SEACOAST BANKING CORP OF FLORIDA - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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EX-99.3 - EXHIBIT 99.3 - SEACOAST BANKING CORP OF FLORIDA	tv478034_ex99-3.htm
EX-99.2 - EXHIBIT 99.2 - SEACOAST BANKING CORP OF FLORIDA	tv478034_ex99-2.htm
8-K - FORM 8-K - SEACOAST BANKING CORP OF FLORIDA	tv478034_8k.htm

Exhibit 99.1

Charles M. Shaffer

Executive Vice President

Chief Financial Officer

(772) 221-7003

Chuck.Shaffer@seacoastbank.com

SEACOAST REPORTS THIRD QUARTER 2017 RESULTS

Net Income Increased 85% Quarter-Over-Quarter to $14.2 Million; Net Revenue Increased 5% to $57.2 Million

Record Quarter for Commercial Originations; Loan Pipeline Near Record Level Entering Q4

STUART, Fla., October 26, 2017 /PRNewswire/ — Seacoast Banking Corporation of Florida (“Seacoast” or “the Company”) (NASDAQ: SBCF) today reported net income of $14.2 million for the third quarter of 2017, a 56% or $5.1 million increase from the third quarter of 2016. Year to date net income as of September 30, 2017 was $29.8 million, a 62% or $11.4 million increase compared to the prior year period. The Company reported third quarter adjusted net income¹ of $15.1 million, representing a 37% or $4.1 million increase from the third quarter of 2016. Year to date adjusted net income¹was $38.1 million, a 40% or $10.8 million increase compared to prior year to date results.

For the third quarter 2017, return on average tangible assets was 1.12%, return on average tangible shareholders’ equity was 12.4%, and the efficiency ratio was 58.9%, compared to 0.88%, 10.9%, and 68.6%, respectively, in the third quarter of 2016. Adjusted return on average tangible assets¹ was 1.16%, adjusted return on average tangible shareholders’ equity¹ was 12.8%, and the adjusted efficiency ratio¹ was 57.7%, compared to 1.01%, 12.6%, and 63.1%, respectively, in the third quarter of 2016.

Dennis S. Hudson, III, Seacoast’s Chairman and CEO, said “Our record third quarter results show the investments we have made over the past two years to modernize our banking platform and how we serve customers are resonating. We are successfully transforming Seacoast into an integrated financial services provider that is providing better experiences for our customers and creating value for our shareholders.”

“We continue to execute our balanced growth strategy, expanding loans and households organically; maintaining portfolio granularity, to manage risk; and completing disciplined, accretive acquisitions. On October 20, we completed the acquisition and integration of NorthStar Bank, bolstering our presence in the attractive Tampa market, and expect to close and integrate Palm Beach Community Bank next month, expanding our presence into South Florida. Both transactions are on track to perform as we expected at announcement.”

Charles M. Shaffer, Seacoast’s Chief Financial Officer and Head of Strategy, said “At our investor day in early 2017, we laid out a vision for 2020 that showed significant improvement in Seacoast’s return on assets, return on tangible common equity and efficiency. This quarter’s performance demonstrates that we are on track to achieve these goals. Seacoast continues to show strong momentum in top line revenue, while continuing to create operating leverage using the data analytics and the digital tool set we built over the past three years.”

Guidance

The Company is reiterating its previous guidance of $1.28 to $1.32 adjusted 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.

Impact of Hurricane Irma on Third Quarter 2017 Results

In early September, the State of Florida was preparing for the potential impact of dangerous category 5 Hurricane Irma. This caused a full two weeks of business interruption as a week was spent on preparation and a week on recovery. Ultimately, the storm made landfall in the Florida Keys as a category 4 storm and a second landfall in Marco Island in southwest Florida.

The impact of Hurricane Irma on the quarter was approximately $0.01 per share. Revenue was impacted in the form of waived service charges, slower activity in wealth management, and delayed closings on loans. Direct expenses totaled $0.4 million, comprised of compensation for staff working throughout the storm to ensure our customers had digital and web access at all times, remote support from our backup site in Nashville, Tennessee, and recovery expenses to bring our branch network back on-line. These direct incremental expenses were removed from the presentation of adjusted results.

In the days following the storm, we conducted site visits and inquiries with commercial customers throughout our markets to help assess potential recovery needs. We had direct conversations with commercial customers covering 69% of the commercial portfolio, and expect any credit-related impacts to be nominal.

Our branches and operations facilities suffered no meaningful damage.

Third Quarter 2017 Financial Highlights

Income Statement

Net income was $14.2 million, or $0.32 per average common diluted share, compared to $7.7 million or $0.18 for the prior quarter and $9.1 million or $0.24 for the third quarter of 2016. For the nine months ended September 30, 2017, net income was $29.8 million compared to $18.4 million for the nine months ended September 30, 2016. Adjusted net income¹ was $15.1 million, or $0.35 per average common diluted share, compared to $12.7 million or $0.29 for the prior quarter and $11.1 million or $0.29 for the third quarter of 2016. For the nine months ended September 30, 2017, adjusted net income¹ was $38.1 million compared to $27.3 million for the nine months ended September 30, 2016.

Net revenues were $57.2 million, an increase of $2.5 million or 5% compared to the prior quarter, and an increase of $9.7 million or 21% from the third quarter of 2016. For the nine months ended September 30, 2017, net revenues were $159.9 million, an increase of $29.9 million or 23% compared to the nine months ended September 30, 2016. Adjusted revenues¹ were $57.2 million, an increase of $2.6 million, or 5%, from the prior quarter and an increase of $10.0 million, or 21% from the third quarter of 2016. For the nine months ended September 30, 2017, adjusted revenues¹ were $159.9 million, an increase of $30.7 million or 24% compared to the nine months ended September 30, 2016.

Net interest income totaled $45.7 million, an increase of $1.6 million or 4% from the prior quarter and an increase of $8.3 million or 22% from the third quarter of 2016. For the nine months ended September 30, 2017, net interest income totaled $128.1 million, an increase of $25.9 million or 25% compared to the nine months ended September 30, 2016.

Noninterest income totaled $11.4 million, an increase of $0.9 million or 9% compared to the prior quarter and an increase of $1.4 million or 14% from the third quarter of 2016. For the nine months ended September 30, 2017, noninterest income totaled $31.8 million, an increase of $4.0 million or 14% compared to the nine months ended September 30, 2016. Mortgage banking fees increased quarter over quarter, primarily due to a $57.7 million sale of conforming salable mortgages originated in prior quarters, which resulted in $0.8 million in mortgage banking fee income. In addition, late in the third quarter the Company made a $30 million investment in bank owned life insurance at a first-year tax equivalent return of 6.2%.

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

Net interest margin was 3.74% in the current quarter compared to 3.84% in the prior quarter and 3.69% in the third quarter of 2016. The decrease quarter over quarter was the result of lower accretion on both securities and loans when compared to the prior quarter, as well as higher interest expense on deposits and borrowings.

The provision for loan losses was $0.7 million compared to $1.4 million in the prior quarter and $0.6 million in the third quarter of 2016, reflecting the effect of sustained positive credit trends and lower net loan growth in the quarter.

Noninterest expense was $34.4 million compared to $41.6 million in the prior quarter and $33.4 million in the third quarter of 2016. For the nine months ended September 30, 2017, noninterest expense was $110.7 million compared to $100.6 million for the nine months ended September 30, 2016.

Merger related charges and costs related to several branch closures resulted in elevated expenses in the prior quarter totaling $7.0 million, compared to $0.4 million in the current quarter.

Adjusted noninterest expense¹ was $32.8 million compared to $33.8 million in the prior quarter, and $30.1 million in the third quarter of 2016. For the nine months ended September 30, 2017, adjusted noninterest expense¹ was $97.6 million compared to $85.4 million for the nine months ended September 30, 2016.

Seacoast recorded a $7.9 million income tax provision in the current quarter, compared to $3.9 million in the prior quarter and $4.3 million in the third quarter of 2016. Tax benefits in excess of stock-based compensation were $137 thousand in the current quarter, compared to $331 thousand in the prior quarter.

Third quarter 2017 adjusted revenues¹ increased 5% compared to prior quarter, while adjusted noninterest expense¹ decreased 3%, providing 8% operating leverage.

The efficiency ratio was 58.9% compared to 73.9% in the prior quarter and 68.6% in the third quarter of 2016. The adjusted efficiency ratio¹ decreased to 57.7% compared to 61.2% in the prior quarter and 63.1% in the third quarter of 2016.

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

Balance Sheet

At September 30, 2017, the Company had total assets of $5.3 billion and total shareholders’ equity of $594.4 million. Book value per share was $13.67 and tangible book value per share was $10.95, compared to $13.29 and $10.55, respectively, at June 30, 2017.

Loan production was robust across all categories, despite the disruption of Hurricane Irma. Net loans totaled $3.4 billion at September 30, 2017, an increase of $54.7 million or 2% compared to June 30, 2017, and an increase of $612 million or 22% from September 30, 2016. Excluding acquisitions, loans increased $365 million or 13% from the third quarter of 2016.

Commercial originations reached a new record high of $146 million, up 34% compared to prior year quarter.

Consumer and small business originations were $86.9 million during the current quarter.

We continue to prudently manage CRE exposure. At 50% and 207% 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 $74 million.

Pipelines (loans in underwriting and approval or approved and not yet closed) were $155 million in commercial, $64 million in mortgage, and $47 million in consumer and small business.

Commercial pipelines increased $9.0 million, or 6%, over prior quarter and $36.0 million, or 30%, over year-ago levels.

Mortgage pipelines were lower by $7.7 million, or 11%, from prior quarter and by $15.4 million, or 19%, compared to year-ago levels.

Consumer and small business decreased from prior quarter by $2.7 million, or 5%, and were higher than year-ago levels by $5.6 million, or 13%.

Total deposits were $4.1 billion as of September 30, 2017, an increase of $137 million, or 3%, compared to prior quarter and an increase of $602 million, or 17%, from the third quarter of 2016.

Since September 30, 2016, interest bearing deposits (interest bearing demand, savings and money markets deposits) increased $209 million, or 11%, to $2.2 billion, noninterest bearing demand deposits increased $116 million, or 10%, to $1.2 billion, and CDs increased $277 million, or 76%, to $643 million.

Excluding acquired deposits, noninterest bearing deposits increased 4% and total deposits increased 1% compared to September 30, 2016.

The Company’s balance sheet continues to be primarily core deposit funded. Core customer funding was $3.6 billion at September 30, 2017, flat compared to June 30, 2017 and an increase of 9% compared to September 30, 2016.

Overall cost of deposits in the current quarter is 0.22%, reflecting the significant value of the deposit franchise.

Third quarter return on average assets (ROA) was 1.06%, compared to 0.61% in the prior quarter and 0.82% from the third quarter of 2016. Return on average tangible assets (ROTA) was 1.12%, compared to 0.66% in the prior quarter and 0.88% in the third quarter of 2016. Adjusted ROTA¹ was 1.16% compared to 1.02% in the prior quarter and 1.01% in the third quarter of 2016.

Capital

The common equity tier 1 capital ratio (CET1) was 12.4%, total capital ratio was 14.8% and the tier 1 leverage ratio was 10.2% at September 30, 2017.

Tangible common equity to tangible assets was 9.1% at September 30, 2017, compared to 8.9% in the prior quarter, and 8.0% one year prior.

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

Asset Quality

Nonperforming loans to total loans outstanding at September 30, 2017 decreased to 0.42% from 0.52% at June 30, 2017 and from 0.67% as of September 30, 2016.

Nonperforming assets to total assets declined to 0.40% at September 30, 2017 from 0.49% at June 30, 2017 and 0.69% one year ago. Of the $21.5 million in nonperforming assets, $4 million relates to five closed branch properties held as REO.

The ratio of allowance for loan losses to total loans was 0.77% at September 30, 2017, 0.78% at June 30, 2017, and 0.82% at September 30, 2016. The ratio of allowance for loan losses to non-acquisition related loans was 0.91% at September 30, 2017, 0.95% at June 30, 2017, and 0.98% at September 30, 2016. The decline in coverage in the non-acquired loan ALLL was the result of improved credit quality and loan mix as well as another quarter of nominal losses in this portfolio. Additionally, commercial and commercial real estate concentration risk continues to decline as we continue to maintain a well-diversified and granular portfolio.

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

Selected Balance Sheet Data (at period end):
Total Assets	$	5,340,299		$	5,281,295		$	4,769,775		$	4,680,932		$	4,513,934
Gross Loans		3,384,991			3,330,075			2,973,759			2,879,536			2,769,338
Total Deposits		4,112,600			3,975,458			3,678,645			3,523,245			3,510,493

Performance Measures:
Net Income	$	14,216		$	7,676		$	7,926		$	10,771		$	9,133
Net Interest Margin		3.74	%		3.84	%		3.63	%		3.56	%		3.69	%
Average Diluted Shares Outstanding (000)		43,792			43,556			39,499			38,252			38,170
Diluted Earnings Per Share (EPS)	$	0.32		$	0.18		$	0.20		$	0.28		$	0.24
Return on (annualized):
Average Assets (ROA)		1.06	%		0.61	%		0.68	%		0.94	%		0.82	%
Average Tangible Common Equity (ROTCE)		12.4			7.3			8.8			12.5			10.9
Efficiency Ratio		58.9			73.9			71.1			62.4			68.6

Adjusted Operating Measures ¹:
Adjusted Net Income	$	15,145		$	12,665		$	10,270		$	11,803		$	11,061
Adjusted Diluted EPS		0.35			0.29			0.26			0.31			0.29
Adjusted ROTA		1.16	%		1.02	%		0.90	%		1.05	%		1.01	%
Adjusted ROTCE		12.8			11.2			10.7			13.1			12.6
Adjusted Efficiency Ratio		57.7			61.2			64.7			60.8			63.1
Adjusted Noninterest Expenses as a Percentage of Average Tangible Assets		2.50			2.73			2.71			2.56			2.76

Other Data
Market Capitalization	$	1,039,506		$	1,047,361		$	976,368		$	838,762		$	611,824
Full Time Equivalent Employees		762			759			743			725			731
Number of ATMs		74			76			76			77			80

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

Third Quarter and Year-to-Date 2017 Strategic Highlights

Modernizing How We Sell

In late September, we received OCC approval to acquire both NorthStar Bank and Palm Beach Community Bank. The acquisition of NorthStar Bank, headquartered in Tampa, Florida, will deepen our presence in the Tampa market and build upon our acquisition of GulfShore Bank completed in April 2017. The acquisition of Palm Beach Community Bank will expand our presence in the South Florida market and build upon our acquisition of Grand Bankshares Inc., completed in July 2015. NorthStar Bank closed on October 20^th, 2017, and Palm Beach Community Bank is expected to close in the fourth quarter of this year. Both acquisitions are on track to perform as expected at announcement.

The proportion of deposit accounts opened outside of our banking centers this quarter continues to increase, with 13.3% of all deposit accounts this quarter opened through our website or 24/7 customer support center.

We have made significant progress in modernizing our retail and small business sales strategy, focusing on enhancing customer lifetime value. We also began development on a commercial analytics portal that will connect our commercial bankers with the analytics and insights that we have provided our retail and small business teams. This portal will provide daily insight into customer behaviors, emerging customer needs, and suggested opportunities to enhance relationship value.

We also kicked off a project to improve our loan origination process this quarter. This effort will extend well into 2018. Using technology, partners, and lean process improvement we’ll improve cycle times and strengthen the customer experience.

Lowering Our Cost to Serve

Mobile penetration increased during the quarter to more than 32% of eligible primary consumer checking customers from 29.5% in September of last year.

A new record 40% of checks are now deposited outside the banking center network, compared to 35% in September of last year.

In the first half of 2017, we consolidated five banking center locations. Looking forward into 2018, we expect to continue making progress towards our previously announced goal of reducing our branch footprint by 20% over a 24 to 36-month period.

Customer adoption of more convenient digital channels continues to grow. In September 2017, our non-teller transactions made up 52% of our total transaction volume, up from 43% 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

Hurricane Irma tested our disaster recovery plans. Before the storm, we dispatched a team of operations and IT associates to our recovery site to Nashville, Tennessee. This enabled us to continue to operate the bank during and immediately following the storm to ensure our customers had digital and web access at all times. Our back-up customer support center provided uninterrupted, 24/7 customer service.

We recognized our first full quarter of savings 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 August we announced the consolidation of our customer support center in Stuart. In the fourth quarter we’ll be migrating all customer support operations to our Orlando location which we launched early this year. The new, expanded site supports our 24/7 customer service model and our growth strategy.

Scaling and Evolving Our Culture

This quarter we on-boarded key talent in the areas of digital marketing and compliance. These important additions to the Seacoast team help position us for future growth.

We completed our annual United Way campaign in alignment with our Promise #4: to invest in you and your community, breaking records three years in a row for participation and funds raised to support our communities. We also participated in the American Cancer Society “Making Strides Against Breast Cancer” walk across all of our markets.

OTHER INFORMATION

Conference Call Information

Seacoast will host a conference call on Friday, October 27, 2017 at 10:00 a.m. (Eastern Time) to discuss the earnings results. Investors may call in (toll-free) by dialing (888) 517-2513 (passcode: 8290 746). 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 October 27, by dialing (888) 843-7419 and using passcode: 8290 746.

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 October 27, 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 $4.1 billion in deposits as of September 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															Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
	2017			2017			2017			2016			2016			2017			2016
Summary of Earnings
Net income	$	14,216		$	7,676		$	7,926		$	10,771		$	9,133		$	29,818		$	18,431
Net interest income (1)		45,903			44,320			38,377			37,628			37,735			128,600			102,885
Net interest margin (1), (2)		3.74	%		3.84	%		3.63	%		3.56	%		3.69	%		3.74	%		3.67	%

Performance Ratios
Return on average assets-GAAP basis (2)		1.06	%		0.61	%		0.68	%		0.94	%		0.82	%		0.79	%		0.60	%
Return on average tangible assets (2),(3)		1.12			0.66			0.74			1.00			0.88			0.85			0.65
Adjusted return on average tangible assets (2), (3), (5)		1.16			1.02			0.90			1.05			1.01			1.03			0.91

Return on average shareholders’ equity-GAAP basis (2)		9.59			5.43			6.89			9.80			8.44			7.37			6.06
Return on average tangible shareholders’ equity-GAAP basis (2),(3)		12.45			7.25			8.77			12.51			10.91			9.57			7.61
Adjusted return on average tangible common equity (2), (3), (5)		12.80			11.22			10.74			13.14			12.56			11.65			10.59
Efficiency ratio (4)		58.93			73.90			71.08			62.36			68.60			67.70			75.69
Adjusted efficiency ratio (5)		57.69			61.20			64.65			60.84			63.14			60.98			65.62
Noninterest income to total revenue		20.06			19.16			20.61			20.96			20.68			19.92			21.21
Average equity to average assets		11.06			11.17			9.93			9.56			9.74			10.75			9.96

Per Share Data
Net income diluted-GAAP basis	$	0.32		$	0.18		$	0.20		$	0.28		$	0.24		$	0.70		$	0.49
Net income basic-GAAP basis		0.33			0.18			0.20			0.29			0.24			0.72			0.50
Adjusted earnings (5)		0.35			0.29			0.26			0.31			0.29			0.90			0.73

Book value per share common		13.66			13.29			12.34			11.45			11.45			13.66			11.45
Tangible book value per share		10.95			10.55			10.41			9.37			9.35			10.95			9.35
Cash dividends declared		0.00			0.00			0.00			0.00			0.00			0.00			0.00

Other Data
Market capitalization (6)		1,039,506			1,047,361			976,368			838,762			611,824			1,039,506			611,824
Full-time equivalent employees		762			759			743			725			731			762			731
Number of ATMs		74			76			76			77			80			74			80
Full service banking offices		45			45			46			47			47			45			47
Registered online users		78,880			75,394			71,385			67,243			66,115			78,880			66,115
Registered mobile devices		58,032			55,013			50,729			47,131			44,128			58,032			44,128

(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 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 gains, losses, and expenses on foreclosed properties) 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						September 30,			September 30,
(Dollars in thousands, except share and per share data)	Third			Second		First			Fourth			Third			2017			2016

Interest on securities:
Taxable	$	8,823		$	8,379	$	8,087		$	6,880		$	6,966		$	25,289		$	19,253
Nontaxable		189			206		287			287			287			682			749
Interest and fees on loans		40,403			38,209		31,891			32,007			31,932			110,503			87,210
Interest on federal funds sold and other investments		664			604		510			517			429			1,778			1,152
Total Interest Income		50,079			47,398		40,775			39,691			39,614			138,252			108,364

Interest on deposits		930			854		624			622			679			2,408			1,971
Interest on time certificates		1,266			814		566			598			613			2,646			1,476
Interest on borrowed money		2,134			1,574		1,420			1,046			874			5,128			2,754
Total Interest Expense		4,330			3,242		2,610			2,266			2,166			10,182			6,201

Net Interest Income		45,749			44,156		38,165			37,425			37,448			128,070			102,163
Provision for loan losses		680			1,401		1,304			1,000			550			3,385			1,411
Net Interest Income After Provision for Loan Losses		45,069			42,755		36,861			36,425			36,898			124,685			100,752

Noninterest income:
Service charges on deposit accounts		2,626			2,435		2,422			2,612			2,698			7,483			7,057
Trust fees		967			917		880			969			820			2,764			2,464
Mortgage banking fees		2,138			1,272		1,552			1,616			1,885			4,962			4,248
Brokerage commissions and fees		351			351		377			480			463			1,079			1,564
Marine finance fees		137			326		134			115			138			597			558
Interchange income		2,582			2,671		2,494			2,334			2,306			7,747			6,893
Other deposit based EFT fees		100			114		140			125			109			354			352
BOLI income		836			757		733			611			382			2,326			1,602
Other		1,744			1,624		1,173			1,060			963			4,541			2,767
		11,481			10,467		9,905			9,922			9,764			31,853			27,505
Securities gains/(losses), net		(47	)		21		0			7			225			(26	)		361
Total Noninterest Income		11,434			10,488		9,905			9,929			9,989			31,827			27,866

Noninterest expenses:
Salaries and wages		15,627			18,375		15,369			12,476			14,337			49,371			41,620
Employee benefits		2,917			2,935		3,068			2,475			2,425			8,920			7,428
Outsourced data processing costs		3,231			3,456		3,269			3,076			3,198			9,956			10,440
Telephone / data lines		573			648		532			502			539			1,753			1,606
Occupancy		2,447			4,421		3,157			2,830			3,675			10,025			10,292
Furniture and equipment		1,191			1,679		1,391			1,211			1,228			4,261			3,509
Marketing		1,298			1,074		922			847			780			3,294			2,786
Legal and professional fees		2,560			3,276		2,132			2,370			2,213			7,968			7,226
FDIC assessments		548			650		570			661			517			1,768			1,704
Amortization of intangibles		839			839		719			719			728			2,397			1,767
Asset dispositions expense		117			136		53			84			219			306			469
Net loss/(gain) on other real estate owned and repossessed assets		(414	)		161		(346	)		(161	)		(96	)		(599	)		(348	)
Early redemption cost for Federal Home Loan Bank advances		0			0		0			0			0			0			1,777
Other		3,427			3,975		3,910			3,207			3,672			11,312			10,308
Total Noninterest Expenses		34,361			41,625		34,746			30,297			33,435			110,732			100,584

Income Before Income Taxes		22,142			11,618		12,020			16,057			13,452			45,780			28,034
Income taxes		7,926			3,942		4,094			5,286			4,319			15,962			9,603

Net Income	$	14,216		$	7,676	$	7,926		$	10,771		$	9,133		$	29,818		$	18,431

Per share of common stock:

Net income diluted	$	0.32		$	0.18	$	0.20		$	0.28		$	0.24		$	0.70		$	0.49
Net income basic		0.33			0.18		0.20			0.29			0.24			0.72			0.50
Cash dividends declared		0.00			0.00		0.00			0.00			0.00			0.00			0.00

Average diluted shares outstanding		43,792,108			43,556,285		39,498,835			38,252,351			38,169,863			42,298,136			37,258,133
Average basic shares outstanding		43,151,248			42,841,152		38,839,284			37,603,789			37,549,804			41,626,356			36,626,290

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

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

Assets
Cash and due from banks	$	114,621		$	88,133			133,923		$	82,520		$	89,777
Interest bearing deposits with other banks		10,657			20,064			10,914			27,124			77,606
Total Cash and Cash Equivalents		125,278			108,197			144,837			109,644			167,383

Time deposits with other banks		14,591			16,426			0			0			0

Securities:
Available for sale (at fair value)		996,799			1,016,744			909,275			950,503			866,613
Held to maturity (at amortized cost)		374,773			397,096			379,657			372,498			392,138
Total Securities		1,371,572			1,413,840			1,288,932			1,323,001			1,258,751

Loans held for sale		29,447			22,262			16,326			15,332			20,143

Loans		3,384,991			3,330,075			2,973,759			2,879,536			2,769,338
Less: Allowance for loan losses		(26,232	)		(26,000	)		(24,562	)		(23,400	)		(22,684	)
Net Loans		3,358,759			3,304,075			2,949,197			2,856,136			2,746,654

Bank premises and equipment, net		57,092			56,765			58,611			58,684			59,035
Other real estate owned		7,142			8,497			7,885			9,949			12,734
Goodwill		101,747			101,739			64,649			64,649			64,649
Other intangible assets, net		16,102			16,941			13,853			14,572			15,291
Bank owned life insurance		118,762			88,003			85,237			84,580			44,044
Net deferred tax assets		43,951			52,195			55,834			60,818			58,848
Other assets		95,856			92,355			84,414			83,567			66,402
Total Assets	$	5,340,299		$	5,281,295		$	4,769,775		$	4,680,932		$	4,513,934

Liabilities and Shareholders’ Equity
Liabilities
Deposits
Noninterest demand	$	1,284,118		$	1,308,458		$	1,225,124		$	1,148,309		$	1,168,542
Interest-bearing demand		935,097			934,861			870,457			873,727			776,480
Savings		379,499			376,825			363,140			346,662			340,899
Money market		870,788			861,119			821,606			802,697			858,931
Other time certificates		155,027			155,265			153,840			159,887			166,987
Brokered time certificates		281,551			149,270			66,741			7,342			8,218
Time certificates of $100,000 or more		206,520			189,660			177,737			184,621			190,436
Total Deposits		4,112,600			3,975,458			3,678,645			3,523,245			3,510,493

Securities sold under agreements to repurchase		142,153			167,558			183,107			204,202			167,693
Federal Home Loan Bank borrowings		389,000			395,000			302,000			415,000			305,000
Subordinated debt		70,451			70,381			70,311			70,241			70,171
Other liabilities		31,654			95,521			33,218			32,847			25,058
Total Liabilities		4,745,858			4,703,918			4,267,281			4,245,535			4,078,415

Shareholders’ Equity
Common stock		4,351			4,339			4,075			3,802			3,799
Additional paid in capital		576,825			574,842			510,806			454,001			453,007
Accumulated earnings/(deficit)		16,161			1,945			(5,731	)		(13,657	)		(24,427	)
Treasury stock		(1,730	)		(1,768	)		(1,172	)		(1,236	)		(691	)
		595,607			579,358			507,978			442,910			431,688
Accumulated other comprehensive income/(loss), net		(1,166	)		(1,981	)		(5,484	)		(7,513	)		3,831
Total Shareholders’ Equity		594,441			577,377			502,494			435,397			435,519
Total Liabilities & Shareholders’ Equity	$	5,340,299		$	5,281,295		$	4,769,775		$	4,680,932		$	4,513,934

Common Shares Outstanding		43,512,179			43,458,973			40,715,938			38,021,835			38,025,020

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)	Third			Second			First			Fourth			Third

Credit Analysis
Net charge-offs (recoveries) - non-acquired loans	$	612		$	304		$	211		$	87		$	(1,411	)
Net charge-offs (recoveries) - acquired loans		(333	)		(405	)		(118	)		141			(81	)
Total net charge-offs (recoveries)	$	279		$	(101	)	$	93		$	228		$	(1,492	)

TDR valuation adjustments	$	169		$	64		$	49		$	55		$	83

Net charge-offs (recoveries) to average loans - non-acquired loans		0.07	%		0.04	%		0.03	%		0.01	%		(0.21	)%
Net charge-offs (recoveries) to average loans - acquired loans		(0.04	)		(0.05	)		(0.02	)		0.02			(0.01	)
Total net charge-offs (recoveries) to average loans		0.03			(0.01	)		0.01			0.03			(0.22	)

Loan loss provision (recapture) - non-acquired loans	$	795		$	1,690		$	1,504		$	1,161		$	649
Loan loss provision (recapture) - acquired loans		(115	)		(289	)		(200	)		(161	)		(99	)
Total loan loss provision	$	680		$	1,401		$	1,304		$	1,000		$	550

Allowance for loan losses - non-acquired loans	$	25,822		$	25,809		$	24,487		$	23,243		$	22,225
Allowance for loan losses - acquired loans		410			191			75			157			459
Total allowance for loan losses	$	26,232		$	26,000		$	24,562		$	23,400		$	22,684

Non-acquired loans at end of period	$	2,837,490		$	2,722,866		$	2,572,549		$	2,425,850		$	2,272,275
Purchased noncredit impaired loans at end of period		537,057			594,077			388,228			440,690			484,006
Purchased credit impaired loans at end of period		10,443			13,132			12,982			12,996			13,057
Total loans	$	3,384,990		$	3,330,075		$	2,973,759		$	2,879,536		$	2,769,338

Non-acquired loans allowance for loan losses to non-acquired loans at end of period		0.91	%		0.95	%		0.95	%		0.96	%		0.98	%
Total allowance for loan losses to total loans at end of period		0.77			0.78			0.83			0.81			0.82
Acquired loans allowance for loan losses to acquired loans at end of period		0.07			0.03			0.02			0.03			0.09
Discount for credit losses to acquired loans at end of period		2.77			3.37			4.25			4.18			4.24

End of Period
Nonperforming loans - non-acquired loans	$	10,877		$	10,541		$	10,557		$	11,023		$	10,561
Nonperforming loans - acquired loans		3,498			6,632			6,428			7,048			7,876
Other real estate owned - non-acquired		1,748			1,748			2,790			3,041			3,681
Other real estate owned - acquired		1,632			1,645			1,203			1,203			1,468
Bank branches closed included in other real estate owned		3,762			5,104			3,892			5,705			7,585
Total nonperforming assets	$	21,517		$	25,670		$	24,870		$	28,020		$	31,171

Restructured loans (accruing)	$	16,181		$	16,941		$	18,125		$	17,711		$	19,272

Nonperforming loans to loans at end of period - non-acquired loans		0.38	%		0.39	%		0.41	%		0.45	%		0.46	%
Nonperforming loans to loans at end of period - acquired loans		0.64			1.09			1.60			1.55			1.58
Allowance for loan losses to nonperforming loans - non-acquired loans		237.40			244.84			231.95			210.86			210.44
Total nonperforming loans to loans at end of period		0.42			0.52			0.57			0.63			0.67

Nonperforming assets to total assets - non-acquired		0.31	%		0.33	%		0.36	%		0.42	%		0.48	%
Nonperforming assets to total assets - acquired		0.10			0.16			0.16			0.18			0.21
Total nonperforming assets to total assets		0.40			0.49			0.52			0.60			0.69

Average Balances
Total average assets	$	5,316,119		$	5,082,002		$	4,699,745		$	4,572,188		$	4,420,438
Less: Intangible assets		118,364			114,563			78,878			79,620			80,068
Total average tangible assets	$	5,197,755		$	4,967,439		$	4,620,867		$	4,492,568		$	4,340,370

Total average equity	$	587,919		$	567,448		$	466,847		$	437,077		$	430,410
Less: Intangible assets		118,364			114,563			78,878			79,620			80,068
Total average tangible equity	$	469,555		$	452,885		$	387,969		$	357,457		$	350,342

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

Construction and land development	$	245,151		$	230,574		$	174,992		$	160,116		$	153,901
Commercial real estate		1,478,091			1,464,068			1,354,140			1,357,592			1,293,512
Residential real estate		941,169			991,144			893,674			836,787			833,413
Installment loans to individuals		184,485			178,595			165,039			153,945			145,523
Commercial and financial		535,457			465,138			385,189			370,589			342,502
Other loans		637			556			725			507			489
Total Loans	$	3,384,990		$	3,330,075		$	2,973,759		$	2,879,536		$	2,769,338

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

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

Customer Relationship Funding
Noninterest demand
Commercial	$	997,749	$	995,720	$	916,940	$	860,449	$	892,876
Retail		217,809		238,506		234,109		220,134		209,351
Public funds		43,686		47,691		52,126		48,690		42,147
Other		24,874		26,541		21,949		19,036		24,168
		1,284,118		1,308,458		1,225,124		1,148,309		1,168,542

Interest-bearing demand
Commercial		156,176		155,178		117,629		102,320		100,824
Retail		670,705		659,906		613,121		591,808		567,286
Public funds		108,216		119,777		139,707		179,599		108,370
		935,097		934,861		870,457		873,727		776,480

Total transaction accounts
Commercial		1,153,925		1,150,898		1,034,569		962,769		993,700
Retail		888,514		898,412		847,230		811,942		776,637
Public funds		151,902		167,468		191,833		228,289		150,517
Other		24,874		26,541		21,949		19,036		24,168
		2,219,215		2,243,319		2,095,581		2,022,036		1,945,022

Savings		379,499		376,825		363,140		346,662		340,899

Money market
Commercial		360,567		351,871		313,094		286,879		313,200
Retail		431,325		427,575		414,886		411,696		411,550
Public funds		78,896		81,673		93,626		104,122		134,181
		870,788		861,119		821,606		802,697		858,931

Time certificates of deposit		643,098		494,195		398,318		351,850		365,641
Total Deposits	$	4,112,600	$	3,975,458	$	3,678,645	$	3,523,245	$	3,510,493

Customer sweep accounts	$	142,153	$	167,558	$	183,107	$	204,202	$	167,693

Total core customer funding (1)	$	3,611,655	$	3,648,821	$	3,463,434	$	3,375,597	$	3,312,545

(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
	Third Quarter								Second Quarter								Third Quarter
	Average					Yield/			Average					Yield/			Average					Yield/
(Dollars in thousands)	Balance			Interest		Rate			Balance			Interest		Rate			Balance			Interest		Rate
Assets
Earning assets:
Securities:
Taxable	$	1,356,276		$	8,823		2.60	%	$	1,261,017		$	8,379		2.66	%	$	1,264,345		$	6,966		2.20	%
Nontaxable		26,256			290		4.42			28,092			316		4.50			28,344			441		6.22
Total Securities		1,382,532			9,113		2.64			1,289,109			8,695		2.70			1,292,689			7,407		2.29

Federal funds sold and other investments		76,773			664		3.43			72,535			604		3.34			55,465			429		3.08

Loans, net		3,407,376			40,456		4.71			3,266,812			38,263		4.70			2,720,121			32,065		4.69

Total Earning Assets		4,866,681			50,233		4.10			4,628,456			47,562		4.12			4,068,275			39,901		3.90

Allowance for loan losses		(26,299	)							(25,276	)							(21,934	)
Cash and due from banks		99,864								99,974								84,592
Premises and equipment		57,023								59,415								62,552
Intangible assets		118,364								114,563								80,068
Bank owned life insurance		95,759								87,514								43,860
Other assets		104,727								117,355								103,025

Total Assets	$	5,316,119							$	5,082,002							$	4,420,438

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand	$	927,278		$	273		0.12	%	$	949,981		$	262		0.11	%	$	781,620		$	151		0.08	%
Savings		377,729			52		0.05			378,989			51		0.05			331,685			41		0.05
Money market		870,166			605		0.28			868,427			541		0.25			864,228			487		0.22
Time deposits		548,092			1,266		0.92			432,805			814		0.75			374,852			613		0.65
Federal funds purchased and securities sold under agreements to repurchase		165,160			204		0.49			174,715			194		0.45			184,170			118		0.25
Federal Home Loan Bank borrowings		439,755			1,293		1.17			323,780			780		0.97			223,467			240		0.43
Other borrowings		70,409			637		3.59			70,343			600		3.42			70,137			516		2.93

Total Interest-Bearing Liabilities		3,398,589			4,330		0.51			3,199,040			3,242		0.41			2,830,159			2,166		0.30

Noninterest demand		1,276,779								1,283,255								1,131,073
Other liabilities		52,832								32,259								28,796
Total Liabilities		4,728,200								4,514,554								3,990,028

Shareholders’ equity		587,919								567,448								430,410

Total Liabilities & Equity	$	5,316,119							$	5,082,002							$	4,420,438

Interest expense as a % of earning assets							0.35	%							0.28	%							0.21	%
Net interest income as a % of earning assets				$	45,903		3.74	%				$	44,320		3.84	%				$	37,735		3.69	%

(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	$	1,299,128		$	25,289		2.60	%	$	1,148,979		$	19,252		2.23	%
Nontaxable		27,388			1,047		5.10			24,919			1,150		6.16
Total Securities		1,326,516			26,336		2.65			1,173,898			20,403		2.32

Federal funds sold and other investments		68,766			1,778		3.46			72,708			1,152		2.12

Loans, net		3,199,408			110,668		4.62			2,500,613			87,531		4.68

Total Earning Assets		4,594,690			138,782		4.04			3,747,219			109,086		3.89

Allowance for loan losses		(25,211	)							(20,564	)
Cash and due from banks		101,858								86,227
Premises and equipment		58,401								60,927
Intangible assets		104,079								62,240
Bank owned life insurance		89,401								43,684
Other assets		111,661								97,730

Total Assets	$	5,034,879							$	4,077,463

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand	$	904,175		$	698		0.10	%	$	749,089		$	467		0.08	%
Savings		370,145			147		0.05			319,199			117		0.05
Money market		847,705			1,563		0.25			781,105			1,387		0.24
Time deposits		443,416			2,646		0.80			348,601			1,476		0.57
Federal funds purchased and securities sold under agreements to repurchase		173,601			551		0.42			188,551			374		0.26
Federal Home Loan Bank borrowings		396,610			2,775		0.94			150,862			864		0.77
Other borrowings		70,342			1,802		3.43			70,062			1,516		2.89

Total Interest-Bearing Liabilities		3,205,994			10,182		0.42			2,607,469			6,201		0.32

Noninterest demand		1,248,290								1,032,475
Other liabilities		39,414								31,439
Total Liabilities		4,493,698								3,671,383

Shareholders’ equity		541,181								406,080

Total Liabilities & Equity	$	5,034,879							$	4,077,463

Interest expense as a % of earning assets							0.30	%							0.22	%
Net interest income as a % of earning assets				$	128,600		3.74	%				$	102,885		3.67	%

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

Net income	$	14,216		$	7,676		$	7,926		$	10,771		$	9,133		$	29,818		$	18,431

BOLI income (benefits upon death)		0			0			0			0			0			0			(464	)
Security gains		47			(21	)		0			(7	)		(225	)		26			(361	)
Total Adjustments to Revenue		47			(21	)		0			(7	)		(225	)		26			(825	)

Merger related charges		491			5,081			533			561			1,699			6,105			8,467
Amortization of intangibles		839			839			719			719			728			2,397			1,767
Business continuity expenses - Hurricane Irma		352			-			-			-			-			352			-
Branch reductions and other expense initiatives		(127	)		1,876			2,572			163			894			4,321			3,194
Early redemption cost for FHLB advances		0			0			0			0			0			0			1,777
Total Adjustments to Noninterest Expense		1,555			7,796			3,824			1,443			3,321			13,175			15,205

Effective tax rate on adjustments		(673	)		(2,786	)		(1,480	)		(404	)		(1,168	)		(4,939	)		(5,545	)
Adjusted Net Income	$	15,145		$	12,665		$	10,270		$	11,803		$	11,061		$	38,080		$	27,266
Earnings per diluted share, as reported		0.32			0.18			0.20			0.28			0.24			0.70			0.49
Adjusted Earnings per Diluted Share		0.35			0.29			0.26			0.31			0.29			0.90			0.73
Average shares outstanding (000)		43,792			43,556			39,499			38,252			38,170			42,298			37,258

Revenue	$	57,183		$	54,644		$	48,070		$	47,354		$	47,437		$	159,897		$	130,029
Total Adjustments to Revenue		47			(21	)		0			(7	)		(225	)		26			(825	)
Adjusted Revenue		57,230			54,623			48,070			47,347			47,212			159,923			129,204

Noninterest Expense		34,361			41,625			34,746			30,297			33,435			110,732			100,584
Total Adjustments to Noninterest Expense		1,555			7,796			3,824			1,443			3,321			13,175			15,205
Adjusted Noninterest Expense		32,806			33,829			30,922			28,854			30,114			97,557			85,379

Adjusted Noninterest Expense		32,806			33,829			30,922			28,854			30,114			97,557			85,379
Foreclosed property expense and net (gain)/loss on sale		(298	)		297			(293	)		(78	)		124			(294	)		121
Net Adjusted Noninterest Expense		33,104			33,532			31,215			28,932			29,990			97,851			85,258

Adjusted Revenue		57,230			54,623			48,070			47,347			47,212			159,923			129,204
Impact of FTE adjustment		154			164			211			204			287			529			722
Adjusted Revenue on a fully taxable equivalent basis		57,384			54,787			48,281			47,551			47,499			160,452			129,926
Adjusted Efficiency Ratio		57.7	%		61.2	%		64.7	%		60.8	%		63.1	%		61.0			65.6	%

Average Assets	$	5,316,119		$	5,082,002		$	4,699,745		$	4,572,188		$	4,420,438		$	5,034,879		$	4,077,463
Less average goodwill and intangible assets		(118,364	)		(114,563	)		(78,878	)		(79,620	)		(80,068	)		(104,079	)		(62,240	)
Average Tangible Assets		5,197,755			4,967,439			4,620,867			4,492,568			4,340,370			4,930,800			4,015,223

Return on Average Assets (ROA)		1.06	%		0.61	%		0.68	%		0.94	%		0.82	%		0.79	%		0.60	%
Impact of removing average intangible assets and related amortization		0.06			0.05			0.06			0.06			0.06			0.06			0.05
Return on Tangible Average Assets (ROTA)		1.12			0.66			0.74			1.00			0.88			0.85			0.65
Impact of other adjustments for Adjusted Net Income		0.04			0.36			0.16			0.05			0.13			0.18			0.26
Adjusted Return on Average Tangible Assets		1.16			1.02			0.90			1.05			1.01			1.03			0.91

Average Shareholders’ Equity	$	587,919		$	567,448		$	466,847		$	437,077		$	430,410		$	541,181		$	406,084
Less average goodwill and intangible assets		(118,364	)		(114,563	)		(78,878	)		(79,620	)		(80,068	)		(104,079	)		(62,240	)
Average Tangible Equity		469,555			452,885			387,969			357,457			350,342			437,102			343,844

Return on Average Shareholders’ Equity		9.6	%		5.4	%		6.9	%		9.8	%		8.4	%		7.4	%		6.1	%
Impact of removing average intangible assets and related amortization		2.8			1.9			1.9			2.7			2.5			2.2			1.5
Return on Average Tangible Common Equity (ROTCE)		12.4			7.3			8.8			12.5			10.9			9.6			7.6
Impact of other adjustments for Adjusted Net Income		0.4			3.9			1.9			0.6			1.7			2.0			3.0
Adjusted Return on Average Tangible Common Equity		12.8			11.2			10.7			13.1			12.6			11.6			10.6

SEACOAST BANKING CORP OF FLORIDA - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - October 31, 2017

Attached files

SEACOAST BANKING CORP OF FLORIDA Reports