EXHIBIT 99.1
To Form 8-K dated October 20, 2011

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 IMPROVED EARNINGS AND CREDIT QUALITY FOR
THIRD QUARTER 2011

			– Earnings increase 12 percent annualized for third quarter
			– Nonperforming loans down 79% compared to peak levels in 2009
			– Ending loans increased $19.6 million linked quarter or 6.6% annualized
			– Average demand deposits increased 15.9% over the prior year

STUART, FL., October 20, 2011 — Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF) today reported a third quarter 2011 net income of $2.6 million, compared to a net loss of $7.6 million for the third quarter of 2010. For the first nine months of 2011, net income totaled $4.1 million compared to a net loss of $23.0 million a year ago. Including preferred stock dividends and accretion of $937,000, the net income applicable to common shareholders was $1.7 million or $0.02 per average common diluted share for the third quarter, compared to a net loss of $8.6 million or $0.09 per average common diluted share for the third quarter of 2010.

Nonperforming loans to loans outstanding continued to trend lower at 2.70 percent, marking the eighth consecutive quarterly decline from the peak level of 10.23 percent at September 30, 2009. Nonperforming assets fell to 2.75 percent of total assets from 5.06 percent a year ago and totaled $56.3 million at September 30, 2011, a dollar level last achieved at September 30, 2007.

Revenues continued to grow and improved to $21.7 million for the quarter, up $623,000 linked quarter and $508,000 compared to a year ago. New customer growth has produced increases in consumer and commercial core checking account relationships resulting in better deposit mix and increased deposit fees and interchange income. Average noninterest bearing checking balances for the third quarter totaled $323 million, up $44 million or 15.9 percent over the prior year.

“Seacoast’s third quarter results were improved and reflected continued sequential revenue growth and improved credit trends,” said Dennis S. Hudson, III, Chairman and Chief Executive Officer. “Bottom-line results were the best the Company has generated since 2007.

Balance Sheet Highlights

Total loans were $1,209 million at September 30, 2011, and grew $20 million or 6.6 percent annualized linked quarter, the first quarterly increase since 2007. Loan growth benefited from reduced need to liquidate problem loans and continued strong residential production. There were also improvements in commercial production resulting from a focused program to target small business segments less impacted by the lingering effects of the recession.

Total deposits were $1,661 million at September 30, 2011, increasing $24 million or 1.5 percent compared with a year ago. Noninterest bearing checking balances totaled $324 million, up $48 million or 17.2 percent compared with last year. Total transaction accounts (demand deposit, NOW and money markets) were up $61 million or 6.2 percent and totaled $1,043 million compared to $982.1 million at September 30, 2010. Savings balances increased $20 million to $128 million at quarter-end. Retail certificates of deposit continued to decline with a reduction of $38.7 million or 7.3 percent in the third quarter, and $56.7 million lower than in the third quarter last year.

The Company’s balance sheet continues to be primarily core funded with a loan-to-deposit ratio of 72.7 percent at September 30, 2011, and a strong liquidity position to support further growth.

Capital levels remained strong again this quarter with the Tier 1 capital ratio estimated at 17.4 percent at September 30, 2011 compared with 17.1 percent a year ago. With the strong capital ratios, the Company is well positioned to take advantage of growth opportunities in its core markets.

Credit Quality Highlights

Improvement in overall credit quality continued in the third quarter. Nonperforming assets decreased $45.6 million to $56.2 million at September 30, 2011 compared to September 30, 2010. Net charge-offs declined from $10.7 million in the third quarter 2010 to $2.8 million for this year’s third quarter. The allowance for loan losses is 87 percent of nonperforming loans as of September 30, 2011 compared with 55 percent for 2010.

Additional highlights include:

•

Mortgage banking revenue in the third quarter 2011 was up $47,000 or 9.2 percent linked quarter due to higher volume and spreads;

•

Service charges on deposit accounts totaled $1.675 million for the quarter, an increase of 10.9 percent over the same quarter last year and up 8.3 percent linked quarter;

•

Wealth management fees totaled $862,000 for the third quarter 2011, up $56,000 or 6.9 percent compared to the same quarter 2010;

•

Interchange income totaled $969,000 for the quarter, an increase of $159,000 or 19.6 percent compared to third quarter 2010;

•

Total noninterest bearing deposits at September 30, 2011 comprised 19.5 percent of total deposits, up from 16.9 percent a year ago;

•

Checking account household growth was 4.6 percent annualized for the first nine months of 2011; and

•

Tangible common equity (TCE) ratio improved to 5.91 percent from 5.84 percent in the prior quarter; a future recapture of the deferred tax asset valuation allowance would add (proforma) approximately 200 basis points to the TCE ratio.

Net interest income for the quarter totaled $16.9 million, up $393,000 compared with third quarter 2010. The increase over the prior year’s third quarter net interest income is a result of lower deposit costs and lower rates paid on interest bearing liabilities, and a larger investment portfolio. The net interest margin for the third quarter totaled 3.44 percent, up 8 basis points compared to the second quarter 2011, and 9 basis points higher than the third quarter 2010. A stable margin is expected going forward, as a result of lower levels of nonperforming loans and increased loan balances. For the first nine months of 2011, the margin was 3.43 percent, up 8 basis points compared with the prior year’s first nine months.

The Company recorded no provision for loan losses in the third quarter 2011, compared to $0.9 million for the second quarter and $8.9 million for the third quarter of 2010. The allowance for loan losses as a percentage of loans was 2.35 percent at September 30, 2011, compared to 2.63 percent for the second quarter this year and 3.04 percent at September 30, 2010. The reduction in the allowance for the quarter is consistent with lower overall risk in the loan portfolio as both the concentration and loan size have been reduced, particularly in the construction and land development portfolios where the majority of prior loan losses occurred. Current quarter net loan charge-offs totaled $2.8 million compared to $10.7 million for the third quarter 2010 and $4.0 million for the second quarter 2011.

Third quarter 2011 noninterest income, excluding securities gains and losses, was up $159,000 compared to the second quarter and was up $174,000 compared to the third quarter of 2010. Mortgage banking fees were up $47,000 compared to the second quarter of 2011 with revenues of $556,000, down $98,000 compared with third quarter 2010. Service charges on deposits and interchange income were both up when compared to last year’s third quarter as a result of the increases in new business and retail households. Combined revenues related to these deposit account types totaled $2.6 million in the third quarter, up $323,000 or 13.9 percent compared with third quarter 2010.

		Q-3				Q-2				Q-1				Q-4				Q-3
(dollars in thousands)		2011				2011				2011				2010				2010
Noninterest Income:
Service charges on deposit accounts		$	1,675			$	1,546			$	1,442			$	1,590			$	1,511
Trust income			541				517				523				510				500
Mortgage banking fees			556				509				395				580				654
Brokerage commissions and fees			321				223				320				325				306
Marine finance fees			229				349				298				355				330
Interchange income			969				995				891				814				810
Other deposit based EFT fees			71				79				90				75				71
Other			344				329				250				338				350
Total			4,706				4,547				4,209				4,587				4,532
Gain on sale of merchant business			0				0				0				600				0
Total		$	4,706			$	4,547			$	4,209			$	5,187			$	4,532

Core operating expenses increased by $188,000 for the quarter but were lower by $861,000 over the prior year. Expenses associated with other real estate owned and asset dispositions were lower by $198,000 compared to the second quarter, and down by $51,000 compared with the prior year third quarter. Salaries, wages and benefits for the third quarter 2011 increased $322,000 or 4.0 percent from the second quarter 2011, and were $295,000 or 3.7 percent higher when compared to the same period in 2010, as the result of added commercial lenders and higher commissions from increased residential loan production. FDIC assessments were unchanged for the third quarter compared with second quarter but were down by $279,000 compared to last year’s assessments.

		Q-3				Q-2				Q-1				Q-4				Q-3
(dollars in thousands)		2011				2011				2011				2010				2010
Noninterest Expense:
Salaries and wages		$	6,902			$	6,534			$	6,551			$	6,539			$	6,631
Employee benefits			1,391				1,437				1,600				1,153				1,367
Outsourced data processing costs			1,685				1,699				1,522				1,496				1,503
Telephone / data lines			286				319				289				321				383
Occupancy expense			1,967				1,919				1,946				1,699				1,928
Furniture and equipment expense			555				618				593				609				595
Marketing expense			551				667				752				764				577
Legal and professional fees			1,496				1,585				1,757				1,783				2,491
FDIC assessments			687				688				959				947				966
Amortization of intangibles			211				212				212				212				212
Other			1,947				1,812				1,951				2,330				1,886
Total Core Operating Expense			17,678				17,490				18,132				17,853				18,539
Net loss on OREO and repossessed assets			906				441				449				8,763				849
Asset dispositions expense			479				1,142				1,086				1,122				587
Total		$	19,063			$	19,073			$	19,667			$	27,738			$	19,975

The Company’s residential lending group has produced solid, quality mortgage loan growth in 2011. A total of 329 applications were accepted in the third quarter 2011 for total loans of $87 million, and 988 applications were taken in the first nine months for $233.1 million. Closed mortgage loans totaled $53 million for the quarter, up $3 million compared with the second quarter 2011. A total of $17 million in residential mortgage loans were sold in the third quarter of 2011. Over the first nine months of 2011, a total of $49 million in residential mortgage loans were sold and $86 million were added to the portfolio.

The Company’s retail and business core deposit focus has produced strong growth in core deposit customer relationships and has resulted in increased balances and improved deposit mix. The improved deposit mix and lower rates paid on interest bearing deposits during the third quarter reduced the overall cost of total deposits to 0.65 percent, 5 basis points lower than in the second quarter 2011 and 19 basis points lower than the third quarter 2010.

Average total deposits for the third quarter ended September 30, 2011 were $1,675 million, $16 million lower than in the third quarter 2010, and ending deposits were seasonally lower compared to second quarter at $1,661 million. Compared to the prior year, deposits were lower due to a planned deposit runoff of customers with single-service certificates of deposit and brokered certificates as they matured. The mix of deposits continued to improve in the third quarter with low cost average interest bearing NOW and savings deposits increasing $7 million or 3.1 percent annualized, and average demand deposits stable at $323 million compared to the second quarter 2011 at $331 million. Average demand deposits increased $44 million or 15.9 percent compared with third quarter a year ago. The average cost of interest bearing core deposits (NOW, savings and money market deposit accounts) during the third quarter was 0.29 percent, down 11 basis points from the third quarter of 2010. Interest rates paid on certificates of deposit were also lower compared to the third quarter last year and totaled 1.66 percent during the third quarter 2011, a decline of 28 basis points. The average cost of total interest bearing liabilities was 0.87 percent, down 8 basis points compared to the second quarter 2011 and 22 basis points lower than the third quarter of 2010.

As previously reported, the Company has experienced strong growth in core deposit customer relationships since implementing its core growth strategy. A total of 8,065 new households started banking with Seacoast over the past year, up 27.2 percent over the same period one year earlier. These new households have opened 8,523 new checking accounts, an increase of 36.8 percent over the number of new accounts opened during the prior twelve months. These new relationships have also increased average services and average balances per household.

Seacoast will host a conference call on Friday, October 21, 2011 at 9:30 a.m. (Eastern Time) to discuss the earnings results and business trends. Investors may call in (toll-free) by dialing (888) 517-2464 (passcode: 5785075; host: Dennis S. Hudson). Charts will be used during the conference call and may be accessed at Seacoast’s website at www.seacoastbanking.net by selecting “Presentations” under the heading “Investor Services”. A replay of the call will be available for one month, beginning the afternoon of October 21, by dialing (888) 843-7419 (domestic), using the passcode 5785075.

Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast’s website at www.seacoastbanking.net. The link is located in the subsection “Presentations” under the heading “Investor Services”. Beginning the afternoon of October 21, 2011, 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.

Seacoast, with approximately $2.1 billion in assets, is one of the largest independent commercial banking organizations in Florida. Seacoast has 39 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, 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 at http://www.sec.gov.

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

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
(Dollars in thousands,except share data)		2011				2010				2011				2010
Summary of Earnings
Net income (loss)		$	2,648			$	(7,638	)		$	4,119			$	(22,998	)
Net income (loss) available to common shareholders			1,711				(8,575	)			1,308				(25,809	)
Net interest income (1)			16,925				16,532				50,039				50,107
Performance Ratios
Return on average assets-GAAP basis (2), (3)			0.51	%			(1.47	)%			0.27	%			(1.46	)%
Return on average tangible assets (2), (3), (4)			0.54				(1.44	)			0.30				(1.43	)
Return on average shareholders’ equity-GAAP basis (2), (3)			6.33				(16.63	)			3.32				(17.93	)
Net interest margin (1), (2)			3.44				3.35				3.43				3.35
Per Share Data
Net income (loss) diluted-GAAP basis		$	0.02			$	(0.09	)		$	0.01			$	(0.36	)
Net income (loss) basic-GAAP basis			0.02				(0.09	)			0.01				(0.36	)
Cash dividends declared			0.00				0.00				0.00				0.00

		September 30,								Increase/
		2011				2010				(Decrease)
Credit Analysis
Net charge-offs year-to-date		$	10,885			$	34,450				(68.4	)%
Net charge-offs to average loans			1.19	%			3.42	%			(65.2	)
Loan loss provision year-to-date		$	1,542			$	27,705				(94.4	)
Allowance to loans at end of period			2.35	%			3.04	%			(22.7	)
Nonperforming loans		$	32,627			$	69,519				(53.1	)
Other real estate owned			23,702				32,406				(26.9	)
Total nonperforming assets		$	56,329			$	101,925				(44.7	)
Restructured loans (accruing)		$	72,751			$	64,403				13.0
Nonperforming assets to loans and other real estate owned at end of period			4.57	%			7.87	%			(41.9	)
Nonperforming assets to total assets			2.75	%			5.06	%			(45.7	)
Selected Financial Data
Total assets		$	2,051,037			$	2,014,405				1.8
Securities available for sale (at fair value)			611,195				426,931				43.2
Securities held for investment (at amortized cost)			24,575				23,500				4.6
Net loans			1,180,147				1,224,899				(3.7	)
Deposits			1,661,274				1,637,030				1.5
Total shareholders’ equity			170,793				179,595				(4.9	)
Common shareholders’ equity			123,608				133,659				(7.5	)
Book value per share common			1.31				1.43				(8.4	)
Tangible book value per share			1.78				1.89				(5.8	)
Tangible common book value per share (5)			1.28				1.39				(7.9	)
Average shareholders’ equity to average assets			8.06	%			8.15	%			(1.1	)
Tangible common equity to tangible assets (5), (6)			5.91				6.48				(8.8	)
Average Balances (Year-to-Date)
Total assets		$	2,056,344			$	2,103,204				(2.2	)
Less: intangible assets			2,814				3,695				(23.8	)
Total average tangible assets		$	2,053,530			$	2,099,509				(2.2	)
Total equity		$	165,781			$	171,453				(3.3	)
Less: intangible assets			2,814				3,695				(23.8	)
Total average tangible equity		$	162,967			$	167,758				(2.9	)

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

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
(Dollars in thousands, except per share data)		2011				2010				2011				2010
Interest on securities:
Taxable		$	4,750			$	3,344			$	13,001			$	10,397
Nontaxable			38				61				123				187
Interest and fees on loans			15,315				17,181				47,004				52,951
Interest on federal funds sold and other investments			175				252				606				763
Total Interest Income			20,278				20,838				60,734				64,298
Interest on deposits			605				865				1,840				3,343
Interest on time certificates			2,134				2,725				6,789				8,798
Interest on borrowed money			671				787				2,240				2,266
Total Interest Expense			3,410				4,377				10,869				14,407
Net Interest Income			16,868				16,461				49,865				49,891
Provision for loan losses			0				8,866				1,542				27,705
Net Interest Income After Provision for Loan Losses			16,868				7,595				48,323				22,186
Noninterest income:
Service charges on deposit accounts			1,675				1,511				4,663				4,335
Trust income			541				500				1,581				1,467
Mortgage banking fees			556				654				1,460				1,539
Brokerage commissions and fees			321				306				864				849
Marine finance fees			229				330				876				979
Interchange income			969				810				2,855				2,349
Other deposit based EFT fees			71				71				240				246
Other			344				350				923				1,183
			4,706				4,532				13,462				12,947
Securities gains, net			137				210				137				3,687
Total Noninterest Income			4,843				4,742				13,599				16,634
Noninterest expenses:
Salaries and wages			6,902				6,631				19,987				19,869
Employee benefits			1,391				1,367				4,428				4,564
Outsourced data processing costs			1,685				1,503				4,906				4,485
Telephone / data lines			286				383				894				1,184
Occupancy			1,967				1,928				5,832				5,781
Furniture and equipment			555				595				1,766				1,789
Marketing			551				577				1,970				2,146
Legal and professional fees			1,496				2,491				4,838				6,194
FDIC assessments			687				966				2,334				3,011
Amortization of intangibles			211				212				635				773
Asset dispositions expense			479				587				2,006				1,146
Net loss on other real estate owned and repossessed assets			906				849				2,497				4,778
Other			1,947				1,886				5,710				6,098
Total Noninterest Expenses			19,063				19,975				57,803				61,818
Income (Loss) Before Income Taxes			2,648				(7,638	)			4,119				(22,998	)
Provision for income taxes			0				0				0				0
Net Income (Loss)			2,648				(7,638	)			4,119				(22,998	)
Preferred stock dividends and accretion on preferred stock discount			937				937				2,811				2,811
Net Income (Loss) Available to Common Shareholders		$	1,711			$	(8,575	)		$	1,308			$	(25,809	)
Per share of common stock:
Net income (loss) diluted		$	0.02			$	(0.09	)		$	0.01			$	(0.36	)
Net income (loss) basic			0.02				(0.09	)			0.01				(0.36	)
Cash dividends declared			0.00				0.00				0.00				0.00
Average diluted shares outstanding			93,878,199				93,388,715				93,611,223				70,878,230
Average basic shares outstanding			93,524,950				93,388,715				93,492,180				70,878,230

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

		September 30,				December 31,				September 30,
(Dollars in thousands, except share data)		2011				2010				2010
Assets
Cash and due from banks		$	29,307			$	35,358			$	27,833
Interest bearing deposits with other banks			87,578				176,047				173,409
Total Cash and Cash Equivalents			116,885				211,405				201,242
Securities:
Available for sale (at fair value)			611,195				435,140				426,931
Held for investment (at amortized cost)			24,575				26,861				23,500
Total Securities			635,770				462,001				450,431
Loans available for sale			6,897				12,519				7,799
Loans, net of deferred costs			1,208,548				1,240,608				1,263,346
Less: Allowance for loan losses			(28,401	)			(37,744	)			(38,447	)
Net Loans			1,180,147				1,202,864				1,224,899
Bank premises and equipment, net			34,599				36,045				36,689
Other real estate owned			23,702				25,697				32,406
Other intangible assets			2,501				3,137				3,348
Other assets			50,536				62,713				57,591
		$	2,051,037			$	2,016,381			$	2,014,405
Liabilities and Shareholders’ Equity
Liabilities
Deposits
Demand deposits (noninterest bearing)		$	324,256			$	289,621			$	276,739
Savings deposits			847,515				812,625				814,098
Other time certificates			257,486				281,681				287,406
Brokered time certificates			5,252				7,093				11,788
Time certificates of $100,000 or more			226,765				246,208				246,999
Total Deposits			1,661,274				1,637,228				1,637,030
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days			106,562				98,213				62,522
Borrowed funds			50,000				50,000				50,000
Subordinated debt			53,610				53,610				53,610
Other liabilities			8,798				11,031				31,648
			1,880,244				1,850,082				1,834,810
Shareholders’ Equity
Preferred stock — Series A			47,185				46,248				45,936
Common stock			9,470				9,349				9,345
Additional paid in capital			221,797				221,522				221,426
Accumulated deficit			(115,764	)			(112,652	)			(102,134	)
Treasury stock			(6	)			(1	)			(1	)
			162,682				164,466				174,572
Accumulated other comprehensive gain, net			8,111				1,833				5,023
Total Shareholders’ Equity			170,793				166,299				179,595
		$	2,051,037			$	2,016,381			$	2,014,405
Common Shares Outstanding			94,696,906				93,487,581				93,452,708

Note: The balance sheet at December 31, 2010 has been derived from the audited financial statements at that date.

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

		QUARTERS
		2011												2010				Last 12
(Dollars in thousands, except per share data)		Third				Second				First				Fourth				Months
Net income (loss)		$	2,648			$	1,113			$	358			$	(10,205	)		$	(6,086	)
Operating Ratios
Return on average assets-GAAP basis (2),(3)			0.51	%			0.21	%			0.07	%			(2.01	)%			(0.30	)%
Return on average tangible assets (2),(3),(4)			0.54				0.24				0.10				(1.99	)			(0.27	)
Return on average shareholders’ equity-GAAP basis (2),(3)			6.33				2.68				0.88				(23.31	)			(3.63	)
Net interest margin (1),(2)			3.44				3.36				3.48				3.42				3.42
Average equity to average assets			8.07				7.98				8.14				8.63				8.20
Credit Analysis
Net charge-offs		$	2,830			$	4,024			$	4,031			$	4,678			$	15,563
Net charge-offs to average loans			0.94	%			1.32	%			1.32	%			1.47	%			1.27	%
Loan loss provision		$	0			$	902			$	640			$	3,975			$	5,517
Allowance to loans at end of period			2.35	%			2.63	%			2.80	%			3.04	%
Restructured Loans (accruing)		$	72,751				60,238				76,935				66,350
Nonperforming loans		$	32,627				46,165				66,233				68,284
Other real estate owned			23,702				25,877				24,111				25,697
Nonperforming assets		$	56,329			$	72,042			$	90,344			$	93,981
Nonperforming assets to loans and other real estate owned at end of period			4.57	%			5.93	%			7.23	%			7.42	%
Nonperforming assets to total assets			2.75				3.46				4.34				4.66
Nonaccrual loans and accruing loans 90 days or more past due to loans outstanding at end of period			2.70				3.88				5.41				5.50
Per Share Common Stock
Net income (loss) diluted-GAAP basis		$	0.02			$	0.00			$	(0.01	)		$	(0.12	)		$	(0.11	)
Net income (loss) basic-GAAP basis			0.02				0.00				(0.01	)			(0.12	)		$	(0.11	)
Cash dividends declared			—				—				—				—			$	—
Book value per share common			1.31				1.33				1.28				1.28
Average Balances
Total assets		$	2,054,856			$	2,083,858			$	2,030,045			$	2,013,405
Less: Intangible assets			2,605				2,816				3,027				3,239
Total average tangible assets		$	2,052,251			$	2,081,042			$	2,027,018			$	2,010,166
Total equity		$	165,845			$	166,342			$	165,148			$	173,707
Less: Intangible assets			2,605				2,816				3,027				3,239
Total average tangible equity		$	163,240			$	163,526			$	162,121			$	170,468

		September 30,				December 31,				September 30,
SECURITIES		2011				2010				2010
U.S. Treasury and U.S. Government Agencies		$	4,226			$	4,212			$	4,226
Mortgage-backed			603,089				426,477				417,914
Obligations of states and political subdivisions			1,158				1,709				1,756
Other securities			2,722				2,742				3,035
Securities Available for Sale			611,195				435,140				426,931
Mortgage-backed			16,117				18,963				20,752
Obligations of states and political subdivisions			7,458				7,398				2,748
Other securities			1,000				500				0
Securities Held for Investment			24,575				26,861				23,500
Total Securities		$	635,770			$	462,001			$	450,431

		September 30,				December 31,				September 30,
LOANS		2011				2010				2010
Construction and land development		$	47,653			$	79,306			$	92,149
Real estate mortgage			1,055,276				1,060,597				1,064,739
Installment loans to individuals			51,736				51,602				52,192
Commercial and financial			53,534				48,825				53,982
Other loans			349				278				284
Total Loans		$	1,208,548			$	1,240,608			$	1,263,346

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

		2011																2010
		Third Quarter								Second Quarter								Third Quarter
		Average				Yield/				Average				Yield/				Average				Yield/
(Dollars in thousands)		Balance				Rate				Balance				Rate				Balance				Rate
Assets
Earning assets:
Securities:
Taxable		$	624,811				3.04	%		$	591,265				3.10	%		$	402,970				3.32	%
Nontaxable			3,392				6.72				3,518				6.48				5,463				6.81
Total Securities			628,203				3.06				594,783				3.11				408,433				3.37
Federal funds sold and other investments			127,072				0.54				163,847				0.48				259,492				0.39
Loans, net			1,197,686				5.09				1,221,388				5.09				1,291,879				5.29
Total Earning Assets			1,952,961				4.13				1,980,018				4.12				1,959,804				4.23
Allowance for loan losses			(30,666	)							(33,425	)							(40,434	)
Cash and due from banks			27,044								29,513								27,311
Premises and equipment			34,782								35,368								37,421
Other assets			70,735								72,384								78,755
		$	2,054,856							$	2,083,858							$	2,062,857
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
NOW (2)		$	394,399				0.24	%		$	392,514				0.26	%		$	395,043				0.30	%
Savings deposits			126,800				0.11				123,759				0.11				107,241				0.15
Money market accounts (2)			320,683				0.41				319,098				0.45				353,418				0.59
Time deposits			510,755				1.66				530,906				1.74				556,395				1.94
Federal funds purchased and other short term borrowings			99,311				0.27				105,134				0.27				75,085				0.29
Other borrowings			103,610				2.31				103,610				2.81				103,610				2.80
Total Interest-Bearing Liabilities			1,555,558				0.87				1,575,021				0.95				1,590,792				1.09
Demand deposits (noninterest-bearing)			322,646								330,858								278,424
Other liabilities			10,807								11,637								11,439
Total Liabilities			1,889,011								1,917,516								1,880,655
Shareholders’ equity			165,845								166,342								182,202
		$	2,054,856							$	2,083,858							$	2,062,857
Interest expense as a % of earning assets							0.69	%							0.76	%							0.89	%
Net interest income as a % of earning assets							3.44								3.36								3.35