SBCF 8-K
Seacoast Banking Corp Of Florida (SBCF)
8-K
2026-04-28
For: 2026-04-28
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April 28, 2026
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): April 28, 2026
(Exact Name of Registrant as Specified in Charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
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 April 28, 2026, Seacoast Banking Corporation of Florida ("Seacoast or the "Company") announced its financial results for the quarter ended March 31, 2026. A copy of the press release announcing Seacoast’s results for the quarter ended March 31, 2026, is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 7.01 Regulation FD Disclosure
On April 29, 2026, Seacoast will hold an investor conference call to discuss its financial results for the quarter ended March 31, 2026. 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 March 31, 2026, 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 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
| 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: April 28, 2026 | /s/ Tracey L. Dexter | ||||
| Tracey L. Dexter | |||||
| Chief Financial Officer | |||||
SEACOAST REPORTS FIRST QUARTER 2026 RESULTS
Annualized Organic Deposit Growth of 7%
Net Interest Margin Grew 17 Basis Points Quarter over Quarter to 3.83%
STUART, Fla., April 28, 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 first quarter of 2026.
First Quarter 2026 Highlights
•Net income of $31.9 million included a $39.5 million loss from a strategic repositioning of available-for-sale securities executed in January 2026. This action involved selling approximately $277.0 million in low-yielding securities and reinvesting the proceeds into higher-yielding positions, providing higher interest income going forward. This contributed to a 24 basis point increase in yield on securities during the quarter.
•Adjusted net income1 of $67.8 million, or $0.62 per share, increased 42% from the prior quarter and 111% from the prior year quarter.
•Organic deposit growth of 7% annualized, including growth in noninterest-bearing deposits of 29% annualized. The cost of deposits declined 13 basis points to 1.54%.
•Net interest margin grew 17 basis points to 3.83%. Excluding accretion on acquired loans, net interest margin expanded 13 basis points to 3.57%.
•Repurchased 317,628 shares of common stock during the quarter, taking advantage of constructive market conditions and leveraging our strong capital position.
•Continued improvement in profitability metrics. Return on average assets and return on average tangible shareholders' equity were 0.62% and 8.51%, respectively. Adjusted return on average assets1 was 1.31% and adjusted return on average tangible shareholders' equity1 was 16.26%, compared to 0.89% and 11.96%, respectively, in the prior quarter.
Charles M. Shaffer, Seacoast's Chairman and CEO, said, “Our strategy to improve shareholder returns and deliver on our 2026 guidance remains on track. With excellent asset quality, a fortress balance sheet, meaningful capital flexibility, and the Villages Bancorporation, Inc. conversion approaching this summer, we are well positioned to unlock the full earnings power of the combined franchise. As we enter Seacoast’s 100th year, our strong first quarter results reaffirm our disciplined approach to growth, prudent balance sheet management, and continued focus on building franchise value and growing earnings over time.”
Shaffer added, “I am extremely proud of our associates and their commitment to our customers and communities. We continue to grow our customer base across all our markets while executing on important product and technology initiatives that will enhance the client experience. Seacoast will exit 2026 stronger, more competitive, and well positioned to deliver sustainable long‑term shareholder value.”
Financial Results
Income Statement
•Net revenues were $163.9 million in the first quarter of 2026, including a $39.5 million loss from the securities repositioning. Adjusted net revenues1 were $205.1 million in the first quarter of 2026, an increase of $0.3 million compared to the prior quarter, and an increase of $64.2 million, or 46%, compared to the prior year quarter.
•Net interest income totaled $176.5 million in the first quarter of 2026, an increase of $1.8 million, or 1%, compared to the prior quarter, and an increase of $58.0 million, or 49%, compared to the first quarter of 2025. The increase compared to the prior quarter represents higher yields on the securities portfolio and lower deposit costs, partially offset by lower average invested cash balances. Securities income increased $3.4 million, or 6%, from the prior quarter, benefiting from the securities repositioning. Interest income on loans declined compared to the prior quarter by $1.7 million, with lower yields partially offset by higher purchase accounting accretion. Accretion on acquired loans was $12.1 million in the first quarter of 2026 compared to $10.6 million in the fourth quarter of 2025. Interest expense on deposits decreased $5.4 million, or 11%, compared to the prior quarter. Changes compared to the prior year quarter were largely the result of higher balances resulting from bank acquisitions in 2025.
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
•Net interest margin increased 17 basis points to 3.83% in the first quarter of 2026 compared to 3.66% in the fourth quarter of 2025, and increased 35 basis points compared to 3.48% in the first quarter of 2025. Excluding the effects of accretion on acquired loans, net interest margin expanded 13 basis points to 3.57% in the first quarter of 2026 compared to 3.44% in the fourth quarter of 2025, and increased 33 basis points compared to 3.24% in the first quarter of 2025. Loan yields were 5.96%, a decline of six basis points from the prior quarter, and an increase of six basis points from the prior year quarter. Securities yields increased to 4.37%, up 24 basis points from the prior quarter and up 49 basis points from the prior year quarter. The cost of deposits declined 13 basis points to 1.54% in the first quarter of 2026 compared to 1.67% in the prior quarter, and declined 39 basis points compared to 1.93% in the first quarter of 2025. The cost of funds declined nine basis points to 1.71% compared to the prior quarter, and declined 34 basis points compared to the prior year quarter.
•The provision for credit losses was $0.8 million in the first quarter of 2026. In the fourth quarter of 2025, the acquisition of Villages Bancorporation, Inc. (“VBI”) resulted in an initial loan loss provision of $22.7 million. Allowance coverage of 1.39% at March 31, 2026 was lower by three basis points compared to December 31, 2025.
•Noninterest income was a net loss of $12.6 million in the first quarter of 2026 and included securities losses of $39.5 million from the repositioning of a portion of the available-for-sale securities portfolio. Adjusted noninterest income1 of $26.9 million decreased $1.6 million, or 6%, compared to the prior quarter, and increased $4.9 million, or 22%, from the prior year quarter. Changes included:
•Service charges on deposits totaled $6.9 million, an increase of $0.4 million, or 7%, from the prior quarter resulting from growth in customer relationships. The increase of $1.7 million, or 33%, from the prior year quarter is primarily attributable to bank acquisitions in 2025 and growth in customer relationships.
•Wealth management income totaled $5.8 million, an increase of $0.2 million, or 4%, from the prior quarter and an increase of $1.5 million, or 36%, from the prior year quarter. Assets under management have grown 33% year-over-year. The wealth management division has continued to deliver significant growth, adding $125 million in new organic assets under management in the first quarter of 2026, partially offset by financial market volatility.
•Mortgage banking income totaled $2.2 million, a decrease of $0.9 million, or 30%, from the prior quarter, largely the result of volatility associated with the value of mortgage servicing rights acquired from VBI, which contributed $0.6 million to the decrease. Underlying mortgage volumes and pipelines remain strong.
•Insurance agency income totaled $1.8 million, an increase of $0.6 million, or 50%, from the prior quarter and an increase of $0.2 million, or 10%, from the prior year quarter. The increase from the prior quarter reflects typical seasonal contingency payments collected annually.
•Other income totaled $5.6 million, a decrease of $1.5 million, or 21%, compared to the prior quarter and a decrease of $0.7 million, or 11%, from the prior year quarter. The decreases primarily reflect lower gains on SBIC investments.
•Noninterest expense was $122.2 million in the first quarter of 2026, a decrease of $8.4 million, or 6%, compared to the prior quarter, and an increase of $31.6 million, or 35%, compared to the prior year quarter. In the first quarter of 2026, merger and integration costs totaled $8.5 million, compared to $18.1 million in the prior quarter and $1.1 million in the prior year quarter. Results in the first quarter of 2026 also included:
•Salaries and employee benefits totaled $62.6 million, an increase of $0.2 million, from the prior quarter and an increase of $11.5 million, or 23%, from the prior year quarter. The year over year increase reflects continued expansion of the footprint, including through bank acquisitions.
•Outsourced data processing costs totaled $12.0 million, an increase of $0.7 million, or 7%, from the prior quarter and an increase of $3.5 million, or 41%, from the prior year quarter. The increases reflect higher transaction volume and growth in customers, including from bank acquisitions.
•Occupancy costs totaled $9.2 million, a decrease of $0.1 million, or 1%, compared to the prior quarter and an increase of $1.9 million, or 26%, from the prior year quarter. The year over year increase is primarily the result of growth in the Company’s footprint, including through bank acquisitions.
•Legal and professional fees totaled $3.2 million, an increase of $1.1 million, or 51%, compared to the prior quarter and an increase of $0.4 million, or 16%, from the prior year quarter. The increases are largely associated with the timing of various projects.
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
•Amortization of intangibles totaled $10.1 million, a decrease of $0.3 million, or 3%, from the prior quarter and an increase of $4.8 million, or 90%, from the prior year quarter. The increase from the prior year quarter reflects the addition of core deposit intangible assets from bank acquisitions in 2025.
•Other expense totaled $6.8 million, a decrease of $0.4 million, or 5%, compared to the prior quarter and a decrease of $0.3 million, or 4%, from the prior year quarter.
•The efficiency ratio improved to 59.47% in the first quarter of 2026, compared to 63.36% in the fourth quarter of 2025 and 64.05% in the first quarter of 2025. The adjusted efficiency ratio1 was 55.31% in the first quarter of 2026, compared to 54.50% in the fourth quarter of 2025 and 63.30% in the prior year quarter. The Company continues to remain keenly focused on disciplined expense control, while making investments for growth.
Balance Sheet
•At March 31, 2026, the Company had total assets of $21.1 billion and total shareholders’ equity of $2.7 billion. Book value per common share was $27.83 as of March 31, 2026, compared to $27.70 as of December 31, 2025, and $26.04 as of March 31, 2025. Tangible book value per share, treating all convertible preferred shares as common was $16.90 as of March 31, 2026, compared to $16.72 as of December 31, 2025, and $16.71 as of March 31, 2025.
•Debt securities totaled $5.6 billion as of March 31, 2026, a decrease of $105.3 million compared to December 31, 2025. Debt securities as of March 31, 2026 included approximately $5.1 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 $576.2 million in securities classified as held-to-maturity with a fair value of $477.7 million.
With higher capital in the VBI acquisition 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. The proceeds of approximately $277.0 million were reinvested in primarily agency mortgage-backed securities with an average taxable equivalent book yield of 4.8%.
•Loans increased $13.4 million during the first quarter of 2026, totaling $12.6 billion as of March 31, 2026, with strong production partially offset by higher payoffs. The Company continues to exercise a disciplined approach to lending and benefit from the investments made in recent years to attract talent from large regional and national banks across its markets. The commercial pipeline totaled $1.0 billion as of March 31, 2026, representing an increase of $97.1 million, or 10%, from the prior quarter and an increase of $140.9 million, or 16%, from the prior‑year quarter, driven by continued relationship‑based origination activity. Loan payoffs totaled $530.5 million during the first quarter of 2026, representing an increase of $289.4 million, or 120%, from $241.1 million in the prior year quarter.
•Total deposits were $16.6 billion as of March 31, 2026, an increase of $381.6 million or 9.5% annualized, when compared to December 31, 2025. Excluding brokered deposits, organic deposit growth was 7% annualized.
•Noninterest-bearing demand deposits totaled $4.2 billion at March 31, 2026, an increase of 29% annualized from $3.9 billion at December 31, 2025.
•The cost of deposits declined 13 basis points to 1.54% from 1.67% in the prior quarter.
•At March 31, 2026, customer transaction account balances represented 50% 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 49% of overall deposit funding with an average consumer customer balance of $27 thousand. Commercial deposits represent 51% of overall deposit funding with an average business customer balance of $122 thousand.
•Uninsured deposits represented only 33% of overall deposit balances as of March 31, 2026. This includes public funds under the Florida Qualified Public Depository program, which provides loss protection to depositors beyond FDIC insurance limits. Excluding such balances, the uninsured and uncollateralized deposits were 32% of total deposits. The Company has liquidity sources including cash and lines of credit with the Federal Reserve and Federal Home Loan Bank that represent 180% of uninsured deposits, and 184% of uninsured and uncollateralized deposits.
•Federal Home Loan Bank borrowings averaged $847.2 million at 4.03% for the first quarter of 2026, compared to average borrowings of $623.8 million at 4.27% in the fourth quarter of 2025.
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
Asset Quality
•The ratio of criticized and classified loans to total loans was 2.82% at March 31, 2026, 2.82% at December 31, 2025, and 2.41% at March 31, 2025.
•Nonperforming loans were $95.0 million at March 31, 2026, an increase of $23.0 million, or 30%, from $76.3 million as of December 31, 2025. The increase in nonaccrual loans during the first quarter of 2026 reflects the movement of two commercial credits to nonaccrual status that have collateral values well in excess of balances outstanding, and therefore, no credit loss is expected.
•Accruing past due loans were $28.2 million, or 0.22% of total loans, at March 31, 2026, compared to $33.2 million, or 0.26% of total loans, at December 31, 2025, and $17.2 million, or 0.15% of total loans, at March 31, 2025.
•Net charge-offs were $3.3 million in the first quarter of 2026, or 11 basis points annualized, compared to $0.9 million in the fourth quarter of 2025 and $7.0 million in the first quarter of 2025.
•The ratio of ACL to total loans was 1.39% at March 31, 2026, a decline of three basis points, compared to 1.42% at December 31, 2025, and 1.34% at March 31, 2025.
•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 March 31, 2026 at 35% and 224% of total bank-level risk-based capital2, respectively, compared to 34% and 227%, respectively, at December 31, 2025. On a consolidated basis and as of March 31, 2026, construction and land development and commercial real estate loans represent 33% and 211%, respectively, of total consolidated risk-based capital2.
Capital and Liquidity
•The Company continues to operate with a fortress balance sheet, with a Tier 1 capital ratio at March 31, 2026 of 14.6%2 compared to 14.5% at December 31, 2025, and 14.7% at March 31, 2025. The Total capital ratio was 16.0%2, the Common Equity Tier 1 capital ratio was 11.7%2, and the Tier 1 leverage ratio was 10.4%2 at March 31, 2026. The Company is considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements.
•Tangible equity to tangible assets was 9.24% at March 31, 2026, compared to 9.31% at December 31, 2025, and 9.58% at March 31, 2025. If all held-to-maturity securities were adjusted to fair value, the tangible equity ratio would have been 8.90% at March 31, 2026.
•At March 31, 2026, the Company had $808.4 million in cash, which increased compared to December 31, 2025 due to higher loan payoffs and increased customer deposits late in the quarter. In addition to cash, the Company had $9.1 billion in available borrowing capacity, including $5.1 billion in available collateralized lines of credit, $3.7 billion of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of $348.0 million. These liquidity sources as of March 31, 2026, represented 184% of uninsured and uncollateralized deposits.
•During the first quarter of 2026, the Company repurchased 317,628 shares of its common stock under its share repurchase program.
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 April 29, 2026, at 10:00 a.m. (Eastern Time) to discuss the first quarter of 2026 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 715-9871 (Conference ID: 4307965). 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 $21.1 billion in assets and $16.6 billion in deposits as of March 31, 2026. Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage and insurance services to customers at 104 full-service branches across Florida and Georgia, 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 the third quarter of 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. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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. Forward-looking statements also include statements relating to expectations regarding net interest income, net interest margin, loan growth, deposit growth and mix, credit quality, noninterest income and expense, capital levels and liquidity. 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, or as encountered by other financial institutions that adversely affect Seacoast, 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 risks related to 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 borrower credit risks and payment behaviors, and 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 (including with respect to our financial statements), 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 timely development and acceptance of new products and services as well as risks (including reputational and litigation) attendant thereto, and perceived overall value of these products and services by users; risks associated with the development and use of artificial intelligence; 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, regime change, 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 or actual claims, damages, penalties, fines, costs, unexpected outcomes and reputational damage resulting from new, existing, 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 (including the inability to grow, or attrition of deposits, customers, and employees) from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, private credit funds, money market and other mutual funds and other financial institutions; the failure of assumptions underlying the establishment of reserves for expected credit losses; impairment of our goodwill or other intangible assets, risks related to, and the costs associated with, environmental, social and governance matters (“ESG”) and anti-ESG matters, including the scope and pace of related rulemaking activity and disclosure requirements and potential litigation and enforcement; 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, 2025 and in other periodic reports that the Company files with the SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at www.sec.gov.
| FINANCIAL HIGHLIGHTS | (Unaudited) | ||||||||||||||||||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||||||||||||||||||||||||||||
| Quarterly Trends | |||||||||||||||||||||||||||||
| (Amounts in thousands, except ratios and per share data) | 1Q'26 | 4Q'25 | 3Q'25 | 2Q'25 | 1Q'25 | ||||||||||||||||||||||||
| Summary of Earnings | |||||||||||||||||||||||||||||
| Net income | $ | 31,895 | $ | 34,260 | $ | 36,467 | $ | 42,687 | $ | 31,464 | |||||||||||||||||||
Adjusted net income1 | 67,777 | 47,741 | 45,164 | 44,466 | 32,102 | ||||||||||||||||||||||||
Net interest income2 | 178,154 | 176,244 | 133,906 | 127,295 | 118,857 | ||||||||||||||||||||||||
Net interest margin2,3 | 3.83 | % | 3.66 | % | 3.57 | % | 3.58 | % | 3.48 | % | |||||||||||||||||||
Pre-tax pre-provision earnings1 | $ | 43,519 | $ | 75,141 | $ | 55,887 | $ | 60,236 | $ | 50,590 | |||||||||||||||||||
Adjusted pre-tax pre-provision earnings1 | 91,646 | 93,170 | 67,190 | 62,627 | 51,686 | ||||||||||||||||||||||||
| Performance Ratios | |||||||||||||||||||||||||||||
Return on average assets-GAAP basis3 | 0.62 | % | 0.64 | % | 0.88 | % | 1.08 | % | 0.83 | % | |||||||||||||||||||
Adjusted return on average assets1,3 | 1.31 | 0.89 | 1.09 | 1.13 | 0.85 | ||||||||||||||||||||||||
Return on average tangible assets-GAAP basis3,4 | 0.81 | 0.83 | 1.04 | 1.24 | 0.98 | ||||||||||||||||||||||||
Adjusted return on average tangible assets1,3,4 | 1.55 | 1.10 | 1.26 | 1.29 | 1.00 | ||||||||||||||||||||||||
Net adjusted noninterest expense to average tangible assets1,3,4 | 2.13 | 2.01 | 2.16 | 2.25 | 2.33 | ||||||||||||||||||||||||
Return on average equity-GAAP basis3 | 4.69 | 4.99 | 6.17 | 7.60 | 5.76 | ||||||||||||||||||||||||
Adjusted return on average equity1,3 | 9.96 | 6.95 | 7.64 | 7.92 | 5.88 | ||||||||||||||||||||||||
Return on average tangible equity-GAAP basis3,4 | 8.51 | 9.05 | 10.70 | 12.82 | 10.17 | ||||||||||||||||||||||||
Adjusted return on average tangible equity1,3,4 | 16.26 | 11.96 | 12.98 | 13.31 | 10.35 | ||||||||||||||||||||||||
Efficiency ratio5 | 59.47 | 63.36 | 64.44 | 60.33 | 64.05 | ||||||||||||||||||||||||
Adjusted efficiency ratio1 | 55.31 | 54.50 | 57.63 | 58.74 | 63.30 | ||||||||||||||||||||||||
| Noninterest income to total revenue (excluding securities gains/losses) | 13.23 | 14.05 | 15.59 | 16.18 | 15.65 | ||||||||||||||||||||||||
Tangible equity to tangible assets4 | 9.24 | 9.31 | 9.76 | 9.75 | 9.58 | ||||||||||||||||||||||||
| Average loan-to-deposit ratio | 77.58 | 73.60 | 82.99 | 85.21 | 84.23 | ||||||||||||||||||||||||
| End of period loan-to-deposit ratio | 76.09 | 77.78 | 83.84 | 84.96 | 83.17 | ||||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||||
| Earnings per common share-diluted-GAAP basis | $ | 0.29 | $ | 0.31 | $ | 0.42 | $ | 0.50 | $ | 0.37 | |||||||||||||||||||
| Earnings per common share-basic-GAAP basis | 0.30 | 0.32 | 0.42 | 0.50 | 0.37 | ||||||||||||||||||||||||
Adjusted earnings per common share-diluted1 | 0.62 | 0.44 | 0.52 | 0.52 | 0.38 | ||||||||||||||||||||||||
| Book value per common share | 27.83 | 27.70 | 27.07 | 26.43 | 26.04 | ||||||||||||||||||||||||
Book value per share, treating all convertible preferred shares as common6 | 28.10 | 27.99 | 27.07 | 26.43 | 26.04 | ||||||||||||||||||||||||
| Tangible book value per common share | 15.33 | 15.14 | 17.61 | 17.19 | 16.71 | ||||||||||||||||||||||||
Tangible book value per share, treating all convertible preferred shares as common4,6 | 16.90 | 16.72 | 17.61 | 17.19 | 16.71 | ||||||||||||||||||||||||
Cash dividends declared on common and preferred stock7 | 0.19 | 0.19 | 0.18 | 0.18 | 0.18 | ||||||||||||||||||||||||
| Other Data | |||||||||||||||||||||||||||||
| Full-time equivalent employees | 1,949 | 1,962 | 1,601 | 1,522 | 1,518 | ||||||||||||||||||||||||
| Number of ATMs | 192 | 191 | 103 | 98 | 98 | ||||||||||||||||||||||||
| Full-service banking offices | 104 | 104 | 84 | 79 | 79 | ||||||||||||||||||||||||
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 plus convertible preferred stock 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 convertible 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 convertible preferred shares were issued in connection with the VBI acquisition. Those shares earn dividends pro-rata with common shares, or $0.19 per 1/1000th preferred share. | |||||||||||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | (Unaudited) | ||||||||||||||||||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||||||||||||||||||||||||||||
| Quarterly Trends | |||||||||||||||||||||||||||||
| (Amounts in thousands, except per share data) | 1Q'26 | 4Q'25 | 3Q'25 | 2Q'25 | 1Q'25 | ||||||||||||||||||||||||
| Interest and fees on loans | $ | 185,731 | $ | 187,408 | $ | 161,913 | $ | 157,075 | $ | 150,640 | |||||||||||||||||||
| Interest and dividends on securities: | |||||||||||||||||||||||||||||
| Taxable | 56,579 | 53,445 | 35,975 | 32,479 | 29,381 | ||||||||||||||||||||||||
| Nontaxable | 3,512 | 3,293 | 44 | 33 | 34 | ||||||||||||||||||||||||
| Interest on interest-bearing deposits and other investments | 4,884 | 11,914 | 4,780 | 3,760 | 4,200 | ||||||||||||||||||||||||
| Total Interest Income | 250,706 | 256,060 | 202,712 | 193,347 | 184,255 | ||||||||||||||||||||||||
| Interest on deposits | 44,586 | 49,988 | 43,133 | 40,633 | 43,626 | ||||||||||||||||||||||||
| Interest on time certificates | 17,583 | 20,914 | 16,341 | 15,120 | 14,973 | ||||||||||||||||||||||||
| Interest on borrowed money | 12,067 | 10,531 | 9,770 | 10,730 | 7,139 | ||||||||||||||||||||||||
| Total Interest Expense | 74,236 | 81,433 | 69,244 | 66,483 | 65,738 | ||||||||||||||||||||||||
| Net Interest Income | 176,470 | 174,627 | 133,468 | 126,864 | 118,517 | ||||||||||||||||||||||||
| Provision for credit losses | 761 | 29,260 | 8,371 | 4,379 | 9,250 | ||||||||||||||||||||||||
| Net Interest Income After Provision for Credit Losses | 175,709 | 145,367 | 125,097 | 122,485 | 109,267 | ||||||||||||||||||||||||
| Noninterest income (loss): | |||||||||||||||||||||||||||||
| Service charges on deposit accounts | 6,912 | 6,472 | 6,194 | 5,540 | 5,180 | ||||||||||||||||||||||||
| Wealth management income | 5,777 | 5,540 | 4,578 | 4,196 | 4,248 | ||||||||||||||||||||||||
| Mortgage banking income | 2,166 | 3,108 | 517 | 685 | 404 | ||||||||||||||||||||||||
| Interchange income | 2,067 | 2,483 | 2,008 | 1,895 | 1,807 | ||||||||||||||||||||||||
| Insurance agency income | 1,790 | 1,191 | 1,481 | 1,289 | 1,620 | ||||||||||||||||||||||||
| BOLI income | 2,617 | 2,687 | 3,875 | 3,380 | 2,468 | ||||||||||||||||||||||||
| Other | 5,585 | 7,066 | 6,006 | 7,497 | 6,257 | ||||||||||||||||||||||||
| Total Noninterest Income Before Securities Gains (Losses) | 26,914 | 28,547 | 24,659 | 24,482 | 21,984 | ||||||||||||||||||||||||
| Securities (losses) gains, net | (39,528) | 84 | (841) | 39 | 196 | ||||||||||||||||||||||||
| Total Noninterest (Loss) Income | (12,614) | 28,631 | 23,818 | 24,521 | 22,180 | ||||||||||||||||||||||||
| Noninterest expense: | |||||||||||||||||||||||||||||
| Salaries and employee benefits | 62,645 | 62,432 | 53,697 | 52,544 | 51,109 | ||||||||||||||||||||||||
| Outsourced data processing costs | 11,995 | 11,257 | 9,337 | 8,525 | 8,504 | ||||||||||||||||||||||||
| Occupancy | 9,235 | 9,330 | 7,627 | 7,483 | 7,350 | ||||||||||||||||||||||||
| Furniture and equipment | 2,821 | 2,935 | 2,233 | 2,125 | 2,128 | ||||||||||||||||||||||||
| Marketing | 3,467 | 3,149 | 2,509 | 2,958 | 2,748 | ||||||||||||||||||||||||
| Legal and professional fees | 3,170 | 2,106 | 1,674 | 2,071 | 2,740 | ||||||||||||||||||||||||
| FDIC assessments | 3,195 | 2,876 | 2,414 | 2,108 | 2,194 | ||||||||||||||||||||||||
| Amortization of intangibles | 10,098 | 10,374 | 6,005 | 5,131 | 5,309 | ||||||||||||||||||||||||
| Other real estate owned expense and net loss (gain) on sale | 63 | (29) | (346) | 8 | 241 | ||||||||||||||||||||||||
| Provision for credit losses on unfunded commitments | 150 | 812 | 150 | 150 | 150 | ||||||||||||||||||||||||
| Merger and integration costs | 8,536 | 18,142 | 10,808 | 2,422 | 1,051 | ||||||||||||||||||||||||
| Other | 6,796 | 7,162 | 5,879 | 6,205 | 7,073 | ||||||||||||||||||||||||
| Total Noninterest Expense | 122,171 | 130,546 | 101,987 | 91,730 | 90,597 | ||||||||||||||||||||||||
| Income Before Income Taxes | 40,924 | 43,452 | 46,928 | 55,276 | 40,850 | ||||||||||||||||||||||||
| Provision for income taxes | 9,029 | 9,192 | 10,461 | 12,589 | 9,386 | ||||||||||||||||||||||||
| Net Income | 31,895 | 34,260 | 36,467 | 42,687 | 31,464 | ||||||||||||||||||||||||
| Preferred stock dividends | 2,138 | 2,138 | — | — | — | ||||||||||||||||||||||||
| Net Income Available to Common Shareholders | $ | 29,757 | $ | 32,122 | $ | 36,467 | $ | 42,687 | $ | 31,464 | |||||||||||||||||||
| Share Data | |||||||||||||||||||||||||||||
| Net income per share of common stock | |||||||||||||||||||||||||||||
| Diluted | $ | 0.29 | $ | 0.31 | $ | 0.42 | $ | 0.50 | $ | 0.37 | |||||||||||||||||||
Diluted, treating all convertible preferred shares as common1 | 0.29 | 0.31 | 0.42 | 0.50 | 0.37 | ||||||||||||||||||||||||
| Basic | $ | 0.30 | $ | 0.32 | $ | 0.42 | $ | 0.50 | $ | 0.37 | |||||||||||||||||||
| Average common shares outstanding | |||||||||||||||||||||||||||||
| Diluted | 97,838 | 97,761 | 87,425 | 85,479 | 85,388 | ||||||||||||||||||||||||
Additional common shares treating all convertible preferred shares as common1 | 11,250 | 11,250 | — | — | — | ||||||||||||||||||||||||
Diluted, treating all convertible preferred shares as common1 | 109,088 | 109,011 | 87,425 | 85,479 | 85,388 | ||||||||||||||||||||||||
| Basic | 96,840 | 96,816 | 86,619 | 84,903 | 84,648 | ||||||||||||||||||||||||
1Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. | |||||||||||||||||||||||||||||
| CONSOLIDATED BALANCE SHEETS | (Unaudited) | |||||||||||||||||||||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||||||
| (Amounts in thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||||||
| Cash and due from banks | $ | 201,308 | $ | 181,429 | $ | 173,954 | $ | 181,565 | $ | 191,467 | ||||||||||||||||||||||
| Interest-bearing deposits with other banks | 607,071 | 207,116 | 132,040 | 150,863 | 309,105 | |||||||||||||||||||||||||||
| Total cash and cash equivalents | 808,379 | 388,545 | 305,994 | 332,428 | 500,572 | |||||||||||||||||||||||||||
| Time deposits with other banks | 2,490 | 14,424 | 30,852 | 1,494 | 1,494 | |||||||||||||||||||||||||||
| Debt Securities: | ||||||||||||||||||||||||||||||||
| Securities available-for-sale (at fair value) | 5,069,260 | 5,164,567 | 3,212,080 | 2,866,185 | 2,627,959 | |||||||||||||||||||||||||||
| Securities held-to-maturity (at amortized cost) | 576,155 | 586,178 | 598,604 | 613,312 | 624,650 | |||||||||||||||||||||||||||
| Total debt securities | 5,645,415 | 5,750,745 | 3,810,684 | 3,479,497 | 3,252,609 | |||||||||||||||||||||||||||
| Loans held for sale | 18,188 | 16,297 | 10,841 | 8,610 | 16,016 | |||||||||||||||||||||||||||
| Loans | 12,641,432 | 12,627,984 | 10,964,173 | 10,608,824 | 10,443,021 | |||||||||||||||||||||||||||
| Less: Allowance for credit losses | (176,252) | (178,803) | (147,453) | (142,184) | (140,267) | |||||||||||||||||||||||||||
| Loans, net of allowance for credit losses | 12,465,180 | 12,449,181 | 10,816,720 | 10,466,640 | 10,302,754 | |||||||||||||||||||||||||||
| Bank premises and equipment, net | 159,368 | 160,139 | 115,392 | 107,256 | 108,478 | |||||||||||||||||||||||||||
| Goodwill | 1,034,997 | 1,034,735 | 754,645 | 732,417 | 732,417 | |||||||||||||||||||||||||||
| Other intangible assets, net | 184,980 | 195,704 | 76,291 | 61,328 | 66,372 | |||||||||||||||||||||||||||
| Bank owned life insurance | 333,174 | 330,563 | 323,214 | 312,860 | 311,453 | |||||||||||||||||||||||||||
| Net deferred tax assets | 62,300 | 66,579 | 74,683 | 87,328 | 93,595 | |||||||||||||||||||||||||||
| Other assets | 430,676 | 435,419 | 357,588 | 355,097 | 346,725 | |||||||||||||||||||||||||||
| Total Assets | $ | 21,145,147 | $ | 20,842,331 | $ | 16,676,904 | $ | 15,944,955 | $ | 15,732,485 | ||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||||||||
| Deposits | ||||||||||||||||||||||||||||||||
| Noninterest demand | $ | 4,176,854 | $ | 3,897,985 | $ | 3,611,920 | $ | 3,376,941 | $ | 3,492,491 | ||||||||||||||||||||||
| Interest-bearing demand | 4,057,493 | 3,993,225 | 2,753,463 | 2,518,857 | 2,734,260 | |||||||||||||||||||||||||||
| Savings | 979,633 | 974,694 | 615,566 | 557,472 | 534,991 | |||||||||||||||||||||||||||
| Money market | 5,205,762 | 5,141,519 | 4,396,458 | 4,111,789 | 4,154,682 | |||||||||||||||||||||||||||
| Time deposits | 2,218,207 | 2,248,920 | 1,712,912 | 1,932,539 | 1,658,372 | |||||||||||||||||||||||||||
| Total Deposits | 16,637,949 | 16,256,343 | 13,090,319 | 12,497,598 | 12,574,796 | |||||||||||||||||||||||||||
| Securities sold under agreements to repurchase | 377,460 | 389,003 | 236,247 | 186,090 | 201,128 | |||||||||||||||||||||||||||
| Federal Home Loan Bank borrowings | 775,000 | 835,000 | 690,000 | 715,000 | 465,000 | |||||||||||||||||||||||||||
| Long-term debt, net | 112,836 | 112,761 | 107,464 | 107,298 | 107,132 | |||||||||||||||||||||||||||
| Other liabilities | 181,127 | 193,437 | 174,742 | 167,404 | 154,689 | |||||||||||||||||||||||||||
| Total Liabilities | 18,084,372 | 17,786,544 | 14,298,772 | 13,673,390 | 13,502,745 | |||||||||||||||||||||||||||
| Convertible Preferred Stock | 343,125 | 343,125 | — | — | — | |||||||||||||||||||||||||||
| Shareholders' Equity | ||||||||||||||||||||||||||||||||
| Common stock | 9,878 | 9,873 | 8,864 | 8,673 | 8,633 | |||||||||||||||||||||||||||
| Additional paid in capital | 2,202,879 | 2,197,549 | 1,891,111 | 1,832,158 | 1,828,234 | |||||||||||||||||||||||||||
| Retained earnings | 614,853 | 603,793 | 590,384 | 569,833 | 542,665 | |||||||||||||||||||||||||||
| Less: Treasury stock | (31,373) | (21,358) | (20,804) | (20,792) | (19,072) | |||||||||||||||||||||||||||
| Total Shareholders' Equity Before Accumulated Other Comprehensive Loss | 2,796,237 | 2,789,857 | 2,469,555 | 2,389,872 | 2,360,460 | |||||||||||||||||||||||||||
| Accumulated other comprehensive loss, net | (78,587) | (77,195) | (91,423) | (118,307) | (130,720) | |||||||||||||||||||||||||||
| Total Shareholders' Equity | 2,717,650 | 2,712,662 | 2,378,132 | 2,271,565 | 2,229,740 | |||||||||||||||||||||||||||
| Total Liabilities, Convertible Preferred Stock and Shareholders' Equity | $ | 21,145,147 | $ | 20,842,331 | $ | 16,676,904 | $ | 15,944,955 | $ | 15,732,485 | ||||||||||||||||||||||
| Common shares outstanding | 97,665 | 97,928 | 87,856 | 85,948 | 85,618 | |||||||||||||||||||||||||||
Additional common shares treating all convertible preferred shares as common1 | 11,250 | 11,250 | — | — | — | |||||||||||||||||||||||||||
| Total common shares outstanding, treating all convertible preferred shares as common | 108,915 | 109,178 | 87,856 | 85,948 | 85,618 | |||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||
| CONSOLIDATED QUARTERLY FINANCIAL DATA | (Unaudited) | ||||||||||||||||||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||||||||||||||||||||||||||||
| Quarterly Trends | |||||||||||||||||||||||||||||
| (Amounts in thousands) | 1Q'26 | 4Q'25 | 3Q'25 | 2Q'25 | 1Q'25 | ||||||||||||||||||||||||
| Credit Analysis | |||||||||||||||||||||||||||||
| Net charge-offs | $ | 3,312 | $ | 936 | $ | 3,208 | $ | 2,462 | $ | 7,038 | |||||||||||||||||||
| Net charge-offs to average loans | 0.11 | % | 0.03 | % | 0.12 | % | 0.09 | % | 0.27 | % | |||||||||||||||||||
| Allowance for credit losses | $ | 176,252 | $ | 178,803 | $ | 147,453 | $ | 142,184 | $ | 140,267 | |||||||||||||||||||
| Non-acquired loans at end of period | 9,315,395 | 9,067,802 | 8,415,612 | 8,071,619 | 7,752,532 | ||||||||||||||||||||||||
| Acquired loans at end of period | 3,326,037 | 3,560,182 | 2,548,561 | 2,537,205 | 2,690,489 | ||||||||||||||||||||||||
| Total Loans | $ | 12,641,432 | $ | 12,627,984 | $ | 10,964,173 | $ | 10,608,824 | $ | 10,443,021 | |||||||||||||||||||
| Total allowance for credit losses to total loans at end of period | 1.39 | % | 1.42 | % | 1.34 | % | 1.34 | % | 1.34 | % | |||||||||||||||||||
| Purchase discount on acquired loans at end of period | 3.99 | 4.04 | 3.86 | 4.10 | 4.25 | ||||||||||||||||||||||||
| End of Period | |||||||||||||||||||||||||||||
| Nonperforming loans | $ | 95,032 | $ | 72,001 | $ | 60,562 | $ | 64,198 | $ | 71,018 | |||||||||||||||||||
| Other real estate owned | 4,250 | 4,250 | 5,085 | 5,335 | 7,176 | ||||||||||||||||||||||||
| Total Nonperforming Assets | $ | 99,282 | $ | 76,251 | $ | 65,647 | $ | 69,533 | $ | 78,194 | |||||||||||||||||||
| Nonperforming Loans to Loans at End of Period | 0.75 | % | 0.57 | % | 0.55 | % | 0.61 | % | 0.68 | % | |||||||||||||||||||
| Nonperforming Assets to Total Assets at End of Period | 0.47 | 0.37 | 0.39 | 0.44 | 0.50 | ||||||||||||||||||||||||
| Loans | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | ||||||||||||||||||||||||
| Construction and land development | $ | 745,362 | $ | 723,930 | $ | 616,475 | $ | 603,079 | $ | 618,493 | |||||||||||||||||||
| Commercial real estate - owner occupied | 2,021,885 | 2,043,625 | 1,898,704 | 1,778,930 | 1,713,579 | ||||||||||||||||||||||||
| Commercial real estate - non-owner occupied | 4,178,003 | 4,254,992 | 3,766,541 | 3,624,528 | 3,513,400 | ||||||||||||||||||||||||
| Residential real estate | 3,162,509 | 3,098,859 | 2,694,794 | 2,678,042 | 2,653,012 | ||||||||||||||||||||||||
| Commercial and financial | 2,353,118 | 2,320,989 | 1,807,932 | 1,741,158 | 1,753,090 | ||||||||||||||||||||||||
| Consumer | 180,555 | 185,589 | 179,727 | 183,087 | 191,447 | ||||||||||||||||||||||||
| Total Loans | $ | 12,641,432 | $ | 12,627,984 | $ | 10,964,173 | $ | 10,608,824 | $ | 10,443,021 | |||||||||||||||||||
AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1 | (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1Q'26 | 4Q'25 | 1Q'25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (Amounts in thousands) | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||||||||||||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxable | $ | 5,358,307 | $ | 56,579 | 4.28 | % | $ | 5,239,026 | $ | 53,445 | 4.05 | % | $ | 3,073,108 | $ | 29,381 | 3.88 | % | ||||||||||||||||||||||||||||||||||||||
| Nontaxable | 333,382 | 4,700 | 5.72 | 314,355 | 4,407 | 5.56 | 5,436 | 41 | 3.06 | |||||||||||||||||||||||||||||||||||||||||||||||
| Total Securities | 5,691,689 | 61,279 | 4.37 | 5,553,381 | 57,852 | 4.13 | 3,078,544 | 29,422 | 3.88 | |||||||||||||||||||||||||||||||||||||||||||||||
| Federal funds sold | 311,936 | 2,740 | 3.56 | 987,626 | 9,828 | 3.95 | 265,503 | 2,945 | 4.50 | |||||||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing deposits with other banks and other investments | 188,891 | 2,144 | 4.60 | 194,680 | 2,086 | 4.25 | 105,195 | 1,254 | 4.83 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Loans, net2 | 12,671,180 | 186,227 | 5.96 | 12,374,373 | 187,910 | 6.02 | 10,383,497 | 150,973 | 5.90 | |||||||||||||||||||||||||||||||||||||||||||||||
| Total Earning Assets | 18,863,696 | 252,390 | 5.43 | % | 19,110,060 | 257,676 | 5.35 | % | 13,832,739 | 184,594 | 5.41 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Allowance for credit losses | (179,455) | (173,790) | (138,300) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and due from banks | 180,639 | 153,584 | 158,750 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bank premises and equipment, net | 163,528 | 161,761 | 108,651 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible assets | 1,225,602 | 1,226,495 | 801,687 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bank owned life insurance | 331,529 | 328,830 | 309,831 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other assets including deferred tax assets | 339,388 | 396,451 | 322,284 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Assets | $ | 20,924,927 | $ | 21,203,391 | $ | 15,395,642 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Liabilities, Convertible Preferred Stock & Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing demand | $ | 3,986,616 | $ | 11,529 | 1.17 | % | $ | 4,143,038 | $ | 13,840 | 1.33 | % | $ | 2,706,065 | $ | 11,069 | 1.66 | % | ||||||||||||||||||||||||||||||||||||||
| Savings | 972,525 | 1,260 | 0.53 | 966,266 | 1,265 | 0.52 | 529,711 | 698 | 0.53 | |||||||||||||||||||||||||||||||||||||||||||||||
| Money market | 5,176,998 | 31,797 | 2.49 | 5,250,174 | 34,883 | 2.64 | 4,149,460 | 31,859 | 3.11 | |||||||||||||||||||||||||||||||||||||||||||||||
| Time deposits | 2,181,476 | 17,583 | 3.27 | 2,367,485 | 20,914 | 3.50 | 1,647,938 | 14,973 | 3.68 | |||||||||||||||||||||||||||||||||||||||||||||||
| Securities sold under agreements to repurchase | 348,582 | 1,853 | 2.16 | 395,271 | 2,280 | 2.29 | 201,271 | 1,357 | 2.73 | |||||||||||||||||||||||||||||||||||||||||||||||
| Federal Home Loan Bank borrowings | 847,225 | 8,429 | 4.03 | 623,750 | 6,711 | 4.27 | 382,836 | 4,081 | 4.32 | |||||||||||||||||||||||||||||||||||||||||||||||
| Long-term debt, net and other | 112,818 | 1,785 | 6.42 | 108,459 | 1,540 | 5.63 | 107,038 | 1,700 | 6.44 | |||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Liabilities | 13,626,240 | 74,236 | 2.21 | % | 13,854,443 | 81,433 | 2.33 | % | 9,724,319 | 65,737 | 2.74 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Noninterest demand | 4,015,315 | 4,086,062 | 3,294,149 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other liabilities | 179,591 | 195,553 | 162,179 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | 17,821,146 | 18,136,058 | 13,180,647 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Convertible preferred stock | 343,125 | 343,125 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' equity | 2,760,656 | 2,724,208 | 2,214,995 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities, Convertible Preferred Stock & Equity | $ | 20,924,927 | $ | 21,203,391 | $ | 15,395,642 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of deposits | 1.54 | % | 1.67 | % | 1.93 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of funds3 | 1.71 | 1.80 | 2.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense as a % of earning assets | 1.60 | 1.69 | 1.93 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net interest income as a % of earning assets | $ | 178,154 | 3.83 | % | $ | 176,243 | 3.66 | % | $ | 118,857 | 3.48 | % | ||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||||||||
| (Amounts in thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||||||||||||||||
| Customer Relationship Funding | |||||||||||||||||||||||||||||||||||
| Noninterest demand | |||||||||||||||||||||||||||||||||||
| Commercial | $ | 3,328,553 | $ | 3,053,115 | $ | 2,933,228 | $ | 2,717,688 | $ | 2,830,497 | |||||||||||||||||||||||||
| Retail | 676,152 | 672,779 | 508,204 | 509,539 | 536,661 | ||||||||||||||||||||||||||||||
| Public funds | 95,841 | 112,548 | 96,396 | 81,448 | 64,184 | ||||||||||||||||||||||||||||||
| Other | 76,308 | 59,543 | 74,092 | 68,266 | 61,149 | ||||||||||||||||||||||||||||||
| Total Noninterest Demand | 4,176,854 | 3,897,985 | 3,611,920 | 3,376,941 | 3,492,491 | ||||||||||||||||||||||||||||||
| Interest-bearing demand | |||||||||||||||||||||||||||||||||||
| Commercial | 1,627,444 | 1,534,289 | 1,586,997 | 1,466,184 | 1,520,186 | ||||||||||||||||||||||||||||||
| Retail | 2,126,907 | 2,047,462 | 976,318 | 838,340 | 881,282 | ||||||||||||||||||||||||||||||
| Public funds | 303,142 | 411,474 | 190,148 | 214,333 | 332,792 | ||||||||||||||||||||||||||||||
| Total Interest-Bearing Demand | 4,057,493 | 3,993,225 | 2,753,463 | 2,518,857 | 2,734,260 | ||||||||||||||||||||||||||||||
| Total transaction accounts | |||||||||||||||||||||||||||||||||||
| Commercial | 4,955,997 | 4,587,404 | 4,520,225 | 4,183,872 | 4,350,683 | ||||||||||||||||||||||||||||||
| Retail | 2,803,059 | 2,720,241 | 1,484,522 | 1,347,879 | 1,417,943 | ||||||||||||||||||||||||||||||
| Public funds | 398,983 | 524,022 | 286,544 | 295,781 | 396,976 | ||||||||||||||||||||||||||||||
| Other | 76,308 | 59,543 | 74,092 | 68,266 | 61,149 | ||||||||||||||||||||||||||||||
| Total Transaction Accounts | 8,234,347 | 7,891,210 | 6,365,383 | 5,895,798 | 6,226,751 | ||||||||||||||||||||||||||||||
| Savings | |||||||||||||||||||||||||||||||||||
| Commercial | 40,481 | 43,189 | 43,102 | 45,531 | 42,879 | ||||||||||||||||||||||||||||||
| Retail | 939,152 | 931,505 | 572,464 | 511,941 | 492,112 | ||||||||||||||||||||||||||||||
| Total Savings | 979,633 | 974,694 | 615,566 | 557,472 | 534,991 | ||||||||||||||||||||||||||||||
| Money market | |||||||||||||||||||||||||||||||||||
| Commercial | 2,396,144 | 2,334,255 | 2,303,584 | 2,073,098 | 1,999,540 | ||||||||||||||||||||||||||||||
| Retail | 2,609,435 | 2,584,398 | 1,898,375 | 1,853,398 | 1,967,239 | ||||||||||||||||||||||||||||||
| Public funds | 200,183 | 222,866 | 194,499 | 185,293 | 187,903 | ||||||||||||||||||||||||||||||
| Total Money Market | 5,205,762 | 5,141,519 | 4,396,458 | 4,111,789 | 4,154,682 | ||||||||||||||||||||||||||||||
| Brokered time certificates | 209,281 | 120,865 | 189,561 | 515,303 | 262,461 | ||||||||||||||||||||||||||||||
| Time deposits | 2,008,926 | 2,128,055 | 1,523,351 | 1,417,236 | 1,395,911 | ||||||||||||||||||||||||||||||
| Total Time Deposits | 2,218,207 | 2,248,920 | 1,712,912 | 1,932,539 | 1,658,372 | ||||||||||||||||||||||||||||||
| Total Deposits | 16,637,949 | 16,256,343 | 13,090,319 | 12,497,598 | 12,574,796 | ||||||||||||||||||||||||||||||
| Securities sold under agreements to repurchase | 377,460 | 389,003 | 236,247 | 186,090 | 201,128 | ||||||||||||||||||||||||||||||
Total customer funding1 | $ | 16,806,128 | $ | 16,524,481 | $ | 13,137,005 | $ | 12,168,385 | $ | 12,513,463 | |||||||||||||||||||||||||
1Total deposits and securities sold under agreements to repurchase, excluding brokered deposits. Securities sold under agreements to repurchase consists of customer sweep accounts. | |||||||||||||||||||||||||||||||||||
Explanation of Certain Unaudited Non-GAAP Financial Measures
This presentation contains financial information determined by methods other than Generally Accepted Accounting Principles (“GAAP”). Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance. The Company believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance and if not provided would be requested by the investor community. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might define or calculate these measures differently. The Company provides reconciliations between GAAP and these non-GAAP measures. These disclosures should not be considered an alternative to GAAP.
| GAAP TO NON-GAAP RECONCILIATION | (Unaudited) | ||||||||||||||||||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||||||||||||||||||||||||||||
| Quarterly Trends | |||||||||||||||||||||||||||||
| (Amounts in thousands, except per share data) | 1Q'26 | 4Q'25 | 3Q'25 | 2Q'25 | 1Q'25 | ||||||||||||||||||||||||
| Net income | $ | 31,895 | $ | 34,260 | $ | 36,467 | $ | 42,687 | $ | 31,464 | |||||||||||||||||||
| Total noninterest (loss) income | (12,614) | 28,631 | 23,818 | 24,521 | 22,180 | ||||||||||||||||||||||||
| Securities losses (gains), net | 39,528 | (84) | 841 | (39) | (196) | ||||||||||||||||||||||||
| Total adjusted noninterest income | 26,914 | 28,547 | 24,659 | 24,482 | 21,984 | ||||||||||||||||||||||||
| Total noninterest expense | 122,171 | 130,546 | 101,987 | 91,730 | 90,597 | ||||||||||||||||||||||||
| Merger and integration costs | (8,536) | (18,142) | (10,808) | (2,422) | (1,051) | ||||||||||||||||||||||||
| Adjusted noninterest expense | 113,635 | 112,404 | 91,179 | 89,308 | 89,546 | ||||||||||||||||||||||||
| Income taxes | 9,029 | 9,192 | 10,461 | 12,589 | 9,386 | ||||||||||||||||||||||||
| Tax effect of adjustments | 12,182 | 4,577 | 2,952 | 604 | 217 | ||||||||||||||||||||||||
| Adjusted income taxes | 21,211 | 13,769 | 13,413 | 13,193 | 9,603 | ||||||||||||||||||||||||
| Adjusted net income | 67,777 | 47,741 | 45,164 | 44,466 | 32,102 | ||||||||||||||||||||||||
| Earnings per common share-diluted, as reported | 0.29 | 0.31 | 0.42 | 0.50 | 0.37 | ||||||||||||||||||||||||
| Adjusted earnings per common share-diluted | $ | 0.62 | $ | 0.44 | $ | 0.52 | $ | 0.52 | $ | 0.38 | |||||||||||||||||||
| Average common shares-diluted | 97,838 | 97,761 | 87,425 | 85,479 | 85,388 | ||||||||||||||||||||||||
| Average preferred shares, treating all convertible preferred shares as common | 11,250 | 11,250 | — | — | — | ||||||||||||||||||||||||
| Average common shares-diluted, treating all convertible preferred shares as common | 109,088 | 109,011 | 87,425 | 85,479 | 85,388 | ||||||||||||||||||||||||
| Adjusted noninterest expense | $ | 113,635 | $ | 112,404 | $ | 91,179 | $ | 89,308 | $ | 89,546 | |||||||||||||||||||
| Provision for credit losses on unfunded commitments | (150) | (812) | (150) | (150) | (150) | ||||||||||||||||||||||||
| Other real estate owned expense and net (loss) gain on sale | (63) | 29 | 346 | (8) | (241) | ||||||||||||||||||||||||
| Amortization of intangibles | (10,098) | (10,374) | (6,005) | (5,131) | (5,309) | ||||||||||||||||||||||||
| Net adjusted noninterest expense | 103,324 | 101,247 | 85,370 | 84,019 | 83,846 | ||||||||||||||||||||||||
| Average tangible assets | $ | 19,699,325 | $ | 19,976,896 | $ | 15,658,723 | $ | 15,004,763 | $ | 14,593,955 | |||||||||||||||||||
| Net adjusted noninterest expense to average tangible assets | 2.13 | % | 2.01 | % | 2.16 | % | 2.25 | % | 2.33 | % | |||||||||||||||||||
| Net revenue | $ | 163,856 | $ | 203,258 | $ | 157,286 | $ | 151,385 | $ | 140,697 | |||||||||||||||||||
| Total adjustments to net revenue | 39,528 | (84) | 841 | (39) | (196) | ||||||||||||||||||||||||
| Impact of FTE adjustment | 1,684 | 1,617 | 438 | 431 | 340 | ||||||||||||||||||||||||
| Adjusted net revenue on a FTE basis | $ | 205,068 | $ | 204,791 | $ | 158,565 | $ | 151,777 | $ | 140,841 | |||||||||||||||||||
| Adjusted efficiency ratio | 55.31 | % | 54.50 | % | 57.63 | % | 58.74 | % | 63.30 | % | |||||||||||||||||||
| Net interest income | $ | 176,470 | $ | 174,627 | $ | 133,468 | $ | 126,864 | $ | 118,517 | |||||||||||||||||||
| Impact of FTE adjustment | 1,684 | 1,617 | 438 | 431 | 340 | ||||||||||||||||||||||||
| Net interest income including FTE adjustment | 178,154 | 176,244 | 133,906 | 127,295 | 118,857 | ||||||||||||||||||||||||
| Total noninterest (loss) income | (12,614) | 28,631 | 23,818 | 24,521 | 22,180 | ||||||||||||||||||||||||
| Total noninterest expense less provision for credit losses on unfunded commitments | 122,021 | 129,734 | 101,837 | $ | 91,580 | 90,447 | |||||||||||||||||||||||
| Pre-tax pre-provision earnings | 43,519 | 75,141 | 55,887 | 60,236 | 50,590 | ||||||||||||||||||||||||
| Total adjustments to noninterest (loss) income | 39,528 | (84) | 841 | (39) | (196) | ||||||||||||||||||||||||
| Total adjustments to noninterest expense including other real estate owned expense and net (loss) gain on sale | 8,599 | 18,113 | 10,462 | 2,430 | 1,292 | ||||||||||||||||||||||||
| Adjusted pre-tax pre-provision earnings | $ | 91,646 | $ | 93,170 | $ | 67,190 | $ | 62,627 | $ | 51,686 | |||||||||||||||||||
| GAAP TO NON-GAAP RECONCILIATION | (Unaudited) | ||||||||||||||||||||||||||||
| SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||||||||||||||||||||||||||||
| Quarterly Trends | |||||||||||||||||||||||||||||
| (Amounts in thousands, except per share data) | 1Q'26 | 4Q'25 | 3Q'25 | 2Q'25 | 1Q'25 | ||||||||||||||||||||||||
| Average assets | $ | 20,924,927 | $ | 21,203,391 | $ | 16,486,017 | $ | 15,801,194 | $ | 15,395,642 | |||||||||||||||||||
| Less average goodwill and intangible assets | (1,225,602) | (1,226,495) | (827,294) | (796,431) | (801,687) | ||||||||||||||||||||||||
| Average tangible assets | $ | 19,699,325 | $ | 19,976,896 | $ | 15,658,723 | $ | 15,004,763 | $ | 14,593,955 | |||||||||||||||||||
| Return on average assets (ROA) | 0.62 | % | 0.64 | % | 0.88 | % | 1.08 | % | 0.83 | % | |||||||||||||||||||
| Impact of other adjustments for adjusted net income | 0.69 | 0.25 | 0.21 | 0.05 | 0.02 | ||||||||||||||||||||||||
| Adjusted ROA | 1.31 | 0.89 | 1.09 | 1.13 | 0.85 | ||||||||||||||||||||||||
| ROA | 0.62 | 0.64 | 0.88 | 1.08 | 0.83 | ||||||||||||||||||||||||
| Impact of removing average intangible assets and related amortization | 0.19 | 0.19 | 0.16 | 0.16 | 0.15 | ||||||||||||||||||||||||
| Return on average tangible assets (ROTA) | 0.81 | 0.83 | 1.04 | 1.24 | 0.98 | ||||||||||||||||||||||||
| Impact of other adjustments for adjusted net income | 0.74 | 0.27 | 0.22 | 0.05 | 0.02 | ||||||||||||||||||||||||
| Adjusted ROTA | 1.55 | 1.10 | 1.26 | 1.29 | 1.00 | ||||||||||||||||||||||||
| Return on average equity (ROE) | 4.69 | 4.99 | 6.17 | 7.60 | 5.76 | ||||||||||||||||||||||||
| Impact of other adjustments for adjusted net income | 5.27 | 1.96 | 1.47 | 0.32 | 0.12 | ||||||||||||||||||||||||
| Adjusted ROE | 9.96 | % | 6.95 | % | 7.64 | % | 7.92 | % | 5.88 | % | |||||||||||||||||||
| Average shareholders' equity | $ | 2,760,656 | $ | 2,724,208 | $ | 2,345,233 | $ | 2,252,208 | $ | 2,214,995 | |||||||||||||||||||
| Average convertible preferred stock | 343,125 | 343,125 | — | — | — | ||||||||||||||||||||||||
| Less average goodwill and intangible assets | (1,225,602) | (1,226,495) | (827,294) | (796,431) | (801,687) | ||||||||||||||||||||||||
| Average tangible equity | $ | 1,878,179 | $ | 1,840,838 | $ | 1,517,939 | $ | 1,455,777 | $ | 1,413,308 | |||||||||||||||||||
| Return on average shareholders' equity | 4.69 | % | 4.99 | % | 6.17 | % | 7.60 | % | 5.76 | % | |||||||||||||||||||
| Impact of adding convertible preferred stock and removing average intangible assets and related amortization | 3.82 | 4.06 | 4.53 | 5.22 | 4.41 | ||||||||||||||||||||||||
| Return on average tangible equity (ROTE) | 8.51 | 9.05 | 10.70 | 12.82 | 10.17 | ||||||||||||||||||||||||
| Impact of other adjustments for adjusted net income | 7.75 | 2.91 | 2.28 | 0.49 | 0.18 | ||||||||||||||||||||||||
| Adjusted ROTE | 16.26 | % | 11.96 | % | 12.98 | % | 13.31 | % | 10.35 | % | |||||||||||||||||||
Loan interest income1 | $ | 186,227 | $ | 187,910 | $ | 162,341 | $ | 157,499 | $ | 150,973 | |||||||||||||||||||
| Accretion on acquired loans | (12,094) | (10,645) | (9,543) | (10,583) | (8,221) | ||||||||||||||||||||||||
Loan interest income excluding accretion on acquired loans1 | $ | 174,133 | $ | 177,265 | $ | 152,798 | $ | 146,916 | $ | 142,752 | |||||||||||||||||||
Yield on loans1 | 5.96 | % | 6.02 | % | 5.96 | % | 5.98 | % | 5.90 | % | |||||||||||||||||||
| Impact of accretion on acquired loans | (0.39) | (0.34) | (0.35) | (0.40) | (0.32) | ||||||||||||||||||||||||
Yield on loans excluding accretion on acquired loans1 | 5.57 | % | 5.68 | % | 5.61 | % | 5.58 | % | 5.58 | % | |||||||||||||||||||
Net interest income1 | $ | 178,154 | $ | 176,244 | $ | 133,906 | $ | 127,295 | $ | 118,857 | |||||||||||||||||||
| Accretion on acquired loans | (12,094) | (10,645) | (9,543) | (10,583) | (8,221) | ||||||||||||||||||||||||
Net interest income excluding accretion on acquired loans1 | $ | 166,060 | $ | 165,599 | $ | 124,363 | $ | 116,712 | $ | 110,636 | |||||||||||||||||||
Net interest margin1 | 3.83 | % | 3.66 | % | 3.57 | % | 3.58 | % | 3.48 | % | |||||||||||||||||||
| Impact of accretion on acquired loans | (0.26) | (0.22) | (0.25) | (0.29) | (0.24) | ||||||||||||||||||||||||
Net interest margin excluding accretion on acquired loans1 | 3.57 | % | 3.44 | % | 3.32 | % | 3.29 | % | 3.24 | % | |||||||||||||||||||
Securities interest income1 | $ | 61,279 | $ | 57,852 | $ | 36,029 | $ | 32,519 | $ | 29,422 | |||||||||||||||||||
| Tax equivalent adjustment on securities | (1,188) | (1,114) | (10) | (7) | (7) | ||||||||||||||||||||||||
Securities interest income excluding tax equivalent adjustment1 | 60,091 | 56,738 | 36,019 | 32,512 | 29,415 | ||||||||||||||||||||||||
Loan interest income1 | 186,227 | 187,910 | 162,341 | 157,499 | 150,973 | ||||||||||||||||||||||||
| Tax equivalent adjustment on loans | (496) | (503) | (428) | (424) | (333) | ||||||||||||||||||||||||
| Loan interest income excluding tax equivalent adjustment | 185,731 | 187,407 | 161,913 | 157,075 | 150,640 | ||||||||||||||||||||||||
Net interest income1 | 178,154 | 176,243 | 133,906 | 127,295 | 118,857 | ||||||||||||||||||||||||
| Tax equivalent adjustment on securities | (1,188) | (1,114) | (10) | (7) | (7) | ||||||||||||||||||||||||
| Tax equivalent adjustment on loans | (496) | (503) | (428) | (424) | (333) | ||||||||||||||||||||||||
| Net interest income excluding tax equivalent adjustments | $ | 176,470 | $ | 174,626 | $ | 133,468 | $ | 126,864 | $ | 118,517 | |||||||||||||||||||
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. | |||||||||||||||||||||||||||||
EARNINGS PRESENTATION FIRST QUARTER 2026 2026
2FIRST QUARTER 2026 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. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 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. Forward-looking statements also include statements relating to expectations regarding net interest income, net interest margin, loan growth, deposit growth and mix, credit quality, noninterest income and expense, capital levels and liquidity. 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, or as encountered by other financial institutions that adversely affect Seacoast, 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 risks related to 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 borrower credit risks and payment behaviors, and 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 (including with respect to our financial statements), 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 timely development and acceptance of new products and services as well as risks (including reputational and litigation) attendant thereto, and perceived overall value of these products and services by users; risks associated with the development and use of artificial intelligence; 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, regime change, 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 or actual claims, damages, penalties, fines, costs, unexpected outcomes and reputational damage resulting from new, existing, 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 (including the inability to grow, or attrition of deposits, customers, and employees) from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, private credit funds, money market and other mutual funds and other financial institutions; the failure of assumptions underlying the establishment of reserves for expected credit losses; impairment of our goodwill or other intangible assets, risks related to, and the costs associated with, environmental, social and governance matters (“ESG”) and anti-ESG matters, including the scope and pace of related rulemaking activity and disclosure requirements and potential litigation and enforcement; 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, 2025 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.
3FIRST QUARTER 2026 EARNINGS PRESENTATION • Sustained, strong presence in Florida’s most attractive markets and recent expansion into the greater Atlanta market • #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 and Wildwood-The Villages MSA • Strong capital and liquidity supporting further organic growth and opportunistic acquisitions ▪ 14.6%1 Tier 1 capital ratio ▪ 76% loan-to-deposit ratio Valuable Footprint with Strong Capital and Liquidity 1Estimated
4FIRST QUARTER 2026 EARNINGS PRESENTATION • Net income of $31.9 million, or $0.29 per diluted share, included a $39.5 million loss from a strategic repositioning of AFS securities, which contributed to the 24 basis point increase in yield on securities during the quarter. • Adjusted net income1 of $67.8 million, or $0.62 per diluted share, increased 42%, from the prior quarter and 111%, from the prior year quarter. • 7% annualized organic deposit growth, including growth in noninterest-bearing deposits of 29% annualized. • Cost of deposits declined 13 basis points to 1.54%. • Net interest margin grew 17 basis points to 3.83%. Excluding accretion on acquired loans, net interest margin expanded 13 basis points to 3.57%. First Quarter 2026 Highlights • Continued improvement in profitability metrics. Return on average assets and return on average tangible shareholders' equity were 0.62% and 8.51%, respectively. Adjusted return on average assets1 was 1.31% and adjusted return on average tangible shareholders' equity1 was 16.26%, compared to 0.89% and 11.96%, respectively, in the prior quarter. • Repurchased 317,628 shares of common stock during the quarter, taking advantage of constructive market conditions and leveraging our strong capital position. • Strong capital position, with a Tier 1 capital ratio of 14.6%2 and a tangible equity to tangible assets ratio of 9.2%. 1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. 3Estimated
5FIRST QUARTER 2026 EARNINGS PRESENTATION Net Interest Income and Net Interest Margin ($ in m ill io ns ) $118.9 $127.3 $133.9 $176.2 $178.2 3.48% 3.58% 3.57% 3.66% 3.83% 3.24% 3.29% 3.32% 3.44% 3.57% Net Interest Income Net Interest Margin NIM, excluding accretion on acquired loans 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 • Net interest income1 totaled $178.2 million, an increase of $1.9 million, or 1%, from the prior quarter. • Net interest margin increased 17 basis points to 3.83% and, excluding the effect of accretion on acquired loans, net interest margin expanded 13 basis points to 3.57%. • Securities yields increased 24 basis points to 4.37%, benefiting from the securities repositioning executed during the quarter. • Loan yields decreased six basis points from the prior quarter to 5.96%. Excluding the effect of accretion on acquired loans, yields decreased 11 basis points to 5.57%. • The cost of deposits declined 13 basis points to 1.54% and cost of funds decreased nine basis points to 1.71%. 1Calculated on a fully taxable equivalent basis using amortized cost. 1
6FIRST QUARTER 2026 EARNINGS PRESENTATION Noninterest loss of $12.6 million included $39.5 million of securities losses. Adjusted noninterest income decreased $1.6 million, or 6%, from the prior quarter to $26.9 million. Changes included: Service charges on deposits totaled $6.9 million, an increase of $0.4 million, or 7%, from the prior quarter resulting from growth in customer relationships. Wealth management income totaled $5.8 million, an increase of $0.2 million, or 4%, from the prior quarter. Assets under management have grown 33% year over year. The wealth management division has continued to deliver significant growth, adding $125 million in new organic assets under management in the first quarter of 2026, partially offset by financial market volatility. Mortgage banking income totaled $2.2 million, a decrease of $0.9 million, or 30%, from the prior quarter, largely the result of volatility associated with the value of mortgage servicing rights acquired from VBI, which contributed $0.6 million to the decrease. Underlying mortgage volumes and pipelines remain strong. Insurance agency income totaled $1.8 million, an increase of $0.6 million, or 50%, from the prior quarter, reflecting typical seasonal contingency payments collected annually. Other income totaled $5.6 million, a decrease of $1.5 million, or 21%, from the prior quarter. The decrease from the prior quarter reflects lower gains on SBIC investments. Noninterest Income ($ in millions) $22.2 $24.5 $23.8 $28.6 $(12.6) $22.0 $24.5 $24.7 $28.5 $26.9 Noninterest income Adjusted noninterest income 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 1 1Calculated Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. Adjusted noninterest income1, which excludes securities activity, increased 22% year over year.
7FIRST QUARTER 2026 EARNINGS PRESENTATION $1,387 $1,711 $2,053 $2,808 $2,823 2022 2023 2024 2025 1Q’26 Growth in Wealth Management Assets under management totaled $2.8 billion at March 31, 2026, increasing 33% year-over-year. The wealth management division has continued its growth trajectory, adding $125 million in new assets under management in 2026. With a consistent focus on delivering exceptional value, this division continues to be a key growth driver in customer relationships. Growth in new AUM in the first quarter of 2026 was partially offset by financial market volatility. Since 2022, assets under management have increased at a compound annual growth rate (“CAGR”) of 21%. 21% CAG R Assets Under Management End-of-Period ($ in millions)
8FIRST QUARTER 2026 EARNINGS PRESENTATION $89.5 $89.3 $91.2 $112.4 $113.6 63.3% 58.7% 57.6% 54.5% 55.3% Adjusted noninterest expense Adjusted Efficiency Ratio 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Noninterest Expense • Salaries and employee benefits totaled $62.6 million, an increase of $0.2 million, from the prior quarter and an increase of $11.5 million, or 23%, from the prior year quarter. The year over year increase reflects continued expansion of the footprint, including through bank acquisitions. • Outsourced data processing costs totaled $12.0 million, an increase of $0.7 million, or 7%, from the prior quarter and an increase of $3.5 million, or 41%, from the prior year quarter. The increases reflect higher transaction volume and growth in customers, including from bank acquisitions. • Occupancy costs totaled $9.2 million, a decrease of $0.1 million, or 1%, compared to the prior quarter and an increase of $1.9 million, or 26%, from the prior year quarter. The year over year increase is primarily the result of growth in the Company’s footprint, including through bank acquisitions. • Legal and professional fees totaled $3.2 million, an increase of $1.1 million, or 51%, compared to the prior quarter and an increase of $0.4 million, or 16%, from the prior year quarter. The increases are largely associated with the timing of various projects. • Amortization of intangibles totaled $10.1 million, a decrease of $0.3 million, or 3%, from the prior quarter and an increase of $4.8 million, or 90%, from the prior year quarter. The increase from the prior year quarter reflects the addition of core deposit intangible assets from bank acquisitions in 2025. 1Calculated Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. ($ in millions) 1 Includes merger and integration costs of $8.5 million in 1Q'26 and $18.1 million in 4Q'25 Adjusted Noninterest Expense 1 $90.6 $91.7 $102.0 $130.5 $122.2 64.0% 60.3% 64.4% 63.4% 59.5% Noninterest expense Efficiency Ratio 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Noninterest Expense
9FIRST QUARTER 2026 EARNINGS PRESENTATION $10,443 $10,609 $10,964 $12,628 $12,641 5.90% 5.98% 5.96% 6.02% 5.96% 5.58% 5.58% 5.61% 5.68% 5.57% Yield Excluding Accretion on Acquired Loans Reported Yield Total Loans 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 $904.1 $861.2 $1,134.1 $947.9 $1,045.0 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Commercial Loan Pipeline ($ in millions) Total Loans End-of-Period ($ in millions) Disciplined Loan Growth Supported by a Strong Pipeline Loans outstanding modestly increased from the prior quarter, reflecting strong production largely offset by higher payoffs. Loan payoffs totaled $530.5 million during the first quarter of 2026, representing an increase of $289.4 million, or 120%, from $241.1 million during the prior year quarter. The commercial pipeline exceeded $1 billion at March 31, 2026.
10FIRST QUARTER 2026 EARNINGS PRESENTATION At March 31, 2026 Loan Portfolio Mix Seacoast's lending strategy results in a diverse and granular loan portfolio. Seacoast’s average loan size is $439 thousand and the average commercial loan size is $1.0 million. Portfolio diversification in terms of asset mix, industry, and loan type has been a critical element of the Company’s lending strategy. Exposures across industries and collateral types are broadly distributed. Construction and land development and commercial real estate loans, as defined in regulatory guidance, represent 33% and 211%, respectively, of total consolidated risk-based capital1. C R E -R etail, 11% C R E -Office, 4% C R E -Multifamily 5+, 4% C R E -Hotel/Motel, 2% C R E -Industrial/Warehouse, 6% C R E -Other, 5% OOC R E , 16% C onstruction & Land Development, 6% C ommercial & F inancial, 19% Residential, 25% C onsumer, 2% 1Estimated
11FIRST QUARTER 2026 EARNINGS PRESENTATION Allowance for Credit Losses and Purchase Discount ($ in millions) Loans Outstanding Allowance for Credit Losses % of Loans Outstanding Purchase Discount % of Loans Outstanding Construction and Land Development $ 745 $ 9 1.21 % $ 3 0.40 % Owner Occupied Commercial Real Estate 2,022 19 0.94 15 0.74 Commercial Real Estate 4,178 55 1.32 57 1.36 Residential Real Estate 3,163 52 1.64 43 1.36 Commercial & Financial 2,353 34 1.44 19 0.81 Consumer 180 7 3.89 1 0.56 Total $ 12,641 $ 176 1.39 % $ 138 1.09 % • The total allowance for credit losses was $176 million as of March 31, 2026, a decline of 1% compared to December 31, 2025. • The $138 million remaining unrecognized discount on acquired loans represents 1.09% of total loans. • The reserve for unfunded commitments was $7 million at March 31, 2026 and is reflected in Other liabilities.
12FIRST QUARTER 2026 EARNINGS PRESENTATION 0.27% 0.09% 0.12% 0.03% 0.11% NCO/Average Loans 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 1.34% 1.34% 1.34% 1.42% 1.39% ACL/Total Loans 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Continued Strong Asset Quality Trends Nonperforming Loans 0.68% 0.61% 0.55% 0.57% 0.75% 0.16% 0.13% 0.19% 0.26% 0.22% NPL/Total Loans Accruing Past Due / Total Loans 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2.41% 2.39% 2.50% 2.82% 2.82% Criticized and Classified Loans / Total Loans 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Criticized and Classified LoansAllowance for Credit Losses Net Charge-Offs
13FIRST QUARTER 2026 EARNINGS PRESENTATION Well-Managed Deposit Costs Deposits increased $381.6 million, or 9.5% annualized, during the first quarter of 2026. Excluding brokered deposits, organic deposit growth was 7% annualized. Growth in noninterest-bearing deposits was 29% annualized. 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 C ost of Deposits 1.85% 1.78% 1.78% 1.83% 1.84% 1.77% 1.72% 1.66% 1.64% 1.58% 1.54% 1.52% Apr'25 May'25 Jun'25 Jul'25 Aug'25 Sep'25 Oct'25 Nov'25 Dec'25 Jan'26 Feb'26 Mar'26 $12,498 Deposits End-of-Period ($ in millions) $12,575 $12,498 $13,090 $16,256 $16,638 4.50% 4.50% 4.25% 3.75% 3.75% 1.93% 1.80% 1.81% 1.67% 1.54% Total Deposits Fed Funds Upper Limit Cost of Deposits 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26
14FIRST QUARTER 2026 EARNINGS PRESENTATION Deposits End-of-Period ($ in millions) $12,575 $12,498 $13,090 $16,256 $16,638 Transaction Accounts Savings Money Market Brokered Time Deposits 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 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 50% of total deposits. Consumer deposits represent 49% of total deposits, with an average balance per account of $27 thousand. Business deposits represent 51% of total deposits, with an average balance per account of $122 thousand. The average customer tenure is 11 years. 50%48% 48%47%50% 6%6% 5% 4%4% 33% 33% 34% 32% 31% 2% 4% 1% 1% 1% 11% 11% 12% 13% 12%
15FIRST QUARTER 2026 EARNINGS PRESENTATION Investment Securities Performance and Composition Net unrealized losses in the AFS portfolio increased during the first quarter of 2026 by $2.5 million, driven by rate volatility during the period. During the first quarter of 2026, the Company repositioned a portion of its AFS securities portfolio. Low-rate, long-duration securities were sold, resulting in a pre-tax loss of approximately $39.5 million. These were sold in January while spreads were relatively tight, before long term rates moved higher. The proceeds of approximately $277.0 million were reinvested in primarily agency mortgage-backed securities with an average taxable equivalent book yield of 4.8%. Portfolio yields increased 24 basis points to 4.37% from 4.13% in the prior quarter, benefitting from the securities repositioning. Net Unrealized Loss in Securities ($ in millions) 3/31/2026 12/31/2025 △ from 4Q'25 Total Available-for-Sale $ (104,198) $ (101,727) $ (2,471) Total Held-to-Maturity (98,449) (96,618) (1,831) Total Securities $ (202,647) $ (198,345) $ (4,302) ($ in m ill io ns ) $3,253 $3,479 $3,811 $5,751 $5,645 $625 $613 $599 $586 $576 $2,628 $2,866 $3,212 $5,165 $5,069 3.88% 3.87% 3.92% 4.13% 4.37% HTM Securities AFS Securities Yield 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26
16FIRST QUARTER 2026 EARNINGS PRESENTATION $16.71 $17.19 $17.61 $15.14 $15.33 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 9.6% 9.8% 9.8% 9.3% 9.2% 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 16.1% 16.1% 15.9% 15.9% 16.0% 14.7% 14.6% 14.5% 14.5% 14.6% Total Risk Based Capital Tier 1 Ratio 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 10.2% 12.8% 10.7% 9.1% 8.5% 10.3% 13.3% 13.0% 12.0% 16.3% GAAP - ROTE Adjusted - ROTE 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 1Calculated treating all convertible 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 defines tangible equity as total shareholders' equity plus convertible preferred stock less intangible assets. 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 Capital4Return on Tangible Equity 2 10.0%3 8.0%3 Robust Capital Position Supporting a Fortress Balance Sheet $16.721 $16.901
17FIRST QUARTER 2026 EARNINGS PRESENTATION 2026 Outlook ($ in millions except per share data) 2025 Actual Previous 2026 Outlook Current 2026 Outlook Adjusted Revenue (fully taxable equivalent basis) $ 656 29% - 31% Growth 28% - 31% Growth Adjusted Efficiency Ratio 58 % 53% - 55% 53% - 55% Adjusted Earnings Per Share-Diluted $ 1.84 $2.48 - $2.52 $2.48 - $2.52 Organic Loan Growth 9.4 % High Single Digit Growth High Single Digit Growth Organic Deposit Growth 1.2 % Low to Mid Single Digit Growth Low to Mid Single Digit Growth 4Q’25 Actual Previous 4Q’26 Outlook Current 4Q’26 Outlook Adjusted ROA 0.89 % 1.30% 1.30% Adjusted ROTE 12.0 % 16.0% 16.0% Adjusted measures are non-GAAP measures, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. Previous guidance was issued January 29, 2026 in connection with Q4 2025 earnings release. Current Assumptions: • No rate cuts in 2026 and the current forward curve • Stable economic environment • Includes the benefit of the securities repositioning executed in January 2026
18FIRST QUARTER 2026 EARNINGS PRESENTATION Appendix
19FIRST QUARTER 2026 EARNINGS PRESENTATION Selected Acquisition-Related Impacts to Earnings Quarterly Trend ($ in millions, except per share amounts) 1Q'26 4Q'25 3Q'25 2Q'25 1Q'25 Accretion on acquired loans $ 12.1 $ 10.6 $ 9.5 $ 10.6 $ 8.2 Amortization of intangibles 10.1 10.4 6.0 5.1 5.3 Accretion on acquired loans, net of amortization of intangibles 2.0 0.2 3.5 5.5 2.9 Tax effect 0.5 0.1 0.9 1.4 0.7 Accretion on acquired loans, net of amortization of intangibles, after taxes $ 1.5 $ 0.1 $ 2.6 $ 4.1 $ 2.2 Net per share impact $ 0.01 $ — $ 0.03 $ 0.05 $ 0.03 • The impact of acquisition related fair value marks on loans and amortization of intangibles are largely offsetting, with a limited net effect on earnings that has continued to decline. • Accretion on acquired loans of $12.1 million, net of amortization of intangibles of $10.1 million in Q1 2026 resulted in a $0.01 impact to diluted earnings per share.
20FIRST QUARTER 2026 EARNINGS PRESENTATION Recognition 3rd consecutive year 4th consecutive year 2nd consecutive year 6th consecutive year 5th consecutive year 1st time winner 1st time winner
21FIRST QUARTER 2026 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
22FIRST QUARTER 2026 EARNINGS PRESENTATION Quarterly Trend (Amounts in millions except per share data) 1Q'26 4Q'25 3Q'25 2Q'25 1Q'25 Net Income $ 31.9 $ 34.3 $ 36.5 $ 42.7 $ 31.5 Total noninterest (loss) income (12.6) 28.6 23.8 24.5 22.2 Securities losses (gains), net 39.5 (0.1) 0.8 — (0.2) Total Adjusted Noninterest Income 26.9 28.5 24.7 24.5 22.0 Total noninterest expense 122.2 130.5 102.0 91.7 90.6 Merger and integration costs (8.5) (18.1) (10.8) (2.4) (1.1) Adjusted Noninterest Expense 113.6 112.4 91.2 89.3 89.5 Income Taxes 9.0 9.2 10.5 12.6 9.4 Tax effect of adjustments 12.2 4.6 3.0 0.6 0.2 Adjusted Income Taxes 21.2 13.8 13.4 13.2 9.6 Adjusted Net Income 67.8 47.7 45.2 44.5 32.1 Earnings per common share-diluted, as reported 0.29 0.31 0.42 0.50 0.37 Adjusted Earnings per Common Share-Diluted $ 0.62 $ 0.44 $ 0.52 $ 0.52 $ 0.38 Average common shares-diluted 97.8 97.8 87.4 85.5 85.4 Average preferred shares, treating all convertible preferred shares as common 11.3 11.3 — — — Average common shares-diluted, treating all convertible preferred shares as common 109.1 109.0 87.4 85.5 85.4 GAAP to Non-GAAP Reconciliation
23FIRST QUARTER 2026 EARNINGS PRESENTATION GAAP to Non-GAAP Reconciliation Quarterly Trend (Amounts in millions except per share data) 1Q'26 4Q'25 3Q'25 2Q'25 1Q'25 Adjusted Noninterest Expense $ 113.6 $ 112.4 $ 91.2 $ 89.3 $ 89.5 Provision for credit losses on unfunded commitments (0.2) (0.8) (0.2) (0.2) (0.2) Other real estate owned expense and net (loss) gain on sale (0.1) — 0.3 — (0.2) Amortization of intangibles (10.1) (10.4) (6.0) (5.1) (5.3) Net Adjusted Noninterest Expense 103.3 101.2 85.4 84.0 83.8 Average tangible assets $ 19,699.3 $ 19,976.9 $ 15,658.7 $ 15,004.8 $ 14,594.0 Net Adjusted Noninterest Expense to Average Tangible Assets 2.13 % 2.01 % 2.16 % 2.25 % 2.33 % Net Revenue $ 163.9 $ 203.3 $ 157.3 $ 151.4 $ 140.7 Total Adjustments to Net Revenue 39.5 (0.1) 0.8 — (0.2) Impact of FTE adjustment 1.7 1.6 0.4 0.4 0.3 Adjusted Net Revenue on a FTE basis $ 205.1 $ 204.8 $ 158.6 $ 151.8 $ 140.8 Adjusted Efficiency Ratio 55.31 % 54.50 % 57.63 % 58.74 % 63.30 % Net Interest Income $ 176.5 $ 174.6 $ 133.5 $ 126.9 $ 118.5 Impact of FTE adjustment 1.7 1.6 0.4 0.4 0.3 Net Interest Income Including FTE adjustment 178.2 176.2 133.9 127.3 118.9 Total noninterest (loss) income (12.6) 28.6 23.8 24.5 22.2 Total noninterest expense less provision for credit losses on unfunded commitments 122.0 129.7 101.8 91.6 90.4 Pre-Tax Pre-Provision Earnings 43.5 75.1 55.9 60.2 50.6 Total Adjustments to Noninterest (Loss) Income 39.5 (0.1) 0.8 — (0.2) Total Adjustments to Noninterest Expense including other real estate owned expense and net (loss) gain on sale 8.6 18.1 10.5 2.4 1.3 Adjusted Pre-Tax Pre-Provision Earnings $ 91.6 $ 93.2 $ 67.2 $ 62.6 $ 51.7
24FIRST QUARTER 2026 EARNINGS PRESENTATION Quarterly Trend (Amounts in millions except per share data) 1Q'26 4Q'25 3Q'25 2Q'25 1Q'25 Average Assets $ 20,924.9 $ 21,203.4 $ 16,486.0 $ 15,801.2 $ 15,395.6 Less average goodwill and intangible assets (1,225.6) (1,226.5) (827.3) (796.4) (801.7) Average Tangible Assets $ 19,699.3 $ 19,976.9 $ 15,658.7 $ 15,004.8 $ 14,594.0 Return on Average Assets (ROA) 0.62 % 0.64 % 0.88 % 1.08 % 0.83 % Impact of other adjustments for Adjusted Net Income 0.69 0.25 0.21 0.05 0.02 Adjusted ROA 1.31 0.89 1.09 1.13 0.85 ROA 0.62 0.64 0.88 1.08 0.83 Impact of removing average intangible assets and related amortization 0.19 0.19 0.16 0.16 0.15 Return on Average Tangible Assets (ROTA) 0.81 0.83 1.04 1.24 0.98 Impact of other adjustments for Adjusted Net Income 0.74 0.27 0.22 0.05 0.02 Adjusted ROTA 1.55 1.10 1.26 1.29 1.00 Return on Average Equity (ROE) 4.69 4.99 6.17 7.60 5.76 Impact of other adjustments for Adjusted Net Income 5.27 1.96 1.47 0.32 0.12 Adjusted ROE 9.96 % 6.95 % 7.64 % 7.92 % 5.88 % Average Shareholders' Equity $ 2,760.7 $ 2,724.2 $ 2,345.2 $ 2,252.2 $ 2,215.0 Average convertible preferred stock 343.1 343.1 — — — Less average goodwill and intangible assets (1,225.6) (1,226.5) (827.3) (796.4) (801.7) Average Tangible Equity $ 1,878.2 $ 1,840.8 $ 1,517.9 $ 1,455.8 $ 1,413.3 Return on Average Shareholders' Equity 4.69 % 4.99 % 6.17 % 7.60 % 5.76 % Impact of adding convertible preferred stock and removing average intangible assets and related amortization 3.82 4.06 4.53 5.22 4.41 Return on Average Tangible Equity (ROTE) 8.51 9.05 10.70 12.82 10.17 Impact of other adjustments for Adjusted Net Income 7.75 2.91 2.28 0.49 0.18 Adjusted ROTE 16.26 % 11.96 % 12.98 % 13.31 % 10.35 % GAAP to Non-GAAP Reconciliation
25FIRST QUARTER 2026 EARNINGS PRESENTATION Quarterly Trend (Amounts in millions except per share data) 1Q'26 4Q'25 3Q'25 2Q'25 1Q'25 Loan Interest Income1 $ 186.2 $ 187.9 $ 162.3 $ 157.5 $ 151.0 Accretion on acquired loans (12.1) (10.6) (9.5) (10.6) (8.2) Loan interest income excluding accretion on acquired loans1 $ 174.1 $ 177.3 $ 152.8 $ 146.9 $ 142.8 Yield on Loans1 5.96 % 6.02 % 5.96 % 5.98 % 5.90 % Impact of accretion on acquired loans (0.39) (0.34) (0.35) (0.40) (0.32) Yield on loans excluding accretion on acquired loans1 5.57 % 5.68 % 5.61 % 5.58 % 5.58 % Net Interest income1 $ 178.2 $ 176.2 $ 133.9 $ 127.3 $ 118.9 Accretion on acquired loans (12.1) (10.6) (9.5) (10.6) (8.2) Net interest income excluding accretion on acquired loans1 $ 166.1 $ 165.6 $ 124.4 $ 116.7 $ 110.6 Net Interest Margin1 3.83 % 3.66 % 3.57 % 3.58 % 3.48 % Impact of accretion on acquired loans (0.26) (0.22) (0.25) (0.29) (0.24) Net interest margin excluding accretion on acquired loans1 3.57 % 3.44 % 3.32 % 3.29 % 3.24 % Securities Interest Income1 $ 61.3 $ 57.9 $ 36.0 $ 32.5 $ 29.4 Tax equivalent adjustment on securities (1.2) (1.1) — — — Securities interest income excluding tax equivalent adjustment1 60.1 56.7 36.0 32.5 29.4 Loan Interest Income1 186.2 187.9 162.3 157.5 151.0 Tax equivalent adjustment on loans (0.5) (0.5) (0.4) (0.4) (0.3) Loan interest income excluding tax equivalent adjustment 185.7 187.4 161.9 157.1 150.6 Net Interest Income1 178.2 176.2 133.9 127.3 118.9 Tax equivalent adjustment on securities (1.2) (1.1) — — — Tax equivalent adjustment on loans (0.5) (0.5) (0.4) (0.4) (0.3) Net interest income excluding tax equivalent adjustment $ 176.5 $ 174.6 $ 133.5 $ 126.9 $ 118.5 1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. GAAP to Non-GAAP Reconciliation
26FIRST QUARTER 2026 EARNINGS PRESENTATION Quarterly Trend (Amounts in millions except per share data) 1Q'26 4Q'25 3Q'25 2Q'25 1Q'25 Total Shareholders’ Equity $ 2,717.7 $ 2,712.7 $ 2,378.1 $ 2,271.6 $ 2,229.7 Goodwill (1,035.0) (1,034.7) (754.6) (732.4) (732.4) Other intangible assets, net (185.0) (195.7) (76.3) (61.3) (66.4) Total Adjustments to Shareholders’ Equity (1,220.0) (1,230.4) (830.9) (793.7) (798.8) Total Tangible Common Shareholders’ Equity 1,497.7 1,482.2 1,547.2 1,477.8 1,431.0 Convertible preferred stock 343.1 343.1 — — — Total Tangible Shareholders’ Equity $ 1,840.8 $ 1,825.3 $ 1,547.2 $ 1,477.8 $ 1,431.0 Common stock, shares outstanding 97.7 97.9 87.9 85.9 85.6 Preferred stock1, shares outstanding 11.3 11.3 — — — Common stock, shares outstanding, treating all preferred shares as common 108.9 109.2 87.9 85.9 85.6 Tangible Book Value per Share $ 15.33 $ 15.14 $ 17.61 $ 17.19 $ 16.71 Tangible Book Value per Share, treating all preferred shares as common 16.90 16.72 17.61 17.19 16.71 Net income available to common shareholders 29.8 32.1 36.5 42.7 31.5 Less allocation of earnings to preferred stock-diluted (1.2) (1.4) — — — Net income available to common shareholders after allocation of earnings to preferred stock $ 28.6 $ 30.7 $ 36.5 $ 42.7 $ 31.5 Average common shares-diluted 97.8 97.8 87.4 85.5 85.4 Average preferred shares, treating all preferred shares as common 11.3 11.3 — — — Average common shares-diluted, treating all preferred shares as common 109.1 109.0 87.4 85.5 85.4 Earnings per common share-diluted, as reported $ 0.29 $ 0.31 $ 0.42 $ 0.50 $ 0.37 Earnings per common share-diluted, treating all preferred shares as common 0.29 0.31 0.42 0.50 0.37 1In the fourth quarter of 2025, non-voting convertible preferred shares were issued in connection with the VBI acquisition. Each 1/1000th preferred share is convertible to one common share on the date a holder of preferred stock. GAAP to Non-GAAP Reconciliation