Form 8-K

0000950123-11-091936.txt : 20111026 0000950123-11-091936.hdr.sgml : 20111026 20111026093301 ACCESSION NUMBER: 0000950123-11-091936 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20111020 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20111026 DATE AS OF CHANGE: 20111026 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEACOAST BANKING CORP OF FLORIDA CENTRAL INDEX KEY: 0000730708 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 592260678 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13660 FILM NUMBER: 111158088 BUSINESS ADDRESS: STREET 1: 815 COLORADO AVE STREET 2: P O BOX 9012 CITY: STUART STATE: FL ZIP: 34994 BUSINESS PHONE: 5612874000 MAIL ADDRESS: STREET 1: 815 COLORADO AVE STREET 2: P O BOX 9012 CITY: STUART STATE: FL ZIP: 34995 8-K 1 c23659e8vk.htm FORM 8-K Form 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 20, 2011

SEACOAST BANKING CORPORATION OF FLORIDA

(Exact name of registrant as specified in its charter)


Florida	0-13660	59-2260678

(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


815 Colorado Avenue, Stuart, FL		34994

(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (772) 287-4000

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

SEACOAST BANKING CORPORATION OF FLORIDA

Item 2.02 Results of Operations and Financial Condition

On October 20, 2011, the Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) announced its financial results for the third quarter ended September 30, 2011.

A copy of the press release announcing Seacoast’s results for the third quarter ended September 30, 2011 is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 7.01 Regulation FD Disclosure

On October 21, 2011, Seacoast held an investor conference call to discuss its financial results for the third quarter ended September 30, 2011. A transcript of this conference call is attached hereto as Exhibit 99.2 and incorporated herein by reference. Also attached as Exhibit 99.3 are charts (available on the Company’s website at www.seacoastbanking.net) containing information used in the conference call and incorporated herein by reference. All information included in the transcript and the charts is presented as of September 30, 2011, and the Company does not assume any obligation to correct or update said information in the future.

The information in Items 2.02 and 7.01, as well as Exhibits 99.1, 99.2 and 99.3, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits


Exhibit
No.		Description

	99.1	Press Release dated October 20, 2011 with respect to Seacoast’s financial results for the third quarter ended September 30, 2011

	99.2	Transcript of Seacoast’s investor conference call held on October 21, 2011 to discuss the Company’s financial results for the third quarter ended September 30, 2011

	99.3	Data on website containing information used in the conference call held on October 21, 2011

Exhibits 99.1, 99.2 and 99.3 referenced herein contain “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.

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, 2010 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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	SEACOAST BANKING CORPORATION OF FLORIDA (Registrant)
Date: October 25, 2011	By:	/s/ William R. Hahl
		William R. Hahl
		Executive Vice President and Chief Financial Officer

EX-99.1 2 c23659exv99w1.htm EXHIBIT 99.1 Exhibit 99.1

EXHIBIT 99.1
To Form 8-K dated October 20, 2011

NEWS RELEASE

SEACOAST BANKING CORPORATION OF FLORIDA

Dennis S. Hudson, III
Chairman and Chief Executive Officer
Seacoast Banking Corporation of Florida
(772) 288-6085

William R. Hahl
Executive Vice President/
Chief Financial Officer
(772) 221-2825

SEACOAST REPORTS IMPROVED EARNINGS AND CREDIT QUALITY FOR
THIRD QUARTER 2011

			– Earnings increase 12 percent annualized for third quarter

			– Nonperforming loans down 79% compared to peak levels in 2009

			– Ending loans increased $19.6 million linked quarter or 6.6% annualized

			– Average demand deposits increased 15.9% over the prior year

STUART, FL., October 20, 2011 — Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF) today reported a third quarter 2011 net income of $2.6 million, compared to a net loss of $7.6 million for the third quarter of 2010. For the first nine months of 2011, net income totaled $4.1 million compared to a net loss of $23.0 million a year ago. Including preferred stock dividends and accretion of $937,000, the net income applicable to common shareholders was $1.7 million or $0.02 per average common diluted share for the third quarter, compared to a net loss of $8.6 million or $0.09 per average common diluted share for the third quarter of 2010.

- continued -

Nonperforming loans to loans outstanding continued to trend lower at 2.70 percent, marking the eighth consecutive quarterly decline from the peak level of 10.23 percent at September 30, 2009. Nonperforming assets fell to 2.75 percent of total assets from 5.06 percent a year ago and totaled $56.3 million at September 30, 2011, a dollar level last achieved at September 30, 2007.

Revenues continued to grow and improved to $21.7 million for the quarter, up $623,000 linked quarter and $508,000 compared to a year ago. New customer growth has produced increases in consumer and commercial core checking account relationships resulting in better deposit mix and increased deposit fees and interchange income. Average noninterest bearing checking balances for the third quarter totaled $323 million, up $44 million or 15.9 percent over the prior year.

“Seacoast’s third quarter results were improved and reflected continued sequential revenue growth and improved credit trends,” said Dennis S. Hudson, III, Chairman and Chief Executive Officer. “Bottom-line results were the best the Company has generated since 2007.

- continued -

Balance Sheet Highlights

Total loans were $1,209 million at September 30, 2011, and grew $20 million or 6.6 percent annualized linked quarter, the first quarterly increase since 2007. Loan growth benefited from reduced need to liquidate problem loans and continued strong residential production. There were also improvements in commercial production resulting from a focused program to target small business segments less impacted by the lingering effects of the recession.

Total deposits were $1,661 million at September 30, 2011, increasing $24 million or 1.5 percent compared with a year ago. Noninterest bearing checking balances totaled $324 million, up $48 million or 17.2 percent compared with last year. Total transaction accounts (demand deposit, NOW and money markets) were up $61 million or 6.2 percent and totaled $1,043 million compared to $982.1 million at September 30, 2010. Savings balances increased $20 million to $128 million at quarter-end. Retail certificates of deposit continued to decline with a reduction of $38.7 million or 7.3 percent in the third quarter, and $56.7 million lower than in the third quarter last year.

The Company’s balance sheet continues to be primarily core funded with a loan-to-deposit ratio of 72.7 percent at September 30, 2011, and a strong liquidity position to support further growth.

Capital levels remained strong again this quarter with the Tier 1 capital ratio estimated at 17.4 percent at September 30, 2011 compared with 17.1 percent a year ago. With the strong capital ratios, the Company is well positioned to take advantage of growth opportunities in its core markets.

- continued -

Credit Quality Highlights

Improvement in overall credit quality continued in the third quarter. Nonperforming assets decreased $45.6 million to $56.2 million at September 30, 2011 compared to September 30, 2010. Net charge-offs declined from $10.7 million in the third quarter 2010 to $2.8 million for this year’s third quarter. The allowance for loan losses is 87 percent of nonperforming loans as of September 30, 2011 compared with 55 percent for 2010.

Additional highlights include:

•

Mortgage banking revenue in the third quarter 2011 was up $47,000 or 9.2 percent linked quarter due to higher volume and spreads;

•

Service charges on deposit accounts totaled $1.675 million for the quarter, an increase of 10.9 percent over the same quarter last year and up 8.3 percent linked quarter;

•

Wealth management fees totaled $862,000 for the third quarter 2011, up $56,000 or 6.9 percent compared to the same quarter 2010;

•

Interchange income totaled $969,000 for the quarter, an increase of $159,000 or 19.6 percent compared to third quarter 2010;

•

Total noninterest bearing deposits at September 30, 2011 comprised 19.5 percent of total deposits, up from 16.9 percent a year ago;

- continued -

•

Checking account household growth was 4.6 percent annualized for the first nine months of 2011; and

•

Tangible common equity (TCE) ratio improved to 5.91 percent from 5.84 percent in the prior quarter; a future recapture of the deferred tax asset valuation allowance would add (proforma) approximately 200 basis points to the TCE ratio.

Net interest income for the quarter totaled $16.9 million, up $393,000 compared with third quarter 2010. The increase over the prior year’s third quarter net interest income is a result of lower deposit costs and lower rates paid on interest bearing liabilities, and a larger investment portfolio. The net interest margin for the third quarter totaled 3.44 percent, up 8 basis points compared to the second quarter 2011, and 9 basis points higher than the third quarter 2010. A stable margin is expected going forward, as a result of lower levels of nonperforming loans and increased loan balances. For the first nine months of 2011, the margin was 3.43 percent, up 8 basis points compared with the prior year’s first nine months.

The Company recorded no provision for loan losses in the third quarter 2011, compared to $0.9 million for the second quarter and $8.9 million for the third quarter of 2010. The allowance for loan losses as a percentage of loans was 2.35 percent at September 30, 2011, compared to 2.63 percent for the second quarter this year and 3.04 percent at September 30, 2010. The reduction in the allowance for the quarter is consistent with lower overall risk in the loan portfolio as both the concentration and loan size have been reduced, particularly in the construction and land development portfolios where the majority of prior loan losses occurred. Current quarter net loan charge-offs totaled $2.8 million compared to $10.7 million for the third quarter 2010 and $4.0 million for the second quarter 2011.

- continued -

Third quarter 2011 noninterest income, excluding securities gains and losses, was up $159,000 compared to the second quarter and was up $174,000 compared to the third quarter of 2010. Mortgage banking fees were up $47,000 compared to the second quarter of 2011 with revenues of $556,000, down $98,000 compared with third quarter 2010. Service charges on deposits and interchange income were both up when compared to last year’s third quarter as a result of the increases in new business and retail households. Combined revenues related to these deposit account types totaled $2.6 million in the third quarter, up $323,000 or 13.9 percent compared with third quarter 2010.


	Q-3		Q-2		Q-1		Q-4		Q-3
(dollars in thousands)	2011		2011		2011		2010		2010
Noninterest Income:

Service charges on deposit accounts	$	1,675	$	1,546	$	1,442	$	1,590	$	1,511
Trust income		541		517		523		510		500
Mortgage banking fees		556		509		395		580		654
Brokerage commissions and fees		321		223		320		325		306
Marine finance fees		229		349		298		355		330
Interchange income		969		995		891		814		810
Other deposit based EFT fees		71		79		90		75		71
Other		344		329		250		338		350

Total		4,706		4,547		4,209		4,587		4,532

Gain on sale of merchant business		0		0		0		600		0

Total	$	4,706	$	4,547	$	4,209	$	5,187	$	4,532

- continued -

Core operating expenses increased by $188,000 for the quarter but were lower by $861,000 over the prior year. Expenses associated with other real estate owned and asset dispositions were lower by $198,000 compared to the second quarter, and down by $51,000 compared with the prior year third quarter. Salaries, wages and benefits for the third quarter 2011 increased $322,000 or 4.0 percent from the second quarter 2011, and were $295,000 or 3.7 percent higher when compared to the same period in 2010, as the result of added commercial lenders and higher commissions from increased residential loan production. FDIC assessments were unchanged for the third quarter compared with second quarter but were down by $279,000 compared to last year’s assessments.


	Q-3		Q-2		Q-1		Q-4		Q-3
(dollars in thousands)	2011		2011		2011		2010		2010
Noninterest Expense:

Salaries and wages	$	6,902	$	6,534	$	6,551	$	6,539	$	6,631
Employee benefits		1,391		1,437		1,600		1,153		1,367
Outsourced data processing costs		1,685		1,699		1,522		1,496		1,503
Telephone / data lines		286		319		289		321		383
Occupancy expense		1,967		1,919		1,946		1,699		1,928
Furniture and equipment expense		555		618		593		609		595
Marketing expense		551		667		752		764		577
Legal and professional fees		1,496		1,585		1,757		1,783		2,491
FDIC assessments		687		688		959		947		966
Amortization of intangibles		211		212		212		212		212
Other		1,947		1,812		1,951		2,330		1,886

Total Core Operating Expense		17,678		17,490		18,132		17,853		18,539

Net loss on OREO and repossessed assets		906		441		449		8,763		849
Asset dispositions expense		479		1,142		1,086		1,122		587

Total	$	19,063	$	19,073	$	19,667	$	27,738	$	19,975

The Company’s residential lending group has produced solid, quality mortgage loan growth in 2011. A total of 329 applications were accepted in the third quarter 2011 for total loans of $87 million, and 988 applications were taken in the first nine months for $233.1 million. Closed mortgage loans totaled $53 million for the quarter, up $3 million compared with the second quarter 2011. A total of $17 million in residential mortgage loans were sold in the third quarter of 2011. Over the first nine months of 2011, a total of $49 million in residential mortgage loans were sold and $86 million were added to the portfolio.

- continued -

The Company’s retail and business core deposit focus has produced strong growth in core deposit customer relationships and has resulted in increased balances and improved deposit mix. The improved deposit mix and lower rates paid on interest bearing deposits during the third quarter reduced the overall cost of total deposits to 0.65 percent, 5 basis points lower than in the second quarter 2011 and 19 basis points lower than the third quarter 2010.

Average total deposits for the third quarter ended September 30, 2011 were $1,675 million, $16 million lower than in the third quarter 2010, and ending deposits were seasonally lower compared to second quarter at $1,661 million. Compared to the prior year, deposits were lower due to a planned deposit runoff of customers with single-service certificates of deposit and brokered certificates as they matured. The mix of deposits continued to improve in the third quarter with low cost average interest bearing NOW and savings deposits increasing $7 million or 3.1 percent annualized, and average demand deposits stable at $323 million compared to the second quarter 2011 at $331 million. Average demand deposits increased $44 million or 15.9 percent compared with third quarter a year ago. The average cost of interest bearing core deposits (NOW, savings and money market deposit accounts) during the third quarter was 0.29 percent, down 11 basis points from the third quarter of 2010. Interest rates paid on certificates of deposit were also lower compared to the third quarter last year and totaled 1.66 percent during the third quarter 2011, a decline of 28 basis points. The average cost of total interest bearing liabilities was 0.87 percent, down 8 basis points compared to the second quarter 2011 and 22 basis points lower than the third quarter of 2010.

- continued -

As previously reported, the Company has experienced strong growth in core deposit customer relationships since implementing its core growth strategy. A total of 8,065 new households started banking with Seacoast over the past year, up 27.2 percent over the same period one year earlier. These new households have opened 8,523 new checking accounts, an increase of 36.8 percent over the number of new accounts opened during the prior twelve months. These new relationships have also increased average services and average balances per household.

Seacoast will host a conference call on Friday, October 21, 2011 at 9:30 a.m. (Eastern Time) to discuss the earnings results and business trends. Investors may call in (toll-free) by dialing (888) 517-2464 (passcode: 5785075; host: Dennis S. Hudson). Charts will be used during the conference call and may be accessed at Seacoast’s website at www.seacoastbanking.net by selecting “Presentations” under the heading “Investor Services”. A replay of the call will be available for one month, beginning the afternoon of October 21, by dialing (888) 843-7419 (domestic), using the passcode 5785075.

Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast’s website at www.seacoastbanking.net. The link is located in the subsection “Presentations” under the heading “Investor Services”. Beginning the afternoon of October 21, 2011, 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.

- continued -

Seacoast, with approximately $2.1 billion in assets, is one of the largest independent commercial banking organizations in Florida. Seacoast has 39 offices in South and Central Florida and is headquartered on Florida’s Treasure Coast, which is one of the wealthiest areas in the nation.

Cautionary Notice Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements about future financial and operating results, ability to realized deferred tax assets, cost savings, enhanced revenues, economic and seasonal conditions in our markets, and improvements to reported earnings that may be realized from cost controls and for integration of banks that we have acquired, as well as statements with respect to Seacoast’s objectives, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.

- continued -

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.

- continued -


FINANCIAL HIGHLIGHTS (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(Dollars in thousands,except share data)	2011			2010			2011			2010
Summary of Earnings
Net income (loss)	$	2,648		$	(7,638	)	$	4,119		$	(22,998	)
Net income (loss) available to common shareholders		1,711			(8,575	)		1,308			(25,809	)

Net interest income (1)		16,925			16,532			50,039			50,107

Performance Ratios
Return on average assets-GAAP basis (2), (3)		0.51	%		(1.47	)%		0.27	%		(1.46	)%
Return on average tangible assets (2), (3), (4)		0.54			(1.44	)		0.30			(1.43	)

Return on average shareholders’ equity-GAAP basis (2), (3)		6.33			(16.63	)		3.32			(17.93	)

Net interest margin (1), (2)		3.44			3.35			3.43			3.35

Per Share Data
Net income (loss) diluted-GAAP basis	$	0.02		$	(0.09	)	$	0.01		$	(0.36	)
Net income (loss) basic-GAAP basis		0.02			(0.09	)		0.01			(0.36	)

Cash dividends declared		0.00			0.00			0.00			0.00


	September 30,						Increase/
	2011			2010			(Decrease)
Credit Analysis
Net charge-offs year-to-date	$	10,885		$	34,450			(68.4	)%
Net charge-offs to average loans		1.19	%		3.42	%		(65.2	)
Loan loss provision year-to-date	$	1,542		$	27,705			(94.4	)
Allowance to loans at end of period		2.35	%		3.04	%		(22.7	)

Nonperforming loans	$	32,627		$	69,519			(53.1	)
Other real estate owned		23,702			32,406			(26.9	)

Total nonperforming assets	$	56,329		$	101,925			(44.7	)


Restructured loans (accruing)	$	72,751		$	64,403			13.0

Nonperforming assets to loans and other real estate owned at end of period		4.57	%		7.87	%		(41.9	)

Nonperforming assets to total assets		2.75	%		5.06	%		(45.7	)

Selected Financial Data
Total assets	$	2,051,037		$	2,014,405			1.8
Securities available for sale (at fair value)		611,195			426,931			43.2
Securities held for investment (at amortized cost)		24,575			23,500			4.6
Net loans		1,180,147			1,224,899			(3.7	)
Deposits		1,661,274			1,637,030			1.5
Total shareholders’ equity		170,793			179,595			(4.9	)
Common shareholders’ equity		123,608			133,659			(7.5	)
Book value per share common		1.31			1.43			(8.4	)
Tangible book value per share		1.78			1.89			(5.8	)
Tangible common book value per share (5)		1.28			1.39			(7.9	)
Average shareholders’ equity to average assets		8.06	%		8.15	%		(1.1	)
Tangible common equity to tangible assets (5), (6)		5.91			6.48			(8.8	)

Average Balances (Year-to-Date)
Total assets	$	2,056,344		$	2,103,204			(2.2	)
Less: intangible assets		2,814			3,695			(23.8	)

Total average tangible assets	$	2,053,530		$	2,099,509			(2.2	)


Total equity	$	165,781		$	171,453			(3.3	)
Less: intangible assets		2,814			3,695			(23.8	)

Total average tangible equity	$	162,967		$	167,758			(2.9	)


(1)		Calculated on a fully taxable equivalent basis using amortized cost.

(2)		These ratios are stated on an annualized basis and are not necessarily indicative of future periods.

(3)		The calculation of ROA and ROE do not include the mark-to-market unrealized gains (losses) because the unrealized gains (losses) are not included in net income (loss).

(4)		The Company believes that return on average assets and equity excluding the impacts of noncash amortization expense on intangible assets is a better measurement of the Company’s trend in earnings growth.

(5)		The Company defines tangible common equity as total shareholders equity less preferred stock and intangible assets.

(6)		The ratio of tangible common equity to tangible assets is a non-GAAP ratio used by the investment community to measure capital adequacy.


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(Dollars in thousands, except per share data)	2011		2010			2011		2010

Interest on securities:
Taxable	$	4,750	$	3,344		$	13,001	$	10,397
Nontaxable		38		61			123		187
Interest and fees on loans		15,315		17,181			47,004		52,951
Interest on federal funds sold and other investments		175		252			606		763

Total Interest Income		20,278		20,838			60,734		64,298

Interest on deposits		605		865			1,840		3,343
Interest on time certificates		2,134		2,725			6,789		8,798
Interest on borrowed money		671		787			2,240		2,266

Total Interest Expense		3,410		4,377			10,869		14,407


Net Interest Income		16,868		16,461			49,865		49,891
Provision for loan losses		0		8,866			1,542		27,705

Net Interest Income After Provision for Loan Losses		16,868		7,595			48,323		22,186

Noninterest income:
Service charges on deposit accounts		1,675		1,511			4,663		4,335
Trust income		541		500			1,581		1,467
Mortgage banking fees		556		654			1,460		1,539
Brokerage commissions and fees		321		306			864		849
Marine finance fees		229		330			876		979
Interchange income		969		810			2,855		2,349
Other deposit based EFT fees		71		71			240		246
Other		344		350			923		1,183

		4,706		4,532			13,462		12,947
Securities gains, net		137		210			137		3,687

Total Noninterest Income		4,843		4,742			13,599		16,634

Noninterest expenses:
Salaries and wages		6,902		6,631			19,987		19,869
Employee benefits		1,391		1,367			4,428		4,564
Outsourced data processing costs		1,685		1,503			4,906		4,485
Telephone / data lines		286		383			894		1,184
Occupancy		1,967		1,928			5,832		5,781
Furniture and equipment		555		595			1,766		1,789
Marketing		551		577			1,970		2,146
Legal and professional fees		1,496		2,491			4,838		6,194
FDIC assessments		687		966			2,334		3,011
Amortization of intangibles		211		212			635		773
Asset dispositions expense		479		587			2,006		1,146
Net loss on other real estate owned and repossessed assets		906		849			2,497		4,778
Other		1,947		1,886			5,710		6,098

Total Noninterest Expenses		19,063		19,975			57,803		61,818

Income (Loss) Before Income Taxes		2,648		(7,638	)		4,119		(22,998	)
Provision for income taxes		0		0			0		0


Net Income (Loss)		2,648		(7,638	)		4,119		(22,998	)
Preferred stock dividends and accretion on preferred stock discount		937		937			2,811		2,811

Net Income (Loss) Available to Common Shareholders	$	1,711	$	(8,575	)	$	1,308	$	(25,809	)


Per share of common stock:

Net income (loss) diluted	$	0.02	$	(0.09	)	$	0.01	$	(0.36	)
Net income (loss) basic		0.02		(0.09	)		0.01		(0.36	)
Cash dividends declared		0.00		0.00			0.00		0.00

Average diluted shares outstanding		93,878,199		93,388,715			93,611,223		70,878,230
Average basic shares outstanding		93,524,950		93,388,715			93,492,180		70,878,230


CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


	September 30,			December 31,			September 30,
(Dollars in thousands, except share data)	2011			2010			2010

Assets
Cash and due from banks	$	29,307		$	35,358		$	27,833
Interest bearing deposits with other banks		87,578			176,047			173,409

Total Cash and Cash Equivalents		116,885			211,405			201,242

Securities:
Available for sale (at fair value)		611,195			435,140			426,931
Held for investment (at amortized cost)		24,575			26,861			23,500

Total Securities		635,770			462,001			450,431

Loans available for sale		6,897			12,519			7,799

Loans, net of deferred costs		1,208,548			1,240,608			1,263,346
Less: Allowance for loan losses		(28,401	)		(37,744	)		(38,447	)

Net Loans		1,180,147			1,202,864			1,224,899

Bank premises and equipment, net		34,599			36,045			36,689
Other real estate owned		23,702			25,697			32,406
Other intangible assets		2,501			3,137			3,348
Other assets		50,536			62,713			57,591

	$	2,051,037		$	2,016,381		$	2,014,405


Liabilities and Shareholders’ Equity
Liabilities
Deposits
Demand deposits (noninterest bearing)	$	324,256		$	289,621		$	276,739
Savings deposits		847,515			812,625			814,098
Other time certificates		257,486			281,681			287,406
Brokered time certificates		5,252			7,093			11,788
Time certificates of $100,000 or more		226,765			246,208			246,999

Total Deposits		1,661,274			1,637,228			1,637,030

Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days		106,562			98,213			62,522
Borrowed funds		50,000			50,000			50,000
Subordinated debt		53,610			53,610			53,610
Other liabilities		8,798			11,031			31,648

		1,880,244			1,850,082			1,834,810

Shareholders’ Equity
Preferred stock — Series A		47,185			46,248			45,936
Common stock		9,470			9,349			9,345
Additional paid in capital		221,797			221,522			221,426
Accumulated deficit		(115,764	)		(112,652	)		(102,134	)
Treasury stock		(6	)		(1	)		(1	)

		162,682			164,466			174,572

Accumulated other comprehensive gain, net		8,111			1,833			5,023

Total Shareholders’ Equity		170,793			166,299			179,595

	$	2,051,037		$	2,016,381		$	2,014,405


Common Shares Outstanding		94,696,906			93,487,581			93,452,708

Note: The balance sheet at December 31, 2010 has been derived from the audited financial statements at that date.


CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


	QUARTERS
	2011									2010			Last 12
(Dollars in thousands, except per share data)	Third			Second			First			Fourth			Months
Net income (loss)	$	2,648		$	1,113		$	358		$	(10,205	)	$	(6,086	)

Operating Ratios
Return on average assets-GAAP basis (2),(3)		0.51	%		0.21	%		0.07	%		(2.01	)%		(0.30	)%
Return on average tangible assets (2),(3),(4)		0.54			0.24			0.10			(1.99	)		(0.27	)

Return on average shareholders’ equity-GAAP basis (2),(3)		6.33			2.68			0.88			(23.31	)		(3.63	)

Net interest margin (1),(2)		3.44			3.36			3.48			3.42			3.42
Average equity to average assets		8.07			7.98			8.14			8.63			8.20

Credit Analysis
Net charge-offs	$	2,830		$	4,024		$	4,031		$	4,678		$	15,563
Net charge-offs to average loans		0.94	%		1.32	%		1.32	%		1.47	%		1.27	%
Loan loss provision	$	0		$	902		$	640		$	3,975		$	5,517
Allowance to loans at end of period		2.35	%		2.63	%		2.80	%		3.04	%

Restructured Loans (accruing)	$	72,751			60,238			76,935			66,350

Nonperforming loans	$	32,627			46,165			66,233			68,284
Other real estate owned		23,702			25,877			24,111			25,697

Nonperforming assets	$	56,329		$	72,042		$	90,344		$	93,981

Nonperforming assets to loans and other real estate owned at end of period		4.57	%		5.93	%		7.23	%		7.42	%
Nonperforming assets to total assets		2.75			3.46			4.34			4.66
Nonaccrual loans and accruing loans 90 days or more past due to loans outstanding at end of period		2.70			3.88			5.41			5.50

Per Share Common Stock
Net income (loss) diluted-GAAP basis	$	0.02		$	0.00		$	(0.01	)	$	(0.12	)	$	(0.11	)
Net income (loss) basic-GAAP basis		0.02			0.00			(0.01	)		(0.12	)	$	(0.11	)

Cash dividends declared		—			—			—			—		$	—
Book value per share common		1.31			1.33			1.28			1.28

Average Balances
Total assets	$	2,054,856		$	2,083,858		$	2,030,045		$	2,013,405
Less: Intangible assets		2,605			2,816			3,027			3,239

Total average tangible assets	$	2,052,251		$	2,081,042		$	2,027,018		$	2,010,166


Total equity	$	165,845		$	166,342		$	165,148		$	173,707
Less: Intangible assets		2,605			2,816			3,027			3,239

Total average tangible equity	$	163,240		$	163,526		$	162,121		$	170,468


(1)		Calculated on a fully taxable equivalent basis using amortized cost.

(2)		These ratios are stated on an annualized basis and are not necessarily indicative of future periods.

(3)		The calculation of ROA and ROE do not include the mark-to-market unrealized gains (losses), because the unrealized gains (losses) are not included in net income (loss).

(4)		The Company believes that return on average assets and equity excluding the impacts of noncash amortization expense on intangible assets is a better measurement of the Company’s trend in earnings growth.


	September 30,		December 31,		September 30,
SECURITIES	2011		2010		2010
U.S. Treasury and U.S. Government Agencies	$	4,226	$	4,212	$	4,226
Mortgage-backed		603,089		426,477		417,914
Obligations of states and political subdivisions		1,158		1,709		1,756
Other securities		2,722		2,742		3,035

Securities Available for Sale		611,195		435,140		426,931


Mortgage-backed		16,117		18,963		20,752
Obligations of states and political subdivisions		7,458		7,398		2,748
Other securities		1,000		500		0

Securities Held for Investment		24,575		26,861		23,500

Total Securities	$	635,770	$	462,001	$	450,431


	September 30,		December 31,		September 30,
LOANS	2011		2010		2010
Construction and land development	$	47,653	$	79,306	$	92,149
Real estate mortgage		1,055,276		1,060,597		1,064,739
Installment loans to individuals		51,736		51,602		52,192
Commercial and financial		53,534		48,825		53,982
Other loans		349		278		284

Total Loans	$	1,208,548	$	1,240,608	$	1,263,346


AVERAGE BALANCES, YIELDS AND RATES ⁽¹⁾ (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


	2011												2010
	Third Quarter						Second Quarter						Third Quarter
	Average			Yield/			Average			Yield/			Average			Yield/
(Dollars in thousands)	Balance			Rate			Balance			Rate			Balance			Rate

Assets
Earning assets:
Securities:
Taxable	$	624,811			3.04	%	$	591,265			3.10	%	$	402,970			3.32	%
Nontaxable		3,392			6.72			3,518			6.48			5,463			6.81

Total Securities		628,203			3.06			594,783			3.11			408,433			3.37

Federal funds sold and other investments		127,072			0.54			163,847			0.48			259,492			0.39

Loans, net		1,197,686			5.09			1,221,388			5.09			1,291,879			5.29


Total Earning Assets		1,952,961			4.13			1,980,018			4.12			1,959,804			4.23

Allowance for loan losses		(30,666	)					(33,425	)					(40,434	)
Cash and due from banks		27,044						29,513						27,311
Premises and equipment		34,782						35,368						37,421
Other assets		70,735						72,384						78,755


	$	2,054,856					$	2,083,858					$	2,062,857


Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
NOW (2)	$	394,399			0.24	%	$	392,514			0.26	%	$	395,043			0.30	%
Savings deposits		126,800			0.11			123,759			0.11			107,241			0.15
Money market accounts (2)		320,683			0.41			319,098			0.45			353,418			0.59
Time deposits		510,755			1.66			530,906			1.74			556,395			1.94
Federal funds purchased and other short term borrowings		99,311			0.27			105,134			0.27			75,085			0.29
Other borrowings		103,610			2.31			103,610			2.81			103,610			2.80


Total Interest-Bearing Liabilities		1,555,558			0.87			1,575,021			0.95			1,590,792			1.09

Demand deposits (noninterest-bearing)		322,646						330,858						278,424
Other liabilities		10,807						11,637						11,439

Total Liabilities		1,889,011						1,917,516						1,880,655

Shareholders’ equity		165,845						166,342						182,202

	$	2,054,856					$	2,083,858					$	2,062,857


Interest expense as a % of earning assets					0.69	%					0.76	%					0.89	%
Net interest income as a % of earning assets					3.44						3.36						3.35


(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.

(2)		Certain reclassifications have been made to prior years’ presentation to conform to the current year presentation.


QUARTERLY TRENDS — LOANS AT END OF PERIOD (Dollars in Millions) Unaudited
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


		2009								2010								2011						Nonperforming
Construction and land development		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr		3rd Qtr		3rd Qtr		Number
Residential:
Condominiums	>$4 million	$	8.4	$	7.9	$	5.3	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—		—
	<$4 million		7.9		8.8		3.7		6.1		0.9		0.9		0.9		0.9		0.5		—		—		—		—

Town homes	>$4 million		—		—		—		—		—		—		—		—		—		—		—		—		—
	<$4 million		4.2		2.3		—		—		—		—		—		—		—		—		—		—		—

Single Family Residences	>$4 million		6.6		6.5		—		—		—		—		—		—		—		—		—		—		—
	<$4 million		13.9		10.3		7.1		4.1		3.9		3.6		3.8		—		—		—		—		—		—

Single Family Land & Lots	>$4 million		21.8		21.8		5.9		5.9		5.9		5.9		—		—		—		—		—		—		—
	<$4 million		29.6		21.5		19.5		16.6		15.7		9.6		10.3		7.0		6.6		6.5		6.4		0.1		2

Multifamily	>$4 million		7.8		7.8		6.6		6.6		6.6		4.3		—		—		—		—		—		—		—
	<$4 million		17.0		9.8		9.5		8.3		8.1		8.2		6.3		6.1		6.1		5.7		5.5		1.1		2


TOTAL	>$4 million		44.6		44.0		17.8		12.5		12.5		10.2		—		—		—		—		—		—		—
TOTAL	<$4 million		72.6		52.7		39.8		35.1		28.6		22.3		21.3		14.0		13.2		12.2		11.9		1.2		4

GRAND TOTAL		$	117.2	$	96.7	$	57.6	$	47.6	$	41.1	$	32.5	$	21.3	$	14.0	$	13.2	$	12.2	$	11.9	$	1.2		4

QUARTERLY TRENDS — LOANS AT END OF PERIOD (Dollars in Millions) Unaudited
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


	2009								2010								2011
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr		3rd Qtr
Construction and land development
Residential
Condominiums	$	16.3	$	16.7	$	9.0	$	6.1	$	0.9	$	0.9	$	0.9	$	0.9	$	0.5	$	—	$	—
Townhomes		4.2		2.3		—		—		—		—		—		—		—		—		—
Single family residences		20.5		16.8		7.1		4.1		3.9		3.6		3.8		—		—		—		—
Single family land and lots		51.4		43.3		25.4		22.5		21.6		15.5		10.3		7.0		6.6		6.5		6.4
Multifamily		24.8		17.6		16.1		14.9		14.7		12.5		6.3		6.1		6.1		5.7		5.5

		117.2		96.7		57.6		47.6		41.1		32.5		21.3		14.0		13.2		12.2		11.9
Commercial
Office buildings		17.4		13.8		13.8		13.9		13.7		—		—		—		—		—		—
Retail trade		70.0		55.9		23.0		3.9		3.9		—		—		—		—		—		—
Land		60.9		51.2		50.8		45.6		45.7		38.5		35.1		33.6		33.9		10.3		10.2
Industrial		9.0		8.5		8.2		2.5		2.5		0.3		0.3		—		—		—		—
Healthcare		5.7		6.0		4.8		4.8		—		—		—		—		—		—		—
Churches and educational facilities		—		—		—		—		—		—		—		—		—		—		—
Lodging		0.6		—		—		—		—		—		—		—		—		—		—
Convenience stores		—		—		—		—		—		—		—		0.2		0.5		0.6		0.6
Marina		31.6		30.0		28.1		6.8		6.8		—		—		—		—		—		—
Other		6.2		1.4		—		—		—		—		—		—		—		—		—

		201.4		166.8		128.7		77.5		72.6		38.8		35.4		33.8		34.4		10.9		10.8
Individuals
Lot loans		34.0		32.4		30.7		29.3		28.9		27.4		26.3		24.4		20.8		19.4		18.6
Construction		16.2		11.8		11.1		8.5		8.7		8.2		9.1		7.1		7.3		6.7		6.4

		50.2		44.2		41.8		37.8		37.6		35.6		35.4		31.5		28.1		26.1		25.0

Total construction and land development		368.8		307.7		228.1		162.9		151.3		106.9		92.1		79.3		75.7		49.2		47.7

Real estate mortgages
Residential real estate
Adjustable		333.1		328.0		325.9		289.4		290.5		295.9		300.9		303.3		308.6		314.3		324.4
Fixed rate		90.8		90.6		89.5		88.6		87.6		86.0		84.1		82.6		86.6		88.8		92.8
Home equity mortgages		85.5		83.8		83.9		86.8		89.1		79.0		74.4		73.4		67.7		63.1		63.6
Home equity lines		60.3		60.1		59.7		60.1		60.1		58.8		58.4		57.7		57.4		56.9		55.1

		569.7		562.5		559.0		524.9		527.3		519.7		517.8		517.0		520.3		523.1		535.9
Commercial real estate
Office buildings		140.6		141.6		144.2		132.3		131.1		128.2		122.9		122.0		121.3		120.0		122.0
Retail trade		109.1		120.0		151.4		164.6		163.5		155.9		152.0		151.5		150.6		149.6		146.1
Land		—		—		—		—		—		—		—		—		—		—		—
Industrial		95.3		93.0		89.3		88.4		81.7		84.0		79.8		78.0		76.3		68.5		72.5
Healthcare		28.3		30.9		25.4		24.7		29.1		29.4		29.0		30.0		26.6		26.3		29.6
Churches and educational facilities		34.8		34.6		30.8		29.6		29.1		28.5		29.4		28.8		28.6		28.2		27.8
Recreation		1.7		1.4		3.3		3.0		3.0		3.0		2.9		2.9		2.8		2.8		2.7
Multifamily		27.2		31.7		35.1		29.7		25.3		23.6		23.2		22.4		14.2		16.8		15.4
Mobile home parks		3.0		5.6		5.6		5.4		5.3		2.6		2.6		2.5		2.5		2.4		2.2
Lodging		26.3		26.3		25.6		25.5		23.5		23.4		22.1		21.9		21.7		20.0		19.8
Restaurant		6.1		5.1		5.0		4.7		4.7		4.6		4.5		4.5		4.2		4.3		4.3
Agricultural		8.2		11.8		12.0		11.7		11.4		10.8		10.7		10.6		9.2		9.2		8.9
Convenience stores		23.3		23.2		22.8		22.1		22.3		21.0		18.9		18.6		20.1		20.0		19.8
Marina		18.1		18.0		5.9		15.8		15.7		22.2		22.1		21.9		21.7		21.5		21.4
Other		24.9		29.6		28.1		26.6		25.3		25.6		26.8		28.0		27.4		27.3		26.9

		546.9		572.8		584.5		584.1		571.0		562.8		546.9		543.6		527.2		516.9		519.4

Total real estate mortgages		1,116.6		1,135.3		1,143.5		1,109.0		1,098.3		1,082.5		1,064.7		1,060.6		1,047.5		1,040.0		1,055.3

Commercial & financial		75.5		71.8		66.0		61.1		62.1		49.9		54.0		48.8		51.5		48.0		53.5

Installment loans to individuals
Automobile and trucks		19.4		18.0		16.6		15.3		14.4		12.9		11.6		10.9		10.1		9.5		9.2
Marine loans		26.3		26.9		26.8		26.4		25.3		27.3		19.7		19.8		19.4		20.2		21.6
Other		25.7		24.3		23.3		22.3		21.7		20.8		20.9		20.9		20.9		21.6		20.9

		71.4		69.2		66.7		64.0		61.4		61.0		52.2		51.6		50.4		51.3		51.7

Other		0.3		0.3		0.3		0.5		0.2		0.3		0.3		0.3		0.3		0.4		0.3

	$	1,632.6	$	1,584.3	$	1,504.6	$	1,397.5	$	1,373.3	$	1,300.6	$	1,263.3	$	1,240.6	$	1,225.4	$	1,188.9	$	1,208.5

QUARTERLY TRENDS — INCREASE (DECREASE) IN LOANS BY QUARTER (Dollars in Millions) Unaudited
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


	2009												2010												2011
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr
Construction and land development
Residential
Condominiums	$	(1.1	)	$	0.4		$	(7.7	)	$	(2.9	)	$	(5.2	)	$	—		$	—		$	—		$	(0.4	)	$	(0.5	)	$	—
Townhomes		(1.9	)		(1.9	)		(2.3	)		—			—			—			—			—			—			—			—
Single family residences		(6.3	)		(3.7	)		(9.7	)		(3.0	)		(0.2	)		(0.3	)		0.2			(3.8	)		—			—			—
Single family land and lots		(1.4	)		(8.1	)		(17.9	)		(2.9	)		(0.9	)		(6.1	)		(5.2	)		(3.3	)		(0.4	)		(0.1	)		(0.1	)
Multifamily		(2.0	)		(7.2	)		(1.5	)		(1.2	)		(0.2	)		(2.2	)		(6.2	)		(0.2	)		—			(0.4	)		(0.2	)

		(12.7	)		(20.5	)		(39.1	)		(10.0	)		(6.5	)		(8.6	)		(11.2	)		(7.3	)		(0.8	)		(1.0	)		(0.3	)
Commercial
Office buildings		0.1			(3.6	)		—			0.1			(0.2	)		(13.7	)		—			—			—			—			—
Retail trade		1.3			(14.1	)		(32.9	)		(19.1	)		—			(3.9	)		—			—			—			—			—
Land		(12.4	)		(9.7	)		(0.4	)		(5.2	)		0.1			(7.2	)		(3.4	)		(1.5	)		0.3			(23.6	)		(0.1	)
Industrial		(4.3	)		(0.5	)		(0.3	)		(5.7	)		—			(2.2	)		—			(0.3	)		—			—			—
Healthcare		5.7			0.3			(1.2	)		—			(4.8	)		—			—			—			—			—			—
Churches and educational facilities		—			—			—			—			—			—			—			—			—			—			—
Lodging		0.6			(0.6	)		—			—			—			—			—			—			—			—			—
Convenience stores		—			—			—			—			—			—			—			0.2			0.3			0.1			—
Marina		0.9			(1.6	)		(1.9	)		(21.3	)		(0.0	)		(6.8	)		—			—			—			—			—
Other		0.2			(4.8	)		(1.4	)		—			—			—			—			—			—			—			—

		(7.9	)		(34.6	)		(38.1	)		(51.2	)		(4.9	)		(33.8	)		(3.4	)		(1.6	)		0.6			(23.5	)		(0.1	)
Individuals
Lot loans		(1.7	)		(1.6	)		(1.7	)		(1.4	)		(0.4	)		(1.5	)		(1.1	)		(1.9	)		(3.6	)		(1.4	)		(0.8	)
Construction		(4.1	)		(4.4	)		(0.7	)		(2.6	)		0.2			(0.5	)		0.9			(2.0	)		0.2			(0.6	)		(0.3	)

		(5.8	)		(6.0	)		(2.4	)		(4.0	)		(0.2	)		(2.0	)		(0.2	)		(3.9	)		(3.4	)		(2.0	)		(1.1	)

Total construction and land development		(26.4	)		(61.1	)		(79.6	)		(65.2	)		(11.6	)		(44.4	)		(14.8	)		(12.8	)		(3.6	)		(26.5	)		(1.5	)

Real estate mortgages
Residential real estate
Adjustable		4.1			(5.1	)		(2.1	)		(36.5	)		1.1			5.4			5.0			2.4			5.3			5.7			10.1
Fixed rate		(4.7	)		(0.2	)		(1.1	)		(0.9	)		(1.0	)		(1.6	)		(1.9	)		(1.5	)		4.0			2.2			4.0
Home equity mortgages		0.7			(1.7	)		0.1			2.9			2.3			(10.1	)		(4.6	)		(1.0	)		(5.7	)		(4.6	)		0.5
Home equity lines		1.8			(0.2	)		(0.4	)		0.4			—			(1.3	)		(0.4	)		(0.7	)		(0.3	)		(0.5	)		(1.8	)

		1.9			(7.2	)		(3.5	)		(34.1	)		2.4			(7.6	)		(1.9	)		(0.8	)		3.3			2.8			12.8
Commercial real estate
Office buildings		(5.8	)		1.0			2.6			(11.9	)		(1.2	)		(2.9	)		(5.3	)		(0.9	)		(0.7	)		(1.3	)		2.0
Retail trade		(2.8	)		10.9			31.4			13.2			(1.1	)		(7.6	)		(3.9	)		(0.5	)		(0.9	)		(1.0	)		(3.5	)
Land		—			—			—			—			—			—			—			—			—			—			—
Industrial		0.6			(2.3	)		(3.7	)		(0.9	)		(6.7	)		2.3			(4.2	)		(1.8	)		(1.7	)		(7.8	)		4.0
Healthcare		(0.9	)		2.6			(5.5	)		(0.7	)		4.4			0.3			(0.4	)		1.0			(3.4	)		(0.3	)		3.3
Churches and educational facilities		(0.4	)		(0.2	)		(3.8	)		(1.2	)		(0.5	)		(0.6	)		0.9			(0.6	)		(0.2	)		(0.4	)		(0.4	)
Recreation		—			(0.3	)		1.9			(0.3	)		—			—			(0.1	)		—			(0.1	)		—			(0.1	)
Multifamily		—			4.5			3.4			(5.4	)		(4.4	)		(1.7	)		(0.4	)		(0.8	)		(8.2	)		2.6			(1.4	)
Mobile home parks		—			2.6			—			(0.2	)		(0.1	)		(2.7	)		—			(0.1	)		—			(0.1	)		(0.2	)
Lodging		(0.3	)		—			(0.7	)		(0.1	)		(2.0	)		(0.1	)		(1.3	)		(0.2	)		(0.2	)		(1.7	)		(0.2	)
Restaurant		(0.1	)		(1.0	)		(0.1	)		(0.3	)		—			(0.1	)		(0.1	)		—			(0.3	)		0.1			—
Agricultural		(0.3	)		3.6			0.2			(0.3	)		(0.3	)		(0.6	)		(0.1	)		(0.1	)		(1.4	)		—			(0.3	)
Convenience stores		(0.2	)		(0.1	)		(0.4	)		(0.7	)		0.2			(1.3	)		(2.1	)		(0.3	)		1.5			(0.1	)		(0.2	)
Marina		(0.1	)		(0.1	)		(12.1	)		9.9			(0.1	)		6.5			(0.1	)		(0.2	)		(0.2	)		(0.2	)		(0.1	)
Other		(0.5	)		4.7			(1.5	)		(1.5	)		(1.3	)		0.3			1.2			1.2			(0.6	)		(0.1	)		(0.4	)

		(10.8	)		25.9			11.7			(0.4	)		(13.1	)		(8.2	)		(15.9	)		(3.3	)		(16.4	)		(10.3	)		2.5

Total real estate mortgages		(8.9	)		18.7			8.2			(34.5	)		(10.7	)		(15.8	)		(17.8	)		(4.1	)		(13.1	)		(7.5	)		15.3

Commercial & financial		(7.3	)		(3.7	)		(5.8	)		(4.9	)		1.0			(12.2	)		4.1			(5.2	)		2.7			(3.5	)		5.5

Installment loans to individuals
Automobile and trucks		(1.4	)		(1.4	)		(1.4	)		(1.3	)		(0.9	)		(1.5	)		(1.3	)		(0.7	)		(0.8	)		(0.6	)		(0.3	)
Marine loans		0.3			0.6			(0.1	)		(0.4	)		(1.1	)		2.0			(7.6	)		0.1			(0.4	)		0.8			1.4
Other		(0.4	)		(1.4	)		(1.0	)		(1.0	)		(0.6	)		(0.9	)		0.1			—			—			0.7			(0.7	)

		(1.5	)		(2.2	)		(2.5	)		(2.7	)		(2.6	)		(0.4	)		(8.8	)		(0.6	)		(1.2	)		0.9			0.4

Other		—			—			—			0.2			(0.3	)		0.1			—			—			—			0.1			(0.1	)

	$	(44.1	)	$	(48.3	)	$	(79.7	)	$	(107.1	)	$	(24.2	)	$	(72.7	)	$	(37.3	)	$	(22.7	)	$	(15.2	)	$	(36.5	)	$	19.6

EX-99.2 3 c23659exv99w2.htm EXHIBIT 99.2 Exhibit 99.2

EXHIBIT 99.2

To Form 8-K dated October 20, 2011

Seacoast Banking Corporation of Florida
Third Quarter 2011 Earnings Conference Call
October 21, 2011
9:30 AM Eastern Time


Operator:		Welcome to the Seacoast Third Quarter Earnings Conference Call. My name is John, and I’ll be your operator for today’s call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Please note that this conference is being recorded.

		I will now turn the call over to Mr. Dennis Hudson. Mr. Hudson, you may begin.

Dennis S. Hudson III:		Thank you very much, and welcome to Seacoast’s Third Quarter Conference Call for 2011. Before we begin, as always, we direct your attention to the statement at the end of our press release regarding the forward statements we may make during this call. Those statements constitute forward-looking statements within the meaning of the Securities and Exchange Act and accordingly our comments are intended to be covered within the meaning of Section 27A of that Act.

		With me today is Jean Strickland, our President and Chief Operating Officer; Russ Holland, our Chief Lending Officer; and Bill Hahl, our Chief Financial Officer.

		This quarter our progress continued with significant improvement in earnings and further improvements in asset quality. Earnings for the quarter were well ahead of our plan and reflected strong growth in revenues when compared to the prior year. Our revenue growth resulted from further strengthening of our household build, something we’ve been talking about for quite some time now, as well as improved loan production and much improved asset quality. We expect these trends, trends that have been evident all year, to continue into next quarter.

		Loan growth was positive for the quarter, with loans growing at an annualized rate of 6.6%; and this marked our first quarter of positive loan growth since 2007. We believe we should continue to produce positive loan growth into the next quarter based on our current outlook. Much of this growth was felt in our residential book; and we began to see good production in our small business portfolio. This small business growth was a result of our focused program to target business segments that have been less impacted by the difficult economic environment.

		We continue to be pleased with our growth in new households. Our retail consumer household growth has been strong all year. In this quarter, we also saw some strong growth in business households, something I talked about a couple of quarters ago. All in, we’ve seen a 27% pickup in new households year-to-date and a 37% growth in the number of new accounts opened year-to-date over the same period last year.


		As many of you know, during the crisis period, we retooled and we refocused our resources to produce better execution around growing households. We felt this was important in the post crisis period, a period that would likely not produce much in the way of overall economic growth. As a result, our focus as a company is to continue growing revenues by gaining market share. We had a big win this quarter; it’s been that way all year, and we look for that to continue over the balance of the year and into 2012. Frankly, we think the competitive environment has been so significantly transformed and changed that we are certain we’ll continue to achieve these improvements.

		As we move into a potentially more difficult interest rate environment, we believe our core strategy will help us better support our margins. Our strategy, as I’ve said, is to produce higher core deposit growth and better loan growth; and this helps us offset the potential for lower yields over the next year. The focus here will be on continuing to improve our deposit mix and adding to our loan balances. Our noninterest-bearing checking balances are up 17.2% compared with last year. Total transaction accounts grew by 6.2%, and savings deposits were up 18% compared to the year earlier numbers. In this quarter we saw, as I said earlier, positive loan growth. Clearly, we believe our execution is working, the strategy is sound, and we are beginning to see signs that our numbers are accelerating.

		Our credit quality was significantly improved during the quarter. Loans classified as nonaccrual were reduced again and were down to 2.7% of loans at quarter-end. I’ll say that at this point, we believe our asset quality is beginning to look quite favorable even compared to our peers in our size group; and it is significant better than our peers in the state of Florida. This marks two full years, eight quarters, of consistent declines and brings NPLs to a level that we feel pretty good about going forward.

		We’re going to have more to say about all this a little later in the call, but at this point, I’d like to turn the call over to Bill. Bill is going to give us a few comments on the quarter and then we’ll complete the call with a few questions. Bill.

William R. Hahl:		Thanks, Denny, and good morning. I’ll begin my comments today with a high level review of the income statement. I will be referring to a few slides we have posted on our website during my comments.

		Net income available to common shareholders for the quarter was $1.7 million. This compares favorably to last quarter’s profit of $176,000. The primary drivers of the sequential income growth were increased noninterest income across multiple categories, an additional day in the third quarter compared to the second, and slightly higher net interest income. Also adding to the improved performance were stable noninterest expenses and lower credit costs in the form of loan loss provision. These results compare very favorably to the prior year driven by higher net interest income and a lower provision as a result of much lower nonperforming loans. I’ll share additional color on performance in a moment after a few comments on the loan portfolio.

		Like last quarter, average performing loans were nearly unchanged compared to the first two quarters at $1.15 billion; however, we continue to make great progress in improving loan production, and total ending loans increased by approximately $20 million as we drove growth and targeted commercial and consumer areas. Loan growth this quarter came from improved commercial production and continued strong residential lending.

- 2 -


		Turning to slide seven and eight for a discussion on deposits, total deposits were up $24 million from the year-end 2010 at $1.66 billion. The favorable shift in the deposit mix towards lower cost accounts continued: most notably, as Denny mentioned, DDA growth of $47 million, or 17%, year-over-year. Higher cost time deposits have declined $57 million over the last 12 months; and savings accounts, including NOW and money markets, have increased $33 million compared to the third quarter last year. Relative to the second quarter of 2011, deposits were lower by $20 million, all related to a decline of $19 million in certificates, offset by increases of $19 million in savings and DDA balances. Deposit growth continued in lower-cost accounts, primarily savings, money markets, and NOW, which increased by a combined $16 million. This growth in lower-cost and no-cost accounts has enabled us to continue to manage down our higher-cost time deposits during the quarter and helped protect the net interest margin.

		Slide nine covers the net interest margin. The net interest income increased $363,000 sequentially, primarily due to lower NPLs, an increase in the securities portfolio, and a new item, loan growth. The net interest margin, after expanding each quarter since second quarter 2010, stabilized at 3.36% last quarter, but increased to 3.44% this quarter. Interest earning asset yields were up one basis point linked-quarter, while there was an 8 basis point contraction in interest-bearing liability cost primarily due to the favorable deposit mix shift. Relative to last year, third quarter net interest income increased $407,000, or 2.5%. Favorable deposit trends, a larger investment portfolio, and loan growth were primary drivers for the improved performance. As we look to the fourth quarter, while we see both headwinds and tailwinds to the margin, our current expectation is for the margin to remain fairly stable to slightly improving as we continue to benefit from loan growth and lower NPAs.

		Turning to slide ten, noninterest income, excluding security gains, increased $159,000, or 4% sequentially. Most prominent were the $129,000 increase in service charges on deposits, or 8% sequentially; and wealth management fees from trust and brokerage relationships were up $122,000, or 16% linked-quarter. Relative to the prior year, noninterest income was up $174,000, or 4%, despite a decline in overdraft revenues as a result of Reg E implementation, with the most prominent increases from service charges on deposits, interchange income, and wealth management fees.

		Let’s now turn to slide six for a review of expenses. Expenses were down $911,000 in the third quarter compared with last year. Lower FDIC assessments accounted for $279,000, due to the new asset based assessment methodology. We also saw a decline of $995,000 in legal and professional fees from the improved credit and fewer problem assets to be dealt with. Removing the unusual items in the quarters that are compared on slide six indicates that core operating expenses are being well managed, but remain elevated as a result of the current negative economic environment.

- 3 -


		As Denny mentioned, our asset quality story is a good one again this quarter, as shown on slide five, with net charge-offs declining; therefore no provision for loan loss was required. We continued, and in some cases accelerated, the multi-quarter trend of improvement that we’ve seen for eight consecutive quarters. Nonperforming loans and nonperforming assets were down 29.3% and 21.8%, respectively. Net charge-offs declined to $2.8 million for the third quarter compared with $4 million for both the first and second quarters and were significantly lower than the third quarter a year ago of $10.7 million. In light of the improvement in the credit quality and the continued reduction in our risk profile, the allowance for loan losses declined by 9% in the third quarter to $28.4 million, or 2.35% of loans. However, the coverage ratio for NPLs increased from 55% last year to 87% at September 30, 2011. Overall, we are pleased with the direction in which our credit metrics are moving.

		I’ll continue my comments by focusing on capital on slide four. Capital ratios remained well above regulatory minimums. Tangible common equity grew by an estimated 7 basis points to 5.91%, while tier one was stable at an estimated 17.4%. Tangible common equity ratio on a pro forma basis, including recapture of the $46.2 million deferred tax valuation allowance, would be about 8%.

		So the highlights of what I have discussed this morning are that: 1) our earnings improved; 2) no provision expense this quarter due to improving asset quality; 3) the margin improved as forecast last quarter with loan growth returning, and continued deposit mix improvement resulting in lower cost of funds; 4) noninterest income improved versus last year’s third quarter, in part due to new household and business account growth. Finally, noninterest expenses have declined as cyclically sensitive expenses are lower and we have managed all other expenses tightly. At this time, we are looking forward to continued improvement in our fourth quarter results.

		With that, I’ll turn the call back to Denny for some final comments.

Dennis S. Hudson III:		Thanks, Bill. As you can see, I think we achieved a key inflection point this quarter in our continued progress. Credit issues, I think it would be safe to say at this point, are not expected to have any significant impact on earnings as we look forward over the next several quarters; and our revenue growth is occurring across the franchise in just about every category. We expect those trends to continue based on the execution we are rolling out around our strategy as we look forward—again in a market and in an environment that doesn’t have a lot of growth, so we feel good about that. Finally, we see no need for our core operating expenses to increase as we go forward and continue to execute that strategy. All of this, I think, points to continued improvement in our performance as we look forward.

		I’d like to just take a minute and pause and thank our hardworking associates, most especially our Executive Team, particularly Russ, Jean and Bill, for all the hard work over the last couple of years that got us to this point. We are very excited. We look forward with great optimism for the balance of this year and into 2012.

		And with that, I’ll open the call to questions.

Operator:		Thank you. We will now begin the question-and-answer session. If you have a question, please press star then one on your touchtone phone. If you wish to be removed from the queue, please press the pound sign or the hash key. There will be a delay before the first question is announced. If you’re using a speakerphone, you may need to pick up the handset first before pressing the numbers. Once again, if you have a question, please press star then one on your touchtone phone. Standing by for questions. And our first question comes from Kevin Roth from Stark Investments. Please go ahead.

- 4 -


Kevin Roth:		Hi, guys. Congrats on a good quarter and good trends. Could you talk for a minute about the trends in Florida housing market?

Dennis S. Hudson III:		Yeah, we’ll make a few comments. This is Denny. I’ll just say that, first of all, inventory levels are down substantially this quarter. The slowdown in the foreclosure process by the mega banks has had a positive impact on inventory, and that’s been the result of continued strong sales activity. Sales activity throughout our markets, I would say, is back to the pre-bubble solid numbers. Having said that, valuations remain under pressure. We see valuations continuing to slide, although nothing like they slid some time ago. Interestingly, as you’re seeing across the country, multi-family is back and rental housing is hot; and that’s somewhat concerning when you look at the significance of that. So we’re at a point here in Florida where—depending on what market you look at and what kind of index you are using— the cost to rent is 15-to-20% greater than the cost to own; so we are out of balance now on the other side of the equation. I think, in my mind, that portends better stability and pricing and continued growth, hopefully enough that it’s going to absorb the foreclosures as they get back in business.

Kevin Roth:		And on the rent-to-own comment you just made, what do you guys see, or what needs to happen to get people back into owning versus renting?

Dennis S. Hudson III:		Well you know, the rental bubble that is forming is the result of folks that cannot qualify for conventional financing. They have no choice but to turn to rentals, and that’s a really tough, tough question to answer. I think that’s going to be with us for quite some time unless... Financial innovation is not a very positive word these days in our industry; and I’m not sure you’re going to see much innovation to help those folks. But I think for Florida, we are clearly past the turning point. Things have stabilized. Although we are worried about the surge in foreclosures coming, I think we were hit so hard so early, so I’m not sure that the surge is going to be as significant as it is in other states, but it is going to be meaningful. We still have a couple of years of tough sledding here in the residential market. We are seeing better performance in some of the higher quality markets: waterfront and so forth continues to stabilize. So I think if you were looking to buy a house in Florida, you better get down here pretty quick.

Kevin Roth:		Okay, thank you, guys.

Operator:		Our next question comes from Ben Puglisi from Sandler O’Neil. Please go ahead.

Ben Puglisi:		Good morning. Nice quarter, guys.

Dennis S. Hudson III:		Good morning.

Ben Puglisi:		I wonder if you can give us a little more color on the decline in nonperformers. They were down about $16 million, but charge-offs only account for about $2.8 million of it. I’m wondering what happened with the rest.

Dennis S. Hudson III:		Yeah, Jean maybe can comment a little bit on that.

- 5 -


O. Jean Strickland:		We had a fairly large credit, on a relative basis given what we have left in that category, move out of nonperforming into troubled debt restructure. It had a significant pay down. We saw some significant improvement in the credit; and we are thinking that after a couple of quarters, we’ll actually even remove the TDR status. The quality of what we have left in terms of the classified—Denny and I were just talking about that earlier this morning—is much higher than what we were dealing with over the last couple of years. So we are very optimistic that some of these credits now can be rehabilitated and actually be upgraded versus migrate to nonperforming in ORE and charge-offs.

Dennis S. Hudson III:		Having said that, that didn’t account for the entire decline, but it was a portion of it. We also had just a continued flow of positive liquidation occurring with some of the credits that were moving through foreclosure and so forth. We look for that to continue in Q4. We have a number of credits that are anticipated to be liquidated in Q4, so we just continue to see the trends move in a positive direction. I think with what Jean said about the quality of the remaining classified assets in the portfolio, we are down to the point now where virtually everything we’ve got left that we have any concern about is cash flowing. It may not be cash flowing at a level that gets us totally comfortable, but they are cash flowing type assets. They are performing, and the quality of wha’’s left in that classified portfolio is substantially improved over two years ago and a year ago; so that’s why we feel more confident today than ever, because when you look at the quality of what we continue to worry about, it’s not bad.

Ben Puglisi:		Thank you.

Operator:		Our next question comes from Bill Young from Macquarie. Please go ahead.

Bill Young:		Hey, good morning, guys.

Dennis S. Hudson III:		Good morning, Bill.

William R. Hahl:		Good morning, Bill.

Bill Young:		Could you just talk a little bit about how you think about the reserve? Obviously it’s still at elevated levels at 2.35% of loans. What level would you feel would be more comfortable towards the long-term, or put another way, what would you think a normalized reserve level would be for you guys?

O. Jean Strickland:		As you know, it’s really hard to make money when you’re reserving 1% or more of the portfolio. Banks need to operate at very minimal levels of loss in order to be profitable, obviously because our spread is so thin; but we see it continuing to decline in terms of the allowance level because of the substantial improvements in our credit quality. You are seeing that, I think, in the industry as well, the recapture of reserves. We haven’t gone that far, but we are seeing lower provisions, and we have a historically high level of allowance because of what we have been through both as a company and an industry.

- 6 -


Dennis S. Hudson III:		And I think if you were to look at banks that have performed better in this cycle, you’ll see lower levels of reserves. I think that is probably where we are headed. I don’t know what the timeframe is as to when we’ll get there; but I think the trends speak for themselves, and those trends translate into the reserve over time. We’ll tell you we are being very cautious and very conservative. We are not interested in bringing that reserve down in a substantial way without being completely comfortable with the remaining credit risk in the portfolio. So we believe we are being very, very conservative and careful, and over time, we’ll see that trend continue. We also believe that as our net loan growth begins to stand up here—and again we are not looking for any kind of crazy loan growth, but a more normalized loan growth picture—that offsets, to some degree, a positive impact that provisioning might have. We’ll have to see how our loan growth looks over the next year and, with the continued improvement in credit quality, synthesize all that to come up with the reserve levels.

Bill Young:		Gotcha. Speaking of loan growth, C&I growth was very nice this quarter. Could you just talk a little bit about whether that is mostly small business-driven, and then is that representative of any kind of new demand or is it more market share gains? Thanks.

Russell Holland III:		This is Russ Holland. It is market share gains. It is not necessarily increase in demand. It is a lot of refinance opportunity and some new money for equipment purchases. It’s almost exclusively C&I to the business segments that we are focusing on as part of our deposit growth strategy, which are business accounts of mostly professionals.

Dennis S. Hudson III:		And we have also had some residential growth over the last couple of quarters. Again, I’ve described earlier the strength in the residential markets and the strength in the number of transactions. We are back in that market in a pretty significant way. In our three largest counties, where we have the largest market share, we are in a number one position in terms of residential mortgage lending from a market share standpoint. So we are back out there pretty aggressively. We’re back in business supporting our markets, and we are doing that in an environment where the competition has been completely decimated; so it is grabbing market share and doing it in a sensible way. I think we have a great group. Also, Russ, we’ve had some owner-occupied in the CRE...

Russell Holland III:		Yeah, the C&I segment and the...

Dennis S. Hudson III:		CRE.

Russell Holland III:		... the CRE growth is exclusively owner-occupied. Then we have, on the residential side, those market share gains which have been achieved through our delivery of service, exceptional levels of service, to the brokerage community.

Dennis S. Hudson III:		I know some of our service standards include quick turnarounds which you may want to comment on.

Russell Holland III:		The processing times that we have achieved under Chic Acosta’s leadership have been astounding really. We are able to deliver approvals certainly under a ten-day timeframe and, in many cases, we are achieving six days or less.

Bill Young:		Great. Thanks a lot, guys.

Dennis S. Hudson III:		Thanks.

Operator:		Our next question comes from Michael Rose from Raymond James. Please go ahead.

Michael Rose:		Hey good morning, guys. How are you?

- 7 -


Dennis S. Hudson III:		Morning.

Michael Rose:		I just had a question on the competition front. Are you starting to see any competition? Denny, I know you’ve mentioned in the past that there’s virtually no competition. Is that starting to change at all in your view?

Dennis S. Hudson III:		Well, I probably overplayed it. There’s actually substantial competition, particularly in some of the things we’ve just spoken about, and it’s been out of some of the larger newer mega banks that kind of benefited from the meltdown that occurred. Comments, Russ?

Russell Holland III:		We are seeing competition in all the credit segments. It’s mostly driven around pricing. We are all going after the same high quality credit borrowers; and therefore the pricing is where the competition comes in. There is competitive pressure from these mega banks and these regional banks.

Michael Rose:		So as I look at your loan yields quarter-to-quarter, I think they were flat. Should we think about those potentially falling from here as your mix shifts a little bit, maybe a little bit more C&I? It seems like the construction run-off is probably near or has probably run its course, so how should we think about loan yields going forward?

O. Jean Strickland:		They’re under pressure for sure. That’s where we are seeing competition.

Dennis S. Hudson III:		That’s our biggest struggle is holding the line on that.

Russell Holland III:		Yes, but we’re working to offset any pricing pressures with the deposit products and other fee-driven type of opportunities with the customers. We’re not just lending them money; we’re bringing in the entire relationship, so we are trying to offset any competitive pricing pressures with other product sales.

O. Jean Strickland:		We have a competitive advantage with interchange incomes. We’re seeing continued strong growth in the fees on deposits, and we expect that to be helpful to us going forward. We’re seeing a huge competitive advantage in the marketplace around deposit products, and just the whole issue around “free” and what the large banks are doing relative to charging customers. It’s making people very angry, and we stand out as being very different. We stand for value, not just free.

Michael Rose:		Okay thanks. And just one follow-up question: I don’t know if you addressed this in the prepared remarks. I’m sorry if I missed it. But on the TDRs, the increase this quarter in the performing TDRs, is that more a function of the accounting change or just doing more mods?

Dennis S. Hudson III:		No, Jean commented on it earlier. It was a transfer of... Well, it was a variety of things, but it included a larger credit that shifted out of NPLs into TDRs, the result of a substantial pay-down as part of our process with that borrower and a dramatic improvement in his financial condition as a result of some changes that occurred.

Michael Rose:		Okay, sorry to make you repeat that. Thanks a lot, guys.

- 8 -


O. Jean Strickland:		The more important thing is we expect it over a couple of quarters to come out of TDR too.

Operator:		And once again, if you have a question, please press star, then one, on your touchtone phone. And our next question comes from Frank Barkocy from Mendon Capital. Please go ahead.

Frank Barkocy:		Hi, guys. Great quarter.

Dennis S. Hudson III:		Hi.

Frank Barkocy:		Denny, given the number of problem financial institutions in your markets, are there any opportunities for you to gather up some quality commercial bankers that could hit the ground running and help your loan demand or accelerate the improvement in your loan demand?

Dennis S. Hudson III:		Russ can comment on that. That’s something we’ve been focused on. I wouldn’t say that we’re focused on the problem banks, but go ahead Russ.

Russell Holland III:		We have been focusing on recruiting commercial lenders as part of our strategy, in particular in the larger metro markets that we operate in, Orlando and Palm Beach County. We are going after the relationship managers at the banks that are stronger and that are going through some transition of their own.

Dennis S. Hudson III:		Mainly I would say the mega banks.

Russell Holland III:		Yeah, the mega banks that have transition occurring through restructures, reorganizations, or simply mergers and consolidations.

Frank Barkocy:		And how successful have you been to date? How many net new additions, if you will?

Russell Holland III:		Net new... We have, net new, about ten and we are still actively recruiting.

Frank Barkocy:		Good. Thank you.

Dennis S. Hudson III:		So the challenge is: Are we going to build that pipeline radically over time? We are seeing good numbers I would say, Russ. Pipelines are up substantially. We talked about that last quarter, and you saw some of the results beginning to hit the balance sheet this quarter. We see that momentum continuing. Again, we are not trying to overpromise here. We are talking about nice growth, but not crazy growth, and these are smaller loans, so it requires a lot of work.

Frank Barkocy:		Thank you, guys.

Dennis S. Hudson III:		Thanks.

- 9 -


Operator:		We have no further questions at this time.

Dennis S. Hudson III:		All right. Well, we appreciate your attendance today, and we look forward to talking with you next quarter. Thank you.

Operator:		Thank you, ladies and gentleman. This concludes today’s conference. Thank you for participating. You may now disconnect.

Please Note:		* Proper names/organizations spelling not verified.

- 10 -

EX-99.3 4 c23659exv99w3.htm EXHIBIT 99.3 Exhibit 99.3

EXHIBIT 99.3

To Form 8-K dated October 20, 2011

Seacoast Banking Corporation of Florida

Third Quarter 2011

Cautionary Notice Regarding Forward-Looking Statements

This information 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.

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.

Highlights

•

Net income of $1,711,000, or $0.02 per share, improved significantly compared to the prior year

•

Combined loan growth of $20 million or 6.6% annualized linked quarter

•

Solid capital position with estimated tangible common equity (TCE) ratio of 8.0% when DTA valuation allowance of $46.2 million is recaptured.

•

Nonperforming loans declined from $46.2 million at June 30, 2011 to $32.6 million during the quarter

•

Liquidity remains strong with low cost core funding from deposits and sweep repos

•

Cost of deposits for the quarter declined 5 basis points to 0.65%; total interest bearing liabilities down 8 basis points to 0.87%

•

Improved asset quality trends continued with nonperforming assets, nonaccrual loans and net charge-offs all declining

•

Favorable deposit volume and mix trends continued

•

Expenses remain well managed

•

Operating trends continue to be encouraging and we remain acutely focused on executing client satisfaction and retention initiatives to drive steadily improving results

Capital Ratios


	3Q-2011			2Q-2011			1Q-2011			4Q-2010
	Estimate			Actual			Actual			Actual
Tier 1 Capital Ratio		17.42	%		17.66	%		16.94	%		16.57	%
Total Risk Based Capital Ratio		18.69	%		18.92	%		18.21	%		17.84	%
YTD Average Equity to YTD Average Assets		8.06	%		8.06	%		8.14	%		8.27	%
Tangible Equity to Tangible Assets		8.22	%		8.10	%		7.84	%		8.10	%
Tangible Common Equity to Tangible Assets		5.91	%		5.84	%		5.60	%		5.81	%
Tangible Common Equity to Risk Weighted Assets		9.97	%		10.09	%		9.47	%		9.43	%

Credit Analysis


	($ in thousands)
	3Q-2011			2Q-2011			1Q-2011			4Q-2010			3Q-2010
Net charge-offs	$	2,830		$	4,024		$	4,031		$	4,678		$	10,700
Net charge-offs to average loans		0.94	%		1.32	%		1.32	%		1.47	%		3.29	%

Loan loss provision		—		$	902		$	640		$	3,975		$	8,866
Allowance to loans at end of period		2.35	%		2.63	%		2.80	%		3.04	%		3.04	%
Coverage ratio — NPLs		87.05	%		67.65	%		51.87	%		55.28	%		55.30	%

Noninterest Expenses
Controllable Expenses Well Managed


	($ in thousands)							3Q 2011			3Q 2011
	3Q-2011		2Q-2011			3Q-2010		vs 2Q 2011			vs 3Q 2010
Noninterest expenses	$	19,063	$	19,073		$	19,975		-0.1	%		-4.6	%

Reversal of Accrued Legal Settlement		—		(184	)		—
Strategic plan & credit related professional fees		100		100			791
OREO and REPO expenses		897		768			942
Net loss on OREO & repossessed assets		906		1,142			849		4.2	%		-26.3	%

Nonrecurring expenses	$	1,903	$	1,826		$	2,582

Core operating expenses	$	17,160	$	17,247		$	17,393		-0.5	%		-1.3	%

Core Deposit Growth
Favorable Mix Shift


	($ in thousands)
	3Q-2011		Mix			2Q-2011		Mix			3Q-2010		Mix
Demand deposits (noninterest bearing)	$	324,256		19.5	%	$	321,876		19.1	%	$	276,739		16.9	%
Savings deposits		847,515		51.0	%		831,371		49.4	%		814,098		49.7	%

Total Demand and Savings	$	1,171,771		70.5	%	$	1,153,247		68.6	%	$	1,090,837		66.6	%

Other time certificates		257,486		15.5	%		274,565		16.3	%		287,406		17.6	%
Brokered time certificates		5,252		0.3	%		7,532		0.4	%		11,788		0.7	%
Time certificates of $100,000 or more		226,765		13.7	%		246,117		14.6	%		246,999		15.1	%

Total Time Deposits	$	489,503		29.5	%	$	528,214		31.4	%	$	546,193		33.4	%

Total Deposits	$	1,661,274				$	1,681,461				$	1,637,030

Core Deposit Growth


	($ in thousands)
							Year			2011
	3Q-2011		2Q-2011		3Q-2010		Over Year			Annualized

Demand deposits (noninterest bearing)	$	324,256	$	321,876	$	276,739		17.2	%		15.9	%
Savings deposits		847,515		831,371		814,098		4.1	%		5.7	%

Total Demand and Savings	$	1,171,771	$	1,153,247	$	1,090,837		7.4	%		8.4	%

Other time certificates		257,486		274,565		287,406		-10.4	%		-11.5	%
Brokered time certificates		5,252		7,532		11,788		-55.4	%		-34.6	%

Time certificates of $100,000 or more		226,765		246,117		246,999		-8.2	%		-10.5	%

Total Time Deposits	$	489,503	$	528,214	$	546,193		-10.4	%		-11.3	%

Total Deposits	$	1,661,274	$	1,681,461	$	1,637,030		1.5	%		2.0	%

Net Interest Margin


	3Q-10			4Q-10			1Q-11			2Q-11			3Q-11
Net Interest Margin		3.35	%		3.42	%		3.48	%		3.36	%		3.44	%

•

Focus on deposit pricing and favorable deposit trends benefited the margin

•

Margin is expected to remain stable until accruing loans outstanding begin to increase

Noninterest Income (excluding securities gains)


$ in thousands	Q-3-2011		Q-2-2011		Q-1-2011		Q-4-2010		Q-3-2010
Total Noninterest Income (excluding securities gains)	$	4,706	$	4,547	$	4,209	$	5,187	$	4,532

Gains on sale of merchant services		—		—		—		600		—

	$	4,706	$	4,547	$	4,209		4,587	$	4,532

Highlights include:
Service Charges	$	1,675	$	1,546	$	1,442	$	1,590	$	1,511
Trust Income		541		517		523		510		500
Mortgage Banking		556		509		395		580		654
Brokerage		321		223		320		325		306
Marine		229		349		298		355		330
Interchange Income		969		995		891		814		810

Service Area

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