Exhibit 12.1

RATIO OF EARNINGS (LOSSES) TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS

Our consolidated ratio of earnings (losses) to combined fixed charges and preference dividends for each of the periods indicated is as follows:

	Nine Months Ended September 30,			Years Ended December 31,
	2012			2011		2010			2009			2008			2007
Ratio of Earnings (Losses) to Combined Fixed Charges and Preferred Stock Dividends:
Including Interest on Deposits		0.89			1.41		(0.59	)		(4.09	)		(0.36	)		1.22
Excluding Interest on Deposits		0.77			2.22		(5.00	)		(24.02	)		(9.51	)		2.20
For the purposes of computing the ratios, earnings represent the sum of income (loss) from continuing operations before taxes plus fixed charges and preferred share dividend requirements. Fixed charges represent total interest expense, including and excluding interest on deposits. Preferred share dividend requirements represent the amount of pre-tax income required to pay dividends on preferred shares. Before we issued the Fixed Rate Cumulative Perpetual Preferred Stock, Series A, par value $0.10 per share (the “Series A Preferred Shares”), on December 19, 2008, we had no preferred shares outstanding and had not paid any dividends on preferred shares. Therfore, the ratio of earnings to combined fixed charges and preferred share dividends is (i) identical to the ratio of earnings to fixed charges for the periods from 2007 to 2008 set forth below, and (ii) substantially the same as the ratio of earnings to fixed charges for the year ended December 31, 2008.
	Nine Months Ended September 30,			Years Ended December 31,
Dollars in thousands	2012			2011		2010			2009			2008			2007
Income (Loss) Before Taxes	$	(950	)	$	6,667	$	(33,203	)	$	(158,511	)	$	(67,697	)	$	14,163
Plus: Interest on Deposits		4,618			10,986		15,297			24,780			43,412			53,880
Plus: Interest on Federal Funds Purchased		–			–		–			–			126			2,164
Plus: Interest on Repurchase Agreements		265			276		237			431			1,340			4,492
Plus: Interest on FHLB Advances		1,207			1,608		1,607			2,051			2,424			1,475
Plus: Interest on SunTrust Term Loan		–			–		–			–			–			397
Plus: Interest on Subordinated Debt Supporting Trust Preferred Stock Issuances		791			916		1,025			1,320			2,551			3,229
Plus: Interest on Dividend Deferral for Trust Preferred Stock Issuances		–			167		163			34			–			–
Plus: Dividends on Preferred Stock		1,875			2,500		2,500			2,500			–			–
Plus: Interest Within Rental Expense*		–			–		–			–			–			–
Combined Fixed Charges and Preferred Dividends (Including Interest on Deposits)		8,756			16,453		20,829			31,116			49,853			65,637
Adjusted Earnings (Losses)	$	7,806		$	23,120	$	(12,374	)	$	(127,395	)	$	(17,844	)	$	79,800
Earnings for the years ended December 31, 2010, 2009 and 2008 were inadequate to cover fixed charges and preferred stock dividends by $17,906, $133,731, and $24,285, respectively, excluding interest on deposits, and $33,203, $158,511, and $67,697, respectively, including interest on deposits.

* All of the Seacoast Banking Corporation of Florida’s leases are operating; none are capitalized.