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 IMPROVEMENTS FOR THE THIRD QUARTER
- “Switch to Seacoast” campaign accelerates new household and revenue growth
- Revenue increases 8.5 percent annualized - Strong growth in fee income and margin expansion to 3.35 percent
- Credit quality improvements continue in the quarter
- Nonperforming loans decline by 23.5 percent - Eliminated exposure to large residential construction and development loans
STUART, FL., October 21, 2010 – Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF), today reported a significantly improved net loss for the third quarter of 2010 totaling $7,638,000, compared to $40,777,000 for the third quarter a year ago. In addition, the net loss was lower for the first nine months of 2010, totaling $22,998,000, compared to $108,537,000 for 2009. For the first nine months of 2009, the net loss was impacted by a $49.8 million goodwill impairment, as well as, much higher provisioning for loan losses. The net loss that is available to Common shareholders for the third quarter and year to date 2010 totaled $8,575,000, or $0.09 diluted earnings per share (DEPS) and $25,809,000, or $0.36 DEPS, respectively, compared to a loss of $1.21 DEPS and $4.58 DEPS a year ago for the same periods, respectively.
Revenues increased on a linked quarter basis as a result of the Company’s retail and small business deposit growth initiatives, improvements in loan production and significantly reduced levels of new problem loans. Annualized revenue on a linked quarter basis grew by 8.5 percent as a result of improved margins and significant growth in noninterest income, while expenses net of credit related costs continued to decline.
Nonperforming loans declined by 23.5 percent during the quarter and totaled 5.50 percent of loans outstanding. Nonperforming loans have consistently declined for the past four quarters and have been reduced to $69.5 million, a level last achieved in the first quarter of 2008, compared with a peak level of $154.0 million or 10.23 percent of loans one year ago. The improvement is the result of aggressive liquidation activities and a slowing of new problem loans. Total loans (including nonperforming loans) delinquent 30 days or more fell to 4.66 percent of loans, the lowest level since the second quarter of 2008. Early stage delinquencies (accruing loans 30 – 89 days past due) remained nominal at 0.60 percent of loans outstanding. The allowance for loan losses remains strong at 3.04 percent compared with 3.10 percent the prior quarter and 3.25 percent the prior year when nonperforming assets peaked at $180.8 million.
The Company’s capital position remains strong with a total risk-based capital ratio of 18.9 percent at June 30, 2010, compared to 18.4 percent (estimated) at September 30, 2010. New loan growth has been concentrated in industries that have not been as significantly impacted by the recession and residential home purchase transactions. Accruing loans remained nearly unchanged at $1.194 billion at September 30, 2010, down only $15.9 million or 1.3 percent, as a result of loan production and less loans moving to nonaccrual status during the third quarter. Total loans outstanding declined year-over-year by $241.2 million or 16.0 percent.
Retail household growth for the entire year has improved as a result of the Company’s retail deposit program and more recently expanded efforts to attract new commercial deposit accounts. This quarter, new household acquisition was particularly strong with new personal checking retail relationships opened during the quarter up 19.1 percent from the same quarter a year ago and 14.1 percent from the second quarter. Likewise, new commercial business checking deposit relationships opened increased by 30.7 percent compared with the same quarter one year ago.
New personal checking relationships have increased as a result of our programs with improved market share, increased average services per household and decreased customer attrition. Since initial implementation in 2008, the acquisition of new retail checking deposit households and the average services per household have increased 32.4 percent and 37.0 percent, respectively.
Nonperforming assets (nonperforming loans and foreclosed and repossessed assets) continued to decline each quarter in 2010, down $8 million from the second quarter and $79 million lower compared to the prior year’s third quarter. During the third quarter 2010, the Company sold approximately $5.8 million in nonperforming loans and foreclosed properties. The sale included larger balance residential construction and land development loans. This quarter the Company eliminated its exposure to large residential construction and land development loans. Of the remaining small balance residential construction and land development loans of $21.3 million, $5.7 million are currently classified as nonperforming with an overall portfolio average balance of approximately $645,000.
“The virtual elimination of our exposure to residential construction and land development loans which produced the majority of loan losses over the past three years allows us to accelerate our focus on revenue growth and franchise enhancement”, said Dennis S. Hudson, III, Chairman and Chief Executive Officer of Seacoast. “As predicted, our effort to address the slumping housing market in Florida which began early, well ahead of the industry as a whole, has positioned us to be among the first in the state to emerge from its negative effects.”
Other results for third quarter 2010:
•
Total revenues (excluding securities gains, net) increased $444,000 linked-quarter to $21.3 million, an increase of 8.5 percent annualized.
•
Service charges on deposits accounts increased 16.3 percent linked-quarter annualized as a result of 4,238 new households over the first nine months, up 11.2 percent compared to last year.
•
Debit card income for the quarter totaled $810,000, up $136,000 or 20.2 percent compared to the prior year’s results, reflecting the growth in new deposit accounts.
•
Mortgage banking revenues grew as a result of expanded capacity and focused growth initiatives increasing year-over-year by $317,000 or 94.1 percent to $654,000 for the quarter.
•
Seacoast was the largest producer of residential mortgage purchase loans in its important and largest market, the Treasure Coast, for the first seven months of 2010.
•
Average checking and savings deposits grew 8.5 percent over the past year.
•
Noninterest bearing checking balances totaled 16.5 percent of average deposits at quarter-end compared with 15.8 percent the prior year.
•
Core deposits (total deposits excluding time deposits over $100,000 and brokered deposits) comprise 84.2 percent of deposits versus 78.6 percent a year ago.
•
Average cost of deposits totaled 0.84 percent, down 10 basis points from the second quarter of 2010 and 40 basis points lower compared to the prior year.
Noninterest expenses totaled $20.2 million, down $262,000 from the prior year’s third quarter. Year-to-date noninterest expenses totaled $62.8 million compared to $61.1 million (excluding goodwill impairment) a year ago, all of which was attributed to higher legal and professional fees (including non-recurring consulting fees totaling approximately $2.1 million for development and implementation assistance related to our strategic plan and enterprise risk management projects). The Company will continue to reduce its overhead and expects to implement cost saving measures in the last quarter of the year and the first quarter of 2011. The goal is to reduce core operating expenses (total noninterest expense less nonrecurring professional fees for consulting, credit related legal costs and other direct expenses associated with other real estate owned (“OREO”), and losses from sale of OREO, collectively noncore operating expenses) by $2 million to $2.5 million annually. Non-core operating expenses for the third quarter totaled $2.6 million, up from $1.1 million in the second quarter 2010. On a year-to-date basis, non-core operating expenses totaled $8.9 million in 2010 compared to $5.0 million in 2009. Core operating expenses totaled $17.7 million in the third quarter, slightly lower than the first and second quarter’s results of $18.1 million and $18.2 million, respectively. For the first nine months, core operating expenses totaled $53.9 million for 2010, down by $2.2 million from last year’s first nine month total of $56.1 million, primarily the result of full year impacts of last year’s branch consolidations.
Noninterest income, excluding securities gains and losses, increased 17.4 percent annualized when compared to the second quarter, reflecting increased revenues from service charges on deposit accounts, marine finance fees, wealth management, and mortgage banking fees offset by lower merchant income. As previously indicated, the improvement in market share and focus programs to grow retail and commercial customer households is beginning to produce increased revenues. While market uncertainty remains, we are seeing improvements across our business lines as we implement our “back to basics” community banking strategy. We expect seasonal revenue improvements in these fee-based businesses to continue in the fourth quarter.
The net interest margin increased by 8 basis points to 3.35 percent in the third quarter 2010 compared to the second quarter of 2010 primarily as a result of lower nonperforming assets and lower costs for interest bearing liabilities. Interest bearing deposit costs decreased 11 basis points to 1.01 percent in the third quarter 2010 and total interest bearing liabilities decreased from 1.17 percent for the second quarter to 1.09 percent in the third quarter. The mix in deposits continues to improve as new households are on-boarded with average checking and savings deposits (excluding all time deposits) rising to 67 percent from 60 percent a year ago. Checking and savings deposits totaled $1.134 billion at September 30, 2010, up $89 million or 8.5 percent compared to third quarter 2009. Total average deposits declined $47.4 million over the year to $1.691 billion due to a $136.2 million decline in average time deposits attributable to the planned runoff of brokered and single service time deposit customers.
The Company will host a conference call on Friday, October 22, 2010 at 9:00 a.m. (Eastern Time) to discuss its earnings results and business trends. Investors may call in (toll-free) by dialing (888) 517-2464 (access code: 5785075; 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 conference call will be available beginning the afternoon of October 22 by dialing (877) 213-9653 (domestic), using the passcode 5785075.
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 subsection “Presentations” under the heading “Investor Services”. Beginning the afternoon of October 22, 2010, 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, with approximately $2.0 billion in assets, is one of the largest independent commercial banking organizations in Florida. Seacoast has 39 offices in South and Central Florida and is headquartered on Florida’s Treasure Coast, which is one of the wealthiest areas in the nation.
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, ability to realized deferred tax assets, 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,” “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 changes in interest rates on the level and composition of deposits, loan demand, liquidity and the values of loan collateral, securities, and interest sensitive assets and liabilities; interest rate risks, sensitivities and the shape of the yield curve; 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 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, 2009 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.
1
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)
2010
2009
2010
2009
Summary of Earnings
Net loss
$
(7,638
)
$
(40,777
)
$
(22,998
)
$
(108,537
)
Net loss, available to common shareholders
(8,575
)
(41,714
)
(25,809
)
(111,348
)
Net interest income (1)
16,532
19,101
50,107
56,329
Performance Ratios
Return on average assets-GAAP basis (2), (3)
(1.47
)
%
(7.55
)
%
(1.46
)
%
(6.49
)
%
Return on average tangible assets (2),(3),(4)
(1.44
)
(7.53
)
(1.43
)
(6.56
)
Return on average shareholders’ equity–GAAP basis (2), (3)
(16.63
)
(86.49
)
(17.93
)
(70.64
)
Net interest margin (1), (2)
3.35
3.74
3.35
3.61
Per Share Data
Net loss diluted-GAAP basis
$
(0.09
)
$
(1.21
)
$
(0.36
)
$
(4.58
)
Net loss basic-GAAP basis
(0.09
)
(1.21
)
(0.36
)
(4.58
)
Cash dividends declared
0.00
0.00
0.00
0.01
(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.
2
FINANCIAL HIGHLIGHTS
(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
September 30,
Increase/
2010
2009
(Decrease)
Credit Analysis
Net charge-offs year-to-date
$
34,450
$
63,791
(46.0
)
%
Net charge-offs to average loans
3.42
%
5.25
%
(34.9
)
Loan loss provision year-to-date
$
27,705
$
83,253
(66.7
)
Allowance to loans at end of period
3.04
%
3.25
%
(6.5
)
Nonperforming loans
$
69,519
$
153,981
(54.9
)
OREO
32,406
26,819
20.8
Total nonperforming assets
101,925
$
180,800
(43.6
)
Restructured loans (accruing)
$
64,403
$
16,061
301.0
Nonperforming assets to loans and other real estate owned at end of period
7.87
%
11.80
%
(33.3
)
Nonperforming assets to total assets
5.06
%
8.45
%
(40.1
)
Selected Financial Data
Total assets
$
2,014,405
$
2,139,915
(5.9
)
Securities – Available for sale (at fair value)
426,931
342,742
24.6
Securities – Held for investment (at amortized cost)
23,500
19,296
21.8
Net loans
1,224,899
1,455,716
(15.9
)
Deposits
1,637,030
1,761,287
(7.1
)
Total shareholders’ equity
179,595
180,324
(0.4
)
Common shareholders’ equity
133,659
135,638
(1.5
)
Book value per share common
1.43
2.57
(44.4
)
Tangible book value per share
1.89
3.33
(43.2
)
Tangible common book value per share (5)
1.39
2.48
(44.0
)
Average shareholders’ equity to average assets
8.15
%
9.18
%
(11.2
)
Tangible common equity to tangible to assets (5),(6)
6.48
6.14
5.5
Average Balances (Year-to-Date)
Total assets
$
2,103,204
$
2,237,422
(6.0
)
Less: intangible assets
3,695
37,928
(90.3
)
Total average tangible assets
$
2,099,509
$
2,199,494
(4.5
)
Total equity
$
171,453
$
205,439
(16.5
)
Less: intangible assets
3,695
37,928
(90.3
)
Total average tangible equity
$
167,758
$
167,511
0.1
(5) The Company defines tangible common equity as total shareholders equity less preferred stock and intangible assets.
(6)
The ratio of tangible common equity to tangible assets is a non-GAAP ratio used by the investment community to measure capital adequacy.
3
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)
2010
2009
2010
2009
Interest on securities:
Taxable
$
3,344
$
4,276
$
10,397
$
12,495
Nontaxable
61
73
187
233
Interest and fees on loans
17,181
20,836
52,951
65,634
Interest on federal funds sold and other investments
252
163
763
420
Total Interest Income
20,838
25,348
64,298
78,782
Interest on deposits
865
1,133
3,343
4,784
Interest on time certificates
2,725
4,283
8,798
14,813
Interest on borrowed money
787
881
2,266
3,040
Total Interest Expense
4,377
6,297
14,407
22,637
Net Interest Income
16,461
19,051
49,891
56,145
Provision for loan losses
8,866
45,374
27,705
83,253
Net Interest Income (Loss) After Provision for Loan Losses
7,595
(26,323
)
22,186
(27,108
)
Noninterest income:
Service charges on deposit accounts
1,511
1,732
4,335
4,879
Trust income
500
517
1,467
1,555
Mortgage banking fees
654
337
1,539
1,324
Brokerage commissions and fees
306
326
849
1,095
Marine finance fees
330
249
979
925
Debit card income
810
674
2,349
1,955
Other deposit based EFT fees
71
73
246
252
Merchant income
322
371
1,200
1,355
Other income
297
348
998
1,074
4,801
4,627
13,962
14,414
Securities gains, net
210
1,425
3,687
3,211
Total Noninterest Income
5,011
6,052
17,649
17,625
Noninterest expenses:
Salaries and wages
6,631
6,598
19,869
20,247
Employee benefits
1,367
1,362
4,564
4,881
Outsourced data processing costs
1,772
1,705
5,500
5,402
Telephone / data lines
383
472
1,184
1,415
Occupancy
1,928
2,072
5,781
6,283
Furniture and equipment
595
675
1,789
2,004
Marketing
577
639
2,146
1,548
Legal and professional fees
2,491
1,653
6,194
4,648
FDIC assessments
966
1,007
3,011
3,910
Amortization of intangibles
212
315
773
944
Asset dispositions expense
587
220
1,146
979
Net loss on other real estate owned and
repossessed assets
849
1,845
4,778
3,028
Goodwill impairment
0
0
0
49,813
Other
1,886
1,943
6,098
5,777
Total Noninterest Expenses
20,244
20,506
62,833
110,879
Loss Before Income Taxes
(7,638
)
(40,777
)
(22,998
)
(120,362
)
Provision for income taxes
0
0
0
(11,825
)
Net Loss
$
(7,638
)
$
(40,777
)
$
(22,998
)
$
(108,537
)
Preferred Stock Dividends and Accretion on
Preferred Stock Discount
937
937
2,811
2,811
Net Loss Available to Common
Shareholders
$
(8,575
)
$
(41,714
)
$
(25,809
)
$
(111,348
)
Per share common stock:
Net loss diluted
$
(0.09
)
$
(1.21
)
$
(0.36
)
$
(4.58
)
Net loss basic
(0.09
)
(1.21
)
(0.36
)
(4.58
)
Cash dividends declared
0.00
0.00
0.00
0.01
Average diluted shares outstanding
93,388,715
34,571,200
70,878,230
24,299,915
Average basic shares outstanding
93,388,715
34,571,200
70,878,230
24,299,915
4
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
September 30,
December 31,
September 30,
(Dollars in thousands)
2010
2009
2009
Assets
Cash and due from banks
$
27,833
$
32,200
$
32,515
Interest bearing deposits with other banks
173,409
182,900
137,640
Total Cash and Cash Equivalents
201,242
215,100
170,155
Securities:
Available for sale (at fair value)
426,931
393,648
342,742
Held for investment (at amortized cost)
23,500
17,087
19,296
Total Securities
450,431
410,735
362,038
Loans available for sale
7,799
18,412
5,857
Loans, net of unearned income
1,263,346
1,397,503
1,504,566
Less: Allowance for loan losses
(38,447
)
(45,192
)
(48,850
)
Net Loans
1,224,899
1,352,311
1,455,716
Bank premises and equipment, net
36,689
38,932
42,143
Other real estate owned
32,406
25,385
26,819
Goodwill and other intangible assets
3,348
4,121
4,436
Other assets
57,591
86,319
72,751
$
2,014,405
$
2,151,315
$
2,139,915
Liabilities and Shareholders’ Equity
Liabilities
Deposits
Demand deposits (noninterest bearing)
$
276,739
$
268,789
$
264,092
Savings deposits
814,098
838,288
788,154
Other time deposits
287,406
326,070
332,788
Brokered time certificates
11,788
38,656
55,469
Time certificates of $100,000 or more
246,999
307,631
320,784
Total Deposits
1,637,030
1,779,434
1,761,287
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days
62,522
105,673
68,797
Borrowed funds
50,000
50,000
65,053
Subordinated debt
53,610
53,610
53,610
Other liabilities
31,648
10,663
10,844
1,834,810
1,999,380
1,959,591
Shareholders’ Equity
Preferred stock – Series A
45,936
44,999
44,686
Common stock
9,345
5,887
5,285
Additional paid in capital
221,426
178,096
166,800
Retained earnings
(102,134
)
(78,200
)
(39,775
)
Treasury stock
(1
)
(855
)
(1,181
)
174,572
149,927
175,815
Accumulated other comprehensive income, net
5,023
2,008
4,509
Total Shareholders’ Equity
179,595
151,935
180,324
$
2,014,405
$
2,151,315
$
2,139,915
Common Shares Outstanding
93,452,708
58,867,229
52,849,625
Note: The balance sheet at December 31, 2009 has been derived from the audited financial statements at that date.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarters
2010
(Dollars in thousands, except per share data)
Third
Second
First
Net loss
$
(7,638
)
$
(13,796
)
$
(1,564
)
Operating Ratios
Return on average assets-GAAP basis (2),(3)
(1.47
)
%
(2.61
)
%
(0.30
)%
Return on average tangible assets (2),(3),(4)
(1.44
)
(2.58
)
(0.26
)
Return on average shareholders’ equity GAAP basis (2),(3)
(16.63
)
(30.73
)
(4.18
)
Net interest margin (1),(2)
3.35
3.27
3.48
Average equity to average assets
8.83
8.49
7.13
Credit Analysis
Net charge-offs
$
10,700
$
20,209
$
3,541
Net charge-offs to average loans
3.29
%
5.95
%
1.03
%
Loan loss provision
$
8,866
$
16,771
$
2,068
Allowance to loans at end of period
3.04
%
3.10
%
3.18
%
Restructured Loans (accruing)
$
64,403
$
64,876
$
60,032
Nonperforming loans
$
69,519
$
90,885
$
96,321
OREO
32,406
19,018
19,076
Nonperforming assets
$
101,925
$
109,903
$
115,397
Nonperforming assets to loans and other real estate owned at end of period
7.87
%
8.33
%
8.29
%
Nonperforming assets to total assets
5.06
5.25
5.44
Nonaccrual loans and accruing loans 90 days or more past due to loans outstanding at end of period
5.50
6.99
7.03
Per Share Common Stock
Net loss diluted-GAAP basis
$
(0.09
)
$
(0.25
)
$
(0.04
)
Net loss basic-GAAP basis
(0.09
)
(0.25
)
(0.04
)
Cash dividends declared
0.00
0.00
0.00
Book value per share
1.43
1.51
1.80
Average Balances
Total assets
$2,062,857
$
2,120,388
$
2,127,074
Less: Intangible assets
3,452
3,669
3,969
Total average tangible assets
$2,059,405
$
2,116,719
$
2,123,105
Total equity
$
182,202
$
180,093
$
151,731
Less: Intangible assets
3,452
3,669
3,969
Total average tangible equity
$
178,750
$
176,424
$
147,762
(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
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES (Continued)
2009
Last 12
(Dollars in thousands, except per share data)
Fourth
Months
Quarter
Net loss
$
(38,149
)
$
(61,147
)
Operating Ratios
Return on average assets-GAAP basis (2),(3)
(6.91
)
%
(2.88
)
%
Return on average tangible assets (2),(3),(4)
(6.89
)
(2.85
)
Return on average shareholders’ equity GAAP basis (2),(3)
(84.51
)
(35.27
)
Net interest margin (1),(2)
3.37
3.35
Average equity to average assets
8.18
8.16
Credit Analysis
Net charge-offs
$
45,172
$
79,622
Net charge-offs to average loans
12.12
%
5.76
%
Loan loss provision
$
41,514
$
69,219
Allowance to loans at end of period
3.23
%
Restructured Loans (accruing)
57,433
Nonperforming loans
97,876
OREO
25,385
Nonperforming assets
123,261
Nonperforming assets to loans and other real estate owned at end of period
8.66
%
Nonperforming assets to total assets
5.73
Nonaccrual loans and accruing loans 90 days or more past due to loans outstanding at end of period
7.01
Per Share Common Stock
Net loss diluted-GAAP basis
(0.73
)
$
(0.97
)
Net loss basic-GAAP basis
(0.73
)
(0.97
)
Cash dividends declared
0.00
0.00
Book value per share
1.82
Average Balances
Total assets
$
2,189,699
Less: Intangible assets
4,274
Total average tangible assets
$
2,185,425
Total equity
$
179,093
Less: Intangible assets
4,274
Total average tangible equity
$
174,819
(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.
6
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Dollars in thousands)
September 30,
December 31,
September 30,
SECURITIES
2010
2009
2009
U.S. Treasury and U.S. Government Agencies
$
4,226
$
3,688
$
1,198
Mortgage-backed
417,914
384,864
336,168
Obligations of states and political subdivisions
1,756
2,063
2,102
Other securities
3,035
3,033
3,274
Total Securities Available for Sale
426,931
393,648
342,742
Mortgage-backed
20,752
12,853
14,589
Obligations of states and political subdivisions
2,748
4,234
4,707
Total Securities Held for Investment
23,500
17,087
19,296
Total Securities
$
450,431
$
410,735
$
362,038
September 30,
December 31,
September 30,
LOANS
2010
2009
2009
Construction and land development
$
92,149
$
162,868
$
228,111
Real estate mortgage
1,064,739
1,109,077
1,143,476
Installment loans to individuals
52,192
64,024
66,739
Commercial and financial
53,982
61,058
65,954
Other loans
284
476
286
Total Loans
$
1,263,346
$
1,397,503
$
1,504,566
7
AVERAGE BALANCES, YIELDS AND RATES (1) (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2010
2010
2009
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
$
402,970
3.32
%
$
388,538
3.42
%
$
348,770
4.90
%
Nontaxable
5,463
6.81
5,703
6.10
6,742
6.59
Total Securities
408,433
3.37
394,241
3.46
355,512
4.93
Federal funds sold and other
investments
259,492
0.39
267,380
0.41
97,215
0.67
Loans, net
1,291,879
5.29
1,361,343
5.19
1,571,186
5.26
Total Earning Assets
1,959,804
4.23
2,022,964
4.22
2,023,913
4.98
Allowance for loan losses
(40,434
)
(42,415
)
(43,124
)
Cash and due from banks
27,311
28,559
28,614
Premises and equipment
37,421
38,182
42,636
Other assets
78,755
73,098
90,189
$
2,062,857
$
2,120,388
$
2,142,228
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
NOW
$
73,188
0.28
%
$
52,258
0.36
%
$
50,662
0.51
%
Savings deposits
107,241
0.15
105,984
0.23
102,429
0.28
Money market accounts
675,273
0.46
726,018
0.62
618,240
0.64
Time deposits
556,395
1.94
574,658
1.99
692,616
2.45
Federal funds purchased and other short term borrowings
75,085
0.29
86,836
0.28
86,264
0.33
Other borrowings
103,610
2.80
103,610
2.65
118,745
2.71
Total Interest-Bearing Liabilities
1,590,792
1.09
1,649,364
1.17
1,668,956
1.50
Demand deposits (noninterest-bearing)
278,424
279,960
273,972
Other liabilities
11,439
10,971
12,243
Total Liabilities
1,880,655
1,940,295
1,955,171
Shareholders’ equity
182,202
180,093
187,057
$
2,062,857
$
2,120,388
$
2,142,228
Interest expense as a % of earning assets
0.89
%
0.96
%
1.23
%
Net interest income as a % of earning assets
3.35
3.27
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.
8
QUARTERLY TRENDS – LOANS AT END OF PERIOD (Dollars in Millions) (Unaudited) 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
9
QUARTERLY TRENDS – LOANS AT END OF PERIOD (Dollars in Millions) (Unaudited) (continued SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2009
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Construction and Land Development
Residential:
Condominiums
>$4 million
$
8.4
$
7.9
$
5.3
$
—
<$4 million
7.9
8.8
3.7
6.1
Town homes
>$4 million
—
—
—
—
<$4 million
4.2
2.3
—
—
Single Family Residences
>$4 million
6.6
6.5
—
—
<$4 million
13.9
10.3
7.1
4.1
Single Family Land & Lots
>$4 million
21.8
21.8
5.9
5.9
<$4 million
29.6
21.5
19.5
16.6
Multifamily
>$4 million
7.8
7.8
6.6
6.6
<$4 million
17.0
9.8
9.5
8.3
TOTAL
>$4 million
44.6
44.0
17.8
12.5
TOTAL
<$4 million
72.6
52.7
39.8
35.1
GRAND TOTAL
$
117.2
$
96.7
$
57.6
$
47.6
10
11
QUARTERLY TRENDS – LOANS AT END OF PERIOD (Dollars in Millions) (Unaudited)
(continued)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2010
Nonperforming
Construction and Land Development
1st Qtr
2nd Qtr
3rd Qtr
3rd Qtr
Number
Residential:
Condominiums
>$4 million
—
—
—
—
—
<$4 million
$
0.9
$
0.9
$
0.9
$
0.9
1
Town homes
>$4 million
—
—
—
—
—
<$4 million
—
—
—
—
—
Single Family Residences
>$4 million
—
—
—
—
—
<$4 million
3.9
3.6
3.8
0.3
4
Single Family Land & Lots
>$4 million
5.9
5.9
—
—
—
<$4 million
15.7
9.6
10.3
3.5
11
Multifamily
>$4 million
6.6
4.3
—
—
—
<$4 million
8.1
8.2
6.3
1.0
2
TOTAL
>$4 million
12.5
10.2
—
—
—
TOTAL
<$4 million
28.6
22.3
21.3
5.7
18
GRAND TOTAL
$
41.1
$
32.5
$
21.3
$
5.7
18
12
QUARTERLY TRENDS – LOANS AT END OF PERIOD (Dollars in Millions) (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2008
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Construction and land development
Residential
Condominiums
$
57.2
$
47.4
$
32.6
$
17.4
Townhomes
23.8
20.0
21.7
6.1
Single family residences
56.7
49.5
37.2
26.8
Single family land and lots
112.1
95.1
70.2
52.8
Multifamily
32.6
34.0
30.7
26.8
282.4
246.0
192.4
129.9
Commercial
Office buildings
29.1
31.1
27.8
17.3
Retail trade
60.4
63.6
68.5
68.7
Land
92.5
75.4
73.9
73.3
Industrial
16.9
20.8
20.7
13.3
Healthcare
1.0
1.0
—
—
Churches and educational facilities
—
0.1
—
—
Lodging
—
—
—
—
Convenience stores
1.8
—
—
—
Marina
26.8
28.9
30.5
30.7
Other
11.3
6.3
5.4
6.0
239.8
227.2
226.8
209.3
Individuals
Lot loans
39.4
40.0
38.4
35.7
Construction
32.4
27.1
27.4
20.3
71.8
67.1
65.8
56.0
Total construction and land development
594.0
540.3
485.0
395.2
Real estate mortgages
Residential real estate
Adjustable
317.6
318.8
316.5
329.0
Fixed rate
89.1
90.2
93.4
95.5
Home equity mortgages
91.7
93.1
84.3
84.8
Home equity lines
56.3
59.4
59.7
58.5
554.7
561.5
553.9
567.8
Commercial real estate
Office buildings
144.3
142.3
143.6
146.4
Retail trade
83.8
93.5
101.6
111.9
Land
—
—
0.6
—
Industrial
104.3
93.3
92.2
94.7
Healthcare
39.9
33.6
31.6
29.2
Churches and educational facilities
40.2
36.5
35.6
35.2
Recreation
2.8
1.8
1.8
1.7
Multifamily
20.0
19.1
19.2
27.2
Mobile home parks
3.2
3.1
3.1
3.0
Lodging
27.9
28.0
26.7
26.6
Restaurant
8.0
9.0
8.6
6.2
Agricultural
12.4
9.0
8.7
8.5
Convenience stores
23.1
24.9
23.6
23.5
Other
40.1
41.6
42.5
43.6
550.0
535.7
539.4
557.7
Total real estate mortgages
1,104.7
1,097.2
1,093.3
1,125.5
Commercial & financial
93.9
94.8
88.5
82.8
Installment loans to individuals
Automobile and trucks
24.1
23.0
21.9
20.8
Marine loans
33.3
25.2
26.0
26.0
Other
27.5
27.9
27.4
26.1
84.9
76.1
75.3
72.9
Other
0.5
0.4
0.5
0.3
$
1,878.0
$
1,808.8
$
1,742.6
$
1,676.7
13
14
QUARTERLY TRENDS – LOANS AT END OF PERIOD (Dollars in Millions) (Unaudited)
(continued)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2009
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Construction and land development
Residential
Condominiums
$
16.3
$
16.7
$
9.0
$
6.1
Townhomes
4.2
2.3
—
—
Single family residences
20.5
16.8
7.1
4.1
Single family land and lots
51.4
43.3
25.4
22.5
Multifamily
24.8
17.6
16.1
14.9
117.2
96.7
57.6
47.6
Commercial
Office buildings
17.4
13.8
13.8
13.9
Retail trade
70.0
55.9
23.0
3.9
Land
60.9
51.2
50.8
45.6
Industrial
9.0
8.5
8.2
2.5
Healthcare
5.7
6.0
4.8
4.8
Churches and educational facilities
—
—
—
—
Lodging
0.6
—
—
—
Convenience stores
—
—
—
—
Marina
31.6
30.0
28.1
6.8
Other
6.2
1.4
—
—
201.4
166.8
128.7
77.5
Individuals
Lot loans
34.0
32.4
30.7
29.3
Construction
16.2
11.8
11.1
8.5
50.2
44.2
41.8
37.8
Total construction and land development
368.8
307.7
228.1
162.9
Real estate mortgages
Residential real estate
Adjustable
333.1
328.0
325.9
289.4
Fixed rate
90.8
90.6
89.5
88.6
Home equity mortgages
85.5
83.8
83.9
86.8
Home equity lines
60.3
60.1
59.7
60.1
569.7
562.5
559.0
524.9
Commercial real estate
Office buildings
140.6
141.6
144.2
132.3
Retail trade
109.1
120.0
151.4
164.6
Land
—
—
—
—
Industrial
95.3
93.0
89.3
88.4
Healthcare
28.3
30.9
25.4
24.7
Churches and educational facilities
34.8
34.6
30.8
29.6
Recreation
1.7
1.4
3.3
3.0
Multifamily
27.2
31.7
35.1
29.7
Mobile home parks
3.0
5.6
5.6
5.4
Lodging
26.3
26.3
25.6
25.5
Restaurant
6.1
5.1
5.0
4.7
Agricultural
8.2
11.8
12.0
11.7
Convenience stores
23.3
23.2
22.8
22.1
Other
43.0
47.6
34.0
42.4
546.9
572.8
584.5
584.1
Total real estate mortgages
1,116.6
1,135.3
1,143.5
1,109.0
Commercial & financial
75.5
71.8
66.0
61.1
Installment loans to individuals
Automobile and trucks
19.4
18.0
16.6
15.3
Marine loans
26.3
26.9
26.8
26.4
Other
25.7
24.3
23.3
22.3
71.4
69.2
66.7
64.0
Other
0.3
0.3
0.3
0.5
$
1,632.6
$
1,584.3
$
1,504.6
$
1,397.5
15
QUARTERLY TRENDS – LOANS AT END OF PERIOD (Dollars in Millions) (Unaudited)
(continued)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2010
1st Qtr
2nd Qtr
3rd Qtr
Construction and land development
Residential
Condominiums
$
0.9
$
0.9
$
0.9
Townhomes
—
—
—
Single family residences
3.9
3.6
3.8
Single family land and lots
21.6
15.5
10.3
Multifamily
14.7
12.5
6.3
41.1
32.5
21.3
Commercial
Office buildings
13.7
—
—
Retail trade
3.9
—
—
Land
45.7
38.5
35.1
Industrial
2.5
0.3
0.3
Healthcare
—
—
—
Churches and educational facilities
—
—
—
Lodging
—
—
—
Convenience stores
—
—
—
Marina
6.8
—
—
Other
—
—
—
72.6
38.8
35.4
Individuals
Lot loans
28.9
27.4
26.3
Construction
8.7
8.2
9.1
37.6
35.6
35.4
Total construction and land development
151.3
106.9
92.1
Real estate mortgages
Residential real estate
Adjustable
290.5
295.9
300.9
Fixed rate
87.6
86.0
84.1
Home equity mortgages
89.1
79.0
74.4
Home equity lines
60.1
58.8
58.4
527.3
519.7
517.8
Commercial real estate
Office buildings
131.1
128.2
122.9
Retail trade
163.5
155.9
152.0
Land
—
—
—
Industrial
81.7
84.0
79.8
Healthcare
29.1
29.4
29.0
Churches and educational facilities
29.1
28.5
29.4
Recreation
3.0
3.0
2.9
Multifamily
25.3
23.6
23.2
Mobile home parks
5.3
2.6
2.6
Lodging
23.5
23.4
22.1
Restaurant
4.7
4.6
4.5
Agricultural
11.4
10.8
10.7
Convenience stores
22.3
21.0
18.9
Other
41.0
47.8
48.9
571.0
562.8
546.9
Total real estate mortgages
1,098.3
1,082.5
1,064.7
Commercial & financial
62.1
49.9
54.0
Installment loans to individuals
Automobile and trucks
14.4
12.9
11.6
Marine loans
25.3
27.3
19.7
Other
21.7
20.8
20.9
61.4
61.0
52.2
Other
0.2
0.3
0.3
$
1,373.3
$
1,300.6
$
1,263.3
16
17
QUARTERLY TRENDS – INCREASE (DECREASE) IN LOANS BY QUARTER (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
$
(3.0
)
$
(9.8
)
$
(14.8
)
$
(15.2
)
Townhomes
(1.2
)
(3.8
)
1.7
(15.6
)
Single family residences
(2.3
)
(7.2
)
(12.3
)
(10.4
)
Single family land and lots
(4.3
)
(17.0
)
(24.9
)
(17.4
)
Multifamily
(1.9
)
1.4
(3.3
)
(3.9
)
(12.7
)
(36.4
)
(53.6
)
(62.5
)
Commercial
Office buildings
(1.8
)
2.0
(3.3
)
(10.5
)
Retail trade
(8.6
)
3.2
4.9
0.2
Land
9.9
(17.1
)
(1.5
)
(0.6
)
Industrial
3.9
3.9
(0.1
)
(7.4
)
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
0.2
Other
1.4
(5.0
)
(0.9
)
0.6
(2.6
)
(12.6
)
(0.4
)
(17.5
)
Individuals
Lot loans
—
0.6
(1.6
)
(2.7
)
Construction
(0.3
)
(5.3
)
0.3
(7.1
)
(0.3
)
(4.7
)
(1.3
)
(9.8
)
Total construction and land development
(15.6
)
(53.7
)
(55.3
)
(89.8
)
Real estate mortgages
Residential real estate
Adjustable
(1.9
)
1.2
(2.3
)
12.5
Fixed rate
1.6
1.1
3.2
2.1
Home equity mortgages
0.3
1.4
(8.8
)
0.5
Home equity lines
(2.8
)
3.1
0.3
(1.2
)
(2.8
)
6.8
(7.6
)
13.9
Commercial real estate
Office buildings
12.6
(2.0
)
1.3
2.8
Retail trade
7.6
9.7
8.1
10.3
Land
(5.3
)
—
0.6
(0.6
)
Industrial
(1.2
)
(11.0
)
(1.1
)
2.5
Healthcare
7.5
(6.3
)
(2.0
)
(2.4
)
Churches and educational facilities
—
(3.7
)
(0.9
)
(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
)
Restaurant
(0.2
)
1.0
(0.4
)
(2.4
)
Agricultural
(0.5
)
(3.4
)
(0.3
)
(0.2
)
Convenience stores
(0.1
)
1.8
(1.3
)
(0.1
)
Other
1.8
1.5
0.9
1.1
32.7
(14.3
)
3.7
18.3
Total real estate mortgages
29.9
(7.5
)
(3.9
)
32.2
Commercial & financial
(32.8
)
0.9
(6.3
)
(5.7
)
Installment loans to individuals
Automobile and trucks
(0.9
)
(1.1
)
(1.1
)
(1.1
)
Marine loans
0.1
(8.1
)
0.8
—
Other
(0.7
)
0.4
(0.5
)
(1.3
)
(1.5
)
(8.8
)
(0.8
)
(2.4
)
Other
(0.4
)
(0.1
)
0.1
(0.2
)
$
(20.4
)
$
(69.2
)
$
(66.2
)
$
(65.9
)
18
19
QUARTERLY TRENDS – INCREASE (DECREASE) IN LOANS BY QUARTER (Unaudited) (Dollars
in Millions) (Continued)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2009
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Construction and land development
Residential
��
Condominiums
$
(1.1
)
$
0.4
$
(7.7
)
$
(2.9
)
Townhomes
(1.9
)
(1.9
)
(2.3
)
—
Single family residences
(6.3
)
(3.7
)
(9.7
)
(3.0
)
Single family land and lots
(1.4
)
(8.1
)
(17.9
)
(2.9
)
Multifamily
(2.0
)
(7.2
)
(1.5
)
(1.2
)
(12.7
)
(20.5
)
(39.1
)
(10.0
)
Commercial
Office buildings
0.1
(3.6
)
—
0.1
Retail trade
1.3
(14.1
)
(32.9
)
(19.1
)
Land
(12.4
)
(9.7
)
(0.4
)
(5.2
)
Industrial
(4.3
)
(0.5
)
(0.3
)
(5.7
)
Healthcare
5.7
0.3
(1.2
)
—
Churches and educational
facilities
—
—
—
—
Lodging
0.6
(0.6
)
—
—
Convenience stores
—
—
—
—
Marina
0.9
(1.6
)
(1.9
)
(21.3
)
Other
0.2
(4.8
)
(1.4
)
—
(7.9
)
(34.6
)
(38.1
)
(51.2
)
Individuals
Lot loans
(1.7
)
(1.6
)
(1.7
)
(1.4
)
Construction
(4.1
)
(4.4
)
(0.7
)
(2.6
)
(5.8
)
(6.0
)
(2.4
)
(4.0
)
Total construction and land
development
(26.4
)
(61.1
)
(79.6
)
(65.2
)
Real estate mortgages
Residential real estate
Adjustable
4.1
(5.1
)
(2.1
)
(36.5
)
Fixed rate
(4.7
)
(0.2
)
(1.1
)
(0.9
)
Home equity mortgages
0.7
(1.7
)
0.1
2.9
Home equity lines
1.8
(0.2
)
(0.4
)
0.4
1.9
(7.2
)
(3.5
)
(34.1
)
Commercial real estate
Office buildings
(5.8
)
1.0
2.6
(11.9
)
Retail trade
(2.8
)
10.9
31.4
13.2
Land
—
—
—
—
Industrial
0.6
(2.3
)
(3.7
)
(0.9
)
Healthcare
(0.9
)
2.6
(5.5
)
(0.7
)
Churches and educational
facilities
(0.4
)
(0.2
)
(3.8
)
(1.2
)
Recreation
—
(0.3
)
1.9
(0.3
)
Multifamily
—
4.5
3.4
(5.4
)
Mobile home parks
—
2.6
—
(0.2
)
Lodging
(0.3
)
—
(0.7
)
(0.1
)
Restaurant
(0.1
)
(1.0
)
(0.1
)
(0.3
)
Agricultural
(0.3
)
3.6
0.2
(0.3
)
Convenience stores
(0.2
)
(0.1
)
(0.4
)
(0.7
)
Other
(0.6
)
4.6
(13.6
)
8.4
(10.8
)
25.9
11.7
(0.4
)
Total real estate mortgages
(8.9
)
18.7
8.2
(34.5
)
Commercial & financial
(7.3
)
(3.7
)
(5.8
)
(4.9
)
Installment loans to individuals
Automobile and trucks
(1.4
)
(1.4
)
(1.4
)
(1.3
)
Marine loans
0.3
0.6
(0.1
)
(0.4
)
Other
(0.4
)
(1.4
)
(1.0
)
(1.0
)
(1.5
)
(2.2
)
(2.5
)
(2.7
)
Other
—
—
—
0.2
$
(44.1
)
$
(48.3
)
$
(79.7
)
$
(107.1
)
20
QUARTERLY TRENDS – INCREASE (DECREASE) IN LOANS BY QUARTER (Unaudited)
(Dollars in Millions) (Continued)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2010
1st Qtr
2nd Qtr
3rd Qtr
Construction and land development
Residential
Condominiums
$
(5.2
)
$
—
$
—
Townhomes
—
—
—
Single family residences
(0.2
)
(0.3
)
0.2
Single family land and lots
(0.9
)
(6.1
)
(5.2
)
Multifamily
(0.2
)
(2.2
)
(6.2
)
(6.5
)
(8.6
)
(11.2
)
Commercial
Office buildings
(0.2
)
(13.7
)
—
Retail trade
—
(3.9
)
—
Land
0.1
(7.2
)
(3.4
)
Industrial
—
(2.2
)
—
Healthcare
(4.8
)
—
—
Churches and educational
facilities
—
—
—
Lodging
—
—
—
Convenience stores
—
—
—
Marina
—
(6.8
)
—
Other
—
—
—
(4.9
)
(33.8
)
(3.4
)
Individuals
Lot loans
(0.4
)
(1.5
)
(1.1
)
Construction
0.2
(0.5
)
0.9
(0.2
)
(2.0
)
(0.2
)
Total construction and land
development
(11.6
)
(44.4
)
(14.8
)
Real estate mortgages
Residential real estate
Adjustable
1.1
5.4
5.0
Fixed rate
(1.0
)
(1.6
)
(1.9
)
Home equity mortgages
2.3
(10.1
)
(4.6
)
Home equity lines
—
(1.3
)
(0.4
)
2.4
(7.6
)
(1.9
)
Commercial real estate
Office buildings
(1.2
)
(2.9
)
(5.3
)
Retail trade
(1.1
)
(7.6
)
(3.9
)
Land
—
—
—
Industrial
(6.7
)
2.3
(4.2
)
Healthcare
4.4
0.3
(0.4
)
Churches and educational
facilities
(0.5
)
(0.6
)
0.9
Recreation
—
—
(0.1
)
Multifamily
(4.4
)
(1.7
)
(0.4
)
Mobile home parks
(0.1
)
(2.7
)
—
Lodging
(2.0
)
(0.1
)
(1.3
)
Restaurant
—
(0.1
)
(0.1
)
Agricultural
(0.3
)
(0.6
)
(0.1
)
Convenience stores
0.2
(1.3
)
(2.1
)
Other
(1.4
)
6.8
1.1
(13.1
)
(8.2
)
(15.9
)
Total real estate mortgages
(10.7
)
(15.8
)
(17.8
)
Commercial & financial
1.0
(12.2
)
4.1
Installment loans to individuals
Automobile and trucks
(0.9
)
(1.5
)
(1.3
)
Marine loans
(1.1
)
2.0
(7.6
)
Other
(0.6
)
(0.9
)
0.1
(2.6
)
(0.4
)
(8.8
)
Other
(0.3
)
0.1
—
$
(24.2
)
$
(72.7
)
$
(37.3
)
21
We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.
