8-K
SEACOAST BANKING CORP OF FLORIDA (SBCF)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): January 23, 2026
SEACOAST BANKING CORPORATION OF FLORIDA
(Exact Name of Registrant as Specified in Charter)
| Florida | 000-13660 | 59-2260678 | |||||
|---|---|---|---|---|---|---|---|
| (State or Other Jurisdiction<br>of Incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) | 815 COLORADO AVENUE, | STUART | FL | 34994 | |
| --- | --- | --- | --- | ||||
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code (772) 287-4000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $0.10 par value | SBCF | Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
SEACOAST BANKING CORPORATION OF FLORIDA
Item 2.02 Results of Operations and Financial Condition
On January 29, 2026, Seacoast Banking Corporation of Florida ("Seacoast or the "Company") announced its financial results for the quarter and year ended December 31, 2025. A copy of the press release announcing Seacoast’s results for the quarter and year ended December 31, 2025, is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 7.01 Regulation FD Disclosure
On January 30, 2026, Seacoast will hold an investor conference call to discuss its financial results for the quarter and year ended December 31, 2025. The conference call begins at 10:00 a.m. Eastern Time. Attached as Exhibit 99.2 are charts containing information used in the conference call and incorporated herein by reference, which are also available on the Company's website at www.seacoastbanking.com. All information included in the charts is presented as of December 31, 2025, and the Company does not assume any obligation to correct or update said information in the future, unless required to do so by law.
The information in Items 2.02 and 7.01, as well as Exhibits 99.1 and 99.2 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, unless expressly stated in such filing.
Item 8.01 Other Events
On January 23, 2026, Seacoast repositioned a portion of its available for sale securities portfolio. The Company sold securities with an average book yield of 1.9%, resulting in a pre-tax loss of approximately $39.5 million. The proceeds, approximately $277 million, were reinvested in primarily agency mortgage-backed securities with an average taxable equivalent book yield of 4.8%.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release dated January 29, 2026, with respect to Seacoast's financial results for the quarter and year ended December 31, 2025 |
| 99.2 | Data on website containing information used in the conference call to be held on January 30, 2026 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Exhibits 99.1 and 99.2 referenced herein, contain “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in the Company’s markets, and improvements to reported earnings that may be realized from cost controls, tax law changes, new initiatives and for integration of banks that the Company has acquired or expects to acquire, as well as statements with respect to Seacoast's objectives, strategic plans, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.
Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates and intentions about future performance and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance or achievements of Seacoast Banking Corporation of Florida or its wholly-owned banking subsidiary, Seacoast National Bank, to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. You should not expect the Company to update any forward-looking statements unless the Company is legally required to do so.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SEACOAST BANKING CORPORATION OF FLORIDA
| Dated: January 29, 2026 | /s/ Tracey L. Dexter |
|---|---|
| Tracey L. Dexter | |
| Chief Financial Officer |
SBCF 4Q 2025 Earnings Release
SEACOAST REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS
15% Fourth Quarter Annualized Organic Loan Growth
Net Interest Income Up 31% Quarter over Quarter and 28% Year over Year
Transformative Acquisition of Villages Bancorporation, Inc. Adds $4.4 Billion in Assets
STUART, Fla., January 29, 2026 /BUSINESS WIRE/ -- Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported unaudited results of operations and other financial information for the fourth quarter and full year 2025.
Fourth Quarter 2025 Highlights
•Net income of $34.3 million included $18.1 million in merger and integration costs and $23.4 million in day-one credit provisions in the Villages Bancorporation, Inc. (“VBI”) acquisition.
•On an adjusted basis, pre-tax pre-provision earnings1 of $93.2 million increased 39% from the prior quarter and 65% from the prior year quarter.
•15% annualized organic loan growth.
•Well-controlled expenses, with an improved efficiency ratio.
•Expanded branch footprint with new locations in Bradenton, FL and our first branch in the greater Atlanta market.
•Continued industry-leading strength in capital and liquidity.
Charles M. Shaffer, Seacoast's Chairman and CEO, said, “Seacoast delivered another quarter of strong financial performance, highlighted by robust loan growth and continued expansion in pre‑tax pre‑provision earnings. These results underscore the strength, resilience, and momentum of our franchise, which continues to outperform across our markets. We are thrilled to have completed our acquisition of Villages Bancorporation, Inc., a transaction that brings us top‑tier market share and a high‑quality, low‑cost deposit base in the rapidly growing The Villages® community. This acquisition further strengthened our competitive position and enhances our capacity for sustained growth and industry‑leading performance.”
Shaffer added, “Our balance sheet remains exceptionally strong, supported by solid capital levels and a highly resilient liquidity position. This strong foundation provides us with meaningful flexibility to continue strategically deploying resources to drive profitable growth. With a fortified capital base and disciplined balance sheet management, we are well‑positioned to support our customers, invest in our franchise, and extend our long‑term record of growth and value creation.”
Shaffer concluded, “As we look ahead to 2026, we are confident and excited about the shareholder returns we expect to deliver, particularly in the back half of the year. We have included a detailed slide outlining our expectations in the supplemental presentation materials, reflecting the growing momentum across our franchise and the clear path we see toward enhanced performance and long‑term value creation.”
Acquisitions Update
Seacoast’s balanced growth strategy, combining organic growth with value-creating acquisitions, continues to benefit shareholders and expand the franchise.
On October 1, 2025, the Company completed its acquisition of VBI. This transformative transaction expands the Company’s presence in North Central Florida and into The Villages® community, adding approximately $1.2 billion in loans and $3.5 billion in deposits, along with 19 branches. VBI’s future growth potential and low loan-to-deposit ratio provide significant opportunity for expansive growth throughout the Seacoast footprint. Full integration and system conversion activities are expected to be completed early in the third quarter of 2026. Non-voting, convertible preferred shares were issued in connection with the acquisition. These shares are fully convertible to common shares when transferred to a non-affiliate of the VBI holder. As such, performance metrics presented throughout this document assume full conversion of preferred shares into common shares. See “Presentation of Common and Preferred Shares” for further details.
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
In the third quarter of 2025, the Company completed its acquisition of Heartland Bancshares, Inc. (“Heartland”), adding approximately $153.3 million in loans and $705.2 million in deposits, along with four branches in Central Florida. Integration activities, including system conversion, were also completed in the third quarter of 2025.
Financial Results
Income Statement
•Net revenues were $203.3 million in the fourth quarter of 2025, an increase of $46.0 million, or 29%, compared to the prior quarter, and an increase of $70.4 million, or 53%, compared to the prior year quarter. Adjusted net revenues1 were $204.8 million in the fourth quarter of 2025, an increase of $46.2 million, or 29%, compared to the prior quarter, and an increase of $63.2 million, or 45%, compared to the prior year quarter.
•Pre-tax pre-provision earnings1 were $75.1 million in the fourth quarter of 2025 and included $18.1 million in merger and integration costs. Pre-tax pre-provision earnings1 in the fourth quarter of 2025 increased $19.3 million, or 34%, compared to the third quarter of 2025 and increased $27.3 million, or 57%, compared to the fourth quarter of 2024. Adjusted pre-tax pre-provision earnings1 were $93.2 million in the fourth quarter of 2025, an increase of $26.0 million, or 39%, compared to the third quarter of 2025 and an increase of $36.6 million, or 65%, compared to the fourth quarter of 2024.
•Net interest income totaled $174.6 million in the fourth quarter of 2025, an increase of $41.2 million, or 31%, compared to the prior quarter, and an increase of $58.8 million, or 51%, compared to the fourth quarter of 2024. The increase was largely driven by growing loan and securities balances. Interest income on loans increased by $25.5 million in the fourth quarter of 2025, reflecting continued strong loan production. Included in loan interest income was accretion on acquired loans of $10.6 million in the fourth quarter of 2025, $9.5 million in the third quarter of 2025, and $11.7 million in the fourth quarter of 2024. Securities income increased $20.7 million, or 58%, primarily through the acquisition of VBI. Interest expense on deposits increased $6.9 million, or 16%, compared to the prior quarter, and increased $2.6 million, or 5%, compared to the fourth quarter of 2024. The increase from the prior quarter reflects higher average balances and the addition of VBI customers.
•Net interest margin increased nine basis points to 3.66% in the fourth quarter of 2025 compared to 3.57% in the third quarter of 2025, and increased 27 basis points compared to 3.39% in the fourth quarter of 2024. Excluding the effects of accretion on acquired loans, net interest margin expanded 12 basis points to 3.44% in the fourth quarter of 2025 compared to 3.32% in the third quarter of 2025, and increased 39 basis points compared to 3.05% in the fourth quarter of 2024. Loan yields were 6.02%, an increase of six basis points from the prior quarter and an increase of nine basis points from the prior year quarter. Securities yields increased 21 basis points to 4.13%, compared to 3.92% in the prior quarter and increased 37 basis points compared to 3.77% in the prior year quarter. The cost of deposits declined 14 basis points to 1.67% in the fourth quarter of 2025 compared to 1.81% in the prior quarter, and declined 41 basis points compared to 2.08% in the fourth quarter of 2024. The cost of funds declined 16 basis points to 1.80% quarter over quarter, and declined 37 basis points compared to the prior year quarter.
•The provision for credit losses was $29.3 million in the fourth quarter of 2025, largely the result of the acquisition of VBI which resulted in a day-one loan loss provision of $22.7 million. Allowance coverage of 1.42% increased eight basis points compared to September 30, 2025, with higher coverage levels assigned to acquired VBI loans.
•Noninterest income totaled $28.6 million in the fourth quarter of 2025, an increase of $4.8 million, or 20%, compared to the prior quarter, and an increase of $11.6 million, or 68%, compared to the prior year quarter. Changes included:
•Service charges on deposits totaled $6.5 million, an increase of $0.3 million, or 4%, from the prior quarter, and an increase of $1.3 million, or 26%, from the prior year quarter, reflecting the closing of the VBI acquisition and continued onboarding of new relationships.
•Wealth management income totaled $5.5 million, an increase of $1.0 million, or 21%, from the prior quarter and an increase of $1.5 million, or 38%, from the prior year quarter. Assets under management have grown 37% year over year. The wealth management division has continued to deliver significant growth, adding $549 million in new organic assets under management in 2025.
•Mortgage banking income totaled $3.1 million, an increase from $0.5 million in the prior quarter and from $0.3 million in the prior year quarter, reflecting the addition of mortgage banking activities from the VBI acquisition.
•Bank Owned Life Insurance income totaled $2.7 million, a decrease of $1.2 million, or 31%, from the prior quarter and an increase of $0.1 million, or 2%, from the prior year quarter. The third quarter of 2025 included death benefit payouts of $1.3 million.
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
•Other income totaled $7.1 million, an increase of $1.1 million, or 18%, compared to the prior quarter and a decrease of $3.3 million, or 32%, from the prior year quarter. The increase from the prior quarter primarily reflects higher gains on SBIC investments. The decrease from the prior year quarter primarily reflects lower gains on SBIC investments and loan sales.
•Noninterest expense was $130.5 million in the fourth quarter of 2025, an increase of $28.6 million, or 28%, compared to the prior quarter, and an increase of $45.0 million, or 53%, compared to the prior year quarter. In the fourth quarter of 2025, merger and integration costs totaled $18.1 million. Results in the fourth quarter of 2025 also included:
•Salaries and wages totaled $53.9 million, an increase of $7.6 million, or 16%, from the prior quarter and an increase of $11.6 million, or 27%, from the prior year quarter. The increase from the prior quarter reflects the continued expansion of the footprint, including the acquisition of VBI, and higher performance driven incentive compensation.
•Employee benefits totaled $8.5 million, an increase of $1.1 million, or 15%, from the prior quarter and an increase of $1.9 million, or 30%, from the prior year quarter.
•Outsourced data processing costs totaled $11.3 million, an increase of $1.9 million, or 21%, from the prior quarter and an increase of $3.0 million, or 36%, from the prior year quarter. The increases reflect higher transaction volume and growth in customers, including from the acquisition of VBI.
•Occupancy costs totaled $9.3 million, an increase of $1.7 million, or 22%, compared to the prior quarter and an increase of $2.1 million, or 29%, from the prior year quarter, due to growth in the branch network.
•Legal and professional fees totaled $2.1 million, an increase of $0.4 million, or 26%, compared to the prior quarter and a decrease of $0.7 million, or 25%, from the prior year quarter. The increase is largely associated with the timing of various projects.
•Amortization of intangibles increased $4.4 million with the addition of $110.5 million in core deposit intangible assets from the VBI acquisition. These assets will be amortized using an accelerated amortization method over approximately 10 years.
•Provision for credit losses on unfunded commitments increased $0.7 million as a result of the acquisition of VBI.
•Other expense totaled $7.2 million, an increase of $1.3 million, or 22%, compared to the prior quarter and an increase of $1.2 million, or 20%, from the prior year quarter.
•The efficiency ratio was 63.36% in the fourth quarter of 2025, compared to 64.44% in the third quarter of 2025 and 60.21% in the prior year quarter. The adjusted efficiency ratio1 improved to 54.50% in the fourth quarter of 2025, compared to 57.63% in the third quarter of 2025 and 60.01% in the prior year quarter. The Company continues to remain keenly focused on disciplined expense control, while making investments for growth.
Balance Sheet
•Debt securities totaled $5.8 billion as of December 31, 2025, an increase of $1.9 billion compared to September 30, 2025. Debt securities as of December 31, 2025 included approximately $5.2 billion in securities classified as available-for-sale and recorded at fair value. The unrealized loss on these securities is fully reflected in the value presented on the balance sheet. The portfolio also includes $586.2 million in securities classified as held-to-maturity with a fair value of $489.6 million.
•$2.5 billion in securities were added through the VBI acquisition. Of the securities acquired, approximately $1.5 billion were sold, and the proceeds were reinvested into new positions with an average yield of 5.3%. Portfolio yield increased 21 basis points to 4.13% from 3.92% in the prior quarter, reflecting the higher yield securities purchased and acquired.
•With higher capital at VBI and lower dilution than originally modeled, along with constructive market conditions, in January 2026, the Company repositioned a portion of its available-for-sale securities portfolio. Securities with an average book yield of 1.9% were sold, resulting in a pre-tax loss of approximately $39.5 million impacting first quarter 2026 results. The proceeds of approximately $277 million were reinvested in primarily agency mortgage-backed securities with an average taxable equivalent book yield of 4.8%.
•Loans increased $1.7 billion during the fourth quarter of 2025, totaling $12.6 billion as of December 31, 2025. Annualized organic loan growth, excluding the acquisition of VBI, was 15%. The Company continues to exercise a disciplined approach to lending and is benefiting from the investments made in recent years to attract talent from large regional and national banks across its markets. The increase in annualized net loan growth was the result of a strong quarter by our commercial team and
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
the addition of the VBI mortgage activity. In addition, we chose to portfolio a larger portion of the volume originated in The Villages community footprint given the strong credit scores and shorter loan duration.
•Total deposits were $16.3 billion as of December 31, 2025, an increase of $3.2 billion when compared to September 30, 2025. This increase includes $3.5 billion in deposits from the acquisition of VBI, partially offset by declines of $68.7 million in brokered deposits. Outflows were largely the result of a targeted strategy to lower rates on certain categories of accounts.
•Average noninterest bearing demand deposits totaled $4.1 billion in the fourth quarter of 2025, an increase of 15% from $3.5 billion in the third quarter of 2025, and an increase of 20% from $3.4 billion in the fourth quarter of 2024.
•The cost of deposits declined 14 basis points to 1.67% from 1.81% in the prior quarter.
•At December 31, 2025, customer transaction account balances represented 48% of total deposits. The Company continues to benefit from a granular deposit franchise, with the top ten depositors representing approximately 3% of total deposits.
•Consumer deposits represent 50% of overall deposit funding with an average consumer customer balance of $26 thousand. Commercial deposits represent 50% of overall deposit funding with an average business customer balance of $116 thousand.
•Federal Home Loan Bank borrowings averaged $623.8 million at 4.27% for the fourth quarter of 2025, compared to average borrowings of $637.8 million at 4.17% in the third quarter of 2025.
Asset Quality
•The ratio of criticized and classified loans to total loans was 2.82% at December 31, 2025, compared to 2.50% at September 30, 2025, and 2.17% at December 31, 2024. The increase was the result of the VBI acquisition.
•Accruing past due loans were $33.2 million, or 0.26% of total loans, at December 31, 2025, compared to $20.3 million, or 0.19% of total loans, at September 30, 2025, and $15.6 million, or 0.15% of total loans, at December 31, 2024.
•Net charge-offs were $0.9 million in the fourth quarter of 2025, or three basis points annualized, compared to $3.2 million in the third quarter of 2025 and $6.1 million in the fourth quarter of 2024. For the full year 2025, net charge-offs were $13.6 million, or 12 basis points as a percentage of average loans, compared to $27.1 million, or 27 basis points, in the prior year.
•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.
•Construction and land development and commercial real estate loans remain well below regulatory guidance as of December 31, 2025 at 34% and 227% of total bank-level risk-based capital2, respectively, compared to 34% and 236%, respectively, at September 30, 2025. On a consolidated basis and as of December 31, 2025, construction and land development and commercial real estate loans represent 32% and 216%, respectively, of total consolidated risk-based capital2.
Capital and Liquidity
•The Company deployed capital in the fourth quarter of 2025 through the VBI acquisition, and continues to operate with a fortress balance sheet, with a Tier 1 capital ratio at December 31, 2025 of 14.4%2 compared to 14.5% at September 30, 2025, and 14.8% at December 31, 2024. The Total capital ratio was 15.8%2, the Common Equity Tier 1 capital ratio was 11.5%2, and the Tier 1 leverage ratio was 10.1%2 at December 31, 2025. The Company is considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements.
•Tangible equity to tangible assets was 9.31% at December 31, 2025, compared to 9.76% at September 30, 2025, and 9.60% at December 31, 2024. If all held-to-maturity securities were adjusted to fair value, the tangible equity ratio would have been 8.96% at December 31, 2025. The decline quarter over quarter was the result of capital invested in the VBI acquisition.
•At December 31, 2025, in addition to $388.5 million in cash, the Company had $7.6 billion in available borrowing capacity, including $3.4 billion in available collateralized lines of credit, $3.8 billion of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of $348.0 million.
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
2Estimated
OTHER INFORMATION
Conference Call Information
Seacoast will host a conference call on January 30, 2026, at 10:00 a.m. (Eastern Time) to discuss the fourth quarter of 2025 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 715-9871 (Conference ID: 3069645). Charts will be used during the conference call and may be accessed at Seacoast’s website at www.SeacoastBanking.com by selecting “Presentations” under the heading “News/Events.” Additionally, a recording of the call will be made available to individuals shortly after the conference call and can be accessed via a link at www.SeacoastBanking.com under the heading “Corporate Information.” The recording will be available for one year.
About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) is one of the largest community banks headquartered in Florida with approximately $20.8 billion in assets and $16.3 billion in deposits as of December 31, 2025. Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 104 full-service branches across Florida, and through advanced mobile and online banking solutions. Seacoast National Bank is the wholly-owned subsidiary bank of Seacoast Banking Corporation of Florida. 19 branches recently acquired in The Villages® community and in North Central Florida will operate under the name Citizens First Bank until Seacoast’s system conversion takes place in 2026. For more information about Seacoast, visit www.SeacoastBanking.com.
Cautionary Notice Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in the Company’s markets, and improvements or impacts to reported earnings that may be realized from cost controls, tax law changes, conversion of preferred shares into common shares, new initiatives and for integration of banks (including Villages Bancorporation, Inc.) that the Company has acquired, or expects to acquire, as well as statements with respect to Seacoast's objectives, strategic plans, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.
Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates and intentions about future performance and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance or achievements of Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) or its wholly-owned banking subsidiary, Seacoast National Bank (“Seacoast Bank”), to be materially different from results, performance or achievements expressed or implied by such forward-looking statements. You should not expect the Company to update any forward-looking statements.
All statements other than statements of historical fact could be forward-looking statements. You can identify these forward-looking statements through the use of words such as "may", "will", "anticipate", "assume", "should", "support", "indicate", "would", "believe", "contemplate", "expect", "estimate", "continue", "further", "plan", "point to", "project", "could", "intend", "target" or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of continued inflationary pressures, changes in interest rates, tariffs or trade wars (including reduced consumer spending), slowdowns in economic growth, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing; potential impacts of adverse developments in the banking industry and including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto (including increases in the cost of our deposit insurance assessments), the Company's ability to effectively manage its liquidity risk and any growth plans, and the availability of capital and funding; governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes, including those that impact the money supply and inflation; the risks of continued changes in interest rates on the level and composition of deposits (as well as the cost of, and competition for, deposits), loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities; interest rate risks (including the impacts of interest rates on macroeconomic conditions, and on our net interest income), sensitivities and the shape of the yield curve; changes in
accounting policies, rules and practices; changes in retail distribution strategies, customer preferences and behavior generally and as a result of economic factors, including heightened or persistent inflation; changes in the availability and cost of credit and capital in the financial markets; changes in the prices, values and sales volumes of residential and commercial real estate, especially as they relate to the value of collateral supporting the Company’s loans; the Company’s concentration in commercial real estate loans and in real estate collateral in Florida; Seacoast’s ability to comply with any regulatory requirements and the risk that the regulatory environment may not be conducive to or may prohibit or delay the consummation of future mergers and/or business combinations, may increase the length of time and amount of resources required to consummate such transactions, and may reduce the anticipated benefit; inaccuracies or other failures from the use of models, including the failure of assumptions and estimates, as well as differences in, and changes to, economic, market and credit conditions; the impact on the valuation of Seacoast’s investments due to market volatility or counterparty payment risk, as well as the effect of a decline in stock market prices on our fee income from our wealth management business; statutory and regulatory dividend restrictions; increases in regulatory capital requirements for banking organizations generally; the risks of mergers, acquisitions and divestitures, including Seacoast’s ability to continue to identify acquisition targets, successfully acquire and integrate desirable financial institutions and realize expected revenues and revenue synergies, and limit deposit, customer and employee attrition; changes in technology or products that may be more difficult, costly, or less effective than anticipated; the Company’s ability to identify and address increased cybersecurity risks, including those impacting vendors and other third parties which may be exacerbated by developments in generative artificial intelligence; fraud or misconduct by internal or external parties, which Seacoast may not be able to prevent, detect or mitigate; inability of Seacoast’s risk management framework to manage risks associated with the Company’s business; dependence on key suppliers or vendors to obtain equipment or services for the business on acceptable terms; reduction in or the termination of Seacoast’s ability to use the online- or mobile-based platform that is critical to the Company’s business growth strategy; the effects of war or other conflicts, civil unrest, acts of terrorism, natural disasters, including hurricanes in the Company’s footprint, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions and/or increase costs, including, but not limited to, property and casualty and other insurance costs; Seacoast’s ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions; the risks that deferred tax assets could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated, the results of tax audit findings, challenges to our tax positions, or adverse changes or interpretations of tax laws; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions; the failure of assumptions underlying the establishment of reserves for expected credit losses; risks related to, and the costs associated with, environmental, social and governance matters, including the scope and pace of related rulemaking activity and disclosure requirements; legislative, regulatory or supervisory actions related to so-called “de-banking,” including any new prohibitions, requirements or enforcement priorities that could affect customer relationships, compliance obligations, or operational practices; government actions or inactions, including, a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the federal budget and economic policy, including the impact of tariffs and trade policies; the risk that balance sheet, revenue growth, and loan growth expectations may differ from actual results; and other factors and risks described herein and under “Risk Factors” in any of the Company's subsequent reports filed with the SEC and available on its website at www.sec.gov.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in the Company’s annual report on Form 10-K for the year ended December 31, 2024 and in other periodic reports that the Company files with the SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at www.sec.gov.
| FINANCIAL HIGHLIGHTS | (Unaudited) | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||||||||||||||||||||
| Twelve months ended | |||||||||||||||||||||
| (Amounts in thousands, except ratios and per share data) | 3Q'25 | 2Q'25 | 1Q'25 | 4Q'24 | 4Q'25 | 4Q'24 | |||||||||||||||
| Summary of Earnings | |||||||||||||||||||||
| Net income | 34,260 | $ | 36,467 | $ | 42,687 | $ | 31,464 | $ | 34,085 | $ | 144,878 | $ | 120,986 | ||||||||
| Adjusted net income1 | 45,164 | 44,466 | 32,102 | 40,556 | 169,473 | 132,476 | |||||||||||||||
| Net interest income2 | 133,906 | 127,295 | 118,857 | 116,115 | 556,308 | 433,045 | |||||||||||||||
| Net interest margin2,3 | % | 3.57 | % | 3.58 | % | 3.48 | % | 3.39 | % | 3.58 | % | 3.24 | % | ||||||||
| Pre-tax pre-provision earnings1 | 75,141 | $ | 55,887 | $ | 60,236 | $ | 50,590 | $ | 47,858 | $ | 241,860 | $ | 174,173 | ||||||||
| Adjusted pre-tax pre-provision earnings1 | 67,190 | 62,627 | 51,686 | 56,610 | 274,679 | 190,003 | |||||||||||||||
| Performance Ratios | |||||||||||||||||||||
| Return on average assets-GAAP basis3 | % | 0.88 | % | 1.08 | % | 0.83 | % | 0.89 | % | 0.84 | % | 0.81 | % | ||||||||
| Adjusted return on average assets1,3 | 1.09 | 1.13 | 0.85 | 1.06 | 0.98 | 0.89 | |||||||||||||||
| Return on average tangible assets-GAAP basis3,4 | 1.04 | 1.24 | 0.98 | 1.06 | 1.01 | 0.98 | |||||||||||||||
| Adjusted return on average tangible assets1,3,4,6 | 1.26 | 1.29 | 1.00 | 1.24 | 1.16 | 1.06 | |||||||||||||||
| Net adjusted noninterest expense to average tangible assets1,3,4 | 2.16 | 2.25 | 2.33 | 2.19 | 2.17 | 2.20 | |||||||||||||||
| Return on average equity-GAAP basis3 | 6.17 | 7.60 | 5.76 | 6.16 | 5.86 | 5.62 | |||||||||||||||
| Adjusted return on average equity1,3 | 7.64 | 7.92 | 5.88 | 7.32 | 6.86 | 6.16 | |||||||||||||||
| Return on average tangible equity-GAAP basis3,4 | 10.70 | 12.82 | 10.17 | 10.90 | 10.58 | 10.39 | |||||||||||||||
| Adjusted return on average tangible equity1,3,4 | 12.98 | 13.31 | 10.35 | 12.74 | 12.16 | 11.25 | |||||||||||||||
| Efficiency ratio5 | 64.44 | 60.33 | 64.05 | 60.21 | 63.07 | 65.18 | |||||||||||||||
| Adjusted efficiency ratio1 | 57.63 | 58.74 | 63.30 | 60.01 | 58.13 | 63.77 | |||||||||||||||
| Noninterest income to total revenue (excluding securities gains/losses) | 15.59 | 16.18 | 15.65 | 18.02 | 15.26 | 17.47 | |||||||||||||||
| Tangible equity to tangible assets4 | 9.76 | 9.75 | 9.58 | 9.60 | 9.31 | 9.60 | |||||||||||||||
| Average loan-to-deposit ratio | 82.99 | 85.21 | 84.23 | 83.14 | 80.85 | 83.63 | |||||||||||||||
| End of period loan-to-deposit ratio | 83.84 | 84.96 | 83.17 | 84.27 | 77.78 | 84.27 | |||||||||||||||
| Per Share Data | |||||||||||||||||||||
| Earnings per common share-diluted-GAAP basis | 0.31 | $ | 0.42 | $ | 0.50 | $ | 0.37 | $ | 0.40 | $ | 1.57 | $ | 1.42 | ||||||||
| Earnings per common share-basic-GAAP basis | 0.42 | 0.50 | 0.37 | 0.40 | 1.59 | 1.43 | |||||||||||||||
| Earnings per common share-diluted, treating all preferred shares as common1,6 | 0.42 | 0.50 | 0.37 | 0.40 | 1.58 | 1.42 | |||||||||||||||
| Adjusted earnings per common share-diluted, treating all preferred shares as common1,6 | 0.52 | 0.52 | 0.38 | 0.48 | 1.84 | 1.56 | |||||||||||||||
| Book value per common share | 27.07 | 26.43 | 26.04 | 25.51 | 27.70 | 25.51 | |||||||||||||||
| Book value per common share, treating all preferred shares as common6 | 27.07 | 26.43 | 26.04 | 25.51 | 27.99 | 25.51 | |||||||||||||||
| Tangible book value per common share4 | 17.61 | 17.19 | 16.71 | 16.12 | 15.14 | 16.12 | |||||||||||||||
| Tangible book value per common share, treating all preferred shares as common4,6 | 17.61 | 17.19 | 16.71 | 16.12 | 16.72 | 16.12 | |||||||||||||||
| Cash dividends declared on common and preferred stock7 | 0.18 | 0.18 | 0.18 | 0.18 | 0.73 | 0.72 | |||||||||||||||
| Other Data | |||||||||||||||||||||
| Full-time equivalent employees | 1,601 | 1,522 | 1,518 | 1,504 | 1,962 | 1,504 | |||||||||||||||
| Number of ATMs | 103 | 98 | 98 | 96 | 191 | 96 | |||||||||||||||
| Full-service banking offices | 84 | 79 | 79 | 77 | 104 | 77 | |||||||||||||||
| 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 equity as total shareholders' equity less intangible assets. | |||||||||||||||||||||
| 5Defined as noninterest expense less provision for credit losses on unfunded commitments 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). Prior to the fourth quarter of 2025, the Company's presentation of the efficiency ratio excluded amortization expense on intangible assets. Prior periods have been updated to align with the current presentation. | |||||||||||||||||||||
| 6Calculated treating all preferred shares as common. Each 1/1000th preferred share is convertible to one common share on the date a holder of preferred stock transfers such share of preferred stock to a non-affiliate of the holder. The Company believes a calculation presenting all convertible preferred shares as common provides useful supplemental information to the presentation of common share measures, as we anticipate they will be converted to common shares in the future. | |||||||||||||||||||||
| 7In the fourth quarter of 2025, non-voting preferred shares were issued in connection with the VBI acquisition. Those shares earn dividends pro-rata with common shares, or 0.19 per 1/1000 preferred share. |
All values are in US Dollars.
| 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'25 | 3Q'25 | 2Q'25 | 1Q'25 | 4Q'24 | 4Q'25 | 4Q'24 | |||||||
| Interest and dividends on securities: | ||||||||||||||
| Taxable | $ | 53,445 | $ | 35,975 | $ | 32,479 | $ | 29,381 | $ | 26,945 | $ | 151,280 | $ | 99,456 |
| Nontaxable | 3,293 | 44 | 33 | 34 | 34 | 3,404 | 135 | |||||||
| Interest and fees on loans | 187,408 | 161,913 | 157,075 | 150,640 | 151,999 | 657,036 | 597,366 | |||||||
| Interest on interest-bearing deposits and other investments | 11,914 | 4,780 | 3,760 | 4,200 | 6,952 | 24,654 | 28,602 | |||||||
| Total Interest Income | 256,060 | 202,712 | 193,347 | 184,255 | 185,930 | 836,374 | 725,559 | |||||||
| Interest on deposits | 49,988 | 43,133 | 40,633 | 43,626 | 47,394 | 177,380 | 198,210 | |||||||
| Interest on time certificates | 20,914 | 16,341 | 15,120 | 14,973 | 16,726 | 67,348 | 70,777 | |||||||
| Interest on borrowed money | 10,531 | 9,770 | 10,730 | 7,139 | 6,006 | 38,170 | 24,601 | |||||||
| Total Interest Expense | 81,433 | 69,244 | 66,483 | 65,738 | 70,126 | 282,898 | 293,588 | |||||||
| Net Interest Income | 174,627 | 133,468 | 126,864 | 118,517 | 115,804 | 553,476 | 431,971 | |||||||
| Provision for credit losses | 29,260 | 8,371 | 4,379 | 9,250 | 3,699 | 51,260 | 16,258 | |||||||
| Net Interest Income After Provision for Credit Losses | 145,367 | 125,097 | 122,485 | 109,267 | 112,105 | 502,216 | 415,713 | |||||||
| Noninterest income: | ||||||||||||||
| Service charges on deposit accounts | 6,472 | 6,194 | 5,540 | 5,180 | 5,138 | 23,386 | 20,852 | |||||||
| Wealth management income | 5,540 | 4,578 | 4,196 | 4,248 | 4,019 | 18,562 | 15,168 | |||||||
| Mortgage banking income | 3,108 | 517 | 685 | 404 | 326 | 4,714 | 1,774 | |||||||
| Interchange income | 2,483 | 2,008 | 1,895 | 1,807 | 1,860 | 8,193 | 7,599 | |||||||
| Insurance agency income | 1,191 | 1,481 | 1,289 | 1,620 | 1,151 | 5,581 | 5,196 | |||||||
| BOLI income | 2,687 | 3,875 | 3,380 | 2,468 | 2,627 | 12,410 | 10,065 | |||||||
| Other | 7,066 | 6,006 | 7,497 | 6,257 | 10,335 | 26,826 | 30,790 | |||||||
| Total Noninterest Income Before Securities Gains (Losses) | 28,547 | 24,659 | 24,482 | 21,984 | 25,456 | 99,672 | 91,444 | |||||||
| Securities gains (losses), net | 84 | (841) | 39 | 196 | (8,388) | (522) | (8,016) | |||||||
| Total Noninterest Income | 28,631 | 23,818 | 24,521 | 22,180 | 17,068 | 99,150 | 83,428 | |||||||
| Noninterest expense: | ||||||||||||||
| Salaries and wages | 53,942 | 46,310 | 44,438 | 42,248 | 42,378 | 186,938 | 162,316 | |||||||
| Employee benefits | 8,490 | 7,387 | 8,106 | 8,861 | 6,548 | 32,844 | 28,253 | |||||||
| Outsourced data processing costs | 11,257 | 9,337 | 8,525 | 8,504 | 8,307 | 37,623 | 36,638 | |||||||
| Occupancy | 9,330 | 7,627 | 7,483 | 7,350 | 7,234 | 31,790 | 29,547 | |||||||
| Furniture and equipment | 2,935 | 2,233 | 2,125 | 2,128 | 2,004 | 9,421 | 8,031 | |||||||
| Marketing | 3,149 | 2,509 | 2,958 | 2,748 | 2,126 | 11,364 | 10,776 | |||||||
| Legal and professional fees | 2,106 | 1,674 | 2,071 | 2,740 | 2,807 | 8,591 | 9,648 | |||||||
| FDIC assessments | 2,876 | 2,414 | 2,108 | 2,194 | 2,274 | 9,592 | 8,445 | |||||||
| Amortization of intangibles | 10,374 | 6,005 | 5,131 | 5,309 | 5,587 | 26,819 | 23,884 | |||||||
| Other real estate owned expense and net (gain) loss on sale | (29) | (346) | 8 | 241 | 84 | (126) | 440 | |||||||
| Provision for credit losses on unfunded commitments | 812 | 150 | 150 | 150 | 250 | 1,262 | 1,001 | |||||||
| Merger and integration costs | 18,142 | 10,808 | 2,422 | 1,051 | — | 32,423 | — | |||||||
| Other | 7,162 | 5,879 | 6,205 | 7,073 | 5,976 | 26,319 | 24,322 | |||||||
| Total Noninterest Expense | 130,546 | 101,987 | 91,730 | 90,597 | 85,575 | 414,860 | 343,301 | |||||||
| Income Before Income Taxes | 43,452 | 46,928 | 55,276 | 40,850 | 43,598 | 186,506 | 155,840 | |||||||
| Provision for income taxes | 9,192 | 10,461 | 12,589 | 9,386 | 9,513 | 41,628 | 34,854 | |||||||
| Net Income | 34,260 | 36,467 | 42,687 | 31,464 | 34,085 | 144,878 | 120,986 | |||||||
| Preferred stock dividends | 2,138 | — | — | — | — | 2,138 | — | |||||||
| Net Income Available to Common Shareholders | $ | 32,122 | $ | 36,467 | $ | 42,687 | $ | 31,464 | $ | 34,085 | $ | 142,740 | $ | 120,986 |
| Share Data | ||||||||||||||
| Net income per share of common stock | ||||||||||||||
| Diluted | $ | 0.31 | $ | 0.42 | $ | 0.50 | $ | 0.37 | $ | 0.40 | $ | 1.57 | $ | 1.42 |
| Diluted, treating all preferred shares as common1 | 0.31 | 0.42 | 0.50 | 0.37 | 0.40 | 1.58 | 1.42 | |||||||
| Basic | 0.32 | 0.42 | 0.50 | 0.37 | 0.40 | 1.59 | 1.43 | |||||||
| Average common shares outstanding | ||||||||||||||
| Diluted | 97,761 | 87,425 | 85,479 | 85,388 | 85,302 | 89,106 | 85,040 | |||||||
| Additional common shares treating all preferred shares as common1 | 11,250 | — | — | — | — | 2,836 | — | |||||||
| Diluted, treating all preferred shares as common1 | 109,011 | 87,425 | 85,479 | 85,388 | 85,302 | 91,941 | 85,040 | |||||||
| Basic | 96,816 | 86,619 | 84,903 | 84,648 | 84,510 | 88,276 | 84,367 | |||||||
| 1Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" and "Presentation of Common and Preferred Shares" for more information and a reconciliation to GAAP. | ||||||||||||||
| CONSOLIDATED BALANCE SHEETS | (Unaudited) | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||
| (Amounts in thousands) | 2025 | 2025 | 2025 | 2025 | 2024 | |||||||||
| Assets | ||||||||||||||
| Cash and due from banks | $ | 181,429 | $ | 173,954 | $ | 181,565 | $ | 191,467 | $ | 171,615 | ||||
| Interest-bearing deposits with other banks | 207,116 | 132,040 | 150,863 | 309,105 | 304,992 | |||||||||
| Total cash and cash equivalents | 388,545 | 305,994 | 332,428 | 500,572 | 476,607 | |||||||||
| Time deposits with other banks | 14,424 | 30,852 | 1,494 | 1,494 | 3,215 | |||||||||
| Debt Securities: | ||||||||||||||
| Securities available-for-sale (at fair value) | 5,164,567 | 3,212,080 | 2,866,185 | 2,627,959 | 2,226,543 | |||||||||
| Securities held-to-maturity (at amortized cost) | 586,178 | 598,604 | 613,312 | 624,650 | 635,186 | |||||||||
| Total debt securities | 5,750,745 | 3,810,684 | 3,479,497 | 3,252,609 | 2,861,729 | |||||||||
| Loans held for sale | 16,297 | 10,841 | 8,610 | 16,016 | 17,277 | |||||||||
| Loans | 12,627,984 | 10,964,173 | 10,608,824 | 10,443,021 | 10,299,950 | |||||||||
| Less: Allowance for credit losses | (178,803) | (147,453) | (142,184) | (140,267) | (138,055) | |||||||||
| Loans, net of allowance for credit losses | 12,449,181 | 10,816,720 | 10,466,640 | 10,302,754 | 10,161,895 | |||||||||
| Bank premises and equipment, net | 160,139 | 115,392 | 107,256 | 108,478 | 107,555 | |||||||||
| Other real estate owned | 4,250 | 5,085 | 5,335 | 7,176 | 6,421 | |||||||||
| Goodwill | 1,034,735 | 754,645 | 732,417 | 732,417 | 732,417 | |||||||||
| Other intangible assets, net | 195,704 | 76,291 | 61,328 | 66,372 | 71,723 | |||||||||
| Bank owned life insurance | 330,563 | 323,214 | 312,860 | 311,453 | 308,995 | |||||||||
| Net deferred tax assets | 66,579 | 74,683 | 87,328 | 93,595 | 102,989 | |||||||||
| Other assets | 431,169 | 352,503 | 349,762 | 339,549 | 325,485 | |||||||||
| Total Assets | $ | 20,842,331 | $ | 16,676,904 | $ | 15,944,955 | $ | 15,732,485 | $ | 15,176,308 | ||||
| Liabilities | ||||||||||||||
| Deposits | ||||||||||||||
| Noninterest demand | $ | 3,897,985 | $ | 3,611,920 | $ | 3,376,941 | $ | 3,492,491 | $ | 3,352,372 | ||||
| Interest-bearing demand | 3,993,225 | 2,753,463 | 2,518,857 | 2,734,260 | 2,667,843 | |||||||||
| Savings | 974,694 | 615,566 | 557,472 | 534,991 | 519,977 | |||||||||
| Money market | 5,141,519 | 4,396,458 | 4,111,789 | 4,154,682 | 4,086,362 | |||||||||
| Time deposits | 2,248,920 | 1,712,912 | 1,932,539 | 1,658,372 | 1,615,873 | |||||||||
| Total Deposits | 16,256,343 | 13,090,319 | 12,497,598 | 12,574,796 | 12,242,427 | |||||||||
| Securities sold under agreements to repurchase | 389,003 | 236,247 | 186,090 | 201,128 | 232,071 | |||||||||
| Federal Home Loan Bank borrowings | 835,000 | 690,000 | 715,000 | 465,000 | 245,000 | |||||||||
| Long-term debt, net | 112,761 | 107,464 | 107,298 | 107,132 | 106,966 | |||||||||
| Other liabilities | 193,437 | 174,742 | 167,404 | 154,689 | 166,601 | |||||||||
| Total Liabilities | 17,786,544 | 14,298,772 | 13,673,390 | 13,502,745 | 12,993,065 | |||||||||
| Shareholders' Equity | ||||||||||||||
| Preferred stock | 343,125 | — | — | — | — | |||||||||
| Common stock | 9,873 | 8,864 | 8,673 | 8,633 | 8,628 | |||||||||
| Additional paid in capital | 2,197,549 | 1,891,111 | 1,832,158 | 1,828,234 | 1,824,935 | |||||||||
| Retained earnings | 603,793 | 590,384 | 569,833 | 542,665 | 526,642 | |||||||||
| Less: Treasury stock | (21,358) | (20,804) | (20,792) | (19,072) | (19,095) | |||||||||
| Total Shareholders' Equity Before Accumulated Other Comprehensive Loss | 3,132,982 | 2,469,555 | 2,389,872 | 2,360,460 | 2,341,110 | |||||||||
| Accumulated other comprehensive loss, net | (77,195) | (91,423) | (118,307) | (130,720) | (157,867) | |||||||||
| Total Shareholders' Equity | 3,055,787 | 2,378,132 | 2,271,565 | 2,229,740 | 2,183,243 | |||||||||
| Total Liabilities & Shareholders' Equity | $ | 20,842,331 | $ | 16,676,904 | $ | 15,944,955 | $ | 15,732,485 | $ | 15,176,308 | ||||
| Common shares outstanding | 97,928 | 87,856 | 85,948 | 85,618 | 85,568 | |||||||||
| Series A convertible preferred shares, treating as common1 | 11,250 | — | — | — | — | |||||||||
| Total common shares outstanding, treating all preferred shares as common | 109,178 | 87,856 | 85,948 | 85,618 | 85,568 | |||||||||
| 1Each 1/1000th preferred share is convertible to one common share on the date a holder of preferred stock transfers such share of preferred stock to a non-affiliate of the holder. | ||||||||||||||
| PRESENTATION OF COMMON AND PREFERRED SHARES | (Unaudited) | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | ||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||||
| In the acquisition of Villages Bancorporation, Inc. ("VBI") on October 1, 2025, Seacoast issued to VBI shareholders the following: | October 1, 2025 | |||||||||||||
| SBCF common shares | 9,923,263 | |||||||||||||
| SBCF Series A non-voting convertible preferred shares | 11,250 | |||||||||||||
| Each 1/1000th preferred share is convertible to one common share on the date a holder of preferred stock transfers such share of preferred stock to a non-affiliate of the holder. | ||||||||||||||
| SBCF common shares upon conversion of Series A convertible preferred shares | 11,250,000 | |||||||||||||
| Additional performance measures are presented herein to include the treatment of preferred shares as common. | ||||||||||||||
| December 31, 2025 | ||||||||||||||
| Common shares | 97,927,843 | |||||||||||||
| Series A convertible preferred shares | 11,250 | |||||||||||||
| Total common shares outstanding, treating all preferred shares as common | 109,177,843 | |||||||||||||
| 4Q'25 | FY2025 | |||||||||||||
| Average common shares - basic | 96,816,460 | 88,275,748 | ||||||||||||
| Dilutive effect of employee restricted stock and stock options | 944,688 | 829,953 | ||||||||||||
| Average common shares - diluted | 97,761,148 | 89,105,701 | ||||||||||||
| Additional common shares, treating all preferred shares as common | 11,250,000 | 2,835,616 | ||||||||||||
| Average common shares - diluted, treating all preferred shares as common | 109,011,148 | 91,941,317 | ||||||||||||
| Series A non-voting convertible preferred shares earn dividends pro-rata with common shares, or 0.19 per 1/1000 preferred share. | ||||||||||||||
| (Amounts in thousands, except per share data) | 4Q'25 | FY2025 | ||||||||||||
| Net Income | $ | 34,260 | $ | 144,878 | ||||||||||
| Less preferred stock dividends | (2,138) | (2,138) | ||||||||||||
| Net income available to common shareholders | 32,122 | 142,740 | ||||||||||||
| Less allocation of earnings to preferred stock | (1,429) | (2,434) | ||||||||||||
| Net income available to common shareholders after allocation of earnings to preferred stock | $ | 30,693 | $ | 140,306 | ||||||||||
| Net income available to common shareholders after allocation of earnings to preferred stock | $ | 30,693 | $ | 140,306 | ||||||||||
| Average common shares - diluted | 97,761 | 89,106 | ||||||||||||
| Earnings per common share - diluted | $ | 0.31 | $ | 1.57 | ||||||||||
| Net Income | $ | 34,260 | $ | 144,878 | ||||||||||
| Average common shares - diluted, treating all preferred shares as common | 109,011 | 91,941 | ||||||||||||
| Earnings per common share - diluted, treating all preferred shares as common1 | $ | 0.31 | $ | 1.58 | ||||||||||
| 1Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" and "Presentation of Common and Preferred Shares" for more information and a reconciliation to GAAP. The Company believes a calculation presenting all convertible preferred shares as common provides useful supplemental information to the presentation of common share measures, as we anticipate they will be converted to common shares in the future. |
All values are in US Dollars.
| CONSOLIDATED QUARTERLY FINANCIAL DATA | (Unaudited) | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||||||||
| Quarterly Trends | ||||||||||||||||||
| (Amounts in thousands) | 4Q'25 | 3Q'25 | 2Q'25 | 1Q'25 | 4Q'24 | |||||||||||||
| Credit Analysis | ||||||||||||||||||
| Net charge-offs | $ | 936 | $ | 3,208 | $ | 2,462 | $ | 7,038 | $ | 6,113 | ||||||||
| Net charge-offs to average loans | 0.03 | % | 0.12 | % | 0.09 | % | 0.27 | % | 0.24 | % | ||||||||
| Allowance for credit losses | $ | 178,803 | $ | 147,453 | $ | 142,184 | $ | 140,267 | $ | 138,055 | ||||||||
| Non-acquired loans at end of period | 9,067,802 | 8,415,612 | 8,071,619 | 7,752,532 | 7,452,175 | |||||||||||||
| Acquired loans at end of period | 3,560,182 | 2,548,561 | 2,537,205 | 2,690,489 | 2,847,775 | |||||||||||||
| Total Loans | $ | 12,627,984 | $ | 10,964,173 | $ | 10,608,824 | $ | 10,443,021 | $ | 10,299,950 | ||||||||
| Total allowance for credit losses to total loans at end of period | 1.42 | % | 1.34 | % | 1.34 | % | 1.34 | % | 1.34 | % | ||||||||
| Purchase discount on acquired loans at end of period | 4.04 | 3.86 | 4.10 | 4.25 | 4.30 | |||||||||||||
| End of Period | ||||||||||||||||||
| Nonperforming loans | $ | 72,001 | $ | 60,562 | $ | 64,198 | $ | 71,018 | $ | 92,446 | ||||||||
| Other real estate owned | 859 | 221 | 351 | 1,820 | 933 | |||||||||||||
| Properties previously used in bank operations included in other real estate owned | 3,391 | 4,864 | 4,984 | 5,356 | 5,488 | |||||||||||||
| Total Nonperforming Assets | $ | 76,251 | $ | 65,647 | $ | 69,533 | $ | 78,194 | $ | 98,867 | ||||||||
| Nonperforming Loans to Loans at End of Period | 0.57 | % | 0.55 | % | 0.61 | % | 0.68 | % | 0.90 | % | ||||||||
| Nonperforming Assets to Total Assets at End of Period | 0.37 | 0.39 | 0.44 | 0.50 | 0.65 | |||||||||||||
| Loans | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | |||||||||||||
| Construction and land development | $ | 723,930 | $ | 616,475 | $ | 603,079 | $ | 618,493 | $ | 648,053 | ||||||||
| Commercial real estate - owner occupied | 2,043,625 | 1,898,704 | 1,778,930 | 1,713,579 | 1,686,629 | |||||||||||||
| Commercial real estate - non-owner occupied | 4,254,992 | 3,766,541 | 3,624,528 | 3,513,400 | 3,503,808 | |||||||||||||
| Residential real estate | 3,098,859 | 2,694,794 | 2,678,042 | 2,653,012 | 2,616,785 | |||||||||||||
| Commercial and financial | 2,320,989 | 1,807,932 | 1,741,158 | 1,753,090 | 1,651,354 | |||||||||||||
| Consumer | 185,589 | 179,727 | 183,087 | 191,447 | 193,321 | |||||||||||||
| Total Loans | $ | 12,627,984 | $ | 10,964,173 | $ | 10,608,824 | $ | 10,443,021 | $ | 10,299,950 | ||||||||
| AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1 | (Unaudited) | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||||||||
| 4Q'25 | 3Q'25 | 4Q'24 | ||||||||||||||||
| Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||||||||||
| (Amounts in thousands) | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||
| Assets | ||||||||||||||||||
| Earning assets: | ||||||||||||||||||
| Securities: | ||||||||||||||||||
| Taxable | $ | 5,239,026 | $ | 53,445 | 4.05 | % | $ | 3,644,261 | $ | 35,975 | 3.92 | % | $ | 2,843,755 | $ | 26,945 | 3.77 | % |
| Nontaxable | 314,355 | 4,407 | 5.56 | 6,752 | 54 | 3.17 | 5,795 | 41 | 2.81 | |||||||||
| Total Securities | 5,553,381 | 57,852 | 4.13 | 3,651,013 | 36,029 | 3.92 | 2,849,550 | 26,986 | 3.77 | |||||||||
| Federal funds sold | 987,626 | 9,828 | 3.95 | 258,779 | 2,896 | 4.44 | 470,154 | 5,690 | 4.81 | |||||||||
| Interest-bearing deposits with other banks and other investments | 194,680 | 2,086 | 4.25 | 166,683 | 1,884 | 4.48 | 102,961 | 1,262 | 4.88 | |||||||||
| Total Loans, net2 | 12,374,373 | 187,910 | 6.02 | 10,805,143 | 162,341 | 5.96 | 10,214,493 | 152,303 | 5.93 | |||||||||
| Total Earning Assets | 19,110,060 | 257,676 | 5.35 | % | 14,881,618 | 203,150 | 5.42 | % | 13,637,158 | 186,241 | 5.43 | % | ||||||
| Allowance for credit losses | (173,790) | (144,051) | (140,409) | |||||||||||||||
| Cash and due from banks | 153,584 | 166,884 | 167,197 | |||||||||||||||
| Bank premises and equipment, net | 161,761 | 114,719 | 108,589 | |||||||||||||||
| Intangible assets | 1,226,495 | 827,294 | 806,710 | |||||||||||||||
| Bank owned life insurance | 328,830 | 321,754 | 307,256 | |||||||||||||||
| Other assets including deferred tax assets | 396,451 | 317,799 | 317,540 | |||||||||||||||
| Total Assets | $ | 21,203,391 | $ | 16,486,017 | $ | 15,204,041 | ||||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||
| Interest-bearing demand | $ | 4,143,038 | $ | 13,840 | 1.33 | % | $ | 2,671,750 | $ | 10,623 | 1.58 | % | $ | 2,581,733 | $ | 11,843 | 1.82 | % |
| Savings | 966,266 | 1,265 | 0.52 | 617,479 | 1,111 | 0.71 | 521,682 | 582 | 0.44 | |||||||||
| Money market | 5,250,174 | 34,883 | 2.64 | 4,362,662 | 31,393 | 2.85 | 4,078,714 | 34,969 | 3.41 | |||||||||
| Time deposits | 2,367,485 | 20,914 | 3.50 | 1,826,068 | 16,341 | 3.55 | 1,686,004 | 16,726 | 3.95 | |||||||||
| Securities sold under agreements to repurchase | 395,271 | 2,280 | 2.29 | 224,328 | 1,359 | 2.40 | 209,909 | 1,584 | 3.00 | |||||||||
| Federal Home Loan Bank borrowings | 623,750 | 6,711 | 4.27 | 637,826 | 6,703 | 4.17 | 245,000 | 2,625 | 4.26 | |||||||||
| Long-term debt, net and other | 108,459 | 1,540 | 5.63 | 107,372 | 1,714 | 6.33 | 106,881 | 1,797 | 6.69 | |||||||||
| Total Interest-Bearing Liabilities | 13,854,443 | 81,433 | 2.33 | % | 10,447,485 | 69,244 | 2.63 | % | 9,429,923 | 70,126 | 2.96 | % | ||||||
| Noninterest demand | 4,086,062 | 3,541,749 | 3,417,539 | |||||||||||||||
| Other liabilities | 195,553 | 151,550 | 153,527 | |||||||||||||||
| Total Liabilities | 18,136,058 | 14,140,784 | 13,000,989 | |||||||||||||||
| Shareholders' equity | 3,067,333 | 2,345,233 | 2,203,052 | |||||||||||||||
| Total Liabilities & Equity | $ | 21,203,391 | $ | 16,486,017 | $ | 15,204,041 | ||||||||||||
| Cost of deposits | 1.67 | % | 1.81 | % | 2.08 | % | ||||||||||||
| Cost of funds3 | 1.80 | 1.96 | 2.17 | |||||||||||||||
| Interest expense as a % of earning assets | 1.69 | 1.85 | 2.05 | |||||||||||||||
| Net interest income as a % of earning assets | $ | 176,243 | 3.66 | % | $ | 133,906 | 3.57 | % | $ | 116,115 | 3.39 | % | ||||||
| 1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. | ||||||||||||||||||
| 2Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances. | ||||||||||||||||||
| 3Total interest expense as a percentage of total interest-bearing liabilities and noninterest demand deposits. | ||||||||||||||||||
| AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1 | (Unaudited) | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||||||||
| Twelve Months Ended December 31, 2025 | Twelve Months Ended December 31, 2024 | |||||||||||||||||
| Average | Yield/ | Average | Yield/ | |||||||||||||||
| (Amounts in thousands, except ratios) | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||
| Assets | ||||||||||||||||||
| Earning assets: | ||||||||||||||||||
| Securities: | ||||||||||||||||||
| Taxable | $ | 3,835,729 | $ | 151,280 | 3.94 | % | $ | 2,702,763 | $ | 99,456 | 3.68 | % | ||||||
| Nontaxable | 83,604 | 4,543 | 5.43 | 5,707 | 164 | 2.87 | ||||||||||||
| Total Securities | 3,919,333 | 155,823 | 3.98 | 2,708,470 | 99,620 | 3.68 | ||||||||||||
| Federal funds sold | 425,320 | 17,710 | 4.16 | 446,149 | 23,619 | 5.29 | ||||||||||||
| Interest-bearing deposits with other banks and other investments | 151,359 | 6,944 | 4.59 | 102,552 | 4,983 | 4.86 | ||||||||||||
| Total Loans, net2 | 11,035,340 | 658,728 | 5.97 | 10,096,189 | 598,411 | 5.93 | ||||||||||||
| Total Earning Assets | 15,531,352 | 839,205 | 5.40 | % | 13,353,360 | 726,633 | 5.44 | % | ||||||||||
| Allowance for credit losses | (149,478) | (144,280) | ||||||||||||||||
| Cash and due from banks | 157,955 | 167,367 | ||||||||||||||||
| Bank premises and equipment, net | 123,456 | 110,341 | ||||||||||||||||
| Intangible assets | 913,906 | 815,945 | ||||||||||||||||
| Bank owned life insurance | 318,261 | 303,486 | ||||||||||||||||
| Other assets including deferred tax assets | 340,007 | 327,539 | ||||||||||||||||
| Total Assets | $ | 17,235,459 | $ | 14,933,758 | ||||||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||
| Interest-bearing demand | $ | 3,038,889 | $ | 45,781 | 1.51 | % | $ | 2,614,893 | $ | 54,960 | 2.10 | % | ||||||
| Savings | 665,860 | 3,955 | 0.59 | 570,046 | 2,283 | 0.40 | ||||||||||||
| Money market | 4,473,830 | 127,644 | 2.85 | 3,775,352 | 140,967 | 3.73 | ||||||||||||
| Time deposits | 1,887,214 | 67,348 | 3.57 | 1,656,269 | 70,777 | 4.27 | ||||||||||||
| Securities sold under agreements to repurchase | 252,168 | 6,210 | 2.46 | 269,255 | 9,390 | 3.49 | ||||||||||||
| Federal Home Loan Bank borrowings | 592,946 | 25,294 | 4.27 | 183,962 | 7,726 | 4.20 | ||||||||||||
| Long-term debt, net and other | 107,523 | 6,666 | 6.20 | 106,624 | 7,485 | 7.02 | ||||||||||||
| Total Interest-Bearing Liabilities | 11,018,430 | 282,898 | 2.57 | % | 9,176,401 | 293,588 | 3.20 | % | ||||||||||
| Noninterest demand | 3,582,837 | 3,455,907 | ||||||||||||||||
| Other liabilities | 162,256 | 149,389 | ||||||||||||||||
| Total Liabilities | 14,763,523 | 12,781,697 | ||||||||||||||||
| Shareholders' equity | 2,471,936 | 2,152,061 | ||||||||||||||||
| Total Liabilities & Equity | $ | 17,235,459 | $ | 14,933,758 | ||||||||||||||
| Cost of deposits | 1.79 | % | 2.23 | % | ||||||||||||||
| Cost of funds3 | 1.94 | 2.32 | ||||||||||||||||
| Interest expense as a % of earning assets | 1.82 | 2.20 | ||||||||||||||||
| Net interest income as a % of earning assets | $ | 556,307 | 3.58 | % | $ | 433,045 | 3.24 | % | ||||||||||
| 1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. | ||||||||||||||||||
| 2Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances. | ||||||||||||||||||
| 3Total interest expense as a percentage of total interest-bearing liabilities and noninterest demand deposits. | ||||||||||||||||||
| 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) | 2025 | 2025 | 2025 | 2025 | 2024 | |||||||||||||
| Customer Relationship Funding | ||||||||||||||||||
| Noninterest demand | ||||||||||||||||||
| Commercial | $ | 3,053,115 | $ | 2,933,228 | $ | 2,717,688 | $ | 2,830,497 | $ | 2,621,469 | ||||||||
| Retail | 672,779 | 508,204 | 509,539 | 536,661 | 502,967 | |||||||||||||
| Public funds | 112,548 | 96,396 | 81,448 | 64,184 | 177,742 | |||||||||||||
| Other | 59,543 | 74,092 | 68,266 | 61,149 | 50,194 | |||||||||||||
| Total Noninterest Demand | 3,897,985 | 3,611,920 | 3,376,941 | 3,492,491 | 3,352,372 | |||||||||||||
| Interest-bearing demand | ||||||||||||||||||
| Commercial | 1,534,289 | 1,586,997 | 1,466,184 | 1,520,186 | 1,467,508 | |||||||||||||
| Retail | 2,047,462 | 976,318 | 838,340 | 881,282 | 881,236 | |||||||||||||
| Brokered | — | — | — | — | 49,287 | |||||||||||||
| Public funds | 411,474 | 190,148 | 214,333 | 332,792 | 269,812 | |||||||||||||
| Total Interest-Bearing Demand | 3,993,225 | 2,753,463 | 2,518,857 | 2,734,260 | 2,667,843 | |||||||||||||
| Total transaction accounts | ||||||||||||||||||
| Commercial | 4,587,404 | 4,520,225 | 4,183,872 | 4,350,683 | 4,088,977 | |||||||||||||
| Retail | 2,720,241 | 1,484,522 | 1,347,879 | 1,417,943 | 1,384,203 | |||||||||||||
| Brokered | — | — | — | — | 49,287 | |||||||||||||
| Public funds | 524,022 | 286,544 | 295,781 | 396,976 | 447,554 | |||||||||||||
| Other | 59,543 | 74,092 | 68,266 | 61,149 | 50,194 | |||||||||||||
| Total Transaction Accounts | 7,891,210 | 6,365,383 | 5,895,798 | 6,226,751 | 6,020,215 | |||||||||||||
| Savings | ||||||||||||||||||
| Commercial | 43,189 | 43,102 | 45,531 | 42,879 | 40,303 | |||||||||||||
| Retail | 931,505 | 572,464 | 511,941 | 492,112 | 479,674 | |||||||||||||
| Total Savings | 974,694 | 615,566 | 557,472 | 534,991 | 519,977 | |||||||||||||
| Money market | ||||||||||||||||||
| Commercial | 2,334,255 | 2,303,584 | 2,073,098 | 1,999,540 | 1,947,250 | |||||||||||||
| Retail | 2,584,398 | 1,898,375 | 1,853,398 | 1,967,239 | 1,925,330 | |||||||||||||
| Public funds | 222,866 | 194,499 | 185,293 | 187,903 | 213,782 | |||||||||||||
| Total Money Market | 5,141,519 | 4,396,458 | 4,111,789 | 4,154,682 | 4,086,362 | |||||||||||||
| Brokered time certificates | 120,865 | 189,561 | 515,303 | 262,461 | 244,351 | |||||||||||||
| Time deposits | 2,128,055 | 1,523,351 | 1,417,236 | 1,395,911 | 1,371,522 | |||||||||||||
| 2,248,920 | 1,712,912 | 1,932,539 | 1,658,372 | 1,615,873 | ||||||||||||||
| Total Deposits | $ | 16,256,343 | $ | 13,090,319 | $ | 12,497,598 | $ | 12,574,796 | $ | 12,242,427 | ||||||||
| Securities sold under agreements to repurchase | 389,003 | 236,247 | 186,090 | 201,128 | 232,071 | |||||||||||||
| Total customer funding1 | $ | 16,524,481 | $ | 13,137,005 | $ | 12,168,385 | $ | 12,513,463 | $ | 12,180,860 | ||||||||
| 1Total deposits and securities sold under agreements to repurchase, excluding brokered deposits. Securities sold under agreements to repurchase consists of customer sweep accounts. |
Explanation of Certain Unaudited Non-GAAP Financial Measures
This presentation contains financial information determined by methods other than Generally Accepted Accounting Principles (“GAAP”). Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance. The Company believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance and if not provided would be requested by the investor community. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might define or calculate these measures differently. The Company provides reconciliations between GAAP and these non-GAAP measures. These disclosures should not be considered an alternative to GAAP.
| GAAP TO NON-GAAP RECONCILIATION | (Unaudited) | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||||||||||||
| Quarterly Trends | Twelve Months Ended | |||||||||||||||||||||
| (Amounts in thousands, except per share data) | 4Q'25 | 3Q'25 | 2Q'25 | 1Q'25 | 4Q'24 | 4Q'25 | 4Q'24 | |||||||||||||||
| Net Income | $ | 34,260 | $ | 36,467 | $ | 42,687 | $ | 31,464 | $ | 34,085 | $ | 144,878 | $ | 120,986 | ||||||||
| Total noninterest income | 28,631 | 23,818 | 24,521 | 22,180 | 17,068 | 99,150 | 83,428 | |||||||||||||||
| Securities (gains) losses, net | (84) | 841 | (39) | (196) | 8,388 | 522 | 8,016 | |||||||||||||||
| Total Adjusted Noninterest Income | 28,547 | 24,659 | 24,482 | 21,984 | 25,456 | 99,672 | 91,444 | |||||||||||||||
| Total noninterest expense | 130,546 | 101,987 | 91,730 | 90,597 | 85,575 | 414,860 | 343,301 | |||||||||||||||
| Merger and integration costs | (18,142) | (10,808) | (2,422) | (1,051) | — | (32,423) | — | |||||||||||||||
| Business continuity expenses - hurricane events | — | — | — | — | (280) | — | (280) | |||||||||||||||
| Branch reductions and other expense initiatives | — | — | — | — | — | — | (7,094) | |||||||||||||||
| Total Adjustments to Noninterest Expense | (18,142) | (10,808) | (2,422) | (1,051) | (280) | (32,423) | (7,374) | |||||||||||||||
| Adjusted Noninterest Expense | 112,404 | 91,179 | 89,308 | 89,546 | 85,295 | 382,437 | 335,927 | |||||||||||||||
| Income Taxes | 9,192 | 10,461 | 12,589 | 9,386 | 9,513 | 41,628 | 34,854 | |||||||||||||||
| Tax effect of adjustments | 4,577 | 2,952 | 604 | 217 | 2,197 | 8,350 | 3,900 | |||||||||||||||
| Adjusted Income Taxes | 13,769 | 13,413 | 13,193 | 9,603 | 11,710 | 49,978 | 38,754 | |||||||||||||||
| Adjusted Net Income | 47,741 | 45,164 | 44,466 | 32,102 | 40,556 | 169,473 | 132,476 | |||||||||||||||
| Earnings per common share-diluted, as reported | 0.31 | 0.42 | 0.50 | 0.37 | 0.40 | 1.57 | 1.42 | |||||||||||||||
| Adjusted Earnings per Common Share-Diluted | 0.44 | 0.52 | 0.52 | 0.38 | 0.48 | 1.84 | 1.56 | |||||||||||||||
| Adjusted Earnings per Common Share-Diluted, Treating all Preferred Shares as Common | $ | 0.44 | $ | 0.52 | $ | 0.52 | $ | 0.38 | $ | 0.48 | $ | 1.84 | $ | 1.56 | ||||||||
| Average common shares-diluted | 97,761 | 87,425 | 85,479 | 85,388 | 85,302 | 89,106 | 85,040 | |||||||||||||||
| Average preferred shares, treating all preferred shares as common | 11,250 | — | — | — | — | 2,836 | — | |||||||||||||||
| Average common shares-diluted, treating all preferred shares as common | 109,011 | 87,425 | 85,479 | 85,388 | 85,302 | 91,941 | 85,040 | |||||||||||||||
| Adjusted Noninterest Expense | $ | 112,404 | $ | 91,179 | $ | 89,308 | $ | 89,546 | $ | 85,295 | $ | 382,437 | $ | 335,927 | ||||||||
| Provision for credit losses on unfunded commitments | (812) | (150) | (150) | (150) | (250) | (1,262) | (1,001) | |||||||||||||||
| Other real estate owned expense and net gain (loss) on sale | 29 | 346 | (8) | (241) | (84) | 126 | (440) | |||||||||||||||
| Amortization of intangibles | (10,374) | (6,005) | (5,131) | (5,309) | (5,587) | (26,819) | (23,884) | |||||||||||||||
| Net Adjusted Noninterest Expense | 101,247 | 85,370 | 84,019 | 83,846 | 79,374 | 354,482 | 310,602 | |||||||||||||||
| Average tangible assets | $ | 19,976,896 | $ | 15,658,723 | $ | 15,004,763 | $ | 14,593,955 | $ | 14,397,331 | $ | 16,321,553 | $ | 14,117,813 | ||||||||
| Net Adjusted Noninterest Expense to Average Tangible Assets | 2.01 | % | 2.16 | % | 2.25 | % | 2.33 | % | 2.19 | % | 2.17 | % | 2.20 | % | ||||||||
| Net Revenue | $ | 203,258 | $ | 157,286 | $ | 151,385 | $ | 140,697 | $ | 132,872 | $ | 652,626 | $ | 515,399 | ||||||||
| Total Adjustments to Net Revenue | (84) | 841 | (39) | (196) | 8,388 | 522 | 8,016 | |||||||||||||||
| Impact of FTE adjustment | 1,617 | 438 | 431 | 340 | 311 | 2,832 | 1,074 | |||||||||||||||
| Adjusted Net Revenue on a FTE basis | $ | 204,791 | $ | 158,565 | $ | 151,777 | $ | 140,841 | $ | 141,571 | $ | 655,980 | $ | 524,489 | ||||||||
| Adjusted Efficiency Ratio | 54.50 | % | 57.63 | % | 58.74 | % | 63.30 | % | 60.01 | % | 58.13 | % | 63.77 | % | ||||||||
| Net Interest Income | $ | 174,627 | $ | 133,468 | $ | 126,864 | $ | 118,517 | $ | 115,804 | $ | 553,476 | $ | 431,971 | ||||||||
| Impact of FTE adjustment | 1,617 | 438 | 431 | 340 | 311 | 2,832 | 1,074 | |||||||||||||||
| Net Interest Income including FTE adjustment | 176,244 | 133,906 | 127,295 | 118,857 | 116,115 | 556,308 | 433,045 | |||||||||||||||
| Total noninterest income | 28,631 | 23,818 | 24,521 | 22,180 | 17,068 | 99,150 | 83,428 | |||||||||||||||
| Total noninterest expense less provision for credit losses on unfunded commitments | 129,734 | 101,837 | 91,580 | $ | 90,447 | 85,325 | 413,598 | 342,300 | ||||||||||||||
| Pre-Tax Pre-Provision Earnings | 75,141 | 55,887 | 60,236 | 50,590 | 47,858 | 241,860 | 174,173 | |||||||||||||||
| Total Adjustments to Noninterest Income | (84) | 841 | (39) | (196) | 8,388 | 522 | 8,016 | |||||||||||||||
| Total Adjustments to Noninterest Expense including other real estate owned expense and net gain (loss) on sale | 18,113 | 10,462 | 2,430 | 1,292 | 364 | 32,297 | 7,814 | |||||||||||||||
| Adjusted Pre-Tax Pre-Provision Earnings | $ | 93,170 | $ | 67,190 | $ | 62,627 | $ | 51,686 | $ | 56,610 | $ | 274,679 | $ | 190,003 | ||||||||
| 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'25 | 3Q'25 | 2Q'25 | 1Q'25 | 4Q'24 | 4Q'25 | 4Q'24 | |||||||||||||||
| Average Assets | $ | 21,203,391 | $ | 16,486,017 | $ | 15,801,194 | $ | 15,395,642 | $ | 15,204,041 | $ | 17,235,459 | $ | 14,933,758 | ||||||||
| Less average goodwill and intangible assets | (1,226,495) | (827,294) | (796,431) | (801,687) | (806,710) | (913,906) | (815,945) | |||||||||||||||
| Average Tangible Assets | $ | 19,976,896 | $ | 15,658,723 | $ | 15,004,763 | $ | 14,593,955 | $ | 14,397,331 | $ | 16,321,553 | $ | 14,117,813 | ||||||||
| Return on Average Assets (ROA) | 0.64 | % | 0.88 | % | 1.08 | % | 0.83 | % | 0.89 | % | 0.84 | % | 0.81 | % | ||||||||
| Impact of other adjustments for Adjusted Net Income | 0.25 | 0.21 | 0.05 | 0.02 | 0.17 | 0.14 | 0.08 | |||||||||||||||
| Adjusted ROA | 0.89 | 1.09 | 1.13 | 0.85 | 1.06 | 0.98 | 0.89 | |||||||||||||||
| ROA | 0.64 | 0.88 | 1.08 | 0.83 | 0.89 | 0.84 | 0.81 | |||||||||||||||
| Impact of removing average intangible assets and related amortization | 0.19 | 0.16 | 0.16 | 0.15 | 0.17 | 0.17 | 0.17 | |||||||||||||||
| Return on Average Tangible Assets (ROTA) | 0.83 | 1.04 | 1.24 | 0.98 | 1.06 | 1.01 | 0.98 | |||||||||||||||
| Impact of other adjustments for Adjusted Net Income | 0.27 | 0.22 | 0.05 | 0.02 | 0.18 | 0.15 | 0.08 | |||||||||||||||
| Adjusted ROTA | 1.10 | 1.26 | 1.29 | 1.00 | 1.24 | 1.16 | 1.06 | |||||||||||||||
| Return on Average Equity (ROE) | 4.43 | 6.17 | 7.60 | 5.76 | 6.16 | 5.86 | 5.62 | |||||||||||||||
| Impact of other adjustments for Adjusted Net Income | 1.75 | 1.47 | 0.32 | 0.12 | 1.16 | 1.00 | 0.54 | |||||||||||||||
| Adjusted ROE | 6.17 | % | 7.64 | % | 7.92 | % | 5.88 | % | 7.32 | % | 6.86 | % | 6.16 | % | ||||||||
| Average Shareholders' Equity | $ | 3,067,333 | $ | 2,345,233 | $ | 2,252,208 | $ | 2,214,995 | $ | 2,203,052 | $ | 2,471,936 | $ | 2,152,061 | ||||||||
| Less average goodwill and intangible assets | (1,226,495) | (827,294) | (796,431) | (801,687) | (806,710) | (913,906) | (815,945) | |||||||||||||||
| Average Tangible Equity | $ | 1,840,838 | $ | 1,517,939 | $ | 1,455,777 | $ | 1,413,308 | $ | 1,396,342 | $ | 1,558,030 | $ | 1,336,116 | ||||||||
| Return on Average Shareholders' Equity | 4.43 | % | 6.17 | % | 7.60 | % | 5.76 | % | 6.16 | % | 5.86 | % | 5.62 | % | ||||||||
| Impact of removing average intangible assets and related amortization | 4.62 | 4.53 | 5.22 | 4.41 | 4.74 | 4.72 | 4.77 | |||||||||||||||
| Return on Average Tangible Equity (ROTE) | 9.05 | 10.70 | 12.82 | 10.17 | 10.90 | 10.58 | 10.39 | |||||||||||||||
| Impact of other adjustments for Adjusted Net Income | 2.91 | 2.28 | 0.49 | 0.18 | 1.84 | 1.58 | 0.86 | |||||||||||||||
| Adjusted ROTE | 11.96 | % | 12.98 | % | 13.31 | % | 10.35 | % | 12.74 | % | 12.16 | % | 11.25 | % | ||||||||
| Loan interest income1 | $ | 187,910 | $ | 162,341 | $ | 157,499 | $ | 150,973 | $ | 152,303 | $ | 658,728 | $ | 598,411 | ||||||||
| Accretion on acquired loans | (10,645) | (9,543) | (10,583) | (8,221) | (11,717) | (38,992) | (41,672) | |||||||||||||||
| Loan interest income excluding accretion on acquired loans1 | $ | 177,265 | $ | 152,798 | $ | 146,916 | $ | 142,752 | $ | 140,586 | $ | 619,736 | $ | 556,739 | ||||||||
| Yield on loans1 | 6.02 | % | 5.96 | % | 5.98 | % | 5.90 | % | 5.93 | % | 5.97 | % | 5.93 | % | ||||||||
| Impact of accretion on acquired loans | (0.34) | (0.35) | (0.40) | (0.32) | (0.45) | (0.35) | (0.42) | |||||||||||||||
| Yield on loans excluding accretion on acquired loans1 | 5.68 | % | 5.61 | % | 5.58 | % | 5.58 | % | 5.48 | % | 5.62 | % | 5.51 | % | ||||||||
| Net Interest Income1 | $ | 176,244 | $ | 133,906 | $ | 127,295 | $ | 118,857 | $ | 116,115 | $ | 556,308 | $ | 433,045 | ||||||||
| Accretion on acquired loans | (10,645) | (9,543) | (10,583) | (8,221) | (11,717) | (38,992) | (41,672) | |||||||||||||||
| Net interest income excluding accretion on acquired loans1 | $ | 165,599 | $ | 124,363 | $ | 116,712 | $ | 110,636 | $ | 104,398 | $ | 517,316 | $ | 391,373 | ||||||||
| Net Interest Margin1 | 3.66 | % | 3.57 | % | 3.58 | % | 3.48 | % | 3.39 | % | 3.58 | % | 3.24 | % | ||||||||
| Impact of accretion on acquired loans | (0.22) | (0.25) | (0.29) | (0.24) | (0.34) | (0.26) | (0.31) | |||||||||||||||
| Net interest margin excluding accretion on acquired loans1 | 3.44 | % | 3.32 | % | 3.29 | % | 3.24 | % | 3.05 | % | 3.33 | % | 2.93 | % | ||||||||
| Securities interest income1 | $ | 57,852 | $ | 36,029 | $ | 32,519 | $ | 29,422 | $ | 26,986 | $ | 155,823 | $ | 99,620 | ||||||||
| Tax equivalent adjustment on securities | (1,114) | (10) | (7) | (7) | (7) | (1,139) | (29) | |||||||||||||||
| Securities interest income excluding tax equivalent adjustment1 | 56,738 | 36,019 | 32,512 | 29,415 | 26,979 | 154,684 | 99,591 | |||||||||||||||
| Loan interest income1 | 187,910 | 162,341 | 157,499 | 150,973 | 152,303 | 658,728 | 598,411 | |||||||||||||||
| Tax equivalent adjustment on loans | (503) | (428) | (424) | (333) | (304) | (1,693) | (1,045) | |||||||||||||||
| Loan interest income excluding tax equivalent adjustment | $ | 187,407 | $ | 161,913 | $ | 157,075 | $ | 150,640 | $ | 151,999 | $ | 657,035 | $ | 597,366 | ||||||||
| 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'25 | 3Q'25 | 2Q'25 | 1Q'25 | 4Q'24 | 4Q'25 | 4Q'24 | |||||||||||||||
| Net Interest Income1 | $ | 176,243 | $ | 133,906 | $ | 127,295 | $ | 118,857 | $ | 116,115 | $ | 556,307 | $ | 433,045 | ||||||||
| Tax equivalent adjustment on securities | (1,114) | (10) | (7) | (7) | (7) | (1,139) | (29) | |||||||||||||||
| Tax equivalent adjustment on loans | (503) | (428) | (424) | (333) | (304) | (1,693) | (1,045) | |||||||||||||||
| Net interest income excluding tax equivalent adjustments | $ | 174,626 | $ | 133,468 | $ | 126,864 | $ | 118,517 | $ | 115,804 | $ | 553,475 | $ | 431,971 | ||||||||
| 1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. |
sbcf4q2025earningspresen
EARNINGS PRESENTATION FOURTH QUARTER 2025 2025
2FOURTH QUARTER 2025 EARNINGS PRESENTATION Cautionary Notice Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in the Company’s markets, and improvements or impacts to reported earnings that may be realized from cost controls, tax law changes, conversion of preferred shares into common shares, new initiatives and for integration of banks (including Villages Bancorporation, Inc.) that the Company has acquired, or expects to acquire, as well as statements with respect to Seacoast's objectives, strategic plans, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements. Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates and intentions about future performance and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance or achievements of Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) or its wholly-owned banking subsidiary, Seacoast National Bank (“Seacoast Bank”), to be materially different from results, performance or achievements expressed or implied by such forward-looking statements. You should not expect the Company to update any forward-looking statements. All statements other than statements of historical fact could be forward-looking statements. You can identify these forward- looking statements through the use of words such as "may", "will", "anticipate", "assume", "should", "support", "indicate", "would", "believe", "contemplate", "expect", "estimate", "continue", "further", "plan", "point to", "project", "could", "intend", "target" or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of continued inflationary pressures, changes in interest rates, tariffs or trade wars (including reduced consumer spending), slowdowns in economic growth, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing; potential impacts of adverse developments in the banking industry and including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto (including increases in the cost of our deposit insurance assessments), the Company's ability to effectively manage its liquidity risk and any growth plans, and the availability of capital and funding; governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes, including those that impact the money supply and inflation; the risks of continued changes in interest rates on the level and composition of deposits (as well as the cost of, and competition for, deposits), loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities; interest rate risks (including the impacts of interest rates on macroeconomic conditions, and on our net interest income), sensitivities and the shape of the yield curve; changes in accounting policies, rules and practices; changes in retail distribution strategies, customer preferences and behavior generally and as a result of economic factors, including heightened or persistent inflation; changes in the availability and cost of credit and capital in the financial markets; changes in the prices, values and sales volumes of residential and commercial real estate, especially as they relate to the value of collateral supporting the Company’s loans; the Company’s concentration in commercial real estate loans and in real estate collateral in Florida; Seacoast’s ability to comply with any regulatory requirements and the risk that the regulatory environment may not be conducive to or may prohibit or delay the consummation of future mergers and/or business combinations, may increase the length of time and amount of resources required to consummate such transactions, and may reduce the anticipated benefit; inaccuracies or other failures from the use of models, including the failure of assumptions and estimates, as well as differences in, and changes to, economic, market and credit conditions; the impact on the valuation of Seacoast’s investments due to market volatility or counterparty payment risk, as well as the effect of a decline in stock market prices on our fee income from our wealth management business; statutory and regulatory dividend restrictions; increases in regulatory capital requirements for banking organizations generally; the risks of mergers, acquisitions and divestitures, including Seacoast’s ability to continue to identify acquisition targets, successfully acquire and integrate desirable financial institutions and realize expected revenues and revenue synergies, and limit deposit, customer and employee attrition; changes in technology or products that may be more difficult, costly, or less effective than anticipated; the Company’s ability to identify and address increased cybersecurity risks, including those impacting vendors and other third parties which may be exacerbated by developments in generative artificial intelligence; fraud or misconduct by internal or external parties, which Seacoast may not be able to prevent, detect or mitigate; inability of Seacoast’s risk management framework to manage risks associated with the Company’s business; dependence on key suppliers or vendors to obtain equipment or services for the business on acceptable terms; reduction in or the termination of Seacoast’s ability to use the online- or mobile-based platform that is critical to the Company’s business growth strategy; the effects of war or other conflicts, civil unrest, acts of terrorism, natural disasters, including hurricanes in the Company’s footprint, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions and/or increase costs, including, but not limited to, property and casualty and other insurance costs; Seacoast’s ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions; the risks that deferred tax assets could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated, the results of tax audit findings, challenges to our tax positions, or adverse changes or interpretations of tax laws; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions; the failure of assumptions underlying the establishment of reserves for expected credit losses; risks related to, and the costs associated with, environmental, social and governance matters, including the scope and pace of related rulemaking activity and disclosure requirements; legislative, regulatory or supervisory actions related to so-called “de-banking,” including any new prohibitions, requirements or enforcement priorities that could affect customer relationships, compliance obligations, or operational practices; government actions or inactions, including a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the federal budget and economic policy, including the impact of tariffs and trade policies; the risk that balance sheet, revenue growth, and loan growth expectations may differ from actual results; and other factors and risks described herein and under “Risk Factors” in any of the Company's subsequent reports filed with the SEC and available on its website at www.sec.gov. All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in the Company’s annual report on Form 10-K for the year ended December 31, 2024 and in other periodic reports that the Company files with the SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at www.sec.gov.
3FOURTH QUARTER 2025 EARNINGS PRESENTATION • Sustained, strong presence in Florida’s most attractive markets • #15 Florida market share ▪ #1 Florida-based bank in Orlando MSA ▪ #1 Florida-based bank in Palm Beach, Highlands, and 10 other counties ▪ #1 overall market share in Port St. Lucie MSA ▪ #1 overall market share in Wildwood- The Villages MSA • Strong capital and liquidity supporting further organic growth and opportunistic acquisitions ▪ 14.4%1 Tier 1 capital ratio ▪ 78% loan-to-deposit ratio Valuable Florida Franchise with Strong Capital and Liquidity 1Estimated
4FOURTH QUARTER 2025 EARNINGS PRESENTATION • Net income of $34.3 million, or $0.31 per diluted share, and adjusted net income1 of $47.7 million, or $0.44 per diluted share. Each includes the $23.4 million in day-one credit provisions recorded in the Villages Bancorporation, Inc. (“VBI”) acquisition. • Adjusted net income1 increased $2.6 million, or 6%, from the prior quarter and $7.2 million, or 18%, from the prior year quarter. • On an adjusted basis, pre-tax pre-provision earnings1 of $93.2 million increased 39% from the prior quarter and 65% from the prior year quarter. • Well-controlled expenses, with an improved efficiency ratio. • Net interest income of $174.6 million, an increase of $41.2 million, or 31%, from the prior quarter and $58.8 million, or 51%, from the prior year quarter. Fourth Quarter 2025 Highlights • Net interest margin, excluding accretion on acquired loans, expanded 12 basis points from the prior quarter to 3.44%. • 15% annualized organic loan growth. • Cost of deposits declined 14 basis points to 1.67% • Strong capital position, with a Tier 1 capital ratio of 14.4%2 and a tangible equity to tangible assets ratio of 9.3%. • Expanded branch footprint with new locations in Bradenton, FL and our first branch in the greater Atlanta market. • Completed the acquisition of VBI, adding 19 branches and approximately $4.4 billion in assets, $1.2 billion in loans, and $3.5 billion in deposits. Full system conversion will be completed in the third quarter of 2026. 1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. 3Estimated
5FOURTH QUARTER 2025 EARNINGS PRESENTATION Net Interest Income and Net Interest Margin ($ in m ill io ns ) $116.1 $118.9 $127.3 $133.9 $176.2 3.39% 3.48% 3.58% 3.57% 3.66% 3.05% 3.24% 3.29% 3.32% 3.44% Net Interest Income Net Interest Margin NIM, excluding accretion on acquired loans 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 • Net interest income1 totaled $176.2 million, an increase of $42.3 million, or 32%, from the prior quarter. • Net interest margin increased nine basis points to 3.66% and, excluding the effect of accretion on acquired loans, net interest margin expanded 12 basis points to 3.44%. • Securities yields increased 21 basis points to 4.13%. • Loan yields increased six basis points from the prior quarter to 6.02%. Excluding the effect of accretion on acquired loans, yields increased seven basis points to 5.68%. • The cost of deposits declined 14 basis points to 1.67% and cost of funds decreased 16 basis points to 1.80%. 1Calculated on a fully taxable equivalent basis using amortized cost. 1
6FOURTH QUARTER 2025 EARNINGS PRESENTATION Noninterest income increased $4.8 million, or 20%, from the prior quarter to $28.6 million. Changes included: Service charges on deposits totaled $6.5 million, an increase of $0.3 million, or 4%, from the prior quarter, reflecting the closing of the VBI acquisition and continued onboarding of new relationships. Wealth management income totaled $5.5 million, an increase of $1.0 million, or 21%, from the prior quarter. Assets under management have grown 37% year over year. The wealth management division has continued to deliver significant growth, adding $549 million in new organic assets under management in 2025. Mortgage banking income totaled $3.1 million, an increase from $0.5 million in the prior quarter, reflecting the addition of mortgage banking activities from the VBI acquisition. BOLI income totaled $2.7 million, a decrease of $1.2 million, or 31%, from the prior quarter. The third quarter of 2025 included death benefit payouts of $1.3 million. Other income totaled $7.1 million, an increase of $1.1 million, or 18%, from the prior quarter. The increase from the prior quarter reflects higher gains on SBIC investments. Noninterest Income $17.1 $22.2 $24.5 $23.8 $28.6 Noninterest income 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 ($ in millions)
7FOURTH QUARTER 2025 EARNINGS PRESENTATION Assets Under Management End-of-Period ($ in millions) $1,239 $1,387 $1,711 $2,053 $2,808 2021 2022 2023 2024 2025 Record Growth in Wealth Management Assets under management totaled $2.8 billion at December 31, 2025, increasing 37% year over year, including $189 million acquired VBI assets. The wealth management division has continued its growth trajectory, adding $549 million in new organic assets under management in 2025. This exceptional performance underscores the team’s consistent strategic execution and sustained growth. Since 2021, assets under management have increased at a compound annual growth rate (“CAGR”) of 23%. 23% CAG R
8FOURTH QUARTER 2025 EARNINGS PRESENTATION Noninterest Expense $85.6 $90.6 $91.7 $102.0 $130.5 60.2% 64.0% 60.3% 64.4% 63.4% Noninterest expense Efficiency Ratio 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Adjusted Noninterest Expense $85.3 $89.5 $89.3 $91.2 $112.4 60.0% 63.3% 58.7% 57.6% 54.5% Adjusted noninterest expense Adjusted Efficiency Ratio 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Noninterest Expense • Salaries and wages totaled $53.9 million, an increase of $7.6 million, or 16%, from the prior quarter. The increase from the prior quarter reflects the continued expansion of the footprint, including the acquisition of VBI, and higher performance driven incentive compensation. • Employee benefits totaled $8.5 million, an increase of $1.1 million, or 15%, compared to the prior quarter. • Outsourced data processing costs totaled $11.3 million, an increase of $1.9 million, or 21%, compared to the prior quarter. The increase reflects higher transaction volume and growth in customers, including from the acquisition of VBI. • Occupancy costs totaled $9.3 million, an increase of $1.7 million, or 22%, compared to the prior quarter, due to growth in the branch network. • Legal and professional fees totaled $2.1 million, an increase of $0.4 million, or 26%, compared to the prior quarter. The increase is largely associated with the timing of various projects. • Amortization of intangibles increased $4.4 million with the addition of $110.5 million in core deposit intangible assets from the VBI acquisition. These assets will be amortized using an accelerated amortization method over approximately 10 years. • Provision for credit losses on unfunded commitments increased $0.7 million as a result of the acquisition of VBI. • Other expense totaled $7.2 million, an increase of $1.3 million, or 22%, compared to the prior quarter. 1Calculated Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. 2In the fourth quarter of 2025, the Company updated its presentation of efficiency ratio to no longer exclude amortization expense on intangible assets. Prior periods have been updated to align with the current presentation. ($ in millions) 1,2 Includes merger and integration costs of $18.1 million in 4Q’25 and $10.8 million in 3Q’25 1 12
9FOURTH QUARTER 2025 EARNINGS PRESENTATION $10,300 $10,443 $10,609 $10,964 $12,628 5.93% 5.90% 5.98% 5.96% 6.02% 5.48% 5.58% 5.58% 5.61% 5.68% Yield Excluding Accretion on Acquired Loans Reported Yield Total Loans 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 $634.1 $904.1 $861.2 $1,134.1 $947.9 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Commercial Loan Pipeline ($ in millions) Total Loans End-of-Period ($ in millions) Consistent Strong Loan Growth Supported by a Strong Pipeline Loans outstanding increased by $1.7 billion from the prior quarter, including the addition of $1.2 billion from the VBI acquisition. Excluding the impact of the VBI acquisition, organic loan growth in the fourth quarter of 2025 was 15% on an annualized basis. $96 million of residential mortgage production in The Villages community footprint was retained in the portfolio. The late stage commercial pipeline totaled $948 million at December 31, 2025.
10FOURTH QUARTER 2025 EARNINGS PRESENTATION Loan Activity 4Q’25 Commercial real estate - non owner occupied Residential real estate Commercial and financial Commercial real estate - owner occupied Construction and land development Consumer $10,964 $1,202 $462 Total Loans at 9/30/2025 Acquired VBI Loans Net Organic Loan Growth Total Loans at 12/31/2025 15% annualized organic loan growth $12,628 $10,964 34% 25% 16% 17% 6% 34% 25% 18% 16% 6% ($ in millions) Seacoast's lending strategy results in a diverse and granular loan portfolio. Seacoast’s average loan size is $435 thousand and the average commercial loan size is $942 thousand. Portfolio diversification in terms of asset mix, industry, and loan type has been a critical element of the Company’s lending strategy. Exposures across industries and collateral types are broadly distributed. Construction and land development and commercial real estate loans, as defined in regulatory guidance, represent 32% and 216%, respectively, of total consolidated risk-based capital1. 1Estimated.
11FOURTH QUARTER 2025 EARNINGS PRESENTATION Allowance for Credit Losses and Purchase Discount ($ in millions) Loans Outstanding Allowance for Credit Losses % of Loans Outstanding Purchase Discount % of Loans Outstanding Construction and Land Development $ 724 $ 10 1.38 % $ 4 0.55 % Owner Occupied Commercial Real Estate 2,044 17 0.83 20 0.98 Commercial Real Estate 4,255 56 1.32 61 1.43 Residential Real Estate 3,099 51 1.65 44 1.42 Commercial & Financial 2,321 38 1.64 20 0.86 Consumer 185 7 3.76 1 0.54 Total $ 12,628 $ 179 1.42 % $ 150 1.19 % • The total allowance for credit losses of $179 million as of December 31, 2025 represents management’s estimate of lifetime expected credit losses and increased 21% from September 30, 2025 primarily due to the VBI acquisition. • The $150 million remaining unrecognized discount on acquired loans includes $59 million added on October 1, 2025 in connection with the VBI acquisition. • Additionally, a $7 million reserve for potential credit losses on lending-related commitments is reflected within Other liabilities, and includes $0.7 million associated with the VBI acquisition.
12FOURTH QUARTER 2025 EARNINGS PRESENTATION Net Charge-Offs 0.24% 0.27% 0.09% 0.12% 0.03% NCO/Average Loans 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Allowance for Credit Losses 1.34% 1.34% 1.34% 1.34% 1.42% ACL/Total Loans 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Continued Strong Asset Quality Trends Nonperforming Loans 0.90% 0.68% 0.61% 0.55% 0.57% 0.15% 0.16% 0.13% 0.19% 0.26% NPL/Total Loans Accruing Past Due / Total Loans 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Criticized and Classified Loans 2.17% 2.41% 2.39% 2.50% 2.82% Criticized and Classified Loans / Total Loans 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Ratios increased in the fourth quarter of 2025 as a result of the VBI acquisition. 1 1 1
13FOURTH QUARTER 2025 EARNINGS PRESENTATION Well-Managed Deposit Costs Deposits increased $3.2 billion during the fourth quarter, including the addition of $3.5 billion from the VBI acquisition, partially offset by a decline of $68.7 million in brokered deposits. Outflows were largely the result of a targeted strategy to lower rates on certain categories of accounts. Continued focus on organic growth and relationship-based funding. The addition of commercial talent onboarding new relationships, in combination with our innovative analytics platform, supports a well- diversified, low-cost deposit portfolio. 12-Month Trend for Cost of Deposits 1.93% 1.93% 1.92% 1.85% 1.78% 1.78% 1.83% 1.84% 1.77% 1.72% 1.66% 1.64% Jan'25 Feb'25 Mar'25 Apr'25 May'25 Jun'25 Jul'25 Aug'25 Sep'25 Oct'25 Nov'25 Dec'25 $12,498 Deposits End-of-Period ($ in millions) $12,242 $12,575 $12,498 $13,090 $16,256 4.50% 4.50% 4.50% 4.25% 3.75% 2.08% 1.93% 1.80% 1.81% 1.67% Total Deposits Fed Funds Upper Limit Cost of Deposits 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25
14FOURTH QUARTER 2025 EARNINGS PRESENTATION Deposits End-of-Period ($ in millions) $12,242 $12,575 $12,498 $13,090 $16,256 Transaction Accounts Savings Money Market Brokered Time Deposits 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Granular, Diverse and Relationship-Focused Customer Funding Base The Company benefits from a granular deposit franchise, with the top ten depositors representing approximately 3% of total deposits. Customer transaction account balances represent 48% of total deposits. Consumer deposits represent 50% of total deposits, with an average balance per account of $26 thousand. Business deposits represent 50% of total deposits, with an average balance per account of $116 thousand. The average customer tenure is 10 years. 48%48%47%50%50% 6% 5% 4%4%4% 33% 33% 33% 34% 32% 2% 2% 4% 1% 1% 11% 11% 11% 12% 13%
15FOURTH QUARTER 2025 EARNINGS PRESENTATION $16.12 $16.71 $17.19 $17.61 $15.14 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 9.6% 9.6% 9.8% 9.8% 9.3% 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 16.2% 16.1% 16.1% 15.9% 15.8%14.8% 14.7% 14.6% 14.5% 14.4% Total Risk Based Capital Tier 1 Ratio 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 10.9% 10.2% 12.8% 10.7% 9.1% 12.7% 10.3% 13.3% 13.0% 12.0% GAAP - ROTE Adjusted - ROTE 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Calculated treating all preferred shares as common. Each 1/1000th preferred share is convertible to one common share on the date a holder of preferred stock transfers such share of preferred stock to a non-affiliate of the holder. 2Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. 3FDICIA defines well capitalized as 10.0% for total risk-based capital and 8.0% for Tier 1 ratio at a total Bank level. 4Current quarter ratios are estimated. Tangible Book Value Per Share Tangible Equity / Tangible Assets Total Risk-Based and Tier 1 Capital3Return on Tangible Equity 2 10.0%4 8.0%4 Robust Capital Position Supporting a Fortress Balance Sheet $16.721
16FOURTH QUARTER 2025 EARNINGS PRESENTATION Investment Securities Performance and Composition Net unrealized losses in the AFS portfolio decreased during the fourth quarter by $18.5 million, driven by changes in long-term interest rates. $2.5 billion in securities were added through the VBI acquisition. Of the securities acquired, approximately $1.5 billion were sold, and the proceeds were reinvested into new positions with an average yield of 5.3%. Portfolio yield increased 21 basis points to 4.13% from 3.92% in the prior quarter, reflecting the higher yield securities purchased and acquired in the VBI acquisition. Net Unrealized Loss in Securities ($ in millions) 12/31/2025 9/30/2025 △ from 3Q'25 Total Available-for-Sale $ (101,727) $ (120,242) $ 18,515 Total Held-to-Maturity (96,618) (100,220) 3,602 Total Securities $ (198,345) $ (220,462) $ 22,117 ($ in m ill io ns ) $2,862 $3,253 $3,479 $3,811 $5,751 $635 $625 $613 $599 $586 $2,227 $2,628 $2,866 $3,212 $5,165 3.77% 3.88% 3.87% 3.92% 4.13% HTM Securities AFS Securities Yield 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25
17FOURTH QUARTER 2025 EARNINGS PRESENTATION Securities Repositioning Leverages Strong Capital Position Strong capital levels with lower than projected dilution from the VBI acquisition provided the opportunity to further optimize the securities portfolio and accelerate our path to stronger earnings. In January 2026, the Company repositioned a portion of its available for sale portfolio. Securities with an average book yield of 1.9% were sold, resulting in a pre-tax loss of approximately $39.5 million impacting first quarter 2026 results. The proceeds of approximately $277 million were reinvested in primarily agency mortgage-backed securities with an average taxable equivalent book yield of 4.8%. The transaction is expected to be immediately accretive to earnings, net interest margin and return on assets, while having a neutral effect on total equity and tangible book value. ($ in m ill io ns ) $2,078 $2,170 Pro Forma Capital 12/31/25 (as projected in May 2025 with the VBI acquisition announcement) Total Capital 12/31/25* *Total Risk Based Capital is estimated until Call report/FR Y-9C is filed. High er th an p roje cted cap ital follo wing the VBI acq uisit ion 14.7% 15.8%
18FOURTH QUARTER 2025 EARNINGS PRESENTATION 2026 Outlook ($ in millions except per share data) 2025 Actual 2026 Outlook Adjusted Revenue (fully taxable equivalent basis) $ 656 29% - 31% Growth Adjusted Efficiency Ratio 58 % 53% - 55% Adjusted Earnings Per Share-Diluted $ 1.84 $2.48 - $2.52 Organic Loan Growth 9.4 % High Single Digit Growth Organic Deposit Growth 1.2 % Low to Mid Single Digit Growth 4Q’25 Actual 4Q’26 Outlook Adjusted ROA 0.89 % 1.30% Adjusted ROTE 12.0 % 16.0% Adjusted measures are non-GAAP measures, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. Adjusted Efficiency Ratio includes amortization expense on intangible assets. Adjusted Earnings Per Share calculated treating all preferred shares as common. Assumptions: • 25 bps rate cuts in June and September 2026 and the current forward curve • Stable economic environment • Includes the benefit of the securities repositioning executed in January 2026
19FOURTH QUARTER 2025 EARNINGS PRESENTATION Appendix
20FOURTH QUARTER 2025 EARNINGS PRESENTATION Selected Acquisition-Related Impacts to Earnings Quarterly Trend Annual Trend ($ in millions, except per share amounts) 4Q’25 3Q’25 2Q’25 1Q’25 4Q’24 2025 2024 2023 2022 2021 Accretion on acquired loans $ 10.6 $ 9.5 $ 10.6 $ 8.2 $ 11.7 $ 39.0 $ 41.7 $ 56.7 $ 18.4 $ 12.8 Amortization of intangibles 10.4 6.0 5.1 5.3 5.6 26.8 23.9 28.7 9.1 5.0 Accretion on acquired loans, net of amortization of intangibles 0.2 3.5 5.5 2.9 6.1 12.2 17.8 28.0 9.3 7.8 Tax effect 0.1 0.9 1.4 0.7 1.5 3.1 4.5 7.1 2.4 2.0 Accretion on acquired loans, net of amortization of intangibles, after taxes $ 0.1 $ 2.6 $ 4.1 $ 2.2 $ 4.6 $ 9.1 $ 13.3 $ 20.9 $ 6.9 $ 5.8 Net per share impact $ — $ 0.03 $ 0.05 $ 0.03 $ 0.05 $ 0.10 $ 0.16 $ 0.25 $ 0.11 $ 0.10 The impact of acquisition related fair value marks on loans and deposits are generally offsetting and have limited effect on bottom line net income. Accretion on acquired loans of $10.6 million, net of amortization of intangibles of $10.4 million in Q4 2025 had no impact to the diluted earnings per share. The $4.4 million increase in amortization expense is a result of the additional intangible assets from the VBI acquisition. For the full year 2025, accretion on acquired loans of $39.0 million, net of amortization of intangibles of $26.8 million contributed only ten cents to diluted earnings per share.
21FOURTH QUARTER 2025 EARNINGS PRESENTATION Allocation of Purchase Consideration (Preliminary) October 2025 Acquisition of Villages Bancorporation, Inc. October 01, 2025 Assets: Cash and cash equivalents $ 166.8 Investment securities 2,540.4 Loans1 1,202.4 CDI 110.5 Goodwill 280.1 Other assets 145.7 Total Assets $ 4,445.9 Liabilities: Deposits $ 3,450.9 Other liabilities 165.9 Total Liabilities $ 3,616.8 Loans Acquired (Preliminary) Book Balance Fair Value Construction and land development $ 102.1 $ 98.8 Commercial real estate - owner-occupied 93.3 90.1 Commercial real estate - non owner-occupied 361.7 335.8 Residential real estate 365.9 349.8 Commercial and financial 335.8 322.6 Consumer 5.3 5.2 Total Acquired Loans $ 1,264.1 $ 1,202.4 The acquisition resulted in the addition of $25.7 million in allowance for credit losses, including $3.0 million for PCD loans, and $22.7 million for non-PCD loans recorded through the provision for credit losses at the date of acquisition. ($ in millions) 1Net of $3.0 million allowance for PCD loans.
22FOURTH QUARTER 2025 EARNINGS PRESENTATION Recognition 3rd consecutive year 5th consecutive year 1st time winner 6th consecutive year 2nd consecutive year 3rd consecutive year 1st time winner 1st time winner
23FOURTH QUARTER 2025 EARNINGS PRESENTATION About 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. Presentation of Non-GAAP Financial Measures: Certain monetary amounts, percentages and other figures included in this report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them and the total of the four quarters may not be the arithmetic aggregation of the year-to-date value. Explanation of Certain Unaudited Non-GAAP Financial Measures
24FOURTH QUARTER 2025 EARNINGS PRESENTATION Quarterly Trend Twelve Months Ended (Amounts in millions except per share data) 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 4Q'25 4Q'24 Net Income $ 34.3 $ 36.5 $ 42.7 $ 31.5 $ 34.1 $ 144.9 $ 121.0 Total noninterest income 28.6 23.8 24.5 22.2 17.1 99.2 83.4 Securities (gains) losses, net (0.1) 0.8 — (0.2) 8.4 0.5 8.0 Total Adjusted Noninterest Income 28.5 24.7 24.5 22.0 25.5 99.7 91.4 Total noninterest expense 130.5 102.0 91.7 90.6 85.6 414.9 343.3 Merger and integration costs (18.1) (10.8) (2.4) (1.1) — (32.4) — Business continuity expenses - hurricane events — — — — (0.3) — (0.3) Branch reductions and other expense initiatives — — — — — — (7.1) Total Adjustments to Noninterest Expense (18.1) (10.8) (2.4) (1.1) (0.3) (32.4) (7.4) Adjusted Noninterest Expense 112.4 91.2 89.3 89.5 85.3 382.4 335.9 Income Taxes 9.2 10.5 12.6 9.4 9.5 41.6 34.9 Tax effect of adjustments 4.6 3.0 0.6 0.2 2.2 8.3 3.9 Adjusted Income Taxes 13.8 13.4 13.2 9.6 11.7 50.0 38.8 Adjusted Net Income 47.7 45.2 44.5 32.1 40.6 169.5 132.5 Earnings per common share-diluted, as reported 0.31 0.42 0.50 0.37 0.40 1.57 1.42 Adjusted Earnings per Common Share-Diluted 0.44 0.52 0.52 0.38 0.48 1.84 1.56 Adjusted Earnings per Common Share-Diluted, Treating all Preferred Shares as Common $ 0.44 $ 0.52 $ 0.52 $ 0.38 $ 0.48 $ 1.84 $ 1.56 Average common shares-diluted 97.8 87.4 85.5 85.4 85.3 89.1 85.0 Average preferred shares, treating all preferred shares as common 11.3 — — — — 2.8 — Average common shares-diluted, treating all preferred shares as common 109.0 87.4 85.5 85.4 85.3 91.9 85.0 GAAP to Non-GAAP Reconciliation
25FOURTH QUARTER 2025 EARNINGS PRESENTATION GAAP to Non-GAAP Reconciliation Quarterly Trend Twelve Months Ended (Amounts in millions except per share data) 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 4Q'25 4Q'24 Adjusted Noninterest Expense $ 112.4 $ 91.2 $ 89.3 $ 89.5 $ 85.3 $ 382.4 $ 335.9 Provision for credit losses on unfunded commitments (0.8) (0.2) (0.2) (0.2) (0.3) (1.3) (1.0) Other real estate owned expense and net gain (loss) on sale — 0.3 — (0.2) (0.1) 0.1 (0.4) Amortization of intangibles (10.4) (6.0) (5.1) (5.3) (5.6) (26.8) (23.9) Net Adjusted Noninterest Expense 101.2 85.4 84.0 83.8 79.4 354.5 310.6 Average tangible assets $ 19,976.9 $ 15,658.7 $ 15,004.8 $ 14,594.0 $ 14,397.3 $ 16,321.6 $ 14,117.8 Net Adjusted Noninterest Expense to Average Tangible Assets 2.01 % 2.16 % 2.25 % 2.33 % 2.19 % 2.17 % 2.20 % Net Revenue $ 203.3 $ 157.3 $ 151.4 $ 140.7 $ 132.9 $ 652.6 $ 515.4 Total Adjustments to Net Revenue (0.1) 0.8 — (0.2) 8.4 0.5 8.0 Impact of FTE adjustment 1.6 0.4 0.4 0.3 0.3 2.8 1.1 Adjusted Net Revenue on a FTE basis $ 204.8 $ 158.6 $ 151.8 $ 140.8 $ 141.6 $ 656.0 $ 524.5 Adjusted Efficiency Ratio 54.50 % 57.63 % 58.74 % 63.30 % 60.01 % 58.13 % 63.77 % Net Interest Income $ 174.6 $ 133.5 $ 126.9 $ 118.5 $ 115.8 $ 553.5 $ 432.0 Impact of FTE adjustment 1.6 0.4 0.4 0.3 0.3 2.8 1.1 Net Interest Income Including FTE adjustment 176.2 133.9 127.3 118.9 116.1 556.3 433.0 Total noninterest income 28.6 23.8 24.5 22.2 17.1 99.2 83.4 Total noninterest expense less provision for credit losses on unfunded commitments 129.7 101.8 91.6 90.4 85.3 413.6 342.3 Pre-Tax Pre-Provision Earnings 75.1 55.9 60.2 50.6 47.9 241.9 174.2 Total Adjustments to Noninterest Income (0.1) 0.8 — (0.2) 8.4 0.5 8.0 Total Adjustments to Noninterest Expense including other real estate owned expense and net gain (loss) on sale 18.1 10.5 2.4 1.3 0.4 32.3 7.8 Adjusted Pre-Tax Pre-Provision Earnings $ 93.2 $ 67.2 $ 62.6 $ 51.7 $ 56.6 $ 274.7 $ 190.0
26FOURTH QUARTER 2025 EARNINGS PRESENTATION Quarterly Trend Twelve Months Ended (Amounts in millions except per share data) 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 4Q'25 4Q'24 Average Assets $ 21,203.4 $ 16,486.0 $ 15,801.2 $ 15,395.6 $ 15,204.0 $ 17,235.5 $ 14,933.8 Less average goodwill and intangible assets (1,226.5) (827.3) (796.4) (801.7) (806.7) (913.9) (815.9) Average Tangible Assets $ 19,976.9 $ 15,658.7 $ 15,004.8 $ 14,594.0 $ 14,397.3 $ 16,321.6 $ 14,117.8 Return on Average Assets (ROA) 0.64 % 0.88 % 1.08 % 0.83 % 0.89 % 0.84 % 0.81 % Impact of other adjustments for Adjusted Net Income 0.25 0.21 0.05 0.02 0.17 0.14 0.08 Adjusted ROA 0.89 1.09 1.13 0.85 1.06 0.98 0.89 ROA 0.64 0.88 1.08 0.83 0.89 0.84 0.81 Impact of removing average intangible assets and related amortization 0.19 0.16 0.16 0.15 0.17 0.17 0.17 Return on Average Tangible Assets (ROTA) 0.83 1.04 1.24 0.98 1.06 1.01 0.98 Impact of other adjustments for Adjusted Net Income 0.27 0.22 0.05 0.02 0.18 0.15 0.08 Adjusted ROTA 1.10 1.26 1.29 1.00 1.24 1.16 1.06 Return on Average Equity (ROE) 4.43 6.17 7.60 5.76 6.16 5.86 5.62 Impact of other adjustments for Adjusted Net Income 1.75 1.47 0.32 0.12 1.16 1.00 0.54 Adjusted ROE 6.17 % 7.64 % 7.92 % 5.88 % 7.32 % 6.86 % 6.16 % Average Shareholders' Equity $ 3,067.3 $ 2,345.2 $ 2,252.2 $ 2,215.0 $ 2,203.1 $ 2,471.9 $ 2,152.1 Less average goodwill and intangible assets (1,226.5) (827.3) (796.4) (801.7) (806.7) (913.9) (815.9) Average Tangible Equity $ 1,840.8 $ 1,517.9 $ 1,455.8 $ 1,413.3 $ 1,396.3 $ 1,558.0 $ 1,336.1 Return on Average Shareholders' Equity 4.43 % 6.17 % 7.60 % 5.76 % 6.16 % 5.86 % 5.62 % Impact of removing average intangible assets and related amortization 4.62 4.53 5.22 4.41 4.74 4.72 4.77 Return on Average Tangible Equity (ROTE) 9.05 10.70 12.82 10.17 10.90 10.58 10.39 Impact of other adjustments for Adjusted Net Income 2.91 2.28 0.49 0.18 1.84 1.58 0.86 Adjusted ROTE 11.96 % 12.98 % 13.31 % 10.35 % 12.74 % 12.16 % 11.25 % GAAP to Non-GAAP Reconciliation
27FOURTH QUARTER 2025 EARNINGS PRESENTATION Quarterly Trend Twelve Months Ended (Amounts in millions except per share data) 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 4Q'25 4Q'24 Loan Interest Income1 $ 187.9 $ 162.3 $ 157.5 $ 151.0 $ 152.3 $ 658.7 $ 598.4 Accretion on acquired loans (10.6) (9.5) (10.6) (8.2) (11.7) (39.0) (41.7) Loan interest income excluding accretion on acquired loans1 $ 177.3 $ 152.8 $ 146.9 $ 142.8 $ 140.6 $ 619.7 $ 556.7 Yield on Loans1 6.02 % 5.96 % 5.98 % 5.90 % 5.93 % 5.97 % 5.93 % Impact of accretion on acquired loans (0.34) (0.35) (0.40) (0.32) (0.45) (0.35) (0.42) Yield on loans excluding accretion on acquired loans1 5.68 % 5.61 % 5.58 % 5.58 % 5.48 % 5.62 % 5.51 % Net Interest income1 $ 176.2 $ 133.9 $ 127.3 $ 118.9 $ 116.1 $ 556.3 $ 433.0 Accretion on acquired loans (10.6) (9.5) (10.6) (8.2) (11.7) (39.0) (41.7) Net interest income excluding accretion on acquired loans1 $ 165.6 $ 124.4 $ 116.7 $ 110.6 $ 104.4 $ 517.3 $ 391.4 Net Interest Margin1 3.66 % 3.57 % 3.58 % 3.48 % 3.39 % 3.58 % 3.24 % Impact of accretion on acquired loans (0.22) (0.25) (0.29) (0.24) (0.34) (0.26) (0.31) Net interest margin excluding accretion on acquired loans1 3.44 % 3.32 % 3.29 % 3.24 % 3.05 % 3.33 % 2.93 % Securities Interest Income1 $ 57.9 $ 36.0 $ 32.5 $ 29.4 $ 27.0 $ 155.8 $ 99.6 Tax equivalent adjustment on securities (1.1) — — — — (1.1) — Securities interest income excluding tax equivalent adjustment1 56.7 36.0 32.5 29.4 27.0 154.7 99.6 Loan Interest Income1 187.9 162.3 157.5 151.0 152.3 658.7 598.4 Tax equivalent adjustment on loans (0.5) (0.4) (0.4) (0.3) (0.3) (1.7) (1.0) Loan interest income excluding tax equivalent adjustment 187.4 161.9 157.1 150.6 152.0 657.0 597.4 Net Interest Income1 176.2 133.9 127.3 118.9 116.1 556.3 433.0 Tax equivalent adjustment on securities (1.1) — — — — (1.1) — Tax equivalent adjustment on loans (0.5) (0.4) (0.4) (0.3) (0.3) (1.7) (1.0) Net interest income excluding tax equivalent adjustment $ 174.6 $ 133.5 $ 126.9 $ 118.5 $ 115.8 $ 553.5 $ 432.0 1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. GAAP to Non-GAAP Reconciliation