What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-08-04 compared with 2026-05-06 · 255 added, 194 removed, 479 unchanged (48% of the section changed)

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Such discussion and analysis should be read in conjunction with the Company’s Condensed Consolidated Financial Statements and the related notes included in this report.

The emphasis of this discussion will be on the three months ended March 31, 2026 compared to the three months ended March 31, 2025 for the consolidated statements of income.

For the consolidated balance sheets, the emphasis of this discussion will be the balances as of March 31, 2026 compared to December 31, 2025.

For the consolidated statements of income, the emphasis of this discussion will be on the three months ended June 30, 2026, compared to the three months ended March 31, 2026, and June 30, 2025, as well as the six months ended June 30, 2026, compared to the six months ended June 30, 2025.

For the consolidated balance sheets, the emphasis of this discussion will be the balances as of June 30, 2026, compared to December 31, 2025.

This discussion and analysis contain statements that may be considered “forward-looking statements” as defined in, and subject to the protections of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

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Certain statements made or incorporated by reference herein which are not statements of historical fact, including those under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere herein, are “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 (the “Exchange Act”).

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 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 regarding future events, performance, financial condition, results of operations and business strategies, 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 the Company or its wholly-owned banking subsidiary, Seacoast Bank, to be materially different from those set forth in the 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.

These forward-looking statements may not be realized due to a variety of factors, including, without limitation:

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the diversion of management's time on issues related to the integration;

unexpected transaction costs, including the costs of integrating operations;

unexpected transaction costs, including the costs of

integrating operations;

the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected;

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• 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;

• Risks and costs associated with the development, implementation and use of artificial intelligence and other emerging technologies, including risks relating to data privacy, cybersecurity, model accuracy, regulatory compliance, intellectual property rights and operational effectiveness;

• 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;

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• 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;

• Dependence on key suppliers or vendors to obtain equipment or services for the business on acceptable terms, including risks associated with reliance on third-party service providers, cloud-based platforms, fintech partners and other technology providers, and disruptions, outages, cybersecurity incidents or failures affecting such third parties;

• 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;

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In the second half of 2025, Seacoast acquired both Heartland and VBI.

These transformative transactions together added 23 branch locations, $5.3 billion in assets, and $4.2 billion in deposits, bringing leading market share and significant liquidity, further strengthening our competitive position and enhancing our capacity for sustained profitable growth.

These transformative transactions together added 23 branch locations, $5.3 billion in assets, and $4.2 billion in deposits, bringing leading market share and significant liquidity, further strengthening the Company’s competitive position and enhancing our capacity for sustained profitable growth.

Full integration and system conversion activities for Heartland were completed in August of 2025, and for VBI, in July of 2026.

The Company expects to recognize substantially all remaining merger-related costs during the third quarter of 2026.

Complementing acquisitions with organic growth, in recent years Seacoast has added experienced bankers in dynamic and growing markets, leading to significant growth in new relationships.

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Seacoast provides integrated financial services including commercial and consumer banking, wealth management, mortgage and insurance services to customers at 105 full-service branches across Florida and Georgia, and through advanced mobile and online banking solutions.

The Company’s financial results in the first quarter of 2026 benefited from deposit growth, higher securities yields, and lower deposit costs supporting improved net interest income and net interest margin.

The Company’s financial results in the second quarter of 2026 included strong growth in loans supporting improved net interest income and net interest margin.

Seacoast continues to prudently manage expenses while strategically investing to support continued growth.

Highlights for the first quarter of 2026 include:

• Net income of $31.9 million, or $0.29 per average diluted share, included a $39.5 million loss from a strategic repositioning of AFS securities executed in January 2026.

This action involved selling approximately $277.0 million in low-yielding securities and reinvesting the proceeds into higher-yielding positions, providing higher interest income going forward.

This contributed to a 24 basis point increase in yield on securities during the quarter.

• Adjusted net income 1 of $67.8 million, or $0.62 per diluted share, increased 42% from the fourth quarter of 2025 and 111% from the first quarter of 2025.

• 7% annualized organic deposit growth, including growth in noninterest-bearing deposits of 29% annualized.

• Cost of deposits declined 13 basis points to 1.54%.

• Net interest margin improved to 3.83% compared to 3.66% in the fourth quarter of 2025.

• Repurchased 317,628 shares of common stock during the quarter, taking advantage of constructive market conditions and leveraging our strong capital position.

• Tier 1 capital ratio of 14.6%, and a tangible equity (including convertible preferred stock) to tangible assets ratio of 9.24%.

• Continued improvement in profitability metrics on an adjusted basis.

Results during the first quarter of 2026 included a $39.5 million loss from a strategic repositioning of a portion of the AFS securities portfolio.

Highlights for the second quarter of 2026 included:

• Net income of $59.5 million, or $0.55 per share, increased 87% from the first quarter of 2026 and 39% from the second quarter of 2025.

Adjusted net income 1 was $65.8 million, or $0.61 per share.

• Adjusted pre-tax pre-provision earnings 1 increased 4% compared to the first quarter of 2026 and 52% compared to the second quarter of 2025.

• 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% compared to the first quarter of 2026 and 42% compared to the second quarter of 2025.

• Net interest margin was stable at 3.83% and, excluding accretion on acquired loans, expanded eight basis points from the first quarter of 2026 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.

• Continued improvement in profitability metrics.

Key metrics include:

First Fourth First

Second First Second Six Months Ended June 30,

Quarter Quarter Quarter

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Net Interest Income and Margin

Net interest income totaled $176.5 million in the first quarter of 2026, an increase of $1.8 million, or 1%, compared to the fourth quarter of 2025, and an increase of $58.0 million, or 49%, compared to the first quarter of 2025.

The increase in the first quarter of 2026 was largely driven by higher yields on the securities portfolio and lower deposit costs, partially offset by lower average invested cash balances.

Securities income increased $3.4 million, or 6%, compared to the fourth quarter of 2025, benefiting from the securities repositioning.

Securities income increased $30.7 million, or 104%, compared to the first quarter of 2025, due to higher balances as a result of bank acquisitions in 2025 and the securities repositioning.

Interest income on loans declined compared to the fourth quarter of 2025 by $1.7 million, or 1%, with lower yields partially offset by higher purchase accounting accretion.

Interest income on loans increased $35.1 million, or 23%, compared to the first quarter of 2025, largely the result of higher balances resulting from bank acquisitions in 2025.

Accretion on acquired loans was $12.1 million in the first quarter of 2026 compared to $10.6 million in the fourth quarter of 2025, and $8.2 million in the first quarter of 2025.

Interest expense on deposits decreased $5.4 million, or 11%, compared to the fourth quarter of 2025, due to well managed deposit costs.

Interest expense on deposits increased $1.0 million, or 2%, compared to the first quarter of 2025, largely the result of higher balances resulting from bank acquisitions in 2025, partially offset by lower rates.

Net interest margin (on an FTE basis) 1 increased 17 basis points to 3.83% in the first quarter of 2026 compared to 3.66% in the fourth quarter of 2025, and increased 35 basis points compared to 3.48% in the first quarter of 2025.

Excluding the effects of accretion on acquired loans, net interest margin expanded 13 basis points to 3.57% in the first quarter of 2026 compared to 3.44% in the fourth quarter of 2025, and increased 33 basis points compared to 3.24% in the first quarter of 2025.

Loan yields were 5.96%, a decrease of six basis points from the fourth quarter of 2025, and an increase of six basis points from the first quarter of 2025.

Securities yields increased 24 basis points to 4.37%, compared to 4.13% in the fourth quarter of 2025, and increased 49 basis points from the first quarter of 2025.

The cost of deposits declined 13 basis points to 1.54% in the first quarter of 2026 compared to 1.67% in the fourth quarter of 2025, and declined 39 basis points compared to 1.93% in the first quarter of 2025.

The cost of funds declined nine basis points to 1.71% compared to the fourth quarter of 2025, and declined 34 basis points compared to the first quarter of 2025.

The following table details the trend for net interest income and margin results (on a FTE basis) 1 , the yield on earning assets and the rate paid on interest-bearing liabilities for the periods specified:

First Fourth First

Quarter Quarter Quarter

(In thousands, except ratios) 2026 2025 2025

Net Interest Income 1

$ 178,154 $ 176,244 $ 118,857

Net Interest Margin 1

3.83 % 3.66 % 3.48 %

Yield on Earning Assets 1

5.43 5.35 5.41

Rate on Interest-Bearing Liabilities 2.21 2.33 2.74

1 On a FTE basis, a non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP.

Average loans increased $296.8 million, or 2%, for the first quarter of 2026 compared to the fourth quarter of 2025, and increased $2.3 billion, or 22%, from the first quarter of 2025.

Average loans as a percentage of average earning assets totaled 67% for the first quarter of 2026, 65% for the fourth quarter of 2025, and 75% for the first quarter of 2025.

During the first quarter of 2026, average investment securities increased $138.3 million, or 2.5%, compared to the fourth quarter of 2025, and increased $2.6 billion, or 84.9%, compared to the first quarter of 2025.

Securities yields increased 24 basis points to 4.37% during the first quarter of 2026 from 4.13% in the fourth quarter of 2025, and increased 49 basis points from 3.88% in the first quarter of 2025.

The cost of average interest-bearing liabilities decreased 12 basis points in the first quarter of 2026 to 2.21% from 2.33% in the fourth quarter of 2025, and decreased 53 basis points from 2.74% in the first quarter of 2025.

The cost of average total deposits (including noninterest-bearing demand deposits) was 1.54% in the first quarter of 2026, 1.67% in the fourth quarter of 2025, and 1.93% in the first quarter of 2025.

During the first quarter of 2026, average transaction deposits (noninterest and interest-bearing demand) decreased $227.2 million, or 2.76%, compared to the fourth quarter of 2025, and increased $2.0 billion, or 33%, compared to the first quarter of 2025.

The Company’s deposit mix remains favorable, with 87% of average deposit balances comprised of savings, money market, and demand deposits for the three months ended March 31, 2026.

Average balances of sweep repurchase agreements with customers decreased $46.7 million, or 12%, from the fourth quarter of 2025, and increased $147.3 million, or 73%, compared to the first quarter of 2025.

The average rate on customer sweep repurchase accounts was 2.16% for the first quarter of 2026, compared to 2.29% for the fourth quarter of 2025, and 2.73% for the first quarter of 2025.

The Company had an average balance of $847.2 million in FHLB borrowings outstanding for the first quarter of 2026, with an average interest rate of 4.03%, compared to $623.8 million for the fourth quarter of 2025, with an average interest rate of 4.27%, and $382.8 million for the first quarter of 2025, with an average interest rate of 4.32%.

Long-term debt balances averaged $112.8 million in the first quarter of 2026, $108.5 million in the fourth quarter of 2025, and $107.0 million in the first quarter of 2025.

The average rate on long-term debt for the first quarter of 2026 was 6.42%, an increase of 79 basis points compared to the fourth quarter of 2025, and a decrease of two basis points compared to the first quarter of 2025.

The following tables detail average balances, net interest income and margin results (on a FTE basis, a non-GAAP measure) for the periods presented:

Net interest income for the second quarter of 2026 totaled $180.4 million, an increase of $3.9 million, or 2%, compared to the first quarter of 2026, and an increase of $53.5 million, or 42%, compared to the second quarter of 2025.

For the six months ended June 30, 2026, net interest income totaled $356.9 million, an increase of $111.5 million, or 45%, compared to the six months ended June 30, 2025.

The increase compared to the first quarter of 2026 represents higher yields on the securities portfolio and loan growth, and the increases compared to the three and six month periods ended June 30, 2025 were primarily driven by higher loan and securities balances resulting from the acquisitions completed in 2025, as well as organic loan growth.

Interest income on loans in the second quarter of 2026 increased by $2.4 million, or 1%, compared to the first quarter of 2026, reflecting higher average loan balances and higher core loan yields.

Securities income increased $2.5 million, or 4%, compared to the first quarter of 2026, benefiting from higher balances and the full quarter impact of the securities repositioning executed in the first quarter of 2026.

Accretion on acquired loans was $8.9 million in the second quarter of 2026, $12.1 million in the first quarter of 2026, and $10.6 million in the second quarter of 2025.

Accretion on acquired loans totaled $21.0 million for the six months ended June 30, 2026, compared to $18.8 million for the six months ended June 30, 2025.

Interest expense on deposits increased $0.7 million, or 1%, compared to the first quarter of 2026, and increased $7.1 million, or 13%, compared to the second quarter of 2025.

Net interest margin (on an FTE basis) 1 was stable at 3.83% in the second quarter of 2026 compared to the first quarter of 2026, and expanded 25 basis points from 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.

The yield on loans decreased to 5.88% for the second quarter of 2026, a decrease of eight basis points from the first quarter of 2026 and decreased 10 basis points from the second quarter of 2025.

Yield on loans, excluding accretion on acquired loans, was 5.61%, an increase of four basis points from the first quarter of 2026, and an increase of three basis points from the second quarter of 2025.

The effect on net interest margin of accretion of purchase discounts on acquired loans was an increase of 18 basis points for the second quarter of 2026, 26 basis points in the first quarter of 2026, and 29 basis points in the second quarter of 2025.

The cost of deposits was 1.53% in the second quarter of 2026, compared to 1.54% in the first quarter of 2026, and 1.80% in the second quarter of 2025.

The cost of funds was 1.69% in the second quarter of 2026, compared to 1.71% in the first quarter of 2026, and 1.99% in the second quarter of 2025.

Compared to the first quarter of 2026, securities yields increased 10 basis points in the second quarter of 2026 to 4.47% and increased 60 basis points from the second quarter of 2025.

For the six months ended June 30, 2026, net interest margin (on an FTE basis) 1 increased 30 basis points to 3.83% compared to the six months ended June 30, 2025, largely driven by higher securities yields and lower deposit costs.

The yield on securities was 4.42% for the six months ended June 30, 2026, compared to 3.87% for the six months ended June 30, 2025.

The yield on total loans decreased from 5.94% for the six months ended June 30, 2025 to 5.92% for the six months ended June 30, 2026.

The effect on net interest margin of accretion of purchase discounts on acquired loans was an increase of 22 basis points for the six months ended June 30, 2026, compared to 27 basis points for the six months ended June 30, 2025.

The cost of deposits was 1.54% for the six months ended June 30, 2026, a decrease of 33 basis points compared to the six months ended June 30, 2025.

The cost of funds was 1.70% for the six months ended June 30, 2026, a decrease of 32 basis points compared to the six months ended June 30, 2025.

Average loans increased $190.9 million, or 2%, for the second quarter of 2026 compared to the first quarter of 2026, and increased $2.3 billion, or 22%, from the second quarter of 2025.

For the six months ended June 30, 2026, average loans increased $2.3 billion, or 22%, from the six months ended June 30, 2025.

Average loans as a percentage of average earning assets totaled 67% for the second quarter of 2026, 67% for the first quarter of 2026, and 74% for the second quarter of 2025.

For the six months ended June 30, 2026, average loans as a percentage of average earning assets totaled 67%, compared to 75% for the six months ended June 30, 2025.

During the second quarter of 2026, average investment securities increased $31.5 million, or 1%, compared to the first quarter of 2026, and increased $2.4 billion, or 70%, compared to the second quarter of 2025.

Securities yields increased 10 basis points to 4.47% during the second quarter of 2026 from 4.37% in the first quarter of 2026, and increased 60 basis points from 3.87% in the second quarter of 2025.

For the six months ended June 30, 2026, average investment securities were $5.7 billion, an increase of $2.5 billion, or 77%, compared to the six months ended June 30, 2025.

The cost of average interest-bearing liabilities decreased two basis points in the second quarter of 2026 to 2.19% from 2.21% in the first quarter of 2026 and decreased 47 basis points from 2.66% in the second quarter of 2025.

The cost of average total deposits (including noninterest-bearing demand deposits) was 1.53% in the second quarter of 2026, 1.54% in the first quarter of 2026, and 1.80% in the second quarter of 2025.

For the six months ended June 30, 2026, the cost of average total deposits (including noninterest-bearing demand deposits) was 1.54% compared to 1.87% for the six months ended June 30, 2025.

During the second quarter of 2026, average transaction deposits (noninterest and interest-bearing demand) increased $86.8 million, or 1%, compared to the first quarter of 2026, and increased $2.1 billion, or 34%, compared to the second quarter of 2025.

For the six months ended June 30, 2026, average transaction deposits increased $2.0 billion, or 34%, compared to the six months ended June 30, 2025.

The Company’s deposit mix remains favorable, with 86% of average deposit balances comprised of savings, money market, and demand deposits for the six months ended June 30, 2026.

Average balances of sweep repurchase agreements with customers decreased $4.0 million, or 1%, from the first quarter of 2026, and increased $158.6 million, or 85%, compared to the second quarter of 2025.

The average rate on customer sweep repurchase accounts was 2.20% for the second quarter of 2026, compared to 2.16% for the first quarter of 2026, and 2.62% for the second quarter of 2025.

For the six months ended June 30, 2026, the average balance was $346.6 million, compared to an average balance of $193.6 million for the six months ended June 30, 2025 with average rates of 2.18% and 2.68%, respectively.

The Company had an average balance of $915.0 million in FHLB borrowings outstanding for the second quarter of 2026, with an average interest rate of 3.77%, compared to $847.2 million for the first quarter of 2026, with an average interest rate of 4.03%, and $724.2 million for the second quarter of 2025, with an average interest rate of 4.32%.

The Company had an average balance of $881.3 million in FHLB borrowings outstanding for the six months ended June 30, 2026, with an average interest rate of 3.90%, compared to $554.5 million for the six months ended June 30, 2025, with an average interest rate of 4.32%.

Long-term debt balances averaged $112.9 million in the second quarter of 2026, $112.8 million in the first quarter of 2026, and $107.2 million in the second quarter of 2025.

The average rate on long-term debt for the second quarter of 2026 was 6.38%, a decrease of four basis points compared to the first quarter of 2026 and a decrease of three basis points compared to the second quarter of 2025.

For the six months ended June 30, 2026, long-term debt averaged $112.8 million, compared to $107.1 million for the six months ended June 30, 2025.

The average rate on long-term debt for the six months ended June 30, 2026 was 6.40%, a decrease of two basis points compared to the six months ended June 30, 2025.

The following tables detail average balances, net interest income and margin results (on an FTE basis, a non-GAAP measure) for the periods presented:

Average Balances, Interest Income and Expenses, Yields and Rates 1

First Quarter Fourth Quarter First Quarter

Second Quarter First Quarter Second Quarter

Average Yield/ Average Yield/ Average Yield/

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Cash and due from banks 187,161 180,639 152,562

Bank premises and equipment, net 163,528 161,761 108,651

Premises and equipment, net 160,756 163,528 108,206

Intangible assets 1,214,829 1,225,602 796,431

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Securities sold under agreements to repurchase 344,612 1,889 2.20 348,582 1,853 2.16 185,977 1,214 2.62

348,582 1,853 2.16 395,271 2,280 2.29 201,271 1,357 2.73

FHLB borrowings 915,000 8,608 3.77 847,225 8,429 4.03 724,231 7,803 4.32

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Net interest income as a % of earning assets $ 182,150 3.83% $ 178,154 3.83% $ 127,295 3.58%

1 On a FTE basis, a non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP.

1 On an FTE basis, a non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP.

All yields and rates have been computed on an annual basis using amortized cost.

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2 Total interest expense as a percentage of total interest-bearing liabilities and noninterest demand deposits.

Average Balances, Interest Income and Expenses, Yields and Rates 1

Six Months Ended June 30, Six Months Ended June 30,

Average Yield/ Average Yield/

(In thousands, except ratios) Balance Interest Rate Balance Interest Rate

Earning assets:

Taxable $ 5,375,696 $ 115,630 4.34 % $ 3,219,772 $ 61,860 3.87 %

Nontaxable 331,844 9,427 5.73 5,378 82 3.07

Total Securities 5,707,540 125,057 4.42 3,225,150 61,942 3.87

Federal funds sold 302,391 5,362 3.58 224,159 4,986 4.49

Interest-bearing deposits with other banks and other investments 183,479 4,338 4.77 121,550 2,974 4.93

Total Loans, net 12,767,144 374,939 5.92 10,471,732 308,472 5.94

Total Earning Assets 18,960,554 509,696 5.42 % 14,042,591 378,374 5.43 %

ACL (178,604) (139,879)

Cash and due from banks 183,918 155,639

Premises and equipment, net 162,134 108,427

Intangible assets 1,220,186 799,045

BOLI 332,851 311,114

Other assets including DTAs 344,869 322,603

Total Assets $ 21,025,908 $ 15,599,540

Liabilities, Convertible Preferred Stock & Shareholders' Equity

Interest-bearing liabilities:

Interest-bearing demand $ 3,981,503 $ 22,637 1.15 % $ 2,664,275 $ 21,318 1.61 %

Savings 974,301 2,560 0.53 537,759 1,579 0.59

Money market 5,150,688 63,590 2.49 4,135,730 61,362 2.99

Time deposits 2,253,190 36,246 3.24 1,674,177 30,093 3.62

Securities sold under agreements to repurchase 346,586 3,742 2.18 193,581 2,571 2.68

FHLB borrowings 881,300 17,037 3.90 554,477 11,886 4.32

Long-term debt, net and other 112,843 3,580 6.40 107,123 3,412 6.42

Total Interest-Bearing Liabilities 13,700,411 149,392 2.20 % 9,867,122 132,221 2.70 %

Noninterest demand 4,064,066 3,347,939

Other liabilities 171,879 150,775

Total Liabilities 17,936,356 13,365,836

Convertible preferred stock 343,125 —

Shareholders' equity 2,746,427 2,233,704

Total Liabilities, Convertible Preferred Stock & Equity $ 21,025,908 $ 15,599,540

Cost of deposits 1.54 % 1.87 %

Cost of funds 2

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%

1 On an FTE basis, a non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP.

All yields and rates have been computed on an annual basis using amortized cost.

Fees on loans have been included in interest on loans.

Nonaccrual loans are included in loan balances.

2 Total interest expense as a percentage of total interest-bearing liabilities and noninterest demand deposits.

Noninterest Income

Results during the first quarter of 2026 included a $39.5 million loss from a strategic repositioning of a portion of the AFS securities portfolio.

Outside of this activity, noninterest income totaled $26.9 million, a decrease of $1.6 million, or 6% compared to the fourth quarter of 2025, and an increase of $4.9 million, or 22%, compared to the first quarter of 2025.

Noninterest (loss) income is detailed as follows:

First Fourth First

Noninterest income totaled $27.8 million for the second quarter of 2026, an increase of $40.4 million compared to the first quarter of 2026, and an increase of $3.3 million, or 13%, compared to the second quarter of 2025.

Noninterest income totaled $15.2 million for the six months ended June 30, 2026, a decrease of $31.5 million, or 68%, compared to the six months ended June 30, 2025.

A strategic repositioning of the securities portfolio resulted in a $39.5 million loss in the first quarter of 2026.

Noninterest income (loss) is detailed as follows:

Second First Second Six Months Ended June 30,

Quarter Quarter Quarter

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Total $ 27,778 $ (12,614) $ 24,521 $ 15,164 $ 46,701

Service charges on deposits totaled $6.9 million in the first quarter of 2026, an increase of $0.4 million, or 7%, compared to the fourth quarter of 2025, resulting from growth in customer relationships.

The increase of $1.7 million, or 33%, compared to the first quarter of 2025 is primarily attributable to bank acquisitions in 2025 and growth in customer relationships.

Wealth management income, including trust fees and brokerage commissions and fees, totaled $5.8 million in the first quarter of 2026, an increase of $0.2 million, or 4%, compared to the fourth quarter of 2025, and an increase of $1.5 million, or 36%, compared to the first quarter of 2025.

Assets under management have grown by $695.6 million, or 33%, year-over-year to $2.8 billion as of March 31, 2026.

The wealth management division has continued to deliver significant growth, adding $125 million in new organic assets under management in the first quarter of 2026, partially offset by financial market volatility.

Mortgage banking income totaled $2.2 million in the first quarter of 2026, a decrease of $0.9 million, or 30%, compared to the fourth quarter of 2025, largely the result of volatility associated with the value of MSRs acquired from VBI, which contributed $0.6 million to the decrease, and an increase of $1.8 million compared to the first quarter of 2025, benefiting from the introduction of activity from VBI.

Underlying mortgage volumes and pipelines remain strong.

Interchange income totaled $2.1 million in the first quarter of 2026, a decrease of $0.4 million, or 17%, compared to the fourth quarter of 2025, and an increase of $0.3 million, or 14%, compared to the first quarter of 2025.

Insurance agency income totaled $1.8 million in the first quarter of 2026, an increase of $0.6 million, or 50%, compared to the fourth quarter of 2025, and an increase of $0.2 million, or 10%, compared to the first quarter of 2025.

The increase from the fourth quarter of 2025 reflects typical seasonal contingency payments collected annually.

BOLI income totaled $2.6 million for the first quarter of 2026, a decrease of $0.1 million, or 3%, compared to the fourth quarter of 2025, and an increase of $0.1 million, or 6%, compared to the first quarter of 2025.

Other income totaled $5.6 million in the first quarter of 2026, a decrease of $1.5 million, or 21%, compared to the fourth quarter of 2025, and a decrease of $0.7 million, or 11%, compared to the first quarter of 2025, primarily reflecting lower gains on SBIC investments.

Net securities activity resulted in losses of $39.5 million during the first quarter of 2026, gains of $0.1 million in the fourth quarter of 2025, and gains of $0.2 million in the first quarter of 2025.

Service charges on deposits were $7.0 million in the second quarter of 2026, compared to $6.9 million in the first quarter of 2026, and $5.5 million in the second quarter of 2025.

For the six months ended June 30, 2026, service charges on deposits totaled $14.0 million, an increase of $3.2 million, or 30%, compared to the six months ended June 30, 2025.

Year-over-year growth is primarily attributable to bank acquisitions in 2025 and growth in customer relationships.

Wealth management income, including trust fees and brokerage commissions and fees, was $6.0 million in the second quarter of 2026, an increase of $0.2 million, or 3%, from the first quarter of 2026 and an increase of $1.8 million, or 42%, compared to the second quarter of 2025.

For the six months ended June 30, 2026, wealth management income totaled $11.7 million, an increase of $3.3 million, or 39%, compared to the six months ended June 30, 2025.

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, with assets under management increasing $408.0 million, or 15%, from December 31, 2025, to $3.2 billion at June 30, 2026.

Mortgage banking income totaled $2.7 million, an increase of $0.6 million, or 27%, compared to the first quarter of 2026 and an increase of $2.1 million, or 301%, compared to the second quarter of 2025, with higher saleable production including from the addition of mortgage originations in The Villages communities.

Interchange income totaled $2.1 million, an increase of 1% compared to the first quarter of 2026 and an increase of 10% compared to the second quarter of 2025.

For the six months ended June 30, 2026, interchange income totaled $4.2 million, an increase of $0.5 million, or 12%, compared to the six months ended June 30, 2025.

Insurance agency income totaled $1.3 million, a decrease of $0.5 million, or 25%, compared to the first quarter of 2026, and an increase of 4% compared to the second quarter of 2025.

The first quarter of 2026 included typical seasonal contingency payments, which are collected annually.

For the six months ended June 30, 2026, insurance agency income totaled $3.1 million, an increase of $0.2 million, or 7%, compared to the six months ended June 30, 2025.

BOLI income remained flat at $2.6 million for the second quarter of 2026 compared to the first quarter of 2026, and decreased $0.8 million, or 23%, compared to the second quarter of 2025.

For the six months ended June 30, 2026, BOLI income totaled $5.2 million, a decrease of $0.6 million, or 11%, compared to the six months ended June 30, 2025.

The second quarter of 2025 included a $0.9 million death benefit payout.

Other income was $6.0 million in the second quarter of 2026, an increase of $0.5 million, or 8%, compared to the first quarter of 2026, and a decrease of $1.5 million, or 19%, compared to the second quarter of 2025.

For the six months ended June 30, 2026, other income totaled $11.6 million, a decrease of $2.1 million, or 15%, compared to the six months ended June 30, 2025.

The second quarter of 2026 included higher fees on customer swap activity, partially offset by lower SBIC income compared to the first quarter of 2026.

In the second quarter of 2025, the Company recognized $3.0 million in tax refunds related to a prior bank acquisition.

Net securities activity resulted in losses of $0.1 million during the second quarter of 2026, losses of $39.5 million in the first quarter of 2026 , and gains of $39 thousand in the second quarter of 2025.

Net securities activity resulted in losses of $39.6 million and gains of $0.2 million, respectively, for the six months ended June 30, 2026 and 2025.

The first quarter of 2026 included the strategic repositioning of a portion of the AFS securities portfolio.

Noninterest Expenses

Noninterest expense for the first quarter of 2026 totaled $122.2 million, a decrease of $8.4 million, or 6%, compared to the fourth quarter of 2025, and an increase of $31.6 million, or 35%, from the first quarter of 2025.

Noninterest expense for the second quarter of 2026 totaled $123.1 million, an increase of $0.9 million, or 1%, compared to the first quarter of 2026, and an increase of $31.4 million, or 34%, from the second quarter of 2025.

For the six months ended June 30, 2026, noninterest expense totaled $245.3 million, an increase of $63.0 million, or 35%, compared to the six months ended June 30, 2025.

Seacoast continues to prudently manage expenses while strategically investing to support continued growth.

Year-over-year increases reflect continued expansion of the footprint and growth in customers, including through bank acquisitions.

Noninterest expenses are detailed as follows:

First Fourth First

Second First Second Six Months Ended June 30,

Quarter Quarter Quarter

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Amortization of intangibles 9,960 10,098 5,131 20,058 10,440

OREO expense and net loss (gain) on sale 63 (29) 241

OREO expense and net loss on sale 85 63 8 148 249

Provision for credit losses on unfunded commitments 150 150 150 300 300

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Total $ 123,110 $ 122,171 $ 91,730 $ 245,281 $ 182,327

Salaries and employee benefits totaled $62.6 million, an increase of $0.2 million, from the fourth quarter of 2025, and an increase of $11.5 million, or 23%, from the first quarter of 2025.

The increase from the first quarter of 2025 reflects continued expansion of the footprint, including through bank acquisitions.

Salaries and employee benefits totaled $63.1 million, an increase of $0.5 million, or 1%, from the first quarter of 2026, and an increase of $10.6 million, or 20%, from the second quarter of 2025.

For the six months ended June 30, 2026, salaries and employee benefits totaled $125.8 million, an increase of $22.1 million, or 21%, compared to the six months ended June 30, 2025.

The Company utilizes third parties for its core data processing systems.

Ongoing data processing costs are directly related to the number of transactions processed and the negotiated rates associated with those transactions.

Outsourced data processing costs totaled $12.0 million, an increase of $0.7 million, or 7%, from the fourth quarter of 2025, and an increase of $3.5 million, or 41%, from the first quarter of 2025.

The increases reflect higher transaction volume and growth in customers, including from bank acquisitions.

Total occupancy and furniture and equipment expenses were $12.1 million in the first quarter of 2026, a decrease of $0.2 million, or 2%, from the fourth quarter of 2025, and an increase of $2.6 million, or 27%, from the first quarter of 2025.

The year-over-year increase is primarily the result of growth in the Company’s footprint, including through bank acquisitions.

Marketing expenses totaled $3.5 million in the first quarter of 2026, an increase of $0.3 million, or 10%, from the fourth quarter of 2025, and an increase of $0.7 million, or 26%, from the first quarter of 2025.

Changes between periods are primarily associated with the timing of various campaigns to support customer growth initiatives.

Legal and professional fees for the first quarter of 2026 were $3.2 million, an increase of $1.1 million, or 51%, compared to the fourth quarter of 2025, and an increase of $0.4 million, or 16%, compared to the first quarter of 2025.

The increases are largely associated with the timing of various projects.

Amortization of intangibles totaled $10.1 million, a decrease of $0.3 million, or 3%, from the fourth quarter of 2025, and an increase of $4.8 million, or 90%, from the first quarter of 2025.

The increase from the first quarter of 2025 reflects the addition of CDI assets from bank acquisitions in 2025.

Merger and integration costs were $8.5 million in the first quarter of 2026, $18.1 million in the fourth quarter of 2025, and $1.1 million in the first quarter of 2025.

Outsourced data processing costs totaled $12.2 million, an increase of $0.2 million, or 2%, from the first quarter of 2026, and an increase of $3.7 million, or 44%, from the second quarter of 2025.

For the six months ended June 30, 2026, outsourced data processing costs totaled $24.2 million, an increase of $7.2 million, or 42%, compared to the six months ended June 30, 2025.

Total occupancy and furniture and equipment expenses were $12.4 million, an increase of $0.3 million, or 3%, from the first quarter of 2026, and an increase of $2.8 million, or 29%, from the second quarter of 2025.

For the six months ended June 30, 2026, occupancy and furniture and equipment expenses totaled $24.5 million, an increase of $5.4 million, or 28%, compared to the six months ended June 30, 2025.

Marketing expenses totaled $3.5 million, an increase of $0.1 million, or 2%, from the first quarter of 2026, and an increase of $0.6 million, or 19%, from the second quarter of 2025.

For the six months ended June 30, 2026, marketing expenses totaled $7.0 million, an increase of $1.3 million, or 23%, compared to the six months ended June 30, 2025.

Legal and professional fees for the second quarter of 2026 were $2.5 million, a decrease of $0.7 million, or 22%, compared to the first quarter of 2026, and an increase of $0.4 million, or 20%, compared to the second quarter of 2025.

For the six months ended June 30, 2026, legal and professional fees totaled $5.7 million, an increase of $0.8 million, or 17%, compared to the six months ended June 30, 2025.

The changes are largely associated with the timing of various projects.

Merger and integration costs were $8.4 million in the second quarter of 2026, $8.5 million in the first quarter of 2026, and $2.4 million in the second quarter of 2025.

For the six months ended June 30, 2026, merger and integration costs totaled $16.9 million compared to $3.5 million for the six months ended June 30, 2025.

Provision for Credit Losses

The provision for credit losses was $0.8 million for the first quarter of 2026, compared to $29.3 million for the fourth quarter of 2025, and $9.3 million for the first quarter of 2025.

In the fourth quarter of 2025, the acquisition of VBI resulted in an initial loan loss provision of $22.7 million.

Allowance coverage of 1.39% at March 31, 2026 is lower by three basis points compared to December 31, 2025.

For the first quarter of 2026, the Company recorded provision for income taxes of $9.0 million, a decrease of $0.2 million, or 2%, compared to the fourth quarter of 2025, and a decrease of $0.4 million, or 4%, compared to the first quarter of 2025.

The effective tax rate for the first quarter of 2026 was 22.1%, compared to 21.2% in the fourth quarter of 2025 and 23.0% in the first quarter of 2025.

The provision for credit losses was $9.0 million in the second quarter of 2026, reflecting record loan growth and low, stable charge-offs.

The provision for credit losses was $0.8 million in the first quarter of 2026, and $4.4 million in the second quarter of 2025.

For the six months ended June 30, 2026, the provision for credit losses was $9.8 million, compared to $13.6 million for the six months ended June 30, 2025.

For the second quarter of 2026, the Company recorded tax expense of $16.5 million, an increase of $7.5 million, or 83%, compared to the first quarter of 2026 and an increase of $3.9 million, or 31%, compared to the second quarter of 2025.

The effective tax rate for the second quarter of 2026 was 21.7%, compared to 22.1% in the first quarter of 2026 and 22.8% in the second quarter of 2025.

For the six months ended June 30, 2026, tax expense totaled $25.6 million, an increase of $3.6 million, or 16%, compared to the six months ended June 30, 2025, with an effective tax rate of 21.8% for the six months ended June 30, 2026, compared to 22.9% for the six months ended June 30, 2025.

Explanation of Certain Unaudited Non-GAAP Financial Measures

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Reconciliation of Non-GAAP Measures

First Fourth First

Second First Second Six Months Ended June 30,

Quarter Quarter Quarter

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Net income $ 59,535 $ 31,895 $ 42,687 $ 91,430 $ 74,151

Total noninterest (loss) income (12,614) 28,631 22,180

Total noninterest income (loss) 27,778 (12,614) 24,521 15,164 46,701

Securities losses (gains), net 59 39,528 (39) 39,587 (235)

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Provision for credit losses on unfunded commitments (150) (150) (150) (300) (300)

OREO expense and net (loss) gain on sale (63) 29 (241)

OREO expense and net loss on sale (85) (63) (8) (148) (249)

Amortization of intangibles (9,960) (10,098) (5,131) (20,058) (10,440)

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Impact of FTE adjustment 1,755 1,684 431 3,439 772

Adjusted net revenue on a FTE basis $ 205,068 $ 204,791 $ 140,841

Adjusted net revenue on an FTE basis $ 209,987 $ 205,068 $ 151,777 $ 415,055 $ 292,619

Adjusted efficiency ratio 54.54 % 55.31 % 58.74 % 54.92 % 60.93 %

First Fourth First

Second First Second Six Months Ended June 30,

Quarter Quarter Quarter

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Net interest income including FTE adjustment 182,150 178,154 127,295 360,304 246,153

Total noninterest (loss) income (12,614) 28,631 22,180

Total noninterest income (loss) 27,778 (12,614) 24,521 15,164 46,701

Total noninterest expense less provision for credit losses on unfunded commitments 122,960 122,021 91,580 244,981 182,027

Pre-tax pre-provision earnings 86,968 43,519 60,236 130,487 110,827

Total adjustments to noninterest (loss) income 39,528 (84) (196)

Total adjustments to noninterest expense including OREO expense and net (loss) gain on sale 8,599 18,113 1,292

Total adjustments to noninterest income (loss) 59 39,528 (39) 39,587 (235)

Total adjustments to noninterest expense including OREO expense and net loss on sale 8,443 8,599 2,430 17,042 3,722

Adjusted pre-tax pre-provision earnings $ 95,470 $ 91,646 $ 62,627 $ 187,116 $ 114,314

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$ 173,249 $ 166,060 $ 116,712 $ 339,309 $ 227,349

First Fourth First

Second First Second Six Months Ended June 30,

Quarter Quarter Quarter

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Net interest income excluding FTE adjustments $ 180,395 $ 176,470 $ 126,864 $ 356,865 $ 245,381

1 On a FTE basis.

1 On an FTE basis.

All yields and rates have been computed using amortized cost.

Financial Condition

Total assets as of March 31, 2026 were $21.1 billion, an increase of $302.8 million, or 1%, from December 31, 2025.

Total assets as of June 30, 2026 were $21.4 billion, an increase of $0.5 billion, or 2%, from December 31, 2025.

Information related to yields, maturities, carrying values, and fair value of the Company’s securities is set forth in “Note 3 – Securities” in this report.

At March 31, 2026, the Company had $5.1 billion in AFS securities and $576.2 million in HTM securities.

At June 30, 2026, the Company had $5.2 billion in AFS securities and $564.1 million in HTM securities.

The Company’s total debt securities portfolio decreased $12.1 million from December 31, 2025.

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Debt securities generally return principal and interest monthly.

The modified duration of the AFS securities portfolio and the total portfolio was 5.1 and 5.3, respectively, at March 31, 2026 compared to 5.1 and 5.2, respectively, at December 31, 2025.

At March 31, 2026, AFS securities had gross unrealized losses of $131.1 million and gross unrealized gains of $26.9 million, compared to gross unrealized losses of $150.4 million and gross unrealized gains of $48.7 million at December 31, 2025.

The modified duration of the AFS securities portfolio and the total portfolio was 5.2 and 5.3, respectively, at June 30, 2026, compared to 5.1 and 5.2, respectively, at December 31, 2025.

At June 30, 2026, AFS securities had gross unrealized losses of $136.1 million and gross unrealized gains of $24.4 million, compared to gross unrealized losses of $150.4 million and gross unrealized gains of $48.7 million at December 31, 2025.

The credit quality of the Company’s securities holdings is primarily investment grade.

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government agencies, and obligations of U.S.

government-sponsored entities totaled $4.6 billion, or 81%, of the total portfolio.

government sponsored entities totaled $4.7 billion, or 81%, of the total portfolio at June 30, 2026.

The portfolio includes $85.3 million, with a fair value of $80.5 million, in private label residential mortgage-backed securities and collateralized mortgage obligations with weighted-average credit support of 22%.

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CLOs are special purpose vehicles that purchase first lien broadly syndicated corporate loans while providing support to senior tranche investors.

As of March 31, 2026, all of the Company’s CLOs were in AAA/AA tranches with weighted-average credit support of 31%.

As of June 30, 2026, all of the Company’s CLOs were in AAA/AA tranches with weighted-average credit support of 31%.

The Company utilizes credit models with assumptions of loan level defaults, recoveries, and prepayments to evaluate each security for potential credit losses.

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The Company has significant liquidity and available borrowing capacity through other sources if needed and has the intent and ability to hold these investments to maturity.

At March 31, 2026, the Company has determined that all debt securities in an unrealized loss position are the result of both broad investment type spreads and the current interest rate environment.

At June 30, 2026, the Company has determined that all debt securities in an unrealized loss position are the result of both broad investment type spreads and the current interest rate environment.

Management believes that each investment will recover any price depreciation over its holding period as the debt securities move to maturity, and management has the intent and ability to hold these investments to maturity if necessary.

Therefore, at March 31, 2026, no allowance has been recorded.

Therefore, at June 30, 2026, no allowance has been recorded.

Loan Portfolio

Loans, net of unearned income and excluding the ACL, were $12.6 billion at March 31, 2026, an increase of $13.4 million from December 31, 2025.

Loans, net of unearned income and excluding the ACL, were $13.1 billion at June 30, 2026, an increase of $517.5 million, or 4.1%, from December 31, 2025.

The Company remains committed to sound risk management practices.

Portfolio diversification in terms of asset mix, industry, and loan type has been and continues to be an important element of the Company’s lending strategy.

The average loan size is $439 thousand, and the average commercial loan size is $951 thousand at March 31, 2026, reflecting the Company’s longtime focus on granularity and on creating valuable customer relationships.

The average loan size is $459 thousand, and the average commercial loan size is $1.0 million at June 30, 2026, reflecting the Company’s longtime focus on granularity and on creating valuable customer relationships.

Lending policies contain guardrails that pertain to lending by type of collateral and purpose, along with limits regarding loan concentrations and the principal amount of loans.

The Company’s exposure to CRE lending remains well below regulatory limits (see “Loan Concentrations”).

The following tables detail loan portfolio composition at March 31, 2026 and December 31, 2025 for portfolio loans, PCD loans and loans purchased which are not considered credit deteriorated (“Non-PCD”) as defined in “Note 4 - Loans.”

March 31, 2026

The following tables detail loan portfolio composition at June 30, 2026 and December 31, 2025 for portfolio loans, PCD loans, and loans purchased which are not considered credit deteriorated (“Non-PCD”) as defined in “Note 4 - Loans”.

June 30, 2026

(In thousands) Portfolio Loans Acquired Non-PCD Loans PCD Loans Total % to Total Loans

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Totals $ 9,067,802 $ 3,327,082 $ 233,100 $ 12,627,984 100 %

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.

Construction and land development loans increased $21.4 million, or 3%, totaling $745.4 million at March 31, 2026, compared to December 31, 2025.

These loans, extended to both commercial and consumer customers, are collateralized by and for the purpose of funding land development and construction projects.

The amortized cost basis of loans included net deferred costs of $45.2 million at June 30, 2026 and $46.3 million at December 31, 2025.

At June 30, 2026, the remaining fair value adjustments on acquired loans were $129.2 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 net discount is accreted into interest income over the remaining lives of the related loans on a level yield basis.

Construction and land development loans increased $132.8 million, or 18%, totaling $856.7 million at June 30, 2026, compared to December 31, 2025.

These loans, extended to both commercial and consumer customers, are collateralized by and for the

purpose of funding land development and construction projects.

Repayment is from the proceeds of the sale, refinancing, or permanent financing of the property.

CRE owner occupied loans totaled $2.0 billion at March 31, 2026, a decrease of $21.7 million, or 1% compared to December 31, 2025.

CRE owner occupied loans totaled $2.1 billion at June 30, 2026, an increase of $78.2 million, or 4% compared to December 31, 2025.

CRE owner occupied loans are extended to commercial customers for the purpose of acquiring or refinancing real estate to be occupied by the borrower's business.

These loans are collateralized by the subject property and the repayment of these loans is largely dependent on the performance of the company occupying the property.

CRE non-owner occupied loans decreased $77.0 million, or 2%, totaling $4.2 billion at March 31, 2026 compared to $4.3 billion at December 31, 2025.

CRE non-owner occupied loans decreased $17.4 million, totaling $4.2 billion at June 30, 2026, compared to $4.3 billion at December 31, 2025.

Non-owner occupied CRE loans are collateralized by properties where the source of repayment is typically from the sale or lease of the property.

Within the non-owner occupied CRE portfolio, the largest segment is retail properties, which totaled approximately $1.4 billion at March 31, 2026, with an average loan size of $2.6 million.

Within the non-owner occupied CRE portfolio, the largest segment is retail properties, which totaled approximately $1.4 billion at June 30, 2026, with an average loan size of $2.7 million.

This segment targets grocery or credit tenant-anchored shopping plazas, single credit tenant retail buildings, smaller outparcels, and other small retail units.

The second-largest segment in the non-owner occupied CRE portfolio is industrial or warehouse properties, which totaled $867.0 million at March 31, 2026 with an average loan size of $3.2 million, reflecting continued demand for logistics, distribution, and manufacturing space.

Non-owner occupied CRE loans collateralized by office properties totaled $549.9 million at March 31, 2026, with an average loan size of $1.7 million.

The second-largest segment in the non-owner occupied CRE portfolio is industrial or warehouse properties, which totaled $903.4 million at June 30, 2026, with an average loan size of $3.3 million, reflecting continued demand for logistics, distribution, and manufacturing space.

Non-owner occupied CRE portfolio collateralized by office properties totaled $559.9 million at June 30, 2026, with an average loan size of $1.7 million.

This segment targets low to mid-rise suburban offices and is broadly diversified across many types of professional services, with limited exposure to central business districts.

Other non-owner occupied CRE loans include $490.3 million collateralized by multi-family residential properties, $232.8 million collateralized by hotels or motels, and $657.4 million collateralized by other property types, including restaurants, schools and recreation centers.

Residential real estate loans increased $63.7 million, or 2%, to $3.2 billion during the three months ended March 31, 2026.

Included in the balance as of March 31, 2026 were $1.4 billion of fixed rate mortgages, $1.1 billion of ARMs and $732.2 million in home equity loans and HELOCs, compared to $1.3 billion, $1.1 billion and $743.2 million, respectively, at December 31, 2025.

Residential real estate loans increased $159.4 million, or 5%, to $3.3 billion during the six months ended June 30, 2026.

Included in the balance as of June 30, 2026, were $1.4 billion of fixed rate mortgages, $1.1 billion of ARMs, and $753.4 million in home equity loans and HELOCs, compared to $1.3 billion, $1.1 billion, and $743.2 million, respectively, at December 31, 2025.

Substantially all residential mortgage originations have been underwritten to conventional loan agency standards, including loan balances that exceed agency value limitations.

The average LTV of our HELOC portfolio is 58%, with 34% of the loans being in first lien position at March 31, 2026, compared to an average LTV of 58%, with 35% of the portfolio being in the first lien position at December 31, 2025.

Commercial and financial loans increased $32.1 million, or 1%, from December 31, 2025, totaling $2.4 billion at March 31, 2026.

The average LTV of our HELOC portfolio is 58%, with 35% of the loans being in first lien position at June 30, 2026, unchanged from December 31, 2025.

Commercial and financial loans increased $156.3 million, or 7%, from December 31, 2025, totaling $2.5 billion at June 30, 2026.

The purpose of these loans may be to provide working capital, asset acquisition or for other business purposes, and are generally supported by projected cash flows of the business, collateralized by business assets, and/or guaranteed by the business owners.

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This talent is onboarding significant new relationships, resulting in increased loan production.

The Company also provides consumer loans, which include installment loans, auto loans, marine loans, and other consumer loans, which decreased $5.0 million, or 3%, to total $180.6 million at March 31, 2026, compared to $185.6 million at December 31, 2025.

The Company also provides consumer loans, which include installment loans, auto loans, marine loans, and other consumer loans, which increased $8.1 million, or 4%, to total $193.7 million at June 30, 2026, compared to $185.6 million at December 31, 2025.

Loan Concentrations

The Company has developed guardrails to manage loan types that are most impacted by stressed market conditions to minimize credit risk concentration to capital.

Outstanding balances for commercial and CRE loan relationships greater than $10 million totaled $3.7 billion, representing 30% of the total portfolio at March 31, 2026, compared to $3.5 billion, or 28%, at December 31, 2025.

The Company’s ten largest commercial and CRE funded and unfunded relationships at March 31, 2026 aggregated to $613.2 million, of which $518.7 million was funded, compared to $607.4 million at December 31, 2025, of which $518.4 million was funded.

Outstanding balances for commercial and CRE loan relationships greater than $10 million totaled $4.1 billion, representing 31% of the total portfolio at June 30, 2026, compared to $3.5 billion, or 28%, at December 31, 2025.

The Company’s ten largest commercial and CRE funded and unfunded relationships at June 30, 2026 aggregated to $617.3 million, of which $528.7 million was funded, compared to $607.4 million at December 31, 2025, of which $518.4 million was funded.

Concentrations in construction and land development loans and CRE loans are maintained well below regulatory guidelines.

Construction and land development and CRE loan concentrations as a percentage of subsidiary bank total risk-based capital were 35% and 224%, respectively, at March 31, 2026, compared to 34% and 227%, respectively, at December 31, 2025.

Construction and land development and CRE loan concentrations as a percentage of subsidiary bank total risk-based capital were 40% and 230%, respectively, at June 30, 2026, compared to 34% and 227%, respectively, at December 31, 2025.

Regulatory guidance suggests limits of 100% and 300%, respectively.

On a consolidated basis, construction and land development and CRE loans represent 33% and 211%, respectively, of total consolidated risk-based capital as of March 31, 2026 compared to 32% and 216%, respectively, at December 31, 2025.

and construction, including 1-4 family residential construction, multi-family property, and non-farm nonresidential property where the primary or a significant source of repayment is derived from rental income associated with the property (i.e., loans for which 50 percent or more of the source of repayment comes from third-party, non-affiliated, rental income) or the proceeds of the sale, refinancing, or permanent financing of the property.

On a consolidated basis, construction and land development and CRE loans represent 37% and 216%, respectively, of total consolidated risk-based capital as of June 30, 2026, compared to 32% and 216%, respectively, at December 31, 2025.

To determine these ratios, the Company defines CRE in accordance with the guidance on “Concentrations in Commercial Real Estate Lending” (the “Guidance”) issued by the federal bank regulatory agencies in 2006 (and reinforced in 2015), which defines CRE loans as exposures secured by land development and construction, including 1-4 family residential construction, multi-family property, and non-farm nonresidential property where the primary or a significant source of repayment is derived from rental income associated with the property (i.e., loans for which 50 percent or more of the source of repayment comes from third party, non-affiliated, rental income) or the proceeds

of the sale, refinancing, or permanent financing of the property.

Loans to REITs and unsecured loans to developers that closely correlate to the inherent risks in CRE markets would also be considered CRE loans under the Guidance.

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Nonperforming Loans, TBMs, OREO and Credit Quality

NPAs at March 31, 2026 totaled $99.3 million, and were comprised of $95.0 million of nonaccrual loans, and $4.3 million of OREO.

NPAs at June 30, 2026 totaled $90.0 million, and were comprised of $86.5 million of nonaccrual loans and $3.5 million of OREO.

Overall, NPAs increased $13.8 million, or 18%, from $76.3 million as of December 31, 2025.

NPAs to total assets at March 31, 2026 increased to 0.47% from 0.37% at December 31, 2025.

Compared to December 31, 2025, nonaccrual loans increased $23.0 million, or 32%.

Approximately 81% of nonaccrual loans were secured with real estate at March 31, 2026.

Nonperforming loans to total loans outstanding at March 31, 2026 increased to 0.75% from 0.57% at December 31, 2025.

NPAs to total assets at June 30, 2026 increased to 0.42% from 0.37% at December 31, 2025.

Compared to December 31, 2025, nonaccrual loans increased $14.5 million to $86.5 million, and remain low as a percentage of total loans, at 0.66% at June 30, 2026.

Approximately 83% of nonaccrual loans at June 30, 2026 were secured with real estate.

A significant portion of nonaccrual loans have collateral values well in excess of balances outstanding, and therefore, no loss is expected.

The tables below set forth details related to nonaccrual loans.

March 31, 2026

June 30, 2026

(In thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With an Allowance Total Nonaccrual Loans

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In certain circumstances, the Company provides modifications of loans to borrowers experiencing financial difficulty, which the Company refers to as TBMs.

Loans that were modified as TBMs during the three months ended March 31, 2026 are described in “Note 4 - Loans”.

Loans that were modified as TBMs during the three and six months ended June 30, 2026 are described in “Note 4 - Loans”.

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.

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Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments.

The Company recorded provision expense of $0.8 million for the three months ended March 31, 2026, compared to $9.3 million for the three months ended March 31, 2025.

The Company recorded net charge-offs of $3.3 million in the three months ended March 31, 2026, compared to $7.0 million for the three months ended March 31, 2025.

The ratio of ACL to total loans was 1.39% at March 31, 2026, 1.42% at December 31, 2025, and 1.34% at March 31, 2025.

The Company recorded provision expense of $9.0 million and $9.8 million, respectively, for the three and six months ended June 30, 2026, compared to $4.4 million and $13.6 million, respectively, for the three and six months ended June 30, 2025.

The Company recorded net charge-offs of $3.2 million and $6.5 million, respectively, in the three and six months ended June 30, 2026, compared to $2.5 million and $9.5 million, respectively, for the three and six months ended June 30, 2025.

The ratio of ACL to total loans was 1.38% at June 30, 2026, 1.42% at December 31, 2025, and 1.34% at June 30, 2025.

Cash and Cash Equivalents and Liquidity Risk Management

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Cash flows from operations are a significant component of liquidity risk management and the Company considers both deposit maturities and the scheduled cash flows from loan and investment maturities and payments when managing risk.

Cash and cash equivalents, including interest-bearing deposits, totaled $808.4 million at March 31, 2026, compared to $388.5 million at December 31, 2025.

The increase was driven by higher loan payoffs and increased customer deposit balances late in the quarter.

Cash and cash equivalents, including interest-bearing deposits, totaled $429.9 million at June 30, 2026, compared to $388.5 million at December 31, 2025.

Deposits are a primary source of liquidity.

The stability of this funding source is affected by numerous factors, including returns available to customers on alternative investments, the quality of customer service levels, perception of safety and competitive forces.

Uninsured deposits represented approximately 37% of total deposits at both March 31, 2026 and December 31, 2025.

Uninsured deposits represented approximately 36% of total deposits at June 30, 2026 compared to 37% at December 31, 2025.

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 at March 31, 2026.

Excluding such balances, the uninsured and uncollateralized deposits were 32% of total deposits at June 30, 2026.

The Company has liquidity sources as discussed below, including cash and lines of credit with the FRB and FHLB, that represent 158% of uninsured deposits, and 181% of uninsured and uncollateralized deposits.

In addition to $808.4 million in cash and cash equivalents at March 31, 2026, the Company had $9.1 billion in available borrowing capacity, including $5.1 billion in available collateralized lines of credit, $3.7 billion of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of $348.0 million.

In addition to $429.9 million in cash and cash equivalents at June 30, 2026, 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.

The Company may also access funding by acquiring brokered deposits.

Brokered deposits at March 31, 2026 totaled $209.3 million, compared to $120.9 million at December 31, 2025.

Brokered deposits at June 30, 2026 totaled $611.6 million, compared to $120.9 million at December 31, 2025.

Contractual maturities for assets and liabilities are reviewed to meet current and expected future liquidity requirements.

Sources of liquidity are maintained through a portfolio of high-quality marketable assets, such as residential mortgage loans, debt securities AFS, and interest-bearing deposits.

The Company is also able to provide short-term financing of its activities by

selling, under an agreement to repurchase, United States Treasury and Government agency debt securities not pledged to secure public deposits or trust funds.

The Company is also able to provide short-term financing of its activities by selling, under an agreement to repurchase, United States Treasury and Government agency debt securities not pledged to secure public deposits or trust funds.

The Company has traditionally relied upon dividends from Seacoast Bank and securities offerings to provide funds to pay the Company’s expenses and to service the Company’s debt.

During the first quarter of 2026, Seacoast Bank distributed $39.9 million to the Company.

At March 31, 2026, the Company had cash and cash equivalents at the parent of approximately $107.2 million, compared to $98.1 million at December 31, 2025.

During the second quarter of 2026, Seacoast Bank distributed $55.3 million to the Company.

At June 30, 2026, the Company had cash and cash equivalents at the parent of approximately $102.1 million, compared to $98.1 million at December 31, 2025.

Deposits and Borrowings

Customer relationship funding is detailed in the following table for the periods specified:

(In thousands) March 31, 2026 December 31, 2025

(In thousands) June 30, 2026 December 31, 2025

Noninterest demand $ 4,216,499 $ 3,897,985

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The Company benefits from a diverse and granular deposit base that serves as a significant source of strength.

Total deposits increased $381.6 million, or 9.5% annualized, to $16.6 billion at March 31, 2026, when compared to December 31, 2025.

Excluding brokered deposits, organic deposit growth was 7% annualized.

Seasonal first quarter strength is consistent with the prior year.

Customer repurchase agreements totaled $377.5 million at March 31, 2026, decreasing $11.5 million, or 3%, from December 31, 2025.

Total deposits increased $536.0 million, or 7% annualized, to $16.8 billion at June 30, 2026, when compared to December 31, 2025.

Excluding brokered deposits, organic year to date deposit growth was 1% annualized.

Customer repurchase agreements totaled $373.1 million at June 30, 2026, decreasing $15.9 million, or 4%, from December 31, 2025.

Repurchase agreements are offered by Seacoast to select customers who wish to sweep excess balances on a daily basis for investment purposes.

At both March 31, 2026 and December 31, 2025, long-term debt included $72.8 million related to trust preferred securities issued by trusts organized or acquired by the Company.

At March 31, 2026, the average interest rate in effect on our outstanding subordinated debt related to trust preferred securities was 5.67%, compared to 5.77% at December 31, 2025.

At June 30, 2026 and December 31, 2025, long-term debt included $72.9 million and $72.8 million, respectively, related to trust preferred securities issued by trusts organized or acquired by the Company.

At June 30, 2026, the average interest rate in effect on our outstanding subordinated debt related to trust preferred securities was 5.68%, compared to 5.77% at December 31, 2025.

All trust preferred securities are guaranteed by the Company on a junior subordinated basis.

Other long-term debt at March 31, 2026 totaled $40.0 million and included financing obligations associated with branch properties and subordinated debt acquired through a bank acquisition.

FHLB advances totaled $775.0 million at March 31, 2026 with a weighted-average interest rate of 3.72%, compared to advances outstanding of $835.0 million at December 31, 2025 with a weighted-average interest rate of 3.82%.

Other long-term debt at June 30, 2026 totaled $40.0 million and included financing obligations associated with branch properties and subordinated debt acquired through a bank acquisition.

FHLB advances totaled $835.0 million at June 30, 2026 with a weighted-average interest rate of 3.80%, compared to advances outstanding of $835.0 million at December 31, 2025 with a weighted-average interest rate of 3.82%.

FHLB advances provide a flexible and collateralized source of wholesale funding.

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These instruments are not recorded on the balance sheet until funds are advanced under the commitment.

Unfunded commitments to extend credit were $3.5 billion at both March 31, 2026 and December 31, 2025.

Unfunded commitments to extend credit were $3.5 billion at both June 30, 2026 and December 31, 2025.

In the normal course of business, the Company and Seacoast Bank enter into agreements, or are subject to regulatory agreements that result in cash, debt and dividend restrictions.

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Seacoast Bank may be required to maintain reserve balances with the FRB.

There was no reserve requirement at March 31, 2026 or December 31, 2025.

There was no reserve requirement at June 30, 2026 or December 31, 2025.

Under FRB regulation, Seacoast Bank is limited as to the amount it may loan to its affiliates, including the Company, unless such loans are collateralized by specified obligations.

At March 31, 2026, the maximum amount available for transfer from Seacoast Bank to the Company in the form of loans approximated $277.5 million, if the Company has sufficient acceptable collateral.

There were no loans made to affiliates during the three months ended March 31, 2026.

At June 30, 2026, the maximum amount available for transfer from Seacoast Bank to the Company in the form of loans approximated $277.1 million, if the Company has sufficient acceptable collateral.

There were no loans made to affiliates during the six months ended June 30, 2026.

Capital Resources

The Company’s equity capital at March 31, 2026 increased $5.0 million from December 31, 2025 to $2.7 billion.

Changes in equity included an increase from net income, partially offset by the issuance of cash dividends on common and preferred stock and the repurchase of common stock.

The Company’s equity capital at June 30, 2026 increased $18.1 million, or 1%, from December 31, 2025 to $2.7 billion.

Changes in equity included increases from net income, partially offset by the issuance of cash dividends on common and preferred stock and the repurchase of common stock.

In conjunction with the acquisition of VBI on October 1, 2025, the Company issued non-voting convertible preferred stock, and each 1/1,000 th of a share of preferred stock is convertible into one share of Seacoast common stock, subject to certain restrictions.

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See "Note 11 – Business Combinations," for further detail.

The convertible preferred stock at March 31, 2026 totaled $343.1 million.

Activity in shareholders’ equity for the three months ended March 31, 2026 and 2025 follows:

Three months ended March 31,

(In thousands) 2026 2025

The convertible preferred stock at June 30, 2026 totaled $343.1 million.

Activity in shareholders’ equity for the six months ended June 30, 2026 and 2025 follows:

(In thousands) Six Months Ended June 30, 2026 Six Months Ended June 30, 2025

Balance at beginning of period $ 2,712,662 $ 2,183,243

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The capital measures are not necessarily comparable to similar capital measures that may be presented by other companies and Seacoast does not nor should investors consider such non-GAAP financial measures in isolation from, or as a substitute for GAAP financial information (see “Note 8 – Regulatory Capital”).

March 31, 2026 Seacoast

June 30, 2026 Seacoast

(Consolidated) Seacoast

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The Company and Seacoast Bank are subject to various general regulatory policies and requirements relating to the payment of dividends, including requirements to maintain adequate capital above regulatory minimums.

The appropriate federal bank regulatory authority may prohibit the payment of dividends where it has determined that the payment of dividends would be an unsafe or unsound practice.

The appropriate federal bank

regulatory authority may prohibit the payment of dividends where it has determined that the payment of dividends would be an unsafe or unsound practice.

The Company is a legal entity separate and distinct from Seacoast Bank and its other subsidiaries, and the Company’s primary source of cash and liquidity, other than securities offerings and borrowings, is dividends from its bank subsidiary.

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The proposals are intended to streamline capital requirements and better align regulatory capital with risk while maintaining the safety and soundness of the banking system.

Comments on all three proposals are due by June 18, 2026, and there is not yet a proposed timeline for issuance of a final rule or an implementation date.

The Company is evaluating the potential impact from these proposals and will continue to monitor its status.

The comment period for all three proposals ended on June 18, 2026.

The Company continues to evaluate the potential impact of the proposals and monitor regulatory developments, including any final rulemaking and implementation timelines.

Critical Accounting Policies and Estimates

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The analysis of the impact on net interest income is subjected to instantaneous changes in market rates and is monitored at least quarterly.

The following table presents the ALCO simulation model’s projected impact of a change in interest rates on the net interest income for the 12 and 24 month periods beginning April 1, 2026, holding all balances on the balance sheet static.

The following table presents the ALCO simulation model’s projected impact of a change in interest rates on the net interest income for the 12 and 24 month periods beginning July 1, 2026, holding all balances on the balance sheet static.

It is important to note that the results in the table below assume parallel shifts in the yield curve and do not take into account changes in the yield curve slope nor changes in balance sheet size or mix.

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Net Interest Income

March 31, 2026

June 30, 2026

Change in Interest Rates 1-12 months 13-24 months

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Mortgage origination and refinancing tends to slow as interest rates increase, and higher interest rates likely will reduce the Company’s earnings from such activities and the income from the sale of residential mortgage loans in the secondary market.

A decline in interest rates would generally have an opposite impact.

A decline in interest rates would generally have the opposite impact.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis