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Item 1. Financial Statements

2025-08-08 compared with 2025-05-07 · 290 added, 174 removed, 735 unchanged (39% of the section changed)

2 unchanged sentences

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(In thousands, except per share data) 2025 2024 2025 2024

19 unchanged sentences

24,482 22,228 46,466 42,496

Securities gains, net 196 229

Securities gains (losses), net 39 ( 44 ) 235 185

Total Noninterest Income 24,521 22,184 46,701 42,681

25 unchanged sentences

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(In thousands) Three Months Ended March 31,

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

(In thousands) Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Net Income $ 42,687 $ 30,244 $ 74,151 $ 56,250

Other comprehensive income (loss):

Unrealized gains (losses) on available-for-sale securities, net of tax expense of $ 8.6 million for the three months ended March 31, 2025, and net of tax benefit of $ 1.6 million for the three months ended March 31, 2024

Unrealized gains (losses) on AFS securities, net of tax expense of $ 3.9 million and $ 12.5 million for the three and six months ended June 30, 2025, and net of tax benefit of $ 1.2 million and $ 3.7 million for the three and six months ended June 30, 2024

12,127 ( 3,579 ) 39,554 ( 11,495 )

Amortization of unrealized gains on securities transferred to held-to-maturity, net of tax benefit of $ 3 thousand for each of the three months ended March 31, 2025 and 2024

Amortization of unrealized gains on securities transferred to HTM, net of tax benefit of $ 3 thousand and $ 7 thousand for the three and six months ended June 30, 2025, and net of tax benefit of $ 4 thousand and $ 7 thousand for the three and six months ended June 30, 2024

( 11 ) ( 10 ) ( 21 ) ( 21 )

Reclassification adjustment for losses included in net income, and net of tax benefit of $ 1.0 million for the three months ended March 31, 2024

Unrealized (losses) gains on derivatives designated as fair value hedges, net of reclassifications to income, net of tax benefit of $ 0.1 million for the three months ended March 31, 2025, and net of tax expense of $ 0.4 million for the three months ended March 31, 2024

Reclassification adjustment for losses included in net income, and net of tax benefit of $ 1.0 million for the six months ended June 30, 2024

Unrealized gains (losses) on derivatives designated as fair value hedges, net of reclassifications to income, net of tax expense of $ 0.1 million and $ 9 thousand for the three and six months ended June 30, 2025, and net of tax benefit of $ 0.2 million and tax expense $ 0.2 million for the three and six months ended June 30, 2024

297 ( 465 ) 27 578

4 unchanged sentences

CONSOLIDATED BALANCE SHEETS (Unaudited)

March 31, December 31,

June 30, 2025 December 31, 2024

(In thousands, except share data)

4 unchanged sentences

Debt securities:

Securities available-for-sale (at fair value) 2,627,959 2,226,543

Securities held-to-maturity (fair value $ 509.8 million at March 31, 2025 and $ 507.6 million at December 31, 2024)

Securities AFS (at fair value) 2,866,185 2,226,543

Securities HTM (fair value $ 503.2 million at June 30, 2025 and $ 507.6 million at December 31, 2024)

613,312 635,186

8 unchanged sentences

Other intangible assets, net 61,328 71,723

Bank owned life insurance 311,453 308,995

BOLI 312,860 308,995

Net deferred tax assets 87,328 102,989

9 unchanged sentences

Shareholders’ Equity

Common stock, par value $ 0.10 per share, authorized 120,000,000 shares, issued 86,333,738 and outstanding 85,618,257 at March 31, 2025, and authorized 120,000,000 , issued 86,284,017 and outstanding 85,567,712 shares at December 31, 2024

Common stock, par value $ 0.10 per share, authorized 120,000,000 shares, issued 86,730,472 and outstanding 85,947,551 at June 30, 2025, and authorized 120,000,000 , issued 86,284,017 and outstanding 85,567,712 shares

at December 31, 2024

Additional paid-in capital 1,832,158 1,824,935

10 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Three Months Ended March 31,

Six Months Ended June 30,

(In thousands) 2025 2024

13 unchanged sentences

Gains on sale of loans ( 3,025 ) ( 3,435 )

Losses (gains) on sale and write-downs of OREO 134 ( 26 )

Gains on sale of OREO, net of write-downs ( 109 ) ( 135 )

Losses on disposition of fixed assets and write-downs upon transfer of bank premises to OREO 94 289

1 unchanged sentence

Net (increase) decrease in other assets ( 11,699 ) 7,204

Net decrease in other liabilities ( 12,016 ) ( 11,129 )

Net increase (decrease) in other liabilities 809 ( 6,977 )

Net cash provided by operating activities $ 103,333 $ 81,535

11 unchanged sentences

Purchase of FHLB and Federal Reserve Bank stock ( 45,762 ) ( 17,538 )

Proceeds from BOLI death benefit 1,962 —

Proceeds from sale of Visa Class B shares — 4,104

4 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Three Months Ended March 31,

Six Months Ended June 30,

(In thousands) 2025 2024

2 unchanged sentences

Net decrease in repurchase agreements ( 45,981 ) ( 112,470 )

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 ( 30,000 ) ( 160,000 )

1 unchanged sentence

Stock-based employee benefit plans ( 1,425 ) ( 298 )

Repurchase of common stock — ( 880 )

Dividends paid ( 30,960 ) ( 30,750 )

Net cash provided by financing activities $ 646,805 $ 324,786

Net increase in cash and cash equivalents 23,965 235,542

Net (decrease) increase in cash and cash equivalents ( 144,179 ) 302,343

Cash and cash equivalents at beginning of period 476,607 447,182

2 unchanged sentences

Cash paid for interest $ 132,851 $ 144,396

Cash paid for taxes — —

Cash paid for taxes, net 5,380 5,888

Recognition of operating lease ROUAs, other than through bank acquisitions, net of terminations 7,796 —

6 unchanged sentences

CONSOLIDATED STATEMENTS OF SHAREHOLDERS ’ EQUITY (Unaudited)

Common Stock Paid-in

Common Stock Additional

Capital Retained

4 unchanged sentences

(In thousands) Shares Amount Total

Balance at March 31, 2025

85,618 $ 8,633 $ 1,828,234 $ 542,665 $ ( 19,072 ) $ ( 130,720 ) $ 2,229,740

Comprehensive income — — — 42,687 — 12,413 55,100

Stock-based compensation expense — — 3,958 — — — 3,958

Common stock transactions related to stock-based employee benefit plans 330 40 ( 34 ) — ( 1,720 ) — ( 1,714 )

Dividends on common stock ($ 0.18 per share)

— — — ( 15,519 ) — — ( 15,519 )

Three months ended June 30, 2025 330 40 3,924 27,168 ( 1,720 ) 12,413 41,825

Balance at June 30, 2025

85,948 $ 8,673 $ 1,832,158 $ 569,833 $ ( 20,792 ) $ ( 118,307 ) $ 2,271,565

Common Stock Additional

Capital Retained

Earnings Treasury

Stock Accumulated

Comprehensive

Income (Loss)

(In thousands) Shares Amount Total

Balance at December 31, 2024

5 unchanged sentences

— — — ( 30,960 ) — — ( 30,960 )

Three months ended March 31, 2025 50 5 3,299 16,023 23 27,147 46,497

Six months ended June 30, 2025 380 45 7,223 43,191 ( 1,697 ) 39,560 88,322

Balance at June 30, 2025

85,948 $ 8,673 $ 1,832,158 $ 569,833 $ ( 20,792 ) $ ( 118,307 ) $ 2,271,565

Common Stock Additional

Capital Retained

Earnings Treasury

Stock Accumulated

Comprehensive

Income (Loss)

(In thousands) Shares Amount Total

Balance at March 31, 2024

84,935 $ 8,494 $ 1,811,941 $ 478,017 $ ( 16,746 ) $ ( 163,956 ) $ 2,117,750

Common Stock Paid-in

Comprehensive income (loss) — — — 30,244 — ( 4,054 ) 26,190

Stock-based compensation expense — — 3,888 — — — 3,888

Common stock transactions related to stock-based employee benefit plans 404 36 ( 29 ) — ( 1,118 ) — ( 1,111 )

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

Dividends on common stock ($ 0.18 per share)

— — — ( 15,456 ) — — ( 15,456 )

Three months ended June 30, 2024 364 36 3,859 14,788 ( 1,998 ) ( 4,054 ) 12,631

Balance at June 30, 2024

85,299 $ 8,530 $ 1,815,800 $ 492,805 $ ( 18,744 ) $ ( 168,010 ) $ 2,130,381

Common Stock Additional

Capital Retained

5 unchanged sentences

Balance at December 31, 2023

84,861 $ 8,486 $ 1,808,883 $ 467,305 $ ( 16,710 ) $ ( 159,878 ) $ 2,108,086

Comprehensive income (loss) — — — 56,250 — ( 8,132 ) 48,118

1 unchanged sentence

Common stock transactions related to stock-based employee benefit plans 478 44 812 — ( 1,154 ) — ( 298 )

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

Dividends on common stock ($ 0.36 per share)

— — — ( 30,750 ) — — ( 30,750 )

Three months ended March 31, 2024 74 8 3,058 10,712 ( 36 ) ( 4,078 ) 9,664

Balance at March 31, 2024 84,935 $ 8,494 $ 1,811,941 $ 478,017 $ ( 16,746 ) $ ( 163,956 ) $ 2,117,750

Six months ended June 30, 2024 438 44 6,917 25,500 ( 2,034 ) ( 8,132 ) 22,295

Balance at June 30, 2024

85,299 $ 8,530 $ 1,815,800 $ 492,805 $ ( 18,744 ) $ ( 168,010 ) $ 2,130,381

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

4 unchanged sentences

GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X.

Accordingly, they do not include all of the information and footnotes required by U.S.

Accordingly, the financial statements do not include all of the information and footnotes required by U.S.

GAAP for complete financial statements.

1 unchanged sentence

Certain prior period amounts have been reclassified to conform to the current period presentation.

Operating results for the three months ended March 31, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025, or any other period.

Operating results for the three and six months ended June 30, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025, or any other period.

For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

18 unchanged sentences

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.

For the three months ended March 31, 2025, 327,620 options to purchase shares of the Company’s common stock were anti-dilutive.

For the three months ended March 31, 2024, 327,006 options to purchase shares of the Company’s common stock were anti-dilutive.

Three Months Ended March 31,

For the three and six months ended June 30, 2025, options to purchase shares of the Company’s common stock totaling 328,775 and 327,799 , respectively, were anti-dilutive.

For the three and six months ended June 30, 2024, options to purchase shares of the Company’s common stock totaling 327,805 and 328,166 , respectively, were anti-dilutive.

Three Months Ended June 30, Six Months Ended June 30,

(Dollars in thousands, except per share data) 2025 2024 2025 2024

Basic earnings per share

Net income $ 42,687 $ 30,244 $ 74,151 $ 56,250

1 unchanged sentence

Net income per share $ 0.50 $ 0.36 $ 0.87 $ 0.67

Diluted earnings per share

Net income $ 42,687 $ 30,244 $ 74,151 $ 56,250

Average common shares outstanding 84,903 84,341 84,776 84,260

Dilutive effect of restricted stock and stock options 740 362

Dilutive effect of employee restricted stock and stock options 576 475 678 539

Average diluted shares outstanding 85,479 84,816 85,454 84,799

1 unchanged sentence

Note 3 – Securities

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

March 31, 2025

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

June 30, 2025

(In thousands) Amortized

Gains Gross Unrealized

Available-for-Sale Debt Securities

AFS Debt Securities

Treasury securities and obligations of U.S.

5 unchanged sentences

Private mortgage-backed securities and collateralized mortgage obligations 113,420 281 ( 6,289 ) 107,412

Collateralized loan obligations 265,450 568 ( 639 ) 265,379

CLOs 257,962 540 ( 597 ) 257,905

Obligations of state and political subdivisions 7,141 — ( 1,400 ) 5,741

1 unchanged sentence

Totals $ 3,021,970 $ 17,641 $ ( 173,426 ) $ 2,866,185

Held-to-Maturity Debt Securities

HTM Debt Securities

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

7 unchanged sentences

Gains Gross Unrealized

Available-for-Sale Debt Securities

AFS Debt Securities

Treasury securities and obligations of U.S.

5 unchanged sentences

Private mortgage-backed securities and collateralized mortgage obligations 129,475 149 ( 8,382 ) 121,242

Collateralized loan obligations 278,342 788 ( 166 ) 278,964

CLOs 278,342 788 ( 166 ) 278,964

Obligations of state and political subdivisions 7,139 — ( 1,449 ) 5,690

1 unchanged sentence

Totals $ 2,434,389 $ 3,492 $ ( 211,338 ) $ 2,226,543

Held-to-Maturity Debt Securities

HTM Debt Securities

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

3 unchanged sentences

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

During the three months ended March 31, 2025, there were no sales of securities.

During the three months ended March 31, 2024, debt securities with a fair value of $ 86.8 million were sold, with gross losses of $ 3.8 million.

Included in “Securities

gains (losses), net” are increases of $ 0.2 million for the three months ended March 31, 2025, and decreases of $ 0.1 million, for the three months ended March 31, 2024 in the value of investments in mutual funds that invest in CRA-qualified debt securities.

At March 31, 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 March 31, 2025, by contractual maturity, are shown below.

During the three months ended June 30, 2025 and June 30, 2024, there were no sales of securities.

During the six months ended June 30, 2025, there were no sales of securities.

During the six months ended June 30, 2024, debt securities with a fair value of $ 86.8 million were sold, with gross losses of $ 3.8 million.

Included in “Securities gains (losses), net” are increases of $ 39 thousand and $ 0.2 million, respectively, for the three and six months ended June 30, 2025, and decreases of $ 44 thousand and $ 0.2 million, respectively, for the three and six months ended June 30, 2024 in the value of investments in mutual funds that invest in CRA-qualified debt securities.

At June 30, 2025, debt securities with a fair value of $ 1.4 billion were pledged primarily as collateral for public deposits and secured borrowings.

The amortized cost and fair value of securities HTM and AFS as of June 30, 2025, by contractual maturity, are shown below.

Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties.

13 unchanged sentences

Private mortgage-backed securities and collateralized mortgage obligations — — 113,420 107,412

Collateralized loan obligations — — 265,450 265,379

CLOs — — 257,962 257,905

Other debt securities — — 7,389 7,447

2 unchanged sentences

The tables below indicate the fair value of AFS debt securities with unrealized losses for which no allowance for credit losses has been recorded.

March 31, 2025

June 30, 2025

Less Than 12 Months 12 Months or Longer Total 1

10 unchanged sentences

Private mortgage-backed securities and collateralized mortgage obligations — — 89,909 ( 6,289 ) 89,909 ( 6,289 )

Collateralized loan obligations 91,511 ( 450 ) 30,396 ( 189 ) 121,907 ( 639 )

CLOs 108,779 ( 564 ) 7,427 ( 33 ) 116,206 ( 597 )

Obligations of state and political subdivisions 329 ( 7 ) 5,412 ( 1,393 ) 5,741 ( 1,400 )

14 unchanged sentences

Private mortgage-backed securities and collateralized mortgage obligations 7,178 ( 16 ) 101,242 ( 8,366 ) 108,420 ( 8,382 )

Collateralized loan obligations 43,410 ( 152 ) 7,596 ( 14 ) 51,006 ( 166 )

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 )

1 unchanged sentence

1 Comprised of 377 individual securities.

At March 31, 2025, the Company had unrealized losses of $ 0.4 million on U.S.

At June 30, 2025, the Company had unrealized losses of $ 0.4 million on U.S.

Treasury securities and obligations of U.S.

6 unchanged sentences

Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities.

Therefore, at March 31, 2025, no allowance for credit losses has been recorded.

At March 31, 2025, the Company had unrealized losses of $ 173.9 million on commercial and residential mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities having a fair value of $ 1.3 billion.

Therefore, at June 30, 2025, no allowance for credit losses has been recorded.

At June 30, 2025, the Company had unrealized losses of $ 164.8 million on commercial and residential mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities having a fair value of $ 1.2 billion.

These securities are either explicitly or implicitly guaranteed by the U.S.

2 unchanged sentences

Therefore, at March 31, 2025, no allowance for credit losses has been recorded.

At March 31, 2025, the Company had $ 7.0 million of unrealized losses on private label residential and commercial mortgage-backed securities and collateralized mortgage obligations having a fair value of $ 98.3 million.

Therefore, at June 30, 2025, no allowance for credit losses has been recorded.

At June 30, 2025, the Company had $ 6.3 million of unrealized losses on private label residential and commercial mortgage-backed securities and collateralized mortgage obligations having a fair value of $ 89.9 million.

The securities have weighted-average credit support of 22 %.

Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities.

Therefore, at March 31, 2025, no allowance for credit losses has been recorded.

At March 31, 2025, the Company had $ 0.6 million of unrealized losses in floating rate CLOs having a fair value of $ 121.9 million.

Therefore, at June 30, 2025, no allowance for credit losses has been recorded.

At June 30, 2025, the Company had $ 0.6 million of unrealized losses in floating rate CLOs having a fair value of $ 116.2 million.

CLOs are special purpose vehicles and those in which the Company has invested are nearly all first-lien, broadly syndicated corporate loans across a diversified band of industries while providing support to senior tranche investors.

As of March 31, 2025, all positions held by the Company are in AAA and AA tranches, with weighted-average credit support of 36 % and 28 %, respectively.

As of June 30, 2025, all positions held by the Company are in AAA and AA tranches, with weighted-average credit support of 37 % and 26 %, respectively.

The Company evaluates the securities for potential credit losses by modeling expected loan-level defaults, recoveries, and prepayments for each CLO security.

Therefore, at March 31, 2025, no allowance for credit losses has been recorded.

At March 31, 2025, the Company had $ 1.5 million of unrealized losses on municipal securities having a fair value of $ 5.6 million.

Therefore, at June 30, 2025, no allowance for credit losses has been recorded.

At June 30, 2025, the Company had $ 1.4 million of unrealized losses on municipal securities having a fair value of $ 5.7 million.

These securities are highly rated issuances of state or local municipalities, all of which are continuing to make timely contractual payments.

As a result, as of March 31, 2025, no allowance for credit losses has been recorded.

As a result, as of June 30, 2025, no allowance for credit losses has been recorded.

All HTM debt securities are issued by government-sponsored entities, which are either explicitly or implicitly guaranteed by the U.S.

1 unchanged sentence

The implied government guarantee of principal and interest payments, and the high credit rating of the HTM portfolio provide sufficient basis for the current expectation that there is no risk of loss if a default were to occur.

As a result, as of March 31, 2025, no allowance for credit losses has been recorded.

As a result, as of June 30, 2025, no allowance for credit losses has been recorded.

The Company has the intent and ability to hold these securities until maturity.

Included in Other Assets at March 31, 2025 and December 31, 2024 is $ 88.3 million and $ 77.3 million, respectively, of FHLB and FRB stock stated at par value.

Included in Other Assets at June 30, 2025 and December 31, 2024 is $ 100.2 million and $ 77.3 million, respectively, of FHLB and Federal Reserve Bank stock stated at par value.

The Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of these cost method investment securities.

Accrued interest receivable on AFS and HTM debt securities of $ 10.4 million and $ 1.0 million, respectively, at March 31, 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 $ 13.7 million and $ 13.5 million at March 31, 2025 and December 31, 2024, respectively.

Accrued interest receivable on AFS and HTM debt securities of $ 11.5 million and $ 1.0 million, respectively, at June 30, 2025, and $ 9.2 million and $ 1.0 million, respectively, at December 31, 2024, is included in Other Assets.

Also included in Other Assets are investments in CRA-qualified mutual funds carried at fair value of $ 13.8 million and $ 13.5 million at June 30, 2025 and December 31, 2024, respectively.

Note 4 – Loans

2 unchanged sentences

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.

• Commercial real estate - owner occupied:

• 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.

• Commercial real estate - non-owner occupied:

• 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.

1 unchanged sentence

• 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 home equity lines of credit.

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.

7 unchanged sentences

The segment includes both installment loans and lines of credit which may be collateralized or non-collateralized.

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

March 31, 2025

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

June 30, 2025

(In thousands) Portfolio Loans Acquired Non-PCD Loans PCD Loans Total

Construction and land development $ 561,128 $ 41,425 $ 526 $ 603,079

Commercial real estate - owner occupied 1,222,670 461,936 28,973 1,713,579

Commercial real estate - non-owner occupied 2,329,640 1,091,992 91,768 3,513,400

CRE - owner occupied 1,313,169 437,536 28,225 1,778,930

CRE - non-owner occupied 2,514,409 1,024,781 85,338 3,624,528

Residential real estate 1,976,802 687,933 13,307 2,678,042

5 unchanged sentences

Construction and land development $ 568,148 $ 79,370 $ 535 $ 648,053

Commercial real estate - owner occupied 1,177,538 477,459 31,632 1,686,629

Commercial real estate - non-owner occupied 2,243,056 1,156,849 103,903 3,503,808

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

2 unchanged sentences

Totals $ 7,452,172 $ 2,669,695 $ 178,083 $ 10,299,950

The amortized cost basis of loans included net deferred costs of $ 47.0 million at March 31, 2025 and $ 43.9 million at December 31, 2024.

At March 31, 2025, the remaining fair value adjustments on acquired loans were $ 119.5 million, or 4.3 % of the outstanding acquired loan balances, compared to $ 128.1 million, or 4.3 % of the acquired loan balances at December 31, 2024.

The amortized cost basis of loans included net deferred costs of $ 45.6 million at June 30, 2025 and $ 43.9 million at December 31, 2024.

At June 30, 2025, the remaining fair value adjustments on acquired loans were $ 108.5 million, or 4.1 % of the outstanding acquired loan balances, compared to $ 128.1 million, or 4.3 % of the acquired loan balances at December 31, 2024.

The discount is accreted into interest income over the remaining lives of the related loans on a level yield basis.

Accrued interest receivable is included within Other Assets and was $ 39.0 million and $ 38.1 million at March 31, 2025 and December 31, 2024, respectively.

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

March 31, 2025

Accrued interest receivable is included within Other Assets and was $ 39.0 million and $ 38.1 million at June 30, 2025 and December 31, 2024, respectively.

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

June 30, 2025

(In thousands) Current Accruing

4 unchanged sentences

Construction and land development $ 560,311 $ — $ — $ — $ 817 $ 561,128

Commercial real estate - owner occupied 1,214,804 5,723 — — 2,143 1,222,670

Commercial real estate - non-owner occupied 2,316,118 594 — — 12,928 2,329,640

CRE - owner occupied

1,301,534 838 — — 10,797 1,313,169

CRE - non-owner occupied

2,513,812 586 — — 11 2,514,409

Residential real estate 1,965,284 4,182 326 — 7,010 1,976,802

4 unchanged sentences

Construction and land development $ 40,782 $ 24 $ — $ — $ 619 $ 41,425

Commercial real estate - owner occupied 457,542 702 — — 3,692 461,936

Commercial real estate - non-owner occupied 1,089,164 63 — — 2,765 1,091,992

CRE - owner occupied

431,451 2,109 — 255 3,721 437,536

CRE - non-owner occupied

1,020,834 62 — — 3,885 1,024,781

Residential real estate 676,375 1,119 282 — 10,157 687,933

3 unchanged sentences

Construction and land development $ 40 $ — $ — $ — $ 486 $ 526

Commercial real estate - owner occupied 27,188 — — — 1,785 28,973

Commercial real estate - non-owner occupied 84,579 525 — — 6,664 91,768

CRE - owner occupied

26,481 — — — 1,744 28,225

CRE - non-owner occupied

76,852 2,098 — — 6,388 85,338

Residential real estate 12,486 — 166 — 655 13,307

10 unchanged sentences

Construction and land development $ 567,896 $ 127 $ — $ — $ 125 $ 568,148

Commercial real estate - owner occupied 1,172,287 3,083 — — 2,168 1,177,538

Commercial real estate - non-owner occupied 2,225,216 833 — — 17,007 2,243,056

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

4 unchanged sentences

Construction and land development $ 78,728 $ 8 $ 99 $ — $ 535 $ 79,370

Commercial real estate - owner occupied 473,118 2,414 — — 1,927 477,459

Commercial real estate - non-owner occupied 1,151,541 148 — — 5,160 1,156,849

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

3 unchanged sentences

Construction and land development $ 43 $ — $ — $ — $ 492 $ 535

Commercial real estate - owner occupied 26,987 — — — 4,645 31,632

Commercial real estate - non-owner occupied 96,188 — — — 7,715 103,903

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

6 unchanged sentences

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 $ 0.7 million and $ 0.2 million on nonaccrual loans during the three months ended March 31, 2025 and March 31, 2024, respectively.

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

March 31, 2025

The Company recognized interest income of $ 1.5 million and $ 0.7 million on nonaccrual loans during the three months ended June 30, 2025 and June 30, 2024, respectively.

The Company recognized $ 2.2 million and $ 0.9 million in interest income on nonaccrual loans during the six months ended June 30, 2025 and June 30, 2024, respectively.

The following tables present net balances of loans on nonaccrual status and the related allowance for credit losses, if any, as of:

June 30, 2025

(In thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With an Allowance Total Nonaccrual Loans

Construction and land development $ 486 $ 1,436 $ 1,922

Commercial real estate - owner occupied — 7,620 7,620

Commercial real estate - non-owner occupied 21,426 931 22,357

CRE - owner occupied

5,291 10,971 16,262

CRE - non-owner occupied

9,941 343 10,284

Residential real estate 5,570 12,252 17,822

5 unchanged sentences

Construction and land development $ 492 $ 660 $ 1,152

Commercial real estate - owner occupied 2,622 6,118 8,740

Commercial real estate - non-owner occupied 29,449 433 29,882

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

12 unchanged sentences

The following tables present the risk rating of loans and year-to-date 1 gross charge offs by year of origination as of:

March 31, 2025

(In thousands) 2025 2024 2023 2022 2021 Prior Revolving Total

June 30, 2025

(In thousands) 2025 2024 2023 2022 2021 Prior Revolving Revolving Converted to Term Total

Construction and Land Development

6 unchanged sentences

Gross Charge Offs $ — $ — $ — $ — $ — $ — $ — $ — $ —

Commercial real estate - owner occupied

CRE - owner occupied

Risk Ratings:

5 unchanged sentences

Gross Charge Offs $ — $ — $ — $ — $ — $ — $ — $ — $ —

Commercial real estate - non-owner occupied

CRE - non-owner occupied

Risk Ratings:

30 unchanged sentences

Gross Charge Offs 1

1 Represents gross charge-offs for the three months ending March 31, 2025.

$ 343 $ 105 $ 92 $ 1,369 $ 1,061 $ 8,516 $ 717 $ — $ 12,203

December 31, 2024

(In thousands) 2024 2023 2022 2021 2020 Prior Revolving Total

(In thousands) 2024 2023 2022 2021 2020 Prior Revolving Revolving Converted to Term Total

Construction and Land Development

6 unchanged sentences

Gross Charge Offs $ — $ — $ — $ — $ — $ 1 $ — $ — $ 1

Commercial real estate - owner occupied

CRE - owner occupied

Risk Ratings:

5 unchanged sentences

Gross Charge Offs $ — $ — $ 179 $ — $ — $ 162 $ — $ — $ 341

Commercial real estate - non-owner occupied

CRE - non-owner occupied

Risk Ratings:

30 unchanged sentences

Gross Charge Offs 1

1 Represents gross charge-offs for the year ending December 31, 2024.

$ 789 $ 457 $ 8,412 $ 15,497 $ 384 $ 4,953 $ 1,373 $ — $ 31,865

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

Troubled Borrower Modifications

The following tables present the amortized cost of TBM loans that were modified during the three months ended March 31, 2025 and March 31, 2024.

March 31, 2025

The following table presents the amortized cost of TBM loans that were modified during the six months ended June 30, 2025.

June 30, 2025

(In thousands) Rate Reduction or Rate Reduction with Term Extension

2 unchanged sentences

Construction and land development $ — $ — $ — — %

Commercial real estate - owner occupied 94 — 94 0.01

Commercial real estate - non-owner occupied — — — —

CRE - owner occupied

CRE - non-owner occupied

Residential real estate — 239 239 0.01 %

2 unchanged sentences

Totals $ 152 $ 3,112 $ 3,264 0.03 %

1 At March 31, 2025, the unfunded lending related commitments associated with TBM were immaterial.

March 31, 2024

1 At June 30, 2025, there were no unfunded lending related commitments associated with TBMs.

June 30, 2024

(In thousands) Rate Reduction or Rate Reduction with Term Extension

1 unchanged sentence

% of Total Class of Loans

Commercial real estate - owner occupied $ 3,324 $ — $ 3,324 0.20 %

Commercial real estate - non-owner occupied 810 — 810 0.02

Construction and land development $ — $ — $ — — %

CRE - owner occupied 3,257 — 3,257 0.20

CRE - non-owner occupied 794 3,203 3,997 0.12 %

Residential real estate — 130 130 0.01 %

2 unchanged sentences

Totals $ 6,594 $ 5,593 $ 12,187 0.12 %

1 At March 31, 2024, there were no unfunded lending related commitments associated with TBMs.

The following tables present the payment status of TBM loans that were modified in the twelve months prior to March 31, 2025 and in the twelve months prior to March 31, 2024.

March 31, 2025

1 At June 30, 2024, there were no unfunded lending related commitments associated with TBMs.

The following table presents the payment status of TBM loans that were modified in the twelve months prior to June 30, 2025 and in the twelve months prior to June 30, 2024.

June 30, 2025

(In thousands) Current Accruing

3 unchanged sentences

Construction and Land Development $ 110 $ — $ — $ — $ — $ 110

Commercial real estate - owner occupied 94 — — — — 94

CRE - owner occupied

81 — — — — 81

CRE - non-owner occupied

Residential real estate 6 — — — 464 470

2 unchanged sentences

Totals $ 1,729 $ — $ — $ — $ 2,307 $ 4,036

March 31, 2024

June 30, 2024

(In thousands) Current Accruing

2 unchanged sentences

Than 90 Days Nonaccrual Total

Commercial real estate - owner occupied $ 522 $ — $ — $ — $ 2,802 $ 3,324

Commercial real estate - non-owner occupied — — — — 810 810

Construction and Land Development $ — $ — — $ — $ — $ — $ —

CRE - owner occupied

98 520 — — 2,738 3,356

CRE - non owner occupied

— — — — 3,997 3,997

Residential real estate 125 — — — 99 224

2 unchanged sentences

Totals $ 4,281 $ 1,160 $ 304 $ 207 $ 14,409 $ 20,361

There were no TBM loans modified in the prior 12 months with a payment default during the three months ended March 31, 2025 and three months ended March 31, 2024.

TBM loans modified in the prior 12 months with a payment default during the six months ended June 30, 2025 and June 30, 2024 were immaterial.

Note 5 – Allowance for Credit Losses

Activity in the allowance for credit losses is summarized as follows:

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

(In thousands) Beginning

3 unchanged sentences

Construction and land development $ 6,772 $ ( 221 ) $ — $ 5 $ 6,556

Commercial real estate - owner occupied 11,825 772 — 1 12,598

Commercial real estate - non-owner occupied 43,866 878 ( 320 ) 767 45,191

CRE - owner occupied

12,598 343 — 1 12,942

CRE - non-owner occupied

45,191 1,055 — 381 46,627

Residential real estate 40,348 1,544 ( 225 ) 20 41,687

2 unchanged sentences

Totals $ 140,267 $ 4,379 $ ( 3,926 ) $ 1,464 $ 142,184

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

(In thousands) Beginning

3 unchanged sentences

Construction and land development $ 7,001 $ ( 1,515 ) $ ( 1 ) $ 8 $ 5,493

Commercial real estate - owner occupied 5,529 4,484 — 4 10,017

Commercial real estate - non-owner occupied 48,288 ( 1,621 ) ( 84 ) 18 46,601

CRE - owner occupied

10,017 1,866 ( 302 ) 1 11,582

CRE - non-owner occupied

46,601 ( 1,254 ) ( 19 ) 106 45,434

Residential real estate 38,628 638 ( 122 ) 65 39,209

2 unchanged sentences

Totals $ 146,669 $ 4,918 $ ( 11,425 ) $ 1,479 $ 141,641

Six Months Ended June 30, 2025

(In thousands) Beginning

Balance Provision

Losses Charge-

Offs Recoveries Ending

Construction and land development $ 7,252 $ ( 704 ) $ — $ 8 $ 6,556

CRE - owner occupied

11,825 1,115 — 2 12,942

CRE - non-owner occupied

43,866 1,933 ( 320 ) 1,148 46,627

Residential real estate 39,168 2,704 ( 226 ) 41 41,687

Commercial and financial 27,533 8,337 ( 9,732 ) 971 27,109

Consumer 8,411 244 ( 1,925 ) 533 7,263

Totals $ 138,055 $ 13,629 $ ( 12,203 ) $ 2,703 $ 142,184

Six Months Ended June 30, 2024

(In thousands) Beginning Balance Provision for Credit Losses Charge- Offs Recoveries Ending Balance

Construction and land development $ 8,637 $ ( 3,155 ) $ ( 1 ) $ 12 $ 5,493

CRE - owner occupied

5,529 6,350 ( 302 ) 5 11,582

CRE - non-owner occupied

48,288 ( 2,875 ) ( 103 ) 124 45,434

Residential real estate 39,016 7 ( 122 ) 308 39,209

Commercial and financial 34,343 3,205 ( 10,606 ) 1,487 28,429

Consumer 13,118 2,754 ( 4,919 ) 541 11,494

Totals $ 148,931 $ 6,286 $ ( 16,053 ) $ 2,477 $ 141,641

Management establishes the allowance using relevant available information from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts.

1 unchanged sentence

The forecasts of future economic conditions are over the expected remaining life of the loan using economic forecasts that revert to long-term historical averages over time.

As of March 31, 2025 and December 31, 2024, the Company utilized a multiple scenario model comprised of a blend of Moody’s economic scenarios.

As of June 30, 2025 and December 31, 2024, the Company utilized a multiple scenario model comprised of a blend of Moody’s economic scenarios and considered the uncertainty associated with the assumptions in the scenarios, including continued actions taken by the Federal Reserve with regard to monetary policy and interest rates and the potential impact of those actions.

Outcomes could differ from the scenarios utilized, and the Company incorporated qualitative considerations reflecting the risk of uncertain economic conditions, and for additional dimensions of risk that may not be captured in the quantitative model.

The following section discusses changes in the level of the allowance for credit losses for the three months ended March 31, 2025.

The allowance increased $ 2.2 million, or 1.6 %, during the first quarter of 2025 to $ 140.3 million, or 1.34 % of loans held for investment as of March 31, 2025.

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

The allowance increased $ 1.9 million, or 1.4 %, during the second quarter of 2025 to $ 142.2 million, or 1.34 % of loans held for investment as of June 30, 2025.

In the Construction and Land Development segment, the decrease in allowance is primarily due to a decrease in outstanding loan balances.

1 unchanged sentence

therefore, industry and collateral type and estimated collateral values are among the relevant factors in assessing expected losses.

In the Commercial Real Estate - Owner-Occupied segment, the allowance increased due to an increase in loan balances and increased uncertainty in the macroeconomic environment.

In the CRE - Owner-Occupied segment, the allowance increased due to an increase in loan balances.

Risk characteristics include, but are not limited to, collateral type, note structure and loan seasoning.

In the Commercial Real Estate - Non-Owner-Occupied segment, the allowance increase is driven by higher loan balances and increased uncertainty associated with the economy.

In the CRE - Non-Owner-Occupied segment, the allowance increase is driven by higher loan balances.

Repayment is often dependent upon rental income from the successful operation of the underlying property or from the sale of the property.

3 unchanged sentences

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, loan to value ratios, and loan seasoning.

Risk characteristics considered for this segment include, but are not limited to, borrower FICO score, lien position, LTV ratios, and loan seasoning.

In the Commercial and Financial segment, borrowers are primarily small to medium sized professional firms and other businesses, and loans are generally supported by projected cash flows of the business, collateralized by business assets, and/or guaranteed by the business owners.

The allowance change in the first quarter included an increase due to higher loan balances, which was offset by the charge-off of loans that were previously reserved.

The decrease in allowance was primarily driven by improvement in the macroeconomic variables for this segment.

Industry, collateral type, estimated collateral values, and loan seasoning are among the relevant factors in assessing expected losses.

Consumer loans include installment and revolving lines, loans for automobiles, boats, and other personal or family purposes.

Risk characteristics considered for this segment include, but are not limited to, collateral type, loan to value ratios, loan seasoning and FICO score.

The decrease in allowance for consumer loans was driven by the continued decline in loan balances associated with a portfolio of acquired unsecured loans.

Risk characteristics considered for this segment include, but are not limited to, collateral type, LTV ratios, loan seasoning and FICO score.

The decrease in allowance for consumer loans was driven by a decrease in loan balances.

Note 6 – Derivatives

7 unchanged sentences

Interest Rate Swaps Designated as Fair Value Hedges

The Company has entered into interest rate swap contracts to hedge the risk of changes in fair value of the AFS securities portfolio due to changes in the SOFR.

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.

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.

For the three months ended March 31, 2025, the Company recognized, through other comprehensive income, net losses of $ 0.4 million, and reclassified net gains of $ 2 thousand out of accumulated other comprehensive income into interest income.

For the three months ended March 31, 2024, the Company recognized through other comprehensive income, net gains of $ 4.0 million, and reclassified net gains of $ 61 thousand out of accumulated other comprehensive income into interest income.

There were no securities fair value hedges at June 30, 2025.

For the three and six months ended June 30, 2025, the Company recognized, through other comprehensive income, net losses of $ 0.1 million and $ 0.4 million, respectively, and reclassified net losses of $ 0.5 million in each period out of accumulated other comprehensive income into interest income.

For the three and six months ended June 30, 2024, the Company recognized through other comprehensive income, net losses of $ 0.6 million and net gains of $ 0.8 million, respectively, and reclassified net gains of $ 0.1 million and $ 45 thousand, respectively, out of accumulated other comprehensive income into interest income.

The Company has entered into interest rate swap contracts to hedge the risk of changes in the fair value of a pool of residential mortgages due to changes in SOFR.

3 unchanged sentences

These derivative instruments are primarily for risk management purposes.

For the three months ended March 31, 2025 and March 31, 2024, the Company recognized gains through interest income of $ 48 thousand and $ 0.4 million, respectively.

For the three and six months ended June 30, 2025, the Company recognized losses through interest income of $ 0.1 million and $ 17 thousand, respectively.

For the three and six months ended June 30, 2024, the Company recognized gains through interest income of $ 0.5 million and $ 0.9 million, respectively.

(In thousands) Notional Amount Fair Value Balance Sheet Category

March 31, 2025

June 30, 2025

Interest rate contracts 1

$ 1,025,092 $ 26,743 Other Assets and Other Liabilities

Securities fair value hedges 400,000 125 Other Assets

Residential mortgage fair value hedges 400,000 16 Other Assets and Other Liabilities

Residential mortgage fair value hedges 200,000 61 Other Assets

Residential mortgage fair value hedges 200,000 74 Other Liabilities

December 31, 2024

3 unchanged sentences

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 $ 28.9 million and $ 28.9 million at March 31, 2025, and December 31, 2024, respectively with nominal fair value in both periods.

1 Interest rate contracts include risk participation agreements with notional amounts of $ 48.5 million and $ 28.9 million at June 30, 2025, and December 31, 2024, respectively with nominal fair value in both periods.

The following table presents amounts recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges.

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

(In thousands) March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024

Securities available-for-sale 1

(In thousands) June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024

Securities AFS 1

$ — $ 460,126 $ — $ 35

568,620 596,632 111 283

1 At March 31, 2025, and December 31, 2024, the amortized cost basis and unallocated basis adjustments used in hedging relationships was $ 540.4 million and $ 553.8 million, respectively.

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 March 31, 2025, the portfolio layer method was $ 400 million, of which $ 400 million was designated as hedged.

At June 30, 2025, the portfolio layer method was $ 400 million, of which $ 400 million was designated as hedged.

At December 31, 2024, the portfolio layer method was $ 400 million, of which $ 400 million was designated as hedged.

3 unchanged sentences

Company securities pledged were as follows by collateral type and maturity as of:

(In thousands) March 31, 2025 December 31, 2024

(In thousands) June 30, 2025 December 31, 2024

Fair value of pledged securities - overnight and continuous:

2 unchanged sentences

Note 8 – Regulatory Capital

The Company is well-capitalized and at March 31, 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.

The Company is well-capitalized and at June 30, 2025, the Company and the Company’s principal banking subsidiary, Seacoast Bank, exceeded the CET1 capital ratio regulatory threshold of 6.5 % for well-capitalized institutions under the Basel III standardized transition approach, as well as risk-based and leverage ratio requirements for well-capitalized banks under the regulatory framework for prompt corrective action.

Note 9 – Contingent Liabilities

2 unchanged sentences

Note 10 – Fair Value

Under ASC Topic 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at March 31, 2025 and December 31, 2024 included:

Under ASC Topic 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at June 30, 2025 and December 31, 2024 included:

(In thousands) Fair Value

2 unchanged sentences

(Level 2) Significant

At March 31, 2025

At June 30, 2025

Financial Assets

Debt securities available-for-sale 1

Debt securities AFS 1

$ 2,866,185 $ 198 $ 2,865,987 $ —

12 unchanged sentences

Financial Assets

Debt securities available-for-sale 1

Debt securities AFS 1

$ 2,226,543 $ 196 $ 2,226,347 $ —

20 unchanged sentences

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 $ 2.1 million with a specific reserve of $ 0.1 million at March 31, 2025, compared to $ 3.0 million with a specific reserve of $ 1.2 million at December 31, 2024.

Collateral-dependent loans measured at fair value totaled $ 5.6 million with a specific reserve of $ 0.3 million at June 30, 2025, compared to $ 3.0 million with a specific reserve of $ 1.2 million at December 31, 2024.

For recurring fair value measurements, transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company’s monthly and/or quarterly valuation process.

During the three months ended March 31, 2025, there were no such transfers.

During the six months ended June 30, 2025, there were no such transfers.

For additional information on the valuation techniques and significant inputs for Level 2 and Level 3 assets and liabilities that are measured at fair value on a recurring basis, see “Note 16 - Fair Value” of the Annual Report on Form 10-K for the year ended December 31, 2024.

The carrying amount and fair value of the Company’s other financial instruments that were not disclosed previously in the balance sheet and for which carrying amount is not fair value as of March 31, 2025 and December 31, 2024 is as follows:

(In thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets

1 unchanged sentence

(Level 2) Significant Unobservable Inputs

March 31, 2025

June 30, 2025

Financial Assets

Held-to-maturity debt securities 1

HTM debt securities 1

$ 613,312 $ — $ 503,187 $ —

6 unchanged sentences

December 31, 2024

Held-to-maturity debt securities 1

HTM debt securities 1

$ 635,186 $ — $ 507,594 $ —

9 unchanged sentences

cash and due from banks, interest bearing deposits with other banks, and securities sold under agreements to repurchase.

The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value at March 31, 2025 and December 31, 2024:

Held-to-maturity debt securities :

The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value at June 30, 2025 and December 31, 2024:

HTM debt securities :

These debt securities are reported at fair value utilizing Level 2 inputs.

5 unchanged sentences

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

The fair value approach considers market-driven variables including credit related factors and reflects an “exit price” as defined in ASC Topic 820.

Investments at NAV :

The Company has equity investments in SBICs accounted for under the fair value practical expedient of NAV totaling $ 23.2 million at March 31, 2025 and $ 21.1 million at December 31, 2024, which are not included in the fair value hierarchy.

The Company has equity investments in SBICs accounted for under the fair value practical expedient of NAV totaling $ 23.6 million at June 30, 2025 and $ 21.1 million at December 31, 2024, which are not included in the fair value hierarchy.

These investments are made primarily through various SBIC funds as a strategy to provide expansion and growth opportunities to small businesses and are subject to various risks, including market, liquidity and credit risk.

1 unchanged sentence

Distributions are received through the liquidation of the underlying assets, which is expected to occur over the next 5 - 10 years.

Unfunded commitments related to these investments were $ 7.1 million at both March 31, 2025 and December 31, 2024.

Unfunded commitments related to these investments were $ 7.1 million at both June 30, 2025 and December 31, 2024.

Deposit liabilities :

2 unchanged sentences

Note 11 – Business Combinations

Proposed Acquisition of Heartland Bancshares, Inc.

On February 27, 2025, the Company announced its proposed acquisition of Heartland Bancshares, Inc.

(“Heartland”).

The transaction, which is expected to close in the third quarter of 2025, will expand the Company’s presence in Central Florida.

Heartland operates four branches, with total assets of approximately $ 763 million and deposits of approximately $ 666 million as of March 31, 2025.

The acquisition is subject to customary regulatory approvals, Heartland shareholder approval, and the satisfaction of other customary closing conditions.

Third Quarter of 2025 Acquisition of Heartland Bancshares, Inc.

On July 11, 2025, the Company completed its acquisition of Heartland, adding approximately $ 157 million in loans and $ 684 million in deposits, along with four branches in Central Florida.

Integration activities, including system conversion, are expected to be finalized later in the third quarter of 2025.

The Company acquired 100 % of the outstanding common and preferred stock of Heartland.

Under the terms of the definitive agreement, Heartland shareholders received a combination of cash and stock, with the final consideration totaling $ 111.2 million.

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

Number of Heartland shares outstanding at closing 756

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

Per share cash consideration for Heartland shares receiving cash $ 147.10

Cash consideration paid to Heartland shareholders, including cash paid for fractional shares $ 55,622

Cash paid to Heartland option holders 1,054

Total purchase price $ 111,224

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

The Company’s assessment of the fair value of assets acquired and the liabilities assumed as of the acquisition date is incomplete at the time of this filing;

therefore, certain disclosures have been omitted.

The Company expects to recognize goodwill in this transaction, which is expected to be nondeductible for tax purposes.

Proposed Acquisition of Villages Bancorporation, Inc.

On May 29, 2025, the Company announced its proposed acquisition of VBI.

The transaction, which is expected to close in the fourth quarter of 2025, will expand the Company’s presence in North Central Florida and into The Villages® community.

VBI operates 19 branches with approximately $ 3.5 billion in deposits and approximately $ 1.3 billion in loans as of June 30, 2025.

Full integration and system conversion activities are expected to be finalized in the second quarter of 2026.

Note 12 – Business Segment

9 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements