0000730708false00007307082024-01-252024-01-25


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) January 25, 2024

SEACOAST BANKING CORPORATION OF FLORIDA
(Exact Name of Registrant as Specified in Charter)
Florida000-1366059-2260678
(State or Other Jurisdiction
of Incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
815 COLORADO AVENUE,STUARTFL 34994
(Address of Principal Executive Offices) (Zip Code)


Registrant’s telephone number, including area code (772) 287-4000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.10 par valueSBCFNasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐



SEACOAST BANKING CORPORATION OF FLORIDA



Item 2.02    Results of Operations and Financial Condition

On January 25, 2024, Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) announced its financial results for the quarter and year ended December 31, 2023. A copy of the press release announcing Seacoast’s results for the quarter and year ended December 31, 2023, is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 7.01    Regulation FD Disclosure

On January 26, 2024, Seacoast will hold an investor conference call to discuss its financial results for the quarter and year ended December 31, 2023. Attached as Exhibit 99.2 are charts (available on the Company’s website at www.seacoastbanking.com) containing information used in the conference call and incorporated herein by reference. All information included in the charts is presented as of December 31, 2023, and the Company does not assume any obligation to correct or update said information in the future.

The information in Items 2.02 and 7.01, as well as Exhibits 99.1 and 99.2 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 9.01    Financial Statements and Exhibits

(d) Exhibits

Exhibits 99.1 and 99.2 referenced herein, contain “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in the Company’s markets, and improvements to reported earnings that may be realized from cost controls, tax law changes, new initiatives and for integration of banks that the Company has acquired or expects to acquire, as well as statements with respect to Seacoast's objectives, strategic plans, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.

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



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SEACOAST BANKING CORPORATION OF FLORIDA
(Registrant)
Dated: January 25, 2024/s/ Tracey L. Dexter
 TRACEY L. DEXTER
 Chief Financial Officer



sbcflogo.gif

SEACOAST REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS
Well-Positioned Balance Sheet with Strong Capital and Liquidity
Strategic Expense Measures Executed
Robust Capital Position Builds Significantly Quarter over Quarter

STUART, Fla., January 25, 2024 /GLOBE NEWSWIRE/ -- Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported net income in the fourth quarter of 2023 of $29.5 million, or $0.35 per diluted share, compared to $31.4 million, or $0.37 per diluted share in the third quarter of 2023 and $23.9 million, or $0.34 per diluted share in the fourth quarter of 2022. For the year ended December 31, 2023, net income was $104.0 million, or $1.23 per diluted share, compared to $106.5 million, or $1.66 per diluted share, for the year ended December 31, 2022.
Adjusted net income1 for the fourth quarter of 2023 was $36.5 million, or $0.43 per diluted share, compared to $39.7 million, or $0.46 per diluted share in the third quarter of 2023 and $39.9 million, or $0.56 per diluted share in the fourth quarter of 2022. Adjusted net income1 for the year ended December 31, 2023 was $154.7 million, or $1.83 per diluted share, compared to $136.1 million, or $2.12 per diluted share, for the year ended December 31, 2022.
Pre-tax pre-provision earnings1 were $42.0 million in the fourth quarter of 2023, a decrease of 3% compared to the third quarter of 2023 and a decrease of 9% compared to the fourth quarter of 2022. Pre-tax pre-provision earnings1 for the year ended December 31, 2023 were $172.6 million, an increase of $7.8 million, or 5%, when compared to the year ended December 31, 2022. Adjusted pre-tax pre-provision earnings1 were $51.9 million in the fourth quarter of 2023, a decrease of 5% compared to the third quarter of 2023 and a decrease of 22% compared to the fourth quarter of 2022. Adjusted pre-tax pre-provision earnings1 for the year ended December 31, 2023 were $242.6 million, an increase of $38.9 million, or 19%, when compared to the year ended December 31, 2022.
For the fourth quarter of 2023, return on average tangible assets was 0.99% and return on average tangible shareholders' equity was 11.22%, compared to 1.04% and 11.90%, respectively, in the prior quarter, and 0.94% and 10.36%, respectively, in the prior year quarter. Adjusted return on average tangible assets1 in the fourth quarter of 2023 was 1.04% and adjusted return on average tangible shareholders' equity1 was 11.80%, compared to 1.12% and 12.79%, respectively, in the prior quarter, and 1.36% and 15.05%, respectively, in the prior year quarter. For the year ended December 31, 2023, return on average tangible assets was 0.91% and return on average tangible shareholders' equity was 10.38%, compared to 1.06% and 10.70%, respectively, for the year ended December 31, 2022. For the year ended December 31, 2023, adjusted return on average tangible assets1 was 1.12% and adjusted return on average tangible shareholders' equity1 was 12.80%, compared to 1.27% and 12.86%, respectively, for the year ended December 31, 2022.
Charles M. Shaffer, Seacoast's Chairman and CEO said, "Seacoast once again delivered a quarter of robust financial performance, remaining steadfast in our commitment to driving growth in shareholder value. Throughout the quarter, our dedication to disciplined expense management effectively countered margin compression, which we believe has positioned the Company optimally for the coming year. Looking ahead to the first quarter of 2024, we will execute the second phase of our expense initiative, anticipating one-time charges of approximately $5 million and a reduction in annual expenses of approximately $15 million."
Shaffer added, "Early in the fourth quarter, we took advantage of market conditions and repurchased 546,200 shares of our common stock at $19.80 per share. Even with this repurchase activity, the ratio of tangible common equity to tangible assets increased to 9.31% and tangible book value per share increased to $15.08.”
Shaffer concluded, "As we embark on 2024, we remain diligently focused on maintaining our conservative balance sheet principles and carefully managing our expense base while investing to drive low-cost deposit growth. We believe this rigorous approach will support solid capital growth, maintain a broadly diversified and stable funding base, and continue to bolster the Company’s fortress balance sheet while increasing franchise value over the long run.”


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

Financial Results
Income Statement
•Net income was $29.5 million, or $0.35 per diluted share, for the fourth quarter of 2023 compared to net income of $31.4 million, or $0.37 per diluted share, for the prior quarter, and $23.9 million, or $0.34 per diluted share, for the prior year quarter. For the year ended December 31, 2023, net income was $104.0 million, or $1.23 per diluted share, compared to $106.5 million, or $1.66 per diluted share, for the year ended December 31, 2022. Adjusted net income1 for the fourth quarter of 2023 was $36.5 million, or $0.43 per diluted share, compared to $39.7 million, or $0.46 per diluted share, for the prior quarter, and $39.9 million, or $0.56 per diluted share, for the prior year quarter. For the year ended December 31, 2023, adjusted net income1 was $154.7 million, or $1.83 per diluted share, compared to $136.1 million, or $2.12 per diluted share, for the year ended December 31, 2022.
•Net revenues were $128.2 million in the fourth quarter of 2023, a decrease of $8.9 million, or 7%, compared to the prior quarter, and a decrease of $9.2 million, or 7%, compared to the prior year quarter. For the year ended December 31, 2023, net revenues were $567.4 million, an increase of $135.1 million, or 31%, compared to the year ended December 31, 2022. Adjusted revenues on a fully taxable equivalent basis1 were $130.8 million in the fourth quarter of 2023, a decrease of $6.9 million, or 5%, compared to the prior quarter, and a decrease of $6.7 million, or 5%, compared to the prior year quarter. For the year ended December 31, 2023, adjusted revenues on a fully taxable equivalent basis1 were $569.0 million, an increase of $135.1 million, or 31%, compared to the year ended December 31, 2022.
•Pre-tax pre-provision earnings1 were $42.0 million in the fourth quarter of 2023, a decrease of 3% compared to the third quarter of 2023 and a decrease of 9% compared to the fourth quarter of 2022. Pre-tax pre-provision earnings1 for the year ended December 31, 2023 were $172.6 million, an increase of $7.8 million, or 5%, when compared to the year ended December 31, 2022. Adjusted pre-tax pre-provision earnings1 were $51.9 million in the fourth quarter of 2023, a decrease of 5% compared to the third quarter of 2023 and a decrease of 22% compared to the fourth quarter of 2022. Adjusted pre-tax pre-provision earnings1 for the year ended December 31, 2023 were $242.6 million, an increase of $38.9 million, or 19%, compared to the year ended December 31, 2022
•Net interest income totaled $110.8 million in the fourth quarter of 2023, a decrease of $8.5 million, or 7%, from the third quarter of 2023 and a decrease of $8.9 million, or 7%, compared to the fourth quarter of 2022. During the fourth quarter of 2023, higher interest expense on deposits was driven by higher rates and changes in product mix. Accretion on acquired loans totaled $11.3 million in the fourth quarter of 2023, $14.8 million in the third quarter of 2023, and $9.7 million in the fourth quarter of 2022. For the year ended December 31, 2023, net interest income was $488.2 million, an increase of $122.1 million, or 33%, compared to the year ended December 31, 2022. Accretion on acquired loans totaled $56.7 million for the year ended December 31, 2023, compared to $18.4 million for the year ended December 31, 2022. The year-over-year increase in accretion reflects the impact of purchase marks from bank acquisitions in late 2022 and early 2023.
•Net interest margin decreased 21 basis points to 3.36% in the fourth quarter of 2023 compared to 3.57% in the third quarter of 2023. Excluding the effects of accretion on acquired loans, net interest margin decreased 11 basis points to 3.02% in the fourth quarter of 2023 compared to 3.13% in the third quarter of 2023. Loan yields contracted eight basis points from the prior quarter to 5.85% due to lower accretion of purchase discount on acquired loans. Excluding the effects of accretion on acquired loans, loan yields increased six basis points, from 5.34% in the third quarter of 2023 to 5.40% in the fourth quarter of 2023. Securities yields increased 10 basis points to 3.42%, compared to 3.32% in the prior quarter. The cost of deposits increased 21 basis points, from 1.79% in the prior quarter, to 2.00% for the fourth quarter of 2023.

•Noninterest income totaled $17.3 million in the fourth quarter of 2023, a decrease of $0.5 million, or 3%, compared to the prior quarter, and a decrease of $0.3 million, or 2%, compared to the prior year quarter. Results for the fourth quarter of 2023 included $2.9 million in losses on the sale of approximately $82.9 million, or 3%, of the bank’s investment securities portfolio. The proceeds were reinvested into longer-duration, higher-yielding
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.    
sbcflogo.gif
securities, with an expected earnback on the transaction of approximately 1.3 years. Offsetting realized losses on sales of securities during the fourth quarter of 2023 was a $0.5 million increase in the value of investments in mutual funds holding CRA-qualified debt securities. Other changes compared to the third quarter of 2023 included the following:
•Interchange income increased $0.7 million, or 44%, to $2.4 million, benefiting from an annual volume-based incentive earned from the payment network provider. The Durbin amendment, which limits network interchange fees earned on debit card transactions, became effective for Seacoast on July 1, 2023.
•SBA gains increased $0.3 million, or 50%, to $0.9 million due to higher saleable originations.
•Other income increased $0.4 million, or 8%, to $4.7 million, reflecting higher loan swap-related income.
•The provision for credit losses was $4.0 million in the fourth quarter of 2023, compared to $2.7 million in the third quarter of 2023 and $14.1 million in the fourth quarter of 2022. Included in the fourth quarter of 2022 was a $15.0 million day-1 provision associated with two bank acquisitions.
•Noninterest expense was $86.4 million in the fourth quarter of 2023, a decrease of $7.5 million, or 8%, compared to the prior quarter, and a decrease of $5.1 million, or 6%, compared to the prior year quarter. For the year ended December 31, 2023, noninterest expense was $395.6 million, compared to $267.9 million for the year ended December 31, 2022. Changes compared to the third quarter of 2023 included:
•Salaries and wages decreased $8.0 million to $38.4 million. The third quarter of 2023 included $3.2 million in severance-related expenses arising from the Company’s reduction in workforce. Of the remaining $4.8 million decrease, $1.7 million reflects the full quarter impact of the workforce reduction on salaries expense, and $2.8 million is attributed to higher loan production resulting in higher deferral of salary-related costs.
•Marketing expense increased $1.1 million to $3.0 million reflecting additional investments in branding and targeted campaigns.
•Legal and professional fees increased $0.6 million to $3.3 million in the fourth quarter of 2023, primarily the result of one-time legal fees associated with a closed matter.
•FDIC assessments increased $0.6 million to $2.8 million, with the full year expense reflecting the year-over-year growth in the Company’s asset size.
•Foreclosed property expense increased $0.3 million to $0.6 million in the fourth quarter of 2023 due to write-downs in the value of properties previously used in bank operations.
•Other noninterest expenses decreased $0.7 million to $6.5 million, benefiting from ongoing expense discipline.
•Seacoast recorded $8.3 million of income tax expense in the fourth quarter of 2023, compared to $9.1 million in the third quarter of 2023, and $7.8 million in the fourth quarter of 2022. Tax benefits related to stock-based compensation totaled $0.6 million in the fourth quarter of 2023, were nominal in the third quarter of 2023, and totaled $0.2 million in the fourth quarter of 2022.
•The efficiency ratio was 60.32% in the fourth quarter of 2023, compared to 62.60% in the third quarter of 2023 and 63.39% in the prior year quarter. The adjusted efficiency ratio1 was 60.32% in the fourth quarter of 2023, compared to 60.19% in the third quarter of 2023 and 51.52% in the prior year quarter. The efficiency ratio for the year ended December 31, 2023 was 64.07% compared to 60.01% for the year ended December 31, 2022. The adjusted efficiency ratio1 for the year ended December 31, 2023 was 57.35% compared to 53.03% for the year ended December 31, 2022. The increase in the efficiency ratio in 2023 reflects the impact of higher deposit rates.



1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.    
sbcflogo.gif
Balance Sheet
•At December 31, 2023, the Company had total assets of $14.6 billion and total shareholders' equity of $2.1 billion. Book value per share was $24.84 as of December 31, 2023, compared to $24.06 as of September 30, 2023, and $22.45 as of December 31, 2022. Tangible book value per share totaled $15.08 as of December 31, 2023 compared to $14.26 at September 30, 2023, and $14.69 as of December 31, 2022.
•Debt securities totaled $2.5 billion as of December 31, 2023, a decrease of $16.9 million, or 1%, compared to September 30, 2023. Debt securities include approximately $1.8 billion in securities held at fair value and classified as available for sale. Unrealized losses on debt securities available for sale declined by $73.4 million, or 26%, in the fourth quarter of 2023, benefiting from changes in market interest rates. Unrealized losses on available for sale securities are fully reflected in the value presented on the balance sheet. The portfolio also includes $680.3 million in securities classified as held to maturity with a fair value of $558.4 million. Held-to-maturity securities consist solely of mortgage-backed securities and collateralized mortgage obligations guaranteed by U.S. government agencies, each of which is expected to recover any price depreciation over its holding period as the debt securities move to maturity. The Company has significant liquidity and available borrowing capacity and has the intent and ability to hold these investments to maturity.
•Loans increased $51.8 million during the fourth quarter of 2023, totaling $10.1 billion as of December 31, 2023. The Company continues to exercise a disciplined approach to lending, carefully underwriting loans to strict underwriting guidelines and setting high expectations for risk adjusted returns.
•Loan originations were $477.9 million in the fourth quarter of 2023, an increase of 95% compared to $244.6 million in the third quarter of 2023. New add on yields were near 8% during the fourth quarter of 2023.
•Commercial originations were $334.2 million during the fourth quarter of 2023, compared to $94.0 million in the third quarter of 2023 and $482.2 million in the fourth quarter of 2022.
•SBA originations were $25.0 million during the fourth quarter of 2023, compared to $12.5 million in the third quarter of 2023 and $7.4 million in the fourth quarter of 2022.
•Consumer originations in the fourth quarter of 2023 decreased to $61.8 million from $76.5 million in the third quarter of 2023 and from $88.7 million in the fourth quarter of 2022.
•Closed residential loans retained in the portfolio totaled $41.2 million in the fourth quarter of 2023, compared to $44.0 million in the third quarter of 2023 and $74.3 million in the fourth quarter of 2022.
•Residential loans originated for sale in the secondary market totaled $15.6 million in the fourth quarter of 2023, compared to $17.6 million in the third quarter of 2023 and $10.7 million in the fourth quarter of 2022.
•Loan pipelines (loans in underwriting and approval or approved and not yet closed) totaled $393.0 million as of December 31, 2023, an increase of 11% from September 30, 2023 and a decrease of 13% from December 31, 2022.
•Commercial pipelines were $306.5 million as of December 31, 2023, an increase of 18% from $259.4 million at September 30, 2023, and a decrease of 21% from $389.7 million at December 31, 2022.
•SBA pipelines were $20.6 million as of December 31, 2023, compared to $41.4 million at September 30, 2023 and $6.0 million at December 31, 2022.
•Consumer pipelines were $18.7 million as of December 31, 2023, a decrease of $5.7 million from $24.5 million at September 30, 2023, and a decrease of 49% from $36.6 million at December 31, 2022.
•Retained residential pipelines were $44.4 million as of December 31, 2023, compared to $20.9 million at September 30, 2023, and $17.1 million at December 31, 2022. Residential saleable pipelines were $2.7 million as of December 31, 2023, compared to $6.8 million at September 30, 2023, and $4.2 million at December 31, 2022.
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.    
sbcflogo.gif
•Total deposits were $11.8 billion as of December 31, 2023, a decrease of $330.9 million when compared to September 30, 2023, and an increase of $1.8 billion, or 18%, compared to December 31, 2022. Seacoast’s granular, longstanding deposit base is a hallmark of our franchise and serves as a significant source of strength.
•Total customer funding, which includes sweep repurchase accounts and excludes brokered deposits, was $12.0 billion, declining modestly by $47 million during the fourth quarter of 2023.
•Quarter over quarter, attorney IOTA and title company balances declined by nearly $100 million due to lower real estate activity at year-end. This seasonal dynamic also occurred in the fourth quarter of 2022.
•At December 31, 2023, transaction account balances represented 54% of overall deposits.
•Noninterest demand deposits represent 30% of overall deposits.
•The Company benefits from a granular deposit franchise, with the top ten depositors representing only 4% of total deposits.
•Average deposits per banking center were $153 million at December 31, 2023.
•Uninsured deposits represented only 35% of overall deposit accounts as of December 31, 2023. This includes public funds under the Florida Qualified Public Depository program, which provides loss protection to depositors beyond FDIC insurance limits. Excluding such balances, the uninsured and uncollateralized deposits were 29% of total deposits. The Company has liquidity sources including cash and lines of credit with the Federal Reserve and Federal Home Loan Bank that represent 145% of uninsured deposits, and 176% of uninsured and uncollateralized deposits.
•Consumer deposits represent 40% of overall deposit funding with an average consumer customer balance of $24 thousand. Commercial deposits represent 60% of overall deposit funding with an average business customer balance of $109 thousand.
•Federal Home Loan Bank advances totaled $50.0 million at December 31, 2023 with an interest rate of 3.23%. In the aggregate, borrowed funds, including FHLB advances, subordinated debt and brokered deposits represented only 2.2% of total liabilities as of December 31, 2023. During the fourth quarter of 2023, the Company paid down $245.6 million in FHLB advances and brokered deposits.

Asset Quality
•Credit metrics remain strong, though nonperforming, criticized, and classified loans have increased slightly from historic low levels. The Company maintains robust concentration management, focused on sustaining a diversified and granular loan portfolio.
•Nonperforming loans were $65.1 million at December 31, 2023, an increase from $41.5 million at September 30, 2023. Nonperforming loans to total loans outstanding were 0.65% at December 31, 2023, 0.41% at September 30, 2023, and 0.35% at December 31, 2022.
•Nonperforming assets to total assets increased to 0.50% at December 31, 2023, compared to 0.33% at September 30, 2023, and 0.26% at December 31, 2022.
•The ratio of allowance for credit losses to total loans was 1.48% at December 31, 2023, 1.49% at September 30, 2023, and 1.40% at December 31, 2022.
•Net charge-offs were $4.7 million in the fourth quarter of 2023, a decrease of $8.0 million from $12.7 million in the third quarter of 2023.
•Portfolio diversification, in terms of asset mix, industry, and loan type, has been a critical element of the Company's lending strategy. Exposure across industries and collateral types is broadly distributed. Seacoast's average loan size is $326 thousand, and the average commercial loan size is $744 thousand, reflecting an ability to maintain granularity within the overall loan portfolio.
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.    
sbcflogo.gif
•Construction and land development and commercial real estate loans remain well below regulatory guidance at 48% and 246% of total bank-level risk-based capital, respectively, compared to 51% and 248%, respectively, at September 30, 2023. On a consolidated basis, construction and land development and commercial real estate loans represent 45% and 228%, respectively, of total consolidated risk-based capital.

Capital and Liquidity
•The Company continues to operate with a fortress balance sheet with a Tier 1 capital ratio at December 31, 2023 of 14.6% compared to 14.0% at September 30, 2023, and 14.8% at December 31, 2022. The Total capital ratio was 15.9%, the Common Equity Tier 1 capital ratio was 13.9%, and the Tier 1 leverage ratio was 11.0% at December 31, 2023. The Company is considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements.
•Cash and cash equivalents at December 31, 2023 totaled $447.2 million.
•Tangible common equity to tangible assets was 9.31% at December 31, 2023, compared to 8.68% at September 30, 2023, and 9.08% at December 31, 2022. If all held-to-maturity securities were adjusted to fair value at December 31, 2023, the tangible common equity ratio would have been 8.68%.
•At December 31, 2023, in addition to $447.2 million in cash, the Company had $5.5 billion in available borrowing capacity, including $4.5 billion in available collateralized lines of credit, $0.7 billion of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of $0.3 billion. These liquidity sources as of December 31, 2023 represented 176% of uninsured and uncollateralized deposits.
•Under its share repurchase program, the Company is authorized to purchase up to $100 million of its shares of outstanding common stock. Under this program during the fourth quarter of 2023, the Company repurchased 546,200 shares at a weighted average price of $19.80 per share.

Recognition
•In October 2023, Seacoast was recognized among Fortune’s Best Workplaces for Women for 2023. Seacoast sets a leading example by fostering inclusivity, empowering women, and creating a workplace where every individual can reach their full potential.
•Seacoast has been Certified™ by Great Place To Work® for 2023. As the global authority on workplace culture, Great Place To Work® brings 30 years of groundbreaking research and data to recognize workplaces that create the conditions for an overwhelmingly positive employee experience. Seacoast has also earned specific recognition from the South Florida Business Journal, the Orlando Business Journal, American Banker, and the Guide to Greater Gainesville.

1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.    
sbcflogo.gif
FINANCIAL HIGHLIGHTS
(Amounts in thousands except per share data)(Unaudited)
Quarterly Trends
4Q'233Q'232Q'231Q'234Q'22
Selected balance sheet data:
Gross loans$10,062,940$10,011,186$10,117,919$10,134,395$8,144,724
Total deposits11,776,93512,107,83412,283,26712,309,7019,981,595
Total assets14,580,24914,823,00715,041,93215,255,40812,145,762
Performance measures:
Net income$29,543 $31,414 $31,249 $11,827 $23,927 
Net interest margin3.36 %3.57 %3.86 %4.31 %4.36 %
Pre-tax pre-provision earnings1
42,006 43,383 40,864 46,321 45,999 
Average diluted shares outstanding85,336 85,666 85,536 80,717 71,374 
Diluted earnings per share (EPS)$0.35 $0.37 $0.37 $0.15 $0.34 
Return on (annualized):
Average assets (ROA)0.80 %0.84 %0.84 %0.34 %0.78 %
Average tangible assets (ROTA)2
0.99 1.04 1.06 0.52 0.94 
Average tangible common equity (ROTCE)2
11.22 11.90 12.08 5.96 10.36 
Tangible common equity to tangible assets2
9.31 8.68 8.53 8.36 9.08 
Tangible book value per share2
$15.08 $14.26 $14.24 $14.25 $14.69 
Efficiency ratio60.32 %62.60 %67.34 %65.43 %63.39 %
Adjusted operating measures1:
Adjusted net income$36,505 $39,737 $49,203 $29,241 $39,926 
Adjusted pre-tax pre-provision earnings51,904 54,806 64,856 71,081 66,649 
Adjusted diluted EPS0.43 0.46 0.58 0.36 0.56 
Adjusted ROTA2
1.04 %1.12 %1.41 %0.90 %1.36 %
Adjusted ROTCE2
11.80 12.79 16.08 10.34 15.05 
Adjusted efficiency ratio60.32 60.19 56.44 53.10 51.52 
Net adjusted noninterest expense as a
percent of average tangible assets2
2.25 2.34 2.40 2.47 2.42 
Other data:
Market capitalization3
$2,415,158$1,869,891$1,880,407$2,005,241$2,233,761
Full-time equivalent employees1,541 1,570 1,670 1,650 1,490 
Number of ATMs96 97 96 97 100 
Full-service banking offices77 77 78 83 78 
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.


sbcflogo.gif
OTHER INFORMATION
Conference Call Information
Seacoast will host a conference call January 26th, 2024, at 10:00 a.m. (Eastern Time) to discuss the fourth quarter 2023 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 715-9871 (Conference ID: 4160956). 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 $14.6 billion in assets and $11.8 billion in deposits as of December 31, 2023. 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 (the “Exchange Act”), including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in the Company’s markets, and improvements to reported earnings that may be realized from cost controls, tax law changes, new initiatives and for integration of banks that the Company has acquired, 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 highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes, including those that impact the money supply and inflation; 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 impact of continued elevated interest rates on macroeconomic conditions, customer and client behavior, as well as potential reductions in benchmark interest
    
sbcflogo.gif
rates and the resulting impacts on 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 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; the effects of problems encountered by other financial institutions that adversely affect Seacoast or the banking industry, including bank failures; 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; fraud or misconduct by internal or external actors, which Seacoast may not be able to prevent, detect or mitigate; inability of Seacoast’s risk management framework to manage risks associated with the Company’s business; dependence on key suppliers or vendors to obtain equipment or services for the business on acceptable terms, including the impact of supply chain disruptions; reduction in or the termination of Seacoast’s ability to use the online- or mobile-based platform that is critical to the Company’s business growth strategy; the effects of war or other conflicts, including the impacts related to or resulting from Russia’s military action in Ukraine and the escalating conflicts in the Middle East, acts of terrorism, natural disasters, including hurricanes in the Company’s footprint, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions; unexpected outcomes of and the costs associated with, existing or new litigation involving the Company; Seacoast’s ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions; the risks that deferred tax assets could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated and sales of capital stock could trigger a reduction in the amount of net operating loss carryforwards that the Company may be able to utilize for income tax purposes; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in the Company’s market areas and elsewhere, including institutions operating regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; the failure of assumptions underlying the establishment of reserves for possible credit losses; risks related to environmental, social and governance (“ESG”) matters, the scope and pace of which could alter Seacoast’s reputation and shareholder, associate, customer and third-party affiliations; 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 debt ceiling and the federal budget; the risk that the regulatory environment may not be conducive to or may prohibit the consummation of future mergers and/or business combinations, may increase the length of time and amount of the resources required to consummate such transactions, and may reduce the anticipated benefit; and other factors and risks described under “Risk Factors” herein and in any of the Company's subsequent reports filed with the SEC and available on its website at www.sec.gov.
Including, without limitation, those risks and uncertainties described in the Company’s annual report on Form 10-K for the year ended December 31, 2022 and quarterly reports on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023 under "Special Cautionary Notice Regarding Forward-Looking Statements" and "Risk Factors", and otherwise in the Company’s SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at www.sec.gov.



 

FINANCIAL HIGHLIGHTS(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarterly TrendsTwelve Months Ended
(Amounts in thousands, except ratios and per share data)4Q'233Q'232Q'231Q'234Q'224Q'234Q'22
Summary of Earnings
Net income$29,543 $31,414 $31,249 $11,827 $23,927 $104,033 $106,507 
Adjusted net income1
36,505 39,737 49,203 29,241 39,926 154,686 136,146 
Net interest income2
111,035 119,505 127,153 131,351 119,858 489,043 366,660 
Net interest margin2,3
3.36 %3.57 %3.86 %4.31 %4.36 %3.77 %3.69 %
Pre-tax pre-provision earnings1
42,006 43,383 40,864 46,321 45,999 172,573 164,817 
Adjusted pre-tax pre-provision earnings1
51,904 54,806 64,856 71,081 66,649 242,646 203,772 
Performance Ratios
Return on average assets-GAAP basis3
0.80 %0.84 %0.84 %0.34 %0.78 %0.71 %0.96 %
Return on average tangible assets-GAAP basis3,4
0.99 1.04 1.06 0.52 0.94 0.91 1.06 
Adjusted return on average tangible assets1,3,4
1.04 1.12 1.41 0.90 1.36 1.12 1.27 
Pre-tax pre-provision return on average tangible assets1,3,4
1.35 1.38 1.33 1.58 1.69 1.41 1.61 
Adjusted pre-tax pre-provision return on average tangible assets1,3,4
1.48 1.55 1.85 2.18 2.28 1.76 1.91 
Net adjusted noninterest expense to average tangible assets1,3,4
2.25 2.34 2.40 2.47 2.42 2.36 2.15 
Return on average shareholders' equity-GAAP basis3
5.69 6.01 6.05 2.53 6.03 5.14 7.51 
Return on average tangible common equity-GAAP basis3,4
11.22 11.90 12.08 5.96 10.36 10.38 10.70 
Adjusted return on average tangible common equity1,3,4
11.80 12.79 16.08 10.34 15.05 12.80 12.86 
Efficiency ratio5
60.32 62.60 67.34 65.43 63.39 64.07 60.01 
Adjusted efficiency ratio1
60.32 60.19 56.44 53.10 51.52 57.35 53.03 
Noninterest income to total revenue (excluding securities gains/losses)15.14 13.22 14.63 14.55 12.84 14.39 15.50 
Tangible common equity to tangible assets4
9.31 8.68 8.53 8.36 9.08 9.31 9.08 
Average loan-to-deposit ratio83.38 82.63 83.48 82.43 77.67 82.99 73.50 
End of period loan-to-deposit ratio85.48 82.71 82.42 82.35 81.63 85.48 81.63 
Per Share Data
Net income diluted-GAAP basis$0.35 $0.37 $0.37 $0.15 $0.34 $1.23 $1.66 
Net income basic-GAAP basis0.35 0.37 0.37 0.15 0.34 1.24 1.67 
Adjusted earnings1
0.43 0.46 0.58 0.36 0.56 1.83 2.12 
Book value per share common24.84 24.06 24.14 24.24 22.45 24.84 22.45 
Tangible book value per share15.08 14.26 14.24 14.25 14.69 15.08 14.69 
Cash dividends declared0.18 0.18 0.18 0.17 0.17 0.71 0.64 
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 TrendsTwelve Months Ended
(Amounts in thousands, except per share data)4Q'233Q'232Q'231Q'234Q'224Q'234Q'22
Interest on securities:
Taxable$21,383 $21,401 $20,898 $19,244 $18,530 $82,926 $56,611 
Nontaxable55 97 97 105 130 354 546 
Interest and fees on loans147,801 149,871 148,265 135,168 105,322 581,105 315,717 
Interest on federal funds sold and other investments7,616 8,477 5,023 3,474 3,127 24,590 7,620 
Total Interest Income176,855 179,846 174,283 157,991 127,109 688,975 380,494 
Interest on deposits44,923 38,396 27,183 16,033 3,934 126,535 7,318 
Interest on time certificates15,764 16,461 14,477 5,552 1,358 52,254 2,642 
Interest on borrowed money5,349 5,683 5,660 5,254 2,108 21,946 4,372 
Total Interest Expense66,036 60,540 47,320 26,839 7,400 200,735 14,332 
Net Interest Income110,819 119,306 126,963 131,152 119,709 488,240 366,162 
Provision for credit losses3,990 2,694 (764)31,598 14,129 37,518 26,183 
Net Interest Income After Provision for Credit Losses106,829 116,612 127,727 99,554 105,580 450,722 339,979 
Noninterest income:
Service charges on deposit accounts4,828 4,648 4,560 4,242 3,996 18,278 13,709 
Interchange income2,433 1,684 5,066 4,694 4,650 13,877 17,171 
Wealth management income3,261 3,138 3,318 3,063 2,886 12,780 11,051 
Mortgage banking fees378 410 576 426 426 1,790 3,478 
Insurance agency income1,066 1,183 1,160 1,101 805 4,510 805 
SBA gains921 613 249 322 105 2,105 842 
BOLI income2,220 2,197 2,068 1,916 1,526 8,401 5,572 
Other4,668 4,307 4,755 6,574 3,239 20,304 14,559 
19,775 18,180 21,752 22,338 17,633 82,045 67,187 
Securities (losses) gains, net(2,437)(387)(176)107 18 (2,893)(1,096)
Total Noninterest Income17,338 17,793 21,576 22,445 17,651 79,152 66,091 
Noninterest expenses:
Salaries and wages38,435 46,431 45,155 47,616 45,405 177,637 130,100 
Employee benefits6,678 7,206 7,472 8,562 5,300 29,918 19,026 
Outsourced data processing costs8,609 8,714 20,222 14,553 9,918 52,098 27,510 
Telephone / data lines1,196 1,409 1,518 1,081 1,185 5,204 3,799 
Occupancy6,316 6,349 7,065 6,938 5,457 26,668 18,539 
Furniture and equipment2,028 2,052 2,345 2,267 1,944 8,692 6,420 
Marketing2,995 1,876 2,047 2,238 1,772 9,156 6,286 
Legal and professional fees3,294 2,679 4,062 7,479 9,174 17,514 20,703 
FDIC assessments2,813 2,258 2,116 1,443 889 8,630 3,137 
Amortization of intangibles6,888 7,457 7,654 6,727 4,763 28,726 9,101 
Foreclosed property expense and net loss (gain) on sale573 274 (57)195 (411)985 (1,534)
Provision for credit losses on unfunded commitments— — — 1,239 — 1,239 1,157 
Other6,542 7,210 8,266 7,137 6,114 29,155 23,690 
Total Noninterest Expense86,367 93,915 107,865 107,475 91,510 395,622 267,934 
Income Before Income Taxes37,800 40,490 41,438 14,524 31,721 134,252 138,136 
Income taxes8,257 9,076 10,189 2,697 7,794 30,219 31,629 
Net Income$29,543 $31,414 $31,249 $11,827 $23,927 $104,033 $106,507 
Per share of common stock:
Net income diluted$0.35 $0.37 $0.37 $0.15 $0.34 $1.23 $1.66 
Net income basic0.35 0.37 0.37 0.15 0.34 1.24 1.67 
Cash dividends declared0.18 0.18 0.18 0.17 0.17 0.71 0.64 
Average diluted shares outstanding85,336 85,666 85,536 80,717 71,374 84,329 64,264 
Average basic shares outstanding84,817 85,142 85,022 80,151 70,770 83,800 63,707 


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)20232023202320232022
Assets
Cash and due from banks$167,511 $182,036 $164,193 $180,607 $120,748 
Interest bearing deposits with other banks279,671 513,946 563,690 610,636 81,192 
Total Cash and Cash Equivalents447,182 695,982 727,883 791,243 201,940 
Time deposits with other banks5,857 4,357 2,987 3,236 3,236 
Debt Securities:
Available for sale (at fair value)1,836,020 1,841,845 1,916,231 2,015,967 1,871,742 
Held to maturity (at amortized cost)680,313 691,404 707,812 737,911 747,408 
Total Debt Securities2,516,333 2,533,249 2,624,043 2,753,878 2,619,150 
Loans held for sale4,391 2,979 5,967 2,838 3,151 
Loans10,062,940 10,011,186 10,117,919 10,134,395 8,144,724 
Less: Allowance for credit losses(148,931)(149,661)(159,715)(155,640)(113,895)
Net Loans9,914,009 9,861,525 9,958,204 9,978,755 8,030,829 
Bank premises and equipment, net113,304 115,749 116,959 116,522 116,892 
Other real estate owned7,560 7,216 7,526 7,756 2,301 
Goodwill732,417 731,970 732,910 728,396 480,319 
Other intangible assets, net95,645 102,397 109,716 117,409 75,451 
Bank owned life insurance298,974 296,763 293,880 292,545 237,824 
Net deferred tax assets113,232 131,602 127,941 124,301 94,457 
Other assets331,345 339,218 333,916 338,529 280,212 
Total Assets$14,580,249 $14,823,007 $15,041,932 $15,255,408 $12,145,762 
Liabilities and Shareholders' Equity
Liabilities
Deposits
Noninterest demand$3,544,981 $3,868,132 $4,139,052 $4,554,509 $4,070,973 
Interest-bearing demand2,790,210 2,800,152 2,816,656 2,676,320 2,337,590 
Savings651,454 721,558 824,255 940,702 1,064,392 
Money market3,314,288 3,143,897 2,859,164 2,893,128 1,985,974 
Other time certificates889,806 821,406 628,036 598,483 369,389 
Brokered time certificates122,347 307,963 591,503 371,392 3,798 
Time certificates of more than $250,000463,849 444,726 424,601 275,167 149,479 
Total Deposits11,776,935 12,107,834 12,283,267 12,309,701 9,981,595 
Securities sold under agreements to repurchase374,573 276,450 290,156 267,606 172,029 
Federal Home Loan Bank borrowings50,000 110,000 160,000 385,000 150,000 
Subordinated debt, net106,302 106,136 105,970 105,804 84,533 
Other liabilities164,353 174,193 148,507 136,213 149,830 
Total Liabilities12,472,163 12,774,613 12,987,900 13,204,324 10,537,987 
Shareholders' Equity
Common stock8,486 8,515 8,509 8,461 7,162 
Additional paid in capital1,808,883 1,813,068 1,809,431 1,803,898 1,377,802 
Retained earnings467,305 453,117 437,087 421,271 423,863 
Treasury stock(16,710)(14,035)(14,171)(13,113)(13,019)
2,267,964 2,260,665 2,240,856 2,220,517 1,795,808 
Accumulated other comprehensive (loss) income, net(159,878)(212,271)(186,824)(169,433)(188,033)
Total Shareholders' Equity2,108,086 2,048,394 2,054,032 2,051,084 1,607,775 
Total Liabilities & Shareholders' Equity $14,580,249 $14,823,007 $15,041,932 $15,255,408 $12,145,762 
Common shares outstanding84,861 85,150 85,086 84,609 71,618 



CONSOLIDATED QUARTERLY FINANCIAL DATA(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Amounts in thousands)4Q'233Q'232Q'231Q'234Q'22
Credit Analysis
Net charge-offs (recoveries) $4,720 $12,748 $705 $3,188 $782 
Net charge-offs (recoveries) to average loans0.19 %0.50 %0.03 %0.14 %0.04 %
Allowance for credit losses$148,931 $149,661 $159,715 $155,640 $113,895 
Non-acquired loans at end of period$6,571,454 $6,343,121 $6,264,044 $6,048,453 $5,944,194 
Acquired loans at end of period3,491,486 3,668,065 3,853,875 4,085,942 2,200,530 
Total Loans$10,062,940 $10,011,186 $10,117,919 $10,134,395 $8,144,724 
Total allowance for credit losses to total loans at end of period1.48 %1.49 %1.58 %1.54 %1.40 %
Purchase discount on acquired loans at end of period4.75 4.86 4.98 5.02 4.25 
End of Period
Nonperforming loans$65,104 $41,508 $48,326 $50,787 $28,843 
Other real estate owned221 221 530 530 530 
Properties previously used in bank operations included in other real estate owned7,339 6,995 6,996 7,226 1,771 
Total Nonperforming Assets$72,664 $48,724 $55,852 $58,543 $31,144 
Nonperforming Loans to Loans at End of Period0.65 %0.41 %0.48 %0.50 %0.35 %
Nonperforming Assets to Total Assets at End of Period0.50 0.33 0.37 0.38 0.26 
December 31,September 30,June 30,March 31,December 31,
Loans20232023202320232022
Construction and land development$767,622 $793,736 $794,371 $757,835 $587,332 
Commercial real estate - owner occupied1,670,281 1,675,881 1,669,369 1,652,491 1,478,302 
Commercial real estate - non-owner occupied3,319,890 3,285,974 3,370,211 3,412,051 2,589,774 
Residential real estate2,445,692 2,418,903 2,396,352 2,354,394 1,849,503 
Commercial and financial1,607,888 1,588,152 1,615,534 1,655,884 1,353,226 
Consumer251,567 248,540 272,082 301,740 286,587 
Total Loans$10,062,940 $10,011,186 $10,117,919 $10,134,395 $8,144,724 



AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1
(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
4Q'233Q'234Q'22
AverageYield/AverageYield/AverageYield/
(Amounts in thousands)BalanceInterestRateBalanceInterestRateBalanceInterestRate
Assets
Earning assets:
Securities:
Taxable$2,499,047 $21,383 3.42 %$2,575,002 $21,401 3.32 %$2,680,813 $18,530 2.76 %
Nontaxable7,835 68 3.48 15,280 119 3.11 20,246 164 3.24 
Total Securities2,506,882 21,451 3.42 2,590,282 21,520 3.32 2,701,059 18,694 2.77 
Federal funds sold465,506 6,426 5.48 547,576 7,415 5.37 155,815 1,410 3.59 
Interest bearing deposits with other banks and other investments91,230 1,190 5.18 90,039 1,062 4.68 141,179 1,717 4.83 
Total Loans, net10,033,245 148,004 5.85 10,043,611 150,048 5.93 7,910,729 105,437 5.29 
Total Earning Assets13,096,863 177,071 5.36 13,271,508 180,045 5.38 10,908,782 127,258 4.63 
Allowance for credit losses(149,110)(158,440)(109,509)
Cash and due from banks179,908 168,931 137,839 
Premises and equipment115,556 116,704 115,095 
Intangible assets832,029 839,787 521,412 
Bank owned life insurance297,525 295,272 237,062 
Other assets including deferred tax assets365,263 372,241 329,175 
Total Assets$14,738,034 $14,906,003 $12,139,856 
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand$2,819,743 $15,658 2.20 %$2,804,243 $15,013 2.12 %$2,303,324 $1,859 0.32 %
Savings679,720 505 0.29 770,503 465 0.24 1,126,540 203 0.07 
Money market3,268,829 28,760 3.49 2,972,495 22,918 3.06 1,980,870 1,872 0.37 
Time deposits1,524,460 15,764 4.10 1,619,572 16,461 4.03 500,441 1,358 1.08 
Securities sold under agreements to repurchase335,559 2,991 3.54 327,711 2,876 3.48 134,709 544 1.60 
Federal Home Loan Bank borrowings59,022 442 2.97 111,087 888 3.17 40,712 330 3.22 
Subordinated debt106,205 1,916 7.16 106,036 1,919 7.18 83,534 1,234 5.86 
Total Interest-Bearing Liabilities8,793,538 66,036 2.98 8,711,647 60,540 2.76 6,170,130 7,400 0.48 
Noninterest demand3,739,993 3,987,761 4,273,922 
Other liabilities145,591 133,846 122,100 
Total Liabilities12,679,122 12,833,254 10,566,152 
Shareholders' equity2,058,912 2,072,747 1,573,704 
Total Liabilities & Equity$14,738,034 $14,906,003 $12,139,856 
Cost of deposits2.00 %1.79 %0.21 %
Interest expense as a % of earning assets2.00 %1.81 %0.27 %
Net interest income as a % of earning assets$111,035 3.36 %$119,505 3.57 %$119,858 4.36 %
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, 2023Twelve Months Ended December 31, 2022
AverageYield/AverageYield/
(Amounts in thousands, except ratios)BalanceInterestRateBalanceInterestRate
Assets
Earning assets:
Securities:
Taxable$2,611,299 $82,926 3.18 %$2,568,568 $56,611 2.20 %
Nontaxable13,733 438 3.19 22,188 690 3.11 
Total Securities2,625,032 83,364 3.18 2,590,756 57,301 2.21 
Federal funds sold368,659 18,871 5.12 433,359 4,103 0.95 
Interest bearing deposits with other banks and other investments90,692 5,718 6.30 69,604 3,517 5.05 
Total Loans, net9,889,070 581,825 5.88 6,838,266 316,073 4.62 
Total Earning Assets12,973,453 689,778 5.32 9,931,985 380,994 3.84 
Allowance for credit losses(150,982)(94,693)
Cash and due from banks184,035 305,775 
Premises and equipment116,516 85,568 
Intangible assets816,662 360,217 
Bank owned life insurance290,218 214,468 
Other assets including deferred tax assets392,872 248,108 
Total Assets$14,622,774 $11,051,428 
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand$2,686,936 $41,438 1.54 %$2,220,307 $3,099 0.14 %
Savings851,347 1,796 0.21 989,997 397 0.04 
Money market2,941,916 83,300 2.83 1,925,176 3,824 0.20 
Time deposits1,348,152 52,254 3.88 500,471 2,642 0.53 
Securities sold under agreements to repurchase270,999 8,324 3.07 121,318 986 0.81 
Federal Home Loan Bank borrowings175,247 6,378 3.64 10,264 330 3.22 
Subordinated debt104,158 7,245 6.96 74,713 3,056 4.09 
Total Interest-Bearing Liabilities8,378,755 200,735 2.40 5,842,246 14,334 0.25 
Noninterest demand4,087,335 3,667,345 
Other liabilities131,302 122,982 
Total Liabilities12,597,392 9,632,573 
Shareholders' equity2,025,382 1,418,855 
Total Liabilities & Equity$14,622,774 $11,051,428 
Cost of deposits1.50 %0.11 %
Interest expense as a % of earning assets1.55 %0.14 %
Net interest income as a % of earning assets$489,043 3.77 %$366,660 3.69 %
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)20232023202320232022
Customer Relationship Funding
Noninterest demand
Commercial$2,752,644 $3,089,488 $3,304,761 $3,622,441 $3,148,778 
Retail561,569 570,727 615,536 673,686 764,274 
Public funds173,893 134,649 152,159 194,977 112,553 
Other56,875 73,268 66,596 63,405 45,368 
Total Noninterest Demand3,544,981 3,868,132 4,139,052 4,554,509 4,070,973 
Interest-bearing demand
Commercial1,576,491 1,618,755 1,555,486 1,233,845 886,894 
Retail956,900 994,224 1,058,993 1,209,664 1,191,192 
Brokered— — — 44,474 54,777 
Public funds256,819 187,173 202,177 188,337 204,727 
Total Interest-Bearing Demand2,790,210 2,800,152 2,816,656 2,676,320 2,337,590 
Total transaction accounts
Commercial4,329,135 4,708,243 4,860,247 4,856,286 4,035,672 
Retail1,518,469 1,564,951 1,674,529 1,883,350 1,955,466 
Brokered— — — 44,474 54,777 
Public funds430,712 321,822 354,336 383,314 317,280 
Other56,875 73,268 66,596 63,405 45,368 
Total Transaction Accounts6,335,191 6,668,284 6,955,708 7,230,829 6,408,563 
Savings
Commercial58,562 79,731 101,908 108,023 91,943 
Retail592,892 641,827 722,347 832,679 972,449 
Total Savings651,454 721,558 824,255 940,702 1,064,392 
Money market
Commercial1,655,820 1,625,455 1,426,348 1,542,220 932,518 
Retail1,469,142 1,362,390 1,275,721 1,279,712 984,561 
Public funds189,326 156,052 157,095 71,196 68,895 
Total Money Market3,314,288 3,143,897 2,859,164 2,893,128 1,985,974 
Brokered time certificates122,347 307,963 591,503 371,392 3,798 
Other time certificates1,353,655 1,266,132 1,052,637 873,650 518,868 
1,476,002 1,574,095 1,644,140 1,245,042 522,666 
Total Deposits$11,776,935 $12,107,834 $12,283,267 $12,309,701 $9,981,595 
Customer sweep accounts374,573 276,450 290,156 267,606 172,029 
Total customer funding(1)
$12,029,161 $12,076,321 $11,981,920 $12,205,915 $10,149,826 
(1)Total deposits and customer sweep accounts, excluding brokered deposits.





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



GAAP TO NON-GAAP RECONCILIATION(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarterly TrendsTwelve Months Ended
(Amounts in thousands, except per share data)4Q'233Q'232Q'231Q'234Q'224Q'234Q'22
Net Income$29,543 $31,414 $31,249 $11,827 $23,927 $104,033 $106,507 
Total noninterest income17,338 17,793 21,576 22,445 17,651 79,152 66,091 
Securities losses (gains), net2,437 387 176 (107)(18)2,893 1,096 
BOLI benefits on death (included in other income)— — — (2,117)— (2,117)— 
Total Adjustments to Noninterest Income2,437 387 176 (2,224)(18)776 1,096 
Total Adjusted Noninterest Income19,775 18,180 21,752 20,221 17,633 79,928 67,187 
Total noninterest expense86,367 93,915 107,865 107,475 91,510 395,622 267,934 
Total merger related charges— — (15,648)(17,532)(16,140)(33,180)(27,925)
Amortization of intangibles(6,888)(7,457)(7,654)(6,727)(4,763)(28,726)(9,101)
Branch reductions and other expense initiatives— (3,305)(571)(1,291)(176)(5,167)(1,210)
Total Adjustments to Noninterest Expense(6,888)(10,762)(23,873)(25,550)(21,079)(67,073)(38,236)
Total Adjusted Noninterest Expense79,479 83,153 83,992 81,925 70,431 328,549 229,698 
Income Taxes8,257 9,076 10,189 2,697 7,794 30,219 31,629 
Tax effect of adjustments 2,363 2,826 6,095 5,912 5,062 17,196 9,693 
Adjusted Income Taxes10,620 11,902 16,284 8,609 12,856 47,415 41,322 
Adjusted Net Income$36,505 $39,737 $49,203 $29,241 $39,926 $154,686 $136,146 
Earnings per diluted share, as reported$0.35 $0.37 $0.37 $0.15 $0.34 $1.23 $1.66 
Adjusted Earnings per Diluted Share 0.43 0.46 0.58 0.36 0.56 1.83 2.12 
Average diluted shares outstanding 85,336 85,666 85,536 80,717 71,374 84,329 64,264 
Adjusted Noninterest Expense$79,479 $83,153 $83,992 $81,925 $70,431 $328,549 $229,698 
Provision for credit losses on unfunded commitments— — — (1,239)— (1,239)(1,157)
Foreclosed property expense and net (loss) gain on sale (573)(274)57 (195)411 (985)1,534 
Net Adjusted Noninterest Expense$78,906 $82,879 $84,049 $80,491 $70,842 $326,325 $230,075 
Revenue$128,157 $137,099 $148,539 $153,597 $137,360 $567,392 $432,253 
Total Adjustments to Revenue2,437 387 176 (2,224)(18)776 1,096 
Impact of FTE adjustment216 199 190 199 149 803 498 
Adjusted Revenue on a fully taxable equivalent basis$130,810 $137,685 $148,905 $151,572 $137,491 $568,971 $433,847 
Adjusted Efficiency Ratio60.32 %60.19 %56.44 %53.10 %51.52 %57.35 %53.03 %
Net Interest Income$110,819 $119,306 $126,963 $131,152 $119,709 $488,240 $366,162 
Impact of FTE adjustment216 199 190 199 149 803 498 
Net Interest Income including FTE adjustment$111,035 $119,505 $127,153 $131,351 $119,858 $489,043 $366,660 
Total noninterest income17,338 17,793 21,576 22,445 17,651 79,152 66,091 
Total noninterest expense86,367 93,915 107,865 107,475 91,510 395,622 267,934 
Pre-Tax Pre-Provision Earnings$42,006 $43,383 $40,864 $46,321 $45,999 $172,573 $164,817 
Total Adjustments to Noninterest Income2,437 387 176 (2,224)(18)776 1,096 
Total Adjustments to Noninterest Expense(7,461)(11,036)(23,816)(26,984)(20,668)(69,297)(37,859)
Adjusted Pre-Tax Pre-Provision Earnings$51,904 $54,806 $64,856 $71,081 $66,649 $242,646 $203,772 
Average Assets$14,738,034 $14,906,003 $14,887,289 $13,947,976 $12,139,856 $14,622,774 $11,051,428 
Less average goodwill and intangible assets(832,029)(839,787)(842,988)(750,694)(521,412)(816,662)(360,217)
Average Tangible Assets$13,906,005 $14,066,216 $14,044,301 $13,197,282 $11,618,444 $13,806,112 $10,691,211 


GAAP TO NON-GAAP RECONCILIATION(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarterly TrendsTwelve Months Ended
(Amounts in thousands, except per share data)4Q'233Q'232Q'231Q'234Q'224Q'234Q'22
Return on Average Assets (ROA)0.80 %0.84 %0.84 %0.34 %0.78 %0.71 %0.96 %
Impact of removing average intangible assets and related amortization 0.19 0.20 0.22 0.18 0.16 0.20 0.10 
Return on Average Tangible Assets (ROTA)0.99 1.04 1.06 0.52 0.94 0.91 1.06 
Impact of other adjustments for Adjusted Net Income 0.05 0.08 0.35 0.38 0.42 0.21 0.21 
Adjusted Return on Average Tangible Assets1.04 1.12 1.41 0.90 1.36 1.12 1.27 
Pre-Tax Pre-Provision return on Average Tangible Assets1.35 %1.38 %1.33 %1.58 %1.69 %1.41 %1.61 %
Impact of adjustments on Pre-Tax Pre-Provision earnings0.13 0.17 0.52 0.60 0.59 0.35 0.30 
Adjusted Pre-Tax Pre-Provision Return on Tangible Assets1.48 1.55 1.85 2.18 2.28 1.76 1.91 
Average Shareholders' Equity$2,058,912 $2,072,747 $2,070,529 $1,897,045 $1,573,704 $2,025,382 $1,418,855 
Less average goodwill and intangible assets(832,029)(839,787)(842,988)(750,694)(521,412)(816,662)(360,217)
Average Tangible Equity$1,226,883 $1,232,960 $1,227,541 $1,146,351 $1,052,292 $1,208,720 $1,058,638 
Return on Average Shareholders' Equity 5.69 %6.01 %6.05 %2.53 %6.03 %5.14 %7.51 %
Impact of removing average intangible assets and related amortization 5.53 5.89 6.03 3.43 4.33 5.24 3.19 
Return on Average Tangible Common Equity (ROTCE)11.22 11.90 12.08 5.96 10.36 10.38 10.70 
Impact of other adjustments for Adjusted Net Income 0.58 0.89 4.00 4.38 4.69 2.42 2.16 
Adjusted Return on Average Tangible Common Equity 11.80 12.79 16.08 10.34 15.05 12.80 12.86 
Loan interest income1
$148,004 $150,048 $148,432 $135,341 $105,437 $581,825 $316,073 
Accretion on acquired loans(11,324)(14,843)(14,580)(15,942)(9,710)(56,689)(18,389)
Loan interest income excluding accretion on acquired loans$136,680 $135,205 $133,852 $119,399 $95,727 $525,136 $297,684 
Yield on loans1
5.85 5.93 5.89 5.86 5.29 5.88 4.62 
Impact of accretion on acquired loans (0.45)(0.59)(0.58)(0.69)(0.49)(0.57)(0.27)
Yield on loans excluding accretion on acquired loans5.40 %5.34 %5.31 %5.17 %4.80 %5.31 %4.35 %
Net Interest Income1
$111,035 $119,505 $127,153 $131,351 $119,858 $489,043 $366,660 
Accretion on acquired loans(11,324)(14,843)(14,580)(15,942)(9,710)(56,689)(18,389)
Net interest income excluding accretion on acquired loans$99,711 $104,662 $112,573 $115,409 $110,148 $432,354 $348,271 
Net Interest Margin3.36 3.57 3.86 4.31 4.36 3.77 3.69 
Impact of accretion on acquired loans (0.34)(0.44)(0.44)(0.53)(0.35)(0.44)(0.18)
Net interest margin excluding accretion on acquired loans3.02 %3.13 %3.42 %3.78 %4.01 %3.33 %3.51 %
Security interest income1
$21,451 $21,520 $21,018 $19,375 $18,694 $83,364 $57,301 
Tax equivalent adjustment on securities(13)(22)(23)(26)(34)(83)(142)
Security interest income excluding tax equivalent adjustment$21,438 $21,498 $20,995 $19,349 $18,660 $83,281 $57,159 
Loan interest income1
$148,004 $150,048 $148,432 $135,341 $105,437 $581,825 $316,073 
Tax equivalent adjustment on loans(203)(177)(167)(173)(115)(720)(356)
Loan interest income excluding tax equivalent adjustment$147,801 $149,871 $148,265 $135,168 $105,322 $581,105 $315,717 


GAAP TO NON-GAAP RECONCILIATION(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarterly TrendsTwelve Months Ended
(Amounts in thousands, except per share data)4Q'233Q'232Q'231Q'234Q'224Q'234Q'22
Net Interest Income1
$111,035 $119,505 $127,153 $131,351 $119,858 $489,043 $366,660 
Tax equivalent adjustment on securities(13)(22)(23)(26)(34)(83)(142)
Tax equivalent adjustment on loans(203)(177)(167)(173)(115)(720)(356)
Net interest income excluding tax equivalent adjustment$110,819 $119,306 $126,963 $131,152 $119,709 $488,240 $366,162 
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.

 
EARNINGS PRESENTATION FOURTH QUARTER AND FULL YEAR 2023 2023

 
2FOURTH QUARTER 2023 EARNINGS PRESENTATION This presentation contains “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in the Company’s markets, and improvements to reported earnings that may be realized from cost controls, tax law changes, new initiatives and for integration of banks that the Company has acquired, 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 highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes, including those that impact the money supply and inflation; 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 continued elevated interest rates on macroeconomic conditions, customer and client behavior, as well as potential reductions in benchmark interest rates and the resulting impacts on 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 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; the effects of problems encountered by other financial institutions that adversely affect Seacoast or the banking industry, including bank failures; 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; fraud or misconduct by internal or external actors, which Seacoast may not be able to prevent, detect or mitigate; inability of Seacoast’s risk management framework to manage risks associated with the Company’s business; dependence on key suppliers or vendors to obtain equipment or services for the business on acceptable terms, including the impact of supply chain disruptions; reduction in or the termination of Seacoast’s ability to use the online- or mobile-based platform that is critical to the Company’s business growth strategy; the effects of war or other conflicts, including the impacts related to or resulting from Russia’s military action in Ukraine and the escalating conflicts in the Middle East, acts of terrorism, natural disasters, including hurricanes in the Company’s footprint, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions; unexpected outcomes of and the costs associated with, existing or new litigation involving the Company; Seacoast’s ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions; the risks that deferred tax assets could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated and sales of capital stock could trigger a reduction in the amount of net operating loss carryforwards that the Company may be able to utilize for income tax purposes; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in the Company’s market areas and elsewhere, including institutions operating regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; the failure of assumptions underlying the establishment of reserves for possible credit losses; risks related to environmental, social and governance (“ESG”) matters, the scope and pace of which could alter Seacoast’s reputation and shareholder, associate, customer and third- party affiliations; 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 debt ceiling and the federal budget; the risk that the regulatory environment may not be conducive to or may prohibit 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 and other factors and risks described under “Risk Factors” herein and in any of the Company's subsequent reports filed with the SEC and available on its website at www.sec.gov All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in the Company’s annual report on Form 10-K for the year ended December 31, 2022 and quarterly reports on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023 under "Special Cautionary Notice Regarding Forward-Looking Statements" and "Risk Factors", and otherwise in the Company’s SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at www.sec.gov. Cautionary Notice Regarding Forward-Looking Statements

 
3FOURTH QUARTER 2023 EARNINGS PRESENTATION • $14.6 billion in assets as of December 31, 2023, operating in the nation’s fastest growing and third most populated state • Strong presence in Florida’s most attractive markets, increasing to #15 Florida market share in 2023 from #18 in 2022 • #1 Florida-based bank in Orlando MSA • #1 Florida-based bank in Palm Beach county • #1 market share in Port St. Lucie MSA • A top three publicly traded community bank headquartered in Florida • Market Cap: $2.4 billion as of December 31, 2023 • Serving over 275,000 customers throughout Florida, with a wide variety of customer segments and industries • Strong capital position, supporting further organic growth and opportunistic acquisitions • Unique customer analytics capabilities, driving value creation with new, acquired, and existing customers Valuable Florida Franchise with Strong Capital and Liquidity

 
4FOURTH QUARTER 2023 EARNINGS PRESENTATION • Net income of $29.5 million, or $0.35 per diluted share; adjusted net income1 of $36.5 million, or $0.43 per diluted share. • Adjusted pre-tax pre-provision return on tangible assets1 of 1.48%, adjusted return on tangible common equity1 of 11.80%, and an efficiency ratio of 60.32%. • Strategic expense management resulting in an 8% reduction in noninterest expense. Further expense reductions are planned for the first quarter of 2024. • Another record-breaking year in wealth management, with assets under management increasing 23% year-over-year to $1.7 billion. • Tangible book value per share increased to $15.08, up 23% annualized. • Continued strong capital, with a Tier 1 capital ratio of 14.6%, and the ratio of tangible common equity to tangible assets increasing to 9.31%. • Executed opportunistic securities sale with a 1.3 year earnback, replacing securities yielding 3.1% with new purchases yielding 6.1%. • Early in the quarter, we took advantage of market conditions and repurchased 546,200 shares of our common stock at a weighted average price of $19.80. Fourth Quarter 2023 Highlights Comparisons are to the third quarter of 2023 unless otherwise stated 1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP.

 
5FOURTH QUARTER 2023 EARNINGS PRESENTATION Net Interest Income ($ in th ou sa nd s) $119,858 $131,351 $127,153 $119,505 $111,035 4.36% 4.31% 3.86% 3.57% 3.36% 4.01% 3.78% 3.42% 3.13% 3.02% Net Interest Income Net Interest Margin NIM, excluding accretion on acquired loans 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 • Net interest income1 totaled $111.0 million, a decrease of $8.5 million, or 7%, from the prior quarter. The decrease was driven by higher deposit costs and by changes in product mix. • Net interest margin contracted 21 basis points to 3.36% and, excluding the effect of accretion on acquired loans, net interest margin contracted 11 basis points to 3.02%. • Securities yields increased 10 basis points to 3.42%. • Loan yields contracted eight basis points from the prior quarter to 5.85%. Excluding the effect of accretion on acquired loans, yields increased to 5.40%, benefiting from higher rates on new production. • The cost of deposits increased 21 basis points to 2.00%, primarily the result of higher short term interest rates, and an increasingly competitive deposit market. 1Calculated on a fully taxable equivalent basis using amortized cost. $3.5 million lower accretion on acquired loans quarter-over- quarter

 
6FOURTH QUARTER 2023 EARNINGS PRESENTATION Noninterest income declined $0.5 million from the prior quarter to $17.3 million, and adjusted noninterest income1 increased $1.6 million to $19.8 million. Changes include: Service charges on deposits increased $0.2 million from the prior quarter and increased $0.8 million from the prior year quarter, benefiting from a continued focus on driving higher treasury fees and expansion of products and services to commercial customers. Interchange income increased $0.7 million from the prior quarter and declined $2.2 million from the prior year quarter. The increase in the fourth quarter was due to an annual volume-based incentive earned from the payment network provider. The Durbin amendment, which limits network interchange fees earned on debit card transactions, became effective for Seacoast on July 1, 2023. SBA gains increased $0.3 million from the prior quarter and increased $0.8 million from the prior year quarter. Other income increased $0.4 million from the prior quarter and increased $1.4 million from the prior year quarter driven by loan swap fees. Recognized $2.9 million in losses in the fourth quarter of 2023 on the sale of approximately $82.9 million, or 3%, of the bank’s investment securities portfolio. The proceeds were reinvested into longer-duration, higher-yielding securities, with an expected earnback on the transaction of approximately 1.3 years. Offsetting realized losses on sales of securities during the fourth quarter of 2023 was a $0.5 million increase in the value of investments in mutual funds holding CRA-qualified debt securities. 1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. Noninterest Income $17,633 $18,180 $19,775 $(2,437) Adjusted noninterest income Securities (losses) gains, net 4Q'22 3Q'23 4Q'23 $18 $(387) (In Thousands) 1 (In Thousands) 4Q'22 3Q'23 4Q'23 Total noninterest income $ 17,651 $ 17,793 $ 17,338 Securities losses (gains), net (18) 387 2,437 Total adjusted noninterest income $ 17,633 $ 18,180 $ 19,775

 
7FOURTH QUARTER 2023 EARNINGS PRESENTATION Assets Under Management ($ in millions) $653 $870 $1,239 $1,387 $1,711 2019 2020 2021 2022 2023 27% CAGR Continued Focus on Building Wealth Management Assets under management totaled $1.7 billion at December 31, 2023, increasing 23% from December 31, 2022. This is a result of the wealth management team’s continuing success at winning business with commercial relationships and high net worth families across the footprint. In the past five years, assets under management have increased at a compound annual growth rate (“CAGR”) of 27%.

 
8FOURTH QUARTER 2023 EARNINGS PRESENTATION Noninterest expense totaled $86.4 million, a decrease of $7.5 million, or 8.0%, from the prior quarter due to: Salaries and wages decreased $8.0 million to $38.4 million. The third quarter of 2023 included $3.2 million in severance-related expenses arising from the Company’s reduction in workforce. Of the remaining $4.8 million decrease, $1.7 million reflects the full quarter impact of the workforce reduction on salaries expense, and $2.8 million is attributed to higher loan production resulting in higher deferral of salary-related costs. Marketing increased $1.1 million to $3.0 million reflecting additional investments in branding and targeted campaigns. Legal and professional fees increased $0.6 million to $3.3 million in the fourth quarter of 2023, primarily the result of one-time legal fees associated with a closed matter. FDIC assessments increased $0.6 million to $2.8 million, with the full year expense reflecting the year-over-year growth in the Company’s asset size. Foreclosed property expense increased $0.3 million to $0.6 million in the fourth quarter of 2023 due to the writedowns of properties previously used in bank operations. Other noninterest expense decreased $0.7 million to $6.5 million, benefiting from ongoing expense discipline. Looking ahead to the first quarter of 2024, we will execute the second phase of our expense initiative, anticipating one-time charges of approximately $5 million and a reduction in annual expenses of approximately $15 million. Noninterest Expense $91,510 $93,915 $86,367 63.4% 62.6% 60.3% Noninterest expense Efficiency ratio 4Q'22 3Q'23 4Q'23 (In Thousands)

 
9FOURTH QUARTER 2023 EARNINGS PRESENTATION $8,145 $10,134 $10,118 $10,011 $10,063 5.29% 5.86% 5.89% 5.93% 5.85% 4.80% 5.17% 5.31% 5.34% 5.40% Yield Excluding Accretion on Acquired Loans Reported Yield Total Loans 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 Total Loans End-of-Period ($ in millions) Disciplined Approach to Lending in a Strong Florida Economy Loans outstanding increased by $51.8 million, or 2% annualized, as the Company maintains a disciplined approach to lending. Loan yields contracted eight basis points from the prior quarter to 5.85% due to lower accretion on lower payoff activity during the quarter. Excluding the effect of accretion on acquired loans, yields increased six basis points to 5.40%, with increases from higher rates on new production. New loan add on yields were approximately 8%.

 
10FOURTH QUARTER 2023 EARNINGS PRESENTATION At December 31, 2023 Loan Portfolio Mix Segment Balance ($ in thousands) % of Balance Construction & Land Development 767,622 7.6 % Owner Occupied Commercial Real Estate 1,670,281 16.6 % Non-Owner Occupied Commercial Real Estate 3,319,890 33.0 % Residential 2,445,692 24.3 % Commercial & Financial 1,607,888 16.0 % Consumer 251,567 2.5 % Total Loans $ 10,062,940 100.0 % Seacoast's lending strategy sustains a diverse and granular loan portfolio. Seacoast’s average loan size is $326 thousand and the average commercial loan size is $744 thousand. Portfolio diversification in terms of asset mix, industry, and loan type, has been a critical element of the Company’s lending strategy. Exposures across industries and collateral types are broadly distributed. Construction and land development and commercial real estate loans, as defined in regulatory guidance, represent 45% and 228%, respectively, of total consolidated risk based capital. CRE-Retail, 10.8% CRE-Office, 5.7% CRE-Multifamily 5+, 3.5% CRE-Hotel/Motel, 3.9% CRE-Industrial/Warehouse, 3.6% CRE-Other, 5.5% OOCRE-Office, 4.9% OOCRE-Other, 11.7% Construction & Land Development, 7.6% Commercial & Financial, 16.0% Residential, 24.3% Consumer, 2.5%

 
11FOURTH QUARTER 2023 EARNINGS PRESENTATION Allowance for Credit Losses and Purchase Discount ($ in thousands) Loans Outstanding Allowance for Credit Losses % of Category Purchase Discount % of Category Construction and Land Development $ 767,622 $ 8,637 1.13 % $ 8,268 1.08 % Owner Occupied Commercial Real Estate 1,670,281 5,529 0.33 25,194 1.51 Commercial Real Estate 3,319,890 48,288 1.45 80,629 2.43 Residential Real Estate 2,445,692 39,016 1.60 35,611 1.46 Commercial & Financial 1,607,888 34,343 2.14 20,717 1.29 Consumer 251,567 13,118 5.21 3,606 1.43 Total $ 10,062,940 $ 148,931 1.48 % $ 174,025 1.73 % The total allowance for credit losses of $148.9 million as of December 31, 2023, represents management’s estimate of lifetime expected credit losses. Combined with the $174.0 million remaining unrecognized discount on acquired loans, a total of $323.0 million, or 3.2%, of total loans is available to cover potential losses. As acquired loans are repaid, the unrecognized discount is earned as an adjustment to yield over the life of the loans. Additionally, a reserve for potential credit losses on lending-related commitments of $4.7 million is reflected within Other Liabilities.

 
12FOURTH QUARTER 2023 EARNINGS PRESENTATION Net Charge-Offs $4,720 NCO NCO/Average Loans 4Q’22 1Q’23 2Q’23 3Q’23 4Q’23 ($ in thousands) Nonperforming Loans and Past Dues $28,843 $50,787 $48,326 $41,508 $65,104 0.35% 0.50% 0.48% 0.41% 0.65% 0.11% 0.17% 0.25% 0.33% 0.30% NPL NPL/Total Loans Accruing Past Due / Total Loans 4Q’22 1Q’23 2Q’23 3Q’23 4Q’23 $113,895 $155,640 $159,715 $149,661 $148,931 1.40% 1.54% 1.58% 1.49% 1.48% ACL ACL/Total Loans 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 Allowance for Credit Losses Continued Strong Asset Quality - Quarterly Trends 0.03%0.04% $782 0.14% $3,188 $705 0.50% $12,748 0.19% $171,989 $243,672 $210,070 $201,483 $233,916 1.42% 1.60% 1.40% 1.36% 1.60% Criticized and Classified Loans Criticized and Classified Loans / Total Assets 4Q’22 1Q’23 2Q’23 3Q’23 4Q’23 Criticized and Classified Loans

 
13FOURTH QUARTER 2023 EARNINGS PRESENTATION Net Charge-Offs 0.16% 0.13% 0.05% 0.01% 0.22% NCO/Average Loans 2019 2020 2021 2022 2023 ($ in thousands) Nonperforming Loans and Past Dues 0.52% 0.63% 0.52% 0.65% 0.16% 0.18% 0.10% 0.30% NPL/Total Loans Accruing Past Due / Total Loans 2019 2020 2021 2022 2023 1.62% 1.41% 1.40% 1.48% ACL/Total Loans 2019 2020 2021 2022 2023 Allowance for Credit Losses Historical Asset Quality Trends 0.50% 1.50% 1.96% 1.69% 1.42% 1.60% Criticized and Classified Loans / Total Assets 2019 2020 2021 2022 2023 Criticized and Classified Loans 1.66% 0.68% 0.40% 0.35%

 
14FOURTH QUARTER 2023 EARNINGS PRESENTATION Investment Securities Performance and Composition Unrealized Loss in Securities as of December 31, 2023 (in thousands) Amortized Cost Fair Value Net Unrealized Loss Δ from 3Q’23 Total Available for Sale $ 2,049,302 $ 1,836,020 $ (213,282) $ 73,381 Total Held to Maturity 680,313 558,359 (121,954) 32,232 Total Securities $ 2,729,615 $ 2,394,379 $ (335,236) $ 105,613 ($ in m ill io ns ) $747 $738 $708 $691 $680 $1,872 $2,016 $1,916 $1,842 $1,836 2.77% 2.85% 3.13% 3.32% 3.42% HTM Securities AFS Securities Yield 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 Recognized $2.9 million in losses on sales of securities in the fourth quarter of 2023. Transaction benefits: • Sold approximately $82.9 million, or 3%, of the bank’s investment securities portfolio, reinvested in prepayment-protected securities • Weighted average book yield of securities sold was 3.14%, reinvested at an average book yield of 6.05% • Expected earnback of approximately 1.3 years • Benefit of higher yield extends past earnback period Portfolio yield increased 10 basis points to 3.42% from 3.32% in the prior quarter due to favorable repricing on variable rate bonds as well as benefits from the trade noted above. High quality portfolio consisting of 82% agency backed securities, with the remainder comprised primarily of highly-rated investment grade bonds. CLO portfolio is entirely AA/AAA rated. Net unrealized losses improved by $105.6 million, or 24%, during the fourth quarter of 2023 due to changes in market interest rates. Tangible Book Value Per Share $14.26 $0.61 $0.21 $15.08 9/30/23 Change in AOCI Other increases in equity 12/31/23

 
15FOURTH QUARTER 2023 EARNINGS PRESENTATION Deposits End-of-Period ($ in millions) 4.50% 5.00% 5.25% 5.50% 5.50% 0.21% 0.77% 1.38% 1.79% 2.00% Total Deposits Fed Funds Cost of Deposits 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 Distinctive Deposit Franchise Supported by Attractive Markets Quarter over quarter, attorney IOTA and title company balances declined by nearly $100 million due to lower real estate activity at year-end. This seasonal dynamic also occurred in the fourth quarter of last year. Noninterest demand deposits represent 30% of overall deposits. Transaction accounts represent 54% of overall deposit funding. Average deposits per banking center were $153 million. Brokered deposits decreased $186 million to $122 million at December 31, 2023. Brokered Deposits ($ in millions) $59 $416 $592 $308 $122 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 $186 lower brokered deposits, $100 lower IOTA/title company balances $9,982 $12,310 $12,283 $12,108 $11,777

 
16FOURTH QUARTER 2023 EARNINGS PRESENTATION Customer Funding1 End-of-Period ($ in millions) $10,150 $12,206 $11,982 $12,076 $12,029 Transaction Accounts Savings Money Market Other Time Deposits Customer Sweep Accounts 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 Granular, Diverse and Relationship-Focused Customer Funding Base Customer funding, which includes sweep repurchase agreements and excludes brokered deposits, declined modestly by $47 million. New customer acquisition results are strong, with a 13% increase in the number of new transaction accounts opened in the fourth quarter of 2023 compared to the prior year quarter. The Company benefits from a granular deposit franchise, with the top ten depositors representing approximately 4% of total deposits. Continued focus on organic growth and relationship-based funding, in combination with our innovative analytics platform, supports a well-diversified, low-cost deposit portfolio. Consumer deposits represent 40% of total deposits, with an average balance per account of $24 thousand. Business deposits represent 60% of total deposits, with an average balance per account of $109 thousand. The average tenure for a Seacoast customer is nearly 10 years. 63% 10% 20% 5% 59% 8% 24% 7% 58% 7% 24% 9% 56% 6% 26% 10% 11% 28% 5% 53% 2% 2% 2% 2% 3% 1Total deposits and customer sweep accounts, excluding brokered deposits.

 
17FOURTH QUARTER 2023 EARNINGS PRESENTATION $14.69 $14.25 $14.24 $14.26 $15.08 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 9.1% 8.4% 8.5% 8.7% 9.3% 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 15.8% 14.6% 14.7% 15.1% 15.9% 14.8% 13.4% 13.5% 14.0% 14.6% Total Risk Based Capital Tier 1 Ratio 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 10.4% 6.0% 12.1% 11.9% 11.2% 15.1% 10.3% 16.1% 12.8% 11.8% GAAP - ROTCE Adjusted - ROTCE 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. 2FDICIA defines well capitalized as 10.0% for total risk based capital and 8.0% for Tier 1 ratio at a total Bank level. Tangible Book Value Per Share Tangible Common Equity / Tangible Assets Total Risk Based and Tier 1 CapitalReturn on Tangible Common Equity 1 10.0%2 8.0%2 Robust Capital Position Supporting a Fortress Balance Sheet

 
Tracey L. Dexter Chief Financial Officer Tracey.Dexter@SeacoastBank.com (772) 403-0461 Michael Young Treasurer & Director of Investor Relations Michael.Young@SeacoastBank.com (772) 403-0451 INVESTOR RELATIONS NASDAQ: SBCF

 
19FOURTH QUARTER 2023 EARNINGS PRESENTATION Appendix

 
20FOURTH QUARTER 2023 EARNINGS PRESENTATION Quarterly Trend Twelve Months Ended (Amounts in thousands) 4Q'23 3Q'23 2Q'23 1Q'23 4Q'22 4Q'23 4Q'22 Commercial pipeline at period end $ 306,531 $ 259,445 $ 198,984 $ 289,162 $ 389,697 $ 306,531 $ 389,697 Commercial loan originations 334,229 94,021 307,430 320,209 482,236 1,055,889 1,637,402 SBA pipeline at period end 20,600 41,353 18,590 8,218 5,955 20,600 5,955 SBA originations 25,034 12,476 9,948 1,456 7,369 48,914 27,482 Residential pipeline-saleable at period end 2,657 6,820 11,492 6,614 4,207 2,657 4,207 Residential loans-sold 15,614 17,625 19,078 13,935 10,652 66,252 120,921 Residential pipeline-portfolio at period end 44,422 20,945 27,110 48,371 17,149 44,422 17,149 Residential loans-retained 41,186 43,962 85,294 90,058 74,272 260,500 421,997 Consumer pipeline at period end 18,745 24,482 28,446 38,742 36,585 18,745 36,585 Consumer originations 61,847 76,531 97,184 110,602 88,746 346,164 431,633 Total Pipelines at Period End $ 392,955 $ 353,045 $ 284,622 $ 391,107 $ 453,593 $ 392,955 $ 453,593 Total Originations $ 477,910 $ 244,615 $ 518,934 $ 536,260 $ 663,275 $ 1,777,719 $ 2,639,435 Loan Production and Pipeline Trend

 
21FOURTH QUARTER 2023 EARNINGS PRESENTATION Non-owner Occupied Commercial Real Estate CRE Non-Owner Occupied ($ in ‘000s) Balance Balance % of Total Loans Average Loan Size 30+ Days Past- Accruing Non Accrual Weighted LTV Retail $ 1,091,605 10.8 % $ 2,059 $ — $ — 51 % Office 576,840 5.7 1,638 11,510 334 55 Multifamily 5+ 353,184 3.5 1,799 — — 55 Hotel/Motel 389,180 3.9 3,819 — 1,012 51 Industrial/Warehouse 357,947 3.6 1,767 — 861 54 Other 551,134 5.5 1,447 752 6,528 51 Total $ 3,319,890 33.0 % $ 1,917 $ 12,262 $ 8,735 53 % Retail Segment: Targets grocery or credit tenant anchored shopping plazas, single credit tenant retail buildings, smaller outparcels and other retail units. • 10.8% of total loans. • 51% weighted average loan-to-value, low leverage. • $2.0 million average loan size. • 16 loans over $10 million. Office Segment: Targets low to mid-rise suburban offices, broadly diversified across many professional services. • 5.7% of total loans. • 55% weighted average loan-to-value, low leverage. • $1.6 million average loan size. • Five loans over $10 million. • Two loans (2.0% of office exposure) past due 30-59 days at December 31, 2023.

 
22FOURTH QUARTER 2023 EARNINGS PRESENTATION Liquidity Sources vs Uninsured Deposits Cash and Borrowing Capacity vs. Uninsured Deposits ($ in millions) $5,937 $3,375 $447 $2,576 $215 $1,717 $300 $682 Borrowing Capacity + Cash Uninsured and Uncollateralized Deposits Total Cash & Borrowing Capacity = $5.9 Billion Uninsured and Uncollateralized Deposits = $3.4 Billion Uninsured and uncollateralized deposits represent 29% of total deposits. Total liquidity sources of $5.9 billion compared to uninsured and uncollateralized deposits of $3.4 billion, representing a 176% coverage ratio. Uninsured deposits represent 35% of overall deposit accounts. This includes public funds, which are protected from loss beyond FDIC insurance limits. Unpledged Securities Lines of Credit Discount Window Cash BTFP FHLB

 
23FOURTH QUARTER 2023 EARNINGS PRESENTATION Recognition In October 2023, Seacoast was recognized among Fortune’s Best Workplaces for Women for 2023. Seacoast sets a leading example by fostering inclusivity, empowering women, and creating a workplace where every individual can reach their full potential. In the fourth quarter, Seacoast was named Best Place to Work in Greater Gainesville for 2023 in its inaugural year. Seacoast earned recognition from American Banker as one of 2023’s Best Banks to Work For and has received this honor for the fourth consecutive year. Seacoast has been Certified™ by Great Place To Work® for 2023. As the global authority on workplace culture, Great Place To Work® brings 30 years of groundbreaking research and data to recognize workplaces that create the conditions for an overwhelmingly positive employee experience. Seacoast earned recognition from the South Florida Business Journal and the Orlando Business Journal as one of 2023’s Best Places to Work and has received similar honors the past two years from American Banker.

 
24FOURTH QUARTER 2023 EARNINGS PRESENTATION This presentation contains financial information determined by methods other than Generally Accepted Accounting Principles (“GAAP”). The financial highlights provide reconciliations between GAAP and adjusted financial measures including net income, noninterest income, noninterest expense, tax adjustments and other financial ratios. Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance. The Company believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance and if not provided would be requested by the investor community. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might define or calculate these measures differently. The Company provides reconciliations between GAAP and these non-GAAP measures. These disclosures should not be considered an alternative to GAAP. Explanation of Certain Unaudited Non-GAAP Financial Measures

 
25FOURTH QUARTER 2023 EARNINGS PRESENTATION Quarterly Trend Twelve Months Ended (Amounts in thousands except per share data) 4Q'23 3Q'23 2Q'23 1Q'23 4Q'22 4Q'23 4Q'22 Net Income $ 29,543 $ 31,414 $ 31,249 $ 11,827 $ 23,927 $ 104,033 $ 106,507 Total noninterest income 17,338 17,793 21,576 22,445 17,651 79,152 66,091 Securities losses/(gains), net 2,437 387 176 (107) (18) 2,893 1,096 BOLI benefits on death (included in other income) — — — (2,117) — (2,117) — Total Adjustments to Noninterest Income 2,437 387 176 (2,224) (18) 776 1,096 Total Adjusted Noninterest Income 19,775 18,180 21,752 20,221 17,633 79,928 67,187 Total noninterest expense 86,367 93,915 107,865 107,475 91,510 395,622 267,934 Total merger-related charges — — (15,648) (17,532) (16,140) (33,180) (27,925) Amortization of intangibles (6,888) (7,457) (7,654) (6,727) (4,763) (28,726) (9,101) Branch reductions and other expense initiatives — (3,305) (571) (1,291) (176) (5,167) (1,210) Total Adjustments to Noninterest Expense (6,888) (10,762) (23,873) (25,550) (21,079) (67,073) (38,236) Total Adjusted Noninterest Expense 79,479 83,153 83,992 81,925 70,431 328,549 229,698 Income Taxes 8,257 9,076 10,189 2,697 7,794 30,219 31,629 Tax effect of adjustments 2,363 2,826 6,095 5,912 5,062 17,196 9,693 Adjusted Income Taxes 10,620 11,902 16,284 8,609 12,856 47,415 41,322 Adjusted Net Income $ 36,505 $ 39,737 $ 49,203 $ 29,241 $ 39,926 $ 154,686 $ 136,146 Earnings per diluted share, as reported $ 0.35 $ 0.37 $ 0.37 $ 0.15 $ 0.34 $ 1.23 $ 1.66 Adjusted Earnings per Diluted Share 0.43 0.46 0.58 0.36 0.56 1.83 2.12 Average diluted shares outstanding 85,336 85,666 85,536 80,717 71,374 84,329 64,264 GAAP to Non-GAAP Reconciliation

 
26FOURTH QUARTER 2023 EARNINGS PRESENTATION Quarterly Trend Twelve Months Ended (Amounts in thousands except per share data) 4Q'23 3Q'23 2Q'23 1Q'23 4Q'22 4Q'23 4Q'22 Adjusted Noninterest Expense $ 79,479 $ 83,153 $ 83,992 $ 81,925 $ 70,431 $ 328,549 $ 229,698 Provision for unfunded commitments — — — (1,239) — (1,239) (1,157) Foreclosed property expense and net (loss) gain on sale (573) (274) 57 (195) 411 (985) 1,534 Net Adjusted Noninterest Expense $ 78,906 $ 82,879 $ 84,049 $ 80,491 $ 70,842 $ 326,325 $ 230,075 Revenue $ 128,157 $ 137,099 $ 148,539 $ 153,597 $ 137,360 $ 567,392 $ 432,253 Total Adjustments to Revenue 2,437 387 176 (2,224) (18) 776 1,096 Impact of FTE adjustment 216 199 190 199 149 803 498 Adjusted Revenue on a Fully Taxable Equivalent Basis $ 130,810 $ 137,685 $ 148,905 $ 151,572 $ 137,491 $ 568,971 $ 433,847 Adjusted Efficiency Ratio 60.32 % 60.19 % 56.44 % 53.10 % 51.52 % 57.35 % 53.03 % Net Interest Income $ 110,819 $ 119,306 $ 126,963 $ 131,152 $ 119,709 $ 488,240 $ 366,162 Impact of FTE adjustment 216 199 190 199 149 803 498 Net Interest Income Including FTE adjustment $ 111,035 $ 119,505 $ 127,153 $ 131,351 $ 119,858 $ 489,043 $ 366,660 Total noninterest income 17,338 17,793 21,576 22,445 17,651 79,152 66,091 Total noninterest expense 86,367 93,915 107,865 107,475 91,510 395,622 267,934 Pre-Tax Pre-Provision Earnings $ 42,006 $ 43,383 $ 40,864 $ 46,321 $ 45,999 $ 172,573 $ 164,817 Total Adjustments to Noninterest Income 2,437 387 176 (2,224) (18) 776 1,096 Total Adjustments to Noninterest Expense (7,461) (11,036) (23,816) (26,984) (20,668) (69,297) (37,859) Adjusted Pre-Tax Pre-Provision Earnings $ 51,904 $ 54,806 $ 64,856 $ 71,081 $ 66,649 $ 242,646 $ 203,772 Average Assets $ 14,738,034 $ 14,906,003 $ 14,887,289 $ 13,947,976 $ 12,139,856 $ 14,622,774 $ 11,051,428 Less average goodwill and intangible assets (832,029) (839,787) (842,988) (750,694) (521,412) (816,662) (360,217) Average Tangible Assets $ 13,906,005 $ 14,066,216 $ 14,044,301 $ 13,197,282 $ 11,618,444 $ 13,806,112 $ 10,691,211 GAAP to Non-GAAP Reconciliation

 
27FOURTH QUARTER 2023 EARNINGS PRESENTATION Quarterly Trend Twelve Months Ended (Amounts in thousands except per share data) 4Q'23 3Q'23 2Q'23 1Q'23 4Q'22 4Q'23 4Q'22 Return on Average Assets (ROA) 0.80 % 0.84 % 0.84 % 0.34 % 0.78 % 0.71 % 0.96 % Impact of removing average intangible assets and related amortization 0.19 0.20 0.22 0.18 0.16 0.20 0.10 Return on Average Tangible Assets (ROTA) 0.99 1.04 1.06 0.52 0.94 0.91 1.06 Impact of other adjustments for Adjusted Net Income 0.05 0.08 0.35 0.38 0.42 0.21 0.21 Adjusted Return on Average Tangible Assets 1.04 1.12 1.41 0.90 1.36 1.12 1.27 Pre-Tax Pre-Provision return on Average Tangible Assets 1.35 % 1.38 % 1.33 % 1.58 % 1.69 % 1.41 % 1.61 % Impact of adjustments on Pre-Tax Pre-Provision earnings 0.13 0.17 0.52 0.60 0.59 0.35 0.30 Adjusted Pre-Tax Pre-Provision Return on Tangible Assets 1.48 1.55 1.85 2.18 2.28 1.76 1.91 Average Shareholders' Equity $ 2,058,912 $ 2,072,747 $ 2,070,529 $ 1,897,045 $ 1,573,704 $ 2,025,382 $ 1,418,855 Less average goodwill and intangible assets (832,029) (839,787) (842,988) (750,694) (521,412) (816,662) (360,217) Average Tangible Equity $ 1,226,883 $ 1,232,960 $ 1,227,541 $ 1,146,351 $ 1,052,292 $ 1,208,720 $ 1,058,638 Return on Average Shareholders' Equity 5.69 % 6.01 % 6.05 % 2.53 % 6.03 % 5.14 % 7.51 % Impact of removing average intangible assets and related amortization 5.53 5.89 6.03 3.43 4.33 5.24 3.19 Return on Average Tangible Common Equity (ROTCE) 11.22 11.90 12.08 5.96 10.36 10.38 10.70 Impact of other adjustments for Adjusted Net Income 0.58 0.89 4.00 4.38 4.69 2.42 2.16 Adjusted Return on Average Tangible Common Equity 11.80 12.79 16.08 10.34 15.05 12.80 12.86 Loan Interest Income1 $ 148,004 $ 150,048 $ 148,432 $ 135,341 $ 105,437 $ 581,825 $ 316,073 Accretion on acquired loans (11,324) (14,843) (14,580) (15,942) (9,710) (56,689) (18,389) Loan interest income excluding accretion on acquired loans $ 136,680 $ 135,205 $ 133,852 $ 119,399 $ 95,727 $ 525,136 $ 297,684 1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. GAAP to Non-GAAP Reconciliation

 
28FOURTH QUARTER 2023 EARNINGS PRESENTATION Quarterly Trend Twelve Months Ended (Amounts in thousands except per share data) 4Q'23 3Q'23 2Q'23 1Q'23 4Q'22 4Q'23 4Q'22 Yield on Loans1 5.85 5.93 5.89 5.86 5.29 5.88 4.62 Impact of accretion on acquired loans (0.45) (0.59) (0.58) (0.69) (0.49) (0.57) (0.27) Yield on loans excluding accretion on acquired loans 5.40 % 5.34 % 5.31 % 5.17 % 4.80 % 5.31 % 4.35 % Net Interest income1 $ 111,035 $ 119,505 $ 127,153 $ 131,351 $ 119,858 $ 489,043 $ 366,660 Accretion on acquired loans (11,324) (14,843) (14,580) (15,942) (9,710) (56,689) (18,389) Net interest income excluding accretion on acquired loans $ 99,711 $ 104,662 $ 112,573 $ 115,409 $ 110,148 $ 432,354 $ 348,271 Net Interest Margin1 3.36 3.57 3.86 4.31 4.36 3.77 3.69 Impact of accretion on acquired loans (0.34) (0.44) (0.44) (0.53) (0.35) (0.44) (0.18) Net interest margin excluding accretion on acquired loans 3.02 % 3.13 % 3.42 % 3.78 % 4.01 % 3.33 % 3.51 % Security Interest Income1 $ 21,451 $ 21,520 $ 21,018 $ 19,375 $ 18,694 $ 83,364 $ 57,301 Tax equivalent adjustment on securities (13) (22) (23) (26) (34) (83) (142) Security interest income excluding tax equivalent adjustment $ 21,438 $ 21,498 $ 20,995 $ 19,349 $ 18,660 $ 83,281 $ 57,159 Loan Interest Income1 $ 148,004 $ 150,048 $ 148,432 $ 135,341 $ 105,437 $ 581,825 $ 316,073 Tax equivalent adjustment on loans (203) (177) (167) (173) (115) (720) (356) Loan interest income excluding tax equivalent adjustment $ 147,801 $ 149,871 $ 148,265 $ 135,168 $ 105,322 $ 581,105 $ 315,717 Net Interest Income1 $ 111,035 $ 119,505 $ 127,153 $ 131,351 $ 119,858 $ 489,043 $ 366,660 Tax equivalent adjustment on securities (13) (22) (23) (26) (34) (83) (142) Tax equivalent adjustment on loans (203) (177) (167) (173) (115) (720) (356) Net interest income excluding tax equivalent adjustment $ 110,819 $ 119,306 $ 126,963 $ 131,152 $ 119,709 $ 488,240 $ 366,162 1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. GAAP to Non-GAAP Reconciliation

 
v3.23.4
Cover Page
Jan. 25, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 25, 2024
Entity Registrant Name SEACOAST BANKING CORPORATION OF FLORIDA
Entity Incorporation, State or Country Code FL
Entity File Number 000-13660
Entity Tax Identification Number 59-2260678
Entity Address, Address Line One 815 COLORADO AVENUE,
Entity Address, City or Town STUART
Entity Address, State or Province FL
Entity Address, Postal Zip Code 34994
City Area Code 772
Local Phone Number 287-4000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.10 par value
Trading Symbol SBCF
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0000730708
Amendment Flag false
Seacoast Banking Corpora... (NASDAQ:SBCF)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Seacoast Banking Corpora... Charts.
Seacoast Banking Corpora... (NASDAQ:SBCF)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Seacoast Banking Corpora... Charts.