Seacoast Reports Improvement in Asset Quality and Results of Operations for Fourth Quarter 2009

- Nonperforming loans declined by 36.4%

- Capital levels strengthened with closing of private placement as planned

- Core deposits increased by 3% during the quarter

Jan 28, 2010, 17:56 ET from Seacoast Banking Corporation of Florida

STUART, Fla., Jan. 28 /PRNewswire-FirstCall/ -- Seacoast Banking Corporation of Florida (Nasdaq: SBCF) today reported a fourth quarter net loss of $36.1 million compared with a net loss of $22.6 million for the fourth quarter of 2008.  Including preferred stock dividends and accretion of discount of $937,000, the net loss applicable to common shareholders was $37.1 million or $0.69 per average common diluted share for the fourth quarter compared to a net loss of $22.7 million or $1.19 per average common diluted share for the fourth quarter of 2008.  

(Logo:  http://www.newscom.com/cgi-bin/prnh/20050916/SEACOASTLOGO )

During the quarter, we reduced large loan concentrations to more acceptable levels, which also produced a significant decline in the level of nonperforming loans and assets.  Loan charge-offs were higher than anticipated due to the achievement of higher levels of loan sales.  Continued aggressive collection and liquidation efforts, as well as the sale of approximately $68 million in problem assets during the quarter, helped reduce nonperforming loans by more than 36 percent.  Nonperforming assets fell to 5.72 percent of assets at year end.

The Company’s capital position remains strong with a total risk-based capital ratio of approximately 15.2 percent at year-end 2009, compared to 16.2 percent at September 30, 2009 and 12.2 percent at December 31, 2008.  In August 2009, the Company completed a common stock offering with gross proceeds of $89 million.  

Over the past two years, the Company has aggressively reduced its exposure to construction and development loans in response to significant value declines for Florida real estate.  Total construction and land development loans which peaked at 272 percent of tier 1 capital and the allowance for loan losses has been reduced to 68 percent at year-end.  Total CRE exposure which peaked at 488 percent of tier 1 capital and the allowance for loan losses has been reduced to 295 percent.  These levels are now below regulatory benchmarks for institutions having higher concentrations in construction or commercial real estate loans.  

“Last quarter we reported that we had completed our goal of reducing our exposure to residential development loans and that nonaccrual loans had likely peaked”, said Dennis S. Hudson, III, Chairman and Chief Executive Officer.  “This quarter our nonaccrual loans declined by 36.4 percent as our stronger capital base allowed us to increase our effort to reduce and resolve nonperforming loans through loan sales and by working with distressed borrowers. While painful, our comprehensive approach to lower the Company’s credit risk profile as quickly as possible has been successful.  The number of large balance exposures was materially reduced during 2009, and as a result we expect lower loss severity and loss volatility going forward,” added Mr. Hudson.  

Based on a significant reduction in larger balance problem loans and reductions in classified loan balances evidenced since June of 2009, the Company expects the deterioration of problem credits to moderate and as a result loan charge offs are expected to decline significantly in the upcoming quarter.  

Loan Portfolio Risk Reduction Update

Construction and land development portfolios are being run-off and risk is being reduced.  These portfolios have been the primary source of increases in both nonperforming loans and loan losses over the past two years.

    
    
    Construction and Land
    Development Loans                    Dec.     Mar.   June    Sept.   Dec.
    Dollars in                           30,      31,     30,     30,    31,
     millions         High Point        2008     2009    2009    2009   2009
    ------------------------------------------------------------------------
     Residential  $351.6  3/31/2007   $129.9   $117.2   $96.7   $57.6  $47.6
     Commercial    242.4 12/31/2007    209.3    201.4   166.8   128.7   77.5
     Individuals    91.3 12/31/2006     56.0     50.2    44.2    41.8   37.8
                                      --------------------------------------
    TOTAL         $627.0  9/30/2007   $395.2   $368.8  $307.7  $228.1 $162.9
                                      ======================================
    
    Total as a percentage
     of total loans                     23.6%    22.6%   19.4%   15.2%  11.7%
    Total as a percentage
     of tier 1 risk-based
     capital and
     Allowance for loan
     losses                            164.7%   154.5%   133.6%  83.6%  67.8%

Liquidation of the construction and land development loan portfolio continued in the current quarter with commercial construction loans declining significantly by $51.2 million or 39.8 percent to $77.5 million.  Overall liquidation of both the residential and commercial components of the construction portfolios has been achieved through early recognition of the potential for portfolio weakness in early 2007 as the housing market began to decline, as well as aggressive collection and liquidation activities with borrowers and the sale of a number of larger problem loans.  Total construction and land development loans have been reduced to approximately one quarter of that reported at the high point in 2007, and a substantial portion of the remaining portfolio is currently classified nonaccrual, and is now in the process of liquidation in accordance with specific workout plans designed to achieve substantial liquidation in an orderly fashion over the next year.

Commercial real estate mortgage loans remain well diversified (as shown in the attached table) with all but three categories of exposure at less than 20 percent of tier 1 capital and the allowance for loan losses.  The three largest categories of exposure are office buildings, retail trade and industrial at 55 percent, 68 percent and 37 percent, respectively, of tier 1 capital and the allowance for loan losses.  While the Company may see further deterioration over time in this portfolio as a result of continuing economic weakness, we expect a much lower level of loss potential than recently experienced in our construction and land development portfolios.  

Problem Loan Management and Loss Mitigation Update

Nonperforming assets declined substantially during the quarter due to a slowing of the deterioration of loans and the sale of approximately $68 million in nonperforming loans.  The sale of loans included approximately $35 million in noncurrent or restructured residential mortgage loans.  Total restructured loans grew substantially due to our focus on early intervention loss mitigation strategies in connection with several larger locally based commercial real estate mortgage borrowers.  These restructures are supported with current cash flow projections supporting debt service requirements.  

    
    
    Nonaccrual Loan
    ---------------
    December 31, 2009
                                                         Restructured
                                                            Loans
                               Nonaccrual Loans           (Accruing)
                    ------------------------------------------------
    Dollars in
     thousands       Non Current      Current*     Total
                     -----------------------------------
    
    Construction
     and land
     development
      Residential        $14,638       $13,387    $28,025     $4,867
      Commercial          30,013             0     30,013          0
      Individual           1,515           256      1,771      1,056
    Residential
     Mortgage              8,944         3,846     12,790      9,833
    Commercial Real
     Estate
     Mortgage             13,503        10,361     23,864     40,678
    Commercial and
     Financial               210           326        536          0
    Installment
     loans to
     individuals             877             0        877        999
                         --------------------------------    -------
     TOTAL               $69,700       $28,176    $97,876    $57,433
                         =======       =======    =======    =======

*Loans classified as nonaccrual (including restructured loans) and less than 30 days past due.  

Nonaccruing loans fell during the quarter by $56 million to $98 million at year end, a reduction of 36.4 percent.  During the quarter, nonaccruing and restructured residential mortgage loans fell significantly due to the previously mentioned loan sale and a significant reduction in new problem loans, including a significant reduction in customers seeking restructured mortgages.  A total of 48 applications for residential mortgage modification were received in the final quarter of 2009, compared with 73 in the third quarter and 102 in the second quarter of the year.

Early stage delinquencies improved or remained stable for all portfolios during the quarter.  Accruing residential mortgage loans (including home equity lines) 30-89 days past due totaled $5.7 million (or 1.1 percent of residential loans) compared to $7.1 million in the prior quarter.  Commercial real estate and construction and land development loans 30-89 days past due totaled $2.2 million (or 0.3 percent) compared to $3.0 million in the prior quarter.  Loans 90 days or more past due, not on nonaccrual, continued to be nominal for all portfolios.  

Liquidity remains strong and stable, supported by the Bank’s diverse local retail and commercial deposit base with no overnight borrowings. The Company’s outstanding wholesale funding represents approximately 6.6 percent of total assets at year-end 2009, comprised of longer term Federal Home Loan Bank advances, subordinated debt and a small and declining portfolio of brokered certificates of deposits.  During July 2008, the Company tested its ability to access the brokered certificates of deposit market.  In addition, during the second half of 2008 and the year 2009, some the Bank’s existing customers utilized the CDARS program to obtain 100 percent FDIC insurance coverage for larger balance certificate of deposits which are required to be classified as brokered certificates of deposit.  Brokered certificates of deposit totaled approximately $39 million at year end.

During the fourth quarter of 2008, the Company undertook a comprehensive review of its expense structure and developed a plan to reduce expenses. Reductions in overhead totaled $6.0 million in 2009, but were offset with higher credit related expenses and higher FDIC insurance assessments. The expense reductions during 2009 included: reduced salaries and employee benefits, outsourced data processing, furniture and equipment and marketing costs.  Total noninterest expenses for the year ended 2009 (excluding noncash goodwill impairment) totaled $81.9 million, an increase of $3.0 million compared with 2008.   Excluding net losses on OREO and other one-time expenditures, other operating expenses declined to $17.7 million in the fourth quarter, $2.4 million or 12.1 percent lower on a comparable basis to the fourth quarter last year.

Net interest income (on a tax equivalent basis) was $17.5 million for the fourth quarter 2009, the same as the fourth quarter 2008, but $1.6 million below third quarter 2009 as a result of a decline in loans, and lower loan and investment yields.  These adverse impacts were partially offset by reduced deposit costs, and produced higher net interest margin, which totaled 3.37 percent, up 5 basis points in the fourth quarter 2009 compared with 3.32 percent for the same quarter 2008, but lower than the 3.74 percent for the third quarter 2009.

Average loans outstanding (net of unearned income) during the fourth quarter 2009 were $260 million lower than the same quarter of 2008, and ending loans (net of unearned income) were $279 million or 16.7 percent lower than a year ago.  The yield on loans in the fourth quarter 2009 was 50 basis points lower than the same period in 2008, reflecting the impact of higher average nonperforming and restructured loans.  Average noninterest bearing deposits in the fourth quarter 2009 declined by $1.2 million compared to the same period in 2008, but increased by $1.6 million compared to the third quarter 2009.  Average interest bearing deposits in the fourth quarter totaled $1.52 billion, $44 million lower when compared to the same quarter for 2008, primarily as a result of a decline in brokered certificates of deposits.  More recently, average interest bearing deposits increased $55.3 million during the fourth quarter 2009 compared with the third quarter of 2009. Average balances for certificates of deposits increased by $18 million compared to the third quarter to $711 million during the fourth quarter of 2009.  The average rate paid in the fourth quarter 2009 for certificates of deposits was 2.20 percent, 139 basis points lower than the rate paid for the same period in 2008.  The average cost of interest bearing liabilities for the fourth quarter 2009 totaled 1.38 percent, down 114 basis points from the fourth quarter of 2008 and the average cost of deposits declined 98 basis points to 1.15 percent when compared with the same period for 2008.

As reported throughout the year, the Company has been executing a retail core deposit strategy and has experienced strong growth in core deposit customer relationships when compared to the prior year’s results.  Outstanding balances for noninterest bearing demand and savings accounts (including money market balances) increased during the fourth quarter by 7 and 25 percent annualized, respectively.  These relationship balances have increased as a result of the retail deposit growth strategy, which has improved market share, increased average services per household and decreased customer attrition.  Retail and commercial core deposits (total deposits excluding certificates of deposit greater than $100,000, brokered certificates and deposits from local governments) increased to $1.35 billion at year end, up $38.8 million or 3.0 percent (or 11.9 percent annualized) during the fourth quarter.  Total deposits excluding brokered certificates increased by $30.8 million or 1.8 percent for the year ended 2009.

Other highlights for the total year and fourth quarter 2009:

  • Loan loss reserves remained strong at 3.09 percent of total loans compared to 1.75 percent of total loans at the end of the prior year;
  • Residential loans in the process of foreclosure declined $10.3 million from the third quarter 2009 to $2.7 million at the end of the year;
  • Internally criticized and classified loans, which grew significantly over the past two years as a result of deteriorating market conditions, have declined steadily since June 30, 2009;
  • Net interest income totaled $73.8 million for the year, and the net interest margin was 3.55 percent, only 3 basis points lower than the prior year.

Earnings (before the provision for loan losses and taxes) for the quarter totaled approximately $3.4 million, down from $4.6 million in the third quarter 2009, the result of lower net interest income of $1.6 million and increased costs associated with one-time consulting projects and branch closures, up $1.5 million over the third quarter.  It is expected that net interest income will benefit from the improved deposit mix and deposit re-pricing, offset by negative loan growth and declining asset yields.  Pre-provision earnings are expected to remain in the $4 million range per quarter in 2010, provided the elevated credit costs are lower as a result of reduced problem assets.

Noninterest expenses totaled $20.9 million, increasing $135,000 from the prior year’s fourth quarter and $362,000 greater than the third quarter of 2009.  Professional fees associated with strategic planning assistance and losses on closed branch facilities in the fourth quarter 2009 added $832,000 and $905,000, respectively, to total expenses compared to a year ago.  The Company believes that the higher level of legal costs experienced this year should begin to decline in 2010, as the majority of loans which have accounted for these elevated expense levels have been significantly reduced.  

The tax benefit for the net loss for the fourth quarter totaled $13.9 million. The deferred tax valuation allowance was increased by a like amount, and therefore there was no change in the carrying value of deferred tax assets which are supported by tax planning strategies.  Due to limitations on the inclusion of deferred tax assets, regulatory capital ratios are unaffected by the reduced tax benefit for the quarter.  Should the economy show signs of improvement and our credit losses moderate, we anticipate that we could place increased reliance on our forecast of future taxable earnings, which would support realization of the third and fourth quarter deferred tax assets and increase the Company’s common shareholders’ equity by up to $29.6 million.  

Noninterest income, excluding securities gains and losses, declined 4.7 percent when compared to the fourth quarter of 2008, reflecting decreased revenues primarily from wealth management fees, marine finance fees, and service charges on deposits, offset by increases in mortgage banking and debit card fees.  The tight credit markets were responsible for much lower marine finance activities.  A more stable residential market and improved home affordability accounted for increased residential mortgage applications and closings in 2009.  Merchant income, wealth management, and other revenue tied to transaction volumes were all lower as a result of the economic recession.  The Company expects these revenue sources to be weaker until the economy in its markets begins to improve.

Seacoast will host a conference call on Friday, January 29, 2010 at 9:30 a.m. (Eastern Time) to discuss the earnings results and business trends.  Investors may call in (toll-free) by dialing (888) 517-2464 (access code: 8397217; leader: 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 January 29, by dialing (877) 213-9653 (domestic), using the passcode 8397217.  Alternatively, individuals may listen to the live audio 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 January 29, 2010, an archived version of the webcast can be accessed from this same subsection of the website.  The archived webcast will be available for one year.    

Seacoast Banking Corporation of Florida has approximately $2.2 billion in assets.  It is one of the largest independent commercial banking organizations in Florida, headquartered on Florida’s Treasure Coast, one of the wealthiest and fastest growing 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 realize 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, 2008 and in our quarterly report on Form 10-Q/A for the period ending September 30, 2009 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    Twelve Months Ended 
                                     December 31,           December 31,    
    (Dollars in thousands,        ------------------    ------------------- 
      except per share data)       2009       2008        2009       2008  
    ------------------------       ----       ----        ----       ----  
    Summary of Earnings                                                      
    Net loss                     $(36,149)  $(22,596)  $(144,686)  $(45,597) 
    Net loss available to                                                    
     common shareholders          (37,086)   (22,679)   (148,434)   (45,712) 
                                                                             
    Net interest income  (1)       17,518     17,535      73,847     77,517  
                                                                             
    Performance Ratios                                                       
    Return on average assets-                                                
     GAAP basis (2), (3)            (6.55)%    (3.99)%     (6.49)%    (1.97)%
    Return on average tangible                                               
     assets  (2), (3), (4)          (6.53)     (4.05)      (4.28)     (1.99) 
                                                                             
    Return on average shareholders' 
     equity - GAAP basis (2), (3)  (80.08)    (45.92)     (72.78)    (22.25) 
                                                                             
    Net interest margin  (1), (2)    3.37       3.32        3.55       3.58  
                                                                             
    Per Share Data                                                           
    Net loss diluted-GAAP basis    $(0.69)    $(1.19)     $(4.68)    $(2.41) 
    Net loss basic-GAAP basis       (0.69)     (1.19)      (4.68)     (2.41) 
                                                                             
    Cash dividends declared          0.00       0.01        0.01       0.34  
                                                                             
    -------------------------------------------------------------------------
    (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) on available for sale securities  
         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. 
    
    
    
    FINANCIAL  HIGHLIGHTS  (cont'd)  (Unaudited)  
    --------------------------------------------------------------       
    SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES       
                                                                         
    (Dollars in thousands,                   December 31,             
                                             ------------       Increase/  
      except per share data)               2009        2008     (Decrease) 
    ------------------------               ----        ----     ---------- 
    Credit Analysis                                                      
    Net charge-offs year-to-date         $108,963     $81,148       34.3%
    Net charge-offs to average loans         6.86%       4.45%      54.2 
    Loan loss provision year-to-date     $122,767     $88,634       38.5 
    Allowance to loans at end of period      3.09%       1.75%      76.6 
                                                                     
    Nonperforming loans                   $97,876     $86,970       12.5 
    Other real estate owned                25,385       5,035      404.2 
                                           ------       -----            
    Total nonperforming assets           $123,261     $92,005       34.0 
                                         --------     -------            
                                                                     
    Restructured loans (accruing)         $57,433     $12,616      355.2 
                                                                     
    Nonperforming assets to loans and                                
     other real estate owned at                                     
     end of period                           8.66%       5.47%      58.3 
                                                                     
    Nonperforming assets to total assets     5.72        3.97       44.1 
                                                                     
    Selected Financial Data                                          
    Total assets                       $2,153,315  $2,314,436       (7.0)
    Securities - available for                                       
     sale (at fair value)                 393,648     318,030       23.8 
    Securities - held for investment 
     (at amortized cost)                   17,087      27,871      (38.7)
    Net loans                           1,354,311   1,647,340      (17.8)
    Deposits                            1,779,434   1,810,441       (1.7)
    Total shareholders' equity            153,935     216,001      (28.7)
    Common shareholders' equity           108,936     172,214      (36.7)
    Book value per share common              1.85       11.27      (83.6)
    Tangible book value per share            2.54        8.39      (69.7)
    Tangible common book value 
     per share (5)                           1.78        6.10      (70.8)
    Average shareholders' equity                                     
     to average assets                       8.92%       8.87%       0.6 
    Tangible common equity to                                        
     tangible assets (5), (6)                4.88        5.18       (5.8)
                                                                     
                                                                     
    Average Balances (Year-to-Date)                                  
    Total assets                       $2,228,418  $2,311,052       (3.6)
    Less: intangible assets                29,446      55,817      (47.2)
                                           ------      ------            
    Total average tangible assets      $2,198,972  $2,255,235       (2.5)
                                       ==========  ==========            
                                                                     
    Total equity                         $198,798    $204,933       (3.0)
    Less: intangible assets                29,446      55,817      (47.2)
                                           ------      ------            
    Total average tangible equity        $169,352    $149,116       13.6 
                                         ========    ========            
    -------------------------------------------------------------------------
    (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) on available for sale securities 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 INCOME  (Unaudited)              
    --------------------------------------------------------              
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES                
                                                                            
                                 Three Months Ended     Twelve Months Ended  
                                    December 31,            December 31,      
                                   -------------           -------------     
    (Dollars in thousands,                                                  
     except per share data)       2009        2008        2009        2008 
    -----------------------       ----        ----        ----        ---- 
                                                                            
    Interest on securities:                                                 
         Taxable                 $3,862      $3,663     $16,357     $14,198 
         Nontaxable                  72          78         305         348 
    Interest and fees on loans   19,248      24,788      84,882     111,313 
    Interest on federal                                                     
     funds sold and other                                                   
     investments                    241         151         661       1,225 
                                    ---         ---         ---       ----- 
          Total Interest Income  23,423      28,680     102,205     127,084 
                                                                            
    Interest on deposits          1,247       3,179       6,031      17,295 
    Interest on time                                                        
     certificates                 3,936       6,654      18,749      26,117 
    Interest on borrowed money      796       1,380       3,836       6,441 
                                    ---       -----       -----       ----- 
          Total Interest Expense  5,979      11,213      28,616      49,853 
                                  -----      ------      ------      ------ 
                                                                            
          Net Interest Income    17,444      17,467      73,589      77,231 
    Provision for loan losses    39,514      30,656     122,767      88,634 
                                 ------      ------     -------      ------ 
          Net Interest Income                                               
           (Loss) After Provision                                           
           for Loan Losses      (22,070)    (13,189)    (49,178)    (11,403)
                                                                            
    Noninterest income:                                                     
         Service charges on                                                 
          deposit accounts        1,612       1,833       6,491       7,389 
         Trust income               543         574       2,098       2,344 
         Mortgage banking fees      422         184       1,746       1,118 
         Brokerage commissions                                              
          and fees                  321         447       1,416       2,097 
         Marine finance fees        228         318       1,153       2,304 
         Debit card income          658         574       2,613       2,453 
         Other deposit based EFT                                            
          fees                       79          83         331         359 
         Merchant income            409         487       1,764       2,399 
         Other                      329         330       1,403       1,778 
                                    ---         ---       -----       ----- 
                                  4,601       4,830      19,015      22,241 
         Securities gains, net    2,188           0       5,399         355 
                                  -----           -       -----         --- 
         Total Noninterest                                                  
          Income                  6,789       4,830      24,414      22,596 
                                                                            
    Noninterest expenses:                                                   
         Salaries and wages       6,446       7,083      26,693      30,159 
         Employee benefits        1,228       1,664       6,109       7,173 
         Outsourced data                                                    
          processing costs        1,741       1,812       7,143       7,612 
         Telephone / data lines     420         498       1,835       1,896 
         Occupancy expense        2,830       2,256       9,113       8,292 
         Furniture and equipment                                            
          expense                   697         706       2,701       2,841 
         Marketing expense          519         600       2,067       2,614 
         Legal and professional                                             
          fees                    2,336       2,117       6,984       5,662 
         FDIC assessments         1,042       1,034       4,952       2,028 
         Amortization of                                                    
          intangibles               315         315       1,259       1,259 
         Net loss on other real                                             
          estate owned and other                                            
          asset dispositions      1,415         583       5,422       1,424 
         Goodwill impairment          0           0      49,813           0 
         Other expense            1,879       2,065       7,656       7,930 
                                  -----       -----       -----       ----- 
          Total Noninterest                                                 
           Expenses              20,868      20,733     131,747      78,890 
                                                                            
          Loss Before Income                                                
           Taxes                (36,149)    (29,092)   (156,511)    (67,697)
    Benefit for income taxes          0      (6,496)    (11,825)    (22,100)
                                      -      ------     -------     ------- 
                                                                            
          Net Loss              (36,149)    (22,596)   (144,686)    (45,597)
    Preferred Stock                                                         
     Dividends and Accretion                                                
     on Preferred Stock                                                     
     Discount                       937          83       3,748         115 
                                    ---          --       -----         --- 
          Net Loss Available 
           to Common                                                        
           Shareholders        $(37,086)   $(22,679)  $(148,434)   $(45,712)
                                                                            
    ------------------------------------------------------------------------
    Per share common stock:                                                 
                                                                            
         Net loss diluted        $(0.69)     $(1.19)     $(4.68)     $(2.41)
         Net loss basic           (0.69)      (1.19)      (4.68)      (2.41)
         Cash dividends declared   0.00        0.01        0.01        0.34 
                                                                            
    Average diluted shares                                                  
     outstanding             53,790,905  19,044,853  31,733,260  18,997,757 
    Average basic shares                                                    
     outstanding             53,790,905  19,044,853  31,733,260  18,997,757 
    
    
    
    CONDENSED CONSOLIDATED BALANCE SHEETS  (Unaudited)  
    --------------------------------------------------------------  
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES           
                                                                             
                                                   December 31,   December 31,
    (Dollars in thousands, except share amounts)       2009           2008 
    --------------------------------------------       ----           ---- 
                                                                             
    Assets                                                                   
       Cash and due from banks                        $32,200        $46,002 
       Federal funds sold                                   0          4,605 
       Interest bearing deposits with other banks     182,900        100,585 
                                                      -------        ------- 
                Total Cash and Cash Equivalents       215,100        151,192 
       Securities:                                                           
            Available for sale (at fair value)        393,648        318,030 
            Held for investment (at amortized cost)    17,087         27,871 
                                                       ------         ------ 
                Total Securities                      410,735        345,901 
                                                                             
       Loans available for sale                        18,412          2,165 
                                                                             
       Loans, net of unearned income                1,397,503      1,676,728 
       Less: Allowance for loan losses                (43,192)       (29,388)
                                                      -------        ------- 
                Net Loans                           1,354,311      1,647,340 
                                                                             
       Bank premises and equipment, net                40,612         44,122 
       Other real estate owned                         25,385          5,035 
       Goodwill and other intangible assets             4,121         55,193 
       Other assets                                    84,639         63,488 
                                                       ------         ------ 
                                                   $2,153,315     $2,314,436 
                                                   ----------     ---------- 
                                                                             
    Liabilities and Shareholders' Equity                                     
    Liabilities                                                              
       Deposits                                                              
            Demand deposits (noninterest bearing)    $268,789       $275,262 
            Savings deposits                          838,288        802,201 
            Other time certificates                   326,070        326,473 
            Brokered time certificates                 38,656        100,463 
            Time certificates of $100,000 or more     307,631        306,042 
                                                      -------        ------- 
                Total Deposits                      1,779,434      1,810,441 
                                                                             
       Federal funds purchased and securities sold 
        under agreements to repurchase, maturing 
        within 30 days                                105,673        157,496 
       Borrowed funds                                  50,000         65,302 
       Subordinated debt                               53,610         53,610 
       Other liabilities                               10,663         11,586 
                                                       ------         ------ 
                                                    1,999,380      2,098,435 
    Shareholders' Equity                                                     
        Preferred stock                                44,999         43,787 
        Common stock                                    5,887          1,928 
        Additional paid in capital                    178,133         99,788 
        Retained earnings                             (76,237)        70,278 
        Treasury stock                                   (855)        (1,839)
                                                         ----         ------ 
                                                      151,927        213,942 
        Accumulated other comprehensive gain, net       2,008          2,059 
                                                        -----          ----- 
                Total Shareholders' Equity            153,935        216,001 
                                                      -------        ------- 
                                                   $2,153,315     $2,314,436 
                                                   ----------     ---------- 
                                                                             
    Common Shares Outstanding                      58,867,229     19,171,779 
                                                                             
    ------------------------------------------------------------------------ 
    Note:  The balance sheet at December 31, 2008 has been derived from 
    the audited financial statements at that date. 
    
    
    
    CONSOLIDATED QUARTERLY FINANCIAL DATA  (Unaudited)                    
    --------------------------------------------------------                 
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES                 
                                                                             
                                       QUARTERS                              
                           ---------------------------------------           
    (Dollars in                           2009                               
     thousands, except     ---------------------------------------    Last 12
     per share data)       Fourth      Third     Second      First    Months 
    ------------------     ------      -----     ------      -----    -------
    Net loss             $(36,149)  $(40,777)  $(63,000)   $(4,760) $(144,686)
                                                                             
    Operating Ratios                                                         
       Return on average                                                     
        assets-GAAP                                                          
        basis (2),(3)       (6.55)%    (7.55)%   (11.19)%    (0.83)%   (6.49)%
       Return on average                                                     
        tangible assets                                                      
        (2),(3),(4)         (6.53)     (7.53)     (2.36)     (0.82)    (4.28)
                                                                             
       Return on average                                                     
        shareholders' 
        equity - GAAP 
        basis (2),(3)      (80.08)    (86.49)   (119.80)     (8.83)   (72.78)
                                                                             
       Net interest                                                          
        margin (1),(2)       3.37       3.74       3.65       3.44      3.55 
       Average equity to                                                     
        average assets       8.13       8.73       9.34       9.45      8.92 
                                                                             
    Credit Analysis                                                          
       Net charge-offs    $45,172    $40,142    $15,109     $8,540  $108,963 
       Net charge-offs to                                                    
        average loans       12.12%     10.14%      3.71%      2.07%     6.86%
       Loan loss                                                             
        provision         $39,514    $45,374    $26,277    $11,652  $122,767 
       Allowance to                                                          
        loans at end                                                         
        of period            3.09%      3.25%      2.75%      1.99%          
                                                                             
       Restructured                                                          
        loans (accruing)  $57,433    $16,061    $14,789     $3,309           
                                                                             
       Nonperforming 
        loans             $97,876   $153,981   $126,758   $109,381           
       Other real estate                                                     
        owned              25,385     26,819     23,259     12,684           
                           ------     ------     ------     ------           
       Nonperforming 
        assets           $123,261   $180,800   $150,017   $122,065           
                         --------   --------   --------   --------           
       Nonperforming                                                         
        assets to loans                                                      
        and other real 
        estate owned at 
        end of period        8.66%     11.80%      9.33%      7.42%          
       Nonperforming                                                         
        assets to                                                            
        total assets         5.72       8.45       6.86       5.29           
       Nonaccrual loans and                                                  
        accruing loans 90                                                    
        days or more past                                                    
        due to loans                                                         
        outstanding                                                          
        at end of period     7.01      10.23       8.09       6.97           
                                                                             
    Per Share Common Stock                                                   
       Net loss diluted -                                                    
        GAAP basis         $(0.69)    $(1.21)    $(3.35)    $(0.30)   $(4.68)
       Net loss basic -                                                      
        GAAP basis          (0.69)     (1.21)     (3.35)     (0.30)    (4.68)
                                                                             
       Cash dividends                                                        
        declared             0.00       0.00       0.00       0.01      0.01 
       Book value per 
        share common         1.85       2.57       8.03       8.86           
                                                                             
    Average Balances                                                         
       Total assets    $2,189,699 $2,142,228 $2,258,792 $2,313,125          
        Less:                                                                
         Intangible                                                          
         assets             4,274      4,590     54,717     55,033           
                            -----      -----     ------     ------           
        Total average                                                        
         tangible                                                            
         assets        $2,185,425 $2,137,638 $2,204,075 $2,258,092          
                       ---------- ---------- ---------- ----------           
                                                                             
       Total equity      $179,093   $187,057   $210,997   $218,609           
       Less:                                                                 
        Intangible                                                           
        assets              4,274      4,590     54,717     55,033           
                            -----      -----     ------     ------           
       Total average                                                         
        tangible                                                             
        equity           $174,819   $182,467   $156,280   $163,576           
                         --------   --------   --------   --------           
                                                                             
    ------------------------------------------------------------------------ 
    (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 calculations 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 operating 
        earnings growth. 
    
    
    
    CONSOLIDATED QUARTERLY FINANCIAL DATA  (Unaudited)    
    --------------------------------------------------------    
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES                 
                                                                             
    (Dollars in thousands)                                                   
    ----------------------                        
                                                  December 31,  December 31, 
    SECURITIES                                        2009          2008  
    -----------                                       ----          ----  
                                                                             
    U.S. Treasury and U.S. Government Agencies         $3,688       $22,380  
    Mortgage-backed                                   384,864       290,423 
    Obligations of states and political subdivisions    2,063         2,070 
    Other securities                                    3,033         3,157 
                                                        -----         ----- 
       Securities Available for Sale                  393,648       318,030 
                                                      -------       ------- 
                                                                            
    Mortgage-backed                                    12,853        22,248 
    Obligations of states and political subdivisions    4,234         5,623 
                                                        -----         ----- 
       Securities Held for Investment                  17,087        27,871 
                                                       ------        ------ 
          Total Securities                           $410,735      $345,901 
                                                     ========      ======== 
                                                                            
                                                  December 31,  December 31,
    LOANS                                             2009          2008 
    -----                                             ----          ---- 
    Construction and land development                $162,868      $395,243 
    Real estate mortgage                            1,109,077     1,125,465 
    Installment loans to individuals                   64,024        72,908 
    Commercial and financial                           61,058        82,765 
    Other Loans                                           476           347 
                                                          ---           ---  
           Total Loans                             $1,397,503    $1,676,728  
                                                   ----------    ----------  
    
    
    
    AVERAGE BALANCES, YIELDS AND RATES (1)  (Unaudited)                
    --------------------------------------------------------                
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES                  
                                                                              
                                         2009                       2008 
                           --------------------------------     --------------
                            Fourth Quarter    Third Quarter     Fourth Quarter
                            --------------    -------------     --------------
                           Average  Yield/   Average  Yield/   Average  Yield/
    (Dollars in thousands) Balance   Rate    Balance   Rate    Balance   Rate 
    ---------------------- -------   ----    -------   ----    -------   ---- 
                                                                              
    Assets                                                                    
    Earning assets:                                                           
       Securities:                                                            
          Taxable         $368,830  4.19%   $348,770  4.90%   $299,410  4.89%
          Nontaxable         6,393  6.76       6,742  6.59       7,886  5.93 
                             -----  ----       -----  ----       -----  ---- 
          Total                                                               
           Securities      375,223  4.23     355,512  4.93     307,296  4.92 
                                                                              
       Federal funds sold                                                     
        and other                                                             
        investments        211,685  0.45      97,215  0.67      55,101  1.09 
                                                                              
       Loans, net        1,478,126  5.18   1,571,186  5.26   1,737,896  5.68 
                         ---------  ----   ---------  ----   ---------  ---- 
                                                                              
          Total Earning                                                       
           Assets        2,065,034  4.51   2,023,913  4.98   2,100,293  5.45 
                                                                              
    Allowance for loan                                                        
     losses                (41,662)          (43,124)          (31,489)      
    Cash and due from                                                         
     banks                  34,553            28,614            36,743       
    Premises and 
     equipment              41,872            42,636            44,121       
    Other assets            89,902            90,189           105,368       
                           -------            ------           -------       
                                                                              
                        $2,189,699        $2,142,228        $2,255,036       
                        ----------        ----------        ----------       
                                                                              
                                                                              
    Liabilities and 
     Shareholders' Equity                                              
    Interest-bearing 
     liabilities:                                                     
       NOW                 $53,109  0.52%    $50,662  0.51%    $56,161  1.23%
       Savings                                                                
        deposits           101,005  0.24     102,429  0.28      99,155  0.64 
       Money market                                                           
        accounts           654,250  0.68     618,240  0.64     670,094  1.69 
       Time deposits       710,955  2.20     692,616  2.45     737,906  3.59 
       Federal funds 
        purchased 
        and other                                           
        short term                                                            
        borrowings          92,466  0.25      86,264  0.33      88,253  0.83 
       Other borrowings    110,479  2.64     118,745  2.71     118,697  4.01 
                           -------  ----     -------  ----     -------  ---- 
                                                                              
          Total Interest-                                                     
           Bearing                                                            
           Liabilities   1,722,264  1.38   1,668,956  1.50   1,770,266  2.52 
                                                                              
    Demand deposits                                                           
     (noninterest-bearing) 275,589           273,972           276,759       
    Other liabilities       12,753            12,243            12,241        
                            ------            ------            ------        
          Total                                                               
           Liabilities   2,010,606         1,955,171         2,059,266        
                                                                              
    Shareholders' equity   179,093           187,057           195,770        
                           -------           -------           -------        
                                                                              
                        $2,189,699        $2,142,228        $2,255,036        
                        ----------        ----------        ----------        
                                                                              
    Interest expense as a % of                                                
     earning assets                 1.15%             1.23%             2.12%
    Net interest income as a % of                                             
     earning assets                 3.37              3.74              3.32 
                                                                              
    ------------------------------------------------------------------------  
    (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         
                                                                     
                                                2008            
                                   ------------------------------- 
                                   1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 
                                   ------- ------- ------- ------- 
    Construction and Land 
     Development 
       Residential:                                                  
       Condominiums   >$4 million    $30.6   $26.3   $19.6    $8.6 
                      <$4 million     26.6    21.1    13.0     8.8 
                                                                     
       Townhomes      >$4 million     19.4    17.1    17.1       - 
                      <$4 million      4.4     2.9     4.6     6.1 
                                                                     
       Single Family                                               
        Residences    >$4 million     20.8    21.2    13.5    11.9 
                      <$4 million     35.9    28.3    23.7    14.9 
                                                                     
       Single Family                                               
        Land & Lots   >$4 million     85.1    64.3    40.3    22.1 
                      <$4 million     27.0    30.8    29.9    30.7 
                                                                     
       Multifamily    >$4 million      7.8     7.8     7.8     7.8 
                      <$4 million     24.8    26.2    22.9    19.0 
                                      ----    ----    ----    ---- 
                                                                     
               TOTAL  >$4 million    163.7   136.7    98.3    50.4 
               TOTAL  <$4 million    118.7   109.3    94.1    79.5 
                                     -----   -----    ----    ---- 
         GRAND TOTAL                $282.4  $246.0  $192.4  $129.9 
                                    ======  ======  ======  ====== 
    
    
                                             2009               Nonperforming 
                               -------------------------------  --------------
                                                                              
                               1st Qtr 2nd Qtr 3rd Qtr 4th Qtr  4th Qtr Number
                               ------- ------- ------- -------  ------- ------
    Construction and Land 
     Development 
      Residential:                                                 
                                                                              
       Condominiums >$4 million   $8.4    $7.9    $5.3      $-      $-      -
                    <$4 million    7.9     8.8     3.7     6.1     6.1      3
                                                                            
       Townhomes    >$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     0.9      7
                                                                              
       Single Family                                                     
        Land & Lots >$4 million   21.8    21.8     5.9     5.9     5.9      1
                    <$4 million   29.6    21.5    19.5    16.6     5.6     18
                                                                            
       Multifamily  >$4 million    7.8     7.8     6.6     6.6     6.6      1
                    <$4 million   17.0     9.8     9.5     8.3     3.0      4
                                  ----     ---     ---     ---     ---      -
                                                                              
              TOTAL >$4 million   44.6    44.0    17.8    12.5    12.5      2
              TOTAL <$4 million   72.6    52.7    39.8    35.1    15.6     32
                                  ----    ----    ----    ----    ----     --
         GRAND TOTAL            $117.2   $96.7   $57.6   $47.6   $28.1     34
                                ======   =====   =====   =====   =====     ==
    
    
    
    QUARTERLY TRENDS - LOANS AT END OF PERIOD 
     (Dollars in Millions)                      (Unaudited)
    --------------------------------------------------------
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES               
                                                                           
                                2007                   2008   
                               -------  ---------------------------------- 
                               4th Qtr  1st Qtr  2nd Qtr  3rd Qtr  4th Qtr 
                               -------  -------  -------  -------  ------- 
    Construction and land 
     development 
       Residential                                               
          Condominiums           $60.2    $57.2    $47.4    $32.6    $17.4 
          Townhomes               25.0     23.8     20.0     21.7      6.1 
          Single family                                                    
           residences             59.0     56.7     49.5     37.2     26.8 
          Single family land 
           and lots              116.4    112.1     95.1     70.2     52.8 
          Multifamily             34.5     32.6     34.0     30.7     26.8 
                                  ----     ----     ----     ----     ---- 
                                 295.1    282.4    246.0    192.4    129.9 
       Commercial                                                          
          Office buildings        30.9     29.1     31.1     27.8     17.3 
          Retail trade            69.0     60.4     63.6     68.5     68.7 
          Land                    82.6     92.5     75.4     73.9     73.3 
          Industrial              13.0     16.9     20.8     20.7     13.3 
          Healthcare               1.0      1.0      1.0        -        - 
          Churches and educational                                         
           facilities                -        -      0.1        -        - 
          Lodging                 11.2        -        -        -        - 
          Convenience stores       1.7      1.8        -        -        - 
          Marina                  23.1     26.8     28.9     30.5     30.7 
          Other                    9.9     11.3      6.3      5.4      6.0 
                                   ---     ----      ---      ---      --- 
                                 242.4    239.8    227.2    226.8    209.3 
       Individuals                                                         
          Lot loans               39.4     39.4     40.0     38.4     35.7 
          Construction            32.7     32.4     27.1     27.4     20.3 
                                  ----     ----     ----     ----     ---- 
                                  72.1     71.8     67.1     65.8     56.0 
                                  ----     ----     ----     ----     ---- 
       Total construction and                                              
        land development         609.6    594.0    540.3    485.0    395.2 
                                                                           
    Real estate mortgages                                                  
       Residential real estate                                             
          Adjustable             319.5    317.6    318.8    316.5    329.0 
          Fixed rate              87.5     89.1     90.2     93.4     95.5 
          Home equity mortgages   91.4     91.7     93.1     84.3     84.8 
          Home equity lines       59.1     56.3     59.4     59.7     58.5 
                                  ----     ----     ----     ----     ---- 
                                 557.5    554.7    561.5    553.9    567.8 
       Commercial real estate                                              
          Office buildings       131.7    144.3    142.3    143.6    146.4 
          Retail trade            76.2     83.8     93.5    101.6    111.9 
          Land                     5.3        -        -      0.6        - 
          Industrial             105.5    104.3     93.3     92.2     94.7 
          Healthcare              32.4     39.9     33.6     31.6     29.2 
          Churches and educational                                         
           facilities             40.2     40.2     36.5     35.6     35.2 
          Recreation               3.0      2.8      1.8      1.8      1.7 
          Multifamily             13.8     20.0     19.1     19.2     27.2 
          Mobile home parks        3.9      3.2      3.1      3.1      3.0 
          Lodging                 22.7     27.9     28.0     26.7     26.6 
          Restaurant               8.2      8.0      9.0      8.6      6.2 
          Agricultural            12.9     12.4      9.0      8.7      8.5 
          Convenience stores      23.2     23.1     24.9     23.6     23.5 
          Other                   38.3     40.1     41.6     42.5     43.6 
                                  ----     ----     ----     ----     ---- 
                                 517.3    550.0    535.7    539.4    557.7 
                                 -----    -----    -----    -----    ----- 
       Total real estate                                                   
        mortgages              1,074.8  1,104.7  1,097.2  1,093.3  1,125.5 
                                                                           
    Commercial & financial       126.7     93.9     94.8     88.5     82.8 
                                                                           
    Installment loans to 
     individuals                                       
          Automobile and trucks   25.0     24.1     23.0     21.9     20.8 
          Marine loans            33.2     33.3     25.2     26.0     26.0 
          Other                   28.2     27.5     27.9     27.4     26.1 
                                  ----     ----     ----     ----     ---- 
                                  86.4     84.9     76.1     75.3     72.9 
                                                                           
    Other                          0.9      0.5      0.4      0.5      0.3 
                                   ---      ---      ---      ---      --- 
                              $1,898.4 $1,878.0 $1,808.8 $1,742.6 $1,676.7 
                              ======== ======== ======== ======== ======== 
    
    
    
                                              2009
                               ----------------------------------
                               1st Qtr  2nd Qtr  3rd Qtr  4th Qtr
                               -------  -------  -------  -------
    Construction and land 
     development                            
        Residential                                               
          Condominiums           $16.3    $16.8     $9.0     $6.1
          Townhomes                4.2      2.3        -        -
          Single family                                          
           residences             20.5     16.7      7.1      4.1
          Single family land 
           and lots               51.4     43.3     25.4     22.6
          Multifamily             24.8     17.6     16.1     14.8
                                  ----     ----     ----     ----
                                 117.2     96.7     57.6     47.6
       Commercial                                                
          Office buildings        17.4     13.8     13.8     13.9
          Retail trade            70.0     55.9     23.0      3.9
          Land                    60.9     51.2     50.8     45.6
          Industrial               9.0      8.5      8.2      2.5
          Healthcare               5.7      6.0      4.8      4.8
          Churches and educational                                    
           facilities                -        -        -        -
          Lodging                  0.6        -        -        -
          Convenience stores         -        -        -        -
          Marina                  31.6     30.0     28.1      6.8
          Other                    6.2      1.4        -        -
                                   ---      ---        -        -
                                 201.4    166.8    128.7     77.5
       Individuals                                               
          Lot loans               34.0     32.4     30.7     29.3
          Construction            16.2     11.8     11.1      8.5
                                  ----     ----     ----      ---
                                  50.2     44.2     41.8     37.8
                                  ----     ----     ----     ----
       Total construction and                                    
        land development         368.8    307.7    228.1    162.9
                                                                 
    Real estate mortgages                                        
       Residential real estate                                   
          Adjustable             333.1    328.0    325.9    289.4
          Fixed rate              90.8     90.6     89.5     88.6
          Home equity mortgages   85.5     83.8     83.9     86.8
          Home equity lines       60.3     60.1     59.7     60.1
                                  ----     ----     ----     ----
                                 569.7    562.5    559.0    524.9
       Commercial real estate                                    
          Office buildings       140.6    141.6    144.2    132.3
          Retail trade           109.1    120.0    151.4    164.6
          Land                       -        -        -        -
          Industrial              95.3     93.0     89.3     88.4
          Healthcare              28.3     30.9     25.4     24.7
          Churches and educational                                    
           facilities             34.8     34.6     30.8     29.6
          Recreation               1.7      1.4      3.3      3.0
          Multifamily             27.2     31.7     35.1     29.7
          Mobile home parks        3.0      5.6      5.6      5.4
          Lodging                 26.3     26.3     25.6     25.5
          Restaurant               6.1      5.1      5.0      4.7
          Agricultural             8.2     11.8     12.0     11.7
          Convenience stores      23.3     23.2     22.8     22.1
          Other                   43.0     47.6     34.0     42.4
                                  ----     ----     ----     ----
                                 546.9    572.8    584.5    584.1
                                 -----    -----    -----    -----
       Total real estate                                         
        mortgages              1,116.6  1,135.3  1,143.5  1,109.0
                                                                 
    Commercial & financial        75.5     71.8     66.0     61.1
                                                                 
    Installment loans to 
     individuals                             
          Automobile and trucks   19.4     18.0     16.6     15.3
          Marine loans            26.3     26.9     26.8     26.4
          Other                   25.7     24.3     23.3     22.3
                                  ----     ----     ----     ----
                                  71.4     69.2     66.7     64.0
                                                                 
    Other                          0.3      0.3      0.3      0.5
                                   ---      ---      ---      ---
                              $1,632.6 $1,584.3 $1,504.6 $1,397.5
                              ======== ======== ======== ========
    
    
    
    QUARTERLY TRENDS - INCREASE (DECREASE) IN LOANS BY QUARTER 
     (Dollars in Millions)                                   (Unaudited)  
    --------------------------------------------------------------------  
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES              
                                                                          
                               2007                   2008 
                              -------  ---------------------------------- 
                              4th Qtr  1st Qtr  2nd Qtr  3rd Qtr  4th Qtr 
                              -------  -------  -------  -------  ------- 
    Construction and land 
     development                                     
       Residential                                                        
          Condominiums         $(12.3)   $(3.0)   $(9.8)  $(14.8)  $(15.2)
          Townhomes                 -     (1.2)    (3.8)     1.7    (15.6)
          Single family                                                   
           residences            (4.9)    (2.3)    (7.2)   (12.3)   (10.4)
          Single family land 
           and lots             (12.0)    (4.3)   (17.0)   (24.9)   (17.4)
          Multifamily             0.7     (1.9)     1.4     (3.3)    (3.9)
                                  ---     ----      ---     ----     ---- 
                                (28.5)   (12.7)   (36.4)   (53.6)   (62.5)
       Commercial                                                         
          Office buildings        8.5     (1.8)     2.0     (3.3)   (10.5)
          Retail trade           18.8     (8.6)     3.2      4.9      0.2 
          Land                   (3.6)     9.9    (17.1)    (1.5)    (0.6)
          Industrial             (3.9)     3.9      3.9     (0.1)    (7.4)
          Healthcare                -        -        -     (1.0)       - 
          Churches and educational                                        
           facilities            (1.9)       -      0.1     (0.1)       - 
          Lodging                   -    (11.2)       -        -        - 
          Convenience stores      0.3      0.1     (1.8)       -        - 
          Marina                  1.2      3.7      2.1      1.6      0.2 
          Other                   1.3      1.4     (5.0)    (0.9)     0.6 
                                  ---      ---     ----     ----      --- 
                                 20.7     (2.6)   (12.6)    (0.4)   (17.5)
       Individuals                                                        
          Lot loans              (1.3)       -      0.6     (1.6)    (2.7)
          Construction           (8.3)    (0.3)    (5.3)     0.3     (7.1)
                                 ----     ----     ----      ---     ---- 
                                 (9.6)    (0.3)    (4.7)    (1.3)    (9.8)
                                 ----     ----     ----     ----     ---- 
       Total construction and                                             
        land development        (17.4)   (15.6)   (53.7)   (55.3)   (89.8)
                                                                          
    Real estate mortgages                                                 
       Residential real estate                                            
          Adjustable              6.5     (1.9)     1.2     (2.3)    12.5 
          Fixed rate             (0.6)     1.6      1.1      3.2      2.1 
          Home equity mortgages   0.6      0.3      1.4     (8.8)     0.5 
          Home equity lines       4.0     (2.8)     3.1      0.3     (1.2)
                                  ---     ----      ---      ---     ---- 
                                 10.5     (2.8)     6.8     (7.6)    13.9 
       Commercial real estate                                             
          Office buildings        6.1     12.6     (2.0)     1.3      2.8 
          Retail trade            1.3      7.6      9.7      8.1     10.3 
          Land                    2.7     (5.3)       -      0.6     (0.6)
          Industrial              5.3     (1.2)   (11.0)    (1.1)     2.5 
          Healthcare             (0.8)     7.5     (6.3)    (2.0)    (2.4)
          Churches and educational                                        
           facilities             4.2        -     (3.7)    (0.9)    (0.4)
          Recreation             (1.7)    (0.2)    (1.0)       -     (0.1)
          Multifamily             2.5      6.2     (0.9)     0.1      8.0 
          Mobile home parks      (0.1)    (0.7)    (0.1)       -     (0.1)
          Lodging                 0.4      5.2      0.1     (1.3)    (0.1)
          Restaurant              1.0     (0.2)     1.0     (0.4)    (2.4)
          Agricultural           (6.7)    (0.5)    (3.4)    (0.3)    (0.2)
          Convenience stores     (0.3)    (0.1)     1.8     (1.3)    (0.1)
          Other                  (1.4)     1.8      1.5      0.9      1.1 
                                 ----      ---      ---      ---      --- 
                                 12.5     32.7    (14.3)     3.7     18.3 
                                 ----     ----    -----      ---     ---- 
       Total real estate                                                  
        mortgages                23.0     29.9     (7.5)    (3.9)    32.2 
                                                                          
    Commercial & financial       (8.4)   (32.8)     0.9     (6.3)    (5.7)
                                                                          
    Installment loans to 
     individuals                                      
          Automobile and trucks   0.2     (0.9)    (1.1)    (1.1)    (1.1)
          Marine loans            8.4      0.1     (8.1)     0.8        - 
          Other                  (0.8)    (0.7)     0.4     (0.5)    (1.3)
                                 ----     ----      ---     ----     ---- 
                                  7.8     (1.5)    (8.8)    (0.8)    (2.4)
                                                                          
    Other                         0.3     (0.4)    (0.1)     0.1     (0.2)
                                  ---     ----     ----      ---     ---- 
                                 $5.3   $(20.4)  $(69.2)  $(66.2)  $(65.9)
                                 ====   ======   ======   ======   ====== 
    
    
    
                                             2009 
                              ---------------------------------- 
                              1st Qtr  2nd Qtr  3rd Qtr  4th Qtr 
                              -------  -------  -------  ------- 
    Construction and land 
     development                            
       Residential                                               
          Condominiums          $(1.1)    $0.5    $(7.8)   $(2.9)
          Townhomes              (1.9)    (1.9)    (2.3)       - 
          Single family                                          
           residences            (6.3)    (3.8)    (9.6)    (3.0)
          Single family land 
           and lots              (1.4)    (8.1)   (17.9)    (2.8)
          Multifamily            (2.0)    (7.2)    (1.5)    (1.3)
                                 ----     ----     ----     ---- 
                                (12.7)   (20.5)   (39.1)   (10.0)
       Commercial                                                
          Office buildings        0.1     (3.6)       -      0.1 
          Retail trade            1.3    (14.1)   (32.9)   (19.1)
          Land                  (12.4)    (9.7)    (0.4)    (5.2)
          Industrial             (4.3)    (0.5)    (0.3)    (5.7)
          Healthcare              5.7      0.3     (1.2)       - 
          Churches and educational                                    
           facilities               -        -        -        - 
          Lodging                 0.6     (0.6)       -        - 
          Convenience stores        -        -        -        - 
          Marina                  0.9     (1.6)    (1.9)   (21.3)
          Other                   0.2     (4.8)    (1.4)       - 
                                  ---     ----     ----        - 
                                 (7.9)   (34.6)   (38.1)   (51.2)
       Individuals                                               
          Lot loans              (1.7)    (1.6)    (1.7)    (1.4)
          Construction           (4.1)    (4.4)    (0.7)    (2.6)
                                 ----     ----     ----     ---- 
                                 (5.8)    (6.0)    (2.4)    (4.0)
                                 ----     ----     ----     ---- 
       Total construction and                                    
        land development        (26.4)   (61.1)   (79.6)   (65.2)
                                                                 
    Real estate mortgages                                        
       Residential real estate                                   
          Adjustable              4.1     (5.1)    (2.1)   (36.5)
          Fixed rate             (4.7)    (0.2)    (1.1)    (0.9)
          Home equity                                            
           mortgages              0.7     (1.7)     0.1      2.9 
          Home equity lines       1.8     (0.2)    (0.4)     0.4 
                                  ---     ----     ----      --- 
                                  1.9     (7.2)    (3.5)   (34.1)
       Commercial real estate                                    
          Office buildings       (5.8)     1.0      2.6    (11.9)
          Retail trade           (2.8)    10.9     31.4     13.2 
          Land                      -        -        -        - 
          Industrial              0.6     (2.3)    (3.7)    (0.9)
          Healthcare             (0.9)     2.6     (5.5)    (0.7)
          Churches and educational                                    
           facilities            (0.4)    (0.2)    (3.8)    (1.2)
          Recreation                -     (0.3)     1.9     (0.3)
          Multifamily               -      4.5      3.4     (5.4)
          Mobile home parks         -      2.6        -     (0.2)
          Lodging                (0.3)       -     (0.7)    (0.1)
          Restaurant             (0.1)    (1.0)    (0.1)    (0.3)
          Agricultural           (0.3)     3.6      0.2     (0.3)
          Convenience stores     (0.2)    (0.1)    (0.4)    (0.7)
          Other                  (0.6)     4.6    (13.6)     8.4 
                                 ----      ---    -----      --- 
                                (10.8)    25.9     11.7     (0.4)
                                -----     ----     ----     ---- 
       Total real estate                                         
        mortgages                (8.9)    18.7      8.2    (34.5)
                                                                 
    Commercial & financial       (7.3)    (3.7)    (5.8)    (4.9)
                                                                 
    Installment loans to 
     individuals                             
          Automobile and trucks  (1.4)    (1.4)    (1.4)    (1.3)
          Marine loans            0.3      0.6     (0.1)    (0.4)
          Other                  (0.4)    (1.4)    (1.0)    (1.0)
                                 ----     ----     ----     ---- 
                                 (1.5)    (2.2)    (2.5)    (2.7)
                                                                 
    Other                           -        -        -      0.2 
                                    -        -        -      --- 
                               $(44.1)  $(48.3)  $(79.7) $(107.1)
                               ======   ======   ======  ======= 
    
    
    

SOURCE Seacoast Banking Corporation of Florida



RELATED LINKS

http://www.seacoastbanking.net