8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

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

SEACOAST BANKING CORPORATION OF FLORIDA

(Exact Name of Registrant as Specified in Charter)

Florida	000-13660	59-2260678
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

815 COLORADO AVENUE,	STUART	FL	34994
(Address of Principal Executive Offices)			(Zip Code)

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

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

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.10 par value	SBCF	Nasdaq Global Select Market

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

Emerging growth company  ☐

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

SEACOAST BANKING CORPORATION OF FLORIDA

Item 2.02    Results of Operations and Financial Condition

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

Item 7.01    Regulation FD Disclosure

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

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

Item 9.01    Financial Statements and Exhibits

(d) Exhibits

Exhibit No.	Description
99.1	Press Release dated January 25, 2024, with respect to Seacoast's financial results for the quarter and year ended December 31, 2023
99.2	Data on website containing information used in the conference call to be held on January 26, 2024
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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

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

SIGNATURES

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

SEACOAST BANKING CORPORATION OF FLORIDA

(Registrant)

Dated: January 25, 2024	/s/ Tracey L. Dexter
	TRACEY L. DEXTER
	Chief Financial Officer

EX-99.1

SEACOAST REPORTS FOURTH QUARTER AND FULL YEAR 2023RESULTS

Well-Positioned Balance Sheet with Strong Capital and Liquidity

Strategic Expense Measures Executed

Robust Capital Position Builds Significantly Quarter over Quarter

STUART, Fla., January 25, 2024 /GLOBE NEWSWIRE/ -- Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported net income in the fourth quarter of 2023 of $29.5 million, or $0.35 per diluted share, compared to $31.4 million, or $0.37 per diluted share in the third quarter of 2023 and $23.9 million, or $0.34 per diluted share in the fourth quarter of 2022. For the year ended December 31, 2023, net income was $104.0 million, or $1.23 per diluted share, compared to $106.5 million, or $1.66 per diluted share, for the year ended December 31, 2022.

Adjusted net income1 for the fourth quarter of 2023 was $36.5 million, or $0.43 per diluted share, compared to $39.7 million, or $0.46 per diluted share in the third quarter of 2023 and $39.9 million, or $0.56 per diluted share in the fourth quarter of 2022. Adjusted net income1 for the year ended December 31, 2023 was $154.7 million, or $1.83 per diluted share, compared to $136.1 million, or $2.12 per diluted share, for the year ended December 31, 2022.

Pre-tax pre-provision earnings1 were $42.0 million in the fourth quarter of 2023, a decrease of 3% compared to the third quarter of 2023 and a decrease of 9% compared to the fourth quarter of 2022. Pre-tax pre-provision earnings1 for the year ended December 31, 2023 were $172.6 million, an increase of $7.8 million, or 5%, when compared to the year ended December 31, 2022. Adjusted pre-tax pre-provision earnings1 were $51.9 million in the fourth quarter of 2023, a decrease of 5% compared to the third quarter of 2023 and a decrease of 22% compared to the fourth quarter of 2022. Adjusted pre-tax pre-provision earnings1 for the year ended December 31, 2023 were $242.6 million, an increase of $38.9 million, or 19%, when compared to the year ended December 31, 2022.

For the fourth quarter of 2023, return on average tangible assets was 0.99% and return on average tangible shareholders' equity was 11.22%, compared to 1.04% and 11.90%, respectively, in the prior quarter, and 0.94% and 10.36%, respectively, in the prior year quarter. Adjusted return on average tangible assets1 in the fourth quarter of 2023 was 1.04% and adjusted return on average tangible shareholders' equity1 was 11.80%, compared to 1.12% and 12.79%, respectively, in the prior quarter, and 1.36% and 15.05%, respectively, in the prior year quarter. For the year ended December 31, 2023, return on average tangible assets was 0.91% and return on average tangible shareholders' equity was 10.38%, compared to 1.06% and 10.70%, respectively, for the year ended December 31, 2022. For the year ended December 31, 2023, adjusted return on average tangible assets1 was 1.12% and adjusted return on average tangible shareholders' equity1 was 12.80%, compared to 1.27% and 12.86%, respectively, for the year ended December 31, 2022.

Charles M. Shaffer, Seacoast's Chairman and CEO said, "Seacoast once again delivered a quarter of robust financial performance, remaining steadfast in our commitment to driving growth in shareholder value. Throughout the quarter, our dedication to disciplined expense management effectively countered margin compression, which we believe has positioned the Company optimally for the coming year. Looking ahead to the first quarter of 2024, we will execute the second phase of our expense initiative, anticipating one-time charges of approximately $5 million and a reduction in annual expenses of approximately $15 million."

Shaffer added, "Early in the fourth quarter, we took advantage of market conditions and repurchased 546,200 shares of our common stock at $19.80 per share. Even with this repurchase activity, the ratio of tangible common equity to tangible assets increased to 9.31% and tangible book value per share increased to $15.08.”

Shaffer concluded, "As we embark on 2024, we remain diligently focused on maintaining our conservative balance sheet principles and carefully managing our expense base while investing to drive low-cost deposit growth. We believe this rigorous approach will support solid capital growth, maintain a broadly diversified and stable funding base, and continue to bolster the Company’s fortress balance sheet while increasing franchise value over the long run.”

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

Financial Results

Income Statement

•Net income was $29.5 million, or $0.35 per diluted share, for the fourth quarter of 2023 compared to net income of $31.4 million, or $0.37 per diluted share, for the prior quarter, and $23.9 million, or $0.34 per diluted share, for the prior year quarter. For the year ended December 31, 2023, net income was $104.0 million, or $1.23 per diluted share, compared to $106.5 million, or $1.66 per diluted share, for the year ended December 31, 2022. Adjusted net income1 for the fourth quarter of 2023 was $36.5 million, or $0.43 per diluted share, compared to $39.7 million, or $0.46 per diluted share, for the prior quarter, and $39.9 million, or $0.56 per diluted share, for the prior year quarter. For the year ended December 31, 2023, adjusted net income1 was $154.7 million, or $1.83 per diluted share, compared to $136.1 million, or $2.12 per diluted share, for the year ended December 31, 2022.

•Net revenues were $128.2 million in the fourth quarter of 2023, a decrease of $8.9 million, or 7%, compared to the prior quarter, and a decrease of $9.2 million, or 7%, compared to the prior year quarter. For the year ended December 31, 2023, net revenues were $567.4 million, an increase of $135.1 million, or 31%, compared to the year ended December 31, 2022. Adjusted revenues on a fully taxable equivalent basis1 were $130.8 million in the fourth quarter of 2023, a decrease of $6.9 million, or 5%, compared to the prior quarter, and a decrease of $6.7 million, or 5%, compared to the prior year quarter. For the year ended December 31, 2023, adjusted revenues on a fully taxable equivalent basis1 were $569.0 million, an increase of $135.1 million, or 31%, compared to the year ended December 31, 2022.

•Pre-tax pre-provision earnings1 were $42.0 million in the fourth quarter of 2023, a decrease of 3% compared to the third quarter of 2023 and a decrease of 9% compared to the fourth quarter of 2022. Pre-tax pre-provision earnings1 for the year ended December 31, 2023 were $172.6 million, an increase of $7.8 million, or 5%, when compared to the year ended December 31, 2022. Adjusted pre-tax pre-provision earnings1 were $51.9 million in the fourth quarter of 2023, a decrease of 5% compared to the third quarter of 2023 and a decrease of 22% compared to the fourth quarter of 2022. Adjusted pre-tax pre-provision earnings1 for the year ended December 31, 2023 were $242.6 million, an increase of $38.9 million, or 19%, compared to the year ended December 31, 2022

•Net interest income totaled $110.8 million in the fourth quarter of 2023, a decrease of $8.5 million, or 7%, from the third quarter of 2023 and a decrease of $8.9 million, or 7%, compared to the fourth quarter of 2022. During the fourth quarter of 2023, higher interest expense on deposits was driven by higher rates and changes in product mix. Accretion on acquired loans totaled $11.3 million in the fourth quarter of 2023, $14.8 million in the third quarter of 2023, and $9.7 million in the fourth quarter of 2022. For the year ended December 31, 2023, net interest income was $488.2 million, an increase of $122.1 million, or 33%, compared to the year ended December 31, 2022. Accretion on acquired loans totaled $56.7 million for the year ended December 31, 2023, compared to $18.4 million for the year ended December 31, 2022. The year-over-year increase in accretion reflects the impact of purchase marks from bank acquisitions in late 2022 and early 2023.

•Net interest margin decreased 21 basis points to 3.36% in the fourth quarter of 2023 compared to 3.57% in the third quarter of 2023. Excluding the effects of accretion on acquired loans, net interest margin decreased 11 basis points to 3.02% in the fourth quarter of 2023 compared to 3.13% in the third quarter of 2023. Loan yields contracted eight basis points from the prior quarter to 5.85% due to lower accretion of purchase discount on acquired loans. Excluding the effects of accretion on acquired loans, loan yields increased six basis points, from 5.34% in the third quarter of 2023 to 5.40% in the fourth quarter of 2023. Securities yields increased 10 basis points to 3.42%, compared to 3.32% in the prior quarter. The cost of deposits increased 21 basis points, from 1.79% in the prior quarter, to 2.00% for the fourth quarter of 2023.

•Noninterest income totaled $17.3 million in the fourth quarter of 2023, a decrease of $0.5 million, or 3%, compared to the prior quarter, and a decrease of $0.3 million, or 2%, compared to the prior year quarter. Results for the fourth quarter of 2023 included $2.9 million in losses on the sale of approximately $82.9 million, or 3%, of the bank’s investment securities portfolio. The proceeds were reinvested into longer-duration, higher-yielding

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

securities, with an expected earnback on the transaction of approximately 1.3 years. Offsetting realized losses on sales of securities during the fourth quarter of 2023 was a $0.5 million increase in the value of investments in mutual funds holding CRA-qualified debt securities. Other changes compared to the third quarter of 2023 included the following:

•Interchange income increased $0.7 million, or 44%, to $2.4 million, benefiting from an annual volume-based incentive earned from the payment network provider. The Durbin amendment, which limits network interchange fees earned on debit card transactions, became effective for Seacoast on July 1, 2023.

•SBA gains increased $0.3 million, or 50%, to $0.9 million due to higher saleable originations.

•Other income increased $0.4 million, or 8%, to $4.7 million, reflecting higher loan swap-related income.

•The provision for credit losses was $4.0 million in the fourth quarter of 2023, compared to $2.7 million in the third quarter of 2023 and $14.1 million in the fourth quarter of 2022. Included in the fourth quarter of 2022 was a $15.0 million day-1 provision associated with two bank acquisitions.

•Noninterest expense was $86.4 million in the fourth quarter of 2023, a decrease of $7.5 million, or 8%, compared to the prior quarter, and a decrease of $5.1 million, or 6%, compared to the prior year quarter. For the year ended December 31, 2023, noninterest expense was $395.6 million, compared to $267.9 million for the year ended December 31, 2022. Changes compared to the third quarter of 2023 included:

•Salaries and wages decreased $8.0 million to $38.4 million. The third quarter of 2023 included $3.2 million in severance-related expenses arising from the Company’s reduction in workforce. Of the remaining $4.8 million decrease, $1.7 million reflects the full quarter impact of the workforce reduction on salaries expense, and $2.8 million is attributed to higher loan production resulting in higher deferral of salary-related costs.

•Marketing expense increased $1.1 million to $3.0 million reflecting additional investments in branding and targeted campaigns.

•Legal and professional fees increased $0.6 million to $3.3 million in the fourth quarter of 2023, primarily the result of one-time legal fees associated with a closed matter.

•FDIC assessments increased $0.6 million to $2.8 million, with the full year expense reflecting the year-over-year growth in the Company’s asset size.

•Foreclosed property expense increased $0.3 million to $0.6 million in the fourth quarter of 2023 due to write-downs in the value of properties previously used in bank operations.

•Other noninterest expenses decreased $0.7 million to $6.5 million, benefiting from ongoing expense discipline.

•Seacoast recorded $8.3 million of income tax expense in the fourth quarter of 2023, compared to $9.1 million in the third quarter of 2023, and $7.8 million in the fourth quarter of 2022. Tax benefits related to stock-based compensation totaled $0.6 million in the fourth quarter of 2023, were nominal in the third quarter of 2023, and totaled $0.2 million in the fourth quarter of 2022.

•The efficiency ratio was 60.32% in the fourth quarter of 2023, compared to 62.60% in the third quarter of 2023 and 63.39% in the prior year quarter. The adjusted efficiency ratio1 was 60.32% in the fourth quarter of 2023, compared to 60.19% in the third quarter of 2023 and 51.52% in the prior year quarter. The efficiency ratio for the year ended December 31, 2023 was 64.07% compared to 60.01% for the year ended December 31, 2022. The adjusted efficiency ratio1 for the year ended December 31, 2023 was 57.35% compared to 53.03% for the year ended December 31, 2022. The increase in the efficiency ratio in 2023 reflects the impact of higher deposit rates.

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

Balance Sheet

•At December 31, 2023, the Company had total assets of $14.6 billion and totalshareholders' equity of $2.1 billion. Book value per share was $24.84 as of December 31, 2023, compared to $24.06 as of September 30, 2023, and $22.45 as of December 31, 2022. Tangible book value per share totaled $15.08 as of December 31, 2023 compared to $14.26 at September 30, 2023, and $14.69 as of December 31, 2022.

•Debt securities totaled $2.5 billion as of December 31, 2023, a decrease of $16.9 million, or 1%, compared to September 30, 2023. Debt securities include approximately $1.8 billion in securities held at fair value and classified as available for sale. Unrealized losses on debt securities available for sale declined by $73.4 million, or 26%, in the fourth quarter of 2023, benefiting from changes in market interest rates. Unrealized losses on available for sale securities are fully reflected in the value presented on the balance sheet. The portfolio also includes $680.3 million in securities classified as held to maturity with a fair value of $558.4 million. Held-to-maturity securities consist solely of mortgage-backed securities and collateralized mortgage obligations guaranteed by U.S. government agencies, each of which is expected to recover any price depreciation over its holding period as the debt securities move to maturity. The Company has significant liquidity and available borrowing capacity and has the intent and ability to hold these investments to maturity.

•Loans increased $51.8 million during the fourth quarter of 2023, totaling $10.1 billion as of December 31, 2023. The Company continues to exercise a disciplined approach to lending, carefully underwriting loans to strict underwriting guidelines and setting high expectations for risk adjusted returns.

•Loan originations were $477.9 million in the fourth quarter of 2023, an increase of 95% compared to $244.6 million in the third quarter of 2023. New add on yields were near 8% during the fourth quarter of 2023.

•Commercial originations were $334.2 million during the fourth quarter of 2023, compared to $94.0 million in the third quarter of 2023 and $482.2 million in the fourth quarter of 2022.

•SBA originations were $25.0 million during the fourth quarter of 2023, compared to $12.5 million in the third quarter of 2023 and $7.4 million in the fourth quarter of 2022.

•Consumer originations in the fourth quarter of 2023 decreased to $61.8 million from $76.5 million in the third quarter of 2023 and from $88.7 million in the fourth quarter of 2022.

•Closed residential loans retained in the portfolio totaled $41.2 million in the fourth quarter of 2023, compared to $44.0 million in the third quarter of 2023 and $74.3 million in the fourth quarter of 2022.

•Residential loans originated for sale in the secondary market totaled $15.6 million in the fourth quarter of 2023, compared to $17.6 million in the third quarter of 2023 and $10.7 million in the fourth quarter of 2022.

•Loan pipelines (loans in underwriting and approval or approved and not yet closed) totaled $393.0 million as of December 31, 2023, an increase of 11% from September 30, 2023 and a decrease of 13% from December 31, 2022.

•Commercial pipelines were $306.5 million as of December 31, 2023, an increase of 18% from $259.4 million at September 30, 2023, and a decrease of 21% from $389.7 million at December 31, 2022.

•SBA pipelines were $20.6 million as of December 31, 2023, compared to $41.4 million at September 30, 2023 and $6.0 million at December 31, 2022.

•Consumer pipelines were $18.7 million as of December 31, 2023, a decrease of $5.7 million from $24.5 million at September 30, 2023, and a decrease of 49% from $36.6 million at December 31, 2022.

•Retained residential pipelines were $44.4 million as of December 31, 2023, compared to $20.9 million at September 30, 2023, and $17.1 million at December 31, 2022. Residential saleable pipelines were $2.7 million as of December 31, 2023, compared to $6.8 million at September 30, 2023, and $4.2 million at December 31, 2022.

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

•Total deposits were $11.8 billion as of December 31, 2023, a decrease of $330.9 million when compared to September 30, 2023, and an increase of $1.8 billion, or 18%, compared to December 31, 2022. Seacoast’s granular, longstanding deposit base is a hallmark of our franchise and serves as a significant source of strength.

•Total customer funding, which includes sweep repurchase accounts and excludes brokered deposits, was $12.0 billion, declining modestly by $47 million during the fourth quarter of 2023.

•Quarter over quarter, attorney IOTA and title company balances declined by nearly $100 million due to lower real estate activity at year-end. This seasonal dynamic also occurred in the fourth quarter of 2022.

•At December 31, 2023, transaction account balances represented 54% of overall deposits.

•Noninterest demand deposits represent 30% of overall deposits.

•The Company benefits from a granular deposit franchise, with the top ten depositors representing only 4% of total deposits.

•Average deposits per banking center were $153 million at December 31, 2023.

•Uninsured deposits represented only 35% of overall deposit accounts as of December 31, 2023. This includes public funds under the Florida Qualified Public Depository program, which provides loss protection to depositors beyond FDIC insurance limits. Excluding such balances, the uninsured and uncollateralized deposits were 29% of total deposits. The Company has liquidity sources including cash and lines of credit with the Federal Reserve and Federal Home Loan Bank that represent 145% of uninsured deposits, and 176% of uninsured and uncollateralized deposits.

•Consumer deposits represent 40% of overall deposit funding with an average consumer customer balance of $24 thousand. Commercial deposits represent 60% of overall deposit funding with an average business customer balance of $109 thousand.

•Federal Home Loan Bank advances totaled $50.0 million at December 31, 2023 with an interest rate of 3.23%. In the aggregate, borrowed funds, including FHLB advances, subordinated debt and brokered deposits represented only 2.2% of total liabilities as of December 31, 2023. During the fourth quarter of 2023, the Company paid down $245.6 million in FHLB advances and brokered deposits.

Asset Quality

•Credit metrics remain strong, though nonperforming, criticized, and classified loans have increased slightly from historic low levels. The Company maintains robust concentration management, focused on sustaining a diversified and granular loan portfolio.

•Nonperforming loans were $65.1 million at December 31, 2023, an increase from $41.5 million at September 30, 2023. Nonperforming loans to total loans outstanding were 0.65% at December 31, 2023, 0.41% at September 30, 2023, and 0.35% at December 31, 2022.

•Nonperforming assets to total assets increased to 0.50% at December 31, 2023, compared to 0.33% at September 30, 2023, and 0.26% at December 31, 2022.

•Theratio of allowance for credit losses to total loans was 1.48% at December 31, 2023, 1.49% at September 30, 2023, and 1.40% at December 31, 2022.

•Net charge-offs were$4.7 million in the fourth quarter of 2023, a decrease of $8.0 million from $12.7 million in the third quarter of 2023.

•Portfolio diversification, in terms of asset mix, industry, and loan type, has been a critical element of the Company's lending strategy. Exposure across industries and collateral types is broadly distributed. Seacoast's average loan size is $326 thousand, and the average commercial loan size is $744 thousand, reflecting an ability to maintain granularity within the overall loan portfolio.

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

•Construction and land development and commercial real estate loans remain well below regulatory guidance at 48% and 246% of total bank-level risk-based capital, respectively, compared to 51% and 248%, respectively, at September 30, 2023. On a consolidated basis, construction and land development and commercial real estate loans represent 45% and 228%, respectively, of total consolidated risk-based capital.

Capital and Liquidity

•The Company continues to operate with a fortress balance sheet with a Tier 1 capital ratio at December 31, 2023 of 14.6% compared to 14.0% at September 30, 2023, and 14.8% at December 31, 2022. The Total capital ratio was 15.9%, the Common Equity Tier 1 capital ratio was 13.9%, and the Tier 1 leverage ratio was 11.0% at December 31, 2023. The Company is considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements.

•Cash and cash equivalents at December 31, 2023 totaled $447.2 million.

•Tangible common equity to tangible assets was 9.31% at December 31, 2023, compared to 8.68% at September 30, 2023, and 9.08% at December 31, 2022. If all held-to-maturity securities were adjusted to fair value at December 31, 2023, the tangible common equity ratio would have been 8.68%.

•At December 31, 2023, in addition to $447.2 million in cash, the Company had $5.5 billion in available borrowing capacity, including $4.5 billion in available collateralized lines of credit, $0.7 billion of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of $0.3 billion. These liquidity sources as of December 31, 2023 represented 176% of uninsured and uncollateralized deposits.

•Under its share repurchase program, the Company is authorized to purchase up to $100 million of its shares of outstanding common stock. Under this program during the fourth quarter of 2023, the Company repurchased 546,200 shares at a weighted average price of $19.80 per share.

Recognition

•In October 2023, Seacoast was recognized among Fortune’sBest Workplaces for Women for 2023. Seacoast sets a leading example by fostering inclusivity, empowering women, and creating a workplace where every individual can reach their full potential.

•Seacoast has been Certified™by Great Place To Work® for 2023. As the global authority on workplace culture, Great Place To Work® brings 30 years of groundbreaking research and data to recognize workplaces that create the conditions for an overwhelmingly positive employee experience. Seacoast has also earned specific recognition from the South Florida Business Journal, the Orlando Business Journal,American Banker, and the Guide to Greater Gainesville.

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

FINANCIAL HIGHLIGHTS
(Amounts in thousands except per share data)	(Unaudited)
	Quarterly Trends
	4Q'23			3Q'23			2Q'23			1Q'23			4Q'22
Selected balance sheet data:
Gross loans	$	10,062,940		$	10,011,186		$	10,117,919		$	10,134,395		$	8,144,724
Total deposits	11,776,935			12,107,834			12,283,267			12,309,701			9,981,595
Total assets	14,580,249			14,823,007			15,041,932			15,255,408			12,145,762
Performance measures:
Net income	$	29,543		$	31,414		$	31,249		$	11,827		$	23,927
Net interest margin	3.36		%	3.57		%	3.86		%	4.31		%	4.36		%
Pre-tax pre-provision earnings1	42,006			43,383			40,864			46,321			45,999
Average diluted shares outstanding	85,336			85,666			85,536			80,717			71,374
Diluted earnings per share (EPS)	$	0.35		$	0.37		$	0.37		$	0.15		$	0.34
Return on (annualized):
Average assets (ROA)	0.80		%	0.84		%	0.84		%	0.34		%	0.78		%
Average tangible assets (ROTA)2	0.99			1.04			1.06			0.52			0.94
Average tangible common equity (ROTCE)2	11.22			11.90			12.08			5.96			10.36
Tangible common equity to tangible assets2	9.31			8.68			8.53			8.36			9.08
Tangible book value per share2	$	15.08		$	14.26		$	14.24		$	14.25		$	14.69
Efficiency ratio	60.32		%	62.60		%	67.34		%	65.43		%	63.39		%
Adjusted operating measures1:
Adjusted net income	$	36,505		$	39,737		$	49,203		$	29,241		$	39,926
Adjusted pre-tax pre-provision earnings	51,904			54,806			64,856			71,081			66,649
Adjusted diluted EPS	0.43			0.46			0.58			0.36			0.56
Adjusted ROTA2	1.04		%	1.12		%	1.41		%	0.90		%	1.36		%
Adjusted ROTCE2	11.80			12.79			16.08			10.34			15.05
Adjusted efficiency ratio	60.32			60.19			56.44			53.10			51.52
Net adjusted noninterest expense as a percent of average tangible assets2	2.25			2.34			2.40			2.47			2.42
Other data:
Market capitalization3	$	2,415,158		$	1,869,891		$	1,880,407		$	2,005,241		$	2,233,761
Full-time equivalent employees	1,541			1,570			1,670			1,650			1,490
Number of ATMs	96			97			96			97			100
Full-service banking offices	77			77			78			83			78
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP.
2The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders' equity less intangible assets.
3Common shares outstanding multiplied by closing bid price on last day of each period.

OTHER INFORMATION

Conference Call Information

Seacoast will host a conference call January 26th, 2024, at 10:00 a.m. (Eastern Time) to discuss the fourth quarter 2023 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 715-9871 (Conference ID: 4160956). Charts will be used during the conference call and may be accessed at Seacoast’s website at www.SeacoastBanking.com by selecting “Presentations” under the heading “News/Events.” Additionally, a recording of the call will be made available to individuals shortly after the conference call and can be accessed via a link at www.SeacoastBanking.com under the heading “Corporate Information.” The recording will be available for one year.

About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)

Seacoast Banking Corporation of Florida (NASDAQ: SBCF) is one of the largest community banks headquartered in Florida with approximately $14.6 billion in assets and $11.8 billion in deposits as of December 31, 2023. Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 77 full-service branches across Florida, and through advanced mobile and online banking solutions. Seacoast National Bank is the wholly-owned subsidiary bank of Seacoast Banking Corporation of Florida. For more information about Seacoast, visit www.SeacoastBanking.com.

Cautionary Notice Regarding Forward-Looking Statements

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

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

All statements other than statements of historical fact could be forward-looking statements. You can identify these forward-looking statements through the use of words such as "may", "will", "anticipate", "assume", "should", "support", "indicate", "would", "believe", "contemplate", "expect", "estimate", "continue", "further", "plan", "point to", "project", "could", "intend", "target" or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of inflationary pressures, changes in interest rates, slowdowns in economic growth, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing; potential impacts of adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes, including those that impact the money supply and inflation; the risks of changes in interest rates on the level and composition of deposits (as well as the cost of, and competition for, deposits), loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities; interest rate risks (including the impact of continued elevated interest rates on macroeconomic conditions, customer and client behavior, as well as potential reductions in benchmark interest

rates and the resulting impacts on net interest income), sensitivities and the shape of the yield curve; changes in accounting policies, rules and practices; changes in retail distribution strategies, customer preferences and behavior generally and as a result of economic factors, including heightened inflation; changes in the availability and cost of credit and capital in the financial markets; changes in the prices, values and sales volumes of residential and commercial real estate, especially as they relate to the value of collateral supporting the Company’s loans; the Company’s concentration in commercial real estate loans and in real estate collateral in Florida; Seacoast’s ability to comply with any regulatory requirements; the effects of problems encountered by other financial institutions that adversely affect Seacoast or the banking industry, including bank failures; inaccuracies or other failures from the use of models, including the failure of assumptions and estimates, as well as differences in, and changes to, economic, market and credit conditions; the impact on the valuation of Seacoast’s investments due to market volatility or counterparty payment risk, as well as the effect of a decline in stock market prices on our fee income from our wealth management business; statutory and regulatory dividend restrictions; increases in regulatory capital requirements for banking organizations generally; the risks of mergers, acquisitions and divestitures, including Seacoast’s ability to continue to identify acquisition targets, successfully acquire and integrate desirable financial institutions and realize expected revenues and revenue synergies; changes in technology or products that may be more difficult, costly, or less effective than anticipated; the Company’s ability to identify and address increased cybersecurity risks; including those impacting vendors and other third parties; fraud or misconduct by internal or external actors, which Seacoast may not be able to prevent, detect or mitigate; inability of Seacoast’s risk management framework to manage risks associated with the Company’s business; dependence on key suppliers or vendors to obtain equipment or services for the business on acceptable terms, including the impact of supply chain disruptions; reduction in or the termination of Seacoast’s ability to use the online- or mobile-based platform that is critical to the Company’s business growth strategy; the effects of war or other conflicts, including the impacts related to or resulting from Russia’s military action in Ukraine and the escalating conflicts in the Middle East, acts of terrorism, natural disasters, including hurricanes in the Company’s footprint, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions; unexpected outcomes of and the costs associated with, existing or new litigation involving the Company; Seacoast’s ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions; the risks that deferred tax assets could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated and sales of capital stock could trigger a reduction in the amount of net operating loss carryforwards that the Company may be able to utilize for income tax purposes; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in the Company’s market areas and elsewhere, including institutions operating regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; the failure of assumptions underlying the establishment of reserves for possible credit losses; risks related to environmental, social and governance (“ESG”) matters, the scope and pace of which could alter Seacoast’s reputation and shareholder, associate, customer and third-party affiliations; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding debt ceiling and the federal budget; the risk that the regulatory environment may not be conducive to or may prohibit the consummation of future mergers and/or business combinations, may increase the length of time and amount of the resources required to consummate such transactions, and may reduce the anticipated benefit; and other factors and risks described under “Risk Factors” herein and in any of the Company's subsequent reports filed with the SEC and available on its website at www.sec.gov.

Including, without limitation, those risks and uncertainties described in the Company’s annual report on Form 10-K for the year ended December 31, 2022 and quarterly reports on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023 under "Special Cautionary Notice Regarding Forward-Looking Statements" and "Risk Factors", and otherwise in the Company’s SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at www.sec.gov.

FINANCIAL HIGHLIGHTS							(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	Quarterly Trends																Twelve Months Ended
(Amounts in thousands, except ratios and per share data)	4Q'23			3Q'23				2Q'23			1Q'23			4Q'22			4Q'23			4Q'22
Summary of Earnings
Net income	$	29,543		$	31,414			$	31,249		$	11,827		$	23,927		$	104,033		$	106,507
Adjusted net income1	36,505			39,737				49,203			29,241			39,926			154,686			136,146
Net interest income2	111,035			119,505				127,153			131,351			119,858			489,043			366,660
Net interest margin2,3	3.36		%	3.57		%		3.86		%	4.31		%	4.36		%	3.77		%	3.69		%
Pre-tax pre-provision earnings1	42,006			43,383				40,864			46,321			45,999			172,573			164,817
Adjusted pre-tax pre-provision earnings1	51,904			54,806				64,856			71,081			66,649			242,646			203,772
Performance Ratios
Return on average assets-GAAP basis3	0.80		%	0.84		%		0.84		%	0.34		%	0.78		%	0.71		%	0.96		%
Return on average tangible assets-GAAP basis3,4	0.99			1.04				1.06			0.52			0.94			0.91			1.06
Adjusted return on average tangible assets1,3,4	1.04			1.12				1.41			0.90			1.36			1.12			1.27
Pre-tax pre-provision return on average tangible assets1,3,4	1.35			1.38				1.33			1.58			1.69			1.41			1.61
Adjusted pre-tax pre-provision return on average tangible assets1,3,4	1.48			1.55				1.85			2.18			2.28			1.76			1.91
Net adjusted noninterest expense to average tangible assets1,3,4	2.25			2.34				2.40			2.47			2.42			2.36			2.15
Return on average shareholders' equity-GAAP basis3	5.69			6.01				6.05			2.53			6.03			5.14			7.51
Return on average tangible common equity-GAAP basis3,4	11.22			11.90				12.08			5.96			10.36			10.38			10.70
Adjusted return on average tangible common equity1,3,4	11.80			12.79				16.08			10.34			15.05			12.80			12.86
Efficiency ratio5	60.32			62.60				67.34			65.43			63.39			64.07			60.01
Adjusted efficiency ratio1	60.32			60.19				56.44			53.10			51.52			57.35			53.03
Noninterest income to total revenue (excluding securities gains/losses)	15.14			13.22				14.63			14.55			12.84			14.39			15.50
Tangible common equity to tangible assets4	9.31			8.68				8.53			8.36			9.08			9.31			9.08
Average loan-to-deposit ratio	83.38			82.63				83.48			82.43			77.67			82.99			73.50
End of period loan-to-deposit ratio	85.48			82.71				82.42			82.35			81.63			85.48			81.63
Per Share Data
Net income diluted-GAAP basis	$	0.35		$	0.37			$	0.37		$	0.15		$	0.34		$	1.23		$	1.66
Net income basic-GAAP basis	0.35			0.37				0.37			0.15			0.34			1.24			1.67
Adjusted earnings1	0.43			0.46				0.58			0.36			0.56			1.83			2.12
Book value per share common	24.84			24.06				24.14			24.24			22.45			24.84			22.45
Tangible book value per share	15.08			14.26				14.24			14.25			14.69			15.08			14.69
Cash dividends declared	0.18			0.18				0.18			0.17			0.17			0.71			0.64
1Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP.
2Calculated on a fully taxable equivalent basis using amortized cost.
3These ratios are stated on an annualized basis and are not necessarily indicative of future periods.
4The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders' equity less intangible assets.
5Defined as noninterest expense less amortization of intangibles and gains, losses, and expenses on foreclosed properties divided by net operating revenue (net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains and losses).

CONDENSED CONSOLIDATED STATEMENTS OF INCOME					(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	Quarterly Trends											Twelve Months Ended
(Amounts in thousands, except per share data)	4Q'23		3Q'23			2Q'23		1Q'23		4Q'22		4Q'23		4Q'22
Interest on securities:
Taxable	$	21,383	$	21,401		$	20,898	$	19,244	$	18,530	$	82,926	$	56,611
Nontaxable	55		97			97		105		130		354		546
Interest and fees on loans	147,801		149,871			148,265		135,168		105,322		581,105		315,717
Interest on federal funds sold and other investments	7,616		8,477			5,023		3,474		3,127		24,590		7,620
Total Interest Income	176,855		179,846			174,283		157,991		127,109		688,975		380,494
Interest on deposits	44,923		38,396			27,183		16,033		3,934		126,535		7,318
Interest on time certificates	15,764		16,461			14,477		5,552		1,358		52,254		2,642
Interest on borrowed money	5,349		5,683			5,660		5,254		2,108		21,946		4,372
Total Interest Expense	66,036		60,540			47,320		26,839		7,400		200,735		14,332
Net Interest Income	110,819		119,306			126,963		131,152		119,709		488,240		366,162
Provision for credit losses	3,990		2,694			(764)		31,598		14,129		37,518		26,183
Net Interest Income After Provision for Credit Losses	106,829		116,612			127,727		99,554		105,580		450,722		339,979
Noninterest income:
Service charges on deposit accounts	4,828		4,648			4,560		4,242		3,996		18,278		13,709
Interchange income	2,433		1,684			5,066		4,694		4,650		13,877		17,171
Wealth management income	3,261		3,138			3,318		3,063		2,886		12,780		11,051
Mortgage banking fees	378		410			576		426		426		1,790		3,478
Insurance agency income	1,066		1,183			1,160		1,101		805		4,510		805
SBA gains	921		613			249		322		105		2,105		842
BOLI income	2,220		2,197			2,068		1,916		1,526		8,401		5,572
Other	4,668		4,307			4,755		6,574		3,239		20,304		14,559
	19,775		18,180			21,752		22,338		17,633		82,045		67,187
Securities (losses) gains, net	(2,437)		(387)			(176)		107		18		(2,893)		(1,096)
Total Noninterest Income	17,338		17,793			21,576		22,445		17,651		79,152		66,091
Noninterest expenses:
Salaries and wages	38,435		46,431			45,155		47,616		45,405		177,637		130,100
Employee benefits	6,678		7,206			7,472		8,562		5,300		29,918		19,026
Outsourced data processing costs	8,609		8,714			20,222		14,553		9,918		52,098		27,510
Telephone / data lines	1,196		1,409			1,518		1,081		1,185		5,204		3,799
Occupancy	6,316		6,349			7,065		6,938		5,457		26,668		18,539
Furniture and equipment	2,028		2,052			2,345		2,267		1,944		8,692		6,420
Marketing	2,995		1,876			2,047		2,238		1,772		9,156		6,286
Legal and professional fees	3,294		2,679			4,062		7,479		9,174		17,514		20,703
FDIC assessments	2,813		2,258			2,116		1,443		889		8,630		3,137
Amortization of intangibles	6,888		7,457			7,654		6,727		4,763		28,726		9,101
Foreclosed property expense and net loss (gain) on sale	573		274			(57)		195		(411)		985		(1,534)
Provision for credit losses on unfunded commitments	—		—			—		1,239		—		1,239		1,157
Other	6,542		7,210			8,266		7,137		6,114		29,155		23,690
Total Noninterest Expense	86,367		93,915			107,865		107,475		91,510		395,622		267,934
Income Before Income Taxes	37,800		40,490			41,438		14,524		31,721		134,252		138,136
Income taxes	8,257		9,076			10,189		2,697		7,794		30,219		31,629
Net Income	$	29,543	$	31,414		$	31,249	$	11,827	$	23,927	$	104,033	$	106,507
Per share of common stock:
Net income diluted	$	0.35	$	0.37		$	0.37	$	0.15	$	0.34	$	1.23	$	1.66
Net income basic	0.35		0.37			0.37		0.15		0.34		1.24		1.67
Cash dividends declared	0.18		0.18			0.18		0.17		0.17		0.71		0.64
Average diluted shares outstanding	85,336		85,666			85,536		80,717		71,374		84,329		64,264
Average basic shares outstanding	84,817		85,142			85,022		80,151		70,770		83,800		63,707

CONDENSED CONSOLIDATED BALANCE SHEETS					(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	December 31,		September 30,		June 30,		March 31,		December 31,
(Amounts in thousands)	2023		2023		2023		2023		2022
Assets
Cash and due from banks	$	167,511	$	182,036	$	164,193	$	180,607	$	120,748
Interest bearing deposits with other banks	279,671		513,946		563,690		610,636		81,192
Total Cash and Cash Equivalents	447,182		695,982		727,883		791,243		201,940
Time deposits with other banks	5,857		4,357		2,987		3,236		3,236
Debt Securities:
Available for sale (at fair value)	1,836,020		1,841,845		1,916,231		2,015,967		1,871,742
Held to maturity (at amortized cost)	680,313		691,404		707,812		737,911		747,408
Total Debt Securities	2,516,333		2,533,249		2,624,043		2,753,878		2,619,150
Loans held for sale	4,391		2,979		5,967		2,838		3,151
Loans	10,062,940		10,011,186		10,117,919		10,134,395		8,144,724
Less: Allowance for credit losses	(148,931)		(149,661)		(159,715)		(155,640)		(113,895)
Net Loans	9,914,009		9,861,525		9,958,204		9,978,755		8,030,829
Bank premises and equipment, net	113,304		115,749		116,959		116,522		116,892
Other real estate owned	7,560		7,216		7,526		7,756		2,301
Goodwill	732,417		731,970		732,910		728,396		480,319
Other intangible assets, net	95,645		102,397		109,716		117,409		75,451
Bank owned life insurance	298,974		296,763		293,880		292,545		237,824
Net deferred tax assets	113,232		131,602		127,941		124,301		94,457
Other assets	331,345		339,218		333,916		338,529		280,212
Total Assets	$	14,580,249	$	14,823,007	$	15,041,932	$	15,255,408	$	12,145,762
Liabilities and Shareholders' Equity
Liabilities
Deposits
Noninterest demand	$	3,544,981	$	3,868,132	$	4,139,052	$	4,554,509	$	4,070,973
Interest-bearing demand	2,790,210		2,800,152		2,816,656		2,676,320		2,337,590
Savings	651,454		721,558		824,255		940,702		1,064,392
Money market	3,314,288		3,143,897		2,859,164		2,893,128		1,985,974
Other time certificates	889,806		821,406		628,036		598,483		369,389
Brokered time certificates	122,347		307,963		591,503		371,392		3,798
Time certificates of more than $250,000	463,849		444,726		424,601		275,167		149,479
Total Deposits	11,776,935		12,107,834		12,283,267		12,309,701		9,981,595
Securities sold under agreements to repurchase	374,573		276,450		290,156		267,606		172,029
Federal Home Loan Bank borrowings	50,000		110,000		160,000		385,000		150,000
Subordinated debt, net	106,302		106,136		105,970		105,804		84,533
Other liabilities	164,353		174,193		148,507		136,213		149,830
Total Liabilities	12,472,163		12,774,613		12,987,900		13,204,324		10,537,987
Shareholders' Equity
Common stock	8,486		8,515		8,509		8,461		7,162
Additional paid in capital	1,808,883		1,813,068		1,809,431		1,803,898		1,377,802
Retained earnings	467,305		453,117		437,087		421,271		423,863
Treasury stock	(16,710)		(14,035)		(14,171)		(13,113)		(13,019)
	2,267,964		2,260,665		2,240,856		2,220,517		1,795,808
Accumulated other comprehensive (loss) income, net	(159,878)		(212,271)		(186,824)		(169,433)		(188,033)
Total Shareholders' Equity	2,108,086		2,048,394		2,054,032		2,051,084		1,607,775
Total Liabilities & Shareholders' Equity	$	14,580,249	$	14,823,007	$	15,041,932	$	15,255,408	$	12,145,762
Common shares outstanding	84,861		85,150		85,086		84,609		71,618

CONSOLIDATED QUARTERLY FINANCIAL DATA							(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Amounts in thousands)	4Q'23			3Q'23			2Q'23			1Q'23			4Q'22
Credit Analysis
Net charge-offs (recoveries)	$	4,720		$	12,748		$	705		$	3,188		$	782
Net charge-offs (recoveries) to average loans	0.19		%	0.50		%	0.03		%	0.14		%	0.04		%
Allowance for credit losses	$	148,931		$	149,661		$	159,715		$	155,640		$	113,895
Non-acquired loans at end of period	$	6,571,454		$	6,343,121		$	6,264,044		$	6,048,453		$	5,944,194
Acquired loans at end of period	3,491,486			3,668,065			3,853,875			4,085,942			2,200,530
Total Loans	$	10,062,940		$	10,011,186		$	10,117,919		$	10,134,395		$	8,144,724
Total allowance for credit losses to total loans at end of period	1.48		%	1.49		%	1.58		%	1.54		%	1.40		%
Purchase discount on acquired loans at end of period	4.75			4.86			4.98			5.02			4.25
End of Period
Nonperforming loans	$	65,104		$	41,508		$	48,326		$	50,787		$	28,843
Other real estate owned	221			221			530			530			530
Properties previously used in bank operations included in other real estate owned	7,339			6,995			6,996			7,226			1,771
Total Nonperforming Assets	$	72,664		$	48,724		$	55,852		$	58,543		$	31,144
Nonperforming Loans to Loans at End of Period	0.65		%	0.41		%	0.48		%	0.50		%	0.35		%
Nonperforming Assets to Total Assets at End of Period	0.50			0.33			0.37			0.38			0.26
	December 31,			September 30,			June 30,			March 31,			December 31,
Loans	2023			2023			2023			2023			2022
Construction and land development	$	767,622		$	793,736		$	794,371		$	757,835		$	587,332
Commercial real estate - owner occupied	1,670,281			1,675,881			1,669,369			1,652,491			1,478,302
Commercial real estate - non-owner occupied	3,319,890			3,285,974			3,370,211			3,412,051			2,589,774
Residential real estate	2,445,692			2,418,903			2,396,352			2,354,394			1,849,503
Commercial and financial	1,607,888			1,588,152			1,615,534			1,655,884			1,353,226
Consumer	251,567			248,540			272,082			301,740			286,587
Total Loans	$	10,062,940		$	10,011,186		$	10,117,919		$	10,134,395		$	8,144,724

AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1									(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	4Q'23						3Q'23							4Q'22
	Average				Yield/		Average					Yield/		Average				Yield/
(Amounts in thousands)	Balance		Interest		Rate		Balance			Interest		Rate		Balance		Interest		Rate
Assets
Earning assets:
Securities:
Taxable	$	2,499,047	$	21,383	3.42	%	$	2,575,002		$	21,401	3.32	%	$	2,680,813	$	18,530	2.76	%
Nontaxable	7,835		68		3.48		15,280			119		3.11		20,246		164		3.24
Total Securities	2,506,882		21,451		3.42		2,590,282			21,520		3.32		2,701,059		18,694		2.77
Federal funds sold	465,506		6,426		5.48		547,576			7,415		5.37		155,815		1,410		3.59
Interest bearing deposits with other banks and other investments	91,230		1,190		5.18		90,039			1,062		4.68		141,179		1,717		4.83
Total Loans, net	10,033,245		148,004		5.85		10,043,611			150,048		5.93		7,910,729		105,437		5.29
Total Earning Assets	13,096,863		177,071		5.36		13,271,508			180,045		5.38		10,908,782		127,258		4.63
Allowance for credit losses	(149,110)						(158,440)							(109,509)
Cash and due from banks	179,908						168,931							137,839
Premises and equipment	115,556						116,704							115,095
Intangible assets	832,029						839,787							521,412
Bank owned life insurance	297,525						295,272							237,062
Other assets including deferred tax assets	365,263						372,241							329,175
Total Assets	$	14,738,034					$	14,906,003						$	12,139,856
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand	$	2,819,743	$	15,658	2.20	%	$	2,804,243		$	15,013	2.12	%	$	2,303,324	$	1,859	0.32	%
Savings	679,720		505		0.29		770,503			465		0.24		1,126,540		203		0.07
Money market	3,268,829		28,760		3.49		2,972,495			22,918		3.06		1,980,870		1,872		0.37
Time deposits	1,524,460		15,764		4.10		1,619,572			16,461		4.03		500,441		1,358		1.08
Securities sold under agreements to repurchase	335,559		2,991		3.54		327,711			2,876		3.48		134,709		544		1.60
Federal Home Loan Bank borrowings	59,022		442		2.97		111,087			888		3.17		40,712		330		3.22
Subordinated debt	106,205		1,916		7.16		106,036			1,919		7.18		83,534		1,234		5.86
Total Interest-Bearing Liabilities	8,793,538		66,036		2.98		8,711,647			60,540		2.76		6,170,130		7,400		0.48
Noninterest demand	3,739,993						3,987,761							4,273,922
Other liabilities	145,591						133,846							122,100
Total Liabilities	12,679,122						12,833,254							10,566,152
Shareholders' equity	2,058,912						2,072,747							1,573,704
Total Liabilities & Equity	$	14,738,034					$	14,906,003						$	12,139,856
Cost of deposits					2.00	%						1.79	%					0.21	%
Interest expense as a % of earning assets					2.00	%						1.81	%					0.27	%
Net interest income as a % of earning assets			$	111,035	3.36	%				$	119,505	3.57	%			$	119,858	4.36	%
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.

AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1							(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	Twelve Months Ended December 31, 2023							Twelve Months Ended December 31, 2022
	Average				Yield/			Average				Yield/
(Amounts in thousands, except ratios)	Balance		Interest		Rate			Balance		Interest		Rate
Assets
Earning assets:
Securities:
Taxable	$	2,611,299	$	82,926	3.18	%		$	2,568,568	$	56,611	2.20	%
Nontaxable	13,733		438		3.19			22,188		690		3.11
Total Securities	2,625,032		83,364		3.18			2,590,756		57,301		2.21
Federal funds sold	368,659		18,871		5.12			433,359		4,103		0.95
Interest bearing deposits with other banks and other investments	90,692		5,718		6.30			69,604		3,517		5.05
Total Loans, net	9,889,070		581,825		5.88			6,838,266		316,073		4.62
Total Earning Assets	12,973,453		689,778		5.32			9,931,985		380,994		3.84
Allowance for credit losses	(150,982)							(94,693)
Cash and due from banks	184,035							305,775
Premises and equipment	116,516							85,568
Intangible assets	816,662							360,217
Bank owned life insurance	290,218							214,468
Other assets including deferred tax assets	392,872							248,108
Total Assets	$	14,622,774						$	11,051,428
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand	$	2,686,936	$	41,438	1.54	%		$	2,220,307	$	3,099	0.14	%
Savings	851,347		1,796		0.21			989,997		397		0.04
Money market	2,941,916		83,300		2.83			1,925,176		3,824		0.20
Time deposits	1,348,152		52,254		3.88			500,471		2,642		0.53
Securities sold under agreements to repurchase	270,999		8,324		3.07			121,318		986		0.81
Federal Home Loan Bank borrowings	175,247		6,378		3.64			10,264		330		3.22
Subordinated debt	104,158		7,245		6.96			74,713		3,056		4.09
Total Interest-Bearing Liabilities	8,378,755		200,735		2.40			5,842,246		14,334		0.25
Noninterest demand	4,087,335							3,667,345
Other liabilities	131,302							122,982
Total Liabilities	12,597,392							9,632,573
Shareholders' equity	2,025,382							1,418,855
Total Liabilities & Equity	$	14,622,774						$	11,051,428
Cost of deposits					1.50	%						0.11	%
Interest expense as a % of earning assets					1.55	%						0.14	%
Net interest income as a % of earning assets			$	489,043	3.77	%				$	366,660	3.69	%
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.

CONSOLIDATED QUARTERLY FINANCIAL DATA					(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	December 31,		September 30,			June 30,		March 31,		December 31,
(Amounts in thousands)	2023		2023			2023		2023		2022
Customer Relationship Funding
Noninterest demand
Commercial	$	2,752,644	$	3,089,488		$	3,304,761	$	3,622,441	$	3,148,778
Retail	561,569		570,727			615,536		673,686		764,274
Public funds	173,893		134,649			152,159		194,977		112,553
Other	56,875		73,268			66,596		63,405		45,368
Total Noninterest Demand	3,544,981		3,868,132			4,139,052		4,554,509		4,070,973
Interest-bearing demand
Commercial	1,576,491		1,618,755			1,555,486		1,233,845		886,894
Retail	956,900		994,224			1,058,993		1,209,664		1,191,192
Brokered	—		—			—		44,474		54,777
Public funds	256,819		187,173			202,177		188,337		204,727
Total Interest-Bearing Demand	2,790,210		2,800,152			2,816,656		2,676,320		2,337,590
Total transaction accounts
Commercial	4,329,135		4,708,243			4,860,247		4,856,286		4,035,672
Retail	1,518,469		1,564,951			1,674,529		1,883,350		1,955,466
Brokered	—		—			—		44,474		54,777
Public funds	430,712		321,822			354,336		383,314		317,280
Other	56,875		73,268			66,596		63,405		45,368
Total Transaction Accounts	6,335,191		6,668,284			6,955,708		7,230,829		6,408,563
Savings
Commercial	58,562		79,731			101,908		108,023		91,943
Retail	592,892		641,827			722,347		832,679		972,449
Total Savings	651,454		721,558			824,255		940,702		1,064,392
Money market
Commercial	1,655,820		1,625,455			1,426,348		1,542,220		932,518
Retail	1,469,142		1,362,390			1,275,721		1,279,712		984,561
Public funds	189,326		156,052			157,095		71,196		68,895
Total Money Market	3,314,288		3,143,897			2,859,164		2,893,128		1,985,974
Brokered time certificates	122,347		307,963			591,503		371,392		3,798
Other time certificates	1,353,655		1,266,132			1,052,637		873,650		518,868
	1,476,002		1,574,095			1,644,140		1,245,042		522,666
Total Deposits	$	11,776,935	$	12,107,834		$	12,283,267	$	12,309,701	$	9,981,595
Customer sweep accounts	374,573		276,450			290,156		267,606		172,029
Total customer funding(1)	$	12,029,161	$	12,076,321		$	11,981,920	$	12,205,915	$	10,149,826
(1)Total deposits and customer sweep accounts, excluding brokered deposits.

Explanation of Certain Unaudited Non-GAAP Financial Measures

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

GAAP TO NON-GAAP RECONCILIATION							(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	Quarterly Trends																Twelve Months Ended
(Amounts in thousands, except per share data)	4Q'23			3Q'23				2Q'23			1Q'23			4Q'22			4Q'23			4Q'22
Net Income	$	29,543		$	31,414			$	31,249		$	11,827		$	23,927		$	104,033		$	106,507
Total noninterest income	17,338			17,793				21,576			22,445			17,651			79,152			66,091
Securities losses (gains), net	2,437			387				176			(107)			(18)			2,893			1,096
BOLI benefits on death (included in other income)	—			—				—			(2,117)			—			(2,117)			—
Total Adjustments to Noninterest Income	2,437			387				176			(2,224)			(18)			776			1,096
Total Adjusted Noninterest Income	19,775			18,180				21,752			20,221			17,633			79,928			67,187
Total noninterest expense	86,367			93,915				107,865			107,475			91,510			395,622			267,934
Total merger related charges	—			—				(15,648)			(17,532)			(16,140)			(33,180)			(27,925)
Amortization of intangibles	(6,888)			(7,457)				(7,654)			(6,727)			(4,763)			(28,726)			(9,101)
Branch reductions and other expense initiatives	—			(3,305)				(571)			(1,291)			(176)			(5,167)			(1,210)
Total Adjustments to Noninterest Expense	(6,888)			(10,762)				(23,873)			(25,550)			(21,079)			(67,073)			(38,236)
Total Adjusted Noninterest Expense	79,479			83,153				83,992			81,925			70,431			328,549			229,698
Income Taxes	8,257			9,076				10,189			2,697			7,794			30,219			31,629
Tax effect of adjustments	2,363			2,826				6,095			5,912			5,062			17,196			9,693
Adjusted Income Taxes	10,620			11,902				16,284			8,609			12,856			47,415			41,322
Adjusted Net Income	$	36,505		$	39,737			$	49,203		$	29,241		$	39,926		$	154,686		$	136,146
Earnings per diluted share, as reported	$	0.35		$	0.37			$	0.37		$	0.15		$	0.34		$	1.23		$	1.66
Adjusted Earnings per Diluted Share	0.43			0.46				0.58			0.36			0.56			1.83			2.12
Average diluted shares outstanding	85,336			85,666				85,536			80,717			71,374			84,329			64,264
Adjusted Noninterest Expense	$	79,479		$	83,153			$	83,992		$	81,925		$	70,431		$	328,549		$	229,698
Provision for credit losses on unfunded commitments	—			—				—			(1,239)			—			(1,239)			(1,157)
Foreclosed property expense and net (loss) gain on sale	(573)			(274)				57			(195)			411			(985)			1,534
Net Adjusted Noninterest Expense	$	78,906		$	82,879			$	84,049		$	80,491		$	70,842		$	326,325		$	230,075
Revenue	$	128,157		$	137,099			$	148,539		$	153,597		$	137,360		$	567,392		$	432,253
Total Adjustments to Revenue	2,437			387				176			(2,224)			(18)			776			1,096
Impact of FTE adjustment	216			199				190			199			149			803			498
Adjusted Revenue on a fully taxable equivalent basis	$	130,810		$	137,685			$	148,905		$	151,572		$	137,491		$	568,971		$	433,847
Adjusted Efficiency Ratio	60.32		%	60.19		%		56.44		%	53.10		%	51.52		%	57.35		%	53.03		%
Net Interest Income	$	110,819		$	119,306			$	126,963		$	131,152		$	119,709		$	488,240		$	366,162
Impact of FTE adjustment	216			199				190			199			149			803			498
Net Interest Income including FTE adjustment	$	111,035		$	119,505			$	127,153		$	131,351		$	119,858		$	489,043		$	366,660
Total noninterest income	17,338			17,793				21,576			22,445			17,651			79,152			66,091
Total noninterest expense	86,367			93,915				107,865			107,475			91,510			395,622			267,934
Pre-Tax Pre-Provision Earnings	$	42,006		$	43,383			$	40,864		$	46,321		$	45,999		$	172,573		$	164,817
Total Adjustments to Noninterest Income	2,437			387				176			(2,224)			(18)			776			1,096
Total Adjustments to Noninterest Expense	(7,461)			(11,036)				(23,816)			(26,984)			(20,668)			(69,297)			(37,859)
Adjusted Pre-Tax Pre-Provision Earnings	$	51,904		$	54,806			$	64,856		$	71,081		$	66,649		$	242,646		$	203,772
Average Assets	$	14,738,034		$	14,906,003			$	14,887,289		$	13,947,976		$	12,139,856		$	14,622,774		$	11,051,428
Less average goodwill and intangible assets	(832,029)			(839,787)				(842,988)			(750,694)			(521,412)			(816,662)			(360,217)
Average Tangible Assets	$	13,906,005		$	14,066,216			$	14,044,301		$	13,197,282		$	11,618,444		$	13,806,112		$	10,691,211

GAAP TO NON-GAAP RECONCILIATION							(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	Quarterly Trends																Twelve Months Ended
(Amounts in thousands, except per share data)	4Q'23			3Q'23				2Q'23			1Q'23			4Q'22			4Q'23			4Q'22
Return on Average Assets (ROA)	0.80		%	0.84		%		0.84		%	0.34		%	0.78		%	0.71		%	0.96		%
Impact of removing average intangible assets and related amortization	0.19			0.20				0.22			0.18			0.16			0.20			0.10
Return on Average Tangible Assets (ROTA)	0.99			1.04				1.06			0.52			0.94			0.91			1.06
Impact of other adjustments for Adjusted Net Income	0.05			0.08				0.35			0.38			0.42			0.21			0.21
Adjusted Return on Average Tangible Assets	1.04			1.12				1.41			0.90			1.36			1.12			1.27
Pre-Tax Pre-Provision return on Average Tangible Assets	1.35		%	1.38		%		1.33		%	1.58		%	1.69		%	1.41		%	1.61		%
Impact of adjustments on Pre-Tax Pre-Provision earnings	0.13			0.17				0.52			0.60			0.59			0.35			0.30
Adjusted Pre-Tax Pre-Provision Return on Tangible Assets	1.48			1.55				1.85			2.18			2.28			1.76			1.91
Average Shareholders' Equity	$	2,058,912		$	2,072,747			$	2,070,529		$	1,897,045		$	1,573,704		$	2,025,382		$	1,418,855
Less average goodwill and intangible assets	(832,029)			(839,787)				(842,988)			(750,694)			(521,412)			(816,662)			(360,217)
Average Tangible Equity	$	1,226,883		$	1,232,960			$	1,227,541		$	1,146,351		$	1,052,292		$	1,208,720		$	1,058,638
Return on Average Shareholders' Equity	5.69		%	6.01		%		6.05		%	2.53		%	6.03		%	5.14		%	7.51		%
Impact of removing average intangible assets and related amortization	5.53			5.89				6.03			3.43			4.33			5.24			3.19
Return on Average Tangible Common Equity (ROTCE)	11.22			11.90				12.08			5.96			10.36			10.38			10.70
Impact of other adjustments for Adjusted Net Income	0.58			0.89				4.00			4.38			4.69			2.42			2.16
Adjusted Return on Average Tangible Common Equity	11.80			12.79				16.08			10.34			15.05			12.80			12.86
Loan interest income1	$	148,004		$	150,048			$	148,432		$	135,341		$	105,437		$	581,825		$	316,073
Accretion on acquired loans	(11,324)			(14,843)				(14,580)			(15,942)			(9,710)			(56,689)			(18,389)
Loan interest income excluding accretion on acquired loans	$	136,680		$	135,205			$	133,852		$	119,399		$	95,727		$	525,136		$	297,684
Yield on loans1	5.85			5.93				5.89			5.86			5.29			5.88			4.62
Impact of accretion on acquired loans	(0.45)			(0.59)				(0.58)			(0.69)			(0.49)			(0.57)			(0.27)
Yield on loans excluding accretion on acquired loans	5.40		%	5.34		%		5.31		%	5.17		%	4.80		%	5.31		%	4.35		%
Net Interest Income1	$	111,035		$	119,505			$	127,153		$	131,351		$	119,858		$	489,043		$	366,660
Accretion on acquired loans	(11,324)			(14,843)				(14,580)			(15,942)			(9,710)			(56,689)			(18,389)
Net interest income excluding accretion on acquired loans	$	99,711		$	104,662			$	112,573		$	115,409		$	110,148		$	432,354		$	348,271
Net Interest Margin	3.36			3.57				3.86			4.31			4.36			3.77			3.69
Impact of accretion on acquired loans	(0.34)			(0.44)				(0.44)			(0.53)			(0.35)			(0.44)			(0.18)
Net interest margin excluding accretion on acquired loans	3.02		%	3.13		%		3.42		%	3.78		%	4.01		%	3.33		%	3.51		%
Security interest income1	$	21,451		$	21,520			$	21,018		$	19,375		$	18,694		$	83,364		$	57,301
Tax equivalent adjustment on securities	(13)			(22)				(23)			(26)			(34)			(83)			(142)
Security interest income excluding tax equivalent adjustment	$	21,438		$	21,498			$	20,995		$	19,349		$	18,660		$	83,281		$	57,159
Loan interest income1	$	148,004		$	150,048			$	148,432		$	135,341		$	105,437		$	581,825		$	316,073
Tax equivalent adjustment on loans	(203)			(177)				(167)			(173)			(115)			(720)			(356)
Loan interest income excluding tax equivalent adjustment	$	147,801		$	149,871			$	148,265		$	135,168		$	105,322		$	581,105		$	315,717

GAAP TO NON-GAAP RECONCILIATION					(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	Quarterly Trends											Twelve Months Ended
(Amounts in thousands, except per share data)	4Q'23		3Q'23			2Q'23		1Q'23		4Q'22		4Q'23		4Q'22
Net Interest Income1	$	111,035	$	119,505		$	127,153	$	131,351	$	119,858	$	489,043	$	366,660
Tax equivalent adjustment on securities	(13)		(22)			(23)		(26)		(34)		(83)		(142)
Tax equivalent adjustment on loans	(203)		(177)			(167)		(173)		(115)		(720)		(356)
Net interest income excluding tax equivalent adjustment	$	110,819	$	119,306		$	126,963	$	131,152	$	119,709	$	488,240	$	366,162
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.

EX-99.2

EARNINGS PRESENTATION FOURTH QUARTER AND FULL YEAR 2023 2023

2FOURTH QUARTER 2023 EARNINGS PRESENTATION This presentation contains “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in the Company’s markets, and improvements to reported earnings that may be realized from cost controls, tax law changes, new initiatives and for integration of banks that the Company has acquired, or expects to acquire, as well as statements with respect to Seacoast's objectives, strategic plans, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements. Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates and intentions about future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance or achievements of Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) or its wholly-owned banking subsidiary, Seacoast National Bank (“Seacoast Bank”), to be materially different from results, performance or achievements expressed or implied by such forward-looking statements. You should not expect the Company to update any forward-looking statements. All statements other than statements of historical fact could be forward-looking statements. You can identify these forward- looking statements through the use of words such as "may", "will", "anticipate", "assume", "should", "support", "indicate", "would", "believe", "contemplate", "expect", "estimate", "continue", "further", "plan", "point to", "project", "could", "intend", "target" or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of inflationary pressures, changes in interest rates, slowdowns in economic growth, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing; potential impacts of adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes, including those that impact the money supply and inflation; the risks of changes in interest rates on the level and composition of deposits (as well as the cost of, and competition for, deposits), loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities; interest rate risks (including the impacts of continued elevated interest rates on macroeconomic conditions, customer and client behavior, as well as potential reductions in benchmark interest rates and the resulting impacts on net interest income), sensitivities and the shape of the yield curve; changes in accounting policies, rules and practices; changes in retail distribution strategies, customer preferences and behavior generally and as a result of economic factors, including heightened inflation; changes in the availability and cost of credit and capital in the financial markets; changes in the prices, values and sales volumes of residential and commercial real estate, especially as they relate to the value of collateral supporting the Company’s loans; the Company’s concentration in commercial real estate loans and in real estate collateral in Florida; Seacoast’s ability to comply with any regulatory requirements; the effects of problems encountered by other financial institutions that adversely affect Seacoast or the banking industry, including bank failures; inaccuracies or other failures from the use of models, including the failure of assumptions and estimates, as well as differences in, and changes to, economic, market and credit conditions; the impact on the valuation of Seacoast’s investments due to market volatility or counterparty payment risk, as well as the effect of a decline in stock market prices on our fee income from our wealth management business; statutory and regulatory dividend restrictions; increases in regulatory capital requirements for banking organizations generally; the risks of mergers, acquisitions and divestitures, including Seacoast’s ability to continue to identify acquisition targets, successfully acquire and integrate desirable financial institutions and realize expected revenues and revenue synergies; changes in technology or products that may be more difficult, costly, or less effective than anticipated; the Company’s ability to identify and address increased cybersecurity risks, including those impacting vendors and other third parties; fraud or misconduct by internal or external actors, which Seacoast may not be able to prevent, detect or mitigate; inability of Seacoast’s risk management framework to manage risks associated with the Company’s business; dependence on key suppliers or vendors to obtain equipment or services for the business on acceptable terms, including the impact of supply chain disruptions; reduction in or the termination of Seacoast’s ability to use the online- or mobile-based platform that is critical to the Company’s business growth strategy; the effects of war or other conflicts, including the impacts related to or resulting from Russia’s military action in Ukraine and the escalating conflicts in the Middle East, acts of terrorism, natural disasters, including hurricanes in the Company’s footprint, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions; unexpected outcomes of and the costs associated with, existing or new litigation involving the Company; Seacoast’s ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions; the risks that deferred tax assets could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated and sales of capital stock could trigger a reduction in the amount of net operating loss carryforwards that the Company may be able to utilize for income tax purposes; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in the Company’s market areas and elsewhere, including institutions operating regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; the failure of assumptions underlying the establishment of reserves for possible credit losses; risks related to environmental, social and governance (“ESG”) matters, the scope and pace of which could alter Seacoast’s reputation and shareholder, associate, customer and third- party affiliations; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the debt ceiling and the federal budget; the risk that the regulatory environment may not be conducive to or may prohibit the consummation of future mergers and/or business combinations, may increase the length of time and amount of resources required to consummate such transactions, and may reduce the anticipated benefit and other factors and risks described under “Risk Factors” herein and in any of the Company's subsequent reports filed with the SEC and available on its website at www.sec.gov All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in the Company’s annual report on Form 10-K for the year ended December 31, 2022 and quarterly reports on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023 under "Special Cautionary Notice Regarding Forward-Looking Statements" and "Risk Factors", and otherwise in the Company’s SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at www.sec.gov. Cautionary Notice Regarding Forward-Looking Statements

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

19FOURTH QUARTER 2023 EARNINGS PRESENTATION Appendix

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

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

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

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

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

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

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

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

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

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