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EXHIBIT 99.1

Seacoast BANKING CORPORATION OF FLORIDA   News Release

Dennis S. Hudson, III

President and Chief Executive Officer

Seacoast Banking Corporation of Florida

(772) 288-6086

William R. Hahl

Executive Vice President/

Chief Financial Officer

 (772) 221-2825

SEACOAST ANNOUNCES THIRD QUARTER NET INCOME

STUART, FL., October 15, 2003 – Seacoast Banking Corporation of Florida (NASDAQ-NMS:  SBCF), a bank holding company whose principal subsidiary is First National Bank and Trust Company of the Treasure Coast, today reported net income of $3,415,000, or $0.22 diluted earnings per share (“DEPS”) comparable to the prior year’s net income for the same quarter of $3,507,000, or $0.22 DEPS.

“We are pleased with our performance for the third quarter, particularly the growth of commercial real estate loans and fees from mortgage loan production, both gaining as a result of our increasing presence in northern Palm Beach County,” commented Dennis S. Hudson, III, President and Chief Executive Officer.  “While our current operating results benefited from maintaining favorable credit quality and double-digit growth in low-cost/no-cost funding, the continuing decline in the net interest margin, a result of the low interest rate environment, has offset some very positive traditional lending and deposit results that we believe will begin to have favorable impacts on the margin as soon as the fourth quarter.”

The historical low interest rate environment and our strategy to reduce the relative size of our residential loan portfolio and increase the size of our commercial and consumer loan portfolios, caused overall loan growth to decline by 7.6 percent over the last twelve months.  After declining $26.6 million in the first quarter and $10.0 million in the second quarter, total loans grew $12.6 million in the third quarter of 2003 or an annualized 7.8 percent.   The opening of three branches in Palm Beach County has been very successful with loan growth for the quarter of $20.2 million and total outstandings of $45.2 million for this new market at September 30, 2003.

The Company’s SuperCommunity banking strategy has resulted in higher deposit balances from cross-selling of other products and improving operating margins.  Total deposits have grown by $74.0 million or 7.4 percent since September 30, 2002. Demand deposits increased $33.4 million or 18.9 percent over the last twelve months, and savings deposits, with an average cost of 0.59 percent, grew $61.5 million or 13.6 percent over the same period.  In Palm Beach County, deposits grew by $6.3 million in the quarter and now total $20.7 million with all but $5.4 million in transaction and savings accounts.

The net interest margin for the quarter was 3.44 percent, a decrease from the 4.17 percent achieved in the third quarter 2002 and nineteen basis points lower than last quarter’s margin of 3.63 percent.  Third quarter margin results were impacted by the continued sale of substantially all new residential loan production and high prepayments of loans and investment securities collateralized by residential mortgages.  Recent increases in interest rates (beginning in June of this year) have resulted in a significant reduction in loan and investment prepayments beginning in September 2003.  This, together with the diminished size of the residential portfolio, should result in an expansion of the Company’s net interest margin going forward.  The successful execution of the key strategies to improve loan yields by intentionally reducing the percentage of residential loans and increasing consumer and commercial loans will continue to be a vital factor in future net interest margin improvement.  

A positive result of the long-term SuperCommunity Bank strategy is the Company’s success at maintaining and growing low-cost funding relationships.    The average cost of interest bearing deposits as a percent of earning assets for the quarter declined to 1.25 percent compared to 1.40 percent for the second quarter and 1.94 percent one year ago.  Likewise the deposit mix has become more favorable over time with noninterest demand deposits increasing to 19.5 percent of total deposits from 17.6 percent a year ago, and core interest bearing deposits remaining a strong 72+ percent of total deposits.

Mortgage banking fees increased to $1,098,000 or 74.3 percent over the third quarter 2002.  Total residential loan production exceeded $55 million during the quarter and production totals $209 million year-to-date.  The improvement is the result of a favorable rate environment, as well as increased market penetration and broader, more competitive, product offerings.  Also, in addition to three new residential lenders in Palm Beach County, the Company’s other branch locations within its footprint increased production, and now account for approximately thirty percent of originations. The Company intends to open three more Palm Beach locations in 2004 and 2005 to further enhance its commercial and residential lending capabilities.  Palm Beach County is the top wealth market in Florida, followed by Martin County, where the Company is headquartered and has the largest market share.

The improved year-over-year noninterest income growth was aided by increases in fee-based businesses, an increased customer base and market expansion.  Total noninterest income for the quarter increased $1,043,000 or 27.1 percent to $4.9 million from $3.8 million for the third quarter 2002.  For the quarter, fee income derived from the non-recourse sale of out-of-market marine loans increased to $903,000 over the prior year’s results of $189,000.  This fee-based business benefited from some companies exiting this business which allowed for the capture of greater market share through market expansion.  Late in 2002, the Company’s Seacoast Marine division added locations and personnel to better serve the U.S. western marine markets.  This expansion has resulted in the very strong growth in revenues year to date for this business.    

Total noninterest income now represents over 30 percent of total revenues, up from 25 percent in the third quarter of 2002.  The increase occurred despite the negative impact of continued stock market volatility on retail investment management and brokerage fee income.  On a combined basis, these businesses declined $140,000 in the third quarter and $335,000 year to date, compared to results a year ago.  The decline in revenues from investment management has been disappointing and remains extremely challenging due to the economic environment and the uncertainties for improvement; however, continuing to provide these services is an important part of our SuperCommunity banking strategy.  In addition, when the economy does improve, these revenues should expand and contribute to future earnings results.

Noninterest expenses totaled $10.7 million for the quarter, up 7.5 percent from third quarter 2002.  A substantial portion of this increase was a rise in salaries and employee benefits attributable to the expansion into Palm Beach County and higher commissions and incentive compensation related to increases in revenues from the Company’s mortgage and marine fee-based businesses.  

Nonperforming assets increased $771,000 from a year ago to $3.2 million or 0.48 percent of loans outstanding at September 30, 2003.  A secured loan, totaling approximately $2 million, was placed on nonaccrual in June 2003 and the collateral has now been acquired through foreclosure.

For the third quarter, the Company posted net recoveries totaling $29,000 compared to net charge-offs of $435,000 for the second quarter, $280,000 for the first quarter 2003 and $69,000 for the third quarter last year.  For the first nine months, annualized net charge-offs as a percent of average loans totaled 0.14 percent compared to 0.04 percent a year earlier and 0.10 percent for the last twelve months..  The allowance for loan losses as a percentage of loans totaled 0.92 percent at September 30, 2003, a small decline from 0.95 percent one year earlier.  Due to the continued excellent credit quality, lower loan balances and recent information from our internal credit monitoring system, there was no loan loss provision for the third quarter and year to date.  No provision for credit losses was made for all of 2002.

The Company’s solid capital levels provide a back-up against any potential economic deterioration and provide resources for its planned market expansion.  At September 30, 2003, the average shareholders’ equity to average assets was 7.80 percent compared to 7.95 percent one year earlier.

Seacoast management will host a conference call on October 16 at 9:00 a.m. (Eastern time) to discuss the earnings results and business trends.  Investors may call in by dialing 866-246-6870 (passcode: 3851538; leader: Dennis S. Hudson, III).  Two charts will be used during the conference call and may be accessed at Seacoast’s website at www.seacoastbanking.net under “Presentations”.  A replay of the call will be available beginning the afternoon of October 16 by dialing 888-211-2648 (domestic), using the passcode 3851538.

Seacoast Banking Corporation of Florida has approximately $1.3 billion in assets.  It is one of the largest independent commercial banking organizations in Florida, headquartered on Florida’s Treasure Coast, one of the wealthiest and fastest growing areas in the nation.

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.

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 Banking Corporation of Florida ("Seacoast" or the "Company") 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", “indicate”, "would", "believe", "contemplate", "expect", "estimate", "continue", “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 conditions; governmental monetary and fiscal policies, as well as legislative and regulatory changes; the risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities, and interest sensitive assets and liabilities; interest rate risks and sensitivities; 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 the Company's market area 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; the failure of assumptions underlying the establishment of reserves for possible loan losses, and the risks of mergers and acquisitions, including, without limitation, the related costs, including integrating operations as part of these transactions, and the failure to achieve the expected gains, revenue growth and/or expense savings from such transactions.  

All written or oral forward looking statements attributable to the Company are expressly qualified in their entirety by this Cautionary Notice including, without limitation, those risks and uncertainties, described in the Company's annual report on Form 10-K for the year ended December 31, 2002 under “Special Cautionary Notice Regarding Forward Looking Statements”, and otherwise in the Company's SEC reports and filings.  Such reports are available upon request from Seacoast, or from the Securities and Exchange Commission, including the SEC’s website at http://www.sec.gov.

FINANCIAL  HIGHLIGHTS  (Unaudited)

SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES

Three Months Ended Nine Months Ended

(Dollars in thousands, September 30, September 30,

except per share data)	2003		2002		2003		2002
Summary of Earnings
Net income	$    3,415		$     3,507		$  10,188		$ 11,242
Core operating income (4)	3,418		3,512		10,959		10,962
Net interest income  (1)	10,830		11,879		33,667		35,955
Performance Ratios
Return on average assets  (2), (3)	1.04	%	1.17	%	1.05	%	1.24	%
Return on average
shareholders' equity  (2), (3)	13.27		14.19		13.48		15.54
Net interest margin  (1), (2)	3.44		4.17		3.65		4.16
Per Share Data (A)
Net income diluted	$      0.22		$       0.22		$      0.65		$    0.71
Net income basic	0.22		0.23		0.66		0.73
Cash dividends declared	0.13		0.09		0.33		0.27

                   September 30, Increase/

 2003  2002  (Decrease)

Credit Analysis
Net charge-offs year-to-date	$           686		$          201		241.3	%
Net charge-offs to average loans	0.14	%	0.04	%	250.0
Loan loss provision year-to-date	$              --		$             --		--

Allowance to loans at end of period 0.92 % 0.95 % (3.2 )

Nonperforming assets	$        3,225		$       2,454		31.4
Nonperforming assets to loans and other
real estate owned at end of period	0.48	%	0.34	%	41.2
Selected Financial Data
Total assets	$  1,319,431		$ 1,187,602		11.1
Securities – Trading (at fair value)	6,531		--		n/m
Securities – Available for Sale (at fair value)	471,995		346,870		36.1
Securities – Held for Sale (at amortized cost)	100,201		23,419		327.9
Net loans	657,951		712,038		(7.6	)
Deposits	1,080,992		1,006,953		7.4
Shareholders' equity	103,476		98,883		4.6
Book value per share (A)	6.75		6.47		4.3
Tangible book value per share (A)	6.56		6.23		5.3
Average shareholders' equity
to average assets	7.80	%	7.95	%	(1.9	)

(A)  Reflects 10% stock dividend paid as a stock split effective August 1, 2003.

(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.

(4) Net income excluding investment security gains and losses.

n/m = not meaningful

CONDENSED CONSOLIDATED STATEMENTS OF INCOME  (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

Three Months Ended	Nine months Ended
September 30,	September 30,

(Dollars in thousands, except per share data) 2003 2002 2003 2002

Interest on securities:
Taxable	$	3,681	$	3,614	$	11,430	$	10,686
Nontaxable		38		48		119		148

Interest and fees on loans	10,997	13,643	34,681	42,543
Interest on federal funds sold	18	43	59	466
Total Interest Income	14,734	17,348	46,289	53,843

Interest on deposits 759 1,261 2,526 3,887

Interest on time certificates	2,380	3,526	7,677	11,768
Interest on borrowed money	801	728	2,531	2,370
Total Interest Expense	3,940	5,515	12,734	18,025

Net Interest Income	10,794	11,833	33,555	35,818
Provision for loan losses	0	0	0	0

    Net Interest Income After Provision for Loan Losses 10,794 11,833 33,555 35,818

Noninterest income:

     Service charges on deposit accounts 1,279 1,321 3,698 3,808

     Trust income 494 535 1,545 1,674

Mortgage banking fees	1,098	630	3,959	2,026
Brokerage commissions and fees	364	463	1,370	1,576
Marine finance fees	903	189	2,569	695
Debit card income	301	253	910	728
Other deposit based EFT fees	106	88	327	279

Other income	347	375	1,075	1,084
	4,892	3,854	15,453	11,870

Securities gains (losses)	(4	)	(9	)	(1,172	)	455
Total Noninterest Income	4,888		3,845		14,281		12,325

Noninterest expenses:
Salaries and wages	4,214	3,940	12,646	11,555
Employee benefits	1,123	1,064	3,551	3,175
Outsourced data processing	1,367	1,183	3,968	3,614
Occupancy expense	977	831	2,947	2,491

     Furniture and equipment expense 451 503 1,377 1,537

     Marketing expense 492 498 1,560 1,525

     Legal and professional fees 339 367 1,117 1,147

FDIC assessments	44	44	126	131
Amortization of intangibles	24	63	150	189
Other expense	1,637	1,428	4,906	4,327

        Total Noninterest Expenses 10,668 9,921 32,348 29,691

Income Before Income Taxes	5,014	5,757	15,488	18,452
Provision for income taxes	1,599	2,250	5,300	7,210

Net Income	$	3,415	$	3,507	$	10,188	$	11,242
Per share common stock (A):
Net income diluted	$	0.22	$	0.22	$	0.65	$	0.71
Net income basic		0.22		0.23		0.66		0.73
Cash dividends declared		0.13		0.09		0.33		0.27

Average diluted shares outstanding	15,620,117	15,709,955	15,644,581	15,733,118
Average basic shares outstanding	15,326,353	15,320,082	15,322,684	15,373,489

(A)  Reflects 10% stock dividend paid as a stock split effective August 1, 2003.

CONDENSED CONSOLIDATED BALANCE SHEETS  (Unaudited)

SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES

	September 30,	December 31,	September 30,
(Dollars in thousands)	2003	2002	2002
Assets

Cash and due from banks	$	40,919	$	49,571	$	42,762
Federal funds sold and interest bearing deposits		255		251		18,695
Securities:
Trading (at fair value)		6,531		--		--
Available for sale (at fair value)		471,995		466,278		346,870
Held for sale (at amortized cost)		100,201		32,181		23,410
Total Securities		578,727		498,459		370,289
Loans sold and available for sale		6,162		13,814		14,317
Loans		664,091		688,161		718,871
Less: Allowance for loan losses		(6,140)		(6,826)		(6,833)
Net Loans		657,951		681,335		712,038
Bank premises and equipment		16,777		16,045		16,078
Other real estate owned		2,029		8		119
Other assets		16,611		21,814		13,304
	$	1,319,431	$	1,281,297	$	1,187,602
Liabilities and Shareholders’ Equity
Liabilities
Deposits
Demand deposits (noninterest bearing)	$	210,771	$	184,524	$	177,331
Savings deposits		512,433		472,976		450,975
Other time deposits		268,824		279,255		286,123
Time certificates of $100,000 or more		88,964		93,785		92,524
Total Deposits		1,080,992		1,030,540		1,006,953
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days		63,746		102,967		35,855
Other borrowings		65,000		40,000		40,000
Other liabilities		6,217		7,043		5,911
		1,215,955		1,180,550		1,088,719
Shareholders' Equity
Preferred stock		--		--		--
Common stock		1,710		1,555		1,555
Additional paid in capital		26,839		26,994		26,887
Retained earnings		93,901		89,960		87,474
Treasury stock		(17,841)		(18,578)		(18,402)
		104,609		99,931		97,514
Other comprehensive income (loss)		(1,133)		816		1,369
Total Shareholders’ Equity		103,476		100,747		98,883
	$	1,319,431	$	1,281,297	$	1,187,602
Common Shares Outstanding		15,325,274		15,279,001		15,290,385

Note:  The balance sheet at December 31, 2002 has been derived from the audited financial statements at that date.

CONSOLIDATED QUARTERLY FINANCIAL DATA   (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

Quarters

2003 2002 Last 12

(Dollars in thousands, except per share data) Third Second First Fourth Months

Operating Ratios
Return on average assets (2),(3)	1.04	%	1.09	%	1.02	%	1.32	%	1.11	%
Return on average shareholders' equity (2),(3)	13.27		14.08		13.07		16.24		14.12
Net interest margin (1),(2)	3.44		3.63		3.89		4.02		3.85
Average equity to average assets	7.84		7.74		7.81		8.12		7.87
Credit Analysis
Net charge-offs	$     (29	)	$    435		$    280		$         7		$   693
Net charge-offs to average loans	(0.02	)%	0.26	%	0.16	%	0.00	%	0.10	%
Loan loss provision	$        --		$       --		$       --		$        --		--
Allowance to loans at end of period	0.92	%	0.94	%	0.99	%	0.99	%
Nonperforming assets	$ 3,225		$ 3,238		$ 1,901		$  2,249
Nonperforming assets to loans and other real estate owned at end of period	0.48	%	0.50	%	0.29	%	0.33	%
Nonaccrual loans and accruing loans 90 days or more past due to loans outstanding at end of period	0.18		0.49		0.29		0.33
Per Share Common Stock (A)
Net income diluted	$   0.22		$   0.23		$   0.21		$    0.26		$  0.92
Net income basic	0.22		0.23		0.21		0.26		0.93
Cash dividends declared	0.13		0.10		0.10		0.10		0.43
Book value per share	6.75		6.63		6.56		6.59

(A)  Reflects 10% stock dividend paid as a stock split effective August 1, 2003.

(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 ratios which may be expected for the entire year.

(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.

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(Dollars in thousands)

SECURITIES September 30, 2003 December 31, 2002 September 30, 2002

Mortgage-backed	$	6,531	$	--	$	--
Securities Trading		6,531		--		--
U.S. Treasury and U. S. Government Agencies		1,599		2,508		2,531
Mutual funds		0		292		295
Mortgage-backed		464,220		456,655		336,383
Other securities		6,176		6,823		7,661
Securities Available for Sale		471,995		466,278		346,870
U.S. Treasury and U. S. Government Agencies		4,998		0		0
Mortgage-backed		92,254		28,555		19,557
Obligations of states and political subdivisions		2,949		3,626		3,862
Securities Held for Investment		100,201		32,181		23,419
Total Securities	$	578,727	$	498,459	$	370,289

LOANS September 30, 2003 December 31, 2002 September 30, 2002

Real estate construction	$	93,516	$	77,909	$	71,932
Real estate mortgage		449,528		478,123		513,518
Installment loans to individuals		78,933		91,307		95,172
Commercial and financial		41,934		40,491		37,983
Other loans		180		331		266
Total Loans	$	664,091	$	688,161	$	718,871

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CONSOLIDATED QUARTERLY AVERAGE BALANCES, YIELDS AND RATES  (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

2003 2002

Third Quarter Second Quarter Third Quarter

		Average	Yield/		Average	Yield/		Average	Yield/
(Dollars in thousands)		Balance	Rate		Balance	Rate		Balance	Rate
Assets
Earning assets:
Securities:
Taxable	$	575,915	2.56	%    $	555,142	2.68	%    $	374,898	3.86	%
Nontaxable		2,924	7.93		2,980	8.05		3,653	7.99
Total Securities		578,839	2.58		558,122	2.71		378,551	3.90
Federal funds sold and other
short-term investments		7,265	0.98		6,769	1.19		9,933	1.72
Loans, net		662,425	6.60		671,740	7.00		742,176	7.30
Total Earning Assets		1,248,529	4.69		1,236,631	5.03		1,130,660	6.10
Allowance for loan losses		(6,123	)		(6,542	)		(6,867	)
Cash and due from banks		31,240			47,638			34,386
Premises and equipment		16,858			16,339			15,257
Other assets		11,472			11,687			12,976
	$	1,301,976		$	1,305,753		$	1,186,412
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW (including Super NOW)	$	61,928	0.47	%    $	66,854	0.58	%    $	55,841	0.92	%
Savings deposits		154,759	0.51		150,818	0.55		147,232	0.96
Money market accounts		290,248	0.67		283,526	0.79		256,811	1.20
Time deposits		365,558	2.58		375,143	2.75		376,684	3.71
Federal funds purchased and securities sold under agreements to repurchase		50,596	0.60		62,430	0.83		35,664	0.90
Other borrowings		65,000	4.43		65,000	4.49		40,000	6.42
Total Interest-Bearing Liabilities		988,089	1.58		1,003,771	1.73		912,232	2.40
Demand deposits (noninterest-bearing)		205,740			196,451			171,255
Other liabilities		6,069			4,406			4,905
Total Liabilities		1,199,898			1,204,628			1,088,392
Shareholders' equity		102,078			101,125			98,020
	$	1,301,976		$	1,305,753		$	1,186,412

Interest expense as a % of earning assets	1.25	%	1.40	%	1.94	%
Net interest income as a % of earning assets	3.44		3.63		4.17

(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.

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