Seacoast Banking Corporation of Florida 8K Seacoast Reports Second Quarter 2017 Results | SBCF 1 Aug 17

EXHIBIT 99.1

To Form 8-K dated July 27, 2017

Charles M. Shaffer

Executive Vice President

Chief Financial Officer

(772) 221-7003

Chuck.Shaffer@seacoastbank.com

SEACOAST REPORTS SECOND QUARTER 2017 RESULTS

·Net Income Increased 44% Year-Over-Year to $7.7 Million; Net Revenue Increased 25% to $54.6 Million

·Expands into Highly Attractive Tampa MSA with Completion of GulfShore Acquisition

·Posts Another Record Quarter of Consumer and Small Business Originations

STUART, Fla., July 27, 2017 /PRNewswire/ — Seacoast Banking Corporation of Florida (“Seacoast” or “the Company”) (NASDAQ: SBCF) today reported net income of $7.7 million for the second quarter of 2017, a 44% or $2.3 million increase from the second quarter of 2016. Year to date net income as of June 30, 2017 was $15.6 million, a 68% or $6.3 million increase compared to the prior year period. The Company reported second quarter adjusted net income¹ of $12.7 million, representing a 38% or $3.5 million increase from the second quarter of 2016. Year to date adjusted net income¹was $22.9 million, a 42% or $6.7 million increase compared to prior year to date results.

For the second quarter 2017, return on average tangible assets was 0.66%, return on average tangible shareholders’ equity was 7.25%, and the efficiency ratio was 73.90%, compared to 0.56%, 6.62%, and 78.01%, respectively, in the second quarter of 2016. Adjusted return on average tangible assets¹ was 1.02%, adjusted return on average tangible shareholders’ equity¹ was 11.22%, and the adjusted efficiency ratio¹ was 61.20%, compared to 0.89%, 10.60%, and 64.78%, respectively, in the second quarter of 2016.

Dennis S. Hudson, III, Seacoast’s Chairman and CEO, said “Our commitment to organic growth is producing continued consumer and small business loan growth, with a robust sales pipeline and expansion in households and customers, as we follow our credit guardrails and maintain loan granularity. Our loan growth is matched with continued execution of sound, accretive acquisitions that allow us to implement our proven integration playbook and strengthen our footprint in important Florida markets.”

“Our investments over the last six months have helped put Seacoast in a position to successfully execute our Vision 2020 plan, based on modernizing how we sell while lowering our cost-to-serve. The signs of progress are already evident as we boost transactions outside the branch and provide a heightened level of banking convenience through mobile adoption.”

Guidance

The Company is reiterating its previous guidance of $1.28 to $1.32 adjusted diluted earnings per share¹ for full year 2017.

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

Effective in the first quarter of 2017, adjusted net income and adjusted noninterest expense exclude the effect of amortization of acquisition-related intangibles. Prior periods have been revised to conform with the current period presentation.

Notable Items Affecting Second Quarter 2017 Results

As Seacoast continues to scale and invest in its Vision 2020 objectives, certain items, many of which were introduced last quarter, aggregated to $8.2 million in noninterest expense in the second quarter.

Leveraging our proven acquisition playbook, we completed the acquisition of GulfShore Bank on April 7, 2017, expanding the Seacoast footprint to the Tampa market. GulfShore and other merger and acquisition-related charges totaled $5.1 million², including $3.0 million of compensation-related expense. We added 36 full-time equivalent (“FTE”) associates to our overall headcount to service the Tampa market. These additions were partially offset by strategic headcount reductions in other areas.

We continued execution of our branch reduction strategy, completing five branch closures in the first half of this year. Expenses associated with the four previously announced branch closures, and one additional closure in the second quarter, totaled $1.9 million².

During the first quarter 2017, the Company onboarded a commercial lending team focused on specialized equipment lending for lower middle market companies. The second quarter noninterest expense reflects the full $571 thousand impact of this team on noninterest expense.

During the second quarter, we recorded incentive expense totaling $247 thousand for one-time signing bonuses associated with investments in technology and audit talent as we scale our organization for growth.

We opened a second customer support center in Orlando during the quarter, expanding our ability to support growth and our customers’ ever-increasing utilization of our 24/7 service model. This contributed to an increase in expenses in the second quarter by approximately $200 thousand.

Net loss on other real estate owned and repossessed assets increased $507 thousand compared to the prior quarter, with a $346 thousand net gain in the first quarter, and losses of $161 thousand in the second quarter.

Second Quarter 2017 Financial Highlights

Income Statement

Net income was $7.7 million, or $0.18 per average common diluted share, compared to $7.9 million or $0.20 for the prior quarter and $5.3 million or $0.14 for the second quarter of 2016. For the six months ended June 30, 2017, net income was $15.6 million compared to $9.3 million for the six months ended June 30, 2016. Adjusted net income¹ was $12.7 million, or $0.29 per average common diluted share, compared to $10.3 million or $0.26 for the prior quarter and $9.2 million or $0.24 for the second quarter of 2016. For the six months ended June 30, 2017, adjusted net income¹ was $22.9 million compared to $16.2 million for the six months ended June 30, 2016.

Net revenues were $54.6 million, an increase of $6.6 million or 14% compared to the prior quarter, and an increase of $11.0 million or 25% from the second quarter of 2016. For the six months ended June 30, 2017, net revenues were $102.7 million, an increase of $20.1 million or 24% compared to the six months ended June 30, 2016. Adjusted revenues¹ were $54.6 million, an increase of $6.6 million, or 14%, from the prior quarter and an increase of $11.0 million, or 25% from the second quarter of 2016. For the six months ended June 30, 2017, adjusted revenues¹ were $102.7 million, an increase of $20.7 million or 25% compared to the six months ended June 30, 2016.

¹Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures” Effective in the first quarter of 2017, adjusted net income and adjusted noninterest expense exclude the effect of amortization of acquisition-related intangibles. Prior periods have been revised to conform with the current period presentation.

²Excluded from the calculation of Adjusted Noninterest Expense, a Non-GAAP measure. See “Explanation of Certain Unaudited Non-GAAP Financial Measures.”

Net interest income totaled $44.2 million, an increase of $6.0 million or 16% from the prior quarter and an increase of $9.7 million or 28% from the second quarter of 2016. The current quarter benefited from accretion of $1.5 million associated with early payoffs on securities and acquired loans. For the six months ended June 30, 2017, net interest income totaled $82.3 million, an increase of $17.6 million or 27% compared to the six months ended June 30, 2016.

Noninterest incometotaled $10.5 million, an increase of $0.6 million or 6% compared to the prior quarter and $1.3 million or 15% higher than the second quarter of 2016. For the six months ended June 30, 2017, noninterest income totaled $20.4 million, 14% higher than the six months ended June 30, 2016. Mortgage banking fees declined quarter over quarter, the result of shifting consumer demand for construction product and tight inventory levels. Offsetting the decline, marine finance fees increased quarter over quarter reflecting strong demand for marine vessels and a strategic shift to selling more production. Other noninterest income also increased quarter over quarter by $451 thousand, largely the result of pricing increases implemented across the franchise on a number of services offered.

Net interest margin was 3.84% in the current quarter compared to 3.63% in the prior quarter and 3.63% in the second quarter of 2016. Net interest margin benefited from accretion on early payoffs of securities and acquired loans totaling 13 basis points. The remaining increase quarter over quarter was primarily the result of higher short-term interest rates.

Theprovision for loan losses was $1.4 million compared to $1.3 million in the prior quarter and $0.7 million in the second quarter of 2016, as a result of growth in loans outstanding.

Noninterest expense was $41.6 million compared to $34.7 million in the prior quarter and $34.8 million in the second quarter of 2016. For the six months ended June 30, 2017, noninterest expense was $76.4 million compared to $67.1 million for the six months ended June 30, 2016.

The current quarter included expenses of $1.9 million associated with branch reduction initiatives, which are expected to have a positive impact to expenses over the remainder of the year. In addition, $5.9 million of merger related charges and amortization of intangibles was incurred in the current quarter primarily related to the acquisition of GulfShore Bank in April 2017.

Adjusted noninterest expense¹ was $33.8 million compared to $30.9 million in the prior quarter, and $28.4 million in the second quarter of 2016. For the six months ended June 30, 2017, adjusted noninterest expense¹ was $64.8 million compared to $55.3 million for the six months ended June 30, 2016. The increase quarter over quarter is related to the addition of ongoing headcount and expenses associated with our new Tampa market operations totaling $1.1 million, a loss of $161 thousand on other real estate owned in the current quarter compared to a net gain of $346 thousand in the prior quarter, the full $571 thousand impact in the current quarter of the commercial lending team acquired in the first quarter, as well as other investments made in talent and professional services to scale the organization.

Seacoast recorded a $3.9 millionincome tax provision in the current quarter, compared to $4.1 million in the prior quarter and $2.8 million in the second quarter of 2016. Tax benefits in excess of stock-based compensation were $331 thousand in the current quarter and $234 thousand in the prior quarter.

Second quarter2017 adjusted revenues¹ increased 14% compared to prior quarter, while adjusted noninterest expense¹ increased 9%, providing 5% operating leverage.

Theefficiency ratio was 73.9% compared to 71.1% in the prior quarter and 78.0% in the second quarter of 2016. The adjusted efficiency ratio¹ decreased to 61.2% compared to 64.7% in the prior quarter and 64.8% in the second quarter of 2016.

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

Balance Sheet

At June 30, 2017, the Company hadtotal assetsof $5.3 billion and total shareholders' equity of $577.4 million. Book value per share was $13.29 and tangible book value per share was $10.55, compared to $12.34 and $10.41, respectively, at March 31, 2017.

Loan production remained strong across all categories. Net loans totaled $3.3 billion at June 30, 2017, an increase of $355 million or 12% compared to March 31, 2017, and an increase of $709 million or 27% from June 30, 2016. Excluding acquisitions, loans increased $463 million or 18% from the second quarter of 2016.

Consumer and small business originations reached $98 million, a new record level, during the current quarter.

Commercial originations remain strong at $110 million.

We continue to prudently manage CRE exposure. At 49% and 217% of total risk-based capital respectively, construction and land development and commercial real estate loan concentrations remain well below regulatory guidance.

Closed residential loans retained during the current quarter were $85 million, reflecting continued strong performance.

Pipelines (loans in underwriting and approval or approved and not yet closed) remain strong at $146 million in commercial, $72 million in mortgage, and $50 million in consumer and small business.

Commercial pipelines increased $23.7 million, or 19%, over prior quarter and $33.1 million, or 29%, over year-ago levels.

Mortgage pipelines decreased $6.7 million, or 9%, from prior quarter and increased $5.6 million, or 8%, over year-ago levels.

Consumer and small business increased from prior quarter by $5.2 million, or 12%, and from year-ago levels by $11.2 million, or 29%.

Total deposits were $4.0 billion as of June 30, 2017, an increase of $297 million, or 8%, compared to prior quarter and an increase of $474 million, or 14%, from the second quarter of 2016.

Deposit growth reflects our success in growing households both organically and through acquisitions. Since June 30, 2016, interest bearing deposits (interest bearing demand, savings and money markets deposits) increased $205 million, or 10%, to $2.2 billion, noninterest bearing demand deposits increased $162 million, or 14%, to $1.3 billion, and CDs increased $108 million, or 28%, to $494 million. Excluding acquired deposits, noninterest bearing deposits increased 8% and total deposits increased 1% compared to June 30, 2016.

The Company’s balance sheet continues to be primarily core deposit funded. Core customer funding increased to $3.6 billion at June 30, 2017, a 5% increase from March 31, 2017 and an 11% increase from June 30, 2016.

Seacoast continues to benefit from our competitive cost of funds. Overall cost of deposits in the current quarter is 0.17%, reflecting the significant value of the deposit franchise.

Second quarterreturn on average assets (ROA) was 0.61%, compared to 0.68% in the prior quarter and 0.51% from the second quarter of 2016. Return on average tangible assets (ROTA) was 0.66%, compared to 0.74% in the prior quarter and 0.56% in the second quarter of 2016. Adjusted ROTA¹ was 1.02% compared to 0.90% in the prior quarter and 0.89% in the second quarter of 2016.

Capital

Issued 2.6 million shares in connection with the acquisition of GulfShore Bank on April 7, 2017.

The common equity tier 1capital ratio (CET1) was 12.1%, total capital ratio was 14.5% and the tier 1 leverage ratio was 10.3% at June 30, 2017.

Tangible common equity to tangible assets was 8.9% at June 30, 2017.

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

Asset Quality

Nonperforming loans to totalloans outstanding at June 30, 2017 decreased to 0.52% from 0.57% at March 31, 2017 and from 0.58% as of June 30, 2016.

Nonperforming assets to total assets declined to 0.49% at June 30, 2017, compared to 0.52% at March 31, 2017 and 0.55% one year ago. Of the $25.7 million in nonperforming assets, $5 million relates to seven closed branch properties held as REO.

The ratio of allowance for loan losses to non-acquisition related loans was 0.95% at June 30, 2017, 0.95% at March 31, 2017, and 0.99% at June 30, 2016.

FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)	2Q17			1Q17			4Q16			3Q16			2Q16

Selected Balance Sheet Data (at period end):
Total Assets	$	5,281,295		$	4,769,775		$	4,680,932		$	4,513,934		$	4,381,204
Gross Loans		3,330,075			2,973,759			2,879,536			2,769,338			2,616,052
Total Deposits		3,975,458			3,678,645			3,523,245			3,510,493			3,501,316

Performance Measures:
Net Income	$	7,676		$	7,926		$	10,771		$	9,133		$	5,332
Net Interest Margin		3.84	%		3.63	%		3.56	%		3.69	%		3.63	%
Average Diluted Shares Outstanding (000)		43,556			39,499			38,252			38,170			38,142
Diluted Earnings Per Share (EPS)	$	0.18		$	0.20		$	0.28		$	0.24		$	0.14
Return on (annualized):
Average Assets (ROA)		0.61	%		0.68	%		0.94	%		0.82	%		0.51	%
Average Tangible Common Equity (ROTCE)		7.25			8.77			12.51			10.91			6.62
Efficiency Ratio		73.90			71.08			62.36			68.60			78.01

Adjusted Operating Measures¹:
Adjusted Net Income	$	12,665		$	10,270		$	11,803		$	11,061		$	9,156
Adjusted Diluted EPS		0.29			0.26			0.31			0.29			0.24
Adjusted ROTA		1.02	%		0.90	%		1.05	%		1.01	%		0.89	%
Adjusted ROTCE		11.22			10.74			13.14			12.56			10.60
Adjusted Efficiency Ratio		61.20			64.65			60.84			63.14			64.78
Adjusted Noninterest Expenses as a Percentage of Average Tangible Assets		2.73			2.71			2.56			2.76			2.76

Other Data
Market Capitalization	$	1,047,361		$	976,368		$	838,762		$	611,824		$	617,007
Full Time Equivalent Employees		759			743			725			731			784
Number of ATMs		76			76			77			80			85
Full Service Banking Offices		45			46			47			47			57
Registered Online Users		75,394			71,385			67,243			66,115			61,634
Registered Mobile Users		55,013			50,729			47,131			44,128			38,619

Second Quarter and Year-to-Date 2017 Strategic Highlights

Modernizing How We Sell

The Company reached another significant milestone, surpassing 100,000 households during the quarter.

We had a record number of deposit accounts opened outside of the branch this quarter, with 13% of all deposit accounts being opened through non-branch channels including our website and 24/7 customer support center.

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

On May 4, we announced the expansion of our presence in the South Florida market through our agreement to acquire Palm Beach Community Bank. This acquisition will build upon our previous investment, the acquisition of Grand Bankshares Inc., completed in July 2015. On May 18, we signed an agreement to acquire NorthStar Banking Corporation, the holding company for NorthStar Bank, headquartered in Tampa, Florida. The addition of NorthStar Bank deepens our presence in the Tampa market and builds on our acquisition of GulfShore Bank completed in April 2017.

Consumer and small business loans originated in digital channels or by our customer support center grew 25% over first quarter 2017 and by 9% year-over-year. These are the fastest growing channels and reflects customers seeking the high level of convenience across our banking platform.

Lowering Our Cost to Serve

Mobile penetration increased to 32% of eligible primary consumer checking customers from 28% in June of last year.

39% of checks are now deposited outside the branch network, compared to 33% in June of last year.

In the first half of 2017, we consolidated five banking center locations. Costs associated with closures in the second quarter were $1.9 million, and the associated benefits are expected to be more fully realized in the second half of the year.

Customer adoption of more convenient digital channels continues to grow. In June 2017, our non-teller transactions made up 50% of our total transaction volume, up from 41% two years ago. We expect this shift in customer preference to continue to accelerate, requiring continued focus on building a digitally integrated business model.

Driving Improvements in How Our Business Operates

We recognized savings in the quarter due to the successful renegotiation of our agreement with a key technology and digital services provider. The agreement expands digital banking capabilities, improves service level agreements and increases our ability to scale.

In the first quarter 2017, by opening a second customer support center in Orlando, we expanded our ability to support growth and our customers’ ever-increasing utilization of our 24/7 service model. This contributed to an increase in expenses in the current quarter by approximately $200 thousand, while providing us with access to a larger talent pool and helping strengthen our business continuity plan.

During the first half of 2017, we have invested to upgrade core infrastructure and relocate our primary data center to a hardened facility dedicated to providing resilient infrastructure services.

Scaling and Evolving Our Culture

Earlier this year Associates participated in our annual engagement survey, which measures items such as job satisfaction and commitment to our customers. Key scores in the survey rose across the board, surpassing the 90th percentile norm for employee engagement.

We welcomed 36 associates from GulfShore Bank. We continue to grow our talent base in this highly attractive market. Joseph Caballero, former CEO of Gulfshore Bank will lead Seacoast’s efforts in Tampa accepting a role as Tampa market executive. Joe brings significant experience operating in the Tampa MSA, with over 25 years’ experience in banking and middle market lending.

Julie Kleffel, EVP and head of community banking was named an Orlando Business Journal 2017 Business Executive of the Year. She was recognized as part of the publication's annual Women Who Mean Business awards in April.

OTHER INFORMATION

Conference Call Information

Seacoast will host a conference call on Friday, July 28, 2017 at 10:00 a.m. (Eastern Time) to discuss the earnings results. Investors may call in (toll-free) by dialing (888) 517-2458 (passcode: 9982 916). Slides will be used during the conference call and may be accessed at Seacoast's website at SeacoastBanking.com by selecting "Presentations" under the heading "Investor Services." A replay of the call will be available for one month, beginning late afternoon of July 28, by dialing (888) 843-7419 and using passcode: 9982 916.

Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast's website at SeacoastBanking.com. The link is located in the subsection "Presentations" under the heading "Investor Services." Beginning the afternoon of July 28, an archived version of the webcast can be accessed from this same subsection of the website. The archived webcast will be available for one year.

About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)

Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida with approximately $5.3 billion in assets and $4.0 billion in deposits as of June 30, 2017. The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through advanced banking solutions, 45 traditional branches of its locally-branded wholly-owned subsidiary bank, Seacoast Bank, and five commercial banking centers. Offices stretch from Ft. Lauderdale, Boca Raton and West Palm Beach north through the Daytona Beach area, into Orlando and Central Florida and the adjacent Tampa market, and west to Okeechobee and surrounding counties. More information about the Company is available at SeacoastBanking.com.

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, 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, or expect to acquire, 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, 2016, under "Special Cautionary Notice Regarding Forward-looking Statements" and "Risk Factors", and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov.

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

(Dollars in thousands, except per share data)	Three Months Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
	2017			2017			2016			2016			2016			2017			2016
Summary of Earnings
Net income	$	7,676		$	7,926		$	10,771		$	9,133		$	5,332		$	15,602		$	9,298
Net interest income (1)		44,320			38,377			37,628			37,735			34,801			82,697			65,150
Net interest margin (1), (2)		3.84	%		3.63	%		3.56	%		3.69	%		3.63	%		3.74	%		3.65

Performance Ratios
Return on average assets-GAAP basis (2)		0.61	%		0.68	%		0.94	%		0.82	%		0.51	%		0.64	%		0.48
Return on average tangible assets (2),(3)		0.66			0.74			1.00			0.88			0.56			0.70			0.52
Adjusted return on average tangible assets (2), (3), (5)		1.02			0.90			1.05			1.01			0.89			0.96			0.85

Return on average shareholders' equity-GAAP basis (2)		5.43			6.89			9.80			8.44			5.15			6.08			4.75
Return on average tangible shareholders' equity-GAAP basis (2),(3)		7.25			8.77			12.51			10.91			6.62			7.94			5.89
Adjusted return on average tangible common equity (2), (3), (5)		11.22			10.74			13.14			12.56			10.60			11.00			9.57
Efficiency ratio (4)		73.90			71.08			62.36			68.60			78.01			72.58			79.76
Adjusted efficiency ratio (5)		61.20			64.65			60.84			63.14			64.78			62.82			67.04
Noninterest income to total revenue		19.16			20.61			20.96			20.68			20.89			19.84			21.52
Average equity to average assets		11.17			9.93			9.56			9.74			9.91			10.58			10.09

Per Share Data
Net income diluted-GAAP basis	$	0.18		$	0.20		$	0.28		$	0.24		$	0.14		$	0.38		$	0.25
Net income basic-GAAP basis		0.18			0.20			0.29			0.24			0.14			0.38			0.26
Adjusted earnings (5)		0.29			0.26			0.31			0.29			0.24			0.55			0.44

Book value per share common		13.29			12.34			11.45			11.45			11.20			13.29			11.20
Tangible book value per share		10.55			10.41			9.37			9.35			9.08			10.55			9.08
Cash dividends declared		0.00			0.00			0.00			0.00			0.00			0.00			0.00

Other Data
Market capitalization (6)		1,047,361			976,368			838,762			611,824			617,007			1,047,361			617,007
Full-time equivalent employees		759			743			725			731			784			759			784
Number of ATMs		76			76			77			80			85			76			85
Full service banking offices		45			46			47			47			57			45			57
Registered online users		75,394			71,385			67,243			66,115			61,634			75,394			61,634
Registered mobile devices		55,013			50,729			47,131			44,128			38,619			55,013			38,619

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

(4)

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

(5)

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

(6)

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

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

	QUARTER														YTD
	2017					2016									June 30,			June 30,
(Dollars in thousands, except share and per share data)	Second		First			Fourth			Third			Second			2017			2016

Interest on securities:
Taxable	$	8,379	$	8,087		$	6,880		$	6,966		$	6,603		$	16,466		$	12,286
Nontaxable		206		287			287			287			299			493			463
Interest and fees on loans		38,209		31,891			32,007			31,932			29,244			70,100			55,278
Interest on federal funds sold and other investments		604		510			517			429			433			1,114			723
Total Interest Income		47,398		40,775			39,691			39,614			36,579			88,173			68,750

Interest on deposits		854		624			622			679			688			1,478			1,292
Interest on time certificates		814		566			598			613			550			1,380			863
Interest on borrowed money		1,574		1,420			1,046			874			848			2,994			1,880
Total Interest Expense		3,242		2,610			2,266			2,166			2,086			5,852			4,035

Net Interest Income		44,156		38,165			37,425			37,448			34,493			82,321			64,715
Provision for loan losses		1,401		1,304			1,000			550			662			2,705			861
Net Interest Income After Provision for Loan Losses		42,755		36,861			36,425			36,898			33,831			79,616			63,854

Noninterest income:
Service charges on deposit accounts		2,435		2,422			2,612			2,698			2,230			4,857			4,359
Trust fees		917		880			969			820			838			1,797			1,644
Mortgage banking fees		1,272		1,552			1,616			1,885			1,364			2,824			2,363
Brokerage commissions and fees		351		377			480			463			470			728			1,101
Marine finance fees		326		134			115			138			279			460			420
Interchange income		2,671		2,494			2,334			2,306			2,370			5,165			4,587
Other deposit based EFT fees		114		140			125			109			116			254			243
BOLI income		757		733			611			382			379			1,490			1,220
Other		1,624		1,173			1,060			963			1,065			2,797			1,804
		10,467		9,905			9,922			9,764			9,111			20,372			17,741
Securities gains, net		21		0			7			225			47			21			136
Total Noninterest Income		10,488		9,905			9,929			9,989			9,158			20,393			17,877

Noninterest expenses:
Salaries and wages		18,375		15,369			12,476			14,337			13,884			33,744			27,283
Employee benefits		2,935		3,068			2,475			2,425			2,521			6,003			5,003
Outsourced data processing costs		3,456		3,269			3,076			3,198			2,803			6,725			7,242
Telephone / data lines		648		532			502			539			539			1,180			1,067
Occupancy		4,421		3,157			2,830			3,675			3,645			7,578			6,617
Furniture and equipment		1,679		1,391			1,211			1,228			1,283			3,070			2,281
Marketing		1,074		922			847			780			957			1,996			2,006
Legal and professional fees		3,276		2,132			2,370			2,213			2,656			5,408			5,013
FDIC assessments		650		570			661			517			643			1,220			1,187
Amortization of intangibles		839		719			719			728			593			1,558			1,039
Asset dispositions expense		136		53			84			219			160			189			250
Net loss/(gain) on other real estate owned and repossessed assets		161		(346	)		(161	)		(96	)		(201	)		(185	)		(252	)
Early redemption cost for Federal Home Loan Bank advances		0		0			0			0			1,777			0			1,777
Other		3,975		3,910			3,207			3,672			3,548			7,885			6,636
Total Noninterest Expenses		41,625		34,746			30,297			33,435			34,808			76,371			67,149

Income Before Income Taxes		11,618		12,020			16,057			13,452			8,181			23,638			14,582
Income taxes		3,942		4,094			5,286			4,319			2,849			8,036			5,284

Net Income	$	7,676	$	7,926		$	10,771		$	9,133		$	5,332		$	15,602		$	9,298

Per share of common stock:

Net income diluted	$	0.18	$	0.20		$	0.28		$	0.24		$	0.14		$	0.38		$	0.25
Net income basic		0.18		0.20			0.29			0.24			0.14			0.38			0.26
Cash dividends declared		0.00		0.00			0.00			0.00			0.00			0.00			0.00

Average diluted shares outstanding		43,556,285		39,498,835			38,252,351			38,169,863			38,141,550			41,538,769			36,797,259
Average basic shares outstanding		42,841,152		38,839,284			37,603,789			37,549,804			37,470,071			40,851,273			36,159,473

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

	June 30,			March 31,			December 31,			September 30,			June 30,
(Dollars in thousands, except share data)	2017			2017			2016			2016			2016

Assets
Cash and due from banks	$	88,133		$	133,923		$	82,520		$	89,777		$	113,028
Interest bearing deposits with other banks		36,490			10,914			27,124			77,606			13,774
Total Cash and Cash Equivalents		124,623			144,837			109,644			167,383			126,802

Securities:
Available for sale (at fair value)		1,016,744			909,275			950,503			866,613			923,560
Held to maturity (at amortized cost)		397,096			379,657			372,498			392,138			401,570
Total Securities		1,413,840			1,288,932			1,323,001			1,258,751			1,325,130

Loans held for sale		22,262			16,326			15,332			20,143			20,075

Loans		3,330,075			2,973,759			2,879,536			2,769,338			2,616,052
Less: Allowance for loan losses		(26,000	)		(24,562	)		(23,400	)		(22,684	)		(20,725	)
Net Loans		3,304,075			2,949,197			2,856,136			2,746,654			2,595,327

Bank premises and equipment, net		56,765			58,611			58,684			59,035			63,817
Other real estate owned		8,497			7,885			9,949			12,734			8,694
Goodwill		101,739			64,649			64,649			64,649			64,123
Other intangible assets, net		16,941			13,853			14,572			15,291			16,154
Bank owned life insurance		88,003			85,237			84,580			44,044			43,729
Net deferred tax assets		52,195			55,834			60,818			58,848			62,648
Other assets		92,355			84,414			83,567			66,402			54,705
Total Assets	$	5,281,295		$	4,769,775		$	4,680,932		$	4,513,934		$	4,381,204

Liabilities and Shareholders' Equity
Liabilities
Deposits
Noninterest demand	$	1,308,458		$	1,225,124		$	1,148,309		$	1,168,542		$	1,146,792
Interest-bearing demand		934,861			870,457			873,727			776,480			776,388
Savings		376,825			363,140			346,662		��	340,899			330,928
Money market		861,119			821,606			802,697			858,931			860,930
Other time certificates		155,265			153,840			159,887			166,987			172,816
Brokered time certificates		149,270			66,741			7,342			8,218			9,216
Time certificates of $100,000 or more		189,660			177,737			184,621			190,436			204,246
Total Deposits		3,975,458			3,678,645			3,523,245			3,510,493			3,501,316

Securities sold under agreements to repurchase		167,558			183,107			204,202			167,693			183,387
Federal Home Loan Bank borrowings		395,000			302,000			415,000			305,000			151,000
Subordinated debt		70,381			70,311			70,241			70,171			70,101
Other liabilities		95,521			33,218			32,847			25,058			49,971
Total Liabilities		4,703,918			4,267,281			4,245,535			4,078,415			3,955,775

Shareholders' Equity
Common stock		4,339			4,075			3,802			3,799			3,799
Additional paid in capital		574,842			510,806			454,001			453,007			451,542
Accumulated earnings/(deficit)		1,945			(5,731	)		(13,657	)		(24,427	)		(33,560	)
Treasury stock		(1,768	)		(1,172	)		(1,236	)		(691	)		(482	)
		579,358			507,978			442,910			431,688			421,299
Accumulated other comprehensive income/(loss), net		(1,981	)		(5,484	)		(7,513	)		3,831			4,130
Total Shareholders' Equity		577,377			502,494			435,397			435,519			425,429
Total Liabilities & Shareholders' Equity	$	5,281,295		$	4,769,775		$	4,680,932		$	4,513,934		$	4,381,204

Common Shares Outstanding		43,458,973			40,715,938			38,021,835			38,025,020			37,993,013

Note: The balance sheet at December 31, 2016 has been derived from the audited financial statements at that date.

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

	QUARTERS
	2017						2016
(Dollars in thousands)	Second			First			Fourth			Third			Second

Credit Analysis
Net charge-offs (recoveries) - non-acquired loans	$	368		$	260		$	142		$	(1,328	)	$	(315	)
Net charge-offs (recoveries) - acquired loans		(405	)		(118	)		141			(81	)		(24	)
Total net charge-offs (recoveries)	$	(37	)	$	142		$	283		$	(1,409	)	$	(339	)

Net charge-offs (recoveries) to average loans - non-acquired loans		0.05	%		0.04	%		0.02	%		(0.20	)%		(0.05	)%
Net charge-offs (recoveries) to average loans - acquired loans		(0.05	)		(0.02	)		0.02			(0.01	)		0.00
Total net charge-offs (recoveries) to average loans		0.00			0.02			0.04			(0.21	)		(0.05	)

Loan loss provision (recapture) - non-acquired loans	$	1,690		$	1,504		$	1,161		$	649		$	423
Loan loss provision (recapture) - acquired loans		(289	)		(200	)		(161	)		(99	)		239
Total loan loss provision	$	1,401		$	1,304		$	1,000		$	550		$	662

Allowance for loan losses - non-acquired loans	$	25,809		$	24,487		$	23,243		$	22,225		$	20,248
Allowance for loan losses - acquired loans		191			75			157			459			477
Total allowance for loan losses	$	26,000		$	24,562		$	23,400		$	22,684		$	20,725

Non-acquired loans at end of period	$	2,722,866		$	2,572,549		$	2,425,850		$	2,272,275		$	2,047,881
Purchased noncredit impaired loans at end of period		594,077			388,228			440,690			484,006			554,519
Purchased credit impaired loans at end of period		13,132			12,982			12,996			13,057			13,652
Total loans	$	3,330,075		$	2,973,759		$	2,879,536		$	2,769,338		$	2,616,052

Non-acquired loans allowance for loan losses to non-acquired loans at end of period		0.95	%		0.95	%		0.96	%		0.98	%		0.99	%
Acquired loans allowance for loan losses to acquired loans at end of period		0.03			0.02			0.03			0.09			0.08
Discount for credit losses to acquired loans at end of period		3.37			4.25			4.18			4.24			3.96

End of Period
Nonperforming loans - non-acquired loans	$	10,541		$	10,557		$	11,023		$	10,561		$	10,919
Nonperforming loans - acquired loans		6,632			6,428			7,048			7,876			4,360
Other real estate owned - non-acquired		1,748			2,790			3,041			3,681			3,791
Other real estate owned - acquired		1,645			1,203			1,203			1,468			1,644
Bank branches closed included in other real estate owned		5,104			3,892			5,705			7,585			3,259
Total nonperforming assets	$	25,670		$	24,870		$	28,020		$	31,171		$	23,973

Restructured loans (accruing)	$	16,941		$	18,125		$	17,711		$	19,272		$	20,337

Nonperforming loans to loans at end of period - non-acquired loans		0.32	%		0.36	%		0.38	%		0.38	%		0.42	%
Nonperforming loans to loans at end of period - acquired loans		0.20			0.22			0.24			0.28			0.16
Total nonperforming loans to loans at end of period		0.52			0.57			0.62			0.66			0.58

Nonperforming assets to total assets - non-acquired		0.33	%		0.36	%		0.42	%		0.48	%		0.41	%
Nonperforming assets to total assets - acquired		0.16			0.16			0.18			0.21			0.14
Total nonperforming assets to total assets		0.49			0.52			0.60			0.69			0.55

Average Balances
Total average assets	$	5,082,002		$	4,699,745		$	4,572,188		$	4,420,438		$	4,206,800
Less: Intangible assets		114,563			78,878			79,620			80,068			69,449
Total average tangible assets	$	4,967,439		$	4,620,867		$	4,492,568		$	4,340,370		$	4,137,351

Total average equity	$	567,448		$	466,847		$	437,077		$	430,410		$	416,748
Less: Intangible assets		114,563			78,878			79,620			80,068			69,449
Total average tangible equity	$	452,885		$	387,969		$	357,457		$	350,342		$	347,299

	June 30,			March 31,			December 31,			September 30,			June 30,
LOANS	2017			2017			2016			2016			2016

Construction and land development	$	230,574		$	174,992		$	160,116		$	153,901		$	142,387
Commercial real estate		1,464,068			1,354,140			1,357,592			1,293,512			1,239,508
Residential real estate		991,144			893,674			836,787			833,413			794,321
Installment loans to individuals		178,595			165,039			153,945			145,523			115,513
Commercial and financial		465,138			385,189			370,589			342,502			323,466
Other loans		556			725			507			489			857
Total Loans	$	3,330,075		$	2,973,759		$	2,879,536		$	2,769,338		$	2,616,052

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

	June 30,		March 31,		December 31,		September 30,		June 30,
(Dollars in thousands)	2017		2017		2016		2016		2016

Customer Relationship Funding
Noninterest demand
Commercial	$	995,720	$	916,940	$	860,449	$	892,876	$	860,953
Retail		238,506		234,109		220,134		209,351		211,722
Public funds		47,691		52,126		48,690		42,147		44,275
Other		26,541		21,949		19,036		24,168		29,842
		1,308,458		1,225,124		1,148,309		1,168,542		1,146,792

Interest-bearing demand
Commercial		155,178		117,629		102,320		100,824		102,105
Retail		659,906		613,121		591,808		567,286		549,301
Public funds		119,777		139,707		179,599		108,370		124,982
		934,861		870,457		873,727		776,480		776,388

Total transaction accounts
Commercial		1,150,898		1,034,569		962,769		993,700		963,058
Retail		898,412		847,230		811,942		776,637		761,023
Public funds		167,468		191,833		228,289		150,517		169,257
Other		26,541		21,949		19,036		24,168		29,842
		2,243,319		2,095,581		2,022,036		1,945,022		1,923,180

Savings		376,825		363,140		346,662		340,899		330,928

Money market
Commercial		351,871		313,094		286,879		313,200		293,724
Retail		427,575		414,886		411,696		411,550		419,821
Public funds		81,673		93,626		104,122		134,181		147,385
		861,119		821,606		802,697		858,931		860,930

Time certificates of deposit		494,195		398,318		351,850		365,641		386,278
Total Deposits	$	3,975,458	$	3,678,645	$	3,523,245	$	3,510,493	$	3,501,316

Customer sweep accounts	$	167,558	$	183,107	$	204,202	$	167,693	$	183,387

Total core customer funding (1)	$	3,648,821	$	3,463,434	$	3,375,597	$	3,312,545	$	3,298,425

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

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

	2017																2016
	Second Quarter								First Quarter								Second Quarter
	Average					Yield/			Average					Yield/			Average					Yield/
(Dollars in thousands)	Balance			Interest		Rate			Balance			Interest		Rate			Balance			Interest		Rate
Assets
Earning assets:
Securities:
Taxable	$	1,261,017		$	8,379		2.66	%	$	1,279,246		$	8,087		2.53	%	$	1,185,022		$	6,603		2.23	%
Nontaxable		28,092			316		4.50			27,833			441		6.34			28,445			459		6.45
Total Securities		1,289,109			8,695		2.70			1,307,079			8,528		2.61			1,213,468			7,062		2.33

Federal funds sold and other investments		72,535			604		3.34			56,771			510		3.64			110,636			433		1.57

Loans, net		3,266,812			38,263		4.70			2,918,665			31,949		4.44			2,532,533			29,392		4.67

Total Earning Assets		4,628,456			47,562		4.12			4,282,515			40,987		3.88			3,856,637			36,887		3.85

Allowance for loan losses		(25,276	)							(24,036	)							(20,185	)
Cash and due from banks		99,974								105,803								92,159
Premises and equipment		59,415								58,783								63,149
Intangible assets		114,563								78,878								69,449
Bank owned life insurance		87,514								84,811								43,542
Other assets		117,355								112,991								102,049

Total Assets	$	5,082,002							$	4,699,745							$	4,206,800

Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand	$	949,981		$	262		0.11	%	$	834,244		$	163		0.08	%	$	755,206		$	161		0.09	%
Savings		378,989			51		0.05			353,452			44		0.05			322,567			39		0.05
Money market		868,427			541		0.25			803,795			417		0.21			810,709			488		0.24
Time deposits		432,805			814		0.75			347,143			566		0.66			366,263			550		0.60
Federal funds purchased and securities sold under agreements to repurchase		174,715			194		0.45			181,102			153		0.34			195,802			129		0.26
Federal Home Loan Bank borrowings		323,780			780		0.97			426,144			702		0.67			171,011			215		0.51
Other borrowings		70,343			600		3.42			70,273			565		3.26			70,064			504		2.89

Total Interest-Bearing Liabilities		3,199,040			3,242		0.41			3,016,153			2,610		0.35			2,691,622			2,086		0.31

Noninterest demand		1,283,255								1,183,813								1,059,039
Other liabilities		32,259								32,932								39,391
Total Liabilities		4,514,554								4,232,898								3,790,052

Shareholders' equity		567,448								466,847								416,748

Total Liabilities & Equity	$	5,082,002							$	4,699,745							$	4,206,800

Interest expense as a % of earning assets							0.28	%							0.25	%							0.22	%
Net interest income as a % of earning assets				$	44,320		3.84	%				$	38,377		3.63	%				$	34,801		3.63	%

(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.

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

	2017								2016
	Year to Date								Year to Date
	Average					Yield/			Average					Yield/
(Dollars in thousands)	Balance			Interest		Rate			Balance			Interest		Rate
Assets
Earning assets:
Securities:
Taxable	$	1,270,081		$	16,466		2.59	%	$	1,090,662		$	12,286		2.25	%
Nontaxable		27,963			757		5.41			23,187			710		6.12
Total Securities		1,298,044			17,223		2.65			1,113,849			12,996		2.33

Federal funds sold and other investments		64,697			1,114		3.47			81,425			723		1.79

Loans, net		3,093,700			70,212		4.58			2,389,653			55,466		4.67

Total Earning Assets		4,456,441			88,549		4.01			3,584,927			69,185		3.88

Allowance for loan losses		(24,658	)							(19,872	)
Cash and due from banks		102,872								87,053
Premises and equipment		59,101								60,106
Intangible assets		96,819								53,228
Bank owned life insurance		86,170								43,594
Other assets		115,184								95,055

Total Assets	$	4,891,929							$	3,904,091

Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand	$	892,432		$	425		0.10	%	$	732,645		$	316		0.09	%
Savings		366,291			95		0.05			312,887			76		0.05
Money market		836,289			958		0.23			739,087			900		0.24
Time deposits		390,211			1,380		0.71			335,332			863		0.52
Federal funds purchased and securities sold under agreements to repurchase		177,891			347		0.39			190,765			256		0.27
Federal Home Loan Bank borrowings		374,680			1,482		0.80			114,160			624		1.10
Other borrowings		70,308			1,165		3.34			70,025			1,000		2.87

Total Interest-Bearing Liabilities		3,108,102			5,852		0.38			2,494,901			4,035		0.33

Noninterest demand		1,233,809								982,635
Other liabilities		32,593								32,773
Total Liabilities		4,374,504								3,510,309

Shareholders' equity		517,425								393,782

Total Liabilities & Equity	$	4,891,929							$	3,904,091

Interest expense as a % of earning assets							0.26	%							0.23	%
Net interest income as a % of earning assets				$	82,697		3.74	%				$	65,150		3.65	%

(1)

Explanation of Certain Unaudited Non-GAAP Financial Measures

This presentation contains financial information determined by methods other than Generally Accepted Accounting Principles (“GAAP”). Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance. The Company believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance and if not provided would be requested by the investor community. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might calculate these measures differently. The Company provides reconciliations between GAAP and these non-GAAP measures. These disclosures should not be considered an alternative to GAAP.

	QUARTER															YTD
	Second			First			Fourth			Third			Second			June 30,			June 30,
(Dollars in thousands except per share data)	2017			2017			2016			2016			2016			2017			2016

Net income	$	7,676		$	7,926		$	10,771		$	9,133		$	5,332		$	15,602		$	9,298

BOLI income (benefits upon death)		0			0			0			0			0			0			(464	)
Security gains		(21	)		0			(7	)		(225	)		(47	)		(21	)		(136	)
Total Adjustments to Revenue		(21	)		0			(7	)		(225	)		(47	)		(21	)		(600	)

Merger related charges		5,081			533			561			1,699			2,446			5,614			6,768
Amortization of intangibles		839			719			719			728			593			1,558			1,039
Branch reductions and other expense initiatives		1,876			2,572			163			894			1,587			4,448			2,300
Early redemption cost for FHLB advances		0			0			0			0			1,777			0			1,777
Total Adjustments to Noninterest Expense		7,796			3,824			1,443			3,321			6,403			11,620			11,884

Effective tax rate on adjustments		(2,786	)		(1,480	)		(404	)		(1,168	)		(2,532	)		(4,266	)		(4,377	)
Adjusted Net Income	$	12,665		$	10,270		$	11,803		$	11,061		$	9,156		$	22,935		$	16,205
Earnings per diluted share, as reported		0.18			0.20			0.28			0.24			0.14			0.38			0.25
Adjusted Earnings per Diluted Share		0.29			0.26			0.31			0.29			0.24			0.55			0.44
Average shares outstanding (000)		43,556			39,499			38,252			38,170			38,142			41,543			36,797

Revenue	$	54,644		$	48,070		$	47,354		$	47,437		$	43,651		$	102,714		$	82,592
Total Adjustments to Revenue		(21	)		0			(7	)		(225	)		(47	)		(21	)		(600	)
Adjusted Revenue		54,623			48,070			47,347			47,212			43,604			102,693			81,992

Noninterest Expense		41,625			34,746			30,297			33,435			34,808			76,371			67,149
Total Adjustments to Noninterest Expense		7,796			3,824			1,443			3,321			6,403			11,620			11,884
Adjusted Noninterest Expense		33,829			30,922			28,854			30,114			28,405			64,751			55,265

Adjusted Noninterest Expense		33,829			30,922			28,854			30,114			28,405			64,751			55,265
Foreclosed property expense and net (gain)/loss on sale		297			(293	)		(78	)		124			(41	)		4			(3	)
Net Adjusted Noninterest Expense		33,532			31,215			28,932			29,990			28,446			64,747			55,268

Adjusted Revenue		54,623			48,070			47,347			47,212			43,604			102,693			81,992
Impact of FTE adjustment		164			211			204			287			308			375			435
Adjusted Revenue on a fully taxable equivalent basis		54,787			48,281			47,551			47,499			43,912			103,068			82,427
Adjusted Efficiency Ratio		61.20	%		64.65	%		60.84	%		63.14	%		64.78	%		62.82			67.05	%

Average Assets	$	5,082,002		$	4,699,745		$	4,572,188		$	4,420,438		$	4,206,800		$	4,891,929		$	3,904,091
Less average goodwill and intangible assets		(114,563	)		(78,878	)		(79,620	)		(80,068	)		(69,449	)		(96,819	)		(53,228	)
Average Tangible Assets		4,967,439			4,620,867			4,492,568			4,340,370			4,137,351			4,795,110			3,850,863

Return on Average Assets (ROA)		0.61	%		0.68	%		0.94	%		0.82	%		0.51	%		0.64	%		0.48	%
Impact of removing average intangible assets and related amortization		0.05			0.06			0.06			0.06			0.05			0.06			0.04
Return on Tangible Average Assets (ROTA)		0.66			0.74			1.00			0.88			0.56			0.70			0.52
Impact of other adjustments for Adjusted Net Income		0.36			0.16			0.05			0.13			0.33			0.26			0.33
Adjusted Return on Average Tangible Assets		1.02			0.90			1.05			1.01			0.89			0.96			0.85

Average Shareholders' Equity	$	567,448		$	466,847		$	437,077		$	430,410		$	416,748		$	517,425		$	393,782
Less average goodwill and intangible assets		(114,563	)		(78,878	)		(79,620	)		(80,068	)		(69,449	)		(96,819	)		(53,228	)
Average Tangible Equity		452,885			387,969			357,457			350,342			347,299			420,606			340,554

Return on Average Shareholders' Equity		5.4	%		6.9	%		9.8	%		8.4	%		5.1	%		6.1	%		4.7	%
Impact of removing average intangible assets and related amortization		1.9			1.9			2.7			2.5			1.5			1.8			1.2
Return on Average Tangible Common Equity (ROTCE)		7.3			8.8			12.5			10.9			6.6			7.9			5.9
Impact of other adjustments for Adjusted Net Income		3.9			1.9			0.6			1.7			4.0			3.1			3.7
Adjusted Return on Average Tangible Common Equity		11.2			10.7			13.1			12.6			10.6			11.0			9.6

Seacoast Banking Corporation of Florida (SBCF) 8-KSeacoast Reports Second Quarter 2017 Results