0 | 8.7 | 8.5 | 8.2 | ||
Convenience stores | 23.1 | 24.9 | 23.6 | 23.5 | 23.3 | ||
Other | 40.1 | 41.6 | 42.5 | 43.6 | 43.0 | ||
550.0 | 535.7 | 539.4 | 557.7 | 546.9 | |||
Total real estate mortgages | 1,104.7 | 1,097.2 | 1,093.3 | 1,125.5 | 1,116.6 | ||
Commercial & financial | 93.9 | 94.8 | 88.5 | 82.8 | 75.5 | ||
Installment loans to individuals | |||||||
Automobile and trucks | 24.1 | 23.0 | 21.9 | 20.8 | 19.4 | ||
Marine loans | 33.3 | 25.2 | 26.0 | 26.0 | 26.3 | ||
Other | 27.5 | 27.9 | 27.4 | 26.1 | 25.7 | ||
84.9 | 76.1 | 75.3 | 72.9 | 71.4 | |||
Other | 0.5 | 0.4 | 0.5 | 0.3 | 0.3 | ||
$1,878.0 | $1,808.8 | $1,742.6 | $1,676.7 | $1,623.6 | |||
20
QUARTERLY TRENDS – INCREASE (DECREASE) IN LOANS BY QUARTER (Unaudited) (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 | |||
21
QUARTERLY TRENDS – INCREASE (DECREASE) IN LOANS BY QUARTER (cont’d) (Dollars in Millions) (Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
2008 | 2009 | ||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | 1st Qtr | |||||
Construction and land development | |||||||||
Residential | |||||||||
Condominiums | $ (3.0) | $ (9.8) | $ (15.2) | $ (1.1) | |||||
Townhomes | (1.2) | (3.8) | 1.7 | (15.6) | (1.9) | ||||
Single family residences | (2.3) | (7.2) | (12.3) | (10.4) | (6.3) | ||||
Single family land and lots | (4.3) | (17.0) | (24.9) | (17.4) | (1.4) | ||||
Multifamily | (1.9) | 1.4 | (3.3) | (3.9) | (2.0) | ||||
(12.7) | (36.4) | (53.6) | (62.5) | (12.7) | |||||
Commercial | |||||||||
Office buildings | (1.8) | 2.0 | (3.3) | (10.5) | 0.1 | ||||
Retail trade | (8.6) | 3.2 | 4.9 | 0.2 | 1.3 | ||||
Land | 9.9 | (17.1) | (1.5) | (0.6) | (12.4) | ||||
Industrial | 3.9 | 3.9 | (0.1) | (7.4) | (4.3) | ||||
Healthcare | - | - | (1.0) | - | 5.7 | ||||
Churches and educational facilities | - | 0.1 | (0.1) | - | - | ||||
Lodging | (11.2) | - | - | - | 0.6 | ||||
Convenience stores | 0.1 | (1.8) | - | - | - | ||||
Marina | 3.7 | 2.1 | 1.6 | 0.2 | 0.9 | ||||
Other | 1.4 | (5.0) | (0.9) | 0.6 | 0.2 | ||||
(2.6) | (12.6) | (0.4) | (17.5) | (7.9) | |||||
Individuals | |||||||||
Lot loans | - | 0.6 | (1.6) | (2.7) | (1.7) | ||||
Construction | (0.3) | (5.3) | 0.3 | (7.1) | (4.1) | ||||
(0.3) | (4.7) | (1.3) | (9.8) | (5.8) | |||||
Total construction and land development | (15.6) | (53.7) | (55.3) | (89.8) | (26.4) | ||||
Real estate mortgages | |||||||||
Residential real estate | |||||||||
Adjustable | (1.9) | 1.2 | (2.3) | 12.5 | 4.1 | ||||
Fixed rate | 1.6 | 1.1 | 3.2 | 2.1 | (4.7) | ||||
Home equity mortgages | 0.3 | 1.4 | (8.8) | 0.5 | 0.7 | ||||
Home equity lines | (2.8) | 3.1 | 0.3 | (1.2) | 1.8 | ||||
(2.8) | 6.8 | (7.6) | 13.9 | 1.9 | |||||
Commercial real estate | |||||||||
Office buildings | 12.6 | (2.0) | 1.3 | 2.8 | (5.8) | ||||
Retail trade | 7.6 | 9.7 | 8.1 | 10.3 | (2.8) | ||||
Land | (5.3) | - | 0.6 | (0.6) | - | ||||
Industrial | (1.2) | (11.0) | (1.1) | 2.5 | 0.6 | ||||
Healthcare | 7.5 | (6.3) | (2.0) | (2.4) | (0.9) | ||||
Churches and educational facilities | - | (3.7) | (0.9) | (0.4) | (0.4) | ||||
Recreation | (0.2) | (1.0) | - | (0.1) | - | ||||
Multifamily | 6.2 | (0.9) | 0.1 | 8.0 | - | ||||
Mobile home parks | (0.7) | (0.1) | - | (0.1) | - | ||||
Lodging | 5.2 | 0.1 | (1.3) | (0.1) | (0.3) | ||||
Restaurant | (0.2) | 1.0 | (0.4) | (2.4) | (0.1) | ||||
Agricultural | (0.5) | (3.4) | (0.3) | (0.2) | (0.3) | ||||
Convenience stores | (0.1) | 1.8 | (1.3) | (0.1) | (0.2) | ||||
Other | 1.8 | 1.5 | 0.9 | 1.1 | (0.6) | ||||
32.7 | (14.3) | 3.7 | 18.3 | (10.8) | |||||
Total real estate mortgages | 29.9 | (7.5) | (3.9) | 32.2 | (8.9) | ||||
Commercial & financial | (32.8) | 0.9 | (6.3) | (5.7) | (7.3) | ||||
Installment loans to individuals | |||||||||
Automobile and trucks | (0.9) | (1.1) | (1.1) | (1.1) | (1.4) | ||||
Marine loans | 0.1 | (8.1) | 0.8 | - | 0.3 | ||||
Other | (0.7) | 0.4 | (0.5) | (1.3) | (0.4) | ||||
(1.5) | (8.8) | (0.8) | (2.4) | (1.5) | |||||
Other | (0.4) | (0.1) | 0.1 | (0.2) | - | ||||
$ (20.4) | $ (69.2) | $ (66.2) | $ (65.9) | $ (44.1) | |||||
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