Seacoast Reports Fourth Quarter and Full Year 2024 Results

Published: 2025-01-27 16:07:05 ET SBCF

Fourth Quarter 2024 Net Interest Margin Expands 22 Basis Points to 3.39% Well-Positioned Balance Sheet with Strong Capital and Liquidity

Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported net income in the fourth quarter of 2024 of $34.1 million, or $0.40 per diluted share, compared to $30.7 million, or $0.36 per diluted share in the third quarter of 2024 and $29.5 million, or $0.35 per diluted share in the fourth quarter of 2023. For the year ended December 31, 2024, net income was $121.0 million, or $1.42 per diluted share, compared to $104.0 million, or $1.23 per diluted share, for the year ended December 31, 2023.

Adjusted net income1 for the fourth quarter of 2024 was $40.6 million, or $0.48 per diluted share, compared to $30.5 million, or $0.36 per diluted share in the third quarter of 2024 and $31.4 million, or $0.37 per diluted share in the fourth quarter of 2023. Adjusted net income1 for the year ended December 31, 2024 was $132.5 million, or $1.56 per diluted share, compared to $133.2 million, or $1.58 per diluted share, for the year ended December 31, 2023.

Pre-tax pre-provision earnings1 were $47.9 million in the fourth quarter of 2024, an increase of $1.8 million, or 4%, compared to the third quarter of 2024 and an increase of $5.9 million, or 14%, compared to the fourth quarter of 2023. Pre-tax pre-provision earnings1 for the year ended December 31, 2024 were $174.2 million, an increase of $0.4 million, or 0.2%, when compared to the year ended December 31, 2023. Adjusted pre-tax pre-provision earnings1 were $56.6 million in the fourth quarter of 2024, an increase of $10.2 million, or 22%, compared to the third quarter of 2024 and an increase of $11.6 million, or 26%, compared to the fourth quarter of 2023. Adjusted pre-tax pre-provision earnings1 for the year ended December 31, 2024 were $190.0 million, a decrease of $23.9 million, or 11%, when compared to the year ended December 31, 2023.

For the fourth quarter of 2024, return on average tangible assets was 1.06% and return on average tangible shareholders' equity was 10.90%, compared to 0.99% and 10.31%, respectively, in the prior quarter, and 0.99% and 11.22%, respectively, in the prior year quarter. Adjusted return on average tangible assets1 in the fourth quarter of 2024 was 1.24% and adjusted return on average tangible shareholders' equity1 was 12.74%, compared to 0.98% and 10.27%, respectively, in the prior quarter, and 1.04% and 11.80%, respectively, in the prior year quarter. For the year ended December 31, 2024, return on average tangible assets was 0.98%, and return on average tangible shareholders' equity was 10.39%, compared to 0.91% and 10.38%, respectively, for the year ended December 31, 2023. For the year ended December 31, 2024, adjusted return on average tangible assets1 was 1.06%, and adjusted return on average tangible shareholders' equity1 was 11.25%, compared to 1.12% and 12.80%, respectively, for the year ended December 31, 2023.

Charles M. Shaffer, Seacoast's Chairman and CEO, said, "Our Seacoast associates weathered the impacts of two successive hurricanes to deliver remarkable revenue growth, record loan production, and a 33% increase in adjusted net income. The strong net interest margin expansion in the fourth quarter evidenced the solid, granular core deposit franchise that we have built over many decades through our relationship-focused banking model. With accelerating business momentum and tailwinds from fixed rate asset repricing, we remain focused on profitability improvement and growth in the year ahead."

Shaffer added, "We advanced several key initiatives this year including the expansion of our commercial lending team and treasury deposit products that will support the next phase of growth for Seacoast. With a tangible common equity ratio of 9.6% and a loan to deposit ratio of 84%, we have a tremendous opportunity ahead to serve clients in our economically vibrant footprint."

Shaffer concluded, "The Seacoast team remains unwavering to our core tenets of maintaining a fortress balance sheet and building one of the best, granular customer deposit franchises in the country."

Financial Results Income Statement

Balance Sheet

Asset Quality

Capital and Liquidity

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

Estimated

FINANCIAL HIGHLIGHTS

(Amounts in thousands except per share data)

(Unaudited)

Quarterly Trends

4Q'24

3Q'24

2Q'24

1Q'24

4Q'23

Selected balance sheet data:

Gross loans

10,299,950

10,205,281

10,038,508

9,978,052

10,062,940

Total deposits

12,242,427

12,243,585

12,116,118

12,015,840

11,776,935

Total assets

15,176,307

15,168,371

14,952,613

14,830,015

14,580,249

Performance measures:

Net income

34,085

30,651

30,244

26,006

29,543

Net interest margin

3.39

3.17

3.18

3.24

3.36

Pre-tax pre-provision earnings1

47,858

46,086

44,555

35,674

42,006

Average diluted shares outstanding

85,302

85,069

84,816

85,270

85,336

Diluted earnings per share (EPS)

0.40

0.36

0.31

0.35

Return on (annualized):

Average assets (ROA)

0.89

0.81

0.82

0.71

0.80

Average tangible assets (ROTA)2

1.06

0.99

1.00

0.89

0.99

Average tangible common equity (ROTCE)2

10.90

10.31

10.75

9.55

11.22

Tangible common equity to tangible assets2

9.60

9.64

9.30

9.25

9.31

Tangible book value per share2

16.12

16.20

15.41

15.26

15.08

Efficiency ratio

56.26

59.84

60.21

66.78

60.32

Adjusted operating measures1:

Adjusted net income4

40,556

30,511

30,277

31,132

31,363

Adjusted pre-tax pre-provision earnings4

56,610

46,390

44,490

42,513

45,016

Adjusted diluted EPS4

0.48

0.36

0.37

Adjusted ROTA2

1.24

0.98

1.00

1.04

Adjusted ROTCE2

12.74

10.27

10.76

11.15

11.80

Adjusted efficiency ratio

56.07

59.84

60.21

61.13

60.32

Net adjusted noninterest expense as a

percent of average tangible assets2

2.19

2.23

2.25

Other data:

Market capitalization3

2,355,679

2,277,003

2,016,472

2,156,529

2,415,158

Full-time equivalent employees

1,504

1,493

1,449

1,445

1,541

Number of ATMs

Full-service banking offices

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

2 The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders' equity less intangible assets.

3 Common shares outstanding multiplied by closing bid price on last day of each period.

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

OTHER INFORMATION

Conference Call Information Seacoast will host a conference call January 28, 2025, at 10:00 a.m. (Eastern Time) to discuss the fourth quarter of 2024 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 715-9871 (Conference ID: 8804483). Charts will be used during the conference call and may be accessed at Seacoast’s website at www.SeacoastBanking.com by selecting “Presentations” under the heading “News/Events.” Additionally, a recording of the call will be made available to individuals shortly after the conference call and can be accessed via a link at www.SeacoastBanking.com under the heading “Corporate Information.” The recording will be available for one year.

About Seacoast Banking Corporation of Florida (NASDAQ: SBCF) Seacoast Banking Corporation of Florida (NASDAQ: SBCF) is one of the largest community banks headquartered in Florida with approximately $15.2 billion in assets and $12.2 billion in deposits as of December 31, 2024. Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 77 full-service branches across Florida, and through advanced mobile and online banking solutions. Seacoast National Bank is the wholly-owned subsidiary bank of Seacoast Banking Corporation of Florida. For more information about Seacoast, visit www.SeacoastBanking.com.

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

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

All statements other than statements of historical fact could be forward-looking statements. You can identify these forward-looking statements through the use of words such as "may," "will," "anticipate," "assume," "should," "support," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "further," "plan," "point to," "project," "could," "intend," "target" or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of inflationary pressures, changes in interest rates, slowdowns in economic growth, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing; potential impacts of adverse developments in the banking industry, including those highlighted by high-profile bank failures, and including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto (including increases in the cost of our deposit insurance assessments), the Company's ability to effectively manage its liquidity risk and any growth plans, and the availability of capital and funding; governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes including overdraft and late fee caps (if implemented), including those that impact the money supply and inflation; the risks of changes in interest rates on the level and composition of deposits (as well as the cost of, and competition for, deposits), loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities; interest rate risks (including the impacts of interest rates on macroeconomic conditions, customer and client behavior, and on our net interest income), sensitivities and the shape of the yield curve; changes in accounting policies, rules and practices; changes in retail distribution strategies, customer preferences and behavior generally and as a result of economic factors, including heightened or persistent inflation; changes in the availability and cost of credit and capital in the financial markets; changes in the prices, values and sales volumes of residential and commercial real estate, especially as they relate to the value of collateral supporting the Company’s loans; the Company’s concentration in commercial real estate loans and in real estate collateral in Florida; Seacoast’s ability to comply with any regulatory requirements and the risk that the regulatory environment may not be conducive to or may prohibit or delay the consummation of future mergers and/or business combinations, may increase the length of time and amount of resources required to consummate such transactions, and may reduce the anticipated benefit; inaccuracies or other failures from the use of models, including the failure of assumptions and estimates, as well as differences in, and changes to, economic, market and credit conditions; the impact on the valuation of Seacoast’s investments due to market volatility or counterparty payment risk, as well as the effect of a decline in stock market prices on our fee income from our wealth management business; statutory and regulatory dividend restrictions; increases in regulatory capital requirements for banking organizations generally; the risks of mergers, acquisitions and divestitures, including Seacoast’s ability to continue to identify acquisition targets, successfully acquire and integrate desirable financial institutions and realize expected revenues and revenue synergies; changes in technology or products that may be more difficult, costly, or less effective than anticipated; the Company’s ability to identify and address increased cybersecurity risks, including those impacting vendors and other third parties which may be exacerbated by developments in generative artificial intelligence; fraud or misconduct by internal or external parties, which Seacoast may not be able to prevent, detect or mitigate; inability of Seacoast’s risk management framework to manage risks associated with the Company’s business; dependence on key suppliers or vendors to obtain equipment or services for the business on acceptable terms; reduction in or the termination of Seacoast’s ability to use the online- or mobile-based platform that is critical to the Company’s business growth strategy; the effects of war or other conflicts, acts of terrorism, natural disasters, including hurricanes in the Company’s footprint, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions and/or increase costs, including, but not limited to, property and casualty and other insurance costs; Seacoast’s ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions; the risks that deferred tax assets could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated, the results of tax audit findings, challenges to our tax positions, or adverse changes or interpretations of tax laws; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions; the failure of assumptions underlying the establishment of reserves for expected credit losses; risks related to, and the costs associated with, environmental, social and governance matters, including the scope and pace of related rulemaking activity and disclosure requirements; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the federal budget and economic policy, including the impact of tariffs and trade policies; the risk that balance sheet, revenue growth, and loan growth expectations may differ from actual results; and other factors and risks described herein and under “Risk Factors” in any of the Company's subsequent reports filed with the SEC and available on its website at www.sec.gov.

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

FINANCIAL HIGHLIGHTS

(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

Quarterly Trends

Twelve months ended

(Amounts in thousands, except ratios and per share data)

4Q'24

3Q'24

2Q'24

1Q'24

4Q'23

4Q'24

4Q'23

Summary of Earnings

Net income

34,085

30,651

30,244

26,006

29,543

120,986

104,033

Adjusted net income1,6

40,556

30,511

30,277

31,132

31,363

132,476

133,240

Net interest income2

116,115

106,975

104,657

105,298

111,035

433,045

489,043

Net interest margin2,3

3.39

3.17

3.18

3.24

3.36

3.24

3.77

Pre-tax pre-provision earnings1

47,858

46,086

44,555

35,674

42,006

174,173

173,812

Adjusted pre-tax pre-provision earnings1,6

56,610

46,390

44,490

42,513

45,016

190,003

213,920

Performance Ratios

Return on average assets-GAAP basis3

0.89

0.81

0.82

0.71

0.80

0.81

0.71

Return on average tangible assets-GAAP basis3,4

1.06

0.99

1.00

0.89

0.99

0.98

0.91

Adjusted return on average tangible assets1,3,4

1.24

0.98

1.00

1.04

1.06

1.12

Net adjusted noninterest expense to average tangible assets1,3,4

2.19

2.23

2.25

2.20

2.36

Return on average shareholders' equity-GAAP basis3

6.16

5.62

5.74

4.94

5.69

5.62

5.14

Return on average tangible common equity-GAAP basis3,4

10.90

10.31

10.75

9.55

11.22

10.39

10.38

Adjusted return on average tangible common equity1,3,4

12.74

10.27

10.76

11.15

11.80

11.25

12.80

Efficiency ratio5

56.26

59.84

60.21

66.78

60.32

60.63

63.86

Adjusted efficiency ratio1

56.07

59.84

60.21

61.13

60.32

59.22

57.35

Noninterest income to total revenue (excluding securities gains/losses)

18.02

18.05

17.55

16.17

15.14

17.47

14.39

Tangible common equity to tangible assets4

9.60

9.64

9.30

9.25

9.31

9.60

9.31

Average loan-to-deposit ratio

83.14

83.79

83.11

84.50

83.38

83.63

82.99

End of period loan-to-deposit ratio

84.27

83.44

82.90

83.12

85.48

84.27

85.48

Per Share Data

Net income diluted-GAAP basis

0.40

0.36

0.31

0.35

1.42

1.23

Net income basic-GAAP basis

0.40

0.36

0.31

0.35

1.43

1.24

Adjusted earnings1,6

0.48

0.36

0.37

1.56

1.58

Book value per share common

25.51

25.68

24.98

24.93

24.84

25.51

24.84

Tangible book value per share

16.12

16.20

15.41

15.26

15.08

16.12

15.08

Cash dividends declared

0.18

0.72

0.71

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

2 Calculated on a fully taxable equivalent basis using amortized cost.

3 These ratios are stated on an annualized basis and are not necessarily indicative of future periods.

4 The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders' equity less intangible assets.

5 Defined 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).

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

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'24

3Q'24

2Q'24

1Q'24

4Q'23

4Q'24

4Q'23

Interest and dividends on securities:

Taxable

26,945

25,963

24,155

22,393

21,383

99,456

82,926

Nontaxable

135

354

Interest and fees on loans

151,999

150,980

147,292

147,095

147,801

597,366

581,105

Interest on interest bearing deposits and other investments

6,952

7,138

8,328

6,184

7,616

28,602

24,590

Total Interest Income

185,930

184,115

179,808

175,706

176,855

725,559

688,975

Interest on deposits

47,394

51,963

51,319

47,534

44,923

198,210

126,535

Interest on time certificates

16,726

19,002

17,928

17,121

15,764

70,777

52,254

Interest on borrowed money

6,006

6,485

6,137

5,973

5,349

24,601

21,946

Total Interest Expense

70,126

77,450

75,384

70,628

66,036

293,588

200,735

Net Interest Income

115,804

106,665

104,424

105,078

110,819

431,971

488,240

Provision for credit losses

3,699

6,273

4,918

1,368

3,990

16,258

37,518

Net Interest Income After Provision for Credit Losses

112,105

100,392

99,506

103,710

106,829

415,713

450,722

Noninterest income:

Service charges on deposit accounts

5,138

5,412

5,342

4,960

4,828

20,852

18,278

Interchange income

1,860

1,911

1,940

1,888

2,433

7,599

13,877

Wealth management income

4,019

3,843

3,766

3,540

3,261

15,168

12,780

Mortgage banking fees

326

485

582

381

378

1,774

1,790

Insurance agency income

1,151

1,399

1,355

1,291

1,066

5,196

4,510

BOLI income

2,627

2,578

2,596

2,264

2,220

10,065

8,401

Other

10,335

7,864

6,647

5,944

5,589

30,790

22,409

25,456

23,492

22,228

20,268

19,775

91,444

82,045

Securities (losses) gains, net

(8,388

)

187

(44

)

229

(2,437

)

(8,016

)

(2,893

)

Total Noninterest Income

17,068

23,679

22,184

20,497

17,338

83,428

79,152

Noninterest expense:

Salaries and wages

42,378

40,697

38,937

40,304

38,435

162,316

177,637

Employee benefits

6,548

6,955

6,861

7,889

6,678

28,253

29,918

Outsourced data processing costs

8,307

8,003

8,210

12,118

8,609

36,638

52,098

Occupancy

7,234

7,096

7,180

8,037

7,512

29,547

31,872

Furniture and equipment

2,004

2,060

1,956

2,011

2,028

8,031

8,692

Marketing

2,126

2,729

3,266

2,655

2,995

10,776

9,156

Legal and professional fees

2,807

2,708

1,982

2,151

3,294

9,648

17,514

FDIC assessments

2,274

1,882

2,131

2,158

2,813

8,445

8,630

Amortization of intangibles

5,587

6,002

6,003

6,292

6,888

23,884

28,726

Other real estate owned expense and net loss (gain) on sale

491

(109

)

(26

)

573

440

985

Provision for credit losses on unfunded commitments

250

251

250

—

1,001

1,239

Other

5,976

5,945

5,869

6,532

6,542

24,322

29,155

Total Noninterest Expense

85,575

84,818

82,537

90,371

86,367

343,301

395,622

Income Before Income Taxes

43,598

39,253

39,153

33,836

37,800

155,840

134,252

Provision for income taxes

9,513

8,602

8,909

7,830

8,257

34,854

30,219

Net Income

34,085

30,651

30,244

26,006

29,543

120,986

104,033

Share Data

Net income per share of common stock

Diluted

0.40

0.36

0.31

0.35

1.42

1.23

Basic

0.40

0.36

0.31

0.35

1.43

1.24

Cash dividends declared

0.18

0.72

0.71

Average common shares outstanding

Diluted

85,302

85,069

84,816

85,270

85,336

85,040

84,329

Basic

84,510

84,434

84,341

84,908

84,817

84,367

83,800

CONSOLIDATED BALANCE SHEETS

(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

December 31,

September 30,

June 30,

March 31,

December 31,

(Amounts in thousands)

2024

2023

Assets

Cash and due from banks

171,615

182,743

168,738

137,850

167,511

Interest bearing deposits with other banks

304,992

454,315

580,787

544,874

279,671

Total cash and cash equivalents

476,607

637,058

749,525

682,724

447,182

Time deposits with other banks

3,215

5,207

7,856

5,857

Debt Securities:

Securities available-for-sale (at fair value)

2,226,543

2,160,055

1,967,204

1,949,463

1,836,020

Securities held-to-maturity (at amortized cost)

635,186

646,050

658,055

669,896

680,313

Total debt securities

2,861,729

2,806,105

2,625,259

2,619,359

2,516,333

Loans held for sale

17,277

11,039

5,975

9,475

4,391

Loans

10,299,950

10,205,281

10,038,508

9,978,052

10,062,940

Less: Allowance for credit losses

(138,055

)

(140,469

)

(141,641

)

(146,669

)

(148,931

)

Loans, net of allowance for credit losses

10,161,895

10,064,812

9,896,867

9,831,383

9,914,009

Bank premises and equipment, net

107,555

108,776

109,945

110,787

113,304

Other real estate owned

6,421

6,877

7,315

7,560

Goodwill

732,417

Other intangible assets, net

71,723

77,431

83,445

89,377

95,645

Bank owned life insurance

308,995

306,379

303,816

301,229

298,974

Net deferred tax assets

102,989

94,820

108,852

111,539

113,232

Other assets

325,485

317,906

321,779

326,554

331,345

Total Assets

15,176,308

15,168,371

14,952,613

14,830,015

14,580,249

Liabilities

Deposits

Noninterest demand

3,352,372

3,443,455

3,397,918

3,555,401

3,544,981

Interest-bearing demand

2,667,843

2,487,448

2,821,092

2,711,041

2,790,210

Savings

519,977

524,474

566,052

608,088

651,454

Money market

4,086,362

4,034,371

3,707,761

3,531,029

3,314,288

Time deposits

1,615,873

1,753,837

1,623,295

1,610,281

1,476,002

Total Deposits

12,242,427

12,243,585

12,116,118

12,015,840

11,776,935

Securities sold under agreements to repurchase

232,071

210,176

262,103

326,732

374,573

Federal Home Loan Bank borrowings

245,000

180,000

110,000

50,000

Long-term debt, net

106,966

106,800

106,634

106,468

106,302

Other liabilities

166,601

168,960

157,377

153,225

164,353

Total Liabilities

12,993,065

12,974,521

12,822,232

12,712,265

12,472,163

Shareholders' Equity

Common stock

8,628

8,614

8,530

8,494

8,486

Additional paid in capital

1,824,935

1,821,050

1,815,800

1,811,941

1,808,883

Retained earnings

526,642

508,036

492,805

478,017

467,305

Less: Treasury stock

(19,095

)

(18,680

)

(18,744

)

(16,746

)

(16,710

)

2,341,110

2,319,020

2,298,391

2,281,706

2,267,964

Accumulated other comprehensive loss, net

(157,867

)

(125,170

)

(168,010

)

(163,956

)

(159,878

)

Total Shareholders' Equity

2,183,243

2,193,850

2,130,381

2,117,750

2,108,086

Total Liabilities & Shareholders' Equity

15,176,308

15,168,371

14,952,613

14,830,015

14,580,249

Common shares outstanding

85,568

85,441

85,299

84,935

84,861

CONSOLIDATED QUARTERLY FINANCIAL DATA

(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

(Amounts in thousands)

4Q'24

3Q'24

2Q'24

1Q'24

4Q'23

Credit Analysis

Net charge-offs

6,113

7,445

9,946

3,630

4,720

Net charge-offs to average loans

0.24

0.29

0.40

0.15

0.19

Allowance for credit losses

138,055

140,469

141,641

146,669

148,931

Non-acquired loans at end of period

7,452,175

7,178,186

6,834,059

6,613,763

6,571,454

Acquired loans at end of period

2,847,775

3,027,095

3,204,449

3,364,289

3,491,486

Total Loans

10,299,950

10,205,281

10,038,508

9,978,052

10,062,940

Total allowance for credit losses to total loans at end of period

1.34

1.38

1.41

1.47

1.48

Purchase discount on acquired loans at end of period

4.30

4.48

4.51

4.63

4.75

End of Period

Nonperforming loans

92,446

80,857

59,927

77,205

65,104

Other real estate owned

933

1,173

309

221

Properties previously used in bank operations included in other real estate owned

5,488

5,704

7,006

7,339

Total Nonperforming Assets

98,867

87,278

66,804

84,520

72,664

Nonperforming Loans to Loans at End of Period

0.90

0.79

0.60

0.77

0.65

Nonperforming Assets to Total Assets at End of Period

0.65

0.58

0.45

0.57

0.50

December 31,

September 30,

June 30,

March 31,

December 31,

Loans

2024

2023

Construction and land development

648,054

595,753

593,534

623,246

767,622

Commercial real estate - owner occupied

1,686,629

1,676,814

1,656,391

1,656,131

1,670,281

Commercial real estate - non-owner occupied

3,503,807

3,573,076

3,423,266

3,368,339

3,319,890

Residential real estate

2,616,784

2,564,903

2,555,320

2,521,399

2,445,692

Commercial and financial

1,651,355

1,575,228

1,582,290

1,566,198

1,607,888

Consumer

193,321

219,507

227,707

242,739

251,567

Total Loans

10,299,950

10,205,281

10,038,508

9,978,052

10,062,940

AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1

(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

4Q'24

3Q'24

4Q'23

Average

Yield/

Average

Yield/

Average

Yield/

(Amounts in thousands)

Balance

Interest

Rate

Balance

Interest

Rate

Balance

Interest

Rate

Assets

Earning assets:

Securities:

Taxable

2,843,755

26,945

3.77

2,756,502

25,963

3.75

2,499,047

21,383

3.42

Nontaxable

5,795

2.81

5,701

2.93

7,835

3.48

Total Securities

2,849,550

26,986

3.77

2,762,203

26,005

3.75

2,506,882

21,451

3.42

Federal funds sold

470,154

5,690

4.81

433,423

5,906

5.42

465,506

6,426

5.48

Interest bearing deposits with other banks and other investments

102,961

1,262

4.88

102,700

1,232

4.77

91,230

1,190

5.18

Total Loans, net2

10,214,493

152,303

5.93

10,128,822

151,282

5.94

10,033,245

148,004

5.85

Total Earning Assets

13,637,158

186,241

5.43

13,427,148

184,425

5.46

13,096,863

177,071

5.36

Allowance for credit losses

(140,409

)

(141,974

)

(149,110

)

Cash and due from banks

167,197

167,103

179,908

Bank premises and equipment, net

108,589

109,699

115,556

Intangible assets

806,710

812,761

832,029

Bank owned life insurance

307,256

304,703

297,525

Other assets including deferred tax assets

317,540

317,406

365,263

Total Assets

15,204,041

14,996,846

14,738,034

Liabilities and Shareholders' Equity

Interest-bearing liabilities:

Interest-bearing demand

2,581,733

11,843

1.82

2,489,674

12,905

2.06

2,819,743

15,658

2.20

Savings

521,682

582

0.44

546,473

601

0.44

679,720

505

0.29

Money market

4,078,714

34,969

3.41

3,942,357

38,457

3.88

3,268,829

28,760

3.49

Time deposits

1,686,004

16,726

3.95

1,716,720

19,002

4.40

1,524,460

15,764

4.10

Securities sold under agreements to repurchase

209,909

1,584

3.00

241,083

2,044

3.37

335,559

2,991

3.54

Federal Home Loan Bank borrowings

245,000

2,625

4.26

237,935

2,549

4.26

59,022

442

2.97

Long-term debt, net

106,881

1,797

6.69

106,706

1,892

7.05

106,205

1,916

7.16

Total Interest-Bearing Liabilities

9,429,923

70,126

2.96

9,280,948

77,450

3.32

8,793,538

66,036

2.98

Noninterest demand

3,417,539

3,393,110

3,739,993

Other liabilities

153,527

154,344

145,591

Total Liabilities

13,000,989

12,828,402

12,679,122

Shareholders' equity

2,203,052

2,168,444

2,058,912

Total Liabilities & Equity

15,204,041

14,996,846

14,738,034

Cost of deposits

2.08

2.34

2.00

Interest expense as a % of earning assets

2.05

2.29

2.00

Net interest income as a % of earning assets

116,115

3.39

106,975

3.17

111,035

3.36

1 On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.

2 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, 2024

Twelve Months Ended December 31, 2023

Average

Yield/

Average

Yield/

(Amounts in thousands, except ratios)

Balance

Interest

Rate

Balance

Interest

Rate

Assets

Earning assets:

Securities:

Taxable

2,702,763

99,456

3.68

2,611,299

82,926

3.18

Nontaxable

5,707

164

2.87

13,733

438

3.19

Total Securities

2,708,470

99,620

3.68

2,625,032

83,364

3.18

Federal funds sold

446,149

23,619

5.29

368,659

18,871

5.12

Interest bearing deposits with other banks and other investments

102,552

4,983

4.86

90,692

5,718

6.30

Total Loans, net2

10,096,189

598,411

5.93

9,889,070

581,825

5.88

Total Earning Assets

13,353,360

726,633

5.44

12,973,453

689,778

5.32

Allowance for credit losses

(144,280

)

(150,982

)

Cash and due from banks

167,367

184,035

Bank premises and equipment, net

110,341

116,516

Intangible assets

815,945

816,662

Bank owned life insurance

303,486

290,218

Other assets including deferred tax assets

327,539

392,872

Total Assets

14,933,758

14,622,774

Liabilities and Shareholders' Equity

Interest-bearing liabilities:

Interest-bearing demand

2,614,893

54,960

2.10

2,686,936

41,438

1.54

Savings

570,046

2,283

0.40

851,347

1,796

0.21

Money market

3,775,352

140,967

3.73

2,941,916

83,301

2.83

Time deposits

1,656,269

70,777

4.27

1,348,152

52,254

3.88

Securities sold under agreements to repurchase

269,255

9,390

3.49

270,999

8,323

3.07

Federal Home Loan Bank borrowings

183,962

7,726

4.20

175,247

6,378

3.64

Long-term debt, net

106,624

7,485

7.02

104,158

7,245

6.96

Total Interest-Bearing Liabilities

9,176,401

293,588

3.20

8,378,755

200,735

2.40

Noninterest demand

3,455,907

4,087,335

Other liabilities

149,389

131,302

Total Liabilities

12,781,697

12,597,392

Shareholders' equity

2,152,061

2,025,382

Total Liabilities & Equity

14,933,758

14,622,774

Cost of deposits

2.23

1.50

Interest expense as a % of earning assets

2.20

1.55

Net interest income as a % of earning assets

433,045

3.24

489,043

3.77

1 On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.

2 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)

2024

2023

Customer Relationship Funding

Noninterest demand

Commercial

2,621,469

2,731,564

2,664,353

2,808,151

2,752,644

Retail

502,967

509,527

532,623

553,697

561,569

Public funds

177,742

139,072

142,846

145,747

173,893

Other

50,194

63,292

58,096

47,806

56,875

Total Noninterest Demand

3,352,372

3,443,455

3,397,918

3,555,401

3,544,981

Interest-bearing demand

Commercial

1,467,508

1,426,920

1,533,725

1,561,905

1,576,491

Retail

881,236

874,043

892,032

930,178

956,900

Brokered

49,287

—

198,337

—

Public funds

269,812

186,485

196,998

218,958

256,819

Total Interest-Bearing Demand

2,667,843

2,487,448

2,821,092

2,711,041

2,790,210

Total transaction accounts

Commercial

4,088,977

4,158,484

4,198,078

4,370,056

4,329,135

Retail

1,384,203

1,383,570

1,424,655

1,483,875

1,518,469

Brokered

49,287

—

198,337

—

Public funds

447,554

325,557

339,844

364,705

430,712

Other

50,194

63,292

58,096

47,806

56,875

Total Transaction Accounts

6,020,215

5,930,903

6,219,010

6,266,442

6,335,191

Savings

Commercial

40,303

44,151

53,523

52,665

58,562

Retail

479,674

480,323

512,529

555,423

592,892

Total Savings

519,977

524,474

566,052

608,088

651,454

Money market

Commercial

1,947,250

1,953,851

1,771,927

1,709,636

1,655,820

Retail

1,925,330

1,887,975

1,733,505

1,621,618

1,469,142

Public funds

213,782

192,545

202,329

199,775

189,326

Total Money Market

4,086,362

4,034,371

3,707,761

3,531,029

3,314,288

Brokered time certificates

244,351

256,536

126,668

142,717

122,347

Time deposits

1,371,522

1,497,301

1,496,627

1,467,564

1,353,655

1,615,873

1,753,837

1,623,295

1,610,281

1,476,002

Total Deposits

12,242,427

12,243,585

12,116,118

12,015,840

11,776,935

Securities sold under agreements to repurchase

232,071

210,176

262,103

326,732

374,573

Total customer funding1

12,180,860

12,197,225

12,053,216

12,199,855

12,029,161

1 Total deposits and securities sold under agreements to repurchase, excluding brokered deposits. Securities sold under agreements to repurchase consists of customer sweep accounts.

Explanation of Certain Unaudited Non-GAAP Financial Measures

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

GAAP TO NON-GAAP RECONCILIATION

(Unaudited)

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

Quarterly Trends

Twelve Months Ended

(Amounts in thousands, except per share data)

4Q'24

3Q'24

2Q'24

1Q'24

4Q'23

4Q'24

4Q'23

Net Income

34,085

30,651

30,244

26,006

29,543

120,986

104,033

Total noninterest income

17,068

23,679

22,184

20,497

17,338

83,428

79,152

Securities losses (gains), net

8,388

(187

)

(229

)

2,437

8,016

2,893

BOLI benefits on death (included in other income)

—

(2,117

)

Total Adjustments to Noninterest Income

8,388

(187

)

(229

)

2,437

8,016

776

Total Adjusted Noninterest Income

25,456

23,492

22,228

20,268

19,775

91,444

79,928

Total noninterest expense

85,575

84,818

82,537

90,371

86,367

343,301

395,622

Merger-related charges

—

(33,180

)

(280

)

—

(280

)

Branch reductions and other expense initiatives

—

(7,094

)

—

(7,094

)

(5,167

)

Total Adjustments to Noninterest Expense

)

—

(7,094

)

—

(7,374

)

(38,347

)

Adjusted Noninterest Expense2

85,295

84,818

82,537

83,277

86,367

335,927

357,275

Income Taxes

9,513

8,602

8,909

7,830

8,257

34,854

30,219

Tax effect of adjustments

2,197

(47

)

1,739

617

3,900

9,916

Adjusted Income Taxes

11,710

8,555

8,920

9,569

8,874

38,754

40,135

Adjusted Net Income2

40,556

30,511

30,277

31,132

31,363

132,476

133,240

Earnings per diluted share, as reported

0.40

0.36

0.31

0.35

1.42

1.23

Adjusted Earnings per Diluted Share

0.48

0.36

0.37

1.56

1.58

Average diluted shares outstanding

85,302

85,069

84,816

85,270

85,336

85,040

84,329

Adjusted Noninterest Expense

85,295

84,818

82,537

83,277

86,367

335,927

357,275

Provision for credit losses on unfunded commitments

(250

)

(250

)

(251

)

(250

)

—

(1,001

)

(1,239

)

Other real estate owned expense and net (loss) gain on sale

(84

)

(491

)

109

(573

)

(440

)

(985

)

Amortization of intangibles

(5,587

)

(6,002

)

(6,003

)

(6,292

)

(6,888

)

(23,884

)

(28,726

)

Net Adjusted Noninterest Expense

79,374

78,075

76,392

76,761

78,906

310,602

326,325

Average tangible assets

14,397,331

14,184,085

14,020,793

13,865,245

13,906,005

14,117,813

13,806,112

Net Adjusted Noninterest Expense to Average Tangible Assets

2.19

2.23

2.25

2.20

2.36

Net Revenue

132,872

130,344

126,608

125,575

128,157

515,399

567,392

Total Adjustments to Net Revenue

8,388

(187

)

(229

)

2,437

8,016

776

Impact of FTE adjustment

311

310

233

220

216

1,074

803

Adjusted Net Revenue on a fully taxable equivalent basis

141,571

130,467

126,885

125,566

130,810

524,489

568,971

Adjusted Efficiency Ratio

56.07

59.84

60.21

61.13

60.32

59.22

57.35

Net Interest Income

115,804

106,665

104,424

105,078

110,819

431,971

488,240

Impact of FTE adjustment

311

310

233

220

216

1,074

803

Net Interest Income including FTE adjustment

116,115

106,975

104,657

105,298

111,035

433,045

489,043

Total noninterest income

17,068

23,679

22,184

20,497

17,338

83,428

79,152

Total noninterest expense less provision for credit losses on unfunded commitments

85,325

84,568

82,286

90,121

86,367

342,300

394,383

Pre-Tax Pre-Provision Earnings

47,858

46,086

44,555

35,674

42,006

174,173

173,812

Total Adjustments to Noninterest Income

8,388

(187

)

(229

)

2,437

8,016

776

Total Adjustments to Noninterest Expense including other real estate owned expense and net loss (gain) on sale

364

491

(109

)

7,068

573

7,814

39,332

Adjusted Pre-Tax Pre-Provision Earnings2

56,610

46,390

44,490

42,513

45,016

190,003

213,920

Average Assets

15,204,041

14,996,846

14,839,707

14,690,776

14,738,034

14,933,758

14,622,774

Less average goodwill and intangible assets

(806,710

)

(812,761

)

(818,914

)

(825,531

)

(832,029

)

(815,945

)

(816,662

)

Average Tangible Assets

14,397,331

14,184,085

14,020,793

13,865,245

13,906,005

14,117,813

13,806,112

Return on Average Assets (ROA)

0.89

0.81

0.82

0.71

0.80

0.81

0.71

Impact of removing average intangible assets and related amortization

0.17

0.18

0.19

0.17

0.19

Return on Average Tangible Assets (ROTA)

1.06

0.99

1.00

0.89

0.99

0.98

0.91

Impact of other adjustments for Adjusted Net Income

0.18

(0.01

)

—

0.15

0.05

0.08

0.22

Adjusted Return on Average Tangible Assets

1.24

0.98

1.00

1.04

1.06

1.12

Average Shareholders' Equity

2,203,052

2,168,444

2,117,628

2,118,381

2,058,912

2,152,061

2,025,382

Less average goodwill and intangible assets

(806,710

)

(812,761

)

(818,914

)

(825,531

)

(832,029

)

(815,945

)

(816,662

)

Average Tangible Equity

1,396,342

1,355,683

1,298,714

1,292,850

1,226,883

1,336,116

1,208,720

Return on Average Shareholders' Equity

6.16

5.62

5.74

4.94

5.69

5.62

5.14

Impact of removing average intangible assets and related amortization

4.74

4.69

5.01

4.61

5.53

4.77

5.24

Return on Average Tangible Common Equity (ROTCE)

10.90

10.31

10.75

9.55

11.22

10.39

10.38

Impact of other adjustments for Adjusted Net Income

1.84

(0.04

)

0.01

1.60

0.58

0.86

2.42

Adjusted Return on Average Tangible Common Equity

12.74

10.27

10.76

11.15

11.80

11.25

12.80

Loan interest income1

152,303

151,282

147,518

147,308

148,004

598,411

581,825

Accretion on acquired loans

(11,717

)

(9,182

)

(10,178

)

(10,595

)

(11,324

)

(41,672

)

(56,689

)

Loan interest income excluding accretion on acquired loans

140,586

142,100

137,340

136,713

136,680

556,739

525,136

Yield on loans1

5.93

5.94

5.93

5.90

5.85

5.93

5.88

Impact of accretion on acquired loans

(0.45

)

(0.36

)

(0.41

)

(0.42

)

(0.45

)

(0.42

)

(0.57

)

Yield on loans excluding accretion on acquired loans

5.48

5.58

5.52

5.48

5.40

5.51

5.31

Net Interest Income1

116,115

106,975

104,657

105,298

111,035

433,045

489,043

Accretion on acquired loans

(11,717

)

(9,182

)

(10,178

)

(10,595

)

(11,324

)

(41,672

)

(56,689

)

Net interest income excluding accretion on acquired loans

104,398

97,793

94,479

94,703

99,711

391,373

432,354

Net Interest Margin

3.39

3.17

3.18

3.24

3.36

3.24

3.77

Impact of accretion on acquired loans

(0.34

)

(0.27

)

(0.31

)

(0.33

)

(0.34

)

(0.31

)

(0.44

)

Net interest margin excluding accretion on acquired loans

3.05

2.90

2.87

2.91

3.02

2.93

3.33

Security interest income1

26,986

26,005

24,195

22,434

21,451

99,620

83,364

Tax equivalent adjustment on securities

)

(13

)

(29

)

(83

)

Security interest income excluding tax equivalent adjustment

26,979

25,997

24,188

22,427

21,438

99,591

83,281

Loan interest income1

152,303

151,282

147,518

147,308

148,004

598,411

581,825

Tax equivalent adjustment on loans

(304

)

(302

)

(226

)

(213

)

(203

)

(1,045

)

(720

)

Loan interest income excluding tax equivalent adjustment

151,999

150,980

147,292

147,095

147,801

597,366

581,105

Net Interest Income1

116,115

106,975

104,657

105,298

111,035

433,045

489,043

Tax equivalent adjustment on securities

)

(13

)

(29

)

(83

)

Tax equivalent adjustment on loans

(304

)

(302

)

(226

)

(213

)

(203

)

(1,045

)

(720

)

Net interest income excluding tax equivalent adjustment

115,804

106,665

104,424

105,078

110,819

431,971

488,240

1 On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.

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

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