EXHIBIT 99.1

To Form 8-K dated July 28, 2014

 

NEWS RELEASE

 

SEACOAST BANKING CORPORATION OF FLORIDA

 

Dennis S. Hudson, III

Chairman and Chief Executive Officer

Seacoast Banking Corporation of Florida

(772) 288-6085

 

William R. Hahl

Executive Vice President/

Chief Financial Officer

(772) 221-2825

 

SEACOAST REPORTS $0.07 EARNINGS PER SHARE; $0.12 EXCLUDING MERGER RELATED CHARGES AND OTHER ADJUSTMENTS

 

·

Total revenues up $842,000 or 15.5 percent annualized over first quarter 2014

·

Adjusted pretax, preprovision earnings up 12 percent over first quarter 2014

·

Average loans outstanding up $30.6 million for the quarter or 9.4 percent annualized

·

Previously announced expense reductions implemented during the second quarter; an additional $1.8 million in expense reductions announced

 

STUART, FL., July 28, 2014 – Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF), today reported second quarter 2014 net income of $1.9 million or $0.07 per diluted common share. Excluding merger related charges and other adjustments as described below, adjusted net income was $2.9 million or $0.12 per diluted share.

 

  

 

Dennis S. Hudson, Chief Executive Officer commented, “Our core earnings performance this quarter continued to improve on stronger revenue growth as the strategic investments we have been making over the past year or so began to produce better momentum. Revenue growth expanded in all business lines this quarter and our credit costs fell again as the Florida economic outlook continued to strengthen. We expect to see continued growth in our revenues and earnings as we step up execution of our programs and build further momentum.”

 

Our previously announced acquisition of BankFIRST is proceeding on schedule with closing expected to occur in early October. We received approval of the merger from our primary regulator earlier this month and expect final regulatory approval by the Federal Reserve in the coming weeks. The acquisition will create a $3 Billion Florida bank with exposure to rapidly recovering Florida markets including a significant presence in the vibrant Orlando and South Florida markets.

 

FINANCIAL HIGHLIGHTS: (Dollars in thousands, except share data)		Second Quarter  2014				First Quarter  2014				Fourth Quarter  2013				*Third Quarter  2013				Second Quarter 2013
Total Assets		$	2,294,156			$	2,315,992			$	2,268,940			$	2,149,777			$	2,183,680
Loans		$	1,335,192			$	1,312,456			$	1,304,207			$	1,262,912			$	1,265,893
Deposits		$	1,805,537			$	1,819,795			$	1,806,045			$	1,698,910			$	1,738,609
Net Income Available to Common Shareholders		$	1,918			$	2,299			$	588			$	44,204			$	2,017
Diluted Earnings Per Share		$	0.07			$	0.09			$	0.03			$	2.31			$	0.11
Return on Average Assets			0.33	%			0.41	%			0.33	%			8.32	%			0.54	%

 

FINANCIAL HIGHLIGHTS: (Dollars in thousands, except share data)		Second Quarter  2014				First Quarter  2014				Fourth Quarter  2013				*Third Quarter  2013				Second Quarter 2013
Adjusted Net Income Available to Common Shareholders (1)		$	2,990			$	2,533			$	600			$	982			$	1,867
Adjusted Diluted Earnings Per Share (1)		$	0.12			$	0.10			$	0.03			$	0.05			$	0.10
Adjusted Return on Average Assets			0.52	%			0.45	%			0.11	%			0.18	%			0.34	%
Average Diluted Shares Outstanding			25,998				25,657				21,558				19,098				18,936
Net Interest Margin			3.10	%			3.07	%			3.08	%			3.25	%			3.12	%
Efficiency Ratio			89.4				84.3				81.9				78.1				81.1
Adjusted Efficiency Ratio			82.0				83.3				82.6				77.9				84.4
Annualized Core Operating Expenses as a Percent of Average Assets			3.27				3.26				3.29				3.33				3.51

 

* 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:

 

 

		Second Quarter 2014				First Quarter 2014				Fourth Quarter 2013				Third Quarter 2013				Second Quarter 2013
(Dollars in thousands)
Net Income Available to Common Shareholders		$	1,918			$	2,299			$	588			$	44,204			$	2,017
Tax benefit related to deferred tax asset recovery															(42,993	)
Severance			181				212				0				24				10
Legal and professional fees for acquisition and expense initiatives			1,348				6				0				0				0
Security losses (gains)			0				(17	)			0				(280	)			(114	)
Miscellaneous losses			144				0				190				0				0
Recovery of prior legal fees			0				0				(350	)			0				(650	)
Recovery of non-accrual loan interest			0				0				0				(505	)			0
Net loss on OREO and repossessed assets			92				53				0				229				493
Asset dispositions expense			118				128				180				159				111
Effective tax rate on adjustments			(811	)			(148	)			(8	)			144				-
Adjusted Net Income (1)		$	2,990			$	2,533			$	600			$	982			$	1,867
Adjusted Earnings per diluted share (1)		$	0.12			$	0.10			$	0.03			$	0.05			$	0.10
Average shares outstanding			25,998				25,657				21,558				19,098				18,936

 

(1)

Non-GAAP measure

 

Strategic Investments Update

 

As a part of our strategy to transform the community bank business model we have made significant investments in our consumer and business banking lines while also reducing our legacy cost structure.

 

We are investing in enhancements to our digital platforms, customer sales and marketing processes, and additional personnel in marketing and data analytics. Year to date, operating expenses associated with these new investments total approximately $748,000 which have been absorbed in our current year operating expense structure. Total investments in these areas are projected to be approximately $1.3 million annually. These investments are helping us drive higher customer acquisition, lower customer attrition and improved revenues.

 

 

We also made very substantial investments over the past year related to the startup and support for our Accelerate business distribution platform. This new commercial banking channel is supporting our growth in metro markets. Our success with this channel has been evident in improved commercial loan growth, higher business deposits and margin improvement this quarter. Total operating expense for the Accelerate platform is expected to total approximately $4.7 million in 2014.

 

We are stepping up our execution around these strategic initiatives to drive increased momentum and we will begin to invest in new initiatives needed to transform the community bank business model to better meet customer needs in the world we see ahead. We continue to execute cost reductions related to our legacy cost structure. Previously announced cost initiatives implemented this year have focused on organizational restructuring, contract negotiation, and other legacy costs and have totaled $3.4 million (annualized).

 

Additional Legacy Cost Reductions Announced

 

This quarter we are announcing additional legacy cost reductions (primarily branch consolidations) we will implement in the fourth quarter of this year. Annualized gross savings are estimated at $1.8 million when fully implemented. We expect to implement substantially all of these savings late in the fourth quarter. These legacy cost reductions are in addition to the previously announced cost reductions related to our acquisition of BankFIRST. One time charges related to these new initiatives are estimated at approximately $4.0 million and will be incurred primarily in the fourth quarter of 2014.

 

 

Core Customer Growth and Digital Engagement Continues to Improve

 

·

Average noninterest bearing demand deposits were up $50.4 million, or 11.1 percent compared with the prior year and $24.8 million, or 20.7 percent linked quarter annualized

 

·

Ending noninterest bearing demand deposits increased to 28.2 percent of total deposits compared with 26.9 percent for the second quarter 2013

 

·

Personal and business mobile banking users have increased 81.6 percent year over year.

 

Our growth in net new households continued into the summer season, a departure from historical trend. Core customer funding totaled $1.689 billion at June 30, 2014, an $86.3 million increase from the second quarter of 2013 and a $223.2 million or 16 percent increase from 2012. Growth in commercial relationships resulting from an improved local economy and our increased focus on small business in our retail stores and our Accelerate business channel has resulted in core commercial business funding (noninterest demand, NOW and money market accounts) of $449.6 million at June 30, 2014, an increase of $43.6 million or 10.7 percent year over year.

 

 

(Dollars in thousands)		Second Quarter 2014				Second Quarter 2013				Second Quarter 2012				2014 vs 2013 Change				2014 vs 2012 Change
Customer Relationship Funding
Demand deposits (noninterest bearing)		$	509,798			$	468,517			$	393,681				8.8	%			29.5	%
NOW			493,927				453,069				420,449				9.0				17.5
Money market accounts			335,246				335,947				346,191				(0.2	)			(3.2	)
Savings deposits			208,333				184,219				156,019				13.1				33.5
Time certificates of deposit			258,233				296,857				373,244				(13.0	)			(30.8	)
Total deposits			1,805,537				1,738,609				1,689,584				3.8				6.9
Sweep repurchase agreements			141,662				160,934				139,489				(12.0	)			1.6
Total core customer funding (1)			1,688,966				1,602,686				1,455,829				5.4				16.0
Demand deposit mix (noninterest bearing)			28.2	%			26.9	%			23.3	%

(1)

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

 

Loan Growth Improves

 

Total loans were $1.335 billion at June 30, 2014, up $22.7 million from March 31, 2014 due to strong closings in commercial banking and residential lending. Our prior year investments in revenue producing personnel in our Accelerate business channel have produced solid results seen in our current period loan originations and forward pipeline. As indicated in the table below, commercial loan originations for the quarter totaled $53.3 million, an increase of $15.9 million linked quarter. Growth in our commercial loan pipeline is indicative of stronger commercial loan closings into the third quarter. Closed residential production of $61.2 million produced a sequential increase of 53.9 percent, contributing to growth in mortgage banking revenue linked quarter. The mortgage banking pipeline totaled $28.3 million at June 30, 2014 compared to $26.7 million at March 31, 2014.

 

 

(Dollars in thousands)		Second Quarter 2014				First Quarter 2014				Fourth Quarter 2013				Third Quarter 2013				Second Quarter 2013
Commercial pipeline		$	58,168			$	29,936			$	27,830			$	54,600			$	46,850
Commercial loans closed		$	53,250				37,386				60,037				33,727				68,576
Total loan originations and pipeline		$	111,418			$	67,322			$	87,867			$	88,327			$	115,426

 

Income Statement Highlights

 

Noninterest Income

 

Noninterest income increased from the prior quarter by $338,000 or 6.1 percent. New mortgage product offerings and overall improved demand in mortgage banking resulted in a $194,000 or 29.3 percent increase in mortgage banking fees from the first quarter. Interchange fees were up $111,000 or 7.9 percent linked quarter. Additionally, wealth management fees increased $63,000 linked quarter, or 6.0 percent.

 

(Dollars in thousands)		Second Quarter 2014				First Quarter 2014				Fourth Quarter 2013				Third Quarter 2013				Second Quarter 2013
Service charges on deposit accounts		$	1,484			$	1,507			$	1,778			$	1,741			$	1,641
Trust income			703				671				693				667				675
Mortgage banking fees			855				661				728				1,075				1,256
Brokerage commissions and fees			410				379				461				383				362
Marine finance fees			340				254				215				283				419
Interchange income			1,514				1,403				1,394				1,358				1,388
Other deposit based EFT fees			83				98				80				77				87
Other			507				585				617				503				507
Total			5,896				5,558				5,966				6,087				6,335
Securities gains, net			0				17				0				280				114
		$	5,896			$	5,575			$	5,966			$	6,367			$	6,449

 

 

Noninterest Expense

 

Total noninterest expenses increased $1.9 million from the prior quarter to $20.7 million as merger related charges for legal and professional fees of $1.2 million were incurred related to our previously announced acquisition of The BANKshares, Inc. Commissions from increased mortgage banking production and brokerage revenues were partially offset by a portion of personnel reductions from strategic cost initiatives in the second quarter. While employee benefits were $101,000 lower than the prior quarter, higher than expected healthcare claims resulted in higher than anticipated expense. We expect this trend to slow in the third and fourth quarters in line with trend for the prior year.

 

Previously announced expense reductions were completed in the second quarter. These reductions total $1.9 million annualized and produced a partial benefit in the second quarter. This benefit will be fully realized in the third quarter. Severance associated with this restructuring totaled $181,000 for the second quarter.

 

(Dollars in thousands)		Second Quarter 2014				First Quarter 2014				Fourth Quarter 2013				Third Quarter 2013				Second Quarter 2013
Noninterest Expense:
Salaries and wages		$	7,587			$	7,412			$	8,077			$	7,533			$	7,892
Employee benefits			2,081				2,182				1,568				1,713				1,823
Outsourced data processing costs			1,811				1,695				1,586				1,657				1,631
Telephone / data lines			306				293				325				318				325
Occupancy expense			1,888				1,838				1,824				1,824				1,775
Furniture and equipment expense			604				571				597				605				571
Marketing expense			675				813				749				456				685
Legal and professional fees			924				935				839				874				949
FDIC assessments			411				386				451				713				720
Amortization of intangibles			196				196				196				195				197
Other			2,317				2,063				2,414				2,203				2,512
Total Core Operating Expense			18,800				18,384				18,626				18,091				19,080

(Dollars in thousands)		Second Quarter 2014				First Quarter 2014				Fourth Quarter 2013				Third Quarter 2013				Second Quarter 2013
Severance and organizational changes			181				212				0				24				10
Legal and professional fees for acquisition and expense initiatives			1,348				6				0				0				0
Miscellaneous losses			144				0				190				0				0
Recovery of prior legal fees			0				0				(350	)			0				(650	)
Net loss on OREO and repossessed assets			92				53				0				229				493
Asset dispositions expense			118				128				180				159				111
Total		$	20,683			$	18,789			$	18,646			$	18,503			$	19,044

 

Income Taxes

 

The effective tax rate for the second quarter of 2014 was higher due to merger related expenses that are not deductible for tax purposes. The effective tax rate for the second half of 2014 is expected to be approximately 40.85 percent.

 

Other Highlights

 

Credit Quality Continues to Improve

 

Improvements in credit quality continued during the second quarter of 2014 across all portfolios. A substantial paydown on a larger commercial loan during the quarter supported the partial reversal of a specific loan loss impairment reserve which resulted in an increased provision recapture compared with the first quarter. We expect to see continued improvement in asset quality over the balance of this year.

 

·

Provision for loan loss recapture of $1.4 million recorded for three months ended June 30, 2014

 

·

Net recoveries of $112,000 during the quarter compared to net charge-offs of $2.0 million one year ago;

 

 

·

Nonperforming assets to total assets declined to 1.2 percent, compared to 2.0 percent a year ago.

 

(Dollars in thousands )		Second Quarter 2014				First Quarter 2014				Fourth Quarter 2013				Third Quarter 2013				Second Quarter 2013
Net charge-offs (recoveries)		$	(112	)		$	(139	)		$	838			$	842			$	2,027
Net charge-offs (recoveries) to average loans			(0.03	)%			(0.04	)%			0.26	%			0.26	%			0.64	%
Loan loss provision/ (recapture)		$	(1,444	)		$	(735	)		$	490			$	1,180			$	565
Allowance to loans at end of period			1.36	%			1.48	%			1.54	%			1.62	%			1.59	%
Restructured loans (accruing)		$	28,157			$	24,537			$	25,137			$	25,509			$	29,612
Nonperforming loans		$	21,745			$	26,220			$	27,672			$	28,724			$	33,266
Other real estate owned			6,198				6,369				6,860				5,589				10,063
Nonperforming assets		$	27,943			$	32,589			$	34,532			$	34,313			$	43,329
Nonperforming loans to loans outstanding at end of period			1.63	%			2.00	%			2.12	%			2.27	%			2.63	%
Nonperforming assets to total assets			1.22				1.41				1.52				1.60				1.98

 

Capital Ratios Continue to Strengthen

 

The Company’s tier 1 capital ratio is estimated at 17.8 percent and the total risk based capital ratio at 19.1 percent at June 30, 2014. The tier 1 leverage ratio was 10.9 percent at June 30, 2014 compared with 10.6 percent at March 31, 2014 and 5.3 percent the prior year.

 

 

Seacoast will host a conference call on Tuesday, July 29, 2014 at 10:00 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 July 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 July 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.   

 

Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida with approximately $2.3 billion in assets and $1.8 billion in deposits as of June 30, 2014.  The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through 34 traditional branches of its locally-branded wholly-owned subsidiary bank, Seacoast National Bank, and five Accelerate offices fueled by the power of Seacoast National Bank.  Offices stretch from 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

 

		Three Months Ended												Six Months Ended
		June 30,				March 31,				June 30,				June 30,				June 30,
(Dollars in thousands, except share data)		2014				2014				2013				2014				2013
Summary of Earnings
Net income (loss)		$	1,918			$	2,299			$	2,954			$	4,217			$	4,998
Net income available to common shareholders (loss)			1,918				2,299				2,017				4,217				3,124
Net interest income  (1)			16,779				16,277				16,172				33,056				32,227
Net interest margin  (1), (2)			3.10				3.07				3.12				3.09				3.13
																			.
Performance Ratios
Return on average assets-GAAP basis (2), (3)			0.33	%			0.41	%			0.54	%			0.37	%			0.46	%
Return on average shareholders' equity-GAAP basis (2), (3)			3.25				4.02				7.19				3.63				6.15
Return on average tangible common shareholders' equity-GAAP basis (2), (3), (4)			3.47				4.26				7.53				3.86				6.01
Efficiency ratio (5)			89.42				84.30				81.05				86.91				81.25
Noninterest income to total revenue			26.06				25.52				28.22				25.80				27.64
Per Share Data
Net income (loss) diluted-GAAP basis (6)		$	0.07			$	0.09			$	0.11			$	0.16			$	0.17
Net income (loss) basic-GAAP basis (6)			0.07				0.09				0.11				0.16				0.17
Book value per share common (6)			9.02				8.79				5.89				9.02				5.89
Tangible book value per share (6)			9.00				8.77				8.44				9.00				8.44
Tangible common book value per share (4), (6)			9.00				8.77				5.84				9.00				5.84
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.

 

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

 

		June 30,				March 31,				June 30,
(Dollars in thousands, except share data)		2014				2014				2013
Selected Financial Data
Total assets		$	2,294,156			$	2,315,992			$	2,183,680
Securities available for sale (at fair value)			518,353				658,512				672,809
Securities held for investment (at amortized cost)			156,498				0				0
Net loans			1,317,052				1,292,984				1,245,815
Deposits			1,805,537				1,819,795				1,738,609
Total shareholders' equity			234,439				228,382				161,248
Common shareholders' equity			234,439				228,382				111,878
Average Balances (Year-to-Date)
Total average assets		$	2,295,983			$	2,286,998			$	2,173,810
Less: intangible assets			525				629				1,299
Total average tangible assets		$	2,295,458			$	2,286,369			$	2,172,511
Total average equity		$	234,214			$	231,769			$	163,776
Less: intangible assets			525				629				1,299
Total average tangible equity		$	233,689			$	231,140			$	162,477
Credit Analysis
Net charge-offs (recoveries) year-to-date		$	(251	)		$	(139	)		$	3,544
Net charge-offs (recoveries) to average loans (annualized)			(0.04	)%			(0.04	)%			0.57	%
Loan loss provision (recapture) year-to-date		$	(2,179	)		$	(735	)		$	1,518
Allowance to loans at end of period			1.36	%			1.48	%			1.59	%
Nonperforming loans		$	21,745			$	26,220			$	33,266
Other real estate owned			6,198				6,369				10,063
Total nonperforming assets		$	27,943			$	32,589			$	43,329
Restructured loans (accruing)		$	28,157			$	24,537			$	29,612
Nonperforming loans to loans at end of period			1.63	%			2.00	%			2.63	%
Nonperforming assets to total assets			1.22	%			1.41	%			1.98	%

 

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME						(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
		Three Months Ended								Six Months Ended
		June 30,								June 30,
(Dollars in thousands, except per share data)		2014				2013				2014				2013
Interest on securities:
Taxable		$	3,629			$	3,008			$	7,063			$	6,192
Nontaxable			9				17				21				35
Interest and fees on loans			14,103				14,264				27,901				28,291
Interest on federal funds sold and other investments			246				224				514				452
Total Interest Income			17,987				17,513				35,499				34,970
Interest on deposits			184				191				378				399
Interest on time certificates			386				501				793				1,033
Interest on borrowed money			692				707				1,382				1,424
Total Interest Expense			1,262				1,399				2,553				2,856
Net Interest Income			16,725				16,114				32,946				32,114
Provision (recapture) for loan losses			(1,444	)			565				(2,179	)			1,518
Net Interest Income After Provision for Loan Losses			18,169				15,549				35,125				30,596
Noninterest income:
Service charges on deposit accounts			1,484				1,641				2,991				3,192
Trust income			703				675				1,374				1,351
Mortgage banking fees			855				1,256				1,516				2,370
Brokerage commissions and fees			410				362				789				787
Marine finance fees			340				419				594				691
Interchange income			1,514				1,388				2,917				2,652
Other deposit based EFT fees			83				87				181				185
Other			507				507				1,092				1,038
			5,896				6,335				11,454				12,266
Securities gains, net			0				114				17				139
Total Noninterest Income			5,896				6,449				11,471				12,405
Noninterest expenses:
Salaries and wages			7,768				7,902				15,392				15,372
Employee benefits			2,081				1,823				4,263				4,046
Outsourced data processing costs			1,811				1,631				3,506				3,129
Telephone / data lines			306				325				599				610
Occupancy			1,888				1,775				3,726				3,530
Furniture and equipment			604				571				1,175				1,132
Marketing			675				685				1,488				1,134
Legal and professional fees			2,272				299				3,213				1,095
FDIC assessments			411				720				797				1,437
Amortization of intangibles			196				197				392				392
Asset dispositions expense			118				111				246				401
Net loss on other real estate owned and repossessed assets			92				493				145				1,060
Other			2,461				2,512				4,524				4,665
Total Noninterest Expenses			20,683				19,044				39,466				38,003
Income Before Income Taxes			3,382				2,954				7,130				4,998
Income taxes (benefit)			1,464				0				2,913				0
Net Income			1,918				2,954				4,217				4,998
Preferred stock dividends and accretion on preferred stock discount			-				937				-				1,874
Net Income Available to Common Shareholders		$	1,918			$	2,017			$	4,217			$	3,124
Per share of common stock:
Net income diluted		$	0.07			$	0.11			$	0.16			$	0.17
Net income basic			0.07				0.11				0.16				0.17
Cash dividends declared			0.00				0.00				0.00				0.00
Average diluted shares outstanding			25,998,121				18,936,480				25,828,391				18,930,879
Average basic shares outstanding			25,826,825				18,794,651				25,659,159				18,792,054

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS		(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
		June 30,				December 31,				June 30,
(Dollars in thousands, except share data)		2014				2013				2013
Assets
Cash and due from banks		$	40,175			$	48,561			$	33,673
Interest bearing deposits with other banks			113,855				143,063				106,446
Total Cash and Cash Equivalents			154,030				191,624				140,119
Securities:
Available for sale (at fair value)			518,353				641,611				672,809
Held for investment (at amortized cost)			156,498				0				0
Total Securities			674,851				641,611				672,809
Loans available for sale			18,129				13,832				26,029
Loans, net of deferred costs			1,335,192				1,304,207				1,265,893
Less: Allowance for loan losses			(18,140	)			(20,068	)			(20,078	)
Net Loans			1,317,052				1,284,139				1,245,815
Bank premises and equipment, net			34,653				34,505				35,029
Other real estate owned			6,198				6,860				10,063
Other intangible assets			326				718				1,109
Other assets			88,917				95,651				52,707
		$	2,294,156			$	2,268,940			$	2,183,680
Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand deposits (noninterest bearing)		$	509,798			$	464,006			$	468,517
NOW			493,927				540,288				453,069
Savings deposits			208,333				192,491				184,219
Money market accounts			335,246				331,184				335,947
Other time certificates			144,001				154,743				168,710
Brokered time certificates			8,040				9,776				9,820
Time certificates of $100,000 or more			106,192				113,557				118,327
Total Deposits			1,805,537				1,806,045				1,738,609
Federal funds purchased and securities sold underagreements to repurchase, maturing within 30 days			141,662				151,310				160,934
Borrowed funds			50,000				50,000				50,000
Subordinated debt			53,610				53,610				53,610
Other liabilities			8,908				9,371				19,279
			2,059,717				2,070,336				2,022,432
Shareholders' Equity
Preferred stock - Series A			0				0				49,370
Common stock			2,599				2,364				1,898
Additional paid in capital			302,088				277,290				230,615
Accumulated deficit			(66,478	)			(70,695	)			(115,487	)
Treasury stock			(54	)			(11	)			(12	)
			238,155				208,948				166,384
Accumulated other comprehensive gain (loss), net			(3,716	)			(10,344	)			(5,136	)
Total Shareholders' Equity			234,439				198,604				161,248
		$	2,294,156			$	2,268,940			$	2,183,680
Common Shares Outstanding			25,998,823				23,637,434				18,982,293

 

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)		Second				First				Fourth				Third				Second
Net income (loss)		$1,918				$2,299				$1,850				$45,141				$2,954
Operating Ratios
Return on average assets-GAAP basis (2),(3),(5)			0.33				0.41	%			0.33	%			8.32	%			0.54	%
Return on average tangible assets (2),(3),(4)			0.36				0.43				0.35				8.34				0.57
Return on average shareholders' equity-GAAP basis (2),(3),(5)			3.25				4.02				3.10				106.55				7.19
Efficiency ratio (6)			89.42				84.30				81.92				78.05				81.05
Noninterest income to total revenue			26.06				25.52				26.82				26.58				28.22
Net interest margin (1),(2)			3.10				3.07				3.08				3.25				3.12
Average equity to average assets			10.27				10.13				10.55				7.80				7.56
Credit Analysis
Net charge-offs (recoveries)		$	(112	)		$	(139	)		$	838			$	842			$	2,027
Net charge-offs (recoveries) to average loans			(0.03	)			(0.04	)%			0.26	%			0.26	%			0.64	%
Loan loss provision (recapture)		$	(1,444	)		$	(735	)		$	490			$	1,180			$	565
Allowance to loans at end of period			1.36				1.48	%			1.54	%			1.62	%			1.59	%
Restructured loans (accruing)		$	28,157			$	24,537			$	25,137			$	25,509			$	29,612
Nonperforming loans		$	21,745			$	26,220			$	27,672			$	28,724			$	33,266
Other real estate owned			6,198				6,369				6,860				5,589				10,063
Nonperforming assets		$	27,943			$	32,589			$	34,532			$	34,313			$	43,329
Nonperforming loans to loans at end of period			1.63				2.00	%			2.12	%			2.27	%			2.63	%
Nonperforming assets to total assets			1.22				1.41				1.52				1.60				1.98
Per Share Common Stock
Net income (loss) diluted-GAAP basis (7)		$	0.07			$	0.09			$	0.03			$	2.31			$	0.11
Net income (loss) basic-GAAP basis (7)			0.07				0.09				0.03				2.35				0.11
Cash dividends declared (7)			0.00				0.00				0.00				0.00				0.00
Book value per share common (7)			9.02				8.79				8.40				8.12				5.89
Average Balances
Total average assets		$	2,304,870			$	2,286,998			$	2,245,155			$	2,153,830			$	2,178,242
Less: Intangible assets			422				629				813				1,009				1,205
Total average tangible assets		$	2,304,448			$	2,286,369			$	2,244,342			$	2,152,821			$	2,177,038
Total average equity		$	236,632			$	231,769			$	236,950			$	168,078			$	164,747
Less: Intangible assets			422				629				813				1,009				1,205
Total average tangible equity		$	236,210			$	231,140			$	236,137			$	167,069			$	163,541

 

(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.

 

		June 30,				December 31,				June 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			479,720				602,568				631,228
Collateralized loan obligations			32,260				32,179				32,527
Obligations of states and political subdivisions			6,273				6,764				7,465
Other securities			0				0				1,488
Securities Available for Sale			518,353				641,611				672,809
Mortgage-backed			156,498				0				0
Securities Held for Investment			156,498				0				0
Total Securities		$	674,851			$	641,611			$	672,809

 

 

		June 30,				December 31,				June 30,
LOANS		2014				2013				2013
Construction and land development		$	57,393			$	67,450			$	61,116
Real estate mortgage			1,145,013				1,113,128				1,094,976
Installment loans to individuals			45,241				44,713				44,296
Commercial and financial			87,285				78,636				65,224
Other loans			260				280				281
Total Loans		$	1,335,192			$	1,304,207			$	1,265,893

 

  

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

 

		QUARTER																				Percent Change vs.
		2014								2013												1st Qtr				2nd Qtr
(Dollars in thousands)		Second				First				Fourth				Third				Second				2014				2013
Assets
Earning assets:
Securities:
Taxable		$	677,600			$	653,646			$	655,176			$	664,103			$	639,769				3.7	%			5.9	%
Nontaxable			827				1,016				1,560				1,560				1,647				(18.6	)			(49.8	)
Total Securities			678,427				654,662				656,736				665,663				641,416				3.6				5.8
Federal funds sold and other investments			153,410				188,048				156,823				113,798				168,740				(18.4	)			(9.1	)
Loans, net			1,338,415				1,307,796				1,293,373				1,278,391				1,269,789				2.3				5.4
Total Earning Assets			2,170,252				2,150,506				2,106,932				2,057,852				2,079,945				0.9				4.3
Allowance for loan losses			(19,784	)			(20,205	)			(20,817	)			(20,206	)			(21,515	)			(2.1	)			(8.0	)
Cash and due from banks			35,735				37,186				40,836				35,810				34,279				(3.9	)			4.2
Premises and equipment			34,948				34,731				34,750				34,834				35,121				0.6				(0.5	)
Other assets			83,719				84,780				83,454				45,540				50,412				(1.3	)			66.1
		$	2,304,870			$	2,286,998			$	2,245,155			$	2,153,830			$	2,178,242				0.8				5.8
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW		$	498,285			$	507,313			$	483,569			$	447,350			$	461,005				(1.8	)%			8.1	%
Savings deposits			205,686				197,300				190,558				185,918				180,915				4.3				13.7
Money market accounts			336,772				330,787				332,576				336,229				339,058				1.8				(0.7	)
Time deposits			259,325				270,215				282,543				289,408				302,110				(4.0	)			(14.2	)
Federal funds purchased and
other short term borrowings			150,108				155,656				142,999				157,607				159,847				(3.6	)			(6.1	)
Other borrowings			103,610				103,610				103,610				103,610				103,610				0.0				0.0
Total Interest-Bearing Liabilities			1,553,786				1,564,881				1,535,855				1,520,122				1,546,545				(0.7	)			0.5
Demand deposits (noninterest-bearing)			505,892				481,048				462,830				454,642				455,525				5.2				11.1
Other liabilities			8,560				9,300				9,520				10,988				11,425				(8.0	)			(25.1	)
Total Liabilities			2,068,238				2,055,229				2,008,205				1,985,752				2,013,495				0.6				2.7
Shareholders' equity			236,632				231,769				236,950				168,078				164,747				2.1				43.6
		$	2,304,870			$	2,286,998			$	2,245,155			$	2,153,830			$	2,178,242				0.8				5.8

 

AVERAGE YIELDS / RATES ⁽¹⁾                                                                                                                                         (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

 

		QUARTER
		2014								2013
(Dollars in thousands)		Second				First				Fourth				Third				Second
Assets
Earning assets:
Securities:
Taxable			2.14	%			2.10	%			2.11	%			1.93	%			1.88	%
Nontaxable			6.77				6.69				6.41				6.67				6.55
Total Securities			2.15				2.11				2.12				1.95				1.89
Federal funds sold and other investments			0.64				0.58				0.57				0.67				0.53
Loans, net			4.24				4.29				4.29				4.59				4.52
Total Earning Assets			3.33				3.31				3.33				3.52				3.39
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW			0.08				0.08				0.08				0.08				0.09
Savings deposits			0.04				0.05				0.05				0.05				0.05
Money market accounts			0.08				0.08				0.09				0.08				0.08
Time deposits			0.60				0.61				0.62				0.64				0.67
Federal funds purchased and other short term borrowings			0.17				0.17				0.17				0.17				0.18
Other borrowings			2.43				2.44				2.44				2.44				2.45
Total Interest-Bearing Liabilities			0.33				0.33				0.35				0.36				0.36
Interest expense as a % of earning assets			0.23				0.24				0.25				0.26				0.27
Net interest income as a % of earning assets			3.10				3.07				3.08				3.25				3.12

 

(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												1st Qtr				2nd Qtr
(Dollars in thousands)		Second				First				Fourth				Third				Second				2014				2013
Assets
Earning assets:
Securities:
Taxable		$	3,630			$	3,434			$	3,452			$	3,212			$	3,008				5.7	%			20.7	%
Nontaxable			14				17				25				26				27				(17.6	)			(48.1	)
Total Securities			3,644				3,451				3,477				3,238				3,035				5.6				20.1
Federal funds sold and other investments			246				268				224				192				224				8.2				9.8
Loans, net			14,151				13,849				13,974				14,804				14,312				2.2				(1.1	)
Total Earning Assets			18,041				17,568				17,675				18,234				17,571				2.7				2.7
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW			94				102				96				93				100				(7.8	)			(6.0	)
Savings deposits			23				24				26				25				24				(4.2	)			(4.2	)
Money market accounts			67				68				74				69				67				(1.5	)			0.0
Time deposits			386				407				444				470				501				(5.2	)			(23.0	)
Federal funds purchased and other short term borrowings			65				66				62				68				73				(1.5	)			(11.0	)
Other borrowings			627				624				637				637				634				0.5				(1.1	)
Total Interest-Bearing Liabilities			1,262				1,291				1,339				1,362				1,399				(2.2	)			(9.8	)
Net interest income			16,779				16,277				16,336				16,872				16,172				3.1				3.8

 

(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)		Second Quarter				First Quarter				Fourth Quarter				Third Quarter				Second Quarter
Customer Relationship Funding (Period End)
Demand deposits (noninterest bearing)
Commercial		$	293,515			$	291,221			$	261,938			$	254,373			$	260,325
Retail			167,172				173,698				159,117				155,281				163,551
Public funds			33,223				34,636				32,971				27,002				29,487
Other			15,888				14,370				9,980				16,293				15,154
			509,798				513,925				464,006				452,949				468,517
NOW accounts
Commercial			41,423				41,281				43,241				35,029				35,714
Retail			327,762				329,226				324,583				305,055				308,390
Public funds			124,742				134,191				172,464				100,785				108,965
			493,927				504,698				540,288				440,869				453,069
Total Transaction Accounts
Commercial			334,938				332,501				305,179				289,402				296,039
Retail			494,934				502,924				483,700				460,336				471,941
Public funds			157,965				168,828				205,435				127,787				138,452
Other			15,888				14,370				9,980				16,293				15,154
			1,003,725				1,018,623				1,004,294				893,818				921,586
Savings accounts			208,333				202,170				192,491				187,181				184,219
Money market accounts
Commercial			114,662				109,158				100,601				107,767				109,938
Retail			213,927				221,762				221,062				217,176				216,370
Public funds			6,657				6,488				9,521				9,735				9,639
			335,246				337,408				331,184				334,678				335,947
Time certificates of deposit			258,233				261,594				278,076				283,233				296,857
Total Deposits		$	1,805,537			$	1,819,795			$	1,806,045			$	1,698,910			$	1,738,609
Sweep repurchase agreements		$	141,662			$	156,136			$	151,310			$	134,338			$	160,934
Total core customer funding (1)		$	1,688,966			$	1,714,337			$	1,679,279			$	1,550,015			$	1,602,686

 

(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
		2nd Qtr				1st Qtr				4th Qtr				3rd Qtr				2nd Qtr				1st Qtr
Installment loans to individuals
Automobile and trucks		$	6.1			$	6.2			$	6.6			$	7.1			$	7.5			$	7.8
Marine loans			23.3				20.8				20.2				21.3				16.7				15.4
Other			15.8				17.6				17.9				18.8				20.1				20.0
			45.2				44.6				44.7				47.2				44.3				43.2
Construction and land development to individuals
Lot loans			13.1				13.3				12.9				14.7				15.5				16.6
Construction			16.7				24.4				21.3				19.7				20.7				20.8
			29.8				37.7				34.2				34.4				36.2				37.4
Residential real estate
Adjustable			407.7				392.5				391.9				378.4				372.6				365.8
Fixed rate			91.0				89.8				91.1				94.7				97.5				98.2
Home equity mortgages			54.9				60.6				62.0				61.8				62.2				61.3
Home equity lines			53.2				49.7				47.7				47.7				49.1				49.3
			606.8				592.6				592.7				582.6				581.4				574.6
TOTAL CONSUMER			681.8				674.9				671.6				664.2				661.9				655.2
Commercial & financial			87.3				79.4				78.6				70.8				65.2				64.8
Construction and land development for commercial
Residential
Single family residences			5.1				1.8				2.0				-				-				-
Single family land and lots			4.5				4.7				4.9				4.9				5.0				4.9
Townhomes			1.1				0.5				-				-				-				-
Multifamily			3.5				3.6				3.7				3.8				3.9				3.9
			14.2				10.6				10.6				8.7				8.9				8.8
Commercial
Office buildings			-				-				-				1.6				1.6				1.1
Retail trade			2.4				2.9				7.7				1.8				1.8				-
Land			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			1.6				1.1				3.8				4.0				2.5				1.2
Lodging			5.2				3.4				0.9				0.3				-				-
Convenience stores			0.1				-				-				-				-				-
			13.4				18.9				22.7				19.7				16.0				13.4
Total construction and land development			27.6				29.5				33.3				28.4				24.9				22.2
Commercial real estate
Office buildings			122.8				120.0				118.7				118.2				112.0				112.5
Retail trade			142.8				142.0				130.6				128.9				135.5				122.2
Industrial			82.2				76.7				81.1				79.6				83.3				73.4
Healthcare			41.6				44.1				45.5				38.8				42.1				39.4
Churches and educational facilities			26.7				26.9				25.3				24.2				26.4				26.9
Recreation			3.3				2.4				2.5				2.5				2.6				2.6
Multifamily			18.7				17.2				16.8				6.2				9.5				8.5
Mobile home parks			1.7				1.8				1.9				1.9				1.9				2.0
Lodging			17.0				16.9				17.1				17.3				17.5				18.0
Restaurant			3.9				3.7				3.7				3.8				3.5				3.6
Agricultural			4.6				4.7				7.0				7.2				7.1				5.9
Convenience stores			20.9				22.0				20.8				21.0				20.2				20.2
Marina			18.5				20.6				21.3				21.5				20.9				21.1
Other			33.5				29.4				28.1				27.9				31.1				25.1
			538.2				528.4				520.4				499.0				513.6				481.4
TOTAL COMMERCIAL			653.1				637.3				632.3				598.2				603.7				568.4
Other			0.3				0.2				0.3				0.5				0.3				0.2
		$	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
		2nd Qtr				1st Qtr				4th Qtr				3rd Qtr				2nd Qtr				1st Qtr
Installment loans to individuals
Automobile and trucks		$	(0.1	)		$	(0.4	)		$	(0.5	)		$	(0.4	)		$	(0.3	)		$	-
Marine loans			2.5				0.6				(1.1	)			4.6				1.3				(3.0	)
Other			(1.8	)			(0.3	)			(0.9	)			(1.3	)			0.1				(0.7	)
			0.6				(0.1	)			(2.5	)			2.9				1.1				(3.7	)
Construction and land development to individuals
Lot loans			(0.2	)			0.4				(1.8	)			(0.8	)			(1.1	)			(0.1	)
Construction			(7.7	)			3.1				1.6				(1.0	)			(0.1	)			(1.4	)
			(7.9	)			3.5				(0.2	)			(1.8	)			(1.2	)			(1.5	)
Residential real estate
Adjustable			15.2				0.6				13.5				5.8				6.8				4.8
Fixed rate			1.2				(1.3	)			(3.6	)			(2.8	)			(0.7	)			(0.8	)
Home equity mortgages			(5.7	)			(1.4	)			0.2				(0.4	)			0.9				3.3
Home equity lines			3.5				2.0				-				(1.4	)			(0.2	)			(2.1	)
			14.2				(0.1	)			10.1				1.2				6.8				5.2
TOTAL CONSUMER			6.9				3.3				7.4				2.3				6.7				-
Commercial & financial			7.9				0.8				7.8				5.6				0.4				2.9
Construction and land development for commercial
Residential
Single family residences			3.3				(0.2	)			2.0				-				-				-
Single family land and lots			(0.2	)			(0.2	)			-				(0.1	)			0.1				(0.7	)
Townhomes			0.6				0.5				-				-				-				-
Multifamily			(0.1	)			(0.1	)			(0.1	)			(0.1	)			-				(0.4	)
			3.6				(0.0	)			1.9				(0.2	)			0.1				(1.1	)
Commercial
Office buildings			-				-				(1.6	)			-				0.5				1.1
Retail trade			(0.5	)			(4.8	)			5.9				-				1.8				-
Land			(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			0.5				(2.7	)			(0.2	)			1.5				1.3				0.7
Lodging			1.8				2.5				0.6				0.3				-				-
Convenience stores			0.1				-				-				-				-				-
			(5.5	)			(3.8	)			3.0				3.7				2.6				1.5
Total construction and land development			(1.9	)			(3.8	)			4.9				3.5				2.7				0.4
Commercial real estate
Office buildings			2.8				1.3				0.5				6.2				(0.5	)			7.8
Retail trade			0.8				11.4				1.7				(6.6	)			13.3				(4.5	)
Industrial			5.5				(4.4	)			1.5				(3.7	)			9.9				0.8
Healthcare			(2.5	)			(1.4	)			6.7				(3.3	)			2.7				(1.3	)
Churches and educational facilities			(0.2	)			1.6				1.1				(2.2	)			(0.5	)			(1.7	)
Recreation			0.9				(0.1	)			-				(0.1	)			-				(0.1	)
Multifamily			1.5				0.4				10.6				(3.3	)			1.0				(0.5	)
Mobile home parks			(0.1	)			(0.1	)			-				-				(0.1	)			-
Lodging			0.1				(0.2	)			(0.2	)			(0.2	)			(0.5	)			(0.7	)
Restaurant			0.2				-				(0.1	)			0.3				(0.1	)			0.1
Agricultural			(0.1	)			(2.3	)			(0.2	)			0.1				1.2				(0.2	)
Convenience stores			(1.1	)			1.2				(0.2	)			0.8				-				(0.3	)
Marina			(2.1	)			(0.7	)			(0.2	)			0.6				(0.2	)			(0.1	)
Other			4.1				1.3				0.2				(3.2	)			6.0				(4.7	)
			9.8				8.0				21.4				(14.6	)			32.2				(5.4	)
TOTAL COMMERCIAL			15.8				5.0				34.1				(5.5	)			35.3				(2.1	)
Other			0.1				(0.1	)			(0.2	)			0.2				0.1				(0.2	)
		$	22.8			$	8.2			$	41.3			$	(3.0	)		$	42.1			$	(2.3	)