EX-99.1 2 exhibit991to8k.htm Converted by FileMerlin


EXHIBIT 99.1

To 8-K dated October 27, 2008


NEWS RELEASE


SEACOAST BANKING CORPORATION OF FLORIDA


Dennis S. Hudson, III

Chairman and Chief Executive Officer

Seacoast Banking Corporation of Florida

(772) 288-6086


William R. Hahl

Executive Vice President and

Chief Financial Officer

 (772) 221-2825



SEACOAST REPORTS EARNINGS FOR THE THIRD QUARTER



STUART, FL., October 22, 2008 – Seacoast Banking Corporation of Florida (NASDAQ-NMS:  SBCF), today reported net income (loss) for the third quarter of 2008 totaling $(3,448,000) or $(0.18) diluted earnings per share (DEPS), compared to $285,000 or $0.01 DEPS for the third quarter a year ago.  For the first nine months of 2008, net income (loss) totaled $(23,001,000) or $(1.21) DEPS, compared to $7,862,000 or $0.41 DEPS for 2007.  


 The Company’s capital position remains strong with a total risk-based capital ratio improving from 11.4 percent at June 30, 2008 to approximately 11.7 percent at September 30, 2008.  This ratio is expected to continue to improve due to an anticipated decline in risk-based asset levels in 2008, as a result of previously discussed declines in anticipated new loan production.  In recent years, the Company raised an aggregate of $52 million in new capital through three offerings of trust preferred securities, including one which was completed in mid-2007.  This new capital was raised at favorable rates and the proceeds were contributed to the Company’s banking subsidiary, Seacoast National Bank, which continues to maintain strong capital levels.  The Company filed a shelf registration statement during the second quarter this year relating to a variety of debt and equity instruments to provide future flexibility in raising capital in order to take advantage of opportunities that become available or should the need arise.  


Liquidity also improved during the quarter with available funding doubling to approximately $800 million from a variety of sources at quarter end.  None of the funding sources were utilized during the quarter.  The Company does not currently rely on wholesale funding and maintains a diverse retail deposit base in its markets.  Retail household growth improved as a result of the Company’s retail deposit program with the number of new retail relationships opened during the quarter accelerating by 25 percent over the same period in 2007.

 

Both the third quarter and year to date earnings were impacted by elevated nonperforming assets which reduced net interest income and produced higher net loan charge offs and legal and professional fees.  The provision for loan losses for third quarter this year was $10.2 million and $58.0 million year to date.  As forecasted last quarter, the provision was significantly lower than the $42.2 million provision charged to earnings for the second quarter of 2008, an indication that credit costs may have peaked in the second quarter 2008.  


The Company has no exposure to loans or investments with sub-prime collateral, nor has it ever originated or purchased Alt A loans or pay option ARM loans which have recently been a cause for concern in the industry.  The Company’s residential and consumer loan portfolios have performed well in light of current market conditions.  


Nonperforming assets declined by $400 thousand from the second quarter of 2008 and totaled approximately $80 million.  During the quarter the Company sold approximately $38 million in nonperforming loans.  The sale included several larger balance residential construction and development loans.  Over the past two quarters the Company has substantially reduced its exposure to large residential construction and development loans.  Loans in this portfolio with balances of $4 million or greater have declined by 40.0 percent from $163.7 million or 71 percent of total risk based capital at March 31, 2008 to $98.3 million or 49 percent of total risk based capital at September 30, 2008.  Of the remaining $98.3 million in larger residential construction and development loans $40.6 million are currently classified as nonperforming.  Loans in this portfolio less than $4 million in size have an average balance of approximately $560 thousand.        


“Our reduced exposure to residential construction and development loans this quarter improved our overall risk profile.  We intend to further reduce these exposures in the coming quarter and these efforts should lead to improved earnings performance in future quarters”, said Dennis S. Hudson, III, Chairman and Chief Executive Officer of Seacoast.  “Our efforts to address the slumping housing market began early, well ahead of the industry as a whole, and I am confident that we will be among the first to emerge from its negative effects.”  

 

Other results for third quarter 2008:

•

Loan loss reserve increased to a strong 1.87 percent from 1.75 percent the prior quarter and 1.19 percent in the prior year’s third quarter.

•

Nonperforming assets remained stable at $80.3 million down slightly from last quarter’s total of $80.7 million.

•

Net interest income totaled $19.2 million for the third quarter, and the net interest margin was 3.57 percent.

•

Total deposits declined by less than 1 percent compared to the prior year and seasonal deposit declines for the quarter were less than in past years due to strong consumer deposit growth in core markets.

•

Acquisitions of new personal checking accounts increased by 20 percent in the third quarter compared to the same period in 2007.

•

Average cost of interest bearing liabilities totaled 2.64 percent, down 4 basis points from the second quarter of 2008.  


Operating earnings pre-provision for loan losses and taxes for the quarter totaled approximately $4.3 million down from $7.1 million in the second quarter this year as a result of higher legal fees associated with the problem credits, seasonally weak noninterest income exacerbated by the economic downturn and lower net interest income caused by both negative loan growth and elevated nonaccrual loans.  


Noninterest expenses totaled $19.9 million, up $873,000 from the prior year's third quarter and $660,000 from the second quarter of 2008.  Legal and professional fees associated with loan collection efforts were the primary cause.  Year to date noninterest expenses totaled $57.8 million compared to $57.6 million a year ago.  The Company believes that it will have one more quarter of elevated legal costs before these expenses will decline.  In addition, the Company has plans to continue to reduce its overhead and expects to implement cost saving measures beginning in the first quarter of 2009.  The amount of these reductions will be communicated with the announcement of earnings for the full year in January 2009.


Noninterest income, excluding securities gains and losses, declined 13.1 percent when compared to the second quarter, reflecting decreased revenues from marine finance fees, mortgage banking fees and merchant income.  Market uncertainty and seasonal declines were responsible for lower marine finance activities and slower mortgage originations, as well as open positions in some markets for mortgage loan originators while merchant income was impacted by a seasonally slower period and the economic slow down.  The Company expects seasonal improvements in these fee income areas in the fourth quarter.


The net interest margin declined by 12 basis points to 3.57 percent in the third quarter 2008 compared to the second quarter of 2008 primarily as a result of nonperforming assets offset by lower costs for interest bearing liabilities.  Interest bearing deposit costs decreased 6 basis points to 2.60 percent in the third quarter 2008 and total interest bearing liabilities decreased from 2.68 percent for the second quarter to 2.64 percent in the third quarter.  Since the Federal Reserve Bank lowered rates 50 basis points on September 16, 2008, the Company has been successful in repricing many of the Company’s deposit products; therefore, future cost for deposits should be lower.  


Consistent with the prior quarters’ results for 2008, loan growth in the third quarter was much slower than in the prior year with total loans outstanding decreasing year-over-year by $150.5 million, or 7.9 percent, compared with an increase of $165.3 million or 9.5 percent for the year ended December 31, 2007.  Loan growth is expected to continue to be weak for the remainder of the year and the first half of 2009.  


 Total deposits declined by less than 1 percent at quarter end compared with the prior year.  Business deposit growth was weaker than expected due to the economic slowdown and deposit declines in the Company’s Orlando region.  Consumer deposit growth in most of the Company’s markets was stronger than expected.  New personal checking relationships have increased as a result of a new retail deposit growth strategy which has improved market share, increased average services per household and decreased customer attrition.  Since the promotion began in 2008, new household deposit balances and average services per household have each increased 16 percent compared to the same period in 2007.    Total deposits, excluding the Orlando region, increased $135.6 million or 8.8% from the quarter ended September 30, 2007.  


The Company will host a conference call on Thursday, October 23, 2008 at 10:00 a.m. (Eastern Time) to discuss its earnings results and business trends.  Investors may call in (toll-free) by dialing (800) 640-9765 (access code: 22914100; leader: Dennis S. Hudson).  A replay of the conference call will be available beginning the afternoon of October 24 by dialing (877) 213-9653 (domestic), using the passcode 22914100.


Alternatively, individuals may listen to the live webcast of the presentation by visiting the Company’s website at www.seacoastbanking.net.  The link to the live audio webcast is located in the subsection Presentations under the heading Investor Relations.  Beginning the afternoon of October 23, 2008, an archived version of the webcast can be accessed from this same subsection of the website.  This webcast will be archived and available for one year.  


Seacoast Banking Corporation of Florida has approximately $2.2 billion in assets.  It is one of the largest independent commercial banking organizations in Florida, headquartered on Florida’s Treasure Coast, one of the wealthiest and fastest growing areas in the nation.




- continued -




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, 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(s),” “contemplate,” “expect(s),” “expected,” “estimate,” “continue,” “further”, “point to,” “project,” “forecasted,” “could,” “intend,” “indication” 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 and regulatory changes; the risks of changes in interest rates on the level and composition of deposits, loan demand, 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, 2007 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.




- continued -







FINANCIAL HIGHLIGHTS

 

(Unaudited)

   

SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES

      
            
  

Three Months Ended

Nine Months Ended

   

(Dollars in thousands,

 

September 30,

 

September 30,

  

   except per share data)

 

 2008

 

 2007

   

 2008

 

 2007

 
            

Summary of Earnings

           

Net income (loss)

$

(3,448)

$

285

  

$

(23,001)

$

7,862

 

Net income (loss), excluding securities restructuring losses (5)

 

(3,448)

 

285

   

(23,001)

 

11,159

 

Net interest income  (1)

 

19,186

 

21,147

   

59,982

 

64,047

 
            

Performance Ratios

           

Return on average assets-GAAP basis  (2), (3)

 

(0.60)

%

0.05

%

  

(1.32)

%

0.45

%

Return on average tangible assets (2),(3), (4),(5)

 

(0.58)

 

0.09

   

(1.32)

 

0.70

 
            

Return on average shareholders' equity–GAAP basis (2), (3)

 

(7.13)

 

0.51

   

(14.77)

 

4.79

 

Return on average tangible shareholders’ equity (2),(3),(4),(5)

 

(9.43)

 

1.18

   

(19.67)

 

9.71

 
            

Net interest margin  (1), (2)

 

3.57

 

3.94

   

3.67

 

3.99

 
            

Per Share Data

           

Net income (loss) diluted-GAAP basis

$

(0.18)

$

0.01

  

$

(1.21)

$

0.41

 

Net income (loss) basic-GAAP basis

 

(0.18)

 

0.02

   

(1.21)

 

0.41

 
            

Net income (loss) diluted-excluding securities restructuring losses (5)

 

(0.18)

 

0.01

   

(1.21)

 

0.58

 

Net income (loss) basic-excluding securities restructuring losses (5)

 

(0.18)

 

0.02

   

(1.21)

 

0.59

 
            

Cash dividends declared

 

0.01

 

0.16

   

0.33

 

0.48

 


(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 calculations 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 securities restructuring losses of $5,118 (or $3,297 net of taxes) recorded in the first quarter 2007.













FINANCIAL  HIGHLIGHTS

(Unaudited)

       

SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES

  
         
   

                   September 30,

 

Increase/

   

 2008

 

 2007

 

 (Decrease)

Credit Analysis

        

Net charge-offs year-to-date

 

$

47,232

       $

1,307

 

3,513.8

%

Net charge-offs to average loans

  

3.41

%

0.10

%

3,310.0

 

Loan loss provision year-to-date

 

$

59,978

$

8,932

 

549.1

 

Allowance to loans at end of period

 

1.87

%

1.19

%

57.1

 
        

Nonperforming loans

 

$

75,793

$

45,654

 

66.0

 

Other real estate owned

  

4,551

 

240

 

1,796.3

 

Total non-performing assets

  

80,344

$

45,894

 

75.1

 
         

Nonperforming assets to loans and other real estate owned at end of period

  

4.60

%

2.42

%

90.1

 
         

Nonperforming assets to total assets

  

3.61

%

1.98

%

82.3

 
         

Selected Financial Data

        

Total assets

 

$

2,224,614

$

2,316,779

 

(4.0

)

Securities – Trading (at fair value)

  

0

 

17,955

 

(100.0

)

Securities – Available for sale (at fair value)

  

267,661

 

205,174

 

30.5

 

Securities – Held for investment (at amortized cost)

  

29,120

 

32,588

 

(10.6

)

Net loans

  

1,709,978

 

1,870,574

 

(8.6

)

Deposits

  

1,838,792

 

1,855,726

 

(0.9

)

Shareholders’ equity  

  

184,449

 

213,880

 

(13.8

)

Book value per share

  

9.59

 

11.20

 

(14.4

)

Tangible book value per share

  

6.71

 

8.22

 

(18.4

)

Average shareholders' equity to average assets

  

8.93

%

9.48

%

(5.8

)

         

Average Balances (Year-to-Date)

        

Total assets

 

$

2,329,860

$

2,311,782

 

0.8

 

Less: Intangible assets

  

55,975

 

57,138

 

(2.0

)

Total average tangible assets

 

$

2,273,885

$

2,254,644

 

0.9

 
         

Total equity

 

$

208,010

$

219,252

 

(5.1

)

Less: Intangible assets

  

55,975

 

57,138

 

(2.0

)

Total average tangible equity

 

$

152,035

$

162,114

 

(6.2

)

         
         


(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 calculations 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 securities restructuring losses of $5,118 (or $3,297 net of taxes) recorded in the first quarter 2007.



CONDENSED CONSOLIDATED STATEMENTS OF INCOME  (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


  

Three Months Ended

Nine Months Ended

  

September 30,

September 30,

(Dollars in thousands, except per share data)

2008

 

2007

 

2008

 

2007

         

Interest on securities:

        

 Taxable

$

3,418

$

3,069

$

10,535

$

11,374

 Nontaxable

 

90

 

88

 

270

 

 274

Interest and fees on loans

27,146

 

34,316

 

86,525

 

99,796

Interest on federal funds sold and other investments

322

 

298

 

1,074

 

1,211

    Total Interest Income

30,976

 

37,771

 

98,404

 

112,655

 

        

Interest on deposits

 

4,033

 

6,261

 

14,116

 

17,760

Interest on time certificates

6,334

 

7,806

 

19,463

 

22,085

Interest on borrowed money

1,492

 

2,645

 

5,061

 

8,979

    Total Interest Expense

11,859

 

16,712

 

38,640

 

48,824

         

    Net Interest Income

19,117

 

21,059

 

59,764

 

63,831

Provision for loan losses

10,241

 

8,375

 

57,978

 

8,932

    Net Interest Income After Provision for Loan Losses

8,876

 

12,684

 

1,786

 

54,899

         

Noninterest income:

        

Service charges on deposit accounts

1,894

 

1,983

 

5,556

 

5,644

Trust income

 

597

 

658

 

1,770

 

1,948

Mortgage banking fees

216

 

260

 

934

 

1,131

Brokerage commissions and fees

452

 

620

 

1,650

 

2,363

Marine finance fees

371

 

687

 

1,986

 

2,269

Debit card income

620

 

578

 

1,879

 

1,743

Other deposit based EFT fees

82

 

101

 

276

 

348

Merchant income

510

 

688

 

1,912

 

2,165

Other income

 

332

 

444

 

1,115

 

1,340

  

5,074

 

6,019

 

17,078

 

18,951

Securities restructuring losses

0

 

0

 

0

 

(5,118)

Securities gains, net

0

 

22

 

355

 

46

     Total Noninterest Income

5,074

 

6,041

 

17,433

 

13,879

         

Noninterest expenses:

        

Salaries and wages

 

7,713

 

7,479

 

23,076

 

23,828

Employee benefits

 

1,770

 

1,700

 

5,509

 

5,419

Outsourced data processing costs

 

1,803

 

1,796

 

5,800

 

5,697

Telephone / data lines

 

471

 

460

 

1,398

 

1,437

Occupancy

 

2,112

 

1,928

 

6,036

 

5,721

Furniture and equipment

700

 

758

 

2,135

 

2,109

Marketing

 

545

 

875

 

2,014

 

2,368

Legal and professional fees

1,687

 

1,327

 

3,545

 

3,002

FDIC assessments

 

543

 

55

 

994

 

169

Amortization of intangibles

 

315

 

315

 

944

 

944

Other

 

2,241

 

2,334

 

6,373

 

6,937

        Total Noninterest Expenses

19,900

 

19,027

 

57,824

 

57,631

         

        Income (Loss) Before Income Taxes

(5,950

)

(302

)

(38,605

)

11,147

Provision (benefit) for income taxes

(2,502

)

(587

)

(15,604

)

3,285

         

        Net Income (Loss)

$

(3,448

) $

 285

$

(23,001

)   $

7,862

         

Per share common stock:

        

Net income (loss) diluted

$

(0.18

) $

0.01

$

(1.21

)   $

0.41

Net income (loss) basic

 

(0.18

)

0.02

 

(1.21

)

0.41

Cash dividends declared

 

0.01

 

0.16

 

0.33

 

0.48

         

Average diluted shares outstanding

19,030,758

 

19,165,880

 

18,981,944

 

19,180,773

Average basic shares outstanding

19,030,758

 

18,924,665

 

18,981,944

 

18,946,759

         





CONDENSED CONSOLIDATED BALANCE SHEETS  (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


        
  

September 30,

 

December 31,

 

September 30,

 

(Dollars in thousands)

 

2008

 

2007

 

2007

 
        

Assets

       

Cash and due from banks

$

38,927

$

 50,490

$

44,680

 

Federal funds sold and other investments

 

11,256

 

47,985

 

6,605

 

           Total Cash and Cash Equivalents

 

50,183

 

98,475

 

51,285

 

   Securities:

   

 

   

Trading (at fair value)

 

0

 

13,913

 

17,955

 

Available for sale (at fair value)

 

267,661

 

254,916

 

205,174

 

Held for investment (at amortized cost)

 

29,120

 

31,900

 

32,588

 

           Total Securities

 

296,781

 

300,729

 

255,717

 
        

Loans available for sale

 

2,701

 

3,660

 

1,833

 
        

Loans, net of unearned income

 

1,742,626

 

1,898,389

 

1,893,114

 

Less: Allowance for loan losses

 

(32,648

)

(21,902)

 

(22,540

)

           Net Loans

 

1,709,978

 

1,876,487

 

1,870,574

 
        

Bank premises and equipment, net

 

43,397

 

40,926

 

39,180

 

Other real estate owned

 

4,551

 

735

 

240

 

Goodwill and other intangible assets

 

55,508

 

56,452

 

56,767

 

Other assets

 

61,515

 

42,410

 

41,183

 
 

$

2,224,614

$

2,419,874

$

2,316,779

 

Liabilities and Shareholders’ Equity

       

Liabilities

       

Deposits

       

Demand deposits (noninterest bearing)

$

285,746

$

327,646

$

336,816

 

Savings deposits

 

829,470

 

1,056,025

 

886,806

 

Other time deposits

 

361,184

 

332,838

 

340,440

 

Brokered time certificates

 

40,100

 

0

 

0

 

Time certificates of $100,000 or more

 

322,292

 

 270,824

 

291,664

 

            Total Deposits

 

1,838,792

 

1,987,333

 

1,855,726

 
        

Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days

71,325

 

88,100

 

141,884

  

Borrowed funds

 

65,004

 

65,030

 

39,749

 

Subordinated debt

 

53,610

 

53,610

 

53,610

 

Other liabilities

 

11,434

 

11,420

 

11,930

 
  

2,040,165

 

2,205,493

 

2,102,899

 
        

Shareholders' Equity

       

Preferred stock

 

0

 

0

 

0

 

Common stock

 

1,928

 

1,920

 

1,914

 

Additional paid in capital

 

92,327

 

90,924

 

90,752

 

Retained earnings

 

93,101

 

122,396

 

123,538

 

Treasury stock

 

(838

)

(1,193)

 

(1,430

)

  

186,518

 

214,047

 

214,774

 

Accumulated other comprehensive income (loss), net

 

(2,069

)

334

 

(894

)

             Total Shareholders’ Equity

$

184,449

 

214,381

 

213,880

 
 

$

2,224,614

$

 2,419,874

$

2,316,779

 
        

Common Shares Outstanding

 

19,229,363

 

19,110,089

 

19,104,027

 
        








CONSOLIDATED QUARTERLY FINANCIAL DATA   (Unaudited)

     

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

 
 

Quarters

   
 

2008

 

2007

  

Last 12

(Dollars in thousands, except per share data)

Third

Second

First

 

Fourth

 

Months

            

Net income (loss)

$

(3,448

)   $

(21,316)

   $

1,763

$

1,903

$

(21,098

)

           

Operating Ratios

          

   Return on average assets-GAAP basis (2),(3)

(0.60

) %

(3.65)

%

0.30

%

0.32

%

(0.90

)%

Return on average tangible assets (2),(3),(4)

(0.58

)

(3.70)

 

0.34

 

0.36

 

(0.89

)

           

   Return on average shareholders' equity GAAP basis (2),(3)

(7.13

)

(39.79)

 

3.28

 

3.48

 

(10.03

)

Return on average tangible shareholders’ equity (2),(3),(4)

(9.43

)

(53.27)

 

4.95

 

5.21

 

(13.15

)

           

   Net interest margin (1),(2)

3.57

 

3.69

 

3.74

 

3.71

 

3.68

 

   Average equity to average assets

8.43

 

9.17

 

9.17

 

9.20

 

9.00

 
           

Credit Analysis

          

   Net charge-offs

$

9,290

 

$

33,541

 

$

4,401

$

4,451

 

$

51,683

 

   Net charge-offs  to average loans

2.06

%

7.28

%

0.93

%

0.92

%

2.77

%

   Loan loss provision

$

10,241

$

42,237

$

5,500

$

3,813

$

61,791

 

   Allowance to loans at end of period

1.87

%

1.75

%

1.22

%

1.15

%

  
           

   Nonperforming loans

$

75,793

$

76,224

$

64,730

$

67,834

   

   Other real estate owned

 

4,551

 

4,547

 

940

 

735

   

   Nonperforming assets

 

80,344

 

80,771

 

65,670

 

68,569

   

   Nonperforming assets to loans and other real estate owned at end of period

4.60

%

4.45

 %

3.50

%

3.61

%

  

   Nonperforming assets to total assets

3.61

 

3.52

 

2.74

 

2.83

   

   Nonaccrual loans and accruing loans 90 days or more past due to loans outstanding at end of period

4.42

 

4.23

 

3.46

 

3.57

   
           

Per Share Common Stock

          

   Net income diluted-GAAP basis

$

(0.18

)   $

(1.12)

$

0.09

$

0.10

$

(1.11

)

   Net income basic-GAAP basis

(0.18

)

(1.12)

 

0.09

 

0.10

 

(1.11

)

           

   Cash dividends declared

0.01

 

0.16

 

0.16

 

0.16

 

0.49

 

   Book value per share

 

9.59

  

9.90

 

11.25

 

11.22

   
           

Average Balances

           

Total assets

$

2,282,821

$

2,349,749

$

2,357,528

$

2,361,086

   

Less:  Intangible assets

 

55,662

 

55,976

 

56,291

 

56,605

   

Total average tangible assets

$

2,227,159

$

2,293,773

$

2,301,237

$

2,304,481

   
            

Total Equity

$

192,469

$

215,448

$

216,283

$

217,172

   

Less:  Intangible assets

 

55,662

 

55,976

 

56,291

 

56,605

   

Total average tangible equity

$

136,807

$

159,472

$

159,992

$

160,567

   
            


(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 calculations of ROA and ROE do not include the mark-to-market unrealized gains (losses) because the unrealized gains (losses) on available for sale securities 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.  

















CONSOLIDATED QUARTERLY FINANCIAL DATA   (Unaudited) (continued)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


(Dollars in thousands)

SECURITIES

 

September 30,

2008

December 31,

2007

September 30,

2007

        

U.S. Treasury and U.S. Government Agencies

 

$

0

$

13,913

$

17,995

    Securities Trading

  

0

 

13,913

 

17,955

        

U.S. Treasury and U.S. Government Agencies

  

22,280

 

30,405

 

35,349

Mortgage-backed

  

239,936

 

218,937

 

164,452

Obligations of states and political subdivisions

  

1,986

 

2,057

 

2,117

Other securities

  

3,459

 

3,517

 

3,256

    Securities Available for Sale

  

267,661

 

254,916

 

205,174

        

Mortgage-backed

  

22,997

 

25,755

 

26,441

Obligations of states and political subdivisions

  

6,123

 

6,145

 

6,147

    Securities Held for Investment

  

29,120

 

31,900

 

32,588

        Total Securities

 

$

296,781

$

300,729

$

255,717

        




       
        

LOANS

 

September 30,

2008

December 31,

2007

September 30,

2007

        

Construction and land development

 

$

484,989

$

609,567

$

627,003

Real estate mortgage

  

1,093,324

 

1,074,814

 

1,051,750

Installment loans to individuals

  

88,549

 

86,362

 

78,641

Commercial and financial

  

75,296

 

126,695

 

135,111

Other loans

  

468

 

951

 

609

        Total Loans

 

$

1,742,626

$

1,898,389

$

1,893,114

        













AVERAGE BALANCES, YIELDS AND RATES (1) (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

 


  

2008

 

2007

  

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

$

276,777

4.94

%

$

280,623

5.03

%

$

233,809

5.25

%

Nontaxable

 

8,151

6.53

 

8,164

6.57

 

8,216

6.33

 

       Total Securities

 

284,928

4.99

 

288,787

5.08

 

242,025

5.29

 
           

    Federal funds sold and other

          

         investments

 

53,220

2.41

 

64,558

2.83

 

21,364

5.53

 
           

    Loans, net

 

1,798,357

6.01

 

1,854,015

6.12

 

1,866,954

7.30

 

          

          

        Total Earning Assets

 

2,136,505

5.78

 

2,207,360

5.89

 

2,130,343

7.05

 
           

Allowance for loan losses

 

(37,705

)

 

(22,992)

  

(15,361)

  

Cash and due from banks

 

35,788

  

46,057

  

47,633

  

Premises and equipment

 

43,378

  

42,885

  

39,190

  

Other assets

 

104,855

  

76,439

  

77,231

  
           
 

$

2,282,821

 

$

2,349,749

 

$

2,279,036

  
           

Liabilities and Shareholders' Equity

          

Interest-bearing liabilities:

          

     NOW

$

72,691

1.65

%

$

70,135

1.47

%

$

53,842

2.78

%

     Savings deposits

 

103,550

0.73

 

106,277

0.72

 

112,323

0.71

 

     Money market accounts

 

716,166

1.97

 

788,389

1.95

 

715,885

3.15

 

     Time deposits

 

691,486

3.64

 

641,092

3.99

 

629,479

4.92

 

     Federal funds purchased and other short term borrowings

 

82,730

1.55

 

90,136

1.47

 

127,163

4.41

 

     Other borrowings

 

118,705

3.92

 

118,816

3.89

 

69,860

7.00

 
           

       Total Interest-Bearing Liabilities

 

1,785,328

2.64

 

1,814,845

2.68

 

1,708,552

3.88

 
           

Demand deposits (noninterest-bearing)

 

293,951

  

316,614

  

340,462

  

Other liabilities

 

11,073

  

2,842

  

9,154

  

       Total Liabilities

 

2,090,352

  

2,134,301

  

2,058,168

  
           

Shareholders' equity

 

192,469

  

215,448

  

220,868

  
           
 

$

2,282,821

 

$

2,349,749

 

$

2,279,036

  
           

Interest expense as a % of earning assets  

  

2.21

%

 

2.21

%

 

3.11

%

Net interest income as a % of earning assets  

  

3.57

  

3.69

  

3.94

 
           

(1)

 On a fully taxable equivalent basis.  All yields and rates have been computed on an annualized basis using amortized cost.  Fees on loans have been included in interest on loans.  Nonaccrual loans are included in loan balances.






QUARTERLY TRENDS – LOANS AT END OF PERIOD

(Dollars in Millions)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


 

 

 

2008

 

 

     Nonperforming

         
   

1st Qtr

2nd Qtr

3rd Qtr

 

3rd Qtr

Number

Construction and Land Development

        

   Residential:

        

     Condominiums

>$4 million

 

 $  30.6

 $  26.3

 $  19.6

 

 -

-

 

<$4 million

 

           26.6

            21.1

          13.0

 

$  2.8

1

         

     Town homes

>$4 million

 

           19.4

            17.1

          17.1

 

5.4

1

 

<$4 million

 

             4.4

              2.9

            4.6

 

-

-

         

     Single Family Residences

>$4 million

 

           20.8

            21.2

          13.5

 

-

-

 

<$4 million

 

           35.9

            28.3

          23.7

 

5.3

9

         

     Single Family Land & Lots

>$4 million

 

           85.1

            64.3

          40.3

 

27.4

4

 

<$4 million

 

           27.0

            30.8

          29.9

 

4.0

21

         

     Multifamily

>$4 million

 

             7.8

              7.8

            7.8

 

7.8

1

 

<$4 million

 

           24.8

            26.2

          22.9

 

2.3

1

         

TOTAL

>$4 million

 

       163.7

        136.7

          98.3

 

40.6

6

TOTAL

<$4 million

 

       119.1

        109.3

          94.1

 

14.4

32

         

GRAND TOTAL

  

 $ 282.4

 $ 246.0

 $ 192.4

 

$ 55.0

38







QUARTERLY TRENDS – LOANS AT END OF PERIOD

(Dollars in Millions)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


      
 

2006

 

2007

 
 

4th Qtr

 

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

 

Construction and land development

       

   Residential

       

      Condominiums

$ 94.8

 

 $ 84.4

 $ 74.2

$ 72.5

 $ 60.2

 

      Townhomes

    10.4

 

  9.9

 11.3

   25.0

       25.0

 

      Single family residences

     80.3

 

     100.9

       66.6

63.9

       59.0

 

      Single family land and lots

      106.3

 

    107.7

  129.0

   128.4

     116.4

 

      Multifamily

     48.2

 

      48.7

    46.6

    33.8

       34.5

 
 

     340.0

 

      351.6

   327.7

   323.6

     295.1

 
        

   Commercial

       

      Office buildings

       14.1

 

     17.6

   19.2

     22.4

       30.9

 

      Retail trade

       16.1

 

    12.5

     26.4

     50.2

       69.0

 

      Land

        93.5

 

      93.4

    99.4

      86.2

       82.6

 

      Industrial

          6.3

 

        8.9

       13.1

     16.9

       13.0

 

      Healthcare

         2.0

 

      2.5

    3.0

        1.0

         1.0

 

      Churches and educational facilities  

          2.1

 

      1.8

         1.9

       1.9

           -   

 

      Lodging

          2.1

 

      4.8

       11.2

    11.2

       11.2

 

      Convenience stores

          0.5

 

        0.5

         1.0

      1.4

         1.7

 

      Marina

        2.2

 

     2.2

         2.2

  21.9

       23.1

 

      Other

          0.9

 

         2.8

       12.8

      8.6

         9.9

 
 

    139.8

 

  147.0

 190.2

     221.7

     242.4

 
        

   Individuals

       

      Lot loans

       40.6

 

     40.5

       40.0

   40.7

       39.4

 

      Construction

        50.7

 

     41.7

       43.6

    41.0

       32.7

 
 

       91.3

 

     82.2

       83.6

    81.7

       72.1

 

Total construction and land development

           571.1

 

        580.8

     601.5

       627.0

     609.6

 
        

Real estate mortgages

       

   Residential real estate

       

      Adjustable

     277.7

 

   285.4

 298.4

     313.0

     319.5

 

      Fixed rate

87.9             

 

87.9          

       87.6

88.1         

       87.5

 

      Home equity mortgages

        95.9

 

      97.3

       90.0

    90.8

       91.4

 

      Home equity lines

       50.9

 

     51.4

       56.6

    55.1

       59.1

 
 

      512.4

 

  522.0

     532.6

547.0

     557.5

 
        

   Commercial real estate

       

      Office buildings

      109.2

 

  113.4

     116.1

125.6

     131.7

 

      Retail trade

       50.9

 

     62.0

       62.8

   74.9

       76.2

 

      Land

             -   

 

        -   

           -   

   2.6

         5.3

 

      Industrial

        64.3

 

   66.3

       84.7

  100.2

     105.5

 

      Healthcare

       40.7

 

     40.5

       39.7

    33.2

       32.4

 

      Churches and educational facilities

             32.3

 

          32.9

       32.7

         36.0

       40.2

 

      Recreation

          4.4

 

     4.4

         4.5

     4.7

         3.0

 

      Multifamily

          9.9

 

       8.4

       10.4

  11.3

       13.8

 

      Mobile home parks

          6.0

 

       3.0

         4.0

      4.0

     3.9

 

      Lodging

       19.1

 

    16.9

       16.8

   22.3

       22.7

 

      Restaurant

11.7             

 

11.2          

         9.6

7.2           

         8.2

 

      Agricultural

  26.1

 

  24.5

       23.4

  19.6

       12.9

 

      Convenience stores

     22.0

 

22.2

 23.6

    23.5

       23.2

 

      Other

        40.8

 

     38.8

       30.5

  39.7

       38.3

 
 

     437.4

 

 444.5

     458.8

504.8

     517.3

 

   Total real estate mortgages

      949.8

 

    966.5

991.4

  1,051.8

  1,074.8

 
        

Commercial & financial

      128.1

 

    112.1

     139.0

   135.1

     126.7

 
        

Installment loans to individuals

       

      Automobile and trucks

        22.3

 

     23.3

       23.6

   24.8

       25.0

 

      Marine loans

       32.5

 

    30.1

       26.6

    24.8

       33.2

 

      Other

        28.6

 

    29.8

       29.4

    29.0

       28.2

 
 

        83.4

 

     83.2

       79.6

    78.6

       86.4

 
        

Other

         0.7

 

     0.7

         1.6

     0.6

         0.9

 
 

 $1,733.1

 

 $1,743.3

$1,813.1

$1,893.1

$1,898.4

 








QUARTERLY TRENDS – LOANS AT END OF PERIOD (continued)

(Dollars in Millions)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


  

2008

  

1st Qtr

2nd Qtr

3rd Qtr

Construction and land development

    

   Residential

    

      Condominiums

 

$ 57.2

$ 47.4

$ 32.6

      Townhomes

 

       23.8

       20.0

        21.7

      Single family residences

 

       56.7

49.5

        37.2

      Single family land and lots

 

     112.1

    95.1

        70.2

      Multifamily

 

       32.6

       34.0

        30.7

  

     282.4

   246.0

      192.4

     

   Commercial

    

      Office buildings

 

       29.1

       31.1

        27.8

      Retail trade

 

       60.4

       63.6

        68.5

      Land

 

       92.5

     75.4

        73.9

      Industrial

 

       16.9

    20.8

        20.7

      Healthcare

 

         1.0

         1.0

            -   

      Churches and educational facilities  

 

           -   

   0.1

            -   

      Lodging

 

           -   

             -   

            -   

      Convenience stores

 

         1.8

             -   

            -   

      Marina

 

       26.8

      28.9

        30.5

      Other

 

       11.3

         6.3

          5.4

  

     239.8

  227.2

      226.8

     

   Individuals

    

      Lot loans

 

       39.4

       40.0

        38.4

      Construction

 

       32.4

       27.1

        27.4

  

       71.8

        67.1

        65.8

Total construction and land development

 

     594.0

       540.3

      485.0

     

Real estate mortgages

    

   Residential real estate

    

      Adjustable

 

     317.6

318.8

      316.5

      Fixed rate

 

89.1       

       90.2

        93.4

      Home equity mortgages

 

       91.7

   93.1

        84.3

      Home equity lines

 

       56.3

   59.4

        59.7

  

     554.7

 561.5

      553.9

     

   Commercial real estate

    

      Office buildings

 

     144.3

 142.3

      143.6

      Retail trade

 

       83.8

       93.5

      101.6

      Land

 

           -   

             -   

          0.6

      Industrial

 

     104.3

       93.3

        92.2

      Healthcare

 

  39.9

   33.6

        31.6

      Churches and educational facilities

 

       40.2

         36.5

        35.6

      Recreation

 

         2.8

     1.8

          1.8

      Multifamily

 

       20.0

 19.1

        19.2

      Mobile home parks

 

         3.2

     3.1

          3.1

      Lodging

 

       27.9

       28.0

        26.7

      Restaurant

 

         8.0

9.0           

          8.6

      Agricultural

 

       12.4

         9.0

          8.7

      Convenience stores

 

       23.1

       24.9

        23.6

      Other

 

       40.1

   41.6

        42.5

  

     550.0

535.7

      539.4

   Total real estate mortgages

 

  1,104.7

1,097.2

   1,093.3

     

Commercial & financial

 

       93.9

   94.8

        88.5

     

Installment loans to individuals

    

      Automobile and trucks

 

       24.1

    23.0

        21.9

      Marine loans

 

       33.3

       25.2

        26.0

      Other

 

       27.5

    27.9

        27.4

  

       84.9

 76.1

        75.3

     

Other

 

         0.5

     0.4

          0.5

  

$1,878.0

$1,808.8

 $1,742.6







QUARTERLY TRENDS – INCREASE (DECREASE) IN LOANS BY QUARTER

(Dollars in Millions)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


   

2007

   

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Construction and land development

    

   Residential

     

      Condominiums

 $ (10.4)

 $   (10.2)

 $   (1.7)

 $  (12.3)

      Townhomes

 

          (0.5)

          1.4

      13.7

          -   

      Single family residences

          20.6

      (34.3)

      (2.7)

       (4.9)

      Single family land and lots

            1.4

        21.3

      (0.6)

     (12.0)

      Multifamily

 

            0.5

        (2.1)

    (12.8)

        0.7

   

          11.6

      (23.9)

      (4.1)

     (28.5)

   Commercial

     

      Office buildings

            3.5

          1.6

        3.2

        8.5

      Retail trade

 

          (3.6)

        13.9

      23.8

      18.8

      Land

 

          (0.1)

          6.0

    (13.2)

       (3.6)

      Industrial

 

            2.6

          4.2

        3.8

       (3.9)

      Healthcare

 

            0.5

          0.5

      (2.0)

          -   

      Churches and educational facilities

          (0.3)

          0.1

         -   

       (1.9)

      Lodging

 

            2.7

          6.4

         -   

          -   

      Convenience stores

              -   

          0.5

        0.4

        0.3

      Marina

 

              -   

           -   

      19.7

        1.2

      Other

 

            1.9

        10.0

      (4.2)

        1.3

   

            7.2

        43.2

      31.5

      20.7

   Individuals

     

      Lot loans

 

          (0.1)

        (0.5)

        0.7

       (1.3)

      Construction

          (9.0)

          1.9

      (2.6)

       (8.3)

   

          (9.1)

          1.4

      (1.9)

       (9.6)

   Total construction and land development

            9.7

        20.7

      25.5

     (17.4)

       

Real estate mortgages

    

   Residential real estate

    

      Adjustable

 

            7.7

        13.0

      14.6

        6.5

      Fixed rate

 

              -   

        (0.3)

        0.5

       (0.6)

      Home equity mortgages

            1.4

        (7.3)

        0.8

        0.6

      Home equity lines

            0.5

          5.2

      (1.5)

        4.0

   

            9.6

        10.6

      14.4

      10.5

   Commercial real estate

    

      Office buildings

            4.2

          2.7

        9.5

        6.1

      Retail trade

 

          11.1

          0.8

      12.1

        1.3

      Land

 

              -   

           -   

        2.6

        2.7

      Industrial

 

            2.0

        18.4

      15.5

        5.3

      Healthcare

 

          (0.2)

        (0.8)

      (6.5)

       (0.8)

      Churches and educational facilities

            0.6

        (0.2)

        3.3

        4.2

      Recreation

 

              -   

          0.1

        0.2

       (1.7)

      Multifamily

 

          (1.5)

          2.0

        0.9

        2.5

      Mobile home parks

          (3.0)

          1.0

         -   

       (0.1)

      Lodging

 

          (2.2)

        (0.1)

        5.5

        0.4

      Restaurant

 

          (0.5)

        (1.6)

      (2.4)

        1.0

      Agricultural

 

          (1.6)

        (1.1)

      (3.8)

       (6.7)

      Convenience stores

            0.2

          1.4

      (0.1)

       (0.3)

      Other

 

          (2.0)

        (8.3)

        9.2

       (1.4)

   

            7.1

        14.3

      46.0

      12.5

   Total real estate mortgages

          16.7

        24.9

      60.4

      23.0

       

Commercial & financial

        (16.0)

        26.9

      (3.9)

       (8.4)

       

Installment loans to individuals

    

      Automobile and trucks

            1.0

          0.3

        1.2

        0.2

      Marine loans

          (2.4)

        (3.5)

      (1.8)

        8.4

      Other

 

            1.2

        (0.4)

      (0.4)

       (0.8)

   

          (0.2)

        (3.6)

      (1.0)

        7.8

       

Other

  

              -   

          0.9

      (1.0)

        0.3

   

 $       10.2

 $     69.8

 $   80.0

 $     5.3









QUARTERLY TRENDS – INCREASE (DECREASE) IN LOANS BY QUARTER (Continued)

(Dollars in Millions)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


    

2008

    

1st Qtr

2nd Qtr

3rd Qtr

Construction and land development

    

   Residential

     

      Condominiums

 

 $  (3.0)

 $       (9.8)

 $  (14.8)

      Townhomes

  

     (1.2)

          (3.8)

        1.7

      Single family residences

 

     (2.3)

          (7.2)

     (12.3)

      Single family land and lots

 

     (4.3)

        (17.0)

     (24.9)

      Multifamily

  

     (1.9)

           1.4

       (3.3)

    

   (12.7)

        (36.4)

     (53.6)

   Commercial

     

      Office buildings

 

     (1.8)

           2.0

       (3.3)

      Retail trade

  

     (8.6)

           3.2

        4.9

      Land

  

      9.9

        (17.1)

       (1.5)

      Industrial

  

      3.9

           3.9

       (0.1)

      Healthcare

  

        -   

             -   

       (1.0)

      Churches and educational facilities

 

        -   

           0.1

       (0.1)

      Lodging

  

   (11.2)

             -   

          -   

      Convenience stores

 

      0.1

          (1.8)

          -   

      Marina

  

      3.7

           2.1

        1.6

      Other

  

      1.4

          (5.0)

       (0.9)

    

     (2.6)

        (12.6)

       (0.4)

   Individuals

     

      Lot loans

  

        -   

           0.6

       (1.6)

      Construction

 

     (0.3)

          (5.3)

        0.3

    

     (0.3)

          (4.7)

       (1.3)

   Total construction and land development

 

   (15.6)

        (53.7)

     (55.3)

       

Real estate mortgages

    

   Residential real estate

    

      Adjustable

  

     (1.9)

           1.2

       (2.3)

      Fixed rate

  

      1.6

           1.1

        3.2

      Home equity mortgages

 

      0.3

           1.4

       (8.8)

      Home equity lines

 

     (2.8)

           3.1

        0.3

    

     (2.8)

           6.8

       (7.6)

   Commercial real estate

    

      Office buildings

 

    12.6

          (2.0)

        1.3

      Retail trade

  

      7.6

           9.7

        8.1

      Land

  

     (5.3)

             -   

        0.6

      Industrial

  

     (1.2)

        (11.0)

       (1.1)

      Healthcare

  

      7.5

          (6.3)

       (2.0)

      Churches and educational facilities

 

        -   

          (3.7)

       (0.9)

      Recreation

  

     (0.2)

          (1.0)

          -   

      Multifamily

  

      6.2

          (0.9)

        0.1

      Mobile home parks

 

     (0.7)

          (0.1)

          -   

      Lodging

  

      5.2

           0.1

       (1.3)

      Restaurant

  

     (0.2)

           1.0

       (0.4)

      Agricultural

  

     (0.5)

          (3.4)

       (0.3)

      Convenience stores

 

     (0.1)

           1.8

       (1.3)

      Other

  

      1.8

           1.5

        0.9

    

    32.7

        (14.3)

        3.7

   Total real estate mortgages

 

    29.9

          (7.5)

       (3.9)

       

Commercial & financial

 

   (32.8)

           0.9

       (6.3)

       

Installment loans to individuals

    

      Automobile and trucks

 

     (0.9)

          (1.1)

       (1.1)

      Marine loans

 

      0.1

          (8.1)

        0.8

      Other

  

     (0.7)

           0.4

       (0.5)

    

     (1.5)

          (8.8)

       (0.8)

       

Other

   

     (0.4)

          (0.1)

        0.1

    

 $(20.4)

 $     (69.2)

 $  (66.2)