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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026
OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to __________________.
Commission File No. 0-13660
 
Seacoast Banking Corporation of Florida
(Exact Name of Registrant as Specified in its Charter)
 
Florida 59-2260678
(State or Other Jurisdiction of
Incorporation or Organization)		 (I.R.S. Employer
Identification No.)
815 Colorado Avenue,StuartFL 34994
(Address of Principal Executive Offices) (Zip Code)
(772) 287-4000
(Registrant’s Telephone Number, Including Area Code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockSBCFNasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                Yes ☒ No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                Yes ☒ No☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes ☐ No ☒

Common Stock, $0.10 Par Value – 97,246,772 shares outstanding as of April 30, 2026

Table of Contents






INDEX
 SEACOAST BANKING CORPORATION OF FLORIDA
3
  
   
   
 
   
 
Consolidated balance sheets - March 31, 2026 and December 31, 2025
 
Consolidated statements of cash flows – Three months ended March 31, 2026 and 2025
   
 
   
   
   
   
 
   
   
   
   
   
   
   
   

2
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Glossary of Defined Terms
TermDefinitionTermDefinition
ACLAllowance for credit lossesGAAPAccounting principles generally accepted in the United States of America
AFSAvailable-for-saleHeartlandHeartland Bancshares, Inc.
ALCOAsset and Liability Management CommitteeHELOCHome equity line of credit
AOCIAccumulated other comprehensive income (loss)HTMHeld-to-maturity
ARMAdjustable-rate mortgageIRLCInterest Rate Lock Commitment
ASCAccounting Standards CodificationLTVLoan-to-value
ASUAccounting Standards UpdateMoody'sMoody's Analytics
BHCBank Holding CompanyMSRMortgage servicing rights
BOLIBank owned life insuranceNAVNet Asset Value
CDICore deposit intangiblesNPANonperforming asset
CEOChief Executive OfficerOCCOffice of the Comptroller of the Currency
CET1Common equity tier 1OREOOther real estate owned
CLOCollateralized loan obligationROAReturn on average assets
CODMChief operating decision makerROEReturn on average equity
CRACommunity Reinvestment ActROTEReturn on average tangible equity
CRECommercial Real EstatePCDPurchased credit deteriorated
DTADeferred tax assetREITReal estate investment trust
EPSEarnings per shareROUARight-of-use asset
ESGEnvironmental, social and governanceSBICSmall business investment companies
EVEEconomic value of equitySECSecurities and Exchange Commission
FASBFinancial Accounting Standards BoardSOFRSecured Overnight Financing Rate
FDICFederal Deposit Insurance CorporationTBATo-Be-Announced
FHLBFederal Home Loan BankTBMTroubled borrower modification
FICOFair Isaac Corporation (credit score)VBIVillages Bancorporation, Inc.
FRBFederal Reserve BoardXBRLeXtensible Business Reporting Language
FTEFully taxable equivalent
3
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Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
4
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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

Three Months Ended March 31,
(In thousands, except per share data)20262025
Interest and fees on loans$185,731 $150,640 
Interest and dividends on securities60,091 29,415 
Interest on interest-bearing deposits and other investments4,884 4,200 
Total Interest Income250,706 184,255 
Interest on deposits44,586 43,626 
Interest on time certificates17,583 14,973 
Interest on borrowed money12,067 7,139 
Total Interest Expense74,236 65,738 
Net Interest Income176,470 118,517 
Provision for credit losses761 9,250 
Net Interest Income after Provision for Credit Losses175,709 109,267 
Noninterest income (loss):
Service charges on deposit accounts6,912 5,180 
Wealth management income5,777 4,248 
Mortgage banking income2,166 404 
Interchange income2,067 1,807 
Insurance agency income1,790 1,620 
BOLI income2,617 2,468 
Other5,585 6,257 
Total Noninterest Income Before Securities (Losses) Gains, Net26,914 21,984 
Securities (losses) gains, net(39,528)196 
Total Noninterest (Loss) Income(12,614)22,180 
Noninterest expense:
Salaries and employee benefits62,645 51,109 
Outsourced data processing costs11,995 8,504 
Occupancy9,235 7,350 
Furniture and equipment2,821 2,128 
Marketing3,467 2,748 
Legal and professional fees3,170 2,740 
FDIC assessments3,195 2,194 
Amortization of intangibles10,098 5,309 
OREO expense and net loss on sale63 241 
Provision for credit losses on unfunded commitments150 150 
Merger and integration costs8,536 1,051 
Other6,796 7,073 
Total Noninterest Expense122,171 90,597 
Income Before Income Taxes40,924 40,850 
Provision for income tax expense9,029 9,386 
Net Income31,895 31,464 
5
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Preferred dividends2,138 — 
Net income available to common shareholders$29,757 $31,464 
Net income per share of common stock
Diluted$0.29 $0.37 
Basic0.30 0.37 
Average common shares outstanding
Diluted97,838 85,388 
Basic96,840 84,648 

See notes to unaudited consolidated financial statements.
 



6
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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months Ended March 31,
(In thousands)20262025
Net Income$31,895 $31,464 
Other comprehensive (loss) income:
Unrealized (losses) gains on AFS securities, net of tax benefit of $10.1 million for the three months ended March 31, 2026, and net of tax expense of $8.6 million for the three months ended March 31, 2025
(31,815)27,428 
Amortization of unrealized gains on securities transferred to HTM, net of tax benefit of $3 thousand for each of the three months ended March 31, 2026 and 2025
(11)(11)
Reclassification adjustment for losses included in net income, net of tax benefit of $10.0 million for the three months ended March 31, 2026
29,450 — 
Unrealized losses on derivatives designated as fair value hedges, net of reclassifications to income, net of tax benefit of $0.1 million for the three months ended March 31, 2025
— (270)
Unrealized gains on derivatives designated as cash flow hedges, net of reclassifications to income, net of tax expense of $0.3 million for the three months ended March 31, 2026
984 — 
Total other comprehensive (loss) income$(1,392)$27,147 
Comprehensive Income$30,503 $58,611 
See notes to unaudited consolidated financial statements.

 


7
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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
March 31,December 31,
(In thousands, except share data)20262025
Assets  
Cash and due from banks$201,308 $181,429 
Interest-bearing deposits with other banks607,071 207,116 
Total cash and cash equivalents808,379 388,545 
Time deposits with other banks2,490 14,424 
Debt securities:
Securities AFS (at fair value)5,069,260 5,164,567 
Securities HTM (fair value $477.7 million at March 31, 2026 and $489.6 million at December 31, 2025)
576,155 586,178 
Total debt securities5,645,415 5,750,745 
Loans held for sale18,188 16,297 
Loans12,641,432 12,627,984 
ACL(176,252)(178,803)
Loans, net of ACL12,465,180 12,449,181 
Bank premises and equipment, net159,368 160,139 
Goodwill1,034,997 1,034,735 
Other intangible assets, net184,980 195,704 
BOLI333,174 330,563 
Net DTAs62,300 66,579 
Other assets430,676 435,419 
Total Assets$21,145,147 $20,842,331 
Liabilities
Deposits$16,637,949 $16,256,343 
Securities sold under agreements to repurchase377,460 389,003 
FHLB borrowings
775,000 835,000 
Long-term debt, net112,836 112,761 
Other liabilities181,127 193,437 
Total Liabilities18,084,372 17,786,544 
Convertible preferred stock, par value $0.10 per share authorized 4,000,000 shares, issued 11,250 and outstanding 11,250 shares at March 31, 2026 and December 31, 2025
343,125 343,125 
Shareholders’ Equity
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 98,783,977 and outstanding 97,664,704 at March 31, 2026, and authorized 120,000,000, issued 98,728,878 and outstanding 97,927,843 shares at December 31, 2025
9,878 9,873 
Additional paid-in capital2,202,879 2,197,549 
Retained earnings614,853 603,793 
Treasury stock(31,373)(21,358)
Total Shareholders' Equity Before Accumulated Other Comprehensive Loss, Net2,796,237 2,789,857 
Accumulated other comprehensive loss, net(78,587)(77,195)
Total Shareholders’ Equity
2,717,650 2,712,662 
Total Liabilities, Convertible Preferred Stock and Shareholders’ Equity
$21,145,147 $20,842,331 
See notes to unaudited consolidated financial statements.
8
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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
Three Months Ended March 31,
(In thousands)20262025
Cash Flows from Operating Activities  
Net income$31,895 $31,464 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation2,894 2,205 
Accretion of discounts on securities, net(4,506)(807)
Amortization of operating lease ROUAs2,590 2,234 
Other amortization and accretion, net3,242 1,983 
Stock-based compensation4,480 3,038 
Origination of loans designated for sale(68,084)(15,964)
Sale of loans designated for sale67,980 18,778 
Provision for credit losses761 9,250 
Deferred income taxes4,052 857 
Losses (gains) on securities39,528 (196)
Gains on sale of loans(1,728)(1,992)
Losses on sale and write-downs of OREO— 134 
Losses on disposition of fixed assets and write-downs upon transfer of bank premises to OREO176 86 
Changes in operating assets and liabilities:
Net decrease (increase) in other assets815 (8,048)
Net decrease in other liabilities(12,310)(12,016)
Net cash provided by operating activities$71,785 $31,006 
Cash Flows from Investing Activities
Maturities and repayments of debt securities AFS201,067 121,302 
Maturities and repayments of debt securities HTM10,002 10,575 
Proceeds from sale of debt securities AFS277,155 — 
Purchases of debt securities AFS(420,310)(485,904)
Maturities and redemptions of time deposits with other banks11,934 1,721 
Net new loans and principal repayments(9,557)(161,430)
Proceeds from the sale of loans held for investment— 14,532 
Proceeds from sale of OREO— 97 
Proceeds from sale of FHLB and Federal Reserve Bank stock15,683 9,026 
Purchase of FHLB and Federal Reserve Bank stock(15,694)(20,020)
Additions to bank premises and equipment(2,299)(3,214)
Net cash provided by (used in) investing activities$67,981 $(513,315)

 
9
Table of Contents
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended March 31,
(In thousands)20262025
Cash Flows from Financing Activities  
Net increase in deposits$381,606 $332,369 
Net decrease in repurchase agreements(11,543)(30,943)
Net decrease in FHLB borrowings with original maturities of three months or less(90,000)— 
Repayments of FHLB borrowings with original maturities of more than three months(130,000)— 
Proceeds from FHLB borrowings with original maturities of more than three months160,000 220,000 
Stock-based employee benefit plans840 289 
Repurchase of common stock(10,000)— 
Dividends paid(20,835)(15,441)
Net cash provided by financing activities$280,068 $506,274 
Net increase in cash and cash equivalents419,834 23,965 
Cash and cash equivalents at beginning of period388,545 476,607 
Cash and cash equivalents at end of period$808,379 $500,572 
Supplemental disclosure of cash flow information:
Cash paid for interest$77,586 $68,270 
Cash paid for taxes, net60 — 
Recognition of operating lease ROUAs, other than through bank acquisitions, net of terminations1,307 7,866 
Recognition of operating lease liabilities, other than through bank acquisitions, net of terminations1,307 7,866 
Supplemental disclosure of non-cash investing activities:1
Transfers from loans to OREO— 986 
1See "Note 11 – Business Combinations" for non-cash transactions related to business combinations.

See notes to unaudited consolidated financial statements.
 
10
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY (Unaudited)

Shareholders' Equity
 Convertible
Preferred Stock		Common StockPaid-in
Capital		Retained
Earnings		Treasury
Stock		Accumulated
Other
Comprehensive
Loss
(In thousands)SharesAmountSharesAmountTotal
Balance at December 31, 2025
11 $343,125 97,928 $9,873 $2,197,549 $603,793 $(21,358)$(77,195)$2,712,662 
Comprehensive income (loss)— — — — — 31,895 — (1,392)30,503 
Stock-based compensation expense— — — — 4,480 — — — 4,480 
Common stock issued for stock-based employee benefit plans— — 55 5 850 — (15)— 840 
Repurchase of common stock— — (318)— — — (10,000)— (10,000)
Dividends on common stock ($0.19 per share)
— — — — — (18,697)— — (18,697)
Dividends on preferred stock ($0.19 per 1/1,000th share)
— — — — — (2,138)— — (2,138)
Three months ended March 31, 2026— — (263)5 5,330 11,060 (10,015)(1,392)4,988 
Balance at March 31, 2026
11 $343,125 97,665 $9,878 $2,202,879 $614,853 $(31,373)$(78,587)$2,717,650 

Shareholders' Equity
 Convertible
Preferred Stock		Common StockPaid-in
Capital		Retained
Earnings		Treasury
Stock		Accumulated
Other
Comprehensive
Income (Loss)
(In thousands)SharesAmountSharesAmountTotal
Balance at December 31, 2024— $— 85,568 $8,628 $1,824,935 $526,642 $(19,095)$(157,867)$2,183,243 
Comprehensive income — — — — — 31,464 — 27,147 58,611 
Stock-based compensation expense— — — — 3,038 — — — 3,038
Common stock issued for stock-based employee benefit plans— — 50 5 261 — 23 — 289 
Dividends on common stock ($0.18 per share)
— — — — — (15,441)— — (15,441)
Three months ended March 31, 2025— — 50 5 3,299 16,023 23 27,147 46,497 
Balance at March 31, 2025— $— 85,618 $8,633 $1,828,234 $542,665 $(19,072)$(130,720)$2,229,740 
See notes to unaudited consolidated financial statements.
11
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1 – Basis of Presentation
Basis of Presentation: The accompanying unaudited consolidated financial statements of Seacoast Banking Corporation of Florida and its subsidiaries (the “Company”) have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period amounts have been reclassified to conform to the current period presentation.
Operating results for the three months ended March 31, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026, or any other period. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Use of Estimates: The preparation of these consolidated financial statements requires management to make judgments in the application of certain accounting policies that involve significant estimates and assumptions. The Company has established policies and control procedures that are intended to ensure valuation methods are well-controlled and applied consistently from period to period. These estimates and assumptions, which may materially affect the reported amounts of certain assets, liabilities, revenues, and expenses, are based on information available as of the date of the financial statements, and changes in this information over time and the use of revised estimates and assumptions could materially affect amounts reported in subsequent financial statements. Specific areas, among others, requiring the application of management’s estimates include the determination of the ACL, acquisition accounting and purchased loans, intangible assets and impairment testing, and other fair value measurements.
Issued Accounting Standards Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Expense Disaggregation Disclosures. ASU 2024-03 requires disclosure to disaggregate prescribed expenses within relevant income statement captions. The standard is effective for fiscal years beginning after December 15, 2026 and for interim periods after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact of the changes to its existing disclosures.
In November 2025, the FASB issued ASU 2025-08, Credit Losses (Topic 326): Purchased Loans. ASU 2025-08 requires that purchased seasoned loans be accounted for using the gross-up approach. The gross-up approach requires recognition of an ACL for the estimate of credit losses at the acquisition date. The ACL is recorded with an offsetting gross-up adjustment to the purchase price of the acquired financial asset. The standard is effective for fiscal years beginning after December 15, 2026 and for interim periods within those annual reporting periods. Early adoption is permitted. The Company is evaluating the impact of the changes to its consolidated financial statements and existing disclosures.
In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. ASU 2025-09 introduces five targeted improvements to better align hedge accounting with entities’ risk management activities. The standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within those annual reporting periods. Early adoption is permitted. The Company is evaluating the impact of the changes to its consolidated financial statements and existing disclosures.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. ASU 2025-11 clarifies interim disclosure requirements and provides a comprehensive list of interim disclosures that are required by GAAP. The ASU also includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact of the changes to its consolidated financial statements and existing disclosures.
12
Note 2 – Earnings Per Share
The Company computes EPS using the two-class method. The two-class method of computing EPS is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared and participation rights in undistributed earnings. The Company's Series A Non-Voting Convertible Preferred Stock is a participating security. Basic earnings per common share are computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during each period. Diluted EPS are based on the weighted-average number of common shares outstanding during each period, plus common share equivalents, calculated for share-based awards outstanding using the treasury stock method and preferred shares using the more dilutive of either the two-class or if-converted method.
Options to purchase shares of the Company's common stock totaling 1,505 for the three months ended March 31, 2026, and 327,620 for the three months ended March 31, 2025, were anti-dilutive.
Three Months Ended March 31,
(In thousands, except per share data)20262025
Basic EPS  
Net income$31,895 $31,464 
Less preferred stock dividends(2,138)— 
Net income available to common shareholders29,757 31,464 
Less allocation of earnings to preferred stock(1,184)— 
Net income available to common shareholders after allocation of earnings to preferred stock$28,573 $31,464 
Average common shares outstanding96,840 84,648 
Net income per share$0.30 $0.37 
Diluted EPS
Net income available to common shareholders$29,757 $31,464 
Less allocation of earnings to preferred stock(1,173)— 
Net income available to common shareholders after allocation of earnings to preferred stock$28,584 $31,464 
Average common shares outstanding96,840 84,648 
Add: Dilutive effect of employee restricted stock and stock options998 740 
Average diluted shares outstanding97,838 85,388 
Net income per share$0.29 $0.37 

13
Note 3 – Securities
The amortized cost, gross unrealized gains and losses and fair value of debt securities AFS and HTM at March 31, 2026 and December 31, 2025 are summarized as follows:
 March 31, 2026
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross Unrealized
Losses		Fair
Value
AFS Debt Securities   
U.S. Treasury securities and obligations of U.S. government agencies$62,772 $241 $(775)$62,238 
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities3,678,595 22,591 (110,558)3,590,628 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities358,829 3,187 (4,569)357,447 
Private mortgage-backed securities and collateralized mortgage obligations91,193 235 (4,978)86,450 
CLOs426,034 401 (2,254)424,181 
Obligations of state and political subdivisions334,560 147 (6,024)328,683 
Other debt securities221,475 91 (1,933)219,633 
Totals$5,173,458 $26,893 $(131,091)$5,069,260 
HTM Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities$489,268 $— $(92,467)$396,801 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities86,887 — (5,982)80,905 
Totals$576,155 $— $(98,449)$477,706 
 December 31, 2025
(In thousands)Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value
AFS Debt Securities    
U.S. Treasury securities and obligations of U.S. government agencies$54,831 $365 $(451)$54,745 
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities3,681,499 41,388 (135,388)3,587,499 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities395,165 4,636 (5,928)393,873 
Private mortgage-backed securities and collateralized mortgage obligations131,846 561 (5,010)127,397 
CLOs423,864 636 (512)423,988 
Obligations of state and political subdivisions336,417 651 (2,520)334,548 
Other debt securities242,672 421 (576)242,517 
Totals$5,266,294 $48,658 $(150,385)$5,164,567 
HTM Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities$498,931 $— $(90,696)$408,235 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities87,247 — (5,922)81,325 
Totals$586,178 $— $(96,618)$489,560 
14
During the three months ended March 31, 2026, debt securities with a fair value of $277.2 million were sold, with gross losses of $39.5 million. During the three months ended March 31, 2025, there were no sales of securities. Included in “Securities (losses) gains, net” on the Consolidated Statements of Income are decreases of $0.1 million for the three months ended March 31, 2026, and increases of $0.2 million for the three months ended March 31, 2025, in the value of investments in mutual funds that invest in CRA-qualified debt securities.
At March 31, 2026, debt securities with a fair value of $1.9 billion were pledged primarily as collateral for public deposits and secured borrowings.
The amortized cost and fair value of securities HTM and AFS as of March 31, 2026, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
 Held-to-MaturityAvailable-for-Sale
(In thousands)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in less than one year$— $— $6,244 $6,269 
Due after one year through five years— — 4,087 4,043 
Due after five years through ten years— — 50,324 49,032 
Due after ten years— — 336,677 331,577 
 — — 397,332 390,921 
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities489,268 396,801 3,678,595 3,590,628 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities86,887 80,905 358,829 357,447 
Private mortgage-backed securities and collateralized mortgage obligations— — 91,193 86,450 
CLOs— — 426,034 424,181 
Other debt securities— — 221,475 219,633 
Totals$576,155 $477,706 $5,173,458 $5,069,260 
15
The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models, or discounted cash flow analyses, or using observable market data. The tables below indicate the fair value of AFS debt securities with unrealized losses for which no allowance for credit losses has been recorded.
 March 31, 2026
 Less Than 12 Months12 Months or Longer
Total1
(In thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
U.S. Treasury securities and obligations of U.S. government agencies$36,554 $(387)$12,026 $(388)$48,580 $(775)
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities1,597,196 (12,433)449,907 (98,125)2,047,103 (110,558)
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities82,032 (164)78,322 (4,405)160,354 (4,569)
Private mortgage-backed securities and collateralized mortgage obligations— — 73,226 (4,978)73,226 (4,978)
CLOs341,087 (1,883)56,600 (371)397,687 (2,254)
Obligations of state and political subdivisions293,912 (4,870)5,652 (1,154)299,564 (6,024)
Other debt securities197,074 (1,933)— — 197,074 (1,933)
Totals$2,547,855 $(21,670)$675,733 $(109,421)$3,223,588 $(131,091)
1Comprised of 490 individual securities.
 
December 31, 2025
 Less Than 12 Months12 Months or Longer
Total1
(In thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
U.S. Treasury securities and obligations of U.S. government agencies$21,846 $(31)$13,932 $(420)$35,778 $(451)
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities378,739 (1,625)730,551 (133,763)1,109,290 (135,388)
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities90,765 (61)95,090 (5,867)185,855 (5,928)
Private mortgage-backed securities and collateralized mortgage obligations969 (1)76,829 (5,009)77,798 (5,010)
CLOs211,052 (320)38,882 (192)249,934 (512)
Obligations of state and political subdivisions244,168 (1,445)5,730 (1,075)249,898 (2,520)
Other debt securities132,345 (576)— — 132,345 (576)
Totals$1,079,884 $(4,059)$961,014 $(146,326)$2,040,898 $(150,385)
1Comprised of 383 individual securities.
At March 31, 2026, the Company had unrealized losses of $0.8 million on U.S. Treasury securities and obligations of U.S. government agencies having a fair value of $48.6 million. These securities are either explicitly or implicitly guaranteed by the full faith and credit of the U.S. government. The Company does not expect individual securities issued by the U.S. Treasury, a U.S. agency, or a sponsored U.S. agency to incur future losses of principal. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2026, no allowance has been recorded.
16
At March 31, 2026, the Company had unrealized losses of $115.1 million on commercial and residential mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities having a fair value of $2.2 billion. These securities are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. The implied government guarantee of principal and interest payments and the high credit rating of the portfolio provide a sufficient basis for the current expectation that there is no risk of loss if default were to occur. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2026, no allowance has been recorded.
At March 31, 2026, the Company had $5.0 million of unrealized losses on private label residential mortgage-backed securities and collateralized mortgage obligations having a fair value of $73.2 million. The securities have weighted-average credit support of 22%. Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2026, no allowance has been recorded.
At March 31, 2026, the Company had $2.3 million of unrealized losses in floating rate CLOs having a fair value of $397.7 million. CLOs are special purpose vehicles and those in which the Company has invested are nearly all first-lien, broadly syndicated corporate loans across a diversified band of industries while providing support to senior tranche investors. As of March 31, 2026, all positions held by the Company are in AAA and AA tranches, with weighted-average credit support of 38% and 24%, respectively. The Company evaluates the securities for potential credit losses by modeling expected loan-level defaults, recoveries, and prepayments for each CLO security. Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2026, no allowance has been recorded.
At March 31, 2026, the Company had $6.0 million of unrealized losses on municipal securities having a fair value of $299.6 million and $1.9 million of unrealized losses on other debt securities having a fair value of $197.1 million. These securities are highly rated issuances, all of which are continuing to make timely contractual payments. Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. As a result, as of March 31, 2026, no allowance has been recorded.
All HTM debt securities are issued by government-sponsored entities, which are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. The implied government guarantee of principal and interest payments, and the high credit rating of the HTM portfolio provide sufficient basis for the current expectation that there is no risk of loss if a default were to occur. As a result, as of March 31, 2026, no allowance has been recorded. The Company has the intent and ability to hold these securities until maturity.
Included in Other assets at March 31, 2026 and December 31, 2025 is $135.6 million of FHLB and Federal Reserve Bank stock stated at par value. The Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of these cost method investment securities. Accrued interest receivable on AFS and HTM debt securities of $23.1 million and $1.0 million, respectively, at March 31, 2026, and $24.5 million and $1.0 million, respectively, at December 31, 2025, is included in Other assets. Also included in Other assets are investments in CRA-qualified mutual funds carried at fair value of $13.8 million and $13.9 million at March 31, 2026 and December 31, 2025, respectively.
17
Note 4 – Loans
The following tables present net loan balances by segment for portfolio loans, PCD loans, and loans purchased which are not considered purchased credit deteriorated (“Non-PCD”) as of:
 March 31, 2026
(In thousands)Portfolio LoansAcquired Non-PCD LoansPCD LoansTotal
Construction and land development$623,355 $118,541 $3,466 $745,362 
CRE - owner occupied1,508,717 491,435 21,733 2,021,885 
CRE - non-owner occupied2,934,779 1,101,008 142,216 4,178,003 
Residential real estate2,210,407 920,009 32,093 3,162,509 
Commercial and financial1,900,726 437,130 15,262 2,353,118 
Consumer137,412 42,713 430 180,555 
Totals$9,315,396 $3,110,836 $215,200 $12,641,432 
 December 31, 2025
(In thousands)Portfolio LoansAcquired Non-PCD LoansPCD LoansTotal
Construction and land development$579,141 $141,326 $3,463 $723,930 
CRE - owner occupied1,505,798 509,118 28,709 2,043,625 
CRE - non-owner occupied2,911,189 1,193,351 150,452 4,254,992 
Residential real estate2,101,868 963,836 33,155 3,098,859 
Commercial and financial1,828,038 476,130 16,821 2,320,989 
Consumer141,768 43,321 500 185,589 
Totals$9,067,802 $3,327,082 $233,100 $12,627,984 
The amortized cost basis of loans included net deferred costs of $45.6 million at March 31, 2026 and $46.3 million at December 31, 2025. At March 31, 2026, the remaining fair value adjustments on acquired loans were $138.1 million, or 4.0% of the outstanding acquired loan balances, compared to $150.0 million, or 4.0% of the acquired loan balances at December 31, 2025. The discount is accreted into interest income over the remaining lives of the related loans on a level yield basis.
Accrued interest receivable is included within Other Assets and was $46.3 million and $45.7 million at March 31, 2026 and December 31, 2025, respectively.
18
The following tables present the status of net loan balances as of March 31, 2026 and December 31, 2025.
 March 31, 2026
(In thousands)CurrentAccruing
30-59 Days
Past Due		Accruing
60-89 Days
Past Due		Accruing
Greater
Than
90 Days		NonaccrualTotal
Portfolio Loans      
Construction and land development$622,436 $101 $— $— $818 $623,355 
CRE - owner occupied1,487,437 3,296 — — 17,984 1,508,717 
CRE - non-owner occupied2,924,234 — 2,977 — 7,568 2,934,779 
Residential real estate2,194,507 4,799 743 — 10,358 2,210,407 
Commercial and financial1,879,733 7,007 25 — 13,961 1,900,726 
Consumer136,515 315 16 — 566 137,412 
Total Portfolio Loans$9,244,862 $15,518 $3,761 $— $51,255 $9,315,396 
Acquired Non-PCD Loans
Construction and land development$117,529 $— $— $— $1,012 $118,541 
CRE - owner occupied482,045 466 4,805 — 4,119 491,435 
CRE - non-owner occupied1,093,013 801 — — 7,194 1,101,008 
Residential real estate908,944 1,144 230 — 9,691 920,009 
Commercial and financial436,468 7 — — 655 437,130 
Consumer40,851 2 — — 1,860 42,713 
 Total Acquired Non-PCD Loans$3,078,850 $2,420 $5,035 $— $24,531 $3,110,836 
PCD Loans
Construction and land development$70 $— $— $— $3,396 $3,466 
CRE - owner occupied20,842 30 — — 861 21,733 
CRE - non-owner occupied129,397 — — — 12,819 142,216 
Residential real estate29,463 1,193 217 — 1,220 32,093 
Commercial and financial14,313 — 2 — 947 15,262 
Consumer417 8 2 — 3 430 
Total PCD Loans$194,502 $1,231 $221 $— $19,246 $215,200 
Total Loans$12,518,214 $19,169 $9,017 $— $95,032 $12,641,432 
 
19
 December 31, 2025
(In thousands)CurrentAccruing
30-59 Days
Past Due		Accruing
60-89 Days
Past Due		Accruing
Greater
Than
90 Days		NonaccrualTotal
Portfolio Loans      
Construction and land development$577,467 $60 $— $— $1,614 $579,141 
CRE - owner occupied1,489,257 2,313 — — 14,228 1,505,798 
CRE - non-owner occupied2,908,789 1,735 271 — 394 2,911,189 
Residential real estate2,091,065 4,618 364 — 5,821 2,101,868 
Commercial and financial1,807,012 11,518 19 — 9,489 1,828,038 
Consumer140,679 454 28 — 607 141,768 
 Total Portfolio Loans$9,014,269 $20,698 $682 $— $32,153 $9,067,802 
Acquired Non-PCD Loans
Construction and land development$140,286 $— $— $— $1,040 $141,326 
CRE - owner occupied504,275 204 39 — 4,600 509,118 
CRE - non-owner occupied1,187,231 151 — — 5,969 1,193,351 
Residential real estate954,820 3,609 195 124 5,088 963,836 
Commercial and financial470,768 50 4,785 — 527 476,130 
Consumer41,103 37 — — 2,181 43,321 
 Total Acquired Non-PCD Loans$3,298,483 $4,051 $5,019 $124 $19,405 $3,327,082 
PCD Loans
Construction and land development$98 $— $— $— $3,365 $3,463 
CRE - owner occupied26,652 — 219 — 1,838 28,709 
CRE - non-owner occupied137,051 389 — — 13,012 150,452 
Residential real estate30,018 993 833 118 1,193 33,155 
Commercial and financial15,786 — — — 1,035 16,821 
Consumer468 30 2 — — 500 
 Total PCD Loans$210,073 $1,412 $1,054 $118 $20,443 $233,100 
Total Loans$12,522,825 $26,161 $6,755 $242 $72,001 $12,627,984 
All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest subsequently received on such loans is accounted for under the cost-recovery method, whereby interest income is not recognized until the loan balance is paid down to zero. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, and future payments are reasonably assured. The Company recognized interest income of $0.8 million and $0.7 million on nonaccrual loans during the three months ended March 31, 2026 and March 31, 2025, respectively.
20
The following tables present net balances of loans on nonaccrual status as of:
March 31, 2026
(In thousands)Nonaccrual Loans With No Related AllowanceNonaccrual Loans With an AllowanceTotal Nonaccrual Loans
Construction and land development$3,396 $1,830 $5,226 
CRE - owner occupied19,260 3,704 22,964 
CRE - non-owner occupied26,432 1,149 27,581 
Residential real estate6,597 14,672 21,269 
Commercial and financial4,425 11,138 15,563 
Consumer— 2,429 2,429 
Totals $60,110 $34,922 $95,032 
December 31, 2025
(In thousands)Nonaccrual Loans With No Related AllowanceNonaccrual Loans With an AllowanceTotal Nonaccrual Loans
Construction and land development$4,207 $1,812 $6,019 
CRE - owner occupied15,546 5,120 20,666 
CRE - non-owner occupied18,202 1,173 19,375 
Residential real estate1,448 10,654 12,102 
Commercial and financial3,842 7,209 11,051 
Consumer— 2,788 2,788 
Totals$43,245 $28,756 $72,001 

Loans by Risk Rating
The Company utilizes an internal asset classification system as a means of identifying problem and potential problem loans. The following classifications are used to categorize loans under the internal classification system:
•Pass: Loans that are not problem loans or potential problem loans are considered to be pass-rated.
•Special Mention: Loans that do not currently expose the Company to sufficient risk to warrant classification in the Substandard or Doubtful categories, but possess weaknesses that deserve management’s close attention are deemed to be Special Mention.
•Substandard: Loans with the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.
•Doubtful: Loans that have all the weaknesses inherent in those classified Substandard with the added characteristic that the weakness present makes collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.
The following tables present the risk rating of loans and year-to-date1 gross charge offs by year of origination as of:
21
March 31, 2026
(In thousands)20262025202420232022PriorRevolvingRevolving Converted to TermTotal
Construction and Land Development
Risk Ratings:
Pass$24,696 $185,161 $314,216 $56,399 $23,755 $52,400 $83,201 $— $739,828 
Special Mention— — — 86 15 90 — — 191 
Substandard— 1,063 — 110 1,924 1,072 1,174 — 5,343 
Doubtful— — — — — — — — — 
Total$24,696 $186,224 $314,216 $56,595 $25,694 $53,562 $84,375 $— $745,362 
Gross Charge Offs$— $— $— $— $— $34 $— $— $34 
CRE - owner occupied
Risk Ratings:
Pass$78,791 $361,476 $183,051 $150,522 $224,836 $897,593 $28,633 $— $1,924,902 
Special Mention— — 7,982 — 1,216 17,957 398 — 27,553 
Substandard— 9,344 5,205 17,670 13,203 23,277 731 — 69,430 
Doubtful— — — — — — — — — 
Total$78,791 $370,820 $196,238 $168,192 $239,255 $938,827 $29,762 $— $2,021,885 
Gross Charge Offs$— $— $— $— $16 $6 $— $— $22 
CRE - non-owner occupied
Risk Ratings:
Pass$129,971 $707,606 $465,111 $309,582 $807,337 $1,561,974 $28,104 $— $4,009,685 
Special Mention— 1,315 20 8,934 44,529 36,985 — — 91,783 
Substandard— — — 6,183 38,977 31,375 — — 76,535 
Doubtful— — — — — — — — — 
Total$129,971 $708,921 $465,131 $324,699 $890,843 $1,630,334 $28,104 $— $4,178,003 
Gross Charge Offs$— $— $— $— $— $16 $— $— $16 
Residential real estate
Risk Ratings:
Pass$154,146 $253,898 $179,979 $179,019 $468,525 $1,150,089 $639,360 $93,887 $3,118,903 
Special Mention— 601 531 — 448 2,332 3,697 486 8,095 
Substandard— 52 553 1,731 4,429 14,465 11,685 2,596 35,511 
Doubtful— — — — — — — — — 
Total$154,146 $254,551 $181,063 $180,750 $473,402 $1,166,886 $654,742 $96,969 $3,162,509 
Gross Charge Offs$— $— $— $— $164 $94 $— $— $258 
Commercial and financial
Risk Ratings:
Pass$88,576 $595,961 $379,493 $144,653 $224,473 $347,927 $532,854 $— $2,313,937 
Special Mention— 215 813 53 588 3,249 3,818 — 8,736 
Substandard— — 922 3,477 4,319 14,021 5,308 — 28,047 
Doubtful— — — — — 2,398 — — 2,398 
Total$88,576 $596,176 $381,228 $148,183 $229,380 $367,595 $541,980 $— $2,353,118 
Gross Charge Offs$— $— $— $— $— $876 $2,021 $— $2,897 
Consumer
Risk Ratings:
Pass$4,080 $14,452 $12,589 $7,968 $18,083 $45,962 $74,248 $— $177,382 
Special Mention— 74 94 — 44 13 130 — 355 
Substandard— 16 — 19 1,954 798 31 — 2,818 
Doubtful— — — — — — — — — 
Total$4,080 $14,542 $12,683 $7,987 $20,081 $46,773 $74,409 $— $180,555 
Gross Charge Offs$424 $21 $28 $106 $18 $22 $81 $— $700 
Consolidated
Total$480,260 $2,131,234 $1,550,559 $886,406 $1,878,655 $4,203,977 $1,413,372 $96,969 $12,641,432 
Gross Charge Offs$424 $21 $28 $106 $198 $1,048 $2,102 $— $3,927 
1 Represents gross charge-offs for the three months ending March 31, 2026
22
December 31, 2025
(In thousands)20252024202320222021PriorRevolvingRevolving Converted to TermTotal
Construction and Land Development
Risk Ratings:
Pass$121,237 $332,530 $57,222 $41,967 $38,085 $31,055 $87,508 $— $709,604 
Special Mention— — — — 4,914 348 — — 5,262 
Substandard999 — 3,819 2,095 — 965 1,186 — 9,064 
Doubtful— — — — — — — — — 
Total$122,236 $332,530 $61,041 $44,062 $42,999 $32,368 $88,694 $— $723,930 
Gross Charge Offs$— $— $115 $— $24 $17 $— $— $156 
CRE - owner occupied
Risk Ratings:
Pass$405,841 $180,447 $156,256 $235,989 $241,758 $703,744 $29,882 $— $1,953,917 
Special Mention— 7,380 2,816 966 5,319 12,838 398 — 29,717 
Substandard— 3,464 11,342 17,878 2,194 25,038 75 — 59,991 
Doubtful— — — — — — — — — 
Total$405,841 $191,291 $170,414 $254,833 $249,271 $741,620 $30,355 $— $2,043,625 
Gross Charge Offs$— $— $— $238 $— $490 $— $— $728 
CRE - non-owner occupied
Risk Ratings:
Pass$704,003 $538,748 $318,106 $848,500 $552,105 $1,084,106 $31,102 $— $4,076,670 
Special Mention— 22 8,984 44,738 9,781 42,347 — — 105,872 
Substandard— — — 39,559 9,061 23,830 — — 72,450 
Doubtful— — — — — — — — — 
Total$704,003 $538,770 $327,090 $932,797 $570,947 $1,150,283 $31,102 $— $4,254,992 
Gross Charge Offs$— $— $— $— $— $420 $— $— $420 
Residential real estate
Risk Ratings:
Pass$272,509 $196,766 $185,686 $476,581 $610,708 $569,549 $662,764 $96,123 $3,070,686 
Special Mention— 476 78 1,527 — 663 5,068 174 7,986 
Substandard— 318 113 2,120 5,079 6,630 4,810 1,117 20,187 
Doubtful— — — — — — — — — 
Total$272,509 $197,560 $185,877 $480,228 $615,787 $576,842 $672,642 $97,414 $3,098,859 
Gross Charge Offs$— $— $— $145 $210 $36 $19 $— $410 
Commercial and financial
Risk Ratings:
Pass$582,118 $414,134 $151,321 $252,087 $215,002 $167,651 $495,663 $— $2,277,976 
Special Mention— 1,286 110 584 2,229 6,312 3,570 — 14,091 
Substandard— 716 2,944 5,067 6,538 6,211 6,850 — 28,326 
Doubtful— — — — 596 — — — 596 
Total$582,118 $416,136 $154,375 $257,738 $224,365 $180,174 $506,083 $— $2,320,989 
Gross Charge Offs$— $— $85 $2,075 $1,231 $9,637 $2,493 $— $15,521 
Consumer
Risk Ratings:
Pass$16,392 $13,716 $9,603 $19,441 $15,123 $36,026 $72,246 $— $182,547 
Special Mention15 33 — 2 — 12 168 — 230 
Substandard4 13 23 2,261 — 461 50 — 2,812 
Doubtful— — — — — — — — — 
Total$16,411 $13,762 $9,626 $21,704 $15,123 $36,499 $72,464 $— $185,589 
Gross Charge Offs$842 $201 $62 $1,294 $108 $42 $238 $— $2,787 
Consolidated
Total$2,103,118 $1,690,049 $908,423 $1,991,362 $1,718,492 $2,717,786 $1,401,340 $97,414 $12,627,984 
Gross Charge Offs$842 $201 $262 $3,752 $1,573 $10,642 $2,750 $— $20,022 
1 Represents gross charge-offs for the year ending December 31, 2025.
23
TBMs
The following tables present the amortized cost of TBM loans that were modified during the three months ended March 31, 2026 and March 31, 2025.
March 31, 2026
(In thousands)
Rate Reduction or Rate Reduction with Term Extension
Term Extension and/or Payment Delay
Total1
% of Total Class of Loans
CRE - non-owner occupied$— $6,246 $6,246 0.15 %
Residential real estate— 77 77 — 
Commercial and financial— 515 515 0.02 
Consumer— 5 5 — 
Totals$— $6,843 $6,843 0.05 %
1At March 31, 2026, the unfunded lending related commitments associated with TBMs were immaterial.
March 31, 2025
(In thousands)
Rate Reduction or Rate Reduction with Term Extension
Term Extension and/or Payment Delay
Total1
% of Total Class of Loans
CRE - owner occupied$94 $— $94 0.01 %
Residential real estate— 72 72 — 
Commercial and financial73 1,367 1,440 0.08 
Totals$167 $1,439 $1,606 0.02 %
1At March 31, 2025, the unfunded lending related commitments associated with TBMs were immaterial.
The following tables present the payment status of TBM loans that were modified in the twelve months prior to March 31, 2026 and in the twelve months prior to March 31, 2025.
March 31, 2026
(In thousands)CurrentAccruing
30-59 Days Past Due		Accruing
60-89 Days Past Due		Accruing
Greater
Than 90 Days		NonaccrualTotal
CRE - owner occupied$252 $— $— $— $— $252 
CRE - non-owner occupied6,246 — 2,977 — 2,536 11,759 
Residential real estate175 — — — 149 324 
Commercial and financial2,223 — — — 651 2,874 
Consumer5 — — — 2 7 
Totals$8,901 $— $2,977 $— $3,338 $15,216 
24
March 31, 2025
(In thousands)CurrentAccruing
30-59 Days Past Due		Accruing
60-89 Days Past Due		Accruing
Greater
Than 90 Days		NonaccrualTotal
Construction and land development$111 $— $— $— $— $111 
CRE - owner occupied94 — — — — 94 
Residential real estate95 — — — 571 666 
Commercial and financial1,262 — — — 636 1,898 
Consumer28 — — — — 28 
Totals$1,590 $— $— $— $1,207 $2,797 
TBM loans that experienced a payment default and that were modified in the 12 months preceding the default were immaterial for each period presented.
Note 5 – Allowance for Credit Losses
Activity in the ACL is summarized as follows:
Three Months Ended March 31, 2026
(In thousands)Beginning
Balance		Provision
for Credit
Losses		Charge-
Offs		RecoveriesEnding
Balance
Construction and land development$9,740 $(940)$(34)$89 $8,855 
CRE - owner occupied16,528 1,862 (22)214 18,582 
CRE - non-owner occupied56,143 (864)(16)8 55,271 
Residential real estate51,297 1,345 (258)10 52,394 
Commercial and financial37,943 (952)(2,897)158 34,252 
Consumer7,152 310 (700)136 6,898 
Totals$178,803 $761 $(3,927)$615 $176,252 
Three Months Ended March 31, 2025
(In thousands)Beginning
Balance		Provision
for Credit
Losses		Charge-
Offs		RecoveriesEnding
Balance
Construction and land development$7,252 $(483)$— $3 $6,772 
CRE - owner occupied11,825 772 — 1 12,598 
CRE - non-owner occupied43,866 878 (320)767 45,191 
Residential real estate39,168 1,160 (1)21 40,348 
Commercial and financial27,533 6,434 (6,469)113 27,611 
Consumer8,411 489 (1,487)334 7,747 
Totals$138,055 $9,250 $(8,277)$1,239 $140,267 
Management establishes the allowance using relevant available information from both internal and external sources, relating to past events, current economic conditions, and reasonable and supportable forecasts. Forecast data is sourced from Moody’s, a firm widely recognized for its research, analysis, and economic forecasts. The forecasts of future economic conditions are over the expected remaining life of the loan using economic forecasts that revert to long-term historical averages over time.
As of March 31, 2026 and December 31, 2025, the Company utilized a multiple scenario model comprised of a blend of Moody’s economic scenarios and considered the uncertainty associated with the assumptions in the scenarios, including continued actions taken by the Federal Reserve regarding monetary policy and changes in interest rates and the potential impact of those actions. Outcomes could differ from the scenarios utilized, and the Company incorporated qualitative considerations reflecting the risk of uncertain economic conditions, and for additional dimensions of risk that may not be captured in the quantitative model.
25
The following section discusses changes in the level of the ACL for the three months ended March 31, 2026.
The allowance decreased $2.6 million, or 1.4%, during the first quarter of 2026 to $176.3 million, representing 1.39% of loans held for investment as of March 31, 2026.
In the Construction and land development segment, the decrease in allowance is primarily driven by a decrease in modeled expected losses. In this segment, the primary source of repayment is typically from proceeds of the sale or permanent financing of the underlying property; therefore, industry and collateral type and estimated collateral values are among the relevant factors in assessing expected losses.
In the CRE - owner-occupied segment, the allowance increased due to routine updates to assumptions for loss given default which increased for this segment. Risk characteristics include, but are not limited to, collateral type, note structure and loan seasoning.
In the CRE - non-owner-occupied segment, the allowance decrease is driven by lower loan balances. Repayment is often dependent upon rental income from the successful operation of the underlying property or from the sale of the property. Loan performance may be adversely affected by general economic conditions or conditions specific to the real estate market, including property types. Collateral type, note structure, and loan seasoning are among the risk characteristics analyzed for this segment.
The Residential real estate segment includes residential mortgage, home equity loans, and HELOCs. The increase in the allowance is reflective of an increase in outstanding loan balances. Risk characteristics considered for this segment include, but are not limited to, borrower FICO score, lien position, LTV ratios, and loan seasoning.
In the Commercial and financial segment, borrowers are primarily small to medium sized professional firms and other businesses, and loans are generally supported by projected cash flows of the business, collateralized by business assets, and/or guaranteed by the business owners. The allowance decreased in the first quarter due to charge-offs and due to routine updates to assumptions for loss given default, partially offset by growth in loan balances. Industry, collateral type, estimated collateral values, and loan seasoning are among the relevant factors in assessing expected losses.

Consumer loans include installment and revolving lines, loans for automobiles, boats, and other personal or family purposes. Risk characteristics considered for this segment include, but are not limited to, collateral type, LTV ratios, loan seasoning, and FICO scores. The decrease in allowance for consumer loans was driven by a decrease in loan balances.

Note 6 – Derivatives
Interest Rate Contracts
The Company offers interest rate swaps when requested by customers to allow them to hedge the risk of rising interest rates on their variable rate loans. Upon entering into these swaps, the Company enters into offsetting positions with counterparties in order to minimize the interest rate risk. These back-to-back swaps are freestanding financial derivatives with the fair values reported in Other assets and Other liabilities. The Company is party to master netting arrangements with its financial institution counterparties; however, the Company does not offset assets and liabilities under the arrangements for financial statement presentation purposes. Gains and losses on these back-to-back swaps, which offset, are recorded through Noninterest income.
Cash Flow Hedges
The Company periodically enters into contracts to mitigate exposure to the variability of future cash flows due to changes in interest rates on certain segments of its variable-rate loans. During the fourth quarter of 2025, the Company entered into three interest rate caps, each with a notional amount of $100.0 million, maturing in November 2030 and December 2030. The Company considers these derivatives to be highly effective at achieving offsetting changes in cash flows attributable to changes in interest rates and has designated them as cash flow hedges. Therefore, changes in the fair value of these derivative instruments are recognized in Other comprehensive income. Amortization of the premium paid on cash flow hedges is recognized in earnings over the term of the hedge in the same caption as the hedged item. For the three months ended March 31, 2026, the Company recognized $1.3 million through Other comprehensive income, and reclassified $0.1 million out of AOCI and into Interest Income. Over the next twelve months the Company expects to reclassify $0.6 million from AOCI into Interest Income related to these agreements.
26
Fair Value Hedges
The Company periodically enters into interest rate swap contracts to hedge the risk of changes in fair value of the AFS securities portfolio due to changes in SOFR. The Company considers these derivatives to be highly effective at offsetting changes in interest rates and assesses the effectiveness on a quarterly basis. The effect of changes in interest rates on the fair value of these derivative contracts is recognized in other comprehensive income. These derivative instruments are primarily for risk management purposes. There were no securities fair value hedges during the three months ended March 31, 2026. For the three months ended March 31, 2025, the Company recognized through Other comprehensive income net losses of $0.4 million, and reclassified net gains of $2 thousand out of AOCI into interest income.
The Company has entered into interest rate swap contracts to hedge the risk of changes in the fair value of a pool of residential mortgages due to changes in SOFR. These fair value hedges utilize the portfolio layer method. The Company considers these derivatives to be highly effective at offsetting changes in interest rates and assesses the effectiveness on a quarterly basis. The effect of changes in interest rates on the fair value of these derivative contracts is recognized in interest income. These derivative instruments are primarily for risk management purposes. For the three months ended March 31, 2026 and 2025, the Company recognized losses of $0.1 million and gains of $48 thousand, respectively, through interest income.
Economic Hedges
The Company enters into commitments to originate mortgage loans for which the interest rate on the loan is determined prior to funding IRLCs, forward loan sale commitments for the future delivery of these mortgage loans for sale on the secondary market, and forward TBA mortgage-backed securities, which are classified as freestanding derivatives. For the three months ended March 31, 2026, the Company recognized gains of $0.2 million in Mortgage banking income in the Consolidated Statements of Income related to these non-hedging derivative financial instruments.
(In thousands)Notional AmountFair ValueBalance Sheet Category
March 31, 2026
Interest rate contracts1
$1,143,202 $21,106 Other assets and Other liabilities
Residential mortgage fair value hedges100,000 41 Other liabilities
Residential mortgage fair value hedges250,000 421 Other assets
Interest rate caps cash flow hedges300,000 4,243 Other assets
IRLC14,974 497 Other assets
Forward TBA mortgage-backed securities
15,273 269 Other assets
Forward loan sale commitment3,349 42 Other liabilities
December 31, 2025
Interest rate contracts1
$1,152,442 $25,009 Other assets and Other liabilities
Residential mortgage fair value hedges400,000 380 Other liabilities
Interest rate caps cash flow hedges300,000 3,064 Other assets
IRLC5,106 495 Other assets
Forward TBA mortgage-backed securities
5,122 94 Other liabilities
Forward loan sale commitment285 51 Other assets
1Interest rate contracts include risk participation agreements with notional amounts of $65.1 million and $65.3 million at March 31, 2026, and December 31, 2025, respectively with nominal fair value in both periods.
27
The following table presents amounts recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges.
Carrying amount of the hedged itemsCumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items
(In thousands)March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Loans, net 1
$1,014,248 $1,043,345 $(339)$559 
1 These amounts represent the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At March 31, 2026, the portfolio layer method was $350 million, of which $350 million was designated as hedged. At December 31, 2025, the portfolio layer method was $400 million, of which $400 million was designated as hedged.

Note 7 – Securities Sold Under Agreements to Repurchase
Securities sold under agreements to repurchase are accounted for as secured borrowings. For securities sold under agreements to repurchase, the Company is required to pledge collateral with value sufficient to fully collateralize borrowings. Company securities pledged were as follows by collateral type and maturity as of: 
(In thousands)March 31, 2026December 31, 2025
Fair value of pledged securities - overnight and continuous:
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities$562,570 $512,066 

Note 8 – Regulatory Capital
The Company is well-capitalized and at March 31, 2026, the Company and the Company’s principal banking subsidiary, Seacoast Bank, exceeded the CET1 capital ratio regulatory threshold of 6.5% for well-capitalized institutions under the Basel III standardized transition approach, as well as risk-based and leverage ratio requirements for well-capitalized banks under the regulatory framework for prompt corrective action.

Note 9 – Contingent Liabilities
The Company and its subsidiaries, because of the nature of their business, are at all times subject to numerous legal actions, threatened or filed. Management 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 condition, operating results, or cash flows.
28
Note 10 – Fair Value
Under ASC Topic 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at March 31, 2026 and December 31, 2025 included:
(In thousands)Fair Value
Measurements		Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
At March 31, 2026    
Financial Assets
Debt securities AFS1
$5,069,260 $100 $5,069,160 $— 
Derivative financial instruments2
26,537 — 26,040 497 
Loans held for sale2
18,188 — 18,188 — 
Loans3
2,215 — — 2,215 
OREO3
4,250 — — 4,250 
Equity securities4
13,844 13,844 — — 
MSR5
27,374 — — 27,374 
Financial Liabilities
Derivative financial instruments2
$21,189 $— $21,147 $42 
At December 31, 2025
Financial Assets
Debt securities AFS1
$5,164,567 $200 $5,164,367 $— 
Derivative financial instruments2
28,620 — 28,125 495 
Loans held for sale2
16,297 — 16,297 — 
OREO3
4,250 — — 4,250 
Equity securities4
13,923 13,923 — — 
MSR5
28,061 — — 28,061 
Financial Liabilities
Derivative financial instruments2
$25,483 $— $25,389 $94 
1See “Note 3 – Securities” for further detail of fair value of individual investment categories.
2Recurring fair value basis determined using observable market data for level 2 inputs. Level 3 inputs utilize a market approach that incorporates a pull-through rate assumption.
3Fair value is measured on a nonrecurring basis.
4Investment in shares of mutual funds that invest primarily in CRA-qualified debt securities, reported at fair value in Other Assets. Recurring fair value basis is determined using market quotations with fair value adjustments recognized in earnings.
5Recurring fair value basis determined using unobservable market data. Refer to “Note 8 - Goodwill and Acquired Intangible Assets” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional details on assumptions utilized.
Derivative financial instruments: The fair value of these derivatives is based on a discounted cash flow approach. Due to the observable nature of the inputs used in deriving the fair value of these derivative contracts, the valuation of interest rate swaps and forward TBA mortgage-backed securities is classified as Level 2. The fair values of these instruments are based upon the estimated amount the Company would receive or pay to terminate the instruments, taking into account current interest rates and, when appropriate, the current credit worthiness of the counterparties. IRLCs and forward loan sale commitment fair values are estimated based on quoted prices for similar loans in active markets. However, the value is adjusted by a factor which considers the likelihood of a loan in a lock position will ultimately close. This closing ratio is derived from internal data and is adjusted using significant accounting judgment. As such, these derivatives are classified as Level 3 measurements and the Company values these derivatives primarily utilize a market approach that incorporates flow mandatory market pricing, adjusted for expected pull‑through based on historical experience. For IRLCs, the weighted-average pull-through rate was 94% and the weighted-average current reference price was 100.44%. For forward loan sale commitments, the weighted-average pull-through rate was 100% and the weighted-average current reference price was 98.75%.
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Loans and OREO: Fair values of collateral-dependent real estate loans and OREO are based on recent real estate appraisals less estimated costs of sale. Evaluations may use either a single valuation approach or a combination of approaches, such as comparative sales, cost and/or income approach. Adjustments to comparable sales may be made by an appraiser to reflect local market conditions or other economic factors and may result in changes in the fair value of an asset over time, but none were made by management. The fair values of these loans and properties are considered Level 3 in the fair value hierarchy. Collateral-dependent loans measured at fair value totaled $2.5 million with a specific reserve of $0.3 million at March 31, 2026. There were no collateral-dependent loans measured at fair value at December 31, 2025.
MSRs: The fair value of these derivatives is based on an income approach. Various unobservable inputs to assumptions including expected cash flows, market discount rates, prepayment rates, servicing costs, and other factors are utilized, therefore the valuation of MSRs is classified as Level 3.
The following table presents changes in the Company's MSRs measured at fair value for the three months ended March 31, 2026. There was no MSR balance during the three months ended March 31, 2025:
Three Months Ended March 31,
(In thousands)2026
Carrying value at beginning of period$28,061 
Acquired— 
Originated servicing rights capitalized upon sale of loan331 
Change in fair value:
Due to payoffs/paydowns(648)
Due to change in valuation inputs or assumptions(370)
Carrying value at end of period$27,374 
The following table presents data and key economic assumptions, as well as the valuation's sensitivity to interest rate fluctuations, related to the Company’s MSRs as of:
(In thousands)March 31, 2026December 31, 2025
Unpaid principal balance$2,469,014 $2,540,798 
Prepayment rate assumptions:
Weighted-average
12.35 %12.74 %
Estimated impact on fair value of a 10% increase$(1,302)$(1,373)
Estimated impact on fair value of a 20% increase(2,504)(2,639)
Option-adjusted spread:
Weighted-average
5.50 %5.50 %
Estimated impact on fair value of a 100 basis point increase$(1,112)$(1,163)
Estimated impact on fair value of a 200 basis point increase(2,136)(2,232)
Weighted-average coupon interest rate
4.76 %4.78 %
Weighted-average servicing fee
0.25 0.25 
Weighted-average remaining maturity (in months)
348348

The sensitivity calculations above are hypothetical changes and should not be considered to be predictive of future performance. Changes in fair value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the effect of a variation in a particular assumption on the fair value is calculated without changing any other assumption, while in reality changes in one factor may result in changes in another, which may either magnify or counteract the effect of the change.
For recurring fair value measurements, transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company’s monthly and/or quarterly valuation process. During the three months ended March 31, 2026 and 2025, there were no such transfers.
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For additional information on the valuation techniques and significant inputs for Level 2 and Level 3 assets and liabilities that are measured at fair value on a recurring basis, see “Note 16 - Fair Value” of the Annual Report on Form 10-K for the year ended December 31, 2025.
The carrying amount and fair value of the Company’s other financial instruments that were not disclosed previously in the balance sheet and for which carrying amount is not fair value as of March 31, 2026 and December 31, 2025 is as follows:
(In thousands)Carrying AmountQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
March 31, 2026    
Financial Assets  
HTM debt securities1
$576,155 $— $477,706 $— 
Time deposits with other banks2,490 — 2,471 — 
Loans, net12,462,965 — 169,100 12,096,173 
Financial Liabilities
Deposits16,637,949 — — 16,638,119 
FHLB borrowings775,000 — 774,215 — 
Subordinated debt95,338 — 89,122 — 
December 31, 2025
Financial Assets
HTM debt securities1
$586,178 $— $489,560 $— 
Time deposits with other banks14,424 — 13,455 — 
Loans, net12,449,181 — — 12,263,824 
Financial Liabilities
Deposits16,256,343 — — 16,257,291 
FHLB borrowings835,000 — 833,483 — 
Subordinated debt95,161 — 90,248 — 
1See “Note 3 – Securities” for further detail of recurring fair value basis of individual investment categories.
The short maturity of Seacoast’s assets and liabilities results in a significant number of financial instruments whose fair value equals or closely approximates carrying value. Such financial instruments are reported in the following balance sheet captions: cash and due from banks, interest-bearing deposits with other banks, and securities sold under agreements to repurchase.
The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value at March 31, 2026 and December 31, 2025:
HTM debt securities: These debt securities are reported at fair value utilizing Level 2 inputs. The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models, or discounted cash flow analyses, using observable market data where available.
The Company reviews the prices supplied by independent pricing services, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. From time to time, the Company will validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from other brokers and third-party sources or derived using internal models.
Loans: Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, such as commercial or mortgage. Each loan category is further segmented into fixed and adjustable-rate interest terms as well as performing and nonperforming categories. The fair value of Level 3 loans is calculated by discounting scheduled cash flows through the estimated life including prepayment considerations, using estimated market discount rates that reflect the risks inherent in the loan. The fair value approach considers market-driven variables including credit related factors and reflects an
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“exit price” as defined in ASC Topic 820. The fair value of Level 2 loans is valued using observable market-based inputs, including quoted prices obtained from third-party pricing services based on recent market transactions and dealer quotations for comparable instruments.
Investments at NAV: The Company has equity investments in SBICs accounted for under the fair value practical expedient of NAV totaling $25.6 million at March 31, 2026 and $26.4 million at December 31, 2025, which are not included in the fair value hierarchy. These investments are made primarily through various SBIC funds as a strategy to provide expansion and growth opportunities to small businesses and are subject to various risks, including market, liquidity, and credit risk. SBICs are generally structured to operate for approximately 10 years and the Company’s investments are not redeemable. Distributions are received through the liquidation of the underlying assets, which is expected to occur over the next 5-10 years. Unfunded commitments related to these investments were $8.0 million at March 31, 2026 and $8.7 million at December 31, 2025.
Deposit liabilities: The fair value of demand deposits, savings accounts and money market deposits is the amount payable at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for funding of similar remaining maturities.
Note 11 – Business Combinations
Acquisition of Villages Bancorporation, Inc.
On October 1, 2025, the Company completed its acquisition of VBI, adding 19 branches in North Central Florida including The Villages® community. Integration activities, including system conversion, are expected to be finalized in the third quarter of 2026. The Company acquired 100% of the outstanding common stock of VBI. Pursuant to the merger agreement, each share of VBI common stock was converted into the right to receive, at the shareholders' election, (i) $1,000.00 in cash, (ii) 38.5000 shares of Seacoast common stock or (iii) a 25% - 75% combination of cash and common stock, with the final election subject to a proration mechanism such that 25% of VBI shares received the cash consideration and 75% of VBI shares received the stock consideration. In the event any shareholder or shareholder group would have received more than 9.75% of cumulative outstanding Seacoast common stock, non-voting convertible preferred stock was issued in lieu of the excess amount of common shares. The final consideration totaled $829.1 million.
(In thousands, except per share data)October 1, 2025
Number of VBI shares receiving stock550
Per share exchange ratio for VBI shares receiving stock38.5000
Number of shares of SBCF common stock issued9,923
Number of shares of SBCF preferred stock issued1
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Multiplied by SBCF price per share at October 1, 2025$30.50 
Total Value of SBCF common and preferred stock issued$645,785 
Number of VBI shares receiving cash183
Per share exchange ratio for VBI shares receiving cash$1,000.00 
Cash consideration paid to VBI shareholders, including cash paid for fractional shares183,360 
Total purchase price$829,145 
1Preferred stock is 1/1,000th share for every share of common stock.
The acquisition of VBI will be accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. The Company recognized goodwill of $280.4 million for this acquisition that is nondeductible for tax purposes. Determining fair values of assets and liabilities, especially the loan portfolio, CDI, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. The fair values initially assigned to assets acquired and liabilities assumed are preliminary and could change for up to one year after the closing date of the acquisition as new information and circumstances relative to closing date fair values becomes known.
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The table below presents the allocation of the purchase consideration.
(In thousands)Initially Measured October 1, 2025Measurement Period AdjustmentsAs Adjusted October 1, 2025
Assets:
Cash and cash equivalents$166,758 $— $166,758 
Investment securities2,540,434 — 2,540,434 
Loans1,202,389 (351)1,202,038 
Bank premises and equipment45,942 — 45,942 
CDI110,548 — 110,548 
Goodwill280,087 263 280,350 
Other Assets99,776 — 99,776 
Total Assets$4,445,934 $(88)$4,445,846 
Liabilities:
Deposits$3,450,869 $— $3,450,869 
Securities sold under agreements to repurchase105,064 — 105,064 
Other Liabilities60,856 (88)60,768 
Total Liabilities$3,616,789 $(88)$3,616,701 

The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date.
October 1, 2025
(In thousands)Book BalanceFair Value
Loans:
Construction and land development
$102,067 $98,849 
CRE - owner occupied
93,284 90,147 
CRE - non-owner occupied
361,699 335,761 
Residential real estate365,935 349,786 
Commercial and financial335,831 322,276 
Consumer5,332 5,219 
Total acquired loans$1,264,148 $1,202,038 

The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination:
(In thousands)October 1, 2025
Book balance of loans at acquisition$148,575 
ACL at acquisition(3,026)
Non-credit related discount(19,198)
Total PCD loans acquired$126,351 
The acquisition of VBI resulted in the addition of $25.7 million in ACL, including the $3.0 million identified in the table above for PCD loans, and $22.7 million for non-PCD loans recorded through the provision for credit losses at the date of acquisition.

The Company believes the deposits assumed in the acquisition have an intangible value. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates, and age of deposit relationships. The CDI asset acquired from VBI is being amortized over 10 years using an accelerated method of amortization.

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The Company assumed a financing obligation recognized within Long-term debt, net, refer to “Note 11 - Lease Commitments” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional details.
Acquisition of Heartland Bancshares, Inc.
On July 11, 2025, the Company completed its acquisition of Heartland, adding four branches in Central Florida. Integration activities, including system conversion, were also finalized in the third quarter of 2025. The Company acquired 100% of the outstanding common and preferred stock of Heartland. Under the terms of the definitive agreement, Heartland shareholders received a combination of cash and common stock, with the final consideration totaling $111.2 million.
(In thousands, except per share data)July 11, 2025
Number of Heartland shares receiving stock378
Per share exchange ratio for Heartland shares receiving stock4.9263
Number of shares of SBCF common stock issued 1,862
Multiplied by SBCF price per share at July 11, 2025$29.29 
Value of SBCF common stock issued$54,547 
Number of Heartland shares receiving cash378
Per share cash consideration for Heartland shares receiving cash$147.10 
Cash consideration paid to Heartland shareholders, including cash paid for fractional shares$55,623 
Cash paid to Heartland option holders1,054
Total purchase price$111,224 
The acquisition of Heartland was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. The Company recognized goodwill of $22.2 million for this acquisition that is nondeductible for tax purposes. Determining fair values of assets and liabilities, especially the loan portfolio, CDI, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. The fair values initially assigned to assets acquired and liabilities assumed are preliminary and could change for up to one year after the closing date of the acquisition as new information and circumstances relative to closing date fair values becomes known.

The table below presents the allocation of the purchase consideration.

(In thousands)July 11, 2025
Assets:
Cash and cash equivalents$242,672 
Investment securities357,905 
Loans153,294 
Bank premises and equipment7,926 
CDI20,922 
Goodwill22,228 
Other Assets18,590 
Total Assets$823,537 
Liabilities:
Deposits$705,195 
Other Liabilities7,118 
Total Liabilities$712,313 
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The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date.
July 11, 2025
(In thousands)Book BalanceFair Value
Loans:
Construction and land development
$7,575 $7,496 
CRE - owner occupied
31,504 30,790 
CRE - non-owner occupied
40,239 38,992 
Residential real estate52,960 51,434 
Commercial and financial21,104 21,029 
Consumer3,614 3,553 
Total acquired loans$156,996 $153,294 

The book value and fair value amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination was $7.2 million and $6.4 million, respectively.

The acquisition of Heartland resulted in the addition of $2.0 million in ACL, including $0.1 million for PCD loans, and $1.9 million for non-PCD loans recorded through the provision for credit losses at the date of acquisition.

The Company believes the deposits assumed in the acquisition have an intangible value. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates, and age of deposit relationships. The CDI asset acquired from Heartland is being amortized over 10 years using an accelerated method of amortization.
Proforma Information
Pro-forma data as of March 31, 2026 and 2025 present information as if the acquisition of VBI occurred at the beginning of 2025. The pro-forma information is presented for illustrative purposes only and is not necessarily indicative of the results of operations that would have occurred if the transactions had been effected on the assumed dates.
For the Three Months Ended
March 31,
(In thousands, except per share data)20262025
Net interest income$176,470 $147,403 
Net income available to common shareholders29,757 21,548 
EPS - diluted0.29 0.22 
EPS - basic$0.30 $0.22 
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Note 12 – Business Segment
The Company's one reportable segment provides integrated financial services including commercial and consumer banking, wealth management, and mortgage and insurance services to customers. Segment revenues are driven primarily by interest and fees on loans, interest on cash and cash equivalents and on investment securities, and fees on depository products and services.
The Company manages business activities, allocates resources, and evaluates financial performance on an organization-wide basis. The CODM is the CEO. The financial results of the segment are presented using the same policies described in “Note 1 - Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
The CODM evaluates the performance of the segment and allocates resources based on net income that is also reported on the Consolidated Statements of Income as consolidated net income and segment assets that are reported on the Consolidated Balance Sheets as total consolidated assets. Net income is used to monitor budget versus actual results. The significant segment expenses that are regularly provided to the CODM are interest expense, provision for credit losses, salaries and employee benefits, outsourced data processing costs, and occupancy, which are all reflected in the Consolidated Statements of Income. Certain noncash expenses, such as depreciation and amortization expense, are disclosed in the Consolidated Statement of Cash Flows.
Note 13 – Subsequent Event
Subsequent to March 31, 2026, the Company repurchased 320,763 shares of its common stock at a weighted-average price of $31.18 per share pursuant to its share repurchase program.
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 
The purpose of this discussion and analysis is to aid in understanding significant changes in the financial condition of Seacoast Banking Corporation of Florida and its subsidiaries (“Seacoast” or the “Company”) and their results of operations. Nearly all of the Company’s operations are contained in its banking subsidiary, Seacoast National Bank (“Seacoast Bank” or the “Bank”). Such discussion and analysis should be read in conjunction with the Company’s Condensed Consolidated Financial Statements and the related notes included in this report.
The emphasis of this discussion will be on the three months ended March 31, 2026 compared to the three months ended March 31, 2025 for the consolidated statements of income. For the consolidated balance sheets, the emphasis of this discussion will be the balances as of March 31, 2026 compared to December 31, 2025.
This discussion and analysis contain statements that may be considered “forward-looking statements” as defined in, and subject to the protections of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. See the following section for additional information regarding forward-looking statements.
For purposes of the following discussion, the words “Seacoast” or the “Company” refer to the combined entities of Seacoast Banking Corporation of Florida and its direct and indirect wholly owned subsidiaries.
Special Cautionary Notice
Regarding Forward-Looking Statements
Certain statements made or incorporated by reference herein which are not statements of historical fact, including those under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere herein, are “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, and intentions about future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance or achievements of Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) or its wholly-owned banking subsidiary, Seacoast National Bank (“Seacoast Bank”), to be materially different from those set forth in the forward-looking statements. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

All statements other than statements of historical fact could be forward-looking statements. You can identify these forward-looking statements through the use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “support,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “further,” “plan,” “point to,” “project,” “could,” “intend,”
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“target” or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation:
•The impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of continued inflationary pressures, changes in interest rates, tariffs or trade wars (including reduced consumer spending, supply chain issues, and adverse impacts to credit quality), a sustained increase in commodity prices, slowdowns in economic growth or recession, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing;
•Potential impacts of adverse developments in the banking industry, or as encountered by other financial institutions that adversely affect Seacoast, and including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto (including increases in the cost of our deposit insurance assessments), the Company’s ability to effectively manage its liquidity risk and any growth plans, and the availability of capital and funding;
•Governmental monetary and fiscal policies, including interest rate policies of the FRB, as well as risks related to legislative, tax and regulatory changes, including those that impact the money supply and inflation;
•The risks of changes in interest rates on the level and composition of deposits (as well as the cost of, and competition for, deposits), loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities;
•Interest rate risks (including the impact of interest rates on macroeconomic conditions, customer and client behavior, and on our net interest income), sensitivities, and the shape of the yield curve;
•The risks relating to bank acquisitions, including the merger with VBI, which include, without limitation: the diversion of management's time on issues related to the integration; unexpected transaction costs, including the costs of integrating operations; the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following acquisitions being lower than expected; the risk related to the accounting and regulatory capital treatment of the Series A Non-Voting Convertible Preferred Stock and the impact on the Company's financial statements; the risk of deposit and customer attrition; regulatory enforcement and litigation risk; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruptions, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets;
•Risks related to our implementation of new lines of business, new products and services, new technologies, and expansion of our existing business opportunities, including entering and/or expanding markets through de novo branching;
•Changes in accounting policies, rules, and practices;
•Changes in retail distribution strategies, customer preferences and behavior generally and as a result of economic factors, including heightened or persistent inflation;
•Changes in borrower credit risks and payment behaviors, and changes in the availability and cost of credit and capital in the financial markets;
•Changes in the prices, values and sales volumes of residential and CRE properties, especially as they relate to the value of collateral supporting the Company’s loans;
•The Company’s concentration in CRE loans and in real estate collateral in Florida;
•Seacoast’s ability to comply with any regulatory requirements and the risk that the regulatory environment may not be conducive to or may prohibit or delay the consummation of future mergers and/or business combinations, may increase the length of time and amount of resources required to consummate such transactions, and may reduce the anticipated benefit;
•Inaccuracies or other failures from the use of models, including the failure of assumptions and estimates (including with respect to our financial statements), as well as differences in, and changes to, economic, market and credit conditions;
•The impact on the valuation of Seacoast’s investments due to market volatility or counterparty payment risk, as well as the effect of a decline in stock market prices on our fee income from our wealth management business;
•Statutory and regulatory dividend restrictions;
•Increases in regulatory capital requirements for banking organizations generally;
•Changes in technology or products that may be more difficult, costly, or less effective than anticipated;
•The timely development and acceptance of new products and services as well as risks (including reputational and litigation) attendant thereto, and perceived overall value of these products and services by users;
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•Risks associated with the development and use of artificial intelligence;
•The Company’s ability to identify and address increased cybersecurity risks, including those impacting vendors and other third parties which may be exacerbated by developments in generative artificial intelligence;
•Fraud or misconduct by internal or external parties, which Seacoast may not be able to prevent, detect or mitigate;
•Inability of Seacoast’s risk management framework to manage risks associated with the Company’s business;
•Dependence on key suppliers or vendors to obtain equipment or services for the business on acceptable terms;
•Reduction in or the termination of Seacoast’s ability to use the online- or mobile-based platform that is critical to the Company’s business growth strategy;
•The effects of war, regime change, civil unrest, or other conflicts, acts of terrorism, natural disasters, including hurricanes in the Company’s footprint, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions and/or increase costs, including, but not limited to, property and casualty and other insurance costs;
•Seacoast’s ability to maintain adequate internal controls over financial reporting;
•Potential or actual claims, damages, penalties, fines, costs, unexpected outcomes and reputational damage resulting from new, existing, pending or future litigation, regulatory proceedings and enforcement actions;
•Negative publicity and the impact on Seacoast’s reputation, including the speed and scale at which information can spread through social media or digital channels, which could amplify adverse market or customer reactions;
•The risks that DTAs could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated, the results of tax audit findings, challenges to our tax positions, or adverse changes or interpretations of tax laws;
•The effects of competition (including the inability to grow, or attrition of, deposits, customers and employees) from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, private credit funds, money market and other mutual funds and other financial institutions;
•The failure of assumptions underlying the establishment of reserves for expected credit losses;
•Impairment of our goodwill or other intangible assets;
•Risks related to, and the costs associated with ESG and anti-ESG matters, including the scope and pace of related rulemaking activity, disclosure requirements and potential litigation and enforcement;
•Action or inaction by the federal government, including as a result of any prolonged government shutdown (including a partial shutdown) or government intervention in the U.S. financial system;
•Legislative, regulatory or supervisory actions related to so‑called “de‑banking,” including any new prohibitions, requirements or enforcement priorities that could affect customer relationships, compliance obligations, or operational practices;
•A deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the federal budget and economic policy, including the impact of tariffs and trade policies;
•The risk that balance sheet, revenue growth, and loan growth expectations may differ from actual results; and
•Other factors and risks described under “Risk Factors” herein and in any of the Company’s subsequent reports filed with the SEC and available on its website at www.sec.gov.
All written or oral forward-looking statements attributable to Seacoast are expressly qualified in their entirety by this cautionary notice. The Company assumes no obligation to update, revise or correct any forward-looking statements that are made from time to time, either as a result of future developments, new information or otherwise, except as may be required by law. Additional factors that could cause actual results to differ materially can be found in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, or in other periodic reports that we file with the SEC.

Business Developments
Seacoast’s balanced growth strategy includes both acquisitions and organic growth initiatives. In the second half of 2025, Seacoast acquired both Heartland and VBI. These transformative transactions together added 23 branch locations, $5.3 billion in assets, and $4.2 billion in deposits, bringing leading market share and significant liquidity, further strengthening our competitive position and enhancing our capacity for sustained profitable growth. Complementing acquisitions with organic growth, in recent years Seacoast has added experienced bankers in dynamic and growing markets, leading to significant growth in new relationships. These efforts have supported core deposit generation, loan production, and expansion of client relationships across multiple product lines.
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Results of Operations
Seacoast provides integrated financial services including commercial and consumer banking, wealth management, mortgage and insurance services to customers at 104 full-service branches across Florida and Georgia, and through advanced mobile and online banking solutions. The Company’s financial results in the first quarter of 2026 benefited from deposit growth, higher securities yields, and lower deposit costs supporting improved net interest income and net interest margin. Seacoast continues to prudently manage expenses while strategically investing to support continued growth. Highlights for the first quarter of 2026 include:
•Net income of $31.9 million, or $0.29 per average diluted share, included a $39.5 million loss from a strategic repositioning of AFS securities executed in January 2026. This action involved selling approximately $277.0 million in low-yielding securities and reinvesting the proceeds into higher-yielding positions, providing higher interest income going forward. This contributed to a 24 basis point increase in yield on securities during the quarter.
•Adjusted net income1 of $67.8 million, or $0.62 per diluted share, increased 42% from the fourth quarter of 2025 and 111% from the first quarter of 2025.
•7% annualized organic deposit growth, including growth in noninterest-bearing deposits of 29% annualized.
•Cost of deposits declined 13 basis points to 1.54%.
•Net interest margin improved to 3.83% compared to 3.66% in the fourth quarter of 2025.
•Repurchased 317,628 shares of common stock during the quarter, taking advantage of constructive market conditions and leveraging our strong capital position.
•Tier 1 capital ratio of 14.6%, and a tangible equity (including convertible preferred stock) to tangible assets ratio of 9.24%.
•Continued improvement in profitability metrics on an adjusted basis. Key metrics include:

FirstFourthFirst
QuarterQuarterQuarter
202620252025
ROA0.62 %0.64 %0.83 %
ROTE8.51 9.05 10.17 
Efficiency ratio59.47 63.36 64.05 
Adjusted ROA1
1.31 0.89 0.85 
Adjusted ROTE1
16.26 11.96 10.35 
Adjusted efficiency ratio1
55.31 54.50 63.30 
1Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP.


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Net Interest Income and Margin
Net interest income totaled $176.5 million in the first quarter of 2026, an increase of $1.8 million, or 1%, compared to the fourth quarter of 2025, and an increase of $58.0 million, or 49%, compared to the first quarter of 2025. The increase in the first quarter of 2026 was largely driven by higher yields on the securities portfolio and lower deposit costs, partially offset by lower average invested cash balances. Securities income increased $3.4 million, or 6%, compared to the fourth quarter of 2025, benefiting from the securities repositioning. Securities income increased $30.7 million, or 104%, compared to the first quarter of 2025, due to higher balances as a result of bank acquisitions in 2025 and the securities repositioning. Interest income on loans declined compared to the fourth quarter of 2025 by $1.7 million, or 1%, with lower yields partially offset by higher purchase accounting accretion. Interest income on loans increased $35.1 million, or 23%, compared to the first quarter of 2025, largely the result of higher balances resulting from bank acquisitions in 2025. Accretion on acquired loans was $12.1 million in the first quarter of 2026 compared to $10.6 million in the fourth quarter of 2025, and $8.2 million in the first quarter of 2025. Interest expense on deposits decreased $5.4 million, or 11%, compared to the fourth quarter of 2025, due to well managed deposit costs. Interest expense on deposits increased $1.0 million, or 2%, compared to the first quarter of 2025, largely the result of higher balances resulting from bank acquisitions in 2025, partially offset by lower rates.
Net interest margin (on an FTE basis)1 increased 17 basis points to 3.83% in the first quarter of 2026 compared to 3.66% in the fourth quarter of 2025, and increased 35 basis points compared to 3.48% in the first quarter of 2025. Excluding the effects of accretion on acquired loans, net interest margin expanded 13 basis points to 3.57% in the first quarter of 2026 compared to 3.44% in the fourth quarter of 2025, and increased 33 basis points compared to 3.24% in the first quarter of 2025. Loan yields were 5.96%, a decrease of six basis points from the fourth quarter of 2025, and an increase of six basis points from the first quarter of 2025. Securities yields increased 24 basis points to 4.37%, compared to 4.13% in the fourth quarter of 2025, and increased 49 basis points from the first quarter of 2025. The cost of deposits declined 13 basis points to 1.54% in the first quarter of 2026 compared to 1.67% in the fourth quarter of 2025, and declined 39 basis points compared to 1.93% in the first quarter of 2025. The cost of funds declined nine basis points to 1.71% compared to the fourth quarter of 2025, and declined 34 basis points compared to the first quarter of 2025.
The following table details the trend for net interest income and margin results (on a FTE basis)1, the yield on earning assets and the rate paid on interest-bearing liabilities for the periods specified:
FirstFourthFirst
QuarterQuarterQuarter
(In thousands, except ratios)202620252025
Net Interest Income1
$178,154 $176,244 $118,857 
Net Interest Margin1
3.83 %3.66 %3.48 %
Yield on Earning Assets1
5.43 5.35 5.41 
Rate on Interest-Bearing Liabilities2.21 2.33 2.74 
1On a FTE basis, a non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP.
Average loans increased $296.8 million, or 2%, for the first quarter of 2026 compared to the fourth quarter of 2025, and increased $2.3 billion, or 22%, from the first quarter of 2025.
Average loans as a percentage of average earning assets totaled 67% for the first quarter of 2026, 65% for the fourth quarter of 2025, and 75% for the first quarter of 2025.
During the first quarter of 2026, average investment securities increased $138.3 million, or 2.5%, compared to the fourth quarter of 2025, and increased $2.6 billion, or 84.9%, compared to the first quarter of 2025. Securities yields increased 24 basis points to 4.37% during the first quarter of 2026 from 4.13% in the fourth quarter of 2025, and increased 49 basis points from 3.88% in the first quarter of 2025.
The cost of average interest-bearing liabilities decreased 12 basis points in the first quarter of 2026 to 2.21% from 2.33% in the fourth quarter of 2025, and decreased 53 basis points from 2.74% in the first quarter of 2025. The cost of average total deposits (including noninterest-bearing demand deposits) was 1.54% in the first quarter of 2026, 1.67% in the fourth quarter of 2025, and 1.93% in the first quarter of 2025.
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During the first quarter of 2026, average transaction deposits (noninterest and interest-bearing demand) decreased $227.2 million, or 2.76%, compared to the fourth quarter of 2025, and increased $2.0 billion, or 33%, compared to the first quarter of 2025. The Company’s deposit mix remains favorable, with 87% of average deposit balances comprised of savings, money market, and demand deposits for the three months ended March 31, 2026.
Average balances of sweep repurchase agreements with customers decreased $46.7 million, or 12%, from the fourth quarter of 2025, and increased $147.3 million, or 73%, compared to the first quarter of 2025. The average rate on customer sweep repurchase accounts was 2.16% for the first quarter of 2026, compared to 2.29% for the fourth quarter of 2025, and 2.73% for the first quarter of 2025.
The Company had an average balance of $847.2 million in FHLB borrowings outstanding for the first quarter of 2026, with an average interest rate of 4.03%, compared to $623.8 million for the fourth quarter of 2025, with an average interest rate of 4.27%, and $382.8 million for the first quarter of 2025, with an average interest rate of 4.32%.
Long-term debt balances averaged $112.8 million in the first quarter of 2026, $108.5 million in the fourth quarter of 2025, and $107.0 million in the first quarter of 2025. The average rate on long-term debt for the first quarter of 2026 was 6.42%, an increase of 79 basis points compared to the fourth quarter of 2025, and a decrease of two basis points compared to the first quarter of 2025.
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The following tables detail average balances, net interest income and margin results (on a FTE basis, a non-GAAP measure) for the periods presented:
Average Balances, Interest Income and Expenses, Yields and Rates1
 20262025
 First QuarterFourth QuarterFirst Quarter
 Average Yield/Average Yield/Average Yield/
(In thousands, except ratios)BalanceInterestRateBalanceInterestRateBalanceInterestRate
Assets
Earning assets:
Securities:
Taxable`$5,358,307 $56,579 4.28 %$5,239,026 $53,445 4.05 %$3,073,108 $29,381 3.88 %
Nontaxable333,382 4,700 5.72 314,355 4,407 5.56 5,436 41 3.06 
Total Securities5,691,689 61,279 4.37 5,553,381 57,852 4.13 3,078,544 29,422 3.88 
Federal funds sold311,936 2,740 3.56 987,626 9,828 3.95 265,503 2,945 4.50 
Interest-bearing deposits with other banks and other investments188,891 2,144 4.60 194,680 2,086 4.25 105,195 1,254 4.83 
Total Loans, net12,671,180 186,227 5.96 12,374,373 187,910 6.02 10,383,497 150,973 5.90 
Total Earning Assets18,863,696 252,390 5.43 19,110,060 257,676 5.35 13,832,739 184,594 5.41 
ACL(179,455)(173,790)(138,300)
Cash and due from banks180,639 153,584 158,750 
Bank premises and equipment, net163,528 161,761 108,651 
Intangible assets1,225,602 1,226,495 801,687 
BOLI331,529 328,830 309,831 
Other assets including DTAs339,388 396,451 322,284 
Total Assets$20,924,927 $21,203,391 $15,395,642 
Liabilities, Convertible Preferred Stock & Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand$3,986,616 $11,529 1.17 %$4,143,038 $13,840 1.33 %$2,706,065 $11,069 1.66 %
Savings972,525 1,260 0.53 966,266 1,265 0.52 529,711 698 0.53 
Money market5,176,998 31,797 2.49 5,250,174 34,883 2.64 4,149,460 31,859 3.11 
Time deposits2,181,476 17,583 3.27 2,367,485 20,914 3.50 1,647,938 14,973 3.68 
Securities sold under agreements to repurchase
348,582 1,853 2.16 395,271 2,280 2.29 201,271 1,357 2.73 
FHLB borrowings847,225 8,429 4.03 623,750 6,711 4.27 382,836 4,081 4.32 
Long-term debt, net and other112,818 1,785 6.42 108,459 1,540 5.63 107,038 1,700 6.44 
Total Interest-Bearing Liabilities13,626,240 74,236 2.21 13,854,443 81,433 2.33 9,724,319 65,737 2.74 
Noninterest demand4,015,315 4,086,062 3,294,149 
Other liabilities179,591 195,553 162,179 
Total Liabilities17,821,146 18,136,058 13,180,647 
Convertible preferred stock343,125 343,125 — 
Shareholders’ equity2,760,656 2,724,208 2,214,995 
Total Liabilities, Convertible Preferred Stock & Equity$20,924,927 $21,203,391 $15,395,642 
Cost of deposits1.54 %1.67 %1.93 %
Cost of funds2
1.71 1.80 2.05 
Interest expense as a % of earning assets1.60 1.69 1.93 
Net interest income as a % of earning assets$178,154 3.83 $176,243 3.66 $118,857 3.48 
1On a FTE basis, a non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP. All yields and rates have been computed on an annual basis using amortized cost. Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.
2Total interest expense as a percentage of total interest-bearing liabilities and noninterest demand deposits.
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Noninterest Income
Results during the first quarter of 2026 included a $39.5 million loss from a strategic repositioning of a portion of the AFS securities portfolio. Outside of this activity, noninterest income totaled $26.9 million, a decrease of $1.6 million, or 6% compared to the fourth quarter of 2025, and an increase of $4.9 million, or 22%, compared to the first quarter of 2025.
Noninterest (loss) income is detailed as follows:
FirstFourthFirst
QuarterQuarterQuarter
(In thousands)202620252025
Service charges on deposit accounts$6,912 $6,472 $5,180 
Wealth management income5,777 5,540 4,248 
Mortgage banking income2,166 3,108 404 
Interchange income2,067 2,483 1,807 
Insurance agency income1,790 1,191 1,620 
BOLI income2,617 2,687 2,468 
Other5,585 7,066 6,257 
Total Noninterest Income Before Securities (Losses) Gains, Net26,914 28,547 21,984 
Securities (losses) gains, net(39,528)84 196 
Total$(12,614)$28,631 $22,180 
Service charges on deposits totaled $6.9 million in the first quarter of 2026, an increase of $0.4 million, or 7%, compared to the fourth quarter of 2025, resulting from growth in customer relationships. The increase of $1.7 million, or 33%, compared to the first quarter of 2025 is primarily attributable to bank acquisitions in 2025 and growth in customer relationships.
Wealth management income, including trust fees and brokerage commissions and fees, totaled $5.8 million in the first quarter of 2026, an increase of $0.2 million, or 4%, compared to the fourth quarter of 2025, and an increase of $1.5 million, or 36%, compared to the first quarter of 2025. Assets under management have grown by $695.6 million, or 33%, year-over-year to $2.8 billion as of March 31, 2026. The wealth management division has continued to deliver significant growth, adding $125 million in new organic assets under management in the first quarter of 2026, partially offset by financial market volatility.
Mortgage banking income totaled $2.2 million in the first quarter of 2026, a decrease of $0.9 million, or 30%, compared to the fourth quarter of 2025, largely the result of volatility associated with the value of MSRs acquired from VBI, which contributed $0.6 million to the decrease, and an increase of $1.8 million compared to the first quarter of 2025, benefiting from the introduction of activity from VBI. Underlying mortgage volumes and pipelines remain strong.
Interchange income totaled $2.1 million in the first quarter of 2026, a decrease of $0.4 million, or 17%, compared to the fourth quarter of 2025, and an increase of $0.3 million, or 14%, compared to the first quarter of 2025.
Insurance agency income totaled $1.8 million in the first quarter of 2026, an increase of $0.6 million, or 50%, compared to the fourth quarter of 2025, and an increase of $0.2 million, or 10%, compared to the first quarter of 2025. The increase from the fourth quarter of 2025 reflects typical seasonal contingency payments collected annually.
BOLI income totaled $2.6 million for the first quarter of 2026, a decrease of $0.1 million, or 3%, compared to the fourth quarter of 2025, and an increase of $0.1 million, or 6%, compared to the first quarter of 2025.
Other income totaled $5.6 million in the first quarter of 2026, a decrease of $1.5 million, or 21%, compared to the fourth quarter of 2025, and a decrease of $0.7 million, or 11%, compared to the first quarter of 2025, primarily reflecting lower gains on SBIC investments.
Net securities activity resulted in losses of $39.5 million during the first quarter of 2026, gains of $0.1 million in the fourth quarter of 2025, and gains of $0.2 million in the first quarter of 2025. The first quarter of 2026 included the strategic repositioning of a portion of the AFS securities portfolio.
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Noninterest Expenses
Noninterest expense for the first quarter of 2026 totaled $122.2 million, a decrease of $8.4 million, or 6%, compared to the fourth quarter of 2025, and an increase of $31.6 million, or 35%, from the first quarter of 2025. Seacoast continues to prudently manage expenses while strategically investing to support continued growth. Noninterest expenses are detailed as follows:
FirstFourthFirst
QuarterQuarterQuarter
(In thousands)202620252025
Salaries and employee benefits$62,645 $62,432 $51,109 
Outsourced data processing costs11,995 11,257 8,504 
Occupancy9,235 9,330 7,350 
Furniture and equipment2,821 2,935 2,128 
Marketing3,467 3,149 2,748 
Legal and professional fees3,170 2,106 2,740 
FDIC assessments3,195 2,876 2,194 
Amortization of intangibles10,098 10,374 5,309 
OREO expense and net loss (gain) on sale 63 (29)241 
Provision for credit losses on unfunded commitments150 812 150 
Merger and integration costs8,536 18,142 1,051 
Other6,796 7,162 7,073 
Total$122,171 $130,546 $90,597 
Salaries and employee benefits totaled $62.6 million, an increase of $0.2 million, from the fourth quarter of 2025, and an increase of $11.5 million, or 23%, from the first quarter of 2025. The increase from the first quarter of 2025 reflects continued expansion of the footprint, including through bank acquisitions.
The Company utilizes third parties for its core data processing systems. Ongoing data processing costs are directly related to the number of transactions processed and the negotiated rates associated with those transactions. Outsourced data processing costs totaled $12.0 million, an increase of $0.7 million, or 7%, from the fourth quarter of 2025, and an increase of $3.5 million, or 41%, from the first quarter of 2025. The increases reflect higher transaction volume and growth in customers, including from bank acquisitions.
Total occupancy and furniture and equipment expenses were $12.1 million in the first quarter of 2026, a decrease of $0.2 million, or 2%, from the fourth quarter of 2025, and an increase of $2.6 million, or 27%, from the first quarter of 2025. The year-over-year increase is primarily the result of growth in the Company’s footprint, including through bank acquisitions.
Marketing expenses totaled $3.5 million in the first quarter of 2026, an increase of $0.3 million, or 10%, from the fourth quarter of 2025, and an increase of $0.7 million, or 26%, from the first quarter of 2025. Changes between periods are primarily associated with the timing of various campaigns to support customer growth initiatives.
Legal and professional fees for the first quarter of 2026 were $3.2 million, an increase of $1.1 million, or 51%, compared to the fourth quarter of 2025, and an increase of $0.4 million, or 16%, compared to the first quarter of 2025. The increases are largely associated with the timing of various projects.
Amortization of intangibles totaled $10.1 million, a decrease of $0.3 million, or 3%, from the fourth quarter of 2025, and an increase of $4.8 million, or 90%, from the first quarter of 2025. The increase from the first quarter of 2025 reflects the addition of CDI assets from bank acquisitions in 2025.
Merger and integration costs were $8.5 million in the first quarter of 2026, $18.1 million in the fourth quarter of 2025, and $1.1 million in the first quarter of 2025.
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Provision for Credit Losses
The provision for credit losses was $0.8 million for the first quarter of 2026, compared to $29.3 million for the fourth quarter of 2025, and $9.3 million for the first quarter of 2025. In the fourth quarter of 2025, the acquisition of VBI resulted in an initial loan loss provision of $22.7 million. Allowance coverage of 1.39% at March 31, 2026 is lower by three basis points compared to December 31, 2025.
Income Taxes
For the first quarter of 2026, the Company recorded provision for income taxes of $9.0 million, a decrease of $0.2 million, or 2%, compared to the fourth quarter of 2025, and a decrease of $0.4 million, or 4%, compared to the first quarter of 2025. The effective tax rate for the first quarter of 2026 was 22.1%, compared to 21.2% in the fourth quarter of 2025 and 23.0% in the first quarter of 2025.
Explanation of Certain Unaudited Non-GAAP Financial Measures
This report contains financial information determined by methods other than GAAP. The financial highlights provide reconciliations between GAAP and adjusted financial measures including net income, FTE net interest income, noninterest income, noninterest expense, tax adjustments, net interest margin, and other financial ratios. Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance. The Company believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance and if not provided would be requested by the investor community. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might define or calculate these measures differently. The Company provides reconciliations between GAAP and these non-GAAP measures. These disclosures should not be considered an alternative to GAAP.
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Reconciliation of Non-GAAP Measures
FirstFourthFirst
QuarterQuarterQuarter
(Amounts in thousands, except per share data)202620252025
Net income$31,895 $34,260 $31,464 
Total noninterest (loss) income(12,614)28,631 22,180 
Securities losses (gains), net39,528 (84)(196)
Total adjusted noninterest income26,914 28,547 21,984 
Total noninterest expense122,171 130,546 90,597 
Merger and integration costs(8,536)(18,142)(1,051)
Adjusted noninterest expense113,635 112,404 89,546 
Income taxes9,029 9,192 9,386 
Tax effect of adjustments12,182 4,577 217 
Adjusted income taxes21,211 13,769 9,603 
Adjusted net income67,777 47,741 32,102 
Earnings per common share-diluted, as reported0.29 0.31 0.37 
Adjusted earnings per common share-diluted$0.62 $0.44 $0.38 
Average common shares-diluted97,838 97,761 85,388 
Average preferred shares, treating all convertible preferred shares as common11,250 11,250 — 
Average common shares-diluted, treating all convertible preferred shares as common109,088 109,011 85,388 
Adjusted noninterest expense$113,635 $112,404 $89,546 
Provision for credit losses on unfunded commitments(150)(812)(150)
OREO expense and net (loss) gain on sale(63)29 (241)
Amortization of intangibles(10,098)(10,374)(5,309)
Net adjusted noninterest expense103,324 101,247 83,846 
Average tangible assets$19,699,325 $19,976,896 $14,593,955 
Net adjusted noninterest expense to average tangible assets2.13 %2.01 %2.33 %
Net revenue$163,856 $203,258 $140,697 
Total adjustments to net revenue39,528 (84)(196)
Impact of FTE adjustment1,684 1,617 340 
Adjusted net revenue on a FTE basis$205,068 $204,791 $140,841 
Adjusted efficiency ratio55.31 %54.50 %63.30 %
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FirstFourthFirst
QuarterQuarterQuarter
(Amounts in thousands, except per share data)202620252025
Net interest income$176,470 $174,627 $118,517 
Impact of FTE adjustment1,684 1,617 340 
Net interest income including FTE adjustment178,154 176,244 118,857 
Total noninterest (loss) income(12,614)28,631 22,180 
Total noninterest expense less provision for credit losses on unfunded commitments122,021 129,734 90,447 
Pre-tax pre-provision earnings43,519 75,141 50,590 
Total adjustments to noninterest (loss) income39,528 (84)(196)
Total adjustments to noninterest expense including OREO expense and net (loss) gain on sale8,599 18,113 1,292 
Adjusted pre-tax pre-provision earnings91,646 93,170 51,686 
Average assets20,924,927 21,203,391 15,395,642 
Less average goodwill and intangible assets(1,225,602)(1,226,495)(801,687)
Average tangible assets$19,699,325 $19,976,896 $14,593,955 
ROA0.62 %0.64 %0.83 %
Impact of other adjustments for adjusted net income0.69 0.25 0.02 
Adjusted ROA1.31 0.89 0.85 
ROE4.69 4.99 5.76 
Impact of other adjustments for Adjusted Net Income5.27 1.96 0.12 
Adjusted ROE9.96 %6.95 %5.88 %
Average shareholders’ equity$2,760,656 $2,724,208 $2,214,995 
Average convertible preferred stock343,125 343,125 — 
Less average goodwill and intangible assets(1,225,602)(1,226,495)(801,687)
Average tangible equity$1,878,179 $1,840,838 $1,413,308 
ROE4.69 %4.99 %5.76 %
Impact of adding convertible preferred stock and removing average intangible assets and related amortization3.82 4.06 4.41 
ROTE8.51 9.05 10.17 
Impact of other adjustments for adjusted net income7.75 2.91 0.18 
Adjusted ROTE16.26 %11.96 %10.35 %
Loan interest income1
$186,227 $187,910 $150,973 
Accretion on acquired loans(12,094)(10,645)(8,221)
Loan interest income excluding accretion on acquired loans1
$174,133 $177,265 $142,752 
Yield on loans1
5.96 %6.02 %5.90 %
Impact of accretion on acquired loans (0.39)(0.34)(0.32)
Yield on loans excluding accretion on acquired loans1
5.57 %5.68 %5.58 %
Net interest income1
$178,154 $176,244 $118,857 
Accretion on acquired loans(12,094)(10,645)(8,221)
Net interest income excluding accretion on acquired loans1
$166,060 $165,599 $110,636 
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FirstFourthFirst
QuarterQuarterQuarter
(Amounts in thousands, except per share data)202620252025
Net interest margin1
3.83 %3.66 %3.48 %
Impact of accretion on acquired loans (0.26)(0.22)(0.24)
Net interest margin excluding accretion on acquired loans1
3.57 %3.44 %3.24 %
Securities interest income1
$61,279 $57,852 $29,422 
FTE adjustment to securities(1,188)(1,114)(7)
Securities interest income excluding FTE adjustment60,091 56,738 29,415 
Loan interest income1
186,227 187,910 150,973 
FTE adjustment to loans(496)(503)(333)
Loan interest income excluding FTE adjustment185,731 187,407 150,640 
Net interest income1
178,154 176,243 118,857 
FTE adjustments to securities(1,188)(1,114)(7)
FTE adjustments to loans(496)(503)(333)
Net interest income excluding FTE adjustments$176,470 $174,626 $118,517 
1On a FTE basis. All yields and rates have been computed using amortized cost.
Financial Condition
Total assets as of March 31, 2026 were $21.1 billion, an increase of $302.8 million, or 1%, from December 31, 2025.
Securities
Information related to yields, maturities, carrying values and fair value of the Company’s securities is set forth in “Note 3 – Securities” in this report.
At March 31, 2026, the Company had $5.1 billion in AFS securities and $576.2 million in HTM securities. The Company’s total debt securities portfolio decreased $105.3 million from December 31, 2025. During the first quarter of 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. The proceeds of approximately $277.0 million were reinvested in primarily agency mortgage-backed securities with an average taxable equivalent book yield of 4.8%.
Debt securities generally return principal and interest monthly. The modified duration of the AFS securities portfolio and the total portfolio was 5.1 and 5.3, respectively, at March 31, 2026 compared to 5.1 and 5.2, respectively, at December 31, 2025.
At March 31, 2026, AFS securities had gross unrealized losses of $131.1 million and gross unrealized gains of $26.9 million, compared to gross unrealized losses of $150.4 million and gross unrealized gains of $48.7 million at December 31, 2025.
The credit quality of the Company’s securities holdings is primarily investment grade. U.S. Treasury securities, obligations of U.S. government agencies, and obligations of U.S. government-sponsored entities totaled $4.6 billion, or 81%, of the total portfolio.
The portfolio includes $91.2 million, with a fair value of $86.5 million, in private label residential mortgage-backed securities and collateralized mortgage obligations with weighted-average credit support of 22%. The collateral underlying these mortgage investments includes both fixed-rate and adjustable-rate residential mortgage loans.
The Company also has invested $426.0 million in floating rate CLOs. CLOs are special purpose vehicles that purchase first lien broadly syndicated corporate loans while providing support to senior tranche investors. As of March 31, 2026, all of the Company’s CLOs were in AAA/AA tranches with weighted-average credit support of 31%. The Company utilizes credit models with assumptions of loan level defaults, recoveries, and prepayments to evaluate each security for potential credit losses. The result of this analysis did not indicate expected credit losses.
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HTM securities consist solely of mortgage-backed securities and collateralized mortgage obligations guaranteed by U.S. government-sponsored entities, each of which is expected to recover any price depreciation over its holding period as the debt securities move to maturity. The Company has significant liquidity and available borrowing capacity through other sources if needed, and has the intent and ability to hold these investments to maturity.
At March 31, 2026, the Company has determined that all debt securities in an unrealized loss position are the result of both broad investment type spreads and the current interest rate environment. Management believes that each investment will recover any price depreciation over its holding period as the debt securities move to maturity, and management has the intent and ability to hold these investments to maturity if necessary. Therefore, at March 31, 2026, no allowance has been recorded.
Loan Portfolio
Loans, net of unearned income and excluding the ACL, were $12.6 billion at March 31, 2026, an increase of $13.4 million from December 31, 2025.
The Company remains committed to sound risk management practices. Portfolio diversification in terms of asset mix, industry, and loan type has been and continues to be an important element of the Company’s lending strategy. The average loan size is $439 thousand, and the average commercial loan size is $951 thousand at March 31, 2026, reflecting the Company’s longtime focus on granularity and on creating valuable customer relationships. Lending policies contain guardrails that pertain to lending by type of collateral and purpose, along with limits regarding loan concentrations and the principal amount of loans. The Company’s exposure to CRE lending remains well below regulatory limits (see “Loan Concentrations”).
The following tables detail loan portfolio composition at March 31, 2026 and December 31, 2025 for portfolio loans, PCD loans and loans purchased which are not considered credit deteriorated (“Non-PCD”) as defined in “Note 4 - Loans.”
 March 31, 2026
(In thousands)Portfolio LoansAcquired Non-PCD LoansPCD LoansTotal% to Total Loans
Construction and land development$623,355 $118,541 $3,466 $745,362 6 %
CRE - owner occupied1,508,717 491,435 21,733 2,021,885 16 
CRE - non-owner occupied2,934,779 1,101,008 142,216 4,178,003 33 
Residential real estate2,210,407 920,009 32,093 3,162,509 25 
Commercial and financial1,900,726 437,130 15,262 2,353,118 19 
Consumer137,412 42,713 430 180,555 1 
Totals$9,315,396 $3,110,836 $215,200 $12,641,432 100 %
 December 31, 2025
(In thousands)Portfolio LoansAcquired Non-PCD LoansPCD LoansTotal% to Total Loans
Construction and land development$579,141 $141,326 $3,463 $723,930 6 %
CRE - owner occupied1,505,798 509,118 28,709 2,043,625 16 
CRE - non-owner occupied2,911,189 1,193,351 150,452 4,254,992 34 
Residential real estate2,101,868 963,836 33,155 3,098,859 25 
Commercial and financial1,828,038 476,130 16,821 2,320,989 18 
Consumer141,768 43,321 500 185,589 1 
Totals$9,067,802 $3,327,082 $233,100 $12,627,984 100 %
The amortized cost basis of loans included net deferred costs of $45.6 million at March 31, 2026 and $46.3 million at December 31, 2025. At March 31, 2026, the remaining fair value adjustments on acquired loans were $138.1 million, or 4.0%, of the outstanding acquired loan balances, compared to $150.0 million, or 4.0%, of the acquired loan balances at December 31, 2025. The discount is accreted into interest income over the remaining lives of the related loans on a level yield basis.
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Construction and land development loans increased $21.4 million, or 3%, totaling $745.4 million at March 31, 2026, compared to December 31, 2025. These loans, extended to both commercial and consumer customers, are collateralized by and for the purpose of funding land development and construction projects. Repayment is from the proceeds of the sale, refinancing or permanent financing of the property.
CRE owner occupied loans totaled $2.0 billion at March 31, 2026, a decrease of $21.7 million, or 1% compared to December 31, 2025. CRE owner occupied loans are extended to commercial customers for the purpose of acquiring or refinancing real estate to be occupied by the borrower's business. These loans are collateralized by the subject property and the repayment of these loans is largely dependent on the performance of the company occupying the property.
CRE non-owner occupied loans decreased $77.0 million, or 2%, totaling $4.2 billion at March 31, 2026 compared to $4.3 billion at December 31, 2025. Non-owner occupied CRE loans are collateralized by properties where the source of repayment is typically from the sale or lease of the property. Within the non-owner occupied CRE portfolio, the largest segment is retail properties, which totaled approximately $1.4 billion at March 31, 2026, with an average loan size of $2.6 million. This segment targets grocery or credit tenant-anchored shopping plazas, single credit tenant retail buildings, smaller outparcels, and other small retail units. The second-largest segment in the non-owner occupied CRE portfolio is industrial or warehouse properties, which totaled $867.0 million at March 31, 2026 with an average loan size of $3.2 million, reflecting continued demand for logistics, distribution, and manufacturing space. Non-owner occupied CRE loans collateralized by office properties totaled $549.9 million at March 31, 2026, with an average loan size of $1.7 million. This segment targets low to mid-rise suburban offices and is broadly diversified across many types of professional services, with limited exposure to central business districts. Other non-owner occupied CRE loans include $484.9 million collateralized by multi-family residential properties, $258.3 million collateralized by hotels or motels, and $658.7 million collateralized by other property types, including restaurants, schools and recreation centers.
Residential real estate loans increased $63.7 million, or 2%, to $3.2 billion during the three months ended March 31, 2026. Included in the balance as of March 31, 2026 were $1.4 billion of fixed rate mortgages, $1.1 billion of ARMs and $732.2 million in home equity loans and HELOCs, compared to $1.3 billion, $1.1 billion and $743.2 million, respectively, at December 31, 2025. Substantially all residential mortgage originations have been underwritten to conventional loan agency standards, including loan balances that exceed agency value limitations. The average LTV of our HELOC portfolio is 58%, with 34% of the loans being in first lien position at March 31, 2026, compared to an average LTV of 58%, with 35% of the portfolio being in the first lien position at December 31, 2025.
Commercial and financial loans increased $32.1 million, or 1%, from December 31, 2025, totaling $2.4 billion at March 31, 2026. The purpose of these loans may be to provide working capital, asset acquisition or for other business purposes, and are generally supported by projected cash flows of the business, collateralized by business assets, and/or guaranteed by the business owners. The Company continues to exercise a disciplined approach to lending and is benefiting from the investments made in recent years to attract talent from large regional banks across its markets. This talent is onboarding significant new relationships, resulting in increased loan production.
The Company also provides consumer loans, which include installment loans, auto loans, marine loans, and other consumer loans, which decreased $5.0 million, or 3%, to total $180.6 million at March 31, 2026, compared to $185.6 million at December 31, 2025.
Loan Concentrations
The Company has developed guardrails to manage loan types that are most impacted by stressed market conditions to minimize credit risk concentration to capital. Outstanding balances for commercial and CRE loan relationships greater than $10 million totaled $3.7 billion, representing 30% of the total portfolio at March 31, 2026, compared to $3.5 billion, or 28%, at December 31, 2025. The Company’s ten largest commercial and CRE funded and unfunded relationships at March 31, 2026 aggregated to $613.2 million, of which $518.7 million was funded, compared to $607.4 million at December 31, 2025, of which $518.4 million was funded.
Concentrations in construction and land development loans and CRE loans are maintained well below regulatory guidelines. Construction and land development and CRE loan concentrations as a percentage of subsidiary bank total risk-based capital were 35% and 224%, respectively, at March 31, 2026, compared to 34% and 227%, respectively, at December 31, 2025. Regulatory guidance suggests limits of 100% and 300%, respectively. On a consolidated basis, construction and land development and CRE loans represent 33% and 211%, respectively, of total consolidated risk-based capital as of March 31, 2026 compared to 32% and 216%, respectively, at December 31, 2025. To determine these ratios, the Company defines CRE in accordance with the guidance on “Concentrations in Commercial Real Estate Lending” (the “Guidance”) issued by the federal bank regulatory agencies in 2006 (and reinforced in 2015), which defines CRE loans as exposures secured by land development
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and construction, including 1-4 family residential construction, multi-family property, and non-farm nonresidential property where the primary or a significant source of repayment is derived from rental income associated with the property (i.e., loans for which 50 percent or more of the source of repayment comes from third-party, non-affiliated, rental income) or the proceeds of the sale, refinancing, or permanent financing of the property. Loans to REITs and unsecured loans to developers that closely correlate to the inherent risks in CRE markets would also be considered CRE loans under the Guidance. Loans on owner-occupied CRE are generally excluded. In addition, the Company is subject to a geographic concentration of credit because it primarily operates in Florida.
Nonperforming Loans, TBMs, OREO and Credit Quality
NPAs at March 31, 2026 totaled $99.3 million, and were comprised of $95.0 million of nonaccrual loans, and $4.3 million of OREO. Overall, NPAs increased $23.0 million, or 30%, from $76.3 million as of December 31, 2025. NPAs to total assets at March 31, 2026 increased to 0.47% from 0.37% at December 31, 2025.
Compared to December 31, 2025, nonaccrual loans increased $23.0 million, or 32%. Approximately 81% of nonaccrual loans were secured with real estate at March 31, 2026. Nonperforming loans to total loans outstanding at March 31, 2026 increased to 0.75% from 0.57% at December 31, 2025. A significant portion of nonaccrual loans have collateral values well in excess of balances outstanding, and therefore, no loss is expected.
The tables below set forth details related to nonaccrual loans.
March 31, 2026
(In thousands)Nonaccrual Loans With No Related AllowanceNonaccrual Loans With an AllowanceTotal Nonaccrual Loans
Construction and land development$3,396 $1,830 $5,226 
CRE - owner occupied19,260 3,704 22,964 
CRE - non-owner occupied26,432 1,149 27,581 
Residential real estate6,597 14,672 21,269 
Commercial and financial4,425 11,138 15,563 
Consumer— 2,429 2,429 
Totals $60,110 $34,922 $95,032 
December 31, 2025
(In thousands)Nonaccrual Loans With No Related AllowanceNonaccrual Loans With an AllowanceTotal Nonaccrual Loans
Construction and land development$4,207 $1,812 $6,019 
CRE - owner occupied15,546 5,120 20,666 
CRE - non-owner occupied18,202 1,173 19,375 
Residential real estate1,448 10,654 12,102 
Commercial and financial3,842 7,209 11,051 
Consumer— 2,788 2,788 
Totals$43,245 $28,756 $72,001 
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In accordance with regulatory reporting requirements, loans are placed on nonaccrual following the Retail Classification of Loan interagency guidance. The accrual of interest is generally discontinued on loans that become 90 days past due as to principal or interest unless collection of both principal and interest is assured by way of collateralization, guarantees or other security. Consumer loans that become 120 days past due are generally charged off. The loan carrying value is analyzed and any changes are appropriately made quarterly, as described above.
In certain circumstances, the Company provides modifications of loans to borrowers experiencing financial difficulty, which the Company refers to as TBMs. Loans that were modified as TBMs during the three months ended March 31, 2026 are described in “Note 4 - Loans”.
ACL on Loans
Management establishes the allowance using relevant available information from both internal and external sources, relating to past events, current economic conditions, and reasonable and supportable forecasts. The forecasts of future economic conditions are over a period that has been deemed reasonable and supportable, and in segments where it can no longer develop reasonable and supportable forecasts, the Company reverts to longer-term historical loss experience to estimate losses over the remaining life of the loans. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments.
The Company recorded provision expense of $0.8 million for the three months ended March 31, 2026, compared to $9.3 million for the three months ended March 31, 2025. The Company recorded net charge-offs of $3.3 million in the three months ended March 31, 2026, compared to $7.0 million for the three months ended March 31, 2025.
The ratio of ACL to total loans was 1.39% at March 31, 2026, 1.42% at December 31, 2025, and 1.34% at March 31, 2025.
Cash and Cash Equivalents and Liquidity Risk Management
Liquidity risk involves the risk of being unable to fund assets with the appropriate duration and rate-based liability, as well as the risk of not being able to meet unexpected cash needs. Liquidity planning and management are necessary to ensure the ability to fund operations cost effectively and to meet current and future potential obligations such as loan commitments and unexpected deposit outflows.
Funding sources primarily include customer-based deposits, collateral-backed borrowings, brokered deposits, cash flows from operations, cash flows from the loan and investment portfolios and asset sales, primarily secondary marketing for residential real estate mortgages. Cash flows from operations are a significant component of liquidity risk management and the Company considers both deposit maturities and the scheduled cash flows from loan and investment maturities and payments when managing risk.
Cash and cash equivalents, including interest-bearing deposits, totaled $808.4 million at March 31, 2026, compared to $388.5 million at December 31, 2025. The increase was driven by higher loan payoffs and increased customer deposit balances late in the quarter.
Deposits are a primary source of liquidity. The stability of this funding source is affected by numerous factors, including returns available to customers on alternative investments, the quality of customer service levels, perception of safety and competitive forces. Uninsured deposits represented approximately 37% of total deposits at both March 31, 2026 and December 31, 2025. This includes public funds under the Florida Qualified Public Depository program, which provides loss protection to depositors beyond FDIC insurance limits. Excluding such balances, the uninsured and uncollateralized deposits were 32% of total deposits at March 31, 2026. The Company has liquidity sources as discussed below, including cash and lines of credit with the FRB and FHLB, that represent 160% of uninsured deposits, and 184% of uninsured and uncollateralized deposits.
In addition to $808.4 million in cash and cash equivalents at March 31, 2026, the Company had $9.1 billion in available borrowing capacity, including $5.1 billion in available collateralized lines of credit, $3.7 billion of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of $348.0 million. The Company may also access funding by acquiring brokered deposits. Brokered deposits at March 31, 2026 totaled $209.3 million, compared to $120.9 million at December 31, 2025.
Contractual maturities for assets and liabilities are reviewed to meet current and expected future liquidity requirements. Sources of liquidity are maintained through a portfolio of high-quality marketable assets, such as residential mortgage loans, debt securities AFS and interest-bearing deposits. The Company is also able to provide short-term financing of its activities by
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selling, under an agreement to repurchase, United States Treasury and Government agency debt securities not pledged to secure public deposits or trust funds.
The Company has traditionally relied upon dividends from Seacoast Bank and securities offerings to provide funds to pay the Company’s expenses and to service the Company’s debt. During the first quarter of 2026, Seacoast Bank distributed $39.9 million to the Company. At March 31, 2026, the Company had cash and cash equivalents at the parent of approximately $107.2 million, compared to $98.1 million at December 31, 2025.
Deposits and Borrowings
Customer relationship funding is detailed in the following table for the periods specified:
(In thousands)March 31, 2026December 31, 2025
Noninterest demand$4,176,854 $3,897,985 
Interest-bearing demand4,057,493 3,993,225 
Money market5,205,762 5,141,519 
Savings979,633 974,694 
Time deposits2,008,926 2,128,055 
Brokered time certificates209,281 120,865 
Total deposits$16,637,949 $16,256,343 
Securities sold under agreements to repurchase377,460 389,003 
Total customer funding1
$16,806,128 $16,524,481 
1Total deposits and securities sold under agreements to repurchase, excluding brokered deposits. Securities sold under agreements to repurchase consists of customer sweep accounts.
The Company benefits from a diverse and granular deposit base that serves as a significant source of strength. Total deposits increased $381.6 million, or 9.5% annualized, to $16.6 billion at March 31, 2026, when compared to December 31, 2025. Excluding brokered deposits, organic deposit growth was 7% annualized. Seasonal first quarter strength is consistent with the prior year.
Customer repurchase agreements totaled $377.5 million at March 31, 2026, decreasing $11.5 million, or 3%, from December 31, 2025. Repurchase agreements are offered by Seacoast to select customers who wish to sweep excess balances on a daily basis for investment purposes.
At both March 31, 2026 and December 31, 2025, long-term debt included $72.8 million related to trust preferred securities issued by trusts organized or acquired by the Company. At March 31, 2026, the average interest rate in effect on our outstanding subordinated debt related to trust preferred securities was 5.67%, compared to 5.77% at December 31, 2025. All trust preferred securities are guaranteed by the Company on a junior subordinated basis. Other long-term debt at March 31, 2026 totaled $40.0 million and included financing obligations associated with branch properties and subordinated debt acquired through a bank acquisition.
FHLB advances totaled $775.0 million at March 31, 2026 with a weighted-average interest rate of 3.72%, compared to advances outstanding of $835.0 million at December 31, 2025 with a weighted-average interest rate of 3.82%. FHLB advances provide a flexible and collateralized source of wholesale funding.
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Off-Balance Sheet Transactions
In the normal course of business, the Company may engage in a variety of financial transactions that, under GAAP, either are not recorded on the balance sheet or are recorded on the balance sheet in amounts that differ from the full contract or notional amounts. These transactions involve varying elements of market, credit and liquidity risk.
Lending commitments include unfunded loan commitments and standby and commercial letters of credit. For loan commitments, the contractual amount of a commitment represents the maximum potential credit risk that could result if the entire commitment had been funded, the borrower had not performed according to the terms of the contract, and no collateral had been provided. A large majority of loan commitments and standby letters of credit expire without being funded, and accordingly, total contractual amounts are not representative of actual future credit exposure or liquidity requirements. Loan commitments and letters of credit expose the Company to credit risk in the event that the customer draws on the commitment and subsequently fails to perform under the terms of the lending agreement.
For commercial customers, loan commitments generally take the form of revolving credit arrangements. For retail customers, loan commitments generally are lines of credit secured by residential property. These instruments are not recorded on the balance sheet until funds are advanced under the commitment. Unfunded commitments to extend credit were $3.5 billion at both March 31, 2026 and December 31, 2025.
In the normal course of business, the Company and Seacoast Bank enter into agreements, or are subject to regulatory agreements that result in cash, debt and dividend restrictions. A summary of the most restrictive items follows:
Seacoast Bank may be required to maintain reserve balances with the FRB. There was no reserve requirement at March 31, 2026 or December 31, 2025.
Under FRB regulation, Seacoast Bank is limited as to the amount it may loan to its affiliates, including the Company, unless such loans are collateralized by specified obligations. At March 31, 2026, the maximum amount available for transfer from Seacoast Bank to the Company in the form of loans approximated $277.5 million, if the Company has sufficient acceptable collateral. There were no loans made to affiliates during the three months ended March 31, 2026.
Capital Resources
The Company’s equity capital at March 31, 2026 increased $5.0 million from December 31, 2025 to $2.7 billion. Changes in equity included an increase from net income, partially offset by the issuance of cash dividends on common and preferred stock and the repurchase of common stock.
In conjunction with the acquisition of VBI on October 1, 2025, the Company issued non-voting convertible preferred stock, and each 1/1,000th of a share of preferred stock is convertible into one share of Seacoast common stock, subject to certain restrictions. Holders of preferred stock are entitled to receive ratable dividends when dividends are concurrently declared and payable on the shares of Seacoast common stock. See "Note 11 – Business Combinations," for further detail. The convertible preferred stock at March 31, 2026 totaled $343.1 million.
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Activity in shareholders’ equity for the three months ended March 31, 2026 and 2025 follows:
Three months ended March 31,
(In thousands)20262025
Balance at beginning of period$2,712,662 $2,183,243 
Net income31,895 31,464 
Stock-based compensation expense4,480 3,038 
Common stock transactions related to stock-based employee benefit plans840 289 
Repurchase of common stock(10,000)— 
Dividends on common stock ($0.19 per share and $0.18 per share, respectively)
(18,697)(15,441)
Dividends on preferred stock ($0.19 per 1/1,000th share)
(2,138)— 
Change in AOCI(1,392)27,147 
Balance at end of period$2,717,650 $2,229,740 
Capital ratios are well above regulatory requirements for well-capitalized institutions. Management’s use of risk-based capital ratios in its analysis of the Company’s capital adequacy are not GAAP financial measures. Seacoast’s management uses these measures to assess the quality of capital and believes that investors may find it useful in their analysis of the Company. The capital measures are not necessarily comparable to similar capital measures that may be presented by other companies and Seacoast does not nor should investors consider such non-GAAP financial measures in isolation from, or as a substitute for GAAP financial information (see “Note 8 – Regulatory Capital”).
March 31, 2026Seacoast
(Consolidated)		Seacoast
Bank
Minimum to be Well- Capitalized1
Total Risk-Based Capital Ratio16.01%15.12%10.00%
Tier 1 Capital Ratio14.6013.878.00
CET1 Ratio11.6613.876.50
Leverage Ratio10.409.875.00
1For subsidiary bank only.
The Company and Seacoast Bank are subject to various general regulatory policies and requirements relating to the payment of dividends, including requirements to maintain adequate capital above regulatory minimums. The appropriate federal bank regulatory authority may prohibit the payment of dividends where it has determined that the payment of dividends would be an unsafe or unsound practice. The Company is a legal entity separate and distinct from Seacoast Bank and its other subsidiaries, and the Company’s primary source of cash and liquidity, other than securities offerings and borrowings, is dividends from its bank subsidiary. Without OCC approval, Seacoast Bank can pay $85.1 million of dividends to the Company.
The OCC and the Federal Reserve have policies that encourage banks and BHCs to pay dividends from current earnings, and have the general authority to limit the dividends paid by national banks and BHCs, respectively, if such payment may be deemed to constitute an unsafe or unsound practice. If, in the particular circumstances, either of these federal regulators determined that the payment of dividends would constitute an unsafe or unsound banking practice, either the OCC or the Federal Reserve may, among other things, issue a cease and desist order prohibiting the payment of dividends by Seacoast Bank or us, respectively. The board of directors of a BHC must consider different factors to ensure that its dividend level, if any, is prudent relative to the organization’s financial position and is not based on overly optimistic earnings scenarios such as any potential events that may occur before the payment date that could affect its ability to pay, while still maintaining a strong financial position. As a general matter, the FRB has indicated that the board of directors of a BHC, such as Seacoast, should consult with the FRB and eliminate, defer, or significantly reduce the BHC’s dividends if: (i) its net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends; (ii) its prospective rate of earnings retention is not consistent with its capital needs and overall current and prospective financial condition; or (iii) it will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios.
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The Company has paid quarterly dividends to the holders of its common stock since the second quarter of 2021. Whether the Company continues to pay quarterly dividends and the amount of any such dividends will be at the discretion of the Company’s Board of Directors and will depend on the Company’s earnings, financial condition, results of operations, business prospects, capital requirements, regulatory restrictions, and other factors that the Board of Directors may deem relevant.
The Company has seven wholly owned trust subsidiaries that have issued trust preferred stock. Trust preferred securities from acquisitions were recorded at fair value when acquired. All trust preferred securities are guaranteed by the Company on a junior subordinated basis. The company believes its trust preferred securities qualify as Tier 1 capital under FRB’s regulatory capital rules. A phase out period begins in June 2027, at which time the trust preferred securities will transition to Tier 2 capital over a three year period.
On March 19, 2026, U.S. banking regulators requested comments on three proposals to modernize the regulatory capital framework for banks of all sizes. The proposals are intended to streamline capital requirements and better align regulatory capital with risk while maintaining the safety and soundness of the banking system. Comments on all three proposals are due by June 18, 2026, and there is not yet a proposed timeline for issuance of a final rule or an implementation date. The Company is evaluating the potential impact from these proposals and will continue to monitor its status.
Critical Accounting Policies and Estimates
The Company’s critical accounting policies are discussed in the Management’s Discussion and Analysis of Financial Condition and Results of Operations in Seacoast’s Annual Report on Form 10-K for the year ended December 31, 2025. Significant accounting policies are discussed in “Note 1 – Significant Accounting Policies” in Form 10-K for the year ended December 31, 2025. Disclosures regarding the effects of new accounting pronouncements are included in “Note 1 – Basis of Presentation” in this report. There have been no changes to the Company’s critical accounting policies during 2026.
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 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 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.
The following table presents the ALCO simulation model’s projected impact of a change in interest rates on the net interest income for the 12 and 24 month periods beginning April 1, 2026, holding all balances on the balance sheet static. 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
March 31, 2026
Change in Interest Rates1-12 months13-24 months
+3.00%0.8%6.5%
+2.00%1.6%5.4%
+1.00%1.2%3.2%
Current—%—%
-1.00%1.1%(1.1%)
-2.00%2.4%(2.8%)
-3.00%2.9%(5.6%)
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. 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.
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Effects of Inflation and Changing Prices
The condensed consolidated 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.
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. 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. 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.
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT 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.
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 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 primary goal of interest rate risk management is to control exposure to interest rate risk, within policy limits approved by the board of directors. These limits reflect the Company’s tolerance for interest rate risk over short-term and long-term horizons.
The Company also performs valuation analyses, which are used for evaluating levels of risk present in the balance sheet that might not be taken into account in the net interest income simulation analyses. Whereas net interest income simulation highlights exposures over a relatively short time horizon, valuation analysis incorporates all cash flows over the estimated remaining life of all balance sheet positions. The valuation of the balance sheet, at a point in time, is defined as the discounted present value of asset cash flows minus the discounted value of liability cash flows, the net result of which is the EVE. 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.
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. 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. The Company periodically reassesses its assumptions regarding the indeterminate lives of core deposits utilizing an independent third-party resource to assist.
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The following table presents the projected impact of a change in interest rates on the balance sheet. 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 Interest Rates% Change in
Economic Value of
Equity
+3.00%(17.4)%
+2.00%(10.6)%
+1.00%(4.7)%
Current—%
-1.00%3.6%
-2.00%6.3%
-3.00%7.1%
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. Since EVE measures the discounted present value of cash flows over the estimated lives of instruments, the change in EVE does not directly correlate to the degree that earnings would be impacted over a shorter time horizon, i.e., the next fiscal year. 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.

Item 4. CONTROLS AND PROCEDURES
The Company’s management, with the participation of its chief executive officer and chief financial officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act) as of March 31, 2026 and concluded that those disclosure controls and procedures are effective.
During the quarter ended March 31, 2026, there have been no changes in internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

Part II OTHER INFORMATION

Item 1. Legal Proceedings
The Company and its subsidiaries, because of the nature of their business, are at all times subject to numerous legal actions, threatened or filed. Management 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, or operating results or cash flows.
Item 1A. Risk Factors
In addition to the other information set forth in this report, you should consider the factors discussed in “Part I, Item 1A. Risk Factors” in our report on Form 10-K for the year ended December 31, 2025, which could materially affect our business, financial condition and prospective results. The risks described in this report, in our Form 10-K or our other SEC filings are not the only risks facing our 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. There have been no material changes with respect to the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the three months ended March 31, 2026, the Company repurchased shares of its common stock as indicated in the following table:
Period
Total
Number of
Shares
Purchased1
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)
1/1/26 to 1/31/268,367 $31.42 — $150,000 
2/1/26 to 2/28/26— 31.25 201,553 143,701 
3/1/26 to 3/31/26— 31.88 116,075 140,000 
Total - 1st Quarter8,367 $31.48 317,628 $140,000 
1Includes shares that were repurchased to pay for the exercise of stock options or for income taxes owed on vesting shares of restricted stock. These shares were not purchased under the Company’s stock repurchase plan to repurchase shares.
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. 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. The amount and timing of repurchases, if any, will be based on a variety of factors, including share acquisition price, regulatory limitations, market conditions and other factors. The program does not obligate the Company to purchase any of its shares, and may be terminated or amended by the Board of Directors at any time prior to its expiration date.
317,628 shares of the Company’s common stock were repurchased under the program during the three months ended March 31, 2026.
Item 3. Defaults upon Senior Securities
None.
Item 4. Mine Safety Disclosures
None.
Item 5. Other Information
Trading arrangements
There were no Rule 10b5-1 or non-Rule 10b5-1 trading arrangements adopted, modified or terminated by any director or officer of the Company during the three months ended March 31, 2026.
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Item 6. Exhibits
Exhibit 2.1 Agreement and Plan of Merger dated February 27, 2025 by and among the Company, Seacoast National Bank, Heartland Bancshares, Inc. and Heartland National Bank incorporated herein by reference from Exhibit 2.1 to the Company’s Form 8-K, filed March 5, 2025.
Exhibit 2.2. Agreement and Plan of Merger dated May 29, 2025 by and among the Company, Seacoast National Bank, Villages Bancorporation, Inc. and Citizens First Bank incorporated herein by reference from Exhibit 2.1 to the Company’s Form 8-K, filed May 29, 2025.
 
Exhibit 3.1.1 Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q, filed May 10, 2006.
  
 
Exhibit 3.1.2 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed December 23, 2008.
  
 
Exhibit 3.1.3 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.4 to the Company’s Form S-1, filed June 22, 2009.
  
 
Exhibit 3.1.4 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed July 20, 2009.
  
 
Exhibit 3.1.5 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed December 3, 2009.
  
 
Exhibit 3.1.6 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K/A, filed July 14, 2010.
  
 
Exhibit 3.1.7 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed June 25, 2010.
  
 
Exhibit 3.1.8 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed June 1, 2011.
  
 
Exhibit 3.1.9 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed December 13, 2013.
  
Exhibit 3.1.10 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8K, filed May 30, 2018.
Exhibit 3.1.11 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8K, filed May 23, 2023.
Exhibit 3.1.12 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed May 22, 2025.

Exhibit 3.1.13 Certificate of Designations of the Series A Non-Voting Preferred Stock of Seacoast Banking Corporation of Florida Incorporated herein by reference from Exhibit 3.1 to the Company's Form 8-K, filed October 6, 2025.

 
Exhibit 3.2 Amended and Restated By-laws of the Company Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed October 26, 2020.
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Exhibit 101 The following materials from Seacoast Banking Corporation of Florida’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 formatted in Inline XBRL: (i) the Consolidated Statements of Income, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Shareholders’ Equity and (vi) the Notes to the Consolidated Financial Statements, tagged as blocks of text and including detailed tags.
Exhibit 104 The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL.
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SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 SEACOAST BANKING CORPORATION OF FLORIDA
 
May 6, 2026/s/ Charles M. Shaffer
 Charles M. Shaffer
 Chairman and Chief Executive Officer
 
May 6, 2026/s/ Tracey L. Dexter
 Tracey L. Dexter
 Executive Vice President and Chief Financial Officer
62

EXHIBIT 31.1
 
Certification Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
  
I, Charles M. Shaffer, certify that:
 
1.I have reviewed this quarterly report on Form 10-Q of Seacoast Banking Corporation of Florida;
 
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
  


     
Date: May 6, 2026   /s/ Charles M. Shaffer
    Charles M. Shaffer
    Chairman and Chief Executive Officer

EXHIBIT 31.2
 
Certification Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
  
I, Tracey L. Dexter, certify that:
 
1.I have reviewed this quarterly report on Form 10-Q of Seacoast Banking Corporation of Florida;
 
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 


     
Date: May 6, 2026   /s/ Tracey L. Dexter
    Tracey L. Dexter
    Executive Vice President and Chief Financial Officer

EXHIBIT 32.1
 
STATEMENT OF CHIEF EXECUTIVE OFFICER OF
SEACOAST BANKING CORPORATION OF FLORIDA
PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
In connection with the Quarterly Report on Form 10-Q of Seacoast Banking Corporation of Florida (“Company”) for the period ended March 31, 2026 (“Report”), I, Charles M. Shaffer, Chairman and Chief Executive Officer of the Company, do hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of The Sarbanes-Oxley Act of 2002, that:
 
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
     
Date: May 6, 2026   /s/ Charles M. Shaffer
    Charles M. Shaffer
    Chairman and Chief Executive Officer

EXHIBIT 32.2
 
STATEMENT OF CHIEF FINANCIAL OFFICER OF
SEACOAST BANKING CORPORATION OF FLORIDA
PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
In connection with the Quarterly Report on Form 10-Q of Seacoast Banking Corporation of Florida (“Company”) for the period ended March 31, 2026 (“Report”), I, Tracey L. Dexter, Executive Vice President and Chief Financial Officer of the Company, do hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of The Sarbanes-Oxley Act of 2002, that:
 
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
     
Date: May 6, 2026   /s/ Tracey L. Dexter
    Tracey L. Dexter
    Executive Vice President and Chief Financial Officer