EX-99.1 2 sbcf4q2025earningsrelease.htm EX-99.1 SBCF 4Q 2025 Earnings Release
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SEACOAST REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS
15% Fourth Quarter Annualized Organic Loan Growth
Net Interest Income Up 31% Quarter over Quarter and 28% Year over Year
Transformative Acquisition of Villages Bancorporation, Inc. Adds $4.4 Billion in Assets

STUART, Fla., January 29, 2026 /BUSINESS WIRE/ -- Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported unaudited results of operations and other financial information for the fourth quarter and full year 2025.
Fourth Quarter 2025 Highlights
•Net income of $34.3 million included $18.1 million in merger and integration costs and $23.4 million in day-one credit provisions in the Villages Bancorporation, Inc. (“VBI”) acquisition.
•On an adjusted basis, pre-tax pre-provision earnings1 of $93.2 million increased 39% from the prior quarter and 65% from the prior year quarter.
•15% annualized organic loan growth.
•Well-controlled expenses, with an improved efficiency ratio.
•Expanded branch footprint with new locations in Bradenton, FL and our first branch in the greater Atlanta market.
•Continued industry-leading strength in capital and liquidity.
Charles M. Shaffer, Seacoast's Chairman and CEO, said, “Seacoast delivered another quarter of strong financial performance, highlighted by robust loan growth and continued expansion in pre‑tax pre‑provision earnings. These results underscore the strength, resilience, and momentum of our franchise, which continues to outperform across our markets. We are thrilled to have completed our acquisition of Villages Bancorporation, Inc., a transaction that brings us top‑tier market share and a high‑quality, low‑cost deposit base in the rapidly growing The Villages® community. This acquisition further strengthened our competitive position and enhances our capacity for sustained growth and industry‑leading performance.”
Shaffer added, “Our balance sheet remains exceptionally strong, supported by solid capital levels and a highly resilient liquidity position. This strong foundation provides us with meaningful flexibility to continue strategically deploying resources to drive profitable growth. With a fortified capital base and disciplined balance sheet management, we are well‑positioned to support our customers, invest in our franchise, and extend our long‑term record of growth and value creation.”
Shaffer concluded, “As we look ahead to 2026, we are confident and excited about the shareholder returns we expect to deliver, particularly in the back half of the year. We have included a detailed slide outlining our expectations in the supplemental presentation materials, reflecting the growing momentum across our franchise and the clear path we see toward enhanced performance and long‑term value creation.”

Acquisitions Update
Seacoast’s balanced growth strategy, combining organic growth with value-creating acquisitions, continues to benefit shareholders and expand the franchise.
On October 1, 2025, the Company completed its acquisition of VBI. This transformative transaction expands the Company’s presence in North Central Florida and into The Villages® community, adding approximately $1.2 billion in loans and $3.5 billion in deposits, along with 19 branches. VBI’s future growth potential and low loan-to-deposit ratio provide significant opportunity for expansive growth throughout the Seacoast footprint. Full integration and system conversion activities are expected to be completed early in the third quarter of 2026. Non-voting, convertible preferred shares were issued in connection with the acquisition. These shares are fully convertible to common shares when transferred to a non-affiliate of the VBI holder. As such, performance metrics presented throughout this document assume full conversion of preferred shares into common shares. See “Presentation of Common and Preferred Shares” for further details.
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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In the third quarter of 2025, the Company completed its acquisition of Heartland Bancshares, Inc. (“Heartland”), adding approximately $153.3 million in loans and $705.2 million in deposits, along with four branches in Central Florida. Integration activities, including system conversion, were also completed in the third quarter of 2025.

Financial Results
Income Statement
•Net revenues were $203.3 million in the fourth quarter of 2025, an increase of $46.0 million, or 29%, compared to the prior quarter, and an increase of $70.4 million, or 53%, compared to the prior year quarter. Adjusted net revenues1 were $204.8 million in the fourth quarter of 2025, an increase of $46.2 million, or 29%, compared to the prior quarter, and an increase of $63.2 million, or 45%, compared to the prior year quarter.
•Pre-tax pre-provision earnings1 were $75.1 million in the fourth quarter of 2025 and included $18.1 million in merger and integration costs. Pre-tax pre-provision earnings1 in the fourth quarter of 2025 increased $19.3 million, or 34%, compared to the third quarter of 2025 and increased $27.3 million, or 57%, compared to the fourth quarter of 2024. Adjusted pre-tax pre-provision earnings1 were $93.2 million in the fourth quarter of 2025, an increase of $26.0 million, or 39%, compared to the third quarter of 2025 and an increase of $36.6 million, or 65%, compared to the fourth quarter of 2024.
•Net interest income totaled $174.6 million in the fourth quarter of 2025, an increase of $41.2 million, or 31%, compared to the prior quarter, and an increase of $58.8 million, or 51%, compared to the fourth quarter of 2024. The increase was largely driven by growing loan and securities balances. Interest income on loans increased by $25.5 million in the fourth quarter of 2025, reflecting continued strong loan production. Included in loan interest income was accretion on acquired loans of $10.6 million in the fourth quarter of 2025, $9.5 million in the third quarter of 2025, and $11.7 million in the fourth quarter of 2024. Securities income increased $20.7 million, or 58%, primarily through the acquisition of VBI. Interest expense on deposits increased $6.9 million, or 16%, compared to the prior quarter, and increased $2.6 million, or 5%, compared to the fourth quarter of 2024. The increase from the prior quarter reflects higher average balances and the addition of VBI customers.
•Net interest margin increased nine basis points to 3.66% in the fourth quarter of 2025 compared to 3.57% in the third quarter of 2025, and increased 27 basis points compared to 3.39% in the fourth quarter of 2024. Excluding the effects of accretion on acquired loans, net interest margin expanded 12 basis points to 3.44% in the fourth quarter of 2025 compared to 3.32% in the third quarter of 2025, and increased 39 basis points compared to 3.05% in the fourth quarter of 2024. Loan yields were 6.02%, an increase of six basis points from the prior quarter and an increase of nine basis points from the prior year quarter. Securities yields increased 21 basis points to 4.13%, compared to 3.92% in the prior quarter and increased 37 basis points compared to 3.77% in the prior year quarter. The cost of deposits declined 14 basis points to 1.67% in the fourth quarter of 2025 compared to 1.81% in the prior quarter, and declined 41 basis points compared to 2.08% in the fourth quarter of 2024. The cost of funds declined 16 basis points to 1.80% quarter over quarter, and declined 37 basis points compared to the prior year quarter.
•The provision for credit losses was $29.3 million in the fourth quarter of 2025, largely the result of the acquisition of VBI which resulted in a day-one loan loss provision of $22.7 million. Allowance coverage of 1.42% increased eight basis points compared to September 30, 2025, with higher coverage levels assigned to acquired VBI loans.
•Noninterest income totaled $28.6 million in the fourth quarter of 2025, an increase of $4.8 million, or 20%, compared to the prior quarter, and an increase of $11.6 million, or 68%, compared to the prior year quarter. Changes included:
•Service charges on deposits totaled $6.5 million, an increase of $0.3 million, or 4%, from the prior quarter, and an increase of $1.3 million, or 26%, from the prior year quarter, reflecting the closing of the VBI acquisition and continued onboarding of new relationships.
•Wealth management income totaled $5.5 million, an increase of $1.0 million, or 21%, from the prior quarter and an increase of $1.5 million, or 38%, from the prior year quarter. Assets under management have grown 37% year over year. The wealth management division has continued to deliver significant growth, adding $549 million in new organic assets under management in 2025.
•Mortgage banking income totaled $3.1 million, an increase from $0.5 million in the prior quarter and from $0.3 million in the prior year quarter, reflecting the addition of mortgage banking activities from the VBI acquisition.
•Bank Owned Life Insurance income totaled $2.7 million, a decrease of $1.2 million, or 31%, from the prior quarter and an increase of $0.1 million, or 2%, from the prior year quarter. The third quarter of 2025 included death benefit payouts of $1.3 million.
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
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•Other income totaled $7.1 million, an increase of $1.1 million, or 18%, compared to the prior quarter and a decrease of $3.3 million, or 32%, from the prior year quarter. The increase from the prior quarter primarily reflects higher gains on SBIC investments. The decrease from the prior year quarter primarily reflects lower gains on SBIC investments and loan sales.
•Noninterest expense was $130.5 million in the fourth quarter of 2025, an increase of $28.6 million, or 28%, compared to the prior quarter, and an increase of $45.0 million, or 53%, compared to the prior year quarter. In the fourth quarter of 2025, merger and integration costs totaled $18.1 million. Results in the fourth quarter of 2025 also included:
•Salaries and wages totaled $53.9 million, an increase of $7.6 million, or 16%, from the prior quarter and an increase of $11.6 million, or 27%, from the prior year quarter. The increase from the prior quarter reflects the continued expansion of the footprint, including the acquisition of VBI, and higher performance driven incentive compensation.
•Employee benefits totaled $8.5 million, an increase of $1.1 million, or 15%, from the prior quarter and an increase of $1.9 million, or 30%, from the prior year quarter.
•Outsourced data processing costs totaled $11.3 million, an increase of $1.9 million, or 21%, from the prior quarter and an increase of $3.0 million, or 36%, from the prior year quarter. The increases reflect higher transaction volume and growth in customers, including from the acquisition of VBI.
•Occupancy costs totaled $9.3 million, an increase of $1.7 million, or 22%, compared to the prior quarter and an increase of $2.1 million, or 29%, from the prior year quarter, due to growth in the branch network.
•Legal and professional fees totaled $2.1 million, an increase of $0.4 million, or 26%, compared to the prior quarter and a decrease of $0.7 million, or 25%, from the prior year quarter. The increase is largely associated with the timing of various projects.
•Amortization of intangibles increased $4.4 million with the addition of $110.5 million in core deposit intangible assets from the VBI acquisition. These assets will be amortized using an accelerated amortization method over approximately 10 years.
•Provision for credit losses on unfunded commitments increased $0.7 million as a result of the acquisition of VBI.
•Other expense totaled $7.2 million, an increase of $1.3 million, or 22%, compared to the prior quarter and an increase of $1.2 million, or 20%, from the prior year quarter.
•The efficiency ratio was 63.36% in the fourth quarter of 2025, compared to 64.44% in the third quarter of 2025 and 60.21% in the prior year quarter. The adjusted efficiency ratio1 improved to 54.50% in the fourth quarter of 2025, compared to 57.63% in the third quarter of 2025 and 60.01% in the prior year quarter. The Company continues to remain keenly focused on disciplined expense control, while making investments for growth.
Balance Sheet
•Debt securities totaled $5.8 billion as of December 31, 2025, an increase of $1.9 billion compared to September 30, 2025. Debt securities as of December 31, 2025 included approximately $5.2 billion in securities classified as available-for-sale and recorded at fair value. The unrealized loss on these securities is fully reflected in the value presented on the balance sheet. The portfolio also includes $586.2 million in securities classified as held-to-maturity with a fair value of $489.6 million.
•$2.5 billion in securities were added through the VBI acquisition. Of the securities acquired, approximately $1.5 billion were sold, and the proceeds were reinvested into new positions with an average yield of 5.3%. Portfolio yield increased 21 basis points to 4.13% from 3.92% in the prior quarter, reflecting the higher yield securities purchased and acquired.
•With higher capital at VBI and lower dilution than originally modeled, along with constructive market conditions, in January 2026, the Company repositioned a portion of its available-for-sale securities portfolio. Securities with an average book yield of 1.9% were sold, resulting in a pre-tax loss of approximately $39.5 million impacting first quarter 2026 results. The proceeds of approximately $277 million were reinvested in primarily agency mortgage-backed securities with an average taxable equivalent book yield of 4.8%.
•Loans increased $1.7 billion during the fourth quarter of 2025, totaling $12.6 billion as of December 31, 2025. Annualized organic loan growth, excluding the acquisition of VBI, was 15%. 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. The increase in annualized net loan growth was the result of a strong quarter by our commercial team and
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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the addition of the VBI mortgage activity. In addition, we chose to portfolio a larger portion of the volume originated in The Villages community footprint given the strong credit scores and shorter loan duration.
•Total deposits were $16.3 billion as of December 31, 2025, an increase of $3.2 billion when compared to September 30, 2025. This increase includes $3.5 billion in deposits from the acquisition of VBI, partially offset by declines of $68.7 million in brokered deposits. Outflows were largely the result of a targeted strategy to lower rates on certain categories of accounts.
•Average noninterest bearing demand deposits totaled $4.1 billion in the fourth quarter of 2025, an increase of 15% from $3.5 billion in the third quarter of 2025, and an increase of 20% from $3.4 billion in the fourth quarter of 2024.
•The cost of deposits declined 14 basis points to 1.67% from 1.81% in the prior quarter.
•At December 31, 2025, customer transaction account balances represented 48% of total deposits. The Company continues to benefit from a granular deposit franchise, with the top ten depositors representing approximately 3% of total deposits.
•Consumer deposits represent 50% of overall deposit funding with an average consumer customer balance of $26 thousand. Commercial deposits represent 50% of overall deposit funding with an average business customer balance of $116 thousand.
•Federal Home Loan Bank borrowings averaged $623.8 million at 4.27% for the fourth quarter of 2025, compared to average borrowings of $637.8 million at 4.17% in the third quarter of 2025.
Asset Quality
•The ratio of criticized and classified loans to total loans was 2.82% at December 31, 2025, compared to 2.50% at September 30, 2025, and 2.17% at December 31, 2024. The increase was the result of the VBI acquisition.
•Accruing past due loans were $33.2 million, or 0.26% of total loans, at December 31, 2025, compared to $20.3 million, or 0.19% of total loans, at September 30, 2025, and $15.6 million, or 0.15% of total loans, at December 31, 2024.
•Net charge-offs were $0.9 million in the fourth quarter of 2025, or three basis points annualized, compared to $3.2 million in the third quarter of 2025 and $6.1 million in the fourth quarter of 2024. For the full year 2025, net charge-offs were $13.6 million, or 12 basis points as a percentage of average loans, compared to $27.1 million, or 27 basis points, in the prior year.
•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.
•Construction and land development and commercial real estate loans remain well below regulatory guidance as of December 31, 2025 at 34% and 227% of total bank-level risk-based capital2, respectively, compared to 34% and 236%, respectively, at September 30, 2025. On a consolidated basis and as of December 31, 2025, construction and land development and commercial real estate loans represent 32% and 216%, respectively, of total consolidated risk-based capital2.
Capital and Liquidity
•The Company deployed capital in the fourth quarter of 2025 through the VBI acquisition, and continues to operate with a fortress balance sheet, with a Tier 1 capital ratio at December 31, 2025 of 14.4%2 compared to 14.5% at September 30, 2025, and 14.8% at December 31, 2024. The Total capital ratio was 15.8%2, the Common Equity Tier 1 capital ratio was 11.5%2, and the Tier 1 leverage ratio was 10.1%2 at December 31, 2025. The Company is considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements.
•Tangible equity to tangible assets was 9.31% at December 31, 2025, compared to 9.76% at September 30, 2025, and 9.60% at December 31, 2024. If all held-to-maturity securities were adjusted to fair value, the tangible equity ratio would have been 8.96% at December 31, 2025. The decline quarter over quarter was the result of capital invested in the VBI acquisition.
•At December 31, 2025, in addition to $388.5 million in cash, the Company had $7.6 billion in available borrowing capacity, including $3.4 billion in available collateralized lines of credit, $3.8 billion of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of $348.0 million.
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
2Estimated
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OTHER INFORMATION
Conference Call Information
Seacoast will host a conference call on January 30, 2026, at 10:00 a.m. (Eastern Time) to discuss the fourth quarter of 2025 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 715-9871 (Conference ID: 3069645). 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 $20.8 billion in assets and $16.3 billion in deposits as of December 31, 2025. Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 104 full-service branches across Florida, and through advanced mobile and online banking solutions. Seacoast National Bank is the wholly-owned subsidiary bank of Seacoast Banking Corporation of Florida. 19 branches recently acquired in The Villages® community and in North Central Florida will operate under the name Citizens First Bank until Seacoast’s system conversion takes place in 2026. For more information about Seacoast, visit www.SeacoastBanking.com.

Cautionary Notice Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in the Company’s markets, and improvements or impacts to reported earnings that may be realized from cost controls, tax law changes, conversion of preferred shares into common shares, new initiatives and for integration of banks (including Villages Bancorporation, Inc.) that the Company has acquired, or expects to acquire, as well as statements with respect to Seacoast's objectives, strategic plans, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.
Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates and intentions about future performance and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance or achievements of Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) or its wholly-owned banking subsidiary, Seacoast National Bank (“Seacoast Bank”), to be materially different from results, performance or achievements expressed or implied by such forward-looking statements. You should not expect the Company to update any forward-looking statements.
All statements other than statements of historical fact could be forward-looking statements. You can identify these forward-looking statements through the use of words such as "may", "will", "anticipate", "assume", "should", "support", "indicate", "would", "believe", "contemplate", "expect", "estimate", "continue", "further", "plan", "point to", "project", "could", "intend", "target" or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of continued inflationary pressures, changes in interest rates, tariffs or trade wars (including reduced consumer spending), slowdowns in economic growth, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing; potential impacts of adverse developments in the banking industry and including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto (including increases in the cost of our deposit insurance assessments), the Company's ability to effectively manage its liquidity risk and any growth plans, and the availability of capital and funding; governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes, including those that impact the money supply and inflation; the risks of continued changes in interest rates on the level and composition of deposits (as well as the cost of, and competition for, deposits), loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities; interest rate risks (including the impacts of interest rates on macroeconomic conditions, and on our net interest income), sensitivities and the shape of the yield curve; changes in
    
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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, and limit deposit, customer and employee attrition; 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, civil unrest, acts of terrorism, natural disasters, including hurricanes in the Company’s footprint, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions and/or increase costs, including, but not limited to, property and casualty and other insurance costs; Seacoast’s ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions; the risks that deferred tax assets could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated, the results of tax audit findings, challenges to our tax positions, or adverse changes or interpretations of tax laws; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions; the failure of assumptions underlying the establishment of reserves for expected credit losses; risks related to, and the costs associated with, environmental, social and governance matters, including the scope and pace of related rulemaking activity and disclosure requirements; legislative, regulatory or supervisory actions related to so-called “de-banking,” including any new prohibitions, requirements or enforcement priorities that could affect customer relationships, compliance obligations, or operational practices; government actions or inactions, including, 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 TrendsTwelve months ended
(Amounts in thousands, except ratios and per share data)4Q'253Q'252Q'251Q'254Q'244Q'254Q'24
Summary of Earnings
Net income$34,260 $36,467 $42,687 $31,464 $34,085 $144,878 $120,986 
Adjusted net income1
47,741 45,164 44,466 32,102 40,556 169,473 132,476 
Net interest income2
176,244 133,906 127,295 118,857 116,115 556,308 433,045 
Net interest margin2,3
3.66 %3.57 %3.58 %3.48 %3.39 %3.58 %3.24 %
Pre-tax pre-provision earnings1
$75,141 $55,887 $60,236 $50,590 $47,858 $241,860 $174,173 
Adjusted pre-tax pre-provision earnings1
93,170 67,190 62,627 51,686 56,610 274,679 190,003 
Performance Ratios
Return on average assets-GAAP basis3
0.64 %0.88 %1.08 %0.83 %0.89 %0.84 %0.81 %
Adjusted return on average assets1,3
0.89 1.09 1.13 0.85 1.06 0.98 0.89 
Return on average tangible assets-GAAP basis3,4
0.83 1.04 1.24 0.98 1.06 1.01 0.98 
Adjusted return on average tangible assets1,3,4,6
1.10 1.26 1.29 1.00 1.24 1.16 1.06 
Net adjusted noninterest expense to average tangible assets1,3,4
2.01 2.16 2.25 2.33 2.19 2.17 2.20 
Return on average equity-GAAP basis3
4.43 6.17 7.60 5.76 6.16 5.86 5.62 
Adjusted return on average equity1,3
6.17 7.64 7.92 5.88 7.32 6.86 6.16 
Return on average tangible equity-GAAP basis3,4
9.05 10.70 12.82 10.17 10.90 10.58 10.39 
Adjusted return on average tangible equity1,3,4
11.96 12.98 13.31 10.35 12.74 12.16 11.25 
Efficiency ratio5
63.36 64.44 60.33 64.05 60.21 63.07 65.18 
Adjusted efficiency ratio1
54.50 57.63 58.74 63.30 60.01 58.13 63.77 
Noninterest income to total revenue (excluding securities gains/losses)14.05 15.59 16.18 15.65 18.02 15.26 17.47 
Tangible equity to tangible assets4
9.31 9.76 9.75 9.58 9.60 9.31 9.60 
Average loan-to-deposit ratio73.60 82.99 85.21 84.23 83.14 80.85 83.63 
End of period loan-to-deposit ratio77.78 83.84 84.96 83.17 84.27 77.78 84.27 
Per Share Data
Earnings per common share-diluted-GAAP basis$0.31 $0.42 $0.50 $0.37 $0.40 $1.57 $1.42 
Earnings per common share-basic-GAAP basis0.32 0.42 0.50 0.37 0.40 1.59 1.43 
Earnings per common share-diluted, treating all preferred shares as common1,6
0.31 0.42 0.50 0.37 0.40 1.58 1.42 
Adjusted earnings per common share-diluted, treating all preferred shares as common1,6
0.44 0.52 0.52 0.38 0.48 1.84 1.56 
Book value per common share27.70 27.07 26.43 26.04 25.51 27.70 25.51 
Book value per common share, treating all preferred shares as common6
27.99 27.07 26.43 26.04 25.51 27.99 25.51 
Tangible book value per common share4
15.14 17.61 17.19 16.71 16.12 15.14 16.12 
Tangible book value per common share, treating all preferred shares as common4,6
16.72 17.61 17.19 16.71 16.12 16.72 16.12 
Cash dividends declared on common and preferred stock7
0.19 0.18 0.18 0.18 0.18 0.73 0.72 
Other Data
Full-time equivalent employees1,962 1,601 1,522 1,518 1,504 1,962 1,504 
Number of ATMs191 103 98 98 96 191 96 
Full-service banking offices104 84 79 79 77 104 77 
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 equity as total shareholders' equity less intangible assets.
5Defined as noninterest expense less provision for credit losses on unfunded commitments 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). Prior to the fourth quarter of 2025, the Company's presentation of the efficiency ratio excluded amortization expense on intangible assets. Prior periods have been updated to align with the current presentation.
6Calculated treating all preferred shares as common. Each 1/1000th preferred share is convertible to one common share on the date a holder of preferred stock transfers such share of preferred stock to a non-affiliate of the holder. The Company believes a calculation presenting all convertible preferred shares as common provides useful supplemental information to the presentation of common share measures, as we anticipate they will be converted to common shares in the future.
7In the fourth quarter of 2025, non-voting preferred shares were issued in connection with the VBI acquisition. Those shares earn dividends pro-rata with common shares, or $0.19 per 1/1000 preferred share.


CONSOLIDATED STATEMENTS OF INCOME(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarterly TrendsTwelve months ended
(Amounts in thousands, except per share data)4Q'253Q'252Q'251Q'254Q'244Q'254Q'24
Interest and dividends on securities:
Taxable$53,445 $35,975 $32,479 $29,381 $26,945 $151,280 $99,456 
Nontaxable3,293 44 33 34 34 3,404 135 
Interest and fees on loans187,408 161,913 157,075 150,640 151,999 657,036 597,366 
Interest on interest-bearing deposits and other investments11,914 4,780 3,760 4,200 6,952 24,654 28,602 
Total Interest Income256,060 202,712 193,347 184,255 185,930 836,374 725,559 
Interest on deposits49,988 43,133 40,633 43,626 47,394 177,380 198,210 
Interest on time certificates20,914 16,341 15,120 14,973 16,726 67,348 70,777 
Interest on borrowed money10,531 9,770 10,730 7,139 6,006 38,170 24,601 
Total Interest Expense81,433 69,244 66,483 65,738 70,126 282,898 293,588 
Net Interest Income174,627 133,468 126,864 118,517 115,804 553,476 431,971 
Provision for credit losses29,260 8,371 4,379 9,250 3,699 51,260 16,258 
Net Interest Income After Provision for Credit Losses145,367 125,097 122,485 109,267 112,105 502,216 415,713 
Noninterest income:
Service charges on deposit accounts6,472 6,194 5,540 5,180 5,138 23,386 20,852 
Wealth management income5,540 4,578 4,196 4,248 4,019 18,562 15,168 
Mortgage banking income3,108 517 685 404 326 4,714 1,774 
Interchange income2,483 2,008 1,895 1,807 1,860 8,193 7,599 
Insurance agency income1,191 1,481 1,289 1,620 1,151 5,581 5,196 
BOLI income2,687 3,875 3,380 2,468 2,627 12,410 10,065 
Other7,066 6,006 7,497 6,257 10,335 26,826 30,790 
Total Noninterest Income Before Securities Gains (Losses)28,547 24,659 24,482 21,984 25,456 99,672 91,444 
Securities gains (losses), net84 (841)39 196 (8,388)(522)(8,016)
Total Noninterest Income28,631 23,818 24,521 22,180 17,068 99,150 83,428 
Noninterest expense:
Salaries and wages53,942 46,310 44,438 42,248 42,378 186,938 162,316 
Employee benefits8,490 7,387 8,106 8,861 6,548 32,844 28,253 
Outsourced data processing costs11,257 9,337 8,525 8,504 8,307 37,623 36,638 
Occupancy9,330 7,627 7,483 7,350 7,234 31,790 29,547 
Furniture and equipment2,935 2,233 2,125 2,128 2,004 9,421 8,031 
Marketing3,149 2,509 2,958 2,748 2,126 11,364 10,776 
Legal and professional fees2,106 1,674 2,071 2,740 2,807 8,591 9,648 
FDIC assessments2,876 2,414 2,108 2,194 2,274 9,592 8,445 
Amortization of intangibles10,374 6,005 5,131 5,309 5,587 26,819 23,884 
Other real estate owned expense and net (gain) loss on sale(29)(346)8 241 84 (126)440 
Provision for credit losses on unfunded commitments812 150 150 150 250 1,262 1,001 
Merger and integration costs18,142 10,808 2,422 1,051 — 32,423 — 
Other7,162 5,879 6,205 7,073 5,976 26,319 24,322 
Total Noninterest Expense130,546 101,987 91,730 90,597 85,575 414,860 343,301 
Income Before Income Taxes43,452 46,928 55,276 40,850 43,598 186,506 155,840 
Provision for income taxes9,192 10,461 12,589 9,386 9,513 41,628 34,854 
Net Income34,260 36,467 42,687 31,464 34,085 144,878 120,986 
Preferred stock dividends2,138 — — — — 2,138 — 
Net Income Available to Common Shareholders$32,122 $36,467 $42,687 $31,464 $34,085 $142,740 $120,986 
Share Data
Net income per share of common stock
Diluted$0.31 $0.42 $0.50 $0.37 $0.40 $1.57 $1.42 
Diluted, treating all preferred shares as common1
0.31 0.42 0.50 0.37 0.40 1.58 1.42 
Basic0.32 0.42 0.50 0.37 0.40 1.59 1.43 
Average common shares outstanding
Diluted97,761 87,425 85,479 85,388 85,302 89,106 85,040 
Additional common shares treating all preferred shares as common1
11,250 — — — — 2,836 — 
Diluted, treating all preferred shares as common1
109,011 87,425 85,479 85,388 85,302 91,941 85,040 
Basic96,816 86,619 84,903 84,648 84,510 88,276 84,367 
1Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" and "Presentation of Common and Preferred Shares" for more information and a reconciliation to GAAP.


CONSOLIDATED BALANCE SHEETS(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
December 31,September 30,June 30,March 31,December 31,
(Amounts in thousands)20252025202520252024
Assets
Cash and due from banks$181,429 $173,954 $181,565 $191,467 $171,615 
Interest-bearing deposits with other banks207,116 132,040 150,863 309,105 304,992 
Total cash and cash equivalents388,545 305,994 332,428 500,572 476,607 
Time deposits with other banks14,424 30,852 1,494 1,494 3,215 
Debt Securities:
Securities available-for-sale (at fair value)5,164,567 3,212,080 2,866,185 2,627,959 2,226,543 
Securities held-to-maturity (at amortized cost)586,178 598,604 613,312 624,650 635,186 
Total debt securities5,750,745 3,810,684 3,479,497 3,252,609 2,861,729 
Loans held for sale16,297 10,841 8,610 16,016 17,277 
Loans12,627,984 10,964,173 10,608,824 10,443,021 10,299,950 
Less: Allowance for credit losses(178,803)(147,453)(142,184)(140,267)(138,055)
Loans, net of allowance for credit losses12,449,181 10,816,720 10,466,640 10,302,754 10,161,895 
Bank premises and equipment, net160,139 115,392 107,256 108,478 107,555 
Other real estate owned4,250 5,085 5,335 7,176 6,421 
Goodwill1,034,735 754,645 732,417 732,417 732,417 
Other intangible assets, net195,704 76,291 61,328 66,372 71,723 
Bank owned life insurance330,563 323,214 312,860 311,453 308,995 
Net deferred tax assets66,579 74,683 87,328 93,595 102,989 
Other assets431,169 352,503 349,762 339,549 325,485 
Total Assets$20,842,331 $16,676,904 $15,944,955 $15,732,485 $15,176,308 
Liabilities
Deposits
Noninterest demand$3,897,985 $3,611,920 $3,376,941 $3,492,491 $3,352,372 
Interest-bearing demand3,993,225 2,753,463 2,518,857 2,734,260 2,667,843 
Savings974,694 615,566 557,472 534,991 519,977 
Money market5,141,519 4,396,458 4,111,789 4,154,682 4,086,362 
Time deposits2,248,920 1,712,912 1,932,539 1,658,372 1,615,873 
Total Deposits16,256,343 13,090,319 12,497,598 12,574,796 12,242,427 
Securities sold under agreements to repurchase389,003 236,247 186,090 201,128 232,071 
Federal Home Loan Bank borrowings835,000 690,000 715,000 465,000 245,000 
Long-term debt, net112,761 107,464 107,298 107,132 106,966 
Other liabilities193,437 174,742 167,404 154,689 166,601 
Total Liabilities17,786,544 14,298,772 13,673,390 13,502,745 12,993,065 
Shareholders' Equity
Preferred stock343,125 — — — — 
Common stock9,873 8,864 8,673 8,633 8,628 
Additional paid in capital2,197,549 1,891,111 1,832,158 1,828,234 1,824,935 
Retained earnings603,793 590,384 569,833 542,665 526,642 
Less: Treasury stock(21,358)(20,804)(20,792)(19,072)(19,095)
Total Shareholders' Equity Before Accumulated Other Comprehensive Loss3,132,982 2,469,555 2,389,872 2,360,460 2,341,110 
Accumulated other comprehensive loss, net(77,195)(91,423)(118,307)(130,720)(157,867)
Total Shareholders' Equity3,055,787 2,378,132 2,271,565 2,229,740 2,183,243 
Total Liabilities & Shareholders' Equity $20,842,331 $16,676,904 $15,944,955 $15,732,485 $15,176,308 
Common shares outstanding97,928 87,856 85,948 85,618 85,568 
Series A convertible preferred shares, treating as common1
11,250 — — — — 
Total common shares outstanding, treating all preferred shares as common109,178 87,856 85,948 85,618 85,568 
1Each 1/1000th preferred share is convertible to one common share on the date a holder of preferred stock transfers such share of preferred stock to a non-affiliate of the holder.



PRESENTATION OF COMMON AND PREFERRED SHARES(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
In the acquisition of Villages Bancorporation, Inc. ("VBI") on October 1, 2025, Seacoast issued to VBI shareholders the following:October 1, 2025
SBCF common shares9,923,263 
SBCF Series A non-voting convertible preferred shares11,250 
Each 1/1000th preferred share is convertible to one common share on the date a holder of preferred stock transfers such share of preferred stock to a non-affiliate of the holder.
SBCF common shares upon conversion of Series A convertible preferred shares11,250,000 
Additional performance measures are presented herein to include the treatment of preferred shares as common.
Outstanding shares at period end:December 31, 2025
Common shares97,927,843 
Series A convertible preferred shares11,250 
Total common shares outstanding, treating all preferred shares as common109,177,843 
Average common shares outstanding:4Q'25FY2025
Average common shares - basic96,816,460 88,275,748 
Dilutive effect of employee restricted stock and stock options944,688 829,953 
Average common shares - diluted97,761,148 89,105,701 
Additional common shares, treating all preferred shares as common11,250,000 2,835,616 
Average common shares - diluted, treating all preferred shares as common109,011,148 91,941,317 
Series A non-voting convertible preferred shares earn dividends pro-rata with common shares, or $0.19 per 1/1000 preferred share.
(Amounts in thousands, except per share data)4Q'25FY2025
Net Income$34,260 $144,878 
Less preferred stock dividends(2,138)(2,138)
Net income available to common shareholders32,122 142,740 
Less allocation of earnings to preferred stock(1,429)(2,434)
Net income available to common shareholders after allocation of earnings to preferred stock$30,693 $140,306 
Net income available to common shareholders after allocation of earnings to preferred stock$30,693 $140,306 
Average common shares - diluted97,761 89,106 
Earnings per common share - diluted$0.31 $1.57 
Net Income$34,260 $144,878 
Average common shares - diluted, treating all preferred shares as common109,011 91,941 
Earnings per common share - diluted, treating all preferred shares as common1
$0.31 $1.58 
1Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" and "Presentation of Common and Preferred Shares" for more information and a reconciliation to GAAP. The Company believes a calculation presenting all convertible preferred shares as common provides useful supplemental information to the presentation of common share measures, as we anticipate they will be converted to common shares in the future.


CONSOLIDATED QUARTERLY FINANCIAL DATA(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarterly Trends
(Amounts in thousands)4Q'253Q'252Q'251Q'254Q'24
Credit Analysis
Net charge-offs$936 $3,208 $2,462 $7,038 $6,113 
Net charge-offs to average loans0.03 %0.12 %0.09 %0.27 %0.24 %
Allowance for credit losses$178,803 $147,453 $142,184 $140,267 $138,055 
Non-acquired loans at end of period9,067,802 8,415,612 8,071,619 7,752,532 7,452,175 
Acquired loans at end of period3,560,182 2,548,561 2,537,205 2,690,489 2,847,775 
Total Loans$12,627,984 $10,964,173 $10,608,824 $10,443,021 $10,299,950 
Total allowance for credit losses to total loans at end of period1.42 %1.34 %1.34 %1.34 %1.34 %
Purchase discount on acquired loans at end of period4.04 3.86 4.10 4.25 4.30 
End of Period
Nonperforming loans$72,001 $60,562 $64,198 $71,018 $92,446 
Other real estate owned859 221 351 1,820 933 
Properties previously used in bank operations included in other real estate owned3,391 4,864 4,984 5,356 5,488 
Total Nonperforming Assets$76,251 $65,647 $69,533 $78,194 $98,867 
Nonperforming Loans to Loans at End of Period0.57 %0.55 %0.61 %0.68 %0.90 %
Nonperforming Assets to Total Assets at End of Period0.37 0.39 0.44 0.50 0.65 
LoansDecember 31, 2025September 30, 2025June 30, 2025March 31, 2025December 31, 2024
Construction and land development$723,930 $616,475 $603,079 $618,493 $648,053 
Commercial real estate - owner occupied2,043,625 1,898,704 1,778,930 1,713,579 1,686,629 
Commercial real estate - non-owner occupied4,254,992 3,766,541 3,624,528 3,513,400 3,503,808 
Residential real estate3,098,859 2,694,794 2,678,042 2,653,012 2,616,785 
Commercial and financial2,320,989 1,807,932 1,741,158 1,753,090 1,651,354 
Consumer185,589 179,727 183,087 191,447 193,321 
Total Loans$12,627,984 $10,964,173 $10,608,824 $10,443,021 $10,299,950 





AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1
(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
4Q'253Q'254Q'24
AverageYield/AverageYield/AverageYield/
(Amounts in thousands)BalanceInterestRateBalanceInterestRateBalanceInterestRate
Assets
Earning assets:
Securities:
Taxable$5,239,026 $53,445 4.05 %$3,644,261 $35,975 3.92 %$2,843,755 $26,945 3.77 %
Nontaxable314,355 4,407 5.56 6,752 54 3.17 5,795 41 2.81 
Total Securities5,553,381 57,852 4.13 3,651,013 36,029 3.92 2,849,550 26,986 3.77 
Federal funds sold987,626 9,828 3.95 258,779 2,896 4.44 470,154 5,690 4.81 
Interest-bearing deposits with other banks and other investments194,680 2,086 4.25 166,683 1,884 4.48 102,961 1,262 4.88 
Total Loans, net2
12,374,373 187,910 6.02 10,805,143 162,341 5.96 10,214,493 152,303 5.93 
Total Earning Assets19,110,060 257,676 5.35 %14,881,618 203,150 5.42 %13,637,158 186,241 5.43 %
Allowance for credit losses(173,790)(144,051)(140,409)
Cash and due from banks153,584 166,884 167,197 
Bank premises and equipment, net161,761 114,719 108,589 
Intangible assets1,226,495 827,294 806,710 
Bank owned life insurance328,830 321,754 307,256 
Other assets including deferred tax assets396,451 317,799 317,540 
Total Assets$21,203,391 $16,486,017 $15,204,041 
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand$4,143,038 $13,840 1.33 %$2,671,750 $10,623 1.58 %$2,581,733 $11,843 1.82 %
Savings966,266 1,265 0.52 617,479 1,111 0.71 521,682 582 0.44 
Money market5,250,174 34,883 2.64 4,362,662 31,393 2.85 4,078,714 34,969 3.41 
Time deposits2,367,485 20,914 3.50 1,826,068 16,341 3.55 1,686,004 16,726 3.95 
Securities sold under agreements to repurchase395,271 2,280 2.29 224,328 1,359 2.40 209,909 1,584 3.00 
Federal Home Loan Bank borrowings623,750 6,711 4.27 637,826 6,703 4.17 245,000 2,625 4.26 
Long-term debt, net and other108,459 1,540 5.63 107,372 1,714 6.33 106,881 1,797 6.69 
Total Interest-Bearing Liabilities13,854,443 81,433 2.33 %10,447,485 69,244 2.63 %9,429,923 70,126 2.96 %
Noninterest demand4,086,062 3,541,749 3,417,539 
Other liabilities195,553 151,550 153,527 
Total Liabilities18,136,058 14,140,784 13,000,989 
Shareholders' equity3,067,333 2,345,233 2,203,052 
Total Liabilities & Equity$21,203,391 $16,486,017 $15,204,041 
Cost of deposits1.67 %1.81 %2.08 %
Cost of funds3
1.80 1.96 2.17 
Interest expense as a % of earning assets1.69 1.85 2.05 
Net interest income as a % of earning assets$176,243 3.66 %$133,906 3.57 %$116,115 3.39 %
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
2Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.
3Total interest expense as a percentage of total interest-bearing liabilities and noninterest demand deposits.




AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1
(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Twelve Months Ended December 31, 2025Twelve Months Ended December 31, 2024
AverageYield/AverageYield/
(Amounts in thousands, except ratios)BalanceInterestRateBalanceInterestRate
Assets
Earning assets:
Securities:
Taxable$3,835,729 $151,280 3.94 %$2,702,763 $99,456 3.68 %
Nontaxable83,604 4,543 5.43 5,707 164 2.87 
Total Securities3,919,333 155,823 3.98 2,708,470 99,620 3.68 
Federal funds sold425,320 17,710 4.16 446,149 23,619 5.29 
Interest-bearing deposits with other banks and other investments151,359 6,944 4.59 102,552 4,983 4.86 
Total Loans, net2
11,035,340 658,728 5.97 10,096,189 598,411 5.93 
Total Earning Assets15,531,352 839,205 5.40 %13,353,360 726,633 5.44 %
Allowance for credit losses(149,478)(144,280)
Cash and due from banks157,955 167,367 
Bank premises and equipment, net123,456 110,341 
Intangible assets913,906 815,945 
Bank owned life insurance318,261 303,486 
Other assets including deferred tax assets340,007 327,539 
Total Assets$17,235,459 $14,933,758 
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand$3,038,889 $45,781 1.51 %$2,614,893 $54,960 2.10 %
Savings665,860 3,955 0.59 570,046 2,283 0.40 
Money market4,473,830 127,644 2.85 3,775,352 140,967 3.73 
Time deposits1,887,214 67,348 3.57 1,656,269 70,777 4.27 
Securities sold under agreements to repurchase252,168 6,210 2.46 269,255 9,390 3.49 
Federal Home Loan Bank borrowings592,946 25,294 4.27 183,962 7,726 4.20 
Long-term debt, net and other107,523 6,666 6.20 106,624 7,485 7.02 
Total Interest-Bearing Liabilities11,018,430 282,898 2.57 %9,176,401 293,588 3.20 %
Noninterest demand3,582,837 3,455,907 
Other liabilities162,256 149,389 
Total Liabilities14,763,523 12,781,697 
Shareholders' equity2,471,936 2,152,061 
Total Liabilities & Equity$17,235,459 $14,933,758 
Cost of deposits1.79 %2.23 %
Cost of funds3
1.94 2.32 
Interest expense as a % of earning assets1.82 2.20 
Net interest income as a % of earning assets$556,307 3.58 %$433,045 3.24 %
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
2Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.
3Total interest expense as a percentage of total interest-bearing liabilities and noninterest demand deposits.



CONSOLIDATED QUARTERLY FINANCIAL DATA(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
December 31,September 30,June 30,March 31,December 31,
(Amounts in thousands)20252025202520252024
Customer Relationship Funding
Noninterest demand
Commercial$3,053,115 $2,933,228 $2,717,688 $2,830,497 $2,621,469 
Retail672,779 508,204 509,539 536,661 502,967 
Public funds112,548 96,396 81,448 64,184 177,742 
Other59,543 74,092 68,266 61,149 50,194 
Total Noninterest Demand3,897,985 3,611,920 3,376,941 3,492,491 3,352,372 
Interest-bearing demand
Commercial1,534,289 1,586,997 1,466,184 1,520,186 1,467,508 
Retail2,047,462 976,318 838,340 881,282 881,236 
Brokered— — — — 49,287 
Public funds411,474 190,148 214,333 332,792 269,812 
Total Interest-Bearing Demand3,993,225 2,753,463 2,518,857 2,734,260 2,667,843 
Total transaction accounts
Commercial4,587,404 4,520,225 4,183,872 4,350,683 4,088,977 
Retail2,720,241 1,484,522 1,347,879 1,417,943 1,384,203 
Brokered— — — — 49,287 
Public funds524,022 286,544 295,781 396,976 447,554 
Other59,543 74,092 68,266 61,149 50,194 
Total Transaction Accounts7,891,210 6,365,383 5,895,798 6,226,751 6,020,215 
Savings
Commercial43,189 43,102 45,531 42,879 40,303 
Retail931,505 572,464 511,941 492,112 479,674 
Total Savings974,694 615,566 557,472 534,991 519,977 
Money market
Commercial2,334,255 2,303,584 2,073,098 1,999,540 1,947,250 
Retail2,584,398 1,898,375 1,853,398 1,967,239 1,925,330 
Public funds222,866 194,499 185,293 187,903 213,782 
Total Money Market5,141,519 4,396,458 4,111,789 4,154,682 4,086,362 
Brokered time certificates120,865 189,561 515,303 262,461 244,351 
Time deposits2,128,055 1,523,351 1,417,236 1,395,911 1,371,522 
2,248,920 1,712,912 1,932,539 1,658,372 1,615,873 
Total Deposits$16,256,343 $13,090,319 $12,497,598 $12,574,796 $12,242,427 
Securities sold under agreements to repurchase389,003 236,247 186,090 201,128 232,071 
Total customer funding1
$16,524,481 $13,137,005 $12,168,385 $12,513,463 $12,180,860 
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 TrendsTwelve Months Ended
(Amounts in thousands, except per share data)4Q'253Q'252Q'251Q'254Q'244Q'254Q'24
Net Income$34,260 $36,467 $42,687 $31,464 $34,085 $144,878 $120,986 
Total noninterest income28,631 23,818 24,521 22,180 17,068 99,150 83,428 
 Securities (gains) losses, net(84)841 (39)(196)8,388 522 8,016 
Total Adjusted Noninterest Income28,547 24,659 24,482 21,984 25,456 99,672 91,444 
Total noninterest expense130,546 101,987 91,730 90,597 85,575 414,860 343,301 
Merger and integration costs(18,142)(10,808)(2,422)(1,051)— (32,423)— 
Business continuity expenses - hurricane events— — — — (280)— (280)
Branch reductions and other expense initiatives— — — — — — (7,094)
Total Adjustments to Noninterest Expense(18,142)(10,808)(2,422)(1,051)(280)(32,423)(7,374)
Adjusted Noninterest Expense112,404 91,179 89,308 89,546 85,295 382,437 335,927 
Income Taxes9,192 10,461 12,589 9,386 9,513 41,628 34,854 
Tax effect of adjustments 4,577 2,952 604 217 2,197 8,350 3,900 
Adjusted Income Taxes13,769 13,413 13,193 9,603 11,710 49,978 38,754 
Adjusted Net Income47,741 45,164 44,466 32,102 40,556 169,473 132,476 
Earnings per common share-diluted, as reported0.31 0.42 0.50 0.37 0.40 1.57 1.42 
Adjusted Earnings per Common Share-Diluted0.44 0.52 0.52 0.38 0.48 1.84 1.56 
Adjusted Earnings per Common Share-Diluted, Treating all Preferred Shares as Common$0.44 $0.52 $0.52 $0.38 $0.48 $1.84 $1.56 
Average common shares-diluted97,761 87,425 85,479 85,388 85,302 89,106 85,040 
Average preferred shares, treating all preferred shares as common11,250 — — — — 2,836 — 
Average common shares-diluted, treating all preferred shares as common109,011 87,425 85,479 85,388 85,302 91,941 85,040 
Adjusted Noninterest Expense$112,404 $91,179 $89,308 $89,546 $85,295 $382,437 $335,927 
Provision for credit losses on unfunded commitments(812)(150)(150)(150)(250)(1,262)(1,001)
Other real estate owned expense and net gain (loss) on sale29 346 (8)(241)(84)126 (440)
Amortization of intangibles(10,374)(6,005)(5,131)(5,309)(5,587)(26,819)(23,884)
Net Adjusted Noninterest Expense101,247 85,370 84,019 83,846 79,374 354,482 310,602 
Average tangible assets$19,976,896 $15,658,723 $15,004,763 $14,593,955 $14,397,331 $16,321,553 $14,117,813 
Net Adjusted Noninterest Expense to Average Tangible Assets2.01 %2.16 %2.25 %2.33 %2.19 %2.17 %2.20 %
Net Revenue$203,258 $157,286 $151,385 $140,697 $132,872 $652,626 $515,399 
Total Adjustments to Net Revenue(84)841 (39)(196)8,388 522 8,016 
Impact of FTE adjustment1,617 438 431 340 311 2,832 1,074 
Adjusted Net Revenue on a FTE basis$204,791 $158,565 $151,777 $140,841 $141,571 $655,980 $524,489 
Adjusted Efficiency Ratio54.50 %57.63 %58.74 %63.30 %60.01 %58.13 %63.77 %
Net Interest Income$174,627 $133,468 $126,864 $118,517 $115,804 $553,476 $431,971 
Impact of FTE adjustment1,617 438 431 340 311 2,832 1,074 
Net Interest Income including FTE adjustment176,244 133,906 127,295 118,857 116,115 556,308 433,045 
Total noninterest income28,631 23,818 24,521 22,180 17,068 99,150 83,428 
Total noninterest expense less provision for credit losses on unfunded commitments129,734 101,837 91,580 $90,447 85,325 413,598 342,300 
Pre-Tax Pre-Provision Earnings75,141 55,887 60,236 50,590 47,858 241,860 174,173 
Total Adjustments to Noninterest Income(84)841 (39)(196)8,388 522 8,016 
Total Adjustments to Noninterest Expense including other real estate owned expense and net gain (loss) on sale18,113 10,462 2,430 1,292 364 32,297 7,814 
Adjusted Pre-Tax Pre-Provision Earnings$93,170 $67,190 $62,627 $51,686 $56,610 $274,679 $190,003 


GAAP TO NON-GAAP RECONCILIATION(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarterly TrendsTwelve Months Ended
(Amounts in thousands, except per share data)4Q'253Q'252Q'251Q'254Q'244Q'254Q'24
Average Assets$21,203,391 $16,486,017 $15,801,194 $15,395,642 $15,204,041 $17,235,459 $14,933,758 
Less average goodwill and intangible assets(1,226,495)(827,294)(796,431)(801,687)(806,710)(913,906)(815,945)
Average Tangible Assets$19,976,896 $15,658,723 $15,004,763 $14,593,955 $14,397,331 $16,321,553 $14,117,813 
Return on Average Assets (ROA)0.64 %0.88 %1.08 %0.83 %0.89 %0.84 %0.81 %
Impact of other adjustments for Adjusted Net Income0.25 0.21 0.05 0.02 0.17 0.14 0.08 
Adjusted ROA0.89 1.09 1.13 0.85 1.06 0.98 0.89 
ROA0.64 0.88 1.08 0.83 0.89 0.84 0.81 
Impact of removing average intangible assets and related amortization 0.19 0.16 0.16 0.15 0.17 0.17 0.17 
Return on Average Tangible Assets (ROTA)0.83 1.04 1.24 0.98 1.06 1.01 0.98 
Impact of other adjustments for Adjusted Net Income0.27 0.22 0.05 0.02 0.18 0.15 0.08 
Adjusted ROTA1.10 1.26 1.29 1.00 1.24 1.16 1.06 
Return on Average Equity (ROE)4.43 6.17 7.60 5.76 6.16 5.86 5.62 
Impact of other adjustments for Adjusted Net Income1.75 1.47 0.32 0.12 1.16 1.00 0.54 
Adjusted ROE6.17 %7.64 %7.92 %5.88 %7.32 %6.86 %6.16 %
Average Shareholders' Equity$3,067,333 $2,345,233 $2,252,208 $2,214,995 $2,203,052 $2,471,936 $2,152,061 
Less average goodwill and intangible assets(1,226,495)(827,294)(796,431)(801,687)(806,710)(913,906)(815,945)
Average Tangible Equity$1,840,838 $1,517,939 $1,455,777 $1,413,308 $1,396,342 $1,558,030 $1,336,116 
Return on Average Shareholders' Equity 4.43 %6.17 %7.60 %5.76 %6.16 %5.86 %5.62 %
Impact of removing average intangible assets and related amortization 4.62 4.53 5.22 4.41 4.74 4.72 4.77 
Return on Average Tangible Equity (ROTE)9.05 10.70 12.82 10.17 10.90 10.58 10.39 
Impact of other adjustments for Adjusted Net Income2.91 2.28 0.49 0.18 1.84 1.58 0.86 
Adjusted ROTE11.96 %12.98 %13.31 %10.35 %12.74 %12.16 %11.25 %
Loan interest income1
$187,910 $162,341 $157,499 $150,973 $152,303 $658,728 $598,411 
Accretion on acquired loans(10,645)(9,543)(10,583)(8,221)(11,717)(38,992)(41,672)
Loan interest income excluding accretion on acquired loans1
$177,265 $152,798 $146,916 $142,752 $140,586 $619,736 $556,739 
Yield on loans1
6.02 %5.96 %5.98 %5.90 %5.93 %5.97 %5.93 %
Impact of accretion on acquired loans (0.34)(0.35)(0.40)(0.32)(0.45)(0.35)(0.42)
Yield on loans excluding accretion on acquired loans1
5.68 %5.61 %5.58 %5.58 %5.48 %5.62 %5.51 %
Net Interest Income1
$176,244 $133,906 $127,295 $118,857 $116,115 $556,308 $433,045 
Accretion on acquired loans(10,645)(9,543)(10,583)(8,221)(11,717)(38,992)(41,672)
Net interest income excluding accretion on acquired loans1
$165,599 $124,363 $116,712 $110,636 $104,398 $517,316 $391,373 
Net Interest Margin1
3.66 %3.57 %3.58 %3.48 %3.39 %3.58 %3.24 %
Impact of accretion on acquired loans (0.22)(0.25)(0.29)(0.24)(0.34)(0.26)(0.31)
Net interest margin excluding accretion on acquired loans1
3.44 %3.32 %3.29 %3.24 %3.05 %3.33 %2.93 %
Securities interest income1
$57,852 $36,029 $32,519 $29,422 $26,986 $155,823 $99,620 
Tax equivalent adjustment on securities(1,114)(10)(7)(7)(7)(1,139)(29)
Securities interest income excluding tax equivalent adjustment1
56,738 36,019 32,512 29,415 26,979 154,684 99,591 
Loan interest income1
187,910 162,341 157,499 150,973 152,303 658,728 598,411 
Tax equivalent adjustment on loans(503)(428)(424)(333)(304)(1,693)(1,045)
Loan interest income excluding tax equivalent adjustment$187,407 $161,913 $157,075 $150,640 $151,999 $657,035 $597,366 


GAAP TO NON-GAAP RECONCILIATION(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarterly TrendsTwelve Months Ended
(Amounts in thousands, except per share data)4Q'253Q'252Q'251Q'254Q'244Q'254Q'24
Net Interest Income1
$176,243 $133,906 $127,295 $118,857 $116,115 $556,307 $433,045 
Tax equivalent adjustment on securities(1,114)(10)(7)(7)(7)(1,139)(29)
Tax equivalent adjustment on loans(503)(428)(424)(333)(304)(1,693)(1,045)
Net interest income excluding tax equivalent adjustments$174,626 $133,468 $126,864 $118,517 $115,804 $553,475 $431,971 
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.