EX-99.1 2 a2q2025earningsrelease.htm EX-99.1 a2q2025earningsrelease
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SEACOAST REPORTS SECOND QUARTER 2025 RESULTS
Net Interest Margin Expands 10 Basis Points to 3.58% and Net Interest Income Grows 7%
Annualized Loan Growth of 6% with Continuing Strong Pipeline
Gains in Return on Average Assets, Return on Tangible Common Equity and Efficiency Ratio


STUART, Fla., July 24, 2025 /BUSINESS WIRE/ -- Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported net income in the second quarter of 2025 of $42.7 million, or $0.50 per diluted share, compared to $31.5 million, or $0.37 per diluted share, in the first quarter of 2025 and $30.2 million, or $0.36 per diluted share, in the second quarter of 2024. For the six months ended June 30, 2025 and 2024, net income was $74.2 million, or $0.87 per diluted share, and $56.3 million, or $0.66 per diluted share, respectively.
Adjusted net income1 for the second quarter of 2025 was $44.5 million, or $0.52 per diluted share, compared to $32.1 million, or $0.38 per diluted share, in the first quarter of 2025 and $30.3 million, or $0.36 per diluted share, in the second quarter of 2024. For the six months ended June 30, 2025 and 2024, adjusted net income1 was $76.6 million, or $0.90 per diluted share, and $61.4 million, or $0.72 per diluted share, respectively.
Pre-tax pre-provision earnings1 were $60.2 million in the second quarter of 2025, an increase of $9.6 million, or 19%, compared to the first quarter of 2025 and an increase of $15.7 million, or 35%, compared to the second quarter of 2024. For the six months ended June 30, 2025 and 2024, pre-tax pre-provision earnings1 were $110.8 million and $80.2 million, respectively. Adjusted pre-tax pre-provision earnings1 were $62.6 million in the second quarter of 2025, an increase of $10.9 million, or 21%, compared to the first quarter of 2025 and an increase of $18.1 million, or 41%, compared to the second quarter of 2024. For the six months ended June 30, 2025 and 2024, adjusted pre-tax pre-provision earnings1 were $114.3 million and $87.0 million, respectively.
For the second quarter of 2025, return on average tangible assets was 1.24% and return on average tangible shareholders' equity was 12.82%, compared to 0.98% and 10.17%, respectively, in the prior quarter, and 1.00% and 10.75%, respectively, in the prior year quarter. For the six months ended June 30, 2025, return on average tangible assets was 1.12% and return on average tangible shareholders' equity was 11.52%. For the six months ended June 30, 2024, return on average tangible assets was 0.94% and return on average tangible shareholders' equity was 10.15%. Adjusted return on average tangible assets1 in the second quarter of 2025 was 1.29% and adjusted return on average tangible shareholders' equity1 was 13.31%, compared to 1.00% and 10.35%, respectively, in the prior quarter, and 1.00% and 10.76%, respectively, in the prior year quarter. For the six months ended June 30, 2025, adjusted return on average tangible assets1 was 1.15% and adjusted return on average tangible shareholders' equity1 was 11.86%. For the six months ended June 30, 2024, adjusted return on average tangible assets1 was 1.02% and adjusted return on average tangible shareholders' equity1 was 10.95%.
Charles M. Shaffer, Seacoast's Chairman and CEO, said, “Our performance in the second quarter showcases the strength and momentum of our franchise. The expansion in net interest margin is a direct result of the disciplined execution and strategic focus of the Seacoast team. We’re seeing the benefits of consistent, high-quality loan growth and well-managed deposit costs, which are fueling strong net interest income growth. Our fee-based revenue businesses continue to expand and expenses are well controlled.”
Shaffer added, “In the second half of the year, we’re thrilled to welcome two seasoned, high-performing franchises - Heartland Bancshares, Inc. and Villages Bancorporation, Inc. - into the Seacoast franchise. These acquisitions are transformational, expanding our footprint in key growth markets across Central Florida and The Villages®, one of the fastest-growing communities in the country.”
“The Heartland Bancshares acquisition brings a strong banking presence and deep customer relationships in Central Florida, along with a talented team that shares our values and commitment to community banking. Villages


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

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Bancorporation will add a unique and deeply rooted franchise in a vibrant market with attractive demographics, enhancing our ability to serve a growing and affluent customer base.”
Shaffer concluded, “We remain committed to maintaining our fortress balance sheet and disciplined approach to credit. We are consistently operating with one of the strongest capital positions in the industry, with ample liquidity and a Tier 1 capital ratio of 14.6% as of June 30, 2025. In the coming quarters, we will strategically deploy excess capital through the two bank acquisitions, which we expect will meaningfully enhance our profitability and long-term growth trajectory.”

Acquisitions Update
On July 11, 2025, the Company completed its acquisition of Heartland Bancshares, Inc. (“Heartland”), adding approximately $157 million in loans and $684 million in deposits, along with four branches in Central Florida. Integration activities, including system conversion, are expected to be finalized later in the third quarter of 2025. Total consideration was $111.2 million, structured as a 50% cash and 50% stock transaction.

On May 29, 2025, the Company announced its proposed acquisition of Villages Bancorporation, Inc (“VBI”). The transaction, which is expected to close in the fourth quarter of 2025, will expand the Company’s presence in North Central Florida and into The Villages community. VBI operates 19 branches with approximately $3.5 billion in deposits and approximately $1.3 billion in loans as of June 30, 2025. Full integration and system conversion activities are expected to be finalized in the second quarter of 2026.

Financial Results
Income Statement
•Net income in the second quarter of 2025 was $42.7 million, or $0.50 per diluted share, compared to $31.5 million, or $0.37 per diluted share, in the prior quarter and $30.2 million, or $0.36 per diluted share, in the prior year quarter. Adjusted net income1 for the second quarter of 2025 was $44.5 million, or $0.52 per diluted share, compared to $32.1 million, or $0.38 per diluted share, for the prior quarter, and $30.3 million, or $0.36 per diluted share, for the prior year quarter.
•Net revenues were $151.4 million in the second quarter of 2025, an increase of $10.7 million, or 8%, compared to the prior quarter, and an increase of $24.8 million, or 20%, compared to the prior year quarter. Adjusted net revenues1 were $151.8 million in the second quarter of 2025, an increase of $10.9 million, or 8%, compared to the prior quarter, and an increase of $24.9 million, or 20%, compared to the prior year quarter.
•Pre-tax pre-provision earnings1 were $60.2 million in the second quarter of 2025, an increase of $9.6 million, or 19%, compared to the first quarter of 2025 and an increase of $15.7 million, or 35%, compared to the second quarter of 2024. Adjusted pre-tax pre-provision earnings1 were $62.6 million in the second quarter of 2025, an increase of $10.9 million, or 21%, compared to the first quarter of 2025 and an increase of $18.1 million, or 41%, compared to the second quarter of 2024.
•Net interest income totaled $126.9 million in the second quarter of 2025, reflecting an increase of $8.3 million, or 7%, compared to the prior quarter, and an increase of $22.4 million, or 21%, compared to the second quarter of 2024. The increase was driven by higher securities and loan interest income. Securities income increased $3.1 million, or 11%, primarily due to securities purchases in the first half of 2025. Interest income on loans increased by $6.4 million in the second quarter of 2025, reflecting strong loan production and an increase in accretion on acquired loans from higher payoffs. Included in loan interest income was accretion on acquired loans of $10.6 million in the second quarter of 2025, $8.2 million in the first quarter of 2025, and $10.2 million in the second quarter of 2024. On the expense side, interest on deposits decreased $3.0 million, or 7%, compared to the prior quarter, and $10.7 million, or 21%, compared to the second quarter of 2024, reflecting a lower cost of deposits. Interest expense on borrowed money increased $3.6 million, or 50%, compared to the prior quarter, and $4.6 million, or 75%, compared to second quarter of 2024, largely due to higher short-term borrowings used to fund strategic purchases of securities in advance of the Heartland acquisition.
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
    
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•Net interest margin increased 10 basis points to 3.58% in the second quarter of 2025 compared to 3.48% in the first quarter of 2025. Excluding the effects of accretion on acquired loans, net interest margin expanded five basis points to 3.29% in the second quarter of 2025 compared to 3.24% in the first quarter of 2025. Loan yields were 5.98%, an increase of eight basis points from the prior quarter. Securities yields decreased one basis point to 3.87%, compared to 3.88% in the prior quarter. The cost of deposits declined 13 basis points from 1.93% in the prior quarter to 1.80% in the second quarter of 2025.
•The provision for credit losses was $4.4 million in the second quarter of 2025, compared to $9.3 million in the first quarter of 2025 and $4.9 million in the second quarter of 2024. Allowance coverage of 1.34% remains flat compared to March 31, 2025.
•Noninterest income totaled $24.5 million in the second quarter of 2025, an increase of $2.3 million, or 11%, compared to each of the prior quarter and the prior year quarter. Results in the second quarter of 2025 included:
•Service charges on deposits totaled $5.5 million, an increase of $0.4 million, or 7% from the prior quarter, and an increase of $0.2 million, or 4%, from the prior year quarter. Our investments in talent and significant market expansion across the state have resulted in continued growth in treasury management services to commercial customers.
•Wealth management income totaled $4.2 million, a decrease of $0.1 million, or 1%, from the prior quarter and an increase of $0.4 million, or 11%, from the prior year quarter. Assets under management have grown 16% year over year.
•Mortgage banking fees totaled $0.7 million, an increase of $0.3 million, or 70%, from the prior quarter and an increase of $0.1 million, or 18%, from the prior year quarter, due to higher saleable production.
•Insurance agency income totaled $1.3 million, a decrease of $0.3 million, or 20%, from the prior quarter and a decrease of $0.1 million, or 5%, from the prior year quarter.
•Bank Owned Life Insurance (“BOLI”) income totaled $3.4 million, an increase of $0.9 million, or 37%, from the prior quarter and an increase of $0.8 million, or 30% from the prior year quarter. The increase resulted from a $0.9 million death benefit payout.
•Other income totaled $7.5 million, an increase of $1.2 million, or 20%, from the prior quarter and an increase of $0.9 million, or 13%, from the prior year quarter. The increase in the second quarter of 2025 included $3.0 million in tax refunds received related to a prior bank acquisition, which was partially offset by lower gains on SBA loan sales and lower gains on SBIC investments compared to the first quarter of 2025.
•Noninterest expense was $91.7 million in the second quarter of 2025, an increase of $1.1 million, or 1%, compared to the prior quarter, and an increase of $9.2 million, or 11%, compared to the prior year quarter. Seacoast has prudently managed expenses while strategically investing to support continued growth. Results in the second quarter of 2025 included:
•Salaries and wages totaled $44.4 million, an increase of $2.2 million, or 5%, from the prior quarter and an increase of $5.5 million, or 14%, from the prior year quarter. The increase from the prior quarter represents higher performance driven incentive compensation.
•Employee benefits totaled $8.1 million, a decrease of $0.8 million, or 9%, compared to the seasonally higher prior quarter and an increase of $1.2 million, or 18%, from the prior year quarter.
•Outsourced data processing costs totaled $8.5 million, flat compared to the prior quarter and an increase of $0.3 million, or 4%, from the prior year quarter.
•Occupancy costs totaled $7.5 million, an increase of $0.1 million, or 2%, compared to the prior quarter and an increase of $0.3 million, or 4%, from the prior year quarter.
•Marketing expenses totaled $3.0 million, reflecting an increase of $0.2 million, or 8%, compared to the prior quarter and a decrease of $0.3 million, or 9%, from the prior year quarter, primarily associated with the timing of various campaigns to support customer growth initiatives.
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
    
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•Legal and professional fees totaled $2.1 million, a decrease of $0.7 million, or 24%, compared to the prior quarter and an increase of $0.1 million, or 4%, from the prior year quarter.
•Merger-related charges totaled $2.4 million in the second quarter of 2025 and $1.1 million in the prior quarter.
•Seacoast recorded $12.6 million of income tax expense in the second quarter of 2025, compared to $9.4 million in the first quarter of 2025, and $8.9 million in the second quarter of 2024. Tax benefit related to stock-based compensation was immaterial in each period.
•The efficiency ratio improved to 56.95% in the second quarter of 2025, compared to 60.28% in the first quarter of 2025 and 60.21% in the prior year quarter. The adjusted efficiency ratio1 also improved, to 55.36% in the second quarter of 2025, compared to 59.53% in the first quarter of 2025 and 60.21% in the prior year quarter. The improvement in the efficiency ratio quarter over quarter reflects higher net interest income and higher noninterest income, partially offset by modestly higher expenses. The Company continues to remain keenly focused on disciplined expense control, while making investments for growth.
Balance Sheet
•At June 30, 2025, the Company had total assets of $15.9 billion and total shareholders' equity of $2.3 billion. Book value per share was $26.43 as of June 30, 2025, compared to $26.04 as of March 31, 2025, and $24.98 as of June 30, 2024. Tangible book value per share was $17.19 as of June 30, 2025, compared to $16.71 as of March 31, 2025, and $15.41 as of June 30, 2024. Year over year tangible book value per share increased 12%.
•Debt securities totaled $3.5 billion as of June 30, 2025, an increase of $226.9 million compared to March 31, 2025. Throughout the first half of 2025, strategic purchases were funded with short term FHLB borrowings. Debt securities as of June 30, 2025 included approximately $2.9 billion in securities classified as available-for-sale and recorded at fair value. The unrealized loss on these securities is fully reflected in the value presented on the balance sheet. The portfolio also includes $613.3 million in securities classified as held-to-maturity with a fair value of $503.2 million. Held-to-maturity securities consist solely of mortgage-backed securities and collateralized mortgage obligations guaranteed by U.S. government agencies, each of which is expected to recover any price depreciation over its holding period as the debt securities move to maturity. The Company has significant liquidity and available borrowing capacity and has the intent and ability to hold these investments to maturity.
•Loans increased $165.8 million, or 6.4% annualized during the quarter, totaling $10.6 billion as of June 30, 2025. The Company continues to exercise a disciplined approach to lending and is benefiting from the investments made in recent years to attract talent from large regional and national banks across its markets.
•Loan pipelines (loans in underwriting and approval or approved and not yet closed) totaled $920.9 million as of June 30, 2025, compared to $981.6 million at March 31, 2025 and $834.4 million at June 30, 2024.
•Commercial pipelines were $861.2 million as of June 30, 2025, compared to $904.1 million at March 31, 2025, and $773.1 million at June 30, 2024.
•Saleable residential pipelines were $14.4 million as of June 30, 2025, compared to $15.5 million at March 31, 2025, and $12.1 million at June 30, 2024. Retained residential pipelines were $29.2 million as of June 30, 2025, compared to $37.5 million at March 31, 2025, and $24.7 million at June 30, 2024.
•Consumer pipelines were $16.2 million as of June 30, 2025, compared to $24.4 million at March 31, 2025 and $24.5 million at June 30, 2024.
•Total deposits were $12.5 billion as of June 30, 2025, a decrease of $77.2 million, or 2.5% annualized, when compared to March 31, 2025.
•The cost of deposits declined 13 basis points from 1.93% in the prior quarter to 1.80% in the second quarter of 2025.
•At June 30, 2025, customer transaction account balances represented 47% of total deposits.The Company benefits from a granular deposit franchise, with the top ten depositors representing approximately 3% of total deposits.
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
    
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•Consumer deposits represent 40% of overall deposit funding with an average consumer customer balance of $25 thousand. Commercial deposits represent 60% of overall deposit funding with an average business customer balance of $113 thousand.
•Federal Home Loan Bank advances totaled $715.0 million at June 30, 2025 with a weighted-average interest rate of 4.15% during the second quarter of 2025, compared to advances outstanding of $465.0 million at March 31, 2025 with a weighted-average interest rate of 4.26% in the first quarter of 2025. The Company utilized short-term fixed-rate advances to fund securities purchases in the first and second quarters of 2025.
Asset Quality
•The ratio of criticized and classified loans to total loans was 2.39% at June 30, 2025, compared to 2.41% at March 31, 2025, and 2.59% at June 30, 2024.
•Nonperforming loans were $64.2 million at June 30, 2025, compared to $71.0 million at March 31, 2025, and $59.9 million at June 30, 2024. Nonperforming loans to total loans outstanding were 0.61% at June 30, 2025, 0.68% at March 31, 2025, and 0.60% at June 30, 2024.
•Accruing past due loans were $14.2 million, or 0.13% of total loans, at June 30, 2025, compared to $17.2 million, or 0.15% of total loans, at March 31, 2025, and $29.5 million, or 0.30% of total loans, at June 30, 2024.
•Nonperforming assets to total assets were 0.44% at June 30, 2025, compared to 0.50% at March 31, 2025, and 0.45% at June 30, 2024.
•The ratio of allowance for credit losses to total loans was 1.34% at June 30, 2025, 1.34% at March 31, 2025, and 1.41% at June 30, 2024.
•Net charge-offs were $2.5 million in the second quarter of 2025, compared to $7.0 million in the first quarter of 2025 and $9.9 million in the second quarter of 2024.
•Portfolio diversification, in terms of asset mix, industry, and loan type, has been a critical element of the Company's lending strategy. Exposure across industries and collateral types is broadly distributed. Seacoast's average loan size is $437 thousand, and the average commercial loan size is $872 thousand, reflecting an ability to maintain granularity within the overall loan portfolio.
•Construction and land development and commercial real estate loans remain well below regulatory guidance as of June 30, 2025 at 35% and 239% of total bank-level risk-based capital2, respectively, compared to 36% and 236%, respectively, at March 31, 2025. On a consolidated basis and as of June 30, 2025, construction and land development and commercial real estate loans represent 33% and 221%, respectively, of total consolidated risk-based capital2.
Capital and Liquidity
•The Company continues to operate with a fortress balance sheet, with a Tier 1 capital ratio at June 30, 2025 of 14.6%2 compared to 14.7% at March 31, 2025, and 14.8% at June 30, 2024. The Total capital ratio was 16.1%2, the Common Equity Tier 1 capital ratio was 14.0%2, and the Tier 1 leverage ratio was 11.1%2 at June 30, 2025. The Company is considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements.
•Cash and cash equivalents at June 30, 2025 totaled $332.4 million.
•The Company’s loan-to-deposit ratio was 84.96% at June 30, 2025, which should continue to provide liquidity and flexibility moving forward.
•Tangible common equity to tangible assets was 9.75% at June 30, 2025, compared to 9.58% at March 31, 2025, and 9.30% at June 30, 2024. If all held-to-maturity securities were adjusted to fair value, the tangible common equity ratio would have been 9.27% at June 30, 2025.
•At June 30, 2025, in addition to $332.4 million in cash, the Company had $5.9 billion in available borrowing capacity, including $3.5 billion in available collateralized lines of credit, $2.0 billion of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of $0.3 billion.
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
2 Estimated.

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FINANCIAL HIGHLIGHTS
(Amounts in thousands except per share data)(Unaudited)
Quarterly Trends
2Q'251Q'254Q'243Q'242Q'24
Selected balance sheet data:
Gross loans$10,608,824 $10,443,021 $10,299,950 $10,205,281 $10,038,508 
Total deposits12,497,598 12,574,796 12,242,427 12,243,585 12,116,118 
Total assets15,944,955 15,732,485 15,176,308 15,168,371 14,952,613 
Performance measures:
Net income$42,687 $31,464 $34,085 $30,651 $30,244 
Net interest margin3.58 %3.48 %3.39 %3.17 %3.18 %
Pre-tax pre-provision earnings1
$60,236 $50,590 $47,858 $46,086 $44,555 
Average diluted shares outstanding85,479 85,388 85,302 85,069 84,816 
Diluted earnings per share (EPS)0.50 0.37 0.40 0.36 0.36 
Return on (annualized):
Average assets (ROA)1.08 %0.83 %0.89 %0.81 %0.82 %
Average tangible assets (ROTA)2
1.24 0.98 1.06 0.99 1.00 
Average tangible common equity (ROTCE)2
12.82 10.17 10.90 10.31 10.75 
Tangible common equity to tangible assets2
9.75 9.58 9.60 9.64 9.30 
Tangible book value per share2
$17.19 $16.71 $16.12 $16.20 $15.41 
Efficiency ratio56.95 %60.28 %56.26 %59.84 %60.21 %
Adjusted operating measures1:
Adjusted net income$44,466 $32,102 $40,556 $30,511 $30,277 
Adjusted pre-tax pre-provision earnings62,627 51,686 56,610 46,390 44,490 
Adjusted diluted EPS0.52 0.38 0.48 0.36 0.36 
Adjusted ROA1.13 %0.85 %1.06 %0.81 %0.82 %
Adjusted ROTA2
1.29 1.00 1.24 0.98 1.00 
Adjusted ROTCE2
13.31 10.35 12.74 10.27 10.76 
Adjusted efficiency ratio55.36 59.53 56.07 59.84 60.21 
Net adjusted noninterest expense as a percent of average tangible assets2
2.25 %2.33 %2.19 %2.19 %2.19 %
Other data:
Market capitalization3
$2,373,871$2,202,958$2,355,679$2,277,003$2,016,472
Full-time equivalent employees1,522 1,518 1,504 1,493 1,449 
Number of ATMs98 98 96 96 95 
Full-service banking offices84 79 77 77 77 
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP.
2The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders' equity less intangible assets.
3Common shares outstanding multiplied by closing bid price on last day of each period.

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OTHER INFORMATION
Conference Call Information
Seacoast will host a conference call on July 25, 2025, at 10:00 a.m. (Eastern Time) to discuss the second quarter of 2025 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 715-9871 (Conference ID: 5614613). 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 $15.9 billion in assets and $12.5 billion in deposits as of June 30, 2025. Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 84 full-service branches across Florida, and through advanced mobile and online banking solutions. Seacoast National Bank is the wholly-owned subsidiary bank of Seacoast Banking Corporation of Florida. For more information about Seacoast, visit www.SeacoastBanking.com.
Additional Information
Seacoast has filed a registration statement on Form S-4 with the United States Securities and Exchange Commission (the "SEC") in connection with the proposed merger of Villages Bancorporation, Inc. and Citizens First Bank with and into Seacoast and Seacoast National Bank, respectively. The registration statement in connection with the merger includes a proxy statement of Villages Bancorporation, Inc. and a prospectus of Seacoast. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. WE URGE INVESTORS TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE MERGERS OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.

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

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

Cautionary Notice Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in the Company’s markets, and improvements to reported earnings that may be realized from cost controls, tax law changes, new initiatives and for integration of banks that the Company has acquired, or expects to acquire, as well as statements with respect to Seacoast's objectives, strategic plans, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.
    
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Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates and intentions about future performance and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance or achievements of Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) or its wholly-owned banking subsidiary, Seacoast National Bank (“Seacoast Bank”), to be materially different from results, performance or achievements expressed or implied by such forward-looking statements. You should not expect the Company to update any forward-looking statements.
All statements other than statements of historical fact could be forward-looking statements. You can identify these forward-looking statements through the use of words such as "may", "will", "anticipate", "assume", "should", "support", "indicate", "would", "believe", "contemplate", "expect", "estimate", "continue", "further", "plan", "point to", "project", "could", "intend", "target" or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of inflationary pressures, changes in interest rates, tariffs or trade wars (including reduced consumer spending), slowdowns in economic growth, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing; potential impacts of adverse developments in the banking industry, including those highlighted by high-profile bank failures, and including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto (including increases in the cost of our deposit insurance assessments), the Company's ability to effectively manage its liquidity risk and any growth plans, and the availability of capital and funding; governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes including overdraft and late fee caps (if implemented), including those that impact the money supply and inflation; the risks of changes in interest rates on the level and composition of deposits (as well as the cost of, and competition for, deposits), loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities; interest rate risks (including the impacts of interest rates on macroeconomic conditions, customer and client behavior, and on our net interest income), sensitivities and the shape of the yield curve; changes in accounting policies, rules and practices; changes in retail distribution strategies, customer preferences and behavior generally and as a result of economic factors, including heightened or persistent inflation; changes in the availability and cost of credit and capital in the financial markets; changes in the prices, values and sales volumes of residential and commercial real estate, especially as they relate to the value of collateral supporting the Company’s loans; the Company’s concentration in commercial real estate loans and in real estate collateral in Florida; Seacoast’s ability to comply with any regulatory requirements and the risk that the regulatory environment may not be conducive to or may prohibit or delay the consummation of future mergers and/or business combinations, may increase the length of time and amount of resources required to consummate such transactions, and may reduce the anticipated benefit; inaccuracies or other failures from the use of models, including the failure of assumptions and estimates, as well as differences in, and changes to, economic, market and credit conditions; the impact on the valuation of Seacoast’s investments due to market volatility or counterparty payment risk, as well as the effect of a decline in stock market prices on our fee income from our wealth management business; statutory and regulatory dividend restrictions; increases in regulatory capital requirements for banking organizations generally; the risks of mergers, acquisitions and divestitures, including Seacoast’s ability to continue to identify acquisition targets, successfully acquire and integrate desirable financial institutions and realize expected revenues and revenue synergies; changes in technology or products that may be more difficult, costly, or less effective than anticipated; the Company’s ability to identify and address increased cybersecurity risks, including those impacting vendors and other third parties which may be exacerbated by developments in generative artificial intelligence; fraud or misconduct by internal or external parties, which Seacoast may not be able to prevent, detect or mitigate; inability of Seacoast’s risk management framework to manage risks associated with the Company’s business; dependence on key suppliers or vendors to obtain equipment or services for the business on acceptable terms; reduction in or the termination of Seacoast’s ability to use the online- or mobile-based platform that is critical to the Company’s business growth strategy; the effects of war or other conflicts, acts of terrorism, natural disasters, including hurricanes in the Company’s footprint, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions and/or increase costs, including, but not limited to, property and



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casualty and other insurance costs; Seacoast’s ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions; the risks that deferred tax assets could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated, the results of tax audit findings, challenges to our tax positions, or adverse changes or interpretations of tax laws; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions; the failure of assumptions underlying the establishment of reserves for expected credit losses; risks related to, and the costs associated with, environmental, social and governance matters, including the scope and pace of related rulemaking activity and disclosure requirements; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the federal budget and economic policy, including the impact of tariffs and trade policies; the risk that balance sheet, revenue growth, and loan growth expectations may differ from actual results; and other factors and risks described herein and under “Risk Factors” in any of the Company's subsequent reports filed with the SEC and available on its website at www.sec.gov.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in the Company’s annual report on Form 10-K for the year ended December 31, 2024 and in other periodic reports that the Company files with the SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at www.sec.gov.



 

FINANCIAL HIGHLIGHTS(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarterly TrendsSix months ended
(Amounts in thousands, except ratios and per share data)2Q'251Q'254Q'243Q'242Q'242Q'252Q'24
Summary of Earnings
Net income$42,687 $31,464 $34,085 $30,651 $30,244 $74,151 $56,250 
Adjusted net income1
44,466 32,102 40,556 30,511 30,277 76,568 61,408 
Net interest income2
127,295 118,857 116,115 106,975 104,657 246,153 209,954 
Net interest margin2,3
3.58 %3.48 %3.39 %3.17 %3.18 %3.53 %3.21 %
Pre-tax pre-provision earnings1
60,236 50,590 47,858 46,086 44,555 110,827 80,228 
Adjusted pre-tax pre-provision earnings1
62,627 51,686 56,610 46,390 44,490 114,314 87,002 
Performance Ratios
Return on average assets-GAAP basis3
1.08 %0.83 %0.89 %0.81 %0.82 %0.96 %0.77 %
Adjusted return on average assets1,3
1.13 0.85 1.06 0.81 0.82 0.99 0.84 
Return on average tangible assets-GAAP basis3,4
1.24 0.98 1.06 0.99 1.00 1.12 0.94 
Adjusted return on average tangible assets1,3,4
1.29 1.00 1.24 0.98 1.00 1.15 1.02 
Net adjusted noninterest expense to average tangible assets1,3,4
2.25 2.33 2.19 2.19 2.19 2.29 2.21 
Return on average shareholders' equity-GAAP basis3
7.60 5.76 6.16 5.62 5.74 6.69 5.34 
Return on average tangible common equity-GAAP basis3,4
12.82 10.17 10.90 10.31 10.75 11.52 10.15 
Adjusted return on average tangible common equity1,3,4
13.31 10.35 12.74 10.27 10.76 11.86 10.95 
Efficiency ratio5
56.95 60.28 56.26 59.84 60.21 58.55 63.48 
Adjusted efficiency ratio1
55.36 59.53 56.07 59.84 60.21 57.37 60.67 
Noninterest income to total revenue (excluding securities gains/losses)16.18 15.65 18.02 18.05 17.55 15.92 16.86 
Tangible common equity to tangible assets4
9.75 9.58 9.60 9.64 9.30 9.75 9.30 
Average loan-to-deposit ratio85.21 84.23 83.14 83.79 83.11 84.72 83.80 
End of period loan-to-deposit ratio84.96 83.17 84.27 83.44 82.90 84.96 82.90 
Per Share Data
Net income diluted-GAAP basis$0.50 $0.37 $0.40 $0.36 $0.36 $0.87 $0.66 
Net income basic-GAAP basis0.50 0.37 0.40 0.36 0.36 0.87 0.67 
Adjusted earnings1
0.52 0.38 0.48 0.36 0.36 0.90 0.72 
Book value per share common26.43 26.04 25.51 25.68 24.98 26.43 24.98 
Tangible book value per share17.19 16.71 16.12 16.20 15.41 17.19 15.41 
Cash dividends declared0.18 0.18 0.18 0.18 0.18 0.36 0.36 
1Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP.
2Calculated on a fully taxable equivalent basis using amortized cost.
3These ratios are stated on an annualized basis and are not necessarily indicative of future periods.
4The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders' equity less intangible assets.
5Defined as noninterest expense less amortization of intangibles and gains, losses, and expenses on foreclosed properties divided by net operating revenue (net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains and losses).



CONSOLIDATED STATEMENTS OF INCOME(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarterly TrendsSix months ended
(Amounts in thousands, except per share data)2Q'251Q'254Q'243Q'242Q'242Q'252Q'24
Interest and dividends on securities:
Taxable$32,479 $29,381 $26,945 $25,963 $24,155 $61,860 $46,548 
Nontaxable33 34 34 34 33 67 67 
Interest and fees on loans157,075 150,640 151,999 150,980 147,292 307,715 294,387 
Interest on interest-bearing deposits and other investments3,760 4,200 6,952 7,138 8,328 7,960 14,512 
Total Interest Income193,347 184,255 185,930 184,115 179,808 377,602 355,514 
Interest on deposits40,633 43,626 47,394 51,963 51,319 84,259 98,853 
Interest on time certificates15,120 14,973 16,726 19,002 17,928 30,093 35,049 
Interest on borrowed money10,730 7,139 6,006 6,485 6,137 17,869 12,110 
Total Interest Expense66,483 65,738 70,126 77,450 75,384 132,221 146,012 
Net Interest Income126,864 118,517 115,804 106,665 104,424 245,381 209,502 
Provision for credit losses4,379 9,250 3,699 6,273 4,918 13,629 6,286 
Net Interest Income After Provision for Credit Losses122,485 109,267 112,105 100,392 99,506 231,752 203,216 
Noninterest income:
Service charges on deposit accounts5,540 5,180 5,138 5,412 5,342 10,720 10,302 
Wealth management income4,196 4,248 4,019 3,843 3,766 8,444 7,306 
Interchange income1,895 1,807 1,860 1,911 1,940 3,702 3,828 
Mortgage banking fees685 404 326 485 582 1,089 963 
Insurance agency income1,289 1,620 1,151 1,399 1,355 2,909 2,646 
BOLI income3,380 2,468 2,627 2,578 2,596 5,848 4,860 
Other7,497 6,257 10,335 7,864 6,647 13,754 12,591 
24,482 21,984 25,456 23,492 22,228 46,466 42,496 
Securities gains (losses), net39 196 (8,388)187 (44)235 185 
Total Noninterest Income24,521 22,180 17,068 23,679 22,184 46,701 42,681 
Noninterest expense:
Salaries and wages44,438 42,248 42,378 40,697 38,937 86,686 79,241 
Employee benefits8,106 8,861 6,548 6,955 6,861 16,967 14,750 
Outsourced data processing costs8,525 8,504 8,307 8,003 8,210 17,029 20,328 
Occupancy7,483 7,350 7,234 7,096 7,180 14,833 15,217 
Furniture and equipment2,125 2,128 2,004 2,060 1,956 4,253 3,967 
Marketing2,958 2,748 2,126 2,729 3,266 5,706 5,921 
Legal and professional fees2,071 2,740 2,807 2,708 1,982 4,811 4,133 
FDIC assessments2,108 2,194 2,274 1,882 2,131 4,302 4,289 
Amortization of intangibles5,131 5,309 5,587 6,002 6,003 10,440 12,295 
Other real estate owned expense and net loss (gain) on sale8 241 84 491 (109)249 (135)
Provision for credit losses on unfunded commitments150 150 250 250 251 300 501 
Merger-related charges2,422 1,051 — — — 3,473 — 
Other6,205 7,073 5,976 5,945 5,869 13,278 12,401 
Total Noninterest Expense91,730 90,597 85,575 84,818 82,537 182,327 172,908 
Income Before Income Taxes55,276 40,850 43,598 39,253 39,153 96,126 72,989 
Provision for income taxes12,589 9,386 9,513 8,602 8,909 21,975 16,739 
Net Income$42,687 $31,464 $34,085 $30,651 $30,244 $74,151 $56,250 
Share Data
Net income per share of common stock
Diluted$0.50 $0.37 $0.40 $0.36 $0.36 $0.87 $0.66 
Basic0.50 0.37 0.40 0.36 0.36 0.87 0.67 
Cash dividends declared0.18 0.18 0.18 0.18 0.18 0.36 0.36 
Average common shares outstanding
Diluted85,479 85,388 85,302 85,069 84,816 85,454 84,799 
Basic84,903 84,648 84,510 84,434 84,341 84,776 84,260 


CONSOLIDATED BALANCE SHEETS(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
June 30,March 31,December 31,September 30,June 30,
(Amounts in thousands)20252025202420242024
Assets
Cash and due from banks$181,565 $191,467 $171,615 $182,743 $168,738 
Interest-bearing deposits with other banks150,863 309,105 304,992 454,315 580,787 
Total cash and cash equivalents332,428 500,572 476,607 637,058 749,525 
Time deposits with other banks1,494 1,494 3,215 5,207 7,856 
Debt Securities:
Securities available-for-sale (at fair value)2,866,185 2,627,959 2,226,543 2,160,055 1,967,204 
Securities held-to-maturity (at amortized cost)613,312 624,650 635,186 646,050 658,055 
Total debt securities3,479,497 3,252,609 2,861,729 2,806,105 2,625,259 
Loans held for sale8,610 16,016 17,277 11,039 5,975 
Loans10,608,824 10,443,021 10,299,950 10,205,281 10,038,508 
Less: Allowance for credit losses(142,184)(140,267)(138,055)(140,469)(141,641)
Loans, net of allowance for credit losses10,466,640 10,302,754 10,161,895 10,064,812 9,896,867 
Bank premises and equipment, net107,256 108,478 107,555 108,776 109,945 
Other real estate owned5,335 7,176 6,421 6,421 6,877 
Goodwill732,417 732,417 732,417 732,417 732,417 
Other intangible assets, net61,328 66,372 71,723 77,431 83,445 
Bank owned life insurance312,860 311,453 308,995 306,379 303,816 
Net deferred tax assets87,328 93,595 102,989 94,820 108,852 
Other assets349,762 339,549 325,485 317,906 321,779 
Total Assets$15,944,955 $15,732,485 $15,176,308 $15,168,371 $14,952,613 
Liabilities
Deposits
Noninterest demand$3,376,941 $3,492,491 $3,352,372 $3,443,455 $3,397,918 
Interest-bearing demand2,518,857 2,734,260 2,667,843 2,487,448 2,821,092 
Savings557,472 534,991 519,977 524,474 566,052 
Money market4,111,789 4,154,682 4,086,362 4,034,371 3,707,761 
Time deposits1,932,539 1,658,372 1,615,873 1,753,837 1,623,295 
Total Deposits12,497,598 12,574,796 12,242,427 12,243,585 12,116,118 
Securities sold under agreements to repurchase186,090 201,128 232,071 210,176 262,103 
Federal Home Loan Bank borrowings715,000 465,000 245,000 245,000 180,000 
Long-term debt, net107,298 107,132 106,966 106,800 106,634 
Other liabilities167,404 154,689 166,601 168,960 157,377 
Total Liabilities13,673,390 13,502,745 12,993,065 12,974,521 12,822,232 
Shareholders' Equity
Common stock8,673 8,633 8,628 8,614 8,530 
Additional paid in capital1,832,158 1,828,234 1,824,935 1,821,050 1,815,800 
Retained earnings569,833 542,665 526,642 508,036 492,805 
Less: Treasury stock(20,792)(19,072)(19,095)(18,680)(18,744)
2,389,872 2,360,460 2,341,110 2,319,020 2,298,391 
Accumulated other comprehensive loss, net(118,307)(130,720)(157,867)(125,170)(168,010)
Total Shareholders' Equity2,271,565 2,229,740 2,183,243 2,193,850 2,130,381 
Total Liabilities & Shareholders' Equity $15,944,955 $15,732,485 $15,176,308 $15,168,371 $14,952,613 
Common shares outstanding85,948 85,618 85,568 85,441 85,299 



CONSOLIDATED QUARTERLY FINANCIAL DATA(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Amounts in thousands)2Q'251Q'254Q'243Q'242Q'24
Credit Analysis
Net charge-offs$2,462 $7,038 $6,113 $7,445 $9,946 
Net charge-offs to average loans0.09 %0.27 %0.24 %0.29 %0.40 %
Allowance for credit losses$142,184 $140,267 $138,055 $140,469 $141,641 
Non-acquired loans at end of period$8,071,619 $7,752,532 $7,452,175 $7,178,186 $6,834,059 
Acquired loans at end of period2,537,205 2,690,489 2,847,775 3,027,095 3,204,449 
Total Loans$10,608,824 $10,443,021 $10,299,950 $10,205,281 $10,038,508 
Total allowance for credit losses to total loans at end of period1.34 %1.34 %1.34 %1.38 %1.41 %
Purchase discount on acquired loans at end of period4.10 4.25 4.30 4.48 4.51 
End of Period
Nonperforming loans$64,198 $71,018 $92,446 $80,857 $59,927 
Other real estate owned351 1,820 933 933 1,173 
Properties previously used in bank operations included in other real estate owned4,984 5,356 5,488 5,488 5,704 
Total Nonperforming Assets$69,533 $78,194 $98,867 $87,278 $66,804 
Nonperforming Loans to Loans at End of Period0.61 %0.68 %0.90 %0.79 %0.60 %
Nonperforming Assets to Total Assets at End of Period0.44 0.50 0.65 0.58 0.45 
LoansJune 30, 2025March 31, 2025December 31, 2024September 30, 2024June 30, 2024
Construction and land development$603,079 $618,493 $648,054 $595,753 $593,534 
Commercial real estate - owner occupied1,778,930 1,713,579 1,686,629 1,676,814 1,656,391 
Commercial real estate - non-owner occupied3,624,528 3,513,400 3,503,807 3,573,076 3,423,266 
Residential real estate2,678,042 2,653,012 2,616,784 2,564,903 2,555,320 
Commercial and financial1,741,158 1,753,090 1,651,355 1,575,228 1,582,290 
Consumer183,087 191,447 193,321 219,507 227,707 
Total Loans$10,608,824 $10,443,021 $10,299,950 $10,205,281 $10,038,508 




AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1
(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2Q'251Q'252Q'24
AverageYield/AverageYield/AverageYield/
(Amounts in thousands)BalanceInterestRateBalanceInterestRateBalanceInterestRate
Assets
Earning assets:
Securities:
Taxable$3,364,825 $32,479 3.87 %$3,073,108 $29,381 3.88 %$2,629,716 $24,155 3.69 %
Nontaxable5,321 40 3.02 5,436 41 3.06 5,423 40 2.97 
Total Securities3,370,146 32,519 3.87 3,078,544 29,422 3.88 2,635,139 24,195 3.69 
Federal funds sold183,268 2,041 4.47 265,503 2,945 4.50 510,401 6,967 5.49 
Interest-bearing deposits with other banks and other investments137,726 1,720 5.01 105,195 1,254 4.83 98,942 1,361 5.53 
Total Loans, net2
10,558,997 157,499 5.98 10,383,497 150,973 5.90 10,005,122 147,518 5.93 
Total Earning Assets14,250,137 193,779 5.45 13,832,739 184,594 5.41 13,249,604 180,041 5.47 
Allowance for credit losses(141,442)(138,300)(146,380)
Cash and due from banks152,562 158,750 168,439 
Bank premises and equipment, net108,206 108,651 110,709 
Intangible assets796,431 801,687 818,914 
Bank owned life insurance312,384 309,831 302,165 
Other assets including deferred tax assets322,916 322,284 336,256 
Total Assets$15,801,194 $15,395,642 $14,839,707 
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand$2,622,944 $10,249 1.57 %$2,706,065 $11,069 1.66 %$2,670,569 $14,946 2.25 %
Savings545,718 881 0.65 529,711 698 0.53 584,490 560 0.39 
Money market4,122,147 29,505 2.87 4,149,460 31,859 3.11 3,665,858 35,813 3.93 
Time deposits1,700,128 15,120 3.57 1,647,938 14,973 3.68 1,631,290 17,928 4.42 
Securities sold under agreements to repurchase185,977 1,214 2.62 201,271 1,357 2.73 293,603 2,683 3.68 
Federal Home Loan Bank borrowings724,231 7,805 4.32 382,836 4,081 4.32 149,234 1,592 4.29 
Long-term debt, net107,208 1,712 6.41 107,038 1,700 6.44 106,532 1,862 7.03 
Total Interest-Bearing Liabilities10,008,353 66,486 2.66 9,724,319 65,737 2.74 9,101,576 75,384 3.33 
Noninterest demand3,401,138 3,294,149 3,485,603 
Other liabilities139,495 162,179 134,900 
Total Liabilities13,548,986 13,180,647 12,722,079 
Shareholders' equity2,252,208 2,214,995 2,117,628 
Total Liabilities & Equity$15,801,194 $15,395,642 $14,839,707 
Cost of deposits1.80 %1.93 %2.31 %
Interest expense as a % of earning assets1.87 %1.93 %2.29 %
Net interest income as a % of earning assets$127,293 3.58 %$118,857 3.48 %$104,657 3.18 %
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
2Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.






AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1
(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Six Months Ended June 30, 2025Six Months Ended June 30, 2024
AverageYield/AverageYield/
(Amounts in thousands, except ratios)BalanceInterestRateBalanceInterestRate
Assets
Earning assets:
Securities:
Taxable$3,219,772 $61,860 3.87 %$2,604,327 $46,548 3.59 %
Nontaxable5,378 82 3.07 5,665 81 2.88 
Total Securities3,225,150 61,942 3.87 2,609,992 46,629 3.59 
Federal funds sold224,159 4,986 4.49 440,448 12,023 5.49 
Interest-bearing deposits with other banks and other investments121,550 2,974 4.93 97,281 2,489 5.15 
Total Loans, net2
10,471,732 308,472 5.94 10,019,890 294,825 5.92 
Total Earning Assets14,042,591 378,374 5.43 13,167,611 355,966 5.44 
Allowance for credit losses(139,879)(147,401)
Cash and due from banks155,639 167,586 
Bank premises and equipment, net108,427 111,550 
Intangible assets799,045 822,222 
Bank owned life insurance311,114 300,965 
Other assets including deferred tax assets322,603 342,708 
Total Assets$15,599,540 $14,765,241 
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand$2,664,275 $21,318 1.61 %$2,694,952 $30,212 2.25 %
Savings537,759 1,579 0.59 606,410 1,100 0.36 
Money market4,135,730 61,362 2.99 3,537,584 67,541 3.84 
Time deposits1,674,177 30,093 3.62 1,610,680 35,049 4.38 
Securities sold under agreements to repurchase193,581 2,571 2.68 313,494 5,762 3.70 
Federal Home Loan Bank borrowings554,477 11,886 4.32 125,826 2,552 4.08 
Long-term debt, net107,123 3,412 6.42 106,453 3,796 7.17 
Total Interest-Bearing Liabilities9,867,122 132,221 2.70 8,995,399 146,012 3.26 
Noninterest demand3,347,939 3,507,046 
Other liabilities150,775 144,791 
Total Liabilities13,365,836 12,647,236 
Shareholders' equity2,233,704 2,118,005 
Total Liabilities & Equity$15,599,540 $14,765,241 
Cost of deposits1.87 %2.25 %
Interest expense as a % of earning assets1.90 %2.23 %
Net interest income as a % of earning assets$246,153 3.53 %$209,954 3.21 %
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
2Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.




CONSOLIDATED QUARTERLY FINANCIAL DATA(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
June 30,March 31,December 31,September 30,June 30,
(Amounts in thousands)20252025202420242024
Customer Relationship Funding
Noninterest demand
Commercial$2,717,688 $2,830,497 $2,621,469 $2,731,564 $2,664,353 
Retail509,539 536,661 502,967 509,527 532,623 
Public funds81,448 64,184 177,742 139,072 142,846 
Other68,266 61,149 50,194 63,292 58,096 
Total Noninterest Demand3,376,941 3,492,491 3,352,372 3,443,455 3,397,918 
Interest-bearing demand
Commercial1,466,184 1,520,186 1,467,508 1,426,920 1,533,725 
Retail838,340 881,282 881,236 874,043 892,032 
Brokered— — 49,287 — 198,337 
Public funds214,333 332,792 269,812 186,485 196,998 
Total Interest-Bearing Demand2,518,857 2,734,260 2,667,843 2,487,448 2,821,092 
Total transaction accounts
Commercial4,183,872 4,350,683 4,088,977 4,158,484 4,198,078 
Retail1,347,879 1,417,943 1,384,203 1,383,570 1,424,655 
Brokered— — 49,287 — 198,337 
Public funds295,781 396,976 447,554 325,557 339,844 
Other68,266 61,149 50,194 63,292 58,096 
Total Transaction Accounts5,895,798 6,226,751 6,020,215 5,930,903 6,219,010 
Savings
Commercial45,531 42,879 40,303 44,151 53,523 
Retail511,941 492,112 479,674 480,323 512,529 
Total Savings557,472 534,991 519,977 524,474 566,052 
Money market
Commercial2,073,098 1,999,540 1,947,250 1,953,851 1,771,927 
Retail1,853,398 1,967,239 1,925,330 1,887,975 1,733,505 
Public funds185,293 187,903 213,782 192,545 202,329 
Total Money Market4,111,789 4,154,682 4,086,362 4,034,371 3,707,761 
Brokered time certificates512,330 262,461 244,351 256,536 126,668 
Time deposits1,420,209 1,395,911 1,371,522 1,497,301 1,496,627 
1,932,539 1,658,372 1,615,873 1,753,837 1,623,295 
Total Deposits$12,497,598 $12,574,796 $12,242,427 $12,243,585 $12,116,118 
Securities sold under agreements to repurchase$186,090 $201,128 $232,071 $210,176 $262,103 
Total customer funding1
$12,171,358 $12,513,463 $12,180,860 $12,197,225 $12,053,216 
1Total deposits and securities sold under agreements to repurchase, excluding brokered deposits. Securities sold under agreements to repurchase consists of customer sweep accounts.




Explanation of Certain Unaudited Non-GAAP Financial Measures
This presentation contains financial information determined by methods other than Generally Accepted Accounting Principles (“GAAP”). Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance. The Company believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance and if not provided would be requested by the investor community. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might define or calculate these measures differently. The Company provides reconciliations between GAAP and these non-GAAP measures. These disclosures should not be considered an alternative to GAAP.


GAAP TO NON-GAAP RECONCILIATION(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarterly TrendsSix Months Ended
(Amounts in thousands, except per share data)2Q'251Q'254Q'243Q'242Q'242Q'252Q'24
Net Income$42,687 $31,464 $34,085 $30,651 $30,244 $74,151 $56,250 
Total noninterest income24,521 22,180 17,068 23,679 22,184 46,701 42,681 
 Securities losses (gains), net(39)(196)8,388 (187)44 (235)(185)
Total Adjustments to Noninterest Income(39)(196)8,388 (187)44 (235)(185)
Total Adjusted Noninterest Income24,482 21,984 25,456 23,492 22,228 46,466 42,496 
Total noninterest expense91,730 90,597 85,575 84,818 82,537 182,327 172,908 
Merger-related charges(2,422)(1,051)— — — (3,473)— 
Business continuity expenses - hurricane events— — (280)— — — — 
Branch reductions and other expense initiatives— — — — — — (7,094)
Total Adjustments to Noninterest Expense(2,422)(1,051)(280)— — (3,473)(7,094)
Adjusted Noninterest Expense89,308 89,546 85,295 84,818 82,537 178,854 165,814 
Income Taxes12,589 9,386 9,513 8,602 8,909 21,975 16,739 
Tax effect of adjustments 604 217 2,197 (47)11 821 1,751 
Adjusted Income Taxes13,193 9,603 11,710 8,555 8,920 22,796 18,490 
Adjusted Net Income$44,466 $32,102 $40,556 $30,511 $30,277 $76,568 $61,408 
Earnings per diluted share, as reported0.50 0.37 0.40 0.36 0.36 0.87 0.66 
Adjusted Earnings per Diluted Share $0.52 $0.38 $0.48 $0.36 $0.36 $0.90 $0.72 
Average diluted shares outstanding 85,479 85,388 85,302 85,069 84,816 85,454 84,799 
Adjusted Noninterest Expense$89,308 $89,546 $85,295 $84,818 $82,537 $178,854 $165,814 
Provision for credit losses on unfunded commitments(150)(150)(250)(250)(251)(300)(501)
Other real estate owned expense and net (loss) gain on sale(8)(241)(84)(491)109 (249)135 
Amortization of intangibles(5,131)(5,309)(5,587)(6,002)(6,003)(10,440)(12,295)
Net Adjusted Noninterest Expense84,019 83,846 79,374 78,075 76,392 167,865 153,153 
Average tangible assets$15,004,763 $14,593,955 $14,397,331 $14,184,085 $14,020,793 $14,800,495 $13,943,019 
Net Adjusted Noninterest Expense to Average Tangible Assets2.25 %2.33 %2.19 %2.19 %2.19 %2.29 %2.21 %
Net Revenue$151,385 $140,697 $132,872 $130,344 $126,608 $292,082 $252,183 
Total Adjustments to Net Revenue(39)(196)8,388 (187)44 (235)(185)
Impact of FTE adjustment431 340 311 310 233 772 452 
Adjusted Net Revenue on a fully taxable equivalent basis$151,777 $140,841 $141,571 $130,467 $126,885 $292,619 $252,450 
Adjusted Efficiency Ratio55.36 %59.53 %56.07 %59.84 %60.21 %57.37 %60.67 %
Net Interest Income$126,864 $118,517 $115,804 $106,665 $104,424 $245,381 $209,502 
Impact of FTE adjustment431 340 311 310 233 772 452 
Net Interest Income including FTE adjustment127,295 118,857 116,115 106,975 104,657 246,153 209,954 
Total noninterest income24,521 22,180 17,068 23,679 22,184 46,701 42,681 
Total noninterest expense less provision for credit losses on unfunded commitments91,580 90,447 85,325 84,568 82,286 182,027 172,407 
Pre-Tax Pre-Provision Earnings60,236 50,590 47,858 46,086 44,555 110,827 80,228 
Total Adjustments to Noninterest Income(39)(196)8,388 (187)44 (235)(185)
Total Adjustments to Noninterest Expense including other real estate owned expense and net loss (gain) on sale2,430 1,292 364 491 (109)3,722 6,959 
Adjusted Pre-Tax Pre-Provision Earnings62,627 51,686 56,610 46,390 44,490 114,314 87,002 
Average Assets15,801,194 15,395,642 15,204,041 14,996,846 14,839,707 15,599,540 14,765,241 
Less average goodwill and intangible assets(796,431)(801,687)(806,710)(812,761)(818,914)(799,045)(822,222)
Average Tangible Assets$15,004,763 $14,593,955 $14,397,331 $14,184,085 $14,020,793 $14,800,495 $13,943,019 
Return on Average Assets (ROA)1.08 %0.83 %0.89 %0.81 %0.82 %0.96 %0.77 %
Impact of other adjustments for Adjusted Net Income0.05 0.02 0.17 — — 0.03 0.07 


GAAP TO NON-GAAP RECONCILIATION(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarterly TrendsSix Months Ended
(Amounts in thousands, except per share data)2Q'251Q'254Q'243Q'242Q'242Q'252Q'24
Adjusted ROA1.13 0.85 1.06 0.81 0.82 0.99 0.84 
ROA1.08 0.83 0.89 0.81 0.82 0.96 0.77 
Impact of removing average intangible assets and related amortization 0.16 0.15 0.17 0.18 0.18 0.16 0.17 
Return on Average Tangible Assets (ROTA)1.24 0.98 1.06 0.99 1.00 1.12 0.94 
Impact of other adjustments for Adjusted Net Income 0.05 0.02 0.18 (0.01)— 0.03 0.08 
Adjusted ROTA1.29 %1.00 %1.24 %0.98 %1.00 %1.15 %1.02 %
Average Shareholders' Equity$2,252,208 $2,214,995 $2,203,052 $2,168,444 $2,117,628 $2,233,704 $2,118,005 
Less average goodwill and intangible assets(796,431)(801,687)(806,710)(812,761)(818,914)(799,045)(822,222)
Average Tangible Equity$1,455,777 $1,413,308 $1,396,342 $1,355,683 $1,298,714 $1,434,659 $1,295,783 
Return on Average Shareholders' Equity 7.60 %5.76 %6.16 %5.62 %5.74 %6.69 %5.34 %
Impact of removing average intangible assets and related amortization 5.22 4.41 4.74 4.69 5.01 4.83 4.81 
Return on Average Tangible Common Equity (ROTCE)12.82 10.17 10.90 10.31 10.75 11.52 10.15 
Impact of other adjustments for Adjusted Net Income 0.49 0.18 1.84 (0.04)0.01 0.34 0.80 
Adjusted ROTCE13.31 %10.35 %12.74 %10.27 %10.76 %11.86 %10.95 %
Loan interest income1
$157,499 $150,973 $152,303 $151,282 $147,518 $308,472 $294,826 
Accretion on acquired loans(10,583)(8,221)(11,717)(9,182)(10,178)(18,804)(20,773)
Loan interest income excluding accretion on acquired loans1
$146,916 $142,752 $140,586 $142,100 $137,340 $289,668 $274,053 
Yield on loans1
5.98 %5.90 %5.93 %5.94 %5.93 %5.94 %5.92 %
Impact of accretion on acquired loans (0.40)(0.32)(0.45)(0.36)(0.41)(0.36)(0.42)
Yield on loans excluding accretion on acquired loans1
5.58 %5.58 %5.48 %5.58 %5.52 %5.58 %5.50 %
Net Interest Income1
$127,295 $118,857 $116,115 $106,975 $104,657 $246,153 $209,954 
Accretion on acquired loans(10,583)(8,221)(11,717)(9,182)(10,178)(18,804)(20,773)
Net interest income excluding accretion on acquired loans1
$116,712 $110,636 $104,398 $97,793 $94,479 $227,349 $189,181 
Net Interest Margin1
3.58 %3.48 %3.39 %3.17 %3.18 %3.53 %3.21 %
Impact of accretion on acquired loans (0.29)(0.24)(0.34)(0.27)(0.31)(0.27)(0.31)
Net interest margin excluding accretion on acquired loans1
3.29 %3.24 %3.05 %2.90 %2.87 %3.26 %2.89 %
Securities interest income1
$32,519 $29,422 $26,986 $26,005 $24,195 $61,942 $46,629 
Tax equivalent adjustment on securities(7)(7)(7)(8)(7)(15)(14)
Securities interest income excluding tax equivalent adjustment1
32,512 29,415 26,979 25,997 24,188 61,927 46,615 
Loan interest income1
157,499 150,973 152,303 151,282 147,518 308,472 294,825 
Tax equivalent adjustment on loans(424)(333)(304)(302)(226)(757)(438)
Loan interest income excluding tax equivalent adjustment157,075 150,640 151,999 150,980 147,292 307,715 294,387 
Net Interest Income1
127,293 118,857 116,115 106,975 104,657 246,153 209,954 
Tax equivalent adjustment on securities(7)(7)(7)(8)(7)(15)(14)
Tax equivalent adjustment on loans(424)(333)(304)(302)(226)(757)(438)
Net interest income excluding tax equivalent adjustment$126,862 $118,517 $115,804 $106,665 $104,424 $245,381 $209,502 
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.