Seacoast Reports First Quarter 2026 Results

Company Release - 4/28/2026 4:01 PM ET Annualized Organic Deposit Growth of 7% Net Interest Margin Grew 17 Basis Points Quarter over Quarter to 3.83% 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 income 1 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 assets 1 was 1.31% and adjusted return on average tangible shareholders' equity 1 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 revenues 1 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.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 income 1 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.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. 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 capital 2, 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 capital 2. 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. 1 Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP. 2 Estimated. 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 RATES1 (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 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. Michael Young Chief Strategy Officer & Treasurer Seacoast Banking Corporation of Florida (772) 403-0451 Source: Seacoast Banking Corporation of Florida