Seacoast Banking Corporation of Florida (SBCF) 8-K Results of Operations and Financial Condition

EXHIBIT 99.3

To Form 8-K dated July 28, 2011

Seacoast Banking Corporation of Florida

Second Quarter 2011

Cautionary Notice Regarding Forward-Looking Statements

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

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

You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “support”, “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “further”, “point to,” “project,” “could,” “intend” or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the effects of future economic and market conditions, including seasonality; governmental monetary and fiscal policies, as well as legislative, tax and regulatory changes; changes in accounting policies, rules and practices; the risks of changes in interest rates on the level and composition of deposits, loan demand, liquidity and the values of loan collateral, securities, and interest sensitive assets and liabilities; interest rate risks, sensitivities and the shape of the yield curve; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market areas and elsewhere, including institutions operating regionally, nationally and internationally, together with such competitors offering

banking products and services by mail, telephone, computer and the Internet; and the failure of assumptions underlying the establishment of reserves for possible loan losses. The risks of mergers and acquisitions, include, without limitation: unexpected transaction costs, including the costs of integrating operations; the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following the merger being lower than expected; the risk of deposit and customer attrition; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruption, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2010 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 athttp://www.sec.gov.

Highlights

• Net Income of $176,000, or $0.00 per share, improved significantly compared to last year

• Solid capital position with estimated tangible common equity (TCE) ratio of 7.9% when DTA valuation allowance of $47.3 million is recaptured.

• Nonperforming loans declined from $66.2 million at March 31, 2011 to $46.2 million during the quarter

• Liquidity remains strong with low cost core funding from deposits and sweep repos

• Cost of deposits for the quarter declined 2 basis points to 0.70%; total interest bearing liabilities down 3 basis points to .95%

• Improved asset quality trends continued with nonperforming assets, nonaccrual loans and net charge-offs all declining

• Favorable deposit volume and mix trends continued

• Expenses remain well managed

• Operating trends continue to be encouraging and we remain acutely focused on executing client satisfaction and retention initiatives to drive steadily improving results

Capital Ratios

	2Q-2011			1Q-2011			4Q-2010			3Q-2010
	Estimate			Actual			Actual			Actual
Tier 1 Capital Ratio		17.66	%		16.94	%		16.57	%		17.11	%
Total Risk Based Capital Ratio		18.92	%		18.21	%		17.84	%		18.38	%
YTD Average Equity to YTD Average Assets		8.06	%		8.14	%		8.27	%		8.15	%
Tangible Equity to Tangible Assets		8.10	%		7.84	%		8.10	%		8.76	%
Tangible Common Equity to Tangible Assets		5.84	%		5.60	%		5.81	%		6.48	%
Tangible Common Equity to Risk Weighted Assets		10.09	%		9.47	%		9.43	%		10.32	%

Credit Analysis

	($ in thousands)
	2Q-2011			1Q-2011			4Q-2010			3Q-2010			2Q-2010
Net charge-offs	$	4,024		$	4,031		$	4,678		$	10,700		$	20,209
Net charge-offs to average loans		1.32	%		1.32	%		1.47	%		3.29	%		5.95	%
Loan loss provision	$	920		$	640		$	3,975		$	8,866		$	16,771
Allowance to loans at end of period		2.63	%		2.80	%		3.04	%		3.04	%		3.10	%

Noninterest Expenses
Controllable Expenses Well Managed

	($ in thousands)
	2Q-2011			1Q-2011		2Q-2010
Noninterest expenses	$	19,073		$	19,667	$	18,871
Severance		—			—		199
Reversal of Accrued Legal Settlement		(184	)		—		—
Strategic plan & credit related professional fees		100			247		231
OREO and REPO expenses (1)		768			1,397		564
Net loss on OREO & repossessed assets		1,142			449		105
Nonrecurring expenses	$	1,826		$	2,093	$	1,099
Core operating expenses	$	17,247		$	17,574	$	17,772

	2Q 2011			2Q 2011
	vs 1Q 2010			vs 2Q 2010
Noninterest expenses		-3.0	%		1.1	%
Strategic plan & credit related professional fees
OREO and REPO expenses (1)
Net loss on OREO & repossessed assets
Nonrecurring expenses		-12.8	%		66.2	%
Core operating expenses		-1.9	%		-3.0	%

(1) Does not include personnel expense related to credit administration or default management costs

Core Deposit Growth
Favorable Mix Shift

	($ in thousands)
	2Q-2011		Mix			4Q-2010		Mix			2Q-2010		Mix
Demand deposits (noninterest bearing)	$	321,876		19.1	%	$	289,621		17.7	%	$	276,455		16.1	%
Savings deposits		831,371		49.4	%		812,625		49.6	%		877,544		51.1	%
Total Demand and Savings	$	1,153,247		68.6	%	$	1,102,246		67.3	%	$	1,153,999		67.3	%
Other time certificates		274,565		16.3	%		281,681		17.2	%		288,310		16.8	%
Brokered time certificates		7,532		0.4	%		7,093		0.4	%		19,788		1.2	%
Time certificates of $100,000 or more		246,117		14.6	%		246,208		15.0	%		253,797		14.8	%
Total Time Deposits	$	528,214		31.4	%	$	534,982		32.7	%	$	561,895		32.7	%
Total Deposits	$	1,681,461				$	1,637,228				$	1,715,894

Core Deposit Growth
Favorable Mix Shift

	($ in thousands)						Year			2011
	2Q-2011		4Q-2010		2Q-2010		Over Year			Annualized
Demand deposits (noninterest bearing)	$	321,876	$	289,621	$	276,455		16.4	%		22.3	%
Savings deposits		831,371		812,625		877,544		-5.3	%		4.6	%
Total Demand and Savings	$	1,153,247	$	1,102,246	$	1,153,999		-0.1	%		9.3	%
Other time certificates		274,565		281,681		288,310		-4.8	%		-5.1	%
Brokered time certificates		7,532		7,093		19,788		-61.9	%		12.4	%
Time certificates of $100,000 or more		246,117		246,208		253,797		-3.0	%		-0.1	%
Total Time Deposits	$	528,214	$	534,982	$	561,895		-6.0	%		-2.5	%
Total Deposits	$	1,681,461	$	1,637,228	$	1,715,894		-2.0	%		5.4	%

Net Interest Margin

	2Q-10			3Q-10			4Q-10			1Q-11			2Q-11
Net Interest Margin		3.27	%		3.35	%		3.42	%		3.48	%		3.36	%

• Focus on deposit pricing and favorable deposit trends benefited the margin

• Margin is expected to remain stable until accruing loans outstanding begin to increase

Noninterest Income (excluding securities gains)

$ in thousands	Q-2-2011		Q-1-2011		Q-4-2010		Q-3-2010		Q-2-2010
Total Noninterest Income (excluding securities gains)	$	4,547	$	4,209	$	5,187	$	4,532	$	4,252
Gains on sale of merchant services		—		—		600		—		—
	$	4,547	$	4,209		4,587	$	4,532	$	4,252
Highlights include:
Service Charges	$	1,546	$	1,442	$	1,590	$	1,511	$	1,452
Trust Income		517		523		510		500		491
Mortgage Banking		509		395		580		654		464
Brokerage		223		320		325		306		257
Marine		349		298		355		330		310
Interchange Income		995		891		814		810		822

Service Area