8-K

8-K – page # of 3

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC  20549

______________________________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported)

April 19, 2005

    SEACOAST BANKING CORPORATION OF FLORIDA

(Exact Name of Registrant as Specified in Charter)

Florida	1-13660	59-2260678
(State or Other Jurisdiction of Incorporation)	(Commission File Number	(IRS Employer Identification No.)

815 Colorado Avenue, Stuart, FL	34994
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code     (772) 287-4000    

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.)

¨

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

8-K – page # of 3

SEACOAST BANKING CORPORATION OF FLORIDA

Item 2.02

Results of Operations and Financial Condition

On April 19, 2005, the Registrant announced its financial results for the first quarter ended March 31, 2005.  A copy of the press release announcing the Registrant’s results for the first quarter ended March 31, 2005 is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 7.01

Regulation FD Disclosure

On April 20, 2005, the Registrant held an investor conference call to discuss its financial results for the first quarter ended March 31, 2005.  A transcript of this conference call is attached hereto as Exhibit 99.2 and incorporated herein by reference.  Also attached as Exhibit 99.3 are charts (available on the Registrant’s website) referenced in the conference call and incorporated herein by reference.  All information included in the transcript and the charts is presented as of March 31, 2005, and the Registrant does not assume any obligation to correct or update said information in the future.

The information in the preceding paragraph, as well as Exhibits 99.2 and 99.3 referenced therein, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in filing under the Securities Act of 1933.

Item 9.01

Financial Statements and Exhibits

(c) The following exhibits are filed herewith:

Exhibit Number	Description
99.1	Press Release dated April 19, 2005 with respect to Seacoast Banking Corporation of Florida’s financial results for the first quarter ended March 31, 2005.
99.2	Transcript of Registrant’s investor conference call held on April 20, 2005 to discuss the Registrant’s financial results for the first quarter ended March 31, 2005.
99.3	Data of charts referenced in the conference call held on April 20, 2005 to discuss the Registrant’s financial results for the first quarter ended March 31, 2005.

8-K – page # of 3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SEACOAST BANKING CORPORATION OF FLORIDA

(Registrant)

Dated:   

April 22, 2005

By:

/s/ William R. Hahl

Name:  William R. Hahl

Title:  EVP & CFO

EX-1

EXHIBIT 99.1

To 8-K dated April 19, 2005

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 REPORTS FIRST QUARTER EARNINGS

STUART, FL., April 19, 2005 – 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 totaling $3,886,000 or $0.25 diluted earnings per share (“DEPS”) for the first quarter of 2005, compared to $4,037,000 or $0.25 DEPS for the first quarter a year ago.  Cash operating earnings* totaled $4,221,000 or $0.27 DEPS for the first quarter of 2005, up $596,000 or 16.4 percent.  A total of $516,000 or $0.02 DEPS in interest rate swap losses (noncash) were recorded in first quarter earnings versus $634,000 or $0.02 DEPS of interest rate swap profits in the prior year’s first quarter.  

“Seacoast begins 2005 with quality earnings growth, a very strong balance sheet and the people, capital, and expanded markets to allow for stronger future performance,” commented Dennis S. Hudson, III, Chief Executive Officer of Seacoast.  “Over the past few years we have expanded south into the Palm Beach market and more recently north into the Brevard County/Melbourne area.  This expansion has provided us with greater opportunities to profitably increase our loan portfolio and low-cost deposits which has in turn contributed to gains in our net interest margin.  

*

The Company believes that cash operating earnings excluding the impacts of noncash interest rate swap fair value changes is a better measurement of the Company’s trend in earnings growth.  Net cash payments and receipts from the interest rate swap have not been material for the periods presented.

With the addition of Century National Bank on April 30, 2005 our markets will be further improved. Entering the fast-growing Orlando area with Mike Sheffey and his team is a logical extension of our growth plans.  Furthermore, Orlando is one of only a few markets where demographics and growth are as good as the markets we currently serve.  The Orlando MSA also provides us with an opportunity to further expand our commercial business that complements our already strong retail and commercial base along Florida’s East Coast.”

Highlights for the quarter included the following:

•

Total loans increased 32.2 percent over the last twelve months and 8.7 percent on a linked quarter basis;

•

Net interest income gained 31.6 percent on an annualized basis in the first quarter;

•

Total deposits increased 26.8 percent over the last twelve months and 7.6 percent on a linked quarter basis;

•

Noninterest bearing deposits grew by $107 million or 41.3 percent compared to a year earlier and total $367 million or 25 percent of total deposits, up from 22 percent of total deposits in 2004 and 19 percent in 2003;

•

Low cost savings deposits increased $190 million  over the prior year and by $62 million in the first quarter of 2005;

•

The return on average tangible equity using cash basis earnings for the first quarter was 15.69 percent  compared to 13.95 percent for the first quarter of 2004;

•

Residential mortgage production rebounded in the first quarter with a total of $60 million in residential applications processed compared to $42 million in the fourth quarter 2004.  The real estate markets were impacted in the fourth quarter by the direct hit from two hurricanes in September 2004;

•

Mortgage banking fees were up $88,000 or 18.3 percent for the first quarter compared to the same period in 2004;

•

Asset quality remained strong with a nonperforming assets ratio of 0.11 percent compared to 0.16 percent at year-end and 0.31 percent in the first quarter 2004; and

•

Seacoast Marine originated loans totaling $42 million for the period ended March 31, 2005, compared to $41 million in the same period for 2004.

The net interest margin for the quarter was 3.90 percent, an increase over the 3.84 percent achieved in last year’s first quarter and 3.88 percent in the fourth quarter of 2004.  The increase in the net interest margin resulted from the repricing of interest sensitive assets, a change in earning asset mix attributable to exceptional loan growth, and limited increases in deposit rates and other interest sensitive liabilities.  

Net interest income (tax equivalent) increased to a record $15,277,000 a $2.8 million increase or 22.5 percent from last year’s first quarter, and increased $1.1 million or 7.9 percent when compared to fourth quarter 2004’s $14,158,000.  The growing improvement in net interest income comes from the shift in the Company’s balance sheet during 2004 to a more asset sensitive position in anticipation of higher interest rates in 2005, as well as the growth in loans and the balance sheet as a whole.   The fundamentals of the Company remain very good and we expect that the continued loan growth and an expanded balance sheet from the de novo branching into Palm Beach and Brevard Counties and the Century National acquisition, will provide opportunities for future earnings growth, including possible further margin improvements.

The cost of interest bearing deposits increased to 1.44 percent from 1.31 percent in the first quarter 2004 and 1.35 percent in the fourth quarter 2004.  Average interest bearing deposits increased $97 million, representing a 9.9 percent linked quarter growth during the first quarter 2005 and were up $187 million or 20.9 percent over the past year.  Average savings, NOW and money market balances increased $80 million or a growth of 12.6 percent over the preceding quarter for the first three months of 2005 and average noninterest bearing demand deposits increased $43 million or 13.9 percent over the preceding quarter.

          The growth in deposits over the past six months was favorably impacted by insurance proceeds received by customers as a result of damage from two hurricanes, as well as from the Company’s market expansion and commercial lending growth.  In addition, the Company began offering a new money market product in the second quarter of 2004 which attracted approximately $42 million in the first quarter 2005 and over $140 million since inception.

Average loans outstanding increased 29 percent compared to March 31, 2004 and the Company’s loan to deposit ratio increased to 66.3 percent from 63.5 percent at first quarter end 2004.  The response to the expansion into Palm Beach County has been very positive.  The addition of two full service branches in 2005, combined with three existing offices, will further enhance the prospects for future loan and deposit growth from this market.  In August 2004 the Company entered into Brevard County with a single loan production office and two seasoned commercial loan officers.  This market contributed $21 million in commercial loan commitments with $5 million funded in 2004.  

Noninterest income, excluding interest rate swap profits and losses, increased 13.9 percent when compared to the prior year’s fourth quarter, reflecting increased revenues from debit card interchange fees, merchant income, investment management services, mortgage banking fees and marine finance fees.  During the first quarter 2005, noninterest income related to mortgage loan production grew by 64 percent or $223,000 compared to the fourth quarter of 2004.  Likewise, revenues from marine loan production increased to $698,000 or an increase of $98,000 from the prior year’s fourth quarter.  Both business lines were disrupted by the two hurricanes in the fourth quarter and have increased their prospects each month of the first quarter 2005. Commission and fees from investment management services increased 5.1 percent compared to first quarter 2004 and were up 12.4 percent from the fourth quarter results for 2004.  While revenues from wealth management services have generally improved as customers return to the equity markets, it remains challenging due to the uncertain economic environment.

Core deposit growth continued to enhance fees by increasing the customer base and usage of check cards.  During the first quarter 2005, a total of $416,000 in interchange income was earned compared to $298,000 for the same period in 2004.

Noninterest expenses totaled $13.3 million, an increase of 10.0 percent from the prior year's fourth quarter and a 15.5 percent increase compared to the first quarter 2004.  The growth is attributable to increased wages, benefits, occupancy, marketing and other overhead due to the addition of branches and personnel in the Palm Beach and Brevard County markets, and from higher commissions, stock awards and other incentive compensation related to the Company's better performance.  Also impacting overhead are higher professional fees associated with the Company’s external audit.

Net loan charge offs were $187,000 for the first quarter of 2005, compared to net charge-offs of $35,000 for 2004.  Loan delinquencies, nonaccruals and the percentage of loans past due 90 days to average loans declined to 0.11 percent at March 31, 2005, compared to 0.16 percent for the fourth quarter 2004.  Nonperforming assets totaled $1,040,000, a decline from $2,325,000 for the same quarter a year ago.  The Company has maintained strong and consistent credit quality and low net charge offs.  During the quarter, the Company provided $438,000 for loan losses and strong loan growth.

The Company announced that its newly formed Delaware unconsolidated trust subsidiary, SBCF Capital Trust I, completed a private sale of $20,000,000 of Floating Rate Preferred Securities on March 31, 2005.  The rate on the trust preferred securities is the 3-month LIBOR rate plus 175 basis points.  The rate, which adjusts every three months, is currently 4.8425 percent per annum.  The proceeds of the offering were used to purchase subordinated debt securities (included in other borrowings) issued by the Company which have terms substantially similar to the trust preferred securities.  The trust preferred securities mature in thirty years, and can be called without penalty on or after June 30, 2010.  The proceeds will be used to support the purchase of Century National Bank, to maintain capital, and for general corporate purposes.

Seacoast will host a conference call tomorrow, April 20th at 9:00 AM (Eastern Time) to discuss the earnings results and business trends.  Investors may call in by dialing 866-541-2081 (pass code: 11481366; moderator: Dennis S. Hudson, III). A replay of the call will be available on April 20th by dialing 877-213-9653 (domestic), using the pass code 11481366.

  Seacoast Banking Corporation of Florida has approximately $1.7 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; 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; changes in accounting interpretations; and the risks of possible further changes pending completion of the current audit and revi ew with the Company’s current and prior auditors of the prior periods during which the swap discussed herein was in effect.

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, 2004 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.

- continued -

FINANCIAL HIGHLIGHTS	(Unaudited)
SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES
						Three Months Ended
(Dollars in thousands,						March 31,
except per share data)						2005			2004
Summary of Earnings
Net income (GAAP)				$		3,886	$		4,037
Net interest rate swap (profits) losses						335			(412	)
Cash operating earnings*				$		4,221	$		3,625
Net interest income (1)						15,277			12,467
Performance Ratios
Return on average assets  (2), (3)
Using GAAP earnings						0.94	%		1.20	%
Using cash operating earnings* on average tangible assets						1.02			1.08
Return on average shareholders' equity  (2), (3)
Using GAAP earnings						14.04			15.13
Using cash operating earnings* on average tangible equity						15.69			13.95
Net interest margin  (1), (2)						3.90			3.84
Per Share Data
Net income diluted (GAAP)				$		0.25	$		0.25
Net income rate swap (profits) losses						0.02			(0.02	)
Cash operating earnings* diluted				$		.27	$		0.23
Net income basic (GAAP)						0.25			0.26
Cash dividends declared						0.14			0.13
			March 31,					Increase/
			2005		2004				(Decrease)
Credit Analysis
Net charge-offs year-to-date		$	187	$	35				434.3	%
Net charge-offs to average loans			0.08	%	0.02		%		300.0
Loan loss provision year-to-date			438		150				192.0
Allowance to loans at end of period			0.70	%	0.85		%		(17.6	)
Nonperforming assets		$	1,040	$	2,325				(55.3	)
Nonperforming assets to loans and other real estate owned at end of period			0.11	%	0.31		%		(64.5	)
Selected Financial Data
Total assets		$	1,731,808	$	1,401,053				23.6
Securities – Trading (at fair value)			--		6,079				(100.0	)
Securities – Available for sale (at fair value)			365,831		440,696				(17.0	)
Securities – Held for investment (at amortized cost)			185,880		97,705				90.2
Net loans			971,246		733,528				32.4
Deposits			1,476,215		1,164,213				26.8
Shareholders' equity			109,112		107,382				1.6
Book value per share			7.04		6.93				1.6
Tangible book value per share			6.84		6.74				1.5
Average shareholders' equity to average assets			6.69	%	7.91		%		(15.4	)
Average Balances
Total assets		$	1,677,295	$	1,356,357				23.7
Intangible assets			3,176		2,836				12.0
Total average tangible assets		$	1,674,119	$	1,353,521				23.7
Total equity			112,257		107,350				4.6
Intangible assets			3,176		2,836				12.0
Total average tangible equity		$	109,081	$	104,514				4.4

 (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.

*

The Company believes that cash operating earnings excluding the impacts of noncash interest rate swap fair value changes is a better measurement of the Company’s trend in earnings growth.  Net cash payments and receipts from the interest rate swap have not been material for the periods presented.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME  (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

		Three months Ended
		March 31,
(Dollars in thousands, except per share data)		2005		2004
Interest on securities:
Taxable	$	4,970	$	4,514
Nontaxable		18		28
Interest and fees on loans		14,486		11,238
Interest on federal funds sold		420		36
Total Interest Income		19,894		15,816
Interest on deposits		1,442		768
Interest on time certificates		2,413		2,143
Interest on borrowed money		795		472
Total Interest Expense		4,650		3,383
Net Interest Income		15,244		12,433
Provision for loan losses		438		150
Net Interest Income After Provision for Loan Losses		14,806		12,283
Noninterest income:
Service charges on deposit accounts		1,093		1,107
Trust income		583		538
Mortgage banking fees		570		482
Brokerage commissions and fees		734		715
Marine finance fees		698		763
Debit card income		416		298
Other deposit based EFT fees		121		128
Merchant income		570		465
Interest rate swap profits (losses)		(516	)	634
Other income		292		309
		4,561		5,439
Securities gains		3		56
Total Noninterest Income		4,564		5,495
Noninterest expenses:
Salaries and wages		5,290		4,499
Employee benefits		1,432		1,447
Outsourced data processing		1,559		1,401
Occupancy expense		1,148		1,076
Furniture and equipment expense		515		483
Marketing expense		876		650
Legal and professional fees		541		290
FDIC assessments		44		41
Amortization of intangibles		11		0
Other expense		1,896		1,640
Total Noninterest Expenses		13,312		11,527
Income Before Income Taxes		6,058		6,251
Provision for income taxes		2,172		2,214
Net Income	$	3,886	$	4,037
Per share common stock:
Net income diluted	$	0.25	$	0.25
Net income basic		0.25		0.26
Cash dividends declared		0.14		0.13
Average diluted shares outstanding		15,692,505		15,842,523
Average basic shares outstanding		15,308,998		15,431,149

CONDENSED CONSOLIDATED BALANCE SHEETS  (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

		March 31,			December 31,			March 31,
(Dollars in thousands)			2005		2004				2004
Assets
Cash and due from banks	$		58,562	$		44,920	$		40,588
Federal funds sold and interest bearing deposits			102,985			44,758			27,756
Securities:
Trading (at fair value)			--			--			6,079
Available for sale (at fair value)			365,831			395,207			440,696
Held for sale (at amortized cost)			185,880			198,551			97,705
Total Securities			551,711			593,758			544,480
Loans available for sale			4,515			2,346			5,015
Loans			978,095			899,547			739,803
Less: Allowance for loan losses			(6,849	)		(6,598	)		(6,275)
Net Loans			971,246			892,949			733,528
Bank premises and equipment			20,549			18,965			17,015
Other real estate owned			--			--			1,913
Other assets			22,240			18,180			30,758
	$		1,731,808	$		1,615,876	$		1,401,053
Liabilities and Shareholders’ Equity
Liabilities
Deposits
Demand deposits (noninterest bearing)	$		366,772	$		345,122	$		259,639
Savings deposits			731,470			669,059			541,402
Other time deposits			245,140			238,188			259,190
Time certificates of $100,000 or more			132,833			120,097			103,982
Total Deposits			1,476,215			1,372,466			1,164,213
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days			76,229			86,919			81,849
Other borrowings			60,190			39,912			40,392
Other liabilities			10,062			8,367			7,217
			1,622,696			1,507,664			1,293,671
Shareholders' Equity
Preferred stock			--			--			--
Common stock			1,710			1,710			1,710
Additional paid in capital			26,950			26,950			26,911
Retained earnings			102,847			101,501			97,459
Restricted stock awards			(3,333	)		(3,333	)		(2,478)
Treasury stock			(15,514	)		(16,172	)		(15,490)
			112,660			110,656			108,112
Accumulated comprehensive loss			(3,548	)		(2,444	)		(730)
Total Shareholders’ Equity			109,112			108,212			107,382
	$		1,731,808	$		1,615,876	$		1,401,053
Common Shares Outstanding			15,502,557			15,468,357			15,503,756

Note:  The balance sheet at December 31, 2004 has been derived from the audited financial statements at that date.

CONSOLIDATED QUARTERLY FINANCIAL DATA   (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
			Quarters
			2005				2004									Last 12
(Dollars in thousands, except per share data)			First			Fourth				Third		Second				Months
Net income (GAAP)	$		3,886	$		3,700		$		4,095	$		3,090	$		14,771
Net income rate swap (profits) losses			335			287				(215	)		796			1,203
Cash operating earnings*	$		4,221	$		3,987		$		3,880	$		3,886	$		15,974
Operating Ratios
Return on average assets (GAAP) (2),(3)
Using GAAP earnings			0.94	%		0.97		%		1.16	%		0.89	%		0.98	%
Using cash operating earnings* on average tangible assets			1.02			1.04				1.10			1.12			1.07
Return on average shareholders' equity (GAAP) (2),(3)
Using GAAP earnings			14.04			13.38				14.98			11.50			13.46
Using cash operating earnings* on average tangible equity			15.69			14.79				14.57			14.84			14.95
Net interest margin (1),(2)			3.90			3.88				3.97			3.84			3.89
Average equity to average assets			6.69			7.22				7.71			7.71			7.31
Credit Analysis
Net charge-offs (recoveries)	$		187		$	349			$	196	$		(18	)	$	714
Net charge-offs (recoveries) to average loans			0.08	%		0.16		%		0.09	%		(0.01	)%		0.08	%
Loan loss provision	$		438	$		450		$		250	$		150	$		1,288
Allowance to loans at end of period			0.70	%		0.73		%		0.76	%		0.82	%
Nonperforming assets	$		1,040	$		1,447		$		389	$		2,557
Nonperforming assets to loans and other real estate owned at end of period			0.11	%		0.16		%		0.05	%		0.32	%
Nonaccrual loans and accruing loans 90 days or more past due to loans outstanding at end of period			0.11			0.16				0.06			0.08
Per Share Common Stock
Net income diluted (GAAP)		$	0.25	$		0.24		$		0.26	$		0.20	$		0.95
Net interest rate swap (profit) losses			0.02			0.02				(0.01	)		0.05			0.08
Cash operating earnings* diluted		$	0.27	$		0.26		$		0.25	$		0.25	$		1.03
Net income basic (GAAP)		$	0.25	$		0.24		$		0.27	$		0.20	$		0.96
Cash dividends declared			0.14			0.14				0.14			0.13			0.55
Book value per share			7.04			7.00				6.96			6.75
Average Balances
Total assets		$	1,677,295	$		1,523,284		$		1,410,111	$		1,401,256
Intangible assets			3,176			2,785				2,799			2,790
Total average tangible assets		$	1,674,119	$		1,520,499		$		1,407,312	$		1,398,466
Total equity		$	112,257	$		110,014		$		108,749	$		108,076
Intangible assets			3,176			2,785				2,799			2,790
Total average tangible equity	$		109,081	$		107,229		$		105,950	$		105,286

 (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.

*

The Company believes that cash operating earnings excluding the impacts of noncash interest rate swap fair value changes is a better measurement of the Company’s trend in earnings growth.  Net cash payments and receipts from the interest rate swap have not been material for the periods presented.

CONSOLIDATED QUARTERLY FINANCIAL DATA   (Unaudited) (continued)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

(Dollars in thousands)

SECURITIES		March 31, 2005				December 31, 2004			March 31, 2004
Mortgage-backed	$		--	$			--	$		6,079
Securities Trading			--				--			6,079
U.S. Treasury and U. S. Government Agencies			19,408				20,656			1,596
Mortgage-backed			338,147				366,806			433,576
Other securities			8,276				7,745			5,524
Securities Available for Sale			365,831				395,207			440,696
U.S. Treasury and U. S. Government Agencies			4,999				4,999			4,998
Mortgage-backed			179,458				192,128			90,425
Obligations of states and political subdivisions			1,423				1,424			2,282
Securities Held for Investment			185,880				198,551			97,705
Total Securities	$		551,711	$			593,758	$		544,480
LOANS		March 31, 2005			December 31, 2004				March 31, 2004
Construction and land development	$		299,189	$			252,329	$		129,177
Real estate mortgage			514,601				498,692			485,972
Installment loans to individuals			85,481				81,831			79,209
Commercial and financial			78,634				66,240			45,241
Other loans			190				455			204
Total Loans	$		978,095	$			899,547	$		739,803

AVERAGE BALANCES, YIELDS AND RATES  (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

		2005			2004
		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	$	575,626	3.45	%		$	526,604	3.39	%	$		546,639	3.30	%
Nontaxable		1,423	7.87				1,409	7.38				2,182	7.88
Total Securities		577,049	3.46				528,013	3.40				548,821	3.32
Federal funds sold and other short-term investments		69,637	2.45				47,386	1.91				15,150	0.96
Loans, net		943,326	6.24				877,153	6.09				730,308	6.14
Total Earning Assets		1,590,012	5.08				1,452,552	4.97				1,294,279	4.89
Allowance for loan losses		(6,733	)				(6,594	)				(6,200	)
Cash and due from banks		58,608					45,680					36,985
Premises and equipment		20,283					18,879					16,969
Other assets		15,125					12,767					14,324
	$	1,677,295		$			1,523,284		$			1,356,357
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW (including Super NOW)	$	98,230	0.46	%		$	84,639	0.52	%		$	74,402	0.46	%
Savings deposits		178,482	0.50				166,779	0.50				159,594	0.51
Money market accounts		436,504	1.03				381,957	0.95				293,111	0.66
Time deposits		369,402	2.65				351,838	2.39				368,584	2.34
Federal funds purchased and securities sold under agreements to repurchase		84,777	1.97				71,931	1.53				79,989	0.85
Other borrowings		40,094	3.87				40,028	3.59				39,962	3.04
Total Interest-Bearing Liabilities		1,207,489	1.56				1,097,172	1.44				1,015,642	1.34
Demand deposits (noninterest-bearing)		351,703					308,654					228,526
Other liabilities		5,846					7,444					4,839
Total Liabilities		1,565,038					1,413,270					1,249,007
Shareholders' equity		112,257					110,014					107,350
	$	1,677,295		$			1,523,284		$			1,356,357
Interest expense as a % of earning assets			1.19	%				1.09	%				1.05	%
Net interest income as a % of earning assets			3.90					3.88					3.84

(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.

EX-2

EXHIBIT 99.2

Seacoast Banking Corporation of Florida

First Quarter Earnings Conference Call

April 20, 2005

9:00 a.m. ET

Host: Dennis S. Hudson, III

Operator:

Please note that this conference is being recorded. I would now like to turn the call over to Mr. Dennis Hudson. Mr. Hudson, you may begin.

Dennis Hudson:

Thank you very much and welcome to Seacoast’s First Quarter 2005 Earnings conference call. Before we begin, I would like to direct your attention to the statement contained at the end of our press release regarding forward-looking statements.

During this call we may be discussing certain issues that constitute forward-looking statements within the meaning of the Securities and Exchange Act. Accordingly, our comments are intended to be covered within the meaning of that Act. We have posted a few slides on our website that we are going to refer to in a few of our comments. I would invite all of you to feel free to visit our website, seacoastbanking.net, and click on “presentations” to view this as we continue with our comments. With me today are Bill Hahl, our chief financial officer and Doug Gilbert, our chief operating officer and president of our banking subsidiary. We will be able to answer questions following our prepared remarks.

This quarter we are reporting earnings on a cash-operating basis which exclude non-cash profit and losses on our interest rate swaps that do not qualify for hedge accounting as we discussed last quarter. We are doing this to better demonstrate our company’s operating trends. Most of our comments will therefore be based on this non-GAAP measure of operating performance. You should refer to our press release for a reconciliation of these non-GAAP measures.

Earnings for the first quarter were very strong and continued growth in all aspects of our business was evident. We are pleased to report that earnings for the quarter on a cash operating basis were $4.2 million or $0.27 per share diluted. This represents a 16% increase over the prior year and almost 6% growth over the final quarter of 2004. Earnings on a GAAP basis were $0.25 for the quarter and were flat when compared to the prior year. Our earnings growth comes in spite of continued growth in overhead related to our expansion into Palm Beach County to the south and the Melbourne/Brevard County area to the north. We are pleased with the results produced by this expansion and are confident that our expansion activities together with our strong presence in the Treasure Coast region is providing us with a balance of both growth and profitability that will help us achieve our goal to increase shareholder value over the long term. As most of you know, we have operated for many years in our Treasure Coast markets with significant market share and growing market share in these newly-discovered markets is beginning to help build value significantly. These markets have continued to benefit from the growth and population in Florida in general and, in particular, a migration from other more densely-populated areas further south. As a result, our Treasure Coast markets continue to perform very well. Demand for real estate continues to support a strong increase in housing starts and general business growth remains very strong.

We also continue to feel the impact of the two hurricanes that hit the Treasure Coast late last year—both in loan growth related to repair efforts, related strong business deposit growth and strong consumer deposit growth resulting from insurance proceeds and other assistance. We continue to believe that this effect will be present for a good part of this year.

This coming quarter we will be closing on the Century National Bank acquisition announced last year. This will further improve upon our already strong footprint and will give us exposure to medium and small sized businesses operating in the Central Florida region. Mike Sheffey and his team of professionals at Century have carefully built a relationship-driven bank with over $300 million in assets—a particularly valuable profile given the current outlook for possible rate increases this year. Moreover, the potential for continued growth in the Orlando market is exciting. We look forward to combining our resources with those of Century and creating even greater value in the years ahead.

I am now going to turn the call over to Bill Hahl, our chief financial officer, who will further report on results for the quarter. Following Bill’s comments we would be glad to take some of your questions.

Bill Hahl:

Thank you, Denny, and good morning everyone. As Denny mentioned, I will be referring to our slides that we posted on our website, and would like to begin on slide 3 of those slides. As Denny mentioned, our earnings have increased due to strong results throughout our lines of business, stable credit costs, a stable overhead ratio and overall balance sheet growth, and we are now at $1.7 billion in total assets. Revenue growth was up 17.8% this quarter with an increase of $20.4 million compared to the prior quarter of last year. In addition, net interest income was up $2.8 million over the quarter a year ago. Again, this is very good revenue growth overall. The growth in net interest income has been driven by both balance sheet growth, as Denny mentioned, as well as our loan growth over the year. This also included improvements in our margin which was up to 3.9% versus 3.84% a year ago. The mar gin was impacted by the better growth in deposits as well as the low cost funding that we were able to maintain.

Referring to page 4, you can see our progression of net interest income growth since loan growth began in late 2003. Since then we have grown loans over the period by about 32.5%. They were up $78.5 million in the first quarter and $238 million over the last 12 months.

Moving on to slide 6, you can see the loan growth that I talked about.

Slide 7 shows our commercial lending originations that remained very strong during the last 12 months. In particular, this quarter was our second best quarter in the history of the company with originations of $108 million. Also impacting loan growth this quarter and over the last 12 months has been better consumer lending, which was up 14% over the last 12 months. In particular, we have also booked some of our marine production and that has helped our growth in consumer balances over the last 12 months. I want to emphasize though that Seacoast Marine Finance is still primarily a fee-based business. You can see on slide 9 their production, which we expect to be about $196 million for the entire year with about $10 million of it being retained and booked into the consumer portfolio.  Seacoast Marine fees are up 16.3% in the first quarter over the fourth quarter. As Denny had mentioned, t he hurricanes have impacted our markets, and Seacoast Marine was impacted in the fourth quarter as well, but improved nicely in the first quarter of this year.

Likewise on slide 10, residential applications improved to $60 million for the quarter, up from $42 million in the fourth quarter and which was impacted by the hurricanes. We are beginning to see nice growth beginning to occur in our new markets. As Denny mentioned, Palm Beach and Brevard and in particular, Palm Beach, are beginning to see more loan originations occur down in that market, as we added and opened two additional branches in the first part of this year.  Hence, we think that residential applications and the fees from this line of business will continue to increase throughout 2005.  Then as we expand and continue our expansion north into Brevard County, we will begin to see some increases in mortgage originations in that market as well.

Moving on to slide 11, we have had very good deposit growth over the past 12 months.  As Denny mentioned, some of that is the result of insurance proceeds and other relief that our customers experienced over the period since September when the hurricanes hit.  We have had very favorable growth in noninterest-bearing deposits over the last 12 months which increased $107 million or 41.3%. On slide 12 you can see the impact that this had on our mix of deposits, increasing noninterest-bearing deposits to 25% of total deposits, up from 22% in the first quarter of last year.  In addition, low-cost savings deposits increased to a total of $731 million and were up $190 million or 35% for the year.

Now I would like to comment on our overhead ratio and noninterest expenses which were a total of $13.3 million and 15.5% higher than a year ago. The overhead ratio has remained at approximately 65% for the last four quarters and was in line with our expectations during this period of expansion.  Expense control is important and we believe and expect that a lower overhead ratio, in the low 60s, will begin to occur in 2006.

We mentioned before that cash operating earnings grew nicely for the quarter and were actually up 17.4% on an earnings per share basis over the first quarter a year ago. This is consistent with our prior communications and we expect and our objective is to produce similar results for the remainder of 2005.

A successful integration of Century will provide opportunities for future earnings growth and I will remind everyone that we believe that the Century acquisition would be neutral to slightly accretive to earnings in 2005 without any cost-outs. Century’s first quarter results indicate their earnings are on target to hit the forecast that we used in our earnings accretion analysis.  I will now turn it back over to Denny.

Dennis Hudson:

Thank you, Bill for those comments. Again, we feel that we have had a great quarter and would like to pause now and take a few questions if we could.

Operator:

Thank you and we will now begin the question and answer session. If you have a question, please press star then one on your touch-tone phone. If you wish to be removed from the queue, please press the pound sign or the hash key. If you are using a speaker phone, you may need to pick up the handset first before pressing the numbers. Once again, if there are any questions, please press star then the number one on your touch-tone phone. The first question is from William Morrison from J&P Securities. Please go ahead. One moment. We will move on to the next question. The next question is from Bill McCrystal from McConnell Budd. Please go ahead.

Bill McCrystal:

Good morning, Denny and Bill. This is sort of a general question but I wonder if you could just comment.  I have lost track of the number of companies that have said that they want to move into the Florida market and obviously those that have done so recently. Could you just give a little color on the competitive market and whether it is getting irrational and just basically describe the pricing competition on both the deposit and loan side?

Dennis Hudson:

I will make a few comments and maybe Doug can weigh in as well. There is no doubt that we live in a very desirable market area; desirable because we are in Florida and also desirable because we are in some of the higher growth and better demographic markets in the state. You are right in that we have lots and lots of competition. I would remind you all that the competition remains very…. While there are a number of competitors, it remains very concentrated with a handful of very large banks with statewide presence.  I would not say that things have gotten completely out of hand and irrational but they certain remain very strongly competitive, and we basically stick to what we feel is appropriate in terms of pricing and let the chips fall.  In our legacy markets where we have operated the longest, I would remind you that we have a very strong presence in those markets in terms of offices and in terms of market share. We actually believe that at many times we are able to lead the market in terms of pricing, but it is a very competitive market. Doug, are there any comments that you have in terms of the competitive landscape?

Doug Gilbert:

Well, as you said, there is no lack of banks in our markets in Florida and as you said, everyone continues to go forward with some sort of operation here. Because of our dominant market share, and especially in our legacy market in Martin County, we are able to more or less set the price, but it is not that we do not get any heated competition, because we certainly do. But we have managed to hold our own and expect this competitive level to remain as it is or even grow stronger.

Dennis Hudson:

I will also point out that we execute a very unique strategy throughout our markets and it is interesting. It is a strategy that is very, very similar to a strategy that Century National Bank in Orlando has executed for many years, and that is really just to focus on tremendously good service and not be the highest priced deposit provider in the market, but be competitively priced. All I can tell you is that it works and we continue to grow and benefit from that.  Does that answer your question?

Bill McCrystal:

Yeah, I just wanted to get your thoughts on it. I guess another issue would be that I know Florida is unique in the housing market. Obviously yesterday’s numbers on housing starts were a little sobering, so maybe you could comment a little bit about the pricing on the housing market and also maybe comment on the fact that a lot of people are talking about a bubble market in real estate.

Dennis Hudson:

Yeah, we talk about that all the time here and all I can tell you is that in these markets, as of right now, things continue to be very, very strong on the demand side and we do not see problems at the moment with inventory levels, so that leads us to conclude that the market continues to be strong.  No doubt we are in a very heated environment in housing and have been.  It would not surprise me if things slowed a little bit because we are operating at very high levels. Comments, Doug?

Doug Gilbert:

Well, from where we sit today there is still more demand than there is supply in the Treasure Coast so it continues to be a very strong market. What we suspect will happen is that it will have to wane somewhat. We do not think that there is a danger of a bubble, but there certainly is going to be a slowdown in the appreciation in the market. However, because of the demographics of this area, the climate and so on, everyone wants to come here, and it is hard to keep them away.

Bill McCrystal:

Okay, thank you very much.

Operator:

The next question is from David Honold from KBW. Please go ahead.

David Honold:

Good morning. My first question is sort of a housekeeping one. Could you tell me what FTE net interest income was for the quarter because I could not find it? Do you have that, Bill?

Bill Hahl:

Fully taxable equivalent net interest income, it was $15,277,000.

David Honold:

Great and then just as a follow-up, I think that in the release you mentioned the potential for further margin improvement. Could you just give us an update on the sensitivity of the balance sheet to rising interest rates?

Bill Hahl:

Really over the last couple of quarters we have repositioned the balance sheet considerably, some of it driven by the exceptional loan growth that we have had.  The loans that we have put on have been primarily prime-based plus a margin. In addition, the excess deposit growth that we have had over the past couple of quarters we have put into floating rate product, and that is why we saw the margin actually decline a little bit in the fourth quarter before it has now begun to improve. We think that the key metric going forward is going to be reinvesting funds out of the investment portfolio into the loan portfolio. The investment portfolio is quite short and a sizable part of it is floating rate now and is earning about 3.5%.  Hence, we see at least a 2.5% pick-up as we move from investments into the loans, and so it looks pretty good.  On the cost side, it has been a competiti ve market for CDs in our markets, but not so much in the area of the core deposits where we have been having most of our growth and success. As Denny mentioned, our key strategy is one of relationships, and as long as we price our deposit products in a competitive manner, it seems that with our coverage in these markets, the customers prefer that over shopping around.  

Dennis Hudson:

No doubt though that we miss the rate shoppers that are out there, and I think companies that are more focused in that area are likely to have a more difficult time with this period that we are going through.

David Honold:

Great and thanks very much.

Operator:

The next question is from Brett Villaume from FIG Partners. Please go ahead.

Brett Villaume:

Good morning, fellas. I just wanted to ask you…. One of my questions already got answered but I want to ask this. You said that you thought the deposit inflows on the balance sheet influence from the hurricanes is going to continue.  If it is able to be gauged, to what extent do you think that is going to be going forward and continue in 2005?

Dennis Hudson:

Well, I will just give a general comment. We are featuring the hurricane impact because we think that is a risk that we have here as we go forward in the next year.  But I have got to tell you that a lot of our deposit growth right now is focused in the business and commercial area as a result of the many activities that we have been talking about over the last year or two to improve our mix of loans. Our de novo expansion into some of these new markets is producing very high levels of commercial growth.  A lot of the commercial growth is coming from the tremendous market that we find here and with title companies and others that are involved in a lot of the growth in housing that is occurring throughout our market. It is probably an unfair statement to get too excited about the hurricane growth, because a lot of it is coming from other areas and other activities that we hav e. As a result, it is making it very hard for us to judge how impactful the hurricane really was because we had these other factors contributing so strongly to our deposit growth. I guess that our overall conclusion is that we have maybe $100 million to $150 million of proceeds that may be due to the hurricanes and that might begin to decline as we hit the end of the year. That is a very speculative number and it could easily be a smaller number than that.  We are just going to have let time deliver what that number really is, but it is now very apparent to us that these deposits are likely going to stick around longer than we anticipated and which we said in the last quarter. We are thinking that you will not start seeing those deposits decline until we begin to approach the end of the year.

Brett Villaume:

Very good answer and thank you.

Operator:

The next question is from Gary Tenner from SunTrust Robinson-Humphrey.  Please go ahead.

Gary Tenner:

Thanks and good morning. I have a question with regard to Brevard County.  As you get closer to the end of the Palm Beach branch expansion for the rest of this year, I just wonder if you could give some color on what growth you would need in Brevard County in terms of loans on the books, etc. to start considering or start planning a branch expansion north?

Dennis Hudson:

Doug, do you want to answer that?

Doug Gilbert:

We already have planned for branch expansion in that market, which will probably not affect us until 2006.  We are very close to signing contracts on two branch sites and will start construction on these two branch sites up there later in the year.  I think that we reported last quarter that in the eight months that our guys were in Brevard County in 2004, they did $21 million in loans.  In the first quarter of 2005, we have produced approximately $25-30 million, most of which has not funded yet.  We will probably have those two branches opened by the first or second quarter of 2006 and will continue to look for other branch opportunities up there.

Gary Tenner:

Even with those two branches in early 2006, you expect the efficiency ratio to decline down to the low 60s?

Bill Hahl:

Yes, and probably even more toward the end of 2006 as we continue to see earnings expansion not only from the Century acquisition but the continued growth in loans that we are experiencing. As I mentioned, the key metric there will be continued loan growth and converting investments into higher yielding loans.  We think that will allow the efficiency ratio to drop.  Century also has a very good efficiency ratio, so we are going to see a little bit of a pick-up just in that acquisition.

Doug Gilbert:

And I think that we will start seeing pick-up from the two Palm Beach offices that we just opened in the last month or so, and that will help us down the road as we get some return on that investment.

Dennis Hudson:

Again, I would point out that we are now suffering through, in a sense, a full year’s impact on a lot of the expansion that we have done in Palm Beach County, and that was a more aggressive build-out than we are describing in Brevard County. I would also point out that, with the Century acquisition, the base becomes larger and adding the two branches in 2006 is less impactful than it would have been a year earlier; so things are coming together very nicely.

Gary Tenner:

And if I may, a follow-up question on the Marine Finance business.  I guess that production was essentially in line with the year ago quarter. I might be mistaken but I had a sense that on your last conference call you were a little more optimistic with regard to the first quarter this year as some folks got back into buying boats with some boat shows occurring in the first quarter. Is there any significant increase in perhaps the amount of loan applications that have not been processed yet or did I misread the situation last quarter?

Doug Gilbert:

I think that our pipeline remains relatively stable. The marine business is very cyclical and is really based around the boat shows that occur throughout Florida and the rest of the country—this is when you do most of your volume. As Bill said earlier, we think that we are going to do about $191 million this year. That is our target and is what we think that we are going to do. It is a very tough business, but it is a good business for us, and one which we have been in full-fledged now for five years and have made a profit each year. As such, we are still optimistic about what we are able to do with it.

Gary Tenner:

All right, thank you.

Operator:

The next question is from Barry McCarver from Stephens. Please go ahead.

Barry McCarver:

Good morning guys, and great quarter. I have just a couple of questions that are kind of taken off some previous questions. Again, with regard to deposits, I notice that you have in the press release that the cost of interest-bearing deposits came up just a few basis points—I think to about 1.44%.  Looking back, you definitely have got a little bit of insurance money, probably in low-cost products.  Taking those out potentially over the course of the year, what do you think deposit costs may look like in the next couple of quarters?

Bill Hahl:

Well, it really depends a lot on how we push up those core rates. Most of the increase is actually due to response to the Fed increases. We are certainly lagging and not going up immediately on those, but there are pressures on certain products that have really caused that rate to go up a little bit.  I think that you are probably correct in that a lot of the hurricane money is just sitting in the lower cost quadrant right now. Again, as Denny has mentioned, we really have not looked at it too far out because we think that these funds are going to stick around throughout most of 2005. Therefore, I do not think that the impact is going to be very significant this year. We actually have not seen a decline in deposits. There was a flattening (maybe) in March, but in early April growth in deposits picked back up.  Just anecdotally, listening to people, some people are still just gettin g their insurance proceeds. In addition, there are many people that have gotten their insurance proceeds but they cannot get anybody for a year or more to have any repairs done.  So we think that the funds are going to stick around for a while and then some of that is going to be offset by growth.

As Doug and Denny have mentioned, due to the expansion in Palm Beach and the opening of the two additional branches down there, we believe we are going to have continued deposit growth offsetting any outflow from hurricanes. Overall we are not looking for a lot of increase in core rates going forward, but certainly as the Fed continues their measured pace, we will need to move some of our products’ rates up and that will put some upward pressure on core rates.

Barry McCarver:

And secondly, going back to the question that you guys had before on the potential housing bubble. Looking at the markets in South Florida, to me it looks like if there is anything that is going to slip on a supply and demand side it is probably going to happen first in high rise condos.  I think that is probably a little bit south of your footprint and so my question is:  Does that make sense, and then secondly, do you have any exposure to the condo development?

Doug Gilbert:

We have very little exposure to the condo development.

Dennis Hudson:

And I guess that we would have to say that you could be right and that would be the one area that we would keep a close eye on. However, we continue to see lots of positive news coming out of the sales trailers even for the high rises. However, you are right in that there is a fair amount of inventory getting ready to hit the market—although much of it is already sold.  However, as Doug said, we have very little exposure to condos, in general.

Barry McCarver:

Just lastly a housekeeping question. Bill, can you tell us what the investment portfolio was cash-flowing on a monthly or quarterly basis?

Bill Hahl:

On a monthly basis it was around $12 to $15 million.

Barry McCarver:

Great.  Thanks, guys.

Operator:

As a reminder, if you would like to ask a question please press star and then the number one on your touch-tone phone. The next question is from Peyton Green from FTN Midwest. Please go ahead.

Peyton Green:

Yes, Good morning. Just a small one: What did you record in the quarter from an intangibles perspective?

Bill Hahl:

We had a branch acquisition up in Vero Beach and so it was just a small amount of core deposit intangibles.

Peyton Green:

Okay, I just forgot about that. Then in terms of where you think the Fed is and how you are managing the interest rate risk going forward, do you think that they are in the back half of the tightening? What do you think the risk is if they do not tighten any more or if they go further than what conventional wisdom would suggest? What do you think the offsets are that are in your balance sheet today compared to years past?

Bill Hahl:

Well, I think that a lot of it is continued loan growth as we talked about, and that certainly is repricing because it is prime-based plus. On the investment side, as we pointed out, we are getting $12 to $15 million a month liquidating out of the investment portfolio and repricing some of that as we go forward. We think that we are in pretty good shape should the Fed continue to push on with regard to their measured pace.  With the numbers this morning in terms of the CPI and inflation, it would seem that they probably are going to continue over at least the rest of this year in pushing on with that measured pace. We think that we are in pretty good shape for that to happen.  But in the event that it does not happen, we still have the metric of that $12 to $15 million a month repricing out of investments and hopefully into the loan portfolio.

Peyton Green:

In terms of Century, how should we think about you deploying their liquidity? Has that already started to happen, or something that will not really happen until after you get the keys?

Bill Hahl:

It is something that will happen after we get the keys.  We are monitoring very closely, as we go forward, what everyone says the Fed is going to do and what we will do with that liquidity.  We certainly know that from the day we acquire their investment portfolio, which is about $80 million and very, very short, we will get to redo it in terms of either marking it to market, which will push the yields up if we retain it, or if we decide to sell some of that and redeploy it, then we will get the higher yields on that as well. It is all going to be a function of how comfortable we feel with your first question about where the Fed is going.

Peyton Green:

And how has their loan growth been in the first quarter and then how has their deposit growth been?

Dennis Hudson:

In alignment or even a little ahead of their projections, which is wonderful. I would point out that their interest rate profile is very short, generally, and when you look at their loan portfolio most of it is repriceable and of very short duration. They are actually seeing some margin improvement as a result of the environment that we are in, which is a good thing.

Peyton Green:

Great and thank you very much.

Operator:

Once again, if you would like to ask a question please press star then the number one on your touch-tone phone. Peyton Green from FTN Midwest is back on line. Please go ahead.

Peyton Green:

Just a follow-up for Doug.  In terms of the margin on loans, what kind of yield are you getting on new loans that you bring in on the books in terms of the commercial real estate loans that you are doing, and also in terms of any other lines that you think are worth mentioning versus where they were a quarter ago or perhaps a year ago? Do you think that the margin will be more positive over the next couple of quarters is really the question that I am trying to get at?

Doug Gilbert:

Most of our loans that we have been doing as of late have been prime-based and prime plus a margin. I do not remember the number now to total dollar outstandings that we have on that floating rate, but just like in Seacoast Marine we have been able to move the terms from the low 5s to the high 5s and low 6s, so we are seeing margin improvement and are looking for a little more spread as we go forward. Generally speaking, the majority of the loans that we are doing now are floating rate loans.

Dennis Hudson:

And I would say that the yields generally have moved up with the short end of the curve.

Peyton Green:

I was just trying to get a sense of whether there would be any more movement in the second and third quarters of this year because you have moved through floors or if your mix change is sufficient enough that the overall yield starts to go up a little bit more.

Dennis Hudson:

I do not know that the floors were that impactful on us.

Doug Gilbert:

No, they were not.

Dennis Hudson:

I didn’t think so. We did not have a lot of floors and we put them in just as rates started moving back the other way.

Peyton Green:

Okay, good enough. Thank you.

Operator:

Once again, if you would like to ask a question, please press star then the number one on your touch-tone phone. Gentlemen, at this time I am showing that we have no further questions.

Dennis Hudson:

Thank you all very much for attending our call and we look forward to the quarter ahead of us. We will be closing on our acquisition in Orlando, which is very exciting, and look forward to reporting to you in the next quarter continued progress. Thank you.

Operator:

Ladies and gentlemen, this concludes today’s teleconference. Thank you for participating and you may now disconnect.

Page # of 13

EX-3

EXHIBIT 99.3

Seacoast Banking Corporation of Florida

First Quarter 2005 Financial Highlights

Cautionary Notice Regarding Forward-Looking Statements

This presentation 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 the benefits of the merger between Seacoast and Century, including future financial and operating results, cost savings, enhanced revenues, and accretion to reported earnings that may be realized from the merger, as well as statements with respect to Seacoast’s and Century’s plans, 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,” “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 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 of Seacoast and Century 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; the risk of obtaining necessary governmental approvals of the merger on the proposed terms and schedule; the potential failure of Century’s shareholders to approve the merger; increased competitive pressures and solicitations of Century’s customers by competitors; as well as the difficulties and risks inherent in seeking to increase the volume of loans in the highly competitive Orlando market.

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, 2004 under “Special Cautionary Notice Regarding Forward-Looking Statements,” and otherwise in our SEC reports and filings.  Such reports are available upon request from Seacoast, or from the Securities and Exchange Commission, including through the SEC’s Internet website at http://www.sec.gov.

Other Important Information About this Presentation

Century’s shareholders are urged to read the proxy statement/prospectus regarding the proposed transaction when it becomes available, because it will contain important information about Seacoast, Century and the proposed transaction.  Century’s shareholders will be able to obtain a free copy of the proxy statement/prospectus, as well as other filings containing information about Seacoast and Century, without charge, at the SEC’s Internet website at http://www.sec.gov.  Copies of the proxy statement/prospectus and the filings with the SEC that will be incorporated by reference into, or otherwise referred to in, the proxy statement/prospectus can also be obtained, without charge, by directing a written request to Seacoast Banking Corporation of Florida, 815 Colorado Avenue, Stuart, Florida 34994, Attention: Office of the Secretary, or to Century National Bank, 65 North Orange Avenue, Orlando, Florida 32801, Attention:  Officer of the Secretary.

The respective directors and executive officers of Seacoast and Century and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction.  Information regarding Seacoast’s directors and executive officers is available in its proxy statement filed with the SEC by Seacoast on March 5, 2004, and information regarding Century’s directors and executive officers can be obtained upon written request to Century as provided above.  Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.

This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, shares of Seacoast’s common stock, or the solicitation of any proxies from Century’s shareholders.

Total Revenues Increase

•

Revenues up 17.8 percent

	1Q-2005	1Q-2004	Variance
Net Interest Income	$ 15,277	$ 12,467	$ 2,810
Noninterest Income	5,077	4,805	272
Total Revenues	$ 20,354	$ 17,272	$ 3,082

*

Dollars in thousands; excludes provision for loan losses, interest rate swap profits and losses, and securities gains and losses; calculated on a fully taxable equivalent basis using amortized cost

Net Interest Margin and Net Interest Income

	4Q-2003	1Q-2004	2Q-2004	3Q-2004	4Q-2004	1Q-2005
Net Interest Margin	3.70%	3.84%	3.84%	3.97%	3.88%	3.90%
Net Interest Income	$11,858	$12,467	$12,784	$13,498	$14,158	$15,277

*

Dollars in thousands; excludes provision for loan losses; calculated on a fully taxable equivalent basis using amortized cost

Investment Management Services Income

(Dollars in thousands)

●

Financial Services Income Up 5%

	1Q-2005	1Q-2004	Variance
Trust Income	$    583	$    538	$    45
Brokerage Income	734	715	19
Total Financial Services Income	$ 1,317	$ 1,253	$    64

Loan Growth Remains Strong at a 32.2% Growth Rate Year-over-Year

(Dollars in thousands)

	1Q-2004	2Q-2004	3Q-2004	4Q-2004	1Q-2005
Loan Outstandings	$ 739,803	$ 789,344	$ 859,173	$ 899,547	$ 978,095

Commercial Loan Originations Remain Strong

(Dollars in thousands)

	2Q-2004	3Q-2004	4Q-2004	1Q-2005
Commercial Originations*	$ 85,664	$ 133,160	$  91,643	$ 108,827

*  Includes commerical real estate

Consumer Lending Up 14.2% Over Last Twelve Months

(Dollars in thousands)

	1Q-2005	1Q-2004
Consumer Outstanding Balances*	$ 151,121	$ 132,327

*  Includes second mortgages and booked marine loans

	2Q-2004	3Q-2004	4Q-2004	1Q-2005
Booked Marine Production	$ 1,901	$9,708	$3,590	$4,926

Seacoast Marine Finance

(Dollars in thousands)

	2Q-2004	3Q-2004	4Q-2004	1Q-2005
Florida Marine Production	$ 21,245	$ 18,608	$ 14,704	$ 19,222
California Marine Production	$ 31,393	$ 23,001	$ 21,349	$ 23,006
Marine Fees	$     994	$     640	$     600	$     698

Mortgage Originations

(Dollars in thousands)

	2Q-2004	3Q-2004	4Q-2004	1Q-2005
Residential Applications Processed	$ 67,337	$ 41,083	$ 42,083	$ 59,921
Mortgage Banking Fees	$     472	$   523	$   347	$570

Deposits Up 26.8% Over Last Twelve Months

(Dollars in thousands)

	1Q-2005	1Q-2004
Total Deposits	$ 1,476,215	$ 1,164,213

Deposit Mix

	1Q-2005		1Q-2004
Demand	25	%	22	%
Savings	50		47
Time Deposits	25		31
Total	100	%	100	%

Overhead Ratio

	1Q-2003	2Q-2003	3Q-2003	4Q-2003
Overhead Ratio*	63.9%	65.9%	67.9%	62.9%

	1Q-2004	2Q-2004	3Q-2004	4Q-2004	1Q-2005
Overhead Ratio*	66.7%	65.1%	65.6%	65.0%	65.4%

*  Excludes security gains and losses and interest rate swap profits (losses)