Exhibit 99.1

Charles M. Shaffer

Executive Vice President

Chief Financial Officer

(772) 221-7003

Chuck.Shaffer@seacoastbank.com

SEACOAST REPORTS FOURTH QUARTER AND FULL-YEAR 2018 RESULTS

Full-Year Net Income Increased 57% Year-Over-Year to $67.3 Million

Net Interest Margin Expanded to 4.0%, Up 18 Basis Points from Prior Quarter

Achieved Record Commercial Originations, Up 21%Year-Over-Year

STUART, Fla., January 24, 2019 /GLOBE NEWSWIRE/ — Seacoast Banking Corporation of Florida (“Seacoast” or “the Company”) (NASDAQ: SBCF) today reported fourth quarter 2018 net income of $16.0 million, or $0.31 per share, up 22% or $2.9 million year-over-year. For the full-year 2018, net income was $67.3 million, or $1.38 per share, up 57% year-over-year. Seacoast reported fourth quarter adjusted net income¹ of $23.9 million, or $0.47 per share, increasing $6.6 million compared to fourth quarter 2017. For the full year 2018, adjusted net income¹ was $79.1 million, or $1.62 per share, a 43% increase year-over-year.

For the fourth quarter 2018, return on average tangible assets was 1.05%, return on average tangible shareholders’ equity was 10.9%, and the efficiency ratio was 65.8%, compared to 1.18%, 12.0% and 57.0%, respectively, in the prior quarter and 0.97%, 10.7%, and 64.0%, respectively, in the fourth quarter of 2017. Adjusted return on average tangible assets¹ was 1.49%, adjusted return on average tangible shareholders’ equity¹ was 15.4%, and the adjusted efficiency ratio¹ was 54.2%, compared to 1.22%, 12.4%, and 56.3%, respectively, in the prior quarter, and 1.23%, 13.5%, and 52.6%, respectively, in the fourth quarter of 2017.

Dennis S. Hudson, III, Seacoast’s Chairman and CEO, said, “Seacoast’s outstanding performance in 2018 demonstrates the continued success of our balanced growth strategy, with consistent organic growth augmented by prudent and well-integrated acquisitions. Our focused efforts to position our franchise in attractive Florida markets, among the fastest-growing markets in the United States, combined with our unique customer analytics capabilities, helped us to deliver another year of robust shareholder returns as we remained on-track to achieve our Vision 2020 goals.”

Hudson added, “I would like to personally thank our associates for their dedication and hard work in 2018, and I am very excited to carry our momentum into 2019 as we build on our position as Florida’s bank of choice.”

Charles M. Shaffer, Seacoast’s Chief Financial Officer, said, “We successfully allocated capital towards accretive opportunities in 2018, resulting in an 11% increase year-over-year in tangible book value per share to $12.33, despite the initial dilutive effect of integrating First Green Bancorp in the fourth quarter. Our disciplined approach to credit, liquidity, and expense management combined with accretive acquisitions has driven operating leverage and margin expansion while maintaining the granularity and quality of our loan portfolio.”

¹Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures”

 

Completion of the Acquisition of First Green Bancorp

On October 19, 2018, we completed the acquisition of First Green Bancorp, Inc., which added $631 million in loans and $624 million in deposits. The acquisition continues our expansion into the attractive Orlando, Daytona and Fort Lauderdale markets. All expense consolidation activities are largely complete.

Fourth Quarter 2018 Financial Highlights

Income Statement

• Net income was $16.0 million, or $0.31 per diluted share, compared to $16.3 million or $0.34 for the prior quarter and $13.0 million or $0.28 for the fourth quarter of 2017. For the year ended December 31, 2018, net income was $67.3 million compared to $42.9 million for the year ended December 31, 2017. Adjusted net income¹ was $23.9 million, or $0.47 per diluted share, compared to $17.6 million or $0.37 for the prior quarter and $17.3 million or $0.37 for the fourth quarter of 2017. For the year ended December 31, 2018, adjusted net income¹ was $79.1 million compared to $55.3 million for the year ended December 31, 2017.

• Net revenues were $72.7 million, an increase of $8.8 million or 14% compared to the prior quarter, and a decrease of $2.2 million or 3% compared to the fourth quarter of 2017. For the year ended December 31, 2018, net revenues were $261.5 million, an increase of $26.8 million or 11% compared to the year ended December 31, 2017. The fourth quarter of 2017 included a gain of $15.2 million on the sale of Visa class B shares. Adjusted revenues¹ were $72.8 million, an increase of $8.9 million, or 14%, from the prior quarter and an increase of $13.2 million, or 22% from the fourth quarter of 2017. For the year ended December 31, 2018, adjusted revenues¹ were $261.9 million, an increase of $42.4 million or 19% compared to the year ended December 31, 2017.

• Net interest income totaled $60.0 million, an increase of $8.4 million or 14% from the prior quarter and an increase of $11.8 million or 24% from the fourth quarter of 2017. For the year ended December 31, 2018, net interest income totaled $211.5 million, an increase of $35.2 million or 20% compared to the year ended December 31, 2017.

• Net interest margin was 4.00% in the current quarter compared to 3.82% in the prior quarter and 3.71% in the fourth quarter of 2017. Quarter over quarter, the yield on loans expanded 29 basis points, the yield on securities expanded 11 basis points, and the cost of deposits increased 11 basis points. The cost of deposits excluding First Green increased approximately 6 basis points sequentially. The impact on net interest margin from accretion of purchase discounts on acquired loans was 27 basis points in the current quarter, compared to 18 basis points in the prior quarter and 22 basis points in the fourth quarter of 2017. Removing accretion on acquired loans, the net interest margin expanded 9 basis points.

• Noninterest income totaled $12.7 million, an increase of $0.4 million or 3% compared to the prior quarter and a decrease of $13.9 million or 52% from the fourth quarter of 2017. For the year ended December 31, 2018, noninterest income totaled $50.0 million, 14% lower than the year ended December 31, 2017. The fourth quarter of 2017 included a gain of $15.2 million on the sale of Visa class B shares. Sequentially, increases in other income, service charges on deposits, and interchange income were partially offset by a decline in mortgage banking fees and securities losses. Service charges on deposits and interchange income benefited from the First Green acquisition and continued customer acquisition and engagement. Other income increased quarter over quarter, the result of increased fee income in SBA, a bank owned life insurance (BOLI) payout, increased SBIC investment income, and higher other miscellaneous customer related fees associated with the acquisition of First Green. Partially offsetting, mortgage banking fees declined quarter over quarter, the result of continued tight inventory levels and increasing customer demand for new home construction.

• The provision for loan losses was $2.3 million compared to $5.8 million in the prior quarter and $2.3 million in the fourth quarter of 2017.

¹Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures”

 

• Noninterest expense was $49.5 million, an increase of $12.1 million or 32% compared to the prior quarter and an increase of $10.3 million or 26% from the fourth quarter of 2017. For the year ended December 31, 2018, noninterest expense was $162.3 million compared to $149.9 million for the year ended December 31, 2017. Fourth quarter included $8.0 million in merger related charges and $0.6 million in expenses associated with branch reductions and other expense initiatives. During the quarter, the company integrated the First Green acquisition, began consolidation on a legacy Seacoast branch location, and recorded severance expense associated with a reduction in force initiative. The company continued to make investments in talent to scale the organization, including 10 new C&I small business and commercial bankers, and additional personnel in our risk and compliance functions. The company accrued $0.8 million for a discretionary bonus for second level leadership given the successful execution of the First Green integration, all while driving expense reduction and growth initiatives. As a percentage of average tangible assets, adjusted noninterest expense¹ in the current quarter was 2.46% compared to 2.48% for the prior quarter, reflecting our continued objective of driving operating leverage and efficiency into the organization. Merger related charges and expenses associated with the branch reduction and expense initiatives are removed from the presentation of adjusted results.

• Seacoast recorded $4.9 million in income tax expense in the current quarter, compared to $4.4 million in the prior quarter and $20.4 million in the fourth quarter of 2017. Taxes included additional expense of $0.5 million associated with the redemption of First Green’s BOLI policies. Tax benefits related to stock-based compensation were $0.4 million in the current quarter, consistent with the prior quarter. The tax impact associated with redemption of First Green’s BOLI policies was removed from the presentation of adjusted results.

• Full year adjusted revenues¹ increased 19% compared to prior year while adjusted noninterest expense¹ increased 14%, providing 5% operating leverage.

• The efficiency ratio was 65.8% compared to 57.0% in the prior quarter and 64.0% in the fourth quarter of 2017. The adjusted efficiency ratio¹ was 54.2% compared to 56.3% in the prior quarter and 52.6% in the fourth quarter of 2017.

Balance Sheet

• At December 31, 2018, the Company had total assets of $6.7 billion and total shareholders’ equity of $864 million. Book value per share was $16.83 and tangible book value per share was $12.33, compared to $15.50 and $12.01, respectively, at September 30, 2018 and $14.70 and $11.15, respectively, at December 31, 2017. Year-over-year, tangible book value per share increased 11%.

• Debt Securities totaled $1.2 billion at December 31, 2018, a decrease of $67 million compared to prior quarter and a decrease of $143 million from December 31, 2017. The decrease included the sale of $32 million of certain low yielding securities, which resulted in a loss of $0.4 million in the current quarter.

• Loans totaled $4.8 billion at December 31, 2018, an increase of $766 million compared to the prior quarter, and an increase of $1.0 billion or 26% from December 31, 2017. Seacoast ended the year with record originations of $1.5 billion, attributed to continued innovation in analytics technology and our continued expansion into the fast growing markets of Tampa, Orlando, and South Florida. Excluding the impact of First Green in the fourth quarter, loans increased $134 million or 13% annualized in the current quarter, and $376 million or 10% from December 31, 2017.

• Record commercial originations during the fourth quarter of 2018 were $159 million, an increase of 22% compared to third quarter of 2018. Originations for the year ended December 31, 2018 were $553 million, an increase of 15% compared to the year ended 2017.

• Consumer and small business originations for the fourth quarter of 2018 were $53 million, a decrease of 10% compared to the third quarter of 2018. Originations for the year ended December 31, 2018 were $443 million, an increase of 25% compared to the year ended 2017.

• We continue to prudently manage commercial real estate exposure. Construction and land development and commercial real estate loans remain well below regulatory guidance at 63% and 227% of total risk based capital, respectively.

• Closed residential loans retained for the fourth quarter of 2018 were $73 million, down 7% from the third quarter of 2018. Residential loans retained for the year ended December 31, 2018 were $306 million, a decrease of 2% compared to the year ended 2017.

¹Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures”

 

• Pipelines (loans in underwriting and approval or approved and not yet closed) remained strong, totaling $261.2 million.

• Commercial pipelines were $164 million, a decrease of 17% sequentially and an increase of 38% compared to the prior year.

• Consumer and small business pipelines were $53 million, a decrease of 10% sequentially and an increase of 38% compared to the prior year. The decline sequentially is in line with previous year seasonal trends.

• Residential pipelines were $44 million, a decrease of 26% sequentially and a decrease of 11% compared to the prior year.

• Total deposits were $5.2 billion as of December 31, 2018, an increase of $534 million sequentially and an increase of $585 million, or 13%, from the prior year.

• Interest bearing deposits (interest bearing demand, savings and money market deposits) increased year-over-year $265 million, or 11%, to $2.7 billion, noninterest bearing demand deposits increased $169 million, or 12%, to $1.6 billion, and CDs increased $150 million, or 19%, to $926 million.

• The Company’s balance sheet continues to be primarily core deposit funded. Core customer funding was $4.5 billion at December 31, 2018, an increase of 9% compared to September 30, 2018 and an increase of 11% compared to December 31, 2017.

• Overall cost of deposits remains low at 54 basis points, an increase of 11 basis points from the prior quarter. The cost of deposits on Seacoast’s legacy franchise excluding First Green increased approximately 6 basis points sequentially.

• Fourth quarter return on average tangible assets (ROTA) was 1.05%, compared to 1.18% in the prior quarter and 0.97% in the fourth quarter of 2017. Adjusted ROTA¹ was 1.49% compared to 1.22% in the prior quarter and 1.23% in the fourth quarter of 2017.

Capital

• Fourth quarter return on average tangible common equity (ROTCE) was 10.94%, compared to 12.04% in the prior quarter and 10.69% in the fourth quarter of 2017. Adjusted ROTCE¹ was 15.44% compared to 12.43% in the prior quarter and 13.49% in the fourth quarter of 2017.

• The common equity tier 1 capital ratio (CET1) was 13.1%, total capital ratio was 15.5% and the tier 1 leverage ratio was 11.3% at December 31, 2018.

• Tangible common equity to tangible assets was 9.72% at December 31, 2018, compared to 9.85% at September 30, 2018, and 9.27% at December 31, 2017.

Asset Quality

• Nonperforming loans to total loans outstanding was 0.44% at December 31, 2018, 0.56% at September 30, 2018, and 0.43% at December 31, 2017.

• Nonperforming assets to total assets was 0.58% at December 31, 2018, 0.52% at September 30, 2018 and 0.47% at December 31, 2017. Nonperforming assets increased $8.4 million, attributed primarily to four former First Green branches valued at $6.3 million.

• The ratio of allowance for loan losses to total loans was 0.67% at December 31, 2018, 0.83% at September 30, 2018, and 0.71% at December 31, 2017. The ratio of allowance for loan losses to non-acquired loans was 0.89% at December 31, 2018, 0.98% at September 30, 2018, and 0.90% at December 31, 2017. The decrease in coverage sequentially on the non-acquired portfolio is the result of a $3.0 million charge-off of a single impaired loan, which resulted in a change of 9 basis points.

¹Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures”

 

• Net charge-offs were $3.7 million, including $3.0 million on a single impaired loan, or 0.32% for the current quarter compared to $0.8 million in the prior quarter. Net charge-offs for the four most recent quarters averaged 0.16%.

¹Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures”

 

FINANCIAL HIGHLIGHTS	(Unaudited)
(Amounts in thousands except per share data)

	Quarterly Trends
	4Q'18			3Q'18			2Q'18			1Q'18			4Q'17
Selected Balance Sheet Data:
Total Assets	$	6,747,659		$	5,930,934		$	5,922,681		$	5,903,101		$	5,810,129
Gross Loans		4,825,214			4,059,323			3,974,016			3,897,125			3,817,377
Total Deposits		5,177,240			4,643,510			4,697,440			4,719,543			4,592,720
Performance Measures:
Net Income	$	15,962		$	16,322		$	16,963		$	18,027		$	13,047
Net Interest Margin		4.00	%		3.82	%		3.77	%		3.80	%		3.71	%
Average Diluted Shares Outstanding		51,237			48,029			47,974			47,688			46,473
Diluted Earnings Per Share (EPS)	$	0.31		$	0.34		$	0.35		$	0.38		$	0.28
Return on (annualized):
Average Assets (ROA)		0.96	%		1.10	%		1.16	%		1.25	%		0.91	%
Average Return on Tangible Assets (ROTA)		1.18			1.24			1.34			0.97			1.12
Average Tangible Common Equity (ROTCE)		10.94			12.04			13.08			14.41			10.69
Efficiency Ratio		65.76			57.04			58.41			57.80			63.95
Adjusted Operating Measures1:
Adjusted Net Income	$	23,893		$	17,626		$	18,268		$	19,298		$	17,261
Adjusted Diluted EPS		0.47			0.37			0.38			0.40			0.37
Adjusted ROTA		1.49	%		1.22	%		1.28	%		1.38	%		1.23	%
Adjusted ROTCE		15.44			12.43			13.49			14.82			13.49
Adjusted Efficiency Ratio		54.19			56.29			57.31			57.05			52.55
Adjusted Noninterest Expenses as a
Percent of Average Tangible Assets		2.46			2.48			2.57			2.55			2.24
Other Data
Market capitalization2	$	1,336,415		$	1,380,275		$	1,489,411		$	1,243,644		$	1,182,796
Full-time equivalent employees		902			835			826			814			805
Number of ATMs		87			86			87			86			85
Full service banking offices		51			49			49			49			51
Registered online users		99,415			94,400			92,107			91,636			83,881
Registered mobile devices		83,151			73,300			69,038			65,336			62,516

¹Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures”

²Common shares outstanding multiplied by closing bid price on last day of each period 

 

Vision 2020

We remain confident in our ability to achieve our Vision 2020 targets announced in 2017.

Return on Tangible Assets	1.30% +
Return on Tangible Common Equity	16% +
Efficiency Ratio	Below 50%

Fourth Quarter Strategic Highlights

Modernizing How We Sell

• Achieved record aggregate Small Business and Commercial Banking loan originations of $209 million during the quarter while also acquiring over $70 million in Small Business and Commercial Banking deposits due to our targeted approach to customer acquisition and relationship-driven strategy.

Lowering Our Cost to Serve

• Consolidated five banking center locations in the fourth quarter in conjunction with the acquisition of First Green Bank and in alignment with our Vision 2020 objective of reducing our footprint to meet the evolving demands of our customers. Late in the fourth quarter we announced an additional legacy banking center consolidation with an expected six month payback period, recording a $0.2 million one-time expense.

• At year end, average deposits per banking center exceeded $102 million. Deposits have increase 187% since 2013 while the number of banking centers has increased 50% over the same period.

• New digital service enhancements launched during the quarter include mobile approval capability for wire transfers, same day ACH, and card controls, providing even greater digital access for our customers.

Driving Improvements in How Our Business Operates

• In the third quarter, we launched a large-scale initiative to implement a fully-digital loan origination platform across all business units. This follows our successful rollout of our fully-digital mortgage banking origination platform. We expect this investment will lead to significant improvement in efficiency and banker productivity in 2020 and beyond.

• We are targeting a $7 million expense reduction in 2019 which will be reinvested to expand the number of bankers in Tampa and South Florida, install a fully-digital loan origination platform, and develop digital direct fulfillment for small business lending. We expect these investments to support growth and greater operating leverage in 2020 and beyond. At year-end we had initiated 70% of the 2019 expense reductions resulting in $0.4 million in one-time expenses in the fourth quarter.

• Scaling and Evolving Our Culture

• We continue to invest in business bankers. In the fourth quarter we on-boarded 10 new C&I small business and commercial bankers (excluding of First Green Bank associates) in order to adequately cover the markets we serve and to support growth and operating leverage objectives.

• Each year Seacoast associates make their voices heard through a survey that measures key drivers of associate engagement. In 2018, our overall engagement score reached 84%, up from 81% in the previous year. In addition, 89% of associates understand Seacoast’s long-term strategy and 93% understand the importance of their role to the success of the organization.

 

OTHER INFORMATION

Conference Call Information

Seacoast will host a conference call on Friday, January 25, 2019 at 10:00 a.m. (Eastern Time) to discuss the earnings results and business trends. Investors may call in (toll-free) by dialing (888) 424-8151 (passcode: 9965 703; host: Dennis S. Hudson). Charts will be used during the conference call and may be accessed at Seacoast’s website at www.SeacoastBanking.com by selecting “Presentations” under the heading “News/Events” A replay of the call will be available for one month, beginning late afternoon of January 25, 2019 by dialing (888) 843-7419 (domestic) and using passcode: 9965 703#.

Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast’s website at www.SeacoastBanking.com. The link is located in the subsection “Presentations” under the heading “Investor Services.” Beginning the afternoon of January 25, 2019, 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 $6.7 billion in assets and $5.2 billion in deposits as of December 31, 2018. The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through advanced banking solutions, 51 traditional branches of its locally-branded wholly-owned subsidiary bank, Seacoast Bank, and seven commercial banking centers. Offices stretch from Ft. Lauderdale, Boca Raton and West Palm Beach north through the Daytona Beach area, into Orlando and Central Florida and the adjacent Tampa market, and west to Okeechobee and surrounding counties. More information about the Company is available at www.SeacoastBanking.com.

Cautionary Notice Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in our markets, and improvements to reported earnings that may be realized from cost controls, tax law changes, and for integration of banks that we have acquired, or expect to acquire, as well as statements with respect to Seacoast’s objectives, strategic plans, including Vision 2020, 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, 2017, 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 www.sec.gov. 

FINANCIAL  HIGHLIGHTS	(Unaudited)
SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES

	Quarterly Trends															Twelve Months Ended
(Amounts in thousands, except ratios and per share data)	4Q'18			3Q'18			2Q'18			1Q'18			4Q'17			4Q'18			4Q'17
Summary of Earnings
Net income	$	15,962		$	16,322		$	16,964		$	18,027		$	13,047			67,275			42,865
Adjusted net income(1)		23,893			17,626			18,268			19,298			17,261			79,085			55,341
Net interest income(2)		60,100			51,709			50,294			49,853			48,402			211,956			177,002
Net interest margin(2)(3)		4.00	%		3.82	%		3.77	%		3.80	%		3.71	%		3.85	%		3.73	%
Performance Ratios
Return on average assets-GAAP basis(3)		0.96	%		1.10	%		1.16	%		1.25	%		0.91	%		1.11	%		0.82	%
Return on average tangible assets-GAAP basis(3)(4)		1.05			1.18			1.24			1.34			0.97			1.20			0.88
Adjusted return on average tangible assets(1)(3)(4)		1.49			1.22			1.28			1.38			1.23			1.35			1.09
Return on average shareholders' equity-GAAP basis(3)		7.65			8.89			9.59			10.52			7.87			9.08			7.51
Return on average tangible shareholders' equity-GAAP basis(3)(4)		10.94			12.04			13.08			14.41			10.69			12.54			9.90
Adjusted return on average tangible common equity(1)(3)(4)		15.44			12.43			13.49			14.82			13.49			14.06			12.17
Efficiency ratio(5)		65.76			57.04			58.41			57.80			63.95			59.99			66.68
Adjusted efficiency ratio(1)		54.19			56.29			57.31			57.05			52.55			56.13			58.69
Noninterest income to total revenue		17.97			19.31			20.28			19.95			35.49			19.32			24.88
Tangible common equity to tangible assets(4)		9.72			9.85			9.56			9.33			9.27			9.72			9.27
Loan-to-deposit ratio		89.14			86.25			83.51			84.10			82.54			85.85			83.51
Per Share Data
Net income diluted-GAAP basis	$	0.31		$	0.34		$	0.35		$	0.38		$	0.28		$	1.38		$	0.99
Net income basic-GAAP basis		0.32			0.35			0.36			0.38			0.29			1.40			1.01
Adjusted earnings(1)		0.47			0.37			0.38			0.40			0.37			1.62			1.28
Book value per share common		16.83			15.50			15.18			14.94			14.70			16.83			14.70
Tangible book value per share		12.33			12.01			11.67			11.39			11.15			12.33			11.15
Cash dividends declared		—			—			—			—			—			—			—

⁽¹⁾Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures."

⁽²⁾Calculated on a fully taxable equivalent basis using amortized cost.

⁽³⁾These ratios are stated on an annualized basis and are not necessarily indicative of future periods.

⁽⁴⁾The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders' equity less intangible assets.

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

CONDENSED CONSOLIDATED STATEMENTS OF INCOME	(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	Quarterly Trends															Twelve Months Ended
(Amounts in thousands, except per share data)	4Q'18			3Q'18			2Q'18			1Q'18			4Q'17			4Q'18			4Q'17
Interest on securities:
Taxable	$	9,528		$	9,582		$	9,389		$	9,361		$	9,153		$	37,860		$	34,442
Nontaxable		200			225			216			243			231			884			913
Interest and fees on loans		59,495			48,713			46,519			45,257			43,322			199,984			153,825
Interest on federal funds sold and other investments		835			634			585			616			638			2,670			2,416
Total Interest Income		70,058			59,154			56,709			55,477			53,344			241,398			191,596
Interest on deposits		3,140			2,097			1,988			1,538			1,246			8,763			3,654
Interest on time certificates		3,901			2,975			2,629			2,179			2,032			11,684			4,678
Interest on borrowed money		3,033			2,520			1,885			1,998			1,840			9,436			6,968
Total Interest Expense		10,074			7,592			6,502			5,715			5,118			29,883			15,300
Net Interest Income		59,984			51,562			50,207			49,762			48,226			211,515			176,296
Provision for loan losses		2,342			5,774			2,529			1,085			2,263			11,730			5,648
Net Interest Income After Provision for Loan Losses		57,642			45,788			47,678			48,677			45,963			199,785			170,648
Noninterest income:
Service charges on deposit accounts		3,019			2,833			2,674			2,672			2,566			11,198			10,049
Trust fees		1,040			1,083			1,039			1,021			941			4,183			3,705
Mortgage banking fees		809			1,135			1,336			1,402			1,487			4,682			6,449
Brokerage commissions and fees		468			444			461			359			273			1,732			1,352
Marine finance fees		185			194			446			573			313			1,398			910
Interchange income		3,198			3,119			3,076			2,942			2,836			12,335			10,583
BOLI income		1,091			1,078			1,066			1,056			1,100			4,291			3,426
Other		3,329			2,453			2,671			2,373			1,861			10,826			6,756
		13,139			12,339			12,769			12,398			11,377			50,645			43,230
Gain on sale of VISA stock		—			—			—			—			15,153			—			15,153
Securities gains/(losses), net		(425	)		(48	)		(48	)		(102	)		112			(623	)		86
Total Noninterest Income		12,714			12,291			12,721			12,296			26,642			50,022			58,469
Noninterest expenses:
Salaries and wages		22,172			17,129			16,429			15,381			16,321			71,111			65,692
Employee benefits		3,625			3,205			3,034			3,081			2,812			12,945			11,732
Outsourced data processing costs		5,809			3,493			3,393			3,679			4,160			16,374			14,116
Telephone / data lines		602			624			643			612			538			2,481			2,291
Occupancy		3,747			3,214			3,316			3,117			3,265			13,394			13,290
Furniture and equipment		2,452			1,367			1,468			1,457			1,806			6,744			6,067
Marketing		1,350			1,139			1,344			1,252			1,490			5,085			4,784
Legal and professional fees		3,668			2,019			2,301			1,973			3,054			9,961			11,022
FDIC assessments		571			431			595			598			558			2,195			2,326
Amortization of intangibles		1,303			1,004			1,004			989			964			4,300			3,361
Foreclosed property expense and net (gain)/loss on sale		—			(136	)		405			192			(7	)		461			(300	)
Other		4,165			3,910			4,314			4,833			4,223			17,222			15,535
Total Noninterest Expense		49,464			37,399			38,246			37,164			39,184			162,273			149,916
Income Before Income Taxes		20,892			20,680			22,153			23,809			33,421			87,534			79,201
Income taxes		4,930			4,358			5,189			5,782			20,374			20,259			36,336
Net Income	$	15,962		$	16,322		$	16,964		$	18,027		$	13,047		$	67,275		$	42,865
Per share of common stock:
Net income diluted	$	0.31		$	0.34		$	0.35		$	0.38		$	0.28		$	1.38		$	0.99
Net income basic		0.32			0.35			0.36			0.38			0.29			1.40			1.01
Cash dividends declared		—			—			—			—			—			—			—
Average diluted shares outstanding		51,237			48,029			47,974			47,688			46,473			48,748			43,350
Average basic shares outstanding		50,523			47,205			47,165			46,952			45,541			47,969			42,613

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

	December 31,			September 30,			June 30,			March 31,			December 31,
(Amounts in thousands)	2018			2018			2018			2018			2017
Assets
Cash and due from banks	$	92,242		$	101,920		$	123,927		$	129,065		$	104,039
Interest bearing deposits with other banks		23,709			3,174			7,594			6,794			5,465
Total Cash and Cash Equivalents		115,951			105,094			131,521			135,859			109,504
Time deposits with other banks		8,243			9,813			10,562			12,553			12,553
Debt Securities:
Available for sale (at fair value)		865,831			923,206			954,906			982,958			949,460
Held to maturity (at amortized cost)		357,949			367,387			382,137			400,647			416,863
Total Debt Securities		1,223,780			1,290,593			1,337,043			1,383,605			1,366,323
Loans held for sale		11,873			16,172			14,707			20,887			24,306
Loans		4,825,214			4,059,323			3,974,016			3,897,125			3,817,377
Less: Allowance for loan losses		(32,423	)		(33,865	)		(28,924	)		(28,118	)		(27,122	)
Net Loans		4,792,791			4,025,458			3,945,092			3,869,007			3,790,255
Bank premises and equipment, net		71,024			63,531			63,991			64,577			66,883
Other real estate owned		12,802			4,715			8,417			10,288			7,640
Goodwill		204,753			148,555			148,555			148,555			147,578
Other intangible assets, net		25,977			16,508			17,319			18,246			19,099
Bank owned life insurance		123,394			122,561			121,602			120,654			123,981
Net deferred tax assets		28,954			25,822			26,021			24,427			25,417
Other assets		128,117			102,112			97,851			94,443			116,590
Total Assets	$	6,747,659		$	5,930,934		$	5,922,681		$	5,903,101		$	5,810,129
Liabilities and Shareholders' Equity
Liabilities
Deposits
Noninterest demand	$	1,569,602		$	1,488,689		$	1,463,652		$	1,488,261		$	1,400,227
Interest-bearing demand		1,014,032			912,891			976,281			1,015,054			1,050,755
Savings		493,807			451,958			444,736			437,878			434,346
Money market		1,173,950			1,036,940			1,023,170			1,035,531			931,458
Other time certificates		513,312			411,208			413,643			410,108			414,277
Brokered time certificates		220,594			192,182			228,602			184,405			217,385
Time certificates of more than $250,000		191,943			149,642			147,356			148,306			144,272
Total Deposits		5,177,240			4,643,510			4,697,440			4,719,543			4,592,720
Securities sold under agreements to repurchase		214,323			189,035			200,050			173,249			216,094
Federal Home Loan Bank borrowings		380,000			261,000			205,000			208,000			211,000
Subordinated debt		70,804			70,734			70,664			70,591			70,521
Other liabilities		41,025			33,824			33,364			29,857			30,130
Total Liabilities		5,883,392			5,198,103			5,206,518			5,201,240			5,120,465
Shareholders' Equity
Common stock		5,136			4,727			4,716			4,698			4,693
Additional paid in capital		778,501			668,711			665,885			663,727			661,632
Retained earnings		97,074			81,112			64,790			47,825			29,914
Treasury stock		(3,384	)		(2,854	)		(2,884	)		(2,279	)		(2,359	)
		877,327			751,696			732,507			713,971			693,880
Accumulated other comprehensive loss, net		(13,060	)		(18,865	)		(16,344	)		(12,110	)		(4,216	)
Total Shareholders' Equity		864,267			732,831			716,163			701,861			689,664
Total Liabilities & Shareholders' Equity	$	6,747,659		$	5,930,934		$	5,922,681		$	5,903,101		$	5,810,129
Common shares outstanding		51,361			47,270			47,163			46,983			46,918

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

		Quarterly Trends
(Amounts in thousands, except ratios)		4Q'18			3Q'18			2Q'18			1Q'18			4Q'17
Credit Analysis
Net charge-offs (recoveries) - non-acquired loans	$	3,693		$	800		$	1,715		$	117		$	1,475
Net charge-offs (recoveries) - acquired loans		56			(3	)		(25	)		(116	)		(139	)
Total Net Charge-offs (Recoveries)		3,749			797			1,690			1			1,336
TDR valuation adjustments	$	35		$	36		$	33		$	88		$	37
Net charge-offs (recoveries) to average loans - non-acquired loans		0.32	%		0.08	%		0.17	%		0.01	%		0.16	%
Net charge-offs (recoveries) to average loans - acquired loans		—			—			—			(0.01	)		(0.02	)
Total Net Charge-offs (Recoveries) to Average Loans		0.32			0.08			0.17			0.00			0.14
Provision for loan losses - non-acquired loans	$	2,343		$	5,640		$	2,591		$	1,383		$	2,053
Provision for (recapture of) loan losses - acquired loans		(1	)		134			(62	)		(298	)		210
Total Provision for Loan Losses	$	2,342		$	5,774		$	2,529		$	1,085		$	2,263
Allowance for loan losses - non-acquired loans	$	31,803		$	33,188		$	28,384		$	27,541		$	26,363
Allowance for loan losses - acquired loans		620			677			540			577			759
Total Allowance for Loan Losses	$	32,423		$	33,865		$	28,924		$	28,118		$	27,122
Non-acquired loans at end of period	$	3,588,251		$	3,383,571		$	3,221,569		$	3,063,618		$	2,922,609
Purchased noncredit impaired loans at end of period		1,222,529			662,701			739,232			819,814			877,351
Purchased credit impaired loans at end of period		14,434			13,051			13,215			13,693			17,417
Total Loans	$	4,825,214		$	4,059,323		$	3,974,016		$	3,897,125		$	3,817,377
Non-acquired loans allowance for loan losses to non-acquired loans at end of period		0.89	%		0.98	%		0.88	%		0.90	%		0.90	%
Total allowance for loan losses to total loans at end of period		0.67			0.83			0.73			0.72			0.71
Acquired loans allowance for loan losses to acquired loans at end of period		0.05			0.10			0.07			0.07			0.08
Discount for credit losses to acquired loans at end of period		3.86			2.25			2.31			2.32			2.33
End of Period
Nonperforming loans - non-acquired	$	15,783		$	18,998		$	19,578		$	12,628		$	12,569
Nonperforming loans - acquired		10,693			7,142			6,624			6,711			6,955
Other real estate owned - non-acquired		386			418			354			2,246			2,246
Other real estate owned - acquired		3,020			1,203			4,969			4,969			1,632
Bank branches closed included in other real estate owned		9,396			3,094			3,094			3,073			3,762
Total Nonperforming Assets	$	39,278		$	30,855		$	34,619		$	29,627		$	27,164
Restructured loans (accruing)	$	13,346		$	13,797		$	14,241		$	14,777		$	15,559
Nonperforming loans to loans at end of period - non-acquired		0.44	%		0.56	%		0.61	%		0.41	%		0.43	%
Nonperforming loans to loans at end of period - acquired		0.86			1.06			0.88			0.81			0.78
Total Nonperforming Loans to Loans at End of Period		0.55			0.64			0.66			0.50			0.51
Nonperforming assets to total assets - non-acquired		0.38	%		0.38	%		0.39	%		0.30	%		0.32	%
Nonperforming assets to total assets - acquired		0.20			0.14			0.19			0.20			0.15
Total Nonperforming Assets to Total Assets		0.58			0.52			0.58			0.50			0.47
Average Balances
Total average assets	$	6,589,870		$	5,903,327		$	5,878,035		$	5,851,688		$	5,716,230
Less: intangible assets		213,713			165,534			166,393			167,136			149,432
Total Average Tangible Assets	$	6,376,157		$	5,737,793		$	5,711,642		$	5,684,552		$	5,566,798
Total average equity	$	827,759		$	728,290		$	709,674		$	695,240		$	657,100
Less: intangible assets		213,713			165,534			166,393			167,136			149,432
Total Average Tangible Equity	$	614,046		$	562,756		$	543,281		$	528,104		$	507,668
		December 31,			September 30,			June 30,			March 31,			December 31,
Loans		2018			2018			2018			2018			2017
Construction and land development	$	443,568		$	376,257		$	359,070		$	374,244		$	343,125
Commercial real estate - owner occupied		970,181			829,368			812,306			796,898			791,408
Commercial real estate - non-owner occupied		1,161,885			897,331			888,989			848,341			848,584
Residential real estate		1,324,377			1,152,640			1,103,946			1,065,152			1,038,810
Consumer		202,881			192,772			190,835			195,788			189,436
Commercial and financial		722,322			610,955			618,870			616,702			606,014
Total Loans	$	4,825,214		$	4,059,323		$	3,974,016		$	3,897,125		$	3,817,377

AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES (1)	(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	4Q'18								3Q'18								4Q'17
	Average					Yield/			Average					Yield/			Average					Yield/
(Amounts in thousands, except ratios)	Balance			Interest		Rate			Balance			Interest		Rate			Balance			Interest		Rate
Assets
Earning assets:
Securities:
Taxable	$	1,227,648		$	9,528		3.10	%	$	1,284,774		$	9,582		2.98	%	$	1,369,921		$	9,153		2.67	%
Nontaxable		29,255			252		3.45			31,411			283		3.60			31,282			354		4.53
Total Securities		1,256,903			9,780		3.11			1,316,185			9,865		3.00			1,401,203			9,507		2.71
Federal funds sold and other investments		87,146			835		3.80			51,255			634		4.91			79,025			638		3.20
Loans, net		4,611,691			59,559		5.12			4,008,527			48,802		4.83			3,691,344			43,375		4.66
Total Earning Assets		5,955,740			70,174		4.67			5,375,967			59,301		4.38			5,171,572			53,520		4.11
Allowance for loan losses		(33,864	)							(29,259	)							(26,298	)
Cash and due from banks		124,299								110,929								121,109
Premises and equipment		75,120								63,771								64,121
Intangible assets		213,713								165,534								149,432
Bank owned life insurance		132,495								121,952								123,272
Other assets		122,367								94,433								113,022
Total Assets	$	6,589,870							$	5,903,327							$	5,716,230
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand	$	974,711		$	515		0.21	%	$	939,527		$	426		0.18	%	$	976,295		$	367		0.15	%
Savings		509,434			418		0.33			444,935			170		0.15			431,124			94		0.09
Money market		1,161,599			2,207		0.75			1,031,960			1,501		0.58			929,914			785		0.33
Time deposits		899,153			3,901		1.72			779,608			2,975		1.51			761,720			2,032		1.06
Federal funds purchased and securities sold under agreements to repurchase		242,963			732		1.20			204,097			463		0.90			166,006			231		0.55
Federal Home Loan Bank borrowings		240,799			1,468		2.42			222,315			1,228		2.19			320,380			968		1.20
Other borrowings		70,764			833		4.67			70,694			829		4.65			70,480			641		3.61
Total Interest-Bearing Liabilities		4,099,423			10,074		0.97			3,693,136			7,592		0.82			3,655,919			5,118		0.56
Noninterest demand		1,628,842								1,451,751								1,373,403
Other liabilities		33,846								30,150								29,808
Total Liabilities		5,762,111								5,175,037								5,059,130
Shareholders' equity		827,759								728,290								657,100
Total Liabilities & Equity	$	6,589,870							$	5,903,327							$	5,716,230
Cost of deposits							0.54	%							0.43	%							0.29	%
Interest expense as a % of earning assets							0.67	%							0.56	%							0.39	%
Net interest income as a % of earning assets				$	60,100		4.00	%				$	51,709		3.82	%				$	48,402		3.71	%

⁽¹⁾On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.

Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.

AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES (1)	(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	Twelve Months Ended December 31,								Twelve Months Ended December 31,
	2018								2017
	Average					Yield/			Average					Yield/
(Amounts in thousands, except ratios)	Balance			Interest		Rate			Balance			Interest		Rate
Assets
Earning assets:
Securities:
Taxable	$	1,299,089		$	37,860		2.91	%	$	1,316,972		$	34,442		2.62	%
Nontaxable		31,331			1,115		3.56			28,369			1,401		4.94
Total Securities		1,330,420			38,975		2.93			1,345,341			35,843		2.66
Federal funds sold and other investments		61,048			2,670		4.37			71,352			2,416		3.39
Loans, net		4,112,009			200,194		4.87			3,323,403			154,043		4.64
Total Earning Assets		5,503,477			241,839		4.39			4,740,096			192,302		4.06
Allowance for loan losses		(29,972	)							(25,485	)
Cash and due from banks		114,936								106,710
Premises and equipment		67,332								59,842
Intangible assets		178,287								115,511
Bank owned life insurance		124,452								97,939
Other assets		98,823								112,004
Total Assets	$	6,057,335							$	5,206,617
		0								0
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand	$	978,030		$	1,883		0.19	%	$	922,353		$	1,065		0.12	%
Savings		457,542			811		0.18			385,515			241		0.06
Money market		1,049,900			6,069		0.58			868,427			2,348		0.27
Time deposits		811,741			11,684		1.44			523,646			4,678		0.89
Federal funds purchased and securities sold under agreements to repurchase		200,839			1,804		0.90			171,686			781		0.45
Federal Home Loan Bank borrowings		224,982			4,468		1.99			377,396			3,744		0.99
Other borrowings		70,658			3,164		4.48			70,377			2,443		3.47
Total Interest-Bearing Liabilities		3,793,692			29,883		0.79			3,319,400			15,300		0.46
Noninterest demand		1,492,451								1,279,825
Other liabilities		30,621								36,993
Total Liabilities		5,316,764								4,636,218
Shareholders' equity		740,571								570,399
Total Liabilities & Equity	$	6,057,335							$	5,206,617
Cost of deposits							0.43	%							0.21	%
Interest expense as a % of earning assets							0.54	%							0.32	%
Net interest income as a % of earning assets				$	211,956		3.85	%				$	177,002		3.73	%

⁽¹⁾On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.

Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.

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

	December 31,		September 30,		June 30,		March 31,		December 31,
(Amounts in thousands)	2018		2018		2018		2018		2017
Customer Relationship Funding
Noninterest demand
Commercial	$	1,217,842	$	1,182,018	$	1,154,225	$	1,163,119	$	1,073,539
Retail		259,318		233,472		236,838		252,055		253,454
Public funds		68,324		42,474		44,182		49,014		50,837
Other		24,118		30,725		28,407		24,073		22,397
Total Noninterest Demand		1,569,602		1,488,689		1,463,652		1,488,261		1,400,227
Interest-bearing demand
Commercial		211,879		167,865		181,646		164,359		157,272
Retail		650,490		655,429		681,615		700,262		702,616
Public funds		151,663		89,597		113,020		150,433		190,867
Total Interest-Bearing Demand		1,014,032		912,891		976,281		1,015,054		1,050,755
Total transaction accounts
Commercial		1,429,721		1,349,883		1,335,871		1,327,478		1,230,811
Retail		909,808		888,901		918,453		952,317		956,070
Public funds		219,987		132,071		157,202		199,447		241,704
Other		24,118		30,725		28,407		24,073		22,397
Total Transaction Accounts		2,583,634		2,401,580		2,439,933		2,503,315		2,450,982
Savings		493,807		451,958		444,736		437,878		434,346
Money market
Commercial		459,380		423,304		408,005		410,527		375,471
Retail		607,837		524,415		522,783		522,882		471,086
Public funds		106,733		89,221		92,382		102,122		84,901
Total Money Market		1,173,950		1,036,940		1,023,170		1,035,531		931,458
Brokered time certificates		220,594		192,182		228,602		184,405		217,385
Other time certificates		705,255		560,850		560,999		558,414		558,549
		925,849		753,032		789,601		742,819		775,934
Total Deposits	$	5,177,240	$	4,643,510	$	4,697,440	$	4,719,543	$	4,592,720
Customer sweep accounts	$	214,323	$	189,035	$	200,050	$	173,249	$	216,094
Total core customer funding(1)	$	4,465,714	$	4,079,513	$	4,107,889	$	4,149,973	$	4,032,880

⁽¹⁾Total deposits and customer sweep accounts, excluding certificates of deposit.

Explanation of Certain Unaudited Non-GAAP Financial Measures

This presentation contains financial information determined by methods other than Generally Accepted Accounting Principles (“GAAP”). 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 and if not provided would be requested by the investor community. 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.

GAAP TO NON-GAAP RECONCILIATION	(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	Quarterly Trends															Twelve Months Ended
(Amounts in thousands, except per share data)	4Q'18			3Q'18			2Q'18			1Q'18			4Q'17			4Q'18			4Q'17
Net income	$	15,962		$	16,322		$	16,964		$	18,027		$	13,047		$	67,275		$	42,865
Gain on sale of VISA stock		—			—			—			—			(15,153	)		—			(15,153	)
Securities (gains)/losses, net		425			48			48			102			(112	)		623			(86	)
BOLI benefits on death (included in other income)		(280	)		—			—			—			—			(280	)		—
Total Adjustments to Revenue		145			48			48			102			(15,265	)		343			(15,239	)
Merger related charges		8,034			482			695			470			6,817			9,681			12,922
Amortization of intangibles		1,303			1,004			1,004			989			963			4,300			3,360
Business continuity expenses - Hurricane Irma		—			—			—			—			—			—			352
Branch reductions and other expense initiatives		587			—			—			—			—			587			4,321
Total Adjustments to Noninterest Expense		9,924			1,486			1,699			1,459			7,780			14,568			20,955
Tax effect of adjustments		(2,623	)		(230	)		(443	)		(538	)		3,147			(3,834	)		(1,792	)
Taxes and tax penalties on acquisition-related BOLI redemption		485			—			—			—			—			485			—
Effect of change in corporate tax rate		—			—			—			248			8,552			248			8,552
Adjusted Net Income	$	23,893		$	17,626		$	18,268		$	19,298		$	17,261		$	79,085		$	55,341
Earnings per diluted share, as reported		0.31			0.34			0.35			0.38			0.28			1.38			0.99
Adjusted earnings per diluted share		0.47			0.37			0.38			0.40			0.37			1.62			1.28
Average shares outstanding		51,237			48,029			47,974			47,688			46,473			48,748			43,350
Revenue		72,698			63,853			62,928			62,058			74,868			261,537			234,765
Total adjustments to revenue		145			48			48			102			(15,265	)		343			(15,239	)
Adjusted Revenue		72,843			63,901			62,976			62,160			59,603			261,880			219,526
Noninterest expense		49,464			37,399			38,246			37,164			39,184			162,273			149,916
Total adjustments to noninterest expense		9,924			1,486			1,699			1,459			7,780			14,568			20,955
Adjusted Noninterest Expense		39,540			35,913			36,547			35,705			31,404			147,705			128,961
Adjusted noninterest expense		39,540			35,913			36,547			35,705			31,404			147,705			128,961
Foreclosed property expense and net (gain)/loss on sale		—			(137	)		405			192			(7	)		461			(302	)
Net Adjusted Noninterest Expense		39,540			36,050			36,142			35,513			31,411			147,244			129,263
Adjusted revenue		72,843			63,901			62,976			62,160			59,603			261,880			219,526
Impact of FTE adjustment		116			147			87			91			174			441			706
Adjusted revenue on a fully taxable equivalent basis		72,959			64,048			63,063			62,251			59,777			262,321			220,232
Adjusted Efficiency Ratio		54.19	%		56.29	%		57.31	%		57.05	%		52.55	%		56.13	%		58.69	%
Average assets	$	6,589,870		$	5,903,327		$	5,878,035		$	5,851,688		$	5,716,230		$	6,057,335		$	5,206,617
Less average goodwill and intangible assets		(213,713	)		(165,534	)		(166,393	)		(167,136	)		(149,432	)		(178,287	)		(115,511	)
Average Tangible Assets	$	6,376,157		$	5,737,793		$	5,711,642		$	5,684,552		$	5,566,798		$	5,879,048		$	5,091,106
Return on average assets (ROA)		0.96	%		1.10	%		1.16	%		1.25	%		0.91	%		1.11	%		0.82	%
Impact of removing average intangible assets and related amortization		0.09			0.08			0.08			0.09			0.06			0.09			0.06
Return on Tangible Average Assets (ROTA)		1.05			1.18			1.24			1.34			0.97			1.20			0.88
Impact of other adjustments for adjusted net income		0.44			0.04			0.04			0.04			0.26			0.15			0.21
Adjusted Return on Average Tangible Assets		1.49			1.22			1.28			1.38			1.23			1.35			1.09
Average shareholders' equity	$	827,759		$	728,290		$	709,674		$	695,240		$	657,100		$	740,571		$	570,399
Less average goodwill and intangible assets		(213,713	)		(165,534	)		(166,393	)		(167,136	)		(149,432	)		(178,287	)		(115,511	)
Average Tangible Equity	$	614,046		$	562,756		$	543,281		$	528,104		$	507,668		$	562,284		$	454,888
Return on average shareholders' equity		7.7	%		8.9	%		9.6	%		10.5	%		7.9	%		9.1	%		7.5	%
Impact of removing average intangible assets and related amortization		3.2			3.1			3.5			3.9			2.8			3.4			2.4
Return on Average Tangible Common Equity (ROTCE)		10.9			12.0			13.1			14.4			10.7			12.5			9.9
Impact of other adjustments for adjusted net income		4.5			0.4			0.4			0.4			2.8			1.6			2.3
Adjusted Return on Average Tangible Common Equity		15.4			12.4			13.5			14.8			13.5			14.1			12.2