• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
    • Overview
    • Distribution by PR Newswire
    • Cision Communications Cloud®
    • Cision IR
    • Sponsored Placement
    • All Products
  • Contact
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • Sponsored Placement
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

Seacoast Reports Results for First Quarter 2011

- First operating profit since first quarter 2008 and sixth consecutive quarter of improved credit quality

- Nonperforming assets decline by 21.7 percent over prior year

- Household growth and seasonal improvements drive deposit growth to 12.1% annualized during the quarter

- Total risk-based capital ratio improves to record 18.2 percent


News provided by

Seacoast Banking Corporation of Florida

Apr 25, 2011, 06:00 ET

Share this article

Share this article


STUART, Fla., April 25, 2011 /PRNewswire/ -- Seacoast Banking Corporation of Florida (NASDAQ-NMS:  SBCF), a bank holding company whose principal subsidiary is Seacoast National Bank, today reported first quarter 2011 net income of $358,000, compared with a net loss of $10.2 million in the fourth quarter of 2010 and a net loss of $1.6 million a year earlier.  Including preferred stock dividends and accretion of preferred stock discount of $937,000, the net loss applicable to common shareholders was $579,000 or $0.01 per average common diluted share for the first quarter, compared to a net loss of $11.1 million or $0.12 per average common diluted share in the fourth quarter and a net loss of $2.5 million or $0.04 per average common diluted share for the first quarter of 2010.

(Logo: http://photos.prnewswire.com/prnh/20050916/SEACOASTLOGO )

"The strategic framework we put in place over two years ago has enabled us to manage the effects of the real estate crisis effectively and on schedule," said Dennis S. Hudson, III, Chairman and Chief Executive Officer. "We are now poised to accelerate our business plan to increase profitability and ultimately position Seacoast as a top-tier community bank, measured by low risk, strong organic growth and increased shareholder value."

Revenue generation improvements accelerated during the quarter as a result of growth in core business and a stronger balance sheet as favorable new customer trends continued to bring increased deposit balances, lower deposit costs, improved margins and increased fees.  A total of 2,146 new core households were added in the first quarter of 2011, up 28.0 percent over the prior year.  Average noninterest bearing demand deposit balances for the first quarter increased 14.8 percent compared to the prior year.  Noninterest bearing demand deposits now total 19.3 percent of total deposits compared to 15.8 percent one year earlier.

"Our performance improved significantly in the first quarter of 2011 due to the completion last year of our focused strategy to eliminate exposure to residential and commercial construction and land development loans," said Hudson.  These loans included our largest and most troubled borrowers and represented our highest loss content following the unprecedented real estate valuation declines in Florida.  True to our prediction that nonaccrual loans had peaked in September 2009, we have seen six consecutive quarters of improvement since then.  We now expect more rapid improvement in the next two quarters as several larger problem loan relationships, which together comprise approximately 50 percent of nonaccrual loans outstanding at March 31, 2011, are expected to be liquidated as a result of contracts executed late in the first quarter."  

Highlights for the first quarter 2011 include:

  • Core deposits (excluding certificates of deposits > $100,000 and brokered time certificates) increased 13.9 percent annualized, and noninterest bearing demand deposits increased 49.4 percent annualized compared to the fourth quarter 2010;
  • Average business and personal noninterest bearing checking deposit balances increased $7.8 million or 20.5 percent and $11.8 million or 43.1 percent annualized, respectively, compared to the fourth quarter 2010;
  • Debit card income for the quarter totaled $891,000, up $77,000 or 9.5 percent linked quarter, and up $174,000 or 24.3 percent compared to first quarter 2010 as a result of the increased households added over the last twelve months, as well as, seasonal impacts;
  • A reduced provision for loan losses was required in the first quarter of $640,000, a decline of $1.4 million from a year ago and  $3.3 million lower than the fourth quarter 2010;
  • Nonperforming assets (NPAs), compared to the fourth quarter 2010, declined by approximately $3.6 million to 4.34 percent of total assets, and declined $25.1 million or 21.7 percent over the last twelve months;
  • Net interest margin increased to 3.48 percent, 6 basis points higher than last quarter and unchanged from the first quarter 2010;
  • Net interest income (taxable equivalent) totaled $16.5 million, compared to $16.4 million the prior quarter; the lower deposit costs, a slightly larger investment portfolio and a slower loan runoff were the primary reasons for net interest income stabilization;
  • The cost of interest bearing liabilities totaled 0.98 percent, 3 basis points lower than the fourth quarter 2010 and 27 basis points lower than first quarter 2010;
  • Tangible common equity ratio increased to 5.6 percent from 4.8 percent as of March 31, 2010; and
  • Total risk based capital increased to 18.2 percent, up from 15.3 percent as of March 31, 2010.

During the last twelve months, overall asset quality improved notably. Early stage delinquencies, nonperforming loans, and net charge-offs improved, and in some cases, significantly.  In addition, the aforementioned reduction in nonaccrual loans expected in the second and third quarter is not expected to result in further charge-offs.  Nonetheless, the economic outlook while improved remains uncertain, resulting in an elevated and stable allowance for credit losses.  As of March 31, 2011, the allowance for loan losses was $34 million, a decline of $4 million from year-end, and it represented 2.80% of total loans compared to 3.04% and 3.18% of total loans as December 31, 2010 and March 31, 2010, respectively.

The tax benefit for the net operating loss carry forward for the first quarter totaled $172,000. The deferred tax valuation allowance was lowered 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.  As our earnings continue to improve and credit losses moderate, we believe we can place increased reliance on our forecast of future taxable earnings, which would support realization of the deferred tax assets and increase the Company's common shareholders' equity by up to $48 million.

Solid growth in new households have increased noninterest income over the past year with service charges on deposit accounts up 5.1 percent and debit card income up 24.3 percent.  Trust and brokerage commissions and fees also increased 9.9 percent and 11.9 percent, respectively, over the past year as financial markets have improved and our sales activities have improved.  Service charges on deposit accounts fell slightly in the first quarter on a linked quarter basis primarily due to fewer days in the first quarter compared to the fourth quarter and increased average deposit balances.  Revenue increased for debit card and other EFT transactions, attributable to increases in the number of customers served and a seasonal increase in transactions.  


(dollars in thousands)

Q-1 2011

Q-4 2010

Q-3 2010

Q-2 2010

Q-1 2010

Noninterest Income:












Service charges on deposit accounts

$1,442

$1,590

$1,511

$1,452

$1,372

Trust income

523

510

500

491

476

Mortgage banking fees

395

580

654

464

421

Brokerage commissions and fees

320

325

306

257

286

Marine finance fees

298

355

330

310

339

Debit card income

891

814

810

822

717

Other deposit based EFT fees

90

75

71

82

93

Other  

250

338

350

374

459

  Total

4,209

4,587

4,532

4,252

4,163







Gain on sale of merchant business

0

600

0

0

0

  Total

$4,209

$5,187

$4,532

$4,252

$4,163


Wealth management fees were up $8,000 linked quarter or 3.9 percent annualized and were up $81,000 or 10.6 percent compared to first quarter a year ago.  Marine finance fees were lower by $57,000 compared to the fourth quarter and lower by $41,000 compared to a year ago, as $5 million of production was retained in the loan portfolio.  Mortgage banking revenues declined by $185,000 this quarter compared to the fourth quarter 2010 as a result of a surge in home purchase closings before year-end and a seasonal slowing of home purchase transactions in early 2011.  

Core operating expenses remained stable for the quarter and were improved over the prior year.  Expenses associated with other real estate owned and asset dispositions were substantially reduced for the quarter compared with both the prior and year earlier period. 


(dollars in thousands)

Q-1 2011

Q-4 2010

Q-3 2010

Q-2 2010

Q-1 2010

Noninterest Expense:












Salaries and wages

$6,551

$6,539

$6,631

$6,776

$6,462

Employee benefits

1,600

1,153

1,367

1,419

1,778

Outsourced data processing costs

1,522

1,496

1,503

1,503

1,479

Telephone / data lines

289

321

383

402

399

Occupancy expense

1,946

1,699

1,928

1,911

1,942

Furniture and equipment expense

593

609

595

585

609

Marketing expense

752

764

577

913

656

Legal and professional fees

1,757

1,783

2,491

1,602

2,101

FDIC assessments

959

947

966

1,039

1,006

Amortization of intangibles

212

212

212

246

315

Other

1,951

2,330

1,886

2,060

2,152

  Total Core Operating Expense

18,132

17,853

18,539

18,456

18,899







Net loss on OREO and repossessed assets

449

8,763

849

105

3,824

Asset dispositions expense

1,086

1,122

587

310

249

  Total

$19,667

$27,738

$19,975

$18,871

$22,972


Salaries, wages and benefits for the first quarter 2011 were nearly unchanged at $6.5 million from a year ago and when compared to the fourth quarter 2010.  Employee benefit costs, which typically are higher in the first and second quarters each year as a result of higher payroll taxes and unemployment insurance costs, increased when compared to the fourth quarter, but were down year over year by $178,000 or 10.0 percent. Costs associated with foreclosed and repossessed asset disposition and management activities declined by $8.4 million compared to the fourth quarter 2010 and $2.5 million compared to a year earlier. Also decreasing this quarter compared to a year earlier were legal and professional fees, down $344,000 related to reduced risk management and strategic planning consulting assistance.  

The Company's retail core deposit focus has produced strong growth in core deposit customer relationships and has resulted in increased balances, which allowed for run-off in brokered and single service certificates of deposit. The improved deposit mix and lower rates paid on deposits during the first quarter reduced the overall cost of total deposits to 0.72 percent, 4 basis points lower than in the fourth quarter 2010 and 31 basis points below last year's first quarter.

Total deposits, excluding brokered certificates of deposits totaled $1.7 billion at March 31, 2011, up $49 million or 12.1 percent annualized compared to year-end 2010 total deposits.  The average cost of interest bearing deposits, excluding certificates of deposits, during the first quarter was 0.30 percent, unchanged from the fourth quarter and 29 basis points lower from first quarter 2010. Certificate of deposit rates paid were lower compared to the fourth quarter and totaled 1.78 percent during the first quarter of 2011, a decline of 10 basis points compared to the fourth quarter and 28 basis points lower compared to first quarter 2010.  

The mix in deposits has improved with time certificates declining to 32 percent of total deposits, compared to 35 percent a year ago.  The decline in deposits resulted from management's decision not to retain higher rate single-service certificates of deposit clients.  These balances declined by $82 million, year over year, and were replaced with lower cost new core deposit accounts. As previously reported, the Company has experienced strong growth in core deposit customer relationships since implementing its new deposit growth strategy.  Net core household growth increased by 3.3 percent over the last twelve months with new personal checking relationships up 37.3 percent and new commercial business checking relationships increasing 61.6 percent during the first quarter 2011 compared to the same quarter a year earlier.  These new relationships have improved market share and increased average services per household.  

Seacoast will host a conference call on Monday, April 25, 2011 at 10:00 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: 5785075; 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 April 25, 2011, by dialing (888) 843-7419 (domestic), using the passcode 5785075.  

Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast's website at www.seacoastbanking.net.  The link is located in the subsection "Presentations" under the heading "Investor Services".  Beginning the afternoon of April 25, 2011, an archived version of the webcast can be accessed from this same subsection of the website, and will be available for one year.

Seacoast Banking Corporation of Florida has approximately $2.1 billion in assets.  It is one of the largest independent commercial banking organizations in Florida, and is 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 realized deferred tax assets, cost savings, enhanced revenues, economic and seasonal conditions in our markets, and improvements to reported earnings that may be realized from cost controls and for integration of banks that we have acquired, as well as statements with respect to Seacoast's objectives, expectations and intentions and other statements that are not historical facts.  Actual results may differ from those set forth in the forward-looking statements.

Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance or achievements of Seacoast to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. You should not expect us to update any forward-looking statements.  

You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "support", "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "further", "point to," "project," "could," "intend" or other similar words and expressions of the future.  These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the effects of future economic and market conditions, including seasonality; governmental monetary and fiscal policies, as well as legislative, tax and regulatory changes; changes in accounting policies, rules and practices; the risks of changes in interest rates on the level and composition of deposits, loan demand, liquidity and the values of loan collateral, securities, and interest sensitive assets and liabilities; interest rate risks, sensitivities and the shape of the yield curve; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market areas and elsewhere, including institutions operating regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; and the failure of assumptions underlying the establishment of reserves for possible loan losses.  The risks of mergers and acquisitions, include, without limitation: unexpected transaction costs, including the costs of integrating operations; the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following the merger being lower than expected; the risk of deposit and customer attrition; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruption, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2010 under "Special Cautionary Notice Regarding Forward-Looking Statements" and "Risk Factors", and otherwise in our SEC reports and filings.  Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov.


FINANCIAL HIGHLIGHTS                            (Unaudited)

SEACOAST BANKING CORPORATION  OF FLORIDA AND SUBSIDIARIES





Three Months Ended

(Dollars in thousands,



March 31,

  except share data)




2011


2010


Summary of Earnings









Net income (loss)





$           358


$         (1,564)


Net loss available to common shareholders





(579)


(2,501)











Net interest income  (1)





16,518


17,288











Performance Ratios









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





0.07

%

(0.30)

%

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





0.10


(0.26)











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





0.88


(4.18)











Net interest margin  (1), (2)





3.48


3.48











Per Share Data









Net loss diluted-GAAP basis





$        (0.01)


$           (0.04)


Net loss basic-GAAP basis





(0.01)


(0.04)











Cash dividends declared





0.00


0.00























March 31,

    Increase/





2011


2010


    (Decrease)


Credit Analysis









Net charge-offs year-to-date



$        4,031


$        3,541


13.8

%

Net charge-offs to average loans



1.32

%

1.03

%

28.2


Loan loss provision year-to-date



$           640


$        2,068


(69.1)


Allowance to loans at end of period



2.80

%

3.18

%

(11.9)











Nonperforming loans



$      66,233


$      96,321


(31.2)


OREO



24,111


19,076


26.4


Total non-performing assets



$      90,344


$    115,397


(21.7)











Restructured loans (accruing)



$      76,935


$      60,032


28.2











Nonperforming assets to loans and other real









  estate owned at end of period



7.23

%

8.29

%

(12.8)











Nonperforming assets to total assets



4.34

%

5.44

%

(20.2)











Selected Financial Data









Total assets



$ 2,081,319


$ 2,119,966


(1.8)


Securities available for sale (at fair value)



514,150


365,986


40.5


Securities held for investment (at amortized cost)



25,835


10,228


152.6


Net loans



1,191,030


1,329,559


(10.4)


Deposits



1,686,210


1,759,433


(4.2)


Total shareholders' equity  



165,798


151,183


9.7


Common shareholders' equity



119,238


105,872


12.6


Book value per share common



1.28


1.80


(28.9)


Tangible book value per share



1.74


2.50


(30.4)


Tangible common book value per share (5)



1.24


1.73


(28.3)


Average shareholders' equity to average assets



8.14

%

7.13

%

14.2


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



5.60


4.82


16.2











Average Balances (Year-to-Date)









Total assets



$ 2,030,045


$ 2,127,074


(4.6)


Less: intangible assets



3,027


3,969


(23.7)


Total average tangible assets



$ 2,027,018


$ 2,123,105


(4.5)











Total equity



$    165,148


$    151,731


8.8


Less: intangible assets



3,027


3,969


(23.7)


Total average tangible equity



$    162,121


$    147,762


9.7





























(1)  Calculated on a fully taxable equivalent basis using amortized cost.

(2)  These ratios are stated on an annualized basis and are not necessarily indicative of future periods.

(3)  The calculation of ROA and ROE do not include the mark-to-market unrealized gains (losses) because the unrealized gains (losses) are not included in net income (loss).

(4)  The Company believes that return on average assets and equity excluding the impacts of noncash amortization expense on intangible assets is a better measurement of the Company's trend in earnings growth.

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

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

n/m = not meaningful

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES








Three Months Ended



March 31,

(Dollars in thousands, except per share data)


2011

2010






Interest on securities:





    Taxable


$       3,676


$       3,727

    Nontaxable


47


69

Interest and fees on loans


16,213


18,377

Interest on federal funds sold and other investments


233


239

        Total Interest Income


20,169


22,412






Interest on deposits


592


1,241

Interest on time certificates


2,348


3,226

Interest on borrowed money


773


732

        Total Interest Expense


3,713


5,199






        Net Interest Income


16,456


17,213

Provision for loan losses


640


2,068

        Net Interest Income After Provision for Loan Losses


15,816


15,145






Noninterest income:





    Service charges on deposit accounts


1,442


1,372

    Trust income


523


476

    Mortgage banking fees


395


421

    Brokerage commissions and fees


320


286

    Marine finance fees


298


339

    Debit card income


891


717

    Other deposit based EFT fees


90


93

    Other


250


459



4,209


4,163

    Securities gains, net


0


2,100

        Total Noninterest Income


4,209


6,263






Noninterest expenses:





    Salaries and wages


6,551


6,462

    Employee benefits


1,600


1,778

    Outsourced data processing costs


1,522


1,479

    Telephone / data lines


289


399

    Occupancy


1,946


1,942

    Furniture and equipment


593


609

    Marketing


752


656

    Legal and professional fees


1,757


2,101

    FDIC assessments


959


1,006

    Amortization of intangibles


212


315

    Asset dispositions expense


1,086


249

    Net loss on other real estate owned and repossessed assets


449


3,824

    Other


1,951


2,152

        Total Noninterest Expenses


19,667


22,972






        Income (Loss) Before Income Taxes


358


(1,564)

Provision for income taxes


0


0






        Net Income (Loss)


358


(1,564)

Preferred stock dividends and accretion on preferred stock discount


937


937

        Net Loss Available to Common Shareholders


$        (579)


$     (2,501)






Per share of common stock:










    Net loss diluted


$       (0.01)


$       (0.04)

    Net loss basic


(0.01)


(0.04)

    Cash dividends declared


0.00


0.00






Average diluted shares outstanding


93,458,692


58,845,822

Average basic shares outstanding


93,458,692


58,845,822

CONDENSED CONSOLIDATED BALANCE SHEETS        (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES










March 31,


December 31,


March 31,

(Dollars in thousands, except share data)


2011


2010


2010








Assets







  Cash and due from banks


$      29,578


$        35,358


$      58,153

  Interest bearing deposits with other banks


197,960


176,047


216,550

           Total  Cash and Cash Equivalents


227,538


211,405


274,703








  Securities:







       Available for sale (at fair value)


514,150


435,140


365,986

       Held for investment (at amortized cost)


25,835


26,861


10,228

           Total Securities


539,985


462,001


376,214








  Loans available for sale


3,095


12,519


3,609








  Loans, net of deferred costs


1,225,383


1,240,608


1,373,278

  Less: Allowance for loan losses


(34,353)


(37,744)


(43,719)

           Net Loans


1,191,030


1,202,864


1,329,559








  Bank premises and equipment, net


35,568


36,045


38,409

  Other real estate owned


24,111


25,697


19,076

  Other intangible assets


2,925


3,137


3,806

  Other assets


57,067


62,713


74,590



$ 2,081,319


$   2,016,381


$ 2,119,966








Liabilities and Shareholders' Equity







Liabilities







  Deposits







       Demand deposits (noninterest bearing)


$    324,879


$      289,621


$    278,205

       Savings deposits


828,130


812,625


865,909

       Other time certificates


278,437


281,681


304,807

       Brokered time certificates


7,371


7,093


24,640

       Time certificates of $100,000 or more


247,393


246,208


285,872

           Total Deposits


1,686,210


1,637,228


1,759,433








  Federal funds purchased and securities sold under







      agreements to repurchase, maturing within 30 days


115,185


98,213


95,708

   Borrowed funds


50,000


50,000


50,000

   Subordinated debt


53,610


53,610


53,610

   Other liabilities


10,516


11,031


10,032



1,915,521


1,850,082


1,968,783








Shareholders' Equity







   Preferred stock - Series A


46,560


46,248


45,311

   Common stock


9,351


9,349


5,891

   Additional paid in capital


221,688


221,522


177,842

   Accumulated deficit


(112,650)


(112,652)


(80,076)

   Treasury stock


(1)


(1)


(437)



164,948


164,466


148,531

   Accumulated other comprehensive gain, net


850


1,833


2,652

           Total Shareholders' Equity


165,798


166,299


151,183



$ 2,081,319


$   2,016,381


$ 2,119,966








Common Shares Outstanding


93,514,212


93,487,581


58,913,722








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

CONSOLIDATED QUARTERLY FINANCIAL  DATA

(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES














QUARTERS




2011


2010

Last 12


(Dollars in thousands, except per share data)

First

Fourth

Third

Second


Months


Net income (loss)

$           358



$    (10,205)


$      (7,638)


$      (13,796)


$       (31,281)














Operating Ratios












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

0.07

%


(2.01)

%

(1.47)

%

(2.61)

%

(1.52)

%

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

0.10



(1.99)


(1.44)


(2.58)


(1.50)














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

0.88



(23.31)


(16.63)


(30.73)


(17.84)














  Net interest margin (1),(2)

3.48



3.42


3.35


3.27


3.37


  Average equity to average assets

8.14



8.63


8.83


8.49


8.53














Credit Analysis












  Net charge-offs

$        4,031



$        4,678


$      10,700


$        20,209


$         39,618


  Net charge-offs to average loans

1.32

%


1.47

%

3.29

%

5.95

%

3.08

%

  Loan loss provision

$           640



$        3,975


$        8,866


$        16,771


$         30,252


  Allowance to loans at end of period

2.80

%


3.04

%

3.04

%

3.10

%















 Restructured Loans (accruing)

$      76,935



66,350


64,403


64,876
















  Nonperforming loans

$      66,233



68,284


69,519


90,885




  OREO

24,111



25,697


32,406


19,018




  Nonperforming assets

$      90,344



$      93,981


$    101,925


$      109,903




  Nonperforming assets to loans and other












      real estate owned at end of period

7.23

%


7.42

%

7.87

%

8.33

%



  Nonperforming assets to total assets

4.34



4.66


5.06


5.25




  Nonaccrual loans and accruing loans 90 days or more past due to loans outstanding at end of period

5.41



5.50


5.50


6.99
















Per Share Common Stock












  Net income (loss) diluted-GAAP basis

$        (0.01)



$        (0.12)


$        (0.09)


$          (0.25)


$           (0.41)


  Net income (loss) basic-GAAP basis

(0.01)



(0.12)


(0.09)


(0.25)


$           (0.41)














  Cash dividends declared

-



-


-


-


-


  Book value per share common

1.28



1.28


1.43


1.51
















Average Balances












Total assets

$ 2,030,045



$ 2,013,405


$ 2,062,857


$   2,120,388




Less: Intangible assets

3,027



3,239


3,452


3,669




Total average tangible assets

$ 2,027,018



$ 2,010,166


$ 2,059,405


$   2,116,719
















Total equity

$    165,148



$    173,707


$    182,202


$      180,093




Less: Intangible assets

3,027



3,239


3,452


3,669




Total average tangible equity

$    162,121



$    170,468


$    178,750


$      176,424
















(1) Calculated on a fully taxable equivalent basis using amortized cost.

(2) These ratios are stated on an annualized basis and are not necessarily indicative of future periods.

(3) The calculation of ROA and ROE do not include the mark-to-market unrealized gains (losses), because the unrealized gains (losses)

    are not included in net income (loss).

(4) The Company believes that return on average assets and equity excluding the impacts of noncash amortization

     expense on intangible assets is a better measurement of the Company's trend in earnings growth.































March 31,


December 31,


March 31,


SECURITIES






2011


2010


2010














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






$        4,208


$          4,212


$           4,192


Mortgage-backed






505,784


426,477


356,693


Obligations of states and political subdivisions






1,412


1,709


2,066


Other securities






2,746


2,742


3,035


  Securities Available for Sale






514,150


435,140


365,986














Mortgage-backed






17,122


18,963


5,996


Obligations of states and political subdivisions






7,713


7,398


4,232


Other securities






1,000


500


0


  Securities Held for Investment






25,835


26,861


10,228


      Total Securities






$    539,985


$      462,001


$       376,214
































March 31,


December 31,


March 31,


LOANS






2011


2010


2010


Construction and land development






$      75,718


$        79,306


$       151,257


Real estate mortgage






1,047,473


1,060,597


1,098,274


Installment loans to individuals






50,364


51,602


61,422


Commercial and financial






51,520


48,825


62,134


Other loans






308


278


191


      Total Loans






$ 1,225,383


$   1,240,608


$    1,373,278


AVERAGE BALANCES, YIELDS AND RATES (1)

(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES






2011


2010


First Quarter


Fourth Quarter


First Quarter


Average

Yield/


Average

Yield/


Average

Yield/

(Dollars in thousands)

Balance

Rate


Balance

Rate


Balance

Rate











Assets










Earning assets:










   Securities:










        Taxable

$    468,489

3.14

%

$    446,081

3.12

%

$    410,694

3.63

%

        Nontaxable

3,921

7.45


4,293

5.59


6,256

6.71


                  Total Securities

472,410

3.17


450,374

3.15


416,950

3.73












   Federal funds sold and other










        investments

216,906

0.44


187,023

0.46


205,575

0.47












   Loans,  net

1,236,274

5.33


1,263,237

5.19


1,393,808

5.36












                 Total Earning Assets

1,925,590

4.26


1,900,634

4.24


2,016,333

4.52












Allowance for loan losses

(37,254)



(39,443)



(44,377)



Cash and due from banks

30,122



33,024



30,975



Premises and equipment

35,936



36,460



39,773



Other assets

75,651



82,730



84,370














$ 2,030,045



$ 2,013,405



$ 2,127,074























Liabilities and Shareholders' Equity










Interest-bearing liabilities:










     NOW  

$      47,758

0.25

%

$      49,548

0.24

%

$      53,408

0.41

%

     Savings deposits

116,896

0.11


110,382

0.11


102,777

0.24


     Money market accounts

645,241

0.33


662,315

0.33


693,205

0.66


     Time deposits

534,401

1.78


537,772

1.88


635,535

2.06


     Federal funds purchased and










       other short term borrowings

93,279

0.28


83,183

0.27


103,676

0.25


     Other borrowings

103,610

2.77


103,610

2.72


103,610

2.61












                    Total Interest-Bearing Liabilities

1,541,185

0.98


1,546,810

1.01


1,692,211

1.25












Demand deposits (noninterest-bearing)

312,310



280,412



272,122



Other liabilities

11,402



12,476



11,010



                    Total Liabilities

1,864,897



1,839,698



1,975,343













Shareholders' equity

165,148



173,707



151,731














$ 2,030,045



$ 2,013,405



$ 2,127,074













Interest expense as a % of earning assets  


0.78

%


0.82

%


1.05

%

Net interest income as a % of earning assets  


3.48



3.42



3.48
































(1) On a fully taxable equivalent basis.  All yields and rates have been computed on an annualized basis using amortized cost.

     Fees on loans have been included in interest on loans.  Nonaccrual loans are included in loan balances.

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

(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES




























2009


2010


2011


Nonperforming


















Construction and land development


1st Qtr

2nd Qtr

3rd Qtr

4th Qtr


1st Qtr

2nd Qtr

3rd Qtr

4th Qtr


1st Qtr


1st Qtr

Number

  Residential:

















    Condominiums

>$4 million


$       8.4

$       7.9

$       5.3

$          -


$        -

$         -

$         -

$          -


$        -


$            -

-


<$4 million


7.9

8.8

3.7

6.1


0.9

0.9

0.9

0.9


0.5


0.5

1


















    Town homes

>$4 million


-

-

-

-


-

-

-

-


-


-

-


<$4 million


4.2

2.3

-

-


-

-

-

-


-


-

-


















    Single Family Residences

>$4 million


6.6

6.5

-

-


-

-

-

-


-


-

-


<$4 million


13.9

10.3

7.1

4.1


3.9

3.6

3.8

-


-


-

-


















    Single Family Land & Lots

>$4 million


21.8

21.8

5.9

5.9


5.9

5.9

-

-


-


-

-


<$4 million


29.6

21.5

19.5

16.6


15.7

9.6

10.3

7.0


6.6


0.1

2


















    Multifamily

>$4 million


7.8

7.8

6.6

6.6


6.6

4.3

-

-


-


-

-


<$4 million


17.0

9.8

9.5

8.3


8.1

8.2

6.3

6.1


6.1


1.0

2


















TOTAL

>$4 million


44.6

44.0

17.8

12.5


12.5

10.2

-

-


-


-

-

TOTAL

<$4 million


72.6

52.7

39.8

35.1


28.6

22.3

21.3

14.0


13.2


1.6

5

GRAND TOTAL



$   117.2

$     96.7

$     57.6

$       47.6


$     41.1

$     32.5

$     21.3

$       14.0


$     13.2


$          1.6

5

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


(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES














2009


2010


2011


1st Qtr

2nd Qtr

3rd Qtr

4th Qtr


1st Qtr

2nd Qtr

3rd Qtr

4th Qtr


1st Qtr

Construction and land development












  Residential












     Condominiums

$         16.3

$         16.7

$           9.0

$         6.1


$           0.9

$           0.9

$           0.9

$         0.9


$           0.5

     Townhomes

4.2

2.3

-

-


-

-

-

-


-

     Single family residences

20.5

16.8

7.1

4.1


3.9

3.6

3.8

-


-

     Single family land and lots

51.4

43.3

25.4

22.5


21.6

15.5

10.3

7.0


6.6

     Multifamily

24.8

17.6

16.1

14.9


14.7

12.5

6.3

6.1


6.1


117.2

96.7

57.6

47.6


41.1

32.5

21.3

14.0


13.2

  Commercial












     Office buildings

17.4

13.8

13.8

13.9


13.7

-

-

-


-

     Retail trade

70.0

55.9

23.0

3.9


3.9

-

-

-


-

     Land

60.9

51.2

50.8

45.6


45.7

38.5

35.1

33.6


33.9

     Industrial

9.0

8.5

8.2

2.5


2.5

0.3

0.3

-


-

     Healthcare

5.7

6.0

4.8

4.8


-

-

-

-


-

     Churches and educational facilities

-

-

-

-


-

-

-

-


-

     Lodging

0.6

-

-

-


-

-

-

-


-

     Convenience stores

-

-

-

-


-

-

-

0.2


0.5

     Marina

31.6

30.0

28.1

6.8


6.8

-

-

-


-

     Other

6.2

1.4

-

-


-

-

-

-


-


201.4

166.8

128.7

77.5


72.6

38.8

35.4

33.8


34.4

  Individuals












     Lot loans

34.0

32.4

30.7

29.3


28.9

27.4

26.3

24.4


20.8

     Construction

16.2

11.8

11.1

8.5


8.7

8.2

9.1

7.1


7.3


50.2

44.2

41.8

37.8


37.6

35.6

35.4

31.5


28.1

  Total construction and land development

368.8

307.7

228.1

162.9


151.3

106.9

92.1

79.3


75.7













Real estate mortgages












  Residential real estate












     Adjustable

333.1

328.0

325.9

289.4


290.5

295.9

300.9

303.3


308.6

     Fixed rate

90.8

90.6

89.5

88.6


87.6

86.0

84.1

82.6


86.6

     Home equity mortgages

85.5

83.8

83.9

86.8


89.1

79.0

74.4

73.4


67.7

     Home equity lines

60.3

60.1

59.7

60.1


60.1

58.8

58.4

57.7


57.4


569.7

562.5

559.0

524.9


527.3

519.7

517.8

517.0


520.3

  Commercial real estate












     Office buildings

140.6

141.6

144.2

132.3


131.1

128.2

122.9

122.0


121.3

     Retail trade

109.1

120.0

151.4

164.6


163.5

155.9

152.0

151.5


150.6

     Land

-

-

-

-


-

-

-

-


-

     Industrial

95.3

93.0

89.3

88.4


81.7

84.0

79.8

78.0


76.3

     Healthcare

28.3

30.9

25.4

24.7


29.1

29.4

29.0

30.0


26.6

     Churches and educational facilities

34.8

34.6

30.8

29.6


29.1

28.5

29.4

28.8


28.6

     Recreation

1.7

1.4

3.3

3.0


3.0

3.0

2.9

2.9


2.8

     Multifamily

27.2

31.7

35.1

29.7


25.3

23.6

23.2

22.4


14.2

     Mobile home parks

3.0

5.6

5.6

5.4


5.3

2.6

2.6

2.5


2.5

     Lodging

26.3

26.3

25.6

25.5


23.5

23.4

22.1

21.9


21.7

     Restaurant

6.1

5.1

5.0

4.7


4.7

4.6

4.5

4.5


4.2

     Agricultural

8.2

11.8

12.0

11.7


11.4

10.8

10.7

10.6


9.2

     Convenience stores

23.3

23.2

22.8

22.1


22.3

21.0

18.9

18.6


20.1

     Marina

18.1

18.0

5.9

15.8


15.7

22.2

22.1

21.9


21.7

     Other

24.9

29.6

28.1

26.6


25.3

25.6

26.8

28.0


27.4


546.9

572.8

584.5

584.1


571.0

562.8

546.9

543.6


527.2

  Total real estate mortgages

1,116.6

1,135.3

1,143.5

1,109.0


1,098.3

1,082.5

1,064.7

1,060.6


1,047.5













Commercial & financial

75.5

71.8

66.0

61.1


62.1

49.9

54.0

48.8


51.5













Installment loans to individuals












     Automobile and trucks

19.4

18.0

16.6

15.3


14.4

12.9

11.6

10.9


10.1

     Marine loans

26.3

26.9

26.8

26.4


25.3

27.3

19.7

19.8


19.4

     Other

25.7

24.3

23.3

22.3


21.7

20.8

20.9

20.9


20.9


71.4

69.2

66.7

64.0


61.4

61.0

52.2

51.6


50.4













Other

0.3

0.3

0.3

0.5


0.2

0.3

0.3

0.3


0.3


$    1,632.6

$    1,584.3

$    1,504.6

$  1,397.5


$    1,373.3

$    1,300.6

$    1,263.3

$  1,240.6


$    1,225.4


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

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
















2009


2010


2011



1st Qtr

2nd Qtr

3rd Qtr

4th Qtr


1st Qtr

2nd Qtr

3rd Qtr

4th Qtr


1st Qtr

Construction and land development













  Residential













     Condominiums


$         (1.1)

$           0.4

$         (7.7)

$         (2.9)


$         (5.2)

$            -

$            -

$            -


$         (0.4)

     Townhomes


(1.9)

(1.9)

(2.3)

-


-

-

-

-


-

     Single family residences


(6.3)

(3.7)

(9.7)

(3.0)


(0.2)

(0.3)

0.2

(3.8)


-

     Single family land and lots


(1.4)

(8.1)

(17.9)

(2.9)


(0.9)

(6.1)

(5.2)

(3.3)


(0.4)

     Multifamily


(2.0)

(7.2)

(1.5)

(1.2)


(0.2)

(2.2)

(6.2)

(0.2)


-



(12.7)

(20.5)

(39.1)

(10.0)


(6.5)

(8.6)

(11.2)

(7.3)


(0.8)

  Commercial













     Office buildings


0.1

(3.6)

-

0.1


(0.2)

(13.7)

-

-


-

     Retail trade


1.3

(14.1)

(32.9)

(19.1)


-

(3.9)

-

-


-

     Land


(12.4)

(9.7)

(0.4)

(5.2)


0.1

(7.2)

(3.4)

(1.5)


0.3

     Industrial


(4.3)

(0.5)

(0.3)

(5.7)


-

(2.2)

-

(0.3)


-

     Healthcare


5.7

0.3

(1.2)

-


(4.8)

-

-

-


-

     Churches and educational facilities


-

-

-

-


-

-

-

-


-

     Lodging


0.6

(0.6)

-

-


-

-

-

-


-

     Convenience stores


-

-

-

-


-

-

-

0.2


0.3

     Marina


0.9

(1.6)

(1.9)

(21.3)


(0.0)

(6.8)

-

-


-

     Other


0.2

(4.8)

(1.4)

-


-

-

-

-


-



(7.9)

(34.6)

(38.1)

(51.2)


(4.9)

(33.8)

(3.4)

(1.6)


0.6

  Individuals













     Lot loans


(1.7)

(1.6)

(1.7)

(1.4)


(0.4)

(1.5)

(1.1)

(1.9)


(3.6)

     Construction


(4.1)

(4.4)

(0.7)

(2.6)


0.2

(0.5)

0.9

(2.0)


0.2



(5.8)

(6.0)

(2.4)

(4.0)


(0.2)

(2.0)

(0.2)

(3.9)


(3.4)

  Total construction and land development


(26.4)

(61.1)

(79.6)

(65.2)


(11.6)

(44.4)

(14.8)

(12.8)


(3.6)














Real estate mortgages













  Residential real estate













     Adjustable


4.1

(5.1)

(2.1)

(36.5)


1.1

5.4

5.0

2.4


5.3

     Fixed rate


(4.7)

(0.2)

(1.1)

(0.9)


(1.0)

(1.6)

(1.9)

(1.5)


4.0

     Home equity mortgages


0.7

(1.7)

0.1

2.9


2.3

(10.1)

(4.6)

(1.0)


(5.7)

     Home equity lines


1.8

(0.2)

(0.4)

0.4


-

(1.3)

(0.4)

(0.7)


(0.3)



1.9

(7.2)

(3.5)

(34.1)


2.4

(7.6)

(1.9)

(0.8)


3.3

  Commercial real estate













     Office buildings


(5.8)

1.0

2.6

(11.9)


(1.2)

(2.9)

(5.3)

(0.9)


(0.7)

     Retail trade


(2.8)

10.9

31.4

13.2


(1.1)

(7.6)

(3.9)

(0.5)


(0.9)

     Land


-

-

-

-


-

-

-

-


-

     Industrial


0.6

(2.3)

(3.7)

(0.9)


(6.7)

2.3

(4.2)

(1.8)


(1.7)

     Healthcare


(0.9)

2.6

(5.5)

(0.7)


4.4

0.3

(0.4)

1.0


(3.4)

     Churches and educational facilities


(0.4)

(0.2)

(3.8)

(1.2)


(0.5)

(0.6)

0.9

(0.6)


(0.2)

     Recreation


-

(0.3)

1.9

(0.3)


-

-

(0.1)

-


(0.1)

     Multifamily


-

4.5

3.4

(5.4)


(4.4)

(1.7)

(0.4)

(0.8)


(8.2)

     Mobile home parks


-

2.6

-

(0.2)


(0.1)

(2.7)

-

(0.1)


-

     Lodging


(0.3)

-

(0.7)

(0.1)


(2.0)

(0.1)

(1.3)

(0.2)


(0.2)

     Restaurant


(0.1)

(1.0)

(0.1)

(0.3)


-

(0.1)

(0.1)

-


(0.3)

     Agricultural


(0.3)

3.6

0.2

(0.3)


(0.3)

(0.6)

(0.1)

(0.1)


(1.4)

     Convenience stores


(0.2)

(0.1)

(0.4)

(0.7)


0.2

(1.3)

(2.1)

(0.3)


1.5

    Marina


(0.1)

(0.1)

(12.1)

9.9


(0.1)

6.5

(0.1)

(0.2)


(0.2)

     Other


(0.5)

4.7

(1.5)

(1.5)


(1.3)

0.3

1.2

1.2


(0.6)



(10.8)

25.9

11.7

(0.4)


(13.1)

(8.2)

(15.9)

(3.3)


(16.4)

  Total real estate mortgages


(8.9)

18.7

8.2

(34.5)


(10.7)

(15.8)

(17.8)

(4.1)


(13.1)














Commercial & financial


(7.3)

(3.7)

(5.8)

(4.9)


1.0

(12.2)

4.1

(5.2)


2.7














Installment loans to individuals













     Automobile and trucks


(1.4)

(1.4)

(1.4)

(1.3)


(0.9)

(1.5)

(1.3)

(0.7)


(0.8)

     Marine loans


0.3

0.6

(0.1)

(0.4)


(1.1)

2.0

(7.6)

0.1


(0.4)

     Other


(0.4)

(1.4)

(1.0)

(1.0)


(0.6)

(0.9)

0.1

-


-



(1.5)

(2.2)

(2.5)

(2.7)


(2.6)

(0.4)

(8.8)

(0.6)


(1.2)




-

-

-



-

-

-



Other


-

-

-

0.2


(0.3)

0.1

-

-


-



$       (44.1)

$       (48.3)

$       (79.7)

$     (107.1)


$       (24.2)

$       (72.7)

$       (37.3)

$       (22.7)


$       (15.2)

SOURCE Seacoast Banking Corporation of Florida

Modal title

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2022 Cision US Inc.