EXHIBIT 99.1

To Form 8-K dated January 29, 2014

 

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 FOR FOURTH QUARTER AND YEAR 2013

 

·

Net income for the year totaled $52.0 million, including income tax benefit of $40.4 million from reversal of deferred tax asset allowance

·

Pretax income was $3.1 million for the quarter compared to $240,000 in 2012 and $3.5 million in the prior quarter

·

Loan originations up 18.8 percent for the year and totaled $563 million

 

STUART, FL., January 29, 2014 – Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF), today reported fourth quarter 2013 net income of $1,850,000 compared to $240,000 for the same quarter last year. Net income available to common shareholders for the quarter totaled $588,000 or $0.03 per diluted common share, compared with a net loss of $(697,000) or $(0.04) per diluted common share for 2012. Net income available to common shareholders for the year totaled $47.9 million or $2.44 per diluted common share, compared with a net loss of $(4.5) million or $(0.24) per diluted common share for 2012.

 

 

Pretax earnings for the quarter and the year were substantially improved over the prior year due to our ongoing investments in loan production personnel, digital technologies and the effects of asset quality improvements and expense management. During 2013 we reduced our total noninterest expense structure by $7.4 million or 9.0 percent while also absorbing increases in core operating expenses totaling approximately $3.7 million related to new investments including (5) new Accelerate business offices in Ft. Lauderdale, Boca Raton and Orlando as well as costs associated with faster customer adoption of our digital product offerings. Revenue growth continued to improve throughout the year as our new investments began to produce results and our legacy franchise experienced continued organic growth.

 

When compared with the prior quarter, pretax earnings fell 11 percent due to the recovery of interest income from a nonaccrual loan which was recovered and disclosed in the prior quarter, lower mortgage banking fees, additional investments in production personnel and year end incentive adjustments related to higher than expected production for 2013. Additional cost reductions totaling approximately $1.2 million are being implemented in first quarter 2014 and include expenses related to slower growth expected for mortgage production in 2014.

 

The Company’s $50 million in outstanding Series A Preferred Stock was redeemed in full at year end which will increase net income available to common shareholders in 2014 and beyond. During the fourth quarter the Company also successfully raised $75 million in common equity. “These actions taken together with last quarter’s recapture of our deferred tax asset strengthened capital levels, improved the quality of our capital structure and were key objectives accomplished to support our strategic growth objectives going forward,” said Dennis S. Hudson, III, Chief Executive Officer.

 

 

Revenue initiatives continue to produce results

 

·

Noninterest income (excluding securities gains) increased by 13.4 percent for the year and 6.4 percent for the quarter in spite of lower mortgage banking fees

·

Ending net loan balances up 6.4 percent compared to a year ago

·

Noninterest income to total revenue at year end increased to 27.2 percent compared to 24.9 percent a year ago

 

Expense reduction objectives for 2013 were accomplished while providing significant investments in growth initiatives

 

·

Total noninterest expenses down $7.4 million or 9.0 percent

·

Total core expenses down $2.7 million or 3.5 percent

·

New investment spend (core operating expenses) totaled approximately $3.7 million for the year primarily related to revenue related personnel and build out of our digital product suite

 

Investments in loan production personnel producing results

 

·

Loan production for the year totaled $563 million, up 18.8 percent compared to 2012

·

Much stronger commercial production of $200 million for the year, up 80 percent or $89 million compared to 2012

·

Residential loan production grew at a slower pace compared to 2012 and totaled $251 million for the year

 

 

We will continue to refine and expand our investments in our existing growth initiatives while we implement other initiatives to support continued earnings growth in 2014 and beyond.

 

Over the last several years, our focused tactical initiatives have produced strong organic core customer deposit account growth and increased core customer funding. Transaction accounts (demand deposits and NOW accounts) surpassed $1 billion for the first time ever this quarter. Core customer funding totaled $1.7 billion at December 31, 2013, up $101.4 million from last year’s fourth quarter and up 21.1 percent since the fourth quarter 2011. In addition, deposit mix continued to improve with noninterest bearing deposits nearly 26 percent of total deposits at year end 2013 and transaction accounts increasing to over 55 percent of deposits.

 

(Dollars in thousands)		Fourth Quarter 2013				Fourth Quarter 2012				Fourth Quarter 2011				2013 vs 2012 Change				2013 vs 2011 Change
Customer Relationship Funding
Demand deposits (noninterest bearing)		$	464,006			$	422,833			$	328,356				9.7	%			41.3	%
NOW			540,288				509,371				469,631				6.1				15.0
Money market accounts			331,184				343,915				319,152				(3.7	)			3.8
Savings deposits			192,491				164,956				133,578				16.7				44.1
Time certificates of deposit			278,076				317,886				468,024				(12.5	)			(40.6	)
Total deposits			1,806,045				1,758,961				1,718,741				2.7				5.1
Sweep repurchase agreements			151,310				136,803				136,252				10.6				11.1
Total core customer funding (1)			1,679,279				1,577,878				1,386,969				6.4				21.1
Demand deposit mix (noninterest bearing)			25.7	%			24.0	%			19.1	%

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

 

 

Additional growth highlights for fourth quarter 2013:

 

·

Interchange fees and service charges on deposit accounts grew by 20.5 percent and 6.0 percent, respectively, compared to last year’s fourth quarter;

·

Wealth management fees totaled $1.2 million for the fourth quarter, up $270,000 or 30.5 percent compared to a year ago;

·

Net interest income totaled $16.3 million compared to $16.2 million a year ago and was lower than the linked quarter as a result of a $505,000 recovery of interest income related to nonaccrual loans in the third quarter 2013; and

·

While annual mortgage banking fees increased in 2013 by $463,000 or 12.5 percent compared to a year ago, mortgage fees were $302,000 lower compared to one year earlier and $347,000 lower compared to the prior quarter, as a result of higher interest rates.

 

The following details noninterest income for the fourth quarter ended December 31, 2013 compared to the last four quarters:

 

(Dollars in thousands)		Fourth Quarter 2013				Third Quarter 2013				Second Quarter 2013				First Quarter 2013				Fourth Quarter 2012
Service charges on deposit accounts		$	1,778			$	1,741			$	1,641			$	1,551			$	1,677
Trust income			693				667				675				676				592
Mortgage banking fees			728				1,075				1,256				1,114				1,030
Brokerage commissions and fees			461				383				362				425				292
Marine finance fees			215				283				419				272				258
Interchange income			1,394				1,358				1,388				1,264				1,157
Other deposit based EFT fees			80				77				87				98				83
Other			617				503				507				531				520
Total			5,966				6,087				6,335				5,931				5,609
Loss on sale of commercial loan held for sale			0				0				0				0				(1,238	)
Securities gains, net			0				280				114				25				582
		$	5,966			$	6,367			$	6,449			$	5,956			$	4,953

 

 

Credit Quality Improves to Pre-Crisis Levels

 

·

Net charge-offs totaled 0.26 percent of average loans for fourth quarter, compared to 0.69 percent a year ago;

·

Annual net charge-offs to average loans of 0.41 percent for 2013 was down 75 basis points compared to 2012;

·

Net loss on other real estate owned and repossessed assets at December 31, 2013 declined $2.2 million from December 31, 2012 as other real estate owned was reduced by $5.0 million or 42.3 percent from 2012;

·

Restructured loans reduced to $25.1 million, down $16.8 million compared to a year ago;

·

Nonperforming loans totaled 2.12 percent of loans, compared with 2.27 percent last quarter and 3.34 percent one year ago; and

·

Nonperforming assets to total assets declined to 1.52 percent, compared to 2.43 percent a year ago.

 

 

(Dollars in thousands )		Fourth Quarter 2013				Third Quarter 2013				Second Quarter 2013				First Quarter 2013				Fourth Quarter 2012
Net charge-offs (recoveries)		$	838			$	842			$	2,027			$	1,517			$	2,151
Net charge-offs (recoveries) to average loans			0.26	%			0.26	%			0.64	%			0.49	%			0.69	%
Loan loss provision		$	490			$	1,180			$	565			$	953			$	1,136
Allowance to loans at end of period			1.54	%			1.62	%			1.59	%			1.76	%			1.80	%
Restructured loans (accruing)		$	25,137			$	25,509			$	29,612			$	41,170			$	41,946
Nonperforming loans		$	27,672			$	28,724			$	33,266			$	35,208			$	40,955
Other real estate owned			6,860				5,589				10,063				10,850				11,887
Nonperforming assets		$	34,532			$	34,313			$	43,329			$	46,058			$	52,842
Nonperforming loans to loans outstanding at end of period			2.12	%			2.27	%			2.63	%			2.88	%			3.34	%
Nonperforming assets to total assets			1.52				1.60				1.98				2.09				2.43

 

Noninterest Expenses

 

Total noninterest expenses fell by $1.1 million or 5.8 percent for the fourth 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. Core operating expenses for the quarter were reduced by $311,000 or 1.6 percent compared with the prior year and were down $2.7 million or 3.5 percent annually compared to 2012. One time expenses for employee incentives of $203,000 unfavorably impacted core operating expenses.

 

 

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

 

(Dollars in thousands)		Fourth Quarter  2013				Third Quarter  2013				Second Quarter  2013				First Quarter  2013				Fourth Quarter 2012
Noninterest Expense:
Salaries and wages		$	8,077			$	7,533			$	7,892			$	7,437			$	7,258
Employee benefits			1,568				1,713				1,823				2,223				1,860
Outsourced data processing costs			1,586				1,657				1,631				1,498				1,904
Telephone / data lines			325				318				325				285				293
Occupancy expense			1,824				1,824				1,775				1,755				1,896
Furniture and equipment expense			597				605				571				561				585
Marketing expense			749				456				685				449				707
Legal and professional fees			839				874				949				796				1,114
FDIC assessments			451				713				720				717				697
Amortization of intangibles			196				195				197				195				195
Other			2,414				2,203				2,512				2,153				2,428
Total Core Operating Expense			18,626				18,091				19,080				18,069				18,937
Severance and organizational changes			0				24				10				33				84
Branch consolidation			0				0				0				0				407
Miscellaneous Losses			190				0				0				0				0
Recovery of prior legal fees			(350	)			0				(650	)			0				0
Net loss on OREO and repossessed assets			0				229				493				567				157
Asset dispositions expense			180				159				111				290				200
Total		$	18,646			$	18,503			$	19,044			$	18,959			$	19,785

 

 

Investments in new channels and digital technology

 

Over the past year, we redeployed a portion of our overhead savings to build out new delivery channels. We also added loan production personnel and implemented and promoted new digital products while simultaneously reducing overall operating expenses. During 2013 we incurred substantial core operating expenses associated with investment in our new Accelerate business banking channel. Through the implementation of five Accelerate locations, we continued to focus on reaching our customers in unique ways, creating a path to achieve higher customer satisfaction. The Accelerate model focuses on providing our customers with talented, results oriented staff, specializing in the small business market segment. From their tenure and market experience, our bankers are familiar with the multitude of challenges our small business customers face in their lives. This strategy allows Seacoast to build customer relationships with depth that surpasses traditional commercial lending, and opens opportunities into other areas in which we provide services. Annual salaries and benefits added to our lending and credit support teams (including the Accelerate business channel) during 2013 and each of the past two years are presented in the table below:

 

Annual Salaries and Benefits Added to Lending and Credit Support Teams

 

						Year-end
(Dollars in thousands)		2013				2012				2011				Total
Loan production and support personnel:
Commercial		$	2,254			$	2,065			$	527
Residential			487				396				248
		$	2,741			$	2,461			$	775			$	5,977

 

As indicated in the table below, total commercial loan originations for the fourth quarter totaled nearly $60 million as a result of the investments in the Accelerate business channel and other revenue producing personnel. 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 final quarter of 2012. These costs are included in core operating expenses, are significant, and are considered investments that impact our efficiency in the short run.

 

 

(Dollars in thousands)		Fourth Quarter 2013				Third Quarter 2013				Second Quarter 2013				First Quarter 2013				Fourth Quarter 2012
Commercial pipeline		$	27,830			$	54,600			$	46,850			$	63,842			$	26,809
Commercial loans closed		$	59,775				32,988				68,388				36,973				49,190
Total loan originations and pipeline		$	87,605			$	87,588			$	115,238			$	100,815			$	75,999
Salaries and benefits, lenders and support personnel < six months		$	440			$	553			$	585			$	538			$	345
Total revenues, excluding securities gains and loss on sale of commercial loan		$	22,243			$	22,902			$	22,449			$	21,931			$	21,817

 

Our successful customer growth strategy has included investments in digital delivery and products we believe have contributed to increasing core customer funding. As of December 31, 2013, nearly 43 percent of our online customers have adopted our mobile product offerings. Our mobile users grew by over 90 percent during 2013. We are concentrating on building a more integrated distribution system which will allow us to reduce our fixed costs as we further invest in technology designed to better serve our customers.

 

The Company’s tier 1 capital ratio was 15.6 percent and the total risk based capital ratio was 16.9 percent at December 31, 2013. The tier 1 leverage ratio was 9.6 percent at December 31, 2013, reflecting the reversal of the deferred tax valuation allowance in the prior quarter and the sale of $50 million of common equity this quarter. The Company closed on the sale of an additional $25 million in common equity in January 2014 which further strengthens our capital ratios.

 

Seacoast will host a conference call on Thursday, January 30, 2014 at 10:00 a.m. (Eastern Time) to discuss the earnings results and business trends.  Investors may call in (toll-free) by dialing (888) 517-2458 (passcode: 7789246; host: Dennis S. Hudson).  Charts will be used during the conference call and may be accessed at Seacoast’s website at SeacoastBanking.net by selecting “Presentations” under the heading “Investor Services”.  A replay of the call will be available for one month, beginning the afternoon of January 30, by dialing (888) 843-7419 (domestic), using the passcode 7789246.

 

 

Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast’s website at SeacoastBanking.net.  The link is located in the subsection “Presentations” under the heading “Investor Services”.  Beginning the afternoon of January 30, an archived version of the webcast can be accessed from this same subsection of the website.  The archived webcast will be available for one year.

 

Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida with approximately $2.3 billion in assets and $1.8 billion in deposits as of December 31, 2013.  The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through 34 traditional branches of its locally-branded wholly-owned subsidiary bank, Seacoast National Bank, and five Accelerate offices fueled by the power of Seacoast National Bank.  Offices stretch from Broward County north through the Treasure Coast and into Orlando, and west to Okeechobee and surrounding counties.

 

 

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.

 

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.

 

 

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

 

(Dollars in thousands, except share data)		Three Months Ended												Twelve Months Ended
		December 31,				September 30,				December 31,				December 31,				December 31,
		2013				2013				2012				2013				2012
Summary of Earnings
Net income (loss)		$	1,850			$	45,141			$	240			$	51,989			$	(710	)
Net income available to common shareholders (loss)			588				44,204				(697	)			47,916				(4,458	)
Net interest income  (1)			16,336				16,872				16,254				65,435				64,990
Net interest margin  (1), (2)			3.08				3.25				3.22				3.13				3.22
Performance Ratios
Return on average assets-GAAP basis (2), (3), (5)			0.33	%			8.32	%			0.05	%			2.38	%			(0.03	)%
Return on average shareholders' equity-GAAP basis (2), (3), (5)			3.10				106.55				0.58				28.36				(0.01	)
Return on average tangible common shareholders' equity-GAAP basis (2), (3), (4)			3.32				152.80				0.07				28.81				(0.43	)
Efficiency ratio (6)			81.92				78.05				87.97				80.60				88.89
Noninterest income to total revenue			26.82				26.58				25.71				27.16				24.86
Per Share Data
Net income (loss) diluted-GAAP basis (7)		$	0.03			$	2.31			$	(0.04	)		$	2.44			$	(0.24	)
Net income (loss) basic-GAAP basis (7)			0.03				2.35				(0.04	)			2.46				(0.24	)
Book value per share common (7)			8.40				8.12				6.16				8.40				6.16
Tangible book value per share (7)			8.37				10.69				8.65				8.37				8.65
Tangible common book value per share (4), (7)			8.37				8.07				6.08				8.37				6.08
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 $1,351 for the third quarter 2013 and $4,555 for the total year 2013, adjusted return on average assets for these periods was 0.40 percent and 0.32 percent, respectively, and adjusted return on average shareholders' equity was 5.07 percent and 3.85 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).

(7)

Calculated based on total shares outstanding subsequent to the 5/1 reverse stock split.

 

FINANCIAL  HIGHLIGHTS

SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES

 

		December 31,				September 30,				December 31,
(Dollars in thousands, except share data)		2013				2013				2012
Selected Financial Data
Total assets		$	2,268,940			$	2,149,777			$	2,173,929
Securities available for sale (at fair value)			641,611				650,445				643,050
Securities held for investment (at amortized cost)			0				0				13,818
Net loans			1,284,139				1,242,496				1,203,977
Deposits			1,806,045				1,698,910				1,758,961
Total shareholders' equity			198,604				203,858				165,546
Common shareholders' equity			198,604				154,175				116,800
Average Balances (Year-to-Date)
Total average assets		$	2,186,757			$	2,167,077			$	2,117,075
Less: intangible assets			1,104				1,202				1,889
Total average tangible assets		$	2,185,653			$	2,165,875			$	2,115,186
Total average equity		$	183,304			$	165,226			$	165,381
Less: intangible assets			1,104				1,202				1,889
Total average tangible equity		$	182,200			$	164,024			$	163,492
Credit Analysis
Net charge-offs year-to-date		$	5,224			$	4,386			$	14,257
Net charge-offs to average loans (annualized)			0.41	%			0.46	%			1.16	%
Loan loss provision year-to-date		$	3,188			$	2,698			$	10,796
Allowance to loans at end of period			1.54	%			1.62	%			1.80	%
Nonperforming loans		$	27,672			$	28,724			$	40,955
Other real estate owned			6,860				5,589				11,887
Total nonperforming assets		$	34,532			$	34,313			$	52,842
Restructured loans (accruing)		$	25,137			$	25,509			$	41,946
Nonperforming loans to loans at end of period			2.12	%			2.27	%			3.34	%
Nonperforming assets to total assets			1.52	%			1.60	%			2.43	%

 

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME	(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

 

		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
(Dollars in thousands, except per share data)		2013				2012				2013				2012
Interest on securities:
Taxable		$	3,452			$	3,130			$	12,856			$	13,964
Nontaxable			16				12				68				80
Interest and fees on loans			13,924				14,438				56,971				58,290
Interest on federal funds sold and other investments			224				226				868				953
Total Interest Income			17,616				17,806				70,763				73,287
Interest on deposits			196				275				782				1,522
Interest on time certificates			444				598				1,947				3,969
Interest on borrowed money			699				725				2,828				2,987
Total Interest Expense			1,339				1,598				5,557				8,478
Net Interest Income			16,277				16,208				65,206				64,809
Provision for loan losses			490				1,136				3,188				10,796
Net Interest Income After Provision for Loan Losses			15,787				15,072				62,018				54,013
Noninterest income:
Service charges on deposit accounts			1,778				1,677				6,711				6,245
Trust income			693				592				2,711				2,279
Mortgage banking fees			728				1,030				4,173				3,710
Brokerage commissions and fees			461				292				1,631				1,071
Marine finance fees			215				258				1,189				1,111
Interchange income			1,394				1,157				5,404				4,501
Other deposit based EFT fees			80				83				342				336
Other			617				520				2,158				2,191
			5,966				5,609				24,319				21,444
Change in fair value of loan held for sale			0				(1,238	)			0				(1,238	)
Securities gains, net			0				582				419				7,619
Total Noninterest Income			5,966				4,953				24,738				27,825
Noninterest expenses:
Salaries and wages			8,077				7,342				31,006				29,935
Employee benefits			1,568				1,860				7,327				7,710
Outsourced data processing costs			1,586				1,904				6,372				7,382
Telephone / data lines			325				293				1,253				1,178
Occupancy			1,824				2,241				7,178				8,146
Furniture and equipment			597				647				2,334				2,319
Marketing			749				707				2,339				3,095
Legal and professional fees			489				1,114				2,458				5,241
FDIC assessments			451				697				2,601				2,805
Amortization of intangibles			196				195				783				788
Asset dispositions expense			180				200				740				1,459
Net loss on other real estate owned and repossessed assets			0				157				1,289				3,467
Other			2,604				2,428				9,472				9,023
Total Noninterest Expenses			18,646				19,785				75,152				82,548
Income Before Income Taxes			3,107				240				11,604				(710	)
Income taxes (benefit)			1,257				0				(40,385	)			0
Net Income			1,850				240				51,989				(710	)
Preferred stock dividends and accretion on preferred stock discount			1,262				937				4,073				3,748
Net Income Available to Common Shareholders		$	588			$	(697	)		$	47,916			$	(4,458	)
Per share of common stock:
Net income diluted		$	0.03			$	(0.04	)		$	2.44			$	(0.24	)
Net income basic			0.03				(0.04	)			2.46				(0.24	)
Cash dividends declared			0.00				0.00				0.00				0.00
Average diluted shares outstanding			21,558,079				18,781,986				19,650,005				18,748,757
Average basic shares outstanding			21,386,775				18,781,986				19,449,560				18,748,757

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS	(Unaudited)
SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES

 

		December 31,				December 31,
(Dollars in thousands, except share data)		2013				2012
Assets
Cash and due from banks		$	48,561			$	45,620
Interest bearing deposits with other banks			143,063				129,367
Total Cash and Cash Equivalents			191,624				174,987
Securities:
Available for sale (at fair value)			641,611				643,050
Held for investment (at amortized cost)			0				13,818
Total Securities			641,611				656,868
Loans available for sale			13,832				36,021
Loans, net of deferred costs			1,304,207				1,226,081
Less: Allowance for loan losses			(20,068	)			(22,104	)
Net Loans			1,284,139				1,203,977
Bank premises and equipment, net			34,505				34,465
Other real estate owned			6,860				11,887
Other intangible assets			718				1,501
Other assets			95,651				54,223
		$	2,268,940			$	2,173,929
Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand deposits (noninterest bearing)		$	464,006			$	422,833
NOW			540,288				509,371
Savings deposits			192,491				164,956
Money market accounts			331,184				343,915
Other time certificates			154,743				182,495
Brokered time certificates			9,776				8,203
Time certificates of $100,000 or more			113,557				127,188
Total Deposits			1,806,045				1,758,961
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days			151,310				136,803
Borrowed funds			50,000				50,000
Subordinated debt			53,610				53,610
Other liabilities			9,371				9,009
			2,070,336				2,008,383
Shareholders' Equity
Preferred stock - Series A			0				48,746
Common stock			2,364				1,897
Additional paid in capital			277,290				230,438
Accumulated deficit			(70,695	)			(118,611	)
Treasury stock			(11	)			(62	)
			208,948				162,408
Accumulated other comprehensive gain (loss), net			(10,344	)			3,138
Total Shareholders' Equity			198,604				165,545
		$	2,268,940			$	2,173,928
Common Shares Outstanding			23,637,434				18,967,434

 

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

 

 

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

 

		QUARTERS
		2013																2012
(Dollars in thousands, except per share data)		Fourth				Third				Second				First				Fourth
Net income (loss)		$	1,850			$	45,141			$	2,954			$	2,044			$	240
Operating Ratios
Return on average assets-GAAP basis (2),(3), (5)			0.33	%			8.32	%			0.54	%			0.38	%			0.05	%
Return on average tangible assets (2),(3),(4)			0.35				8.34				0.57				0.41				0.07
Return on average shareholders' equity-GAAP basis (2),(3), (5)			3.10				106.55				7.19				5.09				0.58
Efficiency ratio (6)			81.92				78.05				81.05				81.45				87.97
Noninterest income to total revenue			26.82				26.58				28.22				27.04				25.71
Net interest margin (1),(2)			3.08				3.25				3.12				3.15				3.22
Average equity to average assets			10.55				7.80				7.56				7.50				7.73
Credit Analysis
Net charge-offs (recoveries)		$	838			$	842			$	2,027			$	1,517			$	2,151
Net charge-offs to average loans (recoveries)			0.26	%			0.26	%			0.64	%			0.49	%			0.69	%
Loan loss provision		$	490			$	1,180			$	565			$	953			$	1,136
Allowance to loans at end of period			1.54	%			1.62	%			1.59	%			1.76	%			1.80	%
Restructured loans (accruing)		$	25,137			$	25,509			$	29,612			$	41,170			$	41,946
Nonperforming loans		$	27,672			$	28,724			$	33,266			$	35,208			$	40,955
Other real estate owned			6,860				5,589				10,063				10,850				11,887
Nonperforming assets		$	34,532			$	34,313			$	43,329			$	46,058			$	52,842
Nonperforming loans to loans at end of period			2.12	%			2.27	%			2.63	%			2.88	%			3.34	%
Nonperforming assets to total assets			1.52				1.60				1.98				2.09				2.43
Per Share Common Stock
Net income (loss) diluted-GAAP basis		$	0.03			$	2.31			$	0.11			$	0.06			$	(0.04	)
Net income (loss) basic-GAAP basis			0.03				2.35				0.11				0.06			$	(0.04	)
Cash dividends declared			0.00				0.00				0.00				0.00				0.00
Book value per share common			8.40				8.12				5.89				6.20				6.16
Average Balances
Total average assets		$	2,245,155			$	2,153,830			$	2,178,242			$	2,169,329			$	2,111,986
Less: Intangible assets			813				1,009				1,205				1,395				1,596
Total average tangible assets		$	2,244,342			$	2,152,821			$	2,177,038			$	2,167,934			$	2,110,390
Total average equity		$	236,950			$	168,078			$	164,747			$	162,795			$	163,341
Less: Intangible assets			813				1,009				1,205				1,395				1,596
Total average tangible equity		$	236,137			$	167,069			$	163,541			$	161,400			$	161,745

 

(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)

Excluding the income tax benfit related to the reversal of the valutaion allowance for deferred tax assets and reflecting tax provisioning of $1,351 for the third quarter 2013, adjusted return on average assets and adjusted return on average shareholders' equity for the third quarter was 0.40 percent and 5.07 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).

 

		December 31,				December 31,
SECURITIES		2013				2012
U.S. Treasury and U.S. Government Agencies		$	100			$	1,707
Mortgage-backed			602,568				640,445
Collateralized loan obligations			32,179				0
Obligations of states and political subdivisions			6,764				898
Securities Available for Sale			641,611				643,050
Mortgage-backed			0				5,965
Obligations of states and political subdivisions			0				6,353
Other securities			0				1,500
Securities Held for Investment (1)			0				13,818
Total Securities		$	641,611			$	656,868

 

(1)

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

 

		December 31,				December 31,
LOANS		2013				2012
Construction and land development		$	67,450			$	60,736
Real estate mortgage			1,113,128				1,056,159
Installment loans to individuals			44,713				46,930
Commercial and financial			78,636				61,903
Other loans			280				353
Total Loans		$	1,304,207			$	1,226,081

 

 

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

 

		QUARTER																				Percent Change vs.
		2013																2012				3rd Qtr				4th Qtr
(Dollars in thousands)		Fourth				Third				Second				First				Fourth				2013				2012
Assets
Earning assets:
Securities:
Taxable		$	655,176			$	664,103			$	639,769			$	646,184			$	604,412				(1.3	)%			8.4	%
Nontaxable			1,560				1,560				1,647				1,666				1,670				0.0				(6.6	)
Total Securities			656,736				665,663				641,416				647,850				606,082				(1.3	)			8.4
Federal funds sold and other investments			156,823				113,798				168,740				172,505				162,599				37.8				(3.6	)
Loans,  net			1,293,373				1,278,391				1,269,789				1,247,666				1,241,711				1.2				4.2
Total Earning Assets			2,106,932				2,057,852				2,079,945				2,068,021				2,010,392				2.4				4.8
Allowance for loan losses			(20,817	)			(20,206	)			(21,515	)			(22,018	)			(23,820	)			3.0				(12.6	)
Cash and due from banks			40,836				35,810				34,279				34,706				39,321				14.0				3.9
Premises and equipment			34,750				34,834				35,121				34,516				34,566				(0.2	)			0.5
Other assets			83,454				45,540				50,413				54,104				51,527				83.3				62.0
		$	2,245,155			$	2,153,830			$	2,178,242			$	2,169,329			$	2,111,986				4.2				6.3
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW		$	483,569			$	447,350			$	461,005			$	474,915			$	449,476				8.1	%			7.6	%
Savings deposits			190,558				185,918				180,915				170,502				161,156				2.5				18.2
Money market accounts			332,576				336,229				339,058				341,833				346,089				(1.1	)			(3.9	)
Time deposits			282,543				289,408				302,110				311,945				330,556				(2.4	)			(14.5	)
Federal funds purchased and other short term borrowings			142,999				157,607				159,847				160,600				131,628				(9.3	)			8.6
Other borrowings			103,610				103,610				103,610				103,610				103,610				0.0				0.0
Total Interest-Bearing Liabilities			1,535,855				1,520,122				1,546,545				1,563,405				1,522,515				1.0				0.9
Demand deposits (noninterest-bearing)			462,830				454,642				455,525				433,757				416,482				1.8				11.1
Other liabilities			9,520				10,988				11,426				9,372				9,648				(13.4	)			(1.3	)
Total Liabilities			2,008,205				1,985,750				2,013,496				2,006,534				1,948,645				1.1				3.1
Shareholders' equity			236,950				168,078				164,747				162,795				163,341				41.0				45.1
		$	2,245,155			$	2,153,830			$	2,178,242			$	2,169,329			$	2,111,986				4.2				6.3

 

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

 

		QUARTER
		2013																2012
(Dollars in thousands)		Fourth				Third				Second				First				Fourth
Assets
Earning assets:
Securities:
Taxable			2.11	%			1.93	%			1.88	%			1.97	%			2.07	%
Nontaxable			6.41				6.67				6.55				6.37				4.31
Total Securities			2.12				1.95				1.89				1.98				2.08
Federal funds sold and other investments			0.57				0.67				0.53				0.54				0.55
Loans,  net			4.29				4.59				4.52				4.57				4.64
Total Earning Assets			3.33				3.52				3.39				3.43				3.53
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW			0.08				0.08				0.09				0.10				0.11
Savings deposits			0.05				0.05				0.05				0.06				0.09
Money market accounts			0.09				0.08				0.08				0.08				0.13
Time deposits			0.62				0.64				0.67				0.69				0.72
Federal funds purchased and other short term borrowings			0.17				0.17				0.18				0.21				0.23
Other borrowings			2.44				2.44				2.45				2.48				2.50
Total Interest-Bearing Liabilities			0.35				0.36				0.36				0.38				0.42
Interest expense as a % of earning assets			0.25				0.26				0.27				0.29				0.32
Net interest income as a % of earning assets			3.08				3.25				3.12				3.15				3.22

 

(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				3rd Qtr				4th Qtr
(Dollars in thousands)		Fourth				Third				Second				First				Fourth				2013				2012
Assets
Earning assets:
Securities:
Taxable		$	3,452			$	3,212			$	3,008			$	3,184			$	3,130				7.5	%			10.4	%
Nontaxable			25				26				27				27				19				(3.8	)			31.6
Total Securities			3,477				3,238				3,035				3,211				3,149				7.4				10.4
Federal funds sold and other investments			224				192				224				228				226				(16.7	)			(0.9	)
Loans,  net			13,974				14,804				14,312				14,073				14,477				(5.6	)			(3.5	)
Total Earning Assets			17,675				18,234				17,571				17,512				17,852				(3.1	)			(0.9	)
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW			96				93				100				112				128				3.3				(25.0	)
Savings deposits			26				25				24				26				36				4.0				(27.8	)
Money market accounts			74				69				67				70				111				7.2				(33.3	)
Time deposits			444				470				501				532				598				(5.5	)			(25.8	)
Federal funds purchased and
other short term borrowings			62				68				73				83				75				(8.8	)			(17.3	)
Other borrowings			637				637				634				634				650				(0.0	)			(2.0	)
Total Interest-Bearing Liabilities			1,339				1,362				1,399				1,457				1,598				(1.7	)			(16.2	)
Net interest income			16,336				16,872				16,172				16,055				16,254				(3.2	)			0.5

 

(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)		Fourth Quarter				Third Quarter				Second Quarter				First Quarter				Fourth Quarter
Customer Relationship Funding (Period End)
Demand deposits (noninterest bearing)
Commercial		$	261,938			$	254,373			$	260,325			$	246,849			$	232,413
Retail			159,117				155,281				163,551				167,516				153,428
Public funds			32,971				27,002				29,487				26,166				21,799
Other			9,980				16,293				15,154				12,613				15,193
			464,006				452,949				468,517				453,144				422,833
NOW accounts
Commercial			43,241				35,029				35,714				39,303				32,701
Retail			324,583				305,055				308,390				307,545				308,633
Public funds			172,464				100,785				108,965				136,065				168,037
			540,288				440,869				453,069				482,913				509,371
Total Transaction Accounts
Commercial			305,179				289,402				296,039				286,152				265,114
Retail			483,700				460,336				471,941				475,061				462,061
Public funds			205,435				127,787				138,452				162,231				189,836
Other			9,980				16,293				15,154				12,613				15,193
			1,004,294				893,818				921,586				936,057				932,204
Savings accounts			192,491				187,181				184,219				177,213				164,956
Money market accounts
Commercial			100,601				107,767				109,938				111,580				114,965
Retail			221,062				217,176				216,370				220,555				220,601
Public funds			9,521				9,735				9,639				9,081				8,349
			331,184				334,678				335,947				341,216				343,915
Time certificates of deposit			278,076				283,233				296,857				307,678				317,886
Total Deposits		$	1,806,045			$	1,698,910			$	1,738,609			$	1,762,164			$	1,758,961
Sweep repurchase agreements		$	151,310			$	134,338			$	160,934			$	161,678			$	136,803
Total core customer funding (1)		$	1,679,279			$	1,550,015			$	1,602,686			$	1,616,164			$	1,577,878

 

(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
		4th Qtr				3rd Qtr				2nd Qtr				1st Qtr				4th Qtr				3rd Qtr				2nd Qtr				1st Qtr
Installment loans to individuals
Automobile and trucks		$	6.6			$	7.1			$	7.5			$	7.8			$	7.8			$	8.0			$	8.1			$	8.2
Marine loans			20.2				21.3				16.7				15.4				18.4				23.0				20.8				21.1
Other			17.9				18.8				20.1				20.0				20.7				20.6				21.3				21.5
			44.7				47.2				44.3				43.2				46.9				51.6				50.2				50.8
Construction and land development to individuals
Lot loans			12.9				14.7				15.5				16.6				16.7				16.4				17.6				18.4
Construction			21.3				19.7				20.7				20.8				22.2				18.9				16.6				13.5
			34.2				34.4				36.2				37.4				38.9				35.3				34.2				31.9
Residential real estate
Adjustable			391.9				378.4				372.6				365.8				361.0				353.7				359.4				341.6
Fixed rate			91.1				94.7				97.5				98.2				99.0				99.7				95.4				96.2
Home equity mortgages			62.0				61.8				62.2				61.3				58.0				58.4				58.3				59.5
Home equity lines			47.7				47.7				49.1				49.3				51.4				50.6				50.8				53.0
			592.7				582.6				581.4				574.6				569.4				562.4				563.9				550.3
TOTAL CONSUMER			671.6				664.2				661.9				655.2				655.2				649.3				648.3				633.0
Commercial & financial			78.6				70.8				65.2				64.8				61.9				58.2				56.2				54.6
Construction and land development for commercial
Residential
Single family residences			2.0				-				-				-				-				-				-				-
Single family land and lots			4.9				4.9				5.0				4.9				5.6				5.8				5.9				6.0
Multifamily			3.7				3.8				3.9				3.9				4.3				4.6				4.7				4.9
			10.6				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			7.7				1.8				1.8				-				-				-				-				-
Land			4.9				7.3				7.2				7.8				9.6				9.8				10.7				9.2
Healthcare			5.4				4.7				2.9				3.3				1.8				-				-				-
Churches and educational facilities			3.8				4.0				2.5				1.2				0.5				0.7				0.3				0.3
Lodging			0.9				0.3				-				-				-				-				-				-
Convenience stores			-				-				-				-				-				-				1.4				1.4
			22.7				19.7				16.0				13.4				11.9				10.5				12.4				11.2
Total construction and land development			33.3				28.4				24.9				22.2				21.8				20.9				23.0				22.1
Commercial real estate
Office buildings			118.7				118.2				112.0				112.5				104.7				102.4				113.4				118.0
Retail trade			130.6				128.9				135.5				122.2				126.7				121.1				128.5				139.3
Industrial			81.1				79.6				83.3				73.4				72.6				71.3				72.0				70.0
Healthcare			45.5				38.8				42.1				39.4				40.7				35.8				42.0				40.2
Churches and educational facilities			25.3				24.2				26.4				26.9				28.6				26.2				26.7				27.0
Recreation			2.5				2.5				2.6				2.6				2.7				2.7				3.1				3.1
Multifamily			16.8				6.2				9.5				8.5				9.0				7.8				8.3				8.8
Mobile home parks			1.9				1.9				1.9				2.0				2.0				2.1				2.1				2.1
Lodging			17.1				17.3				17.5				18.0				18.7				19.1				19.3				19.4
Restaurant			3.7				3.8				3.5				3.6				3.5				4.4				4.7				4.6
Agricultural			7.0				7.2				7.1				5.9				6.1				7.3				7.4				7.6
Convenience stores			20.8				21.0				20.2				20.2				20.5				16.6				15.4				15.5
Marina			21.3				21.5				20.9				21.1				21.2				21.4				21.5				21.6
Other			28.1				27.9				31.1				25.1				29.8				35.6				29.3				29.3
			520.4				499.0				513.6				481.4				486.8				473.8				493.7				506.5
TOTAL COMMERCIAL			632.3				598.2				603.7				568.4				570.5				552.9				572.9				583.2
Other			0.3				0.5				0.3				0.2				0.4				0.3				0.2				0.2
		$	1,304.2			$	1,262.9			$	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
		4th Qtr				3rd Qtr				2nd Qtr				1st Qtr				4th Qtr				3rd Qtr				2nd Qtr				1st Qtr
Installment loans to individuals
Automobile and trucks		$	(0.5	)		$	(0.4	)		$	(0.3	)		$	-			$	(0.2	)		$	(0.1	)		$	(0.1	)		$	(0.5	)
Marine loans			(1.1	)			4.6				1.3				(3.0	)			(4.6	)			2.2				(0.3	)			1.2
Other			(0.9	)			(1.3	)			0.1				(0.7	)			0.1				(0.7	)			(0.2	)			(0.5	)
			(2.5	)			2.9				1.1				(3.7	)			(4.7	)			1.4				(0.6	)			0.2
Construction and land development to individuals
Lot loans			(1.8	)			(0.8	)			(1.1	)			(0.1	)			0.3				(1.2	)			(0.8	)			0.5
Construction			1.6				(1.0	)			(0.1	)			(1.4	)			3.3				2.3				3.1				4.8
			(0.2	)			(1.8	)			(1.2	)			(1.5	)			3.6				1.1				2.3				5.3
Residential real estate
Adjustable			13.5				5.8				6.8				4.8				7.3				(5.7	)			17.8				7.5
Fixed rate			(3.6	)			(2.8	)			(0.7	)			(0.8	)			(0.7	)			4.3				(0.8	)			(0.8	)
Home equity mortgages			0.2				(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	)
			10.1				1.2				6.8				5.2				7.0				(1.5	)			13.6				4.1
TOTAL CONSUMER			7.4				2.3				6.7				0.0				5.9				1.0				15.3				9.6
Commercial & financial			7.8				5.6				0.4				2.9				3.7				2.0				1.6				1.5
Construction and land development for commercial
Residential
Single family residences			2.0				-				-				-				-				-				-				-
Single family land and lots			-				(0.1	)			0.1				(0.7	)			(0.2	)			(0.1	)			(0.1	)			(0.2	)
Multifamily			(0.1	)			(0.1	)			-				(0.4	)			(0.3	)			(0.1	)			(0.2	)			(0.2	)
			1.9				(0.2	)			0.1				(1.1	)			(0.5	)			(0.2	)			(0.3	)			(0.4	)
Commercial
Office buildings			(1.6	)			-				0.5				1.1				-				-				(0.3	)			0.1
Retail trade			5.9				-				1.8				-				-				-				-				-
Land			(2.4	)			0.1				(0.6	)			(1.8	)			(0.2	)			(0.9	)			1.5				(0.1	)
Healthcare			0.7				1.8				(0.4	)			1.5				1.8				-				-				-
Churches and educational facilities			(0.2	)			1.5				1.3				0.7				(0.2	)			0.4				-				0.2
Lodging			0.6				0.3				-				-				-				-				-				-
Convenience stores			-				-				-				-				-				(1.4	)			-				(0.3	)
			3.0				3.7				2.6				1.5				1.4				(1.9	)			1.2				(0.1	)
Total construction and land development			4.9				3.5				2.7				0.4				0.9				(2.1	)			0.9				(0.5	)
Commercial real estate
Office buildings			0.5				6.2				(0.5	)			7.8				2.3				(11.0	)			(4.6	)			(1.6	)
Retail trade			1.7				(6.6	)			13.3				(4.5	)			5.6				(7.4	)			(10.8	)			(1.3	)
Industrial			1.5				(3.7	)			9.9				0.8				1.3				(0.7	)			2.0				(0.7	)
Healthcare			6.7				(3.3	)			2.7				(1.3	)			4.9				(6.2	)			1.8				1.4
Churches and educational facilities			1.1				(2.2	)			(0.5	)			(1.7	)			2.4				(0.5	)			(0.3	)			(0.4	)
Recreation			-				(0.1	)			-				(0.1	)			-				(0.4	)			-				(0.1	)
Multifamily			10.6				(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	)			(0.2	)			(0.5	)			(0.7	)			(0.4	)			(0.2	)			(0.1	)			(0.2	)
Restaurant			(0.1	)			0.3				(0.1	)			0.1				(0.9	)			(0.3	)			0.1				(0.1	)
Agricultural			(0.2	)			0.1				1.2				(0.2	)			(1.2	)			(0.1	)			(0.2	)			(1.2	)
Convenience stores			(0.2	)			0.8				-				(0.3	)			3.9				1.2				(0.1	)			0.4
Marina			(0.2	)			0.6				(0.2	)			(0.1	)			(0.2	)			(0.1	)			(0.1	)			0.3
Other			0.2				(3.2	)			6.0				(4.7	)			(5.8	)			6.3				-				2.3
			21.4				(14.6	)			32.2				(5.4	)			13.0				(19.9	)			(12.8	)			(1.9	)
TOTAL COMMERCIAL			34.1				(5.5	)			35.3				(2.1	)			17.6				(20.0	)			(10.3	)			(0.9	)
Other			(0.2	)			0.2				0.1				(0.2	)			0.1				0.1				-				(0.4	)
		$	41.3			$	(3.0	)		$	42.1			$	(2.3	)		$	23.6			$	(18.9	)		$	5.0			$	8.3