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Seacoast Reports Improved Earnings and Credit Quality for Second Quarter 2011


News provided by

Seacoast Banking Corporation of Florida

Jul 28, 2011, 04:01 ET

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STUART, Fla., July 28, 2011 /PRNewswire/ --

  • Earnings increase for second consecutive quarter
  • Nonperforming loans declined by 49.2% over the last twelve months, 30.3% for the quarter
  • Average low cost deposits (NOW & savings) increased 17.4% annualized during the quarter
  • Average demand deposits increased 23.8% annualized during the quarter and were up 18.2% over the prior year

Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF), today reported a second quarter 2011 net income of $1.1 million, compared to a net loss of $13.8 million for the second quarter of 2010.  For the first six months of 2011 net income totaled $1.5 million compared to a net loss of $15.4 million a year ago. Including preferred stock dividends and accretion of $937,000, the net income applicable to common shareholders was $176,000 or $0.00 per average common diluted share for the second quarter, compared to a net loss of $14.7 million or $0.25 per average common diluted share for the second quarter of 2010.  

Nonperforming loans fell for the seventh consecutive quarter to 3.88 percent of loans outstanding compared with a peak level of 10.23 percent at September 30, 2009 as new problem credit inflows continued to moderate and liquidation activities were accelerated.  As previously forecast the Company closed on contracts liquidating $27.5 million of nonperforming loans and $3.5 million of OREO properties during the quarter.  Nonperforming assets fell to 3.46 percent of total assets from 5.25 percent a year ago and totaled $72.0 million at June 30, 2011, a dollar level last achieved in December 2007.  Nonperforming loans are expected to continue to decline in the second half of 2011.

“Our results in the second quarter were consistent with our expectations for continued earnings improvement during the year,” said Dennis S. Hudson, III, Chairman and Chief Executive Officer.  “Revenues continued to grow and included a strong 8.0 percent linked quarter increase in noninterest income as we continued to successfully execute our core growth strategy.  Our focus on building new core checking account relationships continued to gain momentum with average noninterest bearing checking balances growing 18.2 percent over the prior year and 23.8 percent (annualized) on a linked quarter basis.  Average repurchase agreement funding for the quarter grew by 21.1 percent compared with the prior year reflecting our success in building larger core business and local governmental relationships.”  

Additional highlights include:

  • Mortgage banking revenue in the second quarter 2011 was up $45,000 or 9.7 percent compared to second quarter 2010 due to higher volume and spreads;
  • Marine finance revenue totaled $349,000 for the quarter, 12.6 percent higher than a year ago;
  • Service charges on deposit accounts totaled $1.546 million for the quarter, an increase of 6.5 percent over the same quarter last year;
  • Interchange income totaled $995,000 for the quarter, an increase of $173,000 or 21.0 percent compared to second quarter 2010;
  • Total noninterest bearing deposits at June 30, 2011 comprised 19.1 percent of total deposits up from 16.1 percent a year ago;
  • Checking account household growth was 4.9 percent annualized for the first six months of 2011;
  • Regulatory capital ratios improved during the quarter with the total risk based capital ratio increasing to 18.9 percent (estimated) at June 30, 2011, compared with 18.2 percent in the prior quarter; and
  • Tangible common equity (TCE) ratio improved to 5.84 percent from 5.60 percent in the prior quarter; a future recapture of the deferred tax asset valuation allowance would add (proforma) approximately 200 basis points to the TCE ratio.  

Net interest income for the quarter totaled $16.5 million, unchanged from the first quarter, and up $324,000 or 2% compared with second quarter 2010.  The increase over the prior year’s second quarter net interest income is a result of lower deposit costs and lower rates paid on interest bearing liabilities, and a slightly larger investment portfolio.  The net interest margin for the second quarter totaled 3.36 percent, down 12 basis points compared to the first quarter 2011, and 9 basis points higher than the second quarter 2010.  In the first quarter of 2011, collection of interest on nonaccrual loans increased, while in the second quarter there was a higher level of interest income reversed related to nonaccrual loans. A stable margin is expected going forward, as a result of lower levels of nonperforming loans.  For the first six months of 2011 the margin was 3.42 percent, up six basis points compared with the prior year’s first six months.  

The Company recorded a provision for loan losses in the second quarter 2011 of $0.90 million compared to $0.64 million for the first quarter and $16.8 million for the second quarter of 2010.  The allowance for loan losses as a percentage of loans was 2.63 percent at June 30, 2011, compared to 2.80 percent for the first quarter this year and 3.10 percent at June 30, 2010.  The reduction in the allowance for the quarter is consistent with lower overall risk in the loan portfolio as both the concentration and loan size have been reduced, particularly in the construction and land development portfolios where the majority of prior loan losses occurred.  Current quarter net loan charge-offs totaled $4.0 million compared to $20.2 million for the second quarter 2010 and $4.0 million for the first quarter 2011.

Second quarter 2011 noninterest income was up $338,000 compared to the first quarter and was up $295,000 compared to the second quarter of 2010.  Mortgage banking fees were up $114,000 compared to the first quarter of 2011 with revenues of $509,000, up $45,000 compared with second quarter 2010.  Service charges on deposits and interchange income were both up when compared to the first quarter 2011 and last year’s second quarter as a result of the increases in new business and retail households.  Combined these deposit account related revenues totaled $2.5 million in the second quarter, up $267,000 or 11.7 percent compared with second quarter 2010.

(dollars in thousands)



Q-2 2011

Q-1 2011

Q-4 2010

Q-3 2010

Q-2 2010

Noninterest Income:

















Service charges on deposit accounts

$1,546

$1,442

$1,590

$1,511

$1,452

Trust income



517

523

510

500

491

Mortgage banking fees


509

395

580

654

464

Brokerage commissions and fees

223

320

325

306

257

Marine finance fees



349

298

355

330

310

Interchange income



995

891

814

810

822

Other deposit based EFT fees


79

90

75

71

82

Other  




329

250

338

350

374

  Total




4,547

4,209

4,587

4,532

4,252










Gain on sale of merchant business

0

0

600

0

0

  Total




$4,547

$4,209

$5,187

$4,532

$4,252

Core operating expenses declined by $642,000 for the quarter and were lower by $966,000 over the prior year.  Expenses associated with other real estate owned and asset dispositions were stable compared to the reduced level of the first quarter, but higher by $1.2 million compared with the prior year second quarter.  Salaries, wages and benefits for the second quarter 2011 declined $224,000 or 2.7 percent from a year ago, and were $313,000 lower for the first six months compared to the same period in 2010.   FDIC assessments were lower by $271,000 for the second quarter compared with first quarter and were down by $351,000 compared to last year’s assessments implemented during the quarter.

(dollars in thousands)

Q-2 2011

Q-1 2011

Q-4 2010

Q-3 2010

Q-2 2010

Noninterest Expense:














Salaries and wages


$6,534

$6,551

$6,539

$6,631

$6,776

Employee benefits


1,437

1,600

1,153

1,367

1,419

Outsourced data processing costs

1,699

1,522

1,496

1,503

1,503

Telephone / data lines

319

289

321

383

402

Occupancy expense


1,919

1,946

1,699

1,928

1,911

Furniture and equipment expense

618

593

609

595

585

Marketing expense


667

752

764

577

913

Legal and professional fees

1,585

1,757

1,783

2,491

1,602

FDIC assessments


688

959

947

966

1,039

Amortization of intangibles

212

212

212

212

246

Other



1,812

1,951

2,330

1,886

2,060

  Total Core Operating Expense



17,490

18,132

17,853

18,539

18,456









Net loss on OREO and repossessed assets

441

449

8,763

849

105

Asset dispositions expense

1,142

1,086

1,122

587

310

  Total



$19,073

$19,667

$27,738

$19,975

$18,871

The Company’s residential lending group has produced solid, quality mortgage loan growth in 2011.  A total of 272 applications were accepted in the second quarter 2011 for total loans of $59.7 million, and 630 applications were taken in the first six months for $139.5 million.  Closed mortgage loans totaled $50 million for the quarter, up $18 million compared with the first quarter 2011.  A total of $19 million in residential mortgage loans were sold in the second quarter of 2011.  Over the first six months of 2011, a total of $32 million in residential mortgage loans were sold, and $50 million were added to the portfolio.

The Company’s retail and business core deposit focus has produced strong growth in core deposit customer relationships and has resulted in increased balances and improved deposit mix.    The improved deposit mix and lower rates paid on interest bearing deposits during the second quarter reduced the overall cost of total deposits to 0.70 percent, 2 basis points lower than in the first quarter 2011 and 24 basis points lower than the second quarter 2010.

Average total deposits for the second quarter ended June 30, 2011 were up $41 million or 9.9 percent annualized compared to March 31, 2011, and ending deposits were nearly unchanged compared to first quarter at $1.681 million.  Compared to the prior year, average total deposits were lower by $34 million due to a planned deposit runoff of customers with single-service certificates of deposit and brokered certificates as they matured. The mix of deposits improved with low cost average interest bearing NOW and savings deposits increasing $25 million or 12.6 percent annualized, and average demand deposits increasing $19 million or 23.8 percent annualized compared to the first quarter 2011.  Average demand deposits increased $50.9 million or 18.2 percent compared with second quarter a year ago.  The average cost of interest bearing core deposits (NOW, savings and MMDA) during the second quarter was 0.31 percent, down 25 basis points from the second quarter of 2010.  Interest rates paid on certificate of deposit rates were also lower compared to the second quarter last year and totaled 1.74 percent during the second quarter 2011, a decline of 25 basis points.  The average cost of total interest bearing liabilities was 0.95 percent, down 3 basis points compared to the first quarter 2011 and 22 basis points lower than the second quarter of 2010.

As previously reported, the Company has experienced strong growth in core deposit customer relationships since implementing its core growth strategy.  A total of 7,645 new households started banking with Seacoast over the past year, up 23.8 percent over the same period one year earlier.  These new households have opened 8,035 new checking accounts, an increase of 35.3 percent over the number of new accounts opened during the prior twelve months.  These new relationships have also increased average services and average balances per household.  

Seacoast will host a conference call on Friday, July 29, 2011 at 9:00 a.m. (Eastern Time) to discuss the earnings results and business trends.  Investors may call in (toll-free) by dialing (888) 517-2464 (passcode: 5785075; host: Dennis S. Hudson).  Charts will be used during the conference call and may be accessed at Seacoast’s website at www.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 5785075.

Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast’s website at www.seacoastbanking.net.  The link is located in the subsection “Presentations” under the heading “Investor Services”.  Beginning the afternoon of July 29, 2011, 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, with approximately $2.1 billion in assets, is one of the largest independent commercial banking organizations in Florida.  Seacoast has 39 offices in South and Central Florida and is headquartered on Florida’s Treasure Coast, which is one of the wealthiest areas in the nation.

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, 2010 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


(Dollars in thousands,

June 30,


June 30,


  except share data)

2011

2010


2011

2010


Summary of Earnings









Net income (loss)

$      1,113


$    (13,796)


$        1,471


$       (15,360)


Net income (loss) available to common shareholders

176


(14,733)


(403)


(17,234)











Net interest income  (1)

16,596


16,286


33,114


33,575











Performance Ratios









Return on average assets-GAAP basis (2), (3)

0.21

%

(2.61)

%

0.14

%

(1.46)

%

Return on average tangible assets (2), (3), (4)

0.24


(2.58)


0.17


(1.43)











Return on average shareholders' equity-GAAP basis (2), (3)

2.68


(30.73)


1.79


(18.66)











Net interest margin  (1), (2)

3.36


3.27


3.42


3.36











Per Share Data









Net income (loss) diluted-GAAP basis

$        0.00


$        (0.25)


$          0.00


$           (0.29)


Net income (loss) basic-GAAP basis

0.00


(0.25)


0.00


(0.29)











Cash dividends declared

0.00


0.00


0.00


0.00























June 30,

    Increase/





2011


2010


    (Decrease)


Credit Analysis









Net charge-offs year-to-date



$        8,055


$      23,750


(66.1)

%

Net charge-offs to average loans



1.32

%

3.48

%

(62.1)


Loan loss provision year-to-date



$        1,542


$      18,839


(91.8)


Allowance to loans at end of period



2.63

%

3.10

%

(15.2)











Nonperforming loans



$      46,165


$      90,885


(49.2)


OREO



25,877


19,018


36.1


Total non-performing assets



$      72,042


$    109,903


(34.4)











Restructured loans (accruing)



$      60,238


$      64,876


(7.1)











Nonperforming assets to loans and other real









  estate owned at end of period



5.93

%

8.33

%

(28.8)











Nonperforming assets to total assets



3.46

%

5.25

%

(34.1)











Selected Financial Data









Total assets



$ 2,082,863


$ 2,092,812


(0.5)


Securities available for sale (at fair value)



611,231


384,449


59.0


Securities held for investment (at amortized cost)



25,159


9,332


169.6


Net loans



1,157,714


1,260,319


(8.1)


Deposits



1,681,461


1,715,894


(2.0)


Total shareholders' equity  



171,148


186,990


(8.5)


Common shareholders' equity



124,276


141,367


(12.1)


Book value per share common



1.33


1.51


(11.9)


Tangible book value per share



1.80


1.96


(8.2)


Tangible common book value per share (5)



1.30


1.47


(11.6)


Average shareholders' equity to average assets



8.06

%

7.82

%

3.1


Tangible common equity to tangible assets (5), (6)



5.84


6.60


(11.5)











Average Balances (Year-to-Date)









Total assets



$ 2,057,099


$ 2,123,713


(3.1)


Less: intangible assets



2,921


3,818


(23.5)


Total average tangible assets



$ 2,054,178


$ 2,119,895


(3.1)











Total equity



$    165,748


$    165,990


(0.1)


Less: intangible assets



2,921


3,818


(23.5)


Total average tangible equity



$    162,827


$    162,172


0.4




















(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)  The Company defines tangible common equity as total shareholders equity less preferred stock and intangible assets.

(6)  The ratio of tangible common equity to tangible assets is a non-GAAP ratio used by the investment community to measure capital adequacy.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(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)

2011

2010


2011

2010









Interest on securities:








    Taxable

$       4,575


$       3,326


$       8,251


$       7,053

    Nontaxable

38


57


85


126

Interest and fees on loans

15,476


17,393


31,689


35,770

Interest on federal funds sold and other investments

198


272


431


511

        Total Interest Income

20,287


21,048


40,456


43,460









Interest on deposits

643


1,237


1,235


2,478

Interest on time certificates

2,307


2,847


4,655


6,073

Interest on borrowed money

796


747


1,569


1,479

        Total Interest Expense

3,746


4,831


7,459


10,030









        Net Interest Income

16,541


16,217


32,997


33,430

Provision for loan losses

902


16,771


1,542


18,839

        Net Interest Income After Provision for Loan Losses

15,639


(554)


31,455


14,591









Noninterest income:








    Service charges on deposit accounts

1,546


1,452


2,988


2,824

    Trust income

517


491


1,040


967

    Mortgage banking fees

509


464


904


885

    Brokerage commissions and fees

223


257


543


543

    Marine finance fees

349


310


647


649

    Debit card income

995


822


1,886


1,539

    Other deposit based EFT fees

79


82


169


175

    Other

329


374


579


833


4,547


4,252


8,756


8,415

    Securities gains, net

0


1,377


0


3,477

        Total Noninterest Income

4,547


5,629


8,756


11,892









Noninterest expenses:








    Salaries and wages

6,534


6,776


13,085


13,238

    Employee benefits

1,437


1,419


3,037


3,197

    Outsourced data processing costs

1,699


1,503


3,221


2,982

    Telephone / data lines

319


402


608


801

    Occupancy

1,919


1,911


3,865


3,853

    Furniture and equipment

618


585


1,211


1,194

    Marketing

667


913


1,419


1,569

    Legal and professional fees

1,585


1,602


3,342


3,703

    FDIC assessments

688


1,039


1,647


2,045

    Amortization of intangibles

212


246


424


561

    Asset dispositions expense

441


310


1,527


559

    Net loss on other real estate owned and repossessed assets

1,142


105


1,591


3,929

    Other

1,812


2,060


3,763


4,212

        Total Noninterest Expenses

19,073


18,871


38,740


41,843









        Income (Loss) Before Income Taxes

1,113


(13,796)


1,471


(15,360)

Provision for income taxes

0


0


0


0









        Net Income (Loss)

1,113


(13,796)


1,471


(15,360)

Preferred stock dividends and accretion on preferred stock discount

937


937


1,874


1,874

        Net Income (Loss) Available to Common Shareholders

$          176


$   (14,733)


$        (403)


$   (17,234)









Per share of common stock:
















    Net income (loss) diluted

$         0.00


$       (0.25)


$         0.00


$       (0.29)

    Net income (loss) basic

0.00


(0.25)


0.00


(0.29)

    Cash dividends declared

0.00


0.00


0.00


0.00









Average diluted shares outstanding

93,492,169


60,020,561


93,475,523


59,436,437

Average basic shares outstanding

93,492,169


60,020,561


93,475,523


59,436,437

CONDENSED CONSOLIDATED BALANCE SHEETS          

(Unaudited)





SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES













June 30,


December 31,


June 30,

(Dollars in thousands, except share data)

2011


2010


2010







Assets






  Cash and due from banks

$      28,782


$        35,358


$      28,971

  Interest bearing deposits with other banks

138,109


176,047


283,314

           Total  Cash and Cash Equivalents

166,891


211,405


312,285







  Securities:






       Available for sale (at fair value)

611,231


435,140


384,449

       Held for investment (at amortized cost)

25,159


26,861


9,332

           Total Securities

636,390


462,001


393,781







  Loans available for sale

4,758


12,519


7,372







  Loans, net of deferred costs

1,188,945


1,240,608


1,300,600

  Less: Allowance for loan losses

(31,231)


(37,744)


(40,281)

           Net Loans

1,157,714


1,202,864


1,260,319







  Bank premises and equipment, net

34,892


36,045


37,668

  Other real estate owned

25,877


25,697


19,018

  Other intangible assets

2,713


3,137


3,560

  Other assets

53,628


62,713


58,809


$ 2,082,863


$   2,016,381


$ 2,092,812







Liabilities and Shareholders' Equity






Liabilities






  Deposits






       Demand deposits (noninterest bearing)

$    321,876


$      289,621


$    276,455

       Savings deposits

831,371


812,625


877,544

       Other time certificates

274,565


281,681


288,310

       Brokered time certificates

7,532


7,093


19,788

       Time certificates of $100,000 or more

246,117


246,208


253,797

           Total Deposits

1,681,461


1,637,228


1,715,894







  Federal funds purchased and securities sold under






      agreements to repurchase, maturing within 30 days

102,827


98,213


75,310

   Borrowed funds

50,000


50,000


50,000

   Subordinated debt

53,610


53,610


53,610

   Other liabilities

23,817


11,031


11,008


1,911,715


1,850,082


1,905,822







Shareholders' Equity






   Preferred stock - Series A

46,872


46,248


45,623

   Preferred stock - Series B

0


0


47,876

   Common stock

9,354


9,349


5,895

   Additional paid in capital

221,760


221,522


177,552

   Accumulated deficit

(111,849)


(112,652)


(94,184)

   Treasury stock

(4)


(1)


(6)


166,133


164,466


182,756

   Accumulated other comprehensive gain, net

5,015


1,833


4,234

           Total Shareholders' Equity

171,148


166,299


186,990


$ 2,082,863


$   2,016,381


$ 2,092,812







Common Shares Outstanding

93,541,902


93,487,581


58,950,016







Note:  The balance sheet at December 31, 2010 has been derived from the audited financial statements at that date.

CONSOLIDATED QUARTERLY FINANCIAL  DATA




(Unaudited)








SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

























QUARTERS




2011


2010

Last 12


(Dollars in thousands, except per share data)

Second

First

Fourth

Third


Months


Net income (loss)

$        1,113



$           358


$    (10,205)


$        (7,638)


$       (16,372)














Operating Ratios












  Return on average assets-GAAP basis (2),(3)

0.21

%


0.07

%

(2.01)

%

(1.47)

%

(0.80)

%

  Return on average tangible assets (2),(3),(4)

0.24



0.10


(1.99)


(1.44)


(0.77)














  Return on average shareholders' equity-GAAP basis (2),(3)

2.68



0.88


(23.31)


(16.63)


(9.52)














  Net interest margin (1),(2)

3.36



3.48


3.42


3.35


3.40


  Average equity to average assets

7.98



8.14


8.63


8.83


8.39














Credit Analysis












  Net charge-offs

$        4,024



$        4,031


$        4,678


$        10,700


$         23,433


  Net charge-offs to average loans

1.32

%


1.32

%

1.47

%

3.29

%

1.87

%

  Loan loss provision

$           902



$           640


$        3,975


$          8,866


$         14,383


  Allowance to loans at end of period

2.63

%


2.80

%

3.04

%

3.04

%















 Restructured Loans (accruing)

$      60,238



76,935


66,350


64,403
















  Nonperforming loans

$      46,165



66,233


68,284


69,519




  OREO

25,877



24,111


25,697


32,406




  Nonperforming assets

$      72,042



$      90,344


$      93,981


$      101,925




  Nonperforming assets to loans and other












      real estate owned at end of period

5.93

%


7.23

%

7.42

%

7.87

%



  Nonperforming assets to total assets

3.46



4.34


4.66


5.06




  Nonaccrual loans and accruing loans 90 days or more












      past due to loans outstanding at end of period

3.88



5.41


5.50


5.50
















Per Share Common Stock












  Net income (loss) diluted-GAAP basis

$          0.00



$        (0.01)


$        (0.12)


$          (0.09)


$           (0.22)


  Net income (loss) basic-GAAP basis

0.00



(0.01)


(0.12)


(0.09)


$           (0.22)














  Cash dividends declared

-



-


-


-


$                   -


  Book value per share common

1.33



1.28


1.28


1.43
















Average Balances












Total assets

$ 2,083,858



$ 2,030,045


$ 2,013,405


$   2,062,857




Less: Intangible assets

2,816



3,027


3,239


3,452




Total average tangible assets

$ 2,081,042



$ 2,027,018


$ 2,010,166


$   2,059,405
















Total equity

$    166,342



$    165,148


$    173,707


$      182,202




Less: Intangible assets

2,816



3,027


3,239


3,452




Total average tangible equity

$    163,526



$    162,121


$    170,468


$      178,750




(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.










June 30,


December 31,


June 30,

SECURITIES


2011


2010


2010








U.S. Treasury and U.S. Government Agencies


$        4,224


$          4,212


$           5,312

Mortgage-backed


602,882


426,477


374,377

Obligations of states and political subdivisions


1,400


1,709


1,729

Other securities


2,725


2,742


3,031

  Securities Available for Sale


611,231


435,140


384,449








Mortgage-backed


16,448


18,963


5,364

Obligations of states and political subdivisions


7,711


7,398


3,968

Other securities


1,000


500


0

  Securities Held for Investment


25,159


26,861


9,332

      Total Securities


$    636,390


$      462,001


$       393,781

















June 30,


December 31,


June 30,

LOANS


2011


2010


2010

Construction and land development


$      49,193


$        79,306


$       106,825

Real estate mortgage


1,039,997


1,060,597


1,082,518

Installment loans to individuals


51,351


51,602


61,005

Commercial and financial


48,012


48,825


49,949

Other loans


392


278


303

      Total Loans


$ 1,188,945


$   1,240,608


$    1,300,600

AVERAGE BALANCES, YIELDS AND RATES (1)

(Unaudited)









SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES















2011


2010


Second Quarter


First Quarter


Second Quarter


Average

Yield/

Average

Yield/

Average

Yield/

(Dollars in thousands)

Balance

Rate


Balance

Rate


Balance

Rate











Assets










Earning assets:










   Securities:










        Taxable

$    591,265

3.10

%

$    468,489

3.14

%

$    388,538

3.42

%

        Nontaxable

3,518

6.48


3,921

7.45


5,703

6.10


                  Total Securities

594,783

3.11


472,410

3.17


394,241

3.46












   Federal funds sold and other










        investments

163,847

0.48


216,906

0.44


267,380

0.41












   Loans,  net

1,221,388

5.09


1,236,274

5.33


1,361,343

5.19












                 Total Earning Assets

1,980,018

4.12


1,925,590

4.26


2,022,964

4.22












Allowance for loan losses

(33,425)



(37,254)



(42,415)



Cash and due from banks

29,513



30,122



28,559



Premises and equipment

35,368



35,936



38,182



Other assets

72,384



75,651



73,098














$ 2,083,858



$ 2,030,045



$ 2,120,388























Liabilities and Shareholders' Equity










Interest-bearing liabilities:










     NOW  

$      48,043

0.26

%

$      47,758

0.25

%

$      52,258

0.36

%

     Savings deposits

123,759

0.11


116,896

0.11


105,984

0.23


     Money market accounts

663,569

0.35


645,241

0.33


726,018

0.62


     Time deposits

530,906

1.74


534,401

1.78


574,658

1.99


     Federal funds purchased and










       other short term borrowings

105,134

0.27


93,279

0.28


86,836

0.28


     Other borrowings

103,610

2.81


103,610

2.77


103,610

2.65












                    Total Interest-Bearing Liabilities

1,575,021

0.95


1,541,185

0.98


1,649,364

1.17












Demand deposits (noninterest-bearing)

330,858



312,310



279,960



Other liabilities

11,637



11,402



10,971



                    Total Liabilities

1,917,516



1,864,897



1,940,295













Shareholders' equity

166,342



165,148



180,093














$ 2,083,858



$ 2,030,045



$ 2,120,388













Interest expense as a % of earning assets  


0.76

%


0.78

%


0.96

%

Net interest income as a % of earning assets  


3.36



3.48



3.27
































(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.

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





Unaudited





SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
































2009


2010


2011


Nonperforming




















Construction and land development


1st

Qtr

2nd

Qtr

3rd

Qtr

4th

Qtr



1st

Qtr

2nd

Qtr

3rd

Qtr

4th

Qtr


1st

Qtr

2nd

Qtr


2nd.

Qtr

Number

  Residential:



















    Condominiums

>$4 million


$     8.4

$      7.9

$    5.3

$     -



$         -

$        -

$      -

$     -


$       -

$        -


$     -

-


<$4 million


7.9

8.8

3.7

6.1



0.9

0.9

0.9

0.9


0.5

0.04


0.04

1




















    Town homes

>$4 million


-

-

-

-



-

-

-

-


-

-


-

-


<$4 million


4.2

2.3

-

-



-

-

-

-


-

-


-

-




















    Single Family Residences

>$4 million


6.6

6.5

-

-



-

-

-

-


-

-


-

-


<$4 million


13.9

10.3

7.1

4.1



3.9

3.6

3.8

-


-

-


-

-




















    Single Family Land & Lots

>$4 million


21.8

21.8

5.9

5.9



5.9

5.9

-

-


-

-


-

-


<$4 million


29.6

21.5

19.5

16.6



15.7

9.6

10.3

7.0


6.6

6.5


0.04

2




















    Multifamily

>$4 million


7.8

7.8

6.6

6.6



6.6

4.3

-

-


-

-


-

-


<$4 million


17.0

9.8

9.5

8.3



8.1

8.2

6.3

6.1


6.1

5.7


1.1

2




















TOTAL

>$4 million


44.6

44.0

17.8

12.5



12.5

10.2

-

-


-

-


-

-

TOTAL

<$4 million


72.6

52.7

39.8

35.1



28.6

22.3

21.3

14.0


13.2

12.2


1.2

5

GRAND TOTAL



$ 117.2

$    96.7

$  57.6

$  47.6



$     41.1

$    32.5

$  21.3

$  14.0


$   13.2

$    12.2


$    1.2

5

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






Unaudited





SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES



























2009


2010


2011



1st Qtr

2nd Qtr

3rd Qtr

4th Qtr


1st Qtr

2nd Qtr

3rd Qtr

4th Qtr


1st Qtr

2nd Qtr

Construction and land development














  Residential














     Condominiums


$      16.3

$      16.7

$        9.0

$        6.1


$        0.9

$        0.9

$        0.9

$        0.9


$        0.5

$          -

     Townhomes


4.2

2.3

-

-


-

-

-

-


-

-

     Single family residences


20.5

16.8

7.1

4.1


3.9

3.6

3.8

-


-

-

     Single family land and lots


51.4

43.3

25.4

22.5


21.6

15.5

10.3

7.0


6.6

6.5

     Multifamily


24.8

17.6

16.1

14.9


14.7

12.5

6.3

6.1


6.1

5.7



117.2

96.7

57.6

47.6


41.1

32.5

21.3

14.0


13.2

12.2

  Commercial














     Office buildings


17.4

13.8

13.8

13.9


13.7

-

-

-


-

-

     Retail trade


70.0

55.9

23.0

3.9


3.9

-

-

-


-

-

     Land


60.9

51.2

50.8

45.6


45.7

38.5

35.1

33.6


33.9

10.3

     Industrial


9.0

8.5

8.2

2.5


2.5

0.3

0.3

-


-

-

     Healthcare


5.7

6.0

4.8

4.8


-

-

-

-


-

-

     Churches and educational facilities


-

-

-

-


-

-

-

-


-

-

     Lodging


0.6

-

-

-


-

-

-

-


-

-

     Convenience stores


-

-

-

-


-

-

-

0.2


0.5

0.6

     Marina


31.6

30.0

28.1

6.8


6.8

-

-

-


-

-

     Other


6.2

1.4

-

-


-

-

-

-


-

-



201.4

166.8

128.7

77.5


72.6

38.8

35.4

33.8


34.4

10.9

  Individuals














     Lot loans


34.0

32.4

30.7

29.3


28.9

27.4

26.3

24.4


20.8

19.4

     Construction


16.2

11.8

11.1

8.5


8.7

8.2

9.1

7.1


7.3

6.7



50.2

44.2

41.8

37.8


37.6

35.6

35.4

31.5


28.1

26.1

  Total construction and land development


368.8

307.7

228.1

162.9


151.3

106.9

92.1

79.3


75.7

49.2















Real estate mortgages














  Residential real estate














     Adjustable


333.1

328.0

325.9

289.4


290.5

295.9

300.9

303.3


308.6

314.3

     Fixed rate


90.8

90.6

89.5

88.6


87.6

86.0

84.1

82.6


86.6

88.8

     Home equity mortgages


85.5

83.8

83.9

86.8


89.1

79.0

74.4

73.4


67.7

63.1

     Home equity lines


60.3

60.1

59.7

60.1


60.1

58.8

58.4

57.7


57.4

56.9



569.7

562.5

559.0

524.9


527.3

519.7

517.8

517.0


520.3

523.1

  Commercial real estate














     Office buildings


140.6

141.6

144.2

132.3


131.1

128.2

122.9

122.0


121.3

120.0

     Retail trade


109.1

120.0

151.4

164.6


163.5

155.9

152.0

151.5


150.6

149.6

     Land


-

-

-

-


-

-

-

-


-

-

     Industrial


95.3

93.0

89.3

88.4


81.7

84.0

79.8

78.0


76.3

68.5

     Healthcare


28.3

30.9

25.4

24.7


29.1

29.4

29.0

30.0


26.6

26.3

     Churches and educational facilities


34.8

34.6

30.8

29.6


29.1

28.5

29.4

28.8


28.6

28.2

     Recreation


1.7

1.4

3.3

3.0


3.0

3.0

2.9

2.9


2.8

2.8

     Multifamily


27.2

31.7

35.1

29.7


25.3

23.6

23.2

22.4


14.2

16.8

     Mobile home parks


3.0

5.6

5.6

5.4


5.3

2.6

2.6

2.5


2.5

2.4

     Lodging


26.3

26.3

25.6

25.5


23.5

23.4

22.1

21.9


21.7

20.0

     Restaurant


6.1

5.1

5.0

4.7


4.7

4.6

4.5

4.5


4.2

4.3

     Agricultural


8.2

11.8

12.0

11.7


11.4

10.8

10.7

10.6


9.2

9.2

     Convenience stores


23.3

23.2

22.8

22.1


22.3

21.0

18.9

18.6


20.1

20.0

     Marina


18.1

18.0

5.9

15.8


15.7

22.2

22.1

21.9


21.7

21.5

     Other


24.9

29.6

28.1

26.6


25.3

25.6

26.8

28.0


27.4

27.3



546.9

572.8

584.5

584.1


571.0

562.8

546.9

543.6


527.2

516.9

  Total real estate mortgages


1,116.6

1,135.3

1,143.5

1,109.0


1,098.3

1,082.5

1,064.7

1,060.6


1,047.5

1,040.0















Commercial & financial


75.5

71.8

66.0

61.1


62.1

49.9

54.0

48.8


51.5

48.0















Installment loans to individuals














     Automobile and trucks


19.4

18.0

16.6

15.3


14.4

12.9

11.6

10.9


10.1

9.5

     Marine loans


26.3

26.9

26.8

26.4


25.3

27.3

19.7

19.8


19.4

20.2

     Other


25.7

24.3

23.3

22.3


21.7

20.8

20.9

20.9


20.9

21.6



71.4

69.2

66.7

64.0


61.4

61.0

52.2

51.6


50.4

51.3















Other


0.3

0.3

0.3

0.5


0.2

0.3

0.3

0.3


0.3

0.4



$ 1,632.6

$ 1,584.3

$ 1,504.6

$ 1,397.5


$ 1,373.3

$ 1,300.6

$ 1,263.3

$ 1,240.6


$ 1,225.4

$ 1,188.9

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



Unaudited





SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES



























2009


2010


2011




1st Qtr

2nd Qtr

3rd Qtr

4th Qtr


1st Qtr

2nd Qtr

3rd Qtr

4th Qtr


1st Qtr

2nd Qtr


Construction and land development















  Residential















     Condominiums


$   (1.1)

$    0.4

$   (7.7)

$     (2.9)


$   (5.2)

$      -

$         -

$      -


$   (0.4)

$   (0.5)


     Townhomes


(1.9)

(1.9)

(2.3)

-


-

-

-

-


-

-


     Single family residences


(6.3)

(3.7)

(9.7)

(3.0)


(0.2)

(0.3)

0.2

(3.8)


-

-


     Single family land and lots


(1.4)

(8.1)

(17.9)

(2.9)


(0.9)

(6.1)

(5.2)

(3.3)


(0.4)

(0.1)


     Multifamily


(2.0)

(7.2)

(1.5)

(1.2)


(0.2)

(2.2)

(6.2)

(0.2)


-

(0.4)




(12.7)

(20.5)

(39.1)

(10.0)


(6.5)

(8.6)

(11.2)

(7.3)


(0.8)

(1.0)


  Commercial















     Office buildings


0.1

(3.6)

-

0.1


(0.2)

(13.7)

-

-


-

-


     Retail trade


1.3

(14.1)

(32.9)

(19.1)


-

(3.9)

-

-


-

-


     Land


(12.4)

(9.7)

(0.4)

(5.2)


0.1

(7.2)

(3.4)

(1.5)


0.3

(23.6)


     Industrial


(4.3)

(0.5)

(0.3)

(5.7)


-

(2.2)

-

(0.3)


-

-


     Healthcare


5.7

0.3

(1.2)

-


(4.8)

-

-

-


-

-


     Churches and educational facilities


-

-

-

-


-

-

-

-


-

-


     Lodging


0.6

(0.6)

-

-


-

-

-

-


-

-


     Convenience stores


-

-

-

-


-

-

-

0.2


0.3

0.1


     Marina


0.9

(1.6)

(1.9)

(21.3)


(0.0)

(6.8)

-

-


-

-


     Other


0.2

(4.8)

(1.4)

-


-

-

-

-


-

-




(7.9)

(34.6)

(38.1)

(51.2)


(4.9)

(33.8)

(3.4)

(1.6)


0.6

(23.5)


  Individuals















     Lot loans


(1.7)

(1.6)

(1.7)

(1.4)


(0.4)

(1.5)

(1.1)

(1.9)


(3.6)

(1.4)


     Construction


(4.1)

(4.4)

(0.7)

(2.6)


0.2

(0.5)

0.9

(2.0)


0.2

(0.6)




(5.8)

(6.0)

(2.4)

(4.0)


(0.2)

(2.0)

(0.2)

(3.9)


(3.4)

(2.0)


  Total construction and land development


(26.4)

(61.1)

(79.6)

(65.2)


(11.6)

(44.4)

(14.8)

(12.8)


(3.6)

(26.5)

















Real estate mortgages















  Residential real estate















     Adjustable


4.1

(5.1)

(2.1)

(36.5)


1.1

5.4

5.0

2.4


5.3

5.7


     Fixed rate


(4.7)

(0.2)

(1.1)

(0.9)


(1.0)

(1.6)

(1.9)

(1.5)


4.0

2.2


     Home equity mortgages


0.7

(1.7)

0.1

2.9


2.3

(10.1)

(4.6)

(1.0)


(5.7)

(4.6)


     Home equity lines


1.8

(0.2)

(0.4)

0.4


-

(1.3)

(0.4)

(0.7)


(0.3)

(0.5)




1.9

(7.2)

(3.5)

(34.1)


2.4

(7.6)

(1.9)

(0.8)


3.3

2.8


  Commercial real estate















     Office buildings


(5.8)

1.0

2.6

(11.9)


(1.2)

(2.9)

(5.3)

(0.9)


(0.7)

(1.3)


     Retail trade


(2.8)

10.9

31.4

13.2


(1.1)

(7.6)

(3.9)

(0.5)


(0.9)

(1.0)


     Land


-

-

-

-


-

-

-

-


-

-


     Industrial


0.6

(2.3)

(3.7)

(0.9)


(6.7)

2.3

(4.2)

(1.8)


(1.7)

(7.8)


     Healthcare


(0.9)

2.6

(5.5)

(0.7)


4.4

0.3

(0.4)

1.0


(3.4)

(0.3)


     Churches and educational facilities


(0.4)

(0.2)

(3.8)

(1.2)


(0.5)

(0.6)

0.9

(0.6)


(0.2)

(0.4)


     Recreation


-

(0.3)

1.9

(0.3)


-

-

(0.1)

-


(0.1)

-


     Multifamily


-

4.5

3.4

(5.4)


(4.4)

(1.7)

(0.4)

(0.8)


(8.2)

2.6


     Mobile home parks


-

2.6

-

(0.2)


(0.1)

(2.7)

-

(0.1)


-

(0.1)


     Lodging


(0.3)

-

(0.7)

(0.1)


(2.0)

(0.1)

(1.3)

(0.2)


(0.2)

(1.7)


     Restaurant


(0.1)

(1.0)

(0.1)

(0.3)


-

(0.1)

(0.1)

-


(0.3)

0.1


     Agricultural


(0.3)

3.6

0.2

(0.3)


(0.3)

(0.6)

(0.1)

(0.1)


(1.4)

-


     Convenience stores


(0.2)

(0.1)

(0.4)

(0.7)


0.2

(1.3)

(2.1)

(0.3)


1.5

(0.1)


    Marina


(0.1)

(0.1)

(12.1)

9.9


(0.1)

6.5

(0.1)

(0.2)


(0.2)

(0.2)


     Other


(0.5)

4.7

(1.5)

(1.5)


(1.3)

0.3

1.2

1.2


(0.6)

(0.1)




(10.8)

25.9

11.7

(0.4)


(13.1)

(8.2)

(15.9)

(3.3)


(16.4)

(10.3)


  Total real estate mortgages


(8.9)

18.7

8.2

(34.5)


(10.7)

(15.8)

(17.8)

(4.1)


(13.1)

(7.5)

















Commercial & financial


(7.3)

(3.7)

(5.8)

(4.9)


1.0

(12.2)

4.1

(5.2)


2.7

(3.5)

















Installment loans to individuals















     Automobile and trucks


(1.4)

(1.4)

(1.4)

(1.3)


(0.9)

(1.5)

(1.3)

(0.7)


(0.8)

(0.6)


     Marine loans


0.3

0.6

(0.1)

(0.4)


(1.1)

2.0

(7.6)

0.1


(0.4)

0.8


     Other


(0.4)

(1.4)

(1.0)

(1.0)


(0.6)

(0.9)

0.1

-


-

0.7




(1.5)

(2.2)

(2.5)

(2.7)


(2.6)

(0.4)

(8.8)

(0.6)


(1.2)

0.9

















Other


-

-

-

0.2


(0.3)

0.1

-

-


-

0.1




$ (44.1)

$ (48.3)

$ (79.7)

$ (107.1)


$ (24.2)

$ (72.7)

$    (37.3)

$ (22.7)


$ (15.2)

$ (36.5)


SOURCE Seacoast Banking Corporation of Florida

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