Seacoast Reports Fourth Quarter and Full Year 2024 Results

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 total shareholders' 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. The ratio 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.

Seacoast Reports Fourth Quarter and Full Year 2024 Results

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