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What changed in SEACOAST BANKING CORP OF FLORIDA's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of SEACOAST BANKING CORP OF FLORIDA's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+629 added−575 removedSource: 10-K (2026-02-27) vs 10-K (2025-02-25)

Top changes in SEACOAST BANKING CORP OF FLORIDA's 2025 10-K

629 paragraphs added · 575 removed · 161 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

73 edited+257 added−7 removed88 unchanged
Biggest changeAssociate Health and Well-Being We strive to offer competitive compensation and employee benefits including, among others, paid vacation time, medical, dental and vision insurance benefits, a 401(k) plan with company match, and an employee stock purchase plan. Seacoast also provides associates with access to a variety of resources to address personal and financial health and wellness.
Biggest changeIn 2025, 95% of associates participated in the annual engagement survey, with an overall associate engagement score of 85%, which is 16 percentage points higher than similarly-sized companies, 12 percentage points higher than the Banking industry and 10 percentage points higher than the Finance industry benchmarks. 6 Table of Contents Associate Health and Well-Being We strive to offer competitive compensation and employee benefits including, among others, paid vacation time, medical, dental and vision insurance benefits, a 401(k) plan with company match, and an ESPP.
Regulation of the Company: The Company is registered as a bank holding company with the Federal Reserve Bank under the BHC Act and has elected to be a financial holding company. As such, the Company is subject to comprehensive supervision and regulation by the Federal Reserve and to its regulatory reporting requirements.
Regulation of the Company: The Company is registered as a BHC with the Federal Reserve Bank under the BHC Act and has elected to be a financial holding company. As such, the Company is subject to comprehensive supervision and regulation by the Federal Reserve and to its regulatory reporting requirements.
Market and Competition Seacoast operates in a highly competitive environment, and Seacoast Bank's competition includes not only other banks, but also various other non-bank financial institutions, including savings and loan associations, credit unions, mortgage companies, personal and commercial financial companies, peer-to-peer lending businesses, financial technology companies, investment brokerage and financial advisory firms and mutual fund companies.
Seacoast operates in a highly competitive environment, and Seacoast Bank's competition includes not only other banks, but also various other non-bank financial institutions, including savings and loan associations, credit unions, mortgage companies, personal and commercial financial companies, peer-to-peer lending businesses, financial technology companies, investment brokerage and financial advisory firms and mutual fund companies.
For purposes of the FRB’s Regulation Y, including determining whether a bank holding company meets the requirements to be a financial holding company, bank holding companies, such as the Company, must maintain a Tier 1 risk-based capital ratio of 6.0% or greater and a total risk-based capital ratio of 10.0% or greater to be well-capitalized.
For purposes of the FRB’s Regulation Y, including determining whether a BHC meets the requirements to be a financial holding company, bank holding companies, such as the Company, must maintain a Tier 1 risk-based capital ratio of 6.0% or greater and a total risk-based capital ratio of 10.0% or greater to be well-capitalized.
A bank holding company is not permitted to become or remain a financial holding company and no new activities authorized under GLBA may be commenced by a holding company or by a bank financial subsidiary if any of its bank subsidiaries receive less than a “Satisfactory” CRA rating in its latest CRA examination.
A BHC is not permitted to become or remain a financial holding company and no new activities authorized under GLBA may be commenced by a holding company or by a bank financial subsidiary if any of its bank subsidiaries receive less than a “Satisfactory” CRA rating in its latest CRA examination.
Acquisitions: The BHC Act permits acquisitions of banks by bank holding companies, such that Seacoast and any other bank holding company, whether located in Florida or elsewhere, may acquire a bank located in any other state, subject to certain deposit-percentages, age of bank charter requirements, and other restrictions.
Acquisitions: The BHC Act permits acquisitions of banks by bank holding companies, such that Seacoast and any other BHC, whether located in Florida or elsewhere, may acquire a bank located in any other state, subject to certain deposit-percentages, age of bank charter requirements, and other restrictions.
Loans and other extensions of credit from Seacoast Bank to the Company or any affiliate generally are required to be 11 secured by eligible collateral in specified amounts. In addition, any transaction between Seacoast Bank and the Company or any affiliate are required to be on an arm’s length basis.
Loans and other extensions of credit from Seacoast Bank to the Company or any affiliate generally are required to be secured by eligible collateral in specified amounts. In addition, any transaction between Seacoast Bank and the Company or any affiliate are required to be on an arm’s length basis.
Title III of the USA PATRIOT Act requires that regulated banks such as Seacoast Bank: (i) establish an anti-money laundering program that includes training and audit components; (ii) comply with regulations regarding the verification of the identity of any person seeking to open an account; (iii) take additional required precautions with non-U.S. owned accounts; and (iv) perform certain verification and certification of money laundering risk for their foreign correspondent banking relationships.
Title III of the USA PATRIOT Act requires that regulated banks such as Seacoast Bank: (i) establish an AML program that includes training and audit components; (ii) comply with regulations regarding the verification of the identity of any person seeking to open an account; (iii) take additional required precautions with non-U.S. owned accounts; and (iv) perform certain verification and certification of money laundering risk for their foreign correspondent banking relationships.
These laws and regulations include, among numerous other things, provisions that: • limit the interest and other charges collected or contracted for by Seacoast Bank; • govern Seacoast Bank’s disclosures of credit terms to consumer borrowers; • require Seacoast Bank to provide information to enable the public and public officials to determine whether it is fulfilling its obligation to help meet the housing needs of the community it serves; • prohibit Seacoast Bank from discriminating on the basis of race, creed or other prohibited factors when it makes decisions to extend credit; • govern the manner in which Seacoast Bank may collect consumer debts; and • prohibit unfair, deceptive or abusive acts or practices in the provision of consumer financial products and services.
These laws and regulations include, among numerous other things, provisions that: • limit the interest and other charges collected or contracted for by Seacoast Bank; • govern Seacoast Bank’s disclosures of credit terms to consumer borrowers; • require Seacoast Bank to provide information to enable the public and public officials to determine whether it is fulfilling its obligation to help meet the housing needs of the community it serves; • prohibit Seacoast Bank from discriminating on the basis of race, creed or other prohibited factors when it makes decisions to extend credit; 13 Table of Contents • govern the manner in which Seacoast Bank may collect consumer debts; and • prohibit unfair, deceptive or abusive acts or practices in the provision of consumer financial products and services.
It is the policy of the FRB that bank holding companies should pay cash dividends on common stock only on income available during the past year, only if prospective earnings retention is consistent with the organization's expected future needs and financial condition, and only if the level of cash dividends does not undermine the bank holding company's ability to serve as a source of strength to its banking subsidiary.
It is the policy of the FRB that bank holding companies should pay cash dividends on common stock only on income available during the past year, only if prospective earnings retention is consistent with the organization's expected future needs and financial condition, and only if the level of cash dividends does not undermine the BHC's ability to serve as a source of strength to its banking subsidiary.
Risks such as concentration of credit risks and the risk arising from non-traditional activities, as well as the institution’s exposure to a decline in the economic value of its capital due to changes in interest rates, and an institution’s ability to manage those risks are important factors that are to be taken into account in assessing an institution’s overall capital adequacy.
Risks such as concentration of credit risks and the risk arising from non-traditional activities, as well as the institution’s exposure to a decline in the economic value of its capital due to changes in interest rates, and an institution’s ability to manage those risks are key factors that are to be taken into account in assessing an institution’s overall capital adequacy.
The Company provides integrated financial services including commercial and consumer banking, wealth management, mortgage and insurance services to customers through advanced mobile and online banking solutions, and through Seacoast Bank's network of 77 full-service branches. The Company’s legal structure includes wholly-owned subsidiaries through which the Company manages investments and foreclosed properties.
The Company provides integrated financial services including commercial and consumer banking, wealth management, mortgage and insurance services to customers through advanced mobile and online banking solutions, and through Seacoast Bank's network of 104 full-service branches. The Company’s legal structure includes wholly-owned subsidiaries through which the Company manages investments and foreclosed properties.
Further, the Foreign Corrupt Practices Act makes it unlawful to make payments to foreign government officials to assist in obtaining or retaining business. The Company and Seacoast Bank have implemented a Code of Business Ethics that governs the behavior of its officers and employees to ensure compliance with such laws.
Further, the Foreign Corrupt Practices Act makes it unlawful to make payments to foreign government officials to assist in obtaining or retaining business. The Company and Seacoast Bank have implemented a Code of Business Ethics that governs the behavior of its officers and employees to ensure compliance with such laws. Item 1A.
The BHC Act requires that a bank holding company obtain the prior approval of the FRB before (i) acquiring direct or indirect ownership or control of more than 5% of the voting shares of any additional bank or bank holding company, (ii) taking any action that causes an additional bank or bank holding company to become a subsidiary of the bank holding company, or (iii) merging or consolidating with any other bank holding company.
The BHC Act requires that a BHC obtain the prior approval of the FRB before (i) acquiring direct or indirect ownership or control of more than 5% of the voting shares of any additional bank or BHC, (ii) taking any action that causes an additional bank or BHC to become a subsidiary of the BHC, or (iii) merging or consolidating with any other BHC.
Failure to comply with these internal control rules may materially adversely affect the Company's reputation, its ability to obtain the necessary certifications to financial statements, and the value of the Company's securities. The assessments of the Company's financial reporting controls as of December 31, 2024 are included in this report under “Item 9A.
Failure to comply with these internal control rules may materially adversely affect the Company's reputation, its ability to obtain the necessary certifications to financial statements, and the value of the Company's securities. The assessments of the Company's financial reporting controls as of December 31, 2025 are included in this report under “Item 9A.
In 2024, the Company’s and Seacoast Bank’s regulatory capital ratios were above the well-capitalized standards and met the capital conservation buffer as of December 31, 2024. Based on current estimates, we believe that the Company and Seacoast Bank will continue to exceed all applicable well-capitalized regulatory capital requirements and the capital conservation buffer in 2025.
In 2025, the Company’s and Seacoast Bank’s regulatory capital ratios were above the well-capitalized standards and met the capital conservation buffer as of December 31, 2025. Based on current estimates, we believe that the Company and Seacoast Bank will continue to exceed all applicable well-capitalized regulatory capital requirements and the capital conservation buffer in 2026.
Also, the FRB may require bank holding companies, including the Company, to maintain capital ratios substantially in excess of mandated minimum levels, depending upon general economic conditions and a bank holding company’s particular condition, risk profile and growth plans.
Also, the FRB may require bank holding companies, including the Company, to maintain capital ratios substantially in excess of mandated minimum levels, depending upon general economic conditions and a BHC’s particular condition, risk profile and growth plans.
On January 1, 2021, Congress passed federal legislation that made sweeping changes to federal anti-money laundering laws, subject to pending implementation by regulatory rulemaking, and on June 30, 2021 FinCEN published the first set of “national AML priorities,” as required by the Bank Secrecy Act, which include, but are not limited to, cybercrime, terrorist financing, fraud, and drug/human trafficking.
On January 1, 2021, Congress passed federal legislation that made sweeping changes to federal AML laws, subject to pending implementation by regulatory rulemaking, and on June 30, 2021 FinCEN published the first set of “national AML priorities,” as required by the Bank Secrecy Act, which include, but are not limited to, cybercrime, terrorist financing, fraud, and drug/human trafficking.
The terms of any such supervisory action could have a material negative effect on our business, reputation, operating flexibility, financial condition, and the value of our common stock. 7 Activity Limitations: As a financial holding company, Seacoast is permitted to engage directly or indirectly in a broader range of activities than those permitted for a bank holding company.
The terms of any such supervisory action could have a material negative effect on our business, reputation, operating flexibility, financial condition, and the value of our common stock. Activity Limitations: As a financial holding company, Seacoast is permitted to engage directly or indirectly in a broader range of activities than those permitted for a BHC.
If the FRB were to apply the same or a similar well-capitalized standard to bank holding companies as that applicable to Seacoast Bank, the Company’s capital ratios as of December 31, 2024 would exceed such revised well-capitalized standard.
If the FRB were to apply the same or a similar well-capitalized standard to bank holding companies as that applicable to Seacoast Bank, the Company’s capital ratios as of December 31, 2025 would exceed such revised well-capitalized standard.
Violations of laws and regulations, or other unsafe and unsound practices, may lead to regulatory agencies imposing fines or penalties, cease and desist orders, or taking other enforcement actions. Under certain circumstances, these agencies may enforce these remedies directly against officers, directors, employees and other parties participating in the affairs of a bank or bank holding company.
Violations of laws and regulations, or other unsafe and unsound practices, may lead to regulatory agencies imposing fines or penalties, cease and desist orders, or taking other enforcement actions. Under certain circumstances, these agencies may enforce these remedies directly against officers, directors, employees and other parties participating in the affairs of a bank or BHC.
As further described below, each of the Company and Seacoast Bank is well-capitalized as of December 31, 2024, and Seacoast Bank achieved a rating of “Outstanding” in its most recent CRA evaluation.
As further described below, each of the Company and Seacoast Bank is well-capitalized as of December 31, 2025, and Seacoast Bank achieved a rating of “Outstanding” in its most recent CRA evaluation.
In response to the bank failures in early 2023, the FDIC implemented a special assessment to recover the losses to the DIF. The base for the special assessment was equal to an insured depository institution’s estimated uninsured deposits reported as of December 31, 2022, adjusted to exclude the first $5 billion.
In response to the bank failures in early 2023, the FDIC implemented a special assessment to recover the losses to the DIF. The base for the special assessment was equal to an insured depository institution’s estimated uninsured deposits reported as of December 31, 2022, 11 Table of Contents adjusted to exclude the first $5 billion.
Shareholder Say-On-Pay Votes: The Dodd-Frank Act requires public companies to provide shareholders with an advisory vote on executive compensation (known as say-on-pay votes), the frequency of a say-on-pay vote, and the golden parachutes available to executives in connection with change-in-control transactions.
Shareholder Say-On-Pay Votes: The Dodd-Frank Act requires public companies to provide shareholders with an advisory vote on executive compensation (known as say-on-pay votes), the frequency of a say-on-pay vote, and the golden parachutes 8 Table of Contents available to executives in connection with change-in-control transactions.
The Guidance also applies when a bank has a sharp increase in commercial real estate loans or has significant concentrations of commercial real estate secured by a particular property type. Seacoast Bank has exposures to loans secured by commercial real estate due to the nature of its markets and the loan needs of both its retail and commercial customers.
The Guidance also applies when a bank has a sharp increase in CRE loans or has significant concentrations of CRE secured by a particular property type. Seacoast Bank has exposures to loans secured by CRE due to the nature of its markets and the loan needs of both its retail and commercial customers.
In accordance with FRB policy, the Board of Directors of a bank holding company must consider different factors to ensure that its dividend level is prudent relative to maintaining a strong financial position, and is not based on overly optimistic earnings scenarios, such as potential events that could affect its ability to pay, while still maintaining a strong financial position.
In accordance with FRB policy, the Board of Directors of a BHC must consider different factors to ensure that its dividend level is prudent relative to maintaining a strong financial position, and is not based on overly optimistic earnings scenarios, such as potential events that could affect its ability to pay, while still maintaining a strong financial position.
Source of Strength Obligations: As a bank holding company, we are required to act as a source of financial and managerial strength to Seacoast Bank and to maintain resources adequate to support it. The term “source of financial strength” means the ability to provide financial assistance in the event of financial distress.
Source of Strength Obligations: As a BHC, we are required to act as a source of financial and managerial strength to Seacoast Bank and to maintain resources adequate to support it. The term “source of financial strength” means the ability to provide financial assistance in the event of financial distress.
As regulator of Seacoast Bank, the OCC may require reports from the Company to assess its ability to serve as a source of strength and the FRB may enforce compliance with the source of strength requirements and require the Company to provide financial assistance to Seacoast Bank in the event of financial distress.
As regulator of Seacoast Bank, the OCC may require reports from the 7 Table of Contents Company to assess its ability to serve as a source of strength and the FRB may enforce compliance with the source of strength requirements and require the Company to provide financial assistance to Seacoast Bank in the event of financial distress.
In addition, the Federal Deposit Insurance Act provides that, in the event of the liquidation or other resolution of an insured depository institution, the claims of depositors of the institution, including the claims of the FDIC on behalf of insured depositors, and certain claims for administrative expenses of the FDIC as a receiver, will have priority over other general unsecured claims against the institution, including those of the parent bank holding company.
In addition, the Federal Deposit Insurance Act provides that, in the event of the liquidation or other resolution of an insured depository institution, the claims of depositors of the institution, including the claims of the FDIC on behalf of insured depositors, and certain claims for administrative expenses of the FDIC as a receiver, will have priority over other general unsecured claims against the institution, including those of the parent BHC.
The overall effect of such laws is to make it more difficult to acquire a bank holding company and a bank by tender offer or similar means than it might be to acquire control of another type of corporation.
The overall effect of such laws is to make it more difficult to acquire a BHC and a bank by tender offer or similar means than it might be to acquire control of another type of corporation.
To offset these potential competitive disadvantages, the Company depends on its reputation for superior service, ability to make credit and other business decisions quickly, and the delivery of an integrated distribution of traditional branches and bankers, with digital technology. 6 Human Capital As of December 31, 2024, the Company and its subsidiaries employed 1,504 full time-equivalent employees.
To offset these potential competitive disadvantages, the Company depends on its reputation for superior service, ability to make credit and other business decisions quickly, and the delivery of an integrated distribution of traditional branches and bankers, with digital technology. Human Capital As of December 31, 2025, the Company and its subsidiaries employed 1,962 full time-equivalent employees.
The Department of Justice and the federal bank regulatory agencies have issued an Interagency Policy Statement on Discrimination in Lending that provides guidance to financial institutions in determining whether discrimination exists, how the agencies will respond to lending discrimination, and what steps lenders might take to prevent discriminatory lending practices.
The DOJ and the federal bank regulatory agencies have issued an Interagency Policy Statement on Discrimination in Lending that provides guidance to financial institutions in determining whether discrimination exists, how the agencies will respond to lending discrimination, and what steps lenders might take to prevent discriminatory lending practices.
The Guidance is triggered when commercial real estate loan concentrations exceed either: • Total reported loans for construction, land development, and other land of 100% or more of a bank’s total risk-based capital; or • Total reported loans secured by multifamily and non-farm nonresidential properties and loans for construction, land development, and other land of 300% or more of a bank’s total risk-based capital.
The Guidance is triggered when CRE loan concentrations exceed either: • Total reported loans for construction, land development, and other land of 100% or more of a bank’s total risk-based capital; or • Total reported loans secured by multifamily and non-farm nonresidential properties and loans for construction, land development, and other land of 300% or more of a bank’s total risk-based capital.
The Company and Seacoast Bank must each remain “well-capitalized” and “well-managed” and Seacoast Bank must receive a Community Reinvestment Act rating of at least “Satisfactory” at its most recent examination in order for the Company to maintain its status as a financial holding company.
The Company and Seacoast Bank must each remain “well-capitalized” and “well-managed” and Seacoast Bank must receive a CRA rating of at least “Satisfactory” at its most recent examination in order for the Company to maintain its status as a financial holding company.
Change in Control: Federal law restricts the amount of voting stock of a bank holding company or a bank that a person may acquire without the prior approval of banking regulators.
Change in Control: Federal law restricts the amount of voting stock of a BHC or a bank that a person may acquire without the prior approval of banking regulators.
Supervision and regulation of banks, their holding companies and affiliates is intended primarily for the protection of depositors and customers, the Deposit Insurance Fund of the FDIC, and the U.S. banking and financial system rather than protection for the holders of the Company's capital stock.
Supervision and regulation of banks, their holding companies and affiliates is intended primarily for the protection of depositors and customers, the DIF of the FDIC, and the U.S. banking and financial system rather than protection for the holders of the Company's capital stock.
Seacoast Bank meets the definition of a “large institution” and is subject to direct supervision by the Consumer Financial Protection Bureau for compliance with a wide range of consumer compliance laws, and for assessment of the effectiveness of the Bank's compliance management system.
Seacoast Bank meets the definition of a “large institution” and is subject to direct supervision by the CFPB for compliance with a wide range of consumer compliance laws, and for assessment of the effectiveness of the Bank's compliance management system.
Item 1. Business Overview Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) is a financial holding company, incorporated in Florida in 1983, and registered under the Bank Holding Company Act of 1956, as amended (the “BHC Act”). Its principal subsidiary is Seacoast National Bank, a wholly-owned national banking association (“Seacoast Bank”), which commenced its operations in 1933.
Item 1. Business Overview Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) is a financial holding company, incorporated in Florida in 1983, and registered under the Bank Holding Company Act of 1956, as amended (the “BHC Act”). Its principal subsidiary is Seacoast National Bank, a wholly-owned national banking association (“Seacoast Bank”) chartered in 1926.
The capital rules also define the risk-weights assigned to assets and off-balance sheet items to determine the risk-weighted asset components of the 9 risk-based capital rules, including, for example, “high volatility” commercial real estate, past due assets, structured securities and equity holdings.
The capital rules also define the risk-weights assigned to assets and off-balance sheet items to determine the risk-weighted asset components of the risk-based capital rules, including, for example, “high volatility” CRE, past due assets, structured securities and equity holdings.
Bank holding companies are generally restricted to engaging in the business of banking, managing or controlling banks and certain other activities determined by the Federal Reserve to be closely related to banking.
BHCs are generally restricted to engaging in the business of banking, managing or controlling banks and certain other activities determined by the Federal Reserve to be closely related to banking.
CET1 is primarily comprised of the sum of common stock instruments and related surplus net of treasury stock, plus retained earnings, and certain qualifying minority interests, less certain adjustments and deductions, including with respect to goodwill, intangible assets, mortgage servicing assets and deferred tax assets subject to temporary timing differences.
CET1 is primarily comprised of the sum of common stock instruments and related surplus net of treasury stock, plus retained earnings, and certain qualifying minority interests, less certain adjustments and deductions, including with respect to goodwill, intangible assets, MSR and DTAs subject to temporary timing differences.
Controls and Procedures.” 8 Corporate Governance: The Dodd-Frank Wall Street Reform and Consumer Protection Act addressed many investor protection, corporate governance, and executive compensation matters that affect most U.S. publicly traded companies.
Controls and Procedures.” Corporate Governance: The Dodd-Frank Act addressed many investor protection, corporate governance, and executive compensation matters that affect most U.S. publicly traded companies.
As of December 31, 2024, these rules have not been implemented.
As of December 31, 2025, these rules have not been implemented.
Financial institutions, however, will be required to comply with state law if it is more protective of consumer privacy than the GLBA. The GLBA also directs federal regulators, including the FDIC and the OCC, to prescribe standards for the security of consumer information.
Financial institutions are further required to disclose their privacy policies to customers annually. Financial institutions, however, will be required to comply with state law if it is more protective of consumer privacy than the GLBA. The GLBA also directs federal regulators, including the FDIC and the OCC, to prescribe standards for the security of consumer information.
The Seacoast Manager Excellence Program supports associates as they progress from individual contributor to manager, focusing on creating purpose, driving results, developing talent, and leading change. To ensure that we are meeting associates’ expectations, we conduct an Employee Engagement Survey each year.
For example, the Seacoast Manager Excellence Program, which was recognized by American Banker, supports associates as they progress from individual contributor to manager, focusing on creating purpose, driving results, developing talent, and leading change. To ensure that we are meeting associates’ expectations, we conduct an Employee Engagement Survey each year.
Following the enactment of the Gramm-Leach-Bliley Act, CRA agreements with private parties must be disclosed and annual CRA reports must be made to a bank’s primary federal regulator.
Following the enactment of the GLBA, CRA agreements with private parties must be disclosed and annual CRA reports must be made to a bank’s primary federal regulator.
Seacoast Bank believes that its long-term experience in commercial real estate lending, underwriting policies, internal controls, and other policies currently in place, as well as its loan and credit monitoring and administration procedures, are generally appropriate to managing its concentrations as required under the Guidance.
Seacoast Bank believes that its long-term experience in CRE lending, underwriting policies, internal controls, and other policies currently in place, as well as its loan and credit monitoring and 12 Table of Contents administration procedures, are generally appropriate to managing its concentrations as required under the Guidance.
As of December 31, 2024, the consolidated capital ratios of Seacoast and Seacoast Bank were as follows: Seacoast (Consolidated) Seacoast Bank Minimum to be Well-Capitalized 1 Total Risk-Based Capital Ratio 16.18 % 15.30 % 10.00 % Tier 1 Capital Ratio 14.81 14.13 8.00 CET1 Capital Ratio 14.15 14.13 6.50 Leverage Ratio 11.19 10.66 5.00 1 For subsidiary bank only Payment of Dividends: The Company is a legal entity separate and distinct from Seacoast Bank and its other subsidiaries.
As of December 31, 2025, the consolidated capital ratios of Seacoast and Seacoast Bank were as follows: Seacoast (Consolidated) Seacoast Bank Minimum to be Well-Capitalized 1 Total Risk-Based Capital Ratio 15.89 % 15.07 % 10.00 % Tier 1 Capital Ratio 14.48 13.82 8.00 CET1 Capital Ratio 11.54 13.82 6.50 Leverage Ratio 10.16 9.69 5.00 1 For subsidiary bank only Payment of Dividends: The Company is a legal entity separate and distinct from Seacoast Bank and its other subsidiaries.
Under this restriction Seacoast Bank is eligible to distribute dividends up to $188.9 million to the Company, without prior OCC approval, as of December 31, 2024.
Under this restriction Seacoast Bank is eligible to distribute dividends up to $72.7 million to the Company, without prior OCC approval, as of December 31, 2025.
As a general matter, the FRB has indicated that the Board of Directors of a bank holding company should consult with the FRB and eliminate, defer or significantly reduce the bank holding company’s dividends if: • 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; • its prospective rate of earnings retention is not consistent with its capital needs and overall current and prospective financial condition; or • it will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios.
As a general matter, the FRB has indicated that the Board of Directors of a BHC should consult with the FRB and eliminate, defer or significantly reduce the BHC’s dividends if: • 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; • its prospective rate of earnings retention is not consistent with its capital needs and overall current and prospective financial condition; or • it will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. 10 Table of Contents The Company has historically 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.
Seacoast Bank is subject to minimum ratios to be considered well-capitalized. The FRB has not yet revised the well-capitalized standard for bank holding companies to reflect the higher capital requirements imposed under the current capital rules.
The FRB has not yet revised the well-capitalized standard for bank holding companies to reflect the higher capital requirements imposed under the current capital rules.
FinCEN is required to implement regulations to specify how covered financial institutions, such as the Company, should incorporate these national priorities into their AML programs.
FinCEN is required to implement regulations to specify how covered financial institutions, such as the Company, should incorporate these national priorities into their AML programs. As of December 31, 2025, no such regulations have been proposed.
Prior approval by the OCC is required if the total of all dividends declared by a national bank in any calendar year exceeds the bank’s profits for that year combined with its retained net profits for the preceding two calendar years.
During the year ended December 31, 2025, Seacoast Bank distributed $332.2 million to the Company. Prior approval by the OCC is required if the total of all dividends declared by a national bank in any calendar year exceeds the bank’s profits for that year combined with its retained net profits for the preceding two calendar years.
Under the Change in Bank Control Act and the regulations thereunder, a person or group must give advance notice to the FRB before acquiring control of any bank holding company, such as Seacoast, and the OCC before acquiring control of any national bank, such as Seacoast Bank.
Under the Change in Bank Control Act and the regulations thereunder, a person or group must give advance notice to the FRB before acquiring control of any BHC, such as Seacoast, and the OCC before acquiring control of any national bank, such as Seacoast Bank. Upon receipt of such notice, the bank regulatory agencies may approve or disapprove the acquisition.
At December 31, 2024, Seacoast Bank's construction and land development loans represented approximately 38% of total risk-based capital, well below the Guidance’s threshold. At December 31, 2024, the total commercial real estate exposure for Seacoast Bank represented approximately 237% of total risk- based capital, also below the Guidance’s threshold.
At December 31, 2025, Seacoast Bank's construction and land development loans represented approximately 34% of total risk-based capital, well below the Guidance’s threshold. At December 31, 2025, the total CRE exposure for Seacoast Bank represented approximately 227% of total risk- based capital, also below the Guidance’s threshold.
Upon receipt of such notice, the bank regulatory agencies may approve or disapprove the acquisition. The Change in Bank Control Act creates a rebuttable presumption of control if a person or group acquires the power to vote 10% or more of the Company's outstanding common stock.
The Change in Bank Control Act creates a rebuttable presumption of control if a person or group acquires the power to vote 10% or more of the Company's outstanding common stock.
Governance and Financial Reporting Obligations: Seacoast is required to comply with various corporate governance and financial reporting requirements under the Sarbanes-Oxley Act of 2002, as well as rules and regulations adopted by the Securities and Exchange Commission, the Public Company Accounting Oversight Board, and the NASDAQ Global Select Market stock exchange.
Governance and Financial Reporting Obligations: Seacoast is required to comply with various corporate governance and financial reporting requirements under the Sarbanes-Oxley Act of 2002, as well as rules and regulations adopted by the SEC, the PCAOB, and the NASDAQ stock exchange.
We also offer financial planning resources for help with student debt, retirement planning and one-on-one financial planning sessions to all associates. Supervision and Regulation The Company is extensively regulated under federal and state law.
Associates are encouraged to balance their physical fitness with their work life, with a Company reimbursement for a portion of fitness center memberships. We also offer financial planning resources for help with student debt, retirement planning and one-on-one financial planning sessions to all associates. Supervision and Regulation The Company is extensively regulated under federal and state law.
As of December 31, 2024, no such regulations have been proposed. 12 Economic Sanctions: The Office of Foreign Assets Control is responsible for helping to ensure that U.S. entities do not engage in transactions with certain prohibited parties, as defined by various Executive Orders and acts of Congress.
Economic Sanctions: The OFAC is responsible for helping to ensure that U.S. entities do not engage in transactions with certain prohibited parties, as defined by various Executive Orders and acts of Congress.
The information on these websites is not part of this report and neither of these websites nor the information appearing on these websites is included or incorporated in this report.
The Company and Seacoast Bank maintain websites at www.seacoastbanking.com and www.seacoastbank.com , respectively. The information on these websites is not part of this report and neither of these websites nor the information appearing on these websites is included or incorporated in this report.
Federal law also prohibits any national bank from paying dividends that would be greater than such bank’s undivided profits after deducting statutory bad debts in excess of such bank’s allowance for possible loan losses. 10 In addition, 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.
Federal law also prohibits any national bank from paying dividends that would be greater than such bank’s undivided profits after deducting statutory bad debts in excess of such bank’s allowance for possible loan losses.
The OCC and the FRB have each indicated that depository institutions and their holding companies should generally pay dividends only out of current operating earnings.
The OCC and the FRB have indicated that paying dividends that deplete a bank’s capital base to an inadequate level would be an unsound and unsafe banking practice. The OCC and the FRB have each indicated that depository institutions and their holding companies should generally pay dividends only out of current operating earnings.
These rules also address initial rate adjustment notices for adjustable-rate mortgages, periodic statements for residential mortgage loans, and prompt crediting of mortgage payments and response to requests for payoff amounts. 14 Non-Discrimination Policies: Seacoast Bank is also subject to, among other things, the provisions of the Equal Credit Opportunity Act and the Fair Housing Act, both of which prohibit discrimination based on race or color, religion, national origin, sex, and familial status in any aspect of a consumer or commercial credit or residential real estate transaction.
Non-Discrimination Policies: Seacoast Bank is also subject to, among other things, the provisions of the ECOA and the FHA, both of which prohibit discrimination based on race or color, religion, national origin, sex, and familial status in any aspect of a consumer or commercial credit or residential real estate transaction.
On October 24, 2023, the OCC, the FRB, and FDIC issued a final rule to modernize their respective CRA regulations. The revised rules substantially alter the methodology for assessing compliance with the CRA, with material aspects taking effect January 1, 2026 and revised data reporting requirements taking effect January 1, 2027.
On October 24, 2023, the OCC, FRB, and FDIC issued a final rule to modernize their respective CRA regulations, which would have substantially altered the methodology for assessing compliance with the CRA.
As of December 31, 2024, Seacoast had total consolidated assets of $15.2 billion, total deposits of $12.2 billion, total consolidated liabilities, including deposits, of $13.0 billion and consolidated shareholders’ equity of $2.2 billion.
As of December 31, 2025, Seacoast had total consolidated assets of $20.8 billion, total deposits of $16.3 billion, total consolidated liabilities, including deposits, of $17.8 billion, consolidated convertible preferred stock of $0.3 billion, and consolidated shareholders’ equity of $2.7 billion.
In March 2023, the CFPB issued a final rule to implement Section 1071 of the Dodd-Frank Act, which requires lenders to collect, and report information about lending to "women-owned, minority-owned and small businesses." This rule is due to take effect in stages depending upon lending volume of the depository institution beginning in 2025.
In March 2023, the CFPB issued a final rule to implement Section 1071 of the Dodd-Frank Act, requiring lenders to collect and report information on credit applications from women-owned, minority-owned, and small businesses. Originally scheduled to take effect in stages beginning in 2025, the rule has faced ongoing litigation and operational challenges.
FDICIA imposes progressively more restrictive restraints on operations, management and capital distributions, depending on the category in which an institution is classified. FDICIA generally prohibits a depository institution from making any capital distribution (including payment of a dividend) or paying any management fee to its holding company if the depository institution would thereafter be undercapitalized.
FDICIA generally prohibits a depository institution from making any capital distribution (including payment of a dividend) or paying any management fee to its holding company if the depository institution would thereafter be undercapitalized. 9 Table of Contents Seacoast Bank is subject to minimum ratios to be considered well-capitalized.
Comprehensive Employee Assistance Plan resources are accessible to all associates, addressing a wide range of topics from substance abuse to child and elder care resources. Associates are encouraged to balance their physical fitness with their work life, with a Company reimbursement for a portion of fitness center memberships.
Seacoast also provides associates with access to a variety of resources to address personal and financial health and wellness. Comprehensive Employee Assistance Plan resources are accessible to all associates, addressing a wide range of topics from substance abuse to child and elder care resources.
These buffer requirements must be met for a bank or bank holding company to be able to pay dividends, engage in share buybacks or make discretionary bonus payments to executive management without restriction.
These buffer requirements must be met for a bank or BHC to be able to pay dividends, engage in share buybacks or make discretionary bonus payments to executive management without restriction. FDICIA, among other things, requires the federal bank regulatory agencies to take “prompt corrective action” regarding depository institutions that do not meet minimum capital requirements.
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 OCC and the FRB have indicated that paying dividends that deplete a bank’s capital base to an inadequate level would be an unsound and unsafe banking practice.
In addition, 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.
Privacy and Data Security: The GLBA generally prohibits disclosure of consumer information to non-affiliated third parties unless the consumer has been given the opportunity to object and has not objected to such disclosure. Financial institutions are further required to disclose their privacy policies to customers annually.
As of now, banks continue to be examined under the existing 1995/2021 regulations, and the 2023 modernization rule is unlikely to be reinstated in its original form. Privacy and Data Security: The GLBA generally prohibits disclosure of consumer information to non-affiliated third parties unless the consumer has been given the opportunity to object and has not objected to such disclosure.
Seacoast Insurance Services, Inc. and Nature Coast Insurance, Inc., each a wholly-owned subsidiary of Seacoast, facilitate access for the Company to provide customers with a range of insurance products. The Company also operates seven trusts, formed for the purpose of issuing trust preferred securities, as described in "Note 9 - Borrowings” in Item 8 of this Form 10-K.
Nature Coast Insurance, Inc., a wholly-owned subsidiary of Seacoast, facilitates access for the Company to provide customers with a range of insurance products.
Available Information The Company's principal offices are located at 815 Colorado Avenue, Stuart, Florida 34994, and the telephone number at that address is (772) 287-4000. The Company and Seacoast Bank maintain websites at www.seacoastbanking.com and www.seacoastbank.com , respectively.
The Company also operates seven trusts, formed for the purpose of issuing trust preferred securities, as described in "Note 9 - Borrowings” in Item 8 of this Form 10-K. 5 Table of Contents Available Information The Company's principal offices are located at 815 Colorado Avenue, Stuart, Florida 34994, and the telephone number at that address is (772) 287-4000.
Removed
In 2024, 95% of associates participated in the annual engagement survey, with an overall associate engagement score of 84%, which is 13 percentage points higher than similarly-sized companies, nine percentage points higher than the Banking industry and eight percentage points higher than the Finance industry benchmarks.
Added
Market and Competition Seacoast has continued expanding the franchise and strengthening its competitive position throughout Florida and beyond with acquisitions and new market launches, including its first location outside Florida, in Woodstock, Georgia. In October of 2025, the Company completed its acquisition of VBI, expanding the Company’s presence in North Central Florida and into The Villages® community.
Removed
The Federal Deposit Insurance Corporation Improvement Act of 1991, among other things, requires the federal bank regulatory agencies to take “prompt corrective action” regarding depository institutions that do not meet minimum capital requirements.
Added
In July 2025, the Company completed its acquisition of Heartland, adding four branches in Central Florida.
Removed
The Company has historically relied upon dividends from Seacoast Bank and securities offerings to provide funds to pay the Company’s expenses and to service the Company’s debt. During the year ended December 31, 2024, Seacoast Bank distributed $59.6 million to the Company. During the year ended December 31, 2023, Seacoast Bank distributed $40.7 million to the Company.
Added
FDICIA imposes progressively more restrictive restraints on operations, management and capital distributions, depending on the category in which an institution is classified.
Removed
Among other things, the revised rules evaluate lending outside traditional assessment areas generated by the growth of non-branch delivery systems, such as online and mobile banking, apply a metrics-based benchmarking approach to assessment, and clarify eligible CRA activities. The final rules were challenged in federal court and a preliminary injunction was granted in March 2024 enjoining implementation of the rules.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

1 edited+172 added−221 removed0 unchanged
Biggest changeOur ability to receive dividends from our subsidiaries could affect our liquidity and ability to pay interest on our trust preferred securities or reinstate dividends. We are a legal entity separate and distinct from Seacoast Bank and our other subsidiaries. Our primary source of cash, other than securities offerings, is dividends from Seacoast Bank.
Biggest changeThe 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”).
Removed
Item 1A. Risk Factors In addition to the other information set forth in this report, you should consider the factors described below, as well as the risk factors and uncertainties discussed in our other public filings with the SEC under the caption “Risk Factors” in evaluating us and our business and making or continuing an investment in our stock.
Added
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.
Removed
The material risks and uncertainties that management believes affect us are described below. The risks contained in this Form 10-K are not the only risks facing the Company. Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, also may materially adversely affect our business, financial condition or future results.
Added
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.
Removed
The trading price of our securities could decline due to the materialization of any of these risks, and our shareholders may lose all or part of their investment.
Added
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.
Removed
This Form 10-K also contains forward-looking statements that may not be realized as a result of certain factors, including, but not limited to, the risks described herein and in our other public filings with the SEC. Please refer to the section in this Form 10-K titled “Special Cautionary Notice Regarding Forward-Looking Statements” for additional information regarding forward-looking statements.
Added
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.
Removed
Credit Risk Deterioration in the real estate markets, including the secondary market for residential mortgage loans, can adversely affect us.
Added
See “Item 1A. Risk Factors” and “Forward-Looking Statements” for a discussion of potential risks and uncertainties that could materially affect our future performance. 41 Table of Contents Explanation of Certain Unaudited Non-GAAP Financial Measures This report contains financial information determined by methods other than GAAP.
Removed
A decline in residential real estate market prices or reduced levels of home sales could result in lower single family home values, adversely affecting the liquidity and value of collateral securing commercial loans for residential land acquisition, construction and development, as well as residential mortgage loans and residential property collateral securing loans that we hold, mortgage loan originations and gains on the sale of mortgage loans.
Added
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.
Removed
Declining real estate prices cause higher delinquencies and losses on certain mortgage loans, generally, and particularly on second lien mortgages and HELOCs. Significant ongoing disruptions in the secondary market for residential mortgage loans can limit the market for and liquidity of most residential mortgage loans other than conforming Fannie Mae and Freddie Mac loans.
Added
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.
Removed
Deteriorating trends could occur, including declines in real estate values, financial stress on borrowers as a result of job losses or other factors. These could have adverse effects on borrowers that result in higher delinquencies and greater charge-offs in future periods, which would adversely affect our financial condition, including capital and liquidity, or results of operations.
Added
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.
Removed
In the event our allowance for credit losses on loans is insufficient to cover such losses, our earnings, capital and liquidity could be adversely affected. Our real estate portfolios are exposed if weakness in the Florida housing market or general economy arises.
Added
The following table provides reconciliations between GAAP and adjusted (non-GAAP) financial measures.
Removed
Florida has historically experienced deeper recessions and more dramatic slowdowns in economic activity than other states and a decline in real estate values in Florida may be significantly larger than the national average.
Added
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 % 42 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 % 43 Table of Contents Quarters Fourth Third Fourth Full Year (In thousands except per share data) 2025 2025 2024 2025 2024 Loan interest income 1 $ 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 loans 1 $ 177,265 $ 152,798 $ 140,586 $ 619,736 $ 556,739 Yield on loans 1 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 loans 1 5.68 % 5.61 % 5.48 % 5.62 % 5.51 % Net interest income 1 $ 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 loans 1 $ 165,599 $ 124,363 $ 104,398 $ 517,316 $ 391,373 Net interest margin 1 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 loans 1 3.44 % 3.32 % 3.05 % 3.33 % 2.93 % Securities interest income 1 $ 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 adjustment 1 56,738 36,019 26,979 154,684 99,591 Loan interest income 1 187,910 162,341 152,303 658,728 598,411 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 income 1 176,243 133,906 116,115 556,307 433,045 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 1 On an FTE basis.
Removed
Declines in home prices and the volume of home sales in Florida, along with the reduced availability of certain types of mortgage credit, could result in increases in delinquencies and losses in our portfolios of home equity lines and loans, and commercial loans related to residential real estate acquisition, construction and development.
Added
All yields and rates have been computed using amortized cost. 44 Table of Contents 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.
Removed
Declines in home prices coupled with high or increased unemployment levels or increased interest rates could cause losses which adversely affect our earnings and financial condition, including our capital and liquidity. We are subject to lending concentration risk. Our loan portfolio contains several industry and collateral concentrations including, but not limited to, commercial and residential real estate.
Added
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.
Removed
Due to the exposure in these concentrations, disruptions in markets, economic conditions, changes in 15 laws or regulations or other events could cause a significant impact on the ability of borrowers to repay and may have a material adverse effect on our business, financial condition and results of operations.
Added
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.
Removed
A substantial portion of our loan portfolio is secured by real estate. In weak economies, or in areas where real estate market conditions are distressed, we may experience a higher than normal level of nonperforming real estate loans.
Added
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.
Removed
The collateral value of the portfolio and the revenue stream from those loans could come under stress, and additional provisions for the allowance for credit losses could be necessitated. Our ability to dispose of foreclosed real estate at prices at or above the respective carrying values could also be impaired, causing additional losses.
Added
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.
Removed
Commercial real estate is cyclical and poses risks of loss to us due to our concentration levels and risk of the asset, especially during a difficult economy, including the current stressed economy. As of December 31, 2024, 52% of our loan portfolio was comprised of loans secured by commercial real estate.
Added
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.
Removed
The banking regulators continue to give commercial real estate lending greater scrutiny, and banks with higher levels of commercial real estate loans are expected to implement improved underwriting, internal controls, risk management policies and portfolio stress testing, as well as higher levels of allowances for expected losses and capital levels as a result of commercial real estate lending growth and exposures.
Added
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.
Removed
Seacoast Bank has a commercial real estate concentration risk management program and monitors its exposure to CRE; however, there can be no assurance that the program will be effective in managing our concentration in CRE. NPAs could result in an increase in our provision for credit losses on loans, which could adversely affect our results of operations and financial condition.
Added
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.
Removed
At December 31, 2024, our nonaccrual loans totaled $92.4 million or 0.90% of the loan portfolio and our NPAs (which includes nonaccrual loans) were $98.9 million or 0.65% of total assets. In addition, we had approximately $15.6 million in accruing loans that were 30 days or more delinquent at December 31, 2024.
Added
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%.
Removed
Our NPAs adversely affect our net income in various ways. We generally do not record interest income on nonaccrual loans, thereby adversely affecting our income, and increasing our loan administration costs.
Added
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.
Removed
When the only source of repayment expected is the underlying collateral, we are required to mark the related loan to the then fair market value of the collateral, if less than the recorded amount of our investment, which may result in a loss.
Added
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.
Removed
These loans also increase our risk profile and the capital our regulators believe is appropriate in light of such risks. We may incur additional losses relating to an increase in nonperforming loans.
Added
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.
Removed
If economic conditions and market factors negatively and/or disproportionately affect some of our larger loans, then we could see a sharp increase in our total net charge-offs and our provision for credit losses on loans.
Added
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.
Removed
Any increase in our NPAs and related increases in our provision for losses on loans could negatively affect our business and could have a material adverse effect on our capital, financial condition and results of operations.
Added
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.
Removed
Decreases in the value of these assets, or the underlying collateral, or in these borrowers’ performance or financial conditions, whether or not due to economic and market conditions beyond our control, could adversely affect our business, results of operations and financial condition.
Added
Therefore, at December 31, 2025, no ACL has been recorded. 45 Table of Contents 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.
Removed
In addition, the resolution of NPAs requires significant commitments of time from management and our personnel, which can be detrimental to the performance of their other responsibilities. There can be no assurance that we will not experience increases in nonperforming loans in the future, or that NPAs will not result in losses in the future.
Added
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.
Removed
Our allowance for credit losses on loans may prove inadequate or we may be adversely affected by credit risk exposures. Our business depends on the creditworthiness of our customers.
Added
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 Yield 1 U.S.
Removed
We review our allowance for credit losses on loans for adequacy, at a minimum quarterly, considering economic conditions and trends, reasonable and supportable forecasts, collateral values and credit quality indicators, including past charge-off experience and levels of past due loans and NPAs.
Added
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 % 1 All yields and rates have been computed using amortized costs. 46 Table of Contents The following table details the maturity distribution of HTM securities.
Removed
The determination of the appropriate level of the allowance for credit losses involves a high degree of subjectivity and judgment and requires us to make significant estimates of current credit risks and future trends, all of which may undergo material changes.
Added
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 Yield 1 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 % 1 All yields and rates have been computed using amortized costs. 47 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.
Removed
We cannot be certain that our allowance will be adequate over time to cover credit losses in our portfolio because of unanticipated adverse changes in the economy, market conditions or events adversely affecting specific customers, industries or markets, or borrowers repaying their loans.
Added
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.
Removed
Generally, the credit quality of our borrowers may deteriorate as a result of economic downturns in our markets. For example, inflation could lead to increased costs to our customers, making it more difficult for them to repay their loans or other obligations, increasing our credit risk.
Added
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.
Removed
If the credit quality of our customer base or their debt service behavior materially decreases, if the risk profile of a market, industry or group of customers declines or weakness in the real estate markets and other economics were to arise, or if our allowance for credit losses on loans is not adequate, our business, financial condition, including our liquidity and capital, and results of operations could be materially adversely affected.
Added
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”).
Removed
In addition, bank regulatory agencies periodically review our allowance and may require an increase in the provision for credit losses or the recognition of loan charge-offs, based on judgments different than those of management.
Added
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.
Removed
If charge-offs in future periods exceed the allowance for credit losses on loans, we will need additional provisions to increase the 16 allowance, which would result in a decrease in net income and capital, and could have a material adverse effect on our financial condition and results of operations.
Added
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.
Removed
Interest Rate Risk We must effectively manage our interest rate risk . The impact of changing interest rates on our results is difficult to predict and changes in interest rates may impact our performance in ways we cannot predict.
Added
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.
Removed
Our profitability is largely dependent on our net interest income, which is the difference between the interest income paid to us on our loans and investments and the interest we pay to third parties such as our depositors, lenders and debt holders.
Added
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.
Removed
Changes in interest rates can impact our profits and the fair values of certain of our assets and liabilities. Prolonged periods of unusually low interest rates may have an incrementally adverse effect on our earnings by reducing yields on loans and other earning assets over time.
Added
CRE owner occupied loans are extended to commercial customers for the purpose of acquiring or 48 Table of Contents 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.
Removed
Increases in market interest rates may reduce our customers’ desire to borrow money from us or adversely affect their ability to repay their outstanding loans by increasing their debt service obligations through the periodic reset of adjustable interest rate loans.
Added
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.
Removed
If our borrowers’ ability to pay their loans is impaired by increasing interest payment obligations, our level of NPAs would increase, producing an adverse effect on operating results. Increases in interest rates can have a material impact on the volume of mortgage originations and re-financings, adversely affecting the profitability of our mortgage finance business.
Added
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.
Removed
Higher market interest rates and increased competition for deposits may result in higher interest expense, as we may offer higher rates to attract or retain customer deposits. Increases in interest rates also may increase the amount of interest expense we pay to creditors on short and long-term debt.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

12 edited+9 added−2 removed8 unchanged
Biggest changeThe Company conducts due diligence prior to engaging third-party service providers which have access to the Company's networks, systems, and/or customer or employee data. Risk assessments are performed using Service Organization Controls (SOC) reports, self-attestation questionnaires, and other tools. Third-party service providers are required to comply with the Company’s policies regarding non-public personal information and information security.
Biggest changeRisk assessments are performed using Service Organization Controls (SOC) reports, self-attestation questionnaires, and other tools. Third-party service providers are required to comply with the Company’s policies regarding non-public personal information and information security. Third parties processing non-public personal information are contractually required to meet all legal and regulatory obligations to protect customer data against security threats or unauthorized access.
Item 1C. Cybersecurity Cybersecurity Risk Management and Strategy The Company’s information security program is designed to protect sensitive information from unauthorized access, use, disclosure, alteration, or destruction, and to maintain the confidentiality, integrity, and availability of our information assets, including employee and customer non-public information, financial data, and internal operational information.
Item 1C. Cybersecurity Cybersecurity Risk Management and Strategy The Company’s information security program is designed to protect systems and sensitive information from unauthorized access, use, disclosure, alteration, or destruction, and to maintain the confidentiality, integrity, and availability of our information assets, including employee and customer non-public information, financial data, and internal operational information.
“Risk Factors” for further discussion of the material risks associated with an interruption or breach in our information systems or infrastructure. 28 Cybersecurity Governance Our Board of Directors is responsible for overseeing the Company’s business and affairs, including risks associated with cybersecurity threats.
“Risk Factors” for further discussion of the material risks associated with an interruption or compromise of our information systems or infrastructure. Cybersecurity Governance Our Board of Directors is responsible for overseeing the Company’s business and affairs, including risks associated with cybersecurity threats.
We maintain policies and procedures for the safe storage, handling and secure disposal of customer information. Each employee is expected to be responsible for the security and confidentiality of customer information, and we communicate this responsibility to employees upon hiring and regularly throughout their employment. Annually, we provide employees with mandatory security awareness training.
Each employee is expected to be responsible for the security and confidentiality of customer information, and we communicate this responsibility to employees upon hiring and regularly throughout their employment. Annually, we provide employees with mandatory security awareness training.
Prior experience includes serving as the CISO for a multi-national cloud hosting organization serving the legal community and several senior leadership roles in both information technology and information security at a large financial institution, Fortune 500 organizations and a large professional services firm. The CISO holds a degree in Computer Science and maintains appropriate industry certifications.
Our CISO has cybersecurity and information technology experience spanning more than 30 years. Prior experience includes serving as the CISO for a multi-national cloud hosting organization serving the legal community and several senior leadership roles in both information technology and information security at a large financial institution, Fortune 500 organizations and a large professional services firm.
The Board oversees the Company’s corporate risk governance processes primarily through its committees, and oversight of cybersecurity threats is delegated primarily to our Information Technology Committee. The Enterprise Risk Management Committee of the Board has primary responsibility for overseeing the Company’s comprehensive ERM program.
The Board oversees the Company’s corporate risk governance processes primarily through its committees, and oversight of cybersecurity threats is delegated primarily to our ITC. The ERMC of the Board has primary responsibility for overseeing the Company’s comprehensive ERM program. The ERM program assists senior management in identifying, assessing, monitoring, and managing risk, including cybersecurity risk, in a rapidly changing environment.
We test employees monthly to determine their susceptibility to phishing test emails, and we require susceptible employees to take additional training and provide regular reports to management. As part of our information security program, we have adopted a Cyber Incident Response Plan (“Incident Response Plan”) which is administered by our CISO who closely coordinates with the Company’s Information Technology team.
As part of our information security program, we have adopted a Cyber Incident Response Plan (“Incident Response Plan”) which is administered by our CISO who closely coordinates with the Company’s Information Technology team.
The ERM program assists senior management in identifying, assessing, monitoring, and managing risk, including cybersecurity risk, in a rapidly changing environment. Cybersecurity matters and assessments are regularly included in both ITC and ERMC meetings. The Board’s oversight of cybersecurity risk is supported by our CISO. The CISO attends ITC and ERMC meetings and provides cybersecurity updates to these Board committees.
Cybersecurity matters and assessments are regularly included in both ITC and ERMC meetings. The Board’s oversight of cybersecurity risk is supported by our CISO. The CISO attends ITC and ERMC meetings and provides cybersecurity updates to these Board committees. The CISO also provides annual risk assessments and reports regarding the information security program to the full Board of Directors.
In this role, in addition to the responsibilities discussed above, the CISO supports the information security risk oversight responsibilities of the Board and its committees. The CISO is also responsible for the Company’s information technology governance, risk, and compliance program and ensures that high level risks receive appropriate attention.
The Company’s CISO directs the company’s information security program and our information technology risk management. In this role, in addition to the responsibilities discussed above, the CISO supports the information security risk oversight responsibilities of the Board and its committees.
The Information Security team also actively monitors company networks and systems to detect suspicious or malicious events, including through penetration testing and periodic vulnerability scans, a managed security service provider supplements our efforts to provide 24 hours a day, seven days a week coverage, and we work with leading cybersecurity companies and organizations to leverage third party technology and expertise as appropriate.
Additionally, a managed security service provider supplements our efforts to provide 24 hours a day, seven days a week coverage, and we work with leading cybersecurity companies and organizations to leverage third-party technology and expertise as appropriate. We maintain policies and procedures for the safe storage, handling and secure disposal of customer information.
The Information Security team examines risks to the Company’s information systems and assets, designs and implements security solutions, monitors the environment, and provides responses to threats. Our CISO has cybersecurity and information technology experience spanning more than 30 years.
The CISO is also responsible for the Company’s information technology governance, risk, and compliance program and ensures that high level risks receive appropriate attention. The Information Security team examines risks to the Company’s information systems and assets, designs and implements security solutions, monitors the environment, and provides responses to threats.
Our Chief Information Security Officer, who reports to our Chief Risk Officer, manages our information security strategy and development within our overarching Enterprise Risk Management program. The Company’s cybersecurity program, including our information security policies, is designed to align with regulatory guidance and industry practices.
The Company’s cybersecurity program, including our information security policies, is designed to align with regulatory guidance and industry practices, (e.g., NIST Cybersecurity Framework and FFIEC guidance) and is periodically assessed through independent reviews and external testing to inform control enhancements.
Removed
Third parties processing non-public personal information are contractually required to meet all legal and regulatory obligations to protect customer data against security threats or unauthorized access. After contract execution, Seacoast requires critical and high-risk providers to have an ongoing monitoring plan.
Added
Our CISO, who reports to our CRO, manages our information security strategy and development within our overarching ERM program. The Company recognizes the importance of maintaining a cybersecurity risk management system designed to reduce the risks that cybersecurity threats pose to financial institutions. As a result, cybersecurity risk is managed as a key operational risk within our ERM framework.
Removed
The CISO also provides annual risk assessments and reports regarding the information security program to the full Board of Directors. Our CRO, in conjunction with our CISO, facilitates the involvement of the ITC in oversight of potentially significant cybersecurity incidents. The Company’s CISO directs the company’s information security program and our information technology risk management.
Added
In addition to first‑line ownership by our Information Security and Technology teams, independent second‑line risk functions, including our CISO, oversee cyber risk and control effectiveness. Our Internal Audit function conducts periodic reviews of cybersecurity governance, risk management processes, and selected controls, and reports results to management and the Board.
Added
The Information Security team also actively monitors company networks and systems to detect suspicious or malicious events, including through penetration testing and periodic vulnerability scans.
Added
We conduct testing monthly to assess our employees susceptibility to phishing test emails, and we require susceptible employees to take additional training and provide regular reports to management.
Added
We maintain cybersecurity insurance and consider risk transfer, alongside preventive and detective controls, as part of our overall approach to managing cyber risk. The Company conducts due diligence prior to engaging third-party service providers which have access to the Company's networks, systems, and/or customer or employee data.
Added
After contract execution, Seacoast requires critical and high-risk providers to have an ongoing monitoring plan. Third-party engagements are risk-tiered at onboarding and 29 Table of Contents reassessed on a defined cadence. Contracts for higher-risk engagements include information security obligations, incident notification requirements, and audit/assessment rights.
Added
Cybersecurity risk metrics and program updates are reported to management and Board committees on a regular cadence, with periodic tabletop exercises and director education sessions supporting oversight. Our CRO, in conjunction with our CISO, facilitate the involvement of the ITC in oversight of potentially significant cybersecurity incidents. Potential incidents are evaluated for materiality without unreasonable delay, consistent with SEC rules.
Added
If an incident (or series of related occurrences) is determined to be material, we disclose in a timely manner on Form 8-K Item 1.05 and provide updates as appropriate. Management across Information Security, Technology, Operations, Legal/Compliance, Risk Management, and Corporate Audit coordinate on cybersecurity risk matters through established committees and reporting routines.
Added
The CISO holds a degree in Computer Science and maintains appropriate industry certifications.

Item 2. Properties

Properties — owned and leased real estate

1 edited+0 added−0 removed1 unchanged
Biggest changeAt December 31, 2024, Seacoast Bank had 77 branch offices, all located in Florida, in addition to stand-alone commercial lending offices, including one in Georgia. For additional information regarding properties, please refer to Note 7 - Bank Premises and Equipment and Note 11 - Lease Commitments to our audited consolidated financial statements.
Biggest changeAt December 31, 2025, Seacoast Bank had 104 branch offices located in Florida and Georgia, in addition to stand-alone commercial lending offices throughout the footprint. For additional information regarding properties, please refer to Note 7 - Bank Premises and Equipment and Note 11 - Lease Commitments to our audited consolidated financial statements. 30 Table of Contents

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

1 edited+0 added−0 removed1 unchanged
Biggest changeManagement presently believes that none of the legal proceedings to which it is a party are likely to have a materially adverse effect on the Company’s consolidated financial position, operating results or cash flows. Item 4. Mine Safety Disclosures Not applicable. 29 Part II
Biggest changeManagement presently believes that none of the legal proceedings to which it is a party are likely to have a materially adverse effect on the Company’s consolidated financial position, operating results or cash flows.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

4 edited+0 added−0 removed6 unchanged
Biggest changeThe following table provides details of our common stock repurchases for the three months ended December 31, 2024: Period Total Number of Shares Purchased 1 Average Price Paid Per Share Total Number of Shares Purchased as part of Public Announced Plan Maximum Value of Shares that May Yet be Purchased Under the Plan (in thousands) 10/1/24 to 10/31/24 8,941 $ 25.89 — $ 99,120 11/1/24 to 11/30/24 — — — 99,120 12/1/24 to 12/31/24 13,764 27.52 — 100,000 Total - 4th Quarter 22,705 $ 26.88 — $ 100,000 1 Includes shares that were repurchased to pay for the exercises of stock options or for income taxes owed on vesting shares of restricted stock.
Biggest changeThe following table provides details of our common stock repurchases for the three months ended December 31, 2025: Period Total Number of Shares Purchased 1 Average Price Paid Per Share Total Number of Shares Purchased as part of Public Announced Plan Maximum Value of Shares that May Yet be Purchased Under the Plan (in thousands) 10/1/25 to 10/31/25 9,322 $ 30.66 — $ 100,000 11/1/25 to 11/30/25 — — — 100,000 12/1/25 to 12/31/25 — — — 150,000 Total - 4th Quarter 9,322 $ 30.66 — $ 150,000 1 Includes shares that were repurchased to pay for the exercises of stock options or for income taxes owed on vesting shares of restricted stock.
Under the share repurchase program, which will expire on December 31, 2025, repurchases will be made, if at all, in accordance with applicable securities laws and may be made from time to time in the open market, by block purchase or by negotiated transactions.
Under the share repurchase program, which will expire on December 31, 2026, repurchases will be made, if at all, in accordance with applicable securities laws and may be made from time to time in the open market, by block purchase or by negotiated transactions.
As of January 31, 2025, there were 85,612,136 shares of the Company's common stock outstanding, held by approximately 2,330 record holders. Dividends from Seacoast Bank are the Company's primary source of funds to pay dividends to its shareholders.
As of January 31, 2026, there were 97,958,734 shares of the Company's common stock outstanding, held by approximately 2,224 record holders. Dividends from Seacoast Bank are the Company's primary source of funds to pay dividends to its shareholders.
Share Repurchase Program and Other Repurchases On December 18, 2024, the Company's Board of Directors authorized the renewal of the Company's share repurchase program, under which the Company may, from time to time, purchase up to $100 million of its shares of outstanding common stock.
Share Repurchase Program and Other Repurchases On December 19, 2025, the Company's Board of Directors authorized the renewal of the Company's share repurchase program, under which the Company may, from time to time, purchase up to $150 million of its shares of outstanding common stock, an increase over the previous share repurchase program.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

46 edited+26 added−183 removed5 unchanged
Biggest changeIn 2023, average long-term debt of $104.2 million had an average rate of 6.96%. 32 The following table details the Company’s average balance sheets, interest income and expenses, and yields and rates 1 , for the past three years: For the Year Ended December 31, 2024 2023 2022 (In thousands, except ratios) Average Balance Interest Yield/ Rate Average Balance Interest Yield/ Rate Average Balance Interest Yield/ Rate Assets Earning assets: Securities: Taxable $ 2,702,763 $ 99,456 3.68 % $ 2,611,299 $ 82,926 3.18 % $ 2,568,568 $ 56,611 2.20 % Nontaxable 5,707 164 2.87 13,733 438 3.19 22,188 690 3.11 Total Securities 2,708,470 99,620 3.68 2,625,032 83,364 3.18 2,590,756 57,301 2.21 Federal funds sold 446,149 23,619 5.29 368,659 18,871 5.12 433,359 4,103 0.95 Interest-bearing deposits with other banks and other investments 102,552 4,983 4.86 90,692 5,718 6.30 69,604 3,517 5.05 Total Loans, net 10,096,189 598,411 5.93 9,889,070 581,825 5.88 6,838,266 316,073 4.62 Total Earning Assets 13,353,360 726,633 5.44 12,973,453 689,778 5.32 9,931,985 380,994 3.84 Allowance for credit losses (144,280) (150,982) (94,693) Cash and due from banks 167,367 184,035 305,775 Premises and equipment, net 110,341 116,516 85,568 Intangible assets 815,945 816,662 360,217 Bank owned life insurance 303,486 290,218 214,468 Other assets including deferred tax assets 327,539 392,872 248,108 Total Assets $ 14,933,758 $ 14,622,774 $ 11,051,428 Liabilities and Shareholders' Equity Interest-bearing liabilities: Interest-bearing demand $ 2,614,893 $ 54,960 2.10 % $ 2,686,936 $ 41,438 1.54 % $ 2,220,307 $ 3,099 0.14 % Savings 570,046 2,283 0.40 851,347 1,796 0.21 989,997 397 0.04 Money market 3,775,352 140,967 3.73 2,941,916 83,301 2.83 1,925,176 3,824 0.20 Time deposits 1,656,269 70,777 4.27 1,348,152 52,254 3.88 500,471 2,642 0.53 Securities sold under agreements to repurchase 269,255 9,390 3.49 270,999 8,323 3.07 121,318 986 0.81 FHLB borrowings 183,962 7,726 4.20 175,247 6,378 3.64 10,264 330 3.22 Long-term debt, net 106,624 7,485 7.02 104,158 7,245 6.96 74,713 3,056 4.09 Total Interest-Bearing Liabilities 9,176,401 293,588 3.20 8,378,755 200,735 2.40 5,842,246 14,334 0.25 Noninterest demand 3,455,907 4,087,335 3,667,345 Other liabilities 149,389 131,302 122,982 Total Liabilities 12,781,697 12,597,392 9,632,573 Shareholders' equity 2,152,061 2,025,382 1,418,855 Total Liabilities & Equity $ 14,933,758 $ 14,622,774 $ 11,051,428 Cost of deposits 2.23 % 1.50 % 0.11 % Interest expense as a % of earning assets 2.20 % 1.55 % 0.14 % Net interest income as a % of earning assets $ 433,045 3.24 % $ 489,043 3.77 % $ 366,660 3.69 % 1 On a fully taxable equivalent basis.
Biggest changeIn 2024, average long-term debt of $106.6 million had an average rate of 7.02%. 34 Table of Contents The following table details the Company’s average balance sheets, interest income and expenses, and yields and rates 1 , 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 funds 2 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 % 1 On an FTE basis.
Noninterest expenses in 2024 totaled $343.3 million, including $7.1 million related to branch consolidation and other expense reduction initiatives, and $0.3 million in costs to prepare for and recover from hurricane events.
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.
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, 2024 and 2023 .
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 2022 and changes in the Company’s financial condition and results of operations from 2022 to 2023 may be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 .
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.
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 77 full-service branches across Florida.
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.
Results for the fourth quarter of 2024 included an $8.0 million loss on the repositioning of a portion of the available-for-sale securities portfolio.
Results for the fourth quarter of 2024 included an $8.0 million loss on the repositioning of a portion of the AFS securities portfolio.
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 $15.2 billion in assets and $12.2 billion in deposits as of December 31, 2024.
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.
The provision for credit losses was $3.7 million in the fourth quarter of 2024, compared to $6.3 million in the third quarter of 2024 and $4.0 million in the fourth quarter of 2023.
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.
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.
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.
Net interest margin increased 22 basis points to 3.39% in the fourth quarter of 2024, compared to 3.17% in the third quarter of 2024. Excluding the effects of accretion on acquired loans, net interest margin expanded 15 basis points to 3.05% in the fourth quarter of 2024, compared to 2.90% in the third 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.
Securities losses in 2024 totaled $8.0 million compared to securities losses in 2023 of $2.9 million. In 2024 , the Company sold approximately $217.0 million in available-for-sale securities, resulting in losses of $12.0 million , allowing for reinvestment at higher yields.
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.
Fourth Quarter Results and Analysis Net income totaled $34.1 million in the fourth quarter of 2024, an increase of $3.4 million, or 11%, from the third quarter of 2024, and an increase of $4.5 million, or 15%, compared to the fourth quarter of 2023.
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 income 1 totaled $40.6 million, an increase of $10.0 million, or 33%, from the third quarter of 2024, and an increase of $9.2 million, or 29%, compared to the fourth quarter of 2023.
Adjusted net income 1 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.
Noninterest income accounted for 17% of total revenue in 2024 and 14% in 2023 (net interest income plus noninterest income, excluding securities gains and losses). 34 Noninterest income is detailed as follows: For the Year Ended December 31, (In thousands, except percentages) 2024 2023 % Change Service charges on deposit accounts $ 20,852 $ 18,278 14 % Interchange income 7,599 13,877 (45) Wealth management income 15,168 12,780 19 Mortgage banking fees 1,774 1,790 (1) Insurance agency income 5,196 4,510 15 BOLI income 10,065 8,401 20 Other income 30,790 22,409 37 91,444 82,045 11 Securities (losses) gains, net (8,016) (2,893) 177 Total Noninterest Income $ 83,428 $ 79,152 5 % Service charges on deposits for the year ended December 31, 2024 increased $2.6 million, or 14%, compared to the prior year to $20.9 million.
Noninterest income accounted for 15% of total revenue in 2025 and 16% in 2024 (Net Interest Income plus Noninterest income). 36 Table of Contents 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.
Diluted earnings per share was $0.40 and adjusted diluted EPS 1 2 was $0.48 in the fourth quarter of 2024, compared to diluted EPS of $0.36 and adjusted diluted EPS 1 of $0.36 in the third quarter of 2024 and compared to diluted EPS of $0.35 and adjusted diluted EPS 1 of $0.37 in the fourth quarter of 2023.
Diluted EPS was $0.31 and adjusted diluted EPS 1 2 was $0.44 in the fourth quarter of 2025, compared to diluted EPS of $0.42 and adjusted diluted EPS 1 of $0.52 in the third quarter of 2025, and compared to diluted EPS of $0.40 and adjusted diluted EPS 1 of $0.48 in the fourth quarter of 2024.
The Company had an average balance of $184.0 million in FHLB borrowings outstanding for the year ended December 31, 2024, with an average interest rate of 4.20%. The average balance of FHLB borrowings was $175.2 million at 3.64% in 2023. In 2024, average long-term debt of $106.6 million had an average rate of 7.02%.
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.
Higher customer transaction volume contributed to the increase over the prior quarter. • Occupancy costs totaled $7.2 million, an increase of $0.1 million, or 2%, compared to the prior quarter and a decrease of $0.3 million, or 4%, 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.
Noninterest income, excluding securities gains and losses, totaled $25.5 million for the fourth quarter of 2024, an increase of $2.0 million, or 8%, when compared to the third quarter of 2024, and an increase of $5.7 million, or 29%, compared to the fourth quarter of 2023.
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.
Nonaccrual loans are included in loan balances. 33 The following table shows the impact of changes in volume and rate on interest-earning assets and interest-bearing liabilities 1 : 2024 vs 2023 2023 vs 2022 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 $ 3,135 $ 13,395 $ 16,530 $ 1,149 $ 25,166 $ 26,315 Nontaxable (243) (31) (274) (266) 14 (252) Total Securities 2,892 13,364 16,256 883 25,180 26,063 Federal funds sold 4,034 714 4,748 (1,962) 16,730 14,768 Other investments 662 (1,397) (735) 1,198 1,003 2,201 Loans 12,231 4,355 16,586 160,253 105,499 265,752 Total Interest-Earning Assets 19,819 17,036 36,855 160,372 148,412 308,784 Interest-Bearing Liabilities: Interest-bearing demand (1,313) 14,835 13,522 3,924 34,415 38,339 Savings (860) 1,347 487 (174) 1,573 1,399 Money market accounts 27,359 30,307 57,666 15,404 64,072 79,476 Time deposits 12,555 5,968 18,523 18,665 30,947 49,612 Total Deposits 37,741 52,457 90,198 37,819 131,007 168,826 Securities sold under agreements to repurchase (57) 1,124 1,067 2,907 4,431 7,338 FHLB borrowings 342 1,006 1,348 5,654 394 6,048 Other borrowings 172 68 240 1,626 2,563 4,189 Total Interest-Bearing Liabilities 38,198 54,655 92,853 48,006 138,395 186,401 Net Interest Income $ (18,379) $ (37,619) $ (55,998) $ 112,366 $ 10,017 $ 122,383 1 On a fully taxable equivalent basis.
Nonaccrual loans are included in loan balances. 2 Total interest expense as a percentage of total interest-bearing liabilities and noninterest demand deposits. 35 Table of Contents The following table shows the impact of changes in volume and rate on interest-earning assets and interest-bearing liabilities 1 : 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) 1 On an FTE basis.
Insurance agency income totaled $5.2 million in 2024, an increase of 15% from $4.5 million in 2023, reflecting continued growth and expansion of insurance services. Mortgage banking fees remained flat at $1.8 million for the year ended December 31, 2024 compared to 2023.
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.
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 $36.6 million in 2024, a decrease of $15.5 million, or 30%, compared to 2023. Results in 2023 included $17.4 million in merger-related costs.
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.
Other real estate owned expense and net loss (gain) on sale was a net loss of $0.4 million in 2024, compared to a net loss of $1.0 million in 2023. Charges in each year primarily relate to valuation adjustments on former branch properties. Provision for credit losses on unfunded commitments was $1.0 million in 2024 and $1.2 million in 2023.
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.
Net revenues, which are calculated as net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains and losses were $132.9 million, an increase of $2.5 million, or 2%, from the third quarter of 2024 and an increase of $4.7 million, or 4%, from the fourth quarter of 2023.
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.
Other changes compared to the third quarter of 2024 included the following: • Service charges on deposits totaled $5.1 million, a decrease of $0.3 million, or 5%, from the prior quarter and an increase of $0.3 million, or 6%, 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.
Results in the fourth quarter of 2024 included: 1 2 Non-GAAP measure, see “ Explanation of Certain Unaudited Non-GAAP Financial Measures ” for more information and a reconciliation to GAAP. 37 • Salaries and wages totaled $42.4 million, an increase of $1.7 million , or 4% , compared to the prior quarter and an increase of $3.9 million, or 10%, from the prior year quarter, reflecting continued onboarding of banking teams and talent across our footprint. • Employee benefits totaled $6.5 million, a decrease of $0.4 million, or 6%, compared to the prior quarter and a decrease of $0.1 million, or 2%, from the prior year quarter.
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. 1 2 Non-GAAP measure, see “ Explanation of Certain Unaudited Non-GAAP Financial Measures ” for more information and a reconciliation to GAAP. 39 Table of Contents • 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.
Sweep repurchase agreements with customers averaged $269.3 million for the year ended December 31, 2024, a decrease of $1.7 million, or 1%, compared to $271.0 million for the year ended December 31, 2023. The average rate on customer repurchase accounts was 3.49% in 2024, compared to 3.07% in 2023.
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.
Accretion of purchase discount on acquired loans added $41.7 million in interest income for the year ended December 31, 2024, compared to $56.7 million for the year ended December 31, 2023. Purchase marks from bank acquisitions in previous years are expected to continue to decline.
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.
For the Year Ended December 31, (In thousands, except percentages) 2024 2023 % Change Salaries and wages $ 162,316 $ 177,637 (9 %) Employee benefits 28,253 29,918 (6) Outsourced data processing costs 36,638 52,098 (30) Occupancy 29,547 31,872 (7) Furniture and equipment 8,031 8,692 (8) Marketing 10,776 9,156 18 Legal and professional fees 9,648 17,514 (45) FDIC assessments 8,445 8,630 (2) Amortization of intangibles 23,884 28,726 (17) Other real estate owned expense and net loss (gain) on sale 440 985 (55) Provision for credit losses on unfunded commitments 1,001 1,239 (19) Other expense 24,322 29,155 (17) Total Noninterest Expense $ 343,301 $ 395,622 (13 %) Salaries and wages totaled $162.3 million in 2024, a decrease of $15.3 million, or 9%, compared to 2023.
Seacoast continues to prudently manage expenses while strategically investing to support continued growth. 1 Non-GAAP measure, see “ Explanation of Certain Unaudited Non-GAAP Financial Measures ” for more information and a reconciliation to GAAP. 37 Table of Contents 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.
During 2024, yields on interest-earning assets increased to 5.44% from 5.32% in 2023 due to the higher interest rate environment. Average interest-bearing liabilities increased $797.6 million, or 10%, during 2024 to $9.2 billion, including a $788.2 million, or 10%, increase in interest-bearing deposits.
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.
Net interest income totaled $115.8 million in the fourth quarter of 2024, an increase of $9.1 million, or 9%, from the third quarter of 2024 and an increase of $5.0 million, or 4%, compared to the fourth quarter of 2023.
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.
Wealth management revenues, including brokerage commissions and fees and trust income, increased $2.4 million, or 19%, to $15.2 million for the year ended December 31, 2024. The wealth management team continued to demonstrate notable success in building relationships, contributing to a 20% increase in assets under management year-over-year to $2.1 billion as of December 31, 2024.
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.
Fourth quarter 2024 results include gains on SBIC investments and gains on the sale of two nonperforming commercial real estate loans. Noninterest expenses for the fourth quarter of 2024 totaled $85.6 million, an increase of $0.8 million, or 1%, from the third quarter of 2024 and a decrease of $0.8 million, or 1%, from the fourth quarter of 2023.
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.
The cost of average total deposits (including noninterest-bearing demand deposits) increased by 73 basis points to 2.23% in 2024, compared to 1.50% in 2023, primarily the result of higher short-term interest rates and an increasingly competitive deposit market.
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.
During 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, decreased $1.7 million, or 6%, compared to 2023. The decreases compared to 2023 are related to reductions in the workforce completed in late 2023 and early 2024. The Company utilizes third parties for core data processing systems.
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.
Results of Operations 2024 Financial Performance Highlights • Net income of $121.0 million, an increase of $17.0 million, or 16%, compared to 2023, and adjusted net income 1 of $132.5 million, a decrease of $0.8 million, or 1%, compared to 2023. • Noninterest income increased $4.3 million, or 5%, compared to 2023, to $83.4 million. • Return on average tangible assets for the year ended December 31, 2024 was 0.98%, compared to 0.91% for the year ended December 31, 2023. • Return on tangible common equity for the year ended December 31, 2024 was 10.39%, compared to 10.38% for the year ended December 31, 2023. • New loan production was $2.5 billion, an increase of 40%, or $714.8 million, compared to 2023, while net loans grew 3%, or $237.0 million from 2023, to $10.2 billion. 1 Non-GAAP measure, see “ Explanation of Certain Unaudited Non-GAAP Financial Measures ” for more information and a reconciliation to GAAP. 31 • Growth in total deposits from 2023 of 4%, or $465.5 million, to $12.2 billion. • Continued strong capital position, with a Tier 1 capital ratio of 14.8%, and a tangible common equity to tangible assets ratio of 9.60%. • Tangible book value per share increased to $16.12 at December 31, 2024 from $15.08 at December 31, 2023.
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 income 1 of $169.5 million, an increase of $37.0 million, or 28%, compared to 2024. • On an adjusted basis, pre-tax pre-provision earnings 1 of $274.7 million increased 45% from the prior year. 1 Non-GAAP measure, see “ Explanation of Certain Unaudited Non-GAAP Financial Measures ” for more information and a reconciliation to GAAP. 33 Table of Contents • 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%.
Other expense totaled $24.3 million and $29.2 million in 2024 and 2023, respectively. The decrease of $4.8 million, or 17%, reflects the Company's achievement of expense reduction initiatives in late 2023 and early 2024. 36 Income Taxes In 2024, the provision for income taxes totaled $34.9 million, compared to $30.2 million in 2023.
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. 38 Table of Contents 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 decrease from the prior quarter is due to seasonally lower 401(k) and payroll tax expense. • Outsourced data processing costs totaled $8.3 million, an increase of $0.3 million, or 4%, compared to the prior quarter and a decrease of $0.3 million, or 4%, 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.
Included in 2023 is $26.6 million of day-1 provision for credit losses on loans added through the acquisition of Professional. Noninterest Income Noninterest income (excluding securities gains and losses) totaled $91.4 million in 2024, an increase of $9.4 million, or 11%, compared to 2023.
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.
The cost of deposits declined 26 basis points, from 2.34% in the prior quarter, to 2.08% in the fourth quarter of 2024. Lower interest expense on deposits reflects the impact of recent cuts to the Federal Funds rate.
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.
Net interest income (on a fully taxable equivalent basis) 1 for the year ended December 31, 2024, was $433.0 million, decreasing $56.0 million, or 11%, compared to the year ended December 31, 2023.
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.
Loan yields decreased one basis point from the prior quarter to 5.93%. Excluding the effects of accretion on acquired loans, loan yields decreased 10 basis points, from 5.58% in the third quarter of 2024 to 5.48% in the fourth quarter of 2024. Securities yields increased two basis points to 3.77%, compared to 3.75% in the prior quarter.
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 fourth quarter of 2024 was modestly impacted by hurricane-related fee waivers, while our investments in talent and significant market expansion across the state resulted in continued growth in treasury management services to commercial customers compared to the prior year. • Wealth management income totaled $4.0 million, an increase of $0.2 million, or 5%, from the prior quarter and an increase of $0.8 million, or 23%, from the prior year quarter. • Insurance agency income totaled $1.2 million, a decrease of 18% from the prior quarter, reflecting typical fourth quarter seasonality, and an increase of 8% from the prior year quarter. • Other income totaled $10.3 million, an increase of $2.5 million, or 31%, from the prior quarter and an increase of $4.7 million, or 85% from the prior year quarter.
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.
Amortization of intangibles decreased $4.8 million, or 17%, to $23.9 million during 2024 from $28.7 million in 2023. The acquisition of Professional in 2023 added $48.9 million in core deposit intangible assets, which are amortized using an accelerated amortization method.
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.
The increase in the fourth quarter of 2024 was largely driven by a 26 basis point decline in the cost of deposits. Accretion on acquired loans totaled $11.7 million in the fourth quarter of 2024, $9.2 million in the third quarter of 2024, and $11.3 million in the fourth quarter of 2023.
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.
We will continue to invest in marketing and branding supporting customer growth initiatives. • Legal and professional fees totaled $2.8 million, an increase of $0.1 million, or 4%, compared to the prior quarter and a decrease of $0.5 million, or 15%, from the prior year quarter.
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.
Other income totaled $30.8 million in 2024, reflecting an increase of $8.4 million, or 37%, year-over-year. The increase reflects variability in income from SBIC investments, loan swap-related fees, gains on the strategic sales of nonperforming commercial real estate loans, and other fees correlating with growth in customers and accounts.
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.
Removed
Seacoast is executing a balanced growth strategy, combining organic growth with strategic acquisitions in Florida's most attractive growing markets. The Company has expanded its presence across the state with 16 acquisitions since 2014, strengthening market share, increasing the customer base and lowering operating costs through economies of scale.
Added
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.
Removed
The acquisition of Professional Holding Corp., parent company of Professional Bank, was completed on January 31, 2023. The transaction further expanded Seacoast’s presence in the tri-county South Florida market, which includes Miami-Dade, Broward, and Palm Beach counties, Florida’s largest MSA and the 8th largest in the nation.
Added
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.
Removed
The Company's acquisition strategy has not only increased customer households and been accretive to earnings, but has also opened markets and expanded Seacoast's customer base.
Added
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.
Removed
Net Interest Income and Margin Net interest income for the year ended December 31, 2024, totaled $432.0 million, decreasing $56.3 million, or 12%, compared to the year ended December 31, 2023. Higher interest expense on deposits resulting from higher short term rates and higher balances was partially offset by higher yields and higher balances on loans and securities.
Added
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.
Removed
Net interest margin (on a fully taxable equivalent basis) 1 decreased 53 basis points to 3.24% in 2024 compared to 3.77% in 2023. Average interest-earning assets increased $379.9 million, or 3%, during 2024 to $13.4 billion compared to $13.0 billion in 2023.
Added
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.
Removed
The cost of average interest-bearing liabilities in 2024 increased 80 basis points to 3.20% from 2.40% in 2023, reflecting the impact of higher interest rates. In the fourth quarter of 2024, net interest income and net interest margin began to improve, with a decline in deposit costs following cuts to the Federal Funds rate.
Added
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.
Removed
The Company expects a continued increase in net interest income and expansion of net interest margin into 2025 if short term interest rates remain flat or continue to decline. During 2024, average securities increased $83.4 million to $2.7 billion.
Added
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.
Removed
Yields on securities increased 50 basis points from 3.18% in 2023 to 3.68% in 2024, benefiting from higher rates on new purchases and favorable repricing on variable rate bonds. Average loans totaled $10.1 billion for the year ended December 31, 2024, increasing $207.1 million, or 2%, compared to $9.9 billion for the year ended December 31, 2023.
Added
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.
Removed
Yields on loans increased five basis points from 5.88% in 2023 to 5.93% in 2024, benefiting from higher rates on new production and increasing rates on variable rate loans. Accretion of purchase discounts on acquired loans added 42 basis points to loan yields in 2024, compared to 57 basis points in 2023.
Added
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.
Removed
During 2024, average transaction deposits (noninterest and interest-bearing demand deposits) decreased $703.5 million, or 10%, compared to 2023, as customers favored money market accounts, which increased $833.4 million, or 28% from 2023. The Company’s deposit mix remains favorable, with 86% of average deposit balances comprised of savings, money market, and demand deposits in 2024.
Added
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%.
Removed
Provision for Credit Losses The provision for credit losses was $16.3 million in 2024 compared to $37.5 million in 2023. In 2024, the provision reflects additions to the allowance for credit losses in keeping with higher loan balances, partially offset by lower overall allowance coverage on total loans, consistent with generally stabilizing economic trends.
Added
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.
Removed
This increase primarily reflects the Company's investments in talent and market expansion across the state, which have resulted in continued growth, particularly in treasury management services to commercial customers. Overdraft-related fees for both consumer and commercial accounts represented 32% of total service charges on deposits in 2024 compared to 35% in 2023.
Added
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.
Removed
Interchange revenue totaled $7.6 million in 2024, a decrease of 45% from $13.9 million in 2023. The decrease in interchange income was primarily due to the impact of the Durbin amendment, which became effective for the first time for the Company on July 1, 2023, limiting network interchange fees earned on debit card transactions.
Added
Adjusted noninterest expense 1 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.
Removed
The impact on demand of higher interest rates and limited housing inventory have continued to result in lower saleable production. BOLI income totaled $10.1 million in 2024, an increase of $1.7 million, or 20%, compared to the prior year, with policy exchanges executed in the first quarter of 2024 resulting in improved ongoing yields.
Added
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.
Removed
In 2023, noninterest expenses totaled $395.6 million, including $33.2 million in acquisition-related expenses and $5.2 million in expense reduction initiatives. 35 Adjusted noninterest expense 1 in 2024 totaled $335.9 million, a decrease of 6% from 2023, reflecting the success of strategic expense reduction initiatives executed in late 2023 and early 2024.
Added
The increase reflects higher pre-tax income in 2025. The effective tax rate for 2025 was 22.3%, compared to 22.4% in 2024.
Removed
The decline in 2024 reflects workforce reductions implemented in late 2023 and early 2024 to reduce overhead and offset revenue compression associated with higher interest rates. Results in 2023 also included $5.8 million in merger-related costs.
Added
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.
Removed
Total occupancy, furniture and equipment expenses in 2024 totaled $37.6 million, a decrease of $3.0 million, or 7%, compared to 2023. Lower costs in 2024 were achieved through consolidation of locations as part of the Company's expense reduction initiatives. During 2024, marketing expenses totaled $10.8 million, an increase of $1.6 million, or 18%, compared to $9.2 million in 2023.
Added
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.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

23 edited+4 added−1 removed6 unchanged
Biggest changeBMI Banks - Southeast Region Index 100.00 89.66 128.06 104.16 107.45 139.40 Source: S&P Global Market Intelligence © 2025 61 SELECTED QUARTERLY INFORMATION QUARTERLY CONSOLIDATED INCOME STATEMENTS (UNAUDITED) 2024 Quarters 2023 Quarters (In thousands, except per share data) Fourth Third Second First Fourth Third Second First Net interest income: Interest income $ 185,930 $ 184,115 $ 179,808 $ 175,706 $ 176,855 $ 179,846 $ 174,283 $ 157,991 Interest expense 70,126 77,450 75,384 70,628 66,036 60,540 47,320 26,839 Net interest income 115,804 106,665 104,424 105,078 110,819 119,306 126,963 131,152 Provision for credit losses 3,699 6,273 4,918 1,368 3,990 2,694 (764) 31,598 Net interest income after provision for credit losses on loans 112,105 100,392 99,506 103,710 106,829 116,612 127,727 99,554 Noninterest income: Service charges on deposit accounts 5,138 5,412 5,342 4,960 4,828 4,648 4,560 4,242 Interchange income 1,860 1,911 1,940 1,888 2,433 1,684 5,066 4,694 Wealth management income 4,019 3,843 3,766 3,540 3,261 3,138 3,318 3,063 Mortgage banking fees 326 485 582 381 378 410 576 426 Insurance agency income 1,151 1,399 1,355 1,291 1,066 1,183 1,160 1,101 BOLI income 2,627 2,578 2,596 2,264 2,220 2,197 2,068 1,916 Other income 10,335 7,864 6,647 5,944 5,589 4,920 5,004 6,896 Securities (losses) gains, net (8,388) 187 (44) 229 (2,437) (387) (176) 107 Total noninterest income 17,068 23,679 22,184 20,497 17,338 17,793 21,576 22,445 Noninterest expenses: Salaries and wages 42,378 40,697 38,937 40,304 38,435 46,431 45,155 47,616 Employee benefits 6,548 6,955 6,861 7,889 6,678 7,206 7,472 8,562 Outsourced data processing costs 8,307 8,003 8,210 12,118 8,609 8,714 20,222 14,553 Occupancy 7,234 7,096 7,180 8,037 7,512 7,758 8,583 8,019 Furniture and equipment 2,004 2,060 1,956 2,011 2,028 2,052 2,345 2,267 Marketing 2,126 2,729 3,266 2,655 2,995 1,876 2,047 2,238 Legal and professional fees 2,807 2,708 1,982 2,151 3,294 2,679 4,062 7,479 FDIC assessments 2,274 1,882 2,131 2,158 2,813 2,258 2,116 1,443 Amortization of intangibles 5,587 6,002 6,003 6,292 6,888 7,457 7,654 6,727 Other real estate owned expense and net loss (gain) on sale 84 491 (109) (26) 573 274 (57) 195 Provision for credit losses on unfunded commitments 250 250 251 250 — — — 1,239 Other 5,976 5,945 5,869 6,532 6,542 7,210 8,266 7,137 Total noninterest expenses 85,575 84,818 82,537 90,371 86,367 93,915 107,865 107,475 Income before income taxes 43,598 39,253 39,153 33,836 37,800 40,490 41,438 14,524 Provision for income taxes 9,513 8,602 8,909 7,830 8,257 9,076 10,189 2,697 Net income $ 34,085 $ 30,651 $ 30,244 $ 26,006 $ 29,543 $ 31,414 $ 31,249 $ 11,827 Per Common Share Data Net income diluted $ 0.40 $ 0.36 $ 0.36 $ 0.31 $ 0.35 $ 0.37 $ 0.37 $ 0.15 Net income basic 0.40 0.36 0.36 0.31 0.35 0.37 0.37 0.15 62 2024 Quarters 2023 Quarters (In thousands, except per share data) Fourth Third Second First Fourth Third Second First Cash dividends declared: Common stock $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.17 Market price common stock: Low close 25.42 22.70 21.59 22.93 19.59 21.51 18.83 21.31 High close 30.71 28.33 24.25 27.28 29.28 27.01 23.85 33.50 Bid price at end of period 27.53 26.49 23.33 24.86 28.46 21.82 21.78 23.18 63
Biggest changeBMI Banks - Southeast Region Index 100.00 142.83 116.18 119.85 155.47 187.40 Source: S&P Global Market Intelligence © 2026 67 Table of Contents SELECTED QUARTERLY INFORMATION QUARTERLY CONSOLIDATED INCOME STATEMENTS (UNAUDITED) 2025 Quarters 2024 Quarters (In thousands, except per share data) Fourth Third Second First Fourth Third Second First Net interest income: Interest income $ 256,060 $ 202,712 $ 193,347 $ 184,255 $ 185,930 $ 184,115 $ 179,808 $ 175,706 Interest expense 81,433 69,244 66,483 65,738 70,126 77,450 75,384 70,628 Net interest income 174,627 133,468 126,864 118,517 115,804 106,665 104,424 105,078 Provision for credit losses 29,260 8,371 4,379 9,250 3,699 6,273 4,918 1,368 Net interest income after provision for credit losses on loans 145,367 125,097 122,485 109,267 112,105 100,392 99,506 103,710 Noninterest income: Service charges on deposit accounts 6,472 6,194 5,540 5,180 5,138 5,412 5,342 4,960 Wealth management income 5,540 4,578 4,196 4,248 4,019 3,843 3,766 3,540 Mortgage banking income 3,108 517 685 404 326 485 582 381 Interchange income 2,483 2,008 1,895 1,807 1,860 1,911 1,940 1,888 Insurance agency income 1,191 1,481 1,289 1,620 1,151 1,399 1,355 1,291 BOLI income 2,687 3,875 3,380 2,468 2,627 2,578 2,596 2,264 Other income 7,066 6,006 7,497 6,257 10,335 7,864 6,647 5,944 Securities gains (losses), net 84 (841) 39 196 (8,388) 187 (44) 229 Total noninterest income 28,631 23,818 24,521 22,180 17,068 23,679 22,184 20,497 Noninterest expenses: Salaries and wages 53,942 46,310 44,438 42,248 42,378 40,697 38,937 40,304 Employee benefits 8,490 7,387 8,106 8,861 6,548 6,955 6,861 7,889 Outsourced data processing costs 11,257 9,337 8,525 8,504 8,307 8,003 8,210 12,118 Occupancy 9,330 7,627 7,483 7,350 7,234 7,096 7,180 8,037 Furniture and equipment 2,935 2,233 2,125 2,128 2,004 2,060 1,956 2,011 Marketing 3,149 2,509 2,958 2,748 2,126 2,729 3,266 2,655 Legal and professional fees 2,106 1,674 2,071 2,740 2,807 2,708 1,982 2,151 FDIC assessments 2,876 2,414 2,108 2,194 2,274 1,882 2,131 2,158 Amortization of intangibles 10,374 6,005 5,131 5,309 5,587 6,002 6,003 6,292 OREO and net (gain) loss on sale (29) (346) 8 241 84 491 (109) (26) Provision for credit losses on unfunded commitments 812 150 150 150 250 250 251 250 Merger and integration costs 18,142 10,808 2,422 1,051 — — — — Other 7,162 5,879 6,205 7,073 5,976 5,945 5,869 6,532 Total noninterest expenses 130,546 101,987 91,730 90,597 85,575 84,818 82,537 90,371 Income before income taxes 43,452 46,928 55,276 40,850 43,598 39,253 39,153 33,836 Provision for income tax expense 9,192 10,461 12,589 9,386 9,513 8,602 8,909 7,830 Net income 34,260 36,467 42,687 31,464 34,085 30,651 30,244 26,006 Preferred dividends 2,138 — — — — — — — Net income available to common shareholders $ 32,122 $ 36,467 $ 42,687 $ 31,464 $ 34,085 $ 30,651 $ 30,244 $ 26,006 68 Table of Contents 2025 Quarters 2024 Quarters (In thousands, except per share data) Fourth Third Second First Fourth Third Second First Per Common Share Data Net income diluted $ 0.31 $ 0.42 $ 0.50 $ 0.37 $ 0.40 $ 0.36 $ 0.36 $ 0.31 Net income basic 0.32 0.42 0.50 0.37 0.40 0.36 0.36 0.31 Cash dividends declared: Common and preferred stock 1 $ 0.19 $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.18 Market price common stock: Low close 28.58 27.13 21.36 25.09 25.42 22.70 21.59 22.93 High close 33.23 32.09 27.79 30.06 30.71 28.33 24.25 27.28 Bid price at end of period 31.42 30.43 27.62 25.73 27.53 26.49 23.33 24.86 1 In the fourth quarter of 2025, non-voting convertible preferred shares were issued in connection with the VBI acquisition.
Management may adjust asset or liability pricing or structure in order to manage interest rate risk through an interest rate cycle. This may include the use of investment portfolio purchases or sales or the use of derivative financial instruments, such as interest rate swaps, options, caps, floors, futures or forward contracts.
Management may adjust asset or liability pricing or structure in order to manage interest rate risk through an economic cycle. This may include the use of investment portfolio purchases or sales or the use of derivative financial instruments, such as interest rate swaps, options, caps, floors, futures or forward contracts.
The objective is to optimize the Company’s financial position, liquidity, and net interest income while limiting volatility. Senior management regularly reviews the overall interest rate risk position and evaluates strategies to manage the risk. The Company's ALCO uses simulation analysis to monitor changes in net interest income due to changes in market interest rates.
The objective is to optimize the Company’s financial position, liquidity, and net interest income while limiting volatility. Senior management regularly reviews the overall interest rate risk position and evaluates strategies to manage the risk. The Company uses simulation analysis to monitor changes in net interest income due to changes in market interest rates.
The Company's calculation of interest rate sensitivity for the year ended December 31, 2024 is presented below. The balances of interest rate sensitive assets and liabilities are presented in the periods in which they reprice to market rates or mature. The amounts are aggregated to reflect the interest rate sensitivity gap.
The Company's calculation of interest rate sensitivity for the year ended December 31, 2025 is presented below. The balances of interest rate sensitive assets and liabilities are presented in the periods in which they reprice to market rates or mature. The amounts are aggregated to reflect the interest rate sensitivity gap.
EVE values only the current balance sheet, and does not incorporate the growth assumptions that are used in the net interest income simulation model. As with the net interest income simulation model, assumptions about the timing and variability of balance sheet cash flows are critical in the EVE analysis.
EVE values only the current balance sheet and does not incorporate the reinvestment assumptions that are used in the net interest income simulation model. As with the net interest income simulation model, assumptions about the timing and variability of balance sheet cash flows are critical in the EVE analysis.
The following table presents the ALCO simulation model's projected impact of a change in interest rates on the projected baseline net interest income for the 12 and 24 month periods beginning on January 1, 2025, holding all balances on the balance sheet static.
The following table presents the ALCO simulation model’s projected impact of a change in interest rates on the net interest income for the 12- and 24-month periods beginning January 1, 2026, holding all balances on the balance sheet static.
The Company periodically reassesses its assumptions regarding the indeterminate lives of core deposits utilizing an independent third-party resource to assist. 59 The following table presents the projected impact of a change in interest rates on the balance sheet.
The Company periodically reassesses its assumptions regarding the indeterminate lives of core deposits utilizing an independent third-party resource to assist. 65 Table of Contents The following table presents the projected impact of a change in interest rates on the balance sheet.
It is important to note that the results in the table below assume parallel shifts in the yield curve and do not take into account changes in the slope of the yield curve nor changes in balance sheet size or mix. % Change in Projected Baseline Net Interest Income December 31, 2024 Change in Interest Rates 1-12 months 13-24 months +3.00% (16.6) (12.8) +2.00% (10.8) (8.0) +1.00% (5.1) (3.6) Current — — -1.00% 3.6 1.6 -2.00% 6.9 2.0 -3.00% 10.3 2.8 The computations of interest rate risk do not necessarily include certain actions management may undertake to manage this risk in response to changes in interest rates.
It is important to note that the results in the table below assume parallel shifts in the yield curve and do not take into account changes in the yield curve slope nor changes in balance sheet size or mix. % Change in Projected Baseline Net Interest Income December 31, 2025 Change in Interest Rates 1-12 months 13-24 months +3.00% (1.7) 4.6 +2.00% — 4.2 +1.00% 0.7 2.8 Current — — -1.00% 1.3 (1.1) -2.00% 3.5 (2.0) -3.00% 5.8 (3.7) The computations of interest rate risk do not necessarily include certain actions management may undertake to manage this risk in response to changes in interest rates.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk Interest Rate Sensitivity Fluctuations in interest rates may result in changes in the fair value of the Company’s financial instruments, cash flows and net interest income. This risk is managed using simulation modeling to calculate the most likely interest rate risk utilizing estimated loan and deposit growth.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk Interest Rate Sensitivity Fluctuations in interest rates may result in changes in the fair value of the Company’s financial instruments, cash flows and net interest income. This risk is managed using simulation modeling to calculate the most likely interest rate risk.
The graph and table assume that $100 was invested on December 31, 2019 (the last day of trading for the year ended December 31, 2019) in each of Seacoast common stock, the NASDAQ Composite Index and the S&P U.S. BMI Banks - Southeast Region Index.
The graph and table assume that $100 was invested on December 31, 2020 (the last day of trading for the year ended December 31, 2020) in each of Seacoast common stock, the NASDAQ Composite Index, the KBW NASDAQ Regional Banking Index, and the S&P U.S. BMI Banks - Southeast Region Index.
Particularly important are the assumptions driving prepayments and the expected changes in balances and pricing of the indeterminate life deposit portfolios. Core deposits are a more significant funding source for the Company, making the lives attached to core deposits more important to the accuracy of our modeling of EVE.
Particularly important are the assumptions driving prepayments and the expected changes in balances and pricing of the indeterminate maturity deposit portfolios. Stable deposits are a more significant funding source for the Company, making the estimated lives attached to stable deposits more important to the accuracy of our EVE modeling.
This change in interest rates assumes parallel shifts in the yield curve and does not take into account changes in the slope of the yield curve. % Change in Economic Value of Equity Changes in Interest Rates December 31, 2024 +3.00% (26.1%) +2.00% (17.0) +1.00% (8.2) Current — -1.00% 6.8 -2.00% 12.4 -3.00% 16.1 While an instantaneous and severe shift in interest rates is used in this analysis, a gradual shift in interest rates would have a much more modest impact.
This change in interest rates assumes parallel shifts in the yield curve and does not take into account changes in the slope of the yield curve. % Change in Economic Value of Equity Changes in Interest Rates December 31, 2025 +3.00% (19.7%) +2.00% (12.2) +1.00% (5.8) Current — -1.00% 6.0 -2.00% 10.0 -3.00% 10.2 While an instantaneous and severe shift in interest rates is used in this analysis, a gradual shift in interest rates would have a much more modest impact.
The Company is also exposed to market risk in its investing activities. The ALCO meets regularly and is responsible for reviewing the interest rate sensitivity position of the Company and establishing policies to monitor and limit exposure to interest rate risk. The policies established by the ALCO are reviewed and approved by the Company’s Board of Directors.
The ALCO meets regularly and is responsible for reviewing the interest rate sensitivity position of the Company and establishing policies to monitor and limit exposure to interest rate risk. The policies established by the ALCO are reviewed and approved by the Company’s board of directors.
Stock Performance Graph The line graph below compares the cumulative total stockholder return on Seacoast common stock with the cumulative total return of the NASDAQ Composite Index and the S&P U.S. BMI Banks - Southeast Region Index for the same period.
Stock Performance Graph The line graph below compares the cumulative total stockholder return on Seacoast common stock with the cumulative total return of the NASDAQ Composite Index, the KBW NASDAQ Regional Banking Index, and the S&P U.S. BMI Banks - Southeast Region Index for the same period. The Company has chosen to replace the S&P U.S.
The simulation of rising, declining and flat interest rate scenarios allows management to monitor and adjust interest rate sensitivity to assess the impact of market interest rate swings. The analysis of the impact on net interest income over a twelve- month period is subjected to instantaneous changes in market rates and is monitored at least quarterly.
The simulation of rising, declining and flat interest rate scenarios allows management to monitor and adjust balance sheet exposures to assess the impact of market interest rate swings. The analysis of the impact on net interest income is subjected to instantaneous changes in market rates and is monitored at least quarterly.
Mortgage origination and refinancing tends to slow as interest rates increase, and higher interest rates will likely reduce the Company’s earnings from such activities and the income from the sale of residential mortgage loans in the secondary market.
Mortgage origination and refinancing tends to slow as interest rates increase, and higher interest rates likely will reduce the Company’s earnings from such activities and the income from the sale of residential mortgage loans in the secondary market. A decline in interest rates would generally have an opposite impact.
Market Risk Market risk refers to potential losses arising from changes in interest rates, and other relevant market rates or prices. Interest rate risk, defined as the exposure of net interest income and EVE to adverse movements in interest rates, is the Company’s primary market risk, and mainly arises from the structure of the balance sheet (non-trading activities).
Interest rate risk, defined as the exposure of net interest income and EVE to adverse movements in interest rates, is the Company’s primary market risk, and mainly arises from the structure of the balance sheet (non-trading activities). The Company is also exposed to market risk in its investing activities.
The sensitivity of EVE to changes in the level of interest rates is a measure of the longer-term re-pricing risks and options risks embedded in the balance sheet. In contrast to the net interest income simulation, which assumes interest rates will change over a period of time, EVE uses instantaneous changes in rates.
The sensitivity of EVE to changes in the level of interest rates is a measure of the longer-term re-pricing risks and options risks embedded in the balance sheet. Similar to net interest income simulation, EVE uses instantaneous changes in rates. Results of both net interest income simulation and EVE analyses are sensitive to changes in key modeling assumptions.
Further, EVE does not take into account factors such as future balance sheet growth, changes in product mix, change in yield curve relationships, and changing product spreads that could mitigate the adverse impact of changes in interest rates.
Further, EVE does not consider factors such as future balance sheet growth, changes in product mix, change in yield curve relationships, and changing product spreads that could mitigate the adverse impact of changes in interest rates. Effects of Inflation and Changing Prices The consolidated financial statements and related financial data presented herein have been prepared in accordance with U.S.
However, inflation affects financial institutions by increasing their cost of goods and services purchased, as well as the cost of salaries and benefits, occupancy expense, and similar items. Inflation and related increases in interest rates generally decrease the market value of investments and loans held and may adversely affect liquidity, earnings, and shareholders’ equity.
Inflation and related increases in interest rates generally decrease the market value of investments and loans held and may adversely affect liquidity, earnings, and shareholders’ equity.
Effects of Inflation and Changing Prices The consolidated financial statements and related financial data presented herein have been prepared in accordance with U.S. GAAP, which require the measurement of financial position and operating results in terms of historical dollars, without considering changes in the relative purchasing power of money, over time, due to inflation.
GAAP, which require the measurement of financial position and operating results in terms of historical dollars, without considering changes in the relative purchasing power of money, over time, due to inflation. Unlike most industrial companies, virtually all of the assets and liabilities of a financial institution are monetary in nature.
The cumulative total return represents the change in stock price and the amount of dividends received over the period, assuming all dividends were reinvested. 60 Index December 31, 2019 December 31, 2020 December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 Seacoast Banking Corporation of Florida 100.00 96.34 117.13 105.30 99.02 98.54 NASDAQ Composite Index 100.00 144.92 177.06 119.45 172.77 223.87 S&P U.S.
The cumulative total return represents the change in stock price and the amount of dividends received over the period, assuming all dividends were reinvested. 66 Table of Contents Index December 31, 2020 December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 Seacoast Banking Corporation of Florida 100.00 121.59 109.31 102.78 102.29 119.79 NASDAQ Composite Index 100.00 122.18 82.43 119.22 154.48 187.14 KBW NASDAQ Regional Banking Index 100.00 136.64 127.12 126.67 143.39 152.71 S&P U.S.
Unlike most industrial companies, virtually all of the assets and liabilities of a financial institution are monetary in nature. As a result, interest rates have a more significant impact on a financial institution’s performance than the general level of inflation.
As a result, interest rates have a more significant impact on a financial institution’s performance than the general level of inflation. However, inflation affects financial institutions by increasing their cost of goods and services purchased, as well as the cost of salaries and benefits, occupancy expense, and similar items.
Removed
This may include specific efforts to change the size of the balance sheet or the relative composition of fixed versus variable rate assets and liabilities as well as qualitative changes that could impact quantitative performance. 58 Interest Rate Sensitivity Analysis 1 December 31, 2024 (In thousands) 0-3 Months 4-12 Months 1-5 Years Over 5 Years Total Federal funds sold and interest-bearing deposits $ 313,617 $ — $ — $ — $ 313,617 Debt securities 2 514,492 197,741 912,776 1,236,720 2,861,729 Loans 3 3,178,747 1,204,440 4,275,760 1,658,280 10,317,227 Other Assets — — — 93,045 93,045 Earning assets $ 4,006,856 $ 1,402,181 $ 5,188,536 $ 2,988,045 $ 13,585,618 Non-maturity deposits 5,018,117 329,910 270,478 1,655,677 7,274,182 Time deposits 771,897 782,670 60,647 659 1,615,873 Borrowings 327,331 12,515 225,000 19,191 584,037 Interest-bearing liabilities $ 6,117,345 $ 1,125,095 $ 556,125 $ 1,675,527 $ 9,474,092 Interest rate swaps 800,000 (750,000) (50,000) — — Interest sensitivity gap $ (1,310,489) $ (472,914) $ 4,582,411 $ 1,312,518 $ 4,111,526 Cumulative gap $ (1,310,489) $ (1,783,403) $ 2,799,008 $ 4,111,526 Cumulative gap to total earning assets (10 %) (13 %) 21 % 30 % Earning assets to interest-bearing liabilities 65 % 125 % 933 % 178 % 1 The repricing dates may differ from contractual maturity dates for certain assets due to prepayment assumptions. 2 Securities are stated at carrying value. 3 Includes loans held for sale.
Added
This may include specific efforts to change the size of the balance sheet or the relative composition of fixed versus variable rate assets and liabilities as well as qualitative changes that could impact quantitative performance. 64 Table of Contents Interest Rate Sensitivity Analysis 1 December 31, 2025 (In thousands) 0-3 Months 4-12 Months 1-5 Years Over 5 Years Total Federal funds sold and interest-bearing deposits $ 226,950 $ — $ — $ — $ 226,950 Debt securities 2 908,067 376,361 1,705,673 2,760,644 5,750,745 Loans 3 4,495,734 1,919,959 4,996,658 1,231,930 12,644,281 Other Assets — — — 151,817 151,817 Earning assets $ 5,630,751 $ 2,296,320 $ 6,702,331 $ 4,144,391 $ 18,773,793 Non-maturity deposits 4,853,369 805,367 658,855 3,791,847 10,109,438 Time deposits 1,234,721 988,481 25,698 20 2,248,920 Borrowings 904,380 260,000 135,000 37,384 1,336,764 Interest-bearing liabilities $ 6,992,470 $ 2,053,848 $ 819,553 $ 3,829,251 $ 13,695,122 Interest rate swaps 350,000 (200,000) (150,000) — — Interest sensitivity gap $ (1,011,719) $ 42,472 $ 5,732,778 $ 315,140 $ 5,078,671 Cumulative gap $ (1,011,719) $ (969,247) $ 4,763,531 $ 5,078,671 Cumulative gap to total earning assets (5 %) (5 %) 25 % 27 % Earning assets to interest-bearing liabilities 81 % 112 % 818 % 108 % 1 The repricing dates may differ from contractual maturity dates for certain assets due to prepayment assumptions. 2 Securities are stated at carrying value. 3 Includes loans held for sale.
Added
Market Risk See also Management’s discussion and analysis “Interest Rate Sensitivity.” Market risk refers to potential losses arising from changes in interest rates, and other relevant market rates or prices.
Added
BMI Banks - Southeast Region Index with the KBW NASDAQ Regional Banking Index, as the Company believes this index, which is comprised of U.S. regional banks and thrifts, is more indicative of the peers in which investors evaluate our performance. The graph includes both indexes as required when changing the index.
Added
Those shares earn dividends pro-rata with common shares, or $0.19 per 1/1,000 th preferred share. 69 Table of Contents

Other SBCF 10-K year-over-year comparisons