EX-99.1 2 v358674_ex99-1.htm EXHIBIT 99.1

 

EXHIBIT 99.1

To Form 8-K dated October 28, 2013

 

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 EARNINGS OF $45.9 MILLION FOR THIRD QUARTER 2013

 

·Valuation allowance on deferred tax assets reversed
·Pretax income increased 62.1% to $4.7 million compared with $2.9 in the second quarter 2013
·All regulatory agreements terminated

 

STUART, FL., October 28, 2013 – Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF), today reported third quarter 2013 net income of $45,867,000 compared to $447,000 for the same quarter last year. Net income available to common shareholders for the third quarter 2013 totaled $44,930,000 or $0.47 per diluted common share, compared with a net loss of $490,000 or $0.01 per diluted common share for 2012. The results include an income tax benefit of $41,188,000 that includes the reversal of the valuation allowance on the net deferred tax assets for the quarter ended September 30, 2013.

 

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Third quarter’s net income before taxes increased to $4.7 million compared to $447,000 for the third quarter 2012 and were significantly improved compared to the second quarter’s $2.9 million. The improvements in net income before taxes, year over year, are driven by our investments in loan production personnel, digital technologies, and the effects of asset quality improvements and expense management.

 

The quarter was highlighted by two important events: the termination of all regulatory agreements by the Office of the Comptroller of the Currency as a result of the continued reduction in credit issues and improved operating results from 2010 forward and the reversal of the valuation allowance for deferred tax assets.

 

Revenue and growth initiatives continue to produce results

·Noninterest income (excluding securities gains) year to date (YTD) up 15.9 percent
·Ending net loan balances up 5.2 percent compared to a year ago
·Noninterest income to total revenue YTD increased to 27.3 percent compared to 24.6 percent a year ago

 

Expense reductions remain on target

·Total expenses YTD down $6.3 million or 10.0 percent
·Core expenses down $2.3 million or 4.0 percent YTD compared to year ago
·Targeting at least $7.4 million in reduced expenses for 2013

 

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Investments in loan production personnel producing results

·Higher loan production YTD of $430.3 million, up 29.9 percent compared to 2012
·Much stronger commercial production of $138.3 million YTD, a $78.5 million increase over 2012
·Residential loan production increased $21.1 million YTD and totaled $198.3 million

 

“The key to revenue growth in this low interest rate environment continues to be growing new households and business customers, increasing services per household, and growing our retail and commercial loan portfolios. Year to date loan growth and noninterest income have improved indicating we are expanding both the number of new customers while increasing our share of wallet of all customers. Total revenue continued to increase this quarter and we are on track to achieve our expense reduction goals for the year,” said Dennis S. Hudson, III Chairman and CEO. 

 

Growth Initiatives Build Core Earnings

 

·Total revenues, excluding securities gains for the quarter ended September 30, 2013 were $22.9 million, compared to $22.4 million for the second quarter 2013 and up $1.3 million compared to third quarter 2012. YTD revenues were $67.3 million compared to $64.4 million a year ago;

 

·Period-end noninterest bearing deposits totaled $452.9 million at September 30, 2013, up $43.8 million or 10.7 percent from the same quarter last year;

 

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·Third quarter average loans, net increased $8.6 million linked quarter or 2.7 percent annualized and were up $55.0 million year over year or a growth rate of 4.5 percent;

 

·Average total deposits increased $33.8 million or 2.0 percent year over year; and

 

·Several factors contributed to the sequential improvement in the net interest margin by 13 basis points to 3.25%. While loan growth, increased yields on the investment portfolio and a stable cost of funds aided the margin, the recovery of interest income related to nonaccrual loans ($505,000) provided 10 basis points improvement for the third quarter.

 

Over the last several years, our focused tactical initiatives have produced strong organic core customer deposit account growth and increased core customer funding. Core customer funding totaled $1.6 billion at September 30, 2013, up $91.5 million from last year’s third quarter and up 21.3 percent since the third quarter 2011. In addition, deposit mix continued to improve with noninterest bearing deposits increasing to almost 27 percent of total deposits at quarter end 2013.

 

   Third
Quarter		   Third
Quarter		   Third
Quarter		   2013 vs
2012		   2012 vs
2011		 
(Dollars in thousands)  2013   2012   2011   Change   Change 
Customer Relationship Funding                         
Demand deposits (noninterest bearing)  $452,949   $409,145   $324,256    10.7%   26.2%
NOW   440,869    420,477    391,318    4.8    7.5 
Money market accounts   334,678    348,275    327,654    (3.9)   6.3 
Savings deposits   187,181    158,208    128,543    18.3    23.1 
Time certificates of deposit   283,233    343,361    489,503    (17.5)   (29.9)
Total deposits   1,698,910    1,679,466    1,661,274    1.2    1.1 
Sweep repurchase agreements   134,338    122,393    106,562    9.8    14.9 
Total core customer funding (1)   1,550,015    1,458,498    1,278,333    6.3    14.1 
Demand deposit mix (noninterest bearing)   26.7%   24.4%   19.5%          

 

(1) Total deposits and sweep repurchase agreements, excluding certificates of deposits.

 

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Additional growth highlights for third quarter 2013:

 

·Interchange fees and service charges on deposit accounts grew by 21.4% and 7.5%, respectively, compared to last year’s third quarter;

 

·Fees from wealth management services totaled $1,050,000 for the third quarter, up $253,000 or 31.7 percent compared to a year ago; and

 

·Mortgage banking fees YTD increased $765,000 or 28.5 percent compared to a year ago but were lower compared to the sequential quarter by $181,000, as a result of higher interest rates during the quarter reducing the demand for mortgage loans.

 

The following details noninterest income for the third quarter ended September 30, 2013 compared to the last four quarters:

 

   Third   Second   First   Fourth   Third 
   Quarter   Quarter   Quarter   Quarter   Quarter  
(Dollars in thousands)  2013   2013   2013   2012   2012 
Noninterest Income:                         
Service charges on deposit accounts  $1,741   $1,641   $1,551   $1,677   $1,620 
Trust income   667    675    676    592    550 
Mortgage banking fees   1,075    1,256    1,114    1,030    1,155 
Brokerage commissions and fees   383    362    425    292    247 
Marine finance fees   283    419    272    258    279 
Interchange income   1,358    1,388    1,264    1,157    1,119 
Other deposit based EFT fees   77    87    98    83    70 
Other   503    507    531    520    639 
Total   6,087    6,335    5,931    5,609    5,679 
                          
Loss on sale of commercial loan held for sale   0    0    0    (1,238)   0 
Securities gains, net   280    114    25    582    48 
   $6,367   $6,449   $5,956   $4,953   $5,727 

 

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Credit Quality Improves to Pre-Crisis Levels

 

·The Company had net recoveries of previously charged off loans of $704,000 during the third quarter 2013 which offset the need for a provision for loan losses.

 

·Net loss on other real estate owned and repossessed assets declined by $322,000 or 59.2 percent during the third quarter year over year, as other real estate owned was reduced by 44.5 percent during the quarter.

 

·Restructured loans reduced to $25.5 million down $18.7 million compared to a year ago; and

 

·Nonperforming loans totaled 2.27 percent of loans, compared with 2.63 percent last quarter and 4.40 percent one year ago;

 

·Nonperforming assets to total assets of 1.60 percent is lower compared to 2.56 percent a year ago;

 

·Classified assets as a ratio of tier one capital plus the allowance is down to 22.7% and special mention assets ratio declined to 4.6% at quarter end.

 

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   Third   Second   First   Fourth   Third 
   Quarter   Quarter   Quarter   Quarter   Quarter 
(Dollars in thousands )  2013   2013   2013   2012   2012 
                     
Net charge-offs (recoveries)  $(704)  $2,027   $1,517   $2,151   $2,416 
Net charge-offs (recoveries) to average loans   (0.22)%   0.64%   0.49%   0.69%   0.79%
                          
Loan loss provision   0   $565   $953   $1,136   $900 
Allowance to loans at end of period   1.64%   1.59%   1.76%   1.80%   1.92%
                          
Restructured loans (accruing)  $25,509   $29,612   $41,170   $41,946   $44,179 
                          
Nonperforming loans  $28,724   $33,266   $35,208   $40,955   $44,450 
Other real estate owned   5,589    10,063    10,850    11,887    8,888 
Nonperforming assets  $34,313   $43,329   $46,058   $52,842   $53,338 
                          
Nonaccrual loans and accruing loans 90 days or more past due to loans outstanding at end of period   2.27%   2.63%   2.88%   3.34%   3.70%
                          
Nonperforming assets to total assets   1.60    1.98    2.09    2.43    2.56 

 

Noninterest Expenses

 

Previously announced plans to reduce both core operating expenses and total expenses were fully implemented at year end 2012 which meaningfully reduced our expense structure for 2013. Total noninterest expenses fell by $1.8 million or 9.0 percent for the quarter compared with the prior year. Contributing to the decline were lower expenses related to OREO and other asset disposition costs as overall asset quality continued to improve as well as reduced core operating expenses.

 

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Core operating expenses for the quarter were reduced by $745 thousand or 4.0 percent compared with the prior year and were down $1.9 million or 3.3 percent for the first nine months compared to 2012. Core operating expenses for the quarter included $553 thousand in salaries and employee benefits expense associated with investments in new lending and credit personnel related to our growth initiatives.

 

Noninterest expenses for the third quarter 2013 are presented below compared to the prior four quarters:

 

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   Third   Second   First   Fourth   Third 
   Quarter   Quarter   Quarter   Quarter   Quarter 
(Dollars in thousands)  2013   2013   2013   2012   2012 
Noninterest Expense:                    
                     
Salaries and wages  $7,533   $7,892   $7,437   $7,258   $7,442 
Employee benefits   1,713    1,823    2,223    1,860    1,924 
Outsourced data processing costs   1,657    1,631    1,498    1,904    1,923 
Telephone / data lines   318    325    285    293    299 
Occupancy expense   1,824    1,775    1,755    1,896    1,876 
Furniture and equipment expense   605    571    561    585    556 
Marketing expense   456    685    449    707    785 
Legal and professional fees   874    949    796    1,114    1,122 
FDIC assessments   713    720    717    697    695 
Amortization of intangibles   195    197    195    195    196 
Other   2,203    2,512    2,153    2,428    2,018 
Total Core Operating Expense   18,091    19,080    18,069    18,937    18,836 
                          
Severance and organizational changes   24    10    33    84    839 
Branch consolidation   0    0    0    407    232 
Recovery of prior legal fees   0    (650)   0    0    (500)
Net loss on OREO and repossessed assets   229    493    567    157    561 
Asset dispositions expense   159    111    290    200    364 
Total   18,503   $19,044   $18,959   $19,785   $20,332 

 

Over the past year, we redeployed overhead savings into additional loan production personnel and new digital products while simultaneously reducing overall operating expenses. We believe the investments are particularly important components of our growth over the last twelve months. Annual salaries and benefits added to our lending and credit support teams during each of the past two years and YTD for 2013 are presented in the table below:

 

Annual Salaries and Benefits Added to Lending and Credit Support Teams

 

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   Year to         
   Date   Year-end     
(Dollars in thousands)  2013   2012   2011   Total 
Loan production and support personnel:                    
                     
Commercial  $553   $2,065   $527      
Residential   65    396    248      
   $618   $2,461   $775   $3,854 

 

As shown in the table below, total loan originations and pipeline balances have been growing over the prior four quarters and totaled over $88 million for the third quarter 2013 as a result of the investments in revenue producing personnel in 2011 and 2012. Also included in the table below, are the salaries and benefits associated with new commercial loan officers and credit support personnel with tenures of six months or less for each quarter of 2013 and the last two quarters of 2012. These costs are included in core operating expenses, are significant and are considered investments that impact our efficiency in the short run.

 

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  Third   Second   First   Fourth   Third 
   Quarter   Quarter   Quarter   Quarter   Quarter 2012 
(Dollars in thousands)  2013   2013   2012   2012     
                     
Commercial pipeline  $54,600   $46,850   $63,842   $26,809   $45,769 
Commercial loans closed   32,988    68,388    36,973    49,190    24,628 
Total loan originations and pipeline  $87,588   $115,238   $100,815   $75,999   $70,397 
Salaries and benefits, lenders and support personnel < six months  $553   $585   $538   $345   $332 
Total revenues, excluding securities gains and loss on sale of commercial Loan  $22,902   $22,449   $21,931   $21,817   $21,631 

 

Our successful customer growth strategy has included investments in enhancing the customer experience by more conveniently providing customer access to their accounts through digital technologies. Nearly forty percent of our online customers have adopted our mobile product offerings and mobile users grew by over 92 percent annualized in third quarter 2013. The investments have included the addition of 24 new products to our digital product suite. We believe these investments in digital delivery and products have contributed to increasing core customer funding (10.4 percent CAGR since 2010) and fee revenues which increased 15.9 percent during the first nine months of 2013 compared to 2012. We are building a more integrated distribution system which will allow us to continue to reduce our fixed costs in the future as a result of the new investments designed to better serve our customers.

 

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The Company’s tier 1 capital ratio was 16.1 percent and the total risk based capital ratio was 17.3 percent at September 30, 2013. The tangible common equity ratio was 7.35 percent at September 30, 2013, reflecting the reversal of the deferred tax valuation allowance. Our improved earnings and lower credit risk permitted recovery of the allowance.

 

The Company will host a conference call on Monday, October 28, 2013 at 10:00 a.m. (Eastern Time) to discuss its earnings results and business trends.  Investors may call in (toll-free) by dialing (888) 517-2458 (access code: 7789246; 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 conference call will be available beginning the afternoon of October 28 by dialing (888) 843-7419 (domestic), using the passcode 7789246.

 

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 Services”.  Beginning the afternoon of October 28, 2013, 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. 

 

With over $2.1 billion in assets, 34 traditional branches and offering business banking loan and deposit products and services in 5 Accelerate offices fueled by the power of Seacoast National Bank, Seacoast is one of the largest community banks headquartered in Florida. Offices stretch from Broward County north through the Treasure Coast and into Orlando, and west to Okeechobee and surrounding counties.

 

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Cautionary Notice Regarding Forward-Looking Statements

 

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

 

Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance or achievements of Seacoast to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. You should not expect us to update any forward-looking statements.

 

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

 

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All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2012 under “Special Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors”, and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at http://www.sec.gov.

 

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FINANCIAL  HIGHLIGHTS (Unaudited)
SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES  

 

(Dollars in thousands, except share data)  Three Months Ended   Nine Months Ended 
   September 30,   June 30,   September 30,   September 30,   September 30, 
   2013   2013   2012   2013   2012 
Summary of Earnings                         
Net income (loss)  $45,867   $2,954   $447   $50,865   $(950)
Net income available to common shareholders (loss)   44,930    2,017    (490)   48,054    (3,761)
Net interest income  (1)   16,872    16,172    15,995    49,099    48,736 
Net interest margin  (1), (2)   3.25    3.12    3.17    3.17    3.22 
                          
Performance Ratios                         
Return on average assets-GAAP basis (2), (3), (5)   8.45%   0.54%   0.08%   3.14%   (0.06)%
Return on average shareholders' equity-GAAP basis (2), (3)   108.27    7.19    1.09    41.16    (0.76)
Return on average tangible common shareholders' equity-GAAP basis (2), (3), (4), (5)   155.25    7.53    0.11    59.68    (0.04)
Efficiency ratio (6)   78.05    81.05    88.64    80.16    89.21 
Noninterest income to total revenue   26.58    28.22    26.25    27.28    24.57 
                          
Per Share Data                         
Net income (loss) diluted-GAAP basis  $0.47   $0.02   $(0.01)  $0.51   $(0.04)
Net income (loss) basic-GAAP basis   0.48    0.02    (0.01)   0.51    (0.04)
Book value per share common   1.63    1.18    1.25    1.63    1.25 
Tangible book value per share   2.15    1.70    1.75    2.15    1.75 
Tangible common book value per share (4)   1.62    1.17    1.23    1.62    1.23 
Cash dividends declared   0.00    0.00    0.00    0.00    0.00 

 

 

 

(1)Calculated on a fully taxable equivalent basis using amortized cost.
(2)These ratios are stated on an annualized basis and are not necessarily indicative of future periods.
(3)The calculation of ROA and ROE do not include the mark-to-market unrealized gains (losses) because the unrealized gains (losses) are not included in net income (loss).
(4)The Company defines tangible common equity as total shareholders equity less preferred stock and intangible assets.
(5)Excluding the income tax benefit related to the reversal of the valuation allowance for deferred tax assets and reflecting tax provisioning of $1,805 for the third quarter 2013 and $3.752 for year-to-date 2013, adjusted return on average assets for these periods was 0.53 percent and 0.37 percent, respectively, and adjusted return on average shareholders' equity was 6.78 percent and 4.81 percent, respectively.
(6)Defined as (non-interest expense less foreclosed property expense and amortization of intangibles) divided by net operating revenue (net interest income on a fully taxable equivalent basis plus non-interest income excluding securities gains)

 

FINANCIAL  HIGHLIGHTS
SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES

 

   September 30,   June 30,   September 30, 
(Dollars in thousands, except share data)  2013   2013   2012 
             
Selected Financial Data               
Total assets  $2,150,503   $2,183,680   $2,081,693 
Securities available for sale (at fair value)   650,445    672,809    588,248 
Securities held for investment (at amortized cost)   0    0    15,556 
Net loans   1,243,676    1,245,815    1,179,359 
Deposits   1,698,910    1,738,609    1,679,466 
Total shareholders' equity   204,584    161,248    167,209 
Common shareholders' equity   154,901    111,878    118,775 
                
Average Balances (Year-to-Date)               
Total average assets  $2,167,077   $2,173,810   $2,118,784 
Less: intangible assets   1,202    1,299    1,988 
Total average tangible assets  $2,165,875   $2,172,511   $2,116,796 
                
Total average equity  $165,226   $163,776   $166,066 
Less: intangible assets   1,202    1,299    1,988 
Total average tangible equity  $164,024   $162,477   $164,078 
                
Credit Analysis               
Net charge-offs year-to-date  $2,840   $3,544   $12,106 
Net charge-offs to average loans (annualized)   0.30%   0.57%   1.32%
Loan loss provision year-to-date  $1,518   $1,518   $9,660 
Allowance to loans at end of period   1.64%   1.59%   1.92%
                
Nonperforming loans  $28,724   $33,266   $44,450 
Other real estate owned   5,589    10,063    8,888 
Total nonperforming assets  $34,313   $43,329   $53,338 
                
Restructured loans (accruing)  $25,509   $29,612   $44,179 
                
Nonperforming loans to loans at end of period   2.27%   2.63%   4.40%
                
Nonperforming assets to total assets   1.60%   1.98%   2.56%

 

 
 

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) 10/22/13
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES    

 

   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
(Dollars in thousands, except per share data)  2013   2012   2013   2012 
                 
Interest on securities:                    
Taxable  $3,212   $3,190   $9,404   $10,834 
Nontaxable   17    21    52    68 
Interest and fees on loans   14,756    14,371    43,047    43,852 
Interest on federal funds sold and other investments   192    243    644    727 
Total Interest Income   18,177    17,825    53,147    55,481 
                     
Interest on deposits   187    380    586    1,247 
Interest on time certificates   470    738    1,503    3,371 
Interest on borrowed money   705    755    2,129    2,262 
Total Interest Expense   1,362    1,873    4,218    6,880 
                     
Net Interest Income   16,815    15,952    48,929    48,601 
Provision for loan losses   0    900    1,518    9,660 
Net Interest Income After Provision for Loan Losses   16,815    15,052    47,411    38,941 
                     
Noninterest income:                    
Service charges on deposit accounts   1,741    1,620    4,933    4,568 
Trust income   667    550    2,018    1,687 
Mortgage banking fees   1,075    1,155    3,445    2,680 
Brokerage commissions and fees   383    247    1,170    779 
Marine finance fees   283    279    974    853 
Interchange income   1,358    1,119    4,010    3,344 
Other deposit based EFT fees   77    70    262    253 
Other   503    639    1,541    1,671 
    6,087    5,679    18,353    15,835 
Securities gains, net   280    48    419    7,037 
Total Noninterest Income   6,367    5,727    18,772    22,872 
                     
Noninterest expenses:                    
Salaries and wages   7,557    8,103    22,929    22,593 
Employee benefits   1,713    1,924    5,759    5,850 
Outsourced data processing costs   1,657    1,923    4,786    5,478 
Telephone / data lines   318    299    928    885 
Occupancy   1,824    2,080    5,354    5,905 
Furniture and equipment   605    570    1,737    1,672 
Marketing   456    785    1,590    2,388 
Legal and professional fees   874    714    1,969    4,127 
FDIC assessments   713    695    2,150    2,108 
Amortization of intangibles   195    196    587    593 
Asset dispositions expense   159    364    560    1,259 
Net loss on other real estate owned and repossessed assets   229    561    1,289    3,310 
Other   2,203    2,118    6,868    6,595 
Total Noninterest Expenses   18,503    20,332    56,506    62,763 
                     
Income Before Income Taxes   4,679    447    9,677    (950)
Income taxes (benefit)   (41,188)   0    (41,188)   0 
                     
Net Income   45,867    447    50,865    (950)
Preferred stock dividends and accretion on preferred stock discount   937    937    2,811    2,811 
Net Income Available to Common Shareholders  $44,930   $(490)  $48,054   $(3,761)
                     
Per share of common stock:                    
                     
Net income diluted  $0.47   $(0.01)  $0.51   $(0.04)
Net income basic   0.48    (0.01)   0.51    (0.04)
Cash dividends declared   0.00    0.00    0.00    0.00 
                     
Average diluted shares outstanding   95,490,153    94,481,997    94,936,042    94,443,215 
Average basic shares outstanding   94,029,583    93,777,662    93,983,629    93,688,003 

 

 
 

 

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) 10/22/13
SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES    

 

   September 30,   December 31,   September 30, 
(Dollars in thousands, except share data)  2013   2012   2012 
             
Assets               
Cash and due from banks  $36,977   $45,620   $30,935 
Interest bearing deposits with other banks   71,374    129,367    141,783 
Total  Cash and Cash Equivalents   108,351    174,987    172,718 
                
Securities:               
Available for sale (at fair value)   650,445    643,050    588,248 
Held for investment (at amortized cost)   0    13,818    15,556 
Total Securities   650,445    656,868    603,804 
                
Loans available for sale   14,322    36,021    28,042 
                
Loans, net of deferred costs   1,264,458    1,226,081    1,202,478 
Less: Allowance for loan losses   (20,782)   (22,104)   (23,119)
Net Loans   1,243,676    1,203,977    1,179,359 
                
Bank premises and equipment, net   34,651    34,465    34,884 
Other real estate owned   5,589    11,887    8,888 
Other intangible assets   914    1,501    1,697 
Other assets   92,555    54,223    52,301 
   $2,150,503   $2,173,929   $2,081,693 
                
Liabilities and Shareholders' Equity               
Liabilities               
Deposits               
Demand deposits (noninterest bearing)  $452,949   $422,833   $409,145 
NOW   440,869    509,371    420,477 
Savings deposits   187,181    164,956    158,208 
Money market accounts   334,678    343,915    348,275 
Other time certificates   160,695    182,495    192,297 
Brokered time certificates   11,323    8,203    8,429 
Time certificates of $100,000 or more   111,215    127,188    142,635 
Total Deposits   1,698,910    1,758,961    1,679,466 
                
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days   134,338    136,803    122,393 
Borrowed funds   50,000    50,000    50,000 
Subordinated debt   53,610    53,610    53,610 
Other liabilities   9,061    9,009    9,015 
    1,945,919    2,008,383    1,914,484 
                
Shareholders' Equity               
Preferred stock - Series A   49,683    48,746    48,434 
Common stock   9,492    9,484    9,481 
Additional paid in capital   222,987    222,851    222,744 
Accumulated deficit   (70,557)   (118,611)   (117,914)
Treasury stock   (11)   (62)   (101)
    211,594    162,408    162,644 
Accumulated other comprehensive gain (loss), net   (7,010)   3,138    4,565 
Total Shareholders' Equity   204,584    165,546    167,209 
   $2,150,503   $2,173,929   $2,081,693 
                
Common Shares Outstanding   94,911,529    94,837,170    94,810,684 

 

 

Note: The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date.

 

 
 

 

CONSOLIDATED QUARTERLY FINANCIAL  DATA (Unaudited) 10/22/13
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES    

 

   QUARTERS     
   2013   2012 
(Dollars in thousands, except per share data)  Third   Second   First   Fourth   Third 
Net income (loss)  $45,867   $2,954   $2,044   $240   $447 
                          
Operating Ratios                         
Return on average assets-GAAP basis (2),(3),(4)   8.45%   0.54%   0.38%   0.05%   0.08%
Return on average tangible assets (2),(3)   8.48    0.57    0.41    0.07    0.11 
Return on average shareholders' equity-GAAP basis (2),(3),(4)   108.27    7.19    5.09    0.58    1.09 
Efficiency ratio (5)   78.05    81.05    81.45    87.97    88.64 
Noninterest income to total revenue   26.58    28.22    27.04    25.71    26.25 
                          
Net interest margin (1),(2)   3.25    3.12    3.15    3.22    3.17 
Average equity to average assets   7.80    7.56    7.50    7.73    7.77 
                          
Credit Analysis                         
Net charge-offs (recoveries)  $(704)  $2,027   $1,517   $2,151   $2,416 
Net charge-offs to average loans (recoveries)   (0.22)%   0.64%   0.49%   0.69%   0.79%
Loan loss provision  $0   $565   $953   $1,136   $900 
Allowance to loans at end of period   1.64%   1.59%   1.76%   1.80%   1.92%
                          
Restructured loans (accruing)  $25,509    29,612    41,170    41,946    44,179 
                          
Nonperforming loans  $28,724    33,266    35,208    40,955    44,450 
Other real estate owned   5,589    10,063    10,850    11,887    8,888 
Nonperforming assets  $34,313   $43,329   $46,058   $52,842   $53,338 
                          
Nonperforming loans to loans at end of period   2.27%   2.63%   2.88%   3.34%   3.70%
Nonperforming assets to total assets   1.60    1.98    2.09    2.43    2.56 
                          
Per Share Common Stock                         
Net income (loss) diluted-GAAP basis  $0.47   $0.02   $0.01   $(0.01)  $(0.01)
Net income (loss) basic-GAAP basis   0.48    0.02    0.01    (0.01)   (0.01)
                          
Cash dividends declared   0.00    0.00    0.00    0.00    0.00 
Book value per share common   1.63    1.18    1.24    1.23    1.25 
                          
Average Balances                         
Total average assets  $2,153,830   $2,178,242   $2,169,329   $2,111,986   $2,096,694 
Less: Intangible assets   1,009    1,205    1,395    1,596    1,793 
Total average tangible assets  $2,152,821   $2,177,038   $2,167,934   $2,110,390   $2,094,901 
                          
Total average equity  $168,078   $164,747   $162,795   $163,341   $162,902 
Less: Intangible assets   1,009    1,205    1,395    1,596    1,793 
Total average tangible equity  $167,069   $163,541   $161,400   $161,745   $161,109 

 

(1)Calculated on a fully taxable equivalent basis using amortized cost.
(2)These ratios are stated on an annualized basis and are not necessarily indicative of future periods.
(3)The calculation of ROA and ROE do not include the mark-to-market unrealized gains (losses), because the unrealized gains (losses) are not included in net income (loss).
(4)Excluding the income tax benefit related to the reversal of the valuation allowance for deferred tax assets and reflecting tax provisioning of $1,805 for the third quarter 2013, adjusted return on average assets and adjusted return on average shareholders' equity was 0.53 percent and 6.78 percent, respectively.
(5)Defined as (non-interest expense less foreclosed property expense and amortization of intangibles) divided by net operating revenue (net interest income on a fully taxable equivalent basis plus non-interest income excluding securities gains)

 

   September 30,   December 31,   September 30, 
SECURITIES  2013   2012   2012 
             
U.S. Treasury and U.S. Government Agencies  $101   $1,707   $1,711 
Mortgage-backed   611,128    640,445    585,632 
Collateralized loan obligations   32,334    0    0 
Obligations of states and political subdivisions   6,882    898    905 
Other securities   0    0    0 
Securities Available for Sale   650,445    643,050    588,248 
                
Mortgage-backed   0    5,965    7,397 
Obligations of states and political subdivisions   0    6,353    6,659 
Other securities   0    1,500    1,500 
Securities Held for Investment (1)   0    13,818    15,556 
Total Securities  $650,445   $656,868   $603,804 

 

 

(1) Securities Held for Investment were transferred to Securities Available for Sale for more options to manage interest rate risk prospectively.

 

   September 30,   December 31,   September 30, 
LOANS  2013   2012   2012 
Construction and land development  $62,766   $60,736   $56,213 
Real estate mortgage   1,083,192    1,056,159    1,036,224 
Installment loans to individuals   47,231    46,930    51,564 
Commercial and financial   70,779    61,903    58,222 
Other loans   490    353    255 
Total Loans  $1,264,458   $1,226,081   $1,202,478 

 

 

 

 
 

 

AVERAGE BALANCES (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

 

   QUARTER   Percent Change vs. 
   2013   2012   2nd Qtr   3rd Qtr 
(Dollars in thousands)  Third   Second   First   Fourth   Third   2013   2012 
                             
Assets                                   
Earning assets:                                   
Securities:                                   
Taxable  $664,103   $639,769   $646,184   $604,412   $572,328    3.8%   16.0%
Nontaxable   1,560    1,647    1,666    1,670    1,972    (5.3)   (20.9)
Total Securities   665,663    641,416    647,850    606,082    574,300    3.8    15.9 
                                    
Federal funds sold and other investments   113,798    168,740    172,505    162,599    209,461    (32.6)   (45.7)
                                    
Loans,  net   1,278,391    1,269,789    1,247,666    1,241,711    1,223,313    0.7    4.5 
                                    
Total Earning Assets   2,057,852    2,079,945    2,068,021    2,010,392    2,007,074    (1.1)   2.5 
                                    
Allowance for loan losses   (20,206)   (21,515)   (22,018)   (23,820)   (24,807)   (6.1)   (18.5)
Cash and due from banks   35,810    34,279    34,706    39,321    29,227    4.5    22.5 
Premises and equipment   34,834    35,121    34,516    34,566    35,003    (0.8)   (0.5)
Other assets   45,540    50,413    54,104    51,527    50,197    (9.7)   (9.3)
                                    
   $2,153,830   $2,178,242   $2,169,329   $2,111,986   $2,096,694    (1.1)   2.7 
                                    
Liabilities and Shareholders' Equity                                   
Interest-bearing liabilities:                                   
NOW  $447,350   $461,005   $474,915   $449,476   $419,007    (3.0)%   6.8%
Savings deposits   185,918    180,915    170,502    161,156    157,577    2.8    18.0 
Money market accounts   336,229    339,058    341,833    346,089    350,213    (0.8)   (4.0)
Time deposits   289,408    302,110    311,945    330,556    358,504    (4.2)   (19.3)
Federal funds purchased and other short term borrowings   157,607    159,847    160,600    131,628    140,932    (1.4)   11.8 
Other borrowings   103,610    103,610    103,610    103,610    103,610    0.0    0.0 
                                    
Total Interest-Bearing Liabilities   1,520,122    1,546,545    1,563,405    1,522,515    1,529,843    (1.7)   (0.6)
                                    
Demand deposits (noninterest-bearing)   454,642    455,525    433,757    416,482    394,467    (0.2)   15.3 
Other liabilities   10,988    11,426    9,372    9,648    9,482    (3.8)   15.9 
Total Liabilities   1,985,750    2,013,496    2,006,534    1,948,645    1,933,792    (1.4)   2.7 
                                    
Shareholders' equity   168,078    164,747    162,795    163,341    162,902    2.0    3.2 
                                    
   $2,153,830   $2,178,242   $2,169,329   $2,111,986   $2,096,694    (1.1)   2.7 

 

 

 

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

 

   QUARTER 
   2013   2012 
(Dollars in thousands)  Third   Second   First   Fourth   Third 
                     
Assets                         
Earning assets:                         
Securities:                         
Taxable   1.93%   1.88%   1.97%   2.07%   2.23%
Nontaxable   6.67    6.55    6.37    4.31    6.49 
Total Securities   1.95    1.89    1.98    2.08    2.24 
                          
Federal funds sold and other investments   0.67    0.53    0.54    0.55    0.46 
                          
Loans,  net   4.59    4.52    4.57    4.64    4.68 
                          
Total Earning Assets   3.52    3.39    3.43    3.53    3.54 
                          
Liabilities and Shareholders' Equity                         
Interest-bearing liabilities:                         
NOW   0.08    0.09    0.10    0.11    0.15 
Savings deposits   0.05    0.05    0.06    0.09    0.11 
Money market accounts   0.08    0.08    0.08    0.13    0.21 
Time deposits   0.64    0.67    0.69    0.72    0.82 
Federal funds purchased and other short term borrowings   0.17    0.18    0.21    0.23    0.24 
Other borrowings   2.44    2.45    2.48    2.50    2.57 
                          
Total Interest-Bearing Liabilities   0.36    0.36    0.38    0.42    0.49 
                          
Interest expense as a % of earning assets   0.26    0.27    0.29    0.32    0.37 
Net interest income as a % of earning assets   3.25    3.12    3.15    3.22    3.17 

 

 

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

 

 
 

 

INTEREST INCOME / EXPENSE (1) (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

 

   QUARTER   Percent Change vs. 
   2013   2012   2nd Qtr   3rd Qtr 
(Dollars in thousands)  Third   Second   First   Fourth   Third   2013   2012 
                             
Assets                                   
Earning assets:                                   
Securities:                                   
Taxable  $3,212   $3,008   $3,184   $3,130   $3,190    6.8%   0.7%
Nontaxable   26    27    27    19    32    (3.7)   (18.8)
Total Securities   3,238    3,035    3,211    3,149    3,222    6.7    0.5 
                                    
Federal funds sold and other investments   192    224    228    226    243    14.3    (21.0)
                                    
Loans,  net   14,804    14,312    14,073    14,477    14,403    3.4    2.8 
                                    
Total Earning Assets   18,234    17,571    17,512    17,852    17,868    3.8    2.0 
                                    
Liabilities and Shareholders' Equity                                   
Interest-bearing liabilities:                                   
NOW   93    100    112    128    156    (7.0)   (40.4)
Savings deposits   25    24    26    36    42    4.2    (40.5)
Money market accounts   69    67    70    111    182    3.0    (62.1)
Time deposits   470    501    532    598    738    (6.2)   (36.3)
Federal funds purchased and other short term borrowings   68    73    83    75    86    (6.8)   (20.9)
Other borrowings   637    634    634    650    669    0.5    (4.8)
                                    
Total Interest-Bearing Liabilities   1,362    1,399    1,457    1,598    1,873    (2.6)   (27.3)
                                    
Net interest income   16,872    16,172    16,055    16,254    15,995    4.3    5.5 

 

 

(1) On a fully taxable equivalent basis. Fees on loans have been included in interest on loans

 

 
 

 

 

CONSOLIDATED QUARTERLY FINANCIAL  DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES  

 

   2013   2012 
(Dollars in thousands)  Third Quarter   Second Quarter   First Quarter   Fourth Quarter   Third Quarter 
                     
Customer Relationship Funding (Period End)                         
Demand deposits (noninterest bearing)                         
Commercial  $254,373   $260,325   $246,849   $232,413   $220,225 
Retail   155,281    163,551    167,516    153,428    156,329 
Public funds   27,002    29,487    26,166    21,799    16,103 
Other   16,293    15,154    12,613    15,193    16,488 
    452,949    468,517    453,144    422,833    409,145 
                          
NOW accounts                         
Commercial   35,029    35,714    39,303    32,701    33,083 
Retail   305,055    308,390    307,545    308,633    296,078 
Public funds   100,785    108,965    136,065    168,037    91,316 
    440,869    453,069    482,913    509,371    420,477 
                          
Total Transaction Accounts                         
Commercial   289,402    296,039    286,152    265,114    253,308 
Retail   460,336    471,941    475,061    462,061    452,407 
Public funds   127,787    138,452    162,231    189,836    107,419 
Other   16,293    15,154    12,613    15,193    16,488 
    893,818    921,586    936,057    932,204    829,622 
                          
Savings accounts   187,181    184,219    177,213    164,956    158,208 
                          
Money market accounts                         
Commercial   107,767    109,938    111,580    114,965    122,485 
Retail   217,176    216,370    220,555    220,601    216,775 
Public funds   9,735    9,639    9,081    8,349    9,015 
    334,678    335,947    341,216    343,915    348,275 
                          
Time certificates of deposit   283,233    296,857    307,678    317,886    343,361 
Total Deposits  $1,698,910   $1,738,609   $1,762,164   $1,758,961   $1,679,466 
                          
Sweep repurchase agreements  $134,338   $160,934   $161,678   $136,803   $122,393 
                          
Total core customer funding (1)  $1,550,015   $1,602,686   $1,616,164   $1,577,878   $1,458,498 

 

(1) Total deposits and sweep repurchase agreements, excluding certificates of deposits.

 

 
 

 

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

 

   2013   2012 
   3rd Qtr   2nd Qtr   1st Qtr   4th Qtr   3rd Qtr   2nd Qtr   1st Qtr 
Installment loans to individuals                                   
Automobile and trucks  $7.1   $7.5   $7.8   $7.8   $8.0   $8.1   $8.2 
Marine loans   21.3    16.7    15.4    18.4    23.0    20.8    21.1 
Other   18.8    20.1    20.0    20.7    20.6    21.3    21.5 
    47.2    44.3    43.2    46.9    51.6    50.2    50.8 
Construction and land development to individuals                                   
Lot loans   14.7    15.5    16.6    16.7    16.4    17.6    18.4 
Construction   19.7    20.7    20.8    22.2    18.9    16.6    13.5 
    34.4    36.2    37.4    38.9    35.3    34.2    31.9 
Residential real estate                                   
Adjustable   378.4    372.6    365.8    361.0    353.7    359.4    341.6 
Fixed rate   94.7    97.5    98.2    99.0    99.7    95.4    96.2 
Home equity mortgages   61.8    62.2    61.3    58.0    58.4    58.3    59.5 
Home equity lines   47.7    49.1    49.3    51.4    50.6    50.8    53.0 
    582.6    581.4    574.6    569.4    562.4    563.9    550.3 
                                    
TOTAL CONSUMER   664.2    661.9    655.2    655.2    649.3    648.3    633.0 
                                    
Commercial & financial   70.8    65.2    64.8    61.9    58.2    56.2    54.6 
                                    
Construction and land development for commercial                                   
Residential                                   
Single family land and lots   4.9    5.0    4.9    5.6    5.8    5.9    6.0 
Multifamily   3.8    3.9    3.9    4.3    4.6    4.7    4.9 
    8.7    8.9    8.8    9.9    10.4    10.6    10.9 
Commercial                                   
Office buildings   1.6    1.6    1.1    -    -    -    0.3 
Retail trade   1.8    1.8    -    -    -    -    - 
Land   7.3    7.2    7.8    9.6    9.8    10.7    9.2 
Healthcare   4.7    2.9    3.3    1.8    -    -    - 
Churches and educational facilities   4.0    2.5    1.2    0.5    0.7    0.3    0.3 
Lodging   0.3    -    -    -    -    -    - 
Convenience stores   -    -    -    -    -    1.4    1.4 
    19.7    16.0    13.4    11.9    10.5    12.4    11.2 
                                    
Total construction and land development   28.4    24.9    22.2    21.8    20.9    23.0    22.1 
                                    
Commercial real estate                                   
Office buildings   118.2    112.0    112.5    104.7    102.4    113.4    118.0 
Retail trade   128.9    135.5    122.2    126.7    121.1    128.5    139.3 
Industrial   81.2    83.3    73.4    72.6    71.3    72.0    70.0 
Healthcare   38.8    42.1    39.4    40.7    35.8    42.0    40.2 
Churches and educational facilities   24.2    26.4    26.9    28.6    26.2    26.7    27.0 
Recreation   2.5    2.6    2.6    2.7    2.7    3.1    3.1 
Multifamily   6.2    9.5    8.5    9.0    7.8    8.3    8.8 
Mobile home parks   1.9    1.9    2.0    2.0    2.1    2.1    2.1 
Lodging   17.3    17.5    18.0    18.7    19.1    19.3    19.4 
Restaurant   3.8    3.5    3.6    3.5    4.4    4.7    4.6 
Agricultural   7.2    7.1    5.9    6.1    7.3    7.4    7.6 
Convenience stores   21.0    20.2    20.2    20.5    16.6    15.4    15.5 
Marina   21.5    20.9    21.1    21.2    21.4    21.5    21.6 
Other   27.9    31.1    25.1    29.8    35.6    29.3    29.3 
    500.6    513.6    481.4    486.8    473.8    493.7    506.5 
                                    
TOTAL COMMERCIAL   599.8    603.7    568.4    570.5    552.9    572.9    583.2 
                                    
Other   0.5    0.3    0.2    0.4    0.3    0.2    0.2 
   $1,264.5   $1,265.9   $1,223.8   $1,226.1   $1,202.5   $1,221.4   $1,216.4 

 

 
 

 

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

 

   2013   2012 
   3rd Qtr   2nd Qtr   1st Qtr   4th Qtr   3rd Qtr   2nd Qtr   1st Qtr 
Installment loans to individuals                                   
Automobile and trucks  $(0.4)  $(0.3)  $-   $(0.2)  $(0.1)  $(0.1)  $(0.5)
Marine loans   4.6    1.3    (3.0)   (4.6)   2.2    (0.3)   1.2 
Other   (1.3)   0.1    (0.7)   0.1    (0.7)   (0.2)   (0.5)
    2.9    1.1    (3.7)   (4.7)   1.4    (0.6)   0.2 
Construction and land development to individuals                                   
Lot loans   (0.8)   (1.1)   (0.1)   0.3    (1.2)   (0.8)   0.5 
Construction   (1.0)   (0.1)   (1.4)   3.3    2.3    3.1    4.8 
    (1.8)   (1.2)   (1.5)   3.6    1.1    2.3    5.3 
Residential real estate                                   
Adjustable   5.8    6.8    4.8    7.3    (5.7)   17.8    7.5 
Fixed rate   (2.8)   (0.7)   (0.8)   (0.7)   4.3    (0.8)   (0.8)
Home equity mortgages   (0.4)   0.9    3.3    (0.4)   0.1    (1.2)   (0.7)
Home equity lines   (1.4)   (0.2)   (2.1)   0.8    (0.2)   (2.2)   (1.9)
    1.2    6.8    5.2    7.0    (1.5)   13.6    4.1 
                                    
TOTAL CONSUMER   2.3    6.7    0.0    5.9    1.0    15.3    9.6 
                                    
Commercial & financial   5.6    0.4    2.9    3.7    2.0    1.6    1.5 
                                    
Construction and land development for commercial                                   
Residential                                   
Single family land and lots   (0.1)   0.1    (0.7)   (0.2)   (0.1)   (0.1)   (0.2)
Multifamily   (0.1)   -    (0.4)   (0.3)   (0.1)   (0.2)   (0.2)
    (0.2)   0.1    (1.1)   (0.5)   (0.2)   (0.3)   (0.4)
Commercial                                   
Office buildings   -    0.5    1.1    -    -    (0.3)   0.1 
Retail trade   -    1.8    -    -    -    -    - 
Land   0.1    (0.6)   (1.8)   (0.2)   (0.9)   1.5    (0.1)
Healthcare   1.8    (0.4)   1.5    1.8    -    -    - 
Churches and educational facilities   1.5    1.3    0.7    (0.2)   0.4    -    0.2 
Lodging   0.3    -    -    -    -    -    - 
Convenience stores   -    -    -    -    (1.4)   -    (0.3)
    3.7    2.6    1.5    1.4    (1.9)   1.2    (0.1)
                                    
Total construction and land development   3.5    2.7    0.4    0.9    (2.1)   0.9    (0.5)
                                    
Commercial real estate                                   
Office buildings   6.2    (0.5)   7.8    2.3    (11.0)   (4.6)   (1.6)
Retail trade   (6.6)   13.3    (4.5)   5.6    (7.4)   (10.8)   (1.3)
Industrial   (2.1)   9.9    0.8    1.3    (0.7)   2.0    (0.7)
Healthcare   (3.3)   2.7    (1.3)   4.9    (6.2)   1.8    1.4 
Churches and educational facilities   (2.2)   (0.5)   (1.7)   2.4    (0.5)   (0.3)   (0.4)
Recreation   (0.1)   -    (0.1)   -    (0.4)   -    (0.1)
Multifamily   (3.3)   1.0    (0.5)   1.2    (0.5)   (0.5)   (0.6)
Mobile home parks   -    (0.1)   -    (0.1)   -    -    (0.1)
Lodging   (0.2)   (0.5)   (0.7)   (0.4)   (0.2)   (0.1)   (0.2)
Restaurant   0.3    (0.1)   0.1    (0.9)   (0.3)   0.1    (0.1)
Agricultural   0.1    1.2    (0.2)   (1.2)   (0.1)   (0.2)   (1.2)
Convenience stores   0.8    -    (0.3)   3.9    1.2    (0.1)   0.4 
Marina   0.6    (0.2)   (0.1)   (0.2)   (0.1)   (0.1)   0.3 
Other   (3.2)   6.0    (4.7)   (5.8)   6.3    -    2.3 
    (13.0)   32.2    (5.4)   13.0    (19.9)   (12.8)   (1.9)
                                    
TOTAL COMMERCIAL   (3.9)   35.3    (2.1)   17.6    (20.0)   (10.3)   (0.9)
                                    
Other   0.2    0.1    (0.2)   0.1    0.1    -    (0.4)
   $(1.4)  $42.1   $(2.3)  $23.6   $(18.9)  $5.0   $8.3