Seacoast Reports First Quarter 2026 Results

Published: 2026-04-28 16:02:04 ET SBCF

Annualized Organic Deposit Growth of 7% Net Interest Margin Grew 17 Basis Points Quarter over Quarter to 3.83%

Published on 04/28/2026 at 04:02 pm EDT

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

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

Balance Sheet

Asset Quality

Capital and Liquidity

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

0.38

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

0.18

Other Data

Full-time equivalent employees

1,949

1,962

1,601

1,522

1,518

Number of ATMs

192

191

103

Full-service banking offices

104

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

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

)

(841

)

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

(29

)

(346

)

241

Provision for credit losses on unfunded commitments

150

812

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

—

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

—

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

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

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

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

—

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

—

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

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

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

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

—

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

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

0.38

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

—

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

)

346

)

(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

0.16

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

—

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

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

)

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

)

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.

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