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Seacoast Banking
SBCF
#3994
Rank
A$4.20 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
A$42.91
Share price
0.31%
Change (1 day)
4.82%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Seacoast Banking
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q2

Seacoast Banking - 10-Q quarterly report FY2025 Q2


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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 June 30, 2025
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 – 87,854,715 shares outstanding as of July 31, 2025

INDEX
 SEACOAST BANKING CORPORATION OF FLORIDA
 
3
   
   
Consolidated statements of income – Three and six months ended June 30, 2025 and 2024
4
 
Consolidated statements of comprehensive income – Three and six months ended June 30, 2025 and 2024
6
   
 
Consolidated balance sheets - June 30, 2025 and December 31, 2024
7
 
Consolidated statements of cash flows – Six months ended June 30, 2025 and 2024
8
   
Consolidated statements of shareholders’ equity - Three and six months ended June 30, 2025 and 2024
10
 
12
   
32
   
54
   
55
   
 
   
55
   
55
   
55
   
56
   
56
   
56
   
56
   
58

2
Glossary of Defined Terms
TermDefinitionTermDefinition
AFSAvailable-for-saleGAAPAccounting principles generally accepted in the United States of America
ALCOAsset and Liability Management CommitteeHeartlandHeartland Bancshares, Inc.
ASCAccounting Standards CodificationHELOCHome equity line of credit
ASUAccounting Standards UpdateHTMHeld-to-maturity
BHCBank Holding CompanyLTVLoan-to-value
BOLIBank owned life insuranceMoody'sMoody's Analytics
CET1Common equity tier 1NAVNet Asset Value
CLOCollateralized loan obligationNPANonperforming asset
CRACommunity Reinvestment ActOCCOffice of the Comptroller of the Currency
CRECommercial Real EstateOREOOther real estate owned
EPSEarnings per sharePCDPurchased credit deteriorated
ESGEnvironmental, social and governanceREITReal estate investment trust
EVEEconomic value of equityROUARight-of-use asset
FASBFinancial Accounting Standards BoardSBICSmall business investment companies
FDICFederal Deposit Insurance CorporationSECSecurities and Exchange Commission
FHLBFederal Home Loan BankSOFRSecured Overnight Financing Rate
FICOFair Isaac Corporation (credit score)TBMTroubled borrower modification
FRBFederal Reserve BoardVBIVillages Bancorporation, Inc.
FTEFully taxable equivalentXBRLeXtensible Business Reporting Language
3

Part I. FINANCIAL INFORMATION
Item 1. Financial Statements

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
(In thousands, except per share data)2025202420252024
Interest and fees on loans$157,075 $147,292 $307,715 $294,387 
Interest and dividends on securities32,512 24,188 61,927 46,615 
Interest on interest bearing deposits and other investments3,760 8,328 7,960 14,512 
Total Interest Income193,347 179,808 377,602 355,514 
Interest on deposits40,633 51,319 84,259 98,853 
Interest on time certificates15,120 17,928 30,093 35,049 
Interest on borrowed money10,730 6,137 17,869 12,110 
Total Interest Expense66,483 75,384 132,221 146,012 
Net Interest Income126,864 104,424 245,381 209,502 
Provision for credit losses4,379 4,918 13,629 6,286 
Net Interest Income after Provision for Credit Losses122,485 99,506 231,752 203,216 
Noninterest income:
Service charges on deposit accounts5,540 5,342 10,720 10,302 
Interchange income1,895 1,940 3,702 3,828 
Wealth management income4,196 3,766 8,444 7,306 
Mortgage banking fees685 582 1,089 963 
Insurance agency income1,289 1,355 2,909 2,646 
BOLI income3,380 2,596 5,848 4,860 
Other7,497 6,647 13,754 12,591 
24,482 22,228 46,466 42,496 
Securities gains (losses), net39 (44)235 185 
Total Noninterest Income24,521 22,184 46,701 42,681 
Noninterest expense:
Salaries and wages44,438 38,937 86,686 79,241 
Employee benefits8,106 6,861 16,967 14,750 
Outsourced data processing costs8,525 8,210 17,029 20,328 
Occupancy7,483 7,180 14,833 15,217 
Furniture and equipment2,125 1,956 4,253 3,967 
Marketing2,958 3,266 5,706 5,921 
Legal and professional fees2,071 1,982 4,811 4,133 
FDIC assessments2,108 2,131 4,302 4,289 
Amortization of intangibles5,131 6,003 10,440 12,295 
OREO expense and net loss (gain) on sale8 (109)249 (135)
Provision for credit losses on unfunded commitments150 251 300 501 
Merger-related charges2,422 — 3,473 — 
Other6,205 5,869 13,278 12,401 
Total Noninterest Expense91,730 82,537 182,327 172,908 
Income Before Income Taxes55,276 39,153 96,126 72,989 
4

Income tax expense12,589 8,909 21,975 16,739 
Net Income$42,687 $30,244 $74,151 $56,250 
Net income per share of common stock
Diluted$0.50 $0.36 $0.87 $0.66 
Basic0.50 0.36 0.87 0.67 
Average common shares outstanding
Diluted85,479 84,816 85,454 84,799 
Basic84,903 84,341 84,776 84,260 

See notes to unaudited consolidated financial statements.
 



5

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(In thousands)Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net Income$42,687 $30,244 $74,151 $56,250 
Other comprehensive income (loss):
Unrealized gains (losses) on AFS securities, net of tax expense of $3.9 million and $12.5 million for the three and six months ended June 30, 2025, and net of tax benefit of $1.2 million and $3.7 million for the three and six months ended June 30, 2024
12,127 (3,579)39,554 (11,495)
Amortization of unrealized gains on securities transferred to HTM, net of tax benefit of $3 thousand and $7 thousand for the three and six months ended June 30, 2025, and net of tax benefit of $4 thousand and $7 thousand for the three and six months ended June 30, 2024
(11)(10)(21)(21)
Reclassification adjustment for losses included in net income, and net of tax benefit of $1.0 million for the six months ended June 30, 2024
— — — 2,806 
Unrealized gains (losses) on derivatives designated as fair value hedges, net of reclassifications to income, net of tax expense of $0.1 million and $9 thousand for the three and six months ended June 30, 2025, and net of tax benefit of $0.2 million and tax expense $0.2 million for the three and six months ended June 30, 2024
297 (465)27 578 
Total other comprehensive income (loss)$12,413 $(4,054)$39,560 $(8,132)
Comprehensive Income$55,100 $26,190 $113,711 $48,118 
See notes to unaudited consolidated financial statements.

 


6

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
June 30, 2025December 31, 2024
(In thousands, except share data)
Assets  
Cash and due from banks$181,565 $171,615 
Interest bearing deposits with other banks150,863 304,992 
Total cash and cash equivalents332,428 476,607 
Time deposits with other banks1,494 3,215 
Debt securities:
Securities AFS (at fair value)2,866,185 2,226,543 
Securities HTM (fair value $503.2 million at June 30, 2025 and $507.6 million at December 31, 2024)
613,312 635,186 
Total debt securities3,479,497 2,861,729 
Loans held for sale8,610 17,277 
Loans10,608,824 10,299,950 
Allowance for credit losses(142,184)(138,055)
Loans, net of allowance for credit losses10,466,640 10,161,895 
Bank premises and equipment, net107,256 107,555 
OREO5,335 6,421 
Goodwill732,417 732,417 
Other intangible assets, net61,328 71,723 
BOLI312,860 308,995 
Net deferred tax assets87,328 102,989 
Other assets349,762 325,485 
Total Assets$15,944,955 $15,176,308 
Liabilities
Deposits$12,497,598 $12,242,427 
Securities sold under agreements to repurchase186,090 232,071 
FHLB borrowings
715,000 245,000 
Long-term debt, net107,298 106,966 
Other liabilities167,404 166,601 
Total Liabilities13,673,390 12,993,065 
Shareholders’ Equity
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 86,730,472 and outstanding 85,947,551 at June 30, 2025, and authorized 120,000,000, issued 86,284,017 and outstanding 85,567,712 shares
at December 31, 2024
8,673 8,628 
Additional paid-in capital1,832,158 1,824,935 
Retained earnings569,833 526,642 
Treasury stock(20,792)(19,095)
2,389,872 2,341,110 
Accumulated other comprehensive loss, net(118,307)(157,867)
Total Shareholders’ Equity
2,271,565 2,183,243 
Total Liabilities and Shareholders’ Equity
$15,944,955 $15,176,308 
See notes to unaudited consolidated financial statements.
7

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
Six Months Ended June 30,
(In thousands)20252024
Cash Flows from Operating Activities  
Net income$74,151 $56,250 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation4,425 4,262 
Accretion of discounts on securities, net(1,974)(1,455)
Amortization of operating lease ROUAs4,487 4,087 
Other amortization and accretion, net1,280 1,068 
Stock-based compensation6,996 6,105 
Origination of loans designated for sale(44,862)(58,002)
Sale of loans designated for sale56,171 59,240 
Provision for credit losses13,629 6,286 
Deferred income taxes3,195 6,933 
Gains on securities(235)(185)
Gains on sale of loans(3,025)(3,435)
Gains on sale of OREO, net of write-downs(109)(135)
Losses on disposition of fixed assets and write-downs upon transfer of bank premises to OREO94 289 
Changes in operating assets and liabilities, net of effects from acquired companies:
Net (increase) decrease in other assets(11,699)7,204 
Net increase (decrease) in other liabilities809 (6,977)
Net cash provided by operating activities$103,333 $81,535 
Cash Flows from Investing Activities
Maturities and repayments of debt securities AFS208,717 144,875 
Maturities and repayments of debt securities HTM21,920 22,328 
Proceeds from sale of debt securities AFS— 86,829 
Purchases of debt securities AFS(794,370)(376,726)
Maturities and redemptions of time deposits with other banks1,721 1,483 
Purchases of time deposits with other banks— (3,482)
Net new loans and principal repayments(323,887)12,219 
Proceeds from the sale of loans held for investment14,510 10,905 
Proceeds from sale of OREO2,707 2,654 
Proceeds from sale of FHLB and Federal Reserve Bank stock22,802 11,310 
Purchase of FHLB and Federal Reserve Bank stock(45,762)(17,538)
Proceeds from BOLI death benefit1,962 — 
Proceeds from sale of Visa Class B shares— 4,104 
Additions to bank premises and equipment(4,637)(2,939)
Net cash used in investing activities$(894,317)$(103,978)

 See notes to unaudited consolidated financial statements.

 
8

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended June 30,
(In thousands)20252024
Cash Flows from Financing Activities  
Net increase in deposits$255,171 $339,184 
Net decrease in repurchase agreements(45,981)(112,470)
Net increase of FHLB borrowings with original maturities of three months or less100,000 — 
Repayments of FHLB borrowings with original maturities of more than three months(30,000)(160,000)
Proceeds from FHLB borrowings with original maturities of more than three months400,000 290,000 
Stock-based employee benefit plans(1,425)(298)
Repurchase of common stock— (880)
Dividends paid(30,960)(30,750)
Net cash provided by financing activities$646,805 $324,786 
Net (decrease) increase in cash and cash equivalents(144,179)302,343 
Cash and cash equivalents at beginning of period476,607 447,182 
Cash and cash equivalents at end of period$332,428 $749,525 
Supplemental disclosure of cash flow information:
Cash paid for interest$132,851 $144,396 
Cash paid for taxes, net5,380 5,888 
Recognition of operating lease ROUAs, other than through bank acquisitions, net of terminations7,796 — 
Recognition of operating lease liabilities, other than through bank acquisitions, net of terminations7,796 — 
Supplemental disclosure of non-cash investing activities:
Transfers from loans to OREO1,116 953 
Transfers from bank premises to OREO— 883 

See notes to unaudited consolidated financial statements.
 
9

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)

 Common StockAdditional
Paid-in
Capital		Retained
Earnings		Treasury
Stock		Accumulated
Other
Comprehensive
Income (Loss)
(In thousands)SharesAmountTotal
Balance at March 31, 2025
85,618 $8,633 $1,828,234 $542,665 $(19,072)$(130,720)$2,229,740 
Comprehensive income— — — 42,687 — 12,413 55,100 
Stock-based compensation expense— — 3,958 — — — 3,958 
Common stock transactions related to stock-based employee benefit plans330 40 (34)— (1,720)— (1,714)
Dividends on common stock ($0.18 per share)
— — — (15,519)— — (15,519)
Three months ended June 30, 2025330 40 3,924 27,168 (1,720)12,413 41,825 
Balance at June 30, 2025
85,948 $8,673 $1,832,158 $569,833 $(20,792)$(118,307)$2,271,565 

 Common StockAdditional
Paid-in
Capital		Retained
Earnings		Treasury
Stock		Accumulated
Other
Comprehensive
Income (Loss)
(In thousands)SharesAmountTotal
Balance at December 31, 2024
85,568 $8,628 $1,824,935 $526,642 $(19,095)$(157,867)$2,183,243 
Comprehensive income— — — 74,151 — 39,560 113,711 
Stock-based compensation expense— — 6,996 — — — 6,996
Common stock transactions related to stock-based employee benefit plans380 45 227 — (1,697)— (1,425)
Dividends on common stock ($0.36 per share)
— — — (30,960)— — (30,960)
Six months ended June 30, 2025380 45 7,223 43,191 (1,697)39,560 88,322 
Balance at June 30, 2025
85,948 $8,673 $1,832,158 $569,833 $(20,792)$(118,307)$2,271,565 

Common StockAdditional
Paid-in
Capital		Retained
Earnings		Treasury
Stock		Accumulated
Other
Comprehensive
Income (Loss)
(In thousands)SharesAmountTotal
Balance at March 31, 2024
84,935 $8,494 $1,811,941 $478,017 $(16,746)$(163,956)$2,117,750 
Comprehensive income (loss)— — — 30,244 — (4,054)26,190 
Stock-based compensation expense— — 3,888 — — — 3,888 
Common stock transactions related to stock-based employee benefit plans404 36 (29)— (1,118)— (1,111)
Repurchase of common stock(40)— — — (880)— (880)
Dividends on common stock ($0.18 per share)
— — — (15,456)— — (15,456)
Three months ended June 30, 2024364 363,859 14,788 (1,998)(4,054)12,631 
Balance at June 30, 2024
85,299 $8,530 $1,815,800 $492,805 $(18,744)$(168,010)$2,130,381 

10

Common StockAdditional
Paid-in
Capital		Retained
Earnings		Treasury
Stock		Accumulated
Other
Comprehensive
Income (Loss)
(In thousands)SharesAmountTotal
Balance at December 31, 2023
84,861$8,486 $1,808,883 $467,305 $(16,710)$(159,878)$2,108,086 
Comprehensive income (loss)— — — 56,250 — (8,132)48,118 
Stock-based compensation expense— — 6,105— — — 6,105 
Common stock transactions related to stock-based employee benefit plans47844812 — (1,154)— (298)
Repurchase of common stock(40)— — — (880)— (880)
Dividends on common stock ($0.36 per share)
— — — (30,750)— — (30,750)
Six months ended June 30, 2024438 44 6,917 25,500 (2,034)(8,132)22,295 
Balance at June 30, 2024
85,299 $8,530 $1,815,800 $492,805 $(18,744)$(168,010)$2,130,381 
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 and six months ended June 30, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025, 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, 2024.
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 allowance for credit losses, acquisition accounting and purchased loans, intangible assets and impairment testing, and other fair value measurements.
Issued Accounting Standards
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. ASU 2023-09 requires disclosure of specific categories in the income tax rate reconciliation and requires additional information for reconciling items that meet a quantitative threshold. The standard requires an annual disclosure of income taxes paid, net of refunds received, disaggregated by federal, state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. The standard is effective for fiscal years beginning after December 15, 2024. The Company does not expect the adoption of the standard to have a material impact on its disclosures.
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.
Note 2 – Earnings per Share
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 the 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.

12

For the three and six months ended June 30, 2025, options to purchase shares of the Company’s common stock totaling 328,775 and 327,799, respectively, were anti-dilutive. For the three and six months ended June 30, 2024, options to purchase shares of the Company’s common stock totaling 327,805 and 328,166, respectively, were anti-dilutive.
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in thousands, except per share data)2025202420252024
Basic EPS  
Net income$42,687 $30,244 $74,151 $56,250 
Average common shares outstanding84,903 84,341 84,776 84,260 
Net income per share$0.50 $0.36 $0.87 $0.67 
Diluted EPS
Net income$42,687 $30,244 $74,151 $56,250 
Average common shares outstanding84,903 84,341 84,776 84,260 
Add: Dilutive effect of employee restricted stock and stock options576 475 678 539 
Average diluted shares outstanding85,479 84,816 85,454 84,799 
Net income per share$0.50 $0.36 $0.87 $0.66 
Note 3 – Securities
The amortized cost, gross unrealized gains and losses and fair value of securities AFS and HTM at June 30, 2025 and December 31, 2024 are summarized as follows:
 June 30, 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$25,237 $219 $(377)$25,079 
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities2,338,389 12,783 (157,623)2,193,549 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities272,432 3,760 (7,140)269,052 
Private mortgage-backed securities and collateralized mortgage obligations113,420 281 (6,289)107,412 
CLOs257,962 540 (597)257,905 
Obligations of state and political subdivisions7,141 — (1,400)5,741 
Other debt securities7,389 58 — 7,447 
Totals$3,021,970 $17,641 $(173,426)$2,866,185 
HTM Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities$525,437 $— $(102,879)$422,558 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities87,875 — (7,246)80,629 
Totals$613,312 $— $(110,125)$503,187 
13

 December 31, 2024
(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$28,233 $29 $(522)$27,740 
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities1,777,274 1,237 (190,536)1,587,975 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities206,537 1,195 (10,283)197,449 
Private mortgage-backed securities and collateralized mortgage obligations129,475 149 (8,382)121,242 
CLOs278,342 788 (166)278,964 
Obligations of state and political subdivisions7,139 — (1,449)5,690 
Other debt securities7,389 94 — 7,483 
Totals$2,434,389 $3,492 $(211,338)$2,226,543 
HTM Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities$546,444 $— $(117,620)$428,824 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities88,742 — (9,972)78,770 
Totals$635,186 $— $(127,592)$507,594 

During the three months ended June 30, 2025 and June 30, 2024, there were no sales of securities. During the six months ended June 30, 2025, there were no sales of securities. During the six months ended June 30, 2024, debt securities with a fair value of $86.8 million were sold, with gross losses of $3.8 million. Included in “Securities gains (losses), net” are increases of $39 thousand and $0.2 million, respectively, for the three and six months ended June 30, 2025, and decreases of $44 thousand and $0.2 million, respectively, for the three and six months ended June 30, 2024 in the value of investments in mutual funds that invest in CRA-qualified debt securities.
At June 30, 2025, debt securities with a fair value of $1.4 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 June 30, 2025, 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.
14

 Held-to-MaturityAvailable-for-Sale
(In thousands)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in less than one year$— $— $103 $101 
Due after one year through five years— — 6,085 6,101 
Due after five years through ten years— — 9,584 9,708 
Due after ten years— — 16,606 14,910 
 — — 32,378 30,820 
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities525,437 422,558 2,338,389 2,193,549 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities87,875 80,629 272,432 269,052 
Private mortgage-backed securities and collateralized mortgage obligations— — 113,420 107,412 
CLOs— — 257,962 257,905 
Other debt securities— — 7,389 7,447 
Totals$613,312 $503,187 $3,021,970 $2,866,185 
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.
 June 30, 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$373 $(1)$15,491 $(376)$15,864 $(377)
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities362,289 (4,647)711,043 (152,976)1,073,332 (157,623)
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities— — 94,901 (7,140)94,901 (7,140)
Private mortgage-backed securities and collateralized mortgage obligations— — 89,909 (6,289)89,909 (6,289)
CLOs108,779 (564)7,427 (33)116,206 (597)
Obligations of state and political subdivisions329 (7)5,412 (1,393)5,741 (1,400)
Totals$471,770 $(5,219)$924,183 $(168,207)$1,395,953 $(173,426)
1Comprised of 362 individual securities.
15

 December 31, 2024
 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$4,825 $(13)$18,060 $(509)$22,885 $(522)
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities648,967 (7,578)739,363 (182,958)1,388,330 (190,536)
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities13,200 (222)107,041 (10,061)120,241 (10,283)
Private mortgage-backed securities and collateralized mortgage obligations7,178 (16)101,242 (8,366)108,420 (8,382)
CLOs43,410 (152)7,596 (14)51,006 (166)
Obligations of state and political subdivisions319 (15)5,371 (1,434)5,690 (1,449)
Totals$717,899 $(7,996)$978,673 $(203,342)$1,696,572 $(211,338)
1Comprised of 377 individual securities.
At June 30, 2025, the Company had unrealized losses of $0.4 million on U.S. Treasury securities and obligations of U.S. government agencies having a fair value of $15.9 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 June 30, 2025, no allowance for credit losses has been recorded.
At June 30, 2025, the Company had unrealized losses of $164.8 million on commercial and residential mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities having a fair value of $1.2 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 June 30, 2025, no allowance for credit losses has been recorded.
At June 30, 2025, the Company had $6.3 million of unrealized losses on private label residential and commercial mortgage-backed securities and collateralized mortgage obligations having a fair value of $89.9 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 June 30, 2025, no allowance for credit losses has been recorded.
At June 30, 2025, the Company had $0.6 million of unrealized losses in floating rate CLOs having a fair value of $116.2 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 June 30, 2025, all positions held by the Company are in AAA and AA tranches, with weighted-average credit support of 37% and 26%, 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 June 30, 2025, no allowance for credit losses has been recorded.
16

At June 30, 2025, the Company had $1.4 million of unrealized losses on municipal securities having a fair value of $5.7 million. These securities are highly rated issuances of state or local municipalities, 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 June 30, 2025, no allowance for credit losses 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 June 30, 2025, no allowance for credit losses has been recorded. The Company has the intent and ability to hold these securities until maturity.
Included in Other Assets at June 30, 2025 and December 31, 2024 is $100.2 million and $77.3 million, respectively, 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 $11.5 million and $1.0 million, respectively, at June 30, 2025, and $9.2 million and $1.0 million, respectively, at December 31, 2024, 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 $13.5 million at June 30, 2025 and December 31, 2024, respectively.
Note 4 – Loans
Loans held for investment are categorized into the following segments:
•Construction and land development: Loans are extended to both commercial and consumer customers which are collateralized by and for the purpose of funding land development and construction projects, including commercial, 1-4 family residential, multi-family, and non-farm residential properties where the primary source of repayment is from proceeds of the sale, refinancing or permanent financing of the property.
•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 are extended to commercial customers for the purpose of acquiring or refinancing commercial property where occupancy by the borrower is not their primary intent. These loans are viewed primarily as cash flow loans, collateralized by the subject property, and the repayment of these loans is largely dependent on rental income from third parties or from the sale of the property.
•Residential real estate: Loans are extended to consumer customers and collateralized primarily by 1-4 family residential properties and include fixed and variable rate mortgages, home equity mortgages, and HELOCs. Loans are primarily written based on conventional loan agency guidelines, including loans that exceed agency value limitations. Sources of repayment are largely dependent on the occupant of the residential property.
•Commercial and financial: Loans are extended to commercial customers. The purpose of the loans can be working capital, physical asset expansion, asset acquisition, or other business purposes. Loans may be collateralized by assets owned by the borrower or the borrower’s business. Commercial loans are based primarily on the historical and projected cash flow of the borrower’s business and secondarily on the capacity of credit enhancements, guarantees, and underlying collateral provided by the borrower.
•Consumer: Loans are extended to consumer customers. The segment includes both installment loans and lines of credit which may be collateralized or non-collateralized.
17

The following tables present net loan balances by segment for portfolio loans, PCD loans and loans purchased which are not considered purchase credit deteriorated (“Non-PCD”) as of:

 June 30, 2025
(In thousands)Portfolio LoansAcquired Non-PCD LoansPCD LoansTotal
Construction and land development$561,128 $41,425 $526 $603,079 
CRE - owner occupied1,313,169 437,536 28,225 1,778,930 
CRE - non-owner occupied2,514,409 1,024,781 85,338 3,624,528 
Residential real estate1,976,802 687,933 13,307 2,678,042 
Commercial and financial1,559,314 165,207 16,637 1,741,158 
Consumer146,796 36,128 163 183,087 
Totals$8,071,618 $2,393,010 $144,196 $10,608,824 
 December 31, 2024
(In thousands)Portfolio LoansAcquired Non-PCD LoansPCD LoansTotal
Construction and land development$568,148 $79,370 $535 $648,053 
CRE - owner occupied1,177,538 477,459 31,632 1,686,629 
CRE - non-owner occupied
2,243,056 1,156,849 103,903 3,503,808 
Residential real estate1,882,955 719,589 14,241 2,616,785 
Commercial and financial1,424,689 199,146 27,519 1,651,354 
Consumer155,786 37,282 253 193,321 
Totals$7,452,172 $2,669,695 $178,083 $10,299,950 
The amortized cost basis of loans included net deferred costs of $45.6 million at June 30, 2025 and $43.9 million at December 31, 2024. At June 30, 2025, the remaining fair value adjustments on acquired loans were $108.5 million, or 4.1% of the outstanding acquired loan balances, compared to $128.1 million, or 4.3% of the acquired loan balances at December 31, 2024. The discount is accreted into interest income over the remaining lives of the related loans on a level yield basis.
Accrued interest receivable is included within Other Assets and was $39.0 million and $38.1 million at June 30, 2025 and December 31, 2024, respectively.
18

The following tables present the status of net loan balances as of June 30, 2025 and December 31, 2024.
 June 30, 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$560,311 $— $— $— $817 $561,128 
CRE - owner occupied
1,301,534 838 — — 10,797 1,313,169 
CRE - non-owner occupied
2,513,812 586 — — 11 2,514,409 
Residential real estate1,965,284 4,182 326 — 7,010 1,976,802 
Commercial and financial1,549,656 704 982 — 7,972 1,559,314 
Consumer146,102 307 45 — 342 146,796 
Total Portfolio Loans$8,036,699 $6,617 $1,353 $— $26,949 $8,071,618 
Acquired Non-PCD Loans
Construction and land development$40,782 $24 $— $— $619 $41,425 
CRE - owner occupied
431,451 2,109 — 255 3,721 437,536 
CRE - non-owner occupied
1,020,834 62 — — 3,885 1,024,781 
Residential real estate676,375 1,119 282 — 10,157 687,933 
Commercial and financial162,079 123 3 — 3,002 165,207 
Consumer33,315 — — — 2,813 36,128 
 Total Acquired Non-PCD Loans$2,364,836 $3,437 $285 $255 $24,197 $2,393,010 
PCD Loans
Construction and land development$40 $— $— $— $486 $526 
CRE - owner occupied
26,481 — — — 1,744 28,225 
CRE - non-owner occupied
76,852 2,098 — — 6,388 85,338 
Residential real estate12,486 — 166 — 655 13,307 
Commercial and financial12,857 — — — 3,780 16,637 
Consumer163 — — — — 163 
Total PCD Loans$128,879 $2,098 $166 $— $13,053 $144,196 
Total Loans$10,530,414 $12,152 $1,804 $255 $64,199 $10,608,824 
 
19

 December 31, 2024
(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$567,896 $127 $— $— $125 $568,148 
CRE - owner occupied
1,172,287 3,083 — — 2,168 1,177,538 
CRE - non-owner occupied
2,225,216 833 — — 17,007 2,243,056 
Residential real estate1,866,295 5,466 450 — 10,744 1,882,955 
Commercial and financial1,411,623 1,075 106 — 11,885 1,424,689 
Consumer152,129 331 5 — 3,321 155,786 
 Total Portfolio Loans$7,395,446 $10,915 $561 $— $45,250 $7,452,172 
Acquired Non-PCD Loans
Construction and land development$78,728 $8 $99 $— $535 $79,370 
CRE - owner occupied
473,118 2,414 — — 1,927 477,459 
CRE - non-owner occupied
1,151,541 148 — — 5,160 1,156,849 
Residential real estate706,566 1,064 131 — 11,828 719,589 
Commercial and financial195,853 — — 35 3,258 199,146 
Consumer32,375 11 1 — 4,895 37,282 
 Total Acquired Non-PCD Loans$2,638,181 $3,645 $231 $35 $27,603 $2,669,695 
PCD Loans
Construction and land development$43 $— $— $— $492 $535 
CRE - owner occupied
26,987 — — — 4,645 31,632 
CRE - non-owner occupied
96,188 — — — 7,715 103,903 
Residential real estate12,752 — — 167 1,322 14,241 
Commercial and financial22,153 — — — 5,366 27,519 
Consumer200 — — — 53 253 
 Total PCD Loans$158,323 $— $— $167 $19,593 $178,083 
Total Loans$10,191,950 $14,560 $792 $202 $92,446 $10,299,950 
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 $1.5 million and $0.7 million on nonaccrual loans during the three months ended June 30, 2025 and June 30, 2024, respectively. The Company recognized $2.2 million and $0.9 million in interest income on nonaccrual loans during the six months ended June 30, 2025 and June 30, 2024, respectively.
20

The following tables present net balances of loans on nonaccrual status and the related allowance for credit losses, if any, as of:
June 30, 2025
(In thousands)Nonaccrual Loans With No Related AllowanceNonaccrual Loans With an AllowanceTotal Nonaccrual Loans
Construction and land development$486 $1,436 $1,922 
CRE - owner occupied
5,291 10,971 16,262 
CRE - non-owner occupied
9,941 343 10,284 
Residential real estate5,570 12,252 17,822 
Commercial and financial— 14,754 14,754 
Consumer— 3,155 3,155 
Totals $21,288 $42,911 $64,199 
December 31, 2024
(In thousands)Nonaccrual Loans With No Related AllowanceNonaccrual Loans With an AllowanceTotal Nonaccrual Loans
Construction and land development$492 $660 $1,152 
CRE - owner occupied
2,622 6,118 8,740 
CRE - non-owner occupied
29,449 433 29,882 
Residential real estate6,462 17,432 23,894 
Commercial and financial2,703 17,806 20,509 
Consumer2,416 5,853 8,269 
Totals$44,144 $48,302 $92,446 

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

June 30, 2025
(In thousands)20252024202320222021PriorRevolvingRevolving Converted to TermTotal
Construction and Land Development
Risk Ratings:
Pass$28,831 $182,713 $153,056 $46,156 $38,869 $45,851 $98,815 $— $594,291 
Special Mention— — 985 — — 653 — — 1,638 
Substandard— — 5,228 147 84 974 717 — 7,150 
Doubtful— — — — — — — — — 
Total$28,831 $182,713 $159,269 $46,303 $38,953 $47,478 $99,532 $— $603,079 
Gross Charge Offs$— $— $— $— $— $— $— $— $— 
CRE - owner occupied
Risk Ratings:
Pass$151,964 $177,963 $135,950 $243,198 $246,062 $719,616 $25,142 $— $1,699,895 
Special Mention— 3,835 13,041 8,643 738 24,522 — — 50,779 
Substandard— 400 — 8,439 371 18,718 328 — 28,256 
Doubtful— — — — — — — — — 
Total$151,964 $182,198 $148,991 $260,280 $247,171 $762,856 $25,470 $— $1,778,930 
Gross Charge Offs$— $— $— $— $— $— $— $— $— 
CRE - non-owner occupied
Risk Ratings:
Pass$228,637 $496,754 $230,043 $840,495 $542,839 $1,158,990 $21,167 $— $3,518,925 
Special Mention— 25 2,693 9,700 5,532 20,017 — — 37,967 
Substandard— — — 36,221 7,911 23,504 — — 67,636 
Doubtful— — — — — — — — — 
Total$228,637 $496,779 $232,736 $886,416 $556,282 $1,202,511 $21,167 $— $3,624,528 
Gross Charge Offs$— $— $— $— $— $320 $— $— $320 
Residential real estate
Risk Ratings:
Pass$78,858 $148,970 $152,882 $462,937 $608,024 $555,192 $551,955 $96,956 $2,655,774 
Special Mention— — — — 363 3,046 — 3,409 
Substandard— 93 — 5,647 1,387 4,100 5,402 2,230 18,859 
Doubtful— — — — — — — — — 
Total$78,858 $149,063 $152,882 $468,584 $609,411 $559,655 $560,403 $99,186 $2,678,042 
Gross Charge Offs$— $— $— $— $206 $1 $19 $— $226 
Commercial and financial
Risk Ratings:
Pass$238,575 $362,272 $149,058 $228,996 $207,631 $144,922 $375,047 $— $1,706,501 
Special Mention— 813 378 908 4,216 3,730 5,431 — 15,476 
Substandard— — 559 2,271 3,809 7,307 2,071 — 16,017 
Doubtful— — — 1,674 — — 1,490 — 3,164 
Total$238,575 $363,085 $149,995 $233,849 $215,656 $155,959 $384,039 $— $1,741,158 
Gross Charge Offs$— $— $85 $148 $747 $8,152 $600 $— $9,732 
Consumer
Risk Ratings:
Pass$6,962 $14,274 $10,415 $22,327 $17,592 $38,267 $69,905 $— $179,742 
Special Mention— 41 1 2,808 — — 118 — 2,968 
Substandard— — 10 76 — 291 — — 377 
Doubtful— — — — — — — — — 
Total$6,962 $14,315 $10,426 $25,211 $17,592 $38,558 $70,023 $— $183,087 
Gross Charge Offs$343 $105 $7 $1,221 $108 $43 $98 $— $1,925 
Consolidated
Total$733,827 $1,388,153 $854,299 $1,920,643 $1,685,065 $2,767,017 $1,160,634 $99,186 $10,608,824 
Gross Charge Offs1
$343 $105 $92 $1,369 $1,061 $8,516 $717 $— $12,203 
22

December 31, 2024
(In thousands)20242023202220212020PriorRevolvingRevolving Converted to TermTotal
Construction and Land Development
Risk Ratings:
Pass$113,993 $160,801 $161,122 $39,276 $8,547 $36,342 $126,659 $— $646,740 
Special Mention— — — — — 75 — — 75 
Substandard— — 183 90 — 965 — — 1,238 
Doubtful— — — — — — — — — 
Total$113,993 $160,801 $161,305 $39,366 $8,547 $37,382 $126,659 $— $648,053 
Gross Charge Offs$— $— $— $— $— $1 $— $— $1 
CRE - owner occupied
Risk Ratings:
Pass$184,312 $139,197 $260,266 $257,711 $153,702 $628,391 $20,674 $— $1,644,253 
Special Mention— — 4,975 2,344 2,418 7,965 1 — 17,703 
Substandard89 1,061 2,821 377 5,870 14,106 349 — 24,673 
Doubtful— — — — — — — — — 
Total$184,401 $140,258 $268,062 $260,432 $161,990 $650,462 $21,024 $— $1,686,629 
Gross Charge Offs$— $— $179 $— $— $162 $— $— $341 
CRE - non-owner occupied
Risk Ratings:
Pass$495,361 $236,306 $820,739 $581,892 $237,777 $1,012,209 $24,752 $— $3,409,036 
Special Mention27 — 4,773 1,269 5,265 25,245 — — 36,579 
Substandard— — 10,462 10,684 16,437 20,610 — — 58,193 
Doubtful— — — — — — — — — 
Total$495,388 $236,306 $835,974 $593,845 $259,479 $1,058,064 $24,752 $— $3,503,808 
Gross Charge Offs$— $— $— $— $89 $1,396 $— $— $1,485 
Residential real estate
Risk Ratings:
Pass$93,644 $146,836 $469,071 $630,378 $152,116 $483,150 $517,136 $96,256 $2,588,587 
Special Mention— — — — — 164 3,434 22 3,620 
Substandard149 — 4,706 1,212 83 6,767 9,440 2,221 24,578 
Doubtful— — — — — — — — — 
Total$93,793 $146,836 $473,777 $631,590 $152,199 $490,081 $530,010 $98,499 $2,616,785 
Gross Charge Offs$— $— $— $— $40 $62 $32 $— $134 
Commercial and financial
Risk Ratings:
Pass$373,569 $180,423 $253,120 $232,427 $82,964 $117,276 $362,701 $— $1,602,480 
Special Mention— 382 755 2,839 232 1,904 2,163 — 8,275 
Substandard— 115 8,547 9,810 6,147 10,604 5,376 — 40,599 
Doubtful— — — — — — — — — 
Total$373,569 $180,920 $262,422 $245,076 $89,343 $129,784 $370,240 $— $1,651,354 
Gross Charge Offs$— $— $2,762 $10,669 $— $3,111 $1,074 $— $17,616 
Consumer
Risk Ratings:
Pass$14,627 $14,049 $26,332 $20,721 $11,682 $30,022 $67,562 $— $184,995 
Special Mention— 5 1 — — — 54 — 60 
Substandard75 25 4,953 40 2,435 737 1 — 8,266 
Doubtful— — — — — — — — — 
Total$14,702 $14,079 $31,286 $20,761 $14,117 $30,759 $67,617 $— $193,321 
Gross Charge Offs$789 $457 $5,471 $4,828 $255 $221 $267 $— $12,288 
Consolidated
Total$1,275,846 $879,200 $2,032,826 $1,791,070 $685,675 $2,396,532 $1,140,302 $98,499 $10,299,950 
Gross Charge Offs1
$789 $457 $8,412 $15,497 $384 $4,953 $1,373 $— $31,865 
1 Represents gross charge-offs for the six months ended June 30, 2025.and year ended December 31, 2024.
23

Troubled Borrower Modifications
The following table presents the amortized cost of TBM loans that were modified during the six months ended June 30, 2025.
June 30, 2025
(In thousands)
Rate Reduction or Rate Reduction with Term Extension
Term Extension and/or Payment Delay
Total1
% of Total Class of Loans
Construction and land development$— $— $— — %
CRE - owner occupied
81 — 81 — 
CRE - non-owner occupied
— — — — %
Residential real estate— 239 239 0.01 %
Commercial and financial71 2,873 2,944 0.17 %
Consumer— — — — %
Totals$152 $3,112 $3,264 0.03 %
1At June 30, 2025, there were no unfunded lending related commitments associated with TBMs.
June 30, 2024
(In thousands)
Rate Reduction or Rate Reduction with Term Extension
Term Extension and/or Payment Delay
Total1
% of Total Class of Loans
Construction and land development$— $— $— — %
CRE - owner occupied3,257 — 3,257 0.20 
CRE - non-owner occupied794 3,203 3,997 0.12 %
Residential real estate— 130 130 0.01 %
Commercial and financial2,543 1,293 3,836 0.24 %
Consumer— 967 967 0.42 %
Totals$6,594 $5,593 $12,187 0.12 %
1At June 30, 2024, there were no unfunded lending related commitments associated with TBMs.

24

The following table presents the payment status of TBM loans that were modified in the twelve months prior to June 30, 2025 and in the twelve months prior to June 30, 2024.
June 30, 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$110 $— $— $— $— $110 
CRE - owner occupied
81 — — — — 81 
CRE - non-owner occupied
— — — — — — 
Residential real estate6 — — — 464 470 
Commercial and financial1,532 — — — 1,843 3,375 
Consumer— — — — — — 
Totals$1,729 $— $— $— $2,307 $4,036 
June 30, 2024
(In thousands)CurrentAccruing
30-59 Days Past Due		Accruing
60-89 Days Past Due		Accruing
Greater
Than 90 Days		NonaccrualTotal
Construction and Land Development$— $— — $— $— $— $— 
CRE - owner occupied
98 520 — — 2,738 3,356 
CRE - non owner occupied
— — — — 3,997 3,997 
Residential real estate125 — — — 99 224 
Commercial and financial3,151 — — — 7,410 10,561 
Consumer907 640 304 207 165 2,223 
Totals$4,281 $1,160 $304 $207 $14,409 $20,361 
TBM loans modified in the prior 12 months with a payment default during the six months ended June 30, 2025 and June 30, 2024 were immaterial.

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Note 5 – Allowance for Credit Losses
Activity in the allowance for credit losses is summarized as follows:
Three Months Ended June 30, 2025
(In thousands)Beginning
Balance		Provision
for Credit
Losses		Charge-
Offs		RecoveriesEnding
Balance
Construction and land development$6,772 $(221)$— $5 $6,556 
CRE - owner occupied
12,598 343 — 1 12,942 
CRE - non-owner occupied
45,191 1,055 — 381 46,627 
Residential real estate40,348 1,544 (225)20 41,687 
Commercial and financial27,611 1,903 (3,263)858 27,109 
Consumer7,747 (245)(438)199 7,263 
Totals$140,267 $4,379 $(3,926)$1,464 $142,184 
Three Months Ended June 30, 2024
(In thousands)Beginning
Balance		Provision
for Credit
Losses		Charge-
Offs		RecoveriesEnding
Balance
Construction and land development$7,001 $(1,515)$(1)$8 $5,493 
CRE - owner occupied
10,017 1,866 (302)1 11,582 
CRE - non-owner occupied
46,601 (1,254)(19)106 45,434 
Residential real estate38,628 638 (122)65 39,209 
Commercial and financial30,707 4,706 (7,950)966 28,429 
Consumer13,715 477 (3,031)333 11,494 
Totals$146,669 $4,918 $(11,425)$1,479 $141,641 
Six Months Ended June 30, 2025
(In thousands)Beginning
Balance		Provision
for Credit
Losses		Charge-
Offs		RecoveriesEnding
Balance
Construction and land development$7,252 $(704)$— $8 $6,556 
CRE - owner occupied
11,825 1,115 — 2 12,942 
CRE - non-owner occupied
43,866 1,933 (320)1,148 46,627 
Residential real estate39,168 2,704 (226)41 41,687 
Commercial and financial27,533 8,337 (9,732)971 27,109 
Consumer8,411 244 (1,925)533 7,263 
Totals$138,055 $13,629 $(12,203)$2,703 $142,184 

Six Months Ended June 30, 2024
(In thousands)Beginning BalanceProvision for Credit LossesCharge- OffsRecoveriesEnding Balance
Construction and land development$8,637 $(3,155)$(1)$12 $5,493 
CRE - owner occupied
5,529 6,350 (302)5 11,582 
CRE - non-owner occupied
48,288 (2,875)(103)124 45,434 
Residential real estate39,016 7 (122)308 39,209 
Commercial and financial34,343 3,205 (10,606)1,487 28,429 
Consumer13,118 2,754 (4,919)541 11,494 
Totals$148,931 $6,286 $(16,053)$2,477 $141,641 

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Management establishes the allowance using relevant available information from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. 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 June 30, 2025 and December 31, 2024, 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 with regard to monetary policy and 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.
The following section discusses changes in the level of the allowance for credit losses for the three months ended June 30, 2025.
The allowance increased $1.9 million, or 1.4%, during the second quarter of 2025 to $142.2 million, or 1.34% of loans held for investment as of June 30, 2025.
In the Construction and Land Development segment, the decrease in allowance is primarily due to a decrease in outstanding loan balances. 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 an increase in loan balances. Risk characteristics include, but are not limited to, collateral type, note structure and loan seasoning.
In the CRE - Non-Owner-Occupied segment, the allowance increase is driven by higher 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 decrease in allowance was primarily driven by improvement in the macroeconomic variables for this segment. 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 score. 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.
Interest Rate Swaps Designated as 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
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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 at June 30, 2025. For the three and six months ended June 30, 2025, the Company recognized, through other comprehensive income, net losses of $0.1 million and $0.4 million, respectively, and reclassified net losses of $0.5 million in each period out of accumulated other comprehensive income into interest income. For the three and six months ended June 30, 2024, the Company recognized through other comprehensive income, net losses of $0.6 million and net gains of $0.8 million, respectively, and reclassified net gains of $0.1 million and $45 thousand, respectively, out of accumulated other comprehensive income 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 and six months ended June 30, 2025, the Company recognized losses through interest income of $0.1 million and $17 thousand, respectively. For the three and six months ended June 30, 2024, the Company recognized gains through interest income of $0.5 million and $0.9 million, respectively.
(In thousands)Notional AmountFair ValueBalance Sheet Category
June 30, 2025
Interest rate contracts1
$1,025,092 $26,743 Other Assets and Other Liabilities
Residential mortgage fair value hedges200,000 61 Other Assets
Residential mortgage fair value hedges200,000 74 Other Liabilities
December 31, 2024
Interest rate contracts1
$910,640 $28,184 Other Assets and Other Liabilities
Securities fair value hedges400,000 436 Other Assets
Residential mortgage fair value hedges400,000 121 Other Assets and Other Liabilities
1Interest rate contracts include risk participation agreements with notional amounts of $48.5 million and $28.9 million at June 30, 2025, and December 31, 2024, respectively with nominal fair value in both periods.
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)June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Securities AFS1
$— $460,126 $— $35 
Loans, net2
568,620 596,632 111 283 
1 At December 31, 2024, the amortized cost basis and unallocated basis adjustments used in hedging relationships was $553.8 million. Refer to “Note 3 - Securities” for a reconciliation of the amortized cost and fair value of AFS securities.
2 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 June 30, 2025, the portfolio layer method was $400 million, of which $400 million was designated as hedged. At December 31, 2024, 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)June 30, 2025December 31, 2024
Fair value of pledged securities - overnight and continuous:
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities$229,936 $237,074 
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Note 8 – Regulatory Capital
The Company is well-capitalized and at June 30, 2025, 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.
Note 10 – Fair Value
Under ASC Topic 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at June 30, 2025 and December 31, 2024 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 June 30, 2025    
Financial Assets
Debt securities AFS1
$2,866,185 $198 $2,865,987 $— 
Derivative financial instruments2
26,804 — 26,804 — 
Loans held for sale2
8,610 — 8,610 — 
Loans3
5,341 — — 5,341 
OREO3
5,335 — — 5,335 
Equity securities4
13,756 13,756 — — 
Financial Liabilities
Derivative financial instruments2
$26,817 $— $26,817 $— 
At December 31, 2024
Financial Assets
Debt securities AFS1
$2,226,543 $196 $2,226,347 $— 
Derivative financial instruments2
28,741 — 28,741 — 
Loans held for sale2
17,277 — 17,277 — 
Loans3
1,839 — — 1,839 
OREO3
6,421 — — 6,421 
Equity securities4
13,521 13,521 — — 
Financial Liabilities
Derivative financial instruments2
$28,305 $— $28,305 $— 
1See “Note 3 – Securities” for further detail of fair value of individual investment categories.
2Recurring fair value basis determined using observable market data.
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.
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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. As such, 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 $5.6 million with a specific reserve of $0.3 million at June 30, 2025, compared to $3.0 million with a specific reserve of $1.2 million at December 31, 2024.
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 six months ended June 30, 2025, there were no such transfers.
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, 2024.
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 June 30, 2025 and December 31, 2024 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)
June 30, 2025    
Financial Assets  
HTM debt securities1
$613,312 $— $503,187 $— 
Time deposits with other banks1,494 — 1,449 — 
Loans, net10,461,299 — — 10,321,825 
Financial Liabilities
Deposits12,497,598 — — 12,496,873 
FHLB borrowings715,000 — 712,965 — 
Long-term debt107,298 — 98,905 — 
December 31, 2024
HTM debt securities1
$635,186 $— $507,594 $— 
Time deposits with other banks3,215 — 3,194 — 
Loans, net10,160,056 — — 10,019,964 
Financial Liabilities
Deposits12,242,427 — — 12,242,205 
FHLB borrowings245,000 — 243,795 — 
Long-term debt106,966 — 95,563 — 
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 June 30, 2025 and December 31, 2024:
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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 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 “exit price” as defined in ASC Topic 820.
Investments at NAV: The Company has equity investments in SBICs accounted for under the fair value practical expedient of NAV totaling $23.6 million at June 30, 2025 and $21.1 million at December 31, 2024, 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 $7.1 million at both June 30, 2025 and December 31, 2024.
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
Third Quarter of 2025 Acquisition of Heartland Bancshares, Inc.
On July 11, 2025, the Company completed its acquisition of Heartland, adding approximately $157 million in loans and $684 million in deposits, along with four branches in Central Florida. Integration activities, including system conversion, are expected to be finalized later 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 stock, with the final consideration totaling $111.2 million.
(In thousands, except per share data)July 11, 2025
Number of Heartland shares outstanding at closing756 
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 
Per share cash consideration for Heartland shares receiving cash$147.10 
Cash consideration paid to Heartland shareholders, including cash paid for fractional shares$55,622 
Cash paid to Heartland option holders1,054
Total purchase price$111,224 
The acquisition of Heartland will be accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. The Company’s assessment of the fair value of assets acquired and the liabilities assumed as of the acquisition date is incomplete at the time of this filing; therefore, certain disclosures have been omitted. The Company expects to recognize goodwill in this transaction, which is expected to be nondeductible for tax purposes.
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Proposed Acquisition of Villages Bancorporation, Inc.
On May 29, 2025, the Company announced its proposed acquisition of VBI. The transaction, which is expected to close in the fourth quarter of 2025, will expand the Company’s presence in North Central Florida and into The Villages® community. VBI operates 19 branches with approximately $3.5 billion in deposits and approximately $1.3 billion in loans as of June 30, 2025. Full integration and system conversion activities are expected to be finalized in the second quarter of 2026.
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 chief operating decision maker (“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, 2024.
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 wages, 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.

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 and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 for the consolidated statements of income. For the consolidated balance sheets, the emphasis of this discussion will be the balances as of June 30, 2025 compared to December 31, 2024.
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.

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,”
32

“would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “further,” “plan,” “point to,” “project,” “could,” “intend,” “target” or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation:
•The impact of current 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), 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, including those highlighted by high-profile bank failures, 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 Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes including overdraft and late fee caps (if implemented), 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;
•Changes in accounting policies, rules, and practices;
•Changes in retail distribution strategies, customer preferences and behavior generally and as a result of economic factors, including heightened or persistent inflation;
•Changes in the availability and cost of credit and capital in the financial markets;
•Changes in the prices, values and sales volumes of residential and CRE, 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, 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;
•The risks of mergers, acquisitions and divestitures, including Seacoast’s ability to continue to identify acquisition targets, successfully acquire and integrate desirable financial institutions and realize expected revenues and revenue synergies;
•Changes in technology or products that may be more difficult, costly, or less effective than anticipated;
•The Company’s ability to identify and address increased cybersecurity risks, including those impacting vendors and other third parties which may be exacerbated by developments in generative artificial intelligence;
•Fraud or misconduct by internal or external parties, which 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 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;
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•Potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions;
•The risks that deferred tax assets could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated, the results of tax audit findings, challenges to our tax positions, or adverse changes or interpretations of tax laws;
•The effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions;
•The failure of assumptions underlying the establishment of reserves for expected credit losses;
•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;
•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.
Business Developments
Third Quarter of 2025 Acquisition of Heartland Bancshares, Inc.
On July 11, 2025, the Company completed its acquisition of Heartland, adding approximately $157 million in loans and $684 million in deposits, along with four branches in Central Florida. Integration activities, including system conversion, are expected to be finalized later in the third quarter of 2025. Seacoast expects the transaction to be accretive to earnings in 2026, with modest dilution to tangible book value that is expected to be earned back in approximately two years.
Proposed Acquisition of Villages Bancorporation, Inc.
On May 29, 2025, the Company announced its proposed acquisition of VBI. The transaction, which is expected to close in the fourth quarter of 2025, will expand the Company’s presence in North Central Florida and into The Villages® community. Full integration and system conversion activities are expected to be finalized in the second quarter of 2026.
VBI enjoys the leading market share in the rapidly growing Villages MSA. VBI’s low loan-to-deposit ratio and low cost of deposits provide long-term scalable benefits and the opportunity for margin growth and revenue synergies. Seacoast expects the transaction to be accretive to earnings beginning in 2026, with tangible book value dilution earned back in under three years. The majority of cost savings are expected to be realized in 2026.
Organic Growth and Expansion
Seacoast’s balanced growth strategy includes both acquisitions and organic growth initiatives. Thus far in 2025, Seacoast has expanded its footprint with the opening of two new branch locations in the greater Fort Lauderdale area, and one new branch location in Tampa, along with key additions to its commercial banking leadership and teams. In recent years, Seacoast has added experienced bankers in dynamic and growing markets, leading to significant growth in new relationships.
Results of Operations
Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 84 full-service branches across Florida, and through advanced mobile and online banking solutions. The Company’s financial results in the second quarter of 2025 include strong growth in loans and lower cost of deposits 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 second quarter of 2025 include:
•Net income of $42.7 million, or $0.50 per average diluted share, an increase of $11.2 million, or 36%, from the prior quarter.
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•Strong gains in return on average assets, return on tangible common equity and the efficiency ratio.
•Loans grew 6.4% on an annualized basis to $10.6 billion, and the overall loan pipeline remained robust at $920.9 million.
•Net interest income of $126.9 million, an increase of $8.3 million, or 7%.
•Net interest margin expanded 10 basis points to 3.58% and, excluding accretion on acquired loans, net interest margin expanded five basis points to 3.29%.
•Cost of deposits declined 13 basis points to 1.80%.
•Tangible book value per share of $17.19 increased 12% year over year.
•Strong capital position, with a Tier 1 capital ratio of 14.6% and a tangible common equity to tangible assets ratio of 9.8%.

The Company’s focus on organic customer growth and recent talent additions continues to generate momentum across its markets and business segments.
For the second quarter of 2025, the Company reported net income of $42.7 million, or $0.50 per average diluted share, an increase of $11.2 million, or 36%, from the first quarter of 2025 and an increase of $12.4 million, or 41%, compared to the second quarter of 2024. Adjusted net income1 for the second quarter of 2025 totaled $44.5 million, or $0.52 per average diluted share, an increase of $12.4 million, or 39%, compared to the first quarter of 2025 and an increase of $14.2 million, or 47%, compared to the second quarter of 2024.
For the six months ended June 30, 2025, net income totaled $74.2 million, or $0.87 per average diluted share, an increase of $17.9 million, or 32%, compared to the six months ended June 30, 2024. For the six months ended June 30, 2025, adjusted net income1 totaled $76.6 million, or $0.90 per average diluted share, compared to $61.4 million, or $0.72 per average diluted share for the six months ended June 30, 2024.
SecondFirstSecondSix Months Ended June 30,
QuarterQuarterQuarter
20252025202420252024
Return on average assets1.08 %0.83 %0.82 %0.96 %0.77 %
Return on average tangible assets1.24 %0.98 %1.00 %1.12 %0.94 %
Return on average tangible shareholders’ equity12.82 10.17 10.75 11.52 10.15 
Efficiency ratio56.95 60.28 60.21 58.55 63.48 
Adjusted return on average assets1
1.13 %0.85 %0.82 %0.99 %0.84 %
Adjusted return on average tangible assets1
1.29 %1.00 %1.00 %1.15 %1.02 %
Adjusted return on average tangible shareholders’ equity1
13.31 10.35 10.76 11.86 10.95 
Adjusted efficiency ratio1
55.36 59.53 60.21 57.37 60.67 
1Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP.
Net Interest Income and Margin
Net interest income for the second quarter of 2025 totaled $126.9 million, an increase of $8.3 million, or 7%, compared to the first quarter of 2025, and an increase of $22.4 million, or 21%, compared to the second quarter of 2024. For the six months ended June 30, 2025, net interest income totaled $245.4 million, an increase of $35.9 million, or 17%, compared to the six months ended June 30, 2024. The increase was driven by higher securities and loan interest income. Securities income increased $3.1 million, or 11%, primarily due to securities purchases in the first half of 2025. Interest income on loans increased by $6.4 million in the second quarter of 2025, reflecting strong loan production and an increase in accretion on acquired loans from higher payoffs. Included in loan interest income was accretion on acquired loans of $10.6 million in the second quarter of 2025, $8.2 million in the first quarter of 2025, and $10.2 million in the second quarter of 2024. Accretion on acquired loans totaled $18.8 million for the six months ended June 30, 2025, compared to $20.8 million for the six months ended June 30, 2024. On the expense side, interest on deposits decreased $3.0 million, or 7%, compared to the prior quarter, and $10.7 million, or 21%, compared to the second quarter of 2024, reflecting a lower cost of deposits. Interest expense on borrowed money increased $3.6 million, or 50%, compared to the first quarter of 2025, and $4.6 million, or 75%, compared to second quarter of
1Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP.
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2024, largely due to higher short-term borrowings used to fund strategic purchases of securities in advance of the Heartland acquisition.
Net interest margin (on a FTE basis)1 increased ten basis points to 3.58% in the second quarter of 2025, compared to 3.48% in the first quarter of 2025, and expanded 40 basis points from 3.18% in the second quarter of 2024, largely driven by lower deposit costs. Compared to the first quarter of 2025, securities yields decreased one basis point in the second quarter of 2025 to 3.87% and increased 18 basis points from the second quarter of 2024. The yield on loans increased to 5.98% for the second quarter of 2025, an increase of eight basis points from the first quarter of 2025 and increased five basis points from the second quarter of 2024. The effect on net interest margin of accretion of purchase discounts on acquired loans was an increase of 29 basis points for the second quarter of 2025, 24 basis points in the first quarter of 2025, and 31 basis points in the second quarter of 2024. The cost of deposits was 1.80% in the second quarter of 2025, compared to 1.93% in the first quarter of 2025, and 2.31% in the second quarter of 2024.
For the six months ended June 30, 2025, net interest margin (on a FTE basis)1 increased 32 basis points to 3.53% compared to the six months ended June 30, 2024, largely driven by lower deposit costs. The yield on securities was 3.87% for the six months ended June 30, 2025, compared to 3.59% for the six months ended June 30, 2024. The yield on total loans increased from 5.92% for the six months ended June 30, 2024 to 5.94% for the six months ended June 30, 2025. The effect on net interest margin of accretion of purchase discounts on acquired loans was an increase of 27 basis points for the six months ended June 30, 2025, compared to 31 basis points for the six months ended June 30, 2024. The cost of deposits was 1.87% for the six months ended June 30, 2025, a decrease of 38 basis points compared to the six months ended June 30, 2024.
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:
(In thousands, except ratios)
Net Interest
Income1
Net Interest
Margin1
Yield on
Earning Assets1
Rate on Interest
Bearing Liabilities
Second quarter 2025$127,295 3.58 %5.45 %2.66 %
First quarter 2025118,857 3.48 %5.41 %2.74 %
Second quarter 2024104,657 3.18 %5.47 %3.33 %
Six months ended June 30, 2025246,153 3.53 %5.43 %2.70 %
Six months ended June 30, 2024209,954 3.21 %5.44 %3.26 %
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 $175.5 million, or 2%, for the second quarter of 2025 compared to the first quarter of 2025, and increased $553.9 million, or 6%, from the second quarter of 2024. For the six months ended June 30, 2025, average loans increased $451.8 million, or 5%, from the six months ended June 30, 2024.
Average loans as a percentage of average earning assets totaled 74% for the second quarter of 2025, 75% for the first quarter of 2025 and 76% for the second quarter of 2024. For the six months ended June 30, 2025, average loans as a percentage of average earning assets totaled 75%, compared to 76% for the six months ended June 30, 2024.
During the second quarter of 2025, average investment securities increased $291.6 million, or 9.5%, compared to the first quarter of 2025, and increased $735.0 million, or 27.9%, compared to the second quarter of 2024. Securities yields decreased one basis point to 3.87% during the second quarter of 2025 from 3.88% in the first quarter of 2025. For the six months ended June 30, 2025, average investment securities were $3.2 billion, an increase of $615.2 million compared to the six months ended June 30, 2024.
The cost of average interest-bearing liabilities decreased eight basis points in the second quarter of 2025 to 2.66% from 2.74% in the first quarter of 2025, and decreased 67 basis points from 3.33% in the second quarter of 2024. The cost of average total deposits (including noninterest bearing demand deposits) was 1.80% in the second quarter of 2025, 1.93% in the first quarter of 2025 and 2.31% in the second quarter of 2024. For the six months ended June 30, 2025, the cost of average total deposits (including noninterest bearing demand deposits) was 1.87% compared to 2.25% for the six months ended June 30, 2024.
During the second quarter of 2025, average transaction deposits (noninterest and interest-bearing demand) increased $23.9 million compared to the first quarter of 2025 and increased $132.1 million, or 2%, compared to the second quarter of 2024. For the six months ended June 30, 2025, average transaction deposits decreased $189.8 million, or 3%, compared to the six months
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ended June 30, 2024. Declines reflect shifts in customer preference during the periods toward money market accounts, which increased $598.1 million, or 17%, in the six months ended June 30, 2025 compared to the prior year period. The Company’s deposit mix remains favorable, with 86% of average deposit balances comprised of savings, money market, and demand deposits for the six months ended June 30, 2025.
Average balances of sweep repurchase agreements with customers decreased $15.3 million, or 8%, from the first quarter of 2025 and decreased $107.6 million, or 37%, compared to the second quarter of 2024. The average rate on customer sweep repurchase accounts was 2.62% for the second quarter of 2025, compared to 2.73% for the first quarter of 2025, and 3.68% for the second quarter of 2024. For the six months ended June 30, 2025, the average balance was $193.6 million, compared to an average balance of $313.5 million for the six months ended June 30, 2024 with average rates of 2.68% and 3.70%, respectively.
The Company had an average balance of $724.2 million in FHLB borrowings outstanding for the second quarter of 2025, with an average interest rate of 4.32%, compared to $382.8 million for the first quarter of 2025, with an average interest rate of 4.32%, and $149.2 million for the second quarter of 2024, with an average interest rate of 4.29%. The Company had an average balance of $554.5 million in FHLB borrowings outstanding for the six months ended June 30, 2025, with an average interest rate of 4.32%, compared to $125.8 million for the six months ended June 30, 2024, with an average interest rate of 4.08%.
Long-term debt balances averaged $107.2 million in the second quarter of 2025, $107.0 million in the first quarter of 2025, and $106.5 million in the second quarter of 2024. The average rate on long-term debt for the second quarter of 2025 was 6.41%, a decrease of four basis points compared to the first quarter of 2025 and a decrease of 62 basis points compared to the second quarter of 2024. For the six months ended June 30, 2025, long-term debt averaged $107.1 million, compared to $106.5 million for the six months ended June 30, 2024. The average rate on long-term debt for the six months ended June 30, 2025 was 6.42%, a decrease of 75 basis points compared to the six months ended June 30, 2024.
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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
 20252024
 Second QuarterFirst QuarterSecond Quarter
 Average Yield/Average Yield/Average Yield/
(In thousands, except ratios)BalanceInterestRateBalanceInterestRateBalanceInterestRate
Assets
Earning assets:
Securities:
Taxable`$3,364,825 $32,479 3.87 %$3,073,108 $29,381 3.88 %$2,629,716 $24,155 3.69 %
Nontaxable5,321 40 3.02 5,436 41 3.06 5,423 40 2.97 
Total Securities3,370,146 32,519 3.87 3,078,544 29,422 3.88 2,635,139 24,195 3.69 
Federal funds sold183,268 2,041 4.47 265,503 2,945 4.50 510,401 6,967 5.49 
Interest bearing deposits with other banks and other investments137,726 1,720 5.01 105,195 1,254 4.83 98,942 1,361 5.53 
Total Loans, net10,558,997 157,499 5.98 10,383,497 150,973 5.90 10,005,122 147,518 5.93 
Total Earning Assets14,250,137 193,779 5.45 13,832,739 184,594 5.41 13,249,604 180,041 5.47 
Allowance for credit losses(141,442)(138,300)(146,380)
Cash and due from banks152,562 158,750 168,439 
Premises and equipment, net108,206 108,651 110,709 
Intangible assets796,431 801,687 818,914 
BOLI312,384 309,831 302,165 
Other assets including deferred tax assets322,916 322,284 336,256 
Total Assets$15,801,194 $15,395,642 $14,839,707 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand$2,622,944 $10,249 1.57 %$2,706,065 $11,069 1.66 %$2,670,569 $14,946 2.25 %
Savings545,718 881 0.65 529,711 698 0.53 584,490 560 0.39 
Money market4,122,147 29,505 2.87 4,149,460 31,859 3.11 3,665,858 35,813 3.93 
Time deposits1,700,128 15,120 3.57 1,647,938 14,973 3.68 1,631,290 17,928 4.42 
Securities sold under agreements to repurchase185,977 1,214 2.62 201,271 1,357 2.73 293,603 2,683 3.68 
FHLB borrowings724,231 7,803 4.32 382,836 4,081 4.32 149,234 1,592 4.29 
Long-term debt, net107,208 1,712 6.41 107,038 1,700 6.44 106,532 1,862 7.03 
Total Interest-Bearing Liabilities10,008,353 66,484 2.66 9,724,319 65,737 2.74 9,101,576 75,384 3.33 
Noninterest demand3,401,138 3,294,149 3,485,603 
Other liabilities139,495 162,179 134,900 
Total Liabilities13,548,986 13,180,647 12,722,079 
Shareholders’ equity2,252,208 2,214,995 2,117,628 
Total Liabilities & Equity$15,801,194 $15,395,642 $14,839,707 
Cost of deposits1.80 %1.93 %2.31 %
Interest expense as a % of earning assets1.87 %1.93 %2.29 %
Net interest income as a % of earning assets$127,295 3.58 %$118,857 3.48 %$104,657 3.18 %
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.
Average Balances, Interest Income and Expenses, Yields and Rates1
 20252024
 Six Months Ended June 30,Six Months Ended June 30,
 Average Yield/Average Yield/
(In thousands, except ratios)BalanceInterestRateBalanceInterestRate
Assets
Earning assets:
Securities:
Taxable$3,219,772 $61,860 3.87 %$2,604,327 $46,548 3.59 %
Nontaxable5,378 82 3.07 5,665 81 2.88 
Total Securities3,225,150 61,942 3.87 2,609,992 46,629 3.59 
Federal funds sold224,159 4,986 4.49 440,448 12,023 5.49 
Interest bearing deposits with other banks and other investments121,550 2,974 4.93 97,281 2,489 5.15 
Total Loans, net10,471,732 308,472 5.94 10,019,890 294,825 5.92 
Total Earning Assets14,042,591 378,374 5.43 13,167,611 355,966 5.44 
Allowance for credit losses(139,879)(147,401)
Cash and due from banks155,639 167,586 
Premises and equipment, net108,427 111,550 
Intangible assets799,045 822,222 
BOLI311,114 300,965 
Other assets including deferred tax assets322,603 342,708 
Total Assets$15,599,540 $14,765,241 
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand$2,664,275 $21,318 1.61 %$2,694,952 $30,212 2.25 %
Savings537,759 1,579 0.59 606,410 1,100 0.36 
Money market4,135,730 61,362 2.99 3,537,584 67,541 3.84 
Time deposits1,674,177 30,093 3.62 1,610,680 35,049 4.38 
Securities sold under agreements to repurchase193,581 2,571 2.68 313,494 5,762 3.70 
FHLB borrowings554,477 11,886 4.32 125,826 2,552 4.08 
Long-term debt, net107,123 3,412 6.42 106,453 3,796 7.17 
Total Interest-Bearing Liabilities9,867,122 132,221 2.70 8,995,399 146,012 3.26 
Noninterest demand3,347,939 3,507,046 
Other liabilities150,775 144,791 
Total Liabilities13,365,836 12,647,236 
Shareholders' equity2,233,704 2,118,005 
Total Liabilities & Equity$15,599,540 $14,765,241 
Cost of deposits1.87 %2.25 %
Interest expense as a % of earning assets1.90 %2.23 %
Net interest income as a % of earning assets$246,153 3.53 %$209,954 3.21 %
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.
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Noninterest Income
Noninterest income totaled $24.5 million for the second quarter of 2025, an increase of $2.3 million, or 11%, compared to both the first quarter of 2025 and the second quarter of 2024. Noninterest income totaled $46.7 million for the six months ended June 30, 2025, an increase of $4.0 million, or 9%, compared to the six months ended June 30, 2024.
Noninterest income is detailed as follows:
SecondFirstSecondSix Months Ended June 30,
QuarterQuarterQuarter
(In thousands)20252025202420252024
Service charges on deposit accounts$5,540 $5,180 $5,342 $10,720 $10,302 
Wealth management income4,196 4,248 3,766 8,444 7,306 
Interchange income1,895 1,807 1,940 3,702 3,828 
Mortgage banking fees685 404 582 1,089 963 
Insurance agency income1,289 1,620 1,355 2,909 2,646 
BOLI income3,380 2,468 2,596 5,848 4,860 
Other7,497 6,257 6,647 13,754 12,591 
 24,482 21,984 22,228 46,466 42,496 
Securities gains (losses), net39 196 (44)235 185 
Total$24,521 $22,180 $22,184 $46,701 $42,681 
Service charges on deposits were $5.5 million in the second quarter of 2025, compared to $5.2 million in the first quarter of 2025, and $5.3 million in the second quarter of 2024. For the six months ended June 30, 2025, service charges on deposits totaled $10.7 million, an increase of $0.4 million, or 4%, compared to the six months ended June 30, 2024. The Company’s investments in talent and significant market expansion across the state have resulted in continued growth in treasury management services to commercial customers.
Wealth management income, including trust fees and brokerage commissions and fees, was $4.2 million in the second quarter of 2025, a decrease of $0.1 million, or 1%, from the first quarter of 2025 and an increase of $0.4 million, or 11%, compared to the second quarter of 2024. For the six months ended June 30, 2025, wealth management income totaled $8.4 million, an increase of $1.1 million, or 16%, compared to the six months ended June 30, 2024. The wealth management team continues to demonstrate success in building relationships, with assets under management increasing $160.6 million, or 8%, from December 31, 2024, to $2.2 billion at June 30, 2025.
Interchange income increased $0.1 million, or 5%, compared to the first quarter of 2025 and decreased 2% compared to the second quarter of 2024. For the six months ended June 30, 2025, interchange income totaled $3.7 million, a decrease of $0.1 million, or 3%, compared to the six months ended June 30, 2024.
Mortgage banking fees totaled $0.7 million, an increase of $0.3 million, or 70%, from the prior quarter and an increase of $0.1 million, or 18% from the prior year quarter, due to higher saleable production.
Insurance agency income totaled $1.3 million for the three months ended June 30, 2025, compared to $1.6 million in the first quarter of 2025, and $1.4 million in the second quarter of 2024. For the six months ended June 30, 2025, insurance agency income totaled $2.9 million, an increase of $0.3 million, or 10%, compared to the six months ended June 30, 2024, reflecting continued growth and expansion of insurance services.
BOLI income totaled $3.4 million for the second quarter of 2025, an increase of $0.9 million, or 37%, compared to the first quarter of 2025, and an increase of $0.8 million, or 30%, compared to the second quarter of 2024. The increases resulted from a $0.9 million death benefit payout in the second quarter of 2025. For the six months ended June 30, 2025, BOLI income totaled $5.8 million, an increase of $1.0 million, or 20%, compared to the six months ended June 30, 2024.
Other income was $7.5 million in the second quarter of 2025, an increase of $1.2 million, or 20%, compared to the first quarter of 2025, and an increase of $0.9 million, or 13%, compared to the second quarter of 2024. For the six months ended June 30, 2025, other income totaled $13.8 million, an increase of $1.2 million, or 9%, compared to the six months ended June 30, 2024. The second quarter of 2025 included $3.0 million in tax refunds received related to a prior bank acquisition. Other changes in each period reflect variability in income from SBIC investments, loan swap-related fees, and other fees correlating with growth in customers and accounts.
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Net securities activity resulted in gains of $39 thousand during the second quarter of 2025, gains of $0.2 million in the first quarter of 2025, and losses of $44 thousand in the second quarter of 2024. Net securities activity resulted in gains of $0.2 million for each of the six months ended June 30, 2025 and 2024.
Noninterest Expenses
Noninterest expense for the second quarter of 2025 totaled $91.7 million, an increase of $1.1 million, or 1%, compared to the first quarter of 2025, and an increase of $9.2 million, or 11%, from the second quarter of 2024. For the six months ended June 30, 2025, noninterest expense totaled $182.3 million, an increase of $9.4 million, or 5%, compared to the six months ended June 30, 2024. Seacoast continues to prudently manage expenses while strategically investing to support continued growth. Noninterest expenses are detailed as follows:
SecondFirstSecondSix Months Ended June 30,
QuarterQuarterQuarter
(In thousands)20252025202420252024
Salaries and wages$44,438 $42,248 $38,937 $86,686 $79,241 
Employee benefits8,106 8,861 6,861 16,967 14,750 
Outsourced data processing costs8,525 8,504 8,210 17,029 20,328 
Occupancy7,483 7,350 7,180 14,833 15,217 
Furniture and equipment2,125 2,128 1,956 4,253 3,967 
Marketing2,958 2,748 3,266 5,706 5,921 
Legal and professional fees2,071 2,740 1,982 4,811 4,133 
FDIC assessments2,108 2,194 2,131 4,302 4,289 
Amortization of intangibles5,131 5,309 6,003 10,440 12,295 
OREO expense and net loss (gain) on sale8 241 (109)249 (135)
Provision for credit losses on unfunded commitments150 150 251 300 501 
Merger-related charges2,422 1,051 — 3,473 — 
Other6,205 7,073 5,869 13,278 12,401 
Total$91,730 $90,597 $82,537 $182,327 $172,908 
Salaries and wages totaled $44.4 million for the second quarter of 2025, $42.2 million for the first quarter of 2025, and $38.9 million for the second quarter of 2024. The second quarter of 2025 reflects higher performance driven incentive compensation. For the six months ended June 30, 2025, salaries and wages totaled $86.7 million, an increase of $7.4 million, or 9%, compared to the six months ended June 30, 2024. The increases compared to the second quarter of 2024 and six months ended June 30, 2024 reflect the successful recruiting and onboarding of banking teams and talent across our footprint.
During the second quarter of 2025, employee benefits, which include costs associated with the Company’s self-funded health insurance benefits, 401(k) plan, payroll taxes, and unemployment compensation, were $8.1 million, a decrease of $0.8 million, or 9%, compared to the seasonally higher first quarter of 2025, and an increase of $1.2 million, or 18%, compared to the second quarter of 2024. For the six months ended June 30, 2025, employee benefit costs totaled $17.0 million, an increase of $2.2 million, or 15%, compared to the six months ended June 30, 2024.
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 $8.5 million for the second quarter of 2025 and the first quarter of 2025, and $8.2 million for the second quarter of 2024. For the six months ended June 30, 2025, outsourced data processing costs totaled $17.0 million, a decrease of $3.3 million, or 16%, compared to the six months ended June 30, 2024. In the first quarter of 2024, the Company incurred $4.1 million in charges associated with contract terminations and modifications to consolidate systems.
Total occupancy and furniture and equipment expenses were $9.6 million in the second quarter of 2025, $9.5 million in the first quarter of 2025, and $9.1 million in the second quarter of 2024. For the six months ended June 30, 2025, occupancy and furniture and equipment expenses totaled $19.1 million, a decrease of $0.1 million, or 1%, compared to the six months ended June 30, 2024.
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Marketing expenses totaled $3.0 million in the second quarter of 2025, $2.7 million in the first quarter of 2025, and $3.3 million in the second quarter of 2024. For the six months ended June 30, 2025, marketing expenses totaled $5.7 million, a decrease of $0.2 million, or 4%, compared to the six months ended June 30, 2024. Changes between periods are primarily driven by the timing of various campaigns to support customer growth initiatives.
Legal and professional fees for the second quarter of 2025 were $2.1 million, a decrease of $0.7 million, or 24%, compared to the first quarter of 2025, and an increase of $0.1 million, or 4%, compared to the second quarter of 2024. For the six months ended June 30, 2025, legal and professional fees totaled $4.8 million, an increase of $0.7 million, or 16%, compared to the six months ended June 30, 2024.
Merger-related charges were $2.4 million in the second quarter of 2025 and $1.1 million in the first quarter of 2025, reflecting expenses related to the Heartland acquisition and the proposed VBI acquisition. There were no merger-related charges in the 2024 periods.
Provision for Credit Losses
The provision for credit losses was $4.4 million in the second quarter of 2025, compared to $9.3 million in the first quarter of 2025, and $4.9 million in the second quarter of 2024. For the six months ended June 30, 2025, the provision for credit losses was $13.6 million, compared to $6.3 million for the six months ended June 30, 2024. Allowance coverage of 1.34% remains flat compared to December 31, 2024.
Income Taxes
For the second quarter of 2025, the Company recorded tax expense of $12.6 million, an increase of $3.2 million, or 34%, compared to the first quarter of 2025 and an increase of $3.7 million, or 41%, compared to the second quarter of 2024. The effective tax rate for the second quarter of 2025 was 22.8%, compared to 23.0% in the first quarter of 2025 and 22.8% in the second quarter of 2024. For the six months ended June 30, 2025, tax expense totaled $22.0 million, an increase of $5.2 million, or 31%, compared to the six months ended June 30, 2024, with an effective tax rate of 22.9% in each period.
New federal tax legislation was signed into law on July 4, 2025, which includes a broad range of tax reform provisions, and extends or makes permanent various tax provisions that were originally enacted in the 2017 Tax Cuts and Jobs Act. The Company is evaluating the impact of the new legislation on its consolidated financial statements.
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
SecondFirstSecondSix Months Ended June 30,
QuarterQuarterQuarter
(Amounts in thousands, except per share data)20252025202420252024
Net income$42,687 $31,464 $30,244 $74,151 $56,250 
Total noninterest income24,521 22,180 22,184 46,701 42,681 
Securities (gains) losses, net(39)(196)44 (235)(185)
Total adjustments to noninterest income(39)(196)44 (235)(185)
Total adjusted noninterest income$24,482 $21,984 $22,228 $46,466 $42,496 
Total noninterest expense91,730 90,597 82,537 182,327 172,908 
Merger-related charges(2,422)(1,051)— (3,473)— 
Branch reductions and other expense initiatives— — — — (7,094)
Adjustments to noninterest expense(2,422)(1,051)— (3,473)(7,094)
Adjusted noninterest expense$89,308 $89,546 $82,537 $178,854 $165,814 
Income taxes12,589 9,386 8,909 21,975 16,739 
Tax effect of adjustments604 217 11 821 1,751 
Adjusted income taxes13,193 9,603 8,920 22,796 18,490 
Adjusted net income$44,466 $32,102 $30,277 $76,568 $61,408 
Earnings per diluted share, as reported$0.50 $0.37 $0.36 $0.87 $0.66 
Adjusted earnings per diluted share0.52 0.38 0.36 0.90 0.72 
Average diluted shares outstanding85,479 85,388 84,816 85,454 84,799 
Adjusted noninterest expense$89,308 $89,546 $82,537 $178,854 $165,814 
Provision for credit losses on unfunded commitments(150)(150)(251)(300)(501)
OREO expense and net (loss) gain on sale(8)(241)109 (249)135 
Amortization of intangibles(5,131)(5,309)(6,003)(10,440)(12,295)
Net adjusted noninterest expense$84,019 $83,846 $76,392 $167,865 $153,153 
Net adjusted noninterest expense$84,019 $83,846 $76,392 $167,865 $153,153 
Average tangible assets15,004,763 14,593,955 14,020,793 14,800,495 13,943,019 
Net adjusted noninterest expense to average tangible assets2.25 %2.33 %2.19 %2.29 %2.21 %
Net revenue$151,385 $140,697 $126,608 $292,082 $252,183 
Total adjustments to net revenue(39)(196)44 (235)(185)
Impact of FTE adjustment431 340 233 772 452 
Adjusted net revenue on a FTE basis$151,777 $140,841 $126,885 $292,619 $252,450 
Adjusted efficiency ratio55.36 %59.53 %60.21 %57.37 %60.67 %
Net interest income$126,864 $118,517 $104,424 $245,381 $209,502 
Impact of FTE adjustment431 340 233 772 452 
Net interest income including FTE adjustment127,295 118,857 104,657 246,153 209,954 
Total noninterest income24,521 22,180 22,184 46,701 42,681 
Total noninterest expense less provision for credit losses on unfunded commitments91,580 90,447 82,286 182,027 172,407 
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SecondFirstSecondSix Months Ended June 30,
QuarterQuarterQuarter
(Amounts in thousands, except per share data)20252025202420252024
Pre-tax pre-provision earnings60,236 50,590 44,555 110,827 80,228 
Total adjustments to noninterest income(39)(196)44 (235)(185)
Total adjustments to noninterest expense including OREO expense and net (gain) loss on sale2,430 1,292 (109)3,722 6,959 
Adjusted pre-tax pre-provision earnings$62,627 $51,686 $44,490 $114,314 $87,002 
Average assets15,801,194 15,395,642 14,839,707 15,599,540 14,765,241 
Less average goodwill and intangible assets(796,431)(801,687)(818,914)(799,045)(822,222)
Average tangible assets$15,004,763 $14,593,955 $14,020,793 $14,800,495 $13,943,019 
Return on average assets (ROA)1.08 %0.83 %0.82 %0.96 %0.77 %
Impact of other adjustments for adjusted net income0.05 0.02 — 0.03 0.07 
Adjusted ROA1.13 0.85 0.82 0.99 0.84 
ROA1.08 0.83 0.82 0.96 0.77 
Impact of removing average intangible assets and related amortization0.16 0.15 0.18 0.16 0.17 
Return on average tangible assets (ROTA)1.24 0.98 1.00 1.12 0.94 
Impact of other adjustments for adjusted net income0.05 0.02 — 0.03 0.08 
Adjusted ROTA1.29 %1.00 %1.00 %1.15 %1.02 %
Average shareholders’ equity$2,252,208 $2,214,995 $2,117,628 $2,233,704 $2,118,005 
Less average goodwill and intangible assets(796,431)(801,687)(818,914)(799,045)(822,222)
Average tangible equity$1,455,777 $1,413,308 $1,298,714 $1,434,659 $1,295,783 
Return on average shareholders’ equity 7.60 %5.76 %5.74 %6.69 %5.34 %
Impact of removing average intangible assets and related amortization 5.22 4.41 5.01 4.83 4.81 
Return on average tangible common equity (ROTCE)12.82 10.17 10.75 11.52 10.15 
Impact of other adjustments for adjusted net income 0.49 0.18 0.01 0.34 0.80 
Adjusted ROTCE13.31 %10.35 %10.76 %11.86 %10.95 %
Loan interest income1
$157,499 $150,973 $147,518 $308,472 $294,826 
Accretion on acquired loans(10,583)(8,221)(10,178)(18,804)(20,773)
Loan interest income excluding accretion on acquired loans1
$146,916 $142,752 $137,340 $289,668 $274,053 
Yield on loans1
5.98 %5.90 %5.93 %5.94 %5.92 %
Impact of accretion on acquired loans (0.40)(0.32)(0.41)(0.36)(0.42)
Yield on loans excluding accretion on acquired loans1
5.58 %5.58 %5.52 %5.58 %5.50 %
Net interest income1
$127,295 $118,857 $104,657 $246,153 $209,954 
Accretion on acquired loans(10,583)(8,221)(10,178)(18,804)(20,773)
Net interest income excluding accretion on acquired loans1
$116,712 $110,636 $94,479 $227,349 $189,181 
Net interest margin1
3.58 %3.48 %3.18 %3.53 %3.21 %
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SecondFirstSecondSix Months Ended June 30,
QuarterQuarterQuarter
(Amounts in thousands, except per share data)20252025202420252024
Impact of accretion on acquired loans (0.29)(0.24)(0.31)(0.27)(0.31)
Net interest margin excluding accretion on acquired loans1
3.29 %3.24 %2.87 %3.26 %2.89 %
Securities interest income1
$32,519 $29,422 $24,195 $61,942 $46,629 
FTE adjustment to securities(7)(7)(7)(15)(14)
Securities interest income excluding FTE adjustment32,512 29,415 24,188 61,927 46,615 
Loan interest income1
157,499 150,973 147,518 308,472 294,825 
FTE adjustment to loans(424)(333)(226)(757)(438)
Loan interest income excluding FTE adjustment157,075 150,640 147,292 307,715 294,387 
Net interest income1
127,295 118,857 104,657 246,153 209,954 
FTE adjustments to securities(7)(7)(7)(15)(14)
FTE adjustments to loans(424)(333)(226)(757)(438)
Net interest income excluding FTE adjustments$126,864 $118,517 $104,424 $245,381 $209,502 
1On a FTE basis. All yields and rates have been computed using amortized cost.
Financial Condition
Total assets as of June 30, 2025 were $15.9 billion, an increase of $768.6 million, or 5%, from December 31, 2024.
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 June 30, 2025, the Company had $2.9 billion in AFS securities and $613.3 million in HTM securities. The Company’s total debt securities portfolio increased $617.8 million from December 31, 2024. Throughout the first half of 2025, the Company made strategic securities purchases to deploy liquidity in advance of the Heartland acquisition.
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 June 30, 2025 compared to 4.7 and 4.9, respectively, at December 31, 2024.
At June 30, 2025, AFS securities had gross unrealized losses of $173.4 million and gross unrealized gains of $17.6 million, compared to gross unrealized losses of $211.3 million and gross unrealized gains of $3.5 million at December 31, 2024.
The credit quality of the Company’s securities holdings is primarily investment grade. U.S. Treasury securities, obligations of U.S. government agencies, and obligations of U.S. government sponsored entities totaled $2.9 billion, or 91%, of the total portfolio.
The portfolio includes $113.4 million, with a fair value of $107.4 million, in private label residential and commercial mortgage-backed securities and collateralized mortgage obligations. Included are $108.8 million, with a fair value of $102.8 million, in private label residential securities with weighted-average credit support of 22%. The collateral underlying these mortgage investments includes both fixed-rate and adjustable-rate residential mortgage loans. Commercial securities totaled $4.7 million, with a fair value of $4.6 million. These securities have weighted-average credit support of 43%. The collateral underlying these mortgages are primarily pooled commercial real estate loans.
The Company also has invested $258.0 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 June 30, 2025, all of the Company’s CLOs were in AAA/AA tranches with weighted-average credit support of 32%. 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 June 30, 2025, the Company has determined that all debt securities in an unrealized loss position are the result of both broad investment type spreads and the current interest rate environment. Management believes that each investment will recover any price depreciation over its holding period as the debt securities move to maturity, and management has the intent and ability to hold these investments to maturity if necessary. Therefore, at June 30, 2025, no allowance for credit losses has been recorded.
Loan Portfolio
Loans, net of unearned income and excluding the allowance for credit losses, were $10.6 billion at June 30, 2025, a $308.9 million, or 3.0%, increase from December 31, 2024.
The Company remains committed to sound risk management procedures. Portfolio diversification in terms of asset mix, industry, and loan type has been and continues to be an important element of the Company’s lending strategy. The average loan size is $437 thousand, and the average commercial loan size is $872 thousand at June 30, 2025, reflecting the Company’s longtime focus on granularity and on creating valuable customer relationships. Lending policies contain guardrails that pertain to lending by type of collateral and purpose, along with limits regarding loan concentrations and the principal amount of loans. The Company’s exposure to CRE lending remains well below regulatory limits (see “Loan Concentrations”).
The following tables detail loan portfolio composition at June 30, 2025 and December 31, 2024 for portfolio loans, PCD loans, and loans purchased which are not considered PCD (“Non-PCD”) as defined in “Note 4 - Loans”.
 June 30, 2025
(In thousands)Portfolio LoansAcquired Non-PCD LoansPCD LoansTotal% to Total Loans
Construction and land development$561,128 $41,425 $526 $603,079 6 %
CRE - owner occupied1,313,169 437,536 28,225 1,778,930 17 
CRE - non-owner occupied2,514,409 1,024,781 85,338 3,624,528 34 
Residential real estate1,976,802 687,933 13,307 2,678,042 25 
Commercial and financial1,559,314 165,207 16,637 1,741,158 16 
Consumer146,796 36,128 163 183,087 2 
Totals$8,071,618 $2,393,010 $144,196 $10,608,824 100 %
 December 31, 2024
(In thousands)Portfolio LoansAcquired Non-PCD LoansPCD LoansTotal% to Total Loans
Construction and land development$568,148 $79,370 $535 $648,053 6 %
CRE - owner occupied1,177,538 477,459 31,632 1,686,629 16 
CRE - non-owner occupied2,243,056 1,156,849 103,903 3,503,808 34 
Residential real estate1,882,955 719,589 14,241 2,616,785 26 
Commercial and financial1,424,689 199,146 27,519 1,651,354 16 
Consumer155,786 37,282 253 193,321 2 
Totals$7,452,172 $2,669,695 $178,083 $10,299,950 100 %
The amortized cost basis of loans included net deferred costs of $45.6 million at June 30, 2025 and $43.9 million at December 31, 2024. At June 30, 2025, the remaining fair value adjustments on acquired loans were $108.5 million, or 4.1%, of the outstanding acquired loan balances, compared to $128.1 million, or 4.3%, of the acquired loan balances at December 31, 2024. The discount is accreted into interest income over the remaining lives of the related loans on a level yield basis.
Construction and land development loans decreased $45.0 million, or 7%, totaling $603.1 million at June 30, 2025, compared to December 31, 2024. These loans, extended to both commercial and consumer customers, are collateralized by and for the
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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 $1.8 billion at June 30, 2025, an increase of $92.3 million, or 5% compared to December 31, 2024. 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 increased $120.7 million, totaling $3.6 billion at June 30, 2025 compared to $3.5 billion at December 31, 2024. Non-owner occupied CRE loans are collateralized by properties where the source of repayment is typically from the sale or lease of the property. Within the non-owner occupied CRE portfolio, the largest segment is Retail properties, which totaled approximately $1.3 billion at June 30, 2025, with an average loan size of $2.6 million. This segment targets grocery or credit tenant-anchored shopping plazas, single credit tenant retail buildings, smaller outparcels, and other small retail units. The second-largest segment in the non-owner occupied CRE portfolio is office properties, which totaled $556.6 million at June 30, 2025, 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 $504.7 million in loans collateralized by industrial or warehouse properties, $413.2 million collateralized by multi-family residential properties, $306.3 million collateralized by hotels or motels, and $582.8 million collateralized by other property types, including restaurants, schools and recreation centers.
Residential real estate loans increased $61.3 million to $2.7 billion at June 30, 2025. Included in the balance as of June 30, 2025, were $1.0 billion of fixed rate mortgages, $1.0 billion of adjustable rate mortgages and $635.4 million in home equity loans and HELOCs, compared to $1.0 billion, $970.2 million and $614.7 million, respectively, at December 31, 2024. Substantially all residential mortgage originations have been underwritten to conventional loan agency standards, including loan balances that exceed agency value limitations. The average LTV of our HELOC portfolio is 63%, with 31% of the loans being in first lien position at June 30, 2025, compared to an average LTV of 64%, with 31% of the portfolio being in the first lien position at December 31, 2024.
Commercial and financial loans increased $89.8 million, or 5%, from December 31, 2024, totaling $1.7 billion at June 30, 2025. The purpose of these loans may be to provide working capital, asset acquisition or for other business purposes, and are generally supported by projected cash flows of the business, collateralized by business assets, and/or guaranteed by the business owners. The Company continues to exercise a disciplined approach to lending and is benefiting from the investments made in recent years to attract talent from large regional banks across its markets. This talent is onboarding significant new relationships, resulting in increased loan production.
The Company also provides consumer loans, which include installment loans, auto loans, marine loans, and other consumer loans, which decreased $10.2 million, or 5%, to total $183.1 million at June 30, 2025, compared to $193.3 million at December 31, 2024.
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Loan production and late-stage pipelines (loans in underwriting and approval or approved and not yet closed) are detailed in the following table for the periods specified. Pipelines include lines of credit at the full proposed commitment amount, which may not result in fully funded originations.
SecondFirstSecond
QuarterQuarterQuarter
(In thousands)202520252024
Commercial/CRE loan pipeline at period end$861,237 $904,111 $773,085 
Commercial/CRE loans closed715,271 422,837 414,183 
Residential pipeline - saleable at period end14,371 15,495 12,095 
Residential loans - sold26,362 15,531 21,417 
Residential pipeline - portfolio at period end29,160 37,532 24,721 
Residential loans - retained58,201 70,322 42,431 
Consumer pipeline at period end16,174 24,433 24,532 
Consumer originations53,784 46,732 59,973 
Commercial and CRE originations during the second quarter of 2025 were $715.3 million, an increase of $292.4 million, or 69%, compared to the first quarter of 2025, and an increase of $301.1 million, or 73%, compared to the second quarter of 2024. Commercial and CRE pipelines were $861.2 million as of June 30, 2025, a decrease of $42.9 million, or 5%, from $904.1 million at March 31, 2025, and an increase of 11% from $773.1 million at June 30, 2024. 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.
Residential loans originated for sale in the secondary market totaled $26.4 million in the second quarter of 2025, compared to $15.5 million in the first quarter of 2025 and $21.4 million in the second quarter of 2024. Residential saleable pipelines were $14.4 million as of June 30, 2025, compared to $15.5 million as of March 31, 2025 and $12.1 million as of June 30, 2024.
Residential loan production retained in the portfolio for the second quarter of 2025 was $58.2 million, compared to $70.3 million in the first quarter of 2025 and $42.4 million in the second quarter of 2024. The pipeline of residential loans intended to be retained in the portfolio was $29.2 million as of June 30, 2025, compared to $37.5 million as of March 31, 2025, and $24.7 million as of June 30, 2024.
Consumer originations, which include HELOCs, totaled $53.8 million during the second quarter of 2025, compared to $46.7 million in the first quarter of 2025 and $60.0 million in the second quarter of 2024. The consumer pipeline was $16.2 million as of June 30, 2025, compared to $24.4 million as of March 31, 2025 and $24.5 million at June 30, 2024.
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 $2.9 billion, representing 28% of the total portfolio at June 30, 2025, compared to $2.7 billion, or 26%, at December 31, 2024. The Company’s ten largest commercial and CRE funded and unfunded relationships at June 30, 2025 aggregated to $565.9 million, of which $497.5 million was funded, compared to $547.5 million at December 31, 2024, of which $433.0 million was funded.
Concentrations in construction and land development loans and CRE loans are maintained well below regulatory guidelines. Construction and land development and CRE loan concentrations as a percentage of subsidiary bank total risk based capital were 35% and 239%, respectively, at June 30, 2025, compared to 38% and 237%, respectively, at December 31, 2024. Regulatory guidance suggests limits of 100% and 300%, respectively. On a consolidated basis, construction and land development and CRE loans represent 33% and 221%, respectively, of total consolidated risk based capital as of June 30, 2025 compared to 36% and 224%, respectively, at December 31, 2024. 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 June 30, 2025 totaled $69.5 million, and were comprised of $64.2 million of nonaccrual loans, and $5.3 million of OREO, including $5.0 million of branches taken out of service. Overall, NPAs decreased $29.3 million, or 38%, from $98.9 million as of December 31, 2024. NPAs to total assets at June 30, 2025 decreased to 0.44% from 0.65% at December 31, 2024.
Compared to December 31, 2024, nonaccrual loans decreased $28.2 million, or 31%. Approximately 72% of nonaccrual loans were secured with real estate at June 30, 2025. Nonperforming loans to total loans outstanding at June 30, 2025 decreased to 0.61% from 0.90% at December 31, 2024.
The tables below set forth details related to nonaccrual loans.
June 30, 2025
(In thousands)Nonaccrual Loans With No Related AllowanceNonaccrual Loans With an AllowanceTotal Nonaccrual Loans
Construction and land development$486 $1,436 $1,922 
CRE - owner occupied5,291 10,971 16,262 
CRE - non-owner occupied9,941 343 10,284 
Residential real estate5,570 12,252 17,822 
Commercial and financial— 14,754 14,754 
Consumer— 3,155 3,155 
Totals $21,288 $42,911 $64,199 
December 31, 2024
(In thousands)Nonaccrual Loans With No Related AllowanceNonaccrual Loans With an AllowanceTotal Nonaccrual Loans
Construction and land development$492 $660 $1,152 
CRE - owner occupied2,622 6,118 8,740 
CRE - non-owner occupied29,449 433 29,882 
Residential real estate6,462 17,432 23,894 
Commercial and financial2,703 17,806 20,509 
Consumer2,416 5,853 8,269 
Totals$44,144 $48,302 $92,446 

In accordance with regulatory reporting requirements, loans are placed on nonaccrual following the Retail Classification of Loan interagency guidance. The accrual of interest is generally discontinued on loans that become 90 days past due as to principal or interest unless collection of both principal and interest is assured by way of collateralization, guarantees or other security. Consumer loans that become 120 days past due are generally charged off. The loan carrying value is analyzed and any changes are appropriately made quarterly, as described above.
In certain circumstances, the Company provides modifications of loans to borrowers experiencing financial difficulty, which the Company refers to as TBMs. Loans that were modified as TBMs during the six months ended June 30, 2025 are included in “Note 4 - Loans”.
48

Allowance for Credit Losses on Loans
Management establishes the allowance using relevant available information from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The forecasts of future economic conditions are over a period that has been deemed reasonable and supportable, and in segments where it can no longer develop reasonable and 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 $4.4 million and $13.6 million, respectively, for the three and six months ended June 30, 2025, compared to $4.9 million and $6.3 million, respectively, for the three and six months ended June 30, 2024. The Company recorded net charge-offs of $2.5 million and $9.5 million, respectively, in the three and six months ended June 30, 2025, compared to $9.9 million and $13.6 million, respectively, for the three and six months ended June 30, 2024.
The ratio of allowance for credit losses to total loans was 1.34% at June 30, 2025, 1.34% at December 31, 2024, and 1.41% at June 30, 2024.
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 $332.4 million at June 30, 2025, compared to $476.6 million at December 31, 2024.
Deposits are a primary source of liquidity. The stability of this funding source is affected by numerous factors, including returns available to customers on alternative investments, the quality of customer service levels, perception of safety and competitive forces. Total uninsured deposits were estimated to be $4.5 billion at June 30, 2025, representing 36% of overall deposit accounts. This includes public funds under the Florida Qualified Public Depository program, which provides loss protection to depositors beyond FDIC insurance limits. Excluding such balances, the uninsured and uncollateralized deposits were 31% of total deposits at June 30, 2025. The Company has liquidity sources as discussed below, including cash and lines of credit with the FRB and FHLB, that represent 138% of uninsured deposits, and 160% of uninsured and uncollateralized deposits.
In addition to $332.4 million in cash and cash equivalents at June 30, 2025, the Company had $5.9 billion in available borrowing capacity, including $3.5 billion in available collateralized lines of credit, $2.0 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 June 30, 2025 totaled $515.3 million, compared to $293.6 million at December 31, 2024.
Contractual maturities for assets and liabilities are reviewed to meet current and expected future liquidity requirements. Sources of liquidity are maintained through a portfolio of high-quality marketable assets, such as residential mortgage loans, debt securities AFS and interest-bearing deposits. The Company is also able to provide short-term financing of its activities by selling, under an agreement to repurchase, United States Treasury and Government agency debt securities not pledged to secure public deposits or trust funds.
The Company has traditionally relied upon dividends from Seacoast Bank and securities offerings to provide funds to pay the Company’s expenses and to service the Company’s debt. During the second quarter of 2025, Seacoast Bank distributed $32.0 million to the Company. At June 30, 2025, the Company had cash and cash equivalents at the parent of approximately $128.1 million, compared to $95.8 million at December 31, 2024.
49

Deposits and Borrowings
Customer relationship funding is detailed in the following table for the periods specified:
(In thousands, except ratios)June 30, 2025December 31, 2024
Noninterest demand$3,376,941 $3,352,372 
Interest-bearing demand2,518,857 2,667,843 
Money market4,111,789 4,086,362 
Savings557,472 519,977 
Time deposits1,417,236 1,371,522 
Brokered time certificates$515,303 $244,351 
Total deposits$12,497,598 $12,242,427 
Securities sold under agreements to repurchase186,090 232,071 
Total customer funding1
$12,168,385 $12,180,860 
Noninterest demand deposit mix27 %27 %
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 $255.2 million, or 4% annualized, to $12.5 billion at June 30, 2025 compared to December 31, 2024.
Noninterest demand deposits represented 27% of total deposits at both June 30, 2025 and December 31, 2024. Customer transaction account balances (noninterest demand and interest-bearing demand) represented 47% of total deposits at June 30, 2025, compared to 50% at December 31, 2024.
Customer repurchase agreements totaled $186.1 million at June 30, 2025, decreasing $46.0 million, or 20%, from December 31, 2024. Repurchase agreements are offered by Seacoast to select customers who wish to sweep excess balances on a daily basis for investment purposes.
At June 30, 2025 and December 31, 2024, long-term debt included $72.6 million and $72.5 million, respectively, related to trust preferred securities issued by trusts organized or acquired by the Company. At June 30, 2025, the average interest rate in effect on our outstanding subordinated debt related to trust preferred securities was 6.29%, compared to 6.34% at December 31, 2024. All trust preferred securities are guaranteed by the Company on a junior subordinated basis. Under Basel III and FRB rules, qualified trust preferred securities and other restricted capital elements can be included as Tier 1 capital, within limitations. The Company believes that its trust preferred securities qualify under these capital rules.
In 2023, the Company acquired $25.0 million in subordinated debt through a bank acquisition that qualifies as Tier 2 Capital. Contractual interest is paid on a semiannual basis at a fixed interest rate of 3.375% until January 30, 2027, at which point the rate converts to a 3-month SOFR rate plus 203 basis points paid quarterly until maturity in 2032. The debt was recorded at fair value, resulting in a $3.9 million discount that is being accreted into interest expense over the remaining term to maturity.
In 2022, the Company acquired $12.3 million in senior debt through a bank acquisition. Contractual interest is paid on a semiannual basis at a fixed rate of 5.50% until October 30, 2025, at which point the rate converts to a floating rate of 3-month SOFR plus 533 basis points until maturity in 2030. The debt was recorded at fair value, resulting in a $0.4 million premium that is being amortized into interest expense over the remaining term to maturity.
FHLB advances totaled $715.0 million at June 30, 2025 with a weighted-average interest rate of 4.15%, compared to advances outstanding of $245.0 million at December 31, 2024 with a weighted-average interest rate of 4.19%. The Company utilized short-term fixed-rate advances to fund securities purchases in the first and second quarters of 2025.
50

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 $3.0 billion at June 30, 2025 and $2.9 billion at December 31, 2024.
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 June 30, 2025 or December 31, 2024.
Under FRB regulation, Seacoast Bank is limited as to the amount it may loan to its affiliates, including the Company, unless such loans are collateralized by specified obligations. At June 30, 2025, the maximum amount available for transfer from Seacoast Bank to the Company in the form of loans approximated $192.6 million, if the Company has sufficient acceptable collateral. There were no loans made to affiliates during the six months ended June 30, 2025.
Capital Resources
The Company’s equity capital at June 30, 2025 increased $88.3 million, or 4%, from December 31, 2024 to $2.3 billion. Changes in equity included increases from net income, and an improvement in accumulated other comprehensive loss due to increases in the value of AFS securities associated with changes in interest rates, partially offset by the payment of common stock dividends.
The ratio of shareholders’ equity to period end total assets was 14.25% and 14.39% at June 30, 2025 and December 31, 2024, respectively. The ratio of tangible shareholders’ equity to tangible assets was 9.75% and 9.60% at June 30, 2025 and December 31, 2024, respectively. Changes in the value of HTM securities are not reflected in shareholders’ equity under GAAP; however, illustratively, if all HTM securities were presented at fair value, the tangible common equity ratio would have been 9.27% at June 30, 2025 and 8.96% at December 31, 2024.
51

Activity in shareholders’ equity for the six months ended June 30, 2025 and 2024 follows:
(In thousands)Six Months Ended June 30, 2025Six Months Ended June 30, 2024
Balance at beginning of period$2,183,243 $2,108,086 
Net income74,151 56,250 
Stock-based compensation expense6,996 6,105 
Common stock transactions related to stock-based employee benefit plans(1,425)(298)
Repurchase of common stock— (880)
Dividends on common stock ($0.36 per share in each period)
(30,960)(30,750)
Change in accumulated other comprehensive income (loss)39,560 (8,132)
Balance at end of period$2,271,565 $2,130,381 
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”).
June 30, 2025Seacoast
(Consolidated)		Seacoast
Bank
Minimum to be Well- Capitalized1
Total Risk-Based Capital Ratio16.09%14.95%10.00%
Tier 1 Capital Ratio14.6513.708.00
CET1 Ratio14.0213.706.50
Leverage Ratio11.0910.365.00
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 $95.9 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.
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.
52

The Company has seven wholly owned trust subsidiaries that have issued trust preferred stock. Trust preferred securities from acquisitions were recorded at fair value when acquired. All trust preferred securities are guaranteed by the Company on a junior subordinated basis. The FRB’s rules permit qualified trust preferred securities and other restricted capital elements to be included under Basel III capital guidelines, with limitations, and net of goodwill and intangibles. The Company believes that its trust preferred securities qualify under these revised regulatory capital rules and believes that it can treat all its trust preferred securities as Tier 1 capital. For regulatory purposes, the trust preferred securities are added to the Company’s tangible common shareholders’ equity to calculate Tier 1 capital.
Critical Accounting Policies and Estimates
The Company’s critical accounting policies are discussed in the MD&A in Seacoast’s Annual Report on Form 10-K for the year ended December 31, 2024. Significant accounting policies are discussed in “Note 1 – Significant Accounting Policies” in Form 10-K for the year ended December 31, 2024. 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 2025.
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 July 1, 2025, 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
June 30, 2025
Change in Interest Rates1-12 months13-24 months
+3.00%(11.0)%(6.3)%
+2.00%(6.3)%(3.0)%
+1.00%(2.5)%(0.7)%
Current—%—%
-1.00%2.0%(0.5%)
-2.00%5.0%(1.1%)
-3.00%7.5%(2.7%)
The computations of interest rate risk do not necessarily include certain actions management may undertake to manage this risk in response to changes in interest rates. 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.

53

Effects of Inflation and Changing Prices
The condensed consolidated financial statements and related financial data presented herein have been prepared in accordance with U.S. GAAP, which require the measurement of financial position and operating results in terms of historical dollars, without considering changes in the relative purchasing power of money, over time, due to inflation.
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.

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.
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.
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.
54

Change in Interest Rates% Change in
Economic Value of
Equity
+3.00%(25.0)%
+2.00%(15.7)%
+1.00%(7.5)%
Current—%
-1.00%7.0%
-2.00%12.1%
-3.00%12.2%
While an instantaneous and severe shift in interest rates is used in this analysis, a gradual shift in interest rates would have a much more modest impact. 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 June 30, 2025 and concluded that those disclosure controls and procedures are effective.
During the quarter ended June 30, 2025, 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, 2024, 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, 2024.

55

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the three months ended June 30, 2025, 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)
4/1/25 to 4/30/2575,749 $25.50 — $100,000 
5/1/25 to 5/31/25— — — 100,000 
6/1/25 to 6/30/25— — — 100,000 
Total - 2nd Quarter75,749 $25.50 — $100,000 
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 18, 2024, the Company’s Board of Directors authorized the renewal of the Company’s share repurchase program, under which the Company may, from time to time, purchase up to $100 million of its shares of outstanding common stock. Under the share repurchase program, which will expire on December 31, 2025, repurchases will be made, if at all, in accordance with applicable securities laws and may be made from time to time in the open market, by block purchase or by negotiated transactions. 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.
No shares of the Company’s common stock were repurchased under the program during the three months ended June 30, 2025.
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 June 30, 2025.
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.
  
56
Table of Contents

 
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 8K, filed May 22, 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.
Exhibit 31.1 Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Exhibit 31.2 Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Exhibit 32.1 Statement of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Exhibit 32.2 Statement of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 Exhibit 101
The following materials from Seacoast Banking Corporation of Florida’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 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 June 30, 2025, formatted in Inline XBRL.
57

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
 
August 8, 2025/s/ Charles M. Shaffer
 Charles M. Shaffer
 Chairman and Chief Executive Officer
 
August 8, 2025/s/ Tracey L. Dexter
 Tracey L. Dexter
 Executive Vice President and Chief Financial Officer
58

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