Seacoast Reports Third Quarter 2025 Results

STUART, Fla.--( BUSINESS WIRE)--Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported net income in the third quarter of 2025 of $36.5 million, or $0.42 per diluted share, compared to $42.7 million, or $0.50 per diluted share, in the second quarter of 2025 and $30.7 million, or $0.36 per diluted share, in the third quarter of 2024. For the nine months ended September 30, 2025 and 2024, net income was $110.6 million, or $1.28 per diluted share, and $86.9 million, or $1.02 per diluted share, respectively.

Adjusted net income 1 for the third quarter of 2025 was $45.2 million, or $0.52 per diluted share, compared to $44.5 million, or $0.52 per diluted share, in the second quarter of 2025 and $30.5 million, or $0.36 per diluted share, in the third quarter of 2024. For the nine months ended September 30, 2025 and 2024, adjusted net income 1 was $121.7 million, or $1.41 per diluted share, and $91.9 million, or $1.08 per diluted share, respectively.

Third Quarter 2025 Highlights

Charles M. Shaffer, Seacoast's Chairman and CEO, stated, “Our competitive transformation is being realized and is delivering exceptional results. In the third quarter, we sustained strong momentum in growing net interest income, driven by very strong performance in both loan and deposit growth.”

Shaffer added, “Strategic investments in high quality bankers have fueled robust loan production and pipeline expansion, contributing to consistent gains across our diversified revenue streams—including treasury management, wealth management, and insurance agency income. We remain steadfast in our disciplined approach to credit, and our balance sheet ranks among the strongest in the industry, with a tangible common equity to tangible assets ratio rising to 9.76% and a Tier 1 capital ratio of 14.5% as of September 30, 2025.”

Shaffer concluded, “We’re pleased to have closed The Villages Bancorporation, Inc. acquisition on October 1, 2025, which, combined with the closing of our Heartland Bancshares, Inc. acquisition in July of 2025, will position us for even stronger profitability measures and earnings in the periods ahead.”

Pre-tax pre-provision earnings 1 were $55.9 million in the third quarter of 2025 and included $10.8 million in merger-related charges. Pre-tax pre-provision earnings 1 in the third quarter of 2025 decreased $4.3 million, or 7%, compared to the second quarter of 2025 and increased $9.8 million, or 21%, compared to the third quarter of 2024. For the nine months ended September 30, 2025 and 2024, pre-tax pre-provision earnings 1 were $166.7 million and $126.3 million, respectively. Adjusted pre-tax pre-provision earnings 1 were $67.2 million in the third quarter of 2025, an increase of $4.6 million, or 7%, compared to the second quarter of 2025 and an increase of $20.8 million, or 45%, compared to the third quarter of 2024. For the nine months ended September 30, 2025 and 2024, adjusted pre-tax pre-provision earnings 1 were $181.5 million and $133.4 million, respectively.

For the third quarter of 2025, return on average tangible assets was 1.04% and return on average tangible shareholders' equity was 10.70%, compared to 1.24% and 12.82%, respectively, in the prior quarter, and 0.99% and 10.31%, respectively, in the prior year quarter. For the nine months ended September 30, 2025, return on average tangible assets was 1.09% and return on average tangible shareholders' equity was 11.23%. For the nine months ended September 30, 2024, return on average tangible assets was 0.96% and return on average tangible shareholders' equity was 10.21%. Adjusted return on average tangible assets 1 in the third quarter of 2025 was 1.26% and adjusted return on average tangible shareholders' equity 1 was 12.98%, compared to 1.29% and 13.31%, respectively, in the prior quarter, and 0.98% and 10.27%, respectively, in the prior year quarter. For the nine months ended September 30, 2025, adjusted return on average tangible assets 1 was 1.19% and adjusted return on average tangible shareholders' equity 1 was 12.25%. For the nine months ended September 30, 2024, adjusted return on average tangible assets 1 was 1.01% and adjusted return on average tangible shareholders' equity 1 was 10.72%.

Acquisitions Update

On July 11, 2025, the Company completed its acquisition of Heartland Bancshares, Inc. (“Heartland”), adding approximately $153.3 million in loans and $705.2 million in deposits, along with four branches in Central Florida. Integration activities, including system conversion, were also completed in the third quarter of 2025.

On October 1, 2025, the Company completed its acquisition of Villages Bancorporation, Inc (“VBI”). This transformative transaction expands the Company’s presence in North Central Florida and into The Villages® community, adding 19 branches and approximately $4 billion in assets. VBI’s future growth potential and low loan-to-deposit ratio provide significant opportunity for expansive growth throughout the Seacoast footprint. Full integration and system conversion activities are expected to be completed in the third quarter of 2026.

Financial Results

Income Statement

Balance Sheet

Asset Quality

Capital and Liquidity

1Non-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

3Q'25

2Q'25

1Q'25

4Q'24

3Q'24

Selected balance sheet data:

Gross loans

10,964,173

10,608,824

10,443,021

10,299,950

10,205,281

Total deposits

13,090,319

12,497,598

12,574,796

12,242,427

12,243,585

Total assets

16,676,904

15,944,955

15,732,485

15,176,308

15,168,371

Performance measures:

Net income

36,467

42,687

31,464

34,085

30,651

Net interest margin

3.57

3.58

3.48

3.39

3.17

Pre-tax pre-provision earnings 1

55,887

60,236

50,590

47,858

46,086

Average diluted shares outstanding

87,425

85,479

85,388

85,302

85,069

Diluted earnings per share (EPS)

0.42

0.50

0.37

0.40

0.36

Return on (annualized):

Average assets (ROA)

0.88

1.08

0.83

0.89

0.81

Average tangible assets (ROTA) 2

1.04

1.24

0.98

1.06

0.99

Average tangible common equity (ROTCE) 2

10.70

12.82

10.17

10.90

10.31

Tangible common equity to tangible assets 2

9.76

9.75

9.58

9.60

9.64

Tangible book value per share 2

17.61

17.19

16.71

16.12

16.20

Efficiency ratio

60.66

56.95

60.28

56.26

59.84

Adjusted operating measures 1:

Adjusted net income

45,164

44,466

32,102

40,556

30,511

Adjusted pre-tax pre-provision earnings

67,190

62,627

51,686

56,610

46,390

Adjusted diluted EPS

0.52

0.38

0.48

0.36

Adjusted ROA

1.09

1.13

0.85

1.06

0.81

Adjusted ROTA 2

1.26

1.29

1.00

1.24

0.98

Adjusted ROTCE 2

12.98

13.31

10.35

12.74

10.27

Adjusted efficiency ratio

53.84

55.36

59.53

56.07

59.84

Net adjusted noninterest expense as a percent of average tangible assets 2

2.16

2.25

2.33

2.19

Other data:

Market capitalization 3

2,673,449

2,373,871

2,202,958

2,355,679

2,277,003

Full-time equivalent employees

1,601

1,522

1,518

1,504

1,493

Number of ATMs

103

Full-service banking offices

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.

OTHER INFORMATION

Conference Call Information

Seacoast will host a conference call on October 28, 2025, at 10:00 a.m. (Eastern Time) to discuss the third quarter of 2025 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 715-9871 (Conference ID: 6579709). 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 $16.7 billion in assets and $13.1 billion in deposits as of September 30, 2025. Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 103 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. 19 branches recently acquired in The Villages® community and in North Central Florida will operate under the name Citizens First Bank until Seacoast’s system conversion takes place in 2026. 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, 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 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 those that impact the money supply and inflation; the risks of continued 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; government actions or inactions, including a prolonged shutdown of the federal government, 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.

The risks relating to the mergers with Heartland Bancshares, Inc. and Villages Bancorporation, Inc. include, without limitation: the diversion of management's time on issues related to the mergers; unexpected transaction costs, including the costs of integrating operations; the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following the mergers being lower than expected; the risk of deposit and customer attrition; regulatory enforcement and litigation risk; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruptions, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets.

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

Nine months ended

(Amounts in thousands, except ratios and per share data)

3Q'25

2Q'25

1Q'25

4Q'24

3Q'24

3Q'25

3Q'24

Summary of Earnings

Net income

36,467

42,687

31,464

34,085

30,651

110,618

86,901

Adjusted net income 1

45,164

44,466

32,102

40,556

30,511

121,732

91,920

Net interest income 2

133,906

127,295

118,857

116,115

106,975

380,058

316,930

Net interest margin 2,3

3.57

3.58

3.48

3.39

3.17

3.55

3.19

Pre-tax pre-provision earnings 1

55,887

60,236

50,590

47,858

46,086

166,713

126,315

Adjusted pre-tax pre-provision earnings 1

67,190

62,627

51,686

56,610

46,390

181,503

133,393

Performance Ratios

Return on average assets-GAAP basis 3

0.88

1.08

0.83

0.89

0.81

0.93

0.78

Adjusted return on average assets 1,3

1.09

1.13

0.85

1.06

0.81

1.02

0.83

Return on average tangible assets-GAAP basis 3,4

1.04

1.24

0.98

1.06

0.99

1.09

0.96

Adjusted return on average tangible assets 1,3,4

1.26

1.29

1.00

1.24

0.98

1.19

1.01

Net adjusted noninterest expense to average tangible assets 1,3,4

2.16

2.25

2.33

2.19

2.24

2.20

Return on average shareholders' equity-GAAP basis 3

6.17

7.60

5.76

6.16

5.62

6.51

5.44

Return on average tangible common equity-GAAP basis 3,4

10.70

12.82

10.17

10.90

10.31

11.23

10.21

Adjusted return on average tangible common equity 1,3,4

12.98

13.31

10.35

12.74

10.27

12.25

10.72

Efficiency ratio 5

60.66

56.95

60.28

56.26

59.84

59.29

62.24

Adjusted efficiency ratio 1

53.84

55.36

59.53

56.07

59.84

56.13

60.39

Noninterest income to total revenue (excluding securities gains/losses)

15.59

16.18

15.65

18.02

18.05

15.81

17.27

Tangible common equity to tangible assets 4

9.76

9.75

9.58

9.60

9.64

9.76

9.64

Average loan-to-deposit ratio

82.99

85.21

84.23

83.14

83.79

84.12

83.80

End of period loan-to-deposit ratio

83.84

84.96

83.17

84.27

83.44

83.84

83.44

Per Share Data

Net income diluted-GAAP basis

0.42

0.50

0.37

0.40

0.36

1.28

1.02

Net income basic-GAAP basis

0.42

0.50

0.37

0.40

0.36

1.30

1.03

Adjusted earnings 1

0.52

0.38

0.48

0.36

1.41

1.08

Book value per share common

27.07

26.43

26.04

25.51

25.68

27.07

25.68

Tangible book value per share

17.61

17.19

16.71

16.12

16.20

17.61

16.20

Cash dividends declared

0.18

0.54

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

Nine months ended

(Amounts in thousands, except per share data)

3Q'25

2Q'25

1Q'25

4Q'24

3Q'24

3Q'25

3Q'24

Interest and dividends on securities:

Taxable

35,975

32,479

29,381

26,945

25,963

97,835

72,511

Nontaxable

111

101

Interest and fees on loans

161,913

157,075

150,640

151,999

150,980

469,628

445,367

Interest on interest-bearing deposits and other investments

4,780

3,760

4,200

6,952

7,138

12,740

21,650

Total Interest Income

202,712

193,347

184,255

185,930

184,115

580,314

539,629

Interest on deposits

43,133

40,633

43,626

47,394

51,963

127,392

150,816

Interest on time certificates

16,341

15,120

14,973

16,726

19,002

46,434

54,051

Interest on borrowed money

9,770

10,730

7,139

6,006

6,485

27,639

18,595

Total Interest Expense

69,244

66,483

65,738

70,126

77,450

201,465

223,462

Net Interest Income

133,468

126,864

118,517

115,804

106,665

378,849

316,167

Provision for credit losses

8,371

4,379

9,250

3,699

6,273

22,000

12,559

Net Interest Income After Provision for Credit Losses

125,097

122,485

109,267

112,105

100,392

356,849

303,608

Noninterest income:

Service charges on deposit accounts

6,194

5,540

5,180

5,138

5,412

16,914

15,714

Wealth management income

4,578

4,196

4,248

4,019

3,843

13,022

11,149

Interchange income

2,008

1,895

1,807

1,860

1,911

5,710

5,739

Mortgage banking fees

517

685

404

326

485

1,606

1,448

Insurance agency income

1,481

1,289

1,620

1,151

1,399

4,390

4,045

BOLI income

3,875

3,380

2,468

2,627

2,578

9,723

7,438

Other

6,006

7,497

6,257

10,335

7,864

19,760

20,455

24,659

24,482

21,984

25,456

23,492

71,125

65,988

Securities (losses) gains, net

(841

)

196

(8,388

)

187

(606

)

372

Total Noninterest Income

23,818

24,521

22,180

17,068

23,679

70,519

66,360

Noninterest expense:

Salaries and wages

46,310

44,438

42,248

42,378

40,697

132,996

119,938

Employee benefits

7,387

8,106

8,861

6,548

6,955

24,354

21,705

Outsourced data processing costs

9,337

8,525

8,504

8,307

8,003

26,366

28,331

Occupancy

7,627

7,483

7,350

7,234

7,096

22,460

22,313

Furniture and equipment

2,233

2,125

2,128

2,004

2,060

6,486

6,027

Marketing

2,509

2,958

2,748

2,126

2,729

8,215

8,650

Legal and professional fees

1,674

2,071

2,740

2,807

2,708

6,485

6,841

FDIC assessments

2,414

2,108

2,194

2,274

1,882

6,716

6,171

Amortization of intangibles

6,005

5,131

5,309

5,587

6,002

16,445

18,297

Other real estate owned expense and net (gain) loss on sale

(346

)

241

491

(97

)

356

Provision for credit losses on unfunded commitments

150

250

450

751

Merger-related charges

10,808

2,422

1,051

—

14,281

—

Other

5,879

6,205

7,073

5,976

5,945

19,157

18,346

Total Noninterest Expense

101,987

91,730

90,597

85,575

84,818

284,314

257,726

Income Before Income Taxes

46,928

55,276

40,850

43,598

39,253

143,054

112,242

Provision for income taxes

10,461

12,589

9,386

9,513

8,602

32,436

25,341

Net Income

36,467

42,687

31,464

34,085

30,651

110,618

86,901

Share Data

Net income per share of common stock

Diluted

0.42

0.50

0.37

0.40

0.36

1.28

1.02

Basic

0.42

0.50

0.37

0.40

0.36

1.30

1.03

Cash dividends declared

0.18

0.54

Average common shares outstanding

Diluted

87,425

85,479

85,388

85,302

85,069

86,154

84,915

Basic

86,619

84,903

84,648

84,510

84,434

85,398

84,319

CONSOLIDATED BALANCE SHEETS

(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

September 30,

June 30,

March 31,

December 31,

September 30,

(Amounts in thousands)

2025

2024

Assets

Cash and due from banks

173,954

181,565

191,467

171,615

182,743

Interest-bearing deposits with other banks

132,040

150,863

309,105

304,992

454,315

Total cash and cash equivalents

305,994

332,428

500,572

476,607

637,058

Time deposits with other banks

30,852

1,494

3,215

5,207

Debt Securities:

Securities available-for-sale (at fair value)

3,212,080

2,866,185

2,627,959

2,226,543

2,160,055

Securities held-to-maturity (at amortized cost)

598,604

613,312

624,650

635,186

646,050

Total debt securities

3,810,684

3,479,497

3,252,609

2,861,729

2,806,105

Loans held for sale

10,841

8,610

16,016

17,277

11,039

Loans

10,964,173

10,608,824

10,443,021

10,299,950

10,205,281

Less: Allowance for credit losses

(147,453

)

(142,184

)

(140,267

)

(138,055

)

(140,469

)

Loans, net of allowance for credit losses

10,816,720

10,466,640

10,302,754

10,161,895

10,064,812

Bank premises and equipment, net

115,392

107,256

108,478

107,555

108,776

Other real estate owned

5,085

5,335

7,176

6,421

Goodwill

754,645

732,417

Other intangible assets, net

76,291

61,328

66,372

71,723

77,431

Bank owned life insurance

323,214

312,860

311,453

308,995

306,379

Net deferred tax assets

74,683

87,328

93,595

102,989

94,820

Other assets

352,503

349,762

339,549

325,485

317,906

Total Assets

16,676,904

15,944,955

15,732,485

15,176,308

15,168,371

Liabilities

Deposits

Noninterest demand

3,611,920

3,376,941

3,492,491

3,352,372

3,443,455

Interest-bearing demand

2,753,463

2,518,857

2,734,260

2,667,843

2,487,448

Savings

615,566

557,472

534,991

519,977

524,474

Money market

4,396,458

4,111,789

4,154,682

4,086,362

4,034,371

Time deposits

1,712,912

1,932,539

1,658,372

1,615,873

1,753,837

Total Deposits

13,090,319

12,497,598

12,574,796

12,242,427

12,243,585

Securities sold under agreements to repurchase

236,247

186,090

201,128

232,071

210,176

Federal Home Loan Bank borrowings

690,000

715,000

465,000

245,000

Long-term debt, net

107,464

107,298

107,132

106,966

106,800

Other liabilities

174,742

167,404

154,689

166,601

168,960

Total Liabilities

14,298,772

13,673,390

13,502,745

12,993,065

12,974,521

Shareholders' Equity

Common stock

8,864

8,673

8,633

8,628

8,614

Additional paid in capital

1,891,111

1,832,158

1,828,234

1,824,935

1,821,050

Retained earnings

590,384

569,833

542,665

526,642

508,036

Less: Treasury stock

(20,804

)

(20,792

)

(19,072

)

(19,095

)

(18,680

)

2,469,555

2,389,872

2,360,460

2,341,110

2,319,020

Accumulated other comprehensive loss, net

(91,423

)

(118,307

)

(130,720

)

(157,867

)

(125,170

)

Total Shareholders' Equity

2,378,132

2,271,565

2,229,740

2,183,243

2,193,850

Total Liabilities & Shareholders' Equity

16,676,904

15,944,955

15,732,485

15,176,308

15,168,371

Common shares outstanding

87,856

85,948

85,618

85,568

85,441

CONSOLIDATED QUARTERLY FINANCIAL DATA

(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

(Amounts in thousands)

3Q'25

2Q'25

1Q'25

4Q'24

3Q'24

Credit Analysis

Net charge-offs

3,208

2,462

7,038

6,113

7,445

Net charge-offs to average loans

0.12

0.09

0.27

0.24

0.29

Allowance for credit losses

147,453

142,184

140,267

138,055

140,469

Non-acquired loans at end of period

8,415,612

8,071,619

7,752,532

7,452,175

7,178,186

Acquired loans at end of period

2,548,561

2,537,205

2,690,489

2,847,775

3,027,095

Total Loans

10,964,173

10,608,824

10,443,021

10,299,950

10,205,281

Total allowance for credit losses to total loans at end of period

1.34

1.38

Purchase discount on acquired loans at end of period

3.86

4.10

4.25

4.30

4.48

End of Period

Nonperforming loans

60,562

64,198

71,018

92,446

80,857

Other real estate owned

221

351

1,820

933

Properties previously used in bank operations included in other real estate owned

4,864

4,984

5,356

5,488

Total Nonperforming Assets

65,647

69,533

78,194

98,867

87,278

Nonperforming Loans to Loans at End of Period

0.55

0.61

0.68

0.90

0.79

Nonperforming Assets to Total Assets at End of Period

0.39

0.44

0.50

0.65

0.58

Loans

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2024

September 30,

2024

Construction and land development

616,475

603,079

618,493

648,053

595,753

Commercial real estate - owner occupied

1,898,704

1,778,930

1,713,579

1,686,629

1,676,814

Commercial real estate - non-owner occupied

3,766,541

3,624,528

3,513,400

3,503,808

3,573,076

Residential real estate

2,694,794

2,678,042

2,653,012

2,616,785

2,564,903

Commercial and financial

1,807,932

1,741,158

1,753,090

1,651,354

1,575,228

Consumer

179,727

183,087

191,447

193,321

219,507

Total Loans

10,964,173

10,608,824

10,443,021

10,299,950

10,205,281

AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1

(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

3Q'25

2Q'25

3Q'24

Average

Yield/

Average

Yield/

Average

Yield/

(Amounts in thousands)

Balance

Interest

Rate

Balance

Interest

Rate

Balance

Interest

Rate

Assets

Earning assets:

Securities:

Taxable

3,644,261

35,975

3.92

3,364,825

32,479

3.87

2,756,502

25,963

3.75

Nontaxable

6,752

3.17

5,321

3.02

5,701

2.93

Total Securities

3,651,013

36,029

3.92

3,370,146

32,519

3.87

2,762,203

26,005

3.75

Federal funds sold

258,779

2,896

4.44

183,268

2,041

4.47

433,423

5,906

5.42

Interest-bearing deposits with other banks and other investments

166,683

1,884

4.48

137,726

1,720

5.01

102,700

1,232

4.77

Total Loans, net 2

10,805,143

162,341

5.96

10,558,997

157,499

5.98

10,128,822

151,282

5.94

Total Earning Assets

14,881,618

203,150

5.42

14,250,137

193,779

5.45

13,427,148

184,425

5.46

Allowance for credit losses

(144,051

)

(141,442

)

(141,974

)

Cash and due from banks

166,884

152,562

167,103

Bank premises and equipment, net

114,719

108,206

109,699

Intangible assets

827,294

796,431

812,761

Bank owned life insurance

321,754

312,384

304,703

Other assets including deferred tax assets

317,799

322,916

317,406

Total Assets

16,486,017

15,801,194

14,996,846

Liabilities and Shareholders' Equity

Interest-bearing liabilities:

Interest-bearing demand

2,671,750

10,623

1.58

2,622,944

10,249

1.57

2,489,674

12,905

2.06

Savings

617,479

1,111

0.71

545,718

881

0.65

546,473

601

0.44

Money market

4,362,662

31,393

2.85

4,122,147

29,505

2.87

3,942,357

38,457

3.88

Time deposits

1,826,068

16,341

3.55

1,700,128

15,120

3.57

1,716,720

19,002

4.40

Securities sold under agreements to repurchase

224,328

1,359

2.40

185,977

1,214

2.62

241,083

2,044

3.37

Federal Home Loan Bank borrowings

637,826

6,703

4.17

724,231

7,803

4.32

237,935

2,549

4.26

Long-term debt, net

107,372

1,714

6.33

107,208

1,712

6.41

106,706

1,892

7.05

Total Interest-Bearing Liabilities

10,447,485

69,244

2.63

10,008,353

66,484

2.66

9,280,948

77,450

3.32

Noninterest demand

3,541,749

3,401,138

3,393,110

Other liabilities

151,550

139,495

154,344

Total Liabilities

14,140,784

13,548,986

12,828,402

Shareholders' equity

2,345,233

2,252,208

2,168,444

Total Liabilities & Equity

16,486,017

15,801,194

14,996,846

Cost of deposits

1.81

1.80

2.34

Cost of funds 3

1.96

1.99

2.43

Interest expense as a % of earning assets

1.85

1.87

2.29

Net interest income as a % of earning assets

133,906

3.57

127,295

3.58

106,975

3.17

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.

3Total interest expense as a percentage of total interest-bearing liabilities and noninterest demand deposits.

AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1

(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

Average

Yield/

Average

Yield/

(Amounts in thousands, except ratios)

Balance

Interest

Rate

Balance

Interest

Rate

Assets

Earning assets:

Securities:

Taxable

3,362,823

97,835

3.89

2,655,422

72,511

3.65

Nontaxable

5,841

136

3.11

5,677

123

2.89

Total Securities

3,368,664

97,971

3.89

2,661,099

72,634

3.65

Federal funds sold

235,825

7,882

4.47

438,089

17,929

5.47

Interest-bearing deposits with other banks and other investments

136,760

4,858

4.75

102,415

3,721

4.85

Total Loans, net 2

10,584,090

470,812

5.95

10,056,466

446,108

5.93

Total Earning Assets

14,325,339

581,523

5.43

13,258,069

540,392

5.44

Allowance for credit losses

(141,285

)

(145,579

)

Cash and due from banks

159,428

167,424

Bank premises and equipment, net

110,548

110,929

Intangible assets

808,564

819,046

Bank owned life insurance

314,700

302,220

Other assets including deferred tax assets

320,985

330,898

Total Assets

15,898,279

14,843,007

Liabilities and Shareholders' Equity

Interest-bearing liabilities:

Interest-bearing demand

2,666,794

31,941

1.60

2,626,026

43,117

2.19

Savings

564,624

2,690

0.64

586,285

1,701

0.39

Money market

4,212,205

92,760

2.94

3,673,493

105,998

3.85

Time deposits

1,725,364

46,434

3.60

1,646,285

54,051

4.39

Securities sold under agreements to repurchase

203,943

3,930

2.58

289,181

7,806

3.61

Federal Home Loan Bank borrowings

582,565

18,584

4.27

163,468

5,101

4.17

Long-term debt, net

107,207

5,126

6.39

106,538

5,688

7.13

Total Interest-Bearing Liabilities

10,062,702

201,465

2.68

9,091,276

223,462

3.28

Noninterest demand

3,413,252

3,468,790

Other liabilities

151,036

148,000

Total Liabilities

13,626,990

12,708,066

Shareholders' equity

2,271,289

2,134,941

Total Liabilities & Equity

15,898,279

14,843,007

Cost of deposits

1.85

2.28

Cost of funds 3

2.00

2.38

Interest expense as a % of earning assets

1.88

2.25

Net interest income as a % of earning assets

380,058

3.55

316,930

3.19

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.

3Total interest expense as a percentage of total interest-bearing liabilities and noninterest demand deposits.

CONSOLIDATED QUARTERLY FINANCIAL DATA

(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

September 30,

June 30,

March 31,

December 31,

September 30,

(Amounts in thousands)

2025

2024

Customer Relationship Funding

Noninterest demand

Commercial

2,933,228

2,717,688

2,830,497

2,621,469

2,731,564

Retail

508,204

509,539

536,661

502,967

509,527

Public funds

96,396

81,448

64,184

177,742

139,072

Other

74,092

68,266

61,149

50,194

63,292

Total Noninterest Demand

3,611,920

3,376,941

3,492,491

3,352,372

3,443,455

Interest-bearing demand

Commercial

1,586,997

1,466,184

1,520,186

1,467,508

1,426,920

Retail

976,318

838,340

881,282

881,236

874,043

Brokered

—

49,287

—

Public funds

190,148

214,333

332,792

269,812

186,485

Total Interest-Bearing Demand

2,753,463

2,518,857

2,734,260

2,667,843

2,487,448

Total transaction accounts

Commercial

4,520,225

4,183,872

4,350,683

4,088,977

4,158,484

Retail

1,484,522

1,347,879

1,417,943

1,384,203

1,383,570

Brokered

—

49,287

—

Public funds

286,544

295,781

396,976

447,554

325,557

Other

74,092

68,266

61,149

50,194

63,292

Total Transaction Accounts

6,365,383

5,895,798

6,226,751

6,020,215

5,930,903

Savings

Commercial

43,102

45,531

42,879

40,303

44,151

Retail

572,464

511,941

492,112

479,674

480,323

Total Savings

615,566

557,472

534,991

519,977

524,474

Money market

Commercial

2,303,584

2,073,098

1,999,540

1,947,250

1,953,851

Retail

1,898,375

1,853,398

1,967,239

1,925,330

1,887,975

Public funds

194,499

185,293

187,903

213,782

192,545

Total Money Market

4,396,458

4,111,789

4,154,682

4,086,362

4,034,371

Brokered time certificates

189,561

515,303

262,461

244,351

256,536

Time deposits

1,523,351

1,417,236

1,395,911

1,371,522

1,497,301

1,712,912

1,932,539

1,658,372

1,615,873

1,753,837

Total Deposits

13,090,319

12,497,598

12,574,796

12,242,427

12,243,585

Securities sold under agreements to repurchase

236,247

186,090

201,128

232,071

210,176

Total customer funding 1

13,137,005

12,168,385

12,513,463

12,180,860

12,197,225

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

Nine Months Ended

(Amounts in thousands, except per share data)

3Q'25

2Q'25

1Q'25

4Q'24

3Q'24

3Q'25

3Q'24

Net Income

36,467

42,687

31,464

34,085

30,651

110,618

86,901

Total noninterest income

23,818

24,521

22,180

17,068

23,679

70,519

66,360

Securities losses (gains), net

841

(39

)

(196

)

8,388

(187

)

606

(372

)

Total Adjustments to Noninterest Income

841

(39

)

(196

)

8,388

(187

)

606

(372

)

Total Adjusted Noninterest Income

24,659

24,482

21,984

25,456

23,492

71,125

65,988

Total noninterest expense

101,987

91,730

90,597

85,575

84,818

284,314

257,726

Merger-related charges

(10,808

)

(2,422

)

(1,051

)

—

(14,281

)

—

Business continuity expenses - hurricane events

—

(280

)

—

Branch reductions and other expense initiatives

—

(7,094

)

Total Adjustments to Noninterest Expense

(10,808

)

(2,422

)

(1,051

)

(280

)

—

(14,281

)

(7,094

)

Adjusted Noninterest Expense

91,179

89,308

89,546

85,295

84,818

270,033

250,632

Income Taxes

10,461

12,589

9,386

9,513

8,602

32,436

25,341

Tax effect of adjustments

2,952

604

217

2,197

(47

)

3,773

1,703

Adjusted Income Taxes

13,413

13,193

9,603

11,710

8,555

36,209

27,044

Adjusted Net Income

45,164

44,466

32,102

40,556

30,511

121,732

91,920

Earnings per diluted share, as reported

0.42

0.50

0.37

0.40

0.36

1.28

1.02

Adjusted Earnings per Diluted Share

0.52

0.38

0.48

0.36

1.41

1.08

Average diluted shares outstanding

87,425

85,479

85,388

85,302

85,069

86,154

84,915

Adjusted Noninterest Expense

91,179

89,308

89,546

85,295

84,818

270,033

250,632

Provision for credit losses on unfunded commitments

(150

)

(150

)

(150

)

(250

)

(250

)

(450

)

(751

)

Other real estate owned expense and net gain (loss) on sale

346

)

(241

)

(84

)

(491

)

(356

)

Amortization of intangibles

(6,005

)

(5,131

)

(5,309

)

(5,587

)

(6,002

)

(16,445

)

(18,297

)

Net Adjusted Noninterest Expense

85,370

84,019

83,846

79,374

78,075

253,235

231,228

Average tangible assets

15,658,723

15,004,763

14,593,955

14,397,331

14,184,085

15,089,715

14,023,961

Net Adjusted Noninterest Expense to Average Tangible Assets

2.16

2.25

2.33

2.19

2.24

2.20

Net Revenue

157,286

151,385

140,697

132,872

130,344

449,368

382,527

Total Adjustments to Net Revenue

841

(39

)

(196

)

8,388

(187

)

606

(372

)

Impact of FTE adjustment

438

431

340

311

310

1,209

763

Adjusted Net Revenue on a fully taxable equivalent basis

158,565

151,777

140,841

141,571

130,467

451,183

382,918

Adjusted Efficiency Ratio

53.84

55.36

59.53

56.07

59.84

56.13

60.39

Net Interest Income

133,468

126,864

118,517

115,804

106,665

378,849

316,167

Impact of FTE adjustment

438

431

340

311

310

1,209

763

Net Interest Income including FTE adjustment

133,906

127,295

118,857

116,115

106,975

380,058

316,930

Total noninterest income

23,818

24,521

22,180

17,068

23,679

70,519

66,360

Total noninterest expense less provision for credit losses on unfunded commitments

101,837

91,580

90,447

85,325

84,568

283,864

256,975

Pre-Tax Pre-Provision Earnings

55,887

60,236

50,590

47,858

46,086

166,713

126,315

Total Adjustments to Noninterest Income

841

(39

)

(196

)

8,388

(187

)

606

(372

)

Total Adjustments to Noninterest Expense including other real estate owned expense and net loss on sale

10,462

2,430

1,292

364

491

14,184

7,450

Adjusted Pre-Tax Pre-Provision Earnings

67,190

62,627

51,686

56,610

46,390

181,503

133,393

Average Assets

16,486,017

15,801,194

15,395,642

15,204,041

14,996,846

15,898,279

14,843,007

Less average goodwill and intangible assets

(827,294

)

(796,431

)

(801,687

)

(806,710

)

(812,761

)

(808,564

)

(819,046

)

Average Tangible Assets

15,658,723

15,004,763

14,593,955

14,397,331

14,184,085

15,089,715

14,023,961

Return on Average Assets (ROA)

0.88

1.08

0.83

0.89

0.81

0.93

0.78

Impact of other adjustments for Adjusted Net Income

0.21

0.05

0.02

0.17

—

0.09

0.05

Adjusted ROA

1.09

1.13

0.85

1.06

0.81

1.02

0.83

ROA

0.88

1.08

0.83

0.89

0.81

0.93

0.78

Impact of removing average intangible assets and related amortization

0.16

0.15

0.17

0.18

0.16

0.18

Return on Average Tangible Assets (ROTA)

1.04

1.24

0.98

1.06

0.99

1.09

0.96

Impact of other adjustments for Adjusted Net Income

0.22

0.05

0.02

0.18

(0.01

)

0.10

0.05

Adjusted ROTA

1.26

1.29

1.00

1.24

0.98

1.19

1.01

Average Shareholders' Equity

2,345,233

2,252,208

2,214,995

2,203,052

2,168,444

2,271,289

2,134,941

Less average goodwill and intangible assets

(827,294

)

(796,431

)

(801,687

)

(806,710

)

(812,761

)

(808,564

)

(819,046

)

Average Tangible Equity

1,517,939

1,455,777

1,413,308

1,396,342

1,355,683

1,462,725

1,315,895

Return on Average Shareholders' Equity

6.17

7.60

5.76

6.16

5.62

6.51

5.44

Impact of removing average intangible assets and related amortization

4.53

5.22

4.41

4.74

4.69

4.72

4.77

Return on Average Tangible Common Equity (ROTCE)

10.70

12.82

10.17

10.90

10.31

11.23

10.21

Impact of other adjustments for Adjusted Net Income

2.28

0.49

0.18

1.84

(0.04

)

1.02

0.51

Adjusted ROTCE

12.98

13.31

10.35

12.74

10.27

12.25

10.72

Loan interest income 1

162,341

157,499

150,973

152,303

151,282

470,812

446,108

Accretion on acquired loans

(9,543

)

(10,583

)

(8,221

)

(11,717

)

(9,182

)

(28,347

)

(29,955

)

Loan interest income excluding accretion on acquired loans 1

152,798

146,916

142,752

140,586

142,100

442,465

416,153

Yield on loans 1

5.96

5.98

5.90

5.93

5.94

5.95

5.93

Impact of accretion on acquired loans

(0.35

)

(0.40

)

(0.32

)

(0.45

)

(0.36

)

(0.36

)

(0.40

)

Yield on loans excluding accretion on acquired loans 1

5.61

5.58

5.48

5.58

5.59

5.53

Net Interest Income 1

133,906

127,295

118,857

116,115

106,975

380,058

316,930

Accretion on acquired loans

(9,543

)

(10,583

)

(8,221

)

(11,717

)

(9,182

)

(28,347

)

(29,955

)

Net interest income excluding accretion on acquired loans 1

124,363

116,712

110,636

104,398

97,793

351,711

286,975

Net Interest Margin 1

3.57

3.58

3.48

3.39

3.17

3.55

3.19

Impact of accretion on acquired loans

(0.25

)

(0.29

)

(0.24

)

(0.34

)

(0.27

)

(0.27

)

(0.30

)

Net interest margin excluding accretion on acquired loans 1

3.32

3.29

3.24

3.05

2.90

3.28

2.89

Securities interest income 1

36,029

32,519

29,422

26,986

26,005

97,971

72,634

Tax equivalent adjustment on securities

(10

)

(25

)

(22

)

Securities interest income excluding tax equivalent adjustment 1

36,019

32,512

29,415

26,979

25,997

97,946

72,612

Loan interest income 1

162,341

157,499

150,973

152,303

151,282

470,812

446,108

Tax equivalent adjustment on loans

(428

)

(424

)

(333

)

(304

)

(302

)

(1,184

)

(741

)

Loan interest income excluding tax equivalent adjustment

161,913

157,075

150,640

151,999

150,980

469,628

445,367

Net Interest Income 1

133,906

127,295

118,857

116,115

106,975

380,058

316,930

Tax equivalent adjustment on securities

(10

)

(25

)

(22

)

Tax equivalent adjustment on loans

(428

)

(424

)

(333

)

(304

)

(302

)

(1,184

)

(741

)

Net interest income excluding tax equivalent adjustment

133,468

126,864

118,517

115,804

106,665

378,849

316,167

1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.