Seacoast Reports Earnings for Fourth Quarter and Year 2013 - KPTV - FOX 12

Seacoast Reports Earnings for Fourth Quarter and Year 2013

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SOURCE Seacoast Banking Corporation of Florida

- Net income for the year totaled $52.0 million, including income tax benefit of $40.4 million from reversal of deferred tax asset allowance

- Pretax income was $3.1 million for the quarter compared to $240,000 in 2012 and $3.5 million in the prior quarter

- Loan originations up 18.8 percent for the year and totaled $563 million

STUART, Fla., Jan. 29, 2014 /PRNewswire/ -- Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF), today reported fourth quarter 2013 net income of $1,850,000 compared to $240,000 for the same quarter last year.  Net income available to common shareholders for the quarter totaled $588,000 or $0.03 per diluted common share, compared with a net loss of $(697,000) or $(0.04) per diluted common share for 2012. Net income available to common shareholders for the year totaled $47.9 million or $2.44 per diluted common share, compared with a net loss of $(4.5) million or $(0.24) per diluted common share for 2012.

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

Pretax earnings for the quarter and the year were substantially improved over the prior year due to our ongoing investments in loan production personnel, digital technologies and the effects of asset quality improvements and expense management.  During 2013 we reduced our total noninterest expense structure by $7.4 million or 9.0 percent while also absorbing increases in core operating expenses totaling approximately $3.7 million related to new investments including (5) new Accelerate business offices in Ft. Lauderdale, Boca Raton and Orlando as well as costs associated with faster customer adoption of our digital product offerings. Revenue growth continued to improve throughout the year as our new investments began to produce results and our legacy franchise experienced continued organic growth.

When compared with the prior quarter, pretax earnings fell 11 percent due to the recovery of interest income from a nonaccrual loan which was recovered and disclosed in the prior quarter, lower mortgage banking fees, additional investments in production personnel and year end incentive adjustments related to higher than expected production for 2013.  Additional cost reductions totaling approximately $1.2 million are being implemented in first quarter 2014 and include expenses related to slower growth expected for mortgage production in 2014.   

The Company's $50 million in outstanding Series A Preferred Stock was redeemed in full at year end which will increase net income available to common shareholders in 2014 and beyond.  During the fourth quarter the Company also successfully raised $75 million in common equity.  "These actions taken together with last quarter's recapture of our deferred tax asset strengthened capital levels, improved the quality of our capital structure and were key objectives accomplished to support our strategic growth objectives going forward," said Dennis S. Hudson, III, Chief Executive Officer.  

Revenue initiatives continue to produce results

  • Noninterest income (excluding securities gains) increased by 13.4 percent for the year and 6.4 percent for the quarter in spite of lower mortgage banking fees
  • Ending net loan balances up 6.4 percent compared to a year ago
  • Noninterest income to total revenue at year end increased to 27.2 percent compared to 24.9 percent a year ago

Expense reduction objectives for 2013 were accomplished while providing significant investments in growth initiatives

  • Total noninterest expenses down $7.4 million or 9.0 percent
  • Total core expenses down $2.7 million or 3.5 percent
  • New investment spend (core operating expenses) totaled approximately $3.7 million for the year primarily related to revenue related personnel and build out of our digital product suite

Investments in loan production personnel producing results

  • Loan production for the year totaled $563 million, up 18.8 percent compared to 2012
  • Much stronger commercial production of $200 million for the year, up 80 percent or $89 million compared to 2012
  • Residential loan production grew at a slower pace compared to 2012 and totaled $251 million for the year

We will continue to refine and expand our investments in our existing growth initiatives while we implement other initiatives to support continued earnings growth in 2014 and beyond. 

Over the last several years, our focused tactical initiatives have produced strong organic core customer deposit account growth and increased core customer funding.  Transaction accounts (demand deposits and NOW accounts) surpassed $1 billion for the first time ever this quarter. Core customer funding totaled $1.7 billion at December 31, 2013, up $101.4 million from last year's fourth quarter and up 21.1 percent since the fourth quarter 2011.  In addition, deposit mix continued to improve with noninterest bearing deposits nearly 26 percent of total deposits at year end 2013 and transaction accounts increasing to over 55 percent of deposits.









2013 vs 2012

Change


2013 vs 2011

Change


(Dollars in thousands)

Fourth

Quarter

2013


Fourth Quarter

2012


Fourth Quarter

2011




Customer Relationship Funding











      Demand deposits

      (noninterest bearing)

$  464,006


$  422,833


$  328,356


9.7

%

41.3

%

      NOW

540,288


509,371


469,631


6.1


15.0


      Money market accounts

331,184


343,915


319,152


(3.7)


3.8


      Savings deposits

192,491


164,956


133,578


16.7


44.1


      Time certificates of deposit

278,076


317,886


468,024


(12.5)


(40.6)


            Total deposits

1,806,045


1,758,961


1,718,741


2.7


5.1


      Sweep repurchase agreements

151,310


136,803


136,252


10.6


11.1


      Total core customer funding (1)

1,679,279


1,577,878


1,386,969


6.4


21.1


  Demand deposit mix

 (noninterest bearing)

25.7

%

24.0

%

19.1

%





         (1) Total deposits and sweep repurchase agreements, excluding certificates of deposits.

Additional growth highlights for fourth quarter 2013:

  • Interchange fees and service charges on deposit accounts grew by 20.5 percent and 6.0 percent, respectively, compared to last year's fourth quarter;
  • Wealth management fees totaled $1.2 million for the fourth quarter, up $270,000 or 30.5  percent compared to a year ago;
  • Net interest income totaled $16.3 million compared to $16.2 million a year ago and was lower than the linked quarter as a result of a $505,000 recovery of interest income related to nonaccrual loans in the third quarter 2013; and
  • While annual mortgage banking fees increased in 2013 by $463,000 or 12.5 percent compared to a year ago, mortgage fees were $302,000 lower compared to one year earlier and $347,000 lower compared to the prior quarter, as a result of higher interest rates.

The following details noninterest income for the fourth quarter ended December 31, 2013 compared to the last four quarters:

(Dollars in thousands)


Fourth

Quarter

2013

Third

Quarter

2013

Second

Quarter

2013

First

Quarter

2013

Fourth

Quarter

2012








Service charges on deposit accounts


$1,778

$1,741

$1,641

$1,551

$1,677

Trust income


693

667

675

676

592

Mortgage banking fees


728

1,075

1,256

1,114

1,030

Brokerage commissions and fees


461

383

362

425

292

Marine finance fees


215

283

419

272

258

Interchange income


1,394

1,358

1,388

1,264

1,157

Other deposit based EFT fees


80

77

87

98

83

Other


617

503

507

531

520

     Total


5,966

6,087

6,335

5,931

5,609








Loss on sale of commercial loan held for sale


0

0

0

0

(1,238)

Securities gains, net


0

280

114

25

582



$5,966

$6,367

$6,449

$5,956

$4,953

 

Credit Quality Improves to Pre-Crisis Levels

  • Net charge-offs totaled 0.26 percent of average loans for fourth quarter, compared to 0.69 percent a year ago;
  • Annual net charge-offs to average loans of 0.41 percent for 2013 was down 75 basis points compared to 2012;
  • Net loss on other real estate owned and repossessed assets at December 31, 2013 declined $2.2 million from December 31, 2012 as other real estate owned was reduced by $5.0 million or 42.3 percent from 2012;
  • Restructured loans reduced to $25.1 million, down $16.8 million compared to a year ago;
  • Nonperforming loans totaled 2.12 percent of loans, compared with 2.27 percent last quarter and 3.34 percent one year ago; and
  • Nonperforming assets to total assets declined to 1.52 percent, compared to 2.43 percent a year ago.

(Dollars in thousands )

Fourth Quarter

2013


Third

Quarter 2013


Second Quarter

2013


First Quarter

2013


Fourth Quarter

2012













Net charge-offs (recoveries)

$838


$842


$2,027


$1,517


$2,151


Net charge-offs (recoveries) to











    average loans

0.26

%

0.26

%

0.64

%

0.49

%

0.69

%

 Loan loss provision

$490


$1,180


$565


$953


$1,136


Allowance to loans at











     end of period

1.54

%

1.62

%

1.59

%

1.76

%

1.80

%












Restructured loans











    (accruing)

$25,137


$25,509


$29,612


$41,170


$41,946













Nonperforming loans

$27,672


$28,724


$33,266


$35,208


$40,955


Other real estate owned

6,860


5,589


10,063


10,850


11,887


 Nonperforming assets

$34,532


$34,313


$43,329


$46,058


$52,842













Nonperforming loans











    to loans outstanding











    at end of period

2.12

%

2.27

%

2.63

%

2.88

%

3.34

%












 Nonperforming assets to











     total assets

1.52


1.60


1.98


2.09


2.43


 

Noninterest Expenses

Total noninterest expenses fell by $1.1 million or 5.8 percent for the fourth quarter compared with the prior year.  Contributing to the decline were lower expenses related to OREO and other asset disposition costs as overall asset quality continued to improve as well as reduced core operating expenses. Core operating expenses for the quarter were reduced by $311,000 or 1.6 percent compared with the prior year and were down $2.7 million or 3.5 percent annually compared to 2012. One time expenses for employee incentives of $203,000 unfavorably impacted core operating expenses.

Noninterest expenses for the fourth quarter 2013 are presented below compared to the prior four quarters:

 

(Dollars in thousands)


Fourth Quarter

 2013

Third Quarter

 2013

Second Quarter

 2013

First Quarter

 2013

Fourth Quarter

2012

Noninterest Expense:














Salaries and wages


$8,077

$7,533

$7,892

$7,437

$7,258

Employee benefits


1,568

1,713

1,823

2,223

1,860

Outsourced data processing costs


1,586

1,657

1,631

1,498

1,904

Telephone / data lines


325

318

325

285

293

Occupancy expense


1,824

1,824

1,775

1,755

1,896

Furniture and equipment expense


597

605

571

561

585

Marketing expense


749

456

685

449

707

Legal and professional fees


839

874

949

796

1,114

FDIC assessments


451

713

720

717

697

Amortization of intangibles


196

195

197

195

195

Other


2,414

2,203

2,512

2,153

2,428

   Total Core Operating Expense


18,626

18,091

19,080

18,069

18,937








Severance and organizational changes


 

0

24

10

33

84

Branch consolidation


0

0

0

0

407

Miscellaneous Losses


190

0

0

0

0

Recovery of prior legal fees


(350)

0

(650)

0

0

Net loss on OREO and repossessed assets


0

229

493

567

157

Asset dispositions expense


180

159

111

290

200

   Total


$18,646

$18,503

$19,044

$18,959

$19,785

 

Investments in new channels and digital technology

Over the past year, we redeployed a portion of our overhead savings to build out new delivery channels. We also added loan production personnel and implemented and promoted new digital products while simultaneously reducing overall operating expenses. During 2013 we incurred substantial core operating expenses associated with investment in our new Accelerate business banking channel.  Through the implementation of five Accelerate locations, we continued to focus on reaching our customers in unique ways, creating a path to achieve higher customer satisfaction. The Accelerate model focuses on providing our customers with talented, results oriented staff, specializing in the small business market segment. From their tenure and market experience, our bankers are familiar with the multitude of challenges our small business customers face in their lives. This strategy allows Seacoast to build customer relationships with depth that surpasses traditional commercial lending, and opens opportunities into other areas in which we provide services.  Annual salaries and benefits added to our lending and credit support teams (including the Accelerate business channel) during 2013 and each of the past two years are presented in the table below:

Annual Salaries and Benefits Added to Lending and Credit Support Teams

(Dollars in thousands)



 

Year-end



2013


2012

2011


Total

Loan production and support personnel:














Commercial

$2,254


$2,065

$527



Residential

487


396

248




$2,741


$2,461

$775


$5,977

 

As indicated in the table below, total commercial loan originations for the fourth quarter totaled nearly $60 million as a result of the investments in the Accelerate business channel and other revenue producing personnel. Also included in the table below, are the salaries and benefits associated with new commercial loan officers and credit support personnel with tenures of six months or less for each quarter of 2013 and the final quarter of 2012.  These costs are included in core operating expenses, are significant, and are considered investments that impact our efficiency in the short run. 

(Dollars in thousands)


Fourth

Quarter

2013

Third

Quarter

2013

Second

Quarter

2013

First

Quarter

2013

Fourth Quarter 2012








Commercial pipeline


$27,830

$54,600

$46,850

$63,842

$26,809

Commercial loans closed


$59,775

32,988

68,388

36,973

49,190

Total loan originations and pipeline


$87,605

$87,588

$115,238

$100,815

$75,999

Salaries and benefits, lenders and support personnel < six months


$440

$553

$585

$538

$345

Total revenues, excluding securities







  gains and loss on sale of commercial 







  loan


$22,243

$22,902

$22,449

$21,931

$21,817

Our successful customer growth strategy has included investments in digital delivery and products we believe have contributed to increasing core customer funding. As of December 31, 2013, nearly 43 percent of our online customers have adopted our mobile product offerings. Our mobile users grew by over 90 percent during 2013. We are concentrating on building a more integrated distribution system which will allow us to reduce our fixed costs as we further invest in technology designed to better serve our customers.

The Company's tier 1 capital ratio was 15.6 percent and the total risk based capital ratio was 16.9 percent at December 31, 2013.  The tier 1 leverage ratio was 9.6 percent at December 31, 2013, reflecting the reversal of the deferred tax valuation allowance in the prior quarter and the sale of $50 million of common equity this quarter. The Company closed on the sale of an additional $25 million in common equity in January 2014 which further strengthens our capital ratios.

Seacoast will host a conference call on Thursday, January 30, 2014 at 10:00 a.m. (Eastern Time) to discuss the earnings results and business trends.  Investors may call in (toll-free) by dialing (888) 517-2458 (passcode: 7789246; host: Dennis S. Hudson).  Charts will be used during the conference call and may be accessed at Seacoast's website at SeacoastBanking.net by selecting "Presentations" under the heading "Investor Services".  A replay of the call will be available for one month, beginning the afternoon of January 30, by dialing (888) 843-7419 (domestic), using the passcode 7789246.

Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast's website at SeacoastBanking.net.  The link is located in the subsection "Presentations" under the heading "Investor Services".  Beginning the afternoon of January 30, an archived version of the webcast can be accessed from this same subsection of the website.  The archived webcast will be available for one year.   

Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida with approximately $2.3 billion in assets and $1.8 billion in deposits as of December 31, 2013.  The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through 34 traditional branches of its locally-branded wholly-owned subsidiary bank, Seacoast National Bank, and five Accelerate offices fueled by the power of Seacoast National Bank.  Offices stretch from Broward County north through the Treasure Coast and into Orlando, and west to Okeechobee and surrounding counties.


_______________________________________________________________

Cautionary Notice Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements about future financial and operating results, ability to realized deferred tax assets, cost savings, enhanced revenues, economic and seasonal conditions in our markets, and improvements to reported earnings that may be realized from cost controls and for integration of banks that we have acquired, as well as statements with respect to Seacoast's objectives, expectations and intentions and other statements that are not historical facts.  Actual results may differ from those set forth in the forward-looking statements.

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

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

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2012 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












(Dollars in thousands, except share data)

Three Months Ended


Twelve Months Ended



December 31,


September 30,


December 31,


December 31,


December 31,



2013


2013


2012


2013


2012


Summary of Earnings











Net income (loss)

$           1,850


$        45,141


$             240


$         51,989


$           (710)


Net income available to common shareholders (loss)

588


44,204


(697)


47,916


(4,458)


Net interest income  (1)

16,336


16,872


16,254


65,435


64,990


Net interest margin  (1), (2)

3.08


3.25


3.22


3.13


3.22













Performance Ratios











Return on average assets-GAAP basis (2), (3), (5)

0.33

%

8.32

%

0.05

%

2.38

%

(0.03)

%

Return on average shareholders' equity-GAAP basis (2), (3), (5)

3.10


106.55


0.58


28.36


(0.01)


Return on average tangible common shareholders' equity-GAAP basis (2), (3), (4)

3.32


152.80


0.07


28.81


(0.43)


Efficiency ratio (6)

81.92


78.05


87.97


80.60


88.89


Noninterest income to total revenue

26.82


26.58


25.71


27.16


24.86













Per Share Data











Net income (loss) diluted-GAAP basis (7)

$             0.03


$            2.31


$          (0.04)


$             2.44


$          (0.24)


Net income (loss) basic-GAAP basis (7)

0.03


2.35


(0.04)


2.46


(0.24)


Book value per share common (7)

8.40


8.12


6.16


8.40


6.16


Tangible book value per share (7)

8.37


10.69


8.65


8.37


8.65


Tangible common book value per share (4), (7)

8.37


8.07


6.08


8.37


6.08


Cash dividends declared

0.00


0.00


0.00


0.00


0.00
























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

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

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

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

(5)  Excluding the income tax benefit related to the reversal of the valuation allowance for deferred tax assets and reflecting tax provisioning of $1,351 for the third quarter 2013 and $4,555 for the total year 2013, adjusted return on average assets for these periods was 0.40 percent and 0.32 percent, respectively, and adjusted return on average shareholders' equity was 5.07 percent and 3.85 percent, respectively.

(6) Defined as (non-interest expense less foreclosed property expense and amortization of intangibles) divided by net operating revenue (net interest income on a fully taxable equivalent basis plus non-interest income excluding securities gains).

(7) Calculated based on total shares outstanding subsequent to the 5/1 reverse stock split.

 

FINANCIAL  HIGHLIGHTS 

SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES












December 31,


September 30,


December 31,


(Dollars in thousands, except share data)

2013


2013


2012









Selected Financial Data







Total assets 

$   2,268,940


$   2,149,777


$  2,173,929


Securities available for sale (at fair value)

641,611


650,445


643,050


Securities held for investment (at amortized cost)

0


0


13,818


Net loans

1,284,139


1,242,496


1,203,977


Deposits 

1,806,045


1,698,910


1,758,961


Total shareholders' equity  

198,604


203,858


165,546


Common shareholders' equity

198,604


154,175


116,800









Average Balances (Year-to-Date)







Total average assets

$   2,186,757


$   2,167,077


$  2,117,075


Less: intangible assets

1,104


1,202


1,889


Total average tangible assets

$   2,185,653


$   2,165,875


$  2,115,186









Total average equity

$       183,304


$      165,226


$     165,381


Less: intangible assets

1,104


1,202


1,889


Total average tangible equity

$       182,200


$      164,024


$     163,492









Credit Analysis







Net charge-offs year-to-date

$           5,224


$          4,386


$       14,257


Net charge-offs to average loans (annualized)

0.41

%

0.46

%

1.16

%

Loan loss provision year-to-date

$           3,188


$          2,698


$       10,796


Allowance to loans at end of period

1.54

%

1.62

%

1.80

%








Nonperforming loans

$         27,672


$        28,724


$       40,955


Other real estate owned

6,860


5,589


11,887


Total nonperforming assets

$         34,532


$        34,313


$       52,842









Restructured loans (accruing)

$         25,137


$        25,509


$       41,946
















Nonperforming loans to loans at end of period

2.12

%

2.27

%

3.34

%








Nonperforming assets to total assets

1.52

%

1.60

%

2.43

%















 

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)

2013


2012


2013


2012










Interest on securities:








     Taxable

$       3,452


$     3,130


$     12,856


$   13,964

     Nontaxable

16


12


68


80

Interest and fees on loans

13,924


14,438


56,971


58,290

Interest on federal funds sold and other investments

224


226


868


953

         Total Interest Income

17,616


17,806


70,763


73,287










Interest on deposits

196


275


782


1,522

Interest on time certificates

444


598


1,947


3,969

Interest on borrowed money

699


725


2,828


2,987

         Total Interest Expense

1,339


1,598


5,557


8,478










         Net Interest Income

16,277


16,208


65,206


64,809

Provision for loan losses

490


1,136


3,188


10,796

         Net Interest Income After Provision for Loan Losses

15,787


15,072


62,018


54,013










Noninterest income:








     Service charges on deposit accounts

1,778


1,677


6,711


6,245

     Trust income

693


592


2,711


2,279

     Mortgage banking fees

728


1,030


4,173


3,710

     Brokerage commissions and fees

461


292


1,631


1,071

     Marine finance fees

215


258


1,189


1,111

     Interchange income

1,394


1,157


5,404


4,501

     Other deposit based EFT fees

80


83


342


336

     Other

617


520


2,158


2,191



5,966


5,609


24,319


21,444

     Change in fair value of loan held for sale

0


(1,238)


0


(1,238)

     Securities gains, net

0


582


419


7,619

         Total Noninterest Income

5,966


4,953


24,738


27,825










Noninterest expenses:








     Salaries and wages

8,077


7,342


31,006


29,935

     Employee benefits

1,568


1,860


7,327


7,710

     Outsourced data processing costs

1,586


1,904


6,372


7,382

     Telephone / data lines

325


293


1,253


1,178

     Occupancy 

1,824


2,241


7,178


8,146

     Furniture and equipment 

597


647


2,334


2,319

     Marketing 

749


707


2,339


3,095

     Legal and professional fees

489


1,114


2,458


5,241

     FDIC assessments

451


697


2,601


2,805

     Amortization of intangibles

196


195


783


788

     Asset dispositions expense

180


200


740


1,459

     Net loss on other real estate owned and repossessed assets

0


157


1,289


3,467

     Other 

2,604


2,428


9,472


9,023

         Total Noninterest Expenses

18,646


19,785


75,152


82,548










         Income Before Income Taxes

3,107


240


11,604


(710)

Income taxes (benefit)

1,257


0


(40,385)


0










         Net Income

1,850


240


51,989


(710)

Preferred stock dividends and accretion on preferred stock discount

1,262


937


4,073


3,748

         Net Income Available to Common Shareholders

$          588


$       (697)


$     47,916


$    (4,458)










Per share of common stock:

















     Net income diluted

$         0.03


$      (0.04)


$         2.44


$      (0.24)

     Net income basic

0.03


(0.04)


2.46


(0.24)

     Cash dividends declared


0.00


0.00


0.00


0.00










Average diluted shares outstanding

21,558,079


18,781,986


19,650,005


18,748,757

Average basic shares outstanding

21,386,775


18,781,986


19,449,560


18,748,757



















 

CONDENSED CONSOLIDATED BALANCE SHEETS          

(Unaudited)



SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES










December 31,


December 31,

(Dollars in thousands, except share data)

2013


2012






Assets





   Cash and due from banks

$         48,561


$       45,620

   Interest bearing deposits with other banks

143,063


129,367

            Total  Cash and Cash Equivalents

191,624


174,987






   Securities:




        Available for sale (at fair value)

641,611


643,050

        Held for investment (at amortized cost)

0


13,818

            Total Securities 

641,611


656,868






   Loans available for sale

13,832


36,021






   Loans, net of deferred costs

1,304,207


1,226,081

   Less: Allowance for loan losses

(20,068)


(22,104)

            Net Loans

1,284,139


1,203,977






   Bank premises and equipment, net

34,505


34,465

   Other real estate owned

6,860


11,887

   Other intangible assets

718


1,501

   Other assets

95,651


54,223



$   2,268,940


$ 2,173,929






Liabilities and Shareholders' Equity




Liabilities




   Deposits




        Demand deposits (noninterest bearing)

$       464,006


$    422,833

        NOW

540,288


509,371

        Savings deposits 

192,491


164,956

        Money market accounts

331,184


343,915

        Other time certificates

154,743


182,495

        Brokered time certificates

9,776


8,203

        Time certificates of $100,000 or more

113,557


127,188

            Total Deposits

1,806,045


1,758,961






   Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days

151,310


136,803

    Borrowed funds

50,000


50,000

    Subordinated debt

53,610


53,610

    Other liabilities

9,371


9,009



2,070,336


2,008,383






Shareholders' Equity




    Preferred stock - Series A

0


48,746

    Common stock

2,364


1,897

    Additional paid in capital

277,290


230,438

    Accumulated deficit

(70,695)


(118,611)

    Treasury stock

(11)


(62)



208,948


162,408

    Accumulated other comprehensive gain (loss), net

(10,344)


3,138

            Total Shareholders' Equity

198,604


165,545



$   2,268,940


$ 2,173,928






Common Shares Outstanding

23,637,434


18,967,434






Note:  The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date.

 

CONSOLIDATED QUARTERLY FINANCIAL  DATA


(Unaudited)




SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES













QUARTERS





2013


2012


(Dollars in thousands, except per share data)

Fourth

Third


Second


First


Fourth


Net income (loss)

$          1,850


$       45,141


$             2,954


$          2,044


$              240













Operating Ratios











   Return on average assets-GAAP basis (2),(3),(5)

0.33

%

8.32

%

0.54

%

0.38

%

0.05

%

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

0.35


8.34


0.57


0.41


0.07


   Return on average shareholders' equity-GAAP basis (2),(3),(5)

3.10


106.55


7.19


5.09


0.58


   Efficiency ratio (6)

81.92


78.05


81.05


81.45


87.97


   Noninterest income to total revenue

26.82


26.58


28.22


27.04


25.71













   Net interest margin (1),(2)

3.08


3.25


3.12


3.15


3.22


   Average equity to average assets

10.55


7.80


7.56


7.50


7.73













Credit Analysis











   Net charge-offs (recoveries)

$             838


$            842


$             2,027


$          1,517


$          2,151


   Net charge-offs to average loans (recoveries)

0.26

%

0.26

%

0.64

%

0.49

%

0.69

%

   Loan loss provision

$             490


$         1,180


$                565


$             953


$          1,136


   Allowance to loans at end of period

1.54

%

1.62

%

1.59

%

1.76

%

1.80

%












  Restructured loans (accruing)

$        25,137


$       25,509


$          29,612


$        41,170


$        41,946













   Nonperforming loans

$        27,672


$       28,724


$          33,266


$        35,208


$        40,955


   Other real estate owned

6,860


5,589


10,063


10,850


11,887


   Nonperforming assets

$        34,532


$       34,313


$          43,329


$        46,058


$        52,842













   Nonperforming loans to loans at end of period

2.12

%

2.27

%

2.63

%

2.88

%

3.34

%

   Nonperforming assets to total assets

1.52


1.60


1.98


2.09


2.43













Per Share Common Stock











   Net income (loss) diluted-GAAP basis

$            0.03


$           2.31


$               0.11


$            0.06


$           (0.04)


   Net income (loss) basic-GAAP basis

0.03


2.35


0.11


0.06


$           (0.04)













   Cash dividends declared

0.00


0.00


0.00


0.00


0.00


   Book value per share common

8.40


8.12


5.89


6.20


6.16













Average Balances











Total average assets

$  2,245,155


$ 2,153,830


$     2,178,242


$   2,169,329


$   2,111,986


Less: Intangible assets

813


1,009


1,205


1,395


1,596


Total average tangible assets

$  2,244,342


$ 2,152,821


$     2,177,038


$   2,167,934


$   2,110,390













Total average equity

$     236,950


$    168,078


$        164,747


$      162,795


$      163,341


Less: Intangible assets

813


1,009


1,205


1,395


1,596


Total average tangible equity

$     236,137


$    167,069


$        163,541


$      161,400


$      161,745













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

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

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

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

(5) Excluding the income tax benefit related to the reversal of the valuation allowance for deferred tax assets and reflecting tax provisioning of $1,351 for the third quarter 2013, adjusted return on average assets and adjusted return on average shareholders' equity for the third quarter was 0.40 percent and 5.07 percent, respectively.

(6) Defined as (non-interest expense less foreclosed property expense and amortization of intangibles) divided by net operating revenue (net interest income on a fully taxable equivalent basis plus non-interest income excluding securities gains)












 



December 31,


December 31,


SECURITIES 


2013


2012








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


$                100


$          1,707


Mortgage-backed


602,568


640,445


Collateralized loan obligations


32,179


0


Obligations of states and political subdivisions


6,764


898


   Securities Available for Sale


641,611


643,050








Mortgage-backed


0


5,965


Obligations of states and political subdivisions


0


6,353


Other securities


0


1,500


   Securities Held for Investment (1)


0


13,818


       Total Securities


$        641,611


$      656,868








(1) Securities Held for Investment were transferred to Securities Available for Sale for more options to manage interest rate risk prospectively.










December 31,


December 31,


LOANS


2013


2012


Construction and land development


$          67,450


$        60,736


Real estate mortgage


1,113,128


1,056,159


Installment loans to individuals


44,713


46,930


Commercial and financial


78,636


61,903


Other loans


280


353


       Total Loans


$     1,304,207


$   1,226,081














 

AVERAGE BALANCES 

(Unaudited)










SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

















QUARTER




Percent Change vs.



2013


2012


3rd Qtr


4th Qtr


(Dollars in thousands)

Fourth

Third

Second

First


Fourth


2013


2012














Assets












Earning assets:












    Securities:












         Taxable

$     655,176

$    664,103

$    639,769

$    646,184


$    604,412


(1.3)

%

8.4

%

         Nontaxable 

1,560

1,560

1,647

1,666


1,670


0.0


(6.6)



    Total Securities

656,736

665,663

641,416

647,850


606,082


(1.3)


8.4














    Federal funds sold and other investments

156,823

113,798

168,740

172,505


162,599


37.8


(3.6)














    Loans,  net

1,293,373

1,278,391

1,269,789

1,247,666


1,241,711


1.2


4.2















    Total Earning Assets

2,106,932

2,057,852

2,079,945

2,068,021


2,010,392


2.4


4.8














Allowance for loan losses

(20,817)

(20,206)

(21,515)

(22,018)


(23,820)


3.0


(12.6)


Cash and due from banks

40,836

35,810

34,279

34,706


39,321


14.0


3.9


Premises and equipment

34,750

34,834

35,121

34,516


34,566


(0.2)


0.5


Other assets

83,454

45,540

50,413

54,104


51,527


83.3


62.0















$  2,245,155

$ 2,153,830

$ 2,178,242

$ 2,169,329


$ 2,111,986


4.2


6.3














Liabilities and Shareholders' Equity












Interest-bearing liabilities:












      NOW

$     483,569

$    447,350

$    461,005

$    474,915


$    449,476


8.1

%

7.6

%

      Savings deposits 

190,558

185,918

180,915

170,502


161,156


2.5


18.2


      Money market accounts 

332,576

336,229

339,058

341,833


346,089


(1.1)


(3.9)


      Time deposits

282,543

289,408

302,110

311,945


330,556


(2.4)


(14.5)


      Federal funds purchased and other short term borrowings

142,999

157,607

159,847

160,600


131,628


(9.3)


8.6


      Other borrowings

103,610

103,610

103,610

103,610


103,610


0.0


0.0















    Total Interest-Bearing Liabilities

1,535,855

1,520,122

1,546,545

1,563,405


1,522,515


1.0


0.9














Demand deposits (noninterest-bearing)

462,830

454,642

455,525

433,757


416,482


1.8


11.1


Other liabilities

9,520

10,988

11,426

9,372


9,648


(13.4)


(1.3)



    Total Liabilities

2,008,205

1,985,750

2,013,496

2,006,534


1,948,645


1.1


3.1














Shareholders' equity

236,950

168,078

164,747

162,795


163,341


41.0


45.1















$  2,245,155

$ 2,153,830

$ 2,178,242

$ 2,169,329


$ 2,111,986


4.2


6.3


























AVERAGE YIELDS / RATES  (1) 

(Unaudited)


SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES














QUARTER







2013


2012






(Dollars in thousands)

Fourth

Third

Second

First


Fourth


















Assets












Earning assets:












    Securities:












         Taxable

2.11%

1.93%

1.88%

1.97%


2.07%






         Nontaxable 

6.41

6.67

6.55

6.37


4.31







    Total Securities

2.12

1.95

1.89

1.98


2.08


















      Federal funds sold and other investments

0.57

0.67

0.53

0.54


0.55


















    Loans,  net

4.29

4.59

4.52

4.57


4.64



















    Total Earning Assets

3.33

3.52

3.39

3.43


3.53


















Liabilities and Shareholders' Equity












Interest-bearing liabilities:












      NOW 

0.08

0.08

0.09

0.10


0.11






      Savings deposits 

0.05

0.05

0.05

0.06


0.09






      Money market accounts 

0.09

0.08

0.08

0.08


0.13






      Time deposits

0.62

0.64

0.67

0.69


0.72






      Federal funds purchased and other short term borrowings

0.17

0.17

0.18

0.21


0.23






      Other borrowings

2.44

2.44

2.45

2.48


2.50



















    Total Interest-Bearing Liabilities

0.35

0.36

0.36

0.38


0.42


















Interest expense as a % of earning assets  

0.25

0.26

0.27

0.29


0.32






Net interest income as a % of earning assets  

3.08

3.25

3.12

3.15


3.22


















(1) On a fully taxable equivalent basis.  All yields and rates have been computed on an annualized basis using amortized cost.  Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.








































INTEREST INCOME / EXPENSE (1) 

(Unaudited)



SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

















QUARTER


Percent Change vs.



2013


2012


3rd Qtr


4th Qtr


(Dollars in thousands)

Fourth

Third

Second

First


Fourth


2013


2012














Assets












Earning assets:












    Securities:












         Taxable

$         3,452

$        3,212

$        3,008

$        3,184


$        3,130


7.5

%

10.4

%

         Nontaxable 

25

26

27

27


19


(3.8)


31.6



    Total Securities

3,477

3,238

3,035

3,211


3,149


7.4


10.4














        Federal funds sold and other investments

224

192

224

228


226


(16.7)


(0.9)














    Loans,  net

13,974

14,804

14,312

14,073


14,477


(5.6)


(3.5)















    Total Earning Assets

17,675

18,234

17,571

17,512


17,852


(3.1)


(0.9)














Liabilities and Shareholders' Equity












Interest-bearing liabilities:












      NOW 

96

93

100

112


128


3.3


(25.0)


      Savings deposits 

26

25

24

26


36


4.0


(27.8)


      Money market accounts 

74

69

67

70


111


7.2


(33.3)


      Time deposits

444

470

501

532


598


(5.5)


(25.8)


      Federal funds purchased and other short term borrowings

62

68

73

83


75


(8.8)


(17.3)


      Other borrowings

637

637

634

634


650


(0.0)


(2.0)















    Total Interest-Bearing Liabilities

1,339

1,362

1,399

1,457


1,598


(1.7)


(16.2)














Net interest income  

16,336

16,872

16,172

16,055


16,254


(3.2)


0.5














(1) On a fully taxable equivalent basis. Fees on loans have been included in interest on loans

 

CONSOLIDATED QUARTERLY FINANCIAL  DATA


(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
















2013


2012

(Dollars in thousands)

Fourth Quarter


Third Quarter


Second Quarter


First Quarter


Fourth Quarter













Customer Relationship Funding (Period End)










      Demand deposits (noninterest bearing)











  Commercial

$    261,938


$    254,373


$    260,325


$    246,849


$    232,413


  Retail

159,117


155,281


163,551


167,516


153,428


  Public funds

32,971


27,002


29,487


26,166


21,799


  Other

9,980


16,293


15,154


12,613


15,193




464,006


452,949


468,517


453,144


422,833













      NOW accounts











  Commercial

43,241


35,029


35,714


39,303


32,701


  Retail

324,583


305,055


308,390


307,545


308,633


  Public funds

172,464


100,785


108,965


136,065


168,037




540,288


440,869


453,069


482,913


509,371













      Total Transaction Accounts











  Commercial

305,179


289,402


296,039


286,152


265,114


  Retail

483,700


460,336


471,941


475,061


462,061


  Public funds

205,435


127,787


138,452


162,231


189,836


  Other


9,980


16,293


15,154


12,613


15,193




1,004,294


893,818


921,586


936,057


932,204













      Savings accounts

192,491


187,181


184,219


177,213


164,956













      Money market accounts











  Commercial

100,601


107,767


109,938


111,580


114,965


  Retail

221,062


217,176


216,370


220,555


220,601


  Public funds

9,521


9,735


9,639


9,081


8,349




331,184


334,678


335,947


341,216


343,915













      Time certificates of deposit

278,076


283,233


296,857


307,678


317,886


  Total Deposits

$ 1,806,045


$ 1,698,910


$ 1,738,609


$ 1,762,164


$ 1,758,961













      Sweep repurchase agreements

$    151,310


$    134,338


$    160,934


$    161,678


$    136,803













      Total core customer funding (1)

$ 1,679,279


$ 1,550,015


$ 1,602,686


$ 1,616,164


$ 1,577,878

























(1) Total deposits and sweep repurchase agreements, excluding certificates of deposits.

 

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

(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES














2013


2012



 4th Qtr 

3rd Qtr

2nd Qtr

1st Qtr


 4th Qtr 

3rd Qtr

2nd Qtr

1st Qtr

Installment loans to individuals










      Automobile and trucks

$          6.6

$          7.1

$          7.5

$          7.8


$          7.8

$          8.0

$          8.1

$          8.2

      Marine loans

20.2

21.3

16.7

15.4


18.4

23.0

20.8

21.1

      Other


17.9

18.8

20.1

20.0


20.7

20.6

21.3

21.5



44.7

47.2

44.3

43.2


46.9

51.6

50.2

50.8

Construction and land development to individuals










      Lot loans

12.9

14.7

15.5

16.6


16.7

16.4

17.6

18.4

      Construction

21.3

19.7

20.7

20.8


22.2

18.9

16.6

13.5



34.2

34.4

36.2

37.4


38.9

35.3

34.2

31.9

Residential real estate










      Adjustable

391.9

378.4

372.6

365.8


361.0

353.7

359.4

341.6

      Fixed rate

91.1

94.7

97.5

98.2


99.0

99.7

95.4

96.2

      Home equity mortgages

62.0

61.8

62.2

61.3


58.0

58.4

58.3

59.5

      Home equity lines

47.7

47.7

49.1

49.3


51.4

50.6

50.8

53.0



592.7

582.6

581.4

574.6


569.4

562.4

563.9

550.3












TOTAL CONSUMER

671.6

664.2

661.9

655.2


655.2

649.3

648.3

633.0












Commercial & financial

78.6

70.8

65.2

64.8


61.9

58.2

56.2

54.6












Construction and land development for commercial










   Residential










      Single family residences

2.0

-

-

-


-

-

-

-

      Single family land and lots

4.9

4.9

5.0

4.9


5.6

5.8

5.9

6.0

      Multifamily

3.7

3.8

3.9

3.9


4.3

4.6

4.7

4.9



10.6

8.7

8.9

8.8


9.9

10.4

10.6

10.9

   Commercial










      Office buildings

-

1.6

1.6

1.1


-

-

-

0.3

      Retail trade

7.7

1.8

1.8

-


-

-

-

-

      Land


4.9

7.3

7.2

7.8


9.6

9.8

10.7

9.2

      Healthcare

5.4

4.7

2.9

3.3


1.8

-

-

-

      Churches and educational facilities

3.8

4.0

2.5

1.2


0.5

0.7

0.3

0.3

      Lodging

0.9

0.3

-

-


-

-

-

-

      Convenience stores

-

-

-

-


-

-

1.4

1.4



22.7

19.7

16.0

13.4


11.9

10.5

12.4

11.2












   Total construction and land development

33.3

28.4

24.9

22.2


21.8

20.9

23.0

22.1












Commercial real estate










      Office buildings

118.7

118.2

112.0

112.5


104.7

102.4

113.4

118.0

      Retail trade

130.6

128.9

135.5

122.2


126.7

121.1

128.5

139.3

      Industrial

81.1

79.6

83.3

73.4


72.6

71.3

72.0

70.0

      Healthcare

45.5

38.8

42.1

39.4


40.7

35.8

42.0

40.2

      Churches and educational facilities

25.3

24.2

26.4

26.9


28.6

26.2

26.7

27.0

      Recreation

2.5

2.5

2.6

2.6


2.7

2.7

3.1

3.1

      Multifamily

16.8

6.2

9.5

8.5


9.0

7.8

8.3

8.8

      Mobile home parks

1.9

1.9

1.9

2.0


2.0

2.1

2.1

2.1

      Lodging

17.1

17.3

17.5

18.0


18.7

19.1

19.3

19.4

      Restaurant

3.7

3.8

3.5

3.6


3.5

4.4

4.7

4.6

      Agricultural

7.0

7.2

7.1

5.9


6.1

7.3

7.4

7.6

      Convenience stores

20.8

21.0

20.2

20.2


20.5

16.6

15.4

15.5

      Marina


21.3

21.5

20.9

21.1


21.2

21.4

21.5

21.6

      Other


28.1

27.9

31.1

25.1


29.8

35.6

29.3

29.3



520.4

499.0

513.6

481.4


486.8

473.8

493.7

506.5












TOTAL COMMERCIAL

632.3

598.2

603.7

568.4


570.5

552.9

572.9

583.2












Other


0.3

0.5

0.3

0.2


0.4

0.3

0.2

0.2



$   1,304.2

$   1,262.9

$   1,265.9

$   1,223.8


$   1,226.1

$   1,202.5

$   1,221.4

$   1,216.4












 

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

(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES








2013


2012



 4th Qtr 

3rd Qtr

2nd Qtr

1st Qtr


 4th Qtr 

3rd Qtr

2nd Qtr

1st Qtr

Installment loans to individuals










      Automobile and trucks

$         (0.5)

$         (0.4)

$         (0.3)

$            -


$         (0.2)

$         (0.1)

$         (0.1)

$         (0.5)

      Marine loans

(1.1)

4.6

1.3

(3.0)


(4.6)

2.2

(0.3)

1.2

      Other


(0.9)

(1.3)

0.1

(0.7)


0.1

(0.7)

(0.2)

(0.5)



(2.5)

2.9

1.1

(3.7)


(4.7)

1.4

(0.6)

0.2

Construction and land development to individuals










      Lot loans

(1.8)

(0.8)

(1.1)

(0.1)


0.3

(1.2)

(0.8)

0.5

      Construction

1.6

(1.0)

(0.1)

(1.4)


3.3

2.3

3.1

4.8



(0.2)

(1.8)

(1.2)

(1.5)


3.6

1.1

2.3

5.3

Residential real estate










      Adjustable

13.5

5.8

6.8

4.8


7.3

(5.7)

17.8

7.5

      Fixed rate

(3.6)

(2.8)

(0.7)

(0.8)


(0.7)

4.3

(0.8)

(0.8)

      Home equity mortgages

0.2

(0.4)

0.9

3.3


(0.4)

0.1

(1.2)

(0.7)

      Home equity lines

-

(1.4)

(0.2)

(2.1)


0.8

(0.2)

(2.2)

(1.9)



10.1

1.2

6.8

5.2


7.0

(1.5)

13.6

4.1












TOTAL CONSUMER

7.4

2.3

6.7

0.0


5.9

1.0

15.3

9.6












Commercial & financial

7.8

5.6

0.4

2.9


3.7

2.0

1.6

1.5












Construction and land development for commercial










   Residential










      Single family residences

2.0

-

-

-


-

-

-

-

      Single family land and lots

-

(0.1)

0.1

(0.7)


(0.2)

(0.1)

(0.1)

(0.2)

      Multifamily

(0.1)

(0.1)

-

(0.4)


(0.3)

(0.1)

(0.2)

(0.2)



1.9

(0.2)

0.1

(1.1)


(0.5)

(0.2)

(0.3)

(0.4)

   Commercial










      Office buildings

(1.6)

-

0.5

1.1


-

-

(0.3)

0.1

      Retail trade

5.9

-

1.8

-


-

-

-

-

      Land


(2.4)

0.1

(0.6)

(1.8)


(0.2)

(0.9)

1.5

(0.1)

      Healthcare

0.7

1.8

(0.4)

1.5


1.8

-

-

-

      Churches and educational facilities

(0.2)

1.5

1.3

0.7


(0.2)

0.4

-

0.2

      Lodging

0.6

0.3

-

-


-

-

-

-

      Convenience stores

-

-

-

-


-

(1.4)

-

(0.3)



3.0

3.7

2.6

1.5


1.4

(1.9)

1.2

(0.1)












   Total construction and land development

4.9

3.5

2.7

0.4


0.9

(2.1)

0.9

(0.5)












Commercial real estate










      Office buildings

0.5

6.2

(0.5)

7.8


2.3

(11.0)

(4.6)

(1.6)

      Retail trade

1.7

(6.6)

13.3

(4.5)


5.6

(7.4)

(10.8)

(1.3)

      Industrial

1.5

(3.7)

9.9

0.8


1.3

(0.7)

2.0

(0.7)

      Healthcare

6.7

(3.3)

2.7

(1.3)


4.9

(6.2)

1.8

1.4

      Churches and educational facilities

1.1

(2.2)

(0.5)

(1.7)


2.4

(0.5)

(0.3)

(0.4)

      Recreation

-

(0.1)

-

(0.1)


-

(0.4)

-

(0.1)

      Multifamily

10.6

(3.3)

1.0

(0.5)


1.2

(0.5)

(0.5)

(0.6)

      Mobile home parks

-

-

(0.1)

-


(0.1)

-

-

(0.1)

      Lodging

(0.2)

(0.2)

(0.5)

(0.7)


(0.4)

(0.2)

(0.1)

(0.2)

      Restaurant

(0.1)

0.3

(0.1)

0.1


(0.9)

(0.3)

0.1

(0.1)

      Agricultural

(0.2)

0.1

1.2

(0.2)


(1.2)

(0.1)

(0.2)

(1.2)

      Convenience stores

(0.2)

0.8

-

(0.3)


3.9

1.2

(0.1)

0.4

      Marina


(0.2)

0.6

(0.2)

(0.1)


(0.2)

(0.1)

(0.1)

0.3

      Other


0.2

(3.2)

6.0

(4.7)


(5.8)

6.3

-

2.3



21.4

(14.6)

32.2

(5.4)


13.0

(19.9)

(12.8)

(1.9)












TOTAL COMMERCIAL

34.1

(5.5)

35.3

(2.1)


17.6

(20.0)

(10.3)

(0.9)












Other


(0.2)

0.2

0.1

(0.2)


0.1

0.1

-

(0.4)



$        41.3

$         (3.0)

$        42.1

$      (2.3)


$        23.6

$       (18.9)

$          5.0

$          8.3












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