8-K

8-K – page # of 4

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)  July 18, 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 4

SEACOAST BANKING CORPORATION OF FLORIDA

Item 2.02

Results of Operations and Financial Condition

On July 18, 2005, the Registrant announced its financial results for the second quarter ended June 30, 2005.  

A copy of the press release announcing the Registrant’s results for the second quarter ended June 30, 2005 is attached hereto as Exhibit 99.1 and incorporated herein by reference.  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 s ensitive 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 completi on of the current audit and review 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.

Item 7.01

Regulation FD Disclosure

On July 19, 2005, the Registrant held an investor conference call to discuss its financial results for the second quarter ended June 30, 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 June 30, 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 July 18, 2005 with respect to Seacoast Banking Corporation of Florida’s financial results for the second quarter ended June 30, 2005.
99.2	Transcript of Registrant’s investor conference call held on July 19, 2005 to discuss the Registrant’s financial results for the second quarter ended June 30, 2005.
99.3	Data of charts referenced in the conference call held on July 19, 2005 to discuss the Registrant’s financial results for the second quarter ended June 30, 2005.

8-K – page # of 4

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:   

July 21, 2005

By:

/s/ Dennis S. Hudson, III

Name:  Dennis S. Hudson, III

Title:  Chairman & Chief Executive Officer

EX-99.1

EXHIBIT 99.1

To 8-K dated July 18, 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 RECORD EARNINGS

OF $5.5 MILLION OR $0.33 PER SHARE

FOR THE SECOND QUARTER

STUART, FL., July 18, 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 $5,475,000 for the second quarter of 2005, or $0.33 diluted earnings per share (DEPS), compared to $3,090,000 or $0.20 DEPS for the second quarter a year ago, a 65.0 percent increase in DEPS.  Net income for the first half of 2005 totaled $9,361,000 or $0.58 DEPS, up 31.3 percent compared to $7,127,000 or $0.45 DEPS for 2004.   Cash operating earnings totaled $5,457,000 or $0.33 DEPS for the second quarter of 2005, up $1,571,000 or 40.4 percent over the same period last year and up $1,228,000 or 29.0 percent over the first quarter of 2005.  (The Company believes that cash operating earnings ex cluding the impacts of noncash interest rate swap fair value changes and noncash amortization expense is a better measurement of the Company’s trend in earnings growth.  Net cash payments and receipts from the interest rate swap have been immaterial for the periods presented.)  A total of $249,000 or $0.01 DEPS in interest rate swap profits (noncash) were recorded in second quarter earnings versus $1,224,000 or $0.05 DEPS of interest rate swap losses (non cash) in the prior year’s second quarter.  

During the quarter, the Company terminated the interest rate swap that did not qualify for hedge accounting under FAS 133.  As a result, future quarterly earnings should not be impacted by profits or losses on interest rate swaps.

“We are pleased to announce an extremely successful second quarter and the continued positive growth dynamics established in 2004,” commented Dennis S. Hudson, III, Chief Executive Officer of Seacoast.  “Our record operating results were achieved through a continuation of net interest income growth, favorable noninterest income sources, and improved credit quality.”  Mr. Hudson further noted that “the merger with Century National Bank on April 30, 2005 has produced favorable earnings accretion so far.  The integration is going smoothly and balance sheet growth is ahead of goal despite the intense competition in the Orlando market that includes regional banks, as well as ‘de novo’ start ups.”

            Net interest income increased to $17,867,000 or 17.0 percent from first quarter 2005 and grew by 39.8 percent from last year’s second quarter due to strong organic growth and the acquisition.  

The Century acquisition included loans of $107 million and deposits of $304 million at April 30, 2005.  This, together with strong growth in all markets served by the Company, resulted in loan growth of $359 million or 45.5 percent since June 30, 2004.  At June 30, 2005, the mix of loans outstanding was:  26 percent residential real estate mortgage loans, 60 percent commercial and commercial real estate, and 14 percent consumer loans.

Net interest margin of 3.91 percent represented an increase from the 3.84 percent achieved in the second quarter of 2004, and was higher than the first quarter 2005’s results of 3.90 percent. The improved net interest margin resulted from loan growth and growth in low-cost and no-cost core deposits.  Negatively impacting net interest margin for the quarter were lower yields associated with the assets acquired from Century.  The net interest margin on the earning assets acquired was 3.23 percent for the quarter.  These asset yields have steadily improved over the past six months, along with those for the Company as a whole, as the Federal Reserve has increased short-term interest rates.  Loan yields increased from 5.97 percent in the second quarter of 2004 to 6.38 percent in the current quarter.

Average savings deposits (excluding certificates of deposits) and noninterest bearing deposits have increased 54.2 percent from the prior year quarter, including 72.2 percent year-over-year growth in average noninterest bearing deposits.  This growth also includes average deposits from Century and the impacts from the proceeds of insurance and other claims as a result of the hurricane damage in the Company’s markets which occurred in September 2004.  As anticipated, deposit growth slowed in the markets impacted by the hurricanes as funds accumulated by customers were used to repair damages.

Due to rate increases by the Federal Reserve totaling 200 basis points, the cost for interest bearing deposits increased to 1.60 percent in the current quarter from 1.24 percent in the second quarter 2004.  Average interest bearing deposits increased $299 million or 32.3 percent during the second quarter 2005 compared to one year ago.  The increase in average interest bearing deposits, in addition to Century, included the effect of a new money market product, which was $104 million higher in the second quarter 2005 than in the same quarter in 2004.  The average rate paid on this product for June 2005 was 2.02 percent.

Noninterest income, excluding interest rate swap profit and losses and securities gains (losses), increased 5.2 percent when compared to the first quarter 2005.  While revenues from service charges on deposit accounts, marine finance fees and fees from electronic fund transfers increased, fees from wealth management services and mortgage banking were flat and down, respectively.  Fees from the production of mortgage products are subject to intense competition, as well as the Company’s appetite to portfolio longer term residential mortgages.  In addition, a growing portion of production has been for residential construction loans which are not available to be sold currently.  During the second quarter 2005, $60 million in residential applications were processed compared to $60 million in the first quarter 2005 and $ 67 million in the second quarter 2004.  

Strong core deposit growth has enhanced fees by increasing the customer base and usage of check cards.  During the second quarter 2005, a total of $550,000 in EFT income was earned, compared to $468,000 for the same period in 2004.  Service charges on deposit accounts increased $152,000 or 13.9 percent for the second quarter compared to a year ago, also reflecting the addition of Century which accounted for $28,000 of the increase.

Net loan charge offs were $15,000 for the second quarter of 2005, compared to net recoveries of $18,000 for 2004.  Loan delinquencies, nonaccruals and the percentage of loans past due 90 days to average loans declined to 0.02 percent at June 30, 2005, compared to 0.32 percent for the second quarter 2004.  Nonperforming assets totaled $200,000, a decline from $2,557,000 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 $269,000 for loan losses and loan growth.

Noninterest expenses totaled $14.6 million, up $1.3 million from the first quarter 2005, of which $919,000 was related to Century including $206,000 for deposit base intangible amortization.  The increase in noninterest expenses from the prior year’s second quarter is the result of increased wages, benefits, occupancy and data processing services, primarily due to the addition of branches and personnel, as well as higher commissions and incentives related to the Company’s improved performance.    

The Company is also pleased with the results achieved in the following areas:

•

Cash operating earnings^* per diluted share increased $0.08 DEPS or 32 percent for the second quarter 2005 compared to a year ago;

•

Return on average tangible equity using cash operating earnings^* increased to 18.87 percent in the second quarter 2005 from 14.84 percent a year earlier;

•

Return on average assets using cash operating earnings^* increased to 1.14 percent for the second quarter compared to 1.12 percent for 2004;

•

Noninterest bearing deposits improved to 28 percent of total deposits, up from 21 percent a year ago;

•

Average equity to average assets was 6.87 percent compared to 7.81 percent one year earlier;

•

A total of $228 million in commercial loans which will fund over the next 12 to 18 months were originated in the first six months of 2005, compared to $147 million originated during the first six months in 2004; and

•

Seacoast Marine approved loans totaling $44 million for the three months ended June 30, 2005, compared to $52 million in the same period for 2004.

Seacoast will host a conference call on Tuesday, July 19 at 11:00 a.m. (Eastern Time) to discuss the earnings results and business trends.  Investors may call in (toll-free) by dialing (866) 297-6315 (access code: 12172388; leader: Dennis S. Hudson, III).  A replay of the call will be available beginning the afternoon of July 19 by dialing (877) 213-9653 (domestic), using the passcode 12172388.

Seacoast Banking Corporation of Florida has over $2.0 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.

(continued)

 “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995:  Statements in this press release regarding Seacoast’s business which are not historical facts are “forward-looking statements” that involve risks and uncertainties.

For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Special Cautionary Notice Regarding Forward-Looking Statements” in the company’s most recent Annual Report on Form 10-K.

- continued -

FINANCIAL  HIGHLIGHTS	(Unaudited)
SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES
	Three Months Ended				Six Months Ended
(Dollars in thousands,	June 30,				June 30,
except per share data)	2005		2004		2005		2004
Summary of Earnings
Net income (GAAP)	$    5,475	$	3,090		$    9,361	$	7,127
Amortization of core deposit premium	144		--		151		--
Net interest rate swap (profits) losses	(162	)	796		174		384
Cash operating earnings*	5,457		3,886		9,686		7,511
Net interest income  (1)	17,867		12,784		33,144		25,251
Performance Ratios
Return on average assets  (2), (3)
Using GAAP earnings	1.13	%	0.89	%	1.04	%	1.04	%
Using cash operating earnings* on average tangible assets	1.14		1.12		1.09		1.10
Return on average
shareholders' equity  (2), (3)
Using GAAP earnings	16.07		11.50		15.16		13.31
Using cash operating earnings* on average tangible equity	18.87		14.84		17.35		14.40
Net interest margin  (1), (2)	3.91		3.84		3.90		3.86
Per Share Data
Net income diluted (GAAP)	$      0.33	$	0.20		$       0.58	$	0.45
Amortization of core deposit premium	0.01		--		0.01		--
Net interest rate swap (profits) losses	(0.01	)	0.05		0.01		0.02
Cash operating earnings* diluted	0.33		0.25		0.60		0.47
Net income basic (GAAP)	0.33		0.20		0.59		0.46
Cash dividends declared	0.14		0.13		0.28		0.26

(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 calculations 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 and amortization of core deposit intangible 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.

FINANCIAL  HIGHLIGHTS	(Unaudited)
SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES
			June 30,					Increase/
			2005		2004			(Decrease)
Credit Analysis
Net charge-offs year-to-date		$	202	$		17		n/m	%
Net charge-offs to average loans			0.04	%		--	%	n/m	%
Loan loss provision year-to-date			707			300		135.7
Allowance to loans at end of period			0.73	%		0.82		(11.0	)
Nonperforming assets		$	200	$		2,557		(92.2	)
Nonperforming assets to loans and other
real estate owned at end of period			0.02	%		0.32	%	(93.8	)
Selected Financial Data
Total assets		$	2,052,175	$		1,428,315		43.7
Securities – Trading (at fair value)			--			1,080		(100.0	)
Securities – Available for sale (at fair value)			468,648			477,754		(1.9	)
Securities – Held for investment (at amortized cost)			170,573			76,656		122.5
Net loans			1,140,045			782,901		45.6
Deposits			1,743,895			1,188,549		46.7
Shareholders' equity			146,877			104,329		40.8
Book value per share			8.63			6.75		27.9
Tangible book value per share			6.53			6.57		(0.6	)
Average shareholders' equity
to average assets			6.87	%		7.81	%	(12.0	)
Average Balances (Year-to-Date)
Total assets		$	1,811,927	$		1,378,807		31.4
Intangible assets			11,950			2,813		324.8
Total average tangible assets		$	1,799,977	$		1,375,994		30.8
Total equity		$	124,525	$		107,713		15.6
Intangible assets			11,950			2,813		324.8
Total average tangible equity		$	112,575	$		104,900		7.3

n/m = not meaningful

CONDENSED CONSOLIDATED STATEMENTS OF INCOME  (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

			Three Months Ended					Six Months Ended
			June 30,					June 30,
(Dollars in thousands, except per share data)			2005			2004		2005		2004
Interest on securities:
Taxable	$		5,707		$	4,742	$	10,677	$	9,256
Nontaxable			18			28		36		56
Interest and fees on loans			17,348			11,289		31,834		22,527
Interest on federal funds sold and interest bearing deposits			774			27		1,194		63
Total Interest Income			23,847			16,086		43,741		31,902
Interest on deposits			2,090			907		3,532		1,675
Interest on time certificates			2,797			1,957		5,210		4,100
Interest on borrowed money			1,121			470		1,916		942
Total Interest Expense			6,008			3,334		10,658		6,717
Net Interest Income			17,839			12,752		33,083		25,185
Provision for loan losses			269			150		707		300
Net Interest Income After Provision for Loan Losses				17,570		12,602		32,376		24,885
Noninterest income:
Service charges on deposit accounts			1,246			1,094		2,339		2,201
Trust income			684			517		1,267		1,055
Mortgage banking fees			425			472		995		954
Brokerage commissions and fees			634			671		1,368		1,386
Marine finance fees			836			994		1,534		1,757
Debit card income			441			351		857		649
Other deposit based EFT fees			109			117		230		245
Merchant income			605			540		1,175		1,005
Interest rate swap profits (losses)			249			(1,224	)	(267	)	(590)
Other income			359			314		651		623
			5,588			3,846		10,149		9,285
Securities gains (losses)			41			(46	)	44		10
Total Noninterest Income			5,629			3,800		10,193		9,295
Noninterest expenses:
Salaries and wages			5,640			4,609		10,930		9,108
Employee benefits			1,499			1,216		2,931		2,663
Outsourced data processing			1,680			1,484		3,239		2,885
Occupancy expense			1,244			1,046		2,392		2,122
Furniture and equipment expense			520			497		1,035		980
Marketing expense			853			603		1,729		1,253
Legal and professional fees			639			372		1,180		662
FDIC assessments			60			43		104		84
Amortization of intangibles			222			--		233		--
Other expense			2,285			1,750		4,181		3,390
Total Noninterest Expenses			14,642			11,620		27,954		23,147
Income Before Income Taxes			8,557			4,782		14,615		11,033
Provision for income taxes			3,082			1,692		5,254		3,906
Net Income		$	5,475		$	3,090	$	9,361	$	7,127
Per share common stock:
Net income diluted		$	0.33		$	0.20	$	0.58	$	0.45
Net income basic			0.33			0.20		0.59		0.46
Cash dividends declared			0.14			0.13		0.28		0.26
Average diluted shares outstanding			16,706,162			15,737,475		16,202,134		15,789,999
Average basic shares outstanding			16,345,301			15,331,382		15,830,012		15,381,266

CONDENSED CONSOLIDATED BALANCE SHEETS  (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

			June 30,		December 31,			June 30,
(Dollars in thousands)			2005		2004			2004
Assets
Cash and due from banks	$		75,949	$		44,920	$	48,633
Federal funds sold and interest bearing deposits			116,600			44,758		257
Securities:
Trading (at fair value)			--			--		1,080
Available for sale (at fair value)			468,648			395,207		477,754
Held for sale (at amortized cost)			170,573			198,551		76,656
Total Securities			639,221			593,758		555,490
Loans available for sale			5,887			2,346		3,901
Loans			1,148,373			899,547		789,344
Less: Allowance for loan losses			(8,328	)		(6,598	)	(6,443)
Net Loans			1,140,045			892,949		782,901
Bank premises and equipment			21,166			18,965		18,119
Other real estate owned			--			--		1,913
Intangible assets			35,788			2,774		2,805
Other assets			17,519			15,406		14,296
	$		2,052,175	$		1,615,876	$	1,428,315
Liabilities and Shareholders’ Equity
Liabilities
Deposits
Demand deposits (noninterest bearing)	$		481,206	$		345,122	$	251,775
Savings deposits			860,405			669,059		587,539
Other time deposits			260,757			238,188		245,899
Time certificates of $100,000 or more			141,527			120,097		103,336
Total Deposits			1,743,895			1,372,466		1,188,549
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days		87,742				86,919		78,829
Other borrowings			64,473			39,912		39,781
Other liabilities			9,188			8,367		16,827
			1,905,298			1,507,664		1,323,986
Shareholders' Equity
Preferred stock			--			--		--
Common stock			1,860			1,710		1,710
Additional paid in capital			45,927			26,950		26,911
Retained earnings			106,100			101,501		98,442
Restricted stock awards			(3,702	)		(3,333	)	(2,478)
Treasury stock			(913	)		(16,172	)	(16,258)
			149,272			110,656		108,327
Accumulated other comprehensive loss			(2,395	)		(2,444	)	(3,998)
Total Shareholders’ Equity			146,877			108,212		104,329
	$		2,052,175	$		1,615,876	$	1,428,315
Common Shares Outstanding			17,023,513			15,468,357		15,463,808

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)					Second				First			Fourth		Third				Months
Net income (GAAP)	$				5,475	$			3,886	$		3,700	$		4,095	$		17,156
Amortization of core deposit premium					144				7			--			--			151
Net income rate swap (profits) losses					(162	)			335			287			(215)			245
Cash operating earnings*	$				5,457	$			4,228	$		3,987	$		3,880	$		17,552
Operating Ratios
Return on average assets (GAAP) (2),(3)
Using GAAP earnings					1.13	%			0.94	%		0.97	%		1.16	%		1.05	%
Using cash operating earnings* on average tangible assets		1.14							1.02			1.04			1.10			1.08
Return on average shareholders' equity (GAAP) (2),(3)
Using GAAP earnings		16.07							14.04			13.38			14.98			14.68
Using cash operating earnings* on average tangible equity		18.87							15.69			14.79			14.57			16.02
Net interest margin (1),(2)					3.91				3.90			3.88			3.97			3.91
Average equity to average assets					7.03				6.69			7.22			7.71			7.14
Credit Analysis
Net charge-offs	$				15		$		187		$	349	$		196		$	747
Net charge-offs to average loans	0.01					%			0.08	%		0.16	%		0.09	%		0.08	%
Loan loss provision	$				269	$			438	$		450	$		250	$		1,407
Allowance to loans at end of period					0.73	%			0.70	%		0.73	%		0.76	%
Nonperforming assets	$				200	$			1,040	$		1,447	$		389
Nonperforming assets to loans and other real estate owned at end of period				0.02		%			0.11	%		0.16	%		0.05	%
Nonaccrual loans and accruing loans 90 days or more past due to loans outstanding at end of period					0.02				0.11			0.16			0.06
Per Share Common Stock
Net income diluted (GAAP)			$		0.33	$			0.25	$		0.24	$		0.26	$		1.08
Amortization of core deposit premium					0.01				--			--			--			0.01
Net interest rate swap (profit) losses					(0.01	)			0.02			0.02			(0.01	)		0.02
Cash operating earnings* diluted			$		0.33			$	0.27	$		0.26	$		0.25	$		1.11
Net income basic (GAAP)			$		0.33	$			0.25	$		0.24	$		0.27	$		1.09
Cash dividends declared					0.14				0.14			0.14			0.14			0.56
Book value per share					8.63				7.04			7.00			6.96
Average Balances
Total assets			$		1,945,079	$			1,677,295	$		1,523,284	$		1,410,111
Intangible assets					20,627				3,176			2,785			2,799
Total average tangible assets			$		1,924,452	$			1,674,119	$		1,520,499	$		1,407,312
Total equity			$		136,659	$			112,257	$		110,014	$		108,749
Intangible assets					20,627				3,176			2,785			2,799
Total average tangible equity	$				116,032	$			109,081	$		107,229	$		105,950

 (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 calculations 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 and amortization of core deposit intangible 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		June 30, 2005			December 31, 2004				June 30, 2004
Mortgage-backed	$		--	$		--	$			1,080
Securities Trading			--			--				1,080
U.S. Treasury and U. S. Government Agencies			78,682			20,656				20,527
Mortgage-backed			382,196			366,806				451,601
Other securities			7,770			7,745				5,626
Securities Available for Sale			468,648			395,207				477,754
U.S. Treasury and U. S. Government Agencies			4,999			4,999				4,998
Mortgage-backed			164,152			192,128				69,427
Obligations of states and political subdivisions			1,422			1,424				2,231
Securities Held for Investment			170,573			198,551				76,656
Total Securities	$		639,221	$		593,758	$			555,490
LOANS		June 30, 2005		December 31, 2004				June 30, 2004
Construction and land development	$	351,457		$		252,329	$			147,780
Real estate mortgage		620,883				498,692				516,025
Installment loans to individuals		89,791				81,831				78,529
Commercial and financial		85,746				66,240				46,751
Other loans		496				455				259
Total Loans	$	1,148,373		$		899,547	$			789,344

AVERAGE BALANCES, YIELDS AND RATES  (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

		2005									2004
		Second Quarter			First Quarter						Second Quarter
		Average		Yield/			Average	Yield/			Average	Yield/
(Dollars in thousands)		Balance		Rate			Balance	Rate			Balance		Rate
Assets
Earning assets:
Securities:
Taxable	$	633,258		3.60	%	$	575,626	3.45	%	$	562,030		3.37	%
Nontaxable		1,423		7.59			1,423	7.87			2,181		7.89
Total Securities		634,681		3.61			577,049	3.46			564,211		3.39
Federal funds sold and other
short-term investments		106,756		2.91			69,637	2.45			11,219		0.97
Loans, net		1,091,628		6.38			943,326	6.24			762,092		5.97
Total Earning Assets		1,833,065		5.22			1,590,012	5.08			1,337,522		4.85
Allowance for loan losses		(7,778		)			(6,733	)			(6,339		)
Cash and due from banks		63,988					58,608				38,348
Premises and equipment		21,008					20,283				17,365
Other assets		34,796					15,125				14,360
	$	1,945,079					1,677,295		$		1,401,256
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW (including Super NOW)	$	105,678		0.57	%	$	98,230	0.46	%	$	78,409		0.46	%
Savings deposits		171,715		0.50			178,482	0.50			162,803		0.51
Money market accounts		553,134		1.25			436,504	1.03			326,922		0.75
Time deposits		393,308		2.85			369,402	2.65			357,155		2.20
Federal funds purchased and securities sold under agreements to repurchase			81,178	2.36			84,777	1.97			69,184		0.84
Other borrowings		60,505		4.27			40,094	3.87			39,926		3.27
Total Interest-Bearing Liabilities		1,365,518		1.76			1,207,489	1.56			1,034,399		1.30
Demand deposits (noninterest-bearing)		434,777					351,703				252,435
Other liabilities		8,125					5,846				6,346
Total Liabilities		1,808,420					1,565,038				1,293,180
Shareholders' equity		136,659					112,257				108,076
	$	1,945,079					1,677,295				1,401,256
Interest expense as a % of earning assets				1.31	%			1.19	%				1.00	%
Net interest income as a % of earning assets				3.91				3.90					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-99.2

EXHIBIT 99.2

Seacoast Banking Corporation of Florida

Second Quarter Earnings Conference Call

July 19, 2005

11:00 a.m. ET

Host: Dennis S. Hudson, III

Operator:

Good morning ladies and gentlemen and welcome to the Second Quarter Earnings Release conference call.  At this time all participants are in a listen-only mode.  Later we will conduct a question and answer session.  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 and welcome to Seacoast’s second 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 statements.  During this call we are going to 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 Section 27A of that Act.  

We have also posted a few slides on our website that we will refer to in our comment.  Please feel free at this time to visit seacoastbanking.net and click on “Presentations” at the bottom of the “Investor Relations” listing to view these slides as we continue with our comments.  

With me today is Bill Hahl, our Chief Financial Officer, as well as Doug Gilbert, our Chief Credit Officer, and Jean Strickland, who I will introduce later.  All of us will be available to answer questions following our prepared remarks.  

Before we begin a discussion of our results this quarter we would like to comment on an exciting announcement this morning by Seacoast, and that is the appointment by our Board of Directors of Jean Strickland to President and Chief Operating Officer of our principal banking subsidiary, First National Bank and Trust Company.  Jean is a 15-year veteran of our company, having held key leadership positions on both the credit and operations side of the house.  Over the past couple of years, she has been leading our efforts to develop a new market in Palm Beach County and recently has accepted responsibility for integration of our new entry into Orlando.  Jean’s appointment this morning is part of our management succession planning that has been underway for some time.  

Doug Gilbert will continue to serve as an important mentor to Jean in his new role as Vice Chairman and Chief Credit Officer of the bank.  I am also pleased to announce Doug’s appointment to President and Chief Credit Officer of Seacoast, as well as my appointment as Chairman and Chief Executive Officer of Seacoast.

The changes we have made today, and others we will be making in the coming year, will help ensure continuity of management and continuity of our strong credit culture, which is so important to our success as a company.

This quarter we are again reporting earnings on a cash operating basis, which excludes non-cash profits and losses on our interest rate swap that does not qualify for hedge accounting, as we did last quarter.  We did this as well this quarter and we are also reducing cash earnings by our amortization expense.  We are doing this to better demonstrate our 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.

Seacoast’s earnings for the quarter broke all previous records and reflected a continuing strong growth in all of our markets, the continued success of our expansion in Palm Beach and the Space Coast, and the integration of our acquisition of Century National Bank in Orlando.  

Cash operating earnings totaled $0.33 per share this quarter, up 32 percent over $0.25 per share earned in the prior year and up 22 percent over the $0.27 per share earned in the first quarter of this year.  Most of the earnings growth resulted from a continuation of trends seen recently in our East Coast markets, although the acquisition provide a greater earnings accretion than expected as our Orlando leadership team exceeded their growth targets.

During the quarter we terminated the interest rate swap we disclosed previously that did not qualify for hedge accounting under FASB 133.  This means that going forward our earnings should not be impacted by profits or losses on interest rate swaps.

I would like to invite you all now to pull up the slides we have posted on our website at seacoastbanking.net.  We have presented a number of slides that better depict some of the recent growth trends impacting our business.  You will find them under “Presentations” at the bottom of the list under “Investor Relations.”  

Bill is now going to review a few of the highlights for the quarter.  Following his comments and a few closing comments from me, we will open the call for a few questions.  So Bill, I will turn the call over to you.

Bill Hahl:

Thank you, Denny.  Again, referring to the slides that we have posted, my comments will follow those in order.  As Denny mentioned, we had good strong growth this quarter, not only from earnings per share but on total revenues, as those increased by 30 percent this quarter.  Compared to the first quarter, total revenues were up 4.9 percent or roughly 25 percent on an annualized basis.  That compared to very consistent growth of around 26 percent in the first quarter and for the last 12 months as well—so total revenue growth has been very, very consistent.  

Net interest income was up as well, both in the first quarter at 22 percent and this quarter at 26 percent—so we have had good strong growth.  If you look at total revenues without our Century acquisition, on a stand-alone basis looking back, growth in the first quarter a year ago was at 19.9 percent—so still strong growth in total revenues from the core bank, but even stronger growth with Century included.

On the next slide we have our net interest margin and net interest income graphs.  We have depicted here both our net interest margin growth, which was up one basis point over the first quarter, and seven basis points over a year ago. We also, included on a dotted line basis, the margin growth without the Century merger.  The Century assets that we acquired, which were roughly about $250 million in earning assets, had a margin during the second quarter (for the two months included) of about 3.23 percent.  So it was somewhat dilutive to our margin improvement that we had overall during the quarter.  

This impact should go away, since it includes all of the dilution that we should experience from Century’s margin going forward.  Century’s margin has been improving over the last six months as well.  Their loans and other investments are primarily priced off of LIBOR type or prime based lending, and therefore have increasing asset yields going forward.  So their margin has been improving as well.

Moving on to the next slide, which depicts our investment management services trends:  these revenues were up 11 percent on a year-over-year basis.  This is essentially consistent with what we talked about last year, as revenues from these two business lines increased dramatically from a low point when the economy was much slower and these businesses weren’t doing as well.  Revenues increased around 20 percent last year.  Our belief is that we can grow these businesses over the long-term in the 8 percent to 10 percent compounded area as we did in this quarter compared to a year ago.

Moving on to the next slide, we show our loan growth over the last several quarters.  It remained very strong at 31.4 percent, excluding the acquisition of the $107 million in loans from Century, compared to the prior 12 months in the first quarter at 32 percent. So growth in the first two quarters was very consistent when you look back over the last 12 months.  

Organic growth in the loan portfolio, on a linked quarter basis annualized, was around 26 percent.  Including Century, the mix of loans now stands at 26 percent in the residential portfolio, 60 percent in our commercial and commercial real estate portfolio, and 14 percent in the consumer portfolio.  

Moving on to our next slide, commercial lending originations:  this is what primarily has been driving our loan growth over the last six months.  But we have had nice growth you will see in consumer as well and I will speak on that in a minute.  The pipeline looks very good over the remainder of 2005, and we believe similar results should be able to be achieved as we did in the first six months this year in terms of commercial loan originations.

Moving on to consumer lending, as I mentioned, it is up nicely – 20 percent over the last 12 months.  This is all organic growth.  Century has  very few consumer loan balances that we acquired.  The primary driver in growth over the last 12 months has been in Seacoast Marine loans.  That portfolio grew by $17 million over a year ago.  We have also had some lot loan growth and another $5 million in mobile home loans—so good overall growth in consumer lending.  I want to emphasize that marine lending—you will see this in a slide or two—is still primarily a fee-based business for us even though we have had nice growth in the portfolio over the last 12 months.  

Speaking of that, the next slide has Seacoast Marine’s production, which totaled $44 million for the quarter, versus $52 million in last year’s first quarter.  We believe that the high cost of fuel has affected this business somewhat in the first six months of the year, as well as strong competition from small independent organizations that also provide financing competition for our originators.  Fee income was up nicely from the first quarter.  It looks like the business pretty much has recovered from the hurricane related slowdown that we experienced in the third and fourth quarters of last year.

Moving on, our mortgage originations for the quarter are consistent with our first quarter results.  We continue to build this business with the addition of more originators in the new markets we recently entered, like Brevard County, and will be introducing more.  Century has done originations up in the Orlando market, but we plan on doing more in the future up there as well.  

Strong competition for sales people has been the primary factor in the first six months of this year.  We think that we have full staffing now and the manager believes that our volume should improve over the next six months.  

Moving on to our next slide, which is our deposit slide, deposits are up on an organic basis over the last 12 months by 21 percent.  We had a nice addition with the acquisition of $304 million in deposits from Century.  Century has very few CDs, about $17 million, so primarily core deposits were acquired.  Average saving deposits, including Century’s, are up 54 percent from a year ago.

Moving on to the next slide, which shows the dramatic change into the deposit mix as a result of the Century merger, with demand deposits moving from 21 percent of total deposits up to 28 percent, and savings staying relatively stable at 49 percent.  So much improved deposit mix is expected going forward.

Last but not least is the overhead ratio: with the Century merger, we have had a nice decline in the overhead ratio.  With revenues up 30 percent for the first six months, that is primary factor driving down the overall overhead ratio.  We believe that there is very little expansion in total non-interest expenses to be had over the next couple of quarters.  We expect to begin to see some additional branch expansion expenses much later in the year, and certainly as we move into early 2006, as we have plans for expansion into Brevard County and an additional branch opening in Palm Beach County.  Denny those are my comments on the slides.

Dennis Hudson:

Thank you, Bill.  As you have heard, this was a big quarter for Seacoast.  We welcome our new shareholders and the leadership team and the associates in the fast-growing Orlando market.  Our new shareholders have gained a significant interest in growing and profitable markets from Melbourne to Palm Beach, including the Treasure Coast where we are the dominant financial institution.  All of our shareholders now have a growing exposure to the fast-growing wealth market in the Orlando area.  We have become one of the largest and most profitable community banks in Florida.  Concentrating our resources exclusively in Florida’s top growth and best wealth markets uniquely positions us to benefit in the coming years from the impact of aging Baby Boomers who will continue to move to Florida in record numbers.

While we have focused our remarks the last few quarters on our “de novo” entry into new markets, we have been saying for a number of years that our strong and dominant position in the Treasure Coast market would position us for strong growth as these markets are increasingly discovered.  Indeed, we are now seeing increased population growth rates as people continue to move out of congested markets in South Florida.  In fact, Port St. Lucie this past month was named by the Census Department as the fastest growing large city in the United States based on the past year’s population growth.

With over $350 million in market capitalization and a strong and growing trading volume—some would say currently trading at a discount to other Florida peers—we believe Seacoast represents solid value over the long run.  These prospects, taken with our dividend yield of over 2.6 percent, make Seacoast a solid investment for growth and value investors alike.  This concludes our prepared remarks and we would be happy to take a few questions if there are any.

Operator:

Okay, thank you.  We will now begin the question and answer session.  If you have a question, please press star, then one, on your touchtone phone.  If you wish to be removed from the queue, press the pound sign or the hash (#) key.  If you are using a speakerphone, you will need to pick up the handset first.  Once again if there are any questions, press star then one on your touchtone phone.

 We have Barry McCarver.  Please go ahead.

Barry McCarver:

Hey, good morning, guys.  Great quarter.

Dennis Hudson:

Morning, Barry.

Barry McCarver:

Bill, I was wondering if you could comment just a little bit on the margin.  You talked about Century being in there for a good piece of the quarter, and it was obviously lower, but you say it is improving.  Commercial loans look like they continue to come on strong.  Is there any reason we should feel like we will see any weakness in the margin for the rest of the year at least?

Bill Hahl:

I don’t think so.  I don’t think we can necessarily extrapolate the great growth that we experienced in the second quarter, that was somewhat offset by Century, because I think there will be greater pressure on deposit costs in the markets going forward.  I think we will continue to see good asset yield improvement, but some of that may be offset by a little higher cost of funding.  Again, the metric that is very important is:  we are still at about a 66 percent loan-to-deposit ratio.  As long as we have loan growth and the funds are primarily coming out of the investment portfolio, we should have better margin performance than others.  

Dennis Hudson:

I think that is exactly what you are seeing this quarter and in the last couple of quarters.

Barry McCarver:

Speaking to Bill’s comments on deposit pressure, has that really changed any since the first quarter?

Bill Hahl:

There would appear to be more switching of our existing customers out of money market accounts into CDs.  We are seeing a little bit more of that than we did in the first six months.  As there are offering rates out there that are higher in the CD category, there is more switching occurring, so there is a little bit more pressure there — but not on core rates at all.  We haven’t seen anything with core rates.  So I don’t think it will be anything significant, but there is a little bit more activity there.

Barry McCarver:

Okay, and one last question and I will let somebody else get on.  The efficiency ratio came down pretty strongly in the quarter.  I guess it is running probably the best it has been in a couple of years.  Any more significant cost to come out of Century?  Or do you feel like this is a pretty good run rate?

Bill Hahl:

I think it is a pretty good run rate for now.  Probably, we will be adding at Century later on.  Certainly not this year.  As I said, I don’t think there is anything right now and I don’t think there is anything significant for cost-out at Century.  

Dennis Hudson:

And I would point out that there was no cost out at Century.  They had a very efficient operation and they continue to be efficient and produce some great performance.  

Barry McCarver:

Great quarter.  Thanks, guys.

Bill Hahl:

Thanks, Barry.

Dennis Hudson:

Thank you.

Operator:

We have Dave Honold on the line.  Please go ahead.

David Honold:

Good morning.

Bill Hahl:

Good morning.

Dennis Hudson:

Good morning.

David Honold:

Could you talk a little bit about the expectations for the third quarter?  The seasonality we might see in either the marine or the brokerage and trust operations?

Dennis Hudson:

Maybe Doug can comment on Seacoast Marine and then we will all weigh in.

Doug Gilbert:

The last half of the year, especially with the upcoming boat shows, beginning with the Ft. Lauderdale Boat Show in October, we normally begin to see a pick-up in business for Seacoast Marine—mostly in the fourth quarter.  So in the fourth quarter, we will probably see some pickup, but I don’t think we will see much in the third quarter.

Dennis Hudson:

Just generally, we are moving into our seasonal decline, all things being equal—which they are not.  We typically see deposits decline in the summer and we are beginning to see a little bit of that.  But again, I would remind everybody, we are still feeling sort of a positive impact of the hurricanes last year.  We have very large deposit balances related to that and we have some evidence that those balances may be starting to slide, but it is still too soon to say.

With regard to other fee businesses, brokerage and the like, it is really hard to say these days.  There has been pretty steady performance and we think that will probably continue, given where we are in the markets—probably a little more impactful than the seasonal impact.  Although you are right, this is the seasonal low point we are going to.  

David Honold:

Great.  Thanks.  And then just a follow-up on the cost savings question for Bill.  Do you think this is the new run rate in personnel, occupancy and equipment that we should be using going forward based on the addition of Century?

Bill Hahl:

Yes.  I think we are in pretty good shape, as I said, over the next two quarters.  I don’t really see that we have anything on an expansion basis that is going to dramatically change those numbers.

Dennis Hudson:

Jean, the rough opening day of the new office in Palm Beach County is…. the first of the year?

Jean Strickland:

Towards the end of the first quarter of next year.

Dennis Hudson:

Right.  So we have some time before that hits.  We are looking at some things in Brevard County, and have some things under contract, but they are out late in 2006, I would say, at the earliest … Doug?

Doug Gilbert:

Yes, it would definitely be in the third or fourth quarter of 2006.

Dennis Hudson:

So all total, I think you are right on target that this is in a pretty good solid shape now.  

David Honold:

Thanks very much.

Operator:

Dick Pye is now online.  Please go ahead.

Dick Pye:

Hey, guys, great quarter.

Dennis Hudson:

Thank you.

Bill Hahl:

Thank you.

Dick Pye:

Just a quick question about your reserves.  It looked like it trended up a bit in the quarter.  Are you starting to build reserves?  Or are you at a good level do you think?

Dennis Hudson:

No, we wouldn’t say we were starting to build reserves.  I think it is more or less stable.  A lot of that had to do with the acquisition, and just some adjustments that were made there, but I don’t think we have any particular comment on that, other than that we feel we are adequately reserved.  Doug, do you have other comments?

Doug Gilbert:

No, that is fine.

Dick Pye:

Okay, great.  Thanks.  

Operator:

We have Gary Tenner on the line.  Please go ahead.

Gary Tenner:

Thanks.  Good morning.

Dennis Hudson:

Good morning, Gary.

Bill Hahl:

Good morning, Gary.

Gary Tenner:

Just wondered if you could give some color on the Palm Beach County franchise in terms of loans and deposits as of quarter-end, as well as the pipeline that you have going into the third quarter?  Thanks.  

Jean Strickland:

Palm Beach County currently is about $100 million in deposits and about $200 million in loan outstandings.  We have $40 or $50 million in various unfunded loans in various stages of construction or funding.  The pipeline is extremely strong.  I would say we have a good solid $40 million that we know of in originations for the rest of this year.  The deposit growth continues to be strong there as well.  We are still new in that market and still building our business base there.

Dennis Hudson:

Jean, most of our deposit growth to date has been, or a great deal of it anyway, has been concentrated on the commercial side—as you have focused on that end of the market.  We think it will have a longer build-out in terms of the retail deposits, although those are growing nicely.  

Jean Strickland:

Exactly.

Gary Tenner:

Great.  Thank you.

Dennis Hudson:

Thank you, Gary.

Operator:

We now have Payton Green on line.  Please go ahead.

Payton Green:

Yes, good morning.

Dennis Hudson:

Good morning.

Payton Green:

A couple of questions.  Are there any competitive pressures that might force your hand a little bit on the NOW, savings and money market rates going forward?  Also, how should we think about the insurance proceeds moving out?  Another trend certainly has been that they have stuck around longer than you would have thought nine months ago when they started to hit.  What is your best guess going forward on that?  Thanks.

Bill Hahl:

On the NOW and savings accounts, there has been very little pressure on those types of products over the quarter.  There have been a few entrants in the money market area, but we have had a nice product that our customers seem to gravitate to, so we have had good growth in it.  It is not the highest rate in the market, certainly, but I think it is at an adequate level, and our convenience and our customer service has made it something that we have seen our own customers gravitate to and bring us balances in those accounts.  So we haven’t been extraordinary competitive, nor have we seen any large competitor that has really made a big splash with a money market product with a high rate or anything along those lines.

On the hurricane money, Payton as you pointed out, we sort of blew the estimates on what we thought it was going to grow to, so I am very hesitant to try to give you any sort of idea, because I really don’t have an idea on how it might go out.

Dennis Hudson:

I will tell you in a meeting this morning we heard stories of multi-million dollar claims that are still unpaid, and still being discussed and debated.  So there are lots of claims that are still not settled yet from a year ago, which is quite remarkable.  I think also we continue to be challenged to get all the work done and that keeps the deposits “sticky”.  I don’t know that we have any other comment other than that, Payton.  It is kind of hard to gain a handle on it.  If we had to guess, we would say it is going to stick longer than expected and bleed out a lot slower than expected.  

Payton Green:

Okay, great.  Backing out Century, you had about nine percent linked- quarter non-interest bearing deposit growth?  Does that sound right?  Not annualized?

Bill Hahl:

Backing out Century?

Payton Green:

Yes.

Bill Hahl:

On a linked quarter annualized…

Dennis Hudson:

That is probably right.  It was up.  DDA was up.

Payton Green:

I’ll say it another way.  How much in non-interest bearing deposits did Century contribute?  Is it about $85 million?

Dennis Hudson:

We will get back with you on that.

Payton Green:

Okay, great.

Dennis Hudson:

Jean is shaking her head.  She thinks it was about $85 million.  I do know, without Century, we have had some growth in that category… it sounds about right.

Payton Green:

Then, in terms of this quarter being clearly above what people thought it would be, at least on our side of the fence, does this change how you look at 2006 possibly?  Do you accelerate some growth initiatives in other markets?  Or in existing markets?  Or are you content to say we have spent the last 3-1/2 years getting the balance sheet the way we want it?  We want to have some benefit for a year to two years before we go through a big investment phase like you did in Palm Beach County?  How can you characterize that?

Dennis Hudson:

Well, I think the latter probably is a better characterization.  We do have plans for some expansion but it is not nearly as dramatic or overhead impactful as what we did a few years back.  We are trying to be balanced in our approach and we stated earlier in the call what those plans are:  one office in the end of the first quarter of next year, and then towards the end of next year, at the earliest, some other things that might be appearing.  

Again, they are really branch offices and not as impactful as entering a new market.  We frankly think that there is a lot of growth ahead of us in the new markets—a lot of organic growth that we are going to realize around what we have already built in terms of infrastructure.  I think going forward the challenge will be to attract the right talent to add to the talent already in these markets as we go forward.  Included in that would be what is going on right now in Orlando.  We have a tremendously talented team there, and as we go forward to the next year or two, as they continue to add to that, we will have great results there as well.  

So we think the name of the game going forward for the next year or two is definitely to realize the potential that exists now in those footprints and in the organization.

Payton Green:

Okay.  The question is:  If we think about the balance sheet leverage, to what extent are you willing to let the loan to earning asset mix move up and also the loan-to-deposit ratio, in terms of comfort levels?

Dennis Hudson:

Bill can comment on that.  Before he starts I would point out that we slipped backwards when we did the Century acquisition because they had a lower loan-to-deposit ratio than we did prior to the acquisition.  That gives us more capacity as we go forward.  Bill?

Bill Hahl:

Payton, if you look at our historic figures, we are comfortable at levels in the high 80’s for a loan-to-deposit ratio.  I think we can operate quite profitability in that range.  So that is basically our goal going forward is to increase to that level.  

Dennis Hudson:

I had a comment on loan growth.  The last few years our loan growth rates have been very dramatic.  You have to remember that we came off some negative growth a couple of years ago, so that we were starting at very low levels.  We created a much enhanced ability to do production in a reasonable fashion, and that produced some very nice growth.  But as we continue to roll forward, those growth rates are likely to come down into the teens, which is still excellent growth and a growth rate that we think is sustainable, at least over the next year or two in the high teens.  The leveraging that has occurred to date has been pretty dramatic when you look at it historically.  I think it will be incrementally positive to earnings in the next year, but probably less dramatic in terms of its movement when we go forwar d, particularly when you look at the dynamics of what is happening in the balance sheet.

Payton Green:

Okay, great.  Thank you very much.

Operator:

At this time, there are no further questions.  

Dennis Hudson:

Okay.  Thank you all for attending and we look forward to reporting good results at our next call next quarter.  

Operator:

This concludes today’s conference.  Thank you for participating.  You may now disconnect.

Page # of 13

EX-99.3

EXHIBIT 99.3

Seacoast Banking Corporation of Florida

Second 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, se curities, 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 potenti al 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, S tuart, 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

(Dollars in thousands)	Without Century 2Q-2005	Century 2Q-2005	Combined 2Q-2005	2Q-2004	Growth
Net Interest Income	$ 16,148	$  1,719	$ 17,867	$ 12,784	$ 5,083
Noninterest Income	5,257	82	5,339	5,070	269
Total Revenues	$ 21,405	$  1,801	$ 23,206	$ 17,854	$ 5,352

*

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

	4Q-2003	2Q-2004	3Q-2004	4Q-2004	1Q-2005	With Century 2Q-2005	Without Century 2Q-2005
Net Interest Margin	3.70%	3.84%	3.97%	3.88%	3.90%	3.91%	3.98%

*

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

Net Interest Income

(Dollars in thousands)	1Q-2004	2Q-2004	3Q-2004	4Q-2004	1Q-2005	2Q-2005
Net Interest Income	$12,467	$12,784	$13,498	$14,158	$15,277	$17,867

Investment Management Services Income

●

Financial Services Income Up 11%

(Dollars in thousands)	2Q-2005	2Q-2004	Variance
Trust Income	$    684	$    517	$   167
Brokerage Income	634	671	(37)
Total Financial Services Income	$ 1,318	$ 1,188	$   130

Loan Outstandings

•

Loan Growth Remains Strong at a 31.4% Growth Rate Year-over-Year, Excluding Acquisition of $107 Million in Loans

(Dollars in thousands)	2Q-2004	3Q-2004	4Q-2004	1Q-2005	2Q-2005
Loan Outstandings Including Century	$ 789,344	$ 859,173	$ 899,547	$ 978,095	$1,148,373

Commercial Loan Originations Remain Strong

(Dollars in thousands)	3Q-2004	4Q-2004	1Q-2005	2Q-2005
Commercial Originations*	$ 133,160	$  91,643	$ 108,827	$ 118,827

*  Includes commercial real estate

Consumer Lending Up 20.1% Over Last Twelve Months

(Dollars in thousands)	2Q-2005	2Q-2004
Consumer Outstanding Balances*	$ 160,163	$ 132,669

*  Includes second mortgages and booked marine loans

(Dollars in thousands)	2Q-2005	1Q-2005	4Q-2004	3Q-2004
Booked Marine Production	$ 3,977	$4,926	$3,590	$9,708

Seacoast Marine Finance

(Dollars in thousands)	3Q-2004	4Q-2004	1Q-2005	2Q-2005
Florida Marine Production	$ 18,608	$ 14,704	$ 19,222	$ 19,907
California Marine Production	$ 23,001	$ 21,349	$ 23,006	$ 24,406
Marine Fees	$     640	$     600	$     698	$     836

Mortgage Originations

(Dollars in thousands)	3Q-2004	4Q-2004	1Q-2005	2Q-2005
Residential Applications Processed	$ 41,083	$ 42,083	$ 59,921	$ 60,109
Mortgage Banking Fees	$   523	$   347	$570	$425

Deposits Up 21.1% Over Last Twelve Months, Excluding Acquisition of $304 Million in Deposits

(Dollars in thousands)	2Q-2004	2Q-2005
Total Deposits Including Century	$ 1,188,549	$ 1,743,895

Deposit Mix

	2Q-2005		2Q-2004
Demand	28	%	21	%
Savings	49		49
Time Deposits	23		30
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
Overhead Ratio*	66.7%	65.1%	65.6%	65.0%

	1Q-2005	2Q-2005
Overhead Ratio*	65.4%	63.1%

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

Service Area

•

Seminole County

•

Orange County

•

Brevard County

•

Indian River County

•

St. Lucie County

•

Martin County

•

Palm Beach County

•

Ft. Lauderdale