SEACOAST REPORTS FOURTH QUARTER AND FULL YEAR 2020 RESULTS

Record Net Income of $29.3 million Increasing 30% Quarter-over-Quarter

STUART, Fla., January 28, 2021 /GLOBE NEWSWIRE/ -- Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported net income in the fourth quarter of 2020 of $29.3 million, or $0.53 per diluted share, an increase of 30% compared to the third quarter of 2020. Adjusted net income1 for the fourth quarter of 2020 was $30.7 million, or $0.55 per diluted share, an increase of 12% compared to the third quarter of 2020. The ratio of tangible common equity to tangible assets was 11.01%, tangible book value per share increased to $16.16 and Tier 1 capital increased to 17.4%. For the full year 2020, net income was $77.8 million, or $1.44 per diluted share, compared to $98.7 million, or $1.90 per diluted share, in 2019. For the full year 2020, adjusted net income1 was $89.0 million, or $1.65 per diluted share, compared to $104.6 million, or $2.01 per diluted share, in 2019.

For the fourth quarter of 2020, return on average tangible assets was 1.49%, return on average tangible shareholders' equity was 13.87%, and the efficiency ratio was 48.23%, compared to 1.20%, 11.35%, and 61.65%, respectively, in the prior quarter. For the year ended December 31, 2020, return on average tangible assets was 1.08%, return on average tangible shareholder's equity was 10.10% and the efficiency ratio was 54.84% compared to 1.56%, 14.72% and 51.71%, respectively, for the year ended December 31, 2019.

Adjusted return on average tangible assets1 in the fourth quarter of 2020 was 1.50%, adjusted return on average tangible shareholders' equity1 was 14.00%, and the adjusted efficiency ratio1 was 48.75%, compared to 1.38%, 13.06%, and 54.82%, respectively, in the prior quarter. For the year ended December 31, 2020, adjusted return on average tangible assets1 was 1.17%, adjusted return on average tangible shareholder's equity1 was 10.93% and the adjusted efficiency ratio1 was 51.63% compared to 1.58%, 14.93% and 50.90%, respectively, for the year ended December 31, 2019.

Dennis S. Hudson, Seacoast’s Executive Chairman, said, “We wrapped up an unprecedented year with strong performance in the fourth quarter. We continued to generate disciplined growth and delivered continued improvements in operating leverage. I am extremely proud of our team's performance this year as they successfully navigated the effects of the pandemic and continued to produce excellent results, ending 2020 with fourth quarter earnings exceeding the same quarter in the prior year, including achieving an efficiency ratio below 50%. Looking back over my time as CEO here at Seacoast, I am reminded of the many occasions our team has risen to the challenges of the day, which helped create an organization and culture that continues to grow stronger and more resilient. This team and our fortress balance sheet will continue to support the successful execution of our strategic priorities in 2021 and beyond under Chuck's capable leadership.”

Charles M. Shaffer, Seacoast's President and CEO, said, “We continue to steadily build shareholder value through consistent growth in our tangible book value per share, which ended the period at $16.16, an increase of 15% during the quarter on an annualized basis. The tangible common equity ratio of 11% supports our ability to deploy capital for organic growth and opportunistic acquisitions. Seacoast is committed to maintaining its fortress balance sheet, built around strong capital and strict credit underwriting. Our goal remains to continue increasing market share in a disciplined manner by cultivating value-creating relationships, improving digital customer experiences, and driving greater productivity across the franchise by delivering products and services to our markets more efficiently than our competitors.”

Financial Results

Income Statement

•Net income was $29.3 million, or $0.53 per diluted share for the fourth quarter of 2020, compared to $22.6 million, or $0.42, for the prior quarter. For the year ended December 31, 2020, net income was $77.8 million, or $1.44 per diluted share, compared to $98.7 million, or $1.90, for the year ended December 31, 2019. Adjusted net income1 was $30.7 million, or $0.55 per diluted share for the fourth quarter of 2020, compared to $27.3

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

million, or $0.50, for the prior quarter. For the year ended December 31, 2020, adjusted net income1 was $89.0 million, or $1.65 per diluted share, compared to $104.6 million, or $2.01, for the year ended December 31, 2019.

•Net revenues were $83.7 million in the fourth quarter of 2020, an increase of $3.3 million, or 4%, compared to the prior quarter. For the year ended December 31, 2020, net revenues were $324.3 million, an increase of $24.0 million, or 8%, compared to the year ended December 31, 2019. Adjusted revenues1 were $83.7 million in the fourth quarter of 2020, an increase of $3.3 million, or 4%, from the prior quarter. For the year ended December 31, 2020, adjusted revenues1 were $323.1 million, an increase of $24.9 million, or 8%, compared to the year ended December 31, 2019.

•Net interest income totaled $68.8 million in the fourth quarter of 2020, an increase of $5.3 million, or 8%, from the prior quarter. For the year ended December 31, 2020, net interest income was $262.7 million, an increase of $19.1 million, or 8%, compared to the year ended December 31, 2019. During the fourth quarter of 2020, net interest income included $5.2 million in interest and fees earned on Paycheck Protection Program ("PPP") loans compared to $1.7 million in the third quarter of 2020. Lower PPP loan fees in the third quarter resulted from a calculation change to align fee recognition with the contractual maturity of the loans. Loan forgiveness began in the fourth quarter of 2020, resulting in accelerated recognition of $1.5 million in PPP loan fees. The remaining $9.5 million in deferred PPP loan fees will be recognized over the loans' remaining contractual maturity or, if sooner, as loans are forgiven.

•Net interest margin was 3.59% in the fourth quarter of 2020, compared to 3.40% in the third quarter of 2020. PPP loans negatively affected the net interest margin by one basis point in the fourth quarter of 2020. In the third quarter of 2020, which was impacted by a change in the fee recognition schedule, PPP loans negatively affected net interest margin by 19 basis points. Accretion of purchase discounts on acquired loans increased net interest margin by 23 basis points in the fourth quarter of 2020, compared to 17 basis points in the third quarter. Excluding these items, net interest margin declined five basis points to 3.37%. The yield on loans, excluding PPP and accretion of purchase discount, increased one basis point. The yield on securities declined 39 basis points, reflecting continued interest rate resets, elevated prepayments and additional deployment of excess liquidity into securities in the fourth quarter. The cost of deposits decreased five basis points, from 24 basis points in the third quarter to 19 basis points in the fourth quarter, reflecting our continued repricing down of interest-bearing deposits and time deposits.

•Noninterest income totaled $14.9 million in the fourth quarter of 2020, a decrease of $2.0 million, or 12%, compared to the prior quarter. For the year ended December 31, 2020, noninterest income was $61.6 million, an increase of $4.8 million, or 9%, compared to the year ended December 31, 2019. Results for the fourth quarter of 2020 included the following:

◦Mortgage banking fees were $3.6 million, compared to a record $5.3 million in the prior quarter. Low interest rates continued to fuel refinance demand in the fourth quarter, though at lower levels than in the prior quarter, while the Florida housing market remains strong and continues to benefit from the inflow of new residents and businesses.

◦Interchange revenue was $3.6 million, compared to a record $3.7 million in the third quarter of 2020. In 2020, Seacoast customers used their debit cards at an accelerated pace, driving record interchange results for the year that exceeded pre-pandemic levels.

◦Service charges on deposits increased $0.2 million compared to the third quarter of 2020. Service charges remain lower than pre-pandemic levels, the result of higher average deposit balances for both business and consumer customers.

◦Wealth management income was $1.9 million compared to a record $2.0 million in the third quarter of 2020. A determined and consistent focus on building new relationships and providing exceptional service continues to generate growth in assets under management, with a 33% increase from prior year to $870 million at December 31, 2020. Most of the fourth quarter new production came late in the quarter, so the benefit will be reflected fully in our 2021 financial results.

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

•Seacoast recorded a provision for credit losses of $1.9 million in the fourth quarter of 2020, compared to a $0.8 million reversal in the prior quarter. The ratio of allowance for credit losses to total loans was 1.62% at December 31, 2020, compared to 1.60% at September 30, 2020. Excluding PPP loans, the ratio was 1.79% at December 31, 2020, compared to 1.80% at September 30, 2020.

•Noninterest expense was $43.7 million in the fourth quarter of 2020, a decrease of $8.0 million, or 15%, compared to the prior quarter. For the year ended December 31, 2020, noninterest expense was $185.6 million, an increase of $24.8 million, or 15%, compared to the year ended December 31, 2019. Changes from the third quarter of 2020 consisted of the following:

◦Salaries and wages decreased by $1.6 million, or 7%. In the fourth quarter, accelerated commercial loan production resulted in higher deferrals of related salary costs, in accordance with ASC 310-20. This was partially offset by $0.3 million in severance related to a targeted staff reduction. The third quarter included $0.6 million in expenses associated with the acquisition of Freedom Bank.

◦Data processing costs decreased by $1.9 million, or 31%, the result of Freedom Bank merger-related costs incurred in the third quarter.

◦Lower occupancy expenses reflect charges in the third quarter of 2020 associated with the consolidation of one branch location. Three additional branch consolidations are expected in the first quarter of 2021.

◦Furniture and equipment decreased by $0.3 million, or 16%, reflecting the impact of equipment disposals associated with the Freedom Bank acquisition completed during the third quarter.

◦Marketing expense decreased by $0.5 million, or 31%, the result of higher expenses in the third quarter associated with a marketing campaign.

◦Legal and professional fees decreased by $2.5 million, or 83% from the third quarter. Third quarter 2020 results include $1.3 million in merger-related costs. The remainder of the decrease in the fourth quarter relates to the one-time recovery of certain legal expenses incurred during 2020.

◦Foreclosed property expense increased in the fourth quarter of 2020 by $1.3 million, largely the result of write-downs on two properties upon receipt of updated valuations.

◦A release of reserves for unfunded commitments resulted in a benefit of $0.8 million in the fourth quarter and reflects the impact of an improved economic outlook in specific loan segments associated with the reserve. Since the outbreak of COVID-19, the Company has not experienced any material increases in line utilization by its customers.

◦Other expenses decreased by $0.6 million, or 14%, with comparably higher mortgage loan production-related expenses and higher executive recruiting fees in the third quarter.

•Seacoast recorded $8.8 million of income tax expense in the fourth quarter of 2020, compared to $7.0 million in the prior quarter. Tax impacts related to stock-based compensation were nominal each period.

•Adjusted revenues1 in the fourth quarter of 2020 increased 4% compared to the prior quarter while adjusted noninterest expense1 decreased 8%, generating 12% operating leverage.

•The ratio of netadjusted noninterest expense1 to average tangible assets was 2.00% in the fourth quarter of 2020, compared to 2.24% in the prior quarter. Net adjusted noninterest expense1 in the fourth quarter of 2020 reflects the impact of increased commercial loan production, resulting in higher deferrals of related origination expenses.

•The efficiency ratio was 48.2% compared to 61.6% in the prior quarter. The adjusted efficiency ratio1 was 48.8% compared to 54.8% in the prior quarter, reflecting the benefit of higher PPP fee accretion, a continued focus on disciplined expense control, and strong commercial loan production, resulting in higher deferrals of loan production related salary expenses.

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

Balance Sheet

•At December 31, 2020, the Company had total assets of $8.3 billion and totalshareholders' equity of $1.1 billion. Book value per share was $20.46, and tangible book value per share was $16.16, compared to $19.91 and $15.57, respectively, on September 30, 2020. This reflects annualized growth in tangible book value per share of 15%.

•Debt securities totaled $1.6 billion on December 31, 2020, an increase of $88.4 million compared to September 30, 2020. Purchases during the quarter were primarily in government-sponsored mortgage-backed securities with an average yield of 1.43%.

•Loans totaled $5.7 billion on December 31, 2020, a decrease of $122.7 million, or 2%, compared to September 30, 2020. The decrease includes $71.8 million in PPP loan forgiveness in the fourth quarter of 2020. Seacoast continues to maintain strict underwriting and an overall conservative credit posture.

•Loan originations were $541.0 million in the fourth quarter of 2020, compared to $346.7 million in the third quarter of 2020, an increase of 56%.

▪Commercial originations during the fourth quarter of 2020 were $277.4 million, compared to $88.2 million in the third quarter of 2020. Seacoast continues to maintain conservative underwriting guidelines in the current economic environment, while extending credit to well-qualified customers.

▪Residential loans originated for sale in the secondary market were $161.6 million in the fourth quarter of 2020, compared to $162.5 million in the third quarter of 2020. The residential lending team's continued focus on high-quality service levels to homebuyers, refinance customers, and local real estate professionals has allowed them to capitalize on a strong Florida housing market throughout the year.

▪Closed residential loans retained in the portfolio totaled $54.5 million in the fourth quarter of 2020, compared to $25.4 million in the third quarter of 2020.

▪Consumer originations in the fourth quarter of 2020 were $47.5 million, compared to $62.3 million in the third quarter of 2020.

◦Since the beginning of the pandemic, Seacoast has supported financially impacted borrowers by providing loan accommodations including the ability to defer payments. As of December 31, 2020, loans with payment accommodations totaled $74.1 million, or 1% of total loans excluding PPP, compared to $702.7 million, or 13%, at September 30, 2020.

•Pipelines (loans in underwriting and approval or approved and not yet closed) totaled $302.0 million on December 31, 2020, a decrease of 34% from the third quarter of 2020.

◦Commercial pipelines were $166.7 million as of December 31, 2020, compared to $256.2 million as of the prior quarter end, in line with a seasonal trend of slower volumes in the first quarter.

◦Residential saleable pipelines were $92.0 million as of December 31, 2020, compared to $149.9 million as of the prior quarter end. Retained residential pipelines were $25.1 million as of December 31, 2020, compared to $33.4 million as of the prior quarter end. The declines quarter-over-quarter reflect a slowing refinance market.

◦Consumer pipelines were $18.2 million as of December 31, 2020, compared to $17.1 million as of the prior quarter-end.

•Total deposits were $6.9 billion as of December 31, 2020, an increase of $17.7 million, compared to September 30, 2020.

◦The overall cost of deposits declined to 19 basis points in the fourth quarter of 2020 from 24 basis points in the prior quarter.

◦Total transaction account balances increased 39% year-over-year and, as a percentage of overall deposit funding, remained at 56%.

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

◦Interest-bearing deposits (interest-bearing demand, savings, and money market deposits) increased $314.0 million, or 9%, quarter-over-quarter to $3.8 billion, noninterest-bearing demand deposits decreased $111.0 million, or 5%, to $2.3 billion, and CDs (excluding brokered) decreased $38.1 million, or 6%, to $597.3 million.

◦As of December 31, 2020, deposits per banking center were $136 million, compared to $116 million on December 31, 2019.

Asset Quality

•Nonperforming loans decreased by $0.8 million to $36.1 million at December 31, 2020. Nonperforming loans to total loans outstanding were 0.63% at December 31, 2020, 0.63% at September 30, 2020, and 0.52% at December 31, 2019.

•Nonperforming assets to total assets decreased by five basis points to 0.59% at December 31, 2020, compared to 0.64% at September 30, 2020 and 0.55% at December 31, 2019.

•Theratio of allowance for credit losses to total loans was 1.62% at December 31, 2020, 1.60% at September 30, 2020, and 0.68% at December 31, 2019. The Company has assigned no allowance for credit losses to PPP loans, as the United States government contractually guarantees repayment for such loans. Excluding PPP loans, the ratio of allowance for credit losses to total loans at December 31, 2020, was 1.79%, compared to 1.80% at September 30, 2020.

•Net charge-offs were $3.1 million, or 0.21% of average loans for the fourth quarter of 2020 compared to $1.7 million, or 0.12% of average loans in the third quarter of 2020 and $3.2 million, or 0.25% of average loans in the fourth quarter of 2019. Charge-offs in the fourth quarter of 2020 were primarily from a small number of commercial loans, none of which individually exceeded $0.6 million. Net charge-offs for the four most recent quarters averaged 0.13%.

•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. Excluding PPP loans, Seacoast's average commercial loan size is $399,000, reflecting an ability to maintain granularity within the overall loan portfolio.

•The Company does not have any purchased loan syndications, shared national credits, or mezzanine finance.

•Since the outbreak of COVID-19, the Company has not experienced any material increase in consumer or commercial line utilization.

•Construction and land development and commercial real estate loans remain well below regulatory guidance at 26% and 169% of total bank-level risk based capital, respectively, compared to 30% and 176% respectively, in the third quarter of 2020. On a consolidated basis, construction and land development and commercial real estate loans represent 24% and 157%, respectively, of total consolidated risk-based capital.

•As the trajectory of the economic recovery remains unclear as the negative impact of COVID-19 continues and further fiscal stimulus is uncertain, Seacoast will remain vigilant in maintaining its conservative credit posture in 2021.

Capital and Liquidity

•The tier 1 capital ratio increased to 17.4% from 16.8% at September 30, 2020, and 15.0% December 31, 2019. The total capital ratio was 18.5% and the tier 1 leverage ratio was 11.9% at December 31, 2020.

•Tangible common equity to tangible assets was 11.01% at December 31, 2020, compared to 10.67% at September 30, 2020 and 11.05% at December 31, 2019.

•Cash and cash equivalents at December 31, 2020 totaled $404.1 million, an increase of $279.6 million from December 31, 2019, as Seacoast maintained a prudent liquidity position.

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

•At December 31, 2020, the Company had available unsecured lines of credit of $135.0 million and lines of credit under lendable collateral value of $1.8 billion. $1.2 billion of debt securities and $733.3 million in residential and commercial real estate loans are available as collateral for potential borrowings.

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

FINANCIAL HIGHLIGHTS
(Amounts in thousands except per share data)	(Unaudited)
	Quarterly Trends
	4Q'20			3Q'20			2Q'20			1Q'20			4Q'19
Selected Balance Sheet Data:
Total Assets	$	8,342,392		$	8,287,840		$	8,084,013		$	7,352,894		$	7,108,511
Gross Loans	5,735,349			5,858,029			5,772,052			5,317,208			5,198,404
Total Deposits	6,932,561			6,914,843			6,666,783			5,887,499			5,584,753
Performance Measures:
Net Income	$	29,347		$	22,628		$	25,080		$	709		$	27,176
Net Interest Margin	3.59		%	3.40		%	3.70		%	3.93		%	3.84		%
Average Diluted Shares Outstanding	55,739			54,301			53,308			52,284			52,081
Diluted Earnings Per Share (EPS)	$	0.53		$	0.42		$	0.47		$	0.01		$	0.52
Return on (annualized):
Average Assets (ROA)	1.39		%	1.11		%	1.27		%	0.04		%	1.54		%
Average Tangible Assets (ROTA)2	1.49			1.20			1.37			0.11			1.66
Average Tangible Common Equity (ROTCE)2	13.87			11.35			13.47			0.95			14.95
Tangible Common Equity to Tangible Assets2	11.01			10.67			10.19			10.68			11.05
Tangible Book Value Per Share2	$	16.16		$	15.57		$	15.11		$	14.42		$	14.76
Efficiency Ratio	48.23		%	61.65		%	50.11		%	59.85		%	48.36		%
Adjusted Operating Measures1:
Adjusted Net Income	$	30,700		$	27,336		$	25,452		$	5,462		$	26,837
Adjusted Diluted EPS	0.55			0.50			0.48			0.10			0.52
Adjusted ROTA2	1.50		%	1.38		%	1.33		%	0.32		%	1.57		%
Adjusted ROTCE2	14.00			13.06			13.09			2.86			14.19
Adjusted Efficiency Ratio	48.75			54.82			49.60			53.55			47.52
Net Adjusted Noninterest Expense as a Percent of Average Tangible Assets2	2.00			2.24			2.11			2.46			2.11
Other Data:
Market capitalization3	$	1,626,913		$	994,690		$	1,081,009		$	965,097		$	1,574,775
Full-time equivalent employees	965			968			924			919			867
Number of ATMs	77			77			76			76			78
Full-service banking offices	51			51			50			50			48
Registered online users	123,615			121,620			117,273			113,598			109,684
Registered mobile devices	115,129			110,241			108,062			104,108			99,361
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.

Fourth Quarter Strategic Highlights

•For the third consecutive year, Seacoast has been recognized as one of Fortune Magazine's 100 Fastest-Growing Companies. As the only financial institution headquartered in Florida to earn a spot on the prestigious list, this distinction is a direct reflection of the remarkable job the Seacoast team has done serving customers, implementing technological improvements, and executing our balanced growth strategy.

•Seacoast’s successful combination of organic growth with value-creating acquisitions continued to benefit shareholders and associates in 2020 with the acquisitions of First Bank of Palm Beaches and Freedom Bank. Both acquisitions added experienced bankers while expanding our presence in attractive growth markets, further supporting sustainable, profitable growth.

    Capitalizing on Seacoast's Early Commitment to Digital Transformation

•Digital adoption and usage remain strong. Registered mobile devices have increased 16% in 2020, and online users have increased 13%. Growth is coming from both consumer and business customers utilizing the convenience of mobile and online channels.

•Approximately 51% of all deposit transactions were completed outside of the branch network during 2020, an increase of 11% compared to 2019. Routine transactions continue to migrate from the branch network to lower cost channels.

•Seacoast and its customers are benefiting from our automated PPP forgiveness solution that streamlines the process for clients while integrating with Seacoast’s existing technology infrastructure. In the fourth quarter of 2020, $71.8 million in loan forgiveness was processed. In January 2021, the Company began accepting applications for the re-opening of the PPP lending program on our fully digital origination platform. As of January 27, the Company had received approximately 1,500 applications for $170 million under the latest round of PPP.

•As customer preferences change, Seacoast continues to evolve its branch footprint by redirecting capacity into attractive growth markets. In alignment with this strategy, we expect to consolidate three additional branch locations in the first quarter of 2021.

Scaling and Evolving Our Culture

•Seacoast’s “Manager Excellence” training program was recently recognized by American Banker, which named Seacoast one of 2020’s Best Banks to Work For. Providing first-time managers and emerging leaders with skill development and ongoing support creates an environment for our associates to recognize and pursue rewarding career opportunities.

•The Company continues to recruit and acquire strong commercial banking talent. During the fourth quarter of 2020, Seacoast welcomed a team of commercial bankers and credit talent from Wells Fargo in Central Florida. Additionally, in early January 2021, the Company hired Ron York as Treasury Management Executive, formerly with First Horizon Bank.

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

OTHER INFORMATION

Conference Call Information

Seacoast will host a conference call on January 29, 2021 at 10:00 a.m. (Eastern Time) to discuss the fourth quarter and year end 2020 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 774-6070 (passcode 5585 590#; host Chuck Shaffer). 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." A replay of the call will be available for one month, beginning late afternoon of January 29, 2021, by clicking here and using passcode 50062311.

Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast's website at www.SeacoastBanking.com. The link is located in the subsection "Presentations" under the heading "Corporate Information." Beginning the afternoon of January 29, 2021, an archived version of the webcast can be accessed from this same subsection of the website. The archived webcast will be available for one year.

About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)

Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida with approximately $8.3 billion in assets and $6.9 billion in deposits as of December 31, 2020. The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through advanced banking solutions, and 51 traditional branches of its locally-branded, wholly-owned subsidiary bank, Seacoast Bank. Offices stretch from Fort Lauderdale, Boca Raton and West Palm Beach north through the Daytona Beach area, into Orlando and Central Florida and the adjacent Tampa market, and west to Okeechobee and surrounding counties. More information about the Company is available at 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 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in our markets, and improvements to reported earnings that may be realized from cost controls, tax law changes, new initiatives and for integration of banks that we have acquired, as well as statements with respect to Seacoast's objectives, strategic plans, expectations and intentions and other statements that are not historical facts, any of which may be impacted by the COVID-19 pandemic and related effects on the U.S. economy. Actual results may differ from those set forth in the forward-looking statements.

Forward-looking statements include statements with respect to our 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 our control, and which may cause the actual results, performance or achievements of Seacoast to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. You should not expect us 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 our 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 effects of future economic and market conditions, including seasonality and the adverse impact of COVID-19 (economic and otherwise); 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; changes in accounting policies, rules and practices, including the impact of the adoption of CECL; our participation in the Paycheck Protection Program ("PPP"); the risks of changes in interest rates on the level and composition of deposits, loan demand, liquidity and the values of loan collateral, securities, and interest sensitive assets and liabilities; interest rate risks, sensitivities

and the shape of the yield curve; uncertainty related to the impact of LIBOR calculations on securities and loans; changes in borrower credit risks and payment behaviors; changing retail distribution strategies, customer preferences and behavior; 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; our ability to comply with any regulatory requirements; the effects of problems encountered by other financial institutions that adversely affect us or the banking industry; our concentration in commercial real estate loans; 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 our investments due to market volatility or counterparty payment risk; statutory and regulatory dividend restrictions; increases in regulatory capital requirements for banking organizations generally; the risks of mergers, acquisitions and divestitures, including our ability to continue to identify acquisition targets and successfully acquire desirable financial institutions; changes in technology or products that may be more difficult, costly, or less effective than anticipated; our ability to identify and address increased cybersecurity risks; inability of our risk management framework to manage risks associated with our business; dependence on key suppliers or vendors to obtain equipment or services for our business on acceptable terms; reduction in or the termination of our ability to use the mobile-based platform that is critical to our business growth strategy; the effects of war or other conflicts, acts of terrorism, natural disasters, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions; unexpected outcomes of and the costs associated with, existing or new litigation involving us; our ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions; the risks that our deferred tax assets could be reduced if estimates of future taxable income from our operations and tax planning strategies are less than currently estimated and sales of our capital stock could trigger a reduction in the amount of net operating loss carryforwards that we may be able to utilize for income tax purposes; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market areas and elsewhere, including institutions operating regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; and the failure of assumptions underlying the establishment of reserves for possible loan losses.

Given the many unknowns and risks being heavily weighted to the downside, our forward-looking statements are subject to the risk that conditions will be substantially different than we are currently expecting. If efforts to contain COVID-19 are unsuccessful and restrictions on movement last into 2021 and beyond, the recession would be much longer and much more severe. Ineffective fiscal stimulus, or an extended delay in implementing it, are also major downside risks. The deeper the recession is, and the longer it lasts, the more it will damage consumer fundamentals and sentiment. This could both prolong the recession, and/or make any recovery weaker. Similarly, the recession could damage business fundamentals. And an extended global recession due to COVID-19 would weaken the U.S. recovery. As a result, the outbreak and its consequences, including responsive measures to manage it, have had and are likely to continue to have an adverse effect, possibly materially, on our business and financial performance by adversely affecting, possibly materially, the demand and profitability of our products and services, the valuation of assets and our ability to meet the needs of our customers.

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 our annual report on Form 10-K for the year ended December 31, 2019, and our quarterly reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020 under "Special Cautionary Notice Regarding Forward-looking Statements" and "Risk Factors", and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at www.sec.gov.

FINANCIAL HIGHLIGHTS	(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	Quarterly Trends															Twelve Months Ended
(Amounts in thousands, except ratios and per share data)	4Q'20			3Q'20			2Q'20			1Q'20			4Q'19			4Q'20			4Q'19
Summary of Earnings
Net income	$	29,347		$	22,628		$	25,080		$	709		$	27,176		$	77,764		$	98,739
Adjusted net income1	30,700			27,336			25,452			5,462			26,837			88,950			104,591
Net interest income2	68,903			63,621			67,388			63,291			61,846			263,203			243,953
Net interest margin2,3	3.59		%	3.40		%	3.70		%	3.93		%	3.84		%	3.65		%	3.92		%
Performance Ratios
Return on average assets-GAAP basis3	1.39		%	1.11		%	1.27		%	0.04		%	1.54		%	0.99		%	1.45		%
Return on average tangible assets-GAAP basis3,4	1.49			1.20			1.37			0.11			1.66			1.08			1.56
Adjusted return on average tangible assets1,3,4	1.50			1.38			1.33			0.32			1.57			1.17			1.58
Net adjusted noninterest expense to average tangible assets1,3,4	2.00			2.24			2.11			2.46			2.11			2.19			2.30
Return on average shareholders' equity-GAAP basis3	10.51			8.48			9.96			0.29			11.04			7.44			10.63
Return on average tangible common equity-GAAP basis3,4	13.87			11.35			13.47			0.95			14.95			10.10			14.72
Adjusted return on average tangible common equity1,3,4	14.00			13.06			13.09			2.86			14.19			10.93			14.93
Efficiency ratio5	48.23			61.65			50.11			59.85			48.36			54.84			51.71
Adjusted efficiency ratio1	48.75			54.82			49.60			53.55			47.52			51.63			50.90
Noninterest income to total revenue (excluding securities gains/losses)	17.85			21.06			17.00			18.84			18.30			18.68			18.56
Tangible common equity to tangible assets4	11.01			10.67			10.19			10.68			11.05			11.01			11.05
Average loan-to-deposit ratio	84.48			87.83			88.48			93.02			90.71			88.20			89.21
End of period loan-to-deposit ratio	83.72			85.77			87.40			90.81			93.44			83.72			93.44
Per Share Data
Net income diluted-GAAP basis	$	0.53		$	0.42		$	0.47		$	0.01		$	0.52		$	1.44		$	1.90
Net income basic-GAAP basis	0.53			0.42			0.47			0.01			0.53			1.45			1.92
Adjusted earnings1	0.55			0.50			0.48			0.10			0.52			1.65			2.01
Book value per share common	20.46			19.91			19.45			18.82			19.13			20.46			19.13
Tangible book value per share	16.16			15.57			15.11			14.42			14.76			16.16			14.76
Cash dividends declared	—			—			—			—			—			—			—
1Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP.
2Calculated on a fully taxable equivalent basis using amortized cost.
3These ratios are stated on an annualized basis and are not necessarily indicative of future periods.
4The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders' equity less intangible assets.
5Defined as noninterest expense less amortization of intangibles and gains, losses, and expenses on foreclosed properties divided by net operating revenue (net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains and losses).

CONDENSED CONSOLIDATED STATEMENTS OF INCOME			(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	Quarterly Trends										Twelve Months Ended
(Amounts in thousands, except per share data)	4Q'20		3Q'20		2Q'20		1Q'20		4Q'19		4Q'20		4Q'19
Interest on securities:
Taxable	$	6,477	$	6,972	$	7,573	$	8,696	$	8,500	$	29,718	$	35,354
Nontaxable	86		125		121		122		130		454		555
Fees on PPP loans	3,603		161		4,010		—		—		7,774		—
Interest on PPP loans	1,585		1,558		1,058		—		—		4,201		—
Interest and fees on loans - excluding PPP loans	60,407		58,768		59,776		63,440		62,868		242,391		250,535
Interest on federal funds sold and other investments	523		556		684		734		788		2,497		3,379
Total Interest Income	72,681		68,140		73,222		72,992		72,286		287,035		289,823
Interest on deposits	1,228		1,299		1,203		3,190		3,589		6,920		16,621
Interest on time certificates	2,104		2,673		3,820		4,768		5,084		13,365		21,776
Interest on borrowed money	558		665		927		1,857		1,853		4,007		7,808
Total Interest Expense	3,890		4,637		5,950		9,815		10,526		24,292		46,205
Net Interest Income	68,791		63,503		67,272		63,177		61,760		262,743		243,618
Provision for credit losses	1,900		(845)		7,611		29,513		4,800		38,179		10,999
Net Interest Income After Provision for Credit Losses	66,891		64,348		59,661		33,664		56,960		224,564		232,619
Noninterest income:
Service charges on deposit accounts	2,423		2,242		1,939		2,825		2,960		9,429		11,529
Interchange income	3,596		3,682		3,187		3,246		3,387		13,711		13,399
Wealth management income	1,949		1,972		1,719		1,867		1,579		7,507		6,352
Mortgage banking fees	3,646		5,283		3,559		2,208		1,514		14,696		6,490
Marine finance fees	145		242		157		146		338		690		1,053
SBA gains	113		252		181		139		576		685		2,472
BOLI income	889		899		887		886		904		3,561		3,674
Other	2,187		2,370		2,147		3,352		2,579		10,056		10,546
	14,948		16,942		13,776		14,669		13,837		60,335		55,515
Securities gains (losses), net	(18)		4		1,230		19		2,539		1,235		1,217
Total Noninterest Income	14,930		16,946		15,006		14,688		16,376		61,570		56,732
Noninterest expenses:
Salaries and wages	21,490		23,125		20,226		23,698		17,263		88,539		73,829
Employee benefits	3,915		3,995		3,379		4,255		3,323		15,544		13,697
Outsourced data processing costs	4,233		6,128		4,059		4,633		3,645		19,053		15,077
Telephone / data lines	774		705		791		714		651		2,984		2,958
Occupancy	3,554		3,858		3,385		3,353		3,368		14,150		14,284
Furniture and equipment	1,317		1,576		1,358		1,623		1,416		5,874		6,245
Marketing	1,045		1,513		997		1,278		885		4,833		4,161
Legal and professional fees	509		3,018		2,277		3,363		2,025		9,167		8,553
FDIC assessments	528		474		266		—		—		1,268		881
Amortization of intangibles	1,421		1,497		1,483		1,456		1,456		5,857		5,826
Foreclosed property expense and net loss/(gain) on sale	1,821		512		245		(315)		3		2,263		51
Provision for credit losses on unfunded commitments	(795)		756		178		46		—		185		—
Other	3,869		4,517		3,755		3,694		4,022		15,835		15,177
Total Noninterest Expense	43,681		51,674		42,399		47,798		38,057		185,552		160,739
Income Before Income Taxes	38,140		29,620		32,268		554		35,279		100,582		128,612
Income taxes	8,793		6,992		7,188		(155)		8,103		22,818		29,873
Net Income	$	29,347	$	22,628	$	25,080	$	709	$	27,176	$	77,764	$	98,739
Per share of common stock:
Net income diluted	$	0.53	$	0.42	$	0.47	$	0.01	$	0.52	$	1.44	$	1.90
Net income basic	0.53		0.42		0.47		0.01		0.53		1.45		1.92
Cash dividends declared	—		—		—		—		—		—		—
Average diluted shares outstanding	55,739		54,301		53,308		52,284		52,081		53,930		52,029
Average basic shares outstanding	55,219		53,978		52,985		51,803		51,517		53,502		51,449

CONDENSED CONSOLIDATED BALANCE SHEETS			(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	December 31,		September 30,		June 30,		March 31,		December 31,
(Amounts in thousands)	2020		2020		2020		2020		2019
Assets
Cash and due from banks	$	86,630	$	81,692	$	84,178	$	82,111	$	89,843
Interest bearing deposits with other banks	317,458		227,876		440,142		232,763		34,688
Total Cash and Cash Equivalents	404,088		309,568		524,320		314,874		124,531
Time deposits with other banks	750		2,247		2,496		3,742		3,742
Debt Securities:
Available for sale (at fair value)	1,398,157		1,286,858		976,025		910,311		946,855
Held to maturity (at amortized cost)	184,484		207,376		227,092		252,373		261,369
Total Debt Securities	1,582,641		1,494,234		1,203,117		1,162,684		1,208,224
Loans held for sale	68,890		73,046		54,943		29,281		20,029
Loans	5,735,349		5,858,029		5,772,052		5,317,208		5,198,404
Less: Allowance for credit losses	(92,733)		(94,013)		(91,250)		(85,411)		(35,154)
Net Loans	5,642,616		5,764,016		5,680,802		5,231,797		5,163,250
Bank premises and equipment, net	75,117		76,393		69,041		71,540		66,615
Other real estate owned	12,750		15,890		15,847		14,640		12,390
Goodwill	221,176		221,176		212,146		212,085		205,286
Other intangible assets, net	16,745		18,163		17,950		19,461		20,066
Bank owned life insurance	131,776		130,887		127,954		127,067		126,181
Net deferred tax assets	23,629		25,503		21,404		19,766		16,457
Other assets	162,214		156,717		153,993		145,957		141,740
Total Assets	$	8,342,392	$	8,287,840	$	8,084,013	$	7,352,894	$	7,108,511
Liabilities and Shareholders' Equity
Liabilities
Deposits
Noninterest demand	$	2,289,787	$	2,400,744	$	2,267,435	$	1,703,628	$	1,590,493
Interest-bearing demand	1,566,069		1,385,445		1,368,146		1,234,193		1,181,732
Savings	689,179		655,072		619,251		554,836		519,152
Money market	1,556,370		1,457,078		1,232,892		1,124,378		1,108,363
Other time certificates	425,878		457,964		445,176		489,669		504,837
Brokered time certificates	233,815		381,028		572,465		597,715		472,857
Time certificates of more than $250,000	171,463		177,512		161,418		183,080		207,319
Total Deposits	6,932,561		6,914,843		6,666,783		5,887,499		5,584,753
Securities sold under agreements to repurchase	119,609		89,508		92,125		64,723		86,121
Federal Home Loan Bank borrowings	—		35,000		135,000		265,000		315,000
Subordinated debt	71,365		71,295		71,225		71,155		71,085
Other liabilities	88,455		78,853		88,277		72,730		65,913
Total Liabilities	7,211,990		7,189,499		7,053,410		6,361,107		6,122,872
Shareholders' Equity
Common stock	5,524		5,517		5,299		5,271		5,151
Additional paid in capital	856,092		854,188		811,328		809,533		786,242
Retained earnings	256,701		227,354		204,719		179,646		195,813
Treasury stock	(8,285)		(7,941)		(8,037)		(7,422)		(6,032)
	1,110,032		1,079,118		1,013,309		987,028		981,174
Accumulated other comprehensive income, net	20,370		19,223		17,294		4,759		4,465
Total Shareholders' Equity	1,130,402		1,098,341		1,030,603		991,787		985,639
Total Liabilities & Shareholders' Equity	$	8,342,392	$	8,287,840	$	8,084,013	$	7,352,894	$	7,108,511
Common shares outstanding	55,243		55,169		52,991		52,709		51,514

CONSOLIDATED QUARTERLY FINANCIAL DATA	(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Amounts in thousands)	4Q'20			3Q'20			2Q'20			1Q'20			4Q'19
Credit Analysis
Net charge-offs - non-acquired loans	$	3,028		$	1,112		$	1,714		$	1,316		$	2,930
Net charge-offs (recoveries) - acquired loans	99			624			37			(343)			295
Total Net Charge-offs	3,127			1,736			1,751			973			3,225
Net charge-offs to average loans - non-acquired loans	0.20		%	0.08		%	0.12		%	0.10		%	0.23		%
Net charge-offs (recoveries) to average loans - acquired loans	0.01			0.04			—			(0.03)			0.02
Total Net Charge-offs to Average Loans	0.21			0.12			0.12			0.07			0.25
Allowance for credit losses - non-acquired loans	$	69,786		$	70,388		$	73,587		$	69,498		$	34,573
Allowance for credit losses - acquired loans	22,947			23,625			17,663			15,913			581
Total Allowance for Credit Losses	$	92,733		$	94,013		$	91,250		$	85,411		$	35,154
Non-acquired loans at end of period	$	4,196,205		$	4,157,376		$	4,315,892		$	4,373,378		$	4,317,919
Acquired loans at end of period	972,183			1,061,853			879,710			943,830			880,485
Paycheck Protection Program loans at end of period1	566,961			638,800			576,450			—			—
Total Loans	$	5,735,349		$	5,858,029		$	5,772,052		$	5,317,208		$	5,198,404
Non-acquired loans allowance for credit losses to non-acquired loans at end of period	1.66		%	1.69		%	1.71		%	1.59		%	0.80		%
Total allowance for credit losses to total loans at end of period	1.62			1.60			1.58			1.61			0.68
Total allowance for credit losses to total loans, excluding PPP loans	1.79			1.80			1.76			1.61			0.68
Purchase discount on acquired loans at end of period	2.86			3.01			3.29			3.36			3.83
End of Period
Nonperforming loans	$	36,110		$	36,897		$	30,051		$	25,582		$	26,955
Other real estate owned	10,182			12,299			10,967			11,048			5,549
Properties previously used in bank operations included in other real estate owned	2,569			3,592			4,880			3,592			6,842
Total Nonperforming Assets	$	48,861		$	52,788		$	45,898		$	40,222		$	39,346
Accruing troubled debt restructures (TDRs)	$	4,182		$	10,190		$	10,338		$	10,833		$	11,100
Nonperforming Loans to Loans at End of Period	0.63		%	0.63		%	0.52		%	0.48		%	0.52		%
Nonperforming Assets to Total Assets at End of Period	0.59			0.64			0.57			0.55			0.55
	December 31,			September 30,			June 30,			March 31,			December 31,
Loans	2020			2020			2020			2020			2019
Construction and land development	$	245,108		$	280,610		$	298,835		$	295,405		$	325,113
Commercial real estate - owner occupied	1,141,310			1,125,460			1,076,650			1,082,893			1,034,963
Commercial real estate - non-owner occupied	1,395,854			1,394,464			1,392,787			1,381,096			1,344,008
Residential real estate	1,342,628			1,393,396			1,468,171			1,559,754			1,507,863
Commercial and financial	854,753			833,083			757,232			796,038			778,252
Consumer	188,735			192,216			201,927			202,022			208,205
Paycheck Protection Program	566,961			638,800			576,450			—			—
Total Loans	$	5,735,349		$	5,858,029		$	5,772,052		$	5,317,208		$	5,198,404
13Q'20 includes $54 million in Paycheck Protection Program loans acquired from Freedom Bank

AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1									(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	4Q'20						3Q'20						4Q'19
	Average				Yield/		Average				Yield/		Average				Yield/
(Amounts in thousands)	Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Earning assets:
Securities:
Taxable	$	1,496,536	$	6,477	1.73	%	$	1,322,160	$	6,972	2.11	%	$	1,179,843	$	8,500	2.88	%
Nontaxable	25,943		109		1.68		23,570		157		2.67		20,709		162		3.13
Total Securities	1,522,479		6,586		1.73		1,345,730		7,129		2.12		1,200,552		8,662		2.89
Federal funds sold and other investments	197,379		523		1.05		239,511		556		0.92		84,961		788		3.68
Loans excluding PPP loans	5,276,224		60,497		4.56		5,242,776		58,854		4.47		5,104,272		62,922		4.89
PPP loans	629,855		5,187		3.28		618,088		1,719		1.11		—		—		—
Total Loans	5,906,079		65,684		4.42		5,860,864		60,573		4.11		5,104,272		62,922		4.89
Total Earning Assets	7,625,937		72,793		3.80		7,446,105		68,258		3.65		6,389,785		72,372		4.49
Allowance for credit losses	(93,148)						(92,151)						(34,072)
Cash and due from banks	235,519						138,749						99,008
Premises and equipment	76,001						72,572						67,485
Intangible assets	238,631						228,801						226,060
Bank owned life insurance	131,208						129,156						125,597
Other assets	162,248						163,658						122,351
Total Assets	$	8,376,396					$	8,086,890					$	6,996,214
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand	$	1,458,299	$	249	0.07	%	$	1,364,947	$	330	0.10	%	$	1,190,681	$	983	0.33	%
Savings	672,864		166		0.10		648,319		170		0.10		528,771		422		0.32
Money market	1,523,960		813		0.21		1,328,931		799		0.24		1,148,453		2,184		0.75
Time deposits	911,091		2,104		0.92		1,051,316		2,673		1.01		1,078,297		5,084		1.87
Securities sold under agreements to repurchase	101,665		42		0.16		90,357		40		0.18		73,693		226		1.22
Federal funds purchased and Federal Home Loan Bank borrowings	15,978		80		1.99		93,913		181		0.77		181,134		845		1.85
Other borrowings	71,321		436		2.43		71,258		444		2.48		71,045		782		4.37
Total Interest-Bearing Liabilities	4,755,178		3,890		0.33		4,649,041		4,637		0.40		4,272,074		10,526		0.98
Noninterest demand	2,424,523						2,279,584						1,680,734
Other liabilities	85,622						96,458						67,206
Total Liabilities	7,265,323						7,025,083						6,020,014
Shareholders' equity	1,111,073						1,061,807						976,200
Total Liabilities & Equity	$	8,376,396					$	8,086,890					$	6,996,214
Cost of deposits					0.19	%					0.24	%					0.61	%
Interest expense as a % of earning assets					0.20	%					0.25	%					0.65	%
Net interest income as a % of earning assets			$	68,903	3.59	%			$	63,621	3.40	%			$	61,846	3.84	%
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.

AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1							(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	Twelve Months Ended December 31, 2020							Twelve Months Ended December 31, 2019
	Average				Yield/			Average				Yield/
(Amounts in thousands, except ratios)	Balance		Interest		Rate			Balance		Interest		Rate
Assets
Earning assets:
Securities:
Taxable	$	1,277,441	$	29,718	2.33	%		$	1,176,842	$	35,354	3.00	%
Nontaxable	22,164		570		2.57			23,122		695		3.01
Total Securities	1,299,605		30,288		2.33			1,199,964		36,049		3.00
Federal funds sold and other investments	239,494		2,497		1.04			88,045		3,379		3.84
Loans excluding PPP loans	5,259,653		242,736		4.62			4,933,518		250,730		5.08
PPP loans	419,154		11,974		2.86			—		—		—
Total Loans	5,678,807		254,710		4.49			4,933,518		250,730		5.08
Total Earning Assets	7,217,906		287,495		3.98			6,221,527		290,158		4.66
Allowance for credit losses	(81,858)							(33,465)
Cash and due from banks	142,314							94,643
Premises and equipment	71,846							69,142
Intangible assets	231,267							228,042
Bank owned life insurance	128,569							124,803
Other assets	149,956							126,588
Total Assets	$	7,860,000						$	6,831,280
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand	$	1,324,433	$	1,710	0.13	%		$	1,114,334	$	4,025	0.36	%
Savings	610,015		849		0.14			516,526		2,015		0.39
Money market	1,294,629		4,361		0.34			1,164,938		10,581		0.91
Time deposits	1,101,321		13,365		1.21			1,092,516		21,776		1.99
Securities sold under agreements to repurchase	84,514		283		0.33			106,142		1,431		1.35
Federal funds purchased and Federal Home Loan Bank borrowings	139,439		1,540		1.10			131,921		3,010		2.28
Other borrowings	71,220		2,184		3.07			70,939		3,367		4.75
Total Interest-Bearing Liabilities	4,625,571		24,292		0.53			4,197,316		46,205		1.10
Noninterest demand	2,107,931							1,641,766
Other liabilities	81,279							63,405
Total Liabilities	6,814,781							5,902,487
Shareholders' equity	1,045,219							928,793
Total Liabilities & Equity	$	7,860,000						$	6,831,280
Cost of deposits					0.32	%						0.69	%
Interest expense as a % of earning assets					0.34	%						0.74	%
Net interest income as a % of earning assets			$	263,203	3.65	%				$	243,953	3.92	%
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.

CONSOLIDATED QUARTERLY FINANCIAL DATA					(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	December 31,		September 30,			June 30,		March 31,		December 31,
(Amounts in thousands)	2020		2020			2020		2020		2019
Customer Relationship Funding
Noninterest demand
Commercial	$	1,821,361	$	1,973,494		$	1,844,288	$	1,336,352	$	1,233,475
Retail	350,783		322,559			314,723		271,916		246,717
Public funds	90,973		70,371			74,674		71,029		85,122
Other	26,670		34,320			33,750		24,331		25,179
Total Noninterest Demand	2,289,787		2,400,744			2,267,435		1,703,628		1,590,493
Interest-bearing demand
Commercial	454,909		413,513			412,846		349,315		319,993
Retail	839,958		777,078			733,772		671,378		641,762
Public funds	271,202		194,854			221,528		213,500		219,977
Total Interest-Bearing Demand	1,566,069		1,385,445			1,368,146		1,234,193		1,181,732
Total transaction accounts
Commercial	2,276,270		2,387,007			2,257,134		1,685,667		1,553,468
Retail	1,190,741		1,099,637			1,048,495		943,294		888,479
Public funds	362,175		265,225			296,202		284,529		305,099
Other	26,670		34,320			33,750		24,331		25,179
Total Transaction Accounts	3,855,856		3,786,189			3,635,581		2,937,821		2,772,225
Savings	689,179		655,072			619,251		554,836		519,152
Money market
Commercial	611,623		634,697			586,416		487,759		494,803
Retail	661,311		613,532			579,126		572,785		553,075
Brokered	196,616		141,808			—		—		—
Public funds	86,820		67,041			67,350		63,834		60,485
Total Money Market	1,556,370		1,457,078			1,232,892		1,124,378		1,108,363
Brokered time certificates	233,815		381,028			572,465		597,715		472,857
Other time certificates	597,341		635,476			606,594		672,749		712,156
	831,156		1,016,504			1,179,059		1,270,464		1,185,013
Total Deposits	$	6,932,561	$	6,914,843		$	6,666,783	$	5,887,499	$	5,584,753
Customer sweep accounts	$	119,609	$	89,508		$	92,125	$	64,723	$	86,121

Explanation of Certain Unaudited Non-GAAP Financial Measures

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

GAAP TO NON-GAAP RECONCILIATION				(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	Quarterly Trends															Twelve Months Ended
(Amounts in thousands, except per share data)	4Q'20			3Q'20			2Q'20			1Q'20			4Q'19			4Q'20			4Q'19
Net Income	$	29,347		$	22,628		$	25,080		$	709		$	27,176		$	77,764		$	98,739
Total noninterest income	14,930			16,946			15,006			14,688			16,376			61,570			56,732
Securities (gains) losses, net	18			(4)			(1,230)			(19)			(2,539)			(1,235)			(1,217)
BOLI benefits on death (included in other income)	—			—			—			—			—			—			(956)
Total Adjustments to Noninterest Income	18			(4)			(1,230)			(19)			(2,539)			(1,235)			(2,173)
Total Adjusted Noninterest Income	14,948			16,942			13,776			14,669			13,837			60,335			54,559
Total noninterest expense	43,681			51,674			42,399			47,798			38,057			185,552			160,739
Merger related charges	—			(4,281)			(240)			(4,553)			(634)			(9,074)			(969)
Amortization of intangibles	(1,421)			(1,497)			(1,483)			(1,456)			(1,456)			(5,857)			(5,826)
Business continuity expenses	—			—			—			(307)			—			(307)			(95)
Branch reductions and other expense initiatives	(354)			(464)			—			—			—			(818)			(1,846)
Total Adjustments to Noninterest Expense	(1,775)			(6,242)			(1,723)			(6,316)			(2,090)			(16,056)			(8,736)
Total Adjusted Noninterest Expense	41,906			45,432			40,676			41,482			35,967			169,496			152,003
Income Taxes	8,793			6,992			7,188			(155)			8,103			22,818			29,873
Tax effect of adjustments	440			1,530			121			1,544			(110)			3,635			1,846
Effect of change in corporate tax rate on deferred tax assets	—			—			—			—			—			—			(1,135)
Total Adjustments to Income Taxes	440			1,530			121			1,544			(110)			3,635			711
Adjusted Income Taxes	9,233			8,522			7,309			1,389			7,993			26,453			30,584
Adjusted Net Income	$	30,700		$	27,336		$	25,452		$	5,462		$	26,837		$	88,950		$	104,591
Earnings per diluted share, as reported	$	0.53		$	0.42		$	0.47		$	0.01		$	0.52		$	1.44		$	1.90
Adjusted Earnings per Diluted Share	0.55			0.50			0.48			0.10			0.52			1.65			2.01
Average diluted shares outstanding	55,739			54,301			53,308			52,284			52,081			53,930			52,029
Adjusted Noninterest Expense	$	41,906		$	45,432		$	40,676		$	41,482		$	35,967		$	169,496		$	152,003
Provision for credit losses on unfunded commitments	795			(756)			(178)			(46)			—			(185)			—
Foreclosed property expense and net (loss)/gain on sale	(1,821)			(512)			(245)			315			(3)			(2,263)			(51)
Net Adjusted Noninterest Expense	$	40,880		$	44,164		$	40,253		$	41,751		$	35,964		$	167,048		$	151,952
Revenue	$	83,721		$	80,449		$	82,278		$	77,865		$	78,136		$	324,313		$	300,350
Total Adjustments to Revenue	18			(4)			(1,230)			(19)			(2,539)			(1,235)			(2,173)
Impact of FTE adjustment	112			118			116			114			86			460			335
Adjusted Revenue on a fully taxable equivalent basis	$	83,851		$	80,563		$	81,164		$	77,960		$	75,683		$	323,538		$	298,512
Adjusted Efficiency Ratio	48.75		%	54.82		%	49.60		%	53.55		%	47.52		%	51.63		%	50.90		%
Net Interest Income	$	68,791		$	63,503		$	67,272		$	63,177		$	61,760		$	262,743		$	243,618
Impact of FTE adjustment	112			118			116			114			86			460			335
Net Interest Income including FTE adjustment	$	68,903		$	63,621		$	67,388		$	63,291		$	61,846		$	263,203		$	243,953
Total noninterest income	14,930			16,946			15,006			14,688			16,376			61,570			56,732
Total noninterest expense	43,681			51,674			42,399			47,798			38,057			185,552			160,739
Pre-Tax Pre-Provision Earnings	$	40,152		$	28,893		$	39,995		$	30,181		$	40,165		$	139,221		$	139,946
Total Adjustments to Noninterest Income	18			(4)			(1,230)			(19)			(2,539)			(1,235)			(2,173)
Total Adjustments to Noninterest Expense	(2,801)			(7,510)			(2,146)			(6,047)			(2,093)			(18,504)			(8,787)
Adjusted Pre-Tax Pre-Provision Earnings	$	42,971		$	36,399		$	40,911		$	36,209		$	39,719		$	156,490		$	146,560
Average Assets	$	8,376,396		$	8,086,890		$	7,913,002		$	7,055,543		$	6,996,214		$	7,860,000		$	6,831,280
Less average goodwill and intangible assets	(238,631)			(228,801)			(230,871)			(226,712)			(226,060)			(231,267)			(228,042)
Average Tangible Assets	$	8,137,765		$	7,858,089		$	7,682,131		$	6,828,831		$	6,770,154		$	7,628,733		$	6,603,238
Return on Average Assets (ROA)	1.39		%	1.11		%	1.27		%	0.04		%	1.54		%	0.99		%	1.45		%
Impact of removing average intangible assets and related amortization	0.10			0.09			0.10			0.07			0.12			0.09			0.11
Return on Average Tangible Assets (ROTA)	1.49			1.20			1.37			0.11			1.66			1.08			1.56
Impact of other adjustments for Adjusted Net Income	0.01			0.18			(0.04)			0.21			(0.09)			0.09			0.02
Adjusted Return on Average Tangible Assets	1.50			1.38			1.33			0.32			1.57			1.17			1.58

GAAP TO NON-GAAP RECONCILIATION				(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	Quarterly Trends															Twelve Months Ended
(Amounts in thousands, except per share data)	4Q'20			3Q'20			2Q'20			1Q'20			4Q'19			4Q'20			4Q'19
Average Shareholders' Equity	$	1,111,073		$	1,061,807		$	1,013,095		$	993,993		$	976,200		$	1,045,219		$	928,793
Less average goodwill and intangible assets	(238,631)			(228,801)			(230,871)			(226,712)			(226,060)			(231,267)			(228,042)
Average Tangible Equity	$	872,442		$	833,006		$	782,224		$	767,281		$	750,140		$	813,952		$	700,751
Return on Average Shareholders' Equity	10.51		%	8.48		%	9.96		%	0.29		%	11.04		%	7.44		%	10.63		%
Impact of removing average intangible assets and related amortization	3.36			2.87			3.51			0.66			3.91			2.66			4.09
Return on Average Tangible Common Equity (ROTCE)	13.87			11.35			13.47			0.95			14.95			10.10			14.72
Impact of other adjustments for Adjusted Net Income	0.13			1.71			(0.38)			1.91			(0.76)			0.83			0.21
Adjusted Return on Average Tangible Common Equity	14.00			13.06			13.09			2.86			14.19			10.93			14.93
Loan interest income1	$	65,684		$	60,573		$	64,929		$	63,524		$	62,922		$	254,710		$	250,730
Accretion on acquired loans	(4,448)			(3,254)			(2,988)			(4,287)			(3,407)			(14,977)			(15,370)
Interest and fees on PPP loans	(5,187)			(1,719)			(5,068)			—			—			(11,974)			—
Loan interest income excluding PPP and accretion on acquired loans	$	56,049		$	55,600		$	56,873		$	59,237		$	59,515		$	227,759		$	235,360
Yield on loans1	4.42			4.11			4.56			4.90			4.89			4.49			5.08
Impact of accretion on acquired loans	(0.30)			(0.22)			(0.21)			(0.33)			(0.26)			(0.27)			(0.31)
Impact of PPP loans	0.11			0.33			(0.04)			—			—			0.11			—
Yield on loans excluding PPP and accretion on acquired loans	4.23		%	4.22		%	4.31		%	4.57		%	4.63		%	4.33		%	4.77		%
Net Interest Income1	$	68,903		$	63,621		$	67,388		$	63,291		$	61,846		$	263,203		$	243,953
Accretion on acquired loans	(4,448)			(3,254)			(2,988)			(4,287)			(3,407)			(14,977)			(15,370)
Interest and fees on PPP loans	(5,187)			(1,719)			(5,068)			—			—			(11,974)			—
Net interest income excluding PPP and accretion on acquired loans	$	59,268		$	58,648		$	59,332		$	59,004		$	58,439		$	236,252		$	228,583
Net Interest Margin	3.59			3.40			3.70			3.93			3.84			3.65			3.92
Impact of accretion on acquired loans	(0.23)			(0.17)			(0.16)			(0.27)			(0.21)			(0.21)			(0.25)
Impact of PPP loans	0.01			0.19			(0.08)			—			—			0.03			—
Net interest margin excluding PPP and accretion on acquired loans	3.37		%	3.42		%	3.46		%	3.66		%	3.63		%	3.47		%	3.67		%
Security interest income1	$	6,586		$	7,129		$	7,725		$	8,848		$	8,662		$	30,288		$	36,049
Tax equivalent adjustment on securities	(23)			(32)			(31)			(30)			(32)			(116)			(140)
Security interest income excluding tax equivalent adjustment	$	6,563		$	7,097		$	7,694		$	8,818		$	8,630		$	30,172		$	35,909
Loan interest income1	$	65,684		$	60,573		$	64,929		$	63,524		$	62,922		$	254,710		$	250,730
Tax equivalent adjustment on loans	(89)			(86)			(85)			(84)			(54)			(344)			(195)
Loan interest income excluding tax equivalent adjustment	$	65,595		$	60,487		$	64,844		$	63,440		$	62,868		$	254,366		$	250,535
Net Interest Income1	$	68,903		$	63,621		$	67,388		$	63,291		$	61,846		$	263,203		$	243,953
Tax equivalent adjustment on securities	(23)			(32)			(31)			(30)			(32)			(116)			(140)
Tax equivalent adjustment on loans	(89)			(86)			(85)			(84)			(54)			(344)			(195)
Net interest income excluding tax equivalent adjustment	$	68,791		$	63,503		$	67,272		$	63,177		$	61,760		$	262,743		$	243,618
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.