Net Income Increased 15% Year-Over-Year to $16.3 Million

Third Consecutive Quarter of Record Consumer and Small Business Loan Originations, up 45% Year-Over-Year

First Green Acquisition Completed

STUART, Fla., Oct. 25, 2018 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida (“Seacoast” or “the Company”) (NASDAQ: SBCF) reported net income of $16.3 million, or $0.34 per share for the third quarter of 2018, up 15% or $2.1 million year-over-year. Seacoast reported adjusted net income¹ of $17.6 million, or $0.37 per share, representing a 16% or $2.5 million increase year-over-year.

For the third quarter 2018, return on average tangible assets was 1.18%, return on average tangible shareholders’ equity was 12.0%, and the efficiency ratio was 57.0%, compared to 1.24%, 13.1% and 58.4%, respectively, in the prior quarter and 1.12%, 12.5%, and 58.9%, respectively, in the third quarter of 2017. Adjusted return on average tangible assets¹ was 1.22%, adjusted return on average tangible shareholders’ equity¹ was 12.4%, and the adjusted efficiency ratio¹ was 56.3%, compared to 1.28%, 13.5%, and 57.3%, respectively, in the prior quarter, and 1.16%, 12.8%, and 57.7%, respectively, in the third quarter of 2017.

Dennis S. Hudson, III, Seacoast’s Chairman and CEO, said, “Our shareholders continue to benefit from Seacoast's balanced growth strategy, combining organic growth with value-creating acquisitions. Our data analytics and  proprietary tools are generating strong growth and returns to our franchise, producing our third consecutive quarter of record consumer and small business originations. Our underlying fundamentals are robust, with increasing operating leverage, a strong balance sheet, and a low-cost deposit base, positioning us for continued growth and community banking leadership."

Hudson added, "Our acquisition of First Green Bancorp, completed on October 19, is exceeding our expectations and we fully expect to exceed the returns that we projected at the time of announcement."

Charles M. Shaffer, Seacoast’s Chief Financial Officer, said, “We maintained our disciplined approach to credit, liquidity, and expense management, while continuing to make investments in technology and talent, resulting in an increase in tangible book value per share to $12.01 at period end, situating us well to achieve our Vision 2020 goals. Our balance sheet continues to perform as expected, with the net interest margin expanding 5 basis points, loan yields expanding 10 basis points, securities yields expanding 15 basis points, and the cost of deposits only increasing 4 basis points. With a loan to deposit ratio of 86% and a ratio of tangible common equity to tangible assets of 9.8%, we have  the resources to invest in our organic growth initiatives while maintaining the granularity and quality of our loan portfolio."

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

Notable Items Impacting the Third Quarter

Results for the third quarter were impacted by a $3.1 million increase in the reserve for a single impaired loan, originated in 2007, which we discussed last quarter upon moving to nonaccrual. The increase in this specific reserve impacted earnings per diluted share by 5 cents.

Completion of the Acquisition of First Green Bancorp

On October 19, 2018, we completed the acquisition of First Green Bancorp, Inc., headquartered in Orlando, Florida. First Green operated seven branches in the Orlando, Daytona and Ft. Lauderdale markets, with deposits of approximately $664 million and loans of $676 million at September 30, 2018. We expect the acquisition to have a tangible book value earn-back of less than one year using the cross over method and to provide an internal rate of return well over 25%. We are ahead of schedule on our expense consolidation efforts, and are confident we will exceed our announced returns and accretion targets.

"We welcome First Green's customers and associates to the Seacoast family, and look forward to working together as we build on our strengths and expand our franchise," Hudson added.

Third Quarter 2018 Financial Highlights

Income Statement

• Net income was $16.3 million, or $0.34 per diluted share, compared to $17.0 million or $0.35 for the prior quarter and $14.2 million or $0.32 for the third quarter of 2017. For the nine months ended September 30, 2018, net income was $51.3 million compared to $29.8 million for the nine months ended September 30, 2017. Adjusted net income¹ was $17.6 million, or $0.37 per diluted share, compared to $18.3 million or $0.38 for the prior quarter and $15.1 million or $0.35 for the third quarter of 2017. For the nine months ended September 30, 2018, adjusted net income¹ was $55.2 million compared to $38.1 million for the nine months ended September 30, 2017.
  
  
• Net revenues were $63.9 million, an increase of $0.9 million or 1% compared to the prior quarter, and an increase of $6.7 million or 12% compared to the third quarter of 2017. For the nine months ended September 30, 2018, net revenues were $188.8 million, an increase of $28.9 million or 18% compared to the nine months ended September 30, 2017. Adjusted revenues¹ were $63.9 million, an increase of $0.9 million, or 1%, from the prior quarter and an increase of $6.7 million, or 12% from the third quarter of 2017. For the nine months ended September 30, 2018, adjusted revenues¹ were $189.0 million, an increase of $29.1 million or 18% compared to the nine months ended September 30, 2017.
  
  
• Net interest income totaled $51.6 million, an increase of $1.4 million or 3% from the prior quarter and an increase of $5.8 million or 13% from the third quarter of 2017. For the nine months ended September 30, 2018, net interest income totaled $151.5 million, an increase of $23.5 million or 18% compared to the nine months ended September 30, 2017.
  
  
• Net interest margin was 3.82% in the current quarter compared to 3.77% in the prior quarter and 3.74% in the third quarter of 2017. Removing the impact of accretion of purchase discounts on acquired loans, the net interest margin was 3.64% in the current quarter, compared to 3.61% in the prior quarter and 3.54% in the third quarter of 2017. Quarter over quarter, the yield on loans expanded 10 basis points, the yield on securities expanded 15 basis points, and the cost of deposits increased 4 basis points.
  
  
• Noninterest income totaled $12.3 million, a decrease of $0.4 million or 3% compared to the prior quarter and an increase of $0.9 million or 7% from the third quarter of 2017. For the nine months ended September 30, 2018, noninterest income totaled $37.3 million, 17% higher than the nine months ended September 30, 2017. Growth in deposits and increased customer engagement resulted in increases in the 2018 year to date period of $1.4 million in interchange income and $0.7 million in service charges on deposits when compared to the 2017 year to date period. Wealth management revenue, which includes trust and brokerage services, continues to benefit from prior investment in technology and talent, resulting in an increase of $0.6 million compared to the nine months ended September 30, 2017. Partially offsetting, mortgage banking fees decreased by $1.1 million during the nine months ended September 30, 2018. The prior year benefited from two larger portfolio sales over the last two quarters of 2017.
  
  
• The provision for loan losses was $5.8 million, compared to $2.5 million in the prior quarter and $0.7 million in the third quarter of 2017, reflecting the effects of portfolio growth as well as an increase of $3.1 million in the reserve for a single impaired loan. This loan, which we discussed last quarter upon moving to nonaccrual, was originated in 2007. This increase in specific reserve added 9 basis points to the nonacquired loan allowance as a percentage of nonacquired loans.
  
  
• Noninterest expense was $37.4 million, a decrease of $0.8 million or 2% to the prior quarter and an increase of $3.0 million or 9% from the third quarter of 2017. Increases in salaries and wages and employee benefits of $0.9 million quarter-over-quarter were the result of investments in commercial bankers and talent to scale our organization. More than offsetting, expenses were well controlled during the quarter across other line items. For the nine months ended September 30, 2018, noninterest expense was $112.8 million compared to $110.7 million for the nine months ended September 30, 2017. Adjusted noninterest expense¹ was $35.9 million compared to $36.5 million in the prior quarter, and $32.8 million in the third quarter of 2017. For the nine months ended September 30, 2018, adjusted noninterest expense¹ was $108.2 million compared to $97.6 million for the nine months ended September 30, 2017. As a percentage of average tangible assets, adjusted noninterest expense¹ in the current quarter was 2.48% compared to 2.57% for the prior quarter and 2.50% for the third quarter of 2017.
  
  
• Seacoast recorded $4.4 million in income tax expense in the current quarter, compared to $5.2 million in the prior quarter and $7.9 million in the third quarter of 2017. Tax benefits related to stock-based compensation were $0.4 million in the current quarter compared to $0.2 million in the prior quarter.
  
  
• Year to date adjusted revenues¹ increased 18% compared to prior year while adjusted noninterest expense¹ increased 10%, providing 8% operating leverage.
  
  
• The efficiency ratio was 57.0% compared to 58.4% in the prior quarter and 58.9% in the third quarter of 2017. The adjusted efficiency ratio¹ was 56.3% compared to 57.3% in the prior quarter and 57.7% in the third quarter of 2017.

Balance Sheet

• At September 30, 2018, the Company had total assets of $5.9 billion and total shareholders' equity of $733 million.  Book value per share was $15.50 and tangible book value per share was $12.01, compared to $15.18 and $11.67, respectively, at June 30, 2018 and $13.66 and $10.95, respectively, at September 30, 2017.
  
  
• Debt Securities totaled $1.3 billion at September 30, 2018, a decrease of $46 million compared to prior quarter and a decrease of $74 million from September 30, 2017. Given the current interest rate environment, the securities portfolio is being used as a liquidity source to fund loan growth.
  
  
• Net loans totaled $4.0 billion at September 30, 2018, an increase of $80 million compared to prior quarter or 9% annualized in the current quarter, and an increase of $667 million or 20% from September 30, 2017. Excluding the impact of two acquisitions in the fourth quarter of 2017, loans increased $267 million or 8% from September 30, 2017. Loan production remains strong, supported by analytics and expansion markets of Tampa, Orlando, and South Florida.
  -- For the third consecutive quarter, consumer and small business originations reached record highs, resulting in an increase of 20% from the prior quarter to $125.9 million.
  -- Commercial originations were $131.0 million compared to $140.4 million in the prior quarter. Towards the end of the quarter, $16 million in production slid to fourth quarter, and was closed in October.
  -- We continue to prudently manage commercial real estate exposure. Construction and land development and commercial real estate loans remain well below regulatory guidance at 59% and 199% of total risk based capital, respectively.
  -- Closed residential loans retained increased 5% quarter-over-quarter to $78.7 million.
  
  
• Pipelines (loans in underwriting and approval or approved and not yet closed) remained strong, totaling $315.2 million.
  -- Consumer and small business pipelines reached a new peak of $59.7 million, an increase of 13% sequentially and 27% compared to the prior year.
  -- Commercial pipelines were $196.5 million, an increase of 1% sequentially and an increase of 26% compared to the prior year.
  -- Residential pipelines were $58.9 million, down $4.8 million from the prior quarter.
  
  
• Total deposits were $4.6 billion as of September 30, 2018, a decrease of $54 million sequentially and an increase of $531 million, or 13%, from the prior year.
  -- Excluding acquired deposits, noninterest bearing deposits increased 8% while total deposits increased 4% compared to September 30, 2017.
  -- Despite the impact of seasonal trends on overall deposits, year-over-year, interest bearing deposits (interest bearing demand, savings and money market deposits) increased $216 million, or 10%, to $2.4 billion, noninterest bearing demand deposits increased $205 million, or 16%, to $1.5 billion, and CDs increased $199 million, or 55%, to $561 million.
  -- The Company’s balance sheet continues to be primarily core deposit funded. Core customer funding was $4.1 billion at September 30, 2018, flat compared to June 30, 2018 and an increase of 13% compared to September 30, 2017.
  -- Overall cost of deposits remains low at 43 basis points, an increase of only 4 basis points from the prior quarter.
  
  
• Third quarter return on average tangible assets (ROTA) was 1.18%, compared to 1.24% in the prior quarter and 1.12% in the third quarter of 2017. Adjusted ROTA¹ was 1.22% compared to 1.28% in the prior quarter and 1.16% in the third quarter of 2017.

Capital

• Third quarter return on average tangible common equity (ROTCE) was 12.04%, compared to 13.08% in the prior quarter and 12.45% in the third quarter of 2017. Adjusted ROTCE¹ was 12.43% compared to 13.49% in the prior quarter and 12.80% in the third quarter of 2017.
  
  
• The common equity tier 1 capital ratio (CET1) was 13.1%, total capital ratio was 15.5% and the tier 1 leverage ratio was 11.3% at September 30, 2018.
  
  
• Tangible common equity to tangible assets was 9.85% at September 30, 2018, compared to 9.56% at June 30, 2018, and 9.13% at September 30, 2017.

Asset Quality

• Nonperforming loans to total loans outstanding was 0.56% at September 30, 2018, 0.61% at June 30, 2018, and 0.38% at September 30, 2017.
  
  
• Nonperforming assets to total assets was 0.52% at September 30, 2018, 0.58% at June 30, 2018 and 0.40% at September 30, 2017. Nonperforming assets decreased $3.8 million, the result of the sale of a single REO property. The remaining balance includes $3.1 million in closed branch properties held as REO.
  
  
• The ratio of allowance for loan losses to total loans was 0.83% at September 30, 2018, 0.73% at June 30, 2018, and 0.77% at September 30, 2017. The ratio of allowance for loan losses to non-acquired loans was 0.98% at September 30, 2018, 0.88% at June 30, 2018, and 0.91% at September 30, 2017. The increase in coverage is primarily the result of a $3.1 million increase in the reserve for a single impaired loan.
  
  
• Net charge-offs were $0.8 million or 0.08% for the current quarter compared to $1.7 million in the prior quarter. Net charge-offs for the four most recent quarters averaged 0.10%.

FINANCIAL HIGHLIGHTS						(Unaudited)
(Amounts in thousands except per share data)
	Quarterly Trends
	3Q'18			2Q'18			1Q'18			4Q'17			3Q'17
Selected Balance Sheet Data:
Total Assets	$	5,930,934		$	5,922,681		$	5,903,101		$	5,810,129		$	5,340,413
Gross Loans	4,059,323			3,974,016			3,897,125			3,817,377			3,384,991
Total Deposits	4,643,510			4,697,440			4,719,543			4,592,720			4,112,600
Performance Measures:
Net Income	$	16,322		$	16,964		$	18,027		$	13,047		$	14,216
Net Interest Margin	3.82		%	3.77		%	3.80		%	3.71		%	3.74		%
Average Diluted Shares Outstanding	48,029			47,974			47,688			46,473			43,792
Diluted Earnings Per Share (EPS)	$	0.34		$	0.35		$	0.38		$	0.28		$	0.32
Return on (annualized):
Average Assets (ROA)	1.10		%	1.16		%	1.25		%	0.91		%	1.06		%
Average Return on Tangible Assets (ROTA)	1.18			1.24			1.34			0.97			1.12
Average Tangible Common Equity (ROTCE)	12.04			13.08			14.41			10.69			12.45
Efficiency Ratio	57.04			58.41			57.80			63.95			58.93
Adjusted Operating Measures1:
Adjusted Net Income	$	17,626		$	18,268		$	19,298		$	17,261		$	15,145
Adjusted Diluted EPS	0.37			0.38			0.40			0.37			0.35
Adjusted ROTA	1.22		%	1.28		%	1.38		%	1.23		%	1.16		%
Adjusted ROTCE	12.43			13.49			14.82			13.49			12.80
Adjusted Efficiency Ratio	56.29			57.31			57.05			52.55			57.69
Adjusted Noninterest Expenses as a
Percent of Average Tangible Assets	2.48			2.57			2.55			2.24			2.50
Other Data
Market capitalization2	$	1,380,275		$	1,489,411		$	1,243,644		$	1,182,796		$	1,039,506
Full-time equivalent employees	835			826			814			805			762
Number of ATMs	86			87			86			85			76
Full service banking offices	49			49			49			51			45
Registered online users	94,400			92,107			91,636			83,881			78,880
Registered mobile devices	73,300			69,038			65,336			62,516			58,032

¹Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures”
²Common shares outstanding multiplied by closing bid price on last day of each period

Vision 2020

We remain confident in our ability to achieve our Vision 2020 targets announced early last year.

	Vision 2020 Targets
Return on Tangible Assets	1.30% +
Return on Tangible Common Equity	16% +
Efficiency Ratio	Below 50%

Third Quarter Strategic Highlights

Modernizing How We Sell

• This quarter we saw record consumer and small business loan originations. The increase is attributable, in part, to our commitment to serving small businesses and the expansion of our Small Business Administration (SBA) program. On an organic basis, small businesses represent our fastest growing customer segment with 5% growth year-over year. This growth is supported by our proprietary Connections portal, which provides our teams with greater access and insight to customer service and sales opportunities to better meet customer needs.
• Seacoast Wealth Management added almost $100 million in new assets under management year to date. On a net basis, assets under management have grown 21% year over year. The resulting trust and brokerage revenues continue to rise, with industry leading products including digital tools, and a growing sales and support team throughout the footprint.

Lowering Our Cost to Serve

• We have consolidated five banking center locations in the fourth quarter in conjunction with the acquisition of First Green Bank and in alignment with our Vision 2020 objective of reducing our footprint to meet the evolving demands of our customers. Average deposits per branch are expected to surpass $100 million by year end.
• New digital service enhancements launched in October include mobile approval capability for wire transfers, same day ACH, and card controls, providing even greater digital access for our customers.
• We continue to aggressively move transactions from the branch network to digital, with 53% of transactions now originating through our digital channels.

Driving Improvements in How Our Business Operates

• In the third quarter we launched a large-scale initiative to implement a fully digital loan origination platform across all business units. This follows our successful rollout of our fully digital mortgage banking origination platform. By investing in new technology, improving our digital offerings, and providing best in class analytics, we continue to create efficiency in our lending operations and increase the productivity of our Bankers.
  
• Our expense control initiative launched at the end of the second quarter, designed to reduce overhead and help us become more streamlined in our approach, will continue into next year. We are targeting $7 million in expense reduction in 2019 which will be reinvested in expanding bankers in Tampa and South Florida, installation of a fully digital loan origination platform, and development of digital direct fulfillment for small business lending. These investments will support growth and greater operating leverage into 2020.

Scaling and Evolving Our Culture

• In August we announced Allen Brinkman as Market President and Head of Commercial Banking for the Tampa market. Brinkman brings senior leadership in a market that has significant opportunity for growth. Brinkman previously worked as President and CEO of SunTrust for the Tampa MSA.
  
• On July 1, we implemented a $15 per hour minimum pay rate company-wide. Our associates are our most important strength, and paying nearly twice the state minimum wage supports our ability to attract and retain the best talent in the market.

OTHER INFORMATION

Conference Call Information
Seacoast will host a conference call on Friday, October 26, 2018 at 10:00 a.m. (Eastern Time) to discuss the earnings results. Investors may call in (toll-free) by dialing (866) 294-4838 (passcode: 7746 433; 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 October 26, 2018 by dialing (888) 843-7419 (domestic) and using passcode: 7746 433#.

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 26, 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 $5.9 billion in assets and $4.6 billion in deposits as of September 30, 2018. The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through advanced banking solutions, 49 traditional branches of its locally-branded wholly-owned subsidiary bank, Seacoast Bank, and seven 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 http://www.Seacoastbanking.com/.

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, and for integration of banks that we have acquired, or expect to acquire, 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, 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, 2017, 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.

Charles M. Shaffer
Executive Vice President
Chief Financial Officer
(772) 221-7003
Chuck.Shaffer@seacoastbank.com

FINANCIAL  HIGHLIGHTS	(Unaudited)
SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES
(Dollars in thousands, except per share data)	Quarterly Trends															Nine Months Ended
	3Q'18			2Q'18			1Q'18			4Q'17			3Q'17			3Q'18			3Q'17
Summary of Earnings
Net income	$	16,322		$	16,964		$	18,027		$	13,047		$	14,216		51,313			29,818
Adjusted net income (1)	17,626			18,268			19,298			17,261			15,145			55,192			38,080
Net interest income  (2)	51,709			50,294			49,853			48,402			45,903			151,856			128,600
Net interest margin  (2), (3)	3.82		%	3.77		%	3.80		%	3.71		%	3.74		%	3.79		%	3.74		%
Performance Ratios
Return on average assets-GAAP basis (3)	1.10		%	1.16		%	1.25		%	0.91		%	1.06		%	1.17		%	0.79		%
Return on average tangible assets (3),(4)	1.18			1.24			1.34			0.97			1.12			1.25			0.85
Adjusted return on average tangible assets (1), (3), (4)	1.22			1.28			1.38			1.23			1.16			1.29			1.03
Return on average shareholders' equity-GAAP basis (3)	8.89			9.59			10.52			7.87			9.59			9.65			7.37
Return on average tangible shareholders' equity-GAAP basis (3),(4)	12.04			13.08			14.41			10.69			12.45			13.14			9.57
Adjusted return on average tangible common equity (1), (3), (4)	12.43			13.49			14.82			13.49			12.80			13.54			11.65
Efficiency ratio (5)	57.04			58.41			57.80			63.95			58.93			57.75			67.70
Adjusted efficiency ratio (1)	56.29			57.31			57.05			52.55			57.69			56.88			60.98
Noninterest income to total revenue	19.31			20.28			19.95			35.49			20.06			19.84			19.92
Tangible common equity to tangible assets	9.85			9.56			9.33			9.27			9.13			9.85			9.13
Loan-to-deposit ratio	86.25			83.51			84.10			82.54			85.18			84.62			85.18
Per Share Data
Net income diluted-GAAP basis	$	0.34		$	0.35		$	0.38		$	0.28		$	0.32		$	1.07		$	0.70
Net income basic-GAAP basis	0.35			0.36			0.38			0.29			0.33			1.09			0.72
Adjusted earnings (1)	0.37			0.38			0.40			0.37			0.35			1.15			0.90
Book value per share common	15.50			15.18			14.94			14.70			13.66			15.50			13.66
Tangible book value per share	12.01			11.67			11.39			11.15			10.95			12.01			10.95
Cash dividends declared	—			—			—			—			—			—			—
(1) Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures."
(2)  Calculated on a fully taxable equivalent basis using amortized cost.
(3)  These ratios are stated on an annualized basis and are not necessarily indicative of future periods.
(4)  The Company defines tangible assets as total assets less intangible assets,
and tangible common equity as total shareholders' equity less intangible assets.
(5) Defined 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																					Nine Months Ended
(Dollars in thousands, except per share data)	3Q'18				2Q'18				1Q'18				4Q'17					3Q'17				3Q'18				3Q'17
Interest on securities:
Taxable	$	9,582			$	9,389			$	9,361			$	9,153				$	8,823			$	28,332			$	25,289
Nontaxable	225				216				243				231					189				684				682
Interest and fees on loans	48,713				46,519				45,257				43,322					40,403				140,489				110,503
Interest on federal funds sold and other investments	634				585				616				638					664				1,835				1,778
Total Interest Income	59,154				56,709				55,477				53,344					50,079				171,340				138,252
Interest on deposits	2,097				1,988				1,538				1,246					930				5,623				2,408
Interest on time certificates	2,975				2,629				2,179				2,032					1,266				7,783				2,646
Interest on borrowed money	2,520				1,885				1,998				1,840					2,134				6,403				5,128
Total Interest Expense	7,592				6,502				5,715				5,118					4,330				19,809				10,182
Net Interest Income	51,562				50,207				49,762				48,226					45,749				151,531				128,070
Provision for loan losses	5,774				2,529				1,085				2,263					680				9,388				3,385
Net Interest Income After Provision for Loan Losses	45,788				47,678				48,677				45,963					45,069				142,143				124,685
Noninterest income:
Service charges on deposit accounts	2,833				2,674				2,672				2,566					2,626				8,179				7,483
Trust fees	1,083				1,039				1,021				941					967				3,143				2,764
Mortgage banking fees	1,135				1,336				1,402				1,487					2,138				3,873				4,962
Brokerage commissions and fees	444				461				359				273					351				1,264				1,079
Marine finance fees	194				446				573				313					137				1,213				597
Interchange income	3,119				3,076				2,942				2,836					2,582				9,137				7,747
BOLI income	1,078				1,066				1,056				1,100					836				3,200				2,326
Other	2,453				2,671				2,373				1,861					1,844				7,497				4,895
	12,339				12,769				12,398				11,377					11,481				37,506				31,853
Gain on sale of VISA stock	—				—				—				15,153					—				—				—
Securities gains/(losses), net	(48		)		(48		)		(102		)		112					(47		)		(198		)		(26		)
Total Noninterest Income	12,291				12,721				12,296				26,642					11,434				37,308				31,827
Noninterest expenses:
Salaries and wages	17,129				16,429				15,381				16,321					15,627				48,939				49,371
Employee benefits	3,205				3,034				3,081				2,812					2,917				9,320				8,920
Outsourced data processing costs	3,493				3,393				3,679				4,160					3,231				10,565				9,956
Telephone / data lines	624				643				612				538					573				1,879				1,753
Occupancy	3,214				3,316				3,117				3,265					2,447				9,647				10,025
Furniture and equipment	1,367				1,468				1,457				1,806					1,191				4,292				4,261
Marketing	1,139				1,344				1,252				1,490					1,298				3,735				3,294
Legal and professional fees	2,019				2,301				1,973				3,054					2,560				6,293				7,968
FDIC assessments	431				595				598				558					548				1,624				1,768
Amortization of intangibles	1,004				1,004				989				964					839				2,997				2,397
Foreclosed property expense and net (gain)/loss on sale	(136		)		405				192				(7		)			(297		)		461				(293		)
Other	3,910				4,314				4,833				4,223					3,427				13,057				11,312
Total Noninterest Expenses	37,399				38,246				37,164				39,184					34,361				112,809				110,732
Income Before Income Taxes	20,680				22,153				23,809				33,421					22,142				66,642				45,780
Income taxes	4,358				5,189				5,782				20,374					7,926				15,329				15,962
Net Income	$	16,322			$	16,964			$	18,027			$	13,047				$	14,216			$	51,313			$	29,818
Per share of common stock:
Net income diluted	$	0.34			$	0.35			$	0.38			$	0.28				$	0.32			$	1.07			$	0.70
Net income basic	0.35				0.36				0.38				0.29					0.33				1.09				0.72
Cash dividends declared	—				—				—				—					—				—				—
Average diluted shares outstanding	48,029,330				47,974,118				47,688,388				46,472,538					43,792,108				47,903,093				42,298,136
Average basic shares outstanding	47,205,383				47,164,909				46,951,829				45,541,099					43,151,248				47,108,302				41,626,356

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)		2018				2018				2018				2017				2017
Assets
Cash and due from banks		$	101,920			$	123,927			$	129,065			$	104,039			$	114,621
Interest bearing deposits with other banks		3,174				7,594				6,794				5,465				10,657
Total Cash and Cash Equivalents		105,094				131,521				135,859				109,504				125,278
Time deposits with other banks		9,813				10,562				12,553				12,553				14,591
Debt Securities:
Available for sale (at fair value)		923,206				954,906				982,958				949,460				990,299
Held to maturity (at amortized cost)		367,387				382,137				400,647				416,863				374,773
Total Debt Securities		1,290,593				1,337,043				1,383,605				1,366,323				1,365,072
Loans held for sale		16,172				14,707				20,887				24,306				29,447
Loans		4,059,323				3,974,016				3,897,125				3,817,377				3,384,991
Less: Allowance for loan losses		(33,865		)		(28,924		)		(28,118		)		(27,122		)		(26,232		)
Net Loans		4,025,458				3,945,092				3,869,007				3,790,255				3,358,759
Bank premises and equipment, net		63,531				63,991				64,577				66,883				57,092
Other real estate owned		4,715				8,417				10,288				7,640				7,142
Goodwill		148,555				148,555				148,555				147,578				101,747
Other intangible assets, net		16,508				17,319				18,246				19,099				16,102
Bank owned life insurance		122,561				121,602				120,654				123,981				118,762
Net deferred tax assets		25,822				26,021				24,427				25,417				43,951
Other assets		102,112				97,851				94,443				116,590				102,356
Total Assets		$	5,930,934			$	5,922,681			$	5,903,101			$	5,810,129			$	5,340,299
Liabilities and Shareholders' Equity
Liabilities
Deposits
Noninterest demand		$	1,488,689			$	1,463,652			$	1,488,261			$	1,400,227			$	1,284,118
Interest-bearing demand		912,891				976,281				1,015,054				1,050,755				935,097
Savings		451,958				444,736				437,878				434,346				379,499
Money market		1,036,940				1,023,170				1,035,531				931,458				870,788
Other time certificates		411,208				413,643				410,108				414,277				288,398
Brokered time certificates		192,182				228,602				184,405				217,385				281,551
Time certificates of more than $250,000		149,642				147,356				148,306				144,272				73,149
Total Deposits		4,643,510				4,697,440				4,719,543				4,592,720				4,112,600
Securities sold under agreements to repurchase		189,035				200,050				173,249				216,094				142,153
Federal Home Loan Bank borrowings		261,000				205,000				208,000				211,000				389,000
Subordinated debt		70,734				70,664				70,591				70,521				70,451
Other liabilities		33,824				33,364				29,857				30,130				31,654
Total Liabilities		5,198,103				5,206,518				5,201,240				5,120,465				4,745,858
Shareholders' Equity
Common stock		4,727				4,716				4,698				4,693				4,351
Additional paid in capital		668,711				665,885				663,727				661,632				576,825
Retained earnings		81,112				64,790				47,825				29,914				16,161
Treasury stock		(2,854		)		(2,884		)		(2,279		)		(2,359		)		(1,730		)
		751,696				732,507				713,971				693,880				595,607
Accumulated other comprehensive loss, net		(18,865		)		(16,344		)		(12,110		)		(4,216		)		(1,166		)
Total Shareholders' Equity		732,831				716,163				701,861				689,664				594,441
Total Liabilities & Shareholders' Equity		$	5,930,934			$	5,922,681			$	5,903,101			$	5,810,129			$	5,340,299
Common Shares Outstanding		47,269,692				47,163,109				46,983,165				46,917,735				43,512,179

CONSOLIDATED QUARTERLY FINANCIAL DATA	(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	Quarterly Trends
(Dollars in thousands)	3Q'18				2Q'18				1Q'18				4Q'17				3Q'17
Credit Analysis
Net charge-offs (recoveries) - non-acquired loans	$	800			$	1,715			$	117			$	1,475			$	612
Net charge-offs (recoveries) - acquired loans	(3		)		(25		)		(116		)		(139		)		(333		)
Total net charge-offs (recoveries)	797				1,690				1				1,336				279
TDR valuation adjustments	$	36			$	33			$	88			$	37			$	169
Net charge-offs (recoveries) to average loans - non-acquired loans	0.08		%		0.17		%		0.01		%		0.16		%		0.07		%
Net charge-offs (recoveries) to average loans - acquired loans	—				—				(0.01		)		(0.02		)		(0.04		)
Total net charge-offs (recoveries) to average loans	0.08				0.17				0.00				0.14				0.03
Loan loss provision - non-acquired loans	$	5,640			$	2,591			$	1,383			$	2,053			$	795
Loan loss provision (recapture) - acquired loans	134				(62		)		(298		)		210				(115		)
Total loan loss provision	$	5,774			$	2,529			$	1,085			$	2,263			$	680
Allowance for loan losses - non-acquired loans	$	33,188			$	28,384			$	27,541			$	26,363			$	25,822
Allowance for loan losses - acquired loans	677				540				577				759				410
Total allowance for loan losses	$	33,865			$	28,924			$	28,118			$	27,122			$	26,232
Non-acquired loans at end of period	$	3,383,571			$	3,221,569			$	3,063,618			$	2,922,609			$	2,837,490
Purchased noncredit impaired loans at end of period	662,701				739,232				819,814				877,351				537,057
Purchased credit impaired loans at end of period	13,051				13,215				13,693				17,417				10,443
Total loans	$	4,059,323			$	3,974,016			$	3,897,125			$	3,817,377			$	3,384,990
Non-acquired loans allowance for loan losses to non-acquired loans at end of period	0.98		%		0.88		%		0.90		%		0.90		%		0.91		%
Total allowance for loan losses to total loans at end of period	0.83				0.73				0.72				0.71				0.77
Acquired loans allowance for loan losses to acquired loans at end of period	0.10				0.07				0.07				0.08				0.07
Discount for credit losses to acquired loans at end of period	2.25				2.31				2.32				2.33				2.77
End of Period
Nonperforming loans - non-acquired	$	18,998			$	19,578			$	12,628			$	12,569			$	10,877
Nonperforming loans - acquired	7,142				6,624				6,711				6,955				3,498
Other real estate owned - non-acquired	418				354				2,246				2,246				1,748
Other real estate owned - acquired	1,203				4,969				4,969				1,632				1,632
Bank branches closed included in other real estate owned	3,094				3,094				3,073				3,762				3,762
Total nonperforming assets	$	30,855			$	34,619			$	29,627			$	27,164			$	21,517
Restructured loans (accruing)	$	13,797			$	14,241			$	14,777			$	15,559			$	16,181
Nonperforming loans to loans at end of period - non-acquired	0.56		%		0.61		%		0.41		%		0.43		%		0.38		%
Nonperforming loans to loans at end of period - acquired	1.06				0.88				0.81				0.78				0.64
Total nonperforming loans to loans at end of period	0.64				0.66				0.50				0.51				0.42
Nonperforming assets to total assets - non-acquired	0.38		%		0.39		%		0.30		%		0.32		%		0.30		%
Nonperforming assets to total assets - acquired	0.14				0.19				0.20				0.15				0.09
Total nonperforming assets to total assets	0.52				0.58				0.50				0.47				0.40
Average Balances
Total average assets	$	5,903,327			$	5,878,035			$	5,851,688			$	5,716,230			$	5,316,119
Less: Intangible assets	165,534				166,393				167,136				149,432				118,364
Total average tangible assets	$	5,737,793			$	5,711,642			$	5,684,552			$	5,566,798			$	5,197,755
Total average equity	$	728,290			$	709,674			$	695,240			$	657,100			$	587,919
Less: Intangible assets	165,534				166,393				167,136				149,432				118,364
Total average tangible equity	$	562,756			$	543,281			$	528,104			$	507,668			$	469,555
	September 30,				June 30,				March 31,				December 31,				September 30,
LOANS	2018				2018				2018				2017				2017
Construction and land development	$	376,257			$	359,070			$	374,244			$	343,125			$	245,151
Commercial real estate - Owner Occupied	829,368				812,306				796,898				791,408				688,224
Commercial real estate - Non-Owner Occupied	897,331				888,989				848,341				848,584				789,867
Residential real estate	1,152,640				1,103,946				1,065,152				1,038,810				941,169
Consumer	192,772				190,835				195,788				189,436				185,122
Commercial and financial	610,955				618,870				616,702				606,014				535,457
Total Loans	$	4,059,323			$	3,974,016			$	3,897,125			$	3,817,377			$	3,384,990

AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES (1)															(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	3Q'18										2Q'18										3Q'17
	Average								Yield/		Average								Yield/		Average								Yield/
(Dollars in thousands)	Balance				Interest				Rate		Balance				Interest				Rate		Balance				Interest				Rate
Assets
Earning assets:
Securities:
Taxable	$	1,284,774			$	9,582			2.98	%	$	1,324,280			$	9,389			2.84	%	$	1,356,276			$	8,823			2.60	%
Nontaxable	31,411				283				3.60		32,055				273				3.41		26,256				290				4.42
Total Securities	1,316,185				9,865				3.00		1,356,335				9,662				2.85		1,382,532				9,113				2.64
Federal funds sold and other
investments	51,255				634				4.91		49,387				585				4.75		76,773				664				3.43
Loans, net	4,008,527				48,802				4.83		3,948,460				46,549				4.73		3,407,376				40,456				4.70
Total Earning Assets	5,375,967				59,301				4.38		5,354,182				56,796				4.25		4,866,681				50,233				4.10
Allowance for loan losses	(29,259		)								(29,234		)								(26,299		)
Cash and due from banks	110,929										110,549										99,864
Premises and equipment	63,771										64,445										57,023
Intangible assets	165,534										166,393										118,364
Bank owned life insurance	121,952										121,008										95,759
Other assets	94,433										90,692										104,727
Total Assets	$	5,903,327									$	5,878,035									$	5,316,119
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand	$	939,527			$	426			0.18	%	$	996,929			$	492			0.20	%	$	927,278			$	273			0.12	%
Savings	444,935				170				0.15		439,691				118				0.11		377,729				52				0.05
Money market	1,031,960				1,501				0.58		1,027,705				1,378				0.54		870,166				605				0.28
Time deposits	779,608				2,975				1.51		790,404				2,629				1.33		548,092				1,266				0.92
Federal funds purchased and securities
sold under agreements to repurchase	204,097				463				0.90		179,540				334				0.75		165,160				204				0.49
Federal Home Loan Bank borrowings	222,315				1,228				2.19		160,846				741				1.85		439,755				1,293				1.17
Other borrowings	70,694				829				4.65		70,623				810				4.60		70,409				637				3.59
Total Interest-Bearing Liabilities	3,693,136				7,592				0.82		3,665,738				6,502				0.71		3,398,589				4,330				0.51
Noninterest demand	1,451,751										1,473,331										1,276,779
Other liabilities	30,150										29,292										52,832
Total Liabilities	5,175,037										5,168,361										4,728,200
Shareholders' equity	728,290										709,674										587,919
Total Liabilities & Equity	$	5,903,327									$	5,878,035									$	5,316,119
Cost of Deposits									0.43	%									0.39	%									0.22	%
Interest expense as a % of earning assets									0.56	%									0.49	%									0.35	%
Net interest income as a % of earning assets					$	51,709			3.82	%					$	50,294			3.77	%					$	45,903			3.74	%
(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
	Nine Months Ended September 30,										Nine Months Ended September 30,
	2018										2017
	Average								Yield/		Average								Yield/
(Dollars in thousands)	Balance				Interest				Rate		Balance				Interest				Rate
Assets
Earning assets:
Securities:
Taxable	$	1,323,164			$	28,332			2.85	%	$	1,299,128			$	25,289			2.60	%
Nontaxable	32,031				863				3.59		27,388				1,047				5.10
Total Securities	1,355,195				29,195				2.87		1,326,516				26,336				2.65
Federal funds sold and other
investments	52,253				1,835				4.70		68,766				1,778				3.46
Loans, net	3,943,617				140,635				4.77		3,199,408				110,668				4.62
Total Earning Assets	5,351,065				171,665				4.29		4,594,690				138,782				4.04
Allowance for loan losses	(28,660		)								(25,211		)
Cash and due from banks	111,781										101,858
Premises and equipment	64,708										58,401
Intangible assets	166,348										104,079
Bank owned life insurance	121,742										89,401
Other assets	90,888										111,661
Total Assets	$	5,877,872									$	5,034,879
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand	$	979,148			$	1,368			0.19	%	$	904,175			$	698			0.10	%
Savings	440,054				392				0.12		370,145				147				0.05
Money market	1,012,259				3,863				0.51		847,705				1,563				0.25
Time deposits	782,283				7,783				1.33		443,416				2,646				0.80
Federal funds purchased and securities
sold under agreements to repurchase	186,643				1,071				0.77		173,601				551				0.42
Federal Home Loan Bank borrowings	219,652				2,999				1.83		396,610				2,775				0.94
Other borrowings	70,623				2,333				4.42		70,342				1,802				3.43
Total Interest-Bearing Liabilities	3,690,662				19,809				0.72		3,205,994				10,182				0.42
Noninterest demand	1,446,488										1,248,290
Other liabilities	29,533										39,414
Total Liabilities	5,166,683										4,493,698
Shareholders' equity	711,189										541,181
Total Liabilities & Equity	$	5,877,872									$	5,034,879
Cost of Deposits									0.38	%									0.22	%
Interest expense as a % of earning assets									0.49	%									0.30	%
Net interest income as a % of earning assets					$	151,856			3.79	%					$	128,600			3.74	%
(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.

CONSOLIDATED QUARTERLY FINANCIAL DATA
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
			(Unaudited)
			September 30,			June 30,			March 31,			December 31,			September 30,
(Dollars in thousands)			2018			2018			2018			2017			2017
Customer Relationship Funding
Noninterest demand
Commercial			$	1,182,018		$	1,154,225		$	1,163,119		$	1,073,539		$	997,749
Retail			233,472			236,838			252,055			253,454			217,809
Public funds			42,474			44,182			49,014			50,837			43,686
Other			30,725			28,407			24,073			22,397			24,874
			1,488,689			1,463,652			1,488,261			1,400,227			1,284,118
Interest-bearing demand
Commercial			167,865			181,646			164,359			157,272			156,176
Retail			655,429			681,615			700,262			702,616			670,705
Public funds			89,597			113,020			150,433			190,867			108,216
			912,891			976,281			1,015,054			1,050,755			935,097
Total transaction accounts
Commercial			1,349,883			1,335,871			1,327,478			1,230,811			1,153,925
Retail			888,901			918,453			952,317			956,070			888,514
Public funds			132,071			157,202			199,447			241,704			151,902
Other			30,725			28,407			24,073			22,397			24,874
			2,401,580			2,439,933			2,503,315			2,450,982			2,219,215
Savings			451,958			444,736			437,878			434,346			379,499
Money market
Commercial			423,304			408,005			410,527			375,471			360,567
Retail			524,415			522,783			522,882			471,086			431,325
Public funds			89,221			92,382			102,122			84,901			78,896
			1,036,940			1,023,170			1,035,531			931,458			870,788
Brokered time certificates of deposit			192,182			228,602			184,405			217,385			281,551
Other time certificates of deposit			560,850			560,999			558,414			558,549			361,547
			753,032			789,601			742,819			775,934			643,098
Total Deposits			$	4,643,510		$	4,697,440		$	4,719,543		$	4,592,720		$	4,112,600
Customer sweep accounts			$	189,035		$	200,050		$	173,249		$	216,094		$	142,153
Total core customer funding (1)			$	4,079,513		$	4,107,889		$	4,149,973		$	4,032,880		$	3,611,655
(1) Total deposits and customer sweep accounts, excluding certificates of deposit.

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.

GAAP TO NON-GAAP RECONCILIATION
SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES
	Quarterly Trends																				Nine Months Ended
(Dollars in thousands except per share data)	3Q'18				2Q'18				1Q'18				4Q'17				3Q'17				3Q'18				3Q'17
Net income	$	16,322			$	16,964			$	18,027			$	13,047			$	14,216			$	51,313			$	29,818
Gain on sale of VISA stock	—				—				—				(15,153		)		—				—				—
Securities (gains)/losses, net	48				48				102				(112		)		47				198				26
Total Adjustments to Revenue	48				48				102				(15,265		)		47				198				26
Merger related charges	482				695				470				6,817				491				1,647				6,105
Amortization of intangibles	1,004				1,004				989				963				839				2,997				2,397
Business continuity expenses - Hurricane Irma	—				—				—				—				352				—				352
Branch reductions and other expense initiatives	—				—				—				—				(127		)		—				4,321
Total Adjustments to Noninterest Expense	1,486				1,699				1,459				7,780				1,555				4,644				13,175
Effective tax rate on adjustments	(230		)		(443		)		(538		)		3,147				(673		)		(1,211		)		(4,939		)
Effect of change in corporate tax rate	—				—				248				8,552				—				248				—
Adjusted Net Income	$	17,626			$	18,268			$	19,298			$	17,261			$	15,145			$	55,192			$	38,080
Earnings per diluted share, as reported	0.34				0.35				0.38				0.28				0.32				1.07				0.70
Adjusted Earnings per Diluted Share	0.37				0.38				0.40				0.37				0.35				1.15				0.90
Average shares outstanding (000)		48,029				47,974				47,688				46,473				43,792				47,903				42,298
Revenue	63,853				62,928				62,058				74,868				57,183				188,839				159,897
Total Adjustments to Revenue	48				48				102				(15,265		)		47				198				26
Adjusted Revenue	63,901				62,976				62,160				59,603				57,230				189,037				159,923
Noninterest Expense	37,399				38,246				37,164				39,184				34,361				112,809				110,732
Total Adjustments to Noninterest Expense	1,486				1,699				1,459				7,780				1,555				4,644				13,175
Adjusted Noninterest Expense	35,913				36,547				35,705				31,404				32,806				108,165				97,557
Adjusted Noninterest Expense	35,913				36,547				35,705				31,404				32,806				108,165				97,557
Foreclosed property expense and net (gain)/loss on sale	(137		)		405				192				(7		)		(298		)		460				(294		)
Net Adjusted Noninterest Expense	36,050				36,142				35,513				31,411				33,102				107,705				97,851
Adjusted Revenue	63,901				62,976				62,160				59,603				57,230				189,037				159,923
Impact of FTE adjustment	147				87				91				174				154				325				529
Adjusted Revenue on a fully taxable equivalent basis	64,048				63,063				62,251				59,777				57,384				189,362				160,452
Adjusted Efficiency Ratio	56.3		%		57.3		%		57.1		%		52.6		%		57.7		%		56.9		%		61.0		%
Average Assets	$	5,903,327			$	5,878,035			$	5,851,688			$	5,716,230			$	5,316,119			$	5,877,872			$	5,034,879
Less average goodwill and intangible assets	(165,534		)		(166,393		)		(167,136		)		(149,432		)		(118,364		)		(166,348		)		(104,079		)
Average Tangible Assets	$	5,737,793			$	5,711,642			$	5,684,552			$	5,566,798			$	5,197,755			$	5,711,524			$	4,930,800
Return on Average Assets (ROA)	1.10		%		1.16		%		1.25		%		0.91		%		1.06		%		1.17		%		0.79		%
Impact of removing average intangible assets and related amortization	0.08				0.08				0.09				0.06				0.06				0.08				0.06
Return on Tangible Average Assets (ROTA)	1.18				1.24				1.34				0.97				1.12				1.25				0.85
Impact of other adjustments for Adjusted Net Income	0.04				0.04				0.04				0.26				0.04				0.04				0.18
Adjusted Return on Average Tangible Assets	1.22				1.28				1.38				1.23				1.16				1.29				1.03
Average Shareholders' Equity	$	728,290			$	709,674			$	695,240			$	657,100			$	587,919			$	711,189			$	541,181
Less average goodwill and intangible assets	(165,534		)		(166,393		)		(167,136		)		(149,432		)		(118,364		)		(166,348		)		(104,079		)
Average Tangible Equity	$	562,756			$	543,281			$	528,104			$	507,668			$	469,555			$	544,841			$	437,102
Return on Average Shareholders' Equity	8.9		%		9.6		%		10.5		%		7.9		%		9.6		%		9.6		%		7.4		%
Impact of removing average intangible assets and related amortization	3.5				3.5				3.9				2.8				2.9				3.5				2.2
Return on Average Tangible Common Equity (ROTCE)	12.0				13.1				14.4				10.7				12.5				13.1				9.6
Impact of other adjustments for Adjusted Net Income	0.4				0.4				0.4				2.8				0.3				0.4				2.0
Adjusted Return on Average Tangible Common Equity	12.4				13.5				14.8				13.5				12.8				13.5				11.6