EX-99.1 2 exhibit991.htm Converted by FileMerlin

EXHIBIT 99.1

To Form 8-K dated January 27, 2009


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 RESULTS FOR

FOURTH QUARTER AND YEAR-END 2008


STUART, FL., January 27, 2008 – Seacoast Banking Corporation of Florida (NASDAQ-NMS:  SBCF), a bank holding company whose principal subsidiary is Seacoast National Bank, today reported a loss of $18.1 million or $0.95 per average common diluted share for the fourth quarter, compared to net income available to common shareholders of $1.9 million or $0.10 per average common diluted share in the fourth quarter a year ago.  For the year 2008, net income available to common shareholders was a loss of $41.1 million or $2.16 per average common diluted share, compared to net income of $9.8 million or $0.51 per average common diluted share in 2007.  


The Company’s results for the year and the fourth quarter were impacted by the unprecedented housing market decline and its effect on residential construction and land development loans.  A comprehensive effort to reduce this exposure (begun in 2007) was continued during 2008, resulting in a decline in this portfolio to 7.8 percent of total loans from 20.2 percent in early 2007.  The reduced exposure resulted from timely and aggressive collection efforts, charge-offs and a significant volume of loan sales throughout the year, including $29 million in sales closed during the fourth quarter of 2008.  The reduction in the Company’s exposure to residential construction and land development loans, conducted in response to deteriorating market conditions, resulted in significant losses in 2008, but should reduce earnings volatility in the future.


 

The Company’s capital position remains strong with a total risk-based capital ratio improving from 11.7 percent at September 30, 2008 to approximately 13.8 percent at year-end 2008.  This ratio is expected to continue to improve due to a decline in risk-based asset levels and improved earnings in 2009.  In December 2008, the Company sold $50 million in Series A Perpetual Preferred Stock to the United States Department of the Treasury through its participation in the Troubled Assets Relief Program (“TARP”) Capital Purchase Program, which further strengthened the Company’s already “well capitalized” status.  A stronger capital base allowed the Company to increase its local residential lending over the prior quarter with over $36 million in residential and consumer loans closed or approved at year-end, up 16 percent compared to the third quarter.  In addition, working with distressed borrowers, the Company entered into various loan restructuring arrangements, impacting both retail and commercial customers.  The Company expects to continue to prudently explore opportunities to work with customers experiencing distress, as well as increase credit availability to qualified residential homeowners as a result of its improved capital position.    


Liquidity remains strong and stable, supported by the Bank’s diverse local retail and commercial deposit base, no overnight borrowings and over $800 million of excess liquidity available at December 31, 2008.  The Company’s outstanding wholesale funding represented approximately 7 percent of total assets at year-end 2008, comprised of longer term Federal Home Loan advances and a small portfolio of brokered certificates of deposit.  During July 2008, the Company tested its ability to access the brokered certificates of deposit market and had approximately $75 million in brokered deposits at year-end, the majority having maturities ranging from three months to one year.  In addition, during the second half of 2008, some the Bank’s existing customers utilized the CDARS program to obtain 100 percent FDIC insurance coverage for larger balance certificate of deposits which are required to be classified as brokered certificates.  

 

During the fourth quarter, the Company undertook a comprehensive review of its expense structure and developed a plan to reduce expenses by $7.6 million (annualized) over the next year.  Reductions in overhead totaling $5.0 million have been implemented and are effective January 1, 2009.  These savings will be offset by increased FDIC insurance costs of approximately $2.3 million compared with 2008, as a result of the restoration of premiums by the FDIC during the last year, anticipated increases in the premium rates and the Company’s participation in the FDIC’s Temporary Liquidity Guarantee Program.  The Company believes other cost-saving measures may be implemented during 2009 that are currently under consideration and which will be communicated with the quarterly announcements of earnings during 2009.  The expense reductions impacting 2009 are broad and include the elimination of bonus compensation for most positions and profit-sharing contributions for all associates, reductions in matching contributions associated with salary savings plans, lower credit-related costs, executive retirements, job eliminations, branch consolidations, freezing of executive salaries and board compensation, and reduced salary increases for other associates.  Executive cash incentive compensation was not paid in 2008 and is not anticipated to be paid in 2009.      


Net interest income (on a tax equivalent basis) was $17.5 million, lower than the $20.7 million for the fourth quarter 2007 and $1.7 million below third quarter 2008 as a result of a decline in loans, lower loan yields and higher nonperforming loans.  These adverse impacts were partially offset by reduced deposit costs, but still produced a lower net interest margin, which totaled 3.32 percent, down 39 basis points in the fourth quarter 2008 compared with 3.71 percent for the same quarter 2007 and 3.57 percent for the third quarter 2008.


Average loans outstanding during the fourth quarter 2008 were $176.1 million lower than the same quarter of 2007, and ending loans (net of unearned income) were $221.7 million or 11.7 percent lower than a year ago.  The yield on loans in the fourth quarter 2008 was 127 basis points lower than the same period in 2007.  Nonperforming loans at year-end 2008 were $20.1 million higher compared to 2007.  Average noninterest bearing deposits in the fourth quarter 2008 declined by $61.0 million compared to the same period in 2007.  More recently, noninterest bearing deposits at December 31, 2008 totaled $275 million, a decline of $10 million on a linked quarter basis.  These declines in deposits are primarily the result of a decline in the Company’s central Florida region, as explained below, and customers generally maintaining lower average balances due to the economic slowdown and an increased demand for interest bearing deposits, particularly certificates of deposit.  Average interest bearing deposits in the fourth quarter totaled $1.56 billion, unchanged when compared to the same quarter for 2007.  As a result of the low interest rate environment, customers have deposited more funds into certificates of deposit, while maintaining lower average balances in savings and other liquid deposit products that pay no interest or a lower interest rate.  Average balances for certificates of deposits increased by $121 million to $738 million for the fourth quarter of 2008 compared to the same period in 2007.  The average rate paid in the fourth quarter 2008 for certificates of deposits was 3.59 percent, 123 basis points lower than the rate paid for the same period in 2007.  


Total deposits plus sweep repurchase agreements totaled $1.97 billion at year-end 2008, and were lower by $107.5 million compared to the prior year.  The Company’s central Florida region’s deposits and sweep repurchase agreements declined by $195 million, attributable to the real estate related economic decline impacting its commercial customers’ business activities resulting in lower average deposit balances.


As reported throughout the year, the Company has been executing a retail core deposit strategy and has experienced strong growth in core deposit customer relationships when compared to the prior year’s results.  While total deposits declined for the reasons discussed above, deposit growth in the Company’s other markets was stronger and is producing better than expected deposit growth.  New personal checking relationships have increased as a result of the new retail deposit growth strategy, which has improved market share, increased average services per household and decreased customer attrition.  New personal checking household average deposit balances and average services per household have increased by 68 percent and 17 percent, respectively, compared to new personal checking households for the same period in 2007.  


During the quarter, many of the Company’s residential development loans continued to deteriorate as market conditions remained stressed, and as a result, a number of loans previously identified as problem credits were placed on nonaccrual status.  Nonperforming loans grew by approximately $11 million from the third quarter of 2008 to $87 million.  Approximately $29 million in larger residential construction and development loans were sold during the quarter, including approximately $18 million that were nonperforming at the end of the third quarter.  Our strengthened capital position, resulting from participation in the government funded TARP Capital Purchase Program, allowed the Company to pursue troubled debt restructures with several commercial and retail borrowers during the quarter.  


“We continue to pursue a comprehensive approach to reduce our exposure to residential construction and development loans,” said Dennis S. Hudson, III, Chairman and Chief Executive Officer. “Because we began these efforts early, well ahead of the industry as a whole, we achieved significant progress during 2008.  This was accomplished through aggressive loan sales, write-downs and, where possible, working with performing borrowers to discount and sell product.”  The residential construction and development portfolio which peaked at $340.0 million at the end of 2006 was reduced to $295.1 million at the end of 2007 and reduced significantly to $129.9 million at December 31, 2008.  Moreover, a focus on reducing large loan exposures in this portfolio during 2008 resulted in a reduction in loans of $4 million and larger from $163.7 million or 70 percent of total risk-based capital at March 31, 2008 to $50.4 million or 22 percent of total risk based capital at year-end.  “While painful, this comprehensive approach is designed to lower the Company’s credit risk profile as quickly as possible during this period of dramatic and continuing deterioration.  The number of large balance exposures was materially reduced during 2008, and as a result we expect loss severity and loss volatility coming out of this portfolio will improve in the coming year,” added Mr. Hudson.


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


Other highlights for the total year and fourth quarter 2008:

·

Tangible common equity to tangible assets totaled 5.37 percent, tangible total equity equaled 7.30 percent at year-end, and all regulatory capital ratios exceeded regulatory standards for “well capitalized” status;

·

Loan loss reserves remained a strong 1.75 percent compared to 1.15 percent at the end of the prior year;

·

Residential loans in the process of foreclosure declined $1.3 million from the third quarter 2008 to $4.2 million at the end of the year;

·

Internally criticized loans, which grew significantly over the past two years as a result of deteriorating market conditions, declined in the second half of 2008;

·

The retail core deposit strategy, which began in the second quarter 2008, produced a total of 7,387 new households for the year, an increase of 11.6 percent compared to the prior year.  During the fourth quarter, the impact was more significant as approximately 1,800 new households were added, an increase of 28.8 percent over fourth quarter 2007;

·

Net interest income totaled $77.5 million for the year, and the net interest margin was 3.58 percent, 34 basis points lower than the prior year;

·

Average cost of interest bearing liabilities for the fourth quarter totaled 2.52 percent, down 119 basis points from the fourth quarter of 2007; and

·

Noninterest expenses totaled $78.2 million for the year 2008, in line with expectations and $791,000 higher than year ended 2007.

Operating earnings (before the provision for loan losses and taxes) for the quarter totaled approximately $1.6 million, down from $4.3 million in the third quarter 2008 as a result of one-time expenses totaling approximately $900,000, increased credit-related costs of $200,000, weak fee-based revenues due to the soft economy, and lower net interest income caused by both negative loan growth, elevated nonaccrual loans and the Federal Reserve lowering rates 175 basis points in the fourth quarter.  It is expected that net interest income will benefit from the lower interest rate environment as deposit costs are lowered beginning in the first quarter 2009.  Operating earnings pre-provision are also expected to improve due to the expense reductions as discussed above.


Noninterest expenses totaled $20.4 million, up $598,000 from the prior year’s fourth quarter and $490,000 from the third quarter of 2008.  Legal and professional fees associated with loan collection efforts of approximately $900,000 and nonrecurring expenses of approximately $900,000 accounted for the increase over the prior year’s fourth quarter results, and nonrecurring expenses accounted for the increase linked quarter.  For the year, noninterest expenses totaled $78.2 million compared to $77.4 million a year ago.  The Company believes that the higher level of legal costs experienced this year, and particularly more recently, should begin to decline in 2009, as the majority of loans which have accounted for the elevated expense levels are now further along in the collection process.  In addition, loan sales completed over the past three quarters should result in lower collection costs going forward.


Noninterest income, excluding securities gains and losses and losses on repossessed and foreclosed assets, declined 6.4 percent when compared to the third quarter of 2008, reflecting decreased revenues primarily from wealth management fees, marine finance fees, mortgage banking fees and merchant income.  The tight credit markets were responsible for much lower marine finance activities and slower mortgage originations, although applications in December 2008 for residential loans increased significantly as mortgage rates were lower than in previous months.  Merchant income, wealth management, and other revenue tied to transaction volumes were all lower as a result of the economic recession.  The Company expects these revenue sources to be weaker until the economy begins to improve.


Seacoast will host a conference call on Wednesday, January 28, 2009 at 9:00 a.m. (Eastern Time) to discuss the earnings results and business trends.  Investors may call in (toll-free) by dialing (866) 712-7678 (access code: 5861577; leader: Dennis S. Hudson).  Charts will be used during the conference call and may be accessed at Seacoast’s website at www.seacoastbanking.net by selecting “Presentations” under the heading “Investor Services”.  A replay of the call will be available for one month, beginning the afternoon of January 28, by dialing (877) 213-9653 (domestic), using the passcode 5861577.


Seacoast Banking Corporation of Florida has approximately $2.3 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.






                                                                


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,” “contemplate,” “expect,” “estimate,” “continue,” “further”, “point to,” “project,” “could,” “intend” or other similar words and expressions of the future.  These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the effects of future economic and market conditions, including seasonality; governmental monetary and fiscal policies, as well as legislative, tax and regulatory changes; changes in accounting policies, rules and practices; the risks of changes in interest rates on the level and composition of deposits, loan demand, liquidity and the values of loan collateral, securities, and interest sensitive assets and liabilities; interest rate risks, sensitivities and the shape of the yield curve; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market areas and elsewhere, including institutions operating regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; and the failure of assumptions underlying the establishment of reserves for possible loan losses.  The risks of mergers and acquisitions, include, without limitation: unexpected transaction costs, including the costs of integrating operations; the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following the merger being lower than expected; the risk of deposit and customer attrition; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruption, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets.


All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2007 under “Special Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors”, and otherwise in our SEC reports and filings, including our quarterly report on Form 10Q/A for the nine months ended September 30, 2008.  Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at http://www.sec.gov.






FINANCIAL HIGHLIGHTS

                                (Unaudited)

SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES

 
  

Three Months Ended

 

Twelve Months Ended

(Dollars in thousands,

 

December 31,

 

December 31,

   except per share data)

 

        2008      

 

      2007      

 

     2008     

 

      2007      

       

Summary of Earnings

      

Net income (loss)

 

$  (17,996)       

$  1,903   

$ (40,997)     

 

$    9,765   

Net income (loss), available to common shareholders

 

    (18,079)       

1,903   

(41,080)     

 

9,765   

Net interest income  (1)

 

     17,535        

20,724   

77,517      

 

84,771   

       

Performance Ratios

      

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

 

       (3.17)%    

0.32%

(1.77)% 

 

0.42%

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

 

       (3.22)

0.36   

(1.78)     

 

0.61   

       

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

 

      (36.57)

3.48   

(20.01)     

 

4.46   

       

Net interest margin  (1), (2)

 

         3.32 

3.71   

3.58      

 

3.92   

       

Per Share Data

      

Net income (loss) diluted-GAAP basis

 

$     (0.95)

$   0.10   

$   (2.16)    

 

$      0.51   

Net income (loss) basic-GAAP basis

 

(0.95)

0.10   

(2.16)    

 

0.52   

   

   

  

     

Cash dividends declared

 

0.01 

0.16   

0.34     

 

0.64   


(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 FLODIDA AND SUBSIDIARIES

   

                   December 31,

 

Increase/

   

    2008     

 

       2007     

 

(Decrease)

Credit Analysis

        

Net charge-offs year-to-date

 

$

81,148

       

$       5,758

 

1,309.3 

%

Net charge-offs to average loans

  

4.45

%

0.31

%

1,335.5 

 

Loan loss provision year-to-date

 

$

88,634

 

$     12,745

 

595.4 

 

Allowance to loans at end of period

 

1.75

%

1.15

%

52.2 

 
         

Nonperforming loans

$

86,970

 

$     67,834

 

28.2 

 

Other real estate owned

 

5,035

 

735

 

585.0 

 

Total nonperforming assets

 

$

92,005

 

$     68,569

 

34.2 

 
         

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

  

5.47

%

3.61

%

51.5 

 
         

Nonperforming assets to total assets

 

3.97

 

2.83

 

40.3 

 
         

Selected Financial Data

        

Total assets

 

$

2,319,036

 

$2,419,874

 

(4.2)

 

Securities – trading (at fair value)

  

0

 

13,913

 

(100.0)

 

Securities – available for sale (at fair value)

  

318,030

 

254,916

 

24.8 

 

Securities – held for investment (at amortized cost)

  

27,871

 

31,900

 

(12.6)

 

Net loans

  

1,647,340

 

1,876,487

 

(12.2)

 

Deposits

  

1,810,441

 

1,987,333

 

(8.9)

 

Total shareholders’ equity  

  

220,518

 

214,381

 

2.9 

 

Common shareholders’ equity

  

176,731

 

214,381

 

(17.6)

 

Book value per share common

  

9.22

 

11.22

 

(17.8)

 

Tangible book value per share

  

8.63

 

8.26

 

4.5 

 

Tangible common book value per share

  

6.34

 

8.26

 

(23.2)

 

Average shareholders' equity to average assets

  

8.87

%

9.41

%

(5.7)

 

Tangible common equity to tangible assets

  

5.37

 

6.68

 

(19.6)

 
         

Average Balances (Year-to-Date)

        

Total assets

 

$

2,311,052

 

$2,324,209

 

(0.6)

 

Less: intangible assets

  

55,817

 

57,004

 

(2.1)

 

Total average tangible assets

 

$

2,255,235

 

$2,267,205

 

(0.5)

 
         

Total equity

 

$

204,933

 

$   218,728

 

(6.3)

 

Less: intangible assets

  

55,817

 

57,004

 

(2.1)

 

Total average tangible equity

 

$

149,116

 

$   161,724

 

(7.8)

 
         
         





CONDENSED CONSOLIDATED STATEMENTS OF INCOME  (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


 

Three Months Ended

Twelve Months Ended

 

      December 31,

 

December 31,

(Dollars in thousands, except per share data)

2008

 

2007

 

2008

2007

        

Interest on securities:

       

 Taxable

 

$     3,663 

 

$       3,438

 

$   14,198 

$      14,812

 Nontaxable

 

78 

 

90

 

348 

364

Interest and fees on loans

24,788 

 

33,503

 

111,313 

133,299

Interest on federal funds sold and other investments

151 

 

420

 

1,225 

1,631

    Total Interest Income

28,680 

 

37,451

 

127,084 

150,106

 

       

Interest on deposits

 

3,179 

 

6,540

 

17,295 

24,300

Interest on time certificates

6,654 

 

7,495

 

26,117 

29,580

Interest on borrowed money

1,380 

 

2,778

 

6,441 

11,757

    Total Interest Expense

11,213 

 

16,813

 

49,853 

65,637

        

    Net Interest Income

17,467 

 

20,638

 

77,231 

84,469

Provision for loan losses

30,656 

 

3,813

 

88,634 

12,745

    Net Interest Income (Loss) After Provision for Loan Losses


(13,189)

 

16,825

 

(11,403)

71,724

        

Noninterest income:

       

Service charges on deposit accounts

1,833 

 

2,070

 

7,389 

7,714

Trust income

 

574 

 

627

 

2,344 

2,575

Mortgage banking fees

184 

 

278

 

1,118 

1,409

Brokerage commissions and fees

447 

 

572

 

2,097 

2,935

Marine finance fees

318 

 

596

 

2,304 

2,865

Debit card income

574 

 

563

 

2,453 

2,306

Other deposit based EFT fees

83 

 

103

 

359 

451

Merchant income

487

 

676

 

2,399 

2,841

Other income (1)

 

(13)

 

474

 

1,102 

1,814

  

4,487 

 

5,959

 

21,565 

24,910

Securities restructuring losses

0 

 

0

 

0 

(5,118)

Securities gains, net

0 

 

24

 

355 

70

     Total Noninterest Income

4,487 

 

5,983

 

21,920 

19,862

        

Noninterest expenses:

       

Salaries and wages

 

7,083 

 

7,747

 

30,159 

31,575

Employee benefits

 

1,664 

 

1,918

 

7,173 

7,337

Outsourced data processing costs

 

1,812 

 

1,884

 

7,612 

7,581

Telephone / data lines

 

498 

 

468

 

1,896 

1,905

Occupancy expense

 

2,256 

 

1,956

 

8,292 

7,677

Furniture and equipment expense

706 

 

754

 

2,841 

2,863

Marketing expense

 

600 

 

707

 

2,614 

3,075

Legal and professional fees

2,117 

 

1,068

 

5,662 

4,070

FDIC assessments

 

1,034 

 

56

 

2,028 

225

Amortization of intangibles

 

315 

 

315

 

1,259 

1,259

Other expense

 

2,305 

 

2,919

 

8,678 

9,856

        Total Noninterest Expenses

20,390 

 

19,792

 

78,214 

77,423

        

        Income (Loss) Before Income Taxes

(29,092)

 

3,016

 

(67,697)

14,163

Provision (benefit) for income taxes

(11,096)

 

1,113

 

(26,700)

4,398

        

        Net Income (Loss)

 

(17,996)

 

1,903

 

(40,997)

9,765

US Treasury Preferred Dividends

 

83 

 

0

 

83 

0

        Net Income (Loss) Available to Common

       

Shareholders

 

$  (18,079)

 

$    1,903

 

$ (41,080)

$     9,765

        

Per share common stock:

       

Net income (loss) diluted

 

$      (0.95)

 

$         0.10

 

$     (2.16)

$       0.51

Net income (loss) basic

 

(0.95)

 

0.10

 

(2.16)

0.52

Cash dividends declared

 

0.01

 

0.16

 

0.34

0.64

        

Average diluted shares outstanding

19,044,853

 

19,088,824

 

18,997,757

19,157,597

Average basic shares outstanding

19,044,853

 

18,906,221

 

18,997,757

18,936,541

        


(1)  Includes write down on repossessed assets..





CONDENSED CONSOLIDATED BALANCE SHEETS  (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


        
    

December 31,

 

December 31,

 

(Dollars in thousands, except share amounts)

   

2008

 

2007

 
        

Assets

       

Cash and due from banks

   

$       46,002  

 

$       50,490 

 

Federal funds sold and other investments

   

105,190  

 

47,985 

 

           Total Cash and Cash Equivalents

   

151,192  

 

98,475 

 

   Securities:

       

Trading (at fair value)

   

0  

 

13,913 

 

Available for sale (at fair value)

   

318,030  

 

254,916 

 

Held for investment (at amortized cost)

   

27,871  

 

31,900 

 

           Total Securities

   

345,901  

 

300,729 

 
        

Loans available for sale

   

2,165  

 

3,660 

 
        

Loans, net of unearned income

   

1,676,728  

 

1,898,389 

 

Less: Allowance for loan losses

   

(29,388)

 

(21,902)

 

           Net Loans

   

1,647,340 

 

1,876,487 

 
        

Bank premises and equipment, net

   

44,122 

 

40,926 

 

Other real estate owned

   

5,035 

 

735 

 

Goodwill and other intangible assets

   

55,193 

 

56,452 

 

Other assets

   

68,088 

 

42,410 

 
    

$  2,319,036 

 

$   2,419,874 

 

Liabilities and Shareholders’ Equity

       

Liabilities

       

Deposits

       

Demand deposits (noninterest bearing)

   

$     275,262 

 

$       327,646

 

Savings deposits

   

802,201 

 

1,056,025

 

Other time deposits

   

326,473 

 

332,838

 

Brokered time certificates

   

100,463 

 

0

 

Time certificates of $100,000 or more

   

306,042 

 

270,824

 

            Total Deposits

   

1,810,441 

 

1,987,333

 
        

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

  

157,496 

 

88,100

Borrowed funds

   

65,302 

 

65,030

 

Subordinated debt

   

53,610 

 

53,610

 

Other liabilities

   

11,669 

 

11,420

 
    

2,098,518 

 

2,205,493

 
        

Shareholders' Equity

       

Preferred stock

   

43,787 

 

0

 

Common stock

   

1,928 

 

1,920

 

Additional paid in capital

   

99,788 

 

90,924

 

Retained earnings

   

74,795 

 

122,396

 

Treasury stock

   

(1,839)

 

(1,193)

 
    

218,459 

 

214,047

 

Accumulated other comprehensive gain, net

   

2,059 

 

334

 

             Total Shareholders’ Equity

   

220,518 

 

214,381

 
    

$    2,319,036 

 

$     2,419,874

 
        

Common Shares Outstanding

   

19,171,779 

 

19,110,089

 
        


Note:  The balance sheet at December 31, 2007 has been derived from the audited financial statements at that date.




CONSOLIDATED QUARTERLY FINANCIAL DATA   (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

QUARTERS

 

                         2008

Last 12

(Dollars in thousands, except per share data)

Fourth

        Third

         Second

 

            First

 

Months

Net income (loss)

$  (17,996)

 

$   (3,448)

 

$  (21,316)

 

$      1,763

 

$(40,997)

 
           

Operating Ratios

          

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

(3.17)

%

(0.60)

%

(3.65)

%

0.30

%

(1.77)

%

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

(3.22)

 

(0.58)

 

(3.70)

 

0.34

 

(1.78)

 
           

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

(36.57)

 

(7.13)

 

(39.79)

 

3.28

 

(20.01)

 
           

   Net interest margin (1),(2)

3.32 

 

3.57  

 

3.69 

 

3.74

 

3.58 

 

   Average equity to average assets

8.68 

 

8.43  

 

9.17 

 

9.17

 

8.87 

 
           

Credit Analysis

          

   Net charge-offs

$  33,916 

 

$     9,290  

 

$    33,541 

 

4,401

 

$  81,148 

 

   Net charge-offs  to average loans

7.76 

%

2.06  

%

7.28 

%

0.93

%

4.45 

%


   Loan loss provision

$  30,656 

 

$   10,241  

 

$    42,237 

 

$      5,500

     

$  88,634 

 

   Allowance to loans at end of period

1.75 

%

1.87  

%

1.75 

%

1.22

%

  
           

   Nonperforming loans

$  86,970 

 

$   75,793  

 

$    76,224 

 

$    64,730

   

   Other real estate owned

5,035 

 

4,551  

 

4,547 

 

940

   

   Nonperforming assets

$  92,005 

 

$   80,344  

 

$    80,771 

 

$    65,670

   

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

5.47 

%

4.60  

 %

4.45 

%

3.50

%

  

   Nonperforming assets to total assets

3.97 

 

3.61  

 

3.52 

 

2.74

   

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

5.30 

 

4.42  

 

4.23 

 

3.46

   
           

Per Share Common Stock

          

   Net income (loss) diluted-GAAP       basis

$  (0.95)

 

$     (0.18)

 

$     (1.12)

 

$        0.09

 

$    (2.16)

 

   Net income (loss) basic-GAAP basis

(0.95)

 

(0.18)

 

(1.12)

 

0.09

 

(2.16)

 
   

 

       

   Cash dividends declared

0.01 

 

0.01  

 

0.16 

 

0.16

 

0.34 

 

   Book value per share common

9.22 

 

9.59  

 

9.90 

 

11.25

   
           

Average Balances

          

Total assets

$ 2,255,036 

 

$  2,282,821 

 

$2,349,749 

 

$2,357,528

   

Less:  intangible assets

55,346

 

55,662 

 

55,976 

 

56,291

   

Total average tangible assets

$ 2,199,690 

 

$  2,227,159 

 

$2,293,773 

 

$2,301,237

   
           

Total equity

$    195,770 

 

$     192,469 

 

$   215,448 

 

$  216,283

   

Less:  intangible assets

55,346 

 

55,662 

 

55,976 

 

56,291

   

Total average tangible equity

 

$    140,424 

 

$      136,807

$

159,472 

 

$  159,992

   
            


(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

  

December 31,

2008

December 31,

2007

        

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

    

     $             0

 

$    13,913

    Securities Trading

    

0

 

13,913

        

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

    

22,380

 

30,405

Mortgage-backed

    

290,424

 

218,937

Obligations of states and political subdivisions

    

2,069

 

2,057

Other securities

    

3,157

 

3,517

    Securities Available for Sale

    

318,030

 

254,916

        

Mortgage-backed

    

22,247

 

25,755

Obligations of states and political subdivisions

    

5,624

 

6,145

    Securities Held for Investment

    

27,871

 

31,900

        Total Securities

    

    $   345,901

 

$ 300,729

        
 
 

LOANS

   

December 31,

2008

 

December 31, 2007

        

Construction and land development

    

$    395,243

 

$  609,567

Real estate mortgage

    

1,125,465

 

1,074,814

Installment loans to individuals

    

72,908

 

86,362

Commercial and financial

    

82,765

 

126,695

Other loans

    

347

 

951

        Total Loans

    

$ 1,676,728

 

$1,898,389

        






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

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


  

2008

 

2007

  

Fourth Quarter

Third Quarter

 

Fourth Quarter

  

Average

Yield/

 

Average

Yield/

 

Average

Yield/

(Dollars in thousands)

 

Balance

Rate

 

Balance

Rate

 

Balance

Rate

Assets

          

Earning assets:

          

    Securities:

          

Taxable

$

299,410

4.89

%

$

276,777

4.94

%

$

263,562

5.22

%

Nontaxable

 

7,886

5.93

 

8,151

6.53

 

8,168

6.46

 

       Total Securities

 

307,296

4.92

 

284,928

4.99

 

271,730

5.26

 
           

    Federal funds sold and other

          

         investments

 

55,101

1.09

 

53,220

2.41

 

33,351

5.00

 
           

    Loans, net

 

1,737,896

5.68

 

1,798,357

6.01

 

1,913,991

6.95

 

          

          

        Total Earning Assets

 

2,100,293

5.45

 

2,136,505

5.78

 

2,219,072

6.71

 
           

Allowance for loan losses

 

(31,489)

  

(37,705)

  

(22,607)

  

Cash and due from banks

 

36,743

  

35,788

  

46,752

  

Premises and equipment

 

44,121

  

43,378

  

40,233

  

Other assets

 

105,368

  

104,855

  

77,636

  
           
 

$

2,255,036

 

$

2,282,821

 

$

2,361,086

  
           

Liabilities and Shareholders' Equity

          

Interest-bearing liabilities:

          

     NOW

$

56,161

1.23

%

$

72,691

1.65

%

$

77,999

2.80

%

     Savings deposits

 

99,155

0.64

 

103,550

0.73

 

105,789

0.71

 

     Money market accounts

 

670,094

1.69

 

716,166

1.97

 

764,200

3.01

 

     Time deposits

 

737,906

3.59

 

691,486

3.64

 

616,621

4.82

 

     Federal funds purchased and other short term borrowings

 

88,253

0.83

 

82,730

1.55

 

132,606

3.82

 

     Other borrowings

 

118,697

4.01

 

118,705

3.92

 

102,987

5.78

 
           

       Total Interest-Bearing Liabilities

 

1,770,266

2.52

 

1,785,328

2.64

 

1,800,202

3.71

 
           

Demand deposits (noninterest-bearing)

 

276,759

  

293,951

  

336,432

  

Other liabilities

 

12,241

  

11,073

  

7,280

  

       Total Liabilities

 

2,059,266

  

2,090,352

  

2,143,914

  
           

Shareholders' equity

 

195,770

  

192,469

  

217,172

  
           
 

$

2,255,036

 

$

2,282,821

 

$

2,361,086

  
           

Interest expense as a % of earning assets  

  

2.12

%

 

2.21

%

 

3.01

%

Net interest income as a % of earning assets  

  

3.32

  

3.57

  

3.71

 
           

(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

        
   

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

 

Construction and Land Development

       

Residential:

       

     Condominiums

>$4 million

 

 $   30.6

 $  26.3

 $     19.6

 $     8.6

 
 

<$4 million

 

       26.6

       21.1

       13.0

       8.8

 
        

     Town homes

>$4 million

 

           19.4

            17.1

          17.1

          -

 
 

<$4 million

 

             4.4

              2.9

            4.6

            6.1

 
        

     Single Family Residences

>$4 million

 

           20.8

            21.2

          13.5

          11.9

 
 

<$4 million

 

           35.9

            28.3

          23.7

          14.9

 
        

     Single Family Land & Lots

>$4 million

 

           85.1

            64.3

          40.3

          22.1

 
 

<$4 million

 

           27.0

            30.8

          29.9

          30.7

 
        

     Multifamily

>$4 million

 

             7.8

              7.8

            7.8

            7.8

 
 

<$4 million

 

           24.8

            26.2

          22.9

          19.0

 
        

TOTAL

>$4 million

 

       163.7

        136.7

          98.3

          50.4

 

TOTAL

<$4 million

 

       118.7

        109.3

          94.1

          79.5

 
        

GRAND TOTAL

  

 $282.4

 $246.0

 $192.4

 $129.9

 
        














QUARTERLY TRENDS – LOANS AT END OF PERIOD

(Dollars in Millions)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


   

4th Qtr. 2008 – Total

4th Qtr. 2008 - Nonperforming

         
   

$

 

Number

 

$

Number

Construction and Land Development

        

Residential:

        

     Condominiums

>$4 million

 

 $     8.6

 

1

 

$          -

-

 

<$4 million

 

       8.8

 

7

 

2.8

1

         

     Town homes

>$4 million

 

          -

 

-

 

-

-

 

<$4 million

 

            6.1

 

12

 

5.1

2

         

     Single Family Residences

>$4 million

 

          11.9

 

2

 

-

-

 

<$4 million

 

          14.9

 

20

 

5.7

9

         

     Single Family Land & Lots

>$4 million

 

          22.1

 

3

 

22.1

3

 

<$4 million

 

          30.7

 

53

 

11.6

15

         

     Multifamily

>$4 million

 

            7.8

 

1

 

7.8

1

 

<$4 million

 

          19.0

 

14

 

5.1

4

         

TOTAL

>$4 million

 

          50.4

 

7

 

29.9

4

TOTAL

<$4 million

 

          79.5

 

106

 

30.3

31

         

GRAND TOTAL

  

$129.9

 

113

 

$60.2

35

         

























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

4th Qtr

Construction and land development

     

   Residential

     

      Condominiums

 

$ 57.2

$ 47.4

$ 32.6

$ 17.4

      Townhomes

 

       23.8

       20.0

        21.7

        6.1

      Single family residences

 

       56.7

49.5

        37.2

        26.8

      Single family land and lots

 

     112.1

    95.1

        70.2

        52.8

      Multifamily

 

       32.6

       34.0

        30.7

        26.8

  

     282.4

   246.0

      192.4

      129.9

      

   Commercial

     

      Office buildings

 

       29.1

       31.1

        27.8

        17.3

      Retail trade

 

       60.4

       63.6

        68.5

        68.7

      Land

 

       92.5

     75.4

        73.9

        73.3

      Industrial

 

       16.9

    20.8

        20.7

        13.3

      Healthcare

 

         1.0

         1.0

            -   

            -   

      Churches and educational facilities  

 

- 

   0.1

- 

- 

      Lodging

 

- 

- 

- 

-

      Convenience stores

 

         1.8

- 

- 

- 

      Marina

 

       26.8

      28.9

        30.5

        30.7

      Other

 

       11.3

         6.3

          5.4

          6.0

  

     239.8

  227.2

      226.8

      209.3

      

   Individuals

     

      Lot loans

 

       39.4

       40.0

        38.4

        35.7

      Construction

 

       32.4

       27.1

        27.4

        20.3

  

       71.8

        67.1

        65.8

        56.0

Total construction and land development

 

     594.0

       540.3

      485.0

      395.2

      

Real estate mortgages

     

   Residential real estate

     

      Adjustable

 

     317.6

318.8

      316.5

      329.0

      Fixed rate

 

89.1

       90.2

        93.4

        95.5

      Home equity mortgages

 

       91.7

   93.1

        84.3

        84.8

      Home equity lines

 

       56.3

   59.4

        59.7

        58.5

  

     554.7

 561.5

      553.9

      567.8

      

   Commercial real estate

     

      Office buildings

 

     144.3

 142.3

      143.6

      146.4

      Retail trade

 

       83.8

       93.5

      101.6

      111.9

      Land

 

           -   

             -   

          0.6

          -

      Industrial

 

     104.3

       93.3

        92.2

        94.7

      Healthcare

 

  39.9

   33.6

        31.6

        29.2

      Churches and educational facilities

 

       40.2

36.5

        35.6

        35.2

      Recreation

 

         2.8

     1.8

          1.8

          1.7

      Multifamily

 

       20.0

 19.1

        19.2

        27.2

      Mobile home parks

 

         3.2

     3.1

          3.1

          3.0

      Lodging

 

       27.9

       28.0

        26.7

        26.6

      Restaurant

 

         8.0

9.0

          8.6

          6.2

      Agricultural

 

       12.4

         9.0

          8.7

          8.5

      Convenience stores

 

       23.1

       24.9

        23.6

        23.5

      Other

 

       40.1

   41.6

        42.5

        43.6

  

     550.0

535.7

      539.4

      557.7

   Total real estate mortgages

 

  1,104.7

1,097.2

   1,093.3

   1,125.5

      

Commercial & financial

 

       93.9

   94.8

        88.5

        82.8

      

Installment loans to individuals

     

      Automobile and trucks

 

       24.1

    23.0

        21.9

        20.8

      Marine loans

 

       33.3

       25.2

        26.0

        26.0

      Other

 

       27.5

    27.9

        27.4

        26.1

  

       84.9

 76.1

        75.3

        72.9

      

Other

 

         0.5

     0.4

          0.5

          0.3

  

$1,878.0

$1,808.8

 $1,742.6

 $1,676.7

      





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

4th Qtr

Construction and land development

     

   Residential

      

      Condominiums

 

$  (3.0)

$       (9.8)

 $  (14.8)

 $  (15.2)

      Townhomes

  

(1.2)

(3.8)

1.7 

(15.6)

      Single family residences

 

(2.3)

(7.2)

     (12.3)

     (10.4)

      Single family land and lots

 

(4.3)

(17.0)

     (24.9)

     (17.4)

      Multifamily

  

 (1.9)

1.4 

(3.3)

(3.9)

    

(12.7)

(36.4)

     (53.6)

(62.5)

   Commercial

      

      Office buildings

 

(1.8)

2.0 

           (3.3)

       (10.5)

      Retail trade

  

 (8.6)

3.2 

           4.9 

0.2 

      Land

  

 9.9 

(17.1)

(1.5)

(0.6)

      Industrial

  

3.9 

3.9 

(0.1)

(7.4)

      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 

0.2 

      Other

  

1.4 

(5.0)

(0.9)

0.6 

    

(2.6)

(12.6)

       (0.4)

(17.5)

   Individuals

      

      Lot loans

  

- 

0.6 

(1.6)

(2.7)

      Construction

 

(0.3)

(5.3)

          0.3 

        (7.1)

    

(0.3)

(4.7)

       (1.3)

(9.8)

   Total construction and land development

 

(15.6)

(53.7)

        (55.3)

     (89.8)

        

Real estate mortgages

     

   Residential real estate

     

      Adjustable

  

(1.9)

1.2 

(2.3)

12.5 

      Fixed rate

  

1.6 

1.1 

3.2 

2.1 

      Home equity mortgages

 

0.3 

1.4 

 (8.8)

       0.5 

      Home equity lines

 

(2.8)

3.1 

0.3 

        (1.2)

    

(2.8)

6.8 

       (7.6)

13.9 

   Commercial real estate

     

      Office buildings

 

12.6 

(2.0)

1.3 

        2.8 

      Retail trade

  

7.6 

9.7 

8.1 

10.3 

      Land

  

(5.3)

- 

0.6 

(0.6)

      Industrial

  

(1.2)

(11.0)

(1.1)

2.5 

      Healthcare

  

7.5 

(6.3)

(2.0)

(2.4)

      Churches and educational facilities

 

-    

(3.7)

          (0.9)

       (0.4)

      Recreation

  

(0.2)

(1.0)

- 

(0.1)

      Multifamily

  

6.2 

(0.9)

0.1 

8.0 

      Mobile home parks

 

(0.7)

(0.1)

          - 

          (0.1)

      Lodging

  

5.2 

0.1 

(1.3)

(0.1)

      Restaurant

  

(0.2)

1.0 

(0.4)

(2.4)

      Agricultural

  

(0.5)

(3.4)

(0.3)

(0.2)

      Convenience stores

 

(0.1)

1.8 

           (1.3)

       (0.1)

      Other

  

1.8 

1.5 

0.9 

1.1 

    

32.7 

(14.3)

        3.7 

18.3 

   Total real estate mortgages

 

29.9 

(7.5)

          (3.9)

       32.2 

        

Commercial & financial

 

(32.8)

0.9 

           (6.3)

       (5.7)

        

Installment loans to individuals

     

      Automobile and trucks

 

(0.9)

(1.1)

          (1.1)

       (1.1)

      Marine loans

 

 0.1 

(8.1)

          0.8 

        - 

      Other

  

(0.7)

0.4 

(0.5)

(1.3)

    

(1.5)

(8.8)

       (0.8)

(2.4)

        

Other

   

(0.4)

(0.1)

        0.1 

(0.2)

    

$  (20.4)

$  (69.2)

 $  (66.2)

 $  (65.9)