SBCF Seacoast Banking Corporation of Florida

Full-Year Net Income Increased 57% Year-Over-Year to $67.3 Million

Seacoast Banking Corporation of Florida (“Seacoast” or “the Company”) (NASDAQ: SBCF) today reported fourth quarter 2018 net income of $16.0 million, or $0.31 per share, up 22% or $2.9 million year-over-year. For the full-year 2018, net income was $67.3 million, or $1.38 per share, up 57% year-over-year. Seacoast reported fourth quarter adjusted net income1 of $23.9 million, or $0.47 per share, increasing $6.6 million compared to fourth quarter 2017. For the full year 2018, adjusted net income1 was $79.1 million, or $1.62 per share, a 42% increase year-over-year.

For the fourth quarter 2018, return on average tangible assets was 1.05%, return on average tangible shareholders’ equity was 10.9%, and the efficiency ratio was 65.8%, compared to 1.18%, 12.0% and 57.0%, respectively, in the prior quarter and 0.97%, 10.7%, and 64.0%, respectively, in the fourth quarter of 2017. Adjusted return on average tangible assets1 was 1.49%, adjusted return on average tangible shareholders’ equity1 was 15.4%, and the adjusted efficiency ratio1 was 54.2%, compared to 1.22%, 12.4%, and 56.3%, respectively, in the prior quarter, and 1.23%, 13.5%, and 52.6%, respectively, in the fourth quarter of 2017.

Dennis S. Hudson, III, Seacoast’s Chairman and CEO, said, “Seacoast’s outstanding performance in 2018 demonstrates the continued success of our balanced growth strategy, with consistent organic growth augmented by prudent and well-integrated acquisitions. Our focused efforts to position our franchise in attractive Florida markets, among the fastest-growing markets in the United States, combined with our unique customer analytics capabilities, helped us to deliver another year of robust shareholder returns as we remained on-track to achieve our Vision 2020 goals."

Hudson added, "I would like to personally thank our associates for their dedication and hard work in 2018, and I am very excited to carry our momentum into 2019 as we build on our position as Florida’s bank of choice."

Charles M. Shaffer, Seacoast’s Chief Financial Officer, said, “We successfully allocated capital towards accretive opportunities in 2018, resulting in an 11% increase year-over-year in tangible book value per share to $12.33, despite the initial dilutive effect of integrating First Green Bancorp in the fourth quarter. Our disciplined approach to credit, liquidity, and expense management combined with accretive acquisitions has driven operating leverage and margin expansion while maintaining the granularity and quality of our loan portfolio."

Completion of the Acquisition of First Green Bancorp

On October 19, 2018, we completed the acquisition of First Green Bancorp, Inc., which added $631 million in loans and $624 million in deposits. The acquisition continues our expansion into the attractive Orlando, Daytona and Fort Lauderdale markets. All expense consolidation activities are largely complete.

Fourth Quarter 2018 Financial Highlights

Income Statement

• Net income was $16.0 million, or $0.31 per diluted share, compared to $16.3 million or $0.34 for the prior quarter and $13.0 million or $0.28 for the fourth quarter of 2017. For the year ended December 31, 2018, net income was $67.3 million compared to $42.9 million for the year ended December 31, 2017. Adjusted net income1 was $23.9 million, or $0.47 per diluted share, compared to $17.6 million or $0.37 for the prior quarter and $17.3 million or $0.37 for the fourth quarter of 2017. For the year ended December 31, 2018, adjusted net income1 was $78.6 million compared to $55.3 million for the year ended December 31, 2017.
• Net revenues were $72.7 million, an increase of $8.8 million or 14% compared to the prior quarter, and a decrease of $2.2 million or 3% compared to the fourth quarter of 2017. For the year ended December 31, 2018, net revenues were $261.5 million, an increase of $26.8 million or 11% compared to the year ended December 31, 2017. The fourth quarter of 2017 included a gain of $15.2 million on the sale of Visa class B shares. Adjusted revenues1 were $73.1 million, an increase of $9.2 million, or 14%, from the prior quarter and an increase of $13.5 million, or 23% from the fourth quarter of 2017. For the year ended December 31, 2018, adjusted revenues1 were $262.2 million, an increase of $42.6 million or 19% compared to the year ended December 31, 2017.
• Net interest income totaled $60.0 million, an increase of $8.4 million or 14% from the prior quarter and an increase of $11.8 million or 24% from the fourth quarter of 2017. For the year ended December 31, 2018, net interest income totaled $211.5 million, an increase of $35.2 million or 20% compared to the year ended December 31, 2017.
• Net interest margin was 4.00% in the current quarter compared to 3.82% in the prior quarter and 3.71% in the fourth quarter of 2017. Quarter over quarter, the yield on loans expanded 29 basis points, the yield on securities expanded 11 basis points, and the cost of deposits increased 11 basis points. The cost of deposits excluding First Green increased approximately 6 basis points sequentially. The impact on net interest margin from accretion of purchase discounts on acquired loans was 27 basis points in the current quarter, compared to 18 basis points in the prior quarter and 22 basis points in the fourth quarter of 2017. Removing accretion on acquired loans, the net interest margin expanded 9 basis points.
• Noninterest income totaled $12.7 million, an increase of $0.4 million or 3% compared to the prior quarter and a decrease of $13.9 million or 52% from the fourth quarter of 2017. For the year ended December 31, 2018, noninterest income totaled $50.0 million, 14% lower than the year ended December 31, 2017. The fourth quarter of 2017 included a gain of $15.2 million on the sale of Visa class B shares. Sequentially, increases in other income, service charges on deposits, and interchange income were partially offset by a decline in mortgage banking fees and securities losses. Service charges on deposits and interchange income benefited from the First Green acquisition and continued customer acquisition and engagement. Other income increased quarter over quarter, the result of increased fee income in SBA, a bank owned life insurance (BOLI) payout, increased SBIC investment income, and higher other miscellaneous customer related fees associated with the acquisition of First Green. Partially offsetting, mortgage banking fees declined quarter over quarter, the result of continued tight inventory levels and increasing customer demand for new home construction.
• The provision for loan losses was $2.3 million compared to $5.8 million in the prior quarter and $2.3 million in the fourth quarter of 2017.
• Noninterest expense was $49.5 million, an increase of $12.1 million or 32% compared to the prior quarter and an increase of $10.3 million or 26% from the fourth quarter of 2017. For the year ended December 31, 2018, noninterest expense was $162.3 million compared to $149.9 million for the year ended December 31, 2017. Fourth quarter included $8.0 million in merger related charges and $0.6 million in expenses associated with branch reductions and other expense initiatives. During the quarter, the company integrated the First Green acquisition, began consolidation on a legacy Seacoast branch location, and recorded severance expense associated with a reduction in force initiative. The company continued to make investments in talent to scale the organization, including 10 new C&I small business and commercial bankers, and additional personnel in our risk and compliance functions. The company accrued $0.8 million for a discretionary bonus for second level leadership given the successful execution of the First Green integration, all while driving expense reduction and growth initiatives. As a percentage of average tangible assets, adjusted noninterest expense1 in the current quarter was 2.46% compared to 2.48% for the prior quarter, reflecting our continued objective of driving operating leverage and efficiency into the organization. Merger related charges and expenses associated with the branch reduction and expense initiatives are removed from the presentation of adjusted results.
• Seacoast recorded $4.9 million in income tax expense in the current quarter, compared to $4.4 million in the prior quarter and $20.4 million in the fourth quarter of 2017. Taxes included additional expense of $0.5 million associated with the redemption of First Green's BOLI policies. Tax benefits related to stock-based compensation were $0.4 million in the current quarter, consistent with the prior quarter. The tax impact associated with redemption of First Green’s BOLI policies was removed from the presentation of adjusted results.
• Full year adjusted revenues1 increased 19% compared to prior year while adjusted noninterest expense1 increased 14%, providing 5% operating leverage.
• The efficiency ratio was 65.8% compared to 57.0% in the prior quarter and 64.0% in the fourth quarter of 2017. The adjusted efficiency ratio1 was 54.2% compared to 56.3% in the prior quarter and 52.6% in the fourth quarter of 2017.

Balance Sheet

• At December 31, 2018, the Company had total assets of $6.7 billion and total shareholders' equity of $864 million.  Book value per share was $16.83 and tangible book value per share was $12.33, compared to $15.50 and $12.01, respectively, at September 30, 2018 and $14.70 and $11.15, respectively, at December 31, 2017. Year-over-year, tangible book value per share increased 11%.
• Debt Securities totaled $1.2 billion at December 31, 2018, a decrease of $67 million compared to prior quarter and a decrease of $143 million from December 31, 2017. The decrease included the sale of $32 million of certain low yielding securities, which resulted in a loss of $0.4 million in the current quarter.
• Loans totaled $4.8 billion at December 31, 2018, an increase of $766 million compared to the prior quarter, and an increase of $1.0 billion or 26% from December 31, 2017. Seacoast ended the year with record originations of $1.5 billion, attributed to continued innovation in analytics technology and our continued expansion into the fast growing markets of Tampa, Orlando, and South Florida. Excluding the impact of First Green in the fourth quarter, loans increased $134 million or 13% annualized in the current quarter compared to third quarter, and $376 million or 10% from December 31, 2017.
  • Record commercial originations during the fourth quarter of 2018 were $159 million, an increase of 22% compared to third quarter of 2018. Originations for the year ended December 31, 2018 were $553 million, an increase of 15% compared to the year ended 2017.
  • Consumer and small business originations for the fourth quarter of 2018 were $53 million, a decrease of 10% compared to the third quarter of 2018. Originations for the year ended December 31, 2018 were $443 million, an increase of 25% compared to the year ended 2017.
  • We continue to prudently manage commercial real estate exposure. Construction and land development and commercial real estate loans remain well below regulatory guidance at 63% and 227% of total risk based capital, respectively.
  • Closed residential loans retained for the fourth quarter of 2018 were $73 million, down 7% from the third quarter of 2018. Residential loans retained for the year ended December 31, 2018 were $306 million, a decrease of 2% compared to the year ended 2017.
• Pipelines (loans in underwriting and approval or approved and not yet closed) remained strong, totaling $261.2 million.
  • Commercial pipelines were $164 million, a decrease of 17% sequentially and an increase of 38% compared to the prior year. The decline sequentially is in line with previous year seasonal trends.
  • Consumer and small business pipelines were $53 million, a decrease of 10% sequentially and an increase of 38% compared to the prior year. The decline sequentially is in line with previous year seasonal trends.
  • Residential pipelines were $44 million, a decrease of 26% sequentially and a decrease of 11% compared to the prior year.
• Total deposits were $5.2 billion as of December 31, 2018, an increase of $534 million sequentially and an increase of $585 million, or 13%, from the prior year.
  • Interest bearing deposits (interest bearing demand, savings and money market deposits) increased year-over-year $265 million, or 11%, to $2.7 billion, noninterest bearing demand deposits increased $169 million, or 12%, to $1.6 billion, and CDs increased $150 million, or 19%, to $926 million.
  • The Company’s balance sheet continues to be primarily core deposit funded. Core customer funding was $4.5 billion at December 31, 2018, an increase of 9% compared to September 30, 2018 and an increase of 11% compared to December 31, 2017.
  • Overall cost of deposits remains low at 54 basis points, an increase of 11 basis points from the prior quarter. The cost of deposits on Seacoast’s legacy franchise excluding First Green increased approximately 6 basis points sequentially.
• Fourth quarter return on average tangible assets (ROTA) was 1.05%, compared to 1.18% in the prior quarter and 0.97% in the fourth quarter of 2017. Adjusted ROTA1 was 1.49% compared to 1.22% in the prior quarter and 1.23% in the fourth quarter of 2017.

Capital

• Fourth quarter return on average tangible common equity (ROTCE) was 10.94%, compared to 12.04% in the prior quarter and 10.69% in the fourth quarter of 2017. Adjusted ROTCE1 was 15.44% compared to 12.43% in the prior quarter and 13.49% in the fourth 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 December 31, 2018.
• Tangible common equity to tangible assets was 9.72% at December 31, 2018, compared to 9.85% at September 30, 2018, and 9.27% at December 31, 2017.

Asset Quality

• Nonperforming loans to total loans outstanding was 0.44% at December 31, 2018, 0.56% at September 30, 2018, and 0.43% at December 31, 2017.
• Nonperforming assets to total assets was 0.58% at December 31, 2018, 0.52% at September 30, 2018 and 0.47% at December 31, 2017. Nonperforming assets increased $8.4 million, attributed primarily to four former First Green branches valued at $6.3 million.
• The ratio of allowance for loan losses to total loans was 0.67% at December 31, 2018, 0.83% at September 30, 2018, and 0.71% at December 31, 2017. The ratio of allowance for loan losses to non-acquired loans was 0.89% at December 31, 2018, 0.98% at September 30, 2018, and 0.90% at December 31, 2017. The decrease in coverage sequentially on the non-acquired portfolio is the result of a $3.0 million charge-off of a single impaired loan, which resulted in a change of 9 basis points.
• Net charge-offs were $3.7 million, including $3.0 million on a single impaired loan, or 0.32% for the current quarter compared to $0.8 million in the prior quarter. Net charge-offs for the four most recent quarters averaged 0.16%.

FINANCIAL HIGHLIGHTS						(Unaudited)
(Amounts in thousands except per share data)
	Quarterly Trends
	4Q'18			3Q'18			2Q'18			1Q'18			4Q'17
Selected Balance Sheet Data:
Total Assets	$	6,747,659		$	5,930,934		$	5,922,681		$	5,903,101		$	5,810,129
Gross Loans	4,825,214			4,059,323			3,974,016			3,897,125			3,817,377
Total Deposits	5,177,240			4,643,510			4,697,440			4,719,543			4,592,720
Performance Measures:
Net Income	$	15,962		$	16,322		$	16,963		$	18,027		$	13,047
Net Interest Margin	4.00		%	3.82		%	3.77		%	3.80		%	3.71		%
Average Diluted Shares Outstanding	51,237			48,029			47,974			47,688			46,473
Diluted Earnings Per Share (EPS)	$	0.31		$	0.34		$	0.35		$	0.38		$	0.28
Return on (annualized):
Average Assets (ROA)	0.96		%	1.10		%	1.16		%	1.25		%	0.91		%
Average Return on Tangible Assets (ROTA)	1.18			1.24			1.34			0.97			1.12
Average Tangible Common Equity (ROTCE)	10.94			12.04			13.08			14.41			10.69
Efficiency Ratio	65.76			57.04			58.41			57.80			63.95
Adjusted Operating Measures1:
Adjusted Net Income	$	23,893		$	17,626		$	18,268		$	19,298		$	17,261
Adjusted Diluted EPS	0.47			0.37			0.38			0.40			0.37
Adjusted ROTA	1.49		%	1.22		%	1.28		%	1.38		%	1.23		%
Adjusted ROTCE	15.44			12.43			13.49			14.82			13.49
Adjusted Efficiency Ratio	54.19			56.29			57.31			57.05			52.55
Adjusted Noninterest Expenses as a
Percent of Average Tangible Assets	2.46			2.48			2.57			2.55			2.24
Other Data
Market capitalization2	$	1,336,415		$	1,380,275		$	1,489,411		$	1,243,644		$	1,182,796
Full-time equivalent employees	902			835			826			814			805
Number of ATMs	87			86			87			86			85
Full service banking offices	51			49			49			49			51
Registered online users	99,415			94,400			92,107			91,636			83,881
Registered mobile devices	83,151			73,300			69,038			65,336			62,516

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 in 2017.

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

Fourth Quarter Strategic Highlights

Modernizing How We Sell

• Achieved record aggregate Small Business and Commercial Banking loan originations of $209 million during the quarter while also acquiring over $70 million in Small Business and Commercial Banking deposits due to our targeted approach to customer acquisition and relationship-driven strategy.

Lowering Our Cost to Serve

• 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. Late in the fourth quarter we announced an additional legacy banking center consolidation with an expected six month payback period, recording a $0.2 million one-time expense.
• At year end, average deposits per banking center exceeded $102 million. Deposits have increased 187% since 2013 while the number of banking centers has increased 50% over the same period.
• New digital service enhancements launched during the quarter include mobile approval capability for wire transfers, same day ACH, and card controls, providing even greater digital access for our customers.

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. We expect this investment will lead to significant improvement in efficiency and banker productivity in 2020 and beyond.
• We are targeting a $7 million expense reduction in 2019 which will be reinvested to expand the number of bankers in Tampa and South Florida, install a fully-digital loan origination platform, and develop digital direct fulfillment for small business lending. We expect these investments to support growth and greater operating leverage in 2020 and beyond. At year-end we had initiated 70% of the 2019 expense reductions resulting in a $0.4 million one-time expense in the fourth quarter.

Scaling and Evolving Our Culture

• We continue to invest in business bankers. In the fourth quarter we on-boarded 10 new C&I small business and commercial bankers (excluding First Green Bank associates) in order to adequately cover the markets we serve and to support growth and operating leverage objectives.
• Each year Seacoast associates make their voices heard through a survey that measures key drivers of associate engagement. In 2018, our overall engagement score reached 84%, up from 81% in the previous year. In addition, 89% of associates understand Seacoast's long-term strategy and 93% understand the importance of their role to the success of the organization.

OTHER INFORMATION

Conference Call InformationSeacoast will host a conference call on Friday, January 25, 2019 at 10:00 a.m. (Eastern Time) to discuss the earnings results and business trends. Investors may call in (toll-free) by dialing (888) 424-8151 (passcode: 9965 703; 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 25, 2019 by dialing (888) 843-7419 (domestic) and using passcode: 9965 703#.

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 25, 2019, 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 $6.7 billion in assets and $5.2 billion in deposits as of December 31, 2018. The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through advanced banking solutions, 51 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 www.SeacoastBanking.com.

Cautionary Notice Regarding Forward-Looking StatementsThis 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 www.sec.gov.

Charles M. ShafferExecutive Vice PresidentChief Financial Officer(772) 221-7003Chuck.Shaffer@seacoastbank.com

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'18			3Q'18			2Q'18			1Q'18			4Q'17			4Q'18				4Q'17
Summary of Earnings
Net income	$	15,962		$	16,322		$	16,964		$	18,027		$	13,047		67,275				42,865
Adjusted net income(1)	23,893			17,626			18,268			19,298			17,261			78,600				55,341
Net interest income(2)	60,100			51,709			50,294			49,853			48,402			211,956				177,002
Net interest margin(2)(3)	4.00		%	3.82		%	3.77		%	3.80		%	3.71		%		3.85		%		3.73		%
Performance Ratios
Return on average assets-GAAP basis(3)	0.96		%	1.10		%		1.16	%		1.25	%	0.91		%		1.11		%		0.82		%
Return on average tangible assets-GAAP basis(3)(4)	1.05			1.18			1.24			1.34			0.97			1.20				0.88
Adjusted return on average tangible assets(1)(3)(4)	1.49			1.22			1.28			1.38			1.23			1.34				1.09
Return on average shareholders' equity-GAAP basis(3)	7.65			8.89			9.59			10.52			7.87			9.08				7.51
Return on average tangible shareholders' equity-GAAP basis(3)(4)	10.94			12.04			13.08			14.41			10.69			12.54				9.90
Adjusted return on average tangible common equity(1)(3)(4)	15.44			12.43			13.49			14.82			13.49			13.98				12.17
Efficiency ratio(5)	65.76			57.04			58.41			57.80			63.95			59.99				66.68
Adjusted efficiency ratio(1)	54.19			56.29			57.31			57.05			52.55			56.13				58.69
Noninterest income to total revenue	17.97			19.31			20.28			19.95			35.49			19.32				24.88
Tangible common equity to tangible assets(4)	9.72			9.85			9.56			9.33			9.27			9.72				9.27
Loan-to-deposit ratio	89.14			86.25			83.51			84.10			82.54			85.85				83.51
Per Share Data
Net income diluted-GAAP basis	$	0.31		$	0.34		$	0.35		$	0.38		$	0.28		$		1.38		$		0.99
Net income basic-GAAP basis	0.32			0.35			0.36			0.38			0.29			1.40				1.01
Adjusted earnings(1)	0.47			0.37			0.38			0.40			0.37			1.62				1.28
Book value per share common	16.83			15.50			15.18			14.94			14.70			16.83				14.70
Tangible book value per share	12.33			12.01			11.67			11.39			11.15			12.33				11.15
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																				Twelve Months Ended
(Amounts in thousands, except per share data)	4Q'18				3Q'18				2Q'18				1Q'18				4Q'17				4Q'18				4Q'17
Interest on securities:
Taxable	$	9,528			$	9,582			$	9,389			$	9,361			$	9,153			$	37,860			$	34,442
Nontaxable	200				225				216				243				231				884				913
Interest and fees on loans	59,495				48,713				46,519				45,257				43,322				199,984				153,825
Interest on federal funds sold and other investments	835				634				585				616				638				2,670				2,416
Total Interest Income	70,058				59,154				56,709				55,477				53,344				241,398				191,596
Interest on deposits	3,140				2,097				1,988				1,538				1,246				8,763				3,654
Interest on time certificates	3,901				2,975				2,629				2,179				2,032				11,684				4,678
Interest on borrowed money	3,033				2,520				1,885				1,998				1,840				9,436				6,968
Total Interest Expense	10,074				7,592				6,502				5,715				5,118				29,883				15,300
Net Interest Income	59,984				51,562				50,207				49,762				48,226				211,515				176,296
Provision for loan losses	2,342				5,774				2,529				1,085				2,263				11,730				5,648
Net Interest Income After Provision for Loan Losses	57,642				45,788				47,678				48,677				45,963				199,785				170,648
Noninterest income:
Service charges on deposit accounts	3,019				2,833				2,674				2,672				2,566				11,198				10,049
Trust fees	1,040				1,083				1,039				1,021				941				4,183				3,705
Mortgage banking fees	809				1,135				1,336				1,402				1,487				4,682				6,449
Brokerage commissions and fees	468				444				461				359				273				1,732				1,352
Marine finance fees	185				194				446				573				313				1,398				910
Interchange income	3,198				3,119				3,076				2,942				2,836				12,335				10,583
BOLI income	1,091				1,078				1,066				1,056				1,100				4,291				3,426
Other	3,329				2,453				2,671				2,373				1,861				10,826				6,756
	13,139				12,339				12,769				12,398				11,377				50,645				43,230
Gain on sale of VISA stock	—				—				—				—				15,153				—				15,153
Securities gains/(losses), net	(425		)		(48		)		(48		)		(102		)		112				(623		)		86
Total Noninterest Income	12,714				12,291				12,721				12,296				26,642				50,022				58,469
Noninterest expenses:
Salaries and wages	22,172				17,129				16,429				15,381				16,321				71,111				65,692
Employee benefits	3,625				3,205				3,034				3,081				2,812				12,945				11,732
Outsourced data processing costs	5,809				3,493				3,393				3,679				4,160				16,374				14,116
Telephone / data lines	602				624				643				612				538				2,481				2,291
Occupancy	3,747				3,214				3,316				3,117				3,265				13,394				13,290
Furniture and equipment	2,452				1,367				1,468				1,457				1,806				6,744				6,067
Marketing	1,350				1,139				1,344				1,252				1,490				5,085				4,784
Legal and professional fees	3,668				2,019				2,301				1,973				3,054				9,961				11,022
FDIC assessments	571				431				595				598				558				2,195				2,326
Amortization of intangibles	1,303				1,004				1,004				989				964				4,300				3,361
Foreclosed property expense and net (gain)/loss on sale	—				(136		)		405				192				(7		)		461				(300		)
Other	4,165				3,910				4,314				4,833				4,223				17,222				15,535
Total Noninterest Expense	49,464				37,399				38,246				37,164				39,184				162,273				149,916
Income Before Income Taxes	20,892				20,680				22,153				23,809				33,421				87,534				79,201
Income taxes	4,930				4,358				5,189				5,782				20,374				20,259				36,336
Net Income	$	15,962			$	16,322			$	16,964			$	18,027			$	13,047			$	67,275			$	42,865
Per share of common stock:
Net income diluted	$	0.31			$	0.34			$	0.35			$	0.38			$	0.28			$	1.38			$	0.99
Net income basic	0.32				0.35				0.36				0.38				0.29				1.40				1.01
Cash dividends declared	—				—				—				—				—				—				—
Average diluted shares outstanding	51,237				48,029				47,974				47,688				46,473				48,748				43,350
Average basic shares outstanding	50,523				47,205				47,165				46,952				45,541				47,969				42,613

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)		2018				2018				2018				2018				2017
Assets
Cash and due from banks		$	92,242			$	101,920			$	123,927			$	129,065			$	104,039
Interest bearing deposits with other banks		23,709				3,174				7,594				6,794				5,465
Total Cash and Cash Equivalents		115,951				105,094				131,521				135,859				109,504
Time deposits with other banks		8,243				9,813				10,562				12,553				12,553
Debt Securities:
Available for sale (at fair value)		865,831				923,206				954,906				982,958				949,460
Held to maturity (at amortized cost)		357,949				367,387				382,137				400,647				416,863
Total Debt Securities		1,223,780				1,290,593				1,337,043				1,383,605				1,366,323
Loans held for sale		11,873				16,172				14,707				20,887				24,306
Loans		4,825,214				4,059,323				3,974,016				3,897,125				3,817,377
Less: Allowance for loan losses		(32,423		)		(33,865		)		(28,924		)		(28,118		)		(27,122		)
Net Loans		4,792,791				4,025,458				3,945,092				3,869,007				3,790,255
Bank premises and equipment, net		71,024				63,531				63,991				64,577				66,883
Other real estate owned		12,802				4,715				8,417				10,288				7,640
Goodwill		204,753				148,555				148,555				148,555				147,578
Other intangible assets, net		25,977				16,508				17,319				18,246				19,099
Bank owned life insurance		123,394				122,561				121,602				120,654				123,981
Net deferred tax assets		28,954				25,822				26,021				24,427				25,417
Other assets		128,117				102,112				97,851				94,443				116,590
Total Assets		$	6,747,659			$	5,930,934			$	5,922,681			$	5,903,101			$	5,810,129
Liabilities and Shareholders' Equity
Liabilities
Deposits
Noninterest demand		$	1,569,602			$	1,488,689			$	1,463,652			$	1,488,261			$	1,400,227
Interest-bearing demand		1,014,032				912,891				976,281				1,015,054				1,050,755
Savings		493,807				451,958				444,736				437,878				434,346
Money market		1,173,950				1,036,940				1,023,170				1,035,531				931,458
Other time certificates		513,312				411,208				413,643				410,108				414,277
Brokered time certificates		220,594				192,182				228,602				184,405				217,385
Time certificates of more than $250,000		191,943				149,642				147,356				148,306				144,272
Total Deposits		5,177,240				4,643,510				4,697,440				4,719,543				4,592,720
Securities sold under agreements to repurchase		214,323				189,035				200,050				173,249				216,094
Federal Home Loan Bank borrowings		380,000				261,000				205,000				208,000				211,000
Subordinated debt		70,804				70,734				70,664				70,591				70,521
Other liabilities		41,025				33,824				33,364				29,857				30,130
Total Liabilities		5,883,392				5,198,103				5,206,518				5,201,240				5,120,465
Shareholders' Equity
Common stock		5,136				4,727				4,716				4,698				4,693
Additional paid in capital		778,501				668,711				665,885				663,727				661,632
Retained earnings		97,074				81,112				64,790				47,825				29,914
Treasury stock		(3,384		)		(2,854		)		(2,884		)		(2,279		)		(2,359		)
		877,327				751,696				732,507				713,971				693,880
Accumulated other comprehensive loss, net		(13,060		)		(18,865		)		(16,344		)		(12,110		)		(4,216		)
Total Shareholders' Equity		864,267				732,831				716,163				701,861				689,664
Total Liabilities & Shareholders' Equity		$	6,747,659			$	5,930,934			$	5,922,681			$	5,903,101			$	5,810,129
Common shares outstanding		51,361				47,270				47,163				46,983				46,918

CONSOLIDATED QUARTERLY FINANCIAL DATA	(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	Quarterly Trends
(Amounts in thousands, except ratios)	4Q'18				3Q'18				2Q'18				1Q'18				4Q'17
Credit Analysis
Net charge-offs (recoveries) - non-acquired loans	$	3,693			$	800			$	1,715			$	117			$	1,475
Net charge-offs (recoveries) - acquired loans	56				(3		)		(25		)		(116		)			(139	)
Total Net Charge-offs (Recoveries)	3,749				797				1,690				1					1,336
TDR valuation adjustments	$	35			$	36			$	33			$	88			$	37
Net charge-offs (recoveries) to average loans - non-acquired loans	0.32		%		0.08		%		0.17		%		0.01		%			0.16	%
Net charge-offs (recoveries) to average loans - acquired loans	—				—				—				(0.01		)			(0.02	)
Total Net Charge-offs (Recoveries) to Average Loans	0.32				0.08				0.17				0.00					0.14
Provision for loan losses - non-acquired loans	$	2,343			$	5,640			$	2,591			$	1,383			$	2,053
Provision for (recapture of) loan losses - acquired loans	(1		)		134				(62		)		(298		)			210
Total Provision for Loan Losses	$	2,342			$	5,774			$	2,529			$	1,085			$	2,263
Allowance for loan losses - non-acquired loans	$	31,803			$	33,188			$	28,384			$	27,541			$	26,363
Allowance for loan losses - acquired loans	620				677				540				577					759
Total Allowance for Loan Losses	$	32,423			$	33,865			$	28,924			$	28,118			$	27,122
Non-acquired loans at end of period	$	3,588,251			$	3,383,571			$	3,221,569			$	3,063,618			$	2,922,609
Purchased noncredit impaired loans at end of period	1,222,529				662,701				739,232				819,814					877,351
Purchased credit impaired loans at end of period	14,434				13,051				13,215				13,693					17,417
Total Loans	$	4,825,214			$	4,059,323			$	3,974,016			$	3,897,125			$	3,817,377
Non-acquired loans allowance for loan losses to non-acquired loans at end of period	0.89		%		0.98		%		0.88		%		0.90		%			0.90	%
Total allowance for loan losses to total loans at end of period	0.67				0.83				0.73				0.72					0.71
Acquired loans allowance for loan losses to acquired loans at end of period	0.05				0.10				0.07				0.07					0.08
Discount for credit losses to acquired loans at end of period	3.86				2.25				2.31				2.32					2.33
End of Period
Nonperforming loans - non-acquired	$	15,783			$	18,998			$	19,578			$	12,628			$	12,569
Nonperforming loans - acquired	10,693				7,142				6,624				6,711					6,955
Other real estate owned - non-acquired	386				418				354				2,246					2,246
Other real estate owned - acquired	3,020				1,203				4,969				4,969					1,632
Bank branches closed included in other real estate owned	9,396				3,094				3,094				3,073					3,762
Total Nonperforming Assets	$	39,278			$	30,855			$	34,619			$	29,627			$	27,164
Restructured loans (accruing)	$	13,346			$	13,797			$	14,241			$	14,777			$	15,559
Nonperforming loans to loans at end of period - non-acquired	0.44		%		0.56		%		0.61		%		0.41		%		0.43		%
Nonperforming loans to loans at end of period - acquired	0.86				1.06				0.88				0.81					0.78
Total Nonperforming Loans to Loans at End of Period	0.55				0.64				0.66				0.50					0.51
Nonperforming assets to total assets - non-acquired	0.38		%		0.38		%		0.39		%		0.30		%		0.32		%
Nonperforming assets to total assets - acquired	0.20				0.14				0.19				0.20					0.15
Total Nonperforming Assets to Total Assets	0.58				0.52				0.58				0.50					0.47
Average Balances
Total average assets	$	6,589,870			$	5,903,327			$	5,878,035			$	5,851,688			$	5,716,230
Less: intangible assets	213,713				165,534				166,393				167,136					149,432
Total Average Tangible Assets	$	6,376,157			$	5,737,793			$	5,711,642			$	5,684,552			$	5,566,798
Total average equity	$	827,759			$	728,290			$	709,674			$	695,240			$	657,100
Less: intangible assets	213,713				165,534				166,393				167,136					149,432
Total Average Tangible Equity	$	614,046			$	562,756			$	543,281			$	528,104			$	507,668
	December 31,				September 30,				June 30,				March 31,				December 31,
Loans	2018				2018				2018				2018				2017
Construction and land development	$	443,568			$	376,257			$	359,070			$	374,244			$	343,125
Commercial real estate - owner occupied	970,181				829,368				812,306				796,898					791,408
Commercial real estate - non-owner occupied	1,161,885				897,331				888,989				848,341					848,584
Residential real estate	1,324,377				1,152,640				1,103,946				1,065,152					1,038,810
Consumer	202,881				192,772				190,835				195,788					189,436
Commercial and financial	722,322				610,955				618,870				616,702					606,014
Total Loans	$	4,825,214			$	4,059,323			$	3,974,016			$	3,897,125			$	3,817,377

AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES (1)															(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	4Q'18										3Q'18										4Q'17
	Average								Yield/		Average								Yield/		Average								Yield/
(Amounts in thousands, except ratios)	Balance				Interest				Rate		Balance				Interest				Rate		Balance				Interest				Rate
Assets
Earning assets:
Securities:
Taxable	$	1,227,648			$	9,528			3.10	%	$	1,284,774			$	9,582			2.98	%	$	1,369,921			$	9,153			2.67	%
Nontaxable	29,255				252				3.45		31,411				283				3.60		31,282				354				4.53
Total Securities	1,256,903				9,780				3.11		1,316,185				9,865				3.00		1,401,203				9,507				2.71
Federal funds sold and other investments	87,146				835				3.80		51,255				634				4.91		79,025				638				3.20
Loans, net	4,611,691				59,559				5.12		4,008,527				48,802				4.83		3,691,344				43,375				4.66
Total Earning Assets	5,955,740				70,174				4.67		5,375,967				59,301				4.38		5,171,572				53,520				4.11
Allowance for loan losses	(33,864		)								(29,259		)								(26,298		)
Cash and due from banks	124,299										110,929										121,109
Premises and equipment	75,120										63,771										64,121
Intangible assets	213,713										165,534										149,432
Bank owned life insurance	132,495										121,952										123,272
Other assets	122,367										94,433										113,022
Total Assets	$	6,589,870									$	5,903,327									$	5,716,230
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand	$	974,711			$	515			0.21	%	$	939,527			$	426			0.18	%	$	976,295			$	367			0.15	%
Savings	509,434				418				0.33		444,935				170				0.15		431,124				94				0.09
Money market	1,161,599				2,207				0.75		1,031,960				1,501				0.58		929,914				785				0.33
Time deposits	899,153				3,901				1.72		779,608				2,975				1.51		761,720				2,032				1.06
Federal funds purchased and securities sold under agreements to repurchase	242,963				732				1.20		204,097				463				0.90		166,006				231				0.55
Federal Home Loan Bank borrowings	240,799				1,468				2.42		222,315				1,228				2.19		320,380				968				1.20
Other borrowings	70,764				833				4.67		70,694				829				4.65		70,480				641				3.61
Total Interest-Bearing Liabilities	4,099,423				10,074				0.97		3,693,136				7,592				0.82		3,655,919				5,118				0.56
Noninterest demand	1,628,842										1,451,751										1,373,403
Other liabilities	33,846										30,150										29,808
Total Liabilities	5,762,111										5,175,037										5,059,130
Shareholders' equity	827,759										728,290										657,100
Total Liabilities & Equity	$	6,589,870									$	5,903,327									$	5,716,230
Cost of deposits									0.54	%									0.43	%									0.29	%
Interest expense as a % of earning assets									0.67	%									0.56	%									0.39	%
Net interest income as a % of earning assets					$	60,100			4.00	%					$	51,709			3.82	%					$	48,402			3.71	%
(1)On 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,										Twelve Months Ended December 31,
	2018										2017
	Average								Yield/		Average								Yield/
(Amounts in thousands, except ratios)	Balance				Interest				Rate		Balance				Interest				Rate
Assets
Earning assets:
Securities:
Taxable	$	1,299,089			$	37,860			2.91	%	$	1,316,972			$	34,442			2.62	%
Nontaxable	31,331				1,115				3.56		28,369				1,401				4.94
Total Securities	1,330,420				38,975				2.93		1,345,341				35,843				2.66
Federal funds sold and other investments	61,048				2,670				4.37		71,352				2,416				3.39
Loans, net	4,112,009				200,194				4.87		3,323,403				154,043				4.64
Total Earning Assets	5,503,477				241,839				4.39		4,740,096				192,302				4.06
Allowance for loan losses	(29,972		)								(25,485		)
Cash and due from banks	114,936										106,710
Premises and equipment	67,332										59,842
Intangible assets	178,287										115,511
Bank owned life insurance	124,452										97,939
Other assets	98,823										112,004
Total Assets	$	6,057,335									$	5,206,617
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand	$	978,030			$	1,883			0.19	%	$	922,353			$	1,065			0.12	%
Savings	457,542				811				0.18		385,515				241				0.06
Money market	1,049,900				6,069				0.58		868,427				2,348				0.27
Time deposits	811,741				11,684				1.44		523,646				4,678				0.89
Federal funds purchased and securities sold under agreements to repurchase	200,839				1,804				0.90		171,686				781				0.45
Federal Home Loan Bank borrowings	224,982				4,468				1.99		377,396				3,744				0.99
Other borrowings	70,658				3,164				4.48		70,377				2,443				3.47
Total Interest-Bearing Liabilities	3,793,692				29,883				0.79		3,319,400				15,300				0.46
Noninterest demand	1,492,451										1,279,825
Other liabilities	30,621										36,993
Total Liabilities	5,316,764										4,636,218
Shareholders' equity	740,571										570,399
Total Liabilities & Equity	$	6,057,335									$	5,206,617
Cost of deposits									0.43	%									0.21	%
Interest expense as a % of earning assets									0.54	%									0.32	%
Net interest income as a % of earning assets					$	211,956			3.85	%					$	177,002			3.73	%

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)		2018				2018				2018				2018				2017
Customer Relationship Funding
Noninterest demand
Commercial		$	1,217,842			$	1,182,018			$	1,154,225			$	1,163,119			$	1,073,539
Retail		259,318				233,472				236,838				252,055				253,454
Public funds		68,324				42,474				44,182				49,014				50,837
Other		24,118				30,725				28,407				24,073				22,397
Total Noninterest Demand		1,569,602				1,488,689				1,463,652				1,488,261				1,400,227
Interest-bearing demand
Commercial		211,879				167,865				181,646				164,359				157,272
Retail		650,490				655,429				681,615				700,262				702,616
Public funds		151,663				89,597				113,020				150,433				190,867
Total Interest-Bearing Demand		1,014,032				912,891				976,281				1,015,054				1,050,755
Total transaction accounts
Commercial		1,429,721				1,349,883				1,335,871				1,327,478				1,230,811
Retail		909,808				888,901				918,453				952,317				956,070
Public funds		219,987				132,071				157,202				199,447				241,704
Other		24,118				30,725				28,407				24,073				22,397
Total Transaction Accounts		2,583,634				2,401,580				2,439,933				2,503,315				2,450,982
Savings		493,807				451,958				444,736				437,878				434,346
Money market
Commercial		459,380				423,304				408,005				410,527				375,471
Retail		607,837				524,415				522,783				522,882				471,086
Public funds		106,733				89,221				92,382				102,122				84,901
Total Money Market		1,173,950				1,036,940				1,023,170				1,035,531				931,458
Brokered time certificates		220,594				192,182				228,602				184,405				217,385
Other time certificates		705,255				560,850				560,999				558,414				558,549
		925,849				753,032				789,601				742,819				775,934
Total Deposits		$	5,177,240			$	4,643,510			$	4,697,440			$	4,719,543			$	4,592,720
Customer sweep accounts		$	214,323			$	189,035			$	200,050			$	173,249			$	216,094
Total core customer funding(1)		$	4,465,714			$	4,079,513			$	4,107,889			$	4,149,973			$	4,032,880
(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					(Unaudited)
SEACOAST  BANKING  CORPORATION  OF  FLORIDA  AND  SUBSIDIARIES
	Quarterly Trends																					Twelve Months Ended
(Amounts in thousands, except per share data)	4Q'18				3Q'18				2Q'18				1Q'18				4Q'17					4Q'18				4Q'17
Net income	$	15,962			$	16,322			$	16,964			$	18,027			$	13,047				$	67,275			$	42,865
Gain on sale of VISA stock	—				—				—				—				(15,153		)			—				(15,153		)
Securities (gains)/losses, net	425				48				48				102				(112		)			623				(86		)
BOLI benefits on death (included in other income)	(280		)		—				—				—				—					(280		)		—
Total Adjustments to Revenue	145				48				48				102				(15,265		)			343				(15,239		)
Merger related charges	8,034				482				695				470				6,817					9,681				12,922
Amortization of intangibles	1,303				1,004				1,004				989				963					4,300				3,360
Business continuity expenses - Hurricane Irma	—				—				—				—				—					—				352
Branch reductions and other expense initiatives	587				—				—				—				—					587				4,321
Total Adjustments to Noninterest Expense	9,924				1,486				1,699				1,459				7,780					14,568				20,955
Tax effect of adjustments	(2,623		)		(230		)		(443		)		(538		)		3,147					(3,834		)		(1,792		)
Taxes and tax penalties on acquisition-related BOLI redemption	485				—				—				—				—					485				—
Effect of change in corporate tax rate	—				—				—				248				8,552					248				8,552
Adjusted Net Income	$	23,893			$	17,626			$	18,268			$	19,298			$	17,261				$	78,600			$	55,341
Earnings per diluted share, as reported	0.31				0.34				0.35				0.38				0.28					1.38				0.99
Adjusted earnings per diluted share	0.47				0.37				0.38				0.40				0.37					1.62				1.28
Average shares outstanding	51,237				48,029				47,974				47,688				46,473					48,748				43,350
Revenue	72,698				63,853				62,928				62,058				74,868					261,537				234,765
Total adjustments to revenue	145				48				48				102				(15,265		)			343				(15,239		)
Adjusted Revenue	72,843				63,901				62,976				62,160				59,603					261,880				219,526
Noninterest expense	49,464				37,399				38,246				37,164				39,184					162,273				149,916
Total adjustments to noninterest expense	9,924				1,486				1,699				1,459				7,780					14,568				20,955
Adjusted Noninterest Expense	39,540				35,913				36,547				35,705				31,404					147,705				128,961
Adjusted noninterest expense	39,540				35,913				36,547				35,705				31,404					147,705				128,961
Foreclosed property expense and net (gain)/loss on sale	—				(137		)		405				192				(7		)			461				(302		)
Net Adjusted Noninterest Expense	39,540				36,050				36,142				35,513				31,411					147,244				129,263
Adjusted revenue	72,843				63,901				62,976				62,160				59,603					261,880				219,526
Impact of FTE adjustment	116				147				87				91				174					441				706
Adjusted revenue on a fully taxable equivalent basis	72,959				64,048				63,063				62,251				59,777					262,321				220,232
Adjusted Efficiency Ratio	54.19		%		56.29		%		57.31		%		57.15		%		52.65		%			56.13		%		58.69		%
Average assets	$	6,589,870			$	5,903,327			$	5,878,035			$	5,851,688			$	5,716,230				$	6,057,335			$	5,206,617
Less average goodwill and intangible assets	(213,713		)		(165,534		)		(166,393		)		(167,136		)		(149,432		)			(178,287		)		(115,511		)
Average Tangible Assets	$	6,376,157			$	5,737,793			$	5,711,642			$	5,684,552			$	5,566,798				$	5,879,048			$	5,091,106
Return on average assets (ROA)	0.96		%		1.10		%		1.16		%		1.25		%		0.91		%			1.11		%		0.82		%
Impact of removing average intangible assets and related amortization	0.09				0.08				0.08				0.09				0.06					0.09				0.09
Return on Tangible Average Assets (ROTA)	1.05				1.18				1.24				1.34				0.97					1.20				0.91
Impact of other adjustments for adjusted net income	0.44				0.04				0.04				0.04				0.26					0.14				0.18
Adjusted Return on Average Tangible Assets	1.49				1.22				1.28				1.38				1.23					1.34				1.09
Average shareholders' equity	$	827,759			$	728,290			$	709,674			$	695,240			$	657,100				$	740,571			$	570,399
Less average goodwill and intangible assets	(213,713		)		(165,534		)		(166,393		)		(167,136		)		(149,432		)			(178,287		)		(115,511		)
Average Tangible Equity	$	614,046			$	562,756			$	543,281			$	528,104			$	507,668				$	562,284			$	454,888
Return on average shareholders' equity	7.7		%		8.9		%		9.6		%		10.5		%		7.9		%			9.1		%		7.5		%
Impact of removing average intangible assets and related amortization	3.2				3.1				3.5				3.9				2.8					3.4				2.7
Return on Average Tangible Common Equity (ROTCE)	10.9				12.0				13.1				14.4				10.7					12.5				10.2
Impact of other adjustments for adjusted net income	4.5				0.4				0.4				0.4				2.8					1.5				2.0
Adjusted Return on Average Tangible Common Equity	15.4				12.4				13.5				14.8				13.5					14.0				12.2