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Acquisition of Villages Bancorporation, Inc. May 29, 2025 2025
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2 Cautionary Notice Regarding Forward-Looking Statements This presentationcontains “forward-looking statements”within the meaning, and protections,of Section 27A of the SecuritiesAct of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in Seacoast Banking Corporation of Florida’s (the “Company”) markets, and improvements to reported earnings that may be realized from cost controls, tax law changes, new initiativesand for integrationof banks that the Company has acquired, or expects to acquire, including HeartlandBancshares, Inc. (“Heartland”)and Villages Bancorporation, Inc. (“VBI”), as well as statementswith respect to the Company's objectives,strategic plans, expectationsand intentionsand other statementsthat are not historical facts. Actual results may differ from those set forth in the forward- lookingstatements. 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 the Company or Seacoast National Bank to be materially different from f u t u r e results, performance or achievements expressed or implied by such forward-looking statements. You should not expect the Company to update any forward-looking statements. 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: the impact of current or future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within the Company’s primary market areas, including the effects of inflationary pressures, changes in interest rates, slowdowns in economic growth, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing; potential impacts of adverse developments in the banking industry including those highlighted by high-profile bank failures, and resulting impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto (including increases in the cost of our deposit insurance assessments), the Company's ability to effectively manage its liquidity risk and any growth plans, and the availabilityof capital and funding; governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative,tax and regulatory changes including overdraft and late fee caps (if implemented), and including those that impact the money supply and inflation; the risks of changes in interest rates on the level and composition of deposits, loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities; interest rate risks, sensitivitiesand the shape of the yield curve; changes in accounting policies, rules and practices; changes in retail distribution strategies, customer preferences and behavior generally and as a result of economic factors, including heightened or persistent inflation; changes in the availability and cost of credit and capital in the financial markets; changes in the prices, values and sales volumes of residential and commercial real estate, especially as they relate to the value of collateral supporting the Company’s loans; the Company’s concentration in commercial real estate loans and in real estate collateral in Florida; the Company’s ability to comply with any regulatory requirementsand the risk that the regulatory environment may not be conducive to or may prohibit or delay the consummation of future mergers and/or business combinations, may increase the length of time and amount of resources required to consummate such transactions, and may reduce the anticipated benefit; inaccuracies or other failures from the use of models, including the failure of assumptionsand estimates,as well as differencesin, and changes to, economic, market and credit conditions; the impact on the valuationof the Company’sinvestmentsdue to marketvolatilityor counterpartypaymentrisk,as wellas the effectof a declinein stockmarketpriceson our fee income from our wealth managementbusiness; statutoryand regulatorydividend restrictions; increasesin regulatorycapital requirementsfor bankingorganizationsgenerally; the risks of mergers,acquisitionsand divestitures,includingthe Company’sability to continueto identify acquisitiontargets,successfully acquire and integratedesirable financial institutionsand realize expected revenues, revenue synergies and expense savings; changes in technology or products that may be more difficult, costly, or less effective than anticipated; the Company’s ability to identify and address increased cybersecurity risks, including those impacting vendors and other third parties which may be exacerbated by developments in generative artificial intelligence; fraud or misconduct by internal or external parties, which the Company may not be able to prevent, detect or mitigate; inability of the Company’s risk management framework to manage risks associated with the Company’s business; dependence on key suppliers or vendors to obtain equipment or services for the business on acceptable terms; reduction in or the termination of the Company’s ability to use the online- or mobile-based platform that is critical to the Company’s business growth strategy; the effects of war or other conflicts,acts of terrorism,naturaldisasters,includinghurricanesin the Company’s footprint, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions and/or increase costs, including, but not limited to, property and casualty and other insurance costs; the Company’s ability to maintain adequate internal controls over financial reporting; potentialclaims, damages, penalties, fines, costs and reputationaldamage resulting from pending or future litigation,regulatoryproceedingsand enforcementactions; the risks that deferredtax assets could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated, the results of tax audit findings, challengesto our tax positions,or adverse changes or interpretationsof tax laws; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions; the failure of assumptionsunderlying the establishmentof reserves for expected credit losses; a deteriorationof the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the federal budget and economic policy, including the impact of tariffs and trade policies; the risk that balance sheet, revenue growth, and loan growth expectationsmay differ from actual results; and other factors and risks described and in any of the Company'ssubsequentreportsfiled with the SEC and availableon its websiteat www.sec.gov. The risks relating to the proposed Heartland and VBI mergers include, without limitation,failure to obtain the approval of shareholders of Heartland and VBI in connection with the mergers; the timing to consummate the proposed mergers; the risk that a condition to the closing of the proposed mergers may not be satisfied; the risk that a regulatory approval that may be required for the proposed VBI merger is not obtained or is obtained subject to conditions that are not anticipated; the parties' ability to achieve the synergies and value creation contemplated by the proposed mergers; the parties' ability to promptly and effectively integrate the businesses of the Company, Heartland and VBI, including unexpected transaction costs, the costs of integrating operations, severance, professional fees and other expenses; the diversion of management time on issues related to the mergers; the failure to consummate or any delay in consummating either merger for other reasons; changes in laws or regulations; the risks of customer and employee loss and business disruption, including, without limitation,as the result of difficulties in maintaining relationshipswith employees; increased competitive pressuresand solicitationsof customersand employeesby competitors; the difficultiesand risks inherentwith enteringnew markets. All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in the Company’s annual report on Form 10-K for the year ended December 31, 2024 under “Special Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors”, and otherwise in the Company’s SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at www.sec.gov. ACQUISITION OF VILLAGES BANCORPORATION, INC.
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3 Important Information For Investors And Shareholders Seacoast will file with the SEC a registration statement on Form S-4 containing a proxy statement of VBI and a prospectus of Seacoast, and Seacoast will file other documents with respect to the proposed transaction. A definitive proxy statement/prospectus will be mailed to shareholders of VBI. Investors and shareholders of Seacoast and VBI are urged to read the entire proxy statement/prospectus and other documents that will be filed with the SEC carefully and in their entirety when they become available because they will contain important information. Seacoast has filed with the SEC a registration statement on Form S-4 containing a proxy statement of Heartland and a prospectus of Seacoast, and Seacoast will file other documents with respect to the proposed transaction. A definitive proxy statement/prospectus was mailed to shareholders of Heartland. Investors and shareholders of Seacoast and Heartland are urged to read the entire proxy statement/prospectus and other documents that will be filed with the SEC carefully and in their entirety when they become available because they will contain important information. Investors and shareholders will be able to obtain free copies of the registration statement and proxy statement/prospectus (when available) and other documents filed with the SEC by Seacoast through the website maintained by the SEC at https://www.sec.gov. Copies of the documents filed with the SEC by Seacoast will be available free of charge on Seacoast’s internet website or by contacting Seacoast. Heartland and VBI and each company’s respective directors and executive officers and other members of management and employees may be considered participants in the solicitation of proxies in connection with the proposed merger. Information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available. ACQUISITION OF VILLAGES BANCORPORATION, INC.
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Acquisition of Villages Bancorporation, Holding Company of Citizens First Bank Note: Deposit data as of June 30, 2024 Sources: S&P Capital IQ Pro. FDIC Transformative acquisition of Villages Bancorporation, Inc. (“VBI”), holding company of Citizens First Bank, established in 1991 by the developers of , a unique, affluent and growing 55+ residential community development in central Florida Adds $4.1 billion assets, $1.3 billion loans and $3.5 billion low-cost deposits and provides Seacoast with a long-term, scalable banking platform in that will benefit from the growth of the population and the development itself Scarcity value of acquiring the leading bank located within community with 53% market share VBI’s profitable but low-risk balance sheet and a transaction structure that utilizes Seacoast’s excess capital drive notable improvement in Seacoast’s performance metrics and ~24% earnings accretion, with limited execution risk Consistently strong earnings stream, averaging over 1.00% ROA over the past 5 years with a conservative and highly liquid balance sheet: 38% loan / deposit ratio and 1.40% cost of deposits provide runway for additional high margin growth Banking Subsidiary of Villages Bancorporation, Inc. ACQUISITION OF VILLAGES BANCORPORATION, INC. 4
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Seacoast Continues to Build its Story as the #1 Pure Play Florida Public Bank¹ 1. Deposit data as of June 30, 2024. Excludes Raymond James Financial, Inc. 2. For illustrative purposes, assumes transaction closes December 31, 2025, cost savings are 100% phased -in and excludes one-time transaction related costs 3. Deposit data as of June 30, 2024. Reflects deposits domiciled in Florida. Excludes Raymond James Financial, Inc. 4. As of March 31, 2025, excluding transaction-related adjustments Sources: S&P Capital IQ Pro. FDIC ACQUISITION OF VILLAGES BANCORPORATION, INC. Attractive Pro Forma Metrics Further Demonstrate Seacoast’s Commitment to Maximizing Shareholder Value Total Assets $21B Gross Loans $12B Total Deposits $17B 2026E EPS Accretion² ~24% TBV Per Share Earnback Period 2.8yrs Internal Rate of Return >25% Top Publicly-Traded Florida Banks by Florida Deposits³ 22B B 4B B B B B 2B B B Orlando Pro Forma 3rd 2ndPure Play Florida Banks Regulatory CRE Concentration Ratio4 191% Loan / Deposit Ratio4 71% 5
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A Strategically Compelling Acquisition with Granular Core Deposits 1. Deposit data as of June 30, 2024. Reflects Florida domiciled deposits. Excludes Raymond James Financial, Inc. 2. 2026 fully-phased in EPS accretion. For illustrative purposes, assumes transaction closes December 31, 2025, cost savings are 10 0% phased-in and excludes one-time transaction related costs 3. Financial data as of March 31, 2025 Source: S&P Capital IQ Pro • Double-digit EPS accretion of ~24%² with a tangible book value earnback period of approximately 2.8 years • Provides scale and efficiencies to improve profitability positioning relative to peers • Drives high returns for shareholders through a conservatively modeled and low-execution risk transaction with long-term franchise value benefit • Significant revenue synergies from delivering Seacoast’s products and capabilities to VBI’s customers (not modeled) Financially Attractive • Limited loan portfolio with opportunity to expand while maintaining a track record of conservative credit with 0.00% NCOs / Avg. Loans³ • Fills a gap in Seacoast’s Florida footprint in one of the last untapped (and historically inaccessible) growth markets in the state • The Villages’ master-planned community model has proven scalable, with seamless integration of new neighborhoods and amenities that will continue to provide consumer and commercial banking opportunities • Seacoast’s long history of acquisition and integration experience mitigates integration risk Well-Positioned for Future Success • Creates a ~$21 billion asset franchise in some of the fastest growing markets in the United States, ranking as the 2nd largest publicly-traded bank in Florida by deposit market share and the largest pure play Florida public bank¹ • Provides an ample source of long-term, low cost liquidity and a new and growing customer base primarily composed of affluent retirees with predictable income streams and a need for multiple banking products • Strong mortgage platform with robust mortgage lending opportunities throughout The Villages and the surrounding areas • Right of first refusal and exclusivity provisions protect Seacoast’s position and ability to grow along with the population and development itself Strategic Rationale ACQUISITION OF VILLAGES BANCORPORATION, INC. 6
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Increases Deposit Concentration in the Highest Growth Florida Markets 1. Represents weighted average of respective MSAs Note: Deposit market share data as of June 30, 2024. Seacoast operating MSAs not shown due to de minimis size: Homosassa Spri ngs, Florida MSA and Naples-Marco Island, Florida MSA Sources: S&P Capital IQ Pro. FDIC 2025 – 2030 Projected Population Growth (%)¹ . % . % . % 2.4% Seacoast VBI ro Forma S Nationwide Pro Forma % % % 2 % 2 % % 2 2 2 2 opula on rowth (%) Share of Seacoast ro orma eposits b MS (%) The Villages Port St. Lucie Sarasota Ocala Daytona Beach Jacksonville Clewiston Melbourne Orlando Vero Beach Tampa Sebring Gainesville Miami MSA Lake City Okeechobee 28% Population Growth in The Villages MSA since 2020; 16% of Pro Forma Deposits will be in the Highest Growth MSA in the Nati on 16% of Pro Forma Deposits 19% 2% 3% 2% 1% 2% 14%1% 3% 3% 4% 4% 1% 2% 23% Florida State Population Growth 7.7% 28% Population Growth 9% Growth 13% Growth ACQUISITION OF VILLAGES BANCORPORATION, INC. 7
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• As an affiliate of the developer, Citizens First Bank has had first mover rights allowing it to select branch locations in new developments prior to competitors • Citizens First Bank is the only community bank within The Villages, ranked #1 overall with 53% deposit market share in the Villages MSA • The bank’s growth has historically been limited by Section 23 restrictions on transactions with affiliates, which will not apply to Seacoast, unlocking embedded loan growth opportunities The best-selling master-planned community in the US for a 3rd consecutive year with 3,208 home sales in 2024, a 6% increase from 2023 • Mixed-use, master planned, 55+ residential community that began in 1983 • ~150,000 residents in ~77,000 homes over 60,000 acres • Predominantly affluent retirees with predictable and steady income and home to the highest FICO scores of any city in the United States¹ • More than 6 million sq. ft. of commercial space spanning retail, office, and professional uses, with a 97% average commercial occupancy rate • The Villages II development is in progress, with enough land to double The Villages in size over the next 15 to 20 years Overview of : The World’s Largest 55+ Community 1. The 5 U.S. cities with the best credit scores. FOXBusiness, May 15, 2020 Sources: thevillages.com. Winter 2025 Florida & Metro Forecast. University of Central Florida. FOXBusiness. Business & Economic Overview Citizens First Bank as Community Bank to The Villages Community Highlights Transportation • ~100,000 golf carts owned by residents, the primary mode of transportation Retail & Dining • 3 Town Centers • 17 Shopping Centers • 140 Retail stores • More than 100 restaurants Hotels • 5 hotel options within the community Healthcare • 12 Professional Medical Plazas • 7 Primary Care Centers • UF Health Network Trails & Parks • 21 Parks and 5 Nature Trails • 112 Pools Golfing Community • 68 Total Golf Facilities • 14 Championship Courses ACQUISITION OF VILLAGES BANCORPORATION, INC. 8 #1 Ranked MSA in Florida by average annual wage growth: 4.9% #5 Ranked MSA in Florida by per capita income: $64,100
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Overview of Villages Bancorporation, Holding Company of Citizens First Bank 1. Reflects consolidated financial data as of or for the three months ended March 31, 2025 Note: Deposit data as of June 30, 2024 Sources: S&P Capital IQ Pro. FRED. FDIC • Villages Bancorporation, Inc. is the bank holding company of Citizens First Bank, established in 1991, and is headquartered in The Villages, Florida • 19 branches with 13 located in The Villages and 6 locations located outside The Villages across Lake Sumter, Marion and Citrus counties • 53% market share within The Villages MSA Company Overview Villages Bancorporation, Inc. Financial Highlights¹ Total Assets $4.1B Total Loans $1.3B Total Deposits $3.5B ROAA 1.11% As of June 30, 2024 Branch Market Rank Deposits Count Share Institution (#) ($M) (#) (%) Villages Bancorporation, Inc. 1 2,476 10 52.9% JPMorgan Chase & Co. 2 641 4 13.7% Wells Fargo & Co. 3 494 4 10.6% Truist Financial Corp. 4 446 5 9.5% Bank of America Corp. 5 330 2 7.1% Regions Financial Corp. 6 171 2 3.7% SouthState Corp. 7 87 1 1.9% UniSouth Inc. 8 34 2 0.7% Total For Institutions In Market 4,679 30Wildwood-The Villages, Florida MSA Deposit Market Share ROAE 8.65% Loan / Deposit Ratio 38.0% Net Interest Margin 2.59% Efficiency Ratio 52.4% Yield on Loans 5.62% Cost of Deposits 1.40% ACQUISITION OF VILLAGES BANCORPORATION, INC. 9
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Historically Low Deposit Costs and Attractive Beta Throughout Cycles Note: Bank level financial data used where consolidated financial data unavailable Source: S&P Capital IQ Pro ~$33K Average Deposit Account Balance ~104K Number of Deposit Accounts 1.40% Q1’25 Cost of Total Deposits 20.5% 16.0% 71.5% 64.3% 3.5% 8.0% 4.6% 11.6% 3/31/2022 3/31/2025 Noninterest Bearing Non-Time Interest Bearing CDs < $100K CDs > $100K Stable Deposit Mix with Limited Migration During Rate Cycle urther Improving Seacoast’s Strong eposit ranchise Non-Time Deposits: 92.0% Non-Time Deposits: 80.4% ~32% Deposit Beta ~8.5 Years Age of Average Non-time Deposit Account $0 Brokered Deposits VBI’s eposit ortfolio Highlights Last Rate Cycle Current Rate Cycle Total Deposit Betas (1Q15-4Q19) (1Q22-1Q25) (1Q15-1Q25) VBI: 31% 32% 31% Seacoast: 33% 47% 42% 4.33% 0.33% 0.06% 1.40% 1.55% 0.11% 0.06% 1.93% 0.62% 0.53%0.12% 0.06% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 VBI Cost of Total Deposits Seacoast Cost of Total Deposits Fed Funds Rate ACQUISITION OF VILLAGES BANCORPORATION, INC. 10
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Identified Areas of Strategic Upside 1. The 5 U.S. cities with the best credit scores. FOXBusiness, May 15, 2020 • Consistently growing mortgage lending opportunities throughout The Villages with development of The Villages II offering further possibilities • Steady-income borrowers with the highest FICO scores of any city in the United States¹ Mortgage Platform • Integration of Seacoast’s wealth and insurance platforms to provide meaningful s nergies for the combined company • Significant opportunity to provide wealth and insurance products to VBI’s core banking clients Wealth and Insurance Platform • 23A restrictions will not apply to the pro forma company, unlocking commercial lending opportunities in the existing Villages and The Villages II • Pro forma balance sheet reduces CRE and C&D concentration relative to capital which is atypical for most bank acquisitions Commercial Loan Growth • Stable, low cost funding could be used to fund loans rather than securities at a wider net interest margin • Opportunity to deploy low cost liquidity into a structurally higher interest rate environment Margin Expansion Banking Subsidiary of Villages Bancorporation, Inc. ACQUISITION OF VILLAGES BANCORPORATION, INC. 11 Various revenue synergies have been identified during the due diligence process (not included in the pro forma modeling)
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Transaction Summary 1. Reflects Seacoast management estimate of VBI’s 2026 estimated earnings, fully phased -in cost savings of 27%, and incremental ear nings benefit of the anticipated balance sheet restructuring Note: Market data as of May 28, 2025 • Villages Bancorporation, Inc. and Citizens First Bank to merge with and into Seacoast Banking Corporation of Florida and Seacoast National Bank • 25% cash / 75% stock consideration • Each share exchanged for cash to receive $1,000 • Each share exchanged for stock to receive 38.5000 shares of Seacoast common stock • Non-voting convertible preferred stock will be issued to certain VBI shareholders to maintain aggregate voting ownership below 10% • Approximately 81% Seacoast / 19% VBI ownership, inclusive of non-voting preferred on a fully converted basis • No changes to the Board of Directors or executive leadership team at Seacoast Structure and Consideration • Subject to VBI shareholder approval and customary regulatory approvals • Anticipated closing in the fourth quarter of 2025 Approvals and Timing • Implied aggregate transaction value: $710.8 million • Price / Tangible Book Value per Share: 161% • Price / LTM Earnings: 15.8x • Price / 2026E Earnings + Cost Saves + Restructuring: 6.7x¹ Implied Transaction Value and Multiples ACQUISITION OF VILLAGES BANCORPORATION, INC. 12
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Illustrative Pro Forma Financial Impact 1. Eliminates double count related to CECL adoption 2. For illustrative purposes, assumes transaction closes December 31, 2025, cost savings are 100% phased -in and excludes one-time transaction related costs. Includes fully -converted equivalent non-voting preferred stock as common Source: S&P Capital IQ Pro Earnings and TBV Impact Estimated Estimated Impact Estimated Impact Financial Excluding Excluding Impact Rate Marks/CDI Rate Marks/CDI/CECL(1) 24.3% 26.8% 24.2% 2026 EPS 2026 EPS 2026 EPS Accretion (2) Accretion (2) Accretion (2) 9.9% 7.2% 5.9% TBV per Share TBV per Share TBV per Share Dilution Dilution Dilution 2.80 Years 2.50 Years 2.40 Years TBV per Share TBV per Share TBV per Share Earnback Earnback Earnback Strong Capital and Liquidity Position 10.8% 14.7% 73.0% CET1 Capital Total Capital Loan-to-Deposit Ratio Ratio Ratio Enhanced Profitability 1.31% 16.9% 52.5% ROAA(2) ROATCE(2) Efficiency (2) 2026E 2026E 2026E ACQUISITION OF VILLAGES BANCORPORATION, INC. 13
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Attractive Pro Forma Results 1. For illustrative purposes, reflects 2026 estimated performance assuming transaction closes December 31, 2025, cost savings ar e 100% phased-in and excludes one-time transaction related costs Note: Includes public banks headquartered in the Southeast, as defined by S&P Capital IQ Pro, with total assets between $15 b illion to $30 billion as of March 31, 2025. Includes fully -converted equivalent non-voting preferred stock as common. Excludes merger targets. 2026 estimates based on consensus estimates as compiled and reported from S&P Capital IQ Pro. Source: S&P Capital IQ Pro 52.5%¹58.5% Pro Forma 1.31%¹1.06% Pro Forma 16.9%¹ 12.4% Pro Forma Pro Forma Enhanced pro forma returns 2026E Return on Average Assets vs. Public Southeast Banks $15B to $30 Billion in Total Assets Stronger capital generation through higher earnings power 2026E Return on Average Tangible Common Equity vs. Public Southeast Banks $15B to $30 Billion in Total Assets Improved operational efficiency 2026E Efficiency Ratio vs. Public Southeast Banks $15B to $30 Billion in Total Assets Pro Forma Pro Forma ACQUISITION OF VILLAGES BANCORPORATION, INC. 14
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Florida’s Bank: Continuing to Build Through Successful M& and Organic Growth 1. cquired assets reflects target’s publicly available financials from quarter prior to closing 2. Deposit market share for Florida -based banks as of June 30 every year. Excludes EverBank Financial Corp. and Raymond James Finan cial Inc. 3. Pro forma for total assets in 2025Q1 for Seacoast, VBI and Heartland Sources: S&P Capital IQ Pro. FDIC 2 5 100 3 2 100 6 22 6 1 15 12 6 22 1 2 . . 4. . . . . . 2. 4. .2 2 . 2 4 2 2 2 2 2 2 2 2 2 2 22 2 2 2 24 ro orma Deposit Market Share Florida Market Share² #32 #10 #20 #4 #14 #2 Organic Assets ($B) M&A Acquired Assets ($B)¹ ACQUISITION OF VILLAGES BANCORPORATION, INC. 15
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Modeling Assumptions and Due Diligence Process ACQUISITION OF VILLAGES BANCORPORATION, INC.
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Key Pro Forma Financial Assumptions Note: As of May 28, 2025 • Sale of approximately $2.5 billion of VBI’s AFS securities to be reinvested into higher yielding assets • Current portfolio is significantly below market • Anticipated reinvestment rate of 5.20% Securities Repositioning $84.8 million (~6.4% of total loans) gross loan mark on VBI’s loan portfolio, consisting of the following components: • $46.6 million negative interest rate mark (~3.5% of total loans) accreted into earnings over time • $33.1 million non-PCD loans credit mark (~2.5% of total loans) accreted into earnings over time • $5.1 million PCD loans credit mark recorded as allowance for credit losses Additional estimated $31.0 million for Day 2 CECL Provision for non-PCD loans Loan Mark and CECL Assumptions • Core deposit intangible assumed to equal 3.2% of VBI’s core deposits, amortized SYD over 10 years • Fixed asset write-up of $6.8 million • Mortgage servicing rights write-up of $8.2 million Other Purchase Accounting Adjustments • Pre-tax, merger costs of $52 million • Cost savings equal to 2 of VBI’s non-interest expense base anticipated, 65% realized in 2026 • No branch closings are planned with this acquisition One-Time Merger Costs & Cost Savings ACQUISITION OF VILLAGES BANCORPORATION, INC. 17
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• High quality, granular retail portfolio: $272,000 residential average loan size and $31,000 HELOC average outstanding • 100% coverage of all loans > $3 million; average loan size not reviewed is $131,000 consisting primarily of residential loans • Reviewed 100% of all criticized and classified loans Seacoast’s Comprehensive Due Diligence rocess 1. The 5 U.S. cities with the best credit scores. FOXBusiness, May 15, 2020 • Management-led review of all functional areas with full engagement of external consultants, advisors and counsels throughout the process • Disciplined and experienced M&A track record with 16 completed transactions since 2014 • Conservative credit philosophy with highest FICO scores of any city in the United States¹ • Extensive in-person management meetings and site visits held at The Villages to conduct detailed diligence on operations and credit Diligence Focus Areas Due Diligence Overview Scope of Loan Review Revenue Producing Credit & Underwriting Wealth Management Consumer Lending Investment Portfolio & ALCO Commercial & Retail Banking Mortgage Banking Back Office Finance & Accounting Tax & Audit Legal, Regulatory & Compliance Human Resources Risk Management Data & Cybersecurity ACQUISITION OF VILLAGES BANCORPORATION, INC. 18
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ACQUISITION OF VILLAGES BANCORPORATION, INC. Appendix
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Pro Forma Loan and Deposit Composition 1. Does not include fair value / purchase accounting adjustments Note: Financial data as of March 31, 2025. Seacoast loan and deposit totals, yields, and costs reflect GAAP data. Seacoast lo an and deposit compositions and CRE ratio reflect bank level financial data. VBI and Heartland financial data reflects bank leve l financial data Source: S&P Capital IQ Pro Loan CompositionDeposit Composition $12.6B 1Q’25 Cost: 1.93% Transaction 47.4% MMDA 22.8% Savings 10.1% Retail Time 8.0% Jumbo Time 11.6% $3.5B 1Q’25 Cost: 1.40% Transaction 48.9% MMDA 30.9% Savings 5.7% Retail Time 5.6% Jumbo Time 8.9% 1-4 Family 27.0% Multifamily 2.8% CRE 45.3% C&D 5.9% C&I 14.9% Consumer 1.8% Other 2.3% 1Q’25 Yield: 5.90% Bank CRE Ratio: 236% $10.5B L/D: 83% 1-4 Family 27.2% Multifamily 3.0% CRE 42.7% C&D 6.2% C&I 15.9% Consumer 1.7% Other 3.2% $11.9B L/D: 71% Pro Forma¹ 1Q’25 Yield: 5.88% Bank CRE Ratio: 191% 1-4 Family 27.1% Multifamily 5.0% CRE 24.1%C&D 8.9% C&I 25.4% Consumer 0.5% Other 9.0% 1Q’25 Yield: 5.62% Bank CRE Ratio: 73% $1.3B L/D: 38% 1-4 Family 37.1% Multifamily 1.5%CRE 30.6% C&D 5.5% C&I 7.3% Consumer 2.5% Other 15.6% 1Q’25 Yield: 6.53% Bank CRE Ratio: 48% $159M L/D: 24% $667M 1Q’25 Cost: 1.62% Transaction 49.5% MMDA 33.0% Savings 4.3% Retail Time 4.9% Jumbo Time 8.2% Transaction 45.6% MMDA 33.0% Savings 9.0% Retail Time 4.7% Jumbo Time 7.7% $16.7B 1Q’25 Cost: 1.81% ACQUISITION OF VILLAGES BANCORPORATION, INC. 20
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Illustrative Pro Forma Earnings Per Share Reconciliation 1. For illustrative purposes, assumes transaction closes on 12/31/25 and excludes one time transaction -related expenses 2. “Run-rate” 2026E illustrative impact assumes cost savings are fully phased -in (vs. 65% anticipated cost savings realized in 2026 ) 3. “Other djustments” includes reduction in VBI noninterest income related to Durbin, incremental noninterest expense, and oppo rtunity cost of cash ACQUISITION OF VILLAGES BANCORPORATION, INC. 21 Estimated Run-Rate² Dollars in Millions; excluding per share data 2026E 2026E SBCF Earnings (Mean Consensus Estimates, GAAP) $178.7 $178.7 VBI Earnings (Management Forecast, GAAP) 61.8 61.8 Combined Earnings $240.6 $240.6 After Tax Transaction Adjustments Estimated Cost Savings $9.1 $14.0² Accretion of Interest Rate Marks 6.5 6.5 Accretion of Non-PCD Credit Mark 5.7 5.7 Incremental Income on Securities Restructuring 29.9 29.9 Amortization of Core Intangibles (12.5) (12.5) Other Adjustments³ (8.8) (8.8) Pro Forma Earnings $270.4 $275.3 Standalone Avg. Diluted Shares Outstanding (Millions) 88.6 88.6 Standalone EPS $2.02 $2.02 Pro Forma Avg. Diluted Shares Outstanding (Millions) 109.8 109.8 Pro Forma EPS $2.46 $2.51 EPS Accretion ($) $0.45 $0.49 EPS Accretion (%) 22.1% 24.3% Illustrative 2026E EPS Accretion¹
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Illustrative Reconciliation of Tangible Book Value Dilution TBV Shares TBV Dollars in Millions; excluding per share data ($M) (M) per Share SBCF Consensus Tangible Book Value at Closing (12/31/2025) $1,502.8 87.9 $17.10 Equity Consideration to VBI 527.5 21.2 Core Deposit Intangible (89.3) Goodwill Created (213.1) Restructuring Cost Attributable to SBCF (23.4) Establishment of Day 2 Non-PCD Reserve (23.9) Pro Forma Tangible Book Value $1,680.6 109.0 $15.41 SBCF Tangible Book Value per Share Accretion / (Dilution) ($) ($1.69) SBCF Tangible Book Value per Share Accretion / (Dilution) (%) (9.9%) TBVPS Earnback Period 2.8 Years $ Millions Aggregate Transaction Value $710.8 VBI Estimated Tangible Common Equity at Closing (12/31/2025) 479.4 Restructuring Cost Attributable to VBI (8.3) Adjusted VBI Tangible Common Equity $471.1 Incremental AFS Securities Mark (10.8) Net Credit Mark (12.9) Rate Marks (46.6) Core Deposit Intangible 89.3 Fixed Assets, MSRs, and Other Liabilities 15.6 Net Adjustments 34.5 Deferred Tax Assets / (Liability) Created (7.9) Goodwill Created $213.1 ACQUISITION OF VILLAGES BANCORPORATION, INC. 22 Tangible Book Value Dilution Detail Calculation of Intangibles Created