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
Change
|
|
2013 vs
2011
Change
|
|
(Dollars in
thousands)
|
Fourth
Quarter
2013
|
|
Fourth
Quarter
2012
|
|
Fourth
Quarter
2011
|
|
|
|
Customer Relationship
Funding
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
(noninterest
bearing)
|
$
464,006
|
|
$
422,833
|
|
$
328,356
|
|
9.7
|
%
|
41.3
|
%
|
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
(noninterest
bearing)
|
25.7
|
%
|
24.0
|
%
|
19.1
|
%
|
|
|
|
|
(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
Quarter
2013
|
Third
Quarter
2013
|
Second
Quarter
2013
|
First
Quarter
2013
|
Fourth
Quarter
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
2013
|
|
Third
Quarter
2013
|
|
Second
Quarter
2013
|
|
First
Quarter
2013
|
|
Fourth
Quarter
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
|
%
|
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 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:
(Dollars in
thousands)
|
|
Fourth
Quarter
2013
|
Third
Quarter
2013
|
Second
Quarter
2013
|
First
Quarter
2013
|
Fourth
Quarter
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
|
|
0
|
24
|
10
|
33
|
84
|
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
Quarter
2013
|
Third
Quarter
2013
|
Second
Quarter
2013
|
First
Quarter
2013
|
Fourth Quarter
2012
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other investments
|
156,823
|
113,798
|
168,740
|
172,505
|
|
162,599
|
|
37.8
|
|
(3.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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