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Press Release

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

Company Release - 4/28/2015 5:12 PM ET

STUART, Fla., April 28, 2015 /PRNewswire/ --

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

Seacoast Banking Corporation of Florida

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.

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

Noninterest 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)


04/28/15

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 - acquired 

0.17


0.14


-

Total nonperforming assets to total assets

0.84

%

0.92

%

1.41







 

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME


(Unaudited)


04/28/15

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)


04/28/15



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)




04/28/15


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