SEACOAST BANKING CORP OF FLORIDA 10-Q

Item 1. Financial Statements 4 Table of Contents SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended March 31, (In thousands, except per share data) 2026 2025 Interest and fees on loans $ 185,731 $ 150,640 Interest and dividends on securities 60,091 29,415 Interest on interest-bearing deposits and other investments 4,884 4,200 Total Interest Income 250,706 184,255 Interest on deposits 44,586 43,626 Interest on time certificates 17,583 14,973 Interest on borrowed money 12,067 7,139 Total Interest Expense 74,236 65,738 Net Interest Income 176,470 118,517 Provision for credit losses 761 9,250 Net Interest Income after Provision for Credit Losses 175,709 109,267 Noninterest income (loss): Service charges on deposit accounts 6,912 5,180 Wealth management income 5,777 4,248 Mortgage banking income 2,166 404 Interchange income 2,067 1,807 Insurance agency income 1,790 1,620 BOLI income 2,617 2,468 Other 5,585 6,257 Total Noninterest Income Before Securities (Losses) Gains, Net 26,914 21,984 Securities (losses) gains, net ( 39,528 ) 196 Total Noninterest (Loss) Income ( 12,614 ) 22,180 Noninterest expense: Salaries and employee benefits 62,645 51,109 Outsourced data processing costs 11,995 8,504 Occupancy 9,235 7,350 Furniture and equipment 2,821 2,128 Marketing 3,467 2,748 Legal and professional fees 3,170 2,740 FDIC assessments 3,195 2,194 Amortization of intangibles 10,098 5,309 OREO expense and net loss on sale 63 241 Provision for credit losses on unfunded commitments 150 150 Merger and integration costs 8,536 1,051 Other 6,796 7,073 Total Noninterest Expense 122,171 90,597 Income Before Income Taxes 40,924 40,850 Provision for income tax expense 9,029 9,386 Net Income 31,895 31,464 5 Table of Contents Preferred dividends 2,138 — Net income available to common shareholders $ 29,757 $ 31,464 Net income per share of common stock Diluted $ 0.29 $ 0.37 Basic 0.30 0.37 Average common shares outstanding Diluted 97,838 85,388 Basic 96,840 84,648 See notes to unaudited consolidated financial statements. 6 Table of Contents SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended March 31, (In thousands) 2026 2025 Net Income $ 31,895 $ 31,464 Other comprehensive (loss) income: Unrealized (losses) gains on AFS securities, net of tax benefit of $ 10.1 million for the three months ended March 31, 2026, and net of tax expense of $ 8.6 million for the three months ended March 31, 2025 ( 31,815 ) 27,428 Amortization of unrealized gains on securities transferred to HTM, net of tax benefit of $ 3 thousand for each of the three months ended March 31, 2026 and 2025 ( 11 ) ( 11 ) Reclassification adjustment for losses included in net income, net of tax benefit of $ 10.0 million for the three months ended March 31, 2026 29,450 — Unrealized losses on derivatives designated as fair value hedges, net of reclassifications to income, net of tax benefit of $ 0.1 million for the three months ended March 31, 2025 — ( 270 ) Unrealized gains on derivatives designated as cash flow hedges, net of reclassifications to income, net of tax expense of $ 0.3 million for the three months ended March 31, 2026 984 — Total other comprehensive (loss) income $ ( 1,392 ) $ 27,147 Comprehensive Income $ 30,503 $ 58,611 See notes to unaudited consolidated financial statements. 7 Table of Contents SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, December 31, (In thousands, except share data) 2026 2025 Assets Cash and due from banks $ 201,308 $ 181,429 Interest-bearing deposits with other banks 607,071 207,116 Total cash and cash equivalents 808,379 388,545 Time deposits with other banks 2,490 14,424 Debt securities: Securities AFS (at fair value) 5,069,260 5,164,567 Securities HTM (fair value $ 477.7 million at March 31, 2026 and $ 489.6 million at December 31, 2025) 576,155 586,178 Total debt securities 5,645,415 5,750,745 Loans held for sale 18,188 16,297 Loans 12,641,432 12,627,984 ACL ( 176,252 ) ( 178,803 ) Loans, net of ACL 12,465,180 12,449,181 Bank premises and equipment, net 159,368 160,139 Goodwill 1,034,997 1,034,735 Other intangible assets, net 184,980 195,704 BOLI 333,174 330,563 Net DTAs 62,300 66,579 Other assets 430,676 435,419 Total Assets $ 21,145,147 $ 20,842,331 Liabilities Deposits $ 16,637,949 $ 16,256,343 Securities sold under agreements to repurchase 377,460 389,003 FHLB borrowings 775,000 835,000 Long-term debt, net 112,836 112,761 Other liabilities 181,127 193,437 Total Liabilities 18,084,372 17,786,544 Convertible preferred stock, par value $ 0.10 per share authorized 4,000,000 shares, issued 11,250 and outstanding 11,250 shares at March 31, 2026 and December 31, 2025 343,125 343,125 Shareholders’ Equity Common stock, par value $ 0.10 per share, authorized 120,000,000 shares, issued 98,783,977 and outstanding 97,664,704 at March 31, 2026, and authorized 120,000,000 , issued 98,728,878 and outstanding 97,927,843 shares at December 31, 2025 9,878 9,873 Additional paid-in capital 2,202,879 2,197,549 Retained earnings 614,853 603,793 Treasury stock ( 31,373 ) ( 21,358 ) Total Shareholders' Equity Before Accumulated Other Comprehensive Loss, Net 2,796,237 2,789,857 Accumulated other comprehensive loss, net ( 78,587 ) ( 77,195 ) Total Shareholders’ Equity 2,717,650 2,712,662 Total Liabilities, Convertible Preferred Stock and Shareholders’ Equity $ 21,145,147 $ 20,842,331 See notes to unaudited consolidated financial statements. 8 Table of Contents SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended March 31, (In thousands) 2026 2025 Cash Flows from Operating Activities Net income $ 31,895 $ 31,464 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 2,894 2,205 Accretion of discounts on securities, net ( 4,506 ) ( 807 ) Amortization of operating lease ROUAs 2,590 2,234 Other amortization and accretion, net 3,242 1,983 Stock-based compensation 4,480 3,038 Origination of loans designated for sale ( 68,084 ) ( 15,964 ) Sale of loans designated for sale 67,980 18,778 Provision for credit losses 761 9,250 Deferred income taxes 4,052 857 Losses (gains) on securities 39,528 ( 196 ) Gains on sale of loans ( 1,728 ) ( 1,992 ) Losses on sale and write-downs of OREO — 134 Losses on disposition of fixed assets and write-downs upon transfer of bank premises to OREO 176 86 Changes in operating assets and liabilities: Net decrease (increase) in other assets 815 ( 8,048 ) Net decrease in other liabilities ( 12,310 ) ( 12,016 ) Net cash provided by operating activities $ 71,785 $ 31,006 Cash Flows from Investing Activities Maturities and repayments of debt securities AFS 201,067 121,302 Maturities and repayments of debt securities HTM 10,002 10,575 Proceeds from sale of debt securities AFS 277,155 — Purchases of debt securities AFS ( 420,310 ) ( 485,904 ) Maturities and redemptions of time deposits with other banks 11,934 1,721 Net new loans and principal repayments ( 9,557 ) ( 161,430 ) Proceeds from the sale of loans held for investment — 14,532 Proceeds from sale of OREO — 97 Proceeds from sale of FHLB and Federal Reserve Bank stock 15,683 9,026 Purchase of FHLB and Federal Reserve Bank stock ( 15,694 ) ( 20,020 ) Additions to bank premises and equipment ( 2,299 ) ( 3,214 ) Net cash provided by (used in) investing activities $ 67,981 $ ( 513,315 ) 9 Table of Contents SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended March 31, (In thousands) 2026 2025 Cash Flows from Financing Activities Net increase in deposits $ 381,606 $ 332,369 Net decrease in repurchase agreements ( 11,543 ) ( 30,943 ) Net decrease in FHLB borrowings with original maturities of three months or less ( 90,000 ) — Repayments of FHLB borrowings with original maturities of more than three months ( 130,000 ) — Proceeds from FHLB borrowings with original maturities of more than three months 160,000 220,000 Stock-based employee benefit plans 840 289 Repurchase of common stock ( 10,000 ) — Dividends paid ( 20,835 ) ( 15,441 ) Net cash provided by financing activities $ 280,068 $ 506,274 Net increase in cash and cash equivalents 419,834 23,965 Cash and cash equivalents at beginning of period 388,545 476,607 Cash and cash equivalents at end of period $ 808,379 $ 500,572 Supplemental disclosure of cash flow information: Cash paid for interest $ 77,586 $ 68,270 Cash paid for taxes, net 60 — Recognition of operating lease ROUAs, other than through bank acquisitions, net of terminations 1,307 7,866 Recognition of operating lease liabilities, other than through bank acquisitions, net of terminations 1,307 7,866 Supplemental disclosure of non-cash investing activities: 1 Transfers from loans to OREO — 986 1 See "Note 11 – Business Combinations" for non-cash transactions related to business combinations. See notes to unaudited consolidated financial statements. 10 Table of Contents SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND SHAREHOLDERS ’ EQUITY (Unaudited) Shareholders' Equity Convertible Preferred Stock Common Stock Paid-in Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive Loss (In thousands) Shares Amount Shares Amount Total Balance at December 31, 2025 11 $ 343,125 97,928 $ 9,873 $ 2,197,549 $ 603,793 $ ( 21,358 ) $ ( 77,195 ) $ 2,712,662 Comprehensive income (loss) — — — — — 31,895 — ( 1,392 ) 30,503 Stock-based compensation expense — — — — 4,480 — — — 4,480 Common stock issued for stock-based employee benefit plans — — 55 5 850 — ( 15 ) — 840 Repurchase of common stock — — ( 318 ) — — — ( 10,000 ) — ( 10,000 ) Dividends on common stock ($ 0.19 per share) — — — — — ( 18,697 ) — — ( 18,697 ) Dividends on preferred stock ($ 0.19 per 1/1,000 th share) — — — — — ( 2,138 ) — — ( 2,138 ) Three months ended March 31, 2026 — — ( 263 ) 5 5,330 11,060 ( 10,015 ) ( 1,392 ) 4,988 Balance at March 31, 2026 11 $ 343,125 97,665 $ 9,878 $ 2,202,879 $ 614,853 $ ( 31,373 ) $ ( 78,587 ) $ 2,717,650 Shareholders' Equity Convertible Preferred Stock Common Stock Paid-in Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive Income (Loss) (In thousands) Shares Amount Shares Amount Total Balance at December 31, 2024 — $ — 85,568 $ 8,628 $ 1,824,935 $ 526,642 $ ( 19,095 ) $ ( 157,867 ) $ 2,183,243 Comprehensive income — — — — — 31,464 — 27,147 58,611 Stock-based compensation expense — — — — 3,038 — — — 3,038 Common stock issued for stock-based employee benefit plans — — 50 5 261 — 23 — 289 Dividends on common stock ($ 0.18 per share) — — — — — ( 15,441 ) — — ( 15,441 ) Three months ended March 31, 2025 — — 50 5 3,299 16,023 23 27,147 46,497 Balance at March 31, 2025 — $ — 85,618 $ 8,633 $ 1,828,234 $ 542,665 $ ( 19,072 ) $ ( 130,720 ) $ 2,229,740 See notes to unaudited consolidated financial statements. 11 Table of Contents SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Note 1 – Basis of Presentation Basis of Presentation: The accompanying unaudited consolidated financial statements of Seacoast Banking Corporation of Florida and its subsidiaries (the “Company”) have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period amounts have been reclassified to conform to the current period presentation. Operating results for the three months ended March 31, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026, or any other period. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Use of Estimates: The preparation of these consolidated financial statements requires management to make judgments in the application of certain accounting policies that involve significant estimates and assumptions. The Company has established policies and control procedures that are intended to ensure valuation methods are well-controlled and applied consistently from period to period. These estimates and assumptions, which may materially affect the reported amounts of certain assets, liabilities, revenues, and expenses, are based on information available as of the date of the financial statements, and changes in this information over time and the use of revised estimates and assumptions could materially affect amounts reported in subsequent financial statements. Specific areas, among others, requiring the application of management’s estimates include the determination of the ACL, acquisition accounting and purchased loans, intangible assets and impairment testing, and other fair value measurements. Issued Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Expense Disaggregation Disclosures . ASU 2024-03 requires disclosure to disaggregate prescribed expenses within relevant income statement captions. The standard is effective for fiscal years beginning after December 15, 2026 and for interim periods after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact of the changes to its existing disclosures. In November 2025, the FASB issued ASU 2025-08, Credit Losses (Topic 326): Purchased Loans. ASU 2025-08 requires that purchased seasoned loans be accounted for using the gross-up approach. The gross-up approach requires recognition of an ACL for the estimate of credit losses at the acquisition date. The ACL is recorded with an offsetting gross-up adjustment to the purchase price of the acquired financial asset. The standard is effective for fiscal years beginning after December 15, 2026 and for interim periods within those annual reporting periods. Early adoption is permitted. The Company is evaluating the impact of the changes to its consolidated financial statements and existing disclosures. In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. ASU 2025-09 introduces five targeted improvements to better align hedge accounting with entities’ risk management activities. The standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within those annual reporting periods. Early adoption is permitted. The Company is evaluating the impact of the changes to its consolidated financial statements and existing disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements . ASU 2025-11 clarifies interim disclosure requirements and provides a comprehensive list of interim disclosures that are required by GAAP. The ASU also includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact of the changes to its consolidated financial statements and existing disclosures. 12 Table of Contents Note 2 – Earnings Per Share The Company computes EPS using the two-class method. The two-class method of computing EPS is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared and participation rights in undistributed earnings. The Company's Series A Non-Voting Convertible Preferred Stock is a participating security. Basic earnings per common share are computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during each period. Diluted EPS are based on the weighted-average number of common shares outstanding during each period, plus common share equivalents, calculated for share-based awards outstanding using the treasury stock method and preferred shares using the more dilutive of either the two-class or if-converted method. Options to purchase shares of the Company's common stock totaling 1,505 for the three months ended March 31, 2026, and 327,620 for the three months ended March 31, 2025, were anti-dilutive. Three Months Ended March 31, (In thousands, except per share data) 2026 2025 Basic EPS Net income $ 31,895 $ 31,464 Less preferred stock dividends ( 2,138 ) — Net income available to common shareholders 29,757 31,464 Less allocation of earnings to preferred stock ( 1,184 ) — Net income available to common shareholders after allocation of earnings to preferred stock $ 28,573 $ 31,464 Average common shares outstanding 96,840 84,648 Net income per share $ 0.30 $ 0.37 Diluted EPS Net income available to common shareholders $ 29,757 $ 31,464 Less allocation of earnings to preferred stock ( 1,173 ) — Net income available to common shareholders after allocation of earnings to preferred stock $ 28,584 $ 31,464 Average common shares outstanding 96,840 84,648 Add: Dilutive effect of employee restricted stock and stock options 998 740 Average diluted shares outstanding 97,838 85,388 Net income per share $ 0.29 $ 0.37 13 Table of Contents Note 3 – Securities The amortized cost, gross unrealized gains and losses and fair value of debt securities AFS and HTM at March 31, 2026 and December 31, 2025 are summarized as follows: March 31, 2026 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS Debt Securities U.S. Treasury securities and obligations of U.S. government agencies $ 62,772 $ 241 $ ( 775 ) $ 62,238 Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 3,678,595 22,591 ( 110,558 ) 3,590,628 Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 358,829 3,187 ( 4,569 ) 357,447 Private mortgage-backed securities and collateralized mortgage obligations 91,193 235 ( 4,978 ) 86,450 CLOs 426,034 401 ( 2,254 ) 424,181 Obligations of state and political subdivisions 334,560 147 ( 6,024 ) 328,683 Other debt securities 221,475 91 ( 1,933 ) 219,633 Totals $ 5,173,458 $ 26,893 $ ( 131,091 ) $ 5,069,260 HTM Debt Securities Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 489,268 $ — $ ( 92,467 ) $ 396,801 Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 86,887 — ( 5,982 ) 80,905 Totals $ 576,155 $ — $ ( 98,449 ) $ 477,706 December 31, 2025 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS Debt Securities U.S. Treasury securities and obligations of U.S. government agencies $ 54,831 $ 365 $ ( 451 ) $ 54,745 Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 3,681,499 41,388 ( 135,388 ) 3,587,499 Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 395,165 4,636 ( 5,928 ) 393,873 Private mortgage-backed securities and collateralized mortgage obligations 131,846 561 ( 5,010 ) 127,397 CLOs 423,864 636 ( 512 ) 423,988 Obligations of state and political subdivisions 336,417 651 ( 2,520 ) 334,548 Other debt securities 242,672 421 ( 576 ) 242,517 Totals $ 5,266,294 $ 48,658 $ ( 150,385 ) $ 5,164,567 HTM Debt Securities Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 498,931 $ — $ ( 90,696 ) $ 408,235 Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 87,247 — ( 5,922 ) 81,325 Totals $ 586,178 $ — $ ( 96,618 ) $ 489,560 14 Table of Contents During the three months ended March 31, 2026, debt securities with a fair value of $ 277.2 million were sold, with gross losses of $ 39.5 million. During the three months ended March 31, 2025, there were no sales of securities. Included in “Securities (losses) gains, net” on the Consolidated Statements of Income are decreases of $ 0.1 million for the three months ended March 31, 2026, and increases of $ 0.2 million for the three months ended March 31, 2025, in the value of investments in mutual funds that invest in CRA-qualified debt securities. At March 31, 2026, debt securities with a fair value of $ 1.9 billion were pledged primarily as collateral for public deposits and secured borrowings. The amortized cost and fair value of securities HTM and AFS as of March 31, 2026, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. Held-to-Maturity Available-for-Sale (In thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in less than one year $ — $ — $ 6,244 $ 6,269 Due after one year through five years — — 4,087 4,043 Due after five years through ten years — — 50,324 49,032 Due after ten years — — 336,677 331,577 — — 397,332 390,921 Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 489,268 396,801 3,678,595 3,590,628 Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 86,887 80,905 358,829 357,447 Private mortgage-backed securities and collateralized mortgage obligations — — 91,193 86,450 CLOs — — 426,034 424,181 Other debt securities — — 221,475 219,633 Totals $ 576,155 $ 477,706 $ 5,173,458 $ 5,069,260 15 Table of Contents The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models, or discounted cash flow analyses, or using observable market data. The tables below indicate the fair value of AFS debt securities with unrealized losses for which no allowance for credit losses has been recorded. March 31, 2026 Less Than 12 Months 12 Months or Longer Total 1 (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities and obligations of U.S. government agencies $ 36,554 $ ( 387 ) $ 12,026 $ ( 388 ) $ 48,580 $ ( 775 ) Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 1,597,196 ( 12,433 ) 449,907 ( 98,125 ) 2,047,103 ( 110,558 ) Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 82,032 ( 164 ) 78,322 ( 4,405 ) 160,354 ( 4,569 ) Private mortgage-backed securities and collateralized mortgage obligations — — 73,226 ( 4,978 ) 73,226 ( 4,978 ) CLOs 341,087 ( 1,883 ) 56,600 ( 371 ) 397,687 ( 2,254 ) Obligations of state and political subdivisions 293,912 ( 4,870 ) 5,652 ( 1,154 ) 299,564 ( 6,024 ) Other debt securities 197,074 ( 1,933 ) — — 197,074 ( 1,933 ) Totals $ 2,547,855 $ ( 21,670 ) $ 675,733 $ ( 109,421 ) $ 3,223,588 $ ( 131,091 ) 1 Comprised of 490 individual securities. December 31, 2025 Less Than 12 Months 12 Months or Longer Total 1 (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities and obligations of U.S. government agencies $ 21,846 $ ( 31 ) $ 13,932 $ ( 420 ) $ 35,778 $ ( 451 ) Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 378,739 ( 1,625 ) 730,551 ( 133,763 ) 1,109,290 ( 135,388 ) Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 90,765 ( 61 ) 95,090 ( 5,867 ) 185,855 ( 5,928 ) Private mortgage-backed securities and collateralized mortgage obligations 969 ( 1 ) 76,829 ( 5,009 ) 77,798 ( 5,010 ) CLOs 211,052 ( 320 ) 38,882 ( 192 ) 249,934 ( 512 ) Obligations of state and political subdivisions 244,168 ( 1,445 ) 5,730 ( 1,075 ) 249,898 ( 2,520 ) Other debt securities 132,345 ( 576 ) — — 132,345 ( 576 ) Totals $ 1,079,884 $ ( 4,059 ) $ 961,014 $ ( 146,326 ) $ 2,040,898 $ ( 150,385 ) 1 Comprised of 383 individual securities. At March 31, 2026, the Company had unrealized losses of $ 0.8 million on U.S. Treasury securities and obligations of U.S. government agencies having a fair value of $ 48.6 million. These securities are either explicitly or implicitly guaranteed by the full faith and credit of the U.S. government. The Company does not expect individual securities issued by the U.S. Treasury, a U.S. agency, or a sponsored U.S. agency to incur future losses of principal. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2026, no allowance has been recorded. 16 Table of Contents At March 31, 2026, the Company had unrealized losses of $ 115.1 million on commercial and residential mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities having a fair value of $ 2.2 billion. These securities are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. The implied government guarantee of principal and interest payments and the high credit rating of the portfolio provide a sufficient basis for the current expectation that there is no risk of loss if default were to occur. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2026, no allowance has been recorded. At March 31, 2026, the Company had $ 5.0 million of unrealized losses on private label residential mortgage-backed securities and collateralized mortgage obligations having a fair value of $ 73.2 million. The securities have weighted-average credit support of 22 %. Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2026, no allowance has been recorded. At March 31, 2026, the Company had $ 2.3 million of unrealized losses in floating rate CLOs having a fair value of $ 397.7 million. CLOs are special purpose vehicles and those in which the Company has invested are nearly all first-lien, broadly syndicated corporate loans across a diversified band of industries while providing support to senior tranche investors. As of March 31, 2026, all positions held by the Company are in AAA and AA tranches, with weighted-average credit support of 38 % and 24 %, respectively. The Company evaluates the securities for potential credit losses by modeling expected loan-level defaults, recoveries, and prepayments for each CLO security. Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2026, no allowance has been recorded. At March 31, 2026, the Company had $ 6.0 million of unrealized losses on municipal securities having a fair value of $ 299.6 million and $ 1.9 million of unrealized losses on other debt securities having a fair value of $ 197.1 million. These securities are highly rated issuances, all of which are continuing to make timely contractual payments. Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. As a result, as of March 31, 2026, no allowance has been recorded. All HTM debt securities are issued by government-sponsored entities, which are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. The implied government guarantee of principal and interest payments, and the high credit rating of the HTM portfolio provide sufficient basis for the current expectation that there is no risk of loss if a default were to occur. As a result, as of March 31, 2026, no allowance has been recorded. The Company has the intent and ability to hold these securities until maturity. Included in Other assets at March 31, 2026 and December 31, 2025 is $ 135.6 million of FHLB and Federal Reserve Bank stock stated at par value. The Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of these cost method investment securities. Accrued interest receivable on AFS and HTM debt securities of $ 23.1 million and $ 1.0 million, respectively, at March 31, 2026, and $ 24.5 million and $ 1.0 million, respectively, at December 31, 2025, is included in Other assets. Also included in Other assets are investments in CRA-qualified mutual funds carried at fair value of $ 13.8 million and $ 13.9 million at March 31, 2026 and December 31, 2025, respectively. 17 Table of Contents Note 4 – Loans The following tables present net loan balances by segment for portfolio loans, PCD loans, and loans purchased which are not considered purchased credit deteriorated (“Non-PCD”) as of: March 31, 2026 (In thousands) Portfolio Loans Acquired Non-PCD Loans PCD Loans Total Construction and land development $ 623,355 $ 118,541 $ 3,466 $ 745,362 CRE - owner occupied 1,508,717 491,435 21,733 2,021,885 CRE - non-owner occupied 2,934,779 1,101,008 142,216 4,178,003 Residential real estate 2,210,407 920,009 32,093 3,162,509 Commercial and financial 1,900,726 437,130 15,262 2,353,118 Consumer 137,412 42,713 430 180,555 Totals $ 9,315,396 $ 3,110,836 $ 215,200 $ 12,641,432 December 31, 2025 (In thousands) Portfolio Loans Acquired Non-PCD Loans PCD Loans Total Construction and land development $ 579,141 $ 141,326 $ 3,463 $ 723,930 CRE - owner occupied 1,505,798 509,118 28,709 2,043,625 CRE - non-owner occupied 2,911,189 1,193,351 150,452 4,254,992 Residential real estate 2,101,868 963,836 33,155 3,098,859 Commercial and financial 1,828,038 476,130 16,821 2,320,989 Consumer 141,768 43,321 500 185,589 Totals $ 9,067,802 $ 3,327,082 $ 233,100 $ 12,627,984 The amortized cost basis of loans included net deferred costs of $ 45.6 million at March 31, 2026 and $ 46.3 million at December 31, 2025. At March 31, 2026, the remaining fair value adjustments on acquired loans were $ 138.1 million, or 4.0 % of the outstanding acquired loan balances, compared to $ 150.0 million, or 4.0 % of the acquired loan balances at December 31, 2025. The discount is accreted into interest income over the remaining lives of the related loans on a level yield basis. Accrued interest receivable is included within Other Assets and was $ 46.3 million and $ 45.7 million at March 31, 2026 and December 31, 2025, respectively. 18 Table of Contents The following tables present the status of net loan balances as of March 31, 2026 and December 31, 2025. March 31, 2026 (In thousands) Current Accruing 30-59 Days Past Due Accruing 60-89 Days Past Due Accruing Greater Than 90 Days Nonaccrual Total Portfolio Loans Construction and land development $ 622,436 $ 101 $ — $ — $ 818 $ 623,355 CRE - owner occupied 1,487,437 3,296 — — 17,984 1,508,717 CRE - non-owner occupied 2,924,234 — 2,977 — 7,568 2,934,779 Residential real estate 2,194,507 4,799 743 — 10,358 2,210,407 Commercial and financial 1,879,733 7,007 25 — 13,961 1,900,726 Consumer 136,515 315 16 — 566 137,412 Total Portfolio Loans $ 9,244,862 $ 15,518 $ 3,761 $ — $ 51,255 $ 9,315,396 Acquired Non-PCD Loans Construction and land development $ 117,529 $ — $ — $ — $ 1,012 $ 118,541 CRE - owner occupied 482,045 466 4,805 — 4,119 491,435 CRE - non-owner occupied 1,093,013 801 — — 7,194 1,101,008 Residential real estate 908,944 1,144 230 — 9,691 920,009 Commercial and financial 436,468 7 — — 655 437,130 Consumer 40,851 2 — — 1,860 42,713 Total Acquired Non-PCD Loans $ 3,078,850 $ 2,420 $ 5,035 $ — $ 24,531 $ 3,110,836 PCD Loans Construction and land development $ 70 $ — $ — $ — $ 3,396 $ 3,466 CRE - owner occupied 20,842 30 — — 861 21,733 CRE - non-owner occupied 129,397 — — — 12,819 142,216 Residential real estate 29,463 1,193 217 — 1,220 32,093 Commercial and financial 14,313 — 2 — 947 15,262 Consumer 417 8 2 — 3 430 Total PCD Loans $ 194,502 $ 1,231 $ 221 $ — $ 19,246 $ 215,200 Total Loans $ 12,518,214 $ 19,169 $ 9,017 $ — $ 95,032 $ 12,641,432 19 Table of Contents December 31, 2025 (In thousands) Current Accruing 30-59 Days Past Due Accruing 60-89 Days Past Due Accruing Greater Than 90 Days Nonaccrual Total Portfolio Loans Construction and land development $ 577,467 $ 60 $ — $ — $ 1,614 $ 579,141 CRE - owner occupied 1,489,257 2,313 — — 14,228 1,505,798 CRE - non-owner occupied 2,908,789 1,735 271 — 394 2,911,189 Residential real estate 2,091,065 4,618 364 — 5,821 2,101,868 Commercial and financial 1,807,012 11,518 19 — 9,489 1,828,038 Consumer 140,679 454 28 — 607 141,768 Total Portfolio Loans $ 9,014,269 $ 20,698 $ 682 $ — $ 32,153 $ 9,067,802 Acquired Non-PCD Loans Construction and land development $ 140,286 $ — $ — $ — $ 1,040 $ 141,326 CRE - owner occupied 504,275 204 39 — 4,600 509,118 CRE - non-owner occupied 1,187,231 151 — — 5,969 1,193,351 Residential real estate 954,820 3,609 195 124 5,088 963,836 Commercial and financial 470,768 50 4,785 — 527 476,130 Consumer 41,103 37 — — 2,181 43,321 Total Acquired Non-PCD Loans $ 3,298,483 $ 4,051 $ 5,019 $ 124 $ 19,405 $ 3,327,082 PCD Loans Construction and land development $ 98 $ — $ — $ — $ 3,365 $ 3,463 CRE - owner occupied 26,652 — 219 — 1,838 28,709 CRE - non-owner occupied 137,051 389 — — 13,012 150,452 Residential real estate 30,018 993 833 118 1,193 33,155 Commercial and financial 15,786 — — — 1,035 16,821 Consumer 468 30 2 — — 500 Total PCD Loans $ 210,073 $ 1,412 $ 1,054 $ 118 $ 20,443 $ 233,100 Total Loans $ 12,522,825 $ 26,161 $ 6,755 $ 242 $ 72,001 $ 12,627,984 All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest subsequently received on such loans is accounted for under the cost-recovery method, whereby interest income is not recognized until the loan balance is paid down to zero. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, and future payments are reasonably assured. The Company recognized interest income of $ 0.8 million and $ 0.7 million on nonaccrual loans during the three months ended March 31, 2026 and March 31, 2025, respectively. 20 Table of Contents The following tables present net balances of loans on nonaccrual status as of: March 31, 2026 (In thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With an Allowance Total Nonaccrual Loans Construction and land development $ 3,396 $ 1,830 $ 5,226 CRE - owner occupied 19,260 3,704 22,964 CRE - non-owner occupied 26,432 1,149 27,581 Residential real estate 6,597 14,672 21,269 Commercial and financial 4,425 11,138 15,563 Consumer — 2,429 2,429 Totals $ 60,110 $ 34,922 $ 95,032 December 31, 2025 (In thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With an Allowance Total Nonaccrual Loans Construction and land development $ 4,207 $ 1,812 $ 6,019 CRE - owner occupied 15,546 5,120 20,666 CRE - non-owner occupied 18,202 1,173 19,375 Residential real estate 1,448 10,654 12,102 Commercial and financial 3,842 7,209 11,051 Consumer — 2,788 2,788 Totals $ 43,245 $ 28,756 $ 72,001 Loans by Risk Rating The Company utilizes an internal asset classification system as a means of identifying problem and potential problem loans. The following classifications are used to categorize loans under the internal classification system: • Pass: Loans that are not problem loans or potential problem loans are considered to be pass-rated. • Special Mention: Loans that do not currently expose the Company to sufficient risk to warrant classification in the Substandard or Doubtful categories, but possess weaknesses that deserve management’s close attention are deemed to be Special Mention. • Substandard: Loans with the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. • Doubtful: Loans that have all the weaknesses inherent in those classified Substandard with the added characteristic that the weakness present makes collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The following tables present the risk rating of loans and year-to-date 1 gross charge offs by year of origination as of: 21 Table of Contents March 31, 2026 (In thousands) 2026 2025 2024 2023 2022 Prior Revolving Revolving Converted to Term Total Construction and Land Development Risk Ratings: Pass $ 24,696 $ 185,161 $ 314,216 $ 56,399 $ 23,755 $ 52,400 $ 83,201 $ — $ 739,828 Special Mention — — — 86 15 90 — — 191 Substandard — 1,063 — 110 1,924 1,072 1,174 — 5,343 Doubtful — — — — — — — — — Total $ 24,696 $ 186,224 $ 314,216 $ 56,595 $ 25,694 $ 53,562 $ 84,375 $ — $ 745,362 Gross Charge Offs $ — $ — $ — $ — $ — $ 34 $ — $ — $ 34 CRE - owner occupied Risk Ratings: Pass $ 78,791 $ 361,476 $ 183,051 $ 150,522 $ 224,836 $ 897,593 $ 28,633 $ — $ 1,924,902 Special Mention — — 7,982 — 1,216 17,957 398 — 27,553 Substandard — 9,344 5,205 17,670 13,203 23,277 731 — 69,430 Doubtful — — — — — — — — — Total $ 78,791 $ 370,820 $ 196,238 $ 168,192 $ 239,255 $ 938,827 $ 29,762 $ — $ 2,021,885 Gross Charge Offs $ — $ — $ — $ — $ 16 $ 6 $ — $ — $ 22 CRE - non-owner occupied Risk Ratings: Pass $ 129,971 $ 707,606 $ 465,111 $ 309,582 $ 807,337 $ 1,561,974 $ 28,104 $ — $ 4,009,685 Special Mention — 1,315 20 8,934 44,529 36,985 — — 91,783 Substandard — — — 6,183 38,977 31,375 — — 76,535 Doubtful — — — — — — — — — Total $ 129,971 $ 708,921 $ 465,131 $ 324,699 $ 890,843 $ 1,630,334 $ 28,104 $ — $ 4,178,003 Gross Charge Offs $ — $ — $ — $ — $ — $ 16 $ — $ — $ 16 Residential real estate Risk Ratings: Pass $ 154,146 $ 253,898 $ 179,979 $ 179,019 $ 468,525 $ 1,150,089 $ 639,360 $ 93,887 $ 3,118,903 Special Mention — 601 531 — 448 2,332 3,697 486 8,095 Substandard — 52 553 1,731 4,429 14,465 11,685 2,596 35,511 Doubtful — — — — — — — — — Total $ 154,146 $ 254,551 $ 181,063 $ 180,750 $ 473,402 $ 1,166,886 $ 654,742 $ 96,969 $ 3,162,509 Gross Charge Offs $ — $ — $ — $ — $ 164 $ 94 $ — $ — $ 258 Commercial and financial Risk Ratings: Pass $ 88,576 $ 595,961 $ 379,493 $ 144,653 $ 224,473 $ 347,927 $ 532,854 $ — $ 2,313,937 Special Mention — 215 813 53 588 3,249 3,818 — 8,736 Substandard — — 922 3,477 4,319 14,021 5,308 — 28,047 Doubtful — — — — — 2,398 — — 2,398 Total $ 88,576 $ 596,176 $ 381,228 $ 148,183 $ 229,380 $ 367,595 $ 541,980 $ — $ 2,353,118 Gross Charge Offs $ — $ — $ — $ — $ — $ 876 $ 2,021 $ — $ 2,897 Consumer Risk Ratings: Pass $ 4,080 $ 14,452 $ 12,589 $ 7,968 $ 18,083 $ 45,962 $ 74,248 $ — $ 177,382 Special Mention — 74 94 — 44 13 130 — 355 Substandard — 16 — 19 1,954 798 31 — 2,818 Doubtful — — — — — — — — — Total $ 4,080 $ 14,542 $ 12,683 $ 7,987 $ 20,081 $ 46,773 $ 74,409 $ — $ 180,555 Gross Charge Offs $ 424 $ 21 $ 28 $ 106 $ 18 $ 22 $ 81 $ — $ 700 Consolidated Total $ 480,260 $ 2,131,234 $ 1,550,559 $ 886,406 $ 1,878,655 $ 4,203,977 $ 1,413,372 $ 96,969 $ 12,641,432 Gross Charge Offs $ 424 $ 21 $ 28 $ 106 $ 198 $ 1,048 $ 2,102 $ — $ 3,927 1 Represents gross charge-offs for the three months ending March 31, 2026 22 Table of Contents December 31, 2025 (In thousands) 2025 2024 2023 2022 2021 Prior Revolving Revolving Converted to Term Total Construction and Land Development Risk Ratings: Pass $ 121,237 $ 332,530 $ 57,222 $ 41,967 $ 38,085 $ 31,055 $ 87,508 $ — $ 709,604 Special Mention — — — — 4,914 348 — — 5,262 Substandard 999 — 3,819 2,095 — 965 1,186 — 9,064 Doubtful — — — — — — — — — Total $ 122,236 $ 332,530 $ 61,041 $ 44,062 $ 42,999 $ 32,368 $ 88,694 $ — $ 723,930 Gross Charge Offs $ — $ — $ 115 $ — $ 24 $ 17 $ — $ — $ 156 CRE - owner occupied Risk Ratings: Pass $ 405,841 $ 180,447 $ 156,256 $ 235,989 $ 241,758 $ 703,744 $ 29,882 $ — $ 1,953,917 Special Mention — 7,380 2,816 966 5,319 12,838 398 — 29,717 Substandard — 3,464 11,342 17,878 2,194 25,038 75 — 59,991 Doubtful — — — — — — — — — Total $ 405,841 $ 191,291 $ 170,414 $ 254,833 $ 249,271 $ 741,620 $ 30,355 $ — $ 2,043,625 Gross Charge Offs $ — $ — $ — $ 238 $ — $ 490 $ — $ — $ 728 CRE - non-owner occupied Risk Ratings: Pass $ 704,003 $ 538,748 $ 318,106 $ 848,500 $ 552,105 $ 1,084,106 $ 31,102 $ — $ 4,076,670 Special Mention — 22 8,984 44,738 9,781 42,347 — — 105,872 Substandard — — — 39,559 9,061 23,830 — — 72,450 Doubtful — — — — — — — — — Total $ 704,003 $ 538,770 $ 327,090 $ 932,797 $ 570,947 $ 1,150,283 $ 31,102 $ — $ 4,254,992 Gross Charge Offs $ — $ — $ — $ — $ — $ 420 $ — $ — $ 420 Residential real estate Risk Ratings: Pass $ 272,509 $ 196,766 $ 185,686 $ 476,581 $ 610,708 $ 569,549 $ 662,764 $ 96,123 $ 3,070,686 Special Mention — 476 78 1,527 — 663 5,068 174 7,986 Substandard — 318 113 2,120 5,079 6,630 4,810 1,117 20,187 Doubtful — — — — — — — — — Total $ 272,509 $ 197,560 $ 185,877 $ 480,228 $ 615,787 $ 576,842 $ 672,642 $ 97,414 $ 3,098,859 Gross Charge Offs $ — $ — $ — $ 145 $ 210 $ 36 $ 19 $ — $ 410 Commercial and financial Risk Ratings: Pass $ 582,118 $ 414,134 $ 151,321 $ 252,087 $ 215,002 $ 167,651 $ 495,663 $ — $ 2,277,976 Special Mention — 1,286 110 584 2,229 6,312 3,570 — 14,091 Substandard — 716 2,944 5,067 6,538 6,211 6,850 — 28,326 Doubtful — — — — 596 — — — 596 Total $ 582,118 $ 416,136 $ 154,375 $ 257,738 $ 224,365 $ 180,174 $ 506,083 $ — $ 2,320,989 Gross Charge Offs $ — $ — $ 85 $ 2,075 $ 1,231 $ 9,637 $ 2,493 $ — $ 15,521 Consumer Risk Ratings: Pass $ 16,392 $ 13,716 $ 9,603 $ 19,441 $ 15,123 $ 36,026 $ 72,246 $ — $ 182,547 Special Mention 15 33 — 2 — 12 168 — 230 Substandard 4 13 23 2,261 — 461 50 — 2,812 Doubtful — — — — — — — — — Total $ 16,411 $ 13,762 $ 9,626 $ 21,704 $ 15,123 $ 36,499 $ 72,464 $ — $ 185,589 Gross Charge Offs $ 842 $ 201 $ 62 $ 1,294 $ 108 $ 42 $ 238 $ — $ 2,787 Consolidated Total $ 2,103,118 $ 1,690,049 $ 908,423 $ 1,991,362 $ 1,718,492 $ 2,717,786 $ 1,401,340 $ 97,414 $ 12,627,984 Gross Charge Offs $ 842 $ 201 $ 262 $ 3,752 $ 1,573 $ 10,642 $ 2,750 $ — $ 20,022 1 Represents gross charge-offs for the year ending December 31, 2025. 23 Table of Contents TBMs The following tables present the amortized cost of TBM loans that were modified during the three months ended March 31, 2026 and March 31, 2025. March 31, 2026 (In thousands) Rate Reduction or Rate Reduction with Term Extension Term Extension and/or Payment Delay Total 1 % of Total Class of Loans CRE - non-owner occupied $ — $ 6,246 $ 6,246 0.15 % Residential real estate — 77 77 — Commercial and financial — 515 515 0.02 Consumer — 5 5 — Totals $ — $ 6,843 $ 6,843 0.05 % 1 At March 31, 2026, the unfunded lending related commitments associated with TBMs were immaterial. March 31, 2025 (In thousands) Rate Reduction or Rate Reduction with Term Extension Term Extension and/or Payment Delay Total 1 % of Total Class of Loans CRE - owner occupied $ 94 $ — $ 94 0.01 % Residential real estate — 72 72 — Commercial and financial 73 1,367 1,440 0.08 Totals $ 167 $ 1,439 $ 1,606 0.02 % 1 At March 31, 2025, the unfunded lending related commitments associated with TBMs were immaterial. The following tables present the payment status of TBM loans that were modified in the twelve months prior to March 31, 2026 and in the twelve months prior to March 31, 2025. March 31, 2026 (In thousands) Current Accruing 30-59 Days Past Due Accruing 60-89 Days Past Due Accruing Greater Than 90 Days Nonaccrual Total CRE - owner occupied $ 252 $ — $ — $ — $ — $ 252 CRE - non-owner occupied 6,246 — 2,977 — 2,536 11,759 Residential real estate 175 — — — 149 324 Commercial and financial 2,223 — — — 651 2,874 Consumer 5 — — — 2 7 Totals $ 8,901 $ — $ 2,977 $ — $ 3,338 $ 15,216 24 Table of Contents March 31, 2025 (In thousands) Current Accruing 30-59 Days Past Due Accruing 60-89 Days Past Due Accruing Greater Than 90 Days Nonaccrual Total Construction and land development $ 111 $ — $ — $ — $ — $ 111 CRE - owner occupied 94 — — — — 94 Residential real estate 95 — — — 571 666 Commercial and financial 1,262 — — — 636 1,898 Consumer 28 — — — — 28 Totals $ 1,590 $ — $ — $ — $ 1,207 $ 2,797 TBM loans that experienced a payment default and that were modified in the 12 months preceding the default were immaterial for each period presented. Note 5 – Allowance for Credit Losses Activity in the ACL is summarized as follows: Three Months Ended March 31, 2026 (In thousands) Beginning Balance Provision for Credit Losses Charge- Offs Recoveries Ending Balance Construction and land development $ 9,740 $ ( 940 ) $ ( 34 ) $ 89 $ 8,855 CRE - owner occupied 16,528 1,862 ( 22 ) 214 18,582 CRE - non-owner occupied 56,143 ( 864 ) ( 16 ) 8 55,271 Residential real estate 51,297 1,345 ( 258 ) 10 52,394 Commercial and financial 37,943 ( 952 ) ( 2,897 ) 158 34,252 Consumer 7,152 310 ( 700 ) 136 6,898 Totals $ 178,803 $ 761 $ ( 3,927 ) $ 615 $ 176,252 Three Months Ended March 31, 2025 (In thousands) Beginning Balance Provision for Credit Losses Charge- Offs Recoveries Ending Balance Construction and land development $ 7,252 $ ( 483 ) $ — $ 3 $ 6,772 CRE - owner occupied 11,825 772 — 1 12,598 CRE - non-owner occupied 43,866 878 ( 320 ) 767 45,191 Residential real estate 39,168 1,160 ( 1 ) 21 40,348 Commercial and financial 27,533 6,434 ( 6,469 ) 113 27,611 Consumer 8,411 489 ( 1,487 ) 334 7,747 Totals $ 138,055 $ 9,250 $ ( 8,277 ) $ 1,239 $ 140,267 Management establishes the allowance using relevant available information from both internal and external sources, relating to past events, current economic conditions, and reasonable and supportable forecasts. Forecast data is sourced from Moody’s, a firm widely recognized for its research, analysis, and economic forecasts. The forecasts of future economic conditions are over the expected remaining life of the loan using economic forecasts that revert to long-term historical averages over time. As of March 31, 2026 and December 31, 2025, the Company utilized a multiple scenario model comprised of a blend of Moody’s economic scenarios and considered the uncertainty associated with the assumptions in the scenarios, including continued actions taken by the Federal Reserve regarding monetary policy and changes in interest rates and the potential impact of those actions. Outcomes could differ from the scenarios utilized, and the Company incorporated qualitative considerations reflecting the risk of uncertain economic conditions, and for additional dimensions of risk that may not be captured in the quantitative model. 25 Table of Contents The following section discusses changes in the level of the ACL for the three months ended March 31, 2026. The allowance decreased $ 2.6 million, or 1.4 %, during the first quarter of 2026 to $ 176.3 million, representing 1.39 % of loans held for investment as of March 31, 2026. In the Construction and land development segment, the decrease in allowance is primarily driven by a decrease in modeled expected losses. In this segment, the primary source of repayment is typically from proceeds of the sale or permanent financing of the underlying property; therefore, industry and collateral type and estimated collateral values are among the relevant factors in assessing expected losses. In the CRE - owner-occupied segment, the allowance increased due to routine updates to assumptions for loss given default which increased for this segment. Risk characteristics include, but are not limited to, collateral type, note structure and loan seasoning. In the CRE - non-owner-occupied segment, the allowance decrease is driven by lower loan balances. Repayment is often dependent upon rental income from the successful operation of the underlying property or from the sale of the property. Loan performance may be adversely affected by general economic conditions or conditions specific to the real estate market, including property types. Collateral type, note structure, and loan seasoning are among the risk characteristics analyzed for this segment. The Residential real estate segment includes residential mortgage, home equity loans, and HELOCs. The increase in the allowance is reflective of an increase in outstanding loan balances. Risk characteristics considered for this segment include, but are not limited to, borrower FICO score, lien position, LTV ratios, and loan seasoning. In the Commercial and financial segment, borrowers are primarily small to medium sized professional firms and other businesses, and loans are generally supported by projected cash flows of the business, collateralized by business assets, and/or guaranteed by the business owners. The allowance decreased in the first quarter due to charge-offs and due to routine updates to assumptions for loss given default, partially offset by growth in loan balances. Industry, collateral type, estimated collateral values, and loan seasoning are among the relevant factors in assessing expected losses. Consumer loans include installment and revolving lines, loans for automobiles, boats, and other personal or family purposes. Risk characteristics considered for this segment include, but are not limited to, collateral type, LTV ratios, loan seasoning, and FICO scores. The decrease in allowance for consumer loans was driven by a decrease in loan balances. Note 6 – Derivatives Interest Rate Contracts The Company offers interest rate swaps when requested by customers to allow them to hedge the risk of rising interest rates on their variable rate loans. Upon entering into these swaps, the Company enters into offsetting positions with counterparties in order to minimize the interest rate risk. These back-to-back swaps are freestanding financial derivatives with the fair values reported in Other assets and Other liabilities. The Company is party to master netting arrangements with its financial institution counterparties; however, the Company does not offset assets and liabilities under the arrangements for financial statement presentation purposes. Gains and losses on these back-to-back swaps, which offset, are recorded through Noninterest income. Cash Flow Hedges The Company periodically enters into contracts to mitigate exposure to the variability of future cash flows due to changes in interest rates on certain segments of its variable-rate loans. During the fourth quarter of 2025, the Company entered into three interest rate caps, each with a notional amount of $ 100.0 million, maturing in November 2030 and December 2030. The Company considers these derivatives to be highly effective at achieving offsetting changes in cash flows attributable to changes in interest rates and has designated them as cash flow hedges. Therefore, changes in the fair value of these derivative instruments are recognized in Other comprehensive income. Amortization of the premium paid on cash flow hedges is recognized in earnings over the term of the hedge in the same caption as the hedged item. For the three months ended March 31, 2026, the Company recognized $ 1.3 million through Other comprehensive income, and reclassified $ 0.1 million out of AOCI and into Interest Income. Over the next twelve months the Company expects to reclassify $ 0.6 million from AOCI into Interest Income related to these agreements. 26 Table of Contents Fair Value Hedges The Company periodically enters into interest rate swap contracts to hedge the risk of changes in fair value of the AFS securities portfolio due to changes in SOFR. The Company considers these derivatives to be highly effective at offsetting changes in interest rates and assesses the effectiveness on a quarterly basis. The effect of changes in interest rates on the fair value of these derivative contracts is recognized in other comprehensive income. These derivative instruments are primarily for risk management purposes. There were no securities fair value hedges during the three months ended March 31, 2026. For the three months ended March 31, 2025, the Company recognized through Other comprehensive income net losses of $ 0.4 million, and reclassified net gains of $ 2 thousand out of AOCI into interest income. The Company has entered into interest rate swap contracts to hedge the risk of changes in the fair value of a pool of residential mortgages due to changes in SOFR. These fair value hedges utilize the portfolio layer method. The Company considers these derivatives to be highly effective at offsetting changes in interest rates and assesses the effectiveness on a quarterly basis. The effect of changes in interest rates on the fair value of these derivative contracts is recognized in interest income. These derivative instruments are primarily for risk management purposes. For the three months ended March 31, 2026 and 2025, the Company recognized losses of $ 0.1 million and gains of $ 48 thousand, respectively, through interest income. Economic Hedges The Company enters into commitments to originate mortgage loans for which the interest rate on the loan is determined prior to funding IRLCs, forward loan sale commitments for the future delivery of these mortgage loans for sale on the secondary market, and forward TBA mortgage-backed securities, which are classified as freestanding derivatives. For the three months ended March 31, 2026, the Company recognized gains of $ 0.2 million in Mortgage banking income in the Consolidated Statements of Income related to these non-hedging derivative financial instruments. (In thousands) Notional Amount Fair Value Balance Sheet Category March 31, 2026 Interest rate contracts 1 $ 1,143,202 $ 21,106 Other assets and Other liabilities Residential mortgage fair value hedges 100,000 41 Other liabilities Residential mortgage fair value hedges 250,000 421 Other assets Interest rate caps cash flow hedges 300,000 4,243 Other assets IRLC 14,974 497 Other assets Forward TBA mortgage-backed securities 15,273 269 Other assets Forward loan sale commitment 3,349 42 Other liabilities December 31, 2025 Interest rate contracts 1 $ 1,152,442 $ 25,009 Other assets and Other liabilities Residential mortgage fair value hedges 400,000 380 Other liabilities Interest rate caps cash flow hedges 300,000 3,064 Other assets IRLC 5,106 495 Other assets Forward TBA mortgage-backed securities 5,122 94 Other liabilities Forward loan sale commitment 285 51 Other assets 1 Interest rate contracts include risk participation agreements with notional amounts of $ 65.1 million and $ 65.3 million at March 31, 2026, and December 31, 2025, respectively with nominal fair value in both periods. 27 Table of Contents The following table presents amounts recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges. Carrying amount of the hedged items Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items (In thousands) March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025 Loans, net 1 $ 1,014,248 $ 1,043,345 $ ( 339 ) $ 559 1 These amounts represent the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At March 31, 2026, the portfolio layer method was $ 350 million, of which $ 350 million was designated as hedged. At December 31, 2025, the portfolio layer method was $ 400 million, of which $ 400 million was designated as hedged. Note 7 – Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase are accounted for as secured borrowings. For securities sold under agreements to repurchase, the Company is required to pledge collateral with value sufficient to fully collateralize borrowings. Company securities pledged were as follows by collateral type and maturity as of: (In thousands) March 31, 2026 December 31, 2025 Fair value of pledged securities - overnight and continuous: Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 562,570 $ 512,066 Note 8 – Regulatory Capital The Company is well-capitalized and at March 31, 2026, the Company and the Company’s principal banking subsidiary, Seacoast Bank, exceeded the CET1 capital ratio regulatory threshold of 6.5 % for well-capitalized institutions under the Basel III standardized transition approach, as well as risk-based and leverage ratio requirements for well-capitalized banks under the regulatory framework for prompt corrective action. Note 9 – Contingent Liabilities The Company and its subsidiaries, because of the nature of their business, are at all times subject to numerous legal actions, threatened or filed. Management presently believes that none of the legal proceedings to which it is a party are likely to have a materially adverse effect on the Company’s consolidated financial condition, operating results, or cash flows. 28 Table of Contents Note 10 – Fair Value Under ASC Topic 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at March 31, 2026 and December 31, 2025 included: (In thousands) Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) At March 31, 2026 Financial Assets Debt securities AFS 1 $ 5,069,260 $ 100 $ 5,069,160 $ — Derivative financial instruments 2 26,537 — 26,040 497 Loans held for sale 2 18,188 — 18,188 — Loans 3 2,215 — — 2,215 OREO 3 4,250 — — 4,250 Equity securities 4 13,844 13,844 — — MSR 5 27,374 — — 27,374 Financial Liabilities Derivative financial instruments 2 $ 21,189 $ — $ 21,147 $ 42 At December 31, 2025 Financial Assets Debt securities AFS 1 $ 5,164,567 $ 200 $ 5,164,367 $ — Derivative financial instruments 2 28,620 — 28,125 495 Loans held for sale 2 16,297 — 16,297 — OREO 3 4,250 — — 4,250 Equity securities 4 13,923 13,923 — — MSR 5 28,061 — — 28,061 Financial Liabilities Derivative financial instruments 2 $ 25,483 $ — $ 25,389 $ 94 1 See “Note 3 – Securities” for further detail of fair value of individual investment categories. 2 Recurring fair value basis determined using observable market data for level 2 inputs. Level 3 inputs utilize a market approach that incorporates a pull-through rate assumption. 3 Fair value is measured on a nonrecurring basis. 4 Investment in shares of mutual funds that invest primarily in CRA-qualified debt securities, reported at fair value in Other Assets. Recurring fair value basis is determined using market quotations with fair value adjustments recognized in earnings. 5 Recurring fair value basis determined using unobservable market data. Refer to “Note 8 - Goodwill and Acquired Intangible Assets” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional details on assumptions utilized. Derivative financial instruments : The fair value of these derivatives is based on a discounted cash flow approach. Due to the observable nature of the inputs used in deriving the fair value of these derivative contracts, the valuation of interest rate swaps and forward TBA mortgage-backed securities is classified as Level 2. The fair values of these instruments are based upon the estimated amount the Company would receive or pay to terminate the instruments, taking into account current interest rates and, when appropriate, the current credit worthiness of the counterparties. IRLCs and forward loan sale commitment fair values are estimated based on quoted prices for similar loans in active markets. However, the value is adjusted by a factor which considers the likelihood of a loan in a lock position will ultimately close. This closing ratio is derived from internal data and is adjusted using significant accounting judgment. As such, these derivatives are classified as Level 3 measurements and the Company values these derivatives primarily utilize a market approach that incorporates flow mandatory market pricing, adjusted for expected pull‑through based on historical experience. For IRLCs, the weighted-average pull-through rate was 94 % and the weighted-average current reference price was 100.44 %. For forward loan sale commitments, the weighted-average pull-through rate was 100 % and the weighted-average current reference price was 98.75 %. 29 Table of Contents Loans and OREO : Fair values of collateral-dependent real estate loans and OREO are based on recent real estate appraisals less estimated costs of sale. Evaluations may use either a single valuation approach or a combination of approaches, such as comparative sales, cost and/or income approach. Adjustments to comparable sales may be made by an appraiser to reflect local market conditions or other economic factors and may result in changes in the fair value of an asset over time, but none were made by management. The fair values of these loans and properties are considered Level 3 in the fair value hierarchy. Collateral-dependent loans measured at fair value totaled $ 2.5 million with a specific reserve of $ 0.3 million at March 31, 2026. There were no collateral-dependent loans measured at fair value at December 31, 2025. MSRs : The fair value of these derivatives is based on an income approach. Various unobservable inputs to assumptions including expected cash flows, market discount rates, prepayment rates, servicing costs, and other factors are utilized, therefore the valuation of MSRs is classified as Level 3. The following table presents changes in the Company's MSRs measured at fair value for the three months ended March 31, 2026. There was no MSR balance during the three months ended March 31, 2025: Three Months Ended March 31, (In thousands) 2026 Carrying value at beginning of period $ 28,061 Acquired — Originated servicing rights capitalized upon sale of loan 331 Change in fair value: Due to payoffs/paydowns ( 648 ) Due to change in valuation inputs or assumptions ( 370 ) Carrying value at end of period $ 27,374 The following table presents data and key economic assumptions, as well as the valuation's sensitivity to interest rate fluctuations, related to the Company’s MSRs as of: (In thousands) March 31, 2026 December 31, 2025 Unpaid principal balance $ 2,469,014 $ 2,540,798 Prepayment rate assumptions: Weighted-average 12.35 % 12.74 % Estimated impact on fair value of a 10% increase $ ( 1,302 ) $ ( 1,373 ) Estimated impact on fair value of a 20% increase ( 2,504 ) ( 2,639 ) Option-adjusted spread: Weighted-average 5.50 % 5.50 % Estimated impact on fair value of a 100 basis point increase $ ( 1,112 ) $ ( 1,163 ) Estimated impact on fair value of a 200 basis point increase ( 2,136 ) ( 2,232 ) Weighted-average coupon interest rate 4.76 % 4.78 % Weighted-average servicing fee 0.25 0.25 Weighted-average remaining maturity (in months) 348 348 The sensitivity calculations above are hypothetical changes and should not be considered to be predictive of future performance. Changes in fair value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the effect of a variation in a particular assumption on the fair value is calculated without changing any other assumption, while in reality changes in one factor may result in changes in another, which may either magnify or counteract the effect of the change. For recurring fair value measurements, transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company’s monthly and/or quarterly valuation process. During the three months ended March 31, 2026 and 2025, there were no such transfers. 30 Table of Contents For additional information on the valuation techniques and significant inputs for Level 2 and Level 3 assets and liabilities that are measured at fair value on a recurring basis, see “Note 16 - Fair Value” of the Annual Report on Form 10-K for the year ended December 31, 2025. The carrying amount and fair value of the Company’s other financial instruments that were not disclosed previously in the balance sheet and for which carrying amount is not fair value as of March 31, 2026 and December 31, 2025 is as follows: (In thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2026 Financial Assets HTM debt securities 1 $ 576,155 $ — $ 477,706 $ — Time deposits with other banks 2,490 — 2,471 — Loans, net 12,462,965 — 169,100 12,096,173 Financial Liabilities Deposits 16,637,949 — — 16,638,119 FHLB borrowings 775,000 — 774,215 — Subordinated debt 95,338 — 89,122 — December 31, 2025 Financial Assets HTM debt securities 1 $ 586,178 $ — $ 489,560 $ — Time deposits with other banks 14,424 — 13,455 — Loans, net 12,449,181 — — 12,263,824 Financial Liabilities Deposits 16,256,343 — — 16,257,291 FHLB borrowings 835,000 — 833,483 — Subordinated debt 95,161 — 90,248 — 1 See “Note 3 – Securities” for further detail of recurring fair value basis of individual investment categories. The short maturity of Seacoast’s assets and liabilities results in a significant number of financial instruments whose fair value equals or closely approximates carrying value. Such financial instruments are reported in the following balance sheet captions: cash and due from banks, interest-bearing deposits with other banks, and securities sold under agreements to repurchase. The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value at March 31, 2026 and December 31, 2025: HTM debt securities : These debt securities are reported at fair value utilizing Level 2 inputs. The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models, or discounted cash flow analyses, using observable market data where available. The Company reviews the prices supplied by independent pricing services, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. From time to time, the Company will validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from other brokers and third-party sources or derived using internal models. Loans : Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, such as commercial or mortgage. Each loan category is further segmented into fixed and adjustable-rate interest terms as well as performing and nonperforming categories. The fair value of Level 3 loans is calculated by discounting scheduled cash flows through the estimated life including prepayment considerations, using estimated market discount rates that reflect the risks inherent in the loan. The fair value approach considers market-driven variables including credit related factors and reflects an 31 Table of Contents “exit price” as defined in ASC Topic 820. The fair value of Level 2 loans is valued using observable market-based inputs, including quoted prices obtained from third-party pricing services based on recent market transactions and dealer quotations for comparable instruments. Investments at NAV : The Company has equity investments in SBICs accounted for under the fair value practical expedient of NAV totaling $ 25.6 million at March 31, 2026 and $ 26.4 million at December 31, 2025, which are not included in the fair value hierarchy. These investments are made primarily through various SBIC funds as a strategy to provide expansion and growth opportunities to small businesses and are subject to various risks, including market, liquidity, and credit risk. SBICs are generally structured to operate for approximately 10 years and the Company’s investments are not redeemable. Distributions are received through the liquidation of the underlying assets, which is expected to occur over the next 5 - 10 years. Unfunded commitments related to these investments were $ 8.0 million at March 31, 2026 and $ 8.7 million at December 31, 2025. Deposit liabilities : The fair value of demand deposits, savings accounts and money market deposits is the amount payable at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for funding of similar remaining maturities. Note 11 – Business Combinations Acquisition of Villages Bancorporation, Inc. On October 1, 2025, the Company completed its acquisition of VBI, adding 19 branches in North Central Florida including The Villages® community. Integration activities, including system conversion, are expected to be finalized in the third quarter of 2026. The Company acquired 100 % of the outstanding common stock of VBI. Pursuant to the merger agreement, each share of VBI common stock was converted into the right to receive, at the shareholders' election, (i) $ 1,000.00 in cash, (ii) 38.5000 shares of Seacoast common stock or (iii) a 25 % - 75 % combination of cash and common stock, with the final election subject to a proration mechanism such that 25 % of VBI shares received the cash consideration and 75 % of VBI shares received the stock consideration. In the event any shareholder or shareholder group would have received more than 9.75 % of cumulative outstanding Seacoast common stock, non-voting convertible preferred stock was issued in lieu of the excess amount of common shares. The final consideration totaled $ 829.1 million. (In thousands, except per share data) October 1, 2025 Number of VBI shares receiving stock 550 Per share exchange ratio for VBI shares receiving stock 38.5000 Number of shares of SBCF common stock issued 9,923 Number of shares of SBCF preferred stock issued 1 11 Multiplied by SBCF price per share at October 1, 2025 $ 30.50 Total Value of SBCF common and preferred stock issued $ 645,785 Number of VBI shares receiving cash 183 Per share exchange ratio for VBI shares receiving cash $ 1,000.00 Cash consideration paid to VBI shareholders, including cash paid for fractional shares 183,360 Total purchase price $ 829,145 1 Preferred stock is 1/1,000 th share for every share of common stock. The acquisition of VBI will be accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations . The Company recognized goodwill of $ 280.4 million for this acquisition that is nondeductible for tax purposes. Determining fair values of assets and liabilities, especially the loan portfolio, CDI, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. The fair values initially assigned to assets acquired and liabilities assumed are preliminary and could change for up to one year after the closing date of the acquisition as new information and circumstances relative to closing date fair values becomes known. 32 Table of Contents The table below presents the allocation of the purchase consideration. (In thousands) Initially Measured October 1, 2025 Measurement Period Adjustments As Adjusted October 1, 2025 Assets: Cash and cash equivalents $ 166,758 $ — $ 166,758 Investment securities 2,540,434 — 2,540,434 Loans 1,202,389 ( 351 ) 1,202,038 Bank premises and equipment 45,942 — 45,942 CDI 110,548 — 110,548 Goodwill 280,087 263 280,350 Other Assets 99,776 — 99,776 Total Assets $ 4,445,934 $ ( 88 ) $ 4,445,846 Liabilities: Deposits $ 3,450,869 $ — $ 3,450,869 Securities sold under agreements to repurchase 105,064 — 105,064 Other Liabilities 60,856 ( 88 ) 60,768 Total Liabilities $ 3,616,789 $ ( 88 ) $ 3,616,701 The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date. October 1, 2025 (In thousands) Book Balance Fair Value Loans: Construction and land development $ 102,067 $ 98,849 CRE - owner occupied 93,284 90,147 CRE - non-owner occupied 361,699 335,761 Residential real estate 365,935 349,786 Commercial and financial 335,831 322,276 Consumer 5,332 5,219 Total acquired loans $ 1,264,148 $ 1,202,038 The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination: (In thousands) October 1, 2025 Book balance of loans at acquisition $ 148,575 ACL at acquisition ( 3,026 ) Non-credit related discount ( 19,198 ) Total PCD loans acquired $ 126,351 The acquisition of VBI resulted in the addition of $ 25.7 million in ACL, including the $ 3.0 million identified in the table above for PCD loans, and $ 22.7 million for non-PCD loans recorded through the provision for credit losses at the date of acquisition. The Company believes the deposits assumed in the acquisition have an intangible value. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates, and age of deposit relationships. The CDI asset acquired from VBI is being amortized over 10 years using an accelerated method of amortization. 33 Table of Contents The Company assumed a financing obligation recognized within Long-term debt, net, refer to “Note 11 - Lease Commitments” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional details. Acquisition of Heartland Bancshares, Inc. On July 11, 2025, the Company completed its acquisition of Heartland, adding four branches in Central Florida. Integration activities, including system conversion, were also finalized in the third quarter of 2025. The Company acquired 100 % of the outstanding common and preferred stock of Heartland. Under the terms of the definitive agreement, Heartland shareholders received a combination of cash and common stock, with the final consideration totaling $ 111.2 million. (In thousands, except per share data) July 11, 2025 Number of Heartland shares receiving stock 378 Per share exchange ratio for Heartland shares receiving stock 4.9263 Number of shares of SBCF common stock issued 1,862 Multiplied by SBCF price per share at July 11, 2025 $ 29.29 Value of SBCF common stock issued $ 54,547 Number of Heartland shares receiving cash 378 Per share cash consideration for Heartland shares receiving cash $ 147.10 Cash consideration paid to Heartland shareholders, including cash paid for fractional shares $ 55,623 Cash paid to Heartland option holders 1,054 Total purchase price $ 111,224 The acquisition of Heartland was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations . The Company recognized goodwill of $ 22.2 million for this acquisition that is nondeductible for tax purposes. Determining fair values of assets and liabilities, especially the loan portfolio, CDI, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. The fair values initially assigned to assets acquired and liabilities assumed are preliminary and could change for up to one year after the closing date of the acquisition as new information and circumstances relative to closing date fair values becomes known. The table below presents the allocation of the purchase consideration. (In thousands) July 11, 2025 Assets: Cash and cash equivalents $ 242,672 Investment securities 357,905 Loans 153,294 Bank premises and equipment 7,926 CDI 20,922 Goodwill 22,228 Other Assets 18,590 Total Assets $ 823,537 Liabilities: Deposits $ 705,195 Other Liabilities 7,118 Total Liabilities $ 712,313 34 Table of Contents The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date. July 11, 2025 (In thousands) Book Balance Fair Value Loans: Construction and land development $ 7,575 $ 7,496 CRE - owner occupied 31,504 30,790 CRE - non-owner occupied 40,239 38,992 Residential real estate 52,960 51,434 Commercial and financial 21,104 21,029 Consumer 3,614 3,553 Total acquired loans $ 156,996 $ 153,294 The book value and fair value amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination was $ 7.2 million and $ 6.4 million, respectively. The acquisition of Heartland resulted in the addition of $ 2.0 million in ACL, including $ 0.1 million for PCD loans, and $ 1.9 million for non-PCD loans recorded through the provision for credit losses at the date of acquisition. The Company believes the deposits assumed in the acquisition have an intangible value. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates, and age of deposit relationships. The CDI asset acquired from Heartland is being amortized over 10 years using an accelerated method of amortization. Proforma Information Pro-forma data as of March 31, 2026 and 2025 present information as if the acquisition of VBI occurred at the beginning of 2025. The pro-forma information is presented for illustrative purposes only and is not necessarily indicative of the results of operations that would have occurred if the transactions had been effected on the assumed dates. For the Three Months Ended March 31, (In thousands, except per share data) 2026 2025 Net interest income $ 176,470 $ 147,403 Net income available to common shareholders 29,757 21,548 EPS - diluted 0.29 0.22 EPS - basic $ 0.30 $ 0.22 35 Table of Contents Note 12 – Business Segment The Company's one reportable segment provides integrated financial services including commercial and consumer banking, wealth management, and mortgage and insurance services to customers. Segment revenues are driven primarily by interest and fees on loans, interest on cash and cash equivalents and on investment securities, and fees on depository products and services. The Company manages business activities, allocates resources, and evaluates financial performance on an organization-wide basis. The CODM is the CEO. The financial results of the segment are presented using the same policies described in “Note 1 - Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The CODM evaluates the performance of the segment and allocates resources based on net income that is also reported on the Consolidated Statements of Income as consolidated net income and segment assets that are reported on the Consolidated Balance Sheets as total consolidated assets. Net income is used to monitor budget versus actual results. The significant segment expenses that are regularly provided to the CODM are interest expense, provision for credit losses, salaries and employee benefits, outsourced data processing costs, and occupancy, which are all reflected in the Consolidated Statements of Income. Certain noncash expenses, such as depreciation and amortization expense, are disclosed in the Consolidated Statement of Cash Flows. Note 13 – Subsequent Event Subsequent to March 31, 2026, the Company repurchased 320,763 shares of its common stock at a weighted-average price of $ 31.18 per share pursuant to its share repurchase program.