Net Interest Margin Expands Nine Basis Points to 3.48%

Annualized Growth in Deposits of 11% and in Loans of 6%

Well-Positioned Balance Sheet with Strong Capital and Liquidity

STUART, Fla., April 24, 2025--(BUSINESS WIRE)--Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported net income in the first quarter of 2025 of $31.5 million, or $0.37 per diluted share, compared to $34.1 million, or $0.40 per diluted share, in the fourth quarter of 2024 and $26.0 million, or $0.31 per diluted share, in the first quarter of 2024.

Adjusted net income1 for the first quarter of 2025 was $32.1 million, or $0.38 per diluted share, compared to $40.6 million, or $0.48 per diluted share, in the fourth quarter of 2024 and $31.1 million, or $0.37 per diluted share, in the first quarter of 2024.

Pre-tax pre-provision earnings1 were $50.6 million in the first quarter of 2025, an increase of $2.7 million, or 6%, compared to the fourth quarter of 2024 and an increase of $14.9 million, or 42%, compared to the first quarter of 2024. Adjusted pre-tax pre-provision earnings1 were $51.7 million in the first quarter of 2025, a decrease of $4.9 million, or 9%, compared to the fourth quarter of 2024 and an increase of $9.2 million, or 22%, compared to the first quarter of 2024.

For the first quarter of 2025, return on average tangible assets was 0.98% and return on average tangible shareholders' equity was 10.17%, compared to 1.06% and 10.90%, respectively, in the prior quarter, and 0.89% and 9.55%, respectively, in the prior year quarter. Adjusted return on average tangible assets1 in the first quarter of 2025 was 1.00% and adjusted return on average tangible shareholders' equity1 was 10.35%, compared to 1.24% and 12.74%, respectively, in the prior quarter, and 1.04% and 11.15%, respectively, in the prior year quarter.

Charles M. Shaffer, Seacoast's Chairman and CEO, said, "Seacoast’s investments in recent years in high-performing revenue producing talent continued to drive disciplined loan and strong deposit growth this quarter, and the late-stage pipeline continues to build entering the second quarter. We believe that our granular deposit franchise and ample liquidity position us well for continued growth and for the additional expansion of net interest margin, which increased nine basis points compared to the prior quarter."

Shaffer added, "In the first quarter of 2025, we grew our market presence in the Fort Lauderdale and Tampa regions by adding new branches and bankers, and we announced the proposed acquisition of Heartland Bancshares, Inc., which will bring us four additional locations in Central Florida. We believe that this expansion into some of the best banking markets in the United States will support strong value creation in the coming years."

Story Continues

Shaffer concluded, "As volatility in macroeconomic conditions has increased, we remain well positioned for a wide range of outcomes, with an industry leading capital position and excess liquidity. Our fortress balance sheet provides Seacoast durability and optionality allowing us to be a pillar of strength to support our clients and communities."

Acquisition Update

On February 27, 2025, the Company announced its proposed acquisition of Heartland Bancshares, Inc. ("Heartland"). The transaction, which is expected to close in the third quarter of 2025, will expand the Company’s presence in Central Florida. Heartland operates four branches, with total assets of approximately $763 million and deposits of approximately $666 million as of March 31, 2025.

Financial Results

Income Statement

Net income in the first quarter of 2025 was $31.5 million, or $0.37 per diluted share, compared to $34.1 million, or $0.40 per diluted share, in the prior quarter and $26.0 million, or $0.31 per diluted share, in the prior year quarter. Adjusted net income1 for the first quarter of 2025 was $32.1 million, or $0.38 per diluted share, compared to $40.6 million, or $0.48 per diluted share, for the prior quarter, and $31.1 million, or $0.37 per diluted share, for the prior year quarter.

Net revenues were $140.7 million in the first quarter of 2025, an increase of $7.8 million, or 6%, compared to the prior quarter, and an increase of $15.1 million, or 12%, compared to the prior year quarter. Adjusted net revenues1 were $140.8 million in the first quarter of 2025, a decrease of $0.7 million, or 1%, compared to the prior quarter, and an increase of $15.3 million, or 12%, compared to the prior year quarter.

Pre-tax pre-provision earnings1 were $50.6 million in the first quarter of 2025, an increase of $2.7 million, or 6%, compared to the fourth quarter of 2024 and an increase of $14.9 million, or 42%, compared to the first quarter of 2024. Adjusted pre-tax pre-provision earnings1 were $51.7 million in the first quarter of 2025, a decrease of $4.9 million, or 9%, compared to the fourth quarter of 2024 and an increase of $9.2 million, or 22%, compared to the first quarter of 2024.

Net interest income totaled $118.5 million in the first quarter of 2025, an increase of $2.7 million, or 2%, compared to the prior quarter, and an increase of $13.4 million, or 13%, compared to the prior year quarter. The increase in the first quarter of 2025 was largely driven by lower deposit costs, which declined 15 basis points when compared to the fourth quarter of 2024. Securities income increased $2.4 million, or 9%, primarily the result of securities purchases during the quarter. Interest income on loans declined by $1.4 million in the first quarter of 2025, with higher core yields more than offset by lower accretion on acquired loans and lower day count. Included in loan interest income was accretion on acquired loans of $8.2 million in the first quarter of 2025, $11.7 million in the fourth quarter of 2024, and $10.6 million in the first quarter of 2024.

Net interest margin increased nine basis points to 3.48% in the first quarter of 2025 compared to 3.39% in the fourth quarter of 2024. Excluding the effects of accretion on acquired loans, net interest margin expanded 19 basis points to 3.24% in the first quarter of 2025 compared to 3.05% in the fourth quarter of 2024. Loan yields were 5.90%, a decrease of three basis points from the prior quarter attributed to lower accretion on acquired loans. Securities yields increased 11 basis points to 3.88%, compared to 3.77% in the prior quarter, benefiting from new purchases. The cost of deposits declined 15 basis points from 2.08% in the prior quarter to 1.93% in the first quarter of 2025.

The provision for credit losses was $9.3 million in the first quarter of 2025, compared to $3.7 million in the fourth quarter of 2024 and $1.4 million in the first quarter of 2024. The increase in provision in the first quarter of 2025 reflects higher loan growth and recent heightened volatility in macroeconomic conditions. Allowance coverage of 1.34% remains flat compared to December 31, 2024.

Noninterest income totaled $22.2 million in the first quarter of 2025, an increase of $5.1 million, or 30%, compared to the prior quarter, and an increase of $1.7 million, or 8%, compared to the prior year quarter. Results in the first quarter of 2025 included:

Service charges on deposits totaled $5.2 million, near flat from the prior quarter despite the lower day count, and an increase of $0.2 million, or 4%, from the prior year quarter. Our investments in talent and significant market expansion across the state have resulted in continued growth in treasury management services to commercial customers compared to the prior year.

Wealth management income totaled $4.2 million, an increase of $0.2 million, or 6%, from the prior quarter and an increase of $0.7 million, or 20%, from the prior year quarter. Assets under management have grown 14% year over year.

Insurance agency income totaled $1.6 million, an increase of $0.5 million, or 41%, from the prior quarter and an increase of $0.3 million, or 25%, from the prior year quarter, reflecting seasonally strong results and continued growth in the business.

Other income totaled $6.3 million, a decrease of $4.1 million, or 39%, from the prior quarter and an increase of $0.3 million, or 5%, from the prior year quarter. Compared to the fourth quarter of 2024, gains on SBIC investments were lower by $2.9 million, and gains on loan sales were lower by $1.0 million.

Securities gains of $0.2 million in the first quarter of 2025 resulted from increases in the value of investments in mutual funds that invest in CRA-qualified debt securities. The fourth quarter of 2024 included an $8.0 million loss on the repositioning of a portion of the available-for-sale securities portfolio.

Noninterest expense was $90.6 million in the first quarter of 2025, an increase of $5.0 million, or 6%, compared to the prior quarter, and an increase of $0.2 million compared to the prior year quarter. Seacoast has prudently managed expenses while strategically investing to support continued growth. Results in the first quarter of 2025 included:

Salaries and wages totaled $42.2 million, a decrease of $0.1 million from the prior quarter and an increase of $1.9 million, or 5%, from the prior year quarter, reflecting the successful recruiting and onboarding of banking teams and talent across our footprint. During the quarter, the Company added 10 revenue producing bankers to the team.

Employee benefits totaled $8.9 million, an increase of $2.3 million, or 35%, compared to the prior quarter and an increase of $1.0 million, or 12%, from the prior year quarter, reflecting higher seasonal payroll taxes and 401(k) contributions.

Outsourced data processing costs totaled $8.5 million, an increase of $0.2 million, or 2%, compared to the prior quarter and a decrease of $3.6 million, or 30%, from the prior year quarter.

Occupancy costs totaled $7.4 million, an increase of $0.1 million, or 2%, compared to the prior quarter and a decrease of $0.7 million, or 9%, from the prior year quarter. During the quarter, the Company opened two new branch locations.

Marketing expenses totaled $2.7 million, reflecting an increase of $0.6 million, or 29%, compared to the prior quarter and an increase of $0.1 million, or 3%, from the prior year quarter, primarily associated with the timing of various campaigns to support customer growth initiatives.

Legal and professional fees totaled $2.7 million, a decrease of $0.1 million, or 2%, compared to the prior quarter and an increase of $0.6 million, or 27%, from the prior year quarter.

Merger-related charges totaled $1.1 million in the first quarter of 2025.

Seacoast recorded $9.4 million of income tax expense in the first quarter of 2025, compared to $9.5 million in the fourth quarter of 2024, and $7.8 million in the first quarter of 2024. Tax expense related to stock-based compensation was immaterial in each period.

The efficiency ratio was 60.28% in the first quarter of 2025, compared to 56.26% in the fourth quarter of 2024 and 66.78% in the prior year quarter. The adjusted efficiency ratio1 was 59.53% in the first quarter of 2025, compared to 56.07% in the fourth quarter of 2024 and 61.13% in the prior year quarter. The increase in the efficiency ratio quarter over quarter reflects seasonal expense trends, including higher seasonal payroll taxes and 401(k) contributions. The Company continues to remain keenly focused on disciplined expense control, while making investments for growth.

Balance Sheet

At March 31, 2025, the Company had total assets of $15.7 billion and totalshareholders' equity of $2.2 billion. Book value per share was $26.04 as of March 31, 2025, compared to $25.51 as of December 31, 2024, and $24.93 as of March 31, 2024. Tangible book value per share was $16.71 as of March 31, 2025, compared to $16.12 as of December 31, 2024, and $15.26 as of March 31, 2024. Year over year tangible book value per share increased 10%.

Debt securities totaled $3.3 billion as of March 31, 2025, an increase of $390.9 million compared to December 31, 2024. The first quarter of 2025 included strategic purchases in connection with the announcement of the Heartland acquisition. The Company purchased $412 million in available-for-sale securities at a 5.7% taxable equivalent yield, which were funded with FHLB borrowings at a weighted-average rate of 4.3% until the expected date of acquisition close. Debt securities include approximately $2.6 billion in securities classified as available-for-sale and recorded at fair value. The unrealized loss on these securities is fully reflected in the value presented on the balance sheet. The portfolio also includes $624.7 million in securities classified as held-to-maturity with a fair value of $509.8 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 $143.1 million, or 5.6% annualized, totaling $10.4 billion as of March 31, 2025. The Company continues to exercise a disciplined approach to lending and is benefiting from the investments made in recent years to attract talent from large regional banks across its markets.

Loan pipelines (loans in underwriting and approval or approved and not yet closed) totaled $981.6 million as of March 31, 2025, compared to $693.3 million at December 31, 2024 and $572.9 million at March 31, 2024.

Commercial pipelines were $884.9 million as of March 31, 2025, compared to $605.4 million at December 31, 2024, and $498.6 million at March 31, 2024. The increase in pipeline reflects the addition of revenue producing talent on-boarding new relationships.

SBA pipelines were $19.2 million as of March 31, 2025, compared to $28.8 million at December 31, 2024, and $15.6 million at March 31, 2024.

Saleable residential pipelines were $15.5 million as of March 31, 2025, compared to $6.7 million at December 31, 2024, and $9.3 million at March 31, 2024. Retained residential pipelines were $37.5 million as of March 31, 2025, compared to $35.1 million at December 31, 2024, and $24.4 million at March 31, 2024.

Consumer pipelines were $24.4 million as of March 31, 2025, compared to $17.4 million at December 31, 2024 and $25.1 million at March 31, 2024.

Total deposits were $12.6 billion as of March 31, 2025, an increase of $332.4 million, or 11.0% annualized, when compared to December 31, 2024.

Total noninterest bearing deposits increased $140.1 million, or 17.0% annualized.

At March 31, 2025, customer transaction account balances represented 50% of total deposits.

The Company benefits from a granular deposit franchise, with the top ten depositors representing approximately 3% of total deposits.

Average deposits per banking center were $159 million at March 31, 2025, compared to $156 million at March 31, 2024.

Consumer deposits represent 41% of overall deposit funding with an average consumer customer balance of $26 thousand. Commercial deposits represent 59% of overall deposit funding with an average business customer balance of $115 thousand.

Federal Home Loan Bank advances totaled $465.0 million at March 31, 2025 with a weighted-average interest rate of 4.26% during the first quarter of 2025, compared to advances outstanding of $245.0 million at December 31, 2024 with a weighted-average interest rate of 4.19% in the fourth quarter of 2024. The Company utilized short-term fixed-rate advances to fund securities purchases in the first quarter of 2025.

Asset Quality

The ratio of criticized and classified loans to total loans was 2.41% at March 31, 2025, compared to 2.17% at December 31, 2024, and 2.40% at March 31, 2024.

Nonperforming loans were $71.0 million at March 31, 2025, compared to $92.4 million at December 31, 2024, and $77.2 million at March 31, 2024. Nonperforming loans to total loans outstanding were 0.68% at March 31, 2025, 0.90% at December 31, 2024, and 0.77% at March 31, 2024.

Accruing past due loans were $17.2 million, or 0.16% of total loans, at March 31, 2025, compared to $15.6 million, or 0.15% of total loans, at December 31, 2024, and $29.5 million, or 0.30% of total loans, at March 31, 2024.

Nonperforming assets to total assets were 0.50% at March 31, 2025, compared to 0.65% at December 31, 2024, and 0.57% at March 31, 2024.

Theratio of allowance for credit losses to total loans was 1.34% at March 31, 2025, 1.34% at December 31, 2024, and 1.47% at March 31, 2024.

Net charge-offs were $7.0 million in the first quarter of 2025, compared to $6.1 million in the fourth quarter of 2024 and $3.6 million in the first quarter of 2024.

Portfolio diversification, in terms of asset mix, industry, and loan type, has been a critical element of the Company's lending strategy. Exposure across industries and collateral types is broadly distributed. Seacoast's average loan size is $426 thousand, and the average commercial loan size is $838 thousand, reflecting an ability to maintain granularity within the overall loan portfolio.

Construction and land development and commercial real estate loans remain well below regulatory guidance as of March 31, 2025 at 36% and 236% of total bank-level risk-based capital2, respectively, compared to 38% and 237%, respectively, at December 31, 2024. On a consolidated basis and as of March 31, 2025, construction and land development and commercial real estate loans represent 34% and 220%, respectively, of total consolidated risk-based capital2.

Capital and Liquidity

The Company continues to operate with a fortress balance sheet, with a Tier 1 capital ratio at March 31, 2025 of 14.7%2 compared to 14.8% at December 31, 2024, and 14.7% at March 31, 2024. The Total capital ratio was 16.1%2, the Common Equity Tier 1 capital ratio was 14.1%2, and the Tier 1 leverage ratio was 11.2%2 at March 31, 2025. The Company is considered "well capitalized" based on applicable U.S. regulatory capital ratio requirements.

Cash and cash equivalents at March 31, 2025 totaled $500.6 million.

The Company’s loan to deposit ratio was 83.17% at March 31, 2025, which should continue to provide liquidity and flexibility moving forward.

Tangible common equity to tangible assets was 9.58% at March 31, 2025, compared to 9.60% at December 31, 2024, and 9.25% at March 31, 2024. If all held-to-maturity securities were adjusted to fair value, the tangible common equity ratio would have been 9.07% at March 31, 2025.

At March 31, 2025, in addition to $500.6 million in cash, the Company had $5.8 billion in available borrowing capacity, including $3.7 billion in available collateralized lines of credit, $1.7 billion of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of $0.3 billion.

1Non-GAAP measure, see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP. 2 Estimated.

FINANCIAL HIGHLIGHTS (Amounts in thousands except per share data) (Unaudited) Quarterly Trends  1Q'25  4Q'24  3Q'24  2Q'24  1Q'24 Selected balance sheet data:  Gross loans $ 10,443,021   $ 10,299,950   $ 10,205,281   $ 10,038,508   $ 9,978,052  Total deposits  12,574,796    12,242,427    12,243,585    12,116,118    12,015,840  Total assets  15,732,485    15,176,308    15,168,371    14,952,613    14,830,015  Performance measures:  Net income $ 31,464   $ 34,085   $ 30,651   $ 30,244   $ 26,006  Net interest margin  3.48 %   3.39 %   3.17 %   3.18 %   3.24 % Pre-tax pre-provision earnings1 $ 50,590   $ 47,858   $ 46,086   $ 44,555   $ 35,674  Average diluted shares outstanding  85,388    85,302    85,069    84,816    85,270  Diluted earnings per share (EPS)  0.37    0.40    0.36    0.36    0.31  Return on (annualized):  Average assets (ROA)  0.83 %   0.89 %   0.81 %   0.82 %   0.71 % Average tangible assets (ROTA)2  0.98    1.06    0.99    1.00    0.89  Average tangible common equity (ROTCE)2  10.17    10.90    10.31    10.75    9.55  Tangible common equity to tangible assets2  9.58    9.60    9.64    9.30    9.25  Tangible book value per share2 $ 16.71   $ 16.12   $ 16.20   $ 15.41   $ 15.26  Efficiency ratio  60.28 %   56.26 %   59.84 %   60.21 %   66.78 % Adjusted operating measures1:  Adjusted net income $ 32,102   $ 40,556   $ 30,511   $ 30,277   $ 31,132  Adjusted pre-tax pre-provision earnings  51,686    56,610    46,390    44,490    42,513  Adjusted diluted EPS  0.38    0.48    0.36    0.36    0.37  Adjusted ROA  0.85 %   1.06 %   0.81 %   0.82 %   0.85 % Adjusted ROTA2  1.00    1.24    0.98    1.00    1.04  Adjusted ROTCE2  10.35    12.74    10.27    10.76    11.15  Adjusted efficiency ratio  59.53    56.07    59.84    60.21    61.13  Net adjusted noninterest expense as a percent of average tangible assets2  2.33 %   2.19 %   2.19 %   2.19 %   2.23 % Other data:  Market capitalization3 $ 2,202,958   $ 2,355,679   $ 2,277,003   $ 2,016,472   $ 2,156,529  Full-time equivalent employees  1,518    1,504    1,493    1,449    1,445  Number of ATMs  98    96    96    95    95  Full-service banking offices  79    77    77    77    77   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 on April 25, 2025, at 10:00 a.m. (Eastern Time) to discuss the first quarter of 2025 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 715-9871 (Conference ID: 4944599). Charts will be used during the conference call and may be accessed at Seacoast’s website at www.SeacoastBanking.com by selecting "Presentations" under the heading "News/Events." Additionally, a recording of the call will be made available to individuals shortly after the conference call and can be accessed via a link at www.SeacoastBanking.com under the heading "Corporate Information." The recording will be available for one year.

About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)

Seacoast Banking Corporation of Florida (NASDAQ: SBCF) is one of the largest community banks headquartered in Florida with approximately $15.7 billion in assets and $12.6 billion in deposits as of March 31, 2025. Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 79 full-service branches across Florida, and through advanced mobile and online banking solutions. Seacoast National Bank is the wholly-owned subsidiary bank of Seacoast Banking Corporation of Florida. For more information about Seacoast, visit www.SeacoastBanking.com.

Additional Information

Seacoast has filed a registration statement on Form S-4 with the United States Securities and Exchange Commission (the "SEC") in connection with the proposed merger of Heartland Bancshares, Inc. and Heartland National Bank with and into Seacoast and Seacoast National Bank, respectively. The registration statement in connection with the merger includes a proxy statement of Heartland Bancshares, Inc. and a prospectus of Seacoast. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. WE URGE INVESTORS TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE MERGERS OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.

Investors may obtain these documents free of charge at the SEC’s website (www.sec.gov). In addition, documents filed with the SEC by Seacoast will be available free of charge by contacting Investor Relations at (772) 288-6085.

Heartland Bancshares, Inc. and Heartland National Bank, their directors, executive officers, other members of management, and employees may be considered participants in the solicitation of proxies in connection with the proposed mergers with and into Seacoast and Seacoast National Bank. Information regarding the participants in the proxy solicitation of Heartland Bancshares, Inc. and a description of its direct and indirect interests, by security holdings or otherwise, is contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC.

Cautionary Notice Regarding Forward-Looking Statements

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

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

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

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in the Company’s annual report on Form 10-K for the year ended December 31, 2024 and in other periodic reports that the Company files with the SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at www.sec.gov.

FINANCIAL HIGHLIGHTS (Unaudited) SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES  Quarterly Trends  (Amounts in thousands, except ratios and per share data) 1Q'25  4Q'24  3Q'24  2Q'24  1Q'24  Summary of Earnings  Net income $ 31,464   $ 34,085   $ 30,651   $ 30,244   $ 26,006  Adjusted net income1  32,102    40,556    30,511    30,277    31,132  Net interest income2  118,857    116,115    106,975    104,657    105,298  Net interest margin2,3  3.48 %   3.39 %   3.17 %   3.18 %   3.24 % Pre-tax pre-provision earnings1  50,590    47,858    46,086    44,555    35,674  Adjusted pre-tax pre-provision earnings1  51,686    56,610    46,390    44,490    42,513   Performance Ratios  Return on average assets-GAAP basis3  0.83 %   0.89 %   0.81 %   0.82 %   0.71 % Adjusted return on average assets1,3  0.85    1.06    0.81    0.82    0.85  Return on average tangible assets-GAAP basis3,4  0.98    1.06    0.99    1.00    0.89  Adjusted return on average tangible assets1,3,4  1.00    1.24    0.98    1.00    1.04  Net adjusted noninterest expense to average tangible assets1,3,4  2.33    2.19    2.19    2.19    2.23  Return on average shareholders' equity-GAAP basis3  5.76    6.16    5.62    5.74    4.94  Return on average tangible common equity-GAAP basis3,4  10.17    10.90    10.31    10.75    9.55  Adjusted return on average tangible common equity1,3,4  10.35    12.74    10.27    10.76    11.15  Efficiency ratio5  60.28    56.26    59.84    60.21    66.78  Adjusted efficiency ratio1  59.53    56.07    59.84    60.21    61.13  Noninterest income to total revenue (excluding securities gains/losses)  15.65    18.02    18.05    17.55    16.17  Tangible common equity to tangible assets4  9.58    9.60    9.64    9.30    9.25  Average loan-to-deposit ratio  84.23    83.14    83.79    83.11    84.50  End of period loan-to-deposit ratio  83.17    84.27    83.44    82.90    83.12   Per Share Data  Net income diluted-GAAP basis $ 0.37   $ 0.40   $ 0.36   $ 0.36   $ 0.31  Net income basic-GAAP basis  0.37    0.40    0.36    0.36    0.31  Adjusted earnings1  0.38    0.48    0.36    0.36    0.37   Book value per share common  26.04    25.51    25.68    24.98    24.93  Tangible book value per share  16.71    16.12    16.20    15.41    15.26  Cash dividends declared  0.18    0.18    0.18    0.18    0.18    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).

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)  SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES  Quarterly Trends  (Amounts in thousands, except per share data) 1Q'25  4Q'24  3Q'24  2Q'24  1Q'24  Interest and dividends on securities:  Taxable $ 29,381  $ 26,945   $ 25,963  $ 24,155   $ 22,393  Nontaxable  34   34    34   33    34  Interest and fees on loans  150,640   151,999    150,980   147,292    147,095  Interest on interest-bearing deposits and other investments  4,200   6,952    7,138   8,328    6,184  Total Interest Income  184,255   185,930    184,115   179,808    175,706   Interest on deposits  43,626   47,394    51,963   51,319    47,534  Interest on time certificates  14,973   16,726    19,002   17,928    17,121  Interest on borrowed money  7,139   6,006    6,485   6,137    5,973  Total Interest Expense  65,738   70,126    77,450   75,384    70,628   Net Interest Income  118,517   115,804    106,665   104,424    105,078  Provision for credit losses  9,250   3,699    6,273   4,918    1,368  Net Interest Income After Provision for Credit Losses  109,267   112,105    100,392   99,506    103,710   Noninterest income:  Service charges on deposit accounts  5,180   5,138    5,412   5,342    4,960  Interchange income  1,807   1,860    1,911   1,940    1,888  Wealth management income  4,248   4,019    3,843   3,766    3,540  Mortgage banking fees  404   326    485   582    381  Insurance agency income  1,620   1,151    1,399   1,355    1,291  BOLI income  2,468   2,627    2,578   2,596    2,264  Other  6,257   10,335    7,864   6,647    5,944  21,984   25,456    23,492   22,228    20,268  Securities gains (losses), net  196   (8,388 )   187   (44 )   229  Total Noninterest Income  22,180   17,068    23,679   22,184    20,497   Noninterest expense:  Salaries and wages  42,248   42,378    40,697   38,937    40,304  Employee benefits  8,861   6,548    6,955   6,861    7,889  Outsourced data processing costs  8,504   8,307    8,003   8,210    12,118  Occupancy  7,350   7,234    7,096   7,180    8,037  Furniture and equipment  2,128   2,004    2,060   1,956    2,011  Marketing  2,748   2,126    2,729   3,266    2,655  Legal and professional fees  2,740   2,807    2,708   1,982    2,151  FDIC assessments  2,194   2,274    1,882   2,131    2,158  Amortization of intangibles  5,309   5,587    6,002   6,003    6,292  Other real estate owned expense and net loss (gain) on sale  241   84    491   (109 )   (26 ) Provision for credit losses on unfunded commitments  150   250    250   251    250  Merger-related charges  1,051   —    —   —    —  Other  7,073   5,976    5,945   5,869    6,532  Total Noninterest Expense  90,597   85,575    84,818   82,537    90,371   Income Before Income Taxes  40,850   43,598    39,253   39,153    33,836  Provision for income taxes  9,386   9,513    8,602   8,909    7,830   Net Income $ 31,464  $ 34,085   $ 30,651  $ 30,244   $ 26,006   Share Data  Net income per share of common stock  Diluted $ 0.37  $ 0.40   $ 0.36  $ 0.36   $ 0.31  Basic  0.37   0.40    0.36   0.36    0.31  Cash dividends declared  0.18   0.18    0.18   0.18    0.18   Average common shares outstanding  Diluted  85,388   85,302    85,069   84,816    85,270  Basic  84,648   84,510    84,434   84,341    84,908

CONSOLIDATED BALANCE SHEETS (Unaudited)  SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES  March 31,  December 31,  September 30,  June 30,  March 31, (Amounts in thousands)  2025  2024  2024  2024  2024  Assets  Cash and due from banks  $ 191,467   $ 171,615   $ 182,743   $ 168,738   $ 137,850  Interest-bearing deposits with other banks   309,105    304,992    454,315    580,787    544,874  Total cash and cash equivalents   500,572    476,607    637,058    749,525    682,724   Time deposits with other banks   1,494    3,215    5,207    7,856    7,856   Debt Securities:  Securities available-for-sale (at fair value)   2,627,959    2,226,543    2,160,055    1,967,204    1,949,463  Securities held-to-maturity (at amortized cost)   624,650    635,186    646,050    658,055    669,896  Total debt securities   3,252,609    2,861,729    2,806,105    2,625,259    2,619,359   Loans held for sale   16,016    17,277    11,039    5,975    9,475   Loans   10,443,021    10,299,950    10,205,281    10,038,508    9,978,052  Less: Allowance for credit losses   (140,267 )   (138,055 )   (140,469 )   (141,641 )   (146,669 ) Loans, net of allowance for credit losses   10,302,754    10,161,895    10,064,812    9,896,867    9,831,383   Bank premises and equipment, net   108,478    107,555    108,776    109,945    110,787  Other real estate owned   7,176    6,421    6,421    6,877    7,315  Goodwill   732,417    732,417    732,417    732,417    732,417  Other intangible assets, net   66,372    71,723    77,431    83,445    89,377  Bank owned life insurance   311,453    308,995    306,379    303,816    301,229  Net deferred tax assets   93,595    102,989    94,820    108,852    111,539  Other assets   339,549    325,485    317,906    321,779    326,554  Total Assets  $ 15,732,485   $ 15,176,308   $ 15,168,371   $ 14,952,613   $ 14,830,015   Liabilities  Deposits  Noninterest demand  $ 3,492,491   $ 3,352,372   $ 3,443,455   $ 3,397,918   $ 3,555,401  Interest-bearing demand   2,734,260    2,667,843    2,487,448    2,821,092    2,711,041  Savings   534,991    519,977    524,474    566,052    608,088  Money market   4,154,682    4,086,362    4,034,371    3,707,761    3,531,029  Time deposits   1,658,372    1,615,873    1,753,837    1,623,295    1,610,281  Total Deposits   12,574,796    12,242,427    12,243,585    12,116,118    12,015,840   Securities sold under agreements to repurchase   201,128    232,071    210,176    262,103    326,732  Federal Home Loan Bank borrowings   465,000    245,000    245,000    180,000    110,000  Long-term debt, net   107,132    106,966    106,800    106,634    106,468  Other liabilities   154,689    166,601    168,960    157,377    153,225  Total Liabilities   13,502,745    12,993,065    12,974,521    12,822,232    12,712,265   Shareholders' Equity  Common stock   8,633    8,628    8,614    8,530    8,494  Additional paid in capital   1,828,234    1,824,935    1,821,050    1,815,800    1,811,941  Retained earnings   542,665    526,642    508,036    492,805    478,017  Less: Treasury stock   (19,072 )   (19,095 )   (18,680 )   (18,744 )   (16,746 ) 2,360,460    2,341,110    2,319,020    2,298,391    2,281,706  Accumulated other comprehensive loss, net   (130,720 )   (157,867 )   (125,170 )   (168,010 )   (163,956 ) Total Shareholders' Equity   2,229,740    2,183,243    2,193,850    2,130,381    2,117,750  Total Liabilities & Shareholders' Equity  $ 15,732,485   $ 15,176,308   $ 15,168,371   $ 14,952,613   $ 14,830,015   Common shares outstanding   85,618    85,568    85,441    85,299    84,935

CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited)  SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES    (Amounts in thousands) 1Q'25  4Q'24  3Q'24  2Q'24  1Q'24  Credit Analysis  Net charge-offs $ 7,038   $ 6,113   $ 7,445   $ 9,946   $ 3,630  Net charge-offs to average loans  0.27 %   0.24 %   0.29 %   0.40 %   0.15 %  Allowance for credit losses $ 140,267   $ 138,055   $ 140,469   $ 141,641   $ 146,669   Non-acquired loans at end of period $ 7,752,532   $ 7,452,175   $ 7,178,186   $ 6,834,059   $ 6,613,763  Acquired loans at end of period  2,690,489    2,847,775    3,027,095    3,204,449    3,364,289  Total Loans $ 10,443,021   $ 10,299,950   $ 10,205,281   $ 10,038,508   $ 9,978,052   Total allowance for credit losses to total loans at end of period  1.34 %   1.34 %   1.38 %   1.41 %   1.47 % Purchase discount on acquired loans at end of period  4.25    4.30    4.48    4.51    4.63   End of Period  Nonperforming loans $ 71,018   $ 92,446   $ 80,857   $ 59,927   $ 77,205  Other real estate owned  1,820    933    933    1,173    309  Properties previously used in bank operations included in other real estate owned  5,356    5,488    5,488    5,704    7,006  Total Nonperforming Assets $ 78,194   $ 98,867   $ 87,278   $ 66,804   $ 84,520   Nonperforming Loans to Loans at End of Period  0.68 %   0.90 %   0.79 %   0.60 %   0.77 %  Nonperforming Assets to Total Assets at End of Period  0.50    0.65    0.58    0.45    0.57   Loans March 31, 2025  December 31, 2024  September 30, 2024  June 30, 2024  March 31, 2024  Construction and land development $ 618,493   $ 648,054   $ 595,753   $ 593,534   $ 623,246  Commercial real estate - owner occupied  1,713,579    1,686,629    1,676,814    1,656,391    1,656,131  Commercial real estate - non-owner occupied  3,513,400    3,503,807    3,573,076    3,423,266    3,368,339  Residential real estate  2,653,012    2,616,784    2,564,903    2,555,320    2,521,399  Commercial and financial  1,753,090    1,651,355    1,575,228    1,582,290    1,566,198  Consumer  191,447    193,321    219,507    227,707    242,739  Total Loans $ 10,443,021   $ 10,299,950   $ 10,205,281   $ 10,038,508   $ 9,978,052

AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1 (Unaudited) SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES   1Q'25  4Q'24  1Q'24  Average    Yield/  Average    Yield/  Average    Yield/  (Amounts in thousands) Balance  Interest  Rate  Balance  Interest  Rate  Balance  Interest  Rate   Assets  Earning assets:  Securities:  Taxable $ 3,073,108   $ 29,381  3.88 %  $ 2,843,755   $ 26,945  3.77 %  $ 2,578,938   $ 22,393  3.47 %  Nontaxable  5,436    41  3.06    5,795    41  2.81    5,907    41  2.75  Total Securities  3,078,544    29,422  3.88    2,849,550    26,986  3.77    2,584,845    22,434  3.47   Federal funds sold  265,503    2,945  4.50    470,154    5,690  4.81    370,494    5,056  5.49  Interest-bearing deposits with other banks and other investments  105,195    1,254  4.83    102,961    1,262  4.88    95,619    1,128  4.74   Total Loans, net2  10,383,497    150,973  5.90    10,214,493    152,303  5.93    10,034,658    147,308  5.90   Total Earning Assets  13,832,739    184,594  5.41    13,637,158    186,241  5.43    13,085,616    175,926  5.41   Allowance for credit losses  (138,300 )       (140,409 )       (148,422 )  Cash and due from banks  158,750        167,197        166,734  Bank premises and equipment, net  108,651        108,589        112,391  Intangible assets  801,687        806,710        825,531  Bank owned life insurance  309,831        307,256        299,765  Other assets including deferred tax assets  322,284        317,540        349,161   Total Assets $ 15,395,642       $ 15,204,041       $ 14,690,776   Liabilities and Shareholders' Equity  Interest-bearing liabilities:  Interest-bearing demand $ 2,706,065   $ 11,069  1.66 %  $ 2,581,733   $ 11,843  1.82 %  $ 2,719,334   $ 15,266  2.26 %  Savings  529,711    698  0.53    521,682    582  0.44    628,329    540  0.35  Money market  4,149,460    31,859  3.11    4,078,714    34,969  3.41    3,409,310    31,728  3.74  Time deposits  1,647,938    14,973  3.68    1,686,004    16,726  3.95    1,590,070    17,121  4.33  Securities sold under agreements to repurchase  201,271    1,357  2.73    209,909    1,584  3.00    333,386    3,079  3.71  Federal Home Loan Bank borrowings  382,836    4,081  4.32    245,000    2,625  4.26    102,418    960  3.77  Long-term debt, net  107,038    1,700  6.44    106,881    1,797  6.69    106,373    1,934  7.31   Total Interest-Bearing Liabilities  9,724,319    65,737  2.74    9,429,923    70,126  2.96    8,889,220    70,628  3.20   Noninterest demand  3,294,149        3,417,539        3,528,489  Other liabilities  162,179        153,527        154,686  Total Liabilities  13,180,647        13,000,989        12,572,395   Shareholders' equity  2,214,995        2,203,052        2,118,381   Total Liabilities & Equity $ 15,395,642       $ 15,204,041       $ 14,690,776   Cost of deposits     1.93 %      2.08 %      2.19 %  Interest expense as a % of earning assets     1.93 %      2.05 %      2.17 %  Net interest income as a % of earning assets   $ 118,857  3.48 %    $ 116,115  3.39 %    $ 105,298  3.24 %    1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.  2Fees 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   March 31,  December 31,  September 30,  June 30,  March 31, (Amounts in thousands)  2025  2024  2024  2024  2024  Customer Relationship Funding  Noninterest demand  Commercial   $ 2,830,497  $ 2,621,469  $ 2,731,564  $ 2,664,353  $ 2,808,151 Retail    536,661   502,967   509,527   532,623   553,697 Public funds    64,184   177,742   139,072   142,846   145,747 Other    61,149   50,194   63,292   58,096   47,806 Total Noninterest Demand   3,492,491   3,352,372   3,443,455   3,397,918   3,555,401  Interest-bearing demand  Commercial    1,520,186   1,467,508   1,426,920   1,533,725   1,561,905 Retail    881,282   881,236   874,043   892,032   930,178 Brokered    —   49,287   —   198,337   — Public funds    332,792   269,812   186,485   196,998   218,958 Total Interest-Bearing Demand   2,734,260   2,667,843   2,487,448   2,821,092   2,711,041  Total transaction accounts  Commercial    4,350,683   4,088,977   4,158,484   4,198,078   4,370,056 Retail    1,417,943   1,384,203   1,383,570   1,424,655   1,483,875 Brokered    —   49,287   —   198,337   — Public funds    396,976   447,554   325,557   339,844   364,705 Other    61,149   50,194   63,292   58,096   47,806 Total Transaction Accounts   6,226,751   6,020,215   5,930,903   6,219,010   6,266,442  Savings  Commercial    42,879   40,303   44,151   53,523   52,665 Retail    492,112   479,674   480,323   512,529   555,423 Total Savings   534,991   519,977   524,474   566,052   608,088  Money market  Commercial    1,999,540   1,947,250   1,953,851   1,771,927   1,709,636 Retail    1,967,239   1,925,330   1,887,975   1,733,505   1,621,618 Public funds    187,903   213,782   192,545   202,329   199,775 Total Money Market   4,154,682   4,086,362   4,034,371   3,707,761   3,531,029  Brokered time certificates   262,461   244,351   256,536   126,668   142,717 Time deposits   1,395,911   1,371,522   1,497,301   1,496,627   1,467,564 1,658,372   1,615,873   1,753,837   1,623,295   1,610,281 Total Deposits  $ 12,574,796  $ 12,242,427  $ 12,243,585  $ 12,116,118  $ 12,015,840  Securities sold under agreements to repurchase  $ 201,128  $ 232,071  $ 210,176  $ 262,103  $ 326,732  Total customer funding1  $ 12,513,463  $ 12,180,860  $ 12,197,225  $ 12,053,216  $ 12,199,855  1Total deposits and securities sold under agreements to repurchase, excluding brokered deposits. Securities sold under agreements to repurchase consists of customer sweep accounts.

Explanation of Certain Unaudited Non-GAAP Financial Measures

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

GAAP TO NON-GAAP RECONCILIATION (Unaudited) SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES  Quarterly Trends  (Amounts in thousands, except per share data) 1Q'25  4Q'24  3Q'24  2Q'24  1Q'24  Net Income $ 31,464   $ 34,085   $ 30,651   $ 30,244   $ 26,006   Total noninterest income  22,180    17,068    23,679    22,184    20,497  Securities losses (gains), net  (196 )   8,388    (187 )   44    (229 ) Total Adjustments to Noninterest Income  (196 )   8,388    (187 )   44    (229 ) Total Adjusted Noninterest Income  21,984    25,456    23,492    22,228    20,268  Total noninterest expense  90,597    85,575    84,818    82,537    90,371  Merger-related charges  (1,051 )   —    —    —    —  Business continuity expenses - hurricane events  —    (280 )   —    —    —  Branch reductions and other expense initiatives  —    —    —    —    (7,094 ) Total Adjustments to Noninterest Expense  (1,051 )   (280 )   —    —    (7,094 ) Adjusted Noninterest Expense  89,546    85,295    84,818    82,537    83,277  Income Taxes  9,386    9,513    8,602    8,909    7,830  Tax effect of adjustments  217    2,197    (47 )   11    1,739  Adjusted Income Taxes  9,603    11,710    8,555    8,920    9,569  Adjusted Net Income $ 32,102   $ 40,556   $ 30,511   $ 30,277   $ 31,132   Earnings per diluted share, as reported $ 0.37   $ 0.40   $ 0.36   $ 0.36   $ 0.31  Adjusted Earnings per Diluted Share  0.38    0.48    0.36    0.36    0.37  Average diluted shares outstanding  85,388    85,302    85,069    84,816    85,270   Adjusted Noninterest Expense $ 89,546   $ 85,295   $ 84,818   $ 82,537   $ 83,277  Provision for credit losses on unfunded commitments  (150 )   (250 )   (250 )   (251 )   (250 ) Other real estate owned expense and net (loss) gain on sale  (241 )   (84 )   (491 )   109    26  Amortization of intangibles  (5,309 )   (5,587 )   (6,002 )   (6,003 )   (6,292 ) Net Adjusted Noninterest Expense  83,846    79,374    78,075    76,392    76,761  Average tangible assets $ 14,593,955   $ 14,397,331   $ 14,184,085   $ 14,020,793   $ 13,865,245  Net Adjusted Noninterest Expense to Average Tangible Assets  2.33 %   2.19 %   2.19 %   2.19 %   2.23 %  Net Revenue $ 140,697   $ 132,872   $ 130,344   $ 126,608   $ 125,575  Total Adjustments to Net Revenue  (196 )   8,388    (187 )   44    (229 ) Impact of FTE adjustment  340    311    310    233    220  Adjusted Net Revenue on a fully taxable equivalent basis $ 140,841   $ 141,571   $ 130,467   $ 126,885   $ 125,566  Adjusted Efficiency Ratio  59.53 %   56.07 %   59.84 %   60.21 %   61.13 %  Net Interest Income $ 118,517   $ 115,804   $ 106,665   $ 104,424   $ 105,078  Impact of FTE adjustment  340    311    310    233    220  Net Interest Income including FTE adjustment  118,857    116,115    106,975    104,657    105,298  Total noninterest income  22,180    17,068    23,679    22,184    20,497  Total noninterest expense less provision for credit losses on unfunded commitments  90,447    85,325    84,568    82,286    90,121  Pre-Tax Pre-Provision Earnings  50,590    47,858    46,086    44,555    35,674  Total Adjustments to Noninterest Income  (196 )   8,388    (187 )   44    (229 ) Total Adjustments to Noninterest Expense including other real estate owned expense and net loss (gain) on sale  1,292    364    491    (109 )   7,068  Adjusted Pre-Tax Pre-Provision Earnings  51,686    56,610    46,390    44,490    42,513   Average Assets  15,395,642    15,204,041    14,996,846    14,839,707    14,690,776  Less average goodwill and intangible assets  (801,687 )   (806,710 )   (812,761 )   (818,914 )   (825,531 ) Average Tangible Assets $ 14,593,955   $ 14,397,331   $ 14,184,085   $ 14,020,793   $ 13,865,245   Return on Average Assets (ROA)  0.83 %   0.89 %   0.81 %   0.82 %   0.71 % Impact of other adjustments for Adjusted Net Income  0.02    0.17    —    —    0.14  Adjusted ROA  0.85    1.06    0.81    0.82    0.85   Return on Average Assets (ROA)  0.83    0.89    0.81    0.82    0.71  Impact of removing average intangible assets and related amortization  0.15    0.17    0.18    0.18    0.18  Return on Average Tangible Assets (ROTA)  0.98    1.06    0.99    1.00    0.89  Impact of other adjustments for Adjusted Net Income  0.02    0.18    (0.01 )   —    0.15  Adjusted ROTA  1.00 %   1.24 %   0.98 %   1.00 %   1.04 %  Average Shareholders' Equity $ 2,214,995   $ 2,203,052   $ 2,168,444   $ 2,117,628   $ 2,118,381  Less average goodwill and intangible assets  (801,687 )   (806,710 )   (812,761 )   (818,914 )   (825,531 ) Average Tangible Equity $ 1,413,308   $ 1,396,342   $ 1,355,683   $ 1,298,714   $ 1,292,850   Return on Average Shareholders' Equity  5.76 %   6.16 %   5.62 %   5.74 %   4.94 % Impact of removing average intangible assets and related amortization  4.41    4.74    4.69    5.01    4.61  Return on Average Tangible Common Equity (ROTCE)  10.17    10.90    10.31    10.75    9.55  Impact of other adjustments for Adjusted Net Income  0.18    1.84    (0.04 )   0.01    1.60  Adjusted ROTCE  10.35 %   12.74 %   10.27 %   10.76 %   11.15 %  Loan interest income1 $ 150,973   $ 152,303   $ 151,282   $ 147,518   $ 147,308  Accretion on acquired loans  (8,221 )   (11,717 )   (9,182 )   (10,178 )   (10,595 ) Loan interest income excluding accretion on acquired loans $ 142,752   $ 140,586   $ 142,100   $ 137,340   $ 136,713   Yield on loans1  5.90 %   5.93 %   5.94 %   5.93 %   5.90 % Impact of accretion on acquired loans  (0.32 )   (0.45 )   (0.36 )   (0.41 )   (0.42 ) Yield on loans excluding accretion on acquired loans  5.58 %   5.48 %   5.58 %   5.52 %   5.48 %  Net Interest Income1 $ 118,857   $ 116,115   $ 106,975   $ 104,657   $ 105,298  Accretion on acquired loans  (8,221 )   (11,717 )   (9,182 )   (10,178 )   (10,595 ) Net interest income excluding accretion on acquired loans $ 110,636   $ 104,398   $ 97,793   $ 94,479   $ 94,703   Net Interest Margin  3.48 %   3.39 %   3.17 %   3.18 %   3.24 % Impact of accretion on acquired loans  (0.24 )   (0.34 )   (0.27 )   (0.31 )   (0.33 ) Net interest margin excluding accretion on acquired loans  3.24 %   3.05 %   2.90 %   2.87 %   2.91 %  Security interest income1 $ 29,422   $ 26,986   $ 26,005   $ 24,195   $ 22,434  Tax equivalent adjustment on securities  (7 )   (7 )   (8 )   (7 )   (7 ) Security interest income excluding tax equivalent adjustment  29,415    26,979    25,997    24,188    22,427   Loan interest income1  150,973    152,303    151,282    147,518    147,308  Tax equivalent adjustment on loans  (333 )   (304 )   (302 )   (226 )   (213 ) Loan interest income excluding tax equivalent adjustment  150,640    151,999    150,980    147,292    147,095   Net Interest Income1  118,857    116,115    106,975    104,657    105,298  Tax equivalent adjustment on securities  (7 )   (7 )   (8 )   (7 )   (7 ) Tax equivalent adjustment on loans  (333 )   (304 )   (302 )   (226 )   (213 ) Net interest income excluding tax equivalent adjustment $ 118,517   $ 115,804   $ 106,665   $ 104,424   $ 105,078   1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.

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Contacts

Michael Young
Treasurer & Director of Corporate Development & Investor Relations
(772) 403-0451

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