STUART, Fla., July 27 /PRNewswire-FirstCall/ -- Seacoast Banking Corporation of Florida (Nasdaq-NMS: SBCF), a bank holding company whose principal subsidiary is Seacoast National Bank, today reported a second quarter 2009 net loss of $13.2 million, compared to a net loss of $21.3 million for the second quarter of 2008 and a net loss of $4.8 million for the first quarter this year. Including preferred stock dividends and accretion of $937,000, the net loss applicable to common shareholders was $14.1 million or $0.74 per average common diluted share for the second quarter, compared to a net loss of $21.3 million or $1.12 per average common diluted share for the second quarter of 2008.
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Results for the quarter were reduced by a special assessment from the FDIC totaling $0.03 per diluted share, offset by gains on sales on securities which increased earnings per diluted share by $0.06. The Company also recorded a $26.2 million provision for credit losses in the second quarter. The provision for credit losses exceeded net charge offs by $11.1 million and resulted in an increase in the allowance for loan losses as a percentage of loans held for investment to 2.75 percent at June 30, 2009, compared to 1.99 percent for the first quarter this year and 1.75 percent at June 30, 2008.
Other highlights for the second quarter 2009 include:
- The total risk based capital ratio remained strong at approximately 13.4 percent compared to 14.0 percent at year end 2008;
- Net interest margin increased to 3.65 percent, up 21 basis points from the first quarter 2009;
- Core revenues (excluding securities gains of $1.8 million and other real estate owned ("OREO") losses of $946,000) totaled $23.8 million in the second quarter, compared to $23.1 million in the first quarter 2009 (excluding $183,000 in OREO losses);
- Average cost of deposits for the second quarter totaled 1.40 percent, down 39 basis points from the first quarter of 2009;
- Average noninterest bearing deposits for the second quarter totaled $281.7 million, up $7.4 million or 10.8 percent annualized compared to first quarter of 2009;
- 7,072 new households have added 8,928 new personal checking accounts over the last twelve months;
- Liquidity remained strong, supported by a diverse local retail and commercial deposit base, no overnight borrowings and over $700 million in excess liquidity sources available at June 30, 2009; and
- Residential construction and development exposure was reduced to $96.7 million compared with a high of $351.6 million in 2007. Total construction and development loans declined by 17 percent during the quarter, representing significant progress in reducing overall credit risk.
"During the quarter, we made significant progress in reducing our exposures to construction and development loans and have specific plans in place to further reduce these exposures in the coming months", said Dennis S. Hudson, III, Chairman and Chief Executive Officer. "This effort, which started over two years ago, and our recent success in producing quality growth in our residential mortgage portfolio, is reducing the overall risk profile of the Company. While we remain very disappointed in our overall performance, our strong customer franchise and low cost core deposit base continued to produce solid core earnings. We believe reduced exposures to construction and development loans are the key to lower credit costs in future quarters."
Loan Portfolio Risk Reduction Update
Construction and land development portfolios are being run off and risk is being reduced. These portfolios have been the primary source of increases in both nonperforming loans and loan losses over the past two years.
Construction and High Point June 30, March 31, June 30,
Land Development 2008 2009 2009
Loans
----------------- ---------- -------- --------- --------
Residential $351.6 3/31/2007 $246.0 $117.2 $96.7
Commercial 242.4 12/31/2007 227.2 201.4 166.8
Individuals 91.3 12/31/2006 67.1 50.2 44.2
------ ------ -----
TOTAL $627.0 9/30/2007 $540.3 $368.8 $307.7
====== ====== ======
Dollars in millions
Run-off of these portfolios has been achieved through early recognition of the potential for portfolio weakness in the first quarter of 2007 when the housing market began to slow, aggressive collection and liquidation activities with borrowers, and additional liquidation achieved through the sale of larger problem loans. Total construction and land development loans have been reduced to less than half of that reported at the high point in 2007, with over $200 million in reduction having been achieved over the past four quarters. Residential construction and land development loans, which have produced extremely high loss experience over the past two years, have been reduced by 73 percent compared to the high point in 2007. Portfolio liquidation for residential construction and development loans has also been focused on large loan exposures. Large balance (over $4 million) residential construction and land development loans have been reduced by $119.7 million to $44.0 million over the past six quarters, most of which ($37.5 million) is currently on nonaccrual. This portfolio is now in the process of liquidation in accordance with specific work-out plans with borrowers designed to achieve substantial liquidation in an orderly fashion over the next 18 months. We expect aggregate loss exposure in this portfolio to moderate significantly in the second half of this year.
Commercial real estate mortgage loans remain well diversified (as shown in the table below) with all but three categories of exposure at less than 30 percent of tier 1 capital and the allowance for loan losses. The three largest categories of exposure are: office buildings, retail trade and industrial at 61 percent, 52 percent and 40 percent, respectively, of tier 1 capital and the allowance for loan losses. Approximately 35 percent of commercial real estate mortgage loans are owner occupied with an average loan-to-value of 48 percent and originated over a wide timeframe. The non-owner occupied portion of the portfolio has an average loan-to-value of 54 percent. While, over time, the Company may see further deterioration in this portfolio as a result of continuing economic weakness, we expect a much lower level of loss potential than recently experienced in our construction and land development portfolios.
Problem Loan Management and Loss Mitigation Update
Problem assets grew during the quarter due to continued deterioration as a result of economic conditions and greater focus on early intervention loss mitigation strategies (as discussed last quarter) including troubled debt restructures for smaller commercial and consumer borrowers. The pace of growth began to moderate for nonaccruing loans, while other real estate owned grew higher as problem assets migrated toward liquidation.
Nonaccrual Loans
June 30, 2009
Nonaccrual Loans Restructured
---------------- Loans
(Accruing)
------------
Dollars in thousands Non Current Current* Total
----------- ------- -----
Construction and land
development
Residential $39,235 $24,353 $63,588 $0
Commercial 2,135 0 2,135 0
Individual 6,457 240 6,697 973
Residential Mortgage 20,190 13,169 33,359 9,795
Commercial Real Estate
Mortgage 13,473 6,211 19,684 3,259
Commercial and Financial 223 107 330 0
Installment loans to
individuals 132 833 965 762
------- ------- -------- -------
TOTAL $81,845 $44,913 $126,758 $14,789
======= ======= ======== =======
*Loans classified as nonaccrual and less than 30 days past due.
Nonaccruing loans grew by $17.4 million from March 31, 2009 to $126.8 million at June 30, 2009. Growth in nonaccruing loans coming from the construction and land development portfolios slowed considerably to $5.5 million, while residential mortgage nonaccruing loans grew by $12.0 million during the quarter. Nonaccruing loans also include restructured loans that are currently classified as nonaccruing. Company policy requires troubled debt restructures to be classified as nonaccrual loans (under certain circumstances) until performance can be verified (typically six months). We will continue to pursue troubled debt restructures in selected cases where we expect to achieve better liquidation values than may be expected through other traditional collection activities. During the quarter, we also worked with retail mortgage customers, when possible, to achieve lower payment structures in an effort to avoid foreclosure and keep families in their homes. A total of 102 applications were received seeking restructured mortgages, compared to 93 the first quarter and 37 in the fourth quarter of last year. Restructured loans included in nonaccruing loans totaled $33.4 million at June 30, 2009 compared with $32.9 million at March 31, 2009. At June 30, 2009, nonaccruing loans which totaled $126.8 million have been written down by approximately $36.2 million or 24 percent of the original loan balance (including specific impairment reserves).
During the quarter we saw improvements in past due loans. Early stage delinquency improved in the residential mortgage loan portfolio and remained modest in other loan portfolios. Accruing residential mortgage loans (including home equity lines) 30-89 days past due declined to $3.7 million from $6.7 million, and loans 90 days past due declined to zero from $3.9 million on a linked quarter basis. These improvements were supported by healthier trends in our markets during the quarter. Residential home prices in the Company's markets and Florida continued to show signs of stability as home sales volumes and inventory levels continued to improve, although the rate of unemployment remains high.
Other real estate owned ("OREO") grew by $10,575,000 to $23,259,000, reflecting a migration of a number of commercial and residential properties through the final foreclosure process which offset sales and liquidations for the quarter. OREO is expected to grow in the coming quarter and increase over the next few quarters as we conclude final liquidation and resolution of many nonaccrual loans. During the quarter, resources were positioned to help accelerate the marketing and liquidation of assets in this portfolio.
Operating earnings (before the provision for loan losses and income taxes) excluding FDIC special assessment, OREO losses, securities gains and severance payments of $308,000 for the second quarter of 2009 totaled approximately $4.6 million, up from the $4.2 million earned in the first quarter 2009 excluding the same items noted for the second quarter 2009. During the quarter, the negative impact on net interest income from higher nonperforming loans, together with increased collection costs, were absorbed by improved net interest margin performance, better deposit mix, increased investment securities yield and reduced salary and benefits, data processing, occupancy, and other expenses.
Net interest income (on a tax equivalent basis) was $19.0 million, up $746,000 or 16 percent annualized from the first quarter 2009 as a result of lower deposit costs and lower rates paid on all interest bearing liabilities, increased yield on investments, partially offset by a decline in loans, lower loan yields and higher nonperforming loans. The net interest margin, which totaled 3.65 percent, increased 21 basis points compared to the first quarter 2009, and was 4 basis points lower than in second quarter 2008.
Noninterest income, excluding securities gains and losses, totaled $3.9 million, down $828,000 linked quarter, primarily due to an increase of $763,000 in OREO losses, as well as lower revenue related to seasonal declines in fees from merchant services. The revenues from these sources were partially offset by higher revenues from debit card fees, the result of the growth in new deposit households. Wealth management and marine finance fees continue to be impacted by the challenging economic conditions. Mortgage production remained comparable to the first quarter with revenues at $488,000, and totaled $987,000 for the first half of 2009, up $269,000 over the first six months last year.
Noninterest expenses for the second quarter totaled $20.3 million, $1.2 million higher than in the first quarter 2009, largely the result of the FDIC special assessment. Salaries, wages and benefits (excluding one time severance payments) for the second quarter 2009 declined $765,000 or 8.4 percent from a year ago, and were $2.3 million lower for the first six months compared to the same period in 2008, as a result of consolidation of branches and centralization of management by combining markets. Cost reductions were also achieved in backroom areas, with expenditures for data processing, communications, occupancy, and furniture and equipment all declining compared to the prior year. Increasing this quarter were costs related to foreclosed and repossessed asset management activities, which increased by $287,000 compared to the first quarter 2009, as well as higher legal and professional fees related to risk management, credit and collection related activities.
The Company's residential lending group has produced solid, quality mortgage loan growth in 2009. Greater emphasis on residential lending has increased mortgage originations in the first six months of 2009. A total of 320 applications were accepted in the second quarter 2009 for total loans of $71 million, and 703 applications were taken in the first six months for $165 million. Closed mortgage loans totaled $43 million for the quarter, up $5 million from the first quarter 2009. A total of $24 million in residential mortgage loans were sold in the second quarter of 2009. Over the first six months of 2009, a total of $44 million in residential mortgage loans were sold, and $37 million were added to the portfolio.
The Company's retail core deposit focus has produced strong growth in core deposit customer relationships and has resulted in increased balances, which offset planned run-off in certificates of deposit in the second quarter 2009. The improved deposit mix and lower rates paid on interest bearing deposits during the second quarter reduced the overall cost of total deposits to 1.40 percent, 39 basis points lower than in the first quarter 2009.
While total deposits at quarter end June 30, 2009 were lower compared to March 31, 2009, due to normal seasonal decline combined with planned deposit runoff, the mix of deposits improved with average time deposits declining $35.0 million, other lower cost interest bearing NOW and savings deposits increasing $4.4 million or 12.3 percent annualized, and demand deposits increasing $7.3 million or 10.7 percent annualized compared to the first quarter 2009. The average cost of interest bearing core deposits during the second quarter was 0.71 percent, down 39 basis points from the first quarter. Certificates of deposits rates paid were also lower compared to the first quarter and totaled 2.80 percent during the second quarter, a decline of 45 basis points. The average cost of total interest bearing liabilities was down 40 basis points compared to the first quarter at 1.65 percent.
Average deposits totaled $1.8 billion for the second quarter 2009, $37 million less than in the first quarter 2009, due to lower average customer balances as the result of normal seasonal declines and a planned reduction of brokered deposits of $36 million. Total average sweep repurchase agreements declined during the quarter, as a result of normal seasonal funding trends for the Company's public deposit customers. Compared to the prior year, end of period customer sweep repurchase agreements were up $15 million. Total deposits at June 30, 2009 declined $134 million compared to the prior year as a result of deposit declines of $144 million in the Company's central Florida region caused by slower economic growth. Average noninterest bearing deposits totaled $281.7 million for the second quarter 2009, up $7.4 million or 10.8 percent annualized compared to the first quarter 2009. In addition, core interest bearing deposits totaled $808 million, slightly lower compared to the first quarter as seasonal declines were offset by the successful retail core deposit strategy implemented last year. As previously reported, the Company has experienced strong growth in core deposit customer relationships since implementing the new strategy. A total of 7,072 new households have added 8,928 new personal checking accounts over the last twelve months. These new relationships have improved market share and increased average services per household. In addition, the new relationships have increased their balances at account opening during the first six months by 36 percent to an average of $24,850.
Seacoast will host a conference call on July 28, 2009 at 10:00 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: 9071890; leader: Dennis S. Hudson, III). 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 July 28, 2009, by dialing (877) 213-9653 (domestic), using the passcode 9071890. Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast's website at www.seacoastbanking.net. The link is located in the subsection "Presentations" under the heading "Investor Services". Beginning the afternoon of July 28, 2009, an archived version of the webcast can be accessed from this same subsection of the website, and will be 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," "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, 2008 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 Six Months Ended
June 30, June 30,
(Dollars in thousands, -------- --------
except per share data) 2009 2008 2009 2008
------------------------- ---- ---- ---- ----
Summary of Earnings
Net income (loss) $(13,187) $(21,316) $(17,497) $(19,553)
Net income (loss)
available to common
shareholders (14,124) (21,316) (19,821) (19,553)
Net interest income (1) 18,987 20,234 37,228 40,796
Performance Ratios
Return on average assets-
GAAP basis (2), (3) (2.34)% (3.65)% (1.54)% (1.67)%
Return on average tangible
assets (2), (3), (4) (2.33) (3.70) (1.54) (1.68)
Return on average
shareholders' equity-
GAAP basis (2), (3) (25.07) (39.79) (16.77) (18.22)
Net interest margin
(1), (2) 3.65 3.69 3.54 3.71
Per Share Data
Net income (loss) diluted-
GAAP basis $(0.74) $(1.12) $(1.04) $(1.03)
Net income (loss) basic-
GAAP basis (0.74) (1.12) (1.04) (1.03)
Cash dividends declared 0 0.16 0.01 0.32
----------------------- --- ---- ---- ----
June 30,
-------- Increase/
2009 2008 (Decrease)
---- ---- ---------------
Credit Analysis
Net charge-offs year-
to-date $23,649 $37,942 (37.7)%
Net charge-offs to average
loans 5.75% 4.07% 41.3
Loan loss provision year-
to-date $37,879 $47,737 (20.6)
Allowance to loans at
end of period 2.75% 1.75% 57.1
Nonperforming loans $126,758 76,224 66.3
Other real estate owned 23,259 4,547 411.6
------ -----
Total nonperforming assets $150,017 $80,771 85.7
-------- -------
Restructured loans
(accruing) $14,789 $11 n/m
Nonperforming assets to
loans and other real estate
owned at end of period 9.33% 4.45% 109.7
Nonperforming assets to
total assets 6.86 3.52 95.5
Selected Financial Data
Total assets $2,186,548 $2,296,999 (4.8)
Securities - Available for
sale (at fair value) 337,746 255,798 32.0
Securities - Held for
investment (at amortized
cost) 22,299 29,913 (25.5)
Net loans 1,540,722 1,777,090 (13.3)
Deposits 1,756,422 1,890,401 (7.1)
Total shareholders'
equity 198,368 190,182 4.3
Common shareholders' equity 153,956 190,182 (19.0)
Book value per share common 8.03 9.90 (18.8)
Tangible book value per
share 7.50 6.97 7.6
Tangible common book
value per share (5) 5.19 6.97 (25.6)
Average shareholders'
equity
to average assets 9.40% 9.17% 2.6
Tangible common equity to
tangible assets (5), (6) 4.66 6.00 (22.3)
Average Balances (Year-to-
Date)
Total assets $2,285,808 $2,353,639 (2.9)
Less: Intangible assets 54,874 56,133 (2.2)
------ ------
Total average tangible
assets $2,230,934 $2,297,506 (2.9)
---------- ----------
Total equity $214,782 $215,865 (0.5)
Less: Intangible assets 54,874 56,133 (2.2)
------ ------
Total average tangible
equity $159,908 $159,732 0.1
-------- --------
(1) Calculated on a fully taxable equivalent basis using amortized
cost.
(2) These ratios are stated on an annualized basis and are not
necessarily indicative of future periods.
(3) The calculation of ROA and ROE do not include the mark-to-
market unrealized gains (losses) because the unrealized
gains (losses) are not included in net income (loss).
(4) The Company believes that return on average assets and equity
excluding the impacts of noncash amortization expense on
intangible assets is a better measurement of the Company's trend
in earnings growth.
(5) The Company defines tangible common equity as total
shareholders equity less preferred stock and intangible assets
(6) The ratio of tangible common equity to tangible assets is a non-
GAAP ratio used by the investment community to measure capital
adequacy
n/m = not meaningful
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
----------------------------------------------------------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Three Months Ended Six Months Ended
June 30, June 30,
(Dollars in thousands, -------- --------
except per share data) 2009 2008 2009 2008
------------------ ---- ---- ---- ----
Interest on
securities:
Taxable $4,299 $3,531 $8,219 $7,117
Nontaxable 76 90 160 180
Interest and fees on
loans 21,638 28,197 44,798 59,379
Interest on federal
funds sold and other
investments 109 455 257 752
--- --- --- ---
Total Interest Income 26,122 32,273 53,434 67,428
Interest on deposits 1,422 4,278 3,651 10,083
Interest on time
certificates 4,772 6,356 10,530 13,129
Interest on borrowed
money 1,008 1,477 2,159 3,569
----- ----- ----- -----
Total Interest
Expense 7,202 12,111 16,340 26,781
----- ------ ------ ------
Net Interest Income 18,920 20,162 37,094 40,647
Provision for loan
losses 26,227 42,237 37,879 47,737
------ ------ ------ ------
Net Interest Income
(Loss) After
Provision for Loan
Losses (7,307) (22,075) (785) (7,090)
Noninterest income:
Service
charges on
deposit
accounts 1,562 1,812 3,147 3,662
Trust income 480 591 1,038 1,173
Mortgage banking
fees 488 350 987 718
Brokerage
commissions and
fees 388 515 769 1,198
Marine finance
fees 331 930 676 1,615
Debit card
income 673 648 1,281 1,259
Other deposit
based EFT fees 85 86 179 194
Merchant income 448 667 984 1,402
Other (527) 243 (377) 783
---- --- ---- ---
3,928 5,842 8,684 12,004
Securities gains,
net 1,786 355 1,786 355
----- --- ----- ---
Total
Noninterest
Income 5,714 6,197 10,470 12,359
Noninterest expenses:
Salaries and
wages 6,761 7,428 13,649 15,363
Employee
benefits 1,737 1,714 3,519 3,739
Outsourced
data
processing
costs 1,806 1,983 3,697 3,997
Telephone / data
lines 459 489 943 927
Occupancy 2,057 2,081 4,211 3,924
Furniture and
equipment 678 747 1,329 1,435
Marketing 421 871 909 1,469
Legal and
professional fees 1,603 932 2,995 1,858
FDIC assessments 2,026 392 2,903 451
Amortization of
intangibles 314 314 629 629
Other 2,486 2,289 4,673 4,132
----- ----- ----- -----
Total
Noninterest
Expenses 20,348 19,240 39,457 37,924
Income (Loss)
Before Income
Taxes (21,941) (35,118) (29,772) (32,655)
Provision
(benefit) for
income taxes (8,754) (13,802) (11,825) (13,102)
------ ------- ------- -------
Net Income
(Loss) (13,187) $(21,316) $(17,947) $(19,553)
Preferred Stock
Dividends and
Accretion on
Preferred Stock
Discount 937 0 1,874 0
--- --- ----- ---
Net Income
(Loss)
Available to
Common
Shareholders $(14,124) $(21,316) $(19,821) $(19,553)
Per share common
stock:
Net income
(loss) diluted $(0.74) $(1.12) $(1.04) $(1.03)
Net income (loss)
basic (0.74) (1.12) (1.04) (1.03)
Cash dividends
declared 0.00 0.16 0.01 0.32
Average diluted
shares outstanding 19,088,759 18,986,163 19,079,151 18,957,269
Average basic shares
outstanding 19,088,759 18,986,163 19,079,151 18,957,269
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
-------------------------------------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
June 30, December 31, June 30,
(Dollars in thousands) 2009 2008 2008
---------------------- ---- ---- ----
Assets
Cash and due from
banks $32,020 $46,002 $45,495
Federal funds sold 0 4,605 24,792
Interest bearing
deposits with other
banks 43,632 100,585 0
------ ------- ---
Total Cash and
Cash Equivalents 75,652 151,192 70,287
Securities:
Available for sale
(at fair value) 337,746 318,030 255,798
Held for
investment (at
amortized cost) 22,299 27,871 29,913
------ ------ ------
Total Securities 360,045 345,901 285,711
Loans available for
sale 16,454 2,165 3,643
Loans, net of
unearned income 1,584,340 1,676,728 1,808,787
Less: Allowance for
loan losses (43,618) (29,388) (31,697)
------- ------- -------
Net Loans 1,540,722 1,647,340 1,777,090
Bank premises and
equipment, net 42,879 44,122 42,888
Other real estate
owned 23,259 5,035 4,547
Goodwill and other
intangible assets 54,564 55,193 55,823
Other assets 72,973 63,488 57,010
------ ------ ------
$2,186,548 $2,314,436 $2,296,999
---------- ---------- ----------
Liabilities and
Shareholders' Equity
Liabilities
Deposits
Demand deposits
(noninterest
bearing) $284,326 $275,262 $313,577
Savings deposits 780,386 802,201 938,645
Other time
deposits 328,937 326,473 354,268
Brokered time
certificates 64,244 100,463 0
Time certificates
of $100,000
or more 298,529 306,042 283,911
------- ------- -------
Total Deposits 1,756,422 1,810,441 1,890,401
Federal funds
purchased and
securities sold
under agreements to
repurchase,
maturing within 30 days 101,849 157,496 86,830
Borrowed funds 65,172 65,302 65,083
Subordinated debt 53,610 53,610 53,610
Other liabilities 11,127 11,586 10,893
------ ------ ------
1,988,180 2,098,435 2,106,817
Shareholders' Equity
Preferred stock 44,412 43,787 0
Common stock 1,917 1,928 1,928
Additional paid in
capital 99,804 99,788 92,120
Retained earnings 51,127 70,278 96,741
Treasury stock (1,458) (1,839) (964)
------ ------ ----
195,802 213,942 189,825
Accumulated other
comprehensive
gain, net 2,566 2,059 357
----- ----- ---
Total Shareholders'
Equity 198,368 216,001 190,182
------- ------- -------
$2,186,548 $2,314,436 $2,296,999
---------- ---------- ----------
Common Shares
Outstanding 19,170,788 19,171,779 19,219,113
Note: The balance sheet at December 31, 2008 has been derived from the
audited financial statements at that date.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
--------------------------------------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Dollars in Quarters
thousands, 2009 2008
except per ---- ---- Last 12
share data) Second First Fourth Third Months
------------ ------ ------ ------ ----- -------
Net income (loss) $(13,187) $(4,760) $(22,596) $(3,448) $(43,991)
Operating Ratios
Return on
average
assets -GAAP
basis (2),(3) (2.34)% ( 0.83)% (3.99)% (0.60)% (1.93)%
Return on
average
tangible
assets (2),
(3), (4) (2.33) (0.82) (4.05) (0.58) (1.94)
Return on
average
shareholders'
equity-GAAP
basis (2),(3) (25.07) (8.83) (45.92) (7.13) (21.53)
Net interest
margin
(1),(2) 3.65 3.44 3.32 3.57 3.55
Average
equity to
average
assets 9.34 9.45 8.68 8.43 8.97
Credit Analysis
Net charge-
offs $15,109 $8,540 $33,916 $9,290 $66,855
Net charge-
offs to
average loans 3.71% 2.07% 7.76% 2.06% 3.91%
Loan loss
provision $26,227 $11,652 $30,656 $10,241 $78,776
Allowance to
loans at end
of period 2.75% 1.99% 1.75% 1.87%
Restructured
loans
(accruing) $14,789 $3,309 $12,616 $10
Nonperforming
loans $126,758 $109,381 $86,970 $75,793
Other real
estate owned 23,259 12,684 5,035 4,551
------ ------ ----- -----
Nonperforming
assets $150,017 $122,065 $92,005 $80,344
-------- -------- ------- -------
Nonperforming
assets to loans
and other
real estate
owned at end
of period 9.33% 7.42% 5.47% 4.60%
Nonperforming
assets to
total assets 6.86 5.29 3.97 3.61
Nonaccrual
loans and
accruing
loans 90 days
or more past
due to loans
outstanding
at end of
period 8.09 6.97 5.30 4.42
Per Share
Common Stock
Net income
(loss)
diluted-GAAP
basis $(0.74) (0.30) $(1.19) $(0.18) $(2.41)
Net income
(loss)
basic-GAAP
basis (0.74) (0.30) (1.19) (0.18) (2.41)
Cash dividends
declared 0.00 0.01 0.01 0.01 0.03
Book value per
share 8.03 8.86 8.98 9.59
Average Balances
Total assets $2,258,792 $2,313,125 $2,255,036 $2,282,821
Less: Intangible
assets 54,717 55,033 55,346 55,662
------ ------ ------ ------
Total average
tangible assets $2,204,075 $2,258,092 $2,199,690 $2,227,159
---------- ---------- ---------- ----------
Total equity $210,997 $218,609 $195,770 $192,469
Less: Intangible
assets 54,717 55,033 55,346 54,662
------ ------ ------ ------
Total average
tangible equity $156,280 $163,576 $140,424 $136,807
-------- -------- -------- --------
(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) on available for sale securities 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 operating
earnings growth.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
--------------------------------------------------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
June 30, December 31, June 30,
SECURITIES 2009 2008 2008
----------- ---- ---- ----
U.S. Treasury and U.S. Government
Agencies $1,103 $22,380 $22,452
Mortgage-backed 331,337 290,423 227,977
Obligations of states and political
subdivisions 2,033 2,070 2,033
Other securities 3,273 3,157 3,336
----- ----- -----
Securities - Available for Sale 337,746 318,030 255,798
------- ------- -------
Mortgage-backed 17,570 22,248 23,772
Obligations of states and political
subdivisions 4,729 5,623 6,141
----- ----- -----
Securities - Held for Investment 22,299 27,871 29,913
------ ------ ------
Total Securities $360,045 $345,901 $285,711
-------- -------- --------
June 30, December 31, June 30,
LOANS 2009 2008 2009
----- ---- ---- ----
Construction and land development $307,708 $395,243 $540,283
Real estate mortgage 1,135,311 1,125,465 1,097,232
Installment loans to individuals 69,165 72,908 76,098
Commercial and financial 71,836 82,765 94,812
Other loans 320 347 362
--- --- ---
Total Loans $1,584,340 $1,676,728 $1,808,787
---------- ---------- ----------
AVERAGE BALANCES, YIELDS AND RATES (1) (Unaudited)
---------------------------------------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2009 2008
---- ----
Second Quarter First Quarter Second Quarter
-------------- ------------- --------------
(Dollars in Average Yield/ Average Yield/ Average Yield/
thousands) Balance Rate Balance Rate Balance Rate
----------- ------- ---- ------- ---- ------- ----
Assets
Earning
assets:
Securities:
Taxable $356,582 4.82% $351,286 4.46% $280,623 5.03%
Nontaxable 7,048 6.53 7,646 6.59 8,164 6.57
----- ---- ----- ---- ----- ----
Total
Securities 363,630 4.86 358,932 4.51 288,787 5.08
Federal
funds
sold and
other
investments 92,160 0.47 121,633 0.49 64,558 2.83
Loans, net 1,631,715 5.33 1,670,353 5.63 1,854,015 6.12
--------- ---- --------- ---- --------- ----
Total
Earning
Assets 2,087,505 5.03 2,150,918 5.16 2,207,360 5.89
Allowance for
loan losses (31,445) (31,392) (22,992)
Cash and due
from banks 32,545 33,665 46,057
Premises and
equipment 43,380 44,128 42,885
Other assets 126,807 115,806 76,439
------- ------- ------
$2,258,792 $2,313,125 $2,349,749
---------- ---------- ----------
Liabilities and
Shareholders'
Equity
Interest-bearing
liabilities:
NOW $53,723 0.55% $53,373 0.57% $70,135 1.47%
Savings
deposits 103,778 0.43 99,712 0.56 106,277 0.72
Money market
accounts 650,911 0.76 664,946 1.23 788,389 1.95
Time
deposits 682,970 2.80 718,008 3.25 641,092 3.99
Federal funds
purchased
and other
short-term
borrowings 136,786 0.33 154,185 0.49 90,136 1.47
Other
borrowings 118,832 3.02 118,894 3.28 118,816 3.89
------- ---- ------- ---- ------- ----
Total Interest-
Bearing
Liabilities 1,747,000 1.65 1,809,118 2.05 1,814,845 2.68
Demand deposits
(noninterest-
bearing) 281,736 274,363 316,614
Other
liabilities 19,059 11,035 2,842
------ ------ -----
Total
Liabilities 2,047,795 2,094,516 2,134,301
Shareholders'
equity 210,997 218,609 215,448
------- ------- -------
$2,258,792 $2,313,125 $2,349,749
---------- ---------- ----------
Interest
expense as
a % of
earning
assets 1.38% 1.72% 2.21%
Net interest
income as a
% of earning
assets 3.65 3.44 3.69
(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)
(Unaudited)
----------------------------------------------------------------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2008
Construction and land ----
development 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
--------------------- ------- ------- ------- -------
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
====== ====== ====== ======
2009 Nonperforming
Construction and land ---- -------------
development 1st Qtr 2nd Qtr 2nd Qtr Number
--------------------- ------- ------- ------- ------
Residential:
Condominiums >$4 million $8.4 $7.9 $7.9 1
<$4 million 7.9 8.8 5.2 3
Town homes >$4 million - - - -
<$4 million 4.2 2.3 2.3 1
Single Family
Residences >$4 million 6.6 6.5 - -
<$4 million 13.9 10.3 5.0 10
Single Family
Land & Lots >$4 million 21.8 21.8 21.8 3
<$4 million 29.6 21.5 9.2 19
Multifamily >$4 million 7.8 7.8 7.8 1
<$4 million 17.0 9.8 4.4 5
---- --- --- --
TOTAL >$4 million 44.6 44.0 37.5 5
TOTAL <$4 million 72.6 52.7 26.1 38
---- ---- ---- --
GRAND TOTAL $117.2 $96.7 $63.6 43
====== ===== ===== ==
QUARTERLY TRENDS - LOANS AT END OF PERIOD (Dollars in Millions)
(Unaudited)
---------------------------------------------------------------
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
======== ======== ======== ======== ========
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
======== ======== ======== ========
2009
----
1st Qtr 2nd Qtr
------- -------
Construction and land
development
Residential
Condominiums $16.3 $16.8
Townhomes 4.2 2.3
Single family
residences 20.5 16.7
Single family land
and lots 51.4 43.3
Multifamily 24.8 17.6
---- ----
117.2 96.7
Commercial
Office buildings 17.4 13.8
Retail trade 70.0 55.9
Land 60.9 51.2
Industrial 9.0 8.5
Healthcare 5.7 6.0
Churches and educational
facilities - -
Lodging 0.6 -
Convenience stores - -
Marina 31.6 30.0
Other 6.2 1.4
--- ---
201.4 166.8
Individuals
Lot loans 34.0 32.4
Construction 16.2 11.8
---- ----
50.2 44.2
---- ----
Total construction and
land development 368.8 307.7
Real estate mortgages
Residential real estate
Adjustable 333.1 328.0
Fixed rate 90.8 90.6
Home equity mortgages 85.5 83.8
Home equity lines 60.3 60.1
---- ----
569.7 562.5
Commercial real estate
Office buildings 140.6 141.6
Retail trade 109.1 120.0
Land - -
Industrial 95.3 93.0
Healthcare 28.3 30.9
Churches and educational
facilities 34.8 34.6
Recreation 1.7 1.4
Multifamily 27.2 31.7
Mobile home parks 3.0 5.6
Lodging 26.3 26.3
Restaurant 6.1 5.1
Agricultural 8.2 11.8
Convenience stores 23.3 23.2
Other 43.0 47.6
---- ----
546.9 572.8
----- -----
Total real estate
mortgages 1,116.6 1,135.3
Commercial & financial 75.5 71.8
Installment loans to individuals
Automobile and trucks 19.4 18.0
Marine loans 26.3 26.9
Other 25.7 24.3
---- ----
71.4 69.2
Other 0.3 0.3
--- ---
$1,632.6 $1,584.3
======== ========
QUARTERLY TRENDS - INCREASE (DECREASE) IN LOANS BY QUARTER
(Dollars in Millions) (Unaudited)
-----------------------------------------------------------
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
===== ===== ===== ====
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)
====== ====== ====== ======
2009
----
1st Qtr 2nd Qtr
------- -------
Construction and land
development
Residential
Condominiums $(1.1) $0.5
Townhomes (1.9) (1.9)
Single family
residences (6.3) (3.8)
Single family land
and lots (1.4) (8.1)
Multifamily (2.0) (7.2)
---- ----
(12.7) (20.5)
Commercial
Office buildings 0.1 (3.6)
Retail trade 1.3 (14.1)
Land (12.4) (9.7)
Industrial (4.3) (0.5)
Healthcare 5.7 0.3
Churches and educational
facilities - -
Lodging 0.6 (0.6)
Convenience stores - -
Marina 0.9 (1.6)
Other 0.2 (4.8)
--- ----
(7.9) (34.6)
Individuals
Lot loans (1.7) (1.6)
Construction (4.1) (4.4)
---- ----
(5.8) (6.0)
---- ----
Total construction and
land development (26.4) (61.1)
Real estate mortgages
Residential real estate
Adjustable 4.1 (5.1)
Fixed rate (4.7) (0.2)
Home equity mortgages 0.7 (1.7)
Home equity lines 1.8 (0.2)
--- ----
1.9 (7.2)
Commercial real estate
Office buildings (5.8) 1.0
Retail trade (2.8) 10.9
Land - -
Industrial 0.6 (2.3)
Healthcare (0.9) 2.6
Churches and educational
facilities (0.4) (0.2)
Recreation - (0.3)
Multifamily - 4.5
Mobile home parks - 2.6
Lodging (0.3) -
Restaurant (0.1) (1.0)
Agricultural (0.3) 3.6
Convenience stores (0.2) (0.1)
Other (0.6) 4.6
---- ---
(10.8) 25.9
----- ----
Total real estate
mortgages (8.9) 18.7
Commercial & financial (7.3) (3.7)
Installment loans to individuals
Automobile and trucks (1.4) (1.4)
Marine loans 0.3 0.6
Other (0.4) (1.4)
---- ----
(1.5) (2.2)
Other - -
- -
$(44.1) $(48.3)
====== ======
