What changed in this filing

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Item 1. Financial Statements

2026-05-06 compared with 2025-11-05 · 334 added, 322 removed, 762 unchanged (46% of the section changed)

2 unchanged sentences

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(In thousands, except per share data) 2026 2025

10 unchanged sentences

Net Interest Income after Provision for Credit Losses 175,709 109,267

Noninterest income:

Noninterest income (loss):

Service charges on deposit accounts 6,912 5,180

Interchange income 2,008 1,911 5,710 5,739

Wealth management income 5,777 4,248

Mortgage banking fees 517 485 1,606 1,448

Mortgage banking income 2,166 404

Interchange income 2,067 1,807

Insurance agency income 1,790 1,620

1 unchanged sentence

Other 5,585 6,257

24,659 23,492 71,125 65,988

Total Noninterest Income Before Securities (Losses) Gains, Net 26,914 21,984

Securities (losses) gains, net ( 39,528 ) 196

Total Noninterest Income 23,818 23,679 70,519 66,360

Total Noninterest (Loss) Income ( 12,614 ) 22,180

Noninterest expense:

Salaries and wages 46,310 40,697 132,996 119,938

Employee benefits 7,387 6,955 24,354 21,705

Salaries and employee benefits 62,645 51,109

Outsourced data processing costs 11,995 8,504

5 unchanged sentences

Amortization of intangibles 10,098 5,309

OREO expense and net (gain) loss on sale ( 346 ) 491 ( 97 ) 356

OREO expense and net loss on sale 63 241

Provision for credit losses on unfunded commitments 150 150

Merger-related charges 10,808 — 14,281 —

Merger and integration costs 8,536 1,051

Other 6,796 7,073

1 unchanged sentence

Income Before Income Taxes 40,924 40,850

Income tax expense 10,461 8,602 32,436 25,341

Provision for income tax expense 9,029 9,386

Net Income 31,895 31,464

Preferred dividends 2,138 —

Net income available to common shareholders $ 29,757 $ 31,464

Net income per share of common stock

6 unchanged sentences

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

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

Three Months Ended March 31,

(In thousands) 2026 2025

Net Income $ 31,895 $ 31,464

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

Other comprehensive (loss) income:

Unrealized (losses) gains on AFS securities, net of tax benefit of $ 10.1 million for the three months ended March 31, 2026, and net of tax expense of $ 8.6 million for the three months ended March 31, 2025

( 31,815 ) 27,428

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

Amortization of unrealized gains on securities transferred to HTM, net of tax benefit of $ 3 thousand for each of the three months ended March 31, 2026 and 2025

( 11 ) ( 11 )

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

Reclassification adjustment for losses included in net income, net of tax benefit of $ 10.0 million for the three months ended March 31, 2026

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

Unrealized gains on derivatives designated as cash flow hedges, net of reclassifications to income, net of tax expense of $ 0.3 million for the three months ended March 31, 2026

Total other comprehensive (loss) income $ ( 1,392 ) $ 27,147

Comprehensive Income $ 30,503 $ 58,611

2 unchanged sentences

CONSOLIDATED BALANCE SHEETS (Unaudited)

September 30, 2025 December 31, 2024

March 31, December 31,

(In thousands, except share data) 2026 2025

5 unchanged sentences

Securities AFS (at fair value) 5,069,260 5,164,567

Securities HTM (fair value $ 498.4 million at September 30, 2025 and $ 507.6 million at December 31, 2024)

Securities HTM (fair value $ 477.7 million at March 31, 2026 and $ 489.6 million at December 31, 2025)

576,155 586,178

2 unchanged sentences

Loans 12,641,432 12,627,984

Allowance for credit losses ( 147,453 ) ( 138,055 )

Loans, net of allowance for credit losses 10,816,720 10,161,895

ACL ( 176,252 ) ( 178,803 )

Loans, net of ACL 12,465,180 12,449,181

Bank premises and equipment, net 159,368 160,139

OREO 5,085 6,421

Goodwill 1,034,997 1,034,735

1 unchanged sentence

BOLI 333,174 330,563

Net deferred tax assets 74,683 102,989

Net DTAs 62,300 66,579

Other assets 430,676 435,419

7 unchanged sentences

Total Liabilities 18,084,372 17,786,544

Convertible preferred stock, par value $ 0.10 per share authorized 4,000,000 shares, issued 11,250 and outstanding 11,250 shares at March 31, 2026 and December 31, 2025

343,125 343,125

Shareholders’ Equity

Common stock, par value $ 0.10 per share, authorized 120,000,000 shares, issued 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

Common stock, par value $ 0.10 per share, authorized 120,000,000 shares, issued 98,783,977 and outstanding 97,664,704 at March 31, 2026, and authorized 120,000,000 , issued 98,728,878 and outstanding 97,927,843 shares at December 31, 2025

Additional paid-in capital 2,202,879 2,197,549

1 unchanged sentence

Treasury stock ( 31,373 ) ( 21,358 )

2,469,555 2,341,110

Total Shareholders' Equity Before Accumulated Other Comprehensive Loss, Net 2,796,237 2,789,857

Accumulated other comprehensive loss, net ( 78,587 ) ( 77,195 )

1 unchanged sentence

2,717,650 2,712,662

Total Liabilities and Shareholders’ Equity

Total Liabilities, Convertible Preferred Stock and Shareholders’ Equity

$ 21,145,147 $ 20,842,331

2 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Nine Months Ended September 30,

Three Months Ended March 31,

(In thousands) 2026 2025

13 unchanged sentences

Gains on sale of loans ( 1,728 ) ( 1,992 )

(Gains) losses on sale of OREO, net of write-downs ( 114 ) 134

Losses on sale and write-downs of OREO — 134

Losses on disposition of fixed assets and write-downs upon transfer of bank premises to OREO 176 86

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

Changes in operating assets and liabilities:

Net decrease (increase) in other assets 815 ( 8,048 )

Net decrease in other liabilities ( 12,310 ) ( 12,016 )

Net cash provided by operating activities $ 71,785 $ 31,006

5 unchanged sentences

Maturities and redemptions of time deposits with other banks 11,934 1,721

Purchases of time deposits with other banks — ( 3,482 )

Net new loans and principal repayments ( 9,557 ) ( 161,430 )

3 unchanged sentences

Purchase of FHLB and Federal Reserve Bank stock ( 15,694 ) ( 20,020 )

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 ( 2,299 ) ( 3,214 )

Net cash used in investing activities $ ( 847,869 ) $ ( 396,209 )

See notes to unaudited consolidated financial statements.

Net cash provided by (used in) investing activities $ 67,981 $ ( 513,315 )

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Nine Months Ended September 30,

Three Months Ended March 31,

(In thousands) 2026 2025

1 unchanged sentence

Net increase in deposits $ 381,606 $ 332,369

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 —

Net decrease in repurchase agreements ( 11,543 ) ( 30,943 )

Net decrease in FHLB borrowings with original maturities of three months or less ( 90,000 ) —

Repayments of FHLB borrowings with original maturities of more than three months ( 130,000 ) —

4 unchanged sentences

Net cash provided by financing activities $ 280,068 $ 506,274

Net (decrease) increase in cash and cash equivalents ( 170,613 ) 189,876

Net increase in cash and cash equivalents 419,834 23,965

Cash and cash equivalents at beginning of period 388,545 476,607

7 unchanged sentences

Transfers from loans to OREO — 986

Transfers from bank premises to OREO — 883

1 See "Note 11 – Business Combinations" for non-cash transactions related to business combinations.

1 unchanged sentence

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS ’ EQUITY (Unaudited)

Common Stock Additional

Capital Retained

Earnings Treasury

Stock Accumulated

Comprehensive

(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

CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND SHAREHOLDERS ’ EQUITY (Unaudited)

Shareholders' Equity

Preferred Stock Common Stock Paid-in

Capital Retained

2 unchanged sentences

Comprehensive

(In thousands) Shares Amount Total

(In thousands) Shares Amount Shares Amount Total

Balance at December 31, 2025

11 $ 343,125 97,928 $ 9,873 $ 2,197,549 $ 603,793 $ ( 21,358 ) $ ( 77,195 ) $ 2,712,662

Comprehensive income — — — 110,618 — 66,444 177,062

Comprehensive income (loss) — — — — — 31,895 — ( 1,392 ) 30,503

Stock-based compensation expense — — — — 4,480 — — — 4,480

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

Common stock issued for stock-based employee benefit plans — — 55 5 850 — ( 15 ) — 840

Repurchase of common stock — — ( 318 ) — — — ( 10,000 ) — ( 10,000 )

Dividends on common stock ($ 0.19 per share)

— — — — — ( 18,697 ) — — ( 18,697 )

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

Capital Retained

Earnings Treasury

Stock Accumulated

Comprehensive

(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)

Dividends on preferred stock ($ 0.19 per 1/1,000 th share)

— — — — — ( 2,138 ) — — ( 2,138 )

Three months ended September 30, 2024 142 84 5,250 15,231 64 42,840 63,469

Balance at September 30, 2024

Three months ended March 31, 2026 — — ( 263 ) 5 5,330 11,060 ( 10,015 ) ( 1,392 ) 4,988

Balance at March 31, 2026

11 $ 343,125 97,665 $ 9,878 $ 2,202,879 $ 614,853 $ ( 31,373 ) $ ( 78,587 ) $ 2,717,650

Common Stock Additional

Shareholders' Equity

Preferred Stock Common Stock Paid-in

Capital Retained

2 unchanged sentences

Comprehensive

(In thousands) Shares Amount Total

Income (Loss)

(In thousands) Shares Amount Shares Amount Total

Balance at December 31, 2024 — $ — 85,568 $ 8,628 $ 1,824,935 $ 526,642 $ ( 19,095 ) $ ( 157,867 ) $ 2,183,243

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

Comprehensive income — — — — — 31,464 — 27,147 58,611

Stock-based compensation expense — — — — 3,038 — — — 3,038

Common stock transactions related to stock-based employee benefit plans 620 128 1,934 — ( 1,090 ) — 972

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

Common stock issued for stock-based employee benefit plans — — 50 5 261 — 23 — 289

Dividends on common stock ($ 0.18 per share)

— — — — — ( 15,441 ) — — ( 15,441 )

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

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

Balance at March 31, 2025 — $ — 85,618 $ 8,633 $ 1,828,234 $ 542,665 $ ( 19,072 ) $ ( 130,720 ) $ 2,229,740

See notes to unaudited consolidated financial statements.

9 unchanged sentences

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.

Operating results for the three months ended March 31, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026, or any other period.

For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

3 unchanged sentences

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.

Specific areas, among others, requiring the application of management’s estimates include the determination of the ACL, acquisition accounting and purchased loans, intangible assets and impairment testing, and other fair value measurements.

Issued Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Expense Disaggregation Disclosures .

3 unchanged sentences

The Company is evaluating the impact of the changes to its existing disclosures.

In November 2025, the FASB issued ASU 2025-08, Credit Losses (Topic 326):

Purchased Loans.

ASU 2025-08 requires that purchased seasoned loans be accounted for using the gross-up approach.

The gross-up approach requires recognition of an ACL for the estimate of credit losses at the acquisition date.

The ACL is recorded with an offsetting gross-up adjustment to the purchase price of the acquired financial asset.

The standard is effective for fiscal years beginning after December 15, 2026 and for interim periods within those annual reporting periods.

Early adoption is permitted.

The Company is evaluating the impact of the changes to its consolidated financial statements and existing disclosures.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815):

Hedge Accounting Improvements.

ASU 2025-09 introduces five targeted improvements to better align hedge accounting with entities’ risk management activities.

The standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within those annual reporting periods.

Early adoption is permitted.

The Company is evaluating the impact of the changes to its consolidated financial statements and existing disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270):

Narrow-Scope Improvements .

ASU 2025-11 clarifies interim disclosure requirements and provides a comprehensive list of interim disclosures that are required by GAAP.

The ASU also includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity.

The standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027.

Early adoption is permitted.

The Company is evaluating the impact of the changes to its consolidated financial statements and existing disclosures.

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.

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

The Company computes EPS using the two-class method.

The two-class method of computing EPS is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared and participation rights in undistributed earnings.

The Company's Series A Non-Voting Convertible Preferred Stock is a participating security.

Basic earnings per common share are computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during each period.

Diluted EPS are based on the weighted-average number of common shares outstanding during each period, plus common share equivalents, calculated for share-based awards outstanding using the treasury stock method and preferred shares using the more dilutive of either the two-class or if-converted method.

Options to purchase shares of the Company's common stock totaling 1,505 for the three months ended March 31, 2026, and 327,620 for the three months ended March 31, 2025, were anti-dilutive.

Three Months Ended March 31,

(In thousands, except per share data) 2026 2025

Net income $ 31,895 $ 31,464

Less preferred stock dividends ( 2,138 ) —

Net income available to common shareholders 29,757 31,464

Less allocation of earnings to preferred stock ( 1,184 ) —

Net income available to common shareholders after allocation of earnings to preferred stock $ 28,573 $ 31,464

Average common shares outstanding 96,840 84,648

Net income per share $ 0.30 $ 0.37

Net income $ 36,467 $ 30,651 $ 110,618 $ 86,901

Net income available to common shareholders $ 29,757 $ 31,464

Less allocation of earnings to preferred stock ( 1,173 ) —

Net income available to common shareholders after allocation of earnings to preferred stock $ 28,584 $ 31,464

Average common shares outstanding 96,840 84,648

3 unchanged sentences

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

The amortized cost, gross unrealized gains and losses and fair value of debt securities AFS and HTM at March 31, 2026 and December 31, 2025 are summarized as follows:

March 31, 2026

(In thousands) Amortized

40 unchanged sentences

Totals $ 586,178 $ — $ ( 96,618 ) $ 489,560

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.

During the three months ended March 31, 2026, debt securities with a fair value of $ 277.2 million were sold, with gross losses of $ 39.5 million.

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

Included in “Securities (losses) gains, net” on the Consolidated Statements of Income are decreases of $ 0.1 million for the three months ended March 31, 2026, and increases of $ 0.2 million for the three months ended March 31, 2025, in the value of investments in mutual funds that invest in CRA-qualified debt securities.

At March 31, 2026, debt securities with a fair value of $ 1.9 billion were pledged primarily as collateral for public deposits and secured borrowings.

The amortized cost and fair value of securities HTM and AFS as of March 31, 2026, by contractual maturity, are shown below.

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

18 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.

September 30, 2025

March 31, 2026

Less Than 12 Months 12 Months or Longer Total 1

12 unchanged sentences

Obligations of state and political subdivisions 293,912 ( 4,870 ) 5,652 ( 1,154 ) 299,564 ( 6,024 )

Other debt securities 197,074 ( 1,933 ) — — 197,074 ( 1,933 )

Totals $ 2,547,855 $ ( 21,670 ) $ 675,733 $ ( 109,421 ) $ 3,223,588 $ ( 131,091 )

15 unchanged sentences

Obligations of state and political subdivisions 244,168 ( 1,445 ) 5,730 ( 1,075 ) 249,898 ( 2,520 )

Other debt securities 132,345 ( 576 ) — — 132,345 ( 576 )

Totals $ 1,079,884 $ ( 4,059 ) $ 961,014 $ ( 146,326 ) $ 2,040,898 $ ( 150,385 )

1 Comprised of 383 individual securities.

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

At March 31, 2026, the Company had unrealized losses of $ 0.8 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 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.

Therefore, at March 31, 2026, no allowance has been recorded.

At March 31, 2026, the Company had unrealized losses of $ 115.1 million on commercial and residential mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities having a fair value of $ 2.2 billion.

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

2 unchanged sentences

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.

Therefore, at March 31, 2026, no allowance has been recorded.

At March 31, 2026, the Company had $ 5.0 million of unrealized losses on private label residential mortgage-backed securities and collateralized mortgage obligations having a fair value of $ 73.2 million.

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

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

Therefore, at 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.

Therefore, at March 31, 2026, no allowance has been recorded.

At March 31, 2026, the Company had $ 2.3 million of unrealized losses in floating rate CLOs having a fair value of $ 397.7 million.

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

As of 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.

As of March 31, 2026, all positions held by the Company are in AAA and AA tranches, with weighted-average credit support of 38 % and 24 %, respectively.

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

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

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.

Therefore, at March 31, 2026, no allowance has been recorded.

At March 31, 2026, the Company had $ 6.0 million of unrealized losses on municipal securities having a fair value of $ 299.6 million and $ 1.9 million of unrealized losses on other debt securities having a fair value of $ 197.1 million.

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

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

As a result, as of March 31, 2026, no allowance has been recorded.

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

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

As a result, as of March 31, 2026, no allowance has been recorded.

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

Included in Other Assets at 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.

Included in Other assets at March 31, 2026 and December 31, 2025 is $ 135.6 million of FHLB and Federal Reserve Bank stock stated at par value.

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

Accrued interest receivable on AFS and HTM debt securities of $ 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.

Accrued interest receivable on AFS and HTM debt securities of $ 23.1 million and $ 1.0 million, respectively, at March 31, 2026, and $ 24.5 million and $ 1.0 million, respectively, at December 31, 2025, is included in Other assets.

Also included in Other assets are investments in CRA-qualified mutual funds carried at fair value of $ 13.8 million and $ 13.9 million at March 31, 2026 and December 31, 2025, respectively.

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.

Loans are extended to consumer customers.

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 loans and loans purchased which are not considered purchase credit deteriorated (“Non-PCD”) as of:

September 30, 2025

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

March 31, 2026

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

11 unchanged sentences

CRE - non-owner occupied 2,911,189 1,193,351 150,452 4,254,992

2,243,056 1,156,849 103,903 3,503,808

Residential real estate 2,101,868 963,836 33,155 3,098,859

2 unchanged sentences

Totals $ 9,067,802 $ 3,327,082 $ 233,100 $ 12,627,984

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 amortized cost basis of loans included net deferred costs of $ 45.6 million at March 31, 2026 and $ 46.3 million at December 31, 2025.

At March 31, 2026, the remaining fair value adjustments on acquired loans were $ 138.1 million, or 4.0 % of the outstanding acquired loan balances, compared to $ 150.0 million, or 4.0 % of the acquired loan balances at December 31, 2025.

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

Accrued interest receivable is included within Other Assets and was $ 40.2 million and $ 38.1 million at September 30, 2025 and December 31, 2024, respectively.

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

September 30, 2025

Accrued interest receivable is included within Other Assets and was $ 46.3 million and $ 45.7 million at March 31, 2026 and December 31, 2025, respectively.

The following tables present the status of net loan balances as of March 31, 2026 and December 31, 2025.

March 31, 2026

(In thousands) Current Accruing

5 unchanged sentences

CRE - owner occupied 1,487,437 3,296 — — 17,984 1,508,717

1,402,710 4,496 — — 14,549 1,421,755

CRE - non-owner occupied 2,924,234 — 2,977 — 7,568 2,934,779

2,676,504 — — — — 2,676,504

Residential real estate 2,194,507 4,799 743 — 10,358 2,210,407

5 unchanged sentences

CRE - owner occupied 482,045 466 4,805 — 4,119 491,435

443,002 167 349 71 2,959 446,548

CRE - non-owner occupied 1,093,013 801 — — 7,194 1,101,008

1,006,591 853 — — 4,368 1,011,812

Residential real estate 908,944 1,144 230 — 9,691 920,009

4 unchanged sentences

CRE - owner occupied 20,842 30 — — 861 21,733

28,669 — — — 1,732 30,401

CRE - non-owner occupied 129,397 — — — 12,819 142,216

69,951 — — — 8,274 78,225

Residential real estate 29,463 1,193 217 — 1,220 32,093

11 unchanged sentences

CRE - owner occupied 1,489,257 2,313 — — 14,228 1,505,798

1,172,287 3,083 — — 2,168 1,177,538

CRE - non-owner occupied 2,908,789 1,735 271 — 394 2,911,189

2,225,216 833 — — 17,007 2,243,056

Residential real estate 2,091,065 4,618 364 — 5,821 2,101,868

5 unchanged sentences

CRE - owner occupied 504,275 204 39 — 4,600 509,118

473,118 2,414 — — 1,927 477,459

CRE - non-owner occupied 1,187,231 151 — — 5,969 1,193,351

1,151,541 148 — — 5,160 1,156,849

Residential real estate 954,820 3,609 195 124 5,088 963,836

4 unchanged sentences

CRE - owner occupied 26,652 — 219 — 1,838 28,709

26,987 — — — 4,645 31,632

CRE - non-owner occupied 137,051 389 — — 13,012 150,452

96,188 — — — 7,715 103,903

Residential real estate 30,018 993 833 118 1,193 33,155

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 $ 0.1 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.

The Company recognized interest income of $ 0.8 million and $ 0.7 million on nonaccrual loans during the three months ended March 31, 2026 and March 31, 2025, respectively.

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

September 30, 2025

March 31, 2026

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

1 unchanged sentence

CRE - owner occupied 19,260 3,704 22,964

13,837 5,403 19,240

CRE - non-owner occupied 26,432 1,149 27,581

11,504 1,138 12,642

Residential real estate 6,597 14,672 21,269

6 unchanged sentences

CRE - owner occupied 15,546 5,120 20,666

2,622 6,118 8,740

CRE - non-owner occupied 18,202 1,173 19,375

29,449 433 29,882

Residential real estate 1,448 10,654 12,102

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:

September 30, 2025

March 31, 2026

(In thousands) 2026 2025 2024 2023 2022 Prior Revolving Revolving Converted to Term Total

48 unchanged sentences

Gross Charge Offs $ 424 $ 21 $ 28 $ 106 $ 198 $ 1,048 $ 2,102 $ — $ 3,927

$ 584 $ 145 $ 208 $ 3,571 $ 1,569 $ 8,998 $ 2,440 $ — $ 17,515

1 Represents gross charge-offs for the three months ending March 31, 2026

December 31, 2025

49 unchanged sentences

Gross Charge Offs $ 842 $ 201 $ 262 $ 3,752 $ 1,573 $ 10,642 $ 2,750 $ — $ 20,022

$ 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.

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

1 Represents gross charge-offs for the year ending December 31, 2025.

The following tables present the amortized cost of TBM loans that were modified during the three months ended March 31, 2026 and March 31, 2025.

March 31, 2026

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

1 unchanged sentence

% of Total Class of Loans

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

CRE - owner occupied

69 132 201 0.01

CRE - non-owner occupied $ — $ 6,246 $ 6,246 0.15 %

3 unchanged sentences

Totals $ — $ 6,843 $ 6,843 0.05 %

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

September 30, 2024

1 At March 31, 2026, the unfunded lending related commitments associated with TBMs were immaterial.

March 31, 2025

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

1 unchanged sentence

% of Total Class of Loans

Construction and land development $ — $ 86 $ 86 0.01 %

CRE - owner occupied $ 94 $ — $ 94 0.01 %

CRE - non-owner occupied 3,142 177 3,319 0.09

Residential real estate — 72 72 —

Commercial and financial 73 1,367 1,440 0.08

Consumer 84 1,034 1,118 0.51

Totals $ 167 $ 1,439 $ 1,606 0.02 %

1 At September 30, 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 September 30, 2025 and in the twelve months prior to September 30, 2024.

September 30, 2025

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

The following tables present the payment status of TBM loans that were modified in the twelve months prior to March 31, 2026 and in the twelve months prior to March 31, 2025.

March 31, 2026

(In thousands) Current Accruing

2 unchanged sentences

Than 90 Days Nonaccrual Total

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

CRE - owner occupied $ 252 $ — $ — $ — $ — $ 252

69 — — — 132 201

CRE - non-owner occupied 6,246 — 2,977 — 2,536 11,759

3 unchanged sentences

Totals $ 8,901 $ — $ 2,977 $ — $ 3,338 $ 15,216

September 30, 2024

March 31, 2025

(In thousands) Current Accruing

4 unchanged sentences

CRE - owner occupied 94 — — — — 94

95 — — — 3,199 3,293

CRE - non owner occupied

— — — — 3,319 3,319

Residential real estate 95 — — — 571 666

2 unchanged sentences

Totals $ 1,590 $ — $ — $ — $ 1,207 $ 2,797

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.

TBM loans that experienced a payment default and that were modified in the 12 months preceding the default were immaterial for each period presented.

Note 5 – Allowance for Credit Losses

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

Three Months Ended September 30, 2025

(In thousands) Beginning

Balance Allowance on

During the Period Provision

Losses Charge-

Offs Recoveries Ending

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

Activity in the ACL is summarized as follows:

Three Months Ended March 31, 2026

(In thousands) Beginning

4 unchanged sentences

CRE - owner occupied 16,528 1,862 ( 22 ) 214 18,582

11,582 338 ( 2 ) — 11,918

CRE - non-owner occupied 56,143 ( 864 ) ( 16 ) 8 55,271

45,434 826 ( 602 ) 18 45,676

Residential real estate 51,297 1,345 ( 258 ) 10 52,394

2 unchanged sentences

Totals $ 178,803 $ 761 $ ( 3,927 ) $ 615 $ 176,252

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2025

(In thousands) Beginning

Balance Allowance on PCD Loans Acquired During the Period Provision

Balance Provision

Losses Charge-

2 unchanged sentences

CRE - owner occupied 11,825 772 — 1 12,598

11,825 22 2,503 ( 197 ) 7 14,160

CRE - non-owner occupied 43,866 878 ( 320 ) 767 45,191

43,866 1 4,761 ( 320 ) 1,496 49,804

Residential real estate 39,168 1,160 ( 1 ) 21 40,348

2 unchanged sentences

Totals $ 138,055 $ 9,250 $ ( 8,277 ) $ 1,239 $ 140,267

Nine Months Ended September 30, 2024

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

Offs Recoveries Ending

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.

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 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.

As of March 31, 2026 and December 31, 2025, the Company utilized a multiple scenario model comprised of a blend of Moody’s economic scenarios and considered the uncertainty associated with the assumptions in the scenarios, including continued actions taken by the Federal Reserve regarding monetary policy and changes in interest rates and the potential impact of those actions.

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

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.

The following section discusses changes in the level of the ACL for the three months ended March 31, 2026.

The allowance decreased $ 2.6 million, or 1.4 %, during the first quarter of 2026 to $ 176.3 million, representing 1.39 % of loans held for investment as of March 31, 2026.

In the Construction and land development segment, the decrease in allowance is primarily driven by a decrease in modeled expected losses.

In this segment, the primary source of repayment is typically from proceeds of the sale or permanent financing of the underlying property;

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

In the CRE - owner-occupied segment, the allowance increase is due to an increase in loan balances.

In the CRE - owner-occupied segment, the allowance increased due to routine updates to assumptions for loss given default which increased for this segment.

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

In the CRE - non-owner-occupied segment, the allowance increase is driven by an increase in loans.

In the CRE - non-owner-occupied segment, the allowance decrease is driven by lower loan balances.

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

5 unchanged sentences

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.

The allowance decreased in the first quarter due to charge-offs and due to routine updates to assumptions for loss given default, partially offset by growth in loan balances.

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

10 unchanged sentences

Gains and losses on these back-to-back swaps, which offset, are recorded through Noninterest income.

Interest Rate Swaps Designated as Fair Value Hedges

Cash Flow Hedges

The Company periodically enters into contracts to mitigate exposure to the variability of future cash flows due to changes in interest rates on certain segments of its variable-rate loans.

During the fourth quarter of 2025, the Company entered into three interest rate caps, each with a notional amount of $ 100.0 million, maturing in November 2030 and December 2030.

The Company considers these derivatives to be highly effective at achieving offsetting changes in cash flows attributable to changes in interest rates and has designated them as cash flow hedges.

Therefore, changes in the fair value of these derivative instruments are recognized in Other comprehensive income.

Amortization of the premium paid on cash flow hedges is recognized in earnings over the term of the hedge in the same caption as the hedged item.

For the three months ended March 31, 2026, the Company recognized $ 1.3 million through Other comprehensive income, and reclassified $ 0.1 million out of AOCI and into Interest Income.

Over the next twelve months the Company expects to reclassify $ 0.6 million from AOCI into Interest Income related to these agreements.

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.

2 unchanged sentences

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.

There were no securities fair value hedges during the three months ended March 31, 2026.

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

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

3 unchanged sentences

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.

For the three months ended March 31, 2026 and 2025, the Company recognized losses of $ 0.1 million and gains of $ 48 thousand, respectively, through interest income.

Economic Hedges

The Company enters into commitments to originate mortgage loans for which the interest rate on the loan is determined prior to funding IRLCs, forward loan sale commitments for the future delivery of these mortgage loans for sale on the secondary market, and forward TBA mortgage-backed securities, which are classified as freestanding derivatives.

For the three months ended March 31, 2026, the Company recognized gains of $ 0.2 million in Mortgage banking income in the Consolidated Statements of Income related to these non-hedging derivative financial instruments.

(In thousands) Notional Amount Fair Value Balance Sheet Category

September 30, 2025

March 31, 2026

Interest rate contracts 1

$ 1,143,202 $ 21,106 Other assets and Other liabilities

Residential mortgage fair value hedges 150,000 156 Other Assets

Residential mortgage fair value hedges 100,000 41 Other liabilities

Residential mortgage fair value hedges 250,000 421 Other assets

Interest rate caps cash flow hedges 300,000 4,243 Other assets

IRLC 14,974 497 Other assets

Forward TBA mortgage-backed securities

15,273 269 Other assets

Forward loan sale commitment 3,349 42 Other liabilities

December 31, 2025

1 unchanged sentence

$ 1,152,442 $ 25,009 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.

Residential mortgage fair value hedges 400,000 380 Other liabilities

Interest rate caps cash flow hedges 300,000 3,064 Other assets

IRLC 5,106 495 Other assets

Forward TBA mortgage-backed securities

5,122 94 Other liabilities

Forward loan sale commitment 285 51 Other assets

1 Interest rate contracts include risk participation agreements with notional amounts of $ 65.1 million and $ 65.3 million at March 31, 2026, and December 31, 2025, respectively with nominal fair value in both periods.

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

(In thousands) March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025

$ 1,014,248 $ 1,043,345 $ ( 339 ) $ 559

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.

1 These amounts represent the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period.

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

At March 31, 2026, the portfolio layer method was $ 350 million, of which $ 350 million was designated as hedged.

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

3 unchanged sentences

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

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

(In thousands) March 31, 2026 December 31, 2025

Fair value of pledged securities - overnight and continuous:

2 unchanged sentences

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.

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

Note 9 – Contingent Liabilities

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 September 30, 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 March 31, 2026 and December 31, 2025 included:

(In thousands) Fair Value

2 unchanged sentences

(Level 2) Significant

At September 30, 2025

At March 31, 2026

Financial Assets

6 unchanged sentences

2,215 — — 2,215

4,250 — — 4,250

Equity securities 4

13,844 13,844 — —

27,374 — — 27,374

Financial Liabilities

10 unchanged sentences

4,250 — — 4,250

6,421 — — 6,421

Equity securities 4

13,923 13,923 — —

28,061 — — 28,061

Financial Liabilities

2 unchanged sentences

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.

2 Recurring fair value basis determined using observable market data for level 2 inputs.

Level 3 inputs utilize a market approach that incorporates a pull-through rate assumption.

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.

Recurring fair value basis is determined using market quotations with fair value adjustments recognized in earnings.

5 Recurring fair value basis determined using unobservable market data.

Refer to “Note 8 - Goodwill and Acquired Intangible Assets” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional details on assumptions utilized.

Derivative financial instruments :

The fair value of these derivatives is based on a discounted cash flow approach.

Due to the observable nature of the inputs used in deriving the fair value of these derivative contracts, the valuation of interest rate swaps and forward TBA mortgage-backed securities is classified as Level 2.

The fair values of these instruments are based upon the estimated amount the Company would receive or pay to terminate the instruments, taking into account current interest rates and, when appropriate, the current credit worthiness of the counterparties.

IRLCs and forward loan sale commitment fair values are estimated based on quoted prices for similar loans in active markets.

However, the value is adjusted by a factor which considers the likelihood of a loan in a lock position will ultimately close.

This closing ratio is derived from internal data and is adjusted using significant accounting judgment.

As such, these derivatives are classified as Level 3 measurements and the Company values these derivatives primarily utilize a market approach that incorporates flow mandatory market pricing, adjusted for expected pull‑through based on historical experience.

For IRLCs, the weighted-average pull-through rate was 94 % and the weighted-average current reference price was 100.44 %.

For forward loan sale commitments, the weighted-average pull-through rate was 100 % and the weighted-average current reference price was 98.75 %.

Loans and OREO :

2 unchanged sentences

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.

The fair values of these loans and properties are considered Level 3 in the fair value hierarchy.

Collateral-dependent loans measured at fair value totaled $ 2.5 million with a specific reserve of $ 0.3 million at March 31, 2026.

There were no collateral-dependent loans measured at fair value at December 31, 2025.

The fair value of these derivatives is based on an income approach.

Various unobservable inputs to assumptions including expected cash flows, market discount rates, prepayment rates, servicing costs, and other factors are utilized, therefore the valuation of MSRs is classified as Level 3.

The following table presents changes in the Company's MSRs measured at fair value for the three months ended March 31, 2026.

There was no MSR balance during the three months ended March 31, 2025:

Three Months Ended March 31,

(In thousands) 2026

Carrying value at beginning of period $ 28,061

Originated servicing rights capitalized upon sale of loan 331

Change in fair value:

Due to payoffs/paydowns ( 648 )

Due to change in valuation inputs or assumptions ( 370 )

Carrying value at end of period $ 27,374

The following table presents data and key economic assumptions, as well as the valuation's sensitivity to interest rate fluctuations, related to the Company’s MSRs as of:

(In thousands) March 31, 2026 December 31, 2025

Unpaid principal balance $ 2,469,014 $ 2,540,798

Prepayment rate assumptions:

Weighted-average

12.35 % 12.74 %

Estimated impact on fair value of a 10% increase $ ( 1,302 ) $ ( 1,373 )

Estimated impact on fair value of a 20% increase ( 2,504 ) ( 2,639 )

Option-adjusted spread:

Weighted-average

5.50 % 5.50 %

Estimated impact on fair value of a 100 basis point increase $ ( 1,112 ) $ ( 1,163 )

Estimated impact on fair value of a 200 basis point increase ( 2,136 ) ( 2,232 )

Weighted-average coupon interest rate

4.76 % 4.78 %

Weighted-average servicing fee

Weighted-average remaining maturity (in months)

The sensitivity calculations above are hypothetical changes and should not be considered to be predictive of future performance.

Changes in fair value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear.

Also, the effect of a variation in a particular assumption on the fair value is calculated without changing any other assumption, while in reality changes in one factor may result in changes in another, which may either magnify or counteract the effect of the change.

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

During the nine months ended September 30, 2025, there were no such transfers.

During the three months ended March 31, 2026 and 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, 2025.

The carrying amount and fair value of the Company’s other financial instruments that were not disclosed previously in the balance sheet and for which carrying amount is not fair value as of September 30, 2025 and December 31, 2024 is as follows:

The carrying amount and fair value of the Company’s other financial instruments that were not disclosed previously in the balance sheet and for which carrying amount is not fair value as of March 31, 2026 and December 31, 2025 is as follows:

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

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(Level 2) Significant Unobservable Inputs

September 30, 2025

March 31, 2026

Financial Assets

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FHLB borrowings 775,000 — 774,215 —

Long-term debt 107,464 — 100,606 —

Subordinated debt 95,338 — 89,122 —

December 31, 2025

Financial Assets

HTM debt securities 1

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FHLB borrowings 835,000 — 833,483 —

Long-term debt 106,966 — 95,563 —

Subordinated debt 95,161 — 90,248 —

1 See “Note 3 – Securities” for further detail of recurring fair value basis of individual investment categories.

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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:

The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value at March 31, 2026 and December 31, 2025:

HTM debt securities :

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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.

The fair value of Level 3 loans is calculated by discounting scheduled cash flows through the estimated life including prepayment considerations, using estimated market discount rates that reflect the risks inherent in the loan.

The fair value approach considers market-driven variables including credit related factors and reflects an

“exit price” as defined in ASC Topic 820.

The fair value of Level 2 loans is valued using observable market-based inputs, including quoted prices obtained from third-party pricing services based on recent market transactions and dealer quotations for comparable instruments.

Investments at NAV :

The Company has equity investments in SBICs accounted for under the fair value practical expedient of NAV totaling $ 24.2 million at September 30, 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 $ 25.6 million at March 31, 2026 and $ 26.4 million at December 31, 2025, which are not included in the fair value hierarchy.

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

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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.

Unfunded commitments related to these investments were $ 8.0 million at March 31, 2026 and $ 8.7 million at December 31, 2025.

Deposit liabilities :

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Note 11 – Business Combinations

Acquisition of Villages Bancorporation, Inc.

On October 1, 2025, the Company completed its acquisition of VBI, adding 19 branches in North Central Florida including The Villages® community.

Integration activities, including system conversion, are expected to be finalized in the third quarter of 2026.

The Company acquired 100 % of the outstanding common stock of VBI.

Pursuant to the merger agreement, each share of VBI common stock was converted into the right to receive, at the shareholders' election, (i) $ 1,000.00 in cash, (ii) 38.5000 shares of Seacoast common stock or (iii) a 25 % - 75 % combination of cash and common stock, with the final election subject to a proration mechanism such that 25 % of VBI shares received the cash consideration and 75 % of VBI shares received the stock consideration.

In the event any shareholder or shareholder group would have received more than 9.75 % of cumulative outstanding Seacoast common stock, non-voting convertible preferred stock was issued in lieu of the excess amount of common shares.

The final consideration totaled $ 829.1 million.

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

Number of VBI shares receiving 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

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 1/1,000 th share for every share of common stock.

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

The Company recognized goodwill of $ 280.4 million for this acquisition that is nondeductible for tax purposes.

Determining fair values of assets and liabilities, especially the loan portfolio, CDI, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values.

The fair values initially assigned to assets acquired and liabilities assumed are preliminary and could change for up to one year after the closing date of the acquisition as new information and circumstances relative to closing date fair values becomes known.

The table below presents the allocation of the purchase consideration.

(In thousands) Initially Measured October 1, 2025 Measurement Period Adjustments As Adjusted October 1, 2025

Cash and cash equivalents $ 166,758 $ — $ 166,758

Investment securities 2,540,434 — 2,540,434

Loans 1,202,389 ( 351 ) 1,202,038

Bank premises and equipment 45,942 — 45,942

CDI 110,548 — 110,548

Goodwill 280,087 263 280,350

Other Assets 99,776 — 99,776

Total Assets $ 4,445,934 $ ( 88 ) $ 4,445,846

Deposits $ 3,450,869 $ — $ 3,450,869

Securities sold under agreements to repurchase 105,064 — 105,064

Other Liabilities 60,856 ( 88 ) 60,768

Total Liabilities $ 3,616,789 $ ( 88 ) $ 3,616,701

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

October 1, 2025

(In thousands) Book Balance Fair Value

Construction and land development

$ 102,067 $ 98,849

CRE - owner occupied

93,284 90,147

CRE - non-owner occupied

361,699 335,761

Residential real estate 365,935 349,786

Commercial and financial 335,831 322,276

Consumer 5,332 5,219

Total acquired loans $ 1,264,148 $ 1,202,038

The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination:

(In thousands) October 1, 2025

Book balance of loans at acquisition $ 148,575

ACL at acquisition ( 3,026 )

Non-credit related discount ( 19,198 )

Total PCD loans acquired $ 126,351

The acquisition of VBI resulted in the addition of $ 25.7 million in ACL, including the $ 3.0 million identified in the table above for PCD loans, and $ 22.7 million for non-PCD loans recorded through the provision for credit losses at the date of acquisition.

The Company believes the deposits assumed in the acquisition have an intangible value.

In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates, and age of deposit relationships.

The CDI asset acquired from VBI is being amortized over 10 years using an accelerated method of amortization.

The Company assumed a financing obligation recognized within Long-term debt, net, refer to “Note 11 - Lease Commitments” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional details.

Acquisition of Heartland Bancshares, Inc.

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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 table below presents the provisional allocation of the purchase consideration.

The table below presents the allocation of the purchase consideration.

(In thousands) July 11, 2025

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Bank premises and equipment 7,926

Core deposit intangibles 20,922

Goodwill 22,228

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

The Company believes the deposits assumed in the acquisition have an intangible value.

In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates, and age of deposit relationships.

The 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

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

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.

The CDI asset acquired from Heartland is being amortized over 10 years using an accelerated method of amortization.

Proforma Information

Pro-forma data as of March 31, 2026 and 2025 present information as if the acquisition of VBI occurred at the beginning of 2025.

The pro-forma information is presented for illustrative purposes only and is not necessarily indicative of the results of operations that would have occurred if the transactions had been effected on the assumed dates.

For the Three Months Ended

(In thousands, except per share data) 2026 2025

Net interest income $ 176,470 $ 147,403

Net income available to common shareholders 29,757 21,548

EPS - diluted 0.29 0.22

EPS - basic $ 0.30 $ 0.22

Note 12 – Business Segment

2 unchanged sentences

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 CODM is the CEO.

The financial results of the segment are presented using the same policies described in “Note 1 - Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

1 unchanged sentence

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.

The significant segment expenses that are regularly provided to the CODM are interest expense, provision for credit losses, salaries and employee benefits, outsourced data processing costs, and occupancy, which are all reflected in the Consolidated Statements of Income.

Certain noncash expenses, such as depreciation and amortization expense, are disclosed in the Consolidated Statement of Cash Flows.

Note 13 – Subsequent Event

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.

Subsequent to March 31, 2026, the Company repurchased 320,763 shares of its common stock at a weighted-average price of $ 31.18 per share pursuant to its share repurchase program.

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