On the Road with SBCF - Strong Deposits and Faster Growth the Story

Research evidence excerpt

On the Road with SBCF - Strong Deposits and Faster Growth the Story

C O M PA N Y N O T E

J u n e 9 , 2 0 2 6

Seacoast Banking Corp. of Florida (SBCF) Neutral

CONCLUSION PRICE: US$30.17

Encouraging Loan Growth Trends Persist, and Low L/D Ratio to Fuel the Fire - Last TARGET: US$32.50

week we hosted SBCF management (Chairman/CEO Chuck Shaffer, CFO Tracey Dexter, Our PT is based on a ~13x P/E multiple on our

and Chief Strategy Officer/Treasurer Michael Young) for meetings with investors across the 2027E.

Mid-Atlantic, Midwest, and Southwest. We came away encouraged by the positive trends

at Seacoast and think the bank could be in the early innings of a multi-year balance sheet Stephen Scouten, CFA

Managing Director, Piper Sandler & Co.

remix path that could deliver outsized value. The combination of great markets, strong 404 442-2882, stephen.scouten@psc.com

capital, and HSD loan growth - all fueled by the low L/D ratio, low-cost deposit base - arms Jackson Andrew

SBCF with the potential for a differentiated path fwd. We maintain our Neutral rating and Research Analyst, Piper Sandler & Co.

$32.50 PT as we look to see further proof points around this higher-growth trajectory. 404 442-2859, jackson.andrew@psc.com

Ashley Aloupis

• Our Main Takeaways - Research Analyst, Piper Sandler & Co.

L/D Ratio Provides Liquidity to Fund Growth - SBCF likely has a multi- 212 466-7974, ashley.aloupis@psc.com ◦Low

year advantage in its ability to remix its balance sheet given the ~77.5% L/D ratio Changes Previous Current

today. This dynamic should allow SBCF to grow deposits slower than loans, while Rating — Neutral

remixing away from securities into higher-yielding loans. Price Tgt — US$32.50

Tailwind Remains - While most banks will see NIMs flat, and maybe down FY26E EPS — US$2.45 ◦NIM