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)  October 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 October 18, 2005, the Registrant announced its financial results for the third quarter ended September 30, 2005.  

A copy of the press release announcing the Registrant’s results for the third quarter ended September 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 October 19, 2005, the Registrant held an investor conference call to discuss its financial results for the third quarter ended September 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 September 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 October 18, 2005 with respect to Seacoast Banking Corporation of Florida’s financial results for the third quarter ended September 30, 2005.
99.2	Transcript of Registrant’s investor conference call held on October 19, 2005 to discuss the Registrant’s financial results for the third quarter ended September 30, 2005.
99.3	Data of charts referenced in the conference call held on October 19, 2005 to discuss the Registrant’s financial results for the third quarter ended September 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:   

October 21, 2005

By:

/s/ William R. Hahl

Name:

William R. Hahl

Title:  

Executive Vice President &

Chief Financial Officer

EX-99.1

EXHIBIT 99.1

To 8-K dated October 18, 2005

NEWS RELEASE

Dennis S. Hudson, III

Chairman and Chief Executive Officer

Seacoast Banking Corporation of Florida

(772) 288-6086

William R. Hahl

Executive Vice President and

Chief Financial Officer

 (772) 221-2825

SEACOAST REPORTS INCREASED

EARNINGS FOR THE THIRD QUARTER

STUART, FL., October 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 for the third quarter of 2005 totaling $5,565,000 or $0.32 diluted earnings per share (DEPS), up 35.9 percent from $4,095,000 or $0.26 DEPS for the third quarter a year ago.  For the first nine months of 2005, net income totaled $14,926,000 or $0.90 DEPS, compared to $11,222,000 or $0.71 DEPS for 2004, an increase of 27.4 percent.   

Cash operating earnings totaled $5,683,000 or $0.33 DEPS for the third quarter of 2005, an increase of $1,803,000 or 46.5 percent over the same period last year.  Year-to-date cash operating earnings were $15,368,000, up $3,978,000 or 34.9 percent compared to the same period last year.  (The Company believes that cash operating earnings, excluding the after tax 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.)  The Company terminated the interest rate swap that did not qualify for hedge accounting in the second quarter of 2005.

“I am very pleased with the success achieved so far in 2005”, said Dennis S. Hudson, III, Chairman and Chief Executive Officer of Seacoast.  “Strong net interest income growth led to the increased cash operating earnings trends this quarter.  These exceptional operating results were partially achieved by a continuation of favorable net interest margins, improved credit quality, and the retention of customers and core deposit balances acquired in the acquisition of Century National Bank in April this year.  Our long term perspective shows growth in households serviced, expansion of products and services offered, improved profitability and a record of positive asset quality.”

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

•

Net interest margin of 4.01 percent represented an increase from the 3.91 percent achieved in the second quarter of 2005, and was higher than the third quarter 2004’s results of 3.97 percent;

•

Record total revenues (net interest income and noninterest income combined) of $68 million, up 27.3 percent for the first nine months compared to the same period in 2004, and increased 15.7 percent annualized for the third quarter on a linked quarter basis;

•

Asset quality remained solid with total nonperforming assets of $325,000, or a ratio of 0.03 percent, compared to 0.05 percent at September 30, 2004, and net charge-offs as a percent of average loans of 0.02 percent year-to-date compared to 0.04 percent for 2004;

•

Fees from investment management services grew $189,000 compared to the third quarter 2004 or 17.5 percent;

•

Return on average tangible equity using cash operating earnings^* increased to 19.50 percent in the third quarter 2005 from 14.57 percent a year earlier; and

•

Return on average assets using cash operating earnings^* increased to 1.14 percent for the third quarter compared to 1.10 percent for 2004.

The improved net interest margins resulted from favorable economic conditions throughout the Company’s markets which enabled loan growth to remain strong and improvement in the mix of earning assets to continue.  Net interest income increased $1.2 million over the second quarter 2005, up 27.5 percent annualized.  In addition, while interest rates have increased a total of 275 basis points since the Fed began raising rates and 200 basis points over the last 12 months, the Company’s favorable deposit mix has allowed average cost of deposits to remain low.  The average cost for interest bearing deposits in the third quarter 2005 increased to 1.80 percent from 1.29 percent a year earlier, while total costs of deposits, including noninterest bearing demand deposits, increased only 30 basis points over the prior year to 1.32 percent.  Average interest bearing deposits were up $322 million or 34.4 percent over the past year (including $181 million acquired in the Century acquisition) and increased $33 million or 2.7 percent linked quarter for the three months ended September 30, 2005.  Noninterest bearing demand deposits now comprise 26 percent of total deposits, up from 21 percent a year ago.

Total loans outstanding at September 30, 2005 increased 42 percent compared to September 30, 2004, and the Company’s loan to deposit ratio is 68 percent.  Organic loan growth over the past 12 months totaled $252 million, or 29 percent.  With the recent addition of new markets in Orlando, expansion into Palm Beach County with a total of five offices and the loan production office, and planned offices for Brevard County, the Company is poised to utilize its liquidity to continue expanding its loan portfolio.  The end result of the acquisition and expansion is a substantially improved commercial lending footprint in new markets, all achieved with a small increase in offices and relatively light impact on overhead.  The Palm Beach County market’s outstanding loans and deposits at September 30, 2005 total $222 mill ion and $95 million, respectively.

Most importantly, the loan growth has not impacted credit quality.  Net charge-offs for the first nine months of 2005 totaled $167,000, compared to $213,000 for 2004.  Nonperforming loans declined as well, by $64,000, and now total only $325,000.  These outstanding results reduced the necessity for higher provisioning for loan losses.  At September 30, 2005, the mix of loans outstanding was:  26 percent residential real estate mortgage loans, 61 percent commercial and commercial real estate, and 13 percent consumer loans.

Noninterest income, excluding interest rate swap profits and losses, increased 9.6 percent when compared to the prior year’s third quarter, reflecting increased revenues from service charges on deposit accounts, debit card interchange fees, investment management services, and marine finance fees.  While revenues from wealth management services have generally improved over the last several quarters, it remains extremely challenging due to the uncertain national economic environment.

Noninterest expenses totaled $15.4 million, an increase of 28.1 percent from the prior year's third quarter and a 5.2 percent increase compared to the second quarter 2005.  A substantial portion of these increases was the result of the acquisition of Century, as well as 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.  

Seacoast will host a conference call on Wednesday, October 19 at 10:00 a.m. (Eastern Time) to discuss the earnings results and business trends.  Investors may call in (toll-free) by dialing (800) 322-0079 (access code: 6584318; leader: Dennis Hudson).  A replay of the call will be available beginning the afternoon of October 19 by dialing (877) 519-4471 (domestic), using the passcode 6584318.

Seacoast Banking Corporation of Florida has approximately $2.1 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 -

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 intere st 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 comp letion 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.

- continued -

FINANCIAL  HIGHLIGHTS	(Unaudited)
SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES
	Three Months Ended				Nine Months Ended
(Dollars in thousands,	September 30,				September 30,
except per share data)	2005		2004		2005		2004
Summary of Earnings
Net income (GAAP)	$    5,565	$	4,095	$	14,926	$	11,222
Amortization of core deposit premium	118		--		269		--
Net interest rate swap (profits) losses	--		(215	)	173		169
Cash operating earnings*	$    5,683	$	3,880	$	15,368	$	11,391
Net interest income  (1)	19,091		13,498		52,235		38,749
Performance Ratios
Return on average assets  (2), (3)
Using GAAP earnings	1.09	%	1.16	%	1.06	%	1.08	%
Using cash operating earnings* on average tangible assets	1.14		1.10		1.10		1.10
Return on average
shareholders' equity  (2), (3)
Using GAAP earnings	14.59		14.98		14.94		13.87
Using cash operating earnings* on average tangible equity	19.50		14.57		18.09		14.46
Net interest margin  (1), (2)	4.01		3.97		3.94		3.90
Per Share Data
Net income diluted (GAAP)	$      0.32	$	0.26	$	0.90	$	0.71
Amortization of core deposit premium	0.01		--		0.02		--
Net interest rate swap (profits) losses	--		(0.01	)	0.01		0.01
Cash operating earnings* diluted	$      0.33	$	0.25	$	0.93	$	0.72
Net income basic (GAAP)	0.33		0.27		0.92		0.73
Cash dividends declared	0.15		0.14		0.43		0.40

(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
			September 30,					Increase/
			2005		2004			(Decrease)
Credit Analysis
Net charge-offs year-to-date		$	167	$		213		(21.6	)
Net charge-offs to average loans			0.02	%		0.04	%	(50.0	)
Loan loss provision year-to-date		$	987	$		550		79.5
Allowance to loans at end of period			0.71	%		0.76	%	(6.6	)
Nonperforming assets		$	325	$		389		(16.5	)
Nonperforming assets to loans and other
real estate owned at end of period			0.03	%		0.05	%	(40.0	)
Selected Financial Data
Total assets		$	2,086,073	$		1,398,056		49.2
Securities – Available for sale (at fair value)			411,800			398,152		3.4
Securities – Held for investment (at amortized cost)			157,369			69,845		125.3
Net loans			1,209,276			852,676		41.8
Deposits			1,778,574			1,180,957		50.6
Shareholders' equity			149,526			107,467		39.1
Book value per share			8.76			6.96		25.9
Tangible book value per share			6.73			6.78		(0.7	)
Average shareholders' equity
to average assets			7.10	%		7.78	%	(8.7	)
Average Balances (Year-to-Date)
Total assets		$	1,881,211	$		1,389,318		35.4
Less:  Intangible assets			19,945			2,808		610.3
Total average tangible assets		$	1,861,266	$		1,386,510		34.2
Total equity		$	133,548	$		108,061		23.6
Less:  Intangible assets			19,945			2,808		610.3
Total average tangible equity		$	113,603	$		105,253		7.9

CONDENSED CONSOLIDATED STATEMENTS OF INCOME  (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

				Three Months Ended				Nine months Ended
				September 30,				September 30,
(Dollars in thousands, except per share data)				2005		2004		2005		2004
Interest on securities:
Taxable	$			5,593	$	4,530	$	16,270	$	13,786
Nontaxable				15		29		51		85
Interest and fees on loans				19,560		12,480		51,394		35,007
Interest on federal funds sold and interest bearing deposits				899		3		2,093		66
Total Interest Income				26,067		17,042		69,808		48,944
Interest on deposits				2,565		1,094		6,097		2,769
Interest on time certificates				3,152		1,944		8,362		6,044
Interest on borrowed money				1,285		542		3,201		1,484
Total Interest Expense				7,002		3,580		17,660		10,297
Net Interest Income				19,065		13,462		52,148		38,647
Provision for loan losses				280		250		987		550
Net Interest Income After Provision for Loan Losses			18,785			13,212		51,161		38,097
Noninterest income:
Service charges on deposit accounts				1,356		1,201		3,695		3,402
Trust income				701		556		1,968		1,611
Mortgage banking fees				525		523		1,520		1,477
Brokerage commissions and fees				567		523		1,935		1,909
Marine finance fees				728		640		2,262		2,397
Debit card income				441		348		1,298		997
Other deposit based EFT fees				93		108		323		353
Merchant income				525		503		1,700		1,508
Interest rate swap profits (losses)				0		330		(267	)	(260)
Other income				343		428		994		1,051
				5,279		5,160		15,428		14,445
Securities gains (losses), net				34		16		78		26
Total Noninterest Income				5,313		5,176		15,506		14,471
Noninterest expenses:
Salaries and wages				6,123		5,004		17,053		14,112
Employee benefits				1,807		1,288		4,738		3,951
Outsourced data processing				1,629		1,451		4,868		4,336
Occupancy expense				1,346		1,093		3,738		3,215
Furniture and equipment expense				561		500		1,596		1,480
Marketing expense				776		582		2,505		1,835
Legal and professional fees				650		375		1,830		1,037
FDIC assessments				65		42		169		126
Amortization of intangibles				181		--		414		--
Other expense				2,270		1,692		6,451		5,082
Total Noninterest Expenses				15,408		12,027		43,362		35,174
Income Before Income Taxes				8,690		6,361		23,305		17,394
Provision for income taxes				3,125		2,266		8,379		6,172
Net Income		$		5,565	$	4,095	$	14,926	$	11,222
Per share common stock:
Net income diluted		$		0.32	$	0.26	$	0.90	$	0.71
Net income basic				0.33		0.27		0.92		0.73
Cash dividends declared				0.15		0.14		0.43		0.40
Average diluted shares outstanding				17,283,083		15,704,794		16,566,410		15,761,390
Average basic shares outstanding				16,856,109		15,299,443		16,175,803		15,353,792

CONDENSED CONSOLIDATED BALANCE SHEETS  (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

			September 30,		December 31,			September 30,
(Dollars in thousands)			2005		2004			2004
Assets
Cash and due from banks	$		98,478	$		44,920	$	39,101
Federal funds sold and interest bearing deposits			125,769			44,758		258
Securities:
Available for sale (at fair value)			411,800			395,207		398,152
Held for investment (at amortized cost)			157,369			198,551		69,845
Total Securities			569,169			593,758		467,997
Loans available for sale			8,132			2,346		3,335
Loans			1,217,919			899,547		859,173
Less: Allowance for loan losses			(8,643	)		(6,598	)	(6,497)
Net Loans			1,209,276			892,949		852,676
Bank premises and equipment			21,559			18,965		18,589
Intangible assets			34,546			2,774		2,791
Other assets			19,144			15,406		13,309
	$		2,086,073	$		1,615,876	$	1,398,056
Liabilities and Shareholders’ Equity
Liabilities
Deposits
Demand deposits (noninterest bearing)	$		465,834	$		345,122	$	250,182
Savings deposits			862,944			669,059		582,255
Other time deposits			282,505			238,188		242,166
Time certificates of $100,000 or more			167,291			120,097		106,354
Total Deposits			1,778,574			1,372,466		1,180,957
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days		81,100				86,919		61,829
Other borrowings			66,175			39,912		40,047
Other liabilities			10,698			8,367		7,756
			1,936,547			1,507,664		1,290,589
Shareholders' Equity
Preferred stock			--			--		--
Common stock			1,710			1,710		1,710
Additional paid in capital			46,076			26,950		26,911
Retained earnings			109,015			101,501		99,958
Restricted stock awards			(3,695	)		(3,333	)	(2,478)
Treasury stock			(325	)		(16,172	)	(16,686)
			152,781			110,656		109,415
Accumulated other comprehensive loss			(3,255	)		(2,444	)	(1,948)
Total Shareholders’ Equity			149,526			108,212		107,467
	$		2,086,073	$		1,615,876	$	1,398,056
Common Shares Outstanding			17,074,287			15,468,357		15,441,560

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)					Third				Second			First			Fourth				Months
Net income (GAAP)	$				5,565	$			5,475	$		3,886	$			3,700	$		18,626
Amortization of core deposit premium					118				144			7				--			269
Net income rate swap (profits) losses					--				(162	)		335				287			460
Cash operating earnings*	$				5,683	$			5,457	$		4,228	$			3,987	$		19,355
Operating Ratios
Return on average assets (GAAP) (2),(3)
Using GAAP earnings					1.09	%			1.13	%		0.94	%			0.97	%		1.04	%
Using cash operating earnings* on average tangible assets		1.14							1.14			1.03				1.04			1.09
Return on average shareholders' equity (GAAP) (2),(3)
Using GAAP earnings		14.59							16.07			14.04				13.38			14.60
Using cash operating earnings* on average tangible equity		19.50							18.87			15.69				14.79			17.28
Net interest margin (1),(2)					4.01				3.91			3.90				3.88			3.93
Average equity to average assets					7.50				7.03			6.69				7.22			7.13
Credit Analysis
Net charge-offs (recoveries)	$				(35	)	$		15		$	187	$			349		$	516
Net charge-offs (recoveries) to average loans				(0.01		)%			0.01	%		0.08	%			0.16	%		0.05	%
Loan loss provision	$				280	$			269	$		438	$			450	$		1,437
Allowance to loans at end of period					0.71	%			0.73	%		0.70	%			0.73	%
Nonperforming assets	$				325	$			200	$		1,040	$			1,447
Nonperforming assets to loans and other real estate owned at end of period				0.03		%			0.02	%		0.11	%			0.16	%
Nonaccrual loans and accruing loans 90 days or more past due to loans outstanding at end of period					0.03				0.02			0.11				0.16
Per Share Common Stock
Net income diluted (GAAP)			$		0.32	$			0.33	$		0.25	$			0.24	$		1.14
Amortization of core deposit premium					0.01				0.01			--				--			0.02
Net interest rate swap (profit) losses					--				(0.01	)		0.02				0.02			0.03
Cash operating earnings* diluted			$		0.33			$	0.33	$		0.27	$			0.26	$		1.19
Net income basic (GAAP)			$		0.33	$			0.33	$		0.25	$			0.24	$		1.15
Cash dividends declared					0.15				0.14			0.14				0.14			0.57
Book value per share					8.76				8.63			7.04				7.00
Average Balances
Total assets			$		2,017,521	$			1,945,079	$		1,677,295	$			1,523,284
Less:  Intangible assets					35,676				20,627			3,176				2,785
Total average tangible assets			$		1,981,845	$			1,924,452	$		1,674,119	$			1,520,499
Total equity			$		151,299	$			136,659	$		112,257	$			110,014
Less:  Intangible assets					35,676				20,627			3,176				2,785
Total average tangible equity	$				115,623	$			116,032	$		109,081	$			107,229

 (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		September 30, 2005				December 31, 2004			September 30, 2004
U.S. Treasury and U. S. Government Agencies		$		67,628	$		20,656	$		20,795
Mortgage-backed				335,876			366,806			371,523
Other securities				8,296			7,745			5,834
Securities Available for Sale				411,800			395,207			398,152
										&n bsp;
U.S. Treasury and U. S. Government Agencies				4,999			4,999			4,999
Mortgage-backed				151,174			192,128			62,616
Obligations of states and political subdivisions				1,196			1,424			2,230
Securities Held for Investment				157,369			198,551			69,845
Total Securities		$		569,169	$		593,758	$		467,997
LOANS	September 30, 2005				December 31, 2004				September 30, 2004
Construction and land development		$	417,249		$		252,329	$		171,351
Real estate mortgage			626,794				498,692			550,171
Installment loans to individuals			87,458				81,831			81,768
Commercial and financial			86,073				66,240			55,614
Other loans			345				455			269
Total Loans		$	1,217,919		$		899,547	$		859,173

AVERAGE BALANCES, YIELDS AND RATES  (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

		2005									2004
		Third Quarter			Second Quarter						Third Quarter
		Average		Yield/			Average	Yield/			Average	Yield/
(Dollars in thousands)		Balance		Rate			Balance	Rate			Balance		Rate
Assets
Earning assets:
Securities:
Taxable	$	603,477		3.71	%	$	633,258	3.60	%	$	518,637		3.49	%
Nontaxable		1,196		7.36			1,423	7.59			2,180		8.07
Total Securities		604,673		3.71			634,681	3.61			520,817		3.51
Federal funds sold and other
short-term investments		107,000		3.33			106,756	2.91			1,166		1.02
Loans, net		1,175,992		6.61			1,091,628	6.38			827,880		5.99
Total Earning Assets		1,887,665		5.48			1,833,065	5.22			1,349,863		5.02
Allowance for loan losses		(8,490		)			(7,778	)			(6,420		)
Cash and due from banks		67,683					63,988				34,787
Premises and equipment		21,397					21,008				18,408
Other assets		49,266					34,796				13,473
	$	2,017,521					1,945,079		$		1,410,111
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW (including Super NOW)	$	100,785		0.83	%	$	105,678	0.57	%	$	70,026		0.47	%
Savings deposits		163,675		0.51			171,715	0.50			159,258		0.51
Money market accounts		585,395		1.45			553,134	1.25			358,530		0.90
Time deposits		406,813		3.07			393,308	2.85			347,337		2.23
Federal funds purchased and securities sold under agreements to repurchase			79,167	2.72			81,178	2.36			68,020		1.15
Other borrowings		64,386		4.57			60,505	4.27			39,784		3.45
Total Interest-Bearing Liabilities		1,400,221		1.98			1,365,518	1.76			1,042,955		1.37
Demand deposits (noninterest-bearing)		455,902					434,777				250,871
Other liabilities		10,099					8,125				7,536
Total Liabilities		1,866,222					1,808,420				1,301,362
Shareholders' equity		151,299					136,659				108,749
	$	2,017,521					1,945,079				1,410,111
Interest expense as a % of earning assets				1.47	%			1.31	%				1.06	%
Net interest income as a % of earning assets				4.01				3.91					3.97

(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

To 8-K dated October 18, 2005

Seacoast Banking Corporation of Florida

October 19, 2005

10:00 a.m. ET

OPERATOR:  Good morning, ladies and gentlemen.  My name is India and I will be your conference facilitator today.  At this time, I’d like to welcome everyone to this Seacoast Banking Corporation of Florida third quarter earnings conference call.  All lines have been placed on mute to prevent any background noise.  After the speakers’ remarks, there will be a question and answer period.  If you would like to ask a question during this time, please press star and the number one on your telephone keypad.  If you would like to withdraw your question at any time, please press the pound key.  It is now my pleasure to turn the floor over to your host, Mr. Dennis Hudson.  Sir, the floor is yours.

DENNIS HUDSON, PRESIDENT AND CHIEF EXECUTIVE OFFICER, SEACOAST BANKING CORPORATION OF FLORIDA:  Thank you very much and welcome to Seacoast’s third quarter earnings conference call.  Before I begin, I’d like to direct everyone’s attention to our statement contained at the end of the press release regarding forward statements.  During this call we are going to be talking about a number of issues that constitute forward-looking statements and, accordingly, our comments are intended to be covered within the meaning of Section 27-A of the Securities and Exchange Act.  We’d also posted a few slides on our website that we are going to be referring to in our comments.  I would encourage you to visit www.seacoastbanking.net and click on presentations at the bottom of the investor relations listing to view the slides as w e continue with our comments.  With me today is Bill Hahl, our Chief Financial Officer as well as Doug Gilbert, Vice Chairman and Chief Credit Officer.  All of us will be available to answer any questions you might have following our prepared remarks.  

This quarter we are again recording earnings on a cash operating basis which excludes non-cash amortization expense and profit and losses on our interest rate swaps in the prior period.  These non-cash swap adjustments have not impacted the quarter and will not impact us going forward, but have affected prior quarters.  We’re discussing our performance in this manner 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.

Our performance this quarter was, again, very strong.  Earnings reached a record $5.7 million or earnings per diluted share of thirty-three cents.  These results produced a cash return on assets of 1.14 percent and a cash return on equity of over 19 percent.  Business activity in all of our markets remains strong.  Our expansion into larger metro markets over the past few years has proven to be helpful to margin expansion, while our dominate presence in our fast-growing Treasure Coast market continues to drive profitable improvements as we further build our unique relationship strategy across a branch infrastructure on the Treasure Coast that is largely complete.  

We have also become recognized as a third alternative in banking.  As the SuperCommunity Bank, we offer our customers the benefits of relationship-focused community banks with a larger capacity and the professional talent typically found in larger companies – truly the best of both worlds.  Our most recent annual report was titled “Internal Strength Drives Profit”.  We chose this title because it describes the potential that we are beginning to unleash as we leverage the talent of our people and consistently and persistently build upon our culture of taking personal responsibility.

Unleashing this strength into the very best growth markets in the state of Florida is what we believe will drive our profit growth in the coming years.  Many banks this quarter are starting to experience initial indications of margin compression.  Some companies in Florida have seen their loan-to-deposit ratios grow to over 100 percent and are now feeling this – the affects of a relatively flat yield curve.  And others have suggested the deposit growth is expected to slow as they struggle to control their funding costs in the future.  The actions taken by Seacoast over the past few years — actions to reduce our exposure to long-term fixed-rate assets including residential loans when rates where low and to carefully build our exposure to shorter term higher-yielding commercial relationships and our relentless focus on building o ur business around a relationship-focused strategy — has significantly improved our ability to perform in the environment that we now find ourselves in.

Our work over the last few years has done three things for us.  First, it has improved upon our already impressive deposit funding as we have seen continued growth in low-cost, core funding.  Second, it has enhanced our asset sensitivity in a period of increasing short-term interest rates; and third, we are now better positioned to compete for fixed-rate business in the future should we see the yield curve begin to steepen.

I would invite all of you now to pull up the slides that we have posted on our website, seacoastbanking.net.  We have presented a number of slides to 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 and following his comments and a few closing remarks from me, we will all be glad to answer a few questions.  Bill?

BILL HAHL, CHIEF FINANCIAL OFFICER, SEACOAST BANKING CORPORATION OF FLORIDA:  Thanks, Denny.  Good morning.  The company produced record total revenues for the quarter and for the first nine months with the third quarter net interest income increasing $1.2 million or 6.6 percent over the second quarter.  Total cash operating earnings on a sequential basis were up $226,000 or approximately four percent over the second quarter or 16 percent annualized.  These results were driven by improved average earning assets which totaled $1.9 billion at September 30th, up $55 million over the second quarter.  More importantly, average loans were up $83 million, achieving a better mix of earning assets and should positively impact net interest income on a going-forward basis.  

Noninterest income for the quarter, over the prior year’s quarter, was up 9.3 percent, and all lines of businesses (mortgage banking, Seacoast Marine, and investment management) were all up nicely for the quarter and were consistent with our expectations.  

Moving to the second slide that we have posted today…is our overhead ratio.  Noninterest expenses grew by 5.2 percent compared to the second quarter.  A portion of the growth in the expenses was related to the Century acquisition and its full first-time, full-quarter inclusion.  But, in addition, we had higher earnings performance for the quarter and year-to-date and that has required additional accruals for incentives and employee profit-sharing plans.  These added an additional $300,000 to the third quarter overhead for salaries and wages, and another $200,000 related to the profit-sharing was added to employee benefits.  But because of the good revenue growth that I talked about earlier, the overhead ratio remained unchanged compared to the second quarter and also is in line with our prior guidance.

Our next slide shows our organic loan growth which remains strong at 29 percent for the third quarter.  This is slightly down from the second quarter’s 31 percent and down from 32 percent in the first quarter.  That also excludes the $107 million worth of loans acquired with Century.  This is a very important metric that will be driving our interest income growth going forward.  As Denny mentioned, many institutions have loan-to-deposit ratios approaching or exceeding 100 percent.  We finished the quarter with a 68 percent loan-to-deposit ratio.  We were doing quite well increasing the loan-to-deposit ratio up until the Century acquisition – and I just remind everyone that Century had about a 33 percent loan-to-deposit ratio.  So we went backwards in the second quarter, but began expanding the loan-to-deposit rat io again, and we expect that to continue to improve on a going-forward basis.

The next slide shows the importance of the commercial loan originations that Denny spoke of.  It’s a very important component of the loan growth.  In particular, it’s important that we continue to have strong originations because many of our commercial development projects that our customers are wrapping up will be paying off.  So it’s important that if we’re going to continue to have strong loan growth that we have strong originations, and through the third quarter you can see that we actually improved slightly over the second quarter at nearly $125 million.

Denny mentioned our third alternative to banking and our relationship banking strategy.  That’s been very helpful in our overall deposit growth, which is up nearly 25 percent over the past 12 months excluding the acquisition of Century deposits. And really, it involves four components.  It’s our growing markets.  As Denny mentioned, our relationship banking strategy is very effective in our legacy markets.  We also have expanded into Palm Beach County and Brevard County and those have been very successful.  Last year we had a couple of hurricanes that impacted our area and that also improved our deposit growth. And then the final component is basically the commercial loan growth that we have experienced in all of our markets, adding new business relationships to that overall growth.  So there have been several factors that have had a very dramatic impact on our deposit growth over the last 12 months.

Denny mentioned our favorable deposit mix and we are maintaining that and improving it on the slide for “deposit mix”.  Our noninterest bearing demand deposits now consists of 26 percent of total deposits.  Again, this is a result of our relationship strategy.  We already had a very favorable deposit mix prior to the Century acquisition, but they (Century) had an extraordinarily favorable deposit mix with over 30 percent in the demand category.

Our next slide shows our cost of deposits and how this relationship banking strategy really works, particularly in our markets, and allows us to attract low cost funds.  You can see, in comparison to the Fed Funds’ rate increasing 275 basis points over the past two years, the company’s cost of deposit has only increased 28 basis points; and over the last 12 months, where the Fed has increased rates 200 basis points, the cost of deposits (for the company) has increased only 30 basis points.  We know we are not immune to Fed increases and believe that going forward that we are going to experience higher costs for deposits, but because of our relationship banking strategy, we believe that we can continue to attract and maintain really good core deposit relationships with our customers and we won’t see the kind of rate increases going f orward that others may experience.

Our next slide is our average earning asset growth over the last six quarters which has been at 47 percent.  An increasing component of earning assets has been average loans, which now represents 62 percent of earning assets, up from 60 percent at year-end 2004.  I will remind everyone that, again, this includes our Century acquisition where the acquired loan component was only 30 percent of earning assets.  So we have made a remarkable increase here in the component of average loans and we should see that continue to increase going forward.  Again, this is a very important metric that we’ve been working on over the last several years to improve our net interest income and our net interest margin.  

Moving to the next slide, another very dramatic change in the structure of our balance sheet in terms of earning assets is the component of prime-based loans moving from about $181 million at year-end 2004 up to $390 million at the third quarter.  As a result, about one-third of all loans are now floating rate.  

The next slide shows that combining our floating rate loans with our other floating rate assets, investments and overnight funds, we now have 31 percent of earning assets as of September 2005 in floating rates, versus only 12 percent at December 31, 2004.  And certainly we can all speculate and talk about what we think is going to happen with interest rates going forward, but we believe it is pretty likely that we are going to see some more Fed increases even before the year closes out—which leads us to our last slide to talk about our net interest margin and net interest income.

We talked about the key metric of improving earning assets – average earning assets being up 47 percent over the last six quarters.  The fact that our margin is improving, and has been steadily improving and has really improved quite nicely in the third quarter from the second quarter (up 10 basis points), we believe that this really sets up net interest income to grow and drive our earnings performance over the next several quarters.  With that, I’ll turn it back to Denny for some final comments.

DENNIS HUDSON:  Thank you, Bill.  As you heard, this was, again, a very big quarter for Seacoast.  We’re pleased with our results and we are very pleased to see that some of the impacts of the work we had done over the last several years is beginning to help our earnings growth going forward.  

I would like to remind you, too, that concentrating our resources exclusively in Florida’s top growth and best wealth markets continues to uniquely position us to benefit in the coming years for the impact of aging baby boomers who will continue to move to Florida in record numbers.  We have focused our remarks for the last few quarters on our de novo entry into new markets and we’ve been saying for a number of years that our strong and dominant position in the Treasure Coast market would also position us for growth as these markets are increasingly discovered—and we’re beginning to see that, as population growth rates continue to drive business growth in these markets.  With over $370 million in market capitalization and a strong and growing trading volume, trading at a discount actually to many of our Florida peers, we believ e Seacoast continues to represent solid value over the long run and our positioning, as you just heard, should help us in the current environment.  These prospects, taken with our current dividend yield of over 2.7 percent, continue to make us a solid investment, as I said last quarter, for both growth and value investors alike.  

This concludes our prepared remarks.  We would be pleased now to take a few questions.

OPERATOR:  At this time, I would like to remind everyone if you would like to ask a question, please press star and the number one on your telephone keypad at this time.  Again, that’s star and then one on your telephone keypad to ask a question.  If you would like to remove yourself from the queue, please press the pound key.  Our first question is coming from Gary Tenner of SunTrust Robinson Humphrey.  Please go ahead.  Your line is live.

GARY TENNER, SUNTRUST ROBINSON HUMPHREY:  Thanks, folks.  Good morning.

DENNIS HUDSON:  Morning.

DOUG GILBERT:  Morning.

GARY TENNER:  I wondered if you could talk about your deposit growth on a sequential basis as a driver of your overall earning asset growth, and specifically a sequential decline in demand deposits.  I wonder if you could talk about any sense of where that’s coming from – whether it be the legacy markets of Seacoast Bank versus the Century acquisition.

DENNIS HUDSON:  No, it’s something, I would say, that we anticipated.  This is our weakest quarter for DDA growth – the summer – and we have typically seen, all things being equal, a decline in DDA balances this quarter through the summer months.  We could also be seeing some declines related to some of the funds that we received a year ago after the twin hurricanes hit our market.  We’re not seeing that in Orlando.  It is coming out of our core markets, Gary.  Did you have any other comments, Bill?

BILL HAHL:  No.  I think that covers it.

GARY TENNER:  Okay.  And then a follow-up question on the marine finance business: how were the results this quarter versus expectations?  They were a little bit above a year ago and down versus the second quarter.  Just comments on that in general.

DENNIS HUDSON:  We were pleased with the results. Actually, Gary, this is sequentially one of the lower quarters in terms of activity –so we were pleased with the results.  And, I guess, in terms of prospects, Doug, we continue to feel pretty good?

DOUG GILBERT:  Yes.  We feel very good about it.  As you may be aware, we have two big boat shows coming up.  At the end of this month, we have the Fort Lauderdale boat show, and then in January we have the Miami boat show.  And, generally speaking, we get either applications or leads from applications that carry us through the first and second quarters of the following year after these boat shows—so they’re a big boost to business.

DENNIS HUDSON:  And I know we have a lot of questions about the impact of oil prices in this business, and while it certainly doesn’t help, I don’t know that we have great concern over it having a dramatic impact on volumes.

DOUG GILBERT:  Generally speaking, the cheapest part of owning a yacht is the fuel that you put in it.  Also, generally speaking, the people who buy these high-end luxury yachts are less affected by the economy.  Whether it is oil prices or any other dip or rise in the economy, they are less affected.  That doesn’t mean there’s no effect, but they are generally less affected.

GARY TENNER:  Hey, guys, great quarter and good luck with the hurricane coming up.

DENNIS HUDSON:  Yes.  Thank you.  

BILL HAHL:  Thank you.

DOUG GILBERT:  Thank you.

OPERATOR:  Our next question is coming from Brett Villaume of Fig Partners.  Please go ahead.

BRETT VILLAUME, FIG PARTNERS:  Good morning, gentlemen.

DENNIS HUDSON:  Morning

DOUG GILBERT:  Morning.

BRETT VILLAUME:  Hi.  I wanted to ask you more about fee income.  If you back out the soft gain and just compare quarter-over-quarter – even with higher service charges, significantly higher, it looks like – it looks like it was down just slightly.  What other areas had less income coming in, and do you know the reason?

DENNIS HUDSON:  Well, Brett, I assume you’re talking about our sequential core fee income growth.

BRETT VILLAUME:  Yes.

DENNIS HUDSON:  It was down about $300,000 from the second quarter when compared to prior quarter.  If you look at the numbers, it was down $100,000 in mortgage banking and $100,000 in marine fees, and brokerage fees were down about $70,000.  Now those were the major factors affecting it on the negative end, and I would assign the blame primarily to the fact that this is our weakest quarter—the summer months in Florida.  You heard the explanation for marine fees.  The same seasonal impact has, typically, negatively impacted our brokerage fees, which it did this quarter slightly.  The numbers aren’t huge but they’re there.  And, finally, in the mortgage banking area, as you know, we are in a little less certain rate environment, and more of our volume has been in adjustable rate product in that area which has , to some degree, negatively impacted those fees.  But I think it was a very acceptable and respectable month.  I would point out that on a year-over-year basis many of those numbers are up, so I don’t assign any real trend to that.  Do you, Bill?

BILL HAHL:  No.  I think it is typical seasonality for our businesses, and that’s why I think the year-over-year comparison is probably more indicative of what the run-rate is, so to speak, as opposed to a sequential basis.

BRETT VILLAUME:  OK.  Well, that was pretty much my only question.  Thank you.

DENNIS HUDSON:  Thank you.

BILL HAHL:  Thank you.

OPERATOR:  The next question is coming from Wadad Cortas of Sidoti & Company.

WADAD CORTAS, SIDOTI & COMPANY:  Good morning.

DENNIS HUDSON:  Morning.

BILL HAHL:  Morning.

WADAD CORTAS:  Just one more follow-up on the noninterest income lines of business.  Could you talk about your expectations for the brokerage business in the fourth quarter; and also, is the fourth quarter typically your strongest quarter for the marine business?

DENNIS HUDSON:  Generally the first quarter is.

WADAD CORTAS:  OK.

DOUG GILBERT:  Our strongest quarter is the first quarter, but the fourth quarter is generally a good quarter.

DENNIS HUDSON:  Yes.  And I would say the third quarter is generally, all things being equal, the weakest quarter.

DENNIS HUDSON:  Now we would anticipate seeing some improvement – speculative statement there – but some improvement in all of those areas.  I would say with brokerage commissions, generally speaking, we see our customers roll back into town in the fourth quarter from the northern markets, so we do see improvement in brokerage fees.  But as you know, that’s subject to all kinds of issues — most importantly, what the markets look like.

WADAD CORTAS:  OK.  Thank you.

DENNIS HUDSON:  Thank you.

OPERATOR:  Our next question is coming from Thomas Wasserman of Wasserman & Associates.  Please go ahead.

THOMAS WASERMAN, WASERMAN & ASSOCIATES:  Hi, guys.

DENNIS HUDSON:  Morning.

BILL HAHL:  Morning.

THOMAS WASERMAN:  Could you elaborate a little bit on your comment that you felt that you were trading at a discount to your peers?

DENNIS HUDSON:  Well, there are a number of other Florida banks and thrifts that, if you look at our current run rate and the estimates on us, you will find we have made some remarkable progress in the last couple of quarters – and we just described to you what we think is driving that progress.  I think if you compare that with some of the current thinking about some of our Florida peers, in terms of where they are headed in terms of earnings growth, you will actually find we are trading at a nice multiple.  It’s a multiple that is a discount to other similar banks in Florida, but I’m sure you could also find comparisons that would suggest otherwise.

THOMAS WASERMAN:  Thanks a lot.

DENNIS HUDSON:  Sure.

OPERATOR:  The next question is coming from Peyton Green of FTN Midwest.  Please go ahead.

PEYTON GREEN, FTN Midwest:  Hi.  Good morning.

DENNIS HUDSON:  Morning.

DOUG GILBERT:  Morning.

PEYTON GREEN:  Denny, a couple of questions for you.  As you look at the bank today versus how it was three or four years ago, and you think about the growth prospects that faced you then and face you now going forward over the next two or three years, how do you feel about the capacity of the company to sustain 15 to 20 percent balance sheet growth going forward?  And then, also, how does the market feel different – the underlying economy in the market versus where it was a year or two ago.  Thanks.

DENNIS HUDSON:  Well, Peyton, with regard to sustaining 15 to 20 percent balance sheet growth indefinitely into the future, that’s probably not going to happen.  We’ve sustained very strong growth for the last couple of years, particularly in the loan area which has been, clearly, very, very high.  But I would remind everyone that a year and a half ago or so we were reporting negative growth in loans, and that negative growth was driven by our decision to downplay our residential lending as we have discussed for quarter after quarter now.  So the comparisons are a little bit unusual.  I would also point out that we had an acquisition last quarter that substantially boosted earning asset growth.  And going forward as Bill said earlier, we expect that the liquation which is occurring in parts of our loan portfolio and t he commercial portfolio, in part due to the very positive business environment that many of our commercial customers find themselves in, will continue.  They are running ahead of schedule on projects, for example, and we are seeing payoffs occur at maybe a little faster rate than we would have liked.  So even if we continue to sustain the current business volume over the next year, we are going to see loan growth, we think, begin to moderate a little bit — but it’s still going to be in the 15 plus percent range.  That’s a function, I think, of what’s going on in the market here and our expansion in the market and the opportunity that that gives us.  And I would say that we feel very confident in our ability to continue to manage that growth going forward.  I’m not sure, but I guess it’s a little misleading to look back at the last 12 months because the numbers are going to come down a little bit – but they’re still going to be extremely strong.

PEYTON GREEN:  So 15 percent loan growth is still a comfortable level for the next year based on what you see today?

DENNIS HUDSON:  We think so, yes.

PEYTON GREEN:  OK.

DENNIS HUDSON:  We think so.  

With regard to the market — you asked how we see the market – I think I already answered that.  It’s very strong.  Doug, do you have any comments on the market?

DOUG GILBERT:  Well, it doesn’t sound nice to say, but the hurricanes were a positive for our market.  The two hurricanes that we had direct hits from have caused a flurry of remodeling and rebuilding among many of our longtime customers, which we have been able to take advantage of – as they go through rebuilding condo units and so on.  With the continued migration of people into Florida, especially our part of Florida, it seems like there is an ever-increasing demand for housing, so that is still very strong in our markets.

PEYTON GREEN:  OK.  And then just from a loan to earning asset mix perspective, Denny, what would be kind of a two or three year goal that you all would like to see that number get up to or you would be willing to let it drift up to? Loans to earning assets?

DENNIS HUDSON:  As Bill said, that number is around 60 percent I believe now, or a little over 60 percent, and we’d like to kind of get it up to a more competitive number that you would see with other commercial banks, which is what, Bill?

BILL HAHL:  In the 80s.

DENNIS HUDSON: … 80s and we think we can do that.

PEYTON GREEN:  OK.  But 80 is still a reasonable level that you all would be comfortable with?

BILL HAHL:  Yes.

PEYTON GREEN:  OK.  And then in terms of Orlando, I mean, what do you think now that you have had Century for a quarter?  Are you more optimistic about the possibility of introducing more of a lending character there?  And then also how is the deposit generation going over there?

DENNIS HUDSON:  Well, to tell you truth, they are on such a run right now in terms of picking up new relationships in the market – with the limited but professional and highly capable people that are there with that company – that if they just keep doing what they are doing, they are going to build a lot of earnings growth over the next couple of years.  They have – since we’ve been together – begun to expand upon their lending opportunities, but I wouldn’t call it remarkable.  And the reason we’re not at all concerned about that is because they continue to grow the deposit franchise at a rate similar to that which was occurring prior to the acquisition and combination of the two companies.  So they’re doing a great job, they’re continuing to do what they are really good at, and we will, over the next several years, have all kinds of opportunities to continue to grow the loan portfolio.

PEYTON GREEN:  OK.

DENNIS HUDSON:  And by all that I mean, they’re growing the loan portfolio – and at a higher rate than it was growing prior to us combining with them — but it’s not anywhere near where the potential is over time.  But they are doing a great job in that market and we are very, very pleased with the results in an unbelievable market — and, as you’re well aware, there are very positive things happening everywhere in that market.  They are doing a great job.

PEYTON GREEN:  OK.  So if you looked at the $69 million in the last quarter period in loan growth that you all had, how much of it was related to your activity in Orlando?

DENNIS HUDSON:  Very little.  I mean, the net growth per month – I don’t know what the quarter number was.  Bill?

BILL HAHL:  Probably right at $10 million….Yes, $15 – $10 to $15 million for the quarter.

PEYTON GREEN:  OK.

DENNIS HUDSON:  So they have been growing the loan portfolio at around $5 million a month.

PEYTON GREEN:  OK.  And then on the deposit side, I mean excluding the seasonality that you all experienced, how much did their deposit base grow in the quarter?

BILL HAHL:  I don’t know, Peyton, you probably… let’s see our bank… I’m trying to think…Mike’s team is probably on the line screaming right now…we were…. About $10 million of the growth for the quarter was, let’s say, non-Century related deposits.  I think we (First National) were up $10 million.

PEYTON GREEN:  OK.  Great.  Thank you very much.

DENNIS HUDSON:  So the remainder was Century.

PEYTON GREEN:  Great quarter.

DENNIS HUDSON:  I guess to further elaborate, we think the loan opportunities in Orlando will be a great addition in ’06 and ’07 and beyond.

OPERATOR:  Are you ready for your next question, gentlemen?

DENNIS HUDSON:  Sure.

OPERATOR:  The next question is coming from Barry McCarver of Stephens, Inc.  Please go ahead.  Your line is live.

MATT ONEY (ph), STEPHENS, INC.:  Good morning, guys.

DENNIS HUDSON:  Morning.

MATT ONEY (ph):  This is actually Matt Oney (ph).  Barry couldn’t be on the call but most of our questions have been answered, except I wanted to ask you about your near-term securities portfolio strategy.  Obviously you guys have been letting that trickle down from the Century acquisition.  Could you give us an overview and touch on how much cash is coming out of the securities portfolio per month?  And is it the matter of not seeing any opportunities out there in terms of the yield and at what point would you look again to adding securities in terms of improved yields out there?

BILL HAHL:  To answer your question regarding cash flow per month, we are getting about $16 to $20 million returned per month.  Much of what we acquired with the Century acquisition was in floating rate investments and we had chosen – since the prospects looked pretty good that interest rates were going up – to not do anything dramatic in that sense right now.  Denny mentioned that maybe if we see the opportunity of the yield curve steepening, it may pay us to begin putting some monies out at the longer portion of the curve.  We haven’t gotten there yet, so we feel pretty comfortable right now maintaining where we are.  But you’re right — possibly in the future.  Also, we have our ALCO committee, and our ALCO model is being processed right now, and one of the things that we need to sit down and take a h ard look at in the next week or two is how everything is coming together in terms of the total balance sheet.  We do have a lot of floating rate loans.  We have got a lot of short-term loans as well that are going to be paying off, as we mentioned.  Hopefully those are going to go back on as other short-term loans.  So we’ve got to look at the entire balance sheet, but right now we are not ready yet to make any kind of bets on where ….. or make longer term investments at this time.

DENNIS HUDSON:  And I think we made clear in the slides — if you go back and look on the website at the slides, the last several slides – it’s pretty clear that we’ve made some remarkable moves in the last 12 months to become more asset sensitive than we have typically been as a company.  And that’s why we have a capacity today to take on some longer term assets both in the investment and primarily, hopefully, in the loan portfolio at higher spreads and still maintain a very reasonable and balanced position with regard to interest rates.  So having said all that, I think it’s important that we make sure we take advantage of the situation we find ourselves in – which we are doing.

MATT ONEY (ph):  OK.  Great.  And last question – do you have a breakout of the margin by month?

DENNIS HUDSON:  By what?

MATT ONEY (ph):  By month.

BILL HAHL:  No.  I don’t have that right here.

DENNIS HUDSON:  (INAUDIBLE).

BILL HAHL:  No, I don’t – we haven’t published that.

MATT ONEY (ph):  That’s fine.  Thanks, guys.

DENNIS HUDSON:  Thank you.

OPERATOR:  The next question is coming from Justin Maurer of Lord Abbett.  Please go ahead.

JUSTIN MAURER, LORD ABBETT:  Morning, guys.

DENNIS HUDSON:  Morning.

BILL HAHL:  Morning.

JUSTIN MAURER:  Just a couple of follow-ups on the expense side.  You mentioned the $500,000 bonus and profit sharing accrual.  How much of that was catch-up just in the sense that earnings growth was better second quarter year-over-year over versus third?  So, I don’t know, how much of that was catch-up just to get you where you need to be year-to date?

BILL HAHL:  Well, the way our plan operates — and I understand where you are going — I guess your question is:  Had we known that we were going to produce the kind of earnings that we are producing, would we have accrued on a ratable basis?  Is that your question?

JUSTIN MAURER:  Yes.  And just a sense that …

BILL HAHL:  It was all catch-up.

JUSTIN MAURER:  Again, second quarter earnings growth is very strong as well, yet it seemed like there was a little bit of delay in doing the catch-up.  That’s all.

BILL HAHL:  Yes, you could make that argument.  Of course, we didn’t take it to our committee – our directors’ committee – until this quarter.

DENNIS HUDSON:  Well, you know, we had a lot of noise in the second quarter with the acquisition and all we can say at this point is that the majority of that number that we discussed was catch-up and that it will hit as well in the fourth quarter.

JUSTIN MAURER:  OK.  

BILL HAHL:  Not an increase on a sequential basis, but we’ll see that same impact in the fourth quarter.

JUSTIN MAURER:  OK.  So the $500,000 plus or minus you think is going to be the fourth quarter as well.

DENNIS HUDSON:  Yes.  You have the same number, so we should see very little growth in total non-interest expenses related to that from the third to the fourth quarter

JUSTIN MAURER:  I follow you.  OK.  And then, secondly, just on the securities book, I think the average for the quarter was down about 4.5 percent.  Is that – how much of that is just run-off?  It doesn’t sound like a lot of that was run-off, if any, from Century’s assets.  Is that just cash-flow reinvested elsewhere?

DENNIS HUDSON:  You’re talking about a reduction in total investment?

JUSTIN MAURER:  Yes, it was down four percent sequentially.

BILL HAHL:  Yes.  On an average basis.

DENNIS HUDSON:  It was loan growth.

BILL HAHL:  Yes.  It was loan growth.  The securities portfolio is declining $16 to $20 million a month.

JUSTIN MAURER:  OK.  

BILL HAHL:  We just allowed that to happen.

JUSTIN MAURER:  Yes.  OK.  That’s all I had.  Thanks.

BILL HAHL:  OK.  Thank you.

OPERATOR:  Once again, if you’d like to ask a question, please press star and the number one on your telephone keypad.  The next question is coming from William Sutton, Shareholder.  Please go ahead.

NO RESPONSE

DENNIS HUDSON:  Hello?

OPERATOR:  Mr. Sutton?  Mr. Sutton, your line is live.  Please pick up your handset if you’ve placed your line on mute.  Mr. Sutton?

DENNIS HUDSON:  Well, Bill, call us later.

OPERATOR:  Once again, ladies and gentlemen, if you would like to ask a question, please press star and then one on your telephone keypad at this time.  Please hold for one moment while we poll for questions.  Gentlemen, I am not showing any further questions from the phone lines at this time.

DENNIS HUDSON:  Thank you very much for your attendance today and we look forward to reporting our earnings after the first of the year — and it looks like it’ll be a great year.  Thank you very much.

OPERATOR:  This concludes today’s Seacoast Banking Corporation of Florida conference call.  You may now disconnect your lines.

END

#

EX-99.3

EXHIBIT 99.3

To 8-K dated October 18, 2005

Seacoast Banking Corporation of Florida

Third 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:  Office 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)	3Q-2005	3Q-2004	Growth	% Growth
Net Interest Income	$ 19,091	$ 13,498	$ 5,593	41.4	%
Noninterest Income	5,279	4,830	449	9.3
Total Revenues	$ 24,370	$ 18,328	$ 6,042	33.0	%

*

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

Overhead Ratio

	2Q-2003	3Q-2003	4Q-2003	1Q-2004
Overhead Ratio*	65.9%	67.9%	62.9%	66.7%

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

	2Q-2005	3Q-2005
Overhead Ratio*	63.1%	63.2%

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

Loan Growth Remains Strong at a 29.3% Growth Rate Year-over-Year, Excluding Acquisition of $107 Million in Loans

(Dollars in thousands)	3Q-2004	4Q-2004	1Q-2005	2Q-2005	3Q-2005
Loan Outstandings	$ 859,173	$ 899,547	$ 978,095	$1,148,373	$1,217,919

Commercial Lending Originations Remain Strong

(Dollars in thousands)	4Q-2004	1Q-2005	2Q-2005	3Q-2005
Commercial Originations*	$  91,643	$ 108,827	$ 118,827	$ 124,777

*  Includes Commercial Real Estate

Deposits Up 24.9% over Last Twelve Months, Excluding Acquisition of $304 Million in Deposits

(Dollars in thousands)	3Q-2004	3Q-2005
Total Deposits	$ 1,180,957	$ 1,778,574

Deposit Mix

	3Q-2005		3Q-2004
Demand	26	%	21	%
Core *	64		70
Time Deposits > $100,000	10		9
Total	100	%	100	%

*Includes Time Deposits < $100,000

Cost of Deposits

	1Q-2004	2Q-2004	3Q-2004	4Q-2004	1Q-2005	2Q-2005	3Q-2005
Fed Funds Rate	1.00%	1.25%	1.75%	2.25%	2.75%	3.25%	3.75%
Cost of Deposits	1.04%	0.98%	1.02%	1.03%	1.00%	1.18%	1.32%

Average Earning Asset Growth

Average loans represent 62% of earning assets at September 30, 2005 compared to 60% at December 31, 2004

(Dollars in billions)	1Q-2004	2Q-2004	3Q-2004	4Q-2004	1Q-2005	2Q-2005	3Q-2005
Average Earning Assets	$1.29	$1.34	$1.35	$1.45	$1.59	$1.83	$1.89

Prime Based Loans

(Dollars in thousands)	4Q-2004	1Q-2005	2Q-2005	3Q-2005
Prime Based Loans	$181,000	$233,000	$355,000	$390,000

Total Floating Rate Assets

Floating rate assets are 31% of earning assets at September 30, 2005 versus 12% at December 31, 2004

(Dollars in thousands)	4Q-2004	1Q-2005	2Q-2005	3Q-2005
Floating Rate Assets *	$366,000	$439,000	$575,000	$600,000

* Loans, Investments and Overnight Funds

	4Q-2004	1Q-2005	2Q-2005	3Q-2005
Prime Rate	5.25%	5.75%	6.25%	6.75%

Net Interest Margin

	2Q-2004	3Q-2004	4Q-2004	1Q-2005	2Q-2005	3Q-2005
Net Interest Margin	3.84%	3.97%	3.88%	3.90%	3.91%	4.01%

Net Interest Income

(Dollars in thousands)	2Q-2004	3Q-2004	4Q-2004	1Q-2005	2Q-2005	3Q-2005
Net Interest Income	$12,784	$13,498	$14,158	$15,277	$17,867	$19,091

*

Excludes provision for loan losses; calculated on a fully taxable equivalent basis using amortized cost

Service Area

•

Seminole County

•

Orange County

•

Brevard County

•

Indian River County

•

St. Lucie County

•

Martin County

•

Palm Beach County

•

Broward County (Fort Lauderdale)