Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): July 25, 2024

SEACOAST BANKING CORPORATION OF FLORIDA

(Exact Name of Registrant as Specified in Charter)


Florida	000-13660	59-2260678
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

815 COLORADO AVENUE,

STUART

34994

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code (772) 287-4000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.10 par value	SBCF	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

SEACOAST BANKING CORPORATION OF FLORIDA

Item 2.02 Results of Operations and Financial Condition

On July 25, 2024, Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) announced its financial results for the quarter ended June 30, 2024. A copy of the press release announcing Seacoast’s results for the quarter ended June 30, 2024, is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 7.01 Regulation FD Disclosure

On July 26, 2024, Seacoast will hold an investor conference call to discuss its financial results for the quarter ended June 30, 2024. Attached as Exhibit 99.2 are charts (available on the Company’s website at www.seacoastbanking.com) containing information used in the conference call and incorporated herein by reference. All information included in the charts is presented as of June 30, 2024, and the Company does not assume any obligation to correct or update said information in the future.

The information in Items 2.02 and 7.01, as well as Exhibits 99.1 and 99.2 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits


Exhibit No.						Description
99.1						Press Release dated July 25, 2024, with respect to Seacoast's financial results for the quarter ended June 3 0 , 2024
99.2						Data on website containing information used in the conference call to be held on July 26, 2024
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

Exhibits 99.1 and 99.2 referenced herein, contain “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 or its wholly-owned banking subsidiary, Seacoast National Bank, to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. You should not expect the Company to update any forward-looking statements.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SEACOAST BANKING CORPORATION OF FLORIDA


Dated: July 25, 2024			/s/ Tracey L. Dexter
			Tracey L. Dexter
			Chief Financial Officer

SEACOAST REPORTS SECOND QUARTER 2024 RESULTS

Well-Positioned Balance Sheet with Strong Capital and Liquidity

Continued Build in Loan Originations and Pipeline, Cost of Deposits Stabilizing

Growth in Noninterest Income, and Well-Managed Noninterest Expense

STUART, Fla., July 25, 2024 /GLOBE NEWSWIRE/ -- Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported net income in the second quarter of 2024 of $30.2 million, or $0.36 per diluted share, compared to $26.0 million, or $0.31 per diluted share in the first quarter of 2024 and $31.2 million, or $0.37 per diluted share in the second quarter of 2023.

Adjusted net income1 for the second quarter of 2024 was $30.3 million, or $0.36 per diluted share, compared to $31.1 million, or $0.37 per diluted share in the first quarter of 2024 and $43.5 million, or $0.51 per diluted share in the second quarter of 2023.

Pre-tax pre-provision earnings1 were $44.6 million in the second quarter of 2024, an increase of 25% compared to the first quarter of 2024 and an increase of 9% compared to the second quarter of 2023. Adjusted pre-tax pre-provision earnings1 were $44.5 million in the second quarter of 2024, an increase of 5% compared to the first quarter of 2024 and a decrease of 22% compared to the second quarter of 2023.

For the second quarter of 2024, return on average tangible assets was 1.00% and return on average tangible shareholders' equity was 10.75%, compared to 0.89% and 9.55%, respectively, in the prior quarter, and 1.06% and 12.08%, respectively, in the prior year quarter. Adjusted return on average tangible assets1 in the second quarter of 2024 was 1.00% and adjusted return on average tangible shareholders' equity1 was 10.76%, compared to 1.04% and 11.15%, respectively, in the prior quarter, and 1.41% and 16.08%, respectively, in the prior year quarter.

Charles M. Shaffer, Chairman and CEO of Seacoast, stated, "This quarter marks the beginning of the shift we anticipated for mid-year 2024. We have seen emerging loan growth and stabilizing deposit costs, supporting an improved outlook for net interest income. We are also experiencing growth in noninterest income while managing our expenses carefully. Our investments in revenue-producing bankers across the state have led to stronger loan production and pipeline growth, and consistent positive results in service charges on deposits, including treasury management fees, wealth management revenue, and insurance agency income. I am very optimistic about the direction we are heading as our competitive transformation continues to take effect. We expect to continue to see positive results from recent talent acquisitions, which will drive further organic growth in the coming periods."

Shaffer concluded, "We remain committed to a disciplined approach to credit, and our balance sheet is one of the strongest in the industry, with a Tier 1 capital ratio of 14.8% as of June 30, 2024. The ratio of tangible common equity to tangible assets has increased to 9.30%. Our liquidity position is also robust, with a loan-to-deposit ratio of 83%, providing us with balance sheet flexibility as we work towards stronger earnings in the coming periods."

Financial Results

Income Statement

•Net income in the second quarter of 2024 was $30.2 million, or $0.36 per diluted share, compared to $26.0 million, or $0.31 per diluted share in the prior quarter and $31.2 million, or $0.37 per diluted share in the prior year quarter. For the six months ended June 30, 2024, net income was $56.3 million, or $0.66 per diluted share, compared to $43.1 million, or $0.52 per diluted share, for the six months ended June 30, 2023. Adjusted net income1 for the second quarter of 2024 was $30.3 million, or $0.36 per diluted share, compared to $31.1 million, or $0.37 per diluted share, for the prior quarter, and $43.5 million, or $0.51 per diluted share, for the prior year quarter. For the six months ended June 30, 2024, adjusted net income1 was $61.4 million, or $0.72 per diluted share, compared to $67.7 million, or $0.81 per diluted share, for the six months ended June 30, 2023.

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

•Net revenues were $126.6 million in the second quarter of 2024, an increase of $1.0 million, or 1%, compared to the prior quarter, and a decrease of $21.9 million, or 15%, compared to the prior year quarter. For the six months ended June 30, 2024, net revenues were $252.2 million, a decrease of $50.0 million, or 17%, compared to the six months ended June 30, 2023. Adjusted net revenues1 were $126.9 million in the second quarter of 2024, an increase of $1.3 million, or 1%, compared to the prior quarter, and a decrease of $22.0 million, or 15%, compared to the prior year quarter. For the six months ended June 30, 2024, adjusted net revenues1 were $252.5 million, a decrease of $48.0 million, or 16%, compared to the six months ended June 30, 2023.

•Pre-tax pre-provision earnings1 were $44.6 million in the second quarter of 2024, an increase of $8.9 million, or 25%, compared to the first quarter of 2024 and an increase of $3.7 million, or 9%, compared to the second quarter of 2023. For the six months ended June 30, 2024, pre-tax pre-provision earnings1 were $80.2 million, a decrease of $8.2 million, or 9%, compared to the six months ended June 30, 2023. Adjusted pre-tax pre-provision earnings1 were $44.5 million in the second quarter of 2024, an increase of $2.0 million, or 5%, compared to the first quarter of 2024 and a decrease of $12.7 million, or 22%, compared to the second quarter of 2023. For the six months ended June 30, 2024, adjusted pre-tax pre-provision earnings1 were $87.0 million, a decrease of $34.6 million, or 28%, compared to the six months ended June 30, 2023.

•Net interest income totaled $104.4 million in the second quarter of 2024, a modest decrease of $0.7 million, or 1%, compared to the prior quarter, and a decrease of $22.5 million, or 18%, compared to the prior year quarter. For the six months ended June 30, 2024, net interest income was $209.5 million, a decrease of $48.6 million, or 19%, compared to the six months ended June 30, 2023. The declines reflect higher interest expense on deposits resulting from growth in deposit balances and the impact of the continuing elevated rate environment. Included in loan interest income is accretion on acquired loans of $10.2 million in the second quarter of 2024, $10.6 million in the first quarter of 2024, and $14.6 million in the second quarter of 2023. For the six months ended June 30, 2024, accretion on acquired loans totaled $20.8 million, compared to $30.5 million for the six months ended June 30, 2023.

•Net interest margin decreased six basis points to 3.18% in the second quarter of 2024 compared to 3.24% in the first quarter of 2024. Excluding the effects of accretion on acquired loans, net interest margin decreased four basis points to 2.87% in the second quarter of 2024 compared to 2.91% in the first quarter of 2024. Loan yields were 5.93%, an increase of three basis points from the prior quarter. Securities yields increased 22 basis points to 3.69%, compared to 3.47% in the prior quarter. The cost of deposits increased 12 basis points from 2.19% in the prior quarter, to 2.31% in the second quarter of 2024.

•Noninterest income totaled $22.2 million in the second quarter of 2024, an increase of $1.7 million, or 8%, compared to the prior quarter, and an increase of $0.6 million, or 3%, compared to the prior year quarter. For the six months ended June 30, 2024, noninterest income totaled $42.7 million, a decrease of $1.3 million, or 3%, compared to the six months ended June 30, 2023. The Durbin amendment became effective for Seacoast on July 1, 2023, limiting network interchange fees earned on debit card transactions. Results in the second quarter of 2024 included:

•Service charges on deposits increased $0.4 million, or 8%, compared to the prior quarter and $0.8 million, or 17%, compared to the prior year quarter. Our investments in talent and significant market expansion across the state have resulted in continued growth in treasury management services to commercial customers.

•Wealth management income increased $0.2 million, or 6%, compared to the prior quarter and $0.4 million, or 14%, compared to the prior year quarter. The wealth management division continues to demonstrate success in building relationships, with assets under management reaching $1.9 billion at June 30, 2024.

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

•Insurance agency income increased $0.1 million, or 5%, compared to the prior quarter and $0.2 million, or 17%, compared to the prior year quarter, reflecting continued growth and expansion of services.

•BOLI income increased $0.3 million, or 15%, compared to the prior quarter and $0.5 million, or 26%, compared to the prior year quarter, with policy exchanges executed in the first quarter of 2024 resulting in improved ongoing yields.

•Other income increased $0.7 million, or 14%, compared to the prior quarter and $1.2 million, or 25% compared to the prior year quarter. The second quarter of 2024 includes a gain on the sale of a single nonperforming commercial real estate loan.

•The provision for credit losses was $4.9 million in the second quarter of 2024, compared to $1.4 million in the first quarter of 2024 and a net benefit of $0.8 million in the second quarter of 2023.

•Noninterest expense was $82.5 million in the second quarter of 2024, a decrease of $7.8 million, or 9%, compared to the prior quarter, and a decrease of $25.3 million, or 23%, compared to the prior year quarter. Noninterest expense for the six months ended June 30, 2024, totaled $172.9 million, a decrease of $42.4 million, or 20% compared to the six months ended June 30, 2023. With significant cost-saving initiatives now complete, Seacoast has prudently managed expenses while strategically investing to support continued growth. Changes compared to the first quarter of 2024 included:

•Salaries and wages decreased $1.4 million, or 3%, to $38.9 million. The first quarter of 2024 included $2.1 million in severance-related expenses arising from a reduction in the workforce.

•Employee benefits decreased $1.0 million, or 13%, to $6.9 million as a result of higher seasonal payroll taxes and 401(k) contributions impacting the first quarter of 2024.

•Outsourced data processing costs decreased $3.9 million, or 32%, to $8.2 million, with the first quarter reflecting $4.1 million in charges associated with contract terminations and modifications to consolidate systems.

•Occupancy costs decreased $0.9 million, or 11%, to $7.2 million in the second quarter of 2024. The first quarter of 2024 included $0.8 million in charges associated with early lease terminations and consolidation of locations completed during the first quarter.

•Marketing expenses increased $0.6 million, or 23%, to $3.3 million, the result of a focused effort on branding across all of our markets, supporting strong results in customer acquisition.

•Other noninterest expenses decreased $0.7 million or 10%, to $5.9 million, benefiting from ongoing expense discipline.

•Seacoast recorded $8.9 million of income tax expense in the second quarter of 2024, compared to $7.8 million in the first quarter of 2024, and $10.2 million in the second quarter of 2023. Tax expense related to stock-based compensation was $0.2 million in the second quarter of 2024, nominal in the first quarter of 2024 and $0.3 million in the second quarter of 2023.

•The efficiency ratio was 60.21% in the second quarter of 2024, compared to 66.78% in the first quarter of 2024 and 67.34% in the prior year quarter. The adjusted efficiency ratio1 was 60.21% in the second quarter of 2024, compared to 61.13% in the first quarter of 2024 and 56.44% in the prior year quarter. The Company continues to remain keenly focused on disciplined expense control, while making investments for growth.

Balance Sheet

•At June 30, 2024, the Company had total assets of $15.0 billion and total shareholders' equity of $2.1 billion. Book value per share was $24.98 as of June 30, 2024, compared to $24.93 as of March 31, 2024, and $24.14 as of June 30, 2023. Tangible book value per share increased to $15.41 as of June 30, 2024, compared to $15.26 as of March 31, 2024, and $14.24 as of June 30, 2023.

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

•Debt securities totaled $2.6 billion as of June 30, 2024, an increase of $5.9 million compared to March 31, 2024. Debt securities include approximately $2.0 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 $658.1 million in securities classified as held to maturity with a fair value of $527.3 million. Held-to-maturity securities consist solely of mortgage-backed securities and collateralized mortgage obligations guaranteed by U.S. government agencies, each of which is expected to recover any price depreciation over its holding period as the debt securities move to maturity. The Company has significant liquidity and available borrowing capacity and has the intent and ability to hold these investments to maturity.

•Loans increased $60.5 million, or 2.4% annualized from the first quarter of 2024, totaling $10.0 billion as of June 30, 2024. Loan originations increased 37% to $538.0 million in the second quarter of 2024, compared to $394.0 million in the first quarter of 2024. The Company continues to exercise a disciplined approach to lending, carefully underwriting loans to strict underwriting guidelines and setting high expectations for risk adjusted returns.

•Loan pipelines (loans in underwriting and approval or approved and not yet closed) totaled $834.4 million as of June 30, 2024, an increase of 46% from March 31, 2024, and an increase of 193% from June 30, 2023.

•Commercial pipelines were $743.8 million as of June 30, 2024, an increase of 49% from $498.6 million at March 31, 2024, and an increase of 274% from $199.0 million at June 30, 2023. The Company is benefiting from the investment made in recent years to attract talent from regional banks across its markets. This talent is onboarding significant new relationships, resulting in growing pipelines.

•SBA pipelines were $29.3 million as of June 30, 2024, an increase of 87% from $15.6 million at March 31, 2024, and an increase of 58% from $18.6 million at June 30, 2023.

•Consumer pipelines were $24.5 million as of June 30, 2024, a decrease of $0.5 million, or 2%, from $25.1 million at March 31, 2024, and a decrease of $3.9 million, or 14%, from $28.4 million at June 30, 2023.

•Residential saleable pipelines were $12.1 million as of June 30, 2024, an increase of 30% from $9.3 million at March 31, 2024, and an increase of 5% from $11.5 million at June 30, 2023. Retained residential pipelines were $24.7 million as of June 30, 2024, an increase of 1% from $24.4 million at March 31, 2024, and a decrease of 9% from $27.1 million at June 30, 2023.

•Total deposits were $12.1 billion as of June 30, 2024, an increase of $100.3 million, or 3.4% annualized, when compared to March 31, 2024. Seacoast’s granular, longstanding deposit base is a hallmark of our franchise and serves as a significant source of strength.

•At June 30, 2024, customer transaction account balances represented 50% of total deposits.

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

•Average deposits per banking center were $157 million at June 30, 2024, compared to $156 million at March 31, 2024.

•Uninsured deposits represented only 34% of overall deposit accounts as of June 30, 2024. This includes public funds under the Florida Qualified Public Depository program, which provides loss protection to depositors beyond FDIC insurance limits. Excluding such balances, the uninsured and uncollateralized deposits were 29% of total deposits. The Company has liquidity sources including cash and lines of credit with the Federal Reserve and Federal Home Loan Bank that represent 154% of uninsured deposits, and 181% of uninsured and uncollateralized deposits.

•Consumer deposits represent 42% of overall deposit funding with an average consumer customer balance of $25 thousand. Commercial deposits represent 58% of overall deposit funding with an average business customer balance of $109 thousand.

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

•Federal Home Loan Bank advances totaled $180.0 million at June 30, 2024 with a weighted average interest rate of 4.18%.

Asset Quality

•Nonperforming loans were $59.9 million at June 30, 2024, compared to $77.2 million at March 31, 2024, and $48.3 million at June 30, 2023. Nonperforming loans to total loans outstanding were 0.60% at June 30, 2024, 0.77% at March 31, 2024, and 0.48% at June 30, 2023.

•Nonperforming assets to total assets were 0.45% at June 30, 2024, compared to 0.57% at March 31, 2024, and 0.37% at June 30, 2023.

•The ratio of allowance for credit losses to total loans was 1.41% at June 30, 2024, 1.47% at March 31, 2024, and 1.58% at June 30, 2023.

•Net charge-offs were $9.9 million in the second quarter of 2024, compared to $3.6 million in the first quarter of 2024 and $0.7 million in the second quarter of 2023. Charge-offs during the quarter primarily reflect reserves previously established in the allowance for credit losses.

•Portfolio diversification, in terms of asset mix, industry, and loan type, has been a critical element of the Company's lending strategy. Exposure across industries and collateral types is broadly distributed. Seacoast's average loan size is $345 thousand, and the average commercial loan size is $758 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 at 36% and 235% of total bank-level risk-based capital, respectively, compared to 39% and 236%, respectively, at March 31, 2024. On a consolidated basis, construction and land development and commercial real estate loans represent 34% and 222%, respectively, of total consolidated risk-based capital.

Capital and Liquidity

•The Company continues to operate with a fortress balance sheet with a Tier 1 capital ratio at June 30, 2024 of 14.8% compared to 14.7% at March 31, 2024, and 13.5% at June 30, 2023. The Total capital ratio was 16.2%, the Common Equity Tier 1 capital ratio was 14.1%, and the Tier 1 leverage ratio was 11.1% at June 30, 2024. The Company is considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements.

•Cash and cash equivalents at June 30, 2024 totaled $749.5 million.

•The Company’s loan to deposit ratio was 82.9% at June 30, 2024, which should provide liquidity and flexibility moving forward.

•Tangible common equity to tangible assets was 9.30% at June 30, 2024, compared to 9.25% at March 31, 2024, and 8.53% at June 30, 2023. If all held-to-maturity securities were adjusted to fair value, the tangible common equity ratio would have been 8.64%.

•At June 30, 2024, in addition to $749.5 million in cash, the Company had $5.6 billion in available borrowing capacity, including $4.3 billion in available collateralized lines of credit, $944.3 million of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of $0.3 billion. These liquidity sources as of June 30, 2024, represented 181% of uninsured and uncollateralized deposits.

•Our Board of Directors has approved a share repurchase program of up to $100 million in shares of the Company’s common stock. During the second quarter of 2024, 39,892 shares of the Company’s common stock were repurchased under the program.

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


FINANCIAL HIGHLIGHTS
(Amounts in thousands except per share data)	(Unaudited)
	Quarterly Trends

	2Q'24			1Q'24			4Q'23			3Q'23			2Q'23
Selected balance sheet data:
Gross loans	$	10,038,508		$	9,978,052		$	10,062,940		$	10,011,186		$	10,117,919
Total deposits	12,116,118			12,015,840			11,776,935			12,107,834			12,283,267
Total assets	14,952,613			14,830,015			14,580,249			14,823,007			15,041,932

Performance measures:
Net income	$	30,244		$	26,006		$	29,543		$	31,414		$	31,249
Net interest margin	3.18		%	3.24		%	3.36		%	3.57		%	3.86		%
Pre-tax pre-provision earnings1	$	44,555		$	35,674		$	42,006		$	43,383		$	40,864
Average diluted shares outstanding	84,816			85,270			85,336			85,666			85,536
Diluted earnings per share (EPS)	0.36			0.31			0.35			0.37			0.37
Return on (annualized):
Average assets (ROA)	0.82		%	0.71		%	0.80		%	0.84		%	0.84		%
Average tangible assets (ROTA)2	1.00			0.89			0.99			1.04			1.06
Average tangible common equity (ROTCE)2	10.75			9.55			11.22			11.90			12.08
Tangible common equity to tangible assets2	9.30			9.25			9.31			8.68			8.53
Tangible book value per share2	$	15.41		$	15.26		$	15.08		$	14.26		$	14.24
Efficiency ratio	60.21		%	66.78		%	60.32		%	62.60		%	67.34		%

Adjusted operating measures1:
Adjusted net income4	$	30,277		$	31,132		$	31,363		$	34,170		$	43,489
Adjusted pre-tax pre-provision earnings4	44,490			42,513			45,016			47,349			57,202
Adjusted diluted EPS4	0.36			0.37			0.37			0.40			0.51
Adjusted ROTA2	1.00		%	1.04		%	1.04		%	1.12		%	1.41		%
Adjusted ROTCE2	10.76			11.15			11.80			12.79			16.08
Adjusted efficiency ratio	60.21			61.13			60.32			60.19			56.44
Net adjusted noninterest expense as a percent of average tangible assets2	2.19		%	2.23		%	2.25		%	2.34		%	2.40		%

Other data:
Market capitalization3	$	2,016,472		$	2,156,529		$	2,415,158		$	1,869,891		$	1,880,407
Full-time equivalent employees	1,449			1,445			1,541			1,570			1,670
Number of ATMs	95			95			96			97			96
Full-service banking offices	77			77			77			77			78


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.
4As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change.

OTHER INFORMATION

Conference Call Information

Seacoast will host a conference call July 26, 2024, at 10:00 a.m. (Eastern Time) to discuss the second quarter of 2024 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 715-9871 (Conference ID: 5967990). Charts will be used during the conference call and may be accessed at Seacoast’s website at www.SeacoastBanking.com by selecting “Presentations” under the heading “News/Events.” Additionally, a recording of the call will be made available to individuals shortly after the conference call and can be accessed via a link at www.SeacoastBanking.com under the heading “Corporate Information.” The recording will be available for one year.

About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)

Seacoast Banking Corporation of Florida (NASDAQ: SBCF) is one of the largest community banks headquartered in Florida with approximately $15.0 billion in assets and $12.1 billion in deposits as of June 30, 2024. Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 77 full-service branches across Florida, and through advanced mobile and online banking solutions. Seacoast National Bank is the wholly-owned subsidiary bank of Seacoast Banking Corporation of Florida. For more information about Seacoast, visit www.SeacoastBanking.com.

Cautionary Notice Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in the Company’s markets, and improvements to reported earnings that may be realized from cost controls, tax law changes, new initiatives and for integration of banks that the Company has acquired, or expects to acquire, as well as statements with respect to Seacoast's objectives, strategic plans, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.

Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates and intentions about future performance and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance or achievements of Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) or its wholly-owned banking subsidiary, Seacoast National Bank (“Seacoast Bank”), to be materially different from results, performance or achievements expressed or implied by such forward-looking statements. You should not expect the Company to update any forward-looking statements.

All statements other than statements of historical fact could be forward-looking statements. You can identify these forward-looking statements through the use of words such as "may", "will", "anticipate", "assume", "should", "support", "indicate", "would", "believe", "contemplate", "expect", "estimate", "continue", "further", "plan", "point to", "project", "could", "intend", "target" or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of inflationary pressures, changes in interest rates, slowdowns in economic growth, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing; potential impacts of adverse developments in the banking industry, including those highlighted by high-profile bank failures, and including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto (including increases in the cost of our deposit insurance assessments), the Company's ability to effectively manage its liquidity risk and any growth plans, and the availability of capital and funding; governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes including proposed overdraft and late fee caps, including those that impact the money supply and inflation; the risks of changes in interest rates on the level and composition of deposits

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

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in the Company’s annual report on Form 10-K for the year ended December 31, 2023 and in other periodic reports that the Company files with the SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at www.sec.gov.


FINANCIAL HIGHLIGHTS										(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	Quarterly Trends																Six months ended

(Amounts in thousands, except ratios and per share data)	2Q'24			1Q'24			4Q'23				3Q'23			2Q'23			2Q'24			2Q'23

Summary of Earnings
Net income	$	30,244		$	26,006		$	29,543			$	31,414		$	31,249		$	56,250		$	43,076
Adjusted net income1,6	30,277			31,132			31,363				34,170			43,489			61,408			67,708
Net interest income2	104,657			105,298			111,035				119,505			127,153			209,954			258,504
Net interest margin2,3	3.18		%	3.24		%	3.36		%		3.57		%	3.86		%	3.21		%	4.09		%
Pre-tax pre-provision earnings1	44,555			35,674			42,006				43,383			40,864			80,228			88,424
Adjusted pre-tax pre-provision earnings1,6	44,490			42,513			45,016				47,349			57,202			87,002			121,556

Performance Ratios
Return on average assets-GAAP basis3	0.82		%	0.71		%	0.80		%		0.84		%	0.84		%	0.77		%	0.60		%
Return on average tangible assets-GAAP basis3,4	1.00			0.89			0.99				1.04			1.06			0.94			0.80
Adjusted return on average tangible assets1,3,4	1.00			1.04			1.04				1.12			1.41			1.02			1.16
Pre-tax pre-provision return on average tangible assets1,3,4,6	1.45			1.22			1.39				1.43			1.39			1.33			1.52
Adjusted pre-tax pre-provision return on average tangible assets1,3,4	1.45			1.42			1.48				1.55			1.85			1.43			2.01
Net adjusted noninterest expense to average tangible assets1,3,4	2.19			2.23			2.25				2.34			2.40			2.21			2.44
Return on average shareholders' equity-GAAP basis3	5.74			4.94			5.69				6.01			6.05			5.34			4.38
Return on average tangible common equity-GAAP basis3,4	10.75			9.55			11.22				11.90			12.08			10.15			9.14
Adjusted return on average tangible common equity1,3,4	10.76			11.15			11.80				12.79			16.08			10.95			13.32
Efficiency ratio5	60.21			66.78			60.32				62.60			67.34			63.48			66.37
Adjusted efficiency ratio1	60.21			61.13			60.32				60.19			56.44			60.67			54.76
Noninterest income to total revenue (excluding securities gains/losses)	17.55			16.17			15.14				13.22			14.63			16.86			14.59
Tangible common equity to tangible assets4	9.30			9.25			9.31				8.68			8.53			9.30			8.53
Average loan-to-deposit ratio	83.11			84.50			83.38				82.63			83.48			83.80			82.98
End of period loan-to-deposit ratio	82.90			83.12			85.48				82.71			82.42			82.90			82.42

Per Share Data
Net income diluted-GAAP basis	$	0.36		$	0.31		$	0.35			$	0.37		$	0.37		$	0.66		$	0.52
Net income basic-GAAP basis	0.36			0.31			0.35				0.37			0.37			0.67			0.52
Adjusted earnings1,6	0.36			0.37			0.37				0.40			0.51			0.72			0.81

Book value per share common	24.98			24.93			24.84				24.06			24.14			24.98			24.14
Tangible book value per share	15.41			15.26			15.08				14.26			14.24			15.41			14.24
Cash dividends declared	0.18			0.18			0.18				0.18			0.18			0.36			0.35


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).
6As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change.


CONDENSED CONSOLIDATED STATEMENTS OF INCOME			(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	Quarterly Trends										Six months ended

(Amounts in thousands, except per share data)	2Q'24		1Q'24		4Q'23		3Q'23		2Q'23		2Q'24		2Q'23

Interest and dividends on securities:
Taxable	$	24,155	$	22,393	$	21,383	$	21,401	$	20,898	$	46,548	$	40,142
Nontaxable	33		34		55		97		97		67		202
Interest and fees on loans	147,292		147,095		147,801		149,871		148,265		294,387		283,433
Interest on interest bearing deposits and other investments	8,328		6,184		7,616		8,477		5,023		14,512		8,497
Total Interest Income	179,808		175,706		176,855		179,846		174,283		355,514		332,274

Interest on deposits	51,319		47,534		44,923		38,396		27,183		98,853		43,216
Interest on time certificates	17,928		17,121		15,764		16,461		14,477		35,049		20,029
Interest on borrowed money	6,137		5,973		5,349		5,683		5,660		12,110		10,914
Total Interest Expense	75,384		70,628		66,036		60,540		47,320		146,012		74,159

Net Interest Income	104,424		105,078		110,819		119,306		126,963		209,502		258,115
Provision for credit losses	4,918		1,368		3,990		2,694		(764)		6,286		30,834
Net Interest Income After Provision for Credit Losses	99,506		103,710		106,829		116,612		127,727		203,216		227,281

Noninterest income:
Service charges on deposit accounts	5,342		4,960		4,828		4,648		4,560		10,302		8,802
Interchange income	1,940		1,888		2,433		1,684		5,066		3,828		9,760
Wealth management income	3,766		3,540		3,261		3,138		3,318		7,306		6,381
Mortgage banking fees	582		381		378		410		576		963		1,002
Insurance agency income	1,355		1,291		1,066		1,183		1,160		2,646		2,261
SBA gains	694		739		921		613		249		1,433		571
BOLI income	2,596		2,264		2,220		2,197		2,068		4,860		3,984
Other	5,953		5,205		4,668		4,307		4,755		11,158		11,329
	22,228		20,268		19,775		18,180		21,752		42,496		44,090

Securities (losses) gains, net	(44)		229		(2,437)		(387)		(176)		185		(69)
Total Noninterest Income	22,184		20,497		17,338		17,793		21,576		42,681		44,021

Noninterest expense:
Salaries and wages	38,937		40,304		38,435		46,431		45,155		79,241		92,771
Employee benefits	6,861		7,889		6,678		7,206		7,472		14,750		16,034
Outsourced data processing costs	8,210		12,118		8,609		8,714		20,222		20,328		34,775
Occupancy	7,180		8,037		7,512		7,758		8,583		15,217		16,602
Furniture and equipment	1,956		2,011		2,028		2,052		2,345		3,967		4,612
Marketing	3,266		2,655		2,995		1,876		2,047		5,921		4,285
Legal and professional fees	1,982		2,151		3,294		2,679		4,062		4,133		11,541
FDIC assessments	2,131		2,158		2,813		2,258		2,116		4,289		3,559
Amortization of intangibles	6,003		6,292		6,888		7,457		7,654		12,295		14,381
Other real estate owned expense and net (gain) loss on sale	(109)		(26)		573		274		(57)		(135)		138
Provision for credit losses on unfunded commitments	251		250		—		—		—		501		1,239
Other	5,869		6,532		6,542		7,210		8,266		12,401		15,403
Total Noninterest Expense	82,537		90,371		86,367		93,915		107,865		172,908		215,340

Income Before Income Taxes	39,153		33,836		37,800		40,490		41,438		72,989		55,962
Provision for income taxes	8,909		7,830		8,257		9,076		10,189		16,739		12,886

Net Income	$	30,244	$	26,006	$	29,543	$	31,414	$	31,249	$	56,250	$	43,076

Share Data
Net income per share of common stock
Diluted	$	0.36	$	0.31	$	0.35	$	0.37	$	0.37	$	0.66	$	0.52
Basic	0.36		0.31		0.35		0.37		0.37		0.67		0.52
Cash dividends declared	0.18		0.18		0.18		0.18		0.18		0.36		0.35

Average common shares outstanding
Diluted	84,816		85,270		85,336		85,666		85,536		84,799		83,260
Basic	84,341		84,908		84,817		85,142		85,022		84,260		82,600


CONDENSED CONSOLIDATED BALANCE SHEETS					(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	June 30,		March 31,			December 31,		September 30,		June 30,
(Amounts in thousands)	2024		2024			2023		2023		2023

Assets
Cash and due from banks	$	168,738	$	137,850		$	167,511	$	182,036	$	164,193
Interest bearing deposits with other banks	580,787		544,874			279,671		513,946		563,690
Total cash and cash equivalents	749,525		682,724			447,182		695,982		727,883

Time deposits with other banks	7,856		7,856			5,857		4,357		2,987

Debt Securities:
Securities available for sale (at fair value)	1,967,204		1,949,463			1,836,020		1,841,845		1,916,231
Securities held to maturity (at amortized cost)	658,055		669,896			680,313		691,404		707,812
Total debt securities	2,625,259		2,619,359			2,516,333		2,533,249		2,624,043

Loans held for sale (at fair value)	5,975		9,475			4,391		2,979		5,967

Loans	10,038,508		9,978,052			10,062,940		10,011,186		10,117,919
Less: Allowance for credit losses	(141,641)		(146,669)			(148,931)		(149,661)		(159,715)
Loans, net of allowance for credit losses	9,896,867		9,831,383			9,914,009		9,861,525		9,958,204

Bank premises and equipment, net	109,945		110,787			113,304		115,749		116,959
Other real estate owned	6,877		7,315			7,560		7,216		7,526
Goodwill	732,417		732,417			732,417		731,970		732,910
Other intangible assets, net	83,445		89,377			95,645		102,397		109,716
Bank owned life insurance	303,816		301,229			298,974		296,763		293,880
Net deferred tax assets	108,852		111,539			113,232		131,602		127,941
Other assets	321,779		326,554			331,345		339,218		333,916
Total Assets	$	14,952,613	$	14,830,015		$	14,580,249	$	14,823,007	$	15,041,932

Liabilities
Deposits
Noninterest demand	$	3,397,918	$	3,555,401		$	3,544,981	$	3,868,132	$	4,139,052
Interest-bearing demand	2,821,092		2,711,041			2,790,210		2,800,152		2,816,656
Savings	566,052		608,088			651,454		721,558		824,255
Money market	3,707,761		3,531,029			3,314,288		3,143,897		2,859,164
Time deposits	1,623,295		1,610,281			1,476,002		1,574,095		1,644,140
Total Deposits	12,116,118		12,015,840			11,776,935		12,107,834		12,283,267

Securities sold under agreements to repurchase	262,103		326,732			374,573		276,450		290,156
Federal Home Loan Bank borrowings	180,000		110,000			50,000		110,000		160,000
Long-term debt, net	106,634		106,468			106,302		106,136		105,970
Other liabilities	157,377		153,225			164,353		174,193		148,507
Total Liabilities	12,822,232		12,712,265			12,472,163		12,774,613		12,987,900

Shareholders' Equity
Common stock	8,530		8,494			8,486		8,515		8,509
Additional paid in capital	1,815,800		1,811,941			1,808,883		1,813,068		1,809,431
Retained earnings	492,805		478,017			467,305		453,117		437,087
Less: Treasury stock	(18,744)		(16,746)			(16,710)		(14,035)		(14,171)
	2,298,391		2,281,706			2,267,964		2,260,665		2,240,856
Accumulated other comprehensive loss, net	(168,010)		(163,956)			(159,878)		(212,271)		(186,824)
Total Shareholders' Equity	2,130,381		2,117,750			2,108,086		2,048,394		2,054,032
Total Liabilities & Shareholders' Equity	$	14,952,613	$	14,830,015		$	14,580,249	$	14,823,007	$	15,041,932

Common shares outstanding	85,299		84,935			84,861		85,150		85,086


CONSOLIDATED QUARTERLY FINANCIAL DATA							(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES



(Amounts in thousands)	2Q'24			1Q'24			4Q'23			3Q'23			2Q'23

Credit Analysis
Net charge-offs	$	9,946		$	3,630		$	4,720		$	12,748		$	705
Net charge-offs to average loans	0.40		%	0.15		%	0.19		%	0.50		%	0.03		%

Allowance for credit losses	$	141,641		$	146,669		$	148,931		$	149,661		$	159,715

Non-acquired loans at end of period	$	6,834,059		$	6,613,763		$	6,571,454		$	6,343,121		$	6,264,044
Acquired loans at end of period	3,204,449			3,364,289			3,491,486			3,668,065			3,853,875
Total Loans	$	10,038,508		$	9,978,052		$	10,062,940		$	10,011,186		$	10,117,919

Total allowance for credit losses to total loans at end of period	1.41		%	1.47		%	1.48		%	1.49		%	1.58		%
Purchase discount on acquired loans at end of period	4.51			4.63			4.75			4.86			4.98

End of Period
Nonperforming loans	$	59,927		$	77,205		$	65,104		$	41,508		$	48,326
Other real estate owned	1,173			309			221			221			530
Properties previously used in bank operations included in other real estate owned	5,704			7,006			7,339			6,995			6,996
Total Nonperforming Assets	$	66,804		$	84,520		$	72,664		$	48,724		$	55,852

Nonperforming Loans to Loans at End of Period	0.60		%	0.77		%	0.65		%	0.41		%	0.48		%

Nonperforming Assets to Total Assets at End of Period	0.45			0.57			0.50			0.33			0.37

	June 30,			March 31,			December 31,			September 30,			June 30,
Loans	2024			2024			2023			2023			2023

Construction and land development	$	593,534		$	623,246		$	767,622		$	793,736		$	794,371
Commercial real estate - owner occupied	1,656,391			1,656,131			1,670,281			1,675,881			1,669,369
Commercial real estate - non-owner occupied	3,423,266			3,368,339			3,319,890			3,285,974			3,370,211
Residential real estate	2,555,320			2,521,399			2,445,692			2,418,903			2,396,352
Commercial and financial	1,582,290			1,566,198			1,607,888			1,588,152			1,615,534
Consumer	227,707			242,739			251,567			248,540			272,082
Total Loans	$	10,038,508		$	9,978,052		$	10,062,940		$	10,011,186		$	10,117,919


AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1									(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


	2Q'24						1Q'24							2Q'23
	Average				Yield/		Average					Yield/		Average				Yield/
(Amounts in thousands)	Balance		Interest		Rate		Balance			Interest		Rate		Balance		Interest		Rate

Assets
Earning assets:
Securities:
Taxable	$	2,629,716	$	24,155	3.69	%	$	2,578,938		$	22,393	3.47	%	$	2,673,633	$	20,898	3.13	%
Nontaxable	5,423		40		2.97		5,907			41		2.75		15,621		120		3.08
Total Securities	2,635,139		24,195		3.69		2,584,845			22,434		3.47		2,689,254		21,018		3.13

Federal funds sold	510,401		6,967		5.49		370,494			5,056		5.49		327,433		4,313		5.28
Interest bearing deposits with other banks and other investments	98,942		1,361		5.53		95,619			1,128		4.74		90,783		710		3.14

Total Loans, net	10,005,122		147,518		5.93		10,034,658			147,308		5.90		10,101,228		148,432		5.89

Total Earning Assets	13,249,604		180,041		5.47		13,085,616			175,926		5.41		13,208,698		174,473		5.30

Allowance for credit losses	(146,380)						(148,422)							(156,207)
Cash and due from banks	168,439						166,734							165,625
Bank premises and equipment, net	110,709						112,391							117,726
Intangible assets	818,914						825,531							842,988
Bank owned life insurance	302,165						299,765							293,251
Other assets including deferred tax assets	336,256						349,161							415,208

Total Assets	$	14,839,707					$	14,690,776						$	14,887,289

Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand	$	2,670,569	$	14,946	2.25	%	$	2,719,334		$	15,266	2.26	%	$	2,666,314	$	7,560	1.14	%
Savings	584,490		560		0.39		628,329			540		0.35		906,936		427		0.19
Money market	3,665,858		35,813		3.93		3,409,310			31,728		3.74		2,806,672		19,196		2.74
Time deposits	1,631,290		17,928		4.42		1,590,070			17,121		4.33		1,425,344		14,477		4.07
Securities sold under agreements to repurchase	293,603		2,683		3.68		333,386			3,079		3.71		244,824		1,593		2.61
Federal Home Loan Bank borrowings	149,234		1,592		4.29		102,418			960		3.77		251,596		2,272		3.62
Long-term debt, net	106,532		1,862		7.03		106,373			1,934		7.31		105,861		1,795		6.80

Total Interest-Bearing Liabilities	9,101,576		75,384		3.33		8,889,220			70,628		3.20		8,407,547		47,320		2.26

Noninterest demand	3,485,603						3,528,489							4,294,251
Other liabilities	134,900						154,686							114,962
Total Liabilities	12,722,079						12,572,395							12,816,760

Shareholders' equity	2,117,628						2,118,381							2,070,529

Total Liabilities & Equity	$	14,839,707					$	14,690,776						$	14,887,289

Cost of deposits					2.31	%						2.19	%					1.38	%
Interest expense as a % of earning assets					2.29	%						2.17	%					1.44	%
Net interest income as a % of earning assets			$	104,657	3.18	%				$	105,298	3.24	%			$	127,153	3.86	%


1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.


AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1							(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	Six Months Ended June 30, 2024							Six Months Ended June 30, 2023
	Average				Yield/			Average				Yield/
(Amounts in thousands, except ratios)	Balance		Interest		Rate			Balance		Interest		Rate

Assets
Earning assets:
Securities:
Taxable	$	2,604,327	$	46,548	3.59	%		$	2,686,804	$	40,142	2.99	%
Nontaxable	5,665		81		2.88			15,944		251		3.15
Total Securities	2,609,992		46,629		3.59			2,702,748		40,393		2.99

Federal funds sold	440,448		12,023		5.49			228,491		5,787		5.11
Interest bearing deposits with other banks and other investments	97,281		2,489		5.15			90,750		2,710		6.02

Total Loans, net	10,019,890		294,825		5.92			9,737,236		283,773		5.88

Total Earning Assets	13,167,611		355,966		5.44			12,759,225		332,663		5.26

Allowance for credit losses	(147,401)							(148,143)
Cash and due from banks	167,586							193,811
Bank premises and equipment, net	111,550							116,909
Intangible assets	822,222							797,096
Bank owned life insurance	300,965							283,936
Other assets including deferred tax assets	342,708							417,393

Total Assets	$	14,765,241						$	14,420,227

Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand	$	2,694,952	$	30,212	2.25	%		$	2,559,805	$	10,767	0.85	%
Savings	606,410		1,100		0.36			979,674		827		0.17
Money market	3,537,584		67,541		3.84			2,760,207		31,622		2.31
Time deposits	1,610,680		35,049		4.38			1,120,576		20,029		3.60
Securities sold under agreements to repurchase	313,494		5,762		3.70			209,358		2,456		2.37
Federal Home Loan Bank borrowings	125,826		2,552		4.08			266,935		5,048		3.81
Long-term debt, net	106,453		3,796		7.17			102,164		3,410		6.73

Total Interest-Bearing Liabilities	8,995,399		146,012		3.26			7,998,719		74,159		1.87

Noninterest demand	3,507,046							4,314,498
Other liabilities	144,791							122,746
Total Liabilities	12,647,236							12,435,963

Shareholders' equity	2,118,005							1,984,264

Total Liabilities & Equity	$	14,765,241						$	14,420,227

Cost of deposits					2.25	%						1.09	%
Interest expense as a % of earning assets					2.23	%						1.17	%
Net interest income as a % of earning assets			$	209,954	3.21	%				$	258,504	4.09	%


1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.


CONSOLIDATED QUARTERLY FINANCIAL DATA			(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


	June 30,		March 31,		December 31,		September 30,		June 30,
(Amounts in thousands)	2024		2024		2023		2023		2023

Customer Relationship Funding
Noninterest demand
Commercial	$	2,664,353	$	2,808,151	$	2,752,644	$	3,089,488	$	3,304,761
Retail	532,623		553,697		561,569		570,727		615,536
Public funds	142,846		145,747		173,893		134,649		152,159
Other	58,096		47,806		56,875		73,268		66,596
Total Noninterest Demand	3,397,918		3,555,401		3,544,981		3,868,132		4,139,052

Interest-bearing demand
Commercial	1,533,725		1,561,905		1,576,491		1,618,755		1,555,486
Retail	892,032		930,178		956,900		994,224		1,058,993
Brokered	198,337		—		—		—		—
Public funds	196,998		218,958		256,819		187,173		202,177
Total Interest-Bearing Demand	2,821,092		2,711,041		2,790,210		2,800,152		2,816,656

Total transaction accounts
Commercial	4,198,078		4,370,056		4,329,135		4,708,243		4,860,247
Retail	1,424,655		1,483,875		1,518,469		1,564,951		1,674,529
Brokered	198,337		—		—		—		—
Public funds	339,844		364,705		430,712		321,822		354,336
Other	58,096		47,806		56,875		73,268		66,596
Total Transaction Accounts	6,219,010		6,266,442		6,335,191		6,668,284		6,955,708

Savings
Commercial	53,523		52,665		58,562		79,731		101,908
Retail	512,529		555,423		592,892		641,827		722,347
Total Savings	566,052		608,088		651,454		721,558		824,255

Money market
Commercial	1,771,927		1,709,636		1,655,820		1,625,455		1,426,348
Retail	1,733,505		1,621,618		1,469,142		1,362,390		1,275,721
Public funds	202,329		199,775		189,326		156,052		157,095
Total Money Market	3,707,761		3,531,029		3,314,288		3,143,897		2,859,164

Brokered time certificates	126,668		142,717		122,347		307,963		591,503
Time deposits	1,496,627		1,467,564		1,353,655		1,266,132		1,052,637
	1,623,295		1,610,281		1,476,002		1,574,095		1,644,140
Total Deposits	$	12,116,118	$	12,015,840	$	11,776,935	$	12,107,834	$	12,283,267

Securities sold under agreements to repurchase	$	262,103	$	326,732	$	374,573	$	276,450	$	290,156

Total customer funding1	$	12,053,216	$	12,199,855	$	12,029,161	$	12,076,321	$	11,981,920


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																Six Months Ended

(Amounts in thousands, except per share data)	2Q'24			1Q'24				4Q'23			3Q'23			2Q'23			2Q'24			2Q'23

Net Income	$	30,244		$	26,006			$	29,543		$	31,414		$	31,249		$	56,250		$	43,076

Total noninterest income	22,184			20,497				17,338			17,793			21,576			42,681			44,021
Securities losses (gains), net	44			(229)				2,437			387			176			(185)			69
BOLI benefits on death (included in other income)	—			—				—			—			—			—			(2,117)
Total Adjustments to Noninterest Income	44			(229)				2,437			387			176			(185)			(2,048)
Total Adjusted Noninterest Income	22,228			20,268				19,775			18,180			21,752			42,496			41,973

Total noninterest expense	82,537			90,371				86,367			93,915			107,865			172,908			215,340
Merger related charges:
Salaries and wages	—			—				—			—			(1,573)			—			(5,813)
Outsourced data processing	—			—				—			—			(10,904)			—			(17,455)
Legal and professional fees	—			—				—			—			(1,664)			—			(6,453)
Other	—			—				—			—			(1,507)			—			(3,459)
Total merger-related charges	—			—				—			—			(15,648)			—			(33,180)

Branch reductions and other expense initiatives:
Salaries and wages	—			(2,073)				—			(3,201)			(462)			(2,073)			(1,081)
Outsourced data processing	—			(4,089)				—			—			—			(4,089)			—
Occupancy	—			(771)				—			—			—			(771)			(774)
Other	—			(161)				—			(104)			(109)			(161)			(7)
Total branch reductions and other expense initiatives	—			(7,094)				—			(3,305)			(571)			(7,094)			(1,862)

Adjustments to Noninterest Expense	—			(7,094)				—			(3,305)			(16,219)			(7,094)			(35,042)
Adjusted Noninterest Expense2	82,537			83,277				86,367			90,610			91,646			165,814			180,298

Income Taxes	8,909			7,830				8,257			9,076			10,189			16,739			12,886
Tax effect of adjustments	11			1,739				617			936			4,155			1,751			8,362
Adjusted Income Taxes	8,920			9,569				8,874			10,012			14,344			18,490			21,248
Adjusted Net Income2	$	30,277		$	31,132			$	31,363		$	34,170		$	43,489		$	61,408		$	67,708

Earnings per diluted share, as reported	$	0.36		$	0.31			$	0.35		$	0.37		$	0.37		$	0.66		$	0.52
Adjusted Earnings per Diluted Share	0.36			0.37				0.37			0.40			0.51			0.72			0.81
Average diluted shares outstanding	84,816			85,270				85,336			85,666			85,536			84,799			83,260

Adjusted Noninterest Expense	$	82,537		$	83,277			$	86,367		$	90,610		$	91,646		$	165,814		$	180,298
Provision for credit losses on unfunded commitments	(251)			(250)				—			—			—			(501)			(1,239)
Other real estate owned expense and net gain (loss) on sale	109			26				(573)			(274)			57			135			(138)
Amortization of intangibles	(6,003)			(6,292)				(6,888)			(7,457)			(7,654)			(12,295)			(14,381)
Net Adjusted Noninterest Expense	$	76,392		$	76,761			$	78,906		$	82,879		$	84,049		$	153,153		$	164,540

Net adjusted noninterest expense	$	76,392		$	76,761			$	78,906		$	82,879		$	84,049		$	153,153		$	165,540
Average tangible assets	14,020,793			13,865,245				13,906,005			14,066,216			14,044,301			13,943,019			13,623,131
Net Adjusted Noninterest Expense to Average Tangible Assets	2.19		%	2.23		%		2.25		%	2.34		%	2.40		%	2.21		%	2.44		%

Net Revenue	$	126,608		$	125,575			$	128,157		$	137,099		$	148,539		$	252,183		$	302,136
Total Adjustments to Net Revenue	44			(229)				2,437			387			176			(185)			(2,048)
Impact of FTE adjustment	233			220				216			199			190			452			389
Adjusted Net Revenue on a fully taxable equivalent basis	$	126,885		$	125,566			$	130,810		$	137,685		$	148,905		$	252,450		$	300,477
Adjusted Efficiency Ratio	60.21		%	61.13		%		60.32		%	60.19		%	56.44		%	60.67		%	54.76		%

Net Interest Income	$	104,424		$	105,078			$	110,819		$	119,306		$	126,963		$	209,502		$	258,115
Impact of FTE adjustment	233			220				216			199			190			452			389
Net Interest Income including FTE adjustment	$	104,657		$	105,298			$	111,035		$	119,505		$	127,153		$	209,954		$	258,504
Total noninterest income	22,184			20,497				17,338			17,793			21,576			42,681			44,021
Total noninterest expense less provision for credit losses on unfunded commitments	82,286			90,121				86,367			93,915			107,865			172,407			214,101
Pre-Tax Pre-Provision Earnings	$	44,555		$	35,674			$	42,006		$	43,383		$	40,864		$	80,228		$	88,424


GAAP TO NON-GAAP RECONCILIATION							(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	Quarterly Trends																Six Months Ended

(Amounts in thousands, except per share data)	2Q'24			1Q'24				4Q'23			3Q'23			2Q'23			2Q'24			2Q'23
Total Adjustments to Noninterest Income	44			(229)				2,437			387			176			(185)			(2,048)
Total Adjustments to Noninterest Expense including other real estate owned expense and net (gain) loss on sale	(109)			7,068				573			3,579			16,162			6,959			35,180
Adjusted Pre-Tax Pre-Provision Earnings2	$	44,490		$	42,513			$	45,016		$	47,349		$	57,202		$	87,002		$	121,556

Average Assets	$	14,839,707		$	14,690,776			$	14,738,034		$	14,906,003		$	14,887,289		$	14,765,241		$	14,420,227
Less average goodwill and intangible assets	(818,914)			(825,531)				(832,029)			(839,787)			(842,988)			(822,222)			(797,096)
Average Tangible Assets	$	14,020,793		$	13,865,245			$	13,906,005		$	14,066,216		$	14,044,301		$	13,943,019		$	13,623,131

Return on Average Assets (ROA)	0.82		%	0.71		%		0.80		%	0.84		%	0.84		%	0.77		%	0.60		%
Impact of removing average intangible assets and related amortization	0.18			0.18				0.19			0.20			0.22			0.17			0.20
Return on Average Tangible Assets (ROTA)	1.00			0.89				0.99			1.04			1.06			0.94			0.80
Impact of other adjustments for Adjusted Net Income	—			0.15				0.05			0.08			0.35			0.08			0.36
Adjusted Return on Average Tangible Assets	1.00			1.04				1.04			1.12			1.41			1.02			1.16

Pre-Tax Pre-Provision return on Average Tangible Assets	1.45			1.22				1.39			1.43			1.39			1.33			1.52
Impact of adjustments on Pre-Tax Pre-Provision earnings	—			0.20				0.09			0.12			0.46			0.10			0.49
Adjusted Pre-Tax Pre-Provision Return on Average Tangible Assets2	1.45		%	1.42		%		1.48		%	1.55		%	1.85		%	1.43		%	2.01		%

Average Shareholders' Equity	$	2,117,628		$	2,118,381			$	2,058,912		$	2,072,747		$	2,070,529		$	2,118,005		$	1,984,264
Less average goodwill and intangible assets	(818,914)			(825,531)				(832,029)			(839,787)			(842,988)			(822,222)			(797,096)
Average Tangible Equity	$	1,298,714		$	1,292,850			$	1,226,883		$	1,232,960		$	1,227,541		$	1,295,783		$	1,187,168

Return on Average Shareholders' Equity	5.74		%	4.94		%		5.69		%	6.01		%	6.05		%	5.34		%	4.38		%
Impact of removing average intangible assets and related amortization	5.01			4.61				5.53			5.89			6.03			4.81			4.76
Return on Average Tangible Common Equity (ROTCE)	10.75			9.55				11.22			11.90			12.08			10.15			9.14
Impact of other adjustments for Adjusted Net Income	0.01			1.60				0.58			0.89			4.00			0.80			4.18
Adjusted Return on Average Tangible Common Equity	10.76		%	11.15		%		11.80		%	12.79		%	16.08		%	10.95		%	13.32		%

Loan interest income1	$	147,518		$	147,308			$	148,004		$	150,048		$	148,432		$	294,826		$	283,773
Accretion on acquired loans	(10,178)			(10,595)				(11,324)			(14,843)			(14,580)			(20,773)			(30,522)
Loan interest income excluding accretion on acquired loans	$	137,340		$	136,713			$	136,680		$	135,205		$	133,852		$	274,053		$	253,251

Yield on loans1	5.93			5.90				5.85			5.93			5.89			5.92			5.88
Impact of accretion on acquired loans	(0.41)			(0.42)				(0.45)			(0.59)			(0.58)			(0.42)			(0.64)
Yield on loans excluding accretion on acquired loans	5.52		%	5.48		%		5.40		%	5.34		%	5.31		%	5.50		%	5.24		%

Net Interest Income1	$	104,657		$	105,298			$	111,035		$	119,505		$	127,153		$	209,954		$	258,504
Accretion on acquired loans	(10,178)			(10,595)				(11,324)			(14,843)			(14,580)			(20,773)			(30,522)
Net interest income excluding accretion on acquired loans	$	94,479		$	94,703			$	99,711		$	104,662		$	112,573		$	189,181		$	227,982

Net Interest Margin	3.18			3.24				3.36			3.57			3.86			3.21			4.09
Impact of accretion on acquired loans	(0.30)			(0.33)				(0.34)			(0.44)			(0.44)			(0.31)			(0.49)
Net interest margin excluding accretion on acquired loans	2.87		%	2.91		%		3.02		%	3.13		%	3.42		%	2.89		%	3.60		%

Security interest income1	$	24,195		$	22,434			$	21,451		$	21,520		$	21,018		$	46,629		$	40,393
Tax equivalent adjustment on securities	(7)			(7)				(13)			(22)			(23)			(14)			(49)
Security interest income excluding tax equivalent adjustment	$	24,188		$	22,427			$	21,438		$	21,498		$	20,995		$	46,615		$	40,344

Loan interest income1	$	147,518		$	147,308			$	148,004		$	150,048		$	148,432		$	294,825		$	283,773
Tax equivalent adjustment on loans	(226)			(213)				(203)			(177)			(167)			(438)			(340)
Loan interest income excluding tax equivalent adjustment	$	147,292		$	147,095			$	147,801		$	149,871		$	148,265		$	294,387		$	283,433


GAAP TO NON-GAAP RECONCILIATION					(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

	Quarterly Trends											Six Months Ended

(Amounts in thousands, except per share data)	2Q'24		1Q'24			4Q'23		3Q'23		2Q'23		2Q'24		2Q'23
Net Interest Income1	$	104,657	$	105,298		$	111,035	$	119,505	$	127,153	$	209,954	$	258,504
Tax equivalent adjustment on securities	(7)		(7)			(13)		(22)		(23)		(14)		(49)
Tax equivalent adjustment on loans	(226)		(213)			(203)		(177)		(167)		(438)		(340)
Net interest income excluding tax equivalent adjustment	$	104,424	$	105,078		$	110,819	$	119,306	$	126,963	$	209,502	$	258,115

1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
2 As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change.

EARNINGS PRESENTATION SECOND QUARTER 2024 2024

2SECOND QUARTER 2024 EARNINGS PRESENTATION Cautionary Notice Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in the Company’s markets, and improvements to reported earnings that may be realized from cost controls, tax law changes, new initiatives and for integration of banks that the Company has acquired, or expects to acquire, as well as statements with respect to Seacoast's objectives, strategic plans, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements. Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates and intentions about future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance or achievements of Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) or its wholly-owned banking subsidiary, Seacoast National Bank (“Seacoast Bank”), to be materially different from results, performance or achievements expressed or implied by such forward-looking statements. You should not expect the Company to update any forward-looking statements. All statements other than statements of historical fact could be forward-looking statements. You can identify these forward- looking statements through the use of words such as "may", "will", "anticipate", "assume", "should", "support", "indicate", "would", "believe", "contemplate", "expect", "estimate", "continue", "further", "plan", "point to", "project", "could", "intend", "target" or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of inflationary pressures, changes in interest rates, slowdowns in economic growth, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing; potential impacts of adverse developments in the banking industry including those highlighted by high- profile bank failures, and including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto (including increases in the cost of our deposit insurance assessments), the Company's ability to effectively manage its liquidity risk and any growth plans, and the availability of capital and funding; governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes including proposed overdraft and late fee caps, including those that impact the money supply and inflation; the risks of changes in interest rates on the level and composition of deposits (as well as the cost of, and competition for, deposits), loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities; interest rate risks (including the impacts of interest rates on macroeconomic conditions, customer and client behavior, and on our net interest income), as well as the impact of prolonged elevated interest rates on our financial projections and models, 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 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; the risk that the regulatory environment may not be conducive to or may prohibit or delay the consummation of future mergers and/or business combinations, may increase the length of time and amount of resources required to consummate such transactions, and may reduce the anticipated benefit; inaccuracies or other failures from the use of models, including the failure of assumptions and estimates, as well as differences in, and changes to, economic, market and credit conditions; the impact on the valuation of Seacoast’s investments due to market volatility or counterparty payment risk, as well as the effect of a decline in stock market prices on our fee income from our wealth management business; statutory and regulatory dividend restrictions; increases in regulatory capital requirements for banking organizations generally; the risks of mergers, acquisitions and divestitures, including Seacoast’s ability to continue to identify acquisition targets, successfully acquire and integrate desirable financial institutions and realize expected revenues and revenue synergies; changes in technology or products that may be more difficult, costly, or less effective than anticipated; the Company’s ability to identify and address increased cybersecurity risks, including those impacting vendors and other third parties which may be exacerbated by developments in generative artificial intelligence; fraud or misconduct by internal or external parties, which Seacoast may not be able to prevent, detect or mitigate; inability of Seacoast’s risk management framework to manage risks associated with the Company’s business; dependence on key suppliers or vendors to obtain equipment or services for the business on acceptable terms; reduction in or the termination of Seacoast’s ability to use the online- or mobile-based platform that is critical to the Company’s business growth strategy; the effects of war or other conflicts, acts of terrorism, natural disasters, including hurricanes in the Company’s footprint, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions and/or increase costs, including, but not limited to, property and casualty and other insurance costs; Seacoast’s ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions; the risks that deferred tax assets could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated, the results of tax audit findings, challenges to our tax positions, or adverse changes or interpretations of tax laws; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions; the failure of assumptions underlying the establishment of reserves for expected credit losses; risks related to, and the costs associated with, environmental, social and governance matters, including the scope and pace of related rulemaking activity and disclosure requirements; a deterioration of the credit rating for U.S. long- term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the federal budget and economic policy; the risk that balance sheet, revenue growth, and loan growth expectations may differ from actual results; and other factors and risks described under “Risk Factors” herein and in any of the Company's subsequent reports filed with the SEC and available on its website at www.sec.gov. All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in the Company’s annual report on Form 10-K for the year ended December 31, 2023 and in other periodic reports that the Company files with the SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at www.sec.gov.

3SECOND QUARTER 2024 EARNINGS PRESENTATION • $15.0 billion in assets as of June 30, 2024, operating in the nation’s fastest growing and third most populated state • Strong presence in Florida’s most attractive markets, increasing to #15 Florida market share in 2023 from #18 in 2022 ▪ #1 Florida-based bank in Orlando MSA ▪ #1 Florida-based bank in Palm Beach county ▪ #1 market share in Port St. Lucie MSA • A top three publicly traded community bank headquartered in Florida • Market Cap: $2.0 billion as of June 30, 2024 • Strong capital position, supporting further organic growth and opportunistic acquisitions • Unique customer analytics capabilities, driving value creation with new, acquired, and existing customers Valuable Florida Franchise with Strong Capital and Liquidity

4SECOND QUARTER 2024 EARNINGS PRESENTATION • Net income of $30.2 million, or $0.36 per diluted share. • Four consecutive quarters of lower adjusted noninterest expense1, demonstrating the Company’s focus on driving efficiency while making investments for organic growth. • During the quarter, the cost of deposits began to stabilize in conjunction with emerging loan growth supporting net interest income and the net interest margin. • Pre-tax pre-provision earnings on an adjusted basis1 increased $2.0 million to $44.5 million from the prior quarter. • Continued success in wealth management, with assets under management increasing 12% year to date to reach a record $1.9 billion. • Continued growth in lending pipelines, with the overall pipeline increasing to $834.4 million. • Asset quality remains well controlled, including a reduction in nonperforming loans compared to the prior quarter. • Tangible book value per share increased to $15.41. • Strong capital position, with a Tier 1 capital ratio of 14.8%, and a tangible common equity to tangible assets ratio of 9.3%. • Repurchased 39,892 shares of our common stock at a weighted average price of $22.06. Second Quarter 2024 Highlights 1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. Comparisons are to the first quarter of 2024 unless otherwise stated

5SECOND QUARTER 2024 EARNINGS PRESENTATION Net Interest Income ($ in th ou sa nd s) $127,153 $119,505 $111,035 $105,298 $104,657 3.86% 3.57% 3.36% 3.24% 3.18% 3.42% 3.13% 3.02% 2.91% 2.87% Net Interest Income Net Interest Margin NIM, excluding accretion on acquired loans 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 • Net interest income1 totaled $104.7 million, a decrease of $0.6 million, or 1%, from the prior quarter. • Net interest margin contracted six basis points to 3.18% and, excluding the effect of accretion on acquired loans, net interest margin contracted four basis points to 2.87%. • Securities yields increased 22 basis points to 3.69% benefiting from new securities acquired year to date. • Loan yields increased three basis points from the prior quarter to 5.93%. Excluding the effect of accretion on acquired loans, yields increased four basis points to 5.52%, benefiting from higher rates on new production. • The cost of deposits increased 12 basis points to 2.31%, but began to stabilize in May and June. 1Calculated on a fully taxable equivalent basis using amortized cost.

6SECOND QUARTER 2024 EARNINGS PRESENTATION Noninterest income increased $1.7 million from the prior quarter to $22.2 million, and adjusted noninterest income1 increased $2.0 million to $22.2 million. Changes from the prior quarter include: Service charges on deposits increased $0.4 million, or 8%. Our investments in talent and significant market expansion across the state have resulted in continued growth in treasury management services to commercial customers. Wealth management income increased $0.2 million, or 6%. The wealth management division continues to demonstrate success in building relationships, with assets under management reaching $1.9 billion at June 30, 2024. Insurance agency income increased $0.1 million, or 5%, reflecting continued growth and expansion of services. BOLI income increased $0.3 million, or 15%, with policy exchanges executed in the first quarter of 2024 resulting in improved ongoing yields. Other income increased $0.7 million, or 14%. The second quarter of 2024 includes a gain on the sale of a single nonperforming commercial real estate loan. 1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. Noninterest Income $21,752 $18,180 $19,775 $20,268 $22,228 $(44) Adjusted noninterest income Securities gains (losses) 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 (In Thousands) 1 $229 $(176) $(387) $(2,437) Durbin Amendment becomes effective for Seacoast

7SECOND QUARTER 2024 EARNINGS PRESENTATION Assets Under Management End-of-Period ($ in millions) $653 $870 $1,239 $1,387 $1,711 $1,914 2019 2020 2021 2022 2023 2Q'24 27% CAGR Continued Focus on Building Wealth Management Assets under management totaled $1.9 billion at June 30, 2024, increasing 12% year to date from December 31, 2023. The wealth management team is having continued success at winning business with commercial relationships and high net worth families across the footprint. Since 2019, assets under management have increased at a compound annual growth rate (“CAGR”) of 27%.

8SECOND QUARTER 2024 EARNINGS PRESENTATION Noninterest Expense Noninterest expense totaled $82.5 million, a decrease of $7.8 million, or 9%, from the prior quarter, and on an adjusted basis1, declined $0.7 million, or 1%. Changes compared to the prior quarter include: Salaries and wages decreased $1.4 million, or 3%, to $38.9 million. The first quarter of 2024 included $2.1 million in severance-related expenses arising from a reduction in the workforce. Employee benefits decreased $1.0 million, or 13%, to $6.9 million as a result of higher seasonal payroll taxes and 401(k) contributions impacting the first quarter of 2024. Outsourced data processing costs decreased $3.9 million, or 32%, to $8.2 million, with the first quarter reflecting $4.1 million in charges associated with contract terminations and modifications to consolidate systems. Occupancy costs decreased $0.9 million, or 11%, to $7.2 million. The first quarter of 2024 included $0.8 million in charges associated with early lease terminations and consolidation of locations completed during the first quarter. Marketing expenses increased $0.6 million, or 23%, to $3.3 million, the result of a focused effort on branding across all of our markets, supporting strong results in customer acquisition. Other noninterest expenses decreased $0.7 million, or 10%, to $5.9 million, benefiting from ongoing expense discipline. $91,646 $90,610 $86,367 $83,277 $82,537 $16,219 $3,305 $7,094 56.4% 60.2% 60.3% 61.1% 60.2% Adjusted noninterest expense NonGAAP adjustments Adjusted efficiency ratio 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 (In Thousands) 1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. 11

9SECOND QUARTER 2024 EARNINGS PRESENTATION $285 $353 $393 $573 $834 $519 $245 $478 $394 $538 Pipeline Originations 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 Loan Pipeline End-of-Period vs Originations (in millions) $10,118 $10,011 $10,063 $9,978 $10,039 5.89% 5.93% 5.85% 5.90% 5.93% 5.31% 5.34% 5.40% 5.48% 5.52% Yield Excluding Accretion on Acquired Loans Reported Yield Total Loans 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 Total Loans End-of-Period ($ in millions) Disciplined Approach to Lending in a Strong Florida Economy Loans outstanding increased by $60.5 million, or 2.4% annualized, from the prior quarter. Loan pipelines increased by 46% from the prior quarter to $834.4 million. Loan yields increased three basis points from the prior quarter to 5.93%. Excluding the effect of accretion on acquired loans, yields increased four basis points to 5.52%, with increases from higher rates and new production.

10SECOND QUARTER 2024 EARNINGS PRESENTATION At June 30, 2024 Loan Portfolio Mix Seacoast's lending strategy results in a diverse and granular loan portfolio. Seacoast’s average loan size is $345 thousand and the average commercial loan size is $758 thousand. Portfolio diversification in terms of asset mix, industry, and loan type, has been a critical element of the Company’s lending strategy. Exposures across industries and collateral types are broadly distributed. Construction and land development and commercial real estate loans, as defined in regulatory guidance, represent 34% and 222%, respectively, of total consolidated risk based capital. CRE-Retail, 11.3% CRE-Office, 5.3% CRE-Multifamily 5+, 4.1% CRE-Hotel/Motel, 3.7% CRE-Industrial/Warehouse, 3.8% CRE-Other, 5.8% OOCRE, 16.5% Construction & Land Development, 5.9% Commercial & Financial, 15.8% Residential, 25.5% Consumer, 2.3% Construction & Land Development and CRE Loans to Total Risk Based Capital 252% 222% 59% 34% CRE Construction & Land Development Peers SBCF Peer Source: 1Q’24 S&P Capital

11SECOND QUARTER 2024 EARNINGS PRESENTATION Allowance for Credit Losses and Purchase Discount ($ in thousands) Loans Outstanding Allowance for Credit Losses % of Loans Outstanding Purchase Discount % of Loans Outstanding Construction and Land Development $ 593,534 $ 5,493 0.93 % $ 3,609 0.61 % Owner Occupied Commercial Real Estate 1,656,391 11,582 0.70 22,087 1.33 Commercial Real Estate 3,423,266 45,434 1.33 70,225 2.05 Residential Real Estate 2,555,320 39,209 1.53 36,047 1.41 Commercial & Financial 1,582,290 28,429 1.80 17,221 1.09 Consumer 227,707 11,494 5.05 2,197 0.96 Total $ 10,038,508 $ 141,641 1.41 % $ 151,386 1.51 % The total allowance for credit losses of $141.6 million as of June 30, 2024, represents management’s estimate of lifetime expected credit losses. Combined with the $151.4 million remaining unrecognized discount on acquired loans, a total of $293.0 million, or 2.92%, of total loans is available to cover potential losses. As acquired loans are repaid, the unrecognized discount is earned as an adjustment to yield over the life of the loans. Additionally, a reserve for potential credit losses on lending-related commitments of $5.2 million is reflected within Other Liabilities.

12SECOND QUARTER 2024 EARNINGS PRESENTATION Net Charge-Offs 0.13% 0.05% 0.01% 0.22% 0.27% NCO/Average Loans 2020 2021 2022 2023 2024 (YTD Annualized) Nonperforming Loans and Past Dues 0.63% 0.52% 0.35% 0.65% 0.60% 0.18% 0.10% 0.40% 0.30% 0.39% NPL/Total Loans Accruing Past Due / Total Loans 2020 2021 2022 2023 2Q'24 1.62% 1.41% 1.40% 1.48% 1.41% ACL/Total Loans 2020 2021 2022 2023 2Q'24 Allowance for Credit Losses Historical Asset Quality Trends 16.85% 14.29% 12.63% 14.94% 16.43% 2.85% 2.77% 2.11% 2.32% 2.59% Criticized and Classified Loans / Tier 1 Capital Criticized and Classified Loans / Total Loans 2020 2021 2022 2023 2Q'24 Criticized and Classified Loans

13SECOND QUARTER 2024 EARNINGS PRESENTATION Net Charge-Offs $705 $12,748 $4,720 $3,630 $9,9460.50% 0.19% 0.15% 0.40% NCO NCO/Average Loans 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 ($ in thousands) $159,715 $149,661 $148,931 $146,669 $141,641 1.58% 1.49% 1.48% 1.47% 1.41% ACL ACL/Total Loans 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 Allowance for Credit Losses Continued Strong Asset Quality Trends 0.03% Nonperforming Loans and Past Dues $48,326 $41,508 $65,104 $77,205 $59,927 0.48% 0.41% 0.65% 0.77% 0.60% 0.25% 0.33% 0.30% 0.30% 0.39% NPL NPL/Total Loans Accruing Past Due / Total Loans 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 Criticized and Classified Loans $210,070 $201,483 $233,916 $239,185 $260,040 2.08% 2.01% 2.32% 2.40% 2.59% Criticized and Classified Loans Criticized and Classified Loans / Total Loans 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24

14SECOND QUARTER 2024 EARNINGS PRESENTATION Investment Securities Performance and Composition Portfolio yield increased 22 basis points to 3.69% from 3.47% in the prior quarter due to favorable yields on bonds purchased. AFS securities ended the quarter with a net unrealized loss of $224.7 million compared to a net unrealized loss of $220.0 million at March 31, 2024. HTM securities ended the quarter with a net unrealized loss of $130.7 million compared to a net unrealized loss of $129.7 million at March 31, 2024. High quality AFS portfolio consisting of 85% agency backed securities, with the remainder comprised primarily of highly-rated investment grade bonds. CLO portfolio is entirely AA/AAA rated. AFS portfolio duration of 4.5, total portfolio duration of 4.8. Unrealized Loss in Securities as of June 30, 2024 (in thousands) Amortized Cost Fair Value Net Unrealized Loss △ from 1Q'24 Total Available for Sale $ 2,191,952 $ 1,967,204 $ (224,748) $ (4,782) Total Held to Maturity 658,055 527,327 (130,728) (992) Total Securities $ 2,850,007 $ 2,494,531 $ (355,476) $ (5,774) ($ in m ill io ns ) $708 $691 $680 $670 $658 $1,916 $1,842 $1,836 $1,949 $1,967 3.13% 3.32% 3.42% 3.47% 3.69% HTM Securities AFS Securities Yield 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24

15SECOND QUARTER 2024 EARNINGS PRESENTATION Deposits End-of-Period ($ in millions) $12,283 $12,108 $11,777 $12,016 $12,116 5.25% 5.50% 5.50% 5.50% 5.50% 1.38% 1.79% 2.00% 2.19% 2.31% Total Deposits Fed Funds Cost of Deposits 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 Distinctive Deposit Franchise Supported by Attractive Markets Total deposits increased $100.3 million, or 3% annualized, ending the quarter at $12.1 billion. Continued focus on organic growth and relationship-based funding, in combination with our innovative analytics platform, supports a well-diversified, low-cost deposit portfolio. Average deposits per banking center were $157 million. 2024 Monthly Cost of Deposits 2.14% 2.20% 2.23% 2.27% 2.33% 2.33% Jan'24 Feb'24 Mar'24 Apr'24 May'24 Jun'24 Cost of deposits stabilizing

16SECOND QUARTER 2024 EARNINGS PRESENTATION Deposits End-of-Period ($ in millions) $12,283 $12,108 $11,777 $12,016 $12,116 Transaction Accounts Savings Money Market Brokered Time Deposits 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 Granular, Diverse and Relationship-Focused Customer Funding Base The Company benefits from a granular deposit franchise, with the top ten depositors representing approximately 4% of total deposits. Customer transaction account balances represent 50% of total deposits. Consumer deposits represent 42% of total deposits, with an average balance per account of $25 thousand. Business deposits represent 58% of total deposits, with an average balance per account of $109 thousand. The average tenure for a Seacoast customer is 10 years. 50%52%54%55%57% 5%5%6%6%7% 23% 26% 28% 29% 30% 5% 3% 1% 1% 3% 8% 10% 11% 13% 12%

17SECOND QUARTER 2024 EARNINGS PRESENTATION $14.24 $14.26 $15.08 $15.26 $15.41 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 8.5% 8.7% 9.3% 9.3% 9.3% 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 14.7% 15.1% 15.9% 16.1% 16.2% 13.5% 14.0% 14.5% 14.7% 14.8% Total Risk Based Capital Tier 1 Ratio 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 12.1% 11.9% 11.2% 9.6% 10.8% 16.1% 12.8% 11.8% 11.2% 10.8% GAAP - ROTCE Adjusted - ROTCE 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. 2FDICIA defines well capitalized as 10.0% for total risk based capital and 8.0% for Tier 1 ratio at a total Bank level. Tangible Book Value Per Share Tangible Common Equity / Tangible Assets Total Risk Based and Tier 1 CapitalReturn on Tangible Common Equity 1 10.0%2 8.0%2 Robust Capital Position Supporting a Fortress Balance Sheet

Tracey L. Dexter Chief Financial Officer Tracey.Dexter@SeacoastBank.com (772) 403-0461 Michael Young Treasurer & Director of Investor Relations Michael.Young@SeacoastBank.com (772) 403-0451 INVESTOR RELATIONS NASDAQ: SBCF

19SECOND QUARTER 2024 EARNINGS PRESENTATION Appendix

20SECOND QUARTER 2024 EARNINGS PRESENTATION Quarterly Trend Six Months Ended (Amounts in thousands) 2Q'24 1Q'24 4Q'23 3Q'23 2Q'23 2Q'24 2Q'23 Commercial pipeline at period end $ 743,789 $ 498,617 $ 306,531 $ 259,445 $ 198,984 $ 743,789 $ 198,984 Commercial loan originations 405,957 260,032 334,229 94,021 307,430 665,989 627,639 SBA pipeline at period end 29,296 15,630 20,600 41,353 18,590 29,296 18,590 SBA originations 8,226 18,944 25,034 12,476 9,948 27,170 11,404 Residential pipeline-saleable at period end 12,095 9,279 2,657 6,820 11,492 12,095 11,492 Residential loans-sold 21,417 15,305 15,614 17,625 19,078 36,722 33,013 Residential pipeline-portfolio at period end 24,721 24,364 44,422 20,945 27,110 24,721 27,110 Residential loans-retained 42,431 51,435 41,186 43,962 85,294 93,866 175,352 Consumer pipeline at period end 24,532 25,057 18,745 24,482 28,446 24,532 28,446 Consumer originations 59,973 48,244 61,847 76,531 97,184 108,217 207,786 Total Pipelines at Period End $ 834,433 $ 572,947 $ 392,955 $ 353,045 $ 284,622 $ 834,433 $ 284,622 Total Originations $ 538,004 $ 393,960 $ 477,910 $ 244,615 $ 518,934 $ 931,964 $ 1,055,194 Loan Production and Pipeline Trend

21SECOND QUARTER 2024 EARNINGS PRESENTATION Non-owner Occupied Commercial Real Estate CRE Non-Owner Occupied ($ in ‘000s) Balance Balance % of Total Loans Average Loan Size 30+ Days Past- Accruing Non Accrual Weighted LTV Retail $ 1,132,190 11.3 % $ 2,190 $ — $ 2,273 50 % Office 535,178 5.3 1,538 — 2,916 54 Multifamily 5+ 408,909 4.1 2,076 — — 51 Hotel/Motel 369,211 3.7 3,692 1,641 — 49 Industrial/Warehouse 380,289 3.8 1,901 568 814 53 Other 597,489 6.0 1,043 946 6,069 51 Total $ 3,423,266 34.1 % $ 1,769 $ 3,155 $ 12,072 51 % Retail Segment: Targets grocery or credit tenant anchored shopping plazas, single credit tenant retail buildings, smaller outparcels and other retail units. • 11.3% of total loans. • 50% weighted average loan-to-value, low leverage. • $2.2 million average loan size. • 18 loans over $10 million. Office Segment: Targets low to mid-rise suburban offices, broadly diversified across many professional services. • 5.3% of total loans. • 54% weighted average loan-to-value, low leverage. • $1.5 million average loan size. • Five loans over $10 million.

22SECOND QUARTER 2024 EARNINGS PRESENTATION Liquidity Sources vs Uninsured Deposits Cash and Borrowing Capacity vs. Uninsured Deposits ($ in millions) $6,351 $3,518 $750 $2,693 $1,616 $348 $944 Borrowing Capacity + Cash Uninsured and Uncollateralized Deposits Total Cash & Borrowing Capacity = $6.4 billion Uninsured and Uncollateralized Deposits = $3.5 billion Uninsured and uncollateralized deposits represent 29% of total deposits. Total liquidity sources of $6.4 billion compared to uninsured and uncollateralized deposits of $3.5 billion, representing a 181% coverage ratio. Uninsured deposits represent 34% of overall deposit accounts. This includes public funds, which are protected from loss beyond FDIC insurance limits. Unpledged Securities Lines of Credit Discount Window Cash FHLB

23SECOND QUARTER 2024 EARNINGS PRESENTATION This presentation contains financial information determined by methods other than Generally Accepted Accounting Principles (“GAAP”). The financial highlights provide reconciliations between GAAP and adjusted financial measures including net income, noninterest income, noninterest expense, tax adjustments and other financial ratios. 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. Explanation of Certain Unaudited Non-GAAP Financial Measures

24SECOND QUARTER 2024 EARNINGS PRESENTATION Quarterly Trend Six Months Ended (Amounts in thousands except per share data) 2Q'24 1Q'24 4Q'23 3Q'23 2Q'23 2Q'24 2Q'23 Net Income $ 30,244 $ 26,006 $ 29,543 $ 31,414 $ 31,249 $ 56,250 $ 43,076 Total noninterest income 22,184 20,497 17,338 17,793 21,576 42,681 44,021 Securities losses (gains), net 44 (229) 2,437 387 176 (185) 69 BOLI benefits on death (included in other income) — — — — — — (2,117) Total Adjustments to Noninterest Income 44 (229) 2,437 387 176 (185) (2,048) Total Adjusted Noninterest Income 22,228 20,268 19,775 18,180 21,752 42,496 41,973 Total noninterest expense 82,537 90,371 86,367 93,915 107,865 172,908 215,340 Merger related charges: Salaries and wages — — — — (1,573) — (5,813) Outsourced data processing — — — — (10,904) — (17,455) Legal and professional fees — — — — (1,664) — (6,453) Other — — — — (1,507) — (3,459) Total merger-related charges — — — — (15,648) — (33,180) Branch reductions and other expense initiatives: Salaries and wages — (2,073) — (3,201) (462) (2,073) (1,081) Outsourced data processing — (4,089) — — — (4,089) — Occupancy — (771) — — — (771) (774) Other — (161) — (104) (109) (161) (7) Total branch reductions and other expense initiatives — (7,094) — (3,305) (571) (7,094) (1,862) Adjustments to Noninterest Expense — (7,094) — (3,305) (16,219) (7,094) (35,042) Adjusted Noninterest Expense1 82,537 83,277 86,367 90,610 91,646 165,814 180,298 Income Taxes 8,909 7,830 8,257 9,076 10,189 16,739 12,886 Tax effect of adjustments 11 1,739 617 936 4,155 1,751 8,362 GAAP to Non-GAAP Reconciliation 1 As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change.

25SECOND QUARTER 2024 EARNINGS PRESENTATION Quarterly Trend Six Months Ended (Amounts in thousands except per share data) 2Q'24 1Q'24 4Q'23 3Q'23 2Q'23 2Q'24 2Q'23 Adjusted Income Taxes 8,920 9,569 8,874 10,012 14,344 18,490 21,248 Adjusted Net Income1 $ 30,277 $ 31,132 $ 31,363 $ 34,170 $ 43,489 $ 61,408 $ 67,708 Earnings per diluted share, as reported $ 0.36 $ 0.31 $ 0.35 $ 0.37 $ 0.37 $ 0.66 $ 0.52 Adjusted Earnings per Diluted Share 0.36 0.37 0.37 0.40 0.51 0.72 0.81 Average diluted shares outstanding 84,816 85,270 85,336 85,666 85,536 84,799 83,260 Adjusted Noninterest Expense $ 82,537 $ 83,277 $ 86,367 $ 90,610 $ 91,646 $ 165,814 $ 180,298 Provision for credit losses on unfunded commitments (251) (250) — — — (501) (1,239) Other real estate owned expense and net gain (loss) on sale 109 26 (573) (274) 57 135 (138) Amortization of intangibles (6,003) (6,292) (6,888) (7,457) (7,654) (12,295) (14,381) Net Adjusted Noninterest Expense $ 76,392 $ 76,761 $ 78,906 $ 82,879 $ 84,049 $ 153,153 $ 164,540 Net adjusted noninterest expense $ 76,392 $ 76,761 $ 78,906 $ 82,879 $ 84,049 $ 153,153 $ 165,540 Average tangible assets 14,020,793 13,865,245 13,906,005 14,066,216 14,044,301 13,943,019 13,623,131 Net Adjusted Noninterest Expense to Average Tangible Assets 2.19 % 2.23 % 2.25 % 2.34 % 2.40 % 2.21 % 2.44 % Net Revenue $ 126,608 $ 125,575 $ 128,157 $ 137,099 $ 148,539 $ 252,183 $ 302,136 Total Adjustments to Net Revenue 44 (229) 2,437 387 176 (185) (2,048) Impact of FTE adjustment 233 220 216 199 190 452 389 Adjusted Net Revenue on a fully taxable equivalent basis $ 126,885 $ 125,566 $ 130,810 $ 137,685 $ 148,905 $ 252,450 $ 300,477 Adjusted Efficiency Ratio 60.21 % 61.13 % 60.32 % 60.19 % 56.44 % 60.67 % 54.76 % Net Interest Income $ 104,424 $ 105,078 $ 110,819 $ 119,306 $ 126,963 $ 209,502 $ 258,115 Impact of FTE adjustment 233 220 216 199 190 452 389 Net Interest Income Including FTE adjustment $ 104,657 $ 105,298 $ 111,035 $ 119,505 $ 127,153 $ 209,954 $ 258,504 Total noninterest income 22,184 20,497 17,338 17,793 21,576 42,681 44,021 Total noninterest expense less provision for credit losses on unfunded commitments 82,286 90,121 86,367 93,915 107,865 172,407 214,101 1 As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change. GAAP to Non-GAAP Reconciliation

26SECOND QUARTER 2024 EARNINGS PRESENTATION Quarterly Trend Six Months Ended (Amounts in thousands except per share data) 2Q'24 1Q'24 4Q'23 3Q'23 2Q'23 2Q'24 2Q'23 Pre-Tax Pre-Provision Earnings $ 44,555 $ 35,674 $ 42,006 $ 43,383 $ 40,864 $ 80,228 $ 88,424 Total Adjustments to Noninterest Income 44 (229) 2,437 387 176 (185) (2,048) Total Adjustments to Noninterest Expense including other real estate owned expense and net (gain) loss on sale (109) 7,068 573 3,579 16,162 6,959 35,180 Adjusted Pre-Tax Pre-Provision Earnings1 $ 44,490 $ 42,513 $ 45,016 $ 47,349 $ 57,202 $ 87,002 $ 121,556 Average Assets $ 14,839,707 $ 14,690,776 $ 14,738,034 $ 14,906,003 $ 14,887,289 $ 14,765,241 $ 14,420,227 Less average goodwill and intangible assets (818,914) (825,531) (832,029) (839,787) (842,988) (822,222) (797,096) Average Tangible Assets $ 14,020,793 $ 13,865,245 $ 13,906,005 $ 14,066,216 $ 14,044,301 $ 13,943,019 $ 13,623,131 Return on Average Assets (ROA) 0.82 % 0.71 % 0.80 % 0.84 % 0.84 % 0.77 % 0.60 % Impact of removing average intangible assets and related amortization 0.18 0.18 0.19 0.20 0.22 0.17 0.20 Return on Average Tangible Assets (ROTA) 1.00 0.89 0.99 1.04 1.06 0.94 0.80 Impact of other adjustments for Adjusted Net Income — 0.15 0.05 0.08 0.35 0.08 0.36 Adjusted Return on Average Tangible Assets 1.00 1.04 1.04 1.12 1.41 1.02 1.16 Pre-Tax Pre-Provision return on Average Tangible Assets 1.45 % 1.22 % 1.39 % 1.43 % 1.39 % 1.33 % 1.52 % Impact of adjustments on Pre-Tax Pre-Provision earnings — 0.20 0.09 0.12 0.46 0.10 0.49 Adjusted Pre-Tax Pre-Provision Return on Tangible Assets1 1.45 1.42 1.48 1.55 1.85 1.43 2.01 Average Shareholders' Equity $ 2,117,628 $ 2,118,381 $ 2,058,912 $ 2,072,747 $ 2,070,529 $ 2,118,005 $ 1,984,264 Less average goodwill and intangible assets (818,914) (825,531) (832,029) (839,787) (842,988) (822,222) (797,096) Average Tangible Equity $ 1,298,714 $ 1,292,850 $ 1,226,883 $ 1,232,960 $ 1,227,541 $ 1,295,783 $ 1,187,168 Return on Average Shareholders' Equity 5.74 % 4.94 % 5.69 % 6.01 % 6.05 % 5.34 % 4.38 % Impact of removing average intangible assets and related amortization 5.01 4.61 5.53 5.89 6.03 4.81 4.76 Return on Average Tangible Common Equity (ROTCE) 10.75 9.55 11.22 11.90 12.08 10.15 9.14 Impact of other adjustments for Adjusted Net Income 0.01 1.60 0.58 0.89 4.00 0.80 4.18 1 As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change. GAAP to Non-GAAP Reconciliation

27SECOND QUARTER 2024 EARNINGS PRESENTATION Quarterly Trend Six Months Ended (Amounts in thousands except per share data) 2Q'24 1Q'24 4Q'23 3Q'23 2Q'23 2Q'24 2Q'23 Adjusted Return on Average Tangible Common Equity 10.76 % 11.15 % 11.80 % 12.79 % 16.08 % 10.95 % 13.32 % Loan Interest Income1 $ 147,518 $ 147,308 $ 148,004 $ 150,048 $ 148,432 $ 294,826 $ 283,773 Accretion on acquired loans (10,178) (10,595) (11,324) (14,843) (14,580) (20,773) (30,522) Loan interest income excluding accretion on acquired loans $ 137,340 $ 136,713 $ 136,680 $ 135,205 $ 133,852 $ 274,053 $ 253,251 Yield on Loans1 5.93 % 5.90 % 5.85 % 5.93 % 5.89 % 5.92 % 5.88 % Impact of accretion on acquired loans (0.41) (0.42) % (0.45) (0.59) (0.58) (0.42) (0.64) Yield on loans excluding accretion on acquired loans 5.52 % 5.48 % 5.40 % 5.34 % 5.31 % 5.50 % 5.24 % Net Interest income1 $ 104,657 $ 105,298 $ 111,035 $ 119,505 $ 127,153 $ 209,954 $ 258,504 Accretion on acquired loans (10,178) (10,595) (11,324) (14,843) (14,580) (20,773) (30,522) Net interest income excluding accretion on acquired loans $ 94,479 $ 94,703 $ 99,711 $ 104,662 $ 112,573 $ 189,181 $ 227,982 Net Interest Margin1 3.18 % 3.24 % 3.36 % 3.57 % 3.86 % 3.21 % 4.09 % Impact of accretion on acquired loans (0.30) (0.33) (0.34) (0.44) (0.44) (0.31) (0.49) Net interest margin excluding accretion on acquired loans 2.87 % 2.91 % 3.02 % 3.13 % 3.42 % 2.89 % 3.60 % Security Interest Income1 $ 24,195 $ 22,434 $ 21,451 $ 21,520 $ 21,018 $ 46,629 $ 40,393 Tax equivalent adjustment on securities (7) (7) (13) (22) (23) (14) (49) Security interest income excluding tax equivalent adjustment $ 24,188 $ 22,427 $ 21,438 $ 21,498 $ 20,995 $ 46,615 $ 40,344 Loan Interest Income1 $ 147,518 $ 147,308 $ 148,004 $ 150,048 $ 148,432 $ 294,825 $ 283,773 Tax equivalent adjustment on loans (226) (213) (203) (177) (167) (438) (340) Loan interest income excluding tax equivalent adjustment $ 147,292 $ 147,095 $ 147,801 $ 149,871 $ 148,265 $ 294,387 $ 283,433 Net Interest Income1 $ 104,657 $ 105,298 $ 111,035 $ 119,505 $ 127,153 $ 209,954 $ 258,504 Tax equivalent adjustment on securities (7) (7) (13) (22) (23) (14) (49) Tax equivalent adjustment on loans (226) (213) (203) (177) (167) (438) (340) Net interest income excluding tax equivalent adjustment $ 104,424 $ 105,078 $ 110,819 $ 119,306 $ 126,963 $ 209,502 $ 258,115 1 On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. GAAP to Non-GAAP Reconciliation

Cover Page	Jul. 25, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 25, 2024
Entity Registrant Name	SEACOAST BANKING CORPORATION OF FLORIDA
Entity Incorporation, State or Country Code	FL
Entity File Number	000-13660
Entity Tax Identification Number	59-2260678
Entity Address, Address Line One	815 COLORADO AVENUE,
Entity Address, City or Town	STUART
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	34994
City Area Code	772
Local Phone Number	287-4000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.10 par value
Trading Symbol	SBCF
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0000730708
Amendment Flag	false

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