Full Year 2019 Net Income Increased 47% to $98.7 million.

Continued Improvements in Operating Leverage and Record Loan Originations

Highlight 4Q Results

Seacoast Banking Corporation of Florida ('Seacoast' or the 'Company') (NASDAQ: SBCF) today reported fourth quarter 2019 net income of $27.2 million, or $0.52 per diluted share, an increase of 70%, or $11.2 million, year-over-year. For the full year 2019, net income was $98.7 million, or $1.90 per share, an increase of 47% year-over-year. Seacoast reported fourth quarter 2019 adjusted net income1 of $26.8 million, or $0.52 per diluted share, an increase of 12%, or $2.9 million, compared to the fourth quarter of 2018. For the full year 2019, adjusted net income1 was $104.6 million, or $2.01 per share, an increase of 32% year-over-year.

For the fourth quarter of 2019, return on average tangible assets was 1.66%, return on average tangible shareholders' equity was 15.0%, and the efficiency ratio was 48.4%, compared to 1.05%, 10.9%, and 65.8%, respectively, in the fourth quarter of 2018. For the year ended December 31, 2019, return on average tangible assets was 1.56%, return on average tangible shareholders' equity was 14.7% and the efficiency ratio was 51.7% compared to 1.20%, 14.1% and 60.0% for the year ended December 31, 2018.

Adjusted return on average tangible assets1 was 1.57%, adjusted return on average tangible shareholders' equity1 was 14.2%, and the adjusted efficiency ratio1 was 47.5% in the fourth quarter of 2019, compared to 1.49%, 15.4%, and 54.2%, respectively, in the fourth quarter of 2018. For the year ended December 31, 2019, adjusted return on average tangible assets1 was 1.58%, adjusted return on average tangible shareholders' equity1 was 14.9% and the adjusted efficiency ratio1 was 50.9%, compared to 1.35%, 14.1% and 56.1% for the year ended December 31, 2018.

Dennis S. Hudson, III, Seacoast's Chairman and CEO, said, 'The Seacoast team closed another record year with net income of $27.2 million for the fourth quarter and $98.7 million for the full year 2019. We continue to generate disciplined growth as reflected in record originations for the quarter of $587 million, while maintaining our strict underwriting guidelines and delivering continued improvements in operating leverage.'

Hudson added, 'During the quarter, we announced the upcoming acquisition of First Bank of the Palm Beaches. This acquisition builds upon our two previous Palm Beach County acquisitions and strengthens our presence in Florida's largest and the nation's seventh largest MSA. We are also excited to announce the acquisition of Fourth Street Banking Company, the holding company for Freedom Bank of St. Petersburg. This is an exceptional addition to our two previous acquisitions in the state's second largest MSA. The combination of this acquisition and the First Bank transaction will provide earnings per share accretion of more than 5% to 2021 and has minimal up front dilution to tangible book value per share, earned back in less than two years.'

Charles M. Shaffer, Seacoast's Chief Operating Officer and Chief Financial Officer, said, 'We delivered another quarter of consistent growth in tangible book value per share, ending the period at $14.76, up 20% over the prior year. During the fourth quarter, net interest margin declined only 1 basis point excluding the impact of accretion of purchase discounts on acquired loans, demonstrating the exceptional quality of our balance sheet and customer franchise. This balance sheet is fortified with a robust capital base, strong asset quality and a prudent liquidity position. As the banking cycle continues to mature, Seacoast is committed to maintaining its fortress balance sheet, built on strong capital and strict credit underwriting.'

1Non-GAAP measure, see 'Explanation of Certain Unaudited Non-GAAP Financial Measures' for more information and for a reconciliation to GAAP.

Fourth Quarter 2019 Financial Highlights

Income Statement

Net income was $27.2 million, or $0.52 per diluted share, compared to $25.6 million, or $0.49, for the prior quarter and $16.0 million, or $0.31, for the fourth quarter of 2018. For the year ended December 31, 2019, net income was $98.7 million, or $1.90 per diluted share, compared to $67.3 million, or $1.38, for the year ended December 31, 2018. Adjusted net income1 was $26.8 million, or $0.52 per diluted share, compared to $27.7 million, or $0.53, for the prior quarter and $23.9 million, or $0.47, for the fourth quarter of 2018. For the year ended December 31, 2019, adjusted net income1 was $104.6 million, or $2.01 per diluted share, compared to $79.1 million, or $1.62, for the year ended December 31, 2018.

Net revenues were $78.1 million, an increase of $3.2 million, or 4%, compared to the prior quarter, and an increase of $5.4 million, or 7%, compared to the fourth quarter of 2018. For the year ended December 31, 2019, net revenues were $300.4 million, an increase of $38.8 million, or 15%, compared to the year ended December 31, 2018. Adjusted revenues1 were $75.6 million, an increase of $0.8 million, or 1%, from the prior quarter and an increase of $2.8 million, or 4%, from the fourth quarter of 2018. For the year ended December 31, 2019, adjusted revenues1 were $298.2 million, an increase of $36.3 million, or 14%, compared to the year ended December 31, 2018.

Net interest income totaled $61.8 million, an increase of $0.8 million, or 1%, from the prior quarter and an increase of $1.8 million, or 3%, from the fourth quarter of 2018. For the year ended December 31, 2019, net interest income was $243.6 million, an increase of $32.1 million, or 15%, compared to the year ended December 31, 2018.

Net interest margin was 3.84% in the fourth quarter of 2019, 3.89% in the third quarter of 2019 and 4.00% in the fourth quarter of 2018. Quarter-over-quarter, the yield on loans contracted 17 basis points, the yield on securities contracted 12 basis points, and the cost of deposits decreased 12 basis points. The impact on net interest margin from accretion of purchase discounts on acquired loans was 21 basis points in the fourth quarter of 2019, compared to 25 basis points in the prior quarter and 27 basis points in the fourth quarter of 2018. Excluding the impact of accretion, the net interest margin decreased only 1 basis point from the prior quarter and the yield on loans contracted 13 basis points. Decreases in the yield on both loans and securities reflect the impact of a lower interest rate environment, affecting variable-rate portfolios and resulting in lower add-on rates for new loans originated and securities purchased.

Noninterest income totaled $16.4 million, an increase of $2.4 million, or 17%, compared to the prior quarter and an increase of $3.7 million, or 29%, from the fourth quarter of 2018. For the year ended December 31, 2019, noninterest income was $56.7 million, an increase of $6.7 million, or 13%, compared to the year ended December 31, 2018. Changes in noninterest income consisted of the following:

After a record third quarter boosted by refinance activity, mortgage banking fees decreased $0.6 million in the fourth quarter to $1.5 million. For the full year, mortgage banking fees increased $1.8 million, or 39%, to $6.5 million compared to the prior year, reflecting our strategic focus on generating saleable volume.

Interchange income increased $0.2 million, or 6%, in the fourth quarter, and $1.1 million, or 9%, for the full year, the result of increased transaction activity across a growing customer base.

Lower other income in the fourth quarter reflects the $1.0 million BOLI death benefit recorded in the third quarter partially offset by swap fees of $0.6 million in the fourth quarter of 2019.

During the quarter, securities gains of $2.5 million resulted from the opportunistic sale of $79.8 million of longer duration bonds yielding 2.8% transacted when the 10-year treasury rate declined early in the quarter.

The provision for loan losses was $4.8 million compared to $2.3 million in the prior quarter and $2.3 million in the fourth quarter of 2018. The increase in provision primarily reflects strong loan growth in the fourth quarter of 2019 and a modestly higher increase in net charge-offs during the fourth quarter when compared to the third quarter of 2019. Looking back over the last four quarters, net charge offs were 0.16% of average loans outstanding, in line with our expectations and reflecting continued strong asset quality trends.

Noninterest expense was $38.1 million, a decrease of $0.5 million, or 1%, compared to the prior quarter and a decrease of $11.4 million, or 23%, from the fourth quarter of 2018. For the year ended December 31, 2019, noninterest expense was $160.7 million, a decrease of $1.5 million, or 1%, compared to the year ended December 31, 2018. Changes from the third quarter of 2019 in noninterest expense consisted of the following:

Salaries and benefits decreased $1.0 million on a combined basis, the result of lower incentive accruals and our continued proven success at focusing on cost control across the franchise.

Legal and professional fees increased $0.4 million, including $0.6 million incurred in the fourth quarter for merger related activities.

Other expenses increased $0.6 million, including increases of $0.3 million in lending-related costs to support increased production and $0.2 million in recruiting and supporting the onboarding of new sales talent. For the full year, other expenses are down $2.0 million compared to 2018, reflecting our continued focus on efficiency and streamlining operations.

During the third quarter of 2019, the FDIC announced the achievement of their target deposit insurance reserve ratio, resulting in our ability to offset FDIC assessments with previously awarded credits. The Company has remaining credits of $0.7 million, which will be applied to future assessments if the FDIC's reserve ratio remains above the target threshold.

Seacoast recorded $8.1 million in income tax expense in the fourth quarter of 2019, compared to $8.5 million in the prior quarter and $4.9 million in the fourth quarter of 2018. The prior quarter included net additional income tax expense of $0.7 million resulting from the change in the Florida corporate income tax rate.

Year to date adjusted revenues1 increased 14% compared to prior year while adjusted noninterest expense1 increased 3%, generating 11% operating leverage.

The efficiency ratio was 48.4% compared to 48.6% in the prior quarter and 65.8% in the fourth quarter of 2018. The adjusted efficiency ratio1 was 47.5% compared to 49.0% in the prior quarter and 54.2% in the fourth quarter of 2018.

Balance Sheet

At December 31, 2019, the Company had total assets of $7.1 billion and total shareholders' equity of $985.6 million. Book value per share was $19.13 and tangible book value per share was $14.76, compared to $18.70 and $14.30, respectively, at September 30, 2019 and $16.83 and $12.33, respectively, at December 31, 2018. Year-over-year, tangible book value per share increased 20%.

Debt Securities totaled $1.2 billion at December 31, 2019, an increase of $13.8 million compared to September 30, 2019 and a decrease of $15.6 million from December 31, 2018. During the quarter, securities gains of $2.5 million resulted from the opportunistic sale of $79.8 million of longer duration bonds yielding 2.8% transacted when the 10-year treasury rate declined early in the quarter.

Loans totaled $5.2 billion at December 31, 2019, an increase of $212.1 million, or 4%, compared to September 30, 2019, and an increase of $373.2 million, or 8%, from December 31, 2018. Changes in total loans consisted of the following:

New loan originations of $587 million, compared to $488 million in the prior quarter, contributed to net loan growth in the quarter of 17% on an annualized basis. Excluding the $99.0 million residential mortgage portfolio purchased during the quarter, net loan growth was 9% on an annualized basis. Loans outstanding have grown 8% year-over-year.

Commercial originations during the fourth quarter of 2019 were $247.0 million, a decrease of $35.2 million, or 12%, compared to the third quarter of 2019. Excluding the purchase of a $52.1 million commercial real estate loan portfolio in the third quarter of 2019, commercial originations increased in the fourth quarter $16.8 million, or 7%. Compared to the fourth quarter of 2018, commercial originations increased $87.6 million, or 55%.

Residential loan originations were $225.1 million in the fourth quarter of 2019, compared to $103.1 million in the third quarter of 2019 and $104.7 million in the fourth quarter of 2018. Originations in the fourth quarter of 2019 include the opportunistic purchase of a $99.0 million residential mortgage portfolio. Excluding that purchase, residential loan originations increased $28.8 million, or 30%, compared to the third quarter of 2019, and $21.3 million, or 20%, compared to the fourth quarter of 2018.

Consumer and small business originations for the fourth quarter of 2019 were $115.0 million, an increase of 12% compared to the third quarter of 2019 and an increase of 1% compared to the fourth quarter of 2018.

The Company continues to prudently manage commercial real estate exposure. Construction and land development and commercial real estate loans remain well below regulatory guidance at 40% and 204% of total bank-level risk based capital, respectively, compared to 42% and 204%, respectively, in the third quarter of 2019. On a consolidated basis, construction and land development and commercial real estate loans represent 38% and 191%, respectively, of total consolidated risk based capital.

The funded balances of our top 10 and top 20 relationships represented 21% and 39%, respectively, of total consolidated risk based capital, compared to 22% and 37% in the fourth quarter of 2018 and 34% and 54% in the fourth quarter of 2016. Our average commercial loan size is $365,000.

Pipelines (loans in underwriting and approval or approved and not yet closed) totaled $339.2 million at December 31, 2019.

Commercial pipelines were $256.0 million, an increase of 56% compared to December 31, 2018. The increase year-over-year reflects the successful addition of talent to our commercial banking team and better execution across the franchise.

Residential saleable pipelines were $19.0 million, an increase of 40% compared to December 31, 2018. The year-over-year increase reflects our continued strategic focus of generating saleable volume and the addition of talent across the franchise.

Retained residential pipelines were $19.1 million, a decrease of 37% compared to December 31, 2018. The year-over-year decrease reflects our continued strategic focus on generating saleable volume.

Consumer and small business pipelines were $45.1 million, a decrease of 16% compared to December 31, 2018.

Total deposits were $5.6 billion as of December 31, 2019, a decrease of $88.4 million, or 2%, sequentially and an increase of $407.5 million, or 8%, from the prior year.

Overall cost of deposits declined to 61 basis points in the fourth quarter of 2019 from 73 basis points in the prior quarter, reflecting the impact of interest rate cuts in the second half of 2019 by the Federal Reserve. By keeping a targeted focus on customer acquisition and a relationship-driven strategy, the Company has successfully maintained discipline in deposit pricing.

Total transaction accounts increased 7% year-over-year, reflecting continued strong growth in core customer balances, and represent 50% of overall deposit funding.

Interest-bearing deposits (interest-bearing demand, savings and money market deposits) increased year-over-year $127.5 million, or 5%, to $2.8 billion, noninterest bearing demand deposits increased $20.9 million, or 1%, to $1.6 billion, and CDs (excluding brokered) increased $6.9 million, or 1%, to $712.2 million.

Fourth quarter return on average tangible assets (ROTA) was 1.66%, compared to 1.61% in the prior quarter and 1.05% in the fourth quarter of 2018. Adjusted ROTA1 was 1.57% compared to 1.67% in the prior quarter and 1.49% in the fourth quarter of 2018. The decline in adjusted ROTA1 in the current quarter reflects the impact of higher provision expense and substantial loan growth, partially offset by higher net interest income and lower noninterest expense.

Capital

Fourth quarter return on average tangible common equity (ROTCE) was 15.0%, compared to 14.7% in the prior quarter and 10.9% in the fourth quarter of 2018. Adjusted ROTCE1 was 14.2% compared to 15.3% in the prior quarter and 15.4% in the fourth quarter of 2018. The decline in adjusted ROTCE1 in the fourth quarter reflects the impact of a robust growing capital base.

The tier 1 capital ratio was 15.0%, total capital ratio was 15.7% and the tier 1 leverage ratio was 12.2% at December 31, 2019.

Tangible common equity to tangible assets was 11.1% at December 31, 2019, compared to 11.1% at September 30, 2019 and 9.7% at December 31, 2018.

Asset Quality

Nonperforming loans to total loans outstanding was 0.52% at December 31, 2019, 0.52% at September 30, 2019, and 0.55% at December 31, 2018.

Nonperforming assets to total assets was 0.55% at December 31, 2019, 0.58% at September 30, 2019 and 0.58% at December 31, 2018.

The ratio of allowance for loan losses to total loans was 0.68% at December 31, 2019, 0.67% at September 30, 2019, and 0.67% at December 31, 2018. The ratio of allowance for loan losses to non-acquired loans was 0.80% at December 31, 2019, 0.84% at September 30, 2019, and 0.89% at December 31, 2018.

Net charge-offs were $3.2 million, or 0.25%, of average loans for the fourth quarter of 2019 compared to $2.1 million, or 0.17%, of average loans in the third quarter of 2019 and $3.7 million, or 0.32% of average loans in the fourth quarter of 2018. Net charge-offs for the four most recent quarters averaged 0.16%, in line with our expectations for full year 2019.

FINANCIAL HIGHLIGHTS 

(Amounts in thousands except per share data)	(Unaudited)

Quarterly Trends

4Q'19	 	3Q'19	 	2Q'19	 	1Q'19	 	4Q'18

Selected Balance Sheet Data: 

Total Assets	$	7,108,511	 	 	$	6,890,645	 	 	$	6,824,886	 	 	$	6,783,389	 	 	$	6,747,659
Gross Loans	5,198,404	 	 	4,986,289	 	 	4,888,139	 	 	4,828,441	 	 	4,825,214	
Total Deposits	5,584,753	 	 	5,673,141	 	 	5,541,209	 	 	5,605,578	 	 	5,177,240

Performance Measures: 

Net Income	$	27,176	 	 	$	25,605	 	 	$	23,253	 	 	$	22,705	 	 	$	15,962
Net Interest Margin	3.84	%	 	3.89	%	 	3.94	%	 	4.02	%	 	4.00	%
Average Diluted Shares Outstanding	52,081	 	 	51,935	 	 	51,952	 	 	52,039	 	 	51,237	
Diluted Earnings Per Share (EPS)	$	0.52	 	 	$	0.49	 	 	$	0.45	 	 	$	0.44	 	 	$	0.31

Return on (annualized): 

Average Assets (ROA)	1.54	%	 	1.49	%	 	1.38	%	 	1.36	%	 	0.96	%
Average Tangible Assets (ROTA)	1.66	 	 	1.61	 	 	1.50	 	 	1.48	 	 	1.05	
Average Tangible Common Equity (ROTCE)	14.95	 	 	14.73	 	 	14.30	 	 	14.86	 	 	10.94	
Efficiency Ratio	48.36	 	 	48.62	 	 	53.48	 	 	56.55	 	 	65.76

Adjusted Operating Measures1: 

Adjusted Net Income	$	26,837	 	 	$	27,731	 	 	$	25,818	 	 	$	24,205	 	 	$	23,893
Adjusted Diluted EPS	0.52	 	 	0.53	 	 	0.50	 	 	0.47	 	 	0.47	
Adjusted ROTA	1.57	%	 	1.67	%	 	1.59	%	 	1.50	%	 	1.49	%
Adjusted ROTCE	14.19	 	 	15.30	 	 	15.17	 	 	15.11	 	 	15.44	
Adjusted Efficiency Ratio	47.52	 	 	48.96	 	 	51.44	 	 	55.81	 	 	54.19

Adjusted Noninterest Expense as a

Percent of Average Tangible Assets	2.11	 	 	2.22	 	 	2.34	 	 	2.55	 	 	2.46

Other Data: 

Market capitalization2	$	1,574,775	 	 	$	1,303,010	 	 	$	1,309,158	 	 	$	1,354,759	 	 	$	1,336,415
Full-time equivalent employees	867	 	 	867	 	 	852	 	 	902	 	 	902	
Number of ATMs	78	 	 	80	 	 	81	 	 	84	 	 	87	
Full service banking offices	48	 	 	48	 	 	49	 	 	50	 	 	51	
Registered online users	109,684	 	 	107,241	 	 	104,017	 	 	102,274	 	 	99,415	
Registered mobile devices	99,361	 	 	96,384	 	 	92,281	 	 	87,844	 	 	83,151

1Non-GAAP measure, see 'Explanation of Certain Unaudited Non-GAAP Financial Measures' for more information and a reconciliation to GAAP

2Common shares outstanding multiplied by closing bid price on last day of each period

Vision 2020

Seacoast remains confident in the Company's ability to achieve Vision 2020 targets announced in February 2017.

Vision 2020 Targets 

	Return on Tangible Assets	1.30% +	
	Return on Tangible Common Equity	16% +	
	Efficiency Ratio	Below 50%

Since announcing Vision 2020 targets in February 2017, the Company has achieved a compounded annual growth rate in tangible book value per share of 13%, steadily building shareholder value.

Fourth Quarter and Full Year 2019 Operating Highlights

Modernizing How Seacoast Sells

In 2019, interchange income increased by $1.1 million, or 9%, compared to the prior year as Seacoast's debit card program surpassed $1 billion in retail sales. The Company's debit card program consistently performs in the top quartile of Visa partner banks of similar size.

Seacoast Wealth Management added approximately $140 million in new assets under management in 2019, growing 27% year-over-year. Growth in assets under management, industry leading products and investments in sales and support teams throughout the footprint resulted in a 7% increase year-over-year in wealth related revenue.

Seacoast has partnered with a leading consumer insights firm to capture and analyze feedback from customers. Program implementation and launch were completed in the third quarter of 2019, with the objective of identifying additional customer opportunities.

Lowering Cost to Serve

Seacoast consolidated three banking center locations in 2019, achieving the Vision 2020 objective of reducing the footprint by 20% to meet evolving customer needs. At December 31, 2019, deposits per banking center exceeded $116 million compared to $102 million at December 31, 2018.

Driving Improvements to Operations

In 2019, Seacoast's continued focus on efficiency and streamlining operations improved adjusted noninterest expenses1 as a percent of average tangible assets to 2.11% in the fourth quarter compared to 2.46% a year ago.

Earlier this year, Seacoast further enhanced the interactive voice response (IVR) system in the Florida-based Customer Support Center. The system provides customers with secure, self-serve options and expedites call routing processes. During the fourth quarter of 2019, more than 215,000 routine customer service calls were serviced solely by the IVR system. This represented 71% of total customer service calls received. This investment should continue to provide added scalability and elevate the customer experience in 2020.

Late in 2018, Seacoast launched a large-scale initiative to implement a fully digital loan origination platform across all business banking units. In the fourth quarter of 2019, this platform enabled record loan originations in the commercial banking team. The Company recognized $350,000 in annualized expense reductions as a result of this platform implementation. This investment should lead to further gains in operational efficiency and banker productivity in 2020 and beyond.

Scaling and Evolving Seacoast's Culture

Seacoast's balanced growth strategy, combining organic growth with value-creating acquisitions, continues to benefit shareholders and provide new opportunities for associates. The pending acquisitions of First Bank of the Palm Beaches and Fourth Street Banking Company, subject to shareholder and regulatory approvals, will add experienced bankers in two growing markets and will further support the Company's sustainable and profitable growth.

OTHER INFORMATION

Conference Call Information

Seacoast will host a conference call on January 24, 2020 at 10:00 a.m. (Eastern Time) to discuss the fourth quarter and full year 2019 earnings results and business trends. Investors may call in (toll-free) by dialing (888) 517-2513 (passcode: 7556 513; host: Dennis S. Hudson). Charts will be used during the conference call and may be accessed at Seacoast's website at www.SeacoastBanking.com by selecting 'Presentations' under the heading 'News/Events.' A replay of the call will be available for one month, beginning late afternoon of January 24, 2020 by dialing (888) 843-7419 (domestic) and using passcode: 7556 513#.

Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast's website at www.SeacoastBanking.com. The link is located in the subsection 'Presentations' under the heading 'Investor Services.' Beginning the afternoon of January 24, 2020, 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 $7.1 billion in assets and $5.6 billion in deposits as of December 31, 2019. The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through advanced banking solutions, and 48 traditional branches of its locally-branded, wholly-owned subsidiary bank, Seacoast Bank. Offices stretch from Fort 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 www.SeacoastBanking.com.

Additional Information

Seacoast has filed a registration statement on Form S-4 with the United States Securities and Exchange Commission (the 'SEC') in connection with the proposed merger of First Bank of the Palm Beaches ('First Bank') with and into Seacoast Bank and will file a registration statement on Form S-4 with the SEC in connection with the proposed merger of Fourth Street Banking Company ('Fourth Street') with and into Seacoast and Freedom Bank with and into Seacoast Bank. The registration statement in connection with the First Bank merger includes a proxy statement of First Bank and a prospectus of Seacoast and the registration statement in connection with the Fourth Street merger will include a proxy statement of Fourth Street and a prospectus of Seacoast. A definitive proxy statement/prospectus will be mailed to shareholders of First Bank and Fourth Street. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. WE URGE INVESTORS TO READ THE PROXY STATEMENTS/PROSPECTUSES AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE MERGERS OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENTS/PROSPECTUSES BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.

Investors may obtain (when available) these documents free of charge at the SEC's Web site (www.sec.gov). In addition, documents filed with the SEC by Seacoast will be available free of charge by contacting Investor Relations at (772) 288-6085.

First Bank and Fourth Street, their directors, and executive officers and other members of management and employees may be considered participants in the solicitation of proxies in connection with the proposed mergers of First Bank with and into Seacoast Bank and Fourth Street with and into Seacoast. Information regarding the participants in the proxy solicitation of First Bank and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC. Information regarding the participants in the proxy solicitation of Fourth Street and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC.

Cautionary Notice Regarding Forward-Looking Statements

This press release contains 'forward-looking statements' within the meaning, and protections, 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, tax law changes, new initiatives and for integration of banks that we have acquired, or expect to acquire, including First Bank, as well as statements with respect to Seacoast's objectives, strategic plans, including Vision 2020, 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, assumptions, estimates and intentions about future performance 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.

All statements other than statements of historical fact could be 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', 'plan', 'point to', 'project', 'could', 'intend', 'target' 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, including interest rate policies of the Board of Governors of the Federal Reserve, 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; uncertainty related to the impact of LIBOR calculations on securities and loans; changes in borrower credit risks and payment behaviors; changes in the availability and cost of credit and capital in the financial markets; changes in the prices, values and sales volumes of residential and commercial real estate; our ability to comply with any regulatory requirements; the effects of problems encountered by other financial institutions that adversely affect us or the banking industry; our concentration in commercial real estate loans; the failure of assumptions and estimates, as well as differences in, and changes to, economic, market and credit conditions; the impact on the valuation of our investments due to market volatility or counterparty payment risk; statutory and regulatory dividend restrictions; increases in regulatory capital requirements for banking organizations generally; the risks of mergers, acquisitions and divestitures, including our ability to continue to identify acquisition targets and successfully acquire desirable financial institutions; changes in technology or products that may be more difficult, costly, or less effective than anticipated; our ability to identify and address increased cybersecurity risks; inability of our risk management framework to manage risks associated with our business; dependence on key suppliers or vendors to obtain equipment or services for our business on acceptable terms; reduction in or the termination of our ability to use the mobile-based platform that is critical to our business growth strategy; the effects of war or other conflicts, acts of terrorism, natural disasters or other catastrophic events that may affect general economic conditions; unexpected outcomes of, and the costs associated with, existing or new litigation involving us; our ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions; the risks that our deferred tax assets could be reduced if estimates of future taxable income from our operations and tax planning strategies are less than currently estimated and sales of our capital stock could trigger a reduction in the amount of net operating loss carryforwards that we may be able to utilize for income tax purposes; 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 relating to the proposed First Bank and Fourth Street mergers include, without limitation: the timing to consummate the proposed mergers; the risk that a condition to closing of the proposed mergers may not be satisfied; the risk that a regulatory approval that may be required for the proposed mergers is not obtained or is obtained subject to conditions that are not anticipated; the diversion of management time on issues related to the proposed mergers; 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 mergers 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 disruptions, 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, 2018, 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 www.sec.gov.

FINANCIAL HIGHLIGHTS	(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES 

	Quarterly Trends	 	Twelve Months Ended	
(Amounts in thousands, except ratios and per share data)	4Q'19	 	3Q'19	 	2Q'19	 	1Q'19	 	4Q'18	 	4Q'19	 	4Q'18

Summary of Earnings 

Net income	$	27,176	 	 	$	25,605	 	 	$	23,253	 	 	$	22,705	 	 	$	15,962	 	 	$	98,739	 	 	$	67,275
Adjusted net income1	26,837	 	 	27,731	 	 	25,818	 	 	24,205	 	 	23,893	 	 	104,591	 	 	79,085	 	
Net interest income2	61,846	 	 	61,027	 	 	60,219	 	 	60,861	 	 	60,100	 	 	243,953	 	 	211,956	 	
Net interest margin2,3	3.84	%	 	3.89	%	 	3.94	%	 	4.02	%	 	4.00	%	 	3.92	%	 	3.85	%

Performance Ratios 

Return on average assets-GAAP basis3	1.54	%	 	1.49	%	 	1.38	%	 	1.36	%	 	0.96	%	 	1.45	%	 	1.11	%	
Return on average tangible assets-GAAP basis3,4	1.66	 	 	1.61	 	 	1.50	 	 	1.48	 	 	1.05	 	 	1.56	 	 	1.20	 	
Adjusted return on average tangible assets1,3,4	1.57	 	 	1.67	 	 	1.59	 	 	1.50	 	 	1.49	 	 	1.58	 	 	1.35	 	
Return on average shareholders' equity-GAAP basis3	11.04	 	 	10.73	 	 	10.23	 	 	10.47	 	 	7.65	 	 	10.63	 	 	9.08	 	
Return on average tangible common equity-GAAP basis3,4	14.95	 	 	14.73	 	 	14.30	 	 	14.86	 	 	10.94	 	 	14.72	 	 	12.54	 	
Adjusted return on average tangible common equity1,3,4	14.19	 	 	15.30	 	 	15.17	 	 	15.11	 	 	15.44	 	 	14.93	 	 	14.06	 	
Efficiency ratio5	48.36	 	 	48.62	 	 	53.48	 	 	56.55	 	 	65.76	 	 	51.71	 	 	59.98	 	
Adjusted efficiency ratio1	47.52	 	 	48.96	 	 	51.44	 	 	55.81	 	 	54.19	 	 	50.90	 	 	56.13	 	
Noninterest income to total revenue (excluding securities gains/losses)	18.30	 	 	19.53	 	 	18.93	 	 	17.45	 	 	17.97	 	 	18.56	 	 	19.32	 	
Tangible common equity to tangible assets4	11.05	 	 	11.05	 	 	10.65	 	 	10.18	 	 	9.72	 	 	11.05	 	 	9.72	 	
Average loan-to-deposit ratio	90.71	 	 	88.35	 	 	87.27	 	 	90.55	 	 	89.14	 	 	89.21	 	 	85.85	 	
End of period loan-to-deposit ratio	93.44	 	 	88.36	 	 	88.53	 	 	86.38	 	 	93.43	 	 	93.44	 	 	93.43

Per Share Data 

Net income diluted-GAAP basis	$	0.52	 	 	$	0.49	 	 	$	0.45	 	 	$	0.44	 	 	$	0.31	 	 	$	1.90	 	 	$	1.38
Net income basic-GAAP basis	0.53	 	 	0.50	 	 	0.45	 	 	0.44	 	 	0.32	 	 	1.92	 	 	1.40	 	
Adjusted earnings1	0.52	 	 	0.53	 	 	0.50	 	 	0.47	 	 	0.47	 	 	2.01	 	 	1.62	 	
Book value per share common	19.13	 	 	18.70	 	 	18.08	 	 	17.44	 	 	16.83	 	 	19.13	 	 	16.83	 	
Tangible book value per share	14.76	 	 	14.30	 	 	13.65	 	 	12.98	 	 	12.33	 	 	14.76	 	 	12.33	 	
Cash dividends declared	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-

1Non-GAAP measure - see 'Explanation of Certain Unaudited Non-GAAP Financial Measures' for more information and a reconciliation to GAAP.

2Calculated on a fully taxable equivalent basis using amortized cost.

3These ratios are stated on an annualized basis and are not necessarily indicative of future periods.

4The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders' equity less

intangible assets.

5Defined as noninterest expense less amortization of intangibles and 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). 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME	 	(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES 

	Quarterly Trends	 	Twelve Months Ended	
(Amounts in thousands, except per share data)	4Q'19	 	3Q'19	 	2Q'19	 	1Q'19	 	4Q'18	 	4Q'19	 	4Q'18

Interest on securities: 

Taxable	$	8,500	 	 	$	8,802	 	 	$	8,933	 	 	$	9,119	 	 	$	9,528	 	 	$	35,354	 	 	$	37,860
Nontaxable	130	 	 	131	 	 	143	 	 	151	 	 	200	 	 	555	 	 	884	 	
Interest and fees on loans	62,868	 	 	63,092	 	 	62,288	 	 	62,287	 	 	59,495	 	 	250,535	 	 	199,984	 	
Interest on federal funds sold and other investments	788	 	 	800	 	 	873	 	 	918	 	 	835	 	 	3,379	 	 	2,670	 	
Total Interest Income	72,286	 	 	72,825	 	 	72,237	 	 	72,475	 	 	70,058	 	 	289,823	 	 	241,398	 	
Interest on deposits	3,589	 	 	4,334	 	 	4,825	 	 	3,873	 	 	3,140	 	 	16,621	 	 	8,763	 	
Interest on time certificates	5,084	 	 	6,009	 	 	5,724	 	 	4,959	 	 	3,901	 	 	21,776	 	 	11,684	 	
Interest on borrowed money	1,853	 	 	1,534	 	 	1,552	 	 	2,869	 	 	3,033	 	 	7,808	 	 	9,436	 	
Total Interest Expense	10,526	 	 	11,877	 	 	12,101	 	 	11,701	 	 	10,074	 	 	46,205	 	 	29,883	 	
Net Interest Income	61,760	 	 	60,948	 	 	60,136	 	 	60,774	 	 	59,984	 	 	243,618	 	 	211,515	 	
Provision for loan losses	4,800	 	 	2,251	 	 	2,551	 	 	1,397	 	 	2,342	 	 	10,999	 	 	11,730	 	
Net Interest Income After Provision for Loan Losses	56,960	 	 	58,697	 	 	57,585	 	 	59,377	 	 	57,642	 	 	232,619	 	 	199,785

Noninterest income: 

Service charges on deposit accounts	2,960	 	 	2,978	 	 	2,894	 	 	2,697	 	 	3,019	 	 	11,529	 	 	11,198	 	
Trust fees	1,096	 	 	1,183	 	 	1,147	 	 	1,017	 	 	1,040	 	 	4,443	 	 	4,183	 	
Mortgage banking fees	1,514	 	 	2,127	 	 	1,734	 	 	1,115	 	 	809	 	 	6,490	 	 	4,682	 	
Brokerage commissions and fees	483	 	 	449	 	 	541	 	 	436	 	 	468	 	 	1,909	 	 	1,732	 	
Marine finance fees	338	 	 	153	 	 	201	 	 	362	 	 	185	 	 	1,054	 	 	1,398	 	
Interchange income	3,387	 	 	3,206	 	 	3,405	 	 	3,401	 	 	3,198	 	 	13,399	 	 	12,335	 	
BOLI income	904	 	 	928	 	 	927	 	 	915	 	 	1,091	 	 	3,674	 	 	4,291	 	
SBA gains	576	 	 	569	 	 	691	 	 	636	 	 	519	 	 	2,472	 	 	2,474	 	
Other	2,579	 	 	3,197	 	 	2,503	 	 	2,266	 	 	2,810	 	 	10,545	 	 	8,352	 	
	13,837	 	 	14,790	 	 	14,043	 	 	12,845	 	 	13,139	 	 	55,515	 	 	50,645	 	
Securities gains/(losses), net	2,539	 	 	(847	)	 	(466	)	 	(9	)	 	(425	)	 	1,217	 	 	(623	)	
Total Noninterest Income	16,376	 	 	13,943	 	 	13,577	 	 	12,836	 	 	12,714	 	 	56,732	 	 	50,022

Noninterest expenses: 

Salaries and wages	17,263	 	 	18,640	 	 	19,420	 	 	18,506	 	 	22,172	 	 	73,829	 	 	71,111	 	
Employee benefits	3,323	 	 	2,973	 	 	3,195	 	 	4,206	 	 	3,625	 	 	13,697	 	 	12,945	 	
Outsourced data processing costs	3,645	 	 	3,711	 	 	3,876	 	 	3,845	 	 	5,809	 	 	15,077	 	 	16,374	 	
Telephone / data lines	651	 	 	603	 	 	893	 	 	811	 	 	602	 	 	2,958	 	 	2,481	 	
Occupancy	3,368	 	 	3,368	 	 	3,741	 	 	3,807	 	 	3,747	 	 	14,284	 	 	13,394	 	
Furniture and equipment	1,416	 	 	1,528	 	 	1,544	 	 	1,757	 	 	2,452	 	 	6,245	 	 	6,744	 	
Marketing	885	 	 	933	 	 	1,211	 	 	1,132	 	 	1,350	 	 	4,161	 	 	5,085	 	
Legal and professional fees	2,025	 	 	1,648	 	 	2,033	 	 	2,847	 	 	3,668	 	 	8,553	 	 	9,961	 	
FDIC assessments	0	 	 	56	 	 	337	 	 	488	 	 	571	 	 	881	 	 	2,195	 	
Amortization of intangibles	1,456	 	 	1,456	 	 	1,456	 	 	1,458	 	 	1,303	 	 	5,826	 	 	4,300	 	
Foreclosed property expense and net (gain)/loss on sale	3	 	 	262	 	 	(174	)	 	(40	)	 	0	 	 	51	 	 	461	 	
Other	4,022	 	 	3,405	 	 	3,468	 	 	4,282	 	 	4,165	 	 	15,177	 	 	17,222	 	
Total Noninterest Expense	38,057	 	 	38,583	 	 	41,000	 	 	43,099	 	 	49,464	 	 	160,739	 	 	162,273	 	
Income Before Income Taxes	35,279	 	 	34,057	 	 	30,162	 	 	29,114	 	 	20,892	 	 	128,612	 	 	87,534	 	
Income taxes	8,103	 	 	8,452	 	 	6,909	 	 	6,409	 	 	4,930	 	 	29,873	 	 	20,259	 	
Net Income	$	27,176	 	 	$	25,605	 	 	$	23,253	 	 	$	22,705	 	 	$	15,962	 	 	$	98,739	 	 	$	67,275

Per share of common stock: 

Net income diluted	$	0.52	 	 	$	0.49	 	 	$	0.45	 	 	$	0.44	 	 	$	0.31	 	 	$	1.90	 	 	$	1.38
Net income basic	0.53	 	 	0.50	 	 	0.45	 	 	0.44	 	 	0.32	 	 	1.92	 	 	1.40	 	
Cash dividends declared	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	
Average diluted shares outstanding	52,081	 	 	51,935	 	 	51,952	 	 	52,039	 	 	51,237	 	 	52,029	 	 	48,748	 	
Average basic shares outstanding	51,517	 	 	51,473	 	 	51,446	 	 	51,359	 	 	50,523	 	 	51,449	 	 	47,969	 	
CONDENSED CONSOLIDATED BALANCE SHEETS	 	(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES 

	 	December 31,	 	September 30,	 	June 30,	 	March 31,	 	December 31,	
(Amounts in thousands)	 	2019	 	2019	 	2019	 	2019	 	2018

Assets 

Cash and due from banks	 	$	89,843	 	 	$	106,349	 	 	$	97,792	 	 	$	98,270	 	 	$	92,242
Interest bearing deposits with other banks	 	34,688	 	 	25,911	 	 	61,987	 	 	105,741	 	 	23,709	 	
Total Cash and Cash Equivalents	 	124,531	 	 	132,260	 	 	159,779	 	 	204,011	 	 	115,951	 	
Time deposits with other banks	 	3,742	 	 	4,579	 	 	4,980	 	 	8,174	 	 	8,243

Debt Securities: 

Available for sale (at fair value)	 	946,855	 	 	920,811	 	 	914,615	 	 	877,549	 	 	865,831	 	
Held to maturity (at amortized cost)	 	261,369	 	 	273,644	 	 	287,302	 	 	295,485	 	 	357,949	 	
Total Debt Securities	 	1,208,224	 	 	1,194,455	 	 	1,201,917	 	 	1,173,034	 	 	1,223,780	 	
Loans held for sale	 	20,029	 	 	26,768	 	 	17,513	 	 	13,900	 	 	11,873	 	
Loans	 	5,198,404	 	 	4,986,289	 	 	4,888,139	 	 	4,828,441	 	 	4,825,214	 	
Less: Allowance for loan losses	 	(35,154	)	 	(33,605	)	 	(33,505	)	 	(32,822	)	 	(32,423	)	
Net Loans	 	5,163,250	 	 	4,952,684	 	 	4,854,634	 	 	4,795,619	 	 	4,792,791	 	
Bank premises and equipment, net	 	66,615	 	 	67,873	 	 	68,738	 	 	70,412	 	 	71,024	 	
Other real estate owned	 	12,390	 	 	13,593	 	 	11,043	 	 	11,921	 	 	12,802	 	
Goodwill	 	205,286	 	 	205,286	 	 	205,260	 	 	205,260	 	 	204,753	 	
Other intangible assets, net	 	20,066	 	 	21,318	 	 	22,672	 	 	23,959	 	 	25,977	 	
Bank owned life insurance	 	126,181	 	 	125,277	 	 	125,233	 	 	124,306	 	 	123,394	 	
Net deferred tax assets	 	16,457	 	 	17,168	 	 	19,353	 	 	24,647	 	 	28,954	 	
Other assets	 	141,740	 	 	129,384	 	 	133,764	 	 	128,146	 	 	128,117	 	
Total Assets	 	$	7,108,511	 	 	$	6,890,645	 	 	$	6,824,886	 	 	$	6,783,389	 	 	$	6,747,659

Liabilities and Shareholders' Equity

Liabilities

Deposits 

Noninterest demand	 	$	1,590,493	 	 	$	1,652,927	 	 	$	1,669,804	 	 	$	1,676,009	 	 	$	1,569,602
Interest-bearing demand	 	1,181,732	 	 	1,115,455	 	 	1,124,519	 	 	1,100,477	 	 	1,014,032	 	
Savings	 	519,152	 	 	528,214	 	 	519,732	 	 	508,320	 	 	493,807	 	
Money market	 	1,108,363	 	 	1,158,862	 	 	1,172,971	 	 	1,192,070	 	 	1,173,950	 	
Other time certificates	 	504,837	 	 	537,183	 	 	553,107	 	 	539,202	 	 	513,312	 	
Brokered time certificates	 	472,857	 	 	458,418	 	 	268,998	 	 	367,841	 	 	220,594	 	
Time certificates of more than $250,000	 	207,319	 	 	222,082	 	 	232,078	 	 	221,659	 	 	191,943	 	
Total Deposits	 	5,584,753	 	 	5,673,141	 	 	5,541,209	 	 	5,605,578	 	 	5,177,240	 	
Securities sold under agreements to repurchase	 	86,121	 	 	70,414	 	 	82,015	 	 	148,005	 	 	214,323	 	
Federal Home Loan Bank borrowings	 	315,000	 	 	50,000	 	 	140,000	 	 	3,000	 	 	380,000	 	
Subordinated debt	 	71,085	 	 	71,014	 	 	70,944	 	 	70,874	 	 	70,804	 	
Other liabilities	 	65,913	 	 	63,398	 	 	60,479	 	 	59,508	 	 	41,025	 	
Total Liabilities	 	6,122,872	 	 	5,927,967	 	 	5,894,647	 	 	5,886,965	 	 	5,883,392

Shareholders' Equity 

Common stock	 	5,151	 	 	5,148	 	 	5,146	 	 	5,141	 	 	5,136	 	
Additional paid in capital	 	786,242	 	 	784,661	 	 	782,928	 	 	780,680	 	 	778,501	 	
Retained earnings	 	195,813	 	 	168,637	 	 	143,032	 	 	119,779	 	 	97,074	 	
Treasury stock	 	(6,032	)	 	(6,079	)	 	(6,137	)	 	(4,959	)	 	(3,384	)	
	 	981,174	 	 	952,367	 	 	924,969	 	 	900,641	 	 	877,327	 	
Accumulated other comprehensive income/(loss), net	 	4,465	 	 	10,311	 	 	5,270	 	 	(4,217	)	 	(13,060	)	
Total Shareholders' Equity	 	985,639	 	 	962,678	 	 	930,239	 	 	896,424	 	 	864,267	 	
Total Liabilities & Shareholders' Equity	 	$	7,108,511	 	 	$	6,890,645	 	 	$	6,824,886	 	 	$	6,783,389	 	 	$	6,747,659
Common shares outstanding	 	51,514	 	 	51,482	 	 	51,461	 	 	51,414	 	 	51,361	 	
CONSOLIDATED QUARTERLY FINANCIAL DATA	(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES 

(Amounts in thousands)	4Q'19	 	3Q'19	 	2Q'19	 	1Q'19 4Q'18

Credit Analysis 

Net charge-offs (recoveries) - non-acquired loans	$	2,930	 	 	$	2,106	 	 	$	1,621	 	 	$	762	 	 	$	3,693
Net charge-offs (recoveries) - acquired loans	295	 	 	5	 	 	220	 	 	201	 	 	56	
Total Net Charge-offs (Recoveries)	3,225	 	 	2,111	 	 	1,841	 	 	963	 	 	3,749	
TDR valuation adjustments	$	27	 	 	$	40	 	 	$	27	 	 	$	35	 	 	$	35
Net charge-offs (recoveries) to average loans - non-acquired loans	0.23	%	 	0.17	%	 	0.13	%	 	0.06	%	 	0.32	%
Net charge-offs (recoveries) to average loans - acquired loans	0.02	 	 	-	 	 	0.02	 	 	0.02	 	 	-	
Total Net Charge-offs (Recoveries) to Average Loans	0.25	 	 	0.17	 	 	0.15	 	 	0.08	 	 	0.32	
Provision for loan losses - non-acquired loans	$	4,041	 	 	$	2,241	 	 	$	2,326	 	 	$	1,709	 	 	$	2,343
Provision for (recapture of) loan losses - acquired loans	759	 	 	10	 	 	225	 	 	(312	)	 	(1	)
Total Provision for Loan Losses	$	4,800	 	 	$	2,251	 	 	$	2,551	 	 	$	1,397	 	 	$	2,342
Allowance for loan losses - non-acquired loans	$	34,573	 	 	$	33,488	 	 	$	33,393	 	 	$	32,715	 	 	$	31,803
Allowance for loan losses - acquired loans	581	 	 	117	 	 	112	 	 	107	 	 	620	
Total Allowance for Loan Losses	$	35,154	 	 	$	33,605	 	 	$	33,505	 	 	$	32,822	 	 	$	32,423
Non-acquired loans at end of period	$	4,317,919	 	 	$	4,010,299	 	 	$	3,817,358	 	 	$	3,667,221	 	 	$	3,588,251
Purchased noncredit impaired loans at end of period	867,819	 	 	962,609	 	 	1,057,200	 	 	1,147,432	 	 	1,222,529	
Purchased credit impaired loans at end of period	12,666	 	 	13,381	 	 	13,581	 	 	13,788	 	 	14,434	
Total Loans	$	5,198,404	 	 	$	4,986,289	 	 	$	4,888,139	 	 	$	4,828,441	 	 	$	4,825,214
Non-acquired loans allowance for loan losses to non-acquired loans at end of period	0.80	%	 	0.84	%	 	0.87	%	 	0.89	%	 	0.89	%
Total allowance for loan losses to total loans at end of period	0.68	 	 	0.67	 	 	0.69	 	 	0.68	 	 	0.67	
Purchase discount on acquired loans at end of period	3.83	 	 	3.76	 	 	3.76	 	 	3.80	 	 	3.86

End of Period 

Nonperforming loans - non-acquired	$	20,990	 	 	$	20,400	 	 	$	15,810	 	 	$	15,423	 	 	$	15,783
Nonperforming loans - acquired	5,965	 	 	5,644	 	 	6,986	 	 	6,990	 	 	10,693	
Other real estate owned - non-acquired	5,177	 	 	5,177	 	 	66	 	 	831	 	 	386	
Other real estate owned - acquired	372	 	 	1,574	 	 	1,612	 	 	1,725	 	 	3,020	
Bank branches closed included in other real estate owned	6,842	 	 	6,842	 	 	9,365	 	 	9,365	 	 	9,396	
Total Nonperforming Assets	$	39,346	 	 	$	39,637	 	 	$	33,839	 	 	$	34,334	 	 	$	39,278
Restructured loans (accruing)	$	11,100	 	 	$	12,395	 	 	$	14,534	 	 	$	14,857	 	 	$	13,346
Nonperforming loans to loans at end of period - non-acquired	0.49	%	 	0.51	%	 	0.41	%	 	0.42	%	 	0.44	%
Nonperforming loans to loans at end of period - acquired	0.68	 	 	0.58	 	 	0.65	 	 	0.60	 	 	0.86	
Total Nonperforming Loans to Loans at End of Period	0.52	 	 	0.52	 	 	0.47	 	 	0.46	 	 	0.55	
Nonperforming assets to total assets - non-acquired	0.46	%	 	0.47	%	 	0.37	%	 	0.38	%	 	0.38	%
Nonperforming assets to total assets - acquired	0.09	 	 	0.11	 	 	0.13	 	 	0.13	 	 	0.20	
Total Nonperforming Assets to Total Assets	0.55	 	 	0.58	 	 	0.50	 	 	0.51	 	 	0.58	
	December 31,	 	September 30,	 	June 30,	 	March 31,	 	December 31,
Loans	2019	 	2019	 	2019	 	2019	 	2018
Construction and land development	$	325,113	 	 	$	326,324	 	 	$	379,991	 	 	$	417,565	 	 	$	443,568
Commercial real estate - owner occupied	1,034,963	 	 	1,025,040	 	 	1,005,876	 	 	989,234	 	 	970,181	
Commercial real estate - non-owner occupied	1,344,008	 	 	1,285,327	 	 	1,184,409	 	 	1,173,183	 	 	1,161,885	
Residential real estate	1,507,863	 	 	1,409,946	 	 	1,400,184	 	 	1,329,166	 	 	1,324,377	
Consumer	208,205	 	 	217,366	 	 	215,932	 	 	206,414	 	 	202,881	
Commercial and financial	778,252	 	 	722,286	 	 	701,747	 	 	712,879	 	 	722,322	
Total Loans	$	5,198,404	 	 	$	4,986,289	 	 	$	4,888,139	 	 	$	4,828,441	 	 	$	4,825,214
AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1	(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES 

	4Q'19	 	3Q'19	 	4Q'18	
	Average	 	 	 	Yield/	 	Average	 	 	 	Yield/	 	Average	 	 	 	Yield/	
(Amounts in thousands)	Balance	 	Interest	 	Rate	 	Balance	 	Interest	 	Rate	 	Balance	 	Interest	 	Rate

Assets

Earning assets:

Securities: 

Taxable	$	1,179,843	 	 	$	8,500	 	 	2.88	%	 	$	1,171,393	 	 	$	8,802	 	 	3.01	%	 	$	1,227,648	 	 	$	9,528	 	 	3.10	%	
Nontaxable	20,709	 	 	162	 	 	3.13	 	 	21,194	 	 	164	 	 	3.09	 	 	29,255	 	 	252	 	 	3.45	 	
Total Securities	1,200,552	 	 	8,662	 	 	2.89	 	 	1,192,587	 	 	8,966	 	 	3.01	 	 	1,256,903	 	 	9,780	 	 	3.11

Federal funds sold and other 

investments	84,961	 	 	788	 	 	3.68	 	 	84,705	 	 	800	 	 	3.75	 	 	87,146	 	 	835	 	 	3.80	 	
Loans, net	5,104,272	 	 	62,922	 	 	4.89	 	 	4,945,953	 	 	63,138	 	 	5.06	 	 	4,611,691	 	 	59,559	 	 	5.12	 	
Total Earning Assets	6,389,785	 	 	72,372	 	 	4.49	 	 	6,223,245	 	 	72,904	 	 	4.65	 	 	5,955,740	 	 	70,174	 	 	4.67	 	
Allowance for loan losses	(34,072	)	 	 	 	 	 	(33,997	)	 	 	 	 	 	(33,864	)	 	 	 	 	
Cash and due from banks	99,008	 	 	 	 	 	 	88,539	 	 	 	 	 	 	124,299	 	 	 	 	 	
Premises and equipment	67,485	 	 	 	 	 	 	68,301	 	 	 	 	 	 	75,120	 	 	 	 	 	
Intangible assets	226,060	 	 	 	 	 	 	227,389	 	 	 	 	 	 	213,713	 	 	 	 	 	
Bank owned life insurance	125,597	 	 	 	 	 	 	125,249	 	 	 	 	 	 	132,495	 	 	 	 	 	
Other assets	122,351	 	 	 	 	 	 	121,850	 	 	 	 	 	 	122,367	 	 	 	 	 	
Total Assets	$	6,996,214	 	 	 	 	 	 	$	6,820,576	 	 	 	 	 	 	$	6,589,870

Liabilities and Shareholders' Equity

Interest-bearing liabilities: 

Interest-bearing demand	$	1,190,681	 	 	$	983	 	 	0.33	%	 	$	1,116,434	 	 	$	1,053	 	 	0.37	%	 	$	974,711	 	 	$	515	 	 	0.21	%	
Savings	528,771	 	 	422	 	 	0.32	 	 	522,831	 	 	531	 	 	0.40	 	 	509,434	 	 	418	 	 	0.33	 	
Money market	1,148,453	 	 	2,184	 	 	0.75	 	 	1,173,042	 	 	2,750	 	 	0.93	 	 	1,161,599	 	 	2,207	 	 	0.75	 	
Time deposits	1,078,297	 	 	5,084	 	 	1.87	 	 	1,159,272	 	 	6,009	 	 	2.06	 	 	899,153	 	 	3,901	 	 	1.72	 	
Securities sold under agreements to repurchase	73,693	 	 	226	 	 	1.22	 	 	75,785	 	 	300	 	 	1.57	 	 	242,963	 	 	732	 	 	1.20

Federal funds purchased and

Federal Home Loan Bank borrowings	181,134	 	 	845	 	 	1.85	 	 	68,804	 	 	414	 	 	2.39	 	 	240,799	 	 	1,468	 	 	2.42	 	
Other borrowings	71,045	 	 	782	 	 	4.37	 	 	70,969	 	 	820	 	 	4.58	 	 	70,764	 	 	833	 	 	4.67	 	
Total Interest-Bearing Liabilities	4,272,074	 	 	10,526	 	 	0.98	 	 	4,187,137	 	 	11,877	 	 	1.13	 	 	4,099,423	 	 	10,074	 	 	0.97	 	
Noninterest demand	1,680,734	 	 	 	 	 	 	1,626,269	 	 	 	 	 	 	1,628,842	 	 	 	 	 	
Other liabilities	67,206	 	 	 	 	 	 	60,500	 	 	 	 	 	 	33,846	 	 	 	 	 	
Total Liabilities	6,020,014	 	 	 	 	 	 	5,873,906	 	 	 	 	 	 	5,762,111	 	 	 	 	 	
Shareholders' equity	976,200	 	 	 	 	 	 	946,670	 	 	 	 	 	 	827,759	 	 	 	 	 	
Total Liabilities & Equity	$	6,996,214	 	 	 	 	 	 	$	6,820,576	 	 	 	 	 	 	$	6,589,870
Cost of deposits	 	 	 	 	0.61	%	 	 	 	 	 	0.73	%	 	 	 	 	 	0.54	%	
Interest expense as a % of earning assets	 	 	 	 	0.65	%	 	 	 	 	 	0.76	%	 	 	 	 	 	0.67	%	
Net interest income as a % of earning assets	 	 	$	61,846	 	 	3.84	%	 	 	 	$	61,027	 	 	3.89	%	 	 	 	$	60,100	 	 	4.00	%

1On a fully taxable equivalent basis. All yields and rates have been computed 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 

	Twelve Months Ended December 31, 2019	 	Twelve Months Ended December 31, 2018
	Average	 	 	 	Yield/	 	Average	 	 	 	Yield/	
(Amounts in thousands, except ratios)	Balance	 	Interest	 	Rate	 	Balance	 	Interest	 	Rate

Assets

Earning assets:

Securities: 

Taxable	$	1,176,842	 	 	$	35,354	 	 	3.00	%	 	$	1,299,089	 	 	$	37,860	 	 	2.91	%	
Nontaxable	23,122	 	 	695	 	 	3.01	 	 	31,331	 	 	1,115	 	 	3.56	 	
Total Securities	1,199,964	 	 	36,049	 	 	3.00	 	 	1,330,420	 	 	38,975	 	 	2.93

Federal funds sold and other 

investments	88,045	 	 	3,379	 	 	3.84	 	 	61,048	 	 	2,670	 	 	4.37	 	
Loans, net	4,933,518	 	 	250,730	 	 	5.08	 	 	4,112,009	 	 	200,194	 	 	4.87	 	
Total Earning Assets	6,221,527	 	 	290,158	 	 	4.66	 	 	5,503,477	 	 	241,839	 	 	4.39	 	
Allowance for loan losses	(33,465	)	 	 	 	 	 	(29,972	)	 	 	 	 	
Cash and due from banks	94,643	 	 	 	 	 	 	114,936	 	 	 	 	 	
Premises and equipment	69,142	 	 	 	 	 	 	67,332	 	 	 	 	 	
Intangible assets	228,042	 	 	 	 	 	 	178,287	 	 	 	 	 	
Bank owned life insurance	124,803	 	 	 	 	 	 	124,452	 	 	 	 	 	
Other assets	126,588	 	 	 	 	 	 	98,823	 	 	 	 	 	
Total Assets	$	6,831,280	 	 	 	 	 	 	$	6,057,335

Liabilities and Shareholders' Equity

Interest-bearing liabilities: 

Interest-bearing demand	$	1,114,334	 	 	$	4,025	 	 	0.36	%	 	$	978,030	 	 	$	1,883	 	 	0.19	%	
Savings	516,526	 	 	2,015	 	 	0.39	 	 	457,542	 	 	811	 	 	0.18	 	
Money market	1,164,938	 	 	10,581	 	 	0.91	 	 	1,049,900	 	 	6,069	 	 	0.58	 	
Time deposits	1,092,516	 	 	21,776	 	 	1.99	 	 	811,741	 	 	11,684	 	 	1.44	 	
Securities sold under agreements to repurchase	106,142	 	 	1,431	 	 	1.35	 	 	200,839	 	 	1,804	 	 	0.90

Federal funds purchased and

Federal Home Loan Bank borrowings	131,921	 	 	3,010	 	 	2.28	 	 	224,982	 	 	4,468	 	 	1.99	 	
Other borrowings	70,939	 	 	3,367	 	 	4.75	 	 	70,658	 	 	3,164	 	 	4.48	 	
Total Interest-Bearing Liabilities	4,197,316	 	 	46,205	 	 	1.10	 	 	3,793,692	 	 	29,883	 	 	0.79	 	
Noninterest demand	1,641,766	 	 	 	 	 	 	1,492,451	 	 	 	 	 	
Other liabilities	63,405	 	 	 	 	 	 	30,621	 	 	 	 	 	
Total Liabilities	5,902,487	 	 	 	 	 	 	5,316,764	 	 	 	 	 	
Shareholders' equity	928,793	 	 	 	 	 	 	740,571	 	 	 	 	 	
Total Liabilities & Equity	$	6,831,280	 	 	 	 	 	 	$	6,057,335
Cost of deposits	 	 	 	 	0.69	%	 	 	 	 	 	0.43	%	
Interest expense as a % of earning assets	 	 	 	 	0.74	%	 	 	 	 	 	0.54	%	
Net interest income as a % of earning assets	 	 	$	243,953	 	 	3.92	%	 	 	 	$	211,956	 	 	3.85	%

1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.

Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.

CONSOLIDATED QUARTERLY FINANCIAL DATA	 	 	(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES 

	 	 	December 31,	 	September 30,	 	June 30,	 	March 31,	 	December 31,	
(Amounts in thousands)	 	2019	 	2019	 	2019	 	2019	 	2018

Customer Relationship Funding

Noninterest demand 

Commercial	 	 	$	1,233,475	 	 	$	1,314,102	 	 	$	1,323,743	 	 	$	1,298,468	 	 	$	1,217,842
Retail	 	 	246,717	 	 	241,734	 	 	251,879	 	 	275,383	 	 	259,318	 	
Public funds	 	 	85,122	 	 	65,869	 	 	65,822	 	 	73,640	 	 	68,324	 	
Other	 	 	25,179	 	 	31,222	 	 	28,360	 	 	28,518	 	 	24,118	 	
Total Noninterest Demand	 	1,590,493	 	 	1,652,927	 	 	1,669,804	 	 	1,676,009	 	 	1,569,602

Interest-bearing demand 

Commercial	 	 	319,993	 	 	342,376	 	 	323,818	 	 	289,544	 	 	211,879	 	
Retail	 	 	641,762	 	 	622,833	 	 	634,099	 	 	646,522	 	 	650,490	 	
Public funds	 	 	219,977	 	 	150,246	 	 	166,602	 	 	164,411	 	 	151,663	 	
Total Interest-Bearing Demand	 	1,181,732	 	 	1,115,455	 	 	1,124,519	 	 	1,100,477	 	 	1,014,032

Total transaction accounts 

Commercial	 	 	1,553,468	 	 	1,656,478	 	 	1,647,561	 	 	1,588,012	 	 	1,429,721	 	
Retail	 	 	888,479	 	 	864,567	 	 	885,978	 	 	921,905	 	 	909,808	 	
Public funds	 	 	305,099	 	 	216,115	 	 	232,424	 	 	238,051	 	 	219,987	 	
Other	 	 	25,179	 	 	31,222	 	 	28,360	 	 	28,518	 	 	24,118	 	
Total Transaction Accounts	 	2,772,225	 	 	2,768,382	 	 	2,794,323	 	 	2,776,486	 	 	2,583,634	 	
Savings	 	 	519,152	 	 	528,214	 	 	519,732	 	 	508,320	 	 	493,807

Money market 

Commercial	 	 	494,803	 	 	513,477	 	 	517,041	 	 	500,649	 	 	459,380	 	
Retail	 	 	553,075	 	 	583,917	 	 	590,320	 	 	602,378	 	 	607,837	 	
Public funds	 	 	60,485	 	 	61,468	 	 	65,610	 	 	89,043	 	 	106,733	 	
Total Money Market	 	1,108,363	 	 	1,158,862	 	 	1,172,971	 	 	1,192,070	 	 	1,173,950	 	
Brokered time certificates	 	472,857	 	 	458,418	 	 	268,998	 	 	367,841	 	 	220,594	 	
Other time certificates	 	712,156	 	 	759,265	 	 	785,185	 	 	760,861	 	 	705,255	 	
	 	1,185,013	 	 	1,217,683	 	 	1,054,183	 	 	1,128,702	 	 	925,849	 	
Total Deposits	 	$	5,584,753	 	 	$	5,673,141	 	 	$	5,541,209	 	 	$	5,605,578	 	 	$	5,177,240
Customer sweep accounts	 	$	86,121	 	 	$	70,414	 	 	$	82,015	 	 	$	148,005	 	 	$	214,323

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 define or 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.

GAAP TO NON-GAAP RECONCILIATION	 	(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES 

	Quarterly Trends	 	Twelve Months Ended	
(Amounts in thousands, except per share data)	4Q'19	 	3Q'19	 	2Q'19	 	1Q'19	 	4Q'18	 	4Q'19	 	4Q'18	
Net Income	$	27,176	 	 	$	25,605	 	 	$	23,253	 	 	$	22,705	 	 	$	15,962	 	 	$	98,739	 	 	$	67,275
Total noninterest income	16,376	 	 	13,943	 	 	13,577	 	 	12,836	 	 	12,714	 	 	56,732	 	 	50,022	 	
Securities (gains)/losses, net	(2,539	)	 	847	 	 	466	 	 	9	 	 	425	 	 	(1,217	)	 	623	 	
BOLI benefits on death (included in other income)	-	 	 	(956	)	 	-	 	 	-	 	 	(280	)	 	(956	)	 	(280	)	
Total Adjustments to Noninterest Income	(2,539	)	 	(109	)	 	466	 	 	9	 	 	145	 	 	(2,173	)	 	343	 	
Total Adjusted Noninterest Income	13,837	 	 	13,834	 	 	14,043	 	 	12,845	 	 	12,859	 	 	54,559	 	 	50,365	 	
Total noninterest expense	38,057	 	 	38,583	 	 	41,000	 	 	43,099	 	 	49,464	 	 	160,739	 	 	162,273	 	
Merger related charges	(634	)	 	-	 	 	-	 	 	(335	)	 	(8,034	)	 	(969	)	 	(9,681	)	
Amortization of intangibles	(1,456	)	 	(1,456	)	 	(1,456	)	 	(1,458	)	 	(1,303	)	 	(5,826	)	 	(4,300	)	
Business continuity expenses - hurricane events	-	 	 	(95	)	 	-	 	 	-	 	 	-	 	 	(95	)	 	-	 	
Branch reductions and other expense initiatives	-	 	 	(121	)	 	(1,517	)	 	(208	)	 	(587	)	 	(1,846	)	 	(587	)	
Total Adjustments to Noninterest Expense	(2,090	)	 	(1,672	)	 	(2,973	)	 	(2,001	)	 	(9,924	)	 	(8,736	)	 	(14,568	)	
Total Adjusted Noninterest Expense	35,967	 	 	36,911	 	 	38,027	 	 	41,098	 	 	39,540	 	 	152,003	 	 	147,705	 	
Income Taxes	8,103	 	 	8,452	 	 	6,909	 	 	6,409	 	 	4,930	 	 	29,873	 	 	20,259	 	
Tax effect of adjustments	(110	)	 	572	 	 	874	 	 	510	 	 	2,623	 	 	1,846	 	 	3,834	 	
Taxes and tax penalties on acquisition-related BOLI redemption	-	 	 	-	 	 	-	 	 	-	 	 	(485	)	 	-	 	 	(485	)	
Effect of change in corporate tax rate on deferred tax assets	-	 	 	(1,135	)	 	-	 	 	-	 	 	-	 	 	(1,135	)	 	(248	)	
Total Adjustments to Income Taxes	(110	)	 	(563	)	 	874	 	 	510	 	 	2,138	 	 	711	 	 	3,101	 	
Adjusted Income Taxes	7,993	 	 	7,889	 	 	7,783	 	 	6,919	 	 	7,068	 	 	30,584	 	 	23,360	 	
Adjusted Net Income	$	26,837	 	 	$	27,731	 	 	$	25,818	 	 	$	24,205	 	 	$	23,893	 	 	$	104,591	 	 	$	79,085
Earnings per diluted share, as reported	$	0.52	 	 	$	0.49	 	 	$	0.45	 	 	$	0.44	 	 	$	0.31	 	 	$	1.90	 	 	$	1.38
Adjusted Earnings per Diluted Share	0.52	 	 	0.53	 	 	0.50	 	 	0.47	 	 	0.47	 	 	2.01	 	 	1.62	 	
Average diluted shares outstanding	52,081	 	 	51,935	 	 	51,952	 	 	52,039	 	 	51,237	 	 	52,029	 	 	48,748	 	
Adjusted Noninterest Expense	$	35,967	 	 	$	36,911	 	 	$	38,027	 	 	$	41,098	 	 	$	39,540	 	 	$	152,003	 	 	$	147,705
Foreclosed property expense and net gain/(loss) on sale	(3	)	 	(262	)	 	174	 	 	40	 	 	-	 	 	(51	)	 	(460	)	
Net Adjusted Noninterest Expense	$	35,964	 	 	$	36,649	 	 	$	38,201	 	 	$	41,138	 	 	$	39,540	 	 	$	151,952	 	 	$	147,245
Revenue	$	78,136	 	 	$	74,891	 	 	$	73,713	 	 	$	73,610	 	 	$	72,698	 	 	$	300,350	 	 	$	261,537
Total Adjustments to Revenue	(2,539	)	 	(109	)	 	466	 	 	9	 	 	145	 	 	(2,173	)	 	343	 	
Impact of FTE adjustment	87	 	 	79	 	 	83	 	 	87	 	 	116	 	 	336	 	 	441	 	
Adjusted Revenue on a fully taxable equivalent basis	$	75,684	 	 	$	74,861	 	 	$	74,262	 	 	$	73,706	 	 	$	72,959	 	 	$	298,513	 	 	$	262,321
Adjusted Efficiency Ratio	47.52	%	 	48.96	%	 	51.44	%	 	55.81	%	 	54.19	%	 	50.90	%	 	56.13	%	
Average Assets	$	6,996,214	 	 	$	6,820,576	 	 	$	6,734,994	 	 	$	6,770,978	 	 	$	6,589,870	 	 	$	6,831,280	 	 	$	6,057,335
Less average goodwill and intangible assets	(226,060	)	 	(227,389	)	 	(228,706	)	 	(230,066	)	 	(213,713	)	 	(228,042	)	 	(178,287	)	
Average Tangible Assets	$	6,770,154	 	 	$	6,593,187	 	 	$	6,506,288	 	 	$	6,540,912	 	 	$	6,376,157	 	 	$	6,603,238	 	 	$	5,879,048
Return on Average Assets (ROA)	1.54	%	 	1.49	%	 	1.38	%	 	1.36	%	 	0.96	%	 	1.45	%	 	1.11	%	
Impact of removing average intangible assets and related amortization	0.12	 	 	0.12	 	 	0.12	 	 	0.12	 	 	0.09	 	 	0.11	 	 	0.09	 	
Return on Average Tangible Assets (ROTA)	1.66	 	 	1.61	 	 	1.50	 	 	1.48	 	 	1.05	 	 	1.56	 	 	1.20	 	
Impact of other adjustments for Adjusted Net Income	(0.09	)	 	0.06	 	 	0.09	 	 	0.02	 	 	0.44	 	 	0.02	 	 	0.15	 	
Adjusted Return on Average Tangible Assets	1.57	 	 	1.67	 	 	1.59	 	 	1.50	 	 	1.49	 	 	1.58	 	 	1.35	 	
Average Shareholders' Equity	$	976,200	 	 	$	946,670	 	 	$	911,479	 	 	$	879,564	 	 	$	827,759	 	 	$	928,793	 	 	$	740,571
Less average goodwill and intangible assets	(226,060	)	 	(227,389	)	 	(228,706	)	 	(230,066	)	 	(213,713	)	 	(228,042	)	 	(178,287	)	
Average Tangible Equity	$	750,140	 	 	$	719,281	 	 	$	682,773	 	 	$	649,498	 	 	$	614,046	 	 	$	700,751	 	 	$	562,284
Return on Average Shareholders' Equity	11.04	%	 	10.73	%	 	10.23	%	 	10.47	%	 	7.65	%	 	10.63	%	 	9.08	%	
Impact of removing average intangible assets and related amortization	3.91	 	 	4.00	 	 	4.07	 	 	4.39	 	 	3.29	 	 	4.09	 	 	3.46	 	
Return on Average Tangible Common Equity (ROTCE)	14.95	 	 	14.73	 	 	14.30	 	 	14.86	 	 	10.94	 	 	14.72	 	 	12.54	 	
Impact of other adjustments for Adjusted Net Income	(0.76	)	 	0.57	 	 	0.87	 	 	0.25	 	 	4.50	 	 	0.21	 	 	1.52	 	
Adjusted Return on Average Tangible Common Equity	14.19	 	 	15.30	 	 	15.17	 	 	15.11	 	 	15.44	 	 	14.93	 	 	14.06	 	
Loan interest income excluding accretion on acquired loans	$	59,515	 	 	$	59,279	 	 	$	58,169	 	 	$	58,397	 	 	$	55,470	 	 	$	235,359	 	 	$	188,865
Accretion on acquired loans	3,407	 	 	3,859	 	 	4,166	 	 	3,938	 	 	4,089	 	 	15,371	 	 	11,329	 	
Loan interest income1	$	62,922	 	 	$	63,138	 	 	$	62,335	 	 	$	62,335	 	 	$	59,559	 	 	$	250,730	 	 	$	200,194

1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. 

GAAP TO NON-GAAP RECONCILIATION	 	(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES 

	Quarterly Trends	 	Twelve Months Ended	
(Amounts in thousands, except per share data)	4Q'19	 	3Q'19	 	2Q'19	 	1Q'19	 	4Q'18	 	4Q'19	 	4Q'18	
Yield on loans excluding accretion on acquired loans	4.63	%	 	4.76	%	 	4.82	%	 	4.89	%	 	4.77	%	 	4.77	%	 	4.59	%	
Impact of accretion on acquired loans	0.26	 	 	0.30	 	 	0.34	 	 	0.33	 	 	0.35	 	 	0.31	 	 	0.28	 	
Yield on loans	4.89	 	 	5.06	 	 	5.16	 	 	5.22	 	 	5.12	 	 	5.08	 	 	4.87	 	
Net interest income excluding accretion on acquired loans	$	58,439	 	 	$	57,168	 	 	$	56,053	 	 	$	56,923	 	 	$	56,011	 	 	$	228,582	 	 	$	200,627
Accretion on acquired loans	3,407	 	 	3,859	 	 	4,166	 	 	3,938	 	 	4,089	 	 	15,371	 	 	11,329	 	
Net Interest Income1	$	61,846	 	 	$	61,027	 	 	$	60,219	 	 	$	60,861	 	 	$	60,100	 	 	$	243,953	 	 	$	211,956
Net interest margin excluding accretion on acquired loans	3.63	%	 	3.64	%	 	3.67	%	 	3.76	%	 	3.73	%	 	3.67	%	 	3.65	%	
Impact of accretion on acquired loans	0.21	 	 	0.25	 	 	0.27	 	 	0.26	 	 	0.27	 	 	0.25	 	 	0.20	 	
Net Interest Margin	3.84	 	 	3.89	 	 	3.94	 	 	4.02	 	 	4.00	 	 	3.92	 	 	3.85	 	
Security interest income excluding tax equivalent adjustment	$	8,630	 	 	$	8,933	 	 	$	9,076	 	 	$	9,270	 	 	$	9,728	 	 	$	35,909	 	 	$	38,743
Tax equivalent adjustment on securities	32	 	 	33	 	 	36	 	 	39	 	 	52	 	 	140	 	 	232	 	
Security interest income1	$	8,662	 	 	$	8,966	 	 	$	9,112	 	 	$	9,309	 	 	$	9,780	 	 	$	36,049	 	 	$	38,975
Loan interest income excluding tax equivalent adjustment	$	62,867	 	 	$	63,091	 	 	$	62,287	 	 	$	62,287	 	 	$	59,495	 	 	$	250,532	 	 	$	199,984
Tax equivalent adjustment on loans	55	 	 	47	 	 	48	 	 	48	 	 	64	 	 	198	 	 	210	 	
Loan interest income1	$	62,922	 	 	$	63,138	 	 	$	62,335	 	 	$	62,335	 	 	$	59,559	 	 	$	250,730	 	 	$	200,194
Net interest income excluding tax equivalent adjustment	$	61,759	 	 	$	60,947	 	 	$	60,135	 	 	$	60,774	 	 	$	59,984	 	 	$	243,615	 	 	$	211,514
Tax equivalent adjustment on securities	32	 	 	33	 	 	36	 	 	39	 	 	52	 	 	140	 	 	232	 	
Tax equivalent adjustment on loans	55	 	 	47	 	 	48	 	 	48	 	 	64	 	 	198	 	 	210	 	
Net Interest Income1	$	61,846	 	 	$	61,027	 	 	$	60,219	 	 	$	60,861	 	 	$	60,100	 	 	$	243,953	 	 	$	211,956

1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.

Charles M. Shaffer

Executive Vice President

Chief Operating Officer and

Chief Financial Officer

(772) 221-7003

Chuck.Shaffer@seacoastbank.com

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