EX-99.1

Dennis S. Hudson, III
Chairman and Chief Executive Officer
Seacoast Banking Corporation of Florida
(772) 288-6085

William R. Hahl
Executive Vice President/
Chief Financial Officer
(772) 221-2825

STUART, FL., July 27, 2009 – Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF), a bank holding company whose principal subsidiary is Seacoast National Bank, today reported a second quarter 2009 net loss of $13.2 million, compared to a net loss of $21.3 million for the second quarter of 2008 and a net loss of $4.8 million for the first quarter this year. Including preferred stock dividends and accretion of $937,000, the net loss applicable to common shareholders was $14.1 million or $0.74 per average common diluted share for the second quarter, compared to a net loss of $21.3 million or $1.12 per average common diluted share for the second quarter of 2008.

Results for the quarter were reduced by a special assessment from the FDIC totaling $0.03 per diluted share, offset by gains on sales on securities which increased earnings per diluted share by $0.06. The Company also recorded a $26.2 million provision for credit losses in the second quarter. The provision for credit losses exceeded net charge offs by $11.1 million and resulted in an increase in the allowance for loan losses as a percentage of loans held for investment to 2.75 percent at June 30, 2009, compared to 1.99 percent for the first quarter this year and 1.75 percent at June 30, 2008.

•

The total risk based capital ratio remained strong at approximately 13.4 percent compared to 14.0 percent at year end 2008;

•

Net interest margin increased to 3.65 percent, up 21 basis points from the first quarter 2009;

•

Core revenues (excluding securities gains of $1.8 million and other real estate owned (“OREO”) losses of $946,000) totaled $23.8 million in the second quarter, compared to $23.1 million in the first quarter 2009 (excluding $183,000 in OREO losses);

•

Average cost of deposits for the second quarter totaled 1.40 percent, down 39 basis points from the first quarter of 2009;

•

Average noninterest bearing deposits for the second quarter totaled $281.7 million, up $7.4 million or 10.8 percent annualized compared to first quarter of 2009;

•

7,072 new households have added 8,928 new personal checking accounts over the last twelve months;

•

Liquidity remained strong, supported by a diverse local retail and commercial deposit base, no overnight borrowings and approximately $700 million in excess liquidity sources available at June 30, 2009; and

•

Residential construction and development exposure was reduced to $96.7 million compared with a high of $351.6 million in 2007. Total construction and development loans declined by 17 percent during the quarter, representing significant progress in reducing overall credit risk.

“During the quarter, we made significant progress in reducing our exposures to construction and development loans and have specific plans in place to further reduce these exposures in the coming months”, said Dennis S. Hudson, III, Chairman and Chief Executive Officer. “This effort, which started over two years ago, and our recent success in producing quality growth in our residential mortgage portfolio, is reducing the overall risk profile of the Company. While we remain very disappointed in our overall performance, our strong customer franchise and low cost core deposit base continued to produce solid core earnings. We believe reduced exposures to construction and development loans are the key to lower credit costs in future quarters.”

Construction and land development portfolios are being run off and risk is being reduced. These portfolios have been the primary source of increases in both nonperforming loans and loan losses over the past two years.

Run-off of these portfolios has been achieved through early recognition of the potential for portfolio weakness in the first quarter of 2007 when the housing market began to slow, aggressive collection and liquidation activities with borrowers, and additional liquidation achieved through the sale of larger problem loans. Total construction and land development loans have been reduced to less than half of that reported at the high point in 2007, with over $200 million in reduction having been achieved over the past four quarters. Residential construction and land development loans, which have produced extremely high loss experience over the past two years, have been reduced by 73 percent compared to the high point in 2007. Portfolio liquidation for residential construction and development loans has also been focused on large loan exposures. Large balance (over $4 million) residential construction and land development loans have been reduced by $119.7 million to $44.0 million over the past six quarters, most of which ($37.5 million) is currently on nonaccrual. This portfolio is now in the process of liquidation in accordance with specific work-out plans with borrowers designed to achieve substantial liquidation in an orderly fashion over the next 18 months. We expect aggregate loss exposure in this portfolio to moderate significantly in the second half of this year.

Commercial real estate mortgage loans remain well diversified (as shown in the table below) with all but three categories of exposure at less than 30 percent of tier 1 capital and the allowance for loan losses. The three largest categories of exposure are: office buildings, retail trade and industrial at 61 percent, 52 percent and 40 percent, respectively, of tier 1 capital and the allowance for loan losses. Approximately 35 percent of commercial real estate mortgage loans are owner occupied with an average loan-to-value of 48 percent and originated over a wide timeframe. The non-owner occupied portion of the portfolio has an average loan-to-value of 54 percent. While, over time, the Company may see further deterioration in this portfolio as a result of continuing economic weakness, we expect a much lower level of loss potential than recently experienced in our construction and land development portfolios.

Problem assets grew during the quarter due to continued deterioration as a result of economic conditions and greater focus on early intervention loss mitigation strategies (as discussed last quarter) including troubled debt restructures for smaller commercial and consumer borrowers. The pace of growth began to moderate for nonaccruing loans, while other real estate owned grew higher as problem assets migrated toward liquidation.

Nonaccruing loans grew by $17.4 million from March 31, 2009 to $126.8 million at June 30, 2009. Growth in nonaccruing loans coming from the construction and land development portfolios slowed considerably to $5.5 million, while residential mortgage nonaccruing loans grew by $12.0 million during the quarter. Nonaccruing loans also include restructured loans that are currently classified as nonaccruing. Company policy requires troubled debt restructures to be classified as nonaccrual loans (under certain circumstances) until performance can be verified (typically six months). We will continue to pursue troubled debt restructures in selected cases where we expect to achieve better liquidation values than may be expected through other traditional collection activities. During the quarter, we also worked with retail mortgage customers, when possible, to achieve lower payment structures in an effort to avoid foreclosure and keep families in their homes. A total of 102 applications were received seeking restructured mortgages, compared to 93 the first quarter and 37 in the fourth quarter of last year. Restructured loans included in nonaccruing loans totaled $33.4 million at June 30, 2009 compared with $32.9 million at March 31, 2009. At June 30, 2009, nonaccruing loans which totaled $126.8 million have been written down by approximately $36.2 million or 24 percent of the original loan balance (including specific impairment reserves).

During the quarter we saw improvements in past due loans. Early stage delinquency improved in the residential mortgage loan portfolio and remained modest in other loan portfolios. Accruing residential mortgage loans (including home equity lines) 30-89 days past due declined to $3.7 million from $6.7 million, and loans 90 days past due declined to zero from $3.9 million on a linked quarter basis. These improvements were supported by healthier trends in our markets during the quarter. Residential home prices in the Company’s markets and Florida continued to show signs of stability as home sales volumes and inventory levels continued to improve, although the rate of unemployment remains high.

Other real estate owned (“OREO”) grew by $10,575,000 to $23,259,000, reflecting a migration of a number of commercial and residential properties through the final foreclosure process which offset sales and liquidations for the quarter. OREO is expected to grow in the coming quarter and increase over the next few quarters as we conclude final liquidation and resolution of many nonaccrual loans. During the quarter, resources were positioned to help accelerate the marketing and liquidation of assets in this portfolio.

Operating earnings (before the provision for loan losses and income taxes) excluding FDIC special assessment, OREO losses, securities gains and severance payments of $308,000 for the second quarter of 2009 totaled approximately $4.6 million, up from the $4.2 million earned in the first quarter 2009 excluding the same items noted for the second quarter 2009. During the quarter, the negative impact on net interest income from higher nonperforming loans, together with increased collection costs, were absorbed by improved net interest margin performance, better deposit mix, increased investment securities yield and reduced salary and benefits, data processing, occupancy, and other expenses.

Net interest income (on a tax equivalent basis) was $19.0 million, up $746,000 or 16 percent annualized from the first quarter 2009 as a result of lower deposit costs and lower rates paid on all interest bearing liabilities, increased yield on investments, partially offset by a decline in loans, lower loan yields and higher nonperforming loans. The net interest margin, which totaled 3.65 percent, increased 21 basis points compared to the first quarter 2009, and was 4 basis points lower than in second quarter 2008.

Noninterest income, excluding securities gains and losses, totaled $3.9 million, down $828,000 linked quarter, primarily due to an increase of $763,000 in OREO losses, as well as lower revenue related to seasonal declines in fees from merchant services. The revenues from these sources were partially offset by higher revenues from debit card fees, the result of the growth in new deposit households. Wealth management and marine finance fees continue to be impacted by the challenging economic conditions. Mortgage production remained comparable to the first quarter with revenues at $488,000, and totaled $987,000 for the first half of 2009, up $269,000 over the first six months last year.

Noninterest expenses for the second quarter totaled $20.3 million, $1.2 million higher than in the first quarter 2009, largely the result of the FDIC special assessment. Salaries, wages and benefits (excluding one time severance payments) for the second quarter 2009 declined $765,000 or 8.4 percent from a year ago, and were $2.3 million lower for the first six months compared to the same period in 2008, as a result of consolidation of branches and centralization of management by combining markets. Cost reductions were also achieved in backroom areas, with expenditures for data processing, communications, occupancy, and furniture and equipment all declining compared to the prior year. Increasing this quarter were costs related to foreclosed and repossessed asset management activities, which increased by $287,000 compared to the first quarter 2009, as well as higher legal and professional fees related to risk management, credit and collection related activities.

The Company’s residential lending group has produced solid, quality mortgage loan growth in 2009. Greater emphasis on residential lending has increased mortgage originations in the first six months of 2009. A total of 320 applications were accepted in the second quarter 2009 for total loans of $71 million, and 703 applications were taken in the first six months for $165 million. Closed mortgage loans totaled $43 million for the quarter, up $5 million from the first quarter 2009. A total of $24 million in residential mortgage loans were sold in the second quarter of 2009. Over the first six months of 2009, a total of $44 million in residential mortgage loans were sold, and $37 million were added to the portfolio.

The Company’s retail core deposit focus has produced strong growth in core deposit customer relationships and has resulted in increased balances, which offset planned run-off in certificates of deposit in the second quarter 2009. The improved deposit mix and lower rates paid on interest bearing deposits during the second quarter reduced the overall cost of total deposits to 1.40 percent, 39 basis points lower than in the first quarter 2009.

While total deposits at quarter end June 30, 2009 were lower compared to March 31, 2009, due to normal seasonal decline combined with planned deposit runoff, the mix of deposits improved with average time deposits declining $35.0 million, other lower cost interest bearing NOW and savings deposits increasing $4.4 million or 12.3 percent annualized, and demand deposits increasing $7.3 million or 10.7 percent annualized compared to the first quarter 2009. The average cost of interest bearing core deposits during the second quarter was 0.71 percent, down 39 basis points from the first quarter. Certificates of deposits rates paid were also lower compared to the first quarter and totaled 2.80 percent during the second quarter, a decline of 45 basis points. The average cost of total interest bearing liabilities was down 40 basis points compared to the first quarter at 1.65 percent.

Average deposits totaled $1.8 billion for the second quarter 2009, $37 million less than in the first quarter 2009, due to lower average customer balances as the result of normal seasonal declines and a planned reduction of brokered deposits of $36 million. Total average sweep repurchase agreements declined during the quarter, as a result of normal seasonal funding trends for the Company’s public deposit customers. Compared to the prior year, end of period customer sweep repurchase agreements were up $15 million. Total deposits at June 30, 2009 declined $134 million compared to the prior year as a result of deposit declines of $144 million in the Company’s central Florida region caused by slower economic growth. Average noninterest bearing deposits totaled $281.7 million for the second quarter 2009, up $7.4 million or 10.8 percent annualized compared to the first quarter 2009. In addition, core interest bearing deposits totaled $808 million, slightly lower compared to the first quarter as seasonal declines were offset by the successful retail core deposit strategy implemented last year. As previously reported, the Company has experienced strong growth in core deposit customer relationships since implementing the new strategy. A total of 7,072 new households have added 8,928 new personal checking accounts over the last twelve months. These new relationships have improved market share and increased average services per household. In addition, the new relationships have increased their balances at account opening during the first six months by 36 percent to an average of $24,850.

Seacoast will host a conference call on July 28, 2009 at 10:00 a.m. (Eastern Time) to discuss the earnings results and business trends. Investors may call in (toll-free) by dialing (866) 712-7678 (access code: 9071890; leader: Dennis S. Hudson, III). Charts will be used during the conference call and may be accessed at Seacoast’s website at www.seacoastbanking.net by selecting “Presentations” under the heading “Investor Services”. A replay of the call will be available for one month, beginning the afternoon of July 28, 2009, by dialing (877) 213-9653 (domestic), using the passcode 9071890. Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast’s website at www.seacoastbanking.net. The link is located in the subsection “Presentations” under the heading “Investor Services”. Beginning the afternoon of July 28, 2009, an archived version of the webcast can be accessed from this same subsection of the website, and will be available for one year.

Seacoast Banking Corporation of Florida has approximately $2.2 billion in assets. It is one of the largest independent commercial banking organizations in Florida, headquartered on Florida’s Treasure Coast, one of the wealthiest and fastest growing areas in the nation.

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in our markets, and improvements to reported earnings that may be realized from cost controls and for integration of banks that we have acquired, as well as statements with respect to Seacoast’s objectives, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.

Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance or achievements of Seacoast to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. You should not expect us to update any forward-looking statements.

You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “support”, “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “further”, “point to,” “project,” “could,” “intend” or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the effects of future economic and market conditions, including seasonality; governmental monetary and fiscal policies, as well as legislative, tax and regulatory changes; changes in accounting policies, rules and practices; the risks of changes in interest rates on the level and composition of deposits, loan demand, liquidity and the values of loan collateral, securities, and interest sensitive assets and liabilities; interest rate risks, sensitivities and the shape of the yield curve; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market areas and elsewhere, including institutions operating regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; and the failure of assumptions underlying the establishment of reserves for possible loan losses. The risks of mergers and acquisitions, include, without limitation: unexpected transaction costs, including the costs of integrating operations; the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following the merger being lower than expected; the risk of deposit and customer attrition; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruption, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2008 under “Special Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors”, and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at http://www.sec.gov.


FINANCIAL HIGHLIGHTS (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	Three Months Ended									Six Months Ended
(Dollars in thousands,	June 30,									June 30,
except per share data)	2009				2008				2009					2008
Summary of Earnings
Net income (loss)	$	(13,187	)		$	(21,316	)		$(17,497)					$	(19,553	)
Net income (loss), available
to common shareholders		(14,124	)			(21,316	)		(19,821)						(19,553	)
Net interest income (1)		18,987				20,234					37,228				40,796
Performance Ratios
Return on average assets-GAAP basis (2), (3)		(2.34	)	%		(3.65	)	%			(1.54	)	%		(1.67	)	%
Return on average tangible assets (2), (3), (4)		(2.33	)			(3.70	)				(1.54	)			(1.68	)
Return on average shareholders’ equity -GAAP basis (2), (3)		(25.07	)			(39.79	)				(16.77	)			(18.22	)
Net interest margin (1), (2)		3.65				3.69					3.54				3.71
Per Share Data
Net income (loss) diluted-GAAP basis	$	(0.74	)		$	(1.12	)			$	(1.04	)		$	(1.03	)
Net income (loss) basic-GAAP basis		(0.74	)			(1.12	)				(1.04	)			(1.03	)
Cash dividends declared		0				0.16					0.01				0.32


	June 30,				Increase/
	2009			2008				(Decrease)
Credit Analysis
Net charge-offs year-to-date	$	23,649		$		37,942			(37.7	)	%
Net charge-offs to average loans		2.89	%			4.07	%		(29.0	)
Loan loss provision year-to-date	$	37,879		$		47,737			(20.6	)
Allowance to loans at end of period		2.75	%			1.75	%		57.1
Nonperforming loans	$	126,758		$		76,224			66.3
Other real estate owned		23,259				4,547			411.6

Total nonperforming assets		150,017				80,771			85.7

Restructured loans (accruing)		14,789				11			n/m
Nonperforming assets to loans and other real estate owned at end of period		9.33	%			4.45	%		109.7
Nonperformng assets to total assets		6.86				3.52			95.5
Selected Financial Data
Total assets	$	2,186,548		$		2,296,999			(4.8	)
Securities – Available for sale (at fair value)		337,746				255,798			32.0
Securities – Held for investment (at amortized cost)		22,299				29,913			(25.5	)
Net loans		1,540,722				1,777,090			(13.3	)
Deposits		1,756,422				1,890,401			(7.1	)
Total shareholders’ equity		198,368				190,182			4.3
Common shareholders’ equity		153,956				190,182			(19.0	)
Book value per share common		8.03				9.90			(18.8	)
Tangible book value per share		7.50				6.97			7.6
Tangible common book value per share (5)		5.19				6.97			(25.6	)
Average shareholders’ equity to average assets		9.40	%			9.17	%		2.6
Tangible common equity to tangible assets (5), (6)		4.66				6.00			(22.3	)
Average Balances (Year-to-Date)
Total assets	$	2,285,808		$		2,353,639			(2.9	)
Less: Intangible assets		54,874				56,133			(2.2	)

Total average tangible assets	$	2,230,934		$		2,297,506			(2.9	)

Total equity	$	214,782		$		215,865			(0.5	)
Less: Intangible assets		54,874				56,133			(2.2	)

Total average tangible equity	$	159,908		$		159,732			0.1

(2)

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

(3)

The calculations of ROA and ROE do not include the mark-to-market unrealized gains (losses) because the unrealized gains (losses) on available for sale securities are not included in net income (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)

The Company defines tangible common equity as total shareholders equity less preferred stock and intangible assets

(6)

The ratio of tangible common equity to tangible assets is a non-GAAP ratio used by the investment community to measure capital adequacy.


		Three Months Ended						Six Months Ended
		June 30,						June 30,
(Dollars in thousands, except per share data)		2009			2008 2009						2008
Interest on securities:
Taxable	$		4,299		$	3,531			8,219			$	7,117
Nontaxable			76			90			160				180
Interest and fees on loans			21,638			28,197			44,798				59,379
Interest on federal funds sold and other investments			109			455			257				752

Total Interest Income			26,122			32,273			53,434				67,428
Interest on deposits			1,422			4,278			3,651				10,083
Interest on time certificates			4,772			6,356			10,530				13,129
Interest on borrowed money			1,008			1,477			2,159				3,569

Total Interest Expense			7,202			12,111			16,340				26,781

Net Interest Income			18,920			20,162			37,094				40,647
Provision for loan losses			26,227			42,237			37,879				47,737

Net Interest Income (Loss) After Provision for Loan Losses			(7,307	)		(22,075	)		(785	)			(7,090	)
Noninterest income:
Service charges on deposit accounts			1,562			1,812			3,147				3,662
Trust income			480			591			1,038				1,173
Mortgage banking fees			488			350			987				718
Brokerage commissions and fees			388			515			769				1,198
Marine finance fees			331			930			676				1,615
Debit card income			673			648			1,281				1,259
Other deposit based EFT fees			85			86			179				194
Merchant income			448			667			984				1,402
Other income			(527	)		243			(377	)			783

			3,928			5,842			8,684				12,004
Securities gains, net			1,786			355			1,786				355

Total Noninterest Income			5,714			6,197			10,470				12,359
Noninterest expenses:
Salaries and wages			6,761			7,428			13,649				15,363
Employee benefits			1,737			1,714			3,519				3,739
Outsourced data processing costs			1,806			1,983			3,697				3,997
Telephone / data lines			459			489			943				927
Occupancy			2,057			2,081			4,211				3,924
Furniture and equipment			678			747			1,329				1,435
Marketing			421			871			909				1,469
Legal and professional fees			1,603			932			2,995				1,858
FDIC assessments			2,026			392			2,903				451
Amortization of intangibles			314			314			629				629
Other			2,486			2,289			4,673				4,132

Total Noninterest Expenses			20,348			19,240			39,457				37,924
Income (Loss) Before Income Taxes			(21,941	)		(35,118	)		(29,772	)			(32,655	)
Provision (benefit) for income taxes			(8,754	)		(13,802	)		(11,825	)			(13,102	)

Net Income (Loss)	$		(13,187	)	$	(21,316	)		(17,947	)		$	(19,553	)
Preferred Stock Dividends and Accretion on Preferred Stock Discount			937			0			1,874				0
Net Income (Loss) Available to Common Shareholders			(14,124	)		(21,316	)		(19,821	)			(19,553	)
Per share common stock:
Net income (loss) diluted	$		(0.74	)	$	(1.12	)		(1.04	)		$	(1.03	)
Net income (loss) basic			(0.74	)		(1.12	)		(1.04	)			(1.03	)
Cash dividends declared			0			0.16			0.01				0.32
Average diluted shares outstanding	19,088,759					18,986,163			19,079,151				18,957,269
Average basic shares outstanding	19,088,759					18,986,163			19,079,151				18,957,269


CONDENSED CONSOLIDATED BALANCE SHEETS	(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	June 30,			December 31,			June 30,
(Dollars in thousands)	2009			2008			2008
Assets
Cash and due from banks	$	32,020		$	46,002			$	45,495
Federal funds sold		0			4,605				24,792
Interest bearing deposits with other banks		43,632			100,585				0

Total Cash and Cash Equivalents		75,652			151,192				70,287
Securities:
Available for sale (at fair value)		337,746			318,030				255,798
Held for investment (at amortized cost)		22,299			27,871				29,913

Total Securities		360,045			345,901				285,711
Loans available for sale		16,454			2,165				3,643
Loans, net of unearned income		1,584,340			1,676,728				1,808,787
Less: Allowance for loan losses		(43,618	)		(29,388	)			(31,697	)

Net Loans		1,540,722			1,647,340				1,777,090
Bank premises and equipment, net		42,879			44,122				42,888
Other real estate owned		23,259			5,035				4,547
Goodwill and other intangible assets		54,564			55,193				55,823
Other assets		72,973			63,488				57,010

	$	2,186,548		$	2,314,436			$	2,296,999

Liabilities and Shareholders’ Equity
Liabilities
Deposits
Demand deposits (noninterest bearing)	$	284,326		$	275,262			$	313,577
Savings deposits		780,386			802,201				938,645
Other time deposits		328,937			326,473				345,268
Brokered time certificates		64,244			100,463				0
Time certificates of $100,000 or more		298,529			306,042				283,911

Total Deposits		1,756,422			1,810,441				1,890,401
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days		101,849			157,496				86,830
Borrowed funds		65,172			65,302				65,083
Subordinated debt		53,610			53,610				53,610
Other liabilities		11,127			11,586				10,893

		1,988,180			2,098,435				2,106,817
Shareholders’ Equity
Preferred stock		44,412			43,787				0
Common stock		1,917			1,928				1,928
Additional paid in capital		99,804			99,788				92,120
Retained earnings		51,127			70,278				96,741
Treasury stock		(1,458	)		(1,839	)			(964	)

		195,802			213,942				189,825
Accumulated other comprehensive gain, net		2,566			2,059				357

Total Shareholders’ Equity		198,368			216,001				190,182

	$	2,186,548		$	2,314,436			$	2,296,999

Common Share Outstanding		19,170,788			19,171,779				19,219,113

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


CONSOLIDATED QUARTERLY FINANCIAL DATA				(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	Quarters
	2009										2008											Last 12
(Dollars in thousands,
except per share data)	Second					First								Fourth			Third				Months

Net income (loss)	$	(13,187	)			$	(4,760	)		$(22,596)						$(3,448)					$(43,991)
Operating Ratios
Return on average
assets-GAAP basis (2), (3)		(2.34	)		%		(0.83	)	%			(3.99	)		%			(0.60	)	%	(1.93)			%
Return on average tangible
assets (2), (3), (4)		(2.33	)				(0.82	)				(4.05	)					(0.58	)		(1.94)
Return on average shareholders’ equity-GAAP
basis (2), (3)		(25.07	)				(8.83	)		(45.92)								(7.13	)		(21.53)
Net interest margin (1), (2)		3.65					3.44					3.32						3.57					3.55
Average equity to average assets		9.34					9.45					8.68						8.43					8.97
Credit Analysis
Net charge-offs	$	15,109				$	8,540			$33,916							$	9,290			$66,855
Net charge-offs to average loans		3.71			%		2.07		%			7.76			%			2.06		%			3.91	%
Loan loss provision	$	26,227				$	11,652			$30,656						$10,241					$78,776
Allowance to loans at end of period		2.75			%		1.99		%			1.75			%			1.87		%
Restructured loans (accruing)		14,789					3,309					12,616						10
Nonperforming loans		126,758					109,381					86,970						75,793
Other real estate owned		23,259					12,684					5,035						4,551

Nonperforming assets	$	150,017				$	122,065			$92,005						$80,344

Nonperforming assets to loans and other real estate owned at end of period		9.33			%		7.42		%			5.47			%			4.60		%
Nonperforming assets to total assets		6.86					5.29					3.97						3.61
Nonaccrual loans and accruing loans 90 days or more past due to loans outstanding at end of period		8.09					6.97					5.30						4.42
Per Share Common Stock
Net income (loss)
diluted-GAAP basis	$	(0.74	)			$	(0.30	)		$(1.19)						$(0.18)					$(2.41)
Net income (loss) basic-GAAP
basis		(0.74	)				(0.30	)				(1.19	)					(0.18	)		(2.41)
Cash dividends declared		0					0.01					0.01						0.01					0.03
Book value per share		8.03					8.86					8.98						9.59
Average Balances
Total assets	$	2,258,792				$	2,313,125			$2,255,036						$2,282,821
Less: Intangible assets		54,717					55,033					55,346						55,662

Total average tangible assets	$	2,204,075				$	2,258,092			$2,199,690						$2,227,159

Total equity	$	210,997				$	218,609			$195,770						$192,469
Less: Intangible assets		54,717					55,033					55,346						54,662

Total average tangible equity	$	156,280				$	163,576			$140,424						$136,807

(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) on available for sale securities because the unrealized gains (losses) are not included in net income (loss).

(4)


	2009												2008
	Second Quarter						First Quarter						Second Quarter

	Average			Yield/			Average			Yield/			Average			Yield/
(Dollars in thousands)	Balance			Rate			Balance			Rate			Balance			Rate

Assets
Earning assets:
Securities:
Taxable	$	356,582			4.82	%	$	351,286			4.46	%	$	280,623			5.03	%
Nontaxable		7,048			6.53			7,646			6.59			8,164			6.57

Total Securities		363,630			4.86			358,932			4.51			288,787			5.08
Federal funds sold and other investments		92,160			0.47			121,633			0.49			64,558			2.83
Loans, net		1,631,715			5.33			1,670,353			5.63		$	1,854,015			6.12

Total Earning Assets		2,087,505			5.03			2,150,918			5.16			2,207,360			5.89
Allowance for loan losses		(31,445	)					(31,392	)					(22,992	)
Cash and due from banks		32,545						33,665						46,057
Premises and equipment		43,380						44,128						42,885
Other assets		126,807						115,806						76,439

	$	2,258,792					$	2,313,125					$	2,349,749

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
NOW	$	53,723			0.55	%	$	53,373			0.57	%	$	70,135			1.47	%
Savings deposits		103,778			0.43			99,712			0.56			106,277			0.72
Money market accounts		650,911			0.76			664,946			1.23			788,389			1.95
Time deposits		682,970			2.80			718,008			3.25			641,092			3.99
Federal funds purchased and other short-term borrowings		136,786			0.33			154,185			0.49			90,136			1.47
Other borrowings		118,832			3.02			118,894			3.28			118,816			3.89

Total Interest-Bearing Liabilities		1,747,000			1.65			1,809,118			2.05			1,814,845			2.68
Demand deposits (noninterest-bearing)		281,736						274,363						316,614
Other liabilities		19,059						11,035						2,842

Total Liabilities		2,047,795						2,094,516						2,134,301
Shareholders’ equity		210,997						218,609						215,448

	$	2,258,792					$	2,313,125					$	2,349,749

(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.


				2008
Construction and Land Development		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr

Residential:
Condominiums	>$4 million	$	30.6	$	26.3	$	19.6	$	8.6
	<$4 million		26.6		21.1		13.0		8.8
Town homes	>$4 million		19.4		17.1		17.1		0
	<$4 million		4.4		2.9		4.6		6.1
Single Family	>$4 million		20.8		21.2		13.5		11.9
Residences	<$4 million		35.9		28.3		23.7		14.9
Single Family	>$4 million		85.1		64.3		40.3		22.1
Land & Lots	<$4 million		27.0		30.8		29.9		30.7
Multifamily	>$4 million		7.8		7.8		7.8		7.8
	<$4 million		24.8		26.2		22.9		19.0

TOTAL	>$4 million		163.7		136.7		98.3		50.4
TOTAL	<$4 million		118.7		109.3		94.1		79.5

GRAND TOTAL		$	282.4	$	246.0	$	192.4	$	129.9


		2009				Nonperforming
Construction and Land Development		1st Qtr		2nd Qtr		2nd Qtr		Number

Residential:
Condominiums	>$4 million	$	8.4	$	7.9	$	7.9		1
	<$4 million		7.9		8.8		5.2		3
Town homes	>$4 million		0		0		0		0
	<$4 million		4.2		2.3		2.3		1
Single Family	>$4 million		6.6		6.5		0		0
Residences	<$4 million		13.9		10.3		5.0		10
Single Family	>$4 million		21.8		21.8		21.8		3
Land & Lots	<$4 million		29.6		21.5		9.2		19
Multifamily	>$4 million		7.8		7.8		7.8		1
	<$4 million		17.0		9.8		4.4		5

TOTAL	>$4 million		44.6		44.0		37.5		5
TOTAL	<$4 million		72.6		52.7		26.1		38

GRAND TOTAL		$	117.2	$	96.7	$	63.6		43


QUARTERLY TRENDS – LOANS AT END OF PERIOD (Unaudited)
(Dollars in Millions)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	2006
		4th Qtr

Construction and land development
Residential
Condominiums		$	94.8
Townhomes			10.4
Single family residences			80.3
Single family land and lots			106.3
Multifamily			48.2

			340.0
Commercial
Office buildings			14.1
Retail trade			16.1
Land			93.5
Industrial			6.3
Healthcare			2.0
Churches and educational facilities			2.1
Lodging			2.1
Convenience stores			0.5
Marina			2.2
Other			0.9

			139.8
Individuals
Lot loans			40.6
Construction			50.7

			91.3

Total construction and land development			571.1
Real estate mortgages
Residential real estate
Adjustable			277.7
Fixed rate			87.9
Home equity mortgages			95.9
Home equity lines			50.9

			512.4
Commercial real estate
Office buildings			109.2
Retail trade			50.9
Land			0
Industrial			64.3
Healthcare			40.7
Churches and educational facilities			32.3
Recreation			4.4
Multifamily			9.9
Mobile home parks			6.0
Lodging			19.1
Restaurant			11.7
Agricultural			26.1
Convenience stores			22.0
Other			40.8

			437.4

Total real estate mortgages			949.8
Commercial & financial			128.1
Installment loans to individuals
Automobile and trucks			22.3
Marine loans			32.5
Other			28.6

			83.4
Other			0.7

		$	1,733.1


	2007
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr

Construction and land development
Residential
Condominiums	$	84.4	$	74.2	$	72.5	$	60.2
Townhomes		9.9		11.3		25.0		25.0
Single family residences		100.9		66.6		63.9		59.0
Single family land and lots		107.7		129.0		128.4		116.4
Multifamily		48.7		46.6		33.8		34.5

		351.6		327.7		323.6		295.1
Commercial
Office buildings		17.6		19.2		22.4		30.9
Retail trade		12.5		26.4		50.2		69.0
Land		93.4		99.4		86.2		82.6
Industrial		8.9		13.1		16.9		13.0
Healthcare		2.5		3.0		1.0		1.0
Churches and educational facilities		1.8		1.9		1.9		0
Lodging		4.8		11.2		11.2		11.2
Convenience stores		0.5		1.0		1.4		1.7
Marina		2.2		2.2		21.9		23.1
Other		2.8		12.8		8.6		9.9

		147.0		190.2		221.7		242.4
Individuals
Lot loans		40.5		40.0		40.7		39.4
Construction		41.7		43.6		41.0		32.7

		82.2		83.6		81.7		72.1

Total construction and land development		580.8		601.5		627.0		609.6
Real estate mortgages
Residential real estate
Adjustable		285.4		298.4		313.0		319.5
Fixed rate		87.9		87.6		88.1		87.5
Home equity mortgages		97.3		90.0		90.8		91.4
Home equity lines		51.4		56.6		55.1		59.1

		522.0		532.6		547.0		557.5
Commercial real estate
Office buildings		113.4		116.1		125.6		131.7
Retail trade		62.0		62.8		74.9		76.2
Land		0		0		2.6		5.3
Industrial		66.3		84.7		100.2		105.5
Healthcare		40.5		39.7		33.2		32.4
Churches and educational facilities		32.9		32.7		36.0		40.2
Recreation		4.4		4.5		4.7		3.0
Multifamily		8.4		10.4		11.3		13.8
Mobile home parks		3.0		4.0		4.0		3.9
Lodging		16.9		16.8		22.3		22.7
Restaurant		11.2		9.6		7.2		8.2
Agricultural		24.5		23.4		19.6		12.9
Convenience stores		22.2		23.6		23.5		23.2
Other		38.8		30.5		39.7		38.3

		444.5		458.8		504.8		517.3

Total real estate mortgages		966.5		991.4		1,051.8		1,074.8
Commercial & financial		112.1		139.0		135.1		126.7
Installment loans to individuals
Automobile and trucks		23.3		23.6		24.8		25.0
Marine loans		30.1		26.6		24.8		33.2
Other		29.8		29.4		29.0		28.2

		83.2		79.6		78.6		86.4
Other		0.7		1.6		0.6		0.9

	$	1,743.3	$	1,813.1	$	1,893.1	$	1,898.4


	2008
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr

Construction and land development
Residential
Condominiums	$	57.2	$	47.4	$	32.6	$	17.4
Townhomes		23.8		20.0		21.7		6.1
Single family residences		56.7		49.5		37.2		26.8
Single family land and lots		112.1		95.1		70.2		52.8
Multifamily		32.6		34.0		30.7		26.8

		282.4		246.0		192.4		129.9
Commercial
Office buildings		29.1		31.1		27.8		17.3
Retail trade		60.4		63.6		68.5		68.7
Land		92.5		75.4		73.9		73.3
Industrial		16.9		20.8		20.7		13.3
Healthcare		1.0		1.0		0		0
Churches and educational facilities		0		0.1		0		0
Lodging		0		0		0		0
Convenience stores		1.8		0		0		0
Marina		26.8		28.9		30.5		30.7
Other		11.3		6.3		5.4		6.0

		239.8		227.2		226.8		209.3
Individuals
Lot loans		39.4		40.0		38.4		35.7
Construction		32.4		27.1		27.4		20.3

		71.8		67.1		65.8		56.0

Total construction and land development		594.0		540.3		485.0		395.2
Real estate mortgages
Residential real estate
Adjustable		317.6		318.8		316.5		329.0
Fixed rate		89.1		90.2		93.4		95.5
Home equity mortgages		91.7		93.1		84.3		84.8
Home equity lines		56.3		59.4		59.7		58.5

		554.7		561.5		553.9		567.8
Commercial real estate
Office buildings		144.3		142.3		143.6		146.4
Retail trade		83.8		93.5		101.6		111.9
Land		0		0		0.6		0
Industrial		104.3		93.3		92.2		94.7
Healthcare		39.9		33.6		31.6		29.2
Churches and educational facilities		40.2		36.5		35.6		35.2
Recreation		2.8		1.8		1.8		1.7
Multifamily		20.0		19.1		19.2		27.2
Mobile home parks		3.2		3.1		3.1		3.0
Lodging		27.9		28.0		26.7		26.6
Restaurant		8.0		9.0		8.6		6.2
Agricultural		12.4		9.0		8.7		8.5
Convenience stores		23.1		24.9		23.6		23.5
Other		40.1		41.6		42.5		43.6

		550.0		535.7		539.4		557.7

Total real estate mortgages		1,104.7		1,097.2		1,093.3		1,125.5
Commercial & financial		93.9		94.8		88.5		82.8
Installment loans to individuals
Automobile and trucks		24.1		23.0		21.9		20.8
Marine loans		33.3		25.2		26.0		26.0
Other		27.5		27.9		27.4		26.1

		84.9		76.1		75.3		72.9
Other		0.5		0.4		0.5		0.3

	$	1,878.0	$	1,808.8	$	1,742.6	$	1,676.7


	2009
	1st Qtr		2nd Qtr

Construction and land development
Residential
Condominiums	$	16.3	$	16.8
Townhomes		4.2		2.3
Single family residences		20.5		16.7
Single family land and lots		51.4		43.3
Multifamily		24.8		17.6

		117.2		96.7
Commercial
Office buildings		17.4		13.8
Retail trade		70.0		55.9
Land		60.9		51.2
Industrial		9.0		8.5
Healthcare		5.7		6.0
Churches and educational facilities		0		0
Lodging		0.6		0
Convenience stores		0		0
Marina		31.6		30.0
Other		6.2		1.4

		201.4		166.8
Individuals
Lot loans		34.0		32.4
Construction		16.2		11.8

		50.2		44.2

Total construction and land development		368.8		307.7
Real estate mortgages
Residential real estate
Adjustable		333.1		328.0
Fixed rate		90.8		90.6
Home equity mortgages		85.5		83.8
Home equity lines		60.3		60.1

		569.7		562.5
Commercial real estate
Office buildings		140.6		141.6
Retail trade		109.1		120.0
Land		0		0
Industrial		95.3		93.0
Healthcare		28.3		30.9
Churches and educational facilities		34.8		34.6
Recreation		1.7		1.4
Multifamily		27.2		31.7
Mobile home parks		3.0		5.6
Lodging		26.3		26.3
Restaurant		6.1		5.1
Agricultural		8.2		11.8
Convenience stores		23.3		23.2
Other		43.0		47.6

		546.9		572.8

Total real estate mortgages		1,116.6		1,135.3
Commercial & financial		75.5		71.8
Installment loans to individuals
Automobile and trucks		19.4		18.0
Marine loans		26.3		26.9
Other		25.7		24.3

		71.4		69.2
Other		0.3		0.3

	$	1,632.6	$	1,584.3


	2007
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr

Construction and land development
Residential
Condominiums	$	(10.4	)	$	(10.2	)	$	(1.7	)	$	(12.3	)
Townhomes		(0.5	)		1.4			13.7			0
Single family residences		20.6			(34.3	)		(2.7	)		(4.9	)
Single family land and lots		1.4			21.3			(0.6	)		(12.0	)
Multifamily		0.5			(2.1	)		(12.8	)		0.7

		11.6			(23.9	)		(4.1	)		(28.5	)
Commercial
Office buildings		3.5			1.6			3.2			8.5
Retail trade		(3.6	)		13.9			23.8			18.8
Land		(0.1	)		6.0			(13.2	)		(3.6	)
Industrial		2.6			4.2			3.8			(3.9	)
Healthcare		0.5			0.5			(2.0	)		0
Churches and educational facilities		(0.3	)		0.1			0			(1.9	)
Lodging		2.7			6.4			0			0
Convenience stores		0			0.5			0.4			0.3
Marina		0			0			19.7			1.2
Other		1.9			10.0			(4.2	)		1.3

		7.2			43.2			31.5			20.7
Individuals
Lot loans		(0.1	)		(0.5	)		0.7			(1.3	)
Construction		(9.0	)		1.9			(2.6	)		(8.3	)

		(9.1	)		1.4			(1.9	)		(9.6	)

Total construction and land development		9.7			20.7			25.5			(17.4	)
Real estate mortgages
Residential real estate
Adjustable		7.7			13.0			14.6			6.5
Fixed rate		0			(0.3	)		0.5			(0.6	)
Home equity mortgages		1.4			(7.3	)		0.8			0.6
Home equity lines		0.5			5.2			(1.5	)		4.0

		9.6			10.6			14.4			10.5
Commercial real estate
Office buildings		4.2			2.7			9.5			6.1
Retail trade		11.1			0.8			12.1			1.3
Land		0			0			2.6			2.7
Industrial		2.0			18.4			15.5			5.3
Healthcare		(0.2	)		(0.8	)		(6.5	)		(0.8	)
Churches and educational facilities		0.6			(0.2	)		3.3			4.2
Recreation		0			0.1			0.2			(1.7	)
Multifamily		(1.5	)		2.0			0.9			2.5
Mobile home parks		(3.0	)		1.0			0			(0.1	)
Lodging		(2.2	)		(0.1	)		5.5			0.4
Restaurant		(0.5	)		(1.6	)		(2.4	)		1.0
Agricultural		(1.6	)		(1.1	)		(3.8	)		(6.7	)
Convenience stores		0.2			1.4			(0.1	)		(0.3	)
Other		(2.0	)		(8.3	)		9.2			(1.4	)

		7.1			14.3			46.0			12.5

Total real estate mortgages		16.7			24.9			60.4			23.0
Commercial & financial		(16.0	)		26.9			(3.9	)		(8.4	)
Installment loans to individuals
Automobile and trucks		1.0			0.3			1.2			0.2
Marine loans		(2.4	)		(3.5	)		(1.8	)		8.4
Other		1.2			(0.4	)		(0.4	)		(0.8	)

		(0.2	)		(3.6	)		(1.0	)		7.8
Other		0			0.9			(1.0	)		0.3

	$	10.2		$	69.8		$	80.0		$	5.3


	2008
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr

Construction and land development
Residential
Condominiums	$	(3.0	)	$	(9.8	)	$	(14.8	)	$	(15.2	)
Townhomes		(1.2	)		(3.8	)		1.7			(15.6	)
Single family residences		(2.3	)		(7.2	)		(12.3	)		(10.4	)
Single family land and lots		(4.3	)		(17.0	)		(24.9	)		(17.4	)
Multifamily		(1.9	)		1.4			(3.3	)		(3.9	)

		(12.7	)		(36.4	)		(53.6	)		(62.5	)
Commercial
Office buildings		(1.8	)		2.0			(3.3	)		(10.5	)
Retail trade		(8.6	)		3.2			4.9			0.2
Land		9.9			(17.1	)		(1.5	)		(0.6	)
Industrial		3.9			3.9			(0.1	)		(7.4	)
Healthcare		0			0			(1.0	)		0
Churches and educational facilities		0			0.1			(0.1	)		0
Lodging		(11.2	)		0			0			0
Convenience stores		0.1			(1.8	)		0			0
Marina		3.7			2.1			1.6			0.2
Other		1.4			(5.0	)		(0.9	)		0.6

		(2.6	)		(12.6	)		(0.4	)		(17.5	)
Individuals
Lot loans		0			0.6			(1.6	)		(2.7	)
Construction		(0.3	)		(5.3	)		0.3			(7.1	)

		(0.3	)		(4.7	)		(1.3	)		(9.8	)

Total construction and land development		(15.6	)		(53.7	)		(55.3	)		(89.8	)
Real estate mortgages
Residential real estate
Adjustable		(1.9	)		1.2			(2.3	)		12.5
Fixed rate		1.6			1.1			3.2			2.1
Home equity mortgages		0.3			1.4			(8.8	)		0.5
Home equity lines		(2.8	)		3.1			0.3			(1.2	)

		(2.8	)		6.8			(7.6	)		13.9
Commercial real estate
Office buildings		12.6			(2.0	)		1.3			2.8
Retail trade		7.6			9.7			8.1			10.3
Land		(5.3	)		0			0.6			(0.6	)
Industrial		(1.2	)		(11.0	)		(1.1	)		2.5
Healthcare		7.5			(6.3	)		(2.0	)		(2.4	)
Churches and educational facilities		0			(3.7	)		(0.9	)		(0.4	)
Recreation		(0.2	)		(1.0	)		0			(0.1	)
Multifamily		6.2			(0.9	)		0.1			8.0
Mobile home parks		(0.7	)		(0.1	)		0			(0.1	)
Lodging		5.2			0.1			(1.3	)		(0.1	)
Restaurant		(0.2	)		1.0			(0.4	)		(2.4	)
Agricultural		(0.5	)		(3.4	)		(0.3	)		(0.2	)
Convenience stores		(0.1	)		1.8			(1.3	)		(0.1	)
Other		1.8			1.5			0.9			1.1

		32.7			(14.3	)		3.7			18.3

Total real estate mortgages		29.9			(7.5	)		(3.9	)		32.2
Commercial & financial		(32.8	)		0.9			(6.3	)		(5.7	)
Installment loans to individuals
Automobile and trucks		(0.9	)		(1.1	)		(1.1	)		(1.1	)
Marine loans		0.1			(8.1	)		0.8			0
Other		(0.7	)		0.4			(0.5	)		(1.3	)

		(1.5	)		(8.8	)		(0.8	)		(2.4	)
Other		(0.4	)		(0.1	)		0.1			(0.2	)

	$	(20.4	)	$	(69.2	)	$	(66.2	)	$	(65.9	)


	2009
	1st Qtr			2nd Qtr

Construction and land development
Residential
Condominiums	$	(1.1	)	$	0.5
Townhomes		(1.9	)		(1.9	)
Single family residences		(6.3	)		(3.8	)
Single family land and lots		(1.4	)		(8.1	)
Multifamily		(2.0	)		(7.2	)

		(12.7	)		(20.5	)
Commercial
Office buildings		0.1			(3.6	)
Retail trade		1.3			(14.1	)
Land		(12.4	)		(9.7	)
Industrial		(4.3	)		(0.5	)
Healthcare		5.7			0.3
Churches and educational facilities		0			0
Lodging		0.6			(0.6	)
Convenience stores		0			0
Marina		0.9			(1.6	)
Other		0.2			(4.8	)

		(7.9	)		(34.6	)
Individuals
Lot loans		(1.7	)		(1.6	)
Construction		(4.1	)		(4.4	)

		(5.8	)		(6.0	)

Total construction and land development		(26.4	)		(61.1	)
Real estate mortgages
Residential real estate
Adjustable		4.1			(5.1	)
Fixed rate		(4.7	)		(0.2	)
Home equity mortgages		0.7			(1.7	)
Home equity lines		1.8			(0.2	)

		1.9			(7.2	)
Commercial real estate
Office buildings		(5.8	)		1.0
Retail trade		(2.8	)		10.9
Land		0			0
Industrial		0.6			(2.3	)
Healthcare		(0.9	)		2.6
Churches and educational facilities		(0.4	)		(0.2	)
Recreation		0			(0.3	)
Multifamily		0			4.5
Mobile home parks		0			2.6
Lodging		(0.3	)		0
Restaurant		(0.1	)		(1.0	)
Agricultural		(0.3	)		3.6
Convenience stores		(0.2	)		(0.1	)
Other		(0.6	)		4.6

		(10.8	)		25.9

Total real estate mortgages		(8.9	)		18.7
Commercial & financial		(7.3	)		(3.7	)
Installment loans to individuals
Automobile and trucks		(1.4	)		(1.4	)
Marine loans		0.3			0.6
Other		(0.4	)		(1.4	)

		(1.5	)		(2.2	)
Other		0			0

	$	(44.1	)	$	(48.3	)


							Restructured
	Nonaccrual Loans						Loans (Accruing)
Dollars in thousands	Non Current		Current*		Total

Construction and land development
Residential	$	39,235	$	24,353	$	63,588	$	0
Commercial		2,135		0		2,135		0
Individual		6,457		240		6,697		973
Residential Mortgage		20,190		13,169		33,359		9,795
Commercial Real Estate Mortgage		13,473		6,211		19,684		3,259
Commercial and Financial		223		107		330		0
Installment loans to individuals		132		833		965		762
TOTAL	$	81,845	$	44,913	$	126,758	$	14,789


	June 30,		December 31,		June 30,
SECURITIES	2009		2008		2008
U.S. Treasury and U.S. Government Agencies	$	1,103	$	22,380	$	22,452
Mortgage-backed		331,337		290,423		227,977
Obligations of states and political subdivisions		2,033		2,070		2,033
Other securities		3,273		3,157		3,336

Securities — Available for Sale		337,746		318,030		255,798

Mortgage-backed		17,570		22,248		23,772
Obligations of states and political subdivisions		4,729		5,623		6,141

Securities — Held for Investment		22,299		27,871		29,913

Total Securities	$	360,045	$	345,901	$	285,711


	June 30,		December 31,		June 30,
LOANS	2009		2008		2008
Construction and land development	$	307,708	$	395,243	$	540,283
Real estate mortgage		1,135,311		1,125,465		1,097,232
Installment loans to individuals		69,165		72,908		76,098
Commercial and financial		71,836		82,765		94,812
Other loans		320		347		362

Total Loans	$	1,584,340	$	1,676,728	$	1,808,787


Interest expense as a % of earning assets	1.38	%	1.72	%	2.21	%
Net interest income as a % of earning assets	3.65		3.44		3.69


Construction and
Land Development
Loans	High Point			June 30, 2008		March 31, 2009		June 30, 2009
Residential	$	351.6	3/31/2007	$	246.0	$	117.2	$	96.7
Commercial		242.4	12/31/2007		227.2		201.4		166.8
Individuals		91.3	12/31/2006		67.1		50.2		44.2

TOTAL	$	627.0	9/30/2007	$	540.3	$	368.8	$	307.7