SEACOAST BANKING CORPORATION OF FLORIDA 
By STUART, Fla., Jan. 29, 2014 /PRNewswire/ -- Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF), today reported fourth quarter 2013 net income of $1,850,000 compared to $240,000 for the same quarter last year. Net income available to common shareholders for the quarter totaled $588,000 or $0.03 per diluted common share, compared with a net loss of $(697,000) or $(0.04) per diluted common share for 2012. Net income available to common shareholders for the year totaled $47.9 million or $2.44 per diluted common share, compared with a net loss of $(4.5) million or $(0.24) per diluted common share for 2012.
(Logo: http://photos.prnewswire.com/prnh/20050916/SEACOASTLOGO )
Pretax earnings for the quarter and the year were substantially improved over the prior year due to our ongoing investments in loan production personnel, digital technologies and the effects of asset quality improvements and expense management. During 2013 we reduced our total noninterest expense structure by $7.4 million or 9.0 percent while also absorbing increases in core operating expenses totaling approximately $3.7 million related to new investments including (5) new Accelerate business offices in Ft. Lauderdale, Boca Raton and Orlando as well as costs associated with faster customer adoption of our digital product offerings. Revenue growth continued to improve throughout the year as our new investments began to produce results and our legacy franchise experienced continued organic growth.
When compared with the prior quarter, pretax earnings fell 11 percent due to the recovery of interest income from a nonaccrual loan which was recovered and disclosed in the prior quarter, lower mortgage banking fees, additional investments in production personnel and year end incentive adjustments related to higher than expected production for 2013. Additional cost reductions totaling approximately $1.2 million are being implemented in first quarter 2014 and include expenses related to slower growth expected for mortgage production in 2014.
The Company's $50 million in outstanding Series A Preferred Stock was redeemed in full at year end which will increase net income available to common shareholders in 2014 and beyond. During the fourth quarter the Company also successfully raised $75 million in common equity. "These actions taken together with last quarter's recapture of our deferred tax asset strengthened capital levels, improved the quality of our capital structure and were key objectives accomplished to support our strategic growth objectives going forward," said Dennis S. Hudson, III, Chief Executive Officer.
Revenue initiatives continue to produce results
-- Noninterest income (excluding securities gains) increased by 13.4
percent for the year and 6.4 percent for the quarter in spite of lower
mortgage banking fees
-- Ending net loan balances up 6.4 percent compared to a year ago
-- Noninterest income to total revenue at year end increased to 27.2
percent compared to 24.9 percent a year ago
Expense reduction objectives for 2013 were accomplished while providing significant investments in growth initiatives
-- Total noninterest expenses down $7.4 million or 9.0 percent
-- Total core expenses down $2.7 million or 3.5 percent
-- New investment spend (core operating expenses) totaled approximately
$3.7 million for the year primarily related to revenue related personnel
and build out of our digital product suite
Investments in loan production personnel producing results
-- Loan production for the year totaled $563 million, up 18.8 percent
compared to 2012
-- Much stronger commercial production of $200 million for the year, up 80
percent or $89 million compared to 2012
-- Residential loan production grew at a slower pace compared to 2012 and
totaled $251 million for the year
We will continue to refine and expand our investments in our existing growth initiatives while we implement other initiatives to support continued earnings growth in 2014 and beyond.
Over the last several years, our focused tactical initiatives have produced strong organic core customer deposit account growth and increased core customer funding. Transaction accounts (demand deposits and NOW accounts) surpassed $1 billion for the first time ever this quarter. Core customer funding totaled $1.7 billion at December 31, 2013, up $101.4 million from last year's fourth quarter and up 21.1 percent since the fourth quarter 2011. In addition, deposit mix continued to improve with noninterest bearing deposits nearly 26 percent of total deposits at year end 2013 and transaction accounts increasing to over 55 percent of deposits.
2013 vs 2012 2013 vs 2011
Change Change
------ ------
(Dollars in thousands) Fourth Fourth Quarter Fourth Quarter
Quarter 2012 2011
2013
--- ----
Customer Relationship Funding
Demand deposits $464,006 $422,833 $328,356 9.7% 41.3%
(noninterest bearing)
NOW 540,288 509,371 469,631 6.1 15.0
Money market accounts 331,184 343,915 319,152 (3.7) 3.8
Savings deposits 192,491 164,956 133,578 16.7 44.1
Time certificates of deposit 278,076 317,886 468,024 (12.5) (40.6)
------- ------- -------
Total deposits 1,806,045 1,758,961 1,718,741 2.7 5.1
Sweep repurchase agreements 151,310 136,803 136,252 10.6 11.1
Total core customer funding (1) 1,679,279 1,577,878 1,386,969 6.4 21.1
Demand deposit mix 25.7% 24.0% 19.1%
(noninterest bearing)
--------------------
(1) Total deposits and sweep repurchase agreements, excluding certificates of deposits.
Additional growth highlights for fourth quarter 2013:
-- Interchange fees and service charges on deposit accounts grew by 20.5
percent and 6.0 percent, respectively, compared to last year's fourth
quarter;
-- Wealth management fees totaled $1.2 million for the fourth quarter, up
$270,000 or 30.5 percent compared to a year ago;
-- Net interest income totaled $16.3 million compared to $16.2 million a
year ago and was lower than the linked quarter as a result of a $505,000
recovery of interest income related to nonaccrual loans in the third
quarter 2013; and
-- While annual mortgage banking fees increased in 2013 by $463,000 or 12.5
percent compared to a year ago, mortgage fees were $302,000 lower
compared to one year earlier and $347,000 lower compared to the prior
quarter, as a result of higher interest rates.
The following details noninterest income for the fourth quarter ended December 31, 2013 compared to the last four quarters:
(Dollars in thousands) Fourth Third Second First Fourth
Quarter Quarter Quarter Quarter Quarter
2013 2013 2013 2013 2012
--- ---- ---- ---- ---- ----
Service charges on deposit accounts $1,778 $1,741 $1,641 $1,551 $1,677
Trust income 693 667 675 676 592
Mortgage banking fees 728 1,075 1,256 1,114 1,030
Brokerage commissions and fees 461 383 362 425 292
Marine finance fees 215 283 419 272 258
Interchange income 1,394 1,358 1,388 1,264 1,157
Other deposit based EFT fees 80 77 87 98 83
Other 617 503 507 531 520
Total 5,966 6,087 6,335 5,931 5,609
Loss on sale of commercial loan held for sale 0 0 0 0 (1,238)
Securities gains, net 0 280 114 25 582
--- --- --- --- ---
$5,966 $6,367 $6,449 $5,956 $4,953
====== ====== ====== ====== ======
Credit Quality Improves to Pre-Crisis Levels
-- Net charge-offs totaled 0.26 percent of average loans for fourth
quarter, compared to 0.69 percent a year ago;
-- Annual net charge-offs to average loans of 0.41 percent for 2013 was
down 75 basis points compared to 2012;
-- Net loss on other real estate owned and repossessed assets at December
31, 2013 declined $2.2 million from December 31, 2012 as other real
estate owned was reduced by $5.0 million or 42.3 percent from 2012;
-- Restructured loans reduced to $25.1 million, down $16.8 million compared
to a year ago;
-- Nonperforming loans totaled 2.12 percent of loans, compared with 2.27
percent last quarter and 3.34 percent one year ago; and
-- Nonperforming assets to total assets declined to 1.52 percent, compared
to 2.43 percent a year ago.
(Dollars in thousands ) Fourth Quarter Third Second Quarter First Quarter Fourth Quarter
2013 Quarter 2013 2013 2013 2012
---- ------------ ---- ---- ----
Net charge-offs (recoveries) $838 $842 $2,027 $1,517 $2,151
Net charge-offs (recoveries) to
average loans 0.26% 0.26% 0.64% 0.49% 0.69%
$490 $1,180 $565 $953 $1,136
Loan loss provision
Allowance to loans at
end of period 1.54% 1.62% 1.59% 1.76% 1.80%
Restructured loans
(accruing) $25,137 $25,509 $29,612 $41,170 $41,946
Nonperforming loans $27,672 $28,724 $33,266 $35,208 $40,955
Other real estate owned 6,860 5,589 10,063 10,850 11,887
----- ----- ------ ------ ------
Nonperforming assets $34,532 $34,313 $43,329 $46,058 $52,842
------- ------- ------- ------- -------
Nonperforming loans
to loans outstanding
at end of period 2.12% 2.27% 2.63% 2.88% 3.34%
Nonperforming assets to
total assets 1.52 1.60 1.98 2.09 2.43
Noninterest Expenses
Total noninterest expenses fell by $1.1 million or 5.8 percent for the fourth quarter compared with the prior year. Contributing to the decline were lower expenses related to OREO and other asset disposition costs as overall asset quality continued to improve as well as reduced core operating expenses. Core operating expenses for the quarter were reduced by $311,000 or 1.6 percent compared with the prior year and were down $2.7 million or 3.5 percent annually compared to 2012. One time expenses for employee incentives of $203,000 unfavorably impacted core operating expenses.
Noninterest expenses for the fourth quarter 2013 are presented below compared to the prior four quarters:
Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter
(Dollars in
thousands) 2013 2013 2013 2013 2012
---- ---- ---- ---- ----
Noninterest Expense:
Salaries and wages $8,077 $7,533 $7,892 $7,437 $7,258
Employee benefits 1,568 1,713 1,823 2,223 1,860
Outsourced data
processing costs 1,586 1,657 1,631 1,498 1,904
Telephone /data
lines 325 318 325 285 293
Occupancy expense 1,824 1,824 1,775 1,755 1,896
Furniture and
equipment expense 597 605 571 561 585
Marketing expense 749 456 685 449 707
Legal and
professional fees 839 874 949 796 1,114
FDIC assessments 451 713 720 717 697
Amortization of
intangibles 196 195 197 195 195
Other 2,414 2,203 2,512 2,153 2,428
----- ----- ----- ----- -----
Total Core Operating
Expense 18,626 18,091 19,080 18,069 18,937
Severance and
organizational
changes 24 10 33 84
0
Branch consolidation 0 0 0 0 407
Miscellaneous Losses 190 0 0 0 0
Recovery of prior
legal fees (350) 0 (650) 0 0
Net loss on OREO and
repossessed assets 0 229 493 567 157
Asset dispositions
expense 180 159 111 290 200
--- --- --- --- ---
Total $18,646 $18,503 $19,044 $18,959 $19,785
======= ======= ======= ======= =======
Investments in new channels and digital technology
Over the past year, we redeployed a portion of our overhead savings to build out new delivery channels. We also added loan production personnel and implemented and promoted new digital products while simultaneously reducing overall operating expenses. During 2013 we incurred substantial core operating expenses associated with investment in our new Accelerate business banking channel. Through the implementation of five Accelerate locations, we continued to focus on reaching our customers in unique ways, creating a path to achieve higher customer satisfaction. The Accelerate model focuses on providing our customers with talented, results oriented staff, specializing in the small business market segment. From their tenure and market experience, our bankers are familiar with the multitude of challenges our small business customers face in their lives. This strategy allows Seacoast to build customer relationships with depth that surpasses traditional commercial lending, and opens opportunities into other areas in which we provide services. Annual salaries and benefits added to our lending and credit support teams (including the Accelerate business channel) during 2013 and each of the past two years are presented in the table below:
Annual Salaries and Benefits Added to Lending and Credit Support Teams
(Dollars in thousands)
Year-end
--------
2013 2012 2011 Total
---- ---- ---- -----
Loan production and support personnel:
Commercial $2,254 $2,065 $527
Residential 487 396 248
--- --- ---
$2,741 $2,461 $775 $5,977
====== ====== ==== ======
As indicated in the table below, total commercial loan originations for the fourth quarter totaled nearly $60 million as a result of the investments in the Accelerate business channel and other revenue producing personnel. Also included in the table below, are the salaries and benefits associated with new commercial loan officers and credit support personnel with tenures of six months or less for each quarter of 2013 and the final quarter of 2012. These costs are included in core operating expenses, are significant, and are considered investments that impact our efficiency in the short run.
(Dollars in thousands) Fourth Third Second First Fourth Quarter 2012
Quarter Quarter Quarter Quarter
2013 2013 2013 2013
--- ---- ---- ---- ----
Commercial pipeline $27,830 $54,600 $46,850 $63,842 $26,809
Commercial loans closed $59,775 32,988 68,388 36,973 49,190
------- ------ ------ ------ ------
Total loan originations and pipeline $87,605 $87,588 $115,238 $100,815 $75,999
======= ======= ======== ======== =======
Salaries and benefits, lenders and support personnel < six months $440 $553 $585 $538 $345
Total revenues, excluding securities
gains and loss on sale of commercial
loan $22,243 $22,902 $22,449 $21,931 $21,817
Our successful customer growth strategy has included investments in digital delivery and products we believe have contributed to increasing core customer funding. As of December 31, 2013, nearly 43 percent of our online customers have adopted our mobile product offerings. Our mobile users grew by over 90 percent during 2013. We are concentrating on building a more integrated distribution system which will allow us to reduce our fixed costs as we further invest in technology designed to better serve our customers.
The Company's tier 1 capital ratio was 15.6 percent and the total risk based capital ratio was 16.9 percent at December 31, 2013. The tier 1 leverage ratio was 9.6 percent at December 31, 2013, reflecting the reversal of the deferred tax valuation allowance in the prior quarter and the sale of $50 million of common equity this quarter. The Company closed on the sale of an additional $25 million in common equity in January 2014 which further strengthens our capital ratios.
Seacoast will host a conference call on Thursday, January 30, 2014 at 10:00 a.m. (Eastern Time) to discuss the earnings results and business trends. Investors may call in (toll-free) by dialing (888) 517-2458 (passcode: 7789246; host: Dennis S. Hudson). Charts will be used during the conference call and may be accessed at Seacoast's website at 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 January 30, by dialing (888) 843-7419 (domestic), using the passcode 7789246.
Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast's website at SeacoastBanking.net. The link is located in the subsection "Presentations" under the heading "Investor Services". Beginning the afternoon of January 30, 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 is one of the largest community banks headquartered in Florida with approximately $2.3 billion in assets and $1.8 billion in deposits as of December 31, 2013. The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through 34 traditional branches of its locally-branded wholly-owned subsidiary bank, Seacoast National Bank, and five Accelerate offices fueled by the power of Seacoast National Bank. Offices stretch from Broward County north through the Treasure Coast and into Orlando, and west to Okeechobee and surrounding counties.
_______________________________________________________________
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, 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, 2012 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 at http://www.sec.gov.
FINANCIAL HIGHLIGHTS (Unaudited)
--------------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Dollars in thousands, except share data) Three Months Ended Twelve Months Ended
----------------------------------------
December 31, September 30, December 31, December 31, December 31,
2013 2013 2012 2013 2012
---- ---- ---- ---- ----
Summary of Earnings
Net income (loss) $1,850 $45,141 $240 $51,989 $(710)
Net income available to common shareholders (loss) 588 44,204 (697) 47,916 (4,458)
Net interest income (1) 16,336 16,872 16,254 65,435 64,990
Net interest margin (1), (2) 3.08 3.25 3.22 3.13 3.22
Performance Ratios
Return on average assets-GAAP basis (2), (3), (5) 0.33% 8.32% 0.05% 2.38% (0.03)%
Return on average shareholders' equity-GAAP basis (2), (3), (5) 3.10 106.55 0.58 28.36 (0.01)
Return on average tangible common shareholders' equity-GAAP basis (2), (3), (4) 3.32 152.80 0.07 28.81 (0.43)
Efficiency ratio (6) 81.92 78.05 87.97 80.60 88.89
Noninterest income to total revenue 26.82 26.58 25.71 27.16 24.86
Per Share Data
Net income (loss) diluted-GAAP basis (7) $0.03 $2.31 $(0.04) $2.44 $(0.24)
Net income (loss) basic-GAAP basis (7) 0.03 2.35 (0.04) 2.46 (0.24)
Book value per share common (7) 8.40 8.12 6.16 8.40 6.16
Tangible book value per share (7) 8.37 10.69 8.65 8.37 8.65
Tangible common book value per share (4), (7) 8.37 8.07 6.08 8.37 6.08
Cash dividends declared 0.00 0.00 0.00 0.00 0.00
(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 calculation 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 defines tangible common equity as total shareholders equity less preferred stock and intangible assets.
(5) Excluding the income tax benefit related to the reversal of the valuation allowance for deferred tax assets and reflecting tax provisioning of $1,351 for the third quarter 2013 and $4,555 for the total year 2013, adjusted return on average assets for these periods was 0.40 percent and 0.32 percent, respectively, and adjusted return on average
shareholders' equity was 5.07 percent and 3.85 percent, respectively.
(6) Defined as (non-interest expense less foreclosed property expense and amortization of intangibles) divided by net operating revenue (net interest income on a fully taxable equivalent basis plus non-interest income excluding securities gains).
(7) Calculated based on total shares outstanding subsequent to the 5/1 reverse stock split.
FINANCIAL HIGHLIGHTS
---------------------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
December 31, September 30, December 31,
(Dollars in thousands,
except share data) 2013 2013 2012
---------------------- ---- ---- ----
Selected Financial Data
Total assets $2,268,940 $2,149,777 $2,173,929
Securities available
for sale (at fair
value) 641,611 650,445 643,050
Securities held for
investment (at
amortized cost) 0 0 13,818
Net loans 1,284,139 1,242,496 1,203,977
Deposits 1,806,045 1,698,910 1,758,961
Total shareholders'
equity 198,604 203,858 165,546
Common shareholders'
equity 198,604 154,175 116,800
Average Balances (Year-to-Date)
Total average assets $2,186,757 $2,167,077 $2,117,075
Less: intangible
assets 1,104 1,202 1,889
Total average tangible
assets $2,185,653 $2,165,875 $2,115,186
---------- ---------- ----------
Total average equity $183,304 $165,226 $165,381
Less: intangible
assets 1,104 1,202 1,889
Total average tangible
equity $182,200 $164,024 $163,492
-------- -------- --------
Credit Analysis
Net charge-offs year-
to-date $5,224 $4,386 $14,257
Net charge-offs to
average loans
(annualized) 0.41% 0.46% 1.16%
Loan loss provision
year-to-date $3,188 $2,698 $10,796
Allowance to loans at
end of period 1.54% 1.62% 1.80%
Nonperforming loans $27,672 $28,724 $40,955
Other real estate
owned 6,860 5,589 11,887
Total nonperforming
assets $34,532 $34,313 $52,842
------- ------- -------
Restructured loans
(accruing) $25,137 $25,509 $41,946
Nonperforming loans to
loans at end of
period 2.12% 2.27% 3.34%
Nonperforming assets
to total assets 1.52% 1.60% 2.43%
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
------------------------------------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
(Dollars in thousands, except per share data) 2013 2012 2013 2012
-------------------------------------------- ---- ---- ---- ----
Interest on securities:
Taxable $3,452 $3,130 $12,856 $13,964
Nontaxable 16 12 68 80
Interest and fees on loans 13,924 14,438 56,971 58,290
Interest on federal funds sold and other investments 224 226 868 953
--- --- --- ---
Total Interest Income 17,616 17,806 70,763 73,287
Interest on deposits 196 275 782 1,522
Interest on time certificates 444 598 1,947 3,969
Interest on borrowed money 699 725 2,828 2,987
--- --- ----- -----
Total Interest Expense 1,339 1,598 5,557 8,478
----- ----- ----- -----
Net Interest Income 16,277 16,208 65,206 64,809
Provision for loan losses 490 1,136 3,188 10,796
--- ----- ----- ------
Net Interest Income After Provision for Loan Losses 15,787 15,072 62,018 54,013
Noninterest income:
Service charges on deposit accounts 1,778 1,677 6,711 6,245
Trust income 693 592 2,711 2,279
Mortgage banking fees 728 1,030 4,173 3,710
Brokerage commissions and fees 461 292 1,631 1,071
Marine finance fees 215 258 1,189 1,111
Interchange income 1,394 1,157 5,404 4,501
Other deposit based EFT fees 80 83 342 336
Other 617 520 2,158 2,191
--- --- ----- -----
5,966 5,609 24,319 21,444
Change in fair value of loan held for sale 0 (1,238) 0 (1,238)
Securities gains, net 0 582 419 7,619
--- --- --- -----
Total Noninterest Income 5,966 4,953 24,738 27,825
Noninterest expenses:
Salaries and wages 8,077 7,342 31,006 29,935
Employee benefits 1,568 1,860 7,327 7,710
Outsourced data processing costs 1,586 1,904 6,372 7,382
Telephone / data lines 325 293 1,253 1,178
Occupancy 1,824 2,241 7,178 8,146
Furniture and equipment 597 647 2,334 2,319
Marketing 749 707 2,339 3,095
Legal and professional fees 489 1,114 2,458 5,241
FDIC assessments 451 697 2,601 2,805
Amortization of intangibles 196 195 783 788
Asset dispositions expense 180 200 740 1,459
Net loss on other real estate owned and repossessed assets 0 157 1,289 3,467
Other 2,604 2,428 9,472 9,023
----- ----- ----- -----
Total Noninterest Expenses 18,646 19,785 75,152 82,548
Income Before Income Taxes 3,107 240 11,604 (710)
Income taxes (benefit) 1,257 0 (40,385) 0
----- --- ------- ---
Net Income 1,850 240 51,989 (710)
Preferred stock dividends and accretion on preferred stock discount 1,262 937 4,073 3,748
----- --- ----- -----
Net Income Available to Common Shareholders $588 $(697) $47,916 $(4,458)
---- ----- ------- -------
Per share of common stock:
Net income diluted $0.03 $(0.04) $2.44 $(0.24)
Net income basic 0.03 (0.04) 2.46 (0.24)
Cash dividends declared 0.00 0.00 0.00 0.00
Average diluted shares outstanding 21,558,079 18,781,986 19,650,005 18,748,757
Average basic shares outstanding 21,386,775 18,781,986 19,449,560 18,748,757
CONDENSED CONSOLIDATED
BALANCE SHEETS (Unaudited)
---------------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
December 31, December 31,
(Dollars in thousands,
except share data) 2013 2012
---------------------- ---- ----
Assets
Cash and due from banks $48,561 $45,620
Interest bearing deposits
with other banks 143,063 129,367
------- -------
Total Cash and Cash
Equivalents 191,624 174,987
Securities:
Available for sale (at
fair value) 641,611 643,050
Held for investment (at
amortized cost) 0 13,818
--- ------
Total Securities 641,611 656,868
Loans available for sale 13,832 36,021
Loans, net of deferred
costs 1,304,207 1,226,081
Less: Allowance for loan
losses (20,068) (22,104)
------- -------
Net Loans 1,284,139 1,203,977
Bank premises and
equipment, net 34,505 34,465
Other real estate owned 6,860 11,887
Other intangible assets 718 1,501
Other assets 95,651 54,223
------ ------
$2,268,940 $2,173,929
---------- ----------
Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand deposits
(noninterest bearing) $464,006 $422,833
NOW 540,288 509,371
Savings deposits 192,491 164,956
Money market accounts 331,184 343,915
Other time certificates 154,743 182,495
Brokered time certificates 9,776 8,203
Time certificates of
$100,000 or more 113,557 127,188
------- -------
Total Deposits 1,806,045 1,758,961
Federal funds purchased
and securities sold under
agreements to repurchase,
maturing within 30 days 151,310 136,803
Borrowed funds 50,000 50,000
Subordinated debt 53,610 53,610
Other liabilities 9,371 9,009
----- -----
2,070,336 2,008,383
Shareholders' Equity
Preferred stock -Series A 0 48,746
Common stock 2,364 1,897
Additional paid in capital 277,290 230,438
Accumulated deficit (70,695) (118,611)
Treasury stock (11) (62)
--- ---
208,948 162,408
Accumulated other
comprehensive gain
(loss), net (10,344) 3,138
------- -----
Total Shareholders' Equity 198,604 165,545
------- -------
$2,268,940 $2,173,928
---------- ----------
Common Shares Outstanding 23,637,434 18,967,434
Note: The balance sheet at December 31, 2012 has been derived from the audited financial statements at
that date.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
-------------------------------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
QUARTERS
--------
2013 2012
---- ----
(Dollars in thousands, except per share data) Fourth Third Second First Fourth
-------------------------------------------- ------ ----- ------ ----- ------
Net income (loss) $1,850 $45,141 $2,954 $2,044 $240
Operating Ratios
Return on average assets-GAAP basis (2),(3),(5) 0.33% 8.32% 0.54% 0.38% 0.05%
Return on average tangible assets (2),(3),(4) 0.35 8.34 0.57 0.41 0.07
Return on average shareholders' equity-GAAP basis (2),(3),(5) 3.10 106.55 7.19 5.09 0.58
Efficiency ratio (6) 81.92 78.05 81.05 81.45 87.97
Noninterest income to total revenue 26.82 26.58 28.22 27.04 25.71
Net interest margin (1),(2) 3.08 3.25 3.12 3.15 3.22
Average equity to average assets 10.55 7.80 7.56 7.50 7.73
Credit Analysis
Net charge-offs (recoveries) $838 $842 $2,027 $1,517 $2,151
Net charge-offs to average loans (recoveries) 0.26% 0.26% 0.64% 0.49% 0.69%
Loan loss provision $490 $1,180 $565 $953 $1,136
Allowance to loans at end of period 1.54% 1.62% 1.59% 1.76% 1.80%
Restructured loans (accruing) $25,137 $25,509 $29,612 $41,170 $41,946
Nonperforming loans $27,672 $28,724 $33,266 $35,208 $40,955
Other real estate owned 6,860 5,589 10,063 10,850 11,887
Nonperforming assets $34,532 $34,313 $43,329 $46,058 $52,842
------- ------- ------- ------- -------
Nonperforming loans to loans at end of period 2.12% 2.27% 2.63% 2.88% 3.34%
Nonperforming assets to total assets 1.52 1.60 1.98 2.09 2.43
Per Share Common Stock
Net income (loss) diluted-GAAP basis $0.03 $2.31 $0.11 $0.06 $(0.04)
Net income (loss) basic-GAAP basis 0.03 2.35 0.11 0.06 $(0.04)
Cash dividends declared 0.00 0.00 0.00 0.00 0.00
Book value per share common 8.40 8.12 5.89 6.20 6.16
Average Balances
Total average assets $2,245,155 $2,153,830 $2,178,242 $2,169,329 $2,111,986
Less: Intangible assets 813 1,009 1,205 1,395 1,596
Total average tangible assets $2,244,342 $2,152,821 $2,177,038 $2,167,934 $2,110,390
---------- ---------- ---------- ---------- ----------
Total average equity $236,950 $168,078 $164,747 $162,795 $163,341
Less: Intangible assets 813 1,009 1,205 1,395 1,596
Total average tangible equity $236,137 $167,069 $163,541 $161,400 $161,745
----------------------------- -------- -------- -------- -------- --------
(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 calculation of ROA and ROE do not include the mark-to-market unrealized gains (losses), because the unrealized gains (losses) are not included in net income (loss).
(4) The Company believes that return on average assets and equity excluding the impacts of noncash amortization expense on intangible assets is a better measurement of the Company's trend in earnings growth.
(5) Excluding the income tax benefit related to the reversal of the valuation allowance for deferred tax assets and reflecting tax provisioning of $1,351 for the third quarter 2013, adjusted return on average assets and adjusted return on average shareholders' equity for the third quarter was 0.40 percent and 5.07
percent, respectively.
(6) Defined as (non-interest expense less foreclosed property expense and amortization of intangibles) divided by net operating revenue (net interest income on a fully taxable equivalent basis plus non-interest income excluding securities gains)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
December 31, December 31,
SECURITIES 2013 2012
---------- ---- ----
U.S. Treasury and U.S.
Government Agencies $100 $1,707
Mortgage-backed 602,568 640,445
Collateralized loan
obligations 32,179 0
Obligations of states and
political subdivisions 6,764 898
Securities Available for
Sale 641,611 643,050
------- -------
Mortgage-backed 0 5,965
Obligations of states and
political subdivisions 0 6,353
Other securities 0 1,500
--- -----
Securities Held for
Investment (1) 0 13,818
--- ------
Total Securities $641,611 $656,868
-------- --------
(1) Securities Held for Investment were transferred to Securities Available for Sale for more options
to manage interest rate risk prospectively.
December 31, December 31,
LOANS 2013 2012
----- ---- ----
Construction and land
development $67,450 $60,736
Real estate mortgage 1,113,128 1,056,159
Installment loans to
individuals 44,713 46,930
Commercial and financial 78,636 61,903
Other loans 280 353
--- ---
Total Loans $1,304,207 $1,226,081
---------- ----------
AVERAGE BALANCES (Unaudited)
---------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
QUARTER Percent Change vs.
-------
2013 2012 3rd Qtr 4th Qtr
---- ----
(Dollars in thousands) Fourth Third Second First Fourth 2013 2012
--------------------- ------ ----- ------ ----- ------ ---- ----
Assets
Earning assets:
Securities:
Taxable $655,176 $664,103 $639,769 $646,184 $604,412 (1.3)% 8.4%
Nontaxable 1,560 1,560 1,647 1,666 1,670 0.0 (6.6)
----- ----- ----- ----- -----
Total Securities 656,736 665,663 641,416 647,850 606,082 (1.3) 8.4
156,823 113,798 168,740 172,505 162,599 37.8 (3.6)
Federal funds sold and other investments
Loans, net 1,293,373 1,278,391 1,269,789 1,247,666 1,241,711 1.2 4.2
--------- --------- --------- --------- ---------
Total Earning Assets 2,106,932 2,057,852 2,079,945 2,068,021 2,010,392 2.4 4.8
Allowance for loan losses (20,817) (20,206) (21,515) (22,018) (23,820) 3.0 (12.6)
Cash and due from banks 40,836 35,810 34,279 34,706 39,321 14.0 3.9
Premises and equipment 34,750 34,834 35,121 34,516 34,566 (0.2) 0.5
Other assets 83,454 45,540 50,413 54,104 51,527 83.3 62.0
------ ------ ------ ------ ------
$2,245,155 $2,153,830 $2,178,242 $2,169,329 $2,111,986 4.2 6.3
---------- ---------- ---------- ---------- ----------
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW $483,569 $447,350 $461,005 $474,915 $449,476 8.1% 7.6%
Savings deposits 190,558 185,918 180,915 170,502 161,156 2.5 18.2
Money market accounts 332,576 336,229 339,058 341,833 346,089 (1.1) (3.9)
Time deposits 282,543 289,408 302,110 311,945 330,556 (2.4) (14.5)
Federal funds purchased and other short term borrowings 142,999 157,607 159,847 160,600 131,628 (9.3) 8.6
Other borrowings 103,610 103,610 103,610 103,610 103,610 0.0 0.0
------- ------- ------- ------- -------
Total Interest-Bearing
Liabilities 1,535,855 1,520,122 1,546,545 1,563,405 1,522,515 1.0 0.9
Demand deposits (noninterest-bearing) 462,830 454,642 455,525 433,757 416,482 1.8 11.1
Other liabilities 9,520 10,988 11,426 9,372 9,648 (13.4) (1.3)
----- ------ ------ ----- -----
Total Liabilities 2,008,205 1,985,750 2,013,496 2,006,534 1,948,645 1.1 3.1
Shareholders' equity 236,950 168,078 164,747 162,795 163,341 41.0 45.1
------- ------- ------- ------- -------
$2,245,155 $2,153,830 $2,178,242 $2,169,329 $2,111,986 4.2 6.3
---------- ---------- ---------- ---------- ----------
AVERAGE YIELDS / RATES (1) (Unaudited)
--------------------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
QUARTER
-------
2013 2012
---- ----
(Dollars in thousands) Fourth Third Second First Fourth
--------------------- ------ ----- ------ ----- ------
Assets
Earning assets:
Securities:
Taxable 2.11% 1.93% 1.88% 1.97% 2.07%
Nontaxable 6.41 6.67 6.55 6.37 4.31
---- ---- ---- ---- ----
Total Securities 2.12 1.95 1.89 1.98 2.08
Federal funds sold and other investments 0.57 0.67 0.53 0.54 0.55
Loans, net 4.29 4.59 4.52 4.57 4.64
---- ---- ---- ---- ----
Total Earning Assets 3.33 3.52 3.39 3.43 3.53
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW 0.08 0.08 0.09 0.10 0.11
Savings deposits 0.05 0.05 0.05 0.06 0.09
Money market accounts 0.09 0.08 0.08 0.08 0.13
Time deposits 0.62 0.64 0.67 0.69 0.72
Federal funds purchased and other short term borrowings 0.17 0.17 0.18 0.21 0.23
Other borrowings 2.44 2.44 2.45 2.48 2.50
---- ---- ---- ---- ----
Total Interest-Bearing
Liabilities 0.35 0.36 0.36 0.38 0.42
Interest expense as a % of earning assets 0.25 0.26 0.27 0.29 0.32
Net interest income as a % of earning assets 3.08 3.25 3.12 3.15 3.22
(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.
INTEREST INCOME / EXPENSE (1) (Unaudited)
----------------------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
QUARTER Percent Change vs.
-------
2013 2012 3rd Qtr 4th Qtr
---- ----
(Dollars in thousands) Fourth Third Second First Fourth 2013 2012
--------------------- ------ ----- ------ ----- ------ ---- ----
Assets
Earning assets:
Securities:
Taxable $3,452 $3,212 $3,008 $3,184 $3,130 7.5% 10.4%
Nontaxable 25 26 27 27 19 (3.8) 31.6
--- --- --- --- ---
Total Securities 3,477 3,238 3,035 3,211 3,149 7.4 10.4
Federal funds sold and other investments 224 192 224 228 226 (16.7) (0.9)
Loans, net 13,974 14,804 14,312 14,073 14,477 (5.6) (3.5)
------ ------ ------ ------ ------
Total Earning Assets 17,675 18,234 17,571 17,512 17,852 (3.1) (0.9)
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW 96 93 100 112 128 3.3 (25.0)
Savings deposits 26 25 24 26 36 4.0 (27.8)
Money market accounts 74 69 67 70 111 7.2 (33.3)
Time deposits 444 470 501 532 598 (5.5) (25.8)
Federal funds purchased and other short term borrowings 62 68 73 83 75 (8.8) (17.3)
Other borrowings 637 637 634 634 650 (0.0) (2.0)
--- --- --- --- ---
Total Interest-Bearing
Liabilities 1,339 1,362 1,399 1,457 1,598 (1.7) (16.2)
----- ----- ----- -----
Net interest income 16,336 16,872 16,172 16,055 16,254 (3.2) 0.5
------ ------ ------ ------ ------
(1) On a fully taxable equivalent basis. Fees on loans have been included in interest on loans
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
-------------------------------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2013 2012
---- ----
(Dollars in thousands) Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter
--------------------- -------------- ------------- -------------- ------------- --------------
Customer Relationship Funding (Period End)
Demand deposits (noninterest bearing)
Commercial $261,938 $254,373 $260,325 $246,849 $232,413
Retail 159,117 155,281 163,551 167,516 153,428
Public funds 32,971 27,002 29,487 26,166 21,799
Other 9,980 16,293 15,154 12,613 15,193
-----
464,006 452,949 468,517 453,144 422,833
NOW accounts
Commercial 43,241 35,029 35,714 39,303 32,701
Retail 324,583 305,055 308,390 307,545 308,633
Public funds 172,464 100,785 108,965 136,065 168,037
------------
540,288 440,869 453,069 482,913 509,371
Total Transaction Accounts
Commercial 305,179 289,402 296,039 286,152 265,114
Retail 483,700 460,336 471,941 475,061 462,061
Public funds 205,435 127,787 138,452 162,231 189,836
Other 9,980 16,293 15,154 12,613 15,193
1,004,294 893,818 921,586 936,057 932,204
Savings accounts 192,491 187,181 184,219 177,213 164,956
Money market accounts
Commercial 100,601 107,767 109,938 111,580 114,965
Retail 221,062 217,176 216,370 220,555 220,601
Public funds 9,521 9,735 9,639 9,081 8,349
------------
331,184 334,678 335,947 341,216 343,915
Time certificates of deposit 278,076 283,233 296,857 307,678 317,886
------- ------- ------- ------- -------
Total Deposits $1,806,045 $1,698,910 $1,738,609 $1,762,164 $1,758,961
============
Sweep repurchase agreements $151,310 $134,338 $160,934 $161,678 $136,803
======== ======== ======== ======== ========
Total core customer funding (1) $1,679,279 $1,550,015 $1,602,686 $1,616,164 $1,577,878
========== ========== ========== ========== ==========
(1) Total deposits and sweep repurchase agreements, excluding certificates of deposits.
QUARTERLY TRENDS - LOANS AT END OF PERIOD (Dollars in Millions) (Unaudited)
-------------------------------------------------------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2013 2012
---- ----
4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
------- ------- ------- ------- ------- ------- ------- -------
Installment loans to individuals
Automobile and trucks $6.6 $7.1 $7.5 $7.8 $7.8 $8.0 $8.1 $8.2
Marine loans 20.2 21.3 16.7 15.4 18.4 23.0 20.8 21.1
Other 17.9 18.8 20.1 20.0 20.7 20.6 21.3 21.5
---- ---- ---- ---- ---- ---- ---- ----
44.7 47.2 44.3 43.2 46.9 51.6 50.2 50.8
Construction and land development to individuals
Lot loans 12.9 14.7 15.5 16.6 16.7 16.4 17.6 18.4
Construction 21.3 19.7 20.7 20.8 22.2 18.9 16.6 13.5
---- ---- ---- ---- ---- ---- ---- ----
34.2 34.4 36.2 37.4 38.9 35.3 34.2 31.9
Residential real estate
Adjustable 391.9 378.4 372.6 365.8 361.0 353.7 359.4 341.6
Fixed rate 91.1 94.7 97.5 98.2 99.0 99.7 95.4 96.2
Home equity mortgages 62.0 61.8 62.2 61.3 58.0 58.4 58.3 59.5
Home equity lines 47.7 47.7 49.1 49.3 51.4 50.6 50.8 53.0
---- ---- ---- ---- ---- ---- ---- ----
592.7 582.6 581.4 574.6 569.4 562.4 563.9 550.3
----- ----- ----- ----- ----- ----- ----- -----
TOTAL CONSUMER 671.6 664.2 661.9 655.2 655.2 649.3 648.3 633.0
----- ----- ----- ----- ----- ----- ----- -----
Commercial & financial 78.6 70.8 65.2 64.8 61.9 58.2 56.2 54.6
Construction and land development for commercial
Residential
Single family residences 2.0 - - - - - - -
Single family land and lots 4.9 4.9 5.0 4.9 5.6 5.8 5.9 6.0
Multifamily 3.7 3.8 3.9 3.9 4.3 4.6 4.7 4.9
--- --- --- --- --- --- --- ---
10.6 8.7 8.9 8.8 9.9 10.4 10.6 10.9
Commercial
Office buildings - 1.6 1.6 1.1 - - - 0.3
Retail trade 7.7 1.8 1.8 - - - - -
Land 4.9 7.3 7.2 7.8 9.6 9.8 10.7 9.2
Healthcare 5.4 4.7 2.9 3.3 1.8 - - -
Churches and educational facilities 3.8 4.0 2.5 1.2 0.5 0.7 0.3 0.3
Lodging 0.9 0.3 - - - - - -
Convenience stores - - - - - - 1.4 1.4
--- --- --- --- --- --- --- ---
22.7 19.7 16.0 13.4 11.9 10.5 12.4 11.2
---- ---- ---- ---- ---- ---- ---- ----
Total construction and land development 33.3 28.4 24.9 22.2 21.8 20.9 23.0 22.1
Commercial real estate
Office buildings 118.7 118.2 112.0 112.5 104.7 102.4 113.4 118.0
Retail trade 130.6 128.9 135.5 122.2 126.7 121.1 128.5 139.3
Industrial 81.1 79.6 83.3 73.4 72.6 71.3 72.0 70.0
Healthcare 45.5 38.8 42.1 39.4 40.7 35.8 42.0 40.2
Churches and educational facilities 25.3 24.2 26.4 26.9 28.6 26.2 26.7 27.0
Recreation 2.5 2.5 2.6 2.6 2.7 2.7 3.1 3.1
Multifamily 16.8 6.2 9.5 8.5 9.0 7.8 8.3 8.8
Mobile home parks 1.9 1.9 1.9 2.0 2.0 2.1 2.1 2.1
Lodging 17.1 17.3 17.5 18.0 18.7 19.1 19.3 19.4
Restaurant 3.7 3.8 3.5 3.6 3.5 4.4 4.7 4.6
Agricultural 7.0 7.2 7.1 5.9 6.1 7.3 7.4 7.6
Convenience stores 20.8 21.0 20.2 20.2 20.5 16.6 15.4 15.5
Marina 21.3 21.5 20.9 21.1 21.2 21.4 21.5 21.6
Other 28.1 27.9 31.1 25.1 29.8 35.6 29.3 29.3
---- ---- ---- ---- ---- ---- ---- ----
520.4 499.0 513.6 481.4 486.8 473.8 493.7 506.5
----- ----- ----- ----- ----- ----- ----- -----
TOTAL COMMERCIAL 632.3 598.2 603.7 568.4 570.5 552.9 572.9 583.2
----- ----- ----- ----- ----- ----- ----- -----
Other 0.3 0.5 0.3 0.2 0.4 0.3 0.2 0.2
--- --- --- --- --- --- --- ---
$1,304.2 $1,262.9 $1,265.9 $1,223.8 $1,226.1 $1,202.5 $1,221.4 $1,216.4
======== ======== ======== ======== ======== ======== ======== ========
QUARTERLY TRENDS - INCREASE (DECREASE) IN LOANS BY QUARTER (Dollars in Millions) (Unaudited)
------------------------------------------------------------------------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2013 2012
---- ----
4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
------- ------- ------- ------- ------- ------- ------- -------
Installment loans to individuals
Automobile and trucks $(0.5) $(0.4) $(0.3) $ - $(0.2) $(0.1) $(0.1) $(0.5)
Marine loans (1.1) 4.6 1.3 (3.0) (4.6) 2.2 (0.3) 1.2
Other (0.9) (1.3) 0.1 (0.7) 0.1 (0.7) (0.2) (0.5)
---- ---- --- ---- --- ---- ---- ----
(2.5) 2.9 1.1 (3.7) (4.7) 1.4 (0.6) 0.2
Construction and land development to individuals
Lot loans (1.8) (0.8) (1.1) (0.1) 0.3 (1.2) (0.8) 0.5
Construction 1.6 (1.0) (0.1) (1.4) 3.3 2.3 3.1 4.8
--- ---- ---- ---- --- --- --- ---
(0.2) (1.8) (1.2) (1.5) 3.6 1.1 2.3 5.3
Residential real estate
Adjustable 13.5 5.8 6.8 4.8 7.3 (5.7) 17.8 7.5
Fixed rate (3.6) (2.8) (0.7) (0.8) (0.7) 4.3 (0.8) (0.8)
Home equity mortgages 0.2 (0.4) 0.9 3.3 (0.4) 0.1 (1.2) (0.7)
Home equity lines - (1.4) (0.2) (2.1) 0.8 (0.2) (2.2) (1.9)
--- ---- ---- ---- --- ---- ---- ----
10.1 1.2 6.8 5.2 7.0 (1.5) 13.6 4.1
---- --- --- --- --- ---- ---- ---
TOTAL CONSUMER 7.4 2.3 6.7 0.0 5.9 1.0 15.3 9.6
--- --- --- --- --- --- ---- ---
Commercial & financial 7.8 5.6 0.4 2.9 3.7 2.0 1.6 1.5
Construction and land development for commercial
Residential
Single family residences 2.0 - - - - - - -
Single family land and lots - (0.1) 0.1 (0.7) (0.2) (0.1) (0.1) (0.2)
Multifamily (0.1) (0.1) - (0.4) (0.3) (0.1) (0.2) (0.2)
---- ---- --- ---- ---- ---- ---- ----
1.9 (0.2) 0.1 (1.1) (0.5) (0.2) (0.3) (0.4)
Commercial
Office buildings (1.6) - 0.5 1.1 - - (0.3) 0.1
Retail trade 5.9 - 1.8 - - - - -
Land (2.4) 0.1 (0.6) (1.8) (0.2) (0.9) 1.5 (0.1)
Healthcare 0.7 1.8 (0.4) 1.5 1.8 - - -
Churches and educational facilities (0.2) 1.5 1.3 0.7 (0.2) 0.4 - 0.2
Lodging 0.6 0.3 - - - - - -
Convenience stores - - - - - (1.4) - (0.3)
--- --- --- --- --- ---- --- ----
3.0 3.7 2.6 1.5 1.4 (1.9) 1.2 (0.1)
--- --- --- --- --- ---- --- ----
Total construction and land development 4.9 3.5 2.7 0.4 0.9 (2.1) 0.9 (0.5)
Commercial real estate
Office buildings 0.5 6.2 (0.5) 7.8 2.3 (11.0) (4.6) (1.6)
Retail trade 1.7 (6.6) 13.3 (4.5) 5.6 (7.4) (10.8) (1.3)
Industrial 1.5 (3.7) 9.9 0.8 1.3 (0.7) 2.0 (0.7)
Healthcare 6.7 (3.3) 2.7 (1.3) 4.9 (6.2) 1.8 1.4
Churches and educational facilities 1.1 (2.2) (0.5) (1.7) 2.4 (0.5) (0.3) (0.4)
Recreation - (0.1) - (0.1) - (0.4) - (0.1)
Multifamily 10.6 (3.3) 1.0 (0.5) 1.2 (0.5) (0.5) (0.6)
Mobile home parks - - (0.1) - (0.1) - - (0.1)
Lodging (0.2) (0.2) (0.5) (0.7) (0.4) (0.2) (0.1) (0.2)
Restaurant (0.1) 0.3 (0.1) 0.1 (0.9) (0.3) 0.1 (0.1)
Agricultural (0.2) 0.1 1.2 (0.2) (1.2) (0.1) (0.2) (1.2)
Convenience stores (0.2) 0.8 - (0.3) 3.9 1.2 (0.1) 0.4
Marina (0.2) 0.6 (0.2) (0.1) (0.2) (0.1) (0.1) 0.3
Other 0.2 (3.2) 6.0 (4.7) (5.8) 6.3 - 2.3
--- ---- --- ---- ---- --- --- ---
21.4 (14.6) 32.2 (5.4) 13.0 (19.9) (12.8) (1.9)
---- ----- ---- ---- ---- ----- ----- ----
TOTAL COMMERCIAL 34.1 (5.5) 35.3 (2.1) 17.6 (20.0) (10.3) (0.9)
---- ---- ---- ---- ---- ----- ----- ----
Other (0.2) 0.2 0.1 (0.2) 0.1 0.1 - (0.4)
---- --- --- ---- --- --- --- ----
$41.3 $(3.0) $42.1 $(2.3) $23.6 $(18.9) $5.0 $8.3
===== ===== ===== ===== ===== ====== ==== ====
SOURCE Seacoast Banking Corporation of Florida
