Company ProfileSeacoast Banking Corp. of Florida ( SBCF) of Stuart closed at $1.19 Wednesday, down 27% year-to-date. Income Statement The company posted a second-quarter net loss to common shareholders of $14.7 million or 25 cents a share, following a first-quarter net loss of $2.5 million or 4 cents a share and a loss of $63 million a year earlier, or $3.35 a share, when the company recorded a non-cash $49.8 million goodwill impairment charge. Earnings declined from the first quarter mainly because the company's provision for loan losses increased to $16.8 million from $2.1 million. Balance Sheet Seacoast had $2.1 billion in total assets as of June 30. Despite a high level of nonperforming assets and loan losses as it suffers along with the Florida economy, the company has successfully raised capital over the past two years through public and private offerings. As of June 30, Seacoast's capital ratios were high, with a tier 1 leverage ratio of 10.60% and a total risk-based capital ratio of 18.84%. The company is operating under an order from the Comptroller of the Currency to keep that second ratio at or above 12%. Nonperforming assets comprised 5.26% of total assets as of June 30, declining from 5.45% the previous quarter and 7.09% a year earlier. The net charge-off ratio for the second quarter was 5.94%. Stock Ratios Seacoast's shares were trading for 0.8 times tangible book value as of Wednesday's close, according to SNL. Analyst Ratings The ten analysts covering the shares all rate them a hold. Seacoast has shown that it is a survivor among Florida banks, raising quite a bit of capital over the past two years, and its asset quality is showing signs of improvement. The company also seems likely to emerge as a winner among locally managed institutions on Florida's Treasure Coast, as its largest local competitor, Riverside National Bank of Florida, failed in April. While he is neutral on the shares, FIG Partners analyst Christopher Marinac said in a late-July report that the shares are worth "nearly $2.25 per share by 2012," based on his firm's projection that the company will achieve "$0.30 in normalized EPS."