EX-99.1 2 sbcf3q2025earningsrelease.htm EX-99.1 SBCF 3Q 2025 Earnings Release
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SEACOAST REPORTS THIRD QUARTER 2025 RESULTS
Strong Organic Growth in Both Deposit and Loan Outstandings
Completed Acquisition of Heartland Bancshares, Inc.
Continued Robust Capital and Liquidity Position


STUART, Fla., October 27, 2025 /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 income1 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 income1 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
•Net income, which included $10.8 million in merger-related charges, increased 19% from the prior year quarter to $36.5 million, or $0.42 per share.
•Adjusted net income1 increased 48% from the prior year quarter to $45.2 million, or $0.52 per share.
•7% annualized organic deposit growth.
•8% annualized organic loan growth.
•Tangible book value per share of $17.61, representing a 9% increase year over year, well overcoming the dilutive effect of the Heartland acquisition.
•Continued industry-leading strength in capital and liquidity.
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 earnings1 were $55.9 million in the third quarter of 2025 and included $10.8 million in merger-related charges. Pre-tax pre-provision earnings1 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 earnings1 were $166.7 million and $126.3 million, respectively. Adjusted pre-tax pre-provision earnings1 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,
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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or 45%, compared to the third quarter of 2024. For the nine months ended September 30, 2025 and 2024, adjusted pre-tax pre-provision earnings1 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 assets1 in the third quarter of 2025 was 1.26% and adjusted return on average tangible shareholders' equity1 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 assets1 was 1.19% and adjusted return on average tangible shareholders' equity1 was 12.25%. For the nine months ended September 30, 2024, adjusted return on average tangible assets1 was 1.01% and adjusted return on average tangible shareholders' equity1 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
•Net income in the third quarter of 2025 was $36.5 million, or $0.42 per diluted share, compared to $42.7 million, or $0.50 per diluted share, in the prior quarter and $30.7 million, or $0.36 per diluted share, in the prior year quarter. Adjusted net income1 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, for the prior quarter, and $30.5 million, or $0.36 per diluted share, for the prior year quarter.
•Net revenues were $157.3 million in the third quarter of 2025, an increase of $5.9 million, or 4%, compared to the prior quarter, and an increase of $26.9 million, or 21%, compared to the prior year quarter. Adjusted net revenues1 were $158.6 million in the third quarter of 2025, an increase of $6.8 million, or 4%, compared to the prior quarter, and an increase of $28.1 million, or 22%, compared to the prior year quarter.
•Pre-tax pre-provision earnings1 were $55.9 million in the third quarter of 2025 and included $10.8 million in merger-related charges. Pre-tax pre-provision earnings1 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. Adjusted pre-tax pre-provision earnings1 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.
•Net interest income totaled $133.5 million in the third quarter of 2025, an increase of $6.6 million, or 5%, compared to the prior quarter, and an increase of $26.8 million, or 25%, compared to the third quarter of 2024. The increase was largely driven by growing loan and securities balances. Interest income on loans increased by $4.8 million in the third quarter of 2025, reflecting continued strong loan production. Securities income increased $3.5 million, or 11%, with year-to-date purchases at higher yields. Included in loan interest income was accretion on acquired loans of $9.5 million in the third quarter of 2025, $10.6 million in the second quarter
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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of 2025, and $9.2 million in the third quarter of 2024. Interest expense on deposits increased $2.5 million, or 6%, compared to the prior quarter, and decreased $8.8 million, or 17%, compared to the third quarter of 2024. The increase from prior quarter reflects higher balances through both organic growth and from the Heartland acquisition. Interest expense on borrowed money decreased $1.0 million, or 9%, compared to the prior quarter, and increased $3.3 million, or 51%, compared to third quarter of 2024. The decrease from the prior quarter reflects a partial repayment of wholesale borrowings during the quarter and the increase from the prior year quarter is largely due to higher short-term borrowings used to fund strategic purchases of securities in advance of the Heartland and Villages acquisitions.
•Net interest margin decreased one basis point to 3.57% in the third quarter of 2025 compared to 3.58% in the second quarter of 2025. Excluding the effects of accretion on acquired loans, net interest margin expanded three basis points to 3.32% in the third quarter of 2025 compared to 3.29% in the second quarter of 2025. Loan yields were 5.96%, a decrease of two basis points from the prior quarter. Securities yields increased five basis points to 3.92%, compared to 3.87% in the prior quarter. While the cost of deposits increased one basis point from 1.80% in the prior quarter to 1.81% in the third quarter of 2025, the cost of funds declined three basis points to 1.96% quarter over quarter.
•The provision for credit losses was $8.4 million in the third quarter of 2025, largely the result of organic growth in loans. The acquisition of Heartland resulted in a day-one provision of $1.9 million. Allowance coverage of 1.34% remains flat compared to June 30, 2025.
•Noninterest income totaled $23.8 million in the third quarter of 2025, a decrease of $0.7 million, or 3%, compared to the prior quarter, and an increase of $0.1 million, or 1%, compared to the prior year quarter. Results for the third quarter of 2025 included $0.8 million in realized losses on securities. Other changes compared to the second quarter of 2025 included:
•Service charges on deposits totaled $6.2 million, an increase of $0.7 million, or 12% from the prior quarter, and an increase of $0.8 million, or 14%, from the prior year quarter. Our investments in talent and significant market expansion have resulted in continued growth in treasury management services to commercial customers.
•Wealth management income totaled $4.6 million, an increase of $0.4 million, or 9%, from the prior quarter and an increase of $0.7 million, or 19%, from the prior year quarter. Assets under management have grown 24% year over year. The wealth management division delivered record growth, adding $258.1 million in new assets under management in the third quarter of 2025, the highest quarterly result in the division’s history.
•Bank Owned Life Insurance income totaled $3.9 million, an increase of $0.5 million, or 15%, from the prior quarter and an increase of $1.3 million, or 50% from the prior year quarter. Death benefit payouts totaled $1.3 million in the third quarter of 2025 and $0.9 million in the second quarter of 2025.
•Other income totaled $6.0 million, a decrease of $1.5 million, or 20%, from the prior quarter and a decrease of $1.9 million, or 24%, from the prior year quarter. The second quarter of 2025 included $3.0 million in tax refunds related to a prior bank acquisition. The resulting comparative decline was partially offset by higher gains on SBA loan sales and higher loan swap fees.
•Noninterest expense was $102.0 million in the third quarter of 2025, an increase of $10.3 million, or 11%, compared to the prior quarter, and an increase of $17.2 million, or 20%, compared to the prior year quarter. Merger-related charges totaled $10.8 million in the third quarter of 2025, compared to $2.4 million in the prior quarter. Results in the third quarter of 2025 included:
•Salaries and wages totaled $46.3 million, an increase of $1.9 million, or 4%, from the prior quarter and an increase of $5.6 million, or 14%, from the prior year quarter. The increase from the prior quarter
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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reflects the continued expansion of the footprint, including the completion of the acquisition of Heartland, and higher performance driven incentive compensation.
•Employee benefits totaled $7.4 million, a decrease of $0.7 million, or 9%, from the prior quarter and an increase of $0.4 million, or 6%, from the prior year quarter.
•Outsourced data processing costs totaled $9.3 million, an increase of $0.8 million, or 10%, from the prior quarter and an increase of $1.3 million, or 17%, from the prior year quarter. The increase from the prior quarter reflects higher transaction volume and growth in customers, including from the acquisition of Heartland.
•Occupancy costs totaled $7.6 million, an increase of $0.1 million, or 2%, compared to the prior quarter and an increase of $0.5 million, or 7%, from the prior year quarter, largely due to growth in the branch network.
•Marketing expenses totaled $2.5 million, reflecting a decrease of $0.4 million, or 15%, compared to the prior quarter and a decrease of $0.2 million, or 8%, from the prior year quarter.
•Legal and professional fees totaled $1.7 million, a decrease of $0.4 million, or 19%, compared to the prior quarter and a decrease of $1.0 million, or 38%, from the prior year quarter. Changes between quarters are largely associated with the timing of various projects.
•Amortization of intangibles increased $0.9 million with the addition of $20.9 million in core deposit intangible assets from the Heartland acquisition. These assets will be amortized using an accelerated amortization method over approximately 10 years.
•Merger-related costs totaled $10.8 million in the third quarter of 2025 and $2.4 million in the second quarter of 2025.
•Seacoast recorded $10.5 million of income tax expense in the third quarter of 2025, compared to $12.6 million in the second quarter of 2025, and $8.6 million in the third quarter of 2024. Tax benefits related to stock-based compensation were immaterial in each period.
•The efficiency ratio was 60.66% in the third quarter of 2025, compared to 56.95% in the second quarter of 2025 and 59.84% in the prior year quarter. The adjusted efficiency ratio1, which excludes merger-related charges, improved to 53.84% in the third quarter of 2025, compared to 55.36% in the second quarter of 2025 and 59.84% in the prior year quarter. The Company continues to remain keenly focused on disciplined expense control, while making investments for growth.
Balance Sheet
•At September 30, 2025, the Company had total assets of $16.7 billion and total shareholders' equity of $2.4 billion. Book value per share was $27.07 as of September 30, 2025, compared to $26.43 as of June 30, 2025, and $25.68 as of September 30, 2024. Tangible book value per share was $17.61 as of September 30, 2025, compared to $17.19 as of June 30, 2025, and $16.20 as of September 30, 2024. Year over year tangible book value per share increased 9%, overcoming the dilutive impact of the Heartland acquisition.
•Debt securities totaled $3.8 billion as of September 30, 2025, an increase of $331.2 million compared to June 30, 2025. Debt securities as of September 30, 2025 included approximately $3.2 billion in securities classified as available-for-sale and recorded at fair value. The unrealized loss on these securities is fully reflected in the value presented on the balance sheet. The portfolio also includes $598.6 million in securities classified as held-to-maturity with a fair value of $498.4 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. During the third quarter of 2025, the Company purchased approximately $385 million of primarily agency mortgage-backed securities with an average yield of 5.03%.
•Loans increased $355.3 million, or 13% annualized during the third quarter of 2025, totaling $11.0 billion as of September 30, 2025. Annualized organic loan growth, after excluding Heartland, was 8%. The Company
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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continues to exercise a disciplined approach to lending and is benefiting from the investments made in recent years to attract talent from large regional and national banks across its markets.
•Loan pipelines (loans in underwriting and approval or approved and not yet closed) totaled $1.2 billion as of September 30, 2025, compared to $920.9 million at June 30, 2025 and $831.1 million at September 30, 2024.
•Commercial pipelines were $1.1 billion as of September 30, 2025, compared to $861.2 million at June 30, 2025, and $773.5 million at September 30, 2024.
•Saleable residential pipelines were $21.3 million as of September 30, 2025, compared to $14.4 million at June 30, 2025, and $11.2 million at September 30, 2024. Retained residential pipelines were $19.9 million as of September 30, 2025, compared to $29.2 million at June 30, 2025, and $21.9 million at September 30, 2024.
•Consumer pipelines were $20.3 million as of September 30, 2025, compared to $16.2 million at June 30, 2025 and $24.4 million at September 30, 2024.
•Total deposits were $13.1 billion as of September 30, 2025, an increase of $592.7 million, or 19% annualized, when compared to June 30, 2025. This increase includes $705.2 million in deposits from the acquisition of Heartland and $212.3 million in organic growth, offset by a $325.7 million decline in brokered deposits. Organic growth includes $80.4 million in noninterest bearing deposits.
•7% annualized organic deposit growth in the third quarter of 2025.
•The cost of deposits increased one basis point from 1.80% in the prior quarter to 1.81% in the third quarter of 2025.
•At September 30, 2025, customer transaction account balances represented 48% of total deposits. The Company benefits from a granular deposit franchise, with the top ten depositors representing approximately 3% of total deposits.
•Consumer deposits represent 41% of overall deposit funding with an average consumer customer balance of $25 thousand. Commercial deposits represent 59% of overall deposit funding with an average business customer balance of $114 thousand.
•Federal Home Loan Bank advances totaled $690.0 million at September 30, 2025 with a weighted-average interest rate of 4.04%, compared to advances outstanding of $715.0 million at June 30, 2025 with a weighted-average interest rate of 4.15%.
Asset Quality
•The ratio of criticized and classified loans to total loans was 2.50% at September 30, 2025, compared to 2.39% at June 30, 2025, and 2.59% at September 30, 2024.
•Nonperforming loans were $60.6 million at September 30, 2025, compared to $64.2 million at June 30, 2025, and $80.9 million at September 30, 2024. Nonperforming loans to total loans outstanding were 0.55% at September 30, 2025, 0.61% at June 30, 2025, and 0.79% at September 30, 2024.
•Accruing past due loans were $20.3 million, or 0.19% of total loans, at September 30, 2025, compared to $14.2 million, or 0.13% of total loans, at June 30, 2025, and $50.7 million, or 0.50% of total loans, at September 30, 2024.
•Nonperforming assets to total assets were 0.39% at September 30, 2025, compared to 0.44% at June 30, 2025, and 0.58% at September 30, 2024.
•The ratio of allowance for credit losses to total loans was 1.34% at September 30, 2025, 1.34% at June 30, 2025, and 1.38% at September 30, 2024.
•Net charge-offs were $3.2 million in the third quarter of 2025, or 12 basis points annualized, compared to $2.5 million in the second quarter of 2025 and $7.4 million in the third 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
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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average loan size is $435 thousand, and the average commercial loan size is $871 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 September 30, 2025 at 34% and 236% of total bank-level risk-based capital2, respectively, compared to 35% and 239%, respectively, at June 30, 2025. On a consolidated basis and as of September 30, 2025, construction and land development and commercial real estate loans represent 32% and 223%, 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 September 30, 2025 of 14.5%2 compared to 14.6% at June 30, 2025, and 14.8% at September 30, 2024. The Total capital ratio was 15.9%2, the Common Equity Tier 1 capital ratio was 13.9%2, and the Tier 1 leverage ratio was 10.9%2 at September 30, 2025. The Company is considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements.
•Cash and cash equivalents at September 30, 2025 totaled $306.0 million.
•The Company’s loan-to-deposit ratio was 83.8% at September 30, 2025, which should continue to provide liquidity and flexibility moving forward.
•Tangible common equity to tangible assets was 9.76% at September 30, 2025, compared to 9.75% at June 30, 2025, and 9.64% at September 30, 2024. If all held-to-maturity securities were adjusted to fair value, the tangible common equity ratio would have been 9.30% at September 30, 2025.
•At September 30, 2025, in addition to $306.0 million in cash, the Company had $6.1 billion in available borrowing capacity, including $3.4 billion in available collateralized lines of credit, $2.3 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.
2Estimated
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FINANCIAL HIGHLIGHTS
(Amounts in thousands except per share data)(Unaudited)
Quarterly Trends
3Q'252Q'251Q'254Q'243Q'24
Selected balance sheet data:
Gross loans$10,964,173 $10,608,824 $10,443,021 $10,299,950 $10,205,281 
Total deposits13,090,319 12,497,598 12,574,796 12,242,427 12,243,585 
Total assets16,676,904 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 margin3.57 %3.58 %3.48 %3.39 %3.17 %
Pre-tax pre-provision earnings1
$55,887 $60,236 $50,590 $47,858 $46,086 
Average diluted shares outstanding87,425 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 assets2
9.76 9.75 9.58 9.60 9.64 
Tangible book value per share2
$17.61 $17.19 $16.71 $16.12 $16.20 
Efficiency ratio60.66 %56.95 %60.28 %56.26 %59.84 %
Adjusted operating measures1:
Adjusted net income$45,164 $44,466 $32,102 $40,556 $30,511 
Adjusted pre-tax pre-provision earnings67,190 62,627 51,686 56,610 46,390 
Adjusted diluted EPS0.52 0.52 0.38 0.48 0.36 
Adjusted ROA1.09 %1.13 %0.85 %1.06 %0.81 %
Adjusted ROTA2
1.26 1.29 1.00 1.24 0.98 
Adjusted ROTCE2
12.98 13.31 10.35 12.74 10.27 
Adjusted efficiency ratio53.84 55.36 59.53 56.07 59.84 
Net adjusted noninterest expense as a percent of average tangible assets2
2.16 %2.25 %2.33 %2.19 %2.19 %
Other data:
Market capitalization3
$2,673,449 $2,373,871 $2,202,958 $2,355,679 $2,277,003 
Full-time equivalent employees1,601 1,522 1,518 1,504 1,493 
Number of ATMs103 98 98 96 96 
Full-service banking offices84 79 79 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 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
    
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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;



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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 TrendsNine months ended
(Amounts in thousands, except ratios and per share data)3Q'252Q'251Q'254Q'243Q'243Q'253Q'24
Summary of Earnings
Net income$36,467 $42,687 $31,464 $34,085 $30,651 $110,618 $86,901 
Adjusted net income1
45,164 44,466 32,102 40,556 30,511 121,732 91,920 
Net interest income2
133,906 127,295 118,857 116,115 106,975 380,058 316,930 
Net interest margin2,3
3.57 %3.58 %3.48 %3.39 %3.17 %3.55 %3.19 %
Pre-tax pre-provision earnings1
55,887 60,236 50,590 47,858 46,086 166,713 126,315 
Adjusted pre-tax pre-provision earnings1
67,190 62,627 51,686 56,610 46,390 181,503 133,393 
Performance Ratios
Return on average assets-GAAP basis3
0.88 %1.08 %0.83 %0.89 %0.81 %0.93 %0.78 %
Adjusted return on average assets1,3
1.09 1.13 0.85 1.06 0.81 1.02 0.83 
Return on average tangible assets-GAAP basis3,4
1.04 1.24 0.98 1.06 0.99 1.09 0.96 
Adjusted return on average tangible assets1,3,4
1.26 1.29 1.00 1.24 0.98 1.19 1.01 
Net adjusted noninterest expense to average tangible assets1,3,4
2.16 2.25 2.33 2.19 2.19 2.24 2.20 
Return on average shareholders' equity-GAAP basis3
6.17 7.60 5.76 6.16 5.62 6.51 5.44 
Return on average tangible common equity-GAAP basis3,4
10.70 12.82 10.17 10.90 10.31 11.23 10.21 
Adjusted return on average tangible common equity1,3,4
12.98 13.31 10.35 12.74 10.27 12.25 10.72 
Efficiency ratio5
60.66 56.95 60.28 56.26 59.84 59.29 62.24 
Adjusted efficiency ratio1
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 assets4
9.76 9.75 9.58 9.60 9.64 9.76 9.64 
Average loan-to-deposit ratio82.99 85.21 84.23 83.14 83.79 84.12 83.80 
End of period loan-to-deposit ratio83.84 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 basis0.42 0.50 0.37 0.40 0.36 1.30 1.03 
Adjusted earnings1
0.52 0.52 0.38 0.48 0.36 1.41 1.08 
Book value per share common27.07 26.43 26.04 25.51 25.68 27.07 25.68 
Tangible book value per share17.61 17.19 16.71 16.12 16.20 17.61 16.20 
Cash dividends declared0.18 0.18 0.18 0.18 0.18 0.54 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 TrendsNine months ended
(Amounts in thousands, except per share data)3Q'252Q'251Q'254Q'243Q'243Q'253Q'24
Interest and dividends on securities:
Taxable$35,975 $32,479 $29,381 $26,945 $25,963 $97,835 $72,511 
Nontaxable44 33 34 34 34 111 101 
Interest and fees on loans161,913 157,075 150,640 151,999 150,980 469,628 445,367 
Interest on interest-bearing deposits and other investments4,780 3,760 4,200 6,952 7,138 12,740 21,650 
Total Interest Income202,712 193,347 184,255 185,930 184,115 580,314 539,629 
Interest on deposits43,133 40,633 43,626 47,394 51,963 127,392 150,816 
Interest on time certificates16,341 15,120 14,973 16,726 19,002 46,434 54,051 
Interest on borrowed money9,770 10,730 7,139 6,006 6,485 27,639 18,595 
Total Interest Expense69,244 66,483 65,738 70,126 77,450 201,465 223,462 
Net Interest Income133,468 126,864 118,517 115,804 106,665 378,849 316,167 
Provision for credit losses8,371 4,379 9,250 3,699 6,273 22,000 12,559 
Net Interest Income After Provision for Credit Losses125,097 122,485 109,267 112,105 100,392 356,849 303,608 
Noninterest income:
Service charges on deposit accounts6,194 5,540 5,180 5,138 5,412 16,914 15,714 
Wealth management income4,578 4,196 4,248 4,019 3,843 13,022 11,149 
Interchange income2,008 1,895 1,807 1,860 1,911 5,710 5,739 
Mortgage banking fees517 685 404 326 485 1,606 1,448 
Insurance agency income1,481 1,289 1,620 1,151 1,399 4,390 4,045 
BOLI income3,875 3,380 2,468 2,627 2,578 9,723 7,438 
Other6,006 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)39 196 (8,388)187 (606)372 
Total Noninterest Income23,818 24,521 22,180 17,068 23,679 70,519 66,360 
Noninterest expense:
Salaries and wages46,310 44,438 42,248 42,378 40,697 132,996 119,938 
Employee benefits7,387 8,106 8,861 6,548 6,955 24,354 21,705 
Outsourced data processing costs9,337 8,525 8,504 8,307 8,003 26,366 28,331 
Occupancy7,627 7,483 7,350 7,234 7,096 22,460 22,313 
Furniture and equipment2,233 2,125 2,128 2,004 2,060 6,486 6,027 
Marketing2,509 2,958 2,748 2,126 2,729 8,215 8,650 
Legal and professional fees1,674 2,071 2,740 2,807 2,708 6,485 6,841 
FDIC assessments2,414 2,108 2,194 2,274 1,882 6,716 6,171 
Amortization of intangibles6,005 5,131 5,309 5,587 6,002 16,445 18,297 
Other real estate owned expense and net (gain) loss on sale(346)8 241 84 491 (97)356 
Provision for credit losses on unfunded commitments150 150 150 250 250 450 751 
Merger-related charges10,808 2,422 1,051 — — 14,281 — 
Other5,879 6,205 7,073 5,976 5,945 19,157 18,346 
Total Noninterest Expense101,987 91,730 90,597 85,575 84,818 284,314 257,726 
Income Before Income Taxes46,928 55,276 40,850 43,598 39,253 143,054 112,242 
Provision for income taxes10,461 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 
Basic0.42 0.50 0.37 0.40 0.36 1.30 1.03 
Cash dividends declared0.18 0.18 0.18 0.18 0.18 0.54 0.54 
Average common shares outstanding
Diluted87,425 85,479 85,388 85,302 85,069 86,154 84,915 
Basic86,619 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)20252025202520242024
Assets
Cash and due from banks$173,954 $181,565 $191,467 $171,615 $182,743 
Interest-bearing deposits with other banks132,040 150,863 309,105 304,992 454,315 
Total cash and cash equivalents305,994 332,428 500,572 476,607 637,058 
Time deposits with other banks30,852 1,494 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 securities3,810,684 3,479,497 3,252,609 2,861,729 2,806,105 
Loans held for sale10,841 8,610 16,016 17,277 11,039 
Loans10,964,173 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 losses10,816,720 10,466,640 10,302,754 10,161,895 10,064,812 
Bank premises and equipment, net115,392 107,256 108,478 107,555 108,776 
Other real estate owned5,085 5,335 7,176 6,421 6,421 
Goodwill754,645 732,417 732,417 732,417 732,417 
Other intangible assets, net76,291 61,328 66,372 71,723 77,431 
Bank owned life insurance323,214 312,860 311,453 308,995 306,379 
Net deferred tax assets74,683 87,328 93,595 102,989 94,820 
Other assets352,503 349,762 339,549 325,485 317,906 
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 demand2,753,463 2,518,857 2,734,260 2,667,843 2,487,448 
Savings615,566 557,472 534,991 519,977 524,474 
Money market4,396,458 4,111,789 4,154,682 4,086,362 4,034,371 
Time deposits1,712,912 1,932,539 1,658,372 1,615,873 1,753,837 
Total Deposits13,090,319 12,497,598 12,574,796 12,242,427 12,243,585 
Securities sold under agreements to repurchase236,247 186,090 201,128 232,071 210,176 
Federal Home Loan Bank borrowings690,000 715,000 465,000 245,000 245,000 
Long-term debt, net107,464 107,298 107,132 106,966 106,800 
Other liabilities174,742 167,404 154,689 166,601 168,960 
Total Liabilities14,298,772 13,673,390 13,502,745 12,993,065 12,974,521 
Shareholders' Equity
Common stock8,864 8,673 8,633 8,628 8,614 
Additional paid in capital1,891,111 1,832,158 1,828,234 1,824,935 1,821,050 
Retained earnings590,384 569,833 542,665 526,642 508,036 
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' Equity2,378,132 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 outstanding87,856 85,948 85,618 85,568 85,441 



CONSOLIDATED QUARTERLY FINANCIAL DATA(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Amounts in thousands)3Q'252Q'251Q'254Q'243Q'24
Credit Analysis
Net charge-offs$3,208 $2,462 $7,038 $6,113 $7,445 
Net charge-offs to average loans0.12 %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 period2,548,561 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 period1.34 %1.34 %1.34 %1.34 %1.38 %
Purchase discount on acquired loans at end of period3.86 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 owned221 351 1,820 933 933 
Properties previously used in bank operations included in other real estate owned4,864 4,984 5,356 5,488 5,488 
Total Nonperforming Assets$65,647 $69,533 $78,194 $98,867 $87,278 
Nonperforming Loans to Loans at End of Period0.55 %0.61 %0.68 %0.90 %0.79 %
Nonperforming Assets to Total Assets at End of Period0.39 0.44 0.50 0.65 0.58 
LoansSeptember 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024
Construction and land development$616,475 $603,079 $618,493 $648,053 $595,753 
Commercial real estate - owner occupied1,898,704 1,778,930 1,713,579 1,686,629 1,676,814 
Commercial real estate - non-owner occupied3,766,541 3,624,528 3,513,400 3,503,808 3,573,076 
Residential real estate2,694,794 2,678,042 2,653,012 2,616,785 2,564,903 
Commercial and financial1,807,932 1,741,158 1,753,090 1,651,354 1,575,228 
Consumer179,727 183,087 191,447 193,321 219,507 
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'252Q'253Q'24
AverageYield/AverageYield/AverageYield/
(Amounts in thousands)BalanceInterestRateBalanceInterestRateBalanceInterestRate
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 %
Nontaxable6,752 54 3.17 5,321 40 3.02 5,701 42 2.93 
Total Securities3,651,013 36,029 3.92 3,370,146 32,519 3.87 2,762,203 26,005 3.75 
Federal funds sold258,779 2,896 4.44 183,268 2,041 4.47 433,423 5,906 5.42 
Interest-bearing deposits with other banks and other investments166,683 1,884 4.48 137,726 1,720 5.01 102,700 1,232 4.77 
Total Loans, net2
10,805,143 162,341 5.96 10,558,997 157,499 5.98 10,128,822 151,282 5.94 
Total Earning Assets14,881,618 203,150 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 banks166,884 152,562 167,103 
Bank premises and equipment, net114,719 108,206 109,699 
Intangible assets827,294 796,431 812,761 
Bank owned life insurance321,754 312,384 304,703 
Other assets including deferred tax assets317,799 322,916 317,406 
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 %
Savings617,479 1,111 0.71 545,718 881 0.65 546,473 601 0.44 
Money market4,362,662 31,393 2.85 4,122,147 29,505 2.87 3,942,357 38,457 3.88 
Time deposits1,826,068 16,341 3.55 1,700,128 15,120 3.57 1,716,720 19,002 4.40 
Securities sold under agreements to repurchase224,328 1,359 2.40 185,977 1,214 2.62 241,083 2,044 3.37 
Federal Home Loan Bank borrowings637,826 6,703 4.17 724,231 7,803 4.32 237,935 2,549 4.26 
Long-term debt, net107,372 1,714 6.33 107,208 1,712 6.41 106,706 1,892 7.05 
Total Interest-Bearing Liabilities10,447,485 69,244 2.63 10,008,353 66,484 2.66 9,280,948 77,450 3.32 
Noninterest demand3,541,749 3,401,138 3,393,110 
Other liabilities151,550 139,495 154,344 
Total Liabilities14,140,784 13,548,986 12,828,402 
Shareholders' equity2,345,233 2,252,208 2,168,444 
Total Liabilities & Equity$16,486,017 $15,801,194 $14,996,846 
Cost of deposits1.81 %1.80 %2.34 %
Cost of funds3
1.96 %1.99 %2.43 %
Interest expense as a % of earning assets1.85 %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, 2025Nine Months Ended September 30, 2024
AverageYield/AverageYield/
(Amounts in thousands, except ratios)BalanceInterestRateBalanceInterestRate
Assets
Earning assets:
Securities:
Taxable$3,362,823 $97,835 3.89 %$2,655,422 $72,511 3.65 %
Nontaxable5,841 136 3.11 5,677 123 2.89 
Total Securities3,368,664 97,971 3.89 2,661,099 72,634 3.65 
Federal funds sold235,825 7,882 4.47 438,089 17,929 5.47 
Interest-bearing deposits with other banks and other investments136,760 4,858 4.75 102,415 3,721 4.85 
Total Loans, net2
10,584,090 470,812 5.95 10,056,466 446,108 5.93 
Total Earning Assets14,325,339 581,523 5.43 13,258,069 540,392 5.44 
Allowance for credit losses(141,285)(145,579)
Cash and due from banks159,428 167,424 
Bank premises and equipment, net110,548 110,929 
Intangible assets808,564 819,046 
Bank owned life insurance314,700 302,220 
Other assets including deferred tax assets320,985 330,898 
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 %
Savings564,624 2,690 0.64 586,285 1,701 0.39 
Money market4,212,205 92,760 2.94 3,673,493 105,998 3.85 
Time deposits1,725,364 46,434 3.60 1,646,285 54,051 4.39 
Securities sold under agreements to repurchase203,943 3,930 2.58 289,181 7,806 3.61 
Federal Home Loan Bank borrowings582,565 18,584 4.27 163,468 5,101 4.17 
Long-term debt, net107,207 5,126 6.39 106,538 5,688 7.13 
Total Interest-Bearing Liabilities10,062,702 201,465 2.68 9,091,276 223,462 3.28 
Noninterest demand3,413,252 3,468,790 
Other liabilities151,036 148,000 
Total Liabilities13,626,990 12,708,066 
Shareholders' equity2,271,289 2,134,941 
Total Liabilities & Equity$15,898,279 $14,843,007 
Cost of deposits1.85 %2.28 %
Cost of funds3
2.00 %2.38 %
Interest expense as a % of earning assets1.88 %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)20252025202520242024
Customer Relationship Funding
Noninterest demand
Commercial$2,933,228 $2,717,688 $2,830,497 $2,621,469 $2,731,564 
Retail508,204 509,539 536,661 502,967 509,527 
Public funds96,396 81,448 64,184 177,742 139,072 
Other74,092 68,266 61,149 50,194 63,292 
Total Noninterest Demand3,611,920 3,376,941 3,492,491 3,352,372 3,443,455 
Interest-bearing demand
Commercial1,586,997 1,466,184 1,520,186 1,467,508 1,426,920 
Retail976,318 838,340 881,282 881,236 874,043 
Brokered— — — 49,287 — 
Public funds190,148 214,333 332,792 269,812 186,485 
Total Interest-Bearing Demand2,753,463 2,518,857 2,734,260 2,667,843 2,487,448 
Total transaction accounts
Commercial4,520,225 4,183,872 4,350,683 4,088,977 4,158,484 
Retail1,484,522 1,347,879 1,417,943 1,384,203 1,383,570 
Brokered— — — 49,287 — 
Public funds286,544 295,781 396,976 447,554 325,557 
Other74,092 68,266 61,149 50,194 63,292 
Total Transaction Accounts6,365,383 5,895,798 6,226,751 6,020,215 5,930,903 
Savings
Commercial43,102 45,531 42,879 40,303 44,151 
Retail572,464 511,941 492,112 479,674 480,323 
Total Savings615,566 557,472 534,991 519,977 524,474 
Money market
Commercial2,303,584 2,073,098 1,999,540 1,947,250 1,953,851 
Retail1,898,375 1,853,398 1,967,239 1,925,330 1,887,975 
Public funds194,499 185,293 187,903 213,782 192,545 
Total Money Market4,396,458 4,111,789 4,154,682 4,086,362 4,034,371 
Brokered time certificates189,561 515,303 262,461 244,351 256,536 
Time deposits1,523,351 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 funding1
$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 TrendsNine Months Ended
(Amounts in thousands, except per share data)3Q'252Q'251Q'254Q'243Q'243Q'253Q'24
Net Income$36,467 $42,687 $31,464 $34,085 $30,651 $110,618 $86,901 
Total noninterest income23,818 24,521 22,180 17,068 23,679 70,519 66,360 
 Securities losses (gains), net841 (39)(196)8,388 (187)606 (372)
Total Adjustments to Noninterest Income841 (39)(196)8,388 (187)606 (372)
Total Adjusted Noninterest Income24,659 24,482 21,984 25,456 23,492 71,125 65,988 
Total noninterest expense101,987 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 Expense91,179 89,308 89,546 85,295 84,818 270,033 250,632 
Income Taxes10,461 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 Taxes13,413 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 reported0.42 0.50 0.37 0.40 0.36 1.28 1.02 
Adjusted Earnings per Diluted Share $0.52 $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 sale346 (8)(241)(84)(491)97 (356)
Amortization of intangibles(6,005)(5,131)(5,309)(5,587)(6,002)(16,445)(18,297)
Net Adjusted Noninterest Expense85,370 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 Assets2.16 %2.25 %2.33 %2.19 %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 Revenue841 (39)(196)8,388 (187)606 (372)
Impact of FTE adjustment438 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 Ratio53.84 %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 adjustment438 431 340 311 310 1,209 763 
Net Interest Income including FTE adjustment133,906 127,295 118,857 116,115 106,975 380,058 316,930 
Total noninterest income23,818 24,521 22,180 17,068 23,679 70,519 66,360 
Total noninterest expense less provision for credit losses on unfunded commitments101,837 91,580 90,447 85,325 84,568 283,864 256,975 
Pre-Tax Pre-Provision Earnings55,887 60,236 50,590 47,858 46,086 166,713 126,315 
Total Adjustments to Noninterest Income841 (39)(196)8,388 (187)606 (372)
Total Adjustments to Noninterest Expense including other real estate owned expense and net loss on sale10,462 2,430 1,292 364 491 14,184 7,450 
Adjusted Pre-Tax Pre-Provision Earnings67,190 62,627 51,686 56,610 46,390 181,503 133,393 
Average Assets16,486,017 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 Income0.21 0.05 0.02 0.17 — 0.09 0.05 


GAAP TO NON-GAAP RECONCILIATION(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarterly TrendsNine Months Ended
(Amounts in thousands, except per share data)3Q'252Q'251Q'254Q'243Q'243Q'253Q'24
Adjusted ROA1.09 %1.13 %0.85 %1.06 %0.81 %1.02 %0.83 %
ROA0.88 1.08 0.83 0.89 0.81 0.93 0.78 
Impact of removing average intangible assets and related amortization 0.16 0.16 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 ROTA1.26 %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 ROTCE12.98 %13.31 %10.35 %12.74 %10.27 %12.25 %10.72 %
Loan interest income1
$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 loans1
$152,798 $146,916 $142,752 $140,586 $142,100 $442,465 $416,153 
Yield on loans1
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 loans1
5.61 %5.58 %5.58 %5.48 %5.58 %5.59 %5.53 %
Net Interest Income1
$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 loans1
$124,363 $116,712 $110,636 $104,398 $97,793 $351,711 $286,975 
Net Interest Margin1
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 loans1
3.32 %3.29 %3.24 %3.05 %2.90 %3.28 %2.89 %
Securities interest income1
$36,029 $32,519 $29,422 $26,986 $26,005 $97,971 $72,634 
Tax equivalent adjustment on securities(10)(7)(7)(7)(8)(25)(22)
Securities interest income excluding tax equivalent adjustment1
36,019 32,512 29,415 26,979 25,997 97,946 72,612 
Loan interest income1
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 adjustment161,913 157,075 150,640 151,999 150,980 469,628 445,367 
Net Interest Income1
133,906 127,295 118,857 116,115 106,975 380,058 316,930 
Tax equivalent adjustment on securities(10)(7)(7)(7)(8)(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.