Seacoast Banking of Florida : SBCF Investor Presentation May 2026

Published: 2026-05-13 16:55:17 ET SBCF

Published on 05/13/2026 at 04:55 pm EDT

BANKING CORPORATION

OF FLORIDA

«/g Seacoast

INVESTOR 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 https://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 https://www.sec.gov.

MAY 2026 INVESTOR PRESENTATION

ABOUT SEACOAST BANK

STRATEGIC PRIORITIES

COMPANY PERFORMANCE

APPENDIX

AGENDA

ABOUT SEACOAST BANK

M&A Strategy Delivering Consistent Growth and Long-Term Value Creation

1Acquired assets reflects target's publicly available financials from quarter prior to closing.

2Deposit market share for Florida-based banks as of June 30 every year. Sources: S&P Capital IQ Pro. FDIC

MAY 2026 INVESTOR PRESENTATION

Acquisition of Villages Bancorporation, Holding Company of Citizens First Bank

Banking Subsidiary of

Villages Bancorporation, Inc.

Note: Deposit data as of June 30, 2025 Sources: S&P Capital IQ Pro. FDIC

MAY 2026 INVESTOR PRESENTATION 6

A Strategically Compelling Acquisition with Granular Core Deposits

Strategic Rationale

Created a ~$21 billion asset franchise in some of the fastest growing markets in the United States, ranking as the 2nd largest publicly-traded bank in Florida by deposit market share and the largest pure play Florida public bank¹

Provides an ample source of long-term, low cost liquidity and a new and growing customer base primarily composed of affluent retirees with predictable income streams and a need for multiple banking products

Strong mortgage platform with robust mortgage lending opportunities throughout The Villages and the surrounding areas

Right of first refusal and exclusivity provisions protect Seacoast's position and ability to grow along with the population and development itself

Financially Attractive

Provides scale and efficiencies to improve profitability positioning relative to peers

Drives high returns for shareholders through a conservatively modeled and low-execution risk transaction with long-term franchise value benefit

Significant revenue synergies from delivering Seacoast's products and capabilities to VBI's customers (not modeled)

Well-Positioned for Future Success

Limited loan portfolio with opportunity to expand while maintaining a track record of conservative credit with 0.00% NCOs / Avg. Loans2

Fills a gap in Seacoast's Florida footprint in one of the last untapped (and historically inaccessible) growth markets in the state

The Villages' master-planned community model has proven scalable, with seamless integration of new neighborhoods and amenities that will continue to provide consumer and commercial banking opportunities

Seacoast's long history of acquisition and integration experience mitigates integration risk

1Deposit data for Florida-based banks as of June 30, 2025. Reflects Florida domiciled deposits. Excludes Raymond James Financial, Inc.

2Financial data as of March 31, 2026

Source: S&P Capital IQ Pro

AGENDA

STRATEGIC PRIORITIES

Executing Our Balanced Growth Strategy

Our advantage is rooted in a top-tier banker force, compelling brand and footprint, and strong capital and liquidity supporting further organic growth and opportunistic acquisitions. Our laser focus is on leveraging these strengths to compete and take share from vulnerable competitors.

Relationship Oriented Value Proposition

Adding Talent to High Performance Culture

Attractive Markets

Opportunistic Acquisitions

Fortress Balance Sheet

Resonates with both

Attracts the best banking

Top deposit market share in fastest growth MSAs in the country including our rare, statewide Florida presence. Strategic investments will continue to build market share in these top secular and wealth growth markets increasing scarcity value.

Leveraging our proven

Industry-leading capital,

clients and bankers.

talent from larger

M&A capabilities,

robust liquidity, credit

Treasury management

regional banks.

improving profitability

diversity, and granularity

product expansion and

Investments in talent are

through growth in low-cost

focus on better than peer

wealth management

driving disciplined loan

deposit base and strategic

risk-adjusted returns

services support

revenue growth.

growth and strong

deposit gathering.

deployment of capital.

through cycles while

providing long-term

support to customers and

shareholders.

2026 Outlook

($ in millions except per share data)

2025 Actual

Previous 2026 Outlook

Adjusted Revenue (fully taxable equivalent basis)

$ 656

29% - 31% Growth

Adjusted Efficiency Ratio

58%

53% - 55%

Adjusted Earnings Per Share-Diluted

$ 1.84

$2.48 - $2.52

Organic Loan Growth

9.4%

High

Single Digit Growth

Organic Deposit Growth

1.2%

Low to Mid Single Digit Growth

4Q'25 Actual

Previous 4Q'26 Outlook

Adjusted ROA

0.89%

1.30%

Adjusted ROTE

12.0%

16.0%

Current 2026 Outlook

28% - 31% Growth

53% - 55%

$2.48 - $2.52

High

Single Digit Growth

Low to Mid Single Digit Growth

Current 4Q'26 Outlook

1.30%

16.0%

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

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.

AGENDA

COMPANY PERFORMANCE

Valuable Footprint with Strong Capital and Liquidity

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% Tier 1 capital ratio

76% loan-to-deposit ratio

First Quarter 2026 Highlights

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%.

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% 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.

Net Interest Income and Net Interest Margin

Net Interest Margin NIM, excluding accretion on acquired loans

($ in millions)

$176.2 $178.2

$118.9

$127.3

$133.9

3.24%

3.48%

3.29%

3.58%

3.32%

3.57%

3.57%

3.83%

3.44%

3.66%

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.

Noninterest Income

$28.6 $28.5

$26.9

$24.5 $24.5

$24.7

$22.2

$22.0

$23.8

Adjusted noninterest income1, which excludes securities activity, increased 22% year over year.

($ in millions)

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.

$(12.6)

1Q'25 2Q'25 3Q'25 4Q'25 1Q'26

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.

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

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%.

Assets Under Management End-of-Period ($ in millions)

$2,053

$1,711

$1,387

$2,808 $2,823

21% CAGR

2022 2023 2024 2025 1Q'26

Noninterest Expense

$89.5

$89.3

$91.2

57.6%

Includes merger and integration costs of

$8.5 million in 1Q'26 and $18.1 million in 4Q'25

54.5%

55.3%

63.3%

58.7%

($ in millions)

Noninterest Expense

$130.5

59.5%

63.4%

$102.0

$122.2

Adjusted Noninterest Expense

$112.4 $113.6

64.4%

$90.6 $91.7

64.0%

60.3%

1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26

Adjusted Efficiency Ratio1

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.

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.

Total Loans End-of-Period ($ in millions)

$12,628 $12,641

$10,443

$10,609

$10,964

5.58%

5.90%

5.58%

5.98%

5.61%

5.96%

5.57%

5.96%

5.68%

6.02%

Commercial Loan Pipeline ($ in millions)

1Q'25 2Q'25 3Q'25 4Q'25 1Q'26

Yield Excluding Accretion on Acquired Loans

Reported Yield

1Q'25 2Q'25 3Q'25 4Q'25 1Q'26

Loan Portfolio Mix

At March 31, 2026

Residential, 25%

Commercial & Financial, 19%

Consumer, 2%

CRE-Retail, 11%

CRE-Office, 4%

CRE-Multifamily 5+, 4%

CRE-Hotel/Motel, 2%

CRE-Industrial/Warehouse, 6%

CRE-Other, 5%

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 capital.

OOCRE, 16%

Construction & Land Development, 6%

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.

Disclaimer

Seacoast Banking Corporation of Florida published this content on May 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 13, 2026 at 20:54 UTC.