EX-99.1 2 a2q2025earningsrelease.htm EX-99.1
SEACOAST REPORTS SECOND QUARTER 2025 RESULTS
Net Interest Margin Expands 10 Basis Points to 3.58% and Net Interest Income Grows 7%
Annualized Loan Growth of 6% with Continuing Strong Pipeline
Gains in Return on Average Assets, Return on Tangible Common Equity and Efficiency Ratio
STUART, Fla., July 24, 2025 /BUSINESS WIRE/ -- Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported net income in the second quarter of 2025 of $42.7 million, or $0.50 per diluted share, compared to $31.5 million, or $0.37 per diluted share, in the first quarter of 2025 and $30.2 million, or $0.36 per diluted share, in the second quarter of 2024. For the six months ended June 30, 2025 and 2024, net income was $74.2 million, or $0.87 per diluted share, and $56.3 million, or $0.66 per diluted share, respectively.
Adjusted net income 1 for the second quarter of 2025 was $44.5 million, or $0.52 per diluted share, compared to $32.1 million, or $0.38 per diluted share, in the first quarter of 2025 and $30.3 million, or $0.36 per diluted share, in the second quarter of 2024. For the six months ended June 30, 2025 and 2024, adjusted net income 1 was $76.6 million, or $0.90 per diluted share, and $61.4 million, or $0.72 per diluted share, respectively.
Pre-tax pre-provision earnings 1 were $60.2 million in the second quarter of 2025, an increase of $9.6 million, or 19%, compared to the first quar ter of 2025 and an increase of $15.7 million, or 35%, compared to the second quarter of 2024. For the six months ended June 30, 2025 and 2024, pre-tax pre-provision earnings 1 were $110.8 million and $80.2 million, respectively. Adjusted pre-tax pre-provision earnings 1 were $62.6 million in the second quarter of 2025, an increase of $10.9 million, or 21%, compared to the first quarter of 2025 and an increase of $18.1 million, or 41%, compared to the second quarter of 2024. For the six months ended June 30, 2025 and 2024, adjusted pre-tax pre-provision earnings 1 were $114.3 million and $87.0 million, respectively.
For the second quarter of 2025, return on average tangible assets was 1.24% and return on average tangible shareholders' equity was 12.82%, compared to 0.98% and 10.17%, respectively, in the prior quarter, and 1.00% and 10.75%, respectively, in the prior year quarter. For the six months ended June 30, 2025, return on average tangible assets was 1.12% and return on average tangible shareholders' equity was 11.52%. For the six months ended June 30, 2024, return on average tangible assets was 0.94% and return on average tangible shareholders' equity was 10.15%. Adjusted return on average tangible assets 1 in the second quarter of 2025 was 1.29% and adjusted return on average tangible shareholders' equity 1 was 13.31%, compared to 1.00% and 10.35%, respectively, in the prior quarter, and 1.00% and 10.76%, respectively, in the prior year quarter. For the six months ended June 30, 2025, adjusted return on average tangible assets 1 was 1.15% and adjusted return on average tangible shareholders' equity 1 was 11.86%. For the six months ended June 30, 2024, adjusted return on average tangible assets 1 was 1.02% and adjusted return on average tangible shareholders' equity 1 was 10.95%.
Charles M. Shaffer, Seacoast's Chairman and CEO, said, “Our performance in the second quarter showcases the strength and momentum of our franchise. The expansion in net interest margin is a direct result of the disciplined execution and strategic focus of the Seacoast team. We’re seeing the benefits of consistent, high-quality loan growth and well-managed deposit costs, which are fueling strong net interest income growth. Our fee-based revenue businesses continue to expand and expenses are well controlled.”
Shaffer added, “In the second half of the year, we’re thrilled to welcome two seasoned, high-performing franchises - Heartland Bancshares, Inc. and Villages Bancorporation, Inc. - into the Seacoast franchise. These acquisitions are transformational, expanding our footprint in key growth markets across Central Florida and The Villages®, one of the fastest-growing communities in the country.”
“The Heartland Bancshares acquisition brings a strong banking presence and deep customer relationships in Central Florida, along with a talented team that shares our values and commitment to community banking. Villages
1 Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.

Bancorporation will add a unique and deeply rooted franchise in a vibrant market with attractive demographics, enhancing our ability to serve a growing and affluent customer base.”
Shaffer concluded, “We remain committed to maintaining our fortress balance sheet and disciplined approach to credit. We are consistently operating with one of the strongest capital positions in the industry, with ample liquidity and a Tier 1 capital ratio of 14.6% as of June 30, 2025. In the coming quarters, we will strategically deploy excess capital through the two bank acquisitions, which we expect will meaningfully enhance our profitability and long-term growth trajectory.”
Acquisitions Update
On July 11, 2025, the Company completed its acquisition of Heartland Bancshares, Inc. (“Heartland”), adding approximately $157 million in loans and $684 million in deposits, along with four branches in Central Florida. Integration activities, including system conversion, are expected to be finalized later in the third quarter of 2025. Total consideration was $111.2 million, structured as a 50% cash and 50% stock transaction.
On May 29, 2025, the Company announced its proposed acquisition of Villages Bancorporation, Inc (“VBI”). The transaction, which is expected to close in the fourth quarter of 2025, will expand the Company’s presence in North Central Florida and into The Villages community. VBI operates 19 branches with approximately $3.5 billion in deposits and approximately $1.3 billion in loans as of June 30, 2025. Full integration and system conversion activities are expected to be finalized in the second quarter of 2026.
Financial Results
Income Statement
•Net income in the second quarter of 2025 was $42.7 million, or $0.50 per diluted share, compared to $31.5 million, or $0.37 per diluted share, in the prior quarter and $30.2 million, or $0.36 per diluted share, in the prior year quarter. Adjusted net income 1 for the second quarter of 2025 was $44.5 million, or $0.52 per diluted share, compared to $32.1 million, or $0.38 per diluted share, for the prior quarter, and $30.3 million, or $0.36 per diluted share, for the prior year quarter.
•Net revenues were $151.4 million in the second quarter of 2025, an increase of $10.7 million, or 8%, compared to the prior quarter, and an increase of $24.8 million, or 20%, compared to the prior year quarter. Adjusted net revenues 1 were $151.8 million in the second quarter of 2025, an increase of $10.9 million, or 8%, compared to the prior quarter, and an increase of $24.9 million, or 20%, compared to the prior year quarter.
•Pre-tax pre-provision earnings 1 were $60.2 million in the second quarter of 2025, an increase of $9.6 million, or 19%, compared to the first quarter of 2025 and an increase of $15.7 million, or 35%, compared to the second quarter of 2024. Adjusted pre-tax pre-provision earnings 1 were $62.6 million in the second quarter of 2025, an increase of $10.9 million, or 21%, compared to the first quarter of 2025 and an increase of $18.1 million, or 41%, compared to the second quarter of 2024.
•Net interest income totaled $126.9 million in the second quarter of 2025, reflecting an increase of $8.3 million, or 7%, c ompared to the prior quarter, and an increase of $22.4 million, or 21%, compared to the second quarter of 2024. The increase was driven by higher securities and loan interest income. Securities income increased $3.1 million, or 11%, primarily due to securities purchases in the first half of 2025. Interest income on loans increased by $6.4 million in the second quarter of 2025, reflecting strong loan production and an increase in accretion on acquired loans from higher payoffs. Included in loan interest income was accretion on acquired loans of $10.6 million in the second quarter of 2025, $8.2 million in the first quarter of 2025, and $10.2 million in the second quarter of 2024. On the expense side, interest on deposits decreased $3.0 million, or 7%, compared to the prior quarter, and $10.7 million, or 21%, compared to the second quarter of 2024, reflecting a lower cost of deposits. Interest expense on borrowed money increased $3.6 million, or 50%, compared to the prior quarter, and $4.6 million, or 75%, compared to second quarter of 2024, largely due to higher short-term borrowings used to fund strategic purchases of securities in advance of the Heartland acquisition.
1 Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.

•Net interest margin increased 10 basis points to 3.58% in the second quarter of 2025 compared to 3.48% in the first quarter of 2025. Excluding the effects of accretion on acquired loans, net interest margin expanded five basis points to 3.29% in the second quarter of 2025 compared to 3.24% in the first quarter of 2025. Loan yields were 5.98%, an increase of eight basis points from the prior quarter. Securities yields decreased one basis point to 3.87%, compared to 3.88% in the prior quarter. The cost of deposits declined 13 basis points from 1.93% in the prior quarter to 1.80% in the second quarter of 2025.
•The provision for credit losses was $4.4 million in the second quarter of 2025, compared to $9.3 million in the first quarter of 2025 and $4.9 million in the second quarter of 2024. Allowance coverage of 1.34% remains flat compared to March 31, 2025.
•Noninterest income totaled $24.5 million in the second quarter of 2025, an increase of $2.3 million, or 11%, compared to each of the prior quarter and the prior year quarter. Results in the second quarter of 2025 included:
•Service charges on deposits totaled $5.5 million, an increase of $0.4 million, or 7% from the prior quarter, and an increase of $0.2 million, or 4%, from the prior year quarter. Our investments in talent and significant market expansion across the state have resulted in continued growth in treasury management services to commercial customers.
•Wealth management income totaled $4.2 million, a decrease of $0.1 million, or 1%, from the prior quarter and an increase of $0.4 million, or 11%, from the prior year quarter. Assets under management have grown 16% year over year.
•Mortgage banking fees totaled $0.7 million, an increase of $0.3 million, or 70%, from the prior quarter and an increase of $0.1 million, or 18%, from the prior year quarter, due to higher saleable production.
•Insurance agency income totaled $1.3 million, a decrease of $0.3 million, or 20%, from the prior quarter and a decrease of $0.1 million, or 5%, from the prior year quarter.
•Bank Owned Life Insurance (“BOLI”) income totaled $3.4 million, an increase of $0.9 million, or 37%, from the prior quarter and an increase of $0.8 million, or 30% from the prior year quarter. The increase resulted from a $0.9 million death benefit payout.
•Other income totaled $7.5 million, an increase of $1.2 million, or 20%, from the prior quarter and an increase of $0.9 million, or 13%, from the prior year quarter. The increase in the second quarter of 2025 included $3.0 million in tax refunds received related to a prior bank acquisition, which was partially offset by lower gains on SBA loan sales and lower gains on SBIC investments compared to the first quarter of 2025.
•Noninterest expense was $91.7 million in the second quarter of 2025, an increase of $1.1 million, or 1%, compared to the prior quarter, and an increase of $9.2 million, or 11%, compared to the prior year quarter. Seacoast has prudently managed expenses while strategically investing to support continued growth. Results in the second quarter of 2025 included:
•Salaries and wages totaled $44.4 million, an increase of $2.2 million, or 5%, from the prior quarter and an increase of $5.5 million, or 14%, from the prior year quarter. The increase from the prior quarter represents higher performance driven incentive compensation.
•Employee benefits totaled $8.1 million, a decrease of $0.8 million, or 9%, compared to the seasonally higher prior quarter and an increase of $1.2 million, or 18%, from the prior year quarter.
•Outsourced data processing costs totaled $8.5 million, flat compared to the prior quarter and an increase of $0.3 million, or 4%, from the prior year quarter.
•Occupancy costs totaled $7.5 million, an increase of $0.1 million, or 2%, compared to the prior quarter and an increase of $0.3 million, or 4%, from the prior year quarter.
•Marketing expenses totaled $3.0 million, reflecting an increase of $0.2 million, or 8%, compared to the prior quarter and a decrease of $0.3 million, or 9%, from the prior year quarter, primarily associated with the timing of various campaigns to support customer growth initiatives.
1 Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.

•Legal and professional fees totaled $2.1 million, a decrease of $0.7 million, or 24%, compared to the prior quarter and an increase of $0.1 million, or 4%, from the prior year quarter.
•Merger-related charges totaled $2.4 million in the second quarter of 2025 and $1.1 million in the prior quarter.
•Seacoast recorded $12.6 million of income tax expense in the second quarter of 2025, compared to $9.4 million in the first quarter of 2025, and $8.9 million in the second quarter of 2024. Tax benefit related to stock-based compensation was immaterial in each period.
•The efficiency ratio improved to 56.95% in the second quarter of 2025, compared to 60.28% in the first quarter of 2025 and 60.21% in the prior year quarter. The adjusted efficiency ratio 1 also improved, to 55.36% in the second quarter of 2025, compared to 59.53% in the first quarter of 2025 and 60.21% in the prior year quarter. The improvement in the efficiency ratio quarter over quarter reflects higher net interest income and higher noninterest income, partially offset by modestly higher expenses. The Company continues to remain keenly focused on disciplined expense control, while making investments for growth.
Balance Sheet
•At June 30, 2025, the Company had total assets of $15.9 billion and total shareholders' equity of $2.3 billion. Book value per share was $26.43 as of June 30, 2025, compared to $26.04 as of March 31, 2025, and $24.98 as of June 30, 2024. Tangible book value per share was $17.19 as of June 30, 2025, compared to $16.71 as of March 31, 2025, and $15.41 as of June 30, 2024. Year over year tangible book value per share increased 12%.
•Debt securities totaled $3.5 billion as of June 30, 2025, an increase of $226.9 million compared to March 31, 2025. Throughout the first half of 2025, strategic purchases were funded with short term FHLB borrowings. Debt securities as of June 30, 2025 included approximately $2.9 billion in securities classified as available-for-sale and recorded at fair value. The unrealized loss on these securities is fully reflected in the value presented on the balance sheet. The portfolio also includes $613.3 million in securities classified as held-to-maturity with a fair value of $503.2 million. Held-to-maturity securities consist solely of mortgage-backed securities and collateralized mortgage obligations guaranteed by U.S. government agencies, each of which is expected to recover any price depreciation over its holding period as the debt securities move to maturity. The Company has significant liquidity and available borrowing capacity and has the intent and ability to hold these investments to maturity.
•Loans increased $165.8 million, or 6.4% annualized during the quarter, totaling $10.6 billion as of June 30, 2025. The Company continues to exercise a disciplined approach to lending and is benefiting from the investments made in recent years to attract talent from large regional and national banks across its markets.
•Loan pipelines (loans in underwriting and approval or approved and not yet closed) totaled $920.9 million as of June 30, 2025, compared to $981.6 million at March 31, 2025 and $834.4 million at June 30, 2024.
•Commercial pipelines were $861.2 million as of June 30, 2025, compared to $904.1 million at March 31, 2025, and $773.1 million at June 30, 2024.
•Saleable residential pipelines were $14.4 million as of June 30, 2025, compared to $15.5 million at March 31, 2025, and $12.1 million at June 30, 2024. Retained residential pipelines were $29.2 million as of June 30, 2025, compared to $37.5 million at March 31, 2025, and $24.7 million at June 30, 2024.
•Consumer pipelines were $16.2 million as of June 30, 2025, compared to $24.4 million at March 31, 2025 and $24.5 million at June 30, 2024.
•Total deposits were $12.5 billion as of June 30, 2025, a decrease of $77.2 million, or 2.5% annualized, when compared to March 31, 2025.
•The cost of deposits declined 13 basis points from 1.93% in the prior quarter to 1.80% in the second quarter of 2025.
•At June 30, 2025, customer transaction account balances represented 47% of total deposits.The Company benefits from a granular deposit franchise, with the top ten depositors representing approximately 3% of total deposits.
1 Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.

•Consumer deposits represent 40% of overall deposit funding with an average consumer customer balance of $25 thousand. Commercial deposits represent 60% of overall deposit funding with an average business customer balance of $113 thousand.
•Federal Home Loan Bank advances totaled $715.0 million at June 30, 2025 with a weighted-average interest rate of 4.15% during the second quarter of 2025, compared to advances outstanding of $465.0 million at March 31, 2025 with a weighted-average interest rate of 4.26% in the first quarter of 2025. The Company utilized short-term fixed-rate advances to fund securities purchases in the first and second quarters of 2025.
Asset Quality
•The ratio of criticized and classified loans to total loans was 2.39% at June 30, 2025, compared to 2.41% at March 31, 2025, and 2.59% at June 30, 2024.
•Nonperforming loans were $64.2 million at June 30, 2025, compared to $71.0 million at March 31, 2025, and $59.9 million at June 30, 2024. Nonperforming loans to total loans outstanding were 0.61% at June 30, 2025, 0.68% at March 31, 2025, and 0.60% at June 30, 2024.
•Accruing past due loans were $14.2 million, or 0.13% of total loans, at June 30, 2025, compared to $17.2 million, or 0.15% of total loans, at March 31, 2025, and $29.5 million, or 0.30% of total loans, at June 30, 2024.
•Nonperforming assets to total assets were 0.44% at June 30, 2025, compared to 0.50% at March 31, 2025, and 0.45% at June 30, 2024.
•The ratio of allowance for credit losses to total loans was 1.34% at June 30, 2025, 1.34% at March 31, 2025, and 1.41% at June 30, 2024.
•Net charge-offs were $2.5 million in the second quarter of 2025, compared to $7.0 million in the first quarter of 2025 and $9.9 million in the second quarter of 2024.
•Portfolio diversification, in terms of asset mix, industry, and loan type, has been a critical element of the Company's lending strategy. Exposure across industries and collateral types is broadly distributed. Seacoast's average loan size is $437 thousand, and the average commercial loan size is $872 thousand, reflecting an ability to maintain granularity within the overall loan portfolio.
•Constr uction and land development and commercial real estate loans remain well below regulatory guidance as of June 30, 2025 at 35% and 239% of total bank-level risk-based capital 2, respectively, compared to 36% and 236%, respectively, at March 31, 2025. On a consolidated basis and as of June 30, 2025, construction and land development and commercial real estate loans represent 33% and 221%, respectively, of total consolidated risk-based capital 2.
Capital and Liquidity
•The Company continues to operate with a fortress balance sheet, with a Tier 1 capital ratio at June 30, 2025 of 14.6%2 compared to 14.7% at March 31, 2025, and 14.8% at June 30, 2024. The Total capital ratio was 16.1%2, the Common Equity Tier 1 capital ratio was 14.0%2, and the Tier 1 leverage ratio was 11.1%2 at June 30, 2025. The Company is considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements.
•Cash and cash equivalents at June 30, 2025 totaled $332.4 million.
•The Company’s loan-to-deposit ratio was 84.96% at June 30, 2025, which should continue to provide liquidity and flexibility moving forward.
•Tangible common equity to tangible assets was 9.75% at June 30, 2025, compared to 9.58% at March 31, 2025, and 9.30% at June 30, 2024. If all held-to-maturity securities were adjusted to fair value, the tangible common equity ratio would have been 9.27% at June 30, 2025.
•At June 30, 2025, in addition to $332.4 million in cash, the Company had $5.9 billion in available borrowing capacity, including $3.5 billion in available collateralized lines of credit, $2.0 billion of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of $0.3 billion.
1 Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
2 Estimated.

FINANCIAL HIGHLIGHTS |  |  |  |  |  |  |  |  |
(Amounts in thousands except per share data) |  | (Unaudited) |
|  | Quarterly Trends |
|  | 2Q'25 |  | 1Q'25 |  | 4Q'24 |  | 3Q'24 |  | 2Q'24 |
Selected balance sheet data: |  |  |  |  |  |  |  |  |  |  |
Gross loans |  | $ | 10,608,824 |  |  | $ | 10,443,021 |  |  | $ | 10,299,950 |  |  | $ | 10,205,281 |  |  | $ | 10,038,508 |  |
Total deposits |  | 12,497,598 |  |  | 12,574,796 |  |  | 12,242,427 |  |  | 12,243,585 |  |  | 12,116,118 |  |
Total assets |  | 15,944,955 |  |  | 15,732,485 |  |  | 15,176,308 |  |  | 15,168,371 |  |  | 14,952,613 |  |
Performance measures: |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 42,687 |  |  | $ | 31,464 |  |  | $ | 34,085 |  |  | $ | 30,651 |  |  | $ | 30,244 |  |
Net interest margin |  | 3.58 | % |  | 3.48 | % |  | 3.39 | % |  | 3.17 | % |  | 3.18 | % |
Pre-tax pre-provision earnings 1 |  | $ | 60,236 |  |  | $ | 50,590 |  |  | $ | 47,858 |  |  | $ | 46,086 |  |  | $ | 44,555 |  |
Average diluted shares outstanding |  | 85,479 |  |  | 85,388 |  |  | 85,302 |  |  | 85,069 |  |  | 84,816 |  |
Diluted earnings per share (EPS) |  | 0.50 |  |  | 0.37 |  |  | 0.40 |  |  | 0.36 |  |  | 0.36 |  |
Return on (annualized): |  |  |  |  |  |  |  |  |  |  |
Average assets (ROA) |  | 1.08 | % |  | 0.83 | % |  | 0.89 | % |  | 0.81 | % |  | 0.82 | % |
Average tangible assets (ROTA)2 |  | 1.24 |  |  | 0.98 |  |  | 1.06 |  |  | 0.99 |  |  | 1.00 |  |
Average tangible common equity (ROTCE)2 |  | 12.82 |  |  | 10.17 |  |  | 10.90 |  |  | 10.31 |  |  | 10.75 |  |
Tangible common equity to tangible assets 2 |  | 9.75 |  |  | 9.58 |  |  | 9.60 |  |  | 9.64 |  |  | 9.30 |  |
Tangible book value per share 2 |  | $ | 17.19 |  |  | $ | 16.71 |  |  | $ | 16.12 |  |  | $ | 16.20 |  |  | $ | 15.41 |  |
Efficiency ratio |  | 56.95 | % |  | 60.28 | % |  | 56.26 | % |  | 59.84 | % |  | 60.21 | % |
Adjusted operating measures 1: |  |  |  |  |  |  |  |  |  |  |
Adjusted net income |  | $ | 44,466 |  |  | $ | 32,102 |  |  | $ | 40,556 |  |  | $ | 30,511 |  |  | $ | 30,277 |  |
Adjusted pre-tax pre-provision earnings |  | 62,627 |  |  | 51,686 |  |  | 56,610 |  |  | 46,390 |  |  | 44,490 |  |
Adjusted diluted EPS |  | 0.52 |  |  | 0.38 |  |  | 0.48 |  |  | 0.36 |  |  | 0.36 |  |
Adjusted ROA |  | 1.13 | % |  | 0.85 | % |  | 1.06 | % |  | 0.81 | % |  | 0.82 | % |
Adjusted ROTA 2 |  | 1.29 |  |  | 1.00 |  |  | 1.24 |  |  | 0.98 |  |  | 1.00 |  |
Adjusted ROTCE 2 |  | 13.31 |  |  | 10.35 |  |  | 12.74 |  |  | 10.27 |  |  | 10.76 |  |
Adjusted efficiency ratio |  | 55.36 |  |  | 59.53 |  |  | 56.07 |  |  | 59.84 |  |  | 60.21 |  |
Net adjusted noninterest expense as a percent of average tangible assets 2 |  | 2.25 | % |  | 2.33 | % |  | 2.19 | % |  | 2.19 | % |  | 2.19 | % |
Other data: |  |  |  |  |  |  |  |  |  |  |
Market capitalization 3 |  | $ | 2,373,871 |  | $ | 2,202,958 |  | $ | 2,355,679 |  | $ | 2,277,003 |  | $ | 2,016,472 |
Full-time equivalent employees |  | 1,522 |  |  | 1,518 |  |  | 1,504 |  |  | 1,493 |  |  | 1,449 |  |
Number of ATMs |  | 98 |  |  | 98 |  |  | 96 |  |  | 96 |  |  | 95 |  |
Full-service banking offices |  | 84 |  |  | 79 |  |  | 77 |  |  | 77 |  |  | 77 |  |
1 Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP.
2 The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders' equity less intangible assets.
3 Common shares outstanding multiplied by closing bid price on last day of each period.

OTHER INFORMATION
Conference Call Information
Seacoast will host a conference call on July 25, 2025, at 10:00 a.m. (Eastern Time) to discuss the second quarter of 2025 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 715-9871 (Conference ID: 5614613). Charts will be used during the conference call and may be accessed at Seacoast’s website at www.SeacoastBanking.com by selecting “Presentations” under the heading “News/Events.” Additionally, a recording of the call will be made available to individuals shortly after the conference call and can be accessed via a link at www.SeacoastBanking.com under the heading “Corporate Information.” The recording will be available for one year.
About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) is one of the largest community banks headquartered in Florida with approximately $15.9 billion in assets and $12.5 billion in deposits as of June 30, 2025. Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 84 full-service branches across Florida, and through advanced mobile and online banking solutions. Seacoast National Bank is the wholly-owned subsidiary bank of Seacoast Banking Corporation of Florida. For more information about Seacoast, visit www.SeacoastBanking.com.
Additional Information
Seacoast has filed a registration statement on Form S-4 with the United States Securities and Exchange Commission (the "SEC") in connection with the proposed merger of Villages Bancorporation, Inc. and Citizens First Bank with and into Seacoast and Seacoast National Bank, respectively. The registration statement in connection with the merger includes a proxy statement of Villages Bancorporation, Inc. and a prospectus of Seacoast. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. WE URGE INVESTORS TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE MERGERS OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
Investors may obtain these documents free of charge at the SEC’s website (www.sec.gov). In addition, documents filed with the SEC by Seacoast will be available free of charge by contacting Investor Relations at (772) 288-6085.
Villages Bancorporation, Inc. and Citizens First Bank, their directors, executive officers, other members of management, and employees may be considered participants in the solicitation of proxies in connection with the proposed mergers with and into Seacoast and Seacoast National Bank. Information regarding the participants in the proxy solicitation of Villages Bancorporation, Inc. and a description of its direct and indirect interests, by security holdings or otherwise, is contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC.
Cautionary Notice Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in the Company’s markets, and improvements to reported earnings that may be realized from cost controls, tax law changes, new initiatives and for integration of banks that the Company has acquired, or expects to acquire, as well as statements with respect to Seacoast's objectives, strategic plans, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.

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

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

FINANCIAL HIGHLIGHTS | (Unaudited) |  |  |  |  |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |  |  |  |
| Quarterly Trends |  | Six months ended
(Amounts in thousands, except ratios and per share data) | 2Q'25 |  | 1Q'25 |  | 4Q'24 |  | 3Q'24 |  | 2Q'24 |  | 2Q'25 |  | 2Q'24
Summary of Earnings |  |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 42,687 |  |  | $ | 31,464 |  |  | $ | 34,085 |  |  | $ | 30,651 |  |  | $ | 30,244 |  |  | $ | 74,151 |  |  | $ | 56,250 |
Adjusted net income 1 | 44,466 |  |  | 32,102 |  |  | 40,556 |  |  | 30,511 |  |  | 30,277 |  |  | 76,568 |  |  | 61,408 |
Net interest income 2 | 127,295 |  |  | 118,857 |  |  | 116,115 |  |  | 106,975 |  |  | 104,657 |  |  | 246,153 |  |  | 209,954 |
Net interest margin 2,3 | 3.58 | % |  | 3.48 | % |  | 3.39 | % |  | 3.17 | % |  | 3.18 | % |  | 3.53 | % |  | 3.21 | %
Pre-tax pre-provision earnings 1 | 60,236 |  |  | 50,590 |  |  | 47,858 |  |  | 46,086 |  |  | 44,555 |  |  | 110,827 |  |  | 80,228 |
Adjusted pre-tax pre-provision earnings 1 | 62,627 |  |  | 51,686 |  |  | 56,610 |  |  | 46,390 |  |  | 44,490 |  |  | 114,314 |  |  | 87,002 |
Performance Ratios |  |  |  |  |  |  |  |  |  |  |  |  |
Return on average assets-GAAP basis 3 | 1.08 | % |  | 0.83 | % |  | 0.89 | % |  | 0.81 | % |  | 0.82 | % |  | 0.96 | % |  | 0.77 | %
Adjusted return on average assets 1,3 | 1.13 |  |  | 0.85 |  |  | 1.06 |  |  | 0.81 |  |  | 0.82 |  |  | 0.99 |  |  | 0.84 |
Return on average tangible assets-GAAP basis 3,4 | 1.24 |  |  | 0.98 |  |  | 1.06 |  |  | 0.99 |  |  | 1.00 |  |  | 1.12 |  |  | 0.94 |
Adjusted return on average tangible assets 1,3,4 | 1.29 |  |  | 1.00 |  |  | 1.24 |  |  | 0.98 |  |  | 1.00 |  |  | 1.15 |  |  | 1.02 |
Net adjusted noninterest expense to average tangible assets 1,3,4 | 2.25 |  |  | 2.33 |  |  | 2.19 |  |  | 2.19 |  |  | 2.19 |  |  | 2.29 |  |  | 2.21 |
Return on average shareholders' equity-GAAP basis 3 | 7.60 |  |  | 5.76 |  |  | 6.16 |  |  | 5.62 |  |  | 5.74 |  |  | 6.69 |  |  | 5.34 |
Return on average tangible common equity-GAAP basis 3,4 | 12.82 |  |  | 10.17 |  |  | 10.90 |  |  | 10.31 |  |  | 10.75 |  |  | 11.52 |  |  | 10.15 |
Adjusted return on average tangible common equity 1,3,4 | 13.31 |  |  | 10.35 |  |  | 12.74 |  |  | 10.27 |  |  | 10.76 |  |  | 11.86 |  |  | 10.95 |
Efficiency ratio 5 | 56.95 |  |  | 60.28 |  |  | 56.26 |  |  | 59.84 |  |  | 60.21 |  |  | 58.55 |  |  | 63.48 |
Adjusted efficiency ratio 1 | 55.36 |  |  | 59.53 |  |  | 56.07 |  |  | 59.84 |  |  | 60.21 |  |  | 57.37 |  |  | 60.67 |
Noninterest income to total revenue (excluding securities gains/losses) | 16.18 |  |  | 15.65 |  |  | 18.02 |  |  | 18.05 |  |  | 17.55 |  |  | 15.92 |  |  | 16.86 |
Tangible common equity to tangible assets 4 | 9.75 |  |  | 9.58 |  |  | 9.60 |  |  | 9.64 |  |  | 9.30 |  |  | 9.75 |  |  | 9.30 |
Average loan-to-deposit ratio | 85.21 |  |  | 84.23 |  |  | 83.14 |  |  | 83.79 |  |  | 83.11 |  |  | 84.72 |  |  | 83.80 |
End of period loan-to-deposit ratio | 84.96 |  |  | 83.17 |  |  | 84.27 |  |  | 83.44 |  |  | 82.90 |  |  | 84.96 |  |  | 82.90 |
Per Share Data |  |  |  |  |  |  |  |  |  |  |  |  |
Net income diluted-GAAP basis | $ | 0.50 |  |  | $ | 0.37 |  |  | $ | 0.40 |  |  | $ | 0.36 |  |  | $ | 0.36 |  |  | $ | 0.87 |  |  | $ | 0.66 |
Net income basic-GAAP basis | 0.50 |  |  | 0.37 |  |  | 0.40 |  |  | 0.36 |  |  | 0.36 |  |  | 0.87 |  |  | 0.67 |
Adjusted earnings 1 | 0.52 |  |  | 0.38 |  |  | 0.48 |  |  | 0.36 |  |  | 0.36 |  |  | 0.90 |  |  | 0.72 |
Book value per share common | 26.43 |  |  | 26.04 |  |  | 25.51 |  |  | 25.68 |  |  | 24.98 |  |  | 26.43 |  |  | 24.98 |
Tangible book value per share | 17.19 |  |  | 16.71 |  |  | 16.12 |  |  | 16.20 |  |  | 15.41 |  |  | 17.19 |  |  | 15.41 |
Cash dividends declared | 0.18 |  |  | 0.18 |  |  | 0.18 |  |  | 0.18 |  |  | 0.18 |  |  | 0.36 |  |  | 0.36 |
1 Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. |  |
2 Calculated on a fully taxable equivalent basis using amortized cost. |  |
3 These ratios are stated on an annualized basis and are not necessarily indicative of future periods. |  |
4 The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders' equity less intangible assets. |  |
5 Defined as noninterest expense less amortization of intangibles and gains, losses, and expenses on foreclosed properties divided by net operating revenue (net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains and losses).

CONSOLIDATED STATEMENTS OF INCOME | (Unaudited) |  |  |  |  |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |  |  |  |
|  | Quarterly Trends |  | Six months ended
(Amounts in thousands, except per share data) |  | 2Q'25 |  | 1Q'25 |  | 4Q'24 |  | 3Q'24 |  | 2Q'24 |  | 2Q'25 |  | 2Q'24
Interest and dividends on securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  | $ | 32,479 |  |  | $ | 29,381 |  |  | $ | 26,945 |  |  | $ | 25,963 |  |  | $ | 24,155 |  |  | $ | 61,860 |  |  | $ | 46,548 |
Nontaxable |  | 33 |  |  | 34 |  |  | 34 |  |  | 34 |  |  | 33 |  |  | 67 |  |  | 67 |
Interest and fees on loans |  | 157,075 |  |  | 150,640 |  |  | 151,999 |  |  | 150,980 |  |  | 147,292 |  |  | 307,715 |  |  | 294,387 |
Interest on interest-bearing deposits and other investments |  | 3,760 |  |  | 4,200 |  |  | 6,952 |  |  | 7,138 |  |  | 8,328 |  |  | 7,960 |  |  | 14,512 |
Total Interest Income |  | 193,347 |  |  | 184,255 |  |  | 185,930 |  |  | 184,115 |  |  | 179,808 |  |  | 377,602 |  |  | 355,514 |
Interest on deposits |  | 40,633 |  |  | 43,626 |  |  | 47,394 |  |  | 51,963 |  |  | 51,319 |  |  | 84,259 |  |  | 98,853 |
Interest on time certificates |  | 15,120 |  |  | 14,973 |  |  | 16,726 |  |  | 19,002 |  |  | 17,928 |  |  | 30,093 |  |  | 35,049 |
Interest on borrowed money |  | 10,730 |  |  | 7,139 |  |  | 6,006 |  |  | 6,485 |  |  | 6,137 |  |  | 17,869 |  |  | 12,110 |
Total Interest Expense |  | 66,483 |  |  | 65,738 |  |  | 70,126 |  |  | 77,450 |  |  | 75,384 |  |  | 132,221 |  |  | 146,012 |
Net Interest Income |  | 126,864 |  |  | 118,517 |  |  | 115,804 |  |  | 106,665 |  |  | 104,424 |  |  | 245,381 |  |  | 209,502 |
Provision for credit losses |  | 4,379 |  |  | 9,250 |  |  | 3,699 |  |  | 6,273 |  |  | 4,918 |  |  | 13,629 |  |  | 6,286 |
Net Interest Income After Provision for Credit Losses |  | 122,485 |  |  | 109,267 |  |  | 112,105 |  |  | 100,392 |  |  | 99,506 |  |  | 231,752 |  |  | 203,216 |
Noninterest income: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service charges on deposit accounts |  | 5,540 |  |  | 5,180 |  |  | 5,138 |  |  | 5,412 |  |  | 5,342 |  |  | 10,720 |  |  | 10,302 |
Wealth management income |  | 4,196 |  |  | 4,248 |  |  | 4,019 |  |  | 3,843 |  |  | 3,766 |  |  | 8,444 |  |  | 7,306 |
Interchange income |  | 1,895 |  |  | 1,807 |  |  | 1,860 |  |  | 1,911 |  |  | 1,940 |  |  | 3,702 |  |  | 3,828 |
Mortgage banking fees |  | 685 |  |  | 404 |  |  | 326 |  |  | 485 |  |  | 582 |  |  | 1,089 |  |  | 963 |
Insurance agency income |  | 1,289 |  |  | 1,620 |  |  | 1,151 |  |  | 1,399 |  |  | 1,355 |  |  | 2,909 |  |  | 2,646 |
BOLI income |  | 3,380 |  |  | 2,468 |  |  | 2,627 |  |  | 2,578 |  |  | 2,596 |  |  | 5,848 |  |  | 4,860 |
Other |  | 7,497 |  |  | 6,257 |  |  | 10,335 |  |  | 7,864 |  |  | 6,647 |  |  | 13,754 |  |  | 12,591 |
|  | 24,482 |  |  | 21,984 |  |  | 25,456 |  |  | 23,492 |  |  | 22,228 |  |  | 46,466 |  |  | 42,496 |
Securities gains (losses), net |  | 39 |  |  | 196 |  |  | (8,388) |  |  | 187 |  |  | (44) |  |  | 235 |  |  | 185 |
Total Noninterest Income |  | 24,521 |  |  | 22,180 |  |  | 17,068 |  |  | 23,679 |  |  | 22,184 |  |  | 46,701 |  |  | 42,681 |
Noninterest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and wages |  | 44,438 |  |  | 42,248 |  |  | 42,378 |  |  | 40,697 |  |  | 38,937 |  |  | 86,686 |  |  | 79,241 |
Employee benefits |  | 8,106 |  |  | 8,861 |  |  | 6,548 |  |  | 6,955 |  |  | 6,861 |  |  | 16,967 |  |  | 14,750 |
Outsourced data processing costs |  | 8,525 |  |  | 8,504 |  |  | 8,307 |  |  | 8,003 |  |  | 8,210 |  |  | 17,029 |  |  | 20,328 |
Occupancy |  | 7,483 |  |  | 7,350 |  |  | 7,234 |  |  | 7,096 |  |  | 7,180 |  |  | 14,833 |  |  | 15,217 |
Furniture and equipment |  | 2,125 |  |  | 2,128 |  |  | 2,004 |  |  | 2,060 |  |  | 1,956 |  |  | 4,253 |  |  | 3,967 |
Marketing |  | 2,958 |  |  | 2,748 |  |  | 2,126 |  |  | 2,729 |  |  | 3,266 |  |  | 5,706 |  |  | 5,921 |
Legal and professional fees |  | 2,071 |  |  | 2,740 |  |  | 2,807 |  |  | 2,708 |  |  | 1,982 |  |  | 4,811 |  |  | 4,133 |
FDIC assessments |  | 2,108 |  |  | 2,194 |  |  | 2,274 |  |  | 1,882 |  |  | 2,131 |  |  | 4,302 |  |  | 4,289 |
Amortization of intangibles |  | 5,131 |  |  | 5,309 |  |  | 5,587 |  |  | 6,002 |  |  | 6,003 |  |  | 10,440 |  |  | 12,295 |
Other real estate owned expense and net loss (gain) on sale |  | 8 |  |  | 241 |  |  | 84 |  |  | 491 |  |  | (109) |  |  | 249 |  |  | (135) |
Provision for credit losses on unfunded commitments |  | 150 |  |  | 150 |  |  | 250 |  |  | 250 |  |  | 251 |  |  | 300 |  |  | 501 |
Merger-related charges |  | 2,422 |  |  | 1,051 |  |  | — |  |  | — |  |  | — |  |  | 3,473 |  |  | — |
Other |  | 6,205 |  |  | 7,073 |  |  | 5,976 |  |  | 5,945 |  |  | 5,869 |  |  | 13,278 |  |  | 12,401 |
Total Noninterest Expense |  | 91,730 |  |  | 90,597 |  |  | 85,575 |  |  | 84,818 |  |  | 82,537 |  |  | 182,327 |  |  | 172,908 |
Income Before Income Taxes |  | 55,276 |  |  | 40,850 |  |  | 43,598 |  |  | 39,253 |  |  | 39,153 |  |  | 96,126 |  |  | 72,989 |
Provision for income taxes |  | 12,589 |  |  | 9,386 |  |  | 9,513 |  |  | 8,602 |  |  | 8,909 |  |  | 21,975 |  |  | 16,739 |
Net Income |  | $ | 42,687 |  |  | $ | 31,464 |  |  | $ | 34,085 |  |  | $ | 30,651 |  |  | $ | 30,244 |  |  | $ | 74,151 |  |  | $ | 56,250 |
Share Data |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income per share of common stock |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diluted |  | $ | 0.50 |  |  | $ | 0.37 |  |  | $ | 0.40 |  |  | $ | 0.36 |  |  | $ | 0.36 |  |  | $ | 0.87 |  |  | $ | 0.66 |
Basic |  | 0.50 |  |  | 0.37 |  |  | 0.40 |  |  | 0.36 |  |  | 0.36 |  |  | 0.87 |  |  | 0.67 |
Cash dividends declared |  | 0.18 |  |  | 0.18 |  |  | 0.18 |  |  | 0.18 |  |  | 0.18 |  |  | 0.36 |  |  | 0.36 |
Average common shares outstanding |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diluted |  | 85,479 |  |  | 85,388 |  |  | 85,302 |  |  | 85,069 |  |  | 84,816 |  |  | 85,454 |  |  | 84,799 |
Basic |  | 84,903 |  |  | 84,648 |  |  | 84,510 |  |  | 84,434 |  |  | 84,341 |  |  | 84,776 |  |  | 84,260 |

CONSOLIDATED BALANCE SHEETS | (Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
|  |  | June 30, |  | March 31, |  | December 31, |  | September 30, |  | June 30,
(Amounts in thousands) |  |  | 2025 |  | 2025 |  | 2024 |  | 2024 |  | 2024
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  |  | $ | 181,565 |  |  | $ | 191,467 |  |  | $ | 171,615 |  |  | $ | 182,743 |  |  | $ | 168,738 |
Interest-bearing deposits with other banks |  |  | 150,863 |  |  | 309,105 |  |  | 304,992 |  |  | 454,315 |  |  | 580,787 |
Total cash and cash equivalents |  |  | 332,428 |  |  | 500,572 |  |  | 476,607 |  |  | 637,058 |  |  | 749,525 |
Time deposits with other banks |  |  | 1,494 |  |  | 1,494 |  |  | 3,215 |  |  | 5,207 |  |  | 7,856 |
Debt Securities: |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale (at fair value) |  |  | 2,866,185 |  |  | 2,627,959 |  |  | 2,226,543 |  |  | 2,160,055 |  |  | 1,967,204 |
Securities held-to-maturity (at amortized cost) |  |  | 613,312 |  |  | 624,650 |  |  | 635,186 |  |  | 646,050 |  |  | 658,055 |
Total debt securities |  |  | 3,479,497 |  |  | 3,252,609 |  |  | 2,861,729 |  |  | 2,806,105 |  |  | 2,625,259 |
Loans held for sale |  |  | 8,610 |  |  | 16,016 |  |  | 17,277 |  |  | 11,039 |  |  | 5,975 |
Loans |  |  | 10,608,824 |  |  | 10,443,021 |  |  | 10,299,950 |  |  | 10,205,281 |  |  | 10,038,508 |
Less: Allowance for credit losses |  |  | (142,184) |  |  | (140,267) |  |  | (138,055) |  |  | (140,469) |  |  | (141,641) |
Loans, net of allowance for credit losses |  |  | 10,466,640 |  |  | 10,302,754 |  |  | 10,161,895 |  |  | 10,064,812 |  |  | 9,896,867 |
Bank premises and equipment, net |  |  | 107,256 |  |  | 108,478 |  |  | 107,555 |  |  | 108,776 |  |  | 109,945 |
Other real estate owned |  |  | 5,335 |  |  | 7,176 |  |  | 6,421 |  |  | 6,421 |  |  | 6,877 |
Goodwill |  |  | 732,417 |  |  | 732,417 |  |  | 732,417 |  |  | 732,417 |  |  | 732,417 |
Other intangible assets, net |  |  | 61,328 |  |  | 66,372 |  |  | 71,723 |  |  | 77,431 |  |  | 83,445 |
Bank owned life insurance |  |  | 312,860 |  |  | 311,453 |  |  | 308,995 |  |  | 306,379 |  |  | 303,816 |
Net deferred tax assets |  |  | 87,328 |  |  | 93,595 |  |  | 102,989 |  |  | 94,820 |  |  | 108,852 |
Other assets |  |  | 349,762 |  |  | 339,549 |  |  | 325,485 |  |  | 317,906 |  |  | 321,779 |
Total Assets |  |  | $ | 15,944,955 |  |  | $ | 15,732,485 |  |  | $ | 15,176,308 |  |  | $ | 15,168,371 |  |  | $ | 14,952,613 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  |  |  |  |  |  |  |  |  |
Noninterest demand |  |  | $ | 3,376,941 |  |  | $ | 3,492,491 |  |  | $ | 3,352,372 |  |  | $ | 3,443,455 |  |  | $ | 3,397,918 |
Interest-bearing demand |  |  | 2,518,857 |  |  | 2,734,260 |  |  | 2,667,843 |  |  | 2,487,448 |  |  | 2,821,092 |
Savings |  |  | 557,472 |  |  | 534,991 |  |  | 519,977 |  |  | 524,474 |  |  | 566,052 |
Money market |  |  | 4,111,789 |  |  | 4,154,682 |  |  | 4,086,362 |  |  | 4,034,371 |  |  | 3,707,761 |
Time deposits |  |  | 1,932,539 |  |  | 1,658,372 |  |  | 1,615,873 |  |  | 1,753,837 |  |  | 1,623,295 |
Total Deposits |  |  | 12,497,598 |  |  | 12,574,796 |  |  | 12,242,427 |  |  | 12,243,585 |  |  | 12,116,118 |
Securities sold under agreements to repurchase |  |  | 186,090 |  |  | 201,128 |  |  | 232,071 |  |  | 210,176 |  |  | 262,103 |
Federal Home Loan Bank borrowings |  |  | 715,000 |  |  | 465,000 |  |  | 245,000 |  |  | 245,000 |  |  | 180,000 |
Long-term debt, net |  |  | 107,298 |  |  | 107,132 |  |  | 106,966 |  |  | 106,800 |  |  | 106,634 |
Other liabilities |  |  | 167,404 |  |  | 154,689 |  |  | 166,601 |  |  | 168,960 |  |  | 157,377 |
Total Liabilities |  |  | 13,673,390 |  |  | 13,502,745 |  |  | 12,993,065 |  |  | 12,974,521 |  |  | 12,822,232 |
Shareholders' Equity |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 8,673 |  |  | 8,633 |  |  | 8,628 |  |  | 8,614 |  |  | 8,530 |
Additional paid in capital |  |  | 1,832,158 |  |  | 1,828,234 |  |  | 1,824,935 |  |  | 1,821,050 |  |  | 1,815,800 |
Retained earnings |  |  | 569,833 |  |  | 542,665 |  |  | 526,642 |  |  | 508,036 |  |  | 492,805 |
Less: Treasury stock |  |  | (20,792) |  |  | (19,072) |  |  | (19,095) |  |  | (18,680) |  |  | (18,744) |
|  |  | 2,389,872 |  |  | 2,360,460 |  |  | 2,341,110 |  |  | 2,319,020 |  |  | 2,298,391 |
Accumulated other comprehensive loss, net |  |  | (118,307) |  |  | (130,720) |  |  | (157,867) |  |  | (125,170) |  |  | (168,010) |
Total Shareholders' Equity |  |  | 2,271,565 |  |  | 2,229,740 |  |  | 2,183,243 |  |  | 2,193,850 |  |  | 2,130,381 |
Total Liabilities & Shareholders' Equity |  |  | $ | 15,944,955 |  |  | $ | 15,732,485 |  |  | $ | 15,176,308 |  |  | $ | 15,168,371 |  |  | $ | 14,952,613 |
Common shares outstanding |  |  | 85,948 |  |  | 85,618 |  |  | 85,568 |  |  | 85,441 |  |  | 85,299 |

CONSOLIDATED QUARTERLY FINANCIAL DATA | (Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Amounts in thousands) | 2Q'25 |  | 1Q'25 |  | 4Q'24 |  | 3Q'24 |  | 2Q'24
Credit Analysis |  |  |  |  |  |  |  |  |
Net charge-offs | $ | 2,462 |  |  | $ | 7,038 |  |  | $ | 6,113 |  |  | $ | 7,445 |  |  | $ | 9,946 |
Net charge-offs to average loans | 0.09 | % |  | 0.27 | % |  | 0.24 | % |  | 0.29 | % |  | 0.40 | %
Allowance for credit losses | $ | 142,184 |  |  | $ | 140,267 |  |  | $ | 138,055 |  |  | $ | 140,469 |  |  | $ | 141,641 |
Non-acquired loans at end of period | $ | 8,071,619 |  |  | $ | 7,752,532 |  |  | $ | 7,452,175 |  |  | $ | 7,178,186 |  |  | $ | 6,834,059 |
Acquired loans at end of period | 2,537,205 |  |  | 2,690,489 |  |  | 2,847,775 |  |  | 3,027,095 |  |  | 3,204,449 |
Total Loans | $ | 10,608,824 |  |  | $ | 10,443,021 |  |  | $ | 10,299,950 |  |  | $ | 10,205,281 |  |  | $ | 10,038,508 |
Total allowance for credit losses to total loans at end of period | 1.34 | % |  | 1.34 | % |  | 1.34 | % |  | 1.38 | % |  | 1.41 | %
Purchase discount on acquired loans at end of period | 4.10 |  |  | 4.25 |  |  | 4.30 |  |  | 4.48 |  |  | 4.51 |
End of Period |  |  |  |  |  |  |  |  |
Nonperforming loans | $ | 64,198 |  |  | $ | 71,018 |  |  | $ | 92,446 |  |  | $ | 80,857 |  |  | $ | 59,927 |
Other real estate owned | 351 |  |  | 1,820 |  |  | 933 |  |  | 933 |  |  | 1,173 |
Properties previously used in bank operations included in other real estate owned | 4,984 |  |  | 5,356 |  |  | 5,488 |  |  | 5,488 |  |  | 5,704 |
Total Nonperforming Assets | $ | 69,533 |  |  | $ | 78,194 |  |  | $ | 98,867 |  |  | $ | 87,278 |  |  | $ | 66,804 |
Nonperforming Loans to Loans at End of Period | 0.61 | % |  | 0.68 | % |  | 0.90 | % |  | 0.79 | % |  | 0.60 | %
Nonperforming Assets to Total Assets at End of Period | 0.44 |  |  | 0.50 |  |  | 0.65 |  |  | 0.58 |  |  | 0.45 |
Loans | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024 |  | June 30, 2024
Construction and land development | $ | 603,079 |  |  | $ | 618,493 |  |  | $ | 648,054 |  |  | $ | 595,753 |  |  | $ | 593,534 |
Commercial real estate - owner occupied | 1,778,930 |  |  | 1,713,579 |  |  | 1,686,629 |  |  | 1,676,814 |  |  | 1,656,391 |
Commercial real estate - non-owner occupied | 3,624,528 |  |  | 3,513,400 |  |  | 3,503,807 |  |  | 3,573,076 |  |  | 3,423,266 |
Residential real estate | 2,678,042 |  |  | 2,653,012 |  |  | 2,616,784 |  |  | 2,564,903 |  |  | 2,555,320 |
Commercial and financial | 1,741,158 |  |  | 1,753,090 |  |  | 1,651,355 |  |  | 1,575,228 |  |  | 1,582,290 |
Consumer | 183,087 |  |  | 191,447 |  |  | 193,321 |  |  | 219,507 |  |  | 227,707 |
Total Loans | $ | 10,608,824 |  |  | $ | 10,443,021 |  |  | $ | 10,299,950 |  |  | $ | 10,205,281 |  |  | $ | 10,038,508 |

AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1 |  | (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
| 2Q'25 |  | 1Q'25 |  | 2Q'24 |
| Average |  |  |  | Yield/ |  | Average |  |  |  | Yield/ |  | Average |  |  |  | Yield/ |
(Amounts in thousands) | Balance |  | Interest |  | Rate |  | Balance |  | Interest |  | Rate |  | Balance |  | Interest |  | Rate |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable | $ | 3,364,825 |  |  | $ | 32,479 |  |  | 3.87 | % |  | $ | 3,073,108 |  |  | $ | 29,381 |  |  | 3.88 | % |  | $ | 2,629,716 |  |  | $ | 24,155 |  |  | 3.69 | % |
Nontaxable | 5,321 |  |  | 40 |  |  | 3.02 |  |  | 5,436 |  |  | 41 |  |  | 3.06 |  |  | 5,423 |  |  | 40 |  |  | 2.97 |  |
Total Securities | 3,370,146 |  |  | 32,519 |  |  | 3.87 |  |  | 3,078,544 |  |  | 29,422 |  |  | 3.88 |  |  | 2,635,139 |  |  | 24,195 |  |  | 3.69 |  |
Federal funds sold | 183,268 |  |  | 2,041 |  |  | 4.47 |  |  | 265,503 |  |  | 2,945 |  |  | 4.50 |  |  | 510,401 |  |  | 6,967 |  |  | 5.49 |  |
Interest-bearing deposits with other banks and other investments | 137,726 |  |  | 1,720 |  |  | 5.01 |  |  | 105,195 |  |  | 1,254 |  |  | 4.83 |  |  | 98,942 |  |  | 1,361 |  |  | 5.53 |  |
Total Loans, net 2 | 10,558,997 |  |  | 157,499 |  |  | 5.98 |  |  | 10,383,497 |  |  | 150,973 |  |  | 5.90 |  |  | 10,005,122 |  |  | 147,518 |  |  | 5.93 |  |
Total Earning Assets | 14,250,137 |  |  | 193,779 |  |  | 5.45 |  |  | 13,832,739 |  |  | 184,594 |  |  | 5.41 |  |  | 13,249,604 |  |  | 180,041 |  |  | 5.47 |  |
Allowance for credit losses | (141,442) |  |  |  |  |  |  | (138,300) |  |  |  |  |  |  | (146,380) |  |  |  |  |  |
Cash and due from banks | 152,562 |  |  |  |  |  |  | 158,750 |  |  |  |  |  |  | 168,439 |  |  |  |  |  |
Bank premises and equipment, net | 108,206 |  |  |  |  |  |  | 108,651 |  |  |  |  |  |  | 110,709 |  |  |  |  |  |
Intangible assets | 796,431 |  |  |  |  |  |  | 801,687 |  |  |  |  |  |  | 818,914 |  |  |  |  |  |
Bank owned life insurance | 312,384 |  |  |  |  |  |  | 309,831 |  |  |  |  |  |  | 302,165 |  |  |  |  |  |
Other assets including deferred tax assets | 322,916 |  |  |  |  |  |  | 322,284 |  |  |  |  |  |  | 336,256 |  |  |  |  |  |
Total Assets | $ | 15,801,194 |  |  |  |  |  |  | $ | 15,395,642 |  |  |  |  |  |  | $ | 14,839,707 |  |  |  |  |  |
Liabilities and Shareholders' Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing demand | $ | 2,622,944 |  |  | $ | 10,249 |  |  | 1.57 | % |  | $ | 2,706,065 |  |  | $ | 11,069 |  |  | 1.66 | % |  | $ | 2,670,569 |  |  | $ | 14,946 |  |  | 2.25 | % |
Savings | 545,718 |  |  | 881 |  |  | 0.65 |  |  | 529,711 |  |  | 698 |  |  | 0.53 |  |  | 584,490 |  |  | 560 |  |  | 0.39 |  |
Money market | 4,122,147 |  |  | 29,505 |  |  | 2.87 |  |  | 4,149,460 |  |  | 31,859 |  |  | 3.11 |  |  | 3,665,858 |  |  | 35,813 |  |  | 3.93 |  |
Time deposits | 1,700,128 |  |  | 15,120 |  |  | 3.57 |  |  | 1,647,938 |  |  | 14,973 |  |  | 3.68 |  |  | 1,631,290 |  |  | 17,928 |  |  | 4.42 |  |
Securities sold under agreements to repurchase | 185,977 |  |  | 1,214 |  |  | 2.62 |  |  | 201,271 |  |  | 1,357 |  |  | 2.73 |  |  | 293,603 |  |  | 2,683 |  |  | 3.68 |  |
Federal Home Loan Bank borrowings | 724,231 |  |  | 7,805 |  |  | 4.32 |  |  | 382,836 |  |  | 4,081 |  |  | 4.32 |  |  | 149,234 |  |  | 1,592 |  |  | 4.29 |  |
Long-term debt, net | 107,208 |  |  | 1,712 |  |  | 6.41 |  |  | 107,038 |  |  | 1,700 |  |  | 6.44 |  |  | 106,532 |  |  | 1,862 |  |  | 7.03 |  |
Total Interest-Bearing Liabilities | 10,008,353 |  |  | 66,486 |  |  | 2.66 |  |  | 9,724,319 |  |  | 65,737 |  |  | 2.74 |  |  | 9,101,576 |  |  | 75,384 |  |  | 3.33 |  |
Noninterest demand | 3,401,138 |  |  |  |  |  |  | 3,294,149 |  |  |  |  |  |  | 3,485,603 |  |  |  |  |  |
Other liabilities | 139,495 |  |  |  |  |  |  | 162,179 |  |  |  |  |  |  | 134,900 |  |  |  |  |  |
Total Liabilities | 13,548,986 |  |  |  |  |  |  | 13,180,647 |  |  |  |  |  |  | 12,722,079 |  |  |  |  |  |
Shareholders' equity | 2,252,208 |  |  |  |  |  |  | 2,214,995 |  |  |  |  |  |  | 2,117,628 |  |  |  |  |  |
Total Liabilities & Equity | $ | 15,801,194 |  |  |  |  |  |  | $ | 15,395,642 |  |  |  |  |  |  | $ | 14,839,707 |  |  |  |  |  |
Cost of deposits |  |  |  |  | 1.80 | % |  |  |  |  |  | 1.93 | % |  |  |  |  |  | 2.31 | % |
Interest expense as a % of earning assets |  |  |  |  | 1.87 | % |  |  |  |  |  | 1.93 | % |  |  |  |  |  | 2.29 | % |
Net interest income as a % of earning assets |  |  | $ | 127,293 |  |  | 3.58 | % |  |  |  | $ | 118,857 |  |  | 3.48 | % |  |  |  | $ | 104,657 |  |  | 3.18 | % |
1 On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. |  |  |  |  |
2 Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances. |  |  |  |  |

AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1 | (Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |  |  |  |  |  |  |  |  |
| Six Months Ended June 30, 2025 |  | Six Months Ended June 30, 2024 |
| Average |  |  |  | Yield/ |  | Average |  |  |  | Yield/ |
(Amounts in thousands, except ratios) | Balance |  | Interest |  | Rate |  | Balance |  | Interest |  | Rate |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Earning assets: |  |  |  |  |  |  |  |  |  |  |  |
Securities: |  |  |  |  |  |  |  |  |  |  |  |
Taxable | $ | 3,219,772 |  |  | $ | 61,860 |  |  | 3.87 | % |  | $ | 2,604,327 |  |  | $ | 46,548 |  |  | 3.59 | % |
Nontaxable | 5,378 |  |  | 82 |  |  | 3.07 |  |  | 5,665 |  |  | 81 |  |  | 2.88 |  |
Total Securities | 3,225,150 |  |  | 61,942 |  |  | 3.87 |  |  | 2,609,992 |  |  | 46,629 |  |  | 3.59 |  |
Federal funds sold | 224,159 |  |  | 4,986 |  |  | 4.49 |  |  | 440,448 |  |  | 12,023 |  |  | 5.49 |  |
Interest-bearing deposits with other banks and other investments | 121,550 |  |  | 2,974 |  |  | 4.93 |  |  | 97,281 |  |  | 2,489 |  |  | 5.15 |  |
Total Loans, net 2 | 10,471,732 |  |  | 308,472 |  |  | 5.94 |  |  | 10,019,890 |  |  | 294,825 |  |  | 5.92 |  |
Total Earning Assets | 14,042,591 |  |  | 378,374 |  |  | 5.43 |  |  | 13,167,611 |  |  | 355,966 |  |  | 5.44 |  |
Allowance for credit losses | (139,879) |  |  |  |  |  |  | (147,401) |  |  |  |  |  |
Cash and due from banks | 155,639 |  |  |  |  |  |  | 167,586 |  |  |  |  |  |
Bank premises and equipment, net | 108,427 |  |  |  |  |  |  | 111,550 |  |  |  |  |  |
Intangible assets | 799,045 |  |  |  |  |  |  | 822,222 |  |  |  |  |  |
Bank owned life insurance | 311,114 |  |  |  |  |  |  | 300,965 |  |  |  |  |  |
Other assets including deferred tax assets | 322,603 |  |  |  |  |  |  | 342,708 |  |  |  |  |  |
Total Assets | $ | 15,599,540 |  |  |  |  |  |  | $ | 14,765,241 |  |  |  |  |  |
Liabilities and Shareholders' Equity |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing demand | $ | 2,664,275 |  |  | $ | 21,318 |  |  | 1.61 | % |  | $ | 2,694,952 |  |  | $ | 30,212 |  |  | 2.25 | % |
Savings | 537,759 |  |  | 1,579 |  |  | 0.59 |  |  | 606,410 |  |  | 1,100 |  |  | 0.36 |  |
Money market | 4,135,730 |  |  | 61,362 |  |  | 2.99 |  |  | 3,537,584 |  |  | 67,541 |  |  | 3.84 |  |
Time deposits | 1,674,177 |  |  | 30,093 |  |  | 3.62 |  |  | 1,610,680 |  |  | 35,049 |  |  | 4.38 |  |
Securities sold under agreements to repurchase | 193,581 |  |  | 2,571 |  |  | 2.68 |  |  | 313,494 |  |  | 5,762 |  |  | 3.70 |  |
Federal Home Loan Bank borrowings | 554,477 |  |  | 11,886 |  |  | 4.32 |  |  | 125,826 |  |  | 2,552 |  |  | 4.08 |  |
Long-term debt, net | 107,123 |  |  | 3,412 |  |  | 6.42 |  |  | 106,453 |  |  | 3,796 |  |  | 7.17 |  |
Total Interest-Bearing Liabilities | 9,867,122 |  |  | 132,221 |  |  | 2.70 |  |  | 8,995,399 |  |  | 146,012 |  |  | 3.26 |  |
Noninterest demand | 3,347,939 |  |  |  |  |  |  | 3,507,046 |  |  |  |  |  |
Other liabilities | 150,775 |  |  |  |  |  |  | 144,791 |  |  |  |  |  |
Total Liabilities | 13,365,836 |  |  |  |  |  |  | 12,647,236 |  |  |  |  |  |
Shareholders' equity | 2,233,704 |  |  |  |  |  |  | 2,118,005 |  |  |  |  |  |
Total Liabilities & Equity | $ | 15,599,540 |  |  |  |  |  |  | $ | 14,765,241 |  |  |  |  |  |
Cost of deposits |  |  |  |  | 1.87 | % |  |  |  |  |  | 2.25 | % |
Interest expense as a % of earning assets |  |  |  |  | 1.90 | % |  |  |  |  |  | 2.23 | % |
Net interest income as a % of earning assets |  |  | $ | 246,153 |  |  | 3.53 | % |  |  |  | $ | 209,954 |  |  | 3.21 | % |
1 On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
2 Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.

CONSOLIDATED QUARTERLY FINANCIAL DATA | (Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
|  |  |  | June 30, |  | March 31, |  | December 31, |  | September 30, |  | June 30,
(Amounts in thousands) |  |  | 2025 |  | 2025 |  | 2024 |  | 2024 |  | 2024
Customer Relationship Funding |  |  |  |  |  |  |  |  |  |  |
Noninterest demand |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  | $ | 2,717,688 |  |  | $ | 2,830,497 |  |  | $ | 2,621,469 |  |  | $ | 2,731,564 |  |  | $ | 2,664,353 |
Retail |  |  |  | 509,539 |  |  | 536,661 |  |  | 502,967 |  |  | 509,527 |  |  | 532,623 |
Public funds |  |  |  | 81,448 |  |  | 64,184 |  |  | 177,742 |  |  | 139,072 |  |  | 142,846 |
Other |  |  |  | 68,266 |  |  | 61,149 |  |  | 50,194 |  |  | 63,292 |  |  | 58,096 |
Total Noninterest Demand |  |  | 3,376,941 |  |  | 3,492,491 |  |  | 3,352,372 |  |  | 3,443,455 |  |  | 3,397,918 |
Interest-bearing demand |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  | 1,466,184 |  |  | 1,520,186 |  |  | 1,467,508 |  |  | 1,426,920 |  |  | 1,533,725 |
Retail |  |  |  | 838,340 |  |  | 881,282 |  |  | 881,236 |  |  | 874,043 |  |  | 892,032 |
Brokered |  |  |  | — |  |  | — |  |  | 49,287 |  |  | — |  |  | 198,337 |
Public funds |  |  |  | 214,333 |  |  | 332,792 |  |  | 269,812 |  |  | 186,485 |  |  | 196,998 |
Total Interest-Bearing Demand |  |  | 2,518,857 |  |  | 2,734,260 |  |  | 2,667,843 |  |  | 2,487,448 |  |  | 2,821,092 |
Total transaction accounts |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  | 4,183,872 |  |  | 4,350,683 |  |  | 4,088,977 |  |  | 4,158,484 |  |  | 4,198,078 |
Retail |  |  |  | 1,347,879 |  |  | 1,417,943 |  |  | 1,384,203 |  |  | 1,383,570 |  |  | 1,424,655 |
Brokered |  |  |  | — |  |  | — |  |  | 49,287 |  |  | — |  |  | 198,337 |
Public funds |  |  |  | 295,781 |  |  | 396,976 |  |  | 447,554 |  |  | 325,557 |  |  | 339,844 |
Other |  |  |  | 68,266 |  |  | 61,149 |  |  | 50,194 |  |  | 63,292 |  |  | 58,096 |
Total Transaction Accounts |  |  | 5,895,798 |  |  | 6,226,751 |  |  | 6,020,215 |  |  | 5,930,903 |  |  | 6,219,010 |
Savings |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  | 45,531 |  |  | 42,879 |  |  | 40,303 |  |  | 44,151 |  |  | 53,523 |
Retail |  |  |  | 511,941 |  |  | 492,112 |  |  | 479,674 |  |  | 480,323 |  |  | 512,529 |
Total Savings |  |  | 557,472 |  |  | 534,991 |  |  | 519,977 |  |  | 524,474 |  |  | 566,052 |
Money market |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  | 2,073,098 |  |  | 1,999,540 |  |  | 1,947,250 |  |  | 1,953,851 |  |  | 1,771,927 |
Retail |  |  |  | 1,853,398 |  |  | 1,967,239 |  |  | 1,925,330 |  |  | 1,887,975 |  |  | 1,733,505 |
Public funds |  |  |  | 185,293 |  |  | 187,903 |  |  | 213,782 |  |  | 192,545 |  |  | 202,329 |
Total Money Market |  |  | 4,111,789 |  |  | 4,154,682 |  |  | 4,086,362 |  |  | 4,034,371 |  |  | 3,707,761 |
Brokered time certificates |  |  | 512,330 |  |  | 262,461 |  |  | 244,351 |  |  | 256,536 |  |  | 126,668 |
Time deposits |  |  | 1,420,209 |  |  | 1,395,911 |  |  | 1,371,522 |  |  | 1,497,301 |  |  | 1,496,627 |
|  |  | 1,932,539 |  |  | 1,658,372 |  |  | 1,615,873 |  |  | 1,753,837 |  |  | 1,623,295 |
Total Deposits |  |  | $ | 12,497,598 |  |  | $ | 12,574,796 |  |  | $ | 12,242,427 |  |  | $ | 12,243,585 |  |  | $ | 12,116,118 |
Securities sold under agreements to repurchase |  |  | $ | 186,090 |  |  | $ | 201,128 |  |  | $ | 232,071 |  |  | $ | 210,176 |  |  | $ | 262,103 |
Total customer funding 1 |  |  | $ | 12,171,358 |  |  | $ | 12,513,463 |  |  | $ | 12,180,860 |  |  | $ | 12,197,225 |  |  | $ | 12,053,216 |
1 Total deposits and securities sold under agreements to repurchase, excluding brokered deposits. Securities sold under agreements to repurchase consists of customer sweep accounts.

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

GAAP TO NON-GAAP RECONCILIATION | (Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
| Quarterly Trends |  | Six Months Ended |
(Amounts in thousands, except per share data) | 2Q'25 |  | 1Q'25 |  | 4Q'24 |  | 3Q'24 |  | 2Q'24 |  | 2Q'25 |  | 2Q'24 |
Net Income | $ | 42,687 |  |  | $ | 31,464 |  |  | $ | 34,085 |  |  | $ | 30,651 |  |  | $ | 30,244 |  |  | $ | 74,151 |  |  | $ | 56,250 |  |
Total noninterest income | 24,521 |  |  | 22,180 |  |  | 17,068 |  |  | 23,679 |  |  | 22,184 |  |  | 46,701 |  |  | 42,681 |  |
Securities losses (gains), net | (39) |  |  | (196) |  |  | 8,388 |  |  | (187) |  |  | 44 |  |  | (235) |  |  | (185) |  |
Total Adjustments to Noninterest Income | (39) |  |  | (196) |  |  | 8,388 |  |  | (187) |  |  | 44 |  |  | (235) |  |  | (185) |  |
Total Adjusted Noninterest Income | 24,482 |  |  | 21,984 |  |  | 25,456 |  |  | 23,492 |  |  | 22,228 |  |  | 46,466 |  |  | 42,496 |  |
Total noninterest expense | 91,730 |  |  | 90,597 |  |  | 85,575 |  |  | 84,818 |  |  | 82,537 |  |  | 182,327 |  |  | 172,908 |  |
Merger-related charges | (2,422) |  |  | (1,051) |  |  | — |  |  | — |  |  | — |  |  | (3,473) |  |  | — |  |
Business continuity expenses - hurricane events | — |  |  | — |  |  | (280) |  |  | — |  |  | — |  |  | — |  |  | — |  |
Branch reductions and other expense initiatives | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (7,094) |  |
Total Adjustments to Noninterest Expense | (2,422) |  |  | (1,051) |  |  | (280) |  |  | — |  |  | — |  |  | (3,473) |  |  | (7,094) |  |
Adjusted Noninterest Expense | 89,308 |  |  | 89,546 |  |  | 85,295 |  |  | 84,818 |  |  | 82,537 |  |  | 178,854 |  |  | 165,814 |  |
Income Taxes | 12,589 |  |  | 9,386 |  |  | 9,513 |  |  | 8,602 |  |  | 8,909 |  |  | 21,975 |  |  | 16,739 |  |
Tax effect of adjustments | 604 |  |  | 217 |  |  | 2,197 |  |  | (47) |  |  | 11 |  |  | 821 |  |  | 1,751 |  |
Adjusted Income Taxes | 13,193 |  |  | 9,603 |  |  | 11,710 |  |  | 8,555 |  |  | 8,920 |  |  | 22,796 |  |  | 18,490 |  |
Adjusted Net Income | $ | 44,466 |  |  | $ | 32,102 |  |  | $ | 40,556 |  |  | $ | 30,511 |  |  | $ | 30,277 |  |  | $ | 76,568 |  |  | $ | 61,408 |  |
Earnings per diluted share, as reported | 0.50 |  |  | 0.37 |  |  | 0.40 |  |  | 0.36 |  |  | 0.36 |  |  | 0.87 |  |  | 0.66 |  |
Adjusted Earnings per Diluted Share | $ | 0.52 |  |  | $ | 0.38 |  |  | $ | 0.48 |  |  | $ | 0.36 |  |  | $ | 0.36 |  |  | $ | 0.90 |  |  | $ | 0.72 |  |
Average diluted shares outstanding | 85,479 |  |  | 85,388 |  |  | 85,302 |  |  | 85,069 |  |  | 84,816 |  |  | 85,454 |  |  | 84,799 |  |
Adjusted Noninterest Expense | $ | 89,308 |  |  | $ | 89,546 |  |  | $ | 85,295 |  |  | $ | 84,818 |  |  | $ | 82,537 |  |  | $ | 178,854 |  |  | $ | 165,814 |  |
Provision for credit losses on unfunded commitments | (150) |  |  | (150) |  |  | (250) |  |  | (250) |  |  | (251) |  |  | (300) |  |  | (501) |  |
Other real estate owned expense and net (loss) gain on sale | (8) |  |  | (241) |  |  | (84) |  |  | (491) |  |  | 109 |  |  | (249) |  |  | 135 |  |
Amortization of intangibles | (5,131) |  |  | (5,309) |  |  | (5,587) |  |  | (6,002) |  |  | (6,003) |  |  | (10,440) |  |  | (12,295) |  |
Net Adjusted Noninterest Expense | 84,019 |  |  | 83,846 |  |  | 79,374 |  |  | 78,075 |  |  | 76,392 |  |  | 167,865 |  |  | 153,153 |  |
Average tangible assets | $ | 15,004,763 |  |  | $ | 14,593,955 |  |  | $ | 14,397,331 |  |  | $ | 14,184,085 |  |  | $ | 14,020,793 |  |  | $ | 14,800,495 |  |  | $ | 13,943,019 |  |
Net Adjusted Noninterest Expense to Average Tangible Assets | 2.25 | % |  | 2.33 | % |  | 2.19 | % |  | 2.19 | % |  | 2.19 | % |  | 2.29 | % |  | 2.21 | % |
Net Revenue | $ | 151,385 |  |  | $ | 140,697 |  |  | $ | 132,872 |  |  | $ | 130,344 |  |  | $ | 126,608 |  |  | $ | 292,082 |  |  | $ | 252,183 |  |
Total Adjustments to Net Revenue | (39) |  |  | (196) |  |  | 8,388 |  |  | (187) |  |  | 44 |  |  | (235) |  |  | (185) |  |
Impact of FTE adjustment | 431 |  |  | 340 |  |  | 311 |  |  | 310 |  |  | 233 |  |  | 772 |  |  | 452 |  |
Adjusted Net Revenue on a fully taxable equivalent basis | $ | 151,777 |  |  | $ | 140,841 |  |  | $ | 141,571 |  |  | $ | 130,467 |  |  | $ | 126,885 |  |  | $ | 292,619 |  |  | $ | 252,450 |  |
Adjusted Efficiency Ratio | 55.36 | % |  | 59.53 | % |  | 56.07 | % |  | 59.84 | % |  | 60.21 | % |  | 57.37 | % |  | 60.67 | % |
Net Interest Income | $ | 126,864 |  |  | $ | 118,517 |  |  | $ | 115,804 |  |  | $ | 106,665 |  |  | $ | 104,424 |  |  | $ | 245,381 |  |  | $ | 209,502 |  |
Impact of FTE adjustment | 431 |  |  | 340 |  |  | 311 |  |  | 310 |  |  | 233 |  |  | 772 |  |  | 452 |  |
Net Interest Income including FTE adjustment | 127,295 |  |  | 118,857 |  |  | 116,115 |  |  | 106,975 |  |  | 104,657 |  |  | 246,153 |  |  | 209,954 |  |
Total noninterest income | 24,521 |  |  | 22,180 |  |  | 17,068 |  |  | 23,679 |  |  | 22,184 |  |  | 46,701 |  |  | 42,681 |  |
Total noninterest expense less provision for credit losses on unfunded commitments | 91,580 |  |  | 90,447 |  |  | 85,325 |  |  | 84,568 |  |  | 82,286 |  |  | 182,027 |  |  | 172,407 |  |
Pre-Tax Pre-Provision Earnings | 60,236 |  |  | 50,590 |  |  | 47,858 |  |  | 46,086 |  |  | 44,555 |  |  | 110,827 |  |  | 80,228 |  |
Total Adjustments to Noninterest Income | (39) |  |  | (196) |  |  | 8,388 |  |  | (187) |  |  | 44 |  |  | (235) |  |  | (185) |  |
Total Adjustments to Noninterest Expense including other real estate owned expense and net loss (gain) on sale | 2,430 |  |  | 1,292 |  |  | 364 |  |  | 491 |  |  | (109) |  |  | 3,722 |  |  | 6,959 |  |
Adjusted Pre-Tax Pre-Provision Earnings | 62,627 |  |  | 51,686 |  |  | 56,610 |  |  | 46,390 |  |  | 44,490 |  |  | 114,314 |  |  | 87,002 |  |
Average Assets | 15,801,194 |  |  | 15,395,642 |  |  | 15,204,041 |  |  | 14,996,846 |  |  | 14,839,707 |  |  | 15,599,540 |  |  | 14,765,241 |  |
Less average goodwill and intangible assets | (796,431) |  | (801,687) |  | (806,710) |  | (812,761) |  | (818,914) |  | (799,045) |  | (822,222) |
Average Tangible Assets | $ | 15,004,763 |  |  | $ | 14,593,955 |  |  | $ | 14,397,331 |  |  | $ | 14,184,085 |  |  | $ | 14,020,793 |  |  | $ | 14,800,495 |  |  | $ | 13,943,019 |  |
Return on Average Assets (ROA) | 1.08 | % |  | 0.83 | % |  | 0.89 | % |  | 0.81 | % |  | 0.82 | % |  | 0.96 | % |  | 0.77 | % |
Impact of other adjustments for Adjusted Net Income | 0.05 |  |  | 0.02 |  |  | 0.17 |  |  | — |  |  | — |  |  | 0.03 |  |  | 0.07 |  |

GAAP TO NON-GAAP RECONCILIATION | (Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
| Quarterly Trends |  | Six Months Ended |
(Amounts in thousands, except per share data) | 2Q'25 |  | 1Q'25 |  | 4Q'24 |  | 3Q'24 |  | 2Q'24 |  | 2Q'25 |  | 2Q'24 |
Adjusted ROA | 1.13 |  |  | 0.85 |  |  | 1.06 |  |  | 0.81 |  |  | 0.82 |  |  | 0.99 |  |  | 0.84 |  |
ROA | 1.08 |  |  | 0.83 |  |  | 0.89 |  |  | 0.81 |  |  | 0.82 |  |  | 0.96 |  |  | 0.77 |  |
Impact of removing average intangible assets and related amortization | 0.16 |  |  | 0.15 |  |  | 0.17 |  |  | 0.18 |  |  | 0.18 |  |  | 0.16 |  |  | 0.17 |  |
Return on Average Tangible Assets (ROTA) | 1.24 |  |  | 0.98 |  |  | 1.06 |  |  | 0.99 |  |  | 1.00 |  |  | 1.12 |  |  | 0.94 |  |
Impact of other adjustments for Adjusted Net Income | 0.05 |  |  | 0.02 |  |  | 0.18 |  |  | (0.01) |  |  | — |  |  | 0.03 |  |  | 0.08 |  |
Adjusted ROTA | 1.29 | % |  | 1.00 | % |  | 1.24 | % |  | 0.98 | % |  | 1.00 | % |  | 1.15 | % |  | 1.02 | % |
Average Shareholders' Equity | $ | 2,252,208 |  |  | $ | 2,214,995 |  |  | $ | 2,203,052 |  |  | $ | 2,168,444 |  |  | $ | 2,117,628 |  |  | $ | 2,233,704 |  |  | $ | 2,118,005 |  |
Less average goodwill and intangible assets | (796,431) |  |  | (801,687) |  |  | (806,710) |  |  | (812,761) |  |  | (818,914) |  |  | (799,045) |  |  | (822,222) |  |
Average Tangible Equity | $ | 1,455,777 |  |  | $ | 1,413,308 |  |  | $ | 1,396,342 |  |  | $ | 1,355,683 |  |  | $ | 1,298,714 |  |  | $ | 1,434,659 |  |  | $ | 1,295,783 |  |
Return on Average Shareholders' Equity | 7.60 | % |  | 5.76 | % |  | 6.16 | % |  | 5.62 | % |  | 5.74 | % |  | 6.69 | % |  | 5.34 | % |
Impact of removing average intangible assets and related amortization | 5.22 |  |  | 4.41 |  |  | 4.74 |  |  | 4.69 |  |  | 5.01 |  |  | 4.83 |  |  | 4.81 |  |
Return on Average Tangible Common Equity (ROTCE) | 12.82 |  |  | 10.17 |  |  | 10.90 |  |  | 10.31 |  |  | 10.75 |  |  | 11.52 |  |  | 10.15 |  |
Impact of other adjustments for Adjusted Net Income | 0.49 |  |  | 0.18 |  |  | 1.84 |  |  | (0.04) |  |  | 0.01 |  |  | 0.34 |  |  | 0.80 |  |
Adjusted ROTCE | 13.31 | % |  | 10.35 | % |  | 12.74 | % |  | 10.27 | % |  | 10.76 | % |  | 11.86 | % |  | 10.95 | % |
Loan interest income 1 | $ | 157,499 |  |  | $ | 150,973 |  |  | $ | 152,303 |  |  | $ | 151,282 |  |  | $ | 147,518 |  |  | $ | 308,472 |  |  | $ | 294,826 |  |
Accretion on acquired loans | (10,583) |  |  | (8,221) |  |  | (11,717) |  |  | (9,182) |  |  | (10,178) |  |  | (18,804) |  |  | (20,773) |  |
Loan interest income excluding accretion on acquired loans 1 | $ | 146,916 |  |  | $ | 142,752 |  |  | $ | 140,586 |  |  | $ | 142,100 |  |  | $ | 137,340 |  |  | $ | 289,668 |  |  | $ | 274,053 |  |
Yield on loans 1 | 5.98 | % |  | 5.90 | % |  | 5.93 | % |  | 5.94 | % |  | 5.93 | % |  | 5.94 | % |  | 5.92 | % |
Impact of accretion on acquired loans | (0.40) |  |  | (0.32) |  |  | (0.45) |  |  | (0.36) |  |  | (0.41) |  |  | (0.36) |  |  | (0.42) |  |
Yield on loans excluding accretion on acquired loans 1 | 5.58 | % |  | 5.58 | % |  | 5.48 | % |  | 5.58 | % |  | 5.52 | % |  | 5.58 | % |  | 5.50 | % |
Net Interest Income 1 | $ | 127,295 |  |  | $ | 118,857 |  |  | $ | 116,115 |  |  | $ | 106,975 |  |  | $ | 104,657 |  |  | $ | 246,153 |  |  | $ | 209,954 |  |
Accretion on acquired loans | (10,583) |  |  | (8,221) |  |  | (11,717) |  |  | (9,182) |  |  | (10,178) |  |  | (18,804) |  |  | (20,773) |  |
Net interest income excluding accretion on acquired loans 1 | $ | 116,712 |  |  | $ | 110,636 |  |  | $ | 104,398 |  |  | $ | 97,793 |  |  | $ | 94,479 |  |  | $ | 227,349 |  |  | $ | 189,181 |  |
Net Interest Margin 1 | 3.58 | % |  | 3.48 | % |  | 3.39 | % |  | 3.17 | % |  | 3.18 | % |  | 3.53 | % |  | 3.21 | % |
Impact of accretion on acquired loans | (0.29) |  |  | (0.24) |  |  | (0.34) |  |  | (0.27) |  |  | (0.31) |  |  | (0.27) |  |  | (0.31) |  |
Net interest margin excluding accretion on acquired loans 1 | 3.29 | % |  | 3.24 | % |  | 3.05 | % |  | 2.90 | % |  | 2.87 | % |  | 3.26 | % |  | 2.89 | % |
Securities interest income 1 | $ | 32,519 |  |  | $ | 29,422 |  |  | $ | 26,986 |  |  | $ | 26,005 |  |  | $ | 24,195 |  |  | $ | 61,942 |  |  | $ | 46,629 |  |
Tax equivalent adjustment on securities | (7) |  |  | (7) |  |  | (7) |  |  | (8) |  |  | (7) |  |  | (15) |  |  | (14) |  |
Securities interest income excluding tax equivalent adjustment 1 | 32,512 |  |  | 29,415 |  |  | 26,979 |  |  | 25,997 |  |  | 24,188 |  |  | 61,927 |  |  | 46,615 |  |
Loan interest income 1 | 157,499 |  |  | 150,973 |  |  | 152,303 |  |  | 151,282 |  |  | 147,518 |  |  | 308,472 |  |  | 294,825 |  |
Tax equivalent adjustment on loans | (424) |  |  | (333) |  |  | (304) |  |  | (302) |  |  | (226) |  |  | (757) |  |  | (438) |  |
Loan interest income excluding tax equivalent adjustment | 157,075 |  |  | 150,640 |  |  | 151,999 |  |  | 150,980 |  |  | 147,292 |  |  | 307,715 |  |  | 294,387 |  |
Net Interest Income 1 | 127,293 |  |  | 118,857 |  |  | 116,115 |  |  | 106,975 |  |  | 104,657 |  |  | 246,153 |  |  | 209,954 |  |
Tax equivalent adjustment on securities | (7) |  |  | (7) |  |  | (7) |  |  | (8) |  |  | (7) |  |  | (15) |  |  | (14) |  |
Tax equivalent adjustment on loans | (424) |  |  | (333) |  |  | (304) |  |  | (302) |  |  | (226) |  |  | (757) |  |  | (438) |  |
Net interest income excluding tax equivalent adjustment | $ | 126,862 |  |  | $ | 118,517 |  |  | $ | 115,804 |  |  | $ | 106,665 |  |  | $ | 104,424 |  |  | $ | 245,381 |  |  | $ | 209,502 |  |
1 On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. |