8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported)       April 28, 2015

SEACOAST BANKING CORPORATION OF FLORIDA

(Exact Name of Registrant as Specified in 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     

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

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

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

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

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

SEACOAST BANKING CORPORATION OF FLORIDA

Item 2.02          Results of Operations and Financial Condition

On April 28, 2015, the Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) announced its financial results for the first quarter ended March 31, 2015.

A copy of the press release announcing Seacoast’s results for the first quarter ended March 31, 2015 is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 7.01          Regulation FD Disclosure

On April 29, 2015, Seacoast held an investor conference call to discuss its financial results for the first quarter ended March 31, 2015. A transcript of this conference call is attached hereto as Exhibit 99.2 and incorporated herein by reference. Also attached as Exhibit 99.3 are charts (available on the Company’s website at www.seacoastbanking.com) containing information used in the conference call and incorporated herein by reference. All information included in the transcript and the charts is presented as of March 31, 2015, and the Company does not assume any obligation to correct or update said information in the future.

The information in Items 2.02 and 7.01, as well as Exhibits 99.1, 99.2 and 99.3, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

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Item 9.01          Financial Statements and Exhibits

(d) Exhibits

Exhibit No.	Description
99.1	Press Release dated April 28, 2015 with respect to Seacoast’s financial results for the first quarter ended March 31, 2015
99.2	Transcript of Seacoast’s investor conference call held on April 29, 2015 to discuss the Company’s financial results for the first quarter ended March 31, 2015
99.3	Data on website containing information used in the conference call held on April 29, 2015

Exhibits 99.1, 99.2 and 99.3 referenced herein contain “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.

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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, 2014 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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SIGNATURES

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

	SEACOAST BANKING CORPORATION OF FLORIDA
	(Registrant)
Date: May 1, 2015	By:	/s/ Dennis S. Hudson, III
		Dennis S. Hudson, III
		Chairman and Chief Executive Officer

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EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release dated April 28, 2015 with respect to Seacoast’s financial results for the first quarter ended March 31, 2015
99.2	Transcript of Seacoast’s investor conference call held on April 29, 2015 to discuss the Company’s financial results for the first quarter ended March 31, 2015
99.3	Data on website containing information used in the conference call held on April 29, 2015

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EX-99.1

EXHIBIT 99.1

To Form 8-K dated April 28, 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

(772) 221-2825

Stephen Fowle

Executive Vice President

Chief Financial Officer

(772) 463-8977

Seacoast Banking Earnings Increase 155% YOY to $5.9 Million, or $0.18 per Share, in 1Q15 Fueled by Strong Growth, Improving Operating Efficiency and Margin Expansion

First Quarter 2015 Earnings Highlights

· Net income grew 155% to $5.9 million, or $0.18 per diluted share, from $2.3 million, or $0.09 per diluted share, in the first quarter of 2014. In the fourth quarter of 2014, the net loss was $1.5 million, or $0.05 per diluted share.

· Adjusted net income,⁽¹⁾ (excluding merger costs and other adjustments) increased 48% to $6.2 million or $ 0.19 per diluted share, for the first quarter 2015, compared to $4.2 million, or $0.13 per diluted share in 4Q14. 

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· Revenues increased as Seacoast continued to grow its businesses. Revenues increased $11.2 million or 52% above first quarter 2014 levels and $1.1 million or 15%, annualized, linked quarter.

· Net interest margin improved to 3.62% compared with 3.56% in preceding quarter, and 3.07% in the first quarter a year ago due to loan growth, including the acquisition of The BANKshares, Inc., and investment of excess cash.

· Operating efficiencies improved significantly with fully implemented previously announced expense reductions. The efficiency ratio improved to 68.3% for the quarter, compared to 84.3% in the first quarter a year ago.

⁽¹⁾ Non-GAAP measure

First Quarter 2015 Growth Highlights

· Total loans increased $32.6 million or 7% (annualized) from the fourth quarter 2014, and increased 41.3% from a year ago. Excluding the acquisition of The BANKshares, loans increased $218.7 million or 15.9% from prior year levels.

· Deposits increased $193.3 million or 8.0% (not annualized) from the prior quarter and 43.4% from a year earlier. Excluding the acquisition of The BANKshares, deposits increased $273.7 million or 15.0% from prior year levels.

· Noninterest bearing deposits grew to 30.4% of total deposits, from 28.2% one year ago.

· During the first quarter, Seacoast announced the agreement to acquire Grand Bankshares, Inc. which will add approximately $208 million in assets, $184 million in deposits, and $127 million in gross loans to Seacoast's operations, along with 3 branch locations in Palm Beach County.

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STUART, FL., April 28, 2015 – Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF) today reported that first quarter 2015 profits more than doubled from a year ago, fueled by expanding net interest margin, growing operating efficiencies and strong loan and deposit growth. Net income increased 154.8% to $5.9 million, or $0.18 per diluted share, from $2.3 million, or $0.09 per share, in the first quarter of 2014. The company reported a loss of $1.5 million, or $0.05 per diluted share, in the fourth quarter of 2014. Excluding merger related charges and other adjustments as described below, adjusted net income (non-GAAP measure) increased 47.8% to $6.2 million or $0.19 per diluted common share, compared to $4.2 million, or $0.13 per diluted common share in the preceding quarter and $2.5 million, or $0.10 per diluted common share, a year ago.

“Our results this quarter reflect our focus on controlling risk, improving profitability and making the necessary investments to drive our future growth. Effectively managing each of these areas is key to helping our organization take advantage of the opportunities we see ahead. Consistent growth in our core business continues to improve, driven by ongoing sales effectiveness and expanded marketing efforts. Given these factors, revenue growth during the quarter exceeded our expectations, in part due to better than expected results from customers acquired via the Central Florida acquisition, as well as better household growth in our legacy markets,” said Dennis S. Hudson, III, Chairman and CEO. “Additionally, we were also pleased to announce another acquisition this quarter, which will strengthen our business in the attractive Palm Beach County market. This acquisition, along with our prior acquisition in the Central Florida market, positions us to further capitalize on the improving Florida economy.”

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FINANCIAL HIGHLIGHTS: (Dollars in thousands, except per share data)	First Quarter 2015			Fourth Quarter 2014			Third Quarter 2014			Second Quarter 2014			First Quarter 2014
Total Assets	$	3,231,956		$	3,093,335		$	2,361,813		$	2,294,156		$	2,315,992
Loans	$	1,854,487		$	1,821,885		$	1,391,082		$	1,335,192		$	1,312,456
Deposits	$	2,609,825		$	2,416,534		$	1,808,550		$	1,805,537		$	1,819,795
Net Income (Loss) Available to Common  Shareholders	$	5,859		$	(1,517	)	$	2,996		$	1,918		$	2,299
Diluted Earnings Per Share	$	0.18		$	(0.05	)	$	0.12		$	0.07		$	0.09
Return on Average Assets		0.75	%		(0.20	)%		0.52	%		0.33	%		0.41	%
Net Interest Margin		3.62	%		3.56	%		3.17	%		3.10	%		3.07	%
Efficiency Ratio		68.3			104.5			82.8			89.4			84.3
Pretax, Pre-provision Income (1)	$	9,832		$	(2,029	)	$	3,832		$	1,938		$	3,013
Average Diluted Shares Outstanding		33,135			33,124			26,026			25,998			25,657
Adjusted Diluted Earnings Per Share (1)	$	0.19		$	0.13		$	0.13		$	0.12		$	0.10
Adjusted Return on Average Assets (1)		0.79	%		0.55	%		0.57	%		0.52	%		0.45	%
Adjusted Efficiency Ratio (1)		67.4			74.8			80.2			82.1			83.3
Adjusted Pretax, Pre-provision Income (1)	$	10,342		$	7,464		$	4,341		$	3,821		$	3,395
Annualized Adjusted Core Operating Expenses as a Percent of Average Assets (1)		2.92			3.19			3.24			3.27			3.26

(1) Non-GAAP measure

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Balance Sheet Highlights

“The investments we made last year in digital access and automated and digital marketing technology are paying off, as our sales team continues to build momentum. These new tools for data mining, automated outreach and targeted product offerings are generating strong results and helping to fuel growth in low-cost customer funding and loans,” said Hudson. “These investments, along with improvements in face to face sales effectiveness, are reflected in a 5% annualized growth in net households over the last three months.”

Seacoast Continues to Expand its Low-Cost Funding Base through Organic Growth and Acquisitions

Total deposits increased a strong $193.3 million, or 8.0% (not annualized), from fourth quarter levels. Core customer funding increased $221.6 million, or 9.9% (not annualized), during the same period. The growth is the result of increased focus on growing small business relationships in the more populated metropolitan areas of Palm Beach County and Central Florida. In addition, the Company continues to expand its focus on growing relationships with governmental entities, resulting in an increase of $95.8 million in new public funding relationships.

Total deposits were $2.61 billion at March 31, 2015, an increase of $790.0 million above the first quarter of 2014. Excluding deposits acquired in the BANKshares transaction, total deposits increased $273.7 million or 15.0% from one year ago. Core customer funding totaled $2.47 billion at March 31, 2015, a $753.4 million increase from the first quarter of 2014. Excluding the acquisition, core customer funding increased by $306.0 million or 15.1%. Demand deposits increased $68.1 million, or 9.4% from the prior quarter and $279.4 million or 54.4% from the first quarter of 2014 and represent 30.4% of total deposits, up from 28.2% one year ago.

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(Dollars in thousands)	First Quarter 2015			Fourth Quarter 2014			First Quarter 2014			1Q15 vs 4Q14 Change			1Q15 vs 1Q14 Change
Customer Relationship Funding
Demand deposits (noninterest bearing)	$	793,336		$	725,238		$	513,925			9.4	%		54.4	%
NOW		634,854			652,353			504,698			(2.7	)		25.8
Money market accounts		596,600			450,172			337,408			32.5			76.8
Savings deposits		272,963			264,738			202,170			3.1			35.0
Time certificates of deposit		312,072			324,033			261,594			(3.7	)		19.3
Total deposits		2,609,825			2,416,534			1,819,795			8.0			43.4
Sweep repurchase agreements		170,023			153,640			156,136			10.7			8.9
Total core customer funding (1)		2,467,776			2,246,141			1,714,337			9.9			43.9
Demand deposit mix (noninterest bearing)		30.4	%		30.0	%		28.2	%

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

Strong Loan Growth Reflects Seacoast Sales Momentum and a Vibrant Florida Economy

Total loans were $1.85 billion at March 31, 2015, up $542.0 million from a year ago. Excluding loans acquired in the BANKshares transaction, loans increased $218.7 million or 15.9% from the prior year.

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Commercial loan originations for the quarter totaled $61.4 million despite a seasonally slower quarter for commercial loan closing. Commercial loan closings increased $24.0 million or 64.1% over the first quarter 2014. The commercial pipeline (in underwriting and approval or approved and not yet closed) totaled $82.1 million at March 31, 2015, the highest in the trailing four quarters, indicating continued strength.

(Dollars in thousands)	First Quarter 2015		Fourth Quarter 2014		Third Quarter 2014		Second Quarter 2014		First Quarter 2014
Commercial pipeline	$	82,143	$	60,136	$	45,534	$	58,168	$	29,936
Commercial loans closed		61,357		94,719		72,630		53,250		37,386
Total loan originations and pipeline	$	143,500	$	154,855	$	118,164	$	111,418	$	67,322

Closed residential production totaled $55.8 million compared to $57.9 million in the fourth quarter and $40.0 million in the first quarter of 2014. The residential pipeline totaled $48.5 million at March 31, 2015 compared to $21.4 million at December 31, 2014 and $26.7 million one year ago. Consumer loan and small business originations (inclusive of lines of credit) totaled $38.9 million in the first quarter of 2015 compared to $10.5 million one year ago.

Income Statement Highlights

Net interest Income at Record Level, Margin Increases Meaningfully

Net interest income for the quarter totaled $25.7 million, a $1.0 million or 4% (not annualized) increase from the prior quarter. Net interest margin for the quarter increased to 3.62% versus 3.56% in the fourth quarter of 2014. Improvement in net interest income and margin was the result of increased loan growth (a $54.5 million average balance increase), the reinvestment of excess cash balances, and additional accretion on purchased loans.

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Noninterest Income Increase Reflects Customer Growth and Strong Mortgage Banking Results

Noninterest income (excluding security gains) increased $167,000 from fourth quarter 2014. Mortgage banking fees and interchange income, up $372,000 and $134,000, respectively, over the prior quarter offset seasonally (fewer number of days) and lower service charges on deposits and marine finance fees.

(Dollars in thousands)	First Quarter 2015		Fourth Quarter 2014		Third Quarter 2014		Second Quarter 2014		First Quarter 2014
Service charges on deposit accounts	$	2,002	$	2,208	$	1,753	$	1,484	$	1,507
Trust fees		801		795		817		703		671
Mortgage banking fees		1,088		716		825		855		661
Brokerage commissions and fees		441		417		408		410		379
Marine finance fees		197		445		281		340		254
Interchange income		1,737		1,603		1,452		1,514		1,403
Bank owned life insurance		330		252		0		0		0
Other deposit based EFT fees		114		92		70		83		98
Other		598		613		543		507		585
Total		7,308		7,141		6,149		5,896		5,558
Securities gains, net		0		108		344		0		17
	$	7,308	$	7,249	$	6,493	$	5,896	$	5,575

Noninterest Expense Decreases Significantly Linked Quarter as Cost Efficiencies Register

Non-interest expense dropped significantly from fourth quarter 2014 levels, when sizable merger and restructuring charges were recorded. Core operating expense (non-GAAP) totaled $22.7 million for the first quarter of 2015 compared to $24.4 million in the fourth quarter of 2014. The improvement in core operating expense and our adjusted efficiency ratio (non-GAAP measure) (67.4% in 1Q15 versus 74.8% in 4Q14) is reflective of a full quarter benefit from expense reduction initiatives. The strategic cost initiatives we completed in the fourth quarter of 2014 became fully realized this quarter and are reflected in our lower employee costs (salaries and wages) and other fixed cost (primarily occupancy expense) infrastructure. We achieved these savings with our revenue producing staff intact to continue the sales momentum we have established over the prior quarters.

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Merger related charges for the Grand Bankshares acquisition totaled $212,000 in the first quarter and are estimated to total approximately $3.6 million in aggregate.

(Dollars in thousands)	First Quarter 2015		Fourth Quarter 2014		Third Quarter 2014			Second Quarter 2014		First Quarter 2014
Noninterest Expense:
Salaries and wages	$	8,777	$	9,998	$	7,868		$	7,587	$	7,412
Employee benefits		2,415		2,461		2,049			2,081		2,182
Outsourced data processing costs		2,184		1,925		1,769			1,811		1,695
Telephone / data lines		496		419		313			306		293
Occupancy expense		2,023		2,325		1,879			1,888		1,838
Furniture and equipment expense		732		683		628			604		571
Marketing expense		975		1,072		717			675		813
Legal and professional fees		1,388		1,741		884			924		935
FDIC assessments		589		476		387			411		386
Amortization of intangibles		315		446		195			196		196
Other		2,781		2,863		2,155			2,317		2,063
Total Core Operating Expense		22,675		24,409		18,844			18,800		18,384
Non-GAAP adjustments
Severance		12		478		328			181		212
Merger related charges		275		2,722		399			1,234		6
Branch closure charges and costs related to expense initiatives		0		4,261		68			114		0
Marketing and brand refresh expense		0		697		0			0		0
Stock compensation expense and other incentive costs related to improved outlook		0		1,213		0			0		0
Miscellaneous losses (gains)		0		119		(45	)		144		0
Net loss on OREO and repossessed assets		81		9		156			92		53
Asset dispositions expense		143		103		139			118		128
Total Non-Interest Expenses	$	23,186	$	34,011	$	19,889		$	20,683	$	18,789

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Income Taxes

The effective tax rate in the first quarter decreased to 37.7 % from 44.4% (higher from nondeductible merger related charges) for the 2014 calendar year. The improvement over the prior year also reflects the full effect of income from the acquisition of tax exempt bank owned life insurance policies and tax exempt investments in the fourth quarter of 2014.

Other Highlights

Credit Quality Maintains Strong Trends

The provision for loan losses was $433,000 for the first quarter of 2015 compared to $118,000 in the fourth quarter of 2014 and a recapture of $735,000 in the first quarter 2014. The allowance for loan losses to loans for non-acquired loans ended at 1.13%, in line with the fourth quarter 2014 of 1.14%. Additional highlights include:

· Nonperforming loans to total loans outstanding at the end of the first quarter of 1.1%, down from 2.0 % at March 31, 2014;

· Nonperforming assets to total assets declined to 0.8%, compared to 1.4% a year ago;

Earnings Continue to Expand Already Strong Capital Ratios

Capital ratios remain healthy and well above regulatory requirements for well-capitalized institutions. The common equity tier 1 capital ratio (CET1) under the new Basel III standardized transition approach is estimated at 13.2% at March 31, 2015, well above the 6.5% regulatory threshold for well-capitalized institutions. The total risk based capital ratio is estimated at 15.6% at March 31, 2015 compared to 16.3% at year end 2014. The tier 1 leverage ratio is estimated at 10.0% at March 31, 2015 compared to 10.3% at December 31, 2014. Tangible book value per share increased from year end 2014 by $0.29 per share to $8.74.

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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. Reconciliations of GAAP to non-GAAP measures - all amounts are in thousands except per share data (unaudited).

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:

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(Dollars in thousands)	First Quarter 2015			Fourth Quarter 2014			Third Quarter 2014			Second Quarter 2014			First Quarter 2014
Net income	$	5,859		$	(1,517	)	$	2,996		$	1,918		$	2,299
Severance		12			478			328			181			212
Merger related charges		275			2,722			399			1,234			6
Branch closure charges and costs related to expense initiatives		0			4,261			68			114			0
Marketing and brand refresh expense		0			697			0			0			0
Stock compensation expense and other incentive costs related to improved outlook		0			1,213			0			0			0
Security (gains)		0			(108	)		(344	)		0			(17	)
Miscellaneous losses (gains)		0			119			(45	)		144			0
Recovery of nonaccrual loan interest		0			0			(192	)		0			0
Net loss on OREO and repossessed assets		81			9			156			92			53
Asset dispositions expense		143			103			139			118			128
Effective tax rate on adjustments		(193	)		(3,798	)		(219	)		(811	)		(148	)
Adjusted Net Income (1)	$	6,177		$	4,179		$	3,286		$	2,990		$	2,533
Provision (recapture) for loan losses		433			118			(1,425	)		(1,444	)		(735	)
Income taxes		3,732			3,167			2,480			2,275			1,597
Adjusted pretax, pre-provision income (1)	$	10,342		$	7,464		$	4,341		$	3,821		$	3,395
Adjusted earnings per diluted share (1)	$	0.19		$	0.13		$	0.13		$	0.12		$	0.10
Average shares outstanding		33,135			33,124			26,026			25,998			25,657

(1) Non-GAAP measure

Conference Call Information

Seacoast will host a conference call on Wednesday, April 29, 2015 at 9:00 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 April 29, by dialing (888) 843-7419 (domestic), using the passcode 7789246.

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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 April 29, 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 as of December 31, 2014. The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through advanced banking solutions, 42 traditional branches of its locally-branded wholly-owned subsidiary bank, Seacoast Bank, and five 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. More information about the Company is available at SeacoastBanking.com.

Sources:

https://www08.wellsfargomedia.com/downloads/pdf/com/insights/economics/regional-reports/FL_Economic_Outlook_03202015.pdf

- continued -

_____________________________________________________________

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, 2014, 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)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

(Dollars in thousands, except share data)	Three Months Ended
	March 31,			December 31,			March 31,
	2015			2014			2014
Summary of Earnings
Net income (loss)	$	5,859		$	(1,517	)	$	2,299
Net interest income (1)		25,834			24,883			16,277
Net interest margin (1), (2)		3.62			3.56			3.07
Performance Ratios
Return on average assets-GAAP basis (2), (3)		0.75	%		(0.20	)%		0.41
Return on average shareholders' equity-GAAP basis (2), (3)		7.42			(1.89	)		4.02
Return on average tangible shareholders' equity-GAAP basis (2), (3), (4)		8.51			(1.71	)		4.26
Efficiency ratio (5)		68.33			104.46			84.30
Noninterest income to total revenue		22.13			22.40			25.52
Per Share Data
Net income (loss) diluted-GAAP basis	$	0.18		$	(0.05	)	$	0.09
Net income (loss) basic-GAAP basis		0.18			(0.05	)		0.09
Book value per share common		9.71			9.44			8.79
Tangible book value per share		8.74			8.45			8.77
Cash dividends declared		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 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).

FINANCIAL HIGHLIGHTS

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	March 31,			December 31,			March 31,
(Dollars in thousands, except share data)	2015			2014			2014
Selected Financial Data
Total assets	$	3,231,956		$	3,093,335		$	2,315,992
Securities available for sale (at fair value)		730,232			741,375			658,512
Securities held for investment (at amortized cost)		223,061			207,904			0
Net loans		1,836,766			1,804,814			1,292,984
Deposits		2,609,825			2,416,534			1,819,795
Total shareholders' equity		321,844			312,651			228,382
Average Balances (Year-to-Date)
Total average assets	$	3,151,132		$	2,485,259		$	2,286,998
Less: intangible assets		31,221			8,840			629
Total average tangible assets	$	3,119,911		$	2,476,419		$	2,286,369
Total average equity	$	320,346		$	256,867		$	231,769
Less: intangible assets		31,221			8,840			629
Total average tangible equity	$	289,125		$	248,027		$	231,140
Credit Analysis
Net charge-offs (recoveries) year-to-date - non-acquired loans	$	(263	)	$	(489	)	$	(139	)
Net charge-offs year-to-date - acquired loans		46			-			-
Total net charge-offs (recoveries) year-to-date		(217	)		(489	)		(139	)
Net charge-offs (recoveries) to average loans (annualized) - non-acquired loans		(0.06	)%		(0.03	)%		(0.04	)
Net charge-offs to average loans (annualized) - acquired loans		0.01			-			-
Total net charge-offs (recoveries) to average loans (annualized)		(0.05	)%		(0.03	)%		(0.04	)
Loan loss provision (recapture) year-to-date - non-acquired loans	$	292		$	(3,550	)	$	(735	)
Loan loss provision year-to-date - acquired loans		141			64			-
Total loan loss provision (recapture) year-to-date		433			(3,486	)		(735	)
Allowance to loans at end of period - non-acquired loans		1.13	%		1.14	%		1.48
Discount for credit losses to acquired loans at end of period		3.56			3.56			-
Nonperforming loans - non-acquired loans	$	16,860		$	18,563		$	26,220
Nonperforming loans - acquired loans		4,196			2,577			-
Other real estate owned - non-acquired		4,738			5,567			6,369
Other real estate owned - acquired		1,431			1,895			-
Total nonperforming assets	$	27,225		$	28,602		$	32,589
Restructured loans (accruing)	$	23,847		$	24,997		$	24,537
Purchased noncredit impaired loans	$	296,839		$	326,066		$	-
Purchased credit impaired loans		7,119			7,814			-
Total acquired loans	$	303,958		$	333,880		$	-
Nonperforming loans to loans at end of period - non-acquired loans		0.91	%		1.02	%		2.00
Nonperforming loans to loans at end of period - acquired loans		0.23			0.14			-
Total nonperforming loans to loans at end of period		1.14	%		1.16	%		2.00
Nonperforming assets to total assets - non-acquired		0.67	%		0.78	%		1.41
Nonperforming assets to total assets - aquired		0.17			0.14			-
Total nonperforming assets to total assets		0.84	%		0.92	%		1.41

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)	2015		2014
Interest on securities:
Taxable	$	4,898	$	3,434
Nontaxable		150		12
Interest and fees on loans		22,021		13,798
Interest on federal funds sold and other investments		249		268
Total Interest Income		27,318		17,512
Interest on deposits		401		194
Interest on time certificates		347		407
Interest on borrowed money		860		690
Total Interest Expense		1,608		1,291
Net Interest Income		25,710		16,221
Provision (recapture) for loan losses		433		(735	)
Net Interest Income After Provision for Loan Losses		25,277		16,956
Noninterest income:
Service charges on deposit accounts		2,002		1,507
Trust fees		801		671
Mortgage banking fees		1,088		661
Brokerage commissions and fees		441		379
Marine finance fees		197		254
Interchange income		1,737		1,403
Other deposit based EFT fees		114		98
BOLI income		330		0
Other		598		585
		7,308		5,558
Securities gains, net		0		17
Total Noninterest Income		7,308		5,575
Noninterest expenses:
Salaries and wages		8,789		7,624
Employee benefits		2,415		2,182
Outsourced data processing costs		2,184		1,695
Telephone / data lines		496		293
Occupancy		2,023		1,838
Furniture and equipment		732		571
Marketing		975		813
Legal and professional fees		1,663		941
FDIC assessments		589		386
Amortization of intangibles		315		196
Asset dispositions expense		143		128
Net loss on other real estate owned and repossessed assets		81		53
Other		2,781		2,063
Total Noninterest Expenses		23,186		18,783
Income Before Income Taxes		9,399		3,748
Income taxes		3,540		1,449
Net Income	$	5,859	$	2,299
Per share of common stock:
Net income diluted	$	0.18	$	0.09
Net income basic		0.18		0.09
Cash dividends declared		0.00		0.00
Average diluted shares outstanding		33,135,618		25,656,775
Average basic shares outstanding		32,971,444		25,489,630

CONDENSED CONSOLIDATED BALANCE SHEETS	(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	March 31,			December 31,			March 31,
(Dollars in thousands, except share data)	2015			2014			2014
Assets
Cash and due from banks	$	65,097		$	64,411		$	44,984
Interest bearing deposits with other banks		134,832			36,128			173,794
Total Cash and Cash Equivalents		199,929			100,539			218,778
Securities:
Available for sale (at fair value)		730,232			741,375			658,512
Held for investment (at amortized cost)		223,061			207,904			0
Total Securities		953,293			949,279			658,512
Loans available for sale		18,851			12,078			11,038
Loans, net of deferred costs		1,854,487			1,821,885			1,312,456
Less: Allowance for loan losses		(17,721	)		(17,071	)		(19,472	)
Net Loans		1,836,766			1,804,814			1,292,984
Bank premises and equipment, net		48,189			45,086			35,057
Other real estate owned		6,169			7,462			6,369
Other intangible assets		7,139			7,454			522
Goodwill		25,222			25,309			0
Bank owned life insurance		35,983			35,679			0
Other assets		100,415			105,635			92,732
	$	3,231,956		$	3,093,335		$	2,315,992
Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand deposits (noninterest bearing)	$	793,336		$	725,238		$	513,925
NOW		634,854			652,353			504,698
Savings deposits		272,963			264,738			202,170
Money market accounts		596,600			450,172			337,408
Other time certificates		166,905			173,247			148,971
Brokered time certificates		7,985			7,034			9,619
Time certificates of $100,000 or more		137,182			143,752			103,004
Total Deposits		2,609,825			2,416,534			1,819,795
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days		170,023			233,640			156,136
Borrowed funds		50,000			50,000			50,000
Subordinated debt		64,627			64,583			53,610
Other liabilities		15,637			15,927			8,069
		2,910,112			2,780,684			2,087,610
Shareholders' Equity
Common stock		3,300			3,300			2,599
Additional paid in capital		379,740			379,249			301,918
Accumulated deficit		(59,140	)		(65,000	)		(68,396	)
Treasury stock		(83	)		(71	)		(39	)
		323,817			317,478			236,082
Accumulated other comprehensive (loss), net		(1,973	)		(4,827	)		(7,700	)
Total Shareholders' Equity		321,844			312,651			228,382
	$	3,231,956		$	3,093,335		$	2,315,992
Common Shares Outstanding		33,136,152			33,136,592			25,984,488

Note: The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date. 

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

	QUARTERS
	2015			2014
(Dollars in thousands, except per share data)	First			Fourth			Third			Second			First
Net income (loss)	$	5,859		$	(1,517	)	$	2,996		$	1,918		$	2,299
Operating Ratios
Return on average assets-GAAP basis (2),(3)		0.75	%		(0.20	)%		0.52	%		0.33	%		0.41	%
Return on average tangible assets (2),(3),(4)		0.79			(0.16	)		0.54			0.36			0.43
Return on average shareholders' equity-GAAP basis (2),(3)		7.42			(1.89	)		4.97			3.25			4.02
Efficiency ratio (5)		68.33			104.46			82.78			89.42			84.30
Noninterest income to total revenue		22.13			22.40			26.30			26.06			25.52
Net interest margin (1),(2)		3.62			3.56			3.17			3.10			3.07
Average equity to average assets		10.17			10.51			10.37			10.27			10.13
Credit Analysis
Net charge-offs (recoveries) - non-acquired loans	$	(263	)	$	618		$	(856	)	$	(112	)	$	(139	)
Net charge-offs - acquired loans		46			-			-			-			-
Total net charge-offs (recoveries)		(217	)		618			(856	)		(112	)		(139	)
Net charge-offs (recoveries) to average loans - non-acquired loans		(0.06	)%		0.14	%		(0.25	)%		(0.03	)%		(0.04	)%
Net charge-offs (recoveries) to average loans - acquired loans		0.01			-			-			-			-
Toral net charge-offs (recoveries) to average loans		(0.05	)		0.14			(0.25	)		(0.03	)		(0.04	)
Loan loss provision (recapture) - non-acquired loans	$	292		$	54		$	(1,425	)	$	(1,444	)	$	(735	)
Loan loss provision (recapture) - acquired loans		141			64			-			-			-
Total loan loss provision (recapture)		433			118			(1,425	)		(1,444	)		(735	)
Allowance to loans at end of period - non-acquired loans		1.13	%		1.14	%		1.26	%		1.36	%		1.48	%
Discount for credit losses to acquired loans at end of period		3.56	%		3.56	%		-	%		-	%		-	%
Nonperforming loans - non-acquired loans	$	16,860		$	18,563		$	18,942		$	21,745		$	26,220
Nonperforming loans - acquired loans		4,196			2,577			-			-			-
Other real estate owned - non-acquired		4,738			5,567			5,018			6,198			6,369
Other real estate owned - acquired		1,431			1,895			-			-			-
Total nonperforming assets	$	27,225		$	28,602		$	23,960		$	27,943		$	32,589
Restructured loans (accruing)	$	23,847		$	24,997		$	28,969		$	28,157		$	24,537
Purchased noncredit impaired loans	$	296,839		$	326,066		$	-		$	-		$	-
Purchased credit impaired loans		7,119			7,814			-			-			-
Total acquired loans	$	303,958		$	333,880		$	0		$	0		$	0
Nonperforming loans to loans at end of period - non-acquired loans		0.91	%		1.02	%		1.36	%		1.63	%		2.00	%
Nonperforming loans to loans at end of period - acquired loans		0.23			0.14			-			-			-
Total nonperforming loans to loans at end of period		1.14	%		1.16	%		1.36	%		1.63	%		2.00	%
Nonperforming assets to total assets - non-acquired		0.67	%		0.78	%		1.01	%		1.22	%		1.41	%
Nonperforming assets to total assets - acquired		0.17			0.14			-			-			-
Total nonperforming assets to total assets		0.84			0.92			1.01			1.22			1.41
Per Share Common Stock
Net income (loss) diluted-GAAP basis	$	0.18		$	(0.05	)	$	0.12		$	0.07		$	0.09
Net income (loss) basic-GAAP basis		0.18			(0.05	)		0.12			0.07			0.09
Cash dividends declared		0.00			0.00			0.00			0.00			0.00
Book value per share common		9.71			9.44			9.07			9.02			8.79
Average Balances
Total average assets	$	3,151,132		$	3,037,061		$	2,305,799		$	2,304,870		$	2,286,998
Less: Intangible assets		31,221			33,803			237			422			629
Total average tangible assets	$	3,119,911		$	3,003,258		$	2,305,562		$	2,304,448		$	2,286,369
Total average equity	$	320,346		$	319,233		$	239,031		$	236,632		$	231,769
Less: Intangible assets		31,221			33,803			237			422			629
Total average tangible equity	$	289,125		$	285,430		$	238,794		$	236,210		$	231,140

(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).

	March 31,		December 31,		March 31,
SECURITIES	2015		2014		2014
U.S. Treasury and U.S. Government Agencies	$	3,863	$	3,899	$	100
Mortgage-backed		575,907		587,933		619,951
Collateralized loan obligations		126,375		125,225		32,215
Obligations of states and political subdivisions		24,087		24,318		6,246
Securities Available for Sale		730,232		741,375		658,512
Mortgage-backed		181,762		182,076		0
Collateralized loan obligations		41,299		25,828		0
Securities Held for Investment		223,061		207,904		-
Total Securities	$	953,293	$	949,279	$	658,512

	March 31,		December 31,		March 31,
LOANS	2015		2014		2014
Construction and land development	$	100,341	$	87,036	$	67,197
Real estate mortgage		1,532,522		1,524,044		1,121,027
Installment loans to individuals		57,239		52,897		44,601
Commercial and financial		164,050		157,396		79,401
Other loans		335		512		230
Total Loans	$	1,854,487	$	1,821,885	$	1,312,456

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

	QUARTER															Percent Change vs.
	2015			2014												4th Qtr			1st Qtr
(Dollars in thousands)	First			Fourth			Third			Second			First			2014			2014
Assets
Earning assets:
Securities:
Taxable	$	939,015		$	897,472		$	698,274		$	677,600		$	653,646			4.6	%		43.7	%
Nontaxable		15,617			15,871			742			827			1,016			(1.6	)		1437.1
Total Securities		954,632			913,343			699,016			678,427			654,662			4.5			45.8
Federal funds sold and other investments		92,934			63,690			98,711			153,410			188,048			45.9			(50.6	)
Loans, net		1,848,965			1,794,423			1,365,978			1,338,415			1,307,796			3.0			41.4
Total Earning Assets		2,896,531			2,771,456			2,163,705			2,170,252			2,150,506			4.5			34.7
Allowance for loan losses		(17,385	)		(18,723	)		(17,972	)		(19,784	)		(20,205	)		(7.1	)		(14.0	)
Cash and due from banks		63,689			88,745			44,172			35,735			37,186			(28.2	)		71.3
Premises and equipment		46,605			47,379			34,717			34,948			34,731			(1.6	)		34.2
Intangible assets		31,221			33,803			237			422			629			(7.6	)		n/m
Bank owned life insurance		35,793			24,417			0			0			0			46.6			n/m
Other assets		94,678			89,984			80,940			83,297			84,151			5.2			12.5
	$	3,151,132		$	3,037,061		$	2,305,799		$	2,304,870		$	2,286,998			3.8			37.8
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW	$	628,480		$	585,895		$	489,138		$	498,285		$	507,313			7.3	%		23.9	%
Savings deposits		268,041			263,066			212,479			205,686			197,300			1.9			35.9
Money market accounts		519,526			457,364			339,937			336,772			330,787			13.6			57.1
Time deposits		318,343			327,327			252,179			259,325			270,215			(2.7	)		17.8
Federal funds purchased and other short term borrowings		212,123			227,806			153,696			150,108			155,656			(6.9	)		36.3
Other borrowings		114,606			114,560			103,610			103,610			103,610			0.0			10.6
Total Interest-Bearing Liabilities		2,061,119			1,976,018			1,551,039			1,553,786			1,564,881			4.3			31.7
Demand deposits (noninterest-bearing)		753,620			728,410			506,478			505,892			481,048			3.5			56.7
Other liabilities		16,047			13,400			9,251			8,560			9,300			19.8			72.5
Total Liabilities		2,830,786			2,717,828			2,066,768			2,068,238			2,055,229			4.2			37.7
Shareholders' equity		320,346			319,233			239,031			236,632			231,769			0.3			38.2
	$	3,151,132		$	3,037,061		$	2,305,799		$	2,304,870		$	2,286,998			3.8			37.8

n/m = not meaningful

AVERAGE YIELDS / RATES ⁽¹⁾ (Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	QUARTER
	2015			2014
(Dollars in thousands)	First			Fourth			Third			Second			First
Assets
Earning assets:
Securities:
Taxable		2.09	%		2.13	%		2.09	%		2.14	%		2.10	%
Nontaxable		5.89			5.90			7.01			6.77			6.69
Total Securities		2.15			2.19			2.10			2.15			2.11
Federal funds sold and other investments		1.09			1.82			0.85			0.64			0.58
Loans, net		4.84			4.67			4.26			4.24			4.29
Total Earning Assets		3.84			3.78			3.40			3.33			3.31
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW		0.08			0.08			0.07			0.08			0.08
Savings deposits		0.06			0.06			0.04			0.04			0.05
Money market accounts		0.19			0.12			0.09			0.08			0.08
Time deposits		0.44			0.45			0.58			0.60			0.61
Federal funds purchased and other short term borrowings		0.19			0.17			0.18			0.17			0.17
Other borrowings		2.70			2.67			2.43			2.43			2.44
Total Interest-Bearing Liabilities		0.32			0.31			0.32			0.33			0.33
Interest expense as a % of earning assets		0.23			0.22			0.23			0.23			0.24
Net interest income as a % of earning assets		3.62			3.56			3.17			3.10			3.07

(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.
	2015		2014								4th Qtr			1st Qtr
(Dollars in thousands)	First		Fourth		Third		Second		First		2014			2014
Assets
Earning assets:
Securities:
Taxable	$	4,898	$	4,773	$	3,656	$	3,630	$	3,434		2.6	%		42.6	%
Nontaxable		230		234		13		14		17		(1.7	)		1,252.9
Total Securities		5,128		5,007		3,669		3,644		3,451		2.4			48.6
Federal funds sold and other investments		249		292		211		246		268		(14.7	)		(7.1	)
Loans, net		22,065		21,123		14,665		14,151		13,849		4.5			59.3
Total Earning Assets		27,442		26,422		18,545		18,041		17,568		3.9			56.2
Liabilities
Interest-bearing liabilities:
NOW		117		112		91		94		102		4.5			14.7
Savings deposits		39		42		24		23		24		(7.1	)		62.5
Money market accounts		245		143		74		67		68		71.3			260.3
Time deposits		347		375		370		386		407		(7.5	)		(14.7	)
Federal funds purchased and
other short term borrowings		98		97		69		65		66		1.0			48.5
Other borrowings		762		770		635		627		624		(1.0	)		22.1
Total Interest-Bearing Liabilities		1,608		1,539		1,263		1,262		1,291		4.5			24.6
Net interest income		25,834		24,883		17,282		16,779		16,277		3.8			58.7

(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

	2015		2014
(Dollars in thousands)	First Quarter		Fourth Quarter		Third Quarter		Second Quarter		First Quarter
Customer Relationship Funding (Period End)
Demand deposits (noninterest bearing)
Commercial	$	546,876	$	481,327	$	301,630	$	293,515	$	291,221
Retail		191,262		190,120		162,392		167,172		173,698
Public funds		38,529		41,201		39,329		33,223		34,636
Other		16,669		12,590		18,650		15,888		14,370
		793,336		725,238		522,001		509,798		513,925
NOW accounts
Commercial		66,532		58,173		41,131		41,423		41,281
Retail		416,766		407,653		324,690		327,762		329,226
Public funds		151,556		186,527		114,006		124,742		134,191
		634,854		652,353		479,827		493,927		504,698
Total Transaction Accounts
Commercial		613,408		539,500		342,761		334,938		332,502
Retail		608,028		597,773		487,082		494,934		502,924
Public funds		190,085		227,728		153,335		157,965		168,827
Other		16,669		12,590		18,650		15,888		14,370
		1,428,190		1,377,591		1,001,828		1,003,725		1,018,623
Savings accounts		272,963		264,738		215,076		208,333		202,170
Money market accounts
Commercial		185,668		172,417		118,385		114,662		109,158
Retail		274,203		264,725		218,376		213,927		221,762
Public funds		136,729		13,030		7,965		6,657		6,488
		596,600		450,172		344,726		335,246		337,408
Time certificates of deposit		312,072		324,033		246,920		258,233		261,594
Total Deposits	$	2,609,825	$	2,416,534	$	1,808,550	$	1,805,537	$	1,819,795
Sweep repurchase agreements	$	170,023	$	153,640	$	124,436	$	141,662	$	156,136
Total core customer funding (1)	$	2,467,776	$	2,246,141	$	1,686,066	$	1,688,966	$	1,714,337

(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

	2015		2014
	1st Qtr		4th Qtr		3rd Qtr		2nd Qtr		1st Qtr
Installment loans to individuals
Automobile and trucks	$	10.0	$	7.8	$	6.6	$	6.1	$	6.2
Marine loans		28.7		26.2		24.4		23.3		20.8
Other		18.5		18.9		16.6		15.8		17.6
		57.2		52.9		47.6		45.2		44.6
Construction and land development to individuals
Lot loans		16.0		15.5		13.3		13.1		13.3
Construction		23.0		18.2		17.0		16.7		24.4
		39.0		33.7		30.3		29.8		37.7
Residential real estate
Adjustable		436.3		441.2		417.0		407.7		392.5
Fixed rate		93.0		93.9		92.2		91.0		89.8
Home equity mortgages		69.6		71.8		52.1		54.9		60.6
Home equity lines		84.7		80.0		62.0		53.2		49.7
		683.6		686.9		623.3		606.8		592.6
TOTAL CONSUMER		779.8		773.5		701.2		681.8		674.9
Commercial & financial		164.1		157.4		91.3		87.3		79.4
Construction and land development for commercial
Residential
Single family residences		9.1		6.8		4.8		5.1		1.8
Single family land and lots		5.9		6.1		4.3		4.5		4.7
Townhomes		1.1		0.3		-		1.1		0.5
Multifamily		2.8		3.0		3.5		3.5		3.6
		18.9		16.2		12.6		14.2		10.6
Commercial
Office buildings		2.8		1.6		-		-		-
Retail trade		1.0		0.7		2.5		2.4		2.9
Restaurant		1.0		-		-		-		-
Land		20.9		18.2		4.2		4.1		4.4
Healthcare		-		-		-		-		7.1
Churches and educational facilities		1.7		2.9		1.0		1.6		1.1
Lodging		7.1		7.1		6.9		5.2		3.4
Convenience stores		3.5		3.2		0.3		0.1		-
Industrial buildings		2.3		2.7		-		-		-
Auto and RV dealerships		0.3		0.3		-		-		-
Other		1.9		0.4		-		-		-
		42.5		37.1		14.9		13.4		18.9
Total construction and land development		61.4		53.3		27.5		27.6		29.5
Commercial real estate
Office buildings		239.3		235.7		127.1		122.8		120.0
Retail trade		201.8		205.5		163.4		142.8		142.0
Industrial		164.5		157.3		89.6		82.2		76.7
Healthcare		50.9		50.6		40.7		41.6		44.1
Churches and educational facilities		27.1		26.1		26.0		26.7		26.9
Recreation		3.2		3.2		3.3		3.3		2.4
Multifamily		17.1		17.4		17.0		18.7		17.2
Mobile home parks		1.6		1.7		1.7		1.7		1.8
Lodging		16.7		16.9		16.9		17.0		16.9
Restaurant		5.5		3.3		3.3		3.9		3.7
Agricultural		2.4		2.6		2.6		4.6		4.7
Convenience stores		20.7		21.2		23.3		20.9		22.0
Marina		18.3		18.5		18.6		18.5		20.6
Other		79.8		77.2		37.2		33.5		29.4
		848.9		837.2		570.7		538.2		528.4
TOTAL COMMERCIAL		1,074.4		1,047.9		689.5		653.1		637.3
Other		0.3		0.5		0.4		0.3		0.2
	$	1,854.5	$	1,821.9	$	1,391.1	$	1,335.2	$	1,312.4

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

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	2015			2014
	1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
Installment loans to individuals
Automobile and trucks	$	2.2		$	1.2		$	0.5		$	(0.1	)	$	(0.4	)
Marine loans		2.5			1.8			1.1			2.5			0.6
Other		(0.4	)		2.3			0.8			(1.8	)		(0.3	)
		4.3			5.3			2.4			0.6			(0.1	)
Construction and land development to individuals
Lot loans		0.5			2.2			0.2			(0.2	)		0.4
Construction		4.8			1.2			0.3			(7.7	)		3.1
		5.3			3.4			0.5			(7.9	)		3.5
Residential real estate
Adjustable		(4.9	)		24.2			9.3			15.2			0.6
Fixed rate		(0.9	)		1.7			1.2			1.2			(1.3	)
Home equity mortgages		(2.2	)		19.7			(2.8	)		(5.7	)		(1.4	)
Home equity lines		4.7			18.0			8.8			3.5			2.0
		(3.3	)		63.6			16.5			14.2			(0.1	)
TOTAL CONSUMER		6.3			72.3			19.4			6.9			3.3
Commercial & financial		6.7			66.1			4.0			7.9			0.8
Construction and land development for commercial
Residential
Single family residences		2.3			2.0			(0.3	)		3.3			(0.2	)
Single family land and lots		(0.2	)		1.8			(0.2	)		(0.2	)		(0.2	)
Townhomes		0.8			0.3			(1.1	)		0.6			0.5
Multifamily		(0.2	)		(0.5	)		-			(0.1	)		(0.1	)
		2.7			3.6			(1.6	)		3.6			0.0
Commercial
Office buildings		1.2			1.6			-			-			-
Retail trade		0.3			(1.8	)		0.1			(0.5	)		(4.8	)
Restaurant		1.0			-			-			-			-
Land		2.7			14.0			0.1			(0.3	)		(0.5	)
Healthcare		-			-			-			(7.1	)		1.7
Churches and educational facilities		(1.2	)		1.9			(0.6	)		0.5			(2.7	)
Lodging		-			0.2			1.7			1.8			2.5
Convenience stores		0.3			2.9			0.2			0.1			-
Industrial buildings		(0.4	)		2.7			-			-			-
Auto and RV dealerships		-			0.3			-			-			-
Other		1.5			0.4			-			-			-
		5.4			22.2			1.5			(5.5	)		(3.8	)
Total construction and land development		8.1			25.8			(0.1	)		(1.9	)		(3.8	)
Commercial real estate
Office buildings		3.6			108.6			4.3			2.8			1.3
Retail trade		(3.7	)		42.1			20.6			0.8			11.4
Industrial		7.2			67.7			7.4			5.5			(4.4	)
Healthcare		0.3			9.9			(0.9	)		(2.5	)		(1.4	)
Churches and educational facilities		1.0			0.1			(0.7	)		(0.2	)		1.6
Recreation		-			(0.1	)		-			0.9			(0.1	)
Multifamily		(0.3	)		0.4			(1.7	)		1.5			0.4
Mobile home parks		(0.1	)		-			-			(0.1	)		(0.1	)
Lodging		(0.2	)		-			(0.1	)		0.1			(0.2	)
Restaurant		2.2			-			(0.6	)		0.2			-
Agricultural		(0.2	)		-			(2.0	)		(0.1	)		(2.3	)
Convenience stores		(0.5	)		(2.1	)		2.4			(1.1	)		1.2
Marina		(0.2	)		(0.1	)		0.1			(2.1	)		(0.7	)
Other		2.6			40.0			3.7			4.1			1.3
		11.7			266.5			32.5			9.8			8.0
TOTAL COMMERCIAL		26.5			358.4			36.4			15.8			5.0
Other		(0.2	)		0.1			0.1			0.1			(0.1	)
	$	32.6		$	430.8		$	55.9		$	22.8		$	8.2

EX-99.2

EXHIBIT 99.2

To Form 8-K dated April 28, 2015

Seacoast Banking Corporation of Florida

First Quarter 2015 Earnings Conference Call

April 29, 2015

9:00 AM Eastern Time

Company Participants:

Dennis S. Hudson, III, Chairman and Chief Executive Officer, Seacoast Banking Corporation of Florida

Charles K. Cross, Jr., Executive Vice President, Commercial Banking, Seacoast Banking Corporation of Florida

Charles Shaffer, Executive Vice President, Community Banking, Seacoast Banking Corporation of Florida

Stephen A. Fowle, Executive Vice President and Chief Financial Officer, Seacoast Banking Corporation of Florida

William R. Hahl, Executive Vice President and Former Chief Financial Officer, Seacoast Banking Corporation of Florida

Other Participants:

Taylor Brodarick, Vice President, Guggenheim Securities, LLC

Joseph Fenech, Managing Director - Equity Research, Hovde Group

Management Remarks:

Operator: Welcome to the Seacoast First Quarter Earnings Conference call. My name is Christine and I will be the operator for today’s call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session. Please note that this conference is being recorded.

I will now turn the call over to Mr. Dennis Hudson. You may begin.

Dennis Hudson: Thank you very much, and welcome to the Seacoast’s First Quarter 2015 Conference Call. Before I begin, as always, I direct your attention to the statement contained at the end of the press release regarding forward-looking statements. During our call we are going to be discussing certain issues that constitute forward-looking statements within the meaning of the Securities and Exchange Act and as a result our comments are intended to be covered within the meaning of the Act. The earnings release and the slides that go along with this call are also posted on our website SeacoastBanking.net and they can be found under Presentations.

- 1 -

With me today are Chuck Cross, who heads up our Commercial Business banking line; Chuck Shaffer, who heads up our Consumer and Small Business banking line; and David Houdeshell, our Chief Credit Officer. Also with me today is Bill Hahl, who is retiring as our CFO and has served us very well over the past 25 years. Also our new CFO, Steve Fowle is here, and as you know he joined our team just a few weeks ago. So welcome, everybody.

We started the year without missing a beat, continuing to build on the momentum we established last year. Just a few months after we closed and successfully integrated the acquisition of BANKshares in Orlando, we announced our agreement to acquire Grand Bankshares in North Palm Beach. As we noted in the release, both these acquisitions expand our presence in two of Florida’s fastest growing markets and position Seacoast to benefit from the accelerating economic recovery here in the state.

Profitability in the first quarter was strong with net income growing 155% year-over-year to $5.9 million or $0.18 per share, up from $2.3 million or $0.09 per share in the first quarter a year ago. If you exclude the cost for mergers and acquisitions in the quarter, adjusted net income in the first quarter grew 48% to $6.2 million or $0.19 per share from $4.2 million or $0.13 per share in the preceding quarter.

Our loan pipelines remain very strong. We are up 37% in the quarter, jumping to $82.1 million, which is the highest level we have seen for some time. Net loans increased at a 7% annualized rate in the quarter and grew 41% year-over-year. Excluding the BANKshares loans that were acquired in the fourth quarter, the loan portfolio grew 15.9% year-over-year. Deposits are also growing at a darn good clip, up 8% in the quarter and 43% in the year, and that growth was about 15% in terms of total deposits when you exclude the impact of the acquisition.

Our loan portfolio and our customer growth rates, as well as product penetration within our customer base, is continuing to build momentum, and we think the potential for both our existing markets and our new markets is very favorable. Over the first quarter, revenues grew 52% year-over-year, reflecting the acquisition, the growing impact of our strategic investment and an improving Florida marketplace.

And Florida continues to generate a pretty sunny economic forecast. According to the University of Central Florida, 2014 had solid job growth, declining unemployment and high consumer confidence—and it just keeps getting better. Economic growth picked up considerably across Florida over the past year. Non-farm employment rose 3.7% as businesses and the public sector created some 285,000 new jobs. Growth continues to be exceptionally broad based in every key industry category, posting solid gains over the past year. Construction employment accounts for just 5.2% of Florida’s employment base, down from 8.7% at the height of the housing boom and the long run average of around 6.5%.

Florida’s job market has improved on a number of important fronts. Job gains are much more diverse than they had been earlier, and the few sectors that had been lagging, most notably financial services and government, are now growing modestly. Job growth has also picked up across the stage with all of the state’s 24 metropolitan areas posting solid year-to-year job gains. Our unemployment rate has also fallen dramatically and now stands at 5.7% for March, down from 6.5% a year ago.

- 2 -

Housing demand is also on solid ground. Home sales in Florida are picking up, with the number of closed sales in Florida 10% higher than a year ago and even more growth in pending sales, indicating the number of closed sales should remain high in the near-term. However, despite the stronger than average growth in sales, home price appreciation is merely tracking the national average and prices are still far below their pre-recession peak. We are seeing strong demand for new housing with new permits for both single-family and multifamily units rebounding, but not anywhere close to the levels that we saw before the recession, which is a good thing.

As we announced a couple of weeks ago, we are expanding our presence in the Palm Beach County market with the acquisition of Grand Bankshares, and we think it’s a terrific market. West Palm Beach also posted solid gains in 2014, with non-farm payrolls 3.3% higher than a year earlier. Home prices are up 8.2% from a year ago as rapidly growing population and strong immigration into the state continues to fuel demand for housing. West Palm Beach should continue to see reasonable improvements, I think, in its economy. An aging population will increase demand for already large and rapidly growing health services industry. Above average population growth and in-migration is going to drive gains as well in the local economy.

So we like operating in the Florida economy. We think we have a franchise in some of the best territory in the state, and frankly in the U.S., and we think it’s starting to show on our financial results.

Which brings me back to the first quarter financial performance: Our adjusted earnings for the quarter increased 48% to $6.2 million or $0.19 a share, up from $4.2 million or $0.13 per share last quarter, and more than double the $2.5 million or $0.10 a share earned in the first quarter a year ago. These numbers exclude adjustments for one-timers, and those one-timers were primarily our merger related costs, branch closing costs and a few other items we listed in the press release.

Our adjusted pretax pre-provision earnings were up 39% over the fourth quarter, and they were more than triple what we generated in the first quarter of last year. This improvement in adjusted pretax pre-provision earnings shows the growing earnings power of our franchise fueled by the addition of the Greater Orlando market which came from our acquisition, the streamlining initiatives we put in place last year, the organic growth we are generating from our lending teams and our technology-based marketing efforts.

Loan growth continued to build as well during the first quarter, with the portfolio increasing 41% year-over-year, with solid organic growth in every category as our lending teams continue to reach out to new and existing customers. Total loans grew at a 7% annualized rate to $1.85 billion at quarter end. Our commercial pipeline of loans in the first quarter, which is normally seasonally slow, came in, as I said earlier, at $82.1 million and was much better than we have seen for several years. The residential pipeline showed even more strength, more than doubling to $48.5 million at the end of the quarter from $21.4 million at the end of December and up from $26.7 million a year ago. We are very pleased with the pace of activity and the quality of loans that are coming to our lenders.

- 3 -

While commercial lending is seasonally slow in the first quarter, deposit gathering is typically just the opposite—and this year was no exception. Our low cost funding growth was robust in the first quarter, with non-interest deposits up 9.4% in the quarter and up 13.8% for the year, excluding any impact from the acquisition. Overall deposit growth was up 33% for the year and was up 15% without the contribution from the BANKshares acquisition. Much of the growth in our non-interest bearing deposits over the past couple of quarters reflects our success in attracting commercial and small business customers, both through our Accelerate channel and also across our branch system. In fact, our DDA mix has now improved to 30.4% of total deposits, up from 28.2% of total deposits just over the last year. Our total cost to deposits in the first quarter was 12 basis points.

In addition to solid loan growth, the accretion from the acquired portfolio contributed to margin expansion in the quarter. Our NIM came in at 3.62%, which was a bit better than we had estimated last quarter. We have been predicting that margin will stabilize at best and possibly trend a few basis points lower if interest rates remain unchanged. So while a four basis point improvement was good news in the quarter, we are still predicting that, all things equal, the margin will be in a range closer to 3.5% or perhaps slightly lower over the remainder of 2015.

Accretion from prepayments of some of our purchased loans added 9 or 10 basis points to the NIM this quarter. If interest rates increase, we could see further improvement in the net interest margin in the short-term. We are asset-sensitive and our ALCO model indicates that when rates increase 100 basis points, net interest income should increase approximately 9%.

Our non-interest income grew 2.3% in the quarter and 31.5% year-over-year with strong contributions from mortgage banking fees and interchange income. As we noted last quarter, we added a new source of income from bank-owned life insurance compared to last year’s first quarter, which was partially generated from investments acquired with BANKshares and from new investments we initiated during the quarter. Marine finance fees were down in the quarter reflecting our decision to start portfolioing a few of these loans rather than selling them in the secondary market.

We’ve talked about our efforts to reduce overhead costs and streamline our operating platform over the past year, and our non-interest expense shows solid improvement in operating efficiencies. Our core operating expenses were down $1.7 million in the quarter or 7%, which includes the operations of BANKshares. Our efficiency ratio came in at 67.4% excluding merger costs for the quarter. So we are pretty happy with this progress and we are looking to continue to make further improvements to get down to our goal in the mid-60s in the near future.

In summary, I’m delighted with our performance this quarter. Our team has really come together to put in place some great programs that are starting to show some very interesting results. I think we even have more potential opportunities to capitalize as we look forward in the coming quarters. So we will keep you posted. At this point let’s open it up for a few questions for the team.

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Q & A Session:

Operator: Our first question comes from Joe Fenech from Hovde Group.

Joe Fenech: More of a big picture question for you, Denny. Relative to where you were a year ago, obviously the improvement in profitability to today has been pretty stark. My question is how far do you think you could take this with the company as it’s structured today, pro forma of course with Grand? In other words, is a sustainable 1% ROA achievable in next 12 months or so; or are there some things that are little out of your control like higher rates and maybe a deal that you need to happen to get you there?

Dennis Hudson: Good question. I think we continue to head towards the 1% return on asset mark to get our performance back to what I would consider an acceptable level, and I think that is certainly doable over time. The answer to the question will depend on what kind of investments we are making today and the investments we made two years ago are paying off big time today. If you think about it, our Accelerate channel now has operating expenses of probably around $5 million a year; those expenses didn’t exist two years ago, and they are now producing tremendous results for us.

So it’s a careful balance, as you well know, between the investments needed to get us accelerating down the road more quickly and the need for improved operating performance. I think we achieved a significant milestone this quarter as we brought together all of the things we talked about in the short-term over the last year, notably the cost-outs that we worked on, and the impact of the acquisition being as good or better than we had advertised. We have another acquisition that, as you know, provides meaningful accretion starting in the second half of this year, and I think, again, as we look forward we will continue to see growth in earnings and progress against this medium-term goal of getting to a 1% return on assets. I hope that helps.

Joe Fenech: Denny, you talked in your notes about Grand, you talked about the purchase capital contribution to NIM this past quarter and your NIM outlook. Does that outlook include your expectations pro forma from Grand? And if not, what is your thought on the impact that has to that 3.50% or so NIM guidance you gave?

Dennis Hudson: And the answer is that it does not include the impact of the Grand acquisition. We were just simply looking at a steady rate over the next quarter or two, just kind of a steady to slightly down margin.

Joe Fenech: So your early read is that Grand is accretive to that 3.50% or so margin, or too early to tell?

Steve Fowle: I’d expect that acquisitions tend to be accretive but tend to be very lumpy in terms of when the accretion hits and doesn’t hit.

Joe Fenech: And then, Denny, whether seasonal—

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Dennis Hudson: I think what you are trying to ask is, what kind of impact is Grand going to have on margin? As we know, there will be lots of merger charges in Q3, but the margin should be as good or probably slightly accretive.

Joe Fenech: And then, Denny, were there seasonal considerations or anything unusual on the expense base this quarter, or is the just under $23 million a good quarterly run rate to use here on a core basis going forward?

Dennis Hudson: I think it’s a good run rate.

Joe Fenech: Then last one for me, on the M&A front, Denny, I know you have done some attractive smaller deals here. Is there a larger one or two out there that makes sense for you, or are these smaller transactions more along the lines of what we could see going forward? What’s your appetite, generally, for additional M&A?

Dennis Hudson: I think our focus remains on continuing to grow organically; that’s our key objective here. There is tremendous value-add to long-term shareholder value if we can get organic growth. Obviously, our priority would be acquisitions that would tend to be smaller probably and would fit well into our franchise, but our focus remains on improving our performance, growing organically, and finding opportunistic type opportunities out ahead of us in terms of acquisition. The two that we have done over the last year or so we think are going to be very, very helpful to us. And we would hope if we did something else, that it would be equally good in terms of helping us improve our performance and build out our ability to grow organically over time.

Operator: Our next question comes from Taylor Brodarick from Guggenheim Securities.

Taylor Brodarick: I guess, the first question will be on deposit pricing. Obviously, it’s been kind of held in a low 30 bps, but I’m wondering about the pricing pressure going forward given the strength of your markets, and are you willing to not be as flexible on pricing given your loan to deposit ratio?

Chuck Shaffer: I wouldn’t expect pricing to go up much as we move forward. If we grow the deposit base, we are continuing to focus on small business and consumer. We have taken a few opportunities where some governmental things came along and put that in the base. As we move into Central Florida market and South Florida, it is more competitive on the deposit side, there are more offers out there, but I wouldn't expect it to materially impact our cost of deposits.

Dennis Hudson: It’s important to keep your eye on our strategic focus as we look ahead, and our strategic focus is on no cost, low cost deposits, period. We see tremendous opportunity for us to gain share as we move forward, and that’s been proven over the last several years as we improved our deposit mix.

Taylor Brodarick: I guess just hearing some of your other in-market peers talk about rationality a little south of your core market, I’m just curious if any of that out-sized pricing has creeped into your markets?

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Chuck Shaffer: No. We really haven’t seen that yet.

Taylor Brodarick: I’m just talking about loans, of course.

Chuck Shaffer: Oh, on loans?

Taylor Brodarick: Yes.

Chuck Cross: Florida, especially South Florida, has always been a very competitive pricing market and it remains competitive today.

Dennis Hudson: Yes, and I say all the time that there has never been a time in my career where we couldn’t complain about crazy competition in pricing and so forth. When it gets too crazy, we exit the discussion, is all I can say. We really stay focused on relationships, but it’s a fight every day. There has never been a day when we haven’t had those things, but you can’t use it as an excuse. You move forward and talk to more customers, and ultimately you find customers that are interested in what we have to offer in terms of our value, and we seem to be pretty successful.

Taylor Brodarick: I guess one last for me, an update on what to expect. I think I had $1.5 million to $2 million of merger charges the next couple of quarters, does that seem like it’s in the ball park?

Dennis Hudson: We are going to have minor costs probably in the upcoming quarter. I would say that sounds, if anything, at or slightly high. As we look to Q3, of course, we will have the charges related to the closing of Grand Bank, which would be higher than that. I think we had a number that we disclosed in the announcement. For the total, I think it was $3.5 million. That’s spread over multiple quarters, but most of it is in the third quarter.

Bill Hahl: …both Seacoast and Grand Bank’s total merger costs.

Taylor Brodarick: Thank you everyone.

Operator: We have no further questions at this time.

Dennis Hudson: Well, very good. Thank you all for attending today and we look forward to updating you next quarter. Thank you.

Operator: Thank you, and thank you ladies and gentlemen. This concludes today’s conference. Thank you for participating. You may now disconnect.

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EX-99.3

Exhibit 99.3

First Quarter 2015 April 29 th , 2015

2 Cautionary Notice Regarding Forward - Looking Statements This press release contains “forward - looking statements” within the meaning of Section 27 A of the Securities Act of 1933 and Section 21 E 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 , 2014 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 . First Quarter 2015

First Quarter 2015 3 Financial Highlights Growth Highlights Q1 2015 Financial and Growth Highlights • Total loans increased $32.6 million or 7% (annualized) from Q4 14, and increased 41.3% from a year ago. Excluding the acquisition of BANKshares , loans increased $218.7 million or 15.9% from prior year levels. • Deposits increased $193.3 million or 8.0% from the prior quarter and 43.4% from a year earlier. Excluding the acquisition of BANKshares , deposits increased $273.7 million or 15.0% from prior year levels. • Acquired Grand Bankshares , Inc. (estimated to close in 3Q 15) adding approximately $208 million in assets, $184 million in deposits, and $127 million in gross loans to Seacoast's operations, along with 3 branch locations in Palm Beach County . • Net income grew 155% to $5.9 million, or $0.18 per diluted share, versus $2.3 million, or $0.09 per diluted share, in 1Q 14 and a net loss of $1.5 million, or ($0.05) per diluted share in Q4 14. • Adjusted net income (1) , for the Q1 2015 increased 47.8 % to $6.2 million or $ 0.19 per diluted share, compared to $4.2 million, or $0.13 per diluted share in 4Q14. • Net interest margin improved to 3.62% compared with 3.56% in preceding quarter due to loan growth, acquisition, and investment purchases . (1) Non - GAAP measure, excludes merger related charges, branch closure expenses, and other adjustments (See Appendix for reconciliation to GAA P)

First Quarter 2015 4 Earnings Trend Improve • The effective tax rate in the first quarter decreased to 37.7 % from 44.4% (higher from nondeductible merger related charges) for the 2014 calendar year. • Adjusted Pretax, pre - provision income (1) significantly improved indicative of higher quality earnings. (Dollars in thousands) First Quarter Fourth Quarter Third Quarter Second Quarter First Quarter 2015 2014 2014 2014 2014 GAAP Net Income $5,859 ($1,517) $2,996 $1,918 $ 2,299 GAAP Earnings per diluted share $ 0.18 ($0.05) $ 0.12 $ 0.07 $ 0.09 Adjusted Net Income (1) $6,177 $4,179 $3,286 $2,990 $2,533 Adjusted Pretax, pre - provision income (1) $10,342 $7,464 $4,341 $3,821 $3,395 Adjusted Earnings per diluted share (1) $0.19 $0.13 $0.13 $0.12 $0.10 Average shares outstanding 33,135 33,124 26,026 25,998 25,657 (1) Non - GAAP measure, excludes merger related charges, branch closure expenses, and other adjustments (See Appendix for reconciliation to GAA P)

First Quarter 2015 5 Loan Growth Momentum Continues • Total loans were $ 1.854 billion at March 31, 2015, up $32.6 million from December 31, 2014, or 1.8% (7% annualized) from the fourth quarter. • The commercial pipeline (in underwriting and approval or approved and not yet closed) totaled $82.1 million at March 31, 2015, the highest in the trailing four quarters and suggests continued strength. • T he residential pipeline totals $48.5 million at March 31, 2015 compared to $21.4 million at December 31, 2014 and $26.7 million one year ago. $675 $682 $701 $774 $780 $637 $653 $690 $1,048 $ 1,074 $1,312 $1,335 $1,391 $ 1,822 $ 1,854 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Total Loans ($ in Millions) Consumer Commercial

First Quarter 2015 6 Deposit Balances Extend Growth Trends • Average noninterest bearing demand deposits increased to 30.3% of total deposits compared with 26.9% for the first quarter 2014 • Average Low/No cost deposits increased to 87.2% of total deposits compared to 84.9% one year ago $481 $506 $506 $728 $754 $ 1,036 $ 1,041 $1,042 $ 1,307 $ 1,416 $270 $259 $252 $327 $318 $1,787 $1,806 $1,800 $2,362 $2,488 $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 $2,250 $2,500 $2,750 $3,000 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Average Deposit Balances ($ in Millions) Non Interest Bearing Low Cost Deposits Time Deposits

First Quarter 2015 7 Funding Costs Remain Low 14 13 12 11 12 33 33 32 31 32 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Funding Costs (in BPS) Deposit Costs Interest Bearing

First Quarter 2015 8 • Net interest income for the quarter totaled $ 25.7 million, a $1 million or 15% annualized linked quarter . • Net interest margin for the quarter increased to 3.62% versus prior quarter of 3.56% in the fourth quarter 2014. • Improvement in net interest income and margin was the result of increased loan growth (a $54.5 million average balance increase), the reinvestment of excess cash balances, and additional accretion on purchased loans. $16,277 $16,779 $17,282 $24,883 $25,834 3.07% 3.10% 3.17% 3.56% 3.62% 0 5,000 10,000 15,000 20,000 25,000 30,000 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Net Interest Income and Net Interest Margin ($ in thousands) Net Interest Income Net Interest Margin Net Interest Income and Margin Meaningfully Improved

First Quarter 2015 9 Non Interest Income • Non interest income (excluding security gains) increased $167,000 from December 31, 2014. • Mortgage Banking fees increased $372,000 over the prior quarter and interchange income increased $134,000 over the prior quarter offset seasonally with fewer number of days for service charges on deposits and by marine finance fees. $1,507 $1,484 $1,753 $2,208 $2,002 $661 $855 $825 $716 $1,088 $1,050 $1,113 $1,225 $1,212 $1,242 $254 $340 $281 $445 $197 $1,403 $1,514 $1,452 $1,603 $1,737 $252 $330 $683 $590 $613 $705 $712 $5,558 $5,896 $6,149 $7,141 $7,308 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Non Interest Income ($ in Thousands) Service Charges on Deposits Mortgage Banking Fees Wealth Management Income Marine Finance Interchange Income BOLI Other

First Quarter 2015 10 Non Interest Expense Moderates $9,594 $9,668 $9,917 $12,459 $ 11,192 $1,695 $1,811 $1,769 $1,925 $2,184 $2,702 $2,798 $2,820 $ 3,427 $ 3,251 $813 $675 $717 $1,072 $975 $935 $924 $884 $1,741 $1,388 $386 $411 $387 $476 $589 $2,259 $2,513 $2,350 $ 3,309 $ 3,096 $18,384 $18,800 $18,844 $ 24,409 $ 22,675 $0 $3,000 $6,000 $9,000 $12,000 $15,000 $18,000 $21,000 $24,000 $27,000 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Core Operating Expenses (1) ($ in Thousands) Salaries and Benefits Data Processing Cost Occupancy / Telephone Marketing Legal and Professional FDIC Other • Core operating expense (non - GAAP) totaled $22.7 million for the first quarter of 2015 compared to $24.4 million in the fourth quarter of 2014. • The improvement in core operating expense and our adjusted efficiency ratio (67.4% in 1Q15 versus 74.8% in 4Q14) is reflective of a full quarter benefit from expense reduction initiatives completed in Q4 14. (1) Non - GAAP measure, excludes merger related charges, branch closure expenses, and other adjustments (See Appendix for reconciliation to GAA P)

SBCF Florida’s Economic Improvement • Employment increased 3.7% in 2014 with 285,00 net new jobs • Construction employment accounts for just 5.2% of jobs, down from 8.7% at the peak and 6.5% on average • Unemployment as of March is down to 5.7% from 6.5% a year ago. First Quarter 2015 11

12 Source: Wells Fargo Securities Florida Economic Outlook March 2015 . First Quarter 2015

13 Source: Wells Fargo Securities Florida Economic Outlook March 2015 . First Quarter 2015

14 Source: Wells Fargo Securities Florida Economic Outlook March 2015 . First Quarter 2015

15 Source: Wells Fargo Securities Florida Economic Outlook March 2015 . First Quarter 2015

First Quarter 2015 16 Appendix

First Quarter 2015 17 Explanation of Certain Unaudited Non - GAAP Financial M easures • 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, preprovision 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.

First Quarter 2015 18 Net Income - GAAP to Non - GAAP Reconciliation: Presented below is net income excluding adjustments for merger related charges, branch closure charges, and other non core expenses. The Company believes that these results of operations are a more meaningful depiction of the underlying fundamentals of its business and ove rall performance. (1) Non - GAAP measure, excludes merger related charges, branch closure expenses, and other adjustments (See Appendix for reconciliation to GAA P) (Dollars in thousands) First Quarter 2015 Fourth Quarter 2014 Third Quarter 2014 Second Quarter 2014 First Quarter 2014 Net income $5,859 ($1,517) $2,996 $1,918 $2,299 Severance 12 478 328 181 212 Merger related charges 275 2,722 399 1,234 6 Branch closure charges and costs related to expense initiatives 0 4,261 68 114 0 Marketing and brand refresh expense 0 697 0 0 0 Stock compensation expense and other incentive costs related to improved outlook 0 1,213 0 0 0 Security (gains) 0 (108) (344) 0 (17) Miscellaneous losses (gains) 0 119 (45) 144 0 Recovery of nonaccrual loan interest 0 0 (192) 0 0 Net loss on OREO and repossessed assets 81 9 156 92 53 Asset dispositions expense 143 103 139 118 128 Effective tax rate on adjustments (193) (3,798) (219) (811) (148) Adjusted Net Income (1) $6,177 $4,179 $3,286 $2,990 $2,533 Provision (recapture) for loan losses 433 118 (1,425) (1,444) (735) Income taxes 3,732 3,167 2,480 2,275 1,597 Adjusted pretax, pre-provision income (1) $10,342 $7,464 $4,341 $3,821 $3,395 Adjusted earnings per diluted share (1) $0.19 $0.13 $0.13 $0.12 $0.10 Average shares outstanding 33,135 33,124 26,026 25,998 25,657

First Quarter 2015 19 Non - Interest Expense - GAAP to Non - GAAP Reconciliation: Presented below is core operating expenses and other non core expenses. The Company believes that these results of operations are a more meaningful depiction of the underlying fundamentals of its business and overall performance. (1) Non - GAAP measure, excludes merger related charges, branch closure expenses, and other adjustments (See Appendix for reconciliation to GAA P) (Dollars in thousands) First Quarter 2015 Fourth Quarter 2014 Third Quarter 2014 Second Quarter 2014 First Quarter 2014 Noninterest Expense: Salaries and wages $8,777 $9,998 $7,868 $7,587 $7,412 Employee benefits 2,415 2,461 2,049 2,081 2,182 Outsourced data processing costs 2,184 1,925 1,769 1,811 1,695 Telephone / data lines 496 419 313 306 293 Occupancy expense 2,023 2,325 1,879 1,888 1,838 Furniture and equipment expense 732 683 628 604 571 Marketing expense 975 1,072 717 675 813 Legal and professional fees 1,388 1,741 884 924 935 FDIC assessments 589 476 387 411 386 Amortization of intangibles 315 446 195 196 196 Other 2,781 2,863 2,155 2,317 2,063 Total Core Operating Expense 22,675 24,409 18,844 18,800 18,384 Non-GAAP adjustments Severance 12 478 328 181 212 Merger related charges 275 2,722 399 1,234 6 Branch closure charges and costs related to expense initiatives 0 4,261 68 114 0 Marketing and brand refresh expense 0 697 0 0 0 Stock compensation expense and other incentive costs related to improved outlook 0 1,213 0 0 0 Miscellaneous losses (gains) 0 119 (45) 144 0 Net loss on OREO and repossessed assets 81 9 156 92 53 Asset dispositions expense 143 103 139 118 128 Total Adjusted Operating Expenses $23,186 $34,011 $19,889 $20,683 $18,789