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Seacoast Banking Corp. of Florida adjusts Q1 EPS 2 cents higher

Stuart-based SeacoastBanking Corp. of Florida corrected its first-quarter earnings report,recording net income of $4.0 million, or 11 cents per share, instead of $3.2 million,or 9 cents per share.

According to a regulatory filing, the adjustment is due to anexpense line that should have been reported under fair value of assets acquired,in connection with the mergerwith Floridian Financial Group Inc.The accounting change decreases compensation expense by $779,000 after tax and increasesgoodwill.