Seacoast Reports Results for Third Quarter 2009

STUART, Fla., Oct. 29 /PRNewswire-FirstCall/ -- Seacoast Banking Corporation
of Florida (Nasdaq: SBCF), a bank holding company whose principal subsidiary
is Seacoast National Bank, today reported a third quarter 2009 net loss of
$40.8 million compared to a net loss of $3.4 million for the third quarter of
2008. Including preferred stock dividends and accretion of $937,000, the net
loss applicable to common shareholders was $41.7 million or $1.21 per average
common diluted share for the third quarter, compared to a net loss of $3.4
million or $0.18 per average common diluted share for the third quarter of
2008.

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During the quarter we achieved a number of important objectives:
-- Our capital position was strengthened significantly following our
successful capital raise;
-- We substantially completed a planned reduction in the size of our
residential construction and land development loan portfolio which now
totals 3.8 percent of loans outstanding; and

-- Our aggressive liquidation plan has now reduced our loan exposure
below
the regulatory targets associated with institutions having significant
concentrations in commercial real estate loans and construction and
development loans.

Capital ratios were strengthened with the completion of a successful public
common stock offering with gross proceeds totaling $76 million. The total
risk-based capital ratio increased to 16.2 percent up from 13.4 percent on a
link-quarter basis. The tangible common equity ratio increased to 6.14
percent from 4.66 percent over the same time period. In addition, the Company
expects to close a firm commitment from a private equity firm to purchase 6
million shares of common stock for aggregate proceeds of $13.5 million in the
fourth quarter of this year.

During the quarter residential construction and land development loan balances
were reduced by more than 40 percent. Total construction and land development
loans were reduced by more than 25 percent, falling below the Company's long
term objective and below 100 percent of tier one capital and the allowance for
loan losses, which is a regulatory threshold associated with institutions
having construction and development loan concentrations.

"While very painful, we have now reduced our exposure to residential
development lending to a nominal level", said Dennis S. Hudson, III, Chief
Executive Officer. "Moreover, the remaining loans in this portfolio have been
written down to values that fully reflect the current environment. In
addition, as a result of our focus on loan sales and other aggressive
liquidation efforts, our aggregate commercial real estate exposure
(construction loans and commercial real estate mortgages) has now been reduced
below 300 percent of tier one capital and the allowance for loan losses, which
is a regulatory threshold associated with institutions having commercial real
estate loan concentrations."

After completing a review of internally criticized commercial real estate
exposures late in the third quarter, we identified a number of performing
loans that we anticipate may not be able to continue to perform in accordance
with existing repayment terms. These loans were placed on nonaccrual status
and evaluated for impairment. This action together with aggressive loan sales
resulted in a significant increase in charge-offs for the quarter and
contributed to the increase in nonperforming loans. We anticipate many of
these loans will be restructured in the next few months as troubled debt
restructures or sold. We believe taking this aggressive action, together with
our reduced exposures as described above, will cause our nonaccrual balances
to peak at current levels. As a result, we also expect charge-offs to
moderate next quarter and to moderate even further thereafter based on the
current outlook.

Total revenues were up 3.4 percent to $25.1 million for the third quarter 2009
compared to the third quarter 2008. Excluding investment securities gains,
revenues totaled $23.7 million for the quarter ended September 30, 2009 or
$599,000 lower compared to the same period a year ago.

Other items impacting financial results for the third quarter 2009 include:
-- Net interest margin increased to 3.74 percent, up 17 basis points from
the third quarter 2008 and 9 basis points higher than last quarter;
-- Net interest income totaled $19.1 million, up $114,000 over the prior
quarter;
-- Provision for loan losses of $45.4 million;
-- The allowance for loan losses increased from 2.75 percent of total
loans
for the second quarter to 3.25 percent of total loans in the third
quarter;
-- Nonperforming assets increased approximately $31 million to 8.45
percent
of total assets;
-- Residential construction and development loan portfolio exposure was
reduced by $39.1 million to $57.6 million and from $295.1 million at
year end 2007;
-- Total deposits, excluding brokered certificates of deposits, increased
in the normal seasonally weak third quarter by $14 million or 3.2
percent annualized;
-- The cost of interest bearing liabilities totaled 1.50 percent, 15
basis
points lower than the second quarter 2009 and 114 basis points lower
than third quarter 2008;
-- Mortgage banking income totaled $337,000 up $121,000 or 56 percent
from
a year ago;
-- Tangible common equity ratio increased to 6.14 percent from 4.66
percent
as of June 30, 2009 based on the public offering of common stock
completed in the third quarter; and

-- Total risk based capital increased to 16.2 percent, up from 13.4
percent
as of June 30, 2009.

Additional progress was made in reducing the exposure to residential
construction and development loans by charging down the impaired loans to
their disposition values. We have specific plans in place for each of the
remaining credits, and within the next one or two quarters, we believe we will
see nonperforming assets begin to decline.

Loan Portfolio Risk Reduction Update

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

Construction
and Land
Development Sept. 30, Mar. 31, June 30, Sept. 30,
Loans High Point 2008 2009 2009 2009

Residential $351.6 3/31/2007 $192.4 $117.2 $96.7 $57.6
Commercial 242.4 12/31/2007 226.8 201.4 166.8 128.7
Individuals 91.3 12/31/2006 65.8 50.2 44.2 41.8
TOTAL $627.0 9/30/2007 $485.0 $368.8 $307.7 $228.1

Total as a
percentage
of total loans 27.8% 22.6% 19.4% 15.2%
Total as a
percentage
of tier 1
risk-based
capital and
Allowance for loan
losses 238.2% 154.5% 133.6% 83.6%

Dollars in millions

Run-off of these portfolios has been achieved through early recognition of the
potential for portfolio weakness in the first quarter of 2007 when the housing
market began to slow, aggressive collection and liquidation activities with
borrowers, and additional liquidation achieved through the sale of larger
problem loans. Total construction and land development loans have been
reduced to one third of that reported at the high point in 2007, with over
$250 million in reduction having been achieved over the past four quarters.
Residential construction and land development loans, which have produced
extremely high loss experience over the past two years, have been reduced by
84 percent compared to the high point in 2007. Portfolio liquidation for
residential construction and development loans has also been focused on large
loan exposures. Large balance (over $4 million) residential construction and
land development loans have been reduced by $80.5 million to $17.8 million
over the past five quarters, all of which is currently on nonaccrual. This
portfolio is now in the process of liquidation in accordance with specific
work-out plans with borrowers designed to achieve substantial liquidation in
an orderly fashion over the next 12 months. We expect aggregate loss exposure
in this portfolio to continue to moderate significantly going forward.
Commercial construction and development loans continue to decline and remain
well diversified with no single category of exposure exceeding 20 percent of
tier 1 capital and the allowance for loan losses.

Commercial real estate mortgage loans remain well diversified (as shown in the
attached table) with all but three categories of exposure at less than 20
percent of tier 1 capital and the allowance for loan losses. The three
largest categories of exposure are office buildings, retail trade and
industrial at 65 percent, 68 percent and 40 percent respectively of tier 1
capital and the allowance for loan losses. Approximately 35% of commercial
real estate mortgage loans are owner occupied with an average loan-to-value of
50 percent and originated over a wide timeframe. The non-owner occupied
portion of the portfolio has an average loan-to-value of 53 percent. While
the Company may see further deterioration over time in this portfolio as a
result of continuing economic weakness, we expect a much lower level of loss
potential than recently experienced in our construction and land development
portfolios.

Problem Loan Management and Loss Mitigation Update

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

Nonaccrual Loans
September 30, 2009
Restructured
Loans
Nonaccrual Loans (Accruing)
------------------------------------------------
Dollars in thousands Non Current Current* Total
----------- ------- -----

Construction and land
development
Residential $23,497 $10,778 $34,275 $0
Commercial 8,884 12,880 21,764 0
Individual 5,392 356 5,748 1,382
Residential Mortgage 20,457 15,409 35,866 13,612
Commercial Real Estate
Mortgage 24,502 28,824 53,326 226
Commercial and Financial 160 1,829 1,989 0
Installment loans to
individuals 1,013 0 1,013 841
----- -- ----- ---
TOTAL $83,905 $70,076 $153,981 $16,061
======= ======= ======== =======

* Loans classified as nonaccrual (including restructured loan) and less
than 30 days past due.

Nonaccruing loans grew by $27.2 million from June 30, 2009 to $154.0 million
at September 30, 2009, and accruing restructured loans grew by $1.3 million to
$16.1 million over the same period. The growth in nonaccruing loans was also
impacted by restructured loans that are currently classified as nonaccruing.
Company policy requires troubled debt restructures to be classified as
nonaccrual loans (under certain circumstances) until performance can be
verified (typically six months). We will continue to pursue troubled debt
restructures in selected cases where we expect to achieve better liquidation
values than may be expected through other traditional collection activities.
During the quarter we also worked with retail mortgage customers, when
possible, to achieve lower payment structures in an effort to avoid
foreclosure and keep families in their homes. A total of 73 applications were
received seeking restructured mortgages, compared to 102 the second quarter,
93 the first quarter and 37 in the fourth quarter of last year. Restructured
loans included in nonaccruing loans totaled $36.9 million at September 30,
2009, compared with $33.4 million at June 30, 2009. At September 30, 2009,
nonaccruing loans, which totaled $154.0 million, have been written down by
approximately $64.6 million or 32 percent of the original loan balance
(including specific impairment reserves).

Early stage delinquencies increased somewhat during the quarter in the
residential mortgage loan portfolio and remained modest or improved in other
loan portfolios. Accruing residential mortgage loans (including home equity
lines) 30-89 days past due grew to $7.1 million (or 1.3 percent of residential
loans) from $3.7 million (or 0.7 percent) and loans 90 days past due continued
to be zero on a linked quarter basis.

Residential home prices in the Company's markets and Florida continued to show
signs of stability during the quarter as home sales volumes and inventory
levels continued to improve, although the rate of unemployment remains high.

Other real estate owned ("OREO") grew by $3.5 million to $26.8 million,
reflecting a migration of a number of commercial and residential properties
through the final foreclosure process which offset sales and liquidations for
the quarter. OREO is expected to grow in the coming quarter and increase over
the next few quarters as final liquidation and resolution of many of the
nonaccrual loans is concluded.

Income before taxes and the provision for loan losses for the third quarter of
2009 totaled approximately $4.6 million, up from the $4.3 million earned in
the second quarter 2009. The negative impact on net interest income from
increased nonperforming loans, together with elevated collection costs, were
absorbed by an improving net interest margin performance, better deposit mix,
reduced overhead as a result of work force reductions, and lower data
processing, occupancy and other expenses. The tax benefit for the net loss
for the third quarter totaled $15.7 million. The deferred tax valuation
allowance was increased by a like amount, and therefore there was no change in
the carrying value of deferred tax assets which are supported by tax planning
strategies. Due to limitations on the inclusion of deferred tax assets,
regulatory capital ratios are unaffected by the reduced tax benefit for the
quarter. Should the economy show signs of improvement and our credit losses
moderate, we anticipate that we could place increased reliance on our forecast
of future taxable earnings, which would result in realization of future tax
benefits.

Net interest income (on a tax equivalent basis) was $19.1 million, up $114,000
or 2.4 percent annualized from the second quarter 2009 as a result of lower
deposit costs and lower rates paid on most interest bearing liabilities,
increased yield on investments, partially offset by a decline of $61 million
in average outstanding loans, lower loan yields and higher nonperforming
loans. The net interest margin, which totaled 3.74 percent, increased 9 basis
points compared to the second quarter 2009, and was 17 basis points higher
than in third quarter 2008.

Noninterest income, totaled $6.1 million, down $539,000 linked quarter,
primarily due to lower gains on securities sales as well as lower revenue
related to seasonal declines in fees from merchant services, marine finance
fees, mortgage banking fees and brokerage commissions and fees. The revenue
declines from these sources were partially offset by higher revenues from
service charges on deposits, the result of the growth in new deposit
households. In addition, wealth management and marine finance fees continue
to be impacted by the challenging economic conditions.

Noninterest expenses for the third quarter totaled $20.5 million, lower by
$719,000 compared to the second quarter 2009 (excluding the write-off for
goodwill impairment of $49.8 million), primarily the result of higher FDIC
insurance costs due to a special assessment in the second quarter 2009.
Salaries, wages and benefits for the third quarter 2009 declined $1,523,000 or
16.1 percent from a year ago, and were $3.5 million lower for the first nine
months of 2009 compared to the same period in 2008, as a result of
consolidation of branches and centralization of management by combining
markets. Cost reductions were also achieved in backroom areas, with
expenditures for data processing, occupancy, and furniture and equipment all
declining compared to the prior year. Increasing this quarter were costs
associated with foreclosed and repossessed asset disposition and management
activities, which increased by $625,000 compared to the second quarter 2009
and totaled $2.1 million. Also increasing this quarter were legal and
professional fees related to risk management, credit and collection related
activities. Management has been focused and aggressive in resolving troubled
loans and are confident that its early identification and actions will lead to
lower future costs as exposures are reduced.

The Company's retail core deposit focus has produced strong growth in core
deposit customer relationships and has resulted in increased balances, which
offset planned run-off in brokered certificates of deposit in the third
quarter 2009. The improved deposit mix and lower rates paid on deposits
during the third quarter reduced the overall cost of total deposits to 1.24
percent, 16 basis points lower than in the second quarter 2009 and 96 basis
points below last year's third quarter.

Increased emphasis on residential lending has increased mortgage originations
in the first nine months of 2009. A total of 236 applications were accepted
in the third quarter 2009 for total loans of $43 million, and 966 applications
were taken in the first nine months for $206 million. Closed mortgage loans
totaled $28 million for the quarter, compared to $43 million in the second
quarter and $38 million for the first quarter 2009. A total of $28 million in
residential mortgage loans were sold in the third quarter of 2009. Over the
first nine months of 2009, a total of $72 million in residential mortgage
loans were sold, and $37 million were added to the portfolio.

Total deposits at quarter end September 30, 2009 were up compared to June 30,
2009, attributable to continued growth as a result of a strategic focus on
increasing market share. Total deposits, excluding brokered certificates of
deposits at September 30, 2009, totaled $1,706 million and were just $4
million lower compared to year-end 2008 total deposits. Historically, the
Company's deposits experience a seasonal decline in the third quarter compared
to the other quarters. Instead deposit growth (excluding brokered
certificates of deposits) during the third quarter was 3.2 percent annualized.
The average cost of interest bearing core deposits during the third quarter
was 0.58 percent, down 13 basis points from the second quarter. During the
third quarter, certificates of deposits rates paid were also 35 basis points
lower than in the second quarter and totaled 2.45 percent. The average cost
of total interest-bearing liabilities of 1.50 percent declined by 15 basis
points from the second quarter.

Compared to the prior year's third quarter customer, sweep repurchase
agreements were down $2.5 million. Total deposits at September 30, 2009
declined $77.5 million compared to the prior year, as a result of deposit
declines in the Company's central Florida region caused by slower economic
growth. This region's deposit decline reversed trend during the third quarter
2009 and should contribute to total deposit growth going forward. As
previously reported, the Company has experienced strong growth in core deposit
customer relationships since implementing its new deposit growth strategy. A
total of 1,622 new core households were added in the third quarter 2009, 10.2
percent higher than the second quarter 2009. This compares to 1,566 in third
the quarter 2008, and 1,539 in the third quarter 2007. These new
relationships have improved market share and increased average services per
household. Seacoast now has the number two market share ranking in its
Treasure Coast market.

Seacoast will host a conference call on October 30, 2009 at 10:00 a.m.
(Eastern Time) to discuss the earnings results and business trends. Investors
may call in (toll-free) by dialing (866) 712-7678 (access code: 8397217;
leader: 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 30, 2009,
by dialing (877) 213-9653 (domestic), using the passcode 8397217.

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 30, 2009, an archived version
of the webcast can be accessed from this same subsection of the website and
will be available for one year.

Seacoast Banking Corporation of Florida has approximately $2.1 billion in
assets. It is one of the largest independent commercial banking organizations
in Florida, headquartered on Florida's Treasure Coast, one of the wealthiest
and fastest growing areas in the nation.

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, as well as statements with respect to Seacoast's objectives,
expectations and intentions and other statements that are not historical
facts. Actual results may differ from those set forth in the forward-looking
statements.

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

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

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

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

Three Months Ended Nine Months Ended
(Dollars in September 30, September 30,
thousands, ------------------ ----------------------
except per
share data) 2009 2008 2009 2008
------------- ---- ---- ---- ----
Summary of Earnings
Net loss $(40,777) $(3,448) $(108,537) $(23,001)
Net loss,
available to
common shareholders (41,714) (3,448) (111,348) (23,001)
Net interest
income (1) 19,101 19,186 56,329 59,982

Performance Ratios
Return on average
assets-GAAP
basis (2),(3) (7.55)% (0.60)% (6.49)% (1.32)%
Return on average
tangible
assets (2),(3),(4) (7.53) (0.58) (6.56) (1.32)

Return on average
shareholders'
equity-GAAP
basis (2),(3) (86.49) (7.13) (70.64) (14.77)

Net interest
Margin (1),(2) 3.74 3.57 3.61 3.67

Per Share Data
Net loss
diluted-GAAP basis $(1.21) $(0.18) $(4.58) $(1.21)
Net loss basic-GAAP
basis (1.21) (0.18) (4.58) (1.21)

Cash dividends
declared 0.00 0.01 0.01 0.33
---------- ---- ---- ---- ----

September 30,
----------------- Increase/
2009 2008 (Decrease)
-------------- ---- ---- ---------------
Credit Analysis
Net charge-offs year-to-date $63,791 $47,232 35.1%
Net charge-offs to average
loans 5.25% 3.41% 54.0
Loan loss provision year-to-
date $83,253 $57,978 43.6
Allowance to loans at end
of period 3.25% 1.87% 73.8

Nonperforming Loans $153,981 $75,793 103.2
Other real estate owned 26,819 4,551 489.3
------ -----
Total non-performing assets $180,800 $80,344 125.0
-------- -------

Restructured loans (accruing) $16,061 $10 n/m

Nonperforming assets to loans
and other real estate owned
at end of period 11.80% 4.60% 156.5

Nonperforming assets to
total assets 8.45% 3.61% 134.1

Selected Financial Data
Total assets $2,139,915 $2,224,614 (3.8)
Securities - Available for
sale (at fair value) 342,742 267,661 28.1
Securities - Held for
investment (at amortized
cost) 19,296 29,121 (33.7)
Net loans 1,455,716 1,709,978 (14.9)
Deposits 1,761,287 1,838,792 (4.2)
Total shareholders' equity 180,324 184,449 (2.2)
Common shareholders' equity 135,638 184,449 (26.5)
Book value per share common 2.57 9.59 (73.2)
Tangible book value per
share 3.33 6.71 (50.4)
Tangible common book value
per share (5) 2.48 6.71 (63.0)
Average shareholders' equity
to average assets 9.18% 8.93% 2.8
Tangible common equity to tangible
to assets (5),(6) 6.14% 5.94% 3.4

Average Balances (Year-to-Date)
Total assets $2,237,422 $2,329,860 (4.0)
Less: Intangible assets 37,928 55,975 (32.2)
------ ------
Total average tangible
assets $2,199,494 $2,273,885 (3.3)
---------- ----------

Total equity $205,439 $208,010 (1.2)
Less: Intangible assets 37,928 55,975 (32.2)
------ ------
Total average tangible equity $167,511 $152,035 10.2
-------- --------

(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) on available for sale securities 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.
(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 Nine Months Ended
September 30, September 30,
------------- -------------
(Dollars in thousands,
except per share data) 2009 2008 2009 2008
----------------------- ---- ---- ---- ----
Interest on securities:
Taxable $4,276 $3,418 $12,495 $10,535
Nontaxable 73 90 233 270
Interest and fees on
loans 20,836 27,146 65,634 86,525
Interest on federal
funds sold and other
investments 163 322 420 1,074
--- --- --- -----
Total Interest
Income 25,348 30,976 78,782 98,404

Interest on deposits 1,133 4,033 4,784 14,116
Interest on time
certificates 4,283 6,334 14,813 19,463
Interest on borrowed
money 881 1,492 3,040 5,061
--- ----- ----- -----
Total Interest Expense 6,297 11,859 22,637 38,640
----- ------ ------ ------

Net Interest Income 19,051 19,117 56,145 59,764
Provision for loan losses 45,374 10,241 83,253 57,978
------ ------ ------ ------
Net Interest Income
(Loss) After Provision
for Loan Losses (26,323) 8,876 (27,108) 1,786

Noninterest income:
Service charges on
deposit accounts 1,732 1,894 4,879 5,556
Trust income 517 597 1,555 1,770
Mortgage banking fees 337 216 1,324 934
Brokerage commissions
and fees 326 452 1,095 1,650
Marine finance fees 249 371 925 1,986
Debit card income 674 620 1,955 1,879
Other deposit based
EFT fees 73 82 252 276
Merchant income 371 510 1,355 1,912
Other income 348 418 1,074 1,448
--- --- ----- -----
4,627 5,160 14,414 17,411
Securities gains, net 1,425 0 3,211 355
----- -- ----- ---
Total Noninterest
Income 6,052 5,160 17,625 17,766

Noninterest expenses:
Salaries and wages 6,598 7,713 20,247 23,076
Employee benefits 1,362 1,770 4,881 5,509
Outsourced data
processing costs 1,705 1,803 5,402 5,800
Telephone / data
lines 472 471 1,415 1,398
Occupancy 2,072 2,112 6,283 6,036
Furniture and
equipment 675 700 2,004 2,135
Marketing 639 545 1,548 2,014
Legal and professional
fees 1,653 1,687 4,648 3,545
FDIC assessments 1,007 543 3,910 994
Amortization of
intangibles 315 315 944 944
Net loss on other real
estate owned and other
asset dispositions 2,065 255 4,007 841
Goodwill impairment 0 0 49,813 0
Other 1,943 2,072 5,777 5,865
----- ----- ----- -----
Total Noninterest
Expenses 20,506 19,986 110,879 58,157

Loss Before Income
Taxes (40,777) (5,950) (120,362) (38,605)
Provision (benefit)
for income taxes 0 (2,502) 11,825 (15,604)
-- ------ ------ -------

Net Loss $(40,777) $(3,448) $(108,537) $(23,001)
Preferred Stick Dividends
and Accretion on Preferred
Stock Discount 937 0 2,811 0
--- -- ----- --
Net Loss Available to
Common Shareholders $(41,714) $(3,448) $(111,348) $(23,001)

-----------------------
Per share common stock:

Net loss diluted $(1.21) $(0.18) $(4.58) $(1.21)
Net loss basic (1.21) (0.18) (4.58) (1.21)
Cash dividends
declared 0.00 0.01 0.01 0.33

Average diluted shares
outstanding 34,571,200 19,030,758 24,299,915 18,981,944
Average basic shares
outstanding 34,571,200 19,030,758 24,299,915 18,981,944

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

(Dollars in thousands, September 30, December 31, September 30,
except per share amounts) 2009 2008 2008
-------------------------- ---- ---- ----
Assets
Cash and due from banks $32,515 $46,002 $38,927
Federal funds sold 0 4,605 11,256
Interest bearing deposits
with other banks 137,640 100,585 0
------- ------- --
Total Cash and Cash
Equivalents 170,155 151,192 50,183

Securities:
Available for sale (at
fair value) 342,742 318,030 267,661
Held for investment (at
amortized cost) 19,296 27,871 29,120
------ ------ ------
Total Securities 362,038 345,901 296,781

Loans available for sale 5,857 2,165 2,701

Loans, net of unearned income 1,504,566 1,676,728 1,742,626
Less: Allowance for loan
losses (48,850) (29,388) (32,648)
------- ------- -------
Net Loans 1,455,716 1,647,340 1,709,978

Bank premises and
equipment, net 42,143 44,122 43,397
Other real estate owned 26,819 5,035 4,551
Goodwill and other
intangible assets 4,436 55,193 55,508
Other assets 72,751 63,488 61,515
------ ------ ------
$2,139,915 $2,314,436 $2,224,614
---------- ---------- ----------

Liabilities and Shareholders'
Equity Liabilities
Deposits
Demand deposits
(noninterest bearing) $264,092 $275,262 $285,746
Savings deposits 788,154 802,201 829,470
Other time deposits 332,788 326,473 361,184
Brokered time
certificates 55,469 100,463 40,100
Time certificates of
$100,000 or more 320,784 306,042 322,292
------- ------- -------
Total Deposits 1,761,287 1,810,441 1,838,792

Federal funds purchased and
securities sold under
agreements to repurchase,
maturing within 30 days 68,797 157,496 71,325
Borrowed funds 65,053 65,302 65,004
Subordinated debt 53,610 53,610 53,610
Other liabilities 10,844 11,586 11,434
------ ------ ------
1,959,591 2,098,435 2,040,165
Shareholders' Equity
Preferred stock 44,686 43,787 0
Common stock 5,285 1,928 1,928
Additional paid in capital 166,800 99,788 92,327
Retained earnings (39,775) 70,278 93,101
Treasury stock (1,181) (1,839) (838)
------ ------ ----
175,815 213,942 186,518
Accumulated other
comprehensive income
(loss), net 4,509 2,059 (2,069)
----- ----- ------
Total Shareholders'
Equity 180,324 216,001 184,449
------- ------- -------
$2,139,915 $2,314,436 $2,224,614
---------- ---------- ----------

Common Shares Outstanding 52,849,625 19,171,779 19,229,363
----------------------------

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

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

Quarters
-------------------------------------------
2009 2008
------------------------------- ---------- Last 12
Third Second First Fourth Months
(Dollars in
thousands, except
per share data)
------------------------------------------------------------ ----------
Net loss $(40,777) $(63,000) $(4,760) $(22,596) $(131,133)

Operating Ratios
Return on
average assets
-GAAP basis
(2),(3) (7.55)% (11.19)% (0.83)% (3.99)% (5.85)%
Return on
average
tangible
assets
(2),(3),(4) (7.53) (2.36) (0.82) (4.05) (3.66)

Return on
average
shareholders'
equity-
GAAP basis
(2),(3) (86.49) (119.80) (8.83) (45.92) (64.60)

Net interest
margin
(1),(2) 3.74 3.65 3.44 3.32 3.60
Average equity
to average
assets 8.73 9.34 9.45 8.68 9.06

Credit Analysis
Net
charge-offs $40,142 $15,109 $8,540 $33,916 $97,707
Net charge-offs
to average
loans 10.14% 3.71% 2.07% 7.76% 5.91%
Loan loss
provision $45,374 $26,277 $11,652 $30,656 $113,909
Allowance to
loans at end
of period 3.25% 2.75% 1.99% 1.75%

Restructured
Loans
(accruing) $16,061 $14,789 $3,309 $12,616

Nonperforming
loans $153,981 $126,758 $109,381 $86,970
Other real
estate owned 26,819 23,259 12,684 5,035
------ ------ ------ -----

Nonperforming
assets $180,800 $150,017 $122,065 $92,005
-------- -------- -------- -------

Nonperforming
assets to
loans and other
real estate
owned at end
of period 11.80% 9.33% 7.42% 5.47%
Nonperforming
assets to total
assets 8.45 6.86 5.29 3.97
Nonaccrual loans
and accruing
loans 90 days
or more past
due to loans
outstanding at
end of period 10.23 8.09 6.97 5.30

Per Share Common
Stock
Net loss
diluted-GAAP
earnings $(1.21) $(3.35) $(0.30) $(1.19) $(6.04)
Net loss
basic-GAAP
earnings (1.21) (3.35) (0.30) $(1.19) (6.04)

Cash dividends
declared 0.00 0.00 0.01 0.01 0.02
Book value per
share 2.57 8.03 8.86 8.98

Average Balances
Total assets $2,142,228 $2,258,792 $2,313,125 $2,255,036
Less:
Intangible
assets 4,590 54,717 55,033 55,346
----- ------ ------ ------

Total average
tangible
assets $2,137,638 $2,204,075 $2,258,092 $2,199,690
---------- ---------- ---------- ----------

Total equity $187,057 $210,997 $218,609 $195,770
Less: Intangible
assets 4,590 54,717 55,033 55,346
----- ------ ------ ------
Total average
tangible equity $182,467 $156,280 $163,576 $140,424
-------- -------- -------- --------

(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) on available for sale securities 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 operating
earnings growth.

CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
--------------------------------------------------
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
------------- ------------ -------------
September 30, December 31, September 30,
SECURITIES 2009 2008 2008
----------- ---- ---- ----
U.S. Treasury and U.S.
Government Agencies 1,198 22,380 22,280
Mortgage-backed 336,168 290,423 239,936
Obligations of states and
political subdivisions 2,102 2,070 1,986
Other securities 3,274 3,157 3,459
----- ----- -----
Securities - Available for Sale 342,742 318,030 267,661
------- ------- -------

Mortgage-backed 14,589 22,248 22,997
Obligations of states and
political subdivisions 4,707 5,623 6,123
----- ----- -----
Securities - Held for Investment 19,296 27,871 29,120
------ ------ ------
Total Securities $362,038 $345,901 $296,781
-------- -------- --------

September 30, December 31, September 30,
LOANS 2009 2008 2008
----- ---- ---- ----
Construction and land development $228,111 $395,243 $484,989
Real estate mortgage 1,143,476 1,125,465 1,093,324
Installment loans to individuals 66,739 72,908 88,549
Commercial and financial 65,954 82,765 75,296
Other loans 286 347 468
--- --- ---
Total Loans $1,504,566 $1,676,728 $1,742,626
---------- ---------- ----------

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

2009 2008
------------------------------------- ----------------
Third Quarter Second Quarter Third Quarter
-------------------------------------- ---------------

(Dollars in Average Yield/ Average Yield/ Average Yield/
thousands) Balance Rate Balance Rate Balance Rate
------------------------------------------------------ ---------------
Assets
Earning assets:
Securities:
Taxable $348,770 4.90% $356,582 4.82% $276,777 4.94%
Nontaxable 6,742 6.59 7,048 6.53 8,151 6.53
----- ---- ----- ---- ----- ----
Total
Securities 355,512 4.93 363,630 4.86 284,928 4.99

Federal funds
sold and
other
investments 97,215 0.67 92,160 0.47 53,220 2.41

Loans, net 1,571,186 5.26 1,631,715 5.33 1,798,357 6.01
--------- ---- --------- ---- --------- ----

Total
Earning
Assets 2,023,913 4.98 2,087,505 5.03 2,136,505 5.78

Allowance
for loan
losses (43,124) (31,445) (37,705)
Cash and
due from banks 28,614 32,545 35,788
Premises and
equipment 42,636 43,380 43,378
Other assets 90,189 126,807 104,855
------ ------- -------

$2,142,228 $2,258,792 $2,282,821
---------- ---------- ----------

Liabilities
and Shareholders'
Equity
Interest-bearing
liabilities:

NOW $50,662 0.51% $53,723 0.55% $72,691 1.65%
Savings
deposits 102,429 0.28 103,778 0.43 103,550 0.73
Money market
accounts 618,240 0.64 650,911 0.76 716,166 1.97
Time
deposits 692,616 2.45 682,970 2.80 691,486 3.64
Federal
funds
purchased
and other
short-term
borrowings 86,264 0.33 136,786 0.33 82,730 1.55
Other
borrowings 118,745 2.71 118,832 3.02 118,705 3.92
------- ---- ------- ---- ------- ----

Total
Interest-
Bearing
Liabilities 1,668,956 1.50 1,747,000 1.65 1,785,328 2.64

Demand deposits
(noninterest-
bearing) 273,972 281,736 293,951
Other liabilities 12,243 19,059 11,073
------ ------ ------
Total
Liabilities 1,955,171 2,047,795 2,090,352

Shareholders'
equity 187,057 210,997 192,469
------- ------- -------

$2,142,228 $2,258,792 $2,282,821
---------- ---------- ----------

Interest expense
as a % of
earning assets 1.23% 1.38% 2.21%
Net interest income
as a % of
earning assets 3.74 3.65 3.57

(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.

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

2008
-------------------------------
Construction and land
development 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
--------------------- ------- ------- ------- -------
Residential:

Condominiums >$4 million $30.6 $26.3 $19.6 $8.6
<$4 million 26.6 21.1 13.0 8.8

Town homes >$4 million 19.4 17.1 17.1 -
<$4 million 4.4 2.9 4.6 6.1

Single Family
Residences >$4 million 20.8 21.2 13.5 11.9
<$4 million 35.9 28.3 23.7 14.9

Single Family
Land & Lots >$4 million 85.1 64.3 40.3 22.1
<$4 million 27.0 30.8 29.9 30.7

Multifamily >$4 million 7.8 7.8 7.8 7.8
<$4 million 24.8 26.2 22.9 19.0
---- ---- ---- ----

TOTAL >$4 million 163.7 136.7 98.3 50.4

TOTAL <$4 million 118.7 109.3 94.1 79.5
----- ----- ---- ----
GRAND TOTAL $282.4 $246.0 $192.4 $129.9
====== ====== ====== ======

2009 Nonperforming
----------------------- --------------
Construction and land
development 1st Qtr 2nd Qtr 3rd Qtr 3rd Qtr Number
--------------------- ------- ------- ------- ------- ------
Residential:
Condominiums >$4 million $8.4 $7.9 $5.3 $5.3 1
<$4 million 7.9 8.8 3.7 0.9 1

Town homes >$4 million - - - - -
<$4 million 4.2 2.3 - - -

Single Family
Residences >$4 million 6.6 6.5 - - -
<$4 million 13.9 10.3 7.1 1.8 10

Single Family
Land & Lots >$4 million 21.8 21.8 5.9 5.9 1
<$4 million 29.6 21.5 19.5 9.5 21

Multifamily >$4 million 7.8 7.8 6.6 6.6 1
<$4 million 17.0 9.8 9.5 4.2 6
---- --- --- --- --

TOTAL >$4 million 44.6 44.0 17.8 17.8 3
TOTAL <$4 million 72.6 52.7 39.8 16.4 38
---- ---- ---- ---- --
GRAND TOTAL $117.2 $96.7 $57.6 $34.2 41
====== ===== ===== ===== ==

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

2007 2008
------- -------------------------------------
4th Qtr 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
------- ------- ------- ------- -------
Construction and land
development
Residential
Condominiums $60.2 $57.2 $47.4 $32.6 $17.4
Townhomes 25.0 23.8 20.0 21.7 6.1
Single family
residences 59.0 56.7 49.5 37.2 26.8
Single family land
and lots 116.4 112.1 95.1 70.2 52.8
Multifamily 34.5 32.6 34.0 30.7 26.8
---- ---- ---- ---- ----
295.1 282.4 246.0 192.4 129.9
Commercial
Office buildings 30.9 29.1 31.1 27.8 17.3
Retail trade 69.0 60.4 63.6 68.5 68.7
Land 82.6 92.5 75.4 73.9 73.3
Industrial 13.0 16.9 20.8 20.7 13.3
Healthcare 1.0 1.0 1.0 - -
Churches and
educational facilities - - 0.1 - -
Lodging 11.2 - - - -
Convenience stores 1.7 1.8 - - -
Marina 23.1 26.8 28.9 30.5 30.7
Other 9.9 11.3 6.3 5.4 6.0
--- ---- --- --- ---
242.4 239.8 227.2 226.8 209.3
Individuals
Lot loans 39.4 39.4 40.0 38.4 35.7
Construction 32.7 32.4 27.1 27.4 20.3
---- ---- ---- ---- ----
72.1 71.8 67.1 65.8 56.0
---- ---- ---- ---- ----
Total construction and
land development 609.6 594.0 540.3 485.0 395.2

Real estate mortgages
Residential real estate
Adjustable 319.5 317.6 318.8 316.5 329.0
Fixed rate 87.5 89.1 90.2 93.4 95.5
Home equity mortgages 91.4 91.7 93.1 84.3 84.8
Home equity lines 59.1 56.3 59.4 59.7 58.5
---- ---- ---- ---- ----
557.5 554.7 561.5 553.9 567.8
Commercial real estate
Office buildings 131.7 144.3 142.3 143.6 146.4
Retail trade 76.2 83.8 93.5 101.6 111.9
Land 5.3 - - 0.6 -
Industrial 105.5 104.3 93.3 92.2 94.7
Healthcare 32.4 39.9 33.6 31.6 29.2
Churches and
educational
facilities 40.2 40.2 36.5 35.6 35.2
Recreation 3.0 2.8 1.8 1.8 1.7
Multifamily 13.8 20.0 19.1 19.2 27.2
Mobile home parks 3.9 3.2 3.1 3.1 3.0
Lodging 22.7 27.9 28.0 26.7 26.6
Restaurant 8.2 8.0 9.0 8.6 6.2
Agricultural 12.9 12.4 9.0 8.7 8.5
Convenience stores 23.2 23.1 24.9 23.6 23.5
Other 38.3 40.1 41.6 42.5 43.6
---- ---- ---- ---- ----
517.3 550.0 535.7 539.4 557.7
----- ----- ----- ----- -----
Total real estate
mortgages 1,074.8 1,104.7 1,097.2 1,093.3 1,125.5

Commercial & financial 126.7 93.9 94.8 88.5 82.8

Installment loans to
individuals
Automobile and trucks 25.0 24.1 23.0 21.9 20.8
Marine loans 33.2 33.3 25.2 26.0 26.0
Other 28.2 27.5 27.9 27.4 26.1
---- ---- ---- ---- ----
86.4 84.9 76.1 75.3 72.9

Other 0.9 0.5 0.4 0.5 0.3
--- --- --- --- ---
$1,898.4 $1,878.0 $1,808.8 $1,742.6 $1,676.7
======== ======== ======== ======== ========

2009
-------------------------
1st Qtr 2nd Qtr 3rd Qtr
------- ------- -------
Construction and land development
Residential
Condominiums $16.3 $16.8 $9.0
Townhomes 4.2 2.3 -
Single family residences 20.5 16.7 7.1
Single family land and lots 51.4 43.3 25.4
Multifamily 24.8 17.6 16.1
---- ---- ----
117.2 96.7 57.6
Commercial
Office buildings 17.4 13.8 13.8
Retail trade 70.0 55.9 23.0
Land 60.9 51.2 50.8
Industrial 9.0 8.5 8.2
Healthcare 5.7 6.0 4.8
Churches and educational facilities - - -
Lodging 0.6 - -
Convenience stores - - -
Marina 31.6 30.0 28.1
Other 6.2 1.4 -
--- --- --
201.4 166.8 128.7
Individuals
Lot loans 34.0 32.4 30.7
Construction 16.2 11.8 11.1
---- ---- ----
50.2 44.2 41.8
---- ---- ----
Total construction and
land development 368.8 307.7 228.1

Real estate mortgages
Residential real estate
Adjustable 333.1 328.0 325.9
Fixed rate 90.8 90.6 89.5
Home equity mortgages 85.5 83.8 83.9
Home equity lines 60.3 60.1 59.7
---- ---- ----
569.7 562.5 559.0
Commercial real estate
Office buildings 140.6 141.6 144.2
Retail trade 109.1 120.0 151.4
Land - - -
Industrial 95.3 93.0 89.3
Healthcare 28.3 30.9 25.4
Churches and
educational
facilities 34.8 34.6 30.8
Recreation 1.7 1.4 3.3
Multifamily 27.2 31.7 35.1
Mobile home parks 3.0 5.6 5.6
Lodging 26.3 26.3 25.6
Restaurant 6.1 5.1 5.0
Agricultural 8.2 11.8 12.0
Convenience stores 23.3 23.2 22.8
Other 43.0 47.6 34.0
---- ---- ----
546.9 572.8 584.5
----- ----- -----
Total real estate
mortgages 1,116.6 1,135.3 1,143.5

Commercial & financial 75.5 71.8 66.0

Installment loans to individuals
Automobile and trucks 19.4 18.0 16.6
Marine loans 26.3 26.9 26.8
Other 25.7 24.3 23.3
---- ---- ----
71.4 69.2 66.7

Other 0.3 0.3 0.3
--- --- ---
$1,632.6 $1,584.3 $1,504.6
======== ======== ========

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

2008
----------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
------- ------- ------- -------
Construction and land development
Residential
Condominiums $(3.0) $(9.8) $(14.8) $(15.2)
Townhomes (1.2) (3.8) 1.7 (15.6)
Single family
residences (2.3) (7.2) (12.3) (10.4)
Single family land and
lots (4.3) (17.0) (24.9) (17.4)
Multifamily (1.9) 1.4 (3.3) (3.9)
---- --- ---- ----
(12.7) (36.4) (53.6) (62.5)
Commercial
Office buildings (1.8) 2.0 (3.3) (10.5)
Retail trade (8.6) 3.2 4.9 0.2
Land 9.9 (17.1) (1.5) (0.6)
Industrial 3.9 3.9 (0.1) (7.4)
Healthcare - - (1.0) -
Churches and educational
facilities - 0.1 (0.1) -
Lodging (11.2) - - -
Convenience stores 0.1 (1.8) - -
Marina 3.7 2.1 1.6 0.2
Other 1.4 (5.0) (0.9) 0.6
--- ---- ---- ---
(2.6) (12.6) (0.4) (17.5)
Individuals
Lot loans - 0.6 (1.6) (2.7)
Construction (0.3) (5.3) 0.3 (7.1)
---- ---- --- ----
(0.3) (4.7) (1.3) (9.8)
---- ---- ---- ----
Total construction and
land development (15.6) (53.7) (55.3) (89.8)

Real estate mortgages
Residential real estate
Adjustable (1.9) 1.2 (2.3) 12.5
Fixed rate 1.6 1.1 3.2 2.1
Home equity mortgages 0.3 1.4 (8.8) 0.5
Home equity lines (2.8) 3.1 0.3 (1.2)
---- --- --- ----
(2.8) 6.8 (7.6) 13.9
Commercial real estate
Office buildings 12.6 (2.0) 1.3 2.8
Retail trade 7.6 9.7 8.1 10.3
Land (5.3) - 0.6 (0.6)
Industrial (1.2) (11.0) (1.1) 2.5
Healthcare 7.5 (6.3) (2.0) (2.4)
Churches and educational
facilities - (3.7) (0.9) (0.4)
Recreation (0.2) (1.0) - (0.1)
Multifamily 6.2 (0.9) 0.1 8.0
Mobile home parks (0.7) (0.1) - (0.1)
Lodging 5.2 0.1 (1.3) (0.1)
Restaurant (0.2) 1.0 (0.4) (2.4)
Agricultural (0.5) (3.4) (0.3) (0.2)
Convenience stores (0.1) 1.8 (1.3) (0.1)
Other 1.8 1.5 0.9 1.1
--- --- --- ---
32.7 (14.3) 3.7 18.3
---- ----- --- ----
Total real estate
mortgages 29.9 (7.5) (3.9) 32.2

Commercial & financial (32.8) 0.9 (6.3) (5.7)

Installment loans to individuals
Automobile and trucks (0.9) (1.1) (1.1) (1.1)
Marine loans 0.1 (8.1) 0.8 -
Other (0.7) 0.4 (0.5) (1.3)
---- --- ---- ----
(1.5) (8.8) (0.8) (2.4)

Other (0.4) (0.1) 0.1 (0.2)
---- ---- --- ----
$(20.4) $(69.2) $(66.2) $(65.9)
====== ====== ====== ======

2009
-------------------------
1st Qtr 2nd Qtr 3rd Qtr
------- ------- -------
Construction and land
development
Residential
Condominiums $(1.1) $0.5 $(7.8)
Townhomes (1.9) (1.9) (2.3)
Single family
residences (6.3) (3.8) (9.6)
Single family land and
lots (1.4) (8.1) (17.9)
Multifamily (2.0) (7.2) (1.5)
---- ---- ----
(12.7) (20.5) (39.1)
Commercial
Office buildings 0.1 (3.6) -
Retail trade 1.3 (14.1) (32.9)
Land (12.4) (9.7) (0.4)
Industrial (4.3) (0.5) (0.3)
Healthcare 5.7 0.3 (1.2)
Churches and educational
facilities - - -
Lodging 0.6 (0.6) -
Convenience stores - - -
Marina 0.9 (1.6) (1.9)
Other 0.2 (4.8) (1.4)
--- ---- ----
(7.9) (34.6) (38.1)
Individuals
Lot loans (1.7) (1.6) (1.7)
Construction (4.1) (4.4) (0.7)
---- ---- ----
(5.8) (6.0) (2.4)
---- ---- ----
Total construction and
land development (26.4) (61.1) (79.6)

Real estate mortgages
Residential real estate
Adjustable 4.1 (5.1) (2.1)
Fixed rate (4.7) (0.2) (1.1)
Home equity mortgages 0.7 (1.7) 0.1
Home equity lines 1.8 (0.2) (0.4)
--- ---- ----
1.9 (7.2) (3.5)
Commercial real estate
Office buildings (5.8) 1.0 2.6
Retail trade (2.8) 10.9 31.4
Land - - -
Industrial 0.6 (2.3) (3.7)
Healthcare (0.9) 2.6 (5.5)
Churches and educational
facilities (0.4) (0.2) (3.8)
Recreation - (0.3) 1.9
Multifamily - 4.5 3.4
Mobile home parks - 2.6 -
Lodging (0.3) - (0.7)
Restaurant (0.1) (1.0) (0.1)
Agricultural (0.3) 3.6 0.2
Convenience stores (0.2) (0.1) (0.4)
Other (0.6) 4.6 (13.6)
---- --- -----
(10.8) 25.9 11.7
----- ---- ----
Total real estate
mortgages (8.9) 18.7 8.2

Commercial & financial (7.3) (3.7) (5.8)

Installment loans to individuals
Automobile and trucks (1.4) (1.4) (1.4)
Marine loans 0.3 0.6 (0.1)
Other (0.4) (1.4) (1.0)
---- ---- ----
(1.5) (2.2) (2.5)

Other - - -
- - -
$(44.1) $(48.3) $(79.7)
====== ====== ======

SOURCE Seacoast Banking Corporation of Florida

Dennis S. Hudson, III, Chairman and Chief Executive Officer, +1-772-288-6085,
or William R. Hahl, Executive Vice President, Chief Financial Officer, +1-
772-221-2825, both of Seacoast Banking Corporation of Florida