Strong Organic Loan Growth with Expanding Pipeline
Well-Positioned Balance Sheet with Robust Capital and Liquidity
STUART, Fla., July 28, 2026 /BUSINESS WIRE/ -- Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported unaudited results of operations and other financial information for the second quarter of 2026.
Second Quarter 2026 Highlights
•Net income of $59.5 million, or $0.55 per share, increased 87% from the prior quarter and 39% from the prior year quarter. Adjusted net income1 was $65.8 million, or $0.61 per share.
•Adjusted pre-tax pre-provision earnings1 increased 4% from the prior quarter and 52% from the prior year quarter.
•16% annualized organic loan growth.
•Total deposits increased 4% on an annualized basis, including a 4% annualized increase in noninterest-bearing deposits.
•Cost of deposits declined to 1.53%.
•Net interest income grew 2% from the prior quarter and 42% from the prior year quarter.
•Net interest margin was stable at 3.83% and, excluding accretion on acquired loans, expanded eight basis points from the prior quarter to 3.65%.
•Revenue growth continued to outpace expense, resulting in improved operating leverage and an improved efficiency ratio.
•Repurchased 751,680 shares of common stock during the quarter, and 1,072,443 shares of common stock year to date.
Charles M. Shaffer, Seacoast's Chairman and CEO, said, "Seacoast delivered another quarter of strong financial performance, reflecting the strength of our franchise, the resilience of our markets, and the disciplined execution of our associates across the organization. In early July, we successfully completed the conversion of customers from Citizens First Bank to Seacoast's platforms, marking the culmination of one of the most significant and complex integrations in our company's history. I could not be more proud of our team for delivering an exceptionally smooth client experience while executing a highly complex technical conversion. Their preparation, commitment, and relentless focus on excellence ensured a seamless transition for customers and demonstrated the extraordinary talent and capabilities that exist throughout Seacoast.
Shaffer continued, “The Villages® remains one of the most attractive growth markets in Florida, supported by exceptional demographics, continued economic expansion, and significant opportunities to deepen customer relationships. This acquisition has strengthened our position in this premier market, expanded our franchise, enhanced our earnings profile, and improved our ability to generate sustainable long-term growth. Just as importantly, we have welcomed team members and customers that share our commitment to community banking, exceptional service, and local decision-making.
“Beyond the successful completion of the conversion, we delivered another strong quarter, supported by healthy loan and demand deposit growth, diversified revenue streams, and disciplined execution across the organization. Our balance sheet remains exceptionally strong, underpinned by industry-leading capital levels, substantial liquidity, and excellent asset quality. These strengths provide the flexibility to continue to invest in our franchise, support our clients, and capitalize on opportunities across our footprint while maintaining a prudent risk posture.
Shaffer concluded, “As Seacoast celebrates its 100th year, we remain optimistic about the future. The markets we serve continue to benefit from favorable population growth, strong economic fundamentals, and attractive long-term growth trends. With the successful integration of our recent acquisitions now complete, an outstanding team in place, and a strong balance sheet supporting future growth, we enter the second half of 2026 with considerable momentum and confidence in our ability to create sustained value for our shareholders, customers, associates, and communities.”
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
Financial Results
Income Statement
•Net income in the second quarter of 2026 was $59.5 million, or $0.55 per diluted share, compared to $31.9 million, or $0.29 per diluted share, in the prior quarter and $42.7 million, or $0.50 per diluted share, in the prior year quarter. Adjusted net income1 for the second quarter of 2026 was $65.8 million, or $0.61 per diluted share, compared to $67.8 million, or $0.62 per diluted share, for the prior quarter, and $44.5 million, or $0.52 per diluted share, for the prior year quarter. For the six months ended June 30, 2026, net income was $91.4 million and adjusted net income1 was $133.6 million, compared to $74.2 million and $76.6 million, respectively, in the prior year period.
•Net revenues were $208.2 million in the second quarter of 2026, an increase of $44.3 million, or 27%, compared to the prior quarter, and an increase of $56.8 million, or 38%, compared to the prior year quarter. The first quarter of 2026 included a $39.5 million loss from a strategic repositioning of the securities portfolio. Growth compared to the prior year quarter reflects the expansion of the franchise, including from bank acquisitions in 2025. Adjusted net revenues1 were $210.0 million in the second quarter of 2026, an increase of $4.9 million, or 2%, compared to the prior quarter, and an increase of $58.2 million, or 38%, compared to the prior year quarter. For the six months ended June 30, 2026 and 2025, net revenues were $372.0 million and $292.1 million, respectively.
•Pre-tax pre-provision earnings1 were $87.0 million in the second quarter of 2026, an increase of $43.4 million, or 100%, compared to the prior quarter, and an increase of $26.7 million, or 44%, compared to the second quarter of 2025. Adjusted pre-tax pre-provision earnings1 were $95.5 million in the second quarter of 2026, an increase of $3.8 million, or 4%, compared to the prior quarter, and an increase of $32.8 million, or 52%, compared to the second quarter of 2025. For the six months ended June 30, 2026, pre-tax pre-provision earnings1 was $130.5 million and adjusted pre-tax pre-provision earnings1 was $187.1 million, compared to $110.8 million and $114.3 million, respectively, in the prior year period.
•Net interest income totaled $180.4 million in the second quarter of 2026, an increase of $3.9 million, or 2%, compared to the prior quarter, and an increase of $53.5 million, or 42%, compared to the second quarter of 2025. The increase compared to the prior quarter represents higher yields on the securities portfolio and loan growth. Securities income increased $2.5 million, or 4%, from the prior quarter, benefiting from higher balances and the full quarter impact of the securities repositioning executed in the first quarter of 2026. Interest income on loans increased compared to the prior quarter by $2.4 million, or 1%, despite lower purchase accounting accretion, due to higher average loan balances and higher core loan yields. Accretion on acquired loans was $8.9 million in the second quarter of 2026 compared to $12.1 million in the first quarter of 2026. Interest expense on deposits increased $0.7 million, or 1%, compared to the prior quarter.
•Net interest margin was stable at 3.83% in the second quarter of 2026 compared to the first quarter of 2026, and increased 25 basis points compared to 3.58% in the second quarter of 2025. Excluding the effects of accretion on acquired loans, net interest margin expanded eight basis points to 3.65% in the second quarter of 2026 compared to 3.57% in the first quarter of 2026, and increased 36 basis points compared to 3.29% in the second quarter of 2025. The expansion in core net interest margin was driven by higher securities and loan yields and lower funding costs. Loan yields were 5.88%, a decline of eight basis points from the prior quarter, and a decline of 10 basis points from the prior year quarter. Yield on loans excluding accretion on acquired loans was 5.61%, an increase of four basis points from the prior quarter, and an increase of three basis points from the prior year quarter. Securities yields increased to 4.47%, up 10 basis points from the prior quarter and up 60 basis points from the prior year quarter. The cost of deposits declined one basis point to 1.53% in the second quarter of 2026 compared to 1.54% in the prior quarter, and declined 27 basis points compared to 1.80% in the second quarter of 2025. The cost of funds declined two basis points to 1.69% compared to the prior quarter, and declined 30 basis points compared to the prior year quarter.
•The Company recorded a provision for credit losses of $9.0 million in the second quarter of 2026, reflecting record loan growth and low, stable charge-offs of $3.2 million. Allowance coverage of 1.38% at June 30, 2026 was lower by one basis point compared to March 31, 2026.
•Noninterest income totaled $27.8 million in the second quarter of 2026, an increase of $40.4 million compared to the prior quarter. A strategic repositioning of the securities portfolio resulted in a $39.5 million loss in the first quarter of 2026. Excluding securities activity, adjusted noninterest income1 of $27.8 million increased $0.9 million, or 3%, compared to the prior quarter, and increased $3.4 million, or 14%, from the prior year quarter. For the six months ended June 30, 2026, adjusted noninterest income1 increased $8.3 million, or 18%, from the prior year period to $54.8 million. Results in the second quarter of 2026 included:
•Service charges on deposits totaled $7.0 million, an increase of $0.1 million, or 2%, from the prior quarter and an increase of $1.5 million, or 27%, from the prior year quarter.
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
•Wealth management income totaled $6.0 million, an increase of $0.2 million, or 3%, from the prior quarter and an increase of $1.8 million, or 42%, from the prior year quarter. The wealth management division has continued to deliver significant growth, driven by robust organic business development, strong client retention, and continued asset inflows from existing relationships, and has added $388 million in new organic assets under management in the first half of 2026. Assets under management have grown 45% year-over-year to $3.2 billion.
•Mortgage banking income totaled $2.7 million, an increase of $0.6 million, or 27%, from the prior quarter and an increase of $2.1 million, or 301%, from the prior year quarter, with higher saleable production including the addition of mortgage originations in The Villages communities.
•Insurance agency income totaled $1.3 million, a decrease of $0.5 million, or 25%, from the prior quarter and an increase of $47 thousand, or 4%, from the prior year quarter. The first quarter of 2026 included typical seasonal contingency payments, which are collected annually.
•Other income totaled $6.0 million, an increase of $0.5 million, or 8%, compared to the prior quarter and a decrease of $1.5 million, or 19%, from the prior year quarter. Compared to the prior quarter, the second quarter of 2026 included higher fees on customer swap activity, partially offset by lower SBIC income. In the prior year quarter, the Company recognized $3.0 million in tax refunds related to a prior bank acquisition.
•Noninterest expense was $123.1 million in the second quarter of 2026, an increase of $0.9 million, or 1%, compared to the prior quarter, and an increase of $31.4 million, or 34%, compared to the prior year quarter. In the second quarter of 2026, merger and integration costs totaled $8.4 million, compared to $8.5 million in the prior quarter and $2.4 million in the prior year quarter. Results in the second quarter of 2026 are discussed below. Year-over-year increases reflect continued expansion of the footprint and growth in customers, including through bank acquisitions.
•Salaries and employee benefits totaled $63.1 million, an increase of $0.5 million, or 1%, from the prior quarter and an increase of $10.6 million, or 20%, from the prior year quarter.
•Outsourced data processing costs totaled $12.2 million, an increase of $0.2 million, or 2%, from the prior quarter and an increase of $3.7 million, or 44%, from the prior year quarter.
•Occupancy costs totaled $9.6 million, an increase of $0.4 million, or 4%, compared to the prior quarter and an increase of $2.1 million, or 28%, from the prior year quarter.
•Legal and professional fees totaled $2.5 million, a decrease of $0.7 million, or 22%, compared to the prior quarter and an increase of $0.4 million, or 20%, from the prior year quarter. The changes are largely associated with the timing of various projects.
•Amortization of intangibles totaled $10.0 million, a decrease of $0.1 million, or 1%, from the prior quarter and an increase of $4.8 million, or 94%, from the prior year quarter.
•Other expense totaled $8.0 million, an increase of $1.2 million, or 18%, compared to the prior quarter and an increase of $1.8 million, or 30%, from the prior year quarter.
•The efficiency ratio improved to 58.52% in the second quarter of 2026, compared to 59.47% in the first quarter of 2026 and 60.33% in the second quarter of 2025. The adjusted efficiency ratio1 improved to 54.54% in the second quarter of 2026, compared to 55.31% in the first quarter of 2026 and 58.74% in the prior year quarter. The Company remains keenly focused on disciplined expense control, while making investments for growth.
Balance Sheet
•At June 30, 2026, the Company had total assets of $21.4 billion and total shareholders’ equity of $2.7 billion. Book value per common share was $28.20 as of June 30, 2026, compared to $27.83 as of March 31, 2026, and $26.43 as of June 30, 2025. Tangible book value per share, treating all convertible preferred shares as common was $17.25 as of June 30, 2026, compared to $16.90 as of March 31, 2026, and $17.19 as of June 30, 2025.
•Debt securities totaled $5.7 billion as of June 30, 2026, an increase of $93.3 million compared to March 31, 2026. Debt securities as of June 30, 2026 included approximately $5.2 billion in securities classified as available-for-sale and recorded at fair value. The unrealized loss on these securities is fully reflected in the value presented on the balance sheet. The portfolio also includes $564.1 million in securities classified as held-to-maturity with a fair value of $465.7 million.
•Continued strong loan origination volume and lower payoffs than the first quarter resulted in an overall increase in loan balances of $504.0 million, or 16% annualized, during the second quarter of 2026. Seacoast continues to benefit from the investments made in recent years to attract talent from large regional and national banks across its markets.
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
•The outlook for continued consistent growth is strong, with loan pipelines totaling $1.5 billion as of June 30, 2026, compared to $1.2 billion at March 31, 2026 and $920.9 million at June 30, 2025.
•Commercial pipelines totaled $1.3 billion as of June 30, 2026, representing an increase of $246.2 million, or 24%, from the prior quarter and an increase of $430.0 million, or 50%, from the prior year quarter.
•Residential pipelines were $168.5 million as of June 30, 2026, compared to $169.2 million as of March 31, 2026 and $43.5 million as of June 30, 2025.
•Total deposits were $16.8 billion as of June 30, 2026, an increase of $154.3 million or 3.7% annualized, when compared to March 31, 2026.
•Noninterest-bearing demand deposits increased 4% on an annualized basis during the second quarter of 2026 to $4.2 billion at June 30, 2026.
•The cost of deposits declined one basis point to 1.53% from 1.54% in the prior quarter.
•At June 30, 2026, customer transaction account balances represented 48% of total deposits. The Company benefits from a granular deposit franchise, with the top ten depositors representing approximately 2% of total customer deposits.
•Consumer deposits represent 48% of overall customer deposit funding with an average consumer customer balance of $24 thousand. Commercial deposits represent 52% of overall customer deposit funding with an average business customer balance of $121 thousand.
•Brokered deposits were utilized as a temporary funding source to offset typical seasonal lows in core deposit balances. Brokered deposits totaled $611.6 million as of June 30, 2026, compared to $209.3 million as of March 31, 2026 and $515.3 million as of June 30, 2025.
•Uninsured deposits represented only 36% of overall deposit balances as of June 30, 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 158% of uninsured deposits, and 181% of uninsured and uncollateralized deposits.
•Federal Home Loan Bank borrowings averaged $915.0 million at 3.77% for the second quarter of 2026, compared to average borrowings of $847.2 million at 4.03% in the first quarter of 2026 and $724.2 million at 4.32% in the second quarter of 2025.
Asset Quality
•The ratio of criticized and classified loans to total loans was 2.88% at June 30, 2026, 2.82% at March 31, 2026, and 2.39% at June 30, 2025.
•Nonperforming loans were $86.5 million, or 0.66% of total loans, at June 30, 2026, a decrease of $8.5 million, or 9%, from $95.0 million, or 0.75% of total loans, as of March 31, 2026.
•Accruing past due loans were $20.1 million, or 0.15% of total loans, at June 30, 2026, compared to $28.2 million, or 0.22% of total loans, at March 31, 2026, and $14.2 million, or 0.13% of total loans, at June 30, 2025.
•Net charge-offs were $3.2 million in the second quarter of 2026, compared to $3.3 million in the first quarter of 2026 and $2.5 million in the second quarter of 2025. Net charge-offs for the four most recent quarters averaged 0.09% of total loans.
•The ratio of ACL to total loans was 1.38% at June 30, 2026, a decline of one basis point, compared to 1.39% at March 31, 2026, and 1.34% at June 30, 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 June 30, 2026 at 40% and 230% of total bank-level risk-based capital2, respectively, compared to 35% and 224%, respectively, at March 31, 2026. On a consolidated basis and as of June 30, 2026, construction and land development and commercial real estate loans represent 37% and 216%, respectively, of total consolidated risk-based capital2.
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
2Estimated
Capital and Liquidity
•The Company continues to operate with a fortress balance sheet, with a Tier 1 capital ratio at June 30, 2026 of 14.3%2 compared to 14.6% at both March 31, 2026 and June 30, 2025. The Total capital ratio was 15.7%2, the Common Equity Tier 1 capital ratio was 11.5%2, and the Tier 1 leverage ratio was 10.4%2 at June 30, 2026. The Company is considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements.
•Tangible equity to tangible assets3 was 9.25% at June 30, 2026, compared to 9.24% at March 31, 2026, and 9.75% at June 30, 2025. If all held-to-maturity securities were adjusted to fair value, the tangible equity ratio would have been 8.92% at June 30, 2026.
•During the second quarter of 2026, the Company repurchased over 750,000 shares of its common stock under its share repurchase program. Year to date under the program, the Company has taken opportunities to leverage its strong capital position by repurchasing over 1 million shares of its common stock.
•At June 30, 2026, in addition to $429.9 million in cash, the Company had $9.2 billion in available borrowing capacity, including $5.0 billion in available collateralized lines of credit, $3.8 billion of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of $348.0 million. These liquidity sources as of June 30, 2026, represented 181% of uninsured and uncollateralized deposits.
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
2Estimated
3The Company defines tangible assets as total assets less intangible assets and tangible equity as total shareholders' equity plus convertible preferred stock less intangible assets.
OTHER INFORMATION
Conference Call Information
Seacoast will host a conference call on July 29, 2026, at 10:00 a.m. (Eastern Time) to discuss the second quarter of 2026 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 715-9871 (Conference ID: 3366993). 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 $21.4 billion in assets and $16.8 billion in deposits as of June 30, 2026. Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage and insurance services to customers at 105 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. For more information about Seacoast, visit www.SeacoastBanking.com.
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
Six months ended
(Amounts in thousands, except ratios and per share data)
2Q'26
1Q'26
4Q'25
3Q'25
2Q'25
2Q'26
2Q'25
Summary of Earnings
Net income
$
59,535
$
31,895
$
34,260
$
36,467
$
42,687
$
91,430
$
74,151
Adjusted net income1
65,819
67,777
47,741
45,164
44,466
133,596
76,568
Net interest income2
182,150
178,154
176,244
133,906
127,295
360,304
246,153
Net interest margin2,3
3.83
%
3.83
%
3.66
%
3.57
%
3.58
%
3.83
%
3.53
%
Pre-tax pre-provision earnings1
$
86,968
$
43,519
$
75,141
$
55,887
$
60,236
$
130,487
$
110,827
Adjusted pre-tax pre-provision earnings1
95,470
91,646
93,170
67,190
62,627
187,116
114,314
Performance Ratios
Return on average assets-GAAP basis3
1.13
%
0.62
%
0.64
%
0.88
%
1.08
%
0.88
%
0.96
%
Adjusted return on average assets1,3
1.25
1.31
0.89
1.09
1.13
1.28
0.99
Return on average tangible assets-GAAP basis3,4
1.35
0.81
0.83
1.04
1.24
1.08
1.12
Adjusted return on average tangible assets1,3,4
1.48
1.55
1.10
1.26
1.29
1.51
1.15
Net adjusted noninterest expense to average tangible assets1,3,4
2.11
2.13
2.01
2.16
2.25
2.12
2.29
Return on average equity-GAAP basis3
8.74
4.69
4.99
6.17
7.60
6.71
6.69
Adjusted return on average equity1,3
9.66
9.96
6.95
7.64
7.92
9.81
6.91
Return on average tangible equity-GAAP basis3,4
14.44
8.51
9.05
10.70
12.82
11.48
11.52
Adjusted return on average tangible equity1,3,4
15.79
16.26
11.96
12.98
13.31
16.03
11.86
Efficiency ratio5
58.52
59.47
63.36
64.44
60.33
58.99
62.12
Adjusted efficiency ratio1
54.54
55.31
54.50
57.63
58.74
54.92
60.93
Noninterest income to total revenue (excluding securities gains/losses)
13.37
13.23
14.05
15.59
16.18
13.30
15.92
Tangible equity to tangible assets4
9.25
9.24
9.31
9.76
9.75
9.25
9.75
Tangible common equity to tangible assets4
7.55
7.52
7.56
9.76
9.75
7.55
7.52
Average loan-to-deposit ratio
77.89
77.58
73.60
82.99
85.21
77.74
84.72
End of period loan-to-deposit ratio
78.39
76.09
77.78
83.84
84.96
78.39
84.96
Per Share Data
Earnings per common share-diluted-GAAP basis
$
0.55
$
0.29
$
0.31
$
0.42
$
0.50
$
0.84
$
0.87
Earnings per common share-basic-GAAP basis
0.55
0.30
0.32
0.42
0.50
0.85
0.87
Adjusted earnings per common share-diluted1
0.61
0.62
0.44
0.52
0.52
1.23
0.90
Book value per common share
28.20
27.83
27.70
27.07
26.43
28.20
26.43
Book value per share, treating all convertible preferred shares as common6
28.44
28.10
27.99
27.07
26.43
28.44
26.43
Tangible book value per common share
15.71
15.33
15.14
17.61
17.19
15.71
17.19
Tangible book value per share, treating all convertible preferred shares as common4,6
17.25
16.90
16.72
17.61
17.19
17.25
17.19
Cash dividends declared on common and preferred stock7
0.19
0.19
0.19
0.18
0.18
0.38
0.36
Other Data
Full-time equivalent employees
1,964
1,949
1,962
1,601
1,522
1,964
1,522
Number of ATMs
192
192
191
103
98
192
98
Full-service banking offices
105
104
104
84
79
105
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, tangible equity as total shareholders' equity plus convertible preferred stock less intangible assets, and tangible equity as total shareholders' equity less intangible assets.
5Defined as noninterest expense less provision for credit losses on unfunded commitments and gains, losses, and expenses on foreclosed properties divided by net operating revenue (net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains and losses). Prior to the fourth quarter of 2025, the Company's presentation of the efficiency ratio excluded amortization expense on intangible assets. Prior periods have been updated to align with the current presentation.
6Calculated treating all 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
Six months ended
(Amounts in thousands, except per share data)
2Q'26
1Q'26
4Q'25
3Q'25
2Q'25
2Q'26
2Q'25
Interest and fees on loans
$
188,161
$
185,731
$
187,408
$
161,913
$
157,075
$
373,892
$
307,715
Interest and dividends on securities:
Taxable
59,051
56,579
53,445
35,975
32,479
115,630
61,860
Nontaxable
3,523
3,512
3,293
44
33
7,035
67
Interest on interest-bearing deposits and other investments
4,816
4,884
11,914
4,780
3,760
9,700
7,960
Total Interest Income
255,551
250,706
256,060
202,712
193,347
506,257
377,602
Interest on deposits
44,201
44,586
49,988
43,133
40,633
88,787
84,259
Interest on time certificates
18,663
17,583
20,914
16,341
15,120
36,246
30,093
Interest on borrowed money
12,292
12,067
10,531
9,770
10,730
24,359
17,869
Total Interest Expense
75,156
74,236
81,433
69,244
66,483
149,392
132,221
Net Interest Income
180,395
176,470
174,627
133,468
126,864
356,865
245,381
Provision for credit losses
8,997
761
29,260
8,371
4,379
9,758
13,629
Net Interest Income After Provision for Credit Losses
171,398
175,709
145,367
125,097
122,485
347,107
231,752
Noninterest income (loss):
Service charges on deposit accounts
7,045
6,912
6,472
6,194
5,540
13,957
10,720
Wealth management income
5,968
5,777
5,540
4,578
4,196
11,745
8,444
Mortgage banking income
2,744
2,166
3,108
517
685
4,910
1,089
Interchange income
2,093
2,067
2,483
2,008
1,895
4,160
3,702
Insurance agency income
1,336
1,790
1,191
1,481
1,289
3,126
2,909
BOLI income
2,609
2,617
2,687
3,875
3,380
5,226
5,848
Other
6,042
5,585
7,066
6,006
7,497
11,627
13,754
Total Noninterest Income Before Securities (Losses) Gains, Net
27,837
26,914
28,547
24,659
24,482
54,751
46,466
Securities (losses) gains, net
(59)
(39,528)
84
(841)
39
(39,587)
235
Total Noninterest Income (Loss)
27,778
(12,614)
28,631
23,818
24,521
15,164
46,701
Noninterest expense:
Salaries and employee benefits
63,115
62,645
62,432
53,697
52,544
125,760
103,653
Outsourced data processing costs
12,242
11,995
11,257
9,337
8,525
24,237
17,029
Occupancy
9,591
9,235
9,330
7,627
7,483
18,826
14,833
Furniture and equipment
2,803
2,821
2,935
2,233
2,125
5,624
4,253
Marketing
3,525
3,467
3,149
2,509
2,958
6,992
5,706
Legal and professional fees
2,480
3,170
2,106
1,674
2,071
5,650
4,811
FDIC assessments
2,759
3,195
2,876
2,414
2,108
5,954
4,302
Amortization of intangibles
9,960
10,098
10,374
6,005
5,131
20,058
10,440
Other real estate owned expense and net loss (gain) on sale
85
63
(29)
(346)
8
148
249
Provision for credit losses on unfunded commitments
150
150
812
150
150
300
300
Merger and integration costs
8,358
8,536
18,142
10,808
2,422
16,894
3,473
Other
8,042
6,796
7,162
5,879
6,205
14,838
13,278
Total Noninterest Expense
123,110
122,171
130,546
101,987
91,730
245,281
182,327
Income Before Income Taxes
76,066
40,924
43,452
46,928
55,276
116,990
96,126
Provision for income tax expense
16,531
9,029
9,192
10,461
12,589
25,560
21,975
Net Income
59,535
31,895
34,260
36,467
42,687
91,430
74,151
Preferred dividends
2,138
2,138
2,138
—
—
4,275
—
Net Income Available to Common Shareholders
$
57,397
$
29,757
$
32,122
$
36,467
$
42,687
$
87,155
$
74,151
Share Data
Net income per share of common stock
Diluted
$
0.55
$
0.29
$
0.31
$
0.42
$
0.50
$
0.84
$
0.87
Diluted, treating all convertible preferred shares as common1
0.55
0.29
0.31
0.42
0.50
0.84
0.87
Basic
$
0.55
$
0.30
$
0.32
$
0.42
$
0.50
$
0.85
$
0.87
Average common shares outstanding
Diluted
97,250
97,838
97,761
87,425
85,479
97,549
85,454
Additional common shares treating all convertible preferred shares as common1
11,250
11,250
11,250
—
—
11,250
—
Diluted, treating all convertible preferred shares as common1
108,500
109,088
109,011
87,425
85,479
108,799
85,454
Basic
96,438
96,840
96,816
86,619
84,903
96,638
84,776
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
June 30,
March 31,
December 31,
September 30,
June 30,
(Amounts in thousands)
2026
2026
2025
2025
2025
Assets
Cash and due from banks
$
191,965
$
201,308
$
181,429
$
173,954
$
181,565
Interest-bearing deposits with other banks
237,979
607,071
207,116
132,040
150,863
Total cash and cash equivalents
429,944
808,379
388,545
305,994
332,428
Time deposits with other banks
747
2,490
14,424
30,852
1,494
Debt Securities:
Securities available-for-sale (at fair value)
5,174,602
5,069,260
5,164,567
3,212,080
2,866,185
Securities held-to-maturity (at amortized cost)
564,067
576,155
586,178
598,604
613,312
Total debt securities
5,738,669
5,645,415
5,750,745
3,810,684
3,479,497
Loans held for sale
18,565
18,188
16,297
10,841
8,610
Loans
13,145,439
12,641,432
12,627,984
10,964,173
10,608,824
Less: Allowance for credit losses
(182,050)
(176,252)
(178,803)
(147,453)
(142,184)
Loans, net of allowance for credit losses
12,963,389
12,465,180
12,449,181
10,816,720
10,466,640
Bank premises and equipment, net
161,008
159,368
160,139
115,392
107,256
Goodwill
1,034,997
1,034,997
1,034,735
754,645
732,417
Other intangible assets, net
174,486
184,980
195,704
76,291
61,328
Bank owned life insurance
335,783
333,174
330,563
323,214
312,860
Net deferred tax assets
64,502
62,300
66,579
74,683
87,328
Other assets
437,982
430,676
435,419
357,588
355,097
Total Assets
$
21,360,072
$
21,145,147
$
20,842,331
$
16,676,904
$
15,944,955
Liabilities
Deposits
Noninterest demand
$
4,216,499
$
4,176,854
$
3,897,985
$
3,611,920
$
3,376,941
Interest-bearing demand
3,870,570
4,057,493
3,993,225
2,753,463
2,518,857
Savings
972,730
979,633
974,694
615,566
557,472
Money market
5,127,372
5,205,762
5,141,519
4,396,458
4,111,789
Time deposits
2,605,124
2,218,207
2,248,920
1,712,912
1,932,539
Total Deposits
16,792,295
16,637,949
16,256,343
13,090,319
12,497,598
Securities sold under agreements to repurchase
373,095
377,460
389,003
236,247
186,090
Federal Home Loan Bank borrowings
835,000
775,000
835,000
690,000
715,000
Long-term debt, net
112,910
112,836
112,761
107,464
107,298
Other liabilities
172,842
181,127
193,437
174,742
167,404
Total Liabilities
18,286,142
18,084,372
17,786,544
14,298,772
13,673,390
Convertible Preferred Stock
343,125
343,125
343,125
—
—
Shareholders' Equity
Common stock
9,878
9,878
9,873
8,864
8,673
Additional paid in capital
2,208,511
2,202,879
2,197,549
1,891,111
1,832,158
Retained earnings
653,623
614,853
603,793
590,384
569,833
Less: Treasury stock
(57,137)
(31,373)
(21,358)
(20,804)
(20,792)
Total Shareholders' Equity Before Accumulated Other Comprehensive Loss
2,814,875
2,796,237
2,789,857
2,469,555
2,389,872
Accumulated other comprehensive loss, net
(84,070)
(78,587)
(77,195)
(91,423)
(118,307)
Total Shareholders' Equity
2,730,805
2,717,650
2,712,662
2,378,132
2,271,565
Total Liabilities, Convertible Preferred Stock and Shareholders' Equity
$
21,360,072
$
21,145,147
$
20,842,331
$
16,676,904
$
15,944,955
Common shares outstanding
96,823
97,665
97,928
87,856
85,948
Additional common shares treating all convertible preferred shares as common1
11,250
11,250
11,250
—
—
Total common shares outstanding, treating all convertible preferred shares as common
108,073
108,915
109,178
87,856
85,948
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)
2Q'26
1Q'26
4Q'25
3Q'25
2Q'25
Credit Analysis
Net charge-offs
$
3,199
$
3,312
$
936
$
3,208
$
2,462
Net charge-offs to average loans
0.10
%
0.11
%
0.03
%
0.12
%
0.09
%
Allowance for credit losses
$
182,050
$
176,252
$
178,803
$
147,453
$
142,184
Non-acquired loans at end of period
10,029,038
9,315,395
9,067,802
8,415,612
8,071,619
Acquired loans at end of period
3,116,401
3,326,037
3,560,182
2,548,561
2,537,205
Total Loans
$
13,145,439
$
12,641,432
$
12,627,984
$
10,964,173
$
10,608,824
Total allowance for credit losses to total loans at end of period
1.38
%
1.39
%
1.42
%
1.34
%
1.34
%
Purchase discount on acquired loans at end of period
3.98
3.99
4.04
3.86
4.10
End of Period
Nonperforming loans
$
86,540
$
95,032
$
72,001
$
60,562
$
64,198
Other real estate owned
3,473
4,250
4,250
5,085
5,335
Total Nonperforming Assets
$
90,013
$
99,282
$
76,251
$
65,647
$
69,533
Nonperforming Loans to Loans at End of Period
0.66
%
0.75
%
0.57
%
0.55
%
0.61
%
Nonperforming Assets to Total Assets at End of Period
0.42
0.47
0.37
0.39
0.44
Loans
June 30, 2026
March 31, 2026
December 31, 2025
September 30, 2025
June 30, 2025
Construction and land development
$
856,716
$
745,362
$
723,930
$
616,475
$
603,079
Commercial real estate - owner occupied
2,121,853
2,021,885
2,043,625
1,898,704
1,778,930
Commercial real estate - non-owner occupied
4,237,563
4,178,003
4,254,992
3,766,541
3,624,528
Residential real estate
3,258,274
3,162,509
3,098,859
2,694,794
2,678,042
Commercial and financial
2,477,326
2,353,118
2,320,989
1,807,932
1,741,158
Consumer
193,707
180,555
185,589
179,727
183,087
Total Loans
$
13,145,439
$
12,641,432
$
12,627,984
$
10,964,173
$
10,608,824
AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES1
(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
2Q'26
1Q'26
2Q'25
Average
Yield/
Average
Yield/
Average
Yield/
(Amounts in thousands)
Balance
Interest
Rate
Balance
Interest
Rate
Balance
Interest
Rate
Assets
Earning assets:
Securities:
Taxable
$
5,392,894
$
59,051
4.39
%
$
5,358,307
$
56,579
4.28
%
$
3,364,825
$
32,479
3.87
%
Nontaxable
330,322
4,727
5.74
333,382
4,700
5.72
5,321
40
3.02
Total Securities
5,723,216
63,778
4.47
5,691,689
61,279
4.37
3,370,146
32,519
3.87
Federal funds sold
292,952
2,622
3.59
311,936
2,740
3.56
183,268
2,041
4.47
Interest-bearing deposits with other banks and other investments
Total Liabilities, Convertible Preferred Stock & Equity
$
21,025,908
$
15,599,540
Cost of deposits
1.54
%
1.87
%
Cost of funds3
1.70
2.02
Interest expense as a % of earning assets
1.59
1.90
Net interest income as a % of earning assets
$
360,304
3.83
%
$
246,153
3.53
%
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
June 30,
March 31,
December 31,
September 30,
June 30,
(Amounts in thousands)
2026
2026
2025
2025
2025
Customer Relationship Funding
Noninterest demand
Commercial
$
3,369,981
$
3,328,553
$
3,053,115
$
2,933,228
$
2,717,688
Retail
665,430
676,152
672,779
508,204
509,539
Public funds
95,381
95,841
112,548
96,396
81,448
Other
85,707
76,308
59,543
74,092
68,266
Total Noninterest Demand
4,216,499
4,176,854
3,897,985
3,611,920
3,376,941
Interest-bearing demand
Commercial
1,573,655
1,627,444
1,534,289
1,586,997
1,466,184
Retail
2,019,505
2,126,907
2,047,462
976,318
838,340
Public funds
277,410
303,142
411,474
190,148
214,333
Total Interest-Bearing Demand
3,870,570
4,057,493
3,993,225
2,753,463
2,518,857
Total transaction accounts
Commercial
4,943,636
4,955,997
4,587,404
4,520,225
4,183,872
Retail
2,684,935
2,803,059
2,720,241
1,484,522
1,347,879
Public funds
372,791
398,983
524,022
286,544
295,781
Other
85,707
76,308
59,543
74,092
68,266
Total Transaction Accounts
8,087,069
8,234,347
7,891,210
6,365,383
5,895,798
Savings
Commercial
40,787
40,481
43,189
43,102
45,531
Retail
931,943
939,152
931,505
572,464
511,941
Total Savings
972,730
979,633
974,694
615,566
557,472
Money market
Commercial
2,444,562
2,396,144
2,334,255
2,303,584
2,073,098
Retail
2,493,658
2,609,435
2,584,398
1,898,375
1,853,398
Public funds
189,152
200,183
222,866
194,499
185,293
Total Money Market
5,127,372
5,205,762
5,141,519
4,396,458
4,111,789
Brokered time certificates
611,578
209,281
120,865
189,561
515,303
Time deposits
1,993,546
2,008,926
2,128,055
1,523,351
1,417,236
Total Time Deposits
2,605,124
2,218,207
2,248,920
1,712,912
1,932,539
Total Deposits
16,792,295
16,637,949
16,256,343
13,090,319
12,497,598
Securities sold under agreements to repurchase
373,095
377,460
389,003
236,247
186,090
Total customer funding1
$
16,553,812
$
16,806,128
$
16,524,481
$
13,137,005
$
12,168,385
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
Six Months Ended
(Amounts in thousands, except per share data)
2Q'26
1Q'26
4Q'25
3Q'25
2Q'25
2Q'26
2Q'25
Net income
$
59,535
$
31,895
$
34,260
$
36,467
$
42,687
$
91,430
$
74,151
Total noninterest income (loss)
27,778
(12,614)
28,631
23,818
24,521
15,164
46,701
Securities losses (gains), net
59
39,528
(84)
841
(39)
39,587
(235)
Total adjusted noninterest income
27,837
26,914
28,547
24,659
24,482
54,751
46,466
Total noninterest expense
123,110
122,171
130,546
101,987
91,730
245,281
182,327
Merger and integration costs
(8,358)
(8,536)
(18,142)
(10,808)
(2,422)
(16,894)
(3,473)
Adjusted noninterest expense
114,752
113,635
112,404
91,179
89,308
228,387
178,854
Income taxes
16,531
9,029
9,192
10,461
12,589
25,560
21,975
Tax effect of adjustments
2,133
12,182
4,577
2,952
604
14,315
821
Adjusted income taxes
18,664
21,211
13,769
13,413
13,193
39,875
22,796
Adjusted net income
65,819
67,777
47,741
45,164
44,466
133,596
76,568
Earnings per common share-diluted, as reported
0.55
0.29
0.31
0.42
0.50
0.84
0.87
Adjusted earnings per common share-diluted
$
0.61
$
0.62
$
0.44
$
0.52
$
0.52
$
1.23
$
0.90
Average common shares-diluted
97,250
97,838
97,761
87,425
85,479
97,549
85,454
Average preferred shares, treating all convertible preferred shares as common
11,250
11,250
11,250
—
—
11,250
—
Average common shares-diluted, treating all convertible preferred shares as common
108,500
109,088
109,011
87,425
85,479
108,799
85,454
Adjusted noninterest expense
$
114,752
$
113,635
$
112,404
$
91,179
$
89,308
$
228,387
$
178,854
Provision for credit losses on unfunded commitments
(150)
(150)
(812)
(150)
(150)
(300)
(300)
Other real estate owned expense and net (loss) gain on sale
(85)
(63)
29
346
(8)
(148)
(249)
Amortization of intangibles
(9,960)
(10,098)
(10,374)
(6,005)
(5,131)
(20,058)
(10,440)
Net adjusted noninterest expense
104,557
103,324
101,247
85,370
84,019
207,881
167,865
Average tangible assets
$
19,910,950
$
19,699,325
$
19,976,896
$
15,658,723
$
15,004,763
$
19,805,722
$
14,800,495
Net adjusted noninterest expense to average tangible assets
2.11
%
2.13
%
2.01
%
2.16
%
2.25
%
2.12
%
2.29
%
Net revenue
$
208,173
$
163,856
$
203,258
$
157,286
$
151,385
$
372,029
$
292,082
Total adjustments to net revenue
59
39,528
(84)
841
(39)
39,587
(235)
Impact of FTE adjustment
1,755
1,684
1,617
438
431
3,439
772
Adjusted net revenue on a FTE basis
$
209,987
$
205,068
$
204,791
$
158,565
$
151,777
$
415,055
$
292,619
Adjusted efficiency ratio
54.54
%
55.31
%
54.50
%
57.63
%
58.74
%
54.92
%
60.93
%
Net interest income
$
180,395
$
176,470
$
174,627
$
133,468
$
126,864
$
356,865
$
245,381
Impact of FTE adjustment
1,755
1,684
1,617
438
431
3,439
772
Net interest income including FTE adjustment
182,150
178,154
176,244
133,906
127,295
360,304
246,153
Total noninterest income (loss)
27,778
(12,614)
28,631
23,818
24,521
15,164
46,701
Total noninterest expense less provision for credit losses on unfunded commitments
122,960
122,021
129,734
101,837
91,580
244,981
182,027
Pre-tax pre-provision earnings
86,968
43,519
75,141
55,887
60,236
130,487
110,827
Total adjustments to noninterest income (loss)
59
39,528
(84)
841
(39)
39,587
(235)
Total adjustments to noninterest expense including other real estate owned expense and net (loss) gain on sale
8,443
8,599
18,113
10,462
2,430
17,042
3,722
Adjusted pre-tax pre-provision earnings
$
95,470
$
91,646
$
93,170
$
67,190
$
62,627
$
187,116
$
114,314
GAAP TO NON-GAAP RECONCILIATION
(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarterly Trends
Six Months Ended
(Amounts in thousands, except per share data)
2Q'26
1Q'26
4Q'25
3Q'25
2Q'25
2Q'26
2Q'25
Average assets
$
21,125,779
$
20,924,927
$
21,203,391
$
16,486,017
$
15,801,194
$
21,025,908
$
15,599,540
Less average goodwill and intangible assets
(1,214,829)
(1,225,602)
(1,226,495)
(827,294)
(796,431)
(1,220,186)
(799,045)
Average tangible assets
$
19,910,950
$
19,699,325
$
19,976,896
$
15,658,723
$
15,004,763
$
19,805,722
$
14,800,495
Return on average assets (ROA)
1.13
%
0.62
%
0.64
%
0.88
%
1.08
%
0.88
%
0.96
%
Impact of other adjustments for adjusted net income
0.12
0.69
0.25
0.21
0.05
0.40
0.03
Adjusted ROA
1.25
1.31
0.89
1.09
1.13
1.28
0.99
ROA
1.13
0.62
0.64
0.88
1.08
0.88
0.96
Impact of removing average intangible assets and related amortization
0.22
0.19
0.19
0.16
0.16
0.20
0.16
Return on average tangible assets (ROTA)
1.35
0.81
0.83
1.04
1.24
1.08
1.12
Impact of other adjustments for adjusted net income
0.13
0.74
0.27
0.22
0.05
0.43
0.03
Adjusted ROTA
1.48
1.55
1.10
1.26
1.29
1.51
1.15
Return on average equity (ROE)
8.74
4.69
4.99
6.17
7.60
6.71
6.69
Impact of other adjustments for adjusted net income
0.92
5.27
1.96
1.47
0.32
3.10
0.22
Adjusted ROE
9.66
%
9.96
%
6.95
%
7.64
%
7.92
%
9.81
%
6.91
%
Average shareholders' equity
$
2,732,353
$
2,760,656
$
2,724,208
$
2,345,233
$
2,252,208
$
2,746,427
$
2,233,704
Average convertible preferred stock
343,125
343,125
343,125
—
—
343,125
—
Less average goodwill and intangible assets
(1,214,829)
(1,225,602)
(1,226,495)
(827,294)
(796,431)
(1,220,186)
(799,045)
Average tangible equity
$
1,860,649
$
1,878,179
$
1,840,838
$
1,517,939
$
1,455,777
$
1,869,366
$
1,434,659
Return on average shareholders' equity
8.74
%
4.69
%
4.99
%
6.17
%
7.60
%
6.71
%
6.69
%
Impact of adding convertible preferred stock and removing average intangible assets and related amortization
5.70
3.82
4.06
4.53
5.22
4.77
4.83
Return on average tangible equity (ROTE)
14.44
8.51
9.05
10.70
12.82
11.48
11.52
Impact of other adjustments for adjusted net income
1.35
7.75
2.91
2.28
0.49
4.55
0.34
Adjusted ROTE
15.79
%
16.26
%
11.96
%
12.98
%
13.31
%
16.03
%
11.86
%
Loan interest income1
$
188,712
$
186,227
$
187,910
$
162,341
$
157,499
$
374,939
$
308,472
Accretion on acquired loans
(8,901)
(12,094)
(10,645)
(9,543)
(10,583)
(20,995)
(18,804)
Loan interest income excluding accretion on acquired loans1
$
179,811
$
174,133
$
177,265
$
152,798
$
146,916
$
353,944
$
289,668
Yield on loans1
5.88
%
5.96
%
6.02
%
5.96
%
5.98
%
5.92
%
5.94
%
Impact of accretion on acquired loans
(0.27)
(0.39)
(0.34)
(0.35)
(0.40)
(0.33)
(0.36)
Yield on loans excluding accretion on acquired loans1
5.61
%
5.57
%
5.68
%
5.61
%
5.58
%
5.59
%
5.58
%
Net interest income1
$
182,150
$
178,154
$
176,244
$
133,906
$
127,295
$
360,304
$
246,153
Accretion on acquired loans
(8,901)
(12,094)
(10,645)
(9,543)
(10,583)
(20,995)
(18,804)
Net interest income excluding accretion on acquired loans1
$
173,249
$
166,060
$
165,599
$
124,363
$
116,712
$
339,309
$
227,349
Net interest margin1
3.83
%
3.83
%
3.66
%
3.57
%
3.58
%
3.83
%
3.53
%
Impact of accretion on acquired loans
(0.18)
(0.26)
(0.22)
(0.25)
(0.29)
(0.22)
(0.27)
Net interest margin excluding accretion on acquired loans1
3.65
%
3.57
%
3.44
%
3.32
%
3.29
%
3.61
%
3.26
%
Securities interest income1
$
63,778
$
61,279
$
57,852
$
36,029
$
32,519
$
125,057
$
61,942
Tax equivalent adjustment on securities
(1,204)
(1,188)
(1,114)
(10)
(7)
(2,392)
(15)
Securities interest income excluding tax equivalent adjustment1
62,574
60,091
56,738
36,019
32,512
122,665
61,927
Loan interest income1
188,712
186,227
187,910
162,341
157,499
374,939
308,472
Tax equivalent adjustment on loans
(551)
(496)
(503)
(428)
(424)
(1,047)
(757)
Loan interest income excluding tax equivalent adjustment
188,161
185,731
187,407
161,913
157,075
373,892
307,715
Net interest income1
182,150
178,154
176,243
133,906
127,295
360,304
246,153
Tax equivalent adjustment on securities
(1,204)
(1,188)
(1,114)
(10)
(7)
(2,392)
(15)
Tax equivalent adjustment on loans
(551)
(496)
(503)
(428)
(424)
(1,047)
(757)
Net interest income excluding tax equivalent adjustments
$
180,395
$
176,470
$
174,626
$
133,468
$
126,864
$
356,865
$
245,381
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
