STUART, Fla., Oct. 22 /PRNewswire-FirstCall/ -- Seacoast Banking
Corporation of Florida (Nasdaq: SBCF), today reported net income (loss) for
the third quarter of 2008 totaling $(3,448,000) or $(0.18) diluted earnings
per share (DEPS), compared to $285,000 or $0.01 DEPS for the third quarter
a year ago. For the first nine months of 2008, net income (loss) totaled
$(23,001,000) or $(1.21) DEPS, compared to $7,862,000 or $0.41 DEPS for
2007.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050916/SEACOASTLOGO )
The Company's capital position remains strong with a total risk-based
capital ratio improving from 11.4 percent at June 30, 2008 to approximately
11.7 percent at September 30, 2008. This ratio is expected to continue to
improve due to an anticipated decline in risk-based asset levels in 2008,
as a result of previously discussed declines in anticipated new loan
production. In recent years, the Company raised an aggregate of $52 million
in new capital through three offerings of trust preferred securities,
including one which was completed in mid-2007. This new capital was raised
at favorable rates and the proceeds were contributed to the Company's
banking subsidiary, Seacoast National Bank, which continues to maintain
strong capital levels. The Company filed a shelf registration statement
during the second quarter this year relating to a variety of debt and
equity instruments to provide future flexibility in raising capital in
order to take advantage of opportunities that become available or should
the need arise.
Liquidity also improved during the quarter with available funding
doubling to approximately $800 million from a variety of sources at quarter
end. None of the funding sources were utilized during the quarter. The
Company does not currently rely on wholesale funding and maintains a
diverse retail deposit base in its markets. Retail household growth
improved as a result of the Company's retail deposit program with the
number of new retail relationships opened during the quarter accelerating
by 25 percent over the same period in 2007.
Both the third quarter and year to date earnings were impacted by
elevated nonperforming assets which reduced net interest income and
produced higher net loan charge offs and legal and professional fees. The
provision for loan losses for third quarter this year was $10.2 million and
$58.0 million year to date. As forecasted last quarter, the provision was
significantly lower than the $42.2 million provision charged to earnings
for the second quarter of 2008, an indication that credit costs may have
peaked in the second quarter 2008.
The Company has no exposure to loans or investments with sub-prime
collateral, nor has it ever originated or purchased Alt A loans or pay
option ARM loans which have recently been a cause for concern in the
industry. The Company's residential and consumer loan portfolios have
performed well in light of current market conditions.
Nonperforming assets declined by $400 thousand from the second quarter
of 2008 and totaled approximately $80 million. During the quarter the
Company sold approximately $38 million in nonperforming loans. The sale
included several larger balance residential construction and development
loans. Over the past two quarters the Company has substantially reduced its
exposure to large residential construction and development loans. Loans in
this portfolio with balances of $4 million or greater have declined by 40.0
percent from $163.7 million or 71 percent of total risk based capital at
March 31, 2008 to $98.3 million or 49 percent of total risk based capital
at September 30, 2008. Of the remaining $98.3 million in larger residential
construction and development loans $40.6 million are currently classified
as nonperforming. Loans in this portfolio less than $4 million in size have
an average balance of approximately $560 thousand.
"Our reduced exposure to residential construction and development loans
this quarter improved our overall risk profile. We intend to further reduce
these exposures in the coming quarter and these efforts should lead to
improved earnings performance in future quarters", said Dennis S. Hudson,
III, Chairman and Chief Executive Officer of Seacoast. "Our efforts to
address the slumping housing market began early, well ahead of the industry
as a whole, and I am confident that we will be among the first to emerge
from its negative effects."
Other results for third quarter 2008:
-- Loan loss reserve increased to a strong 1.87 percent from 1.75
percent the prior quarter and 1.19 percent in the prior year's third
quarter.
-- Nonperforming assets remained stable at $80.3 million down slightly
from last quarter's total of $80.7 million.
-- Net interest income totaled $19.2 million for the third quarter, and
the net interest margin was 3.57 percent.
-- Total deposits declined by less than 1 percent compared to the prior
year and seasonal deposit declines for the quarter were less than in past
years due to strong consumer deposit growth in core markets.
-- Acquisitions of new personal checking accounts increased by 20
percent in the third quarter compared to the same period in 2007.
-- Average cost of interest bearing liabilities totaled 2.64 percent,
down 4 basis points from the second quarter of 2008.
Operating earnings pre-provision for loan losses and taxes for the
quarter totaled approximately $4.3 million down from $7.1 million in the
second quarter this year as a result of higher legal fees associated with
the problem credits, seasonally weak noninterest income exacerbated by the
economic downturn and lower net interest income caused by both negative
loan growth and elevated nonaccrual loans.
Noninterest expenses totaled $19.9 million, up $873,000 from the prior
year's third quarter and $660,000 from the second quarter of 2008. Legal
and professional fees associated with loan collection efforts were the
primary cause. Year to date noninterest expenses totaled $57.8 million
compared to $57.6 million a year ago. The Company believes that it will
have one more quarter of elevated legal costs before these expenses will
decline. In addition, the Company has plans to continue to reduce its
overhead and expects to implement cost saving measures beginning in the
first quarter of 2009. The amount of these reductions will be communicated
with the announcement of earnings for the full year in January 2009.
Noninterest income, excluding securities gains and losses, declined
13.1 percent when compared to the second quarter, reflecting decreased
revenues from marine finance fees, mortgage banking fees and merchant
income. Market uncertainty and seasonal declines were responsible for lower
marine finance activities and slower mortgage originations, as well as open
positions in some markets for mortgage loan originators while merchant
income was impacted by a seasonally slower period and the economic slow
down. The Company expects seasonal improvements in these fee income areas
in the fourth quarter.
The net interest margin declined by 12 basis points to 3.57 percent in
the third quarter 2008 compared to the second quarter of 2008 primarily as
a result of nonperforming assets offset by lower costs for interest bearing
liabilities. Interest bearing deposit costs decreased 6 basis points to
2.60 percent in the third quarter 2008 and total interest bearing
liabilities decreased from 2.68 percent for the second quarter to 2.64
percent in the third quarter. Since the Federal Reserve Bank lowered rates
50 basis points on September 16, 2008, the Company has been successful in
repricing many of the Company's deposit products; therefore, future cost
for deposits should be lower.
Consistent with the prior quarters' results for 2008, loan growth in
the third quarter was much slower than in the prior year with total loans
outstanding decreasing year-over-year by $150.5 million, or 7.9 percent,
compared with an increase of $165.3 million or 9.5 percent for the year
ended December 31, 2007. Loan growth is expected to continue to be weak for
the remainder of the year and the first half of 2009.
Total deposits declined by less than 1 percent at quarter end compared
with the prior year. Business deposit growth was weaker than expected due
to the economic slowdown and deposit declines in the Company's Orlando
region. Consumer deposit growth in most of the Company's markets was
stronger than expected. New personal checking relationships have increased
as a result of a new retail deposit growth strategy which has improved
market share, increased average services per household and decreased
customer attrition. Since the promotion began in 2008, new household
deposit balances and average services per household have each increased 16
percent compared to the same period in 2007. Total deposits, excluding the
Orlando region, increased $135.6 million or 8.8% from the quarter ended
September 30, 2007.
The Company will host a conference call on Thursday, October 23, 2008
at 10:00 a.m. (Eastern Time) to discuss its earnings results and business
trends. Investors may call in (toll-free) by dialing (800) 640-9765 (access
code: 22914100; leader: Dennis S. Hudson). A replay of the conference call
will be available beginning the afternoon of October 24 by dialing (877)
213-9653 (domestic), using the passcode 22914100.
Alternatively, individuals may listen to the live webcast of the
presentation by visiting the Company's website at http://www.seacoastbanking.net.
The link to the live audio webcast is located in the subsection
Presentations under the heading Investor Relations. Beginning the afternoon
of October 23, 2008, an archived version of the webcast can be accessed
from this same subsection of the website. This webcast will be archived and
available for one year.
Seacoast Banking Corporation of Florida has approximately $2.2 billion
in assets. It is one of the largest independent commercial banking
organizations in Florida, headquartered on Florida's Treasure Coast, one of
the wealthiest and fastest growing areas in the nation.
Cautionary Notice Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, including, without limitation, statements
about future financial and operating results, cost savings, enhanced
revenues, economic and seasonal conditions in our markets, and improvements
to reported earnings that may be realized from cost controls and for
integration of banks that we have acquired, as well as statements with
respect to Seacoast's objectives, expectations and intentions and other
statements that are not historical facts. Actual results may differ from
those set forth in the forward-looking statements.
Forward-looking statements include statements with respect to our
beliefs, plans, objectives, goals, expectations, anticipations, estimates
and intentions, and involve known and unknown risks, uncertainties and
other factors, which may be beyond our control, and which may cause the
actual results, performance or achievements of Seacoast to be materially
different from future results, performance or achievements expressed or
implied by such forward-looking statements. You should not expect us to
update any forward- looking statements.
You can identify these forward-looking statements through our use of
words such as "may," "will," "anticipate," "assume," "should," "support",
"indicate," "would," "believe(s)," "contemplate," "expect(s)," "expected,"
"estimate," "continue," "further", "point to," "project," "forecasted,"
"could," "intend," "indication" or other similar words and expressions of
the future. These forward-looking statements may not be realized due to a
variety of factors, including, without limitation: the effects of future
economic and market conditions, including seasonality; governmental
monetary and fiscal policies, as well as legislative and regulatory
changes; the risks of changes in interest rates on the level and
composition of deposits, loan demand, and the values of loan collateral,
securities, and interest sensitive assets and liabilities; interest rate
risks, sensitivities and the shape of the yield curve; the effects of
competition from other commercial banks, thrifts, mortgage banking firms,
consumer finance companies, credit unions, securities brokerage firms,
insurance companies, money market and other mutual funds and other
financial institutions operating in our market areas and elsewhere,
including institutions operating regionally, nationally and
internationally, together with such competitors offering banking products
and services by mail, telephone, computer and the Internet; and the failure
of assumptions underlying the establishment of reserves for possible loan
losses. The risks of mergers and acquisitions, include, without limitation:
unexpected transaction costs, including the costs of integrating
operations; the risks that the businesses will not be integrated
successfully or that such integration may be more difficult, time-consuming
or costly than expected; the potential failure to fully or timely realize
expected revenues and revenue synergies, including as the result of
revenues following the merger being lower than expected; the risk of
deposit and customer attrition; any changes in deposit mix; unexpected
operating and other costs, which may differ or change from expectations;
the risks of customer and employee loss and business disruption, including,
without limitation, as the result of difficulties in maintaining
relationships with employees; increased competitive pressures and
solicitations of customers by competitors; as well as the difficulties and
risks inherent with entering new markets.
All written or oral forward-looking statements attributable to us are
expressly qualified in their entirety by this cautionary notice, including,
without limitation, those risks and uncertainties described in our annual
report on Form 10-K for the year ended December 31, 2007 under "Special
Cautionary Notice Regarding Forward-Looking Statements" and "Risk Factors",
and otherwise in our SEC reports and filings. Such reports are available
upon request from the Company, or from the Securities and Exchange
Commission, including through the SEC's Internet website at
http://www.sec.gov
FINANCIAL HIGHLIGHTS (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Three Months Ended Nine Months Ended
(Dollars in thousands, September 30, September 30,
except per share data) 2008 2007 2008 2007
Summary of Earnings
Net income (loss) $(3,448) $285 $(23,001) $7,862
Net income (loss),
excluding securities
restructuring
losses (5) (3,448) 285 (23,001) 11,159
Net interest income(1) 19,186 21,147 59,982 64,047
Performance Ratios
Return on average
assets-GAAP
basis (2),(3) (0.60)% 0.05% (1.32)% 0.45%
Return on average
tangible assets
(2),(3),(4),(5) (0.58) 0.09 (1.32) 0.70
Return on average
shareholders'
equity-GAAP
basis (2),(3) (7.13) 0.51 (14.77) 4.79
Return on average
tangible shareholders'
equity (2),(3),(4),(5) (9.43) 1.18 (19.67) 9.71
Net interest margin
(1),(2) 3.57 3.94 3.67 3.99
Per Share Data
Net income (loss)
diluted-GAAP basis $(0.18) $0.01 $(1.21) $0.41
Net income (loss)
basic-GAAP basis (0.18) 0.02 (1.21) 0.41
Net income (loss)
diluted-excluding
securities
restructuring
losses (5)
(0.18) 0.01 (1.21) 0.58
Net income (loss)
basic-excluding
securities
restructuring
losses (5) (0.18) 0.02 (1.21) 0.59
Cash dividends declared 0.01 0.16 0.33 0.48
(1) Calculated on a fully taxable equivalent basis using amortized cost.
(2) These ratios are stated on an annualized basis and are not
necessarily indicative of future periods.
(3) The calculations of ROA and ROE do not include the mark-to-market
unrealized gains (losses) because the unrealized gains (losses) are
not included in net income (loss).
(4) The Company believes that return on average assets and equity
excluding the impacts of noncash amortization expense on intangible
assets is a better measurement of the Company's trend in earnings
growth.
(5) Excluding securities restructuring losses of $5,118 (or $3,297 net of
taxes) recorded in the first quarter 2007.
FINANCIAL HIGHLIGHTS (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
September 30, Increase/
2008 2007 (Decrease)
Credit Analysis
Net charge-offs year-to-date $47,232 $1,307 3,513.8%
Net charge-offs to average
loans 3.41% 0.10% 3,310.0
Loan loss provision
year-to-date $59,978 $8,932 549.1
Allowance to loans at
end of period 1.87% 1.19% 57.1
Nonperforming loans $75,793 $45,654 66.0
Other real estate owned 4,551 240 1,796.3
Total non-performing assets 80,344 $45,894 75.1
Nonperforming assets to loans
and other real estate owned
at end of period 4.60% 2.42% 90.1
Nonperforming assets to total
assets 3.61% 1.98% 82.3
Selected Financial Data
Total assets $2,224,614 $2,316,779 (4.0)
Securities - Trading
(at fair value) 0 17,955 (100.0)
Securities - Available
for sale (at fair value) 267,661 205,174 30.5
Securities - Held for
investment
(at amortized cost) 29,120 32,588 (10.6)
Net loans 1,709,978 1,870,574 (8.6)
Deposits 1,838,792 1,855,726 (0.9)
Shareholders' equity 184,449 213,880 (13.8)
Book value per share 9.59 11.20 (14.4)
Tangible book value per share 6.71 8.22 (18.4)
Average shareholders' equity
to average assets 8.93% 9.48% (5.8)
Average Balances
(Year-to-Date)
Total assets $2,329,860 $2,311,782 0.8
Less: Intangible assets 55,975 57,138 (2.0)
Total average tangible
assets $2,273,885 $2,254,644 0.9
Total equity $208,010 $219,252 (5.1)
Less: Intangible assets 55,975 57,138 (2.0)
Total average tangible equity $152,035 $162,114 (6.2)
(1) Calculated on a fully taxable equivalent basis using amortized cost.
(2) These ratios are stated on an annualized basis and are not necessarily
indicative of future periods.
(3) The calculations of ROA and ROE do not include the mark-to-market
unrealized gains (losses) because the unrealized gains (losses) are
not included in net income (loss).
(4) The Company believes that return on average assets and equity
excluding the impacts of noncash amortization expense on intangible
assets is a better measurement of the Company's trend in earnings
growth.
(5) Excluding securities restructuring losses of $5,118 (or $3,297 net of
taxes) recorded in the first quarter 2007.
n/m = not meaningful
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Three Months Ended Nine Months Ended
September 30, September 30,
(Dollars in thousands, 2008 2007 2008 2007
except per share data)
Interest on securities:
Taxable $3,418 $3,069 $10,535 $11,374
Nontaxable 90 88 270 274
Interest and fees on
loans 27,146 34,316 86,525 99,796
Interest on federal
funds sold and other
investments 322 298 1,074 1,211
Total Interest
Income 30,976 37,771 98,404 112,655
Interest on deposits 4,033 6,261 14,116 17,760
Interest on time
certificates 6,334 7,806 19,463 22,085
Interest on borrowed
money 1,492 2,645 5,061 8,979
Total Interest
Expense 11,859 16,712 38,640 48,824
Net Interest
Income 19,117 21,059 59,764 63,831
Provision for loan
losses 10,241 8,375 57,978 8,932
Net Interest
Income After
Provision for
Loan Losses 8,876 12,684 1,786 54,899
Noninterest income:
Service charges
on deposit
accounts 1,894 1,983 5,556 5,644
Trust income 597 658 1,770 1,948
Mortgage banking
fees 216 260 934 1,131
Brokerage commissions
and fees 452 620 1,650 2,363
Marine finance fees 371 687 1,986 2,269
Debit card income 620 578 1,879 1,743
Other deposit based
EFT fees 82 101 276 348
Merchant income 510 688 1,912 2,165
Other income 332 444 1,115 1,340
5,074 6,019 17,078 18,951
Securities
restructuring
losses 0 0 0 (5,118)
Securities gains,
net 0 22 355 46
Total Noninterest
Income 5,074 6,041 17,433 13,879
Noninterest expenses:
Salaries and wages 7,713 7,479 23,076 23,828
Employee benefits 1,770 1,700 5,509 5,419
Outsourced data
processing costs 1,803 1,796 5,800 5,697
Telephone /
data lines 471 460 1,398 1,437
Occupancy 2,112 1,928 6,036 5,721
Furniture and
equipment 700 758 2,135 2,109
Marketing 545 875 2,014 2,368
Legal and
professional fees 1,687 1,327 3,545 3,002
FDIC assessments 543 55 994 169
Amortization of
intangibles 315 315 944 944
Other 2,241 2,334 6,373 6,937
Total Noninterest
Expenses 19,900 19,027 57,824 57,631
Income (Loss)
Before Income
Taxes (5,950) (302) (38,605) 11,147
Provision (benefit)
for income taxes (2,502) (587) (15,604) 3,285
Net Income (Loss) $(3,448) $ 285 $(23,001) $7,862
Per share common stock:
Net income (loss)
diluted $(0.18) $0.01 $(1.21) $0.41
Net income (loss)
basic (0.18) 0.02 (1.21) 0.41
Cash dividends
declared 0.01 0.16 0.33 0.48
Average diluted
shares outstanding 19,030,758 19,165,880 18,981,944 19,180,773
Average basic shares
outstanding 19,030,758 18,924,665 18,981,944 18,946,759
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
September 30, December 31, September 30,
(Dollars in thousands) 2008 2007 2007
Assets
Cash and due from banks $38,927 $ 50,490 $44,680
Federal funds sold and
other investments 11,256 47,985 6,605
Total Cash and Cash
Equivalents 50,183 98,475 51,285
Securities:
Trading (at fair value) 0 13,913 17,955
Available for sale
(at fair value) 267,661 254,916 205,174
Held for investment
(at amortized cost) 29,120 31,900 32,588
Total Securities 296,781 300,729 255,717
Loans available for sale 2,701 3,660 1,833
Loans, net of unearned income 1,742,626 1,898,389 1,893,114
Less: Allowance for loan
losses (32,648) (21,902) (22,540)
Net Loans 1,709,978 1,876,487 1,870,574
Bank premises and equipment,
net 43,397 40,926 39,180
Other real estate owned 4,551 735 240
Goodwill and other intangible
assets 55,508 56,452 56,767
Other assets 61,515 42,410 41,183
$2,224,614 $2,419,874 $2,316,779
Liabilities and Shareholders'
Equity
Liabilities
Deposits
Demand deposits
(noninterest bearing) $285,746 $327,646 $336,816
Savings deposits 829,470 1,056,025 886,806
Other time deposits 361,184 332,838 340,440
Brokered time certificates 40,100 0 0
Time certificates of
$100,000 or more 322,292 270,824 291,664
Total Deposits 1,838,792 1,987,333 1,855,726
Federal funds purchased and
securities sold under
agreements to repurchase,
maturing within 30 days 71,325 88,100 141,884
Borrowed funds 65,004 65,030 39,749
Subordinated debt 53,610 53,610 53,610
Other liabilities 11,434 11,420 11,930
2,040,165 2,205,493 2,102,899
Shareholders' Equity
Preferred stock 0 0 0
Common stock 1,928 1,920 1,914
Additional paid in capital 92,327 90,924 90,752
Retained earnings 93,101 122,396 123,538
Treasury stock (838) (1,193) (1,430)
186,518 214,047 214,774
Accumulated other
comprehensive income
(loss), net (2,069) 334 (894)
Total Shareholders'
Equity $184,449 214,381 213,880
$2,224,614 $ 2,419,874 $2,316,779
Common Shares Outstanding 19,229,363 19,110,089 19,104,027
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarters
(Dollars in thousands, 2008 2007 Last 12
except per share data) Third Second First Fourth Months
Net income (loss) $(3,448) $(21,316) $1,763 $1,903 $(21,098)
Operating Ratios
Return on average
assets-GAAP
basis (2),(3) (0.60)% (3.65)% 0.30% 0.32% (0.90)%
Return on average
tangible assets
(2),(3),(4) (0.58) (3.70) 0.34 0.36 (0.89)
Return on average
shareholders'
equity GAAP basis
(2),(3) (7.13) (39.79) 3.28 3.48 (10.03)
Return on average
tangible
shareholders'
equity (2),(3),(4) (9.43) (53.27) 4.95 5.21 (13.15)
Net interest margin
(1),(2) 3.57 3.69 3.74 3.71 3.68
Average equity to
average assets 8.43 9.17 9.17 9.20 9.00
Credit Analysis
Net charge-offs $9,290 $33,541 $4,401 $4,451 $51,683
Net charge-offs
to average loans 2.06% 7.28% 0.93% 0.92% 2.77%
Loan loss provision $10,241 $42,237 $5,500 $3,813 $61,791
Allowance to loans
at end of period 1.87% 1.75% 1.22% 1.15%
Nonperforming loans $75,793 $76,224 $64,730 $67,834
Other real estate
owned 4,551 4,547 940 735
Nonperforming assets 80,344 80,771 65,670 68,569
Nonperforming assets
to loans and other
real estate owned
at end of period 4.60% 4.45% 3.50% 3.61%
Nonperforming assets
to total assets 3.61 3.52 2.74 2.83
Nonaccrual loans and
accruing loans 90
days or more past
due to loans
outstanding at end
of period 4.42 4.23 3.46 3.57
Per Share Common Stock
Net income diluted-GAAP
basis $(0.18) $(1.12) $0.09 $0.10 $(1.11)
Net income basic-GAAP
basis (0.18) (1.12) 0.09 0.10 (1.11)
Cash dividends declared 0.01 0.16 0.16 0.16 0.49
Book value per share 9.59 9.90 11.25 11.22
Average Balances
Total assets $2,282,821 $2,349,749 $2,357,528 $2,361,086
Less: Intangible assets 55,662 55,976 56,291 56,605
Total average
tangible assets $2,227,159 $2,293,773 $2,301,237 $2,304,481
Total Equity $192,469 $215,448 $216,283 $217,172
Less: Intangible
assets 55,662 55,976 56,291 56,605
Total average
tangible equity $136,807 $159,472 $159,992 $160,567
(1) Calculated on a fully taxable equivalent basis using amortized cost.
(2) These ratios are stated on an annualized basis and are not necessarily
indicative of future periods.
(3) The calculations of ROA and ROE do not include the mark-to-market
unrealized gains (losses) because the unrealized gains (losses) on
available for sale securities are not included in net income (loss).
(4) The Company believes that return on average assets and equity
excluding the impacts of noncash amortization expense on intangible
assets is a better measurement of the Company's trend in earnings
growth.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited) (continued)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Dollars in thousands)
September 30, December 31, September 30,
SECURITIES 2008 2007 2007
U.S. Treasury and U.S.
Government Agencies $0 $13,913 $17,995
Securities Trading 0 13,913 17,955
U.S. Treasury and U.S.
Government Agencies 22,280 30,405 35,349
Mortgage-backed 239,936 218,937 164,452
Obligations of states and
political subdivisions 1,986 2,057 2,117
Other securities 3,459 3,517 3,256
Securities Available for
Sale 267,661 254,916 205,174
Mortgage-backed 22,997 25,755 26,441
Obligations of states and
political subdivisions 6,123 6,145 6,147
Securities Held for
Investment 29,120 31,900 32,588
Total Securities $296,781 $300,729 $255,717
LOANS September 30, December 31, September 30,
2008 2007 2007
Construction and land
development $484,989 $609,567 $627,003
Real estate mortgage 1,093,324 1,074,814 1,051,750
Installment loans to
individuals 88,549 86,362 78,641
Commercial and financial 75,296 126,695 135,111
Other loans 468 951 609
Total Loans $1,742,626 $1,898,389 $1,893,114
AVERAGE BALANCES, YIELDS AND RATES (1) (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2008 2007
Third Quarter Second Quarter Third Quarter
Average Yield/ Average Yield/ Average Yield/
(Dollars in Balance Rate Balance Rate Balance Rate
thousands)
Assets
Earning assets:
Securities:
Taxable $276,777 4.94% $280,623 5.03% $233,809 5.25%
Nontaxable 8,151 6.53 8,164 6.57 8,216 6.33
Total Securities 284,928 4.99 288,787 5.08 242,025 5.29
Federal funds
sold and other
investments 53,220 2.41 64,558 2.83 21,364 5.53
Loans, net 1,798,357 6.01 1,854,015 6.12 1,866,954 7.30
Total Earning
Assets 2,136,505 5.78 2,207,360 5.89 2,130,343 7.05
Allowance for
loan losses (37,705) (22,992) (15,361)
Cash and due from
banks 35,788 46,057 47,633
Premises and
equipment 43,378 42,885 39,190
Other assets 104,855 76,439 77,231
$2,282,821 $2,349,749 $2,279,036
Liabilities and
Shareholders'
Equity
Interest-bearing
liabilities:
NOW $72,691 1.65% $70,135 1.47% $53,842 2.78%
Savings deposits 103,550 0.73 106,277 0.72 112,323 0.71
Money market
accounts 716,166 1.97 788,389 1.95 715,885 3.15
Time deposits 691,486 3.64 641,092 3.99 629,479 4.92
Federal funds
purchased and
other short
term borrowings 82,730 1.55 90,136 1.47 127,163 4.41
Other borrowings 118,705 3.92 118,816 3.89 69,860 7.00
Total Interest-
Bearing
Liabilities 1,785,328 2.64 1,814,845 2.68 1,708,552 3.88
Demand deposits
(noninterest
-bearing) 293,951 316,614 340,462
Other liabilities 11,073 2,842 9,154
Total
Liabilities 2,090,352 2,134,301 2,058,168
Shareholders'
equity 192,469 215,448 220,868
$2,282,821 $2,349,749 $2,279,036
Interest expense
as a % of
earning assets 2.21% 2.21% 3.11%
Net interest
income as a %
of earning assets 3.57 3.69 3.94
(1) On a fully taxable equivalent basis. All yields and rates have been
computed on an annualized basis using amortized cost. Fees on loans
have been included in interest on loans. Nonaccrual loans are
included in loan balances.
QUARTERLY TREND - LOANS AT END OF PERIOD (DOLLARS IN MILLIONS)
2008 Nonperforming
1st Qtr 2nd Qtr 3rd Qtr 3rd Qtr Number
Construction and
Land Development
Residential:
Condominiums >$4 million $30.6 $26.3 $19.6 $- -
<$4 million 26.6 21.1 13.0 2.8 1
Town homes >$4 million 19.4 17.1 17.1 5.4 1
<$4 million 4.4 2.9 4.6 - -
Single Family
Residences >$4 million 20.8 21.2 13.5 - -
<$4 million 35.9 28.3 23.7 5.3 9
Single Family
Land & Lots >$4 million 85.1 64.3 40.3 27.4 4
<$4 million 27.0 30.8 29.9 4.0 21
Multifamily >$4 million 7.8 7.8 7.8 7.8 1
<$4 million 24.8 26.2 22.9 2.3 1
TOTAL >$4 million 163.7 136.7 98.3 40.6 6
TOTAL <$4 million 119.1 109.3 94.1 14.4 32
GRAND TOTAL $282.4 $246.0 $192.4 $55.0 38
Quarterly Trend - Loans at End of Period (Dollars in Millions)
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
2008
1st Qtr 2nd Qtr 3rd Qtr
Construction and
land development
Residential
Condominiums $57.2 $47.4 $32.6
Townhomes 23.8 20.0 21.7
Single family
residences 56.7 49.5 37.2
Single family
land and lots 112.1 95.1 70.2
Multifamily 32.6 34.0 30.7
282.4 246.0 192.4
Commercial
Office
buildings 29.1 31.1 27.8
Retail trade 60.4 63.6 68.5
Land 92.5 75.4 73.9
Industrial 16.9 20.8 20.7
Healthcare 1.0 1.0 -
Churches and
educational
facilities - 0.1 -
Lodging - - -
Convenience
stores 1.8 - -
Marina 26.8 28.9 30.5
Other 11.3 6.3 5.4
239.8 227.2 226.8
Individuals
Lot loans 39.4 40.0 38.4
Construction 32.4 27.1 27.4
71.8 67.1 65.8
Total construction
and land development 594.0 540.3 485.0
Real estate
mortgages
Residential real
estate
Adjustable 317.6 318.8 316.5
Fixed rate 89.1 90.2 93.4
Home equity
mortgages 91.7 93.1 84.3
Home equity
lines 56.3 59.4 59.7
554.7 561.5 553.9
Commercial real
estate
Office
buildings 144.3 142.3 143.6
Retail trade 83.8 93.5 101.6
Land - - 0.6
Industrial 104.3 93.3 92.2
Healthcare 39.9 33.6 31.6
Churches and
educational
facilities 40.2 36.5 35.6
Recreation 2.8 1.8 1.8
Multifamily 20.0 19.1 19.2
Mobile home
parks 3.2 3.1 3.1
Lodging 27.9 28.0 26.7
Restaurant 8.0 9.0 8.6
Agricultural 12.4 9.0 8.7
Convenience
stores 23.1 24.9 23.6
Other 40.1 41.6 42.5
550.0 535.7 539.4
Total
real estate
mortgages 1,104.7 1,097.2 1,093.3
Commercial &
financial 93.9 94.8 88.5
Installment loans
to individuals
Automobile
and trucks 24.1 23.0 21.9
Marine loans 33.3 25.2 26.0
Other 27.5 27.9 27.4
84.9 76.1 75.3
Other 0.5 0.4 0.5
$1,878.0 $1,808.8 $1,742.6
Quarterly Trend - Increase (Decrease) in Loans by Quarter (Dollars in
Millions)
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 Trend - Increase (Decrease) in Loans by Quarter (Dollars in
Millions)
2008
1st Qtr 2nd Qtr 3rd Qtr
Construction and land
development
Residential
Condominiums $(3.0) $(9.8) $(14.8)
Townhomes (1.2) (3.8) 1.7
Single family
residences (2.3) (7.2) (12.3)
Single family
land and lots (4.3) (17.0) (24.9)
Multifamily (1.9) 1.4 (3.3)
(12.7) (36.4) (53.6)
Commercial
Office
buildings (1.8) 2.0 (3.3)
Retail trade (8.6) 3.2 4.9
Land 9.9 (17.1) (1.5)
Industrial 3.9 3.9 (0.1)
Healthcare - - (1.0)
Churches and
educational
facilities - 0.1 (0.1)
Lodging (11.2) - -
Convenience
stores 0.1 (1.8) -
Marina 3.7 2.1 1.6
Other 1.4 (5.0) (0.9)
(2.6) (12.6) (0.4)
Individuals
Lot loans - 0.6 (1.6)
Construction (0.3) (5.3) 0.3
(0.3) (4.7) (1.3)
Total construction
and land development (15.6) (53.7) (55.3)
Real estate mortgages
Residential
real estate
Adjustable (1.9) 1.2 (2.3)
Fixed rate 1.6 1.1 3.2
Home equity
mortgages 0.3 1.4 (8.8)
Home equity lines (2.8) 3.1 0.3
(2.8) 6.8 (7.6)
Commercial real
estate
Office buildings 12.6 (2.0) 1.3
Retail trade 7.6 9.7 8.1
Land (5.3) - 0.6
Industrial (1.2) (11.0) (1.1)
Healthcare 7.5 (6.3) (2.0)
Churches and
educational
facilities - (3.7) (0.9)
Recreation (0.2) (1.0) -
Multifamily 6.2 (0.9) 0.1
Mobile home parks (0.7) (0.1) -
Lodging 5.2 0.1 (1.3)
Restaurant (0.2) 1.0 (0.4)
Agricultural (0.5) (3.4) (0.3)
Convenience stores (0.1) 1.8 (1.3)
Other 1.8 1.5 0.9
32.7 (14.3) 3.7
Total real estate
mortgages 29.9 (7.5) (3.9)
Commercial &
financial (32.8) 0.9 (6.3)
Installment loans to
individuals
Automobile and
trucks (0.9) (1.1) (1.1)
Marine loans 0.1 (8.1) 0.8
Other (0.7) 0.4 (0.5)
(1.5) (8.8) (0.8)
Other (0.4) (0.1) 0.1
$(20.4) $(69.2) $(66.2)
SOURCE Seacoast Banking Corporation of Florida
 back to top
Related links:
http://www.seacoastbanking.net/
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20050916/SEACOASTLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Dennis S. Hudson, III, Chairman and Chief
Executive Officer, +1-772-288-6086, or William R. Hahl, Executive
Vice President, Chief Financial Officer, +1-772-221-2825, both of
Seacoast Banking Corporation of Florida
|
