EXHIBIT 99.1

To Form 8-K dated October 27, 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

 

LOAN GROWTH AND IMPROVED FUNDAMENTALS DRIVE INCREASES IN

REVENUES AND EARNINGS PER SHARE

 

Earnings Highlights 

·

Earnings per share totaled $0.12 for the third quarter, up from $0.07 last quarter

·

Adjusted pretax preprovision earnings up 14 percent over second quarter

·

Core net interest income up $723,000 or 4.4 percent compared one year ago

 

Growth Highlights 

·

Total loans outstanding up $128.2 million or 10.1 percent from third quarter 2013

·

Total deposits excluding certificates of deposit increased $146 million or 10.3 percent compared to one year ago

·

Merger with The BANKshares, Inc. completed October 1, 2014

 

STUART, FL., October 27, 2014 – Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF) today reported third quarter 2014 net income of $3.0 million or $0.12 per diluted common share. Excluding merger related charges and other adjustments as described below, adjusted net income was $3.3 million or $0.13 per diluted share.

 

 

Our previously announced acquisition of The BANKshares, Inc., was completed on October 1, 2014, creating the sixth largest Florida-based bank with total assets of approximately $3.0 billion. The acquisition expands our reach in the Orlando and Central East Coast Florida markets and increases our total deposits to approximately $2.3 billion with 46 branches. The acquisition, together with previously announced cost reductions coming from both companies and continued revenue growth resulting from our strategic investments, is expected to substantially reduce our efficiency ratio. The combination will also result in an improved mix of loans which is expected to increase our consolidated net interest margin to approximately 3.40 percent next quarter.

 

FINANCIAL HIGHLIGHTS: (Dollars in thousands, except share data)		Third Quarter  2014				Second Quarter  2014				First Quarter  2014				Fourth Quarter  2013				*Third Quarter  2013
Total Assets		$	2,361,813			$	2,294,156			$	2,315,992			$	2,268,940			$	2,149,777
Loans		$	1,391,082			$	1,335,192			$	1,312,456			$	1,304,207			$	1,262,912
Deposits		$	1,808,550			$	1,805,537			$	1,819,795			$	1,806,045			$	1,698,910
Net Income Available to Common Shareholders		$	2,996			$	1,918			$	2,299			$	588			$	44,204
Diluted Earnings Per Share		$	0.12			$	0.07			$	0.09			$	0.03			$	2.31
Return on Average Assets			0.52	%			0.33	%			0.41	%			0.33	%			8.32	%
Adjusted Net Income Available to Common Shareholders (1)		$	3,286			$	2,990			$	2,533			$	600			$	982
Adjusted Diluted Earnings Per Share (1)		$	0.13			$	0.12			$	0.10			$	0.03			$	0.05
Adjusted Return on Average Assets			0.57	%			0.52	%			0.45	%			0.33	%			0.35	%
Average Diluted Shares Outstanding			26,026				25,998				25,657				21,558				19,098
Pretax, Preprovision Income		$	3,832			$	1,938			$	3,013			$	3,597			$	4,679
Adjusted Pretax, Preprovision Income (1)		$	4,341			$	3,821			$	3,395			$	3,617			$	4,306
Net Interest Margin			3.17	%			3.10	%			3.07	%			3.08	%			3.25	%
Efficiency Ratio			82.8				89.4				84.3				81.9				78.1
Adjusted Efficiency Ratio			80.2				82.1				83.3				82.6				79.7
Annualized Core
Operating Expenses as a Percent of Average Assets			3.24				3.27				3.26				3.29				3.33

 

* Third quarter 2013 net income includes the reversal of the valuation allowance for deferred tax assets of $42,993

 

(1)

Non-GAAP measure

 

 

Adjusted Net Income

 

To better evaluate its earnings, the Company removes certain items to arrive at Adjusted Net Income and Adjusted Diluted Earnings Per Share (non-GAAP measures) as detailed in the table below:

 

(Dollars in thousands)		Third Quarter  2014				Second Quarter  2014				First Quarter  2014				Fourth Quarter  2013				Third Quarter  2013
Net Income Available to Common Shareholders		$	2,996			$	1,918			$	2,299			$	588			$	44,204
Tax benefit related to deferred tax asset recovery			0				0				0				0				(42,993	)
Severance			328				181				212				0				24
Legal and professional fees for acquisition and expense initiatives			467				1,348				6				0				0
Security losses (gains)			(344	)			0				(17	)			0				(280	)
Miscellaneous losses (gains)			(45	)			144				0				190				0
Recovery of prior legal fees			0				0				0				(350	)			0
Recovery of non-accrual loan interest			(192	)			0				0				0				(505	)
Net loss on OREO and repossessed assets			156				92				53				0				229
Asset dispositions expense			139				118				128				180				159
Effective tax rate on adjustments			(219	)			(811	)			(148	)			(8	)			144
Adjusted Net Income (1)		$	3,286			$	2,990			$	2,533			$	600			$	982
Provision (recapture) for loan losses			(1,425	)			(1,444	)			(735	)			490				1,180
Income taxes			2,480				2,275				1,597				1,265				1,207
Preferred stock dividends and accretion of discount			0				0				0				1,262				937
Adjusted Pretax, Preprovision Income (1)		$	4,341			$	3,821			$	3,395			$	3,617			$	4,306
Adjusted Earnings per diluted share (1)		$	0.13			$	0.12			$	0.10			$	0.03			$	0.05
Average shares outstanding			26,026				25,998				25,657				21,558				19,098

 

(1)

Non-GAAP measure

 

 

Organic Core Customer Growth and Digital Engagement Continues to Improve

 

·

Ending noninterest bearing demand deposits were up $69.1 million or 15.2 percent compared with the prior year;

 

·

Ending noninterest bearing demand deposits increased to 28.9 percent of total deposits compared with 26.7 percent for the third quarter 2013, and;

 

·

The improved deposit mix has resulted in average cost of deposits declining to 12 basis points compared to 15 basis points a year ago.

 

Core customer funding totaled $1.686 billion at September 30, 2014, a $136.1 million increase from the third quarter of 2013 and a $227.6 million or 16 percent increase from 2012.

 

 

(Dollars in thousands)		Third  Quarter 2014				Third Quarter 2013				Third Quarter 2012				2014 vs 2013 Change				2014 vs 2012 Change
Customer Relationship Funding
Demand deposits (noninterest bearing)		$	522,001			$	452,949			$	409,145				15.2	%			27.6	%
NOW			479,827				440,869				420,477				8.8				14.1
Money market accounts			344,726				334,678				348,275				3.0				(1.0	)
Savings deposits			215,076				187,181				158,208				14.9				35.9
Time certificates of deposit			246,920				283,233				343,361				(12.8	)			(28.1	)
Total deposits			1,808,550				1,698,910				1,679,466				6.5				7.7
Sweep repurchase agreements			124,436				134,338				122,393				(7.4	)			1.7
Total core customer funding (1)			1,686,066				1,550,015				1,458,498				8.8				15.6
Demand deposit mix (noninterest bearing)			28.9	%			26.7	%			24.4	%

(1)

Total deposits and sweep repurchase agreements, excluding certificates of deposits.

 

Loan Growth Improves

 

Total loans were $1.391 billion at September 30, 2014, up $55.9 million or 4.2 percent from June 30, 2014. As indicated in the table below, commercial loan originations for the quarter totaled $72.6 million, an increase of $19.4 million linked quarter and $38.9 million higher than the prior year’s third quarter production. Year-to-date commercial loan originations total $163.3 million, an increase of $23.6 million from 2013 and $101.5 million from 2012. Commercial loan originations have assisted in the margin improvement noted this quarter.

 

(Dollars in thousands)		Third Quarter 2014				Second Quarter 2014				First Quarter 2014				Fourth Quarter 2013				Third Quarter 2013
Commercial pipeline		$	45,534			$	58,168			$	29,936			$	27,830			$	54,600
Commercial loans closed			72,630				53,250				37,386				60,037				33,727
Total loan originations and pipeline		$	118,164			$	111,418			$	67,322			$	87,867			$	88,327

 

 

·

Closed residential production totaled $66.0 million compared to $61.2 million in the second quarter and $62.3 million in the third quarter of 2013; and

 

·

Consumer loan originations (inclusive of lines of credit) totaled $24.5 million compared to $21.5 million in the second quarter and $17.2 million in the third quarter of 2013.

 

Income Statement Highlights

 

Net interest Income

 

Net interest income for the quarter totaled $17.3 million and includes approximately $192,000 in nonaccrual loan interest recoveries. Core net interest income (excluding nonaccrual loan interest recoveries) totaled $17.1 million, a $311,000 increase from the prior quarter and a $723,000 increase from the third quarter of 2013 (adjusted for $505,000 in nonaccrual loan interest recoveries). Growth in net interest income was driven by a $27.6 million quarter over quarter increase in average loans outstanding and $20.5 million increase in average investment securities with a corresponding decline in lower yield federal funds sold and other investments. Year-to-date core net interest income totaled $50.1 million at September 30, 2014 compared to $48.6 million one year earlier.

 

Net interest margin for the quarter was 3.17 percent or 3.13 percent, after the exclusion of the nonaccrual loan interest recoveries, up from 3.10 percent in the second quarter. The acquisition of BANKShares will result in improved loan mix that is expected to increase our net interest margin to approximately 3.40 percent in the fourth quarter.

 

 

Noninterest Income

 

Noninterest income (excluding security gains) increased from the prior quarter by $253,000 or 4.3 percent. Wealth management fees continued at a notable growth rate, up $112,000 or 10.1 percent compared to the prior quarter and $175,000 or 16.7 percent compared to the prior year. Excluding mortgage banking fees (which declined 23.3 percent over last year), noninterest income increased $312,000 or 6.2 percent compared to the third quarter of 2013.

 

(Dollars in thousands)		Third Quarter 2014				Second Quarter 2014				First Quarter 2014				Fourth Quarter 2013				Third Quarter 2013
Service charges on deposit accounts		$	1,753			$	1,484			$	1,507			$	1,778			$	1,741
Trust income			817				703				671				693				667
Mortgage banking fees			825				855				661				728				1,075
Brokerage commissions and fees			408				410				379				461				383
Marine finance fees			281				340				254				215				283
Interchange income			1,452				1,514				1,403				1,394				1,358
Other deposit based EFT fees			70				83				98				80				77
Other			543				507				585				617				503
Total			6,149				5,896				5,558				5,966				6,087
Securities gains, net			344				0				17				0				280
		$	6,493			$	5,896			$	5,575			$	5,966			$	6,367

 

Noninterest Expense

 

Total noninterest expenses decreased $794,000 from the prior quarter to $19.9 million with lower realized costs for merger-related charges compared to the second quarter. Total core operating expenses of $18.8 million were in line with the prior quarter despite higher commissions and incentives related to increased commercial and mortgage banking production.

 

 

(Dollars in thousands)		Third Quarter  2014				Second Quarter  2014				First Quarter  2014				Fourth Quarter  2013				Third Quarter  2013
Noninterest Expense:
Salaries and wages		$	7,868			$	7,587			$	7,412			$	8,077			$	7,533
Employee benefits			2,049				2,081				2,182				1,568				1,713
Outsourced data processing costs			1,769				1,811				1,695				1,586				1,657
Telephone / data lines			313				306				293				325				318
Occupancy expense			1,879				1,888				1,838				1,824				1,824
Furniture and equipment expense			628				604				571				597				605
Marketing expense			717				675				813				749				456
Legal and professional fees			884				924				935				839				874
FDIC assessments			387				411				386				451				713
Amortization of intangibles			195				196				196				196				195
Other			2,155				2,317				2,063				2,414				2,203
Total Core Operating Expense			18,844				18,800				18,384				18,626				18,091
Severance and organizational changes			328				181				212				0				24
Legal and professional fees for acquisition and expense initiatives			467				1,348				6				0				0
Miscellaneous losses (gains)			(45	)			144				0				190				0
Recovery of prior legal fees			0				0				0				(350	)			0
Net loss on OREO and repossessed assets			156				92				53				0				229
Asset dispositions expense			139				118				128				180				159
Total		$	19,889			$	20,683			$	18,789			$	18,646			$	18,503

 

Legacy cost reductions (primarily branch consolidations) totaling $1.8 million annualized were announced in the prior quarter and remain on track to be substantially implemented late in the fourth quarter of this year. The one-time charges related to these reductions are expected to total $4.5 million. These legacy cost reductions are in addition to the previously announced $5.5 million cost reductions we expect to implement during the fourth quarter related to our acquisition of BANKshares.

 

 

Income Taxes

 

The effective tax rate for the second and third quarters of 2014 was higher due to merger related expenses that are not deductible for tax purposes. The effective tax rate for the fourth quarter of 2014 is expected to be approximately 41.8 percent compared to 43.0 percent for the third quarter and 43.3 percent for the second quarter.

 

Other Highlights

 

Credit Quality Continues to Improve

 

The payoff of a larger commercial loan during the quarter resulted in a recovery totaling $1.3 million. The payoff combined with continued improvement in credit quality in all portfolios supported a $1.4 million provision recapture in the third quarter.

 

·

Net recoveries totaled $856,000 during the quarter compared to net charge-offs of $842,000 one year ago;

 

·

Nonperforming assets to total assets declined to 1.0 percent, compared to 1.6 percent a year ago;

 

·

OREO balances declined by $1.2 million to $5.0 million during the third quarter.

 

 

(Dollars in thousands )		Third Quarter 2014				Second Quarter 2014				First Quarter 2014				Fourth Quarter 2013				Third Quarter 2013
Net charge-offs (recoveries)		$	(856	)		$	(112	)		$	(139	)		$	838			$	842
Net charge-offs (recoveries) to average loans			(0.25	)%			(0.03	)%			(0.04	)%			0.26	%			0.26	%
Loan loss provision/(recapture)		$	(1,425	)		$	(1,444	)		$	(735	)		$	490			$	1,180
Allowance to loans at end of period			1.26	%			1.36	%			1.48	%			1.54	%			1.62	%
Restructured loans (accruing)		$	28,969			$	28,157			$	24,537			$	25,137			$	25,509
Nonperforming loans		$	18,942			$	21,745			$	26,220			$	27,672			$	28,724
Other real estate owned			5,018				6,198				6,369				6,860				5,589
Nonperforming assets		$	23,960			$	27,943			$	32,589			$	34,532			$	34,313
Nonperforming loans to loans outstanding at end of period			1.36	%			1.63	%			2.00	%			2.12	%			2.27	%
Nonperforming assets to total assets			1.01	%			1.22	%			1.41	%			1.52	%			1.60	%

 

Capital Ratios Continue to Strengthen

 

The Company’s tier 1 capital ratio is estimated at 17.6 percent and the total risk based capital ratio at 18.8 percent at September 30, 2014. The tier 1 leverage ratio is estimated at 11.3 percent at September 30, 2014 compared to 11.0 percent at June 30, 2014 and 10.1 percent the prior year.

 

 

About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)

 

Seacoast will host a conference call on Tuesday, October 28, 2014 at 8:30 a.m. (Eastern Time) to discuss the earnings results. Investors may call in (toll-free) by dialing (800) 774-6070 (passcode: 7789246; host: Dennis S. Hudson).  Slides 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 October 28, by dialing (888) 843-7419 (domestic), using the passcode 7789246.

 

Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast’s website at SeacoastBanking.net.  The link is located in the subsection “Presentations” under the heading “Investor Services.”  Beginning the afternoon of October 28, 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 $3.0 billion in assets and $2.3 billion in deposits. The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through 46 traditional branches of its locally-branded wholly-owned subsidiary bank, Seacoast National Bank (including BANKshares offices), and five Accelerate offices fueled by the power of Seacoast National Bank.  Offices stretch from Fort Lauderdale 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, 2013 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												Nine Months Ended
		September 30,				June 30,				September 30,				September 30,				September 30,
		2014				2014				2013				2014				2013
Summary of Earnings
Net income (loss)		$	2,996			$	1,918			$	45,141			$	7,213			$	50,139
Net income available to common shareholders (loss)			2,996				1,918				44,204				7,213				47,328
Net interest income  (1)			17,282				16,779				16,872				50,338				49,099
Net interest margin  (1), (2)			3.17				3.10				3.25				3.11				3.17
																			.
Performance Ratios
Return on average assets-GAAP basis (2), (3), (7)			0.52	%			0.33	%			8.32	%			0.42	%			3.09	%
Return on average shareholders' equity-GAAP basis (2), (3), (7)			4.97				3.25				106.55				4.09				40.57
Return on average tangible common shareholders' equity-GAAP basis (2), (3), (4)			5.19				3.47				152.80				4.31				58.84
Efficiency ratio (5)			82.78				89.42				78.05				85.49				80.16
Noninterest income to total revenue			26.30				26.06				26.58				25.97				27.28
Per Share Data
Net income (loss) diluted-GAAP basis (6)		$	0.12			$	0.07			$	2.31			$	0.28			$	2.49
Net income (loss) basic-GAAP basis (6)			0.12				0.07				2.35				0.28				2.52
Book value per share common (6)			9.07				9.02				8.12				9.07				8.12
Tangible book value per share (6)			9.06				9.00				10.69				9.06				10.69
Tangible common book value per share (4), (6)			9.06				9.00				8.07				9.06				8.07
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 shareholder's equity less preferred stock and intangible assets.

(5)

Defined as (noninterest expense less foreclosed property expense and amortization of intangibles) divided by net operating revenue (net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains).

(6)

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

(7)

Excluding the income tax benefit related to the reversal of the valuation allowance for deferred tax assets and reflecting tax provisioning of $1,805 for the third quarter 2013 and $3,752 for year-to-date 2013, adjusted return on average assets for these periods was 0.53 percent and 0.37 percent, respectively, and adjusted return on average shareholders' equity was 6.78 percent and 4.81 percent, respectively.

 

 

FINANCIAL HIGHLIGHTS

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

 

		September 30,				June 30,				September 30,
(Dollars in thousands, except share data)		2014				2014				2013
Selected Financial Data
Total assets		$	2,361,813			$	2,294,156			$	2,149,777
Securities available for sale (at fair value)			601,541				518,353				650,445
Securities held for investment (at amortized cost)			176,724				156,498				0
Net loans			1,373,511				1,317,052				1,242,496
Deposits			1,808,550				1,805,537				1,698,910
Total shareholders' equity			235,955				234,439				203,858
Common shareholders' equity			235,955				234,439				154,175
Average Balances (Year-to-Date)
Total average assets		$	2,299,291			$	2,295,983			$	2,167,077
Less: intangible assets			428				525				1,202
Total average tangible assets		$	2,298,863			$	2,295,458			$	2,165,875
Total average equity		$	235,837			$	234,214			$	165,226
Less: intangible assets			428				525				1,202
Total average tangible equity		$	235,409			$	233,689			$	164,024
Credit Analysis
Net charge-offs (recoveries) year-to-date		$	(1,107	)		$	(251	)		$	4,386
Net charge-offs (recoveries) to average loans (annualized)			(0.11	)%			(0.04	)%			0.46	%
Loan loss provision (recapture) year-to-date		$	(3,604	)		$	(2,179	)		$	2,698
Allowance to loans at end of period			1.26	%			1.36	%			1.62	%
Nonperforming loans		$	18,942			$	21,745			$	28,724
Other real estate owned			5,018				6,198				5,589
Total nonperforming assets		$	23,960			$	27,943			$	34,313
Restructured loans (accruing)		$	28,969			$	28,157			$	25,509
Nonperforming loans to loans at end of period			1.36	%			1.63	%			2.27	%
Nonperforming assets to total assets			1.01	%			1.22	%			1.60	%

 

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

 

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
(Dollars in thousands, except per share data)		2014				2013				2014				2013
Interest on securities:
Taxable		$	3,657			$	3,212			$	10,720			$	9,404
Nontaxable			8				17				29				52
Interest and fees on loans			14,615				14,756				42,516				43,047
Interest on federal funds sold and other investments			211				192				725				644
Total Interest Income			18,491				18,177				53,990				53,147
Interest on deposits			189				187				567				586
Interest on time certificates			370				470				1,163				1,503
Interest on borrowed money			704				705				2,086				2,129
Total Interest Expense			1,263				1,362				3,816				4,218
Net Interest Income			17,228				16,815				50,174				48,929
Provision (recapture) for loan losses			(1,425	)			1,180				(3,604	)			2,698
Net Interest Income After Provision (recapture) for Loan Losses			18,653				15,635				53,778				46,231
Noninterest income:
Service charges on deposit accounts			1,753				1,741				4,744				4,933
Trust income			817				667				2,191				2,018
Mortgage banking fees			825				1,075				2,341				3,445
Brokerage commissions and fees			408				383				1,197				1,170
Marine finance fees			281				283				875				974
Interchange income			1,452				1,358				4,369				4,010
Other deposit based EFT fees			70				77				251				262
Other			543				503				1,635				1,541
			6,149				6,087				17,603				18,353
Securities gains, net			344				280				361				419
Total Noninterest Income			6,493				6,367				17,964				18,772
Noninterest expenses:
Salaries and wages			8,064				7,557				23,456				22,929
Employee benefits			2,049				1,713				6,312				5,759
Outsourced data processing costs			1,769				1,657				5,275				4,786
Telephone / data lines			313				318				912				928
Occupancy			1,879				1,824				5,605				5,354
Furniture and equipment			628				605				1,803				1,737
Marketing			925				456				2,413				1,590
Legal and professional fees			1,103				874				4,316				1,969
FDIC assessments			387				713				1,184				2,150
Amortization of intangibles			195				195				587				587
Asset dispositions expense			139				159				385				560
Net loss on other real estate owned and repossessed assets			156				229				301				1,289
Other			2,282				2,203				6,806				6,868
Total Noninterest Expenses			19,889				18,503				59,355				56,506
Income Before Income Taxes			5,257				3,499				12,387				8,497
Income taxes (benefit)			2,261				(41,642	)			5,174				(41,642	)
Net Income			2,996				45,141				7,213				50,139
Preferred stock dividends and accretion on preferred stock discount			-				937				-				2,811
Net Income Available to Common Shareholders		$	2,996			$	44,204			$	7,213			$	47,328
Per share of common stock:
Net income diluted		$	0.12			$	2.31			$	0.28			$	2.49
Net income basic			0.12				2.35				0.28				2.52
Cash dividends declared			0.00				0.00				0.00				0.00
Average diluted shares outstanding			26,025,693				19,098,031				25,894,881				18,987,208
Average basic shares outstanding			25,887,591				18,805,917				25,736,140				18,796,726

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

 

		September 30,				December 31,				September 30,
(Dollars in thousands, except share data)		2014				2013				2013
Assets
Cash and due from banks		$	39,934			$	48,561			$	36,977
Interest bearing deposits with other banks			18,962				143,063				71,374
Total  Cash and Cash Equivalents			58,896				191,624				108,351
Securities:
Available for sale (at fair value)			601,541				641,611				650,445
Held for investment (at amortized cost)			176,724				0				0
Total Securities			778,265				641,611				650,445
Loans available for sale			18,484				13,832				14,322
Loans, net of deferred costs			1,391,082				1,304,207				1,262,912
Less: Allowance for loan losses			(17,571	)			(20,068	)			(20,416	)
Net Loans			1,373,511				1,284,139				1,242,496
Bank premises and equipment, net			34,809				34,505				34,651
Other real estate owned			5,018				6,860				5,589
Other intangible assets			130				718				914
Other assets			92,700				95,651				93,009
		$	2,361,813			$	2,268,940			$	2,149,777
Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand deposits (noninterest bearing)		$	522,001			$	464,006			$	452,949
NOW			479,827				540,288				440,869
Savings deposits			215,076				192,491				187,181
Money market accounts			344,726				331,184				334,678
Other time certificates			138,595				154,743				160,695
Brokered time certificates			7,025				9,776				11,323
Time certificates of $100,000 or more			101,300				113,557				111,215
Total Deposits			1,808,550				1,806,045				1,698,910
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days			204,436				151,310				134,338
Borrowed funds			50,000				50,000				50,000
Subordinated debt			53,610				53,610				53,610
Other liabilities			9,262				9,371				9,061
			2,125,858				2,070,336				1,945,919
Shareholders' Equity
Preferred stock - Series A			0				0				49,683
Common stock			2,600				2,364				1,899
Additional paid in capital			302,346				277,290				230,580
Accumulated deficit			(63,482	)			(70,695	)			(71,283	)
Treasury stock			(216	)			(11	)			(11	)
			241,248				208,948				210,868
Accumulated other comprehensive (loss), net			(5,293	)			(10,344	)			(7,010	)
Total Shareholders' Equity			235,955				198,604				203,858
		$	2,361,813			$	2,268,940			$	2,149,777
Common Shares Outstanding			26,027,634				23,637,434				18,982,306

 

Note: The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date.

 

 

CONSOLIDATED QUARTERLY FINANCIAL  DATA

(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

 

		QUARTERS
		2014												2013
(Dollars in thousands, except per share data)		Third				Second				First				Fourth				Third
Net income (loss)		$	2,996			$	1,918			$	2,299			$	1,850			$	45,141
Operating Ratios
Return on average assets-GAAP basis (2),(3),(5)			0.52	%			0.33	%			0.41	%			0.33	%			8.32	%
Return on average tangible assets (2),(3),(4)			0.54				0.36				0.43				0.35				8.34
Return on average shareholders' equity-GAAP basis (2),(3),(5)			4.97				3.25				4.02				3.10				106.55
Efficiency ratio (6)			82.78				89.42				84.30				81.92				78.05
Noninterest income to total revenue			26.30				26.06				25.52				26.82				26.58
Net interest margin (1),(2)			3.17				3.10				3.07				3.08				3.25
Average equity to average assets			10.37				10.27				10.13				10.55				7.80
Credit Analysis
Net charge-offs (recoveries)		$	(856	)		$	(112	)		$	(139	)		$	838			$	842
Net charge-offs (recoveries) to average loans			(0.25	)%			(0.03	)%			(0.04	)%			0.26	%			0.26	%
Loan loss provision (recapture)		$	(1,425	)		$	(1,444	)		$	(735	)		$	490			$	1,180
Allowance to loans at end of period			1.26	%			1.36	%			1.48	%			1.54	%			1.62	%
Restructured loans (accruing)		$	28,969			$	28,157			$	24,537			$	25,137			$	25,509
Nonperforming loans		$	18,942			$	21,745			$	26,220			$	27,672			$	28,724
Other real estate owned			5,018				6,198				6,369				6,860				5,589
Nonperforming assets		$	23,960			$	27,943			$	32,589			$	34,532			$	34,313
Nonperforming loans to loans at end of period			1.36	%			1.63	%			2.00	%			2.12	%			2.27	%
Nonperforming assets to total assets			1.01				1.22				1.41				1.52				1.60
Per Share Common Stock
Net income (loss) diluted-GAAP basis (7)		$	0.12			$	0.07			$	0.09			$	0.03			$	2.31
Net income (loss) basic-GAAP basis (7)			0.12				0.07				0.09				0.03				2.35
Cash dividends declared (7)			0.00				0.00				0.00				0.00				0.00
Book value per share common (7)			9.07				9.02				8.79				8.40				8.12
Average Balances
Total average assets		$	2,305,799			$	2,304,870			$	2,286,998			$	2,245,155			$	2,153,830
Less: Intangible assets			237				422				629				813				1,009
Total average tangible assets		$	2,305,562			$	2,304,448			$	2,286,369			$	2,244,342			$	2,152,821
Total average equity		$	239,031			$	236,632			$	231,769			$	236,950			$	168,078
Less: Intangible assets			237				422				629				813				1,009
Total average tangible equity		$	238,794			$	236,210			$	231,140			$	236,137			$	167,069

 

(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 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, adjusted return on average assets and adjusted return on average shareholder's equity for the third quarter was 0.40 percent and 5.07 percent, respectively.

(6)

Defined as (noninterest expense less foreclosed property expense and amortization of intangibles) divided by net operating revenue (net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains).

(7)

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

 

		September 30,				December 31,				September 30,
SECURITIES		2014				2013				2013
Mortgage-backed		$8,994.00								$13,913.00
U.S. Treasury and U.S. Government Agencies		$	100			$	100			$	101
Mortgage-backed			473,681				602,568				611,128
Collateralized loan obligations			121,500				32,179				32,334
Obligations of states and political subdivisions			6,260				6,764				6,882
Securities Available for Sale			601,541				641,611				650,445
Mortgage-backed			176,724				0				0
Securities Held for Investment			176,724				0				0
Total Securities		$	778,265			$	641,611			$	650,445

 

		September 30,				December 31,				September 30,
LOANS		2014				2013				2013
Construction and land development		$	57,851			$	67,450			$	62,766
Real estate mortgage			1,193,924				1,113,128				1,081,646
Installment loans to individuals			47,645				44,713				47,231
Commercial and financial			91,300				78,636				70,779
Other loans			362				280				490
Total Loans		$	1,391,082			$	1,304,207			$	1,262,912

 

 

AVERAGE BALANCES

(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

 

		QUARTER																				Percent Change vs.
		2014												2013								2nd Qtr				3rd Qtr
(Dollars in thousands)		Third				Second				First				Fourth				Third				2014				2013
Assets
Earning assets:
Securities:
Taxable		$	698,274			$	677,600			$	653,646			$	655,176			$	664,103				3.1	%			5.1	%
Nontaxable			742				827				1,016				1,560				1,560				(10.3	)			(52.4	)
Total Securities			699,016				678,427				654,662				656,736				665,663				3.0				5.0
Federal funds sold and other investments			98,711				153,410				188,048				156,823				113,798				(35.7	)			(13.3	)
Loans,  net			1,365,978				1,338,415				1,307,796				1,293,373				1,278,391				2.1				6.9
Total Earning Assets			2,163,705				2,170,252				2,150,506				2,106,932				2,057,852				(0.3	)			5.1
Allowance for loan losses			(17,972	)			(19,784	)			(20,205	)			(20,817	)			(20,206	)			(9.2	)			(11.1	)
Cash and due from banks			44,172				35,735				37,186				40,836				35,810				23.6				23.4
Premises and equipment			34,717				34,948				34,731				34,750				34,834				(0.7	)			(0.3	)
Other assets			81,177				83,719				84,780				83,454				45,540				(3.0	)			78.3
		$	2,305,799			$	2,304,870			$	2,286,998			$	2,245,155			$	2,153,830				0.0				7.1
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW		$	489,138			$	498,285			$	507,313			$	483,569			$	447,350				(1.8	)%			9.3	%
Savings deposits			212,479				205,686				197,300				190,558				185,918				3.3				14.3
Money market accounts			339,937				336,772				330,787				332,576				336,229				0.9				1.1
Time deposits			252,179				259,325				270,215				282,543				289,408				(2.8	)			(12.9	)
Federal funds purchased and other short term borrowings			153,696				150,108				155,656				142,999				157,607				2.4				(2.5	)
Other borrowings			103,610				103,610				103,610				103,610				103,610				0.0				0.0
Total Interest-Bearing Liabilities			1,551,039				1,553,786				1,564,881				1,535,855				1,520,122				(0.2	)			2.0
Demand deposits (noninterest-bearing)			506,478				505,892				481,048				462,830				454,642				0.1				11.4
Other liabilities			9,251				8,560				9,300				9,520				10,988				8.1				(15.8	)
Total Liabilities			2,066,768				2,068,238				2,055,229				2,008,205				1,985,752				(0.1	)			4.1
Shareholders' equity			239,031				236,632				231,769				236,950				168,078				1.0				42.2
		$	2,305,799			$	2,304,870			$	2,286,998			$	2,245,155			$	2,153,830				0.0				7.1

 

 

AVERAGE YIELDS / RATES  (1)

(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

 

		QUARTER
		2014												2013
(Dollars in thousands)		Third				Second				First				Fourth				Third
Assets
Earning assets:
Securities:
Taxable			2.09	%			2.14	%			2.10	%			2.11	%			1.93	%
Nontaxable			7.01				6.77				6.69				6.41				6.67
Total Securities			2.10				2.15				2.11				2.12				1.95
Federal funds sold and other investments			0.85				0.64				0.58				0.57				0.67
Loans,  net			4.26				4.24				4.29				4.29				4.59
Total Earning Assets			3.40				3.33				3.31				3.33				3.52
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW			0.07				0.08				0.08				0.08				0.08
Savings deposits			0.04				0.04				0.05				0.05				0.05
Money market accounts			0.09				0.08				0.08				0.09				0.08
Time deposits			0.58				0.60				0.61				0.62				0.64
Federal funds purchased and other short term borrowings			0.18				0.17				0.17				0.17				0.17
Other borrowings			2.43				2.43				2.44				2.44				2.44
Total Interest-Bearing Liabilities			0.32				0.33				0.33				0.35				0.36
Interest expense as a % of earning assets			0.23				0.23				0.24				0.25				0.26
Net interest income as a % of earning assets			3.17				3.10				3.07				3.08				3.25

 

(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.
		2014												2013								2nd Qtr				3rd Qtr
(Dollars in thousands)		Third				Second				First				Fourth				Third				2014				2013
Assets
Earning assets:
Securities:
Taxable		$	3,656			$	3,630			$	3,434			$	3,452			$	3,212				0.7	%			13.8	%
Nontaxable			13				14				17				25				26				(7.1	)			(50.0	)
Total Securities			3,669				3,644				3,451				3,477				3,238				0.7				13.3
Federal funds sold and other investments			211				246				268				224				192				14.2				9.9
Loans,  net			14,665				14,151				13,849				13,974				14,804				3.6				(0.9	)
Total Earning Assets			18,545				18,041				17,568				17,675				18,234				2.8				1.7
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW			91				94				102				96				93				(3.2	)			(2.2	)
Savings deposits			24				23				24				26				25				4.3				(4.0	)
Money market accounts			74				67				68				74				69				10.4				7.2
Time deposits			370				386				407				444				470				(4.1	)			(21.3	)
Federal funds purchased and other short term borrowings			69				65				66				62				68				6.2				1.5
Other borrowings			635				627				624				637				637				1.3				(0.3	)
Total Interest-Bearing Liabilities			1,263				1,262				1,291				1,339				1,362				0.1				(7.3	)
Net interest income			17,282				16,779				16,277				16,336				16,872				3.0				2.4

 

(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

 

		2014												2013
(Dollars in thousands)		Third Quarter				Second Quarter				First Quarter				Fourth Quarter				Third Quarter
Customer Relationship Funding (Period End)
Demand deposits (noninterest bearing)
Commercial		$	301,630			$	293,515			$	291,221			$	261,938			$	254,373
Retail			162,392				167,172				173,698				159,117				155,281
Public funds			39,329				33,223				34,636				32,971				27,002
Other			18,650				15,888				14,370				9,980				16,293
			522,001				509,798				513,925				464,006				452,949
NOW accounts
Commercial			41,131				41,423				41,281				43,241				35,029
Retail			324,690				327,762				329,226				324,583				305,055
Public funds			114,006				124,742				134,191				172,464				100,785
			479,827				493,927				504,698				540,288				440,869
Total Transaction Accounts
Commercial			342,761				334,938				332,501				305,179				289,402
Retail			487,082				494,934				502,924				483,700				460,336
Public funds			153,335				157,965				168,828				205,435				127,787
Other			18,650				15,888				14,370				9,980				16,293
			1,001,828				1,003,725				1,018,623				1,004,294				893,818
Savings accounts			215,076				208,333				202,170				192,491				187,181
Money market accounts
Commercial			118,385				114,662				109,158				100,601				107,767
Retail			218,376				213,927				221,762				221,062				217,176
Public funds			7,965				6,657				6,488				9,521				9,735
			344,726				335,246				337,408				331,184				334,678
Time certificates of deposit			246,920				258,233				261,594				278,076				283,233
Total Deposits		$	1,808,550			$	1,805,537			$	1,819,795			$	1,806,045			$	1,698,910
Sweep repurchase agreements		$	124,436			$	141,662			$	156,136			$	151,310			$	134,338
Total core customer funding (1)		$	1,686,066			$	1,688,966			$	1,714,337			$	1,679,279			$	1,550,015

 

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

 

 

QUARTERLY TRENDS - LOANS AT END OF PERIOD (Dollars in Millions)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

 

		2014												2013
		3rd Qtr				2nd Qtr				1st Qtr				4th Qtr				3rd Qtr				2nd Qtr				1st Qtr
Installment loans to individuals
Automobile and trucks		$	6.6			$	6.1			$	6.2			$	6.6			$	7.1			$	7.5			$	7.8
Marine loans			24.4				23.3				20.8				20.2				21.3				16.7				15.4
Other			16.6				15.8				17.6				17.9				18.8				20.1				20.0
			47.6				45.2				44.6				44.7				47.2				44.3				43.2
Construction and land development to individuals
Lot loans			13.3				13.1				13.3				12.9				14.7				15.5				16.6
Construction			17.0				16.7				24.4				21.3				19.7				20.7				20.8
			30.3				29.8				37.7				34.2				34.4				36.2				37.4
Residential real estate
Adjustable			417.0				407.7				392.5				391.9				378.4				372.6				365.8
Fixed rate			92.2				91.0				89.8				91.1				94.7				97.5				98.2
Home equity mortgages			52.1				54.9				60.6				62.0				61.8				62.2				61.3
Home equity lines			62.0				53.2				49.7				47.7				47.7				49.1				49.3
			623.3				606.8				592.6				592.7				582.6				581.4				574.6
TOTAL CONSUMER			701.2				681.8				674.9				671.6				664.2				661.9				655.2
Commercial & financial			91.3				87.3				79.4				78.6				70.8				65.2				64.8
Construction and land development for commercial
Residential
Single family residences			4.8				5.1				1.8				2.0				-				-				-
Single family land and lots			4.3				4.5				4.7				4.9				4.9				5.0				4.9
Townhomes			-				1.1				0.5				-				-				-				-
Multifamily			3.5				3.5				3.6				3.7				3.8				3.9				3.9
			12.6				14.2				10.6				10.6				8.7				8.9				8.8
Commercial
Office buildings			-				-				-				-				1.6				1.6				1.1
Retail trade			2.5				2.4				2.9				7.7				1.8				1.8				-
Land			4.2				4.1				4.4				4.9				7.3				7.2				7.8
Healthcare			-				-				7.1				5.4				4.7				2.9				3.3
Churches and educational facilities			1.0				1.6				1.1				3.8				4.0				2.5				1.2
Lodging			6.9				5.2				3.4				0.9				0.3				-				-
Convenience stores			0.3				0.1				-				-				-				-				-
			14.9				13.4				18.9				22.7				19.7				16.0				13.4
Total construction and land development			27.5				27.6				29.5				33.3				28.4				24.9				22.2
Commercial real estate
Office buildings			127.1				122.8				120.0				118.7				118.2				112.0				112.5
Retail trade			163.4				142.8				142.0				130.6				128.9				135.5				122.2
Industrial			89.6				82.2				76.7				81.1				79.6				83.3				73.4
Healthcare			40.7				41.6				44.1				45.5				38.8				42.1				39.4
Churches and educational facilities			26.0				26.7				26.9				25.3				24.2				26.4				26.9
Recreation			3.3				3.3				2.4				2.5				2.5				2.6				2.6
Multifamily			17.0				18.7				17.2				16.8				6.2				9.5				8.5
Mobile home parks			1.7				1.7				1.8				1.9				1.9				1.9				2.0
Lodging			16.9				17.0				16.9				17.1				17.3				17.5				18.0
Restaurant			3.3				3.9				3.7				3.7				3.8				3.5				3.6
Agricultural			2.6				4.6				4.7				7.0				7.2				7.1				5.9
Convenience stores			23.3				20.9				22.0				20.8				21.0				20.2				20.2
Marina			18.6				18.5				20.6				21.3				21.5				20.9				21.1
Other			37.2				33.5				29.4				28.1				27.9				31.1				25.1
			570.7				538.2				528.4				520.4				499.0				513.6				481.4
TOTAL COMMERCIAL			689.5				653.1				637.3				632.3				598.2				603.7				568.4
Other			0.4				0.3				0.2				0.3				0.5				0.3				0.2
		$	1,391.1			$	1,335.2			$	1,312.4			$	1,304.2			$	1,262.9			$	1,265.9			$	1,223.8

 

 

QUARTERLY TRENDS - INCREASE (DECREASE) IN LOANS BY QUARTER (Dollars in Millions)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

 

		2014												2013
		3rd Qtr				2nd Qtr				1st Qtr				4th Qtr				3rd Qtr				2nd Qtr				1st Qtr
Installment loans to individuals
Automobile and trucks		$	0.5			$	(0.1	)		$	(0.4	)		$	(0.5	)		$	(0.4	)		$	(0.3	)		$	-
Marine loans			1.1				2.5				0.6				(1.1	)			4.6				1.3				(3.0	)
Other			0.8				(1.8	)			(0.3	)			(0.9	)			(1.3	)			0.1				(0.7	)
			2.4				0.6				(0.1	)			(2.5	)			2.9				1.1				(3.7	)
Construction and land development to individuals
Lot loans			0.2				(0.2	)			0.4				(1.8	)			(0.8	)			(1.1	)			(0.1	)
Construction			0.3				(7.7	)			3.1				1.6				(1.0	)			(0.1	)			(1.4	)
			0.5				(7.9	)			3.5				(0.2	)			(1.8	)			(1.2	)			(1.5	)
Residential real estate
Adjustable			9.3				15.2				0.6				13.5				5.8				6.8				4.8
Fixed rate			1.2				1.2				(1.3	)			(3.6	)			(2.8	)			(0.7	)			(0.8	)
Home equity mortgages			(2.8	)			(5.7	)			(1.4	)			0.2				(0.4	)			0.9				3.3
Home equity lines			8.8				3.5				2.0				-				(1.4	)			(0.2	)			(2.1	)
			16.5				14.2				(0.1	)			10.1				1.2				6.8				5.2
TOTAL CONSUMER			19.4				6.9				3.3				7.4				2.3				6.7				-
Commercial & financial			4.0				7.9				0.8				7.8				5.6				0.4				2.9
Construction and land development for commercial
Residential
Single family residences			(0.3	)			3.3				(0.2	)			2.0				-				-				-
Single family land and lots			(0.2	)			(0.2	)			(0.2	)			-				(0.1	)			0.1				(0.7	)
Townhomes			(1.1	)			0.6				0.5				-				-				-				-
Multifamily			-				(0.1	)			(0.1	)			(0.1	)			(0.1	)			-				(0.4	)
			(1.6	)			3.6				(0.0	)			1.9				(0.2	)			0.1				(1.1	)
Commercial
Office buildings			-				-				-				(1.6	)			-				0.5				1.1
Retail trade			0.1				(0.5	)			(4.8	)			5.9				-				1.8				-
Land			0.1				(0.3	)			(0.5	)			(2.4	)			0.1				(0.6	)			(1.8	)
Healthcare			-				(7.1	)			1.7				0.7				1.8				(0.4	)			1.5
Churches and educational facilities			(0.6	)			0.5				(2.7	)			(0.2	)			1.5				1.3				0.7
Lodging			1.7				1.8				2.5				0.6				0.3				-				-
Convenience stores			0.2				0.1				-				-				-				-				-
			1.5				(5.5	)			(3.8	)			3.0				3.7				2.6				1.5
Total construction and land development			(0.1	)			(1.9	)			(3.8	)			4.9				3.5				2.7				0.4
Commercial real estate
Office buildings			4.3				2.8				1.3				0.5				6.2				(0.5	)			7.8
Retail trade			20.6				0.8				11.4				1.7				(6.6	)			13.3				(4.5	)
Industrial			7.4				5.5				(4.4	)			1.5				(3.7	)			9.9				0.8
Healthcare			(0.9	)			(2.5	)			(1.4	)			6.7				(3.3	)			2.7				(1.3	)
Churches and educational facilities			(0.7	)			(0.2	)			1.6				1.1				(2.2	)			(0.5	)			(1.7	)
Recreation			-				0.9				(0.1	)			-				(0.1	)			-				(0.1	)
Multifamily			(1.7	)			1.5				0.4				10.6				(3.3	)			1.0				(0.5	)
Mobile home parks			-				(0.1	)			(0.1	)			-				-				(0.1	)			-
Lodging			(0.1	)			0.1				(0.2	)			(0.2	)			(0.2	)			(0.5	)			(0.7	)
Restaurant			(0.6	)			0.2				-				(0.1	)			0.3				(0.1	)			0.1
Agricultural			(2.0	)			(0.1	)			(2.3	)			(0.2	)			0.1				1.2				(0.2	)
Convenience stores			2.4				(1.1	)			1.2				(0.2	)			0.8				-				(0.3	)
Marina			0.1				(2.1	)			(0.7	)			(0.2	)			0.6				(0.2	)			(0.1	)
Other			3.7				4.1				1.3				0.2				(3.2	)			6.0				(4.7	)
			32.5				9.8				8.0				21.4				(14.6	)			32.2				(5.4	)
TOTAL COMMERCIAL			36.4				15.8				5.0				34.1				(5.5	)			35.3				(2.1	)
Other			0.1				0.1				(0.1	)			(0.2	)			0.2				0.1				(0.2	)
		$	55.9			$	22.8			$	8.2			$	41.3			$	(3.0	)		$	42.1			$	(2.3	)