Seacoast Banking of Florida (SBCF) investor relations material

Executive summary

• Adjusted net income for Q1 2026 was $67.8 million ($0.62 per share), up 42% sequentially and 111% year-over-year, while reported net income was $31.9 million due to a $39.5 million securities repositioning loss.

• Organic deposit growth was 7% annualized, with noninterest-bearing deposits up 29% annualized; cost of deposits declined 13 bps to 1.54%.

• Net interest margin expanded 17 bps quarter-over-quarter to 3.83%, driven by higher securities yields and lower deposit costs.

• Share repurchases totaled 317,628 shares, leveraging strong capital and market conditions.

• Asset quality remained strong with limited charge-offs and stable criticized/classified assets.

Financial highlights

• Net interest income reached $178.2 million, up 1% sequentially and 49% year-over-year.

• Adjusted noninterest income was $26.9 million, down 6% sequentially but up 22% year-over-year, excluding securities activity.

• Noninterest expense was $122.2 million, up 35% year-over-year, reflecting acquisition-related growth and integration costs.

• Wealth management revenue and assets under management grew 36% and 33% year-over-year, respectively.

• Allowance for credit losses stood at $176 million (1.39% of loans), with strong asset quality and low net charge-offs.

Outlook and guidance

• Full-year adjusted EPS guidance reaffirmed at $2.48–$2.52, with adjusted efficiency ratio targeted at 53–55%.

• 2026 adjusted revenue growth expected at 28–31%, with adjusted ROA at 1.30%.

• Management expects continued improvement in profitability metrics and prudent expense management.

• Anticipates return to high single-digit loan growth as payoffs moderate and continued strong volumes in wealth management and deposit growth.

• Guidance assumes no rate cuts in 2026 and a stable economic environment.