STUART, Fla., Oct. 21 /PRNewswire-FirstCall/ --
- "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
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.
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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 at www.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 at www.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.
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, 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 at http://www.sec.gov.
FINANCIAL HIGHLIGHTS |
(Unaudited) |
||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|||||||||
Three Months Ended |
Nine Months Ended |
||||||||
(Dollars in thousands, |
September 30, |
September 30, |
|||||||
except 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 |
|||||
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 non-performing 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 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 |
||||||
(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) 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. |
|||||||||
n/m = not meaningful |
|||||||||
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 |
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 of 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 |
|||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|||||||
September 30, |
December 31, |
September 30, |
|||||
(Dollars in thousands, except share amounts) |
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 certificates |
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 gain, 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 |
2009 |
Last 12 |
|||||||||||
(Dollars in thousands, except per share data) |
Third |
Second |
First |
Fourth |
Months |
||||||||
Net loss |
$ (7,638) |
$ (13,796) |
$ (1,564) |
$ (38,149) |
$ (61,147) |
||||||||
Operating Ratios |
|||||||||||||
Return on average assets-GAAP basis (2),(3) |
(1.47) |
% |
(2.61) |
% |
(0.30) |
% |
(6.91) |
% |
(2.88) |
% |
|||
Return on average tangible assets (2),(3),(4) |
(1.44) |
(2.58) |
(0.26) |
(6.89) |
(2.85) |
||||||||
Return on average shareholders' equity-GAAP basis (2),(3) |
(16.63) |
(30.73) |
(4.18) |
(84.51) |
(35.27) |
||||||||
Net interest margin (1),(2) |
3.35 |
3.27 |
3.48 |
3.37 |
3.35 |
||||||||
Average equity to average assets |
8.83 |
8.49 |
7.13 |
8.18 |
8.16 |
||||||||
Credit Analysis |
|||||||||||||
Net charge-offs |
$ 10,700 |
$ 20,209 |
$ 3,541 |
$ 45,172 |
$ 79,622 |
||||||||
Net charge-offs to average loans |
3.29 |
% |
5.95 |
% |
1.03 |
% |
12.12 |
% |
5.76 |
% |
|||
Loan loss provision |
$ 8,866 |
$ 16,771 |
$ 2,068 |
$ 41,514 |
$ 69,219 |
||||||||
Allowance to loans at end of period |
3.04 |
% |
3.10 |
% |
3.18 |
% |
3.23 |
% |
|||||
Restructured Loans (accruing) |
$ 64,403 |
$ 64,876 |
$ 60,032 |
$ 57,433 |
|||||||||
Nonperforming loans |
$ 69,519 |
$ 90,885 |
$ 96,321 |
$ 97,876 |
|||||||||
OREO |
32,406 |
19,018 |
19,076 |
25,385 |
|||||||||
Nonperforming assets |
$ 101,925 |
$ 109,903 |
$ 115,397 |
$ 123,261 |
|||||||||
Nonperforming assets to loans and |
|||||||||||||
other real estate owned at end |
|||||||||||||
of period |
7.87 |
% |
8.33 |
% |
8.29 |
% |
8.66 |
% |
|||||
Nonperforming assets to total assets |
5.06 |
5.25 |
5.44 |
5.73 |
|||||||||
Nonaccrual loans and accruing loans |
|||||||||||||
90 days or more past due to loans |
|||||||||||||
outstanding at end of period |
5.50 |
6.99 |
7.03 |
7.01 |
|||||||||
Per Share Common Stock |
|||||||||||||
Net loss diluted-GAAP basis |
$ (0.09) |
$ (0.25) |
$ (0.04) |
$ (0.73) |
$ (0.97) |
||||||||
Net loss basic-GAAP basis |
(0.09) |
(0.25) |
(0.04) |
(0.73) |
(0.97) |
||||||||
Cash dividends declared |
- |
- |
- |
- |
- |
||||||||
Book value per share common |
1.43 |
1.51 |
1.80 |
1.82 |
|||||||||
Average Balances |
|||||||||||||
Total assets |
$ 2,062,857 |
$ 2,120,388 |
$ 2,127,074 |
$ 2,189,699 |
|||||||||
Less: Intangible assets |
3,452 |
3,669 |
3,969 |
4,274 |
|||||||||
Total average tangible assets |
$ 2,059,405 |
$ 2,116,719 |
$ 2,123,105 |
$ 2,185,425 |
|||||||||
Total equity |
$ 182,202 |
$ 180,093 |
$ 151,731 |
$ 179,093 |
|||||||||
Less: Intangible assets |
3,452 |
3,669 |
3,969 |
4,274 |
|||||||||
Total average tangible equity |
$ 178,750 |
$ 176,424 |
$ 147,762 |
$ 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 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. |
|||||||||||||
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 |
||||||||
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 |
||||||||
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 |
||||||||
AVERAGE BALANCES, YIELDS AND RATES (1) |
(Unaudited) |
|||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
||||||||||
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. |
||||||||||
QUARTERLY TRENDS - LOANS AT END OF PERIOD (Dollars in Millions) |
(Unaudited) |
||||||||||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|||||||||||||||||||
2008 |
2009 |
2010 |
Nonperforming |
||||||||||||||||
Construction and land development |
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
1st Qtr |
2nd Qtr |
3rd Qtr |
3rd Qtr |
Number |
||||||
Residential: |
|||||||||||||||||||
Condominiums |
>$4 million |
$ 30.6 |
$ 26.3 |
$ 19.6 |
$ 8.6 |
$ 8.4 |
$ 7.9 |
$ 5.3 |
$ - |
$ - |
$ - |
$ - |
$ - |
- |
|||||
<$4 million |
26.6 |
21.1 |
13.0 |
8.8 |
7.9 |
8.8 |
3.7 |
6.1 |
0.9 |
0.9 |
0.9 |
0.9 |
1 |
||||||
Town homes |
>$4 million |
19.4 |
17.1 |
17.1 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||
<$4 million |
4.4 |
2.9 |
4.6 |
6.1 |
4.2 |
2.3 |
- |
- |
- |
- |
- |
- |
- |
||||||
Single Family Residences |
>$4 million |
20.8 |
21.2 |
13.5 |
11.9 |
6.6 |
6.5 |
- |
- |
- |
- |
- |
- |
- |
|||||
<$4 million |
35.9 |
28.3 |
23.7 |
14.9 |
13.9 |
10.3 |
7.1 |
4.1 |
3.9 |
3.6 |
3.8 |
0.3 |
4 |
||||||
Single Family Land & Lots |
>$4 million |
85.1 |
64.3 |
40.3 |
22.1 |
21.8 |
21.8 |
5.9 |
5.9 |
5.9 |
5.9 |
- |
- |
- |
|||||
<$4 million |
27.0 |
30.8 |
29.9 |
30.7 |
29.6 |
21.5 |
19.5 |
16.6 |
15.7 |
9.6 |
10.3 |
3.5 |
11 |
||||||
Multifamily |
>$4 million |
7.8 |
7.8 |
7.8 |
7.8 |
7.8 |
7.8 |
6.6 |
6.6 |
6.6 |
4.3 |
- |
- |
- |
|||||
<$4 million |
24.8 |
26.2 |
22.9 |
19.0 |
17.0 |
9.8 |
9.5 |
8.3 |
8.1 |
8.2 |
6.3 |
1.0 |
2 |
||||||
TOTAL |
>$4 million |
163.7 |
136.7 |
98.3 |
50.4 |
44.6 |
44.0 |
17.8 |
12.5 |
12.5 |
10.2 |
- |
- |
- |
|||||
TOTAL |
<$4 million |
118.7 |
109.3 |
94.1 |
79.5 |
72.6 |
52.7 |
39.8 |
35.1 |
28.6 |
22.3 |
21.3 |
5.7 |
18 |
|||||
GRAND TOTAL |
$ 282.4 |
$ 246.0 |
$ 192.4 |
$ 129.9 |
$ 117.2 |
$ 96.7 |
$ 57.6 |
$ 47.6 |
$ 41.1 |
$ 32.5 |
$ 21.3 |
$ 5.7 |
18 |
||||||
QUARTERLY TRENDS - LOANS AT END OF PERIOD (Dollars in Millions) |
(Unaudited) |
||||||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|||||||||||||||
2008 |
2009 |
2010 |
|||||||||||||
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
1st Qtr |
2nd Qtr |
3rd Qtr |
|||||
Construction and land development |
|||||||||||||||
Residential |
|||||||||||||||
Condominiums |
$ 57.2 |
$ 47.4 |
$ 32.6 |
$ 17.4 |
$ 16.3 |
$ 16.7 |
$ 9.0 |
$ 6.1 |
$ 0.9 |
$ 0.9 |
$ 0.9 |
||||
Townhomes |
23.8 |
20.0 |
21.7 |
6.1 |
4.2 |
2.3 |
- |
- |
- |
||||||
Single family residences |
56.7 |
49.5 |
37.2 |
26.8 |
20.5 |
16.8 |
7.1 |
4.1 |
3.9 |
3.6 |
3.8 |
||||
Single family land and lots |
112.1 |
95.1 |
70.2 |
52.8 |
51.4 |
43.3 |
25.4 |
22.5 |
21.6 |
15.5 |
10.3 |
||||
Multifamily |
32.6 |
34.0 |
30.7 |
26.8 |
24.8 |
17.6 |
16.1 |
14.9 |
14.7 |
12.5 |
6.3 |
||||
282.4 |
246.0 |
192.4 |
129.9 |
117.2 |
96.7 |
57.6 |
47.6 |
41.1 |
32.5 |
21.3 |
|||||
Commercial |
|||||||||||||||
Office buildings |
29.1 |
31.1 |
27.8 |
17.3 |
17.4 |
13.8 |
13.8 |
13.9 |
13.7 |
- |
- |
||||
Retail trade |
60.4 |
63.6 |
68.5 |
68.7 |
70.0 |
55.9 |
23.0 |
3.9 |
3.9 |
- |
- |
||||
Land |
92.5 |
75.4 |
73.9 |
73.3 |
60.9 |
51.2 |
50.8 |
45.6 |
45.7 |
38.5 |
35.1 |
||||
Industrial |
16.9 |
20.8 |
20.7 |
13.3 |
9.0 |
8.5 |
8.2 |
2.5 |
2.5 |
0.3 |
0.3 |
||||
Healthcare |
1.0 |
1.0 |
- |
- |
5.7 |
6.0 |
4.8 |
4.8 |
- |
- |
- |
||||
Churches and educational facilities |
- |
0.1 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||
Lodging |
- |
- |
- |
- |
0.6 |
- |
- |
- |
- |
- |
- |
||||
Convenience stores |
1.8 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||
Marina |
26.8 |
28.9 |
30.5 |
30.7 |
31.6 |
30.0 |
28.1 |
6.8 |
6.8 |
- |
- |
||||
Other |
11.3 |
6.3 |
5.4 |
6.0 |
6.2 |
1.4 |
- |
- |
- |
- |
- |
||||
239.8 |
227.2 |
226.8 |
209.3 |
201.4 |
166.8 |
128.7 |
77.5 |
72.6 |
38.8 |
35.4 |
|||||
Individuals |
|||||||||||||||
Lot loans |
39.4 |
40.0 |
38.4 |
35.7 |
34.0 |
32.4 |
30.7 |
29.3 |
28.9 |
27.4 |
26.3 |
||||
Construction |
32.4 |
27.1 |
27.4 |
20.3 |
16.2 |
11.8 |
11.1 |
8.5 |
8.7 |
8.2 |
9.1 |
||||
71.8 |
67.1 |
65.8 |
56.0 |
50.2 |
44.2 |
41.8 |
37.8 |
37.6 |
35.6 |
35.4 |
|||||
Total construction and land development |
594.0 |
540.3 |
485.0 |
395.2 |
368.8 |
307.7 |
228.1 |
162.9 |
151.3 |
106.9 |
92.1 |
||||
Real estate mortgages |
|||||||||||||||
Residential real estate |
|||||||||||||||
Adjustable |
317.6 |
318.8 |
316.5 |
329.0 |
333.1 |
328.0 |
325.9 |
289.4 |
290.5 |
295.9 |
300.9 |
||||
Fixed rate |
89.1 |
90.2 |
93.4 |
95.5 |
90.8 |
90.6 |
89.5 |
88.6 |
87.6 |
86.0 |
84.1 |
||||
Home equity mortgages |
91.7 |
93.1 |
84.3 |
84.8 |
85.5 |
83.8 |
83.9 |
86.8 |
89.1 |
79.0 |
74.4 |
||||
Home equity lines |
56.3 |
59.4 |
59.7 |
58.5 |
60.3 |
60.1 |
59.7 |
60.1 |
60.1 |
58.8 |
58.4 |
||||
554.7 |
561.5 |
553.9 |
567.8 |
569.7 |
562.5 |
559.0 |
524.9 |
527.3 |
519.7 |
517.8 |
|||||
Commercial real estate |
|||||||||||||||
Office buildings |
144.3 |
142.3 |
143.6 |
146.4 |
140.6 |
141.6 |
144.2 |
132.3 |
131.1 |
128.2 |
122.9 |
||||
Retail trade |
83.8 |
93.5 |
101.6 |
111.9 |
109.1 |
120.0 |
151.4 |
164.6 |
163.5 |
155.9 |
152.0 |
||||
Land |
- |
- |
0.6 |
- |
- |
- |
- |
- |
- |
- |
- |
||||
Industrial |
104.3 |
93.3 |
92.2 |
94.7 |
95.3 |
93.0 |
89.3 |
88.4 |
81.7 |
84.0 |
79.8 |
||||
Healthcare |
39.9 |
33.6 |
31.6 |
29.2 |
28.3 |
30.9 |
25.4 |
24.7 |
29.1 |
29.4 |
29.0 |
||||
Churches and educational facilities |
40.2 |
36.5 |
35.6 |
35.2 |
34.8 |
34.6 |
30.8 |
29.6 |
29.1 |
28.5 |
29.4 |
||||
Recreation |
2.8 |
1.8 |
1.8 |
1.7 |
1.7 |
1.4 |
3.3 |
3.0 |
3.0 |
3.0 |
2.9 |
||||
Multifamily |
20.0 |
19.1 |
19.2 |
27.2 |
27.2 |
31.7 |
35.1 |
29.7 |
25.3 |
23.6 |
23.2 |
||||
Mobile home parks |
3.2 |
3.1 |
3.1 |
3.0 |
3.0 |
5.6 |
5.6 |
5.4 |
5.3 |
2.6 |
2.6 |
||||
Lodging |
27.9 |
28.0 |
26.7 |
26.6 |
26.3 |
26.3 |
25.6 |
25.5 |
23.5 |
23.4 |
22.1 |
||||
Restaurant |
8.0 |
9.0 |
8.6 |
6.2 |
6.1 |
5.1 |
5.0 |
4.7 |
4.7 |
4.6 |
4.5 |
||||
Agricultural |
12.4 |
9.0 |
8.7 |
8.5 |
8.2 |
11.8 |
12.0 |
11.7 |
11.4 |
10.8 |
10.7 |
||||
Convenience stores |
23.1 |
24.9 |
23.6 |
23.5 |
23.3 |
23.2 |
22.8 |
22.1 |
22.3 |
21.0 |
18.9 |
||||
Other |
40.1 |
41.6 |
42.5 |
43.6 |
43.0 |
47.6 |
34.0 |
42.4 |
41.0 |
47.8 |
48.9 |
||||
550.0 |
535.7 |
539.4 |
557.7 |
546.9 |
572.8 |
584.5 |
584.1 |
571.0 |
562.8 |
546.9 |
|||||
Total real estate mortgages |
1,104.7 |
1,097.2 |
1,093.3 |
1,125.5 |
1,116.6 |
1,135.3 |
1,143.5 |
1,109.0 |
1,098.3 |
1,082.5 |
1,064.7 |
||||
Commercial & financial |
93.9 |
94.8 |
88.5 |
82.8 |
75.5 |
71.8 |
66.0 |
61.1 |
62.1 |
49.9 |
54.0 |
||||
Installment loans to individuals |
|||||||||||||||
Automobile and trucks |
24.1 |
23.0 |
21.9 |
20.8 |
19.4 |
18.0 |
16.6 |
15.3 |
14.4 |
12.9 |
11.6 |
||||
Marine loans |
33.3 |
25.2 |
26.0 |
26.0 |
26.3 |
26.9 |
26.8 |
26.4 |
25.3 |
27.3 |
19.7 |
||||
Other |
27.5 |
27.9 |
27.4 |
26.1 |
25.7 |
24.3 |
23.3 |
22.3 |
21.7 |
20.8 |
20.9 |
||||
84.9 |
76.1 |
75.3 |
72.9 |
71.4 |
69.2 |
66.7 |
64.0 |
61.4 |
61.0 |
52.2 |
|||||
Other |
0.5 |
0.4 |
0.5 |
0.3 |
0.3 |
0.3 |
0.3 |
0.5 |
0.2 |
0.3 |
0.3 |
||||
$ 1,878.0 |
$ 1,808.8 |
$ 1,742.6 |
$ 1,676.7 |
$ 1,632.6 |
$ 1,584.3 |
$ 1,504.6 |
$ 1,397.5 |
$ 1,373.3 |
$ 1,300.6 |
$ 1,263.3 |
|||||
QUARTERLY TRENDS - INCREASE (DECREASE) IN LOANS BY QUARTER (Dollars in Millions) (Unaudited) |
|||||||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
|||||||||||||||
2008 |
2009 |
2010 |
|||||||||||||
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
1st Qtr |
2nd Qtr |
3rd Qtr |
|||||
Construction and land development |
|||||||||||||||
Residential |
|||||||||||||||
Condominiums |
$ (3.0) |
$ (9.8) |
$ (14.8) |
$ (15.2) |
$ (1.1) |
$ 0.4 |
$ (7.7) |
$ (2.9) |
$ (5.2) |
$ - |
$ - |
||||
Townhomes |
(1.2) |
(3.8) |
1.7 |
(15.6) |
(1.9) |
(1.9) |
(2.3) |
- |
- |
- |
- |
||||
Single family residences |
(2.3) |
(7.2) |
(12.3) |
(10.4) |
(6.3) |
(3.7) |
(9.7) |
(3.0) |
(0.2) |
(0.3) |
0.2 |
||||
Single family land and lots |
(4.3) |
(17.0) |
(24.9) |
(17.4) |
(1.4) |
(8.1) |
(17.9) |
(2.9) |
(0.9) |
(6.1) |
(5.2) |
||||
Multifamily |
(1.9) |
1.4 |
(3.3) |
(3.9) |
(2.0) |
(7.2) |
(1.5) |
(1.2) |
(0.2) |
(2.2) |
(6.2) |
||||
(12.7) |
(36.4) |
(53.6) |
(62.5) |
(12.7) |
(20.5) |
(39.1) |
(10.0) |
(6.5) |
(8.6) |
(11.2) |
|||||
Commercial |
|||||||||||||||
Office buildings |
(1.8) |
2.0 |
(3.3) |
(10.5) |
0.1 |
(3.6) |
- |
0.1 |
(0.2) |
(13.7) |
- |
||||
Retail trade |
(8.6) |
3.2 |
4.9 |
0.2 |
1.3 |
(14.1) |
(32.9) |
(19.1) |
- |
(3.9) |
- |
||||
Land |
9.9 |
(17.1) |
(1.5) |
(0.6) |
(12.4) |
(9.7) |
(0.4) |
(5.2) |
0.1 |
(7.2) |
(3.4) |
||||
Industrial |
3.9 |
3.9 |
(0.1) |
(7.4) |
(4.3) |
(0.5) |
(0.3) |
(5.7) |
- |
(2.2) |
- |
||||
Healthcare |
- |
- |
(1.0) |
- |
5.7 |
0.3 |
(1.2) |
- |
(4.8) |
- |
- |
||||
Churches and educational facilities |
- |
0.1 |
(0.1) |
- |
- |
- |
- |
- |
- |
- |
- |
||||
Lodging |
(11.2) |
- |
- |
- |
0.6 |
(0.6) |
- |
- |
- |
- |
- |
||||
Convenience stores |
0.1 |
(1.8) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||
Marina |
3.7 |
2.1 |
1.6 |
0.2 |
0.9 |
(1.6) |
(1.9) |
(21.3) |
(0.0) |
(6.8) |
- |
||||
Other |
1.4 |
(5.0) |
(0.9) |
0.6 |
0.2 |
(4.8) |
(1.4) |
- |
- |
- |
- |
||||
(2.6) |
(12.6) |
(0.4) |
(17.5) |
(7.9) |
(34.6) |
(38.1) |
(51.2) |
(4.9) |
(33.8) |
(3.4) |
|||||
Individuals |
|||||||||||||||
Lot loans |
- |
0.6 |
(1.6) |
(2.7) |
(1.7) |
(1.6) |
(1.7) |
(1.4) |
(0.4) |
(1.5) |
(1.1) |
||||
Construction |
(0.3) |
(5.3) |
0.3 |
(7.1) |
(4.1) |
(4.4) |
(0.7) |
(2.6) |
0.2 |
(0.5) |
0.9 |
||||
(0.3) |
(4.7) |
(1.3) |
(9.8) |
(5.8) |
(6.0) |
(2.4) |
(4.0) |
(0.2) |
(2.0) |
(0.2) |
|||||
Total construction and land development |
(15.6) |
(53.7) |
(55.3) |
(89.8) |
(26.4) |
(61.1) |
(79.6) |
(65.2) |
(11.6) |
(44.4) |
(14.8) |
||||
Real estate mortgages |
|||||||||||||||
Residential real estate |
|||||||||||||||
Adjustable |
(1.9) |
1.2 |
(2.3) |
12.5 |
4.1 |
(5.1) |
(2.1) |
(36.5) |
1.1 |
5.4 |
5.0 |
||||
Fixed rate |
1.6 |
1.1 |
3.2 |
2.1 |
(4.7) |
(0.2) |
(1.1) |
(0.9) |
(1.0) |
(1.6) |
(1.9) |
||||
Home equity mortgages |
0.3 |
1.4 |
(8.8) |
0.5 |
0.7 |
(1.7) |
0.1 |
2.9 |
2.3 |
(10.1) |
(4.6) |
||||
Home equity lines |
(2.8) |
3.1 |
0.3 |
(1.2) |
1.8 |
(0.2) |
(0.4) |
0.4 |
- |
(1.3) |
(0.4) |
||||
(2.8) |
6.8 |
(7.6) |
13.9 |
1.9 |
(7.2) |
(3.5) |
(34.1) |
2.4 |
(7.6) |
(1.9) |
|||||
Commercial real estate |
|||||||||||||||
Office buildings |
12.6 |
(2.0) |
1.3 |
2.8 |
(5.8) |
1.0 |
2.6 |
(11.9) |
(1.2) |
(2.9) |
(5.3) |
||||
Retail trade |
7.6 |
9.7 |
8.1 |
10.3 |
(2.8) |
10.9 |
31.4 |
13.2 |
(1.1) |
(7.6) |
(3.9) |
||||
Land |
(5.3) |
- |
0.6 |
(0.6) |
- |
- |
- |
- |
- |
- |
- |
||||
Industrial |
(1.2) |
(11.0) |
(1.1) |
2.5 |
0.6 |
(2.3) |
(3.7) |
(0.9) |
(6.7) |
2.3 |
(4.2) |
||||
Healthcare |
7.5 |
(6.3) |
(2.0) |
(2.4) |
(0.9) |
2.6 |
(5.5) |
(0.7) |
4.4 |
0.3 |
(0.4) |
||||
Churches and educational facilities |
- |
(3.7) |
(0.9) |
(0.4) |
(0.4) |
(0.2) |
(3.8) |
(1.2) |
(0.5) |
(0.6) |
0.9 |
||||
Recreation |
(0.2) |
(1.0) |
- |
(0.1) |
- |
(0.3) |
1.9 |
(0.3) |
- |
- |
(0.1) |
||||
Multifamily |
6.2 |
(0.9) |
0.1 |
8.0 |
- |
4.5 |
3.4 |
(5.4) |
(4.4) |
(1.7) |
(0.4) |
||||
Mobile home parks |
(0.7) |
(0.1) |
- |
(0.1) |
- |
2.6 |
- |
(0.2) |
(0.1) |
(2.7) |
- |
||||
Lodging |
5.2 |
0.1 |
(1.3) |
(0.1) |
(0.3) |
- |
(0.7) |
(0.1) |
(2.0) |
(0.1) |
(1.3) |
||||
Restaurant |
(0.2) |
1.0 |
(0.4) |
(2.4) |
(0.1) |
(1.0) |
(0.1) |
(0.3) |
- |
(0.1) |
(0.1) |
||||
Agricultural |
(0.5) |
(3.4) |
(0.3) |
(0.2) |
(0.3) |
3.6 |
0.2 |
(0.3) |
(0.3) |
(0.6) |
(0.1) |
||||
Convenience stores |
(0.1) |
1.8 |
(1.3) |
(0.1) |
(0.2) |
(0.1) |
(0.4) |
(0.7) |
0.2 |
(1.3) |
(2.1) |
||||
Other |
1.8 |
1.5 |
0.9 |
1.1 |
(0.6) |
4.6 |
(13.6) |
8.4 |
(1.4) |
6.8 |
1.1 |
||||
32.7 |
(14.3) |
3.7 |
18.3 |
(10.8) |
25.9 |
11.7 |
(0.4) |
(13.1) |
(8.2) |
(15.9) |
|||||
Total real estate mortgages |
29.9 |
(7.5) |
(3.9) |
32.2 |
(8.9) |
18.7 |
8.2 |
(34.5) |
(10.7) |
(15.8) |
(17.8) |
||||
Commercial & financial |
(32.8) |
0.9 |
(6.3) |
(5.7) |
(7.3) |
(3.7) |
(5.8) |
(4.9) |
1.0 |
(12.2) |
4.1 |
||||
Installment loans to individuals |
|||||||||||||||
Automobile and trucks |
(0.9) |
(1.1) |
(1.1) |
(1.1) |
(1.4) |
(1.4) |
(1.4) |
(1.3) |
(0.9) |
(1.5) |
(1.3) |
||||
Marine loans |
0.1 |
(8.1) |
0.8 |
- |
0.3 |
0.6 |
(0.1) |
(0.4) |
(1.1) |
2.0 |
(7.6) |
||||
Other |
(0.7) |
0.4 |
(0.5) |
(1.3) |
(0.4) |
(1.4) |
(1.0) |
(1.0) |
(0.6) |
(0.9) |
0.1 |
||||
(1.5) |
(8.8) |
(0.8) |
(2.4) |
(1.5) |
(2.2) |
(2.5) |
(2.7) |
(2.6) |
(0.4) |
(8.8) |
|||||
- |
- |
- |
- |
- |
- |
- |
- |
||||||||
Other |
(0.4) |
(0.1) |
0.1 |
(0.2) |
- |
- |
- |
0.2 |
(0.3) |
0.1 |
- |
||||
$ (20.4) |
$ (69.2) |
$ (66.2) |
$ (65.9) |
$ (44.1) |
$ (48.3) |
$ (79.7) |
$ (107.1) |
$ (24.2) |
$ (72.7) |
$ (37.3) |
|||||
SOURCE Seacoast Banking Corporation of Florida
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