The Real Deal Miami

Seacoast swings to loss

October 23, 2008 10:45AM

Seacoast Banking Corp. lost 18 cents per share in the third quarter, down from a profit of 1 cent a share, a year ago. The Stuart-based bank said it sold nonperforming loans totaling $38 million during the quarter. Over the past two quarters the company has substantially reduced its exposure to large residential construction and development loans. Its percentage of bad loans, or nonperforming assets, has climbed to 3.61 percent from 1.98 percent a year ago.