Market Newsdesk

Seacoast Reports Fourth Quarter and Full Year 2024 Results

Fourth Quarter 2024 Net Interest Margin Expands 22 Basis Points to 3.39%

Well-Positioned Balance Sheet with Strong Capital and Liquidity

STUART, Fla.–(BUSINESS WIRE)–
Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) (NASDAQ: SBCF) today reported net income in the fourth quarter of 2024 of $34.1 million, or $0.40 per diluted share, compared to $30.7 million, or $0.36 per diluted share in the third quarter of 2024 and $29.5 million, or $0.35 per diluted share in the fourth quarter of 2023. For the year ended December 31, 2024, net income was $121.0 million, or $1.42 per diluted share, compared to $104.0 million, or $1.23 per diluted share, for the year ended December 31, 2023.

Adjusted net income¹ for the fourth quarter of 2024 was $40.6 million, or $0.48 per diluted share, compared to $30.5 million, or $0.36 per diluted share in the third quarter of 2024 and $31.4 million, or $0.37 per diluted share in the fourth quarter of 2023. Adjusted net income¹ for the year ended December 31, 2024 was $132.5 million, or $1.56 per diluted share, compared to $133.2 million, or $1.58 per diluted share, for the year ended December 31, 2023.

Pre-tax pre-provision earnings¹ were $47.9 million in the fourth quarter of 2024, an increase of $1.8 million, or 4%, compared to the third quarter of 2024 and an increase of $5.9 million, or 14%, compared to the fourth quarter of 2023. Pre-tax pre-provision earnings¹ for the year ended December 31, 2024 were $174.2 million, an increase of $0.4 million, or 0.2%, when compared to the year ended December 31, 2023. Adjusted pre-tax pre-provision earnings¹ were $56.6 million in the fourth quarter of 2024, an increase of $10.2 million, or 22%, compared to the third quarter of 2024 and an increase of $11.6 million, or 26%, compared to the fourth quarter of 2023. Adjusted pre-tax pre-provision earnings¹ for the year ended December 31, 2024 were $190.0 million, a decrease of $23.9 million, or 11%, when compared to the year ended December 31, 2023.

For the fourth quarter of 2024, return on average tangible assets was 1.06% and return on average tangible shareholders’ equity was 10.90%, compared to 0.99% and 10.31%, respectively, in the prior quarter, and 0.99% and 11.22%, respectively, in the prior year quarter. Adjusted return on average tangible assets¹ in the fourth quarter of 2024 was 1.24% and adjusted return on average tangible shareholders’ equity¹ was 12.74%, compared to 0.98% and 10.27%, respectively, in the prior quarter, and 1.04% and 11.80%, respectively, in the prior year quarter. For the year ended December 31, 2024, return on average tangible assets was 0.98%, and return on average tangible shareholders’ equity was 10.39%, compared to 0.91% and 10.38%, respectively, for the year ended December 31, 2023. For the year ended December 31, 2024, adjusted return on average tangible assets¹ was 1.06%, and adjusted return on average tangible shareholders’ equity¹ was 11.25%, compared to 1.12% and 12.80%, respectively, for the year ended December 31, 2023.

Charles M. Shaffer, Seacoast’s Chairman and CEO, said, “Our Seacoast associates weathered the impacts of two successive hurricanes to deliver remarkable revenue growth, record loan production, and a 33% increase in adjusted net income. The strong net interest margin expansion in the fourth quarter evidenced the solid, granular core deposit franchise that we have built over many decades through our relationship-focused banking model. With accelerating business momentum and tailwinds from fixed rate asset repricing, we remain focused on profitability improvement and growth in the year ahead.”

Shaffer added, “We advanced several key initiatives this year including the expansion of our commercial lending team and treasury deposit products that will support the next phase of growth for Seacoast. With a tangible common equity ratio of 9.6% and a loan to deposit ratio of 84%, we have a tremendous opportunity ahead to serve clients in our economically vibrant footprint.”

Shaffer concluded, “The Seacoast team remains unwavering to our core tenets of maintaining a fortress balance sheet and building one of the best, granular customer deposit franchises in the country.”

Financial Results

Income Statement

• Net income in the fourth quarter of 2024 was $34.1 million, or $0.40 per diluted share, compared to $30.7 million, or $0.36 per diluted share in the prior quarter and $29.5 million, or $0.35 per diluted share in the prior year quarter. For the year ended December 31, 2024, net income was $121.0 million, or $1.42 per diluted share, compared to $104.0 million, or $1.23 per diluted share, for the year ended December 31, 2023. Adjusted net income¹ for the fourth quarter of 2024 was $40.6 million, or $0.48 per diluted share, compared to $30.5 million, or $0.36 per diluted share, for the prior quarter, and $31.4 million, or $0.37 per diluted share, for the prior year quarter. For the year ended December 31, 2024, adjusted net income¹ was $132.5 million, or $1.56 per diluted share, compared to $133.2 million, or $1.58 per diluted share, for the year ended December 31, 2023.
• Net revenues were $132.9 million in the fourth quarter of 2024, an increase of $2.5 million, or 2%, compared to the prior quarter, and an increase of $4.7 million, or 4%, compared to the prior year quarter. For the year ended December 31, 2024, net revenues were $515.4 million, a decrease of $52.0 million, or 9%, compared to the year ended December 31, 2023. Adjusted net revenues¹ were $141.6 million in the fourth quarter of 2024, an increase of $11.1 million, or 9%, compared to the prior quarter, and an increase of $10.8 million, or 8%, compared to the prior year quarter. For the year ended December 31, 2024, adjusted net revenues¹ were $524.5 million, a decrease of $44.5 million, or 8%, compared to the year ended December 31, 2023.
• Pre-tax pre-provision earnings¹ were $47.9 million in the fourth quarter of 2024, an increase of $1.8 million, or 4%, compared to the third quarter of 2024 and an increase of $5.9 million, or 14%, compared to the fourth quarter of 2023. For the year ended December 31, 2024, pre-tax pre-provision earnings¹ were $174.2 million, an increase of $0.4 million, or 0.2%, compared to the year ended December 31, 2023. Adjusted pre-tax pre-provision earnings¹ were $56.6 million in the fourth quarter of 2024, an increase of $10.2 million, or 22%, compared to the third quarter of 2024 and an increase of $11.6 million, or 26%, compared to the fourth quarter of 2023. For the year ended December 31, 2024, adjusted pre-tax pre-provision earnings¹ were $190.0 million, a decrease of $23.9 million, or 11%, compared to the year ended December 31, 2023.
• Net interest income totaled $115.8 million in the fourth quarter of 2024, an increase of $9.1 million, or 9%, compared to the prior quarter, and an increase of $5.0 million, or 4%, compared to the prior year quarter. For the year ended December 31, 2024, net interest income was $432.0 million, a decrease of $56.3 million, or 12%, compared to the year ended December 31, 2023. The increase in the fourth quarter of 2024 was largely driven by a 26 basis point decline in the cost of deposits. Included in loan interest income was accretion on acquired loans of $11.7 million in the fourth quarter of 2024, $9.2 million in the third quarter of 2024, and $11.3 million in the fourth quarter of 2023. For the year ended December 31, 2024, accretion on acquired loans totaled $41.7 million, compared to $56.7 million for the year ended December 31, 2023.
• Net interest margin increased 22 basis points to 3.39% in the fourth quarter of 2024 compared to 3.17% in the third quarter of 2024. Excluding the effects of accretion on acquired loans, net interest margin expanded 15 basis points to 3.05% in the fourth quarter of 2024 compared to 2.90% in the third quarter of 2024. Loan yields were 5.93%, a decrease of one basis point from the prior quarter. Securities yields increased two basis points to 3.77%, compared to 3.75% in the prior quarter. The cost of deposits declined 26 basis points from 2.34% in the prior quarter, to 2.08% in the fourth quarter of 2024. Lower interest expense on deposits reflects the impact of recent cuts to the Federal Funds rate.
• Noninterest income totaled $17.1 million in the fourth quarter of 2024, a decrease of $6.6 million, or 28%, compared to the prior quarter, and a decrease of $0.3 million, or 2%, compared to the prior year quarter. For the year ended December 31, 2024, noninterest income totaled $83.4 million, an increase of $4.3 million, or 5%, compared to the year ended December 31, 2023. Results for the fourth quarter of 2024 included an $8.0 million loss on the repositioning of a portion of the available-for-sale securities portfolio. Securities with an average book yield of 2.8% were sold, and the proceeds of approximately $113 million were reinvested in agency mortgage-backed securities with an average book yield of 5.4%, for an estimated earnback of less than three years. Other changes compared to the third quarter of 2024 included the following:
  • Service charges on deposits totaled $5.1 million, a decrease of $0.3 million, or 5%, from the prior quarter and an increase of $0.3 million, or 6%, from the prior year quarter. The fourth quarter of 2024 was modestly impacted by hurricane-related fee waivers, while our investments in talent and significant market expansion across the state have resulted in continued growth in treasury management services to commercial customers compared to the prior year.

  • Wealth management income totaled $4.0 million, an increase of $0.2 million, or 5%, from the prior quarter and an increase of $0.8 million, or 23%, from the prior year quarter. During 2024, assets under management increased $341.7 million, or 20%, reaching $2.1 billion at December 31, 2024.

  • Insurance agency income totaled $1.2 million, a decrease of 18% from the prior quarter, reflecting typical fourth quarter seasonality, and an increase of 8% from the prior year quarter. For the full year 2024, insurance agency income totaled $5.2 million, an increase of $0.7 million, or 15%, from the prior year.

  • Other income totaled $10.3 million, an increase of $2.5 million, or 31%, from the prior quarter and an increase of $4.7 million, or 85% from the prior year quarter. Fourth quarter 2024 results include gains on SBIC investments and gains on the sale of two nonperforming commercial real estate loans.

• The provision for credit losses was $3.7 million in the fourth quarter of 2024, compared to $6.3 million in the third quarter of 2024 and $4.0 million in the fourth quarter of 2023. In the fourth quarter of 2024, no hurricane-related adjustment to the allowance for credit losses was determined to be necessary.

• Noninterest expense was $85.6 million in the fourth quarter of 2024, an increase of $0.8 million, or 1%, compared to the prior quarter, and a decrease of $0.8 million, or 1%, compared to the prior year quarter. Noninterest expense for the year ended December 31, 2024, totaled $343.3 million, a decrease of $52.3 million, or 13%, compared to the year ended December 31, 2023. Seacoast has prudently managed expenses while strategically investing to support continued growth. Results in the fourth quarter of 2024 included:
  • Salaries and wages totaled $42.4 million, an increase of $1.7 million, or 4%, compared to the prior quarter and an increase of $3.9 million, or 10%, from the prior year quarter, reflecting continued onboarding of banking teams and talent across our footprint.

  • Employee benefits totaled $6.5 million, a decrease of $0.4 million, or 6%, compared to the prior quarter and a decrease of $0.1 million, or 2%, from the prior year quarter. The decrease from the prior quarter is due to seasonally lower 401(k) and payroll tax expense.

  • Outsourced data processing costs totaled $8.3 million, an increase of $0.3 million, or 4%, compared to the prior quarter and a decrease of $0.3 million, or 4%, from the prior year quarter. Higher customer transaction volume contributed to the increase over the prior quarter.

  • Occupancy costs totaled $7.2 million, an increase of $0.1 million, or 2%, compared to the prior quarter and a decrease of $0.3 million, or 4%, from the prior year quarter. The fourth quarter of 2024 included $0.2 million in preparation and recovery costs related to Hurricane Milton.

  • Marketing expenses totaled $2.1 million, reflecting a decrease of $0.6 million, or 22%, compared to the prior quarter and a decrease of $0.9 million, or 29%, from the prior year quarter, primarily associated with the timing of various campaigns. We will continue to invest in marketing and branding supporting customer growth initiatives.

  • Legal and professional fees totaled $2.8 million, an increase of $0.1 million, or 4%, compared to the prior quarter and a decrease of $0.5 million, or 15%, from the prior year quarter.

• Seacoast recorded $9.5 million of income tax expense in the fourth quarter of 2024, compared to $8.6 million in the third quarter of 2024, and $8.3 million in the fourth quarter of 2023. Tax expense related to stock-based compensation totaled $0.2 million in the fourth quarter of 2024, compared to tax benefit of $0.1 million in the third quarter of 2024 and a tax benefit of $0.6 million in the fourth quarter of 2023.

• The efficiency ratio was 56.26% in the fourth quarter of 2024, benefiting from lower deposit costs and higher revenues, compared to 59.84% in the third quarter of 2024 and 60.32% in the prior year quarter. The adjusted efficiency ratio¹ was 56.07% in the fourth quarter of 2024, compared to 59.84% in the third quarter of 2024 and 60.32% in the prior year quarter. The efficiency ratio for the year ended December 31, 2024 was 60.63% compared to 63.86% for the year ended December 31, 2023. The adjusted efficiency ratio¹ for the year ended December 31, 2024 was 59.22% compared to 57.35% for the year ended December 31, 2023. The Company continues to remain keenly focused on disciplined expense control, while making investments for growth.

Balance Sheet

• At December 31, 2024, the Company had total assets of $15.2 billion and totalshareholders’ equity of $2.2 billion. Book value per share was $25.51 as of December 31, 2024, compared to $25.68 as of September 30, 2024, and $24.84 as of December 31, 2023. Tangible book value per share was $16.12 as of December 31, 2024, compared to $16.20 as of September 30, 2024, and $15.08 as of December 31, 2023. The decline in the value of the available-for-sale securities portfolio driven by rising longer term interest rates negatively impacted tangible book value per share by $0.38 during the fourth quarter of 2024.

• Debt securities totaled $2.9 billion as of December 31, 2024, an increase of $55.6 million compared to September 30, 2024. Debt securities include approximately $2.2 billion in securities classified as available-for-sale and recorded at fair value. The unrealized loss on these securities is fully reflected in the value presented on the balance sheet. The portfolio also includes $635.2 million in securities classified as held-to-maturity with a fair value of $507.6 million. Held-to-maturity securities consist solely of mortgage-backed securities and collateralized mortgage obligations guaranteed by U.S. government agencies, each of which is expected to recover any price depreciation over its holding period as the debt securities move to maturity. The Company has significant liquidity and available borrowing capacity and has the intent and ability to hold these investments to maturity.
• Loans increased $94.7 million, or 3.7% annualized, totaling $10.3 billion as of December 31, 2024. Loan originations increased 37% to $902.6 million in the fourth quarter of 2024, compared to $657.9 million in the third quarter of 2024. Gross production during the fourth quarter of 2024 was offset by elevated payoffs, the sale of two nonperforming commercial real estate loans totaling $19.0 million in aggregate, and the transfer to held-for-sale of $20.0 million in consumer loans previously acquired through bank acquisitions (the “consumer fintech loans”). The Company continues to exercise a disciplined approach to lending and is benefiting from the investments made in recent years to attract talent from large regional banks across its markets. This talent is onboarding significant new relationships, resulting in increased loan production.
• Loan pipelines (loans in underwriting and approval or approved and not yet closed) totaled $693.3 million as of December 31, 2024, compared to $831.1 million at September 30, 2024 and $393.0 million at December 31, 2023.
  • Commercial pipelines were $605.4 million as of December 31, 2024, compared to $744.5 million at September 30, 2024, and $306.5 million at December 31, 2023.

  • SBA pipelines were $28.8 million as of December 31, 2024, compared to $28.9 million at September 30, 2024, and $20.6 million at December 31, 2023.

  • Residential saleable pipelines were $6.7 million as of December 31, 2024, compared to $11.2 million at September 30, 2024, and $2.7 million at December 31, 2023. Retained residential pipelines were $35.1 million as of December 31, 2024, compared to $21.9 million at September 30, 2024, and $44.4 million at December 31, 2023.

  • Consumer pipelines were $17.4 million as of December 31, 2024, compared to $24.4 million at September 30, 2024 and $18.7 million at December 31, 2023.

• Total deposits were $12.2 billion as of December 31, 2024, near flat when compared to September 30, 2024.
  • At December 31, 2024, customer transaction account balances represented 50% of total deposits.

  • The Company benefits from a granular deposit franchise, with the top ten depositors representing approximately 4% of total deposits.

  • Average deposits per banking center were $159 million at December 31, 2024, compared to $153 million at December 31, 2023.

  • Uninsured deposits represented only 36% of overall deposit accounts as of December 31, 2024. This includes public funds under the Florida Qualified Public Depository program, which provides loss protection to depositors beyond FDIC insurance limits. Excluding such balances, the uninsured and uncollateralized deposits were 30% of total deposits. The Company has liquidity sources including cash and lines of credit with the Federal Reserve and Federal Home Loan Bank that represent 138% of uninsured deposits, and 167% of uninsured and uncollateralized deposits.

  • Consumer deposits represent 41% of overall deposit funding with an average consumer customer balance of $25 thousand. Commercial deposits represent 59% of overall deposit funding with an average business customer balance of $112 thousand.

• Federal Home Loan Bank advances totaled $245.0 million at December 31, 2024 with a weighted average interest rate of 4.19%.

Asset Quality

• The ratio of criticized and classified loans to total loans decreased to 2.17% at December 31, 2024 from 2.59% at September 30, 2024 and from 2.32% at December 31, 2023, benefiting from the strategic sale of two nonperforming commercial real estate loans.

• Nonperforming loans were $92.4 million at December 31, 2024, compared to $80.9 million at September 30, 2024, and $65.1 million at December 31, 2023. New nonperforming loans in the fourth quarter of 2024 have collateral values well in excess of balances outstanding, and therefore, no loss is expected. Nonperforming loans to total loans outstanding were 0.90% at December 31, 2024, 0.79% at September 30, 2024, and 0.65% at December 31, 2023.
• Accruing past due loans were $15.6 million, or 0.15% of total loans, at December 31, 2024, compared to $50.7 million, or 0.50% of total loans, at September 30, 2024, and $30.5 million, or 0.30% of total loans, at December 31, 2023.
• Nonperforming assets to total assets were 0.65% at December 31, 2024, compared to 0.58% at September 30, 2024, and 0.50% at December 31, 2023.
• Theratio of allowance for credit losses to total loans was 1.34% at December 31, 2024, 1.38% at September 30, 2024, and 1.48% at December 31, 2023.
• Net charge-offs were $6.1 million in the fourth quarter of 2024, compared to $7.4 million in the third quarter of 2024 and $4.7 million in the fourth quarter of 2023. During the fourth quarter of 2024, the Company entered into arrangements to sell approximately $20.0 million in consumer fintech loans and, as a result, charged down these loans by $3.0 million.
• Portfolio diversification, in terms of asset mix, industry, and loan type, has been a critical element of the Company’s lending strategy. Exposure across industries and collateral types is broadly distributed. Seacoast’s average loan size is $383 thousand, and the average commercial loan size is $814 thousand, reflecting an ability to maintain granularity within the overall loan portfolio.
• Construction and land development and commercial real estate loans remain well below regulatory guidance as of December 31, 2024 at 38% and 237% of total bank-level risk-based capital², respectively, compared to 36% and 241%, respectively, at September 30, 2024. On a consolidated basis and as of December 31, 2024, construction and land development and commercial real estate loans represent 36% and 224%, respectively, of total consolidated risk-based capital².

Capital and Liquidity

• The Company continues to operate with a fortress balance sheet, with a Tier 1 capital ratio at December 31, 2024 of 14.8%² compared to 14.8% at September 30, 2024, and 14.0% at December 31, 2023. The Total capital ratio was 16.2%², the Common Equity Tier 1 capital ratio was 14.2%², and the Tier 1 leverage ratio was 11.2%² at December 31, 2024. The Company is considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements.

• Cash and cash equivalents at December 31, 2024 totaled $476.6 million.
• The Company’s loan to deposit ratio was 84.27% at December 31, 2024, which should continue to provide liquidity and flexibility moving forward.

• Tangible common equity to tangible assets was 9.60% at December 31, 2024, compared to 9.64% at September 30, 2024, and 9.31% at December 31, 2023. If all held-to-maturity securities were adjusted to fair value, the tangible common equity ratio would have been 8.96% at December 31, 2024.
• At December 31, 2024, in addition to $476.6 million in cash, the Company had $5.6 billion in available borrowing capacity, including $4.0 billion in available collateralized lines of credit, $1.3 billion of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of $0.3 billion. These liquidity sources as of December 31, 2024, represented 167% of uninsured and uncollateralized deposits.

1	Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and for a reconciliation to GAAP.
2	Estimated

FINANCIAL HIGHLIGHTS
(Amounts in thousands except per share data)	(Unaudited)
	Quarterly Trends
	4Q’24				3Q’24				2Q’24				1Q’24				4Q’23
Selected balance sheet data:
Gross loans	$	10,299,950			$	10,205,281			$	10,038,508			$	9,978,052			$	10,062,940
Total deposits		12,242,427				12,243,585				12,116,118				12,015,840				11,776,935
Total assets		15,176,307				15,168,371				14,952,613				14,830,015				14,580,249
Performance measures:
Net income	$	34,085			$	30,651			$	30,244			$	26,006			$	29,543
Net interest margin		3.39	%			3.17	%			3.18	%			3.24	%			3.36	%
Pre-tax pre-provision earnings1	$	47,858			$	46,086			$	44,555			$	35,674			$	42,006
Average diluted shares outstanding		85,302				85,069				84,816				85,270				85,336
Diluted earnings per share (EPS)		0.40				0.36				0.36				0.31				0.35
Return on (annualized):
Average assets (ROA)		0.89	%			0.81	%			0.82	%			0.71	%			0.80	%
Average tangible assets (ROTA)2		1.06				0.99				1.00				0.89				0.99
Average tangible common equity (ROTCE)2		10.90				10.31				10.75				9.55				11.22
Tangible common equity to tangible assets2		9.60				9.64				9.30				9.25				9.31
Tangible book value per share2	$	16.12			$	16.20			$	15.41			$	15.26			$	15.08
Efficiency ratio		56.26	%			59.84	%			60.21	%			66.78	%			60.32	%
Adjusted operating measures1:
Adjusted net income4	$	40,556			$	30,511			$	30,277			$	31,132			$	31,363
Adjusted pre-tax pre-provision earnings4		56,610				46,390				44,490				42,513				45,016
Adjusted diluted EPS4		0.48				0.36				0.36				0.37				0.37
Adjusted ROTA2		1.24	%			0.98	%			1.00	%			1.04	%			1.04	%
Adjusted ROTCE2		12.74				10.27				10.76				11.15				11.80
Adjusted efficiency ratio		56.07				59.84				60.21				61.13				60.32
Net adjusted noninterest expense as a percent of average tangible assets2		2.19	%			2.19	%			2.19	%			2.23	%			2.25	%
Other data:
Market capitalization3	$	2,355,679			$	2,277,003			$	2,016,472			$	2,156,529			$	2,415,158
Full-time equivalent employees		1,504				1,493				1,449				1,445				1,541
Number of ATMs		96				96				95				95				96
Full-service banking offices		77				77				77				77				77
1 Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP.
2 The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders’ equity less intangible assets.
3 Common shares outstanding multiplied by closing bid price on last day of each period.
4 As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change.

OTHER INFORMATION

Conference Call Information

Seacoast will host a conference call January 28, 2025, at 10:00 a.m. (Eastern Time) to discuss the fourth quarter of 2024 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 715-9871 (Conference ID: 8804483). 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.” Additionally, a recording of the call will be made available to individuals shortly after the conference call and can be accessed via a link at www.SeacoastBanking.com under the heading “Corporate Information.” The recording will be available for one year.

About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)

Seacoast Banking Corporation of Florida (NASDAQ: SBCF) is one of the largest community banks headquartered in Florida with approximately $15.2 billion in assets and $12.2 billion in deposits as of December 31, 2024. Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 77 full-service branches across Florida, and through advanced mobile and online banking solutions. Seacoast National Bank is the wholly-owned subsidiary bank of Seacoast Banking Corporation of Florida. For more information about Seacoast, visit 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, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in the Company’s markets, and improvements to reported earnings that may be realized from cost controls, tax law changes, new initiatives and for integration of banks that the Company has acquired, or expects to acquire, as well as statements with respect to Seacoast’s objectives, strategic plans, 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 the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates and intentions about future performance and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance or achievements of Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) or its wholly-owned banking subsidiary, Seacoast National Bank (“Seacoast Bank”), to be materially different from results, performance or achievements expressed or implied by such forward-looking statements. You should not expect the Company to update any forward-looking statements.

All statements other than statements of historical fact could be forward-looking statements. You can identify these forward-looking statements through the use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “support,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “further,” “plan,” “point to,” “project,” “could,” “intend,” “target” 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 impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of inflationary pressures, changes in interest rates, slowdowns in economic growth, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing; potential impacts of adverse developments in the banking industry, including those highlighted by high-profile bank failures, and including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto (including increases in the cost of our deposit insurance assessments), the Company’s ability to effectively manage its liquidity risk and any growth plans, and the availability of capital and funding; governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes including overdraft and late fee caps (if implemented), including those that impact the money supply and inflation; the risks of changes in interest rates on the level and composition of deposits (as well as the cost of, and competition for, deposits), loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities; interest rate risks (including the impacts of interest rates on macroeconomic conditions, customer and client behavior, and on our net interest income), sensitivities and the shape of the yield curve; changes in accounting policies, rules and practices; changes in retail distribution strategies, customer preferences and behavior generally and as a result of economic factors, including heightened or persistent inflation; changes in the availability and cost of credit and capital in the financial markets; changes in the prices, values and sales volumes of residential and commercial real estate, especially as they relate to the value of collateral supporting the Company’s loans; the Company’s concentration in commercial real estate loans and in real estate collateral in Florida; Seacoast’s ability to comply with any regulatory requirements and the risk that the regulatory environment may not be conducive to or may prohibit or delay the consummation of future mergers and/or business combinations, may increase the length of time and amount of resources required to consummate such transactions, and may reduce the anticipated benefit; inaccuracies or other failures from the use of models, including the failure of assumptions and estimates, as well as differences in, and changes to, economic, market and credit conditions; the impact on the valuation of Seacoast’s investments due to market volatility or counterparty payment risk, as well as the effect of a decline in stock market prices on our fee income from our wealth management business; statutory and regulatory dividend restrictions; increases in regulatory capital requirements for banking organizations generally; the risks of mergers, acquisitions and divestitures, including Seacoast’s ability to continue to identify acquisition targets, successfully acquire and integrate desirable financial institutions and realize expected revenues and revenue synergies; changes in technology or products that may be more difficult, costly, or less effective than anticipated; the Company’s ability to identify and address increased cybersecurity risks, including those impacting vendors and other third parties which may be exacerbated by developments in generative artificial intelligence; fraud or misconduct by internal or external parties, which Seacoast may not be able to prevent, detect or mitigate; inability of Seacoast’s risk management framework to manage risks associated with the Company’s business; dependence on key suppliers or vendors to obtain equipment or services for the business on acceptable terms; reduction in or the termination of Seacoast’s ability to use the online- or mobile-based platform that is critical to the Company’s business growth strategy; the effects of war or other conflicts, acts of terrorism, natural disasters, including hurricanes in the Company’s footprint, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions and/or increase costs, including, but not limited to, property and casualty and other insurance costs; Seacoast’s ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions; the risks that deferred tax assets could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated, the results of tax audit findings, challenges to our tax positions, or adverse changes or interpretations of tax laws; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions; the failure of assumptions underlying the establishment of reserves for expected credit losses; risks related to, and the costs associated with, environmental, social and governance matters, including the scope and pace of related rulemaking activity and disclosure requirements; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the federal budget and economic policy, including the impact of tariffs and trade policies; the risk that balance sheet, revenue growth, and loan growth expectations may differ from actual results; and other factors and risks described herein and under “Risk Factors” in any of the Company’s subsequent reports filed with the SEC and available on its website at www.sec.gov.

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 the Company’s annual report on Form 10-K for the year ended December 31, 2023 and in other periodic reports that the Company files with the SEC. 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.

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’24				3Q’24				2Q’24				1Q’24				4Q’23				4Q’24				4Q’23
Summary of Earnings
Net income	$	34,085			$	30,651			$	30,244			$	26,006			$	29,543			$	120,986			$	104,033
Adjusted net income1,6		40,556				30,511				30,277				31,132				31,363				132,476				133,240
Net interest income2		116,115				106,975				104,657				105,298				111,035				433,045				489,043
Net interest margin2,3		3.39	%			3.17	%			3.18	%			3.24	%			3.36	%			3.24	%			3.77	%
Pre-tax pre-provision earnings1		47,858				46,086				44,555				35,674				42,006				174,173				173,812
Adjusted pre-tax pre-provision earnings1,6		56,610				46,390				44,490				42,513				45,016				190,003				213,920
Performance Ratios
Return on average assets-GAAP basis3		0.89	%			0.81	%			0.82	%			0.71	%			0.80	%			0.81	%			0.71	%
Return on average tangible assets-GAAP basis3,4		1.06				0.99				1.00				0.89				0.99				0.98				0.91
Adjusted return on average tangible assets1,3,4		1.24				0.98				1.00				1.04				1.04				1.06				1.12
Net adjusted noninterest expense to average tangible assets1,3,4		2.19				2.19				2.19				2.23				2.25				2.20				2.36
Return on average shareholders’ equity-GAAP basis3		6.16				5.62				5.74				4.94				5.69				5.62				5.14
Return on average tangible common equity-GAAP basis3,4		10.90				10.31				10.75				9.55				11.22				10.39				10.38
Adjusted return on average tangible common equity1,3,4		12.74				10.27				10.76				11.15				11.80				11.25				12.80
Efficiency ratio5		56.26				59.84				60.21				66.78				60.32				60.63				63.86
Adjusted efficiency ratio1		56.07				59.84				60.21				61.13				60.32				59.22				57.35
Noninterest income to total revenue (excluding securities gains/losses)		18.02				18.05				17.55				16.17				15.14				17.47				14.39
Tangible common equity to tangible assets4		9.60				9.64				9.30				9.25				9.31				9.60				9.31
Average loan-to-deposit ratio		83.14				83.79				83.11				84.50				83.38				83.63				82.99
End of period loan-to-deposit ratio		84.27				83.44				82.90				83.12				85.48				84.27				85.48
Per Share Data
Net income diluted-GAAP basis	$	0.40			$	0.36			$	0.36			$	0.31			$	0.35			$	1.42			$	1.23
Net income basic-GAAP basis		0.40				0.36				0.36				0.31				0.35				1.43				1.24
Adjusted earnings1,6		0.48				0.36				0.36				0.37				0.37				1.56				1.58
Book value per share common		25.51				25.68				24.98				24.93				24.84				25.51				24.84
Tangible book value per share		16.12				16.20				15.41				15.26				15.08				16.12				15.08
Cash dividends declared		0.18				0.18				0.18				0.18				0.18				0.72				0.71
1 Non-GAAP measure – see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP.
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 and losses).
6 As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change.

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’24				3Q’24			2Q’24				1Q’24				4Q’23				4Q’24				4Q’23
Interest and dividends on securities:
Taxable	$	26,945			$	25,963		$	24,155			$	22,393			$	21,383			$	99,456			$	82,926
Nontaxable		34				34			33				34				55				135				354
Interest and fees on loans		151,999				150,980			147,292				147,095				147,801				597,366				581,105
Interest on interest bearing deposits and other investments		6,952				7,138			8,328				6,184				7,616				28,602				24,590
Total Interest Income		185,930				184,115			179,808				175,706				176,855				725,559				688,975
Interest on deposits		47,394				51,963			51,319				47,534				44,923				198,210				126,535
Interest on time certificates		16,726				19,002			17,928				17,121				15,764				70,777				52,254
Interest on borrowed money		6,006				6,485			6,137				5,973				5,349				24,601				21,946
Total Interest Expense		70,126				77,450			75,384				70,628				66,036				293,588				200,735
Net Interest Income		115,804				106,665			104,424				105,078				110,819				431,971				488,240
Provision for credit losses		3,699				6,273			4,918				1,368				3,990				16,258				37,518
Net Interest Income After Provision for Credit Losses		112,105				100,392			99,506				103,710				106,829				415,713				450,722
Noninterest income:
Service charges on deposit accounts		5,138				5,412			5,342				4,960				4,828				20,852				18,278
Interchange income		1,860				1,911			1,940				1,888				2,433				7,599				13,877
Wealth management income		4,019				3,843			3,766				3,540				3,261				15,168				12,780
Mortgage banking fees		326				485			582				381				378				1,774				1,790
Insurance agency income		1,151				1,399			1,355				1,291				1,066				5,196				4,510
BOLI income		2,627				2,578			2,596				2,264				2,220				10,065				8,401
Other		10,335				7,864			6,647				5,944				5,589				30,790				22,409
		25,456				23,492			22,228				20,268				19,775				91,444				82,045
Securities (losses) gains, net		(8,388	)			187			(44	)			229				(2,437	)			(8,016	)			(2,893	)
Total Noninterest Income		17,068				23,679			22,184				20,497				17,338				83,428				79,152
Noninterest expense:
Salaries and wages		42,378				40,697			38,937				40,304				38,435				162,316				177,637
Employee benefits		6,548				6,955			6,861				7,889				6,678				28,253				29,918
Outsourced data processing costs		8,307				8,003			8,210				12,118				8,609				36,638				52,098
Occupancy		7,234				7,096			7,180				8,037				7,512				29,547				31,872
Furniture and equipment		2,004				2,060			1,956				2,011				2,028				8,031				8,692
Marketing		2,126				2,729			3,266				2,655				2,995				10,776				9,156
Legal and professional fees		2,807				2,708			1,982				2,151				3,294				9,648				17,514
FDIC assessments		2,274				1,882			2,131				2,158				2,813				8,445				8,630
Amortization of intangibles		5,587				6,002			6,003				6,292				6,888				23,884				28,726
Other real estate owned expense and net loss (gain) on sale		84				491			(109	)			(26	)			573				440				985
Provision for credit losses on unfunded commitments		250				250			251				250				—				1,001				1,239
Other		5,976				5,945			5,869				6,532				6,542				24,322				29,155
Total Noninterest Expense		85,575				84,818			82,537				90,371				86,367				343,301				395,622
Income Before Income Taxes		43,598				39,253			39,153				33,836				37,800				155,840				134,252
Provision for income taxes		9,513				8,602			8,909				7,830				8,257				34,854				30,219
Net Income	$	34,085			$	30,651		$	30,244			$	26,006			$	29,543			$	120,986			$	104,033
Share Data
Net income per share of common stock
Diluted	$	0.40			$	0.36		$	0.36			$	0.31			$	0.35			$	1.42			$	1.23
Basic		0.40				0.36			0.36				0.31				0.35				1.43				1.24
Cash dividends declared		0.18				0.18			0.18				0.18				0.18				0.72				0.71
Average common shares outstanding
Diluted		85,302				85,069			84,816				85,270				85,336				85,040				84,329
Basic		84,510				84,434			84,341				84,908				84,817				84,367				83,800

CONSOLIDATED BALANCE SHEETS										(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
		December 31,				September 30,				June 30,				March 31,				December 31,
(Amounts in thousands)			2024				2024				2024				2024				2023
Assets
Cash and due from banks		$	171,615			$	182,743			$	168,738			$	137,850			$	167,511
Interest bearing deposits with other banks			304,992				454,315				580,787				544,874				279,671
Total cash and cash equivalents			476,607				637,058				749,525				682,724				447,182
Time deposits with other banks			3,215				5,207				7,856				7,856				5,857
Debt Securities:
Securities available-for-sale (at fair value)			2,226,543				2,160,055				1,967,204				1,949,463				1,836,020
Securities held-to-maturity (at amortized cost)			635,186				646,050				658,055				669,896				680,313
Total debt securities			2,861,729				2,806,105				2,625,259				2,619,359				2,516,333
Loans held for sale			17,277				11,039				5,975				9,475				4,391
Loans			10,299,950				10,205,281				10,038,508				9,978,052				10,062,940
Less: Allowance for credit losses			(138,055	)			(140,469	)			(141,641	)			(146,669	)			(148,931	)
Loans, net of allowance for credit losses			10,161,895				10,064,812				9,896,867				9,831,383				9,914,009
Bank premises and equipment, net			107,555				108,776				109,945				110,787				113,304
Other real estate owned			6,421				6,421				6,877				7,315				7,560
Goodwill			732,417				732,417				732,417				732,417				732,417
Other intangible assets, net			71,723				77,431				83,445				89,377				95,645
Bank owned life insurance			308,995				306,379				303,816				301,229				298,974
Net deferred tax assets			102,989				94,820				108,852				111,539				113,232
Other assets			325,485				317,906				321,779				326,554				331,345
Total Assets		$	15,176,308			$	15,168,371			$	14,952,613			$	14,830,015			$	14,580,249
Liabilities
Deposits
Noninterest demand		$	3,352,372			$	3,443,455			$	3,397,918			$	3,555,401			$	3,544,981
Interest-bearing demand			2,667,843				2,487,448				2,821,092				2,711,041				2,790,210
Savings			519,977				524,474				566,052				608,088				651,454
Money market			4,086,362				4,034,371				3,707,761				3,531,029				3,314,288
Time deposits			1,615,873				1,753,837				1,623,295				1,610,281				1,476,002
Total Deposits			12,242,427				12,243,585				12,116,118				12,015,840				11,776,935
Securities sold under agreements to repurchase			232,071				210,176				262,103				326,732				374,573
Federal Home Loan Bank borrowings			245,000				245,000				180,000				110,000				50,000
Long-term debt, net			106,966				106,800				106,634				106,468				106,302
Other liabilities			166,601				168,960				157,377				153,225				164,353
Total Liabilities			12,993,065				12,974,521				12,822,232				12,712,265				12,472,163
Shareholders’ Equity
Common stock			8,628				8,614				8,530				8,494				8,486
Additional paid in capital			1,824,935				1,821,050				1,815,800				1,811,941				1,808,883
Retained earnings			526,642				508,036				492,805				478,017				467,305
Less: Treasury stock			(19,095	)			(18,680	)			(18,744	)			(16,746	)			(16,710	)
			2,341,110				2,319,020				2,298,391				2,281,706				2,267,964
Accumulated other comprehensive loss, net			(157,867	)			(125,170	)			(168,010	)			(163,956	)			(159,878	)
Total Shareholders’ Equity			2,183,243				2,193,850				2,130,381				2,117,750				2,108,086
Total Liabilities & Shareholders’ Equity		$	15,176,308			$	15,168,371			$	14,952,613			$	14,830,015			$	14,580,249
Common shares outstanding			85,568				85,441				85,299				84,935				84,861

CONSOLIDATED QUARTERLY FINANCIAL DATA									(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Amounts in thousands)	4Q’24				3Q’24				2Q’24				1Q’24				4Q’23
Credit Analysis
Net charge-offs	$	6,113			$	7,445			$	9,946			$	3,630			$	4,720
Net charge-offs to average loans		0.24	%			0.29	%			0.40	%			0.15	%			0.19	%
Allowance for credit losses	$	138,055			$	140,469			$	141,641			$	146,669			$	148,931
Non-acquired loans at end of period	$	7,452,175			$	7,178,186			$	6,834,059			$	6,613,763			$	6,571,454
Acquired loans at end of period		2,847,775				3,027,095				3,204,449				3,364,289				3,491,486
Total Loans	$	10,299,950			$	10,205,281			$	10,038,508			$	9,978,052			$	10,062,940
Total allowance for credit losses to total loans at end of period		1.34	%			1.38	%			1.41	%			1.47	%			1.48	%
Purchase discount on acquired loans at end of period		4.30				4.48				4.51				4.63				4.75
End of Period
Nonperforming loans	$	92,446			$	80,857			$	59,927			$	77,205			$	65,104
Other real estate owned		933				933				1,173				309				221
Properties previously used in bank operations included in other real estate owned		5,488				5,488				5,704				7,006				7,339
Total Nonperforming Assets	$	98,867			$	87,278			$	66,804			$	84,520			$	72,664
Nonperforming Loans to Loans at End of Period		0.90	%			0.79	%			0.60	%			0.77	%			0.65	%
Nonperforming Assets to Total Assets at End of Period		0.65				0.58				0.45				0.57				0.50
	December 31,				September 30,				June 30,				March 31,				December 31,
Loans		2024				2024				2024				2024				2023
Construction and land development	$	648,054			$	595,753			$	593,534			$	623,246			$	767,622
Commercial real estate – owner occupied		1,686,629				1,676,814				1,656,391				1,656,131				1,670,281
Commercial real estate – non-owner occupied		3,503,807				3,573,076				3,423,266				3,368,339				3,319,890
Residential real estate		2,616,784				2,564,903				2,555,320				2,521,399				2,445,692
Commercial and financial		1,651,355				1,575,228				1,582,290				1,566,198				1,607,888
Consumer		193,321				219,507				227,707				242,739				251,567
Total Loans	$	10,299,950			$	10,205,281			$	10,038,508			$	9,978,052			$	10,062,940

AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1																		(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	4Q’24										3Q’24										4Q’23
	Average							Yield/			Average							Yield/			Average							Yield/
(Amounts in thousands)	Balance				Interest			Rate			Balance				Interest			Rate			Balance				Interest			Rate
Assets
Earning assets:
Securities:
Taxable	$	2,843,755			$	26,945		3.77	%		$	2,756,502			$	25,963		3.75	%		$	2,499,047			$	21,383		3.42	%
Nontaxable		5,795				41		2.81				5,701				42		2.93				7,835				68		3.48
Total Securities		2,849,550				26,986		3.77				2,762,203				26,005		3.75				2,506,882				21,451		3.42
Federal funds sold		470,154				5,690		4.81				433,423				5,906		5.42				465,506				6,426		5.48
Interest bearing deposits with other banks and other investments		102,961				1,262		4.88				102,700				1,232		4.77				91,230				1,190		5.18
Total Loans, net2		10,214,493				152,303		5.93				10,128,822				151,282		5.94				10,033,245				148,004		5.85
Total Earning Assets		13,637,158				186,241		5.43				13,427,148				184,425		5.46				13,096,863				177,071		5.36
Allowance for credit losses		(140,409	)									(141,974	)									(149,110	)
Cash and due from banks		167,197										167,103										179,908
Bank premises and equipment, net		108,589										109,699										115,556
Intangible assets		806,710										812,761										832,029
Bank owned life insurance		307,256										304,703										297,525
Other assets including deferred tax assets		317,540										317,406										365,263
Total Assets	$	15,204,041									$	14,996,846									$	14,738,034
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand	$	2,581,733			$	11,843		1.82	%		$	2,489,674			$	12,905		2.06	%		$	2,819,743			$	15,658		2.20	%
Savings		521,682				582		0.44				546,473				601		0.44				679,720				505		0.29
Money market		4,078,714				34,969		3.41				3,942,357				38,457		3.88				3,268,829				28,760		3.49
Time deposits		1,686,004				16,726		3.95				1,716,720				19,002		4.40				1,524,460				15,764		4.10
Securities sold under agreements to repurchase		209,909				1,584		3.00				241,083				2,044		3.37				335,559				2,991		3.54
Federal Home Loan Bank borrowings		245,000				2,625		4.26				237,935				2,549		4.26				59,022				442		2.97
Long-term debt, net		106,881				1,797		6.69				106,706				1,892		7.05				106,205				1,916		7.16
Total Interest-Bearing Liabilities		9,429,923				70,126		2.96				9,280,948				77,450		3.32				8,793,538				66,036		2.98
Noninterest demand		3,417,539										3,393,110										3,739,993
Other liabilities		153,527										154,344										145,591
Total Liabilities		13,000,989										12,828,402										12,679,122
Shareholders’ equity		2,203,052										2,168,444										2,058,912
Total Liabilities & Equity	$	15,204,041									$	14,996,846									$	14,738,034
Cost of deposits								2.08	%									2.34	%									2.00	%
Interest expense as a % of earning assets								2.05	%									2.29	%									2.00	%
Net interest income as a % of earning assets					$	116,115		3.39	%						$	106,975		3.17	%						$	111,035		3.36	%
1 On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
2 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, 2024										Twelve Months Ended December 31, 2023
	Average							Yield/			Average							Yield/
(Amounts in thousands, except ratios)	Balance				Interest			Rate			Balance				Interest			Rate
Assets
Earning assets:
Securities:
Taxable	$	2,702,763			$	99,456		3.68	%		$	2,611,299			$	82,926		3.18	%
Nontaxable		5,707				164		2.87				13,733				438		3.19
Total Securities		2,708,470				99,620		3.68				2,625,032				83,364		3.18
Federal funds sold		446,149				23,619		5.29				368,659				18,871		5.12
Interest bearing deposits with other banks and other investments		102,552				4,983		4.86				90,692				5,718		6.30
Total Loans, net2		10,096,189				598,411		5.93				9,889,070				581,825		5.88
Total Earning Assets		13,353,360				726,633		5.44				12,973,453				689,778		5.32
Allowance for credit losses		(144,280	)									(150,982	)
Cash and due from banks		167,367										184,035
Bank premises and equipment, net		110,341										116,516
Intangible assets		815,945										816,662
Bank owned life insurance		303,486										290,218
Other assets including deferred tax assets		327,539										392,872
Total Assets	$	14,933,758									$	14,622,774
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand	$	2,614,893			$	54,960		2.10	%		$	2,686,936			$	41,438		1.54	%
Savings		570,046				2,283		0.40				851,347				1,796		0.21
Money market		3,775,352				140,967		3.73				2,941,916				83,301		2.83
Time deposits		1,656,269				70,777		4.27				1,348,152				52,254		3.88
Securities sold under agreements to repurchase		269,255				9,390		3.49				270,999				8,323		3.07
Federal Home Loan Bank borrowings		183,962				7,726		4.20				175,247				6,378		3.64
Long-term debt, net		106,624				7,485		7.02				104,158				7,245		6.96
Total Interest-Bearing Liabilities		9,176,401				293,588		3.20				8,378,755				200,735		2.40
Noninterest demand		3,455,907										4,087,335
Other liabilities		149,389										131,302
Total Liabilities		12,781,697										12,597,392
Shareholders’ equity		2,152,061										2,025,382
Total Liabilities & Equity	$	14,933,758									$	14,622,774
Cost of deposits								2.23	%									1.50	%
Interest expense as a % of earning assets								2.20	%									1.55	%
Net interest income as a % of earning assets					$	433,045		3.24	%						$	489,043		3.77	%
1 On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
2 Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.

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)		2024			2024			2024			2024			2023
Customer Relationship Funding
Noninterest demand
Commercial		$	2,621,469		$	2,731,564		$	2,664,353		$	2,808,151		$	2,752,644
Retail			502,967			509,527			532,623			553,697			561,569
Public funds			177,742			139,072			142,846			145,747			173,893
Other			50,194			63,292			58,096			47,806			56,875
Total Noninterest Demand			3,352,372			3,443,455			3,397,918			3,555,401			3,544,981
Interest-bearing demand
Commercial			1,467,508			1,426,920			1,533,725			1,561,905			1,576,491
Retail			881,236			874,043			892,032			930,178			956,900
Brokered			49,287			—			198,337			—			—
Public funds			269,812			186,485			196,998			218,958			256,819
Total Interest-Bearing Demand			2,667,843			2,487,448			2,821,092			2,711,041			2,790,210
Total transaction accounts
Commercial			4,088,977			4,158,484			4,198,078			4,370,056			4,329,135
Retail			1,384,203			1,383,570			1,424,655			1,483,875			1,518,469
Brokered			49,287			—			198,337			—			—
Public funds			447,554			325,557			339,844			364,705			430,712
Other			50,194			63,292			58,096			47,806			56,875
Total Transaction Accounts			6,020,215			5,930,903			6,219,010			6,266,442			6,335,191
Savings
Commercial			40,303			44,151			53,523			52,665			58,562
Retail			479,674			480,323			512,529			555,423			592,892
Total Savings			519,977			524,474			566,052			608,088			651,454
Money market
Commercial			1,947,250			1,953,851			1,771,927			1,709,636			1,655,820
Retail			1,925,330			1,887,975			1,733,505			1,621,618			1,469,142
Public funds			213,782			192,545			202,329			199,775			189,326
Total Money Market			4,086,362			4,034,371			3,707,761			3,531,029			3,314,288
Brokered time certificates			244,351			256,536			126,668			142,717			122,347
Time deposits			1,371,522			1,497,301			1,496,627			1,467,564			1,353,655
			1,615,873			1,753,837			1,623,295			1,610,281			1,476,002
Total Deposits		$	12,242,427		$	12,243,585		$	12,116,118		$	12,015,840		$	11,776,935
Securities sold under agreements to repurchase		$	232,071		$	210,176		$	262,103		$	326,732		$	374,573
Total customer funding1		$	12,180,860		$	12,197,225		$	12,053,216		$	12,199,855		$	12,029,161
1 Total deposits and securities sold under agreements to repurchase, excluding brokered deposits. Securities sold under agreements to repurchase consists of customer sweep accounts.

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 define or 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’24				3Q’24				2Q’24				1Q’24				4Q’23				4Q’24				4Q’23
Net Income	$	34,085			$	30,651			$	30,244			$	26,006			$	29,543			$	120,986			$	104,033
Total noninterest income		17,068				23,679				22,184				20,497				17,338				83,428				79,152
Securities losses (gains), net		8,388				(187	)			44				(229	)			2,437				8,016				2,893
BOLI benefits on death (included in other income)		—				—				—				—				—				—				(2,117	)
Total Adjustments to Noninterest Income		8,388				(187	)			44				(229	)			2,437				8,016				776
Total Adjusted Noninterest Income		25,456				23,492				22,228				20,268				19,775				91,444				79,928
Total noninterest expense		85,575				84,818				82,537				90,371				86,367				343,301				395,622
Merger-related charges		—				—				—				—				—				—				(33,180	)
Business continuity expenses – hurricane events		(280	)			—				—				—				—				(280	)
Branch reductions and other expense initiatives		—				—				—				(7,094	)			—				(7,094	)			(5,167	)
Total Adjustments to Noninterest Expense		(280	)			—				—				(7,094	)			—				(7,374	)			(38,347	)
Adjusted Noninterest Expense2		85,295				84,818				82,537				83,277				86,367				335,927				357,275
Income Taxes		9,513				8,602				8,909				7,830				8,257				34,854				30,219
Tax effect of adjustments		2,197				(47	)			11				1,739				617				3,900				9,916
Adjusted Income Taxes		11,710				8,555				8,920				9,569				8,874				38,754				40,135
Adjusted Net Income2	$	40,556			$	30,511			$	30,277			$	31,132			$	31,363			$	132,476			$	133,240
Earnings per diluted share, as reported	$	0.40			$	0.36			$	0.36			$	0.31			$	0.35			$	1.42			$	1.23
Adjusted Earnings per Diluted Share		0.48				0.36				0.36				0.37				0.37				1.56				1.58
Average diluted shares outstanding		85,302				85,069				84,816				85,270				85,336				85,040				84,329
Adjusted Noninterest Expense	$	85,295			$	84,818			$	82,537			$	83,277			$	86,367			$	335,927			$	357,275
Provision for credit losses on unfunded commitments		(250	)			(250	)			(251	)			(250	)			—				(1,001	)			(1,239	)
Other real estate owned expense and net (loss) gain on sale		(84	)			(491	)			109				26				(573	)			(440	)			(985	)
Amortization of intangibles		(5,587	)			(6,002	)			(6,003	)			(6,292	)			(6,888	)			(23,884	)			(28,726	)
Net Adjusted Noninterest Expense	$	79,374			$	78,075			$	76,392			$	76,761			$	78,906			$	310,602			$	326,325
Average tangible assets		14,397,331				14,184,085				14,020,793				13,865,245				13,906,005				14,117,813				13,806,112
Net Adjusted Noninterest Expense to Average Tangible Assets		2.19	%			2.19	%			2.19	%			2.23	%			2.25	%			2.20	%			2.36	%
Net Revenue	$	132,872			$	130,344			$	126,608			$	125,575			$	128,157			$	515,399			$	567,392
Total Adjustments to Net Revenue		8,388				(187	)			44				(229	)			2,437				8,016				776
Impact of FTE adjustment		311				310				233				220				216				1,074				803
Adjusted Net Revenue on a fully taxable equivalent basis	$	141,571			$	130,467			$	126,885			$	125,566			$	130,810			$	524,489			$	568,971
Adjusted Efficiency Ratio		56.07	%			59.84	%			60.21	%			61.13	%			60.32	%			59.22	%			57.35	%
Net Interest Income	$	115,804			$	106,665			$	104,424			$	105,078			$	110,819			$	431,971			$	488,240
Impact of FTE adjustment		311				310				233				220				216				1,074				803
Net Interest Income including FTE adjustment	$	116,115			$	106,975			$	104,657			$	105,298			$	111,035			$	433,045			$	489,043
Total noninterest income		17,068				23,679				22,184				20,497				17,338				83,428				79,152
Total noninterest expense less provision for credit losses on unfunded commitments		85,325				84,568				82,286				90,121				86,367				342,300				394,383
Pre-Tax Pre-Provision Earnings	$	47,858			$	46,086			$	44,555			$	35,674			$	42,006			$	174,173			$	173,812
Total Adjustments to Noninterest Income		8,388				(187	)			44				(229	)			2,437				8,016				776
Total Adjustments to Noninterest Expense including other real estate owned expense and net loss (gain) on sale		364				491				(109	)			7,068				573				7,814				39,332
Adjusted Pre-Tax Pre-Provision Earnings2	$	56,610			$	46,390			$	44,490			$	42,513			$	45,016			$	190,003			$	213,920
Average Assets	$	15,204,041			$	14,996,846			$	14,839,707			$	14,690,776			$	14,738,034			$	14,933,758			$	14,622,774
Less average goodwill and intangible assets		(806,710	)			(812,761	)			(818,914	)			(825,531	)			(832,029	)			(815,945	)			(816,662	)
Average Tangible Assets	$	14,397,331			$	14,184,085			$	14,020,793			$	13,865,245			$	13,906,005			$	14,117,813			$	13,806,112
Return on Average Assets (ROA)		0.89	%			0.81	%			0.82	%			0.71	%			0.80	%			0.81	%			0.71	%
Impact of removing average intangible assets and related amortization		0.17				0.18				0.18				0.18				0.19				0.17				0.19
Return on Average Tangible Assets (ROTA)		1.06				0.99				1.00				0.89				0.99				0.98				0.91
Impact of other adjustments for Adjusted Net Income		0.18				(0.01	)			—				0.15				0.05				0.08				0.22
Adjusted Return on Average Tangible Assets		1.24				0.98				1.00				1.04				1.04				1.06				1.12
Average Shareholders’ Equity	$	2,203,052			$	2,168,444			$	2,117,628			$	2,118,381			$	2,058,912			$	2,152,061			$	2,025,382
Less average goodwill and intangible assets		(806,710	)			(812,761	)			(818,914	)			(825,531	)			(832,029	)			(815,945	)			(816,662	)
Average Tangible Equity	$	1,396,342			$	1,355,683			$	1,298,714			$	1,292,850			$	1,226,883			$	1,336,116			$	1,208,720
Return on Average Shareholders’ Equity		6.16	%			5.62	%			5.74	%			4.94	%			5.69	%			5.62	%			5.14	%
Impact of removing average intangible assets and related amortization		4.74				4.69				5.01				4.61				5.53				4.77				5.24
Return on Average Tangible Common Equity (ROTCE)		10.90				10.31				10.75				9.55				11.22				10.39				10.38
Impact of other adjustments for Adjusted Net Income		1.84				(0.04	)			0.01				1.60				0.58				0.86				2.42
Adjusted Return on Average Tangible Common Equity		12.74	%			10.27	%			10.76	%			11.15	%			11.80	%			11.25	%			12.80	%
Loan interest income1	$	152,303			$	151,282			$	147,518			$	147,308			$	148,004			$	598,411			$	581,825
Accretion on acquired loans		(11,717	)			(9,182	)			(10,178	)			(10,595	)			(11,324	)			(41,672	)			(56,689	)
Loan interest income excluding accretion on acquired loans	$	140,586			$	142,100			$	137,340			$	136,713			$	136,680			$	556,739			$	525,136
Yield on loans1		5.93	%			5.94	%			5.93	%			5.90	%			5.85	%			5.93	%			5.88	%
Impact of accretion on acquired loans		(0.45	)			(0.36	)			(0.41	)			(0.42	)			(0.45	)			(0.42	)			(0.57	)
Yield on loans excluding accretion on acquired loans		5.48	%			5.58	%			5.52	%			5.48	%			5.40	%			5.51	%			5.31	%
Net Interest Income1	$	116,115			$	106,975			$	104,657			$	105,298			$	111,035			$	433,045			$	489,043
Accretion on acquired loans		(11,717	)			(9,182	)			(10,178	)			(10,595	)			(11,324	)			(41,672	)			(56,689	)
Net interest income excluding accretion on acquired loans	$	104,398			$	97,793			$	94,479			$	94,703			$	99,711			$	391,373			$	432,354
Net Interest Margin		3.39	%			3.17	%			3.18	%			3.24	%			3.36	%			3.24	%			3.77	%
Impact of accretion on acquired loans		(0.34	)			(0.27	)			(0.31	)			(0.33	)			(0.34	)			(0.31	)			(0.44	)
Net interest margin excluding accretion on acquired loans		3.05	%			2.90	%			2.87	%			2.91	%			3.02	%			2.93	%			3.33	%
Security interest income1	$	26,986			$	26,005			$	24,195			$	22,434			$	21,451			$	99,620			$	83,364
Tax equivalent adjustment on securities		(7	)			(8	)			(7	)			(7	)			(13	)			(29	)			(83	)
Security interest income excluding tax equivalent adjustment	$	26,979			$	25,997			$	24,188			$	22,427			$	21,438			$	99,591			$	83,281
Loan interest income1	$	152,303			$	151,282			$	147,518			$	147,308			$	148,004			$	598,411			$	581,825
Tax equivalent adjustment on loans		(304	)			(302	)			(226	)			(213	)			(203	)			(1,045	)			(720	)
Loan interest income excluding tax equivalent adjustment	$	151,999			$	150,980			$	147,292			$	147,095			$	147,801			$	597,366			$	581,105
Net Interest Income1	$	116,115			$	106,975			$	104,657			$	105,298			$	111,035			$	433,045			$	489,043
Tax equivalent adjustment on securities		(7	)			(8	)			(7	)			(7	)			(13	)			(29	)			(83	)
Tax equivalent adjustment on loans		(304	)			(302	)			(226	)			(213	)			(203	)			(1,045	)			(720	)
Net interest income excluding tax equivalent adjustment	$	115,804			$	106,665			$	104,424			$	105,078			$	110,819			$	431,971			$	488,240
1 On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
2 As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250127272589/en/

Tracey L. Dexter

Chief Financial Officer

Seacoast Banking Corporation of Florida

(772) 403-0461

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: Banking Other Professional Services Professional Services Finance

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