8-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

________________

FORM 8-K/A

(Amendment No. 1)

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February 11, 2015 (February 2, 2015)

SEACOAST BANKING CORPORATION OF FLORIDA

(Exact Name of Registrant as Specified in its Charter)

Florida	0-13660	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    

(Former Name or Former Address, if Changed Since Last Report)

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:

¨ 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 communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02    Results of Operations and Financial Condition.

Seacoast Banking Corporation of Florida (the “Company”) is filing this Amendment No. 1 to amend the Company's Current Report on Form 8-K filed on February 2, 2015 (the “Original Form 8-K”) in order to correct certain estimated items in the press release issued by the Company on January 27, 2015 and attached to the Original Form 8-K as Exhibit 99.1 announcing financial results for the three months and year ended December 31, 2014 (the “Original Press Release”).

The Company discovered that certain estimated capital ratios included in the Original Press Release were incorrect. For the period ended December 31, 2014, the capital ratios for the Company are included below:

“Tier 1 capital ratio is estimated at 15.4% and the total risk based capital ratio was 16.3% at December 31, 2014.  The tier 1 leverage ratio is estimated at 10.3% at December 31, 2014, compared to 11.3% at September 30, 2014 and 9.6% the prior year.” 

The press release, amended to reflect the corrected capital ratios, is attached as Exhibit 99.1 hereto and is hereby incorporated herein by reference.

The information in this Current Report on Form 8-K/A, including the attached exhibit, is being furnished as provided in General Instruction B.2 to Form 8-K, to the Securities and Exchange Commission and shall not be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Furthermore the information contained in this Current Report on Form 8-K/A shall not be deemed to be incorporated by reference in any filing with the Securities and Exchange Commission, except as shall be expressly provided by specific reference in such filing.

Item 9.01.    Financial Statements and Exhibits.

(d) Exhibits. The following materials are furnished as exhibits to this Current Report on Form 8-K/A:

Exhibit No.	Description
99.1	Press Release, as amended

SIGNATURE

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
By:	/s/ William R. Hahl
	William R. Hahl
	Executive Vice President & Chief Financial Officer

Date:  February 11, 2015

EX-99.1

EXHIBIT 99.1

To Form 8-K dated January 27, 2015

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 Banking Generates Organic Loan Growth of 12% in 2014;

Acquisition and Growth Expands Net Interest Margin 39 bps and Boosts Core Profitability

Fourth Quarter 2014 Earnings Highlights

· Adjusted net income,⁽¹⁾ (excluding merger costs and other adjustments) for the fourth quarter 2014 increased 27% to $4.2 million or $ 0.13 per diluted share, compared to $3.3 million, or $0.13 per diluted share in 3Q14. Based on GAAP, the net loss in 4Q14 was $1.5 million or ($0.05) per share, including merger charges and other adjustments.

· Fully implemented previously announced expense reductions of $1.8 million and merger savings of $5.5 million during quarter. Total impact will be realized in 1Q15 as the savings achieve full quarter effect.

· Net interest margin improved to 3.56% compared with 3.17% in preceding quarter due to loan growth, acquisition, and investment purchases.

⁽¹⁾ Non-GAAP measure, see reconcilement to GAAP at end of this release.

Fourth Quarter 2014 Growth Highlights

· Assets increased $731.5 million or 31.0% from the preceding quarter, reflecting the $683.2 million from acquisition of The BANKshares, Inc.

· Total loans increased $430.8 million or 31.0% from 3Q14. Adjusting for loans acquired, the loan portfolio grew $66.5 million, or 3.8% in the quarter and 11.8% year-over-year.

· Deposits increased $608.0 million or 33.6% from the prior quarter; excluding deposits acquired, total deposits increased $91.7 million.

· Noninterest bearing deposits grew to 30.0% of total deposits, from 25.7% one year ago.

STUART, FL., January 27, 2015 – Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF) today reported a fourth quarter 2014 net loss of $1.5 million or ($0.05) per share. Excluding merger related charges and other adjustments as described below, adjusted net income increased 27% to $4.2 million or $0.13 per diluted common share, compared to $3.3 million, or $0.13 per diluted common share in the preceding quarter and $600,000, or $0.03 per diluted common share, a year ago. The company recorded a loan loss provision of $118,000, compared to a recovery of $1.4 million in the preceding quarter and a provision of $490,000 a year ago.

“The highlight of 2014 was our acquisition of The BANKshares, Inc., which closed on October 1 and expanded our presence in central Florida, particularly the greater Orlando market. This acquisition contributed $516.3 million in deposits and $364.3 million in loans to our balance sheet, and significantly boosted net interest margin in the fourth quarter. It also provides excellent opportunities for future growth in one of Florida’s fastest growing markets,” said Dennis S. Hudson, III, Chairman and CEO.

“Florida’s economic recovery is now well established, with solid job growth, declining unemployment, and high consumer confidence fueling the improvements in our markets,” Hudson continued. “We believe the Florida economy will further strengthen in 2015, as we continue to attract population inflows. Our housing markets, manufacturing base, tourism and services industries are building on current momentum, and provide a diversified base for our economy. For more information on these trends, please note the source reports sited at the end of this release.”

FINANCIAL HIGHLIGHTS: (Dollars in thousands, except share data)	Fourth Quarter  2014			Third Quarter  2014			Second Quarter  2014			First   Quarter  2014			Fourth Quarter  2013
Total assets	$	3,093,335		$	2,361,813		$	2,294,156		$	2,315,992		$	2,268,940
Loans	$	1,821,885		$	1,391,082		$	1,335,192		$	1,312,456		$	1,304,207
Deposits	$	2,416,534		$	1,808,550		$	1,805,537		$	1,819,795		$	1,806,045
Net income (loss) available to common shareholders	$	(1,517	)	$	2,996		$	1,918		$	2,299		$	588
Diluted earnings per share	$	(0.05	)	$	0.12		$	0.07		$	0.09		$	0.03
Return on average assets		(0.20	)%		0.52	%		0.33	%		0.41	%		0.33	%
Adjusted net income available to common shareholders (1)	$	4,179		$	3,286		$	2,990		$	2,533		$	600
Adjusted diluted earnings per share (1)	$	0.13		$	0.13		$	0.12		$	0.10		$	0.03
Adjusted return on average assets		0.55	%		0.57	%		0.52	%		0.45	%		0.33	%
Average diluted shares outstanding		33,124			26,026			25,998			25,657			21,558
Pretax, pre-provision income (1)	$	(2,029	)	$	3,832		$	1,938		$	3,013		$	3,597
Adjusted pretax, pre-provision income (1)	$	7,464		$	4,341		$	3,821		$	3,395		$	3,617
Net interest margin		3.56	%		3.17	%		3.10	%		3.07	%		3.08	%
Efficiency ratio		104.5			82.8			89.4			84.3			81.9
Adjusted efficiency ratio		74.8			80.2			82.1			83.3			82.6
Annualized core operating expenses as a percent of average assets (1)		3.19			3.24			3.27			3.26			3.29

(1) Non-GAAP measure

Management believes that the Non-GAAP measures presented facilitate the understanding of the Company’s underlying operational performance and potential future prospects.

Organic Customer Growth and Acquisition Improve Low Cost Funding

· Noninterest bearing demand deposits increased to 30.0% of total deposits compared with 28.9% for the third quarter 2014 and 25.7% for the fourth quarter of 2013, and;

· Average cost of deposits decreased to 11 basis points from third quarter’s 12 basis points and compared to 14 basis points a year ago.

Core customer funding totaled $2.246 billion at December 31, 2014, a $566.9 million increase from the fourth quarter of 2013. This growth included the acquisition of The BANKShares with approximately $516.3 million in total deposits consisting of $208.4 million in demand deposits, $220.5 million in NOW, money market, and savings accounts, and $87.4 million in certificates of deposit.

“We are continuing to generate growth in low-cost customer funding as a result of stronger sales execution and return on our investments in digital access for our customers and automated and digital marketing technology in early 2014. This growth occurred despite announcing and closing six branch locations,” said Hudson. “Our effort to acquire, grow, and retain profitable consumer and business customers resulted in stronger household growth in 2014. The acquisition of BANKshares increases our number of households by approximately 13%, further strengthening our customer base. We are executing improvements in the number of services per household as we focuses on cross sell execution at account opening and follow-on cross sell offerings through our automated marketing platform delivered via email, telemarketing and outbound direct mail. The growth in new households, a deepening of relationships with current households, and better retention overall is creating stronger value in our core customer franchise.”

(Dollars in thousands)	Fourth  Quarter 2014			Fourth Quarter 2013			Fourth Quarter 2012			2014 vs 2013   Change			2014 vs 2012 Change
Customer Relationship Funding
Demand deposits (noninterest bearing)	$	725,238		$	464,006		$	422,833			56.3	%		71.5	%
NOW		652,353			540,288			509,371			20.7			28.1
Money market accounts		450,172			331,184			343,915			35.9			30.9
Savings deposits		264,738			192,491			164,956			37.5			60.5
Time certificates of deposit		324,033			278,076			317,886			16.5			1.9
Total deposits		2,416,534			1,806,045			1,758,961			33.8			37.4
Sweep repurchase agreements		153,640			151,310			136,803			1.5			12.3
Total core customer funding (1)		2,246,141			1,679,279			1,577,878			33.8			42.4
Demand deposit mix (noninterest bearing)		30.0	%		25.7	%		24.0	%

(1) Total deposits and sweep repurchase agreements, excluding certificates of deposits.

Organic Loan Growth and Acquisition Improves Loan Portfolio Yield

Total loans were $1.822 billion at December 31, 2014, up $430.8 million from September 30, 2014. Excluding loans acquired totaling $364.3 million after fair value adjustments, net loans grew $66.5 million or 3.8% (15% annualized) from the third quarter.

Residential real estate mortgage loans declined to 29.4% of total loans at year end compared with 36.6% in the third quarter of 2014 and 37.0% one year earlier. New loan production and the acquisition resulted in increases in owner occupied commercial real estate loans, commercial real estate loans and commercial and financial loans and consumer loans. The overall loan portfolio yield increased to 4.67% in the fourth quarter of 2014 compared with 4.26% in the third quarter and 4.29% in the fourth quarter of 2013.

As indicated in the table below, commercial loan originations for the quarter totaled $94.7 million, an increase of $22.1 million linked quarter and $34.7 million higher than the fourth quarter a year ago. Commercial loans originated in 2014 totaled $258.0 million, an increase of $58.3 million from 2013, and $146.6 million from 2012.

(Dollars in thousands)	Fourth Quarter 2014		Third Quarter 2014		Second Quarter 2014		First Quarter 2014		Fourth Quarter 2013
Commercial pipeline	$	60,136	$	45,534	$	58,168	$	29,936	$	27,830
Commercial loans closed		94,719		72,630		53,250		37,386		60,037
Total loan originations and pipeline	$	154,855	$	118,164	$	111,418	$	67,322	$	87,867

· Closed residential mortgage production totaled $57.9 million compared to $66.0 million in the third quarter and $52.4 million in the fourth quarter of 2013; and

· Consumer loan originations (inclusive of lines of credit) totaled $28.3 million compared to $24.5 million in the third quarter, and $8.5 million in the fourth quarter of 2013.

Income Statement Highlights

Net interest Income and Margin

Net interest income for the quarter totaled $24.7 million, a $7.54 million increase from the prior quarter. Net interest margin for the quarter increased to 3.56% versus 3.13% (which excludes the 4 bps of nonaccrual loan interest recoveries) in the third quarter. The acquisition of BANKshares improved the loan mix, which together with organic loan growth during the quarter contributed approximately 33 bps to the margin improvement, in line with expectations.

During the third and fourth quarters of 2014, average investment securities increased $234.9 million, or $149.5 million excluding securities acquired from the BANKshares acquisition. Funding for the increase in investments was derived from liquidity, both legacy and that acquired in the merger, and an increase in seasonal funding from our core customer deposit base. Investments added during the third and fourth quarters were primarily uncapped, floating rate, senior collateralized loan obligations (CLO) securities with average yields at static LIBOR ranging from 1.40 to 3.30% and credit support ranging from 17 to 36%. The weighted average life of these securities at December 31, 2014, was approximately 6.5 years. The deployment of liquidity and organic balance sheet growth contributed approximately 10 bps to the margin improvement in the fourth quarter.

Noninterest Income

Noninterest income (excluding security gains) increased $992,000 from September 30, 2014. This increase includes a full quarter effect of fees generated from BANKshares accounts. Bank owned life insurance investments were transferred to Seacoast as a result of the acquisition, which were added to policies directly acquired during the quarter. The addition of these investments will provide approximately $1.3 million in tax exempt revenues in 2015.

(Dollars in thousands)	Fourth Quarter 2014		Third Quarter 2014		Second Quarter 2014		First Quarter 2014		Fourth Quarter 2013
Service charges on deposit accounts	$	2,208	$	1,753	$	1,484	$	1,507	$	1,778
Trust income		795		817		703		671		693
Mortgage banking fees		716		825		855		661		728
Brokerage commissions and fees		417		408		410		379		461
Marine finance fees		445		281		340		254		215
Interchange income		1,603		1,452		1,514		1,403		1,394
Bank owned life insurance		252		0		0		0		0
Other deposit based EFT fees		92		70		83		98		80
Other		613		543		507		585		617
Total		7,141		6,149		5,896		5,558		5,966
Securities gains, net		108		344		0		17		0
	$	7,249	$	6,493	$	5,896	$	5,575	$	5,966

Noninterest Expense

“During the quarter, we fully implemented previously announced cost reductions primarily from streamlining our core branch network, generating savings totaling $1.8 million annualized. As expected, the one-time charges were incurred in the fourth quarter and totaled approximately $4.3 million,” said Bill Hahl, Chief Financial Officer. Previously announced annualized cost reductions totaling in excess of $5.5 million were also completed in the fourth quarter relating to the acquisition of BANKshares. The benefit associated with both items only partially impacted the fourth quarter. Taken together they are expected to further reduce expenses by an additional $1.1 million in the first quarter of 2015. These expected additional savings were not included in the computation of Adjusted Net Income for the current quarter.

(Dollars in thousands)	Fourth Quarter  2014		Third Quarter  2014			Second Quarter  2014		First Quarter  2014		Fourth Quarter  2013
Noninterest Expense:
Salaries and wages	$	9,998	$	7,868		$	7,587	$	7,412	$	8,077
Employee benefits		2,461		2,049			2,081		2,182		1,568
Outsourced data processing costs		1,925		1,769			1,811		1,695		1,586
Telephone / data lines		419		313			306		293		325
Occupancy expense		2,325		1,879			1,888		1,838		1,824
Furniture and equipment expense		683		628			604		571		597
Marketing expense		1,072		717			675		813		749
Legal and professional fees		1,741		884			924		935		839
FDIC assessments		476		387			411		386		451
Amortization of intangibles		446		195			196		196		196
Other		2,863		2,155			2,317		2,063		2,414
Total core operating expense (1)		24,409		18,844			18,800		18,384		18,626
Severance and organizational changes		478		328			181		212		0
Merger related charges		2,722		399			1,234		6		0
Branch closure charges and costs related to expense initiatives		4,261		68			114		0		0
Marketing and brand refresh		697		0			0		0		0
Stock compensation expense and other incentive costs related to improved outlook		1,213		0			0		0		0
Miscellaneous losses (gains)		119		(45	)		144		0		190
Recovery of prior legal fees		0		0			0		0		(350	)
Net loss on OREO and repossessed assets		9		156			92		53		0
Asset dispositions expense		103		139			118		128		180
Total	$	34,011	$	19,889		$	20,683	$	18,789	$	18,646

(1) Non-GAAP measure

Merger related charges in the fourth quarter totaled approximately $2.7 million and were primarily related to core system conversion costs, software and other contract termination charges, and investment banking fees. All charges related to the acquisition have been incurred or are not expected to be material to earnings moving forward. We also increased our accrual of long term stock compensation expense related to an improved outlook and other incentive costs related to better than expected production.

“During the quarter, we invested approximately $697,000 in marketing and other expenditures to refresh and reintroduce our brand,” Hudson continued. “As a part of this brand refresh, we retooled our logo and associated signage throughout our branch network and digital platforms. All costs for this logo change and additional branding were incurred in the fourth quarter.

Income Taxes

The effective tax rate for the year was 44.4 %. Moving forward into the first quarter of 2015, this rate is expected to fall into a range of 36 to 38%, assuming no further nondeductible merger related charges are incurred, as expected. The anticipated 2015 rate reduction reflects the acquisition of the tax exempt bank owned life insurance policies in the fourth quarter of 2014 and additional tax exempt municipal securities transferred in the BANKshares acquisition.

Other Highlights

Credit Quality

Reflecting organic loan growth and the accounting treatment for the newly acquired loans, the provision for loan losses was $118,000 for the fourth quarter of 2014 versus net recoveries of $3.6 million for the first nine months of 2014. Acquired loans were recorded in accordance with ASC Topic 805. As a result, loans acquired on October 1, 2014 from BANKshares, Inc. did not have an allocation for loan losses and were recorded at fair value.

Additional highlights include:

· Nonperforming loans to total loans outstanding at the end of the fourth quarter of 1.2%, down from 2.1 % at December 31, 2013;

· Nonperforming assets to total assets declined to 0.9%, compared to 1.5% a year ago;

· The allowance for loan losses for non-acquired loans to total non-acquired loans was 1.14% at year-end compared with 1.26% in the third quarter of 2014 and 1.54% one year ago. The discount recorded for acquired loans to total acquired loans at year end was 3.56%.

Capital Ratios

Capital ratios remain healthy and well above regulatory requirements for well-capitalized institutions. Tier 1 capital ratio is estimated at 15.4% and the total risk based capital ratio was 16.3% at December 31, 2014. The tier 1 leverage ratio is estimated at 10.3% at December 31, 2014 compared to 11.3 % at September 30, 2014 and 9.6 % the prior year.

Explanation of Certain Unaudited Non-GAAP Financial Measures

This press release contains financial information determined by methods other than Generally Accepted Accounting Principles (“GAAP”). The financial highlights provide reconciliations between GAAP net income and adjusted net income, GAAP income and adjusted pretax, pre-provision income. Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance.  The Company believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might calculate these measures differently. The Company provides reconciliations between GAAP and these non-GAAP measures. These disclosures should not be considered an alternative to GAAP.

Reconciliation of GAAP to non-GAAP Measures. All amounts are in thousands except per share data (unaudited):

Adjusted Net Income

To better evaluate its earnings, the Company removes certain items to arrive at Adjusted net income, Adjusted pretax, pre-provision income and Adjusted diluted earnings per share (non-GAAP measures) as detailed in the table below:

(Dollars in thousands)	Fourth Quarter  2014			Third Quarter  2014			Second Quarter  2014			First Quarter  2014			Fourth Quarter  2013
Net income (loss) available to common shareholders	$	(1,517	)	$	2,996		$	1,918		$	2,299		$	588
Severance		478			328			181			212			0
Merger related charges		2,722			399			1,234			6			0
Branch closure charges and costs related to expense initiatives		4,261			68			114			0			0
Marketing and brand refresh expense		697			0			0			0			0
Stock compensation expense and other incentive costs related to improved outlook		1,213			0			0			0			0
Security losses (gains)		(108	)		(344	)		0			(17	)		0
Miscellaneous losses (gains)		119			(45	)		144			0			190
Recovery of prior legal fees		0			0			0			0			(350	)
Recovery of non-accrual loan interest		0			(192	)		0			0			0
Net loss on OREO and repossessed assets		9			156			92			53			0
Asset dispositions expense		103			139			118			128			180
Effective tax rate on adjustments		(3,798	)		(219	)		(811	)		(148	)		(8	)
Adjusted Net Income (1)	$	4,179		$	3,286		$	2,990		$	2,533		$	600
Provision (recapture) for loan losses		118			(1,425	)		(1,444	)		(735	)		490
Income taxes		3,167			2,480			2,275			1,597			1,265
Preferred stock dividends and accretion of discount		0			0			0			0			1,262
Adjusted pretax, pre-provision income (1)	$	7,464		$	4,341		$	3,821		$	3,395		$	3,617
Adjusted diluted earnings per share (1)	$	0.13		$	0.13		$	0.12		$	0.10		$	0.03
Average shares outstanding		33,124			26,026			25,998			25,657			21,558

(1) Non-GAAP measure

Conference Call Information

Seacoast will host a conference call on Wednesday, January 28, 2015 at 8:30 a.m. (Eastern Time) to discuss the earnings results. Investors may call in at (800) 774-6070 (passcode: 7789246; host: Dennis S. Hudson).  Slides will be used during the conference call and may be accessed at Seacoast’s website at SeacoastBanking.net by selecting “Presentations” under the heading “Investor Services.”  A replay of the call will be available for one month, the afternoon of January 28, by dialing (888) 843-7419 (domestic), using the passcode 7789246.

Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast’s website at SeacoastBanking.net.  The link is located in the subsection “Presentations” under the heading “Investor Services.”  Beginning the afternoon of January 28, 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.   

About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)

Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida with approximately $3.1 billion in assets and $2.4 billion in deposits. The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through 43 traditional branches of its locally-branded wholly-owned subsidiary bank, Seacoast National Bank (including BANKshares offices), and five Accelerate Commercial Banking Centers.  Offices stretch from Ft. Lauderdale, Boca Raton and West Palm Beach north through the Space Coast of Florida, into Orlando and Central Florida, and west to Okeechobee and surrounding counties.

Sources:

http://iec.ucf.edu/file.axd?file=2014%2f12%2ffl-forecast-december-2014-s.pdf

http://floridataxwatch.org/resources/pdf/EconPreview2015.pdf

http://media.floridarealtors.org/market-data/

http://floridapolitics.com/archives/2997

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, ability to realized deferred tax assets, 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.

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, 2013, 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.

FINANCIAL  HIGHLIGHTS	(Unaudited)	01/31/15
SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES

(Dollars in thousands, except share data)	Three Months Ended									Twelve Months Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2014			2014			2013			2014			2013
Summary of Earnings
Net income (loss)	$	(1,517	)	$	2,996		$	1,850		$	5,696		$	51,989
Net income available to common shareholders (loss)		(1,517	)		2,996			588			5,696			47,916
Net interest income  (1)		24,883			17,282			16,336			75,221			65,435
Net interest margin  (1), (2)		3.56			3.17			3.08			3.25			3.15
														.
Performance Ratios
Return on average assets-GAAP basis (2), (3), (7)		(0.20	)%		0.52	%		0.33	%		0.23	%		2.38	%
Return on average shareholders' equity-GAAP basis (2), (3), (7)		(1.89	)		4.97			3.10			2.22			28.36
Return on average tangible common shareholders' equity-GAAP basis (2), (3), (4)		(1.71	)		5.19			3.32			2.57			28.81
Efficiency ratio (5)		104.46			82.78			81.92			91.57			80.60
Noninterest income to total revenue		22.40			26.30			26.82			24.83			27.16
Per Share Data
Net income (loss) diluted-GAAP basis (6)	$	(0.05	)	$	0.12		$	0.03		$	0.21		$	2.44
Net income (loss) basic-GAAP basis (6)		(0.05	)		0.12			0.03			0.21			2.46
Book value per share common (6)		9.44			9.07			8.40			9.44			8.40
Tangible book value per share (6)		8.51			9.06			8.37			8.51			8.37
Cash dividends declared		0.00			0.00			0.00			0.00			0.00

(1) Calculated on a fully taxable equivalent basis using amortized cost.

(2) These ratios are stated on an annualized basis and are not necessarily indicative of future periods.

(3) The calculation of ROA and ROE do not include the mark-to-market unrealized gains (losses) because the unrealized gains (losses) are not included in net income (loss).

(4) The Company defines tangible common equity as total shareholder's equity less preferred stock and intangible assets.

(5) Defined as (noninterest expense less foreclosed property expense and amortization of intangibles) divided by net operating revenue (net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains).

(6) Calculated based on total shares outstanding subsequent to the 5/1 reverse stock split.

(7) Excluding the income tax benefit related to the reversal of the valuation allowance for deferred tax assets and reflecting tax provisioning of $4,555 for the total year 2013, adjusted return on average assets 0.32 percent, and adjusted return on average shareholders' equity 3.85 percent, respectively.

FINANCIAL  HIGHLIGHTS

SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES

	December 31,			September 30,			December 31,
(Dollars in thousands, except share data)	2014			2014			2013
Selected Financial Data
Total assets	$	3,093,335		$	2,361,813		$	2,268,940
Securities available for sale (at fair value)		741,375			601,541			641,611
Securities held for investment (at amortized cost)		207,904			176,724			0
Net loans		1,804,814			1,373,511			1,284,139
Deposits		2,416,534			1,808,550			1,806,045
Total shareholders' equity		312,651			235,955			198,604
Common shareholders' equity		312,651			235,955			198,604
Average Balances (Year-to-Date)
Total average assets	$	2,485,259		$	2,299,291		$	2,186,757
Less: intangible assets		8,840			428			1,104
Total average tangible assets	$	2,476,419		$	2,298,863		$	2,185,653
Total average equity	$	256,867		$	235,837		$	183,304
Less: intangible assets		8,840			428			1,104
Total average tangible equity	$	248,027		$	235,409		$	182,200
Credit Analysis
Net charge-offs (recoveries) year-to-date - non-acquired loans	$	(553	)	$	(1,107	)	$	5,224
Net charge-offs year-to-date - acquired loans		64			-			-
Total net charge-offs (recoveries) year-to-date		(489	)		(1,107	)		5,224
Net charge-offs (recoveries) to average loans (annualized) - non-acquired loans		(0.04	)%		(0.11	)%		0.41	%
Net charge-offs to average loans (annualized) - acquired loans		0.01			-			-
Total net charge-offs (recoveries) to average loans (annualized)		(0.03	)		(0.11	)		0.41
Loan loss provision (recapture) year-to-date - non-acquired loans	$	(3,550	)	$	(3,604	)	$	3,188
Loan loss provision year-to-date - acquired loans		64			-			-
Total loan loss provision (recapture) year-to-date		(3,486	)		(3,604	)		3,188
Allowance to loans at end of period - non-acquired loans		1.14	%		1.26	%		1.54	%
Discount for credit losses to acquired loans at end of period		3.56			-			-
Nonperforming loans - non-acquired loans	$	18,563		$	18,942		$	27,672
Nonperforming loans - acquired loans		3,101			-			-
Other real estate owned - non-acquired		5,567			5,018			6,860
Other real estate owned - acquired		1,895			-			-
Total nonperforming assets	$	29,126		$	23,960		$	34,532
Restructured loans (accruing)	$	24,997		$	28,969		$	25,137
Purchased noncredit impaired loans	$	332,508		$	-		$	-
Purchased credit impaired loans		7,814			-			-
Total acquired loans	$	340,322		$	-		$	-
Nonperforming loans to loans at end of period - non-acquired loans		1.02	%		1.36	%		2.12	%
Nonperforming loans to loans at end of period - acquired loans		0.17			-			-
Total nonperforming loans to loans at end of period		1.19			1.36			2.12
Nonperforming assets to total assets - non-acquired		0.78	%		1.01	%		1.52	%
Nonperforming assets to total assets - aquired		0.16			-			-
Total nonperforming assets to total assets		0.94			1.01			1.52

CONDENSED CONSOLIDATED STATEMENTS OF INCOME	(Unaudited)	01/23/15
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	Three Months Ended					Twelve Months Ended
	December 31,					December 31,
(Dollars in thousands, except per share data)	2014			2013		2014			2013
Interest on securities:
Taxable	$	4,728		$	3,452	$	15,448		$	12,856
Nontaxable		182			16		211			68
Interest and fees on loans		21,070			13,924		63,586			56,971
Interest on federal funds sold and other investments		292			224		1,017			868
Total Interest Income		26,272			17,616		80,262			70,763
Interest on deposits		297			196		864			782
Interest on time certificates		375			444		1,538			1,947
Interest on borrowed money		867			699		2,953			2,828
Total Interest Expense		1,539			1,339		5,355			5,557
Net Interest Income		24,733			16,277		74,907			65,206
Provision (recapture) for loan losses		118			490		(3,486	)		3,188
Net Interest Income After Provision for Loan Losses		24,615			15,787		78,393			62,018
Noninterest income:
Service charges on deposit accounts		2,208			1,778		6,952			6,711
Trust income		795			693		2,986			2,711
Mortgage banking fees		716			728		3,057			4,173
Brokerage commissions and fees		417			461		1,614			1,631
Marine finance fees		445			215		1,320			1,189
Interchange income		1,603			1,394		5,972			5,404
Other deposit based EFT fees		92			80		343			342
BOLI Income		252			0		252			0
Other		613			617		2,248			2,158
		7,141			5,966		24,744			24,319
Securities gains, net		108			0		469			419
Total Noninterest Income		7,249			5,966		25,213			24,738
Noninterest expenses:
Salaries and wages		11,676			8,077		35,132			31,006
Employee benefits		2,461			1,568		8,773			7,327
Outsourced data processing costs		3,506			1,586		8,781			6,372
Telephone / data lines		419			325		1,331			1,253
Occupancy		6,417			1,824		12,022			7,178
Furniture and equipment		1,132			597		2,935			2,334
Marketing		1,561			749		3,974			2,339
Legal and professional fees		2,562			489		6,878			2,458
FDIC assessments		476			451		1,660			2,601
Amortization of intangibles		446			196		1,033			783
Asset dispositions expense		103			180		488			740
Net loss on other real estate owned and repossessed assets		9			0		310			1,289
Other		3,243			2,604		10,049			9,472
Total Noninterest Expenses		34,011			18,646		93,366			75,152
Income Before Income Taxes		(2,147	)		3,107		10,240			11,604
Income taxes (benefit)		(630	)		1,257		4,544			(40,385	)
Net Income		(1,517	)		1,850		5,696			51,989
Preferred stock dividends and accretion on preferred stock discount		-			1,262		-			4,073
Net Income Available to Common Shareholders	$	(1,517	)	$	588	$	5,696		$	47,916
Per share of common stock:
Net income diluted	$	(0.05	)	$	0.03	$	0.21		$	2.44
Net income basic		(0.05	)		0.03		0.21			2.46
Cash dividends declared		0.00			0.00		0.00			0.00
Average diluted shares outstanding		33,123,525			21,558,079		27,716,895			19,650,005
Average basic shares outstanding		32,888,612			21,386,775		27,538,955			19,449,560

CONDENSED CONSOLIDATED BALANCE SHEETS	(Unaudited)	01/23/15
SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES

	December 31,			December 31,
(Dollars in thousands, except share data)	2014			2013
Assets
Cash and due from banks	$	64,411		$	48,561
Interest bearing deposits with other banks		36,128			143,063
Total  Cash and Cash Equivalents		100,539			191,624
Securities:
Available for sale (at fair value)		741,375			641,611
Held for investment (at amortized cost)		207,904			0
Total Securities		949,279			641,611
Loans available for sale		12,078			13,832
Loans, net of deferred costs		1,821,885			1,304,207
Less: Allowance for loan losses		(17,071	)		(20,068	)
Net Loans		1,804,814			1,284,139
Bank premises and equipment, net		45,086			34,505
Other real estate owned		7,462			6,860
Other intangible assets		7,454			718
Goodwill		23,217			0
Other assets		143,406			95,651
	$	3,093,335		$	2,268,940
Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand deposits (noninterest bearing)	$	725,238		$	464,006
NOW		652,353			540,288
Savings deposits		264,738			192,491
Money market accounts		450,172			331,184
Other time certificates		173,247			154,743
Brokered time certificates		7,034			9,776
Time certificates of $100,000 or more		143,752			113,557
Total Deposits		2,416,534			1,806,045
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days		233,640			151,310
Borrowed funds		50,000			50,000
Subordinated debt		64,583			53,610
Other liabilities		15,927			9,371
		2,780,684			2,070,336
Shareholders' Equity
Common stock		3,300			2,364
Additional paid in capital		379,249			277,290
Accumulated deficit		(65,000	)		(70,695	)
Treasury stock		(71	)		(11	)
		317,478			208,948
Accumulated other comprehensive (loss), net		(4,827	)		(10,344	)
Total Shareholders' Equity		312,651			198,604
	$	3,093,335		$	2,268,940
Common Shares Outstanding		33,136,592			23,637,434

Note: The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date.

CONSOLIDATED QUARTERLY FINANCIAL  DATA	(Unaudited)	01/23/15
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	QUARTERS
	2014												2013
(Dollars in thousands, except per share data)	Fourth			Third			Second			First			Fourth
Net income (loss)	$	(1,517	)	$	2,996		$	1,918		$	2,299		$	1,850
Operating Ratios
Return on average assets-GAAP basis (2),(3)		(0.20	)%		0.52	%		0.33	%		0.41	%		0.33	%
Return on average tangible assets (2),(3),(4)		(0.16	)		0.54			0.36			0.43			0.35
Return on average shareholders' equity-GAAP basis (2),(3)		(1.89	)		4.97			3.25			4.02			3.10
Efficiency ratio (5)		104.46			82.78			89.42			84.30			81.92
Noninterest income to total revenue		22.40			26.30			26.06			25.52			26.82
Net interest margin (1),(2)		3.56			3.17			3.10			3.07			3.08
Average equity to average assets		10.51			10.37			10.27			10.13			10.55
Credit Analysis
Net charge-offs (recoveries) - non-acquired loans	$	554		$	(856	)	$	(112	)	$	(139	)	$	838
Net charge-offs - acquired loans		64			-			-			-			-
Total net charge-offs (recoveries)		618			(856	)		(112	)		(139	)		838
Net charge-offs (recoveries) to average loans - non-acquired loans		0.12	%		(0.25	)%		(0.03	)%		(0.04	)%		0.26	%
Net charge-offs (recoveries) to average loans - acquired loans		0.02			-			-			-			-
Total net charge-offs (recoveries) to average loans		0.14			(0.25	)		(0.03	)		(0.04	)		0.26
Loan loss provision (recapture) - non-acquired loans	$	54		$	(1,425	)	$	(1,444	)	$	(735	)	$	490
Loan loss provision (recapture) - acquired loans		64			-			-			-			-
Total loan loss provision (recapture)		118			(1,425	)		(1,444	)		(735	)		490
Allowance to loans at end of period - non-acquired loans		1.14	%		1.26	%		1.36	%		1.48	%		1.54	%
Discount for credit losses to acquired loans at end of period		3.56	%		-	%		-	%		-	%		-	%
Nonperforming loans - non-acquired loans	$	18,563		$	18,942		$	21,745		$	26,220		$	27,672
Nonperforming loans - acquired loans		3,101			-			-			-			-
Other real estate owned - non-acquired		5,567			5,018			6,198			6,369			6,860
Other real estate owned - acquired		1,895			-			-			-			-
Total nonperforming assets	$	29,126		$	23,960		$	27,943		$	32,589		$	34,532
Restructured loans (accruing)	$	24,997		$	28,969		$	28,157		$	24,537		$	25,137
Purchased noncredit impaired loans	$	332,508		$	-		$	-		$	-		$	-
Purchased credit impaired loans		7,814			-			-			-			-
Total acquired loans	$	340,322		$	-		$	-		$	-		$	-
Nonperforming loans to loans at end of period - non-acquired loans		1.02	%		1.36	%		1.63	%		2.00	%		2.12	%
Nonperforming loans to loans at end of period - acquired loans		0.17			-			-			-			-
Total nonperforming loans to loans at end of period		1.19			1.36			1.63			2.00			2.12
Nonperforming assets to total assets - non-acquired		0.78	%		1.01	%		1.22	%		1.41	%		1.52	%
Nonperforming assets to total assets - acquired		0.16			-			-			-			-
Total nonperforming assets to total assets		0.94			1.01			1.22			1.41			1.52
Per Share Common Stock
Net income (loss) diluted-GAAP basis (6)	$	(0.05	)	$	0.12		$	0.07		$	0.09		$	0.03
Net income (loss) basic-GAAP basis (6)		(0.05	)		0.12			0.07			0.09			0.03
Cash dividends declared (6)		0.00			0.00			0.00			0.00			0.00
Book value per share common (6)		9.44			9.07			9.02			8.79			8.40
Average Balances
Total average assets	$	3,037,061		$	2,305,799		$	2,304,870		$	2,286,998		$	2,245,155
Less: Intangible assets		33,803			237			422			629			813
Total average tangible assets	$	3,003,258		$	2,305,562		$	2,304,448		$	2,286,369		$	2,244,342
Total average equity	$	319,233		$	239,031		$	236,632		$	231,769		$	236,950
Less: Intangible assets		33,803			237			422			629			813
Total average tangible equity	$	285,430		$	238,794		$	236,210		$	231,140		$	236,137

(1) Calculated on a fully taxable equivalent basis using amortized cost.

(2) These ratios are stated on an annualized basis and are not necessarily indicative of future periods.

(3) The calculation of ROA and ROE do not include the mark-to-market unrealized gains (losses), because the unrealized gains (losses) are not included in net income (loss).

(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.

(5) Defined as (noninterest expense less foreclosed property expense and amortization of intangibles) divided by net operating revenue (net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains).

(6) Calculated based on total shares outstanding subsequent to the 5/1 reverse stock split.

	December 31,		December 31,
SECURITIES	2014		2013
U.S. Treasury and U.S. Government Agencies	$	3,899	$	100
Mortgage-backed		587,933		602,568
Collateralized loan obligations		125,225		32,179
Obligations of states and political subdivisions		24,318		6,764
Securities Available for Sale		741,375		641,611
Mortgage-backed		182,076		0
Collateralized loan obligations		25,828		0
Securities Held for Investment		207,904		0
Total Securities	$	949,279	$	641,611

		December 31,		December 31,
LOANS		2014		2013
Construction and land development	$	87,036	$	67,450
Real estate mortgage		1,524,044		1,113,128
Installment loans to individuals		52,897		44,713
Commercial and financial		157,396		78,636
Other loans		512		280
Total Loans	$	1,821,885	$	1,304,207

AVERAGE BALANCES	(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	QUARTER															Percent Change vs.
	2014												2013			3rd Qtr			4th Qtr
(Dollars in thousands)	Fourth			Third			Second			First			Fourth			2014			2013
Assets
Earning assets:
Securities:
Taxable	$	897,472		$	698,274		$	677,600		$	653,646		$	655,176			28.5	%		37.0	%
Nontaxable		15,871			742			827			1,016			1,560			2,038.9			917.4
Total Securities		913,343			699,016			678,427			654,662			656,736			30.7			39.1
Federal funds sold and other investments		63,690			98,711			153,410			188,048			156,823			(35.5	)		(59.4	)
Loans,  net		1,794,423			1,365,978			1,338,415			1,307,796			1,293,373			31.4			38.7
Total Earning Assets		2,771,456			2,163,705			2,170,252			2,150,506			2,106,932			28.1			31.5
Allowance for loan losses		(18,723	)		(17,972	)		(19,784	)		(20,205	)		(20,817	)		4.2			(10.1	)
Cash and due from banks		88,745			44,172			35,735			37,186			40,836			100.9			117.3
Premises and equipment		47,379			34,717			34,948			34,731			34,750			36.5			36.3
Other assets		148,204			81,177			83,719			84,780			83,454			82.6			77.6
	$	3,037,061		$	2,305,799		$	2,304,870		$	2,286,998		$	2,245,155			31.7			35.3
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW	$	585,895		$	489,138		$	498,285		$	507,313		$	483,569			19.8	%		21.2	%
Savings deposits		263,066			212,479			205,686			197,300			190,558			23.8			38.1
Money market accounts		457,364			339,937			336,772			330,787			332,576			34.5			37.5
Time deposits		327,327			252,179			259,325			270,215			282,543			29.8			15.9
Federal funds purchased and other short term borrowings		227,806			153,696			150,108			155,656			142,999			48.2			59.3
Other borrowings		114,560			103,610			103,610			103,610			103,610			10.6			10.6
Total Interest-Bearing Liabilities		1,976,018			1,551,039			1,553,786			1,564,881			1,535,855			27.4			28.7
Demand deposits (noninterest-bearing)		728,410			506,478			505,892			481,048			462,830			43.8			57.4
Other liabilities		13,400			9,251			8,560			9,300			9,520			44.8			40.8
Total Liabilities		2,717,828			2,066,768			2,068,238			2,055,229			2,008,205			31.5			35.3
Shareholders' equity		319,233			239,031			236,632			231,769			236,950			33.6			34.7
	$	3,037,061		$	2,305,799		$	2,304,870		$	2,286,998		$	2,245,155			31.7			35.3

AVERAGE YIELDS / RATES  (1)	(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	QUARTER
	2014												2013
(Dollars in thousands)	Fourth			Third			Second			First			Fourth
Assets
Earning assets:
Securities:
Taxable		2.11	%		2.09	%		2.14	%		2.10	%		2.11	%
Nontaxable		7.03			7.01			6.77			6.69			6.41
Total Securities		2.19			2.10			2.15			2.11			2.12
Federal funds sold and other investments		1.82			0.85			0.64			0.58			0.57
Loans,  net		4.67			4.26			4.24			4.29			4.29
Total Earning Assets		3.78			3.40			3.33			3.31			3.33
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW		0.08			0.07			0.08			0.08			0.08
Savings deposits		0.06			0.04			0.04			0.05			0.05
Money market accounts		0.12			0.09			0.08			0.08			0.09
Time deposits		0.45			0.58			0.60			0.61			0.62
Federal funds purchased and other short term borrowings		0.17			0.18			0.17			0.17			0.17
Other borrowings		2.67			2.43			2.43			2.44			2.44
Total Interest-Bearing Liabilities		0.31			0.32			0.33			0.33			0.35
Interest expense as a % of earning assets		0.22			0.23			0.23			0.24			0.25
Net interest income as a % of earning assets		3.56			3.17			3.10			3.07			3.08

(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.

INTEREST INCOME / EXPENSE (1)	(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	QUARTER										Percent Change vs.
	2014								2013		3rd Qtr			4th Qtr
(Dollars in thousands)	Fourth		Third		Second		First		Fourth		2014			2013
Assets
Earning assets:
Securities:
Taxable	$	4,728	$	3,656	$	3,630	$	3,434	$	3,452		29.3	%		37.0	%
Nontaxable		279		13		14		17		25		2,046.2			1,016.0
Total Securities		5,007		3,669		3,644		3,451		3,477		36.5			44.0
Federal funds sold and other investments		292		211		246		268		224		38.4			30.4
Loans,  net		21,123		14,665		14,151		13,849		13,974		44.0			51.2
Total Earning Assets		26,422		18,545		18,041		17,568		17,675		42.5			49.5
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW		112		91		94		102		96		23.1			16.7
Savings deposits		42		24		23		24		26		75.0			61.5
Money market accounts		143		74		67		68		74		93.2			93.2
Time deposits		375		370		386		407		444		1.4			(15.5	)
Federal funds purchased and other short term borrowings		97		69		65		66		62		40.5			56.5
Other borrowings		770		635		627		624		637		21.3			20.9
Total Interest-Bearing Liabilities		1,539		1,263		1,262		1,291		1,339		21.9			14.9
Net interest income		24,883		17,282		16,779		16,277		16,336		44.0			52.3

(1) On a fully taxable equivalent basis. Fees on loans have been included in interest on loans

CONSOLIDATED QUARTERLY FINANCIAL  DATA	(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	2014								2013
(Dollars in thousands)	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter
Customer Relationship Funding (Period End)
Demand deposits (noninterest bearing)
Commercial	$	481,327	$	301,630	$	293,515	$	291,221	$	261,938
Retail		190,120		162,392		167,172		173,698		159,117
Public funds		41,201		39,329		33,223		34,636		32,971
Other		12,590		18,650		15,888		14,370		9,980
		725,238		522,001		509,798		513,925		464,006
NOW accounts
Commercial		58,173		41,131		41,423		41,281		43,241
Retail		407,653		324,690		327,762		329,226		324,583
Public funds		186,527		114,006		124,742		134,191		172,464
		652,353		479,827		493,927		504,698		540,288
Total Transaction Accounts
Commercial		539,500		342,761		334,938		332,501		305,179
Retail		597,773		487,082		494,934		502,924		483,700
Public funds		227,728		153,335		157,965		168,828		205,435
Other		12,590		18,650		15,888		14,370		9,980
		1,377,591		1,001,828		1,003,725		1,018,623		1,004,294
Savings accounts		264,738		215,076		208,333		202,170		192,491
Money market accounts
Commercial		172,417		118,385		114,662		109,158		100,601
Retail		264,725		218,376		213,927		221,762		221,062
Public funds		13,030		7,965		6,657		6,488		9,521
		450,172		344,726		335,246		337,408		331,184
Time certificates of deposit		324,033		246,920		258,233		261,594		278,076
Total Deposits	$	2,416,534	$	1,808,550	$	1,805,537	$	1,819,795	$	1,806,045
Sweep repurchase agreements	$	153,640	$	124,436	$	141,662	$	156,136	$	151,310
Total core customer funding (1)	$	2,246,141	$	1,686,066	$	1,688,966	$	1,714,337	$	1,679,279

(1) Total deposits and sweep repurchase agreements, excluding certificates of deposits.

QUARTERLY TRENDS - LOANS AT END OF PERIOD (Dollars in Millions)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	2014								2013
	4th Qtr		3rd Qtr		2nd Qtr		1st Qtr		4th Qtr		3rd Qtr		2nd Qtr		1st Qtr
Installment loans to individuals
Automobile and trucks	$	7.8	$	6.6	$	6.1	$	6.2	$	6.6	$	7.1	$	7.5	$	7.8
Marine loans		26.2		24.4		23.3		20.8		20.2		21.3		16.7		15.4
Other		18.9		16.6		15.8		17.6		17.9		18.8		20.1		20.0
		52.9		47.6		45.2		44.6		44.7		47.2		44.3		43.2
Construction and land development to individuals
Lot loans		15.5		13.3		13.1		13.3		12.9		14.7		15.5		16.6
Construction		18.2		17.0		16.7		24.4		21.3		19.7		20.7		20.8
		33.7		30.3		29.8		37.7		34.2		34.4		36.2		37.4
Residential real estate
Adjustable		441.2		417.0		407.7		392.5		391.9		378.4		372.6		365.8
Fixed rate		93.9		92.2		91.0		89.8		91.1		94.7		97.5		98.2
Home equity mortgages		71.8		52.1		54.9		60.6		62.0		61.8		62.2		61.3
Home equity lines		80.0		62.0		53.2		49.7		47.7		47.7		49.1		49.3
		686.9		623.3		606.8		592.6		592.7		582.6		581.4		574.6
TOTAL CONSUMER		773.5		701.2		681.8		674.9		671.6		664.2		661.9		655.2
Commercial & financial		157.4		91.3		87.3		79.4		78.6		70.8		65.2		64.8
Construction and land development for commercial
Residential
Single family residences		6.8		4.8		5.1		1.8		2.0		-		-		-
Single family land and lots		6.1		4.3		4.5		4.7		4.9		4.9		5.0		4.9
Townhomes		0.3		-		1.1		0.5		-		-		-		-
Multifamily		3.0		3.5		3.5		3.6		3.7		3.8		3.9		3.9
		16.2		12.6		14.2		10.6		10.6		8.7		8.9		8.8
Commercial
Office buildings		1.6		-		-		-		-		1.6		1.6		1.1
Retail trade		0.7		2.5		2.4		2.9		7.7		1.8		1.8		-
Land		18.2		4.2		4.1		4.4		4.9		7.3		7.2		7.8
Healthcare		-		-		-		7.1		5.4		4.7		2.9		3.3
Churches and educational facilities		2.9		1.0		1.6		1.1		3.8		4.0		2.5		1.2
Lodging		7.1		6.9		5.2		3.4		0.9		0.3		-		-
Convenience stores		3.2		0.3		0.1		-		-		-		-		-
Industrial buildings		2.7		-		-		-		-		-		-		-
Auto and RV dealerships		0.3		-		-		-		-		-		-		-
Other		0.4		-		-		-		-		-		-		-
		37.1		14.9		13.4		18.9		22.7		19.7		16.0		13.4
Total construction and land development		53.3		27.5		27.6		29.5		33.3		28.4		24.9		22.2
Commercial real estate
Office buildings		235.7		127.1		122.8		120.0		118.7		118.2		112.0		112.5
Retail trade		205.5		163.4		142.8		142.0		130.6		128.9		135.5		122.2
Industrial		157.3		89.6		82.2		76.7		81.1		79.6		83.3		73.4
Healthcare		50.6		40.7		41.6		44.1		45.5		38.8		42.1		39.4
Churches and educational facilities		26.1		26.0		26.7		26.9		25.3		24.2		26.4		26.9
Recreation		3.2		3.3		3.3		2.4		2.5		2.5		2.6		2.6
Multifamily		17.4		17.0		18.7		17.2		16.8		6.2		9.5		8.5
Mobile home parks		1.7		1.7		1.7		1.8		1.9		1.9		1.9		2.0
Lodging		16.9		16.9		17.0		16.9		17.1		17.3		17.5		18.0
Restaurant		3.3		3.3		3.9		3.7		3.7		3.8		3.5		3.6
Agricultural		2.6		2.6		4.6		4.7		7.0		7.2		7.1		5.9
Convenience stores		21.2		23.3		20.9		22.0		20.8		21.0		20.2		20.2
Marina		18.5		18.6		18.5		20.6		21.3		21.5		20.9		21.1
Other		77.2		37.2		33.5		29.4		28.1		27.9		31.1		25.1
		837.2		570.7		538.2		528.4		520.4		499.0		513.6		481.4
TOTAL COMMERCIAL		1,047.9		689.5		653.1		637.3		632.3		598.2		603.7		568.4
Other		0.5		0.4		0.3		0.2		0.3		0.5		0.3		0.2
	$	1,821.9	$	1,391.1	$	1,335.2	$	1,312.4	$	1,304.2	$	1,262.9	$	1,265.9	$	1,223.8

QUARTERLY TRENDS - INCREASE (DECREASE) IN LOANS BY QUARTER (Dollars in Millions)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	2014												2013
	4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
Installment loans to individuals
Automobile and trucks	$	1.2		$	0.5		$	(0.1	)	$	(0.4	)	$	(0.5	)	$	(0.4	)	$	(0.3	)	$	-
Marine loans		1.8			1.1			2.5			0.6			(1.1	)		4.6			1.3			(3.0	)
Other		2.3			0.8			(1.8	)		(0.3	)		(0.9	)		(1.3	)		0.1			(0.7	)
		5.3			2.4			0.6			(0.1	)		(2.5	)		2.9			1.1			(3.7	)
Construction and land development to individuals
Lot loans		2.2			0.2			(0.2	)		0.4			(1.8	)		(0.8	)		(1.1	)		(0.1	)
Construction		1.2			0.3			(7.7	)		3.1			1.6			(1.0	)		(0.1	)		(1.4	)
		3.4			0.5			(7.9	)		3.5			(0.2	)		(1.8	)		(1.2	)		(1.5	)
Residential real estate
Adjustable		24.2			9.3			15.2			0.6			13.5			5.8			6.8			4.8
Fixed rate		1.7			1.2			1.2			(1.3	)		(3.6	)		(2.8	)		(0.7	)		(0.8	)
Home equity mortgages		19.7			(2.8	)		(5.7	)		(1.4	)		0.2			(0.4	)		0.9			3.3
Home equity lines		18.0			8.8			3.5			2.0			-			(1.4	)		(0.2	)		(2.1	)
		63.6			16.5			14.2			(0.1	)		10.1			1.2			6.8			5.2
TOTAL CONSUMER		72.3			19.4			6.9			3.3			7.4			2.3			6.7			-
Commercial & financial		66.1			4.0			7.9			0.8			7.8			5.6			0.4			2.9
Construction and land development for commercial
Residential
Single family residences		2.0			(0.3	)		3.3			(0.2	)		2.0			-			-			-
Single family land and lots		1.8			(0.2	)		(0.2	)		(0.2	)		-			(0.1	)		0.1			(0.7	)
Townhomes		0.3			(1.1	)		0.6			0.5			-			-			-			-
Multifamily		(0.5	)		-			(0.1	)		(0.1	)		(0.1	)		(0.1	)		-			(0.4	)
		3.6			(1.6	)		3.6			(0.0	)		1.9			(0.2	)		0.1			(1.1	)
Commercial
Office buildings		1.6			-			-			-			(1.6	)		-			0.5			1.1
Retail trade		(1.8	)		0.1			(0.5	)		(4.8	)		5.9			-			1.8			-
Land		14.0			0.1			(0.3	)		(0.5	)		(2.4	)		0.1			(0.6	)		(1.8	)
Healthcare		-			-			(7.1	)		1.7			0.7			1.8			(0.4	)		1.5
Churches and educational facilities		1.9			(0.6	)		0.5			(2.7	)		(0.2	)		1.5			1.3			0.7
Lodging		0.2			1.7			1.8			2.5			0.6			0.3			-			-
Convenience stores		2.9			0.2			0.1			-			-			-			-			-
Industrial buildings		2.7			-			-			-			-			-			-			-
Auto and RV dealerships		0.3			-			-			-			-			-			-			-
Other		0.4			-			-			-			-			-			-			-
		22.2			1.5			(5.5	)		(3.8	)		3.0			3.7			2.6			1.5
Total construction and land development		25.8			(0.1	)		(1.9	)		(3.8	)		4.9			3.5			2.7			0.4
Commercial real estate
Office buildings		108.6			4.3			2.8			1.3			0.5			6.2			(0.5	)		7.8
Retail trade		42.1			20.6			0.8			11.4			1.7			(6.6	)		13.3			(4.5	)
Industrial		67.7			7.4			5.5			(4.4	)		1.5			(3.7	)		9.9			0.8
Healthcare		9.9			(0.9	)		(2.5	)		(1.4	)		6.7			(3.3	)		2.7			(1.3	)
Churches and educational facilities		0.1			(0.7	)		(0.2	)		1.6			1.1			(2.2	)		(0.5	)		(1.7	)
Recreation		(0.1	)		-			0.9			(0.1	)		-			(0.1	)		-			(0.1	)
Multifamily		0.4			(1.7	)		1.5			0.4			10.6			(3.3	)		1.0			(0.5	)
Mobile home parks		-			-			(0.1	)		(0.1	)		-			-			(0.1	)		-
Lodging		-			(0.1	)		0.1			(0.2	)		(0.2	)		(0.2	)		(0.5	)		(0.7	)
Restaurant		-			(0.6	)		0.2			-			(0.1	)		0.3			(0.1	)		0.1
Agricultural		-			(2.0	)		(0.1	)		(2.3	)		(0.2	)		0.1			1.2			(0.2	)
Convenience stores		(2.1	)		2.4			(1.1	)		1.2			(0.2	)		0.8			-			(0.3	)
Marina		(0.1	)		0.1			(2.1	)		(0.7	)		(0.2	)		0.6			(0.2	)		(0.1	)
Other		40.0			3.7			4.1			1.3			0.2			(3.2	)		6.0			(4.7	)
		266.5			32.5			9.8			8.0			21.4			(14.6	)		32.2			(5.4	)
TOTAL COMMERCIAL		358.4			36.4			15.8			5.0			34.1			(5.5	)		35.3			(2.1	)
Other		0.1			0.1			0.1			(0.1	)		(0.2	)		0.2			0.1			(0.2	)
	$	430.8		$	55.9		$	22.8		$	8.2		$	41.3		$	(3.0	)	$	42.1		$	(2.3	)