EXHIBIT 99.1

To Form 8-K dated April 28, 2015

 

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

(772) 221-2825

 

Stephen Fowle

Executive Vice President

Chief Financial Officer

(772) 463-8977

 

Seacoast Banking Earnings Increase 155% YOY to $5.9 Million, or $0.18 per Share, in 1Q15 Fueled by Strong Growth, Improving Operating Efficiency and Margin Expansion

First Quarter 2015 Earnings Highlights

 

·

Net income grew 155% to $5.9 million, or $0.18 per diluted share, from $2.3 million, or $0.09 per diluted share, in the first quarter of 2014. In the fourth quarter of 2014, the net loss was $1.5 million, or $0.05 per diluted share.

 

·

Adjusted net income,(1) (excluding merger costs and other adjustments) increased 48% to $6.2 million or $ 0.19 per diluted share, for the first quarter 2015, compared to $4.2 million, or $0.13 per diluted share in 4Q14.

 

·

Revenues increased as Seacoast continued to grow its businesses. Revenues increased $11.2 million or 52% above first quarter 2014 levels and $1.1 million or 15%, annualized, linked quarter.

 

·

Net interest margin improved to 3.62% compared with 3.56% in preceding quarter, and 3.07% in the first quarter a year ago due to loan growth, including the acquisition of The BANKshares, Inc., and investment of excess cash.

 

·

Operating efficiencies improved significantly with fully implemented previously announced expense reductions. The efficiency ratio improved to 68.3% for the quarter, compared to 84.3% in the first quarter a year ago.

 

⁽¹⁾ Non-GAAP measure

 

First Quarter 2015 Growth Highlights

 

·

Total loans increased $32.6 million or 7% (annualized) from the fourth quarter 2014, and increased 41.3% from a year ago. Excluding the acquisition of The BANKshares, loans increased $218.7 million or 15.9% from prior year levels.

 

·

Deposits increased $193.3 million or 8.0% (not annualized) from the prior quarter and 43.4% from a year earlier. Excluding the acquisition of The BANKshares, deposits increased $273.7 million or 15.0% from prior year levels.

 

·

Noninterest bearing deposits grew to 30.4% of total deposits, from 28.2% one year ago.

 

·

During the first quarter, Seacoast announced the agreement to acquire Grand Bankshares, Inc. which will add approximately $208 million in assets, $184 million in deposits, and $127 million in gross loans to Seacoast's operations, along with 3 branch locations in Palm Beach County.

 

 

STUART, FL., April 28, 2015 – Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF) today reported that first quarter 2015 profits more than doubled from a year ago, fueled by expanding net interest margin, growing operating efficiencies and strong loan and deposit growth. Net income increased 154.8% to $5.9 million, or $0.18 per diluted share, from $2.3 million, or $0.09 per share, in the first quarter of 2014. The company reported a loss of $1.5 million, or $0.05 per diluted share, in the fourth quarter of 2014. Excluding merger related charges and other adjustments as described below, adjusted net income (non-GAAP measure) increased 47.8% to $6.2 million or $0.19 per diluted common share, compared to $4.2 million, or $0.13 per diluted common share in the preceding quarter and $2.5 million, or $0.10 per diluted common share, a year ago.

 

“Our results this quarter reflect our focus on controlling risk, improving profitability and making the necessary investments to drive our future growth. Effectively managing each of these areas is key to helping our organization take advantage of the opportunities we see ahead. Consistent growth in our core business continues to improve, driven by ongoing sales effectiveness and expanded marketing efforts. Given these factors, revenue growth during the quarter exceeded our expectations, in part due to better than expected results from customers acquired via the Central Florida acquisition, as well as better household growth in our legacy markets,” said Dennis S. Hudson, III, Chairman and CEO. “Additionally, we were also pleased to announce another acquisition this quarter, which will strengthen our business in the attractive Palm Beach County market. This acquisition, along with our prior acquisition in the Central Florida market, positions us to further capitalize on the improving Florida economy.”

 

  

FINANCIAL HIGHLIGHTS: (Dollars in thousands, except per share data)		First Quarter 2015				Fourth Quarter 2014				Third Quarter 2014				Second Quarter 2014				First Quarter 2014
Total Assets		$	3,231,956			$	3,093,335			$	2,361,813			$	2,294,156			$	2,315,992
Loans		$	1,854,487			$	1,821,885			$	1,391,082			$	1,335,192			$	1,312,456
Deposits		$	2,609,825			$	2,416,534			$	1,808,550			$	1,805,537			$	1,819,795
Net Income (Loss) Available to Common  Shareholders		$	5,859			$	(1,517	)		$	2,996			$	1,918			$	2,299
Diluted Earnings Per Share		$	0.18			$	(0.05	)		$	0.12			$	0.07			$	0.09
Return on Average Assets			0.75	%			(0.20	)%			0.52	%			0.33	%			0.41	%
Net Interest Margin			3.62	%			3.56	%			3.17	%			3.10	%			3.07	%
Efficiency Ratio			68.3				104.5				82.8				89.4				84.3
Pretax, Pre-provision Income (1)		$	9,832			$	(2,029	)		$	3,832			$	1,938			$	3,013
Average Diluted Shares Outstanding			33,135				33,124				26,026				25,998				25,657
Adjusted Diluted Earnings Per Share (1)		$	0.19			$	0.13			$	0.13			$	0.12			$	0.10
Adjusted Return on Average Assets (1)			0.79	%			0.55	%			0.57	%			0.52	%			0.45	%
Adjusted Efficiency Ratio (1)			67.4				74.8				80.2				82.1				83.3
Adjusted Pretax, Pre-provision Income (1)		$	10,342			$	7,464			$	4,341			$	3,821			$	3,395
Annualized Adjusted Core Operating Expenses as a Percent of Average Assets (1)			2.92				3.19				3.24				3.27				3.26

 

(1)

Non-GAAP measure

 

 

Balance Sheet Highlights

 

“The investments we made last year in digital access and automated and digital marketing technology are paying off, as our sales team continues to build momentum. These new tools for data mining, automated outreach and targeted product offerings are generating strong results and helping to fuel growth in low-cost customer funding and loans,” said Hudson. “These investments, along with improvements in face to face sales effectiveness, are reflected in a 5% annualized growth in net households over the last three months.”

 

Seacoast Continues to Expand its Low-Cost Funding Base through Organic Growth and Acquisitions

 

Total deposits increased a strong $193.3 million, or 8.0% (not annualized), from fourth quarter levels. Core customer funding increased $221.6 million, or 9.9% (not annualized), during the same period. The growth is the result of increased focus on growing small business relationships in the more populated metropolitan areas of Palm Beach County and Central Florida. In addition, the Company continues to expand its focus on growing relationships with governmental entities, resulting in an increase of $95.8 million in new public funding relationships.

 

Total deposits were $2.61 billion at March 31, 2015, an increase of $790.0 million above the first quarter of 2014. Excluding deposits acquired in the BANKshares transaction, total deposits increased $273.7 million or 15.0% from one year ago. Core customer funding totaled $2.47 billion at March 31, 2015, a $753.4 million increase from the first quarter of 2014. Excluding the acquisition, core customer funding increased by $306.0 million or 15.1%. Demand deposits increased $68.1 million, or 9.4% from the prior quarter and $279.4 million or 54.4% from the first quarter of 2014 and represent 30.4% of total deposits, up from 28.2% one year ago.

 

 

(Dollars in thousands)		First Quarter 2015				Fourth Quarter 2014				First Quarter 2014				1Q15 vs 4Q14 Change				1Q15 vs 1Q14 Change
Customer Relationship Funding
Demand deposits (noninterest bearing)		$	793,336			$	725,238			$	513,925				9.4	%			54.4	%
NOW			634,854				652,353				504,698				(2.7	)			25.8
Money market accounts			596,600				450,172				337,408				32.5				76.8
Savings deposits			272,963				264,738				202,170				3.1				35.0
Time certificates of deposit			312,072				324,033				261,594				(3.7	)			19.3
Total deposits			2,609,825				2,416,534				1,819,795				8.0				43.4
Sweep repurchase agreements			170,023				153,640				156,136				10.7				8.9
Total core customer funding (1)			2,467,776				2,246,141				1,714,337				9.9				43.9
Demand deposit mix (noninterest bearing)			30.4	%			30.0	%			28.2	%

 

(1)

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

 

Strong Loan Growth Reflects Seacoast Sales Momentum and a Vibrant Florida Economy

 

Total loans were $1.85 billion at March 31, 2015, up $542.0 million from a year ago. Excluding loans acquired in the BANKshares transaction, loans increased $218.7 million or 15.9% from the prior year.

 

  

Commercial loan originations for the quarter totaled $61.4 million despite a seasonally slower quarter for commercial loan closing. Commercial loan closings increased $24.0 million or 64.1% over the first quarter 2014. The commercial pipeline (in underwriting and approval or approved and not yet closed) totaled $82.1 million at March 31, 2015, the highest in the trailing four quarters, indicating continued strength.

 

(Dollars in thousands)		First Quarter 2015				Fourth Quarter 2014				Third Quarter 2014				Second Quarter 2014				First Quarter 2014
Commercial pipeline		$	82,143			$	60,136			$	45,534			$	58,168			$	29,936
Commercial loans closed			61,357				94,719				72,630				53,250				37,386
Total loan originations and pipeline		$	143,500			$	154,855			$	118,164			$	111,418			$	67,322

 

Closed residential production totaled $55.8 million compared to $57.9 million in the fourth quarter and $40.0 million in the first quarter of 2014. The residential pipeline totaled $48.5 million at March 31, 2015 compared to $21.4 million at December 31, 2014 and $26.7 million one year ago. Consumer loan and small business originations (inclusive of lines of credit) totaled $38.9 million in the first quarter of 2015 compared to $10.5 million one year ago.

 

Income Statement Highlights

 

Net interest Income at Record Level, Margin Increases Meaningfully

 

Net interest income for the quarter totaled $25.7 million, a $1.0 million or 4% (not annualized) increase from the prior quarter. Net interest margin for the quarter increased to 3.62% versus 3.56% in the fourth quarter of 2014. Improvement in net interest income and margin was the result of increased loan growth (a $54.5 million average balance increase), the reinvestment of excess cash balances, and additional accretion on purchased loans.

 

 

Noninterest Income Increase Reflects Customer Growth and Strong Mortgage Banking Results

 

Noninterest income (excluding security gains) increased $167,000 from fourth quarter 2014. Mortgage banking fees and interchange income, up $372,000 and $134,000, respectively, over the prior quarter offset seasonally (fewer number of days) and lower service charges on deposits and marine finance fees.

 

(Dollars in thousands)		First Quarter 2015				Fourth Quarter 2014				Third Quarter 2014				Second Quarter 2014				First Quarter 2014
Service charges on deposit accounts		$	2,002			$	2,208			$	1,753			$	1,484			$	1,507
Trust fees			801				795				817				703				671
Mortgage banking fees			1,088				716				825				855				661
Brokerage commissions and fees			441				417				408				410				379
Marine finance fees			197				445				281				340				254
Interchange income			1,737				1,603				1,452				1,514				1,403
Bank owned life insurance			330				252				0				0				0
Other deposit based EFT fees			114				92				70				83				98
Other			598				613				543				507				585
Total			7,308				7,141				6,149				5,896				5,558
Securities gains, net			0				108				344				0				17
		$	7,308			$	7,249			$	6,493			$	5,896			$	5,575

 

Noninterest Expense Decreases Significantly Linked Quarter as Cost Efficiencies Register

 

Non-interest expense dropped significantly from fourth quarter 2014 levels, when sizable merger and restructuring charges were recorded. Core operating expense (non-GAAP) totaled $22.7 million for the first quarter of 2015 compared to $24.4 million in the fourth quarter of 2014. The improvement in core operating expense and our adjusted efficiency ratio (non-GAAP measure) (67.4% in 1Q15 versus 74.8% in 4Q14) is reflective of a full quarter benefit from expense reduction initiatives. The strategic cost initiatives we completed in the fourth quarter of 2014 became fully realized this quarter and are reflected in our lower employee costs (salaries and wages) and other fixed cost (primarily occupancy expense) infrastructure. We achieved these savings with our revenue producing staff intact to continue the sales momentum we have established over the prior quarters.

 

 

Merger related charges for the Grand Bankshares acquisition totaled $212,000 in the first quarter and are estimated to total approximately $3.6 million in aggregate.

 

(Dollars in thousands)		First Quarter 2015				Fourth Quarter 2014				Third Quarter 2014				Second Quarter 2014				First Quarter 2014
Noninterest Expense:
Salaries and wages		$	8,777			$	9,998			$	7,868			$	7,587			$	7,412
Employee benefits			2,415				2,461				2,049				2,081				2,182
Outsourced data processing costs			2,184				1,925				1,769				1,811				1,695
Telephone / data lines			496				419				313				306				293
Occupancy expense			2,023				2,325				1,879				1,888				1,838
Furniture and equipment expense			732				683				628				604				571
Marketing expense			975				1,072				717				675				813
Legal and professional fees			1,388				1,741				884				924				935
FDIC assessments			589				476				387				411				386
Amortization of intangibles			315				446				195				196				196
Other			2,781				2,863				2,155				2,317				2,063
Total Core Operating Expense			22,675				24,409				18,844				18,800				18,384
Non-GAAP adjustments
Severance			12				478				328				181				212
Merger related charges			275				2,722				399				1,234				6
Branch closure charges and costs related to expense initiatives			0				4,261				68				114				0
Marketing and brand refresh expense			0				697				0				0				0
Stock compensation expense and other incentive costs related to improved outlook			0				1,213				0				0				0
Miscellaneous losses (gains)			0				119				(45	)			144				0
Net loss on OREO and repossessed assets			81				9				156				92				53
Asset dispositions expense			143				103				139				118				128
Total Non-Interest Expenses		$	23,186			$	34,011			$	19,889			$	20,683			$	18,789

 

 

Income Taxes

 

The effective tax rate in the first quarter decreased to 37.7 % from 44.4% (higher from nondeductible merger related charges) for the 2014 calendar year. The improvement over the prior year also reflects the full effect of income from the acquisition of tax exempt bank owned life insurance policies and tax exempt investments in the fourth quarter of 2014.

 

Other Highlights

 

Credit Quality Maintains Strong Trends

 

The provision for loan losses was $433,000 for the first quarter of 2015 compared to $118,000 in the fourth quarter of 2014 and a recapture of $735,000 in the first quarter 2014. The allowance for loan losses to loans for non-acquired loans ended at 1.13%, in line with the fourth quarter 2014 of 1.14%. Additional highlights include:

 

·

Nonperforming loans to total loans outstanding at the end of the first quarter of 1.1%, down from 2.0 % at March 31, 2014;

 

·

Nonperforming assets to total assets declined to 0.8%, compared to 1.4% a year ago;

 

Earnings Continue to Expand Already Strong Capital Ratios

 

Capital ratios remain healthy and well above regulatory requirements for well-capitalized institutions. The common equity tier 1 capital ratio (CET1) under the new Basel III standardized transition approach is estimated at 13.2% at March 31, 2015, well above the 6.5% regulatory threshold for well-capitalized institutions. The total risk based capital ratio is estimated at 15.6% at March 31, 2015 compared to 16.3% at year end 2014. The tier 1 leverage ratio is estimated at 10.0% at March 31, 2015 compared to 10.3% at December 31, 2014. Tangible book value per share increased from year end 2014 by $0.29 per share to $8.74.

 

 

Explanation of Certain Unaudited Non-GAAP Financial Measures

 

This press release contains financial information determined by methods other than Generally Accepted Accounting Principles (“GAAP”). The financial highlights provide reconciliations between GAAP net income and adjusted net income, GAAP income and adjusted pretax, pre-provision income. Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance. The Company believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might calculate these measures differently. The Company provides reconciliations between GAAP and these non-GAAP measures. These disclosures should not be considered an alternative to GAAP. Reconciliations of GAAP to non-GAAP measures - all amounts are in thousands except per share data (unaudited).

 

To better evaluate its earnings, the Company removes certain items to arrive at Adjusted net income, Adjusted pretax, pre-provision income and Adjusted diluted earnings per share (non-GAAP measures) as detailed in the table below:

 

 

(Dollars in thousands)		First Quarter 2015				Fourth Quarter 2014				Third Quarter 2014				Second Quarter 2014				First Quarter 2014
Net income		$	5,859			$	(1,517	)		$	2,996			$	1,918			$	2,299
Severance			12				478				328				181				212
Merger related charges			275				2,722				399				1,234				6
Branch closure charges and costs related to expense initiatives			0				4,261				68				114				0
Marketing and brand refresh expense			0				697				0				0				0
Stock compensation expense and other incentive costs related to improved outlook			0				1,213				0				0				0
Security (gains)			0				(108	)			(344	)			0				(17	)
Miscellaneous losses (gains)			0				119				(45	)			144				0
Recovery of nonaccrual loan interest			0				0				(192	)			0				0
Net loss on OREO and repossessed assets			81				9				156				92				53
Asset dispositions expense			143				103				139				118				128
Effective tax rate on adjustments			(193	)			(3,798	)			(219	)			(811	)			(148	)
Adjusted Net Income (1)		$	6,177			$	4,179			$	3,286			$	2,990			$	2,533
Provision (recapture) for loan losses			433				118				(1,425	)			(1,444	)			(735	)
Income taxes			3,732				3,167				2,480				2,275				1,597
Adjusted pretax, pre-provision income (1)		$	10,342			$	7,464			$	4,341			$	3,821			$	3,395
Adjusted earnings per diluted share (1)		$	0.19			$	0.13			$	0.13			$	0.12			$	0.10
Average shares outstanding			33,135				33,124				26,026				25,998				25,657

 

(1)

Non-GAAP measure

 

Conference Call Information

 

Seacoast will host a conference call on Wednesday, April 29, 2015 at 9:00 a.m. (Eastern Time) to discuss the earnings results. Investors may call in at (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, the afternoon of April 29, 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 April 29, 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.   

 

About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)

 

Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida with approximately $3.1 billion in assets and $2.4 billion in deposits as of December 31, 2014. The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through advanced banking solutions, 42 traditional branches of its locally-branded wholly-owned subsidiary bank, Seacoast Bank, and five commercial banking centers. Offices stretch from Ft. Lauderdale, Boca Raton and West Palm Beach north through the Space Coast of Florida, into Orlando and Central Florida, and west to Okeechobee and surrounding counties. More information about the Company is available at SeacoastBanking.com.

Sources:

https://www08.wellsfargomedia.com/downloads/pdf/com/insights/economics/regional-reports/FL_Economic_Outlook_03202015.pdf

 

_____________________________________________________________

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, 2014, 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
		March 31,				December 31,				March 31,
		2015				2014				2014
Summary of Earnings
Net income (loss)		$	5,859			$	(1,517	)		$	2,299
Net interest income (1)			25,834				24,883				16,277
Net interest margin (1), (2)			3.62				3.56				3.07
Performance Ratios
Return on average assets-GAAP basis (2), (3)			0.75	%			(0.20	)%			0.41
Return on average shareholders' equity-GAAP basis (2), (3)			7.42				(1.89	)			4.02
Return on average tangible shareholders' equity-GAAP basis (2), (3), (4)			8.51				(1.71	)			4.26
Efficiency ratio (5)			68.33				104.46				84.30
Noninterest income to total revenue			22.13				22.40				25.52
Per Share Data
Net income (loss) diluted-GAAP basis		$	0.18			$	(0.05	)		$	0.09
Net income (loss) basic-GAAP basis			0.18				(0.05	)			0.09
Book value per share common			9.71				9.44				8.79
Tangible book value per share			8.74				8.45				8.77
Cash dividends declared			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 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).

 

 

FINANCIAL HIGHLIGHTS

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

		March 31,				December 31,				March 31,
(Dollars in thousands, except share data)		2015				2014				2014
Selected Financial Data
Total assets		$	3,231,956			$	3,093,335			$	2,315,992
Securities available for sale (at fair value)			730,232				741,375				658,512
Securities held for investment (at amortized cost)			223,061				207,904				0
Net loans			1,836,766				1,804,814				1,292,984
Deposits			2,609,825				2,416,534				1,819,795
Total shareholders' equity			321,844				312,651				228,382
Average Balances (Year-to-Date)
Total average assets		$	3,151,132			$	2,485,259			$	2,286,998
Less: intangible assets			31,221				8,840				629
Total average tangible assets		$	3,119,911			$	2,476,419			$	2,286,369
Total average equity		$	320,346			$	256,867			$	231,769
Less: intangible assets			31,221				8,840				629
Total average tangible equity		$	289,125			$	248,027			$	231,140
Credit Analysis
Net charge-offs (recoveries) year-to-date - non-acquired loans		$	(263	)		$	(489	)		$	(139	)
Net charge-offs year-to-date - acquired loans			46				-				-
Total net charge-offs (recoveries) year-to-date			(217	)			(489	)			(139	)
Net charge-offs (recoveries) to average loans (annualized) - non-acquired loans			(0.06	)%			(0.03	)%			(0.04	)
Net charge-offs to average loans (annualized) - acquired loans			0.01				-				-
Total net charge-offs (recoveries) to average loans (annualized)			(0.05	)%			(0.03	)%			(0.04	)
Loan loss provision (recapture) year-to-date - non-acquired loans		$	292			$	(3,550	)		$	(735	)
Loan loss provision year-to-date - acquired loans			141				64				-
Total loan loss provision (recapture) year-to-date			433				(3,486	)			(735	)
Allowance to loans at end of period - non-acquired loans			1.13	%			1.14	%			1.48
Discount for credit losses to acquired loans at end of period			3.56				3.56				-
Nonperforming loans - non-acquired loans		$	16,860			$	18,563			$	26,220
Nonperforming loans - acquired loans			4,196				2,577				-
Other real estate owned - non-acquired			4,738				5,567				6,369
Other real estate owned - acquired			1,431				1,895				-
Total nonperforming assets		$	27,225			$	28,602			$	32,589
Restructured loans (accruing)		$	23,847			$	24,997			$	24,537
Purchased noncredit impaired loans		$	296,839			$	326,066			$	-
Purchased credit impaired loans			7,119				7,814				-
Total acquired loans		$	303,958			$	333,880			$	-
Nonperforming loans to loans at end of period - non-acquired loans			0.91	%			1.02	%			2.00
Nonperforming loans to loans at end of period - acquired loans			0.23				0.14				-
Total nonperforming loans to loans at end of period			1.14	%			1.16	%			2.00
Nonperforming assets to total assets - non-acquired			0.67	%			0.78	%			1.41
Nonperforming assets to total assets - aquired			0.17				0.14				-
Total nonperforming assets to total assets			0.84	%			0.92	%			1.41

  

 

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

		Three Months Ended
		March 31,
(Dollars in thousands, except per share data)		2015				2014
Interest on securities:
Taxable		$	4,898			$	3,434
Nontaxable			150				12
Interest and fees on loans			22,021				13,798
Interest on federal funds sold and other investments			249				268
Total Interest Income			27,318				17,512
Interest on deposits			401				194
Interest on time certificates			347				407
Interest on borrowed money			860				690
Total Interest Expense			1,608				1,291
Net Interest Income			25,710				16,221
Provision (recapture) for loan losses			433				(735	)
Net Interest Income After Provision for Loan Losses			25,277				16,956
Noninterest income:
Service charges on deposit accounts			2,002				1,507
Trust fees			801				671
Mortgage banking fees			1,088				661
Brokerage commissions and fees			441				379
Marine finance fees			197				254
Interchange income			1,737				1,403
Other deposit based EFT fees			114				98
BOLI income			330				0
Other			598				585
			7,308				5,558
Securities gains, net			0				17
Total Noninterest Income			7,308				5,575
Noninterest expenses:
Salaries and wages			8,789				7,624
Employee benefits			2,415				2,182
Outsourced data processing costs			2,184				1,695
Telephone / data lines			496				293
Occupancy			2,023				1,838
Furniture and equipment			732				571
Marketing			975				813
Legal and professional fees			1,663				941
FDIC assessments			589				386
Amortization of intangibles			315				196
Asset dispositions expense			143				128
Net loss on other real estate owned and repossessed assets			81				53
Other			2,781				2,063
Total Noninterest Expenses			23,186				18,783
Income Before Income Taxes			9,399				3,748
Income taxes			3,540				1,449
Net Income		$	5,859			$	2,299
Per share of common stock:
Net income diluted		$	0.18			$	0.09
Net income basic			0.18				0.09
Cash dividends declared			0.00				0.00
Average diluted shares outstanding			33,135,618				25,656,775
Average basic shares outstanding			32,971,444				25,489,630

 

 

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

 

		March 31,				December 31,				March 31,
(Dollars in thousands, except share data)		2015				2014				2014
Assets
Cash and due from banks		$	65,097			$	64,411			$	44,984
Interest bearing deposits with other banks			134,832				36,128				173,794
Total Cash and Cash Equivalents			199,929				100,539				218,778
Securities:
Available for sale (at fair value)			730,232				741,375				658,512
Held for investment (at amortized cost)			223,061				207,904				0
Total Securities			953,293				949,279				658,512
Loans available for sale			18,851				12,078				11,038
Loans, net of deferred costs			1,854,487				1,821,885				1,312,456
Less: Allowance for loan losses			(17,721	)			(17,071	)			(19,472	)
Net Loans			1,836,766				1,804,814				1,292,984
Bank premises and equipment, net			48,189				45,086				35,057
Other real estate owned			6,169				7,462				6,369
Other intangible assets			7,139				7,454				522
Goodwill			25,222				25,309				0
Bank owned life insurance			35,983				35,679				0
Other assets			100,415				105,635				92,732
		$	3,231,956			$	3,093,335			$	2,315,992
Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand deposits (noninterest bearing)		$	793,336			$	725,238			$	513,925
NOW			634,854				652,353				504,698
Savings deposits			272,963				264,738				202,170
Money market accounts			596,600				450,172				337,408
Other time certificates			166,905				173,247				148,971
Brokered time certificates			7,985				7,034				9,619
Time certificates of $100,000 or more			137,182				143,752				103,004
Total Deposits			2,609,825				2,416,534				1,819,795
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days			170,023				233,640				156,136
Borrowed funds			50,000				50,000				50,000
Subordinated debt			64,627				64,583				53,610
Other liabilities			15,637				15,927				8,069
			2,910,112				2,780,684				2,087,610
Shareholders' Equity
Common stock			3,300				3,300				2,599
Additional paid in capital			379,740				379,249				301,918
Accumulated deficit			(59,140	)			(65,000	)			(68,396	)
Treasury stock			(83	)			(71	)			(39	)
			323,817				317,478				236,082
Accumulated other comprehensive (loss), net			(1,973	)			(4,827	)			(7,700	)
Total Shareholders' Equity			321,844				312,651				228,382
		$	3,231,956			$	3,093,335			$	2,315,992
Common Shares Outstanding			33,136,152				33,136,592				25,984,488

 

Note: The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date. 

 

 

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

 

		QUARTERS
		2015				2014
(Dollars in thousands, except per share data)		First				Fourth				Third				Second				First
Net income (loss)		$	5,859			$	(1,517	)		$	2,996			$	1,918			$	2,299
Operating Ratios
Return on average assets-GAAP basis (2),(3)			0.75	%			(0.20	)%			0.52	%			0.33	%			0.41	%
Return on average tangible assets (2),(3),(4)			0.79				(0.16	)			0.54				0.36				0.43
Return on average shareholders' equity-GAAP basis (2),(3)			7.42				(1.89	)			4.97				3.25				4.02
Efficiency ratio (5)			68.33				104.46				82.78				89.42				84.30
Noninterest income to total revenue			22.13				22.40				26.30				26.06				25.52
Net interest margin (1),(2)			3.62				3.56				3.17				3.10				3.07
Average equity to average assets			10.17				10.51				10.37				10.27				10.13
Credit Analysis
Net charge-offs (recoveries) - non-acquired loans		$	(263	)		$	618			$	(856	)		$	(112	)		$	(139	)
Net charge-offs - acquired loans			46				-				-				-				-
Total net charge-offs (recoveries)			(217	)			618				(856	)			(112	)			(139	)
Net charge-offs (recoveries) to average loans - non-acquired loans			(0.06	)%			0.14	%			(0.25	)%			(0.03	)%			(0.04	)%
Net charge-offs (recoveries) to average loans - acquired loans			0.01				-				-				-				-
Toral net charge-offs (recoveries) to average loans			(0.05	)			0.14				(0.25	)			(0.03	)			(0.04	)
Loan loss provision (recapture) - non-acquired loans		$	292			$	54			$	(1,425	)		$	(1,444	)		$	(735	)
Loan loss provision (recapture) - acquired loans			141				64				-				-				-
Total loan loss provision (recapture)			433				118				(1,425	)			(1,444	)			(735	)
Allowance to loans at end of period - non-acquired loans			1.13	%			1.14	%			1.26	%			1.36	%			1.48	%
Discount for credit losses to acquired loans at end of period			3.56	%			3.56	%			-	%			-	%			-	%
Nonperforming loans - non-acquired loans		$	16,860			$	18,563			$	18,942			$	21,745			$	26,220
Nonperforming loans - acquired loans			4,196				2,577				-				-				-
Other real estate owned - non-acquired			4,738				5,567				5,018				6,198				6,369
Other real estate owned - acquired			1,431				1,895				-				-				-
Total nonperforming assets		$	27,225			$	28,602			$	23,960			$	27,943			$	32,589
Restructured loans (accruing)		$	23,847			$	24,997			$	28,969			$	28,157			$	24,537
Purchased noncredit impaired loans		$	296,839			$	326,066			$	-			$	-			$	-
Purchased credit impaired loans			7,119				7,814				-				-				-
Total acquired loans		$	303,958			$	333,880			$	0			$	0			$	0
Nonperforming loans to loans at end of period - non-acquired loans			0.91	%			1.02	%			1.36	%			1.63	%			2.00	%
Nonperforming loans to loans at end of period - acquired loans			0.23				0.14				-				-				-
Total nonperforming loans to loans at end of period			1.14	%			1.16	%			1.36	%			1.63	%			2.00	%
Nonperforming assets to total assets - non-acquired			0.67	%			0.78	%			1.01	%			1.22	%			1.41	%
Nonperforming assets to total assets - acquired			0.17				0.14				-				-				-
Total nonperforming assets to total assets			0.84				0.92				1.01				1.22				1.41
Per Share Common Stock
Net income (loss) diluted-GAAP basis		$	0.18			$	(0.05	)		$	0.12			$	0.07			$	0.09
Net income (loss) basic-GAAP basis			0.18				(0.05	)			0.12				0.07				0.09
Cash dividends declared			0.00				0.00				0.00				0.00				0.00
Book value per share common			9.71				9.44				9.07				9.02				8.79
Average Balances
Total average assets		$	3,151,132			$	3,037,061			$	2,305,799			$	2,304,870			$	2,286,998
Less: Intangible assets			31,221				33,803				237				422				629
Total average tangible assets		$	3,119,911			$	3,003,258			$	2,305,562			$	2,304,448			$	2,286,369
Total average equity		$	320,346			$	319,233			$	239,031			$	236,632			$	231,769
Less: Intangible assets			31,221				33,803				237				422				629
Total average tangible equity		$	289,125			$	285,430			$	238,794			$	236,210			$	231,140

(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)	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).

 

		March 31,				December 31,				March 31,
SECURITIES		2015				2014				2014
U.S. Treasury and U.S. Government Agencies		$	3,863			$	3,899			$	100
Mortgage-backed			575,907				587,933				619,951
Collateralized loan obligations			126,375				125,225				32,215
Obligations of states and political subdivisions			24,087				24,318				6,246
Securities Available for Sale			730,232				741,375				658,512
Mortgage-backed			181,762				182,076				0
Collateralized loan obligations			41,299				25,828				0
Securities Held for Investment			223,061				207,904				-
Total Securities		$	953,293			$	949,279			$	658,512

		March 31,				December 31,				March 31,
LOANS		2015				2014				2014
Construction and land development		$	100,341			$	87,036			$	67,197
Real estate mortgage			1,532,522				1,524,044				1,121,027
Installment loans to individuals			57,239				52,897				44,601
Commercial and financial			164,050				157,396				79,401
Other loans			335				512				230
Total Loans		$	1,854,487			$	1,821,885			$	1,312,456

 

 

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

		QUARTER																				Percent Change vs.
		2015				2014																4th Qtr				1st Qtr
(Dollars in thousands)		First				Fourth				Third				Second				First				2014				2014
Assets
Earning assets:
Securities:
Taxable		$	939,015			$	897,472			$	698,274			$	677,600			$	653,646				4.6	%			43.7	%
Nontaxable			15,617				15,871				742				827				1,016				(1.6	)			1437.1
Total Securities			954,632				913,343				699,016				678,427				654,662				4.5				45.8
Federal funds sold and other investments			92,934				63,690				98,711				153,410				188,048				45.9				(50.6	)
Loans, net			1,848,965				1,794,423				1,365,978				1,338,415				1,307,796				3.0				41.4
Total Earning Assets			2,896,531				2,771,456				2,163,705				2,170,252				2,150,506				4.5				34.7
Allowance for loan losses			(17,385	)			(18,723	)			(17,972	)			(19,784	)			(20,205	)			(7.1	)			(14.0	)
Cash and due from banks			63,689				88,745				44,172				35,735				37,186				(28.2	)			71.3
Premises and equipment			46,605				47,379				34,717				34,948				34,731				(1.6	)			34.2
Intangible assets			31,221				33,803				237				422				629				(7.6	)			n/m
Bank owned life insurance			35,793				24,417				0				0				0				46.6				n/m
Other assets			94,678				89,984				80,940				83,297				84,151				5.2				12.5
		$	3,151,132			$	3,037,061			$	2,305,799			$	2,304,870			$	2,286,998				3.8				37.8
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW		$	628,480			$	585,895			$	489,138			$	498,285			$	507,313				7.3	%			23.9	%
Savings deposits			268,041				263,066				212,479				205,686				197,300				1.9				35.9
Money market accounts			519,526				457,364				339,937				336,772				330,787				13.6				57.1
Time deposits			318,343				327,327				252,179				259,325				270,215				(2.7	)			17.8
Federal funds purchased and other short term borrowings			212,123				227,806				153,696				150,108				155,656				(6.9	)			36.3
Other borrowings			114,606				114,560				103,610				103,610				103,610				0.0				10.6
Total Interest-Bearing Liabilities			2,061,119				1,976,018				1,551,039				1,553,786				1,564,881				4.3				31.7
Demand deposits (noninterest-bearing)			753,620				728,410				506,478				505,892				481,048				3.5				56.7
Other liabilities			16,047				13,400				9,251				8,560				9,300				19.8				72.5
Total Liabilities			2,830,786				2,717,828				2,066,768				2,068,238				2,055,229				4.2				37.7
Shareholders' equity			320,346				319,233				239,031				236,632				231,769				0.3				38.2
		$	3,151,132			$	3,037,061			$	2,305,799			$	2,304,870			$	2,286,998				3.8				37.8

 

n/m = not meaningful

  

AVERAGE YIELDS / RATES (1)

(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

 

		QUARTER
		2015				2014
(Dollars in thousands)		First				Fourth				Third				Second				First
Assets
Earning assets:
Securities:
Taxable			2.09	%			2.13	%			2.09	%			2.14	%			2.10	%
Nontaxable			5.89				5.90				7.01				6.77				6.69
Total Securities			2.15				2.19				2.10				2.15				2.11
Federal funds sold and other investments			1.09				1.82				0.85				0.64				0.58
Loans, net			4.84				4.67				4.26				4.24				4.29
Total Earning Assets			3.84				3.78				3.40				3.33				3.31
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW			0.08				0.08				0.07				0.08				0.08
Savings deposits			0.06				0.06				0.04				0.04				0.05
Money market accounts			0.19				0.12				0.09				0.08				0.08
Time deposits			0.44				0.45				0.58				0.60				0.61
Federal funds purchased and other short term borrowings			0.19				0.17				0.18				0.17				0.17
Other borrowings			2.70				2.67				2.43				2.43				2.44
Total Interest-Bearing Liabilities			0.32				0.31				0.32				0.33				0.33
Interest expense as a % of earning assets			0.23				0.22				0.23				0.23				0.24
Net interest income as a % of earning assets			3.62				3.56				3.17				3.10				3.07

 

(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.
		2015				2014																4th Qtr				1st Qtr
(Dollars in thousands)		First				Fourth				Third				Second				First				2014				2014
Assets
Earning assets:
Securities:
Taxable		$	4,898			$	4,773			$	3,656			$	3,630			$	3,434				2.6	%			42.6	%
Nontaxable			230				234				13				14				17				(1.7	)			1,252.9
Total Securities			5,128				5,007				3,669				3,644				3,451				2.4				48.6
Federal funds sold and other investments			249				292				211				246				268				(14.7	)			(7.1	)
Loans, net			22,065				21,123				14,665				14,151				13,849				4.5				59.3
Total Earning Assets			27,442				26,422				18,545				18,041				17,568				3.9				56.2
Liabilities
Interest-bearing liabilities:
NOW			117				112				91				94				102				4.5				14.7
Savings deposits			39				42				24				23				24				(7.1	)			62.5
Money market accounts			245				143				74				67				68				71.3				260.3
Time deposits			347				375				370				386				407				(7.5	)			(14.7	)
Federal funds purchased and
other short term borrowings			98				97				69				65				66				1.0				48.5
Other borrowings			762				770				635				627				624				(1.0	)			22.1
Total Interest-Bearing Liabilities			1,608				1,539				1,263				1,262				1,291				4.5				24.6
Net interest income			25,834				24,883				17,282				16,779				16,277				3.8				58.7

 

(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

		2015				2014
(Dollars in thousands)		First Quarter				Fourth Quarter				Third Quarter				Second Quarter				First Quarter
Customer Relationship Funding (Period End)
Demand deposits (noninterest bearing)
Commercial		$	546,876			$	481,327			$	301,630			$	293,515			$	291,221
Retail			191,262				190,120				162,392				167,172				173,698
Public funds			38,529				41,201				39,329				33,223				34,636
Other			16,669				12,590				18,650				15,888				14,370
			793,336				725,238				522,001				509,798				513,925
NOW accounts
Commercial			66,532				58,173				41,131				41,423				41,281
Retail			416,766				407,653				324,690				327,762				329,226
Public funds			151,556				186,527				114,006				124,742				134,191
			634,854				652,353				479,827				493,927				504,698
Total Transaction Accounts
Commercial			613,408				539,500				342,761				334,938				332,502
Retail			608,028				597,773				487,082				494,934				502,924
Public funds			190,085				227,728				153,335				157,965				168,827
Other			16,669				12,590				18,650				15,888				14,370
			1,428,190				1,377,591				1,001,828				1,003,725				1,018,623
Savings accounts			272,963				264,738				215,076				208,333				202,170
Money market accounts
Commercial			185,668				172,417				118,385				114,662				109,158
Retail			274,203				264,725				218,376				213,927				221,762
Public funds			136,729				13,030				7,965				6,657				6,488
			596,600				450,172				344,726				335,246				337,408
Time certificates of deposit			312,072				324,033				246,920				258,233				261,594
Total Deposits		$	2,609,825			$	2,416,534			$	1,808,550			$	1,805,537			$	1,819,795
Sweep repurchase agreements		$	170,023			$	153,640			$	124,436			$	141,662			$	156,136
Total core customer funding (1)		$	2,467,776			$	2,246,141			$	1,686,066			$	1,688,966			$	1,714,337

 

(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

 

		2015				2014
		1st Qtr				4th Qtr				3rd Qtr				2nd Qtr				1st Qtr
Installment loans to individuals
Automobile and trucks		$	10.0			$	7.8			$	6.6			$	6.1			$	6.2
Marine loans			28.7				26.2				24.4				23.3				20.8
Other			18.5				18.9				16.6				15.8				17.6
			57.2				52.9				47.6				45.2				44.6
Construction and land development to individuals
Lot loans			16.0				15.5				13.3				13.1				13.3
Construction			23.0				18.2				17.0				16.7				24.4
			39.0				33.7				30.3				29.8				37.7
Residential real estate
Adjustable			436.3				441.2				417.0				407.7				392.5
Fixed rate			93.0				93.9				92.2				91.0				89.8
Home equity mortgages			69.6				71.8				52.1				54.9				60.6
Home equity lines			84.7				80.0				62.0				53.2				49.7
			683.6				686.9				623.3				606.8				592.6
TOTAL CONSUMER			779.8				773.5				701.2				681.8				674.9
Commercial & financial			164.1				157.4				91.3				87.3				79.4
Construction and land development for commercial
Residential
Single family residences			9.1				6.8				4.8				5.1				1.8
Single family land and lots			5.9				6.1				4.3				4.5				4.7
Townhomes			1.1				0.3				-				1.1				0.5
Multifamily			2.8				3.0				3.5				3.5				3.6
			18.9				16.2				12.6				14.2				10.6
Commercial
Office buildings			2.8				1.6				-				-				-
Retail trade			1.0				0.7				2.5				2.4				2.9
Restaurant			1.0				-				-				-				-
Land			20.9				18.2				4.2				4.1				4.4
Healthcare			-				-				-				-				7.1
Churches and educational facilities			1.7				2.9				1.0				1.6				1.1
Lodging			7.1				7.1				6.9				5.2				3.4
Convenience stores			3.5				3.2				0.3				0.1				-
Industrial buildings			2.3				2.7				-				-				-
Auto and RV dealerships			0.3				0.3				-				-				-
Other			1.9				0.4				-				-				-
			42.5				37.1				14.9				13.4				18.9
Total construction and land development			61.4				53.3				27.5				27.6				29.5
Commercial real estate
Office buildings			239.3				235.7				127.1				122.8				120.0
Retail trade			201.8				205.5				163.4				142.8				142.0
Industrial			164.5				157.3				89.6				82.2				76.7
Healthcare			50.9				50.6				40.7				41.6				44.1
Churches and educational facilities			27.1				26.1				26.0				26.7				26.9
Recreation			3.2				3.2				3.3				3.3				2.4
Multifamily			17.1				17.4				17.0				18.7				17.2
Mobile home parks			1.6				1.7				1.7				1.7				1.8
Lodging			16.7				16.9				16.9				17.0				16.9
Restaurant			5.5				3.3				3.3				3.9				3.7
Agricultural			2.4				2.6				2.6				4.6				4.7
Convenience stores			20.7				21.2				23.3				20.9				22.0
Marina			18.3				18.5				18.6				18.5				20.6
Other			79.8				77.2				37.2				33.5				29.4
			848.9				837.2				570.7				538.2				528.4
TOTAL COMMERCIAL			1,074.4				1,047.9				689.5				653.1				637.3
Other			0.3				0.5				0.4				0.3				0.2
		$	1,854.5			$	1,821.9			$	1,391.1			$	1,335.2			$	1,312.4

   

 

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

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

 

		2015				2014
		1st Qtr				4th Qtr				3rd Qtr				2nd Qtr				1st Qtr
Installment loans to individuals
Automobile and trucks		$	2.2			$	1.2			$	0.5			$	(0.1	)		$	(0.4	)
Marine loans			2.5				1.8				1.1				2.5				0.6
Other			(0.4	)			2.3				0.8				(1.8	)			(0.3	)
			4.3				5.3				2.4				0.6				(0.1	)
Construction and land development to individuals
Lot loans			0.5				2.2				0.2				(0.2	)			0.4
Construction			4.8				1.2				0.3				(7.7	)			3.1
			5.3				3.4				0.5				(7.9	)			3.5
Residential real estate
Adjustable			(4.9	)			24.2				9.3				15.2				0.6
Fixed rate			(0.9	)			1.7				1.2				1.2				(1.3	)
Home equity mortgages			(2.2	)			19.7				(2.8	)			(5.7	)			(1.4	)
Home equity lines			4.7				18.0				8.8				3.5				2.0
			(3.3	)			63.6				16.5				14.2				(0.1	)
TOTAL CONSUMER			6.3				72.3				19.4				6.9				3.3
Commercial & financial			6.7				66.1				4.0				7.9				0.8
Construction and land development for commercial
Residential
Single family residences			2.3				2.0				(0.3	)			3.3				(0.2	)
Single family land and lots			(0.2	)			1.8				(0.2	)			(0.2	)			(0.2	)
Townhomes			0.8				0.3				(1.1	)			0.6				0.5
Multifamily			(0.2	)			(0.5	)			-				(0.1	)			(0.1	)
			2.7				3.6				(1.6	)			3.6				0.0
Commercial
Office buildings			1.2				1.6				-				-				-
Retail trade			0.3				(1.8	)			0.1				(0.5	)			(4.8	)
Restaurant			1.0				-				-				-				-
Land			2.7				14.0				0.1				(0.3	)			(0.5	)
Healthcare			-				-				-				(7.1	)			1.7
Churches and educational facilities			(1.2	)			1.9				(0.6	)			0.5				(2.7	)
Lodging			-				0.2				1.7				1.8				2.5
Convenience stores			0.3				2.9				0.2				0.1				-
Industrial buildings			(0.4	)			2.7				-				-				-
Auto and RV dealerships			-				0.3				-				-				-
Other			1.5				0.4				-				-				-
			5.4				22.2				1.5				(5.5	)			(3.8	)
Total construction and land development			8.1				25.8				(0.1	)			(1.9	)			(3.8	)
Commercial real estate
Office buildings			3.6				108.6				4.3				2.8				1.3
Retail trade			(3.7	)			42.1				20.6				0.8				11.4
Industrial			7.2				67.7				7.4				5.5				(4.4	)
Healthcare			0.3				9.9				(0.9	)			(2.5	)			(1.4	)
Churches and educational facilities			1.0				0.1				(0.7	)			(0.2	)			1.6
Recreation			-				(0.1	)			-				0.9				(0.1	)
Multifamily			(0.3	)			0.4				(1.7	)			1.5				0.4
Mobile home parks			(0.1	)			-				-				(0.1	)			(0.1	)
Lodging			(0.2	)			-				(0.1	)			0.1				(0.2	)
Restaurant			2.2				-				(0.6	)			0.2				-
Agricultural			(0.2	)			-				(2.0	)			(0.1	)			(2.3	)
Convenience stores			(0.5	)			(2.1	)			2.4				(1.1	)			1.2
Marina			(0.2	)			(0.1	)			0.1				(2.1	)			(0.7	)
Other			2.6				40.0				3.7				4.1				1.3
			11.7				266.5				32.5				9.8				8.0
TOTAL COMMERCIAL			26.5				358.4				36.4				15.8				5.0
Other			(0.2	)			0.1				0.1				0.1				(0.1	)
		$	32.6			$	430.8			$	55.9			$	22.8			$	8.2