EXHIBIT 99.1

To Form 8-K dated April 23, 2009

NEWS RELEASE

SEACOAST BANKING CORPORATION OF FLORIDA

Dennis S. Hudson, III

Chairman and Chief Executive Officer

Seacoast Banking Corporation of Florida

(772) 288-6085

William R. Hahl

Executive Vice President/

Chief Financial Officer

 (772) 221-2825

SEACOAST REPORTS RESULTS FOR

FIRST QUARTER 2009

STUART, FL., April 23, 2009 – Seacoast Banking Corporation of Florida (NASDAQ-NMS:  SBCF), a bank holding company whose principal subsidiary is Seacoast National Bank, today reported a first quarter 2009 net loss of $4.8 million compared to a net loss of $22.6 million for the fourth quarter of 2008.  Including the impact of preferred stock of $937,000, the net loss applicable to common shareholders was $5.7 million or $0.30 per average common diluted share for the first quarter, compared to a net loss of $22.7 million or $1.19 per average common diluted share for the fourth quarter of 2008.  Credit costs which were improved over the final quarter of 2008 remained high, while core earnings increased significantly due to reduced deposit costs, margin improvements, improved residential mortgage production and reductions in expenses.  

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Other significant metrics for the first quarter 2009 include:

• The estimated total risk based capital ratio was 14.0 percent, unchanged from year end 2008;

• Tangible common equity to risk weighted assets was 7.08 percent unchanged from year end 2008;

• Liquidity remains strong and stable, supported by a diverse local retail and commercial deposit base, no overnight borrowings and over $800 million in excess liquidity sources available at March 31, 2009;

• Loan loss reserves increased to 1.99 percent compared to 1.22 percent at the end of the first quarter 2008;

• Total revenues were $22.9 million in the first quarter, up $976,000 or 17.8 percent annualized compared to the fourth quarter 2008;

• Residential mortgage applications increased by 121 percent from the fourth quarter of 2008 and 85 percent from the same quarter one year ago;

• A total of 2,581 new personal checking accounts were opened in the first quarter 2009, an increase of 30.9 percent compared to the fourth quarter 2008 and 11.3 percent increase over the results for the first quarter 2008;

• Average cost of deposits for the first quarter totaled 1.79 percent, down 34 basis points from the fourth quarter of 2008.

“We are beginning to see some signs of stability for residential real estate in our markets.  Transactions have increased and inventories are headed down, despite the continued large volume of foreclosures.   Most importantly, home prices are now showing some signs of firming in our markets and have achieved pricing levels associated with  affordability last seen prior to

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the housing bubble,” said Dennis S. Hudson, III, Chairman and Chief Executive Officer.  “While we made real progress this quarter with improved core earnings, we continued to experience relatively high levels of credit stress, which will likely continue for a while as the economy finds a bottom.”

Nonaccruing loans grew by $22.4 million from year end to $109.4 million or 6.7 percent of loans outstanding, in part due to stressed market conditions and also a ramping up of efforts to pursue troubled debt restructures with commercial and retail mortgage borrowers during the quarter.  The Company will pursue loan restructures in selected cases where we expect to achieve better liquidation values than may be expected through other traditional collection activities.  During the quarter, the Company also worked with retail mortgage customers, when possible, to achieve lower payment structures in an effort to avoid foreclosure.  A total of 93 applications were received seeking restructured mortgages compared to 37 in the fourth quarter 2008.     Troubled debt restructurings are part of the Company’s loss mitigation activities and can include rate reductions, payment extensions and principal deferment.  Company policy requires troubled debt restructures be classified as nonaccrual loans until (under certain circumstances) performance can be verified (typically six months).  Troubled debt restructures included in nonperforming loans totaled $32.9 million at March 31, 2009, of which $24.0 million were current in accordance with restructured terms.  At March 31, 2009, nonaccruing loans which totaled of $109.4 million have been written down by approximately $49.5 million or 31 percent of their original loan balance (including specific impairment reserves).  

The unprecedented housing market decline and its impacts in Florida have for some time affected the Company’s performance.  Over the past two years, the Company has aggressively reduced its exposures to loan product types most exposed to the housing market decline.  For

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example, residential construction and land development loans which peaked at 20.2 percent of loans in the first quarter of 2007 have been reduced to 3.6 percent of loans (excluding loans classified as nonaccrual) as of March 31, 2009.  Other loan product types have been reduced as well, including commercial construction loans.  These reduced exposures have resulted from timely and aggressive collection efforts, charge-offs and the sale of distressed loan assets.  Loan sales over the past two years have totaled $119 million at an average price of approximately 64 percent of outstanding balances sold.  These activities, undertaken early in the housing downturn, resulted in high levels of charge-offs, but have in turn achieved a substantial reduction in risk to further valuation declines.  The cumulative loan charge-off rate since the beginning of 2007 is calculated in the table below:

(Dollars in thousands)
Cumulative charge-offs since 1/1/07	$104,754*
Gross loan balance, 12/31/06	$1,733,111
Cumulative charge-off rate since 1/1/07	6.04%
*Including specific loan loss allowances at March 31, 2009

Going forward, we anticipate loan sales will likely play a lesser role in connection with our loss mitigation efforts as we shift our focus to other strategies, including troubled debt restructures, where appropriate, for smaller commercial and consumer borrowers.  

Operating earnings (before the provision for loan losses and income taxes) excluding one-time severance payments of $242,000 for the first quarter of 2009 totaled approximately $4.1 million, up from the $2.5 million earned in the fourth quarter 2008 which excludes one-time expenses totaling approximately $900,000.  This improvement results from increased net interest income as a result of lower costs for deposits and other interest bearing liabilities, and decreased

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noninterest expenses the result of the implemented overhead reductions announced at year end.

Net interest income (on a tax equivalent basis) was $18.2 million, up $706,000 or 16.1 percent annualized from the fourth quarter 2008.  The increase is a result of lower deposit costs and lower rates paid on all interest bearing liabilities, partially offset by a decline in loans, lower loan yields and higher nonperforming loans.  The net interest margin increased 12 basis points and totaled 3.44 percent compared to the fourth quarter 2008.

Noninterest income, excluding securities gains and losses totaled $4.8 million, up $269,000 or 6.0 percent linked quarter on improved mortgage banking fees, merchant income, marine finance fees, debit card and deposit based EFT income.  The revenues from these sources were partially offset by weaker revenues from wealth management, and with the economy in recession and unemployment increasing, the Company expects fees from this business to remain weak until the economy begins to improve.

Noninterest expenses totaled $19.1 million, down $1.3 million compared to the fourth quarter 2008. Total noninterest expenses, excluding legal and FDIC insurance premiums, declined approximately $859,000 or 4.9 percent, versus comparable noninterest expense amount for the first quarter of 2008.  As a result of loan sales last year and the decline in the number of loans in litigation, the Company announced last quarter it believed legal costs would be lower in 2009.  Legal costs remained elevated in the first quarter, but were modestly lower compared to the fourth quarter 2008.  Salaries and benefits (excluding one time severance payments) for the first quarter 2009 declined $1.5 million or 15.4 percent from a year ago.  Further overhead reductions are projected and should provide additional earning’s benefit going forward in the range of $1.3 to $1.5 million.

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The Company’s retail core deposit focus has produced strong growth in core deposit customer relationships when compared to the prior year’s and last quarter’s results, and has resulted in increased balances which offset planned certificates of deposit runoff in the first quarter 2009.    The improved deposit mix and lower rates paid on interest bearing deposits during the first quarter reduced the overall cost of deposits to 2.11 percent, 39 basis points lower than in the fourth quarter 2008.

Lower interest rates and increased emphasis on residential lending significantly increased this quarter’s mortgage originations and mortgage banking fees.  A total of 383 applications were taken in the first quarter 2009 for total loans of $92 million, an increase of 210 applications and $54 million of loans from the fourth quarter.  Closed mortgage loans totaled $38 million for the quarter, $15 million higher than in the fourth quarter 2008.  A total of $20.5 million of residential mortgage loans were sold in the first quarter 2009, which increased mortgage banking income by $315,000 or 171.2 percent compared with the fourth quarter 2008, and a $131,000 or 35.6 percent increase over the same period in 2008.  

While total deposits at quarter end March 31, 2009 were up slightly from year end 2008, the mix of deposits improved with certificates of deposits declining $28 million, other lower cost interest bearing deposits (“core”) increasing $25 million or 12.5 percent annualized, and demand deposits increasing $7 million or 9.5 percent annualized compared to the fourth quarter 2008.  The average cost of core deposits during the first quarter was 1.10 percent, down 43 basis points from the fourth quarter.  Certificate of deposit rates paid were also lower compared to the fourth quarter and totaled 3.25 percent during the first quarter, a decline of 34 basis points.  The average cost of total interest liabilities was down 47 basis points compared to the fourth quarter at 2.05 percent.

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Average deposits totaled $1.81 billion for the first quarter 2009, $30 million lower compared to the fourth quarter 2008, due to the shifting of public fund customer deposit balances in late December to sweep repurchase agreements.  Total average deposits plus sweep repurchase agreements totaled $1.96 billion during the first quarter-end 2009, up $39 million or 8.2 percent annualized compared to the fourth quarter.  Average deposits declined $103 million or 5.4 percent compared to the same period in 2008 as a result of deposit declines in the Company’s central Florida region resulting from slower economic growth affecting the second half of 2008.  Average noninterest bearing deposits totaled $274.4 for the first quarter 2009, nearly unchanged from the fourth quarter 2008, but a decline of $49.0 million compared to the same period in 2008.  As a result of the low interest rate environment, customers have deposited more funds into certificates of deposit, while maintaining lower average balances in savings and other liquid deposit products that pay no interest or a lower interest rate.  This has been partially offset by our successful retail core deposit strategy implemented in early 2008.  As reported throughout 2008, the Company has experienced strong growth in core deposit customer relationships.  Total new bank households are up 20.7 percent annualized compared to the fourth quarter 2008.  New personal checking relationships have increased as a result of the retail deposit growth strategy, which has improved market share, increased average services per household and decreased customer attrition.  New personal checking household deposit balances for the first quarter increased $27 million or 7 percent linked quarter and average services per household have increased by 14 percent compared to a year ago.  

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Seacoast will host a conference call on Friday, April 24, 2009 at 9:30 a.m. (Eastern Time) to discuss the earnings results and business trends.  Investors may call in (toll-free) by dialing (866) 712-7678 (access code: 5861577; leader: Dennis S. Hudson).  Charts will be used during the conference call and may be accessed at Seacoast’s website at www.seacoastbanking.net by selecting “Presentations” under the heading “Investor Services”.  A replay of the call will be available for one month, beginning the afternoon of April 24, by dialing (877) 213-9653 (domestic), using the passcode 5861577.  Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast’s website at www.seacoastbanking.net.  The link is located in the subsection “Presentations” under the heading “Investor Services”.  Beginning the afternoon of April 24, 2009, an archived version of the webcast can be accessed from this same subsection of the website.  The archived webcast will be available for one year.  

Seacoast Banking Corporation of Florida has approximately $2.3 billion in assets.  It is one of the largest independent commercial banking organizations in Florida, headquartered on Florida’s Treasure Coast, one of the wealthiest and fastest growing areas in the nation.

Cautionary Notice Regarding Forward-Looking Statements

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, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in our markets, and improvements to reported earnings that may be realized from cost controls and for integration of banks that we have acquired, as well as statements with respect to Seacoast’s 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.

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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,” “support”, “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “further”, “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 and market conditions, including seasonality; governmental monetary and fiscal policies, as well as legislative, tax and regulatory changes; changes in accounting policies, rules and practices; the risks of changes in interest rates on the level and composition of deposits, loan demand, liquidity and the values of loan collateral, securities, and interest sensitive assets and liabilities; interest rate risks, sensitivities and the shape of the yield curve; 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 will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following the merger being lower than expected; the risk of deposit and customer attrition; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruption, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets.

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, 2008 under “Special Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors”, and otherwise in our SEC reports and filings.  Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at http://www.sec.gov.

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FINANCIAL HIGHLIGHTS	(Unaudited)
SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES
		Three Months Ended
(Dollars in thousands,			March 31,
except per share data)				2009		2008
Summary of Earnings
Net income (loss)			$	(4,760)	$	1,763
Net income (loss) available to common shareholders				(5,697)		1,763
Net interest income  (1)				18,241		20,562
Performance Ratios
Return on average assets-GAAP basis (2),(3)				(0.83)	%	0.30	%
Return on average tangible assets (2),(3),(4)				(0.82)		0.34
Return on average shareholders' equity–GAAP basis (2), (3)				(8.83)		3.28
Net interest margin  (1),(2)				3.44		3.74
Per Share Data
Net income (loss) diluted-GAAP basis			$	(0.30)	$	0.09
Net income (loss) basic-GAAP basis				(0.30)		0.09
Cash dividends declared				0.01		0.16

(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.

(4)

The Company believes that return on average assets and equity excluding the impacts of noncash amortization expense on intangible assets is a better measurement of the Company’s trend in earnings growth.

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FINANCIAL  HIGHLIGHTS (cont’d)	(Unaudited)
SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES
			March 31,					Increase/
(Dollars in thousands, except per share data)			2009		2008			(Decrease)
Credit Analysis
Net charge-offs year-to-date		$	8,540	$		4,401		94.0	%
Net charge-offs to average loans			2.07	%		0.93	%	122.6
Loan loss provision year-to-date		$	11,652	$		5,500		111.9
Allowance to loans at end of period			1.99	%		1.22	%	63.1
Nonperforming loans		$	109,381	$		64,730		69.0
Other real estate owned			12,684			940		1,249.7
Total nonperforming assets		$	122,065	$		65,670		85.9
Restructured loans (accruing)		$	3,309	$		11		n/m
Nonperforming assets to loans and other real estate owned at end of period			7.42	%		3.50	%	112.0
Nonperforming assets to total assets			5.29	%		2.74	%	93.1
Selected Financial Data
Total assets		$	2,308,933	$		2,393,357		(3.5)
Securities – trading (at fair value)			0			8,994		(100.0)
Securities – available for sale (at fair value)			349,181			254,395		37.3
Securities – held for investment (at amortized cost)			26,655			31,061		(14.2)
Net loans			1,600,077			1,854,968		(13.7)
Deposits			1,814,308			1,945,738		(6.8)
Total shareholders’ equity			213,706			214,953		(0.6)
Common shareholders’ equity			169,606			214,953		(21.1)
Book value per share common			8.86			11.25		(21.2)
Tangible book value per share			8.29			8.31		(0.2)
Tangible common book value per share			5.99			8.31		(27.9)
Average shareholders’ equity to average assets			9.45	%		9.17	%	3.1
Tangible common equity to tangible assets			5.09			6.80		(25.1)
Average Balances (Year-to-Date)
Total assets		$	2,313,125	$		2,357,528		(1.9)
Less: intangible assets			55,033			56,291		(2.2)
Total average tangible assets		$	2,258,093	$		2,301,237		(1.9)
Total equity		$	218,609	$		216,283		1.1
Less: intangible assets			55,033			56,291		(2.2)
Total average tangible equity		$	163,577	$		159,992		2.2

n/m = not meaningful

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME  (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

		Three Months Ended
		March 31,
(Dollars in thousands, except per share data)		2009		2008
Interest on securities:
Taxable	$	3,920	$	3,586
Nontaxable		84		90
Interest and fees on loans		23,160		31,182
Interest on federal funds sold and other investments		148		297
Total Interest Income		27,312		35,155
Interest on deposits		2,229		5,805
Interest on time certificates		5,758		6,773
Interest on borrowed money		1,151		2,092
Total Interest Expense		9,138		14,670
Net Interest Income		18,174		20,485
Provision for loan losses		11,652		5,500
Net Interest Income After Provision for Loan Losses		6,522		14,985
Noninterest income:
Service charges on deposit accounts		1,585		1,850
Trust income		558		582
Mortgage banking fees		499		368
Brokerage commissions and fees		381		683
Marine finance fees		345		685
Debit card income		608		611
Other deposit based EFT fees		94		108
Merchant income		536		735
Other		150		540
Total Noninterest Income		4,756		6,162
Noninterest expenses:
Salaries and wages		6,888		7,935
Employee benefits		1,782		2,025
Outsourced data processing costs		1,891		2,014
Telephone / data lines		484		438
Occupancy		2,154		1,843
Furniture and equipment		651		688
Marketing		488		598
Legal and professional fees		1,392		926
FDIC assessments		877		59
Amortization of intangibles		315		315
Other		2,187		1,843
Total Noninterest Expenses		19,109		18,684
Income (Loss) Before Income Taxes		(7,831)		2,463
Provision (benefit) for income taxes		(3,071)		700
Net Income (Loss)		(4,760)		1,763
Preferred stock dividends and accretion on preferred stock discount		937		0
Net Income (Loss) Available to Common
Shareholders	$	(5,697)	$	1,763
Per share of common stock:
Net income (loss) diluted	$	(0.30)	$	0.09
Net income (loss) basic		(0.30)		0.09
Cash dividends declared		0.01		0.16
Average diluted shares outstanding		19,069,437		19,046,420
Average basic shares outstanding		19,069,437		18,928,375

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CONDENSED CONSOLIDATED BALANCE SHEETS  (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

		March 31,		December 31,		March 31,
(Dollars in thousands, except share amounts)		2009		2008		2008
Assets
Cash and due from banks	$	39,260	$	46,002	$	64,287
Federal funds sold		4,919		4,605		35,217
Interest bearing deposits with other banks		105,312		100,585		0
Total Cash and Cash Equivalents		149,491		151,192		99,504
Securities:
Trading (at fair value)		0		0		8,994
Available for sale (at fair value)		349,181		318,030		254,395
Held for investment (at amortized cost)		26,655		27,871		31,061
Total Securities		375,836		345,901		294,450
Loans available for sale		8,196		2,165		3,889
Loans, net of unearned income		1,632,577		1,676,728		1,877,968
Less: allowance for loan losses		(32,500	)	(29,388	)	(23,000)
Net Loans		1,600,077		1,647,340		1,854,968
Bank premises and equipment, net		43,685		44,122		42,403
Other real estate owned		12,684		5,035		940
Goodwill and other intangible assets		54,879		55,193		56,137
Other assets		64,085		63,488		41,066
	$	2,308,933	$	2,314,436	$	2,393,357
Liabilities and Shareholders’ Equity
Liabilities
Deposits
Demand deposits (noninterest bearing)	$	281,809	$	275,262	$	329,626
Savings deposits		827,251		802,201		986,794
Other time deposits		335,251		326,473		341,293
Brokered time deposits		72,872		100,463		0
Time certificates of $100,000 or more		297,125		306,042		288,025
Total Deposits		1,814,308		1,810,441		1,945,738
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days		152,947		157,496		94,895
Borrowed funds		65,239		65,302
Subordinated debt		53,610		53,610		53,610
Other liabilities		9,123		11,586		18,854
		2,095,227		2,098,435		2,178,404
Shareholders' Equity
Preferred stock		44,100		43,787		0
Common stock		1,915		1,928		1,919
Additional paid in capital		100,005		99,788		91,288
Retained earnings		64,625		70,278		121,127
Treasury stock		(1,824	)	(1,839	)	(1,134)
		208,821		213,942		213,200
Accumulated other comprehensive income, net		4,885		2,059		1,753
Total Shareholders’ Equity		213,706		216,001		214,953
	$	2,308,933	$	2,314,436	$	2,393,357
Common Shares Outstanding		19,149,828		19,171,779		19,114,879

Note:  The balance sheet at December 31, 2008 has been derived from the audited financial statements at that date.

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CONSOLIDATED QUARTERLY FINANCIAL DATA   (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
		Quarters
		2009		2008											Last 12
(Dollars in thousands, except per share data)		First			Fourth			Third		Second					Months
Net loss		$    (4,760)	$		(22,596)	$		(3,448)	$		(21,316)	$		(52,120)
Operating Ratios
Return on average assets-GAAP basis (2),(3)		(0.83)	%		(3.99)	%		(0.60)	%		(3.65)	%		(2.27)		%
Return on average tangible assets (2),(3),(4)		(0.82)			(4.05)			(0.58)			(3.70)			(2.29)
Return on average shareholders' equity- GAAP basis (2),(3)		(8.83)			(45.92)			(7.13)			(39.79)			(25.37)
Net interest margin (1),(2)		3.44			3.32			3.57			3.69			3.50
Average equity to average assets		9.45			8.68			8.43			9.17			8.93
Credit Analysis
Net charge-offs		$     8,540	$		33,916		$	9,290	$		33,541		$	85,287
Net charge-offs  to average loans		2.07	%		7.76	%		2.06	%		7.28	%		4.83		%
Loan loss provision		$   11,652	$		30,656	$		10,241	$		42,237	$		94,786
Allowance to loans at end of period		1.99	%		1.75	%		1.87	%		1.75	%
Restructured Loans (accruing)		$     3,309	$		12,616	$		10	$		11
Nonperforming loans		$ 109,381	$		86,970	$		75,793	$		76,224
Other real estate owned		12,684			5,035			4,551			4,547
Nonperforming assets		$ 122,065	$		92,005	$		80,344	$		80,771
Nonperforming assets to loans and other real     estate owned at end of period		7.42	%		5.47	%		4.60	%		4.45	%
Nonperforming assets to total assets		5.29			3.97			3.61			3.52
Nonaccrual loans and accruing loans 90 days  or more past due to loans outstanding at end  of period		6.97			5.30			4.42			4.23
Per Share Common Stock
Net income (loss) diluted-GAAP basis		$    (0.30)	$		(1.19)	$		(0.18)	$		(1.12)	$		(2.79)
Net income (loss) basic-GAAP basis		(0.30)			(1.19)			(0.18)			(1.12)			(2.79)
Cash dividends declared		0.01			0.01			0.01			0.16			0.19
Book value per share common		8.86			8.98			9.59			9.90
Average Balances	$	2,313,125	$		2,255,036	$		2,282,821	$		2,349,749
Total assets		$2,313,125	$		2,255,036	$		2,282,821	$		2,349,749
Less:  Intangible assets		55,033			55,346			55,662			55,976
Total average tangible assets		2,258,093			2,199,690	$		2,227,159	$		2,293,773
Total equity	$	218,609	$		195,770	$		192,469	$		215,448
Less:  Intangible assets		55,033			55,346			55,662			55,976
Total average tangible equity	$	163,576	$		140,424	$		136,807	$		159,472

 (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) on available for sale securities are not included in net income.

(4)

The Company believes that return on average assets and equity excluding the impacts of noncash amortization expense on intangible assets is a better measurement of the Company’s trend in earnings growth.  

14

CONSOLIDATED QUARTERLY FINANCIAL DATA   (Unaudited) (continued)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

(Dollars in thousands)

SECURITIES	March 31, 2009				December 31, 2008		March 31, 2008
U.S. Treasury and U.S. Government Agencies	$	0	$		0	$	8,994
Securities Trading		0			0		8,994
U.S. Treasury and U.S. Government Agencies		21,143			22,380		22,699
Mortgage-backed		322,787			290,423		226,498
Obligations of states and political subdivisions		2,046			2,070		2,072
Other securities		3,205			3,157		3,126
Securities Available for Sale		349,181			318,030		254,395
Mortgage-backed		21,033			22,248		24,918
Obligations of states and political subdivisions		5,622			5,623		6,143
Securities Held for Investment		26,655			27,871		31,061
Total Securities	$	375,836	$		345,901	$	294,450
LOANS	March 31, 2009			December 31, 2008			March 31, 2008
Construction and land development	$	368,832	$		395,243	$	593,992
Real estate mortgage		1,116,616			1,125,465		1,104,675
Installment loans to individuals		71,440			72,908		84,926
Commercial and financial		75,448			82,765		93,933
Other loans		241			347		442
Total Loans	$	1,632,577	$		1,676,728	$	1,877,968

15

AVERAGE BALANCES, YIELDS AND RATES (1) (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	2009			2008
	First Quarter			Fourth Quarter				First Quarter
	Average	Yield/		Average		Yield/		Average		Yield/
(Dollars in thousands)	Balance	Rate		Balance		Rate		Balance		Rate
Assets
Earning assets:
Securities:
Taxable	$    351,286	4.46	%		$  299,410	4.89	%	$ 280,487		5.11	%
Nontaxable	7,646	6.59		7,886		5.93		8,166		6.51
Total Securities	358,932	4.51		307,296		4.92		288,653		5.15
Federal funds sold and other
investments	121,633	0.49		55,101		1.09		26,311		4.54
Loans, net	1,670,353	5.63		1,737,896		5.68		1,897,625		6.62
Total Earning Assets	2,150,918	5.16		2,100,293		5.45		2,212,589		6.40
Allowance for loan losses	(31,392)			(31,489)				(22,563)
Cash and due from banks	33,665			36,743				46,614
Premises and equipment	44,128			44,121				42,029
Other assets	115,806			105,368				78,859
Liabilities and Shareholders' Equity	$   2,313,125			$2,255,036			$	2,357,528
Interest-bearing liabilities:
NOW	$   53,373	0.57	%		$    56,161	1.23	%		65,752	2.41	%
Savings deposits	99,712	0.56			99,155	0.64		104,591		0.70
Money market accounts	664,946	1.23			670,094	1.69		818,920		2.57
Time deposits	718,008	3.25			737,906	3.59		600,704		4.53
Federal funds purchased and other short term borrowings	154,185	0.49			88,253	0.83		103,541		2.45
Other borrowings	118,894	3.28			118,697	4.01		118,839		4.94
Total Interest-Bearing Liabilities	1,809,118	2.05			1,770,266	2.52		1,812,347		3.26
Demand deposits (noninterest-bearing)	274,363				276,759			323,363
Other liabilities	11,035				12,241			5,535
Total Liabilities	2,094,516				2,059,266			2,141,245
Shareholders' equity	218,609				195,770			216,283
	$2,313,125		$		2,255,036		$	2,357,528
Interest expense as a % of earning assets		1.72	%			2.12	%			2.67	%
Net interest income as a % of earning assets		3.44				3.32				3.74

(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.

16

QUARTERLY TRENDS – LOANS AT END OF PERIOD (Unaudited)

(Dollars in Millions)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

		2009	Nonperforming
		1st Qtr	1st Qtr		Number
Construction and Land Development
Residential:
Condominiums	>$4 million	$   8.4	-	-
	<$4 million	7.9	$  2.4	1
Town homes	>$4 million	-	-	-
	<$4 million	4.2	3.9	2
Single Family Residences	>$4 million	6.6	-	-
	<$4 million	13.9	5.7	9
Single Family Land & Lots	>$4 million	21.8	21.8	3
	<$4 million	29.6	12.4	17
Multifamily	>$4 million	7.8	7.8	1
	<$4 million	17.0	4.1	5
TOTAL	>$4 million	44.6	29.6	4
TOTAL	<$4 million	72.6	28.5	34
GRAND TOTAL		$117.2	$58.1	38

17

QUARTERLY TRENDS – LOANS AT END OF PERIOD (Unaudited)

(Dollars in Millions)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

			2008
		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr
Construction and Land Development
Residential:
Condominiums	>$4 million	$   30.6	$  26.3	$  19.6	$     8.6
	<$4 million	26.6	21.1	13.0	8.8
Town homes	>$4 million	19.4	17.1	17.1	-
	<$4 million	4.4	2.9	4.6	6.1
Single Family Residences	>$4 million	20.8	21.2	13.5	11.9
	<$4 million	35.9	28.3	23.7	14.9
Single Family Land & Lots	>$4 million	85.1	64.3	40.3	22.1
	<$4 million	27.0	30.8	29.9	30.7
Multifamily	>$4 million	7.8	7.8	7.8	7.8
	<$4 million	24.8	26.2	22.9	19.0
TOTAL	>$4 million	163.7	136.7	98.3	50.4
TOTAL	<$4 million	118.7	109.3	94.1	79.5
GRAND TOTAL		$282.4	$246.0	$192.4	$129.9

18

QUARTERLY TRENDS – LOANS AT END OF PERIOD (Unaudited) (Dollars in Millions)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
		2006	2007
		4th Qtr	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr
	Construction and land development
	Residential
	Condominiums	$   94.8	$   84.4	$   74.2	$   72.5	$   60.2
	Townhomes	10.4	9.9	11.3	25.0	25.0
	Single family residences	80.3	100.9	66.6	63.9	59.0
	Single family land and lots	106.3	107.7	129.0	128.4	116.4
	Multifamily	48.2	48.7	46.6	33.8	34.5
		340.0	351.6	327.7	323.6	295.1
	Commercial
	Office buildings	14.1	17.6	19.2	22.4	30.9
	Retail trade	16.1	12.5	26.4	50.2	69.0
	Land	93.5	93.4	99.4	86.2	82.6
	Industrial	6.3	8.9	13.1	16.9	13.0
	Healthcare	2.0	2.5	3.0	1.0	1.0
	Churches and educational facilities	2.1	1.8	1.9	1.9	-
	Lodging	2.1	4.8	11.2	11.2	11.2
	Convenience stores	0.5	0.5	1.0	1.4	1.7
	Marina	2.2	2.2	2.2	21.9	23.1
	Other	0.9	2.8	12.8	8.6	9.9
		139.8	147.0	190.2	221.7	242.4
	Individuals
	Lot loans	40.6	40.5	40.0	40.7	39.4
	Construction	50.7	41.7	43.6	41.0	32.7
		91.3	82.2	83.6	81.7	72.1
	Total construction and land development	571.1	580.8	601.5	627.0	609.6
	Real estate mortgages
	Residential real estate
	Adjustable	277.7	285.4	298.4	313.0	319.5
	Fixed rate	87.9	87.9	87.6	88.1	87.5
	Home equity mortgages	95.9	97.3	90.0	90.8	91.4
	Home equity lines	50.9	51.4	56.6	55.1	59.1
		512.4	522.0	532.6	547.0	557.5
	Commercial real estate
	Office buildings	109.2	113.4	116.1	125.6	131.7
	Retail trade	50.9	62.0	62.8	74.9	76.2
	Land	-	-	-	2.6	5.3
	Industrial	64.3	66.3	84.7	100.2	105.5
	Healthcare	40.7	40.5	39.7	33.2	32.4
	Churches and educational facilities	32.3	32.9	32.7	36.0	40.2
	Recreation	4.4	4.4	4.5	4.7	3.0
	Multifamily	9.9	8.4	10.4	11.3	13.8
	Mobile home parks	6.0	3.0	4.0	4.0	3.9
	Lodging	19.1	16.9	16.8	22.3	22.7
	Restaurant	11.7	11.2	9.6	7.2	8.2
	Agricultural	26.1	24.5	23.4	19.6	12.9
	Convenience stores	22.0	22.2	23.6	23.5	23.2
	Other	40.8	38.8	30.5	39.7	38.3
		437.4	444.5	458.8	504.8	517.3
	Total real estate mortgages	949.8	966.5	991.4	1,051.8	1,074.8
	Commercial & financial	128.1	112.1	139.0	135.1	126.7
	Installment loans to individuals
	Automobile and trucks	22.3	23.3	23.6	24.8	25.0
	Marine loans	32.5	30.1	26.6	24.8	33.2
	Other	28.6	29.8	29.4	29.0	28.2
		83.4	83.2	79.6	78.6	86.4
	Other	0.7	0.7	1.6	0.6	0.9
		$1,733.1	$1,743.3	$1,813.1	$1,893.1	$1,898.4

19

QUARTERLY TRENDS – LOANS AT END OF PERIOD (continued) (Unaudited)

(Dollars in Millions)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	2008				2009
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	1st Qtr
Construction and land development
Residential
Condominiums	$ 57.2	$ 47.4	$ 32.6	$ 17.4	$ 16.3
Townhomes	23.8	20.0	21.7	6.1	4.2
Single family residences	56.7	49.5	37.2	26.8	20.5
Single family land and lots	112.1	95.1	70.2	52.8	51.4
Multifamily	32.6	34.0	30.7	26.8	24.8
	282.4	246.0	192.4	129.9	117.2
Commercial
Office buildings	29.1	31.1	27.8	17.3	17.4
Retail trade	60.4	63.6	68.5	68.7	70.0
Land	92.5	75.4	73.9	73.3	60.9
Industrial	16.9	20.8	20.7	13.3	9.0
Healthcare	1.0	1.0	-	-	5.7
Churches and educational facilities	-	0.1	-	-	-
Lodging	-	-	-	-	0.6
Convenience stores	1.8	-	-	-	-
Marina	26.8	28.9	30.5	30.7	31.6
Other	11.3	6.3	5.4	6.0	6.2
	239.8	227.2	226.8	209.3	201.4
Individuals
Lot loans	39.4	40.0	38.4	35.7	34.0
Construction	32.4	27.1	27.4	20.3	16.2
	71.8	67.1	65.8	56.0	50.2
Total construction and land development	594.0	540.3	485.0	395.2	368.8
Real estate mortgages
Residential real estate
Adjustable	317.6	318.8	316.5	329.0	333.1
Fixed rate	89.1	90.2	93.4	95.5	90.8
Home equity mortgages	91.7	93.1	84.3	84.8	85.5
Home equity lines	56.3	59.4	59.7	58.5	60.3
	554.7	561.5	553.9	567.8	569.7
Commercial real estate
Office buildings	144.3	142.3	143.6	146.4	140.6
Retail trade	83.8	93.5	101.6	111.9	109.1
Land	-	-	0.6	-	-
Industrial	104.3	93.3	92.2	94.7	95.3
Healthcare	39.9	33.6	31.6	29.2	28.3
Churches and educational facilities	40.2	36.5	35.6	35.2	34.8
Recreation	2.8	1.8	1.8	1.7	1.7
Multifamily	20.0	19.1	19.2	27.2	27.2
Mobile home parks	3.2	3.1	3.1	3.0	3.0
Lodging	27.9	28.0	26.7	26.6	26.3
Restaurant	8.0	9.0	8.6	6.2	6.1
Agricultural	12.4	9.0	8.7	8.5	8.2
Convenience stores	23.1	24.9	23.6	23.5	23.3
Other	40.1	41.6	42.5	43.6	43.0
	550.0	535.7	539.4	557.7	546.9
Total real estate mortgages	1,104.7	1,097.2	1,093.3	1,125.5	1,116.6
Commercial & financial	93.9	94.8	88.5	82.8	75.5
Installment loans to individuals
Automobile and trucks	24.1	23.0	21.9	20.8	19.4
Marine loans	33.3	25.2	26.0	26.0	26.3
Other	27.5	27.9	27.4	26.1	25.7
	84.9	76.1	75.3	72.9	71.4
Other	0.5	0.4	0.5	0.3	0.3
	$1,878.0	$1,808.8	$1,742.6	$1,676.7	$1,623.6

20

QUARTERLY TRENDS – INCREASE (DECREASE) IN LOANS BY QUARTER (Unaudited)

(Dollars in Millions)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	2007
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr
Construction and land development
Residential
Condominiums	$ (10.4)	$   (10.2)	$   (1.7)	$  (12.3)
Townhomes	(0.5)	1.4	13.7	-
Single family residences	20.6	(34.3)	(2.7)	(4.9)
Single family land and lots	1.4	21.3	(0.6)	(12.0)
Multifamily	0.5	(2.1)	(12.8)	0.7
	11.6	(23.9)	(4.1)	(28.5)
Commercial
Office buildings	3.5	1.6	3.2	8.5
Retail trade	(3.6)	13.9	23.8	18.8
Land	(0.1)	6.0	(13.2)	(3.6)
Industrial	2.6	4.2	3.8	(3.9)
Healthcare	0.5	0.5	(2.0)	-
Churches and educational facilities	(0.3)	0.1	-	(1.9)
Lodging	2.7	6.4	-	-
Convenience stores	-	0.5	0.4	0.3
Marina	-	-	19.7	1.2
Other	1.9	10.0	(4.2)	1.3
	7.2	43.2	31.5	20.7
Individuals
Lot loans	(0.1)	(0.5)	0.7	(1.3)
Construction	(9.0)	1.9	(2.6)	(8.3)
	(9.1)	1.4	(1.9)	(9.6)
Total construction and land development	9.7	20.7	25.5	(17.4)
Real estate mortgages
Residential real estate
Adjustable	7.7	13.0	14.6	6.5
Fixed rate	-	(0.3)	0.5	(0.6)
Home equity mortgages	1.4	(7.3)	0.8	0.6
Home equity lines	0.5	5.2	(1.5)	4.0
	9.6	10.6	14.4	10.5
Commercial real estate
Office buildings	4.2	2.7	9.5	6.1
Retail trade	11.1	0.8	12.1	1.3
Land	-	-	2.6	2.7
Industrial	2.0	18.4	15.5	5.3
Healthcare	(0.2)	(0.8)	(6.5)	(0.8)
Churches and educational facilities	0.6	(0.2)	3.3	4.2
Recreation	-	0.1	0.2	(1.7)
Multifamily	(1.5)	2.0	0.9	2.5
Mobile home parks	(3.0)	1.0	-	(0.1)
Lodging	(2.2)	(0.1)	5.5	0.4
Restaurant	(0.5)	(1.6)	(2.4)	1.0
Agricultural	(1.6)	(1.1)	(3.8)	(6.7)
Convenience stores	0.2	1.4	(0.1)	(0.3)
Other	(2.0)	(8.3)	9.2	(1.4)
	7.1	14.3	46.0	12.5
Total real estate mortgages	16.7	24.9	60.4	23.0
Commercial & financial	(16.0)	26.9	(3.9)	(8.4)
Installment loans to individuals
Automobile and trucks	1.0	0.3	1.2	0.2
Marine loans	(2.4)	(3.5)	(1.8)	8.4
Other	1.2	(0.4)	(0.4)	(0.8)
	(0.2)	(3.6)	(1.0)	7.8
Other	-	0.9	(1.0)	0.3
	$       10.2	$     69.8	$   80.0	$     5.3

21

QUARTERLY TRENDS – INCREASE (DECREASE) IN LOANS BY QUARTER (cont’d)

(Dollars in Millions) (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	2008				2009
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	1st Qtr
Construction and land development
Residential
Condominiums	$  (3.0)	$   (9.8)	$  (14.8)	$  (15.2)	$  (1.1)
Townhomes	(1.2)	(3.8)	1.7	(15.6)	(1.9)
Single family residences	(2.3)	(7.2)	(12.3)	(10.4)	(6.3)
Single family land and lots	(4.3)	(17.0)	(24.9)	(17.4)	(1.4)
Multifamily	(1.9)	1.4	(3.3)	(3.9)	(2.0)
	(12.7)	(36.4)	(53.6)	(62.5)	(12.7)
Commercial
Office buildings	(1.8)	2.0	(3.3)	(10.5)	0.1
Retail trade	(8.6)	3.2	4.9	0.2	1.3
Land	9.9	(17.1)	(1.5)	(0.6)	(12.4)
Industrial	3.9	3.9	(0.1)	(7.4)	(4.3)
Healthcare	-	-	(1.0)	-	5.7
Churches and educational facilities	-	0.1	(0.1)	-	-
Lodging	(11.2)	-	-	-	0.6
Convenience stores	0.1	(1.8)	-	-	-
Marina	3.7	2.1	1.6	0.2	0.9
Other	1.4	(5.0)	(0.9)	0.6	0.2
	(2.6)	(12.6)	(0.4)	(17.5)	(7.9)
Individuals
Lot loans	-	0.6	(1.6)	(2.7)	(1.7)
Construction	(0.3)	(5.3)	0.3	(7.1)	(4.1)
	(0.3)	(4.7)	(1.3)	(9.8)	(5.8)
Total construction and land development	(15.6)	(53.7)	(55.3)	(89.8)	(26.4)
Real estate mortgages
Residential real estate
Adjustable	(1.9)	1.2	(2.3)	12.5	4.1
Fixed rate	1.6	1.1	3.2	2.1	(4.7)
Home equity mortgages	0.3	1.4	(8.8)	0.5	0.7
Home equity lines	(2.8)	3.1	0.3	(1.2)	1.8
	(2.8)	6.8	(7.6)	13.9	1.9
Commercial real estate
Office buildings	12.6	(2.0)	1.3	2.8	(5.8)
Retail trade	7.6	9.7	8.1	10.3	(2.8)
Land	(5.3)	-	0.6	(0.6)	-
Industrial	(1.2)	(11.0)	(1.1)	2.5	0.6
Healthcare	7.5	(6.3)	(2.0)	(2.4)	(0.9)
Churches and educational facilities	-	(3.7)	(0.9)	(0.4)	(0.4)
Recreation	(0.2)	(1.0)	-	(0.1)	-
Multifamily	6.2	(0.9)	0.1	8.0	-
Mobile home parks	(0.7)	(0.1)	-	(0.1)	-
Lodging	5.2	0.1	(1.3)	(0.1)	(0.3)
Restaurant	(0.2)	1.0	(0.4)	(2.4)	(0.1)
Agricultural	(0.5)	(3.4)	(0.3)	(0.2)	(0.3)
Convenience stores	(0.1)	1.8	(1.3)	(0.1)	(0.2)
Other	1.8	1.5	0.9	1.1	(0.6)
	32.7	(14.3)	3.7	18.3	(10.8)
Total real estate mortgages	29.9	(7.5)	(3.9)	32.2	(8.9)
Commercial & financial	(32.8)	0.9	(6.3)	(5.7)	(7.3)
Installment loans to individuals
Automobile and trucks	(0.9)	(1.1)	(1.1)	(1.1)	(1.4)
Marine loans	0.1	(8.1)	0.8	-	0.3
Other	(0.7)	0.4	(0.5)	(1.3)	(0.4)
	(1.5)	(8.8)	(0.8)	(2.4)	(1.5)
Other	(0.4)	(0.1)	0.1	(0.2)	-
	$  (20.4)	$  (69.2)	$  (66.2)	$  (65.9)	$  (44.1)

22