SEACOAST BANKING CORPORATION OF FLORIDA STUART, Fla., July 28, 2014 /PRNewswire/ -- Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF), today reported second quarter 2014 net income of $1.9 million or $0.07 per diluted common share. Excluding merger related charges and other adjustments as described below, adjusted net income was $2.9 million or $0.12 per diluted share.
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Dennis S. Hudson, Chief Executive Officer commented, "Our core earnings performance this quarter continued to improve on stronger revenue growth as the strategic investments we have been making over the past year or so began to produce better momentum. Revenue growth expanded in all business lines this quarter and our credit costs fell again as the Florida economic outlook continued to strengthen. We expect to see continued growth in our revenues and earnings as we step up execution of our programs and build further momentum."
Our previously announced acquisition of BankFIRST is proceeding on schedule with closing expected to occur in early October. We received approval of the merger from our primary regulator earlier this month and expect final regulatory approval by the Federal Reserve in the coming weeks. The acquisition will create a $3 Billion Florida bank with exposure to rapidly recovering Florida markets including a significant presence in the vibrant Orlando and South Florida markets.
FINANCIAL
HIGHLIGHTS: Second First Fourth *Third Second
Quarter Quarter Quarter Quarter Quarter
(Dollars in
thousands, except
share data) 2014 2014 2013 2013 2013
---- ---- ---- ---- ----
Total Assets $2,294,156 $2,315,992 $2,268,940 $2,149,777 $2,183,680
Loans $1,335,192 $1,312,456 $1,304,207 $1,262,912 $1,265,893
Deposits $1,805,537 $1,819,795 $1,806,045 $1,698,910 $1,738,609
Net Income
Available to $1,918 $2,299 $588 $44,204 $2,017
Common Shareholders
Diluted Earnings
Per Share $0.07 $0.09 $0.03 $2.31 $0.11
Return on Average
Assets 0.33 % 0.41 % 0.33 % 8.32 % 0.54 %
Adjusted Net Income $2,990 $2,533 $600 $982 $1,867
Available to Common
Shareholders (1)
Adjusted Diluted
Earnings $0.12 $0.10 $0.03 $0.05 $0.10
Per Share (1)
Adjusted Return on 0.52 % 0.45 % 0.11 % 0.18 % 0.34 %
Average Assets
Average Diluted
Shares 25,998 25,657 21,558 19,098 18,936
Outstanding
Net Interest Margin 3.10 % 3.07 % 3.08 % 3.25 % 3.12 %
Efficiency Ratio 89.4 84.3 81.9 78.1 81.1
Adjusted Efficiency
Ratio 82.0 83.3 82.6 77.9 84.4
Annualized Core 3.27 3.26 3.29 3.33 3.51
Operating Expenses
as
a Percent of
Average
Assets
* Third quarter 2013 net
income includes the
reversal of the valuation
allowance for deferred tax
assets of $42,993.
(1) Non-GAAP measure
Adjusted Net Income
To better evaluate its earnings, the Company removes certain items to arrive at Adjusted Net Income and Adjusted Diluted earnings Per Share (non-GAAP measures) as detailed in the table below:
Second First Fourth Third Second
Quarter Quarter Quarter Quarter Quarter
(Dollars in
thousands) 2014 2014 2013 2013 2013
---- ---- ---- ---- ----
Net Income
Available to
Common $1,918 $2,299 $588 $44,204 $2,017
Shareholders
Tax benefit related
to deferred tax
asset (42,993)
recovery
Severance 181 212 0 24 10
Legal and
professional fees
for acquisition 1,348 6 0 0 0
and expense
initiatives
Security losses
(gains) 0 (17) 0 (280) (114)
Miscellaneous
losses 144 0 190 0 0
Recovery of prior
legal fees 0 0 (350) 0 (650)
Recovery of non-
accrual loan
interest 0 0 0 (505) 0
Net loss on OREO
and repossessed
assets 92 53 0 229 493
Asset dispositions
expense 118 128 180 159 111
Effective tax rate
on adjustments (811) (148) (8) 144 -
Adjusted Net Income
(1) $2,990 $2,533 $600 $982 $1,867
------ ------ ---- ---- ------
Adjusted Earnings
per diluted share
(1) $0.12 $0.10 $0.03 $0.05 $0.10
----- ----- ----- ----- -----
Average shares
outstanding 25,998 25,657 21,558 19,098 18,936
====== ====== ====== ====== ======
(1) Non-GAAP measure
Strategic Investments Update
As a part of our strategy to transform the community bank business model we have made significant investments in our consumer and business banking lines while also reducing our legacy cost structure.
We are investing in enhancements to our digital platforms, customer sales and marketing processes, and additional personnel in marketing and data analytics. Year to date, operating expenses associated with these new investments total approximately $748,000 which have been absorbed in our current year operating expense structure. Total investments in these areas are projected to be approximately $1.3 million annually. These investments are helping us drive higher customer acquisition, lower customer attrition and improved revenues.
We also made very substantial investments over the past year related to the startup and support for our Accelerate business distribution platform. This new commercial banking channel is supporting our growth in metro markets. Our success with this channel has been evident in improved commercial loan growth, higher business deposits and margin improvement this quarter. Total operating expense for the Accelerate platform is expected to total approximately $4.7 million in 2014.
We are stepping up our execution around these strategic initiatives to drive increased momentum and we will begin to invest in new initiatives needed to transform the community bank business model to better meet customer needs in the world we see ahead. We continue to execute cost reductions related to our legacy cost structure. Previously announced cost initiatives implemented this year have focused on organizational restructuring, contract negotiation, and other legacy costs and have totaled $3.4 million (annualized).
Additional Legacy Cost Reductions Announced
This quarter we are announcing additional legacy cost reductions (primarily branch consolidations) we will implement in the fourth quarter of this year. Annualized gross savings are estimated at $1.8 million when fully implemented. We expect to implement substantially all of these savings late in the fourth quarter. These legacy cost reductions are in addition to the previously announced cost reductions related to our acquisition of BankFIRST. One time charges related to these new initiatives are estimated at approximately $4.0 million and will be incurred primarily in the fourth quarter of 2014.
Core Customer Growth and Digital Engagement Continues to Improve
-- Average noninterest bearing demand deposits were up $50.4 million, or
11.1 percent compared with the prior year and $24.8 million, or 20.7
percent linked quarter annualized
-- Ending noninterest bearing demand deposits increased to 28.2 percent of
total deposits compared with 26.9 percent for the second quarter 2013
-- Personal and business mobile banking users have increased 81.6 percent
year over year.
Our growth in net new households continued into the summer season, a departure from historical trend. Core customer funding totaled $1.689 billion at June 30, 2014, an $86.3 million increase from the second quarter of 2013 and a $223.2 million or 16 percent increase from 2012. Growth in commercial relationships resulting from an improved local economy and our increased focus on small business in our retail stores and our Accelerate business channel has resulted in core commercial business funding (noninterest demand, NOW and money market accounts) of $449.6 million at June 30, 2014, an increase of $43.6 million or 10.7 percent year over year.
(Dollars in thousands) Second Second Second 2014 vs 2014 vs
Quarter Quarter Quarter 2013 2012
2014 2013 2012 Change Change
--- ---- ---- ---- ------ ------
Customer Relationship Funding
Demand deposits $509,798 $468,517 $393,681 8.8% 29.5%
(noninterest bearing)
NOW 493,927 453,069 420,449 9.0 17.5
Money market accounts 335,246 335,947 346,191 (0.2) (3.2)
Savings deposits 208,333 184,219 156,019 13.1 33.5
Time certificates of deposit 258,233 296,857 373,244 (13.0) (30.8)
------- ------- -------
Total deposits 1,805,537 1,738,609 1,689,584 3.8 6.9
Sweep repurchase agreements 141,662 160,934 139,489 (12.0) 1.6
Total core customer funding (1) 1,688,966 1,602,686 1,455,829 5.4 16.0
Demand deposit mix 28.2% 26.9% 23.3%
(noninterest bearing)
--------------------
(1) Total deposits and sweep
repurchase agreements, excluding
certificates of deposits.
Loan Growth Improves
Total loans were $1.335 billion at June 30, 2014, up $22.7 million from March 31, 2014 due to strong closings in commercial banking and residential lending. Our prior year investments in revenue producing personnel in our Accelerate business channel have produced solid results seen in our current period loan originations and forward pipeline. As indicated in the table below, commercial loan originations for the quarter totaled $53.3 million, an increase of $15.9 million linked quarter. Growth in our commercial loan pipeline is indicative of stronger commercial loan closings into the third quarter. Closed residential production of $61.2 million produced a sequential increase of 53.9 percent, contributing to growth in mortgage banking revenue linked quarter. The mortgage banking pipeline totaled $28.3 million at June 30, 2014 compared to $26.7 million at March 31, 2014.
(Dollars in thousands) Second First Fourth Third Second
Quarter Quarter Quarter Quarter Quarter
2014 2014 2013 2013 2013
--- ---- ---- ---- ---- ----
Commercial pipeline $58,168 $29,936 $27,830 $54,600 $46,850
Commercial loans closed $53,250 37,386 60,037 33,727 68,576
------- ------ ------ ------ ------
Total loan originations and pipeline $111,418 $67,322 $87,867 $88,327 $115,426
======== ======= ======= ======= ========
Income Statement Highlights
Noninterest Income
Noninterest income increased from the prior quarter by $338,000 or 6.1 percent. New mortgage product offerings and overall improved demand in mortgage banking resulted in a $194,000 or 29.3 percent increase in mortgage banking fees from the first quarter. Interchange fees were up $111,000 or 7.9 percent linked quarter. Additionally, wealth management fees increased $63,000 linked quarter, or 6.0 percent.
(Dollars in thousands) Second First Fourth Third Second
Quarter Quarter Quarter Quarter Quarter
2014 2014 2013 2013 2013
--- ---- ---- ---- ---- ----
Service charges on deposit accounts $1,484 $1,507 $1,778 $1,741 $1,641
Trust income 703 671 693 667 675
Mortgage banking fees 855 661 728 1,075 1,256
Brokerage commissions and fees 410 379 461 383 362
Marine finance fees 340 254 215 283 419
Interchange income 1,514 1,403 1,394 1,358 1,388
Other deposit based EFT fees 83 98 80 77 87
Other 507 585 617 503 507
Total 5,896 5,558 5,966 6,087 6,335
Securities gains, net 0 17 0 280 114
--- --- --- --- ---
$5,896 $5,575 $5,966 $6,367 $6,449
====== ====== ====== ====== ======
Noninterest Expense
Total noninterest expenses increased $1.9 million from the prior quarter to $20.7 million as merger related charges for legal and professional fees of $1.2 million were incurred related to our previously announced acquisition of The BANKshares, Inc. Commissions from increased mortgage banking production and brokerage revenues were partially offset by a portion of personnel reductions from strategic cost initiatives in the second quarter. While employee benefits were $101,000 lower than the prior quarter, higher than expected healthcare claims resulted in higher than anticipated expense. We expect this trend to slow in the third and fourth quarters in line with trend for the prior year.
Previously announced expense reductions were completed in the second quarter. These reductions total $1.9 million annualized and produced a partial benefit in the second quarter. This benefit will be fully realized in the third quarter. Severance associated with this restructuring totaled $181,000 for the second quarter.
Second First Fourth Third Second
Quarter Quarter Quarter Quarter Quarter
(Dollars in
thousands) 2014 2014 2013 2013 2013
---- ---- ---- ---- ----
Noninterest
Expense:
Salaries and wages $7,587 $7,412 $8,077 $7,533 $7,892
Employee benefits 2,081 2,182 1,568 1,713 1,823
Outsourced data
processing costs 1,811 1,695 1,586 1,657 1,631
Telephone /data
lines 306 293 325 318 325
Occupancy expense 1,888 1,838 1,824 1,824 1,775
Furniture and
equipment expense 604 571 597 605 571
Marketing expense 675 813 749 456 685
Legal and
professional fees 924 935 839 874 949
FDIC assessments 411 386 451 713 720
Amortization of
intangibles 196 196 196 195 197
Other 2,317 2,063 2,414 2,203 2,512
----- ----- ----- ----- -----
Total Core
Operating Expense 18,800 18,384 18,626 18,091 19,080
Severance and
organizational
changes 24 10
181 212 0
Legal and
professional fees
for acquisition 1,348 6 0 0 0
and expense
initiatives
Miscellaneous
losses 144 0 190 0 0
Recovery of prior
legal fees 0 0 (350) 0 (650)
Net loss on OREO
and repossessed
assets 92 53 0 229 493
Asset dispositions
expense 118 128 180 159 111
--- --- --- --- ---
Total $20,683 $18,789 $18,646 $18,503 $19,044
======= ======= ======= ======= =======
Income Taxes
The effective tax rate for the second quarter of 2014 was higher due to merger related expenses that are not deductible for tax purposes. The effective tax rate for the second half of 2014 is expected to be approximately 40.85 percent.
Other Highlights
Credit Quality Continues to Improve
Improvements in credit quality continued during the second quarter of 2014 across all portfolios. A substantial paydown on a larger commercial loan during the quarter supported the partial reversal of a specific loan loss impairment reserve which resulted in an increased provision recapture compared with the first quarter. We expect to see continued improvement in asset quality over the balance of this year.
-- Provision for loan loss recapture of $1.4 million recorded for three
months ended June 30, 2014
-- Net recoveries of $112,000 during the quarter compared to net
charge-offs of $2.0 million one year ago;
-- Nonperforming assets to total assets declined to 1.2 percent, compared
to 2.0 percent a year ago.
Second First Fourth Third Second
Quarter Quarter Quarter Quarter Quarter
2014 2014 2013 2013 2013
(Dollars in thousands
)
Net charge-offs
(recoveries) $(112) $(139) $838 $842 $2,027
Net charge-offs
(recoveries) to
average loans (0.03)% (0.04)% 0.26% 0.26% 0.64%
Loan loss provision/ $(1,444) $(735) $490 $1,180 $565
(recapture)
Allowance to loans at
end of period 1.36% 1.48% 1.54% 1.62% 1.59%
Restructured loans
(accruing) $28,157 $24,537 $25,137 $25,509 $29,612
Nonperforming loans $21,745 $26,220 $27,672 $28,724 $33,266
Other real estate
owned 6,198 6,369 6,860 5,589 10,063
----- ----- ----- ----- ------
Nonperforming assets $27,943 $32,589 $34,532 $34,313 $43,329
------- ------- ------- ------- -------
Nonperforming loans
to loans outstanding
at end of period 1.63% 2.00% 2.12% 2.27% 2.63%
Nonperforming assets
to
total assets 1.22 1.41 1.52 1.60 1.98
Capital Ratios Continue to Strengthen
The Company's tier 1 capital ratio is estimated at 17.8 percent and the total risk based capital ratio at 19.1 percent at June 30, 2014. The tier 1 leverage ratio was 10.9 percent at June 30, 2014 compared with 10.6 percent at March 31, 2014 and 5.3 percent the prior year.
Seacoast will host a conference call on Tuesday, July 29, 2014 at 10:00 a.m. (Eastern Time) to discuss the earnings results. Investors may call in (toll-free) by dialing (800) 774-6070 (passcode: 7789246; host: Dennis S. Hudson). Slides 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 July 29, 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 July 29, 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 June 30, 2014. 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 Fort Lauderdale 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, 2013 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 Six Months Ended
----------------------------------------
June 30, March 31, June 30, June 30, June 30,
2014 2014 2013 2014 2013
---- ---- ---- ---- ----
Summary of Earnings
Net income (loss) $1,918 $2,299 $2,954 $4,217 $4,998
Net income available to common shareholders (loss) 1,918 2,299 2,017 4,217 3,124
Net interest income (1) 16,779 16,277 16,172 33,056 32,227
Net interest margin (1), (2) 3.10 3.07 3.12 3.09 3.13
.
Performance Ratios
Return on average assets-GAAP basis (2), (3) 0.33% 0.41% 0.54% 0.37% 0.46%
Return on average shareholders' equity-GAAP basis (2), (3) 3.25 4.02 7.19 3.63 6.15
Return on average tangible common shareholders' equity-GAAP basis (2), (3), (4) 3.47 4.26 7.53 3.86 6.01
Efficiency ratio (5) 89.42 84.30 81.05 86.91 81.25
Noninterest income to total revenue 26.06 25.52 28.22 25.80 27.64
Per Share Data
Net income (loss) diluted-GAAP basis (6) $0.07 $0.09 $0.11 $0.16 $0.17
Net income (loss) basic-GAAP basis (6) 0.07 0.09 0.11 0.16 0.17
Book value per share common (6) 9.02 8.79 5.89 9.02 5.89
Tangible book value per share (6) 9.00 8.77 8.44 9.00 8.44
Tangible common book value per share (4), (6) 9.00 8.77 5.84 9.00 5.84
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 shareholder's equity less preferred stock and intangible assets.
(5) Defined as (noninterest expense less foreclosed property expense and amortization of intangibles) divided by net operating revenue
(net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains).
(6) Calculated based on total shares outstanding subsequent to the 5/1 reverse stock split.
FINANCIAL HIGHLIGHTS
---------------------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
June 30, March 31, June 30,
(Dollars in thousands, except share data) 2014 2014 2013
---------------------------------------- ---- ---- ----
Selected Financial Data
Total assets $2,294,156 $2,315,992 $2,183,680
Securities available for sale (at fair value) 518,353 658,512 672,809
Securities held for investment (at amortized cost) 156,498 0 0
Net loans 1,317,052 1,292,984 1,245,815
Deposits 1,805,537 1,819,795 1,738,609
Total shareholders' equity 234,439 228,382 161,248
Common shareholders' equity 234,439 228,382 111,878
Average Balances (Year-to-Date)
Total average assets $2,295,983 $2,286,998 $2,173,810
Less: intangible assets 525 629 1,299
Total average tangible assets $2,295,458 $2,286,369 $2,172,511
---------- ---------- ----------
Total average equity $234,214 $231,769 $163,776
Less: intangible assets 525 629 1,299
Total average tangible equity $233,689 $231,140 $162,477
-------- -------- --------
Credit Analysis
Net charge-offs (recoveries) year-to-date $(251) $(139) $3,544
Net charge-offs (recoveries) to average loans (annualized) (0.04)% (0.04)% 0.57%
Loan loss provision (recapture) year-to-date $(2,179) $(735) $1,518
Allowance to loans at end of period 1.36% 1.48% 1.59%
Nonperforming loans $21,745 $26,220 $33,266
Other real estate owned 6,198 6,369 10,063
Total nonperforming assets $27,943 $32,589 $43,329
------- ------- -------
Restructured loans (accruing) $28,157 $24,537 $29,612
Nonperforming loans to loans at end of period 1.63% 2.00% 2.63%
Nonperforming assets to total assets 1.22% 1.41% 1.98%
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME (Unaudited)
---------------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
(Dollars in thousands, except
per share data) 2014 2013 2014 2013
----------------------------- ---- ---- ---- ----
Interest on securities:
Taxable $3,629 $3,008 $7,063 $6,192
Nontaxable 9 17 21 35
Interest and fees on loans 14,103 14,264 27,901 28,291
Interest on federal funds sold
and other investments 246 224 514 452
--- --- --- ---
Total Interest Income 17,987 17,513 35,499 34,970
Interest on deposits 184 191 378 399
Interest on time certificates 386 501 793 1,033
Interest on borrowed money 692 707 1,382 1,424
--- --- ----- -----
Total Interest Expense 1,262 1,399 2,553 2,856
----- ----- ----- -----
Net Interest Income 16,725 16,114 32,946 32,114
Provision (recapture) for loan
losses (1,444) 565 (2,179) 1,518
------ --- ------ -----
Net Interest Income After
Provision for Loan Losses 18,169 15,549 35,125 30,596
Noninterest income:
Service charges on deposit
accounts 1,484 1,641 2,991 3,192
Trust income 703 675 1,374 1,351
Mortgage banking fees 855 1,256 1,516 2,370
Brokerage commissions and fees 410 362 789 787
Marine finance fees 340 419 594 691
Interchange income 1,514 1,388 2,917 2,652
Other deposit based EFT fees 83 87 181 185
Other 507 507 1,092 1,038
--- --- ----- -----
5,896 6,335 11,454 12,266
Securities gains, net 0 114 17 139
--- --- --- ---
Total Noninterest Income 5,896 6,449 11,471 12,405
Noninterest expenses:
Salaries and wages 7,768 7,902 15,392 15,372
Employee benefits 2,081 1,823 4,263 4,046
Outsourced data processing costs 1,811 1,631 3,506 3,129
Telephone / data lines 306 325 599 610
Occupancy 1,888 1,775 3,726 3,530
Furniture and equipment 604 571 1,175 1,132
Marketing 675 685 1,488 1,134
Legal and professional fees 2,272 299 3,213 1,095
FDIC assessments 411 720 797 1,437
Amortization of intangibles 196 197 392 392
Asset dispositions expense 118 111 246 401
Net loss on other real estate
owned and repossessed assets 92 493 145 1,060
Other 2,461 2,512 4,524 4,665
----- ----- ----- -----
Total Noninterest Expenses 20,683 19,044 39,466 38,003
Income Before Income Taxes 3,382 2,954 7,130 4,998
Income taxes (benefit) 1,464 0 2,913 0
----- --- ----- ---
Net Income 1,918 2,954 4,217 4,998
Preferred stock dividends and
accretion on preferred stock
discount - 937 - 1,874
--- --- --- -----
Net Income Available to Common
Shareholders $1,918 $2,017 $4,217 $3,124
------ ------ ------ ------
Per share of common stock:
Net income diluted $0.07 $0.11 $0.16 $0.17
Net income basic 0.07 0.11 0.16 0.17
Cash dividends declared 0.00 0.00 0.00 0.00
Average diluted shares
outstanding 25,998,121 18,936,480 25,828,391 18,930,879
Average basic shares outstanding 25,826,825 18,794,651 25,659,159 18,792,054
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
------------------------------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
June 30, December 31, June 30,
(Dollars in thousands, except share data) 2014 2013 2013
---------------------------------------- ---- ---- ----
Assets
Cash and due from banks $40,175 $48,561 $33,673
Interest bearing deposits with other banks 113,855 143,063 106,446
------- ------- -------
Total Cash and Cash Equivalents 154,030 191,624 140,119
Securities:
Available for sale (at fair value) 518,353 641,611 672,809
Held for investment (at amortized cost) 156,498 0 0
------- --- ---
Total Securities 674,851 641,611 672,809
Loans available for sale 18,129 13,832 26,029
Loans, net of deferred costs 1,335,192 1,304,207 1,265,893
Less: Allowance for loan losses (18,140) (20,068) (20,078)
------- ------- -------
Net Loans 1,317,052 1,284,139 1,245,815
Bank premises and equipment, net 34,653 34,505 35,029
Other real estate owned 6,198 6,860 10,063
Other intangible assets 326 718 1,109
Other assets 88,917 95,651 52,707
------ ------ ------
$2,294,156 $2,268,940 $2,183,680
---------- ---------- ----------
Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand deposits (noninterest bearing) $509,798 $464,006 $468,517
NOW 493,927 540,288 453,069
Savings deposits 208,333 192,491 184,219
Money market accounts 335,246 331,184 335,947
Other time certificates 144,001 154,743 168,710
Brokered time certificates 8,040 9,776 9,820
Time certificates of $100,000 or more 106,192 113,557 118,327
------- ------- -------
Total Deposits 1,805,537 1,806,045 1,738,609
Federal funds purchased and securities sold under
agreements to repurchase, maturing within 30 days 141,662 151,310 160,934
Borrowed funds 50,000 50,000 50,000
Subordinated debt 53,610 53,610 53,610
Other liabilities 8,908 9,371 19,279
----- ----- ------
2,059,717 2,070,336 2,022,432
Shareholders' Equity
Preferred stock - Series A 0 0 49,370
Common stock 2,599 2,364 1,898
Additional paid in capital 302,088 277,290 230,615
Accumulated deficit (66,478) (70,695) (115,487)
Treasury stock (54) (11) (12)
--- --- ---
238,155 208,948 166,384
Accumulated other comprehensive gain (loss), net (3,716) (10,344) (5,136)
------ ------- ------
Total Shareholders' Equity 234,439 198,604 161,248
------- ------- -------
$2,294,156 $2,268,940 $2,183,680
---------- ---------- ----------
Common Shares Outstanding 25,998,823 23,637,434 18,982,293
Note: The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
-------------------------------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
QUARTERS
--------
2014 2013
---- ----
(Dollars in thousands, except per share data) Second First Fourth Third Second
-------------------------------------------- ------ ----- ------ ----- ------
Net income (loss) $1,918 $2,299 $1,850 $45,141 $2,954
Operating Ratios
Return on average assets-GAAP basis (2),(3),(5) 0.33 0.41% 0.33% 8.32% 0.54%
Return on average tangible assets (2),(3),(4) 0.36 0.43 0.35 8.34 0.57
Return on average shareholders' equity-GAAP basis (2),(3),(5) 3.25 4.02 3.10 106.55 7.19
Efficiency ratio (6) 89.42 84.30 81.92 78.05 81.05
Noninterest income to total revenue 26.06 25.52 26.82 26.58 28.22
Net interest margin (1),(2) 3.10 3.07 3.08 3.25 3.12
Average equity to average assets 10.27 10.13 10.55 7.80 7.56
Credit Analysis
Net charge-offs (recoveries) $(112) $(139) $838 $842 $2,027
Net charge-offs (recoveries) to average loans (0.03) (0.04)% 0.26% 0.26% 0.64%
Loan loss provision (recapture) $(1,444) $(735) $490 $1,180 $565
Allowance to loans at end of period 1.36 1.48% 1.54% 1.62% 1.59%
Restructured loans (accruing) $28,157 $24,537 $25,137 $25,509 $29,612
Nonperforming loans $21,745 $26,220 $27,672 $28,724 $33,266
Other real estate owned 6,198 6,369 6,860 5,589 10,063
Nonperforming assets $27,943 $32,589 $34,532 $34,313 $43,329
------- ------- ------- ------- -------
Nonperforming loans to loans at end of period 1.63 2.00% 2.12% 2.27% 2.63%
Nonperforming assets to total assets 1.22 1.41 1.52 1.60 1.98
Per Share Common Stock
Net income (loss) diluted-GAAP basis (7) $0.07 $0.09 $0.03 $2.31 $0.11
Net income (loss) basic-GAAP basis (7) 0.07 0.09 0.03 2.35 0.11
Cash dividends declared (7) 0.00 0.00 0.00 0.00 0.00
Book value per share common (7) 9.02 8.79 8.40 8.12 5.89
Average Balances
Total average assets $2,304,870 $2,286,998 $2,245,155 $2,153,830 $2,178,242
Less: Intangible assets 422 629 813 1,009 1,205
Total average tangible assets $2,304,448 $2,286,369 $2,244,342 $2,152,821 $2,177,038
---------- ---------- ---------- ---------- ----------
Total average equity $236,632 $231,769 $236,950 $168,078 $164,747
Less: Intangible assets 422 629 813 1,009 1,205
Total average tangible equity $236,210 $231,140 $236,137 $167,069 $163,541
----------------------------- -------- -------- -------- -------- --------
(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
shareholder's equity for the third quarter was 0.40 percent and 5.07 percent, respectively.
(6) Defined as (noninterest expense less foreclosed property expense and amortization of intangibles) divided by net operating revenue
(net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains).
(7) Calculated based on total shares outstanding subsequent to the 5/1 reverse stock split.
June 30, December 31, June 30,
SECURITIES 2014 2013 2013
---------- ---- ---- ----
U.S. Treasury and U.S. Government Agencies $100 $100 $101
Mortgage-backed 479,720 602,568 631,228
Collateralized loan obligations 32,260 32,179 32,527
Obligations of states and political subdivisions 6,273 6,764 7,465
Other securities 0 0 1,488
Securities Available for Sale 518,353 641,611 672,809
------- ------- -------
Mortgage-backed 156,498 0 0
------- --- ---
Securities Held for Investment 156,498 0 0
------- --- ---
Total Securities $674,851 $641,611 $672,809
-------- -------- --------
June 30, December 31, June 30,
LOANS 2014 2013 2013
----- ---- ---- ----
Construction and land development $57,393 $67,450 $61,116
Real estate mortgage 1,145,013 1,113,128 1,094,976
Installment loans to individuals 45,241 44,713 44,296
Commercial and financial 87,285 78,636 65,224
Other loans 260 280 281
--- --- ---
Total Loans $1,335,192 $1,304,207 $1,265,893
---------- ---------- ----------
AVERAGE BALANCES (Unaudited) (Unaudited)
---------------- ---------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
QUARTER Percent Change vs.
-------
2014 2013 1st Qtr 2nd Qtr
(Dollars in thousands) Second First Fourth Third Second 2014 2013
--------------------- ------ ----- ------ ----- ------ ---- ----
Assets
Earning assets:
Securities:
Taxable $677,600 $653,646 $655,176 $664,103 $639,769 3.7% 5.9%
Nontaxable 827 1,016 1,560 1,560 1,647 (18.6) (49.8)
--- ----- ----- ----- -----
Total Securities 678,427 654,662 656,736 665,663 641,416 3.6 5.8
Federal funds sold and other
investments 153,410 188,048 156,823 113,798 168,740 (18.4) (9.1)
Loans, net 1,338,415 1,307,796 1,293,373 1,278,391 1,269,789 2.3 5.4
--------- --------- --------- --------- ---------
Total Earning Assets 2,170,252 2,150,506 2,106,932 2,057,852 2,079,945 0.9 4.3
Allowance for loan losses (19,784) (20,205) (20,817) (20,206) (21,515) (2.1) (8.0)
Cash and due from banks 35,735 37,186 40,836 35,810 34,279 (3.9) 4.2
Premises and equipment 34,948 34,731 34,750 34,834 35,121 0.6 (0.5)
Other assets 83,719 84,780 83,454 45,540 50,412 (1.3) 66.1
------ ------ ------ ------ ------
$2,304,870 $2,286,998 $2,245,155 $2,153,830 $2,178,242 0.8 5.8
---------- ---------- ---------- ---------- ----------
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW $498,285 $507,313 $483,569 $447,350 $461,005 (1.8)% 8.1%
Savings deposits 205,686 197,300 190,558 185,918 180,915 4.3 13.7
Money market accounts 336,772 330,787 332,576 336,229 339,058 1.8 (0.7)
Time deposits 259,325 270,215 282,543 289,408 302,110 (4.0) (14.2)
Federal funds purchased and
other short term borrowings 150,108 155,656 142,999 157,607 159,847 (3.6) (6.1)
Other borrowings 103,610 103,610 103,610 103,610 103,610 0.0 0.0
------- ------- ------- ------- -------
Total Interest-Bearing Liabilities 1,553,786 1,564,881 1,535,855 1,520,122 1,546,545 (0.7) 0.5
Demand deposits (noninterest-bearing) 505,892 481,048 462,830 454,642 455,525 5.2 11.1
Other liabilities 8,560 9,300 9,520 10,988 11,425 (8.0) (25.1)
----- ----- ----- ------ ------
Total Liabilities 2,068,238 2,055,229 2,008,205 1,985,752 2,013,495 0.6 2.7
Shareholders' equity 236,632 231,769 236,950 168,078 164,747 2.1 43.6
------- ------- ------- ------- -------
$2,304,870 $2,286,998 $2,245,155 $2,153,830 $2,178,242 0.8 5.8
---------- ---------- ---------- ---------- ----------
AVERAGE YIELDS / RATES (1) (Unaudited)
--------------------------- ----------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
QUARTER
-------
2014 2013
---- ----
(Dollars in thousands) Second First Fourth Third Second
--------------------- ------ ----- ------ ----- ------
Assets
Earning assets:
Securities:
Taxable 2.14% 2.10% 2.11% 1.93% 1.88%
Nontaxable 6.77 6.69 6.41 6.67 6.55
---- ---- ---- ---- ----
Total Securities 2.15 2.11 2.12 1.95 1.89
Federal funds sold and other
investments 0.64 0.58 0.57 0.67 0.53
Loans, net 4.24 4.29 4.29 4.59 4.52
---- ---- ---- ---- ----
Total Earning Assets 3.33 3.31 3.33 3.52 3.39
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW 0.08 0.08 0.08 0.08 0.09
Savings deposits 0.04 0.05 0.05 0.05 0.05
Money market accounts 0.08 0.08 0.09 0.08 0.08
Time deposits 0.60 0.61 0.62 0.64 0.67
Federal funds purchased and
other short term borrowings 0.17 0.17 0.17 0.17 0.18
Other borrowings 2.43 2.44 2.44 2.44 2.45
---- ---- ---- ---- ----
Total Interest-Bearing Liabilities 0.33 0.33 0.35 0.36 0.36
Interest expense as a % of earning assets 0.23 0.24 0.25 0.26 0.27
Net interest income as a % of earning assets 3.10 3.07 3.08 3.25 3.12
(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.
-------
2014 2013 1st Qtr 2nd Qtr
---- ----
(Dollars in thousands) Second First Fourth Third Second 2014 2013
--------------------- ------ ----- ------ ----- ------ ---- ----
Assets
Earning assets:
Securities:
Taxable $3,630 $3,434 $3,452 $3,212 $3,008 5.7% 20.7%
Nontaxable 14 17 25 26 27 (17.6) (48.1)
--- --- --- --- ---
Total Securities 3,644 3,451 3,477 3,238 3,035 5.6 20.1
Federal funds sold and other
investments 246 268 224 192 224 8.2 9.8
Loans, net 14,151 13,849 13,974 14,804 14,312 2.2 (1.1)
------ ------ ------ ------ ------
Total Earning Assets 18,041 17,568 17,675 18,234 17,571 2.7 2.7
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW 94 102 96 93 100 (7.8) (6.0)
Savings deposits 23 24 26 25 24 (4.2) (4.2)
Money market accounts 67 68 74 69 67 (1.5) 0.0
Time deposits 386 407 444 470 501 (5.2) (23.0)
Federal funds purchased and
other short term borrowings 65 66 62 68 73 (1.5) (11.0)
Other borrowings 627 624 637 637 634 0.5 (1.1)
--- --- --- --- ---
Total Interest-Bearing Liabilities 1,262 1,291 1,339 1,362 1,399 (2.2) (9.8)
----- ----- ----- ----- -----
Net interest income 16,779 16,277 16,336 16,872 16,172 3.1 3.8
------ ------ ------ ------ ------
(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
2014 2013
---- ----
(Dollars in thousands) Second Quarter First Quarter Fourth Quarter Third Quarter Second Quarter
--------------------- -------------- ------------- -------------- ------------- --------------
Customer Relationship Funding
(Period End)
Demand deposits (noninterest
bearing)
Commercial $293,515 $291,221 $261,938 $254,373 $260,325
Retail 167,172 173,698 159,117 155,281 163,551
Public funds 33,223 34,636 32,971 27,002 29,487
Other 15,888 14,370 9,980 16,293 15,154
509,798 513,925 464,006 452,949 468,517
NOW accounts
Commercial 41,423 41,281 43,241 35,029 35,714
Retail 327,762 329,226 324,583 305,055 308,390
Public funds 124,742 134,191 172,464 100,785 108,965
493,927 504,698 540,288 440,869 453,069
Total Transaction Accounts
Commercial 334,938 332,501 305,179 289,402 296,039
Retail 494,934 502,924 483,700 460,336 471,941
Public funds 157,965 168,828 205,435 127,787 138,452
Other 15,888 14,370 9,980 16,293 15,154
1,003,725 1,018,623 1,004,294 893,818 921,586
Savings accounts 208,333 202,170 192,491 187,181 184,219
Money market accounts
Commercial 114,662 109,158 100,601 107,767 109,938
Retail 213,927 221,762 221,062 217,176 216,370
Public funds 6,657 6,488 9,521 9,735 9,639
335,246 337,408 331,184 334,678 335,947
Time certificates of deposit 258,233 261,594 278,076 283,233 296,857
------- -------
Total Deposits $1,805,537 $1,819,795 $1,806,045 $1,698,910 $1,738,609
========== ========== ========== ========== ==========
Sweep repurchase agreements $141,662 $156,136 $151,310 $134,338 $160,934
======== ======== ======== ======== ========
Total core customer funding (1) $1,688,966 $1,714,337 $1,679,279 $1,550,015 $1,602,686
========== ========== ========== ========== ==========
(1) Total deposits and sweep repurchase agreements, excluding certificates of deposits.
QUARTERLY TRENDS - LOANS AT END OF PERIOD (Dollars in Millions)
--------------------------------------------------------------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2014 2013
---- ----
2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
------- ------- ------- ------- ------- -------
Installment loans to individuals
Automobile and trucks $6.1 $6.2 $6.6 $7.1 $7.5 $7.8
Marine loans 23.3 20.8 20.2 21.3 16.7 15.4
Other 15.8 17.6 17.9 18.8 20.1 20.0
---- ---- ---- ---- ---- ----
45.2 44.6 44.7 47.2 44.3 43.2
Construction and land development to individuals
Lot loans 13.1 13.3 12.9 14.7 15.5 16.6
Construction 16.7 24.4 21.3 19.7 20.7 20.8
---- ---- ---- ---- ---- ----
29.8 37.7 34.2 34.4 36.2 37.4
Residential real estate
Adjustable 407.7 392.5 391.9 378.4 372.6 365.8
Fixed rate 91.0 89.8 91.1 94.7 97.5 98.2
Home equity mortgages 54.9 60.6 62.0 61.8 62.2 61.3
Home equity lines 53.2 49.7 47.7 47.7 49.1 49.3
---- ---- ---- ---- ---- ----
606.8 592.6 592.7 582.6 581.4 574.6
----- ----- ----- ----- ----- -----
TOTAL CONSUMER 681.8 674.9 671.6 664.2 661.9 655.2
----- ----- ----- ----- ----- -----
Commercial & financial 87.3 79.4 78.6 70.8 65.2 64.8
Construction and land development for commercial
Residential
Single family residences 5.1 1.8 2.0 - - -
Single family land and lots 4.5 4.7 4.9 4.9 5.0 4.9
Townhomes 1.1 0.5 - - - -
Multifamily 3.5 3.6 3.7 3.8 3.9 3.9
--- --- --- --- --- ---
14.2 10.6 10.6 8.7 8.9 8.8
Commercial
Office buildings - - - 1.6 1.6 1.1
Retail trade 2.4 2.9 7.7 1.8 1.8 -
Land 4.1 4.4 4.9 7.3 7.2 7.8
Healthcare - 7.1 5.4 4.7 2.9 3.3
Churches and educational facilities 1.6 1.1 3.8 4.0 2.5 1.2
Lodging 5.2 3.4 0.9 0.3 - -
Convenience stores 0.1 - - - - -
13.4 18.9 22.7 19.7 16.0 13.4
---- ---- ---- ---- ---- ----
Total construction and land development 27.6 29.5 33.3 28.4 24.9 22.2
Commercial real estate
Office buildings 122.8 120.0 118.7 118.2 112.0 112.5
Retail trade 142.8 142.0 130.6 128.9 135.5 122.2
Industrial 82.2 76.7 81.1 79.6 83.3 73.4
Healthcare 41.6 44.1 45.5 38.8 42.1 39.4
Churches and educational facilities 26.7 26.9 25.3 24.2 26.4 26.9
Recreation 3.3 2.4 2.5 2.5 2.6 2.6
Multifamily 18.7 17.2 16.8 6.2 9.5 8.5
Mobile home parks 1.7 1.8 1.9 1.9 1.9 2.0
Lodging 17.0 16.9 17.1 17.3 17.5 18.0
Restaurant 3.9 3.7 3.7 3.8 3.5 3.6
Agricultural 4.6 4.7 7.0 7.2 7.1 5.9
Convenience stores 20.9 22.0 20.8 21.0 20.2 20.2
Marina 18.5 20.6 21.3 21.5 20.9 21.1
Other 33.5 29.4 28.1 27.9 31.1 25.1
---- ---- ---- ---- ---- ----
538.2 528.4 520.4 499.0 513.6 481.4
----- ----- ----- ----- ----- -----
TOTAL COMMERCIAL 653.1 637.3 632.3 598.2 603.7 568.4
----- ----- ----- ----- ----- -----
Other 0.3 0.2 0.3 0.5 0.3 0.2
--- --- --- --- --- ---
$1,335.2 $1,312.4 $1,304.2 $1,262.9 $1,265.9 $1,223.8
======== ======== ======== ======== ======== ========
QUARTERLY TRENDS - INCREASE (DECREASE) IN LOANS BY QUARTER (Dollars in Millions)
-------------------------------------------------------------------------------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2014 2013
---- ----
2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
------- ------- ------- ------- ------- -------
Installment loans to individuals
Automobile and trucks $(0.1) $(0.4) $(0.5) $(0.4) $(0.3) $ -
Marine loans 2.5 0.6 (1.1) 4.6 1.3 (3.0)
Other (1.8) (0.3) (0.9) (1.3) 0.1 (0.7)
---- ---- ---- ---- --- ----
0.6 (0.1) (2.5) 2.9 1.1 (3.7)
Construction and land development to individuals
Lot loans (0.2) 0.4 (1.8) (0.8) (1.1) (0.1)
Construction (7.7) 3.1 1.6 (1.0) (0.1) (1.4)
---- --- --- ---- ---- ----
(7.9) 3.5 (0.2) (1.8) (1.2) (1.5)
Residential real estate
Adjustable 15.2 0.6 13.5 5.8 6.8 4.8
Fixed rate 1.2 (1.3) (3.6) (2.8) (0.7) (0.8)
Home equity mortgages (5.7) (1.4) 0.2 (0.4) 0.9 3.3
Home equity lines 3.5 2.0 - (1.4) (0.2) (2.1)
--- --- --- ---- ---- ----
14.2 (0.1) 10.1 1.2 6.8 5.2
---- ---- ---- --- --- ---
TOTAL CONSUMER 6.9 3.3 7.4 2.3 6.7 -
--- --- --- --- --- ---
Commercial & financial 7.9 0.8 7.8 5.6 0.4 2.9
Construction and land development for commercial
Residential
Single family residences 3.3 (0.2) 2.0 - - -
Single family land and lots (0.2) (0.2) - (0.1) 0.1 (0.7)
Townhomes 0.6 0.5 - - - -
Multifamily (0.1) (0.1) (0.1) (0.1) - (0.4)
---- ---- ---- ---- --- ----
3.6 (0.0) 1.9 (0.2) 0.1 (1.1)
Commercial
Office buildings - - (1.6) - 0.5 1.1
Retail trade (0.5) (4.8) 5.9 - 1.8 -
Land (0.3) (0.5) (2.4) 0.1 (0.6) (1.8)
Healthcare (7.1) 1.7 0.7 1.8 (0.4) 1.5
Churches and educational facilities 0.5 (2.7) (0.2) 1.5 1.3 0.7
Lodging 1.8 2.5 0.6 0.3 - -
Convenience stores 0.1 - - - - -
(5.5) (3.8) 3.0 3.7 2.6 1.5
---- ---- --- --- --- ---
Total construction and land development (1.9) (3.8) 4.9 3.5 2.7 0.4
Commercial real estate
Office buildings 2.8 1.3 0.5 6.2 (0.5) 7.8
Retail trade 0.8 11.4 1.7 (6.6) 13.3 (4.5)
Industrial 5.5 (4.4) 1.5 (3.7) 9.9 0.8
Healthcare (2.5) (1.4) 6.7 (3.3) 2.7 (1.3)
Churches and educational facilities (0.2) 1.6 1.1 (2.2) (0.5) (1.7)
Recreation 0.9 (0.1) - (0.1) - (0.1)
Multifamily 1.5 0.4 10.6 (3.3) 1.0 (0.5)
Mobile home parks (0.1) (0.1) - - (0.1) -
Lodging 0.1 (0.2) (0.2) (0.2) (0.5) (0.7)
Restaurant 0.2 - (0.1) 0.3 (0.1) 0.1
Agricultural (0.1) (2.3) (0.2) 0.1 1.2 (0.2)
Convenience stores (1.1) 1.2 (0.2) 0.8 - (0.3)
Marina (2.1) (0.7) (0.2) 0.6 (0.2) (0.1)
Other 4.1 1.3 0.2 (3.2) 6.0 (4.7)
--- --- --- ---- --- ----
9.8 8.0 21.4 (14.6) 32.2 (5.4)
--- --- ---- ----- ---- ----
TOTAL COMMERCIAL 15.8 5.0 34.1 (5.5) 35.3 (2.1)
---- --- ---- ---- ---- ----
Other 0.1 (0.1) (0.2) 0.2 0.1 (0.2)
--- ---- ---- --- --- ----
$22.8 $8.2 $41.3 $(3.0) $42.1 $(2.3)
===== ==== ===== ===== ===== =====
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SOURCE Seacoast Banking Corporation of Florida
