Seacoast Banking Corporation of Florida

8-K – 03/14/05

Page # of 3

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC  20549

______________________________

FORM 8-K/A

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported)

March 8, 2005

SEACOAST BANKING CORPORATION OF FLORIDA

(Exact Name of Registrant as Specified in Charter)

Not Applicable	1-13660	59-2260678
(State or Other Jurisdiction of Incorporation)	(Commission File Number	(IRS Employer Identification No.)

815 Colorado Avenue, Stuart, FL	34994
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code     (772) 287-4000    

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

	¨
	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Seacoast Banking Corporation of Florida

8-K – 03/14/05

Page # of 3

Item 4.02.

Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.

(a)  In connection with the preparation of its Annual Report on Form 10-K for the period ended December 31, 2004, management of Seacoast Banking Corporation of Florida (the “Company”), determined that the Company’s documentation relating to an interest rate swap entered into in January 2003 did not meet the requirements necessary to achieve hedge accounting under Statement of Financial Accounting Standards No. 133, “Accounting for Derivative Instruments and Hedging Activities.”  As a result of this determination and resulting analysis, the Company’s management and the Audit Committee of its Board of Directors concluded on March 8, 2005 that certain of the Company’s previously issued financial statements should be restated to reflect the estimated fair value of the January 2003 interest rate swap, and that the interim consolidated statements included in the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2004, June 30, 2004, and September 30, 2004 should no longer be relied upon.  

The Company will restate the affected interim consolidated statements in its Annual Report on Form 10-K for the period ended December 31, 2004, and the Company’s Quarterly Reports on Form 10-Q for fiscal 2005 will reflect the restated information for the interim periods of 2004.  The overall effect of the restatement is primarily to change the timing of the Company’s recognition of changes in the estimated fair value of the January 2003 interest rate swap, which affects the Company’s earnings but has no effect on cash flows in the affected periods.  The Company’s interim statements are restated by the changes shown below.

The Company’s management has discussed the matters disclosed in this Current Report on Form 8-K with KPMG LLP.  

(Dollars in thousands, except per share amount) Unaudited					First	Second	Third
2004
Reconciliation to Previously Reported Results
	Noninterest income :
			As originally reported		4,861	5,024	4,846
			Adjustment		634	(1,224)	330
			Restated		5,495	3,800	5,176
	Income before income tax expense
			As originally reported		5,617	6,006	6,031
			Adjustment		634	(1,224)	330
			Restated		6,251	4,782	6,361
	Net income:
			As originally reported		3,625	3,886	3,880
			Adjustment		412	(796)	215
			Restated		4,037	3,090	4,095
	Basic net income per share:
			As originally reported		0.23	0.25	0.25
			Adjustment		0.03	(0.05)	0.02
			Restated		0.26	0.20	0.27
	Diluted net income per share:
			As originally reported		0.23	0.25	0.25
			Adjustment		0.02	(0.05)	0.01
			Restated		0.25	0.20	0.26

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SEACOAST BANKING CORPORATION OF FLORIDA

Date:    March 14, 2005

By:

/s William R. Hahl

William R. Hahl

Executive Vice President and

Chief Financial Officer of Seacoast

Banking Corporation of Florida