SEACOAST BANKING CORP OF FLORIDA (SBCF)

CIK: 0000730708. SIC: 6022 State Commercial Banks. Latest 10-K as of: 2026-02-27.

SIC breadcrumb: Finance, Insurance, And Real Estate > Depository Institutions > SIC 6022 State Commercial Banks

SEC company page: https://www.sec.gov/edgar/browse/?CIK=730708. Latest filing source: 0001628280-26-012787.

Selected Fundamentals

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000730708.json. Derived margins are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Missing metrics are omitted rather than fabricated.

Financial Charts

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000730708.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

Quarterly Charts

Macro Cross-References

• CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
• UNRATE - Unemployment Rate
• FEDFUNDS - Federal Funds Effective Rate
• CES0500000003 - Average Hourly Earnings of All Employees, Total Private
• DFEDTARU - Federal Funds Target Range - Upper Limit
• DFEDTARL - Federal Funds Target Range - Lower Limit
• DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
• DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
• DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
• DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
• T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
• CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
• CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
• CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
• CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
• PCEPI - Personal Consumption Expenditures: Chain-type Price Index
• PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
• PPIACO - Producer Price Index by Commodity: All Commodities
• T10YIE - 10-Year Breakeven Inflation Rate
• U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
• PAYEMS - All Employees, Total Nonfarm
• CIVPART - Labor Force Participation Rate
• EMRATIO - Employment-Population Ratio
• UNEMPLOY - Unemployed
• CE16OV - Employment Level
• ICSA - Initial Claims
• JTSJOL - Job Openings: Total Nonfarm
• JTSQUR - Quits: Total Nonfarm
• GDPC1 - Real Gross Domestic Product
• A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
• INDPRO - Industrial Production: Total Index
• TCU - Capacity Utilization: Total Index
• HOUST - New Privately-Owned Housing Units Started: Total Units
• PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
• RSAFS - Advance Retail Sales: Retail Trade
• PCE - Personal Consumption Expenditures
• DSPIC96 - Real Disposable Personal Income
• PSAVERT - Personal Saving Rate
• M2SL - M2
• BOPGSTB - U.S. International Trade in Goods and Services: Balance
• MSPUS - Median Sales Price of Houses Sold for the United States
• HSN1F - New One Family Houses Sold: United States
• RHORUSQ156N - Homeownership Rate in the United States
• TTLCONS - Total Construction Spending: Total Construction in the United States
• RRVRUSQ156N - Rental Vacancy Rate in the United States
• TOTALSL - Total Consumer Credit Owned and Securitized
• REVOLSL - Revolving Consumer Credit Owned and Securitized
• DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
• GDP - Gross Domestic Product
• GPDI - Gross Private Domestic Investment
• GCE - Government Consumption Expenditures and Gross Investment
• PCEC - Personal Consumption Expenditures
• NETEXP - Net Exports of Goods and Services
• GFDEBTN - Federal Debt: Total Public Debt
• GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
• FYFSD - Federal Surplus or Deficit
• FGRECPT - Federal Government Current Receipts
• FGEXPND - Federal Government: Current Expenditures
• MANEMP - All Employees, Manufacturing
• USCONS - All Employees, Construction
• USTRADE - All Employees, Retail Trade
• USFIRE - All Employees, Financial Activities
• USGOVT - All Employees, Government
• AWHAETP - Average Weekly Hours of All Employees, Total Private
• DGORDER - Manufacturers' New Orders: Durable Goods
• NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
• BUSINV - Total Business Inventories
• EXPGS - Exports of Goods and Services
• IMPGS - Imports of Goods and Services
• IR - Import Price Index (End Use): All Commodities
• PPIFIS - Producer Price Index by Commodity: Final Demand

Latest quarter (10-Q)

Latest 10-Q source: 0001628280-26-031220.

Extracted between Part I Item 2 and the next Item 3/4 or Part II heading after HTML sanitization. Confidence: high. Filing date: 2026-05-06. Report date: 2026-03-31.

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 

The purpose of this discussion and analysis is to aid in understanding significant changes in the financial condition of Seacoast Banking Corporation of Florida and its subsidiaries (“Seacoast” or the “Company”) and their results of operations. Nearly all of the Company’s operations are contained in its banking subsidiary, Seacoast National Bank (“Seacoast Bank” or the “Bank”). 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.

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. See the following section for additional information regarding forward-looking statements.

For purposes of the following discussion, the words “Seacoast” or the “Company” refer to the combined entities of Seacoast Banking Corporation of Florida and its direct and indirect wholly owned subsidiaries.

Special Cautionary Notice

Regarding Forward-Looking Statements

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. 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,”

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“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 and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of continued inflationary pressures, changes in interest rates, tariffs or trade wars (including reduced consumer spending, supply chain issues, and adverse impacts to credit quality), a sustained increase in commodity prices, slowdowns in economic growth or recession, 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, or as encountered by other financial institutions that adversely affect Seacoast, and including 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 availability of capital and funding;

•Governmental monetary and fiscal policies, including interest rate policies of the FRB, as well as risks related to legislative, tax and regulatory changes, including those that impact the money supply and inflation;

•The risks of changes in interest rates on the level and composition of deposits (as well as the cost of, and competition for, deposits), loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities;

•Interest rate risks (including the impact of interest rates on macroeconomic conditions, customer and client behavior, and on our net interest income), sensitivities, and the shape of the yield curve;

•The risks relating to bank acquisitions, including the merger with VBI, which include, without limitation: the diversion of management's time on issues related to the integration; 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; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following acquisitions being lower than expected; the risk related to the accounting and regulatory capital treatment of the Series A Non-Voting Convertible Preferred Stock and the impact on the Company's financial statements; the risk of deposit and customer attrition; regulatory enforcement and litigation risk; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruptions, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets;

•Risks related to our implementation of new lines of business, new products and services, new technologies, and expansion of our existing business opportunities, including entering and/or expanding markets through de novo branching;

•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 borrower credit risks and payment behaviors, and 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 CRE properties, especially as they relate to the value of collateral supporting the Company’s loans;

•The Company’s concentration in CRE loans and in real estate collateral in Florida;

•Seacoast’s ability to comply with any regulatory requirements and 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 assumptions and estimates (including with respect to our financial statements), as well as differences in, and changes to, economic, market and credit conditions;

•The impact on the valuation of Seacoast’s investments due to market volatility or counterparty payment risk, as well as the effect of a decline in stock market prices on our fee income from our wealth management business;

•Statutory and regulatory dividend restrictions;

•Increases in regulatory capital requirements for banking organizations generally;

•Changes in technology or products that may be more difficult, costly, or less effective than anticipated;

•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;

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•Risks associated with the development and use of artificial intelligence;

•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 Seacoast may not be able to prevent, detect or mitigate;

•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;

•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;

•The effects of war, regime change, civil unrest, or other conflicts, acts of terrorism, natural disasters, including hurricanes in 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;

•Seacoast’s ability to maintain adequate internal controls over financial reporting;

•Potential or actual claims, damages, penalties, fines, costs, unexpected outcomes and reputational damage resulting from new, existing, pending or future litigation, regulatory proceedings and enforcement actions;

•Negative publicity and the impact on Seacoast’s reputation, including the speed and scale at which information can spread through social media or digital channels, which could amplify adverse market or customer reactions;

•The risks that DTAs 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, challenges to our tax positions, or adverse changes or interpretations of tax laws;

•The effects of competition (including the inability to grow, or attrition of, deposits, customers and employees) from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, private credit funds, money market and other mutual funds and other financial institutions;

•The failure of assumptions underlying the establishment of reserves for expected credit losses;

•Impairment of our goodwill or other intangible assets;

•Risks related to, and the costs associated with ESG and anti-ESG matters, including the scope and pace of related rulemaking activity, disclosure requirements and potential litigation and enforcement;

•Action or inaction by the federal government, including as a result of any prolonged government shutdown (including a partial shutdown) or government intervention in the U.S. financial system;

•Legislative, regulatory or supervisory actions related to so‑called “de‑banking,” including any new prohibitions, requirements or enforcement priorities that could affect customer relationships, compliance obligations, or operational practices;

•A deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the de

[Excerpt truncated for page length; source filing is linked above.]

Latest 10-K MD&A

Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization. Confidence: high. Filing date: 2026-02-27. Report date: 2025-12-31.

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

The purpose of this discussion and analysis is to aid in understanding significant changes in the financial condition of Seacoast Banking Corporation of Florida and its subsidiaries (“Seacoast” or the “Company”) and their results of operations. Nearly all of the Company’s operations are contained in its banking subsidiary, Seacoast National Bank (“Seacoast Bank” or the “Bank”). Such discussion and analysis should be read in conjunction with the Company's Consolidated Financial Statements and the related notes included in this report.

The emphasis of this discussion will be on the years ended December 31, 2025 and 2024. Additional information about the Company’s financial condition and results of operations in 2023 and changes in the Company’s financial condition and results of operations from 2023 to 2024 may be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

This discussion and analysis contains 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. See the “Special Cautionary Notice Regarding Forward-Looking Statements” for additional information regarding forward-looking statements.

For purposes of the following discussion, the words “Seacoast” or the “Company” refer to the combined entities of Seacoast Banking Corporation of Florida and its direct and indirect wholly owned subsidiaries.

Overview – Strategy and Results

Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”), a financial holding company registered under the BHC Act of 1956, is one of the largest banks in Florida, with $20.8 billion in assets and $16.3 billion in deposits as of December 31, 2025. Its principal subsidiary is Seacoast National Bank (“Seacoast Bank”), a wholly owned national banking association. The Company provides integrated financial services including commercial and consumer banking, wealth management, mortgage and insurance services to customers through advanced online and mobile banking solutions, and Seacoast Bank's network of 104 full-service branches. Seacoast's balanced growth strategy, combining organic growth with value-creating acquisitions, continues to benefit shareholders and expand the franchise.

Business Developments

On October 1, 2025, the Company completed its acquisition of VBI. This transformative transaction expands the Company’s presence in North Central Florida and into The Villages® community, adding $1.2 billion in loans and $3.5 billion in deposits, along with 19 branches. VBI’s future growth potential and low loan-to-deposit ratio provide significant opportunity for expansive growth throughout the Seacoast footprint. Full integration and system conversion activities are expected to be completed early in the third quarter of 2026.

In the third quarter of 2025, the Company completed its acquisition of Heartland, adding approximately $153.3 million in loans and $705.2 million in deposits, along with four branches in Central Florida. Integration activities, including system conversion, were also completed in the third quarter of 2025.

Seacoast’s balanced growth strategy includes both acquisitions and organic growth initiatives. In recent years, Seacoast has added experienced bankers in dynamic and growing markets, leading to significant growth in new relationships. These efforts have supported core deposit generation, loan production, and expansion of client relationships across multiple product lines. In 2025, Seacoast expanded its footprint with the opening of five new branch locations, including four in some of Florida's fastest-growing markets, and its first location outside Florida, in Woodstock, Georgia.

Results of Operations

2025 Financial Performance Highlights

•Net income of $144.9 million, an increase of $23.9 million, or 20%, compared to 2024, and adjusted net income1 of $169.5 million, an increase of $37.0 million, or 28%, compared to 2024.

•On an adjusted basis, pre-tax pre-provision earnings1 of $274.7 million increased 45% from the prior year.

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

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•Net interest income grew $121.5 million, or 28%, to $553.5 million, and the net interest margin expanded 34 basis points to 3.58%.

•9% organic loan growth, reflecting the value of investments made in recent years to attract talent and expand the commercial banking team.

•78% loan-to-deposit ratio, well positioned for continued growth and value creation.

•Continued strong capital position, with a Tier 1 capital ratio of 14.5%, and a tangible equity (including convertible preferred stock) to tangible assets ratio of 9.31%. Tangible equity and assets exclude goodwill and other intangible assets.

Net Interest Income and Margin

Net interest income for the year ended December 31, 2025, totaled $553.5 million, increasing $121.5 million, or 28%, compared to the year ended December 31, 2024. The increase was largely driven by growing loan and securities balances, along with lower deposit costs. Net interest income (on an FTE basis)1 for the year ended December 31, 2025, was $556.3 million, increasing $123.3 million, or 28%, compared to the year ended December 31, 2024.

Net interest margin (on an FTE basis)1 increased 34 basis points to 3.58% in 2025 compared to 3.24% in 2024, largely driven by lower deposit costs. Average interest-earning assets increased $2.2 billion, or 16%, during 2025 to $15.5 billion compared to $13.4 billion in 2024. During 2025, yields on interest-earning assets decreased to 5.40% from 5.44% in 2024 due to the lower interest rate environment. Average interest-bearing liabilities increased $1.8 billion, or 20%, during 2025 to $11.0 billion, including a $1.4 billion, or 17%, increase in interest-bearing deposits. The cost of average interest-bearing liabilities in 2025 decreased 63 basis points to 2.57% from 3.20% in 2024.

During 2025, average investment securities increased $1.2 billion to $3.9 billion, primarily due to bank acquisitions. Yields on securities increased 30 basis points from 3.68% in 2024 to 3.98% in 2025, reflecting the higher yield securities purchased and acquired. The Company actively manages the securities portfolio, and identified strategic restructuring opportunities in the fourth quarter of 2024 and the first quarter of 2026 that enhanced the portfolio's yield and positioning. Additional liquidity obtained through bank acquisitions provided further flexibility, and acquired securities portfolios were repositioned to align with higher yields.

Average loans totaled $11.0 billion for the year ended December 31, 2025, increasing $939.2 million, or 9%, compared to $10.1 billion for the year ended December 31, 2024, through a combination of organic growth and bank acquisitions. Yields on loans increased four basis points from 5.93% in 2024 to 5.97% in 2025. Accretion of purchase discount on acquired loans added $39.0 million in interest income, adding 35 basis points to loan yields, for the year ended December 31, 2025, compared to $41.7 million, or 42 basis points, for the year ended December 31, 2024.

The Company’s deposit mix remains favorable, with 86% of average deposit balances comprised of savings, money market, and demand deposits in 2025. The cost of average total deposits (including noninterest-bearing demand deposits) decreased by 44 basis points to 1.79% in 2025, compared to 2.23% in 2024. The cost of funds decreased by 38 basis points to 1.94% in 2025, compared to 2.32% in 2024.

Sweep repurchase agreements with customers averaged $252.2 million for the year ended December 31, 2025, a decrease of $17.1 million, or 6%, compared to $269.3 million for the year ended December 31, 2024. The average rate on customer repurchase accounts was 2.46% in 2025, compared to 3.49% in 2024.

The Company had an average balance of $592.9 million in FHLB borrowings outstanding for the year ended December 31, 2025, with an average interest rate of 4.27%. The average balance of FHLB borrowings was $184.0 million at 4.20% in 2024. The Company utilized short-term fixed-rate advances to fund securities purchases throughout 2025.

In 2025, average long-term debt of $107.5 million had an average rate of 6.20%. In 2024, average long-term debt of $106.6 million had an average rate of 7.02%.

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The following table details the Company’s average balance sheets, interest income and expenses, and yields and rates1, for the past three years:

For the Year Ended December 31,

2025

2024

2023

(In thousands, except ratios)

Average

Balance

Interest

Yield/

Rate

Average

Balance

Interest

Yield/

Rate

Average

Balance

Interest

Yield/

Rate

Assets

Earning assets:

Securities:

Taxable

$

3,835,729 

$

151,280 

3.94 

%

$

2,702,763 

$

99,456 

3.68 

%

$

2,611,299 

$

82,926 

3.18 

%

Nontaxable

83,604 

4,543 

5.43 

5,707 

164 

2.87 

13,733 

438 

3.19 

Total Securities

3,919,333 

155,823 

3.98 

2,708,470 

99,620 

3.68 

2,625,032 

83,364 

3.18 

Federal funds sold

425,320 

17,710 

4.16 

446,149 

23,619 

5.29 

368,659 

18,871 

5.12 

Interest-bearing deposits with other banks and other investments

151,359 

6,944 

4.59 

102,552 

4,983 

4.86 

90,692 

5,718 

6.30 

Total Loans, net

11,035,340 

658,728 

5.97 

10,096,189 

598,411 

5.93 

9,889,070 

581,825 

5.88 

Total Earning Assets

15,531,352 

839,205 

5.40 

%

13,353,360 

726,633 

5.44 

%

12,973,453 

689,778 

5.32 

%

ACL

(149,478)

(144,280)

(150,982)

Cash and due from banks

157,955 

167,367 

184,035 

Bank premises and equipment, net

123,456 

110,341 

116,516 

Intangible assets

913,906 

815,945 

816,662 

BOLI

318,261 

303,486 

290,218 

Other assets including DTAs

340,007 

327,539 

392,872 

Total Assets

$

17,235,459 

$

14,933,758 

$

14,622,774 

Liabilities, Convertible Preferred Stock & Shareholders' Equity

Interest-bearing liabilities:

Interest-bearing demand

$

3,038,889 

$

45,781 

1.51 

%

$

2,614,893 

$

54,960 

2.10 

%

$

2,686,936 

$

41,438 

1.54 

%

Savings

665,860 

3,955 

0.59 

570,046 

2,283 

0.40 

851,347 

1,796 

0.21 

Money market

4,473,830 

127,644 

2.85 

3,775,352 

140,967 

3.73 

2,941,916 

83,301 

2.83 

Time deposits

1,887,214 

67,348 

3.57 

1,656,269 

70,777 

4.27 

1,348,152 

52,254 

3.88 

Securities sold under agreements to repurchase

252,168 

6,210 

2.46 

269,255 

9,390 

3.49 

270,999 

8,323 

3.07 

FHLB borrowings

592,946 

25,294 

4.27 

183,962 

7,726 

4.20 

175,247 

6,378 

3.64 

Long-term debt, net and other

107,523 

6,666 

6.20 

106,624 

7,485 

7.02 

104,158 

7,245 

6.96 

Total Interest-Bearing Liabilities

11,018,430 

282,898 

2.57 

%

9,176,401 

293,588 

3.20 

%

8,378,755 

200,735 

2.40 

%

Noninterest demand

3,582,837 

3,455,907 

4,087,335 

Other liabilities

162,256 

149,389 

131,302 

Total Liabilities

14,763,523 

12,781,697 

12,597,392 

Convertible preferred stock

86,487 

— 

— 

Shareholders' equity

2,385,449 

2,152,061 

2,025,382 

Total Liabilities, Convertible Preferred Stock & Equity

$

17,235,459 

$

14,933,758 

$

14,622,774 

Cost of deposits

1.79 

%

2.23 

%

1.50 

%

Cost of funds2

1.94 

%

2.32 

%

1.61 

%

Interest expense as a % of earning assets

1.82 

%

2.20 

%

1.55 

%

Net interest income as a % of earning assets

$

556,307 

3.58 

%

$

433,045 

3.24 

%

$

489,043 

3.77 

%

1On an FTE basis. All yields and rates have been computed using amortized costs. Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.

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

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The following table shows the impact of changes in volume and rate on interest-earning assets and interest-bearing liabilities1:

2025 vs 2024

2024 vs 2023

Due to Change in:

Due to Change in:

(In thousands)

Volume

Rate

Total

Volume

Rate

Total

Amount of increase (decrease)

Interest-Earning Assets:

Securities

Taxable

$

43,187 

$

8,637 

$

51,824 

$

3,135 

$

13,395 

$

16,530 

Nontaxable

3,236 

1,143 

4,379 

(243)

(31)

(274)

Total Securities

46,423 

9,780 

56,203 

2,892 

13,364 

16,256 

Federal funds sold

(985)

(4,924)

(5,909)

4,034 

714 

4,748 

Other investments

2,305 

(344)

1,961 

662 

(1,397)

(735)

Loans

55,862 

4,455 

60,317 

12,231 

4,355 

16,586 

Total Interest-Earning Assets

103,605 

8,967 

112,572 

19,819 

17,036 

36,855 

Interest-Bearing Liabilities:

Interest-bearing demand

7,650 

(16,829)

(9,179)

(1,313)

14,835 

13,522 

Savings

476 

1,196 

1,672 

(860)

1,347 

487 

Money market accounts

23,004 

(36,328)

(13,324)

27,359 

30,307 

57,666 

Time deposits

9,055 

(12,484)

(3,429)

12,555 

5,968 

18,523 

Total Deposits

40,185 

(64,445)

(24,260)

37,741 

52,457 

90,198 

Securities sold under agreements to repurchase

(508)

(2,672)

(3,180)

(57)

1,124 

1,067 

FHLB borrowings

17,312 

257 

17,569 

342 

1,006 

1,348 

Other borrowings

59 

(878)

(819)

172 

68 

240 

Total Interest-Bearing Liabilities

57,048 

(67,738)

(10,690)

38,198 

54,655 

92,853 

Net Interest Income

$

46,557 

$

76,705 

$

123,262 

$

(18,379)

$

(37,619)

$

(55,998)

1On an FTE basis. All yields and rates have been computed using amortized costs. Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances. Changes attributable to rate/volume (mix) are allocated to rate and volume on an equal basis.

Provision for Credit Losses

The provision for credit losses was $51.3 million in 2025 compared to $16.3 million in 2024. Included in 2025 is $24.6 million of day-1 provisions for credit losses on loans added through bank acquisitions. The remainder of the increase in 2025 reflects additions to the allowance for credit losses aligned with organic loan growth. Allowance coverage of 1.42% at December 31, 2025 increased eight basis points compared to December 31, 2024, with the increase attributed to acquired portfolios.

Noninterest Income

Noninterest income totaled $99.2 million in 2025, an increase of $15.7 million, or 19%, compared to 2024. Noninterest income accounted for 15% of total revenue in 2025 and 16% in 2024 (Net Interest Income plus Noninterest income).

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Noninterest income is detailed as follows:

For the Year Ended December 31,

(In thousands, except percentages)

2025

2024

% Change

Service charges on deposit accounts

$

23,386 

$

20,852 

12 %

Wealth management income

18,562 

15,168 

22

Mortgage banking income

4,714 

1,774 

166

Interchange income

8,193 

7,599 

8

Insurance agency income

5,581 

5,196 

7

BOLI income

12,410 

10,065 

23

Other

26,826 

30,790 

(13)

Total Noninterest Income Before Securities (Losses) Gains, Net

99,672 

91,444 

9

Securities losses, net

(522)

(8,016)

(93)

Total Noninterest Income

$

99,150 

$

83,428 

19 %

Service charges on deposits for the year ended December 31, 2025 increased $2.5 million, or 12%, compared to the prior year to $23.4 million. The increase primarily reflects the addition of relationships from bank acquisitions and organic growth.

Wealth management income, including brokerage commissions and fees and trust income, increased $3.4 million, or 22%, to $18.6 million for the year ended December 31, 2025. Assets under management have grown by $754.8 million or 37%, year-over-year to $2.8 billion as of December 31, 2025. The wealth management division has continued its success in building new relationships, adding $549 million in new organic assets under management in 2025.

Mortgage banking income increased $2.8 million, or 166%, to $4.7 million for the year ended December 31, 2025 compared to 2024, reflecting the addition of mortgage banking activities from the VBI acquisition.

Interchange revenue totaled $8.2 million in 2025, an increase of 8% from $7.6 million in 2024.

Insurance agency income totaled $5.6 million in 2025, an increase of 7% from $5.2 million in 2024, reflecting continued growth and expansion of insurance services.

BOLI income totaled $12.4 million in 2025, an increase of $2.3 million, or 23%, compared to the prior year. Death benefit payouts in 2025 totaled $2.2 million.

Other income totaled $26.8 million in 2025, reflecting a decrease of $4.0 million, or 13%, year-over-year. The decrease from the prior year primarily reflects lower gains on SBIC investments and loan sales, partially offset by $3.0 million in tax refunds received related to a prior bank acquisition.

Securities losses in 2025 totaled $0.5 million compared to securities losses in 2024 of $8.0 million. In the fourth quarter of 2024, the Company sold approximately $217.0 million in AFS securities, resulting in losses of $12.0 million, allowing for reinvestment at higher yields. These losses were partially offset by gains of $4.1 million on the sale of the Company’s holdings of Visa Class B stock.

Noninterest Expense

The Company has demonstrated its commitment to efficiency through disciplined, proactive management of its cost structure. Noninterest expenses in 2025 totaled $414.9 million, including $32.4 million in merger and integration costs. In 2024, noninterest expenses totaled $343.3 million, including $7.1 million in branch consolidation and other expense reduction initiatives and $0.3 million in costs to prepare for and recover from hurricane events. Adjusted noninterest expense1 in 2025 totaled $382.4 million, an increase of 14% from 2024, largely associated with the overall growth of the organization, including from the two bank acquisitions in 2025. Seacoast continues to prudently manage expenses while strategically investing to support continued growth.

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

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Noninterest expenses are detailed as follows:

For the Year Ended December 31,

(In thousands, except percentages)

2025

2024

% Change

Salaries and wages

$

186,938 

$

162,316 

15 %

Employee benefits

32,844 

28,253 

16

Outsourced data processing costs

37,623 

36,638 

3

Occupancy

31,790 

29,547 

8

Furniture and equipment

9,421 

8,031 

17

Marketing

11,364 

10,776 

5

Legal and professional fees

8,591 

9,648 

(11)

FDIC assessments

9,592 

8,445 

14

Amortization of intangibles

26,819 

23,884 

12

OREO expense and net (gain) loss on sale

(126)

440 

(129)

Provision for credit losses on unfunded commitments

1,262 

1,001 

26

Merger and integration costs

32,423 

— 

N/A

Other expense

26,319 

24,322 

8

Total Noninterest Expense

$

414,860 

$

343,301 

21 %

Salaries and wages totaled $186.9 million in 2025, an increase of $24.6 million, or 15%, compared to 2024. Employee benefit costs, which include costs associated with the Company's self-funded health insurance benefits, 401(k) plan, payroll taxes, and unemployment compensation, increased $4.6 million, or 16%, compared to 2024. The increase reflects the continued expansion of the Company’s footprint, including the completion of the bank acquisitions, and higher performance driven incentive compensation.

The Company utilizes third parties for 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 $37.6 million in 2025, an increase of $1.0 million, or 3%, compared to 2024. The increase reflects higher transaction volume and growth in customers, including from bank acquisitions.

Total occupancy, furniture and equipment expenses in 2025 totaled $41.2 million, an increase of $3.6 million, or 10%, compared to 2024. The increases are largely due to growth in the branch network.

During 2025, marketing expenses totaled $11.4 million, an increase of $0.6 million, or 5%, compared to $10.8 million in 2024.

Legal and professional fees decreased by $1.1 million in 2025, or 11%, to $8.6 million. Changes between periods are largely associated with the timing of various projects.

FDIC assessments were $9.6 million in 2025, an increase of $1.1 million, or 14%, compared to $8.4 million in 2024.

Amortization of intangibles increased $2.9 million, or 12%, to $26.8 million during 2025 from $23.9 million in 2024 with the addition of $131.5 million in CDI assets from bank acquisitions. These assets will be amortized using an accelerated amortization method.

OREO expense and net (gain) loss on sale was a net gain of $0.1 million in 2025, compared to a net loss of $0.4 million in 2024.

Provision for credit losses on unfunded commitments was $1.3 million in 2025 and $1.0 million in 2024.

Merger and integration costs were $32.4 million in 2025. There were no merger and integration costs during 2024.

Other expense totaled $26.3 million in 2025, an increase of $2.0 million, or 8%, compared to $24.3 million in 2024.

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Income Taxes

In 2025, the provision for income taxes totaled $41.6 million, compared to $34.9 million in 2024, an increase of $6.8 million, or 19%. The increase reflects higher pre-tax income in 2025. The effective tax rate for 2025 was 22.3%, compared to 22.4% in 2024.

New federal tax legislation was signed into law on July 4, 2025, which includes a broad range of tax reform provisions, and extends or makes permanent various tax provisions that were originally enacted in the 2017 Tax Cuts and Jobs Act. While the new legislation was significant, it did not have a material impact on the consolidated financial statements as the primary impact was the continuation of tax provisions that were already reflected in the results.

Fourth Quarter Results and Analysis

Net income totaled $34.3 million in the fourth quarter of 2025, a decrease of $2.2 million, or 6%, from the third quarter of 2025, and an increase of $0.2 million, or 1%, compared to the fourth quarter of 2024. Adjusted net income1 totaled $47.7 million, an increase of $2.6 million, or 6%, from the third quarter of 2025, and an increase of $7.2 million, or 18%, compared to the fourth quarter of 2024. Diluted EPS was $0.31 and adjusted diluted EPS12was $0.44 in the fourth quarter of 2025, compared to diluted EPS of $0.42 and adjusted diluted EPS1 of $0.52 in the third quarter of 2025, and compared to diluted EPS of $0.40 and adjusted diluted EPS1 of $0.48 in the fourth quarter of 2024.

Net revenues, which are calculated as net interest income plus noninterest income, were $203.3 million in the fourth quarter of 2025, an increase of $46.0 million, or 29%, from the third quarter of 2025 and an increase of $70.4 million, or 53%, from the fourth quarter of 2024.

Net interest income totaled $174.6 million in the fourth quarter of 2025, an increase of $41.2 million, or 31%, from the third quarter of 2025, and an increase of $58.8 million, or 51%, compared to the fourth quarter of 2024. The increase was largely driven by growing loan and securities balances. Accretion on acquired loans was $10.6 million in the fourth quarter of 2025, $9.5 million in the third quarter of 2025, and $11.7 million in the fourth quarter of 2024. Securities income increased $20.7 million, or 58%, from the third quarter of 2025, primarily through the acquisition of VBI. Interest expense on deposits increased $6.9 million, or 16%, from the third quarter of 2025, and increased $2.6 million, or 5%, compared to the fourth quarter of 2024. The increase from the third quarter 2025 reflects higher average balances and the addition of VBI customers.

Net interest margin increased nine basis points to 3.66% in the fourth quarter of 2025 compared to 3.57% in the third quarter of 2025, and increased 27 basis points compared to 3.39% in the fourth quarter of 2024. Excluding the effects of accretion on acquired loans, net interest margin expanded 12 basis points to 3.44% in the fourth quarter of 2025 compared to 3.32% in the third quarter of 2025, and increased 39 basis points compared to 3.05% in the fourth quarter of 2024. Loan yields were 6.02%, an increase of six basis points from the third quarter of 2025, and an increase of nine basis points from the fourth quarter of 2024. Securities yields increased 21 basis points to 4.13%, compared to 3.92% in the third quarter of 2025 and increased 37 basis points compared to 3.77% in the fourth quarter of 2024. The cost of deposits declined 14 basis points to 1.67% in the fourth quarter of 2025 compared to 1.81% in the third quarter of 2025, and declined 41 basis points compared to 2.08% in the fourth quarter of 2024. The cost of funds declined 16 basis points in the fourth quarter of 2025 to 1.80% from the third quarter of 2025, and declined 37 basis points compared to the fourth quarter of 2024.

The provision for credit losses was $29.3 million in the fourth quarter of 2025, compared to $8.4 million in the third quarter of 2025, and $3.7 million in the fourth quarter of 2024. The increase in the fourth quarter of 2025 was largely the result of the acquisition of VBI, which resulted in a day-one loan loss provision of $22.7 million. Allowance coverage of 1.42% increased eight basis points compared to September 30, 2025, with higher coverage levels assigned to acquired VBI loans.

Noninterest income totaled $28.6 million for the fourth quarter of 2025, an increase of $4.8 million, or 20%, when compared to the third quarter of 2025, and an increase of $11.6 million, or 68%, compared to the fourth quarter of 2024. Results for the fourth quarter of 2024 included an $8.0 million loss on the repositioning of a portion of the AFS securities portfolio. Other changes included the following:

•Service charges on deposits totaled $6.5 million, an increase of $0.3 million, or 4%, from the prior quarter and an increase of $1.3 million, or 26%, from the prior year quarter, reflecting the closing of the VBI acquisition and continued onboarding of new relationships.

12Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP.

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•Wealth management income totaled $5.5 million, an increase of $1.0 million, or 21%, from the prior quarter and an increase of $1.5 million, or 38%, from the prior year quarter. Assets under management have grown 37% year over year. The wealth management division has continued to deliver significant growth, adding $549 million in new organic assets under management in 2025.

•Mortgage banking income totaled $3.1 million, an increase from $0.5 million in the prior quarter and from $0.3 million in the prior year quarter, reflecting the addition of mortgage banking activities from the VBI acquisition.

•BOLI income totaled $2.7 million, a decrease of $1.2 million, or 31%, from the prior quarter and an increase of $0.1 million, or 2%, from the prior year quarter. The third quarter of 2025 included death benefit payouts of $1.3 million.

•Other income totaled $7.1 million, an increase of $1.1 million, or 18%, compared to the prior quarter and a decrease of $3.3 million, or 32%, from the prior year quarter. The increase from the prior quarter primarily reflects higher gains on SBIC investments. The decrease from the prior year quarter primarily reflects lower gains on SBIC investments and loan sales.

Noninterest expenses for the fourth quarter of 2025 totaled $130.5 million, an increase of $28.6 million, or 28%, from the third quarter of 2025 and an increase of $45.0 million, or 53%, from the fourth quarter of 2024. Results in the fourth quarter of 2025 included:

•Salaries and wages totaled $53.9 million, an increase of $7.6 million, or 16%, compared to the prior quarter and an increase of $11.6 million, or 27%, from the prior year quarter. The increase from the prior quarter reflects the continued expansion of the footprint, including the acquisition of VBI, and higher performance driven incentive compensation.

•Employee benefits totaled $8.5 million, an increase of $1.1 million, or 15%, compared to the prior quarter and an increase of $1.9 million, or 30%, from the prior year quarter.

•Outsourced data processing costs totaled $11.3 million, an increase of $1.9 million, or 21%, from the prior quarter and an increase of $3.0 million, or 36%, from the prior year quarter. The increases reflect higher transaction volume and growth in customers, including from the acquisition of VBI.

•Occupancy costs totaled $9.3 million, an increase of $1.7 million, or 22%, compared to the prior quarter and an increase of $2.1 million, or 29%, from the prior year quarter, due to growth in the branch network.

•Legal and professional fees totaled $2.1 million, an increase of $0.4 million, or 26%, compared to the prior quarter and a decrease of $0.7 million, or 25%, from the prior year quarter. The increase is largely associated with the timing of various projects.

•Amortization of intangibles increased $4.4 million with the addition of $110.5 million in CDI assets from the VBI acquisition. These assets will be amortized using an accelerated amortization method over approximately 10 years.

•Provision for credit losses on unfunded commitments increased $0.7 million as a result of the acquisition of VBI.

•Other expense totaled $7.2 million, an increase of $1.3 million, or 22%, compared to the prior quarter and an increase of $1.2 million, or 20%, from the prior year quarter.

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Outlook

The following performance metrics summarize the Company's current outlook for financial performance for the full year 2026 and the fourth quarter of 2026. These reflect assumptions the Company believes to be reasonable at this time; however, actual results may differ materially due to the factors described under “Item 1A. Risk Factors” and “Forward‑Looking Statements.”

•Adjusted revenue (on an FTE basis) is expected to grow between 29% and 31%.

•Adjusted efficiency ratio of 53%-55%.

•Adjusted EPS-Diluted between $2.48 and $2.52.

•Adjusted ROA of 1.30% for the fourth quarter of 2026.

•Adjusted ROTE of 16.0% for the fourth quarter of 2026.

These are non-GAAP measures. See the "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. Reconciliations of these adjusted outlook measures to the most comparable GAAP measure are not provided due to the difficulty in projecting transactional items included in the metrics without unreasonable efforts. The historical period reconciliations of these non-GAAP measures are indicative of the reconciliations that will be provided for the periods reflected by this outlook.

Our 2026 Outlook reflects assumptions including: 25 basis point cuts in the Federal Funds rate in June and September 2026, the forward curve as of January 2026, a stable economic environment, and the benefit of the securities repositioning executed in January 2026. Adjusted ROTE includes convertible preferred stock and adjusted diluted EPS is calculated treating all preferred shares as common. See “Item 1A. Risk Factors” and “Forward-Looking Statements” for a discussion of potential risks and uncertainties that could materially affect our future performance.

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Table of Contents

Explanation of Certain Unaudited Non-GAAP Financial Measures

This report contains financial information determined by methods other than GAAP. The financial highlights provide reconciliations between GAAP and adjusted financial measures including net income, FTE net interest income, noninterest income, noninterest expense, tax adjustments, net interest margin and other financial ratios. Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance. The Company believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance and if not provided would be requested by the investor community. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might define or calculate these measures differently. The Company provides reconciliations between GAAP and these non-GAAP measures. These disclosures should not be considered an alternative to GAAP.

The following table provides reconciliations between GAAP and adjusted (non-GAAP) financial measures.

Quarters

Fourth

Third

Fourth

Full Year

(In thousands except per share data)

2025

2025

2024

2025

2024

Net income

$

34,260 

$

36,467 

$

34,085 

$

144,878 

$

120,986 

Total noninterest income

28,631 

23,818 

17,068 

99,150 

83,428 

Securities (gains) losses, net

(84)

841 

8,388 

522 

8,016 

   Total adjusted noninterest income

28,547 

24,659 

25,456 

99,672 

91,444 

Total noninterest expense

130,546 

101,987 

85,575 

414,860 

343,301 

Merger and integration costs

(18,142)

(10,808)

— 

(32,423)

— 

Business continuity expenses - hurricane events

— 

— 

(280)

— 

(280)

Branch reductions and other expense initiatives

— 

— 

— 

— 

(7,094)

Adjustments to noninterest expense

(18,142)

(10,808)

(280)

(32,423)

(7,374)

Adjusted noninterest expense

112,404 

91,179 

85,295 

382,437 

335,927 

Income taxes

9,192 

10,461 

9,513 

41,628 

34,854 

Tax effect of adjustments

4,577 

2,952 

2,197 

8,350 

3,900 

Adjusted income taxes

13,769 

13,413 

11,710 

49,978 

38,754 

Adjusted net income

47,741 

45,164 

40,556 

169,473 

132,476 

Earnings per common share-diluted, as reported

0.31 

0.42 

0.40 

1.57 

1.42 

Adjusted earnings per common share- diluted

0.44 

0.52 

0.48 

1.84 

1.56 

Adjusted earnings per common share-diluted, treating all preferred shares as common

$

0.44 

$

0.52 

$

0.48 

$

1.84 

$

1.56 

Average common shares-diluted

97,761 

87,425 

85,302 

89,106 

85,040 

Average preferred shares, treating all preferred shares as common

11,250 

— 

— 

2,836 

— 

Average common shares-diluted, treating all preferred shares as common

109,011 

87,425 

85,302 

91,941 

85,040 

Adjusted noninterest expense

$

112,404 

$

91,179 

$

85,295 

$

382,437 

$

335,927 

Provision for credit losses on unfunded commitments

(812)

(150)

(250)

(1,262)

(1,001)

OREO expense and net gain (loss) on sale

29 

346 

(84)

126 

(440)

Amortization of intangibles

(10,374)

(6,005)

(5,587)

(26,819)

(23,884)

Net adjusted noninterest expense

101,247 

85,370 

79,374 

354,482 

310,602 

Average tangible assets

$

19,976,896 

$

15,658,723 

$

14,397,331 

$

16,321,553 

$

14,117,813 

Net adjusted noninterest expense to average tangible assets

2.01 

%

2.16 

%

2.19 

%

2.17 

%

2.20 

%

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Table of Contents

Quarters

Fourth

Third

Fourth

Full Year

(In thousands except per share data)

2025

2025

2024

2025

2024

Net revenue

$

203,258 

$

157,286 

$

132,872 

$

652,626 

$

515,399 

Total adjustments to net revenue

(84)

841 

8,388 

522 

8,016 

Impact of FTE adjustment

1,617 

438 

311 

2,832 

1,074 

Adjusted net revenue on an FTE basis

$

204,791 

$

158,565 

$

141,571 

$

655,980 

$

524,489 

Adjusted efficiency ratio

54.50 

%

57.63 

%

60.01 

%

58.13 

%

63.77 

%

Net interest income

$

174,627 

$

133,468 

$

115,804 

$

553,476 

$

431,971 

Impact of FTE adjustment

1,617 

438 

311 

2,832 

1,074 

Net interest income including FTE adjustment

176,244 

133,906 

116,115 

556,308 

433,045 

Total noninterest income

28,631 

23,818 

17,068 

99,150 

83,428 

Total noninterest expense less provision for credit losses on unfunded commitments

129,734 

101,837 

85,325 

413,598 

342,300 

Pre-tax pre-provision earnings

75,141 

55,887 

47,858 

241,860 

174,173 

Total adjustments to noninterest income

(84)

841 

8,388 

522 

8,016 

Total adjustments to noninterest expense including OREO expense and net gain (loss) on sale

18,113 

10,462 

364 

32,297 

7,814 

Adjusted pre-tax pre-provision earnings

93,170 

67,190 

56,610 

274,679 

190,003 

Average assets

21,203,391 

16,486,017 

15,204,041 

17,235,459 

14,933,758 

Less average goodwill and intangible assets

(1,226,495)

(827,294)

(806,710)

(913,906)

(815,945)

Average tangible assets

$

19,976,896 

$

15,658,723 

$

14,397,331 

$

16,321,553 

$

14,117,813 

ROA

0.64 

%

0.88 

%

0.89 

%

0.84 

%

0.81 

%

Impact of other adjustments for adjusted net income

0.25 

0.21 

0.17 

0.14 

0.08 

Adjusted ROA

0.89 

1.09 

1.06 

0.98 

0.89 

ROE

4.99 

6.17 

6.16 

6.07 

5.62 

Impact of other adjustments for Adjusted Net Income

1.96 

1.47 

1.16 

1.03 

0.54 

Adjusted ROE

6.95 

%

7.64 

%

7.32 

%

7.10 

%

6.16 

%

Average shareholders’ equity

$

2,724,208 

$

2,345,233 

$

2,203,052 

$

2,385,449 

$

2,152,061 

Average convertible preferred stock

343,125 

— 

— 

86,487 

— 

Less average goodwill and intangible assets

(1,226,495)

(827,294)

(806,710)

(913,906)

(815,945)

Average tangible equity

$

1,840,838 

$

1,517,939 

$

1,396,342 

$

1,558,030 

$

1,336,116 

ROE

4.99 

%

6.17 

%

6.16 

%

6.07 

%

5.62 

%

Impact of adding convertible preferred stock and removing average intangible assets and related amortization

4.06 

4.53 

4.74 

4.51 

4.77 

ROTE

9.05 

10.70 

10.90 

10.58 

10.39 

Impact of other adjustments for adjusted net income

2.91 

2.28 

1.84 

1.58 

0.86 

Adjusted ROTE

11.96 

%

12.98 

%

12.74 

%

12.16 

%

11.25 

%

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Table of Contents

Quarters

Fourth

Third

Fourth

Full Year

(In thousands except per share data)

2025

2025

2024

2025

2024

Loan interest income1

$

187,910 

$

162,341 

$

152,303 

$

658,728 

$

598,411 

Accretion on acquired loans

(10,645)

(9,543)

(11,717)

(38,992)

(41,672)

Loan interest income excluding accretion on acquired loans1

$

177,265 

$

152,798 

$

140,586 

$

619,736 

$

556,739 

Yield on loans1

6.02 

%

5.96 

%

5.93 

%

5.97 

%

5.93 

%

Impact of accretion on acquired loans

(0.34)

(0.35)

(0.45)

(0.35)

(0.42)

Yield on loans excluding accretion on acquired loans1

5.68 

%

5.61 

%

5.48 

%

5.62 

%

5.51 

%

Net interest income1

$

176,244 

$

133,906 

$

116,115 

$

556,308 

$

433,045 

Accretion on acquired loans

(10,645)

(9,543)

(11,717)

(38,992)

(41,672)

Net interest income excluding accretion on acquired loans1

$

165,599 

$

124,363 

$

104,398 

$

517,316 

$

391,373 

Net interest margin1

3.66 

%

3.57 

%

3.39 

%

3.58 

%

3.24 

%

Impact of accretion on acquired loans

(0.22)

(0.25)

(0.34)

(0.26)

(0.31)

Net interest margin excluding accretion on acquired loans1

3.44 

%

3.32 

%

3.05 

%

3.33 

%

2.93 

%

Securities interest income1

$

57,852 

$

36,029 

$

26,986 

$

155,823 

$

99,620 

FTE adjustment to securities

(1,114)

(10)

(7)

(1,139)

(29)

Securities interest income excluding FTE adjustment1

56,738 

36,019 

26,979 

154,684 

99,591 

Loan interest income1

187,910 

162,341 

152,303 

658,728 

598,411 

FTE adjustment to loans

(503)

(428)

(304)

(1,693)

(1,045)

Loan interest income excluding FTE adjustment

187,407 

161,913 

151,999 

657,035 

597,366 

Net interest income1

176,243 

133,906 

116,115 

556,307 

433,045 

FTE adjustment to securities

(1,114)

(10)

(7)

(1,139)

(29)

FTE adjustment to loans

(503)

(428)

(304)

(1,693)

(1,045)

Net interest income excluding FTE adjustments

$

174,626 

$

133,468 

$

115,804 

$

553,475 

$

431,971 

1On an FTE basis. All yields and rates have been computed using amortized cost.

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Financial Condition

Total assets increased $5.7 billion, or 37%, year-over-year to $20.8 billion at December 31, 2025, largely the result of bank acquisitions in the second half of 2025, which added $5.3 billion in assets.

Securities

Information related to yields, maturities, carrying values and fair value of the Company’s securities is set forth in “Note 3 - Securities” of the Company’s consolidated financial statements.

At December 31, 2025, the Company had $5.2 billion in securities AFS, and $586.2 million in HTM securities. The Company's total debt securities portfolio increased $2.9 billion, or 101.0%, from December 31, 2024. Throughout the first half of 2025, the Company made strategic securities purchases to deploy liquidity in advance of the Heartland and VBI acquisitions.

During the year ended December 31, 2025, there were $2.3 billion of debt securities purchased and $0.6 million in paydowns and maturities. Debt securities with a fair value of $19.8 million were sold in 2025, resulting in $1.0 million in realized losses. The Heartland acquisition added $357.9 million in securities, with $245.7 million sold shortly after the acquisition close. The VBI acquisition added $2.5 billion in securities, with $1.5 billion sold shortly after the acquisition close. With the VBI acquisition resulting in higher capital and lower dilution than originally modeled, along with constructive market conditions, in January 2026, the Company repositioned a portion of its AFS securities portfolio. Securities with an average book yield of 1.9% were sold, resulting in a pre-tax loss of approximately $39.5 million impacting first quarter 2026 results. The proceeds of approximately $277 million were reinvested in primarily agency mortgage-backed securities with an average taxable equivalent book yield of 4.8%. During the year ended December 31, 2024, there were $993.9 million of debt securities purchased and $428.0 million in paydowns and maturities. Debt securities with a fair value of $217.0 million were sold in 2024, resulting in $12.0 million in realized losses.

Debt securities generally return principal and interest monthly. The modified duration of the AFS securities portfolio and the total portfolio was 5.1 and 5.2, respectively, at December 31, 2025, compared to 4.7 and 4.9, respectively, at December 31, 2024.

At December 31, 2025, AFS securities had gross unrealized losses of $150.4 million and gross unrealized gains of $48.7 million, compared to gross unrealized losses of $211.3 million and gross unrealized gains of $3.5 million at December 31, 2024.

The credit quality of the Company’s securities holdings is primarily investment grade. U.S. Treasury securities, obligations of U.S. government agencies, and obligations of U.S. government sponsored entities totaled $4.6 billion, or 80%, of the total portfolio at December 31, 2025.

The portfolio includes $131.8 million, with a fair value of $127.4 million, in private label residential mortgage-backed securities and collateralized mortgage obligations with weighted-average credit support of 16%. The collateral underlying these mortgage investments includes both fixed-rate and adjustable-rate residential mortgage loans.

The Company also has invested $423.9 million in floating rate CLOs. CLOs are special purpose vehicles that purchase first lien broadly syndicated corporate loans while providing support to senior tranche investors. As of December 31, 2025, all of the Company's CLOs were in AAA/AA tranches with weighted-average credit support of 38%. The Company utilizes credit models with assumptions of loan level defaults, recoveries, and prepayments to evaluate each security for potential credit losses. The result of this analysis did not indicate expected credit losses.

HTM securities consist solely of mortgage-backed securities and collateralized mortgage obligations guaranteed by U.S. government-sponsored entities, each of which is expected to recover any price depreciation over its holding period as the debt securities move to maturity. 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 December 31, 2025, 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 December 31, 2025, no ACL has been recorded.

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The maturity distribution of AFS securities is detailed in the following table.

December 31, 2025

(In thousands)

Less than 1 Year

After 1-5

Years

After 5-10

Years

After 10

Years

Total

Amortized Cost

U.S. Treasury securities and obligations of U.S. government agencies

$

6,086

$

9,388

$

30,102

$

9,255

$

54,831

Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities

244

486

6,044

3,674,725

3,681,499

Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities

36,344

90,112

196,859

71,850

395,165

Private mortgage-backed securities and collateralized mortgage obligations

—

—

6,041

125,805

131,846

CLO

—

12,902

47,570

363,392

423,864

Obligations of state and political subdivisions

1,485

500

6,305

328,127

336,417

Other debt securities

10,072

98,449

117,070

17,081

242,672

Total AFS Debt Securities

$

54,231

$

211,837

$

409,991

$

4,590,235

$

5,266,294

Fair Value

U.S. Treasury securities and obligations of U.S. government agencies

$

6,099

$

9,424

$

30,335

$

8,887

$

54,745

Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities

244

483

6,086

3,580,686

3,587,499

Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities

36,154

89,318

197,266

71,135

393,873

Private mortgage-backed securities and collateralized mortgage obligations

—

—

6,058

121,339

127,397

CLO

—

12,940

47,615

363,433

423,988

Obligations of state and political subdivisions

1,485

463

5,266

327,334

334,548

Other debt securities

10,078

98,525

116,655

17,259

242,517

Total AFS Debt Securities

$

54,060

$

211,153

$

409,281

$

4,490,073

$

5,164,567

Weighted Average Yield1

U.S. Treasury securities and obligations of U.S. government agencies

4.23

%

4.65

%

4.87

%

5.05

%

4.79

%

Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities

3.95

3.94

4.28

4.34

4.34

Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities

3.43

3.92

4.14

5.40

4.33

Private mortgage-backed securities and collateralized mortgage obligations

—

—

7.21

3.14

3.32

CLO

—

5.65

5.60

3.27

3.60

Obligations of state and political subdivisions

2.95

1.55

2.01

4.26

4.21

Other debt securities

3.99

4.43

5.32

5.99

4.52

Total AFS Debt Securities

3.61

%

4.29

%

4.71

%

4.24

%

4.28

%

1All yields and rates have been computed using amortized costs.

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Table of Contents

The following table details the maturity distribution of HTM securities.

December 31, 2025

(In thousands)

Less than 1 Year

After 1-5

Years

After 5-10

Years

After 10

Years

Total

Amortized Cost

Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities

$

— 

$

— 

$

—

$

498,931

$

498,931

Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities

— 

65,909 

21,338

—

87,247

Total HTM Debt Securities

$

— 

$

65,909 

$

21,338

$

498,931

$

586,178

Fair Value

Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities

$

— 

$

— 

$

—

$

408,235

$

408,235

Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities

— 

62,818 

18,507

—

81,325

Total HTM Debt Securities

$

— 

$

62,818 

$

18,507

$

408,235

$

489,560

Weighted Average Yield1

Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities

—

%

—

%

—

%

1.85

%

1.85

%

Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities

—

2.40

1.86

—

2.27

Total HTM Debt Securities

—

%

2.40

%

1.86

%

1.85

%

1.91

%

1All yields and rates have been computed using amortized costs.

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Table of Contents

Loan Portfolio

Loans, net of unearned income and excluding the ACL, were $12.6 billion at December 31, 2025, an increase of $2.3 billion, or 22.6%, from December 31, 2024. In 2025, the Company acquired $157.0 million and $1.3 billion in loans from Heartland and VBI, respectively. The Company also grew loans through new originations, reporting 9% organic growth in 2025.

The Company remains committed to sound risk management procedures. 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 $435 thousand, and the average commercial loan size is $942 thousand at December 31, 2025, 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 December 31, 2025 and 2024 for portfolio loans, PCD loans, and loans purchased which are not considered credit deteriorated (“Non-PCD”) as defined in “Note 4 - Loans.”

December 31, 2025

(In thousands)

Portfolio Loans

Acquired

Non-PCD Loans

PCD Loans

Total

% to Total Loans

Construction and land development

$

579,141 

$

141,326 

$

3,463 

$

723,930 

6 

%

CRE - owner occupied

1,505,798 

509,118 

28,709 

2,043,625 

16 

%

CRE - non-owner occupied

2,911,189 

1,193,351 

150,452 

4,254,992 

34 

%

Residential real estate

2,101,868 

963,836 

33,155 

3,098,859 

25 

%

Commercial and financial

1,828,038 

476,130 

16,821 

2,320,989 

18 

%

Consumer

141,768 

43,321 

500 

185,589 

1 

%

Totals

$

9,067,802 

$

3,327,082 

$

233,100 

$

12,627,984 

100 

%

December 31, 2024

(In thousands)

Portfolio Loans

Acquired

Non-PCD Loans

PCD Loans

Total

% to Total Loans

Construction and land development

$

568,148 

$

79,370 

$

535 

$

648,053 

6 

%

CRE - owner occupied

1,177,538 

477,459 

31,632 

1,686,629 

16 

%

CRE - non-owner occupied

2,243,056 

1,156,849 

103,903 

3,503,808 

34 

%

Residential real estate

1,882,955 

719,589 

14,241 

2,616,785 

26 

%

Commercial and financial

1,424,689 

199,146 

27,519 

1,651,354 

16 

%

Consumer

155,786 

37,282 

253 

193,321 

2 

%

Totals

$

7,452,172 

$

2,669,695 

$

178,083 

$

10,299,950 

100 

%

The amortized cost basis of loans at December 31, 2025, and 2024 included net deferred costs of $46.3 million and $43.9 million, respectively. At December 31, 2025, the remaining fair value adjustments on acquired loans were $150.0 million, or 4.0% of the outstanding acquired loan balances, compared to $128.1 million, or 4.3% of the acquired loan balances at December 31, 2024. 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 $75.9 million, or 11.7%, totaling $723.9 million at December 31, 2025, compared to December 31, 2024. 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. In 2025, the Company acquired $7.6 million and $102.1 million in Construction and land development loans from Heartland and VBI, respectively.

CRE owner occupied loans totaled $2.0 billion at December 31, 2025, an increase of $357.0 million, or 21% compared to December 31, 2024. CRE owner occupied loans are extended to commercial customers for the purpose of acquiring or

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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. In 2025, the Company acquired $31.5 million and $93.3 million in CRE owner occupied loans from Heartland and VBI, respectively.

CRE non-owner occupied loans increased $751.2 million, or 21%, totaling $4.3 billion at December 31, 2025, compared to December 31, 2024. 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 December 31, 2025, with an average loan size of $2.6 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 $825.1 million at December 31, 2025, with an average loan size of $3.0 million, reflecting continued demand for logistics, distribution, and manufacturing space. The next largest segment in the non-owner occupied CRE portfolio is multi-family residential properties, which totaled $551.6 million at December 31, 2025, with an average loan size of $3.1 million. This segment consists primarily of stabilized, income-producing apartment properties. Other non-owner occupied CRE include $535.6 million collateralized by office properties, $326.7 million collateralized by hotels or motels, and $651.8 million collateralized by other property types, including restaurants, schools and recreation centers. In 2025, the Company acquired $40.2 million and $361.7 million in CRE non-owner occupied loans from Heartland and VBI, respectively.

Residential real estate loans increased $482.1 million, or 18%, year-over-year to $3.1 billion as of December 31, 2025. Included in the balance as of December 31, 2025 were $1.3 billion of fixed rate mortgages, $1.1 billion of ARMs, and $743.2 million in home equity loans and HELOCs, compared to $1.0 billion, $970.2 million, and $614.7 million, respectively, at December 31, 2024. 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 35% of the loans being in first lien position at December 31, 2025, compared to an average LTV of 64% with 31% of the portfolio being in the first lien position at December 31, 2024. In 2025, the Company acquired $53.0 million and $365.9 million in Residential real estate loans from Heartland and VBI, respectively.

Commercial and financial loans increased year-over-year by $669.6 million, or 41%, totaling $2.3 billion at December 31, 2025. 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. The Company continues to exercise a disciplined approach to lending and is benefiting from the investments made in recent years to attract talent from large regional banks across its markets. This talent is onboarding significant new relationships, resulting in increased loan production. In 2025, the Company acquired $21.1 million and $335.8 million in Commercial and financial loans from Heartland and VBI, respectively.

The Company also provides consumer loans, which include installment loans, auto loans, marine loans, and other consumer loans, which decreased $7.7 million, or 4%, year-over-year to a total of $185.6 million at December 31, 2025, compared to December 31, 2024.

In 2026, the Company expects continued organic loan growth at a rate in the high single digits. Commercial production has continued to grow with the addition of talented bankers in recent years and the expansion of the brand into new markets. In addition, residential mortgage capabilities and opportunities through the acquisition of VBI create flexibility in adding both saleable and portfolio production. The Company's low loan-to-deposit ratio provides significant capacity for growth, while maintaining its disciplined credit strategy.

At December 31, 2025, the Company had unfunded commitments to extend credit of $3.5 billion, compared to $2.9 billion at December 31, 2024 (see “Note 15 - Contingent Liabilities and Commitments with Off-Balance Sheet Risk” to the Company’s consolidated financial statements).

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Table of Contents

The following table presents loans by maturity, separately presenting fixed rate loans from those with floating or adjustable rates.

December 31, 2025

After one year but within five years:

After five years but within fifteen years:

After fifteen years:

(In thousands)

In one year or less

Floating or adjustable

Fixed

Floating or adjustable

Fixed

Floating or adjustable

Fixed

Total

Construction and Land Development

$

139,184 

$

256,961 

$

29,635 

$

112,219 

$

30,047 

$

144,422 

$

11,462 

$

723,930 

CRE - Owner Occupied

135,936 

214,617 

651,925 

304,456 

602,151 

127,489 

7,051 

2,043,625 

CRE - Non-owner Occupied

496,971 

1,284,565 

1,166,911 

667,195 

333,628 

300,615 

5,107 

4,254,992 

Residential Real Estate

57,839 

36,023 

17,848 

434,713 

155,487 

1,215,311 

1,181,638 

3,098,859 

Commercial and Financial

363,611 

394,253 

585,706 

256,883 

320,291 

136,173 

264,072 

2,320,989 

Consumer

9,324 

45,658 

28,505 

30,950 

36,304 

13,538 

21,310 

185,589 

Total

$

1,202,865 

$

2,232,077 

$

2,480,530 

$

1,806,416 

$

1,477,908 

$

1,937,548 

$

1,490,640 

$

12,627,984 

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 $3.5 billion, representing 28% of the total portfolio at December 31, 2025, compared to $2.7 billion, or 26%, at December 31, 2024. The Company’s ten largest commercial and CRE funded and unfunded relationships at December 31, 2025 aggregated to $607.4 million, of which $518.4 million was funded, compared to $547.5 million at December 31, 2024, of which $433.0 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 34% and 227%, respectively, at December 31, 2025, compared to 38% and 237% as of December 31, 2024. Regulatory guidance suggests limits of 100% and 300%, respectively. On a consolidated basis, construction and land development and CRE loans represent 32% and 216%, respectively, of total consolidated risk-based capital as of December 31, 2025, compared to 36% and 224%, respectively, at December 31, 2024. To determine these ratios, the Company defines CRE in accordance with 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. Loans on owner-occupied CRE are generally excluded. In addition, the Company is subject to a geographic concentration of credit because it primarily operates in Florida.

Nonperforming Loans, TBMs, OREO, and Credit Quality

NPAs at December 31, 2025 totaled $76.3 million, a decrease of $22.6 million, or 23%, compared to 2024, and were comprised of $72.0 million of nonaccrual loans, and $4.3 million of OREO, including $3.4 million of branches taken out of service. As of December 31, 2024, NPAs included nonaccrual loans of $92.4 million and OREO of $6.4 million including $5.5 million of branches taken out of service. Approximately 81% of nonaccrual loans were secured with real estate at December 31, 2025, compared to 69% at December 31, 2024. Nonperforming loans to total loans outstanding at December 31, 2025 decreased to 0.57% from 0.90% at December 31, 2024. NPAs to total assets at December 31, 2025 decreased to 0.37% from 0.65% at December 31, 2024. A significant portion of nonaccrual loans have collateral values well in excess of balances outstanding, and therefore, no loss is expected.

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The tables below set forth details related to nonaccrual loans.

December 31, 2025

(In thousands)

Nonaccrual Loans With No Related Allowance

Nonaccrual Loans With an Allowance

Total Nonaccrual Loans

Construction & land development

$

4,207 

$

1,812 

$

6,019 

CRE - owner occupied

15,546 

5,120 

20,666 

CRE - non-owner occupied

18,202 

1,173 

19,375 

Residential real estate

1,448 

10,654 

12,102 

Commercial and financial

3,842 

7,209 

11,051 

Consumer

— 

2,788 

2,788 

Total loans

$

43,245 

$

28,756 

$

72,001 

December 31, 2024

(In thousands)

Nonaccrual Loans With No Related Allowance

Nonaccrual Loans With an Allowance

Total Nonaccrual Loans

Construction & land development

$

492 

$

660 

$

1,152 

CRE - owner occupied

2,622 

6,118 

8,740 

CRE - non-owner occupied

29,449 

433 

29,882 

Residential real estate

6,462 

17,432 

23,894 

Commercial and financial

2,703 

17,806 

20,509 

Consumer

2,416 

5,853 

8,269 

Total loans

$

44,144 

$

48,302 

$

92,446 

In accordance with regulatory reporting requirements, loans are placed on nonaccrual following the Retail Classification of Loan interagency guidance. The accrual of interest is generally discontinued on loans that become 90 days past due as to principal or interest unless collection of both principal and interest is assured by way of collateralization, guarantees or other security. Consumer loans that become 120 days past due are generally charged off. The loan carrying value is analyzed and any changes are appropriately made quarterly, as described above.

In certain circumstances, the Company provides modifications of loans to borrowers experiencing financial difficulty, which the Company refers to as TBMs. As of December 31, 2025 and December 31, 2024, the Company had TBM loans with an amortized cost of $15.4 million and $11.6 million, respectively. Loans that were modified as TBMs during the twelve months ended December 31, 2025 are included in “Note 4 - Loans”.

December 31,

2025

2024

Ratio of total NPAs to loans outstanding and OREO at end of period

0.60 

%

0.96 

%

Ratio of total nonaccrual loans to loans outstanding at end of period

0.57 

0.90 

Ratio of ACL on loans to total nonaccrual loans

248 

%

149 

%

The Company recognized interest income of $4.0 million and $1.3 million on nonaccrual loans during the years ended December 31, 2025 and 2024, respectively.

ACL on Loans

Management establishes the allowance using relevant available information from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The forecasts of future economic conditions are over a period that has been deemed reasonable and supportable, and in segments where it can no longer develop reasonable and

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supportable forecasts, the Company reverts to longer-term historical loss experience to estimate losses over the remaining life of the loans. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments.

Net charge-offs for 2025 were $13.6 million, or 0.12% of average loans, compared to $27.1 million, or 0.27%, for 2024. The ratio of allowance to total loans increased to 1.42% at December 31, 2025 from 1.34% at December 31, 2024, with the increase attributed to higher coverage on acquired VBI loans.

Activity in the ACL is summarized as follows: 

For the Year Ended December 31, 2025

(In thousands)

Beginning

Balance

Allowance on PCD Loans Acquired During the Period

Provision

for Credit

Losses

Charge-

Offs

Recoveries

Ending

Balance

% of Total Allowance

Construction and land development

$

7,252 

$

46 

$

2,583 

$

(156)

$

15 

$

9,740 

6 

%

CRE - owner occupied

11,825 

190 

5,137 

(728)

104 

16,528 

9 

CRE - non-owner occupied

43,866 

1,477 

8,727 

(420)

2,493 

56,143 

31 

Residential real estate

39,168 

743 

11,583 

(410)

213 

51,297 

29 

Commercial and financial

27,533 

639 

22,639 

(15,521)

2,653 

37,943 

21 

Consumer

8,411 

37 

591 

(2,787)

900 

7,152 

4 

Total

$

138,055 

$

3,132 

$

51,260 

$

(20,022)

$

6,378 

$

178,803 

100 

%

For the Year Ended December 31, 2024

(In thousands)

Beginning

Balance

Provision

for Credit

Losses

Charge-

Offs

Recoveries

Ending

Balance

% of Total Allowance

Construction and land development

$

8,637 

$

(1,404)

$

(1)

$

20 

$

7,252 

5 

%

CRE - owner occupied

5,529 

6,629 

(341)

8 

11,825 

9 

CRE - non-owner occupied

48,288 

(3,096)

(1,485)

159 

43,866 

32 

Residential real estate

39,016 

(150)

(134)

436 

39,168 

28 

Commercial and financial

34,343 

7,789 

(17,616)

3,017 

27,533 

20 

Consumer

13,118 

6,490 

(12,288)

1,091 

8,411 

6 

Totals

$

148,931 

$

16,258 

$

(31,865)

$

4,731 

$

138,055 

100 

%

For the Year Ended December 31,

(In thousands, except percentages)

2025

2024

2023

Daily average loans outstanding1

$

11,035,340

$

10,096,189

$

9,889,070

Ratio of ACL on loans to loans outstanding at end of year

1.42 

%

1.34 

%

1.48 

%

Ratio of net charge-offs (recoveries) to average loans outstanding

Construction and land development

— 

%

— 

%

— 

%

CRE - owner occupied

0.01 

— 

— 

CRE - non-owner occupied

(0.02)

0.02 

— 

Residential real estate

— 

— 

— 

Commercial and financial

0.11 

0.14 

0.17 

Consumer

0.02 

0.11 

0.05 

Total ratio of net charge-offs to average loans outstanding

0.12 

%

0.27 

%

0.22 

%

1 Net of unearned income.

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Cash and Cash Equivalents, Liquidity Risk Management, and Contractual Commitments

Liquidity risk involves the risk of being unable to fund assets with the appropriate duration and rate-based liability, as well as the risk of not being able to meet unexpected cash needs. Liquidity planning and management are necessary to ensure the ability to fund operations cost effectively and to meet current and future potential obligations such as loan commitments and unexpected deposit outflows.

Funding sources primarily include customer-based deposits, collateral-backed borrowings, brokered deposits, cash flows from operations, cash flows from the loan and investment portfolios and asset sales, primarily secondary marketing for residential real estate mortgages. 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 $388.5 million at December 31, 2025, compared to $476.6 million at December 31, 2024.

In addition to $388.5 million in cash and cash equivalents at December 31, 2025, the Company had $7.6 billion in available borrowing capacity, including $3.4 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 December 31, 2025 totaled $120.9 million compared to $293.6 million at December 31, 2024.

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. Total uninsured deposits were estimated to be $6.0 billion at December 31, 2025, representing 37% of overall deposit accounts. 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 31% of total deposits. The Company has liquidity sources as discussed below, including cash and lines of credit with the FRB and FHLB, that represent 132% of uninsured deposits, and 157% of uninsured and uncollateralized deposits.

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 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 2025, Seacoast Bank distributed $332.2 million to the Company and, at December 31, 2025, is eligible to distribute dividends to the Company of approximately $72.7 million without prior regulatory approval. At December 31, 2025, the Company had cash and cash equivalents at the parent of $98.1 million, compared to $95.8 million at December 31, 2024.

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The following table presents contractual obligations by remaining maturity. All deposits presented in the table with indeterminate maturities such as interest-bearing and noninterest-bearing demand deposits, savings accounts and money market accounts are presented as having a maturity of one year or less. The Company considers these low cost deposits to be its largest, most stable funding source, despite having no contracted maturity.

December 31, 2025

One Year

Over One

Year Through

Over Three

Years Through

Over Five

(In thousands)

Total

or Less

Three Years

Five Years

Years

Deposits

$

16,256,343 

$

16,230,299 

$

19,820 

$

6,122 

$

102 

Securities sold under agreements to repurchase

389,003 

389,003 

— 

— 

— 

FHLB borrowings1

835,000 

600,000 

215,000 

20,000 

— 

Long-term debt

112,761 

— 

— 

— 

112,761 

Operating leases

67,884 

12,712 

22,172 

15,210 

17,790 

Total

$

17,660,991 

$

17,232,014 

$

256,992 

$

41,332 

$

130,653 

1Includes $495.0 million of callable advance structures which, as of December 31, 2025, are callable at three month intervals and have maturities of up to five years.

Deposits and Borrowings

The following table details the Company's customer relationship funding as of:

December 31,

(In thousands)

2025

2024

Noninterest demand

$

3,897,985 

$

3,352,372 

Interest-bearing demand

3,993,225 

2,667,843 

Money market

5,141,519 

4,086,362 

Savings

974,694 

519,977 

Time deposits

2,128,055 

1,371,522 

Brokered time certificates

120,865 

244,351 

Total deposits

$

16,256,343 

$

12,242,427 

Securities sold under agreements to repurchase

389,003 

232,071 

Total customer funding1

$

16,524,481 

$

12,180,860 

1Total deposits and securities sold under agreements to repurchase, excluding brokered deposits. Securities sold under agreements to repurchase consists of customer sweep accounts.

The Company benefits from a diverse and granular deposit base that serves as a significant source of strength. Total deposits increased $4.0 billion, or 33%, to $16.3 billion at December 31, 2025 compared to December 31, 2024. This increase includes $4.2 billion in deposits from the Heartland and VBI acquisitions in the second half of 2025, partially offset by declines of $123 million in brokered deposits. Based on current assumptions, in 2026 we expect organic deposit growth in the low to mid single digits.

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Time deposits over $250,000 were $674.6 million and $549.9 million at December 31, 2025 and December 31, 2024, respectively. The following table details the remaining maturities of time deposits greater than $250,000 at December 31, 2025 and December 31, 2024:

December 31,

% of

December 31,

% of

(In thousands, except percentages)

2025

Total

2024

Total

Certificates of Deposit Greater Than $250,000

Maturity Group:

Three months or less

$

400,315 

59%

$

279,868 

51%

Over three through six months

152,788 

23

139,766 

25

Over six through 12 months

116,309 

17

125,895 

23

Over 12 months

5,141 

1

4,405 

1

Total Certificates of Deposit Greater Than $250,000

$

674,553 

100%

$

549,934 

100%

Customer repurchase agreements totaled $389.0 million at December 31, 2025, increasing $156.9 million, or 68%, from December 31, 2024, which is primarily a result of the VBI acquisition. Repurchase agreements are offered by Seacoast to select customers who wish to sweep excess balances on a daily basis for investment purposes.

At December 31, 2025 and December 31, 2024, long-term debt included $72.8 million and $72.5 million, respectively, related to trust preferred securities issued by trusts organized or acquired by the Company. At December 31, 2025, the average interest rate in effect on our outstanding subordinated debt related to trust preferred securities was 5.77%, compared to 6.34% at December 31, 2024. The acquired junior subordinated debentures were recorded at fair value, which collectively was $2.5 million lower than face value at December 31, 2025. This amount is being amortized into interest expense over the acquired subordinated debts' remaining term to maturity. All trust preferred securities are guaranteed by the Company on a junior subordinated basis.

Under Basel III and FRB rules, qualified trust preferred securities and other restricted capital elements can be included as Tier 1 capital, within limitations. The Company believes that its trust preferred securities qualify under these capital rules.

In 2022, the Company acquired $12.3 million in senior notes through a bank acquisition, which bore interest at a fixed rate of 5.50%. On October 30, 2025, this debt was fully redeemed, and the remaining $0.2 million unamortized premium was recorded as an adjustment to Interest Expense.

In 2023, the Company acquired $25.0 million in subordinated debt through a bank acquisition that qualifies as Tier 2 Capital. Contractual interest is paid on a semiannual basis at a fixed interest rate of 3.375% until January 30, 2027, at which point the rate converts to a 3-month SOFR rate plus 203 basis points paid quarterly until maturity in 2032. The debt was recorded at fair value, resulting in a $3.9 million discount that is being accreted into interest expense over the remaining term to maturity.

In 2025, the Company assumed a $17.8 million financing obligation recorded at fair value, through the acquisition of VBI, related to branch properties. The $8.3 million premium is amortized over the 20‑year term using an effective interest rate of approximately 6.20%, with the resulting accretion recognized within Interest Expense.

FHLB advances totaled $835.0 million at December 31, 2025 with a weighted-average interest rate of 3.82%, compared to advances outstanding of $245.0 million at December 31, 2024 with a weighted-average interest rate of 4.19%. The Company utilized short-term fixed-rate advances to fund securities purchases in 2025. FHLB advances provide a flexible and collateralized source of wholesale funding.

See “Note 9 - Borrowings” to the Company's consolidated financial statements for more detailed information pertaining to borrowings.

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Table of Contents

Off-Balance Sheet Transactions

In the normal course of business, the Company may engage in a variety of financial transactions that, under GAAP, either are not recorded on the balance sheet or are recorded on the balance sheet in amounts that differ from the full contract or notional amounts. These transactions involve varying elements of market, credit and liquidity risk.

Lending commitments include unfunded loan commitments and standby and commercial letters of credit. For loan commitments, the contractual amount of a commitment represents the maximum potential credit risk that could result if the entire commitment had been funded, the borrower had not performed according to the terms of the contract, and no collateral had been provided. A large majority of loan commitments and standby letters of credit expire without being funded, and accordingly, total contractual amounts are not representative of actual future credit exposure or liquidity requirements. Loan commitments and letters of credit expose the Company to credit risk in the event that the customer draws on the commitment and subsequently fails to perform under the terms of the lending agreement.

For commercial customers, loan commitments generally take the form of revolving credit arrangements. For retail customers, loan commitments generally are lines of credit secured by residential property. 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 December 31, 2025, and $2.9 billion at December 31, 2024 (see “Note 15 - Contingent Liabilities and Commitments with Off-Balance Sheet Risk” to the Company’s consolidated financial statements).

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. A summary of the most restrictive items follows:

Seacoast Bank may be required to maintain reserve balances with the FRB. There was no reserve requirement at December 31, 2025 or December 31, 2024.

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 December 31, 2025, the maximum amount available for transfer from Seacoast Bank to the Company in the form of loans approximated $280.6 million if the Company has sufficient acceptable collateral. There were no loans made to affiliates during the periods ending December 31, 2025 and 2024.

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Table of Contents

Presentation of Common and Preferred Shares

In the acquisition of VBI on October 1, 2025, Seacoast issued to VBI shareholders a combination of cash, SBCF common shares, and SBCF Series A non-voting convertible preferred shares. Each 1/1,000th preferred share is convertible to one common share on the date a holder of preferred stock transfers such share of preferred stock to a non-affiliate of the holder. The tables below present additional performance measures to include the treatment of preferred shares as common. The Company believes a calculation presenting all convertible preferred shares as common provides useful supplemental information to the presentation of common share measures, as the Company anticipates they will be converted to common shares in the future.

Shares issued to VBI shareholders:

October 1, 2025

SBCF common shares

9,923,263 

SBCF convertible preferred shares

11,250 

SBCF common shares upon conversion of convertible preferred shares

11,250,000 

Outstanding shares at December 31, 2025 treating all convertible preferred shares as common were as follows:

December 31, 2025

Common shares

97,927,843 

Convertible preferred shares

11,250 

Total common shares outstanding, treating all convertible preferred shares as common

109,177,843 

Average common shares outstanding treating all convertible preferred shares as common were as follows:

Fourth Quarter

2025

Full Year

2025

Average common shares - basic

96,816,460 

88,275,748 

Dilutive effect of employee restricted stock and stock options

944,688 

829,953 

Average common shares - diluted

97,761,148 

89,105,701 

Additional common shares, treating all convertible preferred shares as common

11,250,000 

2,835,616 

Average common shares - diluted, treating all convertible preferred shares

as common

109,011,148 

91,941,317 

Performance measures treating all convertible preferred shares as common were as follows:

(In thousands, except per share data)

Fourth Quarter

 2025

Full Year

2025

Net Income

$

34,260 

$

144,878 

Less preferred stock dividends

(2,138)

(2,138)

Net income available to common shareholders

32,122 

142,740 

Less allocation of earnings to preferred stock

(1,429)

(2,434)

Net income available to common shareholders after allocation of earnings

to preferred stock

$

30,693 

$

140,306 

Net income available to common shareholders after allocation of earnings

to preferred stock

$

30,693 

$

140,306 

Average common shares - diluted

97,761 

89,106 

Earnings per common share - diluted

$

0.31 

$

1.57 

Net Income

$

34,260 

$

144,878 

Average common shares - diluted, treating all convertible preferred shares

as common

109,011 

91,941 

Earnings per common share - diluted, treating all convertible preferred shares

as common1

$

0.31 

$

1.58 

1Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP.

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Capital Resources and Management

The Company's equity capital at December 31, 2025 increased $529.4 million, or 24%, from December 31, 2024, to $2.7 billion. Changes in equity included increases from net income of $144.9 million, the issuance of $357.2 million in common stock in conjunction with bank acquisitions, and an increase in AOCI of $80.7 million primarily related to changes in value of AFS securities, partially offset by the issuance of cash dividends on common and preferred stock totaling $67.7 million.

In conjunction with a bank acquisition, the Company issued non-voting convertible preferred stock, and each 1/1,000th of a share of preferred stock is convertible into one share of Seacoast common stock, subject to certain restrictions. Holders of preferred stock are entitled to receive ratable dividends when dividends are concurrently declared and payable on the shares of Seacoast common stock. See "Note 17 - Business Combinations," for further detail. The convertible preferred stock at December 31, 2025 totaled $343.1 million.

Activity in shareholders’ equity for the years ended December 31, 2025 and December 31, 2024 were as follows: 

For the Year Ended December 31,

(In thousands)

2025

2024

Balance at beginning of period

$

2,183,243 

$

2,108,086 

Net income

144,878 

120,986 

Stock-based compensation expense

15,742 

13,744 

Common stock transactions related to stock-based employee benefit plans

(1,353)

945 

Issuance of common stock pursuant to acquisitions

357,207 

— 

Repurchase of common stock

— 

(880)

Dividends on common stock ($0.73 per share and $0.72 per share, respectively)

(65,589)

(61,649)

Dividends on preferred stock ($0.19 per share)

(2,138)

— 

Change in AOCI

80,672 

2,011 

Balance at end of period

$

2,712,662 

$

2,183,243 

At December 31, 2025, capital ratios for Seacoast and Seacoast Bank are well above regulatory requirements for well-capitalized institutions. Management’s use of risk-based capital ratios in its analysis of the Company’s capital adequacy are not GAAP financial measures. Seacoast’s management uses these measures to assess the quality of capital and believes that investors may find it useful in their analysis of the Company. 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 13 - Regulatory Capital”).

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Table of Contents

The following tables show the components of regulatory capital to calculate regulatory capital ratios.

December 31,

(In thousands)

2025

2024

Common stock

$

9,873

$

8,628

Additional paid-in capital

2,197,549

1,824,935

Retained earnings

603,793

526,642

Treasury stock

(21,358)

(19,095)

Less: Goodwill

(1,034,735)

(732,417)

Less: Intangibles

(195,704)

(71,723)

Other1

72,018

24,355

CET1 capital

$

1,631,436

$

1,561,325

Convertible preferred stock

343,125

—

Qualifying trust preferred debt

72,769

72,488

Other

4

6

Tier 1 capital

$

2,047,334

$

1,633,819

ACL on loans1, as limited

176,795

129,465

Qualifying subordinated debt

22,392

21,963

Tier 2 capital

199,187

151,428

Total capital

$

2,246,521

$

1,785,247

Risk-weighted assets

$

14,138,491

$

11,032,279

1Upon adoption of the CECL accounting standard in 2020, the Company elected, in accordance with interagency guidance, to delay the estimated impact on regulatory capital resulting from the implementation of CECL. The transition period was completed during 2025 and no adjustments were made. As of December 31, 2024, the adjustment to Tier 1 Capital and Tier 2 Capital was $6.2 million and $7.5 million, respectively.

For the Year Ended December 31,

Minimum Regulatory

Minimum to be

Well-Capitalized

2025

2024

Seacoast (Consolidated)

Total Risk-Based Capital Ratio1

15.89%

16.18%

8.00%

10.00%

Tier 1 Capital Ratio1

14.48

14.81

6.00

6.00

CET1 Ratio1

11.54

14.15

4.50

N/A

Leverage Ratio

10.16

11.19

4.00

N/A

Seacoast Bank

Total Risk-Based Capital Ratio1

15.07

15.30

8.00

10.00

Tier 1 Capital Ratio1

13.82

14.13

6.00

8.00

CET1 Ratio1

13.82

14.13

4.50

6.50

Leverage Ratio

9.69

10.66

4.00%

5.00%

1Regulatory minimum ratios excludes the Basel III capital conservation buffer of 2.5% which, if not exceeded, may constrain dividends, equity repurchases and compensation.

The Company’s total risk-based capital ratio was 15.89% at December 31, 2025, a decrease from 16.18% at December 31, 2024. As of December 31, 2025, the Bank’s leverage ratio (Tier 1 capital to adjusted total assets) was 9.69%, compared to 10.66% at December 31, 2024, well above the minimum to be well-capitalized under regulatory guidelines.

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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 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. Without OCC approval, Seacoast Bank can pay $72.7 million of dividends to the Company (see “Part I. Item 1. Business”).

The OCC and the FRB have policies that encourage banks and BHCs to pay dividends from current earnings, and have the general authority to limit the dividends paid by national banks and BHCs, respectively, if such payment may be deemed to constitute an unsafe or unsound practice. If, in the particular circumstances, either of these federal regulators determined that the payment of dividends would constitute an unsafe or unsound banking practice, either the OCC or the FRB may, among other things, issue a cease and desist order prohibiting the payment of dividends by Seacoast Bank or us, respectively. The board of directors of a BHC must consider different factors to ensure that its dividend level, if any, is prudent relative to the organization’s financial position and is not based on overly optimistic earnings scenarios such as any potential events that may occur before the payment date that could affect its ability to pay, while still maintaining a strong financial position. As a general matter, the FRB has indicated that the Board of Directors of a BHC, such as Seacoast, should consult with the FRB and eliminate, defer, or significantly reduce the BHC’s dividends if: (i) its net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends; (ii) its prospective rate of earnings retention is not consistent with its capital needs and overall current and prospective financial condition; or (iii) it will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios.

The Company has paid quarterly dividends to the holders of its common stock since the second quarter of 2021 and began paying dividends on its convertible preferred stock upon issuance in the fourth quarter of 2025. Whether the Company continues to pay quarterly dividends and the amount of any such dividends will be at the discretion of the Company's Board of Directors and will depend on the Company's earnings, financial condition, results of operations, business prospects, capital requirements, regulatory restrictions, and other factors that the Board of Directors may deem relevant.

The Company has seven wholly owned trust subsidiaries that have issued trust preferred stock. Trust preferred securities from acquisitions were recorded at fair value when acquired. All trust preferred securities are guaranteed by the Company on a junior subordinated basis. The FRB’s rules permit qualified trust preferred securities and other restricted capital elements to be included under Basel III capital guidelines, with limitations, and net of goodwill and intangibles. The Company believes that its trust preferred securities qualify under these revised regulatory capital rules and believes that it can treat all its trust preferred securities as Tier 1 capital. For regulatory purposes, the trust preferred securities are added to the Company’s tangible common shareholders’ equity to calculate Tier 1 capital.

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Critical Accounting Policies and Estimates

The Company’s consolidated financial statements are prepared in accordance with GAAP, including prevailing practices within the financial services industry. The preparation of consolidated financial statements requires management to make judgments in the application of certain of its accounting policies that involve significant estimates and assumptions. The Company has established policies and control procedures that are intended to ensure valuation methods are well controlled and applied consistently from period to period. These estimates and assumptions, which may materially affect the reported amounts of certain assets, liabilities, revenues and expenses, are based on information available as of the date of the financial statements, and changes in this information over time and the use of revised estimates and assumptions could materially affect amounts reported in subsequent financial statements. Management, after consultation with the Company’s Audit Committee, believes the most critical accounting estimates and assumptions that involve the most difficult, subjective and complex assessments are: 

•the allowance and the provision for credit losses;

•acquisition accounting and purchased loans;

•intangible assets and impairment testing, and;

•fair value of financial instruments

The following is a discussion of the critical accounting policies intended to facilitate a reader’s understanding of the judgments, estimates and assumptions underlying these accounting policies and the possible or likely events or uncertainties known to the Company that could have a material effect on reported financial information. For more information regarding management’s judgments relating to significant accounting policies and recent accounting pronouncements, see “Note 1 – Significant Accounting Policies” to the Company’s consolidated financial statements.

Allowance for Credit Losses

The ACL represents management’s best estimate of expected future credit losses related to the loan portfolio at the balance sheet date. The estimate of the ACL requires significant judgment and is based on a variety of factors. Management establishes the allowance using relevant available information from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Economic forecast data is sourced from Moody’s, a firm widely recognized for its research, analysis, and economic forecasts. The forecast may utilize one scenario or a composite of scenarios based on management's judgment and expectations around the current and future macroeconomic outlook. The forecasts of future economic conditions are over a period that has been deemed reasonable and supportable, and in segments where it can no longer develop reasonable and supportable forecasts, the Company reverts to longer-term historical loss experience to estimate losses over the remaining life of the loans. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments.

One of the most significant judgments in estimating the ACL relates to the macroeconomic forecasts. As of December 31, 2025, the Company utilized a blend of Moody’s most recent “U.S. Macroeconomic Outlook Baseline” (Baseline), “Alternative Scenario 1 – Upside- 10th Percentile” (S1), and “Alternative Scenario 3 - Downside - 90th Percentile” (S3) scenarios. The weighting applied in the December 31, 2025 analysis is consistent with the weighting applied at December 31, 2024. The forecasted credit losses incorporate numerous macroeconomic variables, although specific variables have a greater impact on the outcome than others. Specifically, changes in expectations indicated by the CRE price index have the most significant impact on the estimate of expected losses for CRE non-owner occupied loans and construction and land development loans, the housing price index is the economic forecast variable most significantly impacting the estimate of expected losses for residential loans, and the unemployment rate is a significant contributor to commercial and consumer loans.

Management considers a range of macroeconomic forecast data in connection with the allowance estimation process. It is difficult to estimate how potential changes in any one economic factor might affect the overall allowance because a wide variety of factors and inputs are considered in the allowance estimate. Changes in the factors and inputs may not occur at the same rate and may not be consistent across all product types. Additionally, changes in factors and inputs may be directionally inconsistent, such that improvement in one factor may offset deterioration in others. Under the range of scenarios considered as of December 31, 2025, use of solely Moody’s S3 downside scenario would have resulted in an increase to the modeled allowance results of approximately $71 million or 56 basis points. This estimate reflects the sensitivity of the modeled allowance estimate to macroeconomic forecast data but does not consider other qualitative adjustments that could increase or decrease modeled loss estimates calculated using this alternative economic scenario.

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Seacoast conducted an additional sensitivity by increasing loss sensitivities by 5% and 10% to each of the loan pools. Estimated credit losses increased by $7 million and $13 million, respectively, from the probability weighted model outcomes, but does not consider other qualitative adjustments that could increase or decrease modeled loss estimates. Changes in the loss assumptions and forecasts of economic conditions could significantly affect the Company’s estimate of expected credit losses at the balance sheet date or lead to significant changes in the estimate from one reporting period to the next.

Qualitative adjustments may be made to modeled reserves based on an assessment of internal and external influences on credit quality not fully reflected in the quantitative components of the allowance model. These influences may include elements such as changes in concentration, macroeconomic conditions, recent observable asset quality trends, staff turnover, regional market conditions, employment levels, model risk, and loan growth.

For additional information regarding the Company's methodology for calculating the ACL, see Note 1 – Significant Accounting Policies and Note 5 – Allowance for Credit Losses in the Notes to the Consolidated Financial Statements.

Acquisition Accounting and Purchased Loans

The Company accounts for acquisitions using the acquisition method of accounting. All identifiable assets acquired, including loans, are recorded at fair value. All loans acquired are recorded at fair value in accordance with the fair value methodology prescribed in ASC Topic 820, Fair Value Measurement. The fair value estimates associated with the loans include estimates related to expected prepayments and the amount and timing of expected principal, interest and other cash flows. Loans are identified as PCD when they have experienced more-than-insignificant deterioration in credit quality since origination. An allowance for expected credit losses on PCD loans is recorded at the date of acquisition through an adjustment to the loans’ amortized cost basis. In contrast, expected credit losses on loans not considered PCD are recognized through the provision for credit losses at the date of acquisition.

The non-credit discount or premium related to PCD loans and the fair value adjustment on non-PCD loans are amortized or accreted to Interest and fees on loans over the contractual life of the loans using the effective interest method. In the event of prepayment, unamortized discounts or premiums are recognized in Interest and fees on loans.

Fair value estimates for acquired assets and assumed liabilities are based on the information available, and are subject to change for up to one year after the closing date of the acquisition as additional information relative to closing date fair values becomes available.

Intangible Assets and Impairment Testing

Goodwill represents the excess purchase price over the fair value of net assets acquired in business acquisitions. The CDI, which is the majority of the remaining intangible asset balance, represents the excess intangible value of acquired deposit customer relationships. CDI assets are amortized using an amortization method that reflects the expected value over time, and are evaluated for indications of potential impairment at least annually. Goodwill is not amortized but rather is evaluated for impairment on at least an annual basis. We performed an annual impairment test of goodwill in the fourth quarter of 2025 and concluded that no impairment existed.

Fair Value of Financial Instruments

AFS securities

AFS securities are measured at fair value on a recurring basis based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flow analyses, using observable market data where available. The fair value of AFS securities is based upon pricing obtained from third party pricing services. Based on internal review procedures and the fair values provided by the pricing services, the Company believes that the fair values provided by the pricing services are consistent with the principles of ASC Topic 820, Fair Value Measurement. On occasion, pricing provided by the pricing services may not be consistent with other observed prices in the market for similar securities. Using observable market factors, including interest rate and yield curves, volatilities, prepayment speeds, loss severities and default rates, the Company may at times validate the observed prices using a discounted cash flow model and using the observed prices for similar securities to determine the fair value of its securities.

Seacoast analyzes AFS debt securities quarterly for credit losses utilizing both quantitative and qualitative assessments to determine if a security has a credit loss. Quantitative assessments are based on a discounted cash flow method. Qualitative assessments consider a range of factors including rating downgrades, subordination, amortized LTV, and the ability of the issuers to pay all amounts due in accordance with the contractual terms.

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For AFS securities, if any portion of the decline in fair value is related to credit, the amount of allowance is determined as the portion related to credit, limited to the difference between the amortized cost basis and the fair value of the security. If the Company has the intent to sell or believes it is more likely than not that it will be required to sell an impaired AFS security before recovery of the amortized cost basis, the credit loss is recorded as a direct write-down of the amortized cost basis. Declines in the fair value of AFS securities that are not considered credit related are recognized in "AOCI" on the Company’s Consolidated Balance Sheet.

Derivatives

The Company enters into derivative contracts, including interest rate swaps, to meet the needs of customers who request such services and to manage the Company's interest rate risk. The fair value of these derivatives is based on a discounted cash flow approach and is based upon the estimated amount the Company would receive or pay to terminate the instruments, taking into account current interest rates and, when appropriate, the current credit worthiness of the counterparties. For additional information regarding the Company's derivatives see Note 6 – Derivatives.

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