EX-99.1 2 a1q2025earningsrelease.htm EX-99.1 a1q2025earningsrelease
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SEACOAST REPORTS FIRST QUARTER 2025 RESULTS
Net Interest Margin Expands Nine Basis Points to 3.48%
Annualized Growth in Deposits of 11% and in Loans of 6%
Well-Positioned Balance Sheet with Strong Capital and Liquidity


STUART, Fla., April 24, 2025 /BUSINESS WIRE/ -- Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported net income in the first quarter of 2025 of $31.5 million, or $0.37 per diluted share, compared to $34.1 million, or $0.40 per diluted share, in the fourth quarter of 2024 and $26.0 million, or $0.31 per diluted share, in the first quarter of 2024.
Adjusted net income1 for the first quarter of 2025 was $32.1 million, or $0.38 per diluted share, compared to $40.6 million, or $0.48 per diluted share, in the fourth quarter of 2024 and $31.1 million, or $0.37 per diluted share, in the first quarter of 2024.
Pre-tax pre-provision earnings1 were $50.6 million in the first quarter of 2025, an increase of $2.7 million, or 6%, compared to the fourth quarter of 2024 and an increase of $14.9 million, or 42%, compared to the first quarter of 2024. Adjusted pre-tax pre-provision earnings1 were $51.7 million in the first quarter of 2025, a decrease of $4.9 million, or 9%, compared to the fourth quarter of 2024 and an increase of $9.2 million, or 22%, compared to the first quarter of 2024.
For the first quarter of 2025, return on average tangible assets was 0.98% and return on average tangible shareholders' equity was 10.17%, compared to 1.06% and 10.90%, respectively, in the prior quarter, and 0.89% and 9.55%, respectively, in the prior year quarter. Adjusted return on average tangible assets1 in the first quarter of 2025 was 1.00% and adjusted return on average tangible shareholders' equity1 was 10.35%, compared to 1.24% and 12.74%, respectively, in the prior quarter, and 1.04% and 11.15%, respectively, in the prior year quarter.
Charles M. Shaffer, Seacoast's Chairman and CEO, said, "Seacoast’s investments in recent years in high-performing revenue producing talent continued to drive disciplined loan and strong deposit growth this quarter, and the late-stage pipeline continues to build entering the second quarter. We believe that our granular deposit franchise and ample liquidity position us well for continued growth and for the additional expansion of net interest margin, which increased nine basis points compared to the prior quarter."
Shaffer added, "In the first quarter of 2025, we grew our market presence in the Fort Lauderdale and Tampa regions by adding new branches and bankers, and we announced the proposed acquisition of Heartland Bancshares, Inc., which will bring us four additional locations in Central Florida. We believe that this expansion into some of the best banking markets in the United States will support strong value creation in the coming years."
Shaffer concluded, "As volatility in macroeconomic conditions has increased, we remain well positioned for a wide range of outcomes, with an industry leading capital position and excess liquidity. Our fortress balance sheet provides Seacoast durability and optionality allowing us to be a pillar of strength to support our clients and communities."

Acquisition Update
On February 27, 2025, the Company announced its proposed acquisition of Heartland Bancshares, Inc. (“Heartland”). The transaction, which is expected to close in the third quarter of 2025, will expand the Company’s presence in Central Florida. Heartland operates four branches, with total assets of approximately $763 million and deposits of approximately $666 million as of March 31, 2025.


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

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Financial Results
Income Statement
•Net income in the first quarter of 2025 was $31.5 million, or $0.37 per diluted share, compared to $34.1 million, or $0.40 per diluted share, in the prior quarter and $26.0 million, or $0.31 per diluted share, in the prior year quarter. Adjusted net income1 for the first quarter of 2025 was $32.1 million, or $0.38 per diluted share, compared to $40.6 million, or $0.48 per diluted share, for the prior quarter, and $31.1 million, or $0.37 per diluted share, for the prior year quarter.
•Net revenues were $140.7 million in the first quarter of 2025, an increase of $7.8 million, or 6%, compared to the prior quarter, and an increase of $15.1 million, or 12%, compared to the prior year quarter. Adjusted net revenues1 were $140.8 million in the first quarter of 2025, a decrease of $0.7 million, or 1%, compared to the prior quarter, and an increase of $15.3 million, or 12%, compared to the prior year quarter.
•Pre-tax pre-provision earnings1 were $50.6 million in the first quarter of 2025, an increase of $2.7 million, or 6%, compared to the fourth quarter of 2024 and an increase of $14.9 million, or 42%, compared to the first quarter of 2024. Adjusted pre-tax pre-provision earnings1 were $51.7 million in the first quarter of 2025, a decrease of $4.9 million, or 9%, compared to the fourth quarter of 2024 and an increase of $9.2 million, or 22%, compared to the first quarter of 2024.
•Net interest income totaled $118.5 million in the first quarter of 2025, an increase of $2.7 million, or 2%, compared to the prior quarter, and an increase of $13.4 million, or 13%, compared to the prior year quarter. The increase in the first quarter of 2025 was largely driven by lower deposit costs, which declined 15 basis points when compared to the fourth quarter of 2024. Securities income increased $2.4 million, or 9%, primarily the result of securities purchases during the quarter. Interest income on loans declined by $1.4 million in the first quarter of 2025, with higher core yields more than offset by lower accretion on acquired loans and lower day count. Included in loan interest income was accretion on acquired loans of $8.2 million in the first quarter of 2025, $11.7 million in the fourth quarter of 2024, and $10.6 million in the first quarter of 2024.
•Net interest margin increased nine basis points to 3.48% in the first quarter of 2025 compared to 3.39% in the fourth quarter of 2024. Excluding the effects of accretion on acquired loans, net interest margin expanded 19 basis points to 3.24% in the first quarter of 2025 compared to 3.05% in the fourth quarter of 2024. Loan yields were 5.90%, a decrease of three basis points from the prior quarter attributed to lower accretion on acquired loans. Securities yields increased 11 basis points to 3.88%, compared to 3.77% in the prior quarter, benefiting from new purchases. The cost of deposits declined 15 basis points from 2.08% in the prior quarter to 1.93% in the first quarter of 2025.
•The provision for credit losses was $9.3 million in the first quarter of 2025, compared to $3.7 million in the fourth quarter of 2024 and $1.4 million in the first quarter of 2024. The increase in provision in the first quarter of 2025 reflects higher loan growth and recent heightened volatility in macroeconomic conditions. Allowance coverage of 1.34% remains flat compared to December 31, 2024.
•Noninterest income totaled $22.2 million in the first quarter of 2025, an increase of $5.1 million, or 30%, compared to the prior quarter, and an increase of $1.7 million, or 8%, compared to the prior year quarter. Results in the first quarter of 2025 included:
•Service charges on deposits totaled $5.2 million, near flat from the prior quarter despite the lower day count, and an increase of $0.2 million, or 4%, from the prior year quarter. 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 $4.2 million, an increase of $0.2 million, or 6%, from the prior quarter and an increase of $0.7 million, or 20%, from the prior year quarter. Assets under management have grown 14% year over year.
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
    
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•Insurance agency income totaled $1.6 million, an increase of $0.5 million, or 41%, from the prior quarter and an increase of $0.3 million, or 25%, from the prior year quarter, reflecting seasonally strong results and continued growth in the business.
•Other income totaled $6.3 million, a decrease of $4.1 million, or 39%, from the prior quarter and an increase of $0.3 million, or 5%, from the prior year quarter. Compared to the fourth quarter of 2024, gains on SBIC investments were lower by $2.9 million, and gains on loan sales were lower by $1.0 million.
•Securities gains of $0.2 million in the first quarter of 2025 resulted from increases in the value of investments in mutual funds that invest in CRA-qualified debt securities. The fourth quarter of 2024 included an $8.0 million loss on the repositioning of a portion of the available-for-sale securities portfolio.
•Noninterest expense was $90.6 million in the first quarter of 2025, an increase of $5.0 million, or 6%, compared to the prior quarter, and an increase of $0.2 million compared to the prior year quarter. Seacoast has prudently managed expenses while strategically investing to support continued growth. Results in the first quarter of 2025 included:
•Salaries and wages totaled $42.2 million, a decrease of $0.1 million from the prior quarter and an increase of $1.9 million, or 5%, from the prior year quarter, reflecting the successful recruiting and onboarding of banking teams and talent across our footprint. During the quarter, the Company added 10 revenue producing bankers to the team.
•Employee benefits totaled $8.9 million, an increase of $2.3 million, or 35%, compared to the prior quarter and an increase of $1.0 million, or 12%, from the prior year quarter, reflecting higher seasonal payroll taxes and 401(k) contributions.
•Outsourced data processing costs totaled $8.5 million, an increase of $0.2 million, or 2%, compared to the prior quarter and a decrease of $3.6 million, or 30%, from the prior year quarter.
•Occupancy costs totaled $7.4 million, an increase of $0.1 million, or 2%, compared to the prior quarter and a decrease of $0.7 million, or 9%, from the prior year quarter. During the quarter, the Company opened two new branch locations.
•Marketing expenses totaled $2.7 million, reflecting an increase of $0.6 million, or 29%, compared to the prior quarter and an increase of $0.1 million, or 3%, from the prior year quarter, primarily associated with the timing of various campaigns to support customer growth initiatives.
•Legal and professional fees totaled $2.7 million, a decrease of $0.1 million, or 2%, compared to the prior quarter and an increase of $0.6 million, or 27%, from the prior year quarter.
•Merger-related charges totaled $1.1 million in the first quarter of 2025.
•Seacoast recorded $9.4 million of income tax expense in the first quarter of 2025, compared to $9.5 million in the fourth quarter of 2024, and $7.8 million in the first quarter of 2024. Tax expense related to stock-based compensation was immaterial in each period.
•The efficiency ratio was 60.28% in the first quarter of 2025, compared to 56.26% in the fourth quarter of 2024 and 66.78% in the prior year quarter. The adjusted efficiency ratio1 was 59.53% in the first quarter of 2025, compared to 56.07% in the fourth quarter of 2024 and 61.13% in the prior year quarter. The increase in the efficiency ratio quarter over quarter reflects seasonal expense trends, including higher seasonal payroll taxes and 401(k) contributions. The Company continues to remain keenly focused on disciplined expense control, while making investments for growth.
Balance Sheet
•At March 31, 2025, the Company had total assets of $15.7 billion and total shareholders' equity of $2.2 billion. Book value per share was $26.04 as of March 31, 2025, compared to $25.51 as of December 31, 2024, and $24.93 as of March 31, 2024. Tangible book value per share was $16.71 as of March 31, 2025, compared
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
    
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to $16.12 as of December 31, 2024, and $15.26 as of March 31, 2024. Year over year tangible book value per share increased 10%.
•Debt securities totaled $3.3 billion as of March 31, 2025, an increase of $390.9 million compared to December 31, 2024. The first quarter of 2025 included strategic purchases in connection with the announcement of the Heartland acquisition. The Company purchased $412 million in available-for-sale securities at a 5.7% taxable equivalent yield, which were funded with FHLB borrowings at a weighted-average rate of 4.3% until the expected date of acquisition close. Debt securities include approximately $2.6 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 $624.7 million in securities classified as held-to-maturity with a fair value of $509.8 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 $143.1 million, or 5.6% annualized, totaling $10.4 billion as of March 31, 2025. 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.
•Loan pipelines (loans in underwriting and approval or approved and not yet closed) totaled $981.6 million as of March 31, 2025, compared to $693.3 million at December 31, 2024 and $572.9 million at March 31, 2024.
•Commercial pipelines were $884.9 million as of March 31, 2025, compared to $605.4 million at December 31, 2024, and $498.6 million at March 31, 2024. The increase in pipeline reflects the addition of revenue producing talent on-boarding new relationships.
•SBA pipelines were $19.2 million as of March 31, 2025, compared to $28.8 million at December 31, 2024, and $15.6 million at March 31, 2024.
•Saleable residential pipelines were $15.5 million as of March 31, 2025, compared to $6.7 million at December 31, 2024, and $9.3 million at March 31, 2024. Retained residential pipelines were $37.5 million as of March 31, 2025, compared to $35.1 million at December 31, 2024, and $24.4 million at March 31, 2024.
•Consumer pipelines were $24.4 million as of March 31, 2025, compared to $17.4 million at December 31, 2024 and $25.1 million at March 31, 2024.
•Total deposits were $12.6 billion as of March 31, 2025, an increase of $332.4 million, or 11.0% annualized, when compared to December 31, 2024.
•Total noninterest bearing deposits increased $140.1 million, or 17.0% annualized.
•At March 31, 2025, customer transaction account balances represented 50% of total deposits.
•The Company benefits from a granular deposit franchise, with the top ten depositors representing approximately 3% of total deposits.
•Average deposits per banking center were $159 million at March 31, 2025, compared to $156 million at March 31, 2024.
•Consumer deposits represent 41% of overall deposit funding with an average consumer customer balance of $26 thousand. Commercial deposits represent 59% of overall deposit funding with an average business customer balance of $115 thousand.
•Federal Home Loan Bank advances totaled $465.0 million at March 31, 2025 with a weighted-average interest rate of 4.26% during the first quarter of 2025, compared to advances outstanding of $245.0 million at December 31, 2024 with a weighted-average interest rate of 4.19% in the fourth quarter of 2024. The Company utilized short-term fixed-rate advances to fund securities purchases in the first quarter of 2025.

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

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Asset Quality
•The ratio of criticized and classified loans to total loans was 2.41% at March 31, 2025, compared to 2.17% at December 31, 2024, and 2.40% at March 31, 2024.
•Nonperforming loans were $71.0 million at March 31, 2025, compared to $92.4 million at December 31, 2024, and $77.2 million at March 31, 2024. Nonperforming loans to total loans outstanding were 0.68% at March 31, 2025, 0.90% at December 31, 2024, and 0.77% at March 31, 2024.
•Accruing past due loans were $17.2 million, or 0.16% of total loans, at March 31, 2025, compared to $15.6 million, or 0.15% of total loans, at December 31, 2024, and $29.5 million, or 0.30% of total loans, at March 31, 2024.
•Nonperforming assets to total assets were 0.50% at March 31, 2025, compared to 0.65% at December 31, 2024, and 0.57% at March 31, 2024.
•The ratio of allowance for credit losses to total loans was 1.34% at March 31, 2025, 1.34% at December 31, 2024, and 1.47% at March 31, 2024.
•Net charge-offs were $7.0 million in the first quarter of 2025, compared to $6.1 million in the fourth quarter of 2024 and $3.6 million in the first quarter of 2024.
•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 $426 thousand, and the average commercial loan size is $838 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 March 31, 2025 at 36% and 236% of total bank-level risk-based capital2, respectively, compared to 38% and 237%, respectively, at December 31, 2024. On a consolidated basis and as of March 31, 2025, construction and land development and commercial real estate loans represent 34% and 220%, 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 March 31, 2025 of 14.7%2 compared to 14.8% at December 31, 2024, and 14.7% at March 31, 2024. The Total capital ratio was 16.1%2, the Common Equity Tier 1 capital ratio was 14.1%2, and the Tier 1 leverage ratio was 11.2%2 at March 31, 2025. The Company is considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements.
•Cash and cash equivalents at March 31, 2025 totaled $500.6 million.
•The Company’s loan to deposit ratio was 83.17% at March 31, 2025, which should continue to provide liquidity and flexibility moving forward.
•Tangible common equity to tangible assets was 9.58% at March 31, 2025, compared to 9.60% at December 31, 2024, and 9.25% at March 31, 2024. If all held-to-maturity securities were adjusted to fair value, the tangible common equity ratio would have been 9.07% at March 31, 2025.
•At March 31, 2025, in addition to $500.6 million in cash, the Company had $5.8 billion in available borrowing capacity, including $3.7 billion in available collateralized lines of credit, $1.7 billion of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of $0.3 billion.

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

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FINANCIAL HIGHLIGHTS
(Amounts in thousands except per share data)(Unaudited)
Quarterly Trends
1Q'254Q'243Q'242Q'241Q'24
Selected balance sheet data:
Gross loans$10,443,021 $10,299,950 $10,205,281 $10,038,508 $9,978,052 
Total deposits12,574,796 12,242,427 12,243,585 12,116,118 12,015,840 
Total assets15,732,485 15,176,308 15,168,371 14,952,613 14,830,015 
Performance measures:
Net income$31,464 $34,085 $30,651 $30,244 $26,006 
Net interest margin3.48 %3.39 %3.17 %3.18 %3.24 %
Pre-tax pre-provision earnings1
$50,590 $47,858 $46,086 $44,555 $35,674 
Average diluted shares outstanding85,388 85,302 85,069 84,816 85,270 
Diluted earnings per share (EPS)0.37 0.40 0.36 0.36 0.31 
Return on (annualized):
Average assets (ROA)0.83 %0.89 %0.81 %0.82 %0.71 %
Average tangible assets (ROTA)2
0.98 1.06 0.99 1.00 0.89 
Average tangible common equity (ROTCE)2
10.17 10.90 10.31 10.75 9.55 
Tangible common equity to tangible assets2
9.58 9.60 9.64 9.30 9.25 
Tangible book value per share2
$16.71 $16.12 $16.20 $15.41 $15.26 
Efficiency ratio60.28 %56.26 %59.84 %60.21 %66.78 %
Adjusted operating measures1:
Adjusted net income$32,102 $40,556 $30,511 $30,277 $31,132 
Adjusted pre-tax pre-provision earnings51,686 56,610 46,390 44,490 42,513 
Adjusted diluted EPS0.38 0.48 0.36 0.36 0.37 
Adjusted ROA0.85 %1.06 %0.81 %0.82 %0.85 %
Adjusted ROTA2
1.00 1.24 0.98 1.00 1.04 
Adjusted ROTCE2
10.35 12.74 10.27 10.76 11.15 
Adjusted efficiency ratio59.53 56.07 59.84 60.21 61.13 
Net adjusted noninterest expense as a percent of average tangible assets2
2.33 %2.19 %2.19 %2.19 %2.23 %
Other data:
Market capitalization3
$2,202,958$2,355,679$2,277,003$2,016,472$2,156,529
Full-time equivalent employees1,518 1,504 1,493 1,449 1,445 
Number of ATMs98 96 96 95 95 
Full-service banking offices79 77 77 77 77 
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP.
2The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders' equity less intangible assets.
3Common shares outstanding multiplied by closing bid price on last day of each period.

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OTHER INFORMATION
Conference Call Information
Seacoast will host a conference call on April 25, 2025, at 10:00 a.m. (Eastern Time) to discuss the first quarter of 2025 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 715-9871 (Conference ID: 4944599). 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 $15.7 billion in assets and $12.6 billion in deposits as of March 31, 2025. Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 79 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.
Additional Information
Seacoast has filed a registration statement on Form S-4 with the United States Securities and Exchange Commission (the "SEC") in connection with the proposed merger of Heartland Bancshares, Inc. and Heartland National Bank with and into Seacoast and Seacoast National Bank, respectively. The registration statement in connection with the merger includes a proxy statement of Heartland Bancshares, Inc. and a prospectus of Seacoast. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. WE URGE INVESTORS TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE MERGERS OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.

Investors may obtain these documents free of charge at the SEC’s website (www.sec.gov). In addition, documents filed with the SEC by Seacoast will be available free of charge by contacting Investor Relations at (772) 288-6085.

Heartland Bancshares, Inc. and Heartland National Bank, their directors, executive officers, other members of management, and employees may be considered participants in the solicitation of proxies in connection with the proposed mergers with and into Seacoast and Seacoast National Bank. Information regarding the participants in the proxy solicitation of Heartland Bancshares, Inc. and a description of its direct and indirect interests, by security holdings or otherwise, is contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC.

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.
    
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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, tariffs or trade wars (including reduced consumer spending), 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



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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 desc    ribed 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, 2024 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
(Amounts in thousands, except ratios and per share data)1Q'254Q'243Q'242Q'241Q'24
Summary of Earnings
Net income$31,464 $34,085 $30,651 $30,244 $26,006 
Adjusted net income1
32,102 40,556 30,511 30,277 31,132 
Net interest income2
118,857 116,115 106,975 104,657 105,298 
Net interest margin2,3
3.48 %3.39 %3.17 %3.18 %3.24 %
Pre-tax pre-provision earnings1
50,590 47,858 46,086 44,555 35,674 
Adjusted pre-tax pre-provision earnings1
51,686 56,610 46,390 44,490 42,513 
Performance Ratios
Return on average assets-GAAP basis3
0.83 %0.89 %0.81 %0.82 %0.71 %
Adjusted return on average assets1,3
0.85 1.06 0.81 0.82 0.85 
Return on average tangible assets-GAAP basis3,4
0.98 1.06 0.99 1.00 0.89 
Adjusted return on average tangible assets1,3,4
1.00 1.24 0.98 1.00 1.04 
Net adjusted noninterest expense to average tangible assets1,3,4
2.33 2.19 2.19 2.19 2.23 
Return on average shareholders' equity-GAAP basis3
5.76 6.16 5.62 5.74 4.94 
Return on average tangible common equity-GAAP basis3,4
10.17 10.90 10.31 10.75 9.55 
Adjusted return on average tangible common equity1,3,4
10.35 12.74 10.27 10.76 11.15 
Efficiency ratio5
60.28 56.26 59.84 60.21 66.78 
Adjusted efficiency ratio1
59.53 56.07 59.84 60.21 61.13 
Noninterest income to total revenue (excluding securities gains/losses)15.65 18.02 18.05 17.55 16.17 
Tangible common equity to tangible assets4
9.58 9.60 9.64 9.30 9.25 
Average loan-to-deposit ratio84.23 83.14 83.79 83.11 84.50 
End of period loan-to-deposit ratio83.17 84.27 83.44 82.90 83.12 
Per Share Data
Net income diluted-GAAP basis$0.37 $0.40 $0.36 $0.36 $0.31 
Net income basic-GAAP basis0.37 0.40 0.36 0.36 0.31 
Adjusted earnings1
0.38 0.48 0.36 0.36 0.37 
Book value per share common26.04 25.51 25.68 24.98 24.93 
Tangible book value per share16.71 16.12 16.20 15.41 15.26 
Cash dividends declared0.18 0.18 0.18 0.18 0.18 
1Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP.
2Calculated on a fully taxable equivalent basis using amortized cost.
3These ratios are stated on an annualized basis and are not necessarily indicative of future periods.
4The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders' equity less intangible assets.
5Defined 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).



CONSOLIDATED STATEMENTS OF INCOME(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarterly Trends
(Amounts in thousands, except per share data)1Q'254Q'243Q'242Q'241Q'24
Interest and dividends on securities:
Taxable$29,381 $26,945 $25,963 $24,155 $22,393 
Nontaxable34 34 34 33 34 
Interest and fees on loans150,640 151,999 150,980 147,292 147,095 
Interest on interest-bearing deposits and other investments4,200 6,952 7,138 8,328 6,184 
Total Interest Income184,255 185,930 184,115 179,808 175,706 
Interest on deposits43,626 47,394 51,963 51,319 47,534 
Interest on time certificates14,973 16,726 19,002 17,928 17,121 
Interest on borrowed money7,139 6,006 6,485 6,137 5,973 
Total Interest Expense65,738 70,126 77,450 75,384 70,628 
Net Interest Income118,517 115,804 106,665 104,424 105,078 
Provision for credit losses9,250 3,699 6,273 4,918 1,368 
Net Interest Income After Provision for Credit Losses109,267 112,105 100,392 99,506 103,710 
Noninterest income:
Service charges on deposit accounts5,180 5,138 5,412 5,342 4,960 
Interchange income1,807 1,860 1,911 1,940 1,888 
Wealth management income4,248 4,019 3,843 3,766 3,540 
Mortgage banking fees404 326 485 582 381 
Insurance agency income1,620 1,151 1,399 1,355 1,291 
BOLI income2,468 2,627 2,578 2,596 2,264 
Other6,257 10,335 7,864 6,647 5,944 
21,984 25,456 23,492 22,228 20,268 
Securities gains (losses), net196 (8,388)187 (44)229 
Total Noninterest Income22,180 17,068 23,679 22,184 20,497 
Noninterest expense:
Salaries and wages42,248 42,378 40,697 38,937 40,304 
Employee benefits8,861 6,548 6,955 6,861 7,889 
Outsourced data processing costs8,504 8,307 8,003 8,210 12,118 
Occupancy7,350 7,234 7,096 7,180 8,037 
Furniture and equipment2,128 2,004 2,060 1,956 2,011 
Marketing2,748 2,126 2,729 3,266 2,655 
Legal and professional fees2,740 2,807 2,708 1,982 2,151 
FDIC assessments2,194 2,274 1,882 2,131 2,158 
Amortization of intangibles5,309 5,587 6,002 6,003 6,292 
Other real estate owned expense and net loss (gain) on sale241 84 491 (109)(26)
Provision for credit losses on unfunded commitments150 250 250 251 250 
Merger-related charges1,051 — — — — 
Other7,073 5,976 5,945 5,869 6,532 
Total Noninterest Expense90,597 85,575 84,818 82,537 90,371 
Income Before Income Taxes40,850 43,598 39,253 39,153 33,836 
Provision for income taxes9,386 9,513 8,602 8,909 7,830 
Net Income$31,464 $34,085 $30,651 $30,244 $26,006 
Share Data
Net income per share of common stock
Diluted$0.37 $0.40 $0.36 $0.36 $0.31 
Basic0.37 0.40 0.36 0.36 0.31 
Cash dividends declared0.18 0.18 0.18 0.18 0.18 
Average common shares outstanding
Diluted85,388 85,302 85,069 84,816 85,270 
Basic84,648 84,510 84,434 84,341 84,908 


CONSOLIDATED BALANCE SHEETS(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
March 31,December 31,September 30,June 30,March 31,
(Amounts in thousands)20252024202420242024
Assets
Cash and due from banks$191,467 $171,615 $182,743 $168,738 $137,850 
Interest-bearing deposits with other banks309,105 304,992 454,315 580,787 544,874 
Total cash and cash equivalents500,572 476,607 637,058 749,525 682,724 
Time deposits with other banks1,494 3,215 5,207 7,856 7,856 
Debt Securities:
Securities available-for-sale (at fair value)2,627,959 2,226,543 2,160,055 1,967,204 1,949,463 
Securities held-to-maturity (at amortized cost)624,650 635,186 646,050 658,055 669,896 
Total debt securities3,252,609 2,861,729 2,806,105 2,625,259 2,619,359 
Loans held for sale16,016 17,277 11,039 5,975 9,475 
Loans10,443,021 10,299,950 10,205,281 10,038,508 9,978,052 
Less: Allowance for credit losses(140,267)(138,055)(140,469)(141,641)(146,669)
Loans, net of allowance for credit losses10,302,754 10,161,895 10,064,812 9,896,867 9,831,383 
Bank premises and equipment, net108,478 107,555 108,776 109,945 110,787 
Other real estate owned7,176 6,421 6,421 6,877 7,315 
Goodwill732,417 732,417 732,417 732,417 732,417 
Other intangible assets, net66,372 71,723 77,431 83,445 89,377 
Bank owned life insurance311,453 308,995 306,379 303,816 301,229 
Net deferred tax assets93,595 102,989 94,820 108,852 111,539 
Other assets339,549 325,485 317,906 321,779 326,554 
Total Assets$15,732,485 $15,176,308 $15,168,371 $14,952,613 $14,830,015 
Liabilities
Deposits
Noninterest demand$3,492,491 $3,352,372 $3,443,455 $3,397,918 $3,555,401 
Interest-bearing demand2,734,260 2,667,843 2,487,448 2,821,092 2,711,041 
Savings534,991 519,977 524,474 566,052 608,088 
Money market4,154,682 4,086,362 4,034,371 3,707,761 3,531,029 
Time deposits1,658,372 1,615,873 1,753,837 1,623,295 1,610,281 
Total Deposits12,574,796 12,242,427 12,243,585 12,116,118 12,015,840 
Securities sold under agreements to repurchase201,128 232,071 210,176 262,103 326,732 
Federal Home Loan Bank borrowings465,000 245,000 245,000 180,000 110,000 
Long-term debt, net107,132 106,966 106,800 106,634 106,468 
Other liabilities154,689 166,601 168,960 157,377 153,225 
Total Liabilities13,502,745 12,993,065 12,974,521 12,822,232 12,712,265 
Shareholders' Equity
Common stock8,633 8,628 8,614 8,530 8,494 
Additional paid in capital1,828,234 1,824,935 1,821,050 1,815,800 1,811,941 
Retained earnings542,665 526,642 508,036 492,805 478,017 
Less: Treasury stock(19,072)(19,095)(18,680)(18,744)(16,746)
2,360,460 2,341,110 2,319,020 2,298,391 2,281,706 
Accumulated other comprehensive loss, net(130,720)(157,867)(125,170)(168,010)(163,956)
Total Shareholders' Equity2,229,740 2,183,243 2,193,850 2,130,381 2,117,750 
Total Liabilities & Shareholders' Equity $15,732,485 $15,176,308 $15,168,371 $14,952,613 $14,830,015 
Common shares outstanding85,618 85,568 85,441 85,299 84,935 



CONSOLIDATED QUARTERLY FINANCIAL DATA(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Amounts in thousands)1Q'254Q'243Q'242Q'241Q'24
Credit Analysis
Net charge-offs$7,038 $6,113 $7,445 $9,946 $3,630 
Net charge-offs to average loans0.27 %0.24 %0.29 %0.40 %0.15 %
Allowance for credit losses$140,267 $138,055 $140,469 $141,641 $146,669 
Non-acquired loans at end of period$7,752,532 $7,452,175 $7,178,186 $6,834,059 $6,613,763 
Acquired loans at end of period2,690,489 2,847,775 3,027,095 3,204,449 3,364,289 
Total Loans$10,443,021 $10,299,950 $10,205,281 $10,038,508 $9,978,052 
Total allowance for credit losses to total loans at end of period1.34 %1.34 %1.38 %1.41 %1.47 %
Purchase discount on acquired loans at end of period4.25 4.30 4.48 4.51 4.63 
End of Period
Nonperforming loans$71,018 $92,446 $80,857 $59,927 $77,205 
Other real estate owned1,820 933 933 1,173 309 
Properties previously used in bank operations included in other real estate owned5,356 5,488 5,488 5,704 7,006 
Total Nonperforming Assets$78,194 $98,867 $87,278 $66,804 $84,520 
Nonperforming Loans to Loans at End of Period0.68 %0.90 %0.79 %0.60 %0.77 %
Nonperforming Assets to Total Assets at End of Period0.50 0.65 0.58 0.45 0.57 
LoansMarch 31, 2025December 31, 2024September 30, 2024June 30, 2024March 31, 2024
Construction and land development$618,493 $648,054 $595,753 $593,534 $623,246 
Commercial real estate - owner occupied1,713,579 1,686,629 1,676,814 1,656,391 1,656,131 
Commercial real estate - non-owner occupied3,513,400 3,503,807 3,573,076 3,423,266 3,368,339 
Residential real estate2,653,012 2,616,784 2,564,903 2,555,320 2,521,399 
Commercial and financial1,753,090 1,651,355 1,575,228 1,582,290 1,566,198 
Consumer191,447 193,321 219,507 227,707 242,739 
Total Loans$10,443,021 $10,299,950 $10,205,281 $10,038,508 $9,978,052 




AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1
(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
1Q'254Q'241Q'24
AverageYield/AverageYield/AverageYield/
(Amounts in thousands)BalanceInterestRateBalanceInterestRateBalanceInterestRate
Assets
Earning assets:
Securities:
Taxable$3,073,108 $29,381 3.88 %$2,843,755 $26,945 3.77 %$2,578,938 $22,393 3.47 %
Nontaxable5,436 41 3.06 5,795 41 2.81 5,907 41 2.75 
Total Securities3,078,544 29,422 3.88 2,849,550 26,986 3.77 2,584,845 22,434 3.47 
Federal funds sold265,503 2,945 4.50 470,154 5,690 4.81 370,494 5,056 5.49 
Interest-bearing deposits with other banks and other investments105,195 1,254 4.83 102,961 1,262 4.88 95,619 1,128 4.74 
Total Loans, net2
10,383,497 150,973 5.90 10,214,493 152,303 5.93 10,034,658 147,308 5.90 
Total Earning Assets13,832,739 184,594 5.41 13,637,158 186,241 5.43 13,085,616 175,926 5.41 
Allowance for credit losses(138,300)(140,409)(148,422)
Cash and due from banks158,750 167,197 166,734 
Bank premises and equipment, net108,651 108,589 112,391 
Intangible assets801,687 806,710 825,531 
Bank owned life insurance309,831 307,256 299,765 
Other assets including deferred tax assets322,284 317,540 349,161 
Total Assets$15,395,642 $15,204,041 $14,690,776 
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand$2,706,065 $11,069 1.66 %$2,581,733 $11,843 1.82 %$2,719,334 $15,266 2.26 %
Savings529,711 698 0.53 521,682 582 0.44 628,329 540 0.35 
Money market4,149,460 31,859 3.11 4,078,714 34,969 3.41 3,409,310 31,728 3.74 
Time deposits1,647,938 14,973 3.68 1,686,004 16,726 3.95 1,590,070 17,121 4.33 
Securities sold under agreements to repurchase201,271 1,357 2.73 209,909 1,584 3.00 333,386 3,079 3.71 
Federal Home Loan Bank borrowings382,836 4,081 4.32 245,000 2,625 4.26 102,418 960 3.77 
Long-term debt, net107,038 1,700 6.44 106,881 1,797 6.69 106,373 1,934 7.31 
Total Interest-Bearing Liabilities9,724,319 65,737 2.74 9,429,923 70,126 2.96 8,889,220 70,628 3.20 
Noninterest demand3,294,149 3,417,539 3,528,489 
Other liabilities162,179 153,527 154,686 
Total Liabilities13,180,647 13,000,989 12,572,395 
Shareholders' equity2,214,995 2,203,052 2,118,381 
Total Liabilities & Equity$15,395,642 $15,204,041 $14,690,776 
Cost of deposits1.93 %2.08 %2.19 %
Interest expense as a % of earning assets1.93 %2.05 %2.17 %
Net interest income as a % of earning assets$118,857 3.48 %$116,115 3.39 %$105,298 3.24 %
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
2Fees 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
March 31,December 31,September 30,June 30,March 31,
(Amounts in thousands)20252024202420242024
Customer Relationship Funding
Noninterest demand
Commercial$2,830,497 $2,621,469 $2,731,564 $2,664,353 $2,808,151 
Retail536,661 502,967 509,527 532,623 553,697 
Public funds64,184 177,742 139,072 142,846 145,747 
Other61,149 50,194 63,292 58,096 47,806 
Total Noninterest Demand3,492,491 3,352,372 3,443,455 3,397,918 3,555,401 
Interest-bearing demand
Commercial1,520,186 1,467,508 1,426,920 1,533,725 1,561,905 
Retail881,282 881,236 874,043 892,032 930,178 
Brokered— 49,287 — 198,337 — 
Public funds332,792 269,812 186,485 196,998 218,958 
Total Interest-Bearing Demand2,734,260 2,667,843 2,487,448 2,821,092 2,711,041 
Total transaction accounts
Commercial4,350,683 4,088,977 4,158,484 4,198,078 4,370,056 
Retail1,417,943 1,384,203 1,383,570 1,424,655 1,483,875 
Brokered— 49,287 — 198,337 — 
Public funds396,976 447,554 325,557 339,844 364,705 
Other61,149 50,194 63,292 58,096 47,806 
Total Transaction Accounts6,226,751 6,020,215 5,930,903 6,219,010 6,266,442 
Savings
Commercial42,879 40,303 44,151 53,523 52,665 
Retail492,112 479,674 480,323 512,529 555,423 
Total Savings534,991 519,977 524,474 566,052 608,088 
Money market
Commercial1,999,540 1,947,250 1,953,851 1,771,927 1,709,636 
Retail1,967,239 1,925,330 1,887,975 1,733,505 1,621,618 
Public funds187,903 213,782 192,545 202,329 199,775 
Total Money Market4,154,682 4,086,362 4,034,371 3,707,761 3,531,029 
Brokered time certificates262,461 244,351 256,536 126,668 142,717 
Time deposits1,395,911 1,371,522 1,497,301 1,496,627 1,467,564 
1,658,372 1,615,873 1,753,837 1,623,295 1,610,281 
Total Deposits$12,574,796 $12,242,427 $12,243,585 $12,116,118 $12,015,840 
Securities sold under agreements to repurchase$201,128 $232,071 $210,176 $262,103 $326,732 
Total customer funding1
$12,513,463 $12,180,860 $12,197,225 $12,053,216 $12,199,855 
1Total 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
(Amounts in thousands, except per share data)1Q'254Q'243Q'242Q'241Q'24
Net Income$31,464 $34,085 $30,651 $30,244 $26,006 
Total noninterest income22,180 17,068 23,679 22,184 20,497 
 Securities losses (gains), net(196)8,388 (187)44 (229)
Total Adjustments to Noninterest Income(196)8,388 (187)44 (229)
Total Adjusted Noninterest Income21,984 25,456 23,492 22,228 20,268 
Total noninterest expense90,597 85,575 84,818 82,537 90,371 
Merger-related charges(1,051)— — — — 
Business continuity expenses - hurricane events— (280)— — — 
Branch reductions and other expense initiatives— — — — (7,094)
Total Adjustments to Noninterest Expense(1,051)(280)— — (7,094)
Adjusted Noninterest Expense89,546 85,295 84,818 82,537 83,277 
Income Taxes9,386 9,513 8,602 8,909 7,830 
Tax effect of adjustments 217 2,197 (47)11 1,739 
Adjusted Income Taxes9,603 11,710 8,555 8,920 9,569 
Adjusted Net Income$32,102 $40,556 $30,511 $30,277 $31,132 
Earnings per diluted share, as reported$0.37 $0.40 $0.36 $0.36 $0.31 
Adjusted Earnings per Diluted Share 0.38 0.48 0.36 0.36 0.37 
Average diluted shares outstanding 85,388 85,302 85,069 84,816 85,270 
Adjusted Noninterest Expense$89,546 $85,295 $84,818 $82,537 $83,277 
Provision for credit losses on unfunded commitments(150)(250)(250)(251)(250)
Other real estate owned expense and net (loss) gain on sale(241)(84)(491)109 26 
Amortization of intangibles(5,309)(5,587)(6,002)(6,003)(6,292)
Net Adjusted Noninterest Expense83,846 79,374 78,075 76,392 76,761 
Average tangible assets$14,593,955 $14,397,331 $14,184,085 $14,020,793 $13,865,245 
Net Adjusted Noninterest Expense to Average Tangible Assets2.33 %2.19 %2.19 %2.19 %2.23 %
Net Revenue$140,697 $132,872 $130,344 $126,608 $125,575 
Total Adjustments to Net Revenue(196)8,388 (187)44 (229)
Impact of FTE adjustment340 311 310 233 220 
Adjusted Net Revenue on a fully taxable equivalent basis$140,841 $141,571 $130,467 $126,885 $125,566 
Adjusted Efficiency Ratio59.53 %56.07 %59.84 %60.21 %61.13 %
Net Interest Income$118,517 $115,804 $106,665 $104,424 $105,078 
Impact of FTE adjustment340 311 310 233 220 
Net Interest Income including FTE adjustment118,857 116,115 106,975 104,657 105,298 
Total noninterest income22,180 17,068 23,679 22,184 20,497 
Total noninterest expense less provision for credit losses on unfunded commitments90,447 85,325 84,568 82,286 90,121 
Pre-Tax Pre-Provision Earnings50,590 47,858 46,086 44,555 35,674 
Total Adjustments to Noninterest Income(196)8,388 (187)44 (229)
Total Adjustments to Noninterest Expense including other real estate owned expense and net loss (gain) on sale1,292 364 491 (109)7,068 
Adjusted Pre-Tax Pre-Provision Earnings51,686 56,610 46,390 44,490 42,513 
Average Assets15,395,642 15,204,041 14,996,846 14,839,707 14,690,776 
Less average goodwill and intangible assets(801,687)(806,710)(812,761)(818,914)(825,531)
Average Tangible Assets$14,593,955 $14,397,331 $14,184,085 $14,020,793 $13,865,245 
Return on Average Assets (ROA)0.83 %0.89 %0.81 %0.82 %0.71 %
Impact of other adjustments for Adjusted Net Income0.02 0.17 — — 0.14 
Adjusted ROA0.85 1.06 0.81 0.82 0.85 
Return on Average Assets (ROA)0.83 0.89 0.81 0.82 0.71 
Impact of removing average intangible assets and related amortization 0.15 0.17 0.18 0.18 0.18 


GAAP TO NON-GAAP RECONCILIATION(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarterly Trends
(Amounts in thousands, except per share data)1Q'254Q'243Q'242Q'241Q'24
Return on Average Tangible Assets (ROTA)0.98 1.06 0.99 1.00 0.89 
Impact of other adjustments for Adjusted Net Income 0.02 0.18 (0.01)— 0.15 
Adjusted ROTA1.00 %1.24 %0.98 %1.00 %1.04 %
Average Shareholders' Equity$2,214,995 $2,203,052 $2,168,444 $2,117,628 $2,118,381 
Less average goodwill and intangible assets(801,687)(806,710)(812,761)(818,914)(825,531)
Average Tangible Equity$1,413,308 $1,396,342 $1,355,683 $1,298,714 $1,292,850 
Return on Average Shareholders' Equity 5.76 %6.16 %5.62 %5.74 %4.94 %
Impact of removing average intangible assets and related amortization 4.41 4.74 4.69 5.01 4.61 
Return on Average Tangible Common Equity (ROTCE)10.17 10.90 10.31 10.75 9.55 
Impact of other adjustments for Adjusted Net Income 0.18 1.84 (0.04)0.01 1.60 
Adjusted ROTCE10.35 %12.74 %10.27 %10.76 %11.15 %
Loan interest income1
$150,973 $152,303 $151,282 $147,518 $147,308 
Accretion on acquired loans(8,221)(11,717)(9,182)(10,178)(10,595)
Loan interest income excluding accretion on acquired loans$142,752 $140,586 $142,100 $137,340 $136,713 
Yield on loans1
5.90 %5.93 %5.94 %5.93 %5.90 %
Impact of accretion on acquired loans (0.32)(0.45)(0.36)(0.41)(0.42)
Yield on loans excluding accretion on acquired loans5.58 %5.48 %5.58 %5.52 %5.48 %
Net Interest Income1
$118,857 $116,115 $106,975 $104,657 $105,298 
Accretion on acquired loans(8,221)(11,717)(9,182)(10,178)(10,595)
Net interest income excluding accretion on acquired loans$110,636 $104,398 $97,793 $94,479 $94,703 
Net Interest Margin3.48 %3.39 %3.17 %3.18 %3.24 %
Impact of accretion on acquired loans (0.24)(0.34)(0.27)(0.31)(0.33)
Net interest margin excluding accretion on acquired loans3.24 %3.05 %2.90 %2.87 %2.91 %
Security interest income1
$29,422 $26,986 $26,005 $24,195 $22,434 
Tax equivalent adjustment on securities(7)(7)(8)(7)(7)
Security interest income excluding tax equivalent adjustment29,415 26,979 25,997 24,188 22,427 
Loan interest income1
150,973 152,303 151,282 147,518 147,308 
Tax equivalent adjustment on loans(333)(304)(302)(226)(213)
Loan interest income excluding tax equivalent adjustment150,640 151,999 150,980 147,292 147,095 
Net Interest Income1
118,857 116,115 106,975 104,657 105,298 
Tax equivalent adjustment on securities(7)(7)(8)(7)(7)
Tax equivalent adjustment on loans(333)(304)(302)(226)(213)
Net interest income excluding tax equivalent adjustment$118,517 $115,804 $106,665 $104,424 $105,078 
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.