8-K

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 27, 2023

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	FL	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 (see General Instruction A.2. below):

☐    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 27, 2023, Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) announced its financial results for the quarter ended June 30, 2023. A copy of the press release announcing Seacoast’s results for the quarter ended June 30, 2023, is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 7.01    Regulation FD Disclosure

On July 28, 2023, Seacoast will hold an investor conference call to discuss its financial results for the quarter ended June 30, 2023. 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, 2023, 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 27, 2023, with respect to Seacoast's financial results for the quarter ended June 30, 2023
99.2	Data on website containing information used in the conference call to be held on July 28, 2023
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, including Professional Holding Corp., 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.

SIGNATURES

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

(Registrant)

Dated: July 27, 2023	/s/ Tracey L. Dexter
	TRACEY L. DEXTER
	Chief Financial Officer

EX-99.1

SEACOAST REPORTS SECOND QUARTER 2023RESULTS

Well-Positioned Balance Sheet with Strong Capital and Liquidity

Distinctive Deposit Franchise with Granular, Longstanding Customer Base

STUART, Fla., July 27, 2023 /GLOBE NEWSWIRE/ -- Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported net income in the second quarter of 2023 of $31.2 million, or $0.37 per diluted share, compared to $11.8 million, or $0.15 per diluted share in the first quarter of 2023 and $32.8 million, or $0.53 per diluted share in the second quarter of 2022. For the six months ended June 30, 2023, net income was $43.1 million, or $0.52 per diluted share, a decrease of 19% compared to the six months ended June 30, 2022.

Adjusted net income1 for the second quarter of 2023 was $49.2 million, or $0.58 per diluted share, compared to $29.2 million, or $0.36 per diluted share in the first quarter of 2023 and $36.3 million, or $0.59 per diluted share in the second quarter of 2022. Adjusted net income1 for the six months ended June 30, 2023 was $78.4 million, or $0.94 per diluted share, an increase of 24% compared to the six months ended June 30, 2022.

For the second quarter of 2023, return on average tangible assets was 1.06% and return on average tangible shareholders' equity was 12.08%, compared to 0.52% and 5.96%, respectively, in the prior quarter, and 1.29% and 13.01%, respectively, in the prior year quarter. Adjusted return on average tangible assets1 in the second quarter of 2023 was 1.41% and adjusted return on average tangible shareholders' equity1 was 16.08%, compared to 0.90% and 10.34%, respectively, in the prior quarter, and 1.38% and 13.97%, respectively, in the prior year quarter. For the six months ended June 30, 2023, return on average tangible assets was 0.80% and return on average tangible shareholders' equity was 9.14%, compared to 1.07% and 10.46%, respectively, for the six months ended June 30, 2022. For the six months ended June 30, 2023, adjusted return on average tangible assets1 was 1.16% and adjusted return on average tangible shareholders' equity1 was 13.32%, compared to 1.23% and 11.95%, respectively, for the six months ended June 30, 2022.

Charles M. Shaffer, Seacoast's Chairman and CEO said, "Seacoast delivered another quarter of robust financial performance, with strong adjusted earnings leading to an adjusted return on tangible common equity of 16.1%. Our capital and liquidity ratios were strong and our asset quality remains excellent. During the quarter, we successfully completed the Professional Bank conversion, wrapping up a significant period of M&A activity that has boosted Seacoast beyond the $10 billion asset threshold and definitively positioned the Company as Florida’s Bank.”

Shaffer added, “Seacoast is committed to our fortress balance sheet, with an allowance for loan losses of $159.7 million and an additional $201.8 million discount on acquired loans, providing significant loss absorption capacity. Our second quarter ratio of tangible common equity to tangible assets increased to 8.53% as we moved past the initially dilutive effect of recent acquisitions, reflecting commitment to driving shareholder value creation."

Shaffer concluded, "Our strategic focus for the balance of the year will be on relationship-driven customer acquisition and carefully managing our expense base while investing in tactics to drive low-cost deposit growth. We believe that this rigorous approach will support solid capital growth, produce a broadly diversified and stable funding base, and generate increased franchise value over the long run."

Acquisition Update

In June 2023, we successfully completed the integration of Professional Holding Corp. (“Professional”), including the consolidation of five branches in the South Florida market. Merger-related expense synergies are expected to be fully realized in the second half of 2023. Direct merger-related costs recorded during the second quarter of 2023 totaled $15.6 million. We expect merger-related costs to be insignificant in the third quarter of 2023.

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

Financial Results

Income Statement

•Net income was $31.2 million, or $0.37 per diluted share, for the second quarter of 2023 compared to net income of $11.8 million, or $0.15 per diluted share, for the prior quarter, and $32.8 million, or $0.53 per diluted share, for the prior year quarter. For the six months ended June 30, 2023, net income was $43.1 million, or $0.52 per diluted share, compared to $53.3 million, or $0.86 per diluted share, for the six months ended June 30, 2022. The results for the six months ended June 30, 2023 included the $26.6 million day-1 provision for credit losses on loans acquired in the Professional acquisition. Adjusted net income1 for the second quarter of 2023 was $49.2 million, or $0.58 per diluted share, compared to $29.2 million, or $0.36 per diluted share, for the prior quarter, and $36.3 million, or $0.59 per diluted share, for the prior year quarter. For the six months ended June 30, 2023, adjusted net income1 was $78.4 million, or $0.94 per diluted share, compared to $63.4 million, or $1.03 per diluted share, for the six months ended June 30, 2022.

•Net revenues were $148.5 million in the second quarter of 2023, a decrease of $5.1 million, or 3%, compared to the prior quarter, and an increase of $49.9 million, or 51%, compared to the prior year quarter. For the six months ended June 30, 2023, net revenues were $302.1 million, an increase of $111.6 million, or 59%, compared to the six months ended June 30, 2022. Adjusted revenues1 were $148.7 million in the second quarter of 2023, a decrease of $2.7 million, or 2%, compared to the prior quarter, and an increase of $49.8 million, or 50%, compared to the prior year quarter. For the six months ended June 30, 2023, adjusted revenues1 were $300.1 million, an increase of $108.8 million, or 57%, compared to the six months ended June 30, 2022.

•Pre-tax pre-provision earnings1 were $40.9 million in the second quarter of 2023, a decrease of 12% compared to the first quarter of 2023 and a decrease of 4% compared to the second quarter of 2022. Adjusted pre-tax pre-provision earnings1 were $64.9 million in the second quarter of 2023, a decrease of 9% compared to the first quarter of 2023 and an increase of 40% compared to the second quarter of 2022. Adjusted pre-tax pre-provision earnings1 for the six months ended June 30, 2023 were $135.9 million, an increase of $47.8 million, or 54%, when compared to the six months ended June 30, 2022.

•Net interest income totaled $127.0 million in the second quarter of 2023, a decrease of $4.2 million, or 3%, from the first quarter of 2023 and an increase of $45.3 million, or 56%, compared to the second quarter of 2022. When excluding accretion on acquired loans, net interest income declined $2.4 million. Accretion on acquired loans totaled $14.2 million in the second quarter of 2023, $15.9 million in the first quarter of 2023, and $2.7 million in the second quarter of 2022. For the six months ended June 30, 2023, net interest income was $258.1 million, an increase of $99.9 million, or 63%, compared to the six months ended June 30, 2022. Accretion on acquired loans totaled $30.1 million for the six months ended June 30, 2023, compared to $6.4 million for the six months ended June 30, 2022.

•Net interest margin decreased 45 basis points to 3.86% in the second quarter of 2023 compared to 4.31% in the first quarter of 2023. The decline in the net interest margin from the prior quarter was driven by the impact of rising rates on the competitive environment for deposits, the continued effect of an inverted yield curve, and lower accretion of purchase discounts on acquired loans. Loan yields increased three basis points to 5.89%. The effect on loan yields of accretion of purchase discounts on acquired loans in the second quarter of 2023 was an increase of 56 basis points, compared to an increase of 69 basis points in the first quarter of 2023. Securities yields increased 28 basis points to 3.13%, including approximately 12 basis points of benefit from interest rate swaps initiated in the second quarter. The cost of deposits increased 61 basis points, from 77 basis points in the prior quarter, to 1.38% for the second quarter of 2023.

•Noninterest income totaled $21.6 million in the second quarter of 2023, a decrease of $0.9 million, or 4%, compared to the prior quarter, and an increase of $4.6 million, or 27%, compared to the prior year quarter. For the six months ended June 30, 2023, noninterest income was $44.0 million, an increase of $11.7 million, or 36%, compared to the six months ended June 30, 2022. Results for the second quarter of 2023 included the following:

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

•Service charges on deposits increased $0.3 million, or 7%, compared to the prior quarter and $1.2 million, or 34%, year over year, including the continued benefit of the expansion of treasury management services to commercial customers.

•Interchange income totaled $5.1 million in the second quarter, an increase of $0.4 million, or 8%, when compared to the prior quarter and $0.8 million, or 19%, compared to the prior year quarter. As a reminder, beginning in the third quarter of 2023, the Company’s interchange income will be reduced by the requirements of the Durbin amendment, which became effective for the Company on July 1, 2023.

•The wealth management division continues to demonstrate notable success in building relationships, and during the second quarter of 2023, income increased $0.3 million, or 8%, compared to the prior quarter and $0.5 million, or 20%, compared to the prior year quarter. Assets under management increased by $60 million in the second quarter of 2023, bringing total assets under management to $1.6 billion, up 36% from the prior year.

•Mortgage banking fees totaled $0.6 million in the second quarter, an increase of $0.2 million, or 35%, due to higher saleable production.

•Other income decreased by $1.8 million compared to the prior quarter, primarily the result of the recognition in the prior quarter of $2.1 million in bank owned life insurance (“BOLI”) death benefits.

•The provision for credit losses was a net benefit of $0.8 million in the second quarter of 2023, compared to a provision of $31.6 million in the first quarter of 2023 and a provision of $0.8 million in the second quarter of 2022. The provision for credit losses in the first quarter of 2023 included $26.6 million in day-1 provision recorded at the acquisition of Professional.

•Noninterest expense was $107.9 million in the second quarter of 2023, an increase of $0.4 million compared to the prior quarter, and an increase of $51.7 million, or 92%, compared to the prior year quarter. The second quarter of 2023 included $15.6 million of merger-related expenses, compared to $17.5 million in the prior quarter and $3.0 million in the prior year quarter. Noninterest expense was $215.3 million for the six months ended June 30, 2023, including $33.2 million in merger-related charges, compared to $115.1 million in the six months ended June 30, 2022, which included $9.7 million in merger-related charges. Changes compared to the first quarter of 2023 included:

•Salaries and wages decreased $2.5 million to $45.2 million in the second quarter of 2023. The second quarter of 2023 included $1.6 million in merger-related expenses, compared to $4.2 million in the first quarter of 2023.

•In the third quarter of 2023, we are continuing our focus on efficiency and streamlining operations, and in late July we executed a reduction in the Company’s workforce by approximately 5%. The Company will incur severance charges in a range of approximately $2.0 to $3.0 million. The resulting lower compensation expense in the third quarter of 2023 will largely be offset by investments in marketing expenses to drive low-cost deposit growth, and lower expense deferral associated with slowing loan originations. As a reminder, under the relevant accounting guidance, the Company defers the expenses associated with the origination of new loans, and recognizes this expense as a reduction to loan yield over the life of the loan. We expect the full benefit of the reduction in workforce to materialize in the fourth quarter of 2023.

•Employee benefits decreased $1.1 million to $7.5 million in the second quarter of 2023 as a result of higher seasonal payroll taxes impacting the first quarter of 2023.

•Outsourced data processing costs increased $5.7 million to $20.2 million in the second quarter of 2023. The second quarter of 2023 included $10.9 million in merger-related expenses, compared to $6.6 million in the first quarter of 2023. Termination penalties related to the Professional technology contracts were recorded in the second quarter in conjunction with the system conversion.

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

•Telephone and data lines increased $0.4 million to $1.5 million in the second quarter of 2023 reflecting the expansion of the branch footprint.

•Legal and professional fees decreased by $3.4 million to $4.1 million in the second quarter of 2023, and included $1.7 million in merger-related expenses during the second quarter of 2023 compared to $4.8 million of merger-related expenses in the first quarter of 2023.

•Amortization of intangibles increased by $0.9 million to $7.7 million resulting from the first full quarter of amortization of the core deposit intangible assets acquired from Professional. These assets are amortized using an accelerated amortization method.

•Other noninterest expenses increased $1.1 million to $8.3 million in the second quarter of 2023, primarily attributed to maintaining parallel activities and processes prior to the conversion of Professional in June 2023.

•Seacoast recorded $10.2 million of income tax expense in the second quarter of 2023, compared to $2.7 million in the first quarter of 2023, and $8.9 million in the second quarter of 2022, with an effective tax rate of 24.6%, 18.6%, and 21.3%, respectively. Impacts related to stock-based compensation were tax expense of $0.3 million in the second quarter of 2023, tax benefits of $0.2 million in the first quarter of 2023, and tax benefits of $0.4 million in the second quarter of 2022. The first quarter of 2023 included a discrete benefit of $0.6 million related to the BOLI distribution which, combined with lower overall pre-tax income, resulted in a lower effective tax rate in that period.

•The efficiency ratio was 67.34% in the second quarter of 2023, compared to 65.43% in the first quarter of 2023 and 56.22% in the prior year quarter. The adjusted efficiency ratio1 was 56.44% in the second quarter of 2023, compared to 53.10% in the first quarter of 2023 and 53.15% in the prior year quarter. The Company continues to remain keenly focused on disciplined expense control. The increase in the adjusted efficiency ratio primarily reflects the impact of higher deposit rates on net interest income in the period. The adjusted efficiency ratio1 for the six months ended June 30, 2023 was 54.76% compared to 53.97% for the six months ended June 30, 2022.

Balance Sheet

•At June 30, 2023, the Company had total assets of $15.0 billion and totalshareholders' equity of $2.1 billion. Book value per share was $24.14 on June 30, 2023, compared to $24.24 on March 31, 2023, and $21.65 on June 30, 2022. Tangible book value per share totaled $14.24 on June 30, 2023 compared to $14.25 on March 31, 2023 and $16.66 on June 30, 2022. Removing the impact of the change in accumulated comprehensive income, tangible book value per share increased by $0.20.

•Debt securities totaled $2.6 billion on June 30, 2023, a decrease of $129.8 million, or 5%, compared to March 31, 2023. Debt securities include approximately $1.9 billion in securities held at fair value and classified as available for sale. The unrealized loss on these securities is fully reflected in the value presented on the balance sheet. The portfolio also includes $707.8 million in securities classified as held to maturity with a fair value of $577.6 million. Held-to-maturity securities consist solely of mortgage-backed securities and collateralized mortgage obligations guaranteed by U.S. government agencies, each of which is expected to recover any price depreciation over its holding period as the debt securities move to maturity. The Company has significant liquidity and available borrowing capacity and has the intent and ability to hold these investments to maturity.

•Loans decreased $16.5 million when compared to the prior quarter, totaling $10.1 billion as of June 30, 2023.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 given the current environment.

•Loan originations were $518.9 million in the second quarter of 2023, a decrease of 3% compared to $536.3 million in the first quarter of 2023.

•Commercial originations were $317.4 million during the second quarter of 2023, compared to $321.7 million in the first quarter of 2023, and $461.9 million in the second quarter of 2022.

•Consumer originations in the second quarter of 2023 were $97.2 million, compared to $110.6 million in the first quarter of 2023, and $130.8 million in the second quarter of 2022.

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

•Residential loans originated for sale in the secondary market totaled $19.1 million in the second quarter of 2023, compared to $13.9 million in the first quarter of 2023, and $42.7 million in the second quarter of 2022.

•Closed residential loans retained in the portfolio totaled $85.3 million in the second quarter of 2023, compared to $90.1 million in the first quarter of 2023, and $103.0 million in the second quarter of 2022.

•Pipelines (loans in underwriting and approval or approved and not yet closed) totaled $284.6 million on June 30, 2023, a decrease of 27% from March 31, 2023, and a decrease of 54% from June 30, 2022.

•Commercial pipelines were $217.6 million as of June 30, 2023, a decrease of 27% from $297.4 million at March 31, 2023, and a decrease of 54% from $476.7 million at June 30, 2022. The decline in pipeline quarter over quarter was the result of the impact of higher rates and a continued selective approach on new credit facilities given a cautious economic outlook.

•Consumer pipelines were $28.4 million as of June 30, 2023, a decrease of $10.3 million from $38.7 million at March 31, 2023, and a decrease of 62% from $75.5 million at June 30, 2022.

•Residential saleable pipelines were $11.5 million as of June 30, 2023, compared to $6.6 million at March 31, 2023, and $14.7 million at June 30, 2022. Retained residential pipelines were $27.1 million as of June 30, 2023, compared to $48.4 million at March 31, 2023, and $53.1 million at June 30, 2022.

•Total deposits were $12.3 billion as of June 30, 2023, a decrease of $26.4 million when compared to March 31, 2023, and an increase of $3.1 billion, or 34%, compared to June 30, 2022. Seacoast’s granular, longstanding deposit base is a hallmark of our franchise, and in the current environment serves as a significant source of strength. The Company continues to maintain balance sheet flexibility and ended the quarter with a loan to deposit ratio of 82%.

•At June 30, 2023, transaction account balances represented 57% of overall deposits.

•Noninterest bearing demand deposits represent 34% of overall deposits.

•Average deposits per banking center were $157 million at June 30, 2023 compared to $148 million at March 31, 2023.

•Uninsured deposits represented only 34% of overall deposit accounts as of June 30, 2023. 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 28% 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 155% of uninsured deposits, and 184% of uninsured and uncollateralized deposits.

•Consumer deposits represent 43% of overall deposit funding with an average consumer customer balance of $23 thousand. Commercial deposits represent 57% of overall deposit funding with an average business customer balance of $109 thousand.

•Federal Home Loan Bank advances totaled $160.0 million at June 30, 2023 with a weighted average interest rate of 3.64%. In the aggregate, borrowed funds, including FHLB advances, subordinated debt, and brokered deposits represented only 6.6% of total liabilities as of June 30, 2023.

Asset Quality

•Credit metrics remain strong with charge-offs, non-accruals, and criticized assets at historically low levels. The Company remains diligent in its monitoring of these metrics, as well as changes in the broader economic environment.

•Nonperforming loans were $48.3 million at June 30, 2023. Nonperforming loans to total loans outstanding were 0.48% at June 30, 2023, 0.50% at March 31, 2023, and 0.40% at June 30, 2022.

•Nonperforming assets to total assets decreased to 0.37% at June 30, 2023, compared to 0.38% at March 31, 2023, and increased from 0.27% at June 30, 2022.

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

•Theratio of allowance for credit losses to total loans was 1.58% at June 30, 2023, 1.54% at March 31, 2023, and 1.39% at June 30, 2022.

•Net charge-offs of $0.7 million for the second quarter of 2023 compared to $3.2 million in the first quarter of 2023 and compared to a net recovery of $0.1 million in the second quarter of 2022. Net charge-offs for the four most recent quarters averaged 0.06%.

•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 $278 thousand, and the average commercial loan size is $685 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 52% and 256% of total bank-level risk-based capital, respectively, compared to 48% and 258%, respectively, at March 31, 2023. On a consolidated basis, construction and land development and commercial real estate loans represent 47% and 236%, 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, 2023 of 13.9% compared to 13.4% at March 31, 2023, and 16.8% at June 30, 2022. The total capital ratio was 15.0%, the common equity tier 1 capital ratio was 12.9%, and the tier 1 leverage ratio was 10.8% at June 30, 2023. The Company is considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements.

•In April 2023, the Company announced an increase to its common sharedividend by $0.01 to $0.18 per share.

•Cash and cash equivalents at June 30, 2023 totaled $727.9 million.

•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 2023, 2,515 shares were repurchased under the program at a weighted average price of $17.99 per share.

•The Company’s loan to deposit ratio was 82% at June 30, 2023, providing liquidity and flexibility moving forward.

•Tangible common equity to tangible assets was 8.53% at June 30, 2023, compared to 8.36% at March 31, 2023, and 9.74% at June 30, 2022. If all held-to-maturity securities were adjusted to fair value, the tangible common equity ratio would have been 7.87%.

•At June 30, 2023, in addition to $727.9 million in cash, the Company had $5.7 billion in available borrowing capacity, including $4.7 billion in available collateralized lines of credit, $0.7 billion of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of $0.3 billion. These liquidity sources as of June 30, 2023 represented 184% of uninsured and uncollateralized deposits.

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'23			1Q'23			4Q'22			3Q'22			2Q'22
Selected balance sheet data:
Gross loans	$	10,117,919		$	10,134,395		$	8,144,724		$	6,690,845		$	6,541,548
Total deposits	12,283,267			12,309,701			9,981,595			8,765,414			9,188,953
Total assets	15,041,932			15,255,408			12,145,762			10,345,235			10,811,704
Performance measures:
Net income	$	31,249		$	11,827		$	23,927		$	29,237		$	32,755
Net interest margin	3.86		%	4.31		%	4.36		%	3.67		%	3.38		%
Pre-tax pre-provision earnings1	40,864			46,321			45,999			43,143			42,580
Average diluted shares outstanding	85,536			80,717			71,374			61,961			61,923
Diluted earnings per share (EPS)	$	0.37		$	0.15		$	0.34		$	0.47		$	0.53
Return on (annualized):
Average assets (ROA)	0.84		%	0.34		%	0.78		%	1.10		%	1.21		%
Average tangible assets (ROTA)2	1.06			0.52			0.94			1.17			1.29
Average tangible common equity (ROTCE)2	12.08			5.96			10.36			11.53			13.01
Tangible common equity to tangible assets2	8.53			8.36			9.08			9.79			9.74
Tangible book value per share2	$	14.24		$	14.25		$	14.69		$	15.98		$	16.66
Efficiency ratio	67.34		%	65.43		%	63.39		%	57.13		%	56.22		%
Adjusted operating measures1:
Adjusted net income	$	49,203		$	29,241		$	39,926		$	32,837		$	36,327
Adjusted pre-tax pre-provision earnings	64,856			71,081			66,649			48,989			46,397
Adjusted diluted EPS	0.58			0.36			0.56			0.53			0.59
Adjusted ROTA2	1.41		%	0.90		%	1.36		%	1.27		%	1.38		%
Adjusted ROTCE2	16.08			10.34			15.05			12.48			13.97
Adjusted efficiency ratio	56.44			53.10			51.52			53.28			53.15
Net adjusted noninterest expense as a percent of average tangible assets2	2.40			2.47			2.42			2.16			2.00
Other data:
Market capitalization3	$	1,880,407		$	2,005,241		$	2,233,761		$	1,858,429		$	2,028,996
Full-time equivalent employees	1,670			1,650			1,490			1,156			1,095
Number of ATMs	96			97			100			79			79
Full-service banking offices	78			83			78			58			58
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP.
2The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders' equity less intangible assets.
3Common shares outstanding multiplied by closing bid price on last day of each period.

OTHER INFORMATION

Conference Call Information

Seacoast will host a conference call July 28th, 2023, at 10:00 a.m. Eastern Time, to discuss the second quarter 2023 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 736-4594. 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 $12.3 billion in deposits as of June 30, 2023. Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 78 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 (the “Exchange Act”), 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, including Professional Holding Corp., 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 the recent adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes, including those that impact the money supply and inflation and the possibility that the U.S. could default on its debt obligations; 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, 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; 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; 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 effects of problems encountered by other financial institutions that adversely affect Seacoast or the banking industry; 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; fraud or misconduct by internal or external, 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, including the impact of supply chain disruptions; 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, including the impacts related to or resulting from Russia’s military action in Ukraine, 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; unexpected outcomes of and the costs associated with, existing or new litigation involving the Company, including as a result of the Company’s participation in the Paycheck Protection Program (“PPP”); Seacoast’s ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines 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 and sales of capital stock could trigger a reduction in the amount of net operating loss carryforwards that the Company may be able to utilize for income tax purposes; 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 operating in the Company’s market areas and elsewhere, including institutions operating regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; the failure of assumptions underlying the establishment of reserves for possible credit losses; risks related to environmental, social and governance (“ESG”) matters, the scope and pace of which could alter Seacoast’s reputation and shareholder, associate, customer and third-party affiliations; the risks relating to bank acquisitions including the the merger with Professional Holding Corp. including, without limitation: the diversion of management's time on issues related to the merger; unexpected transaction costs, including the costs of integrating operations; the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following the mergers being lower than expected; the risk of deposit and customer attrition; regulatory enforcement and litigation risk; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruptions, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets; 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, 2022 and quarterly report on Form 10-Q for the quarter ended June 30, 2023 under "Special Cautionary Notice Regarding Forward-Looking Statements" and "Risk Factors", and otherwise in the Company’s SEC reports and filings. 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'23			1Q'23				4Q'22			3Q'22			2Q'22			2Q'23			2Q'22
Summary of Earnings
Net income	$	31,249		$	11,827			$	23,927		$	29,237		$	32,755		$	43,076		$	53,343
Adjusted net income1	49,203			29,241				39,926			32,837			36,327			78,444			63,383
Net interest income2	127,153			131,351				119,858			88,399			81,764			258,504			158,403
Net interest margin2,3	3.86		%	4.31		%		4.36		%	3.67		%	3.38		%	4.09		%	3.32		%
Pre-tax pre-provision earnings1	40,864			46,321				45,999			43,143			42,580			87,185			75,675
Adjusted pre-tax pre-provision earnings1	64,856			71,081				66,649			48,989			46,397			135,937			88,134
Performance Ratios
Return on average assets-GAAP basis3	0.84		%	0.34		%		0.78		%	1.10		%	1.21		%	0.60		%	1.00		%
Return on average tangible assets-GAAP basis3,4	1.06			0.52				0.94			1.17			1.29			0.80			1.07
Adjusted return on average tangible assets1,3,4	1.41			0.90				1.36			1.27			1.38			1.16			1.23
Pre-tax pre-provision return on average tangible assets1,3,4	1.33			1.58				1.69			1.71			1.66			1.45			1.51
Adjusted pre-tax pre-provision return on average tangible assets1,3,4	1.85			2.18				2.28			1.89			1.77			2.01			1.70
Net adjusted noninterest expense to average tangible assets1,3,4	2.40			2.47				2.42			2.16			2.00			2.44			2.00
Return on average shareholders' equity-GAAP basis3	6.05			2.53				6.03			8.60			9.73			4.38			7.82
Return on average tangible common equity-GAAP basis3,4	12.08			5.96				10.36			11.53			13.01			9.14			10.46
Adjusted return on average tangible common equity1,3,4	16.08			10.34				15.05			12.48			13.97			13.32			11.95
Efficiency ratio5	67.34			65.43				63.39			57.13			56.22			66.37			59.17
Adjusted efficiency ratio1	56.44			53.10				51.52			53.28			53.15			54.76			53.97
Noninterest income to total revenue (excluding securities gains/losses)	14.63			14.55				12.84			15.72			17.45			14.59			17.30
Tangible common equity to tangible assets4	8.53			8.36				9.08			9.79			9.74			8.53			9.74
Average loan-to-deposit ratio	83.48			82.43				77.67			73.90			70.60			82.98			70.92
End of period loan-to-deposit ratio	82.42			82.35				81.63			76.35			71.34			82.42			71.34
Per Share Data
Net income diluted-GAAP basis	$	0.37		$	0.15			$	0.34		$	0.47		$	0.53		$	0.52		$	0.86
Net income basic-GAAP basis	0.37			0.15				0.34			0.48			0.53			0.52			0.87
Adjusted earnings1	0.58			0.36				0.56			0.53			0.59			0.94			1.03
Book value per share common	24.14			24.24				22.45			20.95			21.65			24.14			21.65
Tangible book value per share	14.24			14.25				14.69			15.98			16.66			14.24			16.66
Cash dividends declared	0.18			0.17				0.17			0.17			0.17			0.35			0.30
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).

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'23		1Q'23			4Q'22		3Q'22		2Q'22		2Q'23		2Q'22
Interest on securities:
Taxable	$	20,898	$	19,244		$	18,530	$	15,653	$	12,387	$	40,142	$	22,428
Nontaxable	97		105			130		138		138		202		278
Interest and fees on loans	148,265		135,168			105,322		73,970		69,307		283,433		136,425
Interest on federal funds sold and other investments	5,023		3,474			3,127		1,643		1,917		8,497		2,850
Total Interest Income	174,283		157,991			127,109		91,404		83,749		332,274		161,981
Interest on deposits	27,183		16,033			3,934		1,623		994		43,216		1,761
Interest on time certificates	14,477		5,552			1,358		380		436		20,029		904
Interest on borrowed money	5,660		5,254			2,108		1,117		672		10,914		1,147
Total Interest Expense	47,320		26,839			7,400		3,120		2,102		74,159		3,812
Net Interest Income	126,963		131,152			119,709		88,284		81,647		258,115		158,169
Provision for credit losses	(764)		31,598			14,129		4,676		822		30,834		7,378
Net Interest Income After Provision for Credit Losses	127,727		99,554			105,580		83,608		80,825		227,281		150,791
Noninterest income:
Service charges on deposit accounts	4,560		4,242			3,996		3,504		3,408		8,802		6,209
Interchange income	5,066		4,694			4,650		4,138		4,255		9,760		8,383
Wealth management income	3,318		3,063			2,886		2,732		2,774		6,381		5,433
Mortgage banking fees	576		426			426		434		932		1,002		2,618
Insurance agency income	1,160		1,101			805		—		—		2,261		—
SBA gains	249		322			105		108		473		571		629
BOLI income	2,068		1,916			1,526		1,363		1,349		3,984		2,683
Other	4,755		6,574			3,239		4,186		4,073		11,329		7,134
	21,752		22,338			17,633		16,465		17,264		44,090		33,089
Securities (losses) gains, net	(176)		107			18		(362)		(300)		(69)		(752)
Total Noninterest Income	21,576		22,445			17,651		16,103		16,964		44,021		32,337
Noninterest expenses:
Salaries and wages	45,155		47,616			45,405		28,420		28,056		92,771		56,275
Employee benefits	7,472		8,562			5,300		4,074		4,151		16,034		9,652
Outsourced data processing costs	20,222		14,553			9,918		5,393		6,043		34,775		12,199
Telephone / data lines	1,518		1,081			1,185		973		908		2,599		1,641
Occupancy	7,065		6,938			5,457		5,046		4,050		14,003		8,036
Furniture and equipment	2,345		2,267			1,944		1,462		1,588		4,612		3,014
Marketing	2,047		2,238			1,772		1,461		1,882		4,285		3,053
Legal and professional fees	4,062		7,479			9,174		3,794		2,946		11,541		7,735
FDIC assessments	2,116		1,443			889		760		699		3,559		1,488
Amortization of intangibles	7,654		6,727			4,763		1,446		1,446		14,381		2,892
Foreclosed property expense and net (gain) loss on sale	(57)		195			(411)		9		(968)		138		(1,132)
Provision for credit losses on unfunded commitments	—		1,239			—		1,015		—		1,239		142
Other	8,266		7,137			6,114		7,506		5,347		15,403		10,070
Total Noninterest Expense	107,865		107,475			91,510		61,359		56,148		215,340		115,065
Income Before Income Taxes	41,438		14,524			31,721		38,352		41,641		55,962		68,063
Income taxes	10,189		2,697			7,794		9,115		8,886		12,886		14,720
Net Income	$	31,249	$	11,827		$	23,927	$	29,237	$	32,755	$	43,076	$	53,343
Per share of common stock:
Net income diluted	$	0.37	$	0.15		$	0.34	$	0.47	$	0.53	$	0.52	$	0.86
Net income basic	0.37		0.15			0.34		0.48		0.53		0.52		0.87
Cash dividends declared	0.18		0.17			0.17		0.17		0.17		0.35		0.30
Average diluted shares outstanding	85,536		80,717			71,374		61,961		61,923		83,260		61,818
Average basic shares outstanding	85,022		80,151			70,770		61,442		61,409		82,600		61,269

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)	2023		2023		2022		2022		2022
Assets
Cash and due from banks	$	164,193	$	180,607	$	120,748	$	176,463	$	363,343
Interest bearing deposits with other banks	563,690		610,636		81,192		42,152		538,025
Total Cash and Cash Equivalents	727,883		791,243		201,940		218,615		901,368
Time deposits with other banks	2,987		3,236		3,236		4,481		4,730
Debt Securities:
Available for sale (at fair value)	1,916,231		2,015,967		1,871,742		1,860,734		1,800,791
Held to maturity (at amortized cost)	707,812		737,911		747,408		774,706		794,785
Total Debt Securities	2,624,043		2,753,878		2,619,150		2,635,440		2,595,576
Loans held for sale	5,967		2,838		3,151		1,620		14,205
Loans	10,117,919		10,134,395		8,144,724		6,690,845		6,541,548
Less: Allowance for credit losses	(159,715)		(155,640)		(113,895)		(95,329)		(90,769)
Net Loans	9,958,204		9,978,755		8,030,829		6,595,516		6,450,779
Bank premises and equipment, net	116,959		116,522		116,892		81,648		74,784
Other real estate owned	7,526		7,756		2,301		2,419		2,419
Goodwill	732,910		728,396		480,319		286,606		286,606
Other intangible assets, net	109,716		117,409		75,451		18,583		20,062
Bank owned life insurance	293,880		292,545		237,824		209,087		207,724
Net deferred tax assets	127,941		124,301		94,457		83,139		60,080
Other assets	333,916		338,529		280,212		208,081		193,371
Total Assets	$	15,041,932	$	15,255,408	$	12,145,762	$	10,345,235	$	10,811,704
Liabilities and Shareholders' Equity
Liabilities
Deposits
Noninterest demand	$	4,139,052	$	4,554,509	$	4,070,973	$	3,529,489	$	3,593,201
Interest-bearing demand	2,816,656		2,676,320		2,337,590		2,170,251		2,269,148
Savings	824,255		940,702		1,064,392		938,081		946,738
Money market	2,859,164		2,893,128		1,985,974		1,700,737		1,911,847
Other time certificates	628,036		598,483		369,389		312,840		350,571
Brokered time certificates	591,503		371,392		3,798		—		—
Time certificates of more than $250,000	424,601		275,167		149,479		114,016		117,448
Total Deposits	12,283,267		12,309,701		9,981,595		8,765,414		9,188,953
Securities sold under agreements to repurchase	290,156		267,606		172,029		94,191		110,578
Federal Home Loan Bank borrowings	160,000		385,000		150,000		—		—
Subordinated debt, net	105,970		105,804		84,533		71,857		71,786
Other liabilities	148,507		136,213		149,830		125,971		110,812
Total Liabilities	12,987,900		13,204,324		10,537,987		9,057,433		9,482,129
Shareholders' Equity
Common stock	8,509		8,461		7,162		6,148		6,141
Additional paid in capital	1,809,431		1,803,898		1,377,802		1,068,241		1,065,167
Retained earnings	437,087		421,271		423,863		412,166		393,431
Treasury stock	(14,171)		(13,113)		(13,019)		(11,539)		(11,632)
	2,240,856		2,220,517		1,795,808		1,475,016		1,453,107
Accumulated other comprehensive (loss) income, net	(186,824)		(169,433)		(188,033)		(187,214)		(123,532)
Total Shareholders' Equity	2,054,032		2,051,084		1,607,775		1,287,802		1,329,575
Total Liabilities & Shareholders' Equity	$	15,041,932	$	15,255,408	$	12,145,762	$	10,345,235	$	10,811,704
Common shares outstanding	85,086		84,609		71,618		61,476		61,410

CONSOLIDATED QUARTERLY FINANCIAL DATA							(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Amounts in thousands)	2Q'23			1Q'23			4Q'22			3Q'22			2Q'22
Credit Analysis
Net charge-offs (recoveries)	$	705		$	3,188		$	782		$	103		$	(124)
Net charge-offs (recoveries) to average loans	0.03		%	0.14		%	0.04		%	0.01		%	—		%
Allowance for credit losses	159,715			155,640			113,895			95,329			90,769
Non-acquired loans at end of period	6,264,044			6,048,453			5,944,194			5,653,357			5,399,923
Acquired loans at end of period	3,853,875			4,085,942			2,200,530			1,037,488			1,141,625
Total Loans	$	10,117,919		$	10,134,395		$	8,144,724		$	6,690,845		$	6,541,548
Total allowance for credit losses to total loans at end of period	1.58			1.54			1.40			1.42			1.39
Purchase discount on acquired loans at end of period	4.98			5.02			4.25			1.81			1.84
End of Period
Nonperforming loans	$	48,326		$	50,787		$	28,843		$	21,464		$	26,442
Other real estate owned	530			530			530			109			109
Properties previously used in bank operations included in other real estate owned	6,996			7,226			1,771			2,310			2,310
Total Nonperforming Assets	$	55,852		$	58,543		$	31,144		$	23,883		$	28,861
Nonperforming Loans to Loans at End of Period	0.48		%	0.50		%	0.35		%	0.32		%	0.40		%
Nonperforming Assets to Total Assets at End of Period	0.37			0.38			0.26			0.23			0.27
	June 30,			March 31,			December 31,			September 30,			June 30,
Loans	2023			2023			2022			2022			2022
Construction and land development	$	794,371		$	757,835		$	587,332		$	361,913		$	350,025
Commercial real estate - owner occupied	1,669,369			1,652,491			1,478,302			1,253,459			1,254,343
Commercial real estate - non-owner occupied 1	3,370,211			3,412,051			2,589,774			2,107,614			1,972,540
Residential real estate 1	2,396,352			2,354,394			1,849,503			1,599,765			1,647,465
Commercial and financial	1,610,895			1,650,485			1,348,636			1,182,384			1,124,771
Consumer	272,082			301,740			286,587			180,416			175,201
Paycheck Protection Program	4,639			5,399			4,590			5,294			17,203
Total Loans	$	10,117,919		$	10,134,395		$	8,144,724		$	6,690,845		$	6,541,548
1 In 3Q'22, $100 million in loans to commercial borrowers collateralized by residential properties were reclassified from "Residential real estate" to "Commercial real estate - non-owner occupied."

AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1									(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	2Q'23						1Q'23							2Q'22
	Average				Yield/		Average					Yield/		Average				Yield/
(Amounts in thousands)	Balance		Interest		Rate		Balance			Interest		Rate		Balance		Interest		Rate
Assets
Earning assets:
Securities:
Taxable	$	2,673,633	$	20,898	3.13	%	$	2,700,122		$	19,244	2.85	%	$	2,517,879	$	12,387	1.97	%
Nontaxable	15,621		120		3.08		16,271			131		3.22		22,443		175		3.12
Total Securities	2,689,254		21,018		3.13		2,716,393			19,375		2.85		2,540,322		12,562		1.98
Federal funds sold	327,433		4,313		5.28		106,778			1,294		4.91		644,144		1,281		0.80
Interest bearing deposits with other banks and other investments	90,783		710		3.14		178,463			2,180		4.95		46,257		636		5.51
Loans excluding PPP loans	10,096,394		148,420		5.90		9,363,873			135,329		5.86		6,454,444		68,647		4.27
PPP loans	4,834		12		1.00		5,328			12		0.91		26,322		741		11.29
Total Loans	10,101,228		148,432		5.89		9,369,201			135,341		5.86		6,480,766		69,388		4.29
Total Earning Assets	13,208,698		174,473		5.30		12,370,835			158,190		5.19		9,711,489		83,867		3.46
Allowance for credit losses	(156,207)						(139,989)							(90,242)
Cash and due from banks	165,625						156,235							389,695
Premises and equipment	117,726						116,083							74,614
Intangible assets	842,988						750,694							307,411
Bank owned life insurance	293,251						274,517							206,839
Other assets including deferred tax assets	415,208						419,601							240,712
Total Assets	$	14,887,289					$	13,947,976						$	10,840,518
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand	$	2,666,314	$	7,560	1.14	%	$	2,452,113		$	3,207	0.53	%	$	2,262,408	$	293	0.05	%
Savings	906,936		427		0.19		1,053,220			400		0.15		962,264		64		0.03
Money market	2,806,672		19,196		2.74		2,713,224			12,426		1.86		1,938,421		637		0.13
Time deposits	1,425,344		14,477		4.07		812,422			5,552		2.77		496,186		436		0.35
Securities sold under agreements to repurchase	244,824		1,593		2.61		173,498			864		2.02		120,437		94		0.31
Federal Home Loan Bank borrowings	251,596		2,272		3.62		282,444			2,776		3.99		—		—		—
Subordinated debt	105,861		1,795		6.80		98,425			1,614		6.65		71,740		579		3.24
Total Interest-Bearing Liabilities	8,407,547		47,320		2.26		7,585,346			26,839		1.43		5,851,456		2,103		0.14
Noninterest demand	4,294,251						4,334,969							3,520,700
Other liabilities	114,962						130,616							117,794
Total Liabilities	12,816,760						12,050,931							9,489,950
Shareholders' equity	2,070,529						1,897,045							1,350,568
Total Liabilities & Equity	$	14,887,289					$	13,947,976						$	10,840,518
Cost of deposits					1.38	%						0.77	%					0.06	%
Interest expense as a % of earning assets					1.44	%						0.88	%					0.09	%
Net interest income as a % of earning assets			$	127,153	3.86	%				$	131,351	4.31	%			$	81,764	3.38	%
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, 2023							Six Months Ended June 30, 2022
	Average				Yield/			Average				Yield/
(Amounts in thousands, except ratios)	Balance		Interest		Rate			Balance		Interest		Rate
Assets
Earning assets:
Securities:
Taxable	$	2,686,804	$	40,142	2.99	%		$	2,462,447	$	22,428	1.82	%
Nontaxable	15,944		251		3.15			23,238		352		3.03
Total Securities	2,702,748		40,393		2.99			2,485,685		22,780		1.83
Federal funds sold	228,491		5,787		5.11			691,105		1,631		0.48
Interest bearing deposits with other banks and other investments	90,750		2,710		6.02			45,631		1,219		5.39
Loans excluding PPP loans	9,732,156		283,749		5.88			6,366,194		134,322		4.25
PPP loans	5,080		24		0.95			44,024		2,264		10.37
Total Loans	9,737,236		283,773		5.88			6,410,218		136,586		4.30
Total Earning Assets	12,759,225		332,663		5.26			9,632,639		162,216		3.40
Allowance for credit losses	(148,143)							(88,862)
Cash and due from banks	193,811							377,831
Premises and equipment	116,909							75,241
Intangible assets	797,096							305,875
Bank owned life insurance	283,936							206,173
Other assets including deferred tax assets	417,393							226,205
Total Assets	$	14,420,227						$	10,735,102
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand	$	2,559,805	$	10,767	0.85	%		$	2,180,351	$	483	0.04	%
Savings	979,674		827		0.17			943,908		129		0.03
Money market	2,760,207		31,622		2.31			1,957,435		1,149		0.12
Time deposits	1,120,576		20,029		3.60			528,255		904		0.35
Securities sold under agreements to repurchase	209,358		2,456		2.37			119,298		133		0.22
Federal Home Loan Bank borrowings	266,935		5,048		3.81			—		—		—
Subordinated debt	102,164		3,410		6.73			71,706		1,015		2.85
Total Interest-Bearing Liabilities	7,998,719		74,159		1.87			5,800,953		3,813		0.13
Noninterest demand	4,314,498							3,428,921
Other liabilities	122,746							129,815
Total Liabilities	12,435,963							9,359,689
Shareholders' equity	1,984,264							1,375,413
Total Liabilities & Equity	$	14,420,227						$	10,735,102
Cost of deposits					1.09	%						0.06	%
Interest expense as a % of earning assets					1.17	%						0.08	%
Net interest income as a % of earning assets			$	258,504	4.09	%				$	158,403	3.32	%
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)	2023		2023			2022		2022		2022
Customer Relationship Funding
Noninterest demand
Commercial	$	3,304,761	$	3,622,441		$	3,148,778	$	2,827,591	$	2,945,445
Retail	615,536		673,686			764,274		447,848		464,214
Public funds	152,159		194,977			112,553		210,662		143,075
Other	66,596		63,405			45,368		43,388		40,467
Total Noninterest Demand	4,139,052		4,554,509			4,070,973		3,529,489		3,593,201
Interest-bearing demand
Commercial	1,555,486		1,233,845			886,894		759,286		769,948
Retail	1,058,993		1,209,664			1,191,192		1,199,112		1,207,698
Brokered	—		44,474			54,777		81,799		—
Public funds	202,177		188,337			204,727		130,054		291,502
Total Interest-Bearing Demand	2,816,656		2,676,320			2,337,590		2,170,251		2,269,148
Total transaction accounts
Commercial	4,860,247		4,856,286			4,035,672		3,586,877		3,715,393
Retail	1,674,529		1,883,350			1,955,466		1,646,960		1,671,912
Brokered	—		44,474			54,777		81,799		—
Public funds	354,336		383,314			317,280		340,716		434,577
Other	66,596		63,405			45,368		43,388		40,467
Total Transaction Accounts	6,955,708		7,230,829			6,408,563		5,699,740		5,862,349
Savings
Commercial	101,908		108,023			91,943		71,807		70,090
Retail	722,347		832,679			972,449		866,274		876,648
Total Savings	824,255		940,702			1,064,392		938,081		946,738
Money market
Commercial	1,426,348		1,542,220			932,518		788,009		819,452
Retail	1,275,721		1,279,712			984,561		857,914		914,918
Brokered	—		—			—		—		106,823
Public funds	157,095		71,196			68,895		54,814		70,654
Total Money Market	2,859,164		2,893,128			1,985,974		1,700,737		1,911,847
Brokered time certificates	591,503		371,392			3,798		—		—
Other time certificates	1,052,637		873,650			518,868		426,856		468,019
	1,644,140		1,245,042			522,666		426,856		468,019
Total Deposits	$	12,283,267	$	12,309,701		$	9,981,595	$	8,765,414	$	9,188,953
Customer sweep accounts	$	290,156	$	267,606		$	172,029	$	94,191	$	110,578

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'23			1Q'23				4Q'22			3Q'22			2Q'22			2Q'23			2Q'22
Net Income	$	31,249		$	11,827			$	23,927		$	29,237		$	32,755		$	43,076		$	53,343
Total noninterest income	21,576			22,445				17,651			16,103			16,964			44,021			32,337
Securities losses (gains), net	176			(107)				(18)			362			300			69			752
BOLI benefits on death (included in other income)	—			(2,117)				—			—			—			(2,117)			—
Total Adjustments to Noninterest Income	176			(2,224)				(18)			362			300			(2,048)			752
Total Adjusted Noninterest Income	21,752			20,221				17,633			16,465			17,264			41,973			33,089
Total noninterest expense	107,865			107,475				91,510			61,359			56,148			215,340			115,065
Salaries and wages	(1,573)			(4,240)				(5,680)			—			(652)			(5,813)			(3,605)
Outsourced data processing costs	(10,904)			(6,551)				(2,582)			—			(420)			(17,455)			(1,052)
Legal and professional fees	(1,664)			(4,789)				(6,485)			(1,791)			(1,381)			(6,453)			(4,272)
Other categories	(1,507)			(1,952)				(1,393)			(263)			(586)			(3,459)			(802)
Total merger related charges	(15,648)			(17,532)				(16,140)			(2,054)			(3,039)			(33,180)			(9,731)
Amortization of intangibles	(7,654)			(6,727)				(4,763)			(1,446)			(1,446)			(14,381)			(2,892)
Branch reductions and other expense initiatives	(571)			(1,291)				(176)			(960)			—			(1,862)			(74)
Total Adjustments to Noninterest Expense	(23,873)			(25,550)				(21,079)			(4,460)			(4,485)			(49,423)			(12,697)
Total Adjusted Noninterest Expense	83,992			81,925				70,431			56,899			51,663			165,917			102,368
Income Taxes	10,189			2,697				7,794			9,115			8,886			12,886			14,720
Tax effect of adjustments	6,095			5,912				5,062			1,222			1,213			12,007			3,409
Adjusted Income Taxes	16,284			8,609				12,856			10,337			10,099			24,893			18,129
Adjusted Net Income	$	49,203		$	29,241			$	39,926		$	32,837		$	36,327		$	78,444		$	63,383
Earnings per diluted share, as reported	$	0.37		$	0.15			$	0.34		$	0.47		$	0.53		$	0.52		$	0.86
Adjusted Earnings per Diluted Share	0.58			0.36				0.56			0.53			0.59			0.94			1.03
Average diluted shares outstanding	85,536			80,717				71,374			61,961			61,923			83,260			61,818
Adjusted Noninterest Expense	$	83,992		$	81,925			$	70,431		$	56,899		$	51,663		$	165,917		$	102,368
Provision for credit losses on unfunded commitments	—			(1,239)				—			(1,015)			—			(1,239)			(142)
Foreclosed property expense and net gain (loss) on sale	57			(195)				411			(9)			968			(138)			1,132
Net Adjusted Noninterest Expense	$	84,049		$	80,491			$	70,842		$	55,875		$	52,631		$	164,540		$	103,358
Revenue	$	148,539		$	153,597			$	137,360		$	104,387		$	98,611		$	302,136		$	190,506
Total Adjustments to Revenue	176			(2,224)				(18)			362			300			(2,048)			752
Impact of FTE adjustment	190			199				149			115			117			389			234
Adjusted Revenue on a fully taxable equivalent basis	$	148,905		$	151,572			$	137,491		$	104,864		$	99,028		$	300,477		$	191,492
Adjusted Efficiency Ratio	56.44		%	53.10		%		51.52		%	53.28		%	53.15		%	54.76		%	53.97		%
Net Interest Income	$	126,963		$	131,152			$	119,709		$	88,284		$	81,647		$	258,115		$	158,169
Impact of FTE adjustment	190			199				149			115			117			389			234
Net Interest Income including FTE adjustment	$	127,153		$	131,351			$	119,858		$	88,399		$	81,764		$	258,504		$	158,403
Total noninterest income	21,576			22,445				17,651			16,103			16,964			44,021			32,337
Total noninterest expense	107,865			107,475				91,510			61,359			56,148			215,340			115,065
Pre-Tax Pre-Provision Earnings	$	40,864		$	46,321			$	45,999		$	43,143		$	42,580		$	87,185		$	75,675
Total Adjustments to Noninterest Income	176			(2,224)				(18)			362			300			(2,048)			752
Total Adjustments to Noninterest Expense	(23,816)			(26,984)				(20,668)			(5,484)			(3,517)			(50,800)			(11,707)
Adjusted Pre-Tax Pre-Provision Earnings	$	64,856		$	71,081			$	66,649		$	48,989		$	46,397		$	135,937		$	88,134
Average Assets	$	14,887,289		$	13,947,976			$	12,139,856		$	10,585,338		$	10,840,518		$	14,420,227		$	10,735,102
Less average goodwill and intangible assets	(842,988)			(750,694)				(521,412)			(305,935)			(307,411)			(797,096)			(305,875)
Average Tangible Assets	$	14,044,301		$	13,197,282			$	11,618,444		$	10,279,403		$	10,533,107		$	13,623,131		$	10,429,227

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'23			1Q'23				4Q'22			3Q'22			2Q'22			2Q'23			2Q'22
Return on Average Assets (ROA)	0.84		%	0.34		%		0.78		%	1.10		%	1.21		%	0.60		%	1.00		%
Impact of removing average intangible assets and related amortization	0.22			0.18				0.16			0.07			0.08			0.20			0.07
Return on Average Tangible Assets (ROTA)	1.06			0.52				0.94			1.17			1.29			0.80			1.07
Impact of other adjustments for Adjusted Net Income	0.35			0.38				0.42			0.10			0.09			0.36			0.16
Adjusted Return on Average Tangible Assets	1.41			0.90				1.36			1.27			1.38			1.16			1.23
Pre-Tax Pre-Provision return on Average Tangible Assets	1.33		%	1.58		%		1.69		%	1.71		%	1.66		%	1.45		%	1.51		%
Impact of adjustments on Pre-Tax Pre-Provision earnings	0.52			0.60				0.59			0.18			0.11			0.56			0.19
Adjusted Pre-Tax Pre-Provision Return on Tangible Assets	1.85			2.18				2.28			1.89			1.77			2.01			1.70
Average Shareholders' Equity	$	2,070,529		$	1,897,045			$	1,573,704		$	1,349,475		$	1,350,568		$	1,984,264		$	1,375,413
Less average goodwill and intangible assets	(842,988)			(750,694)				(521,412)			(305,935)			(307,411)			(797,096)			(305,875)
Average Tangible Equity	$	1,227,541		$	1,146,351			$	1,052,292		$	1,043,540		$	1,043,157		$	1,187,168		$	1,069,538
Return on Average Shareholders' Equity	6.05		%	2.53		%		6.03		%	8.60		%	9.73		%	4.38		%	7.82		%
Impact of removing average intangible assets and related amortization	6.03			3.43				4.33			2.93			3.28			4.76			2.64
Return on Average Tangible Common Equity (ROTCE)	12.08			5.96				10.36			11.53			13.01			9.14			10.46
Impact of other adjustments for Adjusted Net Income	4.00			4.38				4.69			0.95			0.96			4.18			1.49
Adjusted Return on Average Tangible Common Equity	16.08			10.34				15.05			12.48			13.97			13.32			11.95
Loan interest income1	$	148,432		$	135,341			$	105,437		$	74,050		$	69,388		$	283,773		$	136,586
Accretion on acquired loans	(14,191)			(15,942)				(9,710)			(2,242)			(2,720)			(30,133)			(6,437)
Loan interest income excluding accretion on acquired loans	$	134,241		$	119,399			$	95,727		$	71,808		$	66,668		$	253,640		$	130,149
Yield on loans1	5.89			5.86				5.29			4.45			4.29			5.88			4.30
Impact of accretion on acquired loans	(0.56)			(0.69)				(0.49)			(0.14)			(0.16)			(0.63)			(0.21)
Yield on loans excluding accretion on acquired loans	5.33		%	5.17		%		4.80		%	4.31		%	4.13		%	5.25		%	4.09		%
Net Interest Income1	$	127,153		$	131,351			$	119,858		$	88,399		$	81,764		$	258,504		$	158,403
Accretion on acquired loans	(14,191)			(15,942)				(9,710)			(2,242)			(2,720)			(30,133)			(6,437)
Net interest income excluding accretion on acquired loans	$	112,962		$	115,409			$	110,148		$	86,157		$	79,044		$	228,371		$	151,966
Net Interest Margin	3.86			4.31				4.36			3.67			3.38			4.09			3.32
Impact of accretion on acquired loans	(0.43)			(0.53)				(0.35)			(0.09)			(0.12)			(0.48)			(0.14)
Net interest margin excluding accretion on acquired loans	3.43		%	3.78		%		4.01		%	3.58		%	3.26		%	3.61		%	3.18		%
Security interest income1	$	21,018		$	19,375			$	18,694		$	15,827		$	12,562		$	40,393		$	22,780
Tax equivalent adjustment on securities	(23)			(26)				(34)			(35)			(36)			(49)			(73)
Security interest income excluding tax equivalent adjustment	$	20,995		$	19,349			$	18,660		$	15,792		$	12,526		$	40,344		$	22,707
Loan interest income1	$	148,432		$	135,341			$	105,437		$	74,050		$	69,388		$	283,773		$	136,586
Tax equivalent adjustment on loans	(167)			(173)				(115)			(80)			(81)			(340)			(161)
Loan interest income excluding tax equivalent adjustment	$	148,265		$	135,168			$	105,322		$	73,970		$	69,307		$	283,433		$	136,425
Net Interest Income1	$	127,153		$	131,351			$	119,858		$	88,399		$	81,764		$	258,504		$	158,403
Tax equivalent adjustment on securities	(23)			(26)				(34)			(35)			(36)			(49)			(73)
Tax equivalent adjustment on loans	(167)			(173)				(115)			(80)			(81)			(340)			(161)
Net interest income excluding tax equivalent adjustment	$	126,963		$	131,152			$	119,709		$	88,284		$	81,647		$	258,115		$	158,169
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.

EX-99.2

EARNINGS PRESENTATION SECOND QUARTER 2023 2023

2SECOND QUARTER 2023 EARNINGS PRESENTATION 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, including Professional Holding Corp., 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 the recent adverse developments in the banking industry highlighted by high- profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes, including those that impact the money supply and inflation and the possibility that the U.S. could default on its debt obligations; 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, 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; 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; 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 effects of problems encountered by other financial institutions that adversely affect Seacoast or the banking industry; 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; fraud or misconduct by internal or external, 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, including the impact of supply chain disruptions; 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, including the impacts related to or resulting from Russia’s military action in Ukraine, 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; unexpected outcomes of and the costs associated with, existing or new litigation involving the Company, including as a result of the Company’s participation in the Paycheck Protection Program (“PPP”); Seacoast’s ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines 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 and sales of capital stock could trigger a reduction in the amount of net operating loss carryforwards that the Company may be able to utilize for income tax purposes; 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 operating in the Company’s market areas and elsewhere, including institutions operating regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; the failure of assumptions underlying the establishment of reserves for possible credit losses; risks related to environmental, social and governance (“ESG”) matters, the scope and pace of which could alter Seacoast’s reputation and shareholder, associate, customer and third-party affiliations; the risks relating to bank acquisitions including the the merger with Professional Holding Corp. including, without limitation: the diversion of management's time on issues related to the merger; unexpected transaction costs, including the costs of integrating operations; the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following the mergers being lower than expected; the risk of deposit and customer attrition; regulatory enforcement and litigation risk; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruptions, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets; 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, 2022 and quarterly report on Form 10-Q for the quarter ended June 30, 2023 under "Special Cautionary Notice Regarding Forward-Looking Statements" and "Risk Factors", and otherwise in the Company’s SEC reports and filings. 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. Cautionary Notice Regarding Forward-Looking Statements

3SECOND QUARTER 2023 EARNINGS PRESENTATION • $15.0 billion in assets as of June 30, 2023, operating in the nation’s fastest growing and third most populated state • Strong presence in Florida’s most attractive markets ▪ #1 Florida-based bank in Orlando MSA ▪ #1 Florida-based bank in Palm Beach county ▪ #1 market share in Port St. Lucie MSA ▪ #2 Florida-based bank in St. Petersburg • A top three publicly traded community bank headquartered in Florida • Market Cap: $1.9 billion as of June 30, 2023 • Serving over 280,000 customers throughout Florida, with a wide variety of customer segments and industries • Strong capital position, supporting further organic growth and opportunistic acquisitions • Unique customer analytics capabilities, driving value creation with new, acquired, and existing customers Jacksonville MSA West Palm Beach Fort Lauderdale Miami MSA Port St. Lucie MSA Orlando MSA Tampa St. Petersburg MSA Naples Fort Myers MSA Valuable Florida Franchise with Strong Capital and Liquidity SEACOAST BANK FOOTPRINT

4SECOND QUARTER 2023 EARNINGS PRESENTATION • Seacoast successfully completed the Professional Bank conversion, wrapping up a significant period of M&A activity that has moved Seacoast beyond the $10 billion asset hurdle and definitively positioned Seacoast as Florida’s Bank. • Net income increased $19.4 million, or 164%, to $31.2 million and adjusted net income1 increased $20.0 million, or 68%, to $49.2 million. • Return on average tangible common equity increased to 12.08%, and on an adjusted basis1 increased to 16.08%. • Strong capital, with ratio of tangible common equity to tangible assets increasing to 8.53%. Adjusting all HTM securities to fair value, the tangible common equity to tangible assets ratio remains at a peer-leading 7.87%. Holding changes in AOCI constant, we expect this ratio to continue to grow in the coming periods. • Total deposits stable at $12.3 billion. • Maintained lending discipline and ended the period with 82% loan to deposit ratio. • Asset quality remains excellent with charge-offs, non-accruals, and criticized assets at historically low levels. • Robust liquidity position, representing 184% of uninsured and uncollateralized deposits. • In late July, as we continue our focus on efficiency and streamlining operations, we executed a reduction in the Company’s workforce by approximately 5%. Second Quarter 2023 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 2023 unless otherwise stated

5SECOND QUARTER 2023 EARNINGS PRESENTATION Net Interest Income ($ in th ou sa nd s) $81,764 $88,399 $119,858 $131,351 $127,153 3.38% 3.67% 4.36% 4.31% 3.86% 3.26% 3.58% 4.01% 3.78% 3.43% Net Interest Income Net Interest Margin NIM, excluding accretion on acquired loans 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 • Net interest income1 totaled $127.2 million, a decrease of $4.2 million, or 3%, from the prior quarter. • Net interest margin contracted 45 basis points to 3.86% and, excluding the effect of accretion on acquired loans, net interest margin contracted 35 basis points to 3.43%. The decline in the net interest margin from prior quarter was the result of a decline of $1.8 million in the accretion for acquired loans, and the impact of rising deposit rates. • Securities yields expanded 28 basis points to 3.13%, including approximately 12 basis points of benefit from interest rate swaps initiated in the current quarter. • Loan yields increased three basis points from the prior quarter. Excluding the effect of accretion on acquired loans, yields increased 16 basis points to 5.33%. • The cost of deposits increased 61 basis points to 1.38%, primarily the result of higher short term interest rates, and an increasingly competitive deposit market. 1Calculated on a fully taxable equivalent basis using amortized cost.

6SECOND QUARTER 2023 EARNINGS PRESENTATION $17,264 $20,221 $21,752 $3,408 $4,242 $4,560 $4,255 $4,694 $5,066 $2,774 $3,063 $3,318$932 $426 $576$4,546 $4,779 $5,004$1,349 $1,916 $2,068 BOLI Other Income Insurance Agency Income Mortgage Banking Wealth Management Interchange Income Service Charges 2Q'22 1Q'23 2Q'23 $16,964 $22,445 $21,576 $3,408 $4,242 $4,560 $4,255 $4,694 $5,066 $2,774 $3,063 $3,318$932 $426 $576$4,246 $7,003 $4,828 $1,349 $1,916 $2,068 BOLI Other Income Insurance Agency Income Mortgage Banking Wealth Management Interchange Income Service Charges 2Q'22 1Q'23 2Q'23 Adjusted Noninterest Income1 ($ in thousands) 2 3 Noninterest Income ($ in thousands) 1 Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. 2 Other Income includes income and gains on SBIC investments, SBA gains, marine finance fees, and other fees related to customer activity as well as $2.1 million BOLI benefits on death in 1Q’23, and securities losses of $300 thousand in 2Q’22, gains of $107 thousand in 1Q'23 and losses of $176 thousand in 2Q'23. 3 Other Income on an adjusted basis includes income and gains on SBIC investments, SBA gains, marine finance fees, and other fees related to customer activity. Noninterest Income Noninterest income decreased $0.9 million from the prior quarter to $21.6 million, and adjusted noninterest income1 increased $1.5 million to $21.8 million. Changes on an adjusted basis include: • Service charges on deposits increased $0.3 million compared to the prior quarter and increased $1.2 million compared to the prior year quarter, benefiting from a continued focus on driving higher treasury fees. • Interchange income totaled $5.1 million in the second quarter, an increase of $0.4 million, or 8%, when compared to the prior quarter and $0.8 million, or 19%, compared to the prior year quarter. As a reminder, in the third quarter interchange income will decline as a result of the impact of the Durbin amendment. • The wealth management division continues to demonstrate success in building relationships, and during the second quarter of 2023, income increased $0.3 million, or 8%, compared to the prior quarter and $0.5 million, or 20%, compared to the prior year quarter. The group added $60 million in assets under management in the second quarter of 2023, bringing total assets under management to $1.6 billion, up 36% from the prior year. $1,101 $1,101 $1,160 $1,160

7SECOND QUARTER 2023 EARNINGS PRESENTATION $708 $793 $870 $1,025 $1,158 $1,161 $1,239 $1,228 $1,162 $1,228 $1,387 $1,518 $1,578 2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 Assets Under Management ($ in millions) 28% CAGR A Continued Focus on Building Wealth Management Assets under management totaled $1.6 billion at June 30, 2023, increasing 36% from June 30, 2022. This is a result of the wealth management team’s continuing success at winning business with commercial relationships and high net worth families across the footprint. Wealth management income was $3.3 million in the second quarter of 2023, compared to $3.1 million in the prior quarter, and $2.8 million in the prior year quarter. In the past three years, assets under management have increased at a compound annual growth rate (“CAGR”) of 28%.

8SECOND QUARTER 2023 EARNINGS PRESENTATION $51,663 $81,925 $83,992 $31,542 $51,094 $50,511$5,623 $8,002 $9,318 $6,347 $9,001 $9,911 $1,565 $2,687 $2,397 $5,887 $9,698 $9,739 Other Expense Legal & Professional Occupancy & Telephone FDIC Assessment Data Processing Cost Salaries & Benefits 2Q'22 1Q'23 2Q'23 $56,148 $107,475 $107,865 $32,207 $56,178 $52,627$1,446 $6,727 $7,654 $6,043 $14,553 $20,222 $6,546 $10,286 $10,928 $2,946 $7,479 $4,062 $6,260 $10,809 $10,256 Other Expense Legal & Professional Occupancy & Telephone FDIC Assessment Data Processing Cost Amortization of Intangibles Salaries & Benefits 2Q'22 1Q'23 2Q'23 Adjusted Noninterest Expense1 ($ in thousands) 2 2 Noninterest Expense ($ in thousands) Noninterest expense increased $0.4 million on a GAAP basis and increased $2.1 million on an adjusted basis. Changes quarter-over-quarter on an adjusted basis, which exclude transaction-specific costs, include: • Salaries and benefits decreased $0.6 million to $50.5 million in the second quarter of 2023, primarily as a result of higher seasonal payroll taxes impacting the first quarter of 2023. • Outsourced data processing costs increased $1.3 million and occupancy and telephone costs increased $0.9 million in the second quarter of 2023, with higher transaction volume and growth in customers. In June 2023, conversion was completed of all Professional Bank systems, including the consolidation of five branch locations. 1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. 2Other Expense includes marketing expenses, provision for unfunded commitments, foreclosed property expense and net loss/(gain) on sale and other expenses associated with ongoing business operations. Noninterest Expense $1,443 $1,443 $2,116 $2,116

9SECOND QUARTER 2023 EARNINGS PRESENTATION Efficiency Ratio Trend Pa lm B ea ch C om m un ity a nd N or th S ta r Ba nk A cq ui si tio n 50% 62% 48% 53% 55% 60% 54% 62% 56% 57% 63% 65% 67% 2Q '20 3Q '20 4Q '20 1Q '21 2Q '21 3Q '21 4Q '21 1Q '22 2Q '22 3Q '22 4Q '22 1Q '23 2Q '23 50% 55% 49% 52% 53% 51% 53% 55% 53% 53% 52% 53% 56% 2Q '20 3Q '20 4Q '20 1Q '21 2Q '21 3Q '21 4Q '21 1Q '22 2Q '22 3Q '22 4Q '22 1Q '23 2Q '23 GAAP - Efficiency Adjusted - Efficiency1 • The efficiency ratio was 67.3% for the second quarter of 2023 compared to 65.4% in the prior quarter and 56.2% in the second quarter of 2022. • The adjusted efficiency ratio1 was 56.4% for the second quarter of 2023 compared to 53.1% in the prior quarter and 53.2% in the second quarter of 2022. 1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. Freedom Bank Legacy Bank of Florida Sabal Palm Bank and Florida Business Bank Drummond Bank and Apollo Bank Professional Bank The increase in the adjusted efficiency ratio primarily reflects the impact of higher deposit rates on net interest income in the period.

10SECOND QUARTER 2023 EARNINGS PRESENTATION $6,542 $6,691 $8,145 $10,134 $10,118 4.29% 4.45% 5.29% 5.86% 5.89% 4.13% 4.31% 4.80% 5.17% 5.33% Yield Excluding Accretion on Acquired Loans Reported Yield Total Loans 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 Total Loans End-of-Period ($ in millions) Disciplined Approach to Lending in a Strong Florida Economy Loans outstanding declined by $16 million as the Company maintains its disciplined approach to lending. Loan yields increased three basis points from the prior quarter. Excluding the effect of accretion on acquired loans, yields increased 16 basis points to 5.33%. Total loan originations were $519 million, up from $536 million in the prior quarter. New loan add on yields increased by 29 basis points to 7%.

11SECOND QUARTER 2023 EARNINGS PRESENTATION Commercial Real Estate - Owner Occupied $1,669,369 16% Construction and Land Development $794,371 8% Consumer $272,082 3% Commercial & Financial $1,610,895 16% Commercial Real Estate - Non-Owner Occupied $3,370,211 33% Residential Real Estate $2,396,352 24% At June 30, 2023 ($ in thousands) Seacoast's Lending Strategy Sustains a Diverse Loan Portfolio The Company remains focused and committed to its strict credit underwriting standards. Construction and land development and commercial real estate loans, as defined in regulatory guidance, represent 47% and 236%, respectively, of total consolidated risk based capital. Seacoast’s average loan size is $278 thousand and the average commercial loan size is $685 thousand. 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 are broadly distributed. Construction & Land Development and CRE Loans to Total Risk Based Capital 278% 236% 66% 47% CRE Construction & Land Development Peers SBCF Peer Source: 1Q’23 S&P Capital Paycheck Protection Program $4,639 <1%

12SECOND QUARTER 2023 EARNINGS PRESENTATION At June 30, 2023 Loan Portfolio Mix CRE-Retail, 10.92% CRE-Office, 6.18% CRE-Multifamily 5+, 5.07% CRE-Hotel/Motel, 4.20% CRE-Industrial/Warehouse, 3.65% CRE-Other, 3.30% OOCRE-Office, 4.85% OOCRE-Other, 11.65% Construction & Land Development, 7.85% Commercial & Financial, 15.89% Residential, 23.72% Consumer, 2.69% PPP, 0.05% Segment Balance ($ in thousands) % of Balance Non-Owner Occupied CRE Retail $ 1,104,772 10.92 % Office 625,562 6.18 Multifamily 5+ 512,762 5.07 Hotel/Motel 424,472 4.20 Industrial/Warehouse 369,124 3.65 Other 333,519 3.30 Total Non-Owner Occupied CRE $ 3,370,211 33.32 % OOCRE-Office 490,354 4.85 % OOCRE-Other 1,179,015 11.65 Construction & Land Development 794,371 7.85 Commercial & Financial 1,607,762 15.89 Residential 2,399,485 23.72 Consumer 272,082 2.69 PPP 4,639 0.05 Total Loans $ 10,117,919 100.00 % Non-owner occupied commercial real estate are properties where the source of repayment is from the sale or lease of the property, or the owner does not occupy the property Owner-occupied CRE is used by the owner, where the primary source of repayment is the cash flow from business operations housed within the property.

13SECOND QUARTER 2023 EARNINGS PRESENTATION Non-owner Occupied Commercial Real Estate in Florida’s Strongest Markets Non-owner Occupied Commercial Real Estate by MSA Balance ($ in thousands) Balance % of Total Loans Miami / Dade County $ 656,823 6.49 % Orlando-Kissimmee, FL MSA 472,068 4.67 Ft. Lauderdale / Broward County 382,258 3.78 West Palm Beach / Palm Beach County 369,782 3.65 Tampa-St. Petersburg-Clearwater, FL 199,910 1.98 Sarasota-Bradenton-Venice, FL MSA 145,920 1.44 Deltona-Daytona Beach-Ormond Beach, FL MSA 112,885 1.12 Port St. Lucie, FL MSA 110,149 1.09 Jacksonville, FL MSA 108,936 1.08 Palm Bay-Melbourne-Titusville, FL MSA 94,854 0.94 All Other FL 547,930 5.41 Outside FL 168,696 1.67 14% of total loans in vibrant, South Florida tri- county area. Between 2010 and 2020, Florida’s population grew 14.6%, twice the rate of overall U.S. population growth. Florida has been the top state for net in-migration for the past five years. Compared to national average, Florida office has better absorption, 24% lower vacancy, and about half the volume of new supply coming to market. Sources: U.S. Census data, JLL

14SECOND QUARTER 2023 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 $ 1,104,772 10.92 % $ 2,053 $ — $ — 52 % Office 625,562 6.18 1,677 231 — 55 Multifamily 5+ 512,762 5.07 984 — 282 58 Hotel/Motel 424,472 4.20 3,894 — 1,012 51 Industrial/Warehouse 369,124 3.65 1,775 — 274 54 Other 333,519 3.30 743 414 7,102 53 Total $ 3,370,211 33.32 % $ 1,622 $ 645 $ 8,670 54 % Retail Segment: Targets grocery or credit tenant anchored shopping plazas, single credit tenant retail buildings, smaller outparcels and other retail units. • 10.92% of total loans. • 52% weighted average loan-to-value, low leverage. • $2.1 million average loan size. • 14 loans over $10 million. Office Segment: Targets low to mid-rise suburban offices, broadly diversified across many professional services. • 6.18% of total loans. • 55% weighted average loan-to-value, low leverage. • $1.7 million average loan size. • 8 loans over $10 million.

15SECOND QUARTER 2023 EARNINGS PRESENTATION Allowance for Credit Losses and Purchase Discount ($ in thousands) Loans Outstanding Allowance for Credit Losses % of Category Purchase Discount % of Category Construction and Land Development $ 794,371 $ 6,960 0.88 % $ 11,882 1.50 % Owner Occupied Commercial Real Estate 1,669,369 6,418 0.38 30,514 1.83 Commercial Real Estate 3,370,211 54,103 1.61 92,287 2.74 Residential Real Estate 2,396,352 36,710 1.53 34,959 1.46 Commercial & Financial 1,610,895 40,272 2.50 28,113 1.75 Consumer 272,082 15,252 5.61 4,063 1.49 Total Excluding PPP $ 10,113,280 $ 159,715 1.58 % $ 201,818 2.00 % Paycheck Protection Program $ 4,639 $ — — % $ — — % Total $ 10,117,919 $ 159,715 1.58 % $ 201,818 1.99 % The total allowance for credit losses of $159.7 million as of June 30, 2023, represents management’s estimate of lifetime expected credit losses. Combined with the $201.8 million remaining unrecognized discount on acquired loans, a total of $361.5 million, or 3.6%, 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 $4.7 million is reflected within Other Liabilities.

16SECOND QUARTER 2023 EARNINGS PRESENTATION Net Charge-Offs (Recoveries) $3,027 $841 $3,188 $705 0.13% 0.05% 0.01% 0.14% 0.03% NCO NCO/Average Loans 2020 2021 2022 1Q'23 (% annualized) 2Q'23 (% annualized) ($ in thousands) Nonperforming Loans and Classified Assets $36,110 $30,598 $28,843 $50,787 $48,326 0.63% 0.52% 0.35% 0.50% 0.48% 1.30% 1.25% 0.89% 1.03% 0.90% NPL NPL/Total Loans Classified Assets/Total Assets 2020 2021 2022 1Q'23 2Q'23 $90,769 $95,329 $113,895 $155,640 $159,715 1.39% 1.42% 1.40% 1.54% 1.58% ACL ACL/Total Loans 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 Allowance for Credit Losses Continued Strong Asset Quality Trends Credit metrics remain strong, with charge-offs, nonperforming and classified assets at historically low levels. Net charge-offs for the four most recent quarters averaged 0.06%. The increase in the allowance for credit losses to total loans in the first quarter of 2023 reflects the addition of the Professional Bank portfolio. $7,5190

17SECOND QUARTER 2023 EARNINGS PRESENTATION Investment Securities Performance and Composition Unrealized Loss in Securities as of June 30, 2023 (in thousands) Amortized Cost Fair Value Net Unrealized Gain /(Loss) Δ from 1Q’23 Available for Sale Government backed $ 41,283 $ 40,974 $ (309) $ (245) Agency mortgage backed 1,623,932 1,393,543 (230,389) (27,728) Private label MBS and CMOs 143,008 129,671 (13,337) (1,082) CLO 310,516 303,312 (7,204) (595) Municipal 21,956 20,452 (1,504) (159) Other debt securities 27,991 28,279 288 514 Total Available for Sale $ 2,168,686 $ 1,916,231 $ (252,455) $ (29,295) Held to Maturity Agency mortgage backed $ 707,812 $ 577,586 $ (130,226) $ (11,091) Total Held to Maturity $ 707,812 $ 577,586 $ (130,226) $ (11,091) Total Securities $ 2,876,498 $ 2,493,817 $ (382,681) $ (40,386) ($ in m ill io ns ) $795 $775 $747 $738 $708 $1,801 $1,861 $1,872 $2,016 $1,916 1.98% 2.36% 2.77% 2.85% 3.13% HTM Securities AFS Securities Yield 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 • Portfolio yield increased 28 basis points to 3.13% from 2.85% in the prior quarter, including approximately 12 basis points of benefit from interest rate swaps initiated in the current quarter. • AFS securities ended the quarter with a net unrealized loss of $252.5 million compared to a net unrealized loss of $223.2 million at March 31, 2023. • HTM securities ended the quarter with a net unrealized loss of $130.2 million compared to a net unrealized loss of $119.1 million at March 31, 2023. • High quality portfolio consisting of 81% agency backed, with the remainder comprised primarily of highly-rated investment grade bonds. CLO portfolio is 64% AAA and 36% AA. • AFS portfolio duration of 4.1, total portfolio duration of 4.6.

18SECOND QUARTER 2023 EARNINGS PRESENTATION Deposits End-of-Period ($ in millions) $9,189 $8,765 $9,982 $12,310 $12,283 1.75% 3.25% 4.50% 5.00% 5.25% 0.06% 0.09% 0.21% 0.77% 1.38% Total Deposits Fed Funds Cost of Deposits 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 Distinctive Deposit Franchise Supported by Attractive Markets Continued focus on organic growth and relationship-based funding, in combination with our innovative analytics platform, supports a well-diversified, low-cost deposit portfolio. Transaction accounts represent 57% of overall deposit funding. Average deposits per banking center were $157 million compared to $148 million in the prior quarter. The number of new customers acquired in the second quarter of 2023 increased 8% compared to the prior quarter and increased 13% compared to the prior year quarter.

19SECOND QUARTER 2023 EARNINGS PRESENTATION Deposits End-of-Period ($ in millions) $9,189 $8,765 $9,982 $12,310 $12,283 Transaction Accounts Savings Money Market Time Deposits 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 Granular, Diverse and Relationship Focused Deposit Base Noninterest demand deposits represent 34% of overall deposits. The Company benefits from a granular deposit franchise, with the top ten depositors representing approximately 3% of total deposits. Consumer deposits represent 43% of total deposits, with an average balance per account of $23 thousand. Business deposits represent 57% of total deposits, with an average balance per account of $109 thousand. The average tenure for a Seacoast customer is 9.6 years. 64% 10% 21% 5% 65% 11% 19% 5% 64% 11% 20% 5% 59% 8% 23% 10% 13% 23% 7% 57%

20SECOND QUARTER 2023 EARNINGS PRESENTATION Liquidity Sources vs Uninsured Deposits Cash and Borrowing Capacity vs. Uninsured Deposits ($ in millions) $6,412 $3,476 $728 $2,566 $375 $1,779 $300 $664 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 28% of total deposits. Total liquidity sources of $6.4 billion compared to uninsured and uncollateralized deposits of $3.5 billion, representing a 184% coverage ratio. Without using FHLB borrowing capacity, lines of credit, or liquidating unpledged securities, SBCF could fund the loss of all uninsured and uncollateralized deposits with cash and borrowing capacity at the Federal Reserve. 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 BTFP FHLB

21SECOND QUARTER 2023 EARNINGS PRESENTATION $16.66 $15.98 $14.69 $14.25 $14.24 $21.65 $20.95 $22.45 $24.24 $24.14 Tangible Book Value Per Share Book Value Per Share 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 9.7% 9.8% 9.1% 8.4% 8.5% 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 17.7% 17.5% 15.8% 14.6% 15.0% 16.8% 16.5% 14.8% 13.4% 13.9% Total Risk Based Capital Tier 1 Ratio 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 13.0% 11.5% 10.4% 6.0% 12.1% 14.0% 12.5% 15.1% 10.3% 16.1% GAAP - ROTCE Adjusted - ROTCE 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 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 and 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 Industry Leading 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

23SECOND QUARTER 2023 EARNINGS PRESENTATION Appendix

24SECOND QUARTER 2023 EARNINGS PRESENTATION Quarterly Trend Six Months Ended (Amounts in thousands) 2Q'23 1Q'23 4Q'22 3Q'22 2Q'22 2Q'23 2Q'22 Commercial pipeline at period end $ 217,574 $ 297,380 $ 395,652 $ 530,430 $ 476,693 $ 217,574 $ 476,693 Commercial loan originations 317,378 321,665 489,605 340,438 461,855 639,043 834,841 Residential pipeline-saleable at period end 11,492 6,614 4,207 6,563 14,700 11,492 14,700 Residential loans-sold 19,078 13,935 10,652 16,381 42,666 33,013 93,888 Residential pipeline-portfolio at period end 27,110 48,371 17,149 60,684 53,092 27,110 53,092 Residential loans-retained 85,294 90,058 74,272 69,272 102,996 175,352 278,453 Consumer pipeline at period end 28,446 38,742 36,585 43,732 75,532 28,446 75,532 Consumer originations 97,184 110,602 88,746 133,093 130,784 207,786 214,008 Total Pipelines at Period End $ 284,622 $ 391,107 $ 453,593 $ 641,409 $ 620,017 $ 284,622 $ 620,017 Total Originations $ 518,934 $ 536,260 $ 663,275 $ 559,184 $ 738,301 $ 1,055,194 $ 1,421,190 Loan Production and Pipeline Trend

25SECOND QUARTER 2023 EARNINGS PRESENTATION Florida Population Trends Florida’s economic strength is evident. Individual and business migration has surged, and the economy has diversified across finance and technology. Florida’s population growth has roughly doubled the national average. That trend is projected to continue over the next 5 years. Between 2010 and 2020, Florida’s population grew at twice the rate of overall U.S. population growth 14.6% Florida was the top state for net in-migration for the fifth consecutive year #1 2023 2010-2023 2023 2023-2028 2023-2028 MSA Market Rank1 Number of Branches1 Deposits In Market ($000)1 Deposit Market Share (%)1 Percent of National Franchise (%)1 Total Population (Actual) Population Change (%) Projected Population Change (%) Median Household Income ($) Projected HH Income Change (%) Miami-Fort Lauderdale-Pompano Beach, FL 14 27 $ 5,117,025 1.45 % 38.07 % 6,162,977 10.75 % 1.95 % $ 66,672 10.76 % Port St. Lucie, FL 1 11 2,742,127 20.58 20.40 511,894 20.70 7.53 68,090 11.74 Orlando-Kissimmee-Sanford, FL 7 13 1,913,006 2.52 14.23 2,778,772 30.19 6.35 68,251 10.63 Tampa-St. Petersburg-Clearwater, FL 18 5 714,041 0.77 0.05 3,268,872 17.45 5.19 65,247 11.68 Gainesville, FL 4 8 575,416 8.40 0.04 348,186 14.13 4.87 53,785 13.52 Sources: S&P Capital IQ. 1FDIC data pro forma as of June 30, 2022.

26SECOND QUARTER 2023 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

27SECOND QUARTER 2023 EARNINGS PRESENTATION Quarterly Trend (Amounts in thousands except per share data) 2Q'23 1Q'23 4Q'22 3Q'22 2Q'22 Net Income $ 31,249 $ 11,827 $ 23,927 $ 29,237 $ 32,755 Total noninterest income 21,576 22,445 17,651 16,103 16,964 Securities losses/(gains), net 176 (107) (18) 362 300 BOLI benefits on death (included in other income) — (2,117) — — — Total Adjustments to Noninterest Income 176 (2,224) (18) 362 300 Total Adjusted Noninterest Income 21,752 20,221 17,633 16,465 17,264 Total noninterest expense 107,865 107,475 91,510 61,359 56,148 Salaries and wages (1,573) (4,240) (5,680) — (652) Outsourced data processing costs (10,904) (6,551) (2,582) — (420) Legal and professional fees (1,664) (4,789) (6,485) (1,791) (1,381) Other categories (1,507) (1,952) (1,393) (263) (586) Total merger-related charges (15,648) (17,532) (16,140) (2,054) (3,039) Amortization of intangibles (7,654) (6,727) (4,763) (1,446) (1,446) Branch reductions and other expense initiatives (571) (1,291) (176) (960) — Total Adjustments to Noninterest Expense (23,873) (25,550) (21,079) (4,460) (4,485) Total Adjusted Noninterest Expense 83,992 81,925 70,431 56,899 51,663 Income Taxes 10,189 2,697 7,794 9,115 8,886 Tax effect of adjustments 6,095 5,912 5,062 1,222 1,213 Adjusted Income Taxes 16,284 8,609 12,856 10,337 10,099 Adjusted Net Income $ 49,203 $ 29,241 $ 39,926 $ 32,837 $ 36,327 Earnings per diluted share, as reported $ 0.37 $ 0.15 $ 0.34 $ 0.47 $ 0.53 Adjusted Earnings per Diluted Share 0.58 0.36 0.56 0.53 0.59 Average diluted shares outstanding 85,536 80,717 71,374 61,961 61,923 GAAP to Non-GAAP Reconciliation

28SECOND QUARTER 2023 EARNINGS PRESENTATION Quarterly Trend (Amounts in thousands except per share data) 2Q'23 1Q'23 4Q'22 3Q'22 2Q'22 Adjusted Noninterest Expense $ 83,992 $ 81,925 $ 70,431 $ 56,899 $ 51,663 Foreclosed property expense and net gain (loss) on sale 57 (195) 411 (9) 968 Provision for unfunded commitments — (1,239) — (1,015) — Net Adjusted Noninterest Expense $ 84,049 $ 80,491 $ 70,842 $ 55,875 $ 52,631 Revenue $ 148,539 $ 153,597 $ 137,360 $ 104,387 $ 98,611 Total Adjustments to Revenue 176 (2,224) (18) 362 300 Impact of FTE adjustment 190 199 149 115 117 Adjusted Revenue on a Fully Taxable Equivalent Basis $ 148,905 $ 151,572 $ 137,491 $ 104,864 $ 99,028 Adjusted Efficiency Ratio 56.44 % 53.10 % 51.52 % 53.28 % 53.15 % Net Interest Income $ 126,963 $ 131,152 $ 119,709 $ 88,284 $ 81,647 Impact of FTE adjustment 190 199 149 115 117 Net Interest Income Including FTE adjustment $ 127,153 $ 131,351 $ 119,858 $ 88,399 $ 81,764 Total noninterest income 21,576 22,445 17,651 16,103 16,964 Total noninterest expense 107,865 107,475 91,510 61,359 56,148 Pre-Tax Pre-Provision Earnings $ 40,864 $ 46,321 $ 45,999 $ 43,143 $ 42,580 Total Adjustments to Noninterest Income 176 (2,224) (18) 362 300 Total Adjustments to Noninterest Expense (23,816) (26,984) (20,668) (5,484) (3,517) Adjusted Pre-Tax Pre-Provision Earnings $ 64,856 $ 71,081 $ 66,649 $ 48,989 $ 46,397 Average Assets $ 14,887,289 $ 13,947,976 $ 12,139,856 $ 10,585,338 $ 10,840,518 Less average goodwill and intangible assets (842,988) (750,694) (521,412) (305,935) (307,411) Average Tangible Assets $ 14,044,301 $ 13,197,282 $ 11,618,444 $ 10,279,403 $ 10,533,107 GAAP to Non-GAAP Reconciliation

29SECOND QUARTER 2023 EARNINGS PRESENTATION Quarterly Trend (Amounts in thousands except per share data) 2Q'23 1Q'23 4Q'22 3Q'22 2Q'22 Return on Average Assets (ROA) 0.84 % 0.34 % 0.78 % 1.10 % 1.21 % Impact of removing average intangible assets and related amortization 0.22 0.18 0.16 0.07 0.08 Return on Average Tangible Assets (ROTA) 1.06 0.52 0.94 1.17 1.29 Impact of other adjustments for Adjusted Net Income 0.35 0.38 0.42 0.10 0.09 Adjusted Return on Average Tangible Assets 1.41 0.90 1.36 1.27 1.38 Pre-Tax Pre-Provision return on Average Tangible Assets 1.33 1.58 1.69 1.71 1.66 Impact of adjustments on Pre-Tax Pre-Provision earnings 0.52 0.60 0.59 0.18 0.11 Adjusted Pre-Tax Pre-Provision Return on Tangible Assets 1.85 2.18 2.28 1.89 1.77 Average Shareholders' Equity $ 2,070,529 $ 1,897,045 $ 1,573,704 $ 1,349,475 $ 1,350,568 Less average goodwill and intangible assets (842,988) (750,694) (521,412) (305,935) (307,411) Average Tangible Equity 1,227,541 1,146,351 1,052,292 1,043,540 1,043,157 Return on Average Shareholders' Equity 6.05 % 2.53 % 6.03 % 8.60 % 9.73 % Impact of removing average intangible assets and related amortization 6.03 3.43 4.33 2.93 3.28 Return on Average Tangible Common Equity (ROTCE) 12.08 5.96 10.36 11.53 13.01 Impact of other adjustments for Adjusted Net Income 4.00 4.38 4.69 0.95 0.96 Adjusted Return on Average Tangible Common Equity 16.08 10.34 15.05 12.48 13.97 Loan Interest Income1 $ 148,432 $ 135,341 $ 105,437 $ 74,050 $ 69,388 Accretion on acquired loans $ (14,191) $ (15,942) $ (9,710) $ (2,242) $ (2,720) Loan interest income excluding accretion on acquired loans 134,241 $ 119,399 $ 95,727 $ 71,808 $ 66,668 1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. GAAP to Non-GAAP Reconciliation

30SECOND QUARTER 2023 EARNINGS PRESENTATION Quarterly Trend (Amounts in thousands except per share data) 2Q'23 1Q'23 4Q'22 3Q'22 2Q'22 Yield on Loans1 5.89 % 5.86 % 5.29 % 4.45 % 4.29 % Impact of accretion on acquired loans (0.56) (0.69) (0.49) (0.14) (0.16) Yield on loans excluding accretion on acquired loans 5.33 % 5.17 % 4.80 % 4.31 % 4.13 % Net Interest income1 $ 127,153 $ 131,351 $ 119,858 $ 88,399 $ 81,764 Accretion on acquired loans (14,191) (15,942) (9,710) (2,242) (2,720) Net interest income excluding accretion on acquired loans $ 112,962 $ 115,409 $ 110,148 $ 86,157 $ 79,044 Net Interest Margin1 3.86 % 4.31 % 4.36 % 3.67 % 3.38 % Impact of accretion on acquired loans (0.43) (0.53) (0.35) (0.09) (0.12) Net interest margin excluding accretion on acquired loans 3.43 % 3.78 % 4.01 % 3.58 % 3.26 % Security Interest Income1 $ 21,018 $ 19,375 $ 18,694 $ 15,827 $ 12,562 Tax equivalent adjustment on securities (23) (26) (34) (35) (36) Security interest income excluding tax equivalent adjustment $ 20,995 $ 19,349 $ 18,660 $ 15,792 $ 12,526 Loan Interest Income1 $ 148,432 $ 135,341 $ 105,437 $ 74,050 $ 69,388 Tax equivalent adjustment on loans (167) (173) (115) (80) (81) Loan interest income excluding tax equivalent adjustment $ 148,265 $ 135,168 $ 105,322 $ 73,970 $ 69,307 Net Interest Income1 $ 127,153 $ 131,351 $ 119,858 $ 88,399 $ 81,764 Tax equivalent adjustment on securities (23) (26) (34) (35) (36) Tax equivalent adjustment on loans (167) (173) (115) (80) (81) Net interest income excluding tax equivalent adjustment $ 126,963 $ 131,152 $ 119,709 $ 88,284 $ 81,647 1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. GAAP to Non-GAAP Reconciliation

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Cover Page	Jul. 27, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 27, 2023
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