sbcf 3q 2020 earnings presentation

EarningsPresentationTHIRDQUARTER2020RESULTS

Contact:(email)[email protected] (phone)772.403.0461 (web)www.SeacoastBanking.com

2THIRD QUARTER 2020 EARNINGS PRESENTATION

CautionaryNoticeRegardingForward-LookingStatementsThis press release contains “forward-looking statements” within the meaning, and protections, ofSection 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,enhancedrevenues,economicandseasonalconditionsinourmarkets,andimprovementstoreportedearningsthatmayberealizedfromcostcontrols,taxlawchanges,newinitiativesandforintegrationofbanks that we have acquired, or expect to acquire, including FBPB and Fourth Street, as well asstatementswith respect to Seacoast's objectives, strategic plans, including Vision 2020, expectationsandintentionsandotherstatementsthatarenothistoricalfacts,anyofwhichmaybeimpactedbytheCOVID-19pandemicandrelatedeffectsontheU.S.economy.Actualresultsmaydifferfromthosesetforthintheforward-lookingstatements.

Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals,expectations, anticipations, assumptions, estimates and intentions about future performance, andinvolveknownandunknownrisks,uncertaintiesandother factors,whichmaybebeyondourcontrol,and whichmay cause the actual results, performance or achievements of Seacoast to bemateriallydifferent from future results, performance or achievements expressed or implied by such forward-lookingstatements.Youshouldnotexpectustoupdateanyforward-lookingstatements.All statementsother than statementsofhistorical fact couldbe forward-looking statements. You canidentifytheseforward-lookingstatementsthroughouruseofwordssuchas“may”,“will”,“anticipate”,“assume”, “should”, “support”, “indicate”, “would”, “believe”, “contemplate”, “expect”, “estimate”,“continue”, “further”, “plan”, “point to”, “project”, “could”, “intend”, “target” or other similarwordsandexpressionsofthefuture.Theseforward-lookingstatementsmaynotberealizedduetoavarietyoffactors, including,without limitation: theeffectsof futureeconomicandmarket conditions, includingseasonalityandtheadverseimpactofCOVID-19(economicandotherwise);governmentalmonetaryandfiscalpolicies,includinginterestratepoliciesoftheBoardofGovernorsoftheFederalReserve,aswellaslegislative,taxandregulatorychanges,includingpotentialfuturelegislationenactedasaresultoftheupcoming2020election;changesinaccountingpolicies,rulesandpractices,includingtheimpactoftheadoptionofCECL;ourparticipationinthePPPprogramtherisksofchangesininterestratesontheleveland composition of deposits, loan demand, liquidity and the values of loan collateral, securities, andinterestsensitiveassetsandliabilities;interestraterisks,sensitivitiesandtheshapeoftheyieldcurve;uncertainty related to the impact of LIBOR calculations on securities and loans; changes in borrowercredit risks and payment behaviors; changes in the availability and cost of credit and capital in thefinancialmarkets; changes in theprices, values and sales volumesof residential and commercial realestate;ourabilitytocomplywithanyregulatoryrequirements;theeffectsofproblemsencountered

by other financial institutions that adversely affect us or the banking industry; our concentration incommercial realestate loans; the failureofassumptionsandestimates,aswell asdifferences in,andchangesto,economic,marketandcreditconditions;theimpactonthevaluationofourinvestmentsdueto market volatility or counterparty payment risk; statutory and regulatory dividend restrictions;increases in regulatorycapital requirements forbankingorganizationsgenerally; the risksofmergers,acquisitions and divestitures, including our ability to continue to identify acquisition targets andsuccessfullyacquiredesirablefinancialinstitutions;changesintechnologyorproductsthatmaybemoredifficult, costly, or less effective than anticipated; our ability to identify and address increasedcybersecurity risks; inability of our riskmanagement framework tomanage risks associatedwith ourbusiness;dependenceonkeysuppliersorvendorstoobtainequipmentorservicesforourbusinessonacceptableterms;reductioninortheterminationofourabilitytousethemobile-basedplatformthatiscriticaltoourbusinessgrowthstrategy;theeffectsofwarorotherconflicts,actsofterrorism,naturaldisasters, health emergencies, epidemics or pandemics, or other catastrophic events thatmay affectgeneraleconomicconditions;unexpectedoutcomesofand thecostsassociatedwith,existingornewlitigation involving us; our ability to maintain adequate internal controls over financial reporting;potential claims,damages,penalties, finesand reputationaldamage resulting frompendingor futurelitigation,regulatoryproceedingsandenforcementactions;therisksthatourdeferredtaxassetscouldbereduced ifestimatesof future taxable incomefromouroperationsandtaxplanningstrategiesarelessthancurrentlyestimatedandsalesofourcapitalstockcouldtriggerareductionintheamountofnetoperatinglosscarryforwardsthatwemaybeabletoutilizeforincometaxpurposes;theeffectsofcompetition from other commercial banks, thrifts, mortgage banking firms, consumer financecompanies, credit unions, securities brokerage firms, insurance companies,moneymarket and othermutual funds and other financial institutions operating in ourmarket areas and elsewhere, includinginstitutionsoperatingregionally,nationallyandinternationally,togetherwithsuchcompetitorsofferingbanking products and services by mail, telephone, computer and the Internet; and the failure ofassumptionsunderlyingtheestablishmentofreservesforpossibleloanlosses.

Allwrittenororalforward-lookingstatementsattributabletousareexpresslyqualifiedintheirentiretyby this cautionarynotice, including,without limitation, those risks anduncertaintiesdescribed inourannualreportonForm10-KfortheyearendedDecember31,2019,andquarterlyreportsonForm10-QforthequartersendedMarch31,2020andJune30,2020under“SpecialCautionaryNoticeRegardingForward-Looking Statements” and “Risk Factors”, and otherwise in our SEC reports and filings. SuchreportsareavailableuponrequestfromtheCompany,orfromtheSecuritiesandExchangeCommission,includingthroughtheSEC’sInternetwebsiteatwww.sec.gov.

http://www.sec.gov


ValuableFloridaFranchise,WellPositionedwithStrongCapital,LiquidityandDisciplinedCreditCulture

Valuable Florida Franchise with Disciplined Growth Strategy, Benefiting from Fortress BalanceSheetwithRobustCapitalGeneration,PrudentLiquidityPosition,andStrictCreditUnderwriting

• $8.3billioninassetsasofSeptember30,2020,operatinginthenation’sthird-mostpopulousstate

• StrongandgrowingpresenceinfourofFlorida’smostattractiveMSAs

▪ #1Florida-basedbankinOrlando

▪ #1shareinPortStLucie

▪ #2Florida-basedbankinWestPalmBeach/FortLauderdale

▪ #2Florida-basedcommunitybankinTampa

• MarketCap:$1.0billionasofSeptember30,2020

SeacoastCustomerMap

• Highlydisciplinedcreditportfolio

• Prudentliquidityposition

• Strongcapitalposition

• Steadyincreaseinshareholdervaluewithtangiblebookvaluepershareincreasing12%onanannualizedbasis

• Activeboardwithadiverserangeofexperienceandexpertise


Seacoast’sIntegratedDeliveryModelHasEnabledTheBankToEffectivelyServeCustomersThroughoutThePandemic

All metrics as of 3Q'20

59%%ofconsumerdepositscompletedoutsideofthebranch.Up8%overprioryear.

26% %increaseinbusinessonlineusersvs.prioryear.

13% %increaseinconsumeronlineusersvs.prioryear.

35k+CustomeroutreachcallstriggeredbySeacoast'sproprietaryConnectionsplatform.

10k+NumberofbranchappointmentssetviadigitalappointmenttoolonSeacoast'swebsite.

22%%ofresidentialsalesoriginatedfromalternativedeliverychannels.

44%%ofbusinessdepositscompletedoutsideofthebranch.Up11%overprioryear.

Asaresult,we'veseenstrongmomentuminusageofdigitaltoolsandothernon-branchdeliverychannels


ThirdQuarterHighlights

• Earningspershareof$0.42comparedto$0.47.Adjustedearningspershare1increasedto$0.50from$0.48.

• Tangiblebookvaluepershareincreased12%onanannualizedbasis.• Net interest margin, excluding the impact of PPP loans and accretion on acquired loans,declinedonlyfourbasispoints.

• Costofdepositsislowerbysevenbasispoints.

• 48%increaseinmortgagebankingrevenuetoarecord$5.3million.

• Alternativedeliverychannelssupportedbyanalytics-basedmarketinggeneratedapproximately20%ofyear-to-datemortgageproductionvolumeand20%ofthemortgagepipelineatquarterend.

• Recordwealthmanagementresultswith31%AUMgrowthyear-over-year.

• Loansondeferraldown35%,inlinewithexpectations.

• ConsolidatedalegacySeacoastbranchinSt.PetersburginconjunctionwiththeFreedomBankacquisition,resultingin$0.5millioninongoingannualexpensereductions.

Allcomparisonsaretosecondquarter2020unlessotherwisestated.

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


NetInterestIncomeandMargin

• ExcludingbothaccretiononacquiredloansandtheeffectofPPPloans,netinterestmargin1inthethirdquarterwas3.42%comparedto3.46%inthepriorquarter.

• Netinterestincome1totaled$63.6million,adecreaseof$3.8million,or6%,fromthepriorquarterandanincreaseof$2.6million,or4%,fromthethirdquarterof2019.Interestincomedeclinedby$5.1millioncomparedtothepriorquarter,largelyduetothechangeinthetimingoffeesrecognizedonPPPloans.Theeffectonnetinterestincomewasoffsetbyadecreaseof$1.3millionininterestexpense.

• FeesearnedbySeacoast tooriginatePPP loans totaled$17.2million,andaredeferredand recognizedasanadjustment toyieldover time.At theendof thesecondquarterof2020,weexpected that theSBA'sPPP forgivenessprocesswouldbeginquickly.By theendof thethirdquarterof2020,asa resultofSBAdelays,wehavechangedfromtheacceleratedfeerecognitionscheduleusedinthesecondquarterof2020,andhavebegunrecognizingfeesonaschedulealignedwiththefullcontractualmaturityoftheloans.Thisresultedinonly$0.2millioninPPPfeesrecognizedinthethirdquarterof2020,comparedto$4.0millioninthesecondquarterof2020.Thisisonlyatimingissue,astheremainingSBAfeeswillberecognizedovertheremainingtermsoftheloanswithactualforgivenesseventsacceleratingthatrecognitionifandwhenthoseeventsoccur.

($inth

ousand

s) $61,027 $61,846 $63,291$67,388

$63,621

3.89% 3.84% 3.93%3.70%

3.40%3.64% 3.63% 3.66%

3.46%

3.42%

NetInterestIncome NetInterestMargin NIM,excludingPPPandaccretiononacquiredloans

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

1Calculated on a fully taxable equivalent basis using amortized cost


StrongGrowthandRecordResultsinNoninterestIncome

$13,834$13,834 $13,776$13,776

$16,942$16,942

$2,978 $1,939 $2,242

$3,206$3,187 $3,682

$1,632$1,719

$1,972

$2,127 $3,559

$5,283$569 $181

$252$2,394 $2,304

$2,612$928 $887

$899

BOLIOtherIncomeSBAGainsMortgageBankingWealthManagementInterchangeIncomeServiceCharges

3Q'19 2Q'20 3Q'20

1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP2Other Income includes marine finance fees, swap related income and other fees related to customer activity as well as securities gains of $1.2 million in 2Q'20 and securities losses of $0.8 million in 3Q'19. 3Other Income on an adjusted basis includes marine finance fees, swap related income and other fees related to customer activity.

$13,943$13,943$15,006$15,006

$16,946$16,946

$2,978 $1,939 $2,242

$3,206$3,187 $3,682

$1,632$1,719

$1,972

$2,127 $3,559

$5,283$569 $181

$252$2,503 $3,534

$2,616$928

$887

$899

BOLIOtherIncomeSBAGainsMortgageBankingWealthManagementInterchangeIncomeServiceCharges

3Q'19 2Q'20 3Q'20

AdjustedNoninterestIncome1($inthousands)

2 3

Noninterestincomeincreased$1.9millionsequentiallyto$16.9million,andadjustednoninterestincome1increased$3.2millionto$16.9millionsequentially.Changesinclude:

• Mortgagebankingfeesincreased$1.7million,or48%,comparedtothesecondquarterof2020toarecord$5.3million,asSeacoastcontinuestocapitalizeontherobustresidentialrefinancemarketandstrengthintheFloridahousingmarket.Seacoast'smortgageteamhasadaptedquicklytotheheighteneddemandbyincreasingcustomerservicelevelstandardswithrealtors,refinancecustomers,andnewhomebuyers,resultinginstrongerperformancethancompetitors.

• Interchange revenue increasedby$0.5million toa record$3.7million, reflecting thebenefitof recentgrowth inbusinessbankingcustomersandmarketingtargetedatincreasingspendbehaviorbyourcustomers.

• Wealthmanagementincomeincreasedtoarecord$2.0million,reflectingthebenefitofcontinuedgrowthinassetsundermanagement,reaching$793millionatSeptember30,2020,a31%increasefromtheprioryear.

• OtherIncomeincludessecuritiesgainsof$1.2millioninthesecondquarterof2020,offsetbynominalactivityinthethirdquarterof2020.

NoninterestIncome($inthousands)


ContinuedFocusonDisciplinedExpenseControl

Noninterestexpenseincreased$9.3millionandadjustednoninterestexpense1increased$4.8millionsequentially.Resultsforthethirdquarterinclude$4.3millionofmerger-relatedcostsand$0.5millioninbranchconsolidationcosts,bothofwhichareexcludedonanadjustedbasis.Changesquarter-over-quarteronanadjustedbasisinclude:

• Salariesandbenefitsincreasedby$3.0million,or13%.Inthesecondquarterof2020,higherloanproductiondrivenbythePPPprogramresultedinhigherdeferralsofrelatedsalaryexpensesinthatquarter,impactingthequarter-over-quartercomparisonby$2.9million.

• Legalandprofessionaldecreased$0.3millionreflectinglowerlegalfeesincurredonnon-mergerrelatedactivities.• Otherexpensesincreased$1.4million,or27%,whichreflectstheimpactofhighermortgageloanproduction-relatedexpensesassociatedwithhigherproductionvolumes,highermarketingcosts,andhigherexecutiverecruitingfeesinthequarter.

• Provisionforcreditlossesonunfundedcommitmentsincreased$0.6million,primarilyassociatedwithloancommitmentsacquiredintheFreedomBankmerger.

$36,911$36,911$40,676$40,676

$45,432$45,432

$21,603 $23,525$26,541

$3,706$4,067

$4,207$178

$756$5,414

$5,522

$5,445$1,597

$2,044

$1,714$4,591

$5,340

$6,769OtherExpenseLegal&ProfessionalOccupancy&TelephoneProvisionforUnfundedCommitmentsDataProcessingCostSalaries&Benefits

3Q'19 2Q'20 3Q'20

1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP2Other Expense includes marketing expenses and other expenses associated with ongoing business operations.

$38,582$38,582$42,399$42,399

$51,674$51,674

$21,613 $23,605$27,120$1,456

$1,483

$1,497$3,711

$4,059

$6,128$178

$756

$5,499$5,534

$6,139

$1,648$2,277

$3,018

$4,656

$5,263

$7,016

OtherExpenseLegal&ProfessionalOccupancy&TelephoneProvisionforUnfundedCommitmentsDataProcessingCostAmortizationofIntangiblesSalaries&Benefits

3Q'19 2Q'20 3Q'20

2

AdjustedNoninterestExpense1($inthousands)

2

NoninterestExpense($inthousands)


PalmBeachCommunityBankandNorthStarBankAcquisitions

Palm

BeachCom

mun

ityand

NorthStarBa

nkAcquisitio

n

EfficiencyRatioTrend

• Theefficiencyratiowas61.6%comparedto50.1%inthepriorquarterand48.6%inthethirdquarterof2019.Merger-relatedcostsof$4.3million,branchconsolidationcostsof$0.5million,andlowerPPPrelatedrevenuewereprimarydriversoftheincreaseinefficiencyratio.

• Theadjustedefficiencyratio1was54.8%comparedto49.6%inthepriorquarterand49.0%inthethirdquarterof2019.ThecurrentquarterwasimpactedbythechangeinPPPfeeaccretion.

59%59%

64%64%

58%58% 58%58%57%57%

66%66%

57%57%

53%53%

49%49% 48%48%

60%60%

50%50%

62%62%

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


58%58%

53%53%

57%57% 57%57% 56%56%54%54%

56%56%

51%51%49%49%

48%48%

54%54%

50%50%

55%55%

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

GAAP-Efficiency Adjusted-Efficiency1

FirstBankofthePalmBeaches

FirstGreenBank Freedom

BankPBCBandNorthStarBank


DisciplinedApproachtoLendinginanUncertainEnvironment

• Loansoutstandingtotaled$5.9billion,anincreaseof$872million,or17%,year-over-year.

• Newnon-PPPloanoriginationsof$338millioninthethirdquarter compared to $311 million in the prior quarter,withstrongresults insaleableresidentialmortgageoffsetbylowercommercialproduction.

• Excluding loans of $309 million acquired from FreedomBank and PPP loans, loans outstanding decreased by$231millionquarter-over-quarter, affectedbyhigh levelsofportfoliorunoff,lesserpipeline-buildingactivitiesearlierintheyearduringpandemic-relatedshutdowns,andlowerdemandforcreditfacilitiesfrombusinesscustomers.

• Exiting the third quarter of 2020, pipelines were $256million incommercial,$17million inconsumer,and$183millioninresidentialmortgages,comparedto$117million,$31 million and $108 million, respectively, in the priorquarter.

• The yield on loans, excluding PPP and accretion onacquiredloans,declinedfrom4.31%inthesecondquarterof 2020 to 4.22% in the third quarter, driven by earlypayoffsandtheloweryieldcurve.

$4,986$4,986$5,198$5,198 $5,317$5,317

$5,772$5,772 $5,858$5,858

$5,196 $5,219

$576 $639

5.06%4.89% 4.90%

4.56%

4.11%

4.76%4.63% 4.57%

4.31%

4.22%

YieldExcludingPPPandAccretiononAcquiredLoans

ReportedYield PPPLoans LoansExcludingPPP

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

TotalLoansOutstanding($inmillions)


CommercialRealEstate$1,394,46424%

ResidentialRealEstate$1,393,39624%

• Constructionandlanddevelopmentandcommercialrealestate loans,asdefined in regulatoryguidance,represent 28% and 165%, respectively, of totalconsolidatedriskbasedcapital.

• Portfolio diversification in terms of asset mix,industry, and loan type,hasbeena criticalelementof the Company's lending strategy. Exposure acrossindustriesandcollateraltypesisbroadlydistributed.

• The Company does not have any purchased loansyndications, shared national credits, or mezzaninefinance.

• Since the outbreak of COVID-19, the Company hasnot experienced anymaterial increase in consumerorcommerciallineutilization.

• ExcludingPPP loans,Seacoast'saveragecommercialloansizeis$386thousand.

Seacoast'sLendingStrategyHasProducedandSustainsaDiverseLoanPortfolioAtSeptember30,2020($inthousands)

OwnerOccupiedCommercialRealEstate$1,125,46019%

Acquisition,Development&Construction$280,6105%

PaycheckProtectionProgram$638,80011%Consumer

$192,2163%

Commercial&Financial$833,08314%


AtSeptember30,2020,approximately1,100loanstotaling$702.7million,or13%oftotalloansexcludingPPP,wereonpaymentdeferral.Thisincludes$24.8millionobtainedthroughtheFreedomBankacquisition.

DeferredLoansAtSeptember30,2020($inmillions)

$271

$921$1,050

$1,318

$772

$185

$205

$345$76

$61

DeferredLoans LoansNotDeferred

Acquisition,Development&Construction

OwnerOccupiedCommercialRealEstate

CommercialRealEstate

ResidentialRealEstate

Commercial&Financial

Consumer

3%

18%

25% 5%

7%

4%$9

$7


• Ofloanswithdeferralsthatexpiredinthethirdquarterof2020:

• 83%returnedtomakingcontractualpaymentsorpaidoffthebalanceentirely.

• 13%arestillinthebillingcycle.

• 1%are30+dayspastdue.

• 3%wereprovidedadditionalaccommodations.

• Paymentsarescheduledtoresumeon97%ofdeferredloansinthefourthquarterof2020.

DeferredLoansUpcomingDeferralExpirations

($inth

ousand

s)

$528,296$528,296

$123,158$123,158

$26,756$26,756 $24,440$24,440

Oct2020 Nov2020 Dec2020 2021


($inthousands)

OOCRE&CommercialRealEstate

Acquisition,Development

&Construction Total

%ofTotalLoans

OnDeferredPaymentStatus

%ofCategoryDeferred

%ChangeinDeferredvsPQ

OfficeBuilding $ 727,518 PR$ 12,465 P

R$ 739,983 PR 13%

-CU$ 134,654 18% (31)%

Retail 444,395 PR 21,093 P

R$ 465,488 P

R8%

-CV 147,214 32% (17)%

Industrial&Warehouse 366,175 PR1 6,266 P

R1$ 372,441 P

R1

6%-CW 47,160 13% (37)%

OtherCommercialProperty 249,619 PR 25 P

R$ 249,644 P

R4%

-CX 43,211 17% (36)%

Healthcare 203,546 PR 21,321 P

R$ 224,867 PR 4%

-CY 27,797 12% (50)%

ApartmentBuilding/Condominium 165,855 PR 30,164 P

R$ 196,019 PR 3%

-CZ 15,315 8% (42)%

Hotel/Motel 132,571 PR1 2,866 P

R1$ 135,437 P

R1

2%-DA 86,230 64% (20)%

VacantLot 2,661 PR 76,171 P

R$ 78,832 PR 1%

-DB 6,255 8% (34)%

1-4FamilyResidence-IndividualBorrowers —

11.3-

63,08311.3-

$ 63,08311.3-

1%11.3-

— —% (100)%

ConvenienceStore 55,523 PR — P

R$ 55,523 P

R1%

-DD 14,754 27% 10%

Restaurant 46,460 PR1 1,796 P

R1$ 48,256 P

R1

1%-DE 18,727 39% (31)%

Church 29,72011.3 —

1.3$ 29,720

1.3

1%1.3 4,771 16% (10)%

1-4FamilyResidence-SpecHome — PR 26,624 P

R$ 26,624 PR —%

-DG — —% —%

School/Education 21,749 PR1 3,093 P

R1$ 24,842 P

R1

—%-DH 6,085 24% (35)%

Agriculture 20,726 PR — P

R$ 20,726 P

R—%

-DI 321 2% 88%

ManufacturingBuilding 18,312 PR — P

R$ 18,312 PR —%

-DK 59 —% (96)%

1-4FamilyResidence-BuilderLines 2211.3 15,643

1.3$ 15,665

1.3

—%1.3 — —% —%

RecreationalProperty 14,964 PR — P

R$ 14,964 PR —%

-DM 5,852 39% (3)%

OtherProperties 20,108 PR — P

R$ 20,108 PR —%

-DJ 237 1% (77)%

Total $ 2,519,924 PR$ 280,610 P

R$ 2,800,534 PR 48%

-DN$ 558,642 20% (28)%

AsofSeptember30,2020

OOCRE,CREandAD&CLoansareWidelyDistributedAcrossAssetValueTypeandIndustry


TheCommercial&FinancialPortfolioExhibitsSignificantIndustryDiversification

($inthousands)Commercial&

Financial %ofTotalLoansOnDeferred

PaymentStatus%ofCategory

Deferred%ChangeinDeferredvsPQ

ManagementCompanies1 $ 186,298 PR1

3%-FQ$ 5,114 3% (86)%

Professional,Scientific,Technical&OtherServices 97,176 PR1

2%-FR 3,330 3% (68)%

RealEstateRental&Leasing 83,729 PR1

1%-FS 6,359 8% (51)%

Construction 76,190 PR1

1%-FT 2,556 3% (53)%

Finance&Insurance 61,915 PR1

1%-GB 272 —% (76)%

Healthcare&SocialAssistance 61,509 PR1

1%-FU 9,651 16% (23)%

Transportation&Warehousing 45,582 PR1

1%-FV 7,132 16% (7)%

Manufacturing 45,565 PR1

1%-FW 3,121 7% (17)%

WholesaleTrade 36,940 PR1

1%-FX 12,337 33% (38)%

RetailTrade 24,256 PR1

—%-FY 2,248 9% (56)%

Education 20,458 PR1

—%-FZ — —% (100)%

Accommodation&FoodServices 17,839 PR1

—%-GA 3,329 19% (61)%

AdministrativeSupport 13,441 PR1

—%-GC 635 5% (66)%

PublicAdministration 13,131 PR1

—%-GD — —% —%

Agriculture 11,159 PR1

—%-GE — —% (100)%

OtherIndustries 37,895 PR1

1%-GF 5,224 14% 9%

Total $ 833,083 PR4

14%-GG$ 61,308 7% (53)%

1Primarily corporate aircraft and marine vessels associated with high net worth individuals

AsofSeptember30,2020


InvestmentSecuritiesPerformanceandComposition

UnrealizedGain(Loss)inSecuritiesasofSeptember30,2020

(inthousands)Amortized

CostUnrealized

GainsUnrealized

Loss FairValue

AvailableforSale

Governmentbacked $ 8,518 $ 534 $ (1) $ 9,051

Agencymortgagebacked 916,231 23,676 (646) 939,261

PrivatelabelMBSandCMOs 98,984 2,099 (298) 100,785

Municipal 34,312 2,168 (97) 36,383

CLO 203,834 157 (2,613) 201,378

TotalAvailableforSale $ 1,261,879 $ 28,634 $ (3,655) $ 1,286,858

HeldtoMaturity

Agencymortgagebacked $ 207,376 $ 8,642 $ (18) $ 216,000

TotalHeldtoMaturity $ 207,376 $ 8,642 $ (18) $ 216,000

TotalSecurities $ 1,469,255 $ 37,276 $ (3,673) $ 1,502,858

Portfolioyielddeclined56basispointsto2.12%from2.68%inthepriorquarter.Thedeclineisattributedtofasterprepayments,rateresetsandloweryieldingportfolioadditionsinthethirdquarter.Thenetunrealizedgainincreasedfrom$31.5millionto$33.6million,largelyduetoCollateralizedLoanObligation(CLO)appreciationfromJunelevels.

($inth

ousand

s)

InvestmentSecuritesYield

$1,194$1,194 $1,203$1,203

$1,494$1,494

$274 $227 $207

$921 $976$1,287

3.01%2.68%

2.12%

HTMSecurities AFSSecurities Yield

3Q'19 2Q'20 3Q'20


InvestmentSecuritiesPerformanceandComposition

OurportfolioremainsprimarilybackedbyUSgovernmentagencies.Non-guaranteedmortgagebondsareabsentanyhotel,shopping,orindustrialexposureandis100%comprisedofhousingcollateral.TheCLOportfolioonlyincludesAAAandAAbondswithweightedaveragecreditsupportof31%andonlybroadlysyndicatedloans.

CLORating%of

Portfolio1CreditSupport2

LoanLevelMarketOC3

AAA 7% 36% 148%AA 7% 26% 130%

Portfolio 14% 31% 139%1Percentagesbasedonfacevalue2SourceData(Bloomberg)3LoanLevelMarketOver-Collateralizationcalculatedusingmarketvalueofportfolioloanspluscashdividedbyliabilities

52%48% AAAAA

CLOPortfolio

76%

12%

9%1%

2%

AgencyAAAAA+ to AA-A+ to A-Other Collateral

Type%of

PortfolioCreditSupport1

UnrealizedGain

SingleFamily 5% 27% $ 461MultiFamily 2% 11% 1,340

Portfolio 7% 23% $ 1,8021Percentagesbasedonfacevalue

75%

25%Single FamilyMulti Family

Non-AgencyMortgagePortfolioInvestmentSecuritiesRatings

($inthousands)


StrongDepositFranchiseSupportedbyAttractiveMarkets

• Total deposits increased $248 million, or 4%,quarter-over-quarter and increased$1.2billion,or22%,comparedtothethirdquarterof2019.

• Excludingdepositsof$330millionacquiredfromFreedomBank,depositsdecreased$81.1millioncompared, or 1%, to the prior quarter. Thirdquarter balances include a decrease of $47millioninbrokereddeposits.

• Overall cost of deposits decreased to 24 basispointsfrom31basispointsinthepriorquarter.

• Transaction accounts increased 37% year-over-year,reflectingcontinuedstronggrowthincorecustomerbalances,andrepresent55%ofoveralldepositfunding.

• We estimate that 60% of funds from PPPoriginationsremainindepositaccounts.

$5,673$5,673 $5,585$5,585$5,887$5,887

$6,667$6,667$6,915$6,915

$2,768 $2,772 $2,938$3,636 $3,786

$1,687 $1,628$1,679

$1,852$2,112

$1,218 $1,185$1,270

$1,179$1,017

TransactionAccounts Savings&MoneyMarket TimeDeposits

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

55%

DepositsOutstanding($inmillions)


CostofDeposits

29% 30% 29% 32% 34%

7% 6% 8%10% 6%

14% 14% 13%11% 10%

21% 20% 20% 18% 20%

20% 21% 21% 20% 20%

9% 9% 9% 9% 10%

SavingsIntBearingDemandMoneyMarketTimeDepositsBrokeredTimeDepositsNon-IntBearing

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

0.73% 0.61% 0.57% 0.31% 0.24%

TrendedCostofDeposits

1.25%

1.50%

1.75%

2.00%

2.25%

2.50% 2.50% 2.50%

2.00%

1.75%

0.25% 0.25% 0.25%

0.22%0.29% 0.33% 0.39% 0.43%

0.54%0.67%

0.76% 0.73%0.61% 0.57%

0.31%0.24%

FedFunds CostofDeposits

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

DepositMixandCostofDeposits

CostofDeposits

Cost of deposits declined seven basis points quarter over quarter, reflecting the significant value of the deposit franchise. We believe thatSeacoast'scontinuedfocusonorganicgrowthandrelationship-basedfunding, incombinationwith its innovativeanalyticsplatform,supportsawell-diversifiedlow-costdepositportfolio.


AllowanceforCreditLosses($inth

ousand

s)

$91,250

$5,763

$(19)$(1,736)

$(1,245) $94,013

June30,2020 AdditionofFreedomPCDLoans

TDRValuation

Adjustments

NetCharge-Offs

ChangesinVolume&Mix

September30,2020

Q3CreditCosts

$ (1,245)Changesinvolumeandmix

400 Provisionforaccruedinterestreceivable(reserveinOtherAssets)

(845)Provisionforcreditlosses

756 Provisionforunfundedcommitments(reserveinOtherLiabilities)

(89)Q3creditcosts

Theallowanceforcreditlosses(“ACL”)atSeptember30,2020increasedto$94.0million,or1.80%ofnon-PPPloans,from1.76%atJune30,2020.TheacquisitionofFreedomBankinAugustadded$5.8milliontotheACLontheportionofloansdesignatedaspurchasedwithcreditdeterioration(“PCD”),whichisrecognizedasanadjustmenttotheloans’costbasis,notthroughtheprovisionforcreditlosses.Thisincreasewaspartiallyoffsetbylowerbalancesofnon-acquiredloans.


AllowanceforCreditLossesandPurchaseDiscount

($inthousands)Loan

OutstandingsAllowanceforCreditLosses %ofCategory PurchaseDiscount %ofCategory

Acquisition,Development&Construction $ 280,610 $ 7,701 2.74% $ 788 0.28%

OwnerOccupiedCommercialRealEstate 1,125,460 7,219 0.64 7,113 0.63

CommercialRealEstate 1,394,464 34,019 2.44 18,040 1.29

ResidentialRealEstate 1,393,396 17,325 1.24 3,326 0.24

Commercial&Financial 833,083 24,654 2.96 4,411 0.53

Consumer 192,216 3,095 1.61 157 0.08

TotalExcludingPPP $ 5,219,229 $ 94,013 1.80% $ 33,835 0.65%

PaycheckProtectionProgram $ 638,800 $ — —% $ 782 0.12%

Total $ 5,858,029 $ 94,013 1.60% $ 34,618 0.59%

The allowance for credit losses of $94.0million as of September 30, 2020 reflectsmanagement’s estimate of lifetime expected creditlosses.Theremainingunrecognizeddiscountonacquiredloansof$34.6millionwillbeearnedasanadjustmenttoyieldoverthelifeoftheloans. The FreedomBank acquisition resulted in the additionof$8.0millionof purchasediscount.Additionally, a reserve for potentialcreditlossesonlending-relatedcommitmentsof$3.0millionisreflectedwithinOtherLiabilities.


AssetQualityTrends

NetCharge-Offs

$2,111

$3,225

$973

$1,751 $1,736

0.17% 0.25% 0.07% 0.12% 0.12%

NCO NCO/TotalLoans

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

NonperformingLoans

$26,044$26,044 $26,955$26,955 $25,582$25,582$30,051$30,051

$37,230$37,230

0.52% 0.52% 0.48% 0.52% 0.64%

NPL NPL/TotalLoans

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

$33,605 $35,154

$85,411 $91,250 $94,013

1.76% 1.80%

0.67% 0.68%1.61% 1.58% 1.60%

ACL ACL/TotalLoansExcludingPPP

ACL/TotalLoans

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

7% 6% 7% 9% 10%

6% 6% 7% 4%

8%

Classified Special Mention

3Q'19 4Q'19 1Q'20 2Q'20 3Q'20AdoptionofCECLonJanuary1,2020resultedinanincreaseof$21.2millioninACL,from0.68%to1.08%.

AllowanceforCreditLosses

($inthousands)

CriticizedLoansasa%ofRisk-BasedCapital

3Q’20 increase includesadditionsof$3.0million fromtheFreedomBankacquisitionandanetincreaseof$4.0millioninportfolioloans,includingonefor$3.3millionthatpaidoffinOctober.

3Q'20 increase in "Special Mention" reflects a conservative approach to grading in thepandemic,resultingintheadditionof$54million,themajorityofwhichishotels.


StrongCapital

$14.30 $14.76 $14.42$15.11 $15.57

$18.70 $19.13 $18.82$19.45 $19.91

TangibleBookValuePerShare BookValuePerShare

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

11.1% 11.1% 10.7%10.2%

10.7%

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

15.5% 15.7% 16.5%17.6% 17.9%

14.9% 15.0% 15.5% 16.4% 16.8%

TotalRiskBasedCapital Tier1Ratio

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

14.7% 15.0%

1.0%

13.5%11.4%

15.3%14.2%

2.9%

13.1% 13.1%

GAAP-ROTCE Adjusted-ROTCE

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


2FDICIA defines well capitalized as 10.0% for total risk based capital and 8.0% for Tier 1 ratio at a total Bank level

TangibleBookValueandBookValuePerShare TangibleCommonEquity/TangibleAssets

TotalRiskBasedandTier1CapitalReturnonTangibleCommonEquity1

10.0%2

8.0%2


SteadyIncreaseinShareholderValue

$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

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

• Compoundedannualgrowthrateof12%intangiblebookvaluepersharesince2017.• Thedeclineintangiblebookvaluepershareduringthefirstquarterof2020wasprimarilyattributedtotheDay-1impactof

theadoptionofCECL.


ContactDetails:SeacoastBankingCorporationofFlorida

TraceyL.DexterExecutiveVicePresidentChiefFinancialOfficer(772)403-0461

INVESTORRELATIONS

NASDAQ:SBCF


Appendix


FourthStreetBankingCompanyAcquisition

LoanPortfolioValuationandCECLImpact• Loansacquiredof$303.4millionincludes:

◦ $3.7million purchase discount on $257.7million in non-PCD loans, to beaccretedthroughyieldoverthelifeoftheloans.

◦ $10.1millionpurchasediscounton$59.5millioninPCDloans,ofwhich$5.8millionisrecordedasanallowanceand$4.3millionwillbeaccretedthroughyieldoverthelifeoftheloans.

• $10.3million inallowance,or3.3%oftheacquired loanbalance,recordedondayone:

◦ $4.5million on non-PCD loans recorded as provision expense through theincomestatement.

◦ $5.8milliononPCD loans recordedas an increase to the loans' amortizedcostbasis.

PCDLoanIdentificationLoansacquiredwereidentifiedasPCDbasedonthefollowingcriteria:

• Loansondeferralattimeofacquisition

• Historyofpastduepayments

• Ratingbelow"pass"

• FICO<640

• AlsoconsideredindustrieshighlyaffectedbyCOVID-19

FairValueofAssetsandLiabilitiesAcquired(Preliminary)

(Inthousands) AsofAcquisitionDateAugust21,2020

Assets:

Cash $ 38,082

Debtsecurities 3,498

Loans 303,434

Fixedassets 9,480

Coredepositintangibles 1,310

Goodwill 9,030

Otherassets 7,086

Totals $ 371,922

Liabilities:

Deposits $ 329,662

Otherliabilities 543

Totals $ 330,205


QuarterlyTrend NineMonthsEnded(Amountsinthousands) 3Q'20 2Q'20 1Q'20 4Q'19 3Q'19 3Q'20 3Q'19Commercialpipelineatperiodend $ 256,191 $ 117,042 $ 171,125 $ 277,788 $ 396,422 $ 256,191 $ 396,422Commercialloanoriginations1 88,245 106,857 183,330 304,343 325,407 378,432 749,467

Residentialpipeline-saleableatperiodend 149,896 94,666 75,226 18,995 35,136 149,896 35,136Residentialloans-sold 162,468 122,459 62,865 61,821 80,758 347,792 174,707

Residentialpipeline-portfolioatperiodend 33,374 13,199 11,779 19,107 43,378 33,374 43,378Residentialloans-retained2 25,404 23,539 25,776 163,260 22,365 74,719 123,765

Consumerpipelineatperiodend 17,094 30,647 29,123 23,311 29,635 17,094 29,635Consumeroriginations 62,293 57,956 51,516 57,659 59,933 171,765 156,889

PPPoriginations 8,276 590,718 — — — 598,994 —

TotalPipelinesatPeriodEnd $ 456,555 $ 255,554 $ 287,253 $ 339,201 $ 504,571 $ 456,555 $ 504,571TotalOriginations $ 346,686 $ 901,529 $ 323,487 $ 587,083 $ 488,463 $ 1,571,702 $ 1,204,828

1Includescommercialrealestateloanspurchasedof$52millionin3Q'19and$20millionin2Q'192Includesresidentialmortgagespurchasedof$99millionin4Q'19,$6millionin3Q'19and$30millionin2Q'19

LoanProductionandPipelineTrend


ExplanationofCertainUnauditedNon-GAAPFinancialMeasures

This presentation contains financial information determined bymethods other than Generally Accepted Accounting Principles(“GAAP”). The financial highlights provide reconciliations betweenGAAP and adjusted financial measures including net income,noninterest income, noninterest expense, tax adjustments andother financial ratios.Managementuses thesenon-GAAPfinancialmeasures in its analysis of the Company’s performance andbelieves these presentations provide useful supplementalinformation, and a clearer understanding of the Company’sperformance. The Company believes the non-GAAP measuresenhance investors’ understanding of the Company’s business andperformance and if not provided would be requested by theinvestorcommunity.

These measures are also useful in understanding performancetrends and facilitate comparisons with the performance of otherfinancial institutions. The limitations associated with operatingmeasures are the risk that persons might disagree as to theappropriateness of items comprising these measures and thatdifferent companies might define or calculate these measuresdifferently. The Company provides reconciliations between GAAPand these non-GAAP measures. These disclosures should not beconsideredanalternativetoGAAP.


GAAPtoNon-GAAPReconciliationQuarterlyTrend NineMonthsEnded

(Amountsinthousandsexceptpersharedata) 3Q'20 2Q'20 1Q'20 4Q'19 3Q'19 3Q'20 3Q'19NetIncome $ 22,628 $ 25,080 $ 709 $ 27,176 $ 25,605 $ 48,417 $ 71,563

Totalnoninterestincome 16,946 15,006 14,688 16,376 13,943 46,640 40,356Securities(gains)/losses,net (4) (1,230) (19) (2,539) 847 (1,253) 1,322BOLIbenefitsondeath(includedinotherincome) — — — — (956) — (956)TotalAdjustmentstoNoninterestIncome (4) (1,230) (19) (2,539) (109) (1,253) 366TotalAdjustedNoninterestIncome 16,942 13,776 14,669 13,837 13,834 45,387 40,722

Totalnoninterestexpense 51,674 42,399 47,798 38,057 38,583 141,871 122,682Mergerrelatedcharges (4,281) (240) (4,553) (634) — (9,074) (335)Amortizationofintangibles (1,497) (1,483) (1,456) (1,456) (1,456) (4,436) (4,370)Businesscontinuityexpenses — — (307) — (95) (307) (95)Branchreductionsandotherexpenseinitiatives (464) — — — (121) (464) (1,846)TotalAdjustmentstoNoninterestExpense (6,242) (1,723) (6,316) (2,090) (1,672) (14,281) (6,646)TotalAdjustedNoninterestExpense 45,432 40,676 41,482 35,967 36,911 127,590 116,036

IncomeTaxes 6,992 7,188 (155) 8,103 8,452 14,025 21,770Taxeffectofadjustments 1,530 121 1,544 (110) 572 3,195 1,956Effectofchangeincorporatetaxrateondeferredtaxassets — — — — (1,135) — (1,135)TotalAdjustmentstoIncomeTaxes 1,530 121 1,544 (110) (563) 3,195 821AdjustedIncomeTaxes 8,522 7,309 1,389 7,993 7,889 17,220 22,591AdjustedNetIncome $ 27,336 $ 25,452 $ 5,462 $ 26,837 $ 27,731 $ 58,250 $ 77,754

Earningsperdilutedshare,asreported $ 0.42 $ 0.47 $ 0.01 $ 0.52 $ 0.49 $ 0.91 $ 1.38AdjustedEarningsperDilutedShare 0.50 0.48 0.10 0.52 0.53 1.09 1.50Averagesharesoutstanding 54,301 53,308 52,284 52,081 51,935 53,325 51,996



(Amountsinthousandsexceptpersharedata) 3Q'20 2Q'20 1Q'20 4Q'19 3Q'19 3Q'20 3Q'19AdjustedNoninterestExpense $ 45,432 $ 40,676 $ 41,482 $ 35,967 $ 36,911 $ 127,590 $ 116,036Foreclosedpropertyexpenseandnetgain/(loss)onsale (512) (245) 315 (3) (262) (442) (48)Provisionforunfundedcommitments (756) (178) (46) — — (980) —NetAdjustedNoninterestExpense $ 44,164 $ 40,253 $ 41,751 $ 35,964 $ 36,649 $ 126,168 $ 115,988

Revenue $ 80,449 $ 82,278 $ 77,865 $ 78,136 $ 74,891 $ 240,592 $ 222,214TotalAdjustmentstoRevenue (4) (1,230) (19) (2,539) (109) (1,253) 366ImpactofFTEadjustment 118 116 114 86 79 348 249AdjustedRevenueonaFullyTaxableEquivalentBasis $ 80,563 $ 81,164 $ 77,960 $ 75,683 $ 74,861 $ 239,687 $ 222,829AdjustedEfficiencyRatio 54.82% 49.60% 53.55% 47.52% 48.96% 52.64% 52.05%

NetInterestIncome $ 63,503 $ 67,272 $ 63,177 $ 61,760 $ 60,948 $ 193,952 $ 181,858ImpactofFTEadjustment 118 116 114 86 79 348 249NetInterestIncomeincludingFTEadjustment $ 63,621 $ 67,388 $ 63,291 $ 61,846 $ 61,027 $ 194,300 $ 182,107Totalnoninterestincome 16,946 15,006 14,688 16,376 13,943 46,640 40,356Totalnoninterestexpense 51,674 42,399 47,798 38,057 38,583 141,871 122,682Pre-TaxPre-ProvisionEarnings $ 28,893 $ 39,995 $ 30,181 $ 40,165 $ 36,387 $ 99,069 $ 99,781TotalAdjustmentstoNoninterestIncome (4) (1,230) (19) (2,539) (109) (1,253) 366TotalAdjustmentstoNoninterestExpense (7,510) (2,146) (6,047) (2,093) (1,934) (15,703) (6,694)AdjustedPre-TaxPre-ProvisionEarnings $ 36,399 $ 40,911 $ 36,209 $ 39,719 $ 38,212 $ 113,519 $ 106,841

AverageAssets $ 8,086,890 $ 7,913,002 $ 7,055,543 $ 6,996,214 $ 6,820,576 $ 7,686,611 $ 6,775,697Lessaveragegoodwillandintangibleassets (228,801) (230,871) (226,712) (226,060) (227,389) (228,795) (228,710)AverageTangibleAssets $ 7,858,089 $ 7,682,131 $ 6,828,831 $ 6,770,154 $ 6,593,187 $ 7,457,816 $ 6,546,987

ReturnonAverageAssets(ROA) 1.11% 1.27% 0.04% 1.54% 1.49% 0.84% 1.41%Impactofremovingaverageintangibleassetsandrelatedamortization 0.09 0.10 0.07 0.12 0.12 0.09 0.12



(Amountsinthousandsexceptpersharedata) 3Q'20 2Q'20 1Q'20 4Q'19 3Q'19 3Q'20 3Q'19ReturnonAverageTangibleAssets(ROTA) 1.20 1.37 0.11 1.66 1.61 0.93 1.53ImpactofotheradjustmentsforAdjustedNetIncome 0.18 (0.04) 0.21 (0.09) 0.06 0.11 0.06AdjustedReturnonAverageTangibleAssets 1.38 1.33 0.32 1.57 1.67 1.04 1.59

AverageShareholders'Equity $ 1,061,807 $ 1,013,095 $ 993,993 $ 976,200 $ 946,670 $ 1,023,107 $ 912,817Lessaveragegoodwillandintangibleassets (228,801) (230,871) (226,712) (226,060) (227,389) (228,795) (228,710)AverageTangibleEquity $ 833,006 $ 782,224 $ 767,281 $ 750,140 $ 719,281 $ 794,312 $ 684,107

ReturnonAverageShareholders'Equity 8.48% 9.96% 0.29% 11.04% 10.73% 6.32% 10.48%Impactofremovingaverageintangibleassetsandrelatedamortization 2.87 3.51 0.66 3.91 4.00 2.39 4.15

ReturnonAverageTangibleCommonEquity(ROTCE) 11.35 13.47 0.95 14.95 14.73 8.71 14.63ImpactofotheradjustmentsforAdjustedNetIncome 1.71 (0.38) 1.91 (0.76) 0.57 1.09 0.57AdjustedReturnonAverageTangibleCommonEquity 13.06 13.09 2.86 14.19 15.30 9.80 15.20

LoanInterestIncome1 $ 60,573 $ 64,929 $ 63,524 $ 62,922 $ 63,138 $ 189,026 $ 187,808Accretiononacquiredloans (3,254) (2,988) (4,287) (3,407) (3,859) (10,529) (11,963)InterestandfeesonPPPloans (1,719) (5,068) — — — (6,787) —LoaninterestincomeexcludingPPPandaccretiononacquiredloans $ 55,600 $ 56,873 $ 59,237 $ 59,515 $ 59,279 $ 171,710 $ 175,845

YieldonLoans1 4.11% 4.56% 4.90% 4.89% 5.06% 4.51% 5.15%Impactofaccretiononacquiredloans (0.22) (0.21) (0.33) (0.26) (0.30) (0.25) (0.33)YieldonloansexcludingPPPandaccretiononacquiredloans 0.33 (0.04) — — — 0.11 —

YieldonloansexcludingPPPandaccretiononacquiredloans 4.22% 4.31% 4.57% 4.63% 4.76% 4.37% 4.82%

1Onafullytaxableequivalentbasis.Allyieldsandrateshavebeencomputedusingamortizedcost.


QuarterlyTrend NineMonthsEnded

(Amountsinthousandsexceptpersharedata) 3Q'20 2Q'20 1Q'20 4Q'19 3Q'19 3Q'20 3Q'19NetInterestincome1 $ 63,621 $ 67,388 $ 63,291 $ 61,846 $ 61,027 $ 194,300 $ 182,107Accretiononacquiredloans (3,254) (2,988) (4,287) (3,407) (3,859) (10,529) (11,963)InterestandfeesonPPPloans (1,719) (5,068) — — — (6,787) —NetinterestincomeexcludingPPPandaccretiononacquiredloans $ 58,648 $ 59,332 $ 59,004 $ 58,439 $ 57,168 $ 176,984 $ 170,144

NetInterestMargin1 3.40% 3.70% 3.93% 3.84% 3.89% 3.67% 3.95%Impactofaccretiononacquiredloans (0.17) (0.16) (0.27) (0.21) (0.25) (0.20) (0.26)ImpactofPPPloans 0.19 (0.08) — — — 0.04 —NetinterestmarginexcludingPPPandaccretiononacquiredloans 3.42% 3.46% 3.66% 3.63% 3.64% 3.51% 3.69%

SecurityInterestIncome1 $ 7,129 $ 7,725 $ 8,848 $ 8,662 $ 8,966 $ 23,702 $ 27,387Taxequivalentadjustmentonsecurities (32) (31) (30) (32) (33) (93) (108)Securityinterestincomeexcludingtaxequivalentadjustment $ 7,097 $ 7,694 $ 8,818 $ 8,630 $ 8,933 $ 23,609 $ 27,279

LoanInterestIncome1 $ 60,573 $ 64,929 $ 63,524 $ 62,922 $ 63,138 $ 189,026 $ 187,808Taxequivalentadjustmentonloans (86) (85) (84) (54) (46) (255) (141)Loaninterestincomeexcludingtaxequivalentadjustment $ 60,487 $ 64,844 $ 63,440 $ 62,868 $ 63,092 $ 188,771 $ 187,667

NetInterestIncome1 $ 63,621 $ 67,388 $ 63,291 $ 61,846 $ 61,027 $ 194,300 $ 182,107Taxequivalentadjustmentonsecurities (32) (31) (30) (32) (33) (93) (108)Taxequivalentadjustmentonloans (86) (85) (84) (54) (46) (255) (141)Netinterestincomeexcludingtaxequivalentadjustment $ 63,503 $ 67,272 $ 63,177 $ 61,760 $ 60,948 $ 193,952 $ 181,858

1Onafullytaxableequivalentbasis.Allyieldsandrateshavebeencomputedusingamortizedcost.

GAAPtoNon-GAAPReconciliation

sbcf 3q 2020 earnings presentation

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