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

EXHIBIT 99.1

To Form 8-K dated April 25, 2013

NEWS RELEASE

SEACOAST BANKING CORPORATION OF FLORIDA

Dennis S. Hudson, III

Chairman and Chief Executive Officer

Seacoast Banking Corporation of Florida

(772) 288-6085

William R. Hahl

Executive Vice President/

Chief Financial Officer

(772) 221-2825

SEACOAST REPORTS $2.0 MILLION IN NET INCOME FOR THE QUARTER

Expense reductions on target

· Core expenses down $920,000 compared to year ago

· Total expenses down $2.8 million or 12.7% compared to year ago

· Targeting at least $7.4 million in reduced expenses for 2013

Revenue and growth initiatives produce results

· Noninterest income (excluding securities gains) up 20.1%

· Average demand deposit balances up 22.1%

· Loan production strong at $119 million during the quarter

Credit quality improvements continue

· Nonperforming loans fall to 2.88% of loans

· Other real estate owned declined by 30.1%

· Allowance coverage for nonperforming loans increased to 61.2%

STUART, FL., April 25, 2013 – Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF), today reported first quarter 2013 net income of $2,044,000 compared to $938,000 for the same quarter last year. Net income available to common shareholders for the first quarter 2013 totaled $1,107,000 or $0.01 per diluted common share, compared with $1,000 or $0.00 per diluted common share for 2012.

“We made substantial progress this quarter as our previously announced expense reductions were implemented and our revenue initiatives continued to build momentum. We see further opportunities for growth in commercial lending in particular, as we continue to add key personnel in our Central and South Florida markets,” said Dennis S. Hudson III, Chairman and Chief Executive Officer. “Over the past year we have invested significant resources to support and more rapidly deploy commercial lending personnel in our markets. In addition we have continued to invest in our consumer and residential lending platforms and better integrate the sale of credit products into our retail banking franchise as the local economic environment has improved.

We remain focused on expanding our customer franchise and expect strong loan production, core deposit growth and fees generated to continue as we execute our growth initiatives. Although the interest rate environment remains a challenge to better revenue growth, exceptional execution of our growth initiatives by our associates and continued focus on improving our cost structure is the key to improved results in the months ahead.

Growth Initiatives Build Core Earnings

· Total revenues, excluding securities gains and loss on sale of commercial loan, for the quarter ended March 31, 2013 were $21.9 million, compared to $21.8 million for the fourth quarter 2012 and up $352,000 compared to first quarter 2012;

· Average noninterest bearing deposits totaled $433.8 million in the first quarter 2013, up $17.3 million or 4.2 percent compared to the fourth quarter 2012, and up $78.4 million or 22.1 percent from the same quarter last year;

· First quarter average loans increased $6.0 million or 1.9 percent annualized and were up $33.9 million year over year or a growth rate of 2.8 percent; and

· Average total deposits increased $29.2 million or 1.7 percent linked quarter

Over the last several years, our focused tactical initiatives have produced strong organic core customer deposit account growth and increased core customer funding. Core customer funding totaled $1,616 million at March 31, 2013, up $157 million from last year’s first quarter and up 27.4 percent since the first quarter 2011. In addition deposit mix continued to improve with noninterest bearing deposits increasing to almost 26 percent of total deposits at quarter end 2013.

(Dollars in thousands)	First Quarter 2013			First Quarter 2012			First Quarter 2011			2013 vs 2012 Change			2012 vs 2011 Change
Customer Relationship Funding
Demand deposits (noninterest bearing)	$	453,144		$	394,532		$	324,879			14.9	%		21.4	%
NOW		482,913			436,712			396,369			10.6			10.2
Money market accounts		341,216			330,409			310,942			3.3			6.3
Savings deposits		177,213			148,068			120,819			19.7			22.6
Time certificates of deposit		307,678			427,738			533,201			(28.1	)		(19.8	)
Total deposits		1,762,164			1,737,459			1,686,210			1.4			3.0
Sweep repurchase agreements		161,678			146,316			115,185			10.5			27.0
Total core customer funding (1)		1,616,164			1,459,037			1,268,194			10.8			15.0
Demand deposit mix (noninterest bearing)		25.7	%		22.7	%		19.3	%

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

Additional growth highlights for first quarter 2013:

· Interchange fees and service charges on deposit accounts grew by 18.0% and 6.2%, respectively, compared to last year’s first quarter;

· Fees from wealth management services increased to $1.1 million for the first quarter, up $294,000 or 36.4 percent compared to a year ago; and

· Improved deposit mix continued to lower deposit costs, which declined to 17 basis points for the quarter, down 29 basis points year over year

The following details noninterest income for the first quarter ended March 31, 2013 compared to the last four quarters:

Credit Quality Improves

(Dollars in thousands)	First Quarter 2013		Fourth Quarter 2012			Third Quarter 2012		Second Quarter 2012		First Quarter 2012
Noninterest Income:
Service charges on deposit accounts	$	1,551	$	1,677		$	1,620	$	1,487	$	1,461
Trust income		676		592			550		564		573
Mortgage banking fees		1,114		1,030			1,155		902		623
Brokerage commissions and fees		425		292			247		298		234
Marine finance fees		272		258			279		244		330
Interchange income		1,264		1,157			1,119		1,154		1,071
Other deposit based EFT fees		98		83			70		84		99
Other		531		520			639		486		546
Loss on sale of commercial loan held for sale		0		(1,238	)		0		0		0
Total		5,931		4,371			5,679		5,219		4,937
Securities gains, net		25		582			48		3,615		3,374
	$	5,956	$	4,953		$	5,727	$	8,834	$	8,311

· Net charge-offs declined to $1.5 million in the first quarter 2013 compared to $3.4 million a year ago or a decrease of 55.6 percent;

· Nonperforming loans totaled 2.88 percent of loans, compared with 3.34 percent last quarter and 3.43 percent one year ago;

· Nonperforming assets to total assets of 2.09 percent is lower compared to 2.64 percent a year ago;

· The allowance coverage ratio for nonperforming loans increased to 61.2 percent at quarter-end; and

· Net charge-offs as a ratio of average loans declined to 0.49 percent compared to 0.69 percent for the last quarter and 1.13 percent for the first quarter 2012.

(Dollars in thousands)	First Quarter 2013			Fourth Quarter 2012			Third Quarter 2012			Second Quarter 2012			First Quarter 2012
Net charge-offs	$	1,517		$	2,151		$	2,416		$	6,275		$	3,415
Net charge-offs to average loans		0.49	%		0.69	%		0.79	%		2.05	%		1.13	%
Loan loss provision	$	953		$	1,136		$	900		$	6,455		$	2,305
Allowance to loans at end of period		1.76	%		1.80	%		1.92	%		2.02	%		2.01	%
Restructured loans (accruing)	$	41,170		$	41,946		$	44,179		$	54,842		$	57,665
Nonperforming loans	$	35,208		$	40,955		$	44,450		$	48,482		$	41,716
Other real estate owned		10,850			11,887			8,888			7,219			15,530
Nonperforming assets	$	46,058		$	52,842		$	53,338		$	55,701		$	57,246
Nonaccrual loans and accruing loans 90 days or more past due to loans outstanding at end of period		2.88	%		3.34	%		3.70	%		3.97	%		3.43	%
Nonperforming assets to total assets		2.09			2.43			2.56			2.64			2.64

Noninterest Expenses Meaningfully Reduced

Previously announced plans to reduce both core operating expenses and total expenses were fully implemented at year end which meaningfully reduced our expense structure in the first quarter of 2013. Total noninterest expenses fell by $2.8 million or 12.7 percent for the quarter compared with the prior year. Contributing to the decline were substantial improvements in expenses related to OREO and other asset dispositions as overall asset quality continued to improve as well as reduced core operating expenses.

Core Operating Expenses for the quarter were reduced by $920 thousand or 4.8 percent compared with the prior year and were down $868 thousand or 4.6 percent compared with the fourth quarter of 2012. Core operating expenses for the quarter included $538 thousand in salaries and employee benefits expense associated with investments in new lending personnel related to our growth initiatives.

Noninterest expenses for the first quarter 2013 are presented below compared to the prior four quarters:

(Dollars in thousands)	First Quarter  2013		Fourth Quarter  2012		Third Quarter 2012			Second Quarter 2012		First Quarter 2012
Noninterest Expense:
Salaries and wages	$	7,437	$	7,258	$	7,442		$	7,297	$	7,055
Employee benefits		2,223		1,860		1,924			1,916		2,010
Outsourced data processing costs		1,498		1,904		1,923			1,834		1,721
Telephone / data lines		285		293		299			297		289
Occupancy expense		1,755		1,896		1,876			1,818		1,882
Furniture and equipment expense		561		585		556			607		495
Marketing expense		449		707		785			677		926
Legal and professional fees		796		1,114		1,122			1,637		1,541
FDIC assessments		717		697		695			707		706
Amortization of intangibles		195		195		196			196		201
Other		2,153		2,428		2,018			2,314		2,163
Total Core Operating Expense		18,069		18,937		18,836			19,300		18,989
Severance and organizational changes		33		84		839			138		0
Legal and professional –
preferred stock registration		0		0		0			0		235
Branch consolidation		0		407		232			125		0
Recovery of prior legal fees		0		0		(500	)		0		0
Net loss on OREO and repossessed assets		567		157		561			790		1,959
Asset dispositions expense		290		200		364			368		527
Total	$	18,959	$	19,785	$	20,332		$	20,721	$	21,710

Over the past year, we also redeployed overhead into additional loan production personnel while simultaneously reducing overall operating expenses. We believe these investments are particularly important in the current low rate environment. Investments in additional lending and credit support personnel have been significant over the past year and are a critical component of our commercial and business banking growth plan. Annual salaries and benefits added to our lending and credit support teams during each of the past two years and for the quarter are presented in the table below:

Annual Salaries and Benefits Added to Lending and Credit Support Teams

	First Quarter		Year-end
(Dollars in thousands)	2013		2012		2011		Total
Loan production and support personnel:
Commercial	$	231	$	2,065	$	527
Residential		33		396		248
	$	264	$	2,461	$	775	$	3,500

As shown in the table below, total loan originations and pipeline balances have been growing over the prior four quarters and now total over $100 million for the first quarter 2013 as a result of the investments in revenue producing personnel in 2011 and 2012. Also included in the table below, are the salaries and benefits associated with new commercial loan officers and credit support personnel with tenures of six months or less for each quarter of 2012 and the first quarter of 2013. These costs are included in core operating expenses, are significant and are considered investments that impact our efficiency in the short run.

(Dollars in thousands)	First Quarter 2013		Fourth Quarter 2012		Third Quarter 2012		Second Quarter 2012		First Quarter 2012
Commercial pipeline	$	63,842	$	26,809	$	45,769	$	29,858	$	35,705
Commercial loans closed		36,973		49,190		24,628		21,710		13,354
Total loan originations and pipeline	$	100,815	$	75,999	$	70,397	$	51,568	$	49,059
Salaries and benefits, lenders and support personnel < six months	$	538	$	345	$	332	$	228	$	204
Total revenues, excluding securities gains and loss on sale of commercial loan	$	21,931	$	21,817	$	21,631	$	21,226	$	21,579

Our revenue growth is being positively impacted with increased loan production by our investment in new loan production personnel and core operating leverage is expected to improve in the future as productivity improves.

The Company will host a conference call on Friday, April 26, 2013 at 9:00 a.m. (Eastern Time) to discuss its earnings results and business trends. Investors may call in (toll-free) by dialing (888) 517-2458 (access code: 6117222; leader: Dennis S. Hudson). Charts will be used during the conference call and may be accessed at Seacoast’s website atwww.seacoastbanking.netby selecting “Presentations” under the heading “Investor Services”. A replay of the conference call will be available beginning the afternoon of April 26 by dialing (888) 843-7419 (domestic), using the passcode 6117222.

Alternatively, individuals may listen to the live webcast of the presentation by visiting the Company’s website atwww.seacoastbanking.net.  The link to the live audio webcast is located in the subsection “Presentations” under the heading “Investor Services”.  Beginning the afternoon of April 26, 2013, an archived version of the webcast can be accessed from this same subsection of the website.  This webcast will be archived and available for one year.

Seacoast, with over $2.2 billion in assets, is one of the largest independent commercial banking organizations in Florida.  Seacoast has 34 offices in South and Central Florida and is headquartered on Florida’s Treasure Coast, which is one of the wealthiest areas in the nation.

Cautionary Notice Regarding Forward-Looking Statements

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

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

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

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2012 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.

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

	Three Months Ended
(Dollars in thousands,	March 31,
except share data)	2013			2012
Summary of Earnings
Net income	$	2,044		$	938
Net income available to common shareholders		1,107			1
Net interest income (1)		16,055			16,689
Performance Ratios
Return on average assets-GAAP basis (2), (3)		0.38	%		0.18	%
Return on average tangible assets (2), (3), (4)		0.41			0.20
Return on average shareholders' equity-GAAP basis (2), (3)		5.09			2.26
Net interest margin  (1), (2)		3.15			3.33
Per Share Data
Net income diluted-GAAP basis	$	0.01		$	0.00
Net income basic-GAAP basis		0.01			0.00
Cash dividends declared		0.00			0.00

	March 31,						Increase/
	2013			2012			(Decrease)
Credit Analysis
Net charge-offs year-to-date	$	1,517		$	3,415			(55.6	)%
Net charge-offs to average loans		0.49	%		1.13	%		(56.6	)
Loan loss provision year-to-date	$	953		$	2,305			(58.7	)
Allowance to loans at end of period		1.76	%		2.01	%		(12.4	)
Nonperforming loans	$	35,208		$	41,716			(15.6	)
Other real estate owned		10,850			15,530			(30.1	)
Total nonperforming assets	$	46,058		$	57,246			(19.5	)
Restructured loans (accruing)	$	41,170		$	57,665			(28.6	)
Nonperforming assets to loans and other real estate owned at end of period		3.73	%		4.65	%		(19.8	)
Nonperforming assets to total assets		2.09	%		2.64	%		(20.8	)
Selected Financial Data
Total assets	$	2,202,049		$	2,169,073			1.5
Securities available for sale (at fair value)		649,196			574,615			13.0
Securities held for investment (at amortized cost)		0			18,801			(100.0	)
Net loans		1,202,270			1,191,937			0.9
Deposits		1,762,164			1,737,459			1.4
Total shareholders' equity		166,705			170,922			(2.5	)
Common shareholders' equity		117,647			123,113			(4.4	)
Book value per share common		1.24			1.30			(4.6	)
Tangible book value per share		1.74			1.78			(2.2	)
Tangible common book value per share (5)		1.23			1.28			(3.9	)
Average shareholders' equity to average assets		7.50	%		7.85	%		(4.5	)
Tangible common equity to tangible assets (5), (6)		5.29			5.58			(5.2	)
Average Balances (Year-to-Date)
Total assets	$	2,169,329		$	2,126,186			2.0
Less: intangible assets		1,395			2,184			(36.1	)
Total average tangible assets	$	2,167,934		$	2,124,002			2.1
Total equity	$	162,795		$	166,874			(2.4	)
Less: intangible assets		1,395			2,184			(36.1	)
Total average tangible equity	$	161,400		$	164,690			(2.0	)

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

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

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

(4) The Company believes that return on average assets and equity excluding the impacts of noncash amortizationexpense 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.

n/m = not meaningful

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

	Three Months Ended
	March 31,
(Dollars in thousands, except per share data)	2013		2012
Interest on securities:
Taxable	$	3,184	$	4,335
Nontaxable		18		24
Interest and fees on loans		14,027		14,774
Interest on federal funds sold and other investments		228		217
Total Interest Income		17,457		19,350
Interest on deposits		208		449
Interest on time certificates		532		1,500
Interest on borrowed money		717		759
Total Interest Expense		1,457		2,708
Net Interest Income		16,000		16,642
Provision for loan losses		953		2,305
Net Interest Income After Provision for Loan Losses		15,047		14,337
Noninterest income:
Service charges on deposit accounts		1,551		1,461
Trust income		676		573
Mortgage banking fees		1,114		623
Brokerage commissions and fees		425		234
Marine finance fees		272		330
Interchange income		1,264		1,071
Other deposit based EFT fees		98		99
Other		531		546
		5,931		4,937
Securities gains, net		25		3,374
Total Noninterest Income		5,956		8,311
Noninterest expenses:
Salaries and wages		7,470		7,055
Employee benefits		2,223		2,010
Outsourced data processing costs		1,498		1,721
Telephone / data lines		285		289
Occupancy		1,755		1,882
Furniture and equipment		561		495
Marketing		449		926
Legal and professional fees		796		1,776
FDIC assessments		717		706
Amortization of intangibles		195		201
Asset dispositions expense		290		527
Net loss on other real estate owned and repossessed assets		567		1,959
Other		2,153		2,163
Total Noninterest Expenses		18,959		21,710
Income Before Income Taxes		2,044		938
Provision for income taxes		0		0
Net Income		2,044		938
Preferred stock dividends and accretion on preferred stock discount		937		937
Net Income Available to Common Shareholders	$	1,107	$	1
Per share of common stock:
Net income diluted	$	0.01	$	0.00
Net income basic		0.01		0.00
Cash dividends declared		0.00		0.00
Average diluted shares outstanding		94,626,076		94,394,906
Average basic shares outstanding		93,947,141		93,618,129

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

	March 31,			December 31,			March 31,
(Dollars in thousands, except share data)	2013			2012			2012
Assets
Cash and due from banks	$	34,982		$	45,620		$	37,652
Interest bearing deposits with other banks		192,069			129,367			234,382
Total Cash and Cash Equivalents		227,051			174,987			272,034
Securities:
Available for sale (at fair value)		649,196			643,050			574,615
Held for investment (at amortized cost)		0			13,818			18,801
Total Securities		649,196			656,868			593,416
Loans available for sale		24,206			36,021			8,214
Loans, net of deferred costs		1,223,810			1,226,081			1,216,392
Less: Allowance for loan losses		(21,540	)		(22,104	)		(24,455	)
Net Loans		1,202,270			1,203,977			1,191,937
Bank premises and equipment, net		34,620			34,465			34,151
Other real estate owned		10,850			11,887			15,530
Other intangible assets		1,305			1,501			2,088
Other assets		52,551			54,223			51,703
	$	2,202,049		$	2,173,929		$	2,169,073
Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand deposits (noninterest bearing)	$	453,144		$	422,833		$	394,532
NOW		482,913			509,371			436,712
Savings deposits		177,213			164,956			148,068
Money market accounts		341,216			343,915			330,409
Other time certificates		175,934			182,495			231,060
Brokered time certificates		10,169			8,203			7,113
Time certificates of $100,000 or more		121,575			127,188			189,565
Total Deposits		1,762,164			1,758,961			1,737,459
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days		161,678			136,803			149,316
Borrowed funds		50,000			50,000			50,000
Subordinated debt		53,610			53,610			53,610
Other liabilities		7,892			9,009			7,766
		2,035,344			2,008,383			1,998,151
Shareholders' Equity
Preferred stock - Series A		49,058			48,746			47,809
Common stock		9,485			9,484			9,474
Additional paid in capital		222,940			222,851			222,295
Accumulated deficit		(117,504	)		(118,611	)		(114,151	)
Treasury stock		(25	)		(62	)		(22	)
		163,954			162,408			165,405
Accumulated other comprehensive gain, net		2,751			3,138			5,517
Total Shareholders' Equity		166,705			165,546			170,922
	$	2,202,049		$	2,173,929		$	2,169,073
Common Shares Outstanding		94,850,027			94,837,170			94,717,432

Note: The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date.

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

	QUARTERS
	2013			2012									Last 12
(Dollars in thousands, except per share data)	First			Fourth			Third			Second			Months
Net income (loss)	$	2,044		$	240		$	447		$	(2,335	)	$	396
Operating Ratios
Return on average assets-GAAP basis (2),(3)		0.38	%		0.05	%		0.08	%		(0.44	)%		0.02	%
Return on average tangible assets (2),(3),(4)		0.41			0.07			0.11			(0.42	)		0.04
Return on average shareholders' equity-GAAP basis (2),(3)		5.09			0.58			1.09			(5.56	)		0.24
Net interest margin (1),(2)		3.15			3.22			3.17			3.17			3.17
Average equity to average assets		7.50			7.73			7.77			7.90			7.73
Credit Analysis
Net charge-offs	$	1,517		$	2,151		$	2,416		$	6,275		$	12,359
Net charge-offs to average loans		0.49	%		0.69	%		0.79	%		2.05	%		1.00	%
Loan loss provision	$	953		$	1,136		$	900		$	6,455		$	9,444
Allowance to loans at end of period		1.76	%		1.80	%		1.92	%		2.02	%
Restructured loans (accruing)	$	41,170			41,946			44,179			54,842
Nonperforming loans	$	35,208			40,955			44,450			48,482
Other real estate owned		10,850			11,887			8,888			7,219
Nonperforming assets	$	46,058		$	52,842		$	53,338		$	55,701
Nonperforming assets to loans and other real estate owned at end of period		3.73	%		4.27	%		4.40	%		4.53	%
Nonperforming assets to total assets		2.09			2.43			2.56			2.64
Nonaccrual loans and accruing loans 90 days or more past due to loans outstanding at end of period		2.88			3.34			3.70			3.97
Per Share Common Stock
Net income (loss) diluted-GAAP basis	$	0.01		$	(0.01	)	$	(0.01	)	$	(0.03	)	$	(0.04	)
Net income (loss) basic-GAAP basis		0.01			(0.01	)		(0.01	)		(0.03	)	$	(0.04	)
Cash dividends declared		0.00			0.00			0.00			0.00			0.00
Book value per share common		1.24			1.23			1.25			1.24
Average Balances
Total assets	$	2,169,329		$	2,111,986		$	2,096,694		$	2,133,713
Less: Intangible assets		1,395			1,596			1,793			1,988
Total average tangible assets	$	2,167,934		$	2,110,390		$	2,094,901		$	2,131,725
Total equity	$	162,795		$	163,341		$	162,902		$	168,457
Less: Intangible assets		1,395			1,596			1,793			1,988
Total average tangible equity	$	161,400		$	161,745		$	161,109		$	166,469

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

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

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

(4) The Company believes that return on average assets and equity excluding the impacts of noncash amortization expense on intangible assets is a better measurement of the Company's trend in earnings growth.

	March 31,		December 31,		March 31,
SECURITIES	2013		2012		2012
U.S. Treasury and U.S. Government Agencies	$	1,202	$	1,707	$	1,718
Mortgage-backed		638,571		640,445		571,738
Obligations of states and political subdivisions		7,885		898		1,159
Other securities		1,538		0		0
Securities Available for Sale		649,196		643,050		574,615
Mortgage-backed		0		5,965		10,640
Obligations of states and political subdivisions		0		6,353		6,661
Other securities		0		1,500		1,500
Securities Held for Investment (1)		0		13,818		18,801
Total Securities	$	649,196	$	656,868	$	593,416

(1) Securities Held for Investment were transferred to Securities Available for Sale for more options to manage interest rate risk prospectively.

	March 31,		December 31,		March 31,
LOANS	2013		2012		2012
Construction and land development	$	62,851	$	60,736	$	54,018
Real estate mortgage		1,052,766		1,056,159		1,056,823
Installment loans to individuals		43,248		46,930		50,789
Commercial and financial		64,752		61,903		54,561
Other loans		193		353		201
Total Loans	$	1,223,810	$	1,226,081	$	1,216,392

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

	2013						2012
	First Quarter						Fourth Quarter						First Quarter
	Average			Yield/			Average			Yield/			Average			Yield/
(Dollars in thousands)	Balance			Rate			Balance			Rate			Balance			Rate
Assets
Earning assets:
Securities:
Taxable	$	646,184			1.97	%	$	604,412			2.07	%	$	620,666			2.79	%
Nontaxable		1,666			6.37			1,670			4.31			2,223			6.48
Total Securities		647,850			1.98			606,082			2.08			622,889			2.81
Federal funds sold and other investments		172,505			0.54			162,599			0.55			179,337			0.49
Loans,  net		1,247,666			4.57			1,241,711			4.64			1,213,796			4.91
Total Earning Assets		2,068,021			3.43			2,010,392			3.53			2,016,022			3.87
Allowance for loan losses		(22,018	)					(23,820	)					(25,104	)
Cash and due from banks		34,706						39,321						36,513
Premises and equipment		34,516						34,566						34,237
Other assets		54,104						51,527						64,518
	$	2,169,329					$	2,111,986					$	2,126,186
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
NOW (2)	$	474,915			0.10	%	$	449,476			0.11	%	$	432,515			0.17	%
Savings deposits		170,502			0.06			161,156			0.09			140,941			0.11
Money market accounts (2)		341,833			0.08			346,089			0.13			327,071			0.28
Time deposits		311,945			0.69			330,556			0.72			443,538			1.36
Federal funds purchased and other short term borrowings		160,600			0.21			131,628			0.23			147,413			0.23
Other borrowings		103,610			2.48			103,610			2.50			103,610			2.61
Total Interest-Bearing Liabilities		1,563,405			0.38			1,522,515			0.42			1,595,088			0.68
Demand deposits (noninterest-bearing)		433,757						416,482						355,362
Other liabilities		9,372						9,648						8,862
Total Liabilities		2,006,534						1,948,645						1,959,313
Shareholders' equity		162,795						163,341						166,874
	$	2,169,329					$	2,111,986					$	2,126,186
Interest expense as a % of earning assets					0.29	%					0.32	%					0.54	%
Net interest income as a % of earning assets					3.15						3.22						3.33

(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.

(2) Certain reclassifications have been made to prior years' presentations to conform to the current year presentation.

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

	2013		2012
(Dollars in thousands)	First Quarter		Fourth Quarter		Third Quarter		Second Quarter		First Quarter
Customer Relationship Funding (Period End)
Demand deposits (noninterest bearing)	$	453,144	$	422,833	$	409,145	$	393,681	$	394,532
NOW accounts		482,913		509,371		420,477		420,449		436,712
Money market accounts		341,216		343,915		348,275		346,191		330,409
Savings accounts		177,213		164,956		158,208		156,019		148,068
Time certificates of deposit		307,678		317,886		343,361		373,244		427,738
Total Deposits		1,762,164		1,758,961		1,679,466		1,689,584		1,737,459
Sweep repurchase agreements		161,678		136,803		122,393		139,489		149,316
Total core customer funding (1)		1,616,164		1,577,878		1,458,498		1,455,829		1,459,037

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

QUARTERLY TRENDS - LOANS AT END OF PERIOD (Dollars in Millions)	(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	2012								2013
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr
Construction and land development
Residential
Condominiums	$	-	$	-	$	-	$	-	$	-
Townhomes		-		-		-		-		-
Single family residences		-		-		-		-		-
Single family land and lots		6.0		5.9		5.8		5.6		4.9
Multifamily		4.9		4.7		4.6		4.3		3.9
		10.9		10.6		10.4		9.9		8.8
Commercial
Office buildings		0.3		-		-		-		1.1
Retail trade		-		-		-		-		-
Land		9.2		10.7		9.8		9.6		11.0
Industrial		-		-		-		-		-
Healthcare		-		-		-		1.8		3.3
Churches and educational facilities		0.3		0.3		0.7		0.5		1.2
Lodging		-		-		-		-		-
Convenience stores		1.4		1.4		-		-		-
Marina		-		-		-		-		-
Other		-		-		-		-		-
		11.2		12.4		10.5		11.9		16.6
Individuals
Lot loans		18.4		17.6		16.4		16.7		16.6
Construction		13.5		16.6		18.9		22.2		20.8
		31.9		34.2		35.3		38.9		37.4
Total construction and land development		54.0		57.2		56.2		60.7		62.8
Real estate mortgages
Residential real estate
Adjustable		341.6		359.4		353.7		361.0		365.8
Fixed rate		96.2		95.4		99.7		99.0		98.2
Home equity mortgages		59.5		58.3		58.4		58.0		61.3
Home equity lines		53.0		50.8		50.6		51.4		49.3
		550.3		563.9		562.4		569.4		574.6
Commercial real estate
Office buildings		118.0		113.4		102.4		104.7		104.2
Retail trade		139.3		128.5		121.1		126.7		122.2
Industrial		70.0		72.0		71.3		72.6		73.4
Healthcare		40.2		42.0		35.8		40.7		39.4
Churches and educational facilities		27.0		26.7		26.2		28.6		26.9
Recreation		3.1		3.1		2.7		2.7		2.6
Multifamily		8.8		8.3		7.8		9.0		8.5
Mobile home parks		2.1		2.1		2.1		2.0		2.0
Lodging		19.4		19.3		19.1		18.7		18.0
Restaurant		4.6		4.7		4.4		3.5		8.7
Agricultural		7.6		7.4		7.3		6.1		5.9
Convenience stores		15.5		15.4		16.6		20.5		20.2
Marina		21.6		21.5		21.4		21.2		21.1
Other		29.3		29.3		35.6		29.8		25.1
		506.5		493.7		473.8		486.8		478.2
Total real estate mortgages		1,056.8		1,057.6		1,036.2		1,056.2		1,052.8
Commercial & financial		54.6		56.2		58.2		61.9		64.8
Installment loans to individuals
Automobile and trucks		8.2		8.1		8.0		7.8		7.8
Marine loans		21.1		20.8		23.0		18.4		15.4
Other		21.5		21.3		20.6		20.7		20.0
		50.8		50.2		51.6		46.9		43.2
Other		0.2		0.2		0.3		0.4		0.2
		1,216.4		1,221.4		1,202.5		1,226.1		1,223.8

QUARTERLY TRENDS - INCREASE (DECREASE) IN LOANS BY QUARTER (Dollars in Millions)	(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	2012												2013
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr
Construction and land development
Residential
Condominiums	$	-		$	-		$	-		$	-		$	-
Townhomes		-			-			-			-			-
Single family residences		-			-			-			-			-
Single family land and lots		(0.2	)		(0.1	)		(0.1	)		(0.2	)		(0.7	)
Multifamily		(0.2	)		(0.2	)		(0.1	)		(0.3	)		(0.4	)
		(0.4	)		(0.3	)		(0.2	)		(0.5	)		(1.1	)
Commercial
Office buildings		0.1			(0.3	)		-			-			1.1
Retail trade		-			-			-			-			-
Land		(0.1	)		1.5			(0.9	)		(0.2	)		1.4
Industrial		-			-			-			-			-
Healthcare		-			-			-			1.8			1.5
Churches and educational facilities		0.2			-			0.4			(0.2	)		0.7
Lodging		-			-			-			-			-
Convenience stores		(0.3	)		-			(1.4	)		-			-
Marina		-			-			-			-			-
Other		-			-			-			-			-
		(0.1	)		1.2			(1.9	)		1.4			4.7
Individuals
Lot loans		0.5			(0.8	)		(1.2	)		0.3			(0.1	)
Construction		4.8			3.1			2.3			3.3			(1.4	)
		5.3			2.3			1.1			3.6			(1.5	)
Total construction and land development		4.8			3.2			(1.0	)		4.5			2.1
Real estate mortgages
Residential real estate
Adjustable		7.5			17.8			(5.7	)		7.3			4.8
Fixed rate		(0.8	)		(0.8	)		4.3			(0.7	)		(0.8	)
Home equity mortgages		(0.7	)		(1.2	)		0.1			(0.4	)		3.3
Home equity lines		(1.9	)		(2.2	)		(0.2	)		0.8			(2.1	)
		4.1			13.6			(1.5	)		7.0			5.2
Commercial real estate
Office buildings		(1.6	)		(4.6	)		(11.0	)		2.3			(0.5	)
Retail trade		(1.3	)		(10.8	)		(7.4	)		5.6			(4.5	)
Industrial		(0.7	)		2.0			(0.7	)		1.3			0.8
Healthcare		1.4			1.8			(6.2	)		4.9			(1.3	)
Churches and educational facilities		(0.4	)		(0.3	)		(0.5	)		2.4			(1.7	)
Recreation		(0.1	)		-			(0.4	)		-			(0.1	)
Multifamily		(0.6	)		(0.5	)		(0.5	)		1.2			(0.5	)
Mobile home parks		(0.1	)		-			-			(0.1	)		-
Lodging		(0.2	)		(0.1	)		(0.2	)		(0.4	)		(0.7	)
Restaurant		(0.1	)		0.1			(0.3	)		(0.9	)		5.2
Agricultural		(1.2	)		(0.2	)		(0.1	)		(1.2	)		(0.2	)
Convenience stores		0.4			(0.1	)		1.2			3.9			(0.3	)
Marina		0.3			(0.1	)		(0.1	)		(0.2	)		(0.1	)
Other		2.3			-			6.3			(5.8	)		(4.7	)
		(1.9	)		(12.8	)		(19.9	)		13.0			(8.6	)
Total real estate mortgages		2.2			0.8			(21.4	)		20.0			(3.4	)
Commercial & financial		1.5			1.6			2.0			3.7			2.9
Installment loans to individuals
Automobile and trucks		(0.5	)		(0.1	)		(0.1	)		(0.2	)		-
Marine loans		1.2			(0.3	)		2.2			(4.6	)		(3.0	)
Other		(0.5	)		(0.2	)		(0.7	)		0.1			(0.7	)
		0.2			(0.6	)		1.4			(4.7	)		(3.7	)
Other		(0.4	)		-			0.1			0.1			(0.2	)
	$	8.3		$	5.0		$	(18.9	)	$	23.6		$	(2.3	)