• Seacoast Reports Second Quarter 2024 Results

    Source: Nasdaq GlobeNewswire / 25 Jul 2024 16:35:50   America/New_York

    Well-Positioned Balance Sheet with Strong Capital and Liquidity

    Continued Build in Loan Originations and Pipeline, Cost of Deposits Stabilizing

    Growth in Noninterest Income, and Well-Managed Noninterest Expense

    STUART, Fla., July 25, 2024 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported net income in the second quarter of 2024 of $30.2 million, or $0.36 per diluted share, compared to $26.0 million, or $0.31 per diluted share in the first quarter of 2024 and $31.2 million, or $0.37 per diluted share in the second quarter of 2023.

    Adjusted net income1 for the second quarter of 2024 was $30.3 million, or $0.36 per diluted share, compared to $31.1 million, or $0.37 per diluted share in the first quarter of 2024 and $43.5 million, or $0.51 per diluted share in the second quarter of 2023.

    Pre-tax pre-provision earnings1 were $44.6 million in the second quarter of 2024, an increase of 25% compared to the first quarter of 2024 and an increase of 9% compared to the second quarter of 2023. Adjusted pre-tax pre-provision earnings1 were $44.5 million in the second quarter of 2024, an increase of 5% compared to the first quarter of 2024 and a decrease of 22% compared to the second quarter of 2023.

    For the second quarter of 2024, return on average tangible assets was 1.00% and return on average tangible shareholders' equity was 10.75%, compared to 0.89% and 9.55%, respectively, in the prior quarter, and 1.06% and 12.08%, respectively, in the prior year quarter. Adjusted return on average tangible assets1 in the second quarter of 2024 was 1.00% and adjusted return on average tangible shareholders' equity1 was 10.76%, compared to 1.04% and 11.15%, respectively, in the prior quarter, and 1.41% and 16.08%, respectively, in the prior year quarter.

    Charles M. Shaffer, Chairman and CEO of Seacoast, stated, "This quarter marks the beginning of the shift we anticipated for mid-year 2024. We have seen emerging loan growth and stabilizing deposit costs, supporting an improved outlook for net interest income. We are also experiencing growth in noninterest income while managing our expenses carefully. Our investments in revenue-producing bankers across the state have led to stronger loan production and pipeline growth, and consistent positive results in service charges on deposits, including treasury management fees, wealth management revenue, and insurance agency income. I am very optimistic about the direction we are heading as our competitive transformation continues to take effect. We expect to continue to see positive results from recent talent acquisitions, which will drive further organic growth in the coming periods."

    Shaffer concluded, "We remain committed to a disciplined approach to credit, and our balance sheet is one of the strongest in the industry, with a Tier 1 capital ratio of 14.8% as of June 30, 2024. The ratio of tangible common equity to tangible assets has increased to 9.30%. Our liquidity position is also robust, with a loan-to-deposit ratio of 83%, providing us with balance sheet flexibility as we work towards stronger earnings in the coming periods."

    Financial Results

    Income Statement

    • Net income in the second quarter of 2024 was $30.2 million, or $0.36 per diluted share, compared to $26.0 million, or $0.31 per diluted share in the prior quarter and $31.2 million, or $0.37 per diluted share in the prior year quarter. For the six months ended June 30, 2024, net income was $56.3 million, or $0.66 per diluted share, compared to $43.1 million, or $0.52 per diluted share, for the six months ended June 30, 2023. Adjusted net income1 for the second quarter of 2024 was $30.3 million, or $0.36 per diluted share, compared to $31.1 million, or $0.37 per diluted share, for the prior quarter, and $43.5 million, or $0.51 per diluted share, for the prior year quarter. For the six months ended June 30, 2024, adjusted net income1 was $61.4 million, or $0.72 per diluted share, compared to $67.7 million, or $0.81 per diluted share, for the six months ended June 30, 2023.
    • Net revenues were $126.6 million in the second quarter of 2024, an increase of $1.0 million, or 1%, compared to the prior quarter, and a decrease of $21.9 million, or 15%, compared to the prior year quarter. For the six months ended June 30, 2024, net revenues were $252.2 million, a decrease of $50.0 million, or 17%, compared to the six months ended June 30, 2023. Adjusted net revenues1 were $126.9 million in the second quarter of 2024, an increase of $1.3 million, or 1%, compared to the prior quarter, and a decrease of $22.0 million, or 15%, compared to the prior year quarter. For the six months ended June 30, 2024, adjusted net revenues1 were $252.5 million, a decrease of $48.0 million, or 16%, compared to the six months ended June 30, 2023.
    • Pre-tax pre-provision earnings1 were $44.6 million in the second quarter of 2024, an increase of $8.9 million, or 25%, compared to the first quarter of 2024 and an increase of $3.7 million, or 9%, compared to the second quarter of 2023. For the six months ended June 30, 2024, pre-tax pre-provision earnings1 were $80.2 million, a decrease of $8.2 million, or 9%, compared to the six months ended June 30, 2023. Adjusted pre-tax pre-provision earnings1 were $44.5 million in the second quarter of 2024, an increase of $2.0 million, or 5%, compared to the first quarter of 2024 and a decrease of $12.7 million, or 22%, compared to the second quarter of 2023. For the six months ended June 30, 2024, adjusted pre-tax pre-provision earnings1 were $87.0 million, a decrease of $34.6 million, or 28%, compared to the six months ended June 30, 2023.
    • Net interest income totaled $104.4 million in the second quarter of 2024, a modest decrease of $0.7 million, or 1%, compared to the prior quarter, and a decrease of $22.5 million, or 18%, compared to the prior year quarter. For the six months ended June 30, 2024, net interest income was $209.5 million, a decrease of $48.6 million, or 19%, compared to the six months ended June 30, 2023. The declines reflect higher interest expense on deposits resulting from growth in deposit balances and the impact of the continuing elevated rate environment. Included in loan interest income is accretion on acquired loans of $10.2 million in the second quarter of 2024, $10.6 million in the first quarter of 2024, and $14.6 million in the second quarter of 2023. For the six months ended June 30, 2024, accretion on acquired loans totaled $20.8 million, compared to $30.5 million for the six months ended June 30, 2023.
    • Net interest margin decreased six basis points to 3.18% in the second quarter of 2024 compared to 3.24% in the first quarter of 2024. Excluding the effects of accretion on acquired loans, net interest margin decreased four basis points to 2.87% in the second quarter of 2024 compared to 2.91% in the first quarter of 2024. Loan yields were 5.93%, an increase of three basis points from the prior quarter. Securities yields increased 22 basis points to 3.69%, compared to 3.47% in the prior quarter. The cost of deposits increased 12 basis points from 2.19% in the prior quarter, to 2.31% in the second quarter of 2024.
    • Noninterest income totaled $22.2 million in the second quarter of 2024, an increase of $1.7 million, or 8%, compared to the prior quarter, and an increase of $0.6 million, or 3%, compared to the prior year quarter. For the six months ended June 30, 2024, noninterest income totaled $42.7 million, a decrease of $1.3 million, or 3%, compared to the six months ended June 30, 2023. The Durbin amendment became effective for Seacoast on July 1, 2023, limiting network interchange fees earned on debit card transactions. Results in the second quarter of 2024 included:
      • Service charges on deposits increased $0.4 million, or 8%, compared to the prior quarter and $0.8 million, or 17%, compared to 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 increased $0.2 million, or 6%, compared to the prior quarter and $0.4 million, or 14%, compared to the prior year quarter. The wealth management division continues to demonstrate success in building relationships, with assets under management reaching $1.9 billion at June 30, 2024.
      • Insurance agency income increased $0.1 million, or 5%, compared to the prior quarter and $0.2 million, or 17%, compared to the prior year quarter, reflecting continued growth and expansion of services.
      • BOLI income increased $0.3 million, or 15%, compared to the prior quarter and $0.5 million, or 26%, compared to the prior year quarter, with policy exchanges executed in the first quarter of 2024 resulting in improved ongoing yields.
      • Other income increased $0.7 million, or 14%, compared to the prior quarter and $1.2 million, or 25% compared to the prior year quarter. The second quarter of 2024 includes a gain on the sale of a single nonperforming commercial real estate loan.
    • The provision for credit losses was $4.9 million in the second quarter of 2024, compared to $1.4 million in the first quarter of 2024 and a net benefit of $0.8 million in the second quarter of 2023.
    • Noninterest expense was $82.5 million in the second quarter of 2024, a decrease of $7.8 million, or 9%, compared to the prior quarter, and a decrease of $25.3 million, or 23%, compared to the prior year quarter. Noninterest expense for the six months ended June 30, 2024, totaled $172.9 million, a decrease of $42.4 million, or 20% compared to the six months ended June 30, 2023. With significant cost-saving initiatives now complete, Seacoast has prudently managed expenses while strategically investing to support continued growth. Changes compared to the first quarter of 2024 included:
      • Salaries and wages decreased $1.4 million, or 3%, to $38.9 million. The first quarter of 2024 included $2.1 million in severance-related expenses arising from a reduction in the workforce.
      • Employee benefits decreased $1.0 million, or 13%, to $6.9 million as a result of higher seasonal payroll taxes and 401(k) contributions impacting the first quarter of 2024.
      • Outsourced data processing costs decreased $3.9 million, or 32%, to $8.2 million, with the first quarter reflecting $4.1 million in charges associated with contract terminations and modifications to consolidate systems.
      • Occupancy costs decreased $0.9 million, or 11%, to $7.2 million in the second quarter of 2024. The first quarter of 2024 included $0.8 million in charges associated with early lease terminations and consolidation of locations completed during the first quarter.
      • Marketing expenses increased $0.6 million, or 23%, to $3.3 million, the result of a focused effort on branding across all of our markets, supporting strong results in customer acquisition.
      • Other noninterest expenses decreased $0.7 million or 10%, to $5.9 million, benefiting from ongoing expense discipline.
    • Seacoast recorded $8.9 million of income tax expense in the second quarter of 2024, compared to $7.8 million in the first quarter of 2024, and $10.2 million in the second quarter of 2023. Tax expense related to stock-based compensation was $0.2 million in the second quarter of 2024, nominal in the first quarter of 2024 and $0.3 million in the second quarter of 2023.
    • The efficiency ratio was 60.21% in the second quarter of 2024, compared to 66.78% in the first quarter of 2024 and 67.34% in the prior year quarter. The adjusted efficiency ratio1 was 60.21% in the second quarter of 2024, compared to 61.13% in the first quarter of 2024 and 56.44% in the prior year quarter. The Company continues to remain keenly focused on disciplined expense control, while making investments for growth.

    Balance Sheet

    • At June 30, 2024, the Company had total assets of $15.0 billion and total shareholders' equity of $2.1 billion. Book value per share was $24.98 as of June 30, 2024, compared to $24.93 as of March 31, 2024, and $24.14 as of June 30, 2023. Tangible book value per share increased to $15.41 as of June 30, 2024, compared to $15.26 as of March 31, 2024, and $14.24 as of June 30, 2023.
    • Debt securities totaled $2.6 billion as of June 30, 2024, an increase of $5.9 million compared to March 31, 2024. Debt securities include approximately $2.0 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 $658.1 million in securities classified as held to maturity with a fair value of $527.3 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 $60.5 million, or 2.4% annualized from the first quarter of 2024, totaling $10.0 billion as of June 30, 2024. Loan originations increased 37% to $538.0 million in the second quarter of 2024, compared to $394.0 million in the first quarter of 2024. 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 pipelines (loans in underwriting and approval or approved and not yet closed) totaled $834.4 million as of June 30, 2024, an increase of 46% from March 31, 2024, and an increase of 193% from June 30, 2023.
      • Commercial pipelines were $743.8 million as of June 30, 2024, an increase of 49% from $498.6 million at March 31, 2024, and an increase of 274% from $199.0 million at June 30, 2023. The Company is benefiting from the investment made in recent years to attract talent from regional banks across its markets. This talent is onboarding significant new relationships, resulting in growing pipelines.
      • SBA pipelines were $29.3 million as of June 30, 2024, an increase of 87% from $15.6 million at March 31, 2024, and an increase of 58% from $18.6 million at June 30, 2023.
      • Consumer pipelines were $24.5 million as of June 30, 2024, a decrease of $0.5 million, or 2%, from $25.1 million at March 31, 2024, and a decrease of $3.9 million, or 14%, from $28.4 million at June 30, 2023.
      • Residential saleable pipelines were $12.1 million as of June 30, 2024, an increase of 30% from $9.3 million at March 31, 2024, and an increase of 5% from $11.5 million at June 30, 2023. Retained residential pipelines were $24.7 million as of June 30, 2024, an increase of 1% from $24.4 million at March 31, 2024, and a decrease of 9% from $27.1 million at June 30, 2023.
    • Total deposits were $12.1 billion as of June 30, 2024, an increase of $100.3 million, or 3.4% annualized, when compared to March 31, 2024. Seacoast’s granular, longstanding deposit base is a hallmark of our franchise and serves as a significant source of strength.
      • At June 30, 2024, customer transaction account balances represented 50% of total deposits.
      • The Company benefits from a granular deposit franchise, with the top ten depositors representing approximately 4% of total deposits.
      • Average deposits per banking center were $157 million at June 30, 2024, compared to $156 million at March 31, 2024.
      • Uninsured deposits represented only 34% of overall deposit accounts as of June 30, 2024. 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 154% of uninsured deposits, and 181% of uninsured and uncollateralized deposits.
      • Consumer deposits represent 42% of overall deposit funding with an average consumer customer balance of $25 thousand. Commercial deposits represent 58% of overall deposit funding with an average business customer balance of $109 thousand.
      • Federal Home Loan Bank advances totaled $180.0 million at June 30, 2024 with a weighted average interest rate of 4.18%.

    Asset Quality

    • Nonperforming loans were $59.9 million at June 30, 2024, compared to $77.2 million at March 31, 2024, and $48.3 million at June 30, 2023. Nonperforming loans to total loans outstanding were 0.60% at June 30, 2024, 0.77% at March 31, 2024, and 0.48% at June 30, 2023.
    • Nonperforming assets to total assets were 0.45% at June 30, 2024, compared to 0.57% at March 31, 2024, and 0.37% at June 30, 2023.
    • The ratio of allowance for credit losses to total loans was 1.41% at June 30, 2024, 1.47% at March 31, 2024, and 1.58% at June 30, 2023.
    • Net charge-offs were $9.9 million in the second quarter of 2024, compared to $3.6 million in the first quarter of 2024 and $0.7 million in the second quarter of 2023. Charge-offs during the quarter primarily reflect reserves previously established in the allowance for credit losses.
    • 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 $345 thousand, and the average commercial loan size is $758 thousand, reflecting an ability to maintain granularity within the overall loan portfolio.
    • Construction and land development and commercial real estate loans remain well below regulatory guidance at 36% and 235% of total bank-level risk-based capital, respectively, compared to 39% and 236%, respectively, at March 31, 2024. On a consolidated basis, construction and land development and commercial real estate loans represent 34% and 222%, 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 June 30, 2024 of 14.8% compared to 14.7% at March 31, 2024, and 13.5% at June 30, 2023. The Total capital ratio was 16.2%, the Common Equity Tier 1 capital ratio was 14.1%, and the Tier 1 leverage ratio was 11.1% at June 30, 2024. The Company is considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements.
    • Cash and cash equivalents at June 30, 2024 totaled $749.5 million.
    • The Company’s loan to deposit ratio was 82.9% at June 30, 2024, which should provide liquidity and flexibility moving forward.
    • Tangible common equity to tangible assets was 9.30% at June 30, 2024, compared to 9.25% at March 31, 2024, and 8.53% at June 30, 2023. If all held-to-maturity securities were adjusted to fair value, the tangible common equity ratio would have been 8.64%.
    • At June 30, 2024, in addition to $749.5 million in cash, the Company had $5.6 billion in available borrowing capacity, including $4.3 billion in available collateralized lines of credit, $944.3 million 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 June 30, 2024, represented 181% of uninsured and uncollateralized deposits.
    • Our Board of Directors has approved a share repurchase program of up to $100 million in shares of the Company’s common stock. During the second quarter of 2024, 39,892 shares of the Company’s common stock were repurchased under the program.

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

     
    FINANCIAL HIGHLIGHTS
    (Amounts in thousands except per share data)(Unaudited)
     Quarterly Trends
              
     2Q'24 1Q'24 4Q'23 3Q'23 2Q'23
    Selected balance sheet data:         
    Gross loans$10,038,508  $9,978,052  $10,062,940  $10,011,186  $10,117,919 
    Total deposits 12,116,118   12,015,840   11,776,935   12,107,834   12,283,267 
    Total assets 14,952,613   14,830,015   14,580,249   14,823,007   15,041,932 
              
    Performance measures:         
    Net income$30,244  $26,006  $29,543  $31,414  $31,249 
    Net interest margin 3.18%  3.24%  3.36%  3.57%  3.86%
    Pre-tax pre-provision earnings1$44,555  $35,674  $42,006  $43,383  $40,864 
    Average diluted shares outstanding 84,816   85,270   85,336   85,666   85,536 
    Diluted earnings per share (EPS) 0.36   0.31   0.35   0.37   0.37 
    Return on (annualized):         
    Average assets (ROA) 0.82%  0.71%  0.80%  0.84%  0.84%
    Average tangible assets (ROTA)2 1.00   0.89   0.99   1.04   1.06 
    Average tangible common equity (ROTCE)2 10.75   9.55   11.22   11.90   12.08 
    Tangible common equity to tangible assets2 9.30   9.25   9.31   8.68   8.53 
    Tangible book value per share2$15.41  $15.26  $15.08  $14.26  $14.24 
    Efficiency ratio 60.21%  66.78%  60.32%  62.60%  67.34%
              
    Adjusted operating measures1:         
    Adjusted net income4$30,277  $31,132  $31,363  $34,170  $43,489 
    Adjusted pre-tax pre-provision earnings4 44,490   42,513   45,016   47,349   57,202 
    Adjusted diluted EPS4 0.36   0.37   0.37   0.40   0.51 
    Adjusted ROTA2 1.00%  1.04%  1.04%  1.12%  1.41%
    Adjusted ROTCE2 10.76   11.15   11.80   12.79   16.08 
    Adjusted efficiency ratio 60.21   61.13   60.32   60.19   56.44 
    Net adjusted noninterest expense as a percent of average tangible assets2 2.19%  2.23%  2.25%  2.34%  2.40%
              
    Other data:         
    Market capitalization3$2,016,472  $2,156,529  $2,415,158  $1,869,891  $1,880,407 
    Full-time equivalent employees 1,449   1,445   1,541   1,570   1,670 
    Number of ATMs 95   95   96   97   96 
    Full-service banking offices 77   77   77   77   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.
    4As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change.
     

    OTHER INFORMATION

    Conference Call Information
    Seacoast will host a conference call July 26, 2024, at 10:00 a.m. (Eastern Time) to discuss the second quarter of 2024 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 715-9871 (Conference ID: 5967990). 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 $15.0 billion in assets and $12.1 billion in deposits as of June 30, 2024. Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 77 full-service branches across Florida, and through advanced mobile and online banking solutions. Seacoast National Bank is the wholly-owned subsidiary bank of Seacoast Banking Corporation of Florida. For more information about Seacoast, visit www.SeacoastBanking.com.

    Tracey L. Dexter
    Chief Financial Officer
    Seacoast Banking Corporation of Florida
    (772) 403-0461

    Cautionary Notice Regarding Forward-Looking Statements

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

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

    All statements other than statements of historical fact could be forward-looking statements. You can identify these forward-looking statements through the use of words such as "may", "will", "anticipate", "assume", "should", "support", "indicate", "would", "believe", "contemplate", "expect", "estimate", "continue", "further", "plan", "point to", "project", "could", "intend", "target" or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of inflationary pressures, changes in interest rates, slowdowns in economic growth, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing; potential impacts of adverse developments in the banking industry, including those highlighted by high-profile bank failures, and including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto (including increases in the cost of our deposit insurance assessments), the Company's ability to effectively manage its liquidity risk and any growth plans, and the availability of capital and funding; governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes including proposed overdraft and late fee caps, 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 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; the risk that balance sheet, revenue growth, and loan growth expectations may differ from actual results; 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, 2023 and in other periodic reports that the Company files with the SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at www.sec.gov.

               
    FINANCIAL HIGHLIGHTS(Unaudited)
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
     
     Quarterly Trends Six Months Ended
    (Amounts in thousands, except ratios and per share data)2Q'24 1Q'24 4Q'23 3Q'23 2Q'23 2Q'24 2Q'23
    Summary of Earnings             
    Net income$ 30,244  $26,006  $29,543  $31,414  $31,249  $ 56,250  $43,076 
    Adjusted net income1,6 30,277   31,132   31,363   34,170   43,489   61,408   67,708 
    Net interest income2 104,657   105,298   111,035   119,505   127,153   209,954   258,504 
    Net interest margin2,3 3.18 %  3.24%  3.36%  3.57%  3.86%  3.21 %  4.09%
    Pre-tax pre-provision earnings1 44,555   35,674   42,006   43,383   40,864   80,228   88,424 
    Adjusted pre-tax pre-provision earnings1,6 44,490   42,513   45,016   47,349   57,202   87,002   121,556 
                  
    Performance Ratios             
    Return on average assets-GAAP basis3 0.82 %  0.71%  0.80%  0.84%  0.84%  0.77 %  0.60%
    Return on average tangible assets-GAAP basis3,4 1.00   0.89   0.99   1.04   1.06   0.94   0.80 
    Adjusted return on average tangible assets1,3,4 1.00   1.04   1.04   1.12   1.41   1.02   1.16 
    Pre-tax pre-provision return on average tangible assets1,3,4,6 1.45   1.22   1.39   1.43   1.39   1.33   1.52 
    Adjusted pre-tax pre-provision return on average tangible assets1,3,4 1.45   1.42   1.48   1.55   1.85   1.43   2.01 
    Net adjusted noninterest expense to average tangible assets1,3,4 2.19   2.23   2.25   2.34   2.40   2.21   2.44 
    Return on average shareholders' equity-GAAP basis3 5.74   4.94   5.69   6.01   6.05   5.34   4.38 
    Return on average tangible common equity-GAAP basis3,4 10.75   9.55   11.22   11.90   12.08   10.15   9.14 
    Adjusted return on average tangible common equity1,3,4 10.76   11.15   11.80   12.79   16.08   10.95   13.32 
    Efficiency ratio5 60.21   66.78   60.32   62.60   67.34   63.48   66.37 
    Adjusted efficiency ratio1 60.21   61.13   60.32   60.19   56.44   60.67   54.76 
    Noninterest income to total revenue (excluding securities gains/losses) 17.55   16.17   15.14   13.22   14.63   16.86   14.59 
    Tangible common equity to tangible assets4 9.30   9.25   9.31   8.68   8.53   9.30   8.53 
    Average loan-to-deposit ratio 83.11   84.50   83.38   82.63   83.48   83.80   82.98 
    End of period loan-to-deposit ratio 82.90   83.12   85.48   82.71   82.42   82.90   82.42 
                  
    Per Share Data             
    Net income diluted-GAAP basis$ 0.36  $0.31  $0.35  $0.37  $0.37  $ 0.66  $0.52 
    Net income basic-GAAP basis 0.36   0.31   0.35   0.37   0.37   0.67   0.52 
    Adjusted earnings1,6 0.36   0.37   0.37   0.40   0.51   0.72   0.81 
                  
    Book value per share common 24.98   24.93   24.84   24.06   24.14   24.98   24.14 
    Tangible book value per share 15.41   15.26   15.08   14.26   14.24   15.41   14.24 
    Cash dividends declared 0.18   0.18   0.18   0.18   0.18   0.36   0.35 
    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). 
    6As of 1Q'24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change.
     


    CONDENSED 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'24 1Q'24 4Q'23 3Q'23 2Q'23 2Q'24 2Q'23
                  
    Interest on securities:             
    Taxable$ 24,155  $22,393  $21,383  $21,401  $20,898  $ 46,548  $40,142 
    Nontaxable 33   34   55   97   97   67   202 
    Interest and fees on loans 147,292   147,095   147,801   149,871   148,265   294,387   283,433 
    Interest on interest bearing deposits and other investments 8,328   6,184   7,616   8,477   5,023   14,512   8,497 
    Total Interest Income 179,808   175,706   176,855   179,846   174,283   355,514   332,274 
                  
    Interest on deposits 51,319   47,534   44,923   38,396   27,183   98,853   43,216 
    Interest on time certificates 17,928   17,121   15,764   16,461   14,477   35,049   20,029 
    Interest on borrowed money 6,137   5,973   5,349   5,683   5,660   12,110   10,914 
    Total Interest Expense 75,384   70,628   66,036   60,540   47,320   146,012   74,159 
                  
    Net Interest Income 104,424   105,078   110,819   119,306   126,963   209,502   258,115 
    Provision for credit losses 4,918   1,368   3,990   2,694   (764)  6,286   30,834 
    Net Interest Income After Provision for Credit Losses 99,506   103,710   106,829   116,612   127,727   203,216   227,281 
                  
    Noninterest income:             
    Service charges on deposit accounts 5,342   4,960   4,828   4,648   4,560   10,302   8,802 
    Interchange income 1,940   1,888   2,433   1,684   5,066   3,828   9,760 
    Wealth management income 3,766   3,540   3,261   3,138   3,318   7,306   6,381 
    Mortgage banking fees 582   381   378   410   576   963   1,002 
    Insurance agency income 1,355   1,291   1,066   1,183   1,160   2,646   2,261 
    SBA gains 694   739   921   613   249   1,433   571 
    BOLI income 2,596   2,264   2,220   2,197   2,068   4,860   3,984 
    Other 5,953   5,205   4,668   4,307   4,755   11,158   11,329 
      22,228   20,268   19,775   18,180   21,752   42,496   44,090 
    Securities (losses) gains, net (44)  229   (2,437)  (387)  (176)  185   (69)
    Total Noninterest Income 22,184   20,497   17,338   17,793   21,576   42,681   44,021 
                  
    Noninterest expense:             
    Salaries and wages 38,937   40,304   38,435   46,431   45,155   79,241   92,771 
    Employee benefits 6,861   7,889   6,678   7,206   7,472   14,750   16,034 
    Outsourced data processing costs 8,210   12,118   8,609   8,714   20,222   20,328   34,775 
    Occupancy 7,180   8,037   7,512   7,758   8,583   15,217   16,602 
    Furniture and equipment 1,956   2,011   2,028   2,052   2,345   3,967   4,612 
    Marketing 3,266   2,655   2,995   1,876   2,047   5,921   4,285 
    Legal and professional fees 1,982   2,151   3,294   2,679   4,062   4,133   11,541 
    FDIC assessments 2,131   2,158   2,813   2,258   2,116   4,289   3,559 
    Amortization of intangibles 6,003   6,292   6,888   7,457   7,654   12,295   14,381 
    Other real estate owned expense and net (gain) loss on sale (109)  (26)  573   274   (57)  (135)  138 
    Provision for credit losses on unfunded commitments 251   250   —   —   —   501   1,239 
    Other 5,869   6,532   6,542   7,210   8,266   12,401   15,403 
    Total Noninterest Expense 82,537   90,371   86,367   93,915   107,865   172,908   215,340 
                  
    Income Before Income Taxes 39,153   33,836   37,800   40,490   41,438   72,989   55,962 
    Provision for income taxes 8,909   7,830   8,257   9,076   10,189   16,739   12,886 
    Net Income$ 30,244  $26,006  $29,543  $31,414  $31,249  $ 56,250  $43,076 
                  
    Share Data             
    Net income per share of common stock             
    Diluted$ 0.36  $0.31  $0.35  $0.37  $0.37  $ 0.66  $0.52 
    Basic 0.36   0.31   0.35   0.37   0.37   0.67   0.52 
    Cash dividends declared 0.18   0.18   0.18   0.18   0.18   0.36   0.35 
                  
    Average common shares outstanding             
    Diluted 84,816   85,270   85,336   85,666   85,536   84,799   83,260 
    Basic 84,341   84,908   84,817   85,142   85,022   84,260   82,600 
                  


    CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
              
     June 30, March 31, December 31, September 30, June 30,
    (Amounts in thousands) 2024   2024   2023   2023   2023 
    Assets         
    Cash and due from banks$ 168,738  $137,850  $167,511  $182,036  $164,193 
    Interest bearing deposits with other banks 580,787   544,874   279,671   513,946   563,690 
    Total cash and cash equivalents 749,525   682,724   447,182   695,982   727,883 
              
    Time deposits with other banks 7,856   7,856   5,857   4,357   2,987 
              
    Debt Securities:         
    Securities available for sale (at fair value) 1,967,204   1,949,463   1,836,020   1,841,845   1,916,231 
    Securities held to maturity (at amortized cost) 658,055   669,896   680,313   691,404   707,812 
    Total debt securities 2,625,259   2,619,359   2,516,333   2,533,249   2,624,043 
              
    Loans held for sale (at fair value) 5,975   9,475   4,391   2,979   5,967 
              
    Loans 10,038,508   9,978,052   10,062,940   10,011,186   10,117,919 
    Less: Allowance for credit losses (141,641)  (146,669)  (148,931)  (149,661)  (159,715)
    Loans, net of allowance for credit losses 9,896,867   9,831,383   9,914,009   9,861,525   9,958,204 
              
    Bank premises and equipment, net 109,945   110,787   113,304   115,749   116,959 
    Other real estate owned 6,877   7,315   7,560   7,216   7,526 
    Goodwill 732,417   732,417   732,417   731,970   732,910 
    Other intangible assets, net 83,445   89,377   95,645   102,397   109,716 
    Bank owned life insurance 303,816   301,229   298,974   296,763   293,880 
    Net deferred tax assets 108,852   111,539   113,232   131,602   127,941 
    Other assets 321,779   326,554   331,345   339,218   333,916 
    Total Assets$ 14,952,613  $14,830,015  $14,580,249  $14,823,007  $15,041,932 
              
    Liabilities         
    Deposits         
    Noninterest demand$ 3,397,918  $3,555,401  $3,544,981  $3,868,132  $4,139,052 
    Interest-bearing demand 2,821,092   2,711,041   2,790,210   2,800,152   2,816,656 
    Savings 566,052   608,088   651,454   721,558   824,255 
    Money market 3,707,761   3,531,029   3,314,288   3,143,897   2,859,164 
    Time deposits 1,623,295   1,610,281   1,476,002   1,574,095   1,644,140 
    Total Deposits 12,116,118   12,015,840   11,776,935   12,107,834   12,283,267 
              
    Securities sold under agreements to repurchase 262,103   326,732   374,573   276,450   290,156 
    Federal Home Loan Bank borrowings 180,000   110,000   50,000   110,000   160,000 
    Long-term debt, net 106,634   106,468   106,302   106,136   105,970 
    Other liabilities 157,377   153,225   164,353   174,193   148,507 
    Total Liabilities 12,822,232   12,712,265   12,472,163   12,774,613   12,987,900 
              
    Shareholders' Equity         
    Common stock 8,530   8,494   8,486   8,515   8,509 
    Additional paid in capital 1,815,800   1,811,941   1,808,883   1,813,068   1,809,431 
    Retained earnings 492,805   478,017   467,305   453,117   437,087 
    Less: Treasury stock (18,744)  (16,746)  (16,710)  (14,035)  (14,171)
      2,298,391   2,281,706   2,267,964   2,260,665   2,240,856 
    Accumulated other comprehensive loss, net (168,010)  (163,956)  (159,878)  (212,271)  (186,824)
    Total Shareholders' Equity 2,130,381   2,117,750   2,108,086   2,048,394   2,054,032 
    Total Liabilities & Shareholders' Equity$ 14,952,613  $14,830,015  $14,580,249  $14,823,007  $15,041,932 
              
    Common shares outstanding 85,299   84,935   84,861   85,150   85,086 
                        



    CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES          
               
               
    (Amounts in thousands) 2Q'24 1Q'24 4Q'23 3Q'23 2Q'23
    Credit Analysis          
    Net charge-offs $ 9,946  $3,630  $4,720  $12,748  $705 
    Net charge-offs to average loans  0.40 %  0.15%  0.19%  0.50%  0.03%
               
    Allowance for credit losses $ 141,641  $146,669  $148,931  $149,661  $159,715 
               
    Non-acquired loans at end of period $ 6,834,059  $6,613,763  $6,571,454  $6,343,121  $6,264,044 
    Acquired loans at end of period  3,204,449   3,364,289   3,491,486   3,668,065   3,853,875 
    Total Loans $ 10,038,508  $9,978,052  $10,062,940  $10,011,186  $10,117,919 
               
    Total allowance for credit losses to total loans at end of period  1.41 %  1.47%  1.48%  1.49%  1.58%
    Purchase discount on acquired loans at end of period  4.51   4.63   4.75   4.86   4.98 
               
    End of Period          
    Nonperforming loans $ 59,927  $77,205  $65,104  $41,508  $48,326 
    Other real estate owned  1,173   309   221   221   530 
    Properties previously used in bank operations included in other real estate owned  5,704   7,006   7,339   6,995   6,996 
    Total Nonperforming Assets $ 66,804  $84,520  $72,664  $48,724  $55,852 
               
    Nonperforming Loans to Loans at End of Period  0.60 %  0.77%  0.65%  0.41%  0.48%
    Nonperforming Assets to Total Assets at End of Period  0.45   0.57   0.50   0.33   0.37 
               
      June 30, March 31, December 31, September 30, June 30,
    Loans  2024   2024   2023   2023   2023 
                         
    Construction and land development $ 593,534  $623,246  $767,622  $793,736  $794,371 
    Commercial real estate - owner occupied  1,656,391   1,656,131   1,670,281   1,675,881   1,669,369 
    Commercial real estate - non-owner occupied  3,423,266   3,368,339   3,319,890   3,285,974   3,370,211 
    Residential real estate  2,555,320   2,521,399   2,445,692   2,418,903   2,396,352 
    Commercial and financial  1,582,290   1,566,198   1,607,888   1,588,152   1,615,534 
    Consumer  227,707   242,739   251,567   248,540   272,082 
    Total Loans $ 10,038,508  $9,978,052  $10,062,940  $10,011,186  $10,117,919 
     


    AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1(Unaudited)
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
                      
     2Q'24 1Q'24 2Q'23
     Average   Yield/ Average   Yield/ Average   Yield/
    (Amounts in thousands)Balance Interest Rate Balance Interest Rate Balance Interest Rate
                      
    Assets                 
    Earning assets:                 
    Securities:                 
    Taxable$ 2,629,716  $ 24,155 3.69% $2,578,938  $22,393 3.47% $2,673,633  $20,898 3.13%
    Nontaxable 5,423   40 2.97   5,907   41 2.75   15,621   120 3.08 
    Total Securities 2,635,139   24,195 3.69   2,584,845   22,434 3.47   2,689,254   21,018 3.13 
                      
    Federal funds sold 510,401   6,967 5.49   370,494   5,056 5.49   327,433   4,313 5.28 
    Interest bearing deposits with other banks and other investments 98,942   1,361 5.53   95,619   1,128 4.74   90,783   710 3.14 
                      
    Total Loans, net 10,005,122   147,518 5.93   10,034,658   147,308 5.90   10,101,228   148,432 5.89 
                                  
    Total Earning Assets 13,249,604   180,041 5.47   13,085,616   175,926 5.41   13,208,698   174,473 5.30 
                      
    Allowance for credit losses (146,380)      (148,422)      (156,207)    
    Cash and due from banks 168,439       166,734       165,625     
    Bank premises and equipment, net 110,709       112,391       117,726     
    Intangible assets 818,914       825,531       842,988     
    Bank owned life insurance 302,165       299,765       293,251     
    Other assets including deferred tax assets 336,256       349,161       415,208     
                            
    Total Assets$ 14,839,707      $14,690,776      $14,887,289     
                      
    Liabilities and Shareholders' Equity                 
    Interest-bearing liabilities:                 
    Interest-bearing demand$ 2,670,569  $ 14,946 2.25% $2,719,334  $15,266 2.26% $2,666,314  $7,560 1.14%
    Savings 584,490   560 0.39   628,329   540 0.35   906,936   427 0.19 
    Money market 3,665,858   35,813 3.93   3,409,310   31,728 3.74   2,806,672   19,196 2.74 
    Time deposits 1,631,290   17,928 4.42   1,590,070   17,121 4.33   1,425,344   14,477 4.07 
    Securities sold under agreements to repurchase 293,603   2,683 3.68   333,386   3,079 3.71   244,824   1,593 2.61 
    Federal Home Loan Bank borrowings 149,234   1,592 4.29   102,418   960 3.77   251,596   2,272 3.62 
    Long-term debt, net 106,532   1,862 7.03   106,373   1,934 7.31   105,861   1,795 6.80 
    Total Interest-Bearing Liabilities 9,101,576   75,384 3.33   8,889,220   70,628 3.20   8,407,547   47,320 2.26 
    Noninterest demand 3,485,603       3,528,489       4,294,251     
    Other liabilities 134,900       154,686       114,962     
    Total Liabilities 12,722,079       12,572,395       12,816,760     
                      
    Shareholders' equity 2,117,628       2,118,381       2,070,529     
                      
    Total Liabilities & Equity$14,839,707      $14,690,776      $14,887,289     
                      
    Cost of deposits    2.31%     2.19%     1.38%
    Interest expense as a % of earning assets    2.29%     2.17%     1.44%
    Net interest income as a % of earning assets  $104,657 3.18%   $105,298 3.24%   $127,153 3.86%
                      
                      
    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
                
     Six Months Ended June 30, 2024 Six Months Ended June 30, 2023
     Average   Yield/ Average   Yield/
    (Amounts in thousands)Balance Interest Rate Balance Interest Rate
                
    Assets           
    Earning assets:           
    Securities:           
    Taxable$ 2,604,327  $ 46,548 3.59% $2,686,804  $40,142 2.99%
    Nontaxable 5,665   81 2.88   15,944   251 3.15 
    Total Securities 2,609,992   46,629 3.59   2,702,748   40,393 2.99 
                
    Federal funds sold 440,448   12,023 5.49   228,491   5,787 5.11 
    Interest bearing deposits with other banks and other investments 97,281   2,489 5.15   90,750   2,710 6.02 
                
    Total Loans, net 10,019,890   294,825 5.92   9,737,236   283,773 5.88 
                        
    Total Earning Assets 13,167,611   355,966 5.44   12,759,225   332,663 5.26 
                
    Allowance for credit losses (147,401)      (148,143)    
    Cash and due from banks 167,586       193,811     
    Bank premises and equipment, net 111,550       116,909     
    Intangible assets 822,222       797,096     
    Bank owned life insurance 300,965       283,936     
    Other assets including deferred tax assets 342,708       417,393     
                    
    Total Assets$ 14,765,241      $14,420,227     
                
    Liabilities and Shareholders' Equity           
    Interest-bearing liabilities:           
    Interest-bearing demand$ 2,694,952  $ 30,212 2.25% $2,559,805  $10,767 0.85%
    Savings 606,410   1,100 0.36   979,674   827 0.17 
    Money market 3,537,584   67,541 3.84   2,760,207   31,622 2.31 
    Time deposits 1,610,680   35,049 4.38   1,120,576   20,029 3.60 
    Securities sold under agreements to repurchase 313,494   5,762 3.70   209,358   2,456 2.37 
    Federal Home Loan Bank borrowings 125,826   2,552 4.08   266,935   5,048 3.81 
    Long-term debt, net 106,453   3,796 7.17   102,164   3,410 6.73 
                        
    Total Interest-Bearing Liabilities 8,995,399   146,012 3.26   7,998,719   74,159 1.87 
                        
    Noninterest demand 3,507,046       4,314,498     
    Other liabilities 144,791       122,746     
    Total Liabilities 12,647,236       12,435,963     
                
    Shareholders' equity 2,118,005       1,984,264     
                
    Total Liabilities & Equity$14,765,241      $14,420,227     
                
    Cost of deposits    2.25%     1.09%
    Interest expense as a % of earning assets    2.23%     1.17%
    Net interest income as a % of earning assets  $209,954 3.21%   $258,504 4.09%
                
                
    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         
    (Amounts in thousands)June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023    		 September 30,
    2023    		 June 30,
    2023
    Customer Relationship Funding         
    Noninterest demand         
    Commercial$ 2,664,353 $2,808,151 $2,752,644 $3,089,488 $3,304,761
    Retail 532,623  553,697  561,569  570,727  615,536
    Public funds 142,846  145,747  173,893  134,649  152,159
    Other 58,096  47,806  56,875  73,268  66,596
    Total Noninterest Demand 3,397,918  3,555,401  3,544,981  3,868,132  4,139,052
              
    Interest-bearing demand         
    Commercial 1,533,725  1,561,905  1,576,491  1,618,755  1,555,486
    Retail 892,032  930,178  956,900  994,224  1,058,993
    Brokered 198,337  —  —  —  —
    Public funds 196,998  218,958  256,819  187,173  202,177
    Total Interest-Bearing Demand 2,821,092  2,711,041  2,790,210  2,800,152  2,816,656
              
    Total transaction accounts         
    Commercial 4,198,078  4,370,056  4,329,135  4,708,243  4,860,247
    Retail 1,424,655  1,483,875  1,518,469  1,564,951  1,674,529
    Brokered 198,337  —  —  —  —
    Public funds 339,844  364,705  430,712  321,822  354,336
    Other 58,096  47,806  56,875  73,268  66,596
    Total Transaction Accounts 6,219,010  6,266,442  6,335,191  6,668,284  6,955,708
              
    Savings         
    Commercial 53,523  52,665  58,562  79,731  101,908
    Retail 512,529  555,423  592,892  641,827  722,347
    Total Savings 566,052  608,088  651,454  721,558  824,255
              
    Money market         
    Commercial 1,771,927  1,709,636  1,655,820  1,625,455  1,426,348
    Retail 1,733,505  1,621,618  1,469,142  1,362,390  1,275,721
    Public funds 202,329  199,775  189,326  156,052  157,095
    Total Money Market 3,707,761  3,531,029  3,314,288  3,143,897  2,859,164
              
    Brokered time certificates 126,668  142,717  122,347  307,963  591,503
    Time deposits 1,496,627  1,467,564  1,353,655  1,266,132  1,052,637
      1,623,295  1,610,281  1,476,002  1,574,095  1,644,140
    Total Deposits$ 12,116,118 $12,015,840 $11,776,935 $12,107,834 $12,283,267
              
    Securities sold under agreements to repurchase 262,103  326,732  374,573  276,450  290,156
              
    Total customer funding (1)$ 12,053,216 $12,199,855 $12,029,161 $12,076,321 $11,981,920
              
    (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'24 1Q'24 4Q'23 3Q'23 2Q'23 2Q'24
    		 2Q'23
    Net Income$30,244  $26,006  $29,543  $31,414  $31,249  $56,250  $43,076 
                                
    Total noninterest income 22,184   20,497   17,338   17,793   21,576   42,681   44,021 
    Securities losses (gains), net 44   (229)  2,437   387   176   (185)  69 
    BOLI benefits on death (included in other income) —   —   —   —   —   —   (2,117)
    Total Adjustments to Noninterest Income 44   (229)  2,437   387   176   (185)  (2,048)
    Total Adjusted Noninterest Income 22,228   20,268   19,775   18,180   21,752   42,496   41,973 
                                
    Total noninterest expense 82,537   90,371   86,367   93,915   107,865   172,908   215,340 
    Merger related charges:                           
    Salaries and wages —   —   —   —   (1,573)  —   (5,813)
    Outsourced data processing —   —   —   —   (10,904)  —   (17,455)
    Legal and professional fees —   —   —   —   (1,664)  —   (6,453)
    Other —   —   —   —   (1,507)  —   (3,459)
    Total merger related charges —   —   —   —   (15,648)  —   (33,180)
                                
    Branch reductions and other expense initiatives:                           
    Salaries and wages —   (2,073)  —   (3,201)  (462)  (2,073)  (1,081)
    Outsourced data processing —   (4,089)  —   —   —   (4,089)  — 
    Occupancy —   (771)  —   —   —   (771)  (774)
    Other —   (161)  —   (104)  (109)  (161)  (7)
    Total branch reductions and other expense initiatives —   (7,094)  —   (3,305)  (571)  (7,094)  (1,862)
                                
    Adjustments to Noninterest Expense —   (7,094)  —   (3,305)  (16,219)  (7,094)  (35,042)
    Adjusted Noninterest Expense2 82,537   83,277   86,367   90,610   91,646   165,814   180,298 
                                
    Income Taxes 8,909   7,830   8,257   9,076   10,189   16,739   12,886 
    Tax effect of adjustments 11   1,739   617   936   4,155   1,751   8,362 
    Adjusted Income Taxes 8,920   9,569   8,874   10,012   14,344   18,490   21,248 
    Adjusted Net Income2$30,277  $31,132  $31,363  $34,170  $43,489  $61,408  $67,708 
                                
    Earnings per diluted share, as reported$0.36  $0.31  $0.35  $0.37  $0.37  $0.66  $0.52 
    Adjusted Earnings per Diluted Share 0.36   0.37   0.37   0.40   0.51   0.72   0.81 
    Average diluted shares outstanding 84,816   85,270   85,336   85,666   85,536   84,799   83,260 
                                
    Adjusted Noninterest Expense$82,537  $83,277  $86,367  $90,610  $91,646  $165,814  $180,298 
    Provision for credit losses on unfunded commitments (251)  (250)  —   —   —   (501)  (1,239)
    Other real estate owned expense and net gain (loss) on sale 109   26   (573)  (274)  57   135   (138)
    Amortization of intangibles (6,003)  (6,292)  (6,888)  (7,457)  (7,654)  (12,295)  (14,381)
    Net Adjusted Noninterest Expense$76,392  $76,761  $78,906  $82,879  $84,049  $153,153  $164,540 
                                
    Net adjusted noninterest expense$76,392  $76,761  $78,906  $82,879  $84,049  $153,153  $165,540 
    Average tangible assets 14,020,793   13,865,245   13,906,005   14,066,216   14,044,301   13,943,019   13,623,131 
    Net Adjusted Noninterest Expense to Average Tangible Assets 2.19%  2.23%  2.25%  2.34%  2.40%  2.21%  2.44%
                                
    Net Revenue$126,608  $125,575  $128,157  $137,099  $148,539  $252,183  $302,136 
    Total Adjustments to Net Revenue 44   (229)  2,437   387   176   (185)  (2,048)
    Impact of FTE adjustment 233   220   216   199   190   452   389 
    Adjusted Net Revenue on a fully taxable equivalent basis$126,885  $125,566  $130,810  $137,685  $148,905  $252,450  $300,477 
    Adjusted Efficiency Ratio 60.21%  61.13%  60.32%  60.19%  56.44%  60.67%  54.76%
                                
    Net Interest Income$104,424  $105,078  $110,819  $119,306  $126,963  $209,502  $258,115 
    Impact of FTE adjustment 233   220   216   199   190   452   389 
    Net Interest Income including FTE adjustment$104,657  $105,298  $111,035  $119,505  $127,153  $209,954  $258,504 
    Total noninterest income 22,184   20,497   17,338   17,793   21,576   42,681   44,021 
    Total noninterest expense less provision for credit losses on unfunded commitments 82,286   90,121   86,367   93,915   107,865   172,407   214,101 
    Pre-Tax Pre-Provision Earnings$44,555  $35,674  $42,006  $43,383  $40,864  $80,228  $88,424 
    Total Adjustments to Noninterest Income 44   (229)  2,437   387   176   (185)  (2,048)
    Total Adjustments to Noninterest Expense including other real estate owned expense and net (gain) loss on sale (109)  7,068   573   3,579   16,162   6,959   35,180 
    Adjusted Pre-Tax Pre-Provision Earnings2$44,490  $42,513  $45,016  $47,349  $57,202  $87,002  $121,556 
                                
    Average Assets$14,839,707  $14,690,776  $14,738,034  $14,906,003  $14,887,289  $14,765,241  $14,420,227 
    Less average goodwill and intangible assets (818,914)  (825,531)  (832,029)  (839,787)  (842,988)  (822,222)  (797,096)
    Average Tangible Assets$14,020,793  $13,865,245  $13,906,005  $14,066,216  $14,044,301  $13,943,019  $13,623,131 
                                
    Return on Average Assets (ROA) 0.82%  0.71%  0.80%  0.84%  0.84%  0.77%  0.60%
    Impact of removing average intangible assets and related amortization 0.18   0.18   0.19   0.20   0.22   0.17   0.20 
    Return on Average Tangible Assets (ROTA) 1.00   0.89   0.99   1.04   1.06   0.94   0.80 
    Impact of other adjustments for Adjusted Net Income —   0.15   0.05   0.08   0.35   0.08   0.36 
    Adjusted Return on Average Tangible Assets 1.00   1.04   1.04   1.12   1.41   1.02   1.16 
                                
    Pre-Tax Pre-Provision return on Average Tangible Assets 1.45   1.22   1.39   1.43   1.39   1.33   1.52 
    Impact of adjustments on Pre-Tax Pre-Provision earnings —   0.20   0.09   0.12   0.46   0.10   0.49 
    Adjusted Pre-Tax Pre-Provision Return on Tangible Assets2 1.45%  1.42%  1.48%  1.55%  1.85%  1.43%  2.01%
                                
    Average Shareholders' Equity$2,117,628  $2,118,381  $2,058,912  $2,072,747  $2,070,529  $2,118,005  $1,984,264 
    Less average goodwill and intangible assets (818,914)  (825,531)  (832,029)  (839,787)  (842,988)  (822,222)  (797,096)
    Average Tangible Equity$1,298,714  $1,292,850  $1,226,883  $1,232,960  $1,227,541  $1,295,783  $1,187,168 
                                
    Return on Average Shareholders' Equity 5.74%  4.94%  5.69%  6.01%  6.05%  5.34%  4.38%
    Impact of removing average intangible assets and related amortization 5.01   4.61   5.53   5.89   6.03   4.81   4.76 
    Return on Average Tangible Common Equity (ROTCE) 10.75   9.55   11.22   11.90   12.08   10.15   9.14 
    Impact of other adjustments for Adjusted Net Income 0.01   1.60   0.58   0.89   4.00   0.80   4.18 
    Adjusted Return on Average Tangible Common Equity 10.76%  11.15%  11.80%  12.79%  16.08%  10.95%  13.32%
                                
    Loan interest income1$147,518  $147,308  $148,004  $150,048  $148,432  $294,826  $283,773 
    Accretion on acquired loans (10,178)  (10,595)  (11,324)  (14,843)  (14,580)  (20,773)  (30,522)
    Loan interest income excluding accretion on acquired loans$137,340  $136,713  $136,680  $135,205  $133,852  $274,053  $253,251 
                                
    Yield on loans1 5.93   5.90   5.85   5.93   5.89   5.92   5.88 
    Impact of accretion on acquired loans (0.41)  (0.42)  (0.45)  (0.59)  (0.58)  (0.42)  (0.64)
    Yield on loans excluding accretion on acquired loans 5.52%  5.48%  5.40%  5.34%  5.31%  5.50%  5.24%
                                
    Net Interest Income1$104,657  $105,298  $111,035  $119,505  $127,153  $209,954  $258,504 
    Accretion on acquired loans (10,178)  (10,595)  (11,324)  (14,843)  (14,580)  (20,773)  (30,522)
    Net interest income excluding accretion on acquired loans$94,479  $94,703  $99,711  $104,662  $112,573  $189,181  $227,982 
                                
    Net Interest Margin 3.18   3.24   3.36   3.57   3.86   3.21   4.09 
    Impact of accretion on acquired loans (0.30)  (0.33)  (0.34)  (0.44)  (0.44)  (0.31)  (0.49)
    Net interest margin excluding accretion on acquired loans 2.87%  2.91%  3.02%  3.13%  3.42%  2.89%  3.60%
                                
    Security interest income1$24,195  $22,434  $21,451  $21,520  $21,018  $46,629  $40,393 
    Tax equivalent adjustment on securities (7)  (7)  (13)  (22)  (23)  (14)  (49)
    Security interest income excluding tax equivalent adjustment$24,188  $22,427  $21,438  $21,498  $20,995  $46,615  $40,344 
                                
    Loan interest income1$147,518  $147,308  $148,004  $150,048  $148,432  $294,825  $283,773 
    Tax equivalent adjustment on loans (226)  (213)  (203)  (177)  (167)  (438)  (340)
    Loan interest income excluding tax equivalent adjustment$147,292  $147,095  $147,801  $149,871  $148,265  $294,387  $283,433 
                                
    Net Interest Income1$104,657  $105,298  $111,035  $119,505  $127,153  $209,954  $258,504 
    Tax equivalent adjustment on securities (7)  (7)  (13)  (22)  (23)  (14)  (49)
    Tax equivalent adjustment on loans (226)  (213)  (203)  (177)  (167)  (438)  (340)
    Net interest income excluding tax equivalent adjustment$104,424  $105,078  $110,819  $119,306  $126,963  $209,502  $258,115 
                                
    1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
    2 As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change.

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