sbcf-20210128

SEACOAST REPORTS FOURTH QUARTER AND FULL YEAR 2020 RESULTS

Record Net Income of $29.3 million Increasing 30% Quarter-over-Quarter

STUART, Fla., January 28, 2021 /GLOBE NEWSWIRE/ -- Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported net income in the fourth quarter of 2020 of $29.3 million, or $0.53 per diluted share, an increase of 30% compared to the third quarter of 2020. Adjusted net income1 for the fourth quarter of 2020 was $30.7 million, or $0.55 per diluted share, an increase of 12% compared to the third quarter of 2020. The ratio of tangible common equity to tangible assets was 11.01%, tangible book value per share increased to $16.16 and Tier 1 capital increased to 17.4%. For the full year 2020, net income was $77.8 million, or $1.44 per diluted share, compared to $98.7 million, or $1.90 per diluted share, in 2019. For the full year 2020, adjusted net income1 was $89.0 million, or $1.65 per diluted share, compared to $104.6 million, or $2.01 per diluted share, in 2019.

For the fourth quarter of 2020, return on average tangible assets was 1.49%, return on average tangible shareholders' equity was 13.87%, and the efficiency ratio was 48.23%, compared to 1.20%, 11.35%, and 61.65%, respectively, in the prior quarter. For the year ended December 31, 2020, return on average tangible assets was 1.08%, return on average tangible shareholder's equity was 10.10% and the efficiency ratio was 54.84% compared to 1.56%, 14.72% and 51.71%, respectively, for the year ended December 31, 2019.

Adjusted return on average tangible assets1 in the fourth quarter of 2020 was 1.50%, adjusted return on average tangible shareholders' equity1 was 14.00%, and the adjusted efficiency ratio1 was 48.75%, compared to 1.38%, 13.06%, and 54.82%, respectively, in the prior quarter. For the year ended December 31, 2020, adjusted return on average tangible assets1 was 1.17%, adjusted return on average tangible shareholder's equity1 was 10.93% and the adjusted efficiency ratio1 was 51.63% compared to 1.58%, 14.93% and 50.90%, respectively, for the year ended December 31, 2019.

Dennis S. Hudson, Seacoast’s Executive Chairman, said, “We wrapped up an unprecedented year with strong performance in the fourth quarter. We continued to generate disciplined growth and delivered continued improvements in operating leverage. I am extremely proud of our team's performance this year as they successfully navigated the effects of the pandemic and continued to produce excellent results, ending 2020 with fourth quarter earnings exceeding the same quarter in the prior year, including achieving an efficiency ratio below 50%. Looking back over my time as CEO here at Seacoast, I am reminded of the many occasions our team has risen to the challenges of the day, which helped create an organization and culture that continues to grow stronger and more resilient. This team and our fortress balance sheet will continue to support the successful execution of our strategic priorities in 2021 and beyond under Chuck's capable leadership.”

Charles M. Shaffer, Seacoast's President and CEO, said, “We continue to steadily build shareholder value through consistent growth in our tangible book value per share, which ended the period at $16.16, an increase of 15% during the quarter on an annualized basis. The tangible common equity ratio of 11% supports our ability to deploy capital for organic growth and opportunistic acquisitions. Seacoast is committed to maintaining its fortress balance sheet, built around strong capital and strict credit underwriting. Our goal remains to continue increasing market share in a disciplined manner by cultivating value-creating relationships, improving digital customer experiences, and driving greater productivity across the franchise by delivering products and services to our markets more efficiently than our competitors.”

Financial Results

Income Statement

•Net income was $29.3 million, or $0.53 per diluted share for the fourth quarter of 2020, compared to $22.6 million, or $0.42, for the prior quarter. For the year ended December 31, 2020, net income was $77.8 million, or $1.44 per diluted share, compared to $98.7 million, or $1.90, for the year ended December 31, 2019. Adjusted net income1 was $30.7 million, or $0.55 per diluted share for the fourth quarter of 2020, compared to $27.3

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

million, or $0.50, for the prior quarter. For the year ended December 31, 2020, adjusted net income1 was $89.0 million, or $1.65 per diluted share, compared to $104.6 million, or $2.01, for the year ended December 31, 2019.

•Net revenues were $83.7 million in the fourth quarter of 2020, an increase of $3.3 million, or 4%, compared to the prior quarter. For the year ended December 31, 2020, net revenues were $324.3 million, an increase of $24.0 million, or 8%, compared to the year ended December 31, 2019. Adjusted revenues1 were $83.7 million in the fourth quarter of 2020, an increase of $3.3 million, or 4%, from the prior quarter. For the year ended December 31, 2020, adjusted revenues1 were $323.1 million, an increase of $24.9 million, or 8%, compared to the year ended December 31, 2019.

•Net interest income totaled $68.8 million in the fourth quarter of 2020, an increase of $5.3 million, or 8%, from the prior quarter. For the year ended December 31, 2020, net interest income was $262.7 million, an increase of $19.1 million, or 8%, compared to the year ended December 31, 2019. During the fourth quarter of 2020, net interest income included $5.2 million in interest and fees earned on Paycheck Protection Program ("PPP") loans compared to $1.7 million in the third quarter of 2020. Lower PPP loan fees in the third quarter resulted from a calculation change to align fee recognition with the contractual maturity of the loans. Loan forgiveness began in the fourth quarter of 2020, resulting in accelerated recognition of $1.5 million in PPP loan fees. The remaining $9.5 million in deferred PPP loan fees will be recognized over the loans' remaining contractual maturity or, if sooner, as loans are forgiven.

•Net interest margin was 3.59% in the fourth quarter of 2020, compared to 3.40% in the third quarter of 2020. PPP loans negatively affected the net interest margin by one basis point in the fourth quarter of 2020. In the third quarter of 2020, which was impacted by a change in the fee recognition schedule, PPP loans negatively affected net interest margin by 19 basis points. Accretion of purchase discounts on acquired loans increased net interest margin by 23 basis points in the fourth quarter of 2020, compared to 17 basis points in the third quarter. Excluding these items, net interest margin declined five basis points to 3.37%. The yield on loans, excluding PPP and accretion of purchase discount, increased one basis point. The yield on securities declined 39 basis points, reflecting continued interest rate resets, elevated prepayments and additional deployment of excess liquidity into securities in the fourth quarter. The cost of deposits decreased five basis points, from 24 basis points in the third quarter to 19 basis points in the fourth quarter, reflecting our continued repricing down of interest-bearing deposits and time deposits.

•Noninterest income totaled $14.9 million in the fourth quarter of 2020, a decrease of $2.0 million, or 12%, compared to the prior quarter. For the year ended December 31, 2020, noninterest income was $61.6 million, an increase of $4.8 million, or 9%, compared to the year ended December 31, 2019. Results for the fourth quarter of 2020 included the following:

◦Mortgage banking fees were $3.6 million, compared to a record $5.3 million in the prior quarter. Low interest rates continued to fuel refinance demand in the fourth quarter, though at lower levels than in the prior quarter, while the Florida housing market remains strong and continues to benefit from the inflow of new residents and businesses.

◦Interchange revenue was $3.6 million, compared to a record $3.7 million in the third quarter of 2020. In 2020, Seacoast customers used their debit cards at an accelerated pace, driving record interchange results for the year that exceeded pre-pandemic levels.

◦Service charges on deposits increased $0.2 million compared to the third quarter of 2020. Service charges remain lower than pre-pandemic levels, the result of higher average deposit balances for both business and consumer customers.

◦Wealth management income was $1.9 million compared to a record $2.0 million in the third quarter of 2020. A determined and consistent focus on building new relationships and providing exceptional service continues to generate growth in assets under management, with a 33% increase from prior year to $870 million at December 31, 2020. Most of the fourth quarter new production came late in the quarter, so the benefit will be reflected fully in our 2021 financial results.

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

•Seacoast recorded a provision for credit losses of $1.9 million in the fourth quarter of 2020, compared to a $0.8 million reversal in the prior quarter. The ratio of allowance for credit losses to total loans was 1.62% at December 31, 2020, compared to 1.60% at September 30, 2020. Excluding PPP loans, the ratio was 1.79% at December 31, 2020, compared to 1.80% at September 30, 2020.

•Noninterest expense was $43.7 million in the fourth quarter of 2020, a decrease of $8.0 million, or 15%, compared to the prior quarter. For the year ended December 31, 2020, noninterest expense was $185.6 million, an increase of $24.8 million, or 15%, compared to the year ended December 31, 2019. Changes from the third quarter of 2020 consisted of the following:

◦Salaries and wages decreased by $1.6 million, or 7%. In the fourth quarter, accelerated commercial loan production resulted in higher deferrals of related salary costs, in accordance with ASC 310-20. This was partially offset by $0.3 million in severance related to a targeted staff reduction. The third quarter included $0.6 million in expenses associated with the acquisition of Freedom Bank.

◦Data processing costs decreased by $1.9 million, or 31%, the result of Freedom Bank merger-related costs incurred in the third quarter.

◦Lower occupancy expenses reflect charges in the third quarter of 2020 associated with the consolidation of one branch location. Three additional branch consolidations are expected in the first quarter of 2021.

◦Furniture and equipment decreased by $0.3 million, or 16%, reflecting the impact of equipment disposals associated with the Freedom Bank acquisition completed during the third quarter.

◦Marketing expense decreased by $0.5 million, or 31%, the result of higher expenses in the third quarter associated with a marketing campaign.

◦Legal and professional fees decreased by $2.5 million, or 83% from the third quarter. Third quarter 2020 results include $1.3 million in merger-related costs. The remainder of the decrease in the fourth quarter relates to the one-time recovery of certain legal expenses incurred during 2020.

◦Foreclosed property expense increased in the fourth quarter of 2020 by $1.3 million, largely the result of write-downs on two properties upon receipt of updated valuations.

◦A release of reserves for unfunded commitments resulted in a benefit of $0.8 million in the fourth quarter and reflects the impact of an improved economic outlook in specific loan segments associated with the reserve. Since the outbreak of COVID-19, the Company has not experienced any material increases in line utilization by its customers.

◦Other expenses decreased by $0.6 million, or 14%, with comparably higher mortgage loan production-related expenses and higher executive recruiting fees in the third quarter.

•Seacoast recorded $8.8 million of income tax expense in the fourth quarter of 2020, compared to $7.0 million in the prior quarter. Tax impacts related to stock-based compensation were nominal each period.

•Adjusted revenues1 in the fourth quarter of 2020 increased 4% compared to the prior quarter while adjusted noninterest expense1 decreased 8%, generating 12% operating leverage.

•The ratio of net adjusted noninterest expense1 to average tangible assets was 2.00% in the fourth quarter of 2020, compared to 2.24% in the prior quarter. Net adjusted noninterest expense1 in the fourth quarter of 2020 reflects the impact of increased commercial loan production, resulting in higher deferrals of related origination expenses.

•The efficiency ratio was 48.2% compared to 61.6% in the prior quarter. The adjusted efficiency ratio1 was 48.8% compared to 54.8% in the prior quarter, reflecting the benefit of higher PPP fee accretion, a continued focus on disciplined expense control, and strong commercial loan production, resulting in higher deferrals of loan production related salary expenses.

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, 2020, the Company had total assets of $8.3 billion and total shareholders' equity of $1.1 billion. Book value per share was $20.46, and tangible book value per share was $16.16, compared to $19.91 and $15.57, respectively, on September 30, 2020. This reflects annualized growth in tangible book value per share of 15%.

•Debt securities totaled $1.6 billion on December 31, 2020, an increase of $88.4 million compared to September 30, 2020. Purchases during the quarter were primarily in government-sponsored mortgage-backed securities with an average yield of 1.43%.

•Loans totaled $5.7 billion on December 31, 2020, a decrease of $122.7 million, or 2%, compared to September 30, 2020. The decrease includes $71.8 million in PPP loan forgiveness in the fourth quarter of 2020. Seacoast continues to maintain strict underwriting and an overall conservative credit posture.

•Loan originations were $541.0 million in the fourth quarter of 2020, compared to $346.7 million in the third quarter of 2020, an increase of 56%.

▪Commercial originations during the fourth quarter of 2020 were $277.4 million, compared to $88.2 million in the third quarter of 2020. Seacoast continues to maintain conservative underwriting guidelines in the current economic environment, while extending credit to well-qualified customers.

▪Residential loans originated for sale in the secondary market were $161.6 million in the fourth quarter of 2020, compared to $162.5 million in the third quarter of 2020. The residential lending team's continued focus on high-quality service levels to homebuyers, refinance customers, and local real estate professionals has allowed them to capitalize on a strong Florida housing market throughout the year.

▪Closed residential loans retained in the portfolio totaled $54.5 million in the fourth quarter of 2020, compared to $25.4 million in the third quarter of 2020.

▪Consumer originations in the fourth quarter of 2020 were $47.5 million, compared to $62.3 million in the third quarter of 2020.

◦Since the beginning of the pandemic, Seacoast has supported financially impacted borrowers by providing loan accommodations including the ability to defer payments. As of December 31, 2020, loans with payment accommodations totaled $74.1 million, or 1% of total loans excluding PPP, compared to $702.7 million, or 13%, at September 30, 2020.

•Pipelines (loans in underwriting and approval or approved and not yet closed) totaled $302.0 million on December 31, 2020, a decrease of 34% from the third quarter of 2020.

◦Commercial pipelines were $166.7 million as of December 31, 2020, compared to $256.2 million as of the prior quarter end, in line with a seasonal trend of slower volumes in the first quarter.

◦Residential saleable pipelines were $92.0 million as of December 31, 2020, compared to $149.9 million as of the prior quarter end. Retained residential pipelines were $25.1 million as of December 31, 2020, compared to $33.4 million as of the prior quarter end. The declines quarter-over-quarter reflect a slowing refinance market.

◦Consumer pipelines were $18.2 million as of December 31, 2020, compared to $17.1 million as of the prior quarter-end.

•Total deposits were $6.9 billion as of December 31, 2020, an increase of $17.7 million, compared to September 30, 2020.

◦The overall cost of deposits declined to 19 basis points in the fourth quarter of 2020 from 24 basis points in the prior quarter.

◦Total transaction account balances increased 39% year-over-year and, as a percentage of overall deposit funding, remained at 56%.

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

◦Interest-bearing deposits (interest-bearing demand, savings, and money market deposits) increased $314.0 million, or 9%, quarter-over-quarter to $3.8 billion, noninterest-bearing demand deposits decreased $111.0 million, or 5%, to $2.3 billion, and CDs (excluding brokered) decreased $38.1 million, or 6%, to $597.3 million.

◦As of December 31, 2020, deposits per banking center were $136 million, compared to $116 million on December 31, 2019.

Asset Quality

•Nonperforming loans decreased by $0.8 million to $36.1 million at December 31, 2020. Nonperforming loans to total loans outstanding were 0.63% at December 31, 2020, 0.63% at September 30, 2020, and 0.52% at December 31, 2019.

•Nonperforming assets to total assets decreased by five basis points to 0.59% at December 31, 2020, compared to 0.64% at September 30, 2020 and 0.55% at December 31, 2019.

•The ratio of allowance for credit losses to total loans was 1.62% at December 31, 2020, 1.60% at September 30, 2020, and 0.68% at December 31, 2019. The Company has assigned no allowance for credit losses to PPP loans, as the United States government contractually guarantees repayment for such loans. Excluding PPP loans, the ratio of allowance for credit losses to total loans at December 31, 2020, was 1.79%, compared to 1.80% at September 30, 2020.

•Net charge-offs were $3.1 million, or 0.21% of average loans for the fourth quarter of 2020 compared to $1.7 million, or 0.12% of average loans in the third quarter of 2020 and $3.2 million, or 0.25% of average loans in the fourth quarter of 2019. Charge-offs in the fourth quarter of 2020 were primarily from a small number of commercial loans, none of which individually exceeded $0.6 million. Net charge-offs for the four most recent quarters averaged 0.13%.

•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. Excluding PPP loans, Seacoast's average commercial loan size is $399,000, reflecting an ability to maintain granularity within the overall loan portfolio.

•The Company does not have any purchased loan syndications, shared national credits, or mezzanine finance.

•Since the outbreak of COVID-19, the Company has not experienced any material increase in consumer or commercial line utilization.

•Construction and land development and commercial real estate loans remain well below regulatory guidance at 26% and 169% of total bank-level risk based capital, respectively, compared to 30% and 176% respectively, in the third quarter of 2020. On a consolidated basis, construction and land development and commercial real estate loans represent 24% and 157%, respectively, of total consolidated risk-based capital.

•As the trajectory of the economic recovery remains unclear as the negative impact of COVID-19 continues and further fiscal stimulus is uncertain, Seacoast will remain vigilant in maintaining its conservative credit posture in 2021.

Capital and Liquidity

•The tier 1 capital ratio increased to 17.4% from 16.8% at September 30, 2020, and 15.0% December 31, 2019. The total capital ratio was 18.5% and the tier 1 leverage ratio was 11.9% at December 31, 2020.

•Tangible common equity to tangible assets was 11.01% at December 31, 2020, compared to 10.67% at September 30, 2020 and 11.05% at December 31, 2019.

•Cash and cash equivalents at December 31, 2020 totaled $404.1 million, an increase of $279.6 million from December 31, 2019, as Seacoast maintained a prudent liquidity position.

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

•At December 31, 2020, the Company had available unsecured lines of credit of $135.0 million and lines of credit under lendable collateral value of $1.8 billion. $1.2 billion of debt securities and $733.3 million in residential and commercial real estate loans are available as collateral for potential borrowings.

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'20			3Q'20			2Q'20			1Q'20			4Q'19
Selected Balance Sheet Data:
Total Assets	$	8,342,392		$	8,287,840		$	8,084,013		$	7,352,894		$	7,108,511
Gross Loans	5,735,349			5,858,029			5,772,052			5,317,208			5,198,404
Total Deposits	6,932,561			6,914,843			6,666,783			5,887,499			5,584,753

Performance Measures:
Net Income	$	29,347		$	22,628		$	25,080		$	709		$	27,176
Net Interest Margin	3.59		%	3.40		%	3.70		%	3.93		%	3.84		%
Average Diluted Shares Outstanding	55,739			54,301			53,308			52,284			52,081
Diluted Earnings Per Share (EPS)	$	0.53		$	0.42		$	0.47		$	0.01		$	0.52
Return on (annualized):
Average Assets (ROA)	1.39		%	1.11		%	1.27		%	0.04		%	1.54		%
Average Tangible Assets (ROTA)2	1.49			1.20			1.37			0.11			1.66
Average Tangible Common Equity (ROTCE)2	13.87			11.35			13.47			0.95			14.95
Tangible Common Equity to Tangible Assets2	11.01			10.67			10.19			10.68			11.05
Tangible Book Value Per Share2	$	16.16		$	15.57		$	15.11		$	14.42		$	14.76
Efficiency Ratio	48.23		%	61.65		%	50.11		%	59.85		%	48.36		%

Adjusted Operating Measures1:
Adjusted Net Income	$	30,700		$	27,336		$	25,452		$	5,462		$	26,837
Adjusted Diluted EPS	0.55			0.50			0.48			0.10			0.52
Adjusted ROTA2	1.50		%	1.38		%	1.33		%	0.32		%	1.57		%
Adjusted ROTCE2	14.00			13.06			13.09			2.86			14.19
Adjusted Efficiency Ratio	48.75			54.82			49.60			53.55			47.52
Net Adjusted Noninterest Expense as a Percent of Average Tangible Assets2	2.00			2.24			2.11			2.46			2.11

Other Data:
Market capitalization3	$	1,626,913		$	994,690		$	1,081,009		$	965,097		$	1,574,775
Full-time equivalent employees	965			968			924			919			867
Number of ATMs	77			77			76			76			78
Full-service banking offices	51			51			50			50			48
Registered online users	123,615			121,620			117,273			113,598			109,684
Registered mobile devices	115,129			110,241			108,062			104,108			99,361
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.

Fourth Quarter Strategic Highlights

•For the third consecutive year, Seacoast has been recognized as one of Fortune Magazine's 100 Fastest-Growing Companies. As the only financial institution headquartered in Florida to earn a spot on the prestigious list, this distinction is a direct reflection of the remarkable job the Seacoast team has done serving customers, implementing technological improvements, and executing our balanced growth strategy.

•Seacoast’s successful combination of organic growth with value-creating acquisitions continued to benefit shareholders and associates in 2020 with the acquisitions of First Bank of Palm Beaches and Freedom Bank. Both acquisitions added experienced bankers while expanding our presence in attractive growth markets, further supporting sustainable, profitable growth.

Capitalizing on Seacoast's Early Commitment to Digital Transformation

•Digital adoption and usage remain strong. Registered mobile devices have increased 16% in 2020, and online users have increased 13%. Growth is coming from both consumer and business customers utilizing the convenience of mobile and online channels.

•Approximately 51% of all deposit transactions were completed outside of the branch network during 2020, an increase of 11% compared to 2019. Routine transactions continue to migrate from the branch network to lower cost channels.

•Seacoast and its customers are benefiting from our automated PPP forgiveness solution that streamlines the process for clients while integrating with Seacoast’s existing technology infrastructure. In the fourth quarter of 2020, $71.8 million in loan forgiveness was processed. In January 2021, the Company began accepting applications for the re-opening of the PPP lending program on our fully digital origination platform. As of January 27, the Company had received approximately 1,500 applications for $170 million under the latest round of PPP.

•As customer preferences change, Seacoast continues to evolve its branch footprint by redirecting capacity into attractive growth markets. In alignment with this strategy, we expect to consolidate three additional branch locations in the first quarter of 2021.

Scaling and Evolving Our Culture

•Seacoast’s “Manager Excellence” training program was recently recognized by American Banker, which named Seacoast one of 2020’s Best Banks to Work For. Providing first-time managers and emerging leaders with skill development and ongoing support creates an environment for our associates to recognize and pursue rewarding career opportunities.

•The Company continues to recruit and acquire strong commercial banking talent. During the fourth quarter of 2020, Seacoast welcomed a team of commercial bankers and credit talent from Wells Fargo in Central Florida. Additionally, in early January 2021, the Company hired Ron York as Treasury Management Executive, formerly with First Horizon Bank.

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

OTHER INFORMATION

Conference Call Information

Seacoast will host a conference call on January 29, 2021 at 10:00 a.m. (Eastern Time) to discuss the fourth quarter and year end 2020 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 774-6070 (passcode 5585 590#; host Chuck Shaffer). 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." A replay of the call will be available for one month, beginning late afternoon of January 29, 2021, by clicking here and using passcode 50062311.

Alternatively, individuals may listen to the live webcast of the presentation by visiting Seacoast's website at www.SeacoastBanking.com. The link is located in the subsection "Presentations" under the heading "Corporate Information." Beginning the afternoon of January 29, 2021, an archived version of the webcast can be accessed from this same subsection of the website. The archived webcast will be available for one year.

About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)

Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida with approximately $8.3 billion in assets and $6.9 billion in deposits as of December 31, 2020. The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through advanced banking solutions, and 51 traditional branches of its locally-branded, wholly-owned subsidiary bank, Seacoast Bank. Offices stretch from Fort Lauderdale, Boca Raton and West Palm Beach north through the Daytona Beach area, into Orlando and Central Florida and the adjacent Tampa market, and west to Okeechobee and surrounding counties. More information about the Company is available at 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 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in our markets, and improvements to reported earnings that may be realized from cost controls, tax law changes, new initiatives and for integration of banks that we have acquired, as well as statements with respect to Seacoast's objectives, strategic plans, expectations and intentions and other statements that are not historical facts, any of which may be impacted by the COVID-19 pandemic and related effects on the U.S. economy. Actual results may differ from those set forth in the forward-looking statements.

Forward-looking statements include statements with respect to our 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 our control, and which may cause the actual results, performance or achievements of Seacoast to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. You should not expect us 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 our 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 effects of future economic and market conditions, including seasonality and the adverse impact of COVID-19 (economic and otherwise); 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; changes in accounting policies, rules and practices, including the impact of the adoption of CECL; our participation in the Paycheck Protection Program ("PPP"); the risks of changes in interest rates on the level and composition of deposits, loan demand, liquidity and the values of loan collateral, securities, and interest sensitive assets and liabilities; interest rate risks, sensitivities

and the shape of the yield curve; uncertainty related to the impact of LIBOR calculations on securities and loans; changes in borrower credit risks and payment behaviors; changing retail distribution strategies, customer preferences and behavior; 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; our ability to comply with any regulatory requirements; the effects of problems encountered by other financial institutions that adversely affect us or the banking industry; our concentration in commercial real estate loans; 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 our investments due to market volatility or counterparty payment risk; statutory and regulatory dividend restrictions; increases in regulatory capital requirements for banking organizations generally; the risks of mergers, acquisitions and divestitures, including our ability to continue to identify acquisition targets and successfully acquire desirable financial institutions; changes in technology or products that may be more difficult, costly, or less effective than anticipated; our ability to identify and address increased cybersecurity risks; inability of our risk management framework to manage risks associated with our business; dependence on key suppliers or vendors to obtain equipment or services for our business on acceptable terms; reduction in or the termination of our ability to use the mobile-based platform that is critical to our business growth strategy; the effects of war or other conflicts, acts of terrorism, natural disasters, 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 us; our 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 our deferred tax assets could be reduced if estimates of future taxable income from our operations and tax planning strategies are less than currently estimated and sales of our capital stock could trigger a reduction in the amount of net operating loss carryforwards that we 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, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our 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; and the failure of assumptions underlying the establishment of reserves for possible loan losses.

Given the many unknowns and risks being heavily weighted to the downside, our forward-looking statements are subject to the risk that conditions will be substantially different than we are currently expecting. If efforts to contain COVID-19 are unsuccessful and restrictions on movement last into 2021 and beyond, the recession would be much longer and much more severe. Ineffective fiscal stimulus, or an extended delay in implementing it, are also major downside risks. The deeper the recession is, and the longer it lasts, the more it will damage consumer fundamentals and sentiment. This could both prolong the recession, and/or make any recovery weaker. Similarly, the recession could damage business fundamentals. And an extended global recession due to COVID-19 would weaken the U.S. recovery. As a result, the outbreak and its consequences, including responsive measures to manage it, have had and are likely to continue to have an adverse effect, possibly materially, on our business and financial performance by adversely affecting, possibly materially, the demand and profitability of our products and services, the valuation of assets and our ability to meet the needs of our customers.

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 our annual report on Form 10-K for the year ended December 31, 2019, and our quarterly reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020 under "Special Cautionary Notice Regarding Forward-looking Statements" and "Risk Factors", and otherwise in our 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'20			3Q'20			2Q'20			1Q'20			4Q'19			4Q'20			4Q'19

Summary of Earnings
Net income	$	29,347		$	22,628		$	25,080		$	709		$	27,176		$	77,764		$	98,739
Adjusted net income1	30,700			27,336			25,452			5,462			26,837			88,950			104,591
Net interest income2	68,903			63,621			67,388			63,291			61,846			263,203			243,953
Net interest margin2,3	3.59		%	3.40		%	3.70		%	3.93		%	3.84		%	3.65		%	3.92		%

Performance Ratios
Return on average assets-GAAP basis3	1.39		%	1.11		%	1.27		%	0.04		%	1.54		%	0.99		%	1.45		%
Return on average tangible assets-GAAP basis3,4	1.49			1.20			1.37			0.11			1.66			1.08			1.56
Adjusted return on average tangible assets1,3,4	1.50			1.38			1.33			0.32			1.57			1.17			1.58
Net adjusted noninterest expense to average tangible assets1,3,4	2.00			2.24			2.11			2.46			2.11			2.19			2.30

Return on average shareholders' equity-GAAP basis3	10.51			8.48			9.96			0.29			11.04			7.44			10.63
Return on average tangible common equity-GAAP basis3,4	13.87			11.35			13.47			0.95			14.95			10.10			14.72
Adjusted return on average tangible common equity1,3,4	14.00			13.06			13.09			2.86			14.19			10.93			14.93
Efficiency ratio5	48.23			61.65			50.11			59.85			48.36			54.84			51.71
Adjusted efficiency ratio1	48.75			54.82			49.60			53.55			47.52			51.63			50.90
Noninterest income to total revenue (excluding securities gains/losses)	17.85			21.06			17.00			18.84			18.30			18.68			18.56
Tangible common equity to tangible assets4	11.01			10.67			10.19			10.68			11.05			11.01			11.05
Average loan-to-deposit ratio	84.48			87.83			88.48			93.02			90.71			88.20			89.21
End of period loan-to-deposit ratio	83.72			85.77			87.40			90.81			93.44			83.72			93.44

Per Share Data
Net income diluted-GAAP basis	$	0.53		$	0.42		$	0.47		$	0.01		$	0.52		$	1.44		$	1.90
Net income basic-GAAP basis	0.53			0.42			0.47			0.01			0.53			1.45			1.92
Adjusted earnings1	0.55			0.50			0.48			0.10			0.52			1.65			2.01

Book value per share common	20.46			19.91			19.45			18.82			19.13			20.46			19.13
Tangible book value per share	16.16			15.57			15.11			14.42			14.76			16.16			14.76
Cash dividends declared	—			—			—			—			—			—			—


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'20			3Q'20		2Q'20		1Q'20		4Q'19		4Q'20		4Q'19

Interest on securities:
Taxable	$	6,477		$	6,972	$	7,573	$	8,696	$	8,500	$	29,718	$	35,354
Nontaxable	86			125		121		122		130		454		555
Fees on PPP loans	3,603			161		4,010		—		—		7,774		—
Interest on PPP loans	1,585			1,558		1,058		—		—		4,201		—
Interest and fees on loans - excluding PPP loans	60,407			58,768		59,776		63,440		62,868		242,391		250,535
Interest on federal funds sold and other investments	523			556		684		734		788		2,497		3,379
Total Interest Income	72,681			68,140		73,222		72,992		72,286		287,035		289,823

Interest on deposits	1,228			1,299		1,203		3,190		3,589		6,920		16,621
Interest on time certificates	2,104			2,673		3,820		4,768		5,084		13,365		21,776
Interest on borrowed money	558			665		927		1,857		1,853		4,007		7,808
Total Interest Expense	3,890			4,637		5,950		9,815		10,526		24,292		46,205

Net Interest Income	68,791			63,503		67,272		63,177		61,760		262,743		243,618
Provision for credit losses	1,900			(845)		7,611		29,513		4,800		38,179		10,999
Net Interest Income After Provision for Credit Losses	66,891			64,348		59,661		33,664		56,960		224,564		232,619

Noninterest income:
Service charges on deposit accounts	2,423			2,242		1,939		2,825		2,960		9,429		11,529
Interchange income	3,596			3,682		3,187		3,246		3,387		13,711		13,399
Wealth management income	1,949			1,972		1,719		1,867		1,579		7,507		6,352
Mortgage banking fees	3,646			5,283		3,559		2,208		1,514		14,696		6,490
Marine finance fees	145			242		157		146		338		690		1,053
SBA gains	113			252		181		139		576		685		2,472
BOLI income	889			899		887		886		904		3,561		3,674
Other	2,187			2,370		2,147		3,352		2,579		10,056		10,546
	14,948			16,942		13,776		14,669		13,837		60,335		55,515

Securities gains (losses), net	(18)			4		1,230		19		2,539		1,235		1,217
Total Noninterest Income	14,930			16,946		15,006		14,688		16,376		61,570		56,732

Noninterest expenses:
Salaries and wages	21,490			23,125		20,226		23,698		17,263		88,539		73,829
Employee benefits	3,915			3,995		3,379		4,255		3,323		15,544		13,697
Outsourced data processing costs	4,233			6,128		4,059		4,633		3,645		19,053		15,077
Telephone / data lines	774			705		791		714		651		2,984		2,958
Occupancy	3,554			3,858		3,385		3,353		3,368		14,150		14,284
Furniture and equipment	1,317			1,576		1,358		1,623		1,416		5,874		6,245
Marketing	1,045			1,513		997		1,278		885		4,833		4,161
Legal and professional fees	509			3,018		2,277		3,363		2,025		9,167		8,553
FDIC assessments	528			474		266		—		—		1,268		881
Amortization of intangibles	1,421			1,497		1,483		1,456		1,456		5,857		5,826
Foreclosed property expense and net loss/(gain) on sale	1,821			512		245		(315)		3		2,263		51
Provision for credit losses on unfunded commitments	(795)			756		178		46		—		185		—
Other	3,869			4,517		3,755		3,694		4,022		15,835		15,177
Total Noninterest Expense	43,681			51,674		42,399		47,798		38,057		185,552		160,739

Income Before Income Taxes	38,140			29,620		32,268		554		35,279		100,582		128,612
Income taxes	8,793			6,992		7,188		(155)		8,103		22,818		29,873

Net Income	$	29,347		$	22,628	$	25,080	$	709	$	27,176	$	77,764	$	98,739

Per share of common stock:

Net income diluted	$	0.53		$	0.42	$	0.47	$	0.01	$	0.52	$	1.44	$	1.90
Net income basic	0.53			0.42		0.47		0.01		0.53		1.45		1.92
Cash dividends declared	—			—		—		—		—		—		—

Average diluted shares outstanding	55,739			54,301		53,308		52,284		52,081		53,930		52,029
Average basic shares outstanding	55,219			53,978		52,985		51,803		51,517		53,502		51,449


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)	2020			2020		2020		2020		2019

Assets
Cash and due from banks	$	86,630		$	81,692	$	84,178	$	82,111	$	89,843
Interest bearing deposits with other banks	317,458			227,876		440,142		232,763		34,688
Total Cash and Cash Equivalents	404,088			309,568		524,320		314,874		124,531

Time deposits with other banks	750			2,247		2,496		3,742		3,742

Debt Securities:
Available for sale (at fair value)	1,398,157			1,286,858		976,025		910,311		946,855
Held to maturity (at amortized cost)	184,484			207,376		227,092		252,373		261,369
Total Debt Securities	1,582,641			1,494,234		1,203,117		1,162,684		1,208,224

Loans held for sale	68,890			73,046		54,943		29,281		20,029

Loans	5,735,349			5,858,029		5,772,052		5,317,208		5,198,404
Less: Allowance for credit losses	(92,733)			(94,013)		(91,250)		(85,411)		(35,154)
Net Loans	5,642,616			5,764,016		5,680,802		5,231,797		5,163,250

Bank premises and equipment, net	75,117			76,393		69,041		71,540		66,615
Other real estate owned	12,750			15,890		15,847		14,640		12,390
Goodwill	221,176			221,176		212,146		212,085		205,286
Other intangible assets, net	16,745			18,163		17,950		19,461		20,066
Bank owned life insurance	131,776			130,887		127,954		127,067		126,181
Net deferred tax assets	23,629			25,503		21,404		19,766		16,457
Other assets	162,214			156,717		153,993		145,957		141,740
Total Assets	$	8,342,392		$	8,287,840	$	8,084,013	$	7,352,894	$	7,108,511

Liabilities and Shareholders' Equity
Liabilities
Deposits
Noninterest demand	$	2,289,787		$	2,400,744	$	2,267,435	$	1,703,628	$	1,590,493
Interest-bearing demand	1,566,069			1,385,445		1,368,146		1,234,193		1,181,732
Savings	689,179			655,072		619,251		554,836		519,152
Money market	1,556,370			1,457,078		1,232,892		1,124,378		1,108,363
Other time certificates	425,878			457,964		445,176		489,669		504,837
Brokered time certificates	233,815			381,028		572,465		597,715		472,857
Time certificates of more than $250,000	171,463			177,512		161,418		183,080		207,319
Total Deposits	6,932,561			6,914,843		6,666,783		5,887,499		5,584,753

Securities sold under agreements to repurchase	119,609			89,508		92,125		64,723		86,121
Federal Home Loan Bank borrowings	—			35,000		135,000		265,000		315,000
Subordinated debt	71,365			71,295		71,225		71,155		71,085
Other liabilities	88,455			78,853		88,277		72,730		65,913
Total Liabilities	7,211,990			7,189,499		7,053,410		6,361,107		6,122,872

Shareholders' Equity
Common stock	5,524			5,517		5,299		5,271		5,151
Additional paid in capital	856,092			854,188		811,328		809,533		786,242
Retained earnings	256,701			227,354		204,719		179,646		195,813
Treasury stock	(8,285)			(7,941)		(8,037)		(7,422)		(6,032)
	1,110,032			1,079,118		1,013,309		987,028		981,174
Accumulated other comprehensive income, net	20,370			19,223		17,294		4,759		4,465
Total Shareholders' Equity	1,130,402			1,098,341		1,030,603		991,787		985,639
Total Liabilities & Shareholders' Equity	$	8,342,392		$	8,287,840	$	8,084,013	$	7,352,894	$	7,108,511

Common shares outstanding	55,243			55,169		52,991		52,709		51,514


CONSOLIDATED QUARTERLY FINANCIAL DATA	(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES



(Amounts in thousands)	4Q'20			3Q'20			2Q'20			1Q'20			4Q'19

Credit Analysis
Net charge-offs - non-acquired loans	$	3,028		$	1,112		$	1,714		$	1,316		$	2,930
Net charge-offs (recoveries) - acquired loans	99			624			37			(343)			295
Total Net Charge-offs	3,127			1,736			1,751			973			3,225



Net charge-offs to average loans - non-acquired loans	0.20		%	0.08		%	0.12		%	0.10		%	0.23		%
Net charge-offs (recoveries) to average loans - acquired loans	0.01			0.04			—			(0.03)			0.02
Total Net Charge-offs to Average Loans	0.21			0.12			0.12			0.07			0.25





Allowance for credit losses - non-acquired loans	$	69,786		$	70,388		$	73,587		$	69,498		$	34,573
Allowance for credit losses - acquired loans	22,947			23,625			17,663			15,913			581
Total Allowance for Credit Losses	$	92,733		$	94,013		$	91,250		$	85,411		$	35,154

Non-acquired loans at end of period	$	4,196,205		$	4,157,376		$	4,315,892		$	4,373,378		$	4,317,919
Acquired loans at end of period	972,183			1,061,853			879,710			943,830			880,485
Paycheck Protection Program loans at end of period1	566,961			638,800			576,450			—			—
Total Loans	$	5,735,349		$	5,858,029		$	5,772,052		$	5,317,208		$	5,198,404

Non-acquired loans allowance for credit losses to non-acquired loans at end of period	1.66		%	1.69		%	1.71		%	1.59		%	0.80		%
Total allowance for credit losses to total loans at end of period	1.62			1.60			1.58			1.61			0.68
Total allowance for credit losses to total loans, excluding PPP loans	1.79			1.80			1.76			1.61			0.68
Purchase discount on acquired loans at end of period	2.86			3.01			3.29			3.36			3.83

End of Period


Nonperforming loans	$	36,110		$	36,897		$	30,051		$	25,582		$	26,955


Other real estate owned	10,182			12,299			10,967			11,048			5,549
Properties previously used in bank operations included in other real estate owned	2,569			3,592			4,880			3,592			6,842
Total Nonperforming Assets	$	48,861		$	52,788		$	45,898		$	40,222		$	39,346

Accruing troubled debt restructures (TDRs)	$	4,182		$	10,190		$	10,338		$	10,833		$	11,100



Nonperforming Loans to Loans at End of Period	0.63		%	0.63		%	0.52		%	0.48		%	0.52		%



Nonperforming Assets to Total Assets at End of Period	0.59			0.64			0.57			0.55			0.55

	December 31,			September 30,			June 30,			March 31,			December 31,
Loans	2020			2020			2020			2020			2019

Construction and land development	$	245,108		$	280,610		$	298,835		$	295,405		$	325,113
Commercial real estate - owner occupied	1,141,310			1,125,460			1,076,650			1,082,893			1,034,963
Commercial real estate - non-owner occupied	1,395,854			1,394,464			1,392,787			1,381,096			1,344,008
Residential real estate	1,342,628			1,393,396			1,468,171			1,559,754			1,507,863
Commercial and financial	854,753			833,083			757,232			796,038			778,252
Consumer	188,735			192,216			201,927			202,022			208,205
Paycheck Protection Program	566,961			638,800			576,450			—			—
Total Loans	$	5,735,349		$	5,858,029		$	5,772,052		$	5,317,208		$	5,198,404


13Q'20 includes $54 million in Paycheck Protection Program loans acquired from Freedom Bank


AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1							(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


	4Q'20				3Q'20							4Q'19
	Average				Yield/			Average				Yield/		Average				Yield/
(Amounts in thousands)	Balance		Interest		Rate			Balance		Interest		Rate		Balance		Interest		Rate

Assets
Earning assets:
Securities:
Taxable	$	1,496,536	$	6,477	1.73	%		$	1,322,160	$	6,972	2.11	%	$	1,179,843	$	8,500	2.88	%
Nontaxable	25,943		109		1.68			23,570		157		2.67		20,709		162		3.13
Total Securities	1,522,479		6,586		1.73			1,345,730		7,129		2.12		1,200,552		8,662		2.89

Federal funds sold and other investments	197,379		523		1.05			239,511		556		0.92		84,961		788		3.68

Loans excluding PPP loans	5,276,224		60,497		4.56			5,242,776		58,854		4.47		5,104,272		62,922		4.89
PPP loans	629,855		5,187		3.28			618,088		1,719		1.11		—		—		—
Total Loans	5,906,079		65,684		4.42			5,860,864		60,573		4.11		5,104,272		62,922		4.89

Total Earning Assets	7,625,937		72,793		3.80			7,446,105		68,258		3.65		6,389,785		72,372		4.49

Allowance for credit losses	(93,148)							(92,151)						(34,072)
Cash and due from banks	235,519							138,749						99,008
Premises and equipment	76,001							72,572						67,485
Intangible assets	238,631							228,801						226,060
Bank owned life insurance	131,208							129,156						125,597
Other assets	162,248							163,658						122,351

Total Assets	$	8,376,396						$	8,086,890					$	6,996,214

Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand	$	1,458,299	$	249	0.07	%		$	1,364,947	$	330	0.10	%	$	1,190,681	$	983	0.33	%
Savings	672,864		166		0.10			648,319		170		0.10		528,771		422		0.32
Money market	1,523,960		813		0.21			1,328,931		799		0.24		1,148,453		2,184		0.75
Time deposits	911,091		2,104		0.92			1,051,316		2,673		1.01		1,078,297		5,084		1.87
Securities sold under agreements to repurchase	101,665		42		0.16			90,357		40		0.18		73,693		226		1.22
Federal funds purchased and Federal Home Loan Bank borrowings	15,978		80		1.99			93,913		181		0.77		181,134		845		1.85
Other borrowings	71,321		436		2.43			71,258		444		2.48		71,045		782		4.37

Total Interest-Bearing Liabilities	4,755,178		3,890		0.33			4,649,041		4,637		0.40		4,272,074		10,526		0.98

Noninterest demand	2,424,523							2,279,584						1,680,734
Other liabilities	85,622							96,458						67,206
Total Liabilities	7,265,323							7,025,083						6,020,014

Shareholders' equity	1,111,073							1,061,807						976,200

Total Liabilities & Equity	$	8,376,396						$	8,086,890					$	6,996,214

Cost of deposits					0.19	%						0.24	%					0.61	%
Interest expense as a % of earning assets					0.20	%						0.25	%					0.65	%
Net interest income as a % of earning assets			$	68,903	3.59	%				$	63,621	3.40	%			$	61,846	3.84	%


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, 2020					Twelve Months Ended December 31, 2019
	Average					Yield/		Average				Yield/
(Amounts in thousands, except ratios)	Balance		Interest			Rate		Balance		Interest		Rate

Assets
Earning assets:
Securities:
Taxable	$	1,277,441	$	29,718		2.33	%	$	1,176,842	$	35,354	3.00	%
Nontaxable	22,164		570			2.57		23,122		695		3.01
Total Securities	1,299,605		30,288			2.33		1,199,964		36,049		3.00

Federal funds sold and other investments	239,494		2,497			1.04		88,045		3,379		3.84

Loans excluding PPP loans	5,259,653		242,736			4.62		4,933,518		250,730		5.08
PPP loans	419,154		11,974			2.86		—		—		—
Total Loans	5,678,807		254,710			4.49		4,933,518		250,730		5.08

Total Earning Assets	7,217,906		287,495			3.98		6,221,527		290,158		4.66

Allowance for credit losses	(81,858)							(33,465)
Cash and due from banks	142,314							94,643
Premises and equipment	71,846							69,142
Intangible assets	231,267							228,042
Bank owned life insurance	128,569							124,803
Other assets	149,956							126,588

Total Assets	$	7,860,000						$	6,831,280

Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand	$	1,324,433	$	1,710		0.13	%	$	1,114,334	$	4,025	0.36	%
Savings	610,015		849			0.14		516,526		2,015		0.39
Money market	1,294,629		4,361			0.34		1,164,938		10,581		0.91
Time deposits	1,101,321		13,365			1.21		1,092,516		21,776		1.99
Securities sold under agreements to repurchase	84,514		283			0.33		106,142		1,431		1.35
Federal funds purchased and Federal Home Loan Bank borrowings	139,439		1,540			1.10		131,921		3,010		2.28
Other borrowings	71,220		2,184			3.07		70,939		3,367		4.75

Total Interest-Bearing Liabilities	4,625,571		24,292			0.53		4,197,316		46,205		1.10

Noninterest demand	2,107,931							1,641,766
Other liabilities	81,279							63,405
Total Liabilities	6,814,781							5,902,487

Shareholders' equity	1,045,219							928,793

Total Liabilities & Equity	$	7,860,000						$	6,831,280

Cost of deposits						0.32	%					0.69	%
Interest expense as a % of earning assets						0.34	%					0.74	%
Net interest income as a % of earning assets			$	263,203		3.65	%			$	243,953	3.92	%


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)	2020		2020		2020		2020		2019

Customer Relationship Funding
Noninterest demand
Commercial	$	1,821,361	$	1,973,494	$	1,844,288	$	1,336,352	$	1,233,475
Retail	350,783		322,559		314,723		271,916		246,717
Public funds	90,973		70,371		74,674		71,029		85,122
Other	26,670		34,320		33,750		24,331		25,179
Total Noninterest Demand	2,289,787		2,400,744		2,267,435		1,703,628		1,590,493

Interest-bearing demand
Commercial	454,909		413,513		412,846		349,315		319,993
Retail	839,958		777,078		733,772		671,378		641,762
Public funds	271,202		194,854		221,528		213,500		219,977
Total Interest-Bearing Demand	1,566,069		1,385,445		1,368,146		1,234,193		1,181,732

Total transaction accounts
Commercial	2,276,270		2,387,007		2,257,134		1,685,667		1,553,468
Retail	1,190,741		1,099,637		1,048,495		943,294		888,479
Public funds	362,175		265,225		296,202		284,529		305,099
Other	26,670		34,320		33,750		24,331		25,179
Total Transaction Accounts	3,855,856		3,786,189		3,635,581		2,937,821		2,772,225

Savings	689,179		655,072		619,251		554,836		519,152

Money market
Commercial	611,623		634,697		586,416		487,759		494,803
Retail	661,311		613,532		579,126		572,785		553,075
Brokered	196,616		141,808		—		—		—
Public funds	86,820		67,041		67,350		63,834		60,485
Total Money Market	1,556,370		1,457,078		1,232,892		1,124,378		1,108,363

Brokered time certificates	233,815		381,028		572,465		597,715		472,857
Other time certificates	597,341		635,476		606,594		672,749		712,156
	831,156		1,016,504		1,179,059		1,270,464		1,185,013
Total Deposits	$	6,932,561	$	6,914,843	$	6,666,783	$	5,887,499	$	5,584,753

Customer sweep accounts	$	119,609	$	89,508	$	92,125	$	64,723	$	86,121

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'20				3Q'20			2Q'20			1Q'20			4Q'19			4Q'20			4Q'19

Net Income	$	29,347			$	22,628		$	25,080		$	709		$	27,176		$	77,764		$	98,739

Total noninterest income	14,930				16,946			15,006			14,688			16,376			61,570			56,732

Securities (gains) losses, net	18				(4)			(1,230)			(19)			(2,539)			(1,235)			(1,217)
BOLI benefits on death (included in other income)	—				—			—			—			—			—			(956)
Total Adjustments to Noninterest Income	18				(4)			(1,230)			(19)			(2,539)			(1,235)			(2,173)
Total Adjusted Noninterest Income	14,948				16,942			13,776			14,669			13,837			60,335			54,559

Total noninterest expense	43,681				51,674			42,399			47,798			38,057			185,552			160,739
Merger related charges	—				(4,281)			(240)			(4,553)			(634)			(9,074)			(969)
Amortization of intangibles	(1,421)				(1,497)			(1,483)			(1,456)			(1,456)			(5,857)			(5,826)
Business continuity expenses	—				—			—			(307)			—			(307)			(95)
Branch reductions and other expense initiatives	(354)				(464)			—			—			—			(818)			(1,846)
Total Adjustments to Noninterest Expense	(1,775)				(6,242)			(1,723)			(6,316)			(2,090)			(16,056)			(8,736)
Total Adjusted Noninterest Expense	41,906				45,432			40,676			41,482			35,967			169,496			152,003

Income Taxes	8,793				6,992			7,188			(155)			8,103			22,818			29,873
Tax effect of adjustments	440				1,530			121			1,544			(110)			3,635			1,846

Effect of change in corporate tax rate on deferred tax assets	—				—			—			—			—			—			(1,135)
Total Adjustments to Income Taxes	440				1,530			121			1,544			(110)			3,635			711
Adjusted Income Taxes	9,233				8,522			7,309			1,389			7,993			26,453			30,584
Adjusted Net Income	$	30,700			$	27,336		$	25,452		$	5,462		$	26,837		$	88,950		$	104,591

Earnings per diluted share, as reported	$	0.53			$	0.42		$	0.47		$	0.01		$	0.52		$	1.44		$	1.90
Adjusted Earnings per Diluted Share	0.55				0.50			0.48			0.10			0.52			1.65			2.01
Average diluted shares outstanding	55,739				54,301			53,308			52,284			52,081			53,930			52,029

Adjusted Noninterest Expense	$	41,906			$	45,432		$	40,676		$	41,482		$	35,967		$	169,496		$	152,003
Provision for credit losses on unfunded commitments	795				(756)			(178)			(46)			—			(185)			—
Foreclosed property expense and net (loss)/gain on sale	(1,821)				(512)			(245)			315			(3)			(2,263)			(51)
Net Adjusted Noninterest Expense	$	40,880			$	44,164		$	40,253		$	41,751		$	35,964		$	167,048		$	151,952

Revenue	$	83,721			$	80,449		$	82,278		$	77,865		$	78,136		$	324,313		$	300,350
Total Adjustments to Revenue	18				(4)			(1,230)			(19)			(2,539)			(1,235)			(2,173)
Impact of FTE adjustment	112				118			116			114			86			460			335
Adjusted Revenue on a fully taxable equivalent basis	$	83,851			$	80,563		$	81,164		$	77,960		$	75,683		$	323,538		$	298,512
Adjusted Efficiency Ratio	48.75		%		54.82		%	49.60		%	53.55		%	47.52		%	51.63		%	50.90		%

Net Interest Income	$	68,791			$	63,503		$	67,272		$	63,177		$	61,760		$	262,743		$	243,618
Impact of FTE adjustment	112				118			116			114			86			460			335
Net Interest Income including FTE adjustment	$	68,903			$	63,621		$	67,388		$	63,291		$	61,846		$	263,203		$	243,953
Total noninterest income	14,930				16,946			15,006			14,688			16,376			61,570			56,732
Total noninterest expense	43,681				51,674			42,399			47,798			38,057			185,552			160,739
Pre-Tax Pre-Provision Earnings	$	40,152			$	28,893		$	39,995		$	30,181		$	40,165		$	139,221		$	139,946
Total Adjustments to Noninterest Income	18				(4)			(1,230)			(19)			(2,539)			(1,235)			(2,173)
Total Adjustments to Noninterest Expense	(2,801)				(7,510)			(2,146)			(6,047)			(2,093)			(18,504)			(8,787)
Adjusted Pre-Tax Pre-Provision Earnings	$	42,971			$	36,399		$	40,911		$	36,209		$	39,719		$	156,490		$	146,560

Average Assets	$	8,376,396			$	8,086,890		$	7,913,002		$	7,055,543		$	6,996,214		$	7,860,000		$	6,831,280
Less average goodwill and intangible assets	(238,631)				(228,801)			(230,871)			(226,712)			(226,060)			(231,267)			(228,042)
Average Tangible Assets	$	8,137,765			$	7,858,089		$	7,682,131		$	6,828,831		$	6,770,154		$	7,628,733		$	6,603,238

Return on Average Assets (ROA)	1.39		%		1.11		%	1.27		%	0.04		%	1.54		%	0.99		%	1.45		%
Impact of removing average intangible assets and related amortization	0.10				0.09			0.10			0.07			0.12			0.09			0.11
Return on Average Tangible Assets (ROTA)	1.49				1.20			1.37			0.11			1.66			1.08			1.56
Impact of other adjustments for Adjusted Net Income	0.01				0.18			(0.04)			0.21			(0.09)			0.09			0.02
Adjusted Return on Average Tangible Assets	1.50				1.38			1.33			0.32			1.57			1.17			1.58


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'20				3Q'20			2Q'20			1Q'20			4Q'19			4Q'20			4Q'19

Average Shareholders' Equity	$	1,111,073			$	1,061,807		$	1,013,095		$	993,993		$	976,200		$	1,045,219		$	928,793
Less average goodwill and intangible assets	(238,631)				(228,801)			(230,871)			(226,712)			(226,060)			(231,267)			(228,042)
Average Tangible Equity	$	872,442			$	833,006		$	782,224		$	767,281		$	750,140		$	813,952		$	700,751

Return on Average Shareholders' Equity	10.51		%		8.48		%	9.96		%	0.29		%	11.04		%	7.44		%	10.63		%
Impact of removing average intangible assets and related amortization	3.36				2.87			3.51			0.66			3.91			2.66			4.09
Return on Average Tangible Common Equity (ROTCE)	13.87				11.35			13.47			0.95			14.95			10.10			14.72
Impact of other adjustments for Adjusted Net Income	0.13				1.71			(0.38)			1.91			(0.76)			0.83			0.21
Adjusted Return on Average Tangible Common Equity	14.00				13.06			13.09			2.86			14.19			10.93			14.93

Loan interest income1	$	65,684			$	60,573		$	64,929		$	63,524		$	62,922		$	254,710		$	250,730
Accretion on acquired loans	(4,448)				(3,254)			(2,988)			(4,287)			(3,407)			(14,977)			(15,370)
Interest and fees on PPP loans	(5,187)				(1,719)			(5,068)			—			—			(11,974)			—
Loan interest income excluding PPP and accretion on acquired loans	$	56,049			$	55,600		$	56,873		$	59,237		$	59,515		$	227,759		$	235,360

Yield on loans1	4.42				4.11			4.56			4.90			4.89			4.49			5.08
Impact of accretion on acquired loans	(0.30)				(0.22)			(0.21)			(0.33)			(0.26)			(0.27)			(0.31)
Impact of PPP loans	0.11				0.33			(0.04)			—			—			0.11			—
Yield on loans excluding PPP and accretion on acquired loans	4.23		%		4.22		%	4.31		%	4.57		%	4.63		%	4.33		%	4.77		%

Net Interest Income1	$	68,903			$	63,621		$	67,388		$	63,291		$	61,846		$	263,203		$	243,953
Accretion on acquired loans	(4,448)				(3,254)			(2,988)			(4,287)			(3,407)			(14,977)			(15,370)
Interest and fees on PPP loans	(5,187)				(1,719)			(5,068)			—			—			(11,974)			—
Net interest income excluding PPP and accretion on acquired loans	$	59,268			$	58,648		$	59,332		$	59,004		$	58,439		$	236,252		$	228,583

Net Interest Margin	3.59				3.40			3.70			3.93			3.84			3.65			3.92
Impact of accretion on acquired loans	(0.23)				(0.17)			(0.16)			(0.27)			(0.21)			(0.21)			(0.25)
Impact of PPP loans	0.01				0.19			(0.08)			—			—			0.03			—
Net interest margin excluding PPP and accretion on acquired loans	3.37		%		3.42		%	3.46		%	3.66		%	3.63		%	3.47		%	3.67		%

Security interest income1	$	6,586			$	7,129		$	7,725		$	8,848		$	8,662		$	30,288		$	36,049
Tax equivalent adjustment on securities	(23)				(32)			(31)			(30)			(32)			(116)			(140)
Security interest income excluding tax equivalent adjustment	$	6,563			$	7,097		$	7,694		$	8,818		$	8,630		$	30,172		$	35,909

Loan interest income1	$	65,684			$	60,573		$	64,929		$	63,524		$	62,922		$	254,710		$	250,730
Tax equivalent adjustment on loans	(89)				(86)			(85)			(84)			(54)			(344)			(195)
Loan interest income excluding tax equivalent adjustment	$	65,595			$	60,487		$	64,844		$	63,440		$	62,868		$	254,366		$	250,535

Net Interest Income1	$	68,903			$	63,621		$	67,388		$	63,291		$	61,846		$	263,203		$	243,953
Tax equivalent adjustment on securities	(23)				(32)			(31)			(30)			(32)			(116)			(140)
Tax equivalent adjustment on loans	(89)				(86)			(85)			(84)			(54)			(344)			(195)

Net interest income excluding tax equivalent adjustment	$	68,791			$	63,503		$	67,272		$	63,177		$	61,760		$	262,743		$	243,618

1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.

Earnings Presentation FOURTH QUARTER 2020 RESULTS Contact: (email) [email protected] (phone) 772.403.0461 (web) www.SeacoastBanking.com

2 FOURTH QUARTER 2020 EARNINGS PRESENTATION 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 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in our markets, and improvements to reported earnings that may be realized from cost controls, tax law changes, new initiatives and for integration of banks that we have acquired, or expect 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, any of which may be impacted by the COVID-19 pandemic and related effects on the U.S. economy. Actual results may differ from those set forth in the forward-looking statements. Forward-looking statements include statements with respect to our 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 our control, and which may cause the actual results, performance or achievements of Seacoast to be materially different from future results, performance or achievements expressed or implied by such forward- looking statements. You should not expect us 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 our 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 effects of future economic and market conditions, including seasonality and the adverse impact of COVID-19 (economic and otherwise); 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; changes in accounting policies, rules and practices, including the impact of the adoption of CECL; our participation in the Paycheck Protection Program ("PPP"); the risks of changes in interest rates on the level and composition of deposits, loan demand, liquidity and the values of loan collateral, securities, and interest sensitive assets and liabilities; interest rate risks, sensitivities and the shape of the yield curve; uncertainty related to the impact of LIBOR calculations on securities and loans; changes in borrower credit risks and payment behaviors; changing retail distribution strategies, customer preferences and behavior; 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; our ability to comply with any regulatory requirements; the effects of problems encountered by other financial institutions that adversely affect us or the banking industry; our concentration in commercial real estate loans; 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 our investments due to market volatility or counterparty payment risk; statutory and regulatory dividend restrictions; increases in regulatory capital requirements for banking organizations generally; the risks of mergers, acquisitions and divestitures, including our ability to continue to identify acquisition targets and successfully acquire desirable financial institutions; changes in technology or products that may be more difficult, costly, or less effective than anticipated; our ability to identify and address increased cybersecurity risks; inability of our risk management framework to manage risks associated with our business; dependence on key suppliers or vendors to obtain equipment or services for our business on acceptable terms; reduction in or the termination of our ability to use the mobile-based platform that is critical to our business growth strategy; the effects of war or other conflicts, acts of terrorism, natural disasters, 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 us; our 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 our deferred tax assets could be reduced if estimates of future taxable income from our operations and tax planning strategies are less than currently estimated and sales of our capital stock could trigger a reduction in the amount of net operating loss carryforwards that we 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, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our 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; and the failure of assumptions underlying the establishment of reserves for possible loan losses. 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 our annual report on Form 10-K for the year ended December 31, 2019 and quarterly reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020, and September 30, 2020 under “Special Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors”, and otherwise in our 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.

3 FOURTH QUARTER 2020 EARNINGS PRESENTATION • Highly disciplined credit portfolio • Prudent liquidity position • Strong capital position • Steady increase in shareholder value with tangible book value per share increasing 15% quarter-over- quarter on an annualized basis • Active board with a diverse range of experience and expertise Valuable Florida Franchise, Well Positioned with Strong Capital, Liquidity and Disciplined Credit Culture Valuable Florida Franchise with Disciplined Growth Strategy, Benefiting from Fortress Balance Sheet with Robust Capital Generation, Prudent Liquidity Position, and Strict Credit Underwriting • $8.3 billion in assets as of December 31, 2020, operating in the nation’s third-most populous state • Strong and growing presence in four of Florida’s most attractive MSAs ▪ #1 Florida-based bank in Orlando ▪ #1 share in Port St Lucie MSA ▪ #2 Florida-based bank in West Palm Beach/Fort Lauderdale ▪ #2 Florida-based community bank in Tampa, and #1 in St. Petersburg • Market Cap: $1.6 billion as of December 31, 2020 Seacoast Customer Map

4 FOURTH QUARTER 2020 EARNINGS PRESENTATION Florida to Benefit from the Work-from-Anywhere Future Accelerated by COVID-19 • Companies and individuals seeking real estate affordability, lower taxes, warmer weather, and easy flights back to the Northeast are migrating to Florida. • Florida's population forecast was revised in November 2020 to reflect a larger 2020 base and stronger net-migration projections. Source: Office of Economic & Demographic Research ◦ Florida's population will surpass 23 million by late 2024 or 2025 (21.6 million at Year End 2020). ◦ This increase is equivalent to adding a city larger than Orlando every year. • Financial institutions and other major corporations have announced plans to relocate some or all of their operations to Florida in the near future:

5 FOURTH QUARTER 2020 EARNINGS PRESENTATION Seacoast’s Integrated Delivery Model Supports Our Growth Strategy All metrics compare full year 2020 to 2019 58% % of consumer deposits completed outside of the branch. Up 9% over prior year 11% % increase in consumer online users $600MM+ PPP originations and forgiveness supported by fully digital platform 138k+ Number of outreach calls triggered by Seacoast's proprietary Connections platform 11k+ Number of branch appointments set via digital appointment tool on Seacoast's website 21% % Residential sales originated from alternative delivery channels 43% % of business deposits completed outside of the branch. Up 13% over prior year Strong momentum in usage of digital tools and other non-branch delivery channels, and tools to equip our teams to outperform 23% % increase in business online users

6 FOURTH QUARTER 2020 EARNINGS PRESENTATION Fourth Quarter Highlights • Earnings per share of $0.53 compared to $0.42. Adjusted earnings per share1 increased to $0.55 from $0.50. • On a GAAP basis, ended the quarter at 1.49% Return on Tangible Assets (ROTA) and 13.87% Return on Tangible Common Equity (ROTCE). On an adjusted basis, fourth quarter results were 1.50% adjusted ROTA1 and 14.00% adjusted ROTCE1. • Steadily building shareholder value through consistent growth in tangible book value per share, ending the period at $16.16, an increase of 15% on an annualized basis. • The efficiency ratio improved to 48.2% compared to 61.6%. The adjusted efficiency ratio1 improved to 48.8% compared to 54.8%. • Cost of deposits decreased by five basis points. • Commercial originations during the fourth quarter of 2020 were $277.4 million, compared to $88.2 million in the third quarter of 2020. Seacoast continues to maintain conservative underwriting guidelines in the current economic environment, while extending credit to well-qualified customers that can demonstrate the ability to navigate significant economic stress. • Continued strong wealth management results with 33% AUM growth year-over-year. • Loans with repayment accommodations down 89% from prior quarter to $74.1 million, or 1% of total loans excluding PPP, in line with expectations. All comparisons are to third quarter 2020 unless otherwise stated. 1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP

7 FOURTH QUARTER 2020 EARNINGS PRESENTATION Net Interest Income and Margin • Excluding both accretion on acquired loans and the effect of PPP loans, net interest margin1 in the fourth quarter was 3.37% compared to 3.42% in the prior quarter. • Net interest income1 totaled $68.9 million, an increase of $5.3 million, or 8%, from the prior quarter and an increase of $7.1 million, or 11%, from the fourth quarter of 2019. Interest income increased by $4.5 million compared to the prior quarter, including a $3.5 million increase from PPP loans. • The effect on net interest margin of accretion of purchase discounts on acquired loans was $4.4 million in the fourth quarter compared to $3.3 million in the prior quarter. ($ in t h o u sa n d s) $61,846 $63,291 $67,388 $63,621 $68,903 3.84% 3.93% 3.70% 3.40% 3.59% 3.63% 3.66% 3.46% 3.42% 3.37% Net Interest Income Net Interest Margin NIM, excluding PPP and accretion on acquired loans 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 1Calculated on a fully taxable equivalent basis using amortized cost

8 FOURTH QUARTER 2020 EARNINGS PRESENTATION Continued Strength in Noninterest Income $13,837 $16,942 $14,948 $2,960 $2,242 $2,423 $3,387 $3,682 $3,596 $1,579 $1,973 $1,949 $1,514 $5,283 $3,646$576 $252 $113$2,917 $2,611 $2,332$904 $899 $889 BOLI Other Income SBA Gains Mortgage Banking Wealth Management Interchange Income Service Charges 4Q'19 3Q'20 4Q'20 1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP 2Other Income includes marine finance fees, swap related income and other fees related to customer activity as well as securities losses of $2.5 million in 4Q'19. 3Other Income on an adjusted basis includes marine finance fees, swap related income and other fees related to customer activity. $16,376 $16,946 $14,930 $2,960 $2,242 $2,423 $3,387 $3,682 $3,596 $1,579 $1,972 $1,949 $1,514 $5,283 $3,646$576 $252 $113 $5,456 $2,616 $2,314 $904 $899 $889 BOLI Other Income SBA Gains Mortgage Banking Wealth Management Interchange Income Service Charges 4Q'19 3Q'20 4Q'20 Adjusted Noninterest Income1 ($ in thousands) 2 3 Noninterest income decreased $2.0 million sequentially to $14.9 million, and adjusted noninterest income1 also decreased $2.0 million to $14.9 million sequentially. Changes include: • Mortgage banking fees were $3.6 million for the quarter, compared to a record $5.3 million in the prior quarter. Low interest rates continue to fuel refinance demand, though at lower levels, while the Florida housing market remains strong and continues to benefit from an influx of new residents and businesses. • Wealth management income was $1.9 million, compared to a record $2.0 million in the third quarter. A determined and consistent focus on building relationships continues to generate growth in assets under management, with a 33% increase from prior year to $870 million at December 31, 2020. • Interchange revenue was $3.6 million, compared to a record $3.7 million in the third quarter. In 2020, Seacoast customers used their debit cards at an accelerated pace, driving record interchange results for the year that exceeded pre-pandemic levels. • Service charges on deposits increased $0.2 million compared to the third quarter of 2020. Service charges remain lower than pre-pandemic levels, the result of higher average deposit balances for both business and consumer customers. Noninterest Income ($ in thousands)

9 FOURTH QUARTER 2020 EARNINGS PRESENTATION Continued Focus on Disciplined Expense Control Noninterest expense decreased $8.0 million and adjusted noninterest expense1 decreased $3.5 million sequentially. Results for the third quarter included $4.3 million in merger- related expenses and $0.5 million in branch consolidation costs, both of which are excluded on an adjusted basis. Changes quarter-over-quarter on an adjusted basis include: • Salaries and benefits decreased by $1.5 million, or 6%, primarily reflecting the impact of higher expense deferrals associated with accelerated commercial loan originations in the fourth quarter. • Legal and professional fees decreased due to a one-time recovery of certain legal expenses. • Other expenses decreased by $1.1 million, including lower marketing expenses, lower mortgage production-related expenses, and a $0.8 million release of reserves for unfunded commitments, reflecting the impact of an improved economic forecast in relevant segments. These decreases were partially offset by a $1.3 million increase in foreclosed property expense, largely the result of write-downs on two properties upon receipt of updated valuations. $35,967 $45,432 $41,906 $20,595 $26,541 $25,060 $3,648 $4,207 $4,265$5,430 $5,445 $5,629 $1,419 $1,714 $496 $4,875 $7,525 $6,456 Other Expense Legal & Professional Occupancy & Telephone Data Processing Cost Salaries & Benefits 4Q'19 3Q'20 4Q'20 1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP 2Other Expense includes marketing expenses, provision for credit losses on unfunded commitments, foreclosed property expense and net loss/(gain) on sale and other expenses associated with ongoing business operations. $38,056 $51,674 $43,681 $20,586 $27,120 $25,405$1,456 $1,497 $1,421 $3,645 $6,128 $4,233$5,435 $6,139 $5,645 $2,025 $3,018 $509$4,910 $7,772 $6,468 Other Expense Legal & Professional Occupancy & Telephone Data Processing Cost Amortization of Intangibles Salaries & Benefits 4Q'19 3Q'20 4Q'20 2 Adjusted Noninterest Expense1 ($ in thousands) 2 Noninterest Expense ($ in thousands)

10 FOURTH QUARTER 2020 EARNINGS PRESENTATION Palm Beach Community Bank and North Star Bank Acquisitions P al m B ea ch C o m m u n it y an d N o rt h S ta r B an k A cq u is it io n Efficiency Ratio Trend • The efficiency ratio was 48.2% compared to 61.6% in the prior quarter and 48.4% in the fourth quarter of 2019. • The adjusted efficiency ratio1 was 48.8% compared to 54.8% in the prior quarter and 47.5% in the fourth quarter of 2019. • The efficiency ratios in the fourth quarter reflect the benefit of higher PPP fee accretion, higher deferrals of salary expenses related to strong commercial loan production, and a continuing focus on disciplined expense control. 64% 58% 58% 57% 66% 57% 53% 49% 48% 60% 50% 62% 48% 4Q '1 7 1Q '1 8 2Q '1 8 3Q '1 8 4Q '1 8 1Q '1 9 2Q '1 9 3Q '1 9 4Q '1 9 1Q '2 0 2Q '2 0 3Q '2 0 4Q '2 0 1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP 53% 57% 57% 56% 54% 56% 51% 49% 48% 54% 50% 55% 49% 4Q '1 7 1Q '1 8 2Q '1 8 3Q '1 8 4Q '1 8 1Q '1 9 2Q '1 9 3Q '1 9 4Q '1 9 1Q '2 0 2Q '2 0 3Q '2 0 4Q '2 0 GAAP - Efficiency Adjusted - Efficiency1 First Bank of the Palm Beaches First Green Bank Freedom BankPBCB and NorthStar Bank

11 FOURTH QUARTER 2020 EARNINGS PRESENTATION Disciplined Approach to Lending in an Uncertain Environment • Loans outstanding totaled $5.7 billion, an increase of $537 million, or 10%, year-over-year. • Loan originations increased 60% to $541 million in the fourth quarter compared to $338 million in the prior quarter. Seacoast continues to maintain conservative underwriting guidelines in the current economic environment while extending credit to well-qualified customers that can demonstrate the ability to navigate significant economic stress. • Excluding PPP loans, loans outstanding decreased by $51 million quarter-over-quarter. • $72 million in PPP loan forgiveness was processed during the fourth quarter. • Exiting the fourth quarter of 2020, pipelines were $167 million in commercial, $18 million in consumer, and $117 million in residential mortgages, compared to $256 million, $17 million, and $183 million, respectively, in the prior quarter. • The yield on loans, excluding PPP and accretion on acquired loans, increased from 4.22% in the third quarter of 2020 to 4.23% in the fourth quarter. $5,198 $5,317 $5,772 $5,858 $5,735 $5,196 $5,219 $5,168 $576 $639 $567 4.89% 4.90% 4.56% 4.11% 4.42% 4.63% 4.57% 4.31% 4.22% 4.23% Yield Excluding PPP and Accretion on Acquired Loans Reported Yield PPP Loans Loans Excluding PPP 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 Total Loans Outstanding ($ in millions)

12 FOURTH QUARTER 2020 EARNINGS PRESENTATION Commercial Real Estate $1,395,854 24% Residential Real Estate $1,342,628 23% • Construction and land development and commercial real estate loans, as defined in regulatory guidance, represent 24% and 157%, respectively, of total consolidated risk based capital. • 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. • The Company does not have any purchased loan syndications, shared national credits, or mezzanine finance. • Since the outbreak of COVID-19, the Company has not experienced any material increase in consumer or commercial line utilization. • Excluding PPP loans, Seacoast's average commercial loan size is $399 thousand. Seacoast's Lending Strategy Has Produced and Sustains a Diverse Loan Portfolio At December 31, 2020 ($ in thousands) Owner Occupied Commercial Real Estate $1,141,310 21% Acquisition, Development & Construction $245,108 4% Paycheck Protection Program $566,961 10%Consumer $188,735 3% Commercial & Financial $854,753 15%

13 FOURTH QUARTER 2020 EARNINGS PRESENTATION • Accommodations generally include deferral of full or partial payments for a specified period • Accrual status and risk ratings are evaluated on a case-by- case basis • Of loans with deferrals that expired in 2020: ◦ 94% are in current status or have paid off the balance entirely. ◦ 5% were provided additional accommodations. ◦ Less than 1% are 30+ days past due. • Accommodations outstanding at December 31, 2020 consist of: ◦ $46.8 million in Owner-Occupied Commercial Real Estate and Commercial Real Estate ◦ $14.3 million in Residential Real Estate and Consumer ◦ $11.9 million in Commercial & Financial ◦ $1.0 million in Acquisition, Development & Construction Loan Accommodations Loan Accommodations Outstanding at Period End ($ in t h o u sa n d s) $1,077,043 $702,650 $74,062 2Q'20 3Q'20 4Q'20

14 FOURTH QUARTER 2020 EARNINGS PRESENTATION ($ in thousands) OOCRE, CRE & AD&C % of Total Loans With Payment Accomodations Office Building $ 761,118 13% $ 6,416 Retail 454,863 8% 4,505 Industrial & Warehouse 385,875 7% 661 Other Commercial Property 261,875 5% 2,688 Healthcare 219,736 4% 777 Apartment Building / Condominium 171,141 3% 555 Hotel / Motel 130,743 2% 25,169 Vacant Lot 75,480 1% 66 Convenience Store 56,474 1% 734 Restaurant 49,636 1% 5,691 1-4 Family Residence - Individual Borrowers 48,472 1% 301 Church 29,155 1% 266 School / Education 28,133 —% — 1-4 Family Residence - Spec Home 23,846 —% — Agriculture 19,832 —% — Manufacturing Building 18,106 —% — 1-4 Family Residence - Builder Lines 16,280 —% — Recreational Property 14,976 —% — Other Properties 16,531 —% — Total $ 2,782,272 49% $ 47,829 OOCRE, CRE and AD&C Loans are Widely Distributed Across Asset Value Type and Industry At December 31, 2020 ($ in thousands)

15 FOURTH QUARTER 2020 EARNINGS PRESENTATION The Commercial & Financial Portfolio Exhibits Significant Industry Diversification ($ in thousands) Commercial & Financial % of Total Loans With Payment Accommodations Management Companies1 $ 202,442 4% $ — Professional, Scientific, Technical & Other Services 101,661 2% 991 Real Estate Rental & Leasing 79,759 1% 241 Healthcare & Social Assistance 74,158 1% 403 Finance & Insurance 72,771 1% — Construction 67,098 1% 972 Manufacturing 52,700 1% 1,777 Transportation & Warehousing 46,803 1% 5,786 Wholesale Trade 36,969 1% — Retail Trade 24,896 —% 951 Education 22,204 —% — Accommodation & Food Services 16,830 —% 351 Administrative Support 13,675 —% 89 Public Administration 12,056 —% — Agriculture 11,151 —% 8 Other Industries 19,580 —% 346 Total $ 854,753 14% $ 11,915 1Primarily corporate aircraft and marine vessels associated with high net worth individuals At December 31, 2020 ($ in thousands)

16 FOURTH QUARTER 2020 EARNINGS PRESENTATION Investment Securities Performance and Composition Unrealized Gain (Loss) in Securities as of December 31, 2020 (in thousands) Amortized Cost Unrealized Gains Unrealized Loss Fair Value Available for Sale Government backed $ 8,250 $ 528 $ (1) $ 8,777 Agency mortgage backed 1,038,437 23,457 (1,240) 1,060,654 Private label MBS and CMOs 89,284 2,131 (210) 91,205 Municipal 33,005 2,321 — 35,326 CLO 202,563 279 (647) 202,195 Total Available for Sale $ 1,371,539 $ 28,716 $ (2,098) $ 1,398,157 Held to Maturity Agency mortgage backed $ 184,484 $ 7,818 $ (123) $ 192,179 Total Held to Maturity $ 184,484 $ 7,818 $ (123) $ 192,179 Total Securities $ 1,556,023 $ 36,534 $ (2,221) $ 1,590,336 Portfolio yield declined 39 basis points to 1.73% from 2.12% in the prior quarter. The decline is attributed to faster prepayments, rate resets and lower yielding portfolio additions in the fourth quarter. The net unrealized gain increased from $33.6 million to $34.3 million, primarily due to Collateralized Loan Obligation (CLO) appreciation from September levels. ($ in t h o u sa n d s) Investment Securites Yield $1,208 $1,494 $1,583 $261 $207 $184 $947 $1,287 $1,398 2.89% 2.12% 1.73% HTM Securities AFS Securities Yield 4Q'19 3Q'20 4Q'20

17 FOURTH QUARTER 2020 EARNINGS PRESENTATION Investment Securities Performance and Composition Our portfolio remains primarily backed by US government agencies. Non-guaranteed mortgage bonds are absent any hotel, shopping, or industrial exposure and is 100% comprised of housing collateral. The CLO portfolio only includes AAA and AA bonds with weighted average credit support of 30% and only broadly syndicated loans. CLO Rating % of Portfolio1 Credit Support2 Loan Level Market OC3 AAA 7% 35% 152% AA 6% 25% 135% Portfolio 13% 30% 144% 1Percentages based on face value 2Source Data (Bloomberg) 3Loan Level Market Over-Collateralization calculated using market value of portfolio loans plus cash divided by liabilities 52%48% AAA AA CLO Portfolio 79% 10% 8% Agency AAA AA+ to AA- A+ to A- Other Collateral Type % of Portfolio1 Credit Support2 Unrealized Gain Single Family 4% 29% $ 602 Multi Family 2% 11% 1,319 Portfolio 6% 22% $ 1,921 1Percentages based on face value 2Source Data (Bloomberg) 72% 28% Single Family Multi Family Non-Agency Mortgage PortfolioInvestment Securities Ratings ($ in thousands) 1% 2%

18 FOURTH QUARTER 2020 EARNINGS PRESENTATION Strong Deposit Franchise Supported by Attractive Markets • Total deposits increased $18 million quarter- over-quarter and increased $1.3 billion, or 24%, compared to the fourth quarter of 2019. Fourth quarter balances include a decrease of $92 million in brokered deposits. • Overall cost of deposits decreased to 19 basis points from 24 basis points in the prior quarter. • Transaction accounts increased 39% year- over-year, reflecting continued strong growth in core customer balances, and represent 56% of overall deposit funding. $5,585 $5,887 $6,667 $6,915 $6,933 $2,772 $2,938 $3,636 $3,786 $3,856 $1,628 $1,679 $1,852 $2,112 $2,246$1,185 $1,270 $1,179 $1,017 $831 Transaction Accounts Savings & Money Market Time Deposits 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 56% Deposits Outstanding ($ in millions)

19 FOURTH QUARTER 2020 EARNINGS PRESENTATION Cost of Deposits 30% 29% 32% 34% 35% 6% 8% 10% 6% 4% 14% 13% 11% 10% 8% 20% 20% 18% 20% 22% 21% 21% 20% 20% 21% 9% 9% 9% 10% 10% Savings Int Bearing Demand Money Market Time Deposits Brokered Time Deposits Non-Int Bearing 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 0.61% 0.57% 0.31% 0.24% 0.19% Trended Cost of Deposits 1.50% 1.75% 2.00% 2.25% 2.50% 2.50% 2.50% 2.00% 1.75% 0.25% 0.25% 0.25% 0.25%0.29% 0.33% 0.39% 0.43% 0.54% 0.67% 0.76% 0.73% 0.61% 0.57% 0.31% 0.24% 0.19% Fed Funds Cost of Deposits 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 Deposit Mix and Cost of Deposits Cost of Deposits Cost of deposits declined five basis points quarter over quarter, reflecting the significant value of the deposit franchise. We believe that Seacoast's continued focus on organic growth and relationship-based funding, in combination with its innovative analytics platform, supports a well-diversified low-cost deposit portfolio.

20 FOURTH QUARTER 2020 EARNINGS PRESENTATION Allowance for Credit Losses and Purchase Discount ($ in thousands) Loan Outstandings Allowance for Credit Losses % of Category Purchase Discount % of Category Acquisition, Development & Construction $ 245,108 $ 4,920 2.01 % $ 631 0.26 % Owner Occupied Commercial Real Estate 1,141,310 9,868 0.86 6,234 0.55 Commercial Real Estate 1,395,854 38,266 2.74 15,807 1.13 Residential Real Estate 1,342,628 17,500 1.30 2,646 0.20 Commercial & Financial 854,753 18,690 2.19 4,104 0.48 Consumer 188,735 3,489 1.85 128 0.07 Total Excluding PPP $ 5,168,388 $ 92,733 1.79 % $ 29,550 0.57 % Paycheck Protection Program $ 566,961 $ — — % $ 620 0.11 % Total $ 5,735,349 $ 92,733 1.62 % $ 30,170 0.53 % The allowance for credit losses of $92.7 million as of December 31, 2020 reflects management’s estimate of lifetime expected credit losses. The remaining unrecognized discount on acquired loans of $30.2 million will be earned as an adjustment to yield over the life of the loans. Additionally, a reserve for potential credit losses on lending-related commitments of $2.2 million is reflected within Other Liabilities.

21 FOURTH QUARTER 2020 EARNINGS PRESENTATION Asset Quality Trends Net Charge-Offs $3,225 $973 $1,751 $1,736 $3,127 0.25% 0.07% 0.12% 0.12% 0.21% NCO NCO/Total Loans 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 Nonperforming Loans $26,955 $25,582 $30,051 $36,897 $36,110 0.52% 0.48% 0.52% 0.63% 0.63% NPL NPL/Total Loans 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 $35,154 $85,411 $91,250 $94,013 $92,733 1.76% 1.80% 1.79% 0.68% 1.61% 1.58% 1.60% 1.62% ACL ACL/Total Loans Excluding PPP ACL/Total Loans 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 6% 7% 9% 10% 9% 6% 7% 4% 8% 7% Classified Special Mention 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 Adoption of CECL on January 1, 2020 resulted in an increase of $21.2 million in ACL, from 0.68% to 1.08%. Allowance for Credit Losses ($ in thousands) Criticized Loans as a % of Risk-Based Capital 3Q'20 increase includes additions of $3.0 million from the Freedom Bank acquisition and a net increase of $4.0 million in portfolio loans, including one for $3.3 million that paid off in October 2020. 3Q'20 increase in "Special Mention" reflects a conservative approach to grading in the pandemic, resulting in the addition of $54 million, the majority of which is hotels.

22 FOURTH QUARTER 2020 EARNINGS PRESENTATION Strong Capital Supporting a Fortress Balance Sheet $14.76 $14.42 $15.11 $15.57 $16.16 $19.13 $18.82 $19.45 $19.91 $20.46 Tangible Book Value Per Share Book Value Per Share 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 11.1% 10.7% 10.2% 10.7% 11.0% 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 15.7% 16.5% 17.6% 17.9% 18.5% 15.0% 15.5% 16.4% 16.8% 17.4% Total Risk Based Capital Tier 1 Ratio 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 15.0% 1.0% 13.5% 11.4% 13.9%14.2% 2.9% 13.1% 13.1% 14.0% GAAP - ROTCE Adjusted - ROTCE 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 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 and 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

23 FOURTH QUARTER 2020 EARNINGS PRESENTATION Steady Increase in Shareholder Value $10.41 $10.55 $10.95 $11.15 $11.39 $11.67 $12.01 $12.33 $12.98 $13.65 $14.30 $14.76 $14.42 $15.11 $15.57 $16.16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 • Compounded annual growth rate of 12% in tangible book value per share since 2017. • The decline in tangible book value per share during the first quarter of 2020 was primarily attributed to the Day-1 impact of the adoption of CECL.

24 FOURTH QUARTER 2020 EARNINGS PRESENTATION Contact Details: Seacoast Banking Corporation of Florida Tracey L. Dexter Executive Vice President Chief Financial Officer (772) 403-0461 INVESTOR RELATIONS NASDAQ: SBCF

25 FOURTH QUARTER 2020 EARNINGS PRESENTATION Appendix

26 FOURTH QUARTER 2020 EARNINGS PRESENTATION Quarterly Trend Twelve Months Ended (Amounts in thousands) 4Q'20 3Q'20 2Q'20 1Q'20 4Q'19 4Q'20 4Q'19 Commercial pipeline at period end $ 166,735 $ 256,191 $ 117,042 $ 171,125 $ 277,788 166,735 277,788 Commercial loan originations1 277,389 88,245 106,857 183,330 304,343 655,821 1,053,809 Residential pipeline-saleable at period end 92,017 149,896 94,666 75,226 18,995 92,017 18,995 Residential loans-sold 161,628 162,468 122,459 62,865 61,821 509,420 236,528 Residential pipeline-portfolio at period end 25,083 33,374 13,199 11,779 19,107 25,083 19,107 Residential loans-retained2 54,464 25,404 23,539 25,776 163,260 129,183 287,025 Consumer pipeline at period end 18,207 17,094 30,647 29,123 23,311 18,207 23,311 Consumer originations 47,529 62,293 57,956 51,516 57,659 219,294 214,548 PPP originations — 8,276 590,718 — — 598,994 — Total Pipelines at Period End $ 302,042 $ 456,555 $ 255,554 $ 287,253 $ 339,201 $ 302,042 $ 339,201 Total Originations $ 541,010 $ 346,686 $ 901,529 $ 323,487 $ 587,083 $ 2,112,712 $ 1,791,910 1Includes commercial real estate loans purchased of $52 million in 3Q'19 and $20 million in 2Q'19 2 Includes residential mortgages purchased of $99 million in 4Q'19, $6 million in 3Q'19, and $30 million in 2Q'19. Loan Production and Pipeline Trend

27 FOURTH QUARTER 2020 EARNINGS PRESENTATION Explanation of Certain Unaudited Non-GAAP Financial Measures 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.

28 FOURTH QUARTER 2020 EARNINGS PRESENTATION GAAP to Non-GAAP Reconciliation Quarterly Trend Twelve Months Ended (Amounts in thousands except per share data) 4Q'20 3Q'20 2Q'20 1Q'20 4Q'19 4Q'20 4Q'19 Net Income $ 29,347 $ 22,628 $ 25,080 $ 709 $ 27,176 $ 77,764 $ 98,739 Total noninterest income 14,930 16,946 15,006 14,688 16,376 61,570 56,732 Securities (gains)/losses, net 18 (4) (1,230) (19) (2,539) (1,235) (1,217) BOLI benefits on death (included in other income) — — — — — — (956) Total Adjustments to Noninterest Income 18 (4) (1,230) (19) (2,539) (1,235) (2,173) Total Adjusted Noninterest Income 14,948 16,942 13,776 14,669 13,837 60,335 54,559 Total noninterest expense 43,681 51,674 42,399 47,798 38,057 185,552 160,739 Merger related charges — (4,281) (240) (4,553) (634) (9,074) (969) Amortization of intangibles (1,421) (1,497) (1,483) (1,456) (1,456) (5,857) (5,826) Business continuity expenses — — — (307) — (307) (95) Branch reductions and other expense initiatives (354) (464) — — — (818) (1,846) Total Adjustments to Noninterest Expense (1,775) (6,242) (1,723) (6,316) (2,090) (16,056) (8,736) Total Adjusted Noninterest Expense 41,906 45,432 40,676 41,482 35,967 169,496 152,003 Income Taxes 8,793 6,992 7,188 (155) 8,103 22,818 29,873 Tax effect of adjustments 440 1,530 121 1,544 (110) 3,635 1,846 Effect of change in corporate tax rate on deferred tax assets — — — — — — (1,135) Total Adjustments to Income Taxes 440 1,530 121 1,544 (110) 3,635 711 Adjusted Income Taxes 9,233 8,522 7,309 1,389 7,993 26,453 30,584 Adjusted Net Income $ 30,700 $ 27,336 $ 25,452 $ 5,462 $ 26,837 $ 88,950 $ 104,591 Earnings per diluted share, as reported $ 0.53 $ 0.42 $ 0.47 $ 0.01 $ 0.52 $ 1.44 $ 1.90 Adjusted Earnings per Diluted Share 0.55 0.50 0.48 0.10 0.52 1.65 2.01 Average shares outstanding 55,739 54,301 53,308 52,284 52,081 53,930 52,029

29 FOURTH QUARTER 2020 EARNINGS PRESENTATION GAAP to Non-GAAP Reconciliation Quarterly Trend Twelve Months Ended (Amounts in thousands except per share data) 4Q'20 3Q'20 2Q'20 1Q'20 4Q'19 4Q'20 4Q'19 Adjusted Noninterest Expense $ 41,906 $ 45,432 $ 40,676 $ 41,482 $ 35,967 $ 169,496 $ 152,003 Foreclosed property expense and net gain/(loss) on sale (1,821) (512) (245) 315 (3) (2,263) (51) Provision for unfunded commitments 795 (756) (178) (46) — (185) — Net Adjusted Noninterest Expense $ 40,880 $ 44,164 $ 40,253 $ 41,751 $ 35,964 $ 167,048 $ 151,952 Revenue $ 83,721 $ 80,449 $ 82,278 $ 77,865 $ 78,136 $ 324,313 $ 300,350 Total Adjustments to Revenue 18 (4) (1,230) (19) (2,539) (1,235) (2,173) Impact of FTE adjustment 112 118 116 114 86 460 335 Adjusted Revenue on a Fully Taxable Equivalent Basis $ 83,851 $ 80,563 $ 81,164 $ 77,960 $ 75,683 $ 323,538 $ 298,512 Adjusted Efficiency Ratio 48.75 % 54.82 % 49.60 % 53.55 % 47.52 % 51.63 % 50.90 % Net Interest Income $ 68,791 $ 63,503 $ 67,272 $ 63,177 $ 61,760 $ 262,743 $ 243,618 Impact of FTE adjustment 112 118 116 114 86 460 335 Net Interest Income including FTE adjustment $ 68,903 $ 63,621 $ 67,388 $ 63,291 $ 61,846 $ 263,203 $ 243,953 Total noninterest income 14,930 16,946 15,006 14,688 16,376 61,570 56,732 Total noninterest expense 43,681 51,674 42,399 47,798 38,057 185,552 160,739 Pre-Tax Pre-Provision Earnings $ 40,152 $ 28,893 $ 39,995 $ 30,181 $ 40,165 $ 139,221 $ 139,946 Total Adjustments to Noninterest Income 18 (4) (1,230) (19) (2,539) (1,235) (2,173) Total Adjustments to Noninterest Expense (2,801) (7,510) (2,146) (6,047) (2,093) (18,504) (8,787) Adjusted Pre-Tax Pre-Provision Earnings $ 42,971 $ 36,399 $ 40,911 $ 36,209 $ 39,719 $ 156,490 $ 146,560 Average Assets $ 8,376,396 $ 8,086,890 $ 7,913,002 $ 7,055,543 $ 6,996,214 $ 7,860,000 $ 6,831,280 Less average goodwill and intangible assets (238,631) (228,801) (230,871) (226,712) (226,060) (231,267) (228,042) Average Tangible Assets $ 8,137,765 $ 7,858,089 $ 7,682,131 $ 6,828,831 $ 6,770,154 $ 7,628,733 $ 6,603,238 Return on Average Assets (ROA) 1.39 % 1.11 % 1.27 % 0.04 % 1.54 % 0.99 % 1.45 % Impact of removing average intangible assets and related amortization 0.10 0.09 0.10 0.07 0.12 0.09 0.11

30 FOURTH QUARTER 2020 EARNINGS PRESENTATION GAAP to Non-GAAP Reconciliation Quarterly Trend Twelve Months Ended (Amounts in thousands except per share data) 4Q'20 3Q'20 2Q'20 1Q'20 4Q'19 4Q'20 4Q'19 Return on Average Tangible Assets (ROTA) 1.49 1.20 1.37 0.11 1.66 1.08 1.56 Impact of other adjustments for Adjusted Net Income 0.01 0.18 (0.04) 0.21 (0.09) 0.09 0.02 Adjusted Return on Average Tangible Assets 1.50 1.38 1.33 0.32 1.57 1.17 1.58 Average Shareholders' Equity $ 1,111,073 $ 1,061,807 $ 1,013,095 $ 993,993 $ 976,200 $ 1,045,219 $ 928,793 Less average goodwill and intangible assets (238,631) (228,801) (230,871) (226,712) (226,060) (231,267) (228,042) Average Tangible Equity $ 872,442 $ 833,006 $ 782,224 $ 767,281 $ 750,140 $ 813,952 $ 700,751 Return on Average Shareholders' Equity 10.51 % 8.48 % 9.96 % 0.29 % 11.04 % 7.44 % 10.63 % Impact of removing average intangible assets and related amortization 3.36 2.87 3.51 0.66 3.91 2.66 4.09 Return on Average Tangible Common Equity (ROTCE) 13.87 11.35 13.47 0.95 14.95 10.10 14.72 Impact of other adjustments for Adjusted Net Income 0.13 1.71 (0.38) 1.91 (0.76) 0.83 0.21 Adjusted Return on Average Tangible Common Equity 14.00 13.06 13.09 2.86 14.19 10.93 14.93 Loan Interest Income1 $ 65,684 $ 60,573 $ 64,929 $ 63,524 $ 62,922 $ 254,710 $ 250,730 Accretion on acquired loans (4,448) (3,254) (2,988) (4,287) (3,407) (14,977) (15,370) Interest and fees on PPP loans (5,187) (1,719) (5,068) — — (11,974) — Loan interest income excluding PPP and accretion on acquired loans $ 56,049 $ 55,600 $ 56,873 $ 59,237 $ 59,515 $ 227,759 $ 235,360 Yield on Loans1 4.42 % 4.11 % 4.56 % 4.90 % 4.89 % 4.49 % 5.08 % Impact of accretion on acquired loans (0.30) (0.22) (0.21) (0.33) (0.26) (0.27) (0.31) Impact of PPP loans 0.11 0.33 (0.04) — — 0.11 — Yield on loans excluding PPP and accretion on acquired loans 4.23 % 4.22 % 4.31 % 4.57 % 4.63 % 4.33 % 4.77 % 1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.

31 FOURTH QUARTER 2020 EARNINGS PRESENTATION Quarterly Trend Twelve Months Ended (Amounts in thousands except per share data) 4Q'20 3Q'20 2Q'20 1Q'20 4Q'19 4Q'20 4Q'19 Net Interest income1 $ 68,903 $ 63,621 $ 67,388 $ 63,291 $ 61,846 $ 263,203 $ 243,953 Accretion on acquired loans (4,448) (3,254) (2,988) (4,287) (3,407) (14,977) (15,370) Interest and fees on PPP loans (5,187) (1,719) (5,068) — — (11,974) — Net interest income excluding PPP and accretion on acquired loans $ 59,268 $ 58,648 $ 59,332 $ 59,004 $ 58,439 $ 236,252 $ 228,583 Net Interest Margin1 3.59 % 3.40 % 3.70 % 3.93 % 3.84 % 3.65 % 3.92 % Impact of accretion on acquired loans (0.23) (0.17) (0.16) (0.27) (0.21) (0.21) (0.25) Impact of PPP loans 0.01 0.19 (0.08) — — 0.03 — Net interest margin excluding PPP and accretion on acquired loans 3.37 % 3.42 % 3.46 % 3.66 % 3.63 % 3.47 % 3.67 % Security Interest Income1 $ 6,586 $ 7,129 $ 7,725 $ 8,848 $ 8,662 $ 30,288 $ 36,049 Tax equivalent adjustment on securities (23) (32) (31) (30) (32) (116) (140) Security interest income excluding tax equivalent adjustment $ 6,563 $ 7,097 $ 7,694 $ 8,818 $ 8,630 $ 30,172 $ 35,909 Loan Interest Income1 $ 65,684 $ 60,573 $ 64,929 $ 63,524 $ 62,922 $ 254,710 $ 250,730 Tax equivalent adjustment on loans (89) (86) (85) (84) (54) (344) (195) Loan interest income excluding tax equivalent adjustment $ 65,595 $ 60,487 $ 64,844 $ 63,440 $ 62,868 $ 254,366 $ 250,535 Net Interest Income1 $ 68,903 $ 63,621 $ 67,388 $ 63,291 $ 61,846 $ 263,203 $ 243,953 Tax equivalent adjustment on securities (23) (32) (31) (30) (32) (116) (140) Tax equivalent adjustment on loans (89) (86) (85) (84) (54) (344) (195) Net interest income excluding tax equivalent adjustment $ 68,791 $ 63,503 $ 67,272 $ 63,177 $ 61,760 $ 262,743 $ 243,618 1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. GAAP to Non-GAAP Reconciliation


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


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


Exhibit No.						Description
99.1						Press Release dated January 28, 2021, with respect to Seacoast's financial results for the quarter and year ended December 31, 2020
99.2						Data on website containing information used in the conference call to be held on January 29 , 20 21
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)


Dated: January 28, 2021			/s/ Tracey L. Dexter
			TRACEY L. DEXTER
			Chief Financial Officer