SBCF 10-Q Quarterly Report Sept. 30, 2025

SEACOAST BANKING CORP OF FLORIDA

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sbcf-20250930

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 September 30, 2025

☐ 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,

STUART

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 class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	SBCF	Nasdaq Global Select Market

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

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

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


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

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

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

Common Stock, $0.10 Par Value – 97,828,149 shares outstanding as of October 31, 2025

Table of Contents

INDEX

SEACOAST BANKING CORPORATION OF FLORIDA


	Glossary of Defined Terms	3

Part I	FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)

	Consolidated statements of income – Three and nine months ended September 30, 2025 and 2024	4

	Consolidated statements of comprehensive income – Three and nine months ended September 30, 2025 and 2024	6

	Consolidated balance sheets - September 30, 2025 and December 31, 2024	7

	Consolidated statements of cash flows – Nine months ended September 30, 2025 and 2024	8

	Consolidated statements of shareholders’ equity - Three and nine months ended September 30, 2025 and 2024	10

	Notes to Consolidated Financial Statements	12

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	35

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	57

Item 4.	Controls and Procedures	58

Part II	OTHER INFORMATION

Item 1.	Legal Proceedings	58

Item 1A.	Risk Factors	58

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	59

Item 3.	Defaults upon Senior Securities	59

Item 4.	Mine Safety Disclosures	59

Item 5.	Other Information	59

Item 6.	Exhibits	59

SIGNATURES		61

Table of Contents

Glossary of Defined Terms

Term

Definition

Term

Definition

AFS

Available-for-sale

GAAP

Accounting principles generally accepted in the United States of America

ALCO

Asset and Liability Management Committee

Heartland

Heartland Bancshares, Inc.

Apollo

Apollo Bancshares, Inc.

HELOC

Home equity line of credit

ASC

Accounting Standards Codification

HTM

Held-to-maturity

ASU

Accounting Standards Update

LTV

Loan-to-value

BHC

Bank Holding Company

Moody's

Moody's Analytics

BOLI

Bank owned life insurance

NAV

Net Asset Value

CET1

Common equity tier 1

NPA

Nonperforming asset

CLO

Collateralized loan obligation

OCC

Office of the Comptroller of the Currency

CRA

Community Reinvestment Act

OREO

Other real estate owned

CRE

Commercial Real Estate

PCD

Purchased credit deteriorated

EPS

Earnings per share

REIT

Real estate investment trust

ESG

Environmental, social and governance

ROUA

Right-of-use asset

EVE

Economic value of equity

SBIC

Small business investment companies

FASB

Financial Accounting Standards Board

SEC

Securities and Exchange Commission

FDIC

Federal Deposit Insurance Corporation

SOFR

Secured Overnight Financing Rate

FHLB

Federal Home Loan Bank

TBM

Troubled borrower modification

FICO

Fair Isaac Corporation (credit score)

VBI

Villages Bancorporation, Inc.

FRB

Federal Reserve Board

XBRL

eXtensible Business Reporting Language

FTE

Fully taxable equivalent

Table of Contents

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2025		2024		2025		2024
Interest and fees on loans	$	161,913	$	150,980	$	469,628	$	445,367
Interest and dividends on securities	36,019		25,997		97,946		72,612
Interest on interest bearing deposits and other investments	4,780		7,138		12,740		21,650
Total Interest Income	202,712		184,115		580,314		539,629
Interest on deposits	43,133		51,963		127,392		150,816
Interest on time certificates	16,341		19,002		46,434		54,051
Interest on borrowed money	9,770		6,485		27,639		18,595
Total Interest Expense	69,244		77,450		201,465		223,462
Net Interest Income	133,468		106,665		378,849		316,167
Provision for credit losses	8,371		6,273		22,000		12,559
Net Interest Income after Provision for Credit Losses	125,097		100,392		356,849		303,608
Noninterest income:
Service charges on deposit accounts	6,194		5,412		16,914		15,714
Interchange income	2,008		1,911		5,710		5,739
Wealth management income	4,578		3,843		13,022		11,149
Mortgage banking fees	517		485		1,606		1,448
Insurance agency income	1,481		1,399		4,390		4,045
BOLI income	3,875		2,578		9,723		7,438
Other	6,006		7,864		19,760		20,455
	24,659		23,492		71,125		65,988
Securities (losses) gains, net	( 841 )		187		( 606 )		372
Total Noninterest Income	23,818		23,679		70,519		66,360
Noninterest expense:
Salaries and wages	46,310		40,697		132,996		119,938
Employee benefits	7,387		6,955		24,354		21,705
Outsourced data processing costs	9,337		8,003		26,366		28,331
Occupancy	7,627		7,096		22,460		22,313
Furniture and equipment	2,233		2,060		6,486		6,027
Marketing	2,509		2,729		8,215		8,650
Legal and professional fees	1,674		2,708		6,485		6,841
FDIC assessments	2,414		1,882		6,716		6,171
Amortization of intangibles	6,005		6,002		16,445		18,297
OREO expense and net (gain) loss on sale	( 346 )		491		( 97 )		356
Provision for credit losses on unfunded commitments	150		250		450		751
Merger-related charges	10,808		—		14,281		—
Other	5,879		5,945		19,157		18,346
Total Noninterest Expense	101,987		84,818		284,314		257,726
Income Before Income Taxes	46,928		39,253		143,054		112,242

Table of Contents


Income tax expense	10,461		8,602		32,436		25,341
Net Income	$	36,467	$	30,651	$	110,618	$	86,901

Net income per share of common stock
Diluted	$	0.42	$	0.36	$	1.28	$	1.02
Basic	0.42		0.36		1.30		1.03
Average common shares outstanding
Diluted	87,425		85,069		86,154		84,915
Basic	86,619		84,434		85,398		84,319

See notes to unaudited consolidated financial statements.

Table of Contents

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)


(In thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net Income	$	36,467	$	30,651	$	110,618	$	86,901

Other comprehensive income:
Unrealized gains on AFS securities, net of tax expense of $ 8.4 million and $ 20.9 million, respectively, for the three and nine months ended September 30, 2025 and net of tax expense of $ 14.4 million and $ 10.6 million, respectively, for the three and nine months ended September 30, 2024	26,184		44,972		65,738		33,477
Amortization of unrealized gains on securities transferred to HTM, net of tax benefit of $ 3 thousand and $ 10 thousand, respectively, for the three and nine months ended September 30, 2025 and net of tax benefit of $ 3 thousand and $ 11 thousand, respectively, for the three and nine months ended September 30, 2024	( 11 )		( 11 )		( 32 )		( 31 )
Reclassification adjustment for losses included in net income, net of tax benefit of $ 0.2 million for each of the three and nine months ended September 30, 2025, and net of tax benefit of $ 0.1 million and $ 1.0 million, respectively, for the three and nine months ended September 30, 2024	711		201		711		3,006
Unrealized gains (losses) on derivatives designated as fair value hedges, net of reclassifications to income, net of tax expense of $ 9 thousand for the nine months ended September 30, 2025, and net of tax benefit of $ 0.8 million and $ 0.6 million, respectively, for the three and nine months ended September 30, 2024	—		( 2,322 )		27		( 1,744 )

Total other comprehensive income	$	26,884	$	42,840	$	66,444	$	34,708

Comprehensive Income	$	63,351	$	73,491	$	177,062	$	121,609

See notes to unaudited consolidated financial statements.

Table of Contents

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited)


	September 30, 2025		December 31, 2024
(In thousands, except share data)
Assets
Cash and due from banks	$	173,954	$	171,615
Interest bearing deposits with other banks	132,040		304,992
Total cash and cash equivalents	305,994		476,607
Time deposits with other banks	30,852		3,215
Debt securities:
Securities AFS (at fair value)	3,212,080		2,226,543
Securities HTM (fair value $ 498.4 million at September 30, 2025 and $ 507.6 million at December 31, 2024)	598,604		635,186
Total debt securities	3,810,684		2,861,729
Loans held for sale	10,841		17,277
Loans	10,964,173		10,299,950
Allowance for credit losses	( 147,453 )		( 138,055 )
Loans, net of allowance for credit losses	10,816,720		10,161,895
Bank premises and equipment, net	115,392		107,555
OREO	5,085		6,421
Goodwill	754,645		732,417
Other intangible assets, net	76,291		71,723
BOLI	323,214		308,995
Net deferred tax assets	74,683		102,989
Other assets	352,503		325,485
Total Assets	$	16,676,904	$	15,176,308
Liabilities
Deposits	$	13,090,319	$	12,242,427
Securities sold under agreements to repurchase	236,247		232,071
FHLB borrowings	690,000		245,000
Long-term debt, net	107,464		106,966
Other liabilities	174,742		166,601
Total Liabilities	14,298,772		12,993,065
Shareholders’ Equity
Common stock, par value $ 0.10 per share, authorized 120,000,000 shares, issued 88,639,047 and outstanding 87,855,718 at September 30, 2025, and authorized 120,000,000 , issued 86,284,017 and outstanding 85,567,712 shares at December 31, 2024	8,864		8,628
Additional paid-in capital	1,891,111		1,824,935
Retained earnings	590,384		526,642
Treasury stock	( 20,804 )		( 19,095 )
	2,469,555		2,341,110
Accumulated other comprehensive loss, net	( 91,423 )		( 157,867 )
Total Shareholders’ Equity	2,378,132		2,183,243
Total Liabilities and Shareholders’ Equity	$	16,676,904	$	15,176,308

See notes to unaudited consolidated financial statements.

Table of Contents

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)


	Nine Months Ended September 30,
(In thousands)	2025		2024
Cash Flows from Operating Activities
Net income	$	110,618	$	86,901
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	6,715		6,381
Accretion of discounts on securities, net	( 3,858 )		( 2,371 )
Amortization of operating lease ROUAs	6,793		6,148
Other amortization and accretion, net	2,224		3,344
Stock-based compensation	11,445		10,233
Origination of loans designated for sale	( 75,987 )		( 82,146 )
Sale of loans designated for sale	86,383		79,187
Provision for credit losses	22,000		12,559
Deferred income taxes	7,174		7,321
Losses (gains) on securities	606		( 372 )
Gains on sale of loans	( 4,067 )		( 4,251 )
(Gains) losses on sale of OREO, net of write-downs	( 114 )		134
Losses on disposition of fixed assets and write-downs upon transfer of bank premises to OREO	106		284
Changes in operating assets and liabilities, net of effects from acquired companies:
Net (increase) decrease in other assets	( 37,432 )		6,951
Net increase in other liabilities	942		4,606
Net cash provided by operating activities	$	133,548	$	134,909

Cash Flows from Investing Activities
Maturities and repayments of debt securities AFS	369,197		269,277
Maturities and repayments of debt securities HTM	36,460		34,361
Proceeds from sale of debt securities AFS	265,524		104,425
Purchases of debt securities AFS	( 1,171,727 )		( 651,360 )

Maturities and redemptions of time deposits with other banks	2,219		4,132
Purchases of time deposits with other banks	—		( 3,482 )
Net new loans and principal repayments	( 528,685 )		( 158,095 )
Proceeds from the sale of loans held for investment	19,110		10,905
Proceeds from sale of OREO	2,960		2,841
Proceeds from sale of FHLB and Federal Reserve Bank stock	31,118		11,310
Purchase of FHLB and Federal Reserve Bank stock	( 55,185 )		( 20,743 )
Proceeds from BOLI death benefit	2,294		—
Proceeds from sale of Visa Class B shares	—		4,104
Net cash from bank acquisitions	185,995		—

Additions to bank premises and equipment	( 7,149 )		( 3,884 )
Net cash used in investing activities	$	( 847,869 )	$	( 396,209 )

See notes to unaudited consolidated financial statements.

Table of Contents

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)



	Nine Months Ended September 30,
(In thousands)	2025		2024
Cash Flows from Financing Activities
Net increase in deposits	$	142,697	$	466,651
Net increase (decrease) in repurchase agreements	4,176		( 164,397 )
Net increase of FHLB borrowings with original maturities of three months or less	100,000		—
Repayments of FHLB borrowings with original maturities of more than three months	( 105,000 )		( 160,000 )
Proceeds from FHLB borrowings with original maturities of more than three months	450,000		355,000

Stock-based employee benefit plans	( 1,289 )		972
Repurchase of common stock	—		( 880 )
Dividends paid	( 46,876 )		( 46,170 )
Net cash provided by financing activities	$	543,708	$	451,176
Net (decrease) increase in cash and cash equivalents	( 170,613 )		189,876
Cash and cash equivalents at beginning of period	476,607		447,182
Cash and cash equivalents at end of period	$	305,994	$	637,058

Supplemental disclosure of cash flow information:
Cash paid for interest	$	205,578	$	219,201
Cash paid for taxes, net	10,380		10,888
Recognition of operating lease ROUAs, other than through bank acquisitions, net of terminations	9,372		—

Recognition of operating lease liabilities, other than through bank acquisitions, net of terminations	9,372		—



Supplemental disclosure of non-cash investing activities: 1
Transfers from loans to OREO	1,116		953
Transfers from bank premises to OREO	—		883
1 See "Note 11 – Business Combinations" for non-cash transactions related to business combinations.

See notes to unaudited consolidated financial statements.

Table of Contents

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS ’ EQUITY (Unaudited)



	Common Stock			Additional Paid-in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Loss
(In thousands)	Shares	Amount										Total
Balance at June 30, 2025	85,948	$	8,673	$	1,832,158	$	569,833	$	( 20,792 )	$	( 118,307 )	$	2,271,565
Comprehensive income	—	—		—		36,467		—		26,884		63,351
Stock-based compensation expense	—	—		4,448		—		—		—		4,448
Common stock transactions related to stock-based employee benefit plans	46	5		144		—		( 12 )		—		137


Issuance of common stock, pursuant to acquisitions	1,862	186		54,361		—		—		—		54,547

Dividends on common stock ($ 0.18 per share)	—	—		—		( 15,916 )		—		—		( 15,916 )
Three months ended September 30, 2025	1,908	191		58,953		20,551		( 12 )		26,884		106,567
Balance at September 30, 2025	87,856	$	8,864	$	1,891,111	$	590,384	$	( 20,804 )	$	( 91,423 )	$	2,378,132



	Common Stock			Additional Paid-in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Loss
(In thousands)	Shares	Amount										Total
Balance at December 31, 2024	85,568	$	8,628	$	1,824,935	$	526,642	$	( 19,095 )	$	( 157,867 )	$	2,183,243
Comprehensive income	—	—		—		110,618		—		66,444		177,062
Stock-based compensation expense	—	—		11,445		—		—		—		11,445
Common stock transactions related to stock-based employee benefit plans	426	50		370		—		( 1,709 )		—		( 1,289 )

Issuance of common stock, pursuant to acquisition	1,862	186		54,361		—		—		—		54,547


Dividends on common stock ($ 0.54 per share)	—	—		—		( 46,876 )		—		—		( 46,876 )
Nine months ended September 30, 2025	2,288	236		66,176		63,742		( 1,709 )		66,444		194,889
Balance at September 30, 2025	87,856	$	8,864	$	1,891,111	$	590,384	$	( 20,804 )	$	( 91,423 )	$	2,378,132



	Common Stock			Additional Paid-in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Loss
(In thousands)	Shares	Amount										Total
Balance at June 30, 2024	85,299	$	8,530	$	1,815,800	$	492,805	$	( 18,744 )	$	( 168,010 )	$	2,130,381
Comprehensive income	—	—		—		30,651		—		42,840		73,491
Stock-based compensation expense	—	—		4,128		—		—		—		4,128
Common stock transactions related to stock-based employee benefit plans	142	84		1,122		—		64		—		1,270




Dividends on common stock ($ 0.18 per share)	—	—		—		( 15,420 )		—		—		( 15,420 )
Three months ended September 30, 2024	142	84		5,250		15,231		64		42,840		63,469
Balance at September 30, 2024	85,441	$	8,614	$	1,821,050	$	508,036	$	( 18,680 )	$	( 125,170 )	$	2,193,850

Table of Contents




	Common Stock			Additional Paid-in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Loss
(In thousands)	Shares	Amount										Total
Balance at December 31, 2023	84,861	$	8,486	$	1,808,883	$	467,305	$	( 16,710 )	$	( 159,878 )	$	2,108,086
Comprehensive income	—	—		—		86,901		—		34,708		121,609
Stock-based compensation expense	—	—		10,233		—		—		—		10,233
Common stock transactions related to stock-based employee benefit plans	620	128		1,934		—		( 1,090 )		—		972

Repurchase of common stock	( 40 )	—		—		—		( 880 )		—		( 880 )


Dividends on common stock ($ 0.54 per share)	—	—		—		( 46,170 )		—		—		( 46,170 )
Nine months ended September 30, 2024	580	128		12,167		40,731		( 1,970 )		34,708		85,764
Balance at September 30, 2024	85,441	$	8,614	$	1,821,050	$	508,036	$	( 18,680 )	$	( 125,170 )	$	2,193,850

See notes to unaudited consolidated financial statements.

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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 nine months ended September 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.

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For the three and nine months ended September 30, 2025, options to purchase shares of the Company’s common stock totaling 144,826 and 327,859 , respectively, were anti-dilutive. For the three and nine months ended September 30, 2024, options to purchase shares of the Company’s common stock totaling 327,006 and 328,045 , respectively, were anti-dilutive.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands, except per share data)	2025		2024		2025		2024
Basic EPS
Net income	$	36,467	$	30,651	$	110,618	$	86,901
Average common shares outstanding	86,619		84,434		85,398		84,319
Net income per share	$	0.42	$	0.36	$	1.30	$	1.03

Diluted EPS
Net income	$	36,467	$	30,651	$	110,618	$	86,901
Average common shares outstanding	86,619		84,434		85,398		84,319
Add: Dilutive effect of employee restricted stock and stock options	806		635		756		596
Average diluted shares outstanding	87,425		85,069		86,154		84,915
Net income per share	$	0.42	$	0.36	$	1.28	$	1.02

Note 3 – Securities

The amortized cost, gross unrealized gains and losses and fair value of debt securities AFS and HTM at September 30, 2025 and December 31, 2024 are summarized as follows:


	September 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	$	41,205	$	346	$	( 432 )	$	41,119
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	2,654,711		28,944		( 141,197 )		2,542,458
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	299,739		4,478		( 6,471 )		297,746
Private mortgage-backed securities and collateralized mortgage obligations	103,825		348		( 5,582 )		98,591
CLOs	216,818		698		( 309 )		217,207
Obligations of state and political subdivisions	8,635		1		( 1,142 )		7,494
Other debt securities	7,389		76		—		7,465
Totals	$	3,332,322	$	34,891	$	( 155,133 )	$	3,212,080
HTM Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	511,031	$	—	$	( 93,719 )	$	417,312
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	87,573		—		( 6,501 )		81,072
Totals	$	598,604	$	—	$	( 100,220 )	$	498,384

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	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 entities	1,777,274		1,237		( 190,536 )		1,587,975
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	206,537		1,195		( 10,283 )		197,449
Private mortgage-backed securities and collateralized mortgage obligations	129,475		149		( 8,382 )		121,242
CLOs	278,342		788		( 166 )		278,964
Obligations of state and political subdivisions	7,139		—		( 1,449 )		5,690
Other debt securities	7,389		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 entities	88,742		—		( 9,972 )		78,770


Totals	$	635,186	$	—	$	( 127,592 )	$	507,594

During the three months ended September 30, 2025, debt securities with a fair value of $ 245.7 million assumed in the acquisition of Heartland were sold. No gain or loss was recognized on the sale. During the three and nine months ended September 30, 2025, there were $ 19.8 million in other sales of securities, with gross losses of $ 1.0 million. During the three and nine months ended September 30, 2024, debt securities with a fair value of $ 17.6 million and $ 104.4 million, respectively, were sold, with gross losses of $ 0.3 million and $ 4.0 million, respectively. Included in “Securities (losses) gains, net” are increases of $ 0.1 million and $ 0.4 million, respectively, for the three and nine months ended September 30, 2025, and increases of $ 0.5 million and $ 0.3 million, respectively, for the three and nine months ended September 30, 2024 in the value of investments in mutual funds that invest in CRA-qualified debt securities.

At September 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 September 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.

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	Held-to-Maturity				Available-for-Sale
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	—	$	—	$	14,004	$	14,010
Due after one year through five years	—		—		11,272		11,262
Due after five years through ten years	—		—		8,321		8,598
Due after ten years	—		—		16,243		14,743
	—		—		49,840		48,613

Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	511,031		417,312		2,654,711		2,542,458
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	87,573		81,072		299,739		297,746
Private mortgage-backed securities and collateralized mortgage obligations	—		—		103,825		98,591
CLOs	—		—		216,818		217,207
Other debt securities	—		—		7,389		7,465
Totals	$	598,604	$	498,384	$	3,332,322	$	3,212,080

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.


	September 30, 2025
	Less Than 12 Months				12 Months or Longer				Total 1
(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	$	313	$	( 2 )	$	14,493	$	( 430 )	$	14,806	$	( 432 )
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	175,515		( 2,115 )		786,425		( 139,082 )		961,940		( 141,197 )
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	274		—		95,067		( 6,471 )		95,341		( 6,471 )
Private mortgage-backed securities and collateralized mortgage obligations	—		—		81,657		( 5,582 )		81,657		( 5,582 )
CLOs	45,106		( 132 )		44,532		( 177 )		89,638		( 309 )
Obligations of state and political subdivisions	—		—		5,663		( 1,142 )		5,663		( 1,142 )

Totals	$	221,208	$	( 2,249 )	$	1,027,837	$	( 152,884 )	$	1,249,045	$	( 155,133 )
1 Comprised of 337 individual securities.

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	December 31, 2024
	Less Than 12 Months				12 Months or Longer				Total 1
(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 entities	648,967		( 7,578 )		739,363		( 182,958 )		1,388,330		( 190,536 )
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	13,200		( 222 )		107,041		( 10,061 )		120,241		( 10,283 )
Private mortgage-backed securities and collateralized mortgage obligations	7,178		( 16 )		101,242		( 8,366 )		108,420		( 8,382 )
CLOs	43,410		( 152 )		7,596		( 14 )		51,006		( 166 )
Obligations of state and political subdivisions	319		( 15 )		5,371		( 1,434 )		5,690		( 1,449 )

Totals	$	717,899	$	( 7,996 )	$	978,673	$	( 203,342 )	$	1,696,572	$	( 211,338 )
1 Comprised of 377 individual securities.

At September 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 $ 14.8 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 September 30, 2025, no allowance for credit losses has been recorded.

At September 30, 2025, the Company had unrealized losses of $ 147.7 million on commercial and residential mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities having a fair value of $ 1.1 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 September 30, 2025, no allowance for credit losses has been recorded.

At September 30, 2025, the Company had $ 5.6 million of unrealized losses on private label residential mortgage-backed securities and collateralized mortgage obligations having a fair value of $ 81.7 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 September 30, 2025, no allowance for credit losses has been recorded.

At September 30, 2025, the Company had $ 0.3 million of unrealized losses in floating rate CLOs having a fair value of $ 89.6 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 September 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 September 30, 2025, no allowance for credit losses has been recorded.

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At September 30, 2025, the Company had $ 1.1 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 September 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 September 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 September 30, 2025 and December 31, 2024 is $ 101.9 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 $ 11.9 million and $ 1.0 million, respectively, at September 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 $ 13.9 million and $ 13.5 million at September 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.

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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:


	September 30, 2025
(In thousands)	Portfolio Loans		Acquired Non-PCD Loans		PCD Loans		Total
Construction and land development	$	568,687	$	47,229	$	559	$	616,475
CRE - owner occupied	1,421,755		446,548		30,401		1,898,704
CRE - non-owner occupied	2,676,504		1,011,812		78,225		3,766,541
Residential real estate	1,984,910		697,079		12,805		2,694,794
Commercial and financial	1,622,971		172,431		12,530		1,807,932
Consumer	140,785		38,642		300		179,727
Totals	$	8,415,612	$	2,413,741	$	134,820	$	10,964,173


	December 31, 2024
(In thousands)	Portfolio Loans		Acquired Non-PCD Loans		PCD Loans		Total
Construction and land development	$	568,148	$	79,370	$	535	$	648,053
CRE - owner occupied	1,177,538		477,459		31,632		1,686,629
CRE - non-owner occupied	2,243,056		1,156,849		103,903		3,503,808
Residential real estate	1,882,955		719,589		14,241		2,616,785
Commercial and financial	1,424,689		199,146		27,519		1,651,354
Consumer	155,786		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 $ 46.3 million at September 30, 2025 and $ 43.9 million at December 31, 2024. At September 30, 2025, the remaining fair value adjustments on acquired loans were $ 102.2 million, or 3.9 % 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 $ 40.2 million and $ 38.1 million at September 30, 2025 and December 31, 2024, respectively.

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The following tables present the status of net loan balances as of September 30, 2025 and December 31, 2024.


	September 30, 2025
(In thousands)	Current		Accruing 30-59 Days Past Due		Accruing 60-89 Days Past Due		Accruing Greater Than 90 Days		Nonaccrual		Total
Portfolio Loans
Construction and land development	$	567,058	$	—	$	—	$	—	$	1,629	$	568,687
CRE - owner occupied	1,402,710		4,496		—		—		14,549		1,421,755
CRE - non-owner occupied	2,676,504		—		—		—		—		2,676,504
Residential real estate	1,974,897		3,255		395		—		6,363		1,984,910
Commercial and financial	1,607,879		6,747		460		894		6,991		1,622,971
Consumer	139,742		653		41		—		349		140,785
Total Portfolio Loans	$	8,368,790	$	15,151	$	896	$	894	$	29,881	$	8,415,612

Acquired Non-PCD Loans
Construction and land development	$	46,148	$	—	$	32	$	—	$	1,049	$	47,229
CRE - owner occupied	443,002		167		349		71		2,959		446,548
CRE - non-owner occupied	1,006,591		853		—		—		4,368		1,011,812
Residential real estate	690,088		1,539		125		—		5,327		697,079
Commercial and financial	170,054		—		—		—		2,377		172,431
Consumer	36,114		9		3		—		2,516		38,642
Total Acquired Non-PCD Loans	$	2,391,997	$	2,568	$	509	$	71	$	18,596	$	2,413,741

PCD Loans
Construction and land development	$	82	$	—	$	—	$	—	$	477	$	559
CRE - owner occupied	28,669		—		—		—		1,732		30,401
CRE - non-owner occupied	69,951		—		—		—		8,274		78,225
Residential real estate	11,773		47		165		—		820		12,805
Commercial and financial	11,748		—		—		—		782		12,530
Consumer	300		—		—		—		—		300
Total PCD Loans	$	122,523	$	47	$	165	$	—	$	12,085	$	134,820

Total Loans	$	10,883,310	$	17,766	$	1,570	$	965	$	60,562	$	10,964,173

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	December 31, 2024
(In thousands)	Current		Accruing 30-59 Days Past Due		Accruing 60-89 Days Past Due		Accruing Greater Than 90 Days		Nonaccrual		Total
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 estate	1,866,295		5,466		450		—		10,744		1,882,955
Commercial and financial	1,411,623		1,075		106		—		11,885		1,424,689
Consumer	152,129		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 estate	706,566		1,064		131		—		11,828		719,589
Commercial and financial	195,853		—		—		35		3,258		199,146
Consumer	32,375		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 estate	12,752		—		—		167		1,322		14,241
Commercial and financial	22,153		—		—		—		5,366		27,519
Consumer	200		—		—		—		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 $ 0.1 million on nonaccrual loans during each of the three months ended September 30, 2025 and September 30, 2024. The Company recognized $ 2.3 million and $ 1.1 million in interest income on nonaccrual loans during the nine months ended September 30, 2025 and September 30, 2024, respectively.

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The following tables present net balances of loans on nonaccrual status as of:


	September 30, 2025
(In thousands)	Nonaccrual Loans With No Related Allowance		Nonaccrual Loans With an Allowance		Total Nonaccrual Loans
Construction and land development	$	1,319	$	1,836	$	3,155
CRE - owner occupied	13,837		5,403		19,240
CRE - non-owner occupied	11,504		1,138		12,642
Residential real estate	863		11,647		12,510
Commercial and financial	2,060		8,090		10,150
Consumer	—		2,865		2,865
Totals	$	29,583	$	30,979	$	60,562


	December 31, 2024
(In thousands)	Nonaccrual Loans With No Related Allowance		Nonaccrual Loans With an Allowance		Total 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 estate	6,462		17,432		23,894
Commercial and financial	2,703		17,806		20,509
Consumer	2,416		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-date 1 gross charge offs by year of origination as of:

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	September 30, 2025
(In thousands)	2025		2024		2023		2022		2021		Prior		Revolving		Revolving Converted to Term		Total
Construction and land development
Risk Ratings:
Pass	$	63,829	$	223,942	$	113,795	$	36,995	$	40,593	$	30,217	$	96,647	$	—	$	606,018
Special Mention	—		—		—		—		—		1,640		—		—		1,640
Substandard	—		—		6,431		139		82		979		1,186		—		8,817
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	63,829	$	223,942	$	120,226	$	37,134	$	40,675	$	32,836	$	97,833	$	—	$	616,475
Gross Charge Offs	$	—	$	—	$	115	$	—	$	24	$	—	$	—	$	—	$	139
CRE - owner occupied
Risk Ratings:
Pass	$	285,504	$	170,758	$	154,760	$	238,736	$	237,314	$	692,992	$	25,441	$	—	$	1,805,505
Special Mention	—		4,359		1,950		981		6,066		25,067		—		—		38,423
Substandard	—		390		11,810		19,983		368		21,933		292		—		54,776
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	285,504	$	175,507	$	168,520	$	259,700	$	243,748	$	739,992	$	25,733	$	—	$	1,898,704
Gross Charge Offs	$	—	$	—	$	—	$	156	$	—	$	41	$	—	$	—	$	197
CRE - non-owner occupied
Risk Ratings:
Pass	$	436,253	$	475,603	$	237,376	$	852,842	$	533,599	$	1,093,820	$	25,439	$	—	$	3,654,932
Special Mention	—		23		2,685		9,639		9,679		28,312		—		—		50,338
Substandard	—		—		—		26,893		9,130		25,248		—		—		61,271
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	436,253	$	475,626	$	240,061	$	889,374	$	552,408	$	1,147,380	$	25,439	$	—	$	3,766,541
Gross Charge Offs	$	—	$	—	$	—	$	—	$	—	$	320	$	—	$	—	$	320
Residential real estate
Risk Ratings:
Pass	$	109,079	$	160,199	$	161,070	$	455,764	$	589,322	$	536,212	$	562,638	$	96,742	$	2,671,026
Special Mention	—		—		—		—		—		745		3,057		60		3,862
Substandard	—		150		113		1,607		5,104		6,760		4,916		1,256		19,906
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	109,079	$	160,349	$	161,183	$	457,371	$	594,426	$	543,717	$	570,611	$	98,058	$	2,694,794
Gross Charge Offs	$	—	$	—	$	—	$	144	$	206	$	31	$	19	$	—	$	400
Commercial and financial
Risk Ratings:
Pass	$	359,975	$	324,504	$	144,819	$	212,084	$	192,896	$	138,289	$	403,396	$	—	$	1,775,963
Special Mention	—		891		429		707		2,450		4,195		1,228		—		9,900
Substandard	—		—		594		4,971		3,730		6,579		5,599		—		21,473
Doubtful	—		—		—		—		596		—		—		—		596
Total	$	359,975	$	325,395	$	145,842	$	217,762	$	199,672	$	149,063	$	410,223	$	—	$	1,807,932
Gross Charge Offs	$	—	$	—	$	85	$	2,022	$	1,231	$	8,563	$	2,262	$	—	$	14,163
Consumer
Risk Ratings:
Pass	$	12,087	$	14,011	$	9,649	$	21,437	$	16,061	$	36,400	$	67,065	$	—	$	176,710
Special Mention	3		36		—		2,512		—		—		46		—		2,597
Substandard	—		2		19		45		—		313		41		—		420
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	12,090	$	14,049	$	9,668	$	23,994	$	16,061	$	36,713	$	67,152	$	—	$	179,727
Gross Charge Offs	$	584	$	145	$	8	$	1,249	$	108	$	43	$	159	$	—	$	2,296
Consolidated
Total	$	1,266,730	$	1,374,868	$	845,500	$	1,885,335	$	1,646,990	$	2,649,701	$	1,196,991	$	98,058	$	10,964,173
Gross Charge Offs 1	$	584	$	145	$	208	$	3,571	$	1,569	$	8,998	$	2,440	$	—	$	17,515

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	December 31, 2024
(In thousands)	2024		2023		2022		2021		2020		Prior		Revolving		Revolving Converted to Term		Total
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
Substandard	89		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 Mention	27		—		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
Substandard	149		—		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
Substandard	75		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 Offs 1	$	789	$	457	$	8,412	$	15,497	$	384	$	4,953	$	1,373	$	—	$	31,865

1 Represents gross charge-offs for the nine months ended September 30, 2025 and year ended December 31, 2024.

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Troubled Borrower Modifications

The following tables present the amortized cost of TBM loans that were modified during the nine months ended September 30, 2025 and September 30, 2024.


	September 30, 2025
(In thousands)	Rate Reduction or Rate Reduction with Term Extension		Term Extension and/or Payment Delay		Total 1		% of Total Class of Loans
Construction and land development	$	—	$	—	$	—	—	%
CRE - owner occupied	69		132		201		0.01
CRE - non-owner occupied	—		—		—		—
Residential real estate	—		300		300		0.01
Commercial and financial	67		2,388		2,455		0.14
Consumer	—		4		4		—
Totals	$	136	$	2,824	$	2,960	0.03	%
1 At September 30, 2025, there were no unfunded lending related commitments associated with TBMs.


	September 30, 2024
(In thousands)	Rate Reduction or Rate Reduction with Term Extension		Term Extension and/or Payment Delay		Total 1		% of Total Class of Loans
Construction and land development	$	—	$	86	$	86	0.01	%
CRE - owner occupied	514		2,685		3,199		0.19
CRE - non-owner occupied	3,142		177		3,319		0.09
Residential real estate	—		126		126		0.01
Commercial and financial	3,524		813		4,337		0.28
Consumer	84		1,034		1,118		0.51
Totals	$	7,264	$	4,921	$	12,185	0.12	%
1 At September 30, 2024, there were no unfunded lending related commitments associated with TBMs.

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The following tables present the payment status of TBM loans that were modified in the twelve months prior to September 30, 2025 and in the twelve months prior to September 30, 2024.


	September 30, 2025
(In thousands)	Current		Accruing 30-59 Days Past Due		Accruing 60-89 Days Past Due		Accruing Greater Than 90 Days		Nonaccrual		Total
Construction and land development	$	—	$	—	$	—	$	—	$	—	$	—
CRE - owner occupied	69		—		—		—		132		201
CRE - non-owner occupied	—		—		—		—		—		—
Residential real estate	57		—		—		—		472		529
Commercial and financial	2,290		—		—		—		165		2,455
Consumer	—		—		—		—		4		4
Totals	$	2,416	$	—	$	—	$	—	$	773	$	3,189


	September 30, 2024
(In thousands)	Current		Accruing 30-59 Days Past Due		Accruing 60-89 Days Past Due		Accruing Greater Than 90 Days		Nonaccrual		Total
Construction and land development	$	—	$	—	$	—	$	—	$	86	$	86
CRE - owner occupied	95		—		—		—		3,199		3,293
CRE - non owner occupied	—		—		—		—		3,319		3,319
Residential real estate	123		—		—		—		96		219
Commercial and financial	3,162		—		—		—		1,321		4,483
Consumer	341		429		288		191		233		1,483
Totals	$	3,721	$	429	$	288	$	191	$	8,254	$	12,883

TBM loans modified in the prior twelve months with a payment default during the nine months ended September 30, 2025 and September 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 September 30, 2025
(In thousands)	Beginning Balance		Allowance on PCD Loans Acquired During the Period		Provision for Credit Losses		Charge- Offs		Recoveries		Ending Balance
Construction and land development	$	6,556	$	—	$	945	$	( 139 )	$	4	$	7,366
CRE - owner occupied	12,942		22		1,388		( 197 )		5		14,160
CRE - non-owner occupied	46,627		1		2,828		—		348		49,804
Residential real estate	41,687		60		686		( 174 )		59		42,318
Commercial and financial	27,109		18		2,411		( 4,431 )		1,454		26,561
Consumer	7,263		5		113		( 371 )		234		7,244
Totals	$	142,184	$	106	$	8,371	$	( 5,312 )	$	2,104	$	147,453


	Three Months Ended September 30, 2024
(In thousands)	Beginning Balance		Provision for Credit Losses		Charge- Offs		Recoveries		Ending Balance
Construction and land development	$	5,493	$	1,562	$	—	$	3	$	7,058
CRE - owner occupied	11,582		338		( 2 )		—		11,918
CRE - non-owner occupied	45,434		826		( 602 )		18		45,676
Residential real estate	39,209		( 159 )		( 6 )		104		39,148
Commercial and financial	28,429		3,003		( 6,180 )		726		25,978
Consumer	11,494		703		( 1,794 )		288		10,691
Totals	$	141,641	$	6,273	$	( 8,584 )	$	1,139	$	140,469


	Nine Months Ended September 30, 2025
(In thousands)	Beginning Balance		Allowance on PCD Loans Acquired During the Period		Provision for Credit Losses		Charge- Offs		Recoveries		Ending Balance
Construction and land development	$	7,252	$	—	$	241	$	( 139 )	$	12	$	7,366
CRE - owner occupied	11,825		22		2,503		( 197 )		7		14,160
CRE - non-owner occupied	43,866		1		4,761		( 320 )		1,496		49,804
Residential real estate	39,168		60		3,390		( 400 )		100		42,318
Commercial and financial	27,533		18		10,748		( 14,163 )		2,425		26,561
Consumer	8,411		5		357		( 2,296 )		767		7,244
Totals	$	138,055	$	106	$	22,000	$	( 17,515 )	$	4,807	$	147,453

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	Nine Months Ended September 30, 2024
(In thousands)	Beginning Balance		Provision for Credit Losses		Charge- Offs		Recoveries		Ending Balance
Construction and land development	$	8,637	$	( 1,593 )	$	( 1 )	$	15	$	7,058
CRE - owner occupied	5,529		6,688		( 304 )		5		11,918
CRE - non-owner occupied	48,288		( 2,049 )		( 705 )		142		45,676
Residential real estate	39,016		( 152 )		( 128 )		412		39,148
Commercial and financial	34,343		6,208		( 16,786 )		2,213		25,978
Consumer	13,118		3,457		( 6,713 )		829		10,691
Totals	$	148,931	$	12,559	$	( 24,637 )	$	3,616	$	140,469

Management establishes the allowance using relevant available information from both internal and external sources, relating to past events, current economic conditions, and reasonable and supportable forecasts. Forecast data is sourced from Moody’s, a firm widely recognized for its research, analysis, and economic forecasts. The forecasts of future economic conditions are over the expected remaining life of the loan using economic forecasts that revert to long-term historical averages over time.

As of September 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 regarding monetary policy and changes in interest rates and the potential impact of those actions. Outcomes could differ from the scenarios utilized, and the Company incorporated qualitative considerations reflecting the risk of uncertain economic conditions, and for additional dimensions of risk that may not be captured in the quantitative model.

The following section discusses changes in the level of the allowance for credit losses for the three months ended September 30, 2025.

The allowance increased $ 5.3 million, or 3.7 %, during the third quarter of 2025 to $ 147.5 million, or 1.34 % of loans held for investment as of September 30, 2025.

In the Construction and land development segment, the increase in allowance is primarily due to a slight deterioration of economic forecasts. 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 increase is 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 an increase in loans. 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 a decrease in the reserves for individually evaluated loans due to payoff or charge-off of these loans, which was partly offset by an increase in the allowance due to an increase in outstanding loan balances. Industry, collateral type, estimated collateral values, and loan seasoning are among the relevant factors in assessing expected losses.

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

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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 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 September 30, 2025. For the nine months ended September 30, 2025, the Company recognized, through other comprehensive income, net losses of $ 0.4 million, and reclassified net losses of $ 0.5 million out of accumulated other comprehensive income into interest income. For the three and nine months ended September 30, 2024, the Company recognized through other comprehensive income, net losses of $ 2.8 million and $ 2.0 million, respectively, and reclassified net gains of $ 0.3 million in each period 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 nine months ended September 30, 2025, the Company recognized losses through interest income of $ 0.5 million and $ 0.4 million, respectively. For the three and nine months ended September 30, 2024, the Company recognized gains through interest income of $ 0.9 million and $ 1.8 million, respectively.


(In thousands)	Notional Amount		Fair Value		Balance Sheet Category
September 30, 2025
Interest rate contracts 1	$	1,082,037	$	26,456	Other Assets and Other Liabilities

Residential mortgage fair value hedges	150,000		156		Other Assets
Residential mortgage fair value hedges	250,000		245		Other Liabilities

December 31, 2024
Interest rate contracts 1	$	910,640	$	28,184	Other Assets and Other Liabilities
Securities fair value hedges	400,000		436		Other Assets
Residential mortgage fair value hedges	400,000		121		Other Assets and Other Liabilities
1 Interest rate contracts include risk participation agreements with notional amounts of $ 49.4 million and $ 28.9 million at September 30, 2025, and December 31, 2024, respectively with nominal fair value in both periods.

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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 items				Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items

(In thousands)	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
Securities AFS 1	$	—	$	460,126	$	—	$	35
Loans, net 2	1,073,104		596,632		173		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 September 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)	September 30, 2025		December 31, 2024
Fair value of pledged securities - overnight and continuous:
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	263,108	$	237,074

Note 8 – Regulatory Capital

The Company is well-capitalized and at September 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.

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Note 10 – Fair Value

Under ASC Topic 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at September 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 September 30, 2025
Financial Assets
Debt securities AFS 1	$	3,212,080	$	199	$	3,211,881	$	—
Derivative financial instruments 2	26,612		—		26,612		—
Loans held for sale 2	10,841		—		10,841		—
Loans 3	896		—		—		896
OREO 3	5,085		—		—		5,085
Equity securities 4	13,874		13,874		—		—
Financial Liabilities
Derivative financial instruments 2	$	26,701	$	—	$	26,701	$	—

At December 31, 2024
Financial Assets
Debt securities AFS 1	$	2,226,543	$	196	$	2,226,347	$	—
Derivative financial instruments 2	28,741		—		28,741		—
Loans held for sale 2	17,277		—		17,277		—
Loans 3	1,839		—		—		1,839
OREO 3	6,421		—		—		6,421
Equity securities 4	13,521		13,521		—		—
Financial Liabilities
Derivative financial instruments 2	$	28,305	$	—	$	28,305	$	—
1 See “Note 3 – Securities” for further detail of fair value of individual investment categories.
2 Recurring fair value basis determined using observable market data.
3 Fair value is measured on a nonrecurring basis.
4 Investment 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.

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 $ 1.0 million with a specific reserve of $ 0.1 million at September 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 nine months ended September 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.

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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 September 30, 2025 and December 31, 2024 is as follows:


(In thousands)	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
September 30, 2025
Financial Assets
HTM debt securities 1	$	598,604	$	—	$	498,384	$	—
Time deposits with other banks	30,852		—		30,893		—
Loans, net	10,815,824		—		—		10,648,107
Financial Liabilities
Deposits	13,090,319		—		—		13,090,137
FHLB borrowings	690,000		—		688,206		—
Long-term debt	107,464		—		100,606		—

December 31, 2024
HTM debt securities 1	$	635,186	$	—	$	507,594	$	—
Time deposits with other banks	3,215		—		3,194		—
Loans, net	10,160,056		—		—		10,019,964
Financial Liabilities
Deposits	12,242,427		—		—		12,242,205
FHLB borrowings	245,000		—		243,795		—
Long-term debt	106,966		—		95,563		—
1 See “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 September 30, 2025 and December 31, 2024:

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.

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Investments at NAV : The Company has equity investments in SBICs accounted for under the fair value practical expedient of NAV totaling $ 24.2 million at September 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 $ 5.4 million at September 30, 2025 and $ 7.1 million at 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

Acquisition of Heartland Bancshares, Inc.

On July 11, 2025, the Company completed its acquisition of Heartland, adding four branches in Central Florida. Integration activities, including system conversion, were also finalized in the third quarter of 2025. The Company acquired 100 % of the outstanding common and preferred stock of Heartland. Under the terms of the definitive agreement, Heartland shareholders received a combination of cash and common stock, with the final consideration totaling $ 111.2 million.


(In thousands, except per share data)	July 11, 2025

Number of Heartland shares receiving stock	378
Per share exchange ratio for Heartland shares receiving stock	4.9263
Number of shares of SBCF common stock issued	1,862
Multiplied by SBCF price per share at July 11, 2025	$	29.29
Value of SBCF common stock issued	$	54,547

Number of Heartland shares receiving cash	378
Per share cash consideration for Heartland shares receiving cash	$	147.10
Cash consideration paid to Heartland shareholders, including cash paid for fractional shares	$	55,623
Cash paid to Heartland option holders	1,054
Total purchase price	$	111,224

The acquisition of Heartland was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations . The Company recognized goodwill of $ 22.2 million for this acquisition that is nondeductible for tax purposes. Determining fair values of assets and liabilities, especially the loan portfolio, core deposit intangibles, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. The fair values initially assigned to assets acquired and liabilities assumed are preliminary and could change for up to one year after the closing date of the acquisition as new information and circumstances relative to closing date fair values becomes known.

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The table below presents the provisional allocation of the purchase consideration.



(In thousands)	July 11, 2025
Assets:
Cash and cash equivalents	$	242,672
Investment securities	357,905
Loans	153,294
Bank premises and equipment	7,926
Core deposit intangibles	20,922
Goodwill	22,228
Other Assets	18,590
Total Assets	$	823,537

Liabilities:
Deposits	$	705,195
Other Liabilities	7,118
Total Liabilities	$	712,313

The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date.


	July 11, 2025
(In thousands)	Book Balance		Fair Value
Loans:
Construction and land development	$	7,575	$	7,496
CRE - owner occupied	31,504		30,790
CRE - non-owner occupied	40,239		38,992
Residential real estate	52,960		51,434
Commercial and financial	21,104		21,029
Consumer	3,614		3,553
Total acquired loans	$	156,996	$	153,294

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

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

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

Fourth Quarter of 2025 Acquisition of Villages Bancorporation, Inc.

On October 1, 2025, the Company completed its acquisition of VBI, adding approximately $ 1.3 billion in loans and $ 3.4 billion in deposits, along with 19 branches in North Central Florida including The Villages® community. Integration activities, including system conversion, are expected to be finalized in the third quarter of 2026. The Company acquired 100 % of the outstanding common stock of VBI. Pursuant to the merger agreement, each share of VBI common stock was converted into the right to receive, at the shareholders' election, (i) $ 1,000.00 in cash, (ii) 38.5000 shares of Seacoast common stock or (iii) a 25 %- 75 % combination of cash and common stock, with the final election subject to a proration mechanism such that 25 % of VBI shares received the cash consideration and 75 % of VBI shares received the stock consideration. In the event any

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shareholder or shareholder group would have received more than 9.75 % of cumulative outstanding Seacoast common stock, non-voting convertible preferred stock was issued in lieu of the excess amount of common shares. The final consideration totaled $ 829.1 million.


(In thousands, except per share data)	October 1, 2025

Number of VBI shares receiving stock	550
Per share exchange ratio for VBI shares receiving stock	38.5000
Number of shares of SBCF common stock issued	9,923
Number of shares of SBCF preferred stock issued 1	11
Multiplied by SBCF price per share at October 1, 2025	$	30.50


Total Value of SBCF common and preferred stock issued	$	645,785

Number of VBI shares receiving cash	183
Per share exchange ratio for VBI shares receiving cash	$	1,000.00
Cash consideration paid to VBI shareholders, including cash paid for fractional shares	$	183,360

Total purchase price	$	829,145
1 Preferred stock is 1/1000th share for every share of common stock

The acquisition of VBI will be accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations . The Company’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.

Acquisition Costs

Acquisition costs included within Merger-related charges in the Company's income statement for the three and nine months ended September 30, 2025 were $ 10.8 million and $ 14.3 million, respectively.

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.

Note 13 – Subsequent Event

On October 30, 2025, the Company redeemed $ 12.5 million in senior debt that was scheduled to mature in 2030, upon its conversion to a floating rate of 3-month SOFR plus 533 basis points. The debt had been acquired through the acquisition of Apollo in 2022 and the unamortized premium of $ 0.2 million will be recorded within Interest Expense in the fourth quarter of 2025.

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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 nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 for the consolidated statements of income. For the consolidated balance sheets, the emphasis of this discussion will be the balances as of September 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,” “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 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 those that impact the money supply and inflation;

• The risks of continued 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;

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• 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;

• 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;

• Government actions or inactions, including a prolonged shutdown of the federal government;

• 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;

• The risks relating to bank acquisitions including the mergers with Heartland and VBI including, without limitation: the diversion of management's time on issues related to the mergers; unexpected transaction costs, including the costs of integrating operations; the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following the mergers being lower than expected; the risk of deposit and customer attrition; regulatory enforcement and litigation risk; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruptions, including, without limitation, as the result of difficulties in maintaining

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relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets; 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 $153.3 million in loans and $705.2 million in deposits, along with four branches in Central Florida. Integration activities, including system conversion, were also completed in the third quarter of 2025. Seacoast 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.

Fourth Quarter of 2025 Acquisition of Villages Bancorporation, Inc.

On October 1, 2025, the Company completed its acquisition of VBI. This transformative transaction expands the Company’s presence in North Central Florida including The Villages® community, adding 19 branches. Full integration and system conversion activities are expected to be completed in the third quarter of 2026.

VBI enjoys the leading market share in the rapidly growing Villages MSA. VBI’s future growth potential and low loan-to-deposit ratio provide significant opportunity for expansive growth throughout the Seacoast footprint. 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 the second half of 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 third quarter of 2025 include strong growth in loans and deposits supporting improved net interest income. Seacoast continues to prudently manage expenses while strategically investing to support continued growth. Highlights for the third quarter of 2025 include:

• Net income of $36.5 million, or $0.42 per average diluted share, which includes $10.8 million in merger-related charges, increased $5.8 million, or 19%, compared to the third quarter of 2024.

• Adjusted net income 1 increased 48% compared to the third quarter of 2024 to $45.2 million, or $0.52 per share.

• Organic deposit growth of 7% annualized.

• Organic loan growth of 8% annualized.

• Net interest income of $133.5 million, increased $6.6 million, or 5%, compared to the second quarter of 2025.

• Net interest margin, excluding accretion on acquired loans, expanded three basis points to 3.32% compared to the second quarter of 2025.

• Tangible book value per share of $17.61 increased 9% year over year, well overcoming the dilutive impact of the Heartland acquisition.

• Strong capital position, with a Tier 1 capital ratio of 14.5% 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.

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For the third quarter of 2025, the Company reported net income of $36.5 million, or $0.42 per average diluted share, a decrease of $6.2 million, or 15%, from the second quarter of 2025 and an increase of $5.8 million, or 19%, compared to the third quarter of 2024. Adjusted net income 1 for the third quarter of 2025 totaled $45.2 million, or $0.52 per average diluted share, an increase of $0.7 million, or 2%, compared to the second quarter of 2025 and an increase of $14.7 million, or 48%, compared to the third quarter of 2024.

For the nine months ended September 30, 2025, net income totaled $110.6 million, or $1.28 per average diluted share, an increase of $23.7 million, or 27%, compared to the nine months ended September 30, 2024. For the nine months ended September 30, 2025, adjusted net income 1 totaled $121.7 million, or $1.41 per average diluted share, an increase of 32%, compared to $91.9 million, or $1.08 per average diluted share, for the nine months ended September 30, 2024.


	Third		Second		Third		Nine Months Ended September 30,
	Quarter		Quarter		Quarter
	2025		2025		2024		2025		2024
Return on average assets	0.88	%	1.08	%	0.81	%	0.93	%	0.78	%
Return on average tangible assets	1.04	%	1.24	%	0.99	%	1.09	%	0.96	%
Return on average tangible shareholders’ equity	10.70		12.82		10.31		11.23		10.21

Efficiency ratio	60.66		56.95		59.84		59.29		62.24

Adjusted return on average assets 1	1.09	%	1.13	%	0.81	%	1.02	%	0.83	%
Adjusted return on average tangible assets 1	1.26	%	1.29	%	0.98	%	1.19	%	1.01	%
Adjusted return on average tangible shareholders’ equity 1	12.98		13.31		10.27		12.25		10.72

Adjusted efficiency ratio 1	53.84		55.36		59.84		56.13		60.39
1 Non-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 third quarter of 2025 totaled $133.5 million, an increase of $6.6 million, or 5%, compared to the second quarter of 2025, and an increase of $26.8 million, or 25%, compared to the third quarter of 2024. For the nine months ended September 30, 2025, net interest income totaled $378.8 million, an increase of $62.7 million, or 20%, compared to the nine months ended September 30, 2024. The increase was largely driven by growing loan and securities balances. Interest income on loans increased by $4.8 million in the third quarter of 2025, reflecting continued strong loan production. Securities income increased $3.5 million, or 11%, with purchases during the nine months ended September 30, 2025 at higher yields. Included in loan interest income was accretion on acquired loans of $9.5 million in the third quarter of 2025, $10.6 million in the second quarter of 2025, and $9.2 million in the third quarter of 2024. Accretion on acquired loans totaled $28.3 million for the nine months ended September 30, 2025, compared to $30.0 million for the nine months ended September 30, 2024. Interest expense on deposits increased $2.5 million, or 6%, compared to the second quarter of 2025, and decreased $8.8 million, or 17%, compared to the third quarter of 2024. The increase from the second quarter of 2025 reflects higher balances through both organic growth and from the Heartland acquisition. Interest expense on borrowed money decreased $1.0 million, or 9%, compared to the second quarter of 2025, and increased $3.3 million, or 51%, compared to the third quarter of 2024. The decrease from the second quarter of 2025 reflects a partial repayment of wholesale borrowings during the third quarter of 2025. The increase from the third quarter of 2024 is largely due to higher short-term borrowings used to fund strategic purchases of securities in advance of the Heartland and VBI acquisitions.

Net interest margin (on a FTE basis) 1 decreased one basis point to 3.57% in the third quarter of 2025, compared to 3.58% in the second quarter of 2025, and expanded 40 basis points from 3.17% in the third quarter of 2024, largely driven by lower deposit costs. Compared to the second quarter of 2025, securities yields increased five basis points in the third quarter of 2025 to 3.92% and increased 17 basis points from the third quarter of 2024. The yield on loans decreased to 5.96% for the third quarter of 2025, a decrease of two basis points from the second quarter of 2025 and increased two basis points from the third quarter of 2024. The effect on net interest margin of accretion of purchase discounts on acquired loans was an increase of 25 basis points for the third quarter of 2025, 29 basis points in the second quarter of 2025, and 27 basis points in the third quarter of 2024. The cost of deposits was 1.81% in the third quarter of 2025, compared to 1.80% in the second quarter of 2025, and 2.34% in the third quarter of 2024. The cost of funds was 1.96% in the third quarter of 2025, compared to 1.99% in the second quarter of 2025, and 2.43% in the third quarter of 2024.

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

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For the nine months ended September 30, 2025, net interest margin (on a FTE basis) 1 increased 35 basis points to 3.55% compared to the nine months ended September 30, 2024, largely driven by lower deposit costs. The yield on securities was 3.89% for the nine months ended September 30, 2025, compared to 3.65% for the nine months ended September 30, 2024. The yield on total loans increased from 5.93% for the nine months ended September 30, 2024 to 5.95% for the nine months ended September 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 nine months ended September 30, 2025, compared to 30 basis points for the nine months ended September 30, 2024. The cost of deposits was 1.85% for the nine months ended September 30, 2025, a decrease of 43 basis points compared to the nine months ended September 30, 2024. The cost of funds was 2.00% for the nine months ended September 30, 2025, a decrease of 38 basis points compared to the nine months ended September 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 Income 1		Net Interest Margin 1		Yield on Earning Assets 1		Rate on Interest Bearing Liabilities
Third quarter 2025	$	133,906	3.57	%	5.42	%	2.63	%
Second quarter 2025	127,295		3.58	%	5.45	%	2.66	%
Third quarter 2024	106,975		3.17	%	5.46	%	3.32	%

Nine months ended September 30, 2025	380,058		3.55	%	5.43	%	2.68	%
Nine months ended September 30, 2024	316,930		3.19	%	5.44	%	3.28	%
1 On 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 $246.1 million, or 2%, for the third quarter of 2025 compared to the second quarter of 2025, and increased $676.3 million, or 7%, from the third quarter of 2024. For the nine months ended September 30, 2025, average loans increased $527.6 million, or 5%, from the nine months ended September 30, 2024.

Average loans as a percentage of average earning assets totaled 73% for the third quarter of 2025, 74% for the second quarter of 2025, and 75% for the third quarter of 2024. For the nine months ended September 30, 2025, average loans as a percentage of average earning assets totaled 74%, compared to 76% for the nine months ended September 30, 2024.

During the third quarter of 2025, average investment securities increased $280.9 million, or 8.3%, compared to the second quarter of 2025, and increased $888.8 million, or 32.2%, compared to the third quarter of 2024. Securities yields increased five basis points to 3.92% during the third quarter of 2025 from 3.87% in the second quarter of 2025. For the nine months ended September 30, 2025, average investment securities were $3.4 billion, an increase of $707.6 million compared to the nine months ended September 30, 2024.

The cost of average interest-bearing liabilities decreased three basis points in the third quarter of 2025 to 2.63% from 2.66% in the second quarter of 2025 and decreased 69 basis points from 3.32% in the third quarter of 2024. The cost of average total deposits (including noninterest bearing demand deposits) was 1.81% in the third quarter of 2025, 1.80% in the second quarter of 2025, and 2.34% in the third quarter of 2024. For the nine months ended September 30, 2025, the cost of average total deposits (including noninterest bearing demand deposits) was 1.85% compared to 2.28% for the nine months ended September 30, 2024.

During the third quarter of 2025, average transaction deposits (noninterest and interest-bearing demand) increased $189.4 million compared to the second quarter of 2025, and increased $330.7 million, or 6%, compared to the third quarter of 2024. For the nine months ended September 30, 2025, average transaction deposits decreased $14.8 million compared to the nine months ended September 30, 2024. The Company’s deposit mix remains favorable, with 86% of average deposit balances comprised of savings, money market, and demand deposits for the nine months ended September 30, 2025.

Average balances of sweep repurchase agreements with customers increased $38.4 million, or 21%, from the second quarter of 2025, and decreased $16.8 million, or 7%, compared to the third quarter of 2024. The average rate on customer sweep repurchase accounts was 2.40% for the third quarter of 2025, compared to 2.62% for the second quarter of 2025, and 3.37% for the third quarter of 2024. For the nine months ended September 30, 2025, the average balance was $203.9 million, compared to an average balance of $289.2 million for the nine months ended September 30, 2024 with average rates of 2.58% and 3.61%, respectively.

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The Company had an average balance of $637.8 million in FHLB borrowings outstanding for the third quarter of 2025, with an average interest rate of 4.17%, compared to $724.2 million for the second quarter of 2025, with an average interest rate of 4.32%, and $237.9 million for the third quarter of 2024, with an average interest rate of 4.26%. The Company had an average balance of $582.6 million in FHLB borrowings outstanding for the nine months ended September 30, 2025, with an average interest rate of 4.27%, compared to $163.5 million for the nine months ended September 30, 2024, with an average interest rate of 4.17%.

Long-term debt balances averaged $107.4 million in the third quarter of 2025, $107.2 million in the second quarter of 2025, and $106.7 million in the third quarter of 2024. The average rate on long-term debt for the third quarter of 2025 was 6.33%, a decrease of seven basis points compared to the second quarter of 2025 and a decrease of 72 basis points compared to the third quarter of 2024. For the nine months ended September 30, 2025, long-term debt averaged $107.2 million, compared to $106.5 million for the nine months ended September 30, 2024. The average rate on long-term debt for the nine months ended September 30, 2025 was 6.39%, a decrease of 74 basis points compared to the nine months ended September 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 Rates 1

		2025												2024
		Third Quarter						Second Quarter						Third Quarter
		Average				Yield/		Average				Yield/		Average				Yield/
(In thousands, except ratios)		Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Earning assets:
Securities:
Taxable	`	$	3,644,261	$	35,975	3.92	%	$	3,364,825	$	32,479	3.87	%	$	2,756,502	$	25,963	3.75	%
Nontaxable		6,752		54		3.17		5,321		40		3.02		5,701		42		2.93
Total Securities		3,651,013		36,029		3.92		3,370,146		32,519		3.87		2,762,203		26,005		3.75

Federal funds sold		258,779		2,896		4.44		183,268		2,041		4.47		433,423		5,906		5.42
Interest bearing deposits with other banks and other investments		166,683		1,884		4.48		137,726		1,720		5.01		102,700		1,232		4.77
Total Loans, net		10,805,143		162,341		5.96		10,558,997		157,499		5.98		10,128,822		151,282		5.94
Total Earning Assets		14,881,618		203,150		5.42		14,250,137		193,779		5.45		13,427,148		184,425		5.46

Allowance for credit losses		(144,051)						(141,442)						(141,974)
Cash and due from banks		166,884						152,562						167,103
Premises and equipment, net		114,719						108,206						109,699
Intangible assets		827,294						796,431						812,761
BOLI		321,754						312,384						304,703
Other assets including deferred tax assets		317,799						322,916						317,406
Total Assets		$	16,486,017					$	15,801,194					$	14,996,846

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand		$	2,671,750	$	10,623	1.58	%	$	2,622,944	$	10,249	1.57	%	$	2,489,674	$	12,905	2.06	%
Savings		617,479		1,111		0.71		545,718		881		0.65		546,473		601		0.44
Money market		4,362,662		31,393		2.85		4,122,147		29,505		2.87		3,942,357		38,457		3.88
Time deposits		1,826,068		16,341		3.55		1,700,128		15,120		3.57		1,716,720		19,002		4.40
Securities sold under agreements to repurchase		224,328		1,359		2.40		185,977		1,214		2.62		241,083		2,044		3.37
FHLB borrowings		637,826		6,703		4.17		724,231		7,803		4.32		237,935		2,549		4.26
Long-term debt, net		107,372		1,714		6.33		107,208		1,712		6.41		106,706		1,892		7.05
Total Interest-Bearing Liabilities		10,447,485		69,244		2.63		10,008,353		66,484		2.66		9,280,948		77,450		3.32
Noninterest demand		3,541,749						3,401,138						3,393,110
Other liabilities		151,550						139,495						154,344
Total Liabilities		14,140,784						13,548,986						12,828,402

Shareholders’ equity		2,345,233						2,252,208						2,168,444

Total Liabilities & Equity		$	16,486,017					$	15,801,194					$	14,996,846

Cost of deposits						1.81	%					1.80	%					2.34	%
Cost of funds 2						1.96	%					1.99	%					2.43	%
Interest expense as a % of earning assets						1.85	%					1.87	%					2.29	%
Net interest income as a % of earning assets				$	133,906	3.57	%			$	127,295	3.58	%			$	106,975	3.17	%

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



Average Balances, Interest Income and Expenses, Yields and Rates 1

	2025						2024
	Nine Months Ended September 30,						Nine Months Ended September 30,
	Average				Yield/		Average				Yield/
(In thousands, except ratios)	Balance		Interest		Rate		Balance		Interest		Rate
Assets
Earning assets:
Securities:
Taxable	$	3,362,823	$	97,835	3.89	%	$	2,655,422	$	72,511	3.65	%
Nontaxable	5,841		136		3.11		5,677		123		2.89
Total Securities	3,368,664		97,971		3.89		2,661,099		72,634		3.65

Federal funds sold	235,825		7,882		4.47		438,089		17,929		5.47
Interest bearing deposits with other banks and other investments	136,760		4,858		4.75		102,415		3,721		4.85
Total Loans, net	10,584,090		470,812		5.95		10,056,466		446,108		5.93
Total Earning Assets	14,325,339		581,523		5.43		13,258,069		540,392		5.44

Allowance for credit losses	(141,285)						(145,579)
Cash and due from banks	159,428						167,424
Premises and equipment, net	110,548						110,929
Intangible assets	808,564						819,046
BOLI	314,700						302,220
Other assets including deferred tax assets	320,985						330,898
Total Assets	$	15,898,279					$	14,843,007

Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand	$	2,666,794	$	31,941	1.60	%	$	2,626,026	$	43,117	2.19	%
Savings	564,624		2,690		0.64		586,285		1,701		0.39
Money market	4,212,205		92,760		2.94		3,673,493		105,998		3.85
Time deposits	1,725,364		46,434		3.60		1,646,285		54,051		4.39
Securities sold under agreements to repurchase	203,943		3,930		2.58		289,181		7,806		3.61
FHLB borrowings	582,565		18,584		4.27		163,468		5,101		4.17
Long-term debt, net	107,207		5,126		6.39		106,538		5,688		7.13
Total Interest-Bearing Liabilities	10,062,702		201,465		2.68		9,091,276		223,462		3.28
Noninterest demand	3,413,252						3,468,790
Other liabilities	151,036						148,000
Total Liabilities	13,626,990						12,708,066

Shareholders' equity	2,271,289						2,134,941

Total Liabilities & Equity	$	15,898,279					$	14,843,007

Cost of deposits					1.85	%					2.28	%
Cost of funds 2					2.00	%					2.38	%
Interest expense as a % of earning assets					1.88	%					2.25	%
Net interest income as a % of earning assets			$	380,058	3.55	%			$	316,930	3.19	%

1 On 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. Cost of funds is calculated as total interest expense as a percentage of total interest-bearing liabilities and noninterest demand deposits.
2 Total interest expense as a percentage of total interest-bearing liabilities and noninterest demand deposits.

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Noninterest Income

Noninterest income totaled $23.8 million for the third quarter of 2025, a decrease of $0.7 million, or 3%, compared to the second quarter of 2025, and an increase of $0.1 million, or 1%, compared to the third quarter of 2024. Noninterest income totaled $70.5 million for the nine months ended September 30, 2025, an increase of $4.2 million, or 6%, compared to the nine months ended September 30, 2024.

Noninterest income is detailed as follows:


	Third		Second		Third		Nine Months Ended September 30,
	Quarter		Quarter		Quarter
(In thousands)	2025		2025		2024		2025		2024
Service charges on deposit accounts	$	6,194	$	5,540	$	5,412	$	16,914	$	15,714
Wealth management income	4,578		4,196		3,843		13,022		11,149
Interchange income	2,008		1,895		1,911		5,710		5,739
Mortgage banking fees	517		685		485		1,606		1,448
Insurance agency income	1,481		1,289		1,399		4,390		4,045
BOLI income	3,875		3,380		2,578		9,723		7,438
Other	6,006		7,497		7,864		19,760		20,455
	24,659		24,482		23,492		71,125		65,988
Securities (losses) gains, net	(841)		39		187		(606)		372
Total	$	23,818	$	24,521	$	23,679	$	70,519	$	66,360

Service charges on deposits were $6.2 million in the third quarter of 2025, compared to $5.5 million in the second quarter of 2025, and $5.4 million in the third quarter of 2024. For the nine months ended September 30, 2025, service charges on deposits totaled $16.9 million, an increase of $1.2 million, or 8%, compared to the nine months ended September 30, 2024. The Company’s investments in talent and significant market expansion have resulted in continued growth in treasury management services to commercial customers.

Wealth management income, including trust fees and brokerage commissions and fees, was $4.6 million in the third quarter of 2025, an increase of $0.4 million, or 9%, from the second quarter of 2025 and an increase of $0.7 million, or 19%, compared to the third quarter of 2024. For the nine months ended September 30, 2025, wealth management income totaled $13.0 million, an increase of $1.9 million, or 17%, compared to the nine months ended September 30, 2024. The wealth management team saw record growth in building relationships, with assets under management increasing $414.1 million, or 20%, from December 31, 2024, to $2.5 billion at September 30, 2025.

Interchange income increased $0.1 million, or 6%, compared to the second quarter of 2025 and increased 5% compared to the third quarter of 2024. For the nine months ended September 30, 2025, interchange income remained flat at $5.7 million, compared to the nine months ended September 30, 2024.

Mortgage banking fees totaled $0.5 million, a decrease of $0.2 million, or 25%, compared to the second quarter of 2025 and remained flat compared to the third quarter of 2024.

Insurance agency income totaled $1.5 million in the third quarter of 2025, compared to $1.3 million in the second quarter of 2025, and $1.4 million in the third quarter of 2024. For the nine months ended September 30, 2025, insurance agency income totaled $4.4 million, an increase of $0.3 million, or 9%, compared to the nine months ended September 30, 2024, reflecting continued growth and expansion of insurance services.

BOLI income totaled $3.9 million for the third quarter of 2025, an increase of $0.5 million, or 15%, compared to the second quarter of 2025, and an increase of $1.3 million, or 50%, compared to the third quarter of 2024. The increases resulted from $1.3 million in death benefit payouts in the third quarter of 2025, compared to $0.9 million in the second quarter of 2025. For the nine months ended September 30, 2025, BOLI income totaled $9.7 million, an increase of $2.3 million, or 31%, compared to the nine months ended September 30, 2024.

Other income was $6.0 million in the third quarter of 2025, a decrease of $1.5 million, or 20%, compared to the second quarter of 2025, and a decrease of $1.9 million, or 24%, compared to the third quarter of 2024. For the nine months ended September 30, 2025, other income totaled $19.8 million, a decrease of $0.7 million, or 3%, compared to the nine months ended September 30, 2024. The second quarter of 2025 included $3.0 million in tax refunds received related to a prior bank acquisition. The

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resulting comparative decline was partially offset by higher gains on SBA loan sales and higher loan swap fees in the third quarter of 2025.

Net securities activity resulted in losses of $0.8 million during the third quarter of 2025, gains of $39.0 thousand in the second quarter of 2025 , and gains of $0.2 million in the third quarter of 2024. Net securities activity resulted in losses of $0.6 million and gains of $0.4 million, respectively, for the nine months ended September 30, 2025 and 2024.

Noninterest Expenses

Noninterest expense for the third quarter of 2025 totaled $102.0 million, an increase of $10.3 million, or 11%, compared to the second quarter of 2025, and an increase of $17.2 million, or 20%, from the third quarter of 2024. Merger-related charges totaled $10.8 million in the third quarter of 2025, compared to $2.4 million in the second quarter of 2025. For the nine months ended September 30, 2025, noninterest expense totaled $284.3 million, an increase of $26.6 million, or 10%, compared to the nine months ended September 30, 2024. Seacoast continues to prudently manage expenses while strategically investing to support continued growth. Noninterest expenses are detailed as follows:


	Third		Second		Third		Nine Months Ended September 30,
	Quarter		Quarter		Quarter
(In thousands)	2025		2025		2024		2025		2024

Salaries and wages	$	46,310	$	44,438	$	40,697	$	132,996	$	119,938
Employee benefits	7,387		8,106		6,955		24,354		21,705
Outsourced data processing costs	9,337		8,525		8,003		26,366		28,331
Occupancy	7,627		7,483		7,096		22,460		22,313
Furniture and equipment	2,233		2,125		2,060		6,486		6,027
Marketing	2,509		2,958		2,729		8,215		8,650
Legal and professional fees	1,674		2,071		2,708		6,485		6,841
FDIC assessments	2,414		2,108		1,882		6,716		6,171
Amortization of intangibles	6,005		5,131		6,002		16,445		18,297
OREO expense and net (gain) loss on sale	(346)		8		491		(97)		356
Provision for credit losses on unfunded commitments	150		150		250		450		751
Merger-related charges	10,808		2,422		—		14,281		—
Other	5,879		6,205		5,945		19,157		18,346
Total	$	101,987	$	91,730	$	84,818	$	284,314	$	257,726

Salaries and wages totaled $46.3 million for the third quarter of 2025, $44.4 million for the second quarter of 2025, and $40.7 million for the third quarter of 2024. For the nine months ended September 30, 2025, salaries and wages totaled $133.0 million, an increase of $13.1 million, or 11%, compared to the nine months ended September 30, 2024. The increases reflect the continued expansion of the Company’s footprint, including the completion of the acquisition of Heartland, and higher performance driven incentive compensation.

During the third 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 $7.4 million, a decrease of $0.7 million, or 9%, compared to the second quarter of 2025, and an increase of $0.4 million, or 6%, compared to the third quarter of 2024. For the nine months ended September 30, 2025, employee benefit costs totaled $24.4 million, an increase of $2.6 million, or 12%, compared to the nine months ended September 30, 2024, primarily due to the continued expansion of the Company’s footprint.

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 $9.3 million for the third quarter of 2025, $8.5 million for the second quarter of 2025, and $8.0 million for the third quarter of 2024. Increases reflect higher transaction volume and growth in customers, including from the acquisition of Heartland. For the nine months ended September 30, 2025, outsourced data processing costs totaled $26.4 million, a decrease of $2.0 million, or 7%, compared to the nine months ended September 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.

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Total occupancy and furniture and equipment expenses were $9.9 million in the third quarter of 2025, $9.6 million in the second quarter of 2025, and $9.2 million in the third quarter of 2024. For the nine months ended September 30, 2025, occupancy and furniture and equipment expenses totaled $28.9 million, an increase of $0.6 million, or 2%, compared to the nine months ended September 30, 2024. The increases are largely due to growth in the branch network.

Marketing expenses totaled $2.5 million in the third quarter of 2025, $3.0 million in the second quarter of 2025, and $2.7 million in the third quarter of 2024. For the nine months ended September 30, 2025, marketing expenses totaled $8.2 million, a decrease of $0.4 million, or 5%, compared to the nine months ended September 30, 2024.

Legal and professional fees for the third quarter of 2025 were $1.7 million, a decrease of $0.4 million, or 19%, compared to the second quarter of 2025, and a decrease of $1.0 million, or 38%, compared to the third quarter of 2024. For the nine months ended September 30, 2025, legal and professional fees totaled $6.5 million, a decrease of $0.4 million, or 5%, compared to the nine months ended September 30, 2024. Changes between periods are largely associated with the timing of various projects.

Merger-related charges were $10.8 million in the third quarter of 2025 and $2.4 million in the second quarter of 2025. There were no merger-related charges in the 2024 periods.

Provision for Credit Losses

The provision for credit losses was $8.4 million in the third quarter of 2025, compared to $4.4 million in the second quarter of 2025, and $6.3 million in the third quarter of 2024. The acquisition of Heartland resulted in a day-one provision of $1.9 million. For the nine months ended September 30, 2025, the provision for credit losses was $22.0 million, compared to $12.6 million for the nine months ended September 30, 2024. Allowance coverage of 1.34% remains flat compared to December 31, 2024.

Income Taxes

For the third quarter of 2025, the Company recorded tax expense of $10.5 million, a decrease of $2.1 million, or 17%, compared to the second quarter of 2025 and an increase of $1.9 million, or 22%, compared to the third quarter of 2024. The effective tax rate for the third quarter of 2025 was 22.3%, compared to 22.8% in the second quarter of 2025 and 21.9% in the third quarter of 2024. For the nine months ended September 30, 2025, tax expense totaled $32.4 million, an increase of $7.1 million, or 28%, compared to the nine months ended September 30, 2024, with an effective tax rate of 22.7% for the nine months ended September 30, 2025, compared to 22.6% for the nine months ended September 30, 2024.

New federal tax legislation was signed into law on July 4, 2025, which includes a broad range of tax reform provisions, and extends or makes permanent various tax provisions that were originally enacted in the 2017 Tax Cuts and Jobs Act. 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


	Third			Second			Third			Nine Months Ended September 30,
	Quarter			Quarter			Quarter
(Amounts in thousands, except per share data)	2025			2025			2024			2025			2024
Net income	$	36,467		$	42,687		$	30,651		$	110,618		$	86,901

Total noninterest income	23,818			24,521			23,679			70,519			66,360
Securities losses (gains), net	841			(39)			(187)			606			(372)

Total adjustments to noninterest income	841			(39)			(187)			606			(372)
Total adjusted noninterest income	$	24,659		$	24,482		$	23,492		$	71,125		$	65,988

Total noninterest expense	101,987			91,730			84,818			284,314			257,726
Merger-related charges	(10,808)			(2,422)			—			(14,281)			—

Branch reductions and other expense initiatives	—			—			—			—			(7,094)
Adjustments to noninterest expense	(10,808)			(2,422)			—			(14,281)			(7,094)
Adjusted noninterest expense	$	91,179		$	89,308		$	84,818		$	270,033		$	250,632

Income taxes	10,461			12,589			8,602			32,436			25,341
Tax effect of adjustments	2,952			604			(47)			3,773			1,703
Adjusted income taxes	13,413			13,193			8,555			36,209			27,044
Adjusted net income	$	45,164		$	44,466		$	30,511		$	121,732		$	91,920

Earnings per diluted share, as reported	$	0.42		$	0.50		$	0.36		$	1.28		$	1.02
Adjusted earnings per diluted share	0.52			0.52			0.36			1.41			1.08
Average diluted shares outstanding	87,425			85,479			85,069			86,154			84,915

Adjusted noninterest expense	$	91,179		$	89,308		$	84,818		$	270,033		$	250,632
Provision for credit losses on unfunded commitments	(150)			(150)			(250)			(450)			(751)
OREO expense and net gain (loss) on sale	346			(8)			(491)			97			(356)
Amortization of intangibles	(6,005)			(5,131)			(6,002)			(16,445)			(18,297)
Net adjusted noninterest expense	$	85,370		$	84,019		$	78,075		$	253,235		$	231,228

Net adjusted noninterest expense	$	85,370		$	84,019		$	78,075		$	253,235		$	231,228
Average tangible assets	15,658,723			15,004,763			14,184,085			15,089,715			14,023,961
Net adjusted noninterest expense to average tangible assets	2.16		%	2.25		%	2.19		%	2.24		%	2.20		%

Net revenue	$	157,286		$	151,385		$	130,344		$	449,368		$	382,527
Total adjustments to net revenue	841			(39)			(187)			606			(372)
Impact of FTE adjustment	438			431			310			1,209			763
Adjusted net revenue on a FTE basis	$	158,565		$	151,777		$	130,467		$	451,183		$	382,918
Adjusted efficiency ratio	53.84		%	55.36		%	59.84		%	56.13		%	60.39		%

Net interest income	$	133,468		$	126,864		$	106,665		$	378,849		$	316,167
Impact of FTE adjustment	438			431			310			1,209			763
Net interest income including FTE adjustment	133,906			127,295			106,975			380,058			316,930
Total noninterest income	23,818			24,521			23,679			70,519			66,360
Total noninterest expense less provision for credit losses on unfunded commitments	101,837			91,580			84,568			283,864			256,975
Pre-tax pre-provision earnings	55,887			60,236			46,086			166,713			126,315

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	Third			Second			Third			Nine Months Ended September 30,
	Quarter			Quarter			Quarter
(Amounts in thousands, except per share data)	2025			2025			2024			2025			2024
Total adjustments to noninterest income	841			(39)			(187)			606			(372)
Total adjustments to noninterest expense including OREO expense and net loss on sale	10,462			2,430			491			14,184			7,450
Adjusted pre-tax pre-provision earnings	$	67,190		$	62,627		$	46,390		$	181,503		$	133,393

Average assets	16,486,017			15,801,194			14,996,846			15,898,279			14,843,007
Less average goodwill and intangible assets	(827,294)			(796,431)			(812,761)			(808,564)			(819,046)
Average tangible assets	$	15,658,723		$	15,004,763		$	14,184,085		$	15,089,715		$	14,023,961

Return on average assets (ROA)	0.88		%	1.08		%	0.81		%	0.93		%	0.78		%
Impact of other adjustments for adjusted net income	0.21			0.05			—			0.09			0.05
Adjusted ROA	1.09			1.13			0.81			1.02			0.83

ROA	0.88			1.08			0.81			0.93			0.78
Impact of removing average intangible assets and related amortization	0.16			0.16			0.18			0.16			0.18
Return on average tangible assets (ROTA)	1.04			1.24			0.99			1.09			0.96
Impact of other adjustments for adjusted net income	0.22			0.05			(0.01)			0.10			0.05
Adjusted ROTA	1.26		%	1.29		%	0.98		%	1.19		%	1.01		%

Average shareholders’ equity	$	2,345,233		$	2,252,208		$	2,168,444		$	2,271,289		$	2,134,941
Less average goodwill and intangible assets	(827,294)			(796,431)			(812,761)			(808,564)			(819,046)
Average tangible equity	$	1,517,939		$	1,455,777		$	1,355,683		$	1,462,725		$	1,315,895

Return on average shareholders’ equity	6.17		%	7.60		%	5.62		%	6.51		%	5.44		%
Impact of removing average intangible assets and related amortization	4.53			5.22			4.69			4.72			4.77
Return on average tangible common equity (ROTCE)	10.70			12.82			10.31			11.23			10.21
Impact of other adjustments for adjusted net income	2.28			0.49			(0.04)			1.02			0.51
Adjusted ROTCE	12.98		%	13.31		%	10.27		%	12.25		%	10.72		%

Loan interest income 1	$	162,341		$	157,499		$	151,282		$	470,812		$	446,108
Accretion on acquired loans	(9,543)			(10,583)			(9,182)			(28,347)			(29,955)
Loan interest income excluding accretion on acquired loans 1	$	152,798		$	146,916		$	142,100		$	442,465		$	416,153

Yield on loans 1	5.96		%	5.98		%	5.94		%	5.95		%	5.93		%
Impact of accretion on acquired loans	(0.35)			(0.40)			(0.36)			(0.36)			(0.40)
Yield on loans excluding accretion on acquired loans 1	5.61		%	5.58		%	5.58		%	5.59		%	5.53		%

Net interest income 1	$	133,906		$	127,295		$	106,975		$	380,058		$	316,930
Accretion on acquired loans	(9,543)			(10,583)			(9,182)			(28,347)			(29,955)
Net interest income excluding accretion on acquired loans 1	$	124,363		$	116,712		$	97,793		$	351,711		$	286,975

Net interest margin 1	3.57		%	3.58		%	3.17		%	3.55		%	3.19		%
Impact of accretion on acquired loans	(0.25)			(0.29)			(0.27)			(0.27)			(0.30)
Net interest margin excluding accretion on acquired loans 1	3.32		%	3.29		%	2.90		%	3.28		%	2.89		%

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	Third		Second		Third		Nine Months Ended September 30,
	Quarter		Quarter		Quarter
(Amounts in thousands, except per share data)	2025		2025		2024		2025		2024
Securities interest income 1	$	36,029	$	32,519	$	26,005	$	97,971	$	72,634
FTE adjustment to securities	(10)		(7)		(8)		(25)		(22)
Securities interest income excluding FTE adjustment	36,019		32,512		25,997		97,946		72,612

Loan interest income 1	162,341		157,499		151,282		470,812		446,108
FTE adjustment to loans	(428)		(424)		(302)		(1,184)		(741)
Loan interest income excluding FTE adjustment	161,913		157,075		150,980		469,628		445,367

Net interest income 1	133,906		127,295		106,975		380,058		316,930
FTE adjustments to securities	(10)		(7)		(8)		(25)		(22)
FTE adjustments to loans	(428)		(424)		(302)		(1,184)		(741)
Net interest income excluding FTE adjustments	$	133,468	$	126,864	$	106,665	$	378,849	$	316,167
1 On a FTE basis. All yields and rates have been computed using amortized cost.

Financial Condition

Total assets as of September 30, 2025 were $16.7 billion, an increase of $1.5 billion, or 10%, from December 31, 2024. The increase includes organic growth and the acquisition of Heartland on July 11, 2025, which added $823.5 million in assets.

Securities

Information related to yields, maturities, carrying values, and fair value of the Company’s securities is set forth in “Note 3 – Securities” in this report.

At September 30, 2025, the Company had $3.2 billion in AFS securities and $598.6 million in HTM securities. The Company’s total debt securities portfolio increased $949.0 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 and VBI acquisitions.

Debt securities generally return principal and interest monthly. The modified duration of the AFS securities portfolio and the total portfolio was 4.9 and 5.1, respectively, at September 30, 2025, compared to 4.7 and 4.9, respectively, at December 31, 2024.

At September 30, 2025, AFS securities had gross unrealized losses of $155.1 million and gross unrealized gains of $34.9 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 $3.5 billion, or 91%, of the total portfolio at September 30, 2025.

The portfolio includes $103.8 million, with a fair value of $98.6 million, in private label residential mortgage-backed securities and collateralized mortgage obligations with weighted-average credit support of 22%. The collateral underlying these mortgage investments includes both fixed-rate and adjustable-rate residential mortgage loans.

The Company also has invested $216.8 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 September 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.

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.

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At September 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 September 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 $11.0 billion at September 30, 2025, a $664.2 million, or 6.4%, 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 $435 thousand, and the average commercial loan size is $871 thousand at September 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 September 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”.


	September 30, 2025
(In thousands)	Portfolio Loans		Acquired Non-PCD Loans		PCD Loans		Total		% to Total Loans
Construction and land development	$	568,687	$	47,229	$	559	$	616,475	6	%
CRE - owner occupied	1,421,755		446,548		30,401		1,898,704		17
CRE - non-owner occupied	2,676,504		1,011,812		78,225		3,766,541		34
Residential real estate	1,984,910		697,079		12,805		2,694,794		25
Commercial and financial	1,622,971		172,431		12,530		1,807,932		16
Consumer	140,785		38,642		300		179,727		2
Totals	$	8,415,612	$	2,413,741	$	134,820	$	10,964,173	100	%


	December 31, 2024
(In thousands)	Portfolio Loans		Acquired Non-PCD Loans		PCD Loans		Total		% to Total Loans
Construction and land development	$	568,148	$	79,370	$	535	$	648,053	6	%
CRE - owner occupied	1,177,538		477,459		31,632		1,686,629		16
CRE - non-owner occupied	2,243,056		1,156,849		103,903		3,503,808		34
Residential real estate	1,882,955		719,589		14,241		2,616,785		26
Commercial and financial	1,424,689		199,146		27,519		1,651,354		16
Consumer	155,786		37,282		253		193,321		2
Totals	$	7,452,172	$	2,669,695	$	178,083	$	10,299,950	100	%

The amortized cost basis of loans included net deferred costs of $46.3 million at September 30, 2025 and $43.9 million at December 31, 2024. At September 30, 2025, the remaining fair value adjustments on acquired loans were $102.2 million, or 3.9%, 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 $31.6 million, or 5%, totaling $616.5 million at September 30, 2025, compared to December 31, 2024. These loans, extended to both commercial and consumer customers, are collateralized by and for the purpose of funding land development and construction projects. Repayment is from the proceeds of the sale, refinancing, or permanent financing of the property.

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CRE owner occupied loans totaled $1.9 billion at September 30, 2025, an increase of $212.1 million, or 13% 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 $262.7 million, totaling $3.8 billion at September 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 September 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 industrial or warehouse properties, which totaled $628.2 million at September 30, 2025, with an average loan size of $2.7 million, reflecting continued demand for logistics, distribution, and manufacturing space. The next largest segment in the non-owner occupied CRE portfolio is office properties, which totaled $547.1 million at September 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 $437.0 million collateralized by multi-family residential properties, $282.6 million collateralized by hotels or motels, and $600.0 million collateralized by other property types, including restaurants, schools and recreation centers.

Residential real estate loans increased $78.0 million to $2.7 billion at September 30, 2025. Included in the balance as of September 30, 2025, were $1.0 billion of fixed rate mortgages, $1.0 billion of adjustable rate mortgages, and $651.9 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 September 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 $156.6 million, or 9%, from December 31, 2024, totaling $1.8 billion at September 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 $13.6 million, or 7%, to total $179.7 million at September 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.


	Third		Second		Third
	Quarter		Quarter		Quarter
(In thousands)	2025		2025		2024
Commercial/CRE loan pipeline at period end	$	1,134,119	$	861,237	$	773,492
Commercial/CRE loans closed	757,912		715,271		518,041

Residential pipeline - saleable at period end	21,320		14,371		11,222
Residential loans - sold	20,216		26,362		23,200

Residential pipeline - portfolio at period end	19,869		29,160		21,920
Residential loans - retained	56,807		58,201		51,507

Consumer pipeline at period end	20,336		16,174		24,447
Consumer originations	58,638		53,784		65,140

Commercial and CRE originations during the third quarter of 2025 were $0.8 billion, an increase of $42.6 million, or 6%, compared to the second quarter of 2025, and an increase of $239.9 million, or 46%, compared to the third quarter of 2024. Commercial and CRE pipelines were $1.1 billion as of September 30, 2025, an increase of $272.9 million, or 32%, from $861.2 million at June 30, 2025, and an increase of 47% from $773.5 million at September 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 and national banks across its markets.

Residential loans originated for sale in the secondary market totaled $20.2 million in the third quarter of 2025, compared to $26.4 million in the second quarter of 2025 and $23.2 million in the third quarter of 2024. Residential saleable pipelines were $21.3 million as of September 30, 2025, compared to $14.4 million as of June 30, 2025 and $11.2 million as of September 30, 2024.

Residential loan production retained in the portfolio for the third quarter of 2025 was $56.8 million, compared to $58.2 million in the second quarter of 2025 and $51.5 million in the third quarter of 2024. The pipeline of residential loans intended to be retained in the portfolio was $19.9 million as of September 30, 2025, compared to $29.2 million as of June 30, 2025, and $21.9 million as of September 30, 2024.

Consumer originations, which include HELOCs, totaled $58.6 million during the third quarter of 2025, compared to $53.8 million in the second quarter of 2025 and $65.1 million in the third quarter of 2024. The consumer pipeline was $20.3 million as of September 30, 2025, compared to $16.2 million as of June 30, 2025 and $24.4 million at September 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 $3.2 billion, representing 29% of the total portfolio at September 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 September 30, 2025 aggregated to $569.5 million, of which $532.0 million was funded, compared to $547.5 million at December 31, 2024, of which $433.0 million was funded.

Concentrations in construction and land development loans and CRE loans are maintained well below regulatory guidelines. Construction and land development and CRE loan concentrations as a percentage of subsidiary bank total risk-based capital were 34% and 236%, respectively, at September 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 32% and 223%, respectively, of total consolidated risk-based capital as of September 30, 2025, compared to 36% and 224%, respectively, at December 31, 2024. To determine these ratios, the Company defines CRE

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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 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 September 30, 2025 totaled $65.6 million, and were comprised of $60.6 million of nonaccrual loans, and $5.1 million of OREO, including $4.9 million of branches taken out of service. Overall, NPAs decreased $33.2 million, or 34%, from $98.9 million as of December 31, 2024. NPAs to total assets at September 30, 2025 decreased to 0.39% from 0.65% at December 31, 2024.

Compared to December 31, 2024, nonaccrual loans decreased $31.9 million, or 34%. Approximately 79% of nonaccrual loans were secured with real estate at September 30, 2025. Nonperforming loans to total loans outstanding at September 30, 2025 decreased to 0.55% from 0.90% at December 31, 2024.

The tables below set forth details related to nonaccrual loans.


	September 30, 2025
(In thousands)	Nonaccrual Loans With No Related Allowance		Nonaccrual Loans With an Allowance		Total Nonaccrual Loans
Construction and land development	$	1,319	$	1,836	$	3,155
CRE - owner occupied	13,837		5,403		19,240
CRE - non-owner occupied	11,504		1,138		12,642
Residential real estate	863		11,647		12,510
Commercial and financial	2,060		8,090		10,150
Consumer	—		2,865		2,865
Totals	$	29,583	$	30,979	$	60,562


	December 31, 2024
(In thousands)	Nonaccrual Loans With No Related Allowance		Nonaccrual Loans With an Allowance		Total 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 estate	6,462		17,432		23,894
Commercial and financial	2,703		17,806		20,509
Consumer	2,416		5,853		8,269
Totals	$	44,144	$	48,302	$	92,446

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

In certain circumstances, the Company provides modifications of loans to borrowers experiencing financial difficulty, which the Company refers to as TBMs. Loans that were modified as TBMs during the nine months ended September 30, 2025 are included in “Note 4 - Loans”.

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 economic conditions, and reasonable and supportable forecasts. The forecasts of future economic conditions are over a period that has been deemed reasonable and supportable, and in segments where it can no longer develop reasonable and supportable forecasts, the Company reverts to longer-term historical loss experience to estimate losses over the remaining life of the loans. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments.

The Company recorded provision expense of $8.4 million and $22.0 million, respectively, for the three and nine months ended September 30, 2025, compared to $6.3 million and $12.6 million, respectively, for the three and nine months ended September 30, 2024. The acquisition of Heartland resulted in a day-one provision of $1.9 million. The Company recorded net charge-offs of $3.2 million and $12.7 million, respectively, in the three and nine months ended September 30, 2025, compared to $7.4 million and $21.0 million, respectively, for the three and nine months ended September 30, 2024.

The ratio of allowance for credit losses to total loans was 1.34% at September 30, 2025, 1.34% at December 31, 2024, and 1.38% at September 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 $306.0 million at September 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 $5.0 billion at September 30, 2025, representing 38% 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 33% of total deposits at September 30, 2025. The Company has liquidity sources as discussed below, including cash and lines of credit with the FRB and FHLB, that represent 129% of uninsured deposits, and 149% of uninsured and uncollateralized deposits.

In addition to $306.0 million in cash and cash equivalents at September 30, 2025, the Company had $6.1 billion in available borrowing capacity, including $3.4 billion in available collateralized lines of credit, $2.3 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 September 30, 2025 totaled $189.6 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

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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 third quarter of 2025, Seacoast Bank distributed $110.7 million to the Company. At September 30, 2025, the Company had cash and cash equivalents at the parent of approximately $99.5 million, compared to $95.8 million at December 31, 2024.

Deposits and Borrowings

Customer relationship funding is detailed in the following table for the periods specified:




(In thousands, except ratios)	September 30, 2025			December 31, 2024
Noninterest demand	$	3,611,920		$	3,352,372
Interest-bearing demand	2,753,463			2,667,843
Money market	4,396,458			4,086,362
Savings	615,566			519,977
Time deposits	1,523,351			1,371,522
Brokered time certificates	$	189,561		$	244,351
Total deposits	$	13,090,319		$	12,242,427

Securities sold under agreements to repurchase	236,247			232,071

Total customer funding 1	$	13,137,005		$	12,180,860

Noninterest demand deposit mix	28		%	27		%
1 Total 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 $847.9 million, or 7%, to $13.1 billion at September 30, 2025, compared to December 31, 2024. The increase reflects growth in existing customer balances, the addition of new customers and the impact of the Heartland acquisition, which added $705.2 million in deposits during the third quarter of 2025.

Noninterest demand deposits represented 28% of total deposits at September 30, 2025 and 27% at December 31, 2024. Customer transaction account balances (noninterest demand and interest-bearing demand) represented 48% of total deposits at September 30, 2025, compared to 50% at December 31, 2024.

Customer repurchase agreements totaled $236.2 million at September 30, 2025, increasing $4.2 million, or 2%, 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 September 30, 2025 and December 31, 2024, long-term debt included $72.7 million and $72.5 million, respectively, related to trust preferred securities issued by trusts organized or acquired by the Company. At September 30, 2025, the average interest rate in effect on our outstanding subordinated debt related to trust preferred securities was 6.02%, 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.

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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. On October 30, 2025, this debt was redeemed and the unamortized premium was recorded to interest expense.

FHLB advances totaled $690.0 million at September 30, 2025 with a weighted-average interest rate of 4.04%, compared to advances outstanding of $245.0 million at December 31, 2024 with a weighted-average interest rate of 4.19%. The Company utilized short-term fixed-rate advances to fund securities purchases in 2025.

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 $3.2 billion at September 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 September 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 September 30, 2025, the maximum amount available for transfer from Seacoast Bank to the Company in the form of loans approximated $205.7 million, if the Company has sufficient acceptable collateral. There were no loans made to affiliates during the nine months ended September 30, 2025.

Capital Resources

The Company’s equity capital at September 30, 2025 increased $194.9 million, or 9%, from December 31, 2024 to $2.4 billion. Changes in equity included increases from net income, an improvement in accumulated other comprehensive loss due to increases in the value of AFS securities associated with changes in interest rates, and the issuance of common stock in the acquisition of Heartland, partially offset by the payment of common stock dividends.

The ratio of shareholders’ equity to period end total assets was 14.26% and 14.39% at September 30, 2025 and December 31, 2024, respectively. The ratio of tangible shareholders’ equity to tangible assets was 9.76% and 9.60% at September 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 9.30% at September 30, 2025 and 8.96% at December 31, 2024.

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Activity in shareholders’ equity for the nine months ended September 30, 2025 and 2024 follows:


(In thousands)	Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Balance at beginning of period	$	2,183,243	$	2,108,086
Net income	110,618		86,901
Stock-based compensation expense	11,445		10,233
Common stock transactions related to stock-based employee benefit plans	(1,289)		972
Issuance of common stock and conversion of options pursuant to acquisition	54,547		—
Repurchase of common stock	—		(880)
Dividends on common stock ($0.54 per share in each period)	(46,876)		(46,170)
Change in accumulated other comprehensive income (loss)	66,444		34,708
Balance at end of period	$	2,378,132	$	2,193,850

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”).


September 30, 2025	Seacoast (Consolidated)	Seacoast Bank	Minimum to be Well- Capitalized 1
Total Risk-Based Capital Ratio	15.90%	15.04%	10.00%
Tier 1 Capital Ratio	14.47	13.79	8.00
CET1 Ratio	13.87	13.79	6.50
Leverage Ratio	10.94	10.42	5.00
1 For 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 $115.9 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.

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

The Company has seven wholly owned trust subsidiaries that have issued trust preferred stock. Trust preferred securities from acquisitions were recorded at fair value when acquired. All trust preferred securities are guaranteed by the Company on a junior subordinated basis. The 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 October 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
	September 30, 2025
Change in Interest Rates	1-12 months	13-24 months
+3.00%	(5.2)%	1.6%
+2.00%	(2.4)%	2.1%
+1.00%	(0.4)%	1.8%
Current	—%	—%
-1.00%	1.0%	(1.6%)
-2.00%	3.5%	(2.1%)
-3.00%	6.9%	(2.4%)

The computations of interest rate risk do not necessarily include certain actions management may undertake to manage this risk in response to changes in interest rates. Management may adjust asset or liability pricing or structure in order to manage interest rate risk through an economic cycle. This may include the use of investment portfolio purchases or sales or the use of derivative financial instruments, such as interest rate swaps, options, caps, floors, futures or forward contracts.

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Effects of Inflation and Changing Prices

The condensed consolidated 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.

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Change in Interest Rates						% Change in
						Economic Value of
						Equity
+3.00%						(18.3)%
+2.00%						(11.3)%
+1.00%						(5.6)%
Current						—%
-1.00%						5.5%
-2.00%						9.4%
-3.00%						8.2%

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 September 30, 2025 and concluded that those disclosure controls and procedures are effective.

During the quarter ended September 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

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.

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

During the three months ended September 30, 2025, the Company repurchased shares of its common stock as indicated in the following table:


Period	Total Number of Shares Purchased 1	Average Price Paid Per Share		Total Number of Shares Purchased as part of Public Announced Plan	Maximum Value of Shares that May Yet be Purchased Under the Plan (in thousands)








7/1/25 to 7/31/25	8,028	$	28.65	—	$	100,000
8/1/25 to 8/31/25	—	—		—	100,000
9/1/25 to 9/30/25	—	—		—	100,000
Total - 3rd Quarter	8,028	$	28.65	—	$	100,000

1 Includes 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 September 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 September 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.

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

			Exhibit 3.2 Amended and Restated By-laws of the Company Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed October 26, 2020.

			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 September 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 September 30, 2025, formatted in Inline XBRL.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			SEACOAST BANKING CORPORATION OF FLORIDA


November 5, 2025			/s/ Charles M. Shaffer
			Charles M. Shaffer
			Chairman and Chief Executive Officer


November 5, 2025			/s/ Tracey L. Dexter
			Tracey L. Dexter
			Executive Vice President and Chief Financial Officer

TABLE OF CONTENTS

Part I. Financial Information Item 1. Financial Statements Note 1 Basis Of Presentation Note 2 Earnings Per Share Note 3 Securities Note 4 Loans Note 5 Allowance For Credit Losses Note 6 Derivatives Note 7 Securities Sold Under Agreements To Repurchase Note 8 Regulatory Capital Note 9 Contingent Liabilities Note 10 Fair Value Note 11 Business Combinations Note 12 Business Segment Note 13 Subsequent Event Item 2. Management S Discussion and Analysis Of Financial Condition and Results Of Operations Item 3. Quantitative and Qualitative Disclosures About Market Risk Item 4. Controls and Procedures Part II Other Information Item 1. Legal Proceedings Item 1A. Risk Factors Item 2. Unregistered Sales Of Equity Securities and Use Of Proceeds Item 3. Defaults Upon Senior Securities Item 4. Mine Safety Disclosures Item 5. Other Information Item 6. Exhibits

Exhibits

SBCF 10-Q Quarter ended Sept. 30, 2025

Exhibits